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

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

On the second week of February, Azure Minerals released high grade silver results from surface sampling, while Era Resources the drilling results of a copper property in Sonora. On resources, Minera Alamos released the (old) resource from a recent acquisition in Durango, while Coeur Mining the revised resources under lower metal prices for its properties in Chihuahua and Durango. Agnico Eagle released a maiden resource in Jalisco. Two mining companies announced gaining credit for more than 62 million dollars for its operations, while three companies released their production results for 2015, which add to more than 1.1 M Oz gold and 48 M Oz Ag.

On Exploration. Azure Minerals Ltd announced a new zone of high grade silver mineralization over an area of 350 m x 150 m, north of its Mesa de Plata discovery. The new zone boasts rockchip samples with results as high as 2.7 m @ 1,902 g/t Ag and 4.5 m @ 1,511 g/t Au. Era Resources Inc. reported the results from the first drilling campaign at La Cobota copper project in northwestern Sonora. The results include up to 3.5 m @ 1.6 % Cu and 0.5 m @ 1.4 % Cu.

On Resources. Minera Alamos provided a sketch of its plans to mine the Fortuna mine in Durango, which has a measured and indicated resource of 290 K Oz Au. Coeur Mining Inc. provided the 2015 resource base (all inclusive) for Palmarejo in Chihuahua, with 78.4 M Oz Ag and 1.16 M Oz Au; and Preciosa in Durango, with 118.6 M Oz Ag and 0.2 M Oz Au. Agnico Eagle released the maiden resource for its Barqueño property in Jalisco, with 19.7 M tons @ 0.96 g/t Au, for a resource of 610 K Oz of gold. This last is the result of 69,500 m of drilling in 2015.

Coeur Silver, Resources 2015, Palmarejo and Preciosa1

On Financing. First Majestic Silver Corp announced the securing of a 60 million credit facility with the Bank of Nova Scotia. Americas Silver Corp informs it has closed the agreement for a 2.9 milion credit facility. The company holds the Cosala Operations in Sinaloa and the Galena Mine Complex in Idaho.

On Mining. Sierra Metals disclosed the 2015 production for Bolivar and Cusi mines in Chihuahua: Bolivar produced 17.6 M Lb Cu, 440 K Oz Ag and 3.2 K Oz Au, from ores grading 1.15 % Cu, 20 g/t Ag and 0,3 g/t Au, whereas Cusi delivered 873.5 K Oz Ag, 0.8 K Oz Au and 2.7 M Lb Pb from ores grading 175 g/t Ag, 0.2 g/t Au and 0.78 % Pb. Marlin Gold announced the ramping up of mine production near to double current operations, to more readily access high grade ore zones at the Trinidad pit. Agnico Eagle reported 2015 production from its mines in Mexico at: Pinos Altos, 192,974 Oz Au; Creston Mascota 54,703 Oz Au and La India, 104,362 K Oz Au (total for its Mexico Operations: 352,039 Oz Au). Interestingly, the cash cost per ounce is significantly lower for its Mexico operations, at 408 dollars per gold ounce, compared with 609 dollars/ounce in Canada. Fresnillo PLT produced 47 M Oz silver and 762 K Oz gold in 2015, and estimates to produce 48-50 M Oz silver and 775-790 K Oz gold in 2016. Currently the company’s silver production accounts for 5 % of the silver supply in the world.

On Properties. Alix Resources Corp and Lithium Australia NL signed and option agreement to jointly explore and develop the Electra lithium project in Sonora.

On Consolidation. Kootenay Silver and Northair Silver signed the definitive agreement, in which Kootenay agrees to acquire all shares from Northair.

In the image below, a picture from the press release by Azure Minerals LTD on Feb 10th, the outcrop where a 4.5 m rockchip channel sample was collected, returning 1,511 g/t silver.Mesa de Plata North, rockhip sampling, Feb 20161

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