By Jorge Cirett                                             

During the 17^th week of the year (April 22^nd to April 28^th,2024), companies working in Mexico posted at least 29 press releases. Four companies released exploration results in their properties, while seven companies released production results for Q1 2024/full-year 2023. four companies announced financing rounds for almost C$20 M, one granted stock options, one more received a US$47 K loan and another contracted promotion services. One company informed on development advance at a new mine, and one other terminated a mining services contractor. Two companies announced movements on their boards and one more the ratification of its board members. One company informed on the increase of the share position of one of its largest investors. One company modified lease terms on a processing plant, and one more on the merger of a subsidiary to obtain properties. ON MEXICO ISSUES, Mexico won the first trinational labor panel, by discarding the claims by Napoleon Gomez Urrutia Union on the San Martin mine in Zacatecas. A competing Union stated these claims were just to cover for the disappearance 17 years ago of US$55 M. Camimex informed the mining industry occupies only 0.27% of the concessioned water permits in Mexico. ON EXPLORATION, In Sonora, Regency Silver informed on 2023 top gold intercepts at Dios Padre; Minaurum Gold informed on the recognition of zinc rich carbonate replacement mineralization at Alamos Silver. In Chihuahua, Atacama Copper reported results from drilling at Cristina; Quetzal Copper released surface exploration results from Cristinas (formerly Las Cristinas). ON MINING, Gold Royalty, Orogen Royalties, Luca Mining, Mag Silver, Alamos Gold Newmont and Agnico Eagle presented financial/production results for 2023/Q1 2024. ON FINANCING, Silver Storm retained the services of two companies for promotion and granted incentives to director officers and employees, Galore Resources entered into an arm’s length loan of US$47 K. Guanajuato Silver Co. granted options to a director and announced a LIFE financing for C$6-C$8.6 M. Tocavan Ventures closed a financing for $2.1 M. Vortex Metals closed a private placement for $1.74 M. Kootenay Silver completed its offering raising C$10.35 M. ON RESOURCES AND DEVELOPMENT, Endeavour Silver announced development at its Terronera project in Jalisco surpassed the 50% mark. Galore Resources terminated the exploitation agreement on the Duraznillo project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Gold Royalty and Guanajuato Silver Company announced changes on their boards. Orogen Royalties announced Altius Minerals increased its ownership in Orogen to 18.1%. Xali Gold granted a modification to the deal terms on the leasing of its SDA mill in Nayarit. Minera Alamos announced the merger of a subsidiary to gain interest on three properties in Sonora, two of which hold historic copper resources. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

• Mexico won the first tri-national panel of the T-MEC, as the fast response labor panel resolved against the retroactivity of the treatise on the San Martin mine case, whose arguments dated back 17 years.
• Carlos Pavón, general secretary of the Sindicato (Union) Minero Metalúrgico “Frente” stated that the labor demand by the US by the Sindicato Minero led by Napoleón Gómez Urrutia is in reality trying to cover up for the disappearance of US$55 M owned by the workers and that were not delivered 17 years ago.
• Camimex (Cámara Minera de México) informed that 5% of the water use is concessioned to Industrial sectors in Mexico, and only 0.27% to the Mining Industry.

ON EXPLORATION

• Atacama Copper Corp. reported the results from the first five holes (1,347 m) of a 10,000 m diamond drilling program at its Cristina project in Chihuahua.  Highlighted true widths intercepts of the Central portion of the main Guadalupe vein system comprise 7.8 m @ 1.55 gpt Au, 528 gpt Ag, 2.4% Zn, 0.5% Pb, 0.19% Cu (including 3.6 m @ 2.45 gpt Au, 1,041 gpt Ag, 4.0% Zn, 0.9% Pb, 0.34% Cu); 29.0 m @ 0.57 gpt Au, 90 gpt Ag, 0.2% Zn, 0.1% Pb (including 2.2 m @ 1.86 gpt Au, 523 gpt Ag, 0.2% Zn, 0.3% Pb, 0.05% Cu); 15.5 m @ 0.55 gpt Au, 13 gpt Ag, 0.5% Zn, 0.2% Pb (including 0.9 m @ 3.78 gpt Au, 19 gpt Ag, 0.1% Zn); 21.5 m @ 1.12 gpt Au, 22 gpt Ag, 0.7% Zn, 0.1% Pb (including 1.6 m @ 9.05 gpt Au, 23 gpt Ag, 1.7% Zn, 0.1% Pb, 0.10% Cu); 8.0 m @ 0.42 gpt Au, 19 gpt Ag, 0.8% Zn, 0.1% Pb. “The Cristina project consists of multiple outcropping quartz veins that are frequently greater than 10 metres in width and extend for at least a five-kilometre strike length. Four parallel mineralized vein zones have been mapped and sampled to date, with most of the existing mineral resource estimate at Cristina contained within the Guadalupe vein”.
• Regency Silver Corp. informed drilling on its Dios Padre project in Sonora was within the top intercepts in Mexico in two quarters in 2023, according to publisher Gambusino Prospector. In Q4 2023, Regency Silver reported the fifth top intercept, with 54.65 m @ 5.34 gpt Au, the sixth top intercept on Q2 2023 with 35.9 m @ 5.51 gpt Au and the sixth top intercept on Q4 2022 with the discovery hole that returned 53.80 m @ 4.70 gpt Au.
• Quetzal Copper Corp. released the results of the due diligence surface rock sampling and geophysical survey at 685 ha Cristinas project, in Chihuahua. Only four of 18 samples returned less than 1% Cu, with 374 gpt Ag and 0.28% Co peaks. On the historical mine area sampling returned 3.8 m true width grading 2.42% Cu, 162 gpt Ag. A fixed loop electromagnetic survey completed in 2022 revealed a conductor that aligns with the down-dip projection of historic shallow drill holes that intercepted true widths of up to 4.3 m @ 3.2% Cu; 3.7 m @ 3.0% Cu.
• Minaurum Gold Inc. reported the discovery of carbonate-replacement (CRD)/skarn mineralization associated with the Promontorio and Promontorio Sur epithermal Ag-Zn-Pb-Cu-Au veins at its Alamos Silver project in Sonora. Relogging of existing drill core outlined a continuous 2.4 km long zone of Zn rich mineralization in recrystallized limestone beneath high-grade veins. This mineralization style was not targeted but cut at the bottom of several holes that returned core lengths of 4.85 m @ 3.2% Zn, 1.0% Pb; 3.3 m @ 2.3% Zn, 0.8% Pb; 3.9 m @ 5.0% Zn, 1.9% Pb; 1.5 m @ 1.9% Zn, 0.9% Pb; 7.75 m @ 2.2% Zn, 0.6% Pb.

