Denarius Metals Announces Second Quarter and First Half 2023 Results
- Denarius Metals' 100%-owned Zancudo Project in Colombia is shaping up to be the Company's first mine going into operation. The Company expects to start up a 500 tonnes per day ("tpd") mining operation next year with a local contract miner initially targeting the existing mine workings and veins of the historic producing Independencia Mine.
- The Company recently announced it is proceeding with a proposed non-brokered financing (the "Offering") of up to CA$20 million in common shares with the principal use of funds focused on completing payments related to the Phase 1 construction activities at the Zancudo Project that are nearing completion in the third quarter of 2023, to fund the Phase 2 construction at Zancudo including the installation of a processing plant and tailings storage facility in 2024, and for working capital and general corporate purposes.
- None.
Toronto, Ontario--(Newsfile Corp. - August 23, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2023. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedarplus.ca. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.
Denarius Metals'
In March 2023, the Company released a maiden Inferred Mineral Resource estimate ("MRE") for its Zancudo Project of 2.8 million tonnes grading 6.5 g/t gold and 112 g/t silver totaling 0.6 million ounces of gold and 10.0 million ounces of silver. This initial MRE confirms the historically significant high gold-silver grade potential of this project as it remains open for further expansion in all directions. The Company is currently working with SRK Consulting (U.S.), Inc. ("SRK") on the preparation of a preliminary economic assessment ("PEA") for the Zancudo Project that is expected to be completed in the third quarter of 2023.
Earlier this year, the Company completed a Rights Offering and a Private Placement, raising total gross proceeds of CA
As at June 30, 2023, the Company had cash and cash equivalents of approximately
At the Lomero Project, the Company carried out its Phase 3 surface validation drilling program from April through July 2023 comprising a total of 4,760 meters in 20 drill holes. The Phase 3 drill assays were successful in confirming high grades in the underground drill holes drilled in the 1980s by Indumetal/Billiton from the polymetallic mineralization hosted in the eastern part of the historical mine. To date, the Company has completed a total of approximately 47,200 meters of drilling in 149 drill holes at the Lomero Project, including twinning of historical drill holes. The Company is currently incorporating the Phase 2 and Phase 3 drilling results into the geological model for the Lomero-Poyatos deposit. This will facilitate the preparation of an updated MRE as the Company commences work on a PEA for the Lomero Project in the second half of 2023.
In April 2023, the Company announced it was successful in its work over the last year to receive approval from the Mining Department in Huelva for a three-year extension of the Rubia Permit at its Lomero Project and the granting of an initial three-year permit for the neighboring Palomarejo exploration area, which is on trend and has a similar geological setting as the Company's Lomero-Poyatos deposit.
At the Toral Project, drilling commenced in March as part of the 2023 work program agreed to with Europa Metals Ltd. ("Europa") pursuant to the Company's arrangement to acquire an initial
The Company reported a net loss for the second quarter of 2023 of
About Denarius Metals
Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an
Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedarplus.ca.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results, Mineral Resource estimates, preliminary economic assessments and future mining operations. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated April 21, 2023 which is available for view on SEDAR at www.sedarplus.ca.
Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com
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