By Miguel A Heredia
During the nineteen week of the year (May 20th to May 26th, 2019), at least 19 press releases were announced by companies working in Mexico, with twelve disclosing deals and corporate issues, four reporting on resources and development of their projects, two informing on exploration results, and one discussing Mexican news. ON MEXICO ISSUES, the Mining Undersecretary of the Secretary of Economy, Francisco Quiroga, said Thursday that the blockade of the Peñasquito mine in Zacatecas is generating millions of dollars in losses. ON EXPLORATION, In Baja California Norte, One World Lithium has commenced a 12 holes-4,250m RC drilling program at its Salar del Diablo project. In Chihuahua, Ethos released trenching results from its La Purisima project. ON MINING, no relevant news. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Silver One completed a short drilling program next to the historic resource area at its Peñasco Quemado project in Sonora. Endeavour reported results from the 2019 drilling program conducted at its Bolañitos mine in Guanajuato. Goldplay released high grade assays from a surface channel sampling carried out at its San Marcial project in Sinaloa. Impact Silver announced the commissioning of an engineering study at its Capire project in Mexico State. ON DEALS AND CORPORATE ISSUES, First Majestic and Fresnillo announced results from their annual general meeting of shareholders and proclaimed management changes. Great Panther provided information for its annual general meeting of shareholders (Topia mine, Durango). Santacruz confirmed an earn-in by Carrizal Mining of 20% interest in Santacruz’s Veta Grande Project and agreed to acquire Carrizal Mining. Minera Alamos strengthened its mine operations team with the appointment of its VP Technical Services (Santana project, Sonora). Mexus appointed an experienced Chemical Engineer for its Santa Elena mine in Sonora. The Fortuna Silver CEO purchased company shares (San Jose mine, Oaxaca). Excellon announced management changes (La Platosa mine, Durango). Bacanora announced a strategic investment in both corporate Bacanora and its flagship Sonora Lithium project in Sonora.
ON MEXICO ISSUES
- Blockade to Peñasquito mine in Zacatecas has generated millionaire losses to the public coffers. The mining undersecretary of the Secretary of Economy, Francisco Quiroga, said Thursday that the blockade of the Peñasquito mine by a truck contractor and members of the Cedros community, is generating millions of dollars in losses to the company as to the public coffers and that the government is in favor of a solution that allows it to continue operating. Peñasquito mine located in Zacatecas State is owned by Newmont Goldcorp and is one of the largest mines in Ag extraction in the world, and the main Au mine in Mexico.
- One World Lithium Inc., commenced a 12 holes-4,250 RC drilling program at its Salar del Diablo project in Baja California Norte. Goal of the program is to test geochemical anomalies that cover 150 square km and three highly conductive geophysical zones that cover 54 square km, of which two may be more than 100 and 200m thick. The property has never been drilled before.
- Ethos Gold Corp., released trenching results from its La Purisima project in Chihuahua. The company completed six trenches totaling a length of approximately 3km on the surface expression of the la Purisima vein zone and the parallel stockwork zone. Significant trench results were encountered in T-1 with 0.49 g/t Au over 118m, including 1.13 g/t Au over 20m, and 0.76 g/t Au over 24m on the La Purisima vein, and separately 4.17 g/t Au over 5.4m on the stockwork zone; T-2 with 0.47 g/t Au over 127m, including 1.11 g/t Au over 40m on the La Purisima vein; and T-3 with 0.84 g/t Au over 10m, and 6.51 g/t Au over 2m both in the stockwork zone.
- No relevant news.
- No relevant news.
ON RESOURCES AND DEVELOPMENT
- Silver One Resources Inc., completed a short diamond drilling program at its Peñasco Quemado project in Sonora, consisting of 974m in five holes. Goal of the program was to test the potential down-dip and along strike continuity of the Ag-Mn mineralization identified in the area of the historic resource outlined by Silvermex Resources Ltd; investigate the source of the very high zinc and lead in soil anomalies located along strike to the southeast of the historic resource area; and to test geochemical and geophysical anomalies in the west central part of the property. Drilling results indicates the mineralized Ag-Mn system does not extend outside the area of the historic resource.
