Month: February 2017

Source Exploration Provides Update on Private Placement Financings

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Click to access 2017-02-14-News-Release.pdf

February 14, 2017 – Source Exploration Corp. (“Source” or the “Company”) (TSX-V: SOP) is pleased to announce, further to its news releases dated September 28, 2016, November 30, 2016 and January 5, 2017, that it has now arranged a non-brokered private placement (the “Private Placement”) of up to 12,333,333 units of the Company (the “Units”) at a price of $0.15 per Unit for gross proceeds of up to approximately $1.85 million to replace the second tranche of the previously announced non-brokered private placement. Each Unit will consist of one common share of the Company (a “Common Share”) and one transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.25 per Common Share for a period of twenty-four months from the closing date of the Private Placement (subject to acceleration of the expiry date).

MAG Silver: Wide and High-Grade Intercepts Extend Valdecanas Deep Zone West; Strong Gold Revealed in Valdecanas Deep Zone East; and New Anticipada Vein Takes Form

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/974-tsx/mag/29266-mag-silver-wide-and-high-grade-intercepts-extend-valdecanas-deep-zone-west-strong-gold-revealed-in-valdecanas-deep-zone-east-and-new-anticipada-vein-takes-form.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 14, 2017) – MAG Silver Corp. (TSX:MAG)(NYSE MKT:MAG) (“MAG” or the “Company”) reports on 13 exploration and infill drill holes that further extend wide, high-grade mineralization in the Deep Zones (Table 1) of the Valdecañas Vein System on the Minera Juanicipio joint venture property (Fresnillo plc 56%; MAG 44%) previously announced August 15, 2016 and April 23, 2015.

GoGold Sold 413,941 Silver Equivalent Ounces at a Cash Cost of $6.70 for Revenue of $6.9 Million

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/644-tsx/ggd/29245-gogold-sold-413-941-silver-equivalent-ounces-at-a-cash-cost-of-6-70-for-revenue-of-6-9-million.html

HALIFAX, Feb. 13, 2017 /CNW/ – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) is pleased to announce the release of financial results for the quarter ending December 31, 2016. GoGold recorded revenue of $6.9 million from the sale of 413,941 silver equivalent ounces with a cash cost per silver equivalent ounce of $6.70, with an operating income of $2.175 million for the quarter (All amounts are in U.S. dollars).

Financial Highlights for the quarter ending December 31, 2016:

  • Revenue of $6.856 million from the sale of 413,941 silver equivalent ounces, a realized price of $16.56 per silver equivalent ounce
  • Operating income of $2.175 million
  • Cash flow from operations before changes in non-cash working capital of $3 million, or 2 cents per basic share
  • Cash cost per silver equivalent ounce of $6.70
  • All in sustaining cost per silver equivalent ounce of $9.16
  • Produced 403,545 silver equivalent ounces

MX Gold Corp. Signs LOI to Acquire a 50% Interest in the Durango Smelter Project in Mexico

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/403-tsx-venture/mxl/29241-mx-gold-corp-signs-loi-to-acquire-a-50-interest-in-the-durango-smelter-project-in-mexico.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 13, 2017) – MX Gold Corp. (TSX VENTURE:MXL)(FRANKFURT:ODV)(OTCQX:MXLGF) (the “Company” or “MX Gold”) is pleased to announce the entry into a binding option agreement with American Metal Mining S.A. de C.V. (“AMM”) whereby, upon certain scheduled payments totaling US$1,525,000, the Company will acquire 50% of the shares of a private Mexican corporation that holds the IDS Project. The IDS Project consists of a past-producing gold smelter, three acres of land situate around the smelter, and various equipment and permits associated therewith. Upon advancement of the initial payment of US$650,000, the Company was granted a 49.5% net profit participating interest in the IDS Project that will remain until option exercise, provided that all payments are made by the Company in accordance with the option agreement.

