Halifax, NS – GoGold Resources Inc.’s (TSX: GGD) (“GoGold”, “the Company”) drilling results continue to demonstrate the tremendous growth potential at the recently acquired 29 concession Los Ricos project located about 100 km northwest of the city of Guadalajara.
Flow banding rhyolite
By Miguel A Heredia
During the seventeen week of the year (May 06th to May 12th, 2019), at least 41 press releases were announced by companies working in Mexico, with fourteen communicating financial and production results, ten disclosing deals and corporate issues, seven reporting on resources and development of their properties, five informing on exploration results, three discussing Mexican news, and two announcing financing rounds. ON MEXICO ISSUES, Mining Chamber of Mexico (CAMIMEX) demanded the authorities to act in the illegal blockade at the Peñasquito mine by a transport company called CAVA. ON EXPLORATION, In Sonora, Aloro announced that it will resume drilling at its Venados project, Azure released drilling results from its Alacran project, and Colibri received historical assays from Santa Catalina Mining’s Pilar Exploration. In Chihuahua, Silver Spruce and Radius Gold announced exploration results from its Pino de Plata and Amalia projects respectively. ON MINING, Alio, Avino, Endeavour, Excellon, First Majestic, GoGold, Gold Resource, Hecla, Leagold, Pan American, Premier, Santa Cruz, Torex, and US Antimony presented Q1 2019 production and financial results from their Mexican operations. Endeavour also released its 2018 annual review and sustainability report. ON FINANCING, Defiance closed the final tranche of its previously announced private placement in the amount of $280,230 (San Acacio project, Zacatecas). Megastar closed a non-brokered private placement in the amount of $672,600 (Yautepec, Magdalena, and Rama de Oro projects, Oaxaca). ON RESOURCES AND DEVELOPMENT, Southern Silver updated mineral resources at its Cerro Las Minitas project in Durango. Azure increased mineral resources at its Oposura project in Sonora. Hecla reported positive exploration results from its San Sebastian mine in Durango. Mexus Gold started blast hole drilling at its Santa Elena mine in Sonora to initiate ore production. Premier announced high grade intersects from the underground drilling program carried out at the Marianas zone within its Mercedes mine in Sonora. US Antimony reported a doubling of its Mexican smelting. Goldplay released exploration results from its San Marcial project in Sinaloa. Endeavour filed an updated technical report for its Terrroneras project in Jalisco with mineral resource and reserve estimate. ON DEALS AND CORPORATE ISSUES, Alamos Gold (Mulatos mine, Sonora), Argonaut (El Castillo mine, Durango), Endeavour (Guanacevi mine, Durango), and Leagold (Los Filos mine, Guerrero) announced results from their annual general meeting of shareholders. Oroco confirmed favourable court decision on the Santo Tomas concession in Sinaloa. Defiance appointed new Director and Executive Chairman (San Acacio project, Zacatecas). Sable announced that the TSX accepted for filing the documentation of its option agreement on the Margarita project in Chihuahua with Minas Guilloyna and Minera La Perla.
ON MEXICO ISSUES
- Mining Chamber of Mexico (CAMIMEX), demanded the authorities to act in the conflict between Peñasquito and a transport company called CAVA. The company declared that the illegal blockade which started more than a month ago, harms entire families and the productive chains of the region. CAMIMEX also stated that is essential that mining companies in the country can work without being subject to illegal pressures and, like any industry that develops in the country, their demands are met promptly through legal channels and attached to the rule of law. The company initiated the suspension of payments to employees and unionized workers, contractors, suppliers and communities. However, the company is willing to help unlock this situation that affects 20 thousand people who work directly or indirectly for the mine.
- Mexico mining exploration, registered its lowest investment in 12 years. The mining exploration investment in Mexico during 2018 reached USD $383M, which represented a year-on-year decrease of 37.4% and its weakest level in the last 12 years, according to data from the Mining Chamber of Mexico (CAMIMEX).
- Aloro Mining Corp., announced that soon it will resume drilling at its Los Venados project in Sonora. The drilling plan will consist of 1,200m in four holes and will be focused on the blind target discovered by hole LVRC-012 which intersected 32m of blind strong silicic alteration containing 1.72 g/t Au over 4.57m, interpreted as the margin of a concealed felsic dome.
- Azure Minerals Limited, released drilling results from its Alacran project in Sonora, where its JV partner Minera Teck completed 21 holes phase 2 diamond drilling campaign for 10, 540m. 16 of the drill holes targeted porphyry-style copper mineralization at Cerro Alacrán prospect, while the remaining 5 holes targeted epithermal-style precious metal mineralization at Cerro San Simon and Cerro Colorado areas. This phase of drilling confirmed the existence of porphyry copper mineralization with broad zones of visible chalcopyrite intersected. Significant drill intersections include hole ALA-18-001 with 0.17% Cu over 118m; hole ALA18-003 with 0.25% over 131.7m; hole ALA-18-011 with 0.19% Cu over 137m; and hole ALA-18-014 with 0.21% over 177.3m.
- Colibri Resource Corporation, purchased historical assays results for 8,000 samples collected on the Pilar Gold project in Sonora by Santa Catalina Mining in the 90´s. Highlights include a series of 11 consecutive assays reporting 285.12 g/t Au, 45.53 g/t Au, 195.5 g/t Au, and 51.91 g/t Au which have been interpreted to correspond with hole S-10. This hole intersected 54.47 g/t Au over 16.5m, and is located in the North Hill Zone; a series of 9 consecutive assays including an intersection of 80.3 g/t Au, interpreted to correspond with hole Q-8b. This hole intersected 9.64 g/t Au over 13.5m; and another series of 6 consecutive assays including 0.54 g/t Au, 8.52 g/t Au, 20.66 g/t Au, 16.23 g/t Au, and 6.97 g/t Au, interpreted to correspond with hole P-9b located in the Main Zone, which encountered 10.16 g/t Au over 9m.
- Silver Spruce Resources inc., completed field work at its Pino de Plata project in Chihuahua. The field program expanded areas of intrusive-related alteration and mineralization to > 50 hectares; confirmed that high silver grades are present on surface at El Terrero and Gossan areas; added three new vein targets at La Perla, Santa Clara and El Muro vein systems; and refined drill collar locations and orientations to optimize targeting. The company announced that eight targets were identified for drill testing: “gossans in the Gossan zone, skarn/replacements at Santa Elena, the Terrero mine target, the La Perla vein and associated alteration zone, the Santa Clara vein, the Theodora vein, the Sierpe veins and associated alteration, and the newly defined Muro vein.” The company holds a drill permit for 30 holes but only plans to drill 12 holes for an estimated of 2,000m during the phase 1.
- Radius Gold Inc., provided an update of its ongoing drilling program at its Amelia project in Chihuahua. Radius has completed three drill holes proximal to hole AMDD19-010 which encountered 12.38 g/t Au and 309 g/t Ag over 34m of true width. Hole AMDD19-011 intersected 97m of “varying intensity quartz veins, stockwork veining and diorite dykes”; hole AMDD19-012 intersected a zone of 53m of “alteration including variable stockworks, silicification and hydrothermal breccias”; and hole AMDD19-013 intersected 17m of “moderate to strong silicification, tectonic breccia with micro vein stockworks and traces of fine sulphides”. Assays for these holes are pending.
- Alio Gold Inc., announced Q1 2019 financial and production results from its San Francisco mine in Sonora. Alio produced 10,968 Oz Au and 6,274 Oz Ag. It is less compared with Q1 2018. The by-product cash cost and AISC in Q1 2019 was $884 and $1,137 per Oz. The reason of the lower production at San Francisco mine is due to the decision to stop active mining in the San Francisco pit and focus on continuing leaching and processing the low grade stockpile.
- Avino Silver & Gold Mines Ltd., reported Q1, 2019 production and financial results from its Avino mine in Durango. The company milled 197,687 tonnes to produce 268.4K Oz Ag, 1,813 Oz Au and 1.1M Lb Cu (over 615K Oz AgEq) with a cash-cost and AISC of USD $11.44 and USD $13.81 per Oz AuEq produced. Avino reported revenues for USD $6.7M, an EBIDTA of USD $49M, and a net income (loss) of USD $610M.
- Endeavour Silver Corp., announced Q1 2019 production and financial results from its four Mexican operations: Bolañitos and El Cubo mines in Guanajuato, Guanacevi in Durango, and El Compas in Zacatecas. It produced 1.07M Oz Ag, 10K Oz Au (or1.9M Oz AgEq), with a cash cost and AISC of $12.55 and $19.37 per Oz Ag payable (net of Au credits). It also presented its 2018 annual review and sustainability report. 2018 Sustainability highlights include the investment of $400K in corporate charitable donations, focused on education, employment, health, infrastructure, and cultural events in Mexico and Canada; plantation of 53,000 trees in reforestation projects to reclaim disturbed ground; and the recycle of over 93% of water used; the investment of $1.7M in environmental protection programs. The company also reported that 99% of its workforce is Mexicans, spending $42M in employee wages and benefits; spent $181.1M on goods and services, 97% of total procurement is from within Mexico; and paid $10.2M in taxes.
