Exploration and Mining
Noble Metals signed an agreement on January 31, 2012 covering 105,975 hectares surrounding the town of Novita. The town is located in Choco Department, Western Colombia—approximately 85 kilometres south of Quibdo, the capital of Choco, and 200 kilometres southwest of the city of Medellin. The project lies approximately 80 kilometres east of the Pacific Ocean.
The lands under agreement belong to the Novita Higher Community Council (“the Novita Council”), who hold preferential rights on mining concessions here, under the Colombian constitution. Local miners here produce exceptional amounts of gold and platinum from small-scale workings—production from Novita, Condoto, Tado and Sipi municipalities totalled 15,317 ounces platinum and 278,702 ounces gold in the fiscal year 2011 (www.upme.gov.co).
Noble Metals is now exclusively exploring this area under a royalty arrangement with the Novita Council.
The company’s primary operations are currently based at the town of Novita. Noble Metals has installed modern processing equipment including Knelson concentrators and Gemini tables, aimed at 1) quantifying production and recovery rates here, and 2) significantly increasing recoveries of platinum and gold.
The source of the widespread platinum and gold deposits in the Novita area has never been discovered. Noble Metals is conducting regional exploration to locate high-grade deposits within the 105,975 hectares under agreement. In 1897, mining engineer and adventurer Robert White described such deposits in the Novita area. He reported that grades for surface conglomerates averaged “1 oz per ton, of which half was gold and half platinum” (Engineering & Mining Journal; February 20, 1897).
The company’s regional exploration is focused on identifying high grade alluvial deposits and working to locate the source of this mineralization, above areas of local alluvial mining.