Resource World Magazine

D E C E M B E R / J A N U A R Y 2 0 2 0 www.resourceworld.com 37 $1.36/lb for first eight years of operation and US $1.58/lb for life-of-mine. Lundin Mining Corp. [LUN-TSX; LUMI-Sweden] is a base metals min- ing company with mines in Brazil, Chile, Portugal, Sweden and the United States that mainly produces copper, nickel and zinc. The company holds an indirect 24% interest in the Freeport Cobalt Oy busi- ness, which includes a cobalt refinery located in Kokkola, Finland. For the third quarter ended September 30, 2019, Lundin Mining had revenue of US $538.7 million from operations. Net earnings were US $32.7 million (four cents per share) for Q3 2019. Marie Inkster, President and CEO, said, "Construction progress continued on our many re-investment and expansion projects, with several important milestones reached. The Candelaria South sector underground mine project [in Chile] was completed ahead of schedule and successfully handed over to the operations team. First ore was mined from Eagle East [Michigan] and fed to the mill, ahead of schedule and budget. At Neves-Corvo, [Portugal] the zinc expansion project progressed well and remains on target to meet the most recent project budget and schedule. With many of our reinvestment initiatives nearing completion in the coming quarters, we are well positioned to deliver increasing production and cash flow." Minera Alamos Inc. [MAI-TSXV; MAIFF-OTC] is focusing on Mexican advanced-stage exploration and develop- ment projects, including the 100%-owned La Fortuna open pit gold project in Durango that has a positive PEA completed (permits pending) and the 100%-owned Santana open pit heap-leach development project in Sonora where test mining and processing have been completed (per- mits pending). The company is working towards a construction decision at Santana. Both the Santana and Fortuna are expected to be in production in 2019-2020. The Fortuna Project has Measured and Indicated Resources of 309,800 oz gold, 1,842,200 oz silver and 7,600 tonnes of copper. Fortuna has robust economics with an After-tax NPV (7.5%) of US $69.8 million and a 93% IRR. At the Santana Project, a maiden NI 43-101 compliant resource estimate is expected in Q1 2020. At the optioned Los Reyes Project in Sinaloa, Indicated Resources stand at 380,000 oz gold and 6,315,300 oz silver. Inferred Resources are 155,200 oz gold and 3,639,000 oz silver. Osisko Gold Royalties Ltd. [OR-TSX, NYSE] holds an approximate 13% interest in Minera Alamos. Newrange Resources Corp. [NRG- TSXV; NRGOF-OTCQB; X6C-FSE] has been exploring its 100%-optioned Pamlico gold project located along Highway 95, 12 miles southeast of Hawthorne, west-central Nevada. The property hosted eight major underground mines from dating back to the 1880s and numerous small workings. "The number of mines all in one area suggests that there is a significant gold min- eralization system," said Robert Carrington, President and CEO. "That's what attracted us to the property in the first place." The company's continuing underground channel sampling has confirmed continu- ous gold and silver mineralization between the 5570 and 5518 levels of the Good Hope Mine. Results of sampling in stopes and raises between the two levels show a higher-grade core of mineralization, aver- aging 4.08 g/t gold and 51.5 g/t silver ranging from 0.3 to 1 metre wide, with an average width of 0.7 metres. This is within a larger mineralized envelope averaging 1.2 g/t gold and 21.8 g/t silver. The mineral- ization is defined by 58 samples ranging in grade from 0.017 to 68.0 g/t gold. Newrange has completed LIDAR scans of all accessible workings in the Merritt decline, the Good Hope Mine and the Gold Bar Mine, as well as the lower levels in the Pamlico Mine. The company has TOP 10 STOCKS

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