During the fourth week of July, at least 27 press releases from companies working in Mexico were published, with several majors producing second quarter reports. ON EXPLORATION, Oremex is trying to resolve community issues on its Durango project, Agnico Eagle released drilling updates on its Chihuahua and Jalisco properties and Coeur increases its exploration budget for 2016.  ON MINING, Goldcorp, Agnico Eagle, McEwen Mining, Capstone, Americas Silver, New Gold Coeur and Yamana presented second quarter results for 2016. ON FINANCING, four companies announced the closing of financing rounds, for total gross proceeds of $28.8 million. One company is changing name and possibly consolidating shares, one other is looking for financing with concentrate buyers and a last one has received a loan facility from its main stakeholder.  ON DEALS. Yamana is handing a mine in Sonora to Premier, while Goldcorp announced it will sell one of the biggest gold producing mines in Mexico. Riverside optioned a property in Sonora to Centerra. ON PROJECT DEVELOPMENT.  Telson is to start a commercial production test from its property in Chihuahua, Argonaut Gold received a favorable court ruling on its property in Baja, while Goldcorp announced the commencement of construction of a process plant in Zacatecas.

ON EXPLORATION

• Oremex Silver Inc. has done two property visits on the las 18 months to its Tejamen property in Durango, gaining insight on the community issues, and the needs of government agencies, with the aim to obtain the surface rights at the site. On February of 2016 a new technical report on the property was issued.
• Sediment Hosted Copper Deposits (SHCD) occur in Mexico. Cuatro Cienegas in Coahuila and Las Vigas and Salamayuca in Chihuahua are the best examples in northern Mexico.
• Agnico Eagle Mines Ltd. announced that it has drilled 44,985 meters year to date in its Barqueño project in Jalisco. The drilling focused on the Angostura and Azteca-Zapoteca areas, and testing the new target areas Olmeca and Peña Blanca.  Significant high-grade intercepts are reported at Olmeca, which has been traced over 700 meters of strike length, with results including up to 4.5 g/t gold (capped) and 4.7 g/t silver over 11.0 meters estimated true width at 85 meters depth, and 9.4 g/t gold (capped) and 14.1 g/t silver over 5.1 meters estimated true width at 67 meters depth.
• Agnico Mines Ltd. released recent exploration drill results from its Madroño prospect, within the Pinos Altos area in Chihuahua, including multiple mineralized intercepts in some holes, like 4 m @ 2.3 g/t Au and 28 g/t Ag; 8.5 m @ 2.4 g/t Au, 28 g/t Ag and 2.3 g/t Au, 5 g/t Ag in one hole.
• Coeur Mining Inc. is increasing its exploration budget for 2016 from $11-$13 million to $13-$16 million, with an additional $16-$18 million of capital allocated to resource conversion (from $13-$13 million).

ON MINING

• McEwen Mining Inc. reported production on the second quarter of 2016, which includes 15,640 AuEq ounces from its el Gallo mine in Sinaloa. The production guidance for 2016 stands at 55K AuEq ounces.
• Capstone Mining Corp. released its second quarter financial results, which include the production of 3,288 tonnes of copper in concentrates at a Cash Cost of $1.52. Production continued to be challenged by a shortfall in mine development.
• Americas Silver Corp. provided its second quarter 2016 results, which include the processing of 120K tonnes of ore running 88 g/t Ag with significant Cu, Pb and Zn credits, for a total production of 244 K Oz Ag, 2 M Lb Zn, 574 K Lb Pb and 245 K Lb Cu at its Cosalá operations in Sinaloa.
• Goldcorp Inc. reported second quarter 2016 results, which include numbers from its properties in Mexico. At Peñasquito, Zacatecas, 9 M tonnes of ore were mined, 38.4 M tonnes of waste moved, 6.6 M tonnes of ore milled at a head grade of 0.39 g/t Au, 21.76 g/t Ag, 0.22% Pb and 0.48% Zn, for production of 36 K Oz Au, 3.1 M Oz Ag, 17.1 M Lb Pb and 38.3 M Lb Zn, at an AISC of $3,094 per gold ounce. At Los Filos, Guerrero, 2.3 M tonnes were mined, 2.7 M tonnes of waste moved, 2.437 M tonnes milled at a grade of 0.8 g/t Au, for a quarterly production of 66 K Oz Au at Cash Cost of $704 and AISC of $1071.
• Agnico Eagle Mines Ltd. reported second quarter 2016 results, including figures from its Mexican operations. Pinos Altos in Chihuahua produced 49.4 K Oz Au and 633 K Oz Ag,, Creston Mascota (at Pinos Altos) 12.4 K Oz Au and 50 K Oz Ag, and La India in Sonora 27.4 K Oz Au and 105 K Oz Ag (Total 89.3 K Oz Au, 788 K Oz Ag). Total cash costs per ounce of gold produced – co-product basis is said to be $583 for Pinos Altos, 542 for Creston Mascota and 451 for La India.
• New Gold Inc. presented second quarter 2016 results, including 17.3 K Oz Au and 0.2 K Oz Ag from its Cerro San Pedro mine in San Luis Potosi. Total Cash Cost per gold ounce was $898, and AISC $941 per Au Oz. Cerro San Pedro finished active mining in late June and has now transitioned to residual leaching.
• Coeur Mining Inc. reported second quarter 2016 results, including numbers from its operations in Mexico. At Palmarejo, Chihuahua, 284 K tonnes were mined from U/G operations @ 168 g/t Ag and 2.49 g/t Au, while from the surface 1.7 K tonnes were mined @ 241.7 g/t Ag and 2.17 g/t Au. 270 K tonnes were milled to produce 1.3 M Oz Ag and 18.7 K Oz Au. The full 2016 guidance remains at 3.9 – 4.4 M Oz Ag and 67-72 K Oz Au.
• Yamana Gold Inc. provided second quarter 2016 results, including 22,948 Oz Au and 103,262 Oz Ag from its Mercedes mine in Sonora. Cash costs were $720 per ounce of gold and $9.05 per ounce of silver.

