CORAL SPRINGS, Florida, September 12, 2016 /PRNewswire/ --
Despite the unknown certainty where interest rates are heading, some industry professionals have recently forecasted the precious metals sector, including copper, silver and gold, to remain strong through year's end, while silver is expected to reap the most benefits with the backing of a strong performance throughout 2016. Mining companies in the markets today to keep an eye on are Magellan Gold Corporation (OTC: MAGE), Newmont Mining Corporation (NYSE: NEM), Southern Copper Corp. (NYSE: SCCO), First Majestic Silver Corp. (NYSE: AG) and Silver Wheaton Corp. (NYSE: SLW)
Magellan Gold Corporation (OTCQB: MAGE) today announced that its Peruvian exploration venture with Rio Silver Inc. (RYO) has agreed to acquire three concessions from a Peruvian company owned jointly 60:40 byNewmont Mining Corporation (NYSE: NEM) and Southern Peru Copper Corporation (NYSE: SCCO). The concessions total 2,200 hectares and lie immediately west of and adjacent to Magellan's Niñobamba Silver-Gold Project, which is located 330 kilometers southeast of Lima in the Department of Ayacucho, Peru. Consideration for transfer of the concessions includes a small cash payment and a 2% NSR. The transaction includes an extensive database comprising geological, geochemical, geophysical and drilling data.
Read the full Magellan Gold (MAGE) Press Release at: http://financialnewsmedia.com/profiles/mage.html
"This acquisition adds substantially to the potential for a large, bulk tonnage, disseminated silver-gold deposit", said Dr. Pierce Carson, CEO. "The area under our control will be expanded to 31 square kilometers (7,660 acres), and the new concessions contain untested silver anomalies that appear to reflect direct extensions of the main mineralized zones at Niñobamba. In Peru and elsewhere, the "high sulfidation" style of gold-silver mineralization as represented at Niñobamba has produced world class precious metals deposits." Previous exploration in the new concessions identified a number of gold-copper, gold-silver and silver exploration targets, of which only four of the gold-copper targets received limited drilling. Several of the untested silver anomalies appear to be westward extensions of the main mineralized zones at Niñobamba, namely the North, Dilation, Escondida and South Zones. The South Zone, for example, on which trench samples show potential silver ore grades (42 meters grading 4.2 opt silver in Rio Silver's westernmost trench), appears to continue into the new concessions for 1,800 meters as a strong silver anomaly evident in the newly acquired data.
The majority of mining companies closed down this past Friday (September 9th) after concerns were raised about where the interest rates were heading as speculation is they were to head higher according to several reports. Examples of the uncertainty of the interest rates affecting trading were:
First Majestic Silver Corp. (NYSE: AG) closed down over 7% on Friday at $12.31 trading over 7.8 Million shares by the market close. First Majestic Silver engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver projects in Mexico. The company owns and operates six silver producing mines, including the La Encantada Mine, La Parrilla Mine, Del Toro Mine, San Martin Mine, La Guitarra Mine, and Santa Elena Mine.
Silver Wheaton Corp. (NYSE: SLW) closed down over 5% on Friday at $27.31 trading over 6.4 Million shares by the market close. Silver Wheaton operates as a precious metals streaming company worldwide. It has 19 long-term purchase agreements and 1 early deposit long-term purchase agreement associated with silver and gold relating to various 29 mining assets.
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