gold

Posts, updates and videos about gold – updated automatically

Eloro Resources Announces C$12,900,000 Bought Deal Financing

Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. to act as co-lead underwriter and sole bookrunner, and Cormark Securities Inc. to act as co-lead underwriter (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 3,440,000 units (the “Units”) at a price of C$3.75 per Unit (the “Issue Price”) for gross proceeds to the Company of C$12,900,000 (the “Offering”).

Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$5.25 for a period of 24 months from the closing date of the Offering. The expiry date of the Warrants may be accelerated by the Company at any time following the six-month anniversary of the closing date of the Offering and prior to the expiry date of the Warrants if the volume-weighted average trading price of the Company’s common shares is greater than C$7.00 for any 20 consecutive trading days, at which time the Company may accelerate the expiry date by issuing a press release to announce the reduced warrant term, whereupon the Warrants will expire on the 20th calendar day after the date of such press release.

In addition, the Company has agreed to grant to the Underwriters an option to purchase up to an additional 15% of the number of Units sold under the Offering at a price per Unit equal to the Issue Price, on the same terms and conditions as the Offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Offering.

The net proceeds from the Offering will be used for exploration and development at the Company’s projects in Bolivia and Peru, and for general working capital and corporate purposes.

The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Québec. The Units will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A of the United States Securities Act of 1933, as amended, and other jurisdictions outside of Canada, provided that no prospectus filing or comparable obligation arises.

The Offering is scheduled to close on or about March 26, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.

In connection with the Offering, the Underwriters will receive a cash commission of 6.0% of the gross proceeds of the Offering and that number of non-transferable compensation options (the “Compensation Options”) as is equal to 6.0% of the aggregate number of Units sold under the Offering. Each Compensation Option is exercisable into one Common Share at the Issue Price for a period of 24 months from the closing date of the Offering.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Posted in featured_news | Tagged , , , , , | Leave a comment

Gran Colombia Gold Announces Participation in Red Cloud’s 2021 Pre-PDAC Mining Showcase

Gran Colombia Gold (TSX: GCM) is pleased to announce that the company will be presenting at Red Cloud’s 2021 Pre-PDAC Mining Showcase. We invite our shareholders and all interested parties to join us there.

The annual conference will be a virtual event this year and will take place from March 3-5, 2021.

Mike Davies – Chief Financial Officer will be presenting on March 4th at 3:00PM Eastern Standard time.

For more information and/or to register for the conference please visit: https://www.redcloudfs.com/prepdac2021/.

We look forward to seeing you there.

For further information:

Gran Colombia Gold
Mike Davies
(416) 360-4653
investorrelations@grancolombiagold.com
www.grancolombiagold.com

info

Posted in featured_news | Tagged , , | Leave a comment

Stratabound Reports 2.26% Copper Equivalent Across 7.5m True Width Near Surface at Captain Deposit, Bathurst District, New Brunswick

Highlights:

  • Includes a high-grade core grading up to 4.06% Cu, 0.048% Co, 0.881 g/t Au and 17.5 g/t Ag for a 5.13 CuEq% (1) across 1.3m true width.
  • Drilling designed to evaluate high-grade, near-surface copper/cobalt/gold/silver mineralization across 120m of strike and 8m average true width.
  • Assays pending on nine more holes.
  • Project located 100km by road to the deep-water port of Belledune, New Brunswick and 40km by road to the nearest railroad.
  • Company investigating small-scale, high-grade, direct-shipping mining project to generate near-term cash-flow.

Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) (“Stratabound” or the “Company”) reports initial assay results for the first six of fifteen drill holes completed on its 100% owned Captain copper/cobalt/gold/silver Deposit located along the “Brunswick Horizon”, within a 20km radius and the same stratigraphic contact that hosts the world-class Glencore Brunswick No.12 and No.6 mines with past production totaling an aggregate 149.4 million tons of 8.72% zinc, 3.3% lead, 0.35% copper and 99 g/t silver,(2) (Figure 3.) The Captain is a volcanic massive sulphide, or VMS-type deposit, similar to the above described deposits, (2) (source: Government of New Brunswick DNR Mineral Occurrence Database).

The Captain Deposit is also strategically located 100km by road access south of the deep-water port of Belledune near Bathurst, New Brunswick.

1,100 metres of drilling were completed on December 3, 2020. Assay results are only now being received due to heavy back-logs in commercial assay labs. The Captain Deposit hosts an NI 43-101 Measured and Indicated Resource totaling 448,000 tonnes averaging 1.75% Cu, 0.046% Co, and 0.30 g/t Au for a 2.2% CuEq%(1), plus an inferred resource of 162,000 tonnes averaging 1.47% Cu, 0.04% Co and 0.24 g/t Au for a 1.87% CuEq%(1), (“Technical Report on an Updated Mineral Resource Estimate, Stratabound Minerals Corp. Captain Cu-Co Deposit”; Mercator Geological Services Limited, Dec. 8, 2010).

Drilling on the Captain Deposit now totals 10,452m over 53 holes across 120m of strike and is open beyond the deepest intersection to date at 359m yielding 1.12% Cu over a down-hole length of 19.5m including a 2m interval of 5.46% Cu, 0.093% Co, 0.30 g/t Au and 30.5 g/t Ag in hole CP-09-23.

The drill holes reported on today were designed to confirm near-surface grade and continuity to define and investigate the opportunity for a small-scale, high-grade mining project. All holes completed on this program to date are presented in Figures 1 and 2 and detailed in Table 1 below.

Mr. R. Kim Tyler, President and CEO of the Company commented, “The Captain Deposit provides a small but lucrative high-grade opportunity for direct shipping copper/cobalt/gold/silver feed to custom processing plants either locally, regionally or internationally. To that end, Stratabound has been contacted by reputable agents that purchase direct-shipping run-of-mine ore and concentrates and sell to custom processing plants internationally. The Captain Deposit’s road access, close proximity to a rail head and the deep-water port at Belledune near Bathurst, New Brunswick allows for the possibility of monetizing this asset via micro-capital intense, small-scale mining and delivery of high grade product through truck, rail or marine shipping. Given the recent surge in copper and cobalt prices and the healthy outlook for both of these battery metals we are more than obliged to review this asset for its direct cash-generating opportunities.”

