During the 50th week ofthe year (December 10th to December 16th, 2018), at least 12 press releases were announced by companies working in Mexico. Chesapeake Gold and Ridgestone released news on exploration. SSR Mining-SilverCrest and Goldplay Exploration announced news on financing. Azure Minerals, Coeur Mining,Endeavour Silver, SilverCrest Metals and Capstone presented news on resource definition drilling. Camrova Resources and Prospero Silver presented news on deals and corporate issues. ON MEXICO ISSUES, Five miners died on three different accidents in mines of Chihuahua and Sonora. The Mining Fund is to be controlled by the “Secretaría deEconomía”, instead of the SEDATU. ONEXPLORATION, In Sonora, Ridgestone Mining released drilling results from its Rebeico project. In Sinaloa, Chesapeake Gold released exploration results from its Yareli project. In Veracruz, Chesapeake Gold released interesting results from its Tatatila Au-Cu project in Veracruz. ON MINING, No relevant News. ON FINANCING, SSR Mining completed the buy of C$30.66 M on shares of SilverCrest Metals. Goldplay Exploration completed a $1.5 M financing round. ON RESOURCES AND DEVELOPMENT, Azure Minerals, Coeur Mining,Endeavour Silver, SilverCrest Metals released drilling results to better define resources in their properties. Capstone released an updated resource on its Cozamin mine in Zacatecas. ON DEALS AND CORPORATE ISSUES, Camrova Resources is to sue Korea Resources over an unpaid debt. Prospero Silver announced Fortuna Silver’s exercise on the option to to continue exploring the Pachuca SE project in Hidalgo.
ON MEXICO ISSUES
On a grim week for the mining industry in Mexico, five miners died in three different accidents. In Chihuahua one miner died on the Granadeña mine, and two in Coeur’s Guadalupe mine at Palmarejo. In Sonora, two Alamos Gold miners died after a pit wall collapsed at the Mulatos mine. On other matters, the Mining Fund (Fondo Minero) created in 2013 to aid development of communities near to mineral production centers, is to be controlled from 2019 by the Economy Secretariat (Secretaría de Economía). Up to this year the fund was managed by the Urban, Agrarian and Land Development Secretariat (Secretaría de Desarrollo Agrario, Territorial y Urbano). Another change is that 80% of the resources are to be invested in “zones of mining production”, while the Economy Secretariat keeps 10% and the Federal Government the remaining 10%.
Chesapeake Gold Corp. updated on exploration efforts at its Yarely (includes, Los Mimbres, Sundae and Goyo prospects) and Tatatila projects in Sinaloa and Veracruz respectively. At Los Mimbres, channel sampling of veins and stockworks returned 7 m @ 1.15 g/t Au, 88 g/t Ag; 7 m @ 0.9 g/t Au, 87 g/t Ag; 5 m @ 0.11 g/t Au, 196 g/t Ag; 31 m @ 0.3 g/t Au, 14 g/t Ag; 10 m @ 0.24 g/t Au, 5 g/t Ag. At Sundae, sampling of veins displaying classic high level epithermal textures returned up to 0.1 g/t Au, 8 g/t Ag on surface exposures. At Goyo, assays from two rock chip channel sections taken 100 m apart returned: 30 m of 1.63 g/t Au, 38 g/t Ag; 15 m of 0.60 g/t Au, 9 g/t Ag. Another structure returned 4 m @ 3.74 g/t Au, 90 g/t Ag; 5 m @ 1.3 g/t Au, 15 g/t Ag; 25 m @ 0.54 g/t Au, 35 g/t Ag. At Tatatila the target is Au-Cu skarns like those at Las Minas, Veracruz, which it surrounds. Rock chip sampling results in six different zones of the 15,000 ha land package include: 12 m @ 3.0 g/t Au, 0.24% Cu; 6 m @ 5.1 g/t Au, 0.46% Cu; 18 m @ 3.8 g/t Au, 0.50% Cu; 11 m @ 0.24 g/t Au, 37 g/t Ag, 12.9% Zn; 12 m @ 1.0 g/t Au, 0.35% Cu, 0.22% Zn; 6 m @ 0.30 g/t Au, 0.12% Cu, 2.05% Zn; 12 m @ 0.50 g/t Au, 0.40% Cu, 0.70% Zn; 9 m @ 2.3 g/t Au, 0.30% Cu; 11 m @ 1.4 g/t Au, 0.47% Cu, 9 m @ 0.90 g/t Au, 2.0% Cu, 67 m @ 1.6 g/t Au, 0.60% Cu; 21 m @ 2.2 g/t Au, 0.27% Cu; 15 m @ 2.3 g/t Au, 0.30% Cu; 9 m @ 1.2 g/t Au, 0.25% Cu; 11 m @ 1.4 g/t Au ,0.36% Cu; 8 m @ 1.0 g/t Au, 1.25% Cu.
