Scottsdale 8/1/2013 3:00:00 AM
All Grade Mining (HYII) Moves to Acquire Second Project in Chile with High Grade Copper, Silver and Gold Secondary Targets
QualityStocks would like to highlight All Grade Mining, Inc. (OTCQB: HYII), primarily focused on developing the Saltirosa iron mine in the Republic of Chile. Located 28 kilometers from Chanaral, the mine is comprised of an updated 741 hectares spanning 24 square kilometers with an estimated iron ore reserve of over 40 million metric tons based on magnometric and geological studies done on the property.
In the company’s news,
All Grade Mining was pleased to announce a major developmental step forward in their continued campaign to build up broad-spectrum mineral extraction operations in South America, with the announcement that the company’s management has selected the Plateada Copper Sulfide Project, in the Republic of Chile, for their next acquisition. Plateada is an exceptional copper project just over 34 miles southeast of the city of Ovalle. This project would be a second major node for HYII in Chile’s rich base metal mineralization and one which could bolster both sales revenues and cash flows handsomely.
The successful result of one of the very first JV pilot programs between HYII’s primary contractor, Foreign Commerce Consultative Services, and a group of private investors, Plateada ably met the planned target projections and is now ready to move into the next phase of expansion. All Grade Mining has devised a procedural approach to developing the abundant geological and mineral potential of Plateada, which is characterized by a primary host fault running north-northeast, bounded by a set of north-northwest faults, with apparent multiple additional faults in-trend with the primary host, evident from satellite imaging done of the property.
The massive shear system at Plateada, given historical sales data and evidence from prior workings, has the richest copper grades in the sericitised portion, whereas the silicified part of the system has the best silver grades and better gold values overall, which are traceable to a yellow-brown quartz vein system. There is a good amount of mineralization here in parallel shears, but the primary target is the juicy bulk tonnage of the main system’s chalcocite and copper oxides. Silver is primarily occurring in grey sulphosalts and reports by the Chilean National Mining Corporation, ENAMI (Empresa Nacional de Minería), which are quite good and boast sampling from all over the main adit, indicate from flotation products that gold is inside the sulphide minerals.
CEO of HYII, Gary Kouletas, emphasized the extensive due diligence applied by the company prior to this decision and further explained that all the prerequisite Letters of Intent and assignment contracts are in place for the assumption of the business, with a ratification target set for the first two weeks of August. Kouletas was also keen to point out that these agreements and contracts will be highly transparent and will be presented to the regional Combarbala conservatory of mining, as well as being publicized more broadly via the Chilean Business Journal.
Over the entire length of the roughly 328 feet of the adit itself there are pinches, splays, and swells of several feet, but the observable absence of cross structures here may be simply due to their having been mined out already. Since the ownership has shown HYII’s team a shaft which they maintain exposes two galleries down at around 100 feet and 200 feet, the company will be chasing this solid lead and intends to flesh it out as they move through their procedural exploration work in comings months. These workings are a good indicator that the main shear may extend well beyond the adit, further along strike and HYII will be likely be chomping at the bit to resolve a higher-resolution portrait of this potential.
The first step of exploration will be to do 30 to 100 foot drilling at the adit to determine where the parallel mineralization targets are, followed up by trenching along strike with a backhoe in the hunt for surface mineralization extensions. In addition to these efforts HYII will be taking a comprehensive look at the larger area of the project, which stretches for up to 0.77 square miles, crying out for a much-needed geologic mapping and sampling program. Anything kicked up in the geologic program will be vetted by trenching and subsequent drilling to identify a larger scale of mineralization should the trenching result warrant it.
The company has assembled an expert team of mining and logistics professionals capable of placing any scale project, involving any mineral type, effectively on the table and investors should keep a close eye on HYII as development progresses in Chile.
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