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Atalaya Mining PLC Announces Proyecto Masa Valverde Exploration Update

Positive drilling results from Proyecto Masa Valverde including significant high-grade zones from both Masa Valverde and Majadales massive sulphide deposits.NICOSIA,…

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Positive drilling results from Proyecto Masa Valverde including significant high-grade zones from both Masa Valverde and Majadales massive sulphide deposits.

NICOSIA, CYPRUS / ACCESSWIRE / October 6, 2021 / Atalaya Mining Plc (AIM:ATYM)(TSX:AYM) is pleased to announce positive progress regarding ongoing resource definition drilling at Proyecto Masa Valverde (“Proyecto Masa Valverde”) in Huelva, Spain.

A version of this announcement containing all referenced maps can be found on the Company’s website at www.atalayamining.com (the “Website Announcement”).

About Proyecto Masa Valverde

As announced on 21 October 2020, the Company entered into a definitive purchase agreement to acquire 100% of Proyecto Masa Valverde which includes the Masa Valverde polymetallic deposit, the Majadales discovery and the unexplored Campanario-Descamisada area.

Masa Valverde is a large single undeveloped massive sulphide deposit strategically located 28 km south of Atalaya’s 15 Mtpa mill at Proyecto Riotinto and 6 km south from Sotiel underground mine owned by MATSA recently acquired by Sandfire Resources (SFR). Refer to figure 1 on the Website Announcement.

Recent Drilling Highlights

The recent drilling campaign has intersected broad intervals of massive and stockwork type polymetallic sulphide mineralization including significant high grade intercepts at both Masa Valverde and Majadales.

A summary of select recent drill holes intersections is inserted below:

Masa Valverde

DDH

From

(m)

To

(m)

Interval

(m)

Cueq

(%)

Cu

(%)

Zn

(%)

Pb

(%)

Au

(g/t)

Ag

(g/t)

MJ-38

421

590

169

1.55

0.52

2.00

0.94

0.47

26

including

423

444

21

2.63

0.43

5.23

1.56

0.72

34.90

Including

478

486

8

2.18

1.99

0.30

0.08

0.11

10.50

Including

538

553

15

3.24

0.32

6.83

2.47

0.65

39.27

including

580

586

6

3.63

0.18

6.84

3.88

0.83

65.67

MJ-40

460

612

152

1.24

0.39

1.77

0.44

n.a.

27.79

including

506

564

58

2.27

0.42

4.28

0.96

n.a.

43.28

and

688

789

101

1.67

0.70

2.31

0.41

n.a.

22.52

including

710

789

79

1.93

0.72

2.93

0.52

n.a.

27.18

Majadales

DDH

From

(m)

To

(m)

Interval (m)

Cueq

(%)

Cu

(%)

Zn

(%)

Pb

(%)

Au

(g/t)

Ag

(g/t)

MJ-39

351.80

370

18.2

2.83

0.87

3.58

2.03

0.21

53.79

including

351.80

364

12.2

3.94

1.21

4.91

2.83

0.27

76.72

Complete assay results are presented in tables 1 and 2 below.

Campanario-Descamisada

Campanario-Descamisada is a 5 km long NW trending mineralized corridor located approximately 1.5 km NE of Masa Valverde and Majadales and defined by numerous small, old workings with Au-rich gossans and occasionally relicts of massive sulphides. Limited historical drilling had returned promising results at shallow depths: for example, 8.25 meters at 1.27% Cu from 86.25 meters depth.

Forward plan for Proyecto Masa Valverde

Drilling will continue beyond the initial 8,000 meters planned for this campaign with two rigs and an aim to: (i) gain confidence in the resource estimate and obtain samples for metallurgical testing; (ii) define the extensions of known mineralization at both the Masa Valverde and Majadales deposits; (iii) test the main geophysical anomalies generated during the recently completed FLEM survey; and (iv) determine the ultimate exploration potential of the promising new area named Campanario-Descamisada target zone.

Current and new drilling data will be incorporated into the NI 43-101 compliant report for Proyecto Masa Valverde that is currently being prepared by CSA Global and expected by early Q1 2022.

Alberto Lavandeira, CEO, commented:

These excellent drilling results from both Masa Valverde and Majadales confirm our belief that the historical resource at Masa Valverde, which excluded Majadales, can be improved and also expanded. The definition of higher grade Cu and Zn zones inside the larger mineralized intervals will be one of the keys for moving this project to production. Based on these encouraging results we have decided to extend the 8,000 meter drilling program initially planned for this campaign to include the first systematic drilling program at the promising Campanario-Descamisada target zone. We believe that Proyecto Masa Valverde is an important growth project for Atalaya and has the potential to become a source of high grade ore to supplement mill feed at Proyecto Riotinto, which continues to operate above nameplate capacity.

Proyecto Masa Valverde drilling

The aim of the current drilling program at Proyecto Masa Valverde is to confirm, expand and upgrade historical NI 43-101 resources reported to be 66 Mt at 0.67% Cu, 1.92% Zn, 0.90% Pb, 34 g/t Ag and 0.63 g/t Au (refer to the announcement made on 21 October 2020). The core obtained during the drilling campaign will also be used for metallurgical test work.

To date, a total of 5,874 meters through 8 diamond drill holes have been completed by Atalaya and two more holes are in progress. Four holes were drilled at the Masa Valverde polymetallic sulphide deposit and four in the Majadales satellite body (refer to figures 2 and 3 of the Website Announcement). Majadales, located 1 km to the east of Masa Valverde, was discovered by Atalaya’s exploration team in July 2019 when drill testing a coincident gravity and ground electromagnetic geophysical anomaly.

First resource estimation for Majadales will be included in the NI 43-101 report for Proyecto Masa Valverde that is currently in progress.

Drill holes at Masa Valverde deposit

Three drill holes at Masa Valverde, MJ36, MJ-38 and MJ-40, were designed as infill holes while MJ-34 was a step out hole that did not extend known mineralization to the east.

Results so far confirm and improve the previously known mineralization in terms of widths and grades. Mineralization remains open in several sections of the deposit as indicated in figure 4 of the Website Announcement.

Additional drilling at Masa Valverde will continue filling the main gaps of the historical drilling as well as testing the potential extensions. Priority will be given to demonstrate the continuity and size of the higher-grade Cu and Zn zones.

Drill holes at Majadales deposit

The four holes completed at Majadales sulphide body were step out holes, three of which (MJ-35, MJ-39 and MJ-41) extended known mineralization to the east, up dip and down dip 70, 30 and 15 meters respectively as can be seen in figure 5 of the Website Announcement. Additional drilling at Majadales will be focused on testing those zones that remain open.

Overall drill results

Assay results were received for six holes while two more were not sampled due to lack of visible mineralization. Table 1 below includes most significant intercepts received from the current campaign over Masa Valverde deposit, while Table 2 includes all the intercepts had so far at Majadales.

Table 1.

Masa Valverde Drill Hole Table1

Hole ID

Length (m)

From (m)

To (m)

Interval (m)

2 CuEq %

Cu %

Zn %

Pb %

Au g/t

Ag g/t

MJ34BIS

622.1

No Significant Intersection

MJ36

632

412.00

575.00

163.00

1.14

0.48

1.09

0.65

0.42

23.15

Including

425.00

466.90

41.90

2.17

0.46

3.41

1.65

0.64

38.94

Inc.

431.00

450.00

19.00

2.69

0.42

5.05

1.78

0.75

43.84

Including

509.00

575.00

66.00

1.00

0.72

0.18

0.22

0.50

22.12

Inc.

515.00

532.00

17.00

1.45

1.06

0.37

0.44

0.33

22.13

Inc.

566.00

573.00

7.00

1.26

1.02

0.02

0.17

1.13

24.57

MJ38

739.5

421.00

590.00

169.00

1.55

0.52

2.00

0.94

0.47

26.63

Including

423.00

444.00

21.00

2.63

0.43

5.23

1.56

0.72

34.90

Inc.

423.00

428.00

5.00

4.70

0.21

10.11

4.45

1.07

57.20

Including

444.00

488.00

44.00

1.27

0.82

0.76

0.40

0.24

16.20

Inc.

478.00

486.00

8.00

2.18

1.99

0.30

0.08

0.11

10.50

Including

538.00

553.00

15.00

3.24

0.32

6.83

2.47

0.65

39.27

Inc.

