The Company also announces a non-brokered private placement up to 20,000,000 units at a price of $0.05 per Unit for gross proceeds of up to $1,000,000.
“The world was a very different place when we announced our proposed acquisition of Otis Gold two months ago, intending to increase our precious metals exposure from 50% to over 90%,” stated Brendan Cahill, President and CEO of Excellon.
GR Silver Mining President and CEO, Marcio Fonseca, commented, “The first batch of drill hole results from the Plomosas Mine Area provides support for the significant potential of this area for discoveries of new mineralization and the delineation of additional resources in the future. The results not only confirm the continuity of the polymetallic wide breccia system down-dip from the historical underground mine, but also present discoveries of parallel Au-Ag mineralized veins and breccias. These features are being incorporated into a 3D geological model for the first time. The results indicate potential for bulk tonnage polymetallic mineralization (Zn-Pb with attractive Ag- Au grades) in un-mined zones near existing underground development, as well as new opportunities for future expansion.”
“These drill results, as well as the set released in January, are amongst the best ever drilled at Cozamin. Despite the temporary ramp down of operations at Cozamin, due to COVID-19 restrictions in Mexico, we are well ahead of schedule and still expect to deliver an updated Mineral Resource and Mineral Reserve estimate and Technical Report by the end of this year,” said Brad Mercer, SVP Exploration and Operations.
“South Arturo had a strong quarter, well in excess of expectations”, stated Ewan Downie, Chief Executive Officer of Premier. “Having more than one mining operation has so far allowed us to continue to operate with reasonable success during the Covid-19 pandemic that has impacted mining activities worldwide, including the Company’s Mercedes mine in Mexico”.
Consolidated Zinc Limited advises shareholders that it intends to undertake a new fully underwritten Entitlement Issue on the basis of one (1) New Share for every three (3) shares held by eligible shareholders on the record date at a new issue price of $0.003 per New Share to raise up to approximately $1.7 million.
Significantly, the drilling to date continues to demonstrate that thicker units of high-grade mineralisation occur within the current resource model at Level 7 which is the deepest of the main ore workings developed at Plomosas at approximately 240m below surface.
Consolidated Zinc Limited advises that due to the COVID-19 pandemic, the Mexican Government has instructed all non-essential services to suspend operations until 30 April 2020. After that businesses will be allowed to restart on varying dates from 1 May to 31 May 2020, based on the pandemic status in their location.
The prospect areas to the northwest of Plomosas are prospective for gold as the area has undergone structural brittle deformation resulting in auriferous quartz, hematite veins containing variable copper mineralisation and related alteration occurring during deformation. The confirmed presence of intrusive granite to the north may be the driver for any potential mineralisation occurrence in the Don Lucas concession, which includes the La Chona-Enrique trend.
“The health and safety of ALL people is of paramount importance in the face of this worldwide crisis” said George Paspalas, President and CEO of MAG Silver. “We applaud and support the Mexican Government’s resolve to affect the spread of COVID-19.”
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