Company Website:
http://www.telsonmining.com
VANCOUVER, British Columbia -- (Business Wire)
Telson Mining Corporation (“Telson” or the “Company”) (TSX Venture –
TSN) is pleased to provide a development update and reports significant
assay results from underground development at its Tahuehueto Mine
development and construction Project, Durango State, Mexico.
Highlights
Tahuehueto underground development along the major mineralized structure
(see
Figure 1), El Perdido, has now been extended approximately 150
meters along strike to the north-east from the Level 12 access decline.
The first 60 meters of this development was designed to prepare reserves
identified by previous drilling for mining, however, the development
drift is being extended in continuous mineralization beyond known
reserves/resources and to date has exposed approximately an additional
100 meters of continuous mineralization beyond the know drilling.
Channel sampling results received to date within a portion of this
development are presented below. (see Figure
2 & Figure
3) Additional channel sampling assay results within this new
development mineralization will be disclosed when assay results are
received by the Company.
Width |
|
| Assays |
|
| |
|
| Au_g/t |
|
|
| Ag_g/t |
|
|
| Cu_% |
|
|
| Pb_% |
|
|
| Zn_% |
|
|
| AuEq_g/t | | | |
6.74 |
|
| 3.80 |
|
|
| 53 |
|
|
| 0.42 |
|
|
| 2.42 |
|
|
| 5.21 |
|
|
| 9.59 | | | |
4.40 |
|
| 5.39 |
|
|
| 62 |
|
|
| 0.46 |
|
|
| 3.01 |
|
|
| 8.50 |
|
|
| 13.69 | | | |
3.55 |
|
| 8.61 |
|
|
| 35 |
|
|
| 0.12 |
|
|
| 1.39 |
|
|
| 0.88 |
|
|
| 10.48 | | | |
6.77 |
|
| 5.36 |
|
|
| 109 |
|
|
| 0.25 |
|
|
| 0.27 |
|
|
| 2.38 |
|
|
| 8.65 | | | |
3.03 |
|
| 5.27 |
|
|
| 54 |
|
|
| 0.14 |
|
|
| 0.27 |
|
|
| 2.29 |
|
|
| 7.69 | | | |
2.00 |
|
| 5.54 |
|
|
| 42 |
|
|
| 0.12 |
|
|
| 2.17 |
|
|
| 6.18 |
|
|
| 11.17 | | | |
Gold Equivalent Calculation: - Metal prices used in US$ – Au
$1,240, Ag $14.20, Cu $2.80/lb, Pb $0.91/lb, Zn $1.09/lb
Formulas:
1st calculate a metal factor: for base metals (gold price/31.1 g/Troy
oz)/ (base metal price*2.2kg/lb*10) = Base Metal Factor.
For Silver
Metal Factor = gold price/silver price.
AuEq grade = Gold grade +
(Ag grade/Ag Factor) + (Cu grade/Cu Factor) + (Pb grade/ Pb Factor)+ (Zn
grade/Zn factor)
All the above samples were submitted to SGS De Mexico. S.A. de C.V.
independent laboratory located in Durango city Mexico. Assay methods
utilized were GE_FAA313 and GE_ICP14B for gold and silver respectively
with over-limits followed up with GO_FAG303, Multi-element GE_ICP14B for
lead and zinc with over-limits assayed with GO_ICP90Q. Additional detail
on assay methodology used can be found on SGS website at https://www.sgs.mx/en/mining
2018 Pre-production Summary
-
Pre-production mining produced approximately 37,711 tonnes of ore with
average grades of 3.86 g/t Gold, 43.6 g/t Silver 3.92% Zinc, 0.24%
Copper, 2.10% Lead,
-
Approximately 818 tonnes of lead concentrate produced from
pre-production was sold during with average grades of 82.22 g/t Au,
878.72 g/t Ag, 41.03% Pb and 2.50% Cu for approximate gross proceeds
of US $3.41 million.
-
1,244 tonnes of zinc concentrate produced from pre-production was sold
during the 2018 fiscal year with average grades of 49.38% Zn, 91.95
g/t Ag and 6.92 g/t Au for approximate gross proceeds of US $1.41
million.