“We nevertheless remain tightly focussed on advancing our flagship Golden Culvert and secondarily our McIntyre Brook early-stage exploration projects in exciting, new gold districts developing in the Yukon Territory and northern New Brunswick respectively. We will not, however, overlook any and all opportunities to develop our non-core assets such that they may generate significant cash-flow for funding our core assets and provide for shareholder value without dilution through capital raises.”

Drill HoleUTM NAD
83
Northing
UTM NAD
83
Easting
Azimuth:Dip:From:
(m)
To:
(m)
 Length:
(m)
True
Width
(m)
Cu%Co%Au g/tAg g/tCuEQ%(1)
CP-20-412823895240656110-5021.425.94.53.81.300.0380.2165.61.72
includes:22.023.01.00.82.490.0600.54411.53.34
CP-20-41B2823885240656110-7032.144.612.56.51.090.0470.1715.001.53
includes:39.340.51.20.42.060.0690.24310.62.74
CP-20-41C2823875240657120-9044.455.511.17.51.780.0320.3168.12.26
includes:45.151.26.14.12.470.0320.45711.63.10
includes:46.548.41.91.34.060.0480.88117.55.13
CP-20-44282378524072385-4515.019.24.24.01.230.0610.1904.91.77
CP-20-50282377524072285-8040.543.22.72.02.180.0410.0376.22.51
CP-20-522823955240631110-459.312.93.63.10.920.0390.1224.11.27

(1) CuEq% based on CuEq%= ((Cu lb/t*US$3.75.lb) +(Co lbs/t*US$20/lb) +(Au g/t*0.03215*US$1,750/oz) +(g/t Ag*0.03215*US$25/lb))/US$3.75/lb Cu insitu value and does not account for metallurgical, refining or other losses.

Cannot view this image? Visit: https://i1.wp.com/orders.newsfilecorp.com/files/4064/75399_b63a1e2b74ec7ab8_003.jpg?w=570&ssl=1

Figure 1. Section 060N: All widths posted are true widths.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4064/75399_b63a1e2b74ec7ab8_003full.jpg

Cannot view this image? Visit: https://i1.wp.com/orders.newsfilecorp.com/files/4064/75399_b63a1e2b74ec7ab8_004.jpg?w=570&ssl=1

Figure 2. Recent and historic drill results within 15m of surface. All widths posted are true widths.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4064/75399_b63a1e2b74ec7ab8_004full.jpg

Cannot view this image? Visit: https://i1.wp.com/orders.newsfilecorp.com/files/4064/75399_figure3.jpg?w=570&ssl=1

Figure 3. Captain Deposit location relative to Glencore and regional base metals mines.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4064/75399_stratafigure3enhanced.jpg

Quality Assurance/Quality Control

The core samples referenced in this press release were marked and cut by diamond saw whereby half the sample was bagged and hand-delivered by Stratabound personnel to a secure carrier and transported to the Activation Laboratories (Actlabs) preparation lab in Fredericton, New Brunswick. The remaining half-core is stored at the Madran core facility in Madran, NB.

Actlabs prepared the samples by crushing to 80% less than 10 mesh. A riffle split of 250 grams was then taken and pulverized to a 95% passing 200 mesh pulp sub-sample. The pulps were then shipped by Actlabs to its Ancaster, Ontario laboratory for copper, cobalt, gold and multi-element analyses. A 4-acid near-total digestion ICP-MS 42-element analysis was performed on all samples and a duplicate 4-acid digestion ICP-OES procedure performed where values exceeded 350ppm for cobalt and 5,000ppm for copper in the original digestion. Gold was determined separately by the 1A2 standard fire assay procedure with an atomic absorption (AA) finish on a 30-gram sub-sample taken from the 250-gram split. If the gold result exceeded 5 g/t a duplicate sample was processed by method 1A3-30.

Actlabs uses a procedure of standards, blanks and duplicates inserted into the sample stream results. Actlabs is an independent internationally recognized and ISO/IEC 17025:2017 accredited chemical analysis company.

In addition to the quality assurance and quality control program performed by Actlabs, Stratabound personnel insert lab-certified standards and field blanks into the sample stream, as well as sample duplicates, at the rate of one QA/QC sample for every 7 core samples.

About Stratabound Minerals Corp.

Stratabound Minerals Corp. is a fully-funded Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource.

Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a “Qualified Person” for the purpose of NI 43-101, has reviewed and approved the contents of this news release.

For more information please visit the company’s website at www.stratabound.ca or contact: R. Kim Tyler, President and CEO 416-915-4157 info@stratabound.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

WARNING: The Company relies upon litigation protection for “forward-looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Posted in featured_news | Tagged , , , , , , , | Leave a comment

GR Silver Mining Appoints Brenda Dayton as VP Corporate Communications

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce the appointment of Brenda Dayton as VP Corporate Communications effective March 1, 2021.

In this role, Brenda will lead the Company’s internal and external communications functions, and will work closely with the senior management team and the GR Silver Mining Board of Directors in developing and implementing an Investor Relations and Communications plan focused on advancing its resource development stage projects. Brenda has extensive experience within the precious metals mining industry. Prior to joining GR Silver, she served in a variety of senior investor relations and corporate communications and served as corporate secretary with such companies Sunward Resources and Golden Queen Mining.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “We are very excited to have attracted a highly qualified Corporate Communications specialist to join GR Silver Mining. Brenda brings a unique mix of experience and energy to the position and we look forward to her playing an important role in the communication of GR Silver Mining strategy of maximizing the returns on our exceptional asset base for the benefit of our shareholders.”

The Company also announces that, pursuant to its 10% rolling stock option plan and in compliance with the policies of the TSX Venture Exchange, it has granted incentive stock options to certain consultants and employees of the Company to purchase up to an aggregate of 300,000 common shares of the Company. These options are exercisable for a period of five years at a price of $0.75 per share.  Of these options, 200,000 options granted will vest as to 1/3 on the date of grant, and a further 1/3 on each of the 1st and 2nd anniversaries of the date of grant.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million pounds of lead and 28 million pounds of zinc.

The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company has commenced an 11,900 m drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program will target the extension of recent polymetallic discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at San Juan Area. Both areas will be the subject of NI 43-101 resource estimations following completion of this drill program.

The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 million of previous capital investments. The previous owners invested approximately US$18 million in exploration, including extensive geophysics and geochemistry programs.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remain under-explored.

