By Jorge Cirett

During the 29^th week of the year (July 18^th to July 24^th, 2022), at least 28 press releases were announced by companies working in Mexico. To note, three companies posted exploration advances on their properties and six presented production results for the second quarter. Remarkably six companies reported on the opening or closing of financing rounds for a total of US$24.4 M, and C$0.4 M, one on the opening of a distribution agreement for up to $100 M, one that began trading at the OTCQB and one other provided a by-weekly default status report. Three companies posted on work at its advanced properties and one reported on a possible closure if a labor strike continues.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Aloro Mining reported on the resumed drilling at Los Venados. In Chihuahua, Radius Gold updated on work by Pan American Silver at its Amalia project. In Sinaloa, Prismo Metals selected a drill contractor for Palos Verdes. ON MINING, Americas Gold and Silver, Avino silver, Santacruz Silver Mining, First Majestic Silver, Excellon Resources and Great Panther Mining presented production results for the second quarter 2022; Empress Royalty received the first silver ounces from the Tahuehueto stream agreement. ON FINANCING, eight companies posted on financing rounds: Minera Alamos ($4.4 M), Starcore International ($1.2 M), Infinitum Copper ($1 M), Guanajuato Silver Company ($10.7 M), First Majestic Silver ($100 M), Fabled Silver (C$0.4 M), Ranchero Gold (5 M) and Prime Meridian Resources ($1.5 M). Benjamin Hill Mining is now trading on the OTCQB. Gatos Silver presented its by-weekly default report.  ON RESOURCES AND DEVELOPMENT, Prime Mining released drilling results form Los Reyes in Sinaloa. Pan American Silver released spectacular drill results from La Colorada Skarn project in Zacatecas. Tocvan Ventures presented metallurgical test results from Pilar, in Sonora. ON DEALS AND CORPORATE ISSUES, Korea Resources, through its Minera El Boleo subsidiary, is considering the closing of its El Boleo mine in Baja California Sur, as a labor strike continues. ON SOCIAL RESPONSIBILITY, Discovery Silver released its 2021 Environmental, Social and Governance report.

ON MEXICO ISSUES

• No Relevant News.

ON EXPLORATION

• Radius Gold Inc. updated on work by Pan American Silver at its Amalia project in Chihuahua. Three main targets have been drill-tested, for a total of 23,058 m in 67 drill holes. Highlighted results include 44 m @ 309 gpt Ag, 12.39 gpt Au at Amalia; 26.9 m @ 353 gpt Ag, 2.59 gpt Au at California; 61.2 m @ 232 gpt Ag, 0.65 gpt Au at El Cuervo. A new core length intercept at El Cuervo returned 4.35 m @ 401 gpt Ag, 0.79 gpt Au. Pan American has completed US$1.5 M option payments, enabling the company to earn an initial 65 % interest. “Pan American may earn an additional 10% by advancing the property to preliminary feasibility”.
• Aloro Mining Corp. reported that Alamos Gold Inc. has resumed drilling exploration at the Los Venados project in Sonora. “Alamos’ current drill program is focusing on the high sulfidation gold mineralized area in the south, where gold mineralization was identified in Aloro’s initial drill program”. Alamos has the option to acquire a 70% interest on the property by incurring in US$5 M in exploration expenses, and certain cash payments over the course of three years.
• Prismo Metals Inc. selected a drill contractor for the upcoming drilling campaign on its Palos Verdes property in Sinaloa.

ON MINING

• Americas Gold and Silver Corp. reported production for the second quarter 2022, including figures from its Mexican operations. At Cosalá, in Sinaloa, 128 K Oz Ag, 3.9 M Lb Pb, 9.9 M Lb Zn were produced. The cash and cash equivalents balance at the end of the period was $8.8 M.
• Avino Silver & Gold Mines Ltd. reported its second quarter 2022 production results. A t the Avino mine, in Durango, 118.2 K tonnes were milled @ 65 gpt Ag, 0.46 gpt Au, 0.69% Cu, recovering 91% Ag, 78% Au, 92% Cu, to produce 225.5 K Oz Ag, 1,350 Oz Au, 1.64 M Lb Cu.
• Empress Royalty Corp. announced it has received the first silver ounces from the silver stream agreement on the Tahuehueto mine, in Durango, owned by Alta Ley Mining.
• Santacruz Silver Mining Ltd. reported second quarter 2022 production results. At Zimapan, in Hidalgo, 200 K tonnes were milled @ 72 gpt Ag, 0.61% Pb, 2.05% Zn, 0.39% Cu, recovering 69% Ag, to produce 317.1 K Oz Ag, 1,043 tonnes Pb, 3,055 tonnes Zn, 568 tonnes Cu (914.5 K tonnes Oz AgEq).
• First Majestic Silver Corp. announced production results for the second quarter 2022, including figures from its Mexican operations. Consolidated production on its three mines in Mexico, San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila, was 6.16 M Oz AgEq consisting of 2.75 M Oz Ag, 40,759 Oz Au. Silver recovery averaged 81% and gold recovery 93%. During the quarter 11 rigs were operating at San Dimas, six at Santa Elena and two at La Encantada.

• Excellon Resources Inc. presented Q2 2022 production results from the Platosa mine in Durango. During the period 21.5 tonnes were mined, 23,550 tonnes milled, grading 449 gpt Ag, 4.19% Pb, 4.70% Zn, recovering 90.4% Ag, 75.5% Pb, 86.0% Zn, to produce 307.5 K Oz Ag, 1.64 M Lb Pb, 2.1 M Lb Zn. “As previously disclosed, the Company expects to wind down operations at Platosa during Q3 2022”.
• Great Panther Mining Ltd. reported production results for the second quarter of 2022, including figures from its Mexican operations. At Topia, in Durango, 17.0 K tonnes were mined, 17.2 K tonnes milled, averaging 315 gpt Ag, 0.74 gpt Au, recovering 92% Ag, 64% Au, to produce 159.5 K Oz Ag, 260 Oz Au, 336 tonnes Pb, 480 tonnes Zn, or 266.9 K Oz AgEq. The Guanajuato Mine Complex is currently on care and maintenance. The company is in the process of divesting its Mexican properties.

