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Precious Metals

Metallic Minerals Completes 2021 Exploration At Keno Hill Silver, Sees Eric Sprott Exercise Warrants For $1.6 Million

Metallic Minerals (TSXV: MMG) announced today that it has completed its 2021 exploration programs at the Keno Silver project in
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This article was originally published by The Deep Dive

 

Metallic Minerals (TSXV: MMG) announced today that it has completed its 2021 exploration programs at the Keno Silver project in Yukon. The mining firm also reported that resource investor Eric Sprott has exercised all held share warrants for gross proceeds of $1.6 million.

 

The exploration program at the property that started in June entailed 53 drill holes covering 6,200 metres. The results were able to, among others, expand the extent of drill-defined mineralization, conduct follow-up drilling at new discovery areas, and complete first-pass reconnaissance drilling. The program also involved induced polarization geophysics to determine the potential scale of newly identified mineralized systems.

According to the company, the surveys have also revealed 35 high-priority targets that it plans to investigate in the upcoming 2022 program.

The firm also recognized Sprott’s exercise of his warrants acquired during the private placement conducted in October 2019 through his investing arm 2176423 Ontario Ltd. After the transaction, the Canadian investor now holds 21.5 million shares in the company, effectively owning over 16% equity and maintaining his position as the largest shareholder.

Metallic Minerals last traded at $0.47 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Metallic Minerals Completes 2021 Exploration At Keno Hill Silver, Sees Eric Sprott Exercise Warrants For $1.6 Million appeared first on the deep dive.

Author: ER Velasco

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Big River Gold’s Brazil plans buoyed as interest in sector runs hot

Special Report: Big River Gold’s Borborema project is on track according to a recently completed water study which de-risked the … Read More
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Special Report: Big River Gold’s Borborema project is on track according to a recently completed water study which de-risked the supply of process water to the operation, and also identified a way to double production up to 4Mtpa. All at a time of heightened interest in the Brazilian gold sector.

Big River Gold (ASX:BRV) has received a shot in the arm with encouraging results from a water study derisking the highly prospective Borborema Gold Project in Brazil for what was initially considered to be a 2-million-tonne-per-annum (Mtpa) production operation. The study identified a water source that could support production expansion up to double the previously forecast production to 4Mtpa.

The positive results from studies completed by SRK Consulting come at a time of hot mergers and acquisitions (M&A) action in the gold sector in both Brazil and Australia. There’s also renewed interest in the safe haven metal due to uncertainty over the Omicron COVID variant following a slide in prices from its all-time high of around $US2,070 per ounce in August last year.

Confirming that Big River Gold’s optimism on the 29sqkm project’s water security is well founded, the water study established that minimal additional external water will be required to support a 2Mtpa operation.

“Borborema has always suffered from the perception that there is a lack of water,” executive chairman Andrew Richards told Stockhead. “The completion of the water studies has been a big step forward in de-risking the project in that regard, but also provides us opportunities to look at different size production scenarios.”

Richards said that as the project in northeast Brazil progressed towards production the water study results were an important part of the larger engineering study update.

“Any upscaling we were looking at had to be considered in conjunction with the water issue. Water has always been an integral part of the development of Borborema,” Richards said.

“The study results mean we can either stay at 2 million tonnes per annum without any additional water for most of the time but, if we’re looking to expand up to say 4 million tonnes per annum, we can base that more on the underlying economics given that process water supply is no longer the bottleneck it was.”

View to the south west over the Borborema pit showing the exposed ore zone and infrastructure

A hot mining jurisdiction

As Brazil emerges from the pandemic with a more optimistic economic outlook, the latest data shows M&A activity in the South American powerhouse grew eightfold to $56.8 billion in the first half of 2021, compared to the same period last year.

Banks expect activity to remain buoyant into 2022 as economic activity recovers and interest rates remain low, while increasing COVID vaccination rates boost Brazil’s profile as an investment destination.

And there are some glittering pickings for investors in the gold-rich nation.

Thanks mainly to its Tucano gold mine in Brazil, Great Panther Mining’s revenue soared a whopping 2,947.1% in 2020. Like Borborema, Tucano is in Brazil’s northeast and it contributed $US234m, or 85% of total revenue, to the Canadian listed miner.

While Great Panther’s world-leading leap in revenue was a definite standout, gold miners in general have been buoyed by the renewed, COVID-induced interest in the safe haven metal. This has led to some major deals in the sector in both Australia and Brazil.

Last month, Amarillo Gold, owner of the Posse gold project in Brazil, agreed to a $US128.36m takeover offer from UK’s Hochschild Mining, a $US1.5bn cashed up South American mining house looking to invest more outside of Peru.

