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

During the fifth week of August, at least 17 press releases from companies working in Mexico were published.  ON MEXICO NUMBERS, Mexico stands as one of the main refined silver producers of the world. On gold, Mexico was just shy from 4 million ounces produced during 2015. ON EXPLORATION.  Two companies released drilling results from its properties in Durango, whilst a third one announced the commencement of a maiden RC campaign in Chihuahua. ON MINING, Red Tiger and Santacruz Silver released their second quarter 2016 financial and operational results. ON FINANCING, Two companies completed a private financing and a sophisticated investors placement, for gross proceeds of $3 M. ON DEALS AND CORPORATE ISSUES, Canuc Resources and Santa Rosa Mining completed an amalgamation agreement, Goldgroup announced a favorable ruling from an arbitration process on its legal battle with Dyna USA, and Alset Energy informed of the assembly of a team to manage its recently acquired lithium properties package in Mexico.

MEXICO NUMBERS

  • Mexico stands as one of the main refined silver producers of the world, with an output of 80 M Oz refined silver in 2015. In the world the total production for the year was 1,014 million ounces, including secondary sources like scrap silver. Peñoles and Grupo Mexico are the only companies in Mexico to produce refined silver.
  • Mexico produced 3.98 million ounces of gold in 2015, of which 28% was delivered by Goldcorp, 19% by Fresnillo, 10% by Frisco, 9% by Agnico Eagle, 6% by Alamos Gold, 4% by Primero Mining and 3% by Argonaut Gold.

ON EXPLORATION

  • Orex Minerals Inc. reported results on the phase III drilling campaign on its optioned property from Canasi,l Sandra Escobar, in Durango. In-fill holes report up to 58 m true width @ 192 g/t Ag, 48.5 m @ 129 g/t Ag and 47.6 m @ 56 g/t Ag, while two other step out holes reported 7.2 m @ 67 g/t Ag and 45.3 m @ 90 g/t Ag.
  • Silver Spruce Resources Inc. announced a maiden RC drill program at its property Pino de Plata in Chihuahua. Three target areas are to be tested: El Terrero, with assays up to 557 g/t Ag (up to 6 holes planned); Theodora vein, in several areas, with up to 553 g/t Ag (up to 3 holes planned); and Santa Elena – Gossan, aiming to encounter replacement Ag-Pb-Zn-Cu deposits (3 to 5 holes planned).
  • Golden Minerals Co. provided results from the ongoing drilling campaign at its Rodeo project in Durango. The first five holes of the 12 hole program show true width intervals of up to 50.7 m @ 0.46 g/t Au, 13 g/t Ag; 74.7 m @ 0.63 g/t Au, 20 g/t Ag; 69.2 m @ 0.44 g/t Au, 16 g/t Ag; 58.6 m @ 0.69 g/t Au, 19 g/t Ag and 52.2 m @ 0.78 g/t Au, 15 g/t Ag, including 12.9 m @ 2.58 g/t Au, 7 g/t Ag. The “results show a gold and silver bearing epithermal vein and breccia system with encouraging gold and silver values over an approximate 50 to 70 meter true width”.
  • Alset Energy Corp. announced the translation of a 1992 study by the Consejo de Recursos Minerales (now Servicio Geologico Mexicano, SGM) in which the process of brines extracted from beneath the salars produced accumulations of lithium of up to 2.1% Li on the brines, and up to 0.14% Li on precipitated salts.

ON MINING

  • Red Tiger Mining Inc. reported its financial and operational results for the second quarter 2016. Mined 70.6 K tonnes of ore, and moved 420 K tonnes of waste at a waste/ore strip ratio of 5.9, with an average ore grade @ 1.16% Cu, for the production of 579 tonnes of copper cathode at its Luz del Cobre mine in Sonora. Cash cost per Cu pound stood at $1.29.
  • Santacruz Silver Mining Ltd. reported its financial and operational results for the second quarter of 2016. The company milled 26.4 K tonnes of ore to produce 272 K AgEq ounces at a cash cost of $11.57 per AgEq ounce and an all-in sustaining cost of $14.60 per AgEq ounce. The Veta Grande mill is operating at 400 tpd, mining from the La Flor, Armados, San José and Veta Grande veins. New equipment delivered during the period is increasing the mining rate, aiming to exit 2016 with a 800 tpd rate, while expansion of the milling and crushing circuits will take plant capacity to 1,500 tpd.

ON FINANCING

  • Santana Minerals Ltd. announces the completion of placement to sophisticated and professional investors to raise $2 M (Namiquipa, Chihuahua; Cuitaboca, Sinaloa).
  • Argentum Silver Corp. closed its private placement with Sprott Mining Inc. for 15 M units at a price of $0.07 per unit (to gross $1,050,000?). SMI now owns 56.9% of issued and outstanding shares on a non-diluted basis.

ON DEALS AND CORPORATE ISSUES

  • Canuc Resources Corp Corp. and Santa Rosa Mining Corp. completed the agreement to combine Canuc and Santa Rosa by way of an amalgamation of Santa Rosa and a wholly-owned subsidiary of Canuc, to form one company as a wholly-owned subsidiary of Canuc .
  • Goldgroup Mining Inc. announced a favorable ruling from a process at the American Arbitration Association regarding the long time legal dispute with Dyna USA Inc. on its participation on the San Jose de Gracia project in Sinaloa.
  • Alset Energy Corp. announced the assembly of a technical and business team for the exploration and advancement of the Mexican lithium salars recently acquired by the company in Zacatecas and San Luis Potosi.

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, Chalcopyrite crystals on quartz, from the Esmeralda breccia in the Inguarán District, Michoacán.

Inguaran Feb 2011 044

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