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Australia's Valor Resources received firm commitments from investors to raise Aus$3.13mn (US$2.52mn), via an oversubscribed placement, to be used for its Berenguela project in Peru and for working capital, the company said in a securities filing.
Ecuador-focused Adventus Zinc and Salazar Resources entered into a definitive option agreement whereby Adventus can earn a 75% interest in Salazar's Curipamba project by funding exploration and development expenditures of US$25mn over the next five years.
A feasibility study is expected to be completed within three years, after which Adventus is required to fund 100% of the development and construction expenditures to commercial production, according to a press release.
West Perth-based Inca Minerals received assay results and core logging data for holes RDDH-013 and RDDH-014 drilled at the Humaspunco prospect of its Riqueza project in Peru, with results confirming significant manto-style zinc-silver-lead mineralization extending just under the surface in the central part of the prospect.
Results include 4.97% zinc, 119.6g/t silver and 3.06% lead over 1.3m from 10.3m in hole RDDH-13 and 3.85% zinc and 76.7g/t silver over 2.3m from 7.4m and 4.03% lead over 3m from 6.7m in RDDH-014, a statement said.
The proposed plan comprises about 100 diamond core holes for approximately 5,000m, with at least two, possibly three, drill rigs being mobilized to the site. A maiden resource estimate is expected in 1Q18.
Highlights include 29.6m at 14.33g/t gold and 20g/t silver; 45.6m at 17.67g/t gold and 16g/t silver; and 33.9m at 17.17g/t gold and 25.6g/t silver. Continental said it is increasing its drill program for 2017 to 25,000m from 15,000m and the number of drill rigs from three to eight by early November.