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Wednesday, 13 February 2013
Global Minerals management shows confidence in Slovakia project through share purchase
According to the latest regulatory filings, Global Minerals' (CVE:CTG) management earlier this week acquired more shares of the company - a show of confidence in the Canadian junior's silver project in Slovakia.
Martin Zahorec, country manager of the mineral explorer's Slovakia operations, acquired 45,000 shares at 25 cents each.
Zahorec has over 20 years of geology, project management and IT experience on projects in North America, Central and South America and Eastern Europe, as a consultant to several mining and exploration companies.
He is currently working from a junior company that has the goods to back itself up, with a silver project in Slovakia that is bound to attract some attention, says the company’s CEO William Pincus.
“As we begin to evaluate the asset, we believe we have three attractive aspects to our project, including a low capital cost, a good operating cost, and a relatively short timeline to production,” says Pincus, who has 30 years of industry experience and oversaw the development of the 155-million-ounce Pirquitas silver deposit.
Global Minerals is looking to advance the undeveloped Strieborná vein in Slovakia. It is in an old mine, adjacent to the previously mined Maria Vein.
The high-grade silver-copper vein type deposit is located in an historic mining district near the town of Roznava in eastern Slovakia. The former Mária mine site, which sits on land owned by Global Minerals, provides space for infrastructure and facilities that are necessary for ore processing and tailings disposal. Underground access is also available through the workings of the past producing Maria mine.
Because of the extensive existing infrastructure, the company’s CEO expects the project could move into production in relatively short order.
Over the past year, the company has kept itself busy. It has spent time dewatering the old mine, rehabilitating the shaft and surface facilities, and cleaning up levels that had been flooded.
It also started a 5,000 to 6,000 metre underground drilling program late last year to intersect the Strieborná vein. Global Mineralsrecently unveiled initial results from the campaign, calling them positive and “in line with our high expectations”.
An updated resource estimate is planned for the third quarter, which is expected to be coincident with a preliminary economic assessment (PEA) of the project.
Notable drilling results thus far have yielded 297 grams per tonne (g/t) silver over 7.1 metres and 156 g/t silver over 7.5 metres.