(via TheNewswire)
Highlights
Majority (51%) Ownership Milestone at Pilar; Right to Purchase Remaining 49%
Pilar Expansion Acquisition Expected to Finalize in Coming Weeks
Adds Over 21 square-kilometers to Land Package in Highly Prospective Area
Outlines Operational Plans for Q4/ 2023
Including Drill Targeting in Expansion Area
“This is a major milestone as we advance towards full ownership of Pilar and consolidate the district with its exciting gold and silver potential,”stated
Figure 1. Pilar Expansion area coves over 21 square-kilometers of prospective ground surrounding the established Pilar project. Recent placer activity, historic workings and prospective geology all indicate the area is highly prospective.
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Operational Plans
The Company plans to restart field operations at the close of the expansion acquisition with the primary focus to advance new target areas already identified quickly towards drill targeting. Drilling at Pilar and within the new expansion area is planned to total 2,000-meters before year end. Work related to mine permitting is also scheduled for Q4/ 2023 to prepare for final permit application. Continued metallurgical work is planned to advance the understanding of gravity and agitated leach methods for gold and silver recovery. Aggressive drill targeting aimed at driving new discovery and infill drilling at Pilar is scheduled for 2024.
The Company will return to
Figure 2.Pilar Expansion preliminary target areas (red dots) and their relative distance to Pilar. Preliminary targets are based prospective geology, satellite data interpretation, known historic workings and recent placer mining.
About the Pilar Property
The
2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
29m @ 0.7 g/t Au
35.1m @ 0.7 g/t Au
2020 Phase I RC DrillingHighlights include (all lengths are drilled thicknesses
94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
15,000m of Historic Core RC drilling. Highlights include:
61.0m @ 0.8 g/t Au
16.5m @ 53.5 g/t Au and 53 g/t Ag
13.0m @ 9.6 g/t Au
9.0m @ 10.2 g/t Au and 46 g/t Ag
Bulk Sample and Metallurgy Results
Head Grade of1.9 g/t Auand7 g/t Ag
Bulk Heap Leach Results of coarse fraction,62% recovery of Au and 47% recovery of Ag
Agitated Leach Results,80% recovery of Au and 94% recovery of Ag after just 24-hours of retention time
Initial Gravity and Agitated Leach tests returned over95% recovery of Au, over 73% recovery of Ag
About the El Picacho Property
The
About
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”,“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For more information, please contact:
Telephone: 1 888 772 2452
Email:ir@tocvan.ca
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Copyright (c) 2023 TheNewswire - All rights reserved., source