- Excellon Resources Inc., released Q1 2019 production and financial results from its la Platosa mine in Durango. The company processed 18,219 tonnes of 534 g/t Ag, 5% Zn, and 8% Pb to produce 260.4K Oz Ag, 1.37M Lb Zn, and 2.2M Lb Pb, with metallurgical recoveries of 89.7%, 74.6%, and 78.1% respectively. Cash cost and AISC were USD $11.71 and USD $25.35 respectively. The company reported revenues for USD $5.2M and a net loss of USD $602K.
- First Majestic Silver Corp., presented Q1 2019 production and financial results from their Mexican operations. The company milled 812,654 tonnes to produce 3.3M Oz Ag or 6.3M Oz AgEq, with a cash cost and AISC of $6.34 and $12.91 per Oz Ag payable, and reported revenues for $86.8M, and net earnings of $2.9M. A distribution by mine is shown in the table below:
- GoGold Resources Inc., announced Q1 2019 production and financial results from its Parral tailings project in Chihuahua. It stacked 478,874 tonnes to produce 414.2K Oz AgEq, with cash cost of USD $13.61 and an AISC of USD $13.61 per Oz AgEq produced. GoGold reported revenues for USD $7.03M, an EBIDTA of USD $1.86M, and a net loss income of USD $2,44M.
- Gold Resource Corporation, released Q1 2019 production and financial results from their mine operations in Oaxaca. The company processed 165,638 tonnes of 1.26 g/t Au and 226 g/t Ag to produce 6,538 Oz Au and 364.6K Oz Ag. Cash cost and AISC of USD $340 and USD $834 per Oz AuEq produced respectively. Gold Resource reported revenues for USD $26.57M, and net income of USD $0.88M.
- Hecla Mining Company, reported Q1 2019 production and financial results from its San Sebastian mine in Durango. The mill operated at an average of 494 tonnes per day to produce 441K Oz Ag and 3,530 Oz Au, at a cash cost and AISC of $11.23 and $16.55 per Oz Ag produced respectively.
- Leagold Mining Corporation, announced Q1 2019 production and financial results from its Los Filos mine in Guerrero. The company produced 64K Oz Au at an AISC of USD $797 per Oz Au sold. Los Filos underground is now producing at over 1,900 tonnes per day with cost below USD $80 per tonne of ore.
- Pan American Silver Corporation, presented Q1 2019 production and financial results from their Mexican operations. At its La Colorada mine in Zacatecas, the company produced 2M Oz Ag and 1K Oz Au at cash cost of USD $2.16 per Oz Ag produced and an AISC of USD $3.37 per Oz Ag produced. At its Dolores mine in Chihuahua, the company produced 1.1M Oz Ag and 30K Oz Au at cash cost of USD $3.34 and AISC of USD $26.45.
- Premier Gold Mines Limited, reported Q1 2018 production and financial results from its Mercedes mine in Sonora. It milled 178,771 tonnes of 3.18 g/t Au and 27 g/t Ag to produce 17.6K Oz Au and 57.7K Oz Ag at a cash and IASC of USD $806 and $1,105 per Oz Au sold respectively. Premier reported revenues for USD $23.1M and mine operating income of USD $3.7M.
- Santacruz Silver Mining Ltd., announced Q1 2019 production and financial results from their Mexican operations. At its Veta Grande mine in Zacatecas, the company processed 32,625 tonnes of 119 g/t Ag, 0.19 g/t Au, 0.8% Pb, and 1.9% Zn, to produce 79.6K Oz Ag, 97 Oz Au, 488.3K Lb Pb, and 1.1M Lb Zn. At its Rosario mine in San Luis Potosi, the company milled 10,279 tonnes of 47 g/t Ag, 0.3% Pb, and 2.1% Zn to produce 14K Oz Ag, 61 Oz Au, 60.5K Lb Pb, and 407.7K Lb Zn.
- Torex Gold Resources Inc., presented Q1 2019 production and financial results from its El Limon-Guajes Mining Complex in Guerrero. Torex produced 77.8K Oz Au at an average grade of 2.45 g/t Au. Cash cost and AISC per Oz Au sold were USD $745 and USD $1,161 respectively. It reported revenues for USD $101.9M and earnings from mine operation of USD $16.8M.
- US Antimony, produced during Q1 2019 approximately 69,000 Lb per month from its Mexican operations (Wadley mine in San Luis Potosi and Guadalupe mine in Zacatecas).
- Defiance Silver Corp., closed the final tranche of its previously announced private placement in the amount of $280,230. In total, Defiance raised $2,567,620 in its private placement (San Acacio project, Zacatecas).
- Megastar Development Corp., closed a non-brokered private placement in the amount of $672,600. Gross proceeds of the financing will be used to advance exploration on multiple properties within the Oaxaca, Mexico Au-Ag belt as optioned from Minera Zalamera S.A. de C.V. (Yautepec, Magdalena and Rama de Oro projects, Oaxaca).
ON RESOURCES AND DEVELOPMENT
- Southern Silver Exploration Corp., announced a new mineral resource estimate at its Cerro Las Minitas project in Durango. Indicated resources are 11,102,000 tonnes of 105 g/t Ag, 0.16% Cu, 1.2% Pb, 3.7% Zn, and 0.1 g/t Au to contain 37.5M Oz Ag, 40M Lb Cu, 303M Lb Pb, 897M Lb Zn, and 35K Oz Au (133.9M Oz AgEq or 2B Lb ZnEq). Inferred resources are 12,844,000 tonnes of 111 g/t Ag, 0.27% Cu, 0.9% Pb, 2.8% Zn, and 0.07g/t Au to contain 45.7M Oz Ag, 76M Lb Cu, 253M Lb Pb, 796M Lb Zn, and 31K Oz Au (138.1M Oz AgEq or 2.04B Lb ZnEq).
- Azure Minerals Limited, expanded mineral resources at its Oposura project in Sonora. The new mineral resource estimate is based on 173 diamond holes totaling 11,109m drilled on phase 1 and 58 diamond holes totaling 4,567m drilled on phase 2. Indicated resources are 2.5M tonnes of 5.3% Zn, 2.9% Pb, and 19 g/t Ag, and inferred resources of 0.6M tonnes of 3.4% Zn, 2.1% Pb, and 15 g/t Ag. Total mineral resources are 3.1M tonnes at grades of 5% Zn, 2.7% Pb, and 18 g/t Ag containing 342.7M Lb Zn, 188.2M Lb Pb, and 1.78M Oz Ag. In addition, reconnaissance drilling in the Central Zone has encountered near-surface, high-grade mineralization. Drilling highlights include hole OPDH-173 which intersected 7.7% combined Zn+Pb over 12m, including 12.5% combined Zn+Pb over 4.1m, and hole OPDH-178 with 18.9% combined Zn+Pb over 9.5m, including 26.6% combined Zn+Pb over 6.2m. Azure is planning additional drilling to further increase mineral resources in the Central Zone, to the north of the deposit and within the wider property.
- Hecla Mining Company, reported positive exploration results from its San Sebastian mine in Durango. The company obtained encouraging drill results at the Middle Vein area, including 6,422 g/t Ag and 24.57 g/t Au over 1.86m. This drilling phase has increased the oxide mine life through upgraded resource in the Middle Vein. In addition, Hecla defined near-surface mineralization at the new El Toro area over 1.5km along strike and from surface up to 150m at depth. Drilling highlights at El Toro area include 750 g/t Ag and 4.9 g/Au over 1.8m, and 666 g/t Ag and 10.9 g/t Au over 1.3m.
- Mexus Gold US, started blast hole drilling on the Julio vein system at its Santa Elena mine in Sonora to produce the ore necessary to initiate steady production. The material being drilled has been sampled and is averaging 4 g/t Au and 12 g/t Ag. “Mexus currently has over 12,000 tons of ore stockpiled and ready to mine which was a result of the preparation of the pit on the Julio vein”.
- Premier Gold Mines Limited, released high grade intersects from underground drilling carried out at the Marianas zone within its Mercedes mine in Sonora. Significant results were in hole UG-MR19-011 with 4.96 g/t Au and 71 g/t Ag over 31m, including 25.65 g/t Au and 171 g/t Ag over 3.1m, hole UG-MR-19-007 with 4.51 g/t Au and 64 g/t Ag over 20.5m, including 11.04 g/t Au and 94 g/t Ag over 3.8m, and hole UG-MR10-010 with 7.29 g/t Au and 8 g/t Ag over 3.5m. “The Marianas Zone comprises the down-plunge extension of the main Mercedes mine trend. Previous surface drilling suggests Marianas has the potential to host economic mineralization of higher than the current reserve grade. It is the Company’s goal to convert a portion of Marianas mineral resources to mineral reserves with a delineation drill program during the balance of 2019. Ore development could commence in 2020”.
- US Antimony, reported a doubling of its Madero, Coahuila Mexican smelter capacity with the startup of No.2 long rotary furnace. This is expected to double Mexican production by the end of Q2 due to the increased output of its Wadley mine in San Luis Potosi and its Guadalupe mine in Zacatecas.
- Goldplay Exploration Ltd., released trenching results from the Nava Zone located 1.5 km to the west of its San Marcial NI 43-101 silver resource, supporting an attractive mineralized corridor for discoveries and potential resource expansion. Wide zones of up to 1.5 g/t Au were encountered during the trenching sampling. Significant results include 0.7 g/t Au over 40m, including 1.9 g/t Au over 6m.
