Junior roundup: Inca, NGEx, Continental, Variscan, Cerro Dorado

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Monday, December 18, 2017

Peru-focused Inca Minerals received assay results for a mapping and a channel-sampling program from a newly opened underground mine working at the Humaspunco East area of its Riqueza project.

Highlights include channel 1 grade averages of 4.34% zinc, 49.8% silver, 2.96% lead (1.02m true width); channel 2 grade (one sample only) 2.31% zinc, 38.6g/t silver, 2.95% lead (0.28m true width); channel 3 grade averages of 1.46% zinc, 94.5g/t silver, 2.67% lead (0.87m true width).

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Further analysis of in situ grades of vein mineralization at Humaspunco is planned, including further channel sampling of vein mine workings and the possibility of bulk sampling, said a company statement.

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Vancouver-based NGEx Resources said that due to strong demand, the company will increase its previously announced non-brokered private placement to Cdn$12.5mn (US$9.71mn) from Cdn$10mn, a press release said.

As previously stated, proceeds will be used toward ongoing work programs in Chile and Argentina, as well as for general corporate purposes.

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Toronto's Continental Gold reported positive assay results for ore extracted from trial mining test stopes at its Buriticá project in Colombia's Antioquia department, a release said.

Two vertically stacked stopes located along the HW vein in the Yraguá system, measuring 20m along strike 35m vertically by 2.60m wide, were mined using the mechanized long-hole method, with 1,285 of contained gold ounces, 49% more than the resource model estimation.

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Australia's Variscan Mines entered into a binding option agreement to acquire 100% of the Rosario copper project located in Chile's Atacama region. The project comprises two large granted exploration concessions, Rosario 6 and Rosario 7, and further adjacent exploration concessions under application.

The agreement is in consideration for a fee of US$20,000, which may be exercised for a period of six months. At time of exercising the option, a fee of US$80,000 is payable to the counterparty, at such time the two parties will negotiate a unilateral purchase option contract which envisages several milestones based payments totaling US$5mn.

Relatedly, Veriscan said it entered into an agreement with its major shareholders over Aus$340,000 (US$260,545) to fund the start of preliminary field work, enabling activities in Chile and general corporate purposes.

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Cerro Dorado has purchased all of Auryn Mining Chile's mining concessions in a stock for property transaction.

Cerro now has 7 billion shares and outstanding, no debt and owns 100% of the Altos de Lipangue mining district claims that Auryn Mining Chile held. Details of the contract are expected to be publicized as soon as practical, said a release.