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Transatlantic Mining making progress at US Grant

Wednesday, November 16, 2016 8:54
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Transatlantic Mining Corp (CVE:TOC) continues to make the transition from explorer/developer to precious metals producer at the US Grant mine and mill complex in Montana.

As part of its continuing assessment of the mine, the company has produced 17.0 ounces of gold and 28.6 ounces of silver from 1.4 tonnes of concentrate.

The calculated recovery rate from the concentrate was 88.6% for the gold and 68.1% for the silver. Given the lower-grade concentrate that was shipped to a toll leaching facility, the results bode well for potential production from within select higher-grade zones, such as the ones the company is currently evaluating, the company said.

The company said it is looking to shift another 20 tonnes for processing into gold and silver dore for refining.

On the mine development side, the company has agreed to pay its neighbor at US Grant C$30,000 to gain access to recommission the Cornucopia shaft for use in ventilating the deepest reaches of US Grant No. 3 level, which will enable Transatlantic to ventilate one of its primary production headings, thus improving safety and working conditions.

The company also completed a new secondary escape way from No. 3 level, allowing the company to access all current material from the No. 3 and No. 4 levels. Transatlantic described this as an important milestone.

On the drilling front, surface drilling has kicked-off, with seven holes drilled to a combined depth of 550 metres. The drilling has intersected vein-type structures, but there are no assays at this time. Underground drilling is set to commence and will target the vertical extension of the US Grant vein. The program calls for the drilling of 1,650 metres.

Meanwhile, the company revealed Steve Hodgson resigned as an independent director of the company last week, and his seat has been taken by Ray Perry, currently the chief financial officer and company secretary of Hanking Gold Mining.

“With the closing of our private placement and continued development of US Grant, TCO [Transatlantic] is moving into full-time production. We are excited by the milestones we’ve achieved this year, and we remain intently focused on derisking US Grant,” said Rob Tindall, the company’s chief executive officer.

Story by ProactiveInvestors


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