Glen Eagle Sees New Opportunities Developing In Honduras
Glen Eagle Resources – TheNewswire – March 8, 2022 (TSX V :GER) (“Glen Eagle” the “Company”, or “GER”) has posted on its website a video showing the government’s position with regards to the mining industry in Honduras. The declaration states “that the companies operating with legal mining permits will continue their operations as usual but those working illegally or not compliant should be very concerned.” Glen Eagle applauds the leadership of the government.
Approximately 2000 small miners are working in the area where Cobra Oro is located. A majority of them are processing their ore using mercury for gold extraction and working without environmental permits.
Cobra Oro gold processing plant was originally built on the premises that the previous government would enforce the Minamata Agreement, which it signed in 2014 along with more than 100 countries to stop the use of mercury for gold extraction, a highly polluting metal, toxic and detrimental to people’s health living in the vicinity of these operations.
It was against this backdrop that Cobra Oro’ plant was built with the purpose to bring a solution to the small miners by having their ore brought to Cobra Oro and be processed in a regulated and safe environment.
The newly elected government of Xiomara Castro made environmental issues related to mining a central theme of her campaign, precluding a tougher approach towards illegal mining and permitting, which is welcomed by the Company and seen as opening many new opportunities to Cobra Oro in the near future and possibly vindicate the foundations upon which the plant was built originally.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, News Home
Glen Eagle: $6M Potential Windfall Using Cycladex Green Technology
Glen Eagle Resources ( TSXV:GER) (OTC:GERFF) (“Glen Eagle” the “Company”, or “GER”) announced in a news release dated June 15, 2021 that it was partnering with Cycladex to test an environmentally friendly technology that could better serve our mining suppliers by addressing a broader spectrum of mining needs, accelerating our leach time and improving recovery without affecting Cobra’s current operations.
Since then, the Company has remained in close contact with Cycladex, while conducting a due diligence process to better understand its technology. Tailing samples were sent recently to their laboratory for analysis. The ensuing results were excellent with an estimated 95% recovery or 1.5 grams gold per ton with a leach time of less than two hours.
The samples were taken close to surface and the Company is confident that 1.5 grams gold per ton is representative of the overall average grade contained in the tailing. It is also in line with regular sampling data collected over the years, including the information retrieved from nine drill holes conducted in tailing pond number three as part of the Company 2021 drilling program.
Cobra Oro gold processing plant was built and expanded to contain a total 50,000 tons of waste material based on the construction parameters of its three tailing ponds.
The numbers are quite significant as they would represent approximately $6M dollars of insitu recoverable gold with no toxic disposable byproducts, turning a liability into a potential asset.
Cycladex’s technology has been performing well on different type of ores and has been tested on batches of 20 tons and will be running additional pilot testing at Cobra Oro’s plant site.
The numbers quoted in this news release are based on in-house data and do not meet NI-43101 standards and can only be relied upon based on the information accumulated by the Company over the years and on the assumption that the results obtained from Cycladex laboratory can be repeated on larger scale.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Glen Eagle Resources Increases Production
Glen Eagle Resources Inc. (“ Glen Eagle ”) (TSXV:GER) (OTC:GERFF) announces an increase in production capacity from 100 to 150 tons per day by adding a third shift at Cobra Oro gold processing plant in Honduras; a wholly owned subsidiary of the Company.
The increase is in line with the ramp-up operation that started in late summer 2021 under the supervision of Karl Trudeau, COO of Glen Eagle. The increased throughput is also made possible by onboarding additional ore providers capable of supplying the required tonnage to reach the 150 tpd mark.
Combined with the current ore grade being processed, the Company is confident to generate substantial cash flow from its operations for the coming months, which will be released in due time in upcoming news releases.
About Glen Eagle Resources
For more information, please contact:
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Glen Eagle Strikes Joint Venture with Honduran Gold Mining Company
Glen Eagle Resources Inc. ( “ Glen Eagle ” ) (TSXV:GER) announces a Joint Venture with Indexta SA, the largest concession owner in Honduras with a portfolio exceeding 50 mining concessions including land ownership encompassing the vast majority of its concessions.
The JV will facilitate the access to the powerful communities “Patronatos”, who play a key role in accepting local projects. It will also open the door to new ore suppliers by creating important relationships with land owners, small miners unions, local government institutions, while carrying a wealth of data to guide future exploration and development programs, including a team of four geologists.
Jean Labrecque, CEO of Glen Eagle comments: “ The transaction was years in the making and was made possible by the trust we earned over the years with Indexta’s principal shareholder and key partners in southern Honduras. Combined with our successful ramp-up of operations at Cobra Oro gold processing plant, this transaction marks the most significant turning point for Glen Eagle since its presence in Honduras.”
