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Denarius Metals Announces First Quarter 2023 Results
Toronto, Ontario--(Newsfile Corp. - May 30, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today that
About this update from Denarius Metals Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 30, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (\"Denarius Metals\" or \"the Company\") announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three months ended March 31, 2023. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Denarius Metals completed a Rights Offering in March 2023 and then followed up in early April with a Private Placement, raising total gross proceeds of CA$15.7 million (equivalent to approximately $11.6 million) that will be used to continue its exploration drilling campaigns, metallurgical testing and other technical work at its flagship Lomero Project in the Iberian Pyrite Belt in Southern Spain, to meet its obligations under the Definitive Agreement related to the Toral Project in Northern Spain and for working capital and general corporate purposes. As at March 31, 2023, the Company's cash position was $5.8 million. On April 4, 2023, the Company added an additional $5.5 million to its cash position when it closed its Private Placement. The Company used a total of $3.4 million of its cash in the first quarter of 2023 to continue its investing activities related to its expenditures on its exploration and evaluation assets and related plant and equipment, up from a total of $2.2 million in the first quarter of 2022. In February 2023, the Company completed the Phase 2 surface validation and in-fill drilling program at its Lomero Project which had commenced in October 2022. Comprised of 42 drill holes, mainly in-fill holes, totaling approximately 13,225 meters, the Phase 2 drill assays validated the lateral and horizontal continuity of the massive sulphide and semi-massive sulphide mineralized lenses and confirmed the presence of higher-grade mineralized zones within the broader resource envelope. For the balance of 2023, activities at the Lomero Project will be focused on completion of a preliminary economic assessment (\"PEA\") that will incorporate an updated Mineral Resource Estimate (\"MRE\") based on the Phases 1 and 2 drill assays, additional engineering studies ...