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Copper-gold focus takes Royal Road to Argentina
Royal Road Minerals (TSXV:RYR) is seeking new Cu-Au exploration projects in Argentina to add to those it has in Colombia and Nicaragua president and CEO Tim Coughlin told CGS at the 2022 Precious Metals Summit in Beaver Creek, Colorado, USA. Coughlin sees better medium-term fundamentals for the red metal than the yellow one. "We have had a pandemic, we have raging inflation, we have conflict in Europe, yet Au is not responding. We haven't had a Au equities bull market since 2012. That's 10 years ago, so I think there has been a structural change in the Au market. I'm tired of people telling me Au is bad until it’s not. What that means for us, is more of a focus on our current Cu-Au assets and a hard look elsewhere," he said.
Argentina, and specifically San Juan province, has become the hottest region in the world for Cu exploration and is attracting investment from the major diversified mining companies seeking massive Cu deposits to put into the relatively empty project pipelines. "I like Argentina because we know it very well, we have a few tricks up our sleeves there and I think that economically it has gone through the worst of it. The new Minister for Economy, Sergio Massa seems to be pretty proactive promoting natural resource development. In any case we trade projects not metals, and there are plenty of potential customers already there,” he said.
In Colombia, the recently installed administration of president Gustavo Petro wants to position the country for the energy transition and decarbonisation which, for the mining sector, means phasing-out its coal production and ramping-up its Cu production. Cu & Au often occur together geologically, particularly in Colombia's Middle Cauca porphyry belt, where the junior has many exploration concessions.
The change in strategy will see RYR focus exploration efforts on Cu & Au rather than Au only in order to be better aligned with the vision of the Petro administration. It will continue formalising small scale Au miners and will not stake any new ground for the foreseeable future. RYR plans to sell or drop applications for areas which do not have obvious Cu-Au potential. RYR has been drilling at its Guintar-Niverengo Cu-Au project in Antioquia. "Colombia is now an environment for Cu-Au exploration for RYR. We need to educate the government on the fact that if they want a state-of-the-art underground Cu mine, it cannot be Cu only. You need Au or Ag and/or Mo to pay for the billions of dollars of initial capex for underground development," said Coughlin.
The litmus test of the government's intention will come with the permitting of AngloGold Ashanti's Quebradona Cu-Au-Ag project in Antioquia. The company's efforts to permit the deposit under the previous administration of Ivan Duque stumbled on its environmental license, with its application shelved. AngloGold said it aims to refile its application, maybe in 2023. "In Quebradona, Colombia has a significant Cu-Au project that can be mined by modern underground means but unfortunately it has not yet been permitted. Such ideal projects are rare it is the perfect fit for new government. It is underground, with a low environmental footprint and it is copper," said Coughlin.
Colombia's mining and energy minister Irene Velez has freely commented that the government wants miners and explorers to increase engagement and consultation with communities, that the strictest environmental standards will be applied and that it wants companies to give project participation to communities. "I feel we are being told what we already know. This tells me the government don't know what we do and have not taken the time to consult with anyone from the industry. Unfortunately, politicians seem to consider advice and information from industry as conflicted so it is a hard conversation to start," said Coughlin.
Solaris to double Warintza starter pit
Solaris Resources (TSX:SLS) aims to double the starter pit resources at its Warintza Central Cu-Au deposit
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Aris completes GCM merger
Aris Mining (TSX:ARIS) completed a combination with GCM Mining and now operates several high-grade underground mines at its Segovia Operations in Antioquia, Colombia and the Marmato mine in Caldas, Colombia, which together produced 230koz Au in 2021. Aris also owns advanced development projects with the Marmato lower mine expansion and Toroparu project in Guyana and is the operator and 20% shareholder of the Soto Norte JV in Santander, Colombia, a large-scale underground project advancing its environmental permitting. ARIS has about US$352M of cash and free cash flow generation from the Segovia Operations, and about US$260M of additional committed funding from precious metals stream agreements available to fund growth projects. ARIS now has about 136.1M issued and outstanding common shares. "Over the past 18 months, our team has completed three transactions that have resulted in the creation of ARIS. We have an attractive mix of production, cash flow and near-term growth projects, all of which are supported by sizable mineral reserves or resources and strong financial, technical, and operating teams. … The Segovia Operations incorporates an industry-leading artisanal small miner program that has enhanced relations with the local community and improved the environment by eliminating the use of mercury and the discharge of tailings into waterways, and we look forward to expanding these opportunities for both the Marmato and Soto Norte communities,” said CEO Neil Woodyer.
