Even though production of metals silver, copper, molybdenum and zinc were all up for the first half for Southern Copper (SCCO), it wasn't able to translate into earnings, as the company reported a drop in earnings from $658 million million or 77 cents a share for the second quarter of 2011 to $564 million or 66 cents a share for the second quarter of 2012.
For the first half, net income jumped to $1.19 billion, or 1.39 a share, a 4.3 percent increase over the $1.32 a share during the first six months of 2011.
The company received approval from the Board of Directors for $1.5 billion in capital expenditures for 2012. That will be used primarily for projects in Peru and Mexico, and some for replacement capital and maintenance.
For the first half and second quarter, copper production rose significantly based on better recoveries and ore grades.
"This increase was the result of higher production at the Cuajone, La Caridad and Buenavista mines, which increased production by 31 percent, 18 percent and 4 percent, respectively due to higher ore grades and recoveries," said Southern Copper.
In the second quarter copper production rose to 160,595 tons, a 10 percent increase. For the first half copper production was up 16 percent, reaching 270,435 tons.
Silver in the first half rose 14 percent, climbing from from 6,110,000 ounces in the first half of 2011 to 6,934,000 ounces.
Silver mine production rose 10 percent in the second quarter from 3,197,000 ounces in the second-quarter 2011 to 3,514,000 ounces. The company said it was "principally as a result of higher production at our Cuajone (+31 percent), Buenavista (+28 percent) and La Caridad (+12 percent) mines," said the company.
Zinc production was up 8 percent in the first half, rising from 41,361 tons in the first six months of last year to 44,910 tons. In the second quarter it rose from 21,366 tons in the second quarter of 2011 to 22,227 tons, a four percent gain.
Molybdenum production was up 6 percent in the first half, jumping from 8,775 tons during the first half of last year to 9,310 tons. In the second quarter Molybdenum rose from 4,502 tons in the second quarter of 2011 to 4,687 tons.
Talking about the performance of Southern Copper Corporation in the first half, German Larrea said, "Looking beyond the current volatile markets, the medium to long-term outlook remains positive for metals, as strong demand growth from China and the emerging economies is poised to continue."
On July 26, the board of Southern Copper authorized a cash dividend of 24 cents a share, payable on August 28, 2012.
Southern Copper closed Monday at $32.09, gaining $0.42, or 1.33 percent.
Showing posts with label Zinc. Show all posts
Showing posts with label Zinc. Show all posts
Monday, July 30, 2012
Monday, October 25, 2010
Teck (NYSE:TCK) Agrees to Farm-in Deal with Rox Resources (ASX:RXL)
Teck Resources Ltd (NYSE:TCK) and Rox Resources (ASX:RXL) have come to terms on a joint venture and farm-in deal for the Myrtle zinc-lead deposit.
The Myrtle project, which Rox holds the rights to, includes an indicated and inferred resource of 43.6 million tons at a combined grade of 5.03 per cent.
Terms of the letter of intent include Teck being able to farm-in the tenements and earn 51 percent interest. On Teck's part they'll have to spend $5 million over a period of four years to attain that percentage.
Teck must also spend at least $1 million by July 21, 2012, part of which must include a drilling program, before they would be allowed to withdraw.
If Teck spends an additional $10 million over four more years, they would get another 19 percent interest, bringing the total to 70 percent.
Myrtle is close to MacArthur River, which is one of the largest zinc-lead deposits in the world.
The Myrtle project, which Rox holds the rights to, includes an indicated and inferred resource of 43.6 million tons at a combined grade of 5.03 per cent.
Terms of the letter of intent include Teck being able to farm-in the tenements and earn 51 percent interest. On Teck's part they'll have to spend $5 million over a period of four years to attain that percentage.
Teck must also spend at least $1 million by July 21, 2012, part of which must include a drilling program, before they would be allowed to withdraw.
If Teck spends an additional $10 million over four more years, they would get another 19 percent interest, bringing the total to 70 percent.
Myrtle is close to MacArthur River, which is one of the largest zinc-lead deposits in the world.
Thursday, September 9, 2010
Teck (NYSE:TCK) Notes Get "BBB-" Rating From Fitch
Fitch Ratings has assigned a "BBB-" to the $700 million in new notes offered by Teck Resources Limited (NYSE:TCK)(TSE:TCK-B).
Here's how Fitch rated the new notes for Teck:
- Issuer Default Rating (IDR) "BBB-";
- Senior Unsecured Notes "BBB-".
The senior unsecured notes are due 2021 and 2040.
Teck will use the notes to acquire up to $1 billion in total principal of existing notes due 2019.
Fitch keeps the rating outlook on Teck stable, citing their strong position in copper, low cost zinc operations, and leading position in the seaborne hard metallurgical coal market.
The stable outlook by Fitch assumes Teck will continue on with its current financial profile.
Here's how Fitch rated the new notes for Teck:
- Issuer Default Rating (IDR) "BBB-";
- Senior Unsecured Notes "BBB-".
The senior unsecured notes are due 2021 and 2040.
Teck will use the notes to acquire up to $1 billion in total principal of existing notes due 2019.
Fitch keeps the rating outlook on Teck stable, citing their strong position in copper, low cost zinc operations, and leading position in the seaborne hard metallurgical coal market.
