Announcing CGS Ecuador, 12-13 June 2023
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Heads at SolGold continue to roll
Senior management heads at SolGold (LSE:SOLG) continue to roll with the MD & CEO Darryl Cuzzubbo leaving the company …
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Royal Road feels good vibes from Petro in Colombia
Royal Road Minerals (TSXV:RYR) received positive signals from high-ranking officials in the government of Gustavo Petro in Colombia for Cu and Cu-Au exploration and development…
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CGS Media Appearences
Colombia gold companies glittering
Au companies in Colombia are glittering with expanding production and strong drilling results, delegates heard at the CGS Colombia 2022 show in Medellin…
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Calibre provides sanctions perspective
Au equities with a presence in Nicaragua tumbled in late October after the US Biden administration imposed sanctions…
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Exploration News
Aris Mining (TSX:ARIS)
Announced an updated resource and reserve estimate and a PFS for the Marmato expansion project in Caldas, Colombia. The expansion includes the development of a new underground mine and 4,000tpd processing facility to add to the current 1,250tpd upper mine. It will produce an average 162koz/y at an AISC US$1,003/oz for 20 years following a US$280M construction project. ARIS has received $53M received from Wheaton Precious Metals (TSX:WPM) with $122M to be received during construction. The company will have to obtain some $157.6M in construction capital. Some of that will come from free cash flow from its Segovia Operations in Antioquia, Colombia. The development will yield an after-tax NPV of $341M and an IRR of 29.7%. “Compared to the 2020 PFS, we have increased measured and indicated mineral resources by 47% to 6Moz Au, the mineral reserves by 57% to 3.2Moz,” said CEO Neil Woodyer. The project has reserves of 31.3Mt @ 3.2g/t for 3.2Moz.
In early November, ARIS received approval of the Marmato work and tasks plan (PTO) by Colombia’s ANM National Mining Agency, a key step towards fully permitting the project. Optimisation studies are underway including selecting a contractor-mining approach over the previous owner-operator approach, relocating the underground crusher to the surface and eliminating the underground conveyor systems to improve operational flexibility and designing the dry-stack tailings facilities for the increased volumes from the extended mine life.
Royal Road Minerals (TSXV:RYR)
Said RC scout drilling at its Caribe Au discovery in NE Nicaragua implies the Au mineralised system remains open for a further 300m towards the SW and for over 1km towards the NW. “The scout RC drilling programme is functioning well and beginning to delineate a significant Au mineralised system which remains open. We are currently relogging diamond drill core and preparing for an in-house resource estimation which, together with this scout-RC data, will assist us in determining the next steps at this exciting new discovery,” said president & CEO Tim Coughlin.
Max Resource (TSXV:MAX)
Drilled eight holes from four drill pads for 1,421m to date on the Uru-C zone as part of its inaugural drilling programme at the 20km-long Uru district at its Cesar Cu project in Cesar, Colombia. Drill hole lengths ranged from 53m to 382m with visible chalcocite and malachite observed. Assays are due in early December.
Lundin Gold (TSX:LUG)
Produced 122koz in 3Q22 at an AISC of US$807/oz from its Fruta del Norte Au mine in Ecuador putting the company on track to meet the upper end of its guidance of 430-460koz this year. LUG reported net income of $62.7M and ended the quarter with $304M in cash. It anticipates continuing to pay annual dividends of at least 40c/share, equivalent to about $100M. “We continue to strive for operational excellence at FDN, and remain focused on further optimisation, improved efficiencies and lowering costs. Now that the S ventilation raise is complete, we will have more flexibility to mine on all levels, allowing us to continue generating strong results. Payment of our first dividend was a great milestone, and we see potential to create further shareholder value through the significant free cash flow we are generating from this tier one asset. With this cash flow we will continue to evaluate restructuring and paying down our debt, funding exploration, evaluating throughput expansion and M&A opportunities,” said president & CEO Ron Hochstein.