545.00

553.00

8.00

4.35

0.27

9.48

3.72

0.73

49.38

Including

557.00

576.00

19.00

1.50

0.64

0.89

1.08

1.11

43.32

Including

580.00

586.00

6.00

3.63

0.18

6.84

3.88

0.83

65.67

3MJ40

831.5

460.00

612.00

152.00

1.24

0.39

1.77

0.44

NA

27.79

Including

506.00

564.00

58.00

2.27

0.42

4.28

0.96

NA

43.28

688.00

789.00

101.00

1.67

0.70

2.31

0.41

NA

22.52

Including

710.00

789.00

79.00

1.93

0.72

2.93

0.52

NA

27.18

Inc.

772.00

788.00

16.00

2.83

0.53

5.45

1.26

NA

47.31

1 Table showing detailed drill results over sulphide mineralized intervals.
2 Metal prices used: Cu 4.00 USD/lb, Zn 1.20 USD/lb, Pb 0.90 USD/lb, Ag 22 USD/oz. Copper Equivalent (CuEq) values are for exploration purposes only and no metallurgical recovery was applied. Au is not included.
3 Assays from Proyecto Riotinto laboratory. See QA/QC section for further details.

Table 2.

Majadales Drill Hole Table1

Hole ID

Length (m)

From (m)

To (m)

Interval (m)

