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Excellon Resources victim of theft in Mexico

By Peter Kennedy

Excellon’s La Platosa silver mine in Durango, north-central Mexico. Source: Excellon Resources Inc.

Excellon Resources Inc.  [EXN-TSX; EXLLF-OTC] has revealed that a portion of the concentrates produced at its Miguel Auza processing facility in Mexico was recently stolen while in transit to the port of Manzanillo, Mexico.

Details of the alleged theft are reported in a March 21, 2019 news release containing the company’s 2018 annual and fourth quarter financial results.

The 800 tonnes-per-day Miguel Auza mineral processing facility is located on the Evolucion property in Zacatecas and processes ore which is currently being trucked for a distance of 200 km from Excellon’s La Platosa Mine in Durango.

La Platosa has been Mexico’s highest-grade silver mine since production started in 2005.

In advance of the change in federal government in Mexico in December, 2018, Excellon said the company recognized a deterioration in security around Miguel Auza. It said a number of the company’s employees were threatened.

“A preliminary investigation of these threats uncovered a scheme involving the theft of concentrate by criminal elements while in transit from Miguel Auza to Manzanillo from 2016 to October, 2018,” the company said.

Excellon said the amount and value of the concentrate stolen remains uncertain; however, it is currently estimated that the scheme impacted revenues by approximately 10% per year during the impacted period.

“Investigators indicated that three employees were involved in facilitating and concealing the theft; these employees have been terminated,” the company said.

Excellon went on to say that it retained experienced consultants to assist with investigations and developed an action plan to enhance the security footprint at Platosa and Miguel Auza and strengthen internal procedures.

The company is focused on optimizing the Platosa Mine’s cost and production profile, discovering further high-grade silver carbonate replacement deposit mineralization on the 21,000-hectare property as well as epithermal silver mineralization on the 100%-owned, 45,000 hectare Evolucion property, located just south of Hecla Mining Co.’s [HL-NYSE] San Sebastian Mine.

The company produced 1.9 million ounces of silver equivalent in 2018, a 27% increase from 1.5 million in 2017.

As Miguel Auza has recently been using only about half of its available capacity, a bulk sample from the adjacent San Sebastian Mine will be processed this year in preparation for a toll milling arrangement with Hecla Mining.

Excellon said the bulk sample size has been increased to 25,000 tonnes and has begun arriving.

In the year ended December 31, 2018, Excellon said it posted a net loss of $7.7 million or $0.08 per share, compared to a net loss of $5.7 million or $0.07 in the previous year. Revenue in 2018 was $24.3 million, up from $21.2 million in 2017.

“We made good operational improvements at Platosa during 2018, though lower metal prices and higher electricity prices during the second half of the year were a significant headwind on the business,” said Excellon President and CEO Brendan Cahill. During the fourth quarter of 2018, Cahill said electricity accounted for 38% of the company’s operating costs.

“During 2019, we intend to continue increasing productivity and focusing on cost reduction by accessing lower electricity rates through the private market and improving our milling operation,” Cahill said.

Hudbay Minerals granted final permit for $1.9B Rosemont copper mine

Canadian miner Hudbay Minerals (TSX, NYSE: HBM) scored a big win this week after the U.S. Forest Service approved the company’s mine plan of operations (MPO) for its $1.9 billion Rosemont copper project in Arizona.

“Rosemont is now a fully permitted, shovel-ready copper project and we look forward to developing this world-class asset,” president and chief executive Alan Hair said in a statement.

The project, located about 50 km southeast of Tucson, contemplates an open pit on the eastern slope of the Santa Rita that will churn out 112,000 tonnes of copper concentrate a year.

It’s expected to be the third-largest copper mine in the U.S., employing about 500 people and accounting for approximately 10% of the country’s total copper production.

