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

During the 41st week of the year (October 9th to October 15th, 2017), at least 24 press releases were announced by companies working in Mexico, including seven quarterly reports. ON MEXICO ISSUES: The Secretaría de Economía announced the liberation of over 195 K hectares of ground for staking. ON EXPLORATION: Eight companies disclosed exploration efforts during the week: In Sonora, Azure Minerals is about to start drilling its Oposura and Sara Alicia projects; Canuc Resources released underground and surface rock sampling results from its San Javier project; Colibri Resource released an exploration update of its Evelyn project; Silver Viper is drilling its Clemente project. In Sinaloa Chesapeake Gold commenced a 5,000 m drilling program focused in two prospects on its Yarely project. In Coahuila, Discovery Metals received the environmental permit to drill five of its projects; Silver Bull Resources released the results from the first two underground holes to test high grade structural feeders at its Sierra Mojada project. ON MINING: Endeavour Silver, Capstone Mining, Leagold Mining, Great Panther Silver, Alamos Gold, Gogold Resources and Alamos Gold reported preliminary third quarter results. Torex Gold signed a 25 year land agreement with the Puente Balsas Sur Ejido, needed for the exploration and operation of its Media Luna project in Guerrero. Telson Resources received the environmental permit for mine and related infrastructure on its Tahuehueto project in Durango.  ON FINANCING: Colibri Resources settled a $10 K debt by issuing shares to one of its directors. Sierra Metals entered into an open market agreement with a consortium to raise up to $55 M on the NYSE market. Fortuna Silver’s CEO bought approximately US$430 K shares of the company in the open market. Oroco Resources intends to complete a non-brokered private placement to raise up to $600 K. ON RESOURCES AND DEVELOPMENT: Fortuna Silver released exploration results from its San Jose property in Oaxaca, including high-grade drilling results. ON DEALS AND CORPORATE ISSUES: No Relevant news.

ON MEXICO ISSUES

  • The Secretaría de Economía (Bureau of Economy) released the long due and eagerly awaited second release of previously held land of 2017, ground that is now going to be open for mining concession applications. Over 44 K hectares of reduced land (from eleven concessions), 131 K hectares of abandoned concessions (95) and almost 20 K hectares of cancelled concessions (96) are to be available in one month for staking by individuals and corporations.

