Goldplay Exploration Ltd. is pleased to provide a corporate update on the Companys Mexican projects. While the current focus is on updating the resource on the San Marcial Project, plans are being finalized for the exploration of new targets on the El Habal Project, both located in the rich Rosario Mining District of Sinaloa, Mexico.
Millrock Resources Inc. is pleased to report that drilling is in progress at the El Picacho gold project in Sonora State, Mexico. A series of ten holes totaling 2,000 meters has been approved and is being funded by Centerra Gold Inc. under an option to joint venture agreement. The program has been designed to test geological targets identified through soil and rock sampling, geophysical surveys, and trenching. The drill holes will test the Placeres prospect, one of several prospect areas identified by the joint technical teams over the past year. The project targets orogenic gold deposits, similar in nature to the nearby San Francisco gold mine, which is operated by Alio Gold Inc. The El Picacho project, located in Sonora State, Mexico, is located approximately 80 km north of the City of Hermosillo, and is accessible by paved highway and gravel roads.
Almaden Minerals Ltd. is pleased to report that dismantling of the Rock Creek mill was completed in August, and the mill components have since been cleaned, crated and packed to ensure safe storage near the port of Nome, Alaska. The Rock Creek mill is now fully owned by Almaden and ready for anticipated shipping to Mexico in 2019. This work has been completed by Dynamic Engineering Services Ltd. on time and on budget. Dynamic are specialists in dismantling, moving and reassembling large industrial sites including mills. Photos and a video of the 2018 work program in Nome will be posted to Almadens website.
Cerro Cascaron is a large underexplored and undrilled project with two known areas of veining with outcropping gold and silver mineralization, including bonanza grab samples of up to 1,670 g/t gold and 1,490 g/t silver, commented Stewart Harris, Vice President of Technical Services. This maiden drill program will initially test a zone of sub-parallel veins at the Cascarita silver target followed by drilling within four vein targets in the Cascaron vein field.
Warren M. Rehn, President and Chief Executive Officer of Golden Minerals Company, comments, “The Santa Maria project offers Golden Minerals a low capital cost re-entry into potential silver production in Mexico. Estimated future cash flow and NPV have increased by about 50% based on the additional resources in the study. The $1M start-up cost is at the lowest end of the spectrum of capital cost requirements due to the project’s proximity to existing process facilities and the existing underground development. It is also important to point out that the deposit is open at depth and there are numerous additional veins on the property that have not yet been drilled.”
Fred Stanford, President and CEO of Torex stated: Our teams have worked very well together to achieve a number of common goals in the quarter. Safety performance has been strong. Record gold production speaks for itself. Mining output rates have ramped up to meet and exceed the increasing plant throughput rates. The SART plant is ramping up well and is now removing approximately 80% of the soluble copper in the process water, with associated reagent use savings. Sub-Sill production is approximately 500 t/d and on track to complete the ramp up to 850 t/d by year end.”
“Since the 20 September shipment, the Plomosas operating team has continued to perform safely while delivering production and development in line with expectations. Production haulage to the surface has been challenging with a “zig zag” in the decline however, we are taking steps to remove this restriction and increase our production once this bypass is complete.”
Riversides President and CEO, John-Mark Staude, stated: We continue to advance multiple discussions with prospective partners at Cecilia and whether we partner or sole-fund the Project, Riverside wants to see drilling in the near future to test the targets that have been generated. The district scale targets show strong gold values and good continuity. We are excited about the transformational discovery potential with future trenching and drilling at Cecilia.
The goal of initial drilling at Miguel Auza is to test structures at depth and along strike for their potential to host economic mineralization. These results confirm proof of concept, stated Ben Pullinger, Senior Vice President Geology. We have seen grade and width improve at depth at Lechuzas and high-level epithermal textures and anomalous precious metals at Lechuzas, El Cobre and Abejas. Our expanded drill program will focus further understanding the greater system around Miguel Auza.
Antonio Berlanga, CEO, states The development of these 6 production stopes within the Level 12 decline, plus the additional 6 stopes that will be developed soon from the Level 20 decline currently underway, ensures the Tahuehueto Mine development provides access to at least the first 2 years of ore production at the projected capacity of 1,000 tpd. This development also ensures a steady supply of above 10 g/t AuEq ore to be shipped to the Atocha Toll Mill to continue to generate sales of produced zinc and lead concentrates containing significant gold and silver content to be delivered to Trafigura under the Telson/Trafigura Off-take loan agreement.
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