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ARCHIVED ARTICLES - Latin America Mining Record04/30/07 - La Fortuna Update VANCOUVER - Golden Peaks Resources Ltd. reported on drilling progress on its La Fortuna gold project in Patagonia, Argentina. The drill program re-started in early January following the Christmas break. 14 holes (1554.35 meters) have been drilled and six holes were drilled to test surface gold mineralization on the north end of the CR Structure. The area of drilling is located approximately 1 km south of the T-11 discovery zone and approximately 700 meters southeast of the G zone. Eight holes have been drilled on the west end of the T-11 zone to test for extensions of the zone towards the Amphitheatre. The Company has two drill rigs operating on the property. The La Fortuna project covers a large mineral district in which eight zones of structurally controlled gold mineralization have been identified. The structures which host the various gold zones total in aggregate a lineal distance of approximately 15 kilometers. All but one of the eight gold zones have been reconnaissance drilled. 04/27/07 - Mirasol Finalizes Joint Venture Agreement VANCOUVER, BC - Mirasol Resources Ltd. reported that it has finalized the Option and Joint Venture Agreement with Hochschild Mining Holdings Ltd., for exploration and development of the Claudia and Santa Rita Projects. Claudia and Santa Rita are two epithermal gold-silver projects within Mirasol's 100%-owned gold-silver property portfolio located in southern Argentina. Hochschild operates the joint venture and has already initiated exploration activities at both properties. Principle terms of the Option and Joint Venture Agreement provide Hochschild with the option to earn a 51% interest in each of the Claudia and Santa Rita properties by spending US$6 million on exploration at the Claudia Project and US$3 million on exploration at the Santa Rita Project over four years, and by making cash payments totaling US$950,000. 04/26/07 - Trenching Defines North Zone Target at Rio Grande Copper-Gold Project VANCOUVER, BC - Mansfield Minerals Inc. has received assay results from its joint venture partner, Antares Minerals Inc. for the first 5 trenches of a 25 trench, 5,200 metre program at the Company's Rio Grande copper-gold project in Salta Province, north-western Argentina. The results are from the previously poorly exposed North Zone target area; highlights include: Trench T-42 -- 48 metres with 0.47 g/t Au and 0.29% Cu, Trench T-44A - 54 metres with 0.48 g/t Au and 0.37% Cu (0.2% Cu cut-off). Mansfield reported that these results clearly delineate the surface expression (0.1% Cu cut-off) of the North Target as a 60-200 metre wide zone that extends for more than 800 metres to the west of the Sofia Zone where recent drilling has encountered encouraging results beneath similar surface manifestations (RGA-06-024 -- 128 metres with 0.71 g/t Au and 0.47% Cu; RGA-060026 -- 158 metres with 0.51 g/t Au and 0.46% Cu. The North Zone remains open to the southwest and possibly to the north beneath colluvial cover. The current trenching program has been highly successful at penetrating extensive thin colluvial cover with bedrock exposed along more than 85% of the trench lengths. The effectiveness of the trenching was considerably greater than anticipated and the trenching program was therefore extended to 5,200 metres from the originally planned 4,400 metres. 04/25/07 - Wide Zones Of Visual Copper Mineralization Increased VANCOUVER - Portal Resources Ltd. reported visual results from the Phase I reverse circulation drilling at the Anchoris copper-gold porphyry project in Mendoza Province, Argentina. The drill program initially tested three copper-gold porphyry targets La Totora, San Pedro, and La Julia along an eight kilometer strike length. Long intervals of strongly altered volcanics and intrusive rocks were intersected in the drilling that contained disseminated pyrite and chalcopyrite (copper) sulphide mineralization as well as quartz stockwork with pyrite and chalcopyrite sulphide mineralization over 200-300 meters. Hole AN14 tested the La Totora Zone, a 200-400 meter wide south dipping structurally controlled copper-gold porphyry stockwork zone mapped over a strike length of 2000 meters within an overall pole-dipole induced polarization (IP) geophysical anomaly of 4000 meters. Drilled in the central portion of