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Two weeks until CGS2021
We are about two weeks away from CGS2021 at the Hotel Marriott in Medellin, Colombia which will be an in-person event and tickets are selling fast. We have limited capacity this year so please register now to ensure your participation.
We have an amazing line-up of gold and copper companies providing project updates as well as panels and presentations on country risk aspects in Colombia and Ecuador including presidential elections, and what they may mean for the sector. We have a special rate for the Marriott via this link. Networking is a key value-add of CGS2021 and in addition to the lunched sponsored by Royal Road Minerals (TSXV:RYR) CGS2021 will also feature two cocktail receptions sponsored by Cordoba Minerals (TSX:CDB) and ALS Global.
CGS2021 will also have a packed Commercial Hall with around 20 exhibitors. More information and tickets for the event can be found at ColombiaGold.co.
We have received six submissions for the inaugural CGS2021 Economic Development Awards, and we would like to thank Los Cerros (LCL:ASX), Collective Mining (TSXV:CNL), Zijin Continental, SolGold (LSE:SOLG), Royal Road Minerals (TSXV:RYR) and Atico Mining (TSXV:ATY) for their submissions.
And don’t forget, the special one-day geology courses with Dr Stewart Redward and Dr Dick Tosdal. See you in Medellin!
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Colombia’s ANLA halts AngloGold’s Quebradona
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Colombia’s National Environmental Licensing Agency (ANLA) archived the environmental license application of AngloGold Ashanti’s Cu-Au Quebradona project in Antioquia, effectively halting the development of the project although it did not deny the application. The agency said that after two site visits, 174 requests for additional information and an evaluation process by its experts in hydrology, hydrogeology, geotechnical, geochemical, ecology, air quality and socio-economic and other disciplines, it decided it could not make a decision to approve it or reject the application.
The US$1.2B project, the largest development stage project in Colombia, is slated to produce 137Mlb/y Cu in concentrate over a 22-year phase one mine life from a sub-level caving operation. The project was believed to have been advanced using state of the art technology and a far-reaching social and environmental component, including the restoration of a corridor of tropical dry Andean forest. However, the application did not include the anti-mining town of Tamesis in its area of influence. The ANLA decision comes barely a month after the Secretary of Mines of Antioquia approved the project's works plan to extract cCu, Au, Mo & Ag.
Archiving the permit request closes the process and means the supplicant is unable to present the information the authority believes it lacks in order to make a positive or negative decision. However, the non-decision leaves open the possibility for AGA to submit a new permit application.
The project is opposed by some of Antioquia’s business elite which have recreational fincas or farms in the same district as the project. Comfama, a private, autonomous and state-supervised family compensation fund which seeks to improve the quality of life of workers and their families, proposed building a recreational park near the Quebradona site in order to derail the project.
ANLA reached the same non-decision a year ago for Minesa’s Soto Norte Au project in Santander leading sector participants to question the ability of ANLA to fulfil its function, and whether or not it is as politically independent as it should be. “Technical rigor or political calculation as Colombia enters a pre-presidential election phase,” said a comment on the Colombian Exploration Association (ACExplore) chat group.
CGS comment: this (lack of) decision is a shock given the work AGA has done to make the project impacts as benign as possible and layered on future benefits. While it is healthy for state institutions like ANLA to be independent of government mores (ie projects shouldn’t just be permitted because the government wants them) it appears there is a political undercurrent here. It comes shortly after a government delegation went on an investment promotion jolly to Dubai and after the technical plan had been approved. ANLA seriously lacks credibility among the sector now as its room of experts were unable to make a decision. Experts ALWAYS have an opinion so it is difficult to believe that AGA did not provide sufficient information. Perhaps the pertinent question is whether ANLAs experts were expert enough to adequately review the information presented?
Exploration News
Erratum – AngloGold Ashanti
The October issue article about AngloGold Ashanti referenced a comment by CEO Alberto Calderon and mistakenly referred to the Quebradona project when it should have refereed to the Gramalote project. The correct sentance is: Calderon said he likes the company’s portfolio of development assets, but they must be developed correctly. “We are long on strategy and short on execution. Gramalote [in Antioquia, Colombia] is a very good project.”
