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Showing posts with label Mexico. Show all posts
Showing posts with label Mexico. Show all posts
Wednesday, February 3, 2010
Gold and Silver: Fortuna Discovers High-Grade Ag-Au Mineralization at the Caylloma Mine, Peru FVI.to, GDX, HUI, XAU, ASM.v, SSRI, SLW, SLV, EPZ.v,
0 comments Posted by andre at 6:48 AM
Company has a great advance during the last year representing its improved fundamentals with production coming online. New discovery will provide new opportunities after price will settle from recent top in a consolidation stage. Bought financing will provide some floor for the stock at the 2.3CAD level. This story is another indication that strong players are able to finance their projects even in current market conditions.
Wed Feb 3, 2010 6:20pm EST
* Says to issue 13.1 mln shrs at C$2.30/shr
* Offer at 11.5 pct discount to Tuesday's close
Feb 3 (Reuters) - Canada's Fortuna Silver Mines Inc (FVI.TO) said it will raise C$30 million ($28.3 million) in a bought deal financing to partly fund the construction of its San Jose project in the state of Oaxaca, Mexico.
The company said it will issue 13.1 million shares at C$2.30 apiece, a 12 percent discount to their closing price Tuesday, to a syndicate of underwriters, co-led by CIBC and Canaccord Financial Ltd.
The underwriters will have an over-allotment option of 15 percent of the offering, Fortuna said in a statement.
The offering is expected to close on or about March 2. Shares of the Vancouver, British Columbia-based company closed at C$2.49 Wednesday on the Toronto Stock Exchange. ($1=1.060 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Gopakumar Warrier)"
* Says to issue 13.1 mln shrs at C$2.30/shr
* Offer at 11.5 pct discount to Tuesday's close
Feb 3 (Reuters) - Canada's Fortuna Silver Mines Inc (FVI.TO) said it will raise C$30 million ($28.3 million) in a bought deal financing to partly fund the construction of its San Jose project in the state of Oaxaca, Mexico.
The company said it will issue 13.1 million shares at C$2.30 apiece, a 12 percent discount to their closing price Tuesday, to a syndicate of underwriters, co-led by CIBC and Canaccord Financial Ltd.
The underwriters will have an over-allotment option of 15 percent of the offering, Fortuna said in a statement.
The offering is expected to close on or about March 2. Shares of the Vancouver, British Columbia-based company closed at C$2.49 Wednesday on the Toronto Stock Exchange. ($1=1.060 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Gopakumar Warrier)"
Press Release Source: Fortuna Silver Mines Inc. On Tuesday February 2, 2010, 12:25 pm EST
VANCOUVER, Feb. 2 /CNW/ - Fortuna Silver Mines Inc. (TSX: FVI / Lima Exchange: FVI) is pleased to announce the discovery of high-grade silver-gold mineralization in the upper portion of the Animas Vein at the Caylloma Mine in southern Peru. A series of exploration raises and cross-cuts recently developed along the Animas structure cut Bonanza-style silver-gold mineralization above level 6 (production to date from the Animas Vein has all been derived from below the 6th level.)
Mr. Jorge Ganoza, President and CEO, commented: "This is an exciting discovery of high grade silver-gold mineralization in the Animas vein, traditionally a polymetallic vein, that is the source of 85% per cent of production at our Caylloma mine. We're currently investigating the full significance of the new discovery and our exploration and mine planning teams are working to define resources to be included in our mine plan".
Highlights of sampling on the new zone include: Raise CH 418N: 41 channel samples taken every two meters along 84m of vertical extent on the raise returned an average of 1,890 g/t Ag and 5.4 g/t Au over an average sample width of 1.35m. Cross-Cut 418N: Averaged 2110 g/t Ag and 13.27 g/t Au over a true width of 4.36m. Raise CH412N: 30 channel samples taken every two meters along 60m of vertical extent on the raise returned an average of 404 g/t Ag and 1.26 g/t Au over an average sample width of 1.55m. The high-grade silver-gold zone is open laterally over a strike distanceof 400m and vertically to the surface, a distance of 150 to 200m along theinclination of the vein. The significance of these results still needs to befully quantified and built into the current mine plan.