the La Totora Zone the hole intersected a strongly argillic altered porphyry with disseminated pyrite and chalcopyrite mineralization and quartz veinlets with pyrite and chalcopyrite over 168 meters from 196 to 364 meters and remains open to depth. Drill hole AN10 in the San Pedro Zone intersected silicified, propylitic and argillically altered volcanics with quartz stockwork veinlets containing disseminated pyrite over 227 meters from 28-255 meters. This hole is thought to lie on the northern edge of the mineralized area. Drill hole AN11, 600 meters south of AN10, intersected silicified, propylitic and argillically altered volcanics with disseminated pyrite from 0-95 meters and argillically altered porphyry with disseminated pyrite and chalcopyrite and quartz veinlets with pyrite and chalcopyrite mineralization over 245 meters from 95 to 340 meters, open to depth. 04/24/07 - Eaglecrest Commences Close-Spaced Infill Definition Drilling VANCOUVER - Eaglecrest Explorations Ltd. reported that, in light of recent discovery of high grade gold shoots, a program of closespaced infill definition drilling has commenced at the San Simon project. Company president Hans Rasmussen and the Board of Directors met to discuss the importance of the new gold shoot targets and unanimously agreed to complete infill drilling and quantify the gold grade and size of the high-grade gold shoots-before asking SRK Consulting to complete the first resource calculation. Rasmussen and his team are focusing exploration on shallow, highgrade gold intercepts that are already in the Company's drill hole database-and delineate them one gold shoot at a time. The infill drill program is designed to provide SRK Consulting with more detailed information to get a better representation of the high grade gold present in both the Main Quartz Vein ("MQV") and its newly discovered high grade gold shoots. "Our maximum depth of exploration in this phase will be 300 meters," said Rasmussen. "An advantage of this type of target is that drills are moved only 25 meters between holes, drilling isn't as deep and core samples can be recovered in less than two days-rather than one to three weeks for the deeper holes. There is also much less drilling through barren rock-making the overall cost of exploration and finding gold more efficient." 04/23/07 - Completion of Pacincia Pre-Feasibility Study CONCORD, NH - Jaguar Mining Inc. reported that it has completed a pre-feasibility study on its Pacincia Project Santa Isabel Mine property located in the state of Minas Gerais in Brazil and is reclassifying mineral resources as mineral reserves. All figures are in U.S. dollars unless otherwise indicated. Based on the findings of the pre-feasibility study, Jaguar is advancing its 100% owned Pacincia Project toward production of approximately 75,000 ounces of gold per year at an average cash cost of $221 per ounce over an estimated initial 5.1 year mine life. Jaguar believes it will bring additional resources into the mine plan as exploration results are evaluated. These additional resources are expected to increase the mine life and annual production rate beyond the present estimate. The Company is proceeding with development plans, finalizing the feasibility study and the filing of NI 43-101 independent technical reports. The process to obtain the necessary permits is underway. The Installation License (LI) is expected to be issued in March 2007 and the initial production slated for Q2 2008. Daniel Titcomb, Jaguar's President and CEO stated, "We believe the Pacincia Region could yield several operations similar to the Santa Isabel Mine. During our next phase of exploration in this region, we will continue with underground development and drill several mineralized structures adjacent to the Santa Isabel ore body. If we are successful, these additional resources would likely be processed through an expansion of the facility we are now building for the Santa Isabel Mine." 04/20/07 - Solitario Intersects Widespread Gold Mineralization DENVER, CO - Solitario Resources Corporation reported the results of its second round of drilling completed in late 2006 on its 100%-owned Mercurio gold project in northern Brazil. Highlights include core holes SB-16 that intersected 7.0 meters grading 6.9 grams per tonne ("g/t") gold, SB-18 that intersected 34.0 meters of 2.7 g/t gold and SB-20 that intersected 26.0 meters grading 1.6 g/t gold. In