The Mining and Exploration News in Mexico: Highlights on the Second Week of April, 2019.

An active hot spring system.

By Miguel A Heredia

During the thirteen week of the year (April 08th to April 14th, 2019), at least 22 press releases were announced by companies working in Mexico, with seven informing on exploration results, seven communicating financial and production results, six disclosing deals and corporate issues, one announcing financial rounds, and one reporting on resources and development of their properties.  ON MEXICO ISSUES, No relevant news.   ON EXPLORATION, In Baja California Norte, One World Lithium announced that a RC rig is moving to its Salar del Diablo project. In Sonora, Silver Viper identified new drill targets at its Virginia project and prepares a helicopter-borne magnetic and radiometric survey. In Chihuahua, Radius re-started drilling at its Amalia project and Silver Spruce announced that its ongoing field exploration work continue expanding their drill target areas and has identified new veins at its Pino de Plata project.  In Coahuila, Discovery Metals increased the anomalous area at its Minerva project. In Sinaloa, Kootenay reported sampling results and the discovery of a new vein at its Copalito project. In Durango, Gainey received an environmental permit to drill up to 32 holes at its Las Margaritas project. ON MINING, McEwen released Q1, 2019 production results from its El Gallo mine in Sinaloa. Great Panther reported Q1, 2019 production results from their Topia mine in Durango and Guanajuato Mine Complex in Guanajuato. Consolidated Zinc reported March 2019 production results from its Plomosas mine in Chihuahua. Endeavour reported Q1, 2019 production results from its four Au-Ag mines in Mexico. Fortuna Silver reported Q1, 2019 production results from its San Jose mine in Oaxaca. Fresnillo plc announced Q1, 2019 production results from their Mexican operations. ON FINANCING One World Lithium closed a second tranche of its non-brokered private placement for $CDN 525, 675 (Salar del Diablo project, Baja California Norte). ON RESOURCES AND DEVELOPMENT, McEwen announced that the FS and permitting are progressing at its El Fenix project in Sinaloa, and expects to complete the FS on Q2, 2019. Fresnillo plc and MAG Silver announced that their Juanicipio project in Zacatecas has been approved for development by their respective Boards of Directors. ON DEALS AND CORPORATE ISSUES, One World Lithium announced the engagement of and IR firm (Salar del Diablo project, Baja California Norte). Sierra Metals announced changes of its Board of Directors (Cusi mine, Chihuahua). Goldcorp obtained a final order approving the plan of arrangement with Newmont. McEwen announced that are exploring the potential sale of their Mexican assets (El Gallo and Fenix projects, Sinaloa). Azucar Minerals reported that Newcrest confirmed its intention to exercise its top-up rights pursuant to the investor rights agreement (El Cobre project, Veracruz).  Fresnillo plc announced changes on its Board of Directors (La Herradura mine, Sonora). Oroco announced an option to purchase 40M shares of Aztec Copper Corporation (Santo Tomás project, Sinaloa). VVC announced changes on its Board of Directors (Samalayuca project, Chihuahua).

 ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • One World Lithium Inc., announced that a truck mounted RC drill rig is moving to its the Salar del Diablo project in Baja California Norte. The company plans to drill 4,250m in 12 holes to drill-test three geophysical anomalies covering more than 54 Km2, a large geochemical anomaly that covers 150 Km2, and geological structures.
  • Silver Viper Minerals Corp., identified new drill targets based on surface geochemistry and prospecting at its Virginia project in Sonora. These new targets are located south and east of the El Rubi discovery, and will be tested during the next phase of drilling to be conducted on the property. Also, the company will carry out a 720 line-km magnetic and radiometric survey over the El Rubi and La Gloria targets for a total coverage of 4,900 hectares.
  • Radius Gold Inc., re-started drilling at its Amalia project in Chihuahua, where last year, drill hole AMD18-009 in the San Pedro structural zone intersected 7.08 g/t Au and 517 g/t Ag over 26m, including 14.71 g/t Au and 1,378 g/t Ag over 5m. The company plans to drill 2,000m to test immediately below and on strike of the hole AMD18-009.
  • Silver Spruce Resources Inc., announced that its ongoing field exploration work continue expanding their drill target areas and has identified new veins at its Pino de Plata project in Chihuahua. “Detailed mapping of the property including the expanded area of strong alteration at the Terrero target has been the focus of our current field work. Several new veins have been mapped and systematic analysis with our handheld XRF instrument is underway providing real time data on mineralized areas. Pino de Plata has obvious potential with multiple mineralized drill targets.”
  • Discovery Metals Corp., increased the anomalous area to 1.5km long by 300m wide at its Minerva project in Coahuila. Surface sampling returned encouraging results with values up to 997 g/t Ag, 31% Zn, and 13% Pb. “The strong Ag-Zn-Pb grades of surface anomalies plus the dimensions of the corresponding areas suggest the presence of a robust carbonate replacement system”.
  • Kootenay Silver Inc., reported sampling results and the discovery of a new vein at its Copalito project in Sinaloa. Six samples collected on the La Chiva vein returned Ag grades between 33 and 1,190 g/t Ag, including a sample with 1.7 Kg over 1.5m; fourteen samples taken on the Pilar vein returned grades from trace to 233 g/t Ag; and ten samples collected on the new vein called Chente returned grades from 4 to 68 g/t Ag and from traces to 2.62 g/t Au.
  • Gainey Capital Corp., received an environmental permit to drill up to 32 holes at its Las Margaritas project in Durango. The low sulphidation epithermal vein system at Las Margaritas has never been drilled and the upcoming program will be focused on the best mineralization exposed on surface with grades up to 73.7 g/t Au.

ON MINING

  • McEwen Mining Inc., released Q1, 2019 production results from its El Gallo mine in Sinaloa. The company continues recovering Au from residual of the heap leach and produced 5,413 Oz Au.
  • Great Panther Mining Limited, reported Q1, 2019 production results from its Topia mine in Durango and from its Guanajuato Mine Complex in Guanajuato. At Topia, the company milled 20,232 tonnes with grades of 1.09 g/t Au and 336 g/t Ag to produce 380 Oz Au, 203.6K Oz Ag, 1.08M Lb Pb, and 1.48M Lb Zn. Metallurgical recoveries for Au and Ag were 53.4% and 93.3% respectively. At its Guanajuato Mine Complex, the company milled 49,422 tonnes with grades of 2.07 g/t Au and 102 g/t Ag to produce 2,749 Oz Au and 134.8K Oz Ag. Metallurgical recoveries for Au and Ag were 83.7% and 83.3% respectively.
  • Consolidated Zinc Limited, reported March 2019 production results from its Plomosas mine in Chihuahua. The company milled 3,855 tonnes with grades of 12.4% Zn and 1.5% Pb to produce 1.07M Lb Zn and 125.4K Lb Pb.
  • Coeur Mining Inc., released Q1, 2019 production results from its Palmarejo mine in Chihuahua. Coeur milled 378,987 tonnes with grades of 2.18 g/t Au and 144 g/t Ag to produce 23.2K Oz Au and 1.3M Oz Ag. Metallurgical recoveries were 83.4% for Au and 72.8% for Ag.
  • Endeavour Silver Corp., presented Q1, 2019 production results from their four Au-Ag mines in Mexico. The company produced 1M Oz Ag and 10K Oz Au. Figures for each of their Mexican operations is shown in the table below:

  • Fortuna Silver Mines Inc., reported Q1, 2019 production results from its San Jose mine in Oaxaca. Fortuna milled 256,643 tonnes with grades of 1.71 g/t Au and 267 g/t Ag to produce 12.7K Oz Au and 2M Oz Ag with metallurgical recoveries of 90.14% and 90.76% respectively.
  • Fresnillo plc., announced production results from their several Mexican operations. A total of 13.1M Oz Ag, 211K Oz Au, 27.2M Lb Pb, and 4.8M Lb Zn were produced during Q1, 2019. Figures by mine are shown in the next table:

ON FINANCING

  • One World Lithium Inc., closed a second tranche of its non-brokered private placement for CDN$ 525,675. Including the proceeds from the first tranche, the company has raised CDN$ 1,774,550 under the offering, leaving CDN$225,450 of the offering yet to close. Net proceeds will be used to fund the drilling program at its Salar del Diablo in Baja California Norte.

ON RESOURCES AND DEVELOPMENT

  • McEwen Mining Inc., announced that the FS and permitting are progressing at its El Fenix project in Sinaloa, and expects to complete the FS on Q2, 2019.
  • Fresnillo plc and MAG Silver Corp., announced that their Juanicipio project in Zacatecas has been approved for development by their respective Boards of Directors. Fresnillo will be the operator of Juanicipio and holds a 56% majority stake. Construction will commence immediately and is expected to be completed in late 2020, with a life of mine of 12 years and a total average annual production of 11.7M Oz Ag and 43.5K Oz Au. The Juanicipio development is expected to create approximately 2,750 jobs during construction and 1,720 jobs once at full production.

ON DEALS AND CORPORATE ISSUES

  • One World Lithium Inc., announced the engagement of Kaye Wynn Consulting Inc., as its IR firm (Salar del Diablo project, Baja California Norte).
  • Sierra Metals Inc., announced changes of its Board of Directors (Cusi mine, Chihuahua).
  • Goldcorp Inc., obtained a final order approving the plan of arrangement that allow Newmont Mining Corporation to acquire all outstanding common shares of Goldcorp. Goldcorp and Newmont expect to close the transaction in Q2, 2019, and the combined entity will be called Newmont Goldcorp.
  • McEwen Mining Inc., announced that are exploring the potential sale of their Mexican assets (El Gallo and Fenix projects, Sinaloa).
  • Azucar Minerals Ltd., reported that Newcrest confirmed its intention to exercise its top-up rights pursuant to the investor rights agreement. Top-up rights in favour of Newcrest entitles it to maintain its pro-rata interest in Azucar, and the right to designate one nominee to the Board of Directors of Azucar. (El Cobre project, Veracruz).
  • Fresnillo plc., announced changes on its Board of Directors, appointed Mr. Luis Robles as an independent non-executive director of the company (La Herradura mine, Sonora).
  • Oroco Resources Corp., announced that its affiliate Altamura Copper Corp., has acquired an option to purchase 40M shares of Aztec Copper Corporation. At the time of their issuance, the Aztec shares represented in excess of 90 percent ownership of Aztec (Santo Tomás project, Sinaloa).
  • VVC Exploration Corporation., appointed Ms. Emily King to its Board of Directors (Samalayuca project, 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 picture above, an active hot spring system in a prospect in Queretaro, Mexico.  Photo by Miguel A Heredia.

Oroco Affiliate Acquires Share Option

oroco affiliate acquires share option

VANCOUVER, April 10, 2019 /CNW/ – Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that its affiliate, Altamura Copper Corp. (“Altamura”), has acquired an option to purchase 40,000,000 shares (the “Aztec Shares”) of Aztec Copper Corp.(“Aztec”) held by Fierce Investments Ltd. (“Fierce”). At the time of their issuance, the Aztec Shares represented in excess of 90 percent ownership of Aztec.

VVC Exploration Corporation Welcomes Emily King to its Board of Directors 

vvc welcomes emily to its board of directors

TORONTO, ONTARIO – April 10th, 2019 – VVC Exploration Corporation (“VVC” or the “Company”) (TSX‐V:VVC) is pleased to announce that Ms. Emily King has agreed to join the Board of Directors, following the resignation of Mr. Michel Lafrance.  VVC would like to thank Mr. Lafrance, who served the Company as Director since July 2006 and as Secretary‐Treasurer since December 2002, and who will remain as a part of the Management Team and as Secretary‐Treasurer of the Company.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of March, 2019.

 

Rhyolite breccia cemented by Mn oxides

By Miguel A Heredia

During the eleven week of the year (March 25th to March 3ist, 2019), at least 33 press releases were announced by companies working in Mexico, with fifteen disclosing deals and corporate issues, six informing on exploration results, four communicating financial and production results, three announcing financial rounds, three reporting on resources and development of their properties, and two discussing Mexican news. ON MEXICO ISSUES, Mazatlan, Sinaloa will be the venue for the Discovery Mining Conference 2019 from April 2 to 4. Also, Sinaloa State government expects at least US$100M of mining investment during 2019.   ON EXPLORATION, In Sonora, Colibri presented exploration results on its Evelyn and Mezquite projects. In Chihuahua, Kootenay released exploration results from its Columba Silver project and Silver Spruce identified additional drill targets at its Pino de Plata project. In Zacatecas, Advanced Gold started the third phase of drilling at its Tabasqueña project. In the State of Mexico, Impact announced drill results from the El Canelo Vein system within its Zacualpan district project. In Veracruz, Azucar Minerals presented drill results from its El Cobre project.  ON MINING, Telson reported that process testing at its Campo Morado mine in Guerrero shows increase in the production rate by 15%. Sierra Metals reported full year 2018 financial results. First Majestic reported 2018 production results from its Mexican operations. ON FINANCING McEwen closed a registered direct offering for aggregate gross proceeds of US$25M (Fenix project, Sinaloa).  Vangold closed its first tranche of the previous announced private placement for gross proceeds of $335K and increased it to $700K (El Pinguino, Guanajuato). ON RESOURCES AND DEVELOPMENT, Mexus Gold announced positive progress towards Au production at its Santa Elena project in Sonora. Goldplay filed a mineral resource estimation and technical report for its san Marcial project in Sinaloa. First Majestic provided an update of its 2018 mineral reserve and resource estimates.   ON DEALS AND CORPORATE ISSUES, Odyssey provided an update of its Mexican phosphate project in Baja California Sur. In Jalisco, GoGold acquired and consolidated 29 mining concessions in a large exploration program called Los Ricos. Fortuna Silver reported that CONAGUA has completed its investigation and issued a resolution confirming that no remediation of the nearby Coyote Creek is required (San Jose mine, Oaxaca).  The compnay also filed its fiscal 2018 annual report on form 40-F with the SEC. Minera Alamos filed its annual information form and 2018 annual report on Form 40-F. It also announced results of its annual meeting of shareholders (Mulatos mine, Sonora). GoGold announced results of their annual meeting of shareholders (Parral tailings project, Chihuahua). Consolidated Zinc provided an update regarding a land use agreement in place for its Plomosas mine in Chihuahua. Levon announced the pass away of its CEO and appointed its VP Exploration as interim CEO (Cordero project, Chihuahua). Newmont received Mexican anti-trust approval for its pending acquisition of Goldcorp. Goldcorp, along with Institutional Shareholders Services Inc., continues to recommend that its shareholders vote in favour of the completion of the arrangement. Both companies also announced successful early tender period for exchange offers and consent solicitations. Goldcorp announced support for Newmont special dividend to its shareholders. Great Panther announced resignation of its Director (Topia mine, Durango).