Torex Gold Reports High-Grade Intercepts From Sub-Sill Step Out Holes

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1242-tsx/txg/29224-torex-gold-reports-high-grade-intercepts-from-sub-sill-step-out-holes.html

TORONTO, ONTARIO–(Marketwired – Feb. 13, 2017) – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is pleased to announce the results of the first round of its step out drilling program for its Sub-Sill target. Highlighted intercepts from this program include 112.7 g/t Au over 3.9m and 23.9 g/t Au over 5.8m in borehole SST-15, 33.7 g/t Au over 2.9m in borehole SST-06, 23.0 g/t Au over 7.4m and 19.4 g/t Au over 16.0m in borehole ST-07, and 23.2 g/t Au over 4.1m in borehole SST-09.

Firma Acquires Remaining Interest In Fully Permitted IDS Smelter

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http://www.marketwired.com/press-release/firma-acquires-remaining-interest-in-fully-permitted-ids-smelter-otc-pink-frma-2195426.htm

HENDERSON, NV–(Marketwired – February 13, 2017) – Firma Holdings Corp. (OTC PINK: FRMA), through its subsidiary Gracepoint Mining Corp, is pleased to announce, regarding its Durango Smelter Project, which is joint ventured with MX Gold Corp. (TSX VENTURE: MXL) (FRANKFURT: ODV) (OTCQX: MXLGF), the company has now completed the purchase of a 100% interest in INVERSIONES DURANGO SAN LUIS, S.A. C.V., which is located in Durango, Durango, Mexico.

The acquisition includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day (TPD). The smelter was built to receive and process high-grade direct ship ores and concentrates from small-scale miners across the state of Durango and beyond. The concept was birthed by the vision of Rosa Isela De La Rocha, a state Senator for Durango. Using a central location to safely and more efficiently process daily production, the community of local miners could enhance economics and quality of life. By eliminating the need for each miner to process, or otherwise dispose of, their individual ore production, the miners are able to spend more time producing and also receive a higher return from their production.

Highlights on the Second Week of February, 2017. Mineral Exploration in Mexico

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During the 6th week of the year (6th to 12th February, 2017) at least 25 press releases were announced by companies working in Mexico, including the completion or starting of financing rounds by seven companies. ON EXPLORATION, in Sonora, Riverside presented drilling results from a porphyry copper target. In Zacatecas, Canasil presented results from the first hole of the present drilling campaign. Prospero Silver presented an exploration update of its properties in Chihuahua and Hidalgo. ON MINING, Marlin Gold released production figures for January, and US Antimony presented production estimates for 2016.  ON FINANCING, Six companies reported the opening or closing of financing rounds for a consolidated total of $529 M. The large majority of this amount is by Alamos Gold, Leagold and Fortuna Silver.  ON RESOURCES AND DEVELOPMENT, Leagold filed a technical report, Coeur presented resources estimates to 2016, Consolidated Zinc and Alamden presented drilling results and Mexus Gold an update on mine development.  ON DEALS AND CORPORATE ISSUES, Excellon made a deal on concentrate sales, Plata Latina closed the deal on one of its Guanajuato properties and Colibri confirmed its shares are still suspended.

ON MEXICO ISSUES

  • Silver Production. Six of the main silver producers anticipate a 15% increase of production on the metal for 2017 over 2016, from 88.6 to 102 M Oz Ag. The companies surveyed by Bnamericas include Fresnillo PLC, First Majestic Silver, Pan American Silver, Fortuna Silver, Coeur Mining and Endeavour Silver.

ON EXPLORATION

  • Prospero Silver Corp. provided an update on recent exploration work on its projects. At Petate (Hidalgo) has secured surface access and drill permits for 27 drill sites, with JV negotiations underway. At Pachuca Southeast (Hidalgo) Prospero is to present permit applications for four drill sites, after being cleared by the INAH (Mexican archeology agency). At Bermudez (Chihuahua) additional mapping and sampling has been completed, assay results are pending for 51 samples that will aid in drill site selection. Prospero has been field reviewing several sites for the past three months, and has two projects advancing to the staking stage.
  • Canasil Resources Inc. released results from its first drill hole on the current drilling campaign at its Esperanza project in Zacatecas. “This drill hole intersected an extended interval of banded quartz veins, veinlets and breccias hosted within fractured and brecciated volcanic rocks… ”. Results in this hole include true width (TW) intervals: 1.36 m @ 0.08 g/t Au, 23 g/t Ag, 2.0% Zn, 1.3% Pb; 1.67 m @ 0.11 g/t Au, 5 g/t Ag, 3.6% Zn, 0.5% Pb and 3.08 m @ 0.14 g/t Au, 21 g/t Ag, 2.6% Zn, 0.8% Pb. “The La Esperanza vein system has now been traced by drilling to a depth of 375 metres below surface and over a strike length of 245 metres and remains open for further expansion.”
  • Riverside Resources Inc. reported drill results with Antofagasta at Thor, Sonora. The four diamond holes totaled 1,335 m, with no Cu or Au intercepts over material widths; however,a large Laramide age porphyry style quartz-sericite-pyrite stockwork zone was encountered. The results of this program “justify additional exploration work… ”. Riverside and Antofagasta have reviewed the results and now plan to progress the project with Riverside as the operator.

