During the third week of August, at least 19 press releases from companies working in Mexico were published, with several companies producing second quarter operational and/or financial reports. ON EXPLORATION, Eight companies presented exploration updates: SilverCrest reported high-grade underground channel sample results from its property in Sonora, while Mag Silver reported impressive drill results from its JV property in Zacatecas. Prospero Silver announced more work on its properties in Durango, Chihuahua and Hidalgo, and Evrim released sampling results at its property in Chihuahua. Almadex presented results from a second interval of a deep drillhole that is still ongoing, at its property in Veracruz. Sierra Metals presented brownfield exploration around its mines in Chihuahua, Excellon initiated a large drilling campaign at its mine in Durango and Minera Alamos staked more ground around its property in Durango. ON MINING, Sierra Metals. Mag Silver, Avino Silver and Goldgroup presented second quarter 2016 operational and/or financial results. Mexus completed liner installation on the leach pad at its JV operation in Sonora, Cyprium Mining began to extract mineralized back fill material from its mine in Chihuahua. Mexico produced 785 K tonnes of zinc during 2015, with 3/4 of that production realized on 12 mines. ON FINANCING, two companies announced the closing of financing rounds, for total gross proceeds of $0.8 million.
- CAMIMEX (Camara Minera de Mexico). According to this mining industry organization, Mexico produced 4.3 million ounces of gold in 2015, 14.4% more than in the previous year, and more than five times the 756 K Oz Au produced in 2001.
- SilverCrest Metals Inc. reported more underground sampling results from its Las Chispas property in Sonora. New channel sample results from the 650 Level on the William Tell vein average 1.1m @ 3.2 g/t Au and 518 g/t Ag over continuous strike length of 21 m, and on the 450 Level 2.1 m @ 5.7 g/t Au, 257 g/t Ag average over continuous strike length of 30 m. Individual samples include 0.93 m @ 10.8 g/t Au, 1,895 g/t Ag; 1.12 m @ 9.4 g/t Au, 1,910 g/t Ag; 4.2 m @ 14.1 g/t Au, 225 g/t Ag and 2 m @ 14.2 g/t Au, 293 g/t Ag. Approximately 4 km of underground workings have been accessed with an additional 7.5 km to be opened and explored over the next several months.
- Mag Silver Corp. reported the confirmation and extension of wide high-grade mineralization from the Deep Zone discovery on the Minera Juanicipio JV property (Fresnillo plc 56%; MAG 44%) previously announced. “Mineralization is traceable over a strike length exceeding 800 metres and to a depth of 200 to 300 metres beneath the current resource estimate. Mineralization widths range from approximately 5 metres to over 29 metres…”. On the East Vein the best intercept is 29.85m true width (TW) @235 g/t Ag, 0.5 g/t Au, 4.76% Pb, 5.79% Zn and 2.38% Cu; on the West Vein the best new hole cut 22.9 m TW @ @119 g/t Ag, 1.1 g/t Au, 4.2% Pb, 11.9% Zn and 0.27% Cu. The drilling also discovered the Anticipada Vein, which has been cut in five holes, of up to 6.68 m TW @ 105 g/t Ag, 2.69 g/t Au, 3.59% Pb, 10.79% Zn and 0.23% Cu. Five rigs on the surface and one underground continue with the drilling program. The impressive Fresnillo district continues to deliver extraordinary drill results.
- Prospero Silver Corp. announced more exploration to follow at its projects Petate (Hidalgo), Pachuca Southeast (Hidalgo), Matorral (Durango), Bermudez (Chihuahua) and San Luis del Cordero (Durango).
- Evrim Resources Corp. released exploration results from its Cerro Cascaron property in Chihuahua. Channel sample results include 2.6 m @ 6 g/t Au, 28 g/t Ag; 4.3 m @2.2 g/t Au, 11 g/t Ag and grab samples @ 982 g/t Ag at La Cascarita and up to 9.2 g/t Au and up to 599 g/t Ag at Divisadero.
- Almadex Minerals Ltd. reports a second mineralized interval on the same hole that saw a shallower interval reported last week, on its El Cobre property North Zone, in Veracruz. This week release includes a 150.9 m interval at 0.55 g/t Au and 0.22% Cu (including 62 m @ 0.86 g/t Au, 0.33% Cu), which adds to the previous release of 163.5m @ 0.68 g/t Au and 0.29% Cu. The deeper interval released ends at 542.7 m, but porphyry style alteration continues to the end of the hole, currently at ~890 m depth and advancing.