Adventus posts 32% IRR on El Domo feasibility
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Adventus Mining (TSXV:ADZN) announced a FS and reserves for the El Domo VMS deposit at its Curipamba project in central Ecuador for an open-pit mine to produce concentrates of Cu, Zn & Pb with Au & Ag credits. The FS covers the first 10 years of mine life and details annual production of 10,463tpy Cu and 21,390tpy CuEq over the life-of-mine at a C1 cash cost of US$1.14/lb from P&P reserves of 6.5Mt @ 1.93% Cu, 2.49% Zn, 2.52g/t Au, 45.7g/t Ag & 0.25% Pb, or 5% CuEq.
The project will yield an after-tax NPV of US$259M at an 8% discount rate and an internal rate of return of 32%, or 45% at spot prices, from the initial open-pit development following an initial capital cost of $248M. An updated PEA on the separate underground mine envisioned in years 10 to 14. “Across valuation metrics and benchmarks–highlighted by its low capital intensity, lowest quartile production costs and forecast free cash flows–Curipamba is an exceptional Cu-Au investment proposition not only within the Americas but also globally,” president and CEO Christian Kargl-Simard told CGS.
To put that this into a broader context Kargl-Simard said the free cash flow generation from the mine using consensus pricing today is over $600M which is comparable, on a Au production basis, of a 92koz/y operation for 14 years at an AISC of $360/oz. “That’s very similar to Adriatic Metals Varas project in Bosnia, SilverCrest’s Las Chispas in Mexico or an operating company like Wesdome Gold Mines. That would be a pretty darn good gold mine and those comparables each have plus or minus C$1B market caps versus us having $130M market cap,” he said.
ADZN has initiated a comprehensive review of all strategic development options, including concentrate off-take and project finance packages, as well as potential options for strategic investment or corporate transaction. Advanced discussions are underway for up to $240M in non-equity financing, which it expects to announce early in 2022. “We're in the definitive agreement phase. We have several off-takers interested in this project and putting significant capital in as well. Due diligence is done there and we are in the definitive agreement phase. A $240M non-equity financing for a headline capex of $248M is extremely high gearing but that is possible because of the quality of the work done here, the high margins and the metal mix helps,” he said.
Kargl-Simard aims to close the non-equity financings, which will provide enough cash for the 2022 work plan, and then raise the equity component later on at hopefully a much higher share price. “We've calculated we need $285M to get into commercial production in the second quarter of 2024 so that's an extra $45M of equity, which could come linked like a convertible note or a strategic investor or a public market financing. If we're going the standalone route, we're likely to announce a $200M package in January followed by a $50M package with an offtake group thereafter and then look to do a final equity raise some time later in 2022,” he said.
ADZN may earn a 75% interest in Curipamba project with a preferential 95% payback of future cash flows until its investment has been fully repaid. After filing the technical report, ADZN will have fulfilled its earn-in requirements and it will then enter into a JV agreement with Salazar Resources (TSXV:SRL).
Calibre to acquire Fiore in C$178M deal
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Calibre Mining (TSX:CXB) is to acquire Fiore Gold (TSXV:F) in a cash and stock deal valued at about C$178M with a 44% premium to create a diversified, Americas-focused, growing mid-tier Au producer with targeted annual production of about 245koz. F shareholders will receive 0.994 of a CXB share and 10c in cash for each F share with an implied consideration of C$1.80 per share. Upon completion, existing shareholders of CXB and F will own about 78% and 22% of the company, respectively.
CXB will add Fs 50koz/y Pan mine, the adjacent advanced-stage Gold Rock development project and the past producing Illipah project in Nevada to its existing production base in Nicaragua, with a resource base of 4.4Moz M&I and 3.1Moz inferred. It will also have some $96M in cash and no bank debt. “This transaction is the type of value-add diversified growth we set out to accomplish when we partnered with B2Gold to acquire our initial gold production. The addition of a top-tier, low-risk mining jurisdiction in Nevada creates a lower risk profile with greater asset and country diversification,” said Johnson.
