Abcourt Mines produces 12,794 oz Au in 12 months
Abcourt Mines Inc. has released good results for the fourth quarter and the 12-month period ended on June 30, 2020. As indicated previously, the Elder mine was closed for almost one month due to Covid-19. During the closing, some of the gold contained in the mill circuit was used to pay for mine expenses. When the mine was re-opened, the first thing to do was to refill the mill circuit.Read More
In the 4th quarter, we sold 1,821.5 ounces of gold for an amount of $4.26M. Mine production for the 4th quarter was 2,629 ounces of gold. At the same time, the gold inventory in the mill circuit increased to 1,126 ounces. At the current gold price, this represents an important amount.
During the 12-month period ended on June 30, 2020, we produced 12,794 ounces of gold and sold 11,554 ounces for a total of $23.8M.
On June 30, the cash was $1.7M.
These figures have not been validated nor audited by our external Auditors.
It is with the contribution of the whole team that it was possible to go through this difficult period and re-start the mining activities with success.
Santacruz Silver produces 709,765 oz AgEq in Q2
Santacruz Silver Mining Ltd.’s production in the second quarter of 2020 was 709,765 silver equivalent ounces, representing a 105-per-cent increase compared with Q2 2019 and a 27-per-cent decrease compared with Q1 2020. Both Q2 2020 and Q1 2020 production results include 100% of the Zimapan Mine’s quarterly production whereas the Q2 2019 results do not include any production from the Zimapan Mine given Santacruz acquired its initial interest in PCG Mining, S.A. de C.V. on July 1, 2019 and did not complete the acquisition of the final 50% of PCG Mining until October 4, 2019 (see press releases dated July 2 and October 7, 2019).Read More
The Company’s Q2 2020 production was negatively impacted by the precautionary Covid-19 related suspension of operations at the Zimapan Mine (see press releases dated April 20 and May 13, 2020) where mill production was suspended for 42 days during the second quarter. As for Rosario, a greater percentage of personnel were believed to have a higher health risk resulting in a 40% decrease in the labor force – primarily the underground mining team.
Carlos Silva, CEO of Santacruz, stated, “Heading into the second quarter our focus was on increasing production at the Rosario and Zimapan mines to offset the suspension of production at Veta Grande. However, with the onset of Covid-19 our focus shifted to the health and wellbeing of our employees and we suspended mine and milling operations during the second quarter in accordance with Mexican government guidance.” Mr. Silva continued; “During this operational downtime, we made adjustments in all areas, including milling and underground, which are helping improve our tonnage throughput at both mines as operations resumed. Consolidated production is now on track to return to Q1 2020 levels. With improved metals prices, most particularly silver, and production ramping up towards historic levels with improved efficiencies we are optimistic about our Q3 2020 results.” Finally Mr. Silva commented; “It is important to note that Rosario mine production stopes have reached Level 6 where improved head grades are anticipated. As we continue moving forward, our health protocols will remain vigilant as we strive to protect our employees, their families and the wider communities throughout these times of COVID uncertainty.”
2020 Second Quarter Consolidated Production Results Summary of Production Results 2020 Q22020 Q12019 Q2 Material Processed (tonnes milled)116,799168,49557,944 Silver eqv. ounce production 709,765967,635346,023 Silver production (ounces) 216,034296,767107,582 Gold production (ounces) 57 130 258 Lead production (tonnes) 761 1,085 388 Zinc production (tonnes) 2,199 2,862 946 Copper production (tonnes) 308 438 - Average Head Grade (g/t Ag Eqv.) 248 241 264 Development (metres) 1,094 2,434 1,761
2020 Second Quarter Zimapan Mine Production Results Summary of Production Results 2020 Q22020 Q12019 Q2 Material Processed (tonnes milled) 106,725139,903 - Silver eqv. ounce production 639,021829,514 - Silver production (ounces) 181,836245,344 - Silver head grade (g/t) 75 77 - Gold head grade (g/t) - - - Lead head grade (%/t) 0.72 0.73 - Zinc head grade (%/t) 2.55 2.41 - Copper head grade (%/t) 0.42 0.43 - Silver recovery (%) 70 71 - Gold production (ounces) - - - Lead production (tonnes) 692 913 - Zinc production (tonnes) 2,021 2,303 - Copper production (tonnes) 308 438 - Average Head Grade (g/t Ag Eqv.)(1) 249 250 - Development (metres) 659 1,418 -
2020 Second Quarter Rosario Project Production Results Summary of Production Results 2020 Q22020 Q12019 Q2 Material Processed (tonnes milled) 10,074 17,497 20,789 Silver eqv. ounce production 70,744 73,251 141,410 Silver production (ounces) 34,198 29,324 47,717 Silver head grade (g/t) 113 63 74 Gold head grade (g/t) 0.25 0.22 0.28 Lead head grade (%/t) 0.77 0.36 0.44 Zinc head grade (%/t) 2.04 1.78 2.21 Copper head grade (%/t) - - - Silver recovery (%) 93 82 97 Gold production (ounces) 57 84 137 Lead production (tonnes) 70 52 87 Zinc production (tonnes) 178 231 405 Copper production (tonnes) - - - Average Head Grade (g/t Ag Eqv.)(1) 247 169 235 Development (metres) 435 772 932
2020 Second Quarter Veta Grande Project Production Results Summary of Production Results 2020 Q22020 Q12019 Q2 Material Processed (tonnes milled) - 11,095 37,156 Silver eqv. ounce production - 64,870 204,613 Silver production (ounces) - 22,089 59,864 Silver head grade (g/t) - 86 101 Gold head grade (g/t) - 0.22 0.21 Lead head grade (%/t) - 1.15 1.11 Zinc head grade (%/t) - 2.07 2.12 Copper head grade (%/t) - - - Silver recovery (%) - 72 50 Gold production (ounces) - 47 120 Lead production (tonnes) - 120 301 Zinc production (tonnes) - 188 541 Copper production (tonnes) - - - Average Head Grade (g/t Ag Eqv.)(1) - 231 280 Development (metres) - 244 830
(1) Ag Eq has been calculated using the following metal prices:
Metal Prices 2020: Ag $17.85/oz, Au $1,480/oz, Pb $0.92/lb, Zn $1.09/lb and Cu $2.80/lb.
