Solitario Exploration & Royalty To Acquire Zazu Metals

DENVER, CO – Solitario Exploration & Royalty Corp. and Zazu Metals Corporation have entered into a definitive arrangement agreement pursuant to which Solitario has agreed to acquire all of the issued and outstanding common shares of Zazu by way of a statutory plan of arrangement under the Canada Business Corporations Act.

Chris Herald, Chief Executive Officer of Solitario said “We are very pleased to announce this exciting opportunity that will create value for both Solitario and Zazu shareholders.  Since the sale of the Mt. Hamilton project in 2015, Solitario has remained extremely disciplined in its evaluation of growth initiatives while preserving a robust balance sheet and tight capital structure.  We are confident that we have both the technical and financial capabilities to significantly increase the value of Zazu’s Lik project by moving the asset through feasibility and permitting.  We look forward to working with Zazu’s world-class joint venture partner Teck to pursue a development path beneficial to all parties.”

Gil Atzmon, Founder, Chairman and Chief Executive Officer of Zazu said, “This combination represents a unique opportunity to create a leading zinc development company with two high quality assets in the Americas.  Zazu shareholders will benefit from increased diversification and access to capital, while importantly maintaining a focus on high-grade resources.  We see significant potential in Solitario’s asset base and believe the combined company will be well positioned to take advantage of increased interest in zinc.”

Duran Completes Milestone First Sale of Mineral Concentrates

TORONTO, ON – Duran Ventures Inc. reported the first shipment of zinc and lead-silver concentrates from the Aguila Norte mineral processing plant was received at the Impala Terminals in the port of Callao in Lima, Peru. These concentrates are 100% wholly owned by Minera Aguila de Oro, the Company’s 80% owned subsidiary that owns Aguila Norte. The Company entered into an agreement with mineral trader Ocean Partners to purchase the concentrates and the final settlement of this batch of concentrates will be approximately US$141,000. The proceeds from the sale includes recoverable VAT taxes which will be used as free cash flow as the Company has no significant debt and has available significant tax losses and VAT taxes recover able. Approximately 10 metric tonnes of concentrate still remains at the Plant and will be shipped shortly under the same terms.

The Company is actively negotiating additional mineral contracts to source feed for the Plant. Third party mineral is currently being processed and will continue throughout the month of May and the Company expects that the plant should be operating at full capacity by the end of June 2017. 

Jeffrey Reeder, CEO and President said, "The sale of our first concentrates is a milestone for our Company. We expect to continue purchasing this Pb-Zn-Ag mineral from the small miner and will process third party mineral to maintain full capacity of the plant. Currently copper concentrates are being produced for a client and the next batches will include gold-silver-copper bearing mineral owned by another third party. Our corporate goal once the plant is fully commissioned is to enter into profit sharing agreements and purchase agreements with miners. Several miners are now expressing strong interest in the Plant since we are able to produce three concentrates from the same mineral source."

Acquisition Of Historic El Pinguico Mine

VANCOUVER – Vangold Resources Ltd. reported the closing of its acquisition of a 100% interest in the El Pinguico Property and historic mine located 10 km from the City of Guanajuato, Mexico. Under the terms of the acquisition, Vangold has acquired 100% ownership of rights and title to the El Pinguico mining claims #166665 and #165491, totaling 71 hectares. Pursuant to the Acquisition, the Company has paid US$100,000 and issued 5,000,000 common shares to the vendors, Exploraciones Mineras Del Bajio, SA de CV (EMDB) and will issue 662,500 common shares as a finder fee. 

Cameron King, President and CEO of Vangold said, "I would like to take this opportunity to personally thank EMDB for their continuous support in working towards the closing and bringing this valuable asset into Vangold.  Our shareholders have also provided the Company great support and confidence in our corporate strategy of purchasing undervalued silver and gold properties with a focus of unlocking the true potential of these assets through continuous exploration and mine development."

