Month: March 2017

Gold Resource Corporation Declares March Monthly Dividend

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Click to access article_03272017161517.pdf

COLORADO SPRINGS – March 27, 2017 – Gold Resource Corporation (NYSE MKT: GORO) (the “Company”) declares its monthly instituted dividend of 1/6 of a cent per common share for March 2017 payable on April 24, 2017 to shareholders of record as of April 11, 2017. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $109 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends and take delivery in physical gold and silver.

Endeavour Silver Reports Initial NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment for El Compas Mine, Zacatecas, Mexico

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http://www.marketwired.com/press-release/endeavour-silver-reports-initial-ni-43-101-mineral-resource-estimate-preliminary-economic-nyse-exk-2205365.htm

VANCOUVER, BC–(Marketwired – March 27, 2017) – Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) reports its initial NI43-101 Mineral Resource Estimate and a Preliminary Economic Assessment (“PEA”) for its El Compas mine project located adjacent to the city of Zacatecas in Zacatecas state, Mexico. The PEA will be filed on SEDAR and EDGAR within 45 days of this news release.

The Mineral Resource is small but shallow and high grade and the PEA provides robust economic returns. As a result, management has made a production decision to develop the new El Compas mine, subject to receiving an explosives permit and receiving further clarity from the Zacatecas government regarding an exemption from the new Zacatecas state environmental tax.

Endeavour’s decision to place the El Compas mine into production is not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and the Company cautions that historically such projects have a much higher risk of economic or technical failure. Management proposes to proceed with mine development because it has successfully developed similar mines in Mexico, the total capital required is low and Endeavour has the in-house experience to build and operate such a mine.

Alix Initiates Maiden Drill Program on Its Agua Fria Lithium Project, Sonora Mexico

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http://www.fscwire.com/newsrelease/alix-initiates-maiden-drill-program-its-agua-fria-lithium-project-sonora-mexico

Vancouver, British Columbia (FSCwire) – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the commencement of the maiden drill program, in partnership with Lithium Australia (49%), on its Agua Fria property, Electra Project located in Sonora, Mexico. The planned program envisions approximately 3,000 meters of reverse circulation drilling over a 5 kilometer prospective strike length of sedimentary units hosting lithium-enriched clay horizons. Lithium mineralization on the Agua Fria project is similar to that of the nearby Sonora lithium project, owned by Bacanora Minerals Ltd. (BCN-TSX:V), and Rare Earth Minerals PLC (REM).

 

Highlights of the Agua Fria project include:

 

  • Trench samples demonstrating elevated lithium grades (up to 1,340 ppm)

 

  • Lithium-mineralized clays have been sampled and mapped for over five kilometers on strike

 

  • Metallurgical testing is in progress under the direction of Lithium Australia. The metallurgy shows good potential to develop simple beneficiation strategies to recover lithium-bearing components from the “clay” material, directed at producing a higher grade concentrate prior to process, subsequently reducing the treatment costs.

 

  • This drill program is believed to be the first, “field test” application of Laser Induced Breakdown Spectroscopy (LIBS) technology, developed in conjointly by Lithium Australia and Sci-aps. This new technology will allow for real-time field analysis of drill cuttings

 

  • Lithium Australia is the funding partner with Alix, and has increased its equity position to 49% on the Electra Project, which includes the Agua Fria property.

 

  • In addition to significant lithium values, the clay horizons at Agua Fria are anomalous in potassium. On the nearby La Vantaa deposit, Bacanora reports indicate potassium (K) sulfate (K2SiO4), as a valued by-product to their economic models, expected to be sold as a high-quality Sulfate of Potash (“SPO”) fertilizer.