In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade Ag-Pb-Zn open-pit-amenable project, which contains a 36-million-ounce AgEq (indicated) and 11 million oz AgEq (inferred) NI 43-101 resource estimate. The Company has filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”). The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial resource area, from which underground drilling is planned to expand the high-grade portions of the resource down dip. The company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

Recent exploration has identified Ag and Au mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, Ag and Au mineralized zones on the footwall of the NI 43-101 resource.

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.

Mr. Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.

Facebook LinkedIn Twitter

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: +1 (604) 202 3155; Email: info@grsilvermining.com

Posted in featured_news | Tagged , , , , , , , | Leave a comment

Gran Colombia Gold Provides Exploration Update for Its Segovia Operations

Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today that the first eight step-out diamond drill holes at the Vera brownfield target in its Segovia mining title have resulted in multiple high-grade gold and silver intercepts, including:

  • 96.68 g/t Au and 423.7 g/t Ag over 0.49 meters on the Lluvias Vein (VER-ES-006);
  • 46.54 g/t Au and 365.0 g/t Ag over 0.34 meters on the Lluvias Vein (VER-ES-005); and
  • 5.48 g/t Au and 212.1 g/t Ag over 0.64 meters on the Lluvias Vein (VER-ES-003).

The diamond drill holes at Vera, totaling 2,223 meters, were carried out from surface as part of the Company’s brownfield drilling program which commenced in October 2020 aimed at testing the down-dip continuity of the historical Vera mine, a past-producing mine operated by Frontino Gold Mines Ltd (“FGM”) from 1940 until 1988. The Vera vein is one of 24 known veins in the Segovia mining title that Gran Colombia is not currently mining.

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “We are very encouraged by these early drilling results at Vera which provide a clear indication that mineralization is still open at depth. This is a very exciting time for Gran Colombia, as we continue to explore our high-grade producing mines and expand our exploration efforts to include regional brownfield targets. The exploration team has done an outstanding job over the last several years as we have continued to replace and replenish our resource base and reserves at our mines. Now the team is ready to take on a strategic, expanded brownfield exploration program, targeting new resources that will utilize our current infrastructure and capacity, leading to production growth and mine life extension at Segovia. We are confident that our exploration campaign will continue to be a key value driver for Gran Colombia as we move forward.”

Key Highlights of the Vera Drill Program

  • The Vera brownfield target is located east of the Sandra K – Cogote Vein System and represents one of the highest priority targets in the Company’s brownfield drilling program at Segovia.
  • Following a 3D geological and structural modelling exercise incorporating a compilation of old channel sampling and mining data along with a new detailed geological-structural survey, an initial diamond drilling program totaling 3,500 meters in twelve holes was designed for the Vera brownfield target. This is aimed at testing the down-plunge continuity of the main orebody mined in the past and the extension of a potential NE plunging ore-shoot occurring in the southern sector of the historical mine, currently being mined by artisanal miners under contract with the Company.
  • The brownfield drilling program at Vera commenced in early October 2020 with one diamond drill rig operating from two purpose-built surface drill stations. Approximately 63% of the total drilling program was completed by the end of January in the eight drill holes reported in this press release. The remaining four drill holes (approximately 1,300 m) will be completed by the end of March 2021.
  • Drilling has confirmed a new model for the Vera vein which was built based on historical drill hole intercepts, new structural data, chip channel data and fieldwork. This new model incorporates a post-mineralization NW striking dextral oblique-reverse fault that dips to the NE. This was not previously identified by FGM, which interpreted that there were two sub-parallel quartz veins named Vera and Lluvias, the latter in the hanging-wall of the Vera vein. The intersections to date of the current drill program confirm the presence of the interpreted fault and the relative displacement along it, and support the model that the Vera and Lluvias veins are the same vein, with the Lluvias vein occurring in the upthrown fault block.
  • Gran Colombia’s drilling program was successful in confirming the continuity of the high-grade gold and silver mineralization in the upthrown fault block, below the deepest level of the historical mine.
  • The presence of high silver grades at Vera confirms the metal zoning pattern and polarity that characterize the entire eastern sector of the Segovia RPP-140 mining title, shown by a reversal of the Au/Ag ratios from Sandra K to Guia Antigua.
  • The style of mineralization of the intersections drilled so far is characterized by narrow veins hosting two main stages of mineralization. “Stage 1” is represented by milky quartz and pyrite and galena forming nests, while “Stage 2” is characterized by grey quartz and pyrite intergrown with galena and sphalerite along with minor amounts of silver sulfosalts (possibly proustite and/or pyrargyrite). The veins are enveloped by a narrow halo of sericitic alteration.

The table below lists the key intercepts from the Vera drilling program:

HoleFrom (m)To (m)Width (m)Au (g/t)Ag (g/t)AuEq (g/t)Vein
Surface Drilling platform VER5000
VER-ES-003122.60123.240.645.48212.18.31LLV
Surface Drilling platform VER5340
VER-ES-005153.36153.700.3446.54365.051.41LLV
VER-ES-006156.75157.240.4996.68423.7102.33LLV
  1. Vein name abbreviations: LLV: Lluvias Vein.
  2. The surface drill holes were drilled at -45 to -90 degrees from the horizontal. Sample interval grades over 7.0 g/t AuEq are reported. Grades are for quartz vein intersections. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width. Au-equivalent grade (AuEq) calculated using a Au:Ag price ratio of 75:1 with 100% recovery as the project is early stage and does not have metallurgical data to allow for estimation of recovery.
  3. There are no results above cut-off grade for 5 other drill holes (VER-ES-001, 002, 004, 007 and 008) and so these holes are not listed in the table above.

Please refer to the attached illustrative maps showing an overview of the Segovia mining title vein system, a plan view of the ongoing drilling program at Vera and a cross-section of the Vera mine.

FGM developed the Vera mine on six levels, the longest (Level 2) with an approximate length of 715 meters. Gold and silver mineralization at Vera is contained predominantly within a N-S to NNE-SSW trending massive white quartz vein dipping moderately (35-40°) to the east, with an average width of 1 m. The vein is hosted by granodiorite and diorite of the Segovia Batholith. The main ore-shoot mined by FGM at the northernmost end of the mine plunges NE, is approximately 200 m wide and had a historical average grade of 28 g/t Au. This trend is consistent with the general plunge of the ore shoots within RPP-140. Historical records report 16,507 tonnes with 6.5 g/t of Au as proven reserves and 24,745 tonnes with 28.1 g/t Au as probable reserves as disclosed in a private report by FGM in 1981. This mineral reserve estimate is a historical estimate as defined in National Instrument 43-101. The mineral reserve categories for this estimate predate the CIM standards and definitions for mineral reserve classification and therefore do not conform with the current definitions of mineral reserves as stated in NI 43-101. The estimates are of unknown reliability but are included for purposes of depicting the history of the property. A qualified person has not done sufficient work to classify the historical estimate as current mineral reserves. The historical estimate is not being treated as current mineral reserves.

