Highlights on the Second Week of August, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 32nd week of the year (August 6th to August 12th, 2018), at least 16 press releases were announced by companies working in Mexico. Sable, Oroco, Millrock and One World Lithium updated on exploration advances. Hecla, Torex, Golden Minerals, Argonaut, Alio and Odyssey Marine Exploration released Q2 2018 reports. HarvestGold closed the final tranche of a financing round. Hecla, Alio and Consolidated Zinc reported advances on the development or exploration of their resource base. Three companies announced deals on projects, or company mergers. ON MEXICO ISSUES, The Mexican Core Shack now counts with displays from three properties in Chihuahua and two in Durango. The newly elected president of Mexico seems to have mining development as one of its 25 key projects. ON EXPLORATION, In Sonora, Millrock reported drill results from its Navidad project. In Chihuahua, Sable Resources released wide, high-grade silver intercepts from its Margarita property. In Sinaloa, Oroco received the title for a concession on the Santo Tomás district. In Baja California, One World Lithium is preparing to drill its Salar del Diablo project.   ON MINING Hecla, Torex gold, Golden Minerals, Alio Gold, Argonaut and Odyssey Mineral Exploration released Q2 2018 reports.  ON FINANCING, Harvest Gold closed the final tranche of its non-brokered private placement, accruing C$857 K in gross proceeds. ON RESOURCES AND DEVELOPMENT, Hecla, Alio Gold and Consolidated Zinc reported on actions and programs to affect their resource estimates or development to mining. ON DEALS AND CORPORATE ISSUES, Golden Reign and Marlin Gold reported on their merger agreement, Megastar closed a deal on three properties in Oaxaca and San Marco optioned the Chunibas project in Oaxaca to Antofagasta.

ON MEXICO ISSUES

  • The Mexican Core Shack added images of drill core from Hecla’s San Sebastian project in Durango, at https://gambusinoprospector.com/mexican-core-shack/durango/san-sebastian/ . The Mexican Core Shack now displays three properties in Chihuahua and two in Durango.
  • The newly elected president of Mexico, Andrés Manuel López Obrador, presented 25 priority projects for his coming tenure, one of which is mining development, on a meeting with the Colegio de Ingenieros Civiles de México (Civil Engineers Association of Mexico), the Unión Mexicana de Asociaciones de Ingenieros A.C. and the Engineering Faculty of the Universidad Autónoma de México (UNAM). Carlos Slim was among the cohort of industry leaders in the luncheon held at the Palacio de Minería (Mining Palace) in Mexico City. No details were exposed.

ON EXPLORATION

  • Sable Resources Ltd. released results from a third drill hole on the Margarita vein of its Margarita property in Chihuahua (near Sunshine’s Los Gatos property). The most recent intercept confirms vein continuity over 500 m of longitude. The vein was intercepted 40 m from surface, returning 12.4 m @ 514 g/t AgEq (with Pb and Zn credits, no details released), including 4.10 m @ 902 g/t AgEq, which includes 1.0 m @ 1,048 g/t AgEq and 1.05 m @ 1,035 g/t AgEq. Other five holes have been finished, with similar vein textures having been intersected across similar widths down to a depth of 100 m from surface.
  • Oroco Resources Corp. announced that the Papago 17 concession in Sinaloa has been granted by the government, and the company is now to register its 77.5% interest (got on a deal with a private owner) in the Mexican Public Registry of Mining. The 213 ha Papago 17 concession lies south from the Santo Tomás porphyry copper project, and contains quartz monzonite dikes and hornfelsed andesite.
  • Millrock Resources Inc. reported second phase drilling results from its Navidad project in Sonora. The program focused on targets identified by soil and rock sampling, geophysical surveys and trenching, as well as the Crossover and El Cobre prospects. In total 2,969 m in 14 holes were drilled. Highlighted core length intercepts include 3.9 m @ 1.78 g/t Au; 12.5 m @ 1.14 g/t Au; 8.0 m @ 0.46 g/t Au; 6.3 m @ 0.39 g/t Au, 3.3 m @ 3.84 g/t Au; 8.7 m @ 0.43 g/t Au, 9.0 m @ 0.39 g/t Au; 5.5 m @ 0.72 g/t Au; 8.5 m @ 0.39 g/t Au; 2.6 m @ 1.73 g/t Au; 6.3 m @ 0.43 g/t Au; 7.9 m @ 2.34 g/t Au; 6.0 m @ 0.45 g/t Au; 17.4 m @ 1.61 g/t Au; 9.2 m @ 0.71 g/t Au.
  • One World Lithium Inc. has accepted the Lithium Partnership’s final report summarizing pre-drilling programs for its Salar del Diablo project in Baja California. Eleven drill hole locations have been selected to test the three geophysical anomalies and two geochemical targets. One World intends to commence drilling on the latter part of October 2018.

