Highlights on the First Week of December, 2017. Mineral Exploration in Mexico

During the 49th week of the year (December 4th to December 10th, 2017), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: No relevant news. ON EXPLORATION: four press releases from companies working in Mexico informed on exploration efforts during the week: In Sonora Azure Minerals informed on high-grade drilling results from its Au-Co Sara Alicia project. Silver Viper updated on work at its Clemente property in Sonora; In Veracruz, Almadex released results with long mineralized intervals from two holes at its El Cobre property.  ON MINING: First Majestic provided Q3 financial results; US Antimony reported receiving the government permit needed for a cyanide plant at its mill in Guanajuato; Firma Holdings provided an update on its Don Roman and Saucillo properties in Sinaloa and its Magistral project in Durango. ON FINANCING: Avino Silver received conditional approval to graduate into the TSX Exchange (from the TSX Venture Exchange). ON RESOURCES AND DEVELOPMENT: In Chihuahua Consolidated Zinc released high-grade results from rock chip sampling at its Plomosas mine; Endeavour Silver released high-grade drill results from the Calicanto property in Zacatecas; Alio Gold provided an update on its Ana Paula project, Guerrero; Marlin Gold informed of drill results at its La Trinidad property in Sinaloa; Silver One commenced a magneto-telluric geophysical survey at its Peñasco Quemado project in Sonora; Minera Alamos informed on compilation resulting in new drill targets at its La Fortuna project, Durango. ON DEALS AND CORPORATE ISSUES, Orex Silver signed a LOI to acquire the San Luis del Cordero project in Durango, from Exploraciones Altiplano; Alix Resources intends to change its name to Infinite Lithium; Ethos Gold announced the incorporation of Mel Herdrick to its board of directors.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Almadex Minerals Ltd. disclosed assay results from two holes at the Porvenir zone of its El Cobre property in Veracruz. The holes are the first drilled in this zone since 2013, returning 355 m @ 0.41 g/t Au, 0.16% Cu (including 108 m @ 0.88 g/t Au, 0.29% Cu; 80 m @ 1.11 g/t Au, 0.36% Cu); 78 m @ 0.11 g/t Au, 0.10% Cu.
  • Azure Minerals Ltd. informed on drilling results from its Sara Alicia gold and cobalt project in Sonora. The lab that assayed the core samples corrected the results of a high-grade sample from 2.86 g/t Au to 30.5 g/t Au. This change increased the grade of an already high-grade interval to 26.2 m @ 9.5 g/t Au (previously 8.60 g/t Au), including 12.6 m @ 16.80 g/t Au (previously 14.90 g/t Au). The results on one more hole were released, comprising (gold results) 5.05 m @ 1.40 g/t Au; 8.45 m @ 1.24 g/t Au and (cobalt results) 16.35 m @ 743 ppm Co (including 5.35 m @ 1,612 ppm Co). The ground magnetic survey has been completed, with data being currently processed.
  • Silver Viper Minerals Corp. has halted exploration activities for the duration of the local hunting season (land access agreement) at its Clemente project in Sonora. Work is to continue in February 2018. During 2017 reconnaissance mapping, soil sampling and diamond drilling of nine holes were completed. Full assays from the drilling are pending, and will be released once available.

ON MINING

  • First Majestic Silver Corp. announced third quarter 2017 financial results. During the period 730.6 K tonnes were processed to produce 2.42 M Oz Ag or 3.99 M Oz AgEq at cash cost $8.52 per AgEq Oz and AISC of $15.73 per AgEq Oz. Cash and cash equivalents were $120.8 M at the end of September.  First Majestic table1

 

 

 

  • U.S. Antimony. Reported that SEMARNAT (Mexico’s environmental agency) issued the permit for a cyanide plant for the Puerto Blanco mill in Guanajuato. The plant is designed to recover Au and Ag from the pilot mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. Construction of the leach circuit has commenced.
  • Firma Holdings Corp. provided an update on its activities. In the 10,000 hectares Don Roman project in Sinaloa, Firma entered into an agreement with a third party to refurbish the 360 tpd flotation mill and the development of the Rosario historic Zn-Pb-Ag mine. The agreement envisions a $250 K to $600 K investment to earn an expected 10% net cash flow interest. Firma also entered into an agreement with a third party to fund the acquisition of the 100 hectares Saucillo project in Sinaloa. An investment of $275 K is to earn a 10% net cash flow interest. All $275 K has been received, with $200 K used to be used to buy the property and the rest to produce a 300 tonne bulk sample. The Magistral tailings project in Durango is managed as a 50/50 joint venture with MX Gold is nearing completion on the construction of a 1,000 tpd Meryl Crow recovery plant.