Overview of Gran Colombia’s 2021 Drill Programs at its Segovia Operations

Gran Colombia also announced today that it plans to drill a total of approximately 60,000 meters at its Segovia Operations in 2021 at a total cost of approximately US$14 million to carry out its ongoing in-mine and near-mine drill program at its four operating mines and ramping up its exploration program aimed at testing its highest priority brownfield targets.

Gran Colombia currently has six diamond drill rigs in operation at Segovia, with two rigs carrying out resource definition within the underground developments of the Sandra K and El Silencio mines, one rig operating from underground at the Providencia mine testing the continuity of the Providencia vein system to the west, one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the southern ore-shoot of the El Silencio mine, one rig testing from surface the westernmost end of the Providencia mine, and one rig at Vera.

In-Mine and Near-Mine Drill Program

Gran Colombia’s 2020 drilling program continued to provide outstanding results, providing further confirmation that the Segovia Operations are a world-class gold system. The 2020 drilling program led to the discovery of a third high-grade vein at depth in the El Silencio Mine, the discovery of a new orebody at Level 14 in the Providencia mine which is being developed and remains open at depth, confirmation that the mineralization at the northernmost end of the Sandra K mine is still open along strike and at depth, and the presence of additional high-grade mineralization well below the existing underground mine development at the Carla mine. The Company expects to have updated mineral reserve and resource estimates incorporating the results of its 2020 drilling program at the end of March 2021.

The 2021 in-mine and near-mine drill program at the Segovia Operations, which is already underway, will total approximately 40,000 meters of step-out and in-fill diamond drilling from purpose-built underground and surface drilling stations at the Company’s four operating mines, distributed as follows: approximately 16,200 m at the El Silencio mine, 12,600 m at the Sandra K mine, 9,100 m at the Providencia mine and 2,100 m at the Carla mine. In-mine and near-mine drilling will be focused on replacing the 2021 mining production and organic growth through resource and reserve expansion at the Company’s core operating mines. Total budget for this drilling campaign is expected to total approximately US$10 million.

Brownfield Exploration Program

The Segovia RPP-140 mining title hosts more than 27 know veins and more than 50 small mining workings. During 2020, Gran Colombia’s target generation exploration team carried out a prospectivity analysis of a large geological dataset focused on reprocessing and reinterpreting the exploration data contained in a data room inherited from FGM. This work culminated in the generation of brownfield exploration targets, interpreted as areas ranked more likely to be prospective for gold mineralization than others based on geological factors. As a result of this ranking exercise, the entire Segovia RPP-140 mining title was divided into 11 domains based on geological, structural and mineralization features, which has led to an exploration program that will be balanced between conceptual greenfield and brownfield targets to be tested by diamond drilling.

The 2021 brownfield exploration program at Segovia comprises a multi-phase fieldwork program for each of the high-priority exploration targets, namely: Vera (ongoing), Cristales, Marmajito and San Nicolas. Planned exploration work includes Unmanned Aerial System (“UAV”) magnetic and radiometric surveys, underground and surface mapping, and possibly induced polarization (IP) surveying. A total of approximately 20,000 meters of exploration and step-out drilling has been planned, of which 6,300 m will be drilled at Vera (additional to the current program), 7,400 m at Cristales, 4,200 m at Marmajito and 2,100 m at San Nicolas. The total budget for these programs is approximately US$4 million. Fieldwork, including drilling, will be spread out throughout the year with Cristales expected to begin in the second quarter of 2021 and Marmajito and San Nicolas to follow in the second half of the year.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

All the Vera samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin, Colombia. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion with measurement by AAS. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 44% of Aris Gold Corporation, a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline also includes an approximately 18% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu), an approximately 36% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 30, 2020 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

Attachment 1 – Segovia Mining Title and Vein System Overview is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e762b4ed-77b3-4ab4-8aab-ef8f0161fc50

Attachment 2 – Plan view of the ongoing drilling program at Vera is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7d42ae6-d03b-48f0-8e1c-f15076e8a4cc

Attachment 3 – Cross-section of the Vera mine is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/81d2b0c5-0210-40e5-ac33-a4b6170aca21

Posted in featured_news | Tagged , , , , | Leave a comment

Eloro Resources Continues to See Long Intercepts of Polymetallic Mineralization at the Santa Barbara Breccia Pipe, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further diamond drill results from its Iska Iska Silver-Polymetallic Project in Potosi Department, southern Bolivia. To date, Eloro has completed 22 holes totalling 7,185 metres from both underground (12) and surface drill holes (10). Currently a steeply inclined deep hole, DSB-06, is in progress to test the Santa Barbara Breccia Pipe (“SBBP”) at depth. This release reports results from the last two underground holes (DHK-16 and DHK-17) and the first radial surface hole from SBBP (DSB-01). Results from the first deep radial hole, DSB-02, are delayed for reasons discussed below.

Results for Holes DHK-16, DHK-17 and DSB-01 are listed in Table 1. Due to the polymetallic nature of the deposit, silver equivalent (“Ag eq”) values have been included for comparative purposes. Pending holes are listed in Table 2. Figure 1 is a plan map showing locations of the drill holes completed and in progress with holes in this release highlighted. Figure 2 is a North-South geological cross section of the SBBP.

Highlights of the SBBP drill results are as follows:

Underground Drill Holes

  • 67.39 g Ag eq/t over 213.10m including 205.17 g Ag eq/t over 13.04m in Hole DHK-16 drilled at -10 degrees 50m southwest and parallel to Hole DHK-14 (see press release January 26, 2021)
  • 279.82 g Ag eq/t over 8.57m, 74.21 g Ageq/t over 52.93m and 121.61 g Ag eq/t over 37.85m in Hole DHK-17 drilled at -50 degrees 50m southwest and parallel to Hole DHK-15 (see press release January 26, 2021)

Radial Surface Drill Hole

  • 114.43 g Ag eq/t over 33.25m in Hole DSB-01 drilled at -45 degrees south

Eloro also received preliminary analytical results from Hole DSB-02, drilled at -60 degrees south from the radial setup at SBBP. As previously reported, this hole intersected 332m of mineralized breccia in the adjacent Central Breccia Pipe (“CBP”) from 300m to the end of the hole at 632m with the breccia open at depth. Preliminary analytical results indicate that the CBP is chemically distinct from the SBBP. The metal association seen in the lower part of this hole, especially the last 15 m, sees associated Sn (tin) up to 0.23%, Ag (silver) up to 13.3 grams per tonne (gpt) and Au (gold) up to 0.89 gpt with considerably lower Pb (lead), up to 0.052%, and Zn (zinc), up to 0.292%, than what has been seen in the SBBP. Eloro considers that this style of mineralization is more closely aligned with large tin porphyries in the region and that a similar porphyry potentially underlies the CBP and perhaps more of the Iska Iska project area.

