Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, “) has completed an updated mineral resource estimate
(“MRE”) that includes the Elena Tolosa (“ET”) deposit, the San Gonzalo deposit, and the Oxide Tailings deposit. Inaugural MREs have also been included on the Guadalupe and La Potosina deposits
Month: February 2023
Capstone Copper Reports Fourth Quarter and Full-Year 2022 Financial Results
Vancouver, British Columbia – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) today reported financial results for the three months and year ended December 31, 2022 (“Q4 2022” and “2022”). The results are preliminary and subject to change based on final results. Q4 copper production totaled 45,500 tonnes at C1 cash costs1 of $2.50 per payable pound of copper produced. As previously reported on February 1, 2023, Capstone achieved production and cost guidance for the period April 1, 2022 to December 31, 2022, with consolidated copper production of 136.3 thousand tonnes at C1 cash costs1 of $2.68/lb. Link HERE for Capstone’s Q4 2022 webcast presentation.
Southern Empire Summarizes its 2022 México Gold Exploration Programs and Proposes that the “Mapimí Gold Corridor” may be a new Carlin-style Gold Belt
Southern Empire Resources Corp. (Southern Empire; TSX-V: SMP; Frankfurt: 5RE; OTC: SMPEF) announces that detailed Synchrotron radiation micro-X-Ray Fluorescence (Synchrotron Micro-XRF or SRµ-XRF) mineralogical studies of gold-enriched drill core samples from its Pedro Gold Project in Durango, México, reveal certain, specific mineralogical similarities to the unique ore mineralization of the world-class Carlin gold deposits in north-central Nevada. Although preliminary in nature, this mineralogical work together with many other noted geological similarities supports the possibility that a new belt of Carlin-style gold deposits, named the “Mapimi Gold Corridor” by Southern Empire, may exist in north-central México.
REYNA SILVER ANNOUNCES CLOSING OF FIRST TRANCHE OF BOUGHT DEAL FINANCING FOR C$4.9 MILLION
Vancouver and Hong Kong – Reyna Silver Corp. (TSXV: RSLV; OTCQB: RSNVF; FRA: 4ZC) (“Reyna” or the “Company”) is pleased to announce the closing of the first tranche of its previously announced “bought deal” private placement (the “Offering”) of units for gross proceeds of C$4,999,800 (the “LIFE Tranche”). Under the LIFE Tranche, the Company sold 16,666,000 units of the Company (the “Units”) at a price of C$0.30 per Unit. The Offering is being completed pursuant to an underwriting agreement dated February 13, 2023 (the “Underwriting Agreement”) with Eight Capital, as lead underwriter and bookrunner, and a syndicate of underwriters (collectively, the “Underwriters”).
VIZSLA SILVER EXPANDS COPALA WITHBONANZA-GRADE SILVER OUTSIDE OF THE 2023 RESOURCE BOUNDARY
VANCOUVER, BC, Feb. 13, 2023 /CNW/ – Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) (“Vizsla” or the “Company”) is pleased to report drill results from 19 new holes targeting the Copala structure at its 100%-owned, flagship Panuco silver-gold project (“Panuco” or the “Project”) located in Mexico. The reported results represent both step-out and infill drilling,
effectively expanding the Copala mineralized footprint beyond the 2023 updated resource boundary as well as further demonstrating high-grade precious metal continuity within the Copala resource wireframe.
Silver Spruce and its partner, Colibri Resource, announces completion of earn-in for 50% interest in the Diamante Au-Ag Project, Sonora, Mexico
February 13, 2023 – Bedford, NS – (TSXV:SSE) – Silver Spruce Resources, Inc. (“Silver Spruce” or the “Company”) is pleased to report that the Company and its partner Silver Spruce Resources (“Silver Spruce”) have earned a 50% ownership interest in the Diamante Gold & Silver Project (“Diamante” or “Project”) located in Sonora, Mexico. Vendor Bimsa Minera SA de CV of Mexico
(“Bimsa”), a privately owned Mexico based mineral exploration company, retains 50% ownership in the Property
Gold Resource Corporation Issues 2023 Guidance and Suspension of Dividend Program
DENVER–(BUSINESS WIRE)–February 13, 2023–Gold Resource Corporation (NYSE American: GORO) (the “Company,” “We,” “Our” or “GRC”) remains focused on unlocking the value of our Mexican mine, existing infrastructure, and large property position. Additionally, the Company remains committed to optimizing the mine plan and process flowsheets for the Back
Forty Project. With that said, the 2022 market volatility, challenging economic conditions and the lower grade profile of our current Mineral Reserves and Mineral Resources, have collectively contributed to an adverse impact on our 2022 cash flows and consolidated earnings. While we are focused on organic growth and disciplined cost cutting initiatives, the lower grade profile is
expected to continue through 2023 and is projected to negatively impact operating cash flows and total cash costs per gold equivalent ounce, as reflected in the guidance table below.