Results of the systematic channel sampling every two meters of the raises are summarized in the following table. Silver and gold values range up to 13,202 g/t and 181.95 g/t, respectively.
VANCOUVER, Feb. 2 /CNW/ - Fortuna Silver Mines Inc. (TSX: FVI / Lima Exchange: FVI) is pleased to announce the discovery of high-grade silver-gold mineralization in the upper portion of the Animas Vein at the Caylloma Mine in southern Peru. A series of exploration raises and cross-cuts recently developed along the Animas structure cut Bonanza-style silver-gold mineralization above level 6 (production to date from the Animas Vein has all been derived from below the 6th level.)
Mr. Jorge Ganoza, President and CEO, commented: "This is an exciting discovery of high grade silver-gold mineralization in the Animas vein, traditionally a polymetallic vein, that is the source of 85% per cent of production at our Caylloma mine. We're currently investigating the full significance of the new discovery and our exploration and mine planning teams are working to define resources to be included in our mine plan".
Highlights of sampling on the new zone include: Raise CH 418N: 41 channel samples taken every two meters along 84m of vertical extent on the raise returned an average of 1,890 g/t Ag and 5.4 g/t Au over an average sample width of 1.35m. Cross-Cut 418N: Averaged 2110 g/t Ag and 13.27 g/t Au over a true width of 4.36m. Raise CH412N: 30 channel samples taken every two meters along 60m of vertical extent on the raise returned an average of 404 g/t Ag and 1.26 g/t Au over an average sample width of 1.55m. The high-grade silver-gold zone is open laterally over a strike distanceof 400m and vertically to the surface, a distance of 150 to 200m along theinclination of the vein. The significance of these results still needs to befully quantified and built into the current mine plan.
Results of the systematic channel sampling every two meters of the raises are summarized in the following table. Silver and gold values range up to 13,202 g/t and 181.95 g/t, respectively.
Table.
To-date, only one drill hole has been completed above level 6 in theAnimas vein. Drill hole ANIS007506 intersected the Animas vein just abovelevel 6, approximately 200m north-northwest of raise CH418N, and assayed 116g/t Ag, 1.03 g/t Au, 3.74% Pb, 5.43% Zn and 0.29% Cu over an interval of 5.2m.The drill hole was oriented perpendicular to the mineralized structure. Thelocation of the underground workings and the single existing drill hole areillustrated in the attached longitudinal section of the Animas Vein. Pleaseclick on the following thumbnail to view the section:
http://www.fortunasilver.com/i/maps/caylloma/FortunaSilver_AnimasVein_Lv6 _21jan2010.pdf
A 1,300m, 15 hole diamond drill program has been developed to test the lateral and vertical continuity of this Bonanza-style mineralization. Drilling should start in mid-February.
Other High-Grade Targets
Initial exploration drilling will also be carried out at the Don Luis II and Vilafro prospects where surface sampling and mapping have identified mineralized structures with strong silver and gold mineralization. Surface channel samples collected over a strike length of 400m at the Don Luis II vein include 9.89 g/t Au and 347 g/t Ag (sample 251778), 10.0 g/t Au and 93.5 g/t Ag (sample 251740) and 1.16 g/t Au and 1250 g/t Ag (sample 251751). In the Vilafro area, high grade silver mineralization ranging to 3,132 g/t Ag in rock chip samples is associated with a northwest-trending fracture zone.
QA/QC
Sample results reported for the underground workings, including raises and cross-cuts, are based on channel samples systematically collected perpendicular to the orientation of the vein. Samples are dried, prepared and analyzed at company-owned sample preparation and laboratory facilities at the Caylloma property. Silver and base metals are assayed by atomic absorption methods utilizing an aqua regia digestion. Gold is assayed by standard fire assay methods with an atomic absorption finish. Certified reference standards are blindly inserted into the sample stream at a frequency of 1 per 20 normal samples. Assay blanks are blindly inserted at a frequency of 1 per 30 samples and field duplicates are collected and analyzed at a frequency of 1 per 80 normal samples. Check assay samples and preparation duplicate samples are routinely submitted to ALS Chemex facilities in Lima to verify sample preparation and assay quality.