- Endeavour Silver Corp., filed an updated technical report for its two deposits at the Terroneras project in Jalisco with mineral resource and reserve estimate. Indicated resources at Terroneras are 5,275,000 tonnes of 227 g/t Ag and 2.35 g/t Au to contain 38.5M Oz Ag and 398K Oz Au. Inferred resources are 1,022,000 tonnes of 212 g/t Ag and 1.7 g/t Au to contain 6.97M Oz Ag and 56K Oz Au. Indicated resources at La Luz are 126K tonnes of 192 g/t Ag and 13.6 g/t Au to contain 779K Oz Ag and 55K Oz Au. Inferred resources at La Luz are 58K tonnes of 145 g/t Ag and 12.15 g/t Au to contain 269K Oz Ag and 23K Oz Au. Probable combined mineral reserves of Terroneras and La Luz are 5,587,000 tonnes of 208 g/t Ag and 2.33 g/t Au to contain 37.44M Oz Ag and 419K Oz Au (mineral resources are inclusive of mineral reserves).
ON DEALS AND CORPORATE ISSUES
- Alamos Gold Inc., announced results from its annual general meeting of shareholders (Mulatos mine, Sonora), and the retirement of one of its Directors and the appointment of its replacement.
- Argonaut Gold Inc., released voting results from its annual general meeting of shareholders (El Castillo mine, Durango).
- Endeavour Silver Corp., announced results from its annual general meeting of shareholders, and the appointment of its newest Director (Guanacevi mine, Durango).
- Great Panther Mining Limited, announced the appointment of a new Director (Topia mine, Durango).
- Leagold Mining Corporation, presented voting results from its annual general meeting of shareholders (Los Filos mine, Guerrero).
- McEwen Mining Inc., announced two management changes: its new CFO and the General Manager for its Nevada operation (Fenix project, Sinaloa).
- Oroco Resource Corp., confirmed that a favourable court decision on the Santo Tomas concession has been received by its Mexican legal council. The company also announced that a criminal complaint against Aztec and its president Ron Arnold has been field with the Procuraduría General de Justicia de la Ciudad de Mexico (Santo Tomas project, Sinaloa).
- Defiance Silver Corp., appointed new Director and Executive Chairman (San Acacio project, Zacatecas).
- Sable Resources, announced that the TSX accepted the file documentation of its option agreement on the Margarita project in Chihuahua with Minas Guilloyna and Cia. Minera La Perla. Sable can earn 100% right, title, and interest in the Margarita project by satisfying the CAD $3.5M purchase price through the issuance of shares or cash or a combination of both over a three years period. To date, Sable has paid CAD $50K in cash and issued 200K shares (CAD $30K) to vendors during the execution of the agreement, issued 500K shares or cash equivalent (CAD $470K) on May 30, 2018), and has to issue CAD $500K worth of shares or cash equivalent on or before May 30, 2019, CAD $500K worth of shares or cash equivalent on or before November 30, 2019, and CAD $2M worth of cash or shares on or before May 30, 2020.
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, flow banding rhyolites at a locality in Guanajuato, Mexico. Photo by Miguel A Heredia.
By Jorge Cirett
During the 18th week of the year (April 29th to May 5th, 2019), at least 35 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Newmont Goldcorp Corp. informed on the intention to temporarily suspend operations at the Peñasquito mine in Zacatecas, due to an illegal blockade lasting for more than a month now. More than 300 mine employees protested outside the Zacatecas Congress, accusing José Narro, senator by Morena (the president’s party) of instigating the blockade. Drill core from La Xora project in Nayarit was added to The Mexican Core Shack. ON EXPLORATION, Nine companies presented advances in the exploration of their properties: In Baja, One World Lithium has received the permits to drill its Salar Del Diablo property. In Sonora, Sonoro Metals disclosed assays for the first 15 RC holes of the second drilling campaign; Ridgestone updated the work done to date at Rebeico; Minaurum staked a large chunk of ground at its Alamos project. In Chihuahua, Silver Spruce released surface sample results from its Pino de Plata project; Radius Gold released exciting results from the first hole of the second drilling campaign at Amalia; Kootenay Silver has initiated drill road construction for its incoming campaign at Columba. In Jalisco, GoGold released results from its drilling campaign at Los Ricos. In Zacatecas, Alien Gold updated on the exploration effort at its Donovan 2 property. ON MINING, nine companies presented its first quarter 2019 results, while one company presented its 2018 results. ON FINANCING, First Mining, and Prize Mining are to raise $6 M and $1.5 M respectively. Leagold Mining secured a 200 M term loan and a 200 M revolving credit. ON RESOURCES AND DEVELOPMENT, no relevant news. ON DEALS AND CORPORATE ISSUES, Alio Gold received notice of a civil claim from a former Rye Patch shareholder.
ON MEXICO ISSUES
- Newmont Goldcorp Corp. informed on the intention to temporarily suspend operations at the Peñasquito mine in Zacatecas (one of the largest in Mexico, produced 272 K Oz Au in 2018), due to an illegal blockade by a trucking contractor and some members of the Cedros community that began on March 27, 2019. The company announced on April 9 that the trucking contracts will now be signed with independent truckers, to their economic benefit and to avoid the repeated extortion blockades by the current trucking contractor. Newmont Goldcorp denounced that the blockader’s public claims that focus in water quality and employment, turn in a direct petition for large amounts of money when done privately. The company asks for help from the Mexican and Zacatecan authorities to resolve the illegal blockade that affects the income of more than 20 thousand persons, directly or indirectly. On a different event, about 300 employees of Minera Peñasquito, protested outside the Zacatecas Congress against the illegal blockade that keeps paralyzed the Peñasquito mine. The protesters accused Jose Narro, senator by the president party, Morena, and his acolyte Felipe Pinedo of blackmailing the company with false water contamination statements.
- Core from La Xora project, in Nayarit, was added to the Mexican Core Shack (https://gambusinoprospector.com/mexican-core-shack/), under the epithermal low sulphidation section.
- Sonoro Metals Corp. reported assay results from the first 15 reverse circulation holes of the second phase drilling program at its Cerro Caliche property in Sonora. All holes encountered gold mineralization, which extend mineralization 1.25 Km NW from the Central Zone, where the first drill campaign defined a series of NW striking structures, outlining three shallow bulk tonnage oxidized mineralized zones in metasedimentary and volcanic rocks. Previously reported results come from the Central Zone prospects Japoneses, Abejas, El Colorado and Guadalupe, whereas the new drill holes tested El Rincon, Gloria, El Boludito, and Veta de Oro zones. Highlighted results comprise 10.67 m @ 2.73 gpt AuEq; 3.05 m @ 5.48 gpt AuEq; 10.67 m @ 0.74 gpt AuEq; 6.1 m @ 0.80 gpt AuEq; 15.24 m @ 1.05 gpt AuEq.
- Alien Metals Ltd. updated on its exploration work at its Donovan 2 project in Zacatecas. Work to date supports indications of volcanogenic massive sulphide (VMS) mineralisation on multiple target areas open along strike, with surface assays of up to 3.3% Cu, 0.25% Zn. Currently there are magnetic, chargeabilty and resistivity anomalies, and a gravity survey underway is to refine the targets on this project, which is 24 kilometers from Teck’s San Nicolas deposit.
- Ridgestone Mining Inc. announced that exploration work to date on its Rebeico property in Sonora defined the 1.2 km long Alaska vein and intensely altered breccia zones SW of the vein, carrying Cu, Au and Ag values, as well as bismuth anomalies. An 18 line-kilometer induced polarization (IP) survey identified a chargeability anomaly below the breccia zone. A 12 hole 1,430 m diamond drill program tested 500 m of the Alaska vein. Eight of the twelve holes intersected significant grades, including: 0.80 m @ 1.41% Cu, 2.95 gpt Au; 2.0 m @ 2.78% Cu, 8.69 gpt Au; 1.40 m @ 3.25 gpt Au; 1.50 m @ 1.39 gpt Au; 1.0 m @ 0.30% Cu, 5.61 gpt Au; 3.25 m @ 2.41% Cu, 8.31 gpt Au; 1.50 m @ 1.22% Cu, 36.10 gpt Au.
- One World Lithium Inc. has received the permit required to start its 12 hole, 4,250 m drilling program at its Salar del Diablo property in Baja California. The company intends to test three geophysical anomalies, a geochemical anomaly, and structures that may trap and concentrate brines. The Salar del Diablo Property has never been drilled in the past.
- Silver Spruce Resources Inc. released surface sample results from its Pino de Plata property in Chihuahua. The samples returned 19 gpt Ag, 16 gpt Ag, 2 gpt Ag, 1,1,30 gpt Ag, 123 gpt Ag, 95 gpt Ag and 255 gpt Ag; up to 0.19 gpt Au, up to 802 ppm Cu, up to 3.7% Pb on samples 0.2 to 1.0 m in length. The two targets in the area comprise El Terrero and the Gossan area. At El Terrero, a 32 hectares zone “of multiple flat-lying brecciated zones hosted by a zone of strong argillic alteration” is the target, while at the Gossan area a series of hornfels and skarns developed near an intrusive contact may host massive sulphide replacement bodies associated to structures.
