Posted in | Mining Business

Metallum Resources Declares Postponement of Exploration at Chubut Province

Metallum Resources has declared that it will be postponing exploration works on its Chubut Province, Argentina-based M-18 gold property, till the final conditions of the new mining legislation, which is at present being reviewed by Chubut’s provincial legislature, is decided.

The draft law that has been presented to the judicial body includes a 5% net smelter return (NSR) royalty along with the present 3% NSR. Furthermore, there is a proposition that the Chubut government-owned mining company, Petrominera will receive at least 4% of the total sales along with obtaining a 7% direct carried net pre-tax profit.

According to the company, the present draft law will not allow any economic development of the M-18 property and hence it is wise for the company to stop additional exploration expenses now and save its funds in the treasury of the company.

Metallum is presently exploring base and precious metal opportunities outside Chubut and trusts that with its professional expertise and a treasury with $8.5 million, it will be able to source attractive mineral properties.

Metallum has the choice to obtain a 70% interest in the M-18 property under a Joint Venture and Option Agreement from Silver Standard Resources. Rock outcrop sampling, geological mapping and bedrock channel sampling by Metallum Resources has determined a silver/gold-bearing epithermal vein system with strong alteration over 1.2 km strike length with 0.5 km width.

Source: http://www.metallumresourcesinc.com

G.P. Thomas

Written by

G.P. Thomas

Gary graduated from the University of Manchester with a first-class honours degree in Geochemistry and a Masters in Earth Sciences. After working in the Australian mining industry, Gary decided to hang up his geology boots and turn his hand to writing. When he isn't developing topical and informative content, Gary can usually be found playing his beloved guitar, or watching Aston Villa FC snatch defeat from the jaws of victory.

Citations

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

  • APA

    Metallum Resources Inc.. (2019, February 18). Metallum Resources Declares Postponement of Exploration at Chubut Province. AZoMining. Retrieved on October 22, 2019 from https://www.azomining.com/News.aspx?newsID=7108.

  • MLA

    Metallum Resources Inc.. "Metallum Resources Declares Postponement of Exploration at Chubut Province". AZoMining. 22 October 2019. <https://www.azomining.com/News.aspx?newsID=7108>.

  • Chicago

    Metallum Resources Inc.. "Metallum Resources Declares Postponement of Exploration at Chubut Province". AZoMining. https://www.azomining.com/News.aspx?newsID=7108. (accessed October 22, 2019).

  • Harvard

    Metallum Resources Inc.. 2019. Metallum Resources Declares Postponement of Exploration at Chubut Province. AZoMining, viewed 22 October 2019, https://www.azomining.com/News.aspx?newsID=7108.

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
Submit