Ridgestone Mining Inc. received results for four holes from the twelve hole drill program at its Rebeico project in Sonora. The drilling was designed to test beneath underground workings along a 500 m portion of the 1.2 km long Alaska vein. Highlighted intervals comprise 0.62 m @ 1.02 g/t Au, 0.96% Cu; 0.80 m @ 2.95 g/t Au, 1.41% Cu in the first hole. Contiguous 1.0 m @ 7.8 g/t Au, 1.87% Cu; 9.51 g/t Au, 3.69% Cu in the second hole and 1.40 m @ 3.25 g/t Au; 1.50 m @ 1.39 g/t Au in the fourth hole. Hole four was collared 400 m south from the first two holes, thus establishing the continuity of mineralization.
No Relevant News.
SSR Mining Inc. completed the transaction with SilverCrest Metals Inc. to purchase, by way of private placement, shares for a total consideration of C$30.66 M (Las Chispas, Sonora).
Goldplay Exploration Ltd. closed the final tranche of its non-brokered private placement for gross proceeds of $273.7 K. Total gross proceeds raised under all tranches of this offering was $1.5 M (San Marcial, Sinaloa).
ON RESOURCES AND DEVELOPMENT
Azure Minerals Ltd. announced that further infill and extension drilling has returned high-grade mineralization over substantial widths at its Oposura project in Sonora. Highlighted core length intervals comprise 5.25 m @ 24.4% Zn+Pb, including 3.05 m @ 39.3% Zn+Pb.; 8.65 m @ 11.4% Zn+Pb, including 4.55 m @ 19.6% Zn+Pb; 6.0 m @ 11.7% Zn+Pb, including 2.95 m @ 21.9% Zn+Pb; 3.60 m @ 15.5% Zn+Pb, including 2.45 m @ 20.5% Zn+Pb.
Coeur Mining Inc. provided an update on exploration, including activities at its Palmarejo mine in Chihuahua. Highlighted results comprise 7.8 m @ 5.7 g/t Au, 833 g/t Ag at La Nación vein; 2.8 m @ 2.3 g/t Au, 337 g/t Ag; 5.2 m @ 2.7 g/t Au, 229 g/t Ag; 6.8 m @ 2.3 g/t Au, 122 g/t Ag at Las Animas zone, where three potentially mineralized areas were discovered, and 4.0 m @ 6.8 g/t Au, 693 g/t Ag at Independencia, which extends mineralization for another 150 m.
Endeavour Silver Corp. reported positive results from surface drilling and underground sampling at the Parral project in Chihuahua. Endeavour owns four historic mines: Veta Colorada (historic resources), LaPalmilla (Endeavour’s resources), San Patricio and Cometa (Endeavour’s resources). “Several large veins are traceable for over 8 km. Veta Colorada is up to 40metres (m) thick, and includes a higher-grade footwall vein 1-10 m thick and a lower grade hanging wall breccia with mineralized stock-work up to 30 m thick”. Highlighted results from drilling at San Patricio comprise: 1.9 m @ 0.1 g/t Au, 660 g/t Ag, 1.3% Pb, 0.6% Zn; 4.2 m @ 0.21 g/t Au, 934 g/t Ag, 3.0% Pb, 5.9% Zn. Sampling of historic mine fill (known as “chorros” or “retaques”) at VetaColorada average (18 samples) 106.3 g/t Ag, 0.45% Pb, 0.37% Zn in Level 2, and average (24 samples) 179.2 g/t Ag; 0.51% Pb, 0.44% Zn on Level 4.
SilverCrest Metals Inc. announced further high-grade results from in-fill drilling at its Las Chispas property in Sonora. In-fill drilling of the Babicanora vein area 51 highlighted true width intervals comprise: 8.2 m @ 27.70 g/t Au, 1,116 g/t Ag (including 1.7 m @ 127.50 g/t Au, 3,044 g/t Ag); 1.7 m @ 7.01 g/t Au, 1,348 g/t Ag; 2.5 m @ 15.97 g/t Au, 1,743 g/t Ag; 2.3 m @ 4.53 g/t Au, 748 g/t Ag; 5.6 m @ 9.41 g/t Au, 736 g/t Ag; 1.7 m @ 4.40 g/t Au, 453 g/t Ag; 6.4 m @ 6.41 g/t Au, 657 g/t Ag (including 1.6 m @ 25.87 g/t Au, 2,222 g/t Ag); 3.5 m @ 16.45 g/t Au, 355 g/t Ag; 4.5 m @ 9.25 g/t Au, 673 g/t Ag.