About the Joint Venture
Glen Eagle ’s local operating company Cobra Oro has created a subsidiary called Inversiones Pacifico, which comprises the Joint Venture with Indexta. The Joint Venture company is owned 70% by Cobra Oro and 30% by Indexta based on a pro rata basis going forward regarding future exploration programs. The JV does not affect ownership of Cobra Oro, which remains 100% owned by Glen Eagle.
About Indexta
The most active exploration mining company in Honduras with several projects under exploration including some getting closer to small scale production. Its mining concessions encompasses the departments of Danli, Orlancho and Choluteca.
About Glen Eagle Resources
For more information, please contact:
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, News Home
Glen Eagle Corporate Update
Glen Eagle Resources (TSX V :GER) (OTC:GERFF) ( “ Glen Eagle ” the “ Company”, or “ GER ”) is pleased to report that the private placement closed on December 29, 2021, was mostly purchased by three shareholders with international exposure to the mining industry. These shareholders own a combined 14 million shares and have taken an active role in assisting the Company in shipping, credit facilities, spare parts logistics and on time delivery. With their added participation, approximately 65 million shares or 50% of all outstanding shares are controlled by a small group of investors dedicated to support Glen Eagle’s goals.
On June 16, 2021, the Company issued a news release regarding Cycladex gold extraction technology developed by Nobel Prize winner Sir Frazer Stoddart and supported by the National Science Foundation SBIR. Since then, the Company has been in regular contact with Cycladex. It is currently expecting laboratory data and results on samples provided by Cobra Oro.
The Company plans to apply Cycladex green technology at first to process 50,000 tons of tailings grading 1.2 g/Au per ton already in situ at Cobra Oro plant site. The implementation cost is relatively inexpensive and would require adding a separate circuit and recommissioning of Cobra Oro second ball mill.
The Company will bring an additional update shortly on its mining concessions, ongoing drilling program and production. The latter doing very well in its ramped-up phase under the supervision of COO, Karl Trudeau.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Glen Eagle Resources Announces Shares for Debt
Glen Eagle Resources Inc. (the “ Corporation ”) (TSXV:GER) (OTC:GERFF) is pleased to announce that it agreed to issue 4,045,066 Shares (the ” Debt Shares “) on a “shares-for-debt” basis in settlement of debts of $250,000 (the ” Debt “) owing to Mr. Eric Sprott and Mr. Denis Lavigueur (the “ Creditors ”). The Debt Shares are being issued at a deemed price of $0.0821 per share, in accordance with the policies of the TSX Venture Exchange (the ” TSX-V “).
The issuance of the Debt Shares to the Creditors will constitute a “related party transaction” within the meaning of the TSX-V Policy 5.9 (the ” Policy “) and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (” MI 61-101 “) adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the Debt Shares, nor the Debt, exceeds 25% of the Company’s market capitalization (as determined under MI 61-101).
The issuance of the Debt Shares is subject to the approval of the TSX-V. Any Debt Shares issued will be subject to a hold period which will expire on the date that is four months and one day from the date of issue.
ABOUT GLEN EAGLE RESOURCES INC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metals in Canada and the central America area.
For more information, please contact:
Jean Labrecque
President
1-514-808-9807
- Published in Glen Eagle, Mining, News Home
Glen Eagle Selling $1 Million Dollars of Dore, Including 2000 Ounces of Silver
Glen Eagle Resources (TSXV:GER) (OTC:GERFF) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce that from September to year end, the Company will have sold approximately CDN $1,000,000 dollars in dore bars and projecting to double its sales in Q1-2022 based on the feed and grade discovered at La Esperanza II. The values intersected are summarized for the first time in the table below and detailed in prior News Releases dated November 24 and December 9, 2021.
COO Karl Trudeau comments “Having been in Honduras recently to look at Cobra Oro operations, I was pleased by the ergonomics of the plant and its future potential as the inventory of spare parts is slowly being replenished, lowering the risk of plant failures. Some challenges are still lying ahead, but I remain confident that the company will be successful at turning around several aspects of its business, including a very positive ramp up operation still in progress at its gold processing facility in Southern Honduras.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
- Published in Glen Eagle, Mining, News Home
Glen Eagle Intersects True Width of 5.65 g/t Au Over 18 meters at La Esperanza II
Glen Eagle Resources – December 9, 2021 (TSXV:GER) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce its latest drilling results on the gold enrichment zone discovered at La Esperanza II with drill hole LE-21- 003 intersecting 5.65 g/t Au over 18 meters of true width, including 9.21 g/t Au over 9 meters from surface. The new data confirms the thickness of the vein from previously reported drill hole LE-21-002, which intersected 3.04 g/t Au over 30.8 meters from surface while remaining open at depth as previously reported and detailed in a News Release dated November 24. 2021 along with drill hole LE-21-001 having intersected 6.4g/t Au over 8.2 meters.
