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Magnetic Resources NL (Magnetic or the Company) is pleased to announce, after a significant 107% increase in overall resource in our Laverton Project to 22.7Mt @1.69g/t totalling 1.24moz of gold at 0.5g/t cut off and LJN4 increased by 317% from 204,000oz to 852,000oz, which was announced on November 23 2023 (Table 1), a number of deeper step out holes were carried out to see whether the LJN4 resource could be extended further at depth. Some compelling and exciting intersections are outlined below.
- MLDD033 intersected 16m at 4.51g/t from 411m, which was a very large 200m step out below the current resource (Figure 1). This intersection of 72 gram- metres is potentially underground mineable and is still open downdip. The section in Figure 1 indicates mineralisation continuity of 550m down dip, which is by far the biggest down dip extension identified to date within LJN4. This structure and mineralisation is expected to continue at depth within the Chatterbox shear, which is a regional scale structure that controls many deposits along its length including LJN4, Apollo, Beasley Creek and Wallaby. A seismic survey Magnetic completed (ASX Release 15 February 2021) shows a depth extent of 1.5km.
The above intersection in MLJDD033 occurs partly in a pyrite bearing black shale with intercalated carbonate and minor breccia, and partly in a pyrite-bearing carbonate with pyrite ranging from disseminated to semi-massive, which is a new style of alteration. - New hanging wall mineralisation was also discovered in MLJD033 with an intersection of 2m at 15.32g/t from 247m, and 8.7m at 2.43g/t from 107m and 13m at 1.00g/t from 135m in MLJDD032. These hanging wall intersections are associated with a breccia zone and are planned to be followed up with RC drilling.
- MLJRCD826 intersected a 40m thick breccia zone from 270m-310m, which visually looks very promising and has assays pending (Figure 2 and 5). It is directly 65m down dip from MLJDD031 which intersected 21m at 5.37g/t from 198m within a breccia. This is in turn 50m down dip from MLJDD016, which intersected 30m at 5.53g/t from 145m, which is also within a breccia.
MLJRCD826 is a large step out and is outside the current resource which augers well for the next resource upgrade. MLJRCD826 is still open down dip and to the south and RC holes are being planned to follow up this promising thick breccia zone. - MLJRCD802 intersected our best intersection to date, of 133m at 2.87g/t from 173m, which includes 61m at 4.68g/t from 243m (1m splits). Assays are awaited for the down dip extension within MLJRC820 from 290m to 453m (Figure 3).
- MLJDD034 intersected 6.8m @12.06g/t from 151m (contained within a 11.5m zone with 4.8m of core loss) in a gossanous chert breccia.
The multiple very thick intersections which often contain silica-pyrite and breccia alteration, are up to 50m thick. These are mainly within a 250m long central zone, which is still open to the south and east.
The central part of the 800m long LJN4 deposit has been infill drilled with very promising results. Highlights of this drilling are shown in Table 4, Figures 1-4.
Figure 1. Cross section for LJN4 central area showing high-grade dipping gold zone containing resource model outline and MLJDD033 being a down dip extension of over 200m and being part of a very large 550m interpreted down dip extension.
Figure 2. Cross section for LJN4 centre area showing thickened high-grade dipping gold zone containing breccia and silica-pyrite alteration, resource model outline, thickened mineralisation in drill hole MLJRC679, breccia zone in MLJDD016 and MLJDD031 and depth extensions downdip with a thick 40m thick breccia in MLJRCD826, which is still open to the east with assays pending.
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Magnetic Resources NL
Overview
Magnetic Resources (ASX:MAU) is an Australian company, developing a portfolio of significant gold projects in the established mining province, Laverton region, in Western Australia.
The company owns a 100-percent interest in the Hawks Nest and Lady Julie projects in Laverton, the Homeward Bound South project in Leonora, and the Benjabbering project in Julimar. The main deposits include Hawks Nest 9 (HN9), Lady Julie Central (LJC), Lady Julie North 4 (LJN4), Mount Jumbo and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure, including three processing plants within 10 to 35 kilometres. These plants are owned by well-known operators including Goldfields Genesis/Dacian; Anglo-Ashanti; and Genesis/Dacian.
The projects’ proximity to these existing processing facilities gives enough options to MAU for toll processing without having to invest millions of dollars in constructing its own processing plant.
