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Glen Eagle says Moloncasa has hit a bonanza zone

2020-05-07 13:33 ET - News Release

Mr. Jean Labrecque reports

GLEN EAGLE RESOURCES MAIN ORE SUPPLIER HITS SUPER ENRICHMENT ORE ZONE

Glen Eagle Resources Inc. has noted that Minera Moloncasa SA, an important ore supplier to the Cobra Oro gold processing plant, has found a superenrichment zone (often called bonanza, locally) while working on a crosscut to bridge the main shaft serving its artisanal underground mine.

Rock samples coming from the enrichment zone were extracted from the bottom of the mine.

One of the samples was placed on a newspaper to record the date of the event. Says Jean Labrecque, president of Glen Eagle: "The sheer size of the rock and its gold content was a miner's dream come true. To have had the opportunity to hold in your hand such a rare specimen, possibly containing several thousand grams gold per ton, and knowing that it was extracted by your main ore supplier in the vicinity of the concessions recently acquired by the company, is a unique and very encouraging experience."

Indeed, the Piedra Dorada and Moloncosa concessions are immediately adjacent in a north-northwest formation that runs parallel to the mine. Both projects offer blue-sky potential for exploration and drilling.

As a result, the company expects to receive higher volume and better-grade ore to feed its gold processing plant as the crosscut will rapidly evolve into an open ramp to extract higher-grade ore and larger volume from the underground mine. The mine belongs to a local family and has been in operation for more than 25 years.

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

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