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Resource Clips

Posts tagged ‘Eco Oro Minerals Corp (EOM)’

Canada to boost support for mining, but faces challenges

September 18th, 2013

by Cecilia Jamasmie | September 18, 2013 | Reprinted by permission of Mining.com

Canada’s Prime Minister Stephen Harper is ready to launch an aggressive campaign to promote the country’s mining sector abroad, in an effort to redirect trade spending and foreign affairs to core economic interests.

Canada to boost support for mining, but faces challenges

Prime Minister Stephen Harper announces support
for Northern Innovation in Mining, August 2013.
(Photo: PMO)

Ed Fast, the international trade minister, began Wednesday a cross-country campaign to get feedback from experts and actors on what kind of support they think the government should offer mining companies.

According to the Globe and Mail, the move comes as the Harper administration starts warming up its campaign machine for the 2015 elections.

But Harper faces a challenging scenario. As a result of the global mining slowdown, Canada’s mining sector has been hit hard by weak commodity prices and lack of interest from foreign and local investors.

For the first time in a decade, Canada’s normally bustling resource industry failed to book a single initial public offering (IPO) on either the Toronto Stock Exchange or the TSX Venture Exchange in the first quarter of the year, a PwC survey revealed.

Tarnished name

While Canada remains the world’s top destination for mining investments, the sector has built a less-than-popular reputation abroad. Local miners have faced domestic opposition to their projects in all parts of the globe, including Greece, Colombia, Nicaragua, Peru, Bolivia, the Dominican Republic, Slovakia, Romania and Israel.

In January, for example, hundreds of Greeks protested in Thessaloniki against several gold mining projects owned by Vancouver-based Eldorado Gold TSX:ELD.

The following month, Catholic priests and small-scale miners marched with 5,000 locals in Matagalpa, Nicaragua, against a project owned by Vancouver-based B2Gold TSX:BTO.

In April tens of thousands of Colombians took to the streets of Bucaramanga, the country’s sixth-largest city, to defend their water supply from Vancouver-based Eco Oro Minerals’ TSX:EOM gold project.

Recently, Toronto-based Barrick Gold TSX:ABX admitted before a Chilean judge it had committed several violations in regards to its touted $8.5-billion Pascua Lama gold and silver project, straddling the border of Chile and Argentina.

And the most fresh example is the renewed opposition Gabriel Resources TSX:GBU faces in Romania because of its Rosia Montana gold project. Only yesterday the country’s president, Traian Basescu, asked Parliament to withdraw a bill that would allow the London-based Canadian miner to move forward.

However the future looks auspicious. Canada is among the top five producers of potash, uranium, nickel, platinum, aluminum, diamonds and steel-making coal. And global demand for commodities is expected to grow by up to 75% over the next 15 years, according to the world’s No. 1 miner, BHP Billiton NYE:BHP.

Reprinted by permission of Mining.com

Tightening the resources

February 6th, 2013

Infill drilling advances gold-silver projects for Seafield and Eco Oro in Colombia

by Greg Klein

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Gold mineralization on this core from Seafield’s Miraflores deposit is associated with the light grey cement material

Gold mineralization on this core from Seafield’s Miraflores deposit
is associated with the light grey cement material.


Infill drilling has brought Seafield Resources TSXV:SFF closer to an updated resource and eventual feasibility for its Miraflores deposit in Risaralda department, Colombia. Highlights from five holes released February 6 include:

  • 0.69 grams per tonne gold and 1.68 g/t silver over 60 metres
  • (including 1.03 g/t gold and 2.63 g/t silver over 13 metres)
  • 0.47 g/t gold and 1.5 g/t silver over 120.3 metres
  • (including 0.89 g/t gold and 1.83 g/t silver over 26.8 metres)
  • 0.35 g/t gold and 0.96 g/t silver over 51.9 metres
  • 0.45 g/t gold and 1.63 g/t silver over 37.15 metres
  • 0.52 g/t gold and 0.91 g/t silver over 48.4 metres
  • 0.5 g/t gold and 2.16 g/t silver over 60.6 metres
  • 0.46 g/t gold and 1.41 g/t silver over 11 metres
  • 1.29 g/t gold and 1.69 g/t silver over 57.3 metres
  • (including 2.63 g/t gold and 2.61 g/t silver over 15.5 metres).

True widths weren’t provided. The top-most intercepts began near surface while the deepest stopped at a down-hole depth of 240 metres. The company released only continual intervals of mineralization above 6 metres with a cutoff of 0.2 g/t gold.

“The deposit’s mineralization is characterized by a hydrothermal breccia pipe with free gold associated with cement materials (the matrix) and high-grade structures where gold is associated with zinc, lead, copper and iron,” the company stated. These results “confirm the continuity of high-grade mineralization in structures and lower-grade mineralization in the breccia pipe cement and matrix.”

Rugged terrain characterizes Seafield Resources’ Quinchia gold project in west-central Colombia

Rugged terrain characterizes the Quinchia
gold project in west-central Colombia.

So far the campaign has drilled nearly 2,000 metres of a planned 6,800-metre infill program. Updates for both the resource estimate and PEA are scheduled for Q2. A feasibility study and environmental and social impact assessment are slated for Q4. The company hopes to begin production in 2015.

Miraflores’ December 2011 resource shows measured and indicated categories totalling 1.9 million gold ounces and an inferred estimate of 103,043 ounces.

Last April’s PEA used an 8% discount rate to estimate a pre-tax net present value of $249 million and a 50% internal rate of return. With an initial capex of $93.7 million for the combined open pit and underground operation, payback was projected in just 1.8 years.

