Business
Denarius Metals Announces a Maiden Mineral Resource Estimate of 718,000 Gold Equivalent Ounces at Its Zancudo Project in Colombia
TORONTO, March 01, 2023 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or the “Company”) (TSXV: DSLV; OTCQB: DNRSF) announced today that it has co
About this update from Denarius Metals Corp.
[{"type":"text","content":" TORONTO, March 01, 2023 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or the “Company”) (TSXV: DSLV; OTCQB: DNRSF) announced today that it has completed a maiden Mineral Resource estimate (“MRE”) for its 100%-owned Zancudo Project in Colombia prepared by SRK Consulting (U.S.), Inc. (“SRK”) in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 (“NI 43-101”) with an effective date of December 31, 2022. The Company also announced today that it has rationalized its assets in Colombia through a mutual agreement with Aris Mining Corporation (“Aris Mining”) to terminate the Guia Antigua license within Aris Mining’s Segovia mining title. Serafino Iacono, Executive Chairman and CEO of Denarius, commented, “We are very excited about the potential for our Zancudo Project in Colombia where we see an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration. Reminiscent of how our group initiated operations in Segovia in 2010 after it was acquired by Gran Colombia Gold, we are preparing the Zancudo Project, which includes the former producing Independencia Mine, to start up operations later this year with mining within the existing mine workings and veins by a local contract miner while we will carry out in-fill drilling to upgrade current resources and for mine planning purposes. The maiden MRE we are announcing today gives us a solid foundation on which to execute our strategy for this project. ESG is an integral component of how we build our projects and we are working with the local community to ensure we incorporate them into this important project within the local economy. The local contract miner has already commenced activities to rehabilitate the mine workings and, with the decision to hand the Guia Antigua Project back to Aris Mining, we have secured approximately US$2.2 million of cash that will be used to fund our initial investments already underway at the Zancudo Project related to road construction, infrastructure rehabilitation and acquisition and installation of onsite crushing equipment.” Highlights of the maiden MRE include: Total Inferred Resources of 2.8 million tonnes grading 6.5 g/t gold and 112 g/t silver totaling 576,000 ounc...