Qualified Person
Mr. Miroslav Kalinaj, P. Geo., is the Company's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information in this news release.
Fortuna Silver Mines Inc.
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at http://www.fortunasilver.com/.
ON BEHALF OF THE BOARD Jorge Ganoza President, CEO and Director"
http://www.fortunasilver.com/i/maps/caylloma/FortunaSilver_AnimasVein_Lv6 _21jan2010.pdf
A 1,300m, 15 hole diamond drill program has been developed to test the lateral and vertical continuity of this Bonanza-style mineralization. Drilling should start in mid-February.
Other High-Grade Targets
Initial exploration drilling will also be carried out at the Don Luis II and Vilafro prospects where surface sampling and mapping have identified mineralized structures with strong silver and gold mineralization. Surface channel samples collected over a strike length of 400m at the Don Luis II vein include 9.89 g/t Au and 347 g/t Ag (sample 251778), 10.0 g/t Au and 93.5 g/t Ag (sample 251740) and 1.16 g/t Au and 1250 g/t Ag (sample 251751). In the Vilafro area, high grade silver mineralization ranging to 3,132 g/t Ag in rock chip samples is associated with a northwest-trending fracture zone.
QA/QC
Sample results reported for the underground workings, including raises and cross-cuts, are based on channel samples systematically collected perpendicular to the orientation of the vein. Samples are dried, prepared and analyzed at company-owned sample preparation and laboratory facilities at the Caylloma property. Silver and base metals are assayed by atomic absorption methods utilizing an aqua regia digestion. Gold is assayed by standard fire assay methods with an atomic absorption finish. Certified reference standards are blindly inserted into the sample stream at a frequency of 1 per 20 normal samples. Assay blanks are blindly inserted at a frequency of 1 per 30 samples and field duplicates are collected and analyzed at a frequency of 1 per 80 normal samples. Check assay samples and preparation duplicate samples are routinely submitted to ALS Chemex facilities in Lima to verify sample preparation and assay quality.
Qualified Person
Mr. Miroslav Kalinaj, P. Geo., is the Company's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information in this news release.
Fortuna Silver Mines Inc.
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at http://www.fortunasilver.com/.
ON BEHALF OF THE BOARD Jorge Ganoza President, CEO and Director"
Wednesday, January 6, 2010
Gold and Silver: Kootenay Drill Programs Expected to Add Significant Shareholder Value in 2010 KTN.v, SSRI, SLW, HUI, XAU, TNR.v, ASM.v, EPZ.v, NEM,
0 comments Posted by andre at 11:56 AM
Debt of the United States has surpassed Twelve Trillion a few days ago - it is time to put a few lines about destiny of US Dollar, Gold and pockets of Growth. This debt, which is so dangerously close to be a 100% of GDP is a small shadow of U.S. total obligations which could be as high as 114 Trillion dollars.
Recently we gave a Signal:
"We promised to give you an update on Gold Big Picture. First of all we will refer to the Chart above and will tell you that we see a Sell signal short term in the making."
Gold is in a healthy correction now: our Sell signal is confirmed. Things are not rising parabolically, if it is not the last phase of the Gold Bull. We do not think so and now it is time to buy and accumulate positions again. Gold could retest strong support of previous consolidation pattern at around 1000 USD/oz to throw you the number, but do not trade it if you do not have to.
Jim Puplava is talking this week about Gold doubling from here and Mr Gold Corp - Rob McEwen still throws his 5000 figure and makes a Junior Gold mining index. We are in agreement that it is time to rotate into Junior mining sector. After this consolidation, once investment public will realise that Gold will stay above 1000 USD/oz and it was not a final blip, money will go into Juniors, which still lack as a sector previous excitement of Bull Legs Up. Silver moves will be more dramatic, as usual, with double drivers of Inflation and Commodity High Tech Recovery play."