Capstone Mining Corp. released positive results of an updated technical report for its Cozamin mine in Zacatecas. Proven and probable reserves increased to 6.19 M tonnes @ 1.60% Cu, 42.9 g/t Ag, 0.71% Cu, 0.14% Pb. Measured and indicated resources amounted to 17.29 M tonnes @ 1.50 % Cu, 45 g/t Ag, 1.25% Zn, 0.28% Pb, and inferred resources to 16.95 M tonnes @ 1.11% Cu, 44 g/t Ag, 1.65% Zn, 0.29% Pb. The total contained metal in reserves and measured and indicated resources adds to 359 Kt Cu, 33.4 M Oz Ag, 259 Kt Zn, 56 Kt Pb, while the inferred resources contain additional 188 Kt Cu, 23.9 M Oz Ag, 279 Kt Zn, 49 Kt Pb. By completing a new ramp in 2020, Cozamin plans to increase production by approximately 30%.
ON DEALS AND CORPORATE
Camrova Resources Inc. presented a press release in which strong complaints were made against Korea Resources Corp. through its controlling interest in Minera y Metalurgica del Boleo S.A.P. (MMB). According to Camrova, Korea Resources has relentlessly ignored Camrova’s petition for board meetings. “Camrova also wishes to announce that it has commenced action and will shortly serve MMB with a judicial notice under applicable Mexican law. This notice is a formal demand for payment of CAD$303,416.60 which is owing by MMB pursuant to a settlement agreement between Camrova and MMB in December 2016” (Boleo, BajaCalifornia Sur).
Prospero Silver Corp. announced that Fortuna Silver Mines has exercised its right to be granted an option to acquire up to a 70% interest in the Pachuca SE Project, by spending $8 M in expenditures and completing a preliminary economic assessment, spending a minimum of $1 M in the first year. “The local geology at Pachuca SE is typical of the high-level epithermal environment seen over the Pachuca-Real del Monte mines. Prospero’s land package covers at least 6-7 km of linear, structurally-controlled argillic alteration caps at surface” (Pachuca SE, Hidalgo).
TORONTO, Dec. 13, 2018 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) regrets to announce a serious accident occurred today at its Mulatos Mine in Mexico. The accident involved an unexpected pit slope movement in the El Salto area of the open pit where pre-stripping activities were being conducted.
At the time of this release, two of our employees are missing and presumed dead. Efforts are underway to reach the area where they were last seen with a search and recovery team. The Company is investigating the accident and has notified the relevant authorities. The families of the missing have been notified and all means of support are being provided.
El Fondo Minero, creado con la reforma fiscal de 2013 y que cobra un impuesto especial a las mineras de 7.5 por ciento sobre sus utilidades para destinarlo al desarrollo de comunidades cercanas a la extracción de minerales, será controlado ahora por la Secretaría de Economía en lugar de la Secretaría de Desarrollo Agrario, Territorial y Urbano (SEDATU).
En el Proyecto de Presupuesto de Egresos de la Federación 2019, el Gobierno federal refiere que ahora la dependencia encabezada por Graciela Márquez tendrá que realizar un rediseño en la asignación e implementación de proyectos de desarrollo para las comunidades mineras y aledañas.
“También se propone replantear el actual esquema de distribución del fondo, por lo que la recaudación total que se obtenga de los derechos a que se refieren los artículos 268, 269 y 270 de la Ley Federal de Derechos no se incluirá dentro de la recaudación federal participable y se continuará destinando en 80 por ciento al Fondo para el Desarrollo de Zonas de Producción Minera, en un 10 por ciento a la Secretaría de Economía y 10 por ciento al Gobierno Federal”, dice el presupuesto.
Además, la Secretaría de Economía tendrá que destinar directamente los recursos del fondo.
Las actividades vinculadas con la extracción, beneficio, fundición y afinación de diversos minerales metálicos y no metálicos tropezaron durante el décimo mes del año, al mostrar una caída anual de 7.4 por ciento, lo que representó el quinto mes al hilo de pisar terreno negativo, informó este viernes el Instituto Nacional de Estadística y Geografía (Inegi).
Los resultados de octubre mostraron que metales preciosos como el oro, pasan por uno de sus peores momentos, ya que sus niveles de producción disminuyeron 12.9 por ciento a tasa anual, al producir 6 mil 518 kilogramos, su menor nivel en los últimos ocho años.