Once one of Mexico’s most prolific silver and gold mines with grades over 9 g/t Au and over 900 g/t Ag, with a 15 g/t Au eq. cutoff grade, as documented assays found in the detailed mine development plans performed between 1906 to 1910.  Technical reports issued in 1907 by experts in the different areas (geology, mining, metallurgy and finance) provide documented evidence of the once profitable producer. In 1913, due to the Mexican Revolution, the El Pinguico Mine ceased operations, leaving behind several hundred thousand tons of broken ore in the underground stopes and the unmined vein system continuing at depth and length. Through several gold and silver cycles since the turn of the Century, The Pinguico mine has been a point of discussion to be put back into production.  In 1959, an extensive geological assessment was undertaken, assays grade average of 2.72 g/t Au and 251 g/t Ag were reported, with various samples throughout the underground stock pile showing grades over 5 g/t Au and 500 g/t Ag. (CRM Mexican Geological Survey 1959. Not until 2012, was there additional work conducted in the mine, a sizeable assay program and mine plan development was led by Exploraciones Mineras Del Bajio and undertaken by Servicio Geologico Mexicano – SGM (Mexican Geological Survey), showing a potential underground broken ore with average grades of 1.6 g/t of Au and 143 g/t of Ag. [SGM, 2012, Certificacion de Reservas Mineral Quebrado en la mina “El Carmen-El Pinguico” Municipio de Guanajuato, Gto.  In February 2017, Vangold performed a similar assay program under 43-101 protocols, realized an 8% improvement in grade at 1.75g/t Au and 184 g/t Ag. Of specific interest, assays from the north end trench samples F-001 to F-005, of the underground stock pile, report a range of 3.78 g/t Au and 558 g/t Ag to 15.70 g/t Au and 1,475 g/t Ag.  

The potential of el Pinguico claims is important, where the main targets are to explore the lower Pinguico vein below the existing old workings. Also, the potential intersection of the Pinguico vein with the Mother Vein, which has been the most important ore source of the area, producing over a billion ounces of silver since 1500’s. In addition of these 2 main targets, the exploration and understanding of the existing exposed veins such as the San Jose vein, Pachuca vein, el Pirul vein, La Joya vein and el Pino vein have been targeted for immediate exploration programs.

Glen Eagle Reaches Commercial Production

MONTREAL, QB – Glen Eagle Resources Inc. reported that Cobra Oro de Honduras, a wholly own Honduran subsidiary of Glen Eagle, has reached commercial production in line with guidance as stated prior. The passage from production to commercial production implies that Cobra Oro will no longer capitalize its expenses, allowing the company to release an income statement and production numbers on a quarterly basis. Gold sales continue apace as the Company will have produced from February through April approximately $500,000 in gold despite heavy construction and reorganization at its processing plant. Sales volume should increase substantially over the current quarter as bigger and better equipment will enter in service.

Advantage Lithium Mobilizes Rig For Phase 1 Drilling At Cauchari

VANCOUVER, BC – Advantage Lithium Corp. reported that a drill rig will be mobilized later this week to its flagship lithium property located in the Cauchari Salar of Jujuy province in NW Argentina. The first hole of a five-hole, Phase One program is expected to be collared. This marks the Company’s first step in a systematic, fast-track exploration and development work program. Phase Two drilling is planned for later in 2017 and will comprise a further twelve holes leading to a scoping study by early 2018. Advantage Lithium is increasing its interest in the project from the current 50% to 75% through the expenditure of US$5m or completing a Feasibility Study. 

David Sidoo, CEO said, "In line with our aggressive development timeline, we are commencing work at our flagship Argentina project of Cauchari, just weeks after completing the transaction with our partner, Orocobre. We will be focusing on expanding the existing resource at the project where a large exploration target has been projected. We have engaged Andina Perforaciones, one of Argentina’s leading drilling contractors, to undertake the initial phase of what will ultimately be a 17 hole program."