The stable outlook by Fitch assumes Teck will continue on with its current financial profile.
Thursday, September 2, 2010
Goldcorp (NYSE:GG) Close to Commerical Production at Penasquito
Goldcorp Inc. (NYSE:GG) is close to completing the construction phase of its Penasquito mine in Mexico, and president and chief executive officer, Chuck Jeannes, said he anticipates, in the near future, announcing commercial production has launched.
“We’re just completing construction and, hopefully within just a matter of days, of declaring commercial production at Penasquito,” Jeannes said.
Jeannes added, the project remains on schedule, and is within the projected budget of $1.7 billion.
The Penasquito mine project is the major impetus behind the strategy by Goldcorp of increasing their production by 50 percent over above, over the next five years.
The first year of the mine should produce 180,000 ounces of gold, increasing to an average of about 500,000 ounces a year, topping off at about 800,000 ounces of gold produced by 2014.
Gold reserves at estimated at 17.8 million ounces, and silver reserves at 30 million ounces. There is also zinc and lead in the mine.
“We’re just completing construction and, hopefully within just a matter of days, of declaring commercial production at Penasquito,” Jeannes said.
Jeannes added, the project remains on schedule, and is within the projected budget of $1.7 billion.
The Penasquito mine project is the major impetus behind the strategy by Goldcorp of increasing their production by 50 percent over above, over the next five years.
The first year of the mine should produce 180,000 ounces of gold, increasing to an average of about 500,000 ounces a year, topping off at about 800,000 ounces of gold produced by 2014.
Gold reserves at estimated at 17.8 million ounces, and silver reserves at 30 million ounces. There is also zinc and lead in the mine.
Wednesday, September 1, 2010
John Paulson's NovaGold (NYSE:NG) Stake at 9.1 Percent
John Paulson now owns 20,181,818 shares of NovaGold Resources Inc. (NYSE:NG), according to a 13D filing he just filed.
Total cost for the shares was listed at $113,003,059, which equals about $5.59 a share. That represents a 9.1 percent stake in the gold miner.
This isn't an increase in the number of shares, as it is the same as the holdings in the last two quarters, back to the period ending March 31, 2010.
Primarily a gold mining company, NovaGold also produces ancillary metals like silver, copper and zinc.
NovaGold's mining assets are located in North America.
Total cost for the shares was listed at $113,003,059, which equals about $5.59 a share. That represents a 9.1 percent stake in the gold miner.
This isn't an increase in the number of shares, as it is the same as the holdings in the last two quarters, back to the period ending March 31, 2010.
Primarily a gold mining company, NovaGold also produces ancillary metals like silver, copper and zinc.
NovaGold's mining assets are located in North America.
Thursday, July 15, 2010
Goldman (NYSE:GS) Raises Base Metal Forecasts for All Except Zinc
Goldman Sachs (NYSE:GS) increased its 12-month estimates for all base metals except zinc.
Zinc was dropped to $2,225 a metric ton, a plunge of 18 percent, because of demand falling in China and Europe. China especially has a robust domestic zinc industry, and that will keep them supplied longer than originally expected by Goldman.
Goldman maintained their preference for copper, continuing to say it's their favorite metal for the long term, based on declining inventory and what they believe will be a lower supply deficit throughout the next couple of years. They see copper prices rising to $8,050 a ton, a gain of 1.4 percent.
Nickel looks really good to the financial giant, as they see it surging to about $20,00 a ton, an amazing 167 percent gain if it happens. Nickel is primarily used in stainless steel to stop corrosion, and demand largely comes from property construction, so that will be a challenge in my mind to even come close to the gains they're talking about.
Aluminum price estimates were modest, with expectations they could rise to $2,225 a ton, a 2.5 percent increase.
Silver estimates for the next twelve months were to grow by 1.3 percent, to $22.60 an ounce, mostly on their belief gold will continue to rise, looking at $1,355 an ounce there.
Zinc was dropped to $2,225 a metric ton, a plunge of 18 percent, because of demand falling in China and Europe. China especially has a robust domestic zinc industry, and that will keep them supplied longer than originally expected by Goldman.
Goldman maintained their preference for copper, continuing to say it's their favorite metal for the long term, based on declining inventory and what they believe will be a lower supply deficit throughout the next couple of years. They see copper prices rising to $8,050 a ton, a gain of 1.4 percent.
Nickel looks really good to the financial giant, as they see it surging to about $20,00 a ton, an amazing 167 percent gain if it happens. Nickel is primarily used in stainless steel to stop corrosion, and demand largely comes from property construction, so that will be a challenge in my mind to even come close to the gains they're talking about.
Aluminum price estimates were modest, with expectations they could rise to $2,225 a ton, a 2.5 percent increase.
Silver estimates for the next twelve months were to grow by 1.3 percent, to $22.60 an ounce, mostly on their belief gold will continue to rise, looking at $1,355 an ounce there.
Thursday, July 1, 2010
Industrial Metals Lead Commodities Down for Quarter
Commodities experienced their worst quarter in over a year, as industrial metals plummeted in price on an extremely weak U.S. economy, China urban property inflation concerns, and the sovereign debt crisis in Europe.
