On the image above, epidote veinlets with feld-K halos in andesitic volcanic rocks from a porphyry-Cu prospect in Jalisco. Picture by Jorge Cirett.
By Jorge Cirett
During the 40th week of the year (October 1st to October 7th, 2018), at least 15 press releases were announced by companies working in Mexico. Riverside, Excellon, Evrim-Harvest Gold and Millrock released advances in exploration. US Antimony, Telson Consolidated Zinc and Torex released news on mining. Camrova reported news on financing. Minera Alamos, Golden Minerals and Almaden reported on development of its properties, Consolidated Zinc presented its annual report, Americas Silver and Pershing Gold continue on its merger path, whilst Marlin Gold. Golden Reign and Sailfish are to hold shareholders meetings. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Riverside released favorable rock chip sample results on its Cecilia project; Millrock is drilling its El Picacho project, with Centerra funding. In Chihuahua, Evrim and Harvest Gold commenced drilling the Cerro Cascaron project. In Zacatecas, Excellon reported drilling results from its Miguel Auza project. ON MINING US Antimony restarted two mines in Zacatecas and Queretaro. Telson is focused on developing its Tahuehueto mine in Durango. Consolidated Zinc sent some ore for processing. Torex Gold reported production of 104 K Oz Au in Q3 at its Limon-Guajes mine in Guerrero. ON FINANCING, Camrova announced a shares for debt settlement. ON RESOURCES AND DEVELOPMENT, Minera Alamos informed on a new target at its Santana project in Sonora. Golden Minerals informed on a new PEA for its Santa Maria project in Chihuahua. Almaden reported the dismantlement of a mill from a site in USA is now complete, and ready to be sent to its Ixtaca project in Puebla. ON DEALS AND CORPORATE ISSUES, Consolidated Zinc presented its 2018 annual report. Americas Silver and Pershing Gold continue the proceedings for its eventual merger. Marlin Gold. Golden Reign and Sailfish are to hold shareholders meetings by the end of the month.
ON MEXICO ISSUES
- No Relevant News.
- Riverside Resources Inc. released results from rock chip channel sampling from Cerro Magallanes targets at its Cecilia project in Sonora. The channel sampling program included 305 samples ranging from trace to 19 g/t Au. Channel samples highlighted include: 10 m @ 3.34 g/t Au on the Agua Prieta – North Breccia zone; 14 m @ 2.44 g/t Au from underground workings at the Central Target and 11.5 m @ 1.57 g/t Au on the East Target. Historical results include 47 m @ 1.12 g/t Au form underground workings at the San Jose Target.
- Excellon Resources Inc. reported drilling results from the Miguel Auza project in Zacatecas. Anomalous mineralization was intersected in the first seven holes on the Lechuzas vein-set, while a large low-grade Au and Ag footprint was intersected on El Cobre vein. Some of the highlighted core length results comprise: 0.7 m @ 70 g/t Ag, 0.2 g/t Au, 1.1% Pb, 1.2% Zn; 1.2 m @ 49 g/t Ag, 0.4 g/t Au, 0.7% Pb, 1.3% Zn; 2.8 m @ 50 g/t Ag, 0.1 g/t Au, 0.9% Pb, 0.7% Zn; 13.8 m @ 58 g/t Ag, 0.1 g/t Au, 1.2% Pb, 1.8% Zn; 1.7 m @ 63 g/t Ag, 0.2 g/t Au, 1.9% Pb, 1.8% Zn; 17.0 m @ 36 g/t Ag, 0.1 g/t Au, 0.9% Pb, 0.6% Zn; 1.5 m @ 167 g/t Ag, 0.9 g/t Au, 3.1% Pb, 1.9% Zn; 16.7 m @ 56 g/t Ag, 0.1 g/t Au, 1.2% Pb, 1.4% Zn; at the Carmen and Lechuzas veins, and 25.3 m @ 0.1 g/t Au at El Cobre vein. The program was expanded to 6,000 m on the Lechuzas, El Cobre and Abejas veins and at Loma de Las Minas and Lomo de los Gatos.
- Evrim Resources Corp. and partner Harvest Gold Corp. have commenced a drilling program at the Cerro Cascaron project in Chihuahua. Three drill holes are to test over 350 m of strike length, along a 900 m Ag-Pb-Zn sheeted vein/breccia system at the Cascarita silver target; four drill holes will test the San Pedro vein, where channel sampling has returned up to 4.3 m @ 2.2 g/t Au, 11 g/t Ag; three dill holes are to test the Serpiente Dorada and Julieta structures, within a 1.8 km long soil anomaly averaging above 50 ppb Au; and one hole will test the Carabina vein, where channel sampling returned 5.4 m @ 2.1 g/t Au, 14 g/t Ag.
- Millrock Resources Inc. reported a drilling program is underway at El Picacho project in Sonora. Centerra Gold Inc. has a joint venture agreement and is funding the 10-hole 2,000 m program testing geological targets identified by soil and rock sampling, geophysical targets and trenching.
