Junior mining roundup
FINANCING
Tinka Resources announced a Cdn$16.0mn (US$12.2mn) equity subscription package with Buenaventura.
The financing, expected to close on or about January 7, will be used for the development of Tinka's Ayawilca project in Peru, further exploration, and for working capital and general corporate purposes, the company said.
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Regulus Resources announced in a release that it has raised Cdn$10mn through two agreements, the first with BMO Capital Markets (Cdn$6.8mn) and the second with Route One Investment, Regulus' largest shareholder.
Net proceeds will be used to fund exploration and development activities at the company's AntaKori copper-gold project in Cajamarca, Peru, as well as for working capital and general corporate purposes.
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SilverCrest Metals announced a Cdn$92mn financing deal to push ahead with its Las Chispas silver-gold project in Mexico, the company said.
Under the agreement, a syndicate of underwriters led by National Bank Financial, Desjardins Capital Markets and Scotiabank agreed to buy 12.6mn shares of the company at Cdn$7.28/share on a bought deal basis.
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Lumina Gold has closed a Cdn$9mn private placement, with up to 18mn common shares sold at a price of Cdn$0.50. The mining entrepreneur Ross Beaty has agreed to subscribe Cdn$4.85mn increasing ownership of Lumina from 17.95% to 19.90%.
With the gross proceeds Lumina will fund study work at the Cangrejos gold-copper project in Ecuador, it said.
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Luminex Resources raised around Cdn$10mn through a private placement of up to 19.2mn shares, it said in a release.
Funds will be used on drilling expenses at the Cóndor gold-copper project in southeast Ecuador, exploration costs at its 100% non-optioned concessions and for general corporate purposes.
Ross Beaty has subscribed 6.05mn shares, taking his ownership in Luminex to 19.90% from 15.64%.
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Cautivo Mining intends to complete a US$1mn non-brokered private placement this month to finance its expenses for the next one or two years.
The company's main asset is the Las Lomas project in Peru.
EXPLORATION
Solitario Zinc announced the final drill results from this year's program on its Florida Canyon zinc project in Peru.
Highlights include 47% zinc-equivalent at 3.3m and 26% zinc-equivalent at 6.1m, the company said.
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Unigold has intersected 23.7m at 6.03g/t gold and 24m at 4.59g/t at the Candelones extension deposit in the Dominican Republic.
The results released by the company are part of a 20,000m drilling at the property.
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Chesapeake has results from a bulldozer trenching program on its Crisy prospect.
Since mid-October 2019, Chesapeake has completed an additional 400m of bulldozer trenching at Crisy. Recent exploration has focused on extending trenches previously reported with deeper excavation to bedrock.
Results include 38m of 1.9g/t gold and 11g/t silver, 177m of 1.0g/t gold and 10g/t silver and 88m of 1.3g/t gold and 28g/t silver, the company said.
So far, two additional target areas have been identified along trend 3km to the northwest and a third target, 2km southeast of the trenching program.
District reconnaissance will continue in 2020 to discover and define additional mineralized zones targeting quartz stockworks, disseminations and breccia-vein swarms.
M&A, STUDIES, LEGAL
Goldplay Exploration has entered into a letter of intent with Mako Mining, the sole shareholder of Marlin Gold, Mako said in a statement.
As per the deal, Goldplay was granted the right to acquire 100% of the shares of Marlin, which owns, among other assets, Oro Gold.
Oro Gold is a Mexican company that owns the La Trinidad mine facilities, currently being decommissioned. The company also controls 100% of nine concessions adjacent to Goldplay's existing portfolio in Sinaloa, Mexico.
The terms of the transaction are subject to negotiation and will include a nominal cash payment to Mako and the issuance of a small NSR royalty to Mako on the concessions currently owned by Oro Gold.
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In a different development, Mako Mining announced the US$600,000 acquisition of the Potrerillos exploration and exploitation concession from a Condor Gold's subsidiary.
The Potrerillos concession, valid until December 2031, comprises 12km2 of sub surface mineral rights and is contiguous to and along strike from Mako's San Albino gold project in Nueva Segovia, Nicarágua.
The concession can be renewed for an additional 25 years, Mako said in a statement.
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AIS Resource has entered into an access agreement with the land owner to conduct exploration on an existing manganese mine and major deposit northwest of Panama City near Palenque, Panama.
AIS plans to conduct studies to determine the feasibility of recommencing mining operations on a 74ha concession, the company said.
If the results are positive the company will proceed with a mine engineering plan to commence production at the estimated rate of 10,000t/m or 350t/d.
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Lupaka Gold has formally notified the Peruvian government of an investment dispute between the company and the government.
Lupaka bases the dispute on certain acts and omissions of Peru in breach of the Canada - Peru free trade agreement (FTA) and international law, relating to the company's investment in the Invicta gold mine project, Huaura province.
The company began its planned shipments from the mine to processing plants in the third quarter of 2018 but had to suspend such shipments as a result of the community of Parán’s illegal blockade. Without access to the Invicta gold project site, Lupaka Gold was unable to continue mining, shipping and processing the mine's mineralization.
Despite numerous requests for assistance from the police and government officials, help was not provided and the blockade remains ongoing, Lupaka said in a statement.
The company said that it is taking all necessary actions to preserve its rights and protect its investments in Peru.
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Sierra Metals announced an update forthe mineral reserve and resource estimate for its Yauricocha mine in Peru.
Mineral reserves for Yauricocha are 8,439,000t averaging 46.5 g/t silver, 1.1% copper, 0.8% lead, 3.1% zinc and 0.5 g/t gold representing a 5.4% overall tonnage decrease to the previous reserve estimate.
However, proven mineral reserves increased 45% with probable mineral reserves decreasing 18% as compared to the previous reserve estimate, Sierra Metals said in a statement.
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New Pacific Metals announced in a statement that it has expanded its Silver Sand land package in Bolivia through the US$200,000 acquisition of a 100% interest in a special temporary authorization located immediately to the north of the project.
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