At Metminco Limited we are committed to developing the Company into a world class exploration and mining company with a dedication to, and respect for, the environment, a strong commitment to safety for all our employees, promoting sustainable development of those communities within which we operate, exercise labour practices that respect the culture and diversity of our employees, and the commitment to act with utmost integrity, honesty and in good faith.
Metminco holds an interest in a portfolio of gold, copper and other base metal projects that are located within well-constrained metallogenic belts associated with the Andean Cordillera in Colombia, Peru and Chile.
In Colombia, the Company is completing a feasibility study on its 100% owned Miraflores gold project where the Company plans to produce 50,000 ounces of gold per annum for an initial mine life of 9 years. The Company’s Colombian assets include the Dosquebradas, Tesorito and Chuscal targets located near the Miraflores Project, which present significant upside potential.
Figure 1: Location of the Quinchia Gold Portfolio and surrounding operating mines.
In June 2016, Metminco completed the purchase of Miraflores Compania Minera SAS, a Colombian company, from RMB Resources Australia Pty Ltd. Miraflores Compania Minera owns 100% of the Quinchia Gold Portfolio which includes the Mirafores Gold Project.
The Miraflores Project has Measured and Indicated Mineral Resources of 9.27mt at 2.82g/t Au and 2.77g/t Ag (840,000 oz Au and 825,000 oz Ag) and Inferred Resources of 0.5mt at 2.36g/t Au and 3.64g/t Ag at a cut-off grade of 1.20 g/t Au. The resources are based on 25,884 meters of drilling in 73 diamond drill holes and 236 meters of underground channel samples. This includes 3,624m in 10 holes carried out by AngloGold Ashanti and B2Gold in 2006-2007. These resources have been reported in accordance with JORC Code (2012 Edition).
The Dosquebradas deposit has Inferred Mineral Resources of 0.98m oz Au at a 0.20g/t Au cut-off.
Drilling at the Tesorito Project has identified a mineralised porphyry system with gold, silver, copper and molybdenum present in drilling.
In Chile, the Company maintains its Mollacas, Loica and Vallecillo projects on a care and maintenance basis. The Mollacas and Vallecillo (gold-zinc) projects have mineral resources classified in accordance with the JORC Code (2004 Edition).
Figure 3: Location of Metminco's projects in Chile.
In July 2012, the Company announced an updated mineral resource estimate for the Mollacas Project of 15.5 million tonnes at a Cu grade of 0.51% (using a 0.2% Cu cut-off grade), which is amenable to leaching (Copper Leach Project). The total contained leachable copper is 79,111 tonnes, of which 61,650 tonnes is soluble. Following the conclusion of additional metallurgical testwork, as well as revised operating and capital cost estimates, the Company updated a prior Scoping Study (completed by SRK Consulting [Chile] S.A. in 2008) in March 2014, the results of which support robust economics for the project as an open pit, heap leach, solvent extraction - electrowinning operation. Given these encouraging results, it was disappointing that in late March 2014, the IV Region Court of Appeal overturned a 2011 judgement by the First Court of Ovalle which had granted the Company the right to mine the Mollacas deposit. The Company is continuing to assess avenues for the development of the project.
The in-fill drill program completed at the Vallecillo Project (La Colorada deposit) in 2012 has, in conjunction with the prior drilling results, formed the basis of the current geological model for the La Colorada deposit. In reviewing the geological model, and the associated style of mineralisation, it became clear that further refinement of the model was required, which necessitated the sampling of previously un-sampled zones, and additional geological analysis of the drill core. In October 2012 SRK Consulting (Chile) S.A. completed a further mineral resource estimate comprising 8.86 million tonnes at a Au grade of 0.80g/t, Ag grade of 9.94g/t, Zn grade of 1.01%, Cu grade of 0.07% and Pb grade of 0.32% (using a 0.2g/t Au cut-off). A Preliminary Economic Assessment of the project in 2013 indicated that additional mineral resources need to be identified to develop an economically viable mining operation.
Metminco's other Chilean project, namely the Loica Project, is regarded as an early stage exploration project, where limited exploration work has served to identify anomalous occurrences of copper and molybdenum, that have yet to be assessed by follow-up geophysical and drilling programs.
BSc, ARSM, MBA
Kevin was appointed to the Board on 23 March 2018. He has over 30 years' experience in the minerals and finance industries, including as Managing Director of Leviathan Resources, a Victorian gold mining company. Over the last 8 years Kevin was Managing Director of Rey Resources, an Australian energy exploration company. He has prior experience as a geologist with the Anglo American Group in Africa and North America and as a stockbroking analyst and investment banker with CS First Boston and Merrill Lynch in Australia and USA.
Jason was appointed Managing Director on 16 August 2019 as part of Metminco’s merger with Andes Resources where he also held the role of Managing Director. Originally a Geologist, Jason Stirbinskis is a Corporate Executive with 12+ years’ experience leading both private and public companies in the mining and mining services space. He is experienced across a number of commodities including gold, zinc, lead, copper, and nickel and has managed projects ranging from greenfield to DFS/Development in West Africa, Scandinavia, Australia and Central Asia. Jason is well networked across international and Australian capital markets and skilled in leading multidisciplinary, international teams.
Ross was appointed to the Board on 16 Agust 2019 as part of Metminco’s merger with Andes Resources where he also held the role of Chairman. Mr Ashton has over 45 years’ experience as a geologist specialising in mineral exploration and resource development internationally. He was founder of Red Back Mining Limited, a company subsequently acquired by Kinross Gold Corporation for US$7.2 billion in 2010. He was also a director of TSX/ASX listed PMI Gold Ltd and ASX listed Brockman Resources Ltd. Both companies were involved in corporate transactions following the discovery of significant mineral resources.
Nick has had a successful career and made discoveries with BHP Exploration, Horizonte Minerals and AngloGold Ashanti. In 2013 he led the AngloGold Colombian team that discovered and then delivered the resource model and Scoping Study for the “blind”, Nuevo Chaquiro Cu/Au deposit. This world class deposit starts 250m below the surface and contains 8Blbs of copper and 5.6Mozs Au with significant Ag & Mo credits (*). The discovery of the high grade zone in 2014 was the result of developing and deploying an integrated exploration dataset together with the knowledge and experience of the team. Nick’s technical expertise in exploration and experience in Colombia, combined with a drive to make discoveries, make him a valuable asset to the management team where he will lead the Company’s exploration activities, in particular the advancement of the portfolio of gold assets in the Quinchia district.
* P. Noriega, Oct, 2017: Indicated Resource of 111Mt @ 1.08% Cu & 0.62g/t Au and Inferred Resource of 500Mt @ 0.53% Cu & 0.23g/t Au. The Nuevo Chaquiro deposit is located 50km north of Quinchia and 10km from the perimeter of Metminco’s Andes Project area.
Last updated 18th September 2019
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