ON MINING

  • Hecla Mining Co. reported second quarter 2018 results, including figures from its San Sebastian project in Durango, where 559,647 Oz Ag, 3,872 Oz Au were produced during the period. The mill operated at an average of 415 tpd (tons per day). Cash cost was $9.79 per Ag Oz and AISC $17.15 per Ag Oz, reflecting the higher cost of transitioning from open pit to underground mining. “A reduction in per ounce costs is expected in the second half of the year as underground production continues to ramp up”.
  • Torex Gold Inc. reported its financial results for the second quarter 2018. Mine production at Limon-Guajes totaled 7.15 Mt (tonnes), averaging 78,629 tpd (tonnes per day) of which 1.28 Mt was ore processed at 11,140 tpd. Mined ore averaged 2.45 g/t Au and processed ore 2.86 g/t Au, for the production of 78,796 Oz Au, with 87% Au recovery in the period and cash cost of $680 per Oz Au and AISC of $1,017 per Oz Au. Cash held at the end of the period was $117.9 M.
  • Golden Minerals Co. announced financial results for the second quarter 2018. During the quarter Golden reported final drill results from the Santa Maria project (Chihuahua) 2017-2018 drill program and announced the preparation of an updated technical report and preliminary economic assessment (PEA). In August 2018, Golden entered into a non-binding letter of intent with The Electrum Group LLC upon which Electrum is to purchase Golden’s remaining interest in the Celaya property in Guanajuato for a payment of $3 M. Cash and cash equivalents stood at $2.5 M at the end of the period.
  • Argonaut Gold Inc. released financial results for the second quarter 2018. During the period the company produced 38,441 GEOs (Gold equivalent ounces) at cash cost $704 per Oz Au and AISC of $832 per Oz Au. At El Castillo, in Durango, 2.22 Mt (tonnes) of waste, and 2.15 Mt (tonnes) were moved, with 2.12 Mt ore @ 0.37 g/t Au crushed to the pads to produce 10,079 Oz Au, 8,111 Oz Ag at cash cost $992 per Au Oz. At San Agustin in Durango, 618 Kt of waste, 1.85 Mt of ore were moved, with 1.88 Mt of ore @ 0.36 g/t Au crushed to the pads to produce 15,528 Oz Au, 55,781 Oz Ag. At La Colorada, in Sonora, 1.81 Mt of waste, 1.06 Mt of ore were moved (32 K tpd), with 1.14 Mt of ore @ 0.36 g/t Au crushed to leach pads to produce 11,503 Oz Au, 29,360 Oz Ag at cash cost $833. “The Company expects the third quarter 2018 will see lower production due to the lower grades stacked on the leach pad during the second quarter 2018 and also expects higher costs during the third quarter 2018 associated with drilling, blasting and hauling costs for normal state operations”.” While the Company’s explosives permit has been reinstated at La Colorada, the legal action brought against the Secretary of National Defense and the Municipality of La Colorada continues through the Judiciary court process”.
  • Alio Gold Inc. reported second quarter 2018 results. The San Francisco mine in Sonora produced 14,466 Oz Au, 7,661 Oz Ag at by-product cash cost $950 per Oz Au, while AISC was $1,172 per Oz Au. The Company is reducing stripping and focuses mining on more profitable ounces to maintain cash neutral operations. As a result of the reduced stripping, the ”production guidance of 90,000 to 100,000 ounces of gold for 2018 will not be met.” At Ana Paula in Guerrero, all development work including the construction of the underground decline, the completion of the feasibility study and further exploration have been temporarily suspended as result of the recent decline in the gold price.
  • Odyssey Marine Exploration Inc. reported second quarter 2018 results. “Odyssey holds a controlling interest in Oceanica Resources, S. de R.L., and ExO, a subsidiary of Oceanica. ExO controls exclusive 50-year mining permits in an area in Mexican waters that contains a large amount of phosphate mineralized material”.” On March 21, 2018, the 11-judge panel of the Superior Court of the Federal Court of Administrative Justice in Mexico ruled unanimously in favor of ExO, nullifying the original denial of the environmental permit application.“ (Don Diego, Pacific Ocean cost of Baja California Sur)

ON FINANCING

  • Harvest Gold Corp. closed a fourth and final tranche of its non-brokered private placement to raise CDN$200 K for a total of CDN$857 K gross proceeds. “The Company paid finder’s fees of 8% cash and 8% warrants to Canaccord Genuity Corp. on certain funds”. Harvest delivered $700 K to Evrim Resources Corp. to fund the Cerro Cascaron project (in Chihuahua) drill program of up to 3,000 m, beginning the third week of September.

ON RESOURCES AND DEVELOPMENT

  • Hecla Mining Co. reported on brownfield exploration on its mining units, including on the San Sebastian project in Durango, where it continues to expand high-grade polymetallic zones on the Middle and Francine veins. Additional oxide mineralization is being defined along the Professor and East Francine veins. On the Francine vein mineralization has been traced for over 360 m on surface, and over 240 at depth, but once incorporated the newly defined East Francine vein the total strike length of continuous mineralization along the Francine Vein exceeds 2,400 m and can be traced to a depth of over 600 m. Proven and probable reserves stand at 398 K tons @ 3.42 g/t Au, 432 g/t Ag, containing 43,000 Oz Au, 5.52 M Oz Ag and Measured and Indicated resources of 1.5 M tons @ 2.25 g/t Au, 186 g/t Ag, 2.9% Pb, 3.8% Zn, 1.7% Cu, containing 103,000 Oz Au, 8.8 M Oz Ag, 15,520 tons Pb, 20,350 tons Zn, 9,020 tons Cu.Hecla-Q2-2018-ExplorationUpdate1 - copia
  • Alio Gold Inc. informed on the update of mineral reserve estimates at its San Francisco mine in Sonora. “Mining depletion of Mineral Reserves was partly offset by expansion of the reserves in Phases 6 through 9 of the San Francisco Pit. Total proven and probable mineral reserves totaled 854,472 ounces of gold (55.5 million tonnes at 0.49 g/t) as of July 1, 2018, an approximate decrease of 74,228 ounces of gold or 8% from April 1, 2017.”
  • Consolidated Zinc Ltd. informed on its plan to start pilot plant production at its Plomosas project in Chihuahua. The mining scoping studies focus on sulfide mineralization of the updated resource, starting with a 20,400 tonnes indicated resource @ 13.8% Zn, 2.4% Pb. The capital cost is expected to be low, including plant refurbishment and tailings dam upgrade.

ON DEALS AND CORPORATE ISSUES

  • Golden Reign Resources Ltd. and Marlin Gold Mining Ltd. Entered into a definitive agreement to combine businesses and amend stream agreement with Sailfish Royalty Corp. Golden Reign will acquire all of the issued and outstanding shares of Marlin and satisfaction of all closing conditions of the business combination by way of plan of arrangement. As a condition to closing the Transaction, Sailfish has agreed to restructure its existing gold stream on San Albino (La Trinidad, Sinaloa).
  • Megastar Development Corp. closed the transaction to acquire 100% interest on the Rama de Oro, Magdalena and Yautepec projects in Oaxaca. Megastar paid USD$45 K and issued 1.5 M common shares to Minera Zalamera S.A. de C.V., as contemplated in the option agreement. “Furthermore, Mr. David M. Jones, president of Minera Zalamera, has been appointed to the board of directors of Megastar.”
  • San Marco Resources Inc. signed an earn-in agreement with Antofagasta plc on the Chunibas project, located in Sonora. Antofagasta can acquire a 70% interest in the project by spending US$8 M in exploration, and making cash payments on the aggregate of US$200 K over a period of 4 years. A firm commitment of US$700 K will be used primarily for an initial drill program, including $100 K of reimbursement to San Marco of recent exploration expenditures. “The Project consists of stratiform, volcanic hosted coppersilver mineralization, similar to several ore deposits in northern Chile and is a style of mineralisation not previously discovered in Mexico.”

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 below, open cut in one of the structures of the Pozos District, Guanajuato. Picture by Jorge Cirett.

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Highlights on the Fourth Week of July, 2018. Mining and Exploration News in Mexico

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Derelict buildings on the Pozos District, Guanajuato.

