First Majestic Plans 'Aggressive' Exploration In 2018
First Majestic Silver Corp. (NYSE: AG; TSX: FR) says it has set another “aggressive” exploration budget for 2018, with an estimated 183,000 meters of planned drilling across six producing mines and the Plomosas silver project. This comes after the company completed over 156,500 meters of drilling on 807 holes, a new company record, during 2017. First Majestic reports a new discovery at Ermitaño West near the Santa Elena Silver/Gold mine, including 3.0 grams per tonne gold and 50 grams per tonne silver over 37 meters, plus 4.7 g/t gold and 277 g/t silver over 12.9 meters. The company also reports a number of new discoveries and relevant extensions, including Santa Elena, main vein extension to the west; La Encantada, new replacement ore body discovery; La Parrilla, discovery of Cerro de Santiago vein parallel to Rosario; Del Toro, Santa Teresa vein south extension continues; San Martin, Hedionda vein extension continues; La Guitarra, Nazareno northwest extension and Nazareno de Ancas finding; and Plomosas, a vein extension and finding of a new stockwork system. An initial resource estimate for the Plomosas silver project is expected by the end of 2018. Also, First Majestic says, updated mineral reserve and resource estimates for all mines are being prepared and should be released by the end of the first quarter. “2017 was an exceptional year for exploration and technological innovations,” says Keith Neumeyer, chief executive officer and president.
By Allen Sykora of Kitco News; email@example.com
Osisko Delivers Shares Of AuRico Metals To Centerra
Tuesday January 09, 2018 09:27
Osisko Gold Royalties Ltd. (TSX, NYSE: OR) reports that it has delivered its shares of AuRico Metals Inc. to Centerra Gold Inc. (TSX: CG) for $1.80 per share for proceeds of $25.5 million, generating a 155% return on the investment. The deal was previously announced. Osisko maintains an investment portfolio in other publicly held resource companies. ”The investment portfolio is a key part of our business plan and enables the company to create great value for its shareholders,” says Sean Roosen, chair and chief executive officer of Osisko. Meanwhile, Centerra says it has acquired all of the outstanding shares of AuRico. “With the completion of the acquisition of AuRico Metals, we have expanded our existing development pipeline to include a de-risked brownfield development asset, located in Canada; as well, we are adding a high-quality, free cash flow-generating royalty portfolio,” says Scott Perry, president and chief executive officer of Centerra. “The Kemess property has the potential to be a low-cost, long-life, significant gold and copper producer.” Centerra says it plans to have AuRico Metals common shares delisted on the Toronto Stock Exchange.