2 CuEq %

Cu %

Zn %

Pb %

Au g/t

Ag g/t

MVE-1

127.55

No Significant Intersection

MVE-1-BIS

593.4

No Significant Intersection

MVE-3

612.9

No Significant Intersection

MVE-4-BIS

484.9

350.20

365.60

15.40

1.58

0.75

1.45

0.62

0.17

31.59

Including

350.20

355.50

5.30

3.30

1.82

2.18

0.92

0.32

77.57

MJ01

452.5

336.70

340.60

3.90

1.74

0.98

0.06

0.54

0.15

76.92

349.90

354.10

4.20

3.99

1.81

4.23

1.78

0.65

63.52

MJ02

417.9

323.15

327.15

4.00

3.74

1.17

3.86

2.31

0.40

111.35

MJ03

608.4

No Significant Intersection

MJ04

610.8

No Significant Intersection

MJ05

471.65

389.55

396.00

6.45

0.54

0.33

0.14

0.13

0.44

17.43

MJ06

428.5

354.90

380.50

25.60

2.56

0.96

2.95

1.38

0.21

50.21

Including

357.90

369.00

11.10

3.64

1.22

4.39

2.18

0.29

76.47

MJ07

428.45

377.65

392.70

15.05

2.26

0.60

3.14

1.54

0.17

46.58

Including

377.65

385.15

7.50

3.61

0.81

5.04

2.70

0.23

84.63

403.00

405.00

2.00

0.64

0.61

0.05

0.01

0.07

1.00

MJ08

440.2

383.90

407.80

23.90

2.96

1.12

3.77

1.56

0.32

44.36

Including

383.90

393.50

9.60

4.34

1.47

6.09

2.25

0.32

67.41

MJ09

458.6

397.50

422.20

24.70

1.92

1.14

1.45

0.53

0.36

27.72

MJ10

509.5

419.50

424.50

5.00

1.25

1.08

0.29

0.10

0.21

7.80

MJ11

425.5

337.55

349.65

12.10

3.53

0.95

5.26

2.21

0.43

62.70

361.50

371.50

10.00

1.29

1.18

0.24

0.02

0.02

4.00

MJ12

465.9

No Significant Intersection

MJ13

451.5

392.10

404.90

12.80

3.38

0.89

4.38

2.51

0.30

75.64

MJ14

488.65

No Significant Intersection

MJ15

405

343.20

349.50

6.30

0.56

0.32

0.31

0.19

0.28

13.00

MJ16

452.6

386.75

398.60

11.85

1.12

0.59

0.83

0.18

0.23

29.49

MJ17

830.5

No Significant Intersection

MJ18

446.55

376.20

385.15

8.95

2.58

0.72

3.52

1.75

0.22

50.88

Including

376.20

382.90

6.70

3.28

0.86

4.57

2.29

0.26

66.81

391.20

393.20

2.00

0.39

0.31

0.08

0.07

0.36

5.00

MJ19

449

403.80

410.80

7.00

2.55

0.99

2.58

1.70

0.19

50.81

MJ20

555.5

426.40

427.90

1.50

3.99

1.64

5.33

1.32

0.53

56.00

MJ21

515.5

409.65

411.15

1.50

2.05

1.66

0.05

0.22

0.70

41.00

MJ23

451.55

369.90

370.90

1.00

0.39

0.37

0.03

0.03

0.08

0.01

MJ26

497.6

381.20

385.20

4.00

1.12

0.06

2.09

1.42

0.09

14.00

MJ27

520.85

No Significant Intersection

MJ28

554.8

No Significant Intersection

MJ29

494.45

424.65

425.65

1.00

0.71

0.60

0.04

0.11

0.23

9.00

431.05

432.05

1.00

0.54

0.33

0.13

0.33

0.27

12.00

MJ33

504.2

No Significant Intersection

MJ35

452.8

336.20

341.00

4.80

1.20

0.91

0.07

0.14

0.17

29.17

MJ37

582

No Significant Intersection

MJ39

458

351.80

370.00

18.20

2.83

0.87

3.58

2.03

0.21

53.79

Including

351.80

364.00

12.20

3.94

1.21

4.91

2.83

0.27

76.72

3MJ41

476.7

399.50

413.00

13.50

0.66

0.41

0.14

0.12

NA

22.44

1 Table showing detailed drill results over 0.30% Cu.
2 Metal prices used: Cu 4.00 USD/lb, Zn 1.20 USD/lb, Pb 0.90 USD/lb, Ag 22 USD/oz. Copper Equivalent (CuEq) values are for exploration purposes only and no metallurgical recovery was applied. Au is not included.
3 Assays from Proyecto Riotinto laboratory. See QA/QC section for further details.

Anomalous cobalt values are being encountered at both Masa Valverde and Majadales, such as hole MJ-36 with an interval of 17.8 meters at 384 ppm cobalt and 1.00% Cu or hole MJ-39 with 7.2 meters at 331 ppm cobalt and 1.81% copper. Frequently, the elevated cobalt values are associated with high Cu values. Possibilities to economically recover this cobalt content will be investigated.

Geophysical survey

A comprehensive Fixed Loop Electromagnetic survey (“FLEM”) survey covering most of the permit area was recently finalised (refer to figure 6 in the Website Announcement).

Data interpretation is near completion. Based on internal preliminary reports we anticipate that several high priority anomalies potentially associated with massive sulphides will be delineated. These will be recommended for immediate drill testing to confirm the presence of a large and very conductive anomaly located 1,300 meters to the NW and along the same structural and stratigraphic setting as Masa Valverde and Majadales.

Additional metallurgical and mineralogical work is already in progress and results will be incorporated into next NI 43-101 compliant report.

Qualified Person Statement

Alberto Lavandeira has reviewed the technical information contained within this announcement in his capacity as a Qualified Person, as required under the AIM Rules for Companies. Alberto Lavandeira is the Chief Executive Officer for the Company and is a member of good standing with the Association of Mining Engineers of Spain, with over 41 years’ experience.

Glossary of Terms

Ag Silver
As Arsenic
Au Gold
Cu Copper
Co Cobalt
FLEM Fixed Loop Electromagnetic Survey
g/t Grams per tonne
Gal Unit of gravity
Hg Mercury
Inferred mineral resource That part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.
Mt Million tonnes
n.a. Not available
N.I. 43-101 National Instrument for the standards of Disclosure for Mineral Projects for Canada
Pb Lead
PPM Part per million
Stockwork It’s a complex 3D network of structurally controlled or randomly oriented veins. They are common in many ore deposit types. They are also referred to as stringer zones.
Zn Zinc

Contacts:

Newgate Communications Elisabeth Cowell / Adam Lloyd / Tom Carnegie

+ 44 20 3757 6880

4C Communications Carina Corbett

+44 20 3170 7973

Canaccord Genuity
(NOMAD and Joint Broker)
Henry Fitzgerald-O’Connor / James Asensio