By Jorge Cirett

During the 30th week of the year (July 23rd to July 29th, 2018), at least 14 press releases were announced by companies working in Mexico. Canasil, Endeavour Silver, Goldcorp and Sable updated on exploration advances. Fresnillo, Coeur and Agnico Eagle released Q2 2018 reports. Silver Bull closed the initial tranche of a financing round. Mexican Gold, SilverCrest Metals, Endeavour Silver, Coeur Mining, Agnico Eagle, Excellon and Minera Alamos reported advances on the development or exploration of their resource base. ON MEXICO ISSUES, The Mexican Core Shack now counts with displays from three properties in Chihuahua. ON EXPLORATION, In Chihuahua, Sable Resources released drilling results with good silver values from its Margarita property. In Zacatecas Canasil released drilling results from the Esperanza project; Endeavour Silver published drilling results from the Calicanto property; Goldcorp disclosed exploration efforts at its Santa Rosa project and the recent signing of a JV with Frisco to explore the Mazapil Valley.  ON MINING Fresnillo, Coeur Mining and Agnico Eagle released Q2 2018 reports. ON FINANCING, Silver Bull closed the initial tranche of a financing round, gathering $2.83 M. ON RESOURCES AND DEVELOPMENT, Mexican Gold, SilverCrest, Endeavour Silver, Coeur Mining, Agnico Eagle, Excellon and Minera Alamos updated on exploration efforts to  increase the resource base at their properties. ON DEALS AND CORPORATE ISSUES, No relevant news.

ON MEXICO ISSUES

ON EXPLORATION

  • Canasil Resources Inc. released results from one more drill hole at its Esperanza project in Zacatecas. The samples returned 1.92 m (true width, or TW) @ 190 g/t Ag, 0.13 g/t Au, 1.35% Zn, 0.22% Pb, 0.06% Cu, within 12.20 m @ 68 g/t, 0.11 g/t Au, 1.0 % Zn, 0.17% Pb, 0.07% Cu. This intercept is 225 m below the surface, 50 m below and 25 m by the side of a previous intercept, opening the southeast extension of the La Esperanza vein for additional drilling. “Drilling has traced the La Esperanza vein over a strike distance of 425 metres and to a depth of 350 metres and remains open for expansion both to the northwest and southeast along strike and to depth”.
  • Endeavour Silver Corp. published drilling results from the Calicanto, Santa Fe and Misie-Karla veins at the Calicanto property in Zacatecas. Some of the highlighted results comprise: 1.2 m (TW) @ 10.5 g/Au, 42 g/t Ag; 1.0 m @ 4.39 g/t Au, 20 g/t Ag; 1.0 m @ 2.65 g/t Au, 15 g/t Ag; 0.8 m @ 0.26 g/t Au, 498 g/t Ag; 0.9 m @ 7.38 g/t Au, 141 g/t Ag; 2.7 m @ 2.05 g/t Au, 120 g/t Ag; 1.3 m @ 5.79 g/t Au, 121 g/t Ag; 1.1 m @ 5.54 g/t Au, 269 g/t Ag; 1.0 m @ 0.30 g/t Au, 589 g/t Ag. The Calicanto property is located close to El Compas mine, potentially providing further growth to the new operation.
  • Goldcorp Inc. informed on its exploration efforts in Mexico. At its Santa Rosa project in Zacatecas, 7,624 m of diamond drilling have been completed in the first half of 2018, with 2,121 m in the second quarter. Santa Rosa “is interpreted as a quartz porphyry complex intruding a contemporaneous volcanic pile underlain by Lower Jurassic to Upper Cretaceous carbonate stratigraphy”. Drilling continues “to intersect broad low grade gold mineralization associated with dacitic porphyry dykes as well as high grade skarn style mineralization in adjacent carbonate rocks…”. On June 20, 2018, Minera Frisco, S.A.B. and Goldcorp entered into a JV arrangement to amalgamate 23,300 ha of exploration ground on the Mazapil Valley, with Goldcorp as manager overseen by a technical committee with equal representation. Drilling of the near-mine JV target Santa Cruz was commenced on the second quarter.
  • Sable Resources Ltd. Released results from two drill holes on the Margarita vein at its Margarita property in Chihuahua. Results confirm vein strike continuity for at least 500 m to a depth of 50 m from surface. True width of the intervals is estimated to be 90% of the intercept, comprising 4.25 m @ 430 g/t Ag, 0.18% Pb, 0.66% Zn; 8.70 m @ 169 g/t Ag, 0.12% Pb, 0.59% Zn; 4.35 m @ 30 g/t Ag, 1.06% Pb, 0.56% Zn. Systematic drill testing will continue “along the 1.6 km of known extension of the Margarita vein and along the other three veins identified within the property limits”.

ON MINING

  • Fresnillo PLC. released second quarter production results for 2018, period during which 234 K Oz Au and 15.34 M Oz Ag were produced. At the Fresnillo mine in Zacatecas 3.8 M Oz Ag, 10,953 Oz Au, 5,052 tonnes Pb, 7,979 tonnes Zn were produced from treating 620.9 K tonnes of ore @ 211 g/t Ag, 0.70 g/t Au, 0.9% Pb, 1.74% Zn. At the Saucito mine in Zacatecas, 5.23 M Oz Ag, 22,908 Oz Au, 5,327 tonnes Pb, 7,549 tonnes Zn were produced by processing 723.3 K tonnes of ore @ 263 g/t Ag, 1.28 g/t Au, 0.86% Pb, 1.64% Zn. At the Ciénega mine in Durango, 16,689 Oz Au, 1.52 M Oz Ag, 1,352 tonnes Pb, 1,231 tonnes Zn were produced by milling 330.9 K tonnes of ore @ 1.65 g/t Au, 166 g/t Ag, 0.67 % Pb, 0.77 % Zn. At San Julián in Chihuahua, production comes from two sources: phase I veins and phase II veins (disseminated). From phase I veins 19,584 Oz Au, 1.26 M Oz Ag, were produced from processing 289.8 K tonnes @ 2.12 g/t Au, 144.6 g/t Ag. From phase II veins (disseminated) 513 Oz Au, 2.27 M Oz Ag, 1,493 tonnes Pb, 5,254 tonnes Zn were produced by treating 540.3 K tonnes of ore @ 0.07 g/t Au, 156.7 g/t Ag, 0.42% Pb, 1.26% Zn. At La Herradura mine in Sonora, 117,886 Oz Au, 363 K Oz Ag were produced by processing 5.6 M tonnes of ore (33.6 M tonnes hauled) @ 0.76 g/t Au, 2.6 g/t Ag. At Nochebuena in Sonora, 45,308 Oz Au, 18 K Oz Ag were produced by treating 4.55 M tonnes of ore (22 M tonnes hauled) @ 0.54 g/t Au, 0.18 g/t Ag
  • Coeur Mining Inc. reported second quarter 2018 financial results, including figures from its operations In Mexico. At Palmarejo in Chihuahua, 33,702 Oz Au, 2.07 M Oz Ag were produced by milling 344 .1 K tonnes of ore @ 3.42 g/t Au, 213.4 g/t Ag, with recoveries of 89.9% Au, 87.5% Ag.
  • Agnico Eagle Mines Ltd. reported second quarter 2018 results, with figures from its Mexican operations. At Pinos Altos in Chihuahua, 603 K tonnes were processed at a rate of 6.626 tpd (tonnes per day) @ 2.43 g/t Au, to produce 43,646 Oz Au at a production cost of $796 per OZ Au. “In 2018, Pinos Altos is transitioning into a predominantly underground mining operation, with associated higher costs”. At La India in Sonora, 1.56 M tonnes of ore were processed at a rate of 17,099 tpd @ 0.65 g/t Au at a total cash cost of $691 per Au Oz. At the satellite operation Creston Mascota 255 K tonnes of ore were processed at a rate of 2,802 tpd @ 0.51 g/t Au to produce 8,716 Oz Au at a total cash cost of $978 per Au Oz.

