Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Miramont Resources (CSE: MONT; US-OTC: MRRMF) cut significant mineralization during the 3,600 metre drill program at its Cerro Hermoso polymetallic project in Peru in one zone but limited mineralization in two others.
The company tested Cerro Hermoso’s Central Breccia zone, Stockwork zone and Carbonate Replacement zone. While it encountered short intervals of anomalous mineralization in the Stockwork and Carbonate Replacement zones, the company intercepted as much as 0.26 gram gold per tonne, 6.2 grams silver, 0.34% zinc, 0.17% lead and 0.02% copper, or 0.68 gram gold equivalent, over 249 metres from 103 metres downhole in the Central Breccia zone.
In February 2019, the company optioned an additional 5.6 sq. km adjacent to Cerro Hermoso, raising the project’s consolidated land position to 18.8 sq. km
The company will spend the coming weeks developing further plans for the project. It says the results from the Stockwork and Carbonate Replacement zones show little exploration potential. It says the results from the Central Breccia zone indicate a large mineralized system that appears open to the northeast, east and southeast and at depth.
Other highlights from the Central Breccia zone include 0.58 gram gold equivalent over 45 metres from 378 metres downhole and 2.97 grams gold equivalent over 8.5 metres from 308 metres downhole.
In February 2019, the company optioned an additional 5.6 sq. km adjacent to Cerro Hermoso, raising the project’s consolidated land position to 18.8 sq. km.
Shares of Miramont are currently trading at 16¢ with a 52-week range of 8¢ to 48¢. The company has an $8 million market capitalization.
(This article first appeared in The Northern Miner)