The initial, Phase 1 drill program scheduled to start next week consists of five rotary drill holes targeting the north-west (NW) and south-east (SE) blocks of the property with a surface area of approx. 5,500 hectares These will be deep holes to approximately 400m below the salar surface, with the objective of (1) probing for extensions laterally and to depth below the existing inferred mineral resource in the SE sector and (2) opening a new front in the NW sector which the company believes to be prospective for extensions of lithium-bearing brine below the Archibarca alluvial fan.

Later in 2017, a complementary 12-hole diamond drill (DDH) program will be initiated to provide core for aquifer parameter tests and to also install monitoring holes for pump tests on the primary rotary holes. Additional rotary and/or diamond drill holes will be added as justified by initial results as we proceed towards engineering studies.

Specialized packer instrumentation will be used to collect brine samples for analysis under strict QA/QC protocols monitored by a Qualified Person as required by NI43-101 guidelines. In-hole geophysical profiling and geological logging will provide the basis for determining the most promising aquifer zones for packer tests.

Considerable technical and operating skill is required to successfully complete exploration and brine pumping wells in the unconsolidated sedimentary sequences of the salars and to do so at 4,000m above sea level in a rigorous climatic region with sub-zero winter temperatures. The company is therefore most pleased to have signed a contract and to be working with Andina Perforaciones who have multiple years of practical experience in Cauchari and other salars of NW Argentina. Together with the Company’s technical staff and supporting community relations team, the company expects to complete the Phase 1 work program by year-end 2017.

Orla Reports Drilling Success At Cerro Quema Gold Project

VANCOUVER – Orla Mining Ltd. reported results from the first 12 diamond drill holes completed in 2017 on its wholly owned Cerro Quema Project in Los Santos Province, Panama. Highlights include two holes drilled to test a geophysics anomaly 400 meters from one of the two current reserve zones that intersected 47.8 m at 0.47 g/t Au and 52.4 m at 0.49 g/t Au and two holes within the current reserve zone that intersected 42.3 m at 3.50 g/t Au and 63.5 m at 1.37 g/t Au. These intersections are in oxide material and start at surface.

The current drill program is comprised of wide-spaced holes testing a number of concepts that could add significant value to the project in the near-term. All holes were drilled in the general area of the Quemita Zone, which is one of two zones that contain the 488,000 ounce Cerro Quema oxide gold reserve. Targets include areas of alteration that may host undiscovered gold zones in oxidized material, potential extensions to the pits outlined in the 2014 pre-feasibility study (PFS) and possible upgrades to the resources within the PFS pits based on better geological modelling of the higher grade parts of the deposits plus a re-interpretation of the base of the oxide zone.

The early drilling has highlighted the potential for additional mineral zones to the north and down-slope of the Quemita reserve. Six holes in this area intersected strong high-sulphidation style alteration. The best gold grades were encountered in holes CQDH17-069 (47.8 m at 0.47 g/t Au) and 070 (52.4 m at 0.49 g/t Au) which were drilled in opposite directions from a drill pad 400 meters northeast of the proposed Quemita pit. Gold grades are associated with hydrothermal brecciation and vuggy silica indicating proximity to a center of hydrothermal activity. Grades start at surface and the entire intercepts are oxidized. Two holes drilled from a pad 600 m to the west-southwest of these holes, CQDH17-066 and 067, intersected well altered and oxidized material, including zones with vuggy silica. Gold results were anomalous, but low. The area in between these four holes, and extending in both directions past them, has intermittent outcrops of strongly altered rock. A number of follow-up holes are planned in this large prospective area.