The worst of the industrial metals was zinc, which fell 25 percent for the quarter, its worst performance since the latter part of 2008. Nickel was much better, dropping 22 percent for the quarter, followed by lead, which was down 19 percent, copper declining 17 percent, and aluminum falling 15 percent.
Heading into the fourth quarter doesn't look much better for commodities, as estimates from Barclays Capital have prices dropping even more, according to a recent report, especially copper and aluminum, which are used heavily in building homes.
With the bottom falling out from the U.S. housing market after the tax break was ended, along with the Chinese battling property inflation in their urban areas, the demand for industrial commodities are under extreme pressure until those situations turn around, which they don't look likely to any time soon.
Gold will continue to be a strong performer, and silver will probably shine when measured against other industrial metals.
The worst of the industrial metals was zinc, which fell 25 percent for the quarter, its worst performance since the latter part of 2008. Nickel was much better, dropping 22 percent for the quarter, followed by lead, which was down 19 percent, copper declining 17 percent, and aluminum falling 15 percent.
Heading into the fourth quarter doesn't look much better for commodities, as estimates from Barclays Capital have prices dropping even more, according to a recent report, especially copper and aluminum, which are used heavily in building homes.
With the bottom falling out from the U.S. housing market after the tax break was ended, along with the Chinese battling property inflation in their urban areas, the demand for industrial commodities are under extreme pressure until those situations turn around, which they don't look likely to any time soon.
Gold will continue to be a strong performer, and silver will probably shine when measured against other industrial metals.
Monday, May 17, 2010
Citigroup (NYSE:C) Says Weak Economic Data Putting Downward Pressure on Funds
Citigroup (NYSE:C) analyst David Thurtell said the ongoing crisis in Europe, along with weak economic data is putting downward pressure on funds.
That has also resulted in commodities getting hammered, as zinc, aluminum, tin, copper and lead all fell on the London Metal Exchange, as fears over major cutbacks in spending by Europe and China is affecting the commodity prices.
Lead went as low as 10 percent to $1,740, it's largest fall since July 2009, tin was down 2 percent to $17,200 a ton. For zinc, it fell 10 percent to $1,840 a metric ton, a 10 percent decline, the worst fall since September 2009. Aluminum also too a plunge, down to $1,983 a ton, a 5.6 percent drop.
Europe is a major consumer of metals, accounting for 15 to 25 percent of all consumption of zinc, aluminum, lead and nickel produced in the world, and 20 percent of all copper.
That has also resulted in commodities getting hammered, as zinc, aluminum, tin, copper and lead all fell on the London Metal Exchange, as fears over major cutbacks in spending by Europe and China is affecting the commodity prices.
Lead went as low as 10 percent to $1,740, it's largest fall since July 2009, tin was down 2 percent to $17,200 a ton. For zinc, it fell 10 percent to $1,840 a metric ton, a 10 percent decline, the worst fall since September 2009. Aluminum also too a plunge, down to $1,983 a ton, a 5.6 percent drop.
Europe is a major consumer of metals, accounting for 15 to 25 percent of all consumption of zinc, aluminum, lead and nickel produced in the world, and 20 percent of all copper.
Tuesday, April 13, 2010
Fortuna Silver Mines (TSE:FVI) Production Surges 33.8 Percent
Fortuna Silver Mines Production
Fortuna Silver Mines (TSE:FVI) had a great quarter by any measurement, led mostly by increased production across several of their key metals, including silver.
The only decrease in production was zinc, which dropped a slight 1 percent to 6,868,811 pounds.
Silver production increased by 30 percent to 479,821 ounces, a record for Fortuna, while copper production exploded upwardly, increasing by 213 percent, ending the quarter with 295,854 pounds produced.
Lead had a 1.5 percent gain, with 295,854 pounds extracted from Fortuna's properties.
Fortuna looks strong going forward, as their sales in 2009 of $51.4 million, double the year before, shouldn't decrease in any way in 2010, and will continue to rise based on the increased production levels of their precious metals.
Fortuna Silver Mines (TSE:FVI) had a great quarter by any measurement, led mostly by increased production across several of their key metals, including silver.
The only decrease in production was zinc, which dropped a slight 1 percent to 6,868,811 pounds.
Silver production increased by 30 percent to 479,821 ounces, a record for Fortuna, while copper production exploded upwardly, increasing by 213 percent, ending the quarter with 295,854 pounds produced.
Lead had a 1.5 percent gain, with 295,854 pounds extracted from Fortuna's properties.
Fortuna looks strong going forward, as their sales in 2009 of $51.4 million, double the year before, shouldn't decrease in any way in 2010, and will continue to rise based on the increased production levels of their precious metals.
Thursday, March 11, 2010
Hecla (NYSE: HL) Increased Reserves "Lucky Friday Mine"
Hecla Mining 'Lucky Friday Mine' Reserves
Hecla Mining (NYSE: HL) said recently that their "Lucky Friday Mine" has shown strong potential for the future for its reserves, as exploration on the mine continues.
Over the last year drilling at the mine has provided some promising results. Reserves could rise as high as 77 percent more than originally thought after the drilling results came in.
The 30 vein was particularly strong on reserves, with intercepts of 85 ounce a ton silver and 32.7 percent for lead and zinc together.
