By Miguel A Heredia
During the 33th week of the year (August 13th to August 19th, 2018), at least 17 press releases were announced by companies working in Mexico, with six informing on exploration results, five announcing production results, three communicating deals and corporate issues, two announcing financing issues, and one reporting on resources and developments. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Kootenay reported exploration results from its Malé project while Silver Viper announced camp and drill pad construction at its La Virginia project. In Chihuahua, Sable and VVC released drill results from its Margarita and Samalayuca projects respectively. In Sinaloa, Goldplay presented sampling results from its San Marcial project and Oroco announced the data acquisition of its Santo Tomas project. ON MINING, Americas Silver reported Q2 2018 results from its Cosala mine in Sinaloa. First Majestic announced Q2 2018 results from their Mexican operations. GoGold released Q2 2018 results from its Parral tailings project in Chihuahua. Leagold presented Q2 2018 results from its Los Filos mine in Guerrero. Starcore announced Q2 2018 results from its san Martin mine in Queretaro. ON FINANCING, McEwen closed a $50M term loan facility and Prize Mining closed a private placement for $617,555. ON RESOURCES AND DEVELOPMENT, Minera Alamos announced a PEA on its La Fortuna project in Durango. ON DEALS AND CORPORATE ISSUES, Ridgestone established a Mexican subsidiary and commenced an exploration program at its Rebeico project in Sonora. Magellan acquired El Dorado Au-Ag project in Nayarit. Telson issued a press release announcing that there are no reasons for current decline in its share price. Almadex Minerals and Azucar Minerals granted stock options to their Directors, Employees, and Consultants.
ON MEXICO ISSUES
- No relevant news.
- Kootenay Silver Inc., reported exploration results from its Malé project in Sonora. Prospecting on the property has outlined several zones of anomalous Au mineralization. “Malé is a granitic-hosted gold dominant polymetallic vein and vein stockwork system covering an area of 1500 x 1500 meters with numerous showings highly anomalous in gold that have significant potential for both high grade vein as well as bulk tonnage stockwork deposits. Mineralization occurs as narrow veins, veinlets and stockworks of quartz with or without sulphides within structures projecting in a dominant northeast trend and a secondary northwest trend”. 30 samples out of 426 have returned values > 10 g/t Au with peaks of 260g/t Au, 85.5 g/t Au, 81.2 g/t Au, and 53.4 g/t Au. 64% of the samples returned values > 0.1 g/t Au, 47% > 0.5 g/t Au, 36% > 1 g/t Au, and 16% > 5 g/t Au. Ag values are irregular, with 21 samples returning > 100 g/t Ag. Kootenay geologists are mapping and sampling the entire property to generate drill targets.
- Silver Viper Minerals Corp., announced that a camp and drill pad construction is underway on its La Virginia project in Sonora. The company plans to start an initial drill program of 5,000m on the main trend and two parallel trends within El Rubi-Esperanza group of concessions.
- Sable Resources, presented results from drillholes M-DDH-18-07 and M-DDH-18-08 at its Margarita project in Chihuahua. Hole M-DDH-18-07 intercepted 3.6m of 417 g/t Ag Eq, including 1.0m of 707 g/t Ag Eq. Hole M-DDH-18-08 intercepted 14.05m of 461.4 g/t Ag Eq, including 2m of 859.5 g/t Ag Eq. This hole also contains Au values up to 3 g/t coincident with significant Zn and Pb values of 4.5% and 2.4% respectively. “The 14m intercept in drillhole M-DDH-18-08 represents our widest intersection to date with consistent average grades in excess of 400 grams per tonne silver equivalent. Sable now has five holes into the Margarita structure with a weighted average grade of 420g/t Ag Eq over an average width of 8.6m, and a confirmed strike length of 500m down to 80m depth from surface”.
- VVC Exploration Corporation, announced drill results from its Samalayuca project in Chihuahua. The drill holes, which tested a 200-meter section of a 350-meter strike length zone, all intersected near surface, copper mineralization. Highlights results are in hole SC18-28 with 31.8m of 0.38% Cu, hole SC18-29 with 18m of 0.31% Cu and 4m of 0.97% Cu, hole SC18-30 with 53m of 0.36% Cu, and hole SC18-32 with 6m of 0.46% Cu.
- Goldplay Exploration Ltd., released sampling results on historical drill core from its San Marcial project in Sinaloa. Significant results are 19.5m of 157 g/t Ag, including 1.5m of 1,285 g/t Ag in hole SM10-22.
- Oroco Resources Corp., announced the acquisition of historical technical information and data related to its Santo Tomas deposit in Sinaloa. The data consist of drill hole assays and associated interpreted sections, drilling, composite and digital models and reports from 1992 to 2011. “As payment for the information and data, Oroco will issue, subject to TSX Venture Exchange approval, 500,000 common shares of Oroco and pay US$500,000 by way of three payments ofUS$50,000 each and a final payment of US$350,000, all to be made over a period of no more than three years, depending on the Company’s progress in assembling the Santo Tomas concessions”.
