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Monthly
Mining Bulletin
PANORAMA
MINERO
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Mining in
Argentina: What happened in May?
May was witness
of important developments in Argentina's mining industry,
particularly in different stages of development in several
projects.
One of the most
important issues was the approval of the EIS of Mina Palca
Ingenio y El Torno Sur (Soltera Mining), providing an
important step to develop this vein project. Also in Jujuy,
Orocobre is advancing its flagship project, Salar de Olaroz,
at full speed.
In the
exploration stage, Minera IRL discovered three new gold
systems near Don Nicolas Project, Hunt Mining is working
closely with Eldorado as strategic partners in Santa Cruz
province, and NGeX Resources is advancing at Filo del Sol
with encouraging results. Also, Los Azules has increased its
resource, and McEwen Mining Is working in order to get an
updated Preliminary Economic Assessment in the second half
of 2013.
Near Lindero,
Arizaro has received good metallurgical results: its mineral
could be processed by heap leaching, just like Lindero
(Feasibility Stage), just a few Km away.
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Soltera Mining Receives
Environmental Impact Statement
Approval Soltera Mining Corp. reported that the Jujuy
Department of Mining and Energy Resources has approved
the Environmental Impact Statement ("EIS") for Mina
PalcaIngenio and El Torno Sur areas at the El Torno Gold
Project.
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Orocobre provides Olaroz Lithium
Project Construction
Update Orocobre Limited provided a progress report on
the construction of the Company's flagship Olaroz
lithium project, located in Jujuy
province.
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Arizaro Project - Mineralization
potentially amendable to Heap Leach
Processing Goldrock Mines Corp. announcedthat it has
received initial metallurgical test work results for the
Arizaro project, Salta province. Arizaro is a
gold-copper porphyry discovery located 3 km southeast of
Goldrock's 100% owned and fully permitted developmental
stage Lindero gold deposit.
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Minera IRL - Three New Gold Vein Systems
near Don Nicolas Minera
IRL Limited reported positive exploration results from
three new gold vein systems near Don Nicolas
project,Santa Cruz province.
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McEwen Mining Provides Operational and
Development
Update McEwen
Mining Inc provided a summary of significant
developments and first quarter operating results during
Q1, 2013: Production results for the company's share in
San José mine (Santa Cruz province / 49% shareholding)
was 10,328 gold ounces and 661,915 silver ounces,
representing 23,057 gold equivalent ounces (converting
silver into gold using a 52:1 ratio).
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Hunt Mining's Exploration and Operations
Update Hunt Mining
Corp provided an update on its exploration and
operational activities: the corporation is continuing to
manage its funds under a policy of cash conservation,
limiting expenditures to only essential strategic
items.
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Marifil Partners With Southern Copper on
Cerro Samenta Marifil
Mines Limited announced that it has signed a definitive
agreement with Southern Copper Argentina ("SCA"), a
wholly owned subsidiary of Southern Copper Corporation
for SCA to acquire a 70% equity interest in the
Company's Cerro Samenta porphyry copper project in Salta
Province
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High Grade Zone at Filo Del Sol
Project NGEx
Resources Inc. provided the complete results from the
2012/2013 exploration program at the Filo del Sol
project located in San Juan province.
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Encouraging Results from Preliminary
Drilling at Corina
Project Samco Gold
Limited announced encouraging results from the
preliminary drill campaign on the Cerro Cubilete target
at its Corina Project in Santa Cruz province.
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Exploration Update Chita North Porphyry
Sector, Chita Valley Cu-Mo-Ag-Au
Project Minsud
Resources Corp. announced exploration results from the
Chita North Porphyry area of the Chita Valley diatreme
volcanic vent/porphyry complex, located in San Juan
province.
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Regulus Commences Drilling at the Cerro
Cori Gold Target Regulus
Resources Inc. has commenced a drilling campaign at the
Company's 100% owned Cerro Cori gold target located two
kilometres northeast of the main Rio Grande Project in
Salta Province.
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U3O8 Corp. Completes Acquisition of
Calypso Uranium
Corp. U3O8 Corp.
and Calypso Uranium Corp. announced the completion of
the acquisition of Calypso by U3O8 Corp.
