During the 11th week of the year (March 13th to March 19th, 2023), 12 companies working in Mexico released news on their properties. Four companies informed on Q4 and year 2022 financial and operational results. One company opened a financing exercise and one more closed a previously announced private placement. Three companies released drilling results on their advanced properties. A company received a permanent injunction order against an act by SEMARNAT that would sharply reduce the term validity of a needed permit. One more company announced the acquisition of a large adjoining claim block to its flagship property. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, SilverCrest Metals, Americas Gold and Silver, Fortuna Silver and Orla Mining released Q4 2022 production or/and financial reports. ON FINANCING, Silver Viper is to undertake a non-brokered private placement for up to $3 M. Heliostar Metals closed its non-brokered private placement, raising C$20 M. ON RESOURCES AND DEVELOPMENT, Zacatecas Silver released plans on several exploration targets at its Esperanza project in Morelos. Vizsla Silver announced the filing of a technical report with updated mineral resources for its Panuco project in Sinaloa. Defiance Silver released drilling results from testing of the Veta Madre vein system at the San Acacio project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Fortuna Silver received a court ruling that protects its operation while a definitive ruling is obtained regarding the term of a permit granted by SEMARNAT. Colibri Resource acquired the 4,260 ha “Plomo Gold” property adjacent to its flagship Evelyn project in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
No Relevant News.
ON MINING
SilverCrest Metals Inc. reported financial results for year 2022. Las Chispas mine construction in Sonora was completed in May 2022 for US$133 M, with revenue from mining allowing for the payment of US$40 M of debt. Commercial production was declared on November 1, 2022. During Q4, 2.3 km of underground development were completed, 65 K tonnes were mined, and 104 K tonnes milled @ 3.67 gpt Au, 382 gpt Ag, recovering 96.9%Au, 93.3% Ag, to produce 11.9 K Oz Au, 1.2 M Oz Ag (2.2 M Oz AgEq). For the year, 201 K tonnes were mined, 188 K tonnes were milled @3.05 gpt Au, 312 gpt Ag, recovering 96.05% Au, 92.5% Ag to produce 17.8 K Oz Au, 1.7 M Oz Ag (3.3 M Oz AgEq). By the end of February 2023, the company’s cash balance was US$71.2 M, which permitted the prepayment of US$15 M and the reduction of the debt outstanding to US$35 M.
Americas Gold and Silver Corp. reported financial and operational results from its activities in Mexico and USA. The company obtained revenue of $85.0 M on the production of 5.3 M Oz AgEq, with cash costs of $0.77 per Oz Ag and all-in sustaining costs of $9.64 per Oz Ag. At Cosalá, in Sinaloa, 636 K Oz Ag, 39.3 M Lb Zn, 15.3 M Lb Pb were produced. For 2023, production is projected to be between 1.2 – 1.4 M Oz Ag, 33 – 37 M Lb Zn, 11 – 13 M Lb Pb.
Fortuna Silver Mines Inc. reported financial and operating results for Q4 and full year 2022. At San Jose, in Oaxaca, 259.5 K tonnes were milled at a rate of 2,883 tonnes per day, grading 194 gpt Ag, 1.13 gpt Au, recovering 91% Ag, 90% Au, to produce 1.47 M Oz Ag, 8,499 Oz Au, at cash cost $11.16 per Oz AgEq and All-in sustaining cost of $15.53 per Oz AgEq.
Orla Mining Ltd. announced results for Q4 and full year 2022. During the year Orla commissioned the Camino rojo Oxide deposit in Zacatecas, producing 32,017 Oz Au in Q4 for a total of 109,596 Oz Au on the year, at an all-in sustaining cost of $634 per Oz Au on Q4 and $611 per Oz Au on the year. By the end of 2022 the company had a cash balance of $96.3 M and net debt of $49.5 M. “A 34,000-metre, 57-hole follow-up drill program will continue to infill the Camino Rojo Sulphides in 2023 (20% of the holes will extend to test the deep potential of the deposit). In addition, 6,500 metres will be drilled on the extensions of the Camino Rojo oxide deposit to update and expand resources and reserves”.
ON FINANCING
Silver Viper Minerals Corp. is to undertake a non-brokered private placement financing to raise gross proceeds of up to US$3 M (La Virginia, Sonora).
Heliostar Metals Ltd. closed its previously announced non-brokered private placement offering, for gross proceeds of C$20.4 M (Ana Paula, Guerrero).
ON RESOURCES AND DEVELOPMENT
Zacatecas Silver Corp. announced exploration plans on several near surface targets and a key deep intrusion target near the Esperanza project in Morelos. The previous operators drilled several holes with high grade intercepts on the western edge beneath the planned open pit. Near surface targets include the Northern contact, Northeastern contact and Colotepec. Planned exploration includes soil geochemistry on a 50 by 100 m grid, land magnetics, and an induced polarization survey. Depending on results obtained, the use of deep-sensing audio-frequency magnetotellurics (AMD) or large-scale controlled audio magnotellurics (CSAMT) may be used.
Vizsla Silver Corp. filed a NI-43-10 compliant technical report containing an updated mineral resource estimate on the Panuco project, in Sinaloa.
Defiance Silver Corp. provided results for seven drill holes testing the Veta Grande vein system of the San Acacio project in Zacatecas. “These holes were designed to improve the main Veta Grande structural model and to test splays to the Veta Grande system, including the footwall San Herculano structure”. Highlighted core-length intervals comprise 9.57 m @ 157 gpt Ag, 0.12 gpt Au; 8.59 m @ 60 gpt Ag, 0.07 gpt Au, 6.98 m @ 81 gpt Ag, 0.17 gpt Au; 1.15 m @ 45 gpt Ag, 0.34 gpt Au, 1.3% Pb, 0.6% Zn; 2.73 m @ 237 gpt Ag, 0.04 gpt Au; 2.23 m @ 95 gpt Ag, 0.14 gpt Au; 11.22 m @ 24 gpt Ag, 0.34 gpt Au, 0.7% Pb, 1.7% Zn (including 3.40 m @ 50 gpt Ag, 0.71 gpt Au, 1.7% Pb, 3.85% Zn).
ON DEALS AND CORPORATE ISSUES
Fortuna Silver Mines Inc. reported that the Mexican Federal Administrative Court has granted a permanent injunction to Fortuna Silver that allows the San Jose mine in Oaxaca to continue to operate under the terms of the 12-year environmental impact authorization (EIA). Fortuna had to initiate legal proceedings against SEMARNAT after it issued a re-assessment on the term of the EIA. “The grant of the permanent injunction in favor of Minera Cuzcatlan allows the San Jose Mine to continue to operate under the terms of the 12-year EIA until the Court has ruled on the revocation of the EIA”.
Colibri Resource Corp. announced the acquisition of the “Plomo Gold” property in the Caborca belt in Sonora. The 4,260 ha property takes Colibri holdings in the area to 4,766 ha. The property has an historical database containing 1,853 rock samples, 1,570 m of drilling in 10 holes, geological mapping and 14.1 Km of induced polarization survey. High priority targets include Banco de Oro, San Perfecto (with an 11.65 m drill intercept averaging 0.66 gpt Au), Pavorreal and Bonancita. “The Plomo property is underlain by a variety of rock types that include Paleoproterozoic metamorphic rocks, a sequence of Jurassic volcanic rocks ranging in composition from andesite to rhyolite, and intrusive rocks that include diorite, granodiorite, and monzonite”.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Blue sky and copper staining on a project in the Sonoran Desert. Picture by Jorge Cirett.
During the 9th week of the year (February 27th to March 5th, 2023), 11 companies working in Mexico released news on their properties. One company provided an update on 2022 work on its properties, and plans for 2023, while one more company informed on underground rehabilitation progress at an historic mine within its exploration play. Three companies informed on Q4 2022 production and financial situation. No financing rounds this week announced by companies working in the country. Four companies released drilling results on their advanced properties, and one more from its currently producing operation. A company announced an option on the acquisition of a valuable inner claim. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Minaurum Gold informed on rehabilitation work of underground workings at Alamos. In Jalisco, Almadex Minerals provided an update on Pedro. In Puebla, Almadex Minerals updated on 2022 work at Victoria, and plans for 2023. ON MINING, Argonaut Gold, Aura Minerals and Endeavour Silver released Q4 2022 production or/and financial production reports. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Silver Tiger Metals released drilling results from the sulfide zone at its El Tigre project in Sonora. Prime Mining announced results from drilling at targets outside of the mineral resource limits at Los Reyes in Sinaloa. Gold Resource released results from drilling at the Don David mine in Oaxaca. GR Silver Mining informed on results from drilling at the Plomosas mine area of its Plomosas project in Sinaloa. Vizsla Silver reported drill results from infill drilling from the Copala structure at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Riverside Resources signed an option agreement to acquire an important inner claim within its La Union project in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Almadex Minerals Ltd. provided an update on its exploration plays and plans for 2023, including information on its Mexican properties. At the San Pedro project in Jalisco, a high-sulfidation acid sulphate lithocap alteration and sulfide bearing breccia zones with elevated base and precious metals were tested with four holes. The bests intervals comprise 4.51 m @ 0.03 gpt Au, 657 gpt Ag; 1.3 m @ 846 gpt Ag; 2.9 m @ 7.45 gpt Au. Mapping and sampling of the Victoria project in Puebla on epithermal silver rich veins was conducted for a planned 2023 drill program. In March the company will conduct a surface mapping program on the Yago project, located in Nayarit.
Minaurum Gold Inc. provided an update in underground rehabilitation work at the Promontorio mine on its Alamos project in Sonora. “Our underground rehabilitation has now accessed 600 metres of an estimated 1.2 kilometres of workings …. The workings continue to be in good and stable condition. Backfill material continues to be removed and stockpiled outside the mine entrance for future processing”. Assays from 37 backfill material returned seven samples over 1 gpt Au (5.74 gpt peak), ten samples over 150 gpt Ag (308 gpt Ag peak), eleven samples above 0.5% Cu (1.57% peak), 20 samples over 1.0% Pb (3.91% peak) and 26 samples over 1.0% Zn (8.19% peak).
ON MINING
Argonaut Gold Inc. released operating and financing results for Q4 2022, without disclosing figures on its Mexican operations. At the end of the period the company held $73.3 M in cash and cash equivalents. Its Mexican operations include the San Agustin mine in Durango and the La Colorada mine in Sonora, and the Cerro del Gallo project in Guanajuato.
Aura Minerals Inc. filed its audited financial statements and management discussion for the year 2022, without disclosing the figures by project. For 2023 the company expects to produce between 101 K to 116 K Oz AuEq at cash cost $685 to $788 per Oz AuEq and an AISC of $898 to 1,033 per Oz AuEq at the Aranzazu mine in Zacatecas. “Exploration is expected to focus on the geological potential of new mineralized zones, such as Cabrestante, El Cobre and Limestone Bridge with 20,000 m of drilling planned to 2023. All targets are near mine, some of which have been drilled in the past and indicated skarn mineralization but requiring follow up drilling”.
Endeavour Silver Corp. announced financial and operating results for year 2022. The company that operates the Guanceví mine in Durango and the Bolañitos mine in Guanajuato produced 5.96 M Oz Ag, 37,548 Oz Au (or 9.0 M Oz AgEq) at cash cost $10.65 and an AISC of $19.97 per Oz Ag. By the end of the period the company had $83.4 M in cash and $93.6 M in working capital. Development activities continue at Terronera, in Jalisco, and an initial mineral resource estimate was published for the Pitarrila project in Durango.
ON FINANCING
No Relevant News.
ON RESOURCES AND DEVELOPMENT
Silver Tiger Metals Inc. released drilling results from its El Tigre project in Sonora. The results are from the recently discovered Sulfide zone at depth. Highlighted core length intervals comprise 57.2 m @ 0.20 gpt Au, 231 gpt Ag, 0.41% Cu, 0.7% Pb, 1.0% Zn (including 2.8 m @ 0.21 gpt Au, 1,986 gpt Ag, 4.0% Cu, 3.9% Pb, 5.6% Zn); 20.0 m @ 0.35 gpt Au, 369 gpt Ag, 0.85% Cu, 4.1% Pb, 8.1% Zn; 1.0 m @ 0.01 gpt Au, 453 gpt Ag, 0.56% Cu; 22.1 m @ 0.08 gpt Au, 222 gpt Ag, 0.21% Cu, 0.3% Pb, 0.3% Zn (including 1.2 m @ 0.24 gpt Au, 2,614 gpt Ag, 2.67% Cu, 1.8% Pb, 1.4% Zn); 4.7 m @ 0.11 gpt Au, 420 gpt Ag, 0.45% Cu, 0.3% Pb, 0.4% Zn; 37.8 m @ 0.19 gpt Au, 172 gpt Ag, 0.39% Cu, 1.8% Pb, 3.7% Zn. The sulfide zone has been traced now for 200 m, at depth in the Tertiary Nodular Fm just above the contact with a Precambrian granite.
