The Company intends to use the net proceeds of the Offering to fund remaining construction and preproduction related expenditures at its Lindero gold project in Argentina and for general working capital purposes.
Tarachi Gold Corp. is pleased announce that, due to strong demand, it is increasing the size of the previously announced non-brokered private placement offering to up to 12,666,667 units at a price of $0.15 for gross proceeds of up to $1,900,000.
Great Panther intends to use the net proceeds of the Offering for near mine and regional exploration programs at the Tucano Gold Mine, improvement of the Company’s working capital balances and general corporate purposes.
The results have revealed new mineralization targets, potential extensions to known mineralization zones, and the continuity of geological trends, and allows for the calibrated geophysical model to be applied on the eastern half of the property.
CEO, Glenn Jessome states, “after delivering our maiden 43-101 compliant resource estimate by drilling the vein halo around the high-grade underground veins of the historic El Tigre mine, it is now time to get on with drilling the kilometers long northern and southern unmined vein extensions of the old mine on our 35 km, 28,000 ha, district size property in Sonora, Mexico.”
Bradford Cooke, Endeavour Director and CEO, commented, “Last year at Bolanitos, we were successful in outlining new resources in the San Miguel vein, now under development, and we expect to commence mining at San Miguel in Q3, 2020. This year, we are discovering new resources in the Melladito vein, which should allow us to develop and mine there next year, as the orebody is only 300 m from the La Luz Ramp and 300 m from the San Miguel ramp.”
The management team has been developing a restart plan that will provide for a safe mine site environment that delivers cash flow from operations while working under the mandated sanitation measures required by government. On site manpower will be increased progressively as it is deemed safe, with the initial focus being the development of ramps in Lupita Extension and Diluvio West to access higher grade mineralization. Diamond drilling crews will be added in early June to resume delineation drilling programs. It is anticipated that by early July the mine will once again be fully operational.
Detailed Induced Polarization geophysical surveys were completed by TMC Exploracion Geophysics in two perpendicular line directions at 75 metre line spacing to reveal detailed subsurface features. Initial results are presented here, and the data will be further processed and integrated with geological and geochemical data for further interpretation.
Existe un yacimiento en Sonora que está en etapa de exploración y que se cree que podría generar 35 mil toneladas anuales de dicho mineral, utilizado para fabricar baterías.
Mr. Gonzales commented: “I would like to thank the Board, Management Team, and employees of Sierra Metals for this opportunity over the past seven years and welcome Luis Marchese as the new CEO and member of the Board. I consider that the Company is in a good position to continue to perform well.”
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