The Mining and Exploration News in Mexico: Highlights on the First Week of September, 2019

IMG_0970aBy Jorge Cirett

During the 36th week of the year (September 2nd to September 8th, 2019), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES Karen Flores Arredondo was appointed General Director of CAMIMEX. VVC Exploration is searching for financing to start operations at Samalayuca.  ON EXPLORATION, in Baja California, One World Lithium is to conduct a field visit to its Salar del Diablo project. In Sonora, Minera Alamos announced the discovery of a new target, Gold Ridge. In Chihuahua, Ethos Gold released results on 16 RC holes at the Purisima project. In Coahuila, Prize Mining released assay results of several targets on a 20 km long trend. In Zacatecas, Galore received assays for the first two holes at El Alamo target of its Dos Santos project; Advance Gold completed an IP survey at the Tabasqueña project; Alien Metals released exploration results at San Celso, Los Campos and Donovan 2. ON MINING, Argonaut Gold completed a fourth water well, and now has the capacity to sustain production at 30 K tonnes a day at San Agustin, Zacatecas. ON FINANCING, Mexican Gold granted 650 K stock options. Defiant Silver seeks to extend the expiry date of some warrants. SilverCrest Metals granted options for 975 K shares. Telson Mining received conditional approval for a US$12 M loan. Southern Silver Corp.  closed the final tranche of financing for gross proceeds of $1.1 M. Silver Viper intends to raise up to $3.0 M through a private placement financing round. ON RESOURCES AND DEVELOPMENT, GoGold released results for four more holes at its Los Ricos project in Jalisco. Pan American Silver reported all-inclusive reserves and resources of 203.3 M Oz Ag, 2.16 M Oz Au on its La Colorada, Dolores and La Bolsa properties. Minera Alamos received one more permit to start construction at its Santana project in Sonora. Goldplay Exploration released underground channel sampling results from San Marcial, Sinaloa. ON DEALS AND CORPORATE ISSUES, Mexican Gold Corp. appointed new directors and announced an incoming new resource estimate for Las Minas, Veracruz. Consolidated Zinc acquired the remaining 10% of the Plomosas mine rights to gain a 100% interest. The company also announced a favourable court ruling on a land use agreement for the Plomosas mine.   ON SOCIAL RESPONSIBILITY. No relevant news.

ON MEXICO ISSUES

  • The sectional president from Samalayuca, Chihuahua, Javier Melendez Cardona, was interviewed on the coming mining investment on La Gloria by VVC Exploration Corp. He explained the project is in the financing stage of a process that is to greatly benefit the local communities.
  • Karen Flores Arredondo is appointed CAMIMEX’s (Cámara Minera de México) General Director as of September 15, 2019. Flores Arredondo has recently worked for Agnico Eagle in Mexico, and has held posts with other private enterprises and government agencies related to the Mining Industry.

ON EXPLORATION

  • Prize Mining Corp. released assay results from surface sampling at its Manto Negro project in Coahuila. The sampling on the Apache, San Jose and Las Curvas concessions returned up to 1.3 m @ 3.86% Cu, 44 gpt Ag; 1.2 m @ 2.62% Cu, 58 gpt Ag; 1.8 m @ 2.31% Cu, 28 gpt Ag and six chip samples running 7.7% to 29.3% Cu and 190 to 759 gpt Ag. At San Jose a best sample interval of 1.8 m @ 2.3% Cu, 28 gpt Ag and up to 17.1% Cu and 1,689 gpt Ag from dumps. At Las Curvas the best mineralised interval was 2 m @ 2.5% Cu, 33 gpt Ag and up to 23% Cu, 710 gpt Ag from dumps. Prize is pursuing a mineralised horizon over 20 km in length in the Formation San Marcos red-bed sandstone below the Cupido Formation limestone.
  • Ethos Gold Corp. released results of the completed 16 reverse circulation (RC) drill campaign at its Purisima project in Chihuahua. At the site Ethos targeted shallow gold mineralisation in epithermal banded quartz veining and associated silicification and stockworks. Highlighted results include 3.05 m @ 0.76 gpt Au; 7.62 m @ 0.52 gpt Au; 9.14 m @ 0.43 gpt Au, 14 gpt Ag; 6.10 m @ 0.40 gpt Au, 9 gpt Ag; 15.24 m @ 0.50 gpt Au; 6.10 m @ 0.50 gpt Au. Ethos decided to terminate the Purisima option agreements.
  • Galore Resources Inc. received assays for the first two core holes at El Alamo target, part of its Dos Santos project in Zacatecas. Highlighted results comprise 3.40 m @ 3.46 gpt Au, 3 gpt Ag (including 1.20 m @ 8.89 gpt Au); 10.90 m @ 14 gpt Ag (including 1.0 m @ 88 gpt Ag); 9.15 m @ 2.02 gpt Au, 5 gpt Ag. The results also define intervals tens of meters in width with anomalous silver in the 1-10 ppm range. Galore informs these results, along with some other tracer elements, support the view that this is the upper part of an epithermal system.
  • Minera Alamos Inc. announced the identification of Gold Ridge, a new mineralised zone on its Santana property in Sonora. One third of 147 rock samples collected exhibit grades >0.10 gpt Au, ranging from 0.1 gpt to 3.6 gpt Au and 5 gpt Ag to 669 gpt Ag, with the mineralised surface covering an area of 1,000 m x 200 m located 2-3 km from the currently planned heap leach operations at Santana.
  • Advance Gold Corp. completed a 3D induced polarization (IP) geophysical survey on its Tabaqueña project in Zacatecas. The 9.6 line kilometre survey highlighted a 250 wide by 800 m long continuous chargeability anomaly.
  • One World Lithium Inc. announced the visit of Mike Rosko of Montgomery & Associates to the Salar del Diablo project in Baja California, along with the president and director of OWL. The visit is to include previous and proposed drill site locations as well as surface geological features.
  • Alien Metals Ltd. released results from recent exploration at its San Celso, Los Campos and Donovan 2 projects in Zacatecas. At San Celso, further assays include 18 anomalous samples averaging 272 gpt Ag, with a high of 1,275 gpt Ag. At Los Campos, 14 anomalous samples averaged 185 gpt Ag, with a peak of 547 gpt Ag. At Donovan 2, a sample returned 2.68 gpt Au.

