Canada Silver Cobalt Completes Asset Acquisition From Polymet Resources
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to report that it has completed its previously-announced acquisition of the assets of Polymet Resources Inc., including an assay laboratory and bulk sampling plant located in Cobalt, Ontario. The asset acquisition was effected through Temiskaming Testing Laboratories Inc., a wholly-owned subsidiary of Canada Silver Cobalt.
In payment for the assets, Canada Silver Cobalt issued 690,409 shares to Polymet Resources at a deemed price of $0.45 per share, for total deemed consideration of approximately $311,000. Canada Silver Cobalt also assumed outstanding liabilities of Polymet Resources in an amount of approximately $339,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant entitles Polymet Resources to acquire one additional common share of Canada Silver Cobalt at a price of $0.50 for a period of two years. The shares and warrants are subject to a four-month hold period in accordance with applicable securities regulations and the policies of the TSX Venture Exchange.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
- Published in Canada Cobalt Works, Mining, News Home
San Marco Closes Oversubscribed $4,000,000 Flow-Through Private Placement
San Marco Resources Inc. (TSXV: SMN) is pleased to announce that it has closed its previously announced non-brokered “flow through” private placement. The placement was oversubscribed and consisted of: (i) 6,498,000 “charity flow-through” Units at a price of $0.34 each (the “Charity FT Unit Offering“) and (ii) 7,257,285 “flow-through” Units at a price of $0.26 each (the “FT Unit Offering” and, together with the Charity FT Unit Offering, the “Offering“) for gross aggregate proceeds of $4,096,214.10. Eventus Capital Corp. acted as a finder in connection with the Offering and received a 7% cash fee and that number of compensation warrants equal to 7% of the number of Units that it placed.
Bob Willis, CEO and director, stated, “This is a very exciting time for all San Marco shareholders as we are now fully financed for a 10,000m drill program scheduled to start very shortly. We welcome our new strong institutional investor base and are looking forward to expand on the excellent results to date at the Buck Property.”
Each Unit consisted of one ‘flow-through’ common share and one half of a common share purchase warrant. Each whole warrant (a “Warrant“) entitles the purchase of one (non-flow-through) common share for 24 months at a price of $0.34. If the closing price of the Company’s common shares is greater than $0.70 for 10 consecutive trading days, San Marco has the right to accelerate the expiry date of the Warrants by giving notice, via a new release, to the Warrantholders that the Warrants will expire 30 days after the issuance of the news release. The compensation warrants will be exercisable for two years at a price of $0.26 per share in respect of those issued under the FT Unit Offering and $0.34 per share in respect of those issued under the Charity FT Unit Offering and will not be subject to the acceleration provision.
Common shares comprising part of the Units issued under the Offering will qualify as ‘flow through shares’ (“Flow Through Shares“) under the Income Tax Act (Canada). The gross proceeds from the Offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ under the Income Tax Act and will be renounced to the initial purchasers of the Flow Through Shares.
Proceeds of the Offering will be used for funding exploration of the Company’s Buck Property. All the securities issued and issuable pursuant to the Offering will be subject to a four month restricted resale period expiring on November 24, 2020. San Marco also paid 7% finder’s fees and issued 7% in compensation warrants to Haywood Securities Inc., National Bank Financial Inc. and T-Bone Ventures Inc., which acted as finders under the FT Unit Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sanmarcocorp.com
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
Tel. 778-588-9606
- Published in Mining, News Home, San Marco Resources
Rio Silver Acquires Additional Gold/Silver Concession at Ninobamba
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is pleased to announce that it has acquired by application, an additional 200 hectare concession immediately west of and adjoining our concession that covers our 100% owned Jorimina Gold-Silver zone at (“Niñobamba”). The new concession covers highly oxidized rocks on surface similar to the Jorimina Zone where the previous operator drilled in 2009 an impressive 72.3 metres of 1.19 g/t Au starting at 53 metre depth.
In 2016 the Company acquired from Newmont Mining Corp. (“Newmont”) an extensive database containing assays results from drilling and surface sampling along with reports from a substantial exploration program conducted in the late 2000’s. The data contained extensive information on the Jorimina Gold-Silver zone which showed numerous similarities compared to the high-sulphidation silver-gold system identified on the Company’s principal Niñobamba zones located 6.5 kilometers to the east. Expenditures by Newmont in the area exceeded $6.5 million US.
