The Mining and Exploration News in Mexico: Highlights on the Second Week of June, 2022

By Jorge Cirett

During the 23rd week of the year (June 6th to June 12th, 2022), at least 11 press releases were announced by companies working in Mexico. This number reflects the summer decrease in press releases with one of the lowest numbers recorded since 2015 (the lowest being 9); notably, news in shares/financing were more than half of the total. There was no relevant news in the Mining and Resources and Development sections. To note, two companies posted exploration advances on their properties, two companies are to undertake financing rounds for up to $3 M and C$2 M, two companies increased/closed oversubscribed financing rounds to C$3.4 M and C$4 M, one company was upgraded to the OTCQX Best Market, one other cashed in a warrants exercise for C$18 M. A royalties company already with business in Mexico made an agreement on one other property. One company posted on metallurgical results on its property.  ON MEXICO ISSUES, The Instituto Politecnico Nacional celebrated the careers of five of its graduates on the Mexican mining industry. The Sonora Mining Cluster is hosting the Fifth International Forum on Full Safety. ON EXPLORATION, in Sonora, Tocvan Ventures presented drill results from Pilar; Benjamin Hill Mining released drilling results from the Sonora Copper zone at its Sonora Gold project. ON MINING, no relevant news. ON FINANCING, Silver Viper and Sonoro Gold are to undertake non-brokered private placements to raise up to $3 M and C$2 M respectively. Aztec Minerals closed a non-brokered oversubscribed private placement for CAD$3.4 M. Reyna Silver increased the size of its private placement from C$3 M to C$4 M. Prime Mining informed on its upgrading to the OTCQX Best Market. Discovery Silver informed that the exercise of warrants resulted in C$18 M in gross proceeds. Orogen Royalties reported positive metallurgical results from tests at its San Javier project in Sonora.  ON RESOURCES AND DEVELOPMENT, Barksdale Resources released positive metallurgical results from its San Javier project in Sonora. ON DEALS AND CORPORATE ISSUES, no relevant news.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Instituto Politecnico Nacional (IPN) recognized the professional lifework on the Mexican mining industry of five of its graduates: Sergio Almazan Esqueda (current AIMMGM president),  Jaime Gutiérrez (current Camimex president), Karina Neri (Mining concession manager at Peñoles), Marco Gustavo Monroy (Centro de Estudios, Servicios y Consultorías Ambientales) and Armando Alatorre (current Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México president).
  • The Sonora Mining Cluster is hosting in Hermosillo, Sonora, the Fifth International Forum on Full Safety in Mining (Quinto Foro Internacional de Seguridad Integral en Minería), during June 23 and 24, 2022.

ON EXPLORATION

  • Tocvan Ventures Corp. presented drill results for two more reverse circulation holes at its Pilar project in Sonora. Both holes targeted parallel trends to the Main zone. Highlighted hole-length intervals on one hole comprise 54.9 m @ 0.3 gpt Au, 5 gpt Ag (including 13.7 m @ 0.6 gpt Au, 13 gpt Ag and 9.2 m @ 0.6 gpt Au, 3 gpt Ag). The other hole did not intercept relevant gold mineralization. ”Three zones of mineralization have been identified ….. the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 24,200 m of drilling have been completed to date”. 
  • Benjamin Hill Mining Corp. released further drilling results from the Sonora Copper zone at its Sonora Gold project in Sonora. “The Sonora Copper quartz breccia vein system consists of two major sub-parallel veins …… Outcrops of the Sonora Copper vein system have been mapped over a surface length of approximately 850 m ….. The vein structures are composed of quartz with barite, sulfides and primary oxides …. The veins are hosted in granitoids and volcano-sedimentary rocks, with a close relationship to porphyry dikes”. Highlighted core length intervals comprise 1.45 m @ 0.62% Cu, 4.2 m @ 0.52% Cu (including 1.7 m @ 0.5% Cu, 1.08 gpt Au); 8.7 m @ 0.58% Cu (including 1.85 m @ 1.77% Cu, 0.25 gpt Au and 1.25 m @ 0.4% Cu, 0.49 gpt Au). The presence of a porphyry copper system at depth is suggested by historical magnetometry surveys by the SGM, induced polarization anomalies along wide structures kilometers in length on a geophysical survey completed this year and the high copper, gold, molybdenum and bismuth numbers on geochemical samples and core.

ON MINING

  • No Relevant News.

ON FINANCING

  • Silver Viper Minerals Corp. intends to undertake a non-brokered private placement financing to raise up to $3 M in gross proceeds (La Virginia, Sonora).
  • Sonoro Gold Corp. is to undertake a non-brokered private placement to raise up to C$2 M (Cerro Caliche, Sonora).
  • Aztec Minerals Corp. closed an oversubscribed CAD$3.4 M non-brokered private placement equity financing. Alamos Gold Inc. participated with CAD$2.4 M, after which Alamos holds a security percentage of 9.9% of shares on an undiluted basis, and 18% on a partially diluted basis, assuming the exercise of warrants (Cervantes, Sonora).
  • Reyna Silver Corp. increased the size of its previously announced private placement from C$3 M to C$4 M (Guigui and Batopilas, Chihuahua).
  • Prime Mining Corp. reported that the company has been upgraded and qualified to trade on the OTCQX Best Market from the OTCQB Venture Market (Los Reyes, Sinaloa).
  • Discovery Silver Corp. announced that exercise of purchase warrants resulted in gross proceeds of C$18 M. Mr. Eric Sprott owns, through 2176423 Ontario Ltd., 26.2% of outstanding shares on a non-diluted basis and 27.3.% on a partially diluted basis (Cordero, Chihuahua).
  • Orogen Royalties Inc. signed an agreement with Advanced Lithium Corp. to purchase 3% net smelter royalties on three prospective mineral licences in the Lake Victoria gold fields in western Kenya. “Upon closing of the Agreement, Orogen will pay Advance US$120,000 for the Royalties and transfer its interest in the Sarape Gold project to Advance. Orogen will retain a 1.5% net smelter return royalty on the Sarape project” (Sarape, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Barksdale Resources Corp. reported positive results from the first phase of metallurgical test work at the San Javier project in Sonora. The study by McClelland Labs Inc. envisaged eight column tests on one inch material from four large diameter diamond core holes drilled on late summer of 2021. Oxide dominant samples had recoveries between 77% and 93% of acid soluble copper and between 72% and 89% for acid and cyanide soluble copper, with recovery still increasing after the 120 days of column tests. Significantly, acid agglomeration does not increase copper recovery, pointing to a favorable net acid consumption of approximately 2 to 3 kg per tonne.  

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz-specularite-barite vein in the Sonora Desert. Picture by Jorge Cirett.

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