The private placement financing is scheduled to close on or about August 19, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
Mr. Carlos Silva, Chief Operating Officer, stated The second quarter production results again reflect operational improvements at both mines. He continued, We expect a further production increase at Veta Grande in the third quarter as second quarter production was impacted by an unforeseen mechanical problem with the largest ball mill that required a major repair over the last half of the quarter. This work was completed in early July.
Riverside’s President and CEO, John-Mark Staude, stated: “The Oakes Project is the first project Riverside’s generative team has staked in western Ontario and the Company plans to continue diversifying its portfolio with further Canadian gold prospects when high-quality acquisition opportunities present themselves. Adding Canadian assets to our portfolio expands our prospective partner network further, with access to flow-through financing and other exploration tax credit programs. We are pleased with the greater than 20 g/t gold assay results from our initial work at the Oakes Project and plan to follow up these positive results with more mapping, sampling and survey work in 2019. Our aim is to define compelling drill targets to attract quality partnerships and provide our shareholders with additional discovery opportunities.”
Tim Barry, President, CEO and director of Silver Bull states, ‘Four of the five holes announced in this news release are focused within the Palomas Negros area. This is a historical mining area that lies 9 kilometers to the west of the main deposit at Sierra Mojada. The Palomas Negros area has never been assessed with modern exploration techniques and has long been recognized as an exciting target to be followed up. Work is ongoing to fully understand the controls on the mineralization at Palomas Negros, but to get a high grade intercept over 13.25 meters in a first pass drill pass drill program is very encouraging, especially so close to surface.’
During the quarter, the Azure Board approved the commencement of a small-scale mining and toll processing operation, to exploit easily-accessible, high-grade mineralised material at Oposura. The operation is expected to deliver early cash flow to the Company to support the completion of the Feasibility Study and provide general working capital.
Kenneth MacLeod, President and CEO of Sonoro commented, ‘The establishment of a maiden estimate of mineral resources at Cerro Caliche provides a strong foundation from which potentially to expand the mineralization along strike and at depth from many of the mineralized zones documented in the Technical Report. We are pleased to confirm that many of the recommendations contained in the Technical Report are either being actively pursued, or will be implemented shortly, including; metallurgical testing, 3D modelling of the structure, and a 7,000 meter drilling program comprising diamond drilling and reverse-circulation drilling to increase the confidence of the known mineralization and to identify potential expansion of known mineralization.’
Levon Resources Ltd. is pleased to announce the voting results from its special meeting of securityholders held earlier today concerning the arrangement agreement between Levon and Discovery Metals Corp.
Discovery Metals Corp. is pleased to announce the voting results from the special meeting of the securityholders of Levon Resources Ltd. held earlier today. The Plan of Arrangement previously announced on May 30, 2019, was approved by an overwhelming majority, approximately 81.15% of the total votes cast by Levon securityholders.
The proceeds of the Private Placement will be used, in part, to improve and develop road access to the North and South Zones at Santo Tomas, construct an exploration camp on the West Bench of the property, and undertake a work campaign on the property involving ground geophysical and geological surveys, including Three Dimensional Induced Polarization programs. In addition, proceeds will be utilized for aspects of project permitting, and the scoping of water and power needs, sources and costs.
Commenting on the milestone Azure Managing Director Tony Rovira said: ‘I would like to thank the entire Azure team for all their hard work over the past two years. We acquired Oposura in August 2017, and to be commencing an early-stage, low-cost, high-grade mining operation within 24 months is a great achievement.’
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