ON FINANCING

  • Avino Silver & Gold Mines Ltd. received conditional approval to graduate from the TSX Venture Exchange (TSX-V) and list its common shares and warrants on the TSX. Final approval is subject to Avino meeting certain standard requirements before February 27, 2018 (Avino, Durango).
  • Corex Gold Corp. closed the final tranche of a non-brokered private placement. The initial tranche raised gross proceeds of $1.63 M, and the second tranche a further $700 K (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. released high grade rock chip results from systematic sampling at the Juarez mine, within its Plomosas property. Results include 1,0 m @ 28.5% Zn, 14.2% Pb, 53 g/t Ag; 1.0 m @ 26.8% Zn, 0.1% Pb; 0.5 m @ 9.9% Zn, 9.2% Pb, 29 g/t Ag; 1.0 m @ 16.1% Zn, 0.3% Pb, 5 g/t Ag; 0.5 m @ 14.1% Zn, 1.8% Pb, 15 g/t Ag; 0.5 m @ 14.3% Zn, 0.2% Pb, 62 g/t Ag. The Juarez mine is 550 m NW of the Plomosas plant site. Sampling at the Alfonsitos zone and the Mina Mexico prospect returned 28.7% Zn, and 23.5% Zn form dump samples and 23.3% Zn, 0.1% Pb; 13.5% Zn, 0.1% Pb, 10 g/t Ag from outcrops.
  • Endeavour Silver Corp. announced high-grade Ag-Au mineralization intersected on drilling of the Misie-Karla-Karla HW veins at its Calicanto property in Zactecas. The 29 drill hole program totaling 7,207 m of core reported: 0.9 m @ 0.14 g/t Au, 480 g/t Ag; 4.2 m @ 0.52 g/t Au, 396 g/t Ag; 1.0 m @ 0.05 g/t Au, 252 g/t Ag; 4.1 m @ 0.14 g/t Au, 155 g/t Ag; 1.1 m @ 0.21 g/t Au, 299 g/t Ag; 8 m @ 13.2 g/t Au, 2,043 g/t Ag; 1.2 m @ 0.24 g/t Au, 193 g/t Ag; 2.5 m @ 0.69 g/t Au, 335 g/t Ag; 4.3 m @ 0.18 g/t Au, 220 g/t Ag; 2.7 m @ 1.26 g/t Au, 932 g/t Ag; 1.5 m @ 1.2 g/t Au, 446 g/t Ag.
  • Alio Gold Inc. provided an update on work being conducted at its Ana Paula project in Guerrero. A 2,000 m drill program for metallurgical sampling and confirming grade and lithology of the resource was completed, with one hole returning 24.9 m @ 6.1 g/t Au (including 4.4 m @ 27.2 g/t Au). The construction of the portal site for the underground decline commenced, and underground equipment was mobilized to the site. A 4,000 m surface drilling program was initiated on the deeper high-grade breccia extension before the definitive feasibility study (DFS), and to test a priority target north of the current pre-feasibility pit.
  • Marlin Gold Mining Ltd. announced positive drill results from the Colinas target area,  less than 1 km from the Taunus pit at its La Trinidad mine in Sinaloa. “The drilling at Colinas has focused on an area that is amenable to open pit mining along a southeast trending structural corridor, which is interpreted to be an extension of the structure that controls gold mineralization in the Taunus pit”. Relevant core length intercepts include 7.20 m @ 4.65 g/t Au (starting 7 m below the surface); 34.65 m @ 0.65 g/t Au.
  • Silver One Resources Inc. commenced a geophysical survey at its Peñasco Quemado silver property in Sonora. The controlled-source audio-frequency magnetotellurics (CSAMT) being used will probe deeper with higher resolution than previous surveys, with the purpose of developing a 3-D map of lithology in areas with strong Zn-Pb responses in soil geochemistry. The Peñasco Quemado project has a measured and indicated resource of 10 M Oz Ag, recognized from drilling in 2008 and 2009.
  • Minera Alamos Inc. informed that data compilation and reviewing revealed La Pista zone 1,300 m SW of the La Fortuna gold resource, where shallow drill holes hint near surface disseminated Au-Ag mineralization with heap leach style intervals up to 50 m in width. Recent sampling in the area has returned up to 8 g/t Au, 30 g/t Ag over a mineralized area of 500 m x 300 m. The first phase of new exploration drilling is planned for early 2018, focusing on extensions of the La Fortuna main zone, the PN area and the La Pista area.
  • Orex Silver Inc. signed a letter of intent (“LOI”) with Exploraciones Altiplano S.A. de C.V. to acquire 100% of the San Luis del Cordero project in Durango (See below). The 2,825 hectares project is a skarn and epithermal vein hosted Ag-Cu-Zn deposit, with old workings and mineralized showings wrapping around a quartz-feldspar porphyry intrusive. “Diamond drilling of 62 holes from the period 2000 to 2016 total approximately 16,400 metres”. Indicated and inferred resources amount 29.5 M Oz AgEq.

ON DEALS AND CORPORATE ISSUES

  • Orex Silver Inc. signed a letter of intent (“LOI”) with Exploraciones Altiplano S.A. de C.V. to acquire 100% of the San Luis del Cordero project in Durango. The non-binding LOI includes $100 K and 100 K shares on signing, $150 K and 200 K shares on the first anniversary, $200 K and 300 K shares on the second anniversary, $550 K and 400 k shares on the third anniversary and $1.5 M on the fourth anniversary, of which 30% can be in shares. Work commitments amount $400 K in year one and $600 K in year 2, with no NSR.
  • Alix Resources Inc. intends to change its name to Infinite Lithium Corp. to better reflect its focused business strategy, effective on December 6, 2017 (Elektra, Sonora).
  • Ethos Gold Corp. announced that Melvin Herdrick joined its board of directors. Mel has over 35 years of experience in exploration in the United States and Mexico (Purisima, Chihuahua).

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, breccia sealed by silica and hematite, developed on quartzite along a structure in Durango. Photo by Jorge Cirett.

DCP00747

 

 

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