Rosemont will be the third-largest copper mine in the U.S., employing about 500 people and accounting for approximately 10% of the country’s total red metal production

Hudbay Minerals and Rosemont’s previous owner, Augusta Resources, had pushed to get the mine permitted for more than a decade, during which the project faced local opposition and skepticism from regulators about water issues in the semi-arid region.

Only last week, the Toronto-based miner received the long-awaited water permit from the U.S. Army Corps of Engineers, after outlining several measures to reduce impacts on the environment, including what it said it was an "unprecedented" use of dry-stack tailings.

Hudbay intends to squeeze water for reuse from about 528 million tonnes of processed ore and to reduce water use by about 50%, compared to what it would consume if it were to use conventional tailings.

Opponents, however, argue the measures still fall short.

We're going to fight this," U.S. Rep. Ann Kirkpatrick, D-Tucson, told the Tucson Sentinel after the announcement. "It's not that I'm opposed to mining. I'm opposed to this mine because water's a major problem in the area… (taking) water from the Green Valley aquifer will create irreversible water problems."

Environmental and community groups and three nations, including the Tohono O'odham Nation, have already filed suit to try to overturn the Forest Service decision. They say they'll likely try to overturn the Corps decision as well.

Hudbay has just bought out its partners in the copper venture and announced it would begin looking for a long-term joint venture partner to help finance the mine.

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BHP steps up efforts to win neck and neck battle for Ecuador’s copper riches

World’s largest miner BHP (ASX, NYSE:BHP) took a key step this week towards increasing its presence in Ecuador, the new darling of copper prospectors, by signing an earn-in and joint venture deal with Canada’s Luminex Resources (TSX-V:LR).

The Vancouver-based miner, which has already enlisted big names such as Anglo American and First Quantum for its other three Ecuadorian assets, has given BHP the right to own up to a 70% stake the Tarqui copper project.

Luminex also committed to work exclusively with BHP to negotiate and complete a binding agreement for the partnership over the next three months.

In return, BHP will invest $75 million in exploration and pay Luminex $7 million in cash.

BHP, already the world's second-biggest listed copper miner, has been actively looking to increase its exposure to the metal.

The Australian mining giant, already the world's second-biggest listed copper miner, has been looking to increase its exposure to the metal and has targeted Ecuador as a key jurisdiction for that growth.

In September, BHP bought a 6.1% stake in SolGold (LON, TSX:SOLG) for $35 million, tightening its grip on the Cascabel project, believed to have the potential to become one of the largest copper-gold assets ever discovered.

The move pushed Australia’s largest gold producer, Newcrest Mining (ASX: NCM), to increase its holding in SolGold and so consolidate its position as the explorer’s top shareholder.

“Highly prospective” location

Ecuador has gained ground as a mining investment destination in the past two years thanks to a revised regulatory framework and a major investor engagement campaign that attracted around 420 applications for concessions in less than a year.

Canada’s Lundin Gold (TSX:LUG) is set to begin operations at its Fruta del Norte gold mine at the end of the year, and other multinational mining companies are looking at Ecuador with interest. Dundee Precious Metals will begin investing in the Andean nation through junior miners already operating there, while Barrick Gold’s chief executive Mark Bristow is said to have visited the country several times.

Existing and future projects risk delays and potential halts due to red tape and growing local opposition to the extraction of the country’s resources.

Existing and future projects, however, risk delays and potential halts due to red tape and growing local opposition to the extraction of the country’s resources.

According to the latest report by Fitch Solutions Macro Research, the ongoing expansion of mining exploration in the South American country is raising the risk of tensions between companies and the local population.

In two landmark cases last year, Ecuadorian courts sided with rural and indigenous communities who argued the national government had failed to inform them it was setting aside parts of their territories for mineral exploitation. That, Fitch notes, is a right protected by the 2008 Constitution.

As mining projects face headwinds from rising tensions, investors' courage will be tested, the analysts conclude, which could thwart Ecuador’s plan to attract $3.7 billion in mining investments in the next two years, up from $270 million in 2018.

