During the second week of April, Odyssey Marine Exploration, Golden Tag, Orex Minerals and Evrim reported exploration advances on their projects, whilst Bacanora minerals amended a resource report. For those that like numbers, several companies presented results for the first quarter of 2016; these include Yamana Gold, Avino Silver, Americas Silver, Fortuna Silver, Great Panther Silver, Timmins Gold, First Majestic Silver, HECLA Mining, Argonaut Gold and Santa Cruz Silver. DynaResource reported production rates and grades, while Mexus Gold updated its heap leach mining plans and Torex Gold announced the reactivation of mining operations. Four companies obtained financing during the past week: Marlin Gold, Red Tiger Mining, Alix Resources and Defiance Silver.
- Odyssey Marine Exploration Inc. announced that the environmental permit for dredging to proceed at its offshore San Diego phosphate project in Baja was denied. On the bright side, the permit was denied on grounds of only one issue: the potential impact of dredging operations on sea turtles. Oddissey will now work on the subject and engage with the authorities to keep the project on track.
- Golden Tag Resources Ltd. announced its intention to acquire Golden Mineral’s 50% interest in the San Diego Silver Project in Durango, to hold a 100% interest in the project on completion of the agreement. The terms of purchase include the payment of C$500 K, the issuance of 2.5 M shares and a 2% NSR on the property.
- Orex Minerals Inc. presented the results of the last seven holes of the first drilling campaign on the Sandra Escobar silver property in Durango. All of those holes returned between 63 and 129 g/t Ag in true widths varying from 21 to 48 meters, with the best hole going through 36 m at 129 g/t Ag. The phase-II drilling campaign is underway. A preliminary study has identified native silver as the main disseminated mineral.
- Evrim Resources Corp. reported gold-silver mineralization outlined on a10 square kilometer area of its Cerro Cascarón project in Chihuahua. Over 3 Km strike length of structures in 14 structurally controlled epithermal gold-silver systems have been defined to date. Highlights include up to 9.2 g/t Au and 134 g/t Ag over 2.0 m and 6.1 g/t Au over 1.5 m.
- DynaResource Inc. reported processing 3 K tonnes at a head grade of 11.5 g/t Au during March.
- Yamana Gold Inc. presented production results for the first quarter; including 24 K Oz Au and 125 K OZ Ag from its Mercedes mine in Sonora.
- Avino Silver & Gold Mines Ltd. Produced 1.5K Oz Au and 403.4K Oz Ag and 1.35 M Lb Cu during the first quarter from its Avino and San Gonzalo mines in Durango. Ore grade processed from the Avino mine was 0.27 g/t Au, 68 g/t Ag and 0.58% Cu, with recoveries of 67%, 87% and 89% respectively, whereas grade at the San Gonzalo mine averaged 1.49 g/t Au and 318 g/t Ag, with stated recoveries of 82% and 84% respectively.
- Mexus Gold US is preparing to install the heap leach facilities at its Julio-Santa Elena property in Sonora, while awaiting the environmental permit to operate.
- Americas Silver Corp. produced in its Cosala operations in Sinaloa 307 K Oz Ag, 245 K Lb Cu, 1.5 M Lb Pb and 3.5 M Lb Zn during the first quarter, by milling 131 K tons of ore, at cash cost of $7.13 and all-in sustaining cost of $8.60.
- Fortuna Silver Mines Inc. produced at its San Jose mine in Oaxaca 1.28 M Oz Ag, by milling 179 K tonnes (2 k t/day) grading 240 g/t silver and 1.42 g/t Au, with a 92% recovery rate for both elements.
- Great Panther Silver Ltd. Announced results for the first quarter on its two mining units: The Guanajuato Mine Complex produced 375 K Oz Ag and 5.4 K Oz Au from 73 K tonnes milled at a grade of 179 g/t Ag and 2.58 g/t Au, with recoveries of 88% and 89% respectively. At the Topia mine in Durango, 164 K Oz Ag, 167 Oz Au, 282 tonnes Pb and 424 tonnes Zn were produced. 15 K tonnes of ore at average grades of 373 g/t Ag and 0.55 g/t Au were processed, with recoveries of 91% for silver and 62% for gold.
- Timmins Gold Corp. released first quarter results for 2016, producing 25 K Oz Au and 14.6 K Oz Ag. Two million tonnes of ore were processed (6.7 M tonnes moved) at a head grade of 0.62 g/t and 22 K t/day mining rate.
- First Majestic Silver Corp. produced over 3 M Oz Ag, 16.8 K Oz Au, 8.6 M Lb Pb and 4 M Lb of zinc during the first quarter of the year on its six mining units, total ore processed was 789 K tonnes at an average grade of 161 g/t Ag and a recovery rate of 75 %.
- HECLA Mining Co. announced production results for the first quarter of 1.2 M Oz Ag and 9.3 K Oz Au from its San Sebastian mine in Durango.
- Argonaut Gold Inc. produced 17.3 K Oz during the first quarter on its El Castillo Mine in Durango, by processing 2.7 M tonnes of ore at a grade of 0.26 g/t, and 13.9 K Oz Au on La Colorada mine in Sonora, by processing 1.2 M tonnes at a grade of 0.55 g/t Au.
- Santa Cruz Silver Mining Ltd. produced 162 K Oz Ag, 128 Oz Au, 284 tonnes lead and 793 tonnes Zn, by processing 24 K tonnes of ore averaging 0.2 g/t Au, 217 g/t Ag, 1.2 % Pb and 3.7 % Zn, with recoveries of 85% for gold, 97 % for silver, 93% for lead and 89 % for zinc.
- Torex Gold Resources Inc. announced the lifting of the illegal blockade of its El Limon-Guajes mine in Guerrero, thanks to negotiations held with three different ejidos and the State government.
- Marlin Gold Mining Ltd. announced a “Rights Offering” to holders of its common shares, aiming to net gross-proceeds of $13,000,000, part of which will be used on the removal of waste at its La Trinidad mine in Sinaloa.
- Red Tiger Mining Inc. has received an additional loan of US$400,000 for general working capital purposes, while amending a previous loan facility. Red Tiger is operating the Luz del Cobre copper mine in Sonora.
- Alix Resources Corp. completed a non-brokered private placement for aggregate gross proceeds of $515 K that will be used for general working capital and to advance the company’s lithium concessions located in Sonora, Mexico.
- Defiance Silver Corp. received proceeds of $1,200,000 from the exercise of warrants, same that will be used on expansion of its current resource on its San Acacio silver deposit in Zacatecas.
- Bacanora Minerals Ltd. amended the resource report for the Sonora lithium property (in Sonora). The report includes slightly lower projected lithium prices and increased processing costs, with a cut-off grade of 1,000 ppm lithium (previously 450 ppm). The amended MRE comprises an Indicated Mineral Resource of 259 Mt averaging 3,200 ppm Li for 4.5 Mt of LCE, in addition to an Inferred Mineral Resource estimated at 160 Mt averaging 3,200 ppm Li for 2.7 Mt of LCE.
- Zacatecas is now the leader in mineral production in Mexico, being the leading producer of gold, silver, lead and zinc.
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On the picture below, the small scale mining head frame on the Santa Elena mine in Sonora, prior to operations by Silver Crest Mines.