The deal values Amarillo Gold at A$/165 per reserve ounce, and A$65/resource ounce.

As part of the deal, Amarillo shareholders will also receive shares in a newly formed company, Lavras Gold Corp, which will hold a stake in the 22,278-hectare Lavras do Sul gold project in Brazil’s south.

FTSE 250 miner Hochschild affirmed Brazil’s reputation as a solid location for resources projects, saying the deal “enhanced its portfolio by adding a long-life asset located in a mining-friendly jurisdiction”.

The heightened interest in the South American nation and the yellow metal, alongside the highly encouraging results just out from the all-important water study, bode extremely well for Big River Gold.

“These results really just derisk the project and give us the ability to go to a bigger scale operation to achieve economies of scale,” Richards said.

 


 

This article was developed in collaboration with Big River Gold, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Big River Gold’s Brazil plans buoyed as interest in sector runs hot appeared first on Stockhead.


Author: Special Report

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Precious Metals

Silver Sands Resources Updates Phase III Drilling Progress at the Virginia Silver Project

Silver Sands Resources (CSE: SAND) (OTCQB: SSRSF) is pleased to provide an update on its Phase III drill program at the Virginia Project in Santa Cruz Province, Argentina.

Vancouver, British Columbia–(Newsfile Corp. – December 7, 2021) – Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF)  (“Silver Sands” or the “Company”) is pleased to provide an update on its Phase III drill program at the Virginia Project in Santa Cruz Province, Argentina. Drill crews report the completion of drilling at the Virginia silver vein field and the commencement of drilling at the Santa Rita gold silver targets 15 km north.

“We are happy to report the Phase III silver drill program at Virginia was completed on time and under budget, with fifteen batches of core samples already at the Alex Stewart Laboratory for analysis,” commented Silver Sands CEO Keith Anderson. “Drill crews are now at the Santa Rita silver-gold target and have commenced drilling. We’re also very pleased that we were able to increase the planned number of metres drilled through tight budgetary controls and the skill of our drill crew. Following up on our successful Phase II program we were able to complete another 15 holes at Virginia as the Company continues its focus on significantly expanding the current silver mineral resources,” he continued.

“Based on a new discoveries at the west side of the Naty vein, and at the Patricia- Daniela trend, and at the Margarita vein trend, we will also complete further trenching and geophysics prior to Christmas shutdown, in preparation for Phase IV drilling in Q1 2022,” he concluded.

Expanding the current silver resource is the Company’s primary goal and the fifteen holes totaling 2,520 metres were directed at the gaps between Ely Central and Ely North, the gap to the north of Ely North, and the Martina Vein, where earlier Silver Sand drill programs intersected significant silver mineralization. Exploration holes also tested the Margarita, Maos and Roxanne veins, probing the down dip extensions of surface outcrops/subcrops and floats targeting for suspected mineralized shoots at depth in those veins.

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Figure 1. Virginia Vein Field Phase III Drilling

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The drill has now been mobilized 15km to the north to Santa Rita, where exploration, trenching and previous drilling in 2005-2007 delivered highlight grades of 340 g/t silver and 5 g/t gold. Re-interpretation of historic data in combination with new 2021 trenching and PDP-IP has highlighted several compelling virgin gold silver targets within 2.7kms of intermittently outcropping epithermal quartz veins within an 8km NW trending fault zone as shown in Figure 2. Sampling details from Santa Rita Central and Santa Rita East are shown in Table 1, while highlights of the sampling can be seen in Figures 2, 3 and 4. A total of 500 metres of drilling is planned for the various Santa Rita targets.

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Figure 2. Santa Rita Phase III Drill Targets

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Table 1. Santa Rita Surface Sampling

Santa Rita Central          
Metal #-Samples #->20 g/t Ag % >20g/t Ag Range g/t Average g/t Max-Value
Ag 90 9 10% 20-321 88 g/t Ag 321 g/t Ag
             
    >0.5 g/t Au % >0.5g/t Ag      
Au 90 5 5% 0.83-1.77 1.35 g/t Au 1.77 g/t Au
             
Santa Rita East          
Metal #-Samples #->20 g/t Ag % >20g/t Ag Range g/t Average g/t Max-Value
Ag 97 12 12% 20-93 46 g/t Ag 93 g/t Ag
             
    >0.5 g/t Au % >0.5g/t Ag      
Au 97 31 32% 0.51-5.86 1.54 g/t Au 5.86 g/t Au

 

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Figure 3. Santa Rita East

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Figure 4. Santa Rita Central

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About Virginia

Virginia is a low to intermediate sulphidation epithermal silver deposit located in the mineral-rich Deseado massif, lying within the mining-friendly province of Santa Cruz in the Patagonia region of Argentina. Through initial discovery in 2009 to four drill programs between 2010 and 2012, Mirasol Resources was able to define an initial indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag within seven outcropping bodies. This resource is documented in a Mirasol Resources technical report entitled: “Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina — Initial Silver Mineral Resource Estimate” with an effective date of Oct. 24, 2014, and a report date of Feb. 29, 2016.