Metal Prices 2019: Ag $15.25/oz, Au $1,281/oz, Pb $0.94/lb, Zn $1.20/lb and Cu $2.92/lb.
The scientific or technical information included in this news release has been reviewed and approved by Van Phu Bui, P.Geo., consulting geologist, who is independent of the Company and is a qualified person, pursuant to the meaning of such terms in National Instrument 43-101 (“NI 43-101”).
Revival Gold resumes drilling at Beartrack-Arnett
Revival Gold Inc. has resumed drilling at its Beartrack-Arnett gold project located in Lemhi county, Idaho.Read More
Drilling resumed with two rigs this past weekend with Boart Longyear Limited contracted to complete an initial 5,000-meter program, beginning in the Haidee area at Arnett. Drilling at Haidee will focus on resource expansion and infill core drilling.
The current leachable Mineral Resource at Haidee consists of an Indicated resource of 2,300,000 tonnes averaging 0.66 g/t gold containing 49,000 ounces of gold and an Inferred resource of 8,300,000 tonnes averaging 0.55 g/t Au containing 147,000 ounces of gold. See the Company’s technical report titled “Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” by Roscoe Postle Associates Inc. dated February 21, 2020. The resource at Haidee is open in all directions.
At Beartrack, Revival Gold’s drilling program this year will test an airborne magnetic anomaly in an area known as Rabbit. Rabbit is located along the Panther Creek Shear Zone and begins approximately two kilometers south of the current Beartrack Mineral Resource at Joss. The initial target is at the projected intersection of the Panther Creek Shear Zone with a crossing structure. Further program details for Beartrack-Arnett will be released later this month.
“With funding and drill permits in place, Revival Gold’s exploration team has moved quickly to resume drilling. The deposits at Beartrack-Arnett are open and we are excited to be in a position to drill several big step-out holes in the exploration program this year,” said Hugh Agro, President & CEO.
Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.
Hudson grants options to buy 4.28 million shares
Hudson Resources Inc. has granted incentive stock options under the company’s stock option plan to directors and employees to purchase a total of 4.28 million shares at a price of 15 cents per share. The option price is at an approximate 50-per-cent premium to the 10-day volume-traded-weighted average of the stock on the TSX Venture Exchange. The options are exercisable for a period of five years, subject to the policies of the TSX-V.
Globex Mining sells 3 projects for $150K, Starr shares
Globex Mining Enterprises Inc. has sold its 100-per-cent interests in the Normetal/Normetmar copper/zinc/silver property, the Rousseau gold project and the Turgeon Lake gold property, all located in Northern Quebec, to Starr Peak Exploration Ltd.Read More
In exchange, Globex will receive $150,000 in cash payments ($50,000 on signing, $50,000 at 6 months and $50,000 at one year), 1.2 million Starr Peak shares (currently $1.66/share) and a 2.5% Gross Metal Royalty, 1% of which may be purchased by Starr Peak prior to commercial production for $1.5 million. Starr Peak will acquire 100% interest in the properties subject to the royalty (GMR).
The Normetal/Normetmar property consists of 10 claims and includes the historic Normetal Mine which produced 10.1 million tons, grading 2.15% Cu, 5.12% Zn, 0.549 g/t Au and 45.25 g/t Ag (data converted from Canadian Mining Handbook 1975-1976). The Normetmar portion of the property ties onto the west side of the Normetal Mine. A historic resource of 306,000 t grading 11% Zn was reported by Kerr Addison of which 48,200 t have been mined in 1990. The zone has been stripped and a ramp extended into the zone. While the property was only explored for zinc, several gold intersections are reported including 2.19 g/t Au and 236 g/t Ag over 2.56 m including 3.47 g/t Au and 366 g/t Ag over 1.55 m. The property is located in the center of Starr Peak’s recently acquired NewMetal gold property and completes that package. In addition, the claims are directly on strike to the east of Amex Exploration Inc’s gold discovery in Perron Township, Quebec.
The Rousseau gold property consists of 12 claims covering the Rollmac gold zone of 31,298 tonnes grading 11.99 g/t Au (historical non-compliant NI43-101, Northern Miner, July 13, 1992). Limited shallow work has been undertaken on this property.