The government is in the final days of completing a new policy that will mirror that of countries with greater mining experience, such as Chile and Peru, in order to streamline procedures and increase Ecuador’s competitiveness.

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Your Best Opportunity For Wealth Creation

You can call me lucky if you want, I don’t care. I am only out to become wealthy in the next two years.

If you choose to sit out this coming rally you will have no one to blame but yourself, but don’t tell your spouse as they will  surely disown you, if you miss this opportunity.

This is Dudley Pierce Baker, the editor of http://JuniorMiningNews.com and http://CommonStockWarrants.com and I believe we are on the verge of a major move up in the resource sector.

Timing is everything in the markets and the timing seems to be on our side for resource investors.

The next two years are being talked about now by several newsletter writers and even by Jim Cramer (CNBC) as an excellent time to being investing in the precious resource sector.

In a few years, some investors will think they are smart as heck when if fact they are just lucky to have been invested in the resource sector at this particular time.

So, timing will prove the expression correct, that 'it is better to be lucky than to be smart'.

The important take away for you as an investor is that the stage has been set (bottoms are in and bases built) and the next two years may well present investors with an explosive rally in silver, gold, copper and possibly uranium.

Simon Constable writing for TheStreet.com, Why It's a Good Time to Invest in Copper has an interview with Jim Cramer on Freeport-McMoRan: Prices Are Exploding.



I own a small copper company operating in Nevada currently selling for C$0.11. Over the last decade or so these stares have climbed to C$4.00. Whether the shares can reach C$4.00 again in the next two years, I surely do not know, but, I have a really nice position of hundred ’s of thousands of shares in this company, just in case, I get lucky.

Our colleagues at TheTechnicalTraders are looking for the next two years to possibly take silver and gold to new highs but probably at least to the previous highs of $50 and $1900, respectively. You will definitely want to read their latest article and see their charts.

Best Precious Metals Investment And Trading For 2019

I own many silver and gold companies and some even have stock warrants trading which can provide investors an even greater reward over the next two years, if we get lucky.

Some warrants I own on one of my favorite gold companies, in my opinion, could ‘easily’ sell for over C$5.00, and they currently sell for a mere C$0.22.

I know that sounds crazy but you see I expect to ‘get lucky’ and make a fortune on just this one position.

I own a nice position in a silver company which recently completed a private placement in which I participated and greatly increased my position. The shares are currently selling for C$0.13 and, in my opinion, could  ‘easily’ sell for well over C$1.00, if I get lucky. Another wealth building opportunity.

It is impossible to say how high some of these shares or warrants could go in a rip roaring bull market, but my (best read article ever) addresses the possibilities of outrageous gains ahead,

Gold and Silver Stocks, How High Can They Go

Frank Holmes, Rick Rule, David Morgan are in the camp of substantially higher prices.

If you would like to ‘get lucky’ with me, I encourage you to join me as a subscriber.

My Gold and Lifetime Subscribers have access to my personal portfolio and to my weekly audio and you will know exactly my views and current positions.

When I ‘get lucky’ this just might be the perfect time to hang it up and move to a sleepy little fishing village in Mexico, but hell I have already done that. So maybe I will need to seek out a new opportunity/adventure.

Life is great but it is going to be greater yet, when I (and hopefully you as a subscriber) become wealthy or wealthier in the next few years.

JOIN ME NOW, folks, I mean now do not delay this incredible wealth building opportunity.

Dudley Pierce Baker
Chapala, Jalisco, Mexico
Founder - Editor
http://JuniorMiningNews.com
http://CommonStockWarrant.com

Wheaton Precious Metals exceeds 2018 production guidance, declares dividend

Wheaton Precious Metals, (TSE: WPM) one of the largest precious metals streaming companies in the world, announced record gold production and sales in 2018 and declared a $0.09 per share first quarter dividend for 2019 on Wednesday.

