TOC experienced another week of very low volumes of only 181,000 shares. But the good part is the drills are now turning at Pilar and a go forward plan has been outlined for both Pilar and Picacho. It is like watching paint dry, but I suspect well worth the wait.
We are also waiting to see the Terms and Conditions of the proposed
financing for $5,125,000 with an institutional investor in the United Kingdom (yet to be determined), the terms of which will be announced once all due diligence has been completed, which is expected by June 30, 2022. This is next week...!!!!
Given the trading of TOC over the last several weeks, my best guess the pricing will be set somewhere in this range with similar terms as the non-brokered private placement of 243,500 units at 82 cents per unit for gross proceeds of $199,670. Each unit comprises one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional share in the capital of the company at a price of $1.40 for a period of 24 months from the date the units are issued, subject to the accelerated expiry provision described in the notes as follows.
From the Press Release June 22, 2022. Drilling has recommenced at Tocvan Ventures Corp.'s Pilar gold-silver project in Sonora, Mexico. As a continuation of phase III, drilling will focus on priority exploration targets across the property. Targeting parallel trends and trend extensions will remain a focus as the company looks to rapidly define the extent of mineralization at Pilar. Recent reconnaissance drilling in a 200-metre gap between the Main zone and 4-T trend was successful in defining a new parallel trend (JES-22-63 returned 54.9 metres at 0.3 gram per tonne Au and five g/t Ag from 6.1 metres depth). Another 200 metres to the east, surface exploration returned chip samples of 6.6 g/t Au and 433 g/t Ag, defining an untested extension of the 4-T trend; both of these targets will be tested during this stage of drilling.
"We are excited for this next stage of drilling at Pilar, as we feel the potential to expand the known areas of mineralization is very significant," commented Brodie Sutherland, chief executive officer. "All of these targets have compelling surface geochemistry that warrant further evaluation. Information collected here will be instrumental to the next steps of development as we look to utilize substantial funding to fully unlock the potential of Pilar."
Next stage drill targets
1) Follow-up on new discovery trend:
- JES-22-63 (RC):
- 54.9 m at 0.3 g/t Au and five g/t Ag, from 6.1 m;
- Including 13.7 m at 0.6 g/t Au and 13 g/t Ag, from 6.1 m;
- Including 4.6 m at 1.6 g/t Au and 29 g/t Ag, from 6.1 m.
- And 9.2 m at 0.6 g/t Au and three g/t Ag, from 42.7 m.
- Soil sample 170 metres southeast on trend returned 340 parts per billion Au and 19 parts per million Ag.
2) 4-T extension:
- Surface chip sampling up to 6.6 g/t Au and 433 g/t Ag in silicified fault;
- Soil sample 100 metres southeast on trend returned 1,090 ppb Au and 127 ppm Ag.
3) 4-T expansion:
- Untested, elevated surface sampling over 300-metre trend.
Near-term catalysts at Pilar:
- Continuing exploration and expansion drilling;
- Continuing metallurgical studies;
- Advancing toward:
- Maiden resource estimate;
- Bulk test mine determination.
Update on metallurgical studies
Metallurgical analysis of select trench samples are still under way; the company expects reports to be available soon. The company's expectation is to have Pilar match other regional analogs that show a range of gold recovery between 67.6 per cent (La Colorada, Argonaut Gold, 2022 technical report) and 75 per cent (Santana, Minera Alamos, April 7, 2022, news release). Continuous metallurgical work will be required to understand best methods to recover gold and silver across different domains on the project.
Exploration update on El Picacho
Over the past two months field crews have been evaluating priority target areas at the El Picacho Au-Ag project. A total of 180 samples have been collected to date and are pending results. A preliminary trench program assessing the San Ramon and Jabali target areas is being planned for this summer.
Near-term catalysts at El Picacho:
- Continuing surface exploration and mapping;
- Advancing toward:
- Trench program (San Ramon, Jabali, Cornea targets);
- Maiden drill program (San Ramon target).
About the Pilar property
The Pilar gold-silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the northwest part of the property from historic surface work and drilling and are referred to as the Main zone, North Hill and 4-trench. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Over 20,700 m of drilling have been completed to date. Significant results are highlighted below:
- 2021 phase II RC drilling highlights include (all lengths are drilled thicknesses):
- 39.7 m at 0.96 g/t Au, including 1.5 m at 14 g/t Au;
- 47.7 m at 0.70 g/t Au, including three m at 5.6 g/t Au and 22 g/t Ag;
- 29 m at 0.71 g/t Au;
- 35.1 m at 0.66 g/t Au.
- 2020 phase I RC drilling highlights include (all lengths are drilled thicknesses):
- 94.6 m at 1.6 g/t Au, including 9.2 m at 10.8 g/t Au and 38 g/t Ag;
- 41.2 m at 1.1 g/t Au, including 3.1 m at six g/t Au and 12 g/t Ag;
- 24.4 m at 2.5 g/t Au and 73 g/t Ag, including 1.5 m at 33.4 g/t Au and 1,090 g/t Ag.
- Historic core RC drilling. Highlights include:
- 61 m at 0.8 g/t Au;
- 16.5 m at 53.5 g/t Au and 53 g/t Ag;
- 13 m at 9.6 g/t Au;
- Nine m at 10.2 g/t Au and 46 g/t Ag.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels it can build upon previous success. Tocvan has approximately 33 million shares outstanding and is earning 100 per cent into two exciting opportunities in Sonora, Mexico: the Pilar gold-silver project and the El Picacho gold-silver project. Management feels both projects represent tremendous opportunity to create shareholder value.