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Outlines Process Flow to Further Optimize Rapid Recovery Potential
Highlights
Recovery Results for Heap Leaching Match Regional Operating Mines; Head Grade Exceeds Expectations
62% Recovery of Gold Achieved Over 46-day Leaching Period
Report Confirms with Increase in Irrigation Flowrate, Higher Recovery Can Be Achieved
Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag
Bulk Sample Only Included Coarse Fraction of Material (+3/4” to +1/8”)
Fine Fraction (-1/8”) Indicates Rapid Recovery with Agitated Leach
Recap of Fine Fraction and Gravity Recovery Results
Agitated Bottle Roll Test Returned Rapid and High Recovery Results:
80% Recovery of Gold and 94% Recovery of Silver after Rapid24-hour Retention Time
Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned
95 to 99% Recovery of Gold
73 to 97% Recovery of Silver
Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter Depth
Video Summary:
Tocvan Ventures - Final Bulk Sample Results - YouTube
“The Bulk Sample process has been extremely important to the understanding of the surface expression of mineralization at Pilar along with defining a path towards optimal gold and silver recovery.”Stated
Figure 1. Heap Leach Bulk Composite Sample. Flowrate versus time and Cumulative Gold and Silver Extraction versus time. Irrigation flowrate was improved after day 30 of the test having a positive impact on metal recovery.
Click Image To View Full Size
LTM Conclusions and Recommendations
A cyanide agitated bottle roll test conducted on the Bulk Composite Sample at a grind size of 100% minus 20 Mesh (850 microns) showed high gold and silver extractions of approximately 81% and 99% respectively after a retention time of 72 hours. It is important to point out that fast gold and silver dissolution kinetics were obtained and gold and silver extractions of 80% and 94% respectively were achieved after 24 hours of retention time.
It is recommended to conduct a cyanide agitated bottle roll study on the Bulk Composite Sample at three grind sizes of P80of 100 Mesh (150 µm), 140 Mesh (106 µm) and 200 Mesh (75 µm) to evaluate the impact of grind size upon gold and silver extraction.
The cyanide pilot heap test conducted on the Bulk Composite Sample at a crush sizes of +3/4”+1/8” showed gold and silver extractions of 61.84% and 47.27% respectively after a leach cycle of 46 days. Problems in the solution pumping system during the first 30 days of leach cycle affected the gold and silver extractions during the first 30 days of leach cycle. Therefore, it is recommended to conduct a duplicate column tests on the Bulk Composite Sample at a crush sizes of +3/4”+1/8” for determining the ultimate gold and silver extractions under heap leach type of leaching regime.
It is recommended to conduct additional metallurgical test work on the Bulk Composite Sample at a crush size of 100% -1/8” which will provide additional information on the overall gold and silver recoveries and potential process options for processing the mineral resources from the
El Pilar Gold Project . The following paragraphs summarize the recommended testwork and the objectives:
A)Two cyanide locked cycle column tests (1 Test with Agglomeration with
Portland Cement 1 Test Without Agglomeration) to evaluate if it is feasible to leach the fine fraction (100% -1/8”) of the Bulk Composite Sample without presenting percolation problems.B)Gravity Concentration at a grind of 80% minus 150 µm using a Knelson Laboratory Concentrator. The objective of the test will be to evaluate the amenability of recovery the free gold contained in the fine fraction of the Bulk Composite Sample.
C)Gravity Concentration at a grind of 80% minus 150 µm using a Wilfley Concentrator Table. The objective will be to evaluate the amenability of recovery potential free gold contained in the fine fraction of the Bulk Composite Sample using the Wilfley Concentrator Table.
Figure 2.Cyanide Agitated Bottle Roll Test from Bulk Composite Sample. Rapid recovery of gold (80%) and silver (94%) achieved after 24-hours of retention time.
Click Image To View Full Size
Diagnostic Leach Study Summary
Full results from the Diagnostic Leach Study are available on the Company’s website and in the
Table 1.Summary of Results from the Precious Metals Diagnostic Leach Study completed by LTM.
Sample ID | Location | Head Screen Assay | Gravity Concentrate Assay | Total Recoverable by Gravity and Agitated Cyanide Leach | |||
Au (g/t) | Ag (g/t) | Au (g/t) | Ag (g/t) | Au (%) | Ag (%) | ||
494741 | 6.2 | 23 | 76.2 | 237 | 95 | 78 | |
494743 | 8.2 | 68 | 117.0 | 1152 | 98 | 97 | |
494745 | 2.7 | 9 | 35.6 | 82 | 97 | 90 | |
494747 | 4-T (Surface) | 20.4 | 74 | 290.3 | 568 | 98 | 85 |
494749 | 24.9 | 9 | 231.1 | 53 | 99 | 73 |
Share Issuance
The Company plans to issue 300,000 Common Shares at a deemed price of
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
About
Quality Assurance / Quality Control
Oversight and management of the Bulk Sample was completed by an independent group of qualified professionals at LTM (Laboratorio Tecnológico de Metalurgia) of
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 developmentand 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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