Eloro has determined that its current assay protocol is not suited for the style of mineralization described above, especially given the persistent elevated Sn levels seen in recent drilling. Therefore, the Company is changing the assay protocol to utilizing X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols are being changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Results from Hole DSB-2 will be reported once these more accurate results are available. Unfortunately, the ASL Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the recent COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are seeing increasing evidence of an Sn porphyry at a much shallower depth than previously thought. The SBBP is a major Ag-Zn-Pb target whereas CBP is looking more like an Sn-Ag-Au target. In the Huayra Kasa underground workings we identified a third major target, high-grade Au-Bi. Clearly we have a large scale complex multiphase porphyry-epithermal system driven by a major porphyry at depth.” Dr. Pearson continued: “Our second drill will commence shortly with first pass drilling of the 700m longitudinal extent of the CBP from both the north and south setup areas. The drill currently at SBBP will complete the deep hole then we will follow up areas of higher-grade mineralization in the vicinity of Hole DHK-15 and follow up on the major extension of the SBBP to the west. Drilling will be designed in consultation with Micon International to optimize future resource estimation. Preliminary metallurgical tests have also been initiated with Micon.”

Dr. Osvaldo Arce, P.Geo., Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and an expert on Bolivian geology commenting on the style of mineralization at Iska Iska compared to other major polymetallic deposits in the region said: “Hole DSB-02 intersected at its bottom significant grades ​​of Sn and Au, which is characteristic of other deposits in the district such as Chorolque, located 25 km northwest of Iska Iska. At Iska Iska, the Huayra Kasa breccia pipe could be peripheral higher-level epithermal mineralization with predominantly Zn, Pb, Ag and Au. The SBBP west of Huayra Kasa is likely an intermediate zone with telescoped polymetallic mineralization of Ag, Sn, Zn and Pb. The CBP with Sn-Au association could constitute the core zone similar to the Chorolque tin deposit.”

Dr. Arce continued: “The Au-Bi mineralization outlined in the underground workings of Huayra Kasa and in the beginning of hole DHK-05 is also characteristic of mineral deposits in the district such as Tasna, located 50 km northwest of Iska Iska, In the case of Iska Iska, the mineralized system has a high degree of preservation of the entire porphyry-epithermal system. This is due to proximity of the erosionally resistant basement quartz sandstones and the pervasive silicification within the breccia pipes which prevented significant erosion of the volcanic edifice as compared to other major polymetallic deposits in the district.”

Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro, commented: “The preliminary results for hole DSB-02 strongly suggest we are rapidly approaching an underlying Sn-Ag-Au porphyry system as we test the deeper part of the CBP area. Given the strong Sn as cassiterite component of this mineralization, we have had to step back and rethink our analytical protocols to analyze this exciting newly discovered porphyry mineralization. This coupled with the struggles at the lab in Lima have resulted in delays in getting numbers out. These delays are anticipated to subside as Peru bounces back from the latest COVID-19 surge. In the meantime, we are quickly seeing Iska Iska grow dramatically through mineralized intercepts encountered in recent drilling.”

Table 1: Significant Assay Results Holes DHK-16, DHK-17 and DSB-01, Santa Barbara Breccia Pipe, Iska Iska:
https://www.globenewswire.com/NewsRoom/AttachmentNg/231f1fa7-47c2-4348-beab-1eb83316d9a5

Note: True width of the mineralization is not known at the present time, however based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling.

Metal prices and conversion factors used for calculation of g Ag eq/t are as follows:

ElementPrice (per kg)Ratio to Ag
Sn$28.000.032
Pb$2.100.0024
Zn$2.800.0032
Cu$8.800.01005714
Au$57,400.0065.60000
Bi$12.760.01458286
Cd$5.500.00628571
In$305.000.34857143
Ag$875.001.00000

Table 2: Summary of Diamond Drill Holes at Iska Iska from press release of February 16, 2021 with assays pending.

Hole No.TypeCollar EastingCollar NorthingAzimuthAngleHole Length m
Santa Barbara Breccia Pipe – Surface Radial Drilling from Centre
DSB-02S205118.97656205.7180-60632.50
DSB-03S205118.97656205.790-60515.30
DSB-04S205118.97656205.70-60536.40
DSB-05S205118.97656205.7270-60611.20
DSB-06S205118.97656205.7210-80In progress
TOTAL2295.4

S = Surface
Total drilling completed since the start of the program on September 13, 2020 is 7,185 m in 12 underground holes,10 surface holes and one (1) surface hole in progress as of end of day shift, February 22, 2021.

Qualified Person

Dr. Osvaldo Arce, P. Geo., Manager of Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (NI 43-101), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program in consultation with Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited. Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS laboratory in Lima, Peru for analysis by fire assay for gold and silver as well as 31 element ICP. Over limits from ICP are analyzed by XRF. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

About Iska Iska

Iska Iska silver polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi. The property can be classified as a silver polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia.

Silver polymetallic mineralization at Iska Iska occurs within a Miocene possibly collapsed/resurgent caldera that consists of granodioritic stocks and five (5) dacitic domes which are each about 500m in diameter. These rocks intrude/extrude an intensely deformed sequence of Ordovician shales, siltstones, and sandstones, which are partially covered by Miocene pyroclastic rocks. The silver polymetallic mineralization occurs mainly as veins, vein swarms, veinlets, stockworks, disseminations and in breccias associated with intense hydrothermal alteration. The Iska Iska dome complex has several major phases of igneous breccias, quartz porphyries, dikes and dacitic syn-kinematic flows.

On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. Diamond drilling intersected a number of extensive mineralized intersections within the major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK-04 (see press release November 18, 2020).