 

ON MEXICO ISSUES

  • Mazatlan, Sinaloa, will be the venue for the Discovery Mining Conference 2019 from April 2 to 4. Organizers expect the participation of 70 mining companies and the assistance of 1,000 national and foreigners’ people.
  • Sinaloa State, When announcing Mazatlan as the venue for the Discovery Mining Conference 2019, from April 2 to 4, the director of mining in the state, Alfredo Villegas Padilla, announced that this year at least US100M (MXP$1,937M) are expected in mining investment, both in new projects and in the continuity of some existing ones.

ON EXPLORATION

  • Colibri Resource Corporation, presented exploration results from its recently completed mapping and sampling programs on their Evelyn and Mesquite projects in Sonora. Highlights include two high grade assays of 43.9 g/t Au and 7.28 g/t Au, and several Au values varying from 0.13 to 0.57 g/t Au, from a shear zone containing orogenic type quartz veins at its Evelyn project. At El Mesquite project, the company geologists confirmed that the mineralization style is of the high sulphidation affinity and encountered Au values ranging from 17 ppb up to almost 1 g/t Au, and from 1 to 152 g/t Ag. Colibri plans to continue the mapping and sampling programs in both properties.
  • Kootenay Silver Inc., released exploration results from its ongoing mapping and surface sampling program conducted on its Columba Silver project in Chihuahua. Highlights of the recent field work include the discovery of five new veins, the high-grade values encountered in some of the veins, and the delineation of approximately 2km of strike length in new veins and veins extensions. Some of the significant sampling results are 692 g/t Ag over 0.8m, 426 g/t Ag over 0.70m, 360 g/t Ag over 1.8m, 330 g/t Ag over 2.0m, 275 g/t Ag over 3.5m, 215 g/t A over 3.0m, and 182 g/t Ag over 6.6m. The company is in the process of obtaining permits to conduct a drilling program in the first half of Q2, 2019.
  • Silver Spruce Resources Inc., identified additional drill targets at its Pino de Plata project in Chihuahua. Field examination conducted by geologists of the company identified a new zone of over 20 square kilometers of strongly altered rock located to the west of the El Terrero target. It appears to be associated with La Perla Vein and the historic El Terrero workings. Currently, the geological field crews are using a portable XRF (x-ray fluorescence) analyzer and a near-infrared spectrometer to obtain immediate indications of mineralization, pathfinder elements and associated alteration. Several sample lines will be tested on outcrops and soils with the handheld instruments as an orientation survey prior to detailed data collection on a grid pattern.
  • Advanced Gold Corp., announced that a phase 3 drilling program is ongoing at its Tabasqueña property in Zacatecas. ”Two targets are planned to be drilled during this program, one is a near surface target and the other deeper to test the boiling zone of the cluster of epithermal veins drilled in the two earlier phases of drilling”. Focus of the phase 3 drilling program is to drill deeper to target the boiling zone of the epithermal vein system
  • Impact Silver Corp., announced results of the initial six holes program drilled on the El Canelo Vein within its Zacualpan district project in the State of Mexico. Four of the six holes encountered encouraging mineralized intersections. Significant intercepts are in hole Z19-01 with 4.84 g/t Au, 24 g/t Ag, and 0.1% Cu (5.27 g/t AuEq) over 2.69m (TW); hole Z19-03 with 1.64 g/t Au, 39 g/t Ag, and 0.93% Cu (3.46 g/t AuEq) over 1.17m (TW), and hole Z19-04 with 1.01 g/t Au, 99 g/t Ag, and 0.97% Cu (3.61 g/t AuEq) over 0.35m (TW).
  • Azucar Minerals Ltd., presented drill results from El Porvenir and Suegro zones within its El Cobre project in Veracruz. El Suegro target is located 250m south of El Porvenir Zone, and the mineralization is associated with an altered intrusive displaying locally intense phyllic alteration overprinting potassic alteration. Significant drill intersections at El Porvenir Zone were encountered in hole EC-18-056 with 184m of 0.48 g/t Au and 0.16% Cu, including 72.50m of 0.99 g/t Au and 0.26% Cu, and 28.50m of 1.66 g/t Au and 0.33% Cu, and in hole EC-18-062 with 194.55m of 0.23 g/t Au and 0.16% Cu, including 47.25m of 0.44 g/t Au and 0.16% Cu, and 36m of 0.49 g/t Au and 0.17% Cu. At the Suegro Zone, significant drill intersections were encountered in hole EC-18-064 with 109.30m of 0.24 g/t Au and 0.13% Cu, including 3m of 0.93 g/t Au and 0.43% Cu, and in hole EC-18-06 with 130.50m of 0.16 g/t Au and 0.15% Cu, including 13m of 0.26 g/t Au and 0.17% Cu. “The newly discovered Suegro zone demonstrates the potential for multiple porphyry centers over a five kilometers strike”.

