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Aurcana Corp.
Summary
| Project: | Revenue-Virginius | |
|---|---|---|
| Deposit: | Revenue-Virginius | |
| Location: | United States | |
| Commodities: | Silver-Gold-Lead-Copper-Zinc | |
| Date: | 9/26/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-9-2018: Aurcana Corp. announces a Feasibility Study report for its Revenue-Virginius deposit at the Revenue-Virginius project. Feasibility Study results incl. post-tax NPV of US $74.9M, IRR of 71.2%. This report is prepared as a Technical Report for Ou | |
| Resources: | (Reserve, P+P): 575Kst @ 24.70oz/st Ag, 0.06oz/st Au, 4.97% Pb, 2.15% Zn | |
| CP/QP: | [Resources]: Benjamin Parsons (SRK Consulting (US) Inc.) | |
| ABSTRACT: | This report is prepared as a Technical Report for Ouray Silver Mines, Inc. (OSMI or Company) and Aurcana Corporation (Aurcana) by SRK Consulting (U.S.), Inc. (SRK) and is based on a 2017 Revenue-Virginius Mine (the Project) Feasibility Study (FS) updated with 2018 capital and operating cost estimates The Project is located in southwestern Colorado approximately 5.5 miles southwest of the town of Ouray. The Revenue Tunnel, the site of the current surface activity, is located at longitude 107.750° W, latitude 37.974° N (mine grid coordinates of 100,630 ft E, 99,100 ft N). The Project is a past silver producer in the Sneffels Mining District. Silver was reportedly discovered at the Project in 1876 with underground production beginning in 1880 and continuing through 1906 when, according to Ranchers Exploration and Development Corp. (Ranchers), the mine flooded (Ranchers, 1980). Additional testwork and planning began on the property in 2012 by Star Mine Operations (Star Mines). In May 2014 Star Mines sold a portion of mine ownership to Fortune Revenue Silver Mines, Inc. (FRSM), a wholly owned subsidiary of Fortune Minerals Limited (FML), which operated the property for a short time under this structure. In October 2014, FRSM received senior secured financing, (the “PFA”), guaranteed by FML, from LRC-FRSM, LLC (LRC-FRSM), and used that financing plus shares of FML to acquire the balance of 100% of the assets and finalize commissioning of the mine. After default on the PFA, on July 17, 2015 Fortune Minerals and LRCFRSM entered into a Master Restructuring Agreement (MRA). As part of the MRA, FML transferred 100% ownership of FRSM to LRC-FRSM II, LLC (an affiliate of LRC-FRSM) and on July 21, 2015, the name of the operating entity was changed from Fortune Revenue Silver Mines, Inc. to Ouray Silver Mines, Inc (OSMI) | |
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