TSX Venture rises, March 18-22: Macarthur, Luminex and Mirasol

Shares of Macarthur Minerals rose 100% to 10¢. The company signed a life-of-mine offtake agreement to sell Glencore International iron ore that could be produced from Macarthur’s Lake Giles iron project in Western Australia’s Yilgarn region. The company later redacted several forward-looking statements that were not National Instrument 43-101 compliant, such as the value of the deal and amended statements that did not include the required cautionary language.

A few days before the announcement, the company closed a US$6-million private placement it will use to fund a bankable feasibility study on Lake Giles’ Moonshine Magnetite and Ularring Hematite iron ore deposits, including a 54-hole drill program.

Moonshine Magnetite contains 1.3 billion inferred tonnes grading 30.1% iron and Ularring Hematite contains 54.5 million indicated tonnes at 47.2% iron and 26 million inferred tonnes at 42.4% iron.

Shares of Luminex Resources rose 14¢ to 75¢ after the company signed a non-binding letter of intent, wherein BHP Group can earn up to a 70% interest in Luminex’s Tarqui 1 and 2 mining concessions in Ecuador.

To earn its interest, BHP would have to invest US$75 million into the property and pay Luminex US$7 million. Luminex and BHP will negotiate a binding joint-venture agreement over the next three months.

Luminex also has earn-in agreements with First Quantum Minerals and Anglo American at its Orquideas porphyry project and its Pegasus volcanogenic massive sulphide project, both in Ecuador.

First Quantum can earn a 51% interest in Orquideas by spending US$31.5 million on exploration, and making staged payments to Luminex totalling US$7 million. Anglo American can earn a 60% interest in Pegasus by spending US$50 million on exploration and making staged payments to Luminex totalling US$7.3 million. Both companies can earn 70% interests by funding the projects to mining decisions.

Shares of project-generator Mirasol Resources fell 27¢ to 87¢, after OceanaGold ended its option agreements at Mirasol’s La Curva gold and Claudia gold-silver projects in Argentina’s Santa Cruz province. In a prepared statement, Mirasol president and CEO Norm Pitcher noted that although the “results to date did not meet OceanaGold’s expectations,” Mirasol will look for new partners to continue advancing the projects.

OceanaGold signed the Curva agreement in May 2017, and since then has spent $3.7 million exploring the project, drilling 6,250 metres across 36 holes. It signed the Claudia agreement in October 2017 and has since spent $2 million drilling 2,500 metres across 12 holes.

Mirasol’s board of directors and management have undergone several major changes.


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