- Radius Gold Inc. reported the first results from the second diamond drill campaign at its Amalia project in Chihuahua. The program is operated by Radius and funded by Pan American Silver Corp. under a JV agreement by Which Pan American can earn an initial 65% by making cash payments totaling US$1.5 M (of which US$100 K have been paid) and spending US$2 M on exploration over four years. The first hole in this campaign intersected 44 m @ 12.38 gpt Au, 309 gpt Ag, including 11 m @ 39.9 gpt Au, 323 gpt Ag. The estimated true width of the zone is 34 m, consisting of “an epithermal breccia and quartz sulphide stockwork vein zone ” located on or near to the contact between overlying Tertiary rhyolitic ignimbrite and the footwall andesite volcaniclastics of the Late Cretaceous Tarahumara Formation. Diorite dykes appear to be emplaced along the fault zone and are associated with mineralization”.
- Minaurum Gold Inc. staked an additional 20,872 hectares on its Alamos project in Sonora. Additionally, mapping has revealed four new vein zones: Rosario, La Dura Oeste, La Dura and La Tijera. These four zones bring the total of veins zones of the district to twenty. The Rosario vein has been traced for 500 m, with samples assaying 304 gpt Ag and 227 gpt Ag over 1 m and 675 gpt Ag, 1.0% Cu, 0.9% Pb over 2 m. The La Dura Oeste vein has been traced for 550 m, returning assays of 30 gpt Ag, 3.4% Cu and 37 gpt Ag, 4.3% Pb. La Dura vein returned 123 gpt Ag, 2.% Cu over 0.5 m. La Tijera vein was traced for 750 m, with three samples returning 23- 36 gpt Ag, 0.41 – 0.77% Cu, up to 0.1% Pb, up to 0.15% Zn over 0.1 to 0.3 m.
- Kootenay Silver Inc. has initiated the road construction for the drilling of its Columba property in Chihuahua. The property covers a low sulphidation epithermal system with numerous veins ranging on 200 m to up to 2 km of strike length. Over 1,000 m of underground workings are present, including four shafts and six drifts, with historic records indicating grades between 600 and 900 gpt Ag.
- GoGold Resources Inc. released results from its recently acquired Los Ricos property in Jalisco. Highlighted diamond drill results comprise 22.4 m @ 4.13 gpt Au, 182 gpt Ag (or 6.55 gpt AuEq), including 3.0 m @ 25.08 gpt Au, 534 gpt Ag (or 32.2 gpt AuEq) and 11.7 m @ 0.68 gpt Au, 89 gpt Ag (or 1.87 gpt Au), including 6.1 m @ 0.58 gpt Au, 142 gpt Ag (or 2.47 gpt AuEq). The campaign is focused on defining the mineralized halo around the ore shoots defined by 65 historical reverse circulation holes. Over six thousand assays from channel samples are being digitized from underground working, to aid with deeper drill planning.
- Consolidated Zinc Ltd. released its March 2019 quarterly activities report. During the period its Plomosas mine in Chihuahua produced 11,267 tonnes @ 10.7% Zn, 2.5% Pb, while 12,992 tonnes were processed @ 10.9% Zn, 2.0% Pb, 18 gpt Ag, recovering 87.5% Zn, 84.9% Pb at cash cost $1.11 per Lb Zn. The company also informed on a surface access legal proceedings that seek to nullify the current surface access contract.
- Americas Silver Corp. announced production and operating cost results for the first quarter of 2019, including figures of its Mexican operations. At its Cosalá operations in Sinaloa, 152.6 K tonnes were processed @ 57 gpt Ag, to produce 173.2 K Oz Ag, 11.3 M Lb Zn, 4.6 M Lb Pb (or 1.32 M Oz AgEq), at cash cost $30.48 per Oz Ag and AISC $25.85 per Oz Ag.
- Grupo Mexico S.A.B. de C.V. presented results for the first quarter of 2019. During the period the company produced 261,328 tonnes Cu, 5,145 tonnes Mo, 18,550 tonnes Zn, 3,13 M Oz Ag, 12,399 Oz Au and 0.58 M tonnes of sulphuric acid from its operations in Mexico, USA and Peru, at cash cost $1.13 per Lb Cu. A US$413 M budget was approved for the construction of a Zn concentrator at Cananea, Sonora, a project that is to generate 3,760 jobs. At San Martin, in Zacatecas, $87 M have been budgeted to re-open the mine, whereas at Pilares, in Sonora, an open pit mine is to produce ore @ 0.78% Cu to be treated at the La Caridad plant, six km away.
- McEwen Mining Inc. reported its first quarter 2019 results, including figures from its Mexican operations. At El Gallo, in Sinaloa, 5,432 Oz AuEq were produced at cash cost $967 per Oz AuEq and an AISC $989 per Oz AuEq. “Mining ceased at El Gallo by the end of May 2018, and the mine continues to recover gold from residual leaching of the heap leach. During the quarter, the process plant underwent a small expansion to improve efficiency and enable faster gold recover”.
- Premiere Gold Mine Ltd. reported its first quarter production for 2019. During the quarter the Mercedes mine in Sonora produced 17,614 Oz Au and 57,681 Oz Ag.
- Argonaut Gold Inc. announced its operating and financial results for the first quarter 2019. At El Castillo, in Durango, working at a rate of 68 K tonnes per day (tpd), 3.8 M tonnes of waste were moved, 2.29 M tonnes of ore were mined and 2.33 M tonnes @ 0.39 gpt Au were placed on the leach pads, producing 28,210 Oz Au, 54,030 Oz Ag at cash cost $918 per Oz Au. At San Agustin, part of the El Castillo Complex, working at a rate of 33 K tonnes per day, 1.31 M tonnes of waste and 1.66 M tonnes of ore were moved, placing 1.69 M tonnes @ 0.47 gpt Au in the leach pads, producing 14,084 Oz Au, 54,030 Oz Ag at cash cost $867 per Oz Au. At La Colorada in Sonora, working at a rate of 76 K tpd, 5.97 M tonnes of waste and 872 K tonnes of ore were moved and 882 K tonnes were placed on the leach pads @ 0.44 gpt Au, producing 15,372 Oz Au, 54,773 Oz Ag at cash cost $952 per Oz Au. “The Company plans to invest between $50 million and $60 million in capital programs during 2019, of which approximately 30% was spent during the first quarter of 2019”
- Coeur Mining Inc. reported first quarter 2019 financial results, including figures from its Mexico operations. At Palmarejo, in Chihuahua, 379 K tonnes were milled @ 2.18 gpt Au, 144 gpt Ag, recovering 86.4% Au, 72.8% Ag, to produce 23,205 Oz Au, 1.28 M Oz Ag. Costs applicable to sales (CAS) were $713 per Oz Au and $9.66 per Oz Ag.
- Alamos Gold Inc. released its financial results for the first quarter 2019, including figures from its operations in Mexico. At Mulatos, in Sonora, 1.83 M tonnes of ore were mined, 1.98 M tonnes of waste moved, to place 1.87 M tonnes of ore on the leach pads @ 0.98 gpt Au, producing 38,900 Oz Au at cash cost $743 and mine site AISC of $809. At El Chanate, in Sonora, 5,800 Oz Au were produced at cash cost $1,193 per Oz Au and mine site AISC of $1,193 per Oz Au. Construction of the haulage road has commenced on the Cerro Pelon mine, near the Mulatos mine, with a 2019 budget of $25 M. Pre-stripping is expected to commence in the third quarter.
- Excellon Resources Inc. announced first quarter 2019 results from the Platosa mine in Durango. During the period 20 K tonnes were mined, with 16.8 K tonnes of ore @ 534 gpt Ag, 5.01% Pb, 8.00% Zn and 1.45 K tonnes of historical stockpile processed @ 123 gpt Ag, 1.22% Pb, 1.44% Zn, recovering 89.7% Ag, 74.6% Pb, 78.1% Zn to produce 260.4 K Oz Ag, 1.38 M Lb Pb, 2.21 M Lb Zn.
- Golden Minerals Co. announced financial results for Q1 2019. The company continues to advance the Yoquivo Au-Ag project in Chihuahua. The company has cash and cash equivalents of $2.2 M, with no debt.
- Santacruz Silver Mining Ltd. reports on its financial and operating results for the 2018 fiscal year. During the year the company milled 211.4 K tonnes, recovering 815.3 K Oz AgEq at cash cost $36.8 per AgEq Oz and an AISC of $37.2 per AgEq Oz. At Veta Grande, Zacatecas, silver production was 514.4 K Oz. At Rosario, in San Luis Potosi, silver production was 300.9 K Oz Ag.
- First Mining Gold Corp. intends to complete a non-brokered private placement for aggregate proceeds of up to $6 M. (San Ricardo, Sonora; Lachatao, Oaxaca).
- Prize Mining Corp. intends to raise up to $1.5 M by means of non-brokered private placement (Manto Negro, Coahuila).
- Leagold Mining Corp. received a binding underwriting commitment from a syndicate of lenders for a $200 M term loan and a $200 M revolving credit facility. “These loans will be used to repay current debt and finance the Company’s growth” (Los Filos, Guerrero).