Hecla Mining 'Lucky Friday Mine' Reserves
Hecla Mining (NYSE: HL) said recently that their "Lucky Friday Mine" has shown strong potential for the future for its reserves, as exploration on the mine continues.
Over the last year drilling at the mine has provided some promising results. Reserves could rise as high as 77 percent more than originally thought after the drilling results came in.
The 30 vein was particularly strong on reserves, with intercepts of 85 ounce a ton silver and 32.7 percent for lead and zinc together.
Hecla Mining 'Lucky Friday Mine' Reserves
Monday, March 8, 2010
Interest in Anglo American (LON:AAL) Zinc Assets Growing
Anglo American Zinc Assets
As Anglo American (LON:AAL) continues on with its major restructuring initiative, interest is growing in acquiring their zinc assets, as the latest companies to show an interest include Vedanta Resources (LON:VED) and HudBay Minerals (TSE:HBM).
Zinc assets at Anglo are on sale for $800 million, as the pool of interested parties grows.
Some unnamed companies are evidently interested in the zinc assets, with one major Chinese company alleged to have shown great interest. Others include private equity firms First Reserve and Apollo.
Anglo American has already sold off unrelated assets to a number of copmanies at it seeks to streamline operations.
Anglo American Zinc Assets
As Anglo American (LON:AAL) continues on with its major restructuring initiative, interest is growing in acquiring their zinc assets, as the latest companies to show an interest include Vedanta Resources (LON:VED) and HudBay Minerals (TSE:HBM).
Zinc assets at Anglo are on sale for $800 million, as the pool of interested parties grows.
Some unnamed companies are evidently interested in the zinc assets, with one major Chinese company alleged to have shown great interest. Others include private equity firms First Reserve and Apollo.
Anglo American has already sold off unrelated assets to a number of copmanies at it seeks to streamline operations.
Anglo American Zinc Assets
Friday, February 26, 2010
Teck Resources (NYSE:TCK) Red Dog Mine
Teck Resources Red Dog Mine
Teck Resources (NYSE:TCK) is on the verge of having to shut down its Red Dog mine, the largest zinc mine in the world based on dubious charges it is discharging toxins into a local stream used for drinking water.
The Red Dog mine provides close to 80 percent of the zinc that is mined in the United States.
If this is what happens, even after being issued a permit by the U.S. Environmental Protection Agency (EPA), it could cause zinc prices to rise more than they did in 2009, which had increased by 100 percent. Supply in 2009 was also down by about 500,000 tons.
What this probably will do will give the smaller zinc producers a chance to get into the game, assuming the whether the appeal is allowed to go forward or not. If it is, it could take about two years to go through the process for Tech Resources.
There is no doubt zinc mining for the smaller companies will get a big push if the Red Dog mine is shut down.
Teck Resources Red Dog Mine
Teck Resources (NYSE:TCK) is on the verge of having to shut down its Red Dog mine, the largest zinc mine in the world based on dubious charges it is discharging toxins into a local stream used for drinking water.
The Red Dog mine provides close to 80 percent of the zinc that is mined in the United States.
If this is what happens, even after being issued a permit by the U.S. Environmental Protection Agency (EPA), it could cause zinc prices to rise more than they did in 2009, which had increased by 100 percent. Supply in 2009 was also down by about 500,000 tons.
What this probably will do will give the smaller zinc producers a chance to get into the game, assuming the whether the appeal is allowed to go forward or not. If it is, it could take about two years to go through the process for Tech Resources.
There is no doubt zinc mining for the smaller companies will get a big push if the Red Dog mine is shut down.
Teck Resources Red Dog Mine
Monday, February 8, 2010
Freeport-McMoRan (NYSE:FCX) Settles with Blackwell
Freeport-McMoRan (NYSE:FCX)
City officials from Blackwell have accepted a settlement offer of $54 million from mining company Freeport-McMoRan (NYSE:FCX) for allegedly polluting the groundwater and soil around and in the city.
Sued by the city in Oklahoma was Freeport-McMoRan Cooper & Gold Inc., a subsidiary of Freeport-McMoRan.
The lawsuit stated the area had been contaminated with raw material such as lead, zinc, cadmium and arsenic as a consequence of the company mining the area from 1916 to 1974.
In accordance with Oklahoma Department of Environmental Quality requirements, Freeport-McMoRan will remediate the soil and groundwater affected by their operations.
Freeport-McMoRan (NYSE:FCX)
City officials from Blackwell have accepted a settlement offer of $54 million from mining company Freeport-McMoRan (NYSE:FCX) for allegedly polluting the groundwater and soil around and in the city.
Sued by the city in Oklahoma was Freeport-McMoRan Cooper & Gold Inc., a subsidiary of Freeport-McMoRan.
The lawsuit stated the area had been contaminated with raw material such as lead, zinc, cadmium and arsenic as a consequence of the company mining the area from 1916 to 1974.
In accordance with Oklahoma Department of Environmental Quality requirements, Freeport-McMoRan will remediate the soil and groundwater affected by their operations.
Freeport-McMoRan (NYSE:FCX)
Sunday, December 13, 2009
Commodities: East African Coffee, Tea
East African countries could be the strong beneficiaries of commodities like coffee and tea, which are enjoying a surge in prices as commodities as an overall class increase in price too.