Earlier in 2020, the Company contracted Brad Ulry, P.Geo, to construct a conceptual exploration target on the main Niñobamba zones (see Company’s Press Release dated February 27th, 2020). The model focused on the Ninobamba Main zone which can be broken down into two sub-parallel zones (a north and a south zone). The following table summarizes the model:
CONCEPTUAL EXPLORATION TARGET RANGE
Cut-off grade | Tonnes | Silver grade | Silver grade | Silver ounces | |
g/t | MT | avg. g/t | avg. opt | million t oz | |
Lower Exploration target | 50 | 7.9 | 90 | 2.88 | 22.9 |
Higher Exploration target | 50 | 11.1 | 86 | 2.78 | 30.9 |
The model did not include any gold values as previous operators in some holes did not assay for gold. The gold potential was only recognized by the Company’s geologists in 2012 after an extensive surface exploration and trenching program. Assays from the trenches on the Northern Zone returned 56 m of 1.03 g/t Au and 98.9 g/t Ag in Trench-001 and 21 m of 1.32 g/t Au and 102.5 g/t Ag in Trench-004. The alteration associated with the gold mineralization exposed in trenches is clearly associated vuggy silica indicating a high sulphidation event.
Chris Verrico, President and CEO states, “We couldn’t be more excited for the Company’s prospects in this rapidly changing marketplace. The heightened interest in both gold and silver bodes well considering their equal prominence in the predominantly precious-metal deposits at both of the Company’s projects Niñobamba and Palta Dorada Au-Ag. As the lockdown eases in rural Peru, the Company is employing only the most diligent of its options available, to advance Niñobamba to the drilling stage and commence bulk sampling at Palta Dorada while creatively keeping the local Communities safe during the coming months. Niñobamba ranks amongst one of the best, under evaluated, mineralized potentials being forwarded in Peru today.”The model did not include any gold values as previous operators in some holes did not assay for gold. The gold potential was only recognized by the Company’s geologists in 2012 after an extensive surface exploration and trenching program. Assays from the trenches on the Northern Zone returned 56 m of 1.03 g/t Au and 98.9 g/t Ag in Trench-001 and 21 m of 1.32 g/t Au and 102.5 g/t Ag in Trench-004. The alteration associated with the gold mineralization exposed in trenches is clearly associated vuggy silica indicating a high sulphidation event.
About Rio Silver
Rio Silver Inc. is a Canadian Exploration and Mine Development company. Our business is to develop our 100% owned Ninobamba project and to unlock the tremendous potential for shareholder value identified from the previous $10 million spent by Newmont and others at both, NinoBamba Main and Jorimina Zone’s. Our own recently commissioned & independently constructed ‘exploration potential” model for Ninobamba Main has identified more world class development potential. Benefits are also soon to materialize from the carried development of the our new Palta Dorada Au Ag project, focusing on a near term revenue stream. For more information, please visit: https://www.riosilverinc.com/
For more information contact:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
- Published in Mining, News Home, Rio Silver
Granada closes FT private placement for $800,000
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that the Company has closed a flow-through private placement financing raising gross proceeds of $800,000. The Company has issued 3,200,000 flow-through shares at a price of $0.25 per flow-through share, subject to TSX Venture Exchange (“Exchange”) approval.
Finder’s fees totaling $56,000 in cash and 224,000 finder warrants were paid connection with the financing. Each finder warrant is exercisable at $0.25 per share for two years from closing. The finder’s fees paid in connection with the private placement are subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four-month and a day hold period expiring on November 22, 2020, in accordance with applicable Securities Laws.
The proceeds of the flow-through Private Placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Québec.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all permits required to commence the initial mining phase known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2020/21/c2764.html
Contact:
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Innovexplo Begins Revised 43-101 Resource Study at Granada
Granada Gold Mine (TSX.V: GGM) (“Granada Gold” or the “Company”) is pleased to report that it has retained the services of Innovexplo with a site visit this past week at the Granada Mine Site for a revised 43-101 resource.
Innovexplo – Established in 2003, their mission is to contribute in an innovating, objective and efficient manner to the evolution of mining projects by offering a complete and integrated range of dependable and top-quality services at each phase of exploration and mining operations.
