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

During the fifth week of June, at least 22 press releases from companies working in Mexico were published. On exploration, Endeavour Silver, Riverside Resources and Alix Resources disclosed assay results from its properties in Jalisco and Sonora. Orex Mineral and Canasil Resources announced metallurgical tests on its property in Durango, and Oceanus disclosed new assays on previously unsampled intervals from earlier drilling in its property in Sonora. On mining, Arian Silver Corp presented its 2015 annual report. On financing, four companies announced the opening, tranche completion or the closing of financing rounds, for total gross proceeds of C$941 K and $1.534 million; NSX Silver provide information on non-compliance, Gold Resource declares a monthly dividend and disinvestment on Canamex Resources, Avino Silver extends concentrates prepayment agreement and Torex Gold completes its share consolidation.  On deals and properties, Gold group Resources reminds of ongoing litigation with DynaResource regarding their JV agreement on its property in Sinaloa, and Highvista Gold disinvests of its mining assets and reiterates its change of business.

On Exploration

  • Endeavour Silver Corp. released results on grab, select and chip samples from five of nine new veins at its Terronera project in Jalisco. These veins have results as high as the next (no sample widths provided): Las Coloradas (0.85-2.3 m wide), 6.4 g/t Au, 2,880 g/t Ag; 1.5 g/t Au, 1,005 g/t Ag; Los Reyes (0.25-2.55 m wide), 1.4 g/t Au, 630 g/t Ag; 4 g/t Au, 1,050 g/t Ag; La Ermita (0.15 – 3 m wide) 0.8 g/t Au, 506 g/t Ag; 0.4 g/t Au, 1,355 g/t Ag; El Padre (0.4 – 4 m wide), 10.1 g/t Au, 148 g/t Ag; 1.9 g/t Au, 315 g/t Ag; La Luz (0.3 – 3 m wide), 20.7 g/t Au, 506 g/t Ag; 26.7 g/t Au, 763 g/t Ag.
  • Orex Minerals Inc. and Canasil Resources Inc. announced the awarding of the contract for initial metallurgical testing on its Sandra Escobar project to SGS Mineral Services. Bottle roll leach test will be performed on five composite samples of varying head grades and at three separate crushing particle sizes. The samples will cover the grade ranges of approximately 50, 100, 150, 200 and 250 g/t silver and particle sizes of approximately 80% less than 75, 106 and 150 microns. Sample readings will be taken at 4, 8, 12, 24, 48, 72 and 96 hours to determine leach time performance.
  • Oceanus Resources Corp. continues to disclose results of previous holes that had not been completely sampled at its El Tigre property in Sonora. Some selected holes have intervals like the following: 92.9 m @ 0.39 g/t Au, 30 g/t Ag; 48.6 m @ 0.61 g/t Au, 64 g/t Ag; 48.5 m @ 0.52 g/t Au, 15 g/t Ag and 13 m @ 2.39 g/t Au.
  • Riverside Resources Inc. announced rockchip results from its La Silla property in Sinaloa. Many small mines, workings and indications of high-grade gold-bearing quartz veins are present in the district, with. Individual veins ranging in width from less than 0.5 to 12.0 meters. At least 6 vein systems totaling over 5.6 km in length have been observed in the property.
  • Alix Resources Corp. announced assay results for samples in its Elektra project in Sonora, adjacent to Baconora/REM’s Buenavista Lithium project. In total, 42 samples were collected from claystones, sandstones and siltstones exposed in the target sedimentary sequence, yielding and average Li value of 167 ppm and a peak concentration of 272 ppm, which is considered very anomalous.

On Mining

  • Arian Silver Corp. The company presented the annual report for the year 2015, highlighting the entering into a settlement agreement with its financing partner Quintana AGQ Holding Co. LLC  and  its  affiliates (“Quintana”) in November 2015.This  settlement  agreement  resulted in  Quintana  taking control of the Company’s primary operating subsidiary Arian Silver de Mexico SA de CV.,  finalizing its investment in the San José Project. The company still retains the Calicanto, San Celso, Los Campos and a few other concessions in Zacatecas.

On Financing

  • Silver Bull Resources Inc. intends to complete the third tranche of the previously announced non-brokered private placement. The company aims to raise gross proceeds of CDN$464 K, over the previously accrued CDN$1 million (Sierra Mojada, Coahuila).
  • NSX Silver Inc. provided a default status report, as required by regulations, relating its failure to present 2015 financial reports.
  • Azure Minerals Ltd. announced the closing of its share purchase plan, raising $1.434 million (El Alacrán, Sonora; Promontorio, Chihuahua).
  • Gold Resource Corp. declared a June monthly dividend of 1/6 of a cent per common share (El Aguila, Oaxaca).
  • Avino Silver & Gold Mines Ltd. announced an extension to the concentrates prepayment agreement with Samsung C&T U.K. Ltd, to July 2018. Samsung has previously advanced to Avino the sum of US$10 million as prepayment of such concentrates (the “Facility”), and the Facility will be repaid with interest using Avino’s future shipments of concentrates (Avino and San Gonzalo mines, Durango).
  • Colibri Resources Corp. Announced the closing of its private non-brokered private placement for total proceeds of $100 K (Colibri, Sonora).
  • Torex Gold Resources Inc. announced the ten to one share consolidation previously disclosed took place on June 30th.
  • Silver Bull Resources Inc. completed the third and final tranche of the non-brokered private placement announced on May 26th, 2016, for aggregate gross proceeds of CDN$477 K (Sierra Mojada, Coahuila).
  • Gold Resource Corp. announced the reduction of ownership in Canamex Resources Corp., by selling $17,080 of shares. This is a reduction from 18.4% to 10% ownership.

 On Deals

  • Goldgroup Mining Inc. announced it has taken numerous legal actions against DynaResource Inc., since 2013, to recover control of the San Jose de Gracia mine operations in Sinaloa. According to Goldgroup, the company owns 50% of the property, claiming that percentage has been improperly diluted by DynaResource.
  • Highvista Gold Inc. updated its change of business announcement of August 2015, adding that it will invest in areas of equipment financing in the construction and infrastructure and real estate. The company intends to sell all of its interests in its Mexican mining exploration assets to Minerales y Yacimientos Mexicanos Sacramento S.A. de C.V., an arm’s length private company. The Corporation holds its interests in its Mexican assets through Minera Cascada de Oro, S.A. de C.V.

Content like what you have just read can be seen at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, extremely irregular replacement (CRD) mineralization, an oxidized sulfide vein in recrystallized limestone at Sierra La Morena, Coahuila.

Dscn1022 - copia

Leave a Reply