Tag: Exploration and Development

Gold Resource Corporation today announced drill highlights from its 2017 Alta Gracia drill program located in its Oaxaca Mining Unit, Mexico. Drill highlights include 1.29 meters grading 4.33 grams per tonne gold and 1,710 g/t silver, and 1.47 meters grading 2.29 g/t gold and 708 g/t silver. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $110 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

Auxico Resources Canada Inc. is pleased to provide initial sampling results of a single trench that yielded a 50m wide mineralized section grading 0.85 g/t Au including 3m of 13.07 g/t Au at the Aguamas property. This trench is located about 100 metres southeast of the Aguamas 2 historical mine, which returned samples of 14.87 g/t Au and 192.22 g/t Ag, and 25 metres northwest of the Aguamas 1 historical mine, where recent sampling returned 34.05 g/t Au and 97.78 g/t Ag. Examination of these past workings and exposed rock outcroppings indicated a series of quartz veins at multiple angles within a silicified volcanic breccia. The Aguamas property is located within the Company’s silver/gold property which contains 25 historic producers and occurrences. These gold and silver occurrences outline two regional trends that transect the property, anchored by past producers and field observations by Auxico’s geologists.

“One of our stated objectives since welcoming Osisko Gold Royalties as a strategic partner mid-year was to acquire additional near-term development projects in Latin America and significantly grow the Company’s prospective production baseline. Entering into this agreement is the first step in this evolution and we look forward to additional announcements in the coming months”, said Darren Koningen, President and CEO of Minera Alamos. “The development of Guadalupe is an ideal complement to our La Fortuna Gold Project which continues to advance towards production. The Company’s strong portfolio now has two high quality gold assets with a significant combined resource base approaching one million ounces and large potential for exploration upside. Our team has a proven track record of developing low capital-intensity mines in Latin America and has the expertise and resources to simultaneously advance both projects toward production. We are very excited to have added such a great near-term development project to our growing asset portfolio.”

“The discovery of mineralized breccia zones on surface would be of considerable importance. Confirmation of silver-gold mineralized breccia zones would quickly shift our focus from the proven high grade veins to these larger bulk tonnage type targets. This would have a major impact on the Company’s future.” stated Hub Mockler, Executive Chairman.

“The results of our first two metallurgical sample drill holes are a reminder of the high-grade nature of the breccia system within our proposed open pit at Ana Paula,” said Greg McCunn, Chief Executive Officer. “These holes are similar in grade and lithology to the previously drilled holes and compare favorably to the block model. These results further validate our decision to proceed with constructing an underground decline to test the known extension of the high-grade breccia system outside the current MRE, below the proposed pit.”

Igor Gonzales, President, and CEO of Sierra Metals commented: “Management is committed to improving operations in Mexico and to increase the profitability of both the Bolivar and Cusi Mines. We have undertaken efforts to appoint experienced and qualified personnel to run the operational improvements program and improve the efficiency and operations at both mines. We expect that our program efforts should be more apparent in the latter part of 2017 and we will continue working toward completion of the improvements scheduled for the end of Q1 2018. We are optimistic about the outcome and expect to see higher cash flow from our Mexican operations starting in Q2 2018.”

Luis Castro, Vice President, Exploration for Endeavour Silver, commented, “These encouraging drill results help to verify the portion of the historic resource within the Argentina-Remedios area of the Veta Colorada. A new resource estimate will be prepared at year-end for release in the 1st quarter of 2018. Drilling is ongoing at other areas of the Parral property such as Palmilla and San Patricio, where there was a history of high grade mining but very little drilling and no previous resources, to test for new silver resources. We plan to release additional drill results during the 4th quarter of 2017.”

Frederick H. Earnest, Vista’s President and CEO, commented, “We are pleased to have Minera Alamos as a partner in the GdlR Project. We believe they have the requisite experience and skill to succeed in Mexico, and we are very supportive of their commitment to develop the GdlR Project. The Option Agreement preserves the upside of the GdlR Project for Vista shareholders by maintaining exposure to the underground potential as well as providing near-term non-dilutive strength for our balance sheet.”

Pete Dougherty, President & CEO stated: “The achievement of commercial production at San Agustin is a major milestone for the Company. I commend the team on its ability to deliver the project on schedule, under budget and with no major safety or environmental incidents. We view San Agustin as an important piece of the El Castillo Complex given the shared infrastructure and synergies with our neighbouring El Castillo mine. We believe the El Castillo Complex has the ability to ramp up to 150,000 gold equivalent ounces of production over the next couple of years, which will be the driving force of our approximate 60% production growth rate and lower operating costs by 2019.”

Mexico’s oil regulator will likely add another auction in 2018 featuring conventional onshore oil and gas blocks, the head of the National Hydrocarbons Commission (CNH) said on Thursday, potentially teeing up a third tender in an election year.