ON FINANCING

  • Silver Bull Resources Inc. closed the initial tranche of its private placement for gross proceeds of $2.83 M. An aggregate cash commission on the initial tranche of $184 K was paid (Sierra Mojada, Coahuila).

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Corp. reported results from continued sampling at historical mines on the Changarro zone of its Las Minas property in Veracruz. The Changarro – La Perdida zone is 600 m East of the current resource, extends more than 400 m by 850 m on surface, and contains proximal (garnet-magnetite-sulfide) and distal (jasperoid-magnetite-tremolite-wollastonite) skarn mineralization. Highlighted results include 2 m @ 5.1 g/t Au, 14 g/t Ag; 2 m @ 5.0 g/t Au, 2 g/t Ag; 1.4 m @ 11.1 g/t Au, 1 g/t Ag; 2 m @ 27.3 g/t Au, 12 g/t Ag; 2 m @ 16.7 g/t Au, 12 g/t Ag; 2 m @ 7.8 g/t Au, 3 g/t Ag.
  • SilverCrest Metals Inc. released drilling results from the drilling of the Babicanora Norte vein at its Las Chispas property in Sonora. Some of the highlighted intercepts (TW) comprise: 2.2 m @ 61.4 g/t Au, 2,833 g/t Ag (including 0.4 m @ 305 g/t Au, 13,889 g/t Ag); 1.4 m @ 1.88 g/t Au, 206 g/t Ag; 1.2 m @ 2.89 g/t Au, nil Ag; 1.3 m @ 1.50 g/t Au, 176 g/t Ag; 1.4 m @ 51.43 g/t Au, 2,838 g/t Ag (including 0.4 m @ 153.5 g/t Au, 7,430 g/t Ag); 2.1 m @ 6.54 g/t Au, 795 g/t Ag. Argentite, native silver, chalky white silver oxides, free gold, acanthite and polybasite (Las Chispas is a famous site locality for polybasite crystals) have been identified in the mineralized intervals. The vein has now high-grade intercepts over 900 m of longitude and 75 to 125 m in height. A new unnamed vein between the Babicanora and Babicanora Norte veins has also been identified, returning 0.5 m @ 2.43 g/t Au, 182 g/t Ag; 0.5 m @ 2.80 g/t Au, 198 g/t Ag.
  • Endeavour Silver Corp. informed that the El Compas mine in Zacatecas currently has an output of 250 tonnes per day (tpd). The La Plata mill has completed commissioning, and ramp up has taken production to 170 tpd, aiming to end July with a 250 tpd throughput. Management forecasts commercial production will be achieved during the current quarter.
  • Coeur Mining Inc. informed that, at its Palmarejo property in Chihuahua, as many as four rigs continued targeting expansion of the Nacion and Zapata resources and definition of the recently-discovered Madero and Rampa veins and the Jacobo and Portales veins. “Up to three rigs focused on capitalized, resource conversion drilling at Independencia and Guadalupe. Both expansion and conversion drilling levels are expected to continue at the current accelerated pace throughout the second half of the year”.
  • Agnico Eagle Mines Ltd. informed that its Pinos Altos mine in Chihuahua is transitioning into a predominantly underground mining operation with associated higher costs, reason for which the development of satellite deposits is key to the operation. During the Q2 development of the Sinter and Cubiro satellite deposits continued, with Sinter envisaged as an underground an open pit operation and Cubiro as an underground operation with the potential to supply high-grade ore. Other deposit, Reyna de Plata, hosts 110 K Oz Au, 3.9 M Oz Ag (5.8 M tonnes @ 0.59 g/t Au, 21 g/t Ag) at open pit depth, as well as 93 K Oz Au, 1.4 M Oz Ag (1.2 M tonnes @ 2.35 g/t Au, 35 g/t Ag) at underground depth. “There is growth potential down-dip from the 2.5-kilometre-long deposit and along an additional 1.5 kilometres of structure immediately to the east of the deposit”. “Recent results at Madrono are encouraging for the potential of open pit deposits in the Madrono, Santa Martha and Madera veins, as well as significant high gold grades supporting a potential underground mining scenario”.
  • Agnico Eagle Mines Ltd. disclosed that exploration for satellites deposits to its La India mine in Sonora is focusing ate the El Realito zone, 1.5 Km to the NE. Initial indicated mineral resources of 112 K Oz Au, 643 K Oz Ag (5.0 M tonnes @ 0.70 g/t Au, 4 g/t Ag and inferred resources of 18 K Oz Au, 97 K Oz Ag (1.4 M tonnes @ 0.40 g/t Au, 2 g/t Ag) have been declared. In here mineralization is associated to steep parallel structural corridors of breccia that brought precious metals into favorable volcanic rock layers. El Realito remains open to the NE and SW.
  • Agnico Eagle Mines Ltd. acquired the 42,000 ha Santa Gertrudis gold property in Sonora in November 2017. “Three favorable geological trends with a potential strike length of 18 kilometres have been identified on the property with limited drilling between deposits”. To the end of Q2 2018, 9,152 m have been drilled in 54 holes mainly in three zones: Corral, Greta and Cristina (more than 4 km apart from each other). Some of the highlighted results include: At Greta, 9.4 m @ 4.7 g/t Au, 18 g/t Ag; 7.5 m @ 1.1 g/t Au; 9.9 m @ 5.3 g/t Au; 6.8 m @ 0.4 g/t Au, 15 g/t Ag; 4.4 m @ 1.2 m g/t Au, 13 g/t Ag. At Cristina, 69.7 m @ 1.0 g/t Au, 5 g/t Ag; 40.8 m @ 0.9 g/t Au, 8 g/t Ag. At Corral, 21.5 m @ 0.9 g/t Au, 2 g/t Ag; 7.7 m @ 1.5 g/t Au, 15 g/t Ag; 13.3 m @ 2.1 g/t Au, 9 g/t Ag.
  • Agnico Eagle Mines Ltd. informed that on the first half of 2018 57 diamond drill holes (19,124 m) were completed at its El Barqueño property in Jalisco. “Approximately 35,000 metres of drilling is expected to be completed in 2018 at the El Barqueno project, with a principal focus on testing new target areas. Exploration expenditures in 2018 are expected to total approximately $9.7 million”.
  • Excellon Resources Inc. announced an updated mineral resource estimate for the Platosa mine in Durango. The updated resource includes 17,120 m of additional surface and underground drilling completed from August 2016 to March 2018. Indicated resources comprise 485 K tonnes @ 549 g/t Ag, 5.6% Pb, 5.9% Zn, containing 8.56 M Oz Ag, 59.7 M Lb Pb, 62.9 M Lb Zn; inferred resources comprise 13 K tonnes @ 516 g/t Ag, 4.7% Pb, 6.5% Zn, containing 216 K Oz Ag, 1.34 M Lb Pb, 1.86 M Lb Zn. Two diamond rigs are testing near mine targets to the north and west of the mine. At the Jaboncillo target, detailed mapping, surface sampling and an initial 3D induced polarization survey were carried out during the second quarter.
  • Minera Alamos Inc. submitted to SEMARNAT (environmental agency) the studies to expand its Santana project operations in Sonora. Granting of the permit will provide the flexibility to go from a bulk mining test to commercial scale once the production decision is made.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. 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.

