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Resource Clips


Posts tagged ‘Extorre Gold Mines Limited (XG)’

Extorre reports Argentina Cerro Moro Gold-Silver PEA

April 2nd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningExtorre Gold Mines Limited TSX:XG announced results of a preliminary economic assessment for its Cerro Moro gold-silver project in Santa Cruz province, Argentina. The PEA projects total metal production of 848,000 ounces gold and 47.2 million ounces silver, with average production for the first five years at 1,300 tonnes per day of 123,017 ounces gold and 6.25 million ounces silver per year. Average cash costs are estimated at $453 per gold-equivalent ounce, initial capital costs are estimated at $207.3 million, with initial capital expenditures of $284 million. At a 5% discount rate, a 1,300 tonnes-per-day operation would have a payback period of 24 months, a pre-tax internal rate of return of 63% and pre-tax net present value of $737.4 million.

The Cerro Moro project has NI 43-101 indicated resource of 578,000 ounces gold and 38.89 million ounces silver, and inferred resources of 528,000 ounces gold and 26.25 million ounces silver.

View Company Profile

Contact:
Eric Roth
President/CEO
604.681.9512

or Rob Grey
VP Corporate Communications
604.688.9512

by Ted Niles

Extorre reports Argentina Results as high as 50.7 g/t Gold, 6,426 g/t Silver over 1.5m

March 5th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningExtorre Gold Mines Ltd TSX:XG announced assays from its Cerro Moro Project in Santa Cruz Province, Argentina. Results include

50.7 g/t gold and 6,426 g/t silver over 1.5 metres
(including 137 g/t gold and 17,419 g/t silver over 0.5 metres)
52.8 g/t gold and 4,299 g/t silver over 3.7 metres
(including 131.4 g/t gold and 9,521 g/t silver over 1.4 metres)
41.4 g/t gold and 2,234 g/t silver over 2.5 metres
(including 108.1 g/t gold and 5,812 g/t silver over 0.4 metres)
21.3 g/t gold and 1,176 g/t silver over 0.9 metres
13.1 g/t gold and 1,111 g/t silver over 1.8 metres
(including 25.1 g/t gold and 1,641 g/t silver over 0.5 metres)
14.7 g/t gold and 878 g/t silver over 0.3 metres

The company has four rigs dedicated to both new resource and mine development-related drilling at Cerro Moro. The program includes infill drilling at the Zoe Target to convert the resource from the inferred to the indicated category. Discovery-stage drilling is progressing on other targets. Limited mine-development drilling, including water and geotechnical drilling, is also in progress.

View Company Profile

Contact:
Eric Roth
President/CEO
or Rob Grey
VP of Corporate Communications
604.681.9512
888.688.9512

by Greg Klein

Extorre reports Argentina Assays of 36.3 g/t Gold, 4,412 g/t Silver over 11.2m

December 7th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningExtorre Gold Mines Limited TSX:XG announced results from the Zoe zone of its Cerro Moro project in Santa Cruz Province, Argentina. Assays include

36.3 g/t gold and 4,412 g/t silver over 11.2 metres
(including 487.4 g/t gold and 37,993 g/t silver over 0.7 metres)
27.5 g/t gold and 3,424 g/t silver over 4.6 metres
(including 128.5 g/t gold and 12,199 g/t silver over 0.8 metres)
32.8 g/t gold and 2,819 g/t silver over 3.6 metres
44.9 g/t gold and 2,951 g/t silver over 2.5 metres
(including 158.1 g/t gold and 9,601 g/t silver over 0.7 metres)
1.3 g/t gold and 261 g/t silver over 9 metres

Exploration Manager Matt Williams stated, “These results represent a mix of infill drilling to gain further confidence in the Zoe resource and step-out drilling to test for extensions to the deposit. As Zoe represents 24% of the total indicated mineral resource and 37% of the inferred mineral resource for Cerro Moro, it remains our focus for two of the four drill rigs employed on the property. Of particular significance is the MD1433 drill intersection at a 420-metre vertical depth below surface, the deepest intercept to date of significant mineralization on the Cerro Moro property. The 420-metre depth, when compared to the other principal zones (270 metres at Escondida and 320 metres at Gabriela) demonstrates the potential for expanding all of the veins at Cerro Moro to depth. Elsewhere at Cerro Moro a total of 65 drill holes have been completed on 22 targets. A number of these holes have successfully intersected veins displaying the mineral assemblage considered favourable for high grades. Some follow-up drilling is in progress to establish grade continuity of the discoveries but preliminary indications are encouraging.”

