TORONTO, ONTARIO–(Marketwired – Dec. 29, 2017) –
- Total Measured and Indicated Resources increased 129% to 4,557,000 tonnes from 1,990,000 tonnes previously reported; and Total Inferred Resources increased 36% to 1,633,000 tonnes from 1,200,000 tonnes previously reported
- Total Measured Mineral Resources for Cusi are 362,000 tonnes averaging 225g/t silver, 0.55% lead, 0.68% zinc, 0.13 g/t gold for a total 268 g/t Ag Eq
- Total Indicated Mineral Resources for Cusi are 4,195,000 tonnes averaging 217 g/t silver, 0.64% lead, 0.66% zinc, 0.21 g/t gold and 267 g/t AgEq
- Total Inferred Mineral Resources for Cusi are 1,633,000 tonnes averaging 158 g/t silver, 0.54% lead, 0.84% zinc, 0.16 g/t gold and 207 g/t AgEq
- The updated Resource Estimate varies from the previous 2017 Technical Report due to a variety of factors, including the use of silver equivalent cut-off grade and depletion by production since the previous Report was completed
- The updated Resource Estimate has incorporated new exploration drilling, sampling, and underground mapping information into the geologic interpretation and grade estimations providing more refined resource models in the areas of San Nicolas and Promontorio
TORONTO, Dec. 29, 2017 /CNW/ – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) has updated its Mineral Resource Estimate at the Company’s Cusi Mine, located in Chihuahua State, Mexico.
MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to announce that it has closed the second and final tranche of a non-brokered, private placement for 2,434,716 flow through units (“FT Units”) at a price of $1.05 per FT Unit for gross proceeds of $2,556,451.80 (the “Offering”). The aggregate gross proceeds raised under the Offering was $5,803,253.40 through the issuance of an aggregate of 5,526,908 FT Units. The FT Offering was made concurrently with a private placement of non flow through units (“NFT Units”), which raised aggregate gross proceeds of $7,137,000 (see press release dated December 21, 2017).
Marathon Gold Corporation (TSX:MOZ) (OTCQX:MGDPF) (“Marathon” or the “Corporation“) is pleased to announce the closing of a “bought deal” private placement of an aggregate of 4,066,000 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (“Flow-Through Shares“) at an issue price of $1.23 per Flow-Through Share (the “Issue Price“) for aggregate gross proceeds of $5,001,180 (the “Offering“), including the exercise in full of the underwriters’ option to purchase an additional 1,650,000 Flow-Through Shares at the Issue Price. The Offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp., on behalf of a syndicate of underwriters that included Haywood Securities Inc., RBC Capital Markets and Raymond James Ltd. (collectively, the “Underwriters“).
MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to announce that is has closed the second and final tranche of a non-brokered, private placement for 4,079,000 units (“Units”) at a price of $1.00 per Unit for gross proceeds of $4,079,000 (the “Offering”). The aggregate gross proceeds raised under the Offering was $7,137,000 through the issuance of an aggregate of 7,137,000 Units. The Offering was made concurrently with a private placement of flow through units, of which a second and final tranche is also expected to close this week.
Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL: SMT) (“Sierra Metals” or the “Company”) is pleased to announce the appointment of Mr. Alberto Beeck as an Adviser to its Board of Directors and Mr. Alejandro Perellón as an Observer to its Board of Directors, both effective immediately.
GGX GOLD CORP. (TSXV.GGX) (the “Company” or “GGX Gold”) is pleased to announce that the Company’s common shares begin trading today on the OTCQB® Venture Market in the United States under the symbol “GGXXF”. The Company’s common shares will continue to trade under the symbol “GGX” on the TSX Venture Exchange. The OTCQB Venture Market provides efficient access to U.S. investors, helping Canadian companies build shareholder value with a goal of enhancing liquidity and achieving fair valuation. Through trading on OTCQB, companies can engage a far greater network of U.S. investor, data distributors and media partners, ensuring U.S. investors have access to the same high-quality information that is available to investors in Canada, but through U.S. platforms and portals used to conduct research.
Gowest Gold Ltd. (TSX VENTURE:GWA) (the “Company“) is pleased to announce the final tranche closing of a previously announced non-brokered private placement for gross proceeds of $1,383,140. In connection with the final tranche closing, the Company issued 350,000 common share units at a price of $0.16 per unit for $56,000 and 7,373,000 flow-through units at a price of $0.18 per unit for $1,327,140. Each flow-through unit consists of one common share in the capital of the Company issued on a “flow through” basis pursuant to the Income Tax Act (Canada) and one half (1/2) of a common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.25 per share for a period of 24 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the private placement.