Silver elephant makes a zinc mine purchase in Bolivia (el triumpho) on july 13th
elkodaily.com
VANCOUVER, Canada (AP) — Silver Elephant Mining Corp. has entered into a binding sales and purchase agreement to acquire the El Triunfo Gold-Silver-Lead-Zinc Project in La Paz District, Bolivia.
Subject to the provisions of the sales and purchase agreement, the vendor irrevocably agrees to sell, assign, and transfer to Silver Elephant, and Silver Elephant agrees to purchase from the vendor, the mining rights of the Triunfo Project upon Silver Elephant's paying the Vendor the sum of $1,100,000. The agreement includes $100,000 on signing and $1,000,000 due on or before the final closing date of June 15, 2025.
"We are positioning Silver Elephant as a premier mining company for silver investors,” Joaquin Merino, Prophecy Development Corp. vice president of South America operations said in a statement. “We want our shareholders to own as much silver in the ground as possible by sizing up Pulacayo and Triunfo and by acquiring more pre-production-stage silver deposits.”
Merino said that by looking at the geological data, it is believed there is the potential for significant gold and silver resource development at the Triunfo Project.
“The Triunfo Project is a great addition to Silver Elephant's portfolio, which currently features Pulacayo and Paca silver projects with 31 million oz. indicated at 455g/t and 27 million oz. inferred silver source, estimated by Mercator Geological Partners in November 2017,” he said.
Several dozen chip samples were taken from the surface and tunnels at Triunfo, and samples have already been delivered to ALS laboratory in Oruro Bolivia. Gold assay results are expected in late July.
The mineralization is characterized by pyrite, arsenopyrite, galena, and sphalerite and carries gold, silver, and zinc and lead in various proportions.
In the past decade, some artisanal mining has been developed where gold mineralization has been identified. Those areas have been principally mined for gold. They demonstrate a continuity of mineralization along the strike and to modest depths.
The Triunfo Project contains polymetallic vein-style mineralization hosted in metasediments of the Silurian and Devonian periods. The metasediments were intruded by nearby plutonic batholiths which are likely related to the mineralizing event. This style of mineralization is well documented in Bolivia. Examples include Cerro Rico and Porco, located in and around Potosi.
0 comments |