Colombia to increase coal taxes
Colombia's government has modified a tax reform proposal
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Exploration News
Baroyeca Gold & Silver (TSXV:BGS)
Continued with exploratory tunnelling and simultaneous bulk-sampling at the Santa Barbara Au project in Bolivar, Colombia. A second batch of 15,000kg of mineralised vein material was processed through the pilot processing plant. Exploratory drifting continued following vein #1 from the crosscut towards the SW for another 25m. Assay results from the head-grade samples returned 18.91g/t. “We continue advancing the Santa Barbara project while proving the exceptional continuity of high Au grades over 200m along strike within a single vein. This clearly extrapolates to the other parallel veins already identified in this project. Our exploration tunnelling - bulk sampling approach is paying off as we are not facing any nugget effect or small narrow discrete ore shoots, but the opposite, well-defined veins with evenly distributed high Au grades over long distances,” said president Raul Sanabria.
Adventus Mining (TSXV:ADZN)
And partner Salazar Resources (TSXV:SRL) Signed a mining and construction contract for the development of the Curipamba-El Domo Cu-Au project in Ecuador with a JV between Stracon and Ripconciv to immediately commence local community-targeted training and employment, constructability reviews, logistics studies and execution planning ahead of the formal construction start in 2Q23. Pre-construction programmes continue involving geotechnical and hydrogeological drilling, camp installation, IT, infrastructure, logistics planning, community hiring, public and private security provisions, water management and electrical power systems. A contract for the detailed engineering and design of the TSF, waste rock facilities and associated infrastructure was awarded to Klohn Crippen Berger (KCB) with the design expected in 1Q23. KCB completed a study to optimise the use of waste rock during the pre-strip for use as construction material reducting the pre-strip volume by about 3Mt, which is expected to reduce construction costs and provide schedule flexibility. Process plant and surface infrastructure work is on schedule and focused on the negotiation of long lead equipment packages. The government is redefining the requirements for the environmental licensing consultation process with a new process likely to be implemented in 1Q23 which would result in the receipt of approvals for the project in 2Q23. The final environmental license issuance was previously expected by year-end 2022, but the additional time required is not expected to impact construction commencement.
Max Resource (TSXV:MAX)
Reported its ground-based IP and TMI anomalies correlate well with surface geochemical targets and successfully defined new drill targets at Uru Central in Cesar, Colombia. Drilling is underway with a 2,000m programme of eight holes planned to test the main mineralised zones of Uru-C and Uru-CE. A second phase will immediately follow and continue through to year-end. "The main objective of this initial drilling programme is to confirm the down dip continuation of the Cu-Ag mineralisation for both the Uru-C and Uru-CE discoveries. Follow-up drilling will target mineralisation along strike and further down dip. To gauge the extent of the Uru district, MAX is targeting a 1km of strike," said CEO Brett Matich.
Omai Gold Mines (TSXV:OMG)
Provided additional drill results from the Omai Au project in Guyana. Drilling has focused on expanding the Wenot resource along strike and at depth. Results for the last five holes, at the western end of Wenot included highlights of 33.9m @ 2.27g/t Au in hole 52. "These impressive new drill results continue to confirm the strike and depth continuity of the Wenot mineralised zones. We have not seen any limitations at this point to the depth and strike potential of the Wenot zones, and as such are optimistic that additional drilling can further expand the Au zones,” said CEO Elaine Ellingham.
Luminex Resources (TSXV:LR)
Has drill-delineated at least 200m of strike length at its Cuyes West Au & Ag discovery in Ecuador. It has discovered a new mineralised structure, the Ruiz structure, which is parallel to the Camp deposit and identified other similar targets for potential future testing at Condor North. Drilling highlights included 4m @ 7.7g/t AuEq in hole 4. “The existing underground Camp deposit provides early, high-grade Au mineral resources in the Condor North PEA to blend with the three open pits. Additional similar underground areas such as Cuyes West, the Ruiz structure and other newly discovered targets should continue to enhance the Condor North project,” said CEO Marshall Koval.