ON MINING

• Gold Royalty Corp. recorded consolidated revenue, land agreement proceeds and interest of $4.2 M in Q1 2024, without disclosing amounts by royalty source (Royalty on Cozamin, Zacatecas).
• Orogen Royalties Inc. reported revenue and after-tax profit for 2023, with a royalty revenue of $5.95 M with 2,243 attributable AuEq ounces generated from its 2% NSR on First Majestic’s Ermitaño mine in Sonora. Net income was $1.82 M for the year.
• Luca Mining Corp. reported Q1 2024 production of 14,148 Oz AuEq at its Tahuehueto and Campo Morado mines in Durango and Guerrero, respectively. At Tahuehueto the mine is ramping up towards its 1,000 tpd capacity, processing 33.3 K tonnes in Q1 2024, including 703 tpd and 14,000 tonnes in March. Commercial production is expected to be reached on H2 2024. At Campo Morado 125.1 K tonnes were processed to produce 748 tonnes Cu, 2,600 tonnes Zn, 410 tonnes Pb, 1,929 Oz Au, 180.1 K Oz Ag (10,491 Oz AuEq). Campo Morado is under an optimization program aimed to produce three higher grade separate (Cu, Zn, Pb) higher value concentrates in H2 2024. “In Q1, improvements to ore blending, reagent dosing and equipment refurbishments have had a positive impact to operating results” with improvements in recoveries and bulk concentrate grades.
• Mag Silver Corp. released Q1 2024 production from Juanicipio (56% Fresnillo plc, 44% Mag Silver) in Zacatecas. Juanicipio processed 325.7 K tonnes at a rate of 3,980 tpd grading 476 gpt Ag, 1.32 gpt Au, 1.35% Pb, 2.49% Zn, to produce 4.44 M Oz Ag, 9,927 Oz Au, 8.7 M Lb Pb, 14.6 M Lb Zn.
• Alamos Gold Inc. reported first quarter 2024 production results, including some figures from its Mexican operations. At the Mulatos District in Sonora, 62,200 Oz Au were produced at $840 cash cost per Oz Au and a mine site AISC of $905 per Oz Au. At the La Yaqui Grande open pit 0.99 M tonnes of ore were mined and 4.1 M tonnes of waste moved, crushing 10,800 tpd and stacking 0.98 M tonnes a @ 1.31 gpt Au, containing 41,398 Oz Au, producing 50,000 Oz Au with a 120.8% recovery rate. The remaining 12,200 Oz Au were produced by residual leaching from the Mulatos open pit. Reclamation work is underway at Mulatos focused on the closed Cerro Pelon, El Victor and San Carlos pits.
• Newmont Corp. announced Q1 2024 results, including figures from its Mexico operations. At Peñasquito in Zacatecas, 45,000 Oz Au, 288,000 co-product Oz AuEq were produced during the period at cash cost $853 per Oz Au and an AISC of $1,102 per Oz AuEq. Production guidance for Peñasquito in 2024 is 250,000 Oz Au, 34 M Oz Ag, 95 K tonnes Pb, 245 K tonnes Zn.
• Agnico Eagle Mines Ltd. reported financial and operating results for Q1 2024, including figures from its operations in Mexico. In January 2024 the MIA-R (Environmental Impact Assessment) application for the San Nicolás project in Zacatecas was submitted and “continued engagement with government and stakeholders in support of permit review”. Plans are to initiate detailed engineering in the first half of 2025. At Pinos altos, in Chihuahua, 426 K tonnes were milled during the period at a rate of 4,681 tpd, grading 1.89 gpt Au, to produce 24,725 Oz Au at cash cost of $1,348 per Oz Au. At La India, in Sonora, 10,582 Oz Au were produced on residual leaching, at cash cost $1,453 per Oz Au.