Two principal Gold bearing vein systems, the Main Vein and Mercier Vein, were explored by trenches, shallow pits and limited diamond drilling. In 1980, a 91-metre-deep ramp, 428 m of drifting and 188 m of cross cut were completed on the Main Vein. A 75.6 T rock sample assayed 0.46 oz Au/T and 2.14 oz/T Ag (1987, Bowdidge from GM53158). In 1982, one ton of concentrate derived from the – 60-foot level of the Main Vein was processed assaying 9.97 oz/t Au and 15.69 oz/t Ag (Bowdidge, from GM53159). Numerous high-grade drill intersections, grab samples and channel samples are reported including Hole 80-17 which graded 0.61 oz/T Au over 10 feet (GM 37244) and Hole 88-6 which assayed 0.41 oz/T Au over 8.2 feet (taken from GM 52540).
In 1992/1993, Canaco Ltd. undertook a program of shallow underground mapping and sampling on the Mercier Vein using the historical ramp and underground workings.
The following is a summary of the uncut gold assays, widths and strike lengths sampled:
The Mercier gold vein is located 183 m northeast of the Main Vein. Numerous gold values from grab samples and a test pit are reported. A parallel vein, 15.3 m to the north, assayed 0.428 oz Au/t. Several other quartz vein systems are reported but received little or no follow-up.
Lastly, the Turgeon gold property consists of 2 claims on the east side of Lake Turgeon. Grab samples at the water line are reported to have assayed up to 168.3 g/t Au, 30.2 g/t Au and 23.7 g/t Au (GM 52490). Drill hole LT-96-02 assayed 18.7 g/t Au over 3.09 m, including 68.9 g/t Au and 10.48 g/t Ag over 0.4 m (GM 54287).
The resources described above are historical. A qualified person has not done sufficient work for Globex to classify the historical estimates as current mineral resources and Globex is not treating the historical estimates as current mineral resources under National Instrument 43-101 and CIM Standards for mineral resources and reserves. These historical resources should not be relied upon.
Grab samples are selective by nature and are unlikely to be representative of average grades.
This press release was written by Jack Stoch, Geo, president and chief executive officer of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
Kerr Mines closes $5-million bought deal
Kerr Mines Inc. has closed its previously announced bought deal financing for aggregate gross proceeds of $5,000,800. Pursuant to the offering, the company issued a total of 35.72 million units of the company at a price of 14 cents per unit. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share at a price of 22 cents for a period of 24 months. Haywood Securities Inc. acted as sole underwriter for the offering.Read More
Giulio T. Bonifacio, chief executive officer, stated: “We are extremely pleased with the strong investor demand, including from a broad base of new investors, which resulted in the upsize of the initial bought deal offering. With funding in hand, the company will commence its 2020 resource and reserve expansion drilling program, consisting of 8,000 metres, which will expand upon a very successful drilling program in 2019. A drill contractor has been selected and a drill rig is currently being mobilized to the Copperstone project. With our recent agreement to buy back a 3-per-cent gross production royalty the company is well positioned for the restart of production at the Copperstone gold project, subject to arranging project financing.”
Maple Gold closes $750,000 final tranche of placement
Maple Gold Mines Ltd. has closed the second and final $750,000 tranche from its previously announced non-brokered private placement for total gross proceeds of $4.75-million from both tranches.Read More
The Company closed a C$4,000,000 first tranche on July 31, 2020 of its previously announced hard dollar non-brokered financing (see press releases on July 23 and July 29, 2020). The Company has issued an additional 4,411,764 common shares (the “Shares”) at a price of C$0.17 per Share with the closing of the second tranche, for a total of 27,941,173 Shares and total gross proceeds of $4,750,000 from both tranches.
All Shares issued in connection with the financing will be subject to a four-month hold period from the date of closing. There was no pro group participation and the Company will pay certain participants administrative fees of up to 5% of the gross proceeds of the financing.
The Company intends to use the net proceeds from the private placement for exploration and drilling work at the Douay Gold Project and for general corporate purposes.
The financing is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
Arizona Metals drills 137 m of 0.53 g/t Au at Sugarloaf
Arizona Metals Corp. has released results from the first drill hole from its recently completed 1,748-metre drill program at its Sugarloaf Peak project in La Paz county, Arizona.Read More
Drill hole SP-20-01 intersected 137 metres of 0.53 gram per tonne gold from surface, including 99 m of 0.62 g/t gold and 30 m of 0.90 g/t gold. From 179.7 m to the end of the hole at 218.5 m, the same hole also intersected 38.8 m of 0.32 g/t gold. The hole ended in mineralization.
SUGARLOAF DRILL HOLE SP-20-01 DRILL RESULTS Hole ID From To Length Au (m) (m) (m) (g/t) SP-20-01 0 137.6 137.6 0.53 including 0 98.8 98.8 0.62 including 43.5 73.5 29.9 0.90 and 179.7 218.5 38.8 0.32
This hole intersected gold mineralization approximately 45 m below holes drilled by previous operators in 1990 (Cominco) and 2011 (Choice Gold).
Drill core from hole SP-20-01 and SP-20-02 (drilled to a depth of 369 m with assays pending) will be sent to Kappes Cassiday and Associates of Reno, Nev., to undergo bottle roll and column testing of gold recoveries by leaching. Samples will also be sent to ALS Minerals in Reno, Nev., for gold assay, multielement testing and spectral analysis to determine trace element levels and hydrothermal alteration variations.
