At end of the presentation Lenic mentions the block that they purchased at the bottom of the La negra mine with silver grades of 600 grams per ton. Note that the Valenciana ore deposit is about 500 meters deep.
La Negra is open at depth and sits on a feeder system that is showing richer grades (silver, copper,lead and zinc) There is a lot more resources at depth that will be recognized in the future.
Shafter has great potential to add resources and can tap adjacent resources if it gains controle of adjoining blocks and possibly the Tosca controled land with a copper/moly resource.
"We want to remain within safe jurisdictions so we have already signed two contracts to acquire two projects-which are very high grades. 6-700 grams of silver and one 2.5 grams per gold (he must have meant 2.5 opt gold?)
I have been pondering and questioning (with most others) the delay in releasing the information regarding the above. So, with nothing better to do I play the spec game.
We know the Reynal Mining and Engineering connection to Aurcana/la Negra:
And Aurcana had their hands on La Rosario, with the help of Reyna, which I believe was sold to Silvermex and now is in the hands of First Majestic.
Reyna had dealings with Skeena for the Malpica gold mine. In addition Reyna was involved with Pediment Gold Corp, who held 7 properties, and helped them acquire a old Eldorado Gold Corp mine. Pediment no longer trades:
So, to make a long story short, perhaps Aurcana has gone back to the well for one or two of the addtional properties. Paperwork and documents might take a bit longer in Mexico and hence the delay. The problem with the Reyna website is:
Don't speak spanish nor read. My brother is fluent but out of the country. And clicking on the links results in curious advertisements.
Perhaps Reyna is no longer viable which makes this whole post moot.
I agree with others that Lenic is not the best communicator... but has a good head for the mining business.
Lenic is being very prudent with his (aurcana's money) and has the intension to grow aurcana.
The La Negra adjacent property probably has some significant possibilities...especially seeing the results from the recent resource update.
I still think at some point Aurcana will take some interest in the Tosca property...For the price of the additions noted... they could buy the copper /moly property with plenty of exploration potentail for silver, copper, lead, zinc and gold.
There are lots of permutations for Lenic to work through.
"We want to remain within safe jurisdictions so we have already signed two contracts to acquire two projects-which are very high grades. 6-700 grams of silver and one 2.5 grams per gold (he must have meant 2.5 opt gold?)."
I don't think he mispoke but that is subject to interpretation.
GG is averaging close to 1 Oz at their Campbell/Cochenour/Bruce Channel Deposit with some of the lowest gold mining costs for underground mining. More than likely we are looking at a surface mining project that has viable economic prospects. Capital expenditures will be lower for startup and mining with a grade that is now considered twice the current norm.
Came across an article relating to Barrick Gold and their open mining with falling grades that used to avg. 3-3.5 ppm but is now down to 1.7 ppm.
Gold, silver, zinc, lead, copper....could we add a little moly to that mix?