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Are you looking for a Rep in Argentina? Please contact: informes@panoramaminero.com.ar
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Soltera
Mining Receives Environmental Impact Statement
Approval |
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Soltera
Mining Corp. reported that the Jujuy Department of
Mining and Energy Resources has approved the
Environmental Impact Statement ("EIS") for Mina
PalcaIngenio and El Torno Sur areas at the El Torno Gold
Project.
The El
Torno Gold Project consists of five mining rights
covering a total of 7,863 hectares located in the Andean
Cordillera in the mining friendly north-western province
of Jujuy, near the international border with Bolivia.
The areas
covered by these EIS approvals, Mina PalcaIngenio and El
Torno Sur, contain approximately half of the gold
anomalous zones considered as priority drill targets at
El Torno. Approval of the EIS for El Torno Norte, still
pending, will give Soltera drilling access to 100% of
the six highly prospective gold target areas identified
at El Torno.
Soltera's
executives stated that "od workings and drilling done in
the 1990's by Puma and Peñoles show that gold occurs to
at least 100 meters below surface, but drilling is
absolutely essential to ascertain its quantity and
distribution. Gaining these EIS approvals is a critical
step towards the commencement of a drill program
currently being finalized." The company believes that
El Torno Gold Project has potential for world-class gold
deposits of two types; vein gold in a very large quartz
vein system that extends intermittently north-south for
14 km and has been worked underground in the past, and
dispersed gold in suites of small veins and stockworks
that are separate from the main system and appear to be
major open-pit targets.
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Orocobre
provides Olaroz Lithium Project Construction
Update |
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Orocobre
Limited provided a progress report on the construction
of the Company's flagship Olaroz lithium project,
located in Jujuy province. The construction of the
Olaroz lithium project continues to progress on time and
within budget.
Over the
past month the following tasks have been
completed:
- Liming
plant ground works and foundations.
- Raw water
pipeline.
- Road and platforms on the salar.
The
following tasks are in progress or commenced in
May:
- Foundations and metal structure fabrication for
process plant buildings, soda ash warehouse, finished
product warehouse and maintenance facilities.
- Raw
water pumping station - Electrical control room
installation.
- Preparation for overhead power line
construction in Area 4000-7000-8000.
- Ground work
and concrete foundations of water treatment plant.
- Waste water treatment plant 2nd stage.
- Mechanical erection of liming plant.
- Brine
Wells - drilling.
- Brine pipeline - installation.
- Site surveillance - access control.
- Evaporation pond construction.
- Vegetation
removal and manual site clearance.
- Ground work and
concrete foundations for liming plant.
- Liming plant
structure - fabrication.
- Ground work and concrete
foundations for water plant.
- Water plant tank
construction.
- Gas pipeline construction.
- Definitive camp (supply and erection).
- Definitive camp infrastructure construction.
- Overflow channel construction.
- Concrete supply
on site.
- Camp infrastructure (Sewage, water and
power lines).
The
following tasks are scheduled to begin in June and
July:
- Construction of process buildings (main
building, soda ash and end product storage).
- Liner
installation at evaporation ponds.
- Construction of
reinforced earth gabions for transfer pumps foundations.
- Construction of overhead power line - LMT Area
4000-7300-8000.
- Construction of warehouse and
maintenance workshop building.
Approximately
$101m of the US$229m capital budget has been committed
or spent (up from $87m last month) and all major
contracts awarded to this point remain on, or under,
budget. The process of tendering and awarding contracts
is on schedule.
The Company
continues to follow the "Jujuy First" strategy to
successfully work with suppliers and the employment
bureau to focus on the hiring of local people from the
communities of Olaroz, Huancar, PuestoSey, PastosChicos,
Catua, Susques, Jama, El Toro, Coranzulí, San Juan and
Abrapampa. The engagement of the community also extends
to the provision of health services and programs to
encourage the continued education of young
people.
The project
implementation is through EPCM (Engineering, Procurement
and Construction Management) with a high proportion of
local involvement through construction and supply
contracts and local employment. The unique community and
shared value policy continues as a key success factor,
training local people with supervision by high quality
experienced professionals.