Mine Construction & Development Summary
Telson advanced a total of 1.44 km of underground development, 365
meters within ore which supplied the pre-production toll milling feed
and 1,074 meters in waste preparing the mine for future commercial
production. Development included the Level 12 decline, the El Perdido
development drift, El Creston development drift, the Haulage level
portal and the main access decline for Level 20.
Mill construction, although somewhat behind schedule from unexpected
construction delays, is progressing with concrete foundations nearing
completion. Steel structures are currently being erected to house the
floatation and filtration equipment while grinding and crushing areas
are also under construction. (See Image
1 and Image
2) Preparation of the mine laboratory and camp facilities are
nearing completion. Water pumping system is under construction in its
first stage with the access road completed and pumping stations sites
cleared.
For accounting purposes, any sale proceeds from pre-production prior
to the Company declaring commercial production are considered directly
attributable toward advancing those assets to the condition necessary
for them to be capable of operating in the manner intended by
management, therefore these are capitalized as a reduction of mineral
interest and development assets.
About Telson Mining Corporation
Telson Mining Corporation is a Canadian based mining company with two
Mexican gold, silver and base metal mining projects. Effective May 15,
2018 Telson declared commercial production at its 100% owned Campo
Morado Mine. Telson is currently producing zinc and lead concentrates
with gold, silver and copper as by-products.
Telson's 100% owned Tahuehueto Project, located in north-western Durango
State, Mexico is currently in construction development. Pre-production
commenced at Tahuehueto in August 2017, currently mining at a rate
averaging approximately 200 tonnes per day and shipping ore to a
third-party toll mill for processing. Management has a targeted timeline
at Tahuehueto to be producing with its own on-site mineral processing
plant, with a designed capacity of at least 1,000 tonnes per day, Q3-Q4
2019.
Metal concentrate deliveries and sales are well underway from both
projects.
Visit: www.telsonmining.com
On behalf of the board of directors
(signed) “Ralph Shearing”
Ralph Shearing, P.Geol, President and Director
Qualified Persons
This press release was prepared under the supervision and review of
Ralph Shearing, P.Geol., President and Director of Telson Mining
Corporation, a Professional Geologist registered in Alberta as a member
of the professional association APEGA, and a Qualified Person as defined
by NI 43-101. Data verification by Mr. Shearing includes personal
inspection of the Campo Morado mine site, reviewing mining facilities,
drill core, underground development and discussing work programs and
results with geology and mining personnel.
Cautionary Note Regarding Production Decisions and Forward-Looking
Statements
Statements contained in this news release that are not historical
facts are “forward-looking information” or “forward-looking statements”
(collectively, “Forward-Looking Information”) within the meaning of
applicable Canadian securities laws. Forward Looking Information
includes, but is not limited to, disclosure regarding possible events,
conditions or financial performance that is based on assumptions about
future economic conditions and courses of action; the timing and costs
of future activities on the Company’s properties, such as production
rates and increases; success of exploration, development and bulk sample
processing activities; timing for the restart of continuous mining
operations at the Campo Morado Mine, and timing for processing at its
own mineral processing facility on the Tahuehueto project site. In
certain cases, Forward-Looking Information can be identified by the use
of words and phrases such as “plans”, “expects”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or variations of such
words and phrases. In preparing the Forward-Looking Information in this
news release, the Company has applied several material assumptions,
including, but not limited to, that the current exploration,
development, environmental and other objectives concerning the Campo
Morado Mine and the Tahuehueto Project can be achieved, the continuity
of the price of gold and other metals, economic and political conditions
and operations. Forward-Looking Information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed
or implied by the Forward-Looking Information. There can be no assurance
that Forward-Looking Information will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance
on Forward-Looking Information. Except as required by law, the Company
does not assume any obligation to release publicly any revisions to
Forward-Looking Information contained in this news release to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
Neither 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190222005392/en/
Contacts:
Glen Sandwell
Corporate Communications Manager
ir@telsonmining.com
Tel:
+1 (604) 684-8071
Source: Telson Mining Corporation
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