ON RESOURCES AND DEVELOPMENT
- No Relevant News.
ON DEALS AND CORPORATE ISSUES
- Alio Gold Inc. received a notice of civil claim from a former shareholder of Rye Patch Gold Corp. whose shares were acquired by the company on May 2018. (San Francisco, Sonora).
- Silver Bull Resources Inc. informed that South 32 is to maintain its option on the Sierra Mojada project by funding an additional US$3 M in exploration. “This will result in aggregate funding of US$6 million at the completion of the second year of the joint venture option”. To maintain the option, South32 must contribute minimum exploration funding of US$10 M during a four year option period with minimum aggregate exploration funding of US$3 M, US$6 M and US$8 M to be made by the end of years 1, 2 and 3 of the option period respectively.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the image below, quartz-chalcopyrite veinlet hosted by an intrusive rock in core from a project in Michoacan. Picture by Jorge Cirett.
Chalcedonic quartz breccia
During the fifteen week of the year (April 22th to April 28th, 2019), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, five informing on exploration results, three communicating financial and production results, three reporting on resources and development of their properties, and one discussing Mexican news. ON MEXICO ISSUES, Mexico was announced as the largest contributor of silver worldwide for the ninth year in a row. ON EXPLORATION, In Sonora, Evrim acquired La Lola project, Aloro received a new drill permit for its Los Venados project, and Azure announced exploration activities conducted by Teck at the El Alacrán project. In Coahuila, Discovery Metals reported sampling results from its Monclova project. In Zacatecas, Advance Gold announced drilling results from its Tabasqueña property. In Jalisco, GoGold released encouraging drill results from its Los Ricos project. ON MINING, Capstone reported Q1 2019 production results from its Cozamin mine in Zacatecas. Newmont Goldcorp Corporation announced Q1, 2019 production and financial results. Agnico released Q1, 2019 production results from their Mexican operations. ON FINANCING. No relevant news. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc announced maiden ore reserves at its Plomosas mine in Chihuahua. Mexus Gold announced that the ore crushing circuit on its Santa Elena mine in Sonora is now fully operational. Agnico informed that in its Santa Gertrudis project in Sonora, the exploration program has extended the known deposits and outlined high grade mineralization at the Trinidad trend. Azure reported Q1, 2019 results from the activities carried out at its Oposura project in Sonora. ON DEALS AND CORPORATE ISSUES, Silver Bull announced results from its 2019 annual general meeting of shareholders (Sierra Mojada project, Coahuila). Newmont Goldcorp Corporation published its 2018 sustainability report (Peñasquito mine, Zacatecas). Discovery Metals amended terms of its Puerto Rico option agreement in Coahuila. First Mining announced the appointment of its new COO (San Ricardo project, Sonora). Galore reported the passing of one of its Directors (Dos Santos project, Zacatecas). Newmont Goldcorp Corporation declared quarterly dividend of $0.14 per share. Minera Alamos announced transaction to accelerate development of its Guadalupe de los Reyes project in Sinaloa. Agnico announced election of Directors (Pinos Altos mine, Chihuahua). Alien Metals received the notification of major holdings (Los Campos, Zacatecas). Capstone announced results from its 2019 annual general meeting of shareholders (Cozamin mine, Zacatecas).
ON MEXICO ISSUES
- Fresnillo plc, is the leading producer of silver worldwide with 58.1 M Oz Ag, which has led Mexico to position itself for nine years as the number one in the contribution of this metal.
- Evrim Resources Corp., acquired La Lola Au-Ag project in Sonora. This low sulphidation system was identified and staked by Evrim and consolidated through third party agreements in 2019. The land package comprises 6,309 hectares and contains La Barra vein system which extends for at least 5km and is locally up to 40m wide. Reconnaissance sampling returned 58 g/t Au from a historic dump and 424 g/t Ag from hanging wall structures. A systematic soil survey returned Au anomalies up to 43 ppb along the la Barra vein and up to 123 ppb Au in the eastern Adaena alteration zone. Pathfinder geochemistry and quartz textures suggest potential to find a preserved boiling zone bonanza target at depth. La Lola has never seen drilling or modern exploration.
- Aloro Mining Corp., received a new environmental permit to drill 14 holes at its Los Venados project in Sonora. The drill permit, which is valid for two years, also includes the construction of approximately 1,500m of access road.
- Azure Minerals Limited, released that the exploration program at El Alacran project in Sonora is being conducted by Teck Resources and is focused on the porphyry copper potential at the Cerro Alacran prospect and on the epithermal mineralization at Cerro San Simon and Cerro Colorado targets. Assay results for the drill samples have been received from Teck. Azure is currently undertaking a technical review and significant drill intersections will be released when this process is complete.
- Discovery Metals Corp., released sampling results at the Real Viejo area from its Monclova project in Coahuila. Significant results from 41 underground channel samples include 450 g/t Ag, 0.01 g/t Au, 0.14% Cu, 2.9% Pb, and 16.1% Zn (1,558 g/t AgEq) over 1m breccia; 714 g/t Ag, 0.03 g/t Au, 0.08% Cu, 0.5% Pb, and 1.1% Zn (814 g/t AgEq) over 1.2m breccia; and 507 g/t Ag, 0.01 g/t Au, 0.21% Cu, 6.1% Pb, and 4.0% Zn ( 1,018 g/t AgEq) over 1m breccia. Also, significant results from 200 surface channel samples include 57 g/t Ag, 0.01 g/t Au, 0.02% Cu, 0.3% Pb, and 2.9%Zn (248 g/t AgEq) over 1.0m breccia; 88 g/t Ag, 0.01 g/t Au, 0.04% Cu, 0.6% Pb, and 0.7% Zn ( 162 g/t AgEq) over 1.5m fault breccia, and dump samples returning 1,150 g/t Ag, 16.45 g/t Au, 1.35% Cu, 1.6% Pb, and 0.2% Zn (2,645 g/t AgEq) and 418 g/t Ag, 0.01 g/t Au, 0.23% Cu, 1.3% Pb, and 3.4% Zn (704 g/t AgEq).
- Advance Gold Corp., announced phase 3 drilling results from its Tabasqueña project in Zacatecas. Two deep holes and one shallow hole were completed for a total of 1,093m during phase 3 and targeted the western extension of a cluster of epithermal veins and the potential of the veins in the near surface oxide zone. Highlights of the shallow hole include 0.15 g/t Au and 73 g/t Ag over 4.72m, with the best intersection of 0.58 g/t Au and 31 g/t Ag over 1.05m. The two deep holes did not intersect the veins suggesting that the structures could be dipping more vertically.
- GoGold Resources Inc., released encouraging drilling results from its Los Ricos project in Jalisco. Hole LRGG-19-03 intersected 2.21 g/t Au and 319 g/t Ag (6.45 g/t AuEq) over 20.4m, including 4.26 g/ Au and 608 g/t Ag (12.36 g/t AuEq) over 10.5m, including 6.17 g/t Au and 869 g/t Ag (17.77 g/t Au) over 7.2m.
- Capstone Mining Corp., reported Q1, 2019 production results from its Cozamin mine in Zacatecas. The company milled 273,000 tonnes of 1.53% Cu to produce 8.7M Lb Cu and 5.5M Lb Zn, at cash cost of US$ 0.70/Lb Cu produced. Metallurgical recoveries for Cu and Zn were 94.2% and 69.3% respectively.
- Newmont Goldcorp Corporation, produced 1.23M Oz Au during Q1, 2019 at a cost applicable to sales of $701 per Oz and an AISC of $907 per Oz. The company reported a net income of $113M, an EBITDA of $687, a cash flow from continuing operations of $574M, and free cash flow of $349M.
- Agnico Eagle Mines Limited, released Q1, 2019 production results from their Mexican operations. At Pinos Altos mine in Chihuahua, the company milled 478,000 tonnes of 2.89 g/t Au to produce 42.7K Oz Au, at a cash cost of $694 per Oz Au produced. At its Creston-Mascota mine in Chihuahua, the company milled 361,000 tonnes of 1.96 g/t Au to produce 13.5K Oz Au, at a cash cost of $727 per Oz Au produced. At its La India mine in Sonora, Agnico milled 1,451,000 tonnes of 0.67 g/t Au to produce 23K Oz Au, at a cash cost of $772 per Oz Au produced.
- No relevant news.
ON RESOURCES AND DEVELOPMENT
- Consolidated Zinc Limited, announced maiden ore reserves at its Plomosas mine in Chihuahua. The total proven and probable ore reserves based on the current mineral resources as depleted 31 December 2018 for the Plomosas mine are 73,850 tonnes at grades of 13.8 % Zn, 2.4 % Pb, and 18 g/t Ag. In terms of mining costs, the stoping has been estimated at US$ 29.85/ ton ore mined and development at US$ 6.50/ton ore mined.
- Mexus Gold US, announced that the ore crushing circuit on its Santa Elena mine in Sonora is now fully operational.
- Agnico Eagle Mines Limited, reported that mapping work at its Santa Gertrudis project in Sonora has extended the main corridor to almost 20km in length. There are three corridors with at least 9 mineralized zones with multiple deposits that have been discovered to date. “Part of the recent exploration work has been between the known deposits where there had been limited drilling by previous operators. Current work is also testing new geological concepts”.