In the fourth quarter of 2018, Wheaton generated almost $110 million in operating cash flow, bringing total operating cash flow for the year to over $475 million, founded on production of over 370,000 ounces of gold, 24 million ounces of silver and 14 thousand ounces of palladium, all in excess of the company's guidance.

Wheaton exceeded production guidance for gold, silver and palladium by 5%, 9% and 41%, respectively, and annual gold production and sales in 2018 represented a record for the company, Wheaton said in a media statement.

Wheaton's estimated attributable production in 2019 is forecast to be 365,000 ounces of gold, 24.5 million ounces of silver and 22,000 ounces of palladium, resulting in gold equivalent production of about 690,000 ounces.

For the five-year period ending in 2023, the company estimates that average, annual gold equivalent production will amount to 750,000 ounces.

The post Wheaton Precious Metals exceeds 2018 production guidance, declares dividend appeared first on MINING.com.

Champion Iron hunts high grade zones at Powderhorn

Montreal-based Champion Iron has excellent results from its 9,350-metre drill program last fall on its Powderhorn property located in north-central Newfoundland, 40 km southwest of Springdale. The results come from both a copper-rich and a zinc-rich zone.

Results from the copper zone include:

  • Hole PH18-16: 0.89% copper, 1.1 g/t gold, 13.9 g/t silver and 0.09% zinc over 3.92 metres. The best intersection in the hole was 2.31% copper and 1.8 g/t gold, 28.6 g/t silver and 0.33% zinc over 0.5 metre.
  • Hole PH18-17: 1.11% copper, 1.0 g/t gold, 7.7 g/t silver and 0.08% zinc over 3.0 metres. The best intersection in the hole was 1.33% copper, 0.6 g/t gold, 8.3 g/t silver and 0.29% zinc over 0.7 metre.
  • Hole PH18-42: 1.16% copper 0.3 g/t gold, 8.3 g/t silver and 0.29% zinc, with two higher grade inclusions. The best one was 1.19% copper, 0.3 g/t gold, 7.9 g/t silver and 0.48% zinc over 1.0 metre.

Results from the zinc zone include:

  • Hole PH18-12: 6.90% zinc, 0.14% copper, 7.7 g/t silver and no gold over 3.22 metres. The hole best 1.0-metre inclusion was 16.10% zinc, 0.16% copper and 1.2 g/t silver.
  • Hole PH18-34: 14.54% zinc, 0.40% copper and 105.9 g/t silver and less than 0.1 g/t gold over 1.68 metres. The best zinc grade in a 0.9-metre inclusion was 23.60%
  • Hole PH18-38: 10.21% zinc, 0.42% copper, 10.7 g/t silver and less than 0.1 g/t gold over2.76 metres. There was a 1.0-metre inclusion that tested 12.50% zinc, 0.50% copper and 14.1 g/t silver.
  • Hole PH18-40: 2.57$ zinc, 0.72% copper, 21.6 g/t silver and less than 0.1% gold over 2.57 metres. The best inclusion was 13.90% zinc, 0.74% copper, 17.5 g/t silver over 0.6 metre.

Champion says the data acquired in 2017 and 2018 demonstrates the presence of a 50-metre thick zinc-bearing unit with several high grade lenses. It has an overall zinc grade of 0.22%. The zinc zone may reach from near surface down to 630 metres. The target remains open in all directions. The geology at Powderhorn is said to be similar to that at the former Buchans mine.

(This article first appeared in the Canadian Mining Journal)

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Continental tables resource at Buritica’s BMZ1

Continental Gold (TSX: CNL) has announced a discrete resource estimate for the Broad Mineralized Zone 1 (BMZ1) in the central-west portion of the Yaragua system at its Buritica gold project in Antioquia, Colombia.