Other commodities set to help the East African region are gold and other base metals such as copper, lead and zinc, as Europe, China and India buys up its raw materials and agricultural products.
Some of this has come from stimulus programs devised to work on the infrastructure of these countries, which of course generates strong demand for precious metals and other raw materials.
Because tea and coffee is a major part of all the economies of the East Africa region, it is expected that they, more than the other commodities, will be the most beneficial to them at this time.
Demand from emerging markets also guarantee commodity demand and prices over the next couple of years will help countries like Tanzania, Uganda and Kenya.
Other commodities set to help the East African region are gold and other base metals such as copper, lead and zinc, as Europe, China and India buys up its raw materials and agricultural products.
Some of this has come from stimulus programs devised to work on the infrastructure of these countries, which of course generates strong demand for precious metals and other raw materials.
Because tea and coffee is a major part of all the economies of the East Africa region, it is expected that they, more than the other commodities, will be the most beneficial to them at this time.
Demand from emerging markets also guarantee commodity demand and prices over the next couple of years will help countries like Tanzania, Uganda and Kenya.
Monday, November 3, 2008
Aura Silver Reports High Grade Copper, Zinc and Precious Metal Samples from Greyhound Lake Project
OTTAWA, ONTARIO, Nov 03, 2008 (MARKET WIRE via COMTEX) -- Aura Silver Resources Inc. ("Aura Silver") (CA:AUU: news, chart, profile) is pleased to announce results of a field program undertaken in August on the Greyhound Lake project in Nunavut. Samples collected during the field work contained up to 4.1% copper (Cu), 13.4% zinc (Zn), 8% lead (Pb), 2800 grams per tonne (g/t) silver (Ag) and 28g/t gold (Au). The mineralization occurs in a variety of geologic settings.
The Greyhound property comprises approximately 23,000 hectares in 25 mineral claims and is 100% owned by Aura Silver. It is located about 40 kilometres north of the community of Baker Lake and 30 kilometres south of Agnico-Eagle's Meadowbank Gold Mine which contains a probable gold reserve of 3.5 million ounces at an average grade of 3.7 grams per tonne ( www.agnico-eagle.com). The all-weather road to Meadowbank passes through the western part of the Greyhound property.
The Greyhound area has long been known to host highly anomalous metal values. As previously reported by Aura Silver, two samples collected in 1998 contained 1,632 and 3,400 g/t silver. In 2006, Aura Silver acquired mineral claims to cover the area of these high values and completed an airborne EM and magnetic survey. In 2007, prospecting and mapping of the claims resulted in the discovery of volcanogenic massive sulphide (VMS) style mineralization along an exhalite horizon with samples containing 2.4% Zn, 8.2% Pb, 1.0% Cu, 10g/t Au, and 51g/t Ag.
During June 2008, an additional airborne EM and magnetic survey was completed. Based on the results of this survey and the prospecting results from 2007, Aura's geological team completed a further investigation of the property. This work focused on prospecting the exhalite zone for base and precious metals and evaluating the potential of the area using lithogeochemical analyses. Fifty five (55) assay samples and 146 lithogeochemical samples were submitted to the Yellowknife laboratory of ALS Chemex to determine the extent and intensity of base and precious metal enrichment (assay) and footwall alteration (lithogeochemical). The results of the assays are summarized in Tables 1 and 2.
Several mineralized zones have been found (see map, Figure 1, available at the following address: http://media3.marketwire.com/docs/aura_map_1103.pdf); three occur within an area of 6.6 square kilometres. The first, discovered in 2007, consists of frost-heaved slabs up to several metres in width along the eastern shore of Aura Lake. These contain zinc, lead and silver-bearing sulfides in siliceous exhalite (Table 2). The second is at the southeast corner of Aura Lake and comprises dozens of sub-cropping slabs of arsenopyrite-bearing felsic volcanic rock that are enriched in gold and base metals (Table 2, available at the following address: http://media3.marketwire.com/docs/aura_table2_1103.pdf). The third occurs to the northeast of Aura Lake, and is a 20 metre long train of frost-heaved angular massive sulfide boulders consisting of sphalerite, chalcopyrite and pyrite in altered felsic volcanic rocks. All three discoveries are of locally transported material, consisting of numerous fragments, each up to 0.5 metres wide. Their angularity is indicative that they were transported only a short distance. The area surrounding and under Aura Lake is deemed highly prospective.
The overall metal tenor of these three occurrences is typical of a high-temperature VMS system, similar to those observed in the Sturgeon Lake and Manitouwadge districts, Ontario. The upper part of the system (west Aura Lake) is silver, zinc and lead-rich; the lower part is copper and zinc-rich. The highly anomalous gold near the southeast corner of Aura Lake, as well as the north-central gold occurrence, is strongly correlated with arsenopyrite, similar to the Meadowbank gold system. Overall, the area may have some similarity to the Malartic, Quebec, camp, where a VMS system appears to have been overprinted by a slightly later orogenic or magmatic gold system.
The other occurrences are mainly to the north, and are both VMS and orogenic gold in style. These indicate that both mineralizing processes were operative throughout the greenstone belt.
