According to the MEF, this measure is part of the government’s efforts to promote private investment in the country, especially in the mining sector, which is one of the main drivers of the Peruvian economy.

The elimination of bureaucratic barriers will allow mining companies to obtain permits more quickly, which will accelerate the start of their mining projects and generate economic benefits for the country.

In addition, the MEF noted that this measure will help to formalize the small-scale mining sector, which currently operates informally and outside the regulatory framework.

The MEF did not provide further details about the measure, but it is expected to be announced soon.

This initiative by the government is seen as positive by the mining sector, which has been calling for a simplification of the permit process for years, as the current system is considered slow and cumbersome.

The mining sector in Peru is a significant contributor to the country’s economy, generating more than 60% of its export earnings. However, the sector has faced challenges in recent years due to a slowdown in investment and a decrease in mineral prices.

The Peruvian government has been taking steps to attract more private investment in the sector, including simplifying administrative procedures and promoting public-private partnerships.

The elimination of excessive bureaucracy in the mining permit process is expected to provide a much-needed boost to the sector and attract more investment.

According to the MEF, this measure is part of a broader strategy to promote economic growth and reduce poverty in the country. The government is also focusing on improving public services, promoting social inclusion, and creating more job opportunities for Peruvians.

In conclusion, the elimination of the excessive bureaucracy in the mining permit process is a positive step towards promoting private investment and economic growth in Peru. It is hoped that this measure will help to attract more investment in the mining sector and generate economic benefits for the country.

This measure by the MEF is part of a larger effort by the Peruvian government to reduce bureaucracy and promote investment in the country. Other measures include the simplification of administrative procedures in other sectors, such as agriculture, energy, and tourism.

The government has also been working to attract foreign investment through its investment promotion agency, ProInversión. The agency is responsible for promoting public-private partnerships and attracting investment in infrastructure projects, such as airports, highways, and ports.

Peru is also working to promote sustainable mining practices and protect the environment. The government has implemented strict environmental regulations and established a Ministry of the Environment to oversee compliance with these regulations.

Overall, Peru is taking steps to position itself as an attractive destination for foreign investment and promote economic growth. The elimination of excessive bureaucracy in the mining permit process is a positive development that is expected to have a significant impact on the mining sector and the country’s economy as a whole.

Despite the positive impact of the elimination of excessive bureaucracy in the mining permit process, there are concerns about the potential impact on the environment and local communities.

Mining activities can have negative effects on the environment, including deforestation, water pollution, and soil degradation. Local communities may also be negatively impacted by mining activities, including displacement, loss of livelihoods, and social conflict.

To address these concerns, the Peruvian government has implemented strict environmental regulations and established a consultation process with local communities to ensure their participation in decision-making related to mining activities.

In addition, the government is promoting sustainable mining practices through initiatives such as the Certification for Responsible Mining, which promotes best practices in social, environmental, and economic aspects of mining.

Overall, the Peruvian government is working to balance the need for economic growth with the protection of the environment and the well-being of local communities. The elimination of excessive bureaucracy in the mining permit process is an important step towards promoting private investment and economic growth, but it must be accompanied by strict environmental regulations and a commitment to sustainable mining practices.

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Pursuant to the Agreement, PPX, through its Peruvian subsidiary, Sienna Minerals S.A.C., granted to Patagonia rights under Peruvian law to the Igor 4 mining concession, site of the Callanquitas resource, until June 7, 2024. 

During the term of the Agreement, only Patagonia is authorized to mine, extract and to commercialize minerals from the concession.  Patagonia also controls mining operations at the Callanquitas Mine, which was built and developed by Patagonia within the area of the Igor 4 mining concession.

During the term of the Agreement, Patagonia and PPX agreed to share the net profits from the mine operations on the Igor 4 concession.  Patagonia has, to this point, made all profit payments due to PPX under the Agreement. As of May 2022, Patagonia will have paid over US$5.5 million to PPX through PPX’s subsidiary, Sienna Minerals S.A.C.

Pursuant to the Agreement, PPX agreed to construct a cyanidation plant, with a capacity of 150 metric tons per day, that could be used to process the gold ore extracted from the concession.  Notwithstanding repeated demands, PPX has breached its obligations under the Agreement by failing to construct the plant. 

