On the third week of March the government released figures that reflect the more challenging environment for the last three years in the exploration industry. Marlin Gold, Fortuna Silver, Impact Silver, Primero Mining, Argonaut Gold and Timmins Gold released their financial results for 2015 and/or mining plans for 2016, which in some cases includes their production costs, and in one case an updated resource base. On exploration the more relevant news is a very good gold intercept by Azure Mining at its Alacrán property in Sonora. Other companies that released information on the exploration of their properties include Primero Mining, Gainey Capital, and Golden Goliath.
- Primero Mining Corp. is allocating a $4 million budget for exploration of the Ventanas area, near its San Dimas operation in Durango, expecting to define a resource by the third quarter of 2016.
- Gainey Capital Corp. Announced a 2,200 to 5,800 m drilling campaign to commence in the second quarter, to test several targets at its El Colomo property in Nayarit.
- According to data from the Dirección General de Regulación Minera, from 2012 to May 2015 the surface under concessions to the mining industry was reduced from 30.8 to 24.8 million hectares, a 20 % decrease.
- Golden Goliath Resources Ltd. let know about its current exploration program in San Timoteo, a property in the Uruachic camp of Chihuahua, which includes the use of a Terraspec unit for clay alteration mapping.
- Azure Minerals Ltd. released very encouraging assay results from its first hole at the Loma Bonita ridge target in its Alacrán property in northern Sonora. The hole was drilled 300 m east of its Loma de Plata discovery, and boasts an intercept of 20 m @ 1.52 g/t Au and 62 g/t Ag, which includes 10 m @ 2.76 g/t Au and 66 g/t Ag from the surface. A deeper intercept on the same hole returned 0.29 % Cu on 26.9 m of hydrothermal breccia. The description of the area and the nearby holes include silicified andesite-dacite, strong silicification, local vuggy quartz, local quartz veining and hydrothermal breccias.
- Primero Mining Corp. released its 2015 resource base, which includes all-inclusive resources of 2.58 M Oz Au and 195.7 M Oz Ag on its San Dimas unit in Durango.
- First Majestic Silver Corp. announced its intention to repurchase up to 5 % of its outstanding shares.
- Avino Silver & Gold Mines Ltd. reported the closing of its brokered public offering with total gross proceeds of US $ 800,000 dollars.
- Canarc Resource Corp. let know that the closing of the second tranche of its private placement financing has been closed, bringing CAD $449,500 of gross proceeds. Combined with the first and second tranches the Company has raised a total of CAD$2.04 million.
- San Marco Resources Corp. is to carry out a private placement to raise $ 150 K.
- Bowmore Exploration Ltd. announced a non-brokered private placement searching to raise $ 750 K
- Marlin Gold Mining Ltd. is now moving 50 K tons a day at its La Trinidad mine in Sinaloa. At this rate in less than three months they expect to be mining the high grade part of the orebody.
- Fortuna Silver Mines Inc. released its 2015 yearly results including those from its San Jose Mine in Oaxaca. More than 0.7 M tons of ore were milled at a rate of 2,072 tons/day, at an average grade of 234 g/t Ag and 1.83 g/t Au, with recovery rates over 90% for both elements. Over 4.9 M Oz Ag and 38 K Oz Au were produced, at cash cost of US $ 2.57 per Ag Oz, or all-in sustaining cash cost of $ 12.86 per Ag Oz. Those costs are deemed to be reduced with the increase in production to 3,000 tons per day in 2016.
- Impact Silver Corp. also released its 2015 financial and production results, which include 170 K tons milled at a rate of 467 tons/day and an average grade of 193 g/t Ag, for a total production of 950 K Oz Ag.
- Primero Mining Corp. is expecting to reach a 3,000 ton/day mining rate by the third quarter of 2016 at its San Dimas unit in Durango.
- Argonaut Gold Inc. provided financial and production results for 2015, which include moving 75 K tons/day for 27.3 M tons/year, of which 10.8 M tons were mineralized material at its El Castillo mine in Durango, producing 80.5 K AuEq ounces. At La Colorada in Sonora, 12.7 M tons were moved, of which 2.39 M tons were mineralized material, for a total production of 58.5 K Oz AuEq. For the last quarter of 2015, crushing was done at a rate of 16 K tons/day.
- Timmins Gold Corp. presented its financial and production results for 2015, highlighting the production of 93.3 Oz Au at all-sustaining cash cost of 1,144 per gold ounce.
In the image below, old workings on the trace of El Tigre vein in Sonora.