This Joint Venture will be operated by Agnico Eagle to explore the Anza project and seek other prospective gold targets of district-scale potential in Colombia.
The Anza project is a gold exploration project, comprising exploration contracts and applications totaling approximately 200 kilometres-squared in the well endowed Mid-Cauca belt of Colombia. The project is 50 kilometres west of Medellín and 60 kilometres south of Zijin Mining's (SHA: 601899) Buritica gold operation.
Agnico Eagle will fund the joint venture until expenditures equal Newmont's previous investment in the Anza project (~$2.9 million), which is expected in the next 12 months. Thereafter the companies will continue funding on a 50-50 basis.
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Royal Road Minerals (TSX-V: RYR) Announces Drilling Results from its Guintär-Niverengo Gold Project, Colombia
Royal Road Minerals (TSX-V: RYR) has completed an initial 1179-metre diamond drilling program at its Guintär-Niverengo Gold “GNM” Project in Antioquia, Colombia. The GNM project area comprises two contiguous concessions and one title application area in the Anza mining district, approximately 50 kilometres west of Medellin.
Drilling results released on Sept. 29, 2020, intersected skarn-style mineralization:
- NIV-DDH-007: 14 meters of 4.1 g/t AuEq
- NIV-DDH-008: 10 meters of 2.3 g/t AuEq
- NIV-DDH-010: 18 meters of 1.9 g/t AuEq, including 21.5 meters of 1.3 g/t AuEq
- NIV-DDH-015: 10.8 meters at 3.4 g/t AuEq
These results follow up on work conducted by AngloGold-Ashanti (JSE: ANG) in 2015 which comprised two drilling campaigns for a total of 5,662 meters. Best intersections from their drill campaigns were from NIV-DD-003, 36 metres of 1.2 g/t gold from surface and NIV-DD-004, 10 metres of 1.6 g/t gold and 88 metres of 0.9 g/t gold.
Royal Roads published a NI 43-101 report on the property back in May 2020 and plans to use the most recent results to further refine their drill targeting.
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Solaris Resources (TSX-V: SLS) Drills 1,010 metres of 0.71% CuEq at its Warintza Project in Ecuador
Solaris Resources (TSX-V: SLS) Warintza project is a legacy project of legendary mine finder David Lowell. Sadly, he is not here to see the fruits of his labour, for drill results are indicating a world-class open pittable copper deposit.
The company reported assay results from its second and third drill holes at the Warintza Central zone from its on-going 40,000-metre drill program at its Warintza Project in southeastern Ecuador.
SLS-02 returned a consistent, high-grade interval from surface of 660 metres of 0.97% CuEq (0.79% Cu, 0.03% Mo, and 0.1 g/t Au), confirming a large extension of mineralization relative to historical drilling.
SLS-03 returned a longer and open interval of high-grade mineralization from surface, 1,010 metres of 0.71% CuEq (0.59% Cu, 0.02% Mo, and 0.1 g/t Au), including 716 metres of 0.75% CuEq (0.63% Cu, 0.02% Mo, and 0.1 g/t Au).
Warintza Central is presently defined by Mineral Resource estimate of 124 Million tonnes of Inferred Resources grading 0.70% CuEq (0.56% Cu, 0.03% Mo and 0.1 g/t Au), based on historic drilling totaling less than 7,000 metres and averaging less than 200 metres in depth.
Warintza Central makes up the known resources and recent drilling, leaving Warintza East, West and South still to be explored and defined.
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Ecuador to Allow Local Referendums on New Mining Projects
On Sept. 21, 2020, Ecuador's highest court ruled that it is in favour of having a referendum on banning large and medium mining operations near water resources. The decision gives municipalities a greater say over protecting its water resources from mining activities.
This decision follows a petition from the Ecuadorian city of Cuenca which was seeking a greater say in projects that affect their communities water supplies. This can be seen as a victory for Cuenca, in the southern province of Azuay, which has mining several projects, including SolGold’s (TSX: SOLG; LSE: SOLG) Sharug project and INV Metals’ (TSX-V: INV) Loma Larga gold-silver-copper project.
Ecuador has regained ground as a mining investment destination, but opposition to mineral development could hobble the national government’s plan to attract $3.7 billion USD in mining investment over the next two years.
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Ivanhoe’s Kukula Could be the Second Largest Copper Operation in the World
On Sept. 8, 2020, Ivanhoe Mines (TSX: IVN, NYSE: IVPAF) published the results of an independent integrated development plan for its Kamoa-Kakula project in the Democratic Republic of the Congo.
The development plan has three development scenarios, Kakula definitive feasibility study, Kakula-Kansoko pre-feasibility study, and Kamoa-Kakula preliminary economic assessment.
Kakula, the first underground mine planned at the Kamoa-Kakula concession, is forecast to generate six million tonnes of mineralized material per year at an average feed grade of 6.6% copper over the first five years of operation. Ivanhoe is fully funded up to initial production at the Kakula Mine, expected in less than a year.
In light of the new development plans, BMO Capital Markets raised their 12-month price target to $10 CDN from $9 CDN. This comes a day after TD and Canaccord Genuity raised their price targets from $6.50 CDN to $7 CDN and $5.50 CDN to C$7 CDN.
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