Construction of the processing plant went to the core of PPX’s obligation to Patagonia under the Agreement, as it would allow ore to be processed within the area of the concession.  Instead, it has been necessary to transport ore to third party processing facilities, and to pay for third party ore processing, significantly reducing returns to both Patagonia and PPX from the concession.

As a result of PPX’s breaches, Patagonia asked the Peruvian judiciary to grant an injunction over the Igor 4 mining concession, to protect Patagonia’s right to claim the losses generated by PPX’s failure to comply with the Agreement. 

On May 26, 2021, the 16th Civil Superior Court of Lima ordered the Public Registry to record a Precautionary Measure, in the form of a seizure over the Igor 4 mining concession in favor of Patagonia.  The lien has been dully recorded with the Peruvian Public Registry on November 17, 2021.

On January 25, 2022, Patagonia filed a claim against Sienna Minerals in Peru, seeking to be indemnified for the losses generated by PPX’s failure to comply with the Agreement. Patagonia is also considering further steps, including self-help remedies, in relation to net profit payments otherwise due to PPX under the Agreement.

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High-grade intercept in new location between Magistral Mine and Santander Pipe 

Borehole SAN-0282-22, which is located approximately halfway between the Magistral Mine and the Santander Pipe, has cut a 300 m package of skarn with various mineralized horizons which have been analyzed in the mine’s onsite laboratory run by SGS. The mineralization and alteration encountered in SAN-0282-22 is similar to that of the Santander Pipe body which was historically mined for very high base metal grades.

The Corporation feels that the mineralisation and skarn intercepts encountered in SAN-0282-22 demonstrate significant exploration potential. Therefore, the Corporation has increased the 2022 drilling budget to cover an additional 5,000m of drilling. CDPR has followed up on the initial drilling results with two additional boreholes, both of which have hit similar skarn and mineralized horizons. These boreholes are currently being sampled. Figure 1 shows a preliminary section interpretation of SAN-0282-22 and SAN-0283-22 (location of section line in Figure 2), and Table 1 shows the assay results returned to date (SGS mine laboratory) for intercepts in SAN-0282-22. Drilling on this target is continuing to the North of SAN-0282-22.

Table 1: Best intercepts from SAN-0282-22.

The sample pulps for the intercepts in Table 1 will be further analyzed in ALS to confirm the mine laboratory assays and to quantify other elements not assayed by the mine laboratory.  

Guy Goulet, CEO of CDPR commented: “This update highlights the exciting path forward for continued value to be generated. Cerro de Pasco Resources believe Santander has significant brownfield exploration potential that points to mine life extensions and validates our confidence in potential long-term value from the acquisition of Santander.”

Also, CDPR feels it is strategically important that this first intercept and potential new ore zone is located halfway between the Santander Pipe and the Magistral Deposits, and at a depth similar to current mining levels in the Magistral bodies.

Jorge Lozano, COO of CDPR further commented: “The strategic location in between a proposed connecting infrastructure from Magistral to Santander Pipe deposit. Further definition of this deposit will allow us to unlock new value to the project with a more flexible path for developing the Pipe deposits and further optimization of economics with mining higher grade areas.”

Exploration Program Update

The overall drilling program has been increased to 35,880 m from 30,750 m (stated in Q1 press release), of which 25,150 m have been allocated for exploration (surface and underground) and 10,730 m for infill drilling. To date, a total of 17,820.35m of drilling has been executed, which includes 13,980.45 m of exploration (mainly surface) and 3,839.9 m of infill drilling. Figure 2 shows the location and advance of surface exploration drilling, Figure 3 shows the same information in cross section including the underground exploration drilling, and Figure 4 shows the executed and proposed infill drilling programs. 

Other Exploration and Infill Drilling Result Highlights

See previous press release dated April 27, 2022 for Q1 Exploration results.  The following provides an update for Q2. 

Extension Magistral North – CDPR has finished its current drilling program in Magistral North. The results shown below are in addition to the Q1 results and show good intercepts in two of the boreholes.     

• SAN-0273-22 intersected:
  • 2.30 m at 3.11% Zn, 0.09 % Pb, 0.02% Cu, 10.72 g/t Ag.
• SAN-0275B-22 intersected:
  • 7.20 m at 3.09 % Zn, 0.92% Pb, 0.03 % Cu, 57.93 g/t Ag.
  • 8.35 m at 1.87 % Zn, 0.42% Pb, 0.02 % Cu, 68.48 g/t Ag.