The Miraflores deposit forms part of Seafield‘s 6,757-hectare Quinchia gold project in west-central Colombia, 100 kilometres south of Medellin. The company completed its 100% earn-in last November.

Seafield stock opened February 6 at $0.11, half a cent above its previous close, then finished the day back at $0.105.

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Just in from Colombia

September 15th, 2012

A flurry of gold-silver news from the northeast

By Greg Klein

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Since miners rediscovered Colombia a decade ago, explorers have adapted to what are now well-known challenges ranging from environmental concerns and indigenous rights to security. A flurry of recent news from neighbouring projects in the country’s northeastern Vetas-California-Surata gold region shows that interest continues unabated.

On September 14 Galway Resources Ltd TSXV:GWY announced assays from its Vetas Gold-Silver Project, location of the 400-year-old El Volcan Mine.

Underground drilling highlights include

A flurry of gold-silver news from the northeast

Visible gold keeps explorers coming back
to Colombia’s historic mining regions.

  • 157.4 grams per tonne gold and 76.9 g/t silver over 4.15 metres
    (including 470.2 g/t gold and 142 g/t silver over 1.33 metres)
  • 13.5 g/t gold and 129.1 g/t silver over 4.65 metres
    (including 25.6 g/t gold and 18.3 g/t silver over 1.38 metres)
  • 19.5 g/t gold and 16 g/t silver over 1.29 metres
  • 5.7 g/t gold and 42.4 g/t silver over 4.14 metres
    (including 12.8 g/t gold and 116 g/t silver over 1 metre)
  • 5.2 g/t gold over 3.9 metres
    (including 10.7 g/t gold over 1.36 metres)

True widths for underground holes reported so far range from 32% to 92%. A lower cutoff of 2 g/t gold was used for underground holes but no upper cutoff was applied. Intercept depths weren’t provided but the company states it has found gold mineralization nearly 700 metres below the lowest level of the historic mine, to 860 metres below surface.

Surface drilling highlights include

  • 3.6 g/t gold over 3.05 metres
    (including 7.7 g/t gold over 0.92 metres)
  • 4.2 g/t gold over 2.56 metres
    (including 5.3 g/t gold over 1.4 metres)
  • 6.1 g/t gold over 1.31 metres
  • 2.9 g/t gold over 1.43 metres
  • 4 g/t gold over 1 metre

True widths were not available. A cutoff of 0.5 g/t gold was applied to surface holes.

In a statement issued with the results, President/CEO Robert Hinchcliffe said the project might “ultimately be amenable to underground bulk mining methods.”

The company states that 31 of 35 underground holes reported since June 2011 have had at least one result over 10 g/t gold, with a total of 108 such assays. Assays of at least 5 g/t have resulted 171 times.

Galway says its first surface drill hole, reported last March, appears to have intersected the same structure that CB Gold TSXV:CBJ discovered 160 metres away, suggesting CBJ’s Real Minera stockwork zone connects both properties. Although the Galway surface holes reported above were collared on the same platform used for the March results, they were oriented in the opposite direction. Assays fell short of the previous surface holes but the company emphasizes that all recent holes show multiple mineralized intervals over 2 g/t gold. Assays are pending for 11 more surface holes.

Real Minera continues to bear fruit for CB Gold too, as results released September 4 show. Highlights include

  • 78.14 g/t gold (uncut) or 20.94 g/t (using a 60 g/t topcut) or 5.58 g/t (using a 15 g/t topcut) over 3.31 metres
    (including 227.56 g/t (uncut) or 60 g/t (60 g/t topcut) or 15 g/t (15 g/t topcut) over 1.13 metres)
  • 17.29 g/t (uncut) or 5.67 g/t (60 g/t topcut) or 2.68 g/t (15 g/t topcut) over 15.5 metres
    (including 52.05 g/t (uncut) or 16.8 g/t (60 g/t topcut) or 7.73 g/t (15 g/t topcut) over 5.11 metres)
  • 16.97 g/t or 7.23 g/t (15 g/t topcut) over 2.27 metres
    (including 35.86 g/t or 15 g/t (15 g/t topcut) over 1.06 metres)
  • 11.55 g/t or 8.63 g/t (15 g/t topcut) over 2.27 metres
    (including 20.15 g/t or 15 g/t (15 g/t topcut) over 1.29 metres)
  • 7.36 g/t gold or 4.85 g/t gold (15 g/t topcut) over 4.85 metres
    (including 9.02 g/t gold or 6.31 g/t gold (15 g/t topcut) over 3.89 metres)

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Eco Oro reports Colombia Gold Assays up to 8.55 g/t over 8.9m

September 21st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningEco Oro Minerals Corp TSX:EOM announced drill results from the Mongora target of its Angostura gold deposit in northeastern Colombia. Assays include

4.48 g/t gold over 4.1 metres
5.92 g/t over 2 metres
16.15 g/t over 2 metres
1.06 gt/ over 16.5 metres
1.16 g/t over 20 metres
4.72 g/t over 5 metres
8.55 g/t over 8.9 metres
1.38 g/t over 26 metres
15.31 g/t over 4.7 metres
10.65 g/t over 2 metres
2.58 g/t over 24.8 metres
1.46 g/t over 16.9 metres

COO David Heugh said, “Mongora, together with La Plata and Armenia, is one of 3 satellite mineral deposits in close proximity to the Angostura deposit. All three show potential to complement and enhance the economics of the envisioned Angostura underground project currently being studied. Production from all three satellite deposits could be treated in the Angostura plant, thereby significantly reducing cost of development.”

View Company Profile

Anna Stylianides
Co-Chairman, Interim President/CEO

or David Heugh
+57 314 355 5900

by Ted Niles