Business
CMC Metals Ltd. Provides an Update on its Gavilanes Silver-Gold-Polymetallic Project in the San Dimas Area, Durango, Mexico
VANCOUVER, BC / ACCESSWIRE / January 29, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(OTCQ...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Metals Ltd. Provides an Update on its Gavilanes Silver-Gold-Polymetallic Project in the San Dimas Area, Durango, MexicoVANCOUVER, BC / ACCESSWIRE / January 29, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(OTCQB:CMCXF) (\"CMC\" or the \"Company\") is pleased to provide an update on its Gavilanes silver-gold-polymetallic project.The management team including Kevin Brewer, President and CEO, Jose Manuel Delgado Canedo, Director, CFO and Legal Advisor-Mexico, and Cesar Symonds, Project Geologist attended the annual assembly of the Ejido de los Gavilanes yesterday. The Company outlined its exploration plans for Gavilanes for 2024. The Ejido de los Gavilanes expressed support for the project and has agreed to enter into a Letter of Intent with CMC to advance an exploration agreement for the project. This is an important milestone for the project as the ejido control the surface rights and are also highly influential in the process related to the assignment of exploration permits in Mexico. An extension of the current permit has recently also been filed with the Mexican permitting authority SEMARNAT.The Company has also made considerable progress on financing the project. It recently attended and presented the Metals Investor Forum and the Vancouver Resource Investment Conference in late January in Vancouver where it met with numerous potential investors and groups that have expressed interest in supporting the project. The Company has entered into discussions with a consortium that are considering a strategic partnership in the project.The Company is actively working towards financing Phase 1 of the project. This will include securing funding for drilling and exploration activities at Gavilanes, the initial property payment to Sailfish Royalty Corp., and concession taxes. The Company intends to use its proceeds from the sale of the Bishop gold mill and financing the remaining requirements through either the formation of a strategic partnership for the project or implementing a financing effort. In this regard, the Company will be confirming its intentions in the near future.The Company is also finalizing the exploration plan for the project which proposes to complete up to 4,500 meters in the Gavilanes Zone in 2024.Kevin Brewer, President and CEO noted \"Our meetings in Vancouver went better than we had expected. We had a ve...