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On the picture above, derelict buildings on the Pozos District, Guanajuato. Picture by Jorge Cirett.

Highlights on the Second Week of July, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 28th week of the year (July 9th to July 15th, 2018), at least 23 press releases were announced by companies working in Mexico. Three companies updated on exploration advances. one company announced a financing round while another tries to extend the period for exercise of warrants. Seven companies released Q2 production results and two others a PEA on its properties. Seven companies released advances on the development or exploration of their resource base, and finally one company announced the appointment of its Vice-president Exploration and one other company the optioning of a property to a third party, and returning another to the underlying owner. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Ridgestone Mining completed an IP survey on its Rebeico property. In Chihuahua Golden Goliath resumed exploration on its San Timoteo project, and in Veracruz Mexican Gold released rock chip sampling results from its Las Minas project.  ON MINING Torex Gold, Endeavour Silver, Great Panther, Capstone, Excellon, Premier Gold and Hecla released second quarter results on production. Sierra Metals released a PEA on a projected production increment at its Bolivar mine in Chihuahua.  ON FINANCING, Prize Mining closed the first tranche of a non-brokered private placement. Candente Gold applied to extend the expiration period of warrants issued on a previous financing. ON RESOURCES AND DEVELOPMENT, Santacruz Silver, SilverCrest, Avino Silver, Kootenay Silver and Golden Minerals released drilling or exploration results on their properties with resources. Orla Mining released a PEA on its Camino Rojo Property in Zacatecas. ON DEALS AND CORPORATE ISSUES, Discovery Metals announced the appointment of Gernot Wober as VP Exploration. Riverside Resources optioned its La Silla property (in Sinaloa) to Sinaloa Resources, and returned the Glor property (in Sonora) to underlying owner Argonaut Gold, after two unsuccessful drill campaigns by Centerra Gold.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Golden Goliath Resources Ltd. reported the commencement of its summer exploration program at its San Timoteo property in the Uruachic district of Chihuahua. San Timoteo hosts the longest mining tunnel in the district, with mapping and sampling having defined three ore shoots and a manto horizon within it. No exploration has been carried below the level of the tunnel, and the workings are interpreted to be above the boiling zone of an epithermal system, hence the possibility of potential bonanza grades down dip.
  • Mexican Gold Corp. released high grade sampling results from the Pueblo Nuevo area of its Las Minas projects in Veracruz. Multiple new vein occurrences have been discovered in the Pueblo Nuevo Valley structural corridor. The veins “show characteristics of mesothermal quartz veins”, generally 20 to cm in width, sub-vertical dips and no post mineral deformation. The dioritic host rock displays argillic alteration and sulfides up to one meter on each side of the veins. Chip sampling results include 0.43 m @ 7.87 g/t Au, 74 g/t Ag, 3.5% Zn; 0.30 m @ 6.14 g/t Au, 60 g/t Ag, 5.3% Zn; 0.50 m @ 19.18 g/t Au, 229 g/t Ag, 2.25% Zn; 0.3 m @ 4.33 g/t Au, 30 g/t Ag, 1.1% Zn; 0.15 m @ 16.17 g/t Au, 101 g/t Ag, 0.6% Cu, 14.6% Zn; 0.60 m @ 3.18 g/t Au, 17 g/t Ag, 3.5% Zn; 0.40 m @ 4.11 g/t Au, 22 g/t Ag; 0.45 m @ 19.41 g/t Au, 148 g/t Ag, 1.5% Cu, 0.8% Zn; 0.60 m @ 19.26 g/t Au, 70 g/t Ag, 2.3% Zn; 0.75 m @ 10.12 g/t Au, 30 g/t Ag.
  • Ridgestone Mining Inc. completed an induced polarization (IP) geophysical survey at its Rebeico Au-Cu project in Sonora. The survey comprised nine lines of IP, each 2 km long, for a total of 18 line kilometers spaced 200 m apart, covering an area of 1.6 by 2.0 km. Ridgestone has an option to acquire 100% interest in the project (subject to a 2% NSR) from YQ Gold de Mexico S. de R.L. (a Mexican corporation). The property covers 167 hectares, and includes the Alaska mine, which has old workings of up to 70 m of depth.

