Exploration resumes at Newmont-funded Colombia project
Exploration will resume on the Newmont Goldcorp-funded Lyra project, after a force majeure condition relating to security in Colombia has been lifted, TSX-V-listed Outcrop Gold reported on Wednesday.
Lyra lies between Continental Gold's Buritica and Orosur Mining's Anza projects and Outcrop Gold believes the project captures the ‘Buritica trend’, which is a 30 km extension of the Tonusco fault system that bisects the Buritica vein system and continues to the south to Anza.
Outcrop Gold thinks that the Tonusco fault is the source of the gold and base metal-bearing fluids that formed the Buritica veins in second order dilational zones that splay off the Tonusco.
Newmont made a large strategic investment in Continental Gold and actively funds Anza exploration under an agreement with Orosur.
"Outcrop Gold is happy to partner with Newmont Goldcorp on the deliberate strategy Newmont Goldcorp has used effectively around the world - where first a world-class discovery (Buritica) is made, and then followed up by a Newmont Goldcorp capture of the discovery-related mineral trend (Lyra), and then potentially another similar discovery,” Outcrop Gold CEO Joseph Hebert said in a statement.
Outcrop Gold follows the prospect generator joint venture (JV) business model, where it acquires high-quality exploration targets and then attracts funding from JV partners.
“Newmont Goldcorp BLEG sampling efficiency in identifying prospective ground is probably without equal in any other company. This is truly a case where a junior company benefits from the expertise in a larger partner, a benefit of the prospect generator business model,” Hebert said about its partnership with Newmont on Lyra.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