Tanto los estados de Sonora y Chihuahua, conocidos por ser dos de las entidades de la República Mexicana donde se extrae la mayor cantidad de oro, reflejaron caídas de 9.7 y 3.4 por ciento a tasa anual, durante octubre, mientras que Guerrero mostró un avance de 2.5 por ciento.
A su vez, la plata, metal emblemático del país, reportó un retroceso de 7.1 por ciento anual durante octubre, al producir 304 mil 869 kilogramos durante el mes en cuestión.
El primer accidente ocurrió en la mina Guadalupe, parte del complejo minero Palmarejo y que es propiedad de la empresa Coeur Mining. En la mina Granadeña fue donde se registró el otro accidente fatal.
Tres trabajadores murieron debido a derrumbes en dos minas de metales preciosos en el estado de Chihuahua, en el norte de México, informó este viernes la fiscalía estatal.
El primer accidente ocurrió la tarde del jueves en la mina subterránea Guadalupe, parte del complejo minero Palmarejo, localizada en el suroeste del estado y que es propiedad de la empresa Coeur Mining, que cotiza en la bolsa de Nueva York.
During the 48th week of the year (November 26th to December 2nd, 2018), at least 16 press releases were announced by companies working in Mexico. Minaurum, Mexus Gold and Harvest Gold released news on exploration. Impact Silver and Santacruz Silver released third quarter results; America Silver increased production and Goldcorp is commissioning a new plant. Silver Spruce and SilverCrest announced news on financing. Endeavour Silver presented results from drilling. Americas Silver, Telson Mining, Candente Gold, Aura Silver and Firma Holding presented news on deals and corporate issues. ON MEXICO ISSUES, Andrés Manuel López Obrador was sworn as Mexico’s president for the next six years. ON EXPLORATION, In Sonora, Minaurum Gold released high grade gold results from surface sampling of a new vein at its Alamos property; Mexus Gold continues drilling at its Santa Elena project. In Chihuahua, Harvest Gold informed on drilling at its Cerro Cascaron project in Chihuahua. ON MINING, Impact Silver and Santacruz Silver presented quarterly reports. Americas Silver increased production rates at Cosalá, in Sinaloa, and Goldcorp produced first gold on its pyrites plant in Peñasquito, Zacatecas. ON FINANCING, Silver Spruce was granted an extension on its financing round. SilverCrest is securing a $30.6 M investment by SSR Mining. ON RESOURCES AND DEVELOPMENT, Endeavour Silver reported high-grade intersections from Bolañitos, in Zacatecas. ON DEALS AND CORPORATE ISSUES, Americas Silver and Pershing Gold are to complete a business combination. Telson Mining announced the amending of a loan agreement with Nyrstar. Candente Gold and Sun River signed an agreement on El Oro tailings in Estado de Mexico. Aura Silver is to change name to Aura Resources Inc. Grace Point Mining owns now the Magistral project in Sinaloa.
ON MEXICO ISSUES
On December 1st 2018, Andrés Manuel López Obrador, a life-long left wing politician, took charge as Mexico’s president for the next six years (2018-2024).
Minaurum Gold Inc. released high grade gold assays from rock chip sampling on the Alessandra vein at its Alamos project in Sonora.The new vein is the first showing high grade gold in the project, measures more than 4 m in width, can be clearly traced for 1.1 km and topography suggest it might extend for another kilometer. Highlighted rock chip samples include: 0.4 m @ 17 ppb Au, <1 g/t Ag, 2.22% Cu, 0.98% Pb, 2.04% Zn; 1.0 m @ 9 ppb Au, 16 g/t Ag, 0.04% Pb, 0.06% Zn; 1.0 m @ 8 ppb Au, 6 g/t Ag, 1.55% Cu; 0.3 m @ 102,000 ppb Au (102 g/t Au), 29 g/t Ag, 1.94% Cu, 0.07% Pb, 0.25% Zn; 1.0 m @ 619 ppb Au, 4.63% Cu; 0.5 m @ 65 ppb Au, 4 g/t Ag, 2.97% Cu, 0.64% Pb, 4.90% Zn.
Mexus Gold US. continues drilling at its Santa Elena project in Sonora (not to be mistaken with First Majestic’s Santa Elena mine, also in Sonora), and is now on its 7th hole. “Drill holes proved the continuity at depth of the main quartz vein varying in width from 0.75 m up to 2.0 meters at 25 to 35 meters deep with a dip angle of 45 degrees to the East”. A shallow dipping shear-fault zone consisting of fault-gouge-mylonite with siderite, hematite and quartz fragments has also consistently being intercepted with 7 to 12 m widths. Holes onward from hole 5 are targeting deeper parts of the Julio vein.