Another two cored drill holes (assays pending), SP-20-03 and SP-20-04, were extended to depths of 572 m and 581 m, respectively, to intersect a large, untested geophysical target that the company believes has the potential to host a higher-grade feeder zone, which could be the source of the disseminated mineralization identified at surface in the historic estimate. The locations, dips and azimuths of the four drilled holes are detailed in a table on the company’s website.
The geophysical target is based on induced polarization (IP) data showing coincident high chargeability and high resistivity. Chargeability high anomalies often indicate the presence of sulphide minerals such as pyrite, and resistivity highs may indicate alteration minerals such as quartz. The mineralization identified to date at Sugarloaf contains both pyrite and quartz.
Sugarloaf Peak highlights:
- Project is 100 per cent owned by Arizona Metals with no future payments;
- Located on 4,400 acres of Bureau of Land Management claims in mining-friendly La Paz county, Arizona;
- Historic estimate of 100 million tons containing 1.5 million ounces gold at a grade of 0.5 g/t (Dausinger, 1983, Westworld Resources);
- Heap leach, open-pit target that starts at surface and is tabular with no dip;
- Open for expansion at depth and on strike;
- Metallurgical testing (bottle roll) by Kinross (2009) and Agnico (2013) achieved gold recoveries of up to 73 per cent (in line with heap leach mines currently in operation).
Kay mine project, Arizona update
A total of 20 drill holes have been completed at the Kay mine, with four holes pending assays at ALS Laboratories in Tucson, Ariz. A downhole electromagnetic survey is currently under way at the Kay mine and is expected to be complete this month. The results of this survey, along with final assay results, will be used to plan a phase 2 drill program at the Kay mine.
Superior Gold loses $400,000 (U.S.) in Q2
Superior Gold Inc. has released its financial and operating results for the second quarter 2020. This release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and consolidated financial statements for the quarter ended June 30, 2020. These documents will be posted on the Company’s website at http://www.superior-gold.com and SEDAR at http://www.sedar.com. (In US Dollars unless otherwise stated)Read More
Second Quarter Highlights:
Successfully maintained operations safely through COVID-19 pandemic Produced 15,177 ounces of gold, down 7% from the first quarter of 2020 and down 36% from the comparable period in 2019 Sold 15,536 ounces of gold at total cash costs1 of $1,426 per ounce sold and all-in sustaining costs1 of $1,547 per ounce sold which were below the record realized gold price1 of $1,608 per ounce sold Operating cash flow before working capital changes of $0.6 million and after the repayment of $1.9 million under the gold loan Net loss for the period of $0.00 per share and adjusted net loss1 of $0.01 per share Ended the second quarter with $15.6 million in cash Advanced underground optimization plan: Achieved record underground tonnes mined, an increase of 51% over the prior quarter Improved development rates, averaging 789 metres per month Enhanced mine plan accuracy by incorporating constrained wire-frame block models High-grade exploration drill results reported included (refer to Exploration Activities section): 56.3 g Au/t over 15.10 metres 40.4 g Au/t over 6.50 metres 10.2 g Au/t over 7.10 metres
Highlights Subsequent to Quarter End:
Announced a 29% increase in Measured and Indicated Resources and a 55% increase in Inferred Resources Announced a leadership change and the initiation of a Strategic Review Process
Tamara Brown, Interim CEO of Superior Gold stated: “The highlight of our second quarter results was the stope tonnage mined which increased by 51% over the first quarter of this year and was the highest quarterly mining rate since we acquired the Plutonic underground mine in 2016. We continue to be encouraged by the underground physicals of the operations and believe, with the execution of our five-year underground plan, the stope grade will progressively improve over time.
We are encouraged that despite continuing to invest in exploration and development and repaying our gold loan, our cash position remained largely unchanged from the first quarter, as we continue to benefit from the strong Australian dollar gold price, which is currently at all time highs. Over the next twelve months, we are focused on executing on a cost reduction program that targets higher grade stopes while improving productivity, which we expect will allow us to generate meaningful free cash flow for our shareholders as our operations continue to improve.
We are very excited by our recent exploration results. During the quarter, we announced intersections of up to 56.3 g Au/t over 15.10 metres in the area between the Indian and Baltic Zones, which represents our best drill results since acquiring the asset (refer to the Press Release on June 17, 2020). Subsequent to quarter end, we announced our updated reserve and resource estimate in which we achieved a 29% increase in Measured and Indicated Resources to 1.59 million ounces and a 55% increase in Inferred Resources to 2.82 million ounces across our projects (refer to the Press Release on July 21, 2020). These results confirm that Plutonic is a large mineralized system with significant upside and long term potential.”
Subsequent to the quarter, the Company announced a leadership change and a strategic review process that will explore all alternatives to maximize value for our shareholders (refer to the Press Release on July 30, 2020). The Company does not intend to comment further unless the Board of Directors of the Company has approved a specific course of action or the Company has determined further disclosure is appropriate.
