Metminco progressing well with work on Miraflores and wider exploration portfolio

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12:11 06 Feb 2019

Metminco has an attractive portfolio of exploration and development assets

OVERVIEW: MNCThe BigPicture

Miraflores currently boasts a resource of 880,000 ounces of gold

• Permit of work granted for Miraflores

• Environmental assessment ongoing

• Exploration portfolio beginning to yield significant results

• Long track record of operating in South America

What Metminco does

Metminco Ltd (ASX:MNC) is an experienced exploration company with a focus on assets in South America. The company has been operating in South America for more than a decade, and has shown itself to be adept at trading and doing deals on assets, and in the acquisition of new opportunities.

What Metminco owns

The Quinchia gold portfolio in Colombia contains several different projects, including the advanced Miraflores project and the earlier stage Chuscal project.

Miraflores currently boasts a resource of 880,000 ounces of gold, out of which 370,000 ounces qualify as reserves.

The Dosquebradas project currently boasts a resource of 920,000 ounces of gold.

The Tesorito gold porphyry target doesn’t yet boast a resource but has recently been drilled.

The Chuscal project is a joint venture with AngloGold, which Metminco is earning into. It is as yet undrilled.

There are also some assets in Chile, although these are of secondary importance for the time being.

Inflection points

Drilling on Chuscal is anticipated in the second quarter of 2019, following on from a surface and underground mapping programme. Strong results could have a material impact on the Metminco share price.

Also significant will be the results of the ongoing environmental impact assessment for Miraflores. The plan of work for the construction of a working mine at Miraflores has already been approved by the Colombian authorities.

Chairman Kevin Wilson highly optimistic about the contribution Chuscal is likely to make

“Chuscal is an exciting project for us as it could make a significant positive impact on the head-grade and tonnage throughput into the Miraflores plant,” said Metminco executive chairman Kevin Wilson.

“The underground results confirm the presence and continuity of high-grade gold veins within the porphyritic diorite at Chuscal, which itself is mineralised. We now need to focus on drilling to delineate the extent of the mineralisation and demonstrate the presence of other high-grade gold zones within the extensive surface gold anomaly. Compared to Miraflores and Tesorito, Chuscal has the advantage of being potentially an open-cut operation with high grade gold zones.”