Prime Mining Corp. announced assay results on the Fresnillo, Orito, Mariposa, Las Primas and Mine 20/21 areas at its Los Reyes project in Sinaloa. The results are from drilling outside of the current resource area. Highlighted true width intervals comprise 15.80 m @ 1.40 gpt Au, 18 gpt Ag; 2.90 m @ 4.70 gpt Au, 48 gpt Ag; 5.50 m @ 1.30 gpt Au, 13 gpt Ag; 34.70 m @ 4.90 gpt Au, 22 gpt Ag; 3.75 m @ 1.60 gpt Au, 14 gpt Ag.
Gold Resource Corp. released recent drilling results from the Don Diego mine in Oaxaca. The released data is from the Three Sisters, Marena, Soledad and Sagrario vein systems. Highlighted true width intercepts comprise 1.67 m @ 2.20 gpt Au, 874 gpt Ag, 0.65% Cu, 1.8% Pb, 3.0% Zn; 3.19 m @ 0.25 gpt Au, 41 gpt Ag, 0.6% Pb, 3.6% Zn; 7.13 m @ 1.54 gpt Au, 175 gpt Ag, 0.21% Cu, 1.1% Pb, 2.2% Zn; 5.09 m @ 0.15 gpt Au, 117 gpt Ag, 3.0% Pb, 8.8% Zn; 3.52 m @ 177 gpt Ag, 3.0% Pb, 9.1% Zn; 3.22 m @ 37 gpt Ag, 0.3% Pb, 5.8% Zn; 4.21 m @ 7.93 gpt Au, 111 gpt Ag, 1.25% Cu, 3.8% Pb, 15.2% Zn; 1.80 m @ 1.81 gpt Au, 40 gpt Ag, 1.09% Cu, 5.5% Pb, 12.3% Zn; 4.21 m @ 2.10 gpt Au, 121 gpt Ag, 0.43% Cu, 1.6% Pb, 7.2% Zn. “Our 2023 exploration objectives are to identify and define mineral resources from the Three Sisters, South Soledad and Sagrario and Marena vein systems”.
GR Silver Mining Ltd. announced the final batch of underground drilling results from the Plomosas mine area at its Plomosas project in Sinaloa. Highlighted true width intervals from 28 underground drill holes comprise 2.90 m @ 251 gpt Ag, 2.2%Pb, 2.4% Zn; 8.50 m @ 44 gpt Ag, 0.3% Pb, 0.4% Zn; 1.90 m @ 2.31 gpt Au, 23 gpt Ag, 1.9% Pb, 3.8% Zn; 12.20 m @ 0.70 gpt Au, 42 gpt Ag, 0.5% Pb, 0.4% Zn; 4.70 m @ 0.75 gpt Au, 277 gpt Ag, 0.2% Cu, 7.5% Pb, 2.1% Zn; 4.30 m @ 23 gpt Ag, 0.1% Cu, 1.1% Pb, 6.0% Zn; 4.70 m @ 0.54 gpt Au, 325 gpt Ag, 0.1% Cu, 3.1% Pb, 2.5% Zn; 11.30 m @ 0.20 gpt Au, 161 gpt Ag, 0.1% Cu, 1.0% Pb, 1.5% Zn; 19.70 m @ 158 gpt Ag, 0.1% Cu, 1.9% Pb, 1.8% Zn. “The drilling results continue to reveal attractive wide high-grade silver-polymetallic mineralization in unmined areas at the upper levels of the historic underground mine”.
Vizsla Silver Corp. reported drill results from 14 infill holes on the Copala resource area at its Panuco project in Sinaloa. Highlighted true width intervals comprise 15.00 m @ 7.20 gpt Au, 1,142 gpt Ag (including 3.07 m @ 17.72 gpt Au, 2,878 gpt Ag; 20.60 m @ 2.80 gpt Au, 643 gpt Ag, 18.00 m, @ 2.53 gpt Au, 602 gpt Ag (including 2.27 m @ 14.51 3,421 gpt Ag); 4.30 m @ 8.62 gpt Ag, 758 gpt Ag; 2.10 m @ 10.91 gpt Au, 1,920 gpt Ag.
ON DEALS AND CORPORATE ISSUES
Riverside Resources Inc. announced the signing an option agreement to acquire 100% interest in the Union mine, within the Union District in Sonora. Riverside paid $170 K and can earn-in the 100% interest by making a second payment of $100 K anytime within 60 months of signing the agreement, after which a 1.25% NSR is retained the underlying owner, same that can be bought in 0.25% increments of NSR for $250 K each at any time. “. The Union Mine historically produced ~50,000 ounces of gold (“Au”) from the upper oxide zones of manto and chimney bodies according to past reports. The potential for further expansion through a focused exploration is wide open along strike and at depth for both oxide and into sulfide ore targets”.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Silicified structure scarp on the foreground of a copper project in Sonora, San Francisco gold mine dumps visible on the other side of the valley. Picture by Jorge Cirett.
During the 7th week of the year (February 13th to February 19th, 2023), 13 companies working in Mexico released news on their properties. One company informed on a new exploration model for its projects. Two companies informed on Q4 2022 production and 2023 guidance. One company closed a first tranche on a financing round, while one other closed the previously announced private placement and one more granted shares and stock options to board members. One company filed a PFS on its project and one more updated on the resource estimate for one of its properties. Two companies informed on drilling results and work on their advanced properties. Two companies informed they have earned 50% interest in a project, and one other received notice of claims totaling US$19.7 M. ON MEXICO ISSUES, The Mexican president continues to assert his power by claiming that all lithium reserves will pass to a government’s company. The Sonora State Economy Secretary vigorously backed the importance of the mining industry in the State. ON EXPLORATION, in Coahuila, Southern Empire Resources claims mineralization at its properties in Durango might be of Carlin style. ON MINING, Gold Resource and Capstone Copper released Q4 2022 production or/and financial production reports and guidance for 2023. ON FINANCING, Reyna Silver closed the first tranche of its private placement (C$5 M), Mag Silver completed its bought deal private placement (C$23 M) and Orogen Royalties granted shares and stock options to independent board members. ON RESOURCES AND DEVELOPMENT, Discovery Silver filed the PFS on the Cordero project in Chihuahua. Vizsla Silver reported drilling results at Panuco, in Sinaloa. Avino Silver updated the mineral resource estimate for all deposits at its Avino property in Durango. Impact Silver released drilling results from the Aurora 2 zone at its Capire project in Guerrero. ON DEALS AND CORPORATE ISSUES, Silver Spruce Resources and Colibri Resource earned 50% ownership in the Diamante property in Sonora. Magna Gold received notices on claims totaling $19.7 M. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
The Mexican president, Andrés M. López Obrador announced on one of its daily propaganda conferences: “I am to sign the decree to forward the lithium concession, all the reserves, to the Energy Secretariat”. In April 2022 the government declared lithium as a public utility mineral, and its exploitation to be only possible under the public enterprise Litio para México.
Margarita Vélez Rocha, the Sonora Economy Secretary, recognized the importance of the mining sector in the State, pointing that it directly employs more than 26 thousand workers and more than 120 thousand indirectly, with 39 municipalities having mining activities and 23 on which it is the main economic activity.
ON EXPLORATION
Southern Empire Resources Corp. announced that synchrotron radiation micro-X-ray fluorescence mineralogical studies of drill core samples from its Pedro project in Durango reveal mineralogical similarities to deposits of the Carlin belt in Nevada. Gold mineralization at Centauro and Pedro projects, both in Durango, is associated to hematite-stained, weak to moderately silicified brecciated conglomerate of the Eocene to Oligocene Ahuichila Formation. Historic drilling results include intervals like 5.60 m @ 0.59 gpt Au; 19.82 m @ 0.31 gpt Au; 15.23 m @ 0.58 gpt Au; 50 m @ 0.28 gpt Au; 88.10 m @ 0.24 gpt Au; 112.40 m @ 0.12 gpt Au, with anomalous Ag, As, Sb Tl and Hg.
ON MINING
Gold Resource Corp. issued 2023 guidance and suspension of dividends. For 2023 the company expects to produce 17 to 19 K Oz Au, 0.9 to 1.0 M Oz Ag (or 30 to 32 K Oz AuEq) at cash cost $1,000 to $1,050 per AuEq Oz and an AISC of $1,250 to $1,350 per AuEq Oz (Consolidated: $1,650 to $1,750 per AuEq Oz). “the lower grade profile is expected to continue through 2023 and is projected to negatively impact operating cash flows and total cash costs per gold equivalent ounce”, and accordingly “will suspend the quarterly dividend until such time that it may become practicable to reinstate” (Don David, Oaxaca).
Capstone Copper Corp. reported financial results for Q4 2022 and year 2022, including figures from its Mexican operations. At Cozamin, in Zacatecas, 3,430 tpd were milled during the quarter to produce 5.8 K tonnes of copper, totaling 24.5 K tonnes Cu on the year at cash cost $1.40 per Lb Cu (which is the lowest cost for Capstone operations). Cash and cash equivalents stood at $170.3 M by the end of the period.
ON FINANCING
Reyna Silver Corp. announced the closing of the first tranche of its bought deal private placement for gross proceeds of C$5 M (Guigui and Batopilas, Chihuahua).
Mag Silver Corp. completed the previously announced bought deal private placement for aggregate gross proceeds of C$23 M (Juanicipio (44%), Zacatecas).
Orogen Royalties Inc. authorized the granting of 156 K restricted share units, 156 K deferred share units and 238 K stock options to independent board members (Royalties on Ermitaño, Sonora).
ON RESOURCES AND DEVELOPMENT
Discovery Silver Corp. filed the pre-feasibility study (PFS) on its Cordero property in Chihuahua.
Vizsla Silver Corp. reported results from 19 holes on the Copala structure of the Panuco project in Sinaloa. The results represent step-out and infill drilling on the Copala structure that has now been traced for 1,110 m of strike and 400 m downdip. Highlighted true width intervals comprise 2.50 m @ 1,673 gpt Ag, 5.39 gpt Au; 3.35 m @ 428 gpt Ag, 3.64 gpt Au; 2.40 m @ 288 gpt Ag, 1.73 gpt Au; 13.70 m @ 270 gpt Ag, 1.48 gpt Au; 6.00 m @ 648 gpt Ag, 4.29 gpt Au; 3.00 m @ 247 gpt Ag, 2.17 gpt Au; 2.90 m @ 1,010 gpt Ag, 5.91 gpt Au; 6.20 m @ 242 gpt Ag, 1.15 gpt Au; 4.61 m @ 453 gpt Ag, 9.16 gpt Au; 6.00 m @ 176 gpt Ag, 1.12 gpt Au.
Avino Silver & Gold Mines Ltd. completed an updated mineral resource estimate for the Avino ET, San Gonzalo, La Potosina, Guadalupe and Oxide Tailing deposits at its Avino property in Durango. Measured and indicated resources comprise 34.7 M tonnes @ 63 gpt Ag, 0.54 gpt Au, 0.39% Cu (or 144 gpt AgEq) containing 70.0 M Oz Ag, 596.6 K Oz Au, 301.4 M Lb Cu. Inferred resources stand at 19.3 M tonnes @ 46 gpt Ag, 0.34 gpt Au, 0.37% Cu (112 gpt AgEq) containing 28.4 M Oz Ag, 212.6 K Oz Au, 158.5 M Lb Cu. Another nearby property, La Preciosa, is also held by Avino and contains 98.6 M Oz Ag, 189.2 K Oz Au in indicated resources and 21.3 M Oz Ag, 35.5 K Oz Au in inferred resources.