Summary of Financial and Operational Results: All amounts in $ millions except where noted Three months Six months ended ended June 30, 2020 June 30, 2020 Financial Revenue 25.0 51.5 Cost of sales 24.2 47.9 General and administrative 0.7 1.7 Operating income (loss) (0.4) 0.7 Income (loss) before taxes (0.3) (4.1) Net income (loss) (0.4) (4.2) Earnings (loss) per share - basic and diluted (0.00) (0.04) Adjusted net income (loss)1 (0.6) (0.7) Adjusted net income (loss) per share - basic1 (0.01) (0.01) Cash flow from operations before working capital changes 0.6 1.7 Cash and cash equivalents 15.6 15.6 Operational Gold produced (ounces) 15,177 31,528 Gold sold (ounces) 15,536 32,386 Total cash costs ($/ounce)1 1,426 1,356 All-in sustaining costs ($/ounce)1 1,547 1,479 Average realized price1 ($/ounce) 1,608 1,588 Total underground material mined (Kt) 183 304 Total material milled (Kt) 394 760 Grade milled (g/t gold) 1.4 1.6 Recovery (%) 84 83
Plutonic Gold Operations
The Plutonic Gold Operations produced and sold 15,177 and 15,536 ounces of gold, respectively, for the second quarter of 2020. Total cash costs1 of $1,426/ounce sold and all-in sustaining costs1 of $1,547/ounce were below the realized gold price1 of $1,608/ounce for the second quarter of 2020. In comparison, 23,849 and 23,937 ounces of gold were produced and sold, respectively for the second quarter of 2019. Total cash costs1 of $1,222/ounce sold and all-in sustaining costs1 of $1,293/ounce were below the realized gold price1 of $1,320/ounce for the three-month period ending June 30, 2019.
Total cash costs and all-in sustaining cash costs increased over the prior period primarily as a result of no contribution of tonnages milled from Hermes for the period (the Company ceased mining operations at Hermes in May 2019), a decrease in underground grade and the processing of other low grade stockpiles, partially offset by higher underground tonnes milled. The variance from the prior period for underground grade was the result of mining lower grade out of reserve and inferred material in some stopes.
The Company generated net cash from operations after working capital changes of $0.6 million for the second quarter of 2020, after the repayment of $1.9 million under the gold loan.
On June 17, 2020, the Company announced results from the ongoing underground diamond drill program focused on reserve and resource expansion at its 100%-owned Plutonic Gold mine. The drilling was targeting potential extensions to the gold mineralization within the Indian Zone.
The drilling was focused on the area to the northwest of the Indian Zone within an area that extends approximately 500 metres between the Indian and Baltic Zones which has yet to be fully drill tested.
The following key findings were noted:
Demonstrates the potential to extend and connect the Indian and Baltic Zones Drill hole UDD22011 intersected 56.3 g Au/t over 15.10 metres representing the best drill intersection ever achieved since the Company acquired the Plutonic underground mine The drilling was completed over a strike length of approximately 200 metres and a vertical extent of more than 100 metres. Mineralization remains open both up and down dip and along strike, resides close to existing infrastructure, and is only approximately 600 metres from surface
On June 24, 2020, the Company announced results from drilling that targeted potential extensions to the gold mineralization in the area between the Baltic and Baltic Deeps Zones. The drilling was focused on the area vertically between the Baltic and Baltic Deeps mineralized zones which has not previously been tested.
The following key findings were noted:
Continues to demonstrate potential continuity of mineralization between Baltic and Baltic Deeps Zones Drill hole UDD22310 intersected 40.4 g Au/t over 6.50 metres including 232.0 g Au/t over 0.90 metres Drill hole UDD22309 intersected 12.4 g Au/t over 4.10 metres Mineralization remains open both up and down dip and along strike
The Indian and Baltic Zones are key targets for future exploration activities.
The Company intends to focus on establishing the Plutonic Gold Operations as a gold producer capable of producing at least 100,000 ounces of gold annually. To achieve this goal, the Company intends to:
Continue to improve the reconciliation between the underground grade mined and reserve grade Improve mining practices to lower costs and increase production Increase operational efficiencies Continue optimization of the global resource model Advance open pit opportunities close to the mill
On July 30, 2020, the Company announced revised 2020 production guidance as follows:
2020 Guidance Original Revised Production (oz of Gold) 80,000 - 90,00060,000 - 70,000 Cash Costs ($/oz)1 $975 - $1,075$1,250 - $1,350 All In Sustaining Costs ($/oz)1$1,075 - $1,175$1,350 - $1,450
Filing of Technical Report
The Company is announcing the filing of a technical report to support its previously released Mineral Reserve and Resource update on its Plutonic Gold operations (the “Report”) entitled, “2020 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations”. The Plutonic Gold operations are located in Western Australia and are comprised of the 100%-owned Plutonic underground gold mine, the 100%-owned Hermes open pit gold project, along with the Company’s interest in the Bryah Basin joint venture.
The Report, which is dated August 7, 2020 and is effective December 31, 2019, was prepared in compliance with National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”) and is available under Superior Gold Inc.’s profile on SEDAR at http://www.sedar.com and on the Company’s website at http://www.superior-gold.com.
The Report was prepared by Stephen Hyland, FAusIMM, BSc (Geology); Matthew Keenan, MAusIMM (CP), BEng; and Ashutosh Srivastava, FAusIMM, B. Tech. (Mining Engineering); all of whom are “qualified persons” within the meaning of NI 43-101. With the exception of the open pit Mineral Reserve estimates, the Qualified Persons who have approved the disclosure of the sections of the Technical Report referred to above are independent of the Company within the meaning of NI 43-101.