ON MINING

  • Telson Mining Corporation, reported that a significant increase in production at its Campo Morado mine in Guerrero can be achieved by reducing the size of crushed mineral mill feed. With this, Telson plans to increase the SAG Mill throughput processing rate by at least 15%.
  • Sierra Metals Inc., presented full year 2018 financial results from its mining operations. The company had revenue of $232.4M and adjusted EBITDA of $89.8M on throughput of 2,325,288 tonnes and metal production of 2.72M Oz Ag, 33.9M Lb Cu, 27.7M Lb Pb, 76.8M Lb Zn, and 7,743 Oz Au or 18M Oz AgEq, 95.2M Lb CuEq, and 251 M Lb ZnEq for the year 2018.
  • First Majestic Silver Corp., announced 2018 production results of its Mexican operations. The next table shows figures by mine:

ON FINANCING

  • McEwen Mining Inc., closed a registered direct offering for aggregate gross proceeds of US$25M. Insiders of the company, including Rob McEwen subscribed for US$3M of the offering (Fenix project, Sinaloa).
  • Vangold Mining Corp., closed its first tranche of the previous announced private placement for gross proceeds of $335K. It also increased it private placement to $700K (El Pinguino, Guanajuato

 

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd., filed a mineral resource estimation and technical report for its San Marcial project in Sinaloa. “The report documents a maiden mineral resource estimate for the initial 500 m long x 100 m wide resource area, part of a 3.5 km mineralized exploration corridor at the San Marcial Project”. Indicated resources are 7.6M of tonnes at grades of 117 g/t Ag, 0.5% Zn, and 0.3% Ob (or 147 g/t AgEq) containing 29M Oz Ag, 86M Lb Zn, and 53M Lb Pb or 36M Oz AgEq. Inferred resources are 3.39M tonnes of 91 g/t Ag, 0.35% Zn, and 0.1%Pb (or 108 g/t AgEq) containing 10M Oz Ag, 26M Lb Zn, and 8M Lb Pb or 12M Oz AgEq.
  • Mexus Gold US, announced positive progress towards Au production at its Santa Elena project in Sonora. The company has already purchased a CAT front end loader and a Gardner Denver hydraulic track mounted blast drill. It also confirmed that the company has sufficient ore grades to begin a 3500 ton per week mining operation with expected grades of 4 grams Au per ton.
  • First Majestic Silver Corp., updated its mineral reserve and resource estimates as of December 31, 2018. Figures by mine are showed in the next tables:

ON DEALS AND CORPORATE ISSUES

  • Odyssey Marine Exploration Inc., provided an update of its Mexican phosphate project in Baja California Sur. The company has advised that a legal step has been taken to defend shareholder interests and realize the full economic value in the development of the project due to the negative decision of the past administration of Mexico to authorize the development of its project. Odyssey has filed a claim against Mexico under Chapter eleven of NAFTA.
  • GoGold Resources Inc., signed an option agreement to acquire and consolidate 29 mining concessions in a large exploration program called Los Ricos in Jalisco. The consolidated area covers 22,000 ha and is located approximately 100km NW of Guadalajara City. As part of the option agreement to consolidate the concessions of this large-scale exploration property, the Company will make an upfront payment of $70K, monthly payments of $12K for the first 12 months, monthly payments of $20K for months 13 to 24, monthly payments of $30K for months 25 to 36, monthly payments of $31.5K for the months 37 to 60. It also includes a 2% NSR on five of the concessions. If the company elects to exercise the option, a lump sum payment not to exceed $11 million can be made at any time within the six year option period.
  • Fortuna Silver Mines Inc., reported that CONAGUA has completed its investigation and issued a resolution on the overflow of the contingency pond at the dry stack tailings facility at its San Jose mine in Oaxaca. CONAGUA confirmed that no remediation of the nearby Coyote Creek is required but the company received a fine of approximately $US42K related to the incident. On the other hands, it also filed its fiscal 2018 annual report on form 40-F with the SEC.
  • Alamos Gold Inc., filed its annual information form and 2018 annual report on Form 40-F. It also announced results of its annual meeting of shareholders (Mulatos mine, Sonora).
  • GoGold Resources Inc., announced results of their annual meeting of shareholders (Parral tailings project, Chihuahua).
  • Consolidated Zinc Limited, announced that a local rancher with which the company has a land use agreement commenced legal proceedings against the Mexican subsidiary that owns the Plomosas mine in Chihuahua, to terminate the agreement. Legal advises received by the company determined there was no basis for the proceedings.
  • Levon Resources Ltd., announced the pass away of its CDEO and appointed its VP Exploration as interim CEO (Cordero project, Chihuahua).
  • Newmont Mining Corporation, received the Mexican anti-trust approval for its pending acquisition of Goldcorp Inc. Goldcorp, along with Institutional Shareholders Services Inc., continues to recommend that its shareholders vote in favour of the completion of the arrangement. Both companies also announced successful early tender period for exchange offers and consent solicitations. Goldcorp announced support for Newmont Special Dividend to its shareholders. The dividend delivers value to existing Newmont shareholders with an immediate cash payment for a portion of the synergy potential arising from the Nevada joint venture announced with Barrick Gold Corporation.
  • Great Panther Mining Limited, announced resignation of its Director (Topia mine, Durango).

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, a rhyolite breccia cemented by Mn oxides in a prospect in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2019.

 

Large barite crystals

By Miguel A Heredia

During the nine week of the year (March 11th to March 17th, 2019), at least 33 press releases were announced by companies working in Mexico, with eight announcing financial rounds, seven communicating financial and production results, six informing on exploration results, six disclosing deals and corporate issues, four reporting on resources and development of their properties, and 2 discussing Mexican news. ON MEXICO ISSUES, Compañía Minera Cuzcatlán recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion. Ternium re-activated the ore transport from its Aquila mine in Michoacan after the highway was blocked by an indigenous community for 16 days.  ON EXPLORATION, In Sonora, Aztec Minerals reported positive metallurgical results from its Cervantes project. In Chihuahua, Sable released drilling results from its Margarita project. In Coahuila, Prize Mining announced plans for the next phase of exploration at its Manto Negro project. In Sinaloa, e-Power staked three new mining claims. In Zacatecas, Excellon reported drilling results from its Evolution project.  ON MINING, Alio, Consolidated Zinc, Fortuna, Impact, Leagold and Starcore presented production results from their Mexican mining operations for the periods Q4 and full year 2018.  ON FINANCING, Aura announced that is undertaking a non-brokered private placement to raise up to $0.5M (East Taviche project, Oaxaca).  Defiance closed the first tranche of its non-brokered private placement for $1,229,500. Mexican Gold closed the final tranche of its non-brokered private placement for $2,143,000 (Las Minas project, Veracruz). McEwen announced its voluntary termination of the equity distribution agreement to offer shares from its common stock. Vangold has arranged a non-brokered private placement for gross proceeds of up to $0.5M, and announced a shares consolidation plan (Pinguino project, Guanajuato). Xtierra announced its intention to raise up to $1M by way of a non-brokered private placement (Bilbao project, Zacatecas). Sierra Metals closed a senior secured corporate credit for up to US$100M (Cusi mine, Chihuahua).  ON RESOURCES AND DEVELOPMENT, SilverCrest updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019.  Orla Mining reported that it is advancing its Camino Rojo Oxide project in Zacatecas towards a construction decision.  Leagold announced a mine expansion FS for its Los Filos mine in Guerrero. Telson released significant assay results from underground development at its Tahuehueto mine in Durango. ON DEALS AND CORPORATE ISSUES, Aura appointed new CEO, entered in a definitive agreement with Minaurum on its East Taviche project in Oaxaca, and the shareholders approved the change of name to Aura Resources Inc.  Coeur appointed former Nevada Governor to its Board of Directors (Palmarejo mine, Chihuahua). Mako Mining announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa). Tamino announced that it has retained the services of an experienced consultant geologist (El Volcan project, Sonora). Goldcorp announced fully support for the Nevada JV between Barrick and Newmont. Southern Copper showed interest to invest in a lithium project in Sonora.