The transaction marks the culmination of a successful mine Pan restart in late 2017, where F has continued to improve performance, with gold production of 45,397oz, within its 44-47koz guidance in its financial year to September 2021, including record production in the September quarter of 13,527oz.
Fs next development target is Gold Rock which has an April 2020 PEA that outlined average annual production of 56koz for 6.5 years following pre-production capital expenditure of $64.6M, which would benefit from CXBs proven hub-and-spoke development approach it has successfully deployed in Nicaragua. F sees the opportunity to add higher-grade ounces with a FS due towards the end of 2022 with first Au pour anticipated in the 2H24.
CXB also produced 44,579oz in the September quarter in Nicaragua and is on track to deliver at the high-end of guidance (170koz to 180koz). It had US$72.9M in cash as at September 30. It received 843tpd of ore from the Pavon Norte mine to the Libertad mill, a 53% increase over the June quarter and averaged 1,077tpd in September, exceeding its target rate of 1,000tpd three months earlier than expected. Drilling at Eastern Borosi highlights included 9.7m @ 25.07g/t in hole GP-21-100.
Lundin Gold (TSX:LUG)
Produced 107.7koz Au from its Fruta del Norte mine in SE Ecuador in 3Q21 with 76.8koz as a concentrate and 30.8koz as doré. Mill throughput in the quarter was 3,971tpd at an average grade of 10.3g/t and recovery of 88.8%. “We remain on track to meet the upper end of our 2021 production guidance of 420koz. The mine is now producing at 4,200tpd. We have been increasing the average plant throughput and, with the completion of the mill expansion early in 4Q21, will achieve the expanded4,200 tpd nameplate capacity as planned,” said president & CEO Ron Hochstein.
Soma Gold (TSXV:SOMA)
Produced 5,289oz Au in the September quarter compared with 3,866oz in June quarter due to feed from the newly opened Cordero Mine in Antioquia, Colombia, supplementing feed from the Mangos and La Ye mines. The average grade mined at Cordero has been about 9g/t compared while Mangos and La Ye is 4.5g/t. Once the construction is completed, Cordero is expected to produce 600tpd @ 6.5g/t and as mining accelerates, Au production will increase to 7,500oz/quarter. SOMA is on schedule to retire the first-stage-obligations of its offtake agreement with Nueva Grenada Gold and MVPR International which contemplates deliveries until December 2022 with 12% of the first 24.5koz produced to be delivered. That milestone will be reached in December 2021. The second obligation is 6% of the next 22koz ounces produced. The completion of construction and moving to stage 2 of deliveries will increase monthly cash flow by about US$450k/month.
SolGold (LSE:SOLG)
Announced a mineral resource estimate for its Tandayama-America (TAM) porphyry Cu-Au deposit at its Cascabel project in Imbabura in northern Ecuador, some 3km north of the Alpala deposit. TAM hosts an indicated resource of 233Mt @ 0.33% CuEq containing 530,000t Cu & 1.2Mo Au plus 197Mt @ 0.39% CuEq containing 520,000t Cu & 1.24Moz Au in inferred resources. Some 22,216m has been drilled at TAM with 18 holes reported to date. TAM shares the same geological and structural setting as Alpala. Cu & Au mineralisation is associated with porphyry style B-type quartz-chalcopyrite veins and stockworks. “The resource offers optionality and the potential to generate economic ore earlier which will complement the high-grade Alpala underground ore,” said interim CEO Keith Marshall.
Collective Mining (TSXV:CNL)
Made a discovery at the Donut target, an outcropping and grassroot target at its Guayabales Au project in Caldas, Colombia. Drilling intersected 104m @ 1.3g/t AuEq from surface including 18m @ 4.7g/t. Donut is located at the end of a zone hosting clusters of mineralised breccia bodies which can be traced along strike for 550m. Due to the positive start to the drilling programme, CNL is adding a second drill rig and expanding the programme from 7,500m to 10,000m. “As a result of our team’s diligence and geological modelling prowess, we have accomplished the exceedingly arduous task of making a brand-new discovery on the very first drill hole into a grassroot target at the Guayabales project,” said executive chair Ari Sussman.