“Granada is currently drilling key holes to increase underground resources quality below existing pit constrained mineral resources,” said Frank J. Basa, P.Eng., Granada Gold’s President and CEO. “The company has decided that a revised 43-101 should be undertaken at this stage to better reflect the potential of the resource.”
Grab Sample
Granada undertook a grab sample of about 1000 kilograms of mineralized material containing visible gold in the vicinity of hole GR-19-A. Drilled in 2019 from surface, the interval from zero to 33 meters core length returned 11.45 grams per tonne gold. Visible gold was present in the core. It is estimated that the true width is 6.3 meters (see 2020-01-09 news release). The sample was sent to Temiskaming Testing Laboratories in Cobalt, Ontario for gravity gold recovery.
Pit Constrained Mineral Resources
The current resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec is detailed in the 43-101 technical report filed on Sedar, titled: “Granada Gold Project Mineral Resource Estimate Rouyn-Noranda, Quebec, Canada.” The report, written by Independent Qualified Persons Allan Armitage, PhD, P.Geo, and Maxime Dupere, BSc, P.Geo, of SGS Canada Inc., provides support for the following resource estimate:
Current Resources: 2019 Pit-Constrained Resource Estimate1 | |||
Category | Tonnes | Grade (g/t Au) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
M&I Total | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
1 Cutoff 0.4 g/t Au; see Press Release of February 13, 2019 for detailed notes |
Qualified Persons
For the purposes of this announcement, Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant and qualified person in accordance with National Instrument 43-101, has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all permits required to commence the initial mining phase known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
For further information: Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
Related Links
- Published in Granada Gold Mine, Mining, News Home
Granada Completes Sale of Back-In Option to Canada Silver Cobalt
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that it has completed its previously-announced sale to Canada Silver Cobalt Works Inc. of a back-in option on five mining leases forming part of the Castle Silver Cobalt Mine property in Ontario.
In payment, Canada Silver Cobalt issued 2,941,000 common shares to the Company at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant will entitle the Company to acquire one additional common share of Canada Silver Cobalt for $0.55 for a period of five years. The shares and warrants issued by Canada Silver Cobalt are subject to a four-month hold period under applicable securities regulations and the policies of the TSX Venture Exchange.
Under the policies of the TSX Venture Exchange, Granada Gold is a “Non Arm’s Length Party” to Canada Silver Cobalt in that Frank Basa, Jacques Monette, Robert Setter and Dianne Tookenay, each of whom is a director and/or officer of Canada Silver Cobalt, are also directors and/or officers of Granada Gold. In determining the purchase price, Canada Silver Cobalt relied on, among other things, a valuation opinion dated May 13, 2020 prepared by Watts, Griffis and McOuat Limited of Toronto. The sale of the back-in option is not a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of more than 75 million plus ounces of gold production in the past century, cuts through the north part of the Granada property.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and half kilometers. Three of these structures were mined historically from two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 5 to 3.5 grams per tonne gold
The Company is in possession of all mining permits that are required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2020/13/c7695.html
Contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Rio Silver Provides Update on Palta Dorada Gold-Silver-Copper Project, Peru
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is pleased to announce that the Company has been notified by its partner, Peruvian Metals Corp. (“Peruvian Metals”), that Peruvian Metals plans to initiate an exploration and bulk sampling program on the high grade Au-Ag-Cu Palta Dorada project (“Palta Dorada” or the “Property”) early in the third quarter. The Company signed a Memorandum of Understanding (“MOU”) with Peruvian Metals in early January 2020 (see The Company’s news release January 9th) to jointly explore the Property by conducting a detailed sampling and mapping program along with a bulk sampling campaign. Under the MOU, Peruvian Metals is required to provide the upfront capital to start the program and has also informed Rio Silver that permits have been approved to extend underground workings at the main exploration target on the property. Extracted mineralized material from the underground exploration will form the bulk sampling program.
The Property, located in the Ancash Mining Department in Northern Peru, covers an area of approximately 1200 hectares. Precious metal mineralization at Palta Dorada consists of several high-grade Au-Ag-Cu structures hosted in granitic rocks. The gold-silver mineralization and exploration model is considered to be “Intrusion-Related Gold Vein System” similar to gold systems in Peru’s gold rich Pataz Mining Region, Nasca-Ocona Gold Belt and gold systems within the Tintina Gold Belt of Alaska.
