-Corporate Overview:
Glen Eagle has 94 million shares outstanding as of Novembre 27, 2020. Approximately 45 million shares or 48% of all outstanding shares are owned by fewer than 10 people distributed between Management, Insiders and Partners.
Glen Eagle’s current president, Jean Labrecque was appointed 13 years ago. Under his tenure, less than 82 million shares were issued while the company was making major acquisitions in a very difficult environment for the mining industry.
-Highlights:
-Gold processing plant in Honduras:
Acquisition, construction and expansion of a gold processing plant, 100% owned by Glen Eagle through its subsidiary Cobra Oro de Honduras. Cobra Oro de Honduras has been a gold producer for the last 2 years; Has reached commercial production in April 2017; An important plant expansion was completed in February 2018.
The plant operates in a free zone adjacent to the Chamber of Commerce building, Pepsi's bottling plant and the Pan American Highway.
Current crushing and milling capacity stands at 225 tonnes per day while leaching is still limited for the time being at 120 tonnes per day. The company has ordered recently additional equipment to increase by next summer (2019) its leaching capacity to meet crushing and milling throughput.
:
-La Cobra property:
Acquisition in May 2017 of La Cobra, one of the most sought after concession in Honduras.
-Moose Lake Phosphate Project:
The main phosphate-bearing body on Moose Lake was estimated initially to be 1.5 kilometer long by 250 meters wide which was reconfirmed with a greater degree of certainty by the latest drilling campaign (3300 meters) conducted in early 2015.
The company will prepare another drilling program on the property to add more mineral resources and have a NI 43-101 report when the market becomes more favorable to the sector.
-PEA Study on Authier Lithium Project:
Sold in 2016 for $4 000 000 in cash.
-The Piedra Dorada and La Moloncasa properties:
Are located approximately 164 km south of the capital city of Tegucigalpa in Honduras. The properties are located 17 km to the east of Choluteca where Glen Eagle operates a 100/150 tons per day gold mill.
The properties are underlain by volcanic rocks. They are located close to the Gold Trend and the Guayape Fault Suture (GPS). The GPS is an important feature related to the San Albino Mine Development Project of Mako Gold with 43-101 compliant gold resource of nearly 1 M oz. of gold. The former El Limon Mine and El Dorado Mine are known to contain respectively 1.8 et 1.0 M oz. of gold (from literature, non 43-101 compliant)
The properties are located within a Gold Trend that follows the volcano belt of Central America and can be seen crossing southern Honduras along Glen Eagle’s concessions. This Gold Trend encompasses many of the larger gold mines in Central America which can be seen on the company’s website. These gold mines were formed at the time or shortly after the Island Arc type of volcanic activity, that is an important factor in the formation of epithermal gold deposits.
Piedra Dorada and La Moloncasa properties: cover an area of respectively 1,000 ha and 400 ha. A lot of artisanal mining is taking place in the area. Some miners are bringing their ore to the Company’s mill and grades vary from 2 g/t to 10 g/t Au. Local geologists have followed a gold bearing structure on the Piedra Dorada property for a total of 4 kilometers. The eastern branch of the gold structure is oriented east-west, which is consistent with the Clavo Rico gold deposit (0.4M oz).
The Piedra Dorada and La Moloncasa properties are located approximately 164 km south of the capital city of Tegucigalpa in Honduras. The properties are located 17 km to the east of Choluteca where Glen Eagle operates a 100/150 tons per day gold mill.
The Piedra Dorada and La Moloncasa properties cover an area of respectively 1,000 ha and 400 ha. A lot of artisanal mining is taking place in the area. Some miners are bringing their ore to the Company’s mill and grades vary from 2 g/t to 10 g/t Au. Local geologists have followed a gold bearing structure on the Piedra Dorada property for a total of 4 kilometers. The eastern branch of the gold structure is oriented east-west, which is consistent with the Clavo Rico gold deposit (0.4M oz).
Glen Eagle is proud of being in Honduras, a country known for having vast untapped resources. Cobra Oro's gold processing plant is located in Choluteca, one of the fastest growth area in Honduras, known for its work force and safe environment. Honduras is also known for its "El Mochito" mine which has been in non-stop operation for the last 50 years until today. Two more mines in different parts of the country have also been in operation for the last 15 years. No mining concessions have ever been confiscated in the country's entire history. The new mining law, effective in 2016, was another step taken by the Government of Honduras to further protect mining investments in the country.
To have succeeded in doing all of the above with less than 70 million shares issued over the last 13 years is evidence that the corporate strategy behind Glen Eagle has been protective to its shareholders in terms of assets, common shares, dilution and spending.
Glen Eagle Resources Inc. is traded on the OTC under the ticker symbol GERFF. This is not investment advice. Please view the disclaimer found on this website.