Several large deposits such as Wallaby, Sunrise Dam and Jupiter Gold are in this jurisdiction. The company’s projects are adjacent to some of these world-class deposits. The Mt Jumbo and Hawks Nest tenements are only 15 kilometres north of the Wallaby deposit. At both HN9 and Lady Julie, Magnetic Resources had identified multiple thickened stacked lodes near-surface, which have some similarities to Wallaby and Sunrise Dam.
LJN4, a key focus for the Laverton project, hosts thick breccia and silica pyrite zones up to 50 metres thick, which are also prevalent in Anglo Ashanti’s world-class Sunrise Dam deposit, both parallel to near-surface breccia zones and vertical mineralization going downwards into several of their deposits. The Mau breccia zones often carry higher grades and are now being extended by new drilling at depth and further to the east and northeast, potentially growing the LJN4 resource.
In November 2023, the company announced a significant increase in the mineral resource estimates. The deposits in the Laverton and Homeward Bound area have seen a significant 107-percent increase over the last report in February 2023. The updated combined mineral resources estimate for the whole project area stands at 22.7 million tonnes (Mt) @ 1.69 grams per ton (g/t) gold totaling 1.24 million ounces (Moz) of gold at 0.5 g/t cutoff.
LJN4 is now, by far, the largest resource in the project area, as its contained gold rose from 204,000 oz to 852,000 oz, a 317-percent increase. Extension drilling continues and is expected to result in further resource increases.
The significance of LJN4’s gold resource has not gone unnoticed, as research firm Argonaut has called it a ‘sleeping giant,’ noting recent drilling at LJN4 “indicates a significant discovery unfolding in the Laverton region.” If MAU can replicate the recent drilling intercepts, the next resource update at LNJ4 could easily make it a 1-Moz deposit. This will position LJN4 as one of the best undeveloped gold assets in the Laverton region.
Company Highlights
- Magnetic Resources (MAU) is an Australian company focused on gold development projects in Western Australia.
- The company owns a 100-percent-interest in the Hawks Nest and Lady Julie projects in Laverton, the Homeward Bound South project in Leonora, and the Benjabbering project in Julimar.
- MAU’s large tenement positions in the Leonora and Laverton districts of Western Australia, are near numerous large deposits with existing mining operations and good infrastructure.
- The presence of three processing plants close to MAU’s Laverton deposits provides scope for toll processing.
- In November 2023, the company announced a 107-percent increase in the resource estimate for Laverton and Homeward Bound South deposits. The revised resource stands at 22.7 Mt @ 1.69 g/t gold totaling 1.24 Moz of gold at 0.5 g/t cutoff.
- For the Laverton project deposits - Lady Julie North 4,Lady Julie Central and Hawks Nest 9 - early work programs, including project environmental, heritage and technical background studies, are close to completion. The aim is to submit a mining proposal in January 2024.
- In October 2023, the company announced the completion of a AU$4.8-million private placement. The company is now fully funded with AU$7 million cash to aggressively advance to the next stage of development.
- The company’s highly experienced senior leadership team has a proven track record to capitalize on the high resource potential of its projects.
Key Projects
Laverton Projects
MAU has 179 sq. kilometres. of prospective exploration tenements in the Laverton region comprising three main deposits - Hawks Nest 9 (HN9), Lady Julie Central (LJC) and Lady Julie North 4 (LJN4). All are 100-percent-owned tenements and within 20 to 30 kilometres of three major gold camps collectively hosting more than 25 Moz of gold resource - Granny Smith (owned by Goldfields Australia), Jupiter (owned by Dacian Gold) and Sunrise Dam (owned by AngloGold Ashanti). In the Laverton Project, extensive drilling programs have been completed with 1,898 RC/DD holes for 147,943 metres with further deeper drilling now planned.
MAU’s updated resource estimate stands at 10.4 Mt indicated @ 1.74 g/t gold containing 584,400 oz and 12.2 Mt inferred @ 1.65 g/t gold containing 651,300 oz for a total of 22.7 Mt @ 1.69 g/t gold, containing 1.24 Moz at 0.5g/t cutoff. The depth of drilling averages only 79 metres on all projects. Note that these estimates include the Homeward Bound South project as well. The discovery cost for all these resources is very low at $24/ounce.