The Olaroz
lithium project is being developed by Orocobre (66.5%)
with partners Toyota Tsusho Corporation ("TTC") (25%)
and the Jujuy Province mining and energy company, JEMSE
(8.5%) with a construction budget of US$229m including
contingency. The project is fully funded with up to
US$275m of funding available via US$82.8m of equity
funding from TTC and Orocobre and US$192m of project
finance from Mizuho Corporate Bank. First production is
scheduled for the end of the second quarter,
2014.
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Arizaro
Project - Mineralization potentially amendable to Heap
Leach Processing |
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Goldrock
Mines Corp. announcedthat it has received initial
metallurgical test work results for the Arizaro project,
Salta province. Arizaro is a gold-copper porphyry
discovery located 3 km southeast of Goldrock's 100%
owned and fully permitted developmental stage Lindero
gold deposit.
With the
view to potentially utilizing the Lindero heap leach
processing facility, preliminary metallurgical testing
was conducted to start profiling leaching behavior of
the typical Arizaro medium to high grade mineralization.
Four cyanide bottle roll test results were conducted on
both fresh and oxide mineralization and show very
favorable coarse fraction gold recoveries of between 64%
and 73%. These recoveries are in a range typical of the
early bottle roll test work for the Lindero deposit, and
provide a preliminary indication that the Arizaro
mineralization is amenable to heap leach gold
extraction.
The Arizaro
porphyry body was identified prior to the discovery of
the Lindero gold deposit in 1999. The Arizaro porphyry
system, as defined by drilling, surface sampling and
mapped alteration covers a 600 metre by 500 metre
surface area. Gold-copper mineralization occurs from
surface to a true vertical depth of 300 metres and
remains open for expansion in all directions.
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Minera IRL
- Three New Gold Vein Systems near Don
Nicolas |
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Minera IRL
Limited reported positive exploration results from three
new gold vein systems near Don Nicolas project,Santa
Cruz province.
Highlights
include:
- The
Cecilia Prospect hosts an undrilled, two-kilometre long,
vein system with recent surface diamond saw channel
sample results up to 19.3g/t gold, and is located
approximately 20 kilometres south of the proposed site
of the Don Nicolas Project treatment plant. To date,
systematic diamond saw sampling has encountered
significant gold mineralization over at least 1.5
kilometres of the principal vein structure, which
remains open along strike.
- The Paula
Andrea Prospect is an undrilled vein system with recent
surface diamond saw channel sample results up to 54.4g/t
gold. It is located less than four kilometres southeast
of the Sulfuro Vein (Measured and Indicated Resource of
498,361 tonnes grading 9.2g/t gold containing 147,214
ounces), a significant contributor of high-grade ore to
the Don Nicolas Project. Diamond saw channel sampling of
quartz vein outcrops along three mineralized trends at
Paula Andrea has returned a number of high-grade gold
assays.
- At the
Goleta Prospect, recent surface sampling returned
scattered gold values up to 24.9g/t gold over an area of
600m by 400m. It is located approximately six kilometres
north of the proposed Don Nicholas processing plant site
at Martinetas. The Company recently sourced historical
exploration results carried out by Yamana Gold Inc in
1997. These results included 49 shallow reverse
circulation drill holes for a total of 1,326 metres,
with the best hole intersecting six metres grading
27.7g/t gold. Field work carried out by Minera IRL has
defined anomalous gold mineralization at Goleta over a
600 metre by 400 metre area.
All three
prospects are in close proximity to the planned
infrastructure for the Don Nicolas Project, where
financing negotiations with Argentina based funds are
currently progressing.
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McEwen
Mining Provides Operational and Development
Update |
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McEwen
Mining Inc provided a summary of significant
developments and first quarter operating results during
Q1, 2013: Production results for the company's share in
San José mine (Santa Cruz province / 49% shareholding)
was 10,328 gold ounces and 661,915 silver ounces,
representing 23,057 gold equivalent ounces (converting
silver into gold using a 52:1 ratio). Production for the
remaining quarters is expected to be slightly higher. In
2013, McEwen Mining's share of production has been
forecast at 102,700 gold equivalent ounces.
At
Los Azules (San Juan province), this season's
exploration effort focused on expanding the resource
base. A total of 15,800 meters of drilling was completed
which produced a 17% increase in contained copper in the
Indicated Resource category, to 5.4 billion poundsof
copper and a 32% increase in contained copper in the
Inferred Resource category, to 14.3 billion poundsof
copper, since the June 2012 estimate of mineral
resources.
