Millrock Resources Inc. announces that it plans to raise gross proceeds of $1,000,000 through a non-brokered private placement of 8,333,333 units at a price of $0.12 per Unit.
Bradford Cooke, Endeavour CEO, commented, “We are forecasting better performance from our operating mines in 2020, with a slight decrease in consolidated production due to the suspension of mining at El Cubo complimented by lower operating costs at Guanacevi, Bolanitos and El Compas, which should decline through the year as productivity improves.”
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First pass rock chip results of outcrops and old workings returned exciting results with grades up to 61.0g/t Au, 27.5g/t Au and 7.42g/t Au, with the highlights presented in Table 1 below. Refer to Table 2 for the results of rock-chip samples.
“We are pleased to add this high-grade project to our portfolio,” stated Darrell Rader, President and CEO of Minaurum Gold. “Historical data shows that the project has never been drilled deeper than 135 m and some of the deepest holes stopped in mineralization. Our due diligence found evidence that past exploration and current mining targeted only the highest levels of a substantial epithermal gold and silver system. We will permit and drill several deep holes in 2020 to test our geological model.”
“We are excited to see the first drill program at Scarlet return very encouraging results including twenty-four meters of over one-gram per tonne gold starting just one and a half meters from the surface,” stated Mr. Barry Devlin, Vice President of Exploration.
Bradford Cooke, CEO of Endeavour, stated, “Our exploration programs were successful last year in outlining new brownfields discoveries at three of our mines and projects in Mexico. We expanded the measured and indicated resources at Guanacevi and Parral and increased inferred resources at Guanacevi, Bolanitos and Parral. Our reserves declined at Guanacevi but increased at Bolanitos and El Compas.”
Octavio Alvídrez, Chief Executive Officer, said: “Silver and gold production is up on the previous quarter as we begin to see the impact of our performance improvement plan, which includes intensive infill drilling to improve the certainty of the geological model, dilution control and raising development rates, together with actions to address contractor productivity and equipment availability. Full year silver and gold production is in line with our updated guidance.”
Philip O’Neill, CEO of Mexican Gold, stated, “New Found Gold’s maiden drill results are encouraging. The Queensway Gold Project demonstrates the potential for a significant near-surface discovery in a friendly, easily accessible mining jurisdiction. The resulting company will be very well capitalized to further explore and undertake multiple drill campaigns on the Queensway Project. We will also be well funded to further advance our Las Minas project in Veracruz, Mexico.”
Carlos Silva, Santacruz’s COO, stated, “Santacruz had a record year in 2019 producing 2.8 million silver equivalent ounces following the successful acquisition and integration of Carrizal Mining. In addition to this transformative event, the Veta Grande and Rosario mines increased their annual production substantially, while at the same time maintaining significant development activities and advancing exploration plans as a pathway to keep improving our production at all mines and expanding mine resources.”
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