By Jorge Cirett

During the 51^st week of the year (December 19^th to December 25^th, 2022), 10 companies working in Mexico released news on their properties. One company posted an exploration update on its property, one on financial results for the end of its fiscal year, one informed on a rolling stock plan and another one on the repurchase share plan. One company informed on work at its advanced property. December proved to be a busy month for deals, with four more companies announcing this week the purchase of properties, strategic investments or royalty purchases.  ON MEXICO ISSUES, CAMIMEX presented its third 2022 sustainability report. ON EXPLORATION, in Sonora, Colibri Resource announced plans for a bulk sample program at the Pilar project. ON MINING, GoGold Resources released financial results for the end of its fiscal year. ON FINANCING, Oroco Resource approved a rolling stock plan. Alamos Gold announced its share repurchase plan. ON RESOURCES AND DEVELOPMENT, Guanajuato Silver Company provided drilling results from its Topia mine in Durango. ON DEALS AND CORPORATE ISSUES, Prismo Metals and Vizsla Silver entered into a binding strategic investment agreement. Southern Empire Resources announced the staking of a large property in Durango, and the staking of additional ground adjacent to one other project, also in Durango. Silver Viper Minerals and Canasil Resources extended the date for the definitive agreement on their merger/acquisition. Metalla Royalty & Streaming announced a royalty purchase agreement concerning the silver stream from the Esperanza project in Morelos. ON SOCIAL RESPONSIBILITY, The Esperanza project in Morelos incorporates the sustainable development concept, promoted on the UN’s 2030 agenda.

ON MEXICO ISSUES

• CAMIMEX (Cámara Minera de Mexico) presented its third report on sustainability 2022, expanding on actions and results by its affiliates on social, environment and economic matters, as part of its compromise to further the sustainable development of México.     

ON EXPLORATION

• Colibri Resource Corp. reported that its option partner on the Pilar project in Sonora, Tocvan Ventures Corp. is to complete a bulk sample test at the property. Up to 1,000 tonnes of material will be processed in a neighboring mining company heap leach facilities 25 km west from Pilar. “Total duration of the processing and analysis of the bulk sample is expected to span three to four months. The information provided from the sample will be used for planning in coordination for permitting of full-scale mine and process facilities on-site at Pilar“.

ON MINING

• GoGold Resources Inc. announced the financial results for the year ending on September 30, 2022. During the period $36.1 M in revenue were generated on the sale of 1.7 M Oz AgEq from its Parral tailings project in Chihuahua; the metal was produced at cash cost $13.35 per Oz AgEq, and an AISC of $18.36. Also, USD$12.3 M of tax recoverable relating to VAT receivable were recovered from the Mexican Federal Government, including $5.1 M in interest.  At the end of the period GoGold balance was $73.3 M in cash and no debt.

ON FINANCING

• Oroco Resource Corp. shareholders approved a maximum of 10% rolling stock option plan for the company (Santo Tomás, Sinaloa).
• Alamos Gold Inc. filed and received acceptance from the Toronto Stock Exchange (TSX) for a notice of intention to make a normal course issuer bid, permitting Alamos to purchase for cancellation up to 10% of the company’s public float of the common shares as of December 2022 (Mulatos, Sonora).

ON RESOURCES AND DEVELOPMENT

• Guanajuato Silver Company Ltd. provided recent drill results from the Topia mine in Durango. The company is focusing on delineating resources and increasing mine life on the La Prieta, Rosario and Dos Amigos structures. Highlighted true width intercepts comprise 0.43 m @ 1.22 gpt Au, 455 gpt Ag, 1.4% Pb, 2.1% Zn; 0.81 m @ 1.38 gpt Au, 42 gpt Ag, 4.0% Pb, 2.0% Zn; 1.09 m @ 373 gpt Ag, 1.3% Pb, 0.4% Zn; 0.50 m @ 1.73 gpt Au, 394 gpt Ag, 0.9% Pb, 0.3% Zn; 0.60 m @ 944 gpt Ag, 9.2% Pb, 4.2% Zn; 1.55 m @ 206 gpt Ag, 1.2% Pb, 2.8% Zn; 0.20 m @ 9.74 gpt Au, 404 gpt Ag, 7.2% Pb, 1.9% Zn; 0.50 m @ 3.98 gpt Au, 808 gpt Ag, 8.1% Pb 4.4% Zn; 1.12 m @ 1.74 gpt Au, 39 gpt Ag, 3.4% Pb, 0.7% Zn; 0.98 m @ 4.48 gpt Au, 107 gpt Ag, 8.0% Pb, 13.7% Zn; 1.15 m @ 3.38 gpt Au, 2,173 gpt Ag, 6.7% Pb, 12.9% Zn. “Epithermal mineralization at Topia exists as a system of narrow, high-grade veins measuring up to 1.50m in thickness and occurring within an undulating band of mineralized material that ranges vertically from 100m to 200m, within a lateral extension continuing for several kilometers”.

ON DEALS AND CORPORATE ISSUES

• Prismo Metals Inc. entered into a binding strategic investment agreement with Vizsla Silver Corp. Pursuant to the agreement Vizsla is to acquire C$2 M in shares of Prismo, and will have the right of first refusal to purchase the Palos Verdes project from Prismo. Once the investment is complete, Vizsla will own 10.1% of Prismo on a basic basis and 14.4% on a partially diluted basis.
• Southern Empire Resources Corp. announced the staking of the 23,750 hectare La Loma property in Durango, located 50 km SE from its San Pedro project. The property covers Mesozoic sedimentary rocks with Au-As-Sb-Mo-Pb anomalies in stream sediment samples by the Servicio Geológico Mexicano (SGM). Planned exploration work for the spring of 2023 includes stream sediment sampling, prospecting and geological mapping. The company also expanded the optioned 600 ha Centauro property in Durango by staking two claims totaling 3,832 ha. The new claims cover areas of silica and kaolinite alteration, as identified with hyperspectral satellite images. “These suites of probable alteration mineralization are often spatially associated with “Carlin-style” and/or low sulphidation epithermal gold mineralization observed at Centauro to date”.
• Silver Viper Minerals Corp. entered into an agreement to amend the non-binding letter of intent with Canasil Resources Inc. with respect to the proposed acquisition of all of the issued and outstanding shares of Canasil, in exchange for common shares of Silver Viper, extending the date to enter into a definitive agreement from December 20, 2022 until January 31, 2023 (La Virginia, Sonora; Esperanza, Zacatecas).
• Metalla Royalty & Streaming Ltd. announced a royalty purchase agreement with Alamos Gold Corp., pursuant to which Metalla will acquire from Alamos Gold one silver stream and three royalties for $5 M of common shares of Metalla. The portfolio adds a silver stream on the Esperanza Gold project in Morelos, which is being advanced by Zacatecas Silver Corp. The project envisions the mining by open pit of an oxidized Au-Ag skarn to produce 111 K Oz Au and 225 K Oz Ag per year. “Metalla will acquire the 20% silver stream on Esperanza subject to ongoing payments of 20% of silver spot price. The stream is subject to a maximum of 500 K Oz silver delivery if commercial production occurs prior to 2029. Metalla will also acquire the right of first refusal on future royalty and stream financing for the Esperanza project”.

ON SOCIAL RESPONSIBILITY

• Camimex informed that the Esperanza mining project in Morelos, on the grounds of the San Agustín Tetlama community incorporates the sustainable development concept, promoted on the UN’s 2030 agenda, with social, environmental, cultural and economic procurement plans.

On the image below: Underground historic workings scanning by geologist Abraham López with an iPhone on a project in the Sonoran Desert. Picture by Jorge Cirett.