- Azure Minerals Limited, reported Q1, 2019 results from the activities carried out at its Oposura project in Sonora. Azure announced that the initial hydrologic drilling into potential aquifers, as well as the condemnation/sterilization drilling on plant site and tailings storage, has been successfully completed. The phase 2 drilling program was completed with a total of 58 holes adjacent to the East Zone mineral resource. Results were reported in previous press releases and confirmed the continuity of the mineralization, and this is likely to result in upgrading most of the East Zone Mineral Resource to JORC Indicated classification, thereby enabling conversion to JORC Probable Reserves as part of the Feasibility Study. “The close-spaced extensional drilling was successful in delineating a zone of high-grade (>20% Zn+Pb) mineralisation located around Tunnel D within the western part of the East Zone and extending further to the west into the Central Zone. Azure is currently assessing the potential for early development of this high-grade mineralisation as access to this area is immediately available via Tunnel D”. Geotechnical studies, detailed deposit-wide variability metallurgical testwork, and open pit and underground mine planning and scheduling are in progress.
ON DEALS AND CORPORATE ISSUES
- Silver Bull Resources Inc., announced results from its 2019 annual general meeting of shareholders (Sierra Mojada project, Coahuila).
- Newmont Goldcorp Corporation, published its 2018 sustainability report. Newmont´s sustainability highlights include: a) “Conducting the first integrated environmental and social impact assessment under an improved approach to free, prior and informed consent of indigenous peoples at the Sabajo project near the Merian operation in Suriname; b) Launching a Supplier Risk Management program to significantly improve how risks – including corruption, safety, social, environmental, human rights and security – are managed throughout the supplier relationships lifecycle; c) Refreshing Newmont’s global inclusion and diversity strategy and including metrics to measure inclusion and diversity; d) Distributing more than $6.5 billion in economic value including $1.4 billion in wages and benefits, nearly $520million paid in taxes and royalties, and $1.1 billion spent with local suppliers; e) Partnering with the International Union for Conservation of Nature (IUCN) and working together on achieving better biodiversity outcomes through a review of the Company’s biodiversity projects in Nevada; f) Minimizing the risk of catastrophic tailings dam failures by strengthening Newmont’s tailings governance framework to include reviews of its five high-priority tailings storage facilities by independent technical review boards; and g) Reducing water consumption by six percent (compared to the 2016 base year) and maturing Newmont’s water strategy focus toward water stewardship.
- Discovery Metals Corp., amended terms of its Puerto Rico option agreement located in Coahuila State, and signed a 30-years exploration and mining agreement with the Boquillas Del Carmen Ejido. Discovery Metals may exercise the option to acquires 100% interest of the Puerto Rico property by making a cash payment of US$300K by monthly installments of US$20K, commencing 30 calendar days after receiving the drill permit, issuance of 500K common shares on each anniversary of the closing date of the transaction, and the issuance of additional common shares equivalent to the greater of 20% of the market value of the project as determined by an independent valuation or 18M common shares, taking into account common shares already issued to the property owners. In order to exercise the option, the company is required to complete 12,000mof drilling within 3 years after it receives the drill permit.
- First Mining Gold Corp., announced the appointment of its new COO (san Ricardo property, Sonora).
- Galore Resources Inc., reported the passing of one of its Directors (Dos santos project, Zacatecas).
- Newmont Goldcorp Corporation, declared quarterly dividend of $0.14 per share of common stock, payable on June 20, 2019 to holders of record at the close of business on June 6, 2019.
- Minera Alamos Inc., announced the transaction with ePower Metals Inc., to accelerate the development of its Guadalupe de los Reyes property in Sinaloa. Minera Alamos will assign its option rights to acquire the property in exchange for 19.8% of the outstanding ePower common shares and certain other rights related to the development of the Guadalupe de los Reyes property. If ePower fail to complete any of the remaining option payments, all rights to acquire the property will revert to Minera Alamos. Minera Alamos also will be entitled to a right of first refusal in the event ePower should at any time seek to raise financing to develop the property by way of the sale or grant of a royalty or stream. To acquire Minera Alamos’ interest in Los Reyes, the following conditions must be satisfied by ePower: Complete a cash payment of US$1,500,000 to Minera Alamos, to reimburse Minera Alamos for the cost of an option payment the Company will be making to Vista on April 23, 2019, assume Minera Alamos’ remaining option payments of US$3,000,000 in favour of Vista (US$1,500,000 due October 27th, 2019; and US$1,500,000 on the earlier of October 27th, 2021 or a production decision, Issue to Minera Alamos 9,450,000 post-Consolidation (as defined below) ePower Shares and 3,350,000 common share purchase warrants entitling Minera Alamos to acquire further post- consolidation ePower Shares at a price $0.50 per share for a period of twenty-four months, and enter into a governance agreement, providing for, among other things, Minera Alamos receiving the right to appoint one director to the board of ePower for so long as Minera Alamos holds at least 5% of ePower’s outstanding common shares and Minera Alamos receiving the right to participate in future financings.
- Agnico Eagle Mines Limited, announced election of Directors during its annual general meeting of shareholders (Pinos Altos mine, Chihuahua).
- Alien Metals Limited, received the notification of major holdings in respect of the conversion of the convertible loan agreement and issue of shares to Gravner Ltd. (Los Campos, Zacatecas).
- Capstone Mining Corp., announced results from its 2019 annual general meeting of shareholders (Cozamin mine, Zacatecas).
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 chalcedonic quartz breccia in a hot spring system in Queretaro, Mexico. Photo by Miguel A Heredia.
Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) continues to deliver strong assay results from an additional four diamond drill holes at the recently acquired 29 concession Los Ricos project located about 100 km northwest of the city of Guadalajara.
Vancouver B.C. – April 24, 2019: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce the acquisition of the La Lola gold-silver project in northern Sonora, Mexico. La Lola was identified and staked through Evrim’s generative programs in 2018 and consolidated through third party agreements in 2019. The project is located along the northern Sierra Madre Gold Belt and contains a five by five kilometre low sulphidation vein field with historic workings.
By Jorge Cirett
During the 16th week of the year (April 15th to April 21st, 2019), at least 28 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a lower court in Puebla ruled Mexico’s mineral title system unconstitutional based on consultation not being required before issuing the title. Inhabitants of San Antonio, Baja California Sur, manifested in support for the construction of the San Antonio mine. ON EXPLORATION, In Sonora, Aztec Gold delineated several new targets using geophysics at Cervantes; San Marcos disclosed explorations plans for its properties in the year. In Jalisco, GoGold released interesting results from drilling at Los Ricos. ON MINING, Avino Silver, Sierra Metals, First Majestic, Gold Resource and Hecla disclosed production results for Q1 2019.
Fresnillo PLC presented its annual report 2018. ON FINANCING, Ridgestone Mining, Oroco and Camrova raised $1.12 M; 800 K and 12 K respectively. Sonoro and Minaurum granted options to consultants and directors. Minaurum was named to the Venture 50tm. Sierra Metals entered into an automatic purchase plan. ON RESOURCES AND DEVELOPMENT, Goldplay reported channel sample results from a new zone at its San Marcial project in Sinaloa. SilverCrest Metals released good metallurgical results from its Las Chispas property in Sonora. ON DEALS AND CORPORATE ISSUES, Newmont Goldcorp Corp. has been delivered. Consolidated Zinc presented notice of its annual general meeting. Aura completed the sale of 80% interest of its Taviche project to Minaurum.
ON MEXICO ISSUES
- Almaden Minerals Ltd. informed that “a lower court in Puebla State has ruled that Mexico’s mineral title system is unconstitutional because consultation is not required before the granting of mineral title………..This ruling can be appealed by both the Government of Mexico and Almaden. The Company believes that this lawsuit is part of a broad effort by special interest groups to change the mining law and there are other similar actions active across Mexico”. Almaden stated that no communities within the company’s current mining concessions on its Ixtaca project in Puebla are party to this lawsuit.
- Fresnillo PLC. Presented its 2018 annual report. It is here recommended to all interested in the mining business in Mexico to take a look to the report (http://www.fresnilloplc.com/media/412015/fres-30452-annual-report-2018-web.pdf), especially on the section “Managing our risks”. In the said section, the risks of participating in the industry in Mexico are assessed, including those of metal prices, potential actions by the government, access to land, security, public perception against mining, safety, union relations, exploration, project performance, cyber security, environmental incidents and human resources. Although the report had in mind Fresnillo’s particular situation as one of the largest Mexican mining conglomerates, many parts of the evaluation concern risks that affect all mining enterprises in the country.
- Some 500 inhabitants of San Antonio, in Baja California Sur, gathered in support of Argonaut Gold’s San Antonio mining project in their locality.
- Aztec Minerals Corp. and Kootenay Silver Inc. informed that interpretation of a recent magnetic and radiometric survey produced multiple porphyry copper targets on the Cervantes property in Sonora. “Cervantes has multiple porphyry cells aligned along a northeast-southwest orientation, manifested as high-level alteration footprints related to intrusive bodies. There are also prominent northwest-southeast trending magnetic anomalies found to be associated with strong alteration, gold-copper mineralization, and intrusive rocks.”
