Marlin Gold Mining Ltd. Provides Update on Operations
May 21 15
Marlin Gold Mining Ltd. announced that based on positive exploration and trenching results, Marlin has started to advance the San Carlos satellite target approximately 3 km north from its primary Taunus pit within the La Trinidad project in Sinaloa, Mexico. The San Carlos area is included in the existing 699 hectare exploitation permit within 118,518 hectare land package encompassing La Trinidad. If exploration results are supportive of a production decision, it can be in a position to begin mining this area within four months. The mineralization outcrops on surface, and management has begun to develop a block model which will be the basis for an optimized pit design. An access road to the target was completed earlier this month, and a drill rig is on its way to site to help define tonnage and grade of the target. The mineralization at San Carlos is related to a structurally controlled, highly fractured zone containing disseminated pyrite, which contains patches of silicification and near surface oxidation. Oxidized material may be amenable to heap leaching using current infrastructure at La Trinidad. The mineralized units are in dacite and fine black magnetic andesite, with the latter containing more than 95% of the known mineralization. After several encouraging trench and surface rock analysis results, Eldorado Gold drill tested this zone in the mid 1990's. The best drill hole intersections reported by Eldorado were: Marlin Gold, with the help of Resource Geosciences de Mexico, completed a trenching program to cut in a perpendicular way the mineralized trend identified by the combination of the historical drilling results and surface rock sampling. A total of 175 trench samples within six trenches were collected and sent to Inspectorate Laboratories for analysis. Four trenches showed favorable results, while it was not possible to reach the mineralized unit in the remaining two trenches (SCC01 and SCC02) because of the thickness of the cover unit. Marlin's original strategy was to develop the San Carlos target towards the end of the delineated mine life of Taunus. Because of the relatively low grade and high strip nature of its mine between the upper (Eldorado) and lower (HS) zones of the company Taunus deposit, Management now believes that further advancing San Carlos based on these successful exploration results could lead to a positive production decision which may improve the economics of the project during this transitional period. To make sure that the development of the high grade and low strip HS Zone at the primary Taunus pit is uninterrupted, the company optimized its mine further, with expectations of reaching the HS Zone earlier in second quarter of 2016. In order to accelerate the San Carlos project and to complete the optimization work at Taunus, it has engaged Sonoran Resources, LLC, led by Jesse Munoz, for a period of four months to complete these two critical projects. Mr. Munoz has direct historical experience at La Trinidad with both the Taunus pit development and the San Carlos exploration program, having worked at Eldorado as Manager of New Project Development when La Trinidad was originally mined.
Marlin Gold Mining Ltd. Auditor Raises 'Going Concern' Doubt
Apr 30 15
Marlin Gold Mining Ltd. filed its Annual on Apr 30, 2015 for the period ending Dec 31, 2014. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Marlin Gold Mining Ltd Announces Board Changes
Mar 30 15
Marlin Gold Mining Ltd. announced the appointment of John Pontius to the Board. Mr. Pontius is Divisional President of Mammoth Energy Partners LP overseeing their remote accommodation business and during 2013-2014 he also oversaw a frac-sand mining business for Mammoth, which is owned by the controlling shareholder of Marlin. The new board members will replace Ms. Cecile Munoz and Mr. Cesar Gonzalez (who continues to serve as VP, Corporate Development of Marlin) with immediate effect.