Issue link: http://resourceworld.uberflip.com/i/661612
A P R I L / M A Y 2 0 1 6 www.resourceworld.com 11 Northwestern porphyry zones have esti- mated measured and indicated resources of 32.3 million tonnes at 0.39% copper and 0.44 g/t gold, for 280 million lbs copper and 452,000 ounces gold. The gold Oxide Skarn Zone has a mea- sured and indicated resource of 6.4 million tonnes at 0.80 g/t gold and 0.092% cop- per, comprising 164,000 ounces gold and 13 million lbs copper. The zone also com- prises an inferred resource of 2.38 million tonnes, grading 0.60 g/t gold and 0.081% copper for 46,000 ounces gold and 4.3 mil- lion lbs copper contained. On December 22, the company announced it had entered a non-binding memorandum of understanding with ItOChu Corp., which would receive a sig- nificant minority stake in the Pinaya Project in exchange for sizable exploration financ- ing. On February 10, Kaizen announced receipt of $1.0 million from HPX TechCo, as a partial drawdown of a $5.0 million unse- cured, revolving loan facility. KGhM Polska Miedz s.A. [KGH- Warsaw] has interests in two producing mines in Chile – Sierra Gorda and Franke. Located in the Atacama Desert of northern Chile, the Sierra Gorda open pit mine pro- duces copper, molybdenum and gold from both the upper layer of oxide copper ore and deeper sulphide ore. Target produc- tion is 220,000 tonnes of copper, 11,000 tonnes of molybdenum and 2 tonnes of gold. Sierra Gorda is owned as to KGHM (55%), sumitomo Metal Mining (31.5%) and sumitomo Corp. (13.5%). The 100%-owned Franke open pit mine, located in the Taltal region of the Antofagasta region of Chile, produces approximately 20,000 tonnes of copper cathodes per year. The deposit has been mined for almost a century. Current min- ing is from two orebodies – the China and Franke. It is expected the mine will be in production until 2020. Mirasol Resources Ltd. [MRZ-TSXV; M8R-FSE] announced an exploration and option agreement on March 1 with Cerro Vanguardia s.A. to explore its Claudia gold-silver project in Santa Cruz province, Argentina. CVSA has the option to acquire up to a 75% interest and the first stage of investment will witness CVSA secure 51% over a maximum two-year period by spending $5 million on exploration; mak- ing $1 million in payments to Mirasol; and executing an exploration program with a minimum of 12,000 metres to be drilled. Mirasol also has a joint-venture with Yamana Gold Inc. [YRI-TSX] that would grant Yamana a stake of up to 75% in Mirasol's Gorbea Belt projects, inclusive of Atlas and Titan projects in southern Argentina. On November 9, Mirasol announced Yamana had started a drill cam- paign at Atlas. Phase 1 will comprise seven holes for a total of 4,000 metres. The focus will take place on the Atlas Gold Zone, the Atlas Silver Zone, the Pampa Zone and the Escondida Target. A minimum of 1,000 metres of drilling must be completed before May 9. Panoro Minerals Ltd. [PML-TSXV; Lima; PZM-FSE] is focused on exploring and advancing a portfolio of copper and copper-gold projects in Peru. It holds 13 continued on page 61