The Municipality of Titiribí, Department of Antioquia, Colombia

The former plant site outside the entrance to the Independencia Mine has been cleared and refurbished.

Earlier this year, Denarius Metals partnered with an experienced local contract miner who will be responsible for mine development and mineral extraction at the Zancudo Project. The mine contractor is currently carrying out preparatory work, targeting the existing mine workings and veins of the Independencia Mine in anticipation of commencing mining operations in 2024 at the rate of approximately 500 tonnes per day. With further development, Denarius Metals anticipates increasing the mining rate to about 1,000 tpd in 2025. The Company is currently working with SRK on the preparation of a preliminary economic assessment (PEA) for the Zancudo Project. The PEA is expected to be completed in the third quarter of 2023. 

Concurrently, Denarius Metals is moving ahead with other essential elements required to bring the Zancudo Project into operation next year. Construction has already commenced and is proceeding well on an approximately 3.7 km access road that will connect the site infrastructure with the regional highway, allowing transportation to bypass the Town of Titiribi and other local communities in the immediate area of the project.

Construction on a ~3.7 km access road that will connect the site infrastructure with the regional highway, allowing transportation to bypass the Town of Titiribi and other local communities in the immediate area of the project.

The former plant site outside the entrance to the Independencia Mine has been cleared and refurbished. Installation of the new crushing equipment, which has recently arrived at site, is getting underway. Mining and environmental permits are well advanced and expected to be received in the next few months. Denarius Metals is finalizing the specifications for a new concentrate plant to be ordered for delivery and installation next year and has selected a site for the tailings storage facility within its land package at the project site. The Company intends to produce concentrate at site that will then be shipped and sold to an end customer. Discussions with several offtake customers are underway. Denarius Metals also expects to commence an in-fill drilling program later this year to upgrade and expand the current Mineral Resource estimate and for ongoing mine planning purposes.

New crushing equipment which has now arrived at site and being installed.

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, “The Zancudo Project is rapidly taking shape as our first mine to come into operation and will provide us with an ongoing source of internally generated cash flow as we explore and develop our larger polymetallic projects in Spain. Designing the Zancudo Project to focus on producing and selling a concentrate once the Phase 2 construction is completed allows us to minimize the start-up capital investment and to limit the local environmental impact at the site. We have recently completed the third phase of our validation and in-fill drilling program at our Lomero Project in Southern Spain. Final assays are pending and we expect to have a drilling update shortly. Europa Metals announced on August 4, 2023 that the current drill campaign at the Toral Project in Northern Spain is nearing its close and all holes have intersected mineralization as expected and the intersections reported to date have correlated well with the known existing resource. With the support of further institutional investment to strengthen our equity through the proposed private placement, and the engagement of a market maker, we remain focused on enhancing shareholder value as we endeavor to bring our portfolio of projects into production over the next couple of years.”

Learn More About The Project Here