Discovery Files 43-101 Technical Report for its Preliminary Feasibility Study for its Cordero Project
February 13, 2023, Toronto, Ontario – Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce it has filed on SEDAR its National Instrument 43- 101 (“NI 43-101”) technical report titled Cordero Silver Project – NI 43-101 Technical Report & PreFeasibility Study, dated January 20, 2023 (the “Technical Report”), in respect of Discovery’s Cordero deposit in Mexico. The report was authored by Ausenco Engineering Canada Inc. (“Ausenco”), with
support from AGP Mining Consultants Inc. (“AGP”), Knight Piésold Ltd. (“Knight Piésold”) and Hard Rock Consulting, LLC (“Hard Rock”).
The Mining and Exploration News in Mexico: Highlights on the Second Week of February, 2023.
By Miguel A Heredia
During the 6th week of the year (February 6th to February 12th, 2023), at least 14 press releases were announced by companies working in Mexico, with five disclosing deals and corporate issues, three reporting resources and developments of their properties, three announcing financing issues, two informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Golden Minerals Corporation was the only mining company reporting drilling results on the second week of February, 2023. ON EXPLORATION, In Sonora, Prismo filed a drilling permit application for its Pavito project. In Chihuahua, Golden Minerals reported results from the final 10 holes of the third drill program conducted at its Yoquivo project. ON MINING, no relevant news. ON FINANCING, Barksdale announced that 8,050,287 common share purchase warrants were exercised prior to their expiration (San Javier project, Sonora). GoGold closed its previously announced bought deal offering for gross proceed of CAD $65M (Los Ricos North and South projects, Jalisco). MAG Silver completed its previously announced bought deal public offering for gross proceeds of USD $42,558,250 (Juanicipio project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Sonoro Gold announced an updated Mineral Resource Estimate for its Cerro Caliche project in Sonora. Prime Mining announced the details of its 2023 work program objectives and strategy at its Los Reyes project in Sinaloa and will provide a 2022 progress report in February, 2023. Torex provided an inaugural quarterly update on its Media Luna project in Guerrero. ON DEALS AND CORPORATE ISSUES, Colibri and its partner Silver Spruce declared that have earned 50% ownership interest in the Diamante property in Sonora. Discovery Silver announced that its shares will be listed and commence trading on the Toronto Stock Exchange (Cordero project, Chihuahua). Consolidated Zinc entered into a binding conditional share sale agreement with Impact to sell its Plomosas project in Chihuahua. Vizsla, as part of its incentive compensation plan, granted stock options to directors, officers, employees and consultants of the company (Panuco project, Sinaloa). Heliostar announced that their shares remain in a trading halt due to the acquisition of the Ana Paula project in Guerrero from Argonaut Gold. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
- Golden Minerals was the only mining company reporting drilling results on the second week of February, 2023. Details are shown in the table below:
ON EXPLORATION
- Prismo Metals Inc., filed a drilling permit application for its Pavito project in Sonora. The company anticipates the drilling permit will be approved in early March, 2023. Prismo plans to conduct an initial 2,500m drill program in the first half of 2023.
- Golden Minerals Company reported results from the final 10 holes of the third drill program conducted at its Yoquivo project. Drilling highlights (widths reported are true widths) include hole YQ-22-028 with 3.81 g/t Au and 1,585 g/t Ag over 0.76m on the New Vein, plus 1.16 g/t Au and 105 g/t Ag over 0.80m on the Pertenencia Hangingwall Vein, plus 4.25 g/t Au and 449 g/t Ag over 1.16m on the Camila Hangingwall Vein, plus 1.45 g/t Au and 510 g/t Ag over 4.80m on the Camila Vein; hole YQ-22-031 with 3.86 g/t Au and 668 g/t Ag over 2.29m on the Pertenencia Vein; and hole YQ-22-034 with 1.3 g/t Au and 545 g/t Ag on the San Francisco Hangingwall Vein.
ON MINING
- No relevant news.
ON FINANCING
- Barksdale Resources Corp., announced that 8,050,287 common share purchase warrants, with an exercise price of $0.55 were exercised prior to their January 31, 2023 expiry. “The warrant exercises generated gross proceeds of approximately $4.4M, with approximately $3.8M coming from warrant exercises in January 2023. As of February 3, the Company’s unaudited cash position is approximately $6.6M with issued capital of 80,239,886 common shares. (San Javier project, Sonora).
- GoGold Resources Inc., closed its previously announced bought deal offering of 28.9M common shares at a price of CAD $2.25 for gross proceed of approximately CAD $65M. Net proceeds will be used to advance the Los Ricos North and South projects in Jalisco. A syndicate of underwriters hold an option to purchase up to an additional 4,335,000 common shares at a price of CAD $2.25 per common share, exercisable in whole or in part, on or before March 10, 2023.
- MAG Silver Corp., completed its previously announced bought deal public offering of 2,905,000 common shares, including 170,000 common shares issued upon the partial exercise of the over-allotment option, at a price of USD $14.65 per common share for gross proceeds of USD $42,558,250. Net proceeds will be used to fund exploration on the Juanicipio and MAG´s other projects, certain sustaining capital requirements at the Juanicipio project, and for working capital and general corporate purposes.