Several additional vein structures within the property package remain highly prospective, as Mirasol concentrated the bulk of its exploration effort on the resource area at the expense of continuing exploration on the underexplored additional veins. Several of these structures have highlight values in excess of 1,000 g/t silver and have a high probability of hosting additional silver resources. These veins structures continue to be the primary focus of the Silver Sands 2021/2022 exploration efforts.

Silver Sands is earning a 100-per-cent interest in Virginia by issuing sufficient shares for Mirasol to end up with 19.9 per cent of the issued and outstanding of Silver Sands and completing $6-million (U.S.) in exploration over three years. Mirasol will retain a 3-per-cent net smelter return royalty with Silver Sands having the option of purchasing one-third of the royalty for $2-million (U.S.).

About Silver Sands Resources Corp.

Silver Sands is a well-financed, Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. Its key asset is the Virginia silver project, located in the mining-friendly Santa Cruz state of Argentina.

On Behalf of the Board of Directors

Keith Anderson
Chief Executive Officer, Director

For further information, please contact:

Keith Anderson
Chief Executive Officer, Director (604) 786-7774

Qualified Person Statement: Silver Sand’s disclosure of technical and scientific information in this press release has been reviewed and approved by R. Tim Henneberry, P.Eng., a director of the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

QAQC: Silver Sands applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Argentina for analysis. Assay results from channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

Forward Looking Statements: The information in this news release contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Author: NXT_mine

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Precious Metals

GoGold Tables Initial Resource Estimate, Shares Rise

Shares of GoGold Resources [GGD-TSX] rose today after announcing an initial mineral resource estimate for the Los…

GoGold Resources Inc. [GGD-TSX] on Tuesday announced an initial mineral resource estimate for the Los Ricos North project in Jalisco State, Mexico, and said it plans to target additional resources in 2022.

The shares advanced on the news, rising 1.9% or $0.06 to $3.21 on volume of 433,340. The shares are currently trading in a 52-week range of $3.79 and $1.59.

The company said indicated mineral resources at the site stand at 87.8 million ounces of silver equivalent (AgEq), grading 122 g/t (AgEq), contained in 22.3 million tonnes.

On top of that is an inferred resources of 73.2 million ounces of AgEq, grading 111 g/t AgEq contained in 20.5 million tonnes.

The Los Ricos North mineral resource is calculated as a pit-constrained resource, forming 96% of the resource estimate with 4.0% being an out-of-pit resource (indicated 900,000 ounces of AgEq and 6.4 million ounces of inferred material, grading 178 AgEq).

GoGold is a Canadian-based silver and gold producer with operations in Mexico. The company operates the Parral Tailings mine in the state of Chihuahua.

Back in March, 2019, it acquired the rights to an agreement that provides it with the option to acquire a 100% interest in Los Ricos, which consists of 29 concessions and covers over 22,000 hectares. The property is home to several historical mining operations and is located roughly 100 kilometres northwest of Guadalajara.

Los Ricos is split into two projects, Los Ricos South and Los Ricos North. They are 25 kilometres apart. Los Ricos North includes the Salomon-Favor, La Trini and Mololoa targets.

According to an estimate announced in July, 2020, Los Ricos South contains a measured and indicated resource of 63.7 million ounces of silver equivalent (AgEq) grading 199 g/t AgEq, material that is contained in 10 million tonnes.

On top of that is an inferred resource of 19.9 million ounces AgEq, grading 190 g/t AgEq contained in 3.3 million tonnes. An initial PEA on the project was announced in January, 2021, indicating a net present value of US$296 million.

Exploration at Los Ricos North was launched in March 2020, and includes drilling at  the El Favor, La Trini, Mololoa, Casados and El Orito targets.

During 2020, GoGold’s exploration team identified over 100 targets on the Los Ricos North properties, a move that demonstrated the significant exploration potential there.

In Los Ricos North, an additional 100,000 metres of exploration drilling targeting additional mineral resource ounces is planned for 2022. The company has said when factoring in Los Ricos South, total Los Ricos measured and indicated resources now stand at 151.5 million ounces of AgEq, with total Los Ricos inferred resources standing at 93 million ounces of AgEq.

 

Author: Staff Writer

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