Lumina Gold (TSXV:LUM)
Announced the remaining results from the 2021-2022 drilling campaign in support of the ongoing PFS at its Cangrejos project in Ecuador. Results from the final seventeen drill holes, fifteen from Gran Bestia and two from Cangrejos were reported and included geotechnical and mineral resource holes. Highlights included 450m @ 0.64g/t Au & 0.12% Cu for 0.83g/t AuEq in hole 10, which included an interval of 118m @ 1.28g/t Au & 0.21% Cu. Resource estimation work will now commence. “The drill results continue to demonstrate the exceptional continuity of grade at Cangrejos and Gran Bestia and are in line with expectations from previous drilling. The newly drilled step-out areas are expected to add to existing inferred and indicated resources and the inclusion of the NW ridge extension at Gran Bestia may lower the stripping ratio at the mine planning stage of the PFS study,” said president & CEO Marshall Koval.
Solaris Resources (TSX:SLS)
Reported assay results from holes aimed at growing the NE extension of the indicative starter pit area at its Warintza Cu-Au project in SE Ecuador. Highlights included 124m @ 0.82% CuEq within a broader interval of 622m @ 0.42% CuEq starting from surface in hole 66. “Drilling from existing and recently-completed platforms in the NE extension zone is a key driver in the expansion of the indicative starter pit,” said VP exploration Jorge Fierro.
Calibre Mining (TSX:CXB)
Reported additional drill results from the Panteon North zone within the Limon Mine Complex in Nicaragua. Highlights included 3.8m @ 52.59g/t Au in hole 4662. CXB said high-grade mineralisation now extends across a strike length of nearly 400m with consistent, plus 15g/t intercepts over broad, minable widths. CXB has a 85,000m resource expansion and discovery drilling programme underway. A recent VTEM survey identified two, parallel 5km potential mineralised corridors, with a strong correlation to the high/low resistivity contact demonstrated in the recent drilling and historical mining zones. “This is a paradigm shifting discovery for us with consistent high-grade mineralisation demonstrated over considerable strike length coupled with VTEM giving strong indications there is potential to expand and discover additional zones. Drilling is underway to extend this mineralised zone to depth with visual indicators having shown positive signs. Given the grade, we expect a substantial, positive impact made to our mineral resource statement,” said SVP growth Tom Gallo.
Collective Mining (TSXV:CNL)
Announced assay results from drilling testing new ideas at the Apollo target at its Guayabales in Caldas, Colombia. Targets within Apollo consist of hydrothermal breccia, porphyry and vein systems. CNL hit 17.5m @ 12.79g/t Au & 21g/t Ag in hole 4, the first hole to test a vein target located shallower and above the Main Breccia discovery at Apollo, which cut a near surface zone of sheeted veins and returned. Four rigs are drilling at Guayabales. “Our very first reconnaissance drill holes undertaken outside of the main breccia at Apollo has led to some very positive and exciting surprises which include the presence of a high grade late-stage porphyry related CBM vein zone adjacent to our exciting main breccia discovery. These discoveries attest to the amazing potential of the Apollo target area, which continues to expand as we step-out with drilling,” said executive chair Ari Sussman.
CNL also said recent geological mapping of rocks exposed by pad three drill access tracks confirmed the Main Breccia discovery at Apollo daylights at surface, which extended the strike length of the system. Main Breccia now measures 385m by 100m by 500m. “Confirmation that the Main Breccia discovery at Apollo extends to surface enhances future possibilities for the project. Additionally, the fact that we see a noticeable increase in chalcopyrite near surface in the southern part of the Main Breccia discovery has our team excited that the porphyry source is nearby,” said Sussman.
CNL also announced assay results from two additional Apollo holes which expanded the Main Breccia discovery with a highlight of 265.75m @ 2.44g/t AuEq. “Apollo continues to deliver continuous, broad, and consistent zones of well-mineralised breccia with overall grades being enhanced by the overprinting, high-grade carbonate base metal veins,” said Sussman.
CNL also made a fourth grassroots discovery at Guayabales by drilling 102.2m @ 1.53 g/t AuEq at the Trap target. Three widely spaced reconnaissance holes up to 600m apart were drilled to test Trap, a N-NW trending structurally controlled corridor with evidence of overprinting porphyry veins and late-stage carbonate base metal veins. “This new and early-stage discovery at Trap highlights the immensely prospective nature of Guayabales,” said Sussman.
