Highlights for the first week of February 2016, Mineral Exploration in Mexico

The first week of February saw little exploration news in Mexico, with exploration announcements for only two properties in Sonora and Veracruz. The bulk of news releases refer to mining issues in Sonora, Sinaloa, Durango, Queretaro and San Luis Potosí. Besides those releases, one company filed a revised resource in Durango, while one other raised funds for work in its property in Zacatecas. On properties, there is the news that a resource-hosting property was optioned to a Major, while another property was returned to the underlying vendors, both cases in Chihuahua.

On Exploration. Almadex Mining announced an oncoming drill campaign on its porphyry copper style property El Cobre, in Veracruz, and continuation of field work activities in Los Venados project (near Mulatos) in Sonora.

On Resources. Oremex Silver Inc. filed a NI-43-101 report for its property Tejamen, in Durango, providing a revised (down) estimated inferred resource of 28.7 million ounces of silver and 15,700 ounces of gold at 45.0 g/t Ag and 0.025 g/t Au.

On Financing. Arian Silver announced they have raised 750,000 pounds (1’057,000 dlls @ 1.41 pounds per dollar) for use on its Mexico properties, which include the Calicanto project in Zacatecas.

On Mining. Canarc Resource Corp announced the leasing of a mineral processing plant in Zacatecas, to treat the ore from their El Compas mine. The plant is 20 km by road from the mine. US Antimony Corp reported plans to start mining its Los Juarez Au-Ag-Sb property in Queretaro. In Sinaloa Marlin Gold provided an update on the waste removal at La Trinidad mine, and drilling results of the San Carlos satellite deposit, that include 36 m @ 1.87 , 12 m @ 1.24 and 15.7 m @ 1.22 g/t Au. Santacruz Silver Mining LTD reported their 2015 production, with 471 K Oz Ag, 336 Oz Au, 780 tons of lead and 1,895 tons of zinc; all this from 79 K tons of ore @ 352 g/t AgEq. Americas Silver Corp provided and update on mining operations and drilling at their Nuestra Señora mine in Cosala, Sinaloa, where they mined 4.87 M Oz AgEq at a silver cash cost of $12.75/Oz and an all sustaining cost of $17.16/Oz. For 2016 their aim is to slash those costs by more than 25%. Timmins Gold Corp reported production results for 2015 of 93,353 Oz Au and 52,047 Oz Ag. They mined ~8,500 K tons @ 0.51 g/t Au, and a strip ratio of 3.43 (last quarter, 4), and announced production will continue to the fourth quarter of 2016, when the mine will be put in care and maintenance, if the gold price stays below $1,250/Oz. Guidance for 2016 sees gold production in the range of 75 to 85 thousand ounces. Below is the table with Timmins Gold numbers.

Timmins Gold Re2..1

On Properties. Radius Gold Inc. announced it is returning the Margarita Project, a high grade low sulfidation Ag-Au vein system in Chihuahua, to the underlying owners. Prospero Silver Corp and Exploraciones del Altiplano signed a new agreement on the San Luis del Coredro skarn/vein property in Durango. Comstock Metals announced that the Corona property in Chihuahua, which they hold along with Golden Goliath Resources, has now been optioned to Fresnillo PLC.

 

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