 ON MEXICO ISSUES

  • Minera Cuzcatlán S.A. de C.V., the Mexican subsidiary of Fortuna Silver Mines Inc., recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion.
  • Ternium, re-activated the ore transport from its Aquila mine in Michoacan after a group of indigenous people from the community of Santa Maria Ostula blocked the Mexican Federal Highway # 200 for 16 days.

ON EXPLORATION

  • Aztec Minerals Corp., and Kootenay Silver Inc., announced positive bottle roll gold metallurgical results from its Cervantes project in Sonora. Drill core samples were grouped into 4 separate types of mineralization: oxide 1, oxide 2, mixed oxide/sulphide, and sulphide, showing metallurgical recoveries of 85.1%, 87.7%, 77.9%, and 51.2% respectively on 2mm material, and 94.3%, 94.2%, 89%, and 78.5% on 75 micron material.
  • Sable Resources, released drilling results from holes M-DDH-19-18 and M-DDH-19-19 from its Margarita project in Chihuahua. Hole M-DDH-19-18 intersected 71 g/t Ag and 0.13% Zn (80 g/t AgEq) over 30.8m, including 174 g/t Ag and 0.15% Zn (186 g/t AgEq) over 3.7m, and 171 g/t Ag, 0.4% Pb, and 0.12% Zn (199 g/t AgEq) over 1.55m, while hole M-DDH-19-19 intersected 24 g/t Ag, 0.08% Pb, and 0.3% Zn (44 g/t AgEq) over 55m, including 94 g/t Ag, 0.3% Pb, and 2.4% Zn (238 g/t AgEq) over 2.05m. “The mineralized Margarita structure can now be traced continuously with drillholes for 1,400m along strike including a central core of high-grade veins and silicified fault zones surrounded by a wide, close to surface, low-grade Ag halo, hosted by silicified and fractured volcanic rocks.”
  • Prize Mining Corporation, announced plans for the next phase of exploration at its Manto Negro project in Coahuila “to further define the scale, grade, and potential of this district scale property”. The plan is to locate structural and geological traps where there is increase thickness in mineralization to test them with a 3,000 to 5,000 m core drilling program. “Following positive results, metallurgical testing will be completed as well as 3D interpretation on key areas”.
  • e-Power Metals, staked three new mining claims totaling 4,400 ha, located south of the Company´s high grade Magenta Au-Ag-Co project, where historical sampling on veins and skarn style deposits at the La Prieta old showings have returned results of 180.4 g/t Au, 202 g/t Ag, and 5.54% Co over 0.61m in Zone # 1; 194 g/t Au, 203 g/t Ag, and 8.14% Co from an adit dump; and 8.1 g/t Au, 53 g/t Ag, and 3.27% Co over 0.5m in Zone #2.
  • Excellon Resources Inc., reported first drilling results since 2010 from its Evolution property in Zacatecas. Significant drilling results are in hole EX18MAZ-251 with 22 g/t Ag, 0.4% Pb, 1% Zn, and 0.1 g/t Au (101 g/t AgEq) over 154m, including 188 g/t Ag, 4.4% Pb, 2.9% Zn, and 0.1 g/t Au (532 g/t AgEq) over 2.4m, and 48 g/t Ag, 0.7% Pb, 2.8% Zn, and 0.1 g/t Au (238 g/t AgEq) over 7m; hole EX18MAZ-253 with 14 g/t Ag, 0.3% Pb, 0.7% Zn, and 0.1 g/t Au (70 g/t AgEq) over 219m, including 70 g/t Ag, 1.3% Pb, 2.2% Zn, and 0.4 g/t Au (274 g/t Ag) over 12.6m; hole EX18MAZ-257 with 175 g/t Ag, 4.3% Pb, 5.4% Zn, and 0.4 g/t Au (663 g/t AgEq) over 3.4m; and hole EX18MAZ-258 with 64 g/t Ag, 1.4% Pb, 2.2% Zn, and 0.3 g/t Au (259 g/t AgEq) over 24.9m.

ON MINING

  • Alio Gold Inc., presented Q4 and full year 2018 production results from its San Francisco mine in Sonora. Alio produced 10.3K Oz Au and 4.2KOz Ag in Q4 2018 at AISC of $1,558 per Oz Au produced. Alio produced 54K Oz Au and 24.8K Oz Ag in 2018 at AISC of $1,258 per Oz.
  • Consolidated Zinc Limited, provided February 2019 production results from its Plomosas mine in Chihuahua. It reported 4,158 tonnes processed with Zn recoveries of 89% to Zn concentrates. Consolidated Zinc mined 3,873 tonnes of 9.6% Zn and 2.7% Pb to produce 815.4K Lb Zn and 235.2K Lb Pb.
  • Fortuna Silver Mines Inc., released Q4 and full year 2018 financial and production results from its San Jose mine in Oaxaca. It reported Q4 sales of $59.6M, net income of $2.2M, adjusted net income of $4.4M, and adjusted EDITDA of $22.7M. For the full year 2018 Fortuna reported sales of $263.3M, net income of $34M, adjusted net income of $38.4M, and adjusted EBITDA of $113.9M. The company milled 256,181 tonnes of 1.58 g/t Au and 230 g/t Ag to produce 11.8K Oz Au and 1.72M Oz Ag with metallurgical recoveries of 91% for both metals. Fortuna also reported an AISC of $7.1 for Oz Ag or $9.9 for Oz AgEq.
  • Impact Silver Corp., announced its financial and operating results for Q4, 2018. It reported $13.1M in revenues for 2018. Impact milled 173,217 tonnes of 170 g/t Ag to produce about 947K Oz Ag.
  • Leagold Mining Corporation, presented financial and production results from its Los Filos mine in Guerrero for the period Q4 and full year 2018. It reported revenues of $376.5M, and an adjusted EBIDTA of $89.5M for the full year 2018.Leagold produced 58,201 Oz Au in Q4 and 195,362 Oz Au for the full year 2018 at an AISC of $985 per Oz Au sold.
  • Starcore International Mines Ltd., announced financial and production results from its san Martin mine in Queretaro for the Q3 period ended January 31, 2019. It reported revenues of $6.6M and an EBIDTA of $335M for the nine months ended January 31, 2019. Starcore milled 71,100 tonnes of 1.8 g/t Au and 33 g/t Ag to produced 3.4K Oz Au and 46.2K Oz Ag (4K Oz AuEq).