Harvest Gold Corp. informed three holes at the Cascarita high grade prospect at its Cerro Cascaron project in Chihuahua have been completed, after delays by unexpected heavy rains at the start of the drilling campaign. The rig is being moved by helicopter to drill the Serpiente Dorada and San Pedro targets.
Impact Silver Corp. released third quarter 2018 results. Mill throughput was 42.23 K tonnes @ 165 g/t Ag, to produce 179.5 K Oz Ag. Revenues for the quarter were $3.1 M, EBITDA -$1.5 M, a net loss of $1.4 M, of which $0.4 M was amortization and depletion.The focus now is on development of areas of higher grade ore. Impact is currently raising a non-brokered financing, the fourth capital raise in company history (San Ramón, Estado de México).
Americas Silver Corp. informed production was increased to over 1,700 tonnes per day (tpd) during October at its San Rafael mine in the Cosalá district in Sinaloa.
GoldCorp Inc. announced first gold has been achieved at its Peñasquito’s Pyrite Leach Project (PLP) in Zacatecas, Mexico. “Commissioning commenced in the third quarter of 2018 and the PLP is now processing 100% of the existing plant tailings. The PLP plant is operating 24 hours a day and is continuing the planned ramp-up process”. Commercial production is now expected by the end of 2018.
Santacruz Silver Mining Ltd. reported third quarter 2018 financial results. At Veta Grande in Zacatecas, and Rosario in San Luis Potosi, 58 K tonnes were processed to produce 249.4 K Oz Ag at cash cost $27.40 and AISC of $31.07 per AgEq Oz. Santacruz recorded a net loss of $2.9 M during the period and a negative EBITDA of $2.74 M.
Silver Spruce Resources Inc. was granted an extension by the TSX Venture Exchange to complete the previously announced non-brokered private placement to raise up to $1.5 M (Pino de Plata, Chihuahua).
SilverCrest Metals Inc. announced SSR Mining Inc. has agreed to invest $30.66 M (C$40 M) in a non-brokered private placement financing. As long as SSR hold more than 5% of SilverCrest outstanding shares,it is entitled to acquire up to a maximum of 9.9% of the shares, participation rights to maintain pro rata share ownership interest, a right of first refusal on any proposed royalty, stream of off take agreement and certain information rights to Las Chispas technical and scientific data.
ON RESOURCES AND DEVELOPMENT
Endeavour Silver Corp. reported high-grade intersections from the drilling program at the Bolañitos mine in Guanajuato. “A total of 55 drill holes from surface and 11,000 metres were completed by the end of October on seven different vein targets, all of which are located within four kilometres of the Bolanitos plant”. Some true width (TW) highlighted intervals: 8.0 m @ 2.68 g/t Au, 6 g/t Ag; 1.2 m @ 13.17 g/t Au, 138 g/t Ag; 2.2 m @ 2.19 g/t Au, 53 g/t Ag; 2.2 m@ 2.05 g/t Au, 121 g/t Ag; 1.5 m @ 3.74 g/t Au, 49 g/t Ag; 1.3 m @ 2.92 g/t Au, 51 g/t Ag; 1.9 m @ 2.62 g/t Au, 18 g/t Ag; 1.5 m @ 8.66 g/t Au, 89 g/t Ag; 1.1 m @ 2.25 g/t Au, 1,415 g/t Ag; 1.6 m @ 6.79 g/t Au, 420 g/t Ag; 1.9 m @ 3.42 g/t Au, 102 g/t Ag; 1.4 m @ 2.38 g/t Au, 635 g/t Ag.
ON DEALS AND CORPORATE
Americas Silver Corp. entered last September into a definitive agreement to complete a business combination with Pershing Gold, which owns the Relief Canyon project in Nevada. Relief Canyon is expected to produce 75-90 K Oz Au annually for at least seven years of mine life. Both Americas Silver and Pershing Gold shareholders have to vote on the transaction prior to a meeting on January (Cosalá, Sinaloa).
Telson Mining Corp. reached an agreement with Nyrstar Holdings Ltd. to amend the terms of its loan agreement. Among the main terms, Telson paid US$500 K plus interest and agreed to pay monthly installments of US$500 K plus interest until October 2019, at 10% per annum. Along with these payments, Telson will also pay 70% of any monthly cash flow, plus any monthly excess cash balance above US$500 K plus 50% of the monthly free cash flow generated by Telson’s Tahehueto project, once it declares commercial production (Campo Morado,Guerrero).