Impact Silver Corp. announced drill results from the Aurora 2 zone, 1.3 km northeast of the Capire processing plant (in Guerrero), and 16 km south of the company’s active mining operations at the Royal Mines of Zacualpan in Estado de Mexico. The mineralization at the site consists of volcanogenic massive sulfides (VMS) lenses, extending the zone to the west. Highlighted true width intervals comprise 2.39 m @ 106 gpt Ag, 0.42 gpt Au, 0.3% Pb, 0.8% Zn; 3.73 m @ 66 gpt Ag, 0.40 gpt Au, 0.2% Pb, 0.5% Zn; 7.48 m @ 128 gpt Ag, 0.42 gpt Au, 0.8% Pb, 1.8% Zn; 1.01 m @ 138 gpt Ag, 0.49 gpt Ag, 0.5% Pb, 1.1% Zn; 7.95 m @ 63 gpt Ag, 0.52 gpt Au, 0.9% Pb, 2.8% Zn; 2.11 m @ 51 gpt Ag, 0.15 gpt Au, 0.5% Pb, 1.9% Zn; 2.38 m @ 142 gpt Ag, 0.37 gpt Au, 0.2% Pb, 0.5% Zn; 3.28 m @ 34 gpt Ag, 0.24 gpt Au, 0.4% Pb, 1.2% Zn.
ON DEALS AND CORPORATE ISSUES
Silver Spruce Resources Inc. and Colibri Resource Corp. reported the companies have earned 50% ownership interest in the Diamante project in Sonora, while Vendor Bimsa Minera SA de CV retains 50% ownership in the Property. “The 1,057-hectare Diamante property is located adjacent to the Jackie property, a joint venture with Colibri, which covers 1,113 hectares, providing the company with a total of 2,170 hectares of exploration ground. Diamante hosts a number of historical showings and combined with mineralization on the Mezquite and Jackie properties exhibit the geological characteristics of epithermal low to intermediate sulfidation Ag-Au (Pb-Zn)”. With completion of the initial earn-in, Silver Spruce and Colibri together will become equal joint venture partners with the Vendor in BIMCOL Minera, with a six months exclusive period to purchase the remaining 50% by paying either US$2.1 M or US$1.45 M and 2% NSR.
Magna Gold Corp. informed the receipt of notices of claims from three of its creditors, Cominivi Servicios S.A. de C.V., Covoro Mining Solutions Mexicana S. de R. L. de C.V. and Sidney W. French S.A. de C.V. for US$6.49 M. Also, a notice of commencement of arbitration with Peal México, S.A. de C.V. was received on a claim of US$13.2 M (San Francisco, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Quartz specularite veining cut by late quartz veinlet on a copper project in the Sonoran Desert. Picture by Abraham López.
During the 6th week of the year (February 6th to February 12th, 2023), at least 14 press releases were announced by companies working in Mexico, with five disclosing deals and corporate issues, three reporting resources and developments of their properties, three announcing financing issues, two informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Golden Minerals Corporation was the only mining company reporting drilling results on the second week of February, 2023. ON EXPLORATION, In Sonora, Prismo filed a drilling permit application for its Pavito project. In Chihuahua, Golden Minerals reported results from the final 10 holes of the third drill program conducted at its Yoquivo project. ON MINING, no relevant news. ON FINANCING, Barksdale announced that 8,050,287 common share purchase warrants were exercised prior to their expiration (San Javier project, Sonora). GoGold closed its previously announced bought deal offering for gross proceed of CAD $65M (Los Ricos North and South projects, Jalisco). MAG Silver completed its previously announced bought deal public offering for gross proceeds of USD $42,558,250 (Juanicipio project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Sonoro Gold announced an updated Mineral Resource Estimate for its Cerro Caliche project in Sonora. Prime Mining announced the details of its 2023 work program objectives and strategy at its Los Reyes project in Sinaloa and will provide a 2022 progress report in February, 2023. Torex provided an inaugural quarterly update on its Media Luna project in Guerrero. ON DEALS AND CORPORATE ISSUES, Colibri and its partner Silver Spruce declared that have earned 50% ownership interest in the Diamante property in Sonora. Discovery Silver announced that its shares will be listed and commence trading on the Toronto Stock Exchange (Cordero project, Chihuahua). Consolidated Zinc entered into a binding conditional share sale agreement with Impact to sell its Plomosas project in Chihuahua. Vizsla, as part of its incentive compensation plan, granted stock options to directors, officers, employees and consultants of the company (Panuco project, Sinaloa). Heliostar announced that their shares remain in a trading halt due to the acquisition of the Ana Paula project in Guerrero from Argonaut Gold. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
Golden Minerals was the only mining company reporting drilling results on the second week of February, 2023. Details are shown in the table below:
ON EXPLORATION
Prismo Metals Inc., filed a drilling permit application for its Pavito project in Sonora. The company anticipates the drilling permit will be approved in early March, 2023. Prismo plans to conduct an initial 2,500m drill program in the first half of 2023.
Golden Minerals Company reported results from the final 10 holes of the third drill program conducted at its Yoquivo project. Drilling highlights (widths reported are true widths) include hole YQ-22-028 with 3.81 g/t Au and 1,585 g/t Ag over 0.76m on the New Vein, plus 1.16 g/t Au and 105 g/t Ag over 0.80m on the Pertenencia Hangingwall Vein, plus 4.25 g/t Au and 449 g/t Ag over 1.16m on the Camila Hangingwall Vein, plus 1.45 g/t Au and 510 g/t Ag over 4.80m on the Camila Vein; hole YQ-22-031 with 3.86 g/t Au and 668 g/t Ag over 2.29m on the Pertenencia Vein; and hole YQ-22-034 with 1.3 g/t Au and 545 g/t Ag on the San Francisco Hangingwall Vein.
ON MINING
No relevant news.
ON FINANCING
Barksdale Resources Corp., announced that 8,050,287 common share purchase warrants, with an exercise price of $0.55 were exercised prior to their January 31, 2023 expiry. “The warrant exercises generated gross proceeds of approximately $4.4M, with approximately $3.8M coming from warrant exercises in January 2023. As of February 3, the Company’s unaudited cash position is approximately $6.6M with issued capital of 80,239,886 common shares. (San Javier project, Sonora).
GoGold Resources Inc., closed its previously announced bought deal offering of 28.9M common shares at a price of CAD $2.25 for gross proceed of approximately CAD $65M. Net proceeds will be used to advance the Los Ricos North and South projects in Jalisco. A syndicate of underwriters hold an option to purchase up to an additional 4,335,000 common shares at a price of CAD $2.25 per common share, exercisable in whole or in part, on or before March 10, 2023.
MAG Silver Corp., completed its previously announced bought deal public offering of 2,905,000 common shares, including 170,000 common shares issued upon the partial exercise of the over-allotment option, at a price of USD $14.65 per common share for gross proceeds of USD $42,558,250. Net proceeds will be used to fund exploration on the Juanicipio and MAG´s other projects, certain sustaining capital requirements at the Juanicipio project, and for working capital and general corporate purposes.
ON RESOURCES AND DEVELOPMENT
Sonoro Gold Corp., announced an updated Mineral Resource Estimate (MRE) for its Cerro Caliche project in Sonora, in accordance with the requirements of NI 43-101. The MRE, with an effective date of January 26, 2023 is based on 59,500m of drilled data including 544 drill holes, 17 trenches and assays for 57,500m of the drilled data. The pit constrained MRE include an indicated resource of 19.9M tonnes with grades of 0.44 g/t Au and 3 g/t Ag (0.46 g/t AuEq) for a total of 280K Oz Au and 2.23M Oz Ag (290K Oz AuEq) contained, and inferred resources of 10.55M tonnes with grades of 0.42 g/t Au and 4 g/t Ag (0.44 g/t AuEq) for a total of 140K Oz Au and 1.34M Oz Ag (150K Oz AuEq).
Prime Mining Corp., announced the details of its 2023 work program objectives and strategy at its Los Reyes project in Sinaloa and will provide a 2022 progress report in February, 2023. The company has completed 110,000m of drilling in 2021 – 2022 to contribute to an updated NI 43-101 Mineral Resource Estimate (MRE) which is expected to be released in Q2, 2023. For 2023, Prime has budgeted initial 35,000m in step-out drilling along the three known deposits (Guadalupe, Z-T, and Central), as well as in generative exploration drilling at key targets in the Los Reyes mining district. Additionally, Prime plans to continue metallurgical test work and metallurgical domain classification of the deposits; to complete preliminary geotechnical analysis of the resource areas; and further mining assessment to advance the property to a potential future development. The company also will continue with the environmental base line work as well as the work dialogue with the community with strong emphasis on water programs and education. All these programs are fully funded for 2023 with the completion of an over-subscribed $21M private placement on December 22, 2023.
Torex Gold Resources Inc., provided an inaugural quarterly update on its Media Luna project in Guerrero. Development of Media Luna is well underway with the project tracking to schedule and to budget. Capital expenditures related to the development of Media Luna are unchanged at USD $874.5M. As at year-end, Torex had commitments in place for USD $229.7M of project expenditures, including USD $124.7M of expenditures incurred. Torex expects to incur USD $390M to USD $440M of capital expenditures at Media Luna in 2023, which is forecasted to be the peak year of investment. All critical path engineering is on track, focused on finalization of key process equipment sizing and specifications as well as continued detailing of the new flotation plant. The Guajes Tunnel and South Portals advanced steady. Breakthrough of the Guajes Tunnel on the south side of the Balsas River remains on track for Q1 2024. The tunnel has successfully crossed under the Balsas River with no issues related to ground conditions or water. Additionally, multiple surface constructions have advanced steady. The company anticipates first production in late 2024.
ON DEALS AND CORPORATE ISSUES
Colibri Resource Corporation and its partner Silver Spruce Resources declared that have earned 50% ownership interest in the Diamante property in Sonora. The vendor, Bimsa Minera S.A. de C.V. , retains the remainder 50% ownership interest in the property.
Discovery Silver Corp., announced that its shares will be listed and commence trading on the Toronto Stock Exchange (TSX) under the symbol “DSV”, effective as February 3, 2023 (Cordero project, Chihuahua).
Consolidated Zinc Limited entered into a binding conditional share sale agreement with Impact Silver Corp., to sell its 100% legal and beneficial interest in Minera Latin American Zinc S.A.P.I. de C.V., a subsidiary of the company that owns the Plomosas project in Chihuahua for USD $6M. The sale agreement for the proposed transaction consist of USD $3M in cash and USD $3M in Impact Silver shares, and the payment of a 12% net profit interest royalty.
Vizsla Silver Corp., as part of its incentive compensation plan, granted 2,130,000 stock options at an exercise price of $1.60 and 1,133,572 restricted share units to directors, officers, employees and consultants of the company (Panuco project, Sinaloa).
Heliostar Metals Inc., announced that their shares remain in a trading halt due to the acquisition of the Ana Paula project in Guerrero from Argonaut Gold, since this kind of transactions require a number of key documents for the security exchange.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, an old adit driven along low-angle sheeted quartz veins in an orogenic gold prospect in Sonora Mexico. Photo by Miguel A Heredia.
During the 5th week of the year (January 30th to February 5th, 2023), 15 companies working in Mexico released news on their properties. One company informed on metallurgical results from its project, one company posted consolidated 2022 production and three companies provided updates on 2022 work on their properties and plans for 2023. One company began trading on the OTCQB in USA and two companies are to undertake private placements. Three companies informed on drilling results and work on their advanced properties, one other on the signing of an option agreement on the acquisition of a property and one more provided its bi-weekly status report. ON MEXICO ISSUES, mining companies are among the best compliers on environmental, social and governance strategies. ON EXPLORATION, in Chihuahua, Radius Gold informed on metallurgical results by associate Fresnillo PLC on its Plata Verde property. ON MINING, Altaley Mining provided an update on its 2023 plans for its Tahuehueto (Durango) and Campo Morado (Guerrero) properties. Minera Alamos informed on the late 2022 commercial production and some operational hurdles at its Santana project in Sonora. SilverCrest Metals released Q4 2022 production results and informed on relevant mining issues at Las Chispas, in Sonora. Capstone Copper presented 2023 production guidance for its Cozamin mine in Zacatecas. ON FINANCING, Excellon Resources commenced trading on the OTCQB in USA. GRSilver Mining and Reyna Silver are undertaking private placements for $3 M and C$4 M respectively. ON RESOURCES AND DEVELOPMENT, Orla Mining provided an update on 2022 exploration activities and plans for 2023 at its Camino Rojo project in Zacatecas, releasing impressive drill results from the sulfide zone. Alamos Gold released drilling results from Puerto del Aire deposit in the Mulatos project in Sonora, with the second highest gold intercept in Mexico on the last nine months. Oroco Resource announced drilling results from the South zone of the Santo Tomás project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Aloro Mining signed an option agreement with Cuesta del Cobre to acquire the Quitovac project in Sonora. Gatos Silver complied with the by-weekly status report. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
According to Miranda Partners, mining companies are among the best positioned on environmental, social and governance strategies
ON EXPLORATION
Radius Gold Inc. informed on metallurgical results from its Plata Verde project in Chihuahua. Fresnillo PLC has an exclusivity agreement on the project since mid-2022 to negotiate an option agreement to earn a 70% interest in the project. Approximately 100 kg of bulk samples were collected from Mina Mojonera and Mina Real underground workings for metallurgical testing by cyanide leaching and flotation. The samples were classified as “soft” for ball mining, cyanide leach tests reported average 93% Ag recovery, “Flotation studies generate Pb/Cu concentrates with a high grade of silver and good values of lead and copper with recovery of around 85% for silver, 52% for lead and 64% for copper”, the combination of flotation + tailings cyanidation averaged 97% Ag recovery. “Galena is the main sulfide, which registered around 0.11% by weight, chalcocite 0.12%, and sphalerite, pyrite, chalcopyrite and arsenopyrite, which totaled around 0.06%, were detected to a lesser extent. As silver species, stromeyerite, argentite and a low proportion of AgHg were detected. Non-sulfur gangue represented 99.6% by weight mainly as baryte, calcite, albite, and quartz”.
