Business
Denarius Metals Announces Second Quarter and First Half 2023 Results
Toronto, Ontario--(Newsfile Corp. - August 23, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today th
About this update from Denarius Metals Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - August 23, 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 and six months ended June 30, 2023. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedarplus.ca. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Denarius Metals' 100%-owned Zancudo Project in Colombia is shaping up to be the Company's first mine going into operation. The Company expects to start up a 500 tonnes per day (\"tpd\") mining operation next year with a local contract miner initially targeting the existing mine workings and veins of the historic producing Independencia Mine. The Company recently announced it is proceeding with a proposed non-brokered financing (the \"Offering\") of up to CA$20 million in common shares with the principal use of funds focused on completing payments related to the Phase 1 construction activities at the Zancudo Project that are nearing completion in the third quarter of 2023, to fund the Phase 2 construction at Zancudo including the installation of a processing plant and tailings storage facility in 2024, and for working capital and general corporate purposes. The Company expects to close the Offering in September 2023. In March 2023, the Company released a maiden Inferred Mineral Resource estimate (\"MRE\") for its Zancudo Project of 2.8 million tonnes grading 6.5 g/t gold and 112 g/t silver totaling 0.6 million ounces of gold and 10.0 million ounces of silver. This initial MRE confirms the historically significant high gold-silver grade potential of this project as it remains open for further expansion in all directions. The Company is currently working with SRK Consulting (U.S.), Inc. (\"SRK\") on the preparation of a preliminary economic assessment (\"PEA\") for the Zancudo Project that is expected to be completed in the third quarter of 2023. Earlier this year, the Company completed a Rights Offering and a Private Placement, raising total gross proceeds of CA$15.7 million (equivalent to approximately $11.6 million) that is being used to continue its explo...