During the fourth week of February, Orex Minerals reported exciting results from the next five holes at its Sandra Escobar property in Durango, whereas Northair Mines disclosed some rockchip sampling results from its La Cigarra property, and Azure Mining LTD announced the oncoming drilling campaign at its Promontorio property. Great Panther Silver and Goldcorp released resource figures to the end of 2015, while Mag Silver announced a bought deal financing and Marlin Gold a Normal Course Issuer Bid. Santacruz Silver Mining released plans to ramp up production at Veta Grande, while Cyprium Mining Corp is rehabilitating mine workings at the Potosi mine in Chihuahua. HECLA Mining Corp, First Majestic Silver Corp, Golden Minerals Co and Goldcorp Inc presented their financial results for 2015. The cash cost per ounce is not bad for HECLA, First Majestic and Peñasquito from Goldcorp, but in Velardeña and Los Filos it conduced to closure for the Velardeña mine and reserve reduction at Los Filos.
On Exploration. Orex Minerals announced assay results for five more holes (6 of 17 holes released to date) at its Sandra Escobar property in Durango (optioned from Canasil), the results are nothing short of exciting, with intersections like TW 45m @ 218 g/t Ag in hole 2, TW 40.6 m @ 139 g/t Ag in hole 3, TW 39 m @ 91 g/t on hole 4, TW 33.3 m @ 186 g/t Ag in hole 5 and TW 33.5 m @ 328 g/t Ag in hole SA-15-. Not to say that included in these good numbers are higher grade intervals, like the 21.7 m @ 453 g/t Ag in hole 6. Northair Silver Corp announced further rockchip sampling at its La Cigarra property in Chihuahua, with results of up to 125 g/t Ag and 6.9 g/t Au. Azure Mining LTD let know that the Project Promontorio in Chihuahua, in option with Kennecott, will be drilled commencing next month.
On Resources. Great Panther Silver Corp updated the mineral resource estimate at its Guanajuato mine complex, for a total of 1.5 Mt @ 149 g/t Ag and 2.8 g/t Au and a resource of 7.4 M Oz of silver and 138 K Oz of gold. Goldcorp recorded a 3.5% decrease of reserves to 10.17 million gold ounces for Peñasquito, resulting from mining depletion, while at Los Filos, Guerrero, a new study considerably reduced the reserves and life of mine, at a gold price of $1,100 per ounce, although the resource base (all inclusive) changed in a lesser proportion to 539,420,000 tons @ 0.85 g/t Au and 8 g/t Ag, for 14.7 M Oz Au and 139 M Oz Ag.
On Financing. Mag Silver Corp is announcing a US$65 million bought deal financing, intended to fund exploration and development expenditures at its Juanicipio Project in Zacatecas. Marlin Gold Mining LTD announced its intention to buy up to 2 M shares of the company through a Normal Course Issuer Bid (NCIB).
On Mining. Santacruz Silver Mining LTD is aiming to end the first quarter of 2016 with the plant of the Veta Grande vein system in Zacatecas processing 350 ton/day. Cyprium Mining Corp has announced the rehabilitation of the Potosi silver mine, in the historic Santa Eulalia District near Chihuahua. HECLA Mining Co produced 81.6 K Oz Ag and 870 ounces of gold in December 2015, its first month of operations at its San Sebastian mine in Durango, at a cash cost of $ 6.71 per ounce silver, including gold credits. In January the production has stepped up to 288 K Oz Ag and 2.2 K Oz Au, from 10,446 tons milled @ 0.23 Oz/t Au (7.1 g/t Au) and 29.4 Oz/ Ag (914 g/t Ag). Recoveries are above 90% for both metals. First Majestic Silver Corp produced during 2015 11.1 M Oz Ag, or 16.1 M Oz AgEq form its mines, at a cash cost of $8.77 per Ag Oz, and an all sustaining cost of $11.28 per Ag Oz. Its mines include: Santa Elena in Sonora, La Encantada in Coahuila, La Parrilla in Durango, Del Toro and San Martin in Zacatecas and La Guitarra in Mexico State. Golden Minerals Co reported production 0f 327 K Oz Ag and 1,976 Oz Au for 2015, from its Velardeña mine in Durango. The mine was put in care and maintenance on November 2015 due to low metal prices. Goldcorp Inc provided annual financial results for 2015, and an update in reserves. Peñasquito in Zacatecas milled 106,500 tons perd day, with a record production of 806,300 Oz Au for the year at an all-in sustaining cost of $544 per ounce. For Peñasquito the guidance for 2016 is between 520 and 580 K Oz Au, due to lower grades. At Los Filos mine in Guerrero, production for 2015 was 272.9 K Oz Au at an all sustaining cost of $1,488 per ounce.
On development. Almaden Minerals LTD hit 43 m 0f 2.2 g/t Au and 85 g/t Ag in a drillhole through the core of the PEA pit of its Ixtaca property in Puebla. Torex Gold Resources Inc is ramping up operations at its El Limon-Guajes mine in Guerrero, within schedule and within the 800 million budget. Their next goals include declaration of commercial production, the resettlement of El Limon village and the commissioning of the El Limon crusher.
On Properties. Arian Silver Corp signed a non-binding memorandum of understanding with Tierra Nueva Mining, which includes the Noche Buena project in northern Zacatecas, and its associated tailings dam. Great Panther Silver terminated its option to buy the Guadalupe de Los Reyes project in Sinaloa.
In the image below, a dacitic flow in the Soconusco region, Chiapas.