View Company Profile

Contact:
Rob Grey
VP Corporate Communications
604.681.9512

by Ted Niles

Extorre reports Argentina Assays of 17.3 g/t Gold, 2,314 g/t Silver over 3.7m

October 11th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningExtorre Gold Mines Limited TSX:XG announced assay results from the Zoe zone of its Cerro Moro project in Santa Cruz province, Argentina. Highlights include

18.9 g/t gold and 943 g/t silver over 3 metres
39.1 g/t gold and 2,231 g/t silver over 2 metres
10.1 g/t gold and 3,285 g/t silver over 7.7 metres
(including 53 g/t gold and 17,297 g/t silver over 1.4 metres)
15.8 g/t gold and 1,494 g/t silver over 2.6 metres

The first resource estimate for the Cerro Moro project is expected to be available in November 2011. Drilling continues with six rigs, three of which are focused on the Zoe zone.

View Company Profile

Contact:
Eric Roth
President/CEO
604.681.9512

or Rob Grey
VP Corporate Communications
604.681.9512

by Ted Niles

High Grades, Smaller Envelopes

May 31st, 2011

Argentex is Piling Up the Silver Ounces in Argentina

By Ted Niles

Peter Ball is very keen that you grasp the concept. For, impressive as Argentex Mining’s recently reported intercept of 88.8 grams per tonne silver over 61.8 metres may seem, its Executive VP of Corporate Development is more interested in what those numbers include. In this case, an interval of 675.7 g/t silver over 5.8 metres. “We’ve had areas of 277 grams over 24 metres—but our focus is defining mineralized widths of higher-grade material over concentrated or smaller widths. The concept in this area is open slot mining, near surface. Multiple pits. We’re not going to have a pit 300 feet wide!”

The area to which Ball refers is the Deseado Massif in the Patagonia region of Santa Cruz Province, Argentina. In addition to Argentex’s polymetallic Pinguino property, the area hosts Extorre Gold Mines’ Cerro Moro project, Pan American Silver’s Manantial Espejo mine, AngloGold Ashanti’s Cerro Vanguardia mine, Coeur d’Alene’s Mina Martha and Goldcorp’s Cerro Negro project. Ball explains, “They’re all mining these open slots, near surface. The first 50 to 100 metres everywhere on our project has been oxidised, where the gold and silver has been leached out, and it’s high grade. You’ve got this nice meat. That’s what’s going to be mined.”

Argentex is Piling Up the Silver Ounces in Argentina

Argentex has 100% control of over 124,000 hectares of property in the Santa Cruz and Rio Negro provinces, of which its Pinguino property is the most advanced. Pinguino comprises 10,000 hectares and has a 2009 indicated resource estimate (at a 50 g/t cut-off) of 7.32 million tonnes grading 169.64 g/t silver equivalent and inferred resources of 35.4 million tonnes grading 123.63 g/t silver equivalent (totalling approximately 180 million ounces silver equivalent).

Last year, a discovery hole at Pinguino graded 2,428 g/t silver and 0.22 g/t gold over 6 metres, bringing new attention to the near-surface vein systems.

Pinguino assays released May 26 include 88.8 g/t silver over 61.8 metres (including 675.7 g/t silver over 5.8 metres), 1.33 g/t gold and 92.9 g/t silver over 29 metres (including 3.83 g/t gold and 271.3 g/t silver over 9 metres), 1.14 g/t gold and 38.8 g/t silver over 17.8 metres and 1.03 g/t gold and 112.7 g/t silver over 11 metres.

May 5 assays revealed 118.1 g/t silver over 19 metres (including 3.21 g/t Au and 678 g/t silver over 3 metres), 205.5 g/t silver over 20 metres (including 1.64 g/t gold and 470 g/t silver over 8 metres) and 86.2 g/t silver over 21 metres (including 2.77 g/t gold and 121.9 g/t silver over 7 metres).