+44 20 7523 8000

BMO Capital Markets
(Joint Broker)
Tom Rider / Andrew Cameron

+44 20 7236 1010

Peel Hunt LLP
(Joint Broker)
Ross Allister / David McKeown

+44 20 7418 8900

About Atalaya Mining Plc

Atalaya is an AIM and TSX-listed mining and development group which produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain. Atalaya’s current operations include the Cerro Colorado open pit mine and a modern 15 Mtpa processing plant, which has the potential to become a centralised processing hub for ore sourced from its wholly owned regional projects around Riotinto that include Proyecto Masa Valverde and Proyecto Riotinto East. In addition, the Group has a phased, earn-in agreement for up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain. For further information, visit www.atalayamining.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: Atalaya Mining PLC

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Today’s News

United Lithium Corp. Provides Update on Lithium Product Purification – Achieves Higher Than 99% Pure Lithium Carbonate with a Leach Recovery Exceeding 98%

Calcination, Acid Roasting and Water Leaching of spodumene concentrate (reported October 12, 2021) to produce lithium carbonate Higher than 99% pure lithium…

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Calcination, Acid Roasting and Water Leaching of spodumene concentrate (reported October 12, 2021) to produce lithium carbonate

Higher than 99% pure lithium carbonate achieved

Approximately 99% Li2O recovered from impurity removal stages

Test work to commence shortly on a direct lithium hydroxide from spodumene concentrate process

VANCOUVER, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0ULA) (“ULTH” or the “Company”), is pleased to announce results from proprietary lithium purification testwork to produce lithium carbonate (Li2CO3) from spodumene concentrate. Testing produced lithium carbonate with a purity of approximately 99.1% from the initial bench tests. This test program was conducted under the supervision of Dr. Abdul Halim at Process Research Ortech Inc. in Mississauga, Ontario, Canada.

The technical grade of Li2CO3 product and recovery of Li2O from flotation concentrates are considered excellent.

A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ca2450a-33bd-452c-9a91-81b77e41accd

Process Research Ortech Inc. (PRO) was contracted by United Lithium Corp. to develop a sustainable process flow-sheet for the recovery of lithium from a hard rock deposits. The primary lithium mineral to be concentrated is the alumina-silicate spodumene. Spodumene is considered the most important commercial lithium mineral due to its high Li content and favorable processing characteristics. For phase one of the program a lithium rich pegmatite was sourced from Canada for testing.

The success of this program has encouraged United Lithium to continue forward with expanded test work for direct lithium hydroxide production from spodumene concentrate. Test work to date will allow optimization of pilot plant testing, expected to commence early in 2022. The proposed pilot plant will test lithium rich feed materials from a variety of projects, with results expected to be suitable for an economic assessment of a flowsheet to recover Li2CO3 and LiOH from spodumene and petalite feed.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b16ff5a3-c69c-43ea-89f7-ae22a6da8334

Table 2 Analysis of the process solutions related with Li2CO3 precipitation tests

Test

Description

Concentration (mg/L)
Li2O Al Ca Fe K Mg Mn S Zn
Li₂CO₃T1

Feed 39309 <5 134 <5 466 <5 <5 6888 <5
Filtrate 3620 <5 10 <5 406 <5 <5 62140 <5
WW 3488 <5 6 <5 27 <5 <5 5192 <5
Li₂CO₃T2

Feed 35172 <5 6 <5 8 <5 <5 42060 <5
Filtrate 3925 <5 16 <5 17 <5 <5 40320 <5
WW 3989 <5 11 <5 <5 <5 <5 2874 <5

Work to date continues to demonstrate a “greener” process: lower temperatures, lower chemical needs, shorter processing times versus incumbent technologies point toward the environmental and CO2 impacts of high grade lithium salts production to be substantially reduced. Reagents and water consumption can be minimized by recycling the process streams such as filtrates, washes, evaporated water and crude products to the Li2CO3 precipitation, impurity removal, and water leaching stages.

When additional test work to convert spodumene concentrate into lithium carbonate is completed, a life cycle assessment for this innovative process is planned, and engineering data will be available to support decision making. A test program to optimize the calcination and roasting portions of the flowsheet to make them even more environmentally friendly is being designed by the company’s President and CEO Michael Dehn and Dr. Abdul Halim, VP Technology of Process Research Ortech Inc.

