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Panorama Minero


 

 

 

 

 

 

 

•• Monthly Mining Bulletin Nº29
Julio - 2014 - PANORAMA MINERO
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Mining in Argentina – What happened in June?

Argentina will produce enriched uranium in less than a month
The state atomic energy entity of Argentina, CNEA (Atomic Energy National Commission), announced that the Pilcaniyeu Technological Complex (Rio Negro Province) will be producing enriched uranium in less than a month. The announcement comes in a moment that Argentina needs energy supply in order to satisfy all its requirements.

Lumina Copper Corp. to Be Acquired by First Quantum Minerals
First Quantum Minerals Ltd. and Lumina Copper Corp. announced that they have entered into a definitive agreement pursuant to which First Quantum will acquire, by way of a court-approved plan of arrangement, all of the outstanding securities of Lumina.

MAS

Troy Resources Limited: Operational Update
Gold producer Troy Resources Limited gave the following update of Casposo mine (San Juan Province): the Company advised that a series of rockfalls have occurred in one of the high grade stopes within the INCA 1 zone at Casposo.

MAS

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Minsud Announces Diamond Drilling Results at the Chita Valley Project
Minsud Resources Corp. recently completed a 6 hole, 1,122 meter diamond drilling program in the Chita South Porphyry sector of the Chita Valley Project (San Juan province)

MAS

Marifil Mines Ltd.: First Drilling Results from Cerro Samenta
Marifil Mines Ltd. received partial drill results from its Cerro Samenta porphyry copper project in Salta Province. Marifil's partner, Southern Copper, completed a Phase I diamond core drill program of 8 holes totalling 2,795 meters on April 20, 2014. All drilling was done in the North Zone of the property.

MAS

Marifil Begins a Third Stage Drilling Program on Punta Colorada Limestone Property
Marifil Mines Limited announced that it has begun a third stage drill program on the Company's Punta Colorada project, Rio Negro Province.

MAS

NGEx Closes $35 Million Private Placement
NGEx Resources Inc. has closed its previously announced private placement.

MAS

 

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Argentina will produce enriched uranium in less than a month

 
 

The state atomic energy entity of Argentina, CNEA (Atomic Energy National Commission), announced that the Pilcaniyeu Technological Complex (Rio Negro Province) will be producing enriched uranium in less than a month. The announcement comes in a moment that Argentina needs energy supply in order to satisfy all its requirements.

CNEA was created in 1950, and is the eldest atomic energy entity in Latin America: production, during several years, came from don Otto (Salta) and Sierra Pintada (Mendoza) mines, but the most important deposit lies in Chubut province: Cerro Solo. This geologic body hosts almost 6,000 tons, which in production could satisfy not only Argentina requirements, but the remaining could be exported. Today, Argentina imports all uranium to feed its nuclear plants.

Atomic energy is the more efficient, cheapest and less contaminant energy source in the world, more than oil and coal. Argentina has important uranium resources throughout its geography, and many exploration companies have been operating for this mineral for almost two decades.

 

Lumina Copper Corp. to Be Acquired by First Quantum Minerals

 
 

First Quantum Minerals Ltd. and Lumina Copper Corp. announced that they have entered into a definitive agreement pursuant to which First Quantum will acquire, by way of a court-approved plan of arrangement, all of the outstanding securities of Lumina. Based upon the consideration, the total value of 100% of the fully diluted common shares of Lumina is approximately C$470 million. First Quantum currently owns 2.5 million of Lumina's outstanding common shares.

Lumina is the 100% owner of the Taca Taca copper deposit located in the Puna region of Salta Province in northwest Argentina, approximately 120 kilometres east of the Escondida, the world's largest producing copper mine. Taca Taca currently has a reported National Instrument 43-101 compliant indicated mineral resource estimate of approximately 21.15 billion pounds of copper (9.6 million tonnes of copper) contained in 2.17 billion tonnes grading 0.44% copper, 0.08g/t gold and 0.013% molybdenum (0.57% copper equivalent) and an inferred mineral resource estimate of approximately 7.55 billion pounds of copper (3.4 million tonnes of copper) contained in 921 million tonnes grading 0.37% copper, 0.05g/t gold and 0.012% molybdenum (0.47% copper equivalent), using a 0.3% copper equivalent cut-off. These estimates are defined by 148,000 metres of drilling. The deposit remains open in some areas to depth and along the southern boundary of the northeastern limb.