Early work programs have begun at these deposits and all approvals are expected by December 2023. MAU aims to submit a mining proposal to DMIRS in late January 2024. Blue Cap Mining is helping with all key approvals and assessing the economics of the Laverton Project.
Hawks Nest 9: The HN9 (indicated and inferred) resource is estimated at 3.2 Mt at 1.22 g/t gold for 123,000 oz contained within three main zones within a 2-kilometre by 200-metre-wide area and is largely within the indicated category (63 percent). Widespread surface and shallow east-dipping lodes are present in the project area.
Lady Julie Central: The Lady Julie Central (indicated and inferred) resource is estimated at 1.33 Mt at 1.68 g/t gold for 72,200 oz, covering a 350-metre by 200-metre area. Nearly 59 percent of the resource falls in the indicated category.
Lady Julie North 4: LJN4 is by far the largest resource in the project area. The resource (indicated and inferred) is estimated at 13.1 Mt at 2.20 g/t gold for 852,000 oz, covering an 800-metre by 200-metre area, and is open down dip and to the east, which augers well for the potential size. This resource is partly in the indicated category (52 percent). Thick breccia silica pyrite intersections have now been outlined over a 250-metre length in the central and southern part of LJN4, which are very similar to that found in the world-class Sunrise Dam deposit. These zones containing drilling holes (MLJRC789, MLJRC779 and MLJRC679) are now being extended by new drilling at depth and further to the east and northeast. This provides strong potential to grow the LJN4 resource. A 1,390-metre diamond and a 2,555-metre RC program have started and will be scoping out extensions both to the east and northeast with holes planned between 400-metre to 550-metre depth holes.
Lady Julie North 4 plan showing resource block grades and drill sections
Some of the outstanding intersections in the 250-metre zone include:
- 120 metres at 2.68 g/t from 152 metres in drill hole MLJRC789,
- 111 metres at 1.76 g/t from 173 metres in drill hole MLJRC779,
- 96 metres at 1.23 g/t from 54 metres in drill hole MLJRC679,
- 45 metres at 2.65 g/t from 130 metres in drill hole MLJDD015,
- 52 metres at 1.14 g/t from 208 metres in drill hole MLJRC790 ,
- 56 metres at 1.37 g/t from 192 metres in drill hole MLJRC801
This is an exciting time for the company, having announced an expanded mineral resource in November 2023 and now looking to further increase the size of the LJN4 resource by further drill testing the thickened high-grade breccia zone and continuation at depth and to the east.
Homeward Bound South
The Homeward Bound South Project comprises seven tenements spanning 13 square kilometres. It covers a 5,000-metre strike length of the Federation shear zone, 40 kilometres east of Leonora. A review of historical data has revealed a 500-metre-long target along the strike length of the Federation Shear Corridor. The 14-hole 1,780-metre-long RC drilling program conducted in 2021 identified numerous high-grade intersections, the best among them being 20 metres at 2.98 g/t from 64 metres in drill hole MHBSRC025.Chatterbox Shear Zone
The Chatterbox shear zone is a complex north to northeast-trending, east-dipping structural corridor that covers 32 kilometres extending from Magnetic Resources’ southern boundary at Mt Jumbo and through LJN4 and as far north as the Beasley Creek gold deposit on Magnetic’s northeast boundary. Importantly, this shear zone is closely associated with gold mineralisation at several locations along its length including MAU’s LJN4 and Mt Jumbo deposit. This shear is gold-rich and gold deposits further north of MAU’s tenements contain the Beasley Creek and Apollo deposits and are interpreted to extend south towards the world-class Wallaby deposit.
Julimar Lookalike Projects
It comprises six separate projects, including Benjabbering, Trayning, Trayning West, Goddard, Koorda and Korrelocking, all of which are 100-percent held by the company. These are nickel-copper-PGE (platinum group elements) projects located 90 kilometres to 150 kilometres northeast of Chalice Gold Mines’ Julimar nickel-lead discovery. These projects were selected based on aeromagnetic interpretation after noting the structural setting of the Julimar complex and the Gonneville mineralized discrete magnetic nickel-copper-PGE body.
The 112-square-kilometre Benjabbering project has a large 25-kilometre-long aeromagnetic pattern very similar to the Julimar. Several thickened zones in the area may represent possible feeder areas for potential nickel-copper-PGE mineralization. Both the Trayning and Korrelocking Projects have a 2-kilometre discrete magnetic target prospective for rare earth elements.
Management Team
George Sakalidis – Managing Director
George Sakalidis has been the founding director and shareholder of the company since its inception in 2006. He brings more than 30 years of experience in developing early-stage natural resource projects and bringing the projects to production. He is experienced in various commodities including gold, diamond, base metals and mineral sands. He has been associated with several significant mineral discoveries in Western Australia, including the Three Rivers and Rose gold deposits, the Blackmans gold deposit, the Dongara Mineral Sands Deposits, the Boonanarring, Gingin South, and the Hyperion Mineral Sands Deposits. He has held several directorships in ASX-listed companies, such as Image Resources and Meteoric Resources. Moreover, he is a founding director of ASX-listed companies Emu and Potash West. He holds an honours degree in geology and geophysics from the University of Sydney.
Eric Lim – Non-Executive Chairman
Eric Lim holds an MBA degree from the Kellogg School of Management and a Bachelor of Accounting from the Nanyang Technological University of Singapore. He is an international investment banker, who built his career in leading financial institutions in Southeast Asia. He has served in several senior roles at UOB, Standard Chartered Bank, OCBC Bank and General Electric Capital.
Chan Hian Siang – Non-Executive Director
Chan Hian Siang holds a Bachelor of Arts (economics) from York University in Toronto, Canada, and a Master of Business Administration from McGill University, Montreal, Canada. He is also a council member of the Singapore Chinese Chamber of Commerce and Industry. He is the founder, executive director and CEO of SP Chemicals in Singapore. He has also been associated with Asiawide Holdings and Asian-American Merchant Bank.
Ben Donovan – Non-Executive Director and CFO
Ben Donovon brings in-depth experience in the areas of compliance, corporate governance, regulations and capital markets. He is currently a director and company secretary of several ASX-listed and public unlisted companies involved in the resource and technology industries. He was a senior adviser at the Australian Securities Exchange in Perth for nearly three years, including as a member of the ASX JORC Committee.
This article was written in collaboration with Couloir Capital.
Norfolk Metals
Overview
Norfolk Metals (ASX:NFL) is an ASX-listed exploration company focused on its uranium in South Australia and Argentina. The company’s flagship property is the Orroroo uranium project in South Australia. It also holds a gold-copper project, the Roger River Property in Tasmania. Norfolk Metals is currently focused on advancing its uranium project and evaluating uranium assets for acquisition. In April 2024, the company announced it is acquiring the Las Altares uranium project in Argentina, through an exclusivity agreement with Green Shift Commodities.
Uranium prices have been on an upward trajectory since 2023, with prices rising from less than $50/lb to over $100/lb in 2024. The prices are currently hovering around $90/lb and could increase further, driven by a supply deficit. Kazatomprom, the world's largest uranium miner, announced in February 2024 that it is reducing uranium production. The company said production levels at its operations in Kazakhstan are anticipated to remain 20 percent lower, chiefly attributed to the sulfuric acid shortage prevailing in the country. Cameco, the world’s largest publicly traded uranium supplier, has provided a 2024 production guidance which is also not very bullish.
While the supply remains challenging, the demand continues to ramp up. The surge in uranium demand has been predominantly fueled by heightened utility contracting, a trend that offers robust support and sustainability to elevated price levels. The World Nuclear Association’s Nuclear Fuel Report indicates that global nuclear reactor demands are projected to almost double by 2040, rising from 65,650 tU in 2023 to 130,000 tU in 2040. According to Sprott, utilities have nearly 1.5 billion pounds of uncovered uranium requirements through 2040, compared to current annual production of around 150 Mlbs. Further, substantial underinvestment in new mining projects has exacerbated an already constrained supply side, leading to prolonged strain in the years ahead.
The uranium market appears to remain firmly in an uptrend driven by rising demand and constrained supply. Elevated prices also enhance the prospects for junior miners to progress their projects and potentially secure future supply agreements with utilities.