- GoGold Resources Inc. disclosed the results from the first two diamond holes on its Los Ricos property in Jalisco. The two diamond drill holes twinned previous RC perforations, replicating the mineralized zones, with 35.5 m @ 1.24 gpt Au, 285 gpt Ag and 27.6 m @ 1.56 gpt Au, 159 gpt Ag. The holes are part of a 10,000 m diamond drill program focused on following the high grade ore shoot down dip below the historical RC drilling.
- San Marco Resources Inc. plans for 2019 in Sonora include target delineation at Espiritu Santo and 1068 properties, follow-up of underexplored areas at the Chunibas project, extensive participation on lotteries of released ground by the government, evaluation of multiple property acquisitions and ongoing partnership discussions of existing assets.
- Avino Silver & Gold Mines Ltd. released production results from its Avino property in Durango for 2019’s first quarter. During the period production came from three sources: Avino mine, San Gonzalo mine and historic stockpiles. At Avino, 100.9 K tonnes were milled @ 41 g/t Ag, 0.48 gpt Au, 0.49% Cu, recovering 84% Ag, 71% Au, 87% Cu. At San Gonzalo (which is nearing the end of its mine life) 17.9 K tonnes were milled @ 188 gpt Ag, 0.54 gpt Au, recovering 65% Ag, 61% Au. From historic stockpiles 78.8 K tonnes were milled @ 61 gpt Ag, 0.40 gpt Au, 0.21% Cu, recovering 55%, Ag, 52% Au, 29% Cu. Total production was 1,813 Oz Au, 268.4 K Oz Ag, 1.06 M Lb Cu, or 615 K Oz AgEq.
- Sierra Metals Inc. reported first quarter 2019 results, including figures from its Mexican mines. The Bolivar mine in Chihuahua processed 263.2 K tonnes (~3,008 tpd, targeting 3,600 tpd for Q2 2019)) grading 0.81% Cu, 19.5 gpt Ag, 0.19 gpt Au, recovering 82.2% Cu, 79.1% Ag, 67.9% Au to produce 3.87 M Lb Cu, 130 K Oz Ag, 1,100 Oz Au (or 5.08 MLb CuEq). At the Cusi mine, also in Chihuahua, 71.3 K tonnes were processed @ 105 gpt Ag, 0.15 gpt Au, 0.3% Pb, 0.3% Zn, recovering 79.5% Ag, 37.5% Au, 75.2% Pb to produce 192 K Oz Ag, 133 Au Oz, 349 K Lb Pb, no Zn.
- Fresnillo PLC. Filed its annual report 2018. During the year Fresnillo produced 61.8 M Oz Ag, 922 K Oz Au, holding resources of 2.2 billion Oz Ag and 39.1 M Oz Au. At Fresnillo, in Zacatecas, 2.44 M tonnes were milled @ 214 gpt Ag to produce 15.1 M Oz Ag, 42,290 Oz Au, 19,619 tonnes Pb, 31,094 tonnes Zn. At Saucito, in Zacatecas, 2.79 M tonnes were milled @ 257 gpt Ag, 1.25 gpt Au to produce 19.78 M Oz Ag, 86,092 Oz Au, 22,662 tonnes Pb, 29,506 tonnes Zn, while the Pyrites Plant processed 131.8 K tonnes @ 393 gpt Ag, 2.8 gpt Au to produce 977 K Oz Ag, 3,556 Oz Au. At San Julian, in Chihuahua, 1.27 M tonnes were processed from the veins @144.1 gpt Ag, 2.0 gpt Au, to produce 5.43 M Oz Ag, 79,218 Oz Au. 2.22 M tonnes were processed from the disseminated orebody @ 154 gpt Ag, 0.1 gpt Au, 0.4% Pb, 1.4% Zn, to produce 9.2 M Oz Ag, 3,125 Oz Au, 6,101 tonnes Pb, 22,027 tonnes Zn. At Cienega, in Durango, 1.32 M tonnes were milled @ 164 gpt Ag, 1.65 g/t Au to produce 6 M Oz Ag, 66,869 Oz Au, 4,799 tonnes Pb, 5,892 tonnes Zn. At Herradura, in Sonora, 22.15 M tonnes @ 0.76 gpt Au were deposited on the heaps to produce 474,168 Oz Au, 1.52 M Oz Ag, at cash cost $504 per Au Oz (total volume hauled, 124 M tonnes). At Nochebuena, in Sonora, 18.2 M tonnes were deposited on the heaps @ 0.52 gpt Au to produce 167.2 K Oz Au, 52 K Oz Ag, at cash cost $735.4 per Oz Au (total volume hauled, 80.3 M tonnes). The company had $580.7 M as cash and cash equivalents by the end of the year.
First Majestic Silver Corp. produced 6.3 AgEq Oz during the first quarter of 2019. During the period 831.2 K tonnes of ore were milled @ 150 gpt Ag, 1.26 gpt Au, with recoveries of 83% Ag, 96% Au, to produce 3.33 M Oz Ag, 32,037 Oz Au, 2.66 M Lb Pb, 1.26 M Lb Zn. The ore had averages and recoveries of 287 gpt Ag, 4.18 gpt Au (93% Ag, 96% Au) at San Dimas, Durango; 121 gpt Ag, 1.87 gpt Au (89% Ag, 95% Au) at Santa Elena, Sonora; 126 gpt Ag (66% Ag) at La Encantada, Coahuila; 187 gpt Ag, 0.58 gpt Au (89% Ag, 93% Au)at San Martin, Jalisco; 54 gpt Ag, 1.8% Pb, 1.6% Zn (75% Ag by flotation, 62% Ag by cyanidation, 69% Pb, 48% Zn) at La Parrilla, Durango; 114 gpt Ag, 2.1% Pb (74% Ag, 0.7 M Lb Pb)at Del Toro, Zacatecas.
- Gold Resource Corp. reported preliminary production results for the first quarter 2019. The Oaxaca Mining Unit (El Aguila, Arista, Switchback) produced 6,538 Au Oz, 364.6 K Oz Ag, 433 tonnes Cu, 2,153 tonnes Pb, 5,838 tonnes Zn. “The Company maintains its 2019 Oaxaca Mining Unit Annual Outlook of 27,000 gold ounces and 1,700,000 silver ounces, plus or minus 10%”.
- Hecla Mining Co. announced preliminary production results for the first quarter of 2019. At San Sebastian, in Durango, the mill operated at 494 tpd to produce 0.4 M Oz Ag, 3,530 Oz Au. “A review of sulfide ore continues, including a bulk sample to test the capabilities of the third-party plant and the suitability of long-hole stoping for the ore body, with results expected by the fourth quarter of 2019.”
- Ridgestone Mining Inc. completed its previously announced private placement financing, for gross proceeds of $1.12 M. The company paid 6% ($43.2 K) cash and 309 K compensation warrants. Also, 72.2 K bonus shares were issued to a director of the company, under a loan agreement (Rebeico, Sonora).
- Sierra Metals Inc. entered into an automatic purchase plan with its designated broker (Cusi and Bolivar, Chihuahua).
- Sonoro Metals Corp. granted 100 K incentive options to a director of the company. These options vest immediately and are exercisable at a price of $0.18 per share (Cerro Caliche, Sonora).
- Minaurum Gold Inc. has been named to the TSX Venture Exchange Venture 50tm , the annual ranking of Canada’s top 50 emerging publicly traded companies across five industry sectors. Minaurum also granted 3.35 M common share stock options to directors, officers and consultants. The options are exercisable at a price of $0.45 for a period of 10 years from the issue date. The company also granted consultants 275 k options exercisable at a price of $0.45 for a period of five years. Ten percent vest immediately, and another 15% each semiannually (Alamos, Sonora).
- Oroco Resources Corp. closed a non-brokered private placement financing, raising $800 K in gross proceeds. No finder’s fee was paid (Santo Tomas, Sinaloa).
- Camrova Resources Inc. closed the second tranche of the previously announced private placement, for proceeds of $12 K, bringing the total combined proceeds to $66 K. The third and final tranche of the Private Placement is expected to close in early May (Boleo, Baja California Sur).
ON RESOURCES AND DEVELOPMENT
- Goldplay Exploration Ltd. reported channel sample results from a new zone at its San Marcial project in Sinaloa. The Nava zone, 500 long by 100 m wide, is extensively altered and hosts low sulphidation quartz veining and stockwork mineralization. Channel samples from the zone returned assays ranging from 1.04 gpt Au to up to 10.0 gpt Au.
- SilverCrest Metals Inc. announced positive metallurgical results for Las Chispas project, in Sonora. “A total of 445 kg was selected from 51 core holes and nine underground samples to compile 15 different samples, based on geo-metallurgical domains which were combined into three master composites. These composites utilized 210 kilograms of mass representing a variety of grades (low, medium and high) of 500 to 2000 gpt AgEq expected during conceptual operation”. The new metallurgical tests show estimated recoveries of 98.4% to 98.9% Au and 91.4% to 94.8% Ag, using conventional methods comprised of gravity concentration and intensive leaching followed by gravity tails standard leaching.
