Mina Luz (Coal)
AM Resources has a 60% interest in the Mico gold property. The property consists of one concession covering 10.4 hectares and is easily accessible from the village of Barranco de Loba. AM has also filed an application to acquire an additional 6,000 hectares.
The property is located within the Serrania San Lucas, a geological setting well known for its orogenic gold potential and host to a vein-type gold system within volcanic rocks, close to the Norosi batholith. North-northeast striking, steeply dipping decimetre-size veins and veinlet stockwork with grades ranging from 10 to 30 g/t Au have apparently been found in the past. No modern geological work has been performed on the property.
Future work will consist of a ground geophysical survey and drilling. AM will then prepare a mine plan.
Mina Luz (Coal)
AM Resources owns 80% of the Mina Luz property.
The property consists of mining concession No DJU-071 covering 40 hectares. The mining title is valid for a period of 22 years from the date of registration (2002). The property lies southwest of the town of Popayan in the department of Cauca, approximately 150 km to south-southwest of the town of Cali, in the southwestern part of Colombia, municipality of Patia.
The quality of the coal in the area ranges from Bituminous High Volatile C and B to Subbituminous B (medium quality). This type of coal is mainly used to generate electricity in Colombia.
AM Resources has a 60% interest in the Esperanza asphaltite property, which covers 298 hectares. The property lies 70 km north-northwest of the city of Bucaramanga.
AM was prompted to invest in asphaltite projects by strong international demand and Colombia’s 4G program, which provides for the construction of more than 4,400 miles of new roads, 141 tunnels and 1,300 viaducts. The program was endorsed by the new government elected in May 2018.
The Esperanza property has the advantage of having an open pit mining license, which could enable AM to bring it faster to production and at a lesser cost.
Production at La Tigra, Esperanza’s neighbour, is estimated at about 3,000 tons per month.
Rio Negro (Asphaltite)
AM Resources has a 60% interest in the Rio Negro asphaltite property, which covers 97.5 hectares. The property lies 50 km north-northwest of the city of Bucaramanga.
The Rio Negro property area is well known for its asphaltite occurrences. The property has been the subject of limited production.
Future work will consist of a ground geophysical survey to find the best access point for ore extraction and start production.