Holes CQDH17-75 and 76, drilled in the middle of the existing Quemita resource/reserve, returned excellent results of 42.3 m at 3.50 g/t Au and 63.5 m at 1.37 g/t Au (including a section that averaged 3.27 g/t Au over 16.5 m at the top of the hole). Most of the previous drill holes at Quemita were vertical and largely reverse circulation (RC). The new angled core holes confirm there is a surface blanket of higher grade material which is interpreted to be due to weathering related enrichment. This blanket is underlain by more vertically controlled primary gold mineralization. Core holes will be important in developing a new geological model for the deposit which will used for a new resource estimate and metallurgical recovery analysis.

CQDH17-068 intersected 21.3 m averaging 1.35 g/t Au 35 meters west of the proposed Quemita pit. This near-surface oxide intercept highlights the potential for extending the Quemita resource to the west. CQDH17-072 had two gold intercepts. The upper (13.6 m at 0.69 g/t) is within the proposed pit while the lower one (44.2 m at 0.30 g/t Au) indicates potential to expand mineralization to the south. CQDH17-065 also had a narrow intersection (7.1 m at 0.48g/t Au) to the south of the existing Quemita proposed pit.

CQDH17-071 intersected 34.8m at 2.42 g/t Au in the eastern part of the proposed Quemita pit. Like other holes, this intersection starts at surface. Drill holes such as this will be used to build a better geological model of the high grade parts of the deposit.

The final holes with assays returned, CQD17-073 and 074, were drilled at depth below and to the north of holes 069 and 070. They intersected only anomalous gold values or narrow zones of low grade indicating that the roots to the higher grade mineralization in 069 and 070 are faulted off or are further to the south.

Marc Prefontaine, CEO said, "It is very encouraging that our exploration team has been successful in confirming potential so early in their exploration efforts. We are developing a good understanding of the geological controls to mineralization. Three concepts that could provide near-term additions to the project economics were tested: Possible new zones of oxide proximal to the pits outlined in the 2014 PFS; extensions to the PFS pits; and opportunities for higher grades within the PFS pits. The first 12 holes have provided positive support for all three. With continued drilling, in conjunction with geology and new geophysical surveys, we look forward to building the gold resources on the project. Continued success in the areas currently being drilled would add material which could be incorporated into the current Pre-Feasibility development plan and potentially add significant value to the project. Mapping, sampling and geophysics is also progressing well in a n effort to advance new targets over the large land package to the drill stage".

Drilling Results At Monte Carmelo Gold Project

VANCOUVER, BC – Calibre Mining Corp. reported results on the Company’s 100% owned Monte Carmelo Gold Project located within the 876 km2 Borosi Concessions, Northeast Nicaragua. The maiden drilling program on the 100% owned Monte Carmelo Gold Skarn Project consisted of 8 holes for 2100 meters and is now completed. All holes intersected skarn mineralization with variable anomalous in gold, silver, copper, and iron. Results include; 29.5 m grading 0.58 g/t Au, 4.9 g/t Ag and 0.22 % Cu from surface including 10.5 meters grading 1.43 g/t Au and 7.5 g/t Ag and 0.32 % Cu (0 – 10.5m). Additionally, the maiden drilling program on the 100% owned Santa Maria low sulphidation epithermal gold-silver project will commence in the near term.

President and CEO Greg Smith said, "Calibre continues to aggressively advance the Company’s 100% owned gold projects in the Borosi District. The Phase 1 drilling at Monte Carmelo tested one of several targets within the Project which hosts additional potential for high grade gold skarn mineralization. This initial eight hole drill program intersected the targeted gold-silver-copper-iron skarn mineralization but we have yet to find the source for the high grade gold samples from the surface and auger drilling work. The Monte Carmelo diamond drill rig has now been moved to the 100% owned Santa Maria gold-silver project to initiate a minimum 2,500 m drill program."