Cordoba Minerals (TSXV:CDB)
Reported assay results from the eight additional diamond drill holes from its San Matias Cu-Au-Ag project in Cordoba, Colombia. Infill drilling confirmed the broad higher-grade domains within the mineral resource estimate with highlights of 106.2m @ 0.85% Cu, 0.55g/t Au & 6.14g/t Ag in hole 109 including 30.48m @ 2.43% CuEq. Additional late-mineral Au-Ac veins, known as carbonate base metal veins, have shown correlations in their continuity and grade, and are being investigated further. "We are incredibly encouraged by these positive results from the infill drill holes which support the higher-grade domains in our resource model for the Alacran deposit,” said president & CEO Sarah Armstrong-Montoya.
Mako Mining (TSXV:MKO)
Reported drill results from an area adjacent to the current open pit mining operations at the San Albino West pit in Nicaragua. The aim is to increase the size of San Albino, test extensions of the mineralisation beyond the permitted pit limit and provide information to begin mining this area early next year. Some 32,436m in 259 drill holes have been completed in the area. Highlights included 2m @ 64.90g/t Au & 87.7g/t Ag. "The 2020 resource only included a de minimis number of Au ounces in the SW Pit area, as our team was getting a better handle on the geological model for this zone. Over the course of the last two years, the geological controls of the SW pit have been substantively better understood and have been validated by these drill results, and those released earlier this year,” said CEO Akiba Leisman.
MKO also reported additional results from definition and expansion drilling at the Las Conchitas area at San Albino. Highlights at Central Cruz Grande included 7.2m @ 15.36g/t Au & 16g/t Ag. MKO said Central Cruz Grande is shaping up to be another high-grade and open-pittable target, while additional results at Las Conchitas are showing continuity along strike and down dip. MKO aims to update its resource in early 2023.
GoldMining (TSX:GOLD)
Announced additional assay results from a five-hole 3,485m drilling programme on the La Garrucha at its La Mina Au-Cu project in Antioquia, Colombia. The programme discovered extensions of previously identified Au-Cu porphyry mineralisation and almost doubled the size of the mineral system to at least 400m strike and 775m below surface. Highlights included 431.23m @ 0.55g/t Au & 0.12% Cu, or 0.73g/t AuEq in hole 1108. An updated mineral resource estimate is to be initiated in 4Q22, with the intention to update the La Mina PEA in 2023. “We plan to initiate an update to the mineral resource estimate consistent with our focused approach to unlocking value from our portfolio of Au and Au-Cu projects located throughout the Americas,” said CEO Alastair Still.
GOLD also announced assays from the final hole with a highlight of 251.46 m @ 0.60g/t Au & 0.08% Cu, or 0.72g/t AuEq in hole 1111. "The 2022 drilling has successfully discovered extensions of previously identified Au-Cu porphyry mineralisation at La Garrucha and has almost doubled the strike and depth of the system, which remains open to the southeast and at depth,” said Still.
Soma Gold (TSXV:SOMA)
Produced 7,583oz AuEq in 2Q22 from its El Bagre operations in Antioquia, Colombia, an increase of 79% from 1Q22 and 99% from 2Q21. It paid US$1.1M towards its Au loan. The quarter saw higher-grade ore from Cordero at an average of 7.75g/t starting to replace ore from SOMAs legacy, lower-grade mines. “As development at Cordero advances, mill throughput at higher-than-average grades will ramp up, allowing the Company to increase tonnes from the 2Q22 average of 387tpd, to over 500tpd in early 2023, resulting in further growth of Au production,” said president & CEO Javier Cordova.
Los Cerros (ASX:LCL)
Announced the results of drill hole 61 at Miraflores in Risaralda, Colombia which hosts a 870koz resource. The hole entered mineralised breccia at 151.6m and continued through the breccia pipe which hosts Au mineralisation for 519.1m, ending at 670.7m in hydrothermal breccia. Of significant interest is the interpreted intersection of the depth extension of the vein 880 ore shoot, the principal ore shoot within Miraflores. Highlights included 1.7m @ 26.6g/t Au. “Whilst Au values were mostly low grade, it is encouraging to intercept depth extensions of mineralised veins and ore shoots that are major contributors to the Miraflores resource. The possibility of another boiling zone, like the zone in which much of the Miraflores high grade occurs, has the potential to significantly enhance the Miraflores resource,” said MD Jason Stirbinskis.
