Vancouver — A proposed $14-million private placement should provide Gold Hawk Resources (CGK-V, CGHRF-O) with sufficient resources to complete the acquisition of the Tamboraque polymetallic mine, a former producer in the central Andes of Peru.
The company can acquire the project for US$12 million, of which US$750,000 has been paid. The private placement is to be carried out on a “best efforts” basis on or before the end of March. If the mine acquisition is not completed by that date, the gross proceeds will be returned to shareholders, without interest or deductions.
Tamboraque has been on care and maintenance since 2002, but has a long operating history dating back to colonial times, when miners exploited narrow, high-grade veins hosting silver-lead-zinc mineralization. The mine operated at 200 tonnes per day until the mid-1980s, with silver-lead ores processed using conventional flotation circuits.
The mill was expanded to 600 tonnes per day in 1999 to treat refractory gold mineralization (closely associated and included or encapsulated by arsenopyrite) using bio-oxidation technology.
Assuming the acquisition proceeds as planned, Gold Hawk intends to revive the mine at a daily rate of 600 tonnes, and expand it up to 900 tonnes per day, based on a revised mine plan.
Previous operators have calculated resources for the project over the years that were recently confirmed by a technical report compliant with National Instrument 43-101 standards. The total measured and indicated resources for the project now stand at 652,818 tonnes grading 0.2 oz. gold and 6.46 oz. silver per tonne, plus 3.18% lead, 3.85% zinc, and 0.44% copper. These resources are within the Constancia and Wellington veins. The project also hosts inferred resources estimated at 4 million tonnes at similar grades, after including all other mineralized veins.
The mine is situated in the San Mateo district, province of Huarochiri, Department of Lima.
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