The Report supports the scientific and technical disclosure in the updated Mineral Resource and Mineral Reserve estimates contained in the Company’s press release dated July 21, 2020.
Management will host a conference call and webcast on Tuesday August 11, 2020 at 10:00AM ET to discuss the second quarter 2020 financial and operating results.
Conference Call and Webcast Date: Tuesday August 11, 2020 10:00AM ET Toll-free North America: (888) 231-8191 Local or International: (647) 427-7450 Webcast: https://produceredition.webcasts.com/starthere.jsp?ei=1343215&tp_key=66a388e6c0 Conference Call Replay Toll-free North America: (855) 859-2056 Local or International: (416) 849-0833 Passcode: 6264678
The conference call replay will be available from 1:00PM ET on August 11, 2020 until 23:59PM ET on August 25, 2020.
The presentation will be available on the Company’s website at http://www.superior-gold.com.
Scientific and technical information in this news release has been reviewed and approved by Keith Boyle, P.Eng., Chief Operating Officer of the Company, who is a “qualified person” as defined by National Instrument 43-101 (NI 43-101). Mr. Boyle is not independent of the Company within the meaning of NI 43-101.
Golden Minerals drills 23.4 m of 5.96 g/t Au at Rodeo
Golden Minerals Company has received positive assay results from the first nine diamond drill holes of its infill resource definition drill program at the Rodeo gold-silver project located in Durango state, Mexico.Read More
Each of the first nine diamond drill holes intersected wide zones of near-surface gold mineralization. Drill hole depths averaged 50 meters and were drilled at a 60-degree angle to the southeast. Mineralized material consists of highly silicified epithermal veins and breccias hosted in felsic volcanic rocks. Significant results are summarized in the table below, and complete results are available on the Company website.
Drill Hole IDFrom (m)To (m)Interval (meters)Au (g/t)Ag (g/t) RDO_20_001_M* 0 45 45 1.85 10.7 including 7.31 36.8 29.44 2.59 13.4 including 19.15 32.4 13.23 4.04 19.9 RDO_20_002 0 35 35 2.18 7.3 including 9.6 19.5 9.9 4.21 5 including 24.61 35 10.39 2.44 17.2 RDO_20_003_M* 0 40 40 3.23 10.8 including 9.15 22.1 12.95 6.86 15.8 including 28.1 39 10.85 2.62 14.9 RDO_20_004 0 50 50 1.27 8.2 including 12 21.2 9.18 3.33 2.7 RDO_20_005_M* 0 40 40 3.78 17.8 including 3.9 27.3 23.4 5.96 19.8 RDO_20_006 0 30 30 3.06 9.1 including 3 18.5 15.5 5.21 10.4 including 3 11.1 8.11 7.55 11.1 RDO_20_007 0 50 50 0.76 3 including 18.7 25.9 7.2 3.36 6.9 RDO_20_008 0 40 40 2.95 10.4 including 7.9 28.4 20.5 5.13 15.2 including 15.4 25 9.6 7.23 23.6 RDO_20_009 0 45 45 1.51 5.6 including 7.75 28 20.25 2.67 5.5 including 14.75 28 13.25 3.32 7.1
Note: Intervals in the table represent drilled length. It is expected that true thickness is approximately 80% of drilled length as drill holes were drilled perpendicular to the gold mineralization that dips at approximately 25 degrees to the northeast.
* Drill holes 001M, 003M and 005M were drilled with PQ drill-core to collect samples for metallurgical test work. Remaining drill holes were drilled with HQ drill-core.
The objectives of the drill program are to provide greater detail on the gold mineralization at Rodeo by infill drilling and to provide additional material for metallurgical and geotechnical test work. Confirmation of continuity of the gold grades in the heart of the deposit is an important step towards the future development of the Rodeo project outlined in the recent Preliminary Economic Assessment published on May 28, 2020 ( link ).
Warren Rehn, President and Chief Executive Officer of Golden Minerals, commented, “We are pleased with the initial drill results as they confirm the previously reported grades and modeled continuity of the deposit. We are particularly excited about drill hole 002, as this appears to indicate that there is good opportunity to expand the high-grade mineralization to the southwest, further supporting the potential development of the project.”
GR Silver drills 6.8 m of 1,687 g/t AgEq at Plomosas
GR Silver Mining Ltd. has provided drill results from the Plomosas mine area at its 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico.Read More
- 716 grams per tonne silver equivalent (AgEq) (1) over 6.8 metres (191 g/t silver, 1.9 g/t gold, 7.1 per cent lead and 3.4 per cent zinc);
- 1,687 g/t AgEq over 0.4 m (1,559 g/t Ag, 0.5 g/t Au, 1.4 per cent Pb and 1.1 per cent Zn);
- 12.6 m at 1.7 g/t Au, 17 g/t Ag and 0.7 per cent Zn.
These drill results reveal the presence of wide zones of gold mineralization in addition to attractive near-surface polymetallic (Ag-Pb-Zn) mineralization. The two styles of mineralization represent unmined areas located 50 m northwest from a previously released section of drill hole results at the Plomosas mine area. The results define a mineralized strike length of up to 700 m, with field evidence and underground mapping indicating further continuity along strike and down dip. This news release features results from 14 diamond core holes drilled by previous companies but not previously released. The 3-D geological model of results to date in the Plomosas mine area continues to support the Ag-rich polymetallic breccia being hosted within a shallow-dipping fault and the silver-gold mineralized low sulphidation epithermal veins being hosted by multiple high-angle faults.