- Americas Silver Corporation, announced Q2 2018 results from its Cosala operations in Sinaloa. The company milled 138,708 tonnes of 42 g/t Ag, 3.6%Zn, and 1.4% Pb to produce 94.2K OZ Ag, 8.75 M Lb Zn, and 3M Lb Pb. Metallurgical recoveries for Ag, Zn, and Pb are 49.9%, 78.9% and 70.2% respectively.
- First Majestic Silver Corp., released Q2 2018 results from their Mexican operations. Figures for the seven producing mines are as follow:
“Total Q2 production increased 32%, compared to Q1, and consisted of 2.75 M Oz Ag, 25.4K Oz Au, 3.9M Lb Pb, and 1.38 M Lb Zn, to a new record of 5.1M OZ Ag Eq. The increase in production was primarily due to the addition of the San Dimas mine, which contributed 52 days of production during the quarter, producing 809K Oz Ag and 11.3K Oz Au, or 1.7M Oz Ag Eq. The increase in production was partially offset by decreases of 28% and 26% in Ag Eq production at La Encantada and Del Toro, respectively”.
- GoGold Resources Inc., stacked 447,193 tonnes and reported the sale of 382 K Oz Ag Eq during the Q2 2018 from its Parral tailings project in Chihuahua.
- Leagold Mining Corporation, presented Q2 2018 results from its Los Filos mine in Guerrero. The company produced 43.5K Oz Au at AISC of 967 per Au Oz sold. Production grades at the Los Filos underground were 2.0-2.5 g/t lower than planned.
- Starcore International Mines Ltd., announced Q1 2019 results from its San Martin mine in Queretaro. The company milled 77,423 tonnes of 1.5 g/t Au and 49 g/t Ag with metallurgical recoveries of 88.1% and 59.6% respectively, to produce 1,249 Oz Au and 58K Oz Ag.
- McEwen Mining Inc., closed a 3 years term loan facility of $50M with Royal Capital Management Corp. as agent for the Lenders (El Gallo mine, Sinaloa).
- Prize Mining Corporation, closed the second tranche of a non-brokered private placement for $617,555 (Manto Negro project, Coahuila).
ON RESOURCES AND DEVELOPMENT
- Minera Alamos Inc., disclosed results of an independent PEA on its la Fortuna project in Durango. Highlights include a Pre-Tax NPV at 7.5% of US $103.8M and IRR of 122%, a mill throughput of 1,100 tonnes per day of 3.68 g/t Au (90% recovery), an average annual production of 43K Oz Au, 220K Oz Ag, and 2.24M Lb Cu or 50K Oz GEO (Gold Equivalent Oz), and a Mine Life of 5 years. This PEA is based on a new mineral resource estimate of 125 core drill holes. Measured and Indicated resources are 3,469,700 tonnes of 2.78 g/t Au, 16.5 g/t Ag, and 0.22% Cu for a total of 309.8K Oz Au, 1.84M Oz Ag, and 17M Lb Cu. Inferred resources are 156,300 tonnes of 1.72 g/t Au, 8.5 g/t Ag, and 0.09% Cu for a total of 8,600 Oz Au, 42.7K Oz Ag, and 224K Lb Cu.
ON DEALS AND CORPORATE ISSUES
- Ridgestone Mining Inc., established a Mexican subsidiary called Cerro de Oro Minerals S.A. de C.V. and commenced an exploration program at its Rebeico Au-Cu project in Sonora. Rebeico project was optioned from YQ Gold de Mexico S.A. de C.V.
- Magellan Gold Corporation, acquired El Dorado Au-Ag project in Nayarit from Ingenieros Mineros S.A. de C.V. by making staged six-monthly option payments over two years towards an end purchase price of $800,000 (plus 16%IVA). No royalties are payable. In addition, Magellan has agreed with a TSX.V-listed company to purchase a comprehensive El Dorado data package including diamond drill core and technical information for a price of $120,000, payable in cash and Magellan common stock. The Company has initiated permitting and is in the process of selecting an underground mining contractor.
- Telson Mining Corporation, issued a press release to notify to their shareholders and investors that there are no reasons for the current decline in its share price, since the operation in Campo Morado mine in Guerrero and Tahuehueto project in Durango continue as normal.
- Almadex Minerals Ltd., granted stock options to Directors, Employees and Consultants (Ixtaca, Puebla).
- Azucar Mineral Ltd., granted stock options to Directors, Employees and Consultants (El Cobre, Veracruz).
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 above, a quartz-tourmaline breccia in a prospect in Sonora, Mexico. Photo by Miguel A Heredia.