During the 28th week of the year (July 10th to July 16th, 2017), with the reporting of second quarter reports, at least 21 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora Pan American Silver is drilling La Negra. In Sinaloa Santana released drilling results from Cuitaboca. In Durango Southern Silver released more assays from drilling at Cerro Las Minitas. In Chihuahua Harvest Gold updated its exploration effort at Cerro Cascaron., and In Veracruz Mexican Gold has awarded a ground magnetic survey on its Las Minas project. ON MINING, First Majestic, McEwen Mining, Fortuna Silver, Great Panther, Cozamin and Endeavour Silver presented production results for the second quarter of 2017. Excellon achieved dry mining conditions at Platosa. ON FINANCING, Silver Bull completed the first tranche of a private placement, raising CDN$1.46 M, while Silver Spruce raised $166.5 K. ON RESOURCES AND DEVELOPMENT, Leagold presented results from 20 holes on the Bermejal underground deposit. ON DEALS AND CORPORATE ISSUES, Alset acquired five more salars in Zacatecas and Leagold received approbation from government’s agency COFECE respect financing in connection with the Los Filos mine purchase.
ON MEXICO ISSUES
- No Relevant News.
- Kootenay Silver Inc. informed that Pan American Silver Corp. commenced a drill program on La Negra, a silver discovery within its Promontorio project in Sonora. The program will total over 4,000 meters of core drilling over 25 holes, focusing in infill drilling and step out holes to depth.
- Santana Minerals Ltd. reported the remainder assay results for the recently completed RC drill program at the Mojardina prospect within its Cuitaboca project in Sinaloa. Highlights comprise 6 m @ 100 g/t Ag, and 12 m @ 148 g/t Ag in one hole; 32 m @ 104 g/t Ag and 5 m @ 93 g/t Ag in other hole; 12 m @ 118 g/t Ag; 5 m @ 121 g/t Ag. A new zone of mineralization was identified at the south end of the structure and mineralization remains open at depth and along strike below Evangelina and Las Animas.
- Southern Silver Exploration Corp. reported further assay results deeper on the hole previously reported with copper enrichment (32.8 m @ 105 g/t Ag, 0.9% Cu) at its Cerro Las Minitas project in Durango. The new intercepts include 1.8 m @ 406 g/t Ag, 3.8% Cu, 0.6% Pb, 0.6% Zn; 8.1 m @ 49 g/t Ag, 1.2% Cu. “The entire mineralized interval occurs within a broad zone of veined sulphides and breccia that extend into the skarn-altered margin of the central intrusion and is significant in that it represents the thickest zone of higher grade mineralization hosted within the monzonite identified to date. The interval is strongly copper enriched (up to 3.7% over 4.8 metres) and may represent a transition into a mineralized endoskarn which remains open down-dip and along strike to the northeast.”
- Harvest Gold Corp. provided an update on exploration at its Cerro Cascaron project in Chihuahua. In the Main Cerro Cascaron vein Field a low to intermediate sulfidation epithermal system includes 14 veins 70 to 1,980 m in length (over 11 km cumulative length), where some good intervals sampled include 1.3 m @ 12 g/t Au, 54 g/t Ag; 0.9 m @ 10.5 g/t Au, 46 g/t Ag; 1.4 m @ 5.6 g/t Au, 45 g/t Ag; 5.4 m @ 2.1 g/t Au, 14 g/t Ag; 6.3 m @ 2.1 g/t Au, 29 g/t Ag. The 200 m by 300 m Stockwork area presents multiple sub-parallel structures and breccias cutting the lower part of the rhyolite sequence. La Reyna/El Rico Veins are tourmaline rich silver and base metals veins and breccias where grab samples have returned up to 1.8 g/t Au, 516 g/t Ag. At La Prieta target tourmaline and quartz in a hydrothermal breccia returned 0.56 to 39.7 g/t Au in four samples. The Divisadero Veins are in the largest alteration zone, with limited sampling returning 0.1 to 599 g/t Ag, and locally up to 9.2 g/t Au. At La Cascarita intermediate sulfidation veins and breccias up to 3 m in width have been traced for over 150 m and are still open to the NE and SE. initial sampling here has returned up to 1,170 g/t Ag, 2.7 g/t Au, 1.0% Zn, 1.6% Pb.
- Mexican Gold Corp. has engaged Geofisica TMC to complete a ground magnetic survey at the Cinco Señores zone at Las Minas, Veracruz.
