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Transatlantic Mining Corp moves closer to production go-ahead in Madison County with latest concentrate results
Encouraging results from the Alder Gulch property/US Grant mine and mill complex mean a production go-ahead decision for the project is looking more likely, Transatlantic Mining Corp (CVE:TCO) told investors.
It comes as the group has developed a third batch of concentrate from the site in the Virginia City mining district of Madison county, Montana.
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Provisional assays from this third batch are 8.5 dry metric tonnes (dmt) at 3.9 ounces per tonne gold and 157.4 ounces per tonne3 of silver - represents both a 22% increase on the gold and silver content.
In addition, the mill now has capacity to increase concentrate yield at a steady rate of over one tonne per day – a significant increase from the 0.6 to 0.8 tpd (tons per day) achieved before the upgrade when throughput was less than 40 tpd (tonnes per day), the firm said.
Chief executive of Transatlantic Mining Bernie Sostak said: “Whilst we are in a trial mining phase, with continued staged upgrades to the mine and mill, the results support towards a future production decision and mine life with cashflow.
“The company continues to de-risk the current deposit with increasing knowledge. This in addition to exploration upside also supports towards a stronger business and investment case going forward at a new gold and silver mine.”
Transatlantic has a focus on high-grade mining, in stable mining jurisdictions. The firm has an 80% earn-in option on the Monitor Copper-Gold project in Idaho (USA) and in January 2016, entered a lease/purchase option agreement on 100% of the US Grant Gold-Silver Mine & Mill complex in Montana (USA) which has now produced a concentrate within 12 months.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/176025/transatlantic-mining-corp-moves-closer-to-production-go-ahead-in-madison-county-with-latest-concentrate-results-176025.html
