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Keeping an Eye on South America’s final edition in the series was 28th November 2019
SOUTH AMERICA NEWSFEED
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) is advancing its Marmoto project nicely with an updated resource and initial work on the PEA. The Company will continue exploration in the project’s Zona Baja where it has the inferred resource of 44.9 million tonnes at a grade of 2.3 g/t totalling 3.3 million ounces of gold. The PEA life of mine production schedule outlined 26.4 million tonnes of mineralized material being processed over a 19-year mine life resulting in a total of 2.2 million ounces of gold produced at an average LoM total cash cost of US$799 per ounce.
Altamira Gold (TSXV: ALTA) just released an expanded resource update for its Cajueiro gold project and has now received the permit to advance construction of the processing plant and feed the plant with a southern portion of the Crente resource. The inferred resource increased 83% in contained gold amount and the indicated had a 13% decrease in volume, yet a 33% increase in grade to 5,661,000t @ 1.02 g/t gold for a total of 185,000 oz of gold. The current resources are confined to 285 ha whilst the total area comprising the Cajueiro concession area amounts to 39,053 ha.
Wealth Minerals’ (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN) has signed the MOU which proposed the global energy company, Uranium One acquires a 51% ownership interest in Wealth’s Atacama lithium project in Chile, allowing for due diligence before a final agreement. Within the terms is an off-take agreement for Uranium One, one of the world’s largest uranium producers, to purchase 100% of the products from Atacama project. With partner Uranium One’s support, Wealth can avoid solar evaporation to advance its lithium salar project, and focus on a more efficient and environmentally friendly technology for sorption.
Aldebaran Resources (TSX-V: ALDE) has announced its first release of drill results from the Altar Cu-Au project for which it has an option to acquire an 80% interest from Sibanye-Stillwater. The company was exploring to target higher grade zones in the large lower grade copper deposit, and whilst results revealed higher grade, they also discovered the new porphyry centre and indications of another one in the area.
Hochschild Mining PLC has acquired a project in Chile and in doing so diversified into the rare earths sector, with the BioLantanidos ionic clay rare earth deposit. Despite Hoshchild’s continued focus on precious metals, it seems that the BioLantanidos project was too good an opportunity to miss; the operation will be simple, low cost, with low environmental impact and bring added value to shareholders.
Researched and produced by international business intelligence firm, Global Business Reports, and distributed in collaboration with the PERUMIN convention, the MINPER 2019 publication provides a comprehensive guide to the Peruvian mining sector in Spanish. In this article, we have extracted key takeaways related to exploration in Peru for all our anglophone readers.
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) have announced plans to spin out the Marmoto project to be able to finance ongoing exploration and increase gold production of current 24,000-to-26,000 oz/year which will include building a new plant and tailings storage facility. This move will also help push forward the plans to expand underground, to complete the PEA this year and start the Prefeas in 2020.
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) has signed a deal with partner Anglogold Ashanti (JSE:ENG) (ASX:AGG) (NYSE:AU) that open the door for the global mid-tier miner to up its interest to 50% via a $13.9 million spend on the Gramalote JV. As a result B2Gold will become manager and under the companies’ agreed $40 million 2019/2020 budget will lead the 42,500 m infill drilling program, and move the project through the feasibility study.
Hot Chili Limited (ASX:HCH) have made top drill results of the week globally once again with assays back from their copper-gold porphyry exploration program at Cortadera, with 848m grading 0.4% copper & 0.2g/t gold. The result extends high grade mineralisation approximately 100m to the east from previous stellar drill results and has led the Company to extend another diamond drill hole CRP0017D to drill a further 300m to test extension of mineralisation.
Regulus Resources (TSX-V: REG) has announced results for a milestone drill hole, AK-19-034, which provides further proof of concept that they are nearing a porphyry centre towards the north. The Company also published a video alongside the release which provides a great further context to the regional exploration at its AntaKori Copper-Gold story.
Tinka Resources (TSX.V: TK) have released results from its South Ayawilca drill program which aims to expand the high-grade Zinc Zone which was defined in the Company's recent PEA. In the Zinc Zone drilling hit 34.7m of 6.7% zinc, 11g/t silver and 86 g/t indium from 171 m, which included 5.7m of 32.6% zinc.
Rio 2 Limited Mining (TSX-V:RIO) has released a PFS for the Fenix gold project, which is a multi-stage project starting with 20,000 tpd with potential step ups to 40,000 or even 80,000 tpd and with 5% NPV. The mineral resource was updated based on a 7000m drill program but made no material effect on the combined M&I resources.
New Pacific Metals Corp. (TSX-V: NUAG) has released the third batch of 20 holes from its Silver Sand project in Bolivia, which continues to show wide silver mineralization. The Company hit an impressive intercept of Drill hole DSS522506, 165.5m @ 204g/t Ag from 73.8m to 239.3m, which included 93.5m @ 336g/t Ag from 73.8m to 167.3m, a strong result that was appreciated by the market seeing the share price rise close to C$3. New Pacific have had a great year on the markets with share price doubling as the Company has released set up agreements and released results from its drill campaigns and has done especially well as silver has climbed in recent months.