The site geologists consider the style of mineralisation intersected to be similar to that of the Rosa and Fatima bodies which are vein fault structures that crosscut the Magistral orebody. CDPR is building an interpretation for this new zone.

Extension at Magistral South – Q1 surface drilling identified a possible extension to the Magistral South orebody.  CDPR drilled the potential extension with infill boreholes from underground mine accesses in relatively close proximity to the newly identified zone.  The results shown below are in addition to the Q1 results and show good intercepts in two of the boreholes. Some of the top intersects are:

• MSD-0664-22 Intersected:
  • (MS) 3.2 m at 3.01% Zn, 0.27% Pb, 4.46 g/t Ag.
• MSD-0666-22 Intersected:
  • (MS) 3.3 m at 3.51% Zn, 0.17% Pb, 2.48 g/t Ag.
• MSD-0672-22 Intersected:
  • (MS) 6.4 m at 10.78% Zn, 0.03% Pb, 10.71% g/t Ag.

Note: * MS – Magistral Sur, shows mineralization at the southern end of the already mined zones.

CDPR has finalized an interpretation for this new zone and plan to incorporate it into 2022 mining schedule due to close proximity of mineralisation to existing accesses. CDPR will use any new accesses mined to undertake further step out infill drilling in areas that cannot currently be reached with the existing mine infrastructure.

Blanquita Target – The Blanquita target is located 0.7 km SE of Magistral South and 0.5 km NW of Santander Pipe. The mineralisation intersected to date lies directly under a spur coming out of the large project wide Magnetotelluric (MT) geophysical anomaly and below an area of pervasive jasperoid silica alteration (470 m x 20 m) and As, Mn, Sb, Mo, Cs and Sr geochemical anomalies. The Q1 assay results were reported through the onsite SGS managed laboratory and are restated below considering ALS check analysis, which also includes assays for Au. 

• SAN-0270-22 intersected:
  • 2.75 m at 0.16 % Zn, 0.09% Pb, 0.00% Cu, 37.49 g/t Ag, 0.05 g/t Au.
  • 0.80 m at 0.66% Zn, 0.58% Pb, 0.01% Cu, 30.28 g/t Ag, 0.03 g/t Au.
  • 2.70 m at 0.23% Zn, 0.17% Pb, 0.00% Cu, 45.44 g/t Ag, 0.04 g/t Au.
  • 2.10 m at 0.75% Zn, 0.34% Pb, 0.03% Cu, 74.09 g/t Ag, 0.03 g/t Au.
• SAN-0274-22 Intersected
  • 1.35 m at 3.41 % Zn, 0.69% Pb, 0.09% Cu, 112.17 g/t Ag, 0.27 g/t Au.
  • 6.30 m at 0.14% Zn, 0.05% Pb, 0.01% Cu, 109.53 g/t Ag, 0.84 g/t Au.
  • 3.65 m at 0.74% Zn, 0.28% Pb, 0.01% Cu, 229.90 g/t Ag, 0.95g/t Au.

The Blanquita target has been interpreted to be a series of veins and faults with mineralisation style and texture that suggest CDPR intersected the upper part of an epithermal vein system. All drilling on the Blanquita target has finished for 2022 and CDPR is now concentrating on the geological interpretation.

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Completion of the Agreement was subject to certain closing conditions including, but not limited to, the approval of the TSX Venture Exchange as well as evidence of sufficient financing to support the transaction.

Coricancha, located in the central Andes of Peru approximately 90 kilometres east of Lima is a past producing mine which the Company acquired in June 2017 and has remained in care and maintenance since then.

