“Engaging MGA as Tahuehueto’s underground mining contractor is another milestone and brings our company closer to start production at Tahuehueto.”
The results from the drilling program are now being incorporated into the resource modelling for the Project to determine if a new Mineral Resource estimate is required.
The Company intends to use the net proceeds of the Private Placement to conduct exploration work on its Cervantes porphyry gold-copper project in Sonora, Mexico, and its Tombstone epithermal gold-silver & CRD silver-lead-zinc-copper-gold project in Arizona, USA, as well as for general working capital purposes.
Candelaria Mining Corp. is pleased to announce that, further to its press release of September 22, 2021, it has closed its second and final tranche of its non-brokered private placement for a gross proceeds of $511,648 through the issuance of 1,136,997 units of the Company at a price of $0.45 per Unit.
During the quarter 9,123 tonnes of ore were mined with 9,817 tonnes hauled to the surface at Plomosas.
The Company issued a total of 4,396,667 common shares at a price of $0.15 per Share to raise gross proceeds of $659,500.05.
The Company wishes to provide an update with respect to the previously announced proposed acquisition of a portfolio of Bolivian mining assets from Glencore.
Initial drilling will focus on the Noria portion of the La Joya property, where relogging and resampling of select historical drill core has been ongoing along with a targeted surface sampling and mapping program to refine drill collar locations. Drill hole collar locations have been selected, drill pad construction is in progress, and drilling is expected to commence shortly.
The Company has received a final order from the Supreme Court of British Columbia dated September 21, 2021, and shareholder approval pursuant to an annual and special meeting of the Company held on September 15, 2021, to implement the spin-out of 80% of the Company interest in mineral exploration assets located in Canada to its shareholders by way of a share capital reorganization effected through a statutory plan of arrangement with Kootenay Resources Inc., a wholly-owned subsidiary of the Company.
“We are very pleased that our broadly-spaced systematic drilling program appears to have led us to the threshold of the source of this important historic district. Our main goal for Phase 1 was to locate high-grade mineralization associated with the right style of intrusion, and it turns out we have discovered not only the largest intrusive ever found in the district, but it’s the first mineralized skarn ever seen in Guigui.” stated Jorge Ramiro Monroy, Reyna Silver’s CEO.
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