The maiden drilling program at the 100% owned Monte Carmelo Gold Skarn Project consisting of eight diamond drill holes totaling 2100 meters has been completed and all assay results have been received. The drilling targeting high-grade gold skarn mineralization exposed on surface and tested by an extensive program of auger drilling. All drill holes intersected skarn mineralization consisting of garnet and magnetite skarn developed in calcareous sediments, limestone, and intrusives. Mineralization consist of massive and veined zones with anomalous levels of gold and silver with variable copper associated with iron and lesser amounts of zinc, lead, and arsenic. Drill hole MD17-006 intersected a broad iron rich zone from surface with 29.5 m grading 0.58 g/t Au, 4.9 g/t Ag and 0.22 % Cu from surface including 10.5 meters grading 1.43 g/t Au and 7.5 g/t Ag and 0.32 % Cu (0 – 10.5m). Drill hole MD17-007 intersected a highly mineralized iron rich zone consisting of magnetite skarn averaging 0.28 g/t Au, 6.34 g/t Ag, 0.33 % Cu, and 0.20 % Zn over 14.5 meters (83.8 – 98.3 m). Additionally the hole intersected 0.36 g/t Au, 65.8 g/t Ag, and 3.51% Cu over 1.53 m (74.72 – 76.25m) and a third intercept from surface of 7.0m grading 0.45 g/t Au, 1.9 g/t Ag, and 0.11% Cu.

Diamond drill hole MD17-001 intersected 2.1 meters grading 0.36 g/t Au (36.6 – 38.7m) and a second intercept of 1.1m grading 0.16 g/t Au and 3.62 % Zn (127 – 128.1m). Drill hole MD17-002 intersected 2.0 meters grading 0.10 g/t Au and 0.48 % Cu (120.25 – 122.25m). MD17-003 intersected a narrow zone of weakly to moderately anomalous mineralization which included 331 ppm Mo (molybdenum) over 3.71 meters (110.66 – 114.37m). Drill hole MD17-004 intersected a near surface, broad mineralized zone with low grade gold and silver values grading 0.22 % Cu and 0.51 % Zn over 47.28 meters (7.62 – 54.9m). MD17-005 contains a narrow zone grading 1.19 g/t Au over 1.15 meters (50-45 – 51.6m). Drill hole MD17-008 intersected a near surface zone of 9.4 meters grading 0.15 g/t Au (0.0 – 9.4m) and a second intercept of 4.95m grading 0.14 g/t Au (63.05 – 68.0m).

Overall the intercepts define a variably mineralized flatly dipping zone consisting of broad anomalous zones with irregular higher grade structures related to the contact of two intrusive phases (granite and granodiorite) and the calcareous sediment and limestone host rocks.

At the 100% Owned Santa Maria Gold-Silver Project, the maiden drilling program, consisting of a minimum of 2500 meters of diamond drilling, is expected to commence in the near term. Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling is being completed by independent firm Kluane Drilling Ltd. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs (a Bureau Veritas Group Company) in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 50 gram gold fire assay and ICP-MS multi element analyses.

Timmins Gold Reported Preliminary Production Results For Operations in Mexico

HERMOSILLO, MEXICO – Timmins Gold Corp. reported preliminary production results for the Company’s fourth quarter and year ended December 31, 2016. The Company achieved production of 25,287 gold ounces for the quarter and 100,322 gold ounces for the year.

"We are very pleased with our operating performance in the fourth quarter and for the year 2016," stated Arturo Bonillas, President of the Company. "Gold ounces produced in the fourth quarter were 25,287, bringing the total to over 100,000 ounces for the year and putting us through the upper end of our guidance which had been revised higher during the year. We would like to acknowledge our dedicated team at the San Francisco Mine for their commitment and efforts during what began as a challenging year."

Mining operations at the San Francisco Mine continues to proceed as per the Company’s mine plan. Guidance for 2017 is between 70,000 and 75,000 gold ounces at cash costs of US$900 to US$950 per gold ounce (which includes all waste strip costs). The production profile for the year will be affected by an increase in waste stripping required mid-year. We expect first quarter production of approximately 20,000 ounces, trending to approximately 15,000 ounces in the third quarter then returning to the 20,000 ounce range for the fourth quarter.

