Posted in | News | Gold | Mining Business

Excalibur Provides Update on San Pedro I Gold Concession and Acquires San Pedro II Mineral Concession

Excalibur Resources Ltd. ("Excalibur" or the "Company') is pleased to announce it has acquired a 900 hectares mineral concession from the Peru government, called San Pedro II, adjacent to San Pedro I, a gold concession held in the state of Piura in northern Peru, on the border of Ecuador. It is the intent of the Company to incorporate a Peru subsidiary for its Peruvian operations.

Currently, there is no local community and are no miners operating on San Pedro II, however, the outcrop and the vein systems where miners are working only 300 meters distance from the eastern border on San Pedro I, are projected to extend onto San Pedro II.

San Pedro I Operational Update

German Castaño, a Director of Excalibur and President, Carbocol Inc., has been working with the local informal miners on San Pedro I, on the basis that they will provide a 5% royalty in tons of ore, when they operate on their own with hand tools or 50% of the ore they produce if we supply them with drills, compressors, pumps, etc in order to increase their production to an estimated 1 ton per day or 20 tons per month. To date, the 3 mining teams have been provided with mining equipment, a small camp has been built, a cook hired and the goal is to continue to enable a new mining team every month from the pool of 25 registered miners for a potential of 500 tons per month. It takes time to hire a driller and open up a new hole to a depth of 30 meters where the vein has been averaging 0.75 ounce of gold per ton (25.71 grams gold per metric tonne) according to assays taken at the local toll mill plant on a weekly basis for processing which has been purchasing the ore for about US$400 per ton. Experience has shown that the grade increases from surface grades of 0.1 ounce of gold per ton (3.43 grams gold per metric tonne) in oxides and the miners stop when they reach sulphides at about 40 meters depth because the rock is too hard to process with the current equipment. A key next step is to hire a geologist to map and sample the vein systems including over 60 historical mining holes in order to provide guidance to the miners on where to extract the highest grade most valuable material.

The two existing local toll mill plants do not have flotation circuits, so there is no payment for the other metals (silver, copper, zinc) in the ore. In order to capture the other half of the metal value, Excalibur continues to look for financing to build a poly-metallic plant in the 'mining park', a desert region about 1.5 hours drive west of San Pedro just off the Pan-American highway and near the Port of Paita.

"We now have a plan to add to mining teams at San Pedro and look forward to steadily increased production and cash flow," commented Tim Gallagher, Chairman and CEO of Excalibur.

Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious metal mineral resources.

On behalf of the Board of Directors:

Tim Gallagher

Chairman & CEO

Source: http://www.excaliburresources.ca/

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Excalibur Resources Ltd.. (2019, February 17). Excalibur Provides Update on San Pedro I Gold Concession and Acquires San Pedro II Mineral Concession. AZoMining. Retrieved on February 22, 2024 from https://www.azomining.com/News.aspx?newsID=10612.

  • MLA

    Excalibur Resources Ltd.. "Excalibur Provides Update on San Pedro I Gold Concession and Acquires San Pedro II Mineral Concession". AZoMining. 22 February 2024. <https://www.azomining.com/News.aspx?newsID=10612>.

  • Chicago

    Excalibur Resources Ltd.. "Excalibur Provides Update on San Pedro I Gold Concession and Acquires San Pedro II Mineral Concession". AZoMining. https://www.azomining.com/News.aspx?newsID=10612. (accessed February 22, 2024).

  • Harvard

    Excalibur Resources Ltd.. 2019. Excalibur Provides Update on San Pedro I Gold Concession and Acquires San Pedro II Mineral Concession. AZoMining, viewed 22 February 2024, https://www.azomining.com/News.aspx?newsID=10612.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit
Azthena logo

AZoM.com powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Azthena logo with the word Azthena

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from AZoNetwork.com.

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.