Oct 15 2015
INCEPTION MINING INC. announced significant drill intercepts, both in terms of grades and thickness, resulting from the recent completion of a initial drill program at the Cerros Del Sur operation in Honduras.
The Cerros Del Sur operation is the principal operation of Clavo Rico LTD. (“Clavo Rico”), the Company’s wholly-owned subsidiary. Clavo Rico’s mining concessions include several historical underground operations dating back to the early Mayan era and the Spanish occupation. It is engaged in processing a historical tailings (>3gpt) body along with several open pit (3-6 + gpt) ore bodies, utilizing a new 650,000-ton membrane lined leach system and ADR recovery plant.
In anticipation of the recently-closed merger with Clavo Rico, the Company embarked on a confirmatory drill program onsite to validate the extent of the historically-proven reserve and to investigate lands recently placed under contract. Drilling designed to intersect a structure that had been the subject of extensive underground mining, produced results that validate the open pit possibilities. Results include a 34.5 meter horizontal intercept averaging 2.63 gpt and the balance of the 100-meter drill exceeding 1.0 gpt.
The Company is now confident that owned and profiled reserves are sufficient to maximize the existing leach pad and generate revenue that support the planned exploration program and expanded NI 43-101 Reserve analysis. The assets acquired through the Clavo Rico merger include lands and equipment of the current mining operations and primary concession along with the rights to proceed with exploration and exploitation on the additional concessions. The Company’s team will focus on bringing those new bodies to production within the next two years and will also embark on a comprehensive mapping of the additional concessions.
Michael Ahlin, the Company’s CEO, stated, “While historical data can be the basis for a merger, new data is necessary to confirm and boost confidence in the project. We are very fortunate to have found a project that has proven and profitable production and extensive resources.”
Source: http://www.inceptionmining.com/