ON FINANCING

• Marlin Gold Mining Ltd. announced the completion of its non-brokered private placement, raising gross proceeds of approximately $6.5 million (La Trinidad mine, Sinaloa).
• Geologix Explorations Inc. closed its non-brokered private placement for gross proceeds of $1.1 million (Tepal, Michoacan).
• Oremex Silver Inc. is in course of changing name to Monarch Minerals Inc. in the next few weeks, with a seven for one share consolidation probably coming (Tejamen, Durango).
• Excellon Resources Inc. closed its previously announced bought deal public offering, for aggregate gross proceeds of $15.2 million (Platosa, Durango).
• Americas Silver Corp. continues to advance the San Rafael brownfield development project at its Cosalá Operations in Sinaloa. “The Company also began soliciting financing proposals from a number of concentrate off-takers and metals trading companies, in addition to traditional and non-traditional funding sources… The Company expects the Project to start construction before the end of the third quarter of 2016”.
• Telson Resources Inc. entered into an agreement with its largest shareholder, Estratégica Corporativa en Finanzas, S.A.P.I. de C.V. that provides Telson access to a line of credit of approximately $10.5 million over a period of five years commencing on Jul 22, 2016 (Tahuehueto, Durango).
• Kootenay Silver Inc. closed its previously announced brokered private placement, for total gross proceeds of $5.17 million. The company also closed an additional concurrent non-brokered private placement for additional gross proceeds of $854 K, for a total of $6.02 million (La Cigarra, Chihuahua).

ON DEALS

• Riverside Resources Inc. optioned its Glor gold project in Sonora to Centerra Gold Inc. Centerra will have the opportunity to earn a 70% interest in the Project by funding US$3.5 million in exploration work over the next four years.
• Yamana Gold Inc. announced the entering on a definitive share purchase agreement to sell 100% of the Mercedes mine in Sonora to Premier Gold Mines Ltd., for a total of cash and equity securities at a value of $140 million at the time of negotiations. The deal involves $122.5 million in cash, ~6 million shares of Premier and ~3 million shares warrants.
• Goldcorp Inc. announced that its Los Filos mine in Guerrero is in a list of properties to be sold.

ON PROJECT DEVELOPMENT

• Telson Resources Inc. is to start underground development to collect a minimum 2,000 tonnes bulk sample from the El Creston Zone in its Tahuehueto property in Durango, to conduct an industrial scale production test of the mineralization. Bulk sample materials will be transported and processed at a mill located about 120 km from the mine.
• Goldcorp Inc. is to begin in August the construction of the Pyrite Leach Project at the Peñasquito mine in Zacatecas, which aims to recover 40% of the gold and 48% of the silver currently going to the tailings. The project is to commence commercial production on Q1 2019, adding 100-140 K Au Oz and 4-6 M Oz Ag per year.
• Argonaut Gold Inc. announced “that the federal court of appeals has issued a favourable ruling regarding its Federal lawsuit arising from the denial of the Environmental Impact Assessment (Manifiesto de Impacto or MIA) for its San Antonio project in Baja California Sur, Mexico.”. SEMERANT had denied in 2012 the permit due in part to a local zoning plan that seems not to be validly constituted.

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, strong folding and faulting on layers of the Chilillos Formation, as seen at El Salvador pit, above the San Nicolas VMS deposit in Zacatecas.

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