As stated in the recently updated San Francisco technical report, mining operations at San Francisco are expected to continue to 2023 producing 450,000 to 500,000 ounces of gold at cash costs of US$900 to US$950 per ounce (inclusive of 2016).

Pre-construction activities at Ana Paula are proceeding according to plan. The feasibility study test work is advancing as planned and the 20,000-meter drill program (infill, geotechnical and condemnation) is nearing completion. The Company anticipates completing the feasibility study by mid-2017, with construction permits received by the end of the year.

Additionally and pursuant to the Company’s short form prospectus dated November 28, 2016, 36,400,000 units were issued at a price of C$ 0.55 per unit. Total net proceeds to the company amounted to $13.8 million.

Timmins Gold is a Canadian gold mining company engaged in exploration, development and production exclusively in Mexico. Its principal assets include the producing San Francisco mine in Sonora, Mexico and the development stage Ana Paula project in Guerrero, Mexico. The Company also has a portfolio of other exploration properties, all of which are located in Mexico.

Drill Results And Forward Program At The Thor Property

VANCOUVER – Riverside Resources Inc. reported an update on the partner funded exploration work and initial drill testing at the Company’s Thor Project in Sonora, Mexico. The Thor Project is 128 km2 and located approximately 80 km east of the capital city of Sonora, Hermosillo. Riverside and its partner, Antofagasta Minerals S.A., a wholly-owned subsidiary of Antofagasta Plc, recently completed the first four drill holes ever drilled on this large property package that indicate at least three separate porphyry hydrothermal centre areas over a strike length of > 8 km in total distance.

Riverside and its partner decided to complete an initial proof-of-concept drill program to confirm Laramide aged rock at depth and explore for indications of a porphyry-intrusive system. The four diamond core holes totaled 1,335 m, with all four holes intersecting fault structures which appear to intersect upper and lower structural blocks of a porphyry-intrusive system. There were no significant copper or gold mineralized intercepts over material widths in these initial four holes; however, the program successfully found a porphyry system, with drilling encountering a large Laramide aged porphyry style quartz-sericite-pyrite stockwork zone, which can now be followed up with further work. The positive indications from the current program justify additional exploration work that will initially include a detailed remote sensing study and follow up field mapping, and targeted alteration and geochemical sampling to focus on identification of further drill targeting and to help understand the structural make up of this porphyry district. Riverside and Antofagasta have reviewed the results last week and now plan to progress the project with Riverside continuing as operator and moving the discovery process forward.

Riverside’s President and CEO, John-Mark Staude, stated: "We are pleased to be drilling and exploring with Antofagasta as a partner in Sonora, Mexico. The drill program at Thor has delivered a positive proof of concept with the discovery of extensive porphyry style veining in the drilled target areas. The project will now be progressed with further targeting work on both the upper and lower plates in an attempt to vector in on a potential copper porphyry discovery."

Drilling included three initial holes into the North Target area and one hole drilled at the South Target area. The recently completed program did not include any drilling at the Central area or other target zones on the >100 km2 property. The drilling so far is interpreted to have cut an upper block of porphyry style quartz sericite veining and a lower plate of intrusions with varying levels of porphyry-intrusion style alteration. The porphyry system at Thor has multiple square kilometers of strong hydrothermal acid leaching and alteration. The drill testing is encouraging and provides guidance for next phases of targeting at depth along with further evaluation of the untested Central Target area.

The upper plate has at least three distinct hydrothermal centers and both the upper and lower plate appear to have potential to host a mineral discovery. Laramide porphyry systems in Arizona, such as the San Manuel-Kalamazoo copper mine operation, were discovered proximal to large extensional fault core complexes. Riverside geologists will consider these potential analogues while completing field exploration and follow up structural targeting interpretation of the system at Thor.