Orosur Mining (TSXV:OMI)
Announced assays from the first drill three drill holes at the Pepas prospect at its Anza Au project in Antioquia, Colombia. Highlights included 150.90m @ 3g/t Au from surface in hole 1. Orosur’s JV partner, Minera Monte Aguila owned by Agnico Eagle Mines and Newmont, said it met its expenditure commitment of US$4M for the current year and has completed its minimum phase 1 earn-in work requirement. OMI and Aguila will now form a new company to hold the project's concessions with Orosur owning a 49% ownership interest and Aguila 51%. Pepas is the most northern prospect at Anza, about 12km from the central APTA prospect. "Results from [hole 1] largely speak for themselves. To return such a result for the first hole in the first drill campaign in an untouched area is a spectacular demonstration of the potential of the Anza project,” said CEO Brad George.
G2 Goldfields (TSXV:GTWO)
Reported eight holes from the 131 completed at its Oko project in Guyana. Drilling is expanding and further defining the initial resource inferred estimate of 974koz @ 9.25g/t Au) and 220koz @ 8.63g/t indicated. GTWO intends to release an updated resource in 1Q23. Highlights included 7.8m @ 9.5g/t in hole 120.
Cornerstone Capital Resources (TSXV:CGP)
Provided an update on its Bramaderos Au & Cu JV in Ecuador in which it has a 12.5% interest carried by project operator Sunstone Metals (ASX:STM) through to the start of commercial production. Drilling highlights included 202m @ 0.88g/t AuEq in hole 34 within a broader interval of 363m @ 0.71g/t. “It is clear we have a large Au-Cu porphyry system at the Alba end of the 1.2km long Brama-Alba porphyry deposit,” said STM MD Malcolm Norris. A maiden resource estimate for Brama-Alba is being prepared.
Aurania Resources (TSXV:ARU)
Said an intensive Anaconda method mapping programme at its Tatasham target discovered highly prospective porphyritic felsic intrusive rock, and at the Awacha target area, confirmed diorite and other intrusive rocks, with local hydrothermal breccias. The intrusives are crosscut by several generations of quartz veinlets locally containing chalcopyrite and galena. These results are considered positive indications of porphyry-style mineralisation at both localities. Tatasham and Awacha are in SE Ecuador, immediately N of the belt containing Solaris Resources' (TSX:SLS) Warintza and SolGold's (LSE:SOLG) Porvenir porphyry Cu deposits.
Corporate News
France allows French Guiana transaction
The French government ministry responsible for overseeing matters related to Russian sanctions approved a proposed transaction for Orea Mining (TSX:OREA) said to acquire NordGold’s 55.01% interest in the Montagne d’Or JV company in French Guiana. Montagne d’Or is a permitting stage, 5Moz open pit development project. Consideration is entirely at the back-end, whereby OREA will only pay NordGold C$100M when it receives all permits and authorisations necessary for the construction, operation and production for a mine to produce a minimum of 100koz/y Au. OREA is awaiting a decision by the Supreme Court of France regarding the renewal of the Montagne d’Or mining titles
Challenger raises A$24.7M
Challenger Exploration (ASX:CEL) entered into agreements for a US$15M private placement with Queen's Road Capital Investment. The debentures are convertible into stock @ 25c, a 30% premium to the five-day VWAP. The four-year debentures carry a 9% coupon with 7% payable in cash and 2% payable in cash or stock at Queen’s Road’s election. CELs largest institutional shareholder also committed to invest pro-rata to its 12% shareholding via a A$2.6M placement to increase the combined raise to A$24.7M. The funding allows CEL to update the resource estimate, scoping study and an additional 50,000m of drilling at Hualilan in San Juan, Argentina; and an additional 25,000m of drilling and a maiden resource estimate at El Guaybo in Ecuador. “[Queen’s Road’s] investment is an endorsement of CELs progress and potential. … It is a great outcome to achieve the funding required to complete this series of significant and value accretive milestones from two long-term investors, at a significant premium to a traditional placement and the current market price,” said MD Kris Knauer.