The high-grade gold-bismuth zone outlined in channel samples in the underground working averaged 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m. Hole DHK-05 on the strike extension of the high-grade Au-Bi zone intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m in this high-grade zone.

On January 26, 2021, Eloro announced significant results from drilling at the Santa Barbara Breccia Pipe. Highlights are as follows:

  • 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In, 0.0064%Bi and 0.0083%Cd) from 0.0m to 257.5m in hole DHK-15, the deepest of the three holes reported within the SBBP;
  • 79.00 g Ag eq/t over 121.33m (21.77g Ag/t, 0.034g Au/t, 0.35%Zn, 0.23%Pb, 0.18%Cu, 0.056%Sn, 0.0011%In, 0.004%Bi and 0.0055%Cd) from 0.0m to 121.33m in Hole DHK-14 within the SBBP;
  • 74.16 g Ag eq/t over 40.88m (33.43g Ag/t, 0.032g Au/t, 0.04%Zn, 0.33%Pb, 0.13%Cu, 0.045%Sn, 0.0010%In and 0.0012%Bi) from 30.40m to 71.28m in Hole DHK-13 which is within the approximately 100m wide mineralized envelope that surrounds the breccia pipe.

Silver-polymetallic mineralization within the Iska Iska system occurs over a potential strike length of more than 2.5km along major ring structures in the caldera complex. A synchrotron study of the underground channel samples (see press release dated June 25, 2020) concluded that the mineral cluster analysis identified four mineralogical domains that cover the entire sampling area suggesting they are related and represent a single, large mineralizing system. Furthermore, the mineralogy of the domains is consistent with minerals identified in hand specimen and are likely related to a telescoped porphyry/epithermal style of mineralization.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Geological Plan Map of the Santa Barbara Breccia Pipe area:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5c613432-feeb-4251-9992-a1c33dde16c3

Figure 2: North-South Geological Cross Section, Santa Barbara Breccia Pipe:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fa646834-fd3e-40bf-a63a-1744a5ba8ae3

Posted in featured_news | Tagged , , , , , , , , , | Leave a comment

Gran Colombia Announces Acquisition of Approximately 36% Equity Interest in Denarius Silver Corp.

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) (“Gran Colombia”) announced today that it has acquired 33,666,666 common shares (“Common Shares”) of Denarius Silver Corp. (formerly ESV Resources Ltd.) (“Denarius” or the “Issuer”) (TSX-V: DSLV) in connection with the completion of the Reverse Takeover Transaction, as more particularly described below.

Zancudo Transaction

On February 19, 2021, the Issuer completed a share purchase transaction (the “Zancudo Transaction”) with Gran Colombia pursuant to which the Issuer acquired certain mining assets (the “Zancudo Mining Assets”) located in the Municipalities of Titiribi, Angelopolis and Armenia, Department of Antioquia, Colombia. The Issuer acquired the Zancudo Mining Assets pursuant to a share purchase agreement dated November 20, 2020 among Gran Colombia, the Issuer, Gran Colombia Gold, S.A. (“GCG Panama”) and Gran Colombia Gold Titiribi Corp. (“GCG Titiribi”), whereby the Issuer purchased from GCG Panama, a wholly-owned subsidiary of Gran Colombia, of all of the issued and outstanding shares of GCG Titiribi, which holds title to all of the Zancudo Mining Assets through its Colombian branch, Gran Colombia Titiribi Sucursal Colombia. The Zancudo Mining Assets were acquired by the Issuer for CA$12,150,000 which was satisfied by the issuance by the Issuer to Gran Colombia of an aggregate of 27,000,000 common shares having a deemed price of CA$0.45 per common share.

Amalgamation Transaction

Concurrently with the completion of the Zancudo Transaction, on February 19, 2021 the Issuer completed a three-cornered amalgamation (the “Amalgamation Transaction”) with 1255269 B.C. Ltd. (“Guia Antigua Co.”) and 1270702 B.C. Ltd., pursuant to which the Issuer acquired certain mining assets (the “Guia Antigua Mining Assets”) indirectly owned by Guia Antigua Co. and located 130 kilometers northeast of Medellin in the Segovia-Remedios mining district, Department of Antioquia. The Amalgamation Transaction was completed pursuant to an amalgamation agreement dated November 20, 2020 (the “Amalgamation Agreement”), whereby the Issuer acquired Guia Antigua Co. in exchange for the issuance of an aggregate of 15,000,000 shares of the Issuer to the shareholders of Guia Antigua Co.

Prior to the completion of, and in connection with, the Amalgamation Transaction, Guia Antigua Co. completed a private placement offering (the “Private Placement”) on November 9, 2020 to raise aggregate proceeds of CA$8,403,774 through the sale of 18,675,053 subscription receipts (individually a “Subscription Receipt” and collectively, the “Subscription Receipts”) at a price of CA$0.45 per Subscription Receipt. Gran Colombia acquired 6,666,666 Subscription Receipts for total cost of approximately CA$3,000,000. Each Subscription Receipt automatically converted into one common share of Guia Antigua Co. immediately prior to completion of the Amalgamation Transaction. Upon satisfaction of the escrow release conditions in the Amalgamation Agreement, a total of 18,675,053 common shares of Guia Antigua Co. were issued to holders of Subscription Receipts and such common shares were subsequently exchanged for common shares of the Issuer in connection with the completion of the Reverse Takeover Transaction (as defined below).

Reverse Takeover Transaction

The concurrent completion of the Zancudo Transaction and the Amalgamation Transaction (collectively, the “Reverse Takeover Transaction”) constituted a reverse takeover under the policies of the TSX Venture Exchange (the “Exchange”). Upon the completion of the Reverse Takeover Transaction, the Issuer changed its name to “Denarius Silver Corp.” and will commence trading on the Exchange under the symbol “DSLV” on or about March 1, 2021. Upon completion of the Reverse Takeover Transaction, Denarius has 93,117,915 common shares issued and outstanding.

Following the completion of the Reverse Takeover Transaction, Gran Colombia has acquired a total of 33,666,666 common shares of Denarius. Prior to the Reverse Takeover Transaction, Gran Colombia did not hold any securities of Denarius. The common shares acquired by Gran Colombia represent approximately 36.15% of the issued and outstanding common shares of Denarius.

