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BacTech Environmental Corp. (CSE:BAC) released an update on its Bolivia-based Telamayu tailings reclamation project, which consists of two tailings areas called Antigua and Nuevo.
BacTech Environmental Corp. (CSE:BAC) released an update on its Bolivia-based Telamayu tailings reclamation project, which consists of two tailings areas called Antigua and Nuevo. Previous work has shown that the Antigua tailings have a silver grade of 8.8 ounces per tonne and 2.24 percent copper. Recoverable amounts of tin are also included.
As quoted in the press release:
The project is subject to the signing of a suitable association contract with COMIBOL, the Bolivian state mining company.
The above-mentioned association contract has been under negotiation since the beginning of March and should be completed shortly. Once the agreement is signed, due diligence will begin for the US$10M debt instrument that was announced on December 19, 2014. The term sheet contemplates a senior debt facility of up to US$10M to finance 100% of the capital requirements of bringing Telamayu into production.
Assuming the due diligence proves positive, BacTech will immediately begin a definition drilling program on both the Antigua and Nuevo tailings. The purpose of the drill program is threefold: 1) to obtain better knowledge of the distribution of the silver, copper and tin in Antigua for production planning, 2) to confirm the previous grades on Antigua and determine the grades for Nuevo, and 3) to provide fresh material to conduct enhanced gravity and flotation work and to study the recovery of silver, tin and the copper in solution in the tails for plant design.
Click here to read the full BacTech Environmental Corp. (CSE:BAC) press release.