Highlights on the Third Week of March, 2017. Mineral Exploration in Mexico

During the 11th week of the year (March 13th to March 19th, 2017), at least 13 press releases were announced by companies working in Mexico. ON EXPLORATION, Minaurum identified two more vein targets on its Quintera property in Sonora. ON MINING, Primero mining and Impact Silver presented 2016 financial results, while Starcore presented last quarter results. ON FINANCING, Five companies announced financial news, with Argonaut Gold closing a bought deal for C$40M and Silver Spruce raising $459 K. Source Exploration has a new largest shareholder, Riverside announced a $416 K oversubscription and VVC Exploration informed of errors on its last two debentures. ON RESOURCES AND DEVELOPMENT, Kootenay Silver started a second phase metallurgical testing at its La Cigarra property in Chihuahua,  Endeavour Silver reported high grade results at its Terroneras property in Jalisco and VVC Exploration applied for and exploration permit at its Salamayuca copper property in Chihuahua.  ON DEALS AND CORPORATE ISSUES, no relevant news.


  • Minaurum Gold Inc. identified two new vein targets, Amalia and Nueva Europa, at its La Quintera project in Sonora. At Amalia dump samples returned values of up to 256 g/t Ag, 14.7 g/t Au, 2.1% Cu, 1.3% Pb, 2.0% Zn, on a positive topographic feature 500 m long. At Las Europas two vein zones, Nueva Europa and Europa, traced for 1,500 and 400 m respectively. “Vein widths range from stringers to vein/breccia zone measuring more than one metre wide.” Selected samples from Las Europas returned 155; 211; 213; 235; 263; 308; 2,500; 3,120 g/t Ag, with Cu, Pb and Zn credits.


  • Primero Mining Corp. reported financial results for 2016, including figures from its San Dimas operations in Durango. During the year 113,968 AuEq Oz were produced at the unit, at cash cost $856 per AuEq Oz and AISC of $1,117 per Au Oz. On 2016 the San Dimas operations suffered reduced underground development rates and ventilation restrictions that reduced mine productivity, averaging 2,074 tpd. The San Dimas operation remains halted by a unionized strike opposed to changes on labor reduction, the short-term bonus structure and a more continuous shift cycle needed to return to profitability. At the end of the year the company held a $20 M cash position, and has signed a binding agreement for a $75 M three-year term loan with Sprout Resource Lending Partnership.
  • Impact Silver Corp. announced its 2016 financial and production results. Production at the Guadalupe mill during 2016 came mainly from the Cuchara (42%), San Ramon Deeps (38%) and Mirasol (17%) mines. The average grade was 180 g/t Ag, to produce 952,768 Oz Ag. The company’s cash position at the end of the year was $8.1 M.
  • Starcore Interantional Mines Ltd. filed the results for the quarter ended January 31, 2017. The San Martin mine in Queretaro produced 3,000 Oz Au and 15,500 Oz Ag during the period, milling 69,700 tonnes @ 1.91 g/t Au, 14.7 g/t Ag, recovering 70.7% Au and 47.1% Ag. Cash cost per AuEq Oz stood at $1,105. The Altiplano concentrate processing plant at Matehuala, San Luis Potosi is now fully operational, and the CIL plant at San Martin is complete, allowing the process of higher grade carbonaceous ore. Cash and short-term investments stand at $4.7 M.


  • Source Exploration Corp. announced that Palisade Global Investments Ltd. has become the largest shareholder, with 12.68% of the issued common and outstanding shares, percentage that might grow if the warrants of the units purchased on the last issuance are exercised (Las Minas, Veracruz).
  • Riverside Resources Inc. announced an oversubscription by $416 K on its previously announced private placement, for total proceeds of $3.441 M (El Capitan in Durango, Glor in Sonora).
  • Silver Spruce Resources Inc. closed its current non-brokered private placement, raising gross proceeds of $459 K (Pino de Plata and Encino de Oro in Chihuahua).
  • Argonaut Gold Inc. closed its previously announced bought deal for aggregate proceeds of C$40 M (La Colorada, Sonora; El Castillo, Durango).
  • VVC Exploration Corp. informed of errors committed on the last 2 debentures issuances, on December 2, 2016 and June 4, 2015.


  • Kootenay silver Inc. has begun the second phase of leach testing of oxide and sulfide mineralization (the latter not previously tested) on its La Cigarra silver project in Chihuahua, applying the proprietary SILVOX Technologies Inc. Previous testing demonstrated higher Ag recoveries by this method against standard leaching. Previous metallurgical testing using conventional flotation achieved recoveries of up to 88%, but the method entails higher capital and operating costs.
  • Endeavour Silver Corp. continues to expand high grade mineralization zones to greater depths within the Terronera vein and at shallow depths within the La Luz vein at the Terronera project in Jalisco. At Terronera vein high grade mineralization was extended to 400 m depth and remaining open in that direction. New intercepts include 16.3 m @ 1.8 m @ 1.8 g/t Au, 230 g/t Ag; 1.7 m @ 6.9 g/t Au, 82 g/t Ag; 7.7 m @ 1.8 g/t Au, 116 g/t Ag; 3.5 m @ 2.1 g/t Au, 192 g/t Ag; 7.1 m @ 3.0 g/t Au, 118 g/t Ag; 7.5 m @ 0.7 g/t Au, 307 g/t Ag. At La Luz vein, 2.2 km NE of the Terronera vein, results include 1.0 m @ 19 g/t Au, 407 g/t Ag; 1.5 m @ 29.5 g/t Au, 651 g/t Ag; 1.4 m @ 23.1 g/t Au, 245 g/t Ag; 2.0 m @ 12.8 g/t Au, 21 g/t Ag; 2.2 m @ 57 g/t Au, 63 g/t Ag. None of these results are to be included on the upcoming resource estimate for the property.
  • VVC Exploration Corp. has filed a request for a permit for exploration drilling on its Samalayuca copper project in Chihuahua. Drilling is to be concentrated on the Kaity concession, seeking further understanding of the project, with up to 53 drillholes using previously constructed roads and historically disturbed areas to avoid any damage to the environment, and producing an updated resource by the second or third quarter of 2017.


  • No relevant news this 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, Tacaná volcano on the left (Mexico) and Tajumulco volcano on the right (Guatemala), as seen from the plane approaching Tapachula, Chiapas. Photo by Jorge Cirett.

Tacana-Tajomulco detail extractor



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