CNL mobilised a second drill rig as part of its 7,500m maiden drill programme at Guayabales. The new drill rig will target a grass-root generated large-scale and mineralised outcropping Au-rich porphyry system within the Box target area, one of five grass-root drill-ready target areas identified at Guayabales.
CNL also made a grassroots discovery at the Pound target within its San Antonio Au project with a drill intercept of 710m @ 0.53g/t. It said continuous Au, Ag, Cu & Mo mineralisation was intersected from surface and over the full core lengths of two reconnaissance diamond drill holes, with both ending in mineralisation and with copper and molybdenum grades increasing at depth. “The wide and continuous zones of mineralisation intersected from surface at Pound are exciting and suggest we are either peripheral to or above a very large porphyry system,” said Sussman.
Sussman told CGS the company is planning a follow-up drilling and exploration programme. “We shut the phase one programme down after the two reconnaissance holes as the extent of mineralisation wasn’t visually obvious in the core and we couldn’t guide where to drill next until the assays came back. The next phase will also include deep penetrating IP as it is working well at Guyaablas.”
Solaris Resources (TSX:SLS)
Reported assay results from ongoing resource expansion drilling at its Warintza Cu-Au project in SE Ecuador. Three additional holes at Warintza Central extended the drill defined envelope of high-grade mineralisation to the N, NE and S, with the highest-grade mineralisation encountered in all holes starting at or near surface. Highlights included 372m @ 0.82% CuEq from surface in hole SLS-30 including 264m @ 0.97% CuEq. “Drilling planned over the coming months is focused on further extensional and step-out drilling, including establishing the potential link to the recently-discovered Warintza East zone and discovery drilling at the other well-defined targets within the 7km x 5km Warintza cluster of porphyries,” said VP exploration Jorge Fierro.
SLS also extended its Warintza Central Cu-Au deposit in Ecuador to 1,350m strike length and it now overlap’s its Warintza East discovery. Drilling highlights included 722m @ 0.69% CuEq in hole 33 drilled from Warintza Central into a partially open volume to the north, including 426m @ 0.85% CuEq. With the hits of long intervals of mineralization starting to come at Warintza East, SLS said its drilling fleet has been reoriented to pursue an aggressive growth strategy via step-out and extensional drilling as it prepares to test more targets for further discoveries.
Reunion Gold (RGD:MXR)
Reported new Au assay results from drilling at the Oko West project in Guyana with highlights including 30.4m @ 3.22 g/t Au in hole D21-34. RGD has drilled 4,864m in 42 diamond holes and 4,842m in 62 RC holes since the beginning of the programme in December 2020. “The overall mineralised footprint has been expanded to 850m in strike length and remains open at depth and on strike. We plan to conduct a follow-up drilling program starting in mid-October of about 9,000m using two diamond drill rigs and one RC drill rig to further define the Au mineralisation footprint and continue discovering new mineralised zones,” said interim CEO Carlos Bertoni.
Goldsource Mines (TSXV:GXS)
Announced additional infill and expansion drill results for its Eagle Mountain Au project in Guyana for 55 core holes for 7,886m from the Friendly, Bacchus, Bottle Bank, No. 1 Hill and Baboon areas. GXS’ focus through the first nine months of 2021 was to complete infill and expansion drilling of Eagle Mountain in preparation for an updated resource estimate and was designed to upgrade a significant portion of current near-surface inferred resources to the indicated category. Since the February 2021 resource estimate, GXS has completed 17,449m of infill and expansion drilling in 155 holes and remains on track for an updated resource later in 2021. Highlights included 27m grading 3.87g/t Au in expansion hole EME21-129. “We expect to … upgrade a significant portion of inferred resources to the indicated category. This updated indicated resource will then be used as the basis for a PFS focusing on establishing a shallow, low strip open-pittable mineral reserve,” said CEO Steve Parsons.
Luminex Resources (TSXV:LR)
Released drill results from the Tarqui project that BHP (NYSE:BHP) is earning into including highlights of 685m @ 0.19% Cu & 18ppm Mo from surface in hole TARQ1D; including 186m @ 0.29% Cu & 11ppm Mo. Three holes for 2,081m have been completed and BHP intends to drill an additional 5,000m at Tarqui in its fiscal 2022.
