Connect with us


Denarius Metals Announces Final Drill Results from Completed Phase 2 In-Fill Drilling at Its Polymetallic Lomero Project in Spain, Including 10.25 Meters Grading 0.27% Copper, 4.79% Lead, 9.82% Zinc, 161 g/t Ag and 6.82 g/t Au



Toronto, Ontario–(Newsfile Corp. – May 29, 2023) – Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (“Denarius Metals” or “the Company”) announced today that it has received the final assays for 42 drill holes, mainly in-fill holes, totaling approximately 13,225 meters, from the Phase 2 surface validation and in-fill drilling program on its polymetallic Lomero Project in southern Spain. To date, Denarius Metals has completed approximately 41,850 meters of drilling in 128 drill holes, including twinning of historical drill holes. The in-fill phase, totaling 23,920 meters and representing 57% of the total drilling program, is now complete. A final 4,000 meters validation drilling campaign, designed to finish verifying the high-grade underground drill holes drilled in the 1980s by Indumetal/Billiton, is in progress. The full drilling results will be incorporated into the geological model and will be integrated in the Mineral Resource Estimate (“MRE”) update to be completed in conjunction with a preliminary economic assessment (“PEA”) in the second half of 2023.

Key takeaways from the exploration work carried out at the Lomero Project to date include:

  • Phase 2 validation and in-fill drill holes completed on the central part of the deposit have mostly intersected significant copper mineralization in massive sulphides, showing better grades than the Cu average grade of the current MRE, ranging from 0.6% up to 1.86% over intervals up to 15.70 meters thick;

  • Phase 2 in-fill drill holes completed on the eastern part of the deposit have intersected significant zinc and lead mineralization showing much better grades than the Zn and Pb average grades of the current MRE, ranging for Zn from 1.08% up to 11.01% over intervals up to 6.65 meters thick, and for Pb from 1.55% to 5.05% over intervals up to 6.65 meters thick. In-fill drilling has also, confirmed high zinc and gold grades over widths that widen to depth at the westernmost end of the permit. Zinc and lead mineralization is hosted primarily in the massive sulphide domain and, to a lesser extent, in the semi-massive sulphide domain;

  • Validation by directional drilling of the underground drilling program completed in the 1980s by Indumetal/Billiton in short < 60 m horizontal holes from underground stations was successful in returning exceptional high grades from the polymetallic mineralization hosted in the lower part of the historical mine, with drill hole LPDV002 intersecting 10.25 meters grading 0.27% copper, 4.79% lead, 9.82% zinc, 161 g/t Ag and 6.82 g/t Au;

  • A PEA-level metallurgical testwork program commenced in April 2023 at Grinding Solution UK’s facilities. The testwork will be completed using two separate composites, one semi-massive sulphide and one massive sulphide, with samples collected from drill cores produced during the Company’s Phase 1 and Phase 2 drill campaigns.

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, “We are encouraged by the Phase 2 drill assays validating the lateral and horizontal continuity of the massive sulphide and semi-massive sulphide mineralized lenses and confirming the presence of higher-grade mineralized zones within the broader resource envelope. In addition, the initial drill assays from the validation drilling program in process are very promising and could potentially increase the grades in the current geological model. For the balance of 2023, activities at the Lomero Project will be focused on completion of the PEA, additional engineering studies to support the future development of the project and execution of the planned greenfield exploration program. The greenfield exploration program comprises 6,000 m of drilling aimed at increasing the tonnage of the MRE update based on Phase 1 and Phase 2 drilling, targeting the Las Merinas and Alianza areas located along two main shear zones discovered in 2022 by field mapping, located to the south and to the north of the shear zone that hosts the Lomero-Poyatos deposit and both of which are E-W trending.”

The Phase 2 surface validation and in-fill drilling program commenced in October 2022 and was completed in February 2023. It was designed to validate some selected historical in-fill holes drilled by Corporacion de Recursos Iberia (CRI) in 2013 within the central sector of the existing mine and then conduct 50×50 m in-fill drilling to confirm the continuity of widths and grades within the massive sulphide and semi-massive sulphide lenses to upgrade the Inferred MRE to the Indicated category. Extension drilling was also carried out in 3 holes totaling 1,815 meters aimed at testing the combined TEM and gravity anomalies that occur down-dip of the main shear-zone hosting the Lomero-Poyatos deposit.