LUG also announced results from resource conversion drilling at FND targeting inferred resources along the southern extension of the deposit. Results confirmed the wide, consistent nature of mineralisation throughout the southern sector and have also generated new targets outside of the resource envelope for further work as part of the company's near-mine programme. Highlights included 101.3m @ 12.57g/t Au in hole 229 and 163.2m @ 10.76g/t in hole 112. A reserve and resource update is due in 1Q23. “Several of these results suggest that FDN remains open at depth and underlines the significant potential for resource growth through the near mine exploration programme,” said Hochstein.
LUG also announced its 2023 guidance and three-year gold production outlook for FDN with production estimated between 425koz to 475koz at an AISC of US$$870-940/oz. Some $45-55M in sustaining capital will be spent and 28,000m of drilling is planned. Through 2025, production is forecast to increase to 465koz to 515koz. "Now that the South ventilation raise has been completed, the additional ventilation will allow us to increase the rate of mining to 4,400tpd, to match the expected throughput of the mill,” said Hochstein.
Adventus Mining (TSXV:ADZN)
And Salazar Resources (TSXV:SRL) announced additional infill drilling results from the underground portion of the El Domo VMS deposit at Curipamba in Ecuador. Highlights included 5.5m @ 6% Cu, 0.38g/t Au, 6.02% Zn, 15.2g/t Ag & 0.01% Pb for 7.58% CuEq in hole 400. ADVN and SRL also said the government, through its investment institution, Investment Promotion and Attraction Strategic Committee, approved the signing of an investment contract in support of the El Domo development. The resolution grants them various incentives until March 2033 including a 5% reduction in the income tax tariff from 25% to 20%, total exemption from the capital outflow tax in all import of capital goods and raw materials, total exemption of import duties of capital goods and raw materials, including on all mine and mill related equipment, a dispute resolution article including international arbitration protection, legal and tax stability.
ADZN also concluded negotiations for an open pit mining contract to a JV between Stracon and Ecuadorian infrastructure construction contractor Ripconciv for developing El Domo. The JV partners confirmed a US$5M equity commitment to ADZN with each investing $2.5M. The contract term is for 48 months which is projected to include the construction period and the first two years of operations, with an option to extend. This contract is the largest anticipated to be awarded for the project and includes open pit pre-strip and mining, and construction of the tailings facility, waste rock facilities and associated mine infrastructure.
ADZN also announced that the president of Ecuador signed the pre-legislative consultation decree to guide the formal comment process for the draft environmental consultation regulation as part of the ESIA approval process. Upon completion of the comment process for the regulation, the president is expected to enact it through presidential decree. From there, companies expect two rounds of community consultations led by the government. Current guidance from the government is that the regulation comment period and subsequent final consultation process governed by the regulation are expected to require seven to nine months to the signed and full approval of the El Domo ESIA, at which point full construction activities can begin.
Antilles Gold (ASX:AAU)
Antilles Gold received assays confirming porphyry Cu-style sulphide mineralisation underlying a high-grade Cu oxide zone at El Pilar in central Cuba. A six-hole programme for 1,800m was completed in September with a highlight of 134m @ 1.23% Cu from 49.0m including 18.5m @ 5.52% Cu in the oxide zone and 5.5m @ 4.17% Cu in the sulphide zone. AAU said assays must be considered preliminary as they were undertaken at the Cuban Government's LACEMI laboratory in Havana which is not qualified under JORC. All assays will be replicated at a SGS certified laboratory. Au assays are pending. AAU is planning an IP and magnetics geophysics programme to identify the extent and distribution of sulphide mineralisation, which will be followed by a 15,000m drilling programme to a vertical depth of 300m. A scoping study will follow. "The company intends to complete JORC resources and a scoping study for a proposed low cap-ex open cut oxide Au-Cu mine at El Pilar to produce concentrates, by October 2023," said executive chair Brian Johnson.
G2 Goldfields (TSXV:GTWO)
Reported additional drilling results from its OKO Au project in Guyana. GTWO has completed 151 holes with an additional ten reported as drilling continues to focus on defining and expanding the OKO Main Zone (OMZ) and exploring regional targets. Highlights included 4.8m @ 8.7g/t in hole 122 in Oko Main Zone and 3m @ 27.8g/t in hole 126A in Shear 5. GTWO said the results provide further confidence in the continuity of high-grade mineralisation and expand existing mineralisation beyond the confines of the resource calculation. OKO Main Zone currently holds an inferred resource of 974koz @ 9.25g/t and an indicated resource of 220koz @ 8.53g/t.
GTWO also Intersected a new surface zone of broad disseminated Au mineralisation with drilling at Oko , while mechanical trenching over 500m N of this new drill intersection exposed wide zones of stockwork style mineralisation within similar host rocks. GTWO said these discoveries could add significant additional near surface Au resources to its April maiden resource estimate at Oko Main. Highlights included 50m @ 1.71g/t Au in hole 4.
Collective Mining (TSXV:CNL)
Expanded the scope of its 2022 drilling programme at the Guayabales Au-Cu project in Caldas, Colombia. Having recently raised C$10.7M, the board approved an additional 3,000m of drilling at the Apollo target over the balance of 2022 and CNL now expects to complete 23,000m of drilling this year. "Drilling at the Guayabales project in 2022 has yielded remarkable success with four distinct discoveries made across five tested targets. The obvious highlight has been the Main Breccia system at Apollo; a truly exciting high-grade and bulk tonnage Cu-Ag-Au discovery,” said executive chair Ari Sussman.
CNL also said the Marmato mayor’s office acknowledged the company’s social activities and efforts within the municipality to develop social, economic and governance matters since its arrival in 2020. CNL has focused on aligning itself with the municipality’s development plan by cooperating with initiatives for the community and region including the improvement of rural roads, providing technical proficiency to Marmato’s coffee growers, protecting local water sources, monitoring and improvement of the aqueducts in the municipality and establishing beekeeping projects. "CNL is a company that listens to the communities and embraces the needs of our municipality. From day one, they have supported us in our development plan," said Marmato mayor Yesid Castro.
CNL also announced assay results from four additional holes drilled at Apollo including 168.6m @ 2.91g/t AuEq in hole step-out hole APC-18. “The shallow, higher grade intercepts encountered in APC-17 and APC-18 are more than 300m apart and confirm that the southern portion of the deposit is where the system comes to surface,” said Sussman.
Luminex Resources (TSXV:LR)
Announced results from four drill holes for 2,418m at its El Hito porphyry prospect within its Condor project in Ecuador. LR also reported results from five holes for 2,386m at its Orquideas project where Japan’s JOGMEC is earning a 70% interest. At El Hito, all four holes cut intervals of Cu mineralisation, including 627m @ 0.20% Cu & 42ppm Mo for 0.21% CuEq in hole 3. A compilation of the data suggests the potassic core may be below the base of the current drilling, or possibly to the N or NE, where Cu & Mo rock and soil anomalies have not yet been drilled. At the Prometedor discovery, another porphyry Cu centre has been identified via geological mapping, grid soil sampling and geophysical magnetic surveying. The extensive Au-in-soil anomaly identified at Prometedor is being readied for initial drill testing. At Orquideas, drilling highlighted multiple areas warranting future exploration and JOGMEC is planning a follow-up drilling campaign in 2023. Highlights included 300m of continuous Cu & Mo mineralisation averaging 0.17% CuEq in hole 3.
LR also announced the results from three holes drilled at the Camp deposit at Condor North, enabling the company to delineate a thicker part of the Camp deposit. The three holes infilled an area in the lower-central part of the deposit. Highlights included 5.2m @ 14.61g/t Au & 37.4g/t Ag for 15.06g/t AuEq in hole 39.
