Arian Silver Corporation plc (LON:AGQ, CVE:AGQ) updated on progress, saying it has been given more time to decide whether it wants to option Tierra Nueva Mining’s (TNM) Noche Buena gold and silver tailings project in Mexico and is in early talks on further acquisitions.
As revealed in August this year, the time given to evaluate the site had been extended to October 28 - now this has been further extended to December 27
So far, metallurgical studies have achieved commercial gold grades in the concentrate but at the expense of recoveries and additional testwork is to ascertain whether a commercial gold recovery rate can be achieved, said Arian.
A previous NI 43- 10 report for TNM in 2012 showed an indicated resource containing 1 million tonnes with 3 grams per tonne (g/t) gold and 55 g/t silver, representing around 100,000 ounces (oz) of gold and some 1.7 million ounces of silver.
The firm is also discussing with TNM, the potential for participation in their other portfolio projects, it added.
Also Arian said it was having early discussions on potentially acquiring advanced stage exploration projects – one is in southern USA and has a non-compliant mineral resource reported to have been in excess of 100 million ounces of silver, it said.
Also on August 1, the firm struck a deal with Minera Oro Silver de Mexico SA de CV – a subsidiary of Endeavour Silver – to sell its 75 hectare Calicanto project in Zacatecas state, for a cash consideration of US$400,000.
Arian shares eased 10% to stand at 0.675p.
Story by ProactiveInvestors