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EV Resources Ltd (ASX:EVR) is acquiring 70% of an operating joint venture over the Los Lirios antimony mine in Mexico, with hopes to capitalise on its potential for direct shipping ore (DSO) and a fertile market for the commodity.
Los Lirios comprises four licences across 1,652 hectares, with four historic open pits and several underground workings – and EVR is cognizant of the fact past production yielded ore of a sufficient grade for DSO.
The latter is a particularly easy option, given the presence of stockpiled material on site as a result of small-scale mining from the Los Lirios 3 pit.
Not to mention the fact mining across several generations at the mine seems to have focused on achieving grades suitable for DSO, in the absence of processing facilities in the area – with operations built around three open pits and underground mine workings.
Two grab samples from this pit have pulled up antimony grades of 62% Sb and 62.99% respectively – with more samples to come as part of the due diligence process.
EVR will have plentiful work to conduct at the project – located in the North West Oaxaca State – since the mine has not been subject to conventional geological studies to date, with production instead focusing on shallow exposure of antimony from 3 pits based on shear zones near the surface. The precise grade of ore is unknown, given that sales occurred without conventional certificates of analysis.
EVR jumped 50% on the news, and at 10:46 AEDT, it was trading at 0.3cps.
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