ON MINING

  • Torex Gold Resources Inc. released second quarter production results for 2018, period during which 80 K Oz Au were produced at its Limon-Guajes mine in Guerrero. Production has been ramping up, with 9 K tones per day (tpd) on April, 11 K tpd on May and 13 K tpd on June. The SART plant produced its first copper precipitate, with the operations team now taking the plant to full production. The updated technical report on El Limon-Guajes and Media Luna project is to be completed in late July/early August.
  • Sierra Metals Inc. announced the results of a preliminary economic assessment (PEA) on its Bolivar mine in Chihuahua, with the report being filed within 45 days. The PEA includes a net present value (NPV) of US$214 M at 8% discount rate, a return on investment (ROI) of 550%, on 3-4 years payback period and a net after-tax cash flow of US$303 M. The plant is to process 5 K tpd at recovery rate of 85% Cu to produce 252.5 M Lb Cu on 11 years of mine life on the existing mineral resource estimate. The longhole stoping method is to be used for mining.
  • Endeavour Silver Corp. reported production results for the second quarter 2018. At Guanaceví, in Durango, 71.3 K tonnes were produced @ 225 g/t Ag, 0.67 g/t Au, recovering 90.2% Ag, 92.7% Au to obtain 464.9 K Oz Ag, 1,423 Oz Au. At Bolañitos, in Guanajuato, 108.5 K tonnes were milled @ 91 g/t Ag, 1.82 g/t Au, recovering 78.3% Ag, 82.3% Au, to obtain 248.6 K Oz Ag, 5,222 Oz Au. At El Cubo, in Guanajuato, 134.5 K tonnes were milled @ 171 g/t Ag, 1.92 g/t Au, recovering 86.8% Ag, 84.6% Au, to obtain 642.4 K Oz Ag, 7,029 Oz Au. Consolidated production was 1,355.9 K Oz Ag, 13,674 Oz Au. The El Compas mine in Zacatecas is on track to commence commercial production by the end of July at the target capacity of 250 tpd.
  • Great Panther Silver Mines Ltd. reported production results for the second quarter 2018. At the Guanajuato Mine Complex, in Guanajuato, 77 K tonnes were processed @ 127 g/t Ag, 2.40 g/t Au, recovering 87.7% Ag, 88.2% Au to obtain 276.6 K Oz Ag, 5,240 Oz Au. At Topia, in Durango, 18.1 K tonnes were milled @ 371 g/t Ag, 0.69 g/t Au, recovering 93.9% Ag, 63.1% Au, to obtain 203.1 K Oz Ag, 253 Oz Au. Consolidated production of 95.2 K tonnes milled produced 479.8 K Oz Ag, 5,492 Oz Au, 480 tonnes Pb, 528 tonnes Zn.
  • Capstone Mining Corp. released production results for the second quarter of 2018, including figures from its Mexican operations. At Cozamin, in Zacatecas, 227.6 K tonnes were mined, 224.2 K tonnes milled (4,464 tpd) @ 1.66 % Cu, 1.04% Zn, 0.29% Pb, 45.3 g/t Ag. Recovery was 94.6% Cu, 66.4% Zn, 48.1% Pb, 77.5% Ag, to produce 13,581 tonnes of copper concentrate @ 25.9% Cu, 517 g/t Ag; 3,529 tonnes of zinc concentrate @ 47.5% Zn and 494 tonnes of lead concentrate @ 62.3% Pb, 1,717 g/t Ag.
  • Excellon Resources Inc. announced second quarter 2018 production results from its Platosa mine in Durango. Silver equivalent (AgEq) production increased 120% to 637.2 K Oz AgEq on Q2 2017 figures. 16.1 K tonnes were mined, 22.9 K tonnes milled @ 415 g/t Ag, 4.6% Pb, 6.7% Zn with recoveries of 89.6% Ag, 80.2% Pb, 82.2% Zn to produce 277.7 K Oz Ag, 1.85 M Lb Pb, 2.81 M Lb Zn, or 637.2 K Oz AgEq. Low-grade historical stockpiles and sump material with minimal associated mining cost continued to be processed. An AISC of less than $10 per Ag Oz was achieved.
  • Premier Gold Mines Ltd. released second quarter 2018 production results, including figures from its operations in Mexico. At Mercedes, in Sonora, 13,780 Oz Au, 44,366 Oz Ag were produced during the period. Production was impacted through the first half of the year owing to delays in the development of the Diluvio and Rey de Oro deposits. “Reinterpretation of the Diluvio ore shapes required changes to the stope designs. Mining in Rey de Oro was delayed by permitting requirements for the ventilation system”.
  • Hecla Mining Co. released preliminary results for the second quarter of 2018, including figures from its Mexican operations. At San Sebastian in Durango, 0.6 M Oz Ag, 3,872 Oz Au were produced in the period. The mill operated at an average of 415 tpd.

