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

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.


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.


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.


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.


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.