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LAtIn AMeRIcA

Project financing for Borborema is close to being completed

Titan had secured over 90% of Core
shares by mid-February and plans to acquire
the remaining shares it does not own via a
seconds-step transaction.
Core – currently the largest gold producer
in Ecuador – has the underground Zaruma
mine and complimentary Portovelo process-
ing plant nearby, while it also holds ground in
the country’s south mainly on the Peruvian
Andean copper-belt.
Core’s assets will sit well in Titan’s portfolio
which includes a copper and gold business in
southern Peru, where commissioning of the
Big River dreams 142.2m (including 0.6m @ 47.44 g/t from Vista gold plant is under way.
Titan also controls the highly prospective
143.5m), 0.55m @ 21.44 g/t from 93.45m,
on the way 0.75m @ 10.17 g/t from 92.67m. Torrecillas gold project, while it can acquire
an 85% interest in Las Antas, which is within
It is the first time diamond drilling has
An opening ceremony for Big River Gold been targeted on the Arakaka Main Trend, trucking distance of Vista.
Ltd’s Borborema gold project in north- with Alicanto and Nord Gold kicking on with
eastern Brazil was hosted last month and planning phase two drilling to start this year. Los Cerros cashes in
attended by dignitaries including Governor
Prof Maria Fàtima de Bezerra as well as the Los Cerros Ltd, formerly Metminco, has
deputy governor and local mayor. Berenguela in discussion completed the sale of the Mollacas project,
A DFS for development and construc- for Valor/SSR Chile, for $1.3 million.
tion of Stage 1 of the Borborema open pit Cash from the non-core asset provides a
indicated a mine life of 10 years producing Valor Resources Ltd was in discussions timely cash injection for Los Cerros, which
729,000oz gold. with SSR Mining Ltd regarding an exten- raised $2.1 million in a placement in early Feb-
C1 cash costs of $US642/oz and AISC of sion to the cash instalment of $US1.8 mil- ruary.
$US839/oz were guided. lion, due to the latter. The company is now well poised to start drill-
Once in operation the project will employ Valor was expected to make the payment ing at the Quinchia gold project in Colombia.
375 people (directly and indirectly), with any under acquisition terms for the Berenguela “In Q2 we are planning to follow up what are
additional services and contractors to be copper-silver project in Peru to SSR on arguably some of the strongest gold porphyry
pulled from the local area. February 11, with the next cash instalment intercepts by ASX explorers in recent years
Furthermore, about 65% of the $US105 likely to be extended to February 29. given plus-300m width, near surface gold
million construction costs will be garnered Earlier, Rio Tinto Ltd had informed Valor mineralisation intercepts at both Tesorito and
from within Brazil and $US2.7 million spent that it would not pursue JV participation in Chuscal prospects1,” Los Cerros managing
on wages each year. It is expected that the Berenguela. director Jason Stirbinskis said in a statement.
$US46 million spent on annual operating “It is the expectation of Valor and SSR Quinchia is in the mid-Cauca gold-copper
costs will be done within the region. that an agreement will be reached for SSR belt of Colombia, where Los Cerros has a
Big River is looking to have project fi- to accept a transfer of the shares in the gold resource of 877,000oz at the Miraflores
nancing completed in Q2 with construction entities which hold the Berenguela project deposit.
to start in Q3. from Valor to SSR [or nominee] on terms Tesorito and Chuscal prospects are within
where the consideration for the transfer is 2kms of the proposed development site for the
Arakaka cracks the discharge of Valor’s obligations under Miraflores deposit.
the share sale and purchase agreement,
six ounce gold including the outstanding debt of $US10.8 Caucharí-Olaroz on
million and relevant security interests,” Val-
Just as Alicanto Minerals Ltd was signing or stated in an announcement. track for 2021
off on the option to acquire the Oxberg and Meanwhile, the company will continue
Naverberg VMS projects within the Berg- to maintain 5,900ha of tenements in Peru Lithium Americas Corp has entered
slagen mining district, southern Sweden, through its wholly owned subsidiary, Ki- into definitive agreements with Ganfeng
it was also lapping up drilling results from wanda SAC. Lithium Co. Ltd in respect to their Minera
Arakaka. Exar S.A. JV company.
Drilling at Arakaka, north-west Guyana, Minera Exar fully owns the Caucharí-
is being funded by Nord Gold SE with al- Titan to flex in Ecuador Olaroz lithium project in Jujuy, Argen-
most 10,500m of shallow diamond drilling and Peru tina, which is scheduled for production in
for 51 holes completed on the Arakaka early 2021.
Main Trend. The path is becoming clearer for Titan Ganfeng Lithium has increased its in-
Highlights from initial results included Minerals Ltd to emerge as a Latin American- terest in Minera Exar to 51% from 50%
9.05m @ 7.43 g/t gold from 260.75m (includ- focused gold player. for cash consideration of $US16 million,
ing 0.5m @ 202.4 g/t gold from 263.8m), It was announced last month that Titan had with Lithium Americas retaining 49%.
6m @ 11.15 g/t from 69m (including 0.5m received overwhelming support for its takeo- The JV partners remain committed to
@ 111.89 g/t from 71.5m), 0.54m @ 160.13 ver of TSX-V company Core Gold. the 2020 funding schedule, including in-
g/t gold from 239.8m, 6.5m @ 5.44 g/t from vestment of up to $US400 million.

aUSTRaLIa’S PaYDIRT MaRCH 2020 Page 79