”Test work to date has demonstrated that it is possible to modify traditional processes and shortcut lithium carbonate production using innovative out of the box thinking. United Lithium aims to commercialize a sustainable and robust process flow sheet for lithium concentrate production, high grade lithium carbonate and potentially high purity battery grade lithium hydroxide, with the ability to accommodate multiple feed materials with minimal modifications.”, states Michael Dehn, President and CEO of United Lithium. “By making minor improvements in each step of the traditional flowsheet, we believe we can deliver a new lithium flowsheet with distinct economic and environmental benefits”.

The detailed bench test work to develop a flowsheet was conceived and supervised by Dr. Abdul Halim, VP Technology of Process Research Ortech Inc. He has over 15 years of experience in developing and optimizing innovative and sustainable technologies for critical metals including lithium, cobalt, nickel and other base metals, PGMs, gold, germanium and rare earths (REEs) from mined natural resources and recycle materials through bench, pilot, and demonstration plant operations. He has authored more than 50 scientific and technical papers, holds 5 US patents, and has authored a number of book chapters in these areas. He worked at FLSmidth, Salt Lake City, USA, and SGS Lakefield, Canada prior to joining Process Research Ortech Inc. as a VP Technology.

Mark Saxon (FAusMM), Technical Advisor to the Company, is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure or Mineral Projects) and has prepared or reviewed the scientific and technical information in this press release.

On Behalf of The Board of Directors,
United Lithium Corp.
Michael Dehn, President, CEO and Director

For further information, please contact the Company at:
[email protected]
www.unitedlithiumcorp.com

About United Lithium Corp.

United Lithium Corp. (CSE: ULTH) is an exploration & development company energized by the global demand for lithium. The Company is targeting lithium projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development and production opportunities.

Forward Looking Statements

This news release contains forward-looking statements. All statements included in this release, other than statements of historical fact, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

The CSE does not accept responsibility for the adequacy or accuracy of this release





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Monarch Mining Prepares Beaufor Mine and Beacon Mill for the Restart of Operations

MONTREAL, Oct. 27, 2021 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased…

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MONTREAL, Oct. 27, 2021 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to provide an update on the restart of operations at the Beaufor Mine and Beacon Mill, scheduled to begin in the coming weeks in preparation for the start of mining in 2022. Rehabilitation work at the two sites is being carried out by some 30 employees and more than 120 regular and part-time contractor personnel.

The following is a summary of the work done to date at the Beaufor Mine:

  • Rehabilitation of 900 metres of rail track including four new switches on level 20 to allow for a sustained maximum haulage rate between the Q zone and the shaft.
  • Rehabilitation of the main ramp from level 20 to the Q zone on level 132, which is needed for development and production to resume.
  • Recommissioning of four R1300 LHD loaders, three 30-tonne trucks, including the AD30, and two 15-tonne trucks.
  • Dismantling of the surface ventilation system at the Pascalis shaft and reassembly near the old Beaufor #4 shaft to improve the ventilation system in the Q, W and 350 zones.
  • Installation of a 25-kV electrical system to power the future development of the W zone and the new ventilation system.
  • Rehabilitation of the surface ore bins to make them safer.

At the Beacon mill, major work has been undertaken since the mill was last commissioned in 2014:

  • The administrative offices, drying rooms, warehouses and electrical room have been renovated.
  • The electrical distribution system and mill’s internal piping have been replaced.
  • The main crusher has been dismantled to allow for a complete overhaul.
  • The pumping system has been improved.
  • The mill’s internal conveyor system has been inspected, with major repairs made to the main conveyor under the grizzly and the outside rock breaker.

“This work is part of our estimated budget of approximately $12.5 million to bring the Beaufor Mine and Beacon Mill back into operation and will allow our employees to work more efficiently and safely,” said Jean-Marc Lacoste, President and CEO of Monarch. “In addition, as we have said before, we will now be able to extract gold from two sources, the shaft and the ramp, instead of just one, which should increase the mine’s capacity. In terms of our production schedule, we expect to complete the mine and mill preparation work at the end of the fourth quarter.”

“In terms of exploration at the Beaufor Mine, we have four underground drills currently operating on site and the 42,500-metre drilling program is approximately 85% complete. We are extremely pleased with the results obtained to date and are looking forward to seeing what the next drill results will show,” added Mr. Lacoste.

