(via TheNewswire)
The Company has been informed by Faina that the documents relating to the acquisition of the Brazilian assets have been executed and released from escrow and the Commercial Registry in
About Faina
Faina's assets principally comprise a large tenement package, located in the central Brazilian State of Goias, covering 215 km2, which encompass the Cascavel, Sertão and Tinteiro Projects, as well as numerous other advanced gold exploration targets including
Faina's property package also comprises a formerly operational gold mine called Cascavel. Cascavel was constructed in 2016 and has an existing fully dewatered underground mine and idled mill that includes an In-Line Pressure Jig, Gekko spinners and a Nelson concentrator. The crushing circuit was provided by Simplex. The tailings were dewatered and dry stacked. More than
Due to the record local gold price in
The Sertão
In Q1 2016, ASX-listed Orinoco Gold Limited ("Orinoco")completed a 3,200m drilling programme which was used fora 2017 JORC-compliant technical report which includeda Mineral Resource estimate.The Mineral Resource estimate is based on two (2) domains – Oxide and Sulphide as highlighted in Table 1.
Table 1: Sertão Mineral Resource estimate as at
--------------------------------------------------------- | | | | | |Contained| |Domain |Category |Cut-off |Tonnage |Grade |Gold | | | |(g/t Au)|(tonnes)|(g/t Au)|(ounces) | |-------------------------------------------------------| |Oxide |Measured |1.0 |9,490 |3.65 |1,114 | | |----------------------------------------------| | |Indicated|1.0 |24,030 |6.96 |5,377 | | |----------------------------------------------| | |Inferred |1.0 |38,979 |4.94 |6,191 | |-------------------------------------------------------| |Sulphide|Measured |3.0 |- -- -- | | |----------------------------------------------| | |Indicated|3.0 |57,824 |8.03 |14,928 | | |----------------------------------------------| | |Inferred |3.0 |92,788 |7.26 |21,658 | |-------------------------------------------------------| |Total |Measured | |9,490 |3.65 |1,114 | | |----------------------------------------------| | |Indicated| |81,854 |7.72 |20,305 | | |----------------------------------------------| | |Inferred | |131,767 |6.57 |27,849 | | |----------------------------------------------| | |Total | |223,111 |6.87 |49,268 | ---------------------------------------------------------
A qualified person has not performed sufficient work to classify the historical JORC estimate as NI 43-101 compliant mineral resources or mineral reserves, and the Company is not representing any historical estimate as mineral resources or mineral reserves.
The Mining Assets are located south of established greenstone belts, largely occupied by mineral tenements surrounding AngloGold Ashanti's
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Mining Assets.
- Tinteiro - a polymetallic prospect that also appears to be mineralized in the middle of Cascavel gold system. Highlights of the 52-hole drill program include a drill intersection of 17.6m @ 1,292 g/t silver on the 8thof
May 2013 by previous operators Orinoco Gold Limited in a report to the ASX entitled "Thick High-Grade Silver Discovered at Cascavel". The then company also reported rock chip samples grading up to 4,200 g/t of silver and 7 g/t gold inJune 2014 and reported cobalt rock chip samples up to 1.75% inJune 2018 in a sampling program consisting of 54 samples. At the time of theMay 2013 silver discovery, the assay was initially only tested for gold. The silver target has not been worked on to any extent since 2013.-The Antena-Xupécluster of 5 dormant open pits. In
March 2018 , a drill program consisting of 12 holes included a highlight of 21.7m @ 4.49 g/t at Xupé.
An existing 25 km private haul road runs between Cascavel, Antena-Xupé andSertão. The processing plant complex includes a fully licensed state-of-the-art modular laboratory with a sample preparation section designed and commissioned by SGS Labs Brazil. The laboratory is fully licenced by the CRQ (
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Pacific Arc should be considered highly speculative.
The
Neither the
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John MacPhail”
For further information, please contact:
Phone: (778) 688-7411
Qualified Person
This news release does not constitute an offer to sell and is not a solicitation of an offer to buy any securities in
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.These risks and uncertainties include but are not limited to: liabilities inherent in mine development and production; geological risks, risks associated with the effects of the COVID-19 virus, the financial markets generally, the results of the due diligence investigations to be conducted by the Company, the ability of the Company to complete the Transaction or the Offering or obtain requisite TSX-V acceptance and, if applicable, shareholder approvals. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipate in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Copyright (c) 2021 TheNewswire - All rights reserved.
Copyright (c) 2021 TheNewswire - All rights reserved., source