Recently we gave a Signal:
"We promised to give you an update on Gold Big Picture. First of all we will refer to the Chart above and will tell you that we see a Sell signal short term in the making."
Gold is in a healthy correction now: our Sell signal is confirmed. Things are not rising parabolically, if it is not the last phase of the Gold Bull. We do not think so and now it is time to buy and accumulate positions again. Gold could retest strong support of previous consolidation pattern at around 1000 USD/oz to throw you the number, but do not trade it if you do not have to.
Jim Puplava is talking this week about Gold doubling from here and Mr Gold Corp - Rob McEwen still throws his 5000 figure and makes a Junior Gold mining index. We are in agreement that it is time to rotate into Junior mining sector. After this consolidation, once investment public will realise that Gold will stay above 1000 USD/oz and it was not a final blip, money will go into Juniors, which still lack as a sector previous excitement of Bull Legs Up. Silver moves will be more dramatic, as usual, with double drivers of Inflation and Commodity High Tech Recovery play."
Time is is for Juniors in Gold and Silver to play, look for strong aggressive teams, good assets and solid financial positions - the rest will be done by The Gold Bull.
VANCOUVER, Jan. 6 /CNW/ - Kootenay Gold Inc. ("Kootenay") (KTN: TSX.V) is pleased to announce exploration has accelerated on its gold and silver properties. Seven drill programs in Mexico and Canada provide multiple opportunities for discovery and added shareholder value in 2010. During the first two quarters of 2010, drill results are expected for the following properties:
- Promontorio, Mexico Drilling Underway
- Espiritu, Mexico Drilling Underway
- Rosetta Stone, Canada Drilling Complete Results Pending
- Connor Creek, Canada Drilling Complete Results Pending
- Santa Lucia, Mexico Drilling Scheduled
- Jumping Josephine, Canada Drilling Scheduled
- Deer Park, Canada Drilling Scheduled
James McDonald, CEO of Kootenay Gold commented, "Drilling and development at the Promontorio Silver/Gold Project continues to be our primary focus while Joint Venture partnerships maximize the potential for new discoveries. We are presently in a healthy financial situation with ~$10 million in the treasury and ~37 million shares outstanding."
GEOLOGICAL PROPERTY Information
Promontorio, Mexico
Phase I & II Promontorio Drill Results reported 950 grams per tonne ("g/t") over 18.4 meters ("m"), 162 g/t Silver eqv. over 151m & 386.64m of 70.8 g/t Silver eqv (for full assay results see News Release dated Feb 05, 2009). Drilling continues at Promontorio. The program is designed to drill untested targets; expand on mineralization discovered at the Pit Discovery; and step-out across the 2km Dorotea Trend. The current program focuses on targets identified by systematic exploration (3D IP Geophysical Survey; Mapping; Sampling; EM Airborne Study; Trenching; Drilling) across this large silver-lead-zinc-gold mineral system; The program is being expanded and is to be followed with detailed drilling of the strongest mineralized zones.
Espiritu, Mexico - Joint Venture
The Espiritu is an exciting project that has the potential to be a 'Company Maker'. It has the text book characteristics of a large scale porphyry system. Erosion of the Leach Cap has exposed the enriched Supergene of a Gold Copper system. Mineralization and alterations are hosted along a 5km east northeast trending structure that measures between 1 and 2km in width. Two hundred and sixty-one samples have been collected, with 169 from the northwest porphyry setting. This drill phase is the first look at the system to determine grade and width potential of the supergene and hypogene mineralization (see News Release dated Dec 03, 2009).