The common shares of Denarius acquired by Gran Colombia are presently being held only for investment purposes. Gran Colombia may from time to time in the future increase or decrease its ownership, control or direction over securities of Denarius held by it, through market transactions, private agreements or otherwise, the whole depending on market conditions, the business and prospects of Denarius and other relevant factors.

Gran Colombia has filed an early warning report (the “Early Warning Report”) pursuant to applicable securities laws in connection with the completion of the Reverse Takeover Transaction. A copy of the Early Warning Report, to which this news release relates, will be available under Denarius’ profile on SEDAR at www.sedar.com. To obtain a copy of the Early Warning Report, please contact Amanda Fullerton, Corporate Secretary, at Gran Colombia’s office at 401 Bay Street, Suite 2400, PO Box 15, Toronto, Ontario M5H 2Y4 or by calling (416) 360-4653.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 44% of Aris Gold Corporation, a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline also includes an approximately 18% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu), an approximately 36% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 30, 2020 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

Posted in featured_news | Tagged , , , , , | Leave a comment

GR Silver Mining Undertakes Maiden Ground Geophysics Program on the San Marcial Project, Incorporating Magnetometry and 3D IP

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce the first ever ground geophysical program on the San Marcial Project, located in Sinaloa, Mexico. The program is centered on the San Marcial Resource Area and will incorporate a 3D Induced Polarization (“IP”) survey as well as ground magnetometry.

The survey is scheduled to cover an area of approximately 8.1 km2, approximately 64% of the concession area. As the key structures and mineralization on the concession are oriented NW-SE, the geophysical survey lines are designed perpendicular to these structures, in a SW-NE orientation (Figure 1). This way the best geological information is obtained from the geophysical results.

In addition to the Resource Area, the program will also encompass high priority target areas identified by recent lithogeochemical sampling and follow-up mapping and sampling.

The survey will initially focus on the Resource Area to characterize the known Ag-Pb-Zn mineralization therein, which hosts the NI 43-101 resource. A higher line density for the survey is planned over the Resource Area, which allows higher resolution of geophysical data and geological information. This will deliver a guide as to potential extensions to the mineralization along strike, and the 3D IP will provide additional insight into depth extensions to the deposit. The geophysical response of the Resource Area will then be used to identify similar buried anomalies that could host hidden Ag-Pb-Zn resources, particularly along the key contact between the lower dacitic units in the SW and the upper volcanic units in the N and E.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “We are excited to be undertaking the first major geophysical investigation of the San Marcial Project. The ground based survey of 3D IP and magnetometry will assist our technical team to better understand the underlying geology, map key structures – particularly those not apparent at surface – and to identify potentially mineralized zones both in the vicinity of the San Marcial Ag resource as well as on some of the key target areas identified by the Company over the past two years. We expect new anomalies derived from this study to generate additional drill targets for follow up later this year.

The Company estimates that the survey will highlight a number of structural and lithological features in addition to the key contact hosting the San Marcial resource. Recent reconnaissance geological mapping has identified intrusive rocks (granodioritic), particularly S of the Resource Area. It is expected that the extent of these intrusive rocks will be prominent from the geophysical survey, thus aiding in lithological mapping of these units.

The survey will also support mapping of mineralized zones that contain chargeable metal sulphide mineralization, that will then allow for interpretation based on the nature of the known mineralized structures on the property. As the survey moves away from the Resource Area, it will cover many of the targets already highlighted by previous GR Silver Mining exploration campaigns, such as: Guacamayo and Limoncillos to the S, and Faisanes, Mariposa, Nava, Micuines and Chachalaca in the W and NW.

Figure 1: San Marcial – Concession, Geology, Targets and Geophysical Survey Lines

The IP survey is being conducted by DIAS Geophysical of Saskatoon, SK (“DIAS”) using the company’s DIAS32 direct current resistivity and induced polarization (“DCIP”) distributed array system. This methodology is expected to provide a continuous 3D model over the property, with lines spaced at 200 m, and more intense 100 m spacing over the San Marcial Resource Area (Figure 1). In addition, a ground magnetic survey is being conducted along the same lines as the IP survey.

Line cutting for the survey was initiated in December, and completed in early February. The field crew is working out of the San Marcial camp, located approximately in the center of the property and grid, under a COVID-19 protocol developed by the Company in compliance with the requirements of the Mexican authorities.

Data Processing

The Company has contracted the services of Condor Consulting Inc. to process and analyze the results of the DIAS 3D IP and ground magnetic survey to produce 3D inversion models of the resistivity, chargeability and magnetic data, with indications of potential structures and mineralized zones for regional exploration targeting.

Future Drilling Program

The footwall of the NI 43-101 resource is where the Company is currently integrating all data, aiming to study un-tested areas close to the current mineralization with the potential to expand the San Marcial Resource. Future drilling will further test this footwall zone, while providing information on the orientation, continuity and grade of mineralization at depth.

Qualified Person

The scientific and technical data contained in this news release related to the San Marcial project were reviewed and/or prepared under the supervision of Marcio Fonseca, PGeo. He has approved the disclosure herein.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million pounds of lead and 28 million pounds of zinc.

The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company has commenced an 11,900 m drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program will target the extension of recent polymetallic discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at San Juan Area. Both areas will be the subject of NI 43-101 resource estimations following completion of this drill program.

The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 million of previous capital investments. The previous owners invested approximately US$18 million in exploration, including extensive geophysics and geochemistry programs.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remain under-explored.

In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade Ag-Pb-Zn open-pit-amenable project, which contains a 36-million-ounce AgEq (indicated) and 11 million oz AgEq (inferred) NI 43-101 resource estimate. The Company has filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”). The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial resource area, from which underground drilling is planned to expand the high-grade portions of the resource down dip. The company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial project — resource estimation and technical report) was completed by WSP Canada Inc. on March 18, 2019, and amended on June 10, 2020. Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

Recent exploration has identified Ag and Au mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, Ag and Au mineralized zones on the footwall of the NI 43-101 resource.

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.

Mr. Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.

Facebook LinkedIn Twitter

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: +1 (604) 202 3155, Email: info@grsilvermining.com

Related Links

http://www.grsilvermining.com

Mr. Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.

Facebook LinkedIn Twitter

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: +1 (604) 202 3155, Email: info@grsilvermining.com

Posted in featured_news | Tagged , , , , , | Leave a comment

Tocvan Ventures: Making the Grade in Mexico

Things are moving quickly at Tocvan (TOC.C). On Friday February 19, it closed trading at an all time high of $0.72, up $0.10 on the day. The market is beginning to understand the potential of Tocvan’s Pilar property in Mexico.