The transaction will be carried out by way of a statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia), and must be approved by the Supreme Court of British Columbia and the affirmative vote of 662/3% of Lumina shareholders.The completion of the transaction is subject to customary closing conditions, including the receipt of any required regulatory approvals.

Under the Arrangement, Lumina shareholders may elect to receive, in exchange for each common share of Lumina held:

•$5.00 in cash and 0.2174 of a First Quantum common share;
•0.4348 of a First Quantum common share and $0.01 in cash, subject to proration as to the number of First Quantum common shares if the total number of First Quantum common shares Lumina shareholders elect to receive exceeds 9,669,182 First Quantum common shares; or
•$10.00 in cash, subject to proration as to the amount of cash if the total cash Lumina shareholders elect to receive exceeds $222,391,175.
The $10.00 cash consideration for each common share of Lumina represents a 34% premium to the volume-weighted average trading price of the common shares of Lumina on the TSX Venture Exchange of $7.44 for the 20 trading days ended June 16, 2014 and a 28% premium to the closing price of the common shares of Lumina on the TSX Venture Exchange of $7.80 on June 16, 2014.

 

 

Troy Resources Limited: Operational Update

 
 

Gold producer Troy Resources Limited gave the following update of Casposo mine (San Juan Province): the Company advised that a series of rockfalls have occurred in one of the high grade stopes within the INCA 1 zone at Casposo. There has been no injury to employees or damage to equipment.

The area impacted is directly above level 9 and 10, the highest grade levels within the INCA 1 zone. It appears that a clay rich zone approximately 2 metres into the hanging wall initiated a zone of weakness that resulted in waste material falling into the stope. In the short term, the impact of the fall is to increase dilution of ore with waste, thus lowering the grade drawn from the stopes and delaying mining of the very high grade level 9.

With the help of a specialist external rock mechanics expert, the company is reviewing the mine plan to minimise the risk of such an incident re-occurring in the very high grade zones. At this stage, Casposo expect that a re-sequencing of mining blocks and the introduction of cemented rock fill in selected areas, and adjustments to the mining method and ground support protocols will be undertaken. It is too early to determine whether this will impact production guidance for FY2015.

 

 

Minsud Announces Diamond Drilling Results at the Chita Valley Project

 
 

Minsud Resources Corp. recently completed a 6 hole, 1,122 meter diamond drilling program in the Chita South Porphyry sector of the Chita Valley Project (San Juan province) The program tested targets identified during the systematic multidisciplinary exploration program conducted in the sector in 2013 and more detailed work conducted in the first quarter of 2014. The drill holes tested a substantial zone of Cu-Ag-Mo-Au mineralized multi-stage vein systems and hydrothermal breccias in the southeastern border zone of the sector.

All 6 holes intersected substantial core lengths of mineralization at relatively shallow depth beneath the zone of surficial weathering and oxidation. Better Cu values are typically associated with the zone of supergene enrichment and the transition to primary mineralization at depth.

All core samples were submitted to the ALS Laboratories laboratory in Mendoza, Argentina for preparation and analysis. ALS is certified to ISO-9001 international standards. All samples were analyzed for Au by fire assay/ AA finish, 50 g, plus a 39-element ICP scan. Minsud includes field duplicates, standards and blanks with all sample shipments. Sequential Cu analyses from ALS are pending for all higher grade Cu sections and a selection of pulps will be submitted to a certified referee laboratory for analysis.

The mineralized sections include disseminated sulphides as well as A, B and D-type veins hosted by multiple stages of epizonal intrusions and hydrothermal breccias.

Minsud is encouraged by the generally consistent elevated concentrations of Cu, Ag and Mo as well as the more localized anomalous Au values. Preliminary indications from the cross sections below (Cross Sections A-B and C-D) show a highly favorable mineralization/waste ratio for possible mining scenarios. With maximum elevation in the sector below 3,100 m ASL (Metres above mean sea level) field conditions are benign on a year round basis and no active alpine glacial conditions are possible below approximately 4,100 m ASL.

Minsud plans to investigate the commercial possibilities for processing and recovering the key metals beginning with mineralogical, petrological and ore characterization tests on representative samples followed by bench-scale process testwork as warranted. At the same time an outline drilling plan is recommended to delimit the deposit and evaluate the grade distribution of the mineralization as a precursor to a first stage resource estimate. Approximately 2.000 to 3.000 metres of core drilling will be required.