The zone contains 828,870 measured and indicated tonnes grading 14.15 grams gold per tonne and 22.9 grams silver for 377,000 oz. gold and 611,000 oz. silver. It also contains 141,150 inferred tonnes at 5.37 grams gold and 12.1 grams silver for 24,400 oz. gold and 55,000 oz. silver.

The company based the estimate on 141 drill holes totaling 6,410 metres and underground channel sampling totaling 1,084 metres. Highlights include 40.6 metres grading 16.65 grams gold and 7 grams silver from the 1,331 metre-elevation as well as 23 metres at 10.2 grams gold and 8.3 grams silver from the 1,307 metre-elevation.

BMZ1 currently has a vertical extent of 400 metres; it ranges between 25 and 40 metres wide and 80 and 120 metres long. The zone remains open at depth.

Continental plans to continue defining Buritica’s several BMZs through 2019 drilling, including up to 10,000 metres at BMZ1. Across the entire Buritica project, it will drill 73,500 metres.

The company discovered its third BMZ at Buritica earlier this year, located 150 metres west of BMZ1. Highlights from underground drilling at BMZ3 include 5.5 metres grading 202.23 grams gold and 24.5 grams silver as well as 30.15 metres at 7.97 grams gold and 5.5 grams silver.

Meanwhile, Continental is more than halfway through building its mine at Buritica. It expects to finish underground development by the end of 2019 and pour first gold in 2020’s first half.

The company recently closed a $175 million financing package that it will use on mine construction and start-up.

(This article first appeared in The Northern Miner)

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Best Precious Metals Investment And Trades For 2019

It’s been years since the gold and silver topped out in 2011. We have been waiting for a new bottom form and a new bull market to emerge for nearly 8 years. In this article, I’m going to compare palladium, gold, platinum, and silver and show you which of these precious metals I feel is the best long-term investment and also the best trade for 2019.

The analysis presented below is based on technical analysis using previous significant highs, and Fibonacci extensions. Both of these techniques work exceptionally well for predicting price targets both to the upside and also price corrections to the downside. If you have never used Fibonacci retracement or extensions in your trading I highly recommend learning more about them. I have no doubt it will improve your market price projection targets for your investments. I have found this technique to be the number one best trading tool for projecting future price movements in all asset classes.

The charts below will show to price forecasts for each metal. The first price target is based on the previous significant high that price made between 2000 and the current timeframe. Previous significant highs are typically the first target for the price to reach and that is also our first major upside target for these metals. The second price target I use is based on Fibonacci extensions using stand out lows formed anywhere between 2002 to the current price time and projecting that forward into the future beyond the previous highs shown on the charts.

So let’s get started with the worst precious metal to invest in and work your way down to the best precious metal.

 

#4 PALLADIUM

Palladium, In my opinion, is the worst precious metal to own for 2019. While palladium is used in everything from dentistry to groundwater treatment, Palladium is by far the most versatile precious metal. Only a little while ago palladium was not nearly as popular as it is today due to the incredible economic growth in developing countries especially China. This multi-use metal is steadily growing its importance in the markets hence the strong performance to date.

There is no doubt that Palladium has staged a massive rally from the 2009 lows and also another mega-rally from the 2016 low. But, knowing the best performing investments eventually become the worst performing investments later, let’s take a look at the chart of Palladium and see why I feel as though Palladium is the worst investment metal for 2019.

The monthly chart of Palladium below shows the previous high in price in the year 2000. That high has been broken and now the price has gone parabolic blasting above that level to the 1550 mark. At this point, the previous high target has been breached and we no longer see that as a price target. There is zero upside potential based on the previous high.

The second price target is based off the lows in 2016 using the Fibonacci extension the pullback in 2018 followed by this recent rally. This gives us a price projection of nearly $1500 an ounce. As you can see this perfect bull flag (continuation pattern) has reached the hundred percent Fibonacci measured target of 1500. Therefore I see this upside move as being complete and it is more likely to pull back and correct in 2019 with 0% upside potential. Anything beyond this price level is a bubble which could burst at any time and carries a high level of downside risk.