ON MINING
Altaley Mining Corp. provided an update on its operations plans for 2023. At Tahuehueto, in Durango, a new consulting construction manager was appointed and recruiting of a new site general manager is in process. The construction of the initial 500 tpd operation is to be completed on 2Q23 and expansion to 1,000 tpd nameplate capacity operation on 4Q23. “Currently the mine is in pre-production, averaging 300 tpd”. At 1,000 tpd capacity the mine is projected to produce 42.8 K Oz AuEq per year, generating a yearly EBITDA of US$28.1 M. For the Campo Morado mine in Guerrero, plans have “strategically shifted focus” towards mining of higher-grade copper orebodies. Campo Morado EBITDA for 2023 is projected to be US$15.9 M. The company expects to progress on implementing recommendations made by Ausenco to improve plant performance at Campo Morado. The metals production for 2023 from Campo Morado is expected to be 15,433 tonnes Zn, 2,967 tonnes Cu, 2,142 tonnes Pb, 184 Kg Au (5,916 Oz Au), 25.8 tonnes Ag (829.8 K Oz Ag) while guidance at Tahuehueto is 1,903 tonnes Zn, 545 tonnes Cu, 1454 tonnes Pb, 289 kg Au (9,291 Oz Au), 6,258 kg Ag (201.2 K Oz Ag).
Minera Alamos Inc. informed on the completion in the second half of 2022 of the initial thresholds for commercial production at the Santana project in Sonora, including gold recovery rates from the heap leach pad and monthly mining rates. Final approvals for resubmitted applications are pending for the next phase of pad expansion and full access to the Nicho deposit. Due to water scarcity the company is giving priority at this time to pre-stripping activities, and competing work and plans to proceed with the expansion when the permits are received. The mine was built for US$10 M, most of which has been paid back by the operational performance, which has demonstrated the ability to operate at 10,000 tpd of ore and waste moving. Overall gold recoveries are above 70% for material under 45-60 days leach with residual leach ongoing.
SilverCrest Metals Inc. reported Q4 2022 operational results and an update on activities at its Las Chispas mine in Sonora, where commercial production was announced on November 1, 2022. During the quarter 104.3 K tonnes @ 3.67 gpt Au, 382 gpt Ag were processed, recovering 96.9% Au, 93.3% Ag to produce 11,940 Oz Au, 1.20 M Oz Ag (2.23 M Oz AgEq). Underground mining averaged 700 tonnes per day, with resue mining planned for some stopes currently being replaced either by cut and fill or long hole mining. Ore stockpiles stood at 261.6 K tonnes at the end of the period. The company expects to release an updated technical report on Q2 2023. At the end of the quarter cash and cash equivalents represented $50.8 M and total debt $50 M.
Capstone Copper Corp. announced consolidated copper production for 2022, without disclosing production by property. The 2023 guidance aims for production at the Cozamin mine in Zacatecas to be in the 23 to 25 K tonnes Cu, with a cash cost of $1.50 – $1.65 per Lb Cu, the lowest for all its operations in Arizona, Mexico and Chile.
ON FINANCING
Excellon Resources Inc. commenced trading on the OTCQB Venture Market in USA, while continuing to trade also at the Toronto Stock Exchange (La Negra, Hidalgo).
GRSilver Mining Ltd. proposes to undertake a non-brokered private placement to raise total gross proceeds of up to $3 M (Plomosas, Sinaloa).
Reyna Silver Corp. entered into an agreement with Eight Capital as lead underwriter and on behalf of a syndicate of underwriters in connection with a bought deal private placement financing for aggregate gross proceeds of C$4 M (Guigui and Batopilas, Chihuahua).
ON RESOURCES AND DEVELOPMENT
Orla Mining Ltd. provided an update on 2022 exploration activities at Camino Rojo in Zacatecas, and an overview on 2023 exploration plans. Drilling the Camino Rojo Sulfides returned good gold intercepts, of which the highlighted ones comprise 64.0 m @ 4.66 gpt Au; 79.0 m @ 2.76 gpt Au; 70.0 m @ 2.81 gpt Au; 87.0 m @ 1.92 gpt Au; 73.5 m @ 1.74 gpt Au; 40.5 m @ 3.83 gpt Au; 16.0 m @ 6.94 gpt Au; 37.0 m @ 3.78 gpt Au; 49.5 m @ 2.71 gpt Au. Drilling below the current mineral resource has identified feeder-like structures, with intersects of up to 22.9 m @ 4.02 gpt Au, 1.5% Zn. Drilling of regional targets has returned up to 7.10 m @ 0.54 gpt Au and 2.35 m @ 1.35 gpt Au at the Guanamero target area. “Further drilling is planned in 2023 to test for zones of oxidized mineralization that could potentially allow for local expansion of the oxide pit”. For the Camino Rojo sulfides zone, a 34,000 m of infill drilling in 57 holes is planned, with 20% to test the deep potential, and 6,500 m more on extensions to the Oxide zone to expand resources. On regional exploration, 15,000 to 20,000 of RC drilling and 2,000 to 5,000 m of core drilling are planned to test multiple targets.
Alamos Gold Inc. reported results from surface exploration drilling at Puerto del Aire (PDA), an underground deposit within the Mulatos project in Sonora. Highlighted true width intervals comprise 25.95 m @ 33.40 gpt Au (an impressive 866.7 gpt*m); 3.25 m @ 67.58 gpt Au; 6.20 m @ 18.33 gpt Au; 1.50 m @ 75.50 gpt Au; 2.35 m @ 36.50 gpt Au; 1.40 m @ 60.20 gpt Au; 6.75 m @ 11.16 gpt Au; 9.00 m @ 6.73 gpt Au. The results extend high-grade Au mineralization outside the resource zone that holds 556 K Oz Au in reserves and resources grading close to 5 gpt Au. Since the last mineral resource estimate was released on the PDA deposit in 2021, 92 drill holes totalling 27,117 m have been completed. The $17 M exploration budget at Mulatos includes $4 M for drilling focused on expanding resources at PDA.
Oroco Resource Corp. announced drilling results from the South zone at its Santo Tomás project in Sinaloa. The 2 km long zone is subdivided in three segments: northern, middle and southern, with the current drilling reported from the middle and southern segments. Highlighted core length results, that are reported to be within 10% of true width, comprise 127.0 m @ 0.37% Cu, 0.049 gpt Au; 146.6 m @ 0.37% Cu, 0.073 gpt Au; 82.0 m @ 0.37% Cu, 0.032 gpt Au; 146.0 m @ 0.24% Cu, 0.014 gpt Au; 66.0 m @ 0.26% Cu, 0.009 gpt Au, 180 ppm Mo; 47.0 m @ 0.35% Cu, 0.018 gpt Au, 80 ppm Mo; 179.2 m @ 0.36% Cu, 0.022 gpt Au, 200 ppm Mo; 349.1 m @ 0.36% Cu, 0.027 gpt Au, 60 ppm Mo; 187.9 m @ 0.51% Cu, 0.038 gpt Au, 120 ppm Mo; 234.3 m @ 0.34% Cu, 0.017 gpt Au, 120 ppm Mo. Drilling on the southern zone segment has intersected western dipping dikes and mineralization, overprinted by hydrothermal breccia bodies and a wide array of stockwork vein and fracture mineralization.
ON DEALS AND CORPORATE ISSUES
Aloro Mining Corp. signed an option agreement with Cuesta del Cobre S. de R.L. de C.V. to acquire the Quitovac project in Sonora. The terms include cash and shares amounts of $35 K, 200 K shares within 30 days of approval; $45 K and 200 K shares on year one; $55 K and 200 K shares on year two; $65 K and 200 K shares on year three; $75 K and 300 K shares on year four; $100 K and 400 K shares on year five; $200 K and 500 K shares on year six. The project covers 2,644 hectares with 14 claims, with the orogenic gold mineralization having been tested with 12,450 m of drilling in 100 holes by four companies between 1987 and 2012.
Gatos Silver Inc. provided the bi-weekly status report in accordance with National Policy 12-203-Management Cease Trade Orders. Ernst & Young LLP was appointed on November 14, 2022 as the company’s independent registered public accounting firm. “The Company expects all delayed filings, including the audit of the financial statements required to be included in its annual report on Form 10-K for the year ended December 31, 2021, and the reviews of its quarterly reports on Forms 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, to be completed before the end of the first quarter of 2023” (Cerro Los Gatos, Chihuahua).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Quartz specularite vein on a copper project in the Sonoran Desert. Picture by Abraham López.
During the 3rd week of the year (January 16th to January 22nd, 2023), 20 companies working in Mexico released news on their properties. Two companies posted on exploration of non-advanced properties, six companies posted on Q4 2022 production figures, one released its 2023 production guidance and one announced the re-start of operations at a processing plant in Guanajuato. One company extended the maturity date of convertible debentures. Five companies informed on work at its advanced properties, including three that released drilling results and two that updated on mineral resources. One company restricted the NSR agreement on an advanced property, one informed on the acquisition of a past-producing mine and one other informed on the leasing of its processing plant for part of the profits. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Reyna Gold released sample results from its La Gloria project. In Jalisco, Almadex Minerals updated on exploration plans at San Pedro. ON MINING, Orla Mining, Avino Silver, Fortuna Silver, Gold Resource, Pan American Silver and First Majestic Silver presented production reports for Q4 2022. Torex Gold released its 2023 production guidance and Guanajuato Silver is to start processing at the Cata mill in Guanajuato. Capitan Mining released drill results from the Jesús María system at its Cruz de Piedra project in Durango. ON FINANCING, Excellon Resources is to convert C$4.5 M of debentures into equity and extend the maturity of remaining principal. ON RESOURCES AND DEVELOPMENT, GR Silver released drilling results from the SE zone of the San Marcial project in Sinaloa. Regency Silver updated the resource estimate at Dios Padre in Sonora. GoGold Resources posted drilling results from El Favor deposit at its Los Ricos North project in Jalisco. Excellon Resources filed a PEA on La Negra deposit in Hidalgo. ON DEALS AND CORPORATE ISSUES, Defiance Silver restructured an option agreement to acquire the NSR at the Tepal project in Michoacan. Excellon Resources announced last week the acquisition agreement on the past-producing La Negra mine in Hidalgo. Xali Gold signed a lease for part of the profits obtained in the processing of minerals by a private company at its San Dieguito de Arriba mill in Nayarit. ON SOCIAL RESPONSIBILITY, First Majestic Silver received the “Silver Helmet Award” for underground mining with more than 500 workers for its health and safety performance.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Reyna Gold Corp. released sample results from district-scale exploration at its 24,215 hectare La Goloria property in Sonora. At Las Carmelitas 43 samples average 2.25% Cu, 89 gpt Ag, 0.21 gpt Au and 0.48% Sb defining a supergene enrichment zone on conglomerate, agglomerate and sandstone with a 2.5 Km by 1.7 km footprint continuing undercover in several directions. At the Western target new parallel structures have been discovered on a 1,500 by 450 m zone with eight samples returning 2.89 to 11.35 gpt Au, up to 27 gpt Ag and 22 to 135 gpt Tellurium. At La Republicana the northwest-southeast trend has now been extended with discontinuous veins and veinlets for 2.8 km, and a width of 625 m with grades of up to 103.5 gpt Au, 283 gpt Ag, 2.4% Cu, 5.33% Pb, 0.12% Zn. “At least 3 hydrothermal events have occurred in the zone: 1) veins and veinlets of white quartz (occasionally greyish) with the presence of galena, chalcopyrite, and covellite, 2) veins and veinlets of quartz-tourmaline (cutting first event structures) coarse pyrite is observed, traces of chalcopyrite and secondary minerals such as hematite, jarosite, malachite and chrysocolla, 3) filling of calcite and iron carbonates within second event structures”. Drilling is programmed for March 2023.