This
updated resource estimate will form the basis of a new
Preliminary Economic Assessment (PEA), which is expected
to be completed in the third quarter of 2013. This PEA
will evaluate the possibility of: (1) increasing the
daily throughput; (2) producing copper cathode instead
of a concentrate and (3) processing low-grade
mineralized material not previously considered, via a
heap leach.
The
advantages of being able to produce a copper cathode
rather than a copper concentrate are twofold: first, it
would eliminate the capital intensive, concentrate
pipeline through Chile; and second, it would reduce the
applicable export tax by 50%.
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Hunt
Mining’s Exploration and Operations
Update |
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Hunt Mining
Corp provided an update on its exploration and
operational activities: the corporation is continuing to
manage its funds under a policy of cash conservation,
limiting expenditures to only essential strategic items.
The Corporation is dedicating the majority of its
Argentine exploration team and assets to projects
covered by its exploration agreement with Eldorado Gold
Corporation.
Highlights
from 2012 include:
- Renegotiated
the agreement covering the Corporation's La Josefina
project: on November 15, 2012 the Corporation signed an
amendment to its La Josefina exploration agreement
extending the exploration term by 7 years, ending June
30, 2019.
- Acquired
the right to explore the La Valenciana project: on
November 15, 2012 the Corporation entered into an
agreement for the La Valenciana project, the exploration
term is 7 years, ending October 31, 2019.
- Formed a
strategic exploration alliance with Eldorado Gold
Corporation. It gives the Corporation the ability to
explore its entire Santa Cruz land package with a
leading mid-tier gold producer.
Field work
in 2012 and early in 2013 focused on preliminary
exploration of property blocks, most of which fall under
the Corporation's exploration alliance with Eldorado
Gold Corporation, in effect since May of 2012. This work
generated multiple targets that the company plans to
follow-up on during subsequent exploration campaigns.
This year's
activities included, but were not limited to: survey and
mapping of infrastructure; construction, installation
and improvement(s) to satellite camps for logistical
support of field crews operating in remote areas;
acquisition of detailed remote sensing imagery to cover
prospective ground in western Santa Cruz including all
of the Corporation's exploration packages; acquisition
of high resolution satellite imagery to cover proposed
future drill targets on BajoPobre and El Gateado
property blocks; analysis, interpretation and field
verification of project imagery to aid in prioritization
of prospective areas, detailed geological mapping,
identification of structural settings, and creation of
base maps for data compilation; preliminary
reconnaissance sampling covering 1500 square kilometers
on nine separate property blocks; field reconnaissance,
with a focus on due-diligence, for possible acquisition
of new opportunities, located both inside and outside
the current area covered under the Corporation's
exploration agreement with Eldorado Gold
Corporation.
Hunt Mining
announced that its 2013 Exploration Plan is the
following: the corporation plans to continue its 2013
regional exploration program in accordance with its
exploration agreement with Eldorado Gold Corporation,
the current program includes regional soil sampling,
geologic mapping, detailed target generation and a first
pass drill program.
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Marifil
Partners With Southern Copper on Cerro
Samenta |
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Marifil
Mines Limited announced that it has signed a definitive
agreement with Southern Copper Argentina ("SCA"), a
wholly owned subsidiary of Southern Copper Corporation
for SCA to acquire a 70% equity interest in the
Company's Cerro Samenta porphyry copper project in Salta
Province
The
agreement is subject to the following terms to earn a
70% equity interest in the property:
1.
SCA will pay Marifil a total of $375,000 over four years
including $75,000 on signing the agreement 2. SCA
will carry out a minimum $4 million work program on the
property over four years
SCA will
make the contract payments on behalf of Marifil to two
underlying property owners over a six years period.
Additionally,
SCA can increase their equity interest from 70% to 80%
by providing Marifil with a bankable feasibility study
within seven years of the date of signing.
Southern
Copper Corporation is an integrated copper producer and
in 2011 was the 7th largest copper producer in the world
with sales of $6.8 billion. SC produces copper,
molybdenum, zinc and silver. All of its mining, smelting
and refining facilities are located in Peru and Mexico,
and SC conducts exploration activities in those
countries and in Argentina, Chile and Ecuador.