Candente Gold Corp. signed a definitive agreement with Sun River Gold Corp. in which Sun River has the option to further test and, if proven economic, develop and operate the Candente’s tailings project in El Oro, Estado de México. Besides an already made payment of US$170 K, Sun River has to make staged payments to complete US$300 K within 15 months from the signing on November 2017 and grant Candente a 10% of net profits life of mine royalty. The tailings contain an inferred resource of 1.27 K tonnes containing 119.9 K Oz Au, 3 M Oz Ag (El Oro, Estado de México).
Aura Silver Resources. Announced its shareholders approved the name change to Aura Resources Inc., and a five to one consolidation of the shares, on a meeting held on November 15th, 2018 (Taviche, Oaxaca).
Firma Holdings Corp. announced “that its subsidiary GracePoint Mining Corp. and MX Gold Corp., signed a confidential mutual release”. As a result, MX Gold no longer has any rights,ownership interests, liabilities, or obligations associated with the Magistral Project, and GracePoint Mining Corp. owns 100% of the Magistral project in Sinaloa.
Core images from SilverCrest’s Las Chispas project in Sonora has been added to The Mexican Core Shack. Low Sulfidation epithermal mineralization is represented by coarse grained quartz veins hosted in volcanic rocks. Check the link:
Core images from the Los Italianos project in Sonora has been added to The Mexican Core Shack. Low Sulfidation epithermal mineralization is represented by coarse grained quartz veins hosted in volcanic rocks.
Acciones del sector minero en México cayeron este martes, en un contexto donde destacó la iniciativa presentada por la bancada de Morena en el Senado que propone cambios a la Ley Minera. Entre los cambios presentados por la propuesta de la senadora Angélica García, que puedes consultar aquí, está el que la Secretaría de Energía (SE) tenga la facultad de declarar zonas como inviables para la explotación minera.
Las caídas fueron lideradas por Grupo México, cuyos títulos bajaron 5.41, a 41.64 pesos, seguida de Industrias Peñoles, 4.73 por ciento, a 254.37 y Grupo Minero Autlán, 1.48 por ciento, a 13.99. Por otra parte, los títulos que se mostraron al alza fueron los de Minera Frisco, que subieron 0.39 por ciento, a 5.2 unidades. El partido del presidente electo de México presentó el martes en el Senado una iniciativa que busca obligar al Gobierno a solicitar el consentimiento de las comunidades indígenas antes de otorgar concesiones mineras en sus territorios. La propuesta presentada por Morena pretende reformar la Ley Minera para obligar a la Secretaría de Economía y al Servicio Geológico Mexicano a llevar a cabo los procedimientos de consulta con las comunidades cuando los proyectos afecten zonas indígenas.
During the 46th week of the year (November 12th to November 18th, 2018), at least 22 press releases were announced by companies working in Mexico. Radius, Prize Mining, Silver Viper, Riverside and Golden Minerals released advances in exploration. Sierra Metals, Mag Silver, Leagold and Starcore released quarterly reports. Telson released news on metallurgy. No financing was reported this week. Odyssey and Minera Alamos reported on advances at its properties, while Leagold presented an updated resource base. Pan American Silver and Tahoe agreed on Tahoe’s acquisition by PAS. Golden Minerals acquired a property. ON MEXICO ISSUES, CAMIMEX released figures on copper production in Mexico. ON EXPLORATION, In Sonora, Silver Viper released interesting results from the Virginia project in Sonora. Riverside informed on four new targets at its Cecilia project. In Chihuahua, Golden Minerals released rock sampling results from its Navegantes project. Radius finished drilling at the Amalia project, results pending. In Coahuila, Prize Mining released drill results from the Manto Negro project. ON MINING, Sierra Metals, Mag Silver, Leagold Mining and Starcore presented quarterly reports. Telson is investing on metallurgical studies at its Campo Morado mine in Guerrero. ON FINANCING, No relevant news. ON RESOURCES AND DEVELOPMENT, Odyssey Marine Exploration updated on the Don Diego project offshore Baja California Sur. Minera Alamos presented mapping and sampling results on the Divisadero zone of its Santana project in Sonora. Leagold announced a significant increase in open pit reserves at its Los Filos mine in Guerrero. ON DEALS AND CORPORATE ISSUES, Goldplay lost its director, Laura Diaz, as she has been appointed as General Director of Mines in Mexico. Pan American Silver entered into an agreement to acquire Tahoe Resources. Golden Minerals optioned the Navegantes property in Chihuahua.