Almadex Minerals Ltd. updated on exploration plans for its San Pedro project in Jalisco. The breccias intercepted in 2022 drilling appear to have a sub horizontal distribution. “Further surface mapping is planned to confirm and refine this interpretation in order to optimise the next drilling program. The elevated base metals and copper seen in the breccia, along with acid sulphate altered fragments suggests that the breccia and related mineralisation may be a late feature in the lithocap environment”. It is interpreted that the acid sulphate lithocap present has potential for gold mineralization, and deep copper potential beneath.
ON MINING
Orla Mining Ltd. provided an operational update for the fourth quarter 2022. The Camino Rojo Oxide mine produced 32,017 Oz Au during the period, and 109,596 Oz Au throughout the full year. All-in sustaining costs (AISC) has been maintained at $600 to $700 per Oz Au for the year. Production for 2023 is expected to be between 100,000 to 110,000 Oz Au. “Income taxes accrued during 2022, including Mexican Special Mining Duty, totalling approximately $35 million, will be paid in a lump sum in March 2023. Thereafter, Orla expects to pay income tax instalments monthly, beginning in May 2023”. Orla ended the year with a cash position of $96.6 M.
Avino Silver & Gold Mines Ltd. reported fourth quarter 2022 production results at the Avino mine in Durango. During the period 150.3 K tonnes were milled at an average grade of 70 gpt Ag, 0.62 gpt Au, 0.53% Cu, recovering 92% Ag, 81% Au, 88% Cu to produce 309.8 K Oz Ag, 2,426 Oz Au, 1.54 M Lb Cu (770 .1 K Oz AgEq). For the year 541.8 K tonnes were milled @ 62 gpt Ag, 0.42 gpt Au, 0.61% Cu, recovering 92% Ag, 78% Au, 89% Cu, to produce 985.2 K Oz Ag, 5,778 Oz Au, 6.50 M Lb Cu (2.65 M Oz AgEq). The dry-stack tailing facility was commissioned and is now fully operational.
Guanajuato Silver Company Ltd. announced that the Cata mill has commenced precious metals processing at the Valenciana Mines Complex (VMC) in Guanajuato. The company is to start processing material at a rate of 8 K tonnes per month and to increase it later in the year to 20 K tonnes per month. The mill has a nameplate capacity of 36 K tonnes per month. “The Company plans to operate the Cata mill with production from both VMC and the San Ignacio mine …… intends to backfill tailings underground using a hydraulic fill system that will make use of select voids and open stopes that have been created at VMC over the past 450 years of underground mining”.
Torex Gold Resources Inc. provided operational guidance for 2023 and 5-year production outlook for the Morelos Complex in Guerrero, which comprises the El Limón Guajes (ELG) Complex and the Media Luna project. For 2023 at ELG the expected gold production is between 440 K and 470 K Oz Au at total cash costs $740 to $780 per OZ Au and all-in sustaining costs of $1,080 to $1,130. “The strip ratio for 2023 is expected to average 10.7:1 compared to 8.9:1 in 2022 given additional laybacks within the El Limón and El Limón Sur open pits. Based on the current mine plan, a higher portion of waste is expected to be mined in the second and third quarters compared with the first and fourth quarters”. Approximately $39 M are budgeted for exploration and drilling in 2023, including $20 M for Media Luna, $6 M for ELG underground, $8 M for exploration in near mine on early exploration targets and $5 M in definition and grade control drilling. For the next five years production is expected to be in the 400 K to 500 K Oz Au per year.
Fortuna Silver Mines Inc. reported production results for the fourth quarter 2022, including figures from its Mexican operations. During the fourth quarter 259.5 K tonnes were milled at a rate of 2,883 tonnes per day (tpd), averaging 194 gpt Ag, 1.13 gpt Au, recovering 91.1% Ag, 89.8% Au to produce 1.47 M Oz Ag, 8,499 Oz Au. For the year, 1.03 M tonnes were milled at a rate of 2,925 tpd, averaging 191 got Ag, 1.14 gpt Au, to produce 5.76 M Oz Ag, 34,124 K Oz Au. For 2023 the company plans to process 1.03 M tonnes @ 186 gpt Ag, 1.19 gpt Au, reflecting the declining grade profile of mineral reserves.
Gold Resource Corp. released fourth quarter 2022 production for the Arista mine in Oaxaca. During the period 97.8 K tonnes were milled at a rate of 1,353 tonnes per day, averaging 2.68 gpt Au, 91 gpt Ag, 0.37% Cu, 2.29% Pb, 4.79% Zn to produce 6,933 Oz Au, 265.8 K Oz Ag, 284 tonnes Cu, 1,808 tonnes Pb, 3,920 tonnes Zn.
Pan American Silver Corp. announced preliminary production results for the Q4 2022, including figures from its Mexican operations. At La Colorada, in Zacatecas, 1.34 M Oz Ag, 700 Oz Au were produced during the period, for a yearly total of 5.93 M Oz Ag, 3,300 Oz Au. At Dolores, in Chihuahua, 0.59 M Oz Ag, 34,600 Oz Au were produced during the quarter, for a yearly production of 2.24 M Oz Ag, 136,900 Oz Au.
First Majestic Silver Corp. released total production results for the fourth quarter of 2022. The company’s consolidated production from its three operating mines in Mexico (San Dimas in Durango, Santa Elena in Sonora, La Encantada in Coahuila) was 2.39 M Oz Ag, 46,194 Oz Au (or 6.17 M Oz AgEq). The liquid natural gas powerplant at Santa Elena was expanded from 12 MW to 24 MW “to supply low‐cost, clean power to the Ermitaño mine and the recently completed dual‐circuit plant”. In exploration, four drilling rigs are operating at Dan Dimas, in Durango, three at Santa Elena in Sonora and one at La Encantada, in Coahuila.
ON FINANCING
Excellon Resources Inc. entered into a binding term sheet with holders representing approximately 66.67% of the principal “amount of outstanding convertible debentures to convert 25% of the debentures (C$4.5 M) into equity and reprice and extend maturity of remaining principal outstanding upon closing the acquisition of La Negra property in Queretaro, providing greater flexibility to the Company. Furthermore, reprice the conversion price of the remaining principal to C$0.535 per share, 6.5% interest rate or 10.0% payable in shares at the company’s election” (La Negra, Hidalgo).
ON RESOURCES AND DEVELOPMENT
GR Silver Mining Ltd. released surface drilling results from six holes in the Southeast Area of the San Marcial project in Sinaloa. Highlighted core-length intervals comprise 5.6 m @ 1,223 gpt Ag, 1.4% Pb, 1.2% Zn (including 0.3 m @ 25,150 gpt Ag, 30% Pb, 18.6% Zn); 82.7 m @ 121 gpt Ag (including 0.4 m @ 3,386 gpt Ag and 1.1 m @ 1,391 gpt Ag); 112.6 m @ 61 gpt Ag (including 0.9 m @ 1,055 gpt Ag); 0.6 m @ 14.3 gpt Au. “The six holes represent extensions along strike or down dip, creating the potential to expand silver mineralization boundaries”.
Capitan Mining Inc. released drill assays for five holes on the Jesus Maria zone at the Cruz de Piedra project in Durango. Highlighted core length intervals comprise 16.8 m @ 0.35 gpt Au, 187 gpt Ag, 0.1% Pb, 0.1% Zn (including 1.5 m @ 1.36 gpt Au, 1,381 gpt Ag, 0.8% Pb, 0.5% Zn); 4.6 m @ 0.63 gpt Au, 183 gpt Ag (including 1.5 m @ 1.45 gpt Au, 504 gpt Ag); 15.2 m @ 0.44 gpt Au, 21 gpt Ag, 0.5% Pb, 0.8% Zn (including 1.5 m @ 1.82 gpt Au, 81 gpt Ag, 3.2% Pb, 4.2% Zn). The Jesus Maria zone has been traced by trenching and drilling for 750 m of strike length to a depth of up to 150 m “On Dec 6 th, 2022, Capitan announced that it had entered into a transaction with a third party to consolidate the 2.5km high grade Jesus Maria trend”.
Regency Silver Corp. announced an updated resource estimate for its Dios Padre project in Sonora. The updated resource estimate incorporates 1,056 m of drilling in 8 holes drilled in 2022 and 10,425 m of historic drilling in 66 holes, to define inferred resources of 1.384 M tonnes @ 228 gpt Ag, 0.32 gpt Au (255.6 gpt AgEq) containing 10.14 M Oz Ag, 14,000 Oz Au. “The resource estimate contains information from the historic Dios Padre silver mine only and does not include any information from the recent discovery hole REG 22-01 which contained an intercept of 35.8 metres of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver”.
GoGold Resources Inc. released the results of eight holes from El Favor East deposit within Los Ricos North project in Jalisco. Highlighted core length intervals comprise 84.5 m @ 0.24 gpt Au, 79 gpt Ag; 44.8 m @ 0.30 gpt Au, 111 gpt Ag (including 17.3 m @ 0.71 gpt Au, 225 gpt Ag); 7.8 m @ 0.45 gpt Au, 190 gpt Ag; 19.9 m @ 0.59 gpt Au, 392 gpt Ag (including 5.0 m @ 1.97 gpt Au, 1,300 gpt Ag, which includes 1.2 m @ 6.48 gpt Au, 3,722 gpt Ag); 18.3 m @ 0.21 gpt Au, 97.4 gpt Ag; 35.2 m @ 0.18 gpt Au, 130 gpt Ag. “El Favor is located approximately 800 meters along strike to the east of the El Orito deposit. The combined systems cover approximately 2.9km in mineralized strike length over a 3.7km distance”.
Excellon Resources Inc. filed a preliminary economical assessment on La Negra project in Queretaro. The report summarizes the mineral resource estimate with 2.46 M tonnes @ 64 gpt Ag, 1.95% Zn, 0.50% Cu, 0.27% Pb, containing 5.1 M Oz Ag, 105.8 M Lb Zn, 27.1 M Lb Cu, 14.6 M Lb Pb in indicated resources and 6.42 M tonnes @ 80 gpt Ag, 1.80% Zn, 0.40% Cu, 0.65% Pb, containing 16.5 M Oz Ag, 254.8 M Lb Zn, 56.6 M Lb Cu, 92.0 M Lb Pb as inferred resources. The PEA envisages 7.4 years of mine life processing 6.22 M tonnes averaging 63 gpt Ag, 1.5% Zn, 0.4% Cu, 0.4% Pb at a daily rate of 2,500 tonnes.
ON DEALS AND CORPORATE ISSUES
Defiance Silver Corp. restructured the option agreement to acquire the 2.5% NSR at the Tepal project in Michoacan with Minera Tepal S.A. de C.V. “The company is making a payment of US $100,000 to defer all payments until June 30, 2024, at which time the remaining payment schedule will resume”.
Excellon Resources Inc. announced on January 9, 2023 a definitive acquisition agreement with Orion Resource Partners on the acquisition of the permitted, past-producing mine of La Negra, in Queretaro. The deal involves the payment on US$50 M paid through an upfront payment in shares of Excellon totaling US$20 M upon closing of the acquisition and a further US$30 M of deferred, “contingent consideration payable in common shares of the Company or in cash at the Company’s option, following the restart of commercial production”. La Negra property counts with 2.46 M tonnes @ 64 gpt Ag, 1.95% Zn, 0.50% Cu, 0.27% Pb, containing 5.1 M Oz Ag, 105.8 M Lb Zn, 27.1 M Lb Cu, 14.6 M Lb Pb in indicated resources and 6.42 M tonnes @ 80 gpt Ag, 1.80% Zn, 0.40% Cu, 0.65% Pb, containing 16.5 M Oz Ag, 254.8 M Lb Zn, 56.6 M Lb Cu, 92.0 M Lb Pb. The current PEA envisages 7.4 years of mine life processing 6.22 M tonnes averaging 63 gpt Ag, 1.5% Zn, 0.4% Cu, 0.4% at a daily rate of 2,500 tonnes.