ON FINANCING

  • Prize Mining Corp. closed the first tranche of its non-brokered private placement for gross proceeds of $6.5 M. No finder’s fees were paid as part of this transaction. (Mercedes, Sonora).
  • Candente Gold Corp. has applied to extend the exercise period of 5 M outstanding share purchase warrants issued at a private placement in August 2016. “The original expiry date was August 12, 2018 and if the extension is approved, the new expiration date will be August 12, 2020”.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc. released a new mineral reserve estimate on the new PEA on its Bolivar mine in Chihuahua. The Cu-Zn skarn (with Ag and Au credits). “Mineralization exhibits strong stratigraphic control and two stratigraphic horizons host the bulk of the mineralization: an upper calcic horizon, which predominantly hosts Zn-rich mineralization, and a lower dolomitic horizon, which predominantly hosts Cu-rich mineralization”. The indicated resources display 13.26 Mt @ 22.5 g/t Ag, 0.29 g/t Au, 1.04% Cu containing 9.6 M Oz Ag, 124 K Oz Au, 137.5 K tonnes Cu, and the inferred resources 8 M tonnes @ 22.4 g/t Ag, 0.42 g/t Au, 0.96% Cu containing 5.8 M Oz Ag, 109 Oz Au, 76.8 K tonnes Cu.
  • Santacruz Silver Mining Ltd. Reported initial phase I drill results from the Garcia and Armado veins on its Veta Grande project in Zacatecas. Ten drill holes totaling 3,323 m of core drilling have been completed, having received results on the first six holes. Some highlighted true width intervals: 1.0 m @ 0.05 g/t Au, 209 g/t Ag; 0.32 m @ 0.37 g/t Au, 312 g/t Ag; 4 m @ 0.06 g/t Au, 168 g/t Ag; 0.95 m @ 1.36 g/t Au, 235 g/t Ag, 7.5% Pb, 8.7% Zn, 0.2% Cu; 0.65 m @ 292 g/t Ag; 0.88 m @ 1.73 g/t Au, 34 g/t Ag.
  • SilverCrest Metals Inc. released further phase III drill results for the Las Chispas property in Sonora. Highlighted intervals on the Babicanora vein: 2.0 m @ 0.87 g/t Au, 269 g/t Ag; 2.5 m @ 6.04 g/t Au, 369 g/t Ag (including (0.8 m @ 14.95 g/t Au, 742 g/t Ag); 0.6 m @ 2.19 g/t Au, 63 g/t Ag. Highlighted intervals on the Babicanora footwall vein include: 5 m @ 54.59 g7t Au 6,535 g/t Ag (including 0.5 m @ 183.50 g/t Au, 21,858 g/t Ag); 2.3 m @ 4.07 g/t Au, 436 g/t Ag; 0.9 m @ 1.15 g/t Au, 151 g/t Ag. The sub parallel Babicanora FW vein high-grade footprint has now been traced for 250 m on strike.
  • Avino Silver Gold Mines Ltd. released drill results from the Chirumbo and Guadalupe areas of the Avino property in Durango. Avino vein highlighted core length intersects include 15.4 m @ 0.20 g/t Au, 129 g/t Ag, 0.64% Cu; 42.75 m @ 0.45 g/t Au, 46 g/t Ag, 0.44% Cu; 15.85 m @ 4.13 g/t Au, 20 g/t Ag, 0.07% Cu; 7.35 m @ 0.36 g/t Au, 47 g/t Ag, 0.33% Cu; 6.0 m @ 0.09 g/t Au, 202 g/t Ag, 0.64% Cu. Highlighted Guadalupe vein results include 0.60 m @ 1.38 g/t Au, 90 g/t Ag, 0.76% Cu; 1.50 m @ 4.79 g/t Au, 11 g/t Ag, 0.05% Cu; 3.75 m @ 0.32 g/t Au, 171 g/t Ag, 0.1% Cu; 1.60 m @ 0.23 g/t Au, 84 g/t Ag, 0.28% Cu; 5.20 m @ 0.07 g/t Au, 26 g/t Ag, 0.34% Cu; 3.90 m @ 0.33 g/t Au, 129 g/t Ag, 0.75% Cu. The Guadalupe vein has shown to extend along 800 m and to a depth of 250 m. Avino is planning a new drill program targeting the Aguila Mexicana vein system, which is one of the strongest and widest structures on the property.
  • Kootenay Silver Inc. released the results of eight core holes from its La Cigarra property in Chihuahua. The holes tested parts of the Las Carolinas, La Borracha and La Nogalera zones, returning medium to high grade silver intercepts in all areas. Highlighted results include: At La Borracha 12.37 m @ 33 g/t Ag, 0.05 g/t Au, 0.2% Pb, 0.2% Zn; At La Nogalera 1.78 m @ 48 g/t Ag, 0.72 g/t Au; 4.0 m @ 736 g/t Ag, 0.09 g/t Au, 0.3% Pb, 0.1% Zn; At Las Carolinas 14.0 m @ 79 g/t Ag, 0.03 g/t Au (including 6.79 m @ 144 g/t Ag, 0.05 g/t Au; 41.38 m @ 45 g/t Ag, 0.03 g/t Au.
  • Golden Minerals Co. disclosed that surface mapping and sampling identified the eastern extension to the Santa Maria vein at the Santa Maria project in Chihuahua. Several other veins were also discovered in the adjacent Cervantes concessions in an exploration exercise on which 542 rock chip samples were collected. The Santa Maria vein occurs as a series of quartz-calcite veins up to 4.5 m in width, returning assays as high as 0.6 g/t Au, 347 g/t Ag, 1.2% Zn. The Cervantes quartz-calcite vein system occurs 800 m east of the current resource area, for 700 m of strike length, returning up to 1.6 g/t Au, 207 g/t Ag, 0.24% Cu, 5.6% Pb, 19.5% Zn over widths of up to 1.3 m. Golden estimates completing the PEA during the third quarter of 2018.
  • Orla Mining Ltd. filed a preliminary economic assessment (PEA) on its Camino Rojo property, Zacatecas. The PEA visualizes a technically simple open pit mine and heap-leach operation with low capital and operating costs, “rapid payback and strong financial performance”. The project envisages a 3.3 payback period, working at a 18 K tpd rate that would place 42.5 M tonnes of material on the heaps @ 0.71 g/t Au, 13.6 g/t Ag (966 K Oz Au, 18.5 M Oz Ag), with a recovery rate of 67% Au and 15% Ag, producing 97,500 Oz/year at an All-in sustaining cost of $555 Oz/Au.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. announced the appointment of Gernot Wober as its Vice-President Exploration (Puerto Rico, Coahuila).
  • Riverside Resources Inc. and Sinaloa Resources Inc. signed a letter of intent (LOI) whereby Sinaloa Resources can earn up to 100% interest in Riverside’s La Silla project in Sinaloa. The initial option to earn 70% lies on Sinaloa issuing shares for $1 M, $60K in cash payments and exploration work commitments of $3 M over 36 months. To earn an additional 30% Sinaloa must spend a further $1 M in exploration and issue Riverside $500 K in shares. Riverside is to retain a 2.5% NSR if Riverside’s interest reduces to less than 10%. Previous work in the 2,071 hectares project includes 6 drill holes on the El Roble system, with intersects of up to 15 m @ 6.9 g/t Au.
  • Riverside Resources Inc. announced that drilling assays from two campaigns funded by Centerra Gold Inc. returned insufficient mineralized thickness and continuity to justify further exploration on the Glor project in Sonora. Riverside believes it has tested the best targets on the property and has terminated the underlying option earn-in agreement with Argonaut Gold.

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, structure in fine grained sedimentary rocks with iron oxides and minor quartz veining, greenish clays on the walls. From a shallow epithermal system in Guanajuato. Picture by Jorge Cirett

Highlights on the Fourth Week of June, 2018. Mining and Exploration News in Mexico

117 - copia

By Jorge Cirett

During the 26th week of the year (June 25th to July 1st, 2018), at least 20 press releases were announced by companies working in Mexico. Five companies updated on exploration advances. Three companies announced financing exercises that could accrue over US$14 M, and one company proceeded with a 10:1 consolidation. ON MEXICO ISSUES, Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. ON EXPLORATION, In Sonora, Aztec Minerals reported drilling results from the Cervantes property; Kootenay described its La Mina property and Aloro Mining obtained the drilling permit for the Los Venados project. ON MINING Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. Frisco and Goldcorp are to jointly explore the Mazapil valley in Zacatecas. ON FINANCING, Silver Bull, Prize Mining and One World Lithium announced private placements for up to $3 M, $10.75 M and CND$2 M respectively. ON RESOURCES AND DEVELOPMENT, Endeavour Silver released results from infill drilling at Terroneras, Jalisco. Sierra Metals informed of a stockwork zone on the Santa Rosa de Lima structure of its Cusi mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Geologix finalized its name change to ValOro. Defiance Silver acquired a land package from Mag Silver in Zacatecas. Aloro Mining received title to land contiguous to its Venados project in Sonora. Arian Silver presented its financial report for 2017. Kootenay Silver optioned La Mina property in Sonora to Capstone Mining.

ON MEXICO ISSUES

  • No Relevant News..

ON EXPLORATION

  • Kootenay Silver Inc. reported drilling results by partner Aztec Minerals Corp. on its Cervantes project in Sonora. The final six core holes of 17 on the phase 1 campaign encountered porphyry-type gold-copper mineralization. Highlighted intervals comprise 16.0 m @ 0.25 g/t Au, 0.12% Cu; 100.5 m @ 0.22 g/t Au, 0.12% Cu; 98.5 m @ 0.41 g/t Au, 0.13% Cu (including 33 m @ 0.60 g/t Au, 0.02% Cu); 85.2 m @ 0.48 g/t Au; 0.07% Cu; 90.5 m @ 0.29 g/t Au, 0.06% Cu (including 34.5 m @ 0.55 g/t Au); 116 m @ 0.35 g/t Au, 0.06% Cu (including 62 m @ 0.5 g/t Au). The drilling extended the strike length to more than 800 m at the California and Jasper prospect areas.
  • Kootenay Silver Inc. optioned the La Mina property in Sonora to Capstone Mining Corp. (see below). The property covers “the upper levels of a zoned copper porphyry mineral system exposed over a 2 by 2 Kilometer area”, containing a large leached argillized pyritic zone where surface grab and chip samples averaged about 300 ppm Cu. Another area in the property displays a 100 x 700 m exotica copper zone where sampling averaged 0.49% Cu on 40 rock chip samples.
  • Aloro Mining Corp. informed the permit for road construction and drilling at its Los Venados property in Sonora has been granted by SEMARNAT (Environmental bureau). The permit allows for drilling 12 reverse circulation (RC) holes and the construction of 3,693 m of access roads.
  • Minera Frisco and Goldcorp Inc. entered into an agreement for exploration and mining in the Mazapil valley, Zacatecas. The information was presented by Frisco to the Bolsa Mexicana de Valores (BMV).
  • One World Lithium Inc. conducted a geophysical survey at its Salar del Diablo project in Baja California. The Volterra TEM in-loop sounding survey was carried on the northern third of the Salar del Diablo. The survey totaled 79.7 line kilometers on seven lines nine to twelve Km long and spaced two Km apart, covering 150 square Km. A six square Km part of the salar is highly conductive and with a calculated thickness in excess of 100 m. A probably thinner and less conductive part of the salar covers 24 square Km and is open ended. The company intends to launch a 15 hole 4,000 m drilling campaign in three months time.