ON MEXICO ISSUES
According to CAMIMEX (in a note from opportimes) copper production in Mexico has been stable. During 2017 the world´s copper production was 19.7 M tonnes, a 2% decrease from 2016. Mexico produced 742 K tonnes of copper in 2017, against 766 K tonnes produced in 2016, a 3.1% decrement. Sonora produces over 84% of the country’s total, with Zacatecas and San Luis Potosi following suit. Coming additions to production include El Boleo in Baja California Sur, which is to double its production to 28.5 tonnes; Media Luna in Guerrero is to add 21 K tonnes in 2022 and El Pilar project in Sonora could add 36 K tonnes in 2020.
Radius Gold Inc. completed drilling at its Amalia project in Chihuahua. Nine holes, for a total of 1,909 m were diamond drilled in a program funded by Pan American Silver under a JV. The Campamento, Guadalupe, San Pedro and Dulces Nombres targets were tested across a strike length of 1.8 Km “following the trace of a large regional fault and associated surficial epithermal gold and silver mineralization”. Results pending.
Prize Mining Corp. released results from the first four holes at the Manto Negro stratiform copper project in Coahuila. Core length drill intersections comprise 4.40 m @ 1.02% Cu, 28 g/t Ag; 3.55 m @ 1.69% Cu, 28 g/t Ag at El Granizo; 4.10 m @ 0.88% Cu, 49 g/t Ag; 3.40 m @ 1.58% Cu, 122 g/t Ag at El Pilar Grande. At El Rincon, 1.6 Km north from El Pilar Grande, rock channel sampling averaged 3.41 m @ 2.13% Cu, 63 g/t Ag.
Silver Viper Minerals Corp. released the first batch of analyses from its initial drilling program at La Virginia project, in Sonora. Results have been received for five of the eight holes from which samples were submitted, with relevant intervals comprising: 9.70 m @ 1.20 g/t Au, 58 g/t Ag (2.03 g/t AuEq), including 2.72 m @ 3.34 g/t Au, 133 g/t Ag (5.24 g/t AuEq); 12.6 m @ 1.04 g/t Au, 79 g/t Ag (2.17 g/t AuEq), including 3.85 m @ 1.88 g/t Au, 152 g/t Ag (4.05 g/t AuEq); 0.7 m @ 2.25 g/t Au, 49 g/t Ag (2.95 g/t AuEq); 8.50 m @ 1.26 g/t Au, 55 g/t Ag (2.05 g/t AuEq) including 1.89 m @ 2.43 g/t Au, 81 g/t Ag (3.58 g/t AuEq); 0.94 m @ 0.96 g/t Au, 49 g/t Ag (1.66 g/t AuEq). The reported holes were collared on Las Huatas zone, with the first two testing parallel veins to the main trend, whereas the last three tested the previously identified main trend, generally intercepting mineralization at expected depths, widths and grades. “The intercepts are characteristic of previous hits on the project, where gold and silver bearing quartz veining/stockwork/breccia fill is often hosted in close proximity to the fractured contact between andesites of the lower volcanic succession and pre-mineral dacite dykes. Mineralization is hosted by both lithologies with the intervals often exhibiting strong silica overprint”.
Riverside Resources Inc. informed rock sampling and mapping defined four new targets at its Cecilia project in Sonora. The recent work was conducted on a 50 square km area, checking on previous soil sampling results. The Casa de Piedra, Los Llanos, Cruz and Cruz II targets were outlined, forming structural corridors up to 2 km long of quartz veins (locally banded, locally bearing calcite), anastomosing quartz veins, veins and quartz stockworks that can be up to 30 m in width and locally up 100 m in width. Alteration assemblages in these zones include sericite, silica, kaolinite and buddingtonite. All these areas display anomalous gold values, of up to 2.6 g/t Au.
Golden Minerals Co. released rock sampling results from its recently optioned Navegantes project in Chihuahua. Navegantes covers two vein systems, Navegantes and San Pedro‐San Francisco) as well as a number of smaller subsidiary veins, with mineralization occurring as iron oxides within quartz veins ranging up to 2 m in width and 800 m in length. Highlighted samples comprise 1.0 m @ 1,585 g/t Ag; 1.45 m @ 759 g/t Ag; 1.1 m @ 639 g/t Au; 2.1 m @ 472 g/t Ag.