Xali Gold Corp. signed a binding letter of intent with Minera Cinco Reales S.A. de C.V. on the San Dieguito de Arriba plant in Nayarit. Xali will have the right to receive 15% of the net profits from any mineral that is processed at the plant, or minimum payments of US$10 K in the fourth month from the signing, US$20 K on the fifth month, US$30 K on the sixth month, US$40 k on the seventh to tenth months, US$50 K from month eleven on. Before the fourth month, Xali should receive US$6.5 K on January 30th, US$6.5 K on February 27th, US$6.5 K on March 22nd. “Upon the execution of this Agreement, MCR will act as the only operator of the plant and will have the exclusive option to obtain permits and refurbish the plant and equipment to operational status and to manage and operate the SDA plant for their benefit for an initial period of 14 months …… Minera Cinco Reales operates several mines and processing plants (150 to 300 tonnes per day) in Northern and Central Mexico producing gold, silver, copper, lead and zinc”.
ON SOCIAL RESPONSIBILITY
First Majestic Silverwas awarded the prestigious “Silver Helmet Award” in the category of “Underground Mining of More Than 500 Workers” by the Mining Chamber of Mexico for its outstanding performance in occupational safety and health on its Santa Elena operations in Sonora.
On the image below: Tectonic breccia in granitic rock sealed by fine grained darker intrusive on a copper project in the Sonoran Desert. Picture by Abraham López.
During the 2nd week of the year (January 09th to January 15th, 2023), at least 30 press releases were announced by companies working in Mexico, and 4 news published by the media with nine communicating production and financial results, seven reporting resources and developments of their properties, five disclosing deals and corporate issues, five informing on exploration results, four announcing financing issues, and four commenting on Mexican issues. ON MEXICO ISSUES, The Ministry of the Environment and Natural Resources (SEMARNAT) withdrew the permit to Fortuna Silver Mines, which operates the San José mine in Oaxaca through the company Minera Cuzcatlán. Compañía Minera Cuzcatlán (Fortuna Silver) responded to SEMARNAT that it is operating normally at its San José mine in Oaxaca under complete legality. Mining companies shine at the beginning of the year on the Mexican Stock Exchange. The governments of Mexico and Canada have agreed to strengthen resilience in the supply chain in which both countries participate, reported Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada. Prime Mining, Tocvan Ventures, Oroco, and Silver Tiger reported the best drilling intercepts in Mexico on the second week of January, 2023. ON EXPLORATION, In Sonora, Aztec Minerals presented a summary of the results from its recently completed 2022 drilling program at its Cervantes project, Colibri completed additional drilling on its Evelyn project, Tocvan drill intersected a broad zone of gold at its El Picacho project, and Riverside provided a corporate outlook for 2023. In Sinaloa, Prismo Metals released results from the remaining holes from its now completed 2022 drill program at its Palos Verdes project. ON MINING, Aura, Alamos Gold, Americas, Endeavour, Gatos Silver, GoGold, Golden Minerals, and Torex announced Q4 and full-year 2022 production from their Mexican operations, and Altaley reported pre-production results during mill commissioning at its Tahuehueto property in Durango. ON FINANCING, Canuc closed a non-brokered private placement for gross proceeds of CAD $680K (San Javier project, Sonora). Guanajuato Silver closed the second and final tranche of its non-brokered private placement offering totaling CAD $8.5M (El Cubo, San Ignacio, and Valenciana mines, Guanajuato). Fabled announced that it plans to complete a non-brokered private placement for gross proceeds of up to CAD $1.5M (Santa Maria property, Chihuahua). Altaley entered into a debt settlement agreement with an arms’ length mining contractor to settle CAD $1,176,297 which is owing to the contractor as a result of underground mine development work (Tahuehueto mine, Durango). ON RESOURCES AND DEVELOPMENT, Regency Silver announced recommencement of the 2023 drilling program at its Dios Padre property in Sonora, as well as the commencement of an IP survey. Discovery outlined its 2023 work program and budget for its Cordero property in Chihuahua. Oroco released further assay results from the North Zone drilling program at its Santo Tomas project in Sinaloa. Prime Mining presented results from 48 drill holes collared in the Z-T area at its Los Reyes project, Sinaloa. Silver Tiger released results from its ongoing drilling program being conducted at its El Tigre project, Sonora. Sailfish announced results from its recently drilling program conducted at its Gavilanes property in Durango. Silver Viper reported positive geophysical and geochemical survey results at its Virginia project, Sonora. ON DEALS AND CORPORATE ISSUES, Santacruz announced the appointment of its new CFO (Zimapan property, Hidalgo). Excellon announced that its Board of Directors has approved the voluntary delisting of its common shares from the New York Stock Exchange (La Platosa mine, Durango). Fabled´s shareholders approved a share consolidation of the outstanding securities of the Company on an up to ten for one basis (Santa Maria property, Chihuahua). Vizsla completed strategic investment in the acquisition of Palos Verdes project, Sinaloa from Prismo Metals. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
The Ministry of the Environment and Natural Resources (SEMARNAT) withdrew the permit to Fortuna Silver Mines, which operates the San Jose mine in Oaxaca through the company Minera Cuzcatlán since, according to SEMARNAT, it incurred in several irregularities. Such permit had been previously granted by some servants of SEMARNAT. In 2022, SEMARNAT said that it had been a misspelling to have issued a permit for 12 more years for the operation of this company. SEMARNAT was even questioned for providing legal advice to the company in order to obtain the environmental impact authorization and the regularization of construction of works for which it did not have authorization. With the suspension of the permit, SEMARNAT said that the company can appeal and resort to its influence peddling as it has done since its settlement in Oaxaca. However, if the judges confirm the resolution, it must withdraw and return the land to its owners, in addition to repairing the damage caused by the excessive pollution it has generated in the area.
Compañia Minera Cuzcatlán (Fortuna Silver) responded to SEMARNAT that it is operating normally at its San Jose mine in Oaxaca under complete legality. Derived from the notification received by the Ministry of the Environment and Natural Resources (SEMARNAT) at the beginning of 2023, regarding the intention of evaluating the MIA (Environmental Impact Statement) granted legally and correctly in December 2021, it is notified that this new procedure does not affect the daily activities of the Company, thus confirming that the San José Mining Unit, located in San José del Progreso, Oaxaca, is operating normally. Fortuna Silver Mines, communicated on January 5 of this year, that its San José Mining Unit, which operates through its subsidiary Compañía Minera Cuzcatlán, fully complies with all current environmental laws, for which it has expressed its disagreement and is taking legal measures to protect its more than 1,200 employees, a value chain made up of more than 600 companies, 150 of them from the area, as well as an annual income of more than MXP $600M that benefits more than 30,000 people in the Central Valleys of Oaxaca. “Likewise, the Company highlights that, in 11 years of operation, it has been inspected 15 times by the Federal Attorney for Environmental Protection (PROFEPA), in turn it has registered two inspections by the National Water Commission (CONAGUA), who in none of their proceedings have ruled on facts and/or indications of contamination at the site or derived from the operation of the San José Mine. Finally, Compañía Minera Cuzcatlán reiterates its commitment to continue working together with neighboring communities to improve and expand the social benefits of its operation, through sustainable development initiatives”.
Mining companies shine at the beginning of the year on the Mexican Stock Exchange. The increase in the price of metals such as gold, silver and copper, supported the rebound in the price of the shares of companies in the Mexican market these days. Industrias Peñoles and Grupo México are framed as the first and third issuers in the S&P/BMV IPC index, which brings together the 36 largest firms in the Mexican stock market, which have accumulated the most performance in these first days of 2023. In the first case its shares maintain gains of 21.55%, at a price of 291.30 pesos per unit, in the first six business days of January. For the second, the return has been 18.35%, at 80.96 pesos.
The governments of Mexico and Canada have agreed to strengthen resilience in the supply chain in which both countries participate, reported Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada. Mexico, Canada, and the United States have agreed to joint actions to strengthen their supply chains both regionally and globally. In 2021, the Joe Biden Administration launched its Bailout for America, under the Bailout for America Act of 2021, signed into law in March.
Prime Mining Corp., Tocvan Ventures Corp., Oroco Resource Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the second week of January, 2023. Details are shown in the table below:
ON EXPLORATION
Aztec Minerals Corp., presented a summary of the results from its recently completed RC and oriented core holes 2022 drilling program at its Cervantes project in Sonora. It consisted of 26 RC holes totalling 5,248.6m, and 11 oriented core holes totalling 2,588m. Combined 2022 drilling program totaled 37 holes and 7,836.6m on California, California Norte, Purisima East and Jasper targets. All the holes collared in 2022 at California and California Norte targets, except one, encountered near surface, oxidized gold mineralization with minor copper values. Now, California target has been expanded to approximately 900m long E-W by 730m wide N-S, and with continuous mineralization of up to 170m depth. “The porphyry gold-copper mineralization is still open in all directions with anomalous mineralization and alteration up to 265m depth vertically. The California and California Norte targets appear to be merging from drilling and surface exposures”. At Jasper target, step out 600m west of the California Zone, the drilling program intercepted broad alteration and strongly oxidized, argillically altered, and brecciated siltstone-quartzite sediments. “Strong copper oxide mineralization is found on outcrops and in the drilling. Sulfides have not yet been found in drilling to 209 m depth, suggesting the there is a possibility to encounter a secondary sulfide enrichment blanket”. “At the Purisima Este target drilling found anomalous Au and multi-element mineralization related to the edges of its diatreme-breccia pipe related to quartz feldspar intrusive and follow-up work is planned”. Drilling highlights of the 2022 program include hole CAL22-001 with 1.04 g/t Au over 94m, including 3.96 g/t Au over 55m, and 0.36% over 55m; hole CAL 22-004 with 1.0 g/t Au over 65m, including 4.25 g/t Au over 24.4m, and 0.065% Cu over 160m; hole CAL 22-005 with 1.49 g/t Au, including 3.42 g/t Au over 51.7m, and 0.091% Cu over 119m; hole CAL 22-006 with 0.75 g/t Au, including 3.08 g/t Au over 9.14m, and 0.1% Cu over 138m; hole 0.87 g/t Au over 152m, including 2.05 g/t Au over 33.5m, and 0.095% Cu over 123m; hole CAL 22-027 with 0.68 g/t Au over 120m, including 1.46 g/t Au over 27m; and hole CAL 22-031 with 0.56 g/t Au over 135m, including 2.29 g/t Au over 12m.
Colibri Resource Corporation completed additional drilling on its Evelyn project in Sonora, which included 3 diamond holes totaling 1,063m, 5 reverse circulation holes totaling 1,205m, and 130 short RC holes totaling 1,548 m to penetrate alluvium and sample the top of bedrock.
Tocvan Ventures Corp., announced results from 3 out of 10 holes drilled at its Picacho project in Sonora. The company reported that hole SRA-22-003 intersected a broad zone of gold, returning 0.3 g/t Au and 0.5 g/t Ag over 48.8m, including 0.51 g/t Au and 0.8 g/t Ag over 27.5m, including 0.71 g/t Au and 1 g/t Ag over 19.8m, including 1.14 g/t Au and 1 g/t Ag over 12.2m, and including 4.73 g/t Au and 2 g/t Ag over 1.5m. Results for the remaining seven drillholes are pending.
Riverside Resources Inc., provided a corporate outlook for 2023 of the company´s growth plans. Highlights include look for a new strategic alliance with a major base metal producer; to drill-test with partner funds at least one project in H1, 2023 (BHP); look for new partnership to advance its La Union property in Sonora after high-grade results in 2022; and farm-out its Cecilia project in Sonora, which has a proposed drilling program to be executed at the property.
Prismo Metals Inc., released results from the remaining holes from its now completed 2022 drill program at its Palos Verdes project, Sinaloa, which consisted of eight holes totalling 2,100m. The best drill intercept was encountered in hole PV-22-17 with 0.43 g/t Au, 115 g/t Ag, 0.28% Cu, 0.47% Pb, and 0.81% Zn (200 g/t AgEq) over a true width (TW) of 3m, including 1.18 g/t Au, 297 g/t Ag, 0.56% Pb, 1.18% Pb, and 1.97% Zn (516 g/t AgEq) over a TW of 1.05m.
ON MINING
Aura Minerals Inc., reported that it produced 28,591 gold equivalent ounces during Q4, 2022 from its Aranzazu mine, Zacatecas.
Alamos Gold Inc., reported Q4 and annual 2022 production results from its Mulatos mine in Sonora, and provided updated three-year production and operating guidance. In Q4, 2022 the company produced 49,100 Oz Au at an average grade of 0.78 g/t Au. Alamos expects to produce over 175K-185K Oz Au at an average grade of 0.73 g/t Au in 2023 with a total cash cost in te range of USD $900-USD $950 per Oz Au; an all included sustaining cost of USD $950-1,000 per Oz Au; a sustaining capital of USD $10M; grow capital of USD $5-10M (a total sustaining and grow capital of USD $19-24M); capitalized exploration of USD $4M; an a total capital expenditures and capitalized exploration of USD $19-24M. Production for 2024 and 2025 is expected to be in the range of 140-150K Oz Au and 110-120K Oz Au respectively.