Key Highlights

  • Validation and in-fill drill holes completed on the central part of the deposit mostly showed cupriferous mineralization with maximum intersection grades of 1.86% Cu, 21 g/t Ag and 2.85 g/t Au over 6.70 meters (LM22091), 1.23% Cu, 7 g/t Ag and 1.67 g/t Au over 15.70 meters, including 1.65 meter at 1.86% Cu, 15 g/t Ag and 0.61 g/t Au (LM22085), and 1.43% Cu, 16 g/t Ag and 1.34 g/t Au over 6.30 meters (LM22084).

  • In-fill drill holes completed on the eastern part of the deposit mostly showed significant zinc and lead mineralization with maximum intersection grades of 6.12% Pb, 11.01% Zn, 95 g/t Ag and 4.01 g/t Au over 2.50 meters (LM22110), 3.43% Pb, 7.54% Zn, 88 g/t Ag and 5.30 g/t Au over 2.30 meters (LM22113), and 3.68% Pb, 3.56% Zn, 127 g/t Ag and 5.62 g/t Au over 1.70 meters (LM22116). Drill hole LM23103 confirms high zinc and gold grades at depth at the westernmost end of the permit, returning 0.32% Cu, 0.95% Pb, 2.04% Zn, 37 g/t Ag and 3.79 g/t Au over 6.65 meters, including 2.15 meters at 0.40% Cu, 1.29% Pb, 2.66% Zn, 52 g/t Ag and 5.09 g/t Au, demonstrating that the deposit remains open to the west.

  • Validation by directional drilling of the underground drilling program completed in the 1980’s by Indumetal/Billiton using a series of short < 60 m horizontal holes from underground stations was successful in confirming the high-grade polymetallic mineralization present in the lower part of the historical mine, with drill hole LPDV002 intersecting 10.25 meters grading 0.27% Cu, 4.79% Pb, 9.82% Zn, 161 g/t Ag and 6.82 g/t Au. Polymetallic mineralization is entirely hosted in the massive sulphide domain. Although, the same validation program failed to confirm the unusually wide historical intersections, in consensus with SRK Consulting (U.S.), Inc., the decision was made to continue the program by conventional inclined diamond drilling to speed up drilling, targeting key intersections from the historical program.

  • Extension drill hole LM22115, designed to test the combined TEM and gravity anomalies that occur well below the in-fill drilling carried out so far, intersected a wide zone of thin, dense veinlets, hosted by a much wider stockwork interval, showing trace chalcopyrite and coarse pyrite mineralization filling black chlorite-altered schistosity planes, returning low-grade Au mineralization of 16.10 meters at 0.13 g/t Au. This intercept is interpreted to be of a vertically extensive stringer feeder below the massive sulphide and semi-massive sulphide lenses. Drill holes LM22121 and LM22122 didn’t return any significant Au values.

  • The ongoing metallurgical test work program is testing two separate composites, one semi-massive and one massive sulphide, aimed at optimizing the base metal floatation on representative composites with the average deposit grade. The test work is expected to be completed by mid- 2023.

The following table lists the key intercepts from the Phase 2 validation and in-fill drilling program since the issuance of the current MRE with an effective date of July 19, 2022:

