KEY POINTS:
• Approximately 5,000m of diamond drilling planned with 3 drill rigs operating
• High priority drill targets include Loma Bonita – Cerro San Simon and Cerro
Colorado
Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to advise that project operator Minera Teck S.A. de C.V. (Teck), a 100% owned subsidiary of Canada’s largest diversified resource company, Teck Resources Limited, has commenced a drilling campaign on the Alacrán Project (“Alacrán” or “project”).
To date in 2017, Teck has conducted exploration comprising geological mapping, surface sampling and geophysical (Induced Polarisation (IP)) surveys, with most activities focused in the western half of the property. This work has identified two high priority targets (see Figure 1 for target locations) which warrant drilling. Three diamond drill rigs have now mobilised to site to drill about 5,000m.
One target is the extension of the Loma Bonita silver-gold deposit towards Cerro San Simon. This 1km long corridor has been identified by re-modelling and interpretation of Azure’s 2016 IP survey and coincident anomalous geochemistry from rock chip and soil sampling which suggests potential for epithermal mineralisation
Month: October 2017
Crypto Mining Makes Millions for Gold Mining Maverick
https://cointelegraph.com/news/crypto-mining-makes-millions-for-gold-mining-maverick
Frank Giustra, a well regarded Canadian mining magnate who created one of the world’s most successful mining companies is now moving his operation digitally to mine Cryptocurrency.
Giustra has backed a Blockchain technology company called Hive Blockchain Technologies, which is among the first publicly traded stocks to provide exposure to crypto mining, and for Giustra, he is seeing huge returns.
Six fold returns
The mining mogul has seen rapid growth since entering the Bitcoin market, backing Hive which was previously known as Leeta Gold Corp.
The decision to dig for data servers has paid off as Hive’s shares have soared about 633 percent, giving it a market value of $443 mln since it took over the listing.
Giustra’s foray into the crypto space has been a successful one as he has help drive Hive to be one of the pioneers in terms of a listed crypto mining company.
Hive paid Hong Kong-based Genesis Mining, builder of the world’s largest Ether mining facility, $9 mln and gave it a 30 percent stake to acquire a new data center in Reykjanes, Iceland.
Gold recovery expert Robert Garcia joins Mexus
CABORCA, Mexico, Oct. 16, 2017 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB:MXSG) (“Mexus” or the “Company”) announced that it has retained gold recovery expert Robert Garcia to assist with an increase in production at the Santa Elena mine. To date, the recovery of gold via the Merrill Crowe system has not been adequate due to issues with the chemical analysis and flows. Mr. Robert Garcia is President of Auric Metallurgical Resources in Arizona and has extensive experience with mines and metallurgy. Mr. Garcia is evaluating and customizing the Merrill Crowe gold extraction plant which will help achieve maximum recovery.
Mr. Garcia commented, “After a couple of field trips observing and evaluating your projects in Mexico, they do appear to have significant potential to become profitable mining operations with growth potential once you have finished constructing the appropriate physical extraction plants and established the proper extraction protocols for the ore.”
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.
Fortuna reports production of 2.0 million ounces of silver and 13,412 ounces of gold for third quarter of 2017
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 16, 2017) – Fortuna Silver Mines, Inc. (NYSE:FSM)(TSX:FVI) is pleased to announce third quarter 2017 production results from its two operating mines in Latin America, the San Jose Mine in Mexico and the Caylloma Mine in Peru. The Company produced 2.0 million ounces of silver and 13,412 ounces of gold, plus base metal by-products. Silver and gold production for the first nine months totaled 6.2 million ounces and 41,158 ounces respectively; being 2 percent and 5 percent above the Company’s nine month projection. Fortuna is on schedule to produce 8.1 million ounces of silver and 52.4 thousand ounces of gold or 11.2 million Ag Eq1ounces in 2017 (see Fortuna news release dated January 11, 2017).
Third Quarter Production Highlights
- Silver production of 2,009,362 ounces; 4 % decrease over Q3 2016
- Gold production of 13,412 ounces; 5 % decrease over Q3 2016
- Lead production of 7,650,040 pounds; 3 % increase over Q3 2016
- Zinc production of 11,241,371 pounds; 6 % increase over Q3 2016
- Cash cost2 for San Jose is US$62.2/t
- Cash cost2 for Caylloma is US$76.0/t
Excellon Increases Production to 500,763 Silver Equivalent Ounces in Q3 2017
http://www.excellonresources.com/news/details/index.php?&content_id=172
Toronto, Ontario – October 16, 2017 – Excellon Resources Inc. (TSX:EXN; TSX:EXN.WT; OTC:EXLLF) (“Excellon” or the “Company”) is pleased to announce third quarter 2017 production results from the Platosa Mine in Durango, Mexico.
Q3 2017 Production Highlights
- Material increase in production following the completion of the Optimization Plan, including:
- Silver equivalent (“AgEq”) production of 500,763 ounces, up 73% from Q2 2017 and 96% from Q3 2016
- Silver production of 226,173 ounces, up 41% from Q2 2017 and 47% from Q3 2016
- Lead production of 1.6 million pounds, up 86% from Q2 2017 and 78% from Q3 2016
- Zinc production of 2.2 million pounds, up 95% from Q2 2017 and 86% from Q3 2016
- Production rates averaging 200 tonnes per day (tpd) vs. 125 tpd in Q2 2017
- Production headings accessed four mantos by the end of the quarter, including the high-grade 623 Manto, with further increases in production planned through the remainder of the year
“The turnaround in production at Platosa was clearly evident during the third quarter, with significantly improved tonnage-per-day, grades and costs,” stated Brendan Cahill, President and Chief Executive Officer. “All-in sustaining cost decreased during the quarter to approximately $11-$13 per payable silver ounce. We are now well positioned to continue ramping up production from four mantos through the fourth quarter and to realize a further decrease in AISC and increase in cash flow.”