Initial work at Palta Dorada identified and sampled four structures. The “Main Structure” that trends ENE-WSW consists of a quartz vein exposed both in outcrop and in two small underground adits and shafts. The Main Structure exposure is observed to have a strike length of over 800 metres and is open along strike in both directions. Artisinal workings expose portions of the Main Structure including a 53-metre-deep shaft where seven chip samples were taken at various depths from quartz vein containing sulphides. Results from these samples range from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.31% Cu to 4.94% Cu over an average width of 0.60 meters. The weighted average of these samples from the quartz-sulphide vein is 10.51 g/t Au, 329 g/t Ag and 1.74% Cu.
A second mineralized structure, the “North 1 Structure” or “N1S” is observed north of the Main Structure and trends WNW-ESE. The intersection of these structures represents a good exploration target. Twelve samples were taken from very small workings over a strike length of approximately 480 meters. All samples were strongly oxidized and returned from 1.40 g/t Au to 17.3 g/t Au, 10.8 g/t Ag to 456 g/t Ag and 0.02% Cu to 0.14% Cu over widths of 0.20 to 0.80 meters. The weighted average of these samples from the oxidized quartz vein is 7.92 g/t Au and 102 g/t Ag. A bottle-roll metallurgical sample with a head grade of 13.0 g/t Au and 102 g/t Ag returned 92.15-per-cent gold and 65-per-cent silver recoveries over 36 hours. Two other gold bearing structures, the “South 1 Structure” or “S1S” and the “South 2 Structure” or “S2S”, were identified approximately 1500 meters south of the artisanal workings on the Main Structure. Limited sampling was conducted in this area however one sample was taken from a mineral sack ready for shipment to a toll mill and contained oxidized quartz material that returned 14 g/t Au and 74.4 g/t Ag.
Peruvian Metals plans to start a property wide sampling and mapping program followed up by a detailed magnetic survey. The exploration will also consist of continuing the underground sampling and mapping on the Main Structure by extending the underground workings both laterally and vertically. Permits have been submitted and approved to conduct underground work which will also result in bulk sampling of the mineralized material. The underground work will greatly aid in the understanding of the mineralized structures and can be followed by underground drilling. The COVID-19 restrictions imposed by the government at this time do not yet allow the Company to commence underground work. It is expected work will begin in the next phase of reopening of the Peruvian Economy.
Metallurgical work performed by Procesmin Ingenieros Laboratories from a composite sample from mineral ready for shipment by the previous owner had a head grade of 23.2 g/t Au, 29.0 oz/t Ag and 4.95% Cu. Metallurgical work showed that two concentrates can be produced. The first and more valuable concentrate graded 125.6 g/t Au, 4,808 g/t Ag and 24.41% Cu. A second Au-pyrite concentrate was also produced and graded 11.5 g/t Au, 565 g/t Ag and 2.90% Cu. Sales from metal concentrates produced from the bulk sampling activity will be shared between the Companies less all operational expenses related to the bulk sampling. Peruvian Metals’ 80% owned Aguila Norte Processing Plant will charge the joint effort commercial mineral processing rates on a similar basis to its other clients for processing the bulk samples. The Plant is accessible from the property by approximately 180 kilometres of mainly paved roadway.
Peruvian Metals will act as the operator of the joint effort and is responsible for the permits necessary to explore the property and to extract bulk samples. Chris Verrico the CEO of Rio Silver states, “Having recently purchased this tremendous asset and with the recent strength in gold prices, we remain excited to see Palta Dorada’s non-dilutive advancement underway with a seasoned in-country operator motivated to perform. Any returns from the bulk sampling campaign from processing this high-grade vein rock at Peruvian’s nearby custom milling plant, will bring mutual benefit to both groups and help to advance our 100% owned Ninobamba project in Southern Peru. Ninobamba is a world class medium/high sulfidation epithermal gold/silver deposit where $US 9 million in previous exploration and feasibility work has been completed and one that rivals the potential of any similarly endowed deposit being forwarded in Peru, to our knowledge”.
Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.