ON MINING

  • Argonaut Gold Inc. announced that the Collegiate Tribunal (an arm of the State Supreme court that is tasked with overseeing the Judiciary court) unanimously ruled to lift the suspension of the explosives permit at its La Colorada mine in Sonora. “The ruling directs that the Secretary of National Defense (“SEDENA”) reinstate the explosives permit”. “With this successful appeal, the Company will now have the ability to continue full operations during the balance of the Judiciary legal process”. Ramp up of full operations is expected to be re-established by mid-July.

ON FINANCING

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Silver Bull Resources Inc. intends to complete a private placement aiming for gross proceeds of US$3 M (Sierra Mojada, Coahuila).
  • Prize Mining Corp. is to make a private placement aiming to raise up to $4 M in gross proceeds. The company is to pay 7.0% of the gross proceeds as cash commission, and a cash work fee of $40 K to the agent. The maximum aggregate gross proceeds of the offering and the non-brokered private placement is $10.75 M. (Manto Negro, Coahuila).
  • One World Lithium Inc. announced that the previous non-brokered private placement announced on May 25, 2018 will be replaced with a non-brokered private placement aiming to raise gross proceeds of up to CND$2 M.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. released results from infill drilling at its Terroneras property in Jalisco. Highlighted true width (TW) intervals from these nine holes comprise: 2.8 m @ 2.0 g/t Au, 54 g/t Ag; 1.3 m @ 1.3 g/t Au, 467 g/t Ag; 2.3 m @ 4.8 g/t Au, 222 g/t Ag; 21.2 m @ 3.2 g/t Au, 618 g/t Ag; 6.0 m @ 2.6 g/t Au, 507 g/t Ag; 1.5 m @ 7.1 g/t Au, 181 g/t Ag; 1.6 m @ 4.2 g/t Au, 120 g/t Ag; 4.4 m @ 4.7 g/t Au, 121 g/t Ag; 4.6 m @ 4.3 g/t Au, 146 g/t Ag; 5.7 m @ 1.3 g/t Au, 164 g/t Au. “The infill drill program is now 60% complete, with 5,990 m drilled out of 10,000 m planned”.
  • Sierra Metals Inc. confirmed the existence of a wide high-grade silver stockwork within the Santa Rosa de Lima vein complex, at its Cusi property in Chihuahua. The stockwork zone measures 100 m in length, 40 m in width and 70 m in height, and is open at depth and width. Mine development so far has resulted in 4,437 tonnes @ 205 g/t Au, 0.07 g/t Au, 0.12% Pb, 0.15% Zn.

ON DEALS AND CORPORATE ISSUES

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Defiance Gold Corp. completed the acquisition of Mag Silver’s Corp.’s Zacatecas silver district holdings, including its regional exploration database. Defiance is to pay 5 M shares to Mag for as consideration for the sale. The Lagartos project consists of 14 concessions covering 800 hectares (San Acacio, Zacatecas).
  • Aloro Mining Corp. received the title from a 1,675 has concession contiguous to its 1,524 has Los Venados project in Sonora. The claim was staked on July 2017 (Los Venados, Sonora).
  • Arian Silver Corp. presented financial results for 2017. The company owns 12 mining concessions covering 1,500 hectares, some of which encompass the Los Campos, San Celso, Los Africanos and Calicanto projects in Zacatecas. At the end of the period the company had 0.9 M in cash and cash equivalents.
  • Kootenay Silver Inc. entered into an option agreement with Capstone Mining Corp. on La Mina project in Sonora. Capstone can earn-in an initial 60% by making staged payments of US$600 K and spending US$4 M on exploration over 4 years. “Capstone may earn up to a 100% interest in La Mina in stages by completing certain milestones including preparation of a preliminary economic assessment, a pre feasibility study and paying an additional aggregate total of US$8.4 million to Kootenay in stages at each of the various milestones”. The property is subject to an underlying information agreement with a 2.5% royalty, of which up to 2.0% can be bought. “If Capstone Mining earns 100% interest, Kootenay will retain a 1% net smelter return with no buy out option of which 0.5% will be held by the third party after giving effect to the Buydown”.
  • Minera Frisco and Goldcorp Inc. entered into an exploration/mining agreement on the Mazapil Valley. No further details were released.

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, intensely silicified tuff, interpreted as alteration at the paleo water table of an epithermal low sulfidation system in Guanajuato. Picture by Jorge Cirett.

ONE WORLD LITHIUM ANNOUNCES PRIVATE PLACEMENT

https://oneworldlithium.com/press-release/one-world-lithium-inc-announces-private-placement/

Vancouver, BC, June 29, 2018 – One World Lithium Inc. (CSE:OWLI) (the “Company”) today announces that the previous non-brokered private placement it announced on May 25, 2018 will be replaced with a non-brokered private placement of up to 13,333,334 units (the “Units”) at a price of $0.15 per Unit for gross proceeds of up to $2,000,000 (the “Offering”). All funds are stated in Canadian dollars.

ONE WORLD LITHIUM REPORTS ON GEOPHYSICAL RESULTS THE SALAR DEL DIABLO LITHIUM PROPERTY

https://oneworldlithium.com/press-release/one-world-lithium-reports-geophysical-results-salar-del-diablo-lithium-property/

VANCOUVER, BC – JUNE 26, 2018 – One World Lithium Inc. (CSE:OWLI) (the “Company”) announces that SJ Geophysics has completed the field work by conducting a regional Volterra TEM in-loop sounding survey in the northern third of the Salar del Diablo lithium property (the “Salar”) which is located in Baja California Norte, Mexico. The survey totaled 79.5 line kilometers that consisted of seven lines spaced two kilometers apart with the line lengths varying between nine and 12 kilometers covering 150 square kilometers.