Dark Horse Secured New Gold Project in Argentina

  • Jan 22, 2019 AEDT
  • Team Kalkine
Dark Horse Secured New Gold Project in Argentina

Dark Horse Resources (ASX: DHR) is a producer of Lithium Hydroxide which is of high-grade in nature. The produce of the company is used for the domestic and international battery and electronic markets. It is a diversified resource and energy company. Other significant gold properties of the company include highly prospective Santa Cruz province in the region of southern Argentina.

On 22 January 2019, the company announced the acquisition of the highly prospective Las Gold Project in San-Juan region of Argentina. The province being mining-friendly has several world-class multimillion gold deposits which includes Veladero and Pascua Lama owned by third parties.

The company will focus on an underexplored significant epithermal vein target area surrounding a defined gold porphyry system.  RC drilling is being organized to commence in the first quarter of 2019 to provide initial tests of the mineralized structures.

Dark Horse Resources Limited has announced that it has entered into an Exploration Agreement with Option to Purchase with Genesis Minerals of to acquire up to 100% of the Las Opeñas Gold Project in Argentina through a series of staged cash and share payments over a period of 3.5 years. More payments will be made towards the end of the period, totalling an amount of USD 880,000 and 90 million shares of Dark Horse Limited.

Las Opeñas Gold Project is located in the north-western region of San-Juan province. The region is known for several deposits of gold and silver of epithermal styles. This was previously explored by Teck Resources Limited from 2005 to 2012 and more recently by Genesis Minerals.

Genesis Minerals is a private company located in Argentina. They have had associations with some the significant exploration and mining companies and been intimately involved in a number of important projects.

The company has undertaken preliminary technical and legal due diligence work on the Las Opeñas Project over the period of past three months. It has allowed the company to design an aggressive exploration program. The program of drilling six holes will start as soon as an RC rig can be moved to the site.  This program will provide an initial test of the principle vein structures. The drilling will target high-value rock chips on defined structures and provide information on grade, vein thickness, and structural orientation.

Now let us have a glance at the stock performance of the company and the return it has posted over the last few months. The stock is currently trading at a price of $0.004 with a day’s high at the same level. However, it touched a day low of $0.004 which is also the 52-week low price for the stock. The company has a market capitalization of $7.9 million. The stock opened at $0.005 with the same day high price. The stock has yielded a negative YTD return of 20.0% and posted negative returns of 73.0%, 33.33% and 20.0% over the last six months, three months and one-month period respectively. The stock trades at a 52-week high price of $0.027 with a 52-week low price of $0.004, with an average trading volume of around 1.31 million.


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