Volcanic Gold Mines (TSXV:VG)
Reported final results from its Holly target in Guatemala with highlights of 8.83m @ 8.81g/t Au & 355g/t Ag in hole HDD-21-017. Results from Holly continue to return high-grade broad intercepts accompanied by high associated values in path finder elements such as Hg and Sb Drilling at the nearby Banderas project will start in October. VG also reported bonanza drilling results from the south extension of the La Peña vein at Holly with highlights of 4.58 @ 79.84g/t Au & 5,053g/t Ag.
Omai Gold Mines (CVE:OMG)
Continued to hit wide intervals of high-grade Au mineralisation below the past-producing Wenot pit at its Omai project in Guyana. The company reported a highlight of 6m @ 16.77g/t in its latest batch of results with fifteen holes completed this year testing the depth extension of Wenot. Drilling intersected multiple near-vertical Au mineralised shears along a 1.55km strike and that visible Au has been seen in almost every Wenot hole drilled this year. Drilling began in February to evaluate the potential for a Au deposit under the 1.7km by 500m Wenot pit which produced about 1.4Moz at an average grade of 1.5g/t between 1993 and 2002. After drilling, the company plans a resource estimate and to test other areas. “We also see several exploration targets that hold potential for significant near-surface Au deposits that could accelerate the overall development of the project,” said CEO Elaine Ellingham.
Condor Gold (AIM:CNR)
Completed an 8,004m infill drilling programme on the La Mestiza open pit resource at its La India Au project in Nicaragua. Drilling tightened drill spacing to 25m along strike and 50m down-dip in the zones that have the potential to support open pit mine development. The drilling is expected to upgrade the existing open pit resource to the indicated category for the potential inclusion in future PFS or FS. La Mestiza contains an estimated fully diluted mill feed of 499,000t @ 5.37/t gold for 86koz.
Los Cerros (ASX:LCL)
Provided interpretation of two recent geophysical programmes at Quinchia which has illuminated a compelling porphyry Ay target between Miraflores and Tesorito with coincident magnetic and chargeability/conductivity highs, together with alteration signatures. A follow-on IP programme has been commissioned for later this year to cover the Ceibal and Chuscal areas, and drill-testing is planned. “We are very encouraged by the revelations of the surveys, particularly geophysical indications of what could be a substantial porphyry Au system underlying known mineralisation at Miraflores and Tesorito with potential to dramatically change project prospectivity. We have allocated two rigs to start testing the target,” said MD Jason Stirbinskis.
Outcrop Silver & Gold (TSXV:OCG)
Reported results from four core holes designed to test the NW plunge of mineralisation within the vein and extend the Megapozo shoot at its Santa Ana Ag project in Tolima, Colombia. Drilling extended the shoot 100m to the NW and confirm interpreted controls to mineralisation. Highlights included 2.18m @ 1,098g/t AgEq in hole 72. Megapozo now extends down-plunge over 480m. “The estimated weighted average grade for the four holes is 11.9g/t Au & 758g/t Ag or 1,625g/t AgEq over an average width of 1.14m," said VP exploration Jesus Velador.
O2Gold (TSXV:OTGO)
Began a 2,000m drilling programme at the Aparecida brownfield area about 5km from the tunnels at its Aurora Au project in Antioquia, Colombia. Aparecida has been the site of artisanal production going back more than a century. OTGO has documented five Au veins in the area and three veinlets at surface. The Fortaleza vein, its first target, has a projected extension of at least 400m and rock channel samples returned values up to 42.3g/t Au & 49.6g/t Ag. OTGO has been recuperating the formerly productive Aurora mining tunnels and its two mine entrances, and it aims to begin draining them so that it can start production in 2022.
Libero Copper & Gold (TSXV:LBC)
Began exploration on its Mocoa porphyry Cu-Mo project in Putumayo, Colombia with airborne geophysical and LiDAR surveys followed by a soil sampling programme. MPX Geophysics completed high-resolution airborne magnetic-radiometric and LiDAR surveys over an 8,100 hectare area. An initial 1,450 sample soil sampling programme is planned for 4Q21 to assist in identifying additional porphyry centres and enhance drilling vectors. Core relogging suggests Mocoa is multi-pulse system with a high-grade Cu magmatic-hydrothermal breccia associated with bornite-magnetite mineralisation, overprinted by late white mica alteration associated with hypogene chalcocite-bornite mineralisation.
