Yes.Lots of potential near Presideo/ Shafter
In prior communications they have indicated that Shafter is still open to the east.
The western anonalies at the western end of the Presideo mine and north are interesting.
Note that these roughly line up with the series of old small mines (silver, lead, zinc and some gold) within a mile or so to the west.
Those old mines are on the Montezuma and Livington blocks west and northwest. Widely spaced drilling from prior owners have shown silver, lead, zinc, and gold. Gliem drill holes also showed these metals present.
I think that Lenic is waiting for Shafter to enter commercial production and will then launch a major series of acquisitions (with a rising stock price)and exploration effort in the whole area.
Cash flow from operations was 5.6 million in the 2nd qrt. Silver probably averaged a $2 increase from the 28 average price(2nd qrt) in the third quarter. This quarter...33 to 35 may be a conservative estimate for average prices. Just on La Negra's 600,000 production of silver equivalent... a $5 increase is a $3 million increase.
Once Shafter starts commercial production (3.8 million ozs annually...1 million quarterly) cash flow from operations should move from the 8 Million level quarterly to over 25 million per quarter.
Exploration/mill expansion and acquisition strategy will bloom during 2013.
More recently, Aurcana staked the Aurcana 1,2,3, and El Sol clams, covering an extension of 103,170.5021 hectare to explore possible targets in the region. The present report makes reference to these areas, for information purposes..........
Figures 4.4, 4.5, 4.6 show the location of the claims.
Page 181 first paragraph is of interest. Page 182 spells out recommendations:
Additional training for drillers to achieve higher core recoveries.
Continued aggressive underground exploration to expand resource and reserve estimates.
Find the Bismuth that is contaminating the lead.
"Mill feed was 196,843 tonnes in Q3. 57% (112,781 tonnes) was mined from NI 43-101 Measured and Indicated Resources and 43% (84,062 tonnes) was mined from new discoveries or non-compliant resources. La Negra is now applying 43-101 standards in developing new mineralized zones to increase our compliant resources. A new compliant resource estimate has been released on August 28, 2012 and the technical report was filed on Sedar on Oct 10, 2012."
So, 43% of ore was mined from non-compliant resources. Compliant resources will grow with newly developed mineralized zones.
"silver production from the La Negra mine for Q3 2012 of 376,687 ounces.
Silver sales increased to 323,825 oz. in Q3 2012 "
That's almost 53K oz's not sold this qtr. Either transactions not processed in time for quarter end or perhaps they are holding sales back for higher future silver prices. Maybe neither.