Sierra Metals Inc. presented its third quarter 2018 financial report. The company, that has two mines in Mexico and one in Peru, saw its EBITDA reduced 3% in a yearly basis to $18.8 M, due to the decrease in metal prices. At the end of the period, Sierra’s net debt was $30.7 M, and its cash and cash equivalents $30.7 M. At Bolivar in Chihuahua, quarter on quarter production was affected by heavy rains, but year on year production was still increased, with the goal of achieving 3,600 tonnes per day (tpd) in Q1 2019. At Cusi, in Chihuahua, the mill continues to run at the 650 tpd capacity. The additional mill being installed will increase capacity to 1,200 tpd early in 2019. Cash cost per CuEq Lb was $1.68 and AISC $2.35 per CuEq Lb at Bolivar, while at Cusi cash cost was $14.11 per AgEq Oz and AISC $19.08 per AgEq Oz. Surface drilling at Bolivar was 8,332 m, while 2,176 m were drilled from the underground mine. At Cusi, 6,569 m were drilled from the surface.
Mag Silver Corp. released its Q3 2018 financial results. At Juanicipio, in Zacatecas, over 16 km of underground development have been achieved, 32% of which was realized on the last nine months. Mag advanced $8.47 M to Minera Juanicipio to fund its 44% share of ongoing development. Fresnillo has reiterated production is to start by mid-2020. Exploration during the quarter completed 48 holes, for 46,060 m of drilling focused to convert inferred resources to indicated, and to trace the Deep Zone laterally and to depth. The company ended the period with cash and cash equivalents of $141.8 M.
Leagold Mining Corp. reported 2018 third quarter operating and financial results. At Los Filos in Guerrero, production totaled 42,617 Oz at AISC of $1,060 per AuOz by mining 7.4 M tonnes from the open pit at a grade of 0.65 g/t Au, and 172 K tonnes @ 6.26 g/t Au.
Starcore International Mines Ltd. reported production results for its second quarter of fiscal 2019 at its San Martin mine in Queretaro. During the quarter (ended October 31st), 81.4 K tonnes were milled @ 1.4 g/t Au, 43.5 g/t Ag, recovering 86.9% Au, 58.7% Ag, to produce 4,050 AuEq Oz. The Altiplano processing facility was put on maintenance and the sale of the asset is being considered.
Telson Mining Corp. announced its intention to retain Glencore Technology to test its patented metallurgical approach to increase zinc recoveries and zinc concentrate grade at its Campo Morado mine in Guerrero.
No Relevant News.
ON RESOURCES AND DEVELOPMENT
Odyssey Marine Exploration Inc. commented on its Q3 2018 report that a plea has been presented at the Tribunal Federal de Justicia Administrativa to oblige SEMERANAT (the Mexican environmental agency) to produce the requested environmental permit on the Don Diego offshore phosphate project in Baja California Sur.
Minera Alamos Inc. reported that mapping and surface sampling on the new Divisadero porphyry discovery at its Santana project, in Sonora. The work delineated a 200 x 300 m surface expression (still open) of the 95.7 m @ 0.85 g/t Au, 9.8 g/t Ag, 0.33% Cu drill intercept of porphyry style mineralization of a previous press release. Over 50% of 66 rock samples collected assayed between 0.1 and 2.2 g/t Au, with mineralization appearing to remain open under thin soil cover to the north and south. The Divisadero zone is 200 m north of the Nicho Norte breccia pipe.
Leagold Mining Corp. announced a significant increase in open pit mineral reserves at its Los Filos mine in Guerrero. Proven and probable reserves grew 122% compared with the 351 K Oz Au of December 2017, to reach 780 K Oz Au, contained in 40.5 M tonnes @ 0.60 g/t Au.
ON DEALS AND CORPORATE ISSUES
Goldplay Exploration Ltd. congratulated “its director, Ms. Laura Cristina Diaz Nieves, on her appointment as the next General Director of Mines in Mexico. As a result of this appointment, Ms. Diaz Nieves is required to relinquish her position as director of the Company at the end of this month” (San Marcial, Sinaloa).
Pan American Silver Corp. and Tahoe Resources Inc. entered into a definitive agreement for Pan American to acquire all of the outstanding shares of Tahoe, creating the world’s premier silver mining company. “Tahoe shareholders may elect to receive US$3.40 in cash or 0.2403 Pan American shares for each Tahoe share, subject in each case to pro-ration based on a maximum cash consideration of US$275 million and a maximum number of Pan American shares issued of 56.0 million, totaling US$1,067 million (the “Base Purchase Price”). The Base Purchase Price represents a premium of 34.9% to Tahoe’s volume weighted average price (“VWAP”) for the 20-day period ending on November 13, 2018……. At closing, existing Pan American and Tahoe shareholders will own approximately 73% and 27% of Pan American, respectively” (La Colorada, Zacatecas; El Escobal, Guatemala).
Golden Minerals Co. announced the acquisition of the 521 hectares, covered by six concessions, Navegantes property in Chihuahua. Golden holds an option to purchase six concessions totaling 521 hectares by paying $0.4M over three years.