ON MINING

  • Marlin Gold Mining Ltd. stacked 7,447 Oz Au during January at a grade of 1.87 g/t Au, in addition to a 485 K tonne stockpile @ 1.37 g/t. Gold recoveries during January averaged 231 ounces per day, at an expected cost below $290 per ounce. The company is accelerating mining to reach the southern part of the high grade HS zone by the third quarter of 2017.
  • United States Antimony Corp. reported production estimates for 2016 and 2015, which includes undisclosed figures from its Mexican operations. During 2016 the company benefited of the 46% antimony price increase from a low of $2.40 to $3.52 per pound by year end. During January 2017, 90 K Lb of Sb were shipped from two of its Mexican mines to the company’s Madero smelter. The alkaline leach plant has been tested, and the flotation mill is to begin test runs during February.

ON FINANCING

  • Almaden Minerals Ltd. closed a non-brokered private placement amounting $3.4 M. The proceeds are to be used to advance the Ixtaca deposit towards the completion of pre-feasibility studies, continue permitting work, continue exploration drilling, and for general working capital (Tuligtic, Puebla).
  • Galore Resources Inc. informed the company’s board of directors authorized management to proceed with a loan arrangement with a senior officer / director of the Company, whereby the Company will borrow USD$150 K. The Company is to settle also a CDN$51 K debt with a former related party by the issuance of shares (Dos Santos, Zacatecas).
  • Mammoth Resources Corp. is to proceed with a non-brokered private placement with the aim to accruing $150K to advance exploration activities on its Tenoriba property in Chihuahua.
  • Alix Resources Corp. announced the completion of the first tranche of a non-brokered flow through private placement for gross proceeds of $180.9 K, and additionally completed a non-brokered non-flow through private placement for gross proceeds of $395.7 K (Elektra, Sonora).
  • Alamos Gold Inc. has closed its previously announced deal offering for gross proceeds of US$250 M (Mulatos, Sonora; Esperanza, Morelos).
  • Fortuna Silver Mines Inc. completed a previously announced bought deal financing for gross proceeds of US$74.8 M (San José, Oaxaca).
  • Leagold Mining Corp. filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec, in connection with its proposed distribution of subscription receipts (to be converted into shares). The cash required for the $279 M payment for Los Filos mine purchase (in Guerrero) is expected to be raised from the net proceeds from the Offering and the net proceeds from up to $200 M of term loan credit facilities.

ON RESOURCES AND DEVELOPMENT.