O2Gold (TSXV:OTGO)
Announced results from ongoing drilling on the Aurora vein located at its Segovia property in Antioquia, Colombia. Highlights included 70cm @ 19.26g/t Au & 10.5g/t Ag in hole AUR-21-002. Drilling is expected to expand to its nearby brownfields of Aparecida and Quintanillo targets where exploration has identified at least nine separate veins, one with a projected extension of 1.2km.
Baroyeca Gold & Silver (TSXV:BGS)
Commenced phase one drilling at its Atocha Ag project in Tolima, Colombia with an initial 2,000m programme at the La Ye vein system to follow the vein trend along strike to target stacked and closely-spaced parallel Ag-rich veins identified at surface. Depending on results and funding, BGS intends to keep stepping-out and testing other targets. “We are so excited to finally see the drill on the property to follow up on the very encouraging results from our field mapping and prospecting campaign. Atocha hasn’t seen any previous historical or modern exploration and BGS is the first company to test the true potential of this area,” said president Raul Sanabria.
BGS also reported assay results from channel samples taken over the first 18m of an exploratory tunnel on vein #2 at its Santa Barbara Au project in Bolivar, Colombia. The exploratory tunnel has been driven for 150m following a continuous shoot in a Au-bearing vein. Vein #2 is parallel to vein #1 and was intersected after a 40m northwest directed crosscut tunnel perpendicular to Vein #1. “We are stunned by the initial high-grade Au assay results from vein #2. … Having an average of 1oz/t Au over the first 18m of the tunnel indicates consistent mineralisation and we expect to see this continue along strike,” said Sanabria.
Salazar Resources (TSXV:SRL)
Began a 3,000m diamond drilling programme at its Rumiñahui project in northern Ecuador. Rumiñahui covers 2,910 hectares and exhibits several historical adits and workings. Mapping and sampling indicated the presence of Au-bearing sulphide mineralisation, porphyry-style alteration, multiple shear and breccia zones and veining. Trench results include 55m @ 2.76g/t Au. “The style of the Au & Cu mineralisation I have seen at surface here indicates that there could be a major porphyry Cu system at depth,” said president & CEO Fredy Salazar.
Max Resource (TSX:MXR)
Reported assay results expanding the Uru zone from 12km² to over 48km² a its Cesar Cu project in Cesar, Colombia. Highlights included 14.8% Cu & 132g/t Ag outcrop over 1.5m x 80cm panel (876798). Uru’s continuous Cu-Ag mineralisation now spans over 48km², extending along strike over 12km and down dip over 4km. Eighteen rock samples collected over widths ranging from 1m to 10m returned values in excess of 2% Cu. MXR also reported assay results from a reconnaissance sampling programme which further expanded the Conejo zone at Cesar. Highlights included 3.3% Cu & 5g/t Ag in outcrop over 15m in sample 876847.
Lucky Minerals (TSXV:LKY)
Received sample assay results from its ongoing work at the Wayka epithermal Au discovery at its Fortuna property in southern Ecuador. Trenching highlights included 2.81g/t Au over 2m in trench T-10 in the central area. "The results from Wayka are expanding the footprint of the mineralised intervals. We are finding multiple areas of alteration with mineralisation and their related feeders,” said president & CEO François Perron.
Corporate News
France appeals Montagne d’Or titles
Orea Mining (TSX:OREA) said the French government filed a final appeal to the French Supreme Court on the renewal of the Montagne d’Or Au deposit mining titles in French Guiana owned 44.99% by OREA and 55.01% by Nord Gold. In July, the Court of Appeal of Bordeaux rejected the Government’s appeal and its request for a stay of execution of the initial court rulings of December 2020, which were in favour of the JV, ordering the renewal of the mining titles. The Court of Appeal concluded the arguments by the French Government were without merit and that the JV submitted complete applications and met all requirements for the renewal of the mining titles.