total, nine of the eleven widely spaced drill holes intersected significant gold mineralization in this program. A total of 23 drill holes have thus far tested three separate target areas: the Colonia, Patoa and Tucanar prospects. At Colonia, a mineralized east-west structural trend has been traced for at least 400 meters. This trend remains open in both directions along horizontal strike and at depth. At Patoa, two holes, SB-04 drilled in 2005, and SB-18, may represent the same mineralized trend. These holes intersected 12.2 meters grading 12.2 g/t gold and 34 meters of 2.7 g/t gold, respectively. In addition, SB-20, that intersected 25.5 meters of 1.6 g/t gold, was drilled 600 meters west of the main Patoa area and represents significant untested potential of the Patoa zone. Finally, at the Tucanar prospect, all five drill holes have intersected gold mineralization, but much work remains to determine the size of this zone. 04/19/07 - Exploration Commences on M10 Massive Sulphide Prospect in Ecuador VANCOUVER - MPH Ventures Corp. reported that it has commenced its field program on the M10 massive sulphide prospect in Ecuador. The M10 property is located in the Pichincha province, 50 kilometres west-southwest of the Capital Quito in Ecuador, immediately north and adjoining Cornerstone Capital's and Coastport Capital's La Plata gold-rich VMS (volcanic massive sulphide) deposit, and covers an area of 4,915 hectares. MPH Ventures is earning a 50% interest in the M10 massive sulphide prospect from Lateegra Gold Corp. The initial focus of the field program is mapping and sampling, with a particular focus on the southern area of the M10 concession. MPH Ventures was able to locate maps of field work carried out in the early 1990's, which have assay data and geological mapping information. The Company's field crew is going back to these areas of earlier work and will attempt to verify the information contained therein. Stream sediment sampling commenced and subject to success and accessibility, the Company proposes to collect approximately 150 stream sediment samples for analysis. The earlier maps show a grid on the south central portion of the M10 concession and MPH Ventures will attempt to recapture the old grid to commence the soil sampling. The grid and soil sampling will commence once an environmental study is completed. 04/18/07 - Production Scheduled to begin in February NEW YORK, NY - Capital Gold Corporation reported that infrastructure construction at the El Chanate gold project in Sonora, Mexico, is moving rapidly toward completion. Initial ore placement on the leach pads is expected in February. Among the major production targets achieved by the Capital Gold team has been the commissioning of the water supply line and the site delivery of all the major components of the mine. Ore is currently being processed through a screening plant and placed on the leach pads for use as overliner material. 04/17/07 - Drilling to Focus on Expansion of G-9 VANCOUVER - Dick Whittington, President and CEO of Farallon Resources Ltd. reported that exploration drilling has recommenced at the Company's Campo Morado polymetallic (zinc, gold, silver, copper, lead) project in Guerrero State, Mexico. Crews remobilized to site earlier this month and drilling in January. The Company's 2007 program will focus on advancing exploration and mine development activities. A 40,000-meter surface exploration program is planned with two objectives: to find additional high grade resources at G-9 and to test other targets in order to find another G-9 style deposit. To meet the first objective, drilling will focus in the immediate vicinity of the G-9 deposit, initially along the northern edge of the felsic volcanic complex. To meet the second objective, known targets will be drill tested proceeding in a southwesterly direction and following the trend of the five deposits discovered at Campo Morado to date. In addition, structural and stratigraphic concepts at the property scale will be drill tested in an effort to find another G-9-style deposit. 