Highlights on the Second Week of December, 2016. Mineral Exploration in Mexico

During the second week of December at least twenty one press releases were announced by companies working in Mexico, including two quarterly reports. ON EXPLORATION, in Sonora, mine processing equipment continues to arrive to a property nearing production; needed paper work has been received for another exploration property and drilling results provided for one more, while one more property has seen the delineation of target zones. In Mexico State and Jalisco high-grade drilling results were released for two properties.  In Durango initial metallurgical testing commences to unravel the intricacies of a new silver discovery, whereas other property sells the concentrates from the first metallurgical test. One more company withdrew from the agreement to acquire a property in the same state.  In Veracruz, drilling results released for a copper gold porphyry system, and in Baja California Sur a company was denied the environmental permit. In Chihuahua metallurgical testing continues in a property on track to publish a PEA.  ON MINING, a PEA is to be completed on a Durango property; while a copper mine in Sonora has ceased mining activities. Two companies with operations in Sonora, Durango and Queretaro presented quarterly reports. ON FINANCING, an over-allotment option accrued C$1.5 M to a company. ON DEALS AND CORPORATE ISSUES, two companies signed a deal on a property in Sonora, while one other is to buy the shares of a company holding two properties in Sonora.

ON EXPLORATION

  • Mexus Gold US and partner Mar Mar announced that a Merril Crowe plant and a 42 inch jaw crusher will arrive during December to its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora).
  • Impact Silver Corp. announced more high-grade results from the Deeps zone on its San Ramon mine in Mexico State. These true width (TW) intercepts are deeper than previous drillholes, and include 7.09 m @ 87 g/t Ag; 2.20 m @ 194 g/t Ag, 0.1 g/t Au, 1.1% Zn; 0.69 m @ 562 g/t Ag, 0.3 g/t Au, 0.7% Pb, 2% Zn; 0.22 m @ 1,475 g/t Ag, 0.9 g/t Au, 2.2% Pb, 6.2% Zn; 4.93 m @ 354 g/t Ag, 0.2 g/t Au, 0.2% Pb, 0.5% Zn; 3.10 m @434 g/t Ag, 0.19 g/t Au, 0.7% Pb, 1.7% Zn. The zone is still open down dip, up dip and to the north.
  • Endeavour Silver Corp. released results on two drill exploration programs. At El Compas in Zacatecas, drilling the Ana Camila vein, a splay of El Orito vein 550 m SE of El Orito, intercepted 1.81 m (TW) @ 26.5 g/t Au, 72 g/t Ag (includes 0.24 m @ 132 g/t Au, 283 g/t Ag); 2.85 m @ 12.86 g/t Au, 45 g/t Ag; 1.69 m @ 7.7 g/t Au, 29 g/t Ag. At Terronera in Jalisco, drill intercepts at La Luz vein, 2,200 m NE from La Terronera vein include 1.14 m (TW) @ 58.6 g/t Au, 408 g/t Ag (including 0.26 m @ 238 g/t Au, 1,365 g/t Ag); 1.17 m @ 4 g/t Au, 194 g/t Ag; 1.01 m @ 2.6 g/t Au, 61 g/t Ag; 1.43 m @ 3.1 g/t Au, 202 g/t Ag; 1.57 m @ 5.2 g/t Au, 86 g/t Ag; 3.34 m @ 2.3 g/t Au, 140 g/t Ag. At the Terronera vein, new drill intercepts include 2.03 m @ 1.9 g/t Au, 127 g/t Ag; 6.74 m @ 5.0 g/t Au, 226 g/t Ag. Updated resource estimates are expected for March 2017 for both properties.
  • San Marco Resources Inc. has received all necessary paperwork for exploration at its Chunibas property in Sonora, including drilling permits. Assay results are pending for an 850 samples soil program, which will aid in the definition of drill targets. Mineralized structures have been identified up to one kilometer from the main historic mine workings.
  • Oceanus Resources Corp. reported drilling results from its El Tigre property in Sonora. Intercepts include 110 m @ 0.6 g/t Au, 14.5 g/t Ag; 20.4 m @ 0.4 g/t Au, 212 g/t Ag; 115.9 m @ 0.43 g/t Au, 11.4 g/t Ag. An orientation geophysical survey is to be carried out during December by Geofisica TMC S.A. de C.V., with three traverse lines totaling 6 line Km of IP.
  • Minaurum Gold Inc. identified three targets at its La Quintera project in Sonora. The La Quintera, Gap and Promontorio mine targets. The La Quintera vein was mined for 800 m along strike and 500 m in depth, with records showing the operation ceased while still in good grade mineralization. A new parallel vein has been discovered, this and the down dip extension of the La Quintera vein constitute the target. The Gap target area is a 500 m long zone between the La Quintera and Promontorio veins, with semi-continuous quartz veins over more than 300 m of strike. At the Promontorio mine target, the vein was developed over 800 m of strike length and to 200 m depth. Focus is on the down dip extension of the vein, as well as potential parallel mineralized structures. Surface and underground sample results show the three systems to have strong silver values (50 – 1,750 g/t Ag) and low gold (nil – 1.9 g/t Au) contents, while copper, lead and zinc usually range from 0.1% to 3.0%.
  • Orex Minerals Inc. received preliminary metallurgical results for samples from the Main Zone of the Boleras silver deposit at its Sandra Escobar project in Durango. Results shows that recovery is grade dependent, with a low of 6% recovery for a 54 g/t head grade, to 95% recovery for a 1,912 g/t Ag head grade, for HCL pre-treatment (similar results for SO2 pre-treatment). “Initial interpretation of the results suggests that there are three different hosts of silver; 1) a small amount of direct cyanide leachable silver (native silver and silver halides, cerargyrite and bromargyrite), 2) a varying amount of silver-bearing minerals leachable under pre-treatment conditions (argentiferous manganese and iron oxides, pyrolusite and aurorite), and a portion within silicate minerals.”
  • Almadex Minerals Ltd. reported results for two holes and partial results for one hole at the El Norte zone in its El Cobre property in Veracruz. Intercepts include 497 m @ 0.33 g/t Au, 0.16% Cu (including 268 m @ 0.46 g/t Au, 0.2% Cu) and 30 m @ 0.22 g/t Au, 0.1% Cu. Almadex has been focusing on identifying controls of mineralisation and a vector to a porphyry core.
  • Telson Resources Inc. closed the sale of the first lead and zinc concentrates from a 3,500 tonnes bulk sample from the El Creston zone at its Tahuehueto project in Durango.
  • Argonaut Gold Inc. was denied the environmental permit by SEMERNAT for its San Antonio project in Baja California Sur. SEMERNAT required additional information “regarding potential identification, description and impacts to the environment; additional information on the construction, operation and closure plans for the project; and additional information regarding the impact on the local aquifer.” The Company believes that this information is readily available and it has the ability to respond swiftly…. The Company is evaluating alternatives including legal options, the possible re-submittal of a revised MIA and continuing dialogue.”
  • Golden Minerals Co. continues to perform metallurgical testing at Santa Maria, Chihuahua, prior to complete and updated resource estimate and issue a preliminary economic assessment (PEA) in the first quarter of 2017. A resource estimate is also in preparation for the first quarter of 2017 for the Rodeo project in Durango.
  • Blackrock Gold Corp. has withdrawn from a LOI to acquire the El Potrero property in Durango.