Lumina raises C$24M
Lumina Gold (TSXV:LUM) raised C$19M in a private placement of 16.2M shares @ 60 cents under the brokered portion of the offering and an additional 15.5M shares under the non-brokered portion. LUM concurrently converted $5.2M of its existing credit facility with Ross Beaty into stock at the offering price taking Beaty from a 19.79% ownership stake to 19.98%. The outstanding principal and interest remaining on the facility is about $700k. Proceeds will be used for infill drilling, step-out drilling an d PFS work at its Cangrejos project in Ecuador. Drilling should start in November and take about nine months, with the PFS to be completed thereafter.
Aurania to raise C$12M
Aurania Resources (TSXV:ARU) closed an overnight marketed public offering with the sale of some 3.8M units @ C$1.80 for proceeds of $6.9M. Each unit is comprised of one share and a warrant exercisable @ $2.20 for five years. A concurrent non-brokered private placement was increased to up to 1.3M units for proceeds of up to $2.3M. Proceeds are to be used for exploration expenditures at the Lost Cities-Cutucu project in Ecuador.
Condor to raise £4.1M
Condor Gold (AIM:CNR)is to sell 11.7M units @ 35p for proceeds of £4.1M to complete a FS and pay the balance of a SAG mill. Each unit is comprised of one share and half a warrant exercisable @ 50p for two years
OroSur to move from TSX to TSXV
Orosur Mining (TSX:OMI & AIM:OMI) is to transfer its listing from the TSX to the TSXV to lower costs and have a reporting regime closer to that of AIM, where about 90% of its liquidity resides. OMI expects to start trading on TSXV on Monday 1st November under the ticker OMI.
Gran Colombia renews NCIB
Gran Colombia Gold (TSX:GCM) is to make a NCIB to purchase for cancellation up to 9.6M shares over a 12-month period, representing 10% of its current issued and outstanding shares. As at October 6, GCM had 98.5M shares issued and outstanding. Under a previous NCIB GCM purchased 1.5M shares for cancellation at C$5.93 per share between September 2020 and September 2021.
Mako to open NCIB
Mako Mining (TSXV:MKO) is to undertake a NCIB to purchase and cancel up to 5% of its stock through October 2022, some 33M shares over the next year. The company is starting to cash flow from its San Albino Au mining operations in Nicaragua and has been using its cash to repay its debt as quickly as possible. MKO has 659M shares issued and outstanding.
AGA names Gomez as Colombia president
AngloGold Ashanti promoted Ana María Gómez as president Colombia. Since 2018 she has been VP corporate, and legal affairs, and sustainability.
Calibre appoints Gallo SVP growth
Calibre Mining (TSX:CXB) appointed Thomas Gallo as SVP growth. Gallo was VP equity research at Canaccord Genuity where he covered high quality mining companies in the precious metal sector. Prior to that, he worked with St. Andrews Goldfields, now Kirkland Lake Gold. Gallo holds a BSc from the University of Western Ontario.
Collective appoints Gold as VP corp dev
Collective Mining (TSXV:CNL) appointed Steven Gold as VP corporate development and IR. Gold has nearly 20 years of capital markets experience in the natural resources sector, having held positions in the investment industry across both the buy and sell sides, and at junior and mid-level mining-sector companies.
Omai Gold appoints Ellingham CEO
Omai Gold Mines (TSXV:OMG) appointed Elaine Ellingham as president & CEO. She served as the interim CEO since mid-July. Ellingham brings more than 35 years’ of experience in the mining industry, in technical, executive and board roles having held numerous positions with junior and major mining companies, from field geologist to corporate development and investor relations.
Goldsource appoints Newsome VP finance
Goldsource Mines (TSXV:GXS) appointed Kimberly Newsome as VP finance. Newsome is a CPA and holds a Bachelor of Economics from the University of Victoria.
General News
Colombia launches phosphate round
Colombia’s National Mining Agency has launched an auction process for strategic reserve areas for phosphate with an exploration block in Huila and three in Boyaca. Colombia produces about 65,000tpy of phosphate.