ON MINING

  • Argonaut Gold Inc. completed the fourth water well at its San Agustin operation in Durango. The new well demonstrated sufficient water capacity to meet the needs of the operation to run at 30 K tonnes per day of ore, which is planned for the fourth quarter of 2019.

ON FINANCING

  • Mexican Gold Corp. granted 650 K stock options to an officer and an employee of the company (Las Minas, Veracruz).
  • Defiant Silver Corp. intends to seek TSX Venture Exchange approval to extend the expiry date of 6.19 M warrants, previously issued, by one year (San Acacio, Zacatecas).
  • SilverCrest Metals Inc. granted stock options for 975 K shares to directors, officers, employees and consultants of the company (Las Chispas, Sonora).
  • Telson Mining Corp. received conditional approval for a US$12 M medium term loan from an international investment bank to finalize construction at Tahuehueto, Durango.
  • Southern Silver Exploration Corp. closed the final tranche of the previously announced private placement, for gross proceeds of $1.1 M. In total the company closed two tranches for gross proceeds of $4.2 M (Cerro Las Minitas, Durango).
  • Silver Viper Minerals Corp. intends to overtake a private placement financing to raise gross proceeds of up to $3.0 M (La Virginia, Sonora).

ON RESOURCES AND DEVELOPMENT

  • GoGold Resources Inc. released results for three more diamond drill holes at Los Ricos main area and the first hole drilled at the San Juan target of its Los Ricos project in Jalisco. Highlighted drill core intervals comprise 6.2 m @ 1.17 gpt Au, 158 gpt Ag; 15.5 m @ 0.53 gpt Au, 84 gpt Ag (including 2.7 m @ 2.04 gpt Au, 217 gpt Ag); 17.1 m @ 1.59 gpt Au, 364 gpt Ag (including 5.6 m @ 3.81 gpt Au, 818 gpt Ag) at Los Ricos and 16.9 m @ 0.54 gpt Au, 68 gpt Ag (including 5.0 m @ 1.46 gpt Au, 148 gpt Ag) at the San Juan target.
  • Pan American Silver Corp. reported mineral reserves of 557 M Oz Ag, 5.1 M Oz Au, of which 141.6 M Oz Ag and 1.58 M Oz Au are in its three properties in Mexico: La Colorada, Dolores and La Bolsa. Reserves and resources all inclusive comprise 148.3 M Oz Ag, 129.8 K Oz Au at La Colorada in Zacatecas, 45.4 M Oz Ag, 1,383.5 K Oz Au at Dolores in Chihuahua and 9.6 M Oz Ag, 651.7 K Oz Au at La Bolsa in Sonora.Pan American Silver Reserves1
  • Minera Alamos Inc. received the ETJ (Estudio Tecnico Justificativo) for the Santana Gold project in Sonora. Combined with the previously approved MIA (Manifiesto de Impacto Ambiental) the company holds all the necessary rights to initiate construction of commercial scale operations at Santana.
  • Goldplay Exploration Ltd. released results from underground channel sampling in a re-opened old adit at the Faisanes target of its San Marcial project in Sinaloa. A zone of 11 m @ 155 gpt includes 6 m @ 232 gpt Ag, ending in mineralisation at the deepest sampled point within the tunnel. “The Company is reviewing plans to extend the tunnel beyond this high-grade Interval”.

ON DEALS AND CORPORATE ISSUES

  • Mexican Gold Corp. announced the appointment of Matt Liard as Vice President Exploration, Sonny Bernales as Senior Geologist and Michael Kanevsky as CFO. The company outsourced an updated 43-101 resource estimate with an underground cut-off grade, that should be released in October 2019 (Las Minas, Veracruz).
  • Consolidated Zinc Ltd. entered into a binding agreement with Retec Guaru S.A. de C.V. under which CZC is to acquire the remaining 10% interest in the Plomosas mine in Chihuahua. “The purchase consideration for the acquisition of the Retec interest in MLAZ is a 1% Net Smelter Return Royalty (the “Royalty”) from the sale of zinc and lead concentrates produced from Plomosas”. Completion of the agreement is expected by 30 September 2019.
  • Consolidated Zinc Ltd. announced that the Appeals Court of Chihuahua ruled in favour of the company’s subsidiary regarding a dispute over a land use agreement with a local rancher in place for its Plomosas mine in 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 image below: Quartz veinlet on an orogenic gold project in Oaxaca. Picture by Jorge Cirett

IMG_0970a

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