SOURCE Great Panther Mining Limited

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• 0.95m @ 535.26 g/t Ag, 6.43% Pb, 6.26% Zn, 1.37% Cu, and 0.58 g/t Au
• 0.90m @ 721.27 g/t Ag, 1.91% Pb, 2.62% Zn, 1.42% Cu, and 0.98 g/t Au
• 1.90m @ 313.06 g/t Ag, 2.51% Pb, 2.47% Zn, 0.76% Cu, and 1.37 g/t Au
• 0.63m @ 873.82 g/t Ag, 2.50% Pb, 3.23% Zn, 2.09% Cu, and 0.13 g/t Au 

TORONTO, Feb. 14, 2023 /CNW/ – Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) (“Silver Mountain“, “AGMR” or the “Company“) is pleased to announce new results from underground channel sampling at the Reliquias silver mine in Huancavelica, central Peru. To complement the drill campaigns and to facilitate the conversion of additional historic resources into a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant mineral resource, an extensive underground mapping and sampling program is being carried out at Reliquias. Several existing drifts, sublevels, and raises were mapped and systematically sampled in channels cut across the exposed veins.

Geochemical assays have been received for 436 rock channel samples taken from Level 480 of the Meteysaca Vein and adjacent workings, including a ramp and a raise that connect to the haulage level 415 located approximately 67 m below (Fig.1). This zone of well-developed mineralization in the Meteysaca Vein is exposed over approximately 148 m horizontally and additionally 30 m along the subvertical raise.

Samples were taken using an electric percussion hammer to produce a channel perpendicular across the veins and mineralized structures. By cutting a continuous channel approximately 3-5 cm deep by 10 cm wide, the channel samples essentially equal a drill core in their significance for future resource estimation. Where the structure is exposed along the back of the drift, channels were cut across the vein systematically every 4 m. Channel lengths range between 0.27 m and 1.97 m.

The underground sampling results from the Meteysaca Vein confirm the continuity of high-grade polymetallic mineralization within the structure, with significant concentrations of silver (Ag), lead (Pb), zinc (Zn), and copper (Cu). Gold grades, ranging on average between 0.38 g/t and 0.98 g/t in zones 2 to 6, correlate well with previously reported values from Level 415 (see news release September 8, 2022). To highlight the consistency of this vein system, the grades and widths of channels were averaged over each of the seven zones shown in Fig. 1.

Alfredo Bazo, President and CEO, commented: “Having completed the sampling program on Levels 415 and 480 of the Meteysaca vein, we are delighted about the consistent development of this structure with regard to grades and vein widths. The stopes between both haulage levels remain intact and were partially developed for extraction (Fig.1 and 2). We are planning to include this zone in the initial mine development work programmed to start in late Q3 2023.”

Torsten Danne, Director of Exploration, added: “To emphasize the potential of this vein to host additional high-grade mineralization, the longitudinal section in Fig. 2 (see below) shows that the Meteysaca structure has seen almost no extraction above Levels 520 and 560. We are presently rehabilitating Level 520, with detailed mapping and sampling programmed to start next month. We expect that this will allow us to add silver ounces beyond the mineralization confirmed to date, which currently extends over 210 m vertically between Level 480 and the deepest hole of our 2022 drill campaign.”

Source: Silver Mountain Resources Inc.

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The company said that the project includes MREs for both lithium and rubidium, adding that the two MREs are closely related due to their spatial relationships, but their respective resource estimates are considered separate and unique.

According to a company statement, open pit and underground measured and indicated lithium resources amounted 6,824 tonnes of contained lithium at 0.64% Li2O grade, while inferred resources amounted to 10,499 tonnes of contained lithium at 0.58% Li2O grade.

The project’s open pit and underground measured and indicated rubidium resources amounted 822 tonnes of contained rubidium at 0.67% Rb2O grade, while inferred resources amounted to 521 tonnes of contained rubidium at 0.46% Rb2O grade.

Chairman and CEO John Wisbey commented, “We are very pleased to announce our maiden mineral resource estimate for the Raleigh Lake lithium deposit containing both open-pit and underground resources. As well as our primary focus on lithium, we are also highly encouraged by the amount of rubidium at the Raleigh Lake deposit and it is pleasing to note that separate high-grade rubidium pods have been discovered within the open-pit lithium resource, locally hosted within microcline-rich areas which are distinct from the lithium-rich areas of the pegmatites. This rubidium has therefore been reported as a separate resource. This presents an exciting opportunity.”

The company said it looks forward to a “busy year” as it advance to the next stage of study and anticipates releasing a preliminary economic assessment around the middle of 2023, based on this maiden mineral resource estimate.

International Lithium indicated that its primary strategic focus at this point is on the Raleigh Lake lithium and rubidium project in Canada and on identifying additional properties in Canada and Zimbabwe.

From kitco.

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