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High
Grade Zone at Filo Del Sol
Project |
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NGEx
Resources Inc. provided the complete results from the
2012/2013 exploration program at the Filo del Sol
project located in San Juan province. The results of
this season's drilling expand the previously identified
high grade copper zone at Filo del Sol and extend the
broader zone of disseminated copper, gold, silver
mineralization that surrounds the high grade zone.
Filo del
Sol is a high sulphidation epithermal copper-gold-silver
system that overlies a porphyry copper-gold system. It
is part of the Vicuña Project which includes the nearby
Los Helados and Josemaria copper-gold porphyry deposits.
Filo del Sol is a very large mineralized system, with
minimum dimensions, based on wide spaced drill holes, of
2.8 kilometres in a north-south direction and 1
kilometre in an east-west direction.
The system
includes both disseminated and stockwork mineralization
and is open in all directions. Leaching and secondary
enrichment of this mineralized system has created a
high-grade copper-silver zone, further adding to the
potential of the deposit.
These
results, combined with previously released drilling, are
encouraging and support plans for a larger drill program
next season that could, if successful, lead to a maiden
resource estimate for the project. The exploration
season is during the South American summer and drilling
is expected to restart in late 2013.
A
total of 819.6 metres were drilled in 5 holes during the
program. Highlights from the results reported include:
FSDH08 with 38.1m of 1.23% copper, 0.21 g/t goldand 10.9
g/t silverand FSDH11 with 65m of 0.77 g/t
gold.
The
2012/2013 drill program focused on expanding the
high-grade copper-silver zone which occurs in the
northern part of the mineralized system and has been
traced by previous drilling over a distance of at least
1,200 metres.
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Encouraging
Results from Preliminary Drilling at Corina
Project |
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Samco Gold
Limited announced encouraging results from the
preliminary drill campaign on the Cerro Cubilete target
at its Corina Project in Santa Cruz province.
Samco Gold
has completed a ten-hole, fully cored drill program. The
program was carried out at the Cerro Cubilete silver
prospect, where Samco has previously announced a
NNE-trending, 300 x 75m zone of high to bonanza silver
grades in rock chip samples.
The drill
program, which totals 2,148m, was carried out between
January 10 and 28, 2013. Nine holes were drilled on four
sections oriented at 295°, and angled at -55°. The
distance between the northernmost and southernmost
sections is 270m. The tenth hole was drilled on an
azimuth of 238°, and angled at -50°, to investigate
possible hangingwall mineralization.
- Drilling
on four fences has defined an east-dipping and probably
south-plunging mineralized body over a strike length of
at least 270m and width up to 70m, open at depth and in
all directions.
- Of the
nine parallel holes, eight intersected what appears to
be a broad NNE striking silver-lead-zinc mineralized
body. The Cubilete Structure dips 30-45° E and occurs in
the footwall of a fault with similar orientation it is
hosted by oxidized and brecciated volcanics which are
also inferred to dip to the east. Flow-banded rhyolite
at depth suggests the body may be located on the east
flank of a buried rhyolite flow-dome.
- Notable
intersections include: -In the North of the
Structure, (CCDDH008) 32 metres averaging 75ppm silver;
3.02% silver and 0.66% zinc from 26 metres including,
from 54 metres, 2 metres averaging 178ppm silver; 2.56%
lead and 0.67% zinc; -In the South of the Structure,
(CCDDH007) 10 metres (from 67 metres) averaging 0.29ppm
gold; 57ppm silver, with trace lead and zinc;
At
Cerro Cubilete, silver and base metals are associated
with strongly anomalous iron, magnesium, barite, and
molybdenum in both outcrop and drill-core, suggesting an
intermediate sulfidation style of mineralization.
Anomalous values of these elements also occur in outcrop
at Cerro de la Mina, 1 km to the west, within a large
ground magnetic low which trends NW and also pass
through Cerro Cubilete.
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Exploration
Update Chita North Porphyry Sector, Chita Valley
Cu-Mo-Ag-Au Project |
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Minsud
Resources Corp. announced exploration results from the
Chita North Porphyry area of the Chita Valley diatreme
volcanic vent/porphyry complex, located in San Juan
province.
