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Junior roundup: Revelo, BBX, Orocobre, PPM

Bnamericas Published: Tuesday, February 09, 2016
Junior roundup: Revelo, BBX, Orocobre, PPM

Vancouver's Revelo Resources signed an agreement with Austral Gold's Chilean subsidiary Guanaco Compañía Minera whereby Austral will have the exclusive option to acquire a 100% interest in the former's San Guillermo project in northern Chile.

Austral can acquire the property by paying Revelo US$2.65mn over three years, plus spending US$3mn on exploration over the same period. Revelo will retain a royalty on any future production, according to a company statement.

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Brazil-focused BBX Minerals received commitments to raise Aus$882,925 (US$620,715) via a two-tranche share placement, according to a securities filing.

Tranche 1 is expected to be completed on Friday to raise Aus$780,425 before costs.

The funds will be used to continue the analysis and testing of existing drill core, as well as to further the exploration program at its Juma East gold project in Brazil, which is expected to restart in March.

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Australia's Orocobre Limited said it produced 699t of lithium carbonate in January, up 272t on the previous month. The company also finalized the debottleneck program it started mid-2015, which is expected to boost production to full capacity.

Following completion of the debottlenecking processes, the Olaroz lithium facility in Argentina is now approaching its final stage of production ramp-up. Nameplate production rate is expected to be achieved by September, Orocobre said in a press release.

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Vancouver-based Peruvian Precious Metals (PPM), together with its partner Proyectos La Patagonia, received approval of the key permit to begin test mining and underground bulk sampling at its Igor project in northern Peru's La Libertad department.

The partners are currently finalizing the work plan and schedule for the project, with a detailed announcement expected shortly, according to a statement.

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