Junior roundup: Atico, Alset, Belo Sun, Starcore, Fiore, Dynasty, Source

Thursday, April 13, 2017

Vancouver's Atico Mining reported operating results for Q1 at its El Roble mine in Colombia. Production totaled 5.05Mlb (2,291t) of copper and 2,550oz gold in concentrates, up 18% for copper and down 2% for gold from 1Q16.

The company said it is on track to meet its 2017 operational guidance of 8,300-8,500t copper and 9,700-10,000oz gold, a press release said.

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Vancouver-based Alset Energy plans to accelerate its earn-in option to acquire a Mexican salar project, after amending the original agreement with MKG Mining in which the former would have paid US$210,000 cash plus VAT over five years, said a statement.

Under the amended agreement, Alset Energy will pay the remaining US$190,000 and VAT owed to MKG Mining by issuing 2.1mn shares at a price of Cdn$0.14. Upon issuance, Alset will have fulfilled its earn-in option, and subject to a 2.5% NSR will own 100% of the project.


Toronto's Belo Sun Mining received an interim suspension order issued by a Brazilian federal regional court judge related to the construction license of its Volta Grande project, and the license will remain suspended until the indigenous study has been approved by Brazil's indigenous affairs agency.

This is the second interruption in Belo Sun's construction plans, and the company will appeal the judge's decision, Peter Tagliamonte, president and CEO said in a press release.


Vancouver's Starcore International Mines repaid outstanding secured bonds of Cdn$4.5mn (US$3.4mn) that were due to mature on May 12, a statement said.

Following the repayment, the company has an approximate cash balance of Cdn$10.1mn. Starcore has mining properties in Mexico.


Vancouver-based Fiore Exploration plans to acquire the Río Loa gold exploration project in Chile's Maricunga belt, it said in a press release.

Fiore can earn 100% of the property by making a series of staged cash payments totaling US$1.02mn plus US$500,000 of exploration work, a 2% NSR to the vendors and making discovery payments ranging from US$2/oz to US$5/oz of measured and indicated gold resources to a maximum of US$5mn.


Ecuador-focused Dynasty Metals & Mining said the Toronto Stock Exchange further extended the delisting date of the company's shares from the close of market on April 12 to April 26. The company plans to list its shares on the TSX Venture exchange, according to a release.


Mexico-focused Source Exploration said that drilling at its Las Minas gold project intersected long intervals of high-grade gold, copper and silver mineralization.

Diamond drilling at the El Dorado-Juan Bran zone cut 6.82g/t gold equivalent over 12m contained within a 24m interval grading 4.43g/t gold equivalent. The objective of the drilling program is to advance the project to a mineral resource estimate, scheduled for this quarter, according to a statement.