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

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During the 12th week of the year (March 20th to March 26th, 2017), at least 21 press releases were announced by companies working in Mexico. ON EXPLORATION, Southern Silver and Orex Minerals reported drilling results from their respective projects in Durango. Riverside disclosed interesting trench assay results from its project in Sonora, Silver Bull presented the results from deep drilling in Coahuila, Canasil reported drilling results from a project in Zacatecas/Durango and Alset received needed drilling permits in Zacatecas. ON MINING, Argonaut gold, Excellon, Premier Gold and Santacruz presented operating and/or financial results for 2016. ON FINANCING, Starcore closed the sale of a surface land package, and Primero Mining obtained an extension on a loan. ON RESOURCES AND DEVELOPMENT, Argonaut presented drilling results that support a potential pit expansion in Sonora, Consolidated Zinc disclosed assay results from underground sampling on its Chihuahua property, Pan American Silver filed a technical report on SEDAR regarding its mine in Chihuahua and Mexus US informed of advances on the commissioning of its Sonora mine.  ON DEALS AND CORPORATE ISSUES, Lithium Australia increased its stake on a lithium property in Sonora.

ON EXPLORATION

  • Southern Silver Exploration Corp. reported drilling results for two holes at its Cerro Las Minitas project in Durango. Results include 9.9 m (True width) @ 48 g/t Ag, 0.3% Pb, 3.6% Zn; 2.9 m @ 26 g/t Ag, 0.5% Pb, 3.0% Zn; 9 m @ 601 g/t Ag, 7.1% Pb, 17.9% Zn. The results table mentions “dilution” ranging from 38% to 61%, meaning perhaps poor core recovery.
  • Riverside Resources Inc. reported assays from trench sampling at its Glor project in Sonora, funded by partner Centerra Gold Inc. Results from the Pitaya target area include 105 m @ 0.49 g/t Au, 84 m @ 0.53 g/t Au, 12 m @ 0.64, 36 m @ 0.34 g/t Au. A first-phase drill program is being planned, with 2,000 m to test the Pitaya zone and previously reported induced polarization anomalies.
  • Silver Bull Resources Inc. disclosed assay and geologic results from five deep holes (515-833 m depth) targeting high grade feeder structures at its Sierra Mojada property in Coahuila. Assay results include 50 m @ 0.15% Cu, 27 g/t Ag, 115 m @ 0.25% Zn, 81 m @ 0.64% Zn, with this last interval including 17 m @ 65 g/t Ag and 41 m @ 1.4% Pb. The holes intercepted 180, 360 and 460 m of intense silica alteration resulting in total replacement of the original country rock in places. The company interprets these results as the proximal halo to an intrusive rock source, thus providing a vectoring for future drill holes.
  • Canasil Resources Inc. has received assay results for three more holes at its La Esperanza project in Durango/Zacatecas. Intercepts include 0.7 m @ 0.3 g/t Au, 131 g/t Ag, 0.64% Zn, 0.23% Pb, 0.84% Cu; 2.1 m @ 38 g/t Ag, 0.5% Zn, 0.14% Pb; 2.5 m @ 63 g/t Ag, 0.5% Zn, 0.15% Pb; 4.1 m @ 33 g/t Ag, 1.0% Zn, 0.6% Pb; 1.5 m @ 51 g/t Ag, 1.9% Zn, 1.4% Pb. A further drill hole is in progress, increasing the current program to 2,00 m in seven holes.
  • Alset Energy Corp. has received the necessary environmental permits for drilling its La Salada lithium property in Zacatecas. The company intends to drill two holes, and make a 100-meter grid for subsurface sampling of the salar.
  • Orex Minerals Inc. informed that project partner Fresnillo PLC completed a phase-V exploration diamond drilling program with 11 holes in 5,214.9 m. Results include 1.22 m @ 1.5 g/t Au, 28 g/t Ag; 0.65 m @ 2.3 g/t Au, 42 g/t Ag; 31.6 m @ 0.42 g/t Au; 14.5 m @ 0.56 g/t Au; 1.0 m @ 1.31 g/t Au; 1.0 m @ 2.12 g/t Au; 0.9 m @ 0.40 g/t Au, 402 g/t Ag; 0.4 m @ 0.48 g/t Au, 812 g/t Ag; 0.9 m @ 1.01 g/t Au, 67 g/t Ag.