Carlos Massa, Minsud's President & CEO, stated: "This modest but highly efficient drilling program has given Minsud the basic framework to take the Chita porphyry target towards its first NI 43-101 compliant initial resource estimation. The way forward includes completion of the QA/QC regimen, initial mineral processing groundwork and additional outline drilling. Management is now committed to find the appropriate financing for this challenging business opportunity."


 

Marifil Mines Ltd.: First Drilling Results from Cerro Samenta

 
 

Marifil Mines Ltd. received partial drill results from its Cerro Samenta porphyry copper project in Salta Province. Marifil's partner, Southern Copper, completed a Phase I diamond core drill program of 8 holes totalling 2,795 meters on April 20, 2014. All drilling was done in the North Zone of the property. The holes tested a hydrothermally altered multiphase granodiorite porphyry intrusive and breccia complex.

All of the drill cores (HQ size) have been sawed in half with one half sent to Alex Stewart Labs in Mendoza for assaying. The remaining core record is warehoused. The copper assay results for DDH SAM 1 & 3 are complete. Receipt of the drill core copper assay results for all the other holes are pending with the exception of DDH SAM 4 which is complete to 142.00 meters depth. Copper mineralization of various intensities is present in portions of the pending assay intervals. The drill core samples are of two meter intervals taken continuously down the hole. No assays have been received for molybdenum or precious metals. Results for only those intervals that are considered to be significant are shown.

marifil

Marifil has not yet received the requested drill hole geologic logs, the drill hole sample coordination tables, the certified assay certificates, nor a statement on drilling and sampling Quality Assurance/Quality Control from Southern Copper.


 

Marifil Begins a Third Stage Drilling Program on Punta Colorada Limestone Property

 
 

Marifil Mines Limited announced that it has begun a third stage drill program on the Company's Punta Colorada project, Rio Negro Province.

The Company has completed a geologic report and in-house calculation of limestone resources (not a NI 43-101 compliant resource calculation because the author is not an independent Qualified Person). This report satisfied our contractual obligations to carry out an exploration program on the claims. This report has presented to the Government of Rio Negro with a request to allow exploitation.

The Punta Colorado limestone beds are flat-lying to gently dipping to the north and covered by a thin layer of overburden averaging about 0.5 m thick. An upper limestone layer with higher magnesium (MgO) content overlies a lower layer with very low MgO content. The upper limestone layer becomes thinner towards the south and is totally removed by erosion in a large valley near the center of the property.

Marifil completed a first stage drill program in 2005 comprising 12 holes totalling 131 meters. The thickness of the favorable limestone layer varies from a few meters to more than ten meters over most of the 545 hectare property suggesting a potential resource of 100 to 150 million tonnes, supporting previous estimates based on drilling conducted during the 1980's by Hierro Patagonia S.A. (HIPARSA), a Rio Negro Provincial Corporation.

From October 2013 to January 2014 the Company carried out a second drill program of 20 holes totaling 230.7 meters. These holes were drilled on a 200 meter by 200 meter grid to establish continuity of the beds and confirm the grades of the various limestone beds. The third stage will comprise a few short holes to extend the higher CaO grades outlined in the stage 2 program.

 

 

NGEx Closes $35 Million Private Placement

 
 

NGEx Resources Inc. has closed its previously announced private placement. The Company sold an aggregate of 17,412,935 common shares at a price of SEK 12.20 (approximately CAD $2.01) per Common Share for gross proceeds of SEK 212,481,500 (CAD $35 million) on a private placement basis to Swedish and international investors.

The net proceeds of the private placement will be used to fund the Company's ongoing exploration programs in Chile and Argentina as well as for corporate development and general working capital purposes.

NGEx is a Canadian mineral exploration company with exploration projects in Chile, Argentina, and Canada. The Company's shares are listed on the TSX under the symbol "NGQ". The Company's focus is on advancing its South American projects which include several large copper-gold systems including the Josemaria, Los Helados, and Filo del Sol projects, located on a land package that the Company holds in Chile's Region III and adjacent San Juan Province, Argentina. Los Helados and Filo del Sol are part of a joint venture in which the Company holds 60% and Pan Pacific Copper Co., Ltd. holds 40%. Josemaria is part of a joint venture in which the Company holds 60% and Japan Oil, Gas, and Metals National Corporation (JOGMEC) owns 40%. In addition, the Company holds an extensive portfolio of 100% owned early stage exploration projects located in Chile and Argentina.

 

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  Panorama Minero
Buenos Aires - Argentina
Phone: (054-11) 4952-1117