About Rio Silver
Rio Silver Inc. is a Canadian Exploration and Mine Development company. Our business is to develop our 100% owned Ninobamba project and to unlock the tremendous potential for shareholder value identified from the previous $10 million spent by Newmont at the Jorimina Zone and others. Our own recently commissioned & independently constructed ‘exploration potential” model for Ninobamba Main has identified more world class development potential. Benefits are also soon to materialize from the carried development of the our new Palta Dorada Au Ag project, focusing on a near term revenue stream. For more information, please visit:
https://www.riosilverinc.com/
For more information contact:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: https://www.riosilverinc.com/
- Published in Mining, News Home, Rio Silver
Canada Silver Cobalt Repurchases Back-in Option From Granada Gold Mine
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (“Canada Silver Cobalt”) has entered into a Purchase and Sale Agreement with Granada Gold Mine Inc. (TSXV: GGM) (“Granada Gold”) pursuant to which Canada Silver Cobalt will repurchase from Granada Gold a back-in option on five mining leases at Castle East, forming part of the Castle mine property near Gowganda, Ontario.
In payment, Canada Silver Cobalt will issue 2,941,000 common shares to Granada Gold at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares will be accompanied by one common share purchase warrant. Each warrant will entitle GGM to acquire one additional common share of Canada Silver Cobalt for $0.55 for a period of five years.
This Purchase and Sale Agreement was completed in order to accelerate development of the Castle mine property (refer to June 30, 2020, CCW news release). In 2017 Canada Silver Cobalt acquired Granada Gold’s 50% interest in the five mining leases to hold a 100% interest in the property which now encompasses 78 sq. km. Canada Silver Cobalt acquired the 50% interest in the five mining leases in lieu of a $500,000 debt which Granada Gold owed to it. As part of the 2017 transaction, Granada Gold retained a back-in option to repurchase the 50% interest in the five mining leases for $500,000.
Closing of the transaction is expected to take place within the coming days. The shares and warrants issued by Canada Silver Cobalt at closing will be subject to a four-month hold period under applicable securities regulations and the policies of the TSX Venture Exchange.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2020/02/c1285.html
- Published in Canada Cobalt Works, Mining, News Home
Tetra Tech Begins Studies for On-Site Mill at Granada
Granada Gold Mine (TSX.V: GGM) (“Granada Gold” or the “Company”) is pleased to report that it has retained the services of Tetra Tech to begin a gap analysis to amend our current Certificate of Authorisation for an on-site mill at Granada.
Tetra Tech is a leading provider of consulting and engineering services. The Company supports government and commercial clients by providing innovative solutions focused on water, environment, infrastructure, resource management, energy, and international development. With 20,000 associates worldwide, Tetra Tech’s capabilities span the entire project life cycle.
Frank J. Basa, P.Eng., Granada Gold’s President and CEO, comments: “Granada has completed a stage-one surface stripping program and has discovered at-surface mineralized structures with significant visible gold. As such, the company has decided that the local mills for custom milling would not be able to process this mineralized material without a significant modification of the process flowsheet to recover this amount of visible gold”.
Back-In Option
Canada Silver Cobalt will repurchase from Granada Gold a back-in option on five mining leases at Castle East, forming part of the Castle mine property near Gowganda, Ontario.
In payment, Canada Silver Cobalt will issue 2,941,000 common shares to Granada Gold at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares will be accompanied by one common share purchase warrant. Each warrant will entitle GGM to acquire one additional common share of Canada Silver Cobalt for $0.55 for a period of five years.
Closing of the transaction is expected to take place within the coming days. The shares and warrants issued by Canada Silver Cobalt at closing will be subject to a four-month hold period under applicable securities regulations and the policies of the TSX Venture Exchange.
Open Pit Resource
The current resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec is detailed in the report filed on Sedar, a technical report compliant with National Instrument 43-101 titled, “Granada Gold Project Mineral Resource Estimate Rouyn-Noranda, Quebec, Canada.” The report, written by Independent Qualified Persons Allan Armitage, PhD, P.Geo, and Maxime Dupere, BSc, P.Geo, of SGS Canada Inc., provides support for the following resource estimate:
Current Resources: 2019 Pit-Constrained Resource Estimate1 | |||
Category | Tonnes | Grade (g/t Au) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
M&I Total | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
1 Cutoff 0.4 g/t Au; see Press Release of February 13, 2019 for detailed notes. |
Qualified Persons
For the purposes of this announcement, Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant and qualified person in accordance with National Instrument 43-101, has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all permits required to commence the initial mining phase known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
- Published in Granada Gold Mine, Mining, News Home