Ball reports, “We’re consistently seeing veins with widths in the range of four to 12 metres within the first 100 metres of surface, with the vein systems open at depth and open along strike. And some of these veins can range longer than a couple kilometres. Wherever we drill, we appear to consistently and continuously hit high-grade silver with positive associated gold grades. We currently have in excess of 50 veins measuring over 75 line-kilometres, and we keep finding more as we go along. All sitting very close to surface. So it is quite a large, very high-grade system. We believe it’s the second-largest mineralized vein swarm in Patagonia—second only to the Cerro Vanguardia mine, which is along strike to the southeast.”

Wherever we drill, we appear to consistently and continuously hit high-grade silver with positive associated gold grades – Peter Ball

Ball characterizes the Pinguino property as “advanced exploration or early development.” He notes that, to date, Argentex has drilled greater than 50,000 metres on the property and that a preliminary economic analysis has been completed. “At today’s prices, we could build a small mining operation for under $22 million. Internal rate of return would be just under 200%, a payback period of less than six months. That small mine would run over 650,000 ounces of silver for eight years and approximately 6,000 ounces gold.” And that’s based on the resource calculated two years ago.

But Ball does not see production in Pinguino’s future. He says, “This year and most of next we’re working on prefeasibility studies and more drilling and such. We’re looking to have two resource estimates completed by the fourth quarter of this year. One will be an update on the polymetallic; the second will be for the new near-surface stuff, which will probably be giving us a nice re-rate. We are looking to build a significant silver resource and build value through ounces in the ground first.” He adds, “We will worry about building a mine when we have done the due diligence.”

Argentex has not been wanting for interest. Its major shareholder is International Finance Corporation—a member of the World Bank Group—who holds 19.9% of the company. And, Ball adds that the company’s $20-million financing announced May 26 is being led by GMP Europe, “an excellent financial group to have representing us, supported by a solid syndicate including Byron, Northland Capital, LOM, Casimir and Haywood.”

Ball concludes, “Shortly after I joined Argentex, the phone was ringing. I was contacted by most of the investment houses and banking groups looking to be involved in the Argentex story. Within a month I had six analysts on site in Argentina. It’s one of the few stories I’ve had the pleasure of working for where the calls coming into the office outmatched the calls going out.”

Argentex currently has 59.8 million shares trading at $1.17 per share. The company has a market cap of $69.97 million.

Extorre reports Argentina assays of 64.6 g/t Gold, 7,530 g/t Silver over 4.8m

April 19th, 2011

Extorre Gold Mines Limited TSX:XG announced assay results from the Zoe discovery of its Cerro Moro Project in Santa Cruz Province, Argentina. Highlights include 2.5 g/t gold and 323 g/t silver over 1.1 metres, 2.4 g/t gold and 316 g/t silver over 2.8 metres (including 4.3 g/t gold and 615 g/t silver over 1.2 metres), 13.4 g/t gold and 1,750 g/t silver over 1.3 metres (including 21.9 g/t gold and 2,832 g/t silver over 0.8 metres), and 64.6 g/t gold and 7,530 g/t silver over 4.8 metres (including 227.3 g/t gold and 25,428 g/t silver over 1.4 metres).

Exploration Manager Mathew Williams commented, “We have made another blind discovery of spectacular mineralization. The surface expression of Zoe is an outcrop that assays only 0.34 g/t gold and 115 g/t silver. It demonstrates the value of persistence and commitment to a soundly based geological model. The dramatic increase in gold and silver grades in diamond drill hole MD1196, a 40-metre step-back of the discovery hole MD1191, coupled with the bonanza gold and silver grades encountered in MD1204, a 40-metre step-out, support our decision to concentrate 50% of our drill rigs and team on defining the Zoe discovery. Every effort will be made to ensure that this new discovery will be included in the revised resource scheduled for Q3 this year.”

View Company Profile

Contact:
Eric Roth
President/CEO
604.681.9512

or Rob Grey
VP Corporate Communications
604.681.9512

by Ted Niles

Extorre reports Argentina Gold Assays as high as 1.12 g/t over 53m

February 22nd, 2011

Extorre Gold Mines Limited TSX:XG announced assays from its Falcon Property northwest of Cerro Moro in Argentina. Results include 1.33 g/t gold over 30 metres, 0.81 g/t gold and 12 g/t silver over 56 metres, 1.12 g/t gold and 30 g/t silver over 53 metres, 0.53 g/t gold and 33 g/t silver over 30 metres, and 0.73 g/t gold and 10 g/t silver over 27 metres.