ON EXPLORATION

  • Azure Minerals Ltd. is about to start drilling at its Oposura and Sara Alicia projects in Sonora. The environmental permit has been granted for both projects. At Oposura a total of 7,000 m of drilling is planned in 120 holes on a 1,400 by 400 m area. At Sara Alicia geological mapping, rock chip channel sampling, gridded soil sampling, and initial target identification has been completed. A zone of high grade gold and cobalt with samples of up to 39 g/t Au and up to 6% Co has been identified and is to be drill tested with 5-6 holes for a total of 450-500 m of diamond core.
  • Canuc Resources Corp. reported high grade silver and gold from recent sampling of underground workings, and from the surface of the Carranza breccia zone at its San Javier project in Sonora. “Road construction, trenching and drill platform preparation have been completed and surface mapping and sampling are ongoing.” The focus is on the breccia zones found at the intersections of the two fault trends. Results include 0.5 m @ 10.3 g/t Au, 250 g/t Ag; 0.5 m @ 8.0 g/t Au, 246 g/t Ag; 1.23 m @ 6.0 g/t Au, 174 g/t Ag; 1.2 m @ 10.5 g/t Au, 220 g/t Ag; 1.6 m @ 9.5 g/t Au, 150 g/t Ag; 1.6 m @ 11.3 g/t Au, 100 g/t Ag; 0.9 m @ 5.1 g/t Au, 17,200 g/t Ag; 1.3 m @ 1.9 g/t Au, 6,230 g/t Ag; 1.4 m @ 2.0 g/t Au, 2,395 g/t Ag; 0.7 m @ 1.6 g/t Au, 150 g/t Ag; 2.5 m @ 1.1 g/t Au, 600 g/t Ag; 3.0 m @ 1.2 g/t Au, 470 g/t Ag.
  • Chesapeake Gold Corp. commenced a 5,000 m diamond drill program at its 68,000 has Yareli project in Sinaloa. The phase I program is to focus on the Central and Loretos prospects. “At Central prospect Initial drill holes will test the four subparallel north – northwest trending stockwork structures up to one kilometre in length and associated extensive breccia bodies..” At Loretos three widely spaced holes are planned to test the west side of a “V” shaped IP anomaly which is over 3 km long and one km wide.
  • Colibri Resource Corp. released a report on its 506 hectare Evelyn project in Sonora. Geological and structural mapping, as well as rock chip sampling were conducted. The property is underlain by Jurassic rhyolites, andesites and sandstones. Prospects highlighted include the Mine Working shear zone, the Cerro Rojo Fault and the Quartz Vein Swarm. Of 74 samples collected, 33 returned values greater than 0.1 g/t Au.
  • Discovery Metals Corp. received drill permits for five of its projects from the Mexican environmental regulator, SEMARNAT. These permits cover the La Kika, Renata, Santa Rosa, La Minerva, and Jemi-Rare projects in northern Coahuila.
  • Silver Bull Resources Inc. provided the results from two drill holes of its underground drill program targeting high-grade structures at its Sierra Mojada project in Coahuila. The first hole intersected 7 m @ 121 g/t Ag, 0.52% Cu, including 2 m @ 376 g/t Ag, 3.0% Cu. The second hole intersected 25.5 m @ 294 g/t Ag, 0.96% Cu, including 11.5 m @ 486 g/t Ag, 1.13% Cu and 4 m @ 966 g/t Ag, 2.0% Cu, with the hole entering and ending in an unmapped working. The results confirm the East-West continuity of the first of three structures to be drilled.
  • Silver Viper Minerals Corp. is performing a 2,000 m drilling program at its Clemente project in Sonora. The diamond drilling is designed to target the down dip projection of the steep dipping quartz shear vein and adjacent quartz veining observed in accessible historical mine workings.

ON MINING

  • Endeavour Silver Corp. reported production results for the third quarter 2017. At Guanaceví in Durango, 74.6 K tonnes were produced at a rate of 811 tonnes per day (tpd) @ 250 g/t Ag, 0.57 g/t Au and recoveries of 87.2% Ag, 89.5% Au, to produce. 522.9 K Oz Ag, 1,224 Oz Au. At Bolañitos, in Guanajuato, 114.5 K tonnes were produced at a rate of 1,245 tpd @ 85 g/t Ag, 2.15 g/t Au and recoveries of 81.1% Ag, 82.4% Au, to produce 253.8 K Oz Ag, 6,523 Oz Au. At El Cubo in Guanajuato, 133.6 K tonnes were produced at a rate of 1,452 tpd @ 135 g/t Ag, 1.35 g/t Au and recoveries of 83.7% Ag, 83.3% Au, to produce 485.4 K Oz Ag, 5,901 Oz Au. In July the production decision was made on El Compas project in Zacatecas. In August were received the permits for the mine and plant at Terroneras, Jalisco. Pending are the permits for the waste dumps and tailings areas.
  • Torex Gold Resources Inc. signed a long term, common land lease agreement with the Puente Sur Balsas Ejido for the use of the land required for the exploration, construction and mining of minerals at its Media Luna project in Guerrero. The 25 year agreement can be revoked at the company’s discretion, with one year’s notice.
  • Telson Resources Inc. received the environmental permit (MIA) authorizing the construction of a mineral processing facility, related mining facilities, plus infrastructure and necessary underground development at its Tahuehueto project in Durango.
  • Capstone Mining Corp. announced production results for the quarter terminating at the end of September 2017. At Cozamin higher throughput than planned saw 223.8 K tonnes mined from underground and 223.4 K tonnes processed at a rate of 2,429 tpd, averaging 1.98% Cu, 0.8% Zn, 0.08% Pb, 42 g/t Ag; recoveries stood at 96.1% Cu, 65.7% Zn, 7.0% Pb, 79.7% Ag, to produce 15,688 tonnes of Cu concentrate, 2,463 tonnes of Zn concentrate and 20 tonnes of lead concentrate.
  • Leagold Mining Corp. disclosed Q3 2017 gold production at the Los Filos mine in Guerrero. During the period the Los Filos mine produced 47,766 Oz Au.
  • Great Panther Silver Ltd. released production results for the third quarter 2017. At the Guanajuato Mine Complex in Guanajuato, 76.1 K tonnes were milled @ 155 g/t Ag, 2.54 g/t Au; with recoveries of 89.8% Ag, 88.1% Au, to produce 341.6 K Oz Ag, 5,471 Oz Au. At Topia in Durango, 18 K tonnes were milled @ 362 g/t Ag, 0.97 g/t Au; with recoveries of 91.1% Ag, 67.1% Au, to produce 191.2 K Oz Ag, 377 Oz Au.
  • Alamos Gold Inc. reported production for the third quarter 2017, including figures from its Mexican operations. At Mulatos (including La Yaqui) 36,300 Oz Au were produced, and 14,900 Oz Au at El Chanate, both in Sonora.
  • GoGold Resources Inc. announced production for the quarter terminated at the end of September 2017. At its Parral tailings operation 353.4 K Oz Ag were produced. An improvement on the recoveries by changing agglomeration and heap parameters can be seen in the graphic below.
  • Hecla Mining Co. reported preliminary production results for the third quarter 2017, including figures from its Mexican operations. At San Sebastian in Durango, the mill operated at 397 tpd to produce 880.9 K Oz Ag, 8,199 Oz Au.

