Archive for June, 2012

SOUTH AMERICAN GOLD MINING STORY IN SANTA CRUZ

Wednesday, June 6th, 2012


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ARGENTINA GOLD MINING DEAL AT LOLITA PROPERTY IN SANTA CRUZ

On Wednesday, Plato Gold (CVE:PGC) released the results from the ground magnetic survey completed on its Lolita property in Santa Cruz, Argentina, outlining numerous structures and geochemical anomalies.


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The company said a previously little known northeast-trending cross-structure has been identified at the Panza and Colita areas, and is in keeping with structures known to host anomalous trace elements often associated with gold and silver deposits.

Meanwhile, at the Corazón area, a magnetic high of 1.5 kilometres in diameter has been associated with the northwest-trending, potentially mineralized structures known to host hydrothermal structures and anomalous arsenic values. Within this high are strong, linear, northwest-trending magnetic features, Plato added.

“I am very pleased that Plato, with the help of Dr. Paul Lhotka, has taken the Lolita property in Santa Cruz to the current stage of added value by progressing the info base for the gold bearing site,” said president and CEO, Anthony J. Cohen.

“What was a pure green-fields exploration property is now a property that has outlined structures with geochemical anomalies.”

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Rock sample results from the property have also returned highly anomalous values for arsenic, antimony and mercury, which are often considered pathfinder elements for precious metal deposits. Trace element values returned over 10,000 parts per million (ppm) arsenic, over 2,000 ppm antimony, and 106,548 parts per billion mercury.

Plato Gold said it is currently planning a ground induced polarization survey to further define targets for a drill program later this year.

Plato holds a 75% interest in the joint venture Lolita property, with Dr. Paul Lhotka holding the remaining 25%.

The company, whose stock on the TSX Venture Exchange was up 12.5%, trading at $0.045 per share on Wednesday afternoon, also has projects in Ontario and Quebec.

The Nordeau mineral resource in Val d’Or, Quebec recently posted indicated resources of 30,212 ounces of gold on an average grade of 4.17 grams per tonne (g/t), and inferred resources of 146,315 ounces of gold, at an average grade of 4.09 g/t.

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Sourced & published by Henry Sapiecha

AUSTRALIAN ARGYLE PINK DIAMOND LARGEST EVER FOUND GIVEN TO MUSEUM

Wednesday, June 6th, 2012

LARGEST NATURAL ROUGH PINK DIAMOND EVER FOUND
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England-based diversified miner Rio Tinto (LON & NYSE:RIO) is donating the biggest pink rough diamond ever discovered, found earlier this year at its Argyle mine in WA, to an Australian museum in Melbourne, reports The West.

The newspaper claims that the diamond, named Argyle Pink Jubilee, has been cut and polished down to a “disappointing” eight carats, from its original 12.76 carats.

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The Argyle Pink Jubilee is a light pink diamond, similar in colour to The Williamson Pink, which is the diamond that Queen Victoria received as a wedding gift and was subsequently set into a brooch for her Coronation.

Initially estimated to be worth around $12 million, the cutting process has highlighted a number of internal flaws in the rock, which have severely affected its value. That would be the reason, The West argues, Rio is donating the diamond to Museum Victoria.

“The individual who gets to wear this remarkable pink diamond will be incredibly lucky indeed,” Argyle pink diamonds manager Josephine Johnson stated, according to Diamond News.

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She went on to say that it is unprecedented in the company’s history.

“It has taken 26 years of Argyle production to unearth this stone and we may never see one like this again.”

Rio Tinto operates four diamond mines on three continents, the 100%-owned Argyle in Australia, 60%-owned Diavik in northern Canada, and Murowa in Zimbabwe, of which it has a 78% interest. Rio also has an advanced diamond project in India.

Last year Rio Tinto’s diamond business lost awhopping $76 million, including over $300 million in net impairments relating to capital costs needed to complete the Argyle underground project.

Image: Rio Tinto’s presentation on Argyle diamonds.
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Sourced & published by Henry Sapiecha

PANTAGONIA DAM CONSTRUCTION DELAY PUTS CHILE’S MINING FUTURE AT RISK

Sunday, June 3rd, 2012


CruiseShipDiploma- US

CHILE’S MINING FUTURE AT RISK BECAUSE OF DELAYS IN THE

Patagonia $7 billion dam project

Experts believe.Chile, the top copper producer in the world, will not be able to keep mining for the red metal, gold and other minerals if the country doesn’t find an answer to the urgently required energy needs

But recent attempts of solving the problem, such as the construction of the $7 billion dam project HidroAysen to power central Chile, using Patagonian rivers, keep facing the locals’ strong opposition.

Just yesterday, Chilean company Colbun SA, which owns 49% of the HidroAysen venture, announced it will halt the project indefinitely until the government helps create public support for the project, reported local newspaper Diario de Aysen.

Most Chileans disapprove the development, which aims to dam two of the world’s wildest rivers and build more than 1,600 kilometers of power lines between them and the grid that powers the nation’s capital Santiago.
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Several protests and mass marches against HidroAysen have turned violent, jeopardizing mining operations of local and international companies, as it happened to Canadian Mandalay Resources (TSX: MND, MND.WT) last February.

In a statement e-mailed to the press, HidroAysen said its board would review Colbun’s recommendation to suspend environmental impact studies on the power lines, but would continue work approved by the Supreme Court oto complete developent of the five dams.

In a mining conference held in Santiago in April, organized by the Centre for Copper and Mining Studies (CESCO), mining industry participants said the nation needed cheaper and more reliable power to mine the country’s vast copper reserves, which comprise a third of the world’s red metal.

Chile’s power matrix has a capacity of 17,000 megawatts and the government aims to add another 8,000 megawatts by 2020. To remain competitive, the country needs to at least double its energy capacity over the next decade.

Photo: Baker River, in the south of Chile, is one of the streams to be affected by HydroAysen. Wikipedia

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