04/16/07 - Penoles Exercises Option On Maguarichic Project VANCOUVER - EXMIN Resources Inc. reported that Industrias Pe–oles, its joint venture partner at the 38,800 hectare Maguarichic Project, has elected to continue with year two of the earn-in joint venture for terms of the earn-in joint venture agreement). In conjunction with this decision, EXMIN has assigned 10% of the mining rights to its concessions that make up the project to Pe–oles, and Pe–oles has made the required payment of US$ 100,000 to EXMIN that was called for in the original option agreement. Karl Boltz, President and CEO of EXMIN, stated "We are pleased that our joint venture partner has elected to continue the exploration program at the Maguarichic project. The drill program completed late last year successfully defined strong anomalies of indicator elements but was not designed to test for deeper mineralization. Pe–oles was required to drill a minimum of 2000 metres in the first year of the joint venture, and the drill sites were located high in the system along existing roads high in the system, and were not ideal for testing the best targets in the bottom of the valley and below the strong upper level alteration. The presence of anomalous gold values over large intervals in some of the drill holes is a plus, and provides positive results for continued exploration." 04/13/07 - Dolores On Schedule For Gold And Silver Production VANCOUVER, BC - Minefinders Corporation, President and CEO, Mark Bailey reported that its 18,000 tonne per day Dolores open pit mine, in Chihuahua Mexico, is on schedule and on budget to produce gold and silver in the third quarter of 2007. Recent progress in the rapid advancement of all facets of the Dolores mine development includes the following: o Completion of a final comprehensive surface rights agreement with all interested parties that provides full and unrestricted access to all areas within the claim group and access roads for 30 years. o Receipt of all required permits for construction and mine operations, including, most recently, the explosives permit. o Completion of all detailed engineering for mine construction. o Completion of financings in 2006 to secure approximately US$160 million through: the placement, in April, of 11 million common shares at CDN$8.50 each; and the placement, in November, of US$85 million in 4.50% unsecured convertible notes. The Company is fully funded for the US$132 million capital cost to bring the Dolores mine into commercial production, and has additional working capital available for ongoing exploration at Dolores and at its other projects. o The purchase and delivery, or fixed scheduling thereof, of all primary mining, crushing, and processing equipment for the Dolores mine, including the following. All equipment is new and rolling stock is inclusive of tires and spares: * Haultrucks - six HD785 100 tonne Komatsu trucks and two HD785 water trucks with tanks have been delivered to the Texas laydown site. A remaining nine trucks are scheduled for delivery. * Dozers - two D375A Komatsu dozers, one D61 Komatsu and one D155AX Komatsu, has arrived to the Cuauhtemoc laydown site, in Mexico. * Loaders - all loaders two WA900 Komatsu and one WA600 have arrived and are secure at the laydown sites. * Shovels - the first of two shovels, PC3000 Komatsu has shipped and the second shovel to arrive in mid-March. * Crusher Equipment - the four HP-800 cone crushers have arrived at the laydown site and imported into Mexico. The C-160 jaw crusher is in route. * Generators - all (six 1.8 megawatt) primary generators have been purchased and delivered to Mexico City has been shipped. Seven other generators of various sizes are already on site. * Merrill Crowe Plant and Smelter - 75% of components have been delivered to the laydown sites, including building, filter presses, pumps and furnace. * Other Mining Equipment - ancillary equipment that has now been purchased includes: a 60 ton crane, a WA470 tire handler, three bobcat loaders, light plants, fuel truck, small backhoe and trackhoe, two 16H Cat equivalent graders, one 14G Cat equivalent grader, and numerous support trucks, tires, and other site equipment. o Site construction activity includes the following: * Earthworks - the Merrill Crowe pad, primary crusher pad, and tertiary crusher pad sites have been prepared and turned over to the concrete contractor. Concrete foundations are progressing on schedule. Work continues on the pad for the shop/office area. * Main Access Road - the new 92 kilometer access road to the mine site has been completed. * Leach Pad - the construction contract has been finalized. * Camp - camp construction is well underway with the first buildings complete and additional housing units being completed every