Junior roundup: Lundin Gold, Inca, Hot Chili, Red Eagle

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Thursday, December 7, 2017

Ecuador-focused Lundin Gold has drawn an additional US$40mn under a gold prepay credit facility with Orion Mine Finance Group and Blackstone Tactical Opportunities, to be used to support ongoing development of its flagship Fruta del Norte gold project (pictured), a press release said.

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Peru-focused Inca Minerals received assays and drill core logging data for hole RDDH-022 at its Riqueza zinc-silver-lead project, which it said intersected two strongly mineralized manto horizons within a 9.4m wide manto sequence.

The lower of the two manto horizons returned 20.77% zinc, 95.7g/t silver and 6.73% lead over 0.3m (down hole) from 41.9m hole depth and the higher of the two manto horizons returned 7.36% zinc, 37.4g/t silver and 2.10% lead over 0.5m (down hole) from 34.8m hole depth, a statement said.

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Australia's Hot Chili Limited said preliminary sampling efforts at the Lulu copper project in Chile have returned grades of up to 2.8% copper and 3.9g/t gold from surface.

The Lulu project adds a second potential high grade satellite ore source within short trucking distance of Hot Chili's flagship Productora copper project, according to a press release.

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Colombia-focused Red Eagle Mining said underground development at the San Ramón gold mine of its Santa Rosa complex continues to advance according to plan, with 383m drilled in November and 4,876m year-to-date.

San Ramón currently has 18 working attack ramps, with 10 in production, four completed and ready for production and four in development. Prior to the planned mill's start-up in January, Red Eagle expects to have stockpiled 21,000t of ore, the company said in a statement.