Atico Mining (TSXV:ATY)
Reported net income for 3Q22 o US300k, compared with $7.6M in the prior year period due to lower sales. Sales fell 27% to $23.1M when compared with $31.8M a year ago due to lower metal prices and quantities sold. ATY ended the quarter with working capital of $24.4M and $15.6M in long-term debt.
Mako Mining (TSXV:MKO)
Announced a plant expansion to 600tpd at its San Albino Au mine in Nicaragua with no additional capex. In November, MKO commissioned a pre-leach thickener circuit to allow for higher material density, allowing increased throughput rates without sacrificing any residence time. The pre-leach thickener will also result in optimised cyclone performance due to a reduced cyclone feed density which will improve leach circuit performance. By the end of the quarter, the company expects to be operating at 600tpd. “Now that the recovery issues from March through August have been fully resolved, it is clear that the plant can operate at substantially higher throughputs than what it was originally designed for without the need for additional capital,” said CEO Akiba Leisman.
Aurania Resources (TSXV:ARU)
Said the results of the intensive Anaconda method mapping programme at the Tatasham target together with infra-red spectrometry (Terraspec), soil geochemical results, airborne magnetics and the MobileMT (MMT) survey have defined porphyry drill target areas at the Lost Cities-Cutucu project in SE Ecuador. Drilling is expected to commence at Tatasham around the end of November/early December.
Libero Copper & Gold (TSXV:LBC)
Identified a 2km long by 800–1,000m wide multi-element soil geochemical anomaly coincidental with the Mocoa porphyry Cu-Mo deposit in Putumayo, Colombia. It said this expands the footprint and potential size of the deposit outside of a forest reserve in areas not previously drilled. The soil geochemical anomaly extends more than 500m N and 500m S of the previously drilled area. “LBC continues to expand and refine the target areas surrounding the Mocoa deposit. These initial soil geochemical results support the potemential to significantly expand the resource beyond the area currently drilled at the Mocoa deposit. We look forward to continuing the field program with an emphasis on systematic evaluation and confirmation of the other targets in the claim area,” said president & CEO Ian Harris.
LBC also entered into a cooperation framework agreement for participation and generation of shared benefits for the exploration of Mocoa with the Montclar community. The agreement aims to provide a general framework of action between the parties of the agreement to generate shared value, improve the quality of life of the community and contribute to the success of the exploration project. The agreement was executed by the community action board, the elected governing body of the municipal subdivision of Montclar, and supported by the underlying signature of over 95% of the families of Montclar. It focuses on open communication, co-planning, training, strengthening community governance, cultural preservation, traditional knowledge transfer, employment, capacity building for services, water protection, environmental participation and planning of shared infrastructure.“This is a major milestone for the project, and we believe it will represent a model moving forward for responsibly developing projects together while aligning with the government’s goals of community participation as both managers of building a joint vision of development, and guarantors of well-being,” said Harris.
Solaris Resources (TSX:SLS)
Reported assay results from a series of holes to delineate resources at the Warintza East discovery within its Warintza project in SE Ecuador. Highlights included 204m @ 0.6% CuEq in hole 15 within a broader interval of 910m of 0.4% CuEq from near-surface, extending mineralisation to the E. Hole 14, stepped out about 250m from the eastern limit of the grid and drilled NW into an open volume, returning 292m @ 0.5% CuEq within a broader interval of 694m @ 0.4% CuEq from near surface. “Drilling to date covers only a small portion of the Warintza East discovery, which represents a target for major resource growth. Further extensional and step-out drilling is planned to the E and SE with a 400m step-out platform located on the southern margin of the drill grid targeting strong soil anomalism in this area,” said VP exploration Jorge Fierro.