As Derek Wood, CEO explained on the phone from Mexico, “We want to create maximum shareholder value with minimum dilution.”

A huge part of maximizing shareholder value is having the right people in place to advance Tocvan’s Pilar Project in Mexico. Having Brodie Sutherland in place as Vice President Exploration means that an experienced geo is guiding operations. Sutherland’s position was strengthened with the hiring of Rodrigo Calles-Montijo as exploration manager in Mexico and appointing him to the Board of Directors. Calles-Montijo is an experienced geologist, trained in Mexico with over 30 years of global mineral exploration experience, working with groups that include Rio Tinto, Kennecott, SRK Consulting. His is a 43-101 qualified person and bilingual in Spanish and English.

While Tocvan is focussed on the Pilar Project in the state of Sonora in Mexico where Calles-Montijo is a crucial link to the geologists and drillers working the project, the company is also looking at other Mexican opportunities. Having a Mexican national on the Board just makes sense. It also makes sense, in these COVID times, to have an exploration manager who is not subject to quarantine.

Tocvan released the results of its first, 9 hole, reverse circulation drill program on February 9, 2021. In that release, CEO Derek Wood, states, “Today’s results confirm the impressive gold and silver mineralization at Pilar is open for expansion.  Planning is well underway for our next phase of drilling that will continue to expand the areas of known mineralization and test other property wide targets, drilling deeper and farther out from our established Main Zone.”

On the phone, Brodie Sutherland discussed the results, “The stand out is that we have confirmed mineralization on the property,” said Sutherland. “We are seeing broad low grade surrounding shoots of high grade. We’re seeing low grade at surface but when we stepped out and went deeper we see bigger intervals.”

“At the center we’ve seen 10 meters of 10 grams per ton gold with an ounce of silver,” said Sutherland. “We see a lot of potential for expansion.”

“Traditionally, Pilar has been seen as a gold deposit, but we are seeing a silver story developing as well,” said Sutherland. “We’re seeing very high grade silver values. Pilar is a classic epithermal system. It has bonanza type grades but even the low grade is over 1 gpt gold. Which suggests the best of both worlds with a pit and then mining the shoots.”

To date, Tocvan has focussed its drilling in what it refers to as the “Main Zone”. However, the company announced the next round of its exploration which will map and sample key targets across the Pilar Gold-Silver Project. “We have good surface geo chem across 1200 meters at surface,” explained Sutherland. “We have identified new target areas which have never been drilled and they are lining up with artisanal workings.”

In this release Sutherland states, “We are excited to have boots back on the ground at Pilar. The results released last week for our Phase I drill program show the potential to grow the known extent of mineralization at depth and along strike. The high-grade gold and silver intercepts provide evidence for deep rooted structures which we are just starting to uncover. Detailed mapping and sampling of the surface expressions of these structures will aid in drill targeting as we move towards a Phase II drill program. In addition, the 4-Trench Zone provides the opportunity to discover a parallel trend to the Main Zone of equal significance.”

The objective of this exploration is to provide the targets for the next phase of drilling expected to begin in late March. “We’re aiming for 2400 to 3000 meters of reverse circulation drilling,” said Sutherland. “We will drill a little deeper, 200 to 250 meters. We want to grow at depth and keep growing.”

One thing which will drive Tocvan as it expands the areas of mineralization is the access it has to over 17,700m of Historic Core & RC drilling as well as trenching and sampling results. Confirmation drilling during phase I drilling has allowed these historic results to be used in a 43-101 resource estimate.

The next few months of exploration, mapping and drilling will add a lot of information about this highly prospective property. A fact which the market has rewarded significantly. On Friday February 19th, Tocvan traded 374 thousand shares and rose $0.10 to an all time high of $0.72. However, even at this all time high, with only 24.69 million shares outstanding, Tocvan still has a very modest $17.64 million market cap.

Posted in article | Tagged , , , | Leave a comment

Tocvan Initiates Next Phase of Exploration at Pilar Gold-Silver Project Sonora, Mexico

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce the start of the next phase of exploration at Pilar. Work will include detailed mapping and sampling of key targets across the Pilar Gold-Silver Project. The aim of the program will be to advance key targets to drill ready status for a Phase II drill program planned in the next couple of months.

Key Target Areas:

Main Zone Extension

  • – 800 meter southeast extension of the Main Zone
    • – Historic drillhole JES-18-03 13.5 m @ 5.6 g/t Au and 22 g/t Ag

      – 800 meters of anomalous soils with values ranging from 106 ppb to 911 ppb Au

      – Rock grab samples including 9.3 g/t Au and 76 g/t Ag

4-Trench

  • – 600 meter trend that includes the 4-Trench Zone highlighted by:
    • – Historic drillhole K-16: 7.5 m @ 3.3 g/t Au and 31 g/t Ag

      – 600 meters of anomalous soils with values ranging from 118 ppb to 2,030 ppb Au

      – Rock grab samples including 24 g/t Au and 116 g/t Ag

      – Network of historic artisanal workings

“We are excited to have boots back on the ground at Pilar,” commented VP Exploration, Brodie Sutherland. “The results released last week for our Phase I drill program show the potential to grow the known extent of mineralization at depth and along strike. The high-grade gold and silver intercepts provide evidence for deep rooted structures which we are just starting to uncover. Detailed mapping and sampling of the surface expressions of these structures will aid in drill targeting as we move towards a Phase II drill program. In addition, the 4-Trench Zone provides the opportunity to discover a parallel trend to the Main Zone of equal significance.”


Click Image To View Full Size

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below from previous operators:

  • – 17,700m of Historic Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
    • – 0.8 g/t Au over 61 m

      – 53.5g/t Au & 53 g/t Ag over 16.5 m

      – 9.6 g/t Au over 13 m

      – 10.2 g/t Au & 46 g/t Ag over 9 m

    – 2,650m of surface and trench channel sampling. Highlights include:

    • – 55 g/t Au over 3 m

      – 28.6 g/t Au over 6 m

      – 3.4 g/t Au over 50 m

    – Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures currently has approximately 25 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in Sonora, Mexico and the Rogers Creek project in southern British Columbia, management feels both projects represent tremendous opportunity.

Cautionary Statement Regarding Forward Looking Statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 200-3569

Email:  dwood@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.Contact Details

Posted in featured_news | Tagged , , , , | Leave a comment