Outcrop raises C$3.4M
Outcrop Silver & Gold (TSXV:OCG) announced a non-brokered private placement consisting of 22.8M shares @15c to raise C$3.4M for exploration at the Santa Ana Ag project in Tolima, Colombia. Each unit will be comprised of one share and one warrant exercisable @ for three years.
Cordoba gets US$1M bridge loan
Cordoba Minerals (TSXV:CDB) arranged a bridge loan of US$1M from majority shareholder Ivanhoe Electric to be evidenced on the existing grid promissory note. It bears interest at 12% per annum and will increase to 14% in the event that CDB does not repay the amount owing upon maturity on December 31.
Community supports Los Cerros
Los Cerros (ASX:LCL) received an award from the Quinchia Regional Council and additional support from community leaders. Quinchia mayor, Absalón Trejos Arias spoke of the economic and social benefits of having LCL within the community and stressed the consultative, open and trustworthy behaviour the company has demonstrated time and time again.
Guayaquil ASIDE, energy law conference
Guayaquil. Ecuador will be the host of IV Ibero-American Congress on Energy Law on the 12-13 October. “Guayaquil Energy will be the meeting point of actors from the academic, business, government and civil society sectors of Ibero-America where they will talk and exchange their knowledge and experiences related to trends and good practices in public policies, the regulation, and the business models that drive the transformation process sustainability of the energy system in the region,” said organizing committee member Stevie Gamboa. For more information visit www.energiamm.com.
Royal Road sustainability appointment
Royal Road Minerals (TSXV:RYR) appointed Hugh Devlin as executive director sustainability while special advisory board member Guy Wallis will join the company’s board. Devlin served as an officer in the Royal Marines over 20 years where he specialised in intelligence, military diplomacy and international arms control. In 2005, Hugh commenced work in land and community relations and operations for mineral exploration companies and went on to become one of the co-founders and an original member of the executive board of RYR.
Pardo to head ANM
Economist and environmentalist Alvaro Pardo was chosen as the new director of Colombia’s National Mining Agency (ANM). Pardo was a vocal opponent to AngloGold Ashanti’s La Colosa Au project in Tolima and its Quebradona Cu-Au project in Antioquia. One of his first jobs will be to review the more than 7,000 mining titles in the country to ensure their compliance with environmental and obligations. Mining and energy minister Irene Velez said this will be one of the first tasks of the ministry and the new Petro administration. The government also plans to undertake a new round of concession auctions for energy transition minerals.
Vargas Colombia’s new deputy mining minister
Carlos Alberto Vargas, a geologist with a focus on seismology, is Colombia’s new deputy mining minister. He worked in the ANH National Hydrocarbons Agency (2006-2009).
Auxico names Kozak CEO
Auxico Resources Canada (CSE:AUAG) appointed Frederick Kozak as president & CEO, and the appointment of Melissa Sanderson to its board. Kozak, P.Eng, MBA, brings extensive executive management and international business experience, having held several resource executive and capital markets leadership positions, with a keen specialization on rare earths. He previously held the position of president at Appia Rare Earths & Uranium.
Adventus appoints directors
Adventus Mining (TSXV:ADZN) appointed two new board members to replace two departing directors. Paul Sweeney resigned as part of his retirement plans and Mike Haworth resigned due to other business commitments. Stephen Williams, VP corporate development & IR at Bluestone Resources (TSXV:BSR), was appointed together with Leif Nilsson, CEO of Surge Copper (CVE:SURG).
Omai appoints Jentz
Omai Gold Mines (TSXV:OMG) appointed John Jentz as a director to replace Denis Clement who resigned to pursue another opportunity. Jentz is a mining professional and corporate director. During his 20+ year career in mining, he has held roles across investment banking and mining corporates - most notably in recent positions of VP corporate development of Semafo Gold.
General
Petro promises ‘total peace’
Colombia’s president Gustavo Petro promised to seek “total peace” as at least 10 illegal armed groups, including the Gulf Clan and dissident members of the Farc rebels agreed to participate in unilateral ceasefires. Petro also wants to restart peace talks with largest rebel group the National Liberation Army (ELN).