C3 Metals (TSXV:CCCM)
Intersected multiple zones of high-level porphyry and epithermal style Cu-Au-Ag mineralisation at its Bellas Gate project in Jamaica. Two holes were drilled to test a large coincident magnetic and IP chargeability anomaly at the Camel Hill target that is contiguous with the Connors porphyry target. Both holes at Camel Hill intersected porphyry mineralisation within 10m and 6m from surface, with highlights of 78.5m @ 0.37% Cu & 0.16g/t Au and 108m @ 0.42% Cu & 0.26g/t Au. “Wherever we have drilled a coincident magnetic and chargeability geophysical anomaly, we have intersected porphyry mineralisation. A significant, untested geophysical anomaly sitting at depth between Camel Hill and Connors is interpreted to be the heart of the porphyry system. However, our current drill rig does not have the capacity to test the deeper target. We plan to secure a drill rig capable of reaching target depths of this geophysical anomaly,” said president $ CEO Dan Symons.
CCCM also obtained approvals to commence exploration drilling at its Arthurs Seat grassroots Cu-Au-Ag discovery project in Jamaica with an 8km by 4.5km footprint. Within this larger system, a high-density, low-intermediate sulphidation epithermal vein swarm has been discovered over a 5km by 3km area. There is no known record of any previous diamond drilling at Arthurs Seat. CCCM also reported new rock chip assays up to 58.1g/t Au, the highest-grade sampled at the project to date. An initial 5,000m drilling programme comprising 25 holes from 11 drill pad locations is planned. “The mineralised area has grown substantially since the initial discovery through our aggressive mapping and sampling programmes. … This represents district-scale potential,” said Dan Symons.
Los Cerros (ASX:LCL)
Said soil channel sampling at the Dosquebradas porphyry Au-Cu which deposit at its Quinchia project in Risaralda, Colombia, returned 146.6m @ 1.82g/t Au including 34m @ 4.22g/t. It said higher grade surface sampling results are from a zone of sparse drilling beyond the currently modelled pit shell perimeter indicating the potential to enhance the Dosquebradas resource grade near surface. “We believe an early diorite dyke and associated breccia logged in historical drill core extends to surface in this region and our channel and auger samples have told us we are on the right track. High Au grades at surface such as those we have just encountered could have a positive impact on Dosquebradas economics and its contribution to the Quinchia project,” said MD Jason Stirbinskis.
Reunion Gold (TSXV:RGD)
Announced additional high-grade intercepts from its Oko West project in Guyana, including two holes that expanded the high-grade mineralised envelope below known mineralised zones. Holes 159, 167 and 164 demonstrated continued high-grade Au mineralisation both beneath existing drilling in block 4 and to the north at depth below block 1. Highlights included 77.2m @ 1.58g/t Au in hole 159 including numerous high-grade intervals, and 52.4m @ 2.23g/t in hole 167. "As we shift from the infill programme that will lead to a high confidence resource estimate down the road, we are seeing our deeper drill holes continuing to intersect significant high-grade mineralisation. This, in turn, is guiding our focus of further resource definition drilling coverage that allows us to grow the size of the mineralised zones with systematic step-outs,” said VP exploration Justin van der Toorn.
Outcrop Silver & Gold (TSXV: OCG)
Reported results from metallurgical testing from the Santa Ana project in Tolima, Colombia as it works to publish a maiden resource before the end of the year. Metallurgical testing demonstrated an average of 94% of contained Ab and 96% of contained Au were recovered in a concentrate containing 6,540g/t Ag & 82.94g/t Au. Diagnostic work on mineral characterisation, liberation, grain-size particle distribution, and concentrate grades support excellent metallurgical recoveries by conventional milling methods. Eight modelled veins containing 12 high-grade shoots will be used in the upcoming resource estimate which will be based on 238 holes for 44,608m of diamond drilling. "Simultaneous with the resource-related work, further exploration drilling and prospecting is adding potential resource areas that will be incorporated in a revised resource report when it is time to do so,” said VP exploration Guillermo Hernandez.
