Month: March 2017

Significant Mineralised Areas Identified (outside resource)

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Click to access 2102317-Significant-mineralised-areas-identified-outside-resource.pdf

Consolidated Zinc Limited (CZL:ASX; “Consolidated Zinc” or “the company”) is pleased to present the following update outlining additional high grade zinc mineralisation identified in underground mapping and detailing drilling progress and assay results received at the Plomosas Project resource definition drilling program. ADDITIONAL MINERALISATION IDENTIFIED As announced to the market on 9 March 2017, significant high grade mineralisation was mapped and sampled from underground at Tres Amigos North and Carola South.

Fortuna Announces Possible Delay in Filing its Annual Financial Results

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Click to access article_03202017163412.pdf

Vancouver, March 20, 2017: Fortuna Silver Mines Inc. (“Fortuna” or the “Company”) (NYSE: FSM) (TSX: FVI) announces that due to an ongoing regulatory review of the Company’s 2015 annual filings, the Company may be delayed in filing its annual audited financial statements and related MD&A for the years ended December 31, 2016 and 2015 (the “Annual Financial Documents”). As part of a review by the staff of the United States Securities and Exchange Commission (the “SEC”) of the Company’s Annual Report on Form 40-F for the year ended December 31, 2015, the SEC has provided comments on the Company’s use of inferred resources in its audited financial statements for the calculation of depletion expenses (the “SEC Comments”). The Company considers the use of its inferred resources in the calculation of depletion expenses to be appropriate under IFRS and consistent with the practice of other Canadian mining companies. However, until the SEC Comments are resolved, the Annual Financial Documents cannot be finalized.

Gold returning to the pregnant solution pond better than expected at Santa Elena mine

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http://www.globenewswire.com/news-release/2017/03/20/941980/0/en/Gold-returning-to-the-pregnant-solution-pond-better-than-expected-at-Santa-Elena-mine.html

CARSON CITY, Nev., March 20, 2017 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB:MXSG) (“Mexus” or the “Company”) announced that the initial assay results of the cyanide solution returning to the holding pond is better than expected.  On-site engineers have been collecting samples at the outflow pipe twice a day for lab testing.  The numbers equate to an average grade for all assays of 1 gram per ton entering the pond.

“This is exciting news for Mexus and our JV Partner.  The Initial amount of gold returning to the recovery pond is normally lower during the first weeks of cyanide being introduced to a pad.  These returns increase as the cyanide is able to work through the mineralized material.  I would expect our numbers to increase as pad 1 gets fully saturated which should take another week.  Overall, I’m thrilled with the progress being made at the Santa Elena mine.  We have gold in our recovery pond and will be processing gold shortly,” added Mexus CEO Paul Thompson.

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

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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.

ON EXPLORATION

  • 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.

ON MINING

  • 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.

ON FINANCING

  • 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.

ON RESOURCES AND DEVELOPMENT

  • 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.

ON DEALS AND CORPORATE ISSUES

  • 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

 

 

Southern Silver Intersects 6.5m (est. TT) Grading 737g/t Ag, 8.6% Pb, and 21.8% Zn (1814g/t AgEq; 51.2% ZnEq) at Cerro Las Minitas; Extends High-Grade Blind Shoulder Mineralization

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/441-tsx-venture/ssv/30406-southern-silver-intersects-6-5m-est-tt-grading-737g-t-ag-8-6-pb-and-21-8-zn-1814g-t-ageq-51-2-zneq-at-cerro-las-minitas-extends-high-grade-blind-shoulder-mineralization.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 20, 2017) – Southern Silver Exploration Corp. (TSX VENTURE:SSV)(OTCQB:SSVFF)(FRANKFURT:SEG1)(SSE:SSVCL) (“Southern Silver”) reported today assay results from the Winter 2017 core drilling program on the Cerro Las Minitas project, Durango State, Mexico. Drilling continues to intersect intervals of heavily disseminated to massive sulphide mineralization on the Blind Shoulder zone. Highlights from core holes 17CLM-095 and 17CLM-094 include:

  • a 7.3m down hole interval (6.5m est. true thickness) averaging 737g/t Ag, 8.6% Pb and 21.8% Zn (1814.3g/t AgEq; 51.2% ZnEq) from 17CLM-095, including a higher grade 3.4m interval (3.0m est. TT) averaging 981g/t Ag, 11.7% Pb and 26.4% Zn (2327.9g/t AgEq; 65.7% ZnEq); and
  • a 14.1m down hole interval (9.9m est. true thickness) averaging 48.6g/t Ag, 0.3% Pb and 3.6% Zn (186.1g/t AgEq; 5.3% ZnEq) from 17CLM-094

Argonaut Gold Announces Drill Results at La Colorada Mine’s El Creston Deposit that Signal Potential Open Pit Expansion

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1033-tsx/ar/30389-argonaut-gold-announces-drill-results-at-la-colorada-mine-s-el-creston-deposit-that-signal-potential-open-pit-expansion.html

TORONTO, March 20, 2017 /CNW/ – Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce that it has completed a 22 hole reverse-circulation (“RC”) drill program totaling 5,139 metres at the La Colorada mine in Sonora, Mexico (the “2017 drill program”).  The drilling was designed to test for the down dip extension of potential open pit mineralization at the El Creston deposit.  The Company believes the results of the 2017 drill program, coupled with the results of 70 RC holes drilled during 2016 (see press release dated October 3, 2016) (the “2016 drill program”), have the potential to expand the El Creston open pit beyond its current design.

The recently completed El Creston drill program was mainly designed to convert Inferred Resource projected down-dip to a Measured and Indicated Resource.  All 22 holes were spaced along the northern fringes of the historical El Creston pit and drilled to intersect mineralized zones that dip northerly below the currently designed pit limits.  In addition to upgrading Inferred Resources and confirming Indicated Resource, the 2017 drill program was intended to further de-risk the project prior to the commencement of mining.

Starcore Reports Q3 2017 Results

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https://www.starcore.com/news/news-releases/starcore-reports-q3-2017-results

Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) has filed the results for the quarter ended January 31, 2017 for the Company and its mining operations (Bernal) and purchased concentrate operations (Altiplano). The full version of the Company’s Financial Statements and Management’s Discussion and Analysis can be viewed on the Company’s website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.

Financial Highlights for quarter ended January 31, 2017:

  • Cash and short-term investments on hand is $4.7 million at January 31, 2017 compared to $10 million at April 30, 2016;
  • Altiplano purchased concentrate operations became operational at November 1, 2016, having been removed from the pre-operational phase. This is the first full quarter that the Altiplano plant is reported in operations;
  • Gold and silver sales of $6.2 million for the three months ended January 31, 2017 compared to $7.0 million for the three months ended January 31, 2016, which includes $756 from purchased concentrate processing, a decrease of 11%,
  • Loss from operations of $0.5 million for the three months ended January 31, 2017 compared to earnings of $0.7 million for the three months ended January 31, 2016;
  • EBITDA(1) of $3,123 for the nine months ended January 31, 2017 compared to $4,499 for the nine months ended January 31, 2016.

VVC Announces Updates on Previous Debentures

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http://www.marketwired.com/press-release/vvc-announces-updates-on-previous-debentures-2203638.htm

TORONTO, ONTARIO–(Marketwired – March 16, 2017) – VVC Exploration Corporation (“VVC” or the “Company“) (TSX VENTURE:VVC) is providing updates on the last 2 Debentures issuances as follows.