- Endeavour Silver Corp., reported drilling results in the Plateros and San Miguel veins from the 2019 drill program conducted at its Bolañitos mine in Guanajuato. The drilling program consisted of 19 holes drilled to mid-April, of which 12 holes intersected high grades over mineable widths and an additional 4 holes intersected old mine workings. Significant drill intersections were encountered in the San Miguel vein just north of the Bolañitos plant in hole MG-10 with 58 g/t Ag and 22.1 g/t Au (1,827 g/t AgEq) over 3.5m true width. “New high-grade vein mineralization has now been delineated over a 250 m length by 130 m depth below and northwest of the old San Miguel mine workings, still open to the northwest”. Also, significant results were encountered in the Plateros vein just west of the Bolañitos plant in hole PLU-20 with 108 g/t Ag and 4.25 g/t Au (448 g/t AgEq) over 2.3m true width. “New high-grade vein mineralization has now been delineated over a 250 m length by 120 m depth below the Plateros mine workings where Endeavour is currently mining, still open at depth and to the southeast”.
- Goldplay Exploration Ltd., released high grade assays from a surface channel sampling carried out at its San Marcial project in Sinaloa. A significant result of 323 g/t Ag was encountered at the southeastern limits of the San Marcial NI 43-101 resource area suggesting potential for SE extension in the Guacamayo target. The sampling program also identified unrecognized Au potential in addition to the Ag mineralization since it encountered 974 g/t Ag and 2.01 g/t Au over 1m channel samples.
- Impact Silver Corp., commenced an engineering study to test the viability of dense media separation processing at its Capire project in Mexico State. Positive results from this engineering study could lead to a new operating plan toward placing Capire into production. Capire is an open pit silver-lead-zinc (-copper) deposit located 16 kilometers southwest of IMPACT’s producing Guadalupe Production Center.
ON DEALS AND CORPORATE ISSUES
- First Majestic Silver Corp, released results from its annual general meeting of shareholders and announced two new appointments: a VP Operation and a VP of Innovation, Processing & Metallurgy (Santa Elena mine, Sonora).
- Fresnillo plc., announced results from its annual general meeting of shareholders and reinforced its sustainability and community relation area with the appointment of Tomas Iturriaga. It also appointed its new COO and a new member of its Board of Directors (La Herradura mine, Sonora).
- Great Panther Mining Limited, provided information for its annual general meetings of shareholders to be held on June 24, 2019 (Topia mine, Durango).
- Santacruz Silver Mining Ltd., confirmed an earn-in by Carrizal Mining of 20% Interest in Santacruz’s Veta Grande Project and further acquisition of the 100% of the outstanding shares of PCG Mining S.A. de C.V. (PCG), which is the holding company that owns 100% of Carrizal outstanding shares. The shares of PCG are owned as to 50% each by two unrelated shareholders. One of the shareholders is at arm´s-length to Santacruz and the other shareholder is Carlos Silva, the Santacruz´s COO. “With respect to the acquisition of PCG shares from the arm’s-length party (the “Arm’s Length Acquisition”), on closing a cash payment by Santacruz of US$500,000 and other consideration in the amount of approximately US$600,000, including the forgiveness of approximately US$450,000 in debt owed by the shareholder to Carrizal; and with respect the acquisition of PCG shares from the Santacruz COO (the “Silva Acquisition”, and together with the Arm’s Length Acquisition, the “Transaction”), on closing the issuance of 30,000,000 shares of Santacruz (the “Consideration Shares”) to Mr. Silva at a deemed price of CDN$0.05 per share”.
- Minera Alamos Inc., strengthened its mine operations team with the appointment of Carolina Salas as its VP Technical Services. She will oversee final preparations related to the construction of commercial scale gold production facilities at the Santana project in Sonora.
- Mexus Gold US, appointed an experienced Chemical Engineer for its Santa Elena mine in Sonora.
- Fortuna Silver Mines Inc., informed that its CEO increased his equity position in the company by acquiring 170K common shares at an average price of US $2.59 per share (San Jose mine, Oaxaca).
- Excellon Resources Inc., announced the resignation of its CFO and declared that the current VP Finance will serve as interim CFO while the company seeks a permanent replacement (La Platosa mine, Durango).
- Bacanora Lithium plc, reported a strategic investment in both the corporate Bacanora and its flagship Sonora Lithium project in Sonora by Ganfeng Lithium, the world´s largest lithium metal producer. The strategic investment includes subscription for a 29.99% interest in Bacanora for a cash consideration of £14.4M, in addition to an initial 22.5% direct interest in the Sonora Lithium Project for a cash payment of £7.56M, with an option to increase up to 50% of the project.
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, chalcedonic quartz in a hot spring system in a prospect in Queretaro, Mexico. Photo by Miguel A Heredia.