ON FINANCING

  • Aura Minerals Inc., announced that is undertaking a non-brokered private placement to raise up to $0.5M.
  • Defiance Silver Corp., closed the first tranche of its non-brokered private placement for $1,229,500. The first tranche is part of the non-brokered private placement for total gross proceeds of $4M (San Acacio, Zacatecas).
  • Mexican Gold Corp., closed the final tranche of its non-brokered private placement for $2,143,000. Gross proceeds will be used on its Las Minas project in Veracruz.
  • McEwen Mining Inc., announced its voluntary termination of the equity distribution agreement on March 13, 2019 to offer shares from its common stock from time to time for up to $90M (Fenix project, Sinaloa).
  • Vangold Mining Corp., has arranged a non-brokered private placement for gross proceeds of up to 0.5M. It also announced a consolidation of their shares in which the company will trade 2 old shares for 1 new share (Pinguino project, Guanajuato).
  • XTierra Inc., announced its intention to raise from a non-brokered private placement up to $1M. (Bilbao project, Zacatecas).
  • Sierra Metals Inc., closed a six year senior secured a corporate credit facility for up to US$100M effective on March 08, 2019 (Cusi mine, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019. The infill drilling program at Las Chispas has delineated an initial indicated mineral resource estimate of 1M tonnes of 6.98 g/t Au and 711 g/t Ag (1,234 g/t AgEq), containing 39.8M Oz AgEq. Inferred mineral resource are estimated at 3.6M tonnes of 3.32 g/t Au and 332 g/t Ag (581 g/t AgEq), containing 68.1M Oz AgEq.
  • Orla Mining Ltd., filed a PEA amended technical report on its Camino Rojo project in Zacatecas. “The PEA supports a technically simple open-pit mine and heap-leach operation that offers low capital and operating costs, rapid payback, and strong financial performance. The PEA is based on near-surface oxide and partly oxidized (transitional) material within the overall resource, all located within Orla’s mineral concessions”. Highlights of the PEA are a pre-tax NPV (5%) of USD$231 and an IRR of 38.1% or after-tax NVP (5%) of USD$121M and an IRR of 24.5%; production rate per day of 18K tonnes; total material to leach pad of 42.5M with grades of 0.71 g/t Au and 13.6 g/t Ag (966K Oz Au and 18.5M Oz Ag contained) with metallurgical recoveries of 67% and 15% respectively; and an annual gold production of 97.5K Oz Au. It also reported that it is advancing its project towards a construction decision later this year and ensuring the company remains on track with the development of its first mine. Orla is also advancing the feasibility study on its Camino Rojo project which is expected to be completed by the end of Q3, 2019. Construction is expected to start during H2, 2020 following receipts of all necessary permits.
  • Leagold Mining Inc., announced a mine expansion FS in March 2019 which incorporates “the potential for developing the Bermejal underground mine, enlarging the Los Filos open pit mine, re-phasing the Bermejal open pit into two distinct sections (Bermejal and Guadalupe), and building a 4,000 tonne per day (tpd) carbon-in-leach (CIL) plant to complement the existing heap leach facilities”.
  • Telson Mining Corporation, released significant assay results from underground development on the Creston Zone at its Tahuehueto mine in Durango. Significant channel sampling results are 8.48 g/t Au, 104 g/t Ag, 0.85% Cu, 5.8% Pb and 11% Zn (20.9 g/t AuEq) over 4.95m; 5.66 g/t Au, 62 g/t Ag, 0.26% Cu, 3.6% Pb, and 7.4% Zn (13.24 g/t AuEq) over 3m; 8.89 g/t Au, 88 g/t Ag, 0.34% Cu, 2.3% Pb, and 6.3% Zn (15.54 g/t AuEq) over 3m; 11.87 g/t Au, 78 g/t Ag, 0.54% Cu, 2.7% Pb, and 4% Zn (17.59 g/t AuEq) over 3.35m; and 8.12 g/t Au, 134 g/t Ag, 0.44% Cu, 2.4% Pb, and 4% Zn (14.13 g/t AuEq) over 3.25m.

ON DEALS AND CORPORATE ISSUES

  • Aura Resources Inc., appointed new CEO and made changes of its Board of Directors. The company also entered in a definitive agreement with Minaurum Gold Inc., in which Minaurum can acquire an 80% interest on its East Taviche project in Oaxaca.
  • Coeur Mining Inc., appointed former Nevada Governor to its Board of Directors.
  • Mako Mining Corp., announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa).
  • Tamino Minerals Inc., retained the services of an experienced geological consultant to assist them to achieve its goals within its mining exploration projects in order to meet corporate milestones (El Volcan project, Sonora).
  • Goldcorp Inc., announced fully support for the Nevada JV between Barrick Gold Corporation and Newmont Mining Corporation.
  • Southern Copper Corp., showed interest to invest in a Canadian owned lithium project in Sonora, on which a Chinese company seems to be also interested. Southern Copper has not made an offer yet and did not reveal the name of the lithium project.

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, large barite crystals and manganese oxides in a low-intermediate sulphidation epithermal system in Chihuahua, Mexico.  Photo by Miguel A Heredia.

Starcore Reports Q3 Results

starcore reports Q3 results

Vancouver, B.C. – Starcore International Mines Ltd. (TSX :SAM) (the “Company” or ”Starcore”) has filed the results for the third quarter ended January 31, 2019 for the Company and its mining operations in Queretaro, Mexico. The full version of the Company’s Financial Statements and Management’s Discussion and Analysis can be viewed on the Company’s website at http://www.starcore.com, or SEDAR at http://www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.

XTIERRA ANNOUNCES PRIVATE PLACEMENT

xtierra announces private placement

Toronto, Ontario, March 12, 2019, Xtierra Inc. (“Xtierra” or the “Company”) announces that it intends to raise up to $1,000,000 by way of a non-brokered private placement (the “Offering”) of common shares. On March 11, 2019, the Company filed a price reservation form with the TSX Venture Exchange (the “TSXV”) to price protect the placement of up to 20,000,000 common shares at a price of $0.05. Proceeds will be used for general corporate purposes, maintaining the existing projects and the pursuit of cash flowing royalty opportunities.