ON MINING

  • Argonaut Gold Inc. presented financial and operating results for 2016, which includes figures from its operations in Mexico. At El Castillo in Durango, 11.1 M tonnes of ore and 16.4 M tonnes of waste were extracted, while moving 75 K tonnes per day (tpd), at a grade of 0.37 g/t Au, producing 62,235 Oz Au at cash cost $884 per Au Oz. At La Colorada in Sonora, 11.1 M tonnes of ore and 16.4 M tonnes of waste were moved, with the ore grading 0.55 g/t Au to produce 56,492 Oz Au and 184.5 K Oz Au. The first pour of gold at San Agustin (10 km from El Castillo) is expected during the third quarter of 2017.
  • Excellon Resources Inc. reported operational and financial results for 2016, period during which 55,593 tonnes of ore were processed at a grade of 456 g/t Ag, 4.4% Pb, 5.7% Zn, to produce 752.7 K Oz Ag, 4.44 M Lb Pb, 5.58 M Lb Zn (with recoveries at 90.5% Ag, 82.1% Pb, 80.1% Zn). Cash cost per Ag Oz was $13.42 and all-in sustaining cost (AISC) of $33.04 per Ag Oz. An optimization plan to enable dry mining on Platosa is set to double productivity and halving costs by the second quarter of 2017. Cash, current accounts receivable and marketable securities totaled $7.7 M at the end of 2016.
  • Premier Gold Mines Ltd. presented operational and financial results for 2016, including figures for its Mexico operations. At Mercedes in Sonora (which was bought at the end of the third quarter) production during the fourth quarter included the milling of 175 K tonnes of ore @ 4.27 g/t Au, 44.5 g/t Ag to produce 22,481 Oz Au and 98.4 K Oz Ag, on recoveries of 94.8% Au, 39.1% Ag. Cash cost was $690 per Au Oz and AISC  $811 per Au Oz including co-products. Also during the quarter 8,532 m of drilling were completed in 44 holes. Premier aims to produce 85-90 K Oz Au at Mercedes during 2017.
  • Santacruz Silver Mining Ltd. reported operating results from the Rosario project in San Luis Potosi and the Veta Grande project in Zacatecas, for 2016. At Rosario 93.2 k tonnes of ore were milled @ 163 g/t Ag, to produce 456.3 K Oz Ag, 454 Oz Au, 759 tonnes Pb, 2,657 tonnes Zn (Ag recovery @ 94%). At Veta Grande 28.5 K tonnes @ 56 g/t Ag were milled to produce 29,843 Oz Ag, 115 Oz Au, 232 tonnes Pb, 382 tonnes Zn (Ag recovery 58%). The Rosario mill has been processing ore from the nearby Cinco Estrellas mine, where the company has completed development work in three levels and expects to mine at a 250 tpd rate. At Veta Grande more than 2,000 m of development have been completed on two mines, furthermore, back-fill mineralized material was identified and is to be a primary source of millfeed combined with material from other mine working faces.

ON FINANCING

  • Starcore International Mines Ltd. announced the closing of the sale of its San Pedrito surface property in Queretaro. The property is near the Santiago de Queretaro city limits, and has gained value in recent years. The total amount paid was C$10,171,415 dollars for 55 hectares of the land package, with payments amounting over C$3 M pending for the remaining 17 hectares.
  • Primero Mining Corp. announced that it has agreed in principle with its lenders to an extension of its $75 M revolving credit facility, extending it for six months to November 2017.

