Tarachi Gold is looking to raise gross proceeds of up to $500,000 from the placement of up to 3,333,333 shares (approximately 3.3 million) priced at $0.15 per share.
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Video Transcript:
I’m Katriina Cotton for Investmentpitch Media
Tarachi Gold announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $500,000 from the placement of up to 3,333,333 shares (approximately 3.3 million) priced at $0.15 per share.
Net proceeds will be used for general working capital.
The shares are currently trading at $0.165.
The company is focused on exploring and developing projects in Mexico.
In February, the company acquired the Magistral del Oro mill and tailings project, located in Durango, Mexico.
It also has an option on the Tarachi project, which covers 3,708 hectares of highly prospective mineral concessions in the Sierra Madre gold belt of Sonora, Mexico in close proximity to Alamos Gold's Mulatos mine and Agnico Eagle's La India mine.
The Magistral project includes a 1,000 tonne per day cyanide leach mill with a Merrill-Crowe recovery circuit custom built for reprocessing tailings, a new tailings storage facility.
The project has access to an estimated 1.3 million tonnes of tailings material with a grade of 2.05 grams per tonne gold, which was estimated to contain 85,000 ounces of gold.
As this historical estimate from 2011 is not NI 43-101 compliant, the company only used it to determine drill collar locations for the recently completed drill program.
On October 5th, the company announced assay results from the tailings drilling program completed in May.
A total of 37 vertical auger holes were completed to depths ranging from 1.3 to 14.5 metres with an average depth of 6.6 metres.
Of the 178 samples assayed, 171 of them were determined to be composed of gold tailings, which ranged in grade from 0.89 to 4.12 grams per tonne with an average of 2.04 grams per tonne gold.
Cameron Tymstra, CEO, stated: “We are incredibly pleased with the results of our tailings drilling program at Magistral. While delays at the assay labs held up this data for several months, these results confirm the historic gold grade estimates for the basin and contribute to the de-risking of the Magistral project. These grades would be impressive for any open pit mining operation, but for a project where the material has already been mined, crushed and ground, you can really get a sense of the potential value here. With assays in hand and much of the metallurgical work completed, Ausenco Engineering now has the majority of the data required to complete the resource estimate and preliminary economic assessment for Magistral, now expected in November.”
For more information, please visit the company’s website at www.TarachiGold.com, contact Cameron Tymstra, CEO, at cameron@TarachiGold.com.
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I’m Katriina Cotton for Investmentpitch Media