LEAGOLD FILES LOS FILOS MINE EXPANSION FEASIBILITY STUDY; INCREASES NET CASH FLOW TO $884 MILLION

leagold files los filos mine expansion feasibility study

Vancouver, March 12, 2019 – Leagold Mining Corporation (TSX:LMC; OTCQX:LMCNF) (Leagold or the Company) announces that it has filed the report entitled “Independent Technical Report for the Los Filos Mine Complex, Mexico” which presents the results of the Expansion Feasibility Study (Expansion Feasibility Study) under the Company’s profile on SEDAR at http://www.sedar.com.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2019.

Hydrothermal breccia

By Miguel A Heredia

During the seventh week of the year (February 25th to March 03th, 2019), at least 21 press releases were announced by companies working in Mexico, with eight informing on exploration results, five communicating production results, three reporting on resources and development of their properties, three announcing financing rounds, and two disclosing deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Minaurum and First Majestic reported drilling results from its Alamo Silver and Ermitaño projects respectively. In Chihuahua, Sable reported drilling results from its Margarita project; Mammoth and its partner Centerra provided an update on exploration activities at its Tenoriba project; and Evrim-Coeur commenced a drilling program at its El Sarape project. In Durango, Southern Silver released drill results from its Cerro Las Minitas project. In Guanajuato, Plata Latina announced results from the 2017-2018 drilling program at its Naranjillo project. In Veracruz, Azucar Minerals released drill results from its El Cobre project.  ON MINING, Gold Resource reported Q4 and full year 2018 production results from its Oaxaca Mining Unit in Oaxaca. Premier Gold provided 2019 production guidance for its Mercedes mine in Sonora. Fresnillo plc announced full year 2018 production results from their mining operations. ON FINANCING, Advanced Gold closed a private placement for $369,950 (Tabasqueña project, Zacatecas). Riverside increased its previously non- brokered private placement from $1.5M to $2.3M. Silver Spruce closed a non-brokered private placement for $434,221 (Pino de Plata project, Chihuahua). Evrim provided an update. ON RESOURCES AND DEVELOPMENT, Goldplay announced positive metallurgical results from its San Marcial project in Sinaloa. Mexus Gold confirmed its plan to mine 3,500 tonnes per week from its Santa Elena project in Sonora. Gold Resource updated annual reserve estimates at its Oaxaca Mining Unit in Oaxaca. ON DEALS AND CORPORATE ISSUES, Azure appointed key advisor for the funding to develop its Oposura project in Sonora. Aloro signed a new surface access agreement with the Mulatos Ejido (Los Venados project, Sonora).

 ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Minaurum Gold Inc., reported drilling results from its Alamo Silver project in Sonora, demonstrating that three of the new veins mapped host significant mineralization at depth and have the potential for silver­-rich shoot along strike and at depth. Highlights from Phase II drilling of the new veins include 198 g/t Ag, 0.17%Cu, 0.2%Pb, and 0.9%Zn or 269 g/t AgEq over 9.6m in hole AL18-015, including 302 g/t Ag, 0.21%Cu, 0.5%Pb, and 0.8%Zn over 0.9m (San Jose Vein), and 25 g/t Ag, 2.3%Pb, 10.6%Zn or 618 g/t AgEq over 2.85m in hole AL18-011, including 40 g/t Ag, 3.6%Pb, and 16.5%Zn over 1.75m (Ana Vein).
  • First Majestic Silver Corp., announced drill results from its Ermitaño project in Sonora. Significant drill results are 3.4 g/t Au and 53 g/t Ag (327 g/t AgEq) over 30.1m in hole EW-18-35, including 19.4 g/t Au and 139 g/t Ag (1,691 g/t AgEq) over 0.5m and 18.7 g/t Au and 118 g/t Ag (1,614 g/t AgEq) over 0.7m; 11.1 g/t Au and 128 g/t Ag (1,019 g/t AgEq) over 11.2m in hole EW-18-36, including 19.8 g/t Au and 307 g/t Ag (1,891 g/t AgEq) over 1.1m, 70.8 g/t Au and 567 g/t Ag (6,231 g/t AgEq) over 1.3m, 20.1 g/t Au and 122 g/t Ag (1,730 g/t AgEq) over 1.3m, and 32 g/t Au and 326 g/t Ag (2,886 g/t AgEq) over 1.4 m; 6.3 g/t Au and 149 g/t Ag (654 g/t AgEq) over 17.6m in hole EW-18-39, including 17 g/t Au and 520 g/t Ag (1,879 g/t AgEq) over 0.6m, 20.1 g/t Au and 369 g/t Ag (1,980 g/t AgEq) over 1.2m, 8.6 g/t Au and 387 g/t Ag (1,074 g/t AgEq) over 1m, 15.5 g7t Au and 149 g/t Ag (1,392 g/t AgEq) over 1m, 10.4 g/t Au and 180 g/t Ag (1,010 g/t AgEq) over 1m, and 14.4 g/t Au and 192 g/t Ag (1,342 g7t AgEq) over 1.2m; and 3.9 g/t Au and 95 g/t Ag (403 g/t AgEq) over 28.3m in hole EW-18-47, including 21.1 g/t Au and 434 g/t Ag (2,125 g/t AgEq) over 1.1m, 10.4 g/t Au and 184 g7t Ag (1,019 g/t AgEq) over 1.4m, and 11.8 g/t Au and 160 g/t Ag (1,100 g/t AgEq) over 2.1m.
  • Sable Resources, presented the first drill results from the stage II drilling program at its Margarita project in Chihuahua. Highlights are 283 g/t Ag, 0.3%Pb, and 0.8%Zn (298 g/t AgEq) over 33.3m, including 579 g/t Ag, 0.8%Pb, and 1.7%Zn (702 g/t AgEq) over 9.9m in hole M-DDH-19-14, and 101 g/t Ag, 0.5%Pb, and 0.04%Zn (141 g/t Ag) over 4.7m, including 302 g/t Ag, 1.73 g/t Au, and 0.04%Zn (527 g/t AgEq) over 1.2m in hole M-DDH-19-15. Results from hole M-DDH-19-15 allow to extend the strike length of the Margarita structure a further 250m to the southeast. True widths are estimated to be 90% of the intercept based on vein to core angle.
  • Mammoth Resources Corp., and its partner Centerra Gold Inc., provided an update on exploration activities at its Tenoriba project in Chihuahua. Work has commenced and include to continue the mapping and sampling of areas previously evaluated by Mammoth, to cover infill and extensions of these areas, in order to enhance the understanding of the geological features relevant to Au-Ag mineralization, and perform an IP and Mag geophysical survey over the 40% of the mineralized trend already cover by a previous survey, and extend the coverage over portions of the 60% of the mineralized trend not yet covered by any IP-Mag geophysics. After completing these activities, the plan is to drill test new targets generated by mapping, sampling and geophysics surveys.
  • Evrim Resources Inc., and Coeur Mining Inc., commenced a 2,500m drilling program to test the two main targets at its Sarape project in Chihuahua. “Drilling is planned to test the Sarape and Chiltepin veins; targets that have potential for significant gold-silver shoots beneath zones of favourable geochemistry.”
  • Southern Silver Exploration Corp., released final results from the 2018 drilling program at its Cerro Las Minitas project in Durango. Significant results from the most recent drilling program carried out in the central part of the Skarn Front are 409 g/t Ag, 0.9% Cu, 0.8%Pb, and 8.4%Zn (871 g/t AgEq; 24.6% ZnEq) over 2.6m (2m TW), including 477 g/t Ag, 3.7%Cu, 0.6%Pb, and 32.3%Zn (2,181 g/t AgEq; 61.1% ZnEq) in hole 18CLM-115, and 640 g/t Ag, 1%Cu, 16.7% Pb, and 22.4% Zn (2,117 g/t AgEq; 59.8%ZnEq) over 1m (0.8mTW) in hole 18CLM-115. At Las Victorias Zone, hole CLM-117 intersected 202 g/t Ag, 1.6 g/t Au, 3.8%Pb, and 1.8% Zn (501 g/t AgEq, 14.2% ZnEq) over 2.3m (1.2m TW), and 71 g/t Ag, 0.1%Pb, and 3.3% Zn (220 g/t AgEq, 6.2% ZnEq) over 2.8m (2.4m TW).
  • Plata latina Minerals Corporation, announced results from the 2017-2018 drilling program carried out by Metalurgica Reyna S.A. de C.V., a wholly owned subsidiary of Fresnillo plc at its Naranjillo project in Guanajuato. Highlights include 5,507 g/t Ag and 34.74 g/t Au (8,401 g/t AgEq) over 3.13m (TW) in hole CB-96; 4,978 g/t Ag and 5.57 g/t Au (5,443 g/t AgEq) over 2.31m (TW); and 3,598 g/t Ag and 32.10 g/t Au (6,272 g/t AgEq) over 4.72m (TW). “The drill results from Naranjillo continue to demonstrate the discovery of a significant and extensive epithermal vein system, typical of the Mexican Silver Belt”.
  • Azucar Minerals Ltd., released drill results from its El Cobre project in Veracruz. Significant drill results from the Villa Rica area are 0.23 g/t Au and 0.15%Cu over 161.20m, including 0.51 g/t Au and 0.43%Cu over 18m in hole EC-18-052; 0.21 g/t Au and 0.16%Cu over 116.30m, including 0.85 g/t Au and 0.39%Cu over 12.40m in hole EC-18-054; and 0.14 g/t Au and 0.16%Cu over 87m, including 0.34 g/t Au and 0.35%Cu over 12m in hole EC-18-057.