Chief Geologist Glen Van Kerkvoot commented, “While four rigs remain dedicated to expanding the high grade resource at Cerro Moro we have expanded the regional exploration team in order to intensify regional exploration, whilst enabling the successful Cerro Moro team to remain focussed on exploration and development there. Falcon is an exciting new project with some analogies to a lithological controlled system such as deposits in the Ivanhoe mining district of northern Nevada. Both Mariana’s Dos Calandrias and Extorre’s Falcon projects have opened the Deseado Massif to potential for large disseminated epithermal deposits. A second drill rig has been contracted in order to enable the simultaneous drilling of both the Puntudo and the Falcon properties.We have commenced metallurgical testwork of Falcon drillcore to ascertain if the gold is likely to be recoverable by conventional extraction and leaching techniques. We look forward to results from the next drilling program at Falcon whereby we expect to gain better information on the size and continuity of the gold mineralized zone.”

View Company Profile

Contact:
Rob Grey
VP Corporate Communications
604.681.9512

by Ted Niles

Extorre reports Argentina Assays up to 12.2 g/t Gold over 1.9m

February 7th, 2011

Extorre Gold Mines Limited TSX:XG announced assays from Cerro Moro Project in Santa Cruz Province, Argentina. Highlights include 3.5 g/t gold and 250 g/t silver over 4.1 metres, 2.7 g/t gold and 253 g/t silver over 5.3 metres, 4.7 g/t gold and 389 g/t silver over 1.5 metres, 6.4 g/t gold and 798 g/t silver over 1.3 metres, 12.2 g/t gold and 1,079 g/t silver over 1.9 metres, 10.8 g/t gold and 1,293 g/t silver over 0.6 metres, 310.1 g/t gold and 222 g/t silver over 0.9 metres, 10.3 g/t gold and 1,440 g/t silver over 4.5 metres, and 6 g/t gold and 959 g/t silver over 1.8 metres.

President/CEO Eric Roth commented, “The Company continues to advance the Cerro Moro pre-feasibility study, anticipating delivery by June 2011. Concurrently, we have initiated a 100,000-metre ‘discovery drilling’ program to expand the high grade resources. With four rigs operating on a 24 hour a day basis, the contractors are exceeding 5,000 metres of drilling per month. The latest Esperanza assays provide solid support for the presence of additional near surface gold-silver mineralization on the vein, particularly to the northwest of earlier drilling. Given the new results we have deferred infill drilling of the vein until we have more thoroughly evaluated the +2 kilometre long strike of the vein structure. A new Cerro Moro resource estimate update will be deferred to Q3 2011 to accommodate the new drilling at Martina, Gabriela and Esperanza.”

View Company Profile

Contact:
Rob Grey
VP Corporate Communications
604.681.9512

by Ted Niles

Extorre reports Argentina assays of 12.4 g/t Gold, 1,603 g/t Silver over 4.8m

January 24th, 2011

Extorre Gold Mines Limited XG:CA announced results from its Cerro Moro Project in Santa Cruz Province, Argentina. Assays include 12.4 g/t gold and 1,603 g/t silver over 4.8 metres (including 70.7 g/t gold and 8,935 g/t silver over 0.8 metres), 14.8 g/t gold and 1,208 g/t silver over 2.6 metres (including 81.5 g/t gold and 6,851 g/t silver over 0.3 metres), and 105.3 g/t gold and 1,592 g/t silver over 0.8 metres.

President/CEO Eric Roth said, “The infill drill program has been successful in confirming continuity of high grade gold-silver mineralization in both the Loma Escondida and Gabriela vein zones. These veins are very important as they will potentially provide high grade open pit ore to the Cerro Moro plant in the early production years. It is noteworthy that this batch of results includes the highest silver-gold grades obtained to date from the Gabriela vein. The completion of the infill drilling allows us to focus the four rigs on establishing the upside of the extensive Cerro Moro vein system. We expect to drill 5,000-plus metres per month through 2011, allowing us to test many targets that have had little or no drilling to date.”

View Company Profile

Contact:
Rob Grey
VP Corporate Communications
604.681.9512
or 888.688.9512

by Ted Niles