- United States Antimony Corp. restarted two mines previously in care and maintenance, the Sierra de Guadalupe mine in Zacatecas and the Soyatal mine in Queretaro. At Guadalupe direct shipping ore (DSO) 30-45% Sb is now being sent to the company’s Madero smelter in Coahuila, and sulfide ore is to be concentrated at the company’s Puerto Blanco mill. At Soyatal in Queretaro, 35-45% DSO is being mined and shipped to the Puerto Blanco mill and then shipped to the Madero smelter. At Wadley, in San Luis Potosi, 80 metric tons a month of 35-40% Sb DSO is being shipped to the Madero smelter.
- Telson Mining Corp. is focusing underground development on the El Creston Structure at its Tahuehueto mine in Durango. The development advance is to access the veins there present at three different levels. The Level 12 decline has been extended 260 m, crossing the Creston structure, intersecting three veins/structures: El Perdido vein displays 4 m of strong mineralization and 2 m of brecciated stockwork mineralization. The new Enmedio vein displays 1.5 m of good mineralization and the El Creston structure extends over 25 m, containing a series of mineralized veins and stockworks, with the strongest mineralized two veins averaging 4.5 m in width at the footwall and hanging wall respectively. Development drifting is producing ore over 10 g/t Au which is being sent to the Atocha toll mill. The ore below that threshold is being stored for future processing at the 1,000 tpd processing plant currently under construction at the site.
- Consolidated Zinc Ltd. informed 256 tonnes of ore were shipped and 989 tonnes remain at its Plomosas mine in Chihuahua. Mining begun on September 19th and by month’s end the production goal of 100 tonnes per day (tpd) had been met.
- Torex Gold Resources Inc. reported production of 101,400 Oz Au in the third quarter 2018, from its Limon-Guajes mine in Guerrero. “Sub-Sill production is approximately 500 t/d and on track to complete the ramp up to 850 t/d by year end”.
- Camrova Resources Inc. announced a shares for debt settlement involving 1.95 M shares and an aggregate of Cdn$146.6 K of indebtedness (Boleo, Baja California Sur).
ON RESOURCES AND DEVELOPMENT
- Minera Alamos Inc. informed a new 400 m x 400 m target named the Zata Zone, has been defined at its Santana project in Sonora. “The current geological model for the Santana project area consists of a series of hydrothermal breccias (approximately 300-500m in diameter) hosted by stocks and batholithic intrusions that extend from surface to depth “. Over 50% of 66 rock samples returned between 0.1 to 3.3 g/t Au. The Zata system is 3 km from the currently planned heap leach operations.
- Golden Minerals Co. reported results from a second preliminary economic assessment (PEA) completed for its Santa Maria project in Chihuahua. The PEA includes the incorporation of a 77 ha mining claim and 4,800 m more of drilling. Highlights include an after tax net present value (NPV) of US$10.8 M @ 5% discount rate, after tax internal rate of return of 159%, a 10 month payback period, $1.2 M of total capital cost, 6 months of pre-production development, life of mine (LOM) of 4.2 years, LOM after tax free cash flow $12.4 M, LOM silver production of 2.66 M Oz , LOM grade of 331 g/t Ag, 0.78 g/t Au, net cash cost of $10.72 per Oz Ag, AISC of $11.12 per Ag Oz. Using a 180 g/t AgEq cutoff grade, measured resources comprise 42 K tonnes @ 271 g/t Ag, 0.83 g/t Au, or 0.37 M Oz Ag, 1,130 Oz Au; Indicated resources 170 K tonnes @ 291 g/t Ag, 1.04 g/t Ag, or 1.59 M Oz Ag, 5,700 Oz Au; and Inferred resources 261 K tonnes @ 272 g/t Ag, 0.9 g/t Au, or 2.3 M Oz Ag, 7,610 Oz Au.
- Almaden Minerals Ltd. has dismantled the Rock Creek Mill in the USA and readied it for shipping to its Ixtaca project in Puebla. The feasibility report for Ixtaca is nearly complete and due in 2018. An environmental impact assessment (Manifiesto de Impacto Ambiental, or MIA) is on its final stages of preparation.
ON DEALS AND CORPORATE ISSUES
- Consolidated Zinc Ltd. presented its 2018 annual report. The report describes mineralization style, exploration, resource base and economics of the Plomosas property in Chihuahua, which led to the recent production decision by the company.
- Americas Silver Corp. and Pershing Gold Corp. entered into a definitive agreement to complete a business combination to create a precious metal company in the Americas. Americas Silver owns mines and projects in Sinaloa (Cosalá), Sonora (San Felipe) and Idaho (Galena Complex), whilst Pershing Gold controls the Relief Canyon project in Nevada.
- Golden Reign Resources Ltd., Marlin Gold Mining Ltd. and Sailfish Royalty Corp. filed their respective “management information circulars and related proxy materials with the applicable Canadian securities regulators, and have mailed such materials to their respective shareholders in advance of their respective shareholder meetings each scheduled for October 30, 2018.”
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