  • Mexus Gold US. continues to place mined material on the heap, with the first three meter lift nearing completion. Cyanide leach is expected to begin by the end of March.
  • Almaden Minerals Ltd. released drilling results within and immediately outside the amended PEA pit, including potential new zones of veining, at its Tuligtic property in Puebla. Intersects include 41.45 m @ 1.52 g/t Au, 117 g/t Ag; 11.3 m @ 1.56 g/t Au, 132 g/t Ag, 32.55 m @ 0.72 g/t Au, 17 g/t Ag; 18.45 m @ 1.66 g/t Au, 59 g/t Ag; 8.05 m @ 3.59 g/t Au, 329 g/t Ag; 0.75 m @ 17.7 g/t Au, 1,350 g/t Ag; 17.9 m @ 1.62 g/t Au, 162 g/t Ag; 61 m @ 0.53 g/t Au, 82 g/t Ag. Some of the high grade intervals included within those broader intercepts are: 4.6 m @ 6.68 g/t Au, 565 g/t Ag; 5.15 m @ 3.16 g/t Au, 273 g/t Ag; 1.10 m @ 17.2 g/t Au, 920 g/t Ag; 0.5 m @ 16.85 g/t Au, 3,120 g/t Ag; 2.0 m @ 12.8 g/t Au, 1,136 g/t Ag).
  • Consolidated Zinc Ltd. presented definition drilling results on its Plomosas mine in Chihuahua. True width intercepts include 1.65 m @ 25.7% Zn, 10.5% Pb, 64 g/t Ag; 0.45 m @ 18% Zn, 16.7% Zn, 104 g/t Ag; 2.98 m @ 3.7% Zn, 1.9% Pb, 19 g/t Ag. Three tenement applications were filed to protect adjoining ground to the Plomosas operations.
  • Coeur Mining Inc. announced year-end 2016 reserves and resources, which includes figures on its Palmarejo mine in Chihuahua and the La Preciosa project in Durango. At Palmarejo and La Preciosa consolidated reserves and resources amount to 78.6 M Oz Ag, 1.087 M Oz Au and 118.6 M Oz Ag, 202 K Oz Au respectively.coeur-reserves-and-resources-20161-copia
  • Leagold Mining Corp. filed a NI 43-101 technical report on its Los Filos gold mine in Guerrero. The report describes the Los Filos mine operations, mineral reserves and resources, and a financial evaluation of the current mine. The M&I resources (inclusive of mineral reserves) stand at 422.5 M tonnes @ 0.85 g/t Au (11.479 M Oz Au) and 162 .6 M tonnes @ 0.76 g/t Au on the inferred resources category (3.995 M Oz Au). To the end of the third quarter 2016, the mine had produced 194 K Oz Au at AISC US$854 per ounce. “The Mine currently consists of two open pit mines, Los Filos and El Bermejal, an underground mine at Los Filos and the opportunity to develop an underground mine at El Bermejal as an expansion project. The open pit operation began commercial production in 2008. Gold is recovered from crushed and run-of-mine ore via a conventional, low cost heap leach process.”

ON DEALS AND CORPORATE ISSUES

  • Excellon Resources Inc. negotiated offtake arrangements for 2017 with two purchasers for its lead-silver and zinc concentrates, with material reduction (60%) in treatment and refining charges.
  • Plata Latina Minerals Corp. has formally entered into the option agreement with Fresnillo PLC respect the Naranjillo property in Guanajuato. Terms include an initial payment of US$400 K (paid), an aggregate US$1.65 M in five 6 month installments and US$500 K at the end of the term to acquire the property. Fresnillo must incur US$3.0 M in exploration expenditures over the term, and Plata Latina will retain a 3% NSR, of which 2% can be bought by US$1 M and the remaining 1% by US$5 M.
  • Colibri Resources Corp. announced that “trading in the shares of the company remains halted pending receipt and review of acceptable documentation regarding the Fundamental Acquisition of Canadian Gold Resources pursuant to Listing Policy 5.6 (d) of Exchange Policy 5.3.

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, quartz vein float on a rock fence in central Chihuahua, displaying silica banding, brecciation and re-sealing.

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Mineras De Plata Proyectan Extraordinario Año En México

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http://outletminero.org/mineras-de-plata-proyectan-extraordinario-ano-en-mexico/

Seis de los principales productores argentíferos del país anticipan 102 millones de onzas (Moz) en sus minas locales, 15% más que los 88,6Moz de 2016.

Las cifras se basan en la proyección promedio de empresas que produjeron al menos 3,0Moz de plata en 2016. No se incluyeron firmas que obtuvieron plata como subproducto como Goldcorp y Minera Frisco.

México es el mayor país productor de plata del mundo con 174Moz en 2015, según el Servicio Geológico de EE.UU.

Grant of Share Options

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Click to access nr-2017-02-10-grant-of-options.pdf

Arian Silver Corporation (“Arian Silver” or the “Company”) reports today that, further to its 6 February 2017 statement regarding the adoption of and award under the Company’s share option plan, a further grant of an aggregate of 2,250,000 share options over Common Shares has been approved to certain key personnel including the awards to the directors listed below, exercisable at a price of £0.01 until 9 February 2022 and vesting immediately.