ON RESOURCES AND DEVELOPMENT

  • Argonaut gold Inc. has completed a 5,139 m, 22 holes RC drill program at its La Colorada mine in Sonora, aiming to confirm resources for a pit expansion at the Creston deposit. Results include 15.2 m @ 0.62 g/t Au, 5 g/t Ag; 19.8 m @ 0.72 g/t Au, 10 g/t Ag; 12 m @ 0.44 g/t Au, 5 g/t Ag; 41.1 m @ 1.15 g/t Au, 6 g/t Ag; 27.4 m @ 0.96 g/t Au, 5 g/t Ag; 16.8 m @ 2.69 g/t Au, 3 g/t Ag; 59.4 m @ 1.24 g/t Au, 6 g/t Ag; 51.8 m @ 0.52 g/t Au, 4 g/t Ag; 48.8 m @ 0.97 g/t Au, 12 g/t Ag; 54.9 m @ 0.89 g/t Au, 5 g/t Ag; 36.6 m @ 1.22 g/t Au, 12 g/t Ag; 57.9 m @ 1.0 g/t Au, 4 g/t Ag; 132.6 m @ 1.29 g/t Au, 24 g/t Ag. These results are not included on the mineral resource estimate prepared on December 2016, which includes 13.1 M tonnes of indicated resources @ 0.63 g/t Au, 16.5 g/t Ag, for 264 K Oz Au, 6.9 M Oz Ag and 2.38 M tonnes of inferred resources @ 0.82 g/t Au, 12.1 g/t Ag, for 63 K Oz Au, 0.9 M Oz Ag.
  • Mexus Gold US announced that cyanide solution assays on its Santa Elena mine in Sonora (not to mistake for First Majetic’s Santa Elena mine, also in Sonora) are better than expected at this early stage, before heap saturation.
  • Consolidated Zinc Ltd. presented assay results for 40 underground samples collected on the Carola South zone of its Plomosas property in Chihuahua, which extends the mineralized zone for other 800 m. The average for all the samples is 20.4% Zn+Pb, with a high of 56.3% Zn+Pb.
  • Pan American Silver Corp. filed on SEDAR an updated technical report on its Dolores property in Chihuahua. The reports provides current information on mineral resource and reserve drilling, updated mineral resource and reserve estimates and the current expansion on the Dolores mine to include a pulp agglomeration treatment option and an underground mine to extract ore beneath the planned pit limits.

ON DEALS AND CORPORATE ISSUES

  • Lithium Australia increased its interest in the Electra lithium clays joint venture with Alix Resources, ahead of a 3,000 m drilling program to begin this week. Lithium Australia has boosted its stake in the Electra project, in Sonora, from 25% to 49%.

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, Agglomerate fragment within a more recent agglomerate, Soconusco area in Chiapas. Photo by Jorge Cirett.

Coatan 062 - copia

Santacruz Silver Reports 2016 Annual Production Results and 2017 Update

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Click to access 2017-03-24-nr-scz.pdf

Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the “Company” or “Santacruz”) reports its operating results from the Rosario project in Charcas, San Luis Potosi, Mexico and the Veta Grande project in Zacatecas, Mexico for the fourth quarter (“Q4”) and year ended December 31, 2016 and provides an update on the respective projects. The Company produced a total of 970,332 silver equivalent ounces(1) in fiscal 2016, including fourth quarter production of 242,048 silver equivalent ounces(1) from its two operating projects. Production levels for the fourth quarter of 2016 were impacted by ongoing development and optimization activities at both the Rosario and Veta Grande projects which may allow for increased production levels in 2017. “We are excited to see the results of our efforts over these past months coming to fruition with an anticipated production increase in fiscal 2017,” stated Arturo Préstamo, Santacruz’s President and CEO. “This expected increase in production will be the result of significant development work completed at the Veta Grande and Rosario projects in the fourth quarter of 2016, which has set the stage for more robust 2017 operations. Although our focus on these development activities had the effect of reducing our fourth quarter 2016 production total, I am pleased to advise that the Company is now well positioned to steadily advance our production levels throughout the year.”

Lithium Australia ups stake in Mexican Lithium clay play

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https://thewest.com.au/business/public-companies/lithium-australia-ups-stake-in-mexican-lithium-clay-play-ng-b88424945z

Lithium Australia have increased their interest in the Electra Lithium clays joint venture in Mexico ahead of a 3,000m drilling program scheduled to begin next week.

The aggressively expanding Perth-based developer of Lithium extraction technologies announced this week they had boosted their stake in the Electra joint venture from 25% to 49% under the earn-in terms with TSX-listed Alix Resources.

Electra is on the southern boundary of Bacanora Minerals’ Sonora project, a giant Lithium clays project that grabbed headlines in 2015 with the signing of a major off-take agreement with revered electric car manufacturer Tesla.

