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Centenera Mining Receives Drill Permit for Esperanza Project; Announces C$2.16 Million Private Placement
VANCOUVER, British Columbia, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSX-V:CT) (OTCQB:CTMIF) reports th
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[{"type":"text","content":"VANCOUVER, British Columbia, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSX-V:CT) (OTCQB:CTMIF) reports that it has received a drill permit for its flagship Esperanza Copper-Gold Project (formerly known as the Huachi project) (“Esperanza” or the “Project”) in San Juan Province, Argentina. The Company will commence site logistics work immediately and plans to begin diamond drilling as soon as possible (Figure 1). The Company also announces a non-brokered private placement of up to 12,000,000 units (the “Units”) priced at $0.18 per Unit to raise a total of up to $2.16 million. Each Unit will consist of one common share of Centenera and one warrant, with each warrant entitling the holder thereof to purchase one common share of Centenera at an exercise price of $0.30 for a period of 18 months from the closing of the Financing. “We are announcing our new project name and we will now move quickly to put logistics in place for the drill program, beginning with an upgrade of the road to site. Mobilization is in progress and contractors are in place for the drill program,” stated Keith Henderson, President and CEO of Centenera, “Previous drilling advanced the project significantly, demonstrating grade from surface and continuity at depth. The new drill program will investigate the tonnage potential of the deposit with holes planned to test deeper and stepping out approximately 150 metres from previous mineralized intersections.” Mineralized Copper-Gold Porphyry The outcropping copper-gold porphyry mineralization at Esperanza was first drill-tested by Cardero Argentina S.A. (now a wholly-owned subsidiary of Centenera) in 2006-2007 with 7 diamond drill holes totalling 2,011 metres. All drill holes intersected significant copper-gold mineralization (Figure 1). Drilling highlights include: Best intersection is 353.1m1 from surface, grading 0.35% copper and 0.18 g/t gold (0.49% copper equivalent2) including 243.1m1 grading 0.40% copper and 0.21 g/t gold (0.57% copper equivalent2) Mineralization is outcropping at surface with a pyrite halo extending over a 1,400m x 850m area Drill holes generally intersected mineralization at surface Mineralization is open all directions Majority of drill holes terminated in mineralization due to the depth limitatio...