The
following is an update on recent exploration work
conducted on the Chita North sector of the Chita Valley
Project. The Project is a large exploration stage
diatreme volcanic vent/porphyry complex with classic
alteration features, widespread porphyry style
Copper-Molybdenum-Silver-Gold mineralization, and
associated gold and silver-bearing polymetallic veins.
Exploration
Work First Quarter 2013
The current
exploration program represents a balance between
systematic multidisciplinary exploration and prudent use
of limited funding in a poor financial market. As a
result Minsud is currently concentrating primarily on
the continuation of systematic detailed geological
mapping and alteration studies with selective surface
sampling.
The
strategy is to continue expanding the areas covered by
detailed mapping to eventually include the entire Chita
Valley Properties area. Lithological, alteration,
structural and mineralization studies that initially
focused on the Chinchillones and Chita South Porphyry
areas are being expanded to include other nearby sectors
(Chita North Porphyry, Breccias Ridge, Placetas
Porphyry, Romina and Minas de Pinto) to eventually
produce a coordinated exploration and mineral deposits
model for the entire property.
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Regulus
Commences Drilling at the Cerro Cori Gold Target
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Regulus
Resources Inc. has commenced a drilling campaign at the
Company's 100% owned Cerro Cori gold target located two
kilometres northeast of the main Rio Grande Project in
Salta Province. Near-surface gold mineralization was
discovered with a single drill hole at Cerro Cori in
late 2012 (RGR-12-118 with 297 m containing 0.36 g/t
goldfrom the surface). In the intervening months the
Company has completed a follow-up program consisting of
trenching, geological mapping, and extension of the
existing ground magnetic survey in preparation for the
current drilling program.
The work
completed over the last several months at the Cerro Cori
gold target has confirmed potential for near-surface
gold mineralization amenable to heap leaching. The
company believes that the multi-directional, sheeted
quartz-magnetite vein style of mineralization at Cerro
Cori may represent the upper levels of a system similar
to the nearby Lindero gold deposit, located ten
kilometres to the southeast. Goldrock Mines recently
announced the completion of a positive feasibility study
for a heap-leach gold operation at Lindero and is fully
permitted for mine development. The proximity of the
projects presents opportunity for synergy if similar
mineralization is encountered at Cerro Cori and this
possibility can be tested for very low cost.
A
total of 3,127 metres of trenching has been completed
and sampled at the Cerro Cori gold target, largely in
areas of limited outcrop exposure. This trenching has
confirmed the presence of elevated gold, ranging from
0.2 to 1.1 g/t.
The Company
started a 1,200 metre drilling programme, comprised of
four to five shallow (<250-300 metre) holes, on May
10th, 2013. Drilling is expected to be completed by the
end of the month with assays available shortly
thereafter. This low-cost program is intended to
determine if there is potential for significant grade
and volume of mineralization to warrant additional
drilling.
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U3O8
Corp. Completes Acquisition of Calypso Uranium Corp.
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U3O8 Corp.
and Calypso Uranium Corp. announced the completion of
the acquisition of Calypso by U3O8 Corp. The Acquisition
expands U3O8 Corp's strategic land position around the
state-owned Cerro Solo and Sierra Pintada uranium
deposits in Argentina and adds approximately $3.3
million in working capital.
Under the
terms of the Acquisition, U3O8 Corp. issued 20,252,327
common shares in exchange for all of the 50,630,819
issued and outstanding common shares of Calypso, on the
basis of 0.40 of one U3O8 Corp. share for each whole
Calypso share.
U3O8 Corp.
has now solidified its position as a leading uranium
company in Argentina at a time when the country is
seeking local uranium production to fuel its growing
nuclear fleet. U3O8 Corp. continues to progress on a
preliminary economic assessment expected in the second
half of 2013 on its Laguna Salada Deposit (Chubut
province) towards positioning this project as a
potential low-cost, near-term uranium producer. With the
Calypso properties, U3O8 Corp. consolidates its
strategic holdings adjoining Argentina's two largest
known uranium deposits, and sets up a strong pipeline of
projects for exploration after Laguna Salada.
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