Junior roundup: Coro, Inca One, Lara

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Wednesday, October 19, 2016

Coro Mining reported results from the final 23 reverse circulation holes of a 39-hole, 8,530m drill program completed at its Marimaca copper project in Antofagasta region (II), Chile.

The company said only two holes out of the entire resource definition drill program did not intersect mineralization. Metallurgical column test work is underway and the initial resource estimate is scheduled for completion in November, a company statement said.

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Inca One Gold has begun operating a newly completed, in-house smelter facility at its Chala One mill site in Peru, successfully pouring and exporting more than 16kg of gold since September 13.

Inca also recently completed a restructuring including a share consolidation, financing of Cdn$6.3mn (US$4.82mn), and conversion of about Cdn$10mn of debt into equity, a press release said.

Inca said it is now financed and has only 57.3mn shares outstanding.

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Lara Exploration, together with its partner Tessarema Resources, is moving the Maravaia copper deposit in Brazil toward production.

An installation licensing for the processing plant was granted on August 23 and the final exploration report approved October 14, Lara said in a statement.

Tessarema plans to file the feasibility study with Brazil's department of mines by month-end, along with its application for a full mining license.

"Tessarema can complete its earn-in to a 100% ownership of the deposit and the Curionopolis copper-gold project by achieving commercial production at a rate of not less than 500t per day and making a final US$750,000 payment to Lara," Lara said.