Debenture of December 2, 2016

Due to a spreadsheet tabulation error, the Company’s news release of November 22, regarding two Convertible Debentures, one in USD and the other in CAD, which closed on December 2nd, 2016, contained some errors. In fact, (i) the financing comprised of a US$885,000 Debenture and a CA$267,000 Debenture; (ii) the total value of the Debenture was CA$1.435 million instead of $1.38 million (or US$ 1.087 instead of 1.04); (iii) the number of detachable warrants to be issued was 21,972,000 instead of 21,132,000; (iv) the warrants entitle the holder to purchase additional shares at $0.05 per share and expire on November 30, 2021; and (v) the estimated number of shares to be issued on conversion should be 29.1 million if converted in the first year or 14.5 million if converted in the 5th year. The Debentures bear interest at 12% per annum and will mature on November 30, 2021. This error was noticed in the course of the Year End accounting. The Company has also filing a revised report with TSX Venture Exchange (TSXV) in order to rectify the situation and bring its fillings up-to-date. The currency exchange rate used herein was 1.32 being the rate at the time the filing with the TSXV.

Debenture of June 4, 2015

The US$75,000 Convertible Debentures issued on June 4, 2015 have matured and the debenture holders have agreed to amendments such that an aggregate of US$103,241 or CA$137,310 (principal plus interest accrued to-date) is being rolled over into Amended Debentures which will now mature on March 15, 2022 and have similar terms and conditions as the Debentures of December 2, 2016. During the term of the Amended Debenture, at any time after 6 months, each Amended Debenture will be convertible into common shares at a conversion rate CA$0.05 per share in the first year and thereafter at $0.10 per share. The estimated number of shares to be issued on conversion should be 2.7 million if converted in the first year or 1.4 million if converted in the 5th year. The Amended Debenture will bear interest at 12% per annum compounded quarterly. As part of the Amended Debenture, the debenture holders will receive an aggregate 2,064,820 common share purchase warrants (the “Warrants”) of the Company. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.05 per share for a period of 5 years expiring on March 15, 2022. The debenture holders are all at arm’s length to the Company. Issuance of the Amended Debenture is subject to TSXV acceptance for filing.

Minaurum Identifies Two New Vein Systems, Samples up to 3,120 g/t Silver and 14.7 g/t Gold at La Quintera

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http://www.newsfilecorp.com/release/25705/Minaurum-Identifies-Two-New-Vein-Systems-Samples-up-to-3120-gt-Silver-and-14.7-gt-Gold-at-La-Quintera#.WMyu1js1_IU

Vancouver, British Columbia–(Newsfile Corp. – March 16, 2017) – Minaurum Gold, Inc. (TSXV: MGG) (“Minaurum”) is pleased to announce that it has identified two new vein targets, Amalia and Nueva Europa, at its La Quintera project in southern Sonora State. Rock sampling from quartz veins at Nueva Europa has returned values up to 2,500 g/t Ag and 3,120 g/t Ag. The Nueva Europa vein zone lies 500m west of the historic high-grade Quintera — Promontorio vein zone and roughly parallel to it. It has recently been traced by Minaurum geologists for more than 1,500 m along strike. Samples from the Amalia vein target have yielded values up to 14.7 g/t Au and 346 g/t Ag. The vein hosting the Amalia target has now been traced for 500m along strike. These targets are in addition to the four targets described in Minaurum’s news releases of November and December of 2016.

Endeavour Silver Expands High-Grade Silver-Gold Mineralized Zones in Terronera and La Luz Veins on the Terronera Property in Jalisco, Mexico

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1070-tsx/edr/30324-endeavour-silver-expands-high-grade-silver-gold-mineralized-zones-in-terronera-and-la-luz-veins-on-the-terronera-property-in-jalisco-mexico.html

VANCOUVER, BC–(Marketwired – March 16, 2017) – Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) announces that exploration drilling on the Terronera property in Jalisco State, Mexico continues to expand the recently discovered high-grade, silver-gold mineralized zones to greater depths within the Terronera vein and at shallow depths within the La Luz vein.

Recent drilling in the Terronera vein has expanded the main high-grade, mineralized zone down to 400 metre (m) depths, still open to depth and to the southeast (view long section here). In addition to the main zone, drilling intercepted mineralized footwall (Fw) and hangingwall (Hw) splays. In some places the splays merge to form one very thick mineralized zone (eg. Hole TR11-3). None of the drill results reported herein are included in the upcoming resource estimate and pre-feasibility study (PFS) for Terronera, and they indicate clear potential to expand resources within the Terronera vein.