Phase-V Exploration Diamond Drilling Completed on the Coneto Gold-Silver Project in Durango, Mexico

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Click to access article_03242017070814.pdf

Vancouver, BC — Orex Minerals Inc. — (TSX-V: REX — OTCQX: ORMNF) (“Orex”), announces that project partner Fresnillo PLC (LSE: FRES — BMV: FRES) (“Fresnillo”), has completed a Phase-V exploration diamond drilling program of 11 holes on the Coneto Gold-Silver Project in Durango, Mexico. The Coneto Project is a joint venture, with ownership of 55/45% between Fresnillo and Orex. A Technical Committee, with membership from both companies, guides the exploration programs. The Phase-V drilling program tested a variety of targets across the Coneto property. In total, there were 5,214.90 metres in 11 holes. Three holes were drilled in the Northern Zone (La Bufa, Santo Niño), three holes in the Western Zone (Loma Verde), four holes in the Southern Zone (Durazno, Nogales, Promontorio) and one hole in the Central Zone (Descubridora).

Premier Gold Mines Reports 2016 Fourth Quarter and Full-Year Results Solid first year of production sees year-end cash & cash equivalent balance of USD$89.2 million (CAD$119.7 million)

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Click to access article_03242017084311.pdf

PREMIER GOLD MINES LIMITED (TSX: PG) (“Premier”, “the Company”) is pleased to announce its operational and financial results for the three months and year-ended December 31, 2016. The Company previously released its production results for the fourth quarter and full year in its news release dated January 12, 2017. This press release should be read in conjunction with the Company’s Consolidated Financial Statements and related Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for the year ended December 31, 2016, which are available on SEDAR (www.sedar.com). All dollar amounts included in this press release are expressed in Canadian dollars, unless otherwise noted, and are based on the Company’s MD&A and Consolidated Financial Statements, which were prepared in accordance with International Financial Reporting Standards. 2016 Fourth Quarter Highlights  Consolidated production of 81,511 ounces of gold and 98,401 ounces of silver(i)  Consolidated Gold revenue of USD$102.0 million (CAD$135.1 million) on sales of 82,188 ounces at an average realized price of USD$1,241 (CAD$1,644) per ounce  Consolidated co-product cash costs(ii) of USD$306 per ounce of gold sold  Consolidated co-product all-in sustaining costs(ii) of USD$356 per ounce of gold sold  Net income for the quarter of USD$20.4 million (CAD$27.0 million)  Cash flow from operating activities of USD$73.0 million (CAD$96.7 million) (i) Final gold production lower by 279 ounces and silver higher by 410 ounces than previously released on January 12, 2017 due to final year end reconciliation (ii) See “Non-IFRS Measures”. A cautionary note and further information regarding Non-IFRS metrics is included in the “Non-IFRS Measures” section of the MD&A 2016

Primero Mining Receives Extension to Revolving Credit Facility Financing

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1165-tsx/p/30569-primero-mining-receives-extension-to-revolving-credit-facility.html

TORONTO, ON–(Marketwired – March 24, 2017) – Primero Mining Corp. (“Primero” or the “Company”) (TSX: P) (NYSE: PPP) announces that it has agreed in principle with its lenders to an extension of its $75 million revolving credit facility (“RCF”) previously maturing in May 2017. Upon completion of an amending agreement, the maturity of the RCF will be extended by six months to November 2017, providing the Company with greater flexibility to replace the RCF with a longer-dated term loan.

The Company’s RCF currently has $50 million drawn with $25 million available. The proposed amended credit agreement would exclude financial covenants in the amended RCF during this six month period to support the San Dimas restart plan. Silver Wheaton will guarantee amounts payable under the RCF to ensure the Company’s ability to meet its financial obligations and return the San Dimas mine to profitability. Primero expects the documentation formalizing this extension and the guarantee will be completed early next week.

Alset Receives Drilling Permits for La Salada Lithium Project in Zacatecas, Mexico

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http://www.marketwired.com/press-release/alset-receives-drilling-permits-for-la-salada-lithium-project-in-zacatecas-mexico-2205008.htm

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 23, 2017) – Alset Energy Corp. (TSX VENTURE:ION) (“Alset” or “the Company”) is pleased to announce that having completed an environmental report and an application for drilling, the Company has received the necessary permits to commence drilling at its La Salada lithium project near Zacatecas, Mexico. The Company is now in the process of securing drill crews and site personnel and is expecting to commence drilling in early April.

In addition to the drilling, the Company will commence a shallow subsurface sampling program. These efforts are designed to better understand the geochemistry and deportment of lithium in subsurface soils and the depth and chemistry of potential brine of the La Salada salar.