During the second week of November, at least 27 press releases were published by companies working in Mexico, including several quarterly financial reports. ON EXPLORATION, a new round of drilling started in two Durango projects, while another company published high-grade drilling results and the exploration for extensions to defined orebodies, also in Durango.  In Sonora one company is exploring a new porphyry copper target and also a new high sulfidation epithermal target. Assay results were disclosed for a drill hole in Veracruz, with continuous low-grade Cu-Au mineralization for hundreds of meters. In Sonora, step-out drilling exploration is finding extensions and peripheral mineralization in two high sulfidation epithermal projects. Also in Sonora, the resource conversion in a lithium property has been completed, and work focus in the Feasibility Study. A drill program is to start on another lithium property in Sonora. ON MINING, ten companies reported third quarter results, with operations in Baja California, Sonora, Sinaloa, Coahuila, Durango, Jalisco, San Luis Potosi, Mexico State, Oaxaca and Zacatecas. Pilot scale mining continues on a Sinaloa project, and a mine commenced commercial production in Zacatecas. ON FINANCING, one company issued shares for $150 K to settle debt; another closed a non-brokered private placement for $400 K; and one other received $642 K from the exercise of warrants. One company entered into an agreement with a syndicate of underwriters for $20 M. ON DEALS AND CORPORATE ISSUES, two companies entered into an option agreement for 50% of a property in Durango, while two other companies agreed an option and JV agreement for 49% of a lithium property in Sonora.

ON EXPLORATION

• Orex Minerals Inc. has started a new round of diamond drilling on the Sandra Escobar project in Durango; two rigs will drill 4,000 m in 10 to 15 holes. Results from the last holes of the past campaign were released, and include 10.89 m true width (TW) @ 55 g/t Ag, on the Puma ridge zone, 250 m southwest from the Main Zone.
• HECLA Mining Corp. updated exploration work at its San Sebastian mine in Durango, where focus was in defining extensions to the current Middle and North veins pits. Drilling of the West Middle vein, 350 m form the Middle vein pit has defined a high grade zone of mineralization more than 375 m in length, between 100 and 240 m below the surface. Intercepts include 2.6 m @ 7.4 g/t Au, 1,558 g/t Ag and 0.8 m @ 18.6 g/t Au, 4,643 g/t Ag. Drilling continues at extensions of the East Francine vein over 240 m of length at 1.2 – 4.5 m widths and the West Francine vein over 480 m of length and 0.6 – 4.8 m widths.
• Orex Minerals Inc. announced that its project partner Fresnillo PLC has commenced a 5,000 m Phase-V diamond drill program in 11 holes at its Coneto property in Durango. The new drilling will cover La Bufa, Santo Niño, Reliz, Loma Verde, Descubridora, Durazno, Impulsora and Promontorio veins.
• Minaurum Gold Inc. identified a new bulk-tonnage target at La Quintera silver property in Sonora. “The Minas Nuevas bulk-tonnage target has a strike length of 700 meters and is 25 meters wide…….. Mineralized stockwork quartz veining surrounding the old workings exhibits the potential for bulk-tonnage silver mineralization”.
• San Marco Resources Inc. has found typical porphyry copper zoned alteration of a quartz diorite porphyry with copper and molybdenite mineralization in Sonora. Another target hosts a high sulfidation epithermal system in volcanic and volcanoclastic rocks with advanced argillic alteration. Dacite breccias and pyroclastics show quartz/alunite alteration and vuggy silica areas.
• Almadex Minerals Ltd. disclosed results from its last hole on the Norte Zone at its El Cobre project in Veracruz, with 414 m @ 0.11% Cu and 0.16 g/t Au, including 74.5 m @ 0.19% Cu and 0.38 g/t Au. The company will now test a new zone interpreted as the intrusive core of the porphyry system, supported by a chargeability anomaly. The four copper-gold porphyry targets currently known are: Encinal, El Porvenir, Norte and Villa Rica. The largest target area is the Villa Rica zone which has not been drill tested.
• Alamos Gold Inc. released results from its exploration in Sonora. At La Yaqui 9,055 m of drilling have been completed since the October interim resource update and additional 5,000 to 6,000 m is planned for the current quarter. New infill drilling intercepts include 76 m @ 4.37 g/t Au, 76.8 m @ 3.17 g/t Au and 61.8 m @ 1.1 g/t Au. At Cerro Pelon exploration now includes a much larger area to be systematically explored. Twenty holes were completed for 5,692 m of drilling, with structures, vuggy silica and advanced argillic alteration intersected over a broad area.
• Bacanora Minerals Ltd. is realizing multiple activities with the aim to complete the definitive Feasibility Study (“FS”) on its Sonora lithium project. The infill drilling program to upgrade the resource classification has been completed. The average thickness for the Upper Clay Unit is 30.7 m @ 1,791 ppm Li, and for the Lower Clay Unit 20.7 m @ 4,345 ppm Li.
• Alix Resources Corp. is to initiate a drill program with JV partner Lithium Australia NL in the Agua Fria site, at its Elektra project in Sonora (adjacent to Bacanora’s property).

ON MINING

• Unitated States Antimony Corp. produced 274.5 K pounds of antimony during October. “Testing of the Los Juarez caustic leach circuit in Coahuila that is designed to recover contaminants from the floatation concentrates has proven successful and is ready for Los Juarez concentrates when the cyanide leach circuit has been approved at Puerto Blanco, Guanajuato”.
• Fortuna Silver Mines Ltd. reported financial results for the third quarter of 2016, during which 1.78 M Oz Ag and 13,951 Oz Au were produced at its San Jose mine in Oaxaca. During the period 268.2 K tonnes of ore were milled at a 3,056 tpd rate, and average grade of 224 g/t Ag and 1.76 g/t Au; obtaining recoveries of 92% for both. The all-in sustaining cost was $6.94 per silver ounce, net of by-product credits from gold, lead and zinc. Cash and cash equivalents stood at $103.2 M.
• HECLA Mining Co. released third quarter 2016 results, which include 40 K tonnes of ore processed at a grade of 801 g/T Ag, 6.7 g/t Au, for a total production of 975.6 K Oz Ag and 8,189 Oz Au at its San Sebastian mine in Durango. Total cash cost, net of by-product credits was $(4.03) per silver ounce.
• First Majestic Silver Corp. released third quarter 2016 results from its six mines in Mexico: Santa Elena in Sonora, La Encantada in Coahuila, La Parrilla in Durango, Del Toro in Zacatecas, San Martin in Jalisco and La Guitarra in Mexico State. Over 838 K tonnes of ore were processed to produce 3.1 M Oz Ag , or 4.5 M Oz AgEq at cash cost of $5.84 per ounce and all-in sustaining cost of $10.52 per ounce.
• Primero Mining Corp. reported third quarter 2016 results, which include information on its Mexican operations. The San Dimas mine in Durango produced 28,454 Oz AuEq Oz (22,162 Oz Au, 1.37 M Oz Ag) during the period (almost half of Q3 2015) at a cash cost of $887 per AuEq Oz. Production was impacted by labor disruptions and lower than planned grades. Mine output was 2,012 tpd with grades averaging 3.69 g/t Au, 232 g/t Ag.
• Avino Silver & Gold Mines Ltd. announced third quarter 2016 financial results, which includes production numbers from its Avino mine, cash and cash equivalents stood at $15 M.
• Dyna Resource Inc. processed 4,550 tons at its San Jose de Gracia pilot mill in Sinaloa, at an average grade of 11.39 g/t Au, and a rate of 177 tonnes per day.
• Alamos Gold Inc. reported its financial results for the third quarter 2016, including numbers from its Mexican operations. At Mulatos and El Chanate mines in Sonora, 38,500 Oz Au and 16,942 Oz Au were produced respectively, with cash cost of $888 per Oz and AISC of $965 per Au Oz in Mulatos; and cash cost of $1,045 per Oz and AISC of $1,062 per Au Oz at El Chante. At Mulatos 2.05 M tonnes of ore were mined, and 2.04 M tonnes of waste moved (strip ratio 0.99), and 1.57 M tonnes were placed on the heap @ 0.82 g/t Au; 28 K tonnes were mined from underground, and 38.3 K tonnes milled @ 9.8 g/t Au, operating at 17,500 tpd, and overall recovery rates of 72%. At El Chanate 1.75 M tonnes of ore were mined, 5.75 M tonnes of waste moved (strip ratio 3.27), 1.7 M tonnes of ore @ 0.61 g/t Au staked on the heap, operating at 18,400 tpd and recovery rates of 51%. Cash and cash equivalents totaled $287 M at the end of the period.
• Sandstorm Gold Ltd. released results for the third quarter 2016. The streaming royalty company receives revenue from 21 producing assets, including from First Majestic’s Santa Elena mine in Sonora. Total revenue was $16.8 M, or 12,588 Oz AuEq.
• Santacruz Silver Mining Ltd. reported operating results from its Rosario mine in San Luis Potosi, and commencement of operations at its Veta Grande mine in Zacatecas. At the Rosario mine, 24.7 K tonnes of ore from several veins averaged 252 g/t AgEq (0.16 g/t Au, 101 g/t Ag, 0.5% Pb, 3.5% Zn), with recovery rates of 66.4%, 94.2%, 88.5% and 72.9% respectively for gold, silver, lead and zinc, to produce 164.9 K Oz AgEq. At Veta Grande mine, commercial production was declared after achieving 395 tpd in the mill, which is 80% of capacity, with 80% recoveries.  
• Mag Silver Corp. announced third quarter 2016 financial results. At the end of the period the company had working capital of $140.9 M.
• Aura Minerals Inc. released financial and operational results (standstill Aranzazu mine in Zacatecas).
• Oddisey Marine ExplorationInc. reported third quarter 2016 results. The company is waiting the environmental permit to be approved, performing offshore services in the meantime to obtain total revenue of $2.9 M for the period.

ON FINANCING

• Alset Energy Corp. announced it will be settling up to $153.2 K of debt by issuing shares to a company’s creditor (various lithium properties, San Luis Potosi and Zacatecas).
• Colibri Resource Corp. closed a private non-brokered private placement for gross proceeds of $400 K (Evelyn property, Sonora).
• San Marco Resources Inc. received $642 K from the exercise of warrants.
• Timmins Gold Corp. entered into an agreement with a syndicate of underwriters for gross proceeds of approximately C$20 M (Ana Paula project, Guerrero).

ON DEALS AND CORPORATE ISSUES

• Firma Holdings Corp. announced that through its subsidiary GracePoint Mining Corp. it has entered into a binding option agreement with Hawkeye Gold and Diamond Inc. to acquire a 50% interest in its Cobriza Grouping project, in Durango. The terms include payments of US $4.5 M, with US$3.8 M going to the project and US $700 K going to GracePoint.
• Alix Resources Corp. and Lithium Australia NL (LIT). Entered into an option and JV agreement under which LIT can earn 49% interest in the Elektra project by issuing 500 K shares to Alix, issuing 500 K partly paid shares and expending further A$250 K within 12 months of signing.

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, advanced argillic alteration on a high sulfidation prospect in the Trans-Mexican Volcanic Belt. Geologist Ruben Padilla checking the outcrop.