two weeks. * Village - the relocation of the small Dolores village is underway. Homes are being constructed in the new village area for residents that wish to remain. Dolores site construction is under management of the Company's Mexican operating subsidiary and Ausenco Americas LLC. Crusher, conveying and stacking facilities were designed and will be constructed by Terra Nova Technologies Inc. Merrill Crowe and smelting plants were designed and will be constructed by Lyntek Inc. Earthworks are being carried out by Rosales Construction and leach pad construction will be undertaken by ICSA, of Mexico. Other contractors are working on the camp and ancillary facilities. Results from the 2006 exploration and condemnation drilling programs are being collated into an updated resource block model that will be completed and reported by the end this month. Assay results from previously-unreported 2006 drilling are pending and will be reported shortly. The total measured and indicated resources used for estimation of the mineral reserves at Dolores are based on the revised resource block model that incorporates data from drilling only through the end of 2005. Minefinders has a measured and indicated resource at its 100% owned Dolores gold and silver project of 118.4 million tonnes containing 3.06 million ounces of gold and 149 million ounces of silver. An additional 667,000 ounces of gold and 27.7 million ounces of silver, contained in 33.8 million tonnes (at an average grade of 0.61 gpt gold and 25.5 gpt silver), remain classified as "inferred resources". A 2007 resource expansion program will focus on the expansion of potential mineable underground high-grade zones, located below the current pit bottom, and on mineralized zones previously encountered in peripheral structures, outside the current pit design. The Company will also continue with project optimization, including refinements in mine planning and processing options that will follow from the new open pit resource and reserve estimates and from possible future underground operations. 04/12/07 - Royal Gold Closes Penasquito Royalty Transaction DENVER, CO - Royal Gold reported that is has closed its transaction with Minera Kennecott S.A. De C.V. to acquire a 2.0% net smelter return ("NSR") royalty on the Pe–asquito project in Zacatecas, Mexico, as previously announced on December 29, 2006. The cost of the acquisition was $80 million in cash and 577,434 shares of Royal Gold common stock. Royal Gold also obtained the right to acquire additional NSR royalties ranging from 1.0% to 2.0% on a number of properties in the region. The Pe–asquito project, composed of two main deposits called Pe–asco and Chile Colorado, is under development by Goldcorp Inc. The Pe–asquito project hosts one of the world's largest silver, gold and zinc reserves, while also containing large lead reserves. 04/11/07 - New San Luis High-Grade Drill Results VANCOUVER, BC - Esperanza Silver Corporation and Silver Standard Resources Inc. reported results of drill holes, SL06-26-28 and SL-001-012. The drill holes were completed in late 2006 and January, 2007 at their San Luis high-grade gold and silver joint-venture property in central Peru. Drilling on the Ayelen Vein tested the continuity of gold and silver mineralization at depth and along the southern extension of the structure. Significant drill results include: ¥ in drill hole SL06-28, an angled hole drilled below drill holes SL06-14 and -15, a 17.4-foot interval averaging 0.67 ounces per ton gold and 14.33 ounces per ton silver. This interval included 10.8 feet averaging 1.05 ounces per ton gold and 21.65 ounces per ton silver. ¥ in drill hole SL-001, an angled hole drilled beneath hole SL06-28, a 29.5-foot interval averaging 1.08 ounces per ton gold and 37.37 ounces per ton silver. This interval included 13.5 feet averaging 2.02 ounces per ton gold and 65.41 ounces per ton silver. An interpretation of the drill results received to date indicates the presence of two high-grade mineralized shoots within the drilled portion of the Ayelen Vein. They appear to plunge steeply southward within the plane of the vein. Results from 8 drill holes in the Ines Vein have now been received. These holes were drilled in three fences spaced approximately 50 meters apart near surface. All holes in the Ines Vein encountered gold-silver mineralization demonstrating the extent of the mineralized system at San