Carube Copper Corp. (TSXV:CUC) (“Carube”) and Latin America Resource Group (“LARG”) have announced intent to merge, which would see Carube incorporating the Jasperoide Copper-Gold Project, located in the highly prospective Andahuaylas-Yauri belt of Peru, into its portfolio. It will be a great boost for LARG shareholders and is just the project Carube have been searching for in the region. One to keep an eye on!
Max Resource Corp (TSX.V: MXR; Frankfurt: M1D1) are focused on the Choco belt of Colombia and is working to consolidate land packages there including the North Choco Copper-Gold project which they are acquiring through acquisition of Andagueda Mining. The two gold anomalies had highlight rock samples of 15 g/t from the NW gold anomaly of 5kmx4km and 12 g/t from the NE gold anomaly which is 6kmx5km.
Rio 2 Limited (TSX-V: RIO; OTCQX: RIOFF; BVL: RIO) has closed a $25 million private placement which saw 62,500,000 units (a share and 1/2 purchase warrant) issued at $0.40. The raise will be invested into to the Company’s Fenix Gold project in Chile to complete the EIA, engineering studies and review of financing options for future construction, permitting and social activities.
Filo Mining (TSX-V, Nasdaq First North: FIL) has more recently announced a $40 million financing but this August 8th news release gives more information as to where the investment would go on drilling and development at the Filo del Sol project in Chile. Backed by Lundin, Filo Mining is advancing one of the top copper deposits globally, with Filo del Sol’s resource estimate calculated as be 3.1 B lb Cu; 4.4 M oz. Au; 146.9 M oz. Ag (Indicated) and 1.1 B lb Cu; 1.8 M oz. Au; 34.8 M oz. Ag (Inferred) which with upcoming drill plan will be expanded.
Revelo Resources Corp. (TSXV: RVL) reveals the Arreiro property’s magnetic anomalies following a ground magnetics survey in the hope to attract a JV partner to drill the targets. The Arreiros project is between the giant Chuquicamata and Centinela porphyry copper mining districts and was separated by Revelo from the Montezuma project as deemed a project of its own.
AFTERMATH SILVER (TSX:AAG.H) had a positive reaction to the announcement it would be increasing its private placement up from 18.7 million units to 25, with its stock price bouncing up 20% on Friday. The company is building on the resources at the Challacollo and Cachinal projects in Chile through exploration programs.
ATICO MINING (TSX-V:ATY; OTC:ATCMF) has announced plans to acquire TOACHI MINING (TSX-V:TIM; OTC:TIMGF) which will add the La Plata project in Ecuador to the company’s El Roble mine in Colombia. The agreement will create an interesting value proposition for shareholders, with Toachi shareholders seeing an approx. 49% premium.
Great Panther (TSX: GPR; NYSE American: GPL) has approved a positive production decision for its Coricancha gold-silver-lead-zinc-copper mine in Peru, with commercial production looking likely to begin within the first half 2020. The decision was bolstered by the recent Bulk Sample Program, confirming assumptions made in the PEA. The production will be an important addition to the company’s other operations in Mexico and Brazil.
Kaizen Discovery (TSXV:KZD) has received permitting at the Pinaya Copper-Gold project in Peru, and will therefore begin work to expand the resource and test targets with drilling. Pinaya sits on the same belt as well known porphyry and skarn systems, including Las Bambas (MMG), Constancia (Hudbay) and Haquira (First Quantum). Kaizen will also be carrying out a financing and converting outstanding debt to equity, putting the company in a stronger position to advance Pinaya.
Orestone Mining (TSX:ORS) has started exploration at its Chile Resguardo copper-gold porphyry project where it has an option to earn 100%. For 2019 the exploration program will consist of geophysics to better define IP chargeability anomaly and test further southwestern extension, followed by drilling.
Hot Chili Limited (ASX:HCH) is known for its Productora project in Chile, and now the recent drill results at its Cortadera deposit has brought added value to the company. The drill results topped the global charts with 622m grading 0.6% copper and 0.2g/t gold from 204m depth including a New High Grade Zone comprising: 188m grading 0.9% copper and 0.4g/t gold from 516m depth which includes: 100m grading 1.0% copper and 0.5g/t gold from 530m depth. MD, Christian Easterday compares grade and depth of mineralization in new zone to Solgold’s Cascabel.
ERO COPPER (TSX:ERO) has released results from its recent drill program at the Vale do Curaçá Property at the Vermelhos Mine with high grade copper mineralization approximately 70m below the orebody. The company also discovered a new mineralized zone at the Pilar Mine below historic open pit. There are 26 drill rigs turning across the two districts with hopes to expand resources and extend mines lives.