The technical and scientific content of this press release has been reviewed and approved by Christian Tessier, P.Geo., the Corporation’s qualified person under National Instrument 43-101.

About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 478,982 ounces of combined measured and indicated gold resources and 383,393 ounces of combined inferred resources.

Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

FOR MORE INFORMATION:
Jean-Marc Lacoste 1-888-994-4465
President and Chief Executive Officer [email protected]
   
Mathieu Séguin 1-888-994-4465
Vice President, Corporate Development [email protected]
   
Elisabeth Tremblay 1-888-994-4465
Senior Geologist – Communications Specialist [email protected]

www.monarchmining.com

Table 1: Monarch combined gold resources

Mineral Resource Estimates Tonnes
(metric)
Grade
(g/t Au)
Ounces
Beaufor Mine1      
Measured Resources 328,500 5.7 59,900
Indicated Resources 956,400 5.2 159,300
Total Measured and Indicated 1,284,900 5.3 219,200
Total Inferred 818,900 4.7 122,500
McKenzie Break2      
In-pit      
Total Indicated 1,441,377 1.80 83,305
Total Inferred 2,243,562 1.44 104,038
Underground      
Total Indicated 387,720 5.03 62,677
Total Inferred 1,083,503 4.21 146,555
Swanson3      
In-pit      
Total Indicated 1,864,000 1.76 105,400
Total Inferred 29,000 2.46 2,300
Underground      
Total Indicated 91,000 2.86 8,400
Total Inferred 87,000 2.87 8,000
TOTAL COMBINED4
Measured and Indicated Resources
Inferred Resources
    478,982
383,393
 
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo., and Dario Evangelista, P. Eng., BBA Inc.
2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.
3 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.
4 Numbers may not add due to rounding.

Historical Mineral Resource Estimate Tonnes
(metric)
Grade
(g/t Au)
Ounces
Croinor Gold1,2      
Measured Resources 80,100 8.44 21,700
Indicated Resources 724,500 9.20 214,300
Total Measured and Indicated 804,600 9.12 236,000
Total Inferred 160,800 7.42 38,400
       
1 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource was completed for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate.
2 Numbers may not add due to rounding.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/c9c5dac1-f2bd-47c4-9248-53166b0460af

https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e28baa-a982-497d-8261-94371f7cb657

https://www.globenewswire.com/NewsRoom/AttachmentNg/caf50c9d-0482-4b3a-b348-36ed63a30744

https://www.globenewswire.com/NewsRoom/AttachmentNg/c9d6699f-a720-4bb1-a20f-70d39469e545







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Skeena to Commence Trading on the NYSE

VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Skeena Resources Limited (TSX:SKE)(OTCQX:SKREF) ("Skeena" or the "Company") is pleased to announce that…

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VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Skeena Resources Limited (TSX:SKE)(OTCQX:SKREF) (“Skeena” or the “Company”) is pleased to announce that the Company has received listing authorization from the New York Stock Exchange (“NYSE”) and has filed a Form 40-F (“40-F”) with the U.S. Securities and Exchange Commission (“SEC”). The Company expects to begin trading on the NYSE on November 1, 2021 under ticker symbol “SKE”. The Company’s common shares will continue trading on the TSX under ticker symbol “SKE”.

Concurrent with the start of trading on the NYSE, Skeena’s common shares will cease trading on the OTC Markets. Shareholders are not required to take any action.

About Skeena

Skeena Resources Limited is a Canadian mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the Golden Triangle of northwest British Columbia, Canada. The Company released a Prefeasibility Study for Eskay Creek in July 2021 which highlights an open-pit average grade of 4.57 g/t AuEq, an after-tax NPV5% of C$1.4B, 56% IRR, and a 1.4-year payback at US$1,550/oz Au. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to full Feasibility by Q1 2022.

On behalf of the Board of Directors of Skeena Resources Limited,

Walter Coles Jr.
President & CEO

Contact Information

Investor Inquiries: [email protected]
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com

The scientific and technical information in this press release was approved by Paul Geddes, P.Geo., a Qualified person as defined under National Instrument 43-101 and Vice President, Exploration and Resource Development for the Company.

Cautionary note regarding forward-looking statements

Certain statements made and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Skeena Resources Limited.

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