Norfolk Metals boasts uranium assets in a tier-1 mining jurisdiction of South Australia. The recent maiden drill program at the Orroroo project intersected a uranium-bearing floodplain, boosting confidence in the potential of the project.
Norfolk continues to review complementary projects with plans to expand its uranium project suite. In 2024, the company signed an exclusivity agreement with Green Shift Commodities (TSXV:GCOM) to acquire Las Alteras uranium project in Argentina. Las Alteras is surrounded by non-JORC foreign estimates at URAmerica’s Meseta Central deposit (19.1 Mlbs U308), CNEA’s Cerro Solo deposit (11.49 Mlbs U308), ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308), along with the Cerro Condor and Los Adobes historical uranium mines.
Company Highlights
- Norfolk Metals is an ASX-listed uranium-focused explorer with assets located in South Australia (Orroroo uranium project), Argentina (Las Alteras uranium project) and Tasmania (Roger River gold/copper project).
- The primary focus is on advancing the Orroroo uranium project located in the Walloway Basin in South Australia. Orroroo comprises three granted exploration licenses, which together cover 723 square kilometres. of contiguous tenements. The land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
- Orroroo has geological similarities to well-endowed South Australian uranium producers such as Boss Energy’s Honeymoon Uranium project and Heathgate Resources’ Four Mile mine.
- Norfolk completed a maiden drill program at Orroroo which delineated uranium in 10 of the 17 holes with grades reaching as high as 796 ppm. The maiden drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target.
- In Argentina, Norfolk has signed an exclusivity agreement with Green Shift Commodities to acquire Las Alteres uranium project, a project surrounded by multiple uranium deposits and historical mines in every direction including the Cerro Solo government owned deposit
- The Roger River Project comprises two granted exploration licenses, which together cover 261 square kilometers, located in Tasmania. The project is prospective for gold and copper.
- Norfolk is evaluating other projects for acquisition, which includes complementary projects to the South Australian uranium project suite.
- Uranium prices are likely to remain firm on the back of supply deficit. Kazakhstan, the world’s largest uranium supplier, has warned of lower production in 2024, while demand continues to remain high as governments around the world embrace nuclear power to reduce reliance on fossil fuels.
Key Projects
Orroroo Uranium Project
The Orroroo uranium project consists of three exploration licenses - EL6552, EL6814, and EL6948 - spanning a total of 723 square kilometers, situated roughly 274 kilometers northwest of Adelaide, South Australia. The large land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
Orroroo lies within the Walloway Basin, an underexplored uranium region characterized by sediments of similar age to those found in the nearby Frome Embayment, where Boss Energy’s Honeymoon project is located.
Norfolk Metals completed a two-phase drilling program at Orroroo Project (EL6552), identifying uranium in 10 of 17 holes with grades reaching as high as 796 parts per million (ppm). Phase 2 of the drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target. The confirmation of uranium-bearing floodplain deposits upstream of Wongway Creek has strengthened confidence in the paleochannel model. Crucial drill holes, including ORMR015A and ORMR017, have offered valuable insights into floodplain features and the identification of kaolinitic clay marker beds, crucial for unraveling the basin’s geological evolution.
Drill samples from ORMR015A showing the kaolonitic clay marker unit from 121-130 metres and floodplain silt from 130-137 metres.
ORMR015A intersected what seems to be a floodplain dominated by silt, with minor gravel and two elevated gamma anomalies indicating uranium at both the top and bottom of this unit. In ORMR017, there was a heightened gamma response at approximately 132 meters depth, aligning with the top of the floodplain identified in ORMR015A. This suggests that the paleochannel may be situated just meters away from the target. Additionally, the detection of a mustard-colored limonite-rich fluid in certain drilling locations suggests potential uranium sources.
The identification of paleochannels offers geologists precise targets for uranium exploration. By mapping geological characteristics and comprehending past river systems, exploration endeavors can be concentrated on regions with an increased probability of harboring uranium deposits.
The maiden drill program has further substantiated Orroroo as a potential emerging uranium district within the renowned Walloway Basin in South Australia. Norfolk is moving forward on the future planning and approvals for Orroroo with a focus on the uranium-bearing floodplains intersected near the Wongway Creek target.
In 2024, Norfolk will begin operations on exploration permit EL6814, which is adjacent to the north and south of EL6552. The initial activities on EL6814 will be planned based on the findings and analysis from the inaugural drilling program at EL6552.
