Economy
BacTech Announces High Grade Silver Results from Telamayu Drilling
By Dipo Olowookere
BacTech Environmental Corporation on Tuesday announced the results of the first 47 samples (35 routines and 12 control samples) from 3 holes drilled on a 60-hole drill program (approximately 600 m in total) at the company’s joint venture Silver-Copper-Tin tailings remediation project at Telamayu, Bolivia.
The purpose of the program is to verify earlier work carried out by BacTech’s partner, Mining Corporation of Bolivia, the Bolivian state mining company, and to provide material for upcoming metallurgical work. Additional results will be released in batches over the next few weeks.
Telamayu is an historic mill town situated next to Atocha, Bolivia. Over the past 80 years, the mill has treated material from 2 local mines (Tasna and Animas).
The tailings from the mill make up the Antigua tailings, the subject of these assays, and the much larger Nuevo tailings.
Previously, COMIBOL engaged individuals to dig test holes on the tailings (five wells of 1.5mx 1.5mx10m) with bulk samples taken every meter as well as channel samples. The test holes showed a tin grade of 0.97% and a silver content of 408 g/t.
Upon completion of the execution of the contract with COMIBOL for the remediation and exploitation of the old tailings of Telamayu, which was subsequently approved by the Bolivian Congress and endorsed by an express law, BacTech had access to documents that COMIBOL’s Environment Department had prepared in 2004-2005. These documents present a proposal for the exploitation of the “old tailings dam of Telamayu”.
Specifically, the documents deal with work to be carried out for the evaluation of the dam’s potential, the technical options for metal extraction, the proposed type of plant to be employed and an estimate of the project’s profitability.
The historical data and grades presented above are relevant to the further exploration of the project, which the Company is currently undertaking with a drill program.
BacTech is conducting a tailing evaluation program with approximately 60 holes to be drilled with the Vibracore system with systematic core sampling meter by meter. At present, 65% of the drilling program has been completed and approximately 600 core samples were sent in for chemical analysis.
The results from the 3 first holes are as follows (weighted average, uncut):
Hole ID X Y Z From To Width, m Gold, g/t Silver, g/t Tin, % Copper Soluble, % Copper Total, %
G5X 788 769 7 681 660 3 671 0,00 12,20 12,20 0,12 396,10 1,55 0,97 1,69
H5 788 774 7 681 687 3 671 0,50 12,10 11,60 0,26 504,87 1,56 0,87 1,75
F6 788 775 7 681 642 3 671 0,50 11,90 11,40 0,28 260,11 2,55 0,16 0,29
Admittedly, only 8% of the material has been assayed to date, but these values have exceeded our expectations.
Samples consist of half NQ-size diamond core that are split on site, prepared at the Spectrolab laboratory, an ISO accredited laboratory at the Technical University of Oruro, Bolivia and assayed for gold, silver, tin and copper by fire assay for silver and by Atomic absorption or total fusion for the base metals.
The QA-QC program of the Company includes insertion of certified standards every 20 samples, blanks at least every 20 samples and core duplicates every 20 samples. The remaining half core is retained onsite for verification and reference purposes.
The sampling results from this drill program will be the underpinning of a resource estimation following the guidelines established by Canadian National Instrument 43-101 reporting. Once the drilling program has been completed, the Company will immediately begin metallurgical test work to determine the appropriate method for metal recovery. A complete NI 43-101 Preliminary Economic Assessment (“PEA”) will then be completed.
“It was a bit tricky in the beginning of the drill program as we discovered a cement-like layer up to 1 meter thick that the Vibracore had a hard time getting through. Alterations were made to the program and, at the time of writing, we are in the final stages of the program,” said Ross Orr, President and CEO of BacTech.
Kamil Khobzi, an engineer and Qualified Person under NI 43-101, who has visited the property, has read and approved this release.
Finally, the Company also announced that it has closed a CAD$30,000 tranche of the current financing. The financing is a 5-cent unit consisting of 1 common share of the Company and 1/2 (one half) of a common share purchase warrant. One full warrant plus 10 cents buys an additional common share for 2 years from the closing of this tranche.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
A marginal 0.05 per cent loss was recorded by Customs Street on Monday, as sell-offs by market participants remained.
This was driven by the desire of investors to book profits, having witnessed a significant price appreciation on the stocks in their portfolios.
Yesterday, bargain-hunting in the banking space, which resulted in the sector closing 0.17 per cent higher, could not prevent the Nigerian Exchange (NGX) Limited from going down.
Data showed that the consumer goods segment lost 0.26 per cent, the insurance counter depreciated by 0.20 per cent, the industrial goods index shed 0.09 per cent, and the energy industry retreated by 0.03 per cent.
As a result, the All-Share Index (ASI) eased by 126.09 points to 250,204.83 points from 250,330.92 points, and the market capitalisation contracted by N81 billion to N160.363 trillion from N160.444 trillion.
NCR Nigeria and Zichis declined by 9.99 per cent each to sell for N161.20 and N26.49, respectively, Industrial and Medical Gases shrank by 9.93 per cent to N38.10, Sovereign Trust Insurance depreciated by 9.86 per cent to N2.65, and DAAR Communications slipped by 9.78 per cent to N2.03.
On the flip side, Oando gained 10.00 per cent to finish at N51.70, University Press also rose by 10.00 per cent to N5.50, Deap Capital soared by 9.96 per cent to N5.96, May and Baker expanded by 9.94 per cent to N52.00, and Trans-Nationwide Express grew by 9.92 per cent to N7.76.
Yesterday, 800.5 million equities worth N37.1 billion exchanged hands in 87,096 deals compared with the 1.1 billion equities valued at N44.3 billion traded in 65,744 deals last Friday. This showed that the number of deals went up by 32.48 per cent, while the trading volume and value went down by 27.23 per cent and 16.25 per cent, respectively.
The most active stock on the first trading session of this week was UBA with a turnover of 65.0 million units worth N2.8 billion, Fidelity Bank traded 57.3 million units for N1.3 billion, Access Holdings sold 42.3 million units valued at N1.1 billion, DAAR Communications exchanged 36.7 million units for N81.8 million, and Secure Electronic Technology transacted 36.6 million units worth N33.0 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn