During the third week of December at least sixteen press releases were announced by companies working in Mexico. ON EXPLORATION, in Chihuahua, drilling continues at one property, while prospecting advances in one other. In Zacatecas one property sees early geological reconnaissance while other sees the commencement of a drilling campaign. An ongoing drilling campaign on a mine in Durango locates long overlooked mineralization. ON MINING, equipment is being installed at a heap leach operation in Sonora. ON FINANCING, one company entered into an at-the market-offering looking to raise up to US$5 M. ON RESOURCES, a maiden high-grade resource was announced for a Pb-Zn property in Chihuahua. ON DEALS AND CORPORATE ISSUES, a back-in notice was delivered to a company with a silver discovery in Sonora; the first payment on the sale of a property on the same state has been forwarded. An extension into a tailings project in Zacatecas was signed and a lithium player is in advanced discussions with a “significant” Asian offtake partner.
ON EXPLORATION
- Kootenay Silver Inc. has completed seven holes along the Soledad structure (results pending) at its La Cigarra property in Chihuahua. Surface exploration has identified a gold target in a contact skarn zone up to 1,000 m in length, which is also supported by a gold in soils anomaly.
- Silver Spruce Resources Inc. has done field reconnaissance on its Encino de Oro property in Chihuahua, confirming that an outcrop of strongly silicified rhyolitic tuff contains gold grades of 5 and 8 g/t Au in two samples covering over 3 m in width. Mineralization and argillic alteration is said to cover about 3 km2, and being open on all sides.
- Arian Silver Corp. has defined two major vein systems on its Los Campos property in Zacatecas. Old workings on Los Campos vein trace the structure for 3.3 km, and to at least 100 m of depth.
- Canasil Resources Inc. has started drilling at its La Esperanza project in Zacatecas. Past drilling along 250 m of strike of the vein to 200 m depth has returned consistent high grade Ag-Pb-Zn intercepts, averaging 4.2 m true width (TW) @ 330 g/t Ag, 0.93% Zn and 1.57% Pb on the main vein. The Hanging Wall vein was intercepted by 5 drill holes, averaging 1.53 m TW @ 324 g/t Ag, 1.37% Zn, 1.8% Pb, and three later drill holes on a blind section 100 m to the NW returned 3.24 m @ 278 g/t Ag, 5.2% Zn, 2.22% Pb.
- Avino Silver & Gold Mines Ltd. announced drilling results from its ongoing campaign in its Avino property in Durango. Results for eight of eleven drill holes have been received. The drilling is targeting an overlooked portion of the Avino vein. The Avino vein has been followed for more than 1,300 m, and more than 600 m down dip; Steeply dipping, high grade zones within the vein and stockwork zones are frequently found throughout the system. The new zone is 240 m long for 130 m in depth, with an average thickness of 15 m. The Avino vein remains open at depth. Selected intercepts on the Hanging wall breccia, Avino vein hanging wall zone, Avino vein, Avino vein footwall, Avino vein stockwork zone and footwall breccia include 4.8 m @ 1.27 g/t Au, 105 g/t Ag, 0.16% Cu; 18.42 m @ 1.12 g/t Au, 38 g/t Ag; 21.8 m @ 0.72 g/t Au, 40 g/t Ag, 0.15% Cu; 9.5 m @ 1.82 g/t Au, 119 g/t Ag, 0.5% Cu; 44.3 m @ 2.08 g/t Au, 29 g/t Ag; 5.95 m @ 2.29 g/t Au, 232 g/t Ag, 0.3% Cu; 37.3 m @ 1.46 g/t Au, 55 g/t Ag, 0.26% Cu; 15.85 m @ 1.19 g/t Au, 37 g/t Ag, 0.28% Cu.
ON MINING
Mexus Gold US. along with JV partner Mar Mar is installing a Merril Crowe plant on its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). Ore is being crushed and staked on the pads, and a new crusher is about to be installed.
ON FINANCING
- Golden Minerals Co. entered into an at-the market-offering agreement to sell stock for up to an aggregate sales price of US$5 M.
ON RESOURCES
- Consolidated Zinc Ltd. reported last week a maiden resource for its Plomosas mine in Chihuahua. An Indicated and inferred resource of 568 K tonnes @ 16.9% combined Zn + Pb and 28.4 g/t Ag was defined, with 96 K tonnes of contained Zn + Pb. The resource is on the Level 7 and Tres Amigos zones, remains open and is limited only by the extent of drilling.
ON DEALS AND CORPORATE ISSUES
- Azure Minerals has received notice that Teck Resources Ltd (through a subsidiary) will exercise its back-in right on the Alacrán project in Sonora, which hosts the Mesa de Plata silver discovery. Teck can re-acquire a 51% interest by sole funding US$10 Min expenditures in the project over four years, and making cash payments of $0.5 M to Azure. Teck may further its interest to 65% by funding a further US$5 M in expenditures in the project and making cash payments of an additional US$1.5 M to Azure.
- Arian Silver Corp. has obtained from Tierra Nuevo Mining Ltd. an extension on the exclusivity agreement over the Nochebuena gold and silver tailings project in Zacatecas. The period of exclusivity has now been extended at no cost until February 25th2017, while the results of metallurgical test work are awaited.
- Bacanora Mineral Ltd. is in advanced discussions with a “significant Asian offtake partner for the supply of battery grade lithium carbonate…” The ongoing feasibility study is expected to be completed on the summer of 2017.
- Sonoro Metals Corp. closed the sale of La Chipriona property in Sonora to Agnico Eagle Mines Ltd. The company received the first $650 K installment, according with the agreement signed last week.
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, alunite patch in strongly silicified rhyolitic flow. Zacatecas.