 

#3 GOLD

Gold is the second worst investment for 2019 when it comes to precious metals in my opinion based on potential upside growth. Keep in mind I am very bullish on the price of gold looking forward but other metals definitely have a lot more profit potential than gold.

As you can see on the monthly chart of gold the previous high was about $1900 in 2011. That level is our first price target for gold upon a breakout of this multiyear basing formation it has been forming since 2013. This makes for a potential gain of 46% in price.

Now if we apply a Fibonacci extension to get our second target we take the low from 2002 to the high in 2011 and bring it back down to the low in 2015. This gives us an upside price target of $2681 an ounce. Based at the current price of gold we could see gold rally 106% over the next year or two.

 

#2 PLATINUM

Platinum is the second best metal for short-term and long-term gains from 2019 and beyond. Looking at the monthly chart you can see the previous high in 2008 was around $2300 based on the current price if we get a move to the previous high it provides a 176% potential gain. Also, notice how the price is testing the major support level forms in 2008 this could act as a very significant double bottom in price as well.

Using Fibonacci extensions we take 2001 low up to 2008 high and back down to the recent low in 2018 or 2009 both are the same price this projected price gives us an upside target of $2659 an ounce. Based on the current price of platinum that gives us the 221% potential gain over the next couple of years.

 

#1 SILVER

The number one precious metal to own in 2019 and beyond is silver. Based on the previous high in 2011 and looking at the current price of silver there is a potential upside gain of 226%. Also, notice how silver is putting in a potential double bottom from the 2015 lows it also goes all the way back on the chart to 2006 through 2010 as a key support zone. Much like platinum, silver is at support and could very easily start a new mega-rally at any time.

Using a Fibonacci extension, we can get our second target for silver based on 2002 low and 2011 high along with the 2015 bottom. This gives us a $59 price target. With the current price of silver trading at $15 an ounce, there is an upside target of 296% potential gain over the next couple of years when silver starts its next bull market. In fact, I recently purchased a couple more silver bars from SDBullion to add to my silver stacks because I like the potential.

 

CONCLUSION:

In short, I feel precious metals should be a part of everyone’s portfolio as a long-term hedge and investment. I see precious metals as an insurance policy in case all hell breaks loose in the financial system and we need to fall back to something with physical value for a short period of time.

With that said, I am a firm believer that you should never overload in one particular investment or asset class. But I do feel certain metals should have a heavier weighting based on their current potential. The more upside potential the more of that metal you should own shares or physical bullion.

How should you invest and trade precious metals? There are a few ways to own metals as a trader and investor. You can own physical bullion rounds or bars and I don’t recommend coins simply because you pay a premium for a design and if metals ever do become a true currency the added value you paid for a design stamped in the metal will be tossed out the window and you lose that value as price will be based purely on weight.

A really simple way to trade and invest in metals are trading the ETFs for each bullion like Gold (GLD), Silver (SLV), Platinum (PLTM), and Palladium (PALL). Another and even more simple way is to own the GLTR fund which owns a basket of Gold, Silver, Platinum, and Pallium. Obviously owning precious metals mining stocks is another (GDX, GDXJ, JNUG, NUGT etc..)

If you want to join a group of professional traders, researchers, and friends, take a look at our trading newsletter to learn how we can help you find and execute better trades each month.  We believe 2019 and 2020 will be incredible years for skilled traders and we are executing at the highest level we can to assist our members.  In fact, we are about to launch our newest technology solution to better assist our members in creating future success.

Our team has 53 years of experience in researching and trading makes analyzing the complex and ever-changing financial markets a natural process. We have a simple and highly effective way to provide our customers with the most convenient, accurate, and timely market forecasts available today. Our stock and ETF trading alerts are readily available through our exclusive membership service via email and SMS text. Our newsletter, Technical Trading Mastery book, and 3 Hour Trading Video Course are designed for both traders and investors. Also, some of our strategies have been fully automated for the ultimate trading experience.

http://TheTechnicalTraders.com

RECENT CLOSED TRADES

Chris Vermeulen
Technical Traders Ltd.