Robert Boaz, President and CEO of Aura Silver said, "These results are exciting for us. Greyhound contains many elements of a classic, but relatively unexplored, volcanogenic massive sulfide (VMS) district and now also appears to have good potential for orogenic gold deposits."
The next phase of exploration will include ground geophysical surveys in the Aura Lake area, followed by diamond drilling. These are planned for the spring and summer of 2009. All of the anomalous areas discovered in 2008 will be further prospected.
-----------------------------------------------------------------------
---
Percentile Au g/t Ag g/t Cu % Pb % Zn %
--------------------------------------------------------------------------
50.00% 0.01 0.6 .006 .002 .010
--------------------------------------------------------------------------
60.00% 0.02 0.8 .008 .003 .016
--------------------------------------------------------------------------
70.00% 0.05 2.0 .014 .008 .022
--------------------------------------------------------------------------
75.00% 0.10 3.7 .030 .012 .036
--------------------------------------------------------------------------
80.00% 0.12 7.0 .040 .026 .057
--------------------------------------------------------------------------
90.00% 0.47 64.3 .094 .089 3.010
--------------------------------------------------------------------------
95.00% 2.41 345.8 .621 .122 10.573
--------------------------------------------------------------------------
99.00% 27.62 2595.4 4.008 .848 13.383
--------------------------------------------------------------------------
Maximum 28.80 2700.0 4.080 .869 13.400
--------------------------------------------------------------------------
Table 1: Summary of the entire 55 assay samples in the Greyhound area,
2008 sampling. Assay data are from ALS Chemex, using their ME-MS61 (4 acid
dissolution) method.
Dr. James M. Franklin, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in North America with a focus on silver. The Company has 38,208,902 common shares outstanding.
FORWARD LOOKING STATEMENTS
This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this press release.
Contacts:
Aura Silver Resources Inc.
Robert Boaz, President and CEO
905-403-8010
boaz@aurasilver.com
www.aurasilver.com
SOURCE: Aura Silver Resources Inc.
mailto:boaz@aurasilver.com
http://www.aurasilver.com
Copyright 2008 Market Wire, All rights reserved.
The Greyhound property comprises approximately 23,000 hectares in 25 mineral claims and is 100% owned by Aura Silver. It is located about 40 kilometres north of the community of Baker Lake and 30 kilometres south of Agnico-Eagle's Meadowbank Gold Mine which contains a probable gold reserve of 3.5 million ounces at an average grade of 3.7 grams per tonne ( www.agnico-eagle.com). The all-weather road to Meadowbank passes through the western part of the Greyhound property.
The Greyhound area has long been known to host highly anomalous metal values. As previously reported by Aura Silver, two samples collected in 1998 contained 1,632 and 3,400 g/t silver. In 2006, Aura Silver acquired mineral claims to cover the area of these high values and completed an airborne EM and magnetic survey. In 2007, prospecting and mapping of the claims resulted in the discovery of volcanogenic massive sulphide (VMS) style mineralization along an exhalite horizon with samples containing 2.4% Zn, 8.2% Pb, 1.0% Cu, 10g/t Au, and 51g/t Ag.
During June 2008, an additional airborne EM and magnetic survey was completed. Based on the results of this survey and the prospecting results from 2007, Aura's geological team completed a further investigation of the property. This work focused on prospecting the exhalite zone for base and precious metals and evaluating the potential of the area using lithogeochemical analyses. Fifty five (55) assay samples and 146 lithogeochemical samples were submitted to the Yellowknife laboratory of ALS Chemex to determine the extent and intensity of base and precious metal enrichment (assay) and footwall alteration (lithogeochemical). The results of the assays are summarized in Tables 1 and 2.
Several mineralized zones have been found (see map, Figure 1, available at the following address: http://media3.marketwire.com/docs/aura_map_1103.pdf); three occur within an area of 6.6 square kilometres. The first, discovered in 2007, consists of frost-heaved slabs up to several metres in width along the eastern shore of Aura Lake. These contain zinc, lead and silver-bearing sulfides in siliceous exhalite (Table 2). The second is at the southeast corner of Aura Lake and comprises dozens of sub-cropping slabs of arsenopyrite-bearing felsic volcanic rock that are enriched in gold and base metals (Table 2, available at the following address: http://media3.marketwire.com/docs/aura_table2_1103.pdf). The third occurs to the northeast of Aura Lake, and is a 20 metre long train of frost-heaved angular massive sulfide boulders consisting of sphalerite, chalcopyrite and pyrite in altered felsic volcanic rocks. All three discoveries are of locally transported material, consisting of numerous fragments, each up to 0.5 metres wide. Their angularity is indicative that they were transported only a short distance. The area surrounding and under Aura Lake is deemed highly prospective.
The overall metal tenor of these three occurrences is typical of a high-temperature VMS system, similar to those observed in the Sturgeon Lake and Manitouwadge districts, Ontario. The upper part of the system (west Aura Lake) is silver, zinc and lead-rich; the lower part is copper and zinc-rich. The highly anomalous gold near the southeast corner of Aura Lake, as well as the north-central gold occurrence, is strongly correlated with arsenopyrite, similar to the Meadowbank gold system. Overall, the area may have some similarity to the Malartic, Quebec, camp, where a VMS system appears to have been overprinted by a slightly later orogenic or magmatic gold system.