ON FINANCING

• Minera Alamos Inc. closed its non-brokered private placement for aggregate gross proceeds of $4.37 M. Minera Alamos intends to use the proceedings to advance the Cerro de Oro project in Zacatecas (Santana, Sonora).
• Starcore International Mines Ltd. closed its non-brokered private placement, raising $1.2 M in gross proceeds (San Martin mine, Queretaro).
• Benjamin Hill Mining Corp. has began trading on the OTCQB (Sonora Gold, Sonora).
• Infinitum Copper Corp. closed the previously announced non-brokered private placement financing, with oversubscribed gross proceeds of $1.04 M (La Adelita, Sonora).
• Guanajuato Silver Company Ltd. closed its equity financing of subscription receipts totaling US$ 10.72 M. The funds are on escrow management until the announced acquisition of Great Panther mining assets (Topia, Guanajuato Complex) in Mexico. GSilver has also signed a concentrate pre-payment facility term sheet with Ocean Partners, to provide US$5 M on financing towards the purchase price (El Cubo, Guanajuato).
• First Majestic Silver Corp. entered into an equity distribution agreement with BMO Capital Markets and TD Securities, pursuant to which the company may sell through these agents common shares of the company as would result in aggregate gross proceeds of US$100 M, until June 18, 2023 (San Dimas, Durango).
• Fabled Silver Gold Corp. closed the first tranche of a non-brokered private placement for gross proceeds of C$415 K (Santa Maria, Chihuahua).
• Ranchero Gold Corp. filed a preliminary short form prospectus in connection with a proposed marketed public offering of up to $5 M (Santa Daniela, Sonora).
• Prime Meridian Resources Corp. announced a non-brokered private placement for gross proceeds of up to $1.5 M. (La Verde, Sonora).
• Gatos Silver Inc. provided its by-weekly default status report as ordered. “The Company believes that it will be able to file its annual report on Form 10-K for the year ended December 31, 2021, and its quarterly report on Form 10-Q for the quarter ended March 31, 2022 in the second half of 2022” (Cerro Los Gatos , Chihuahua).

ON RESOURCES AND DEVELOPMENT

• Prime Mining Corp. released results from step-out and infill drilling its Los Reyes project in Sinaloa. Highlighted true width (tw) core results at San Miguel East comprise 16.9 m @ 2.72 gpt Au, 130 gpt Ag; 2.6 m @ 1.24 gpt Au, 14 gpt Ag; 2.3 m @ 1.12 gpt Au; 6.1 m @ 4.86 gpt Au, 151 gpt Ag; 1.2 m @ 1.51 gpt Au; 2.6 m @ 1.88 gpt Au, 284 gpt Ag; 5.4 m @ 1.25 gpt Au, 67 gpt Ag. To date, Prime has drilled 83,235 m in 323 holes at Los Reyes. “Mineralization at San Miguel East consists primarily of white to grey crystalline to chalcedonic quartz, quartz breccia and stockwork exploiting 45-degree southwest dipping fault structures within or along the margins of rhyolite dykes that intrude both andesitic tuffs and rhyolite. Quartz is massive-to-crustiform, locally displaying colliform to bladed replacement textures”.
• Pan American Silver Corp. released results from 22 new infill and exploration drill holes totaling 18,071 m at its La Colorada Skarn project in Zacatecas. Highlighted (spectacular) core length results comprise 292.5 m @ 234 gpt Ag, 0.09% Cu, 6.4% Pb, 5.7% Zn (including 97 m @ 654 gpt Ag, 0.16% Cu, 15.3% Pb, 11.4% Zn); 188.5 m @ 59 gpt Ag, 3.1% Pb, 4.8% Zn; 40 m @ 99 gpt Ag, 3.6% Pb, 4.5% Zn; 117.65 m @ 35 gpt Ag, 2.7% Pb, 3.9% Zn; 69.10 m @ 48 gpt Ag, 3.8% Pb, 4.8% Zn; 188.7 m @ 68 gpt Ag, 0.11% Cu, 4.7% Pb, 6.2 % Zn; 160.9 m @ 82 gpt Ag, 0.16% Cu, 3.7% Pb, 6.3% Zn. These intercepts define a silver rich zone, mineralization widths of up to 90 m and maintain several directions open for growth.
• Tocvan Ventures Corp. completed the latest drilling stage with 1,382 m in seven holes at its Pilar project in Sonora. Metallurgical column leach tests by a non-certified assayer returned gold recoveries above 85%; previous bottle roll studies by SGS had returned between 90.6% and 91.6% Au recoveries.

ON DEALS AND CORPORATE ISSUES

• Korea Resources through its subsidiary Minera Boleo announced the commencement of proceedings for a closing of its El Boleo mine, in Baja California Sur. This a as a result of the strike by the local miner’s union.

ON SOCIAL RESPONSIBILITY

• Discovery Silver Corp. released its 2021 Environmental, Social and Governance report. The report highlights $10.3 M in goods and services purchased to Mexican businesses, $4.9 M in salaries and benefits to local employees, and a total workforce of 154 that includes 67 employees and 87 contractors.

On the image below: All rocky outcrops in this picture are part of copper-gold bearing silicified structures on a project in the Sonoran Desert. Picture by Jorge Cirett.