- First Majestic Silver Corp. reported second quarter 2017 production results from its six mines in Mexico. The company processed 691.8 K tonnes (7,603 tonnes per day, or tpd) averaging 130 g/t Ag, to produce 2.29 M Oz Ag, 15,186 Oz Au, 7.6 M Lb Pb, 860 K Lb Zn.
- McEwen Mining Inc. reported production results for Q2 2017, including 9,780 AuEq Oz from El Gallo mine in Sinaloa. Production in the second half of the year is expected to improve with the higher gold grade to be mined.
- Fortuna Silver Mines Inc. released second quarter 2017 production results, including information from the San Jose Mine in Oaxaca, where 268.4 K tonnes were milled (1,483 tpd) @ 238 g/t Ag with a recovery of 91.8% to produce 1.887 M Oz Ag; and 1.82 g/t Au with a recovery of 91.5% to produce 14,410 Oz Au.
- Excellon Resources Inc. has achieved dry mining conditions and completed its mine optimization plan at Platosa, in Durango. Two booster stations and 12 submersible pumps were installed and commissioned; drawdown rates met or exceeded the forecasts, with pumping rates over 30 K gpm. The mine still has to transition to higher production rates, possible under dry mining conditions.
- Great Panther Silver Ltd. announced production results for the second quarter 2017. At the Guanajuato Mine Complex 80.5 K tonnes were milled @ 150 g/t Ag, 2.32 g/t Au, recovering 89.5% Ag, 87.2% Au, to produce 348.1 K Oz Ag, 5,247 Oz Au. At Topia in Durango, 18,041 tonnes were milled @ 414 g/t Ag, 0.74 g/t Au, recovering 92% Ag, 68.6% Au, to produce 221.1 K Oz Ag, 296 Oz Au, 405 tonnes Pb, 638 tonnes Zn. The company continues its efforts to obtain the Phase II permit on the tailings storage facility.
- Endeavour Silver Corp. reported its production results for the second quarter 2017, when 1.143 M Oz Ag, 13,057 Oz Au were produced on its three Mexican mines.
- Capstone Mining Corp. announced production results for the second quarter 2017, including from its Cozamin mine in Zacatecas. By processing 230.8 K tonnes (2,536 tpd) @ 1.85% Cu, 0.55% Zn, 0.07% Pb, 40 g/t Ag (recoveries of 96.1% Cu, 62% Zn, 11.4% Pb, 79.6% Ag) 3,774 tonnes of copper plus Zn and Pb concentrates were produced.
- Silver Bull Resources Inc. has completed the initial tranche of its previously announced private placement, for aggregate gross proceeds of CDN$1.46 M (Sierra Mojada, Coahuila).
- Silver Spruce Resources Inc. closed its current non-brokered private placement and raised gross proceeds of $166.5 K (Pino de Plata, Chihuahua).
ON RESOURCES AND DEVELOPMENT
- Leagold Mining Corp. reported drilling results for the first 20 holes of its infill and step-out exploration program in the Bermejal Underground deposit at the Los Filos mine in Guerrero. Over 12,900 m (23%) of the 56,000 m program have been completed, with eight diamond rigs and two reverse circulation rigs in operation. The mineralization occurs along contacts between the intrusive and the carbonate host rock, extending approximately 1,600 meters along the strike of the intrusive contact and has a vertical depth extent of over 600 meters. True width intercepts include 18.8 m @ 7.2 g/t Au; 13.3 m @ 6.8 g/t Au; 2 m @ 26.3 g/t Au; 18.9 m @ 3.8 g/t Au; 16.35 m @ 5.0 g/t Au; 25.96 m @ 3.3 g/t Au; 8.24 m @ 6.0 g/t Au; 1.52 m @ 20.2 g/t Au.
ON DEALS AND CORPORATE ISSUES
- Alset minerals Corp. will acquire 100% interest in five more salars in zacatecas by issuing 4 M shares plus a 2.5% NSR to Hot Spring Mining, a Mexican mining company. Alset will have the right to purchase up to 1.5% of the NSR for CAD $500 K for each half-percent. Two managing partners of Hot Spring Mining will be paid a consulting fee of $1500 CAD each per month for an initial six month period which can be extended.
- Leagold Mining Corp. received approval from the Mexican anti-trust commission (COFECE) with respect to the US$ 29 M subscription receipt financing provided by a fund managed by Orion Resource Partners in connection with the acquisition of the Los Filos mine from Goldcorp.
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, porphyritic andesitic dike with chilled margins intruding andesitic tuffs in Jalisco. Photo by Jorge Cirett.