The other occurrences are mainly to the north, and are both VMS and orogenic gold in style. These indicate that both mineralizing processes were operative throughout the greenstone belt.
Robert Boaz, President and CEO of Aura Silver said, "These results are exciting for us. Greyhound contains many elements of a classic, but relatively unexplored, volcanogenic massive sulfide (VMS) district and now also appears to have good potential for orogenic gold deposits."
The next phase of exploration will include ground geophysical surveys in the Aura Lake area, followed by diamond drilling. These are planned for the spring and summer of 2009. All of the anomalous areas discovered in 2008 will be further prospected.
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Percentile Au g/t Ag g/t Cu % Pb % Zn %
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50.00% 0.01 0.6 .006 .002 .010
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60.00% 0.02 0.8 .008 .003 .016
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70.00% 0.05 2.0 .014 .008 .022
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75.00% 0.10 3.7 .030 .012 .036
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80.00% 0.12 7.0 .040 .026 .057
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90.00% 0.47 64.3 .094 .089 3.010
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95.00% 2.41 345.8 .621 .122 10.573
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99.00% 27.62 2595.4 4.008 .848 13.383
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Maximum 28.80 2700.0 4.080 .869 13.400
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Table 1: Summary of the entire 55 assay samples in the Greyhound area,
2008 sampling. Assay data are from ALS Chemex, using their ME-MS61 (4 acid
dissolution) method.
Dr. James M. Franklin, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in North America with a focus on silver. The Company has 38,208,902 common shares outstanding.
FORWARD LOOKING STATEMENTS
This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this press release.
Contacts:
Aura Silver Resources Inc.
Robert Boaz, President and CEO
905-403-8010
boaz@aurasilver.com
www.aurasilver.com
SOURCE: Aura Silver Resources Inc.
mailto:boaz@aurasilver.com
http://www.aurasilver.com
Copyright 2008 Market Wire, All rights reserved.
Thursday, October 23, 2008
Tirex Resources Intersects High Grade Mineralization in New Zone at Mirdita
- Tirex Intersects 13.85m of 3.5% Copper and 1.3g/t Gold including 1.10m of 13.6% Copper and 7.4g/t Gold
- Assays pending on additional holes
- Drilling continues on multiple priority exploration targets
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2008) - Tirex Resources Ltd. ("Tirex") (TSX VENTURE:TXX) is pleased to announce the first drill assays from the Gurthi South No. 2 Zone on the Mirdita Project in Albania. The drill hole intersected a 13.85 metre (45.4 ft) section grading 3.5% Copper and 1.3g/t Gold including 3.65 metres grading 10.6% Copper and 2.9g/t Gold and including 1.10m grading 13.6% Copper and 7.4g/t Gold. The intersections are interpreted to be close to true width.
Summary of assay results from drill hole MR08-16:
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GURTHI SOUTH No. 2
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FROM TO INTERSECTION COPPER ZINC SILVER GOLD
(m) (m) (m) (%) (%) (g/t) (g/t)
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DRILL HOLE MR08-16
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125.35 139.20 13.85 3.5 0.6 7.5 1.3
Including
126.25 129.90 3.65 10.6 0.2 6.5 2.9
Including
126.25 127.35 1.10 13.6 0.2 11.5 7.4
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Drill hole MR08-16 was drilled on the Gurthi South No. 2 target area located 2.5km south of the Koshaj Deposit area. Earlier this year Tirex announced wide zones with high grade drill intersections at Koshaj.
Tirex has also received results from drilling on two early stage target areas on the property.
At Shebe North located 18km south of Koshaj, Tirex crews found copper-bearing boulders near a geophysical anomaly. Two drill holes were completed to search for the bedrock source of the boulders. The first hole intersected a pyrite silica alteration zone with low metal grades. Assays are pending for the second hole. Such alteration zones are known to occur in peripheral areas around copper, zinc and gold mineralization. Tirex is now conducting additional geophysics surveys in the Shebe North area to better define targets and the potential source of the copper bearing boulders for future drilling.
At Gurthi South No. 1, located 2km south of Koshaj, Tirex drilled four exploratory holes to test the extent of mineralization reported in a historic drill hole. All four holes intersected narrow zones of mineralization. The best intersection (DH M08-10) assayed 2.75% copper, 1.27% zinc, 25.7g/t silver and 1.3g/t gold across 0.45m.
Bryan Slusarchuk, CEO, states, "Today's announcement regarding a new zone of high-grade mineralization at Mirdita represents a big step towards our goal to prove that multiple high grade zones exist in this District. Whereas the initial phase of drilling at Koshaj identified very high zinc grades with excellent precious metal grades, today's results show very high copper grades, also with excellent precious metal grades. Gold and silver values are largely unknown at Mirdita as silver was not assayed for during previous state run exploration and gold values were kept a state secret. Today's results indicate that precious metals exist in both zinc rich and copper rich zones in the District. The Tirex property is host to 17 known historical deposits and 102 geophysical anomalies most of which remain untested. Three drills are now turning at Mirdita and we hope to continue to produce excellent assay results such as we have announced today in this new area."
