- Write by:
-
Tuesday, December 11, 2018 - 10:55:39 AM
-
834 Visit
-
Print
Mining News Pro - Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) decided this week to move forward with a strategic cooperation agreement with Prospero Silver (TSXV: PSL) and exercised its right to be granted an option to acquire up to a 70% interest in the Pachuca SE project, located close to the historic mining city of Pachuca in Mexico’s central Hidalgo state.
According to Mining News Pro - To be able to do so, Fortuna has to spend $8 million in qualifying expenditures and complete a preliminary economic assessment, with a minimum spend of $1 million in the first year.
The 6,669-hectare Pachuca SE sits 24 kilometres SE of the city of Pachuca, along strike from the historic Pachuca-Real del Monte epithermal vein camp, one of the world’s largest epithermal precious metal deposits. According to Prospero, the local geology at Pachuca SE is typical of the high-level epithermal environment seen over the Pachuca-Real del Monte mines.
In Q1 2018, Prospero, with funding provided by Fortuna, completed a 1,800-metre drill program testing three distinct targets with deep, angled holes. Holes 1 and 3 each cut the possible tops of new vein systems. Hole 2 intersected three argillic caps in the shallow portion of the hole, and three mineralized veins at depth. A new drilling campaign is planned for the new year.
"The Prospero team is excited to be returning for a second round of drilling on the project. We hope to recommence work in January 2019, subject to completion of a definitive option and joint venture agreement with Fortuna. There are several distinct targets that we hope to test and planning will begin shortly with Fortuna’s technical team,” Prospero’s President, Tawn Albinson, said in a media statement.
Short Link:
https://www.miningnews.ir/En/News/312189
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
No comments have been posted yet ...