ON MINING

  • Gold Resource Corporation, reported Q4 and full year 2018 production results from its Oaxaca Mining Unit in Oaxaca. In Q4, 163,999 tonnes were milled to produce 7,974 Oz Au, 330.6K Oz Ag, 990K Lb Cu, 4.5M Lb Pb, and 12.48m Lb Zn. In 2018, the company milled 611,670 tonnes to produce 26.8K Oz Au, 1.67M Oz Ag, 3.7M Lb Cu, 16.3M Lb Pb, and 44.37M Lb Zn.
  • Premier Gold Mines Limited, provided a guidance production for its Mercedes mine in Sonora, where it expects to produce in the year 2019 over 75K-85K Oz Au and 225K-250K Oz Ag with a cash cost of US$730-750 per Oz Au or US$900-950 AISC per Oz Au.
  • Great Panther Silver Limited, presented Q4 and full year 2018 production results from its mining operations. The company did not report figures by unit mine. During Q4, it milled 89,270 tonnes to produce 438K Oz Ag, and 4.1K Oz Au or 951.8K Oz AgEq, with a cash cost of $12.88 per Oz AgEq or an AISC of $15.62 per Oz AgEq for Q4, and $12.63 and $15.72 respectively for the full year 2018.
  • First Majestic Silver Corp., announced Q4 and full year 2018 production results from their Mexican operations. A summary is shown in the tables below:

  • Fresnillo plc., announced full year 2018 production results from their mining operations in Mexico. The company produced 61.8M Oz Ag and 923K Oz Au in 2018. A summary by mine is shown in the table below:

ON FINANCING

  • Advanced Gold Corp., closed a private placement for $369,950. Net proceeds will be used to fund the phase 3 drilling at its Tabasqueña project in Zacatecas.
  • Riverside Resources Inc., increased its previously announced non-brokered private placement from $1.5M to $2.3M. Gross proceeds will be used to fund a drilling program at its Cecilia project in Sonora, additional project acquisitions, and target refinement on existing projects.
  • Silver Spruce Resources Inc., closed a non-brokered private placement for $434, 221. Gross proceeds will be used to prepare initial drilling of its Pino de Plata project in Chihuahua.

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd., announced positive metallurgical recoveries for initial test work from its San Marcial project in Sinaloa. 74 drill core samples were selected from the mineralized zone, including the oxide transition and sulphide mineralization with a total of 146 Kg. Metallurgical results indicate that the high grade Ag mineralization is amenable to standard cyanidation processing with recoveries ranging from 82% to 92% Ag.
  • Mexus Gold US, confirmed that with its first stage of exploratory core drilling complete, it is moving forward with its plan to mine 3,500 tonnes per week from Julio II area within its Santa Elena project in Sonora.
  • Gold Resource Corporation, updated annual reserve estimates as of December 31, 2018 at its Oaxaca Mining Unit in Oaxaca. Proven and probable reserves are 3,077,200 tons of 1.82 g/t Au and 127 g/t Ag (3.5 g/t AuEq) for a total of 180.3K Oz Au and 12.6M Oz Ag (346.6 g/t AuEq). Mineralized material (exclusive of proven and probable reserves) are 1,936,500 tons of 1.5 g/t Au and 125 g/t Ag (3.13 g7t AuEq) for 96K Oz Au and 7.5M Oz Ag (195.3K Oz AuEq).

ON DEALS AND CORPORATE ISSUES

  • Azure Minerals Limited, appointed key adviser for the funding to develop its Oposura project in Sonora.
  • Aloro Mining Corp., signed a new three year surface agreement with the Mulatos Ejido that allows Aloro to built roads for drilling and collar up to 50 drillholes.

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, a hydrothermal breccia cemented by calcite-quartz in a low-intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico.  Photo by Miguel A Heredia.