MGR's mandate is to use the best available methods to search for, and aquire world-class mineral resources in economically-favourable environments.
Terra fits the bill. Not so much the narrow high-grade veins, but the huge, bulk-minable silver, copper, cobalt, bismuth, gold, uranium resource that may be there. The area has very many showings of these metals, The rocks are the same age as the Olympic dam deposit in Australia, and is in the same belt of rocks as the 70 million plus tonne Nico deposit to the south. The alteration is similar to both above deposits.
The Terra operation was aware of some of this, but the significance wasn't known. For example, The first recorded drillhole at Terra intersected 17.2 feet of 4.86 ounces silver per ton, 2.7% copper. The fifth hole hit 882.9 ounces of silver per ton, 8.5% bismuth, and 2.09% cobalt over 1 foot.
We are not planning to move in and start mining. MGR shareholders want the maximum benefit for the minimum expenditure. A tough proposition, but fair. The acquisition shows it can be done. Our partner in this has their needs, and we are working together to determine our choices. We are reviewing our options now. Clearly partnering with a well-financed group would be of interest to both of us.
Dave |