Rosetta Stone, Canada - Joint Venture
The drill program is a first test on two newly discovered gold showings named the Road and Rosetta Stone showings. The road showing which is 94m long and 4 to 6m wide and can be projected for another 450m along strike; and the Rosetta Stone showing which is exposed for 40m of strike over 2 to 4m wide before disappearing into overburden on both ends. Grab samples from the Rosetta Stone showing range from background to 21.1 g/t, 11.4 g/t, 7.7 g/t, 16.6 g/t, 7.1 g/t and 3.8 g/t, with 11 of 29 samples grading more than 1.0 g/t gold. Grab samples from the Road showing ranged from background to a high of 17.0 g/t gold (see News Release dated Oct 14, 2009).
Connor Creek, Canada - Joint Venture
Gold-bearing shear zones, massive sulphide gold-copper veins, polymetallic veins and skarn occur on the property. The massive sulphide veins are similar in many respects to the veins that host the copper-gold deposits of the historic Rossland camp. Although hillsides are steep, little outcrop has been found away from roads and some creeks. A soil geochemical survey over about one-quarter of the property has located several unexplained zones of strongly anomalous values for gold (up to 1554 parts per billion) and other metals. These zones measure up to 1500m long and 500m wide. Drilling in 2007 of newly discovered gold-bearing shears at the CC gold zone at the north end of a 550 meter-long gold soil anomaly returned the following drill intercepts (see News Release dated Nov 13, 2009):
Hole No. 9 -- 16.2 g/t gold over 0.80m;
Hole No. 10 -- 4.75 g/t Au over 3m; 3.29 g/t Au over 1.76m; 1.09 g/t
Au over 4m.
Santa Lucia, Mexico - Joint Venture
During the last several years, Kootenay has conducted extensive exploration on the Santa Lucia Property which includes prospecting, mapping, sampling, airborne mag and EM work. In addition, a complete historic data package was purchased in 2009. The data contains information from more than US$1 million of exploration expenditures conducted in the 1990's. Based on Kootenay's exploration and drill intercepts contained within the data package, several compelling Drill Targets have been identified. Planning and permitting is now underway for a comprehensive diamond drilling program at Santa Lucia (see News Release dated Dec 10, 2009).
Jumping Josephine, Canada - Joint Venture
Gold encountered over a strike length of 900m and to vertical depths of up to 240m below surface and remains open on strike and at depth. Visible gold is often observed within the stockwork quartz veins and individual meter-wide samples range up to 61.8 g/t gold (hole 048 58-59m). The presence of coarse gold was noted early during exploration and all samples from the stockwork zone were analyzed by metallic screen fire assays.
Planning and permitting is now underway for a focused and comprehensive trenching and diamond drilling program on the Jumping Josephine Project for the spring 2010, as well as the previously-announced bulk sampling at the JJ Main zone. This work will continue to evaluate the 2km JJ Main structure, as well as testing a number of other high-priority targets (see News Release dated Nov 18, 2008).
Deer Park, Canada - Joint Venture
The Deer Park property comprises approximately 420 hectares. Several styles of mineralization have been recognized. Gold occurs within north trending shear zones in quartz veins, veinlets and irregular fracture zones, commonly with minor copper or other base metal sulphides; within a mapped and projected strike length of nearly 3km. Higher concentrations and better grades appear to be associated with small east-trending, crosscutting fractures or faults, with hand sample values containing up to 23 g/t. These gold zones have been the focus of most of Kootenay Gold's recent exploration including an airborne geophysical survey, geological mapping, soil geochemistry and trenching. Lead-zinc-silver veins occur in the southwestern part of the Deer Park property. Selected grab samples from numerous historical trench piles returned values of several percent combined lead and zinc and up to 68 g/t silver (see News Release dated Dec 11, 2009).