The mineralized veins and hydrothermal breccias reported in this news release (see “Summary surface drill hole results” table), favour the potential delineation of shallow polymetallic resources, up to 150 vertical metres below surface. This zone has been earmarked for testing by the company’s upcoming shallow diamond core drilling program to fully explore the extent of down-dip and along-strike continuity.
(1) AgEq is based on long-term gold, silver, zinc and lead prices of $1,600 (U.S.) per ounce gold, $16.50 (U.S.) per ounce silver, 85 U.S. cents per pound zinc and 95 U.S. cents per pound lead. The metallurgical recoveries are assumed as 90 per cent Ag, 95 per cent Au, 78 per cent Pb and 70 per cent Zn.
GR Silver Mining president and chief executive officer Marcio Fonseca commented: “These results confirm continuity of the Plomosas mine area mineralized system, extending at least 700 m along strike to the northwest. Additionally, our recent surface exploration work has provided evidence that the mineralized footprint extends beyond the existing drilled areas. The definition of silver-gold-rich mineralized zones close to the surface represents potential for the delineation of shallow resources at the Plomosas mine area.”
GR Silver Mining is currently advancing its surface drilling program on the two areas marked on a figure available on-line, aiming to define new mineralized zones close to the surface. Modelling of mineralized zones in 3-D is also under way, integrating all drill hole data, surface and underground mapping, and underground channel sampling. The excellent geotechnical conditions of the historical Plomosas underground mine workings allows full access to important areas where the company has been able to identify multiple low sulphidation epithermal veins. These veins will be the target of an underground drilling program, expected to commence in the coming months.
The “Summary surface drill hole results” table summarizes the most significant drill assay results for this set of 14 drill holes released for the Plomosas mine area.
SUMMARY SURFACE DRILL HOLE RESULTS News release Aug. 11, 2020 (Plomosas mine area) Est. Drilled true From To width width Ag Au Pb Zn AgEq Hole No. (m) (m) (m) (m) (g/t) (g/t) (%) (%) (g/t) PLSS18-02 357.8 359.8 2.0 2.0 350 0.2 0.3 0.2 383 includes 358.9 359.3 0.4 0.4 1,559 0.5 1.4 1.1 1,687 360.5 366.8 6.3 6.3 na 1.4 na na PLSS18-04 377.6 387.9 10.3 10.2 52 0.2 0.1 0.5 95 PLI17-27 57.0 77.9 20.9 20.4 12 0.9 0.3 1.0 143 PLI17-35 74.8 94.7 19.9 19.2 na 0.5 0.2 0.6 PLI17-44 110.6 114.1 3.5 3.2 na 0.1 0.5 1.2 118.0 129.0 11.0 10.1 na na 0.1 0.5 216 205.0 207.8 2.8 1.8 28 1.1 1.9 3.1 284 219 7.5 14.3 6.8 4.4 191 1.9 7.1 3.4 716 226 140.0 148.9 8.9 8.8 na 1.1 na na 227 145.5 146.4 0.9 0.7 na 5.0 1.0 0.8 228 46.0 46.3 0.3 0.3 42 1.7 0.8 1.9 295 161.0 161.5 0.5 0.4 na 0.1 0.8 2.0 163.0 163.5 0.5 0.4 na na 0.3 7.2 172.0 172.6 0.6 0.5 na na 0.8 1.1 176.5 176.9 0.4 0.4 na na 2.1 3.0 216.0 216.4 0.4 0.4 na na na 5.0 229 194.5 194.9 0.4 0.4 na 2.2 2.5 0.1 199.5 199.9 0.4 0.4 na na 1.1 na 235 17.3 21.6 4.3 3.1 31 na 0.3 2.4 108 72.0 73.0 1.0 0.8 134 2.3 0.1 2.4 437 244 140.9 147.6 6.7 3.4 135 0.5 0.5 1.1 232 includes 140.9 143.3 2.4 1.2 184 na 0.4 0.9 224 148.4 154.4 6.1 3.0 4 0.8 na na 244 160.9 167.9 7.0 3.5 16 1.1 na na 167.9 169.2 1.3 0.7 6 1.2 0.1 6.1 367 182.2 194.7 12.6 6.3 17 1.7 na 0.7 209 252 147.3 156.3 9.0 5.2 15 0.5 na na * AgEq is based on long-term gold, silver, zinc and lead prices of $1,600 (U.S.) per ounce gold, $16.50 (U.S.) per ounce silver, 85 U.S. cents per pound zinc and 95 U.S. cents per pound lead. The metallurgical recoveries are assumed as 90 per cent Ag, 95 per cent Au, 78 per cent Pb and 70 per cent Zn. NA: no relevant assays. All numbers are rounded. Results are uncut and undiluted. UG: underground drill hole, SURF: surface drill hole.
The 14 drill holes in this news release were generated by a core drilling campaign completed by First Majestic Silver Corp. in 2017 and 2018 (PLI17-27, PLI17-35 and PLI17-44; PLSS18-02 and PLSS18-04), and historical drill holes completed by Grupo Mexico. Neither of the drill sets were previously released. They are part of an extensive surface and underground diamond core drilling database, which GR Silver Mining continues to consolidate and validate.
