Highlights on the Fifth Week of November 2016, Mineral Exploration in Mexico

During the fifth week of November at least eighteen press releases were announced by companies working in Mexico, including two third quarter reports. ON EXPLORATION, in Chihuahua one company obtained a long extension on its drill permit, while other signed a LOI to acquire ground close to its main property. In Puebla, high grade drilling results continue to pour during the feasibility study, while in Zacatecas and San Luis Potosi large concession are being split to reduce investment obligations. ON MINING, two companies, one with mines in Sonora and the other with mines in San Luis Potosi and Zacatecas presented third quarter financial and operational results. One company is to re-start iron mining in Sonora, and one other company will temporarily shut processing operations at its mine Durango, while mining continues. ON FINANCING, One company closed its bought deal offering for gross proceeds of CAD$20 M; four companies completed bought deals and non-brokered private deals for US$ 12.46 M; and one other entered into a debt settlement agreement worth up to $0.24 M. ON RESOURCES, two amended technical reports were filed at SEDAR, from properties in Sonora and Guerrero. ON DEALS AND CORPORATE ISSUES, a lithium exploration company, created a subsidiary to focus on recycling. A project was optioned and two property options were terminated in Sonora

ON EXPLORATION

  • Mammoth Resources Corp. was granted a four year extension on its permit to drill from up to 16 drill pad locations at its Tenoriba property in Chihuahua. Mammoth is negotiating with a drill contractor to pay part of a future drill program with cash, and part with Mammoth shares.
  • Almaden Minerals Ltd. released new high grade mineralized drill intercepts within and outside the amended PEA pit at its Tuligtic project (Ixtaca) in Puebla. Results include 5.5 m @ 27.3 g/t Au, 66 g/t Ag; 9.6 m @ 2 g/t Au, 139 g/t Ag; 29.5 m @ 1.0 g/t Au, 39 g/t Ag; 25.6 m @ 0.7 g/t Au, 37 g/t Ag; 15.8 m @ 4.3 g/t Au, 34 g/t Ag; 22 m @ 1.9 g/t Au, 34 g/t Ag; 16.7 m @ 2.2 g/t Au, 161 g/t Ag; 20.3 m @ 2.2 g/t Au, 118 g/t Ag.
  • Alset Energy Corp. is splitting its largest concession, Sutti 19 (8,776 ha.), into 18 smaller concessions, action that will result in a reduction of the annual work requirements. The company intends to begin drilling on the first quarter of 2017.
  • Silver Spruce Resources Inc. signed a binding letter of intent (LOI) to explore a submittal prospect in the Chinipas district in Chihuahua. The terms include the payment of a total $50 K on installments over four years and a 3% NSR. The concession is over 300 ha in size, close to its Encino de Plata property

ON MINING

  • Red Tiger Mining Inc. reported its financial and operating results for the third quarter 2016. 96.6 K tonnes of ore were mined, 477.8 K tonnes of waste moved (Waste-Ore ratio: 4.9), at an average grade of 1.22% Cu. 101.8 K tonnes were crushed and staked, @ 1.49% Cu, producing 626 tonnes of copper, at a cash cost of $1.89 per pound (Luz del Cobre, Sonora).
  • Arcelor Mittal is to re-start operations at it El Volcan iron mine in Sonora.
  • Santacruz Silver Mining Ltd. presented its financial and operational results for the third quarter of 2016; when 24.7 K tonnes were milled, producing 164.9 K Oz AgEq, at cash cost $12.2 per AgEq Oz and all-in sustaining cost $15.88. The Veta Grande milling facility in Zacatecas is operating at 400 tpd, with mineralized material from the Garica and Guadalupana mines. The company expects to increase production to 1,500 tpd with the addition of another ball mill and crushing plant. The Cinco Estrellas mine supplied 5 K tonnes of ore @ 3 g/t Au, 103 g/t Ag to the El Rosario mill in San Luis Potosi.
  • Great Panther Silver Ltd. is to stop work at its processing facilities in the Topia mine in Durango for three months. During that time a plant upgrade and transition to a new tailings storage facility will be implemented, and mining will continue with ore stockpiled for later processing.

ON FINANCING

  • Avino Silver & Gold Mines Ltd. closed a bought deal financing for gross proceeds of US$11.18 M (Avino and San Gonzalo, Durango).
  • Aura Silver Resources Inc. announced a non-brokered private placement offering to raise gross proceeds of up to $500 K (Taviche, Oaxaca).
  • Timmins Gold Corp. confirms the closing of its previously announced bought deal offering for gross proceeds of C$20 M (San Francisco, Sonora; Ana Paula, Guerrero).
  • Cyprium Mining Corp. entered into debt settlement agreements with various creditors for up to $248.7 K of indebtedness by issuing shares (El Potosi, Chihuahua).
  • Source Exploration Corp. closed a tranche of its previously announced non-brokered private financing, raising $778.8 K (Las Minas, Veracruz).

ON RESOURCES

  • Timmins Gold Corp. filed on SEDAR amended technical reports for its projects San Francisco, in Sonora, and Ana Paula, in Guerrero.

ON DEALS AND CORPORATE ISSUES

  • Alix Resources Corp. has formed a new subsidiary, Upcycle Metals Corp. with the aim of forming a global recycling operation to retrieve battery metals and materials used in Lithium-ion batteries.
  • Almadex Mineral Ltd. signed a definitive agreement to option all of its interest at Los Venados project (Sonora) to Wolverine Minerals Corp. The deal involves CAD$30 K on signature, up to 2 M Wolverine shares and a 2% NSR. A minimum of 1,000 m have to be drilled by the second anniversary, with a minimum US$500 K spent by the third anniversary. The 1,500 hectare claim is adjoining the Mulatos and La India mines in Sonora.
  • First Mining Finance Corp. and Exploraciones Mineras Peñoles, S.A. de C.V. have terminated the option agreement under which Peñoles had the right to earn an interest on the Puertecitos and Los Tamales properties in 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, chalcedonic quartz vein, in otherwise covered terrain, Zacatecas Altiplano. Geologist Miguel Heredia on the outcrop.

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