The company remains optimistic about the potential of the Walloway Basin beyond EL6552 (Orroroo project), particularly in areas such as the northern region (Johnburgh Project) and the southern region (Black Rock Project), where significant portions have yet to undergo geophysical surveys or drilling operations.
Las Alteras Uranium Project
Through an exclusivity agreement with Green Shift Commodities (GCOM) Norfolk has rights to 22 claims totaling 60,396 hectares comprising the Las Alteras uranium project to the west and east of the 11.49M lbs (Reasonably Assured Resource) Cerro Solo uranium deposit.
Las Alteras is surrounded by UrAmerica’s Meseta Central deposit (19.1 Mlbs eU308), CNEA’s Cerre Solo deposit (11.49M lbs U308), and ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308). The project is also close to two historical mines, Cerro Condor and Los Adobes.
Norfolk plans to complete a due diligence on the project and pursue completion of the acquisition of the property from Green Shift Commodities.
Roger River Project
The Roger River Project comprises two granted exploration licenses encompassing a total area of 261 square kilometres. Positioned 410 kilometres northwest of Hobart, Tasmania, the project is deemed prospective for gold and copper.
During 2023, Norfolk continued its exploration program to obtain a better understanding of the copper and gold mineralization to guide the next exploration phase and potential drilling. The exploration work included a soil sampling program. The soil program entailed the collection of new surface samples and the re-analyses of selected historical soil samples over the White Water and A2 prospects which were submitted for Cu analysis.
Fresh surface samples were gathered on a grid measuring 200 by 100 meters around A2, totaling 98 samples. This sampling covered an area of roughly 1.2 kilometers by 1.5 kilometers along the interpreted splay from the Roger River Fault. The findings reveal a persistent copper anomaly surrounding the A4 and A5 prospects, situated along the interpreted fault splay originating from the Roger River Fault.
The historical samples re-analyzed revealed a continuous copper anomaly around the A4 and A5 prospects located along the interpreted fault splay from the Roger River Fault.
Management Team
Ben Phillips – Executive Chairman
Ben Phillips brings over 15 years of experience in commercial negotiations across diverse industries, including oil and gas, resources, medical technology, software-as-a-service and defense. He guides departments spanning from R&D and exploration to production, commercialization, and sales. Previously, Phillips served as a non-executive director at Bronson Group (ASX:BGR) and later at Mandrake Resources (ASX:MAN). In his current role as a corporate executive at Ironside, he focuses on sourcing, structuring, funding and managing requirements for small-cap companies, both private and public. Phillips has been with Ironside Capital since its inception, previously serving at Merchant Corporate Finance.
Leo Pilapil – Non-Executive Technical Director
Leo Pilapil has over 30 years of experience as a geoscientist. Throughout his career, he has held director positions at numerous junior companies across Australia, Africa and Turkey. In these roles, he has been primarily responsible for technical project evaluations, project acquisitions, project management and business development. Pilapil's notable achievements include the discovery of the Harlequin Gold Deposit (1 Moz) under salt lake conditions in Norseman, Western Australia. Additionally, he has played a key role in the extension and discovery of several ore deposits in Australia, Africa and Turkey. Pilapil has served as a geological consultant for numerous companies across the globe, including Aditya Birla in Australia, Alacer Gold Corporation in Turkey, African Uranium in Namibia, and NIKKI Lao in Lao PDR.
Patrick Holywell – Non-Executive Director
Patrick Holywell possesses over 15 years of expertise in accounting, finance and corporate governance, having worked at Deloitte and Patersons (now Canaccord Genuity). He is a chartered accountant and a fellow of the Governance Institute of Australia. Over the past decade, Holywell has primarily focused on director and company secretarial roles within the resources and technology sectors. His recent engagements include positions at De Grey Mining, Si6 Metals, and Pentanet.
Rio Silver: Leveraging 25 Years of Mining Experience in Peru
Rio Silver (TSXV:RYO) focuses on the acquisition, exploration and development of precious metals deposits in South America. The company is currently advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The The 3,933-hectare Niñobamba property is a drill-ready project located in the Department of Ayacucho about 330 kilometers southeast of Lima.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,100 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
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