The “Plomosas mine area — drill hole intervals not sampled” table lists the drill hole intervals previously not sampled (NS) for this group of released holes. The company continues investigating previous unsampled intervals for evidence of mineralization in the core that warrants additional sampling and assaying.
PLOMOSAS MINE AREA -- DRILL HOLE INTERVALS NOT SAMPLED (intervals greater than 20 m) Hole No. From-to (m) Sampling PLSS18-02 0-354.15 NS PLSS18-04 0-373.05 NS PLI17-27 0-49.05 NS PLI17-27 84.7-121.6 NS PLI17-35 0-70.45 NS PLI17-44 0-92.3 NS All numbers are rounded. NS -- core not assayed by First Majestic.
The company believes that the Plomosas mine area is part of a much larger low sulphidation epithermal system as indicated by field evidence along 1.0 kilometre of strike length, where only 400 m of that strike has previously been drilled. This represents an opportunity for the current surface drilling program to continue discovering new mineralized zones close to the surface.
The scientific and technical data contained in this news release related to the Plomosas project were reviewed and/or prepared under the supervision of Marcio Fonseca, PGeo. He has approved the disclosure herein.
Quality assurance program and quality control procedures (QA/QC)
The recent drill holes completed by First Majestic from 2016 to 2018 followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de Mexico SA de CV facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprising fire assay with atomic absorption finish for samples above Au over 10 parts per million and Ag over 300 ppm and gravimetric finish. Pb and Zn were analyzed using inductively coupled plasma optical emission spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.
Eloro unit completes three drill bays at Iska Iska
Eloro Resources Ltd.’s Bolivian subsidiary, Minera Tupiza SRL, has completed the three underground drill bays in the Huayra Kasa mine required for the planned 3,500-metre underground diamond drilling program on its optioned Iska Iska polymetallic project in Potosi department, southern Bolivia. The Company and contractor Empresa Minera Villegas S.R.L. have implemented safeguards to protect personnel from COVID-19. Minera Tupiza S.R.L. has received clearance from the Government of Bolivia for travel to Tupiza. Drilling will be carried out by Leduc Drilling S.R.L. and is expected to commence in early September. All workings will be systematically geologically mapped and channel sampled prior to commencement of the drill program.Read More
Table 1 below identifies the initial 20 planned underground drill holes totalling 2,225 metres at Huayra Kasa Mine and Figure 1 is a plan map showing the location of the planned holes in relation to the mineral domains defined by the synchrotron study (see press release June 25, 2020). The study concluded that synchrotron 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 specimens and are likely related to a telescoped porphyry/epithermal style of mineralization. The remaining 1,275m of drilling in the program will be allocated depending on results from the initial drilling.
Tom Larsen, President & CEO of Eloro commented: “The results from the synchrotron study support the concept of outlining potential bulk mineable silver-polymetallic mineralization at Iska Iska as concluded by Micon International Limited (“Micon”). The planned drill program follows the outline presented in the NI 43-101 Technical Report by Micon (see press release April 29, 2020), This program will be the first drilling to ever be carried out on the property and is designed to test the full extent of the mineralized system in and around the Huayra Kasa underground workings. The mineralized/altered zone is exposed in the underground workings over a width of 100m but is likely much more extensive. Drilling will be over a strike length of approximately 300m to a depth of 100m in the vicinity of the mine workings (Figure 1). Iska Iska is situated in the highly prolific Southern Bolivian Silver belt and has excellent potential to host a significant silver-polymetallic mineral deposit”.
Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context of National Instrument 43-101 has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, will provide technical oversight to the program in consultation with Eloro’s Technical Advisory Committee and Micon International. Drill samples will be prepared in SGS’s preparation facility in Oruro, Bolivia with pulps sent to their main laboratory in Lima, Peru for analysis by fire assay for gold and silver as well as 31 element ICP. Eloro will employ an industry standard QA/QC program with standards, blanks and duplicates.
Azarga receives $1M (U.S.) loan from minority holders
Azarga Uranium Corp. has secured the capital necessary to finance the financial assurance bonds for the company’s Class III and Class V underground injection control (UIC) permits at its initial development priority, the Dewey Burdock in situ recovery uranium project in South Dakota. Financing the financial assurance bonds is required before the Environmental Protection Agency can issue the final permits.Read More
Blake Steele, president and chief executive officer, stated: “We have taken another significant step towards receiving the final permits from the EPA and continue to de-risk and move our flagship asset, Dewey Burdock, towards construction. We would like to thank our cornerstone shareholders, as their continued financial support has provided the capital necessary to fund the financial assurance bonds with the EPA and complete another milestone for the Dewey Burdock project. We continue to anticipate the final EPA permits being issued in the near term, with this milestone moving the company closer to this important objective. At a time when the uranium market remains in a structural deficit, further advancing Dewey Burdock, one of the pre-eminent undeveloped ISR projects in the USA boasting robust economics, towards the final EPA permits is another vital step to realizing the company’s ultimate aim of being the next uranium producer in the USA.”
In order to finance the financial assurance bonds, the company has executed loans with minority shareholders totaling $1-million (U.S.), which bear interest at 12 per cent per annum, are unsecured and mature Feb. 5, 2021.