Junior roundup: Remo, Inca, Azure, Red Eagle, Continental, Latin Resources

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Tuesday, October 10, 2017

Vancouver's Remo Resources signed an amalgamation agreement with Chakana Copper, whereby Remo will acquire all of Chakana's outstanding shares in exchange for common shares of Remo. Chakana, indirectly, owns the rights to acquire the Soledad copper-gold project in Peru.

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Prior to closing the proposed acquisition, Chakana intends to complete a non-brokered private placement of shares for gross proceeds of no less than Cdn$6mn (US$4.8mn), Remo said in a press release.

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Peru-focused Inca Minerals completed an underground mapping and channel sampling program at the Vilcapuquio, Torrepata and Wari mine workings at its Cerro Rayas zinc project, with assay results pending, a statement said.

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Mexico-focused Azure Minerals is about to start a drilling campaign on both its flagship Oposura zinc-lead-silver project and the Sara Alicia gold-cobalt project in Sonora state, according to a press release.

The Oposura campaign is designed to complete a mineral resource estimate towards the end of March 2018, while at Sara Alicia a first-pass reconnaissance drill program has been designed to test a zone with 5-6 holes totaling some 450-500m of diamond core planned, which is expected to start this week.

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Colombia-focused Red Eagle Mining said underground development at the San Ramón gold mine continues to advance according to plan, with 592m in September for a total of 1,756m completed in Q3 and 4,055m year-to-date.

Construction of a paste backfill plant is planned to begin in November and be completed in January. Design of the underground reticulation system was completed with materials expected and underground installation to start by the end of the month, a statement said.

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Toronto's Continental Gold announced the start of the second long-hole trial mining test at its Buriticá project in Colombia's Antioquia department. The trial mining test will extract 28.9m of total ore from two vertically stacked stope blocks.

The objectives of the program include technical and safety training for the workforce, in addition to providing validation ahead of planned commercial production in 2020 of the mechanized long-hole mining method and its associated criteria for the project.

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Australia's Latin Resources has agreed to issue shares to raise approximately Aud$1.5mn (US$1.17mn), to be used to further exploration work on its lithium projects in Argentina, maintain its Peruvian mineral properties in good standing and for working capital, a securities filing said.