SIERRA METALS REPORTS THIRD QUARTER 2017 PRODUCTION RESULTS
TORONTO, Oct. 16, 2017 /PRNewswire/ – Sierra Metals Inc. (TSX: SMT) (NYSE AMERICAN: SMTS) (BVL: SMT) (“Sierra Metals” or “the Company”) is pleased to report third quarter 2017 production results featuring the highest quarter of throughput and second highest quarter of metal production to date from the Yauricocha Mine.
Results are from Sierra Metals’ three underground mines in Latin America: the Yauricocha polymetallic Mine in Peru and the Bolivar copper and Cusi silver Mines in Mexico.
Third Quarter 2017 Production Highlights
- Silver equivalent production of 2.7 million ounces; an 8% decrease from Q3 2016
- Copper equivalent production of 23.5 million pounds; an 8% decrease from Q3 2016
- Total tonnes processed of 504,751; a 6% decrease from Q3 2016
- Increase of 3% in silver equivalent production and 13% increase in throughput at Yauricocha during Q3 2017 vs Q3 2016
During the third quarter of 2017, consolidated metal production decreased 8% compared to Q3 2016. The decrease in metal production was due to lower production in Mexico which was partially offset by record throughput in Peru. The temporary decline in production in Mexico was mainly due to the implementation of a new plan to improve operational performance and produce profitable silver ounces at Cusi and improve efficiencies at our Bolivar copper mine. Like the successful program at Yauricocha in Peru, the Company has engaged in an operation turnaround program in Mexico to modernize operations, improve production and lower costs. We expect to see the results from this program become more apparent in the latter part of 2017 and early 2018.
MEXICAN GOLD INTERSECTS 77.2 METRES OF MINERALIZATION IN RESOURCE EXPANSION DRILLING AT LAS MINAS
Click to access nr-2017-10-16.pdf
Mexican Gold Corp. (“Mexican Gold” or the “Company”) (TSX-V: MEX / OTCMKTS: SRXLF / FRA: 4QW1 is pleased to announce that resource expansion drilling has intersected long intervals of strong chalcopyrite, bornite and magnetite mineralization totaling 77.2 metres at the El Dorado / Juan Bran zone at its Las Minas property.
Hole LM-17-ED-40 intersected a 21 metre interval of chalcopyrite, bornite and magnetite mineralization at a depth of 83.0 metres and continuing to 104 metres. A second interval of 56.2 metres starting at 123.6 metres and continuing to 179.8 metres contains stronger mineralization (see Figure 1: LM-17-ED-40 Example of Chalcopyrite Mineralization). The upper 21 metre mineralized interval is outside the outline of the mineral resource estimate, and the lower intersection extended the mineralization a further 23 metres below the resource lower constraint. The true widths of the mineralized intervals are approximately 94% of the reported intersections.
LEAGOLD INCREASES BERMEJAL UNDERGROUND MEASURED AND INDICATED MINERAL RESOURCES BY 94% TO 1.97 MILLION OUNCES
Vancouver, October 16, 2017 – Leagold Mining Corporation (TSX:LMC; OTCQX:LMCNF) (“Leagold” or the “Company”) reports an update of the Bermejal Underground mineral resource estimate containing Measured and Indicated resources of 9.9 million tonnes at a grade of 6.2 grams per tonne (“gpt”) for 1.97 million ounces, plus Inferred resources of 4.8 million tonnes at a grade of 5.4 gpt for 0.82 million ounces (Table 1). The database used for the updated estimate includes an additional 62 drill holes (16 drilled in 2016 and 46 from the 2017 drill program), as compared to the mineral resource estimates as of December 31, 2016. The majority of the remaining 67 holes planned for the 2017 drill program are infill and will focus on upgrading additional Inferred resources to Indicated classification.
Neil Woodyer, CEO stated: “This updated resource estimate includes a 94% increase in the Measured and Indicated resources and underscores the magnitude of the oxide mineralization of the Bermejal Underground deposit. In addition to converting the previously estimated Inferred resources of 678 koz to mostly Indicated resources, the program has also added 820 koz to the new Inferred resource estimate (Figure 1). The exploration success at Bermejal Underground, which drives this resource update, also supports our development plan to expand Los Filos’ gold production rate. The ramp to access the Bermejal Underground deposit recently commenced and has advanced 27 metres as of October 13, 2017.”
ALIX DEFINES LITHIUM TARGET OVER 2.5 KILOMETER STRIKE LENGTH ON THE AGUA FRIA PROJECT, SONORA MEXICO
http://www.alixresources.com/index.php?page=news&id=1241
October 16th, 2017, Vancouver, BC, Canada –ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) announces that Perth-based lithium processing technologist, Lithium Australia NL (ASX: LIT)(“LIT”) has moved to a 54% controlling stake in the Electra lithium project in northwest Mexico. The project comprises the Tecolote, Tule, and Agua Fria concessions and is currently the subject of a farm-in and joint venture between Alix and LIT. LIT has the right under the JV terms to earn an ultimate 65% holding in Electra. Lithium Australia moved to the majority 54% ownership on completion of a recent drilling program.
This generated confirmation of a new 2.5 km-long, 25-50 m-thick mineralized zone lying on the western flank of the Agua Fria concession in what the JV partners described as the project’s best discovery yet.
The terms of the acquisition of the joint venture for the Stage 3 earn-in are described in the table below. LIT was requested by Alix the Stage 3 Joint Venture earn-in be accessed early to ensure the maiden drill campaign was not implement for lack of funds. All other terms of the Joint Venture Agreement remain fully enforceable.