Hole ID Phase From
LM22081 Infill 201.00 202.00 1.00 0.97 0.12 0.04 6 2.15 2.66 MS
LM22082 Infill 215.80 223.85 8.05 1.19 0.23 0.34 20 1.02 2.30 MS
LM22083 Infill 206.50 211.00 4.50 0.60 0.06 0.08 4 0.43 1.00 MS
LM22084 Infill 161.25 162.70 1.45 0.30 0.09 0.11 22 3.64 3.27 MS
169.00 175.30 6.30 1.43 0.44 0.47 16 1.34 2.83 MS
LM22085 Infill 222.95 238.65 15.70 1.23 0.07 0.05 7 1.55 2.48 MS
246.45 248.10 1.65 1.86 0.15 0.17 15 0.61 2.55 MS
LM22086 Infill 224.25 226.50 2.25 0.27 0.65 0.10 33 3.93 3.70 MS
226.50 231.50 5.00 mine void fill
240.70 243.10 2.40 0.46 0.26 0.74 10 1.02 1.59 MS
LM22087 Infill 192.90 198.10 5.20 0.62 0.50 0.24 34 3.22 3.54 MS
198.10 201.30 3.20 mine void fill
201.30 204.20 2.90 0.75 0.06 0.21 4 0.33 1.11 MS
LM22088 Infill 214.70 216.70 2.00 1.26 0.18 0.06 22 0.84 2.17 MS-SM
222.10 228.30 6.20 0.71 0.41 0.40 15 1.68 2.32 SM-MS
228.30 234.80 6.50 mine void
LM22089 Infill 255.55 274.50 18.95 0.50 0.42 0.78 20 2.38 2.79 MS-SH
including 259.25 265.75 6.50 0.67 1.13 2.06 48 5.03 5.75 MS
LM22089 283.70 287.50 3.80 0.51 0.32 0.65 9 0.53 1.45 MS
LM22090 Infill 201.30 203.30 2.00 0.44 0.05 0.04 13 0.94 1.29 MS
209.00 211.50 2.50 0.28 0.82 0.59 102 3.81 4.52 MS
211.50 213.80 2.30 mine void
LM22091 Infill 236.10 249.10 13.00 1.20 0.07 0.06 12 1.61 2.55 MS
including 236.10 242.80 6.70 1.86 0.10 0.03 21 2.85 4.22 MS
LM22093 Infill 270.90 282.70 11.80 0.43 0.54 0.40 22 2.24 2.58 MS-SM
including 270.90 276.65 5.75 0.65 0.85 0.27 36 3.80 4.12 MS-SM
LM22095 Infill 279.15 289.30 10.15 0.64 0.47 0.97 29 3.34 3.80 MS-SH
LM22096 Infill 274.40 281.80 7.40 0.56 0.63 2.06 31 3.59 4.28 MS-SM
LM22097 Infill 222.60 225.85 3.25 0.15 0.88 1.63 25 0.54 1.49 SM
LM22098 Infill 34.75 36.60 1.85 0.67 0.21 0.17 14 1.12 1.74 SH
LM22099 Infill 205.90 207.40 1.50 mine void
207.40 209.30 1.90 0.48 0.33 0.75 14 2.41 2.72 MS
LM22100* Infill 75.30 78.30 3.00 0.12 0.18 0.23 9 1.24 1.03 SM-LH
78.30 81.20 2.90 mine void
LM22103 Infill 249.55 256.20 6.65 0.32 0.95 2.04 37 3.79 4.32 MS
including 249.55 251.70 2.15 0.40 1.29 2.66 52 5.09 5.77 MS
LM22104 Infill 309.20 310.80 1.60 0.05 0.36 0.57 13 0.84 1.06 STKW
LM22105 Infill 343.70 345.70 2.00 0.63 0.23 0.64 9 0.56 1.38 MS
LM22109 Infill 162.15 168.80 6.65 1.55 1.55 1.08 49 2.83 4.84 MS
LM22110 Infill 158.80 159.60 0.80 0.61 5.05 10.15 104 2.72 7.83 SH
Infill 166.30 168.80 2.50 0.26 6.12 11.01 95 4.01 8.86 MS
LM22112 Infill 173.10 175.00 1.90 0.23 0.50 2.01 14 2.41 2.84 MS-DISS
LM22113 Infill 108.90 111.20 2.30 0.28 3.43 7.54 88 5.30 8.10 MS
LM22116 Infill 62.10 66.20 4.10 0.16 1.62 1.54 59 3.04 3.86 SH-MS
including 64.50 66.20 1.70 0.29 3.68 3.56 127 5.62 7.69 MS
LM22119 Infill 263.00 264.00 1.00 0.56 0.15 0.84 12 0.73 1.50 SM
LM22120 Infill 221.45 225.90 4.45 0.30 1.20 1.69 58 5.58 5.80 MS
238.30 240.30 2.00 0.14 2.26 3.63 18 0.15 2.03 STKW
LPDV002 Validation 276.30 286.55 10.25 0.27 4.79 9.82 161 6.82 10.96 MS
including 277.30 281.90 4.60 0.32 4.61 9.25 176 9.66 13.04 MS



(1) The holes were drilled at -45 to -80 degrees from the horizontal. Grades are for semi-massive sulphide to massive sulfide intersections and some stockwork and shear zones. Sample interval grades over CuEq >1% are reported. The width is the sample length and is not necessarily the true width of the intersection. All base and precious metal grades are uncut and are not diluted to a minimum mining width.

