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Junior roundup: Salazar, SilverCrest, Coro, Cyprium

Bnamericas Published: Friday, April 29, 2016

Vancouver's Salazar Resources completed a US$1.05mn private placement of units and debt settlement as part of the company's recapitalization plan, according to a statement.

The third part of the plan involves the sale of a 2% net smelter returns royalty interest in its Curipamba project in Ecuador for US$4.75mn, which is to be completed in two tranches, with the first expected to close in late May.

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Vancouver's SilverCrest Metals reported additional results from the underground channel sampling program and start of a surface drilling program at its Las Chispas project in Mexico's Sonora state.

Sample results averaged 1.1m of 2.4g/t gold and 175g/t silver. The 3,000m surface drilling program began late March and to date six holes have been completed for a total of 1,500m, the company said in a press release.

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Chile-focused Coro Mining reported results of the first eight holes from a recently completed 16-hole, 2,680m reverse circulation drilling program at its Marimaca copper project.

Highlights include 200m at 0.71% copper, and 158m at 0.69% copper. A full description of the mineralization will be announced shortly, a statement said.

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Montreal's Cyprium Mining completed a second closing of its previously announced private placement of up to 8mn units for gross proceeds of Cdn$520,000 (US$415,526), to be used for the continued development of the company's Potosí project in Mexico, the costs of the offering, working capital and general corporate purposes.

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