ON MINING

  • Minera Alamos Inc. has engaged CSA Global Canada Geosciences Ltd. to undertake a preliminary economic assessment (PEA) on its La Fortuna gold project in Durango.
  • Starcore International Mines Ltd. filed the results for its second quarter 2017, ended in October 2016. Production was 4,351 Oz Au and 20.5 K Oz Ag at its San Martin mine in Queretaro, from ore grading 2 g/t Au and 19.4 g/t Ag, at cash cost US$844 per AuEq Oz and all-in sustaining cost of US$1,006 per AuEq Oz. Cash and cash equivalents were $8 M at the end of the period.
  • Red Tiger Mining Inc. announced that it has ceased mining operations at its Luz del Cobre copper mine in Sonora The mine was experiencing lower than planned recoveries, and a recent infill drill program showed continued copper mineralization, but lower acid soluble copper than needed to sustain operations. The solvent extraction and electrowining plant continues to operate from existing copper inventory on the leach pad.
  • GoGold Resources Inc. released financial results for the quarter ending on September 30, 2016, producing 69.3 K Oz Ag and 1,260 Oz Au, with cash cost per AgEq Oz $7.50 and all-in sustaining cost $21.24. Agglomeration has been optimized and an oxygen plant was commissioned at its Parral tailings facility to increase recovery speed.

ON FINANCING

  • SilverCrest Metals Inc. sold an over-allotment option on its last week offering, for gross proceeds of C$1.5 M (Las Chispas, Sonora).

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. has entered into an agreement to sell its Chipriona project in Sonora to Agnico Eagle Mines Ltd. for $4 M plus 1% NSR. The payment is to go in four tranches; the first $650 K will be followed by three additional sequential installments of $650 K, $800 K and $1.9 M. The NSR can be bought for $1.5 M. The Chipriona project lies just to the north of Agnico’s La India mine.
  • Colibri Resources Corp. has signed a letter of intent (LOI) to acquire all of the issued and outstanding shares of Canadian Gold Resources Ltd. from Ontop Capital Ltd. A total of $4 M of Colibri shares have to be issued to Canadian Gold. The Pilar and Sun properties in Sonora are owned by Canadian Gold.

 

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, Hacienda de San Mateo, Valparaíso, Zacatecas.

086a-copia

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