Properties

GOLD PROCESSING PLANT IN HONDURAS

  • Cobra Oro de Honduras has been a gold producer for the last 2 years;
  • Has reached commercial production in April 2017;
  • An important plant expansion was completed in February 2018.

Glen Eagle is proud of being in Honduras, a country known for having vast untapped resources. Cobra Oro's gold processing plant is located in Choluteca, one of the fastest growth area in Honduras, known for its work force and safe environment.

The plant operates in a free zone adjacent to the Chamber of Commerce building, Pepsi's bottling plant and the Pan American Highway.

Honduras is also known for its "El Mochito" mine which has been in non-stop operation for the last 50 years until today. Two more mines in different parts of the country have also been in operation for the last 15 years.

No mining concessions have ever been confiscated in the country's entire history. The new mining law, effective in 2016, was another step taken by the Government of Honduras to further protect mining investments in the country.

The Piedra Dorada and La Moloncasa properties are located approximately 164 km south of the capital city of Tegucigalpa in Honduras. The properties are located 17 km to the east of Choluteca where Glen Eagle operates a 100/150 tons per day gold mill.

The properties are located within a Gold Trend (Figure 1) that follows the volcano belt of Central America and can be seen crossing southern Honduras along Glen Eagle’s concessions. This Gold Trend encompasses many of the larger gold mines in Central America which can be seen on the company’s website. These gold mines were formed at the time or shortly after the Island Arc type of volcanic activity, that is an important factor in the formation of epithermal gold deposits.

The properties are underlain by volcanic rocks. They are located close to the Gold Trend (Figure 2) and the Guayape Fault Suture (GPS). The GPS is an important feature related to the San Albino Mine Development Project of Mako Gold with 43-101 compliant gold resource of nearly 1 M oz. of gold. The former El Limon Mine and El Dorado Mine are known to contain respectively 1.8 et 1.0 M oz. of gold (from literature, non 43-101 compliant)

The Piedra Dorada and La Moloncasa properties cover an area of  respectively 1,000 ha and 400 ha. A lot of artisanal mining is taking place in the area. Some miners are bringing their ore to the Company’s mill and grades vary from 2 g/t to 10 g/t Au. Local geologists have followed a gold bearing structure on the Piedra Dorada property for a total of 4 kilometers. The eastern branch of the gold structure is oriented east-west, which is consistent with the Clavo Rico gold deposit (0.4M oz).

 
Usine

1-Cobra Oro’s

Gold processing plant in Choluteca
Google Maps
InceptionMining

2-Inception Mining

19 km from the gold processing plant
Google Maps
Moloncosa

3-Compania Minera Moloncosa S.A.

26 km from the gold processing plant
Google Maps
PiedraDorada

4-Piedra Dorada Mining

29 km from the gold processing plant
Google Maps

Project Cobra Oro

Several bulk mining operations near Piedra Dorada and along the corridor.

New Discovery Compania Minera Moloncosa S.A.

Estefan-VeineDecouverte

Rock sample discovery Compania Minera Moloncosa S.A.

Jean-Labrecque-avec-roche-decouverte
Roche-decouverte
Photo-roche-plus-clair

Moose Lake

The company will prepare another drilling program on the property to add more mineral resources and have a NI 43-101 report when the market becomes more favorable to the sector.

View full PDF report by Stonecap Securities here

Hole #

From

(m)

To

(m)

Length

(m)

P205

(%)

LO-12-09

56,0

103,5

47,5

5,12

LO-12-10

48,5

121,5

73,0

5,53

LO-12-11

10,9

124,5

113,6

4,10

INCL.

78,4

124,5

46,1

5,41

LO-12-25

41,0

120,0

79,0

5,45

LO-12-26

31,5

115,5

84,0

4,45

LO-12-27

133,5

166,5

33,0

5,10

LO-12-28

76,5

138,0

61,5

5,31

LO-12-29

106,5

168,0

61,5

5,74

LO-12-30

61,5

168,0

106,5

4,97

INCL.

135,0

163,5

28,5

6,25

LO-12-34

66,0

130,5

64,5

5,40

LO-12-38

43,5

105,0

61,5

5,94

The main phosphate-bearing body which was estimated to be 1.5 kilometer long by 250 meters wide can now be confirmed with a greater degree of certainty. The program seems to have tested the outer limit of the deposit along strike to the East as grade and thickness of the mineralization decreased with drill holes LO-14-16 to LO-14-20 intercepting limited widths. The remaining drill holes of the campaign are reported in the table below and were designed to test the overall deposit along strike and at further depth for future resources calculations.

Hole #

From

(m)

To

(m)

Length

(m)

P205

(%)

LO-14-01

70,5

94,5

24,0

5,35

LO-14-02

54,0

90,0

36,0

5,31

LO-14-03

43,5

66,0

22,5

5,79

LO-14-05

63,0

96,0

33,0

5,26

LO-14-13

165,0

186,0

21,0

6.25

LO-14-21

3,0

102,0

99,0

5,54

INCL.

3,0

9,0

6,0

10,33

LO-14-22

39,0

100,5

61,5

5,11

INCL.

85,5

96,0

10,5

6,56

LO-14-23

37,5

102,0

64,5

5,61

INCL.

78,0

100,5

22,5

6,20

LO-14-24

39,0

100,5

61,5

5,83

LO-14-25

18,0

54,0

36,0

5,26

LO-14-26

3,0

72,0

69,0

5,53