OCG also announced two additional core holes designed to test the continuity at depth of the Las Maras shoot at Santa Ana. Las Maras has an average true width of 1.6m with a weighted average grade of 1,139g/t AgEq for all significant drill holes. Highlights included 2.71m @ 615g/t in hole 301.
Unigold (TSXV:UGD)
Reported a FS for a 5,000tpd ROM heap leach operation at its Candelones oxide project in Dominican Republic for an operation to produce 31koz/y Au at an AISC of US$829/oz. The project will generate an after-tax NPV of US$30M at a 5% discount rate and an IRR of 44% following an initial capital expenditure of $36M. UGD also has a larger sulphide resource at Candelones which is expected to enhance the mine life and production profile. “While inflation did have an impact, we realised savings by identifying local suppliers and contractors for many of the cost centres. The capital and operating costs increased 4% relative to the PEA estimates. Metallurgical recoveries increased by 10% reflecting changes in ore handling and stacking. The net result describes a low-cost, low-impact open pit heap leach mining operation,” said COO Gordon Babcock.
BacTech Environmental (CSE:BAC)
Engaged in pre-development activities at its Tenguel-Ponce Enriquez bioleaching plant and project in Ecuador. Detailed engineering is estimated for completion in December. “Of course, project financing remains the ultimate priority, but a strong interdependence exists between locking down assets, regulatory requirements, permitting and detailed engineering to consolidate dependable project financing. … We already have LOIs secured for Au concentrate feeds of about 58tpd at a minimum 50g/t to ensure a steady stream of quality material will continuously feed this operation,” said COO David Tingey.
Geopolitics
Petro signs Escazu
Colombia’s president Gustavo Petro signed into law the 2018 Escazú Agreement adopted by 24 Latin American and Caribbean countries. Colombia is the 15th country to ratify the agreement which aims to ensure the full and effective implementation of the rights of access to environmental information, public participation in environmental decision-making processes and access to justice in environmental matters, as well as the creation and strengthening of capacities and cooperation in Latin America and the Caribbean. The Escazú Agreement seeks to contribute to the protection of the present and future generations’ right to sustainable development and to live in a healthy environment.
US Treasury targets Guatemala
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Russian Dmitry Kudryakov and Belarusian Iryna Litviniuk, for their role in exploiting the Guatemalan mining sector, as well as three associated entities connected with their corruption schemes. Kudryakov and Litviniuk run local operations for Solway Investment Group, which acquired the FeNix ferronickel operations in El Estor, Izabal, from Hudbay Minerals in 2011. Kudryakov was the president of Compañía Guatemalteca de Níquel (CGN). Solway's other subsidiaries in Guatemala are Compania Procesadora de Niquel (ProNiCo) and Mayaniquel.
The US government alleges that Kudryakov and Litviniuk led multiple bribery schemes over several years involving politicians, judges and government officials. It said Litviniuk conducted corrupt acts in furtherance of Russian influence-peddling by unlawfully giving cash payments to public officials in exchange for support for Russian mining interests. Solway received permission to reopen the 15ktpy Fenix nickel mine in January, having completed a court-mandated consultation process, despite local protests. Fenix produced 15kt of Ni as ferronickel in 2018. Mine opponents believe the consultation process was rigged, leading to protests against the mine in October 2021 including roadblocks to cut access to the mine and processing plant. The government responded by declaring a state of siege, limiting freedoms for 30 days and imposing nightly curfews. In September 2021, Solway denied any involvement in a bribery case alleged in local media, issuing a statement that, "neither the holding company, nor its shareholders, nor the management of the Guatemalan subsidiary have ever been a part of negotiations regarding access to a dock at one of the country's ports, nor have any of the above-mentioned entities played any part in the illegal activities described by the authors of the piece." In March, the company opened a board-led investigation to assess its internal standards, procedures, reporting and governance in Guatemala, as well as examine the subsidiaries' relationship and communications with the local communities.
