Highlights on the first week of June 2016, Mineral Exploration in Mexico

During the first week of June, at least 28 press releases from companies working in Mexico were published. On exploration, Orex Minerals, Gold Resources and Almadex Minerals presented drilling results on their properties. Millrrock Resources and Centerra Gold are exploring their JV properties in Sonora. On mining, Red Tiger Mining reported 2015 year results, as well as the results for the first quarter of 2016; also Impact Silver presented first quarter results for 2016. Cyprium Mining completed a shaft rehabilitation in Chihuahua and Mexus Gold continued the permitting and development of its mine in Sonora. On financing, four companies announced completion of financing rounds for over $11 million (Millrock, Oceanus and Impact Silver), and one more company announced an opening financing for $1 million (Silver Bull). On deals, Endeavour Silver completed the acquisition of Oro Silver Resources, McMillan Minerals announced a coming plan of arrangement involving Pan American Silver and Maverix Metals; and Morro Bay Resources recognized not complying with investment compromises on its JV with Riverside Resources.

On Exploration

  • Orex Minerals Inc. announced more drilling results at its Sandra Escobar project, in Durango. Such results include step out drilling 350 m west of the main zone, with 26 m (TW) @ 156 g/t Ag and 13.5 m @ 101 g/t Ag in two holes.
  • Gold Resource Corp. released further results of its confirmation drilling of the Switchback system near its El Aguila’s project Arista mine. High grade results include 9.5 m @ 8.8 g/t Au, 669 g/t Ag, 0.6% Cu, 1.8% Pb and 6.8% Zn; and 18.27 m @ 2.2 g/t Au, 191 g/t Ag, 0.6 % Cu, 2.6% Pb, 6.2 % Zn and 3.29 m@ 5.9 g/t Au, 554 g/t Ag, 0.5% Cu, 0.8 % Pb, 3.3 % Zn, these three intervals in the same hole intercepting several veins. A second drift is being developed to access Switchback, and targets to crosscut and mine this mineral in the second half of 2016; in December of 2015 the company reported 630 K tonnes of mineralized material at this site.
  • Almadex Minerals Ltd. received assays for the first holes on the current drilling campaign on the Encinal target of its El Cobre property in Veracruz. Those results include 1.5 m @ 109.5 g/t Au and 0.15% Cu and 53 m @ 0.27 g/t Au and 0.11% Cu. The project has three main zones, El Porvenir, Encinal and Norte, all with porphyry style alteration and mineralization over hundreds of meters.
  • Millrrock Resources Inc. and Centerra Gold Inc. are initiating exploration at Los Chinos and Los Cuarentas gold projects in Sonora. At Los Chinos mapping, soil sampling and rock sampling, magnetometric and IP surveys ae being conducted over an orogenic gold style target, El Camino. At Los Cuarentas a stream sediment sampling program was initiated.

On Mining

  • Impact Silver Corp. presented first 2016 quarter results, which include production of 229.8 K Oz Ag from its mines in the Zacualpan and Capire districts, in Mexico State.
  • Cyprium Mining Corp. completed the rehabilitation of shaft #3 of the company’s Potosi silver mine in the Santa Eulalia district, Chihuahua. Other activities at the site are the changing of 1.5 km of rail track, and the installation of new air and water tubing. The company plans to process the ore at the Aldama plant, 42 km by road.
  • Mexus Gold US and JV partner MarMar Holdings continue with the development and permitting of its Santa Elena property in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). They expect a 4-6 weeks period to obtain a blasting permit.
  • Red Tiger Mining Inc. reported 2015 year end results, same that include the mining of 18.2 K tonnes at a grade of 0.97% copper, at its Luz del Cobre mine in Sonora, and the production of 1,581 tonnes of copper cathodes at a total cash cost of $4.62 (due to write-down of inventory).
  • Red Tiger Mining Inc. presented 2016 first quarter results, which include the mining at its Luz del Cobre mine in Sonora, of 131.5 K tonnes at a grade of 1.81 % Cu, and the production of 412 tonnes of copper cathodes, at a cash cost of $1.71 per copper pound.

On Financing

  • Silver Bull Resources Inc. announced the intention to complete the second tranche of the non-brokered private placement, expecting to net gross proceeds of CDN$1 million. Silver Bull owns the Sierra Mojada silver-zinc deposit in Coahuila.
  • Millrock Resources Inc. reported that the final portion of the non-brokered private placement has closed, for gross proceeds of $3.09 million, and a total of 3.59 million in this financing.
  • Oceanus Resources Corp. entered in an agreement for a $5 million bought deal financing, proceeds that will be used in part for the advancement of its El Tigre property in Sonora.
  • Impact Silver Corp. closes the second tranche of private placement which raised $795 K, for total gross proceeds of $3.3 million; funds to be used on the exploration and development of its silver assets in Mexico.

On Deals

  • Endeavour Silver Corp. has completed the acquisition of Oro Silver Resources Ltd, which holds the El Compas gold-silver property in Zacatecas. Canarc Resources Corp. sold its Oro Silver subsidiary for C$10.5 million and 165 troy ounces of gold.
  • McMillan Minerals Inc. announced a coming meeting in June to approve the proposed plan of arrangement involving MacMillan, Pan American Silver Corp. and Maverix Metals Inc. pursuant to which MacMillan will acquire a portfolio of thirteen royalties and precious metals streams (In Mexico, Peru, Argentina and Canada) from Pan American and all of the issued and outstanding common shares in the capital of Maverix.
  • Morro Bay Resources Ltd. has received a note of default from JV partner Riverside Resources Inc, stating that Morro Bay failed to incur $750 K JV expenditures at the Peñoles project in Durango.

 

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, a quartz vein in a strongly silicified-sericitzed granitic rock, part of a mineralized zone in a core complex. La Puerta del Sol project, NW of Ures, Sonora.

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