AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
_02_05_2025_05_53_40_418159.jpg)
Metminco Limited (ASX:MNC) is a mining and metal exploration company. Today, MNC announced the signing of concession contract with Colombian National Mining Agency (ANM) for exploration over Chuscal Gold Prospect as advised by JV partner. The company also reported updates on drilling plans for the project and earn-on period.
Chuscal Gold Prospect (the Chuscal JV) is a part of companyâs Quinchia Gold Project in Colombia. MNC will reportedly earn a 51% interest over the course of three years through the expenditure of US$2.5 million. The JV is formed with Anglo Gold Ashanti Colombia SA (AngloGold), which advised that a concession contract has been signed with Colombian National Mining Agency (âANMâ) for the span of two years in respect to exploration over two areas covering the Chuscal Gold Prospect. Concession contracts would be registered with ANM, which will mark the commencement of the earn-on period for the Chuscal JV. Please read below excerpt from the announcement as reported:
Drilling Program â
MNC is planning to start a drilling program of approximately 2,500 m of diamond drilling which would test the large outcropping Chuscal porphyry gold target with epithermal gold overprint. The program would commence after receiving permits, approvals and financing along with the completion of the proposed merger with Andes Resources Limited. MNC is aiming to complete the merger by mid-July 2019 as reported today.
MNC reported that the data obtained is being compiled and interpreted at the surface and once authorisations are available, drilling is planned to start. Along with data, magnetic susceptibility measurements on the coarse rejects from the multiple phases of geochemical sampling will allow developing a detailed 3D exploration model to guide inversion modelling of existing aeromagnetic data. The 3D model would be used to define mineralisation characteristics and structure to guide drilling. In the north of the project, there is the southerly continuation of the Tenorio trend. This trend has not been mapped or sampled earlier, and sampling and mapping will be extended to cover this trend subject to landowner access.
Chuscal Project â
Chuscal Project is a part of Quinchia Gold Project in the Mid-Cauca Gold Belt in Colombia. The JV with Anglo was formed in 2018 and covers three licenses. Two of the tenements are the subject of the recently signed concession contracts. The project features undrilled surface gold geochemical anomaly with high-grade sample results up to 54 gpt Au.
(Source: Company Announcement)
Kevin Wilson, Executive Chairman of MNC, stated that the signing of concession contracts is a vital step in drilling priority porphyry gold targets at Chuscal. He further mentioned about the diamond drilling programme which is scheduled to commence after the proposed merger with Andes Resources and associated $2.3 million financing along with necessary approvals and permits.
MNC is a metals exploration company based in Australia. On 20 May 2019, MNC traded flat with a daily volume change of 1,088,656 shares. The stock last traded at $0.002 with a market capitalisation of $2.38 million.
Over the past three months, the stock has gone up by 25%. The 52-week high and low of the stock are A$0.012 and A$0.002, respectively.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
