VANCOUVER, Nov. 16, 2016 /CNW/ - Transatlantic Mining
Corp. ("TMC" or the "Company") (TSX-V: TCO) is
pleased to provide the following corporate update.
As part of its ongoing assessment of the US Grant Mine, on
October 15th, the Company
produced 17.0 ounces gold ("Au") and 28.6 ounces silver
("Ag"), from 1.4 dry metric tonnes (t) of concentrate. The
following table indicates gold & silver produced, and recovery
rates from the concentrate supplied.
New Jersey Mining
Company – Idaho
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US Grant Flotation
Concentrate Leaching
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Concentrate
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1.4
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Dry t
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Calculated Head
Grade
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421.8
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Au, g/t
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12.3
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Au, oz./short
ton
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924.5
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Ag, g/t
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27.0
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Ag, oz./short
ton
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Calculated Head
Grade
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Mass
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Au
Assay
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Ag
Assay
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g.
Au
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g.
Ag
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Dore Bar
#1
|
902
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Grams
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25.035%
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43.750%
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225.8
|
394.6
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Dore Bar
#2
|
680
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Grams
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20.871%
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34.200%
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141.9
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232.6
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Dore Bar
#3
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764
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Grams
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20.871%
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34.200%
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159.5
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261.3
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Tailings
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1.4
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Dry t
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48.2
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294.9
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68.0
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416.2
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Totals
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595.2
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1,304.6
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Calculated
Recovery From
Concentrate
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88.6%
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Au
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17.0
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Ounces
Gold
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|
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68.1%
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Ag
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28.6
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Ounces
Silver
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The commissioning of the US Grant Mill was done using low grade
material under the production decision for' Trial Mining' pursuant
to the 43-101 4,2(6) – Production Decision. Given the lower-grade
concentrate that was shipped to a toll leaching facility, the
results bode well for potential production from within select
higher-grade zones such as the ones the Company is currently
evaluating.
As of the 30thth of October TCO had a further 18t of
concentrate on hand and is looking to truck 20t for processing into
gold and silver doré for refining.
Board Composition
TCO wishes to announce that on the 7th November Steve Hodgson resigned as an
Independent Director. The board wishes to thank Steve for his
significant contribution to the development and growth of TCO. They
appreciate his support and wish Steve the very best in the
future.
TCO wishes to announce the appointment of Ray Parry to the board as an independent
director. Ray holds degrees in both accounting and finance and an
MBA specialising in international business. He is also a
Fellow member of the Certified Practicing Accountants of
Australia. He has over 30 years experience in a variety of
sectors including mining, manufacturing, oil & gas and
banking. He is currently the CFO and Company Secretary of
Hanking Gold Mining and prior to this was the CFO at Northern Star
Resources during which time he worked closely with Bernie Sostak in the development and mining of
several underground mines. His other roles include senior
management positions with St Barbara, Kerr
McGee (USA) / Tronox and
Bankwest.
Cornucopia Agreement Executed
On September 30th TCO signed a
binding agreement with the owners of a neighboring claim ("Cabin
Claim") that allows Transatlantic access to re-commission the
Cornucopia shaft for use in ventilating the deepest reaches of US
Grant #3 Level. The new vent access will allow TCO to
ventilate one of its primary production headings and maximize the
safety and productivity from this area. In consideration of
the right to construct the opening in the Cornucopia Shaft and use
the shaft for ventilation purposes,
Under the agreement Transatlantic shall pay Smith Trust the sum
of Thirty Thousand Dollars
($30,000.00) in two (2) payments of
$15,000.00 on or before October 10, 2016 and $15,000.00 on or before October 10, 2017. Provided that the
payments are made by Transatlantic to Smith Trust as provided in
the previous section, the term of this Agreement shall be for three
(3) years from October 2016, through
October 2019. Upon expiration of the initial term, the
parties may renew the contract upon their mutual consent.
Mine Development
Transatlantic Mining also completed a new secondary escape way
to surface from the #3 Level, allowing the company to access
all current material from the #3 and #4 levels. This is an
important milestone for the Company.
The US Grant mill has now been commissioned and a larger ball
mill has been installed. This will allow TCO to increase the
milling capacity to 150t per day. This is expected to be finalized
and fully operational in this quarter.
Drilling Commences
Surface drilling has commenced, with seven holes with a total
drilling depth of 550m completed to date. The drilling has
intersected vein type structures however there are no assays at
this time. Underground drilling is set to commence and will target
the vertical extension of the US Grant vein. The program calls for
the drilling of 1650 m.
The Company looks forward to updating the market as assays are
received.
Manpower
Transatlantic is pleased to announce that Tim Hunter has accepted the position of
Operations Manager at US Grant. Mr. Hunter has decades of
experience in mining and managing narrow vein mines. His
addition to the team will facilitate key productivity, safety and
cost goals. His recent appointment will allow Ron Krusemark (Vice President – Head of
Operations) to focus attention on a number of other corporate
initiatives.
Corporate Snapshot
The Company provides the following update on corporate
initiatives currently in progress. Over the next 30 days,
shareholders and prospective investors should expect:
- Assays from October drill holes
- An update on the Monitor Copper-Gold project in Idaho (USA)
- Delivery of a maiden NI 43-101 compliant mineral resource
estimate
- Delivery of a Preliminary Economic Assessment
("PEA")
CEO Rob Tindall
commented,
'With the closing of our Private Placement and continued
development of US Grant, TCO is moving into full time production.
We are excited by the milestones we've achieved this year, and we
remain intently focussed on de-risking US Grant"
Qualified Person
TCO's disclosure of a technical or scientific nature in this
press release has been reviewed and approved by Chris Pfhal PE,
PLS, who is a Qualified Person under the definition contained
in National Instrument 43-101.
About Transatlantic Mining Corporation
TSX.V:TCO
Transatlantic Mining (TSX-V: TCO) is an emerging
precious and base metal explorer, developer and producer. The
Company has a focus on high-grade mining, in safe and prolific
mining jurisdictions. The Company is engaged in controlling and
owning mineral properties interests, such as an 80% earn-in option
on the Monitor Copper-Gold project in Idaho (USA). In January
2016, the Company entered a lease/purchase option agreement
on 100% of the US Grant Gold-Silver
Mine & Mill complex in Montana (USA). A proven management team, led
by Executive Chairman Bernie Sostak and CEO
Rob Tindall, seek to enhance shareholder value through
expert exploration/development and expansion of existing assets,
together with selective acquisitions.
Neither the 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
SOURCE Transatlantic Mining Corp