ON FINANCING

• Silver Storm Mining Ltd. informed that in order to increase investor awareness and trading liquidity, has retained the services of 121 Group (HK) Ltd. and CEO.ca Technologies Ltd. The company also granted 12.8 M incentive stock options to director officers and employees of the company (La Parrilla, Durango).
• Galore Resources Inc. entered into loan agreements with two dedicated arm’s length shareholders of Galore for US$47 K, at an interest rate of 19% per annum, due for repayment on April 25, 2025. As consideration for providing the loans, 259 K shares were issued at $0.05 per share, subject to TSX approval (Duraznillo, Zacatecas).
• Tocvan Ventures Corp. closed the first tranche of its non-brokered private placement for gross proceeds of $2.1 M (Pilar, Sonora).
• Guanajuato Silver Company Ltd. announced a brokered, best-efforts listed issuer financing exemption (LIFE) private placement for minimum gross proceeds of C$6 M and a maximum of up to C$8.6 M. The company also granted 300 K stock options to a director (El Cubo, Guanajuato; Topia, Durango).
• Vortex Metals Inc. closed its non-brokered private placement for aggregate gross proceeds of $1.74 M (Riqueza Marina and Zaachila, Oaxaca).
• Kootenay Silver Inc. completed its upsized public offering for gross proceeds of C$10.35 M (Columba, Chihuahua).

ON RESOURCES AND DEVELOPMENT

• Endeavour Silver Corp. announced development at its Terronera project in Jalisco surpassed the 50% completion mark. Project commitments total $225 M, with more than $158 M spent to date. Over 1,000 m of underground development was completed, for a total of 3,200 m. The report includes advances on the primary crusher, coarse ore stockpile and reclaim tunnel, grinding, flotation tanks, tailings thickener, lower facilities platform and TSF excavation for the TSF embankment, among other subjects. “For Q2 2024, surface construction will continue focusing on mechanical installations and initial electrical work for the crushing, coarse-ore stockpile, grinding, flotation and tailing thickener areas”.
• Galore Resources Inc. sent a notarized termination notice to Oztoc Metals Corporations S. de R.L. de C.V. on their exploitation agreement on the Duraznillo project in Zacatecas. Galore will manage all mining activities going forward at project.

ON DEALS AND CORPORATE ISSUES

• Gold Royalty Corp. announced that Glen Mullan stepped down as a director of the company (Royalty on Cozamin, Zacatecas).
• Guanajuato Silver Company Ltd. announced Miranda Werstiuk joined the company’s board of directors (El Cubo, Guanajuato).
• Orogen Royalties Inc. announced that Altius Minerals Corp. increased its ownership in Orogen. Altius acquired 7.11 M common shares of Orogen through the exercise of warrants at $0.4017, for a total amount of $2.86 M. Altius now holds 36.43 M common shares, or 18.15% of the common shares of the company (Royalty on First Majestic’s Ermitaño, Sonora).
• Xali Gold Corp. granted a temporary modification to the deal terms with Grupo Minero WIYA regarding the San Dieguito de Arriba Plant in Nayarit. WIYA will pay Xali Gold US$45 K within 15 days from the plant restarting, US$30 per ton processed with by-weekly minimum payments of US$30 K and maintain a minimum of 1,500 tons of mineral at the plant with a guaranteed value, to initially operate for 15 days with reasonable profit.
• Minera Alamos Inc. announced the merger between its subsidiary Cobre 4H de Sonora de Mexico and Minera Gold Copper de Sonora S. de R.L. de C.C. “Pursuant to the agreements, share ownership in the Cobre subsidiary will be divided between Minera Alamos (50%) and the existing shareholders of Minera Gold Copper (50%). The combined subsidiary will now own Minera’s Los Verdes and Potreritos copper projects as well as Minera Gold Copper’s Suaqui Verde copper project as well as certain rights to additional surrounding claims associated with the Suaqui Verde copper district”. Suaqui Verde is a porphyry copper project 50 Km of Minera’s Santana gold mine in Sonora, with an historical resource of 50-60 M tonnes @ 0.28-0.3% Cu. Los Verdes and Potreritos are just northeast of the Santana gold mine, with Los Verde hosting an historical resource of 8 M tonnes @ 0.67% Cu, 0.12% Mo.
• Agnico Eagle Mines Ltd. announced that at the annual and special meeting of shareholders held on April 16, 2024, the eleven candidates listed were duly elected as directors of the company San Nicolás, Zacatecas).

ON SOCIAL RESPONSIBILITY

• No Relevant News.

On the image below: Drone view of a copper-stained ridge on a project in the Sonoran Desert. Picture by Jorge Cirett.