(2) The following holes returned intervals grading <1% CuEq and so are not listed in the table: LM22092, LM22094, LM22101, LM22102, LM22106, LM22107; LM22108, LM22111, LM22114, LM22115, LM22117, LM22118, LM22121 and LPDV003.

(3) Equivalent copper grade (CuEq%) was calculated using prices of US$1,800/oz gold, US$25/oz silver, US$3.55/lb copper, US$1.00/lb zinc and US$0.90/lb lead. No adjustments were made for recovery as the project is at an exploration stage and metallurgical data to allow for estimation of recoveries is not yet available.

(4) MS: massive sulfides; SM: semi-massive sulfides; STKW: stockwork; DISS: disseminated; SH: shear-zone.

(5) LM22100 partial reassays by ALS are pending (see QAQC below).

Please refer to the attached illustrative images (Attachments 1 to 7) showing (i) the location of drill holes, (ii) the location of the best copper, lead and zinc drill holes and (iii) five cross sections for drill holes LM22084, LM22088, LM22120, LPDV002, LM22115.

Qualified Persons Review

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Lomero-Poyatos samples were prepared by ALS Labs (ISO/IEC 17025:2017 and ISO 9001:2015) at their facilities in Seville, Spain and assayed in Clonmel, Ireland. Gold was assayed by 30 g fire assay with AAS finish, while silver and base metals were analyzed in a multi element analysis of base metal ores and mill products by strong oxidizing digestion and ICP-AES finish. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

As part of its Quality Assurance and Quality Control procedures, Denarius Metals sent 331 pulps and coarse rejects at the end of Phase 2 of drilling to ALS Labs for umpire analysis to check the results from the primary laboratory, AGQ. The results from ALS showed excellent correlation for all elements for Phase 1 drilling. However, certain deviations were observed for the Phase 2 drilling results, in particular for gold fire assay and lead. Following a thorough review of internal laboratory QA/QC procedures, and confirmation assays received from a third laboratory, SGS in Huelva, Spain, the Company decided to send 100% of sample pulps from the massive and semi massive sulphide zones, plus 50% of the stockwork zones, from the Phase 2 drilling to ALS for check assays. In addition, 20% of massive sulphide samples, 10% of semi-massive sulphide samples, and 5% of stockwork samples from Phase 1 of drilling were sent to ALS for check assays. A total of 514 samples were sent to ALS for check assays.

The check assays received from ALS confirmed that Phase 1 results, as reported by the Company, are reliable. However, the check assays confirmed that there is a bias in the Phase 2 assays of the primary laboratory for gold and lead. Therefore, the AGQ results for Phase 2 were discarded and it was decided only to use results from ALS for Phase 2 drilling. The remainder of the Phase 2 stockwork zone samples are currently being reassayed by ALS for completeness. This affects one significant intersection in hole LM22100 which is reported in the table above as pending reassay results. However, given the low-grade nature of the stockwork mineralization, it is not anticipated the results will demonstrate any material differences. In addition, ALS has been designated as the primary laboratory for all future assays.

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company’s 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.

Additional information on Denarius Metals can be found on its website at

Attachment 2 – Location of drill holes showing Cu and Pb/Zn enrichment of the deposit.

To view an enhanced version of this graphic, please visit:

Attachment 4 – Cross section for drill holes LPDV002 and LM22120 showing high Pb/Zn grades associated to high Au grades.

To view an enhanced version of this graphic, please visit:

Attachment 6 – Cross section for drill hole LPDV002 validating Indumetal/Billiton drill hole L5W2 exceptional high grades.

To view an enhanced version of this graphic, please visit:

To view the source version of this press release, please visit


Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares




In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.

This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)

Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.

Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”

The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.

Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.

Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.

With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.

Continue Reading


VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award




VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.

The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.

VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.

This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.

The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:

  • Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
  • Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
  • Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
  • Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
  • Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.


Continue Reading


Nagad’s Digital Bank on cards, Sadaf to lead the side




Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.

Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.

The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.

The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.

Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.

“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”

Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.

Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.

“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.

To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.

As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.

SOURCE Nagad Limited

Continue Reading