Altaley Mining Corporation reported pre-production results during mill commissioning at its Tahuehueto property in Durango. Tahuehueto is currently operating one ball mill in a commissioning phase, as part of the initial 500 tonnes per day project, producing precious metals-rich, commercial grade lead and zinc concentrates. The company produced in Q4, 2022 862 tonnes of Pb concentrate with grades of 26.31% Pb, 76.72 g/t Au, and 643 g/t Ag with metallurgical recoveries of 76.68%, 76.72%, and 68.115 respectively; and 878 tonnes of Zn concentrate with grades of 47.51% Zn, 7.5 g/t Au, and 145 g/t Ag with metallurgical recoveries of 54.31%, 13.23%, and 15.12% respectively.
Americas Gold and Silver Corporation reported Q4 and annual year 2022 production from its Cosala mine operation in Sinaloa. It produced 196K Oz Ag, 3.8M Lb Pb, and 10.4M Lb Zn during Q4, 2022, and 636K Oz Ag, 15.3M Lb Pb, and 39.3M Lb Zn in the full-year 2022.
Endeavour Silver Corp., released Q4 and full-year 2022 production results from their Mexican mine operations. Consolidated figures for Q4 and annual 2022, compared to the year 2021 are shown in the table below:
Figures by mine for the period Q4, and full year 2022 are shown in the tables below:
Gatos Silver Inc., announced guidance and Q4 and full year 2022 production results from its 70% owned Cerro Los Gatos, Chihuahua. On te period Q4, 2022 (100% Basis), the company milled 261,929 tonnes of 387 g/t Ag, 3.7% Zn, 1.9% Pb, and 0.3 g/t Au with metallurgical recoveries of 89.6%, 62.7%, 86.3%, and 53.9% respectively, to produce 2.9M Oz Ag, 13.5M Lb Zn, 9.7M Lb Pb, and 1.4K Oz Au. For the full-year 2022, the company reported production of 10.3M Oz Ag, 60.7M Lb Zn, 45.9M Lb Pb, and 5.3K Oz Au. 2022 guidance announced by Gatos Silver was 9.35-9.65M Oz Ag, 58-61M Lb Zn, 43-45M Lb Pb, and 5.0-5.3K Oz Au. Zinc, lead and gold production increased during 2022, with zinc and gold near the high end of guidance, and lead near the guidance midpoint. Compared with 2021, zinc production increased by 22%, lead production by 10%, and gold production by 2%. As of December 2022, the company reported a cash balance of $17M and outstanding balance of the company´s credit facility of $9M.
GoGold Resources Inc., reported Q4, 2022 production results from its Parral Tailings project, Chihuahua. The company produced 159,838 Oz Ag, 2,399 Oz Au, and 497.3K Lb Cu (441,217 Oz AgEq).
Golden Minerals Company announced Q4, and full-year 2022 production and financial results from its Rodeo project, Durango. The company in Q4, 2022 mined 161,244 tonnes and processed 52,736 tonnes of 2 g/t Au and 10 g/t Ag with metallurgical recoveries of 73.3% and 82% respectively, to produce 2,398 payable Oz Au (in doré) and 13,560 payable Oz Ag (in doré) or 2,568 payable Oz AuEq (in doré). Golden sold 2,518 Oz Au and 14,217 Oz Ag (2,696 Oz AuEq), at realized prices, before refining and selling costs of USD $1,729.40 and USD $21.69 respectively. For the full year 2022, Golden mined 771,485 tonnes and processed 195,599 tonnes of 2.6 g/t Au and 11 g/t Ag with metallurgical recoveries of 74.7% and 81.2% respectively, to produce 11,982 payable Oz Au (in doré) and 52,179 payable Oz Ag (in doré) or 12,616 payable Oz AuEq (in doré). Golden sold 12,451 Oz Au and 53,486 Oz Ag (13,101 Oz AuEq), at realized prices, before refining and selling costs of USD $1,805.34 and USD $21.93 respectively.
Torex Gold Resources Inc., reported Q4 and full-year 2022 production results from El Limón-Guajes mine complex, Guerrero. The company produced 116,196 Oz Au in Q4 to total 474,035 Oz Au in the full-year 2022. It surpassed the upper end of the guided range of 430K-470K Oz Au. Torex sold in Q4, 2022 121,913 Oz Au for a total of 473,122 Oz Au in the full-year 2022.
ON FINANCING
Canuc Resources Corporation issued 8.5M of common shares at a price of CAD $0.08 per common share to close a non-brokered private placement for gross proceeds of CAD $680K. Most of the gross proceeds will be used for exploration on the San Javier project, Sonora.
Guanajuato Silver Company Ltd., closed the second and final tranche of its non-brokered private placement offering. The company issued 4,080,486 common shares for gross proceeds of CAD $1,734,206.55 in the second tranche for a total offering of CAD $20,032,682 for gross proceeds of CAD $ 8,513,889.85. The net proceeds of the offering will be used to, among other things, ramp up production at the Company’s existing mines in and about Guanajuato, Mexico including El Cubo, San Ignacio and Valenciana, expand and modernize the processing facilities at the Topia mine in Durango, Mexico, increase brownfields’ exploration programs, and fund general and administrative expenses.
Fabled Silver Gold Corp., announced that it plans to complete a non-brokered private placement for gross proceeds of up to CAD $1.5M at a price of CAD $0.10 per common share. Net proceeds will be used to make required property payments, to further explore the Santa Maria Property, and for general working capital.
Altaley Mining Corporation entered into a debt settlement agreement with an arms’ length mining contractor to settle CAD $1,176,297 which is owing to the contractor as a result of underground mine development work. The Company and the contractor have agreed that the issuance to the contractor of 735,186 common shares of the company at a deemed price of CAD $1.60 per common share will extinguish and settle the debt.
ON RESOURCES AND DEVELOPMENT
Regency Silver Corp., announced recommencement of the 2023 drilling program at its Dios Padre property in Sonora, as well as the commencement of an IP survey. The company plans to drill a minimum of 3,000m as an initial follow up to the successful drilling program completed in August, 2022. It also will commence an IP survey to provide 3D information to a depth of 800m. “The current drill and IP program is designed to determine more specifically what type of broad, mineralizing system is present at Dios Padre”.
Discovery Silver Corp., outlined its 2023 work program and budget for its Cordero property in Chihuahua. The goal is to complete the Pre-Feasibility Study (PFS) later this month and will be focused on optimization opportunities including improved mining and processing efficiencies, as well as complete a Feasibility Study (FS) in Q1, 2023.. Alongside this work, Cordero has allocated drill metres to the exploration potential on the large, highly-prospective land package owned by the company. “Construction permitting for Cordero will be undertaken in-parallel with the FS work, with the submission of the Environmental Impact Statement (MIA) expected to be made to the Mexican Federal Environmental Department (SEMARNAT) in the first half of 2023. Assuming a 12 to 18 month permitting timeline, this would position the Company to make a construction decision in the second half of 2024. The 2023 work programs are budgeted at $26 million. The Company is well positioned to fund this work with a cash balance of over $45 million and no debt at the end of 2022.
Oroco Resource Corp., released further assay results from the North Zone drilling program at its Santo Tomas project in Sinaloa. Holes N039 to N043 totalled 2,668 m of drilling which demonstrated continuity of good grade mineralization. Highlights include hole NO39 with 0.14% Cu, 0.002% Mo, 0.01 g/t Au and 1 g/t Ag (0.15% CuEq) over 58m, plus 0.46% Cu, 0.005% Mo, 0.016 g/t Au, and 4 g/t Ag (0.49% CuEq) over 21.4m, plus 0.31% Cu, 0.01% Mo, 0.02 g/t Au and 2 g/t Ag (0.36% CuEq) over 265m; hole NO40 with 0.21% Cu, 0.007% Mo, 0.012 g/t Au, and 2 g/t Ag (0.24% CuEq) over 41m, plus 0.29% Cu, 0.009% Mo, 0.013 g/t Au, and 3 g/t Ag (0.33% CuEq) over 152.1m; hole N041 with 0.3% Cu, 0.002% Mo, 0.003 g/t Au, and 1 g/t Ag (0.35% CuEq) over 20.6m, plus 0.47% Cu, 0.006% Mo, 0.038 g/t Au, and 2 g/t Ag (0.52% CuEq) over 96m; and hole N042 with 0.53% Cu, 0.005% Mo, 0.075 g/t Au, and 3 g/t Ag (0.60% CuEq) over 135m.
Prime Mining Corp., presented results from 48 drill holes collared in the Z-T area at its Los Reyes project, Sinaloa. Drilling highlights include holes 22TA-51 with 2.5 g/t Au and 278 g/t Ag (6.1 g/t AuEq) over a true width (TW) of 3,1m, plus 10 g/t Au and 131 g/t Ag (11.6g/t AuEq) over a TW of 3.1m, including 28.5 g/t Au and 310 g/t Ag (32.5 g/t AuEq) over a TW of 1.1m; hole 22ZAP-87 with 4.7 g/t Au and 103 g/t Ag (6 g/t AuEq) over a TW of 8.7m, including 39.6 g/t Au and 174 g/t Ag (41.9 g/t AuEq) over a TW of 0.7m, and 8.6 g/t Au and 163 g/t Ag (10.7g/t AuEq) over a TW of 1.0m; hole 22TA-44 with 2.7 g/t Au and 451 g/t Ag (8.6 g/t AuEq) over a TW of 4.8m, including 4.8 g/t Au and 821 g/t Ag (15.4 g/t AuEq) over a TW of 2.3m; hole 22 ZAP-82 with 1.3 g/t Au and 22 g/t Ag (1.6 g/t AuEq) over a TW of 13m, including 13 g/t Au and 48 g/t Ag (13.6 g/t AuEq) over a TW of 0.8m, plus 3.6 g/t Au and 20 g/t Ag (3.8 g/t AuEq) over a TW of 13.8m,including 22.2 g/t Au and 41 g/t Ag (22.8 g/t AuEq) over a TW of 1.9m; hole 22TA-43 with 4.2 g/t Au and 59 g/t Ag (4.9 g/t AuEq) over a TW of 5.4m, including 23.6 g/t Au and 103 g/t Ag (24.9 g/t AuEq) over a TW of 0.8m; and hole 22SMW-12 with 6.9 g/t Au and 33 g/t Ag (7.3 g/t AuEq) over a TW of 14.8m, including 9.1 g/t Au and 31 g/t Ag (9.5 g/t AuEq) over a TW of 8.9m, including 21 g/t Au and 55 g/t Ag (21.7 g/t AuEq) over a TW of 1.5m.
Silver Tiger Metals Inc., released results from its ongoing drilling program being conducted at its El Tigre project, Sonora. Drilling highlights include hole ET-22-333with 0.46 g/t Au, 429 g/t Ag, 0.07% Cu, 0.04% Pb, and 0.06% Zn (474 g/t AgEq) over 10.1m on Seitz Kelly Shale Zone, including 0.83 g/t Au, 3,639 g/t Ag, 0.61% Cu, 0.14% Pb, and 0.14% Zn (3,767 g/t AgEq) over 1.2m, including 0.22 g/t Au, 6,063 g/t Ag, 1% Cu, 0.14% Pb, and 0.09% Zn (6,182 g/t AgEq) over 0.7m; hole ET-22-333 with 0.14 g/t Au, 307 g/t Ag, 0.07% Cu, 0.2% Pb, and 0.2% Zn (337 g/t AgEq) over 2.4m on El Tigre Vein, including 0.32 g/t Au, 778 g/t Ag, 0.17% Cu, 0.4% Pb, and 0.6% Zn (849 g/t AgEq) over 0.9m, plus 0.25 g/t Au, 69 g/t Ag, 0.13% Cu, 0.5% Pb, and 1% Zn over 18.6m on the Seitz Kelly Shale Zone, including 0.25 g/t Au, 778 g/t Ag, 1.69% Cu, 7.1% Zn, and 15% Zn (1,633 g/t AgEq) over 1.1m on the Seitz Kelly Vein; and hole ET-22-335 with 0.15 g/t Au, 331 g/t Ag, 0.24% Cu, 0.2% Pb, and 0.5% Zn (386 g/t AgEq) over 4.3m on Seitz Kelly Vein, including 0.15 g/t Au, 2,343 g/t Ag, 1.67% Cu, 1.36% Pb, and 3.32% Zn (2,658 g/t AgEq) over 0.6m.