About Kootenay
Kootenay is an emerging exploration Company actively developing mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. The Company's top priority remains the ongoing development of its Promontorio Silver project in Sonora State, northwest Mexico, which encompasses the former producing Promontorio Silver Mine.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
For further information: James McDonald, CEO and President at (403) 238-6986 or Ken Berry, Chairman at (604) 601-5652, 1-888-601-5650, http://www.kootenaygold.ca/"
Thursday, June 25, 2009
Junior Gold: KOOTENAY STRENGTHENS BOARD OF DIRECTORS WITH FORMER PLACER DOME EXECUTIVE. KTN.v, HUI, XAU
0 comments Posted by andre at 9:44 AM
Another gold junior still under radar screens of investment crowd. With this addition to the board its story in Mexico is getting more credibility. Junior mining investment cycle here is all over again.June 25, 2009
KOOTENAY STRENGTHENS BOARD OF DIRECTORS WITH FORMER PLACER DOME EXECUTIVE
Hermosillo, Mexico - Kootenay Gold Inc. ("Kootenay") (TSX Venture: KTN) is pleased to announce Brian Groves has joined the board of directors. Brian has worked in the mining and exploration industries for more than 29 years. A graduate of The University of Sydney, Australia, Brian began his career in exploration as a geophysicist in Australia. He has been involved with junior, mid-tier and major companies such as AMAX Minerals, Noranda and Placer Dome where he served for 12 years rising to the position of Manager of Corporate Development, Canada. Currently, Brian serves as CEO of Skygold Ventures (TSX Venture: SKV) where he guides development of a multi-million ounce gold resource.Brian Groves commented, "Having just completed a visit to Kootenay's Promontorio Silver/Gold Project, I am pleased with the results of the systematic exploration completed to date and based on these results, the potential to develop a large silver/gold ore body in Mexico. The trenching, mapping and modeling now underway will provide excellent targets for the next round of drilling at Promontorio. I feel confident my network of contacts, combined with my technical and corporate development experience will complement the Kootenay team."Brian Groves brings an impressive range of knowledge and experience to the board of directors", said Jim McDonald, CEO of Kootenay. "His integrity and commitment to excellence are attributes we welcome as we advance Promontorio." Kootenay has also issued an aggregate total of 1,065,000 incentive stock options exercisable for a period of five years at a price of $.65 per share to directors, officers, consultants and employees of the company.ABOUT KOOTENAY Kootenay is an emerging exploration Company actively developing mineral projects in British Columbia, Canada and the Sierra Madre Region of Mexico. The Company's top priority remains the ongoing development of its 100% owned Promontorio Silver project, which encompasses the former producing Promontorio Silver Mine in Northwest Mexico. -30-"
Hermosillo, Mexico - Kootenay Gold Inc. ("Kootenay") (TSX Venture: KTN) is pleased to announce Brian Groves has joined the board of directors. Brian has worked in the mining and exploration industries for more than 29 years. A graduate of The University of Sydney, Australia, Brian began his career in exploration as a geophysicist in Australia. He has been involved with junior, mid-tier and major companies such as AMAX Minerals, Noranda and Placer Dome where he served for 12 years rising to the position of Manager of Corporate Development, Canada. Currently, Brian serves as CEO of Skygold Ventures (TSX Venture: SKV) where he guides development of a multi-million ounce gold resource.Brian Groves commented, "Having just completed a visit to Kootenay's Promontorio Silver/Gold Project, I am pleased with the results of the systematic exploration completed to date and based on these results, the potential to develop a large silver/gold ore body in Mexico. The trenching, mapping and modeling now underway will provide excellent targets for the next round of drilling at Promontorio. I feel confident my network of contacts, combined with my technical and corporate development experience will complement the Kootenay team."Brian Groves brings an impressive range of knowledge and experience to the board of directors", said Jim McDonald, CEO of Kootenay. "His integrity and commitment to excellence are attributes we welcome as we advance Promontorio." Kootenay has also issued an aggregate total of 1,065,000 incentive stock options exercisable for a period of five years at a price of $.65 per share to directors, officers, consultants and employees of the company.ABOUT KOOTENAY Kootenay is an emerging exploration Company actively developing mineral projects in British Columbia, Canada and the Sierra Madre Region of Mexico. The Company's top priority remains the ongoing development of its 100% owned Promontorio Silver project, which encompasses the former producing Promontorio Silver Mine in Northwest Mexico. -30-"
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