Luis. Individual samples contained up to 0.16 ounces per ton gold, 17.6 ounces per ton silver and 0.18 ounces per ton gold, 26.2 ounces per ton silver indicating the Ines Vein is as highly prospective for high grade zones as found on the Ayelen vein. 4/10/07 - Metallica Increases Reserves At Cerro San Pedro TORONTO - Metallica Resources Inc. reported mineral reserves and economics for its 100% owned Cerro San Pedro ("CSP") heap-leach gold and silver project in Mexico. The updated mineral reserve estimate was calculated using prices of $475/oz for gold and $8.00/oz for silver, which approximate the historical three-year average, and indicates a gold-equivalent reserve of approximately 2.6 million ounces, when using a silver-to-gold price ratio of 60:1. This is an approximate 25% increase over the gold-equivalent ounces reported in the 2006 proven and probable mineral reserves. The project is currently estimated to have an average annual production of approximately 89,000 ounces of gold and 2.1 million ounces of silver over its currently estimated 10-year mining life, or approximately 125,000 goldequivalent ounces annually, at a silver-to-gold ratio of 60:1. At prices of $600/oz gold and $10/oz silver in 2007, $550/oz gold and $9.17/oz silver in 2008 and $500/oz gold and $8.33/oz silver thereafter, the total cash cost is approximately $193/oz of gold, net of silver credits. The total cash cost per ounce of gold figure improves dramatically at a current silver price of approximately $13/oz. The total cash cost on a gold equivalency basis is approximately $281/oz of gold and gold-equivalent silver. The updated proven and probable mineral reserve estimate increases the previously reported proven and probable mineral reserve estimate by approximately 16 million tonnes and 500,000 gold-equivalent ounces. The reserves in 2006 were calculated at $400/oz for gold and $6.15/oz for silver and a silver-to-gold price ratio of 65:1. 04/09/07 - Field Work Commences On Maki Gold Project VANCOUVER - New Dimension Resources Ltd. reported that it has commenced a program of detailed mapping, sampling and trenching to prioritize drill targets for its gold-silver Maki Project located in the Department of Cusco in south-central Peru. It is expected that at least four targets will be drill tested in the first half of 2007 and permit applications for this Phase I drill program are currently being prepared. The Maki Project hosts a Cu/Au porphyry system with a peripheral gold-silver vein system (Maki Vein). The Maki Vein strikes approximately north-south and can be followed on strike for nearly two kilometers. Surface sampling on the property to date has yielded significant gold and silver values. A three meter trench sample on the vein's South Zone reported 17.2 g/t gold. Within the Central Zone outcrops assayed 8.1 g/t gold and 5.6 g/t gold and vein splays to the North Zone ran up to 19.8 g/t gold with significant silver values. 04/09/07 - Vena Resources Signs Stategic Agreement With Cameco TORONTO - Vena Resources Inc. reported that it has signed a Letter of Intent with Cameco Corporation to establish a jointly-owned company to explore and develop Vena's Uranium assets in Peru. The new company will begin by initially exploring and developing the numerous Uranium targets in the four regions where Vena has a presence in Peru. CAMECO has the option to invest $10 million over the next four years in two stage payments to obtain up to 50% of MINERGIA SAC, a Vena subsidiary that controls the Uranium claims equivalent to 15,500 hectares in four regions of southern Peru. CAMECO can increase its stake in MINERGIA to 60% when a feasibility study is completed and to 70% when mine development commences. Any future investment by CAMECO and Vena in Uranium assets in Peru will be done via MINERGIA SAC. Vena remains as the operator in Peru. Peru has a history of Uranium exploration dating back to 1950s under the authority and control of the Peruvian Institute of Nuclear Energy (IPEN) with support from European and American experts. During three decades of exploration efforts, IPEN identified 78 target areas which were classified as high to low priority. Vena's current 15,500 hectares cover the highest priority targets in the four regions explored by IPEN. Vena reviewed IPEN's data after signing a strategic collaboration agreement in February 2005. |
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