Sailfish Royalty Corp., announced results from its recently exploration work conducted at its Gavilanes property in Durango. Gavilanes comprises multiple high-grade polymetallic silver veins located approximately 30 km away from First Majestic’s San Dimas mine operation. Sailfish has drilled 47 shallow diamond drill holes on three of these veins which host mineralization in veins and stockworks of an intermediate sulphidation epithermal system. Sailfish geologists have collected representative chip channel samples across veins or structures, which returned encourages high-grade values. Highlights include 12.80 g/t Au and 48 g/t Ag over 2.5m and 0.87 g/t Au and 40 g/t Ag over 18m on Descubridora Vein; 30 g/t Au and 190 g/t Ag over 1m and 0.84 g/t Au and 754 g/t Ag over 2m on San Nicolas Vein; 0.02 g/t Au and 1,867 g/t Ag over 1m on San Nicolas-Veta del Pueblo; 10.12 g/t Au and 16 g/t Ag over 2.2m on Forasteros Vein; and 0.51 g/t Au and 1,546 g/t Ag over 0.51m pon La Cruz Vein. Gavilanes currently has an inferred mineral resource of 2.833M tonnes at an average grade of 246 g/t AgEq (22.4M Oz AgEq). This inferred mineral resource is highlighted by having 18.9M Oz Ag at an average grade of 207 g/t Ag.
Silver Viper Minerals Corp., reported positive geophysical and geochemical survey results at its Virginia project, Sonora. Detailed mapping and geochemical sampling following a TITAN MT deep penetrating Geophysical survey conducted in Q2, 2022 identified new targets at El Molino, along the Macho trend. “Geological mapping and rock and chip-channel sampling has outlined new targets at Los Cantiles, El Oriental and the eastern and southern sectors of Macho Libre. The new prospecting area, Los Cantiles, garnered surface chip channel sample results up to 5.7 g/t Au and 148 g/t Ag. Dump samples up to 17.8 g/t Au and 1,001 g/t Ag, and chip-channel samples up to 4.2 g/t Au and 310 g/t Ag, have been located at the El Oriental Target. Hydrothermal silicified breccia with up to 2.36 g/t Au and 71 g/t Ag has been outlined at the Macho Libre Target. At El Molino, several new structures have been outlined, containing breccias with quartz boiling type textures, with initial results up to 1.6 g/t Au and most analytical results pending. At El Molino, ongoing soil sampling reveals continuous gold and silver anomalies, with supportive infill results from north-west to south-east along the trend”.
ON DEALS AND CORPORATE ISSUES
Santacruz Silver Mining Ltd., announced the appointment of its new CFO and Corporate Secretary of the Company effective January 9, 2023 (Zimapan property, Hidalgo).
Excellon Resources Inc., announced that its Board of Directors has approved the voluntary delisting of its common shares from the New York Stock Exchange (NYSE)and the deregistration with the U.S. Securities and Exchange Commission (SEC) (La Platosa mine, Durango).
Fabled Silver Gold Corp´s shareholders approved a share consolidation of the outstanding securities of the Company on an up to ten for one basis. The board of directors of the company has now determined to proceed with the consolidation on a five to one basis. As of today’s date, the company has 215,446,649 common shares issued and outstanding. Following the completion of the consolidation (but before giving effect to the offering), the number of issued and outstanding common shares of the company will be approximately 43,089,330. (Santa Maria property, Chihuahua).
Vizsla Silver Corp., completed strategic investment in the acquisition of Palos Verdes project, Sinaloa from Prismo Metals Inc. Vizsla acquired a right of first refusal to purchase the Palos Verdes project from Prismo, and 4M units of Prismo at a price of $0.50 per Prismo unit, for aggregate consideration of $2M. Each Prismo unit consist of one common share of Prismo and one-half of one common share purchase warrant. Each Prismo Warrant entitles Vizsla to purchase one additional Prismo Share for a period of two years from the closing date at a price of $0.75.The consideration for the Strategic Investment consisted of a cash payment of $500K and the issuance to Prismo of 1M common shares of Vizsla. The Consideration Shares are subject to a statutory hold period of four months and one day, and a voluntary escrow period of 24 months with 25% of the securities released every six months.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, a fault-plane displaying slickensides in a Mn-Fe hydrothermal breccia in a project in Chihuahua, Mexico. Photo by Miguel A Heredia.
During the 52nd week of the year (December 26th to January 1st, 2022), at least 9 press releases were announced by companies working in Mexico, and 1 news published by the media with three disclosing deals and corporate issues, two informing on exploration results, two reporting resources and developments of their properties, and two announcing financing issues. ON MEXICO ISSUES, Mining in Mexico closed 2022 with more expenses in exploration due to lack of mining concessions. ON EXPLORATION, In Sonora, Tocvan provided an annual summary of the activities carried out in 2022 at its Pilar and Picacho properties. In Chihuahua, Mammoth provided a year-end update on activities developed at its Tenoriba project. Zacatecas Silver provided a summary of the 2022 exploration activities developed at its Zacatecas Silver and Esperanza projects located in Zacatecas and Morelos States respectively. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver closed the first tranche of its non-brokered private placement for gross proceeds of CAD $6.8M (El Cubo, San Ignacio, and Valenciana mines, Guanajuato). Regency completed a non-brokered private placement for gross proceeds of CAD $2,159,000 (Dios Padre Project, Sonora). ON RESOURCES AND DEVELOPMENT, MAG Silver reported that final testing of the downstream power distribution and control systems at its Juanicipio project in Zacatecas is now complete. Zacatecas Silver provided a summary of the 2022 exploration activities developed at its Zacatecas Silver and Esperanza projects located in Zacatecas and Morelos States respectively. ON DEALS AND CORPORATE ISSUES, Sierra Madre provided an update on its proposed acquisition of the La Guitarra mine in the State of Mexico. Gatos Silver provided a bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders (Cerro Los Gatos mine, Chihuahua). Mammoth announced the issuance of 2,206,000 common share stock options to directors, officers, and contract employees, exercisable at a price of $0.05 per common share (Tenoriba project, Chihuahua). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
Mining in Mexico closed 2022 with more expenses in exploration due to lack of mining concessions. The current administration of President Andres Manuel Lopez Obrador has not approved new mining concessions, which has led mining companies to invest more in exploration, with a view of finding new deposits in previously granted ground. In 2018, the concessioned area for mining activities in Mexico was of 10.64%, a figure that by the end of this 2022 stands at 8.59%, according to data from the Ministry of Economy.
ON EXPLORATION
Tocvan Ventures Corp., provided an annual summary of the activities carried out in 2022 at its Pilar and Picacho properties in Sonora. At Pilar project, the company executed the first core drilling program which was successful in intersecting broad gold mineralization across the Main Zone with one hole returning 1.2 g/t Au over 116.9m, including 12 g/t Au over 10.2m, an a second hole returning 0.8 g/t Au over 108.9m, including 7.6 g/t Au over 9.4m. “Infill and recognizing drilling at Pilar has confirmed that gold mineralization occurs in at least three parallel zones to the Main Zone across a 600m wide area and so far defined along 600m of strike, the same that based on surface indications and historic workings seems to continue for another 600m towards the southeast”. Column Leach studies from surface material at Pilar returned above regional average recovery for gold, reporting over 85% recovery from initial metallurgical testing. At El Picacho property, surface work outlined key target areas across the large 24 square-km project area. An initial drill program was completed at its San Ramon Prospect, but results are pending to be released.
Mammoth Resources Corp., provided a year-end update on activities developed at its Tenoriba project, Chihuahua. Highlights include the report of the final six drill holes of a 27-hole diamond drill program for a total of 3,244.25m. To date, Mammoth has drill-tested five targets zones within three project areas: El Moreno, Masuparia, and Carneritos, with 55 holes totalling 8,158.25m. “These project areas measure from hundreds of meters to over 1 km in strike length, along a 4km, east-west trend of gold-silver mineralization identified in 3-D modelling incorporating data from over 3,000 soil, chip and channel samples, 26 prior diamond drill holes, geological and structural mapping, and the potential continuity at depth of surface mineralization as indicated by an Induced Polarization/Magnetometer (IP/Mag) geophysical survey”. The company is currently conducting additional studies on the results of the 27 holes, including metallurgical testing, as well as the assessment by a third party resource modelling expert to recommend drill spacing to estimate a maiden mineral resource at the Tenoriba project. The company is also working on a technical report to communicate findings, conclusions, and recommendation for future work.
ON MINING
No relevant news.
ON FINANCING
Guanajuato Silver Company Ltd.,issued a total of 15,952,196 units at a price of CAD $0.425 per unit to close the first tranche of its non-brokered private placement for gross proceeds of CAD $6.8M. Net proceeds will be used to ramp up production at the Company’s existing mines in and about Guanajuato, Mexico including El Cubo, San Ignacio and Valenciana, expand and modernize the processing facilities at the Topia mine in Durango, Mexico, increase brownfields’ exploration programs, and fund general and administrative expenses. The closing of a second tranche of the Offering is expected to occur on or about January 12, 2023.
Regency Silver Corp., completed a non-brokered private placement of 10,795,000 common shares at a price of CAD $0.20 per share for gross proceeds of CAD $2,159,000. The company paid a finder´s fee of CAD $16K in cash in connection with part of the closing of the private placement. Net proceeds will be used for work programs on the properties of Regency Silver including drilling and geophysics in early January 2023 on our flagship Dios Padre property, for property payments on other properties of the Company and for general working capital.
ON RESOURCES AND DEVELOPMENT
MAG Silver Corp., received confirmation from Fresnillo plc that final testing of the downstream power distribution and control systems at its Juanicipio project in Zacatecas is now complete. The entire system has now been energized and Juanicipio has been connected to the national power grid.
Zacatecas Silver Corp., provided a summary of the 2022 exploration activities developed at its Zacatecas Silver project in Zacatecas State, and Esperanza project in Morelos State. At Zacatecas project, the company filed a NI 43-101 technical report to support its initial Mineral Resource Estimate on the Panuco Vein located within the Zacatecas Silver project. After filing the technical report, the company reported multiple high grade silver intercepts from drilling in an area north of the resource, named Panuco North and in an area of the property named El Cristo, which is an extension of the prolific Veta Grande Silver Vein on the Zacatecas Silver Property. At Esperanza project, the company completed an initial Mineral Resource Estimate outlining a high grade oxide gold deposit with significant exploration potential, and reported that a Pre-Feasibility Study is underway to support high margin, high grade, low capex, and low cost production. In addition, the company announced that multiple community programs continue to function and grow, including projects relating to health, education, and environment.
ON DEALS AND CORPORATE ISSUES
Sierra Madre Gold and Silver ltd., entered an arm´s length definitive agreement with First Majestic on May 25, 2022 to acquire a 100% interest in the 39,714-hectare La Guitarra mine in the State of Mexico and provided an update on its proposed acquisition. Earlier this month, shareholders voted in favour of a resolution to approve the proposed acquisition of all the issued and outstanding shares of La Guitarra Compañia Minera S.A. de C.V from Corporacion First Majestic, S.A. de C.V., in exchange for 69,063,076 common shares of the company at a deemed price of CAD $0.65 per Consideration Share, having an aggregate value of CAD $44,890,999 (USD $35M). The ordinary resolution with respect to the transaction was approved by 99.99% of the votes cast by shareholders. The transaction has been conditionally accepted by the TSX Venture Exchange.
Gatos Silver Inc., provided a bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders (MCTO). Pursuant to National Policy 12-203, the company must file bi-weekly status reports in the form of further news releases during the period from the Notice until the MCTO is revoked. “The company reports that since the Notice: (i) there have been no material changes regarding the information contained in the Notice that have not been disclosed in a bi-weekly default status report or in a news release referenced therein; (ii) there have been no failures by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203; and (iii) there has not been any specified default subsequent to the defaults announced in the Notice and the news releases dated May 13, 2022, August 5, 2022 and November 11, 2022”. (Cerro Los Gatos mine, Chihuahua).
Mammoth Resources Corp., announced the issuance of 2,206,000 common share stock options to directors, officers, and contract employees, exercisable at a price of $0.05 per common share (Tenoriba project, Chihuahua).
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, ginguro texture in a banded quartz vein-breccia from an intermediate sulphidation epithermal system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.
