Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is pleased to
provide an update on its activities in Colombia and Alaska as well
as the monetization of its remaining Nevada projects.
In all, Miranda expects to see partner spending on Miranda
projects of $1.5-$1.75 million in 2015. In addition to
partner-funded projects, Miranda has a budget for generative work
in Colombia that is outside of the Strategic Alliance and outside
of the Department of Antioquia.
Prospect Generator/Joint Venture Model
Miranda continues to adhere to the Prospect Generator and Joint
Venture model and as a result expects to see the following partners
fund activities in projects in both North and South America.
- Agnico Eagle Mines Limited (AEM:TSX)(“Agnico”) will fund 70%
(Miranda 30%) of programs under a Strategic Alliance agreement.
Funds are allocated toward project generation in the Antioquia
Department of Colombia. Miranda is operator. If a “Designated
Property” is accepted into a joint venture by Agnico, Agnico could
earn up to a 70% interest in that project by sole funding work
programs until it earns its interest.
- Prism Resources Inc. (NEX:PRS.H) is funding an initial
exploration program at the Cerro Oro project in the Caldas
Department of Colombia. Miranda is also operator of this project.
The 2015 program will comprise permitting and property wide
geochemical and geologic surveys.
- Gold Torrent Inc. (GTOR:OTCBB) is designing and permitting a
small high-grade underground mine at the Willow Creek, Alaska
project. A new NI 43-101 Resource Estimate and Preliminary
Feasibility Study will be highlights of this year’s program.
- Montezuma is hoping to fund a drill project at the Red Canyon
property pending finalization of joint venture terms.
Colombia
Oribella
Miranda submitted a “Target Report” to Agnico in the 4th quarter
of 2015 as the first step towards possible acceptance of Oribella
as a “Designated Property” pursuant to the Strategic Alliance
agreement. Once a property is submitted, Agnico can: (1) accept it
as a joint venture whereby they would be solely responsible for
funding future exploration; (2) reject the project at which time
Miranda can seek a 3rd party joint venture; or (3) request that
specific additional work be done to demonstrate that the property
has the size potential to be of interest to Agnico. Agnico has
requested trenching and channel sampling to demonstrate continuity
of mineralization (gold and copper) prior to considering Oribella
as a Designated Property. This work is underway and once samples
are assayed a revised report will be submitted to Agnico.
Miranda also recently met with the president of the Agencia
National de Mineria (ANM) to request assistance in obtaining a
license for the northern part of the property which is currently
held under a mining application. Assurances were given that the
government would work with us on the license.
Cerro Oro
Cerro Oro is a low-sulfidation epithermal gold system that lies
approximately 14 km southwest of the Marmato (14 M ounces) mine.
Currently, Miranda is conducting a “Consulta Previa” or
“consultation” with local and indigenous peoples near the project
as a requirement of the Colombian mining law. Once this permit is
obtained a mapping, trenching and a soil sampling program funded by
Prism Resources will begin with the aim of delineating drill
targets for the 2016 season. Prism Resources will also commission a
technical report on the property.
Pavo Real
Red Eagle Mining recently terminated the joint venture agreement
at Pavo Real in order to focus its time and treasury on permitting
and building their San Ramon underground mine. Red Eagle drill
tested several target areas and conducted property wide geochemical
surveys, spending $4 million on the project. Soil sampling on the
south end of the property produced a large untested gold anomaly
and Miranda is seeking a new partner to drill test this area.
Willow Creek, Alaska
Gold Torrent plans to fast-track the Coleman deposit into
production in 24 to 30 months. Initial production estimates are for
21,000 ounces of gold annually from the mining and milling of 150
tons per day. Gold Torrent anticipates achieving +80% recovery
through gravity (tables and spiral concentrators) without the use
of chemicals which should expedite permitting. Expected milestones
for 2015 include:
- A new resource estimate based on independent review and
modeling of deposit. This report is anticipated within two months
and the expectation is that the resource will increase in
size.
- Completion of a Preliminary Feasibility Study by mid-2015. This
document will provide both Gold Torrent and Miranda shareholders
insight into the capital and operating costs, cash flows and
internal rate of return of mining the Coleman deposit.
- Mine planning. Gold Torrent is in the process of determining
the optimum way to access the Coleman deposit for the least amount
of capital.
- Life of Mine production scheduling.
- Mill process design and location.
- Initiate all aspects of permitting including baseline studies,
water, air, and discussions with local communities and area
stakeholders.
- Possible rehabilitation of the Enserch tunnel to access the
Lucky Shot vein system for production and drilling.
While no drilling is planned for 2015, modeling of the old
underground workings, drill holes and underground samples will
provide targets for 2016. Both companies agree that with the
rehabilitation of the Enserch tunnel, targets can be best drilled
from underground drill stations.
Nevada
Red Canyon
Miranda is hoping to finalize a joint venture/purchase agreement
with Montezuma Mines pending consent to assignment of the lease by
the owner to Montezuma.
Red Hill, Iron Point, Kibby Flats and
Mustang
Miranda has monetized its four remaining Nevada holdings in
order to focus on Colombia. This decision was made not because we
no longer believe Nevada will yield discoveries but rather we feel
that we can make a significant discovery in Colombia sooner than in
Nevada. We feel that Colombia, as a frontier jurisdiction with its
rich mineral endowment, will provide the fastest route to a large
grassroots discovery. On March 2, 2015, Miranda announced an
agreement with European Uranium Resources Ltd. (“EUU”) whereby,
subject to regulatory approval, Miranda will sell and or assign its
interest in the four properties for an 8% equity interest in EUU
(subject to its reorganization), the retention of a royalty
interest (NSR) ranging from 1% to 2% in all four properties and the
commitment by EUU of conducting a modest drill program on the
Mustang property.
Qualified Person
Data disclosed in this press release have been reviewed and
verified by Miranda’s Executive Vice President Joseph Hebert,
C.P.G., B.Sc. Geology, and Qualified Person as defined by National
Instrument 43-101.
About Miranda
Miranda is a gold exploration company active in Nevada, Alaska
and Colombia, whose emphasis is on generating gold exploration
projects with world-class discovery potential. Miranda performs its
own grass roots exploration and then employs a joint venture
business model on its projects in order to maximize exposure to
discovery while minimizing exploration risk. Miranda has ongoing
relationships with Agnico Eagle Mines Limited, Prism Resources,
Gold Torrent Inc., and Montezuma Mines Inc.
For more information related to Miranda: Joe Hebert, Executive
Vice President 775-340-0450
www.mirandagold.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans to
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
Notice to US investors:
U.S. investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties. We advise U.S. investors that the SEC's mining
guidelines strictly prohibit information of this type in documents
filed with the SEC.
This press release uses the terms “measured resources”,
"indicated resources" and "inferred resources", which are estimated
in accordance with the Canadian National Instrument 43-101 and the
Canadian Institute of Mining and Metallurgy Classification system.
We advise investors that while those terms are recognized and
required by Canadian regulations, the U.S. Securities and Exchange
Commission does not recognize them. U.S. investors are cautioned
not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves. In addition,
"Inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
Inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of Inferred Mineral
Resources may not form the basis of feasibility or pre-feasibility
studies, except in certain exceptional cases. U.S. investors are
cautioned not to assume that part or all of an inferred resource
exists, or is economically or legally minable.
MirandaJoe Hebert, 775-340-0450Executive Vice
Presidentwww.mirandagold.com
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