RE: RE: RE: LA MANCHA DISCOVERS A SIGNIFICANT VMS well the market did not care about LMA back in 2008 and 2009 (at one point LMA was trading at 6 cents). That was the time when Frog Leg was not yet in operations and White Foil was still under water, the knowledge about VMS potential was in its infancy and Ity mine was LMA biggest cash generator.
I see analogy to this period when LMA after the leadership of the old guy, former CEO, executed brillantly and yet the market was asleep. I think something similar is taking place right now. Take a look at the last three announcements from LMA in the last few weeks:
- Ity mineralization far and beyond what we thought so far,
- White Foil project could be the first ever LMA 100% operation including a LMA built mill to take care of Frog's Leg ore which currently is hauled long distance to Greenfield mill and where we are paying exuberant monopoly milling prices;
- and then the wonderful yesterday news from Oderuk. Did you see what our CEO sais in the release -" Until now we new our VMS project was one of the RICHEST IN THE WORLD, now we know it may be one of the BIGGEST IN THE WORLD" !!!
So LMA is firing on all cylinders and that sooner or later will be recognized
Next catalyst is the Q2 results which should be robust and coming in the early July.
Regarding LMA reserve & resources, in 2011 LMA has around 7 million ounces au equivalent. Watch out when the new Ity, White Foil and particularly Oderuk results are added to the LMA portfolio. AK
LA MANCHA DISCOVERS A SIGNIFICANT VMS LENS BELOW THE ODERUK PIT
The latest resource update released in February 2012 established Hassaï as one of the world's richest VMS deposits. With only three out of twelve pits drilled, there was still plenty of remaining potential for it to also be one of the largest. Today's results illustrate the potential to further grow this deposit!
LA MANCHA'S WHITE FOIL PROPERTY SHOWS UNDERGROUND POTENTIAL WITH MINERALIZATION EXTENDING BELOW CURRENT RESOURCE
We are thrilled with these initial White Foil drill results as they demonstrate that the mineralization continues to a depth of 600m, which is more than 350m deeper than the current resource boundary. Furthermore, since these results suggest good continuity of the mineralization and this wide orebody stretches over more than 1km, there appears to be a potential for a large cutback of the open pit and later extraction using bulk underground mining methods. Along with the ongoing feasibility study for a processing facility on-site and the expansion of the White Foil open pit, these new drill results show the potential to extend the project life beyond what is defined by the existing resource and current toll milling arrangement.
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NEW DRILL RESULTS AT LA MANCHA’S ITY MINE INDICATE THAT MINERALIZATION EXTENDS WELL BEYOND CURRENT PIT SHELL
We are thrilled with the results as they confirm the robust nature of the Mount Ity deposit and its potential for significant growth. In light of the discovery of the new west extension zone directly below the current resource envelope, our goal is now to grow Ity's resource by more than 300,000 ounces to over 1 million ounces of gold by year-end. Furthermore, we expect to be able to easily integrate this extension zone into the new mine plan with a pit cutback.
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