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.

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

(%)

<9>LO-14-01

<9>70,5

<9>94,5

<9>24,0

<9>5,35

<9>LO-14-02

<9>54,0

<9>90,0

<9>36,0

<9>5,31

<9>LO-14-03

<9>43,5

<9>66,0

<9>22,5

<9>5,79

<9>LO-14-05

<9>63,0

<9>96,0

<9>33,0

<9>5,26

<9>LO-14-13

<9>165,0

<9>186,0

<9>21,0

<9>6.25

<9>LO-14-21

<9>3,0

<9>102,0

<9>99,0

<9>5,54

<9>INCL.

<9>3,0

<9>9,0

<9>6,0

<9>10,33

<9>LO-14-22

<9>39,0

<9>100,5

<9>61,5

<9>5,11

<9>INCL.

<9>85,5

<9>96,0

<9>10,5

<9>6,56

<9>LO-14-23

<9>37,5

<9>102,0

<9>64,5

<9>5,61

<9>INCL.

<9>78,0

<9>100,5

<9>22,5

<9>6,20

<9>LO-14-24

<9>39,0

<9>100,5

<9>61,5

<9>5,83

<9>LO-14-25

<9>18,0

<9>54,0

<9>36,0

<9>5,26

<9>LO-14-26

<9>3,0

<9>72,0

<9>69,0

<9>5,53