Corporate News
Chinese interest in Solgold
SolGold (LSE:SOLG) will land a major Chinese investor with Jiangxi Copper and other investors to put US$36M into the company. Jiangxi, the largest Cu producer in China, will buy 155M shares @ US20c each as part of a 180M share raise. The financing will see Jiangxi take 6.3% of SOLG once it closes in early December following the completion of due diligence. “Jiangxi is a substantial investor in numerous Cu mining enterprises globally, and their presence will be of great benefit to Ecuador and SOLG shareholders,” said interim CEO Scott Caldwell. The participation of Jiangxi will add to the competitive tension as to which major mining company will eventually buy the junior, adding to BHP and Newcrest Mining which both currently own 13.5% stakes in the junior, which will dilute due to this financing as they do not have rights to maintain their pro rata interest. Chinese investment is already present in Ecuador’s mining sector, with Ecuacorriente owning the Mirador Cu mine, currently the country’s only producing Cu asset.
Solgold raises US$50M from Osiko
SolGold (LSE:SOLG) entered into a binding agreement with Osisko Gold Royalties for a US$50M royalty financing. OSR will receive a 0.6% NSR interest on the Cascabel licence area.
Condor looking to sell La India
Condor Gold (AIM:CNR) appointed Hannam and Partners to seek a buyer for its La India Au deposit in Nicaragua. “The board has reviewed the company's options including going through a financing and construction phase as a single asset, single jurisdiction company with no existing Au production and has concluded it is in the best interests of the company and all stakeholders to sell the assets of the company to find a Au producer with mine building expertise, thus ensuring a new mine at La India, a significant investment in the local area and a regeneration of the local communities,” said chief executive Mark Child.
Cordoba gets US$2.5M loan
Cordoba Minerals (TSXV:CDB) arranged a short-term bridge loan of US$2.5M with majority shareholder Ivanhoe Electric (NYSE-A:IE) which matures in January 2023 and bears interest at 12% per annum. The loan is to ensure CDB can continue exploration and the advancement of its mineral projects, including the FS technical work at the San Matias Cu-Au-Ag project in Cordoba, Colombia. "With the ongoing backing of our majority shareholder, IE, we continue to advance exploration activities at our mineral projects. This includes recent successes from the infill drilling programme at San Matias, where we have intercepted shallow high-grade Cu-Au zones and carbonate base metal veins," said president & CEO Sarah Armstrong-Montoya.
$$$ Aurania raises C$1M
Aurania Resources (TSXV:ARU) closed the first tranche of a C$2M non-brokered private placement financing of up to 4.4M units. It sold 2.4M units @ 45c for proceeds of C$1.1M. Each unit is comprised of one share and a warrant exercisable @ 75c for two years. President & CEO Dr Keith Barron subscribed for 1.1M units. Proceeds will be used for drilling and exploration of the company's Lost Cities-Cutucu project in Ecuador.
Reunion names Howes CEO
Reunion Gold (TSXV:RGD) appointed Richard Howes as president & CEO. Howes is a mining engineer with over 39 years of experience in the mining industry, most recently as CEO of Dundee Precious Metals (TSX:DPM).
etals Receives Drill Permit for Arthurs Seat Copper-Gold Project in Jamaica
● New Rock Chip Assays up to 58.1 g/t Gold, 16.5% Copper and 4,890 g/t Silver●
Outcrop appoints Vasquez
Outcrop Silver & Gold (TSXV:OCG) appointed Ana Milena Vásquez to its board. Vásquez has 18 years of experience in the mining sector, including extensive Colombian expertise. Most recently, she held the position of EVP of Collective Mining (TSXV:CNL).
Atico appoints Brisco to board
Atico Mining (CSE:ATCM) appointed Dawson Brisco to its board. He is a PGeo and president & CEO of royalty company Morien Resources (TSXV:MOX).