BacTech Environmental Corporation ("BacTech" or the "Company"), (CSE:BAC)(OTC PINK:BCCEF) today announced that Leduc Drilling has completed the 60-hole drill program at the Company's Telamayu tailings project, a co-venture with COMIBOL, the Bolivian state mining company.
The Company will continue to release the assay results as they become available. The three holes released to date returned average grades of 16 opt of silver, 2.5% tin and 1.75% copper from the 10 meter depth of the tailings. The results were generated from 47 samples (35 routines and 12 control samples) from 3 holes drilled at site. In addition to determining the grades of the contained tin, silver and copper in the tailings, the core will be used to conduct metallurgical studies to determine the recoverability of the contained metals. In addition, a National Instrument 43-101 report will be completed, in an attempt to estimate a mineral resource for the Telamayu tailings. Completion of this phase is the next step required to take the project to feasibility.
To get Telamayu to a production decision, including engineering, will require approximately CAD$750,000. The initial $250,000 is needed for final payments on the drilling contract, metallurgical studies and to complete a National Instrument 43-101 report.
The Company also announced today its' intention to raise $250,000 in a debenture. All figures are Canadian. The debenture will carry an interest rate of 12% for 2 years and will be accompanied by a common stock bonus of 20% of the subscribed amount. The stock bonus will be deemed to have a value of $0.05 per share. For illustration purposes, a $10,000 debenture would be accompanied by 40,000 common shares of the Company, with a value of $2,000 worth of common shares. The number of common shares is based on a deemed issue price of $0.05 per share and the 40,000 common shares would be subject to a 4-month hold period for the investor.
The $250,000 will allow the Company to significantly enhance its position as it moves toward a production decision at Telamayu. A small amount of the capital raised will also be used to purchase up to 300 kg. of concentrate in southern Ecuador. This concentrate would then be shipped to Laurentian University in Sudbury, Canada, where it will undergo 6 months of bioleach test work. The goal is to provide an enhanced return to artisanal miners as a trade-off for the use of mercury as an amalgamator for gold and silver. To date, lead orders for $60,000 have been received.
Pierre O'Dowd, P.Geo., who is the Qualified Person under NI 43-101, has visited the property, has read and approved this release.