ON FINANCING

  • Colibri Resources Corp. has issued shares in the amount of $10,000 to settle an outstanding indebtedness due to Ed Stringer, a director of the company (Evelyn, Sonora).
  • Sierra Metals Inc. entered into an open market Sale Agreement with Jefferies LLC, C. Wainwright & Co, LLC Scotia Capital (USA) Inc. and Noble Capital Markets Inc., on which the company may during the term of the agreement sell common shares in the NYSE up to the amount US$55 M in gross proceeds. No common shares will be offered or sold in Canada (Cusi and Bolivar mines, both in Chihuahua).
  • Fortuna Silver Mines Inc. announced that Jorge A. Ganoza, CEO of the company increased his equity position in Fortuna by acquiring 131,800 common shares on the open market, valued at close to US$430 K. (San Jose, Oaxaca).
  • Oroco Resource Corp. intends to complete a non-brokered private placement to raise up to $600 K of gross proceeds (Xochilapa, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • Fortuna Silver Mines Inc. updated exploration efforts at its San José mine in Oaxaca, where four rigs are testing the Trinidad-Bonanza-Stockwork complex, the Trinidad North Extension and the sub-parallel Victoria vein (formerly Ocotlan vein). Relevant estimated true width intercepts (TW) comprise 4.1 m @ 247 g/t Ag, 1.8 g/t Au; 21.0  m @ 153 g/t Ag, 0.9 g/t Au; 3.6 m @ 281 g/t Ag, 1.2 g/t Au; 4.5 m @ 356 g/t Ag, 3.5 g/t Au; 3.7 m @ 1,106 g/t Ag, 6.3 g/t Au in the Victoria vein, and 6.7 m @ 218 g/t Ag, 1.3 g/t Au; 2.2 m @ 195 g/t Ag, 1.1 g/t Au; 2.2 m @ 195 g/t Ag, 1.1 g/t Au at the Trinidad/Bonanza veins and Stockwork.

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

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, secondary copper minerals around a quartz veinlet with oxidized sulfides, which is cutting an intrusive rock on a prospect of the Durango Altiplano. Photo by Jorge Cirett.

BlackCopper

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