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Glen Eagle Resources Inc
Symbol GER
Shares Issued 82,868,108
Close 2020-04-27 C$ 0.09
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Glen Eagle acquires Honduras mining concession

2020-04-27 12:16 ET - News Release

Mr. Jean Labrecque reports


Glen Eagle Resources Inc. has acquired the Piedra Dorada mining concession located in the rich mining district of El Corpus in Honduras. The acquisition is the result of several years of negotiations with known suppliers in the area which have recognized the contribution and communication efforts of Glen Eagle within their community.

The property, 100 per cent owned by the company, was acquired at no cost by engineering a swap between La Cobra and Piedra Dorada mining concessions, allowing Glen Eagle to relocate in a safe and friendly mining district that is currently providing the ore supply to Cobra Oro gold processing plant.

The concession is easily accessible all year long by the main road and covers 10 square kilometres of land located in the centre of a 25-kilometre-wide corridor known to contain highly elevated gold values.

The corridor is aligned along a northeast-southwest that is parallel to several strong topographic lineaments. The trend is also accompanied by broad zones of intense alteration and extensive gold veins running throughout the area and alongside Piedra Dorada.

Rock samples taken at random by Cobra Oro employees from different open-pit locations in the area regularly averaged four grams per ton gold based on the company's laboratory test results. The immediate task regarding Piedra Dorada will be to delineate large intrusion targets already identified by local miners and to sample visible showings on the concession.

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