Alio Gold Inc. Announces C$50,000,000 Bought Deal Offering of Units
June 28, 2017
The net proceeds of the Offering will be used by the Company to advance its Ana Paula project and for general corporate purposes.
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The net proceeds of the Offering will be used by the Company to advance its Ana Paula project and for general corporate purposes.
It is exciting to see the continued strike expansion of the Switchback vein system with these latest four drill hole results, stated Mr. Barry Devlin, Vice President of Exploration for Gold Resource Corporation. The continued high-grade polymetallic mineralization within multiple parallel veins at Switchback leads us to believe the Arista Mine is much larger than has been defined to date. Exploration plans for the Switchback vein system for the remainder of 2017 include infill drilling within the known mineralized horizon, as well as testing the northwestern strike extension of this growing epithermal vein system.
“We are encouraged with the continuing positive developments at the Membrillo Prospect.” commented Arturo Prestamo, CEO of the Company, adding “The previously announced San Rafael vein together with the main Membrillo vein should enhance the overall impact of the Membrillo Prospect on the Rosario Project. Based on these recent discoveries we will re-evaluate and study the overall geological potential of both the Membrillo Prospect and the Rosario Mine.”
We are pleased to take this opportunity to reflect on the period from January 2016 and to consider the progress Arian has made across the period, during which time we positioned the Company to strengthen the balance sheet and extinguished all loans. We also de-listed from the TSX Venture stock exchange to reduce our regulatory overheads and better reflect the UK-centricity of our shareholder base.
Pursuant to agreements between Monarca and certain of its creditors, an aggregate of $463,058.10 in debt was settled through the issuance of 3,561,985 common shares of Monarca at a deemed price $0.13 per Common Share.
Mexus Gold US announced that its JV partner, MarMar Holdings, has been working hard for the last 60 days fine tuning the leaching and recovery operation. MarMar states the replaced equipment and various adjustments although costing time and money will save both in the long run once production begins in earnest. These steps are necessary to ensure a smooth running operation and avoid down time. Metallurgists believe they have perfected the different check points to assure maximum recovery at this time. Both Mexus and MarMar believe that the start-up problems to date are normal and want all to know that everything is being done to assure great results for years to come.
The net proceeds of the Private Placement will be used by Silver Bull for general working capital purposes and exploration of the Sierra Mojada Project. The Company has agreed to pay aggregate cash commissions of CDN$93,100 and issue an aggregate of 1,163,750 non-transferable common share purchase warrants, subject to approval of the TSX. Each Finders’ Warrant entitles the holder to acquire one Common Share for CDN$0.10 until the second anniversary of closing of the Private Placement.
N. Eric Fier, CPG, P.Eng, President and CEO, remarked, It is still early days for us at Babicanora, and high-grade mineralization is open in all directions along strike and to depth of the Babicanora Vein. We believe there is strong potential for further high grade mineralization, as we systematically expand drilling along strike, down dip and subsequently intersect other associated veins. Originally, we assumed the Babicanora Vein had been historically mined out above the Babicanora adit; therefore, our initial target was at depth. It now appears that only the soft sheared rock has been partially mined, leaving significant hard rock mineralization in place. Soft rock mining is mentioned in historic Babicanora reports dating back to the 1800s describing excavation by axe with no blasting required. Our exploration work at Babicanora includes surface and underground drilling, which is easily accessible via the four metre high by four metre wide adit that is approximately 230 metres long and was constructed in the 1860s. With continued success, we will be diligently drill testing along the projected strike length of the Babicanora trend which is now over 4 kilometres long.
GOLDCORP INC. today announced that the Company has entered an agreement with Orla Mining Limited pursuant to which it has agreed to sell its 100% interest in the Camino Rojo oxide project, located in Zacatecas, Mexico.
Kiran Patankar, Geologix’s President and Chief Executive Officer, commented: “We are delighted with the success of the Financing, which was strongly supported by both existing and new shareholders. Our technical team has recently completed field work that will be used in conjunction with ongoing data interpretation to evaluate geological and structural controls on porphyry gold and copper mineralization at Tepal and, importantly, test the high-grade potential immediately beneath the current South Zone pit. We look forward to providing ongoing updates on our exploration activities and refreshed corporate strategy in the coming months.”
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