- Sierra Metals Inc. provided an exploration update on its Bolivar and Cusi properties in Chihuahua. Bolivar is currently producing at 3,000 tpd, and has four mineralized zones: El Gallo, Bolivar NW, West Bolivar and La Sidra Vein. Mineralization is hosted in breccias, replacement deposits, skarns and an epithermal vein. Cusi is producing at a 600 tpd rate, and reports four key brownfield areas: San Nicolas Vein, San Ignacio Vein, Moctezuma Vein and the San Antonio Vein. The veins are epithermal, galena, sphalerite and chalcopyrite bearing (intermediate sulfidation), can be up to 1,300 m in length and up to 3 m in thickness.
- Excellon Resources Inc. has initiated a 25,000 m drilling campaign at its Platosa mine in Durango, with focus in targets near mine infrastructure, near-surface manto exploration and carbonate replacement deposits. The Platosa Mine exploits a series of very high-grade, closely-spaced, CRD silver, lead, zinc manto deposits. Work is underway on compilation and reinterpretation of a large portion of the company’s geophysical data, particularly the gravity, airborne magnetics and ZTEM airborne survey previously completed.
- Minera Alamos Inc. staked 5,200 has surrounding its La Fortuna property in Durango. The ground had come recently open for staking, and the company took advantage of the opportunity to get the ground, increasing its land holdings to 6,200 has. Besides the Main Zone, the company now has the Los Cajones zone, the Ramada zone and the PN zone, which host gold mineralization in structures that are up to 1,500 m in length and have assays as high as 10.1 g/t Au and up to 400 g/t Ag.
- Sierra Metals Inc. reported financial results for the second quarter 2016, with 52.2 K tonnes mined @ 197 g/t Ag, 1.55% Pb and 2.61 % Zn and 0.25 g/t Au at the Cusi mine in Chihuahua, producing also the first zinc concentrate. Mine development at Bolivar, Chihuahua totaled 2,733 m, and 2,402 m at Cusi. Cusi’s cash cost per AgEq ounce was $10.63 and AISC per AgEq ounce was $18.49. At Bolivar, cash cost per CuEq pound was $1.25 and AISC per CuEq pound was $2.41. Cash and cash equivalents stood at $20.6 M, restricted cash of $4.7 M, and working capital of $7.9 M.
- Mag Silver Corp. presented its financial results for the second quarter 2016, with working capital of $141.29 M, including cash and term deposits of $140.85 M. The company expended cash to fund advances on its Juanicipio´s property JV with Fresnillo PLC , which combined with MAG’s Juanicipio expenditures totaled $2.1 and $5.1 M.
- Mexus Gold US. has completed the installation of liners on the leach pad at its Santa Elena mine in Sonora.
- Avino Silver & Gold Mines Ltd. presented the financial results for 2016 second quarter, period in which the Avino mine was commissioned, milling 131.6 K tonnes to produce 380.6 K Oz Ag, 1.5 K Oz Au and 1.05 M pounds Cu, at cash cost US$9.89 per AgEq ounce and all-in sustaining cost of US$11.27 per AgEq ounce. Cash and cash equivalents stood at $10.7 M at the end of the quarter (Avino and San Gonzalo mines, Durango).
- Cyprium Mining Corp. announced it has begun mining mineralized back fill material from the Santo Domingo ore shoot at its El Potosi mine in the Santa Eulalia district in Chihuahua, and is awaiting the explosives permit to begin blasting. A technical report was submitted to SEDAR.
- Mexico. Produced 786 K tons of zinc in 2015, of which 176 K tons were produced by Goldcorp’s Peñasquito mine in Zacatecas, while Peñoles owned Velardeña (Durango) produced 80 K tonnes, Francisco I Madero (Zacatecas) 42 K tonnes, Bismark (Chihuahua) 41 K tonnes, Tizapa (Mexico State) 41 K tonnes. Grupo Mexico’s Santa Barbara (Chihuahua) produced 32 K tonnes, Frisco’s Asientos (Aguascalientes) 30 K tonnes, Grupo Mexico’s Charcas (San Luis Potosi) 26 K tonnes, Carrizal Mining’s Zimapan (Hidalgo) 24 k tonnes and Frisco’s San Francisco del Oro (Chihuahua) 22 k tonnes.
- Goldgroup Mining Inc. mined 174.8 K tonnes of ore @ 1.34 g/t Au at its Cerro Prieto mine in Sonora during the second quarter 2016, moved 1.17 M tonnes of waste, placed 196 K tonnes of ore at the leach pad @ 1.26 g/t to produce 4,270 Oz Au during the quarter, at a recovery rate of 58%, and all-in cash cost of $1,182. The company aims to reduce the all-in cost to $900 per gold ounce for the year.
- Candente Gold Corp. closed its previously announced private non-brokered financing, for total gross proceeds of $500 K (El Oro, Mexico State).
- NSX Silver Inc. closed a non-brokered private placement to raise $300 K (had Oso Blanco, Sonora).
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, prospector Miguel Ayala in the Moreno workings, Tenoriba project, San Juan Nepomuceno, Chihuahuhua.