Tirex is a company purpose-built to explore and develop the large 344 square kilometer Mirdita Property in Albania. The nature of the VMS mineralization in this District provides Tirex investors with exposure to a high grade basket of metals: Copper, Zinc, Gold and Silver. The property is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. The property covers the core of the historically productive Mirdita VMS base metal district. It represents an opportunity to explore Copper, Zinc, Gold and Silver zones that were previously partially mined, explored or evaluated at lower metal prices, and provides an opportunity to apply modern exploration techniques toward the discovery of new VMS deposits and extensions of known zones. In addition to the historical deposits identified by previous state-run exploration, Tirex has identified numerous high priority exploration targets resulting from the 2007 airborne geophysical survey, ongoing ground geophysics, geological mapping and other field work. The Mirdita exploration project is managed by an experienced team of Canadian geologists and other professionals, and several senior Albanian geologists, geophysicists and surveyors.
John Nicholson, P.Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101 and Mirdita Project Manager, is responsible for the technical content of this news release. Drill core was HQ size (6.35 cm diameter) and BTW size (4.20 cm diameter). Half core samples were collected with a rock saw, tagged for identification and securely stored at the Tirex base camp until shipment. A total of 5% assay standards and 5% blanks were inserted into the sample shipment as a quality control measure in addition to the internal quality control measures applied by the laboratory. All samples were shipped directly to Global Discovery Labs in Vancouver, Canada where they were dried, weighed, crushed and pulverized. Splits of each pulp were then analysed for 30 elements by ICP Spectrometry and assayed for copper, lead, zinc, silver and gold by standard assay methods.
Further details on the company and the Mirdita Project can be found on the Tirex website at www.TirexResources.com.
ON BEHALF OF THE BOARD
Bryan Slusarchuk, CEO and Director
Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex that are based on the beliefs of Tirex management, as well as assumptions made by and information currently available to Tirex management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, changes, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Tirex Resources Ltd.
Bryan Slusarchuk
CEO and Director
(604) 687-7160
(604) 687-7165 (FAX)
Email: info@TirexResources.com
Website: www.TirexResources.com
Wednesday, October 8, 2008
Commodities Drop to Lowest Levels in Year or More
Commodities remain bullish as a number of them hit their lowest level in a little over a year, while some dropped to levels that haven't been seen for about three and a half years.
Copper, which other base metals usually mirror, fell to its lowest levels since March 2006, falling to $5,250 a ton. Oil also continued its plunge as it almost leveled at $86 a barrel, falling as low as $86.05 a barrel.
Other base metals didn't even fare as well, with aluminum, zinc and nickel declining to levels not seen in over three years.
After the interest rate cuts corn did rebound settling at $4.275 a bushel on the CBOT, a 10.5 cent or 2.52 percent gain.
With a number of central banks cutting interest rates Wednesday, officials were glad to see prices fall, as concern about inflation have also been rearing its head.
Now that demand for oil has been dropping, Opec is said to be considering an emergency meeting to decide if it wants to cut back on production, possibly meeting in November instead of the scheduled late December date.
Even with low price levels, the bull run for commodities isn't over, and price levels will start to move again as nations and businesses start spending again.
Copper, which other base metals usually mirror, fell to its lowest levels since March 2006, falling to $5,250 a ton. Oil also continued its plunge as it almost leveled at $86 a barrel, falling as low as $86.05 a barrel.
Other base metals didn't even fare as well, with aluminum, zinc and nickel declining to levels not seen in over three years.
After the interest rate cuts corn did rebound settling at $4.275 a bushel on the CBOT, a 10.5 cent or 2.52 percent gain.
With a number of central banks cutting interest rates Wednesday, officials were glad to see prices fall, as concern about inflation have also been rearing its head.
Now that demand for oil has been dropping, Opec is said to be considering an emergency meeting to decide if it wants to cut back on production, possibly meeting in November instead of the scheduled late December date.
Even with low price levels, the bull run for commodities isn't over, and price levels will start to move again as nations and businesses start spending again.
Monday, March 3, 2008
Arian Silver Corp. Mineral Resource Estimate for San Jose Property
A press release from the Arian Silver Corp. concerning the San Jose property in Zacatecas State, Mexico, offers the initial resource estimates.
According to the estimates, there are approximately 27.7 million ounces of silver, 64.6 million pounds of lead and 147.5 million pounds of zinc.
The estimates, according to the company comes "from 31 holes drilled to an aggregate length of 4,500 metres (m) and is contained within four currently defined resource blocks along 4 km of the strike of the San Jose Vein (SJV). These blocks currently cover an aggregate strike length of some 1,600 m within the 4 km strike length and extend to a depth of 200 m. The percentage of oxide, transitional and primary material is undefined as part of these preliminary "inferred" estimations."
You can find the plan which shows where the resources are in relationship to the strike here.
The estimate is only in relationship to about 30 percent of the length of the known strike which Arian controls.
Arian's Chief Executive Officer, Jim Williams, said in a statement, "We are very pleased with these initial compliant resources we have so far estimated at San Jose. These resource estimates are only based on approximately 50% of the drill-holes that we have currently drilled at San Jose and therefore only cover a portion within a strike length along the main SJV of some 4 km (out of 12 plus km). We believe we can expand these resources significantly during 2008."
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