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Glen acquires interest in Honduras mining concession

2020-05-05 12:31 ET - News Release

Mr. Jean Labrecque reports


Glen Eagle Resources Inc. has acquired a 50-per-cent participating interest in the Moloncosa mining concession. The concession is located immediately adjacent to the newly acquired and 100-per-cent-owned Piedra Dorada, as reported in a news release dated April 27, 2020.

Moloncosa encompasses approximately seven square kilometres of land. When combined with Piedra Dorada, the land package totals 17 square kilometres, located in the heart of the most prolific gold-bearing region of southern Honduras.

The land and concession rights are wholly owned by Minera Moloncosa SA, a major ore supplier to the Cobra Oro gold-processing plant. The participating interest is conditional to Glen Eagle spending $500,000 in drilling expenditures.

The company has great expectations regarding the Moloncosa concession, after having recently excavated a large outcrop measuring 10 metres in width by six metres in height.

The outcrop was assayed at the Cobra Ora laboratory, with results returning three grams per tonne from surface. Based on findings from the local miners and known geological data of the area, the company can expect ore grades to improve considerably at depth. Additionally, several large showings have also been identified on the concession, making the area a prime target for drilling.

The transaction will further regroup an important land package in a rich gold-bearing area, with the objective of making Glen Eagle less dependent on outsourcing its mineral supply.

Gilles Laverdiere, PGeo, a qualified person under National Instrument 43-101, has read and approved the technical content of this news release.

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