The well defined gold formation, while remaining open in all directions, will provide Cobra Oro with an additional 2000 tons of good grade ore to supply its wholly owned gold processing plant based in Choluteca, Honduras.
The drilling results are presented in the table below and released as an update on the values that the Company has intercepted in the context of continuous and timely information regarding its current drilling. The data was provided by Cobra Oro laboratory and therefore non-compliant under instrument NI 43-101 but deemed reliable supported by 5 years of reporting accurate results regarding its dore bars testing analysis.
Gilles Laverdière, P.Geo and a Qualified Person under NI 43-101 has read and approved the technical content of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Glen Eagle is successfully ramping up operations in Honduras
Glen Eagle Resources, (TSX V :GER) (OTC:GERFF) ( “ Glen Eagle ” the “ Company”, or “ GER ”) is pleased to announce that the ramp-up operation has progressed very successfully throughout the month of October at Cobra Oro gold processing plant in Honduras according to Karl Trudeau, Glen Eagle newly elected COO.
Recovery results for gold were 88.99% and 67.55% for silver , allowing the Company to nearly cover its operation cost despite a GPT of 1.93 g/Au per ton, demonstrating to our shareholders that the ramp up plan is working well despite processing low grade ore with limited throughput in October, which has been offset by improved efficiency at all level of Cobra Oro operations. Feed grade in November had already increased to approximately 3.7 g/Au per ton with continued focus in ramping up Cobra’s operations and working to develop joint venture agreements with local concession owners currently working with the Company.
The drilling results announced last week with both drill holes LE-21-002 intersecting on surface 3.04 g/Au over 30.8 meters and drill hole LE-21-001 returning 6.04 g/t Au over 8.2 meters, the Company can expect GPT to increase significantly, allowing Cobra Oro to become cash flow positive in the very near term.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
La Esperanza II Returns 6.04 g/Au /over 8.2 Meters on Surface
Glen Eagle Resources (TSXV:GER) (OTC:GERFF) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce that a new enrichment zone was discovered at La Esperanza II with drill hole LE-21-001 returning 6.04 g/t Au over 8.2 meters in a gold bearing quartz vein found on surface. The hole was stopped due to the crossing of an unknown drift while drilling.
Drill hole LE-21-002 intersected on surface 3.04 g/Au over 30.8 meters and remains open at depth.
True width of the vein will be defined after interpreting additional drilling results currently under analysis at Cobra Oro laboratory.
Drilling by the Company is aimed at scouting the surface of a large gold bearing zone encompassing approximately 30 square kilometers. The Company has been working in the area for the last two months to improve TPD feed to its mill and consolidating concession agreements with land owners. The area is located some 40 kilometers away from Cobra Oro gold processing plant.
The drilling results are presented in the table below and released as an update on the values that the Company has intercepted in the context of continuous and timely information regarding its current drilling. The data was provided by Cobra Oro laboratory and therefore non-compliant under instrument NI 43-101.
Hole # | From | To | Length | Gold |
(m) | (m) | (m) | (gpt) | |
LE-21-001 | 0 | 0.5 | 0.5 | 1.29 |
LE-21-001 | 0.5 | 2.0 | 1.5 | 3.81 |
LE-21-001 | 2.0 | 3.5 | 1.5 | 4.68 |
LE-21-001 | 3.5 | 5.0 | 1.5 | 6.57 |
LE-21-001 | 5.0 | 6.5 | 1.5 | 7.68 |
LE-21-001 | 6.5 | 8.2 | 1.7 | 8.27 |
Hole # | ||||
LE-21-002 | 0 | 5,3 | 5,3 | 3,42 |
LE-21-002 | 5,3 | 12,8 | 7,5 | 5,49 |
Including | 5,3 | 6,8 | 1,5 | 8,07 |
LE-21-002 | 12,8 | 18,8 | 6.0 | 1,43 |
LE-21-002 | 18,8 | 24,8 | 6.0 | 1,12 |
LE-21-002 | 24,8 | 30,8 | 6.0 | 3,40 |
Including | 24,8 | 26,3 | 1,5 | 5,51 |
Gilles Laverdière, P.Geo and a Qualified Person under NI 43-101 has read and approved the technical content of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
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