Kinross takes 9.7% stake in Wolfden Resources

Wolfden Resources' (CVE: WLF) stock was up nearly 6% on Tuesday, after Kinross Gold (TSE: K) acquired 12.5 million shares at $0.20 a share —a $2.5 million investment — for a 9.7% stake in the junior exploration company.

The two companies will form of a committee to explore Wolfden’s 100%-owned Pickett Mountain volcanogenic massive sulphide (VMS) deposit in northeastern Maine.

Wolfden describes Pickett Mountain as one of the highest grade undeveloped VMS deposits in North America, and says it remains open for potential expansion.

Preliminary metallurgical work has yielded recoveries of zinc (88%), lead (77%) and copper (74%)

In January, Wolfden calculated a resource estimate for the deposit of 2.05 million indicated tonnes grading 9.88% zinc, 3.93% lead, 1.38% copper, 101.58 grams silver per tonne and 0.92 gram gold per tonne for a zinc-equivalent grade of 19.32%.

Inferred resources add 2.03 million tonnes of 10.98% zinc, 4.35% lead, 1.20% copper, 111.45 grams silver and 0.92 gram gold for a zinc-equivalent grade of 20.61%.

The junior has been working to update metallurgical studies and expects to resume its expansion and exploration drill program “as soon as logistics permit”. This will include follow-up of the recently discovered footwall zone in a drill hole that intersected 4.1 metres of 38.2% zinc-equivalent.

Preliminary metallurgical work has yielded recoveries of zinc (88%), lead (77%) and copper (74%), which the company says “are excellent for a VMS deposit in the Appalachians.”

The East and West lenses of the massive sulphide deposit are coincident with a well-defined zinc and lead and copper soil anomaly.

In addition, there are two soil anomalies located to the north of the known deposit that have not been drill tested and some soil anomalies on the property are also coincident with geophysical targets.

Pickett Mountain was discovered in 1979 by Getty Mines and is part of the Maine Volcanic Belt, which neighbours the Bathurst Camp in New Brunswick.

It is accessible year-round via State Highway 11 and three miles of forestry road. The project also has access to a power line.

(This article first appeared in The Northern Miner.)

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Medgold preps for 2019 drilling, re-interprets prospect at Tlamino

Medgold Resources (TSXV: MED; US-OTC: MGLDF) will drill 5,000 metres at its Tlamino gold project in southern Serbia during its 2019 exploration program, fully funded by Fortuna Silver Mines (TSX: FVI).

Fortuna can earn a 51% interest in the project by spending $3 million on exploration over three years; it can increase its interest to 70% by spending $5 million and completing a preliminary economic assessment over an additional three years.

The company will try to expand its Barje prospect and test targets at its Karamanica prospect, 8 km west of Barje, including a 2 km long induced polarization chargeability anomaly within a 2 km by 1.5 km gold in soil anomaly.

Medgold drilled 31 holes in 2018 across its Barje and Liska prospects. It now has all its drill results, and has reinterpreted the 500 metre by 400 metre mineralized zone at Barje into a 700 metre by 250 metre zone with vertical thickness ranging from 10 to 151 metres.

Liska, which sits 1.5 km southwest of Barje, was previously drilled by Yugoslav state agencies and hosts a historic resource tallying 4.8 million tonnes grading 0.54% lead and 1% zinc. Medgold’s 2019 drilling will target a 1 km zone between Barje and Liska.

Highlights from the company’s 2018 exploration include 34.65 metres from 13.35 metres downhole grading 3.11 grams gold and 28 grams silver and 22 metres from 2.2 metres downhole at 1.83 grams gold and 109 grams silver.

(This article first appeared in The Northern Miner)

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