Month: December 2016

Azure Minerals reports that it has been advised by Minera Teck S.A. de C.V., ultimately a 100% owned subsidiary of Teck Resources Limited, Canada’s largest diversified resource company, that Teck intends to exercise its right to earn back an ownership interest in the Alacrán Project in Mexico.

Red Tiger Mining Inc. announces that it has ceased mining operations at Luz del Cobre copper mine. The Company has made this decision after completing an infill drilling program designed to better delineate the oxide-sulphide copper boundary in North and South pits.

Pete Dougherty, President & CEO stated: “We are disappointed with SEMARNAT’s decision. We will review the factors that led to this decision and determine a path to move this project forward. San Antonio is a project that can have significant benefits to the local and regional economy and also provide important positive impacts to the environment. Our plan calls for a modern approach to mining including cleaning up historical overburden stockpiles and tailings and working to improve the local aquifer. We continue to believe that San Antonio remains one of the best undeveloped projects in the sector and we will continue to seek ways to unlock the benefits and value of this project for the local communities and for our shareholders.”

Performing additional metallurgical testing at Santa Maria, prior to completing an updated resource estimate and issuing a Preliminary Economic Assessment in the first quarter 2017 Completed a 2,080-meter drill program at the Rodeo project during the fourth quarter 2016; results to date are encouraging and a resource estimate is in preparation for release in Q1 2017 Lease of Velardena’s oxide mill to Hecla Mining continues to perform as expected, with net cash of $4.5 million expected for the full year 2016; Hecla has exercised its option to lease the mill through mid-2017 and has the right to extend the lease through 2018

CGR owns 100% of the right, title and interest in Minera Bestep S.A. de C.V., a private Mexican company. Bestep holds 100% of the right, title and interest in the Pilar Gold Project and the Sun Project. Both properties are near Suaqui Grande, Sonora Mexico and neither properties are subject to any royalties or encumbrances. The Pilar Property is 105 hectares in size and the Sun Property is 110 hectares in size. The Pilar Property has a NI43-101 Report on it.

“The processing of this large industrial scale bulk sample has allowed us to test various reagents, grinding sizes and recovery methods in order to work towards optimizing recoveries of gold, silver, lead and zinc ” states Señor Antonio Berlanga, CEO of the Company, “and although the first shipments of lead and zinc concentrates have produced reasonable cash sales as outlined above, subsequent shipments of lead and zinc concentrates are expected to command even higher sale prices per tonne based upon the assay results obtained in the Andes Mill laboratory as recovery techniques were improved and perfected towards the end of processing the complete 3,500 tonnes industrial scale bulk sample”.

J. Duane Poliquin, Chairman of Almaden commented, “Since the announcement of hole EC-16-10 which discovered high grades beneath previously identified porphyry mineralistion, our drill program has been focused on identifying controls on mineralisation and a vector to a porphyry core. Now a picture is developing from the data received to date. It has been a very eventful year for Almadex and we are now looking forward to carrying out a systematic drill campaign to follow-up these results to the south of the Norte zone and elsewhere on the project in 2017.”

Orex’s President, Gary Cope says, “While the preliminary metallurgical results are not ideal for the Boleras Main Zone, the comparisons between Sandra Escobar geology and that of the neighbouring La Pitarrilla project are encouraging.”