ON RESOURCES AND DEVELOPMENT
- Sonoro Gold Corp., announced an updated Mineral Resource Estimate (MRE) for its Cerro Caliche project in Sonora, in accordance with the requirements of NI 43-101. The MRE, with an effective date of January 26, 2023 is based on 59,500m of drilled data including 544 drill holes, 17 trenches and assays for 57,500m of the drilled data. The pit constrained MRE include an indicated resource of 19.9M tonnes with grades of 0.44 g/t Au and 3 g/t Ag (0.46 g/t AuEq) for a total of 280K Oz Au and 2.23M Oz Ag (290K Oz AuEq) contained, and inferred resources of 10.55M tonnes with grades of 0.42 g/t Au and 4 g/t Ag (0.44 g/t AuEq) for a total of 140K Oz Au and 1.34M Oz Ag (150K Oz AuEq).
- Prime Mining Corp., announced the details of its 2023 work program objectives and strategy at its Los Reyes project in Sinaloa and will provide a 2022 progress report in February, 2023. The company has completed 110,000m of drilling in 2021 – 2022 to contribute to an updated NI 43-101 Mineral Resource Estimate (MRE) which is expected to be released in Q2, 2023. For 2023, Prime has budgeted initial 35,000m in step-out drilling along the three known deposits (Guadalupe, Z-T, and Central), as well as in generative exploration drilling at key targets in the Los Reyes mining district. Additionally, Prime plans to continue metallurgical test work and metallurgical domain classification of the deposits; to complete preliminary geotechnical analysis of the resource areas; and further mining assessment to advance the property to a potential future development. The company also will continue with the environmental base line work as well as the work dialogue with the community with strong emphasis on water programs and education. All these programs are fully funded for 2023 with the completion of an over-subscribed $21M private placement on December 22, 2023.
- Torex Gold Resources Inc., provided an inaugural quarterly update on its Media Luna project in Guerrero. Development of Media Luna is well underway with the project tracking to schedule and to budget. Capital expenditures related to the development of Media Luna are unchanged at USD $874.5M. As at year-end, Torex had commitments in place for USD $229.7M of project expenditures, including USD $124.7M of expenditures incurred. Torex expects to incur USD $390M to USD $440M of capital expenditures at Media Luna in 2023, which is forecasted to be the peak year of investment. All critical path engineering is on track, focused on finalization of key process equipment sizing and specifications as well as continued detailing of the new flotation plant. The Guajes Tunnel and South Portals advanced steady. Breakthrough of the Guajes Tunnel on the south side of the Balsas River remains on track for Q1 2024. The tunnel has successfully crossed under the Balsas River with no issues related to ground conditions or water. Additionally, multiple surface constructions have advanced steady. The company anticipates first production in late 2024.
ON DEALS AND CORPORATE ISSUES
- Colibri Resource Corporation and its partner Silver Spruce Resources declared that have earned 50% ownership interest in the Diamante property in Sonora. The vendor, Bimsa Minera S.A. de C.V. , retains the remainder 50% ownership interest in the property.
- Discovery Silver Corp., announced that its shares will be listed and commence trading on the Toronto Stock Exchange (TSX) under the symbol “DSV”, effective as February 3, 2023 (Cordero project, Chihuahua).
- Consolidated Zinc Limited entered into a binding conditional share sale agreement with Impact Silver Corp., to sell its 100% legal and beneficial interest in Minera Latin American Zinc S.A.P.I. de C.V., a subsidiary of the company that owns the Plomosas project in Chihuahua for USD $6M. The sale agreement for the proposed transaction consist of USD $3M in cash and USD $3M in Impact Silver shares, and the payment of a 12% net profit interest royalty.
- Vizsla Silver Corp., as part of its incentive compensation plan, granted 2,130,000 stock options at an exercise price of $1.60 and 1,133,572 restricted share units to directors, officers, employees and consultants of the company (Panuco project, Sinaloa).
- Heliostar Metals Inc., announced that their shares remain in a trading halt due to the acquisition of the Ana Paula project in Guerrero from Argonaut Gold, since this kind of transactions require a number of key documents for the security exchange.
ON SOCIAL RESPONSIBILITY
- No relevant news.
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, an old adit driven along low-angle sheeted quartz veins in an orogenic gold prospect in Sonora Mexico. Photo by Miguel A Heredia.
Mexico´s Best Drilling Intercepts on the Second Week of February 2023
During this period only Golden Minerals Company released drilling results from its Yoquivo project in Mexico. The property seems to be the host for low sulfidation epithermal mineralization in structures up to several meters in width, hosted in a window of andesitic rocks of the Lower Volcanic Group, underlying felsic tuffs of the Upper Volcanic Group in the Sierra Madre of Chihuahua. These are the last results from the third drilling program that commenced on May 2022, comprising 34 holes totaling 9,268 meters. The primary focus of the program was to produce a mineral resource estimate compliant NI-43-101 technical report, estimated to be completed in Q1 2023.