ON DEALS AND CORPORATE ISSUES
- Newmont Mining Corp. announced that it has extended the previously announced offers to exchange all outstanding notes issued by Goldcorp Inc. for up to two billion dollars aggregate principal amount of new notes to be issued by Newmont, as part of the proposed arrangement on which Newmont acquires all outstaning shares of Goldcorp (Peñasquito, Zacatecas).
- Consolidated Zinc Ltd. presented its notice of annual general meeting for the annual general meeting of shareholders to be held on 23 May 2019 (Plomosas, Chihuahua).
- Aura Resources Inc. announced the completion of the sale of an 80% interest in its East Taviche project in Oaxaca, to Minaurum Gold Inc.. Minaurum issued 100 K common shares to Aura and paid 39.4 K on closing; additionally, Minaurum is to issue further 100 K shares on receipt of the pertinent drilling permits. The remaining 20% can be acquired by Minaurum paying CDN$1 M.
- Newmont Goldcorp Corp. announced the successful conclusion of its transaction combining Newmont Mining Corp. and Goldcorp Inc. to form the world’s leading gold business. The company targets six to seven million ounces of steady gold production over a decades-long time horizon (Peñasquito, Zacatecas).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group. On the image below, glory hole developed on Inguaran, Michoacan. Picture by Jorge Cirett.
An active hot spring system.
By Miguel A Heredia
During the thirteen week of the year (April 08th to April 14th, 2019), at least 22 press releases were announced by companies working in Mexico, with seven informing on exploration results, seven communicating financial and production results, six disclosing deals and corporate issues, one announcing financial rounds, and one reporting on resources and development of their properties. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Baja California Norte, One World Lithium announced that a RC rig is moving to its Salar del Diablo project. In Sonora, Silver Viper identified new drill targets at its Virginia project and prepares a helicopter-borne magnetic and radiometric survey. In Chihuahua, Radius re-started drilling at its Amalia project and Silver Spruce announced that its ongoing field exploration work continue expanding their drill target areas and has identified new veins at its Pino de Plata project. In Coahuila, Discovery Metals increased the anomalous area at its Minerva project. In Sinaloa, Kootenay reported sampling results and the discovery of a new vein at its Copalito project. In Durango, Gainey received an environmental permit to drill up to 32 holes at its Las Margaritas project. ON MINING, McEwen released Q1, 2019 production results from its El Gallo mine in Sinaloa. Great Panther reported Q1, 2019 production results from their Topia mine in Durango and Guanajuato Mine Complex in Guanajuato. Consolidated Zinc reported March 2019 production results from its Plomosas mine in Chihuahua. Endeavour reported Q1, 2019 production results from its four Au-Ag mines in Mexico. Fortuna Silver reported Q1, 2019 production results from its San Jose mine in Oaxaca. Fresnillo plc announced Q1, 2019 production results from their Mexican operations. ON FINANCING One World Lithium closed a second tranche of its non-brokered private placement for $CDN 525, 675 (Salar del Diablo project, Baja California Norte). ON RESOURCES AND DEVELOPMENT, McEwen announced that the FS and permitting are progressing at its El Fenix project in Sinaloa, and expects to complete the FS on Q2, 2019. Fresnillo plc and MAG Silver announced that their Juanicipio project in Zacatecas has been approved for development by their respective Boards of Directors. ON DEALS AND CORPORATE ISSUES, One World Lithium announced the engagement of and IR firm (Salar del Diablo project, Baja California Norte). Sierra Metals announced changes of its Board of Directors (Cusi mine, Chihuahua). Goldcorp obtained a final order approving the plan of arrangement with Newmont. McEwen announced that are exploring the potential sale of their Mexican assets (El Gallo and Fenix projects, Sinaloa). Azucar Minerals reported that Newcrest confirmed its intention to exercise its top-up rights pursuant to the investor rights agreement (El Cobre project, Veracruz). Fresnillo plc announced changes on its Board of Directors (La Herradura mine, Sonora). Oroco announced an option to purchase 40M shares of Aztec Copper Corporation (Santo Tomás project, Sinaloa). VVC announced changes on its Board of Directors (Samalayuca project, Chihuahua).
ON MEXICO ISSUES
- No relevant news.
- One World Lithium Inc., announced that a truck mounted RC drill rig is moving to its the Salar del Diablo project in Baja California Norte. The company plans to drill 4,250m in 12 holes to drill-test three geophysical anomalies covering more than 54 Km2, a large geochemical anomaly that covers 150 Km2, and geological structures.
- Silver Viper Minerals Corp., identified new drill targets based on surface geochemistry and prospecting at its Virginia project in Sonora. These new targets are located south and east of the El Rubi discovery, and will be tested during the next phase of drilling to be conducted on the property. Also, the company will carry out a 720 line-km magnetic and radiometric survey over the El Rubi and La Gloria targets for a total coverage of 4,900 hectares.
- Radius Gold Inc., re-started drilling at its Amalia project in Chihuahua, where last year, drill hole AMD18-009 in the San Pedro structural zone intersected 7.08 g/t Au and 517 g/t Ag over 26m, including 14.71 g/t Au and 1,378 g/t Ag over 5m. The company plans to drill 2,000m to test immediately below and on strike of the hole AMD18-009.
- Silver Spruce Resources Inc., announced that its ongoing field exploration work continue expanding their drill target areas and has identified new veins at its Pino de Plata project in Chihuahua. “Detailed mapping of the property including the expanded area of strong alteration at the Terrero target has been the focus of our current field work. Several new veins have been mapped and systematic analysis with our handheld XRF instrument is underway providing real time data on mineralized areas. Pino de Plata has obvious potential with multiple mineralized drill targets.”
- Discovery Metals Corp., increased the anomalous area to 1.5km long by 300m wide at its Minerva project in Coahuila. Surface sampling returned encouraging results with values up to 997 g/t Ag, 31% Zn, and 13% Pb. “The strong Ag-Zn-Pb grades of surface anomalies plus the dimensions of the corresponding areas suggest the presence of a robust carbonate replacement system”.
- Kootenay Silver Inc., reported sampling results and the discovery of a new vein at its Copalito project in Sinaloa. Six samples collected on the La Chiva vein returned Ag grades between 33 and 1,190 g/t Ag, including a sample with 1.7 Kg over 1.5m; fourteen samples taken on the Pilar vein returned grades from trace to 233 g/t Ag; and ten samples collected on the new vein called Chente returned grades from 4 to 68 g/t Ag and from traces to 2.62 g/t Au.
- Gainey Capital Corp., received an environmental permit to drill up to 32 holes at its Las Margaritas project in Durango. The low sulphidation epithermal vein system at Las Margaritas has never been drilled and the upcoming program will be focused on the best mineralization exposed on surface with grades up to 73.7 g/t Au.
- McEwen Mining Inc., released Q1, 2019 production results from its El Gallo mine in Sinaloa. The company continues recovering Au from residual of the heap leach and produced 5,413 Oz Au.
- Great Panther Mining Limited, reported Q1, 2019 production results from its Topia mine in Durango and from its Guanajuato Mine Complex in Guanajuato. At Topia, the company milled 20,232 tonnes with grades of 1.09 g/t Au and 336 g/t Ag to produce 380 Oz Au, 203.6K Oz Ag, 1.08M Lb Pb, and 1.48M Lb Zn. Metallurgical recoveries for Au and Ag were 53.4% and 93.3% respectively. At its Guanajuato Mine Complex, the company milled 49,422 tonnes with grades of 2.07 g/t Au and 102 g/t Ag to produce 2,749 Oz Au and 134.8K Oz Ag. Metallurgical recoveries for Au and Ag were 83.7% and 83.3% respectively.
- Consolidated Zinc Limited, reported March 2019 production results from its Plomosas mine in Chihuahua. The company milled 3,855 tonnes with grades of 12.4% Zn and 1.5% Pb to produce 1.07M Lb Zn and 125.4K Lb Pb.
- Coeur Mining Inc., released Q1, 2019 production results from its Palmarejo mine in Chihuahua. Coeur milled 378,987 tonnes with grades of 2.18 g/t Au and 144 g/t Ag to produce 23.2K Oz Au and 1.3M Oz Ag. Metallurgical recoveries were 83.4% for Au and 72.8% for Ag.
- Endeavour Silver Corp., presented Q1, 2019 production results from their four Au-Ag mines in Mexico. The company produced 1M Oz Ag and 10K Oz Au. Figures for each of their Mexican operations is shown in the table below:
- Fortuna Silver Mines Inc., reported Q1, 2019 production results from its San Jose mine in Oaxaca. Fortuna milled 256,643 tonnes with grades of 1.71 g/t Au and 267 g/t Ag to produce 12.7K Oz Au and 2M Oz Ag with metallurgical recoveries of 90.14% and 90.76% respectively.
- Fresnillo plc., announced production results from their several Mexican operations. A total of 13.1M Oz Ag, 211K Oz Au, 27.2M Lb Pb, and 4.8M Lb Zn were produced during Q1, 2019. Figures by mine are shown in the next table:
- One World Lithium Inc., closed a second tranche of its non-brokered private placement for CDN$ 525,675. Including the proceeds from the first tranche, the company has raised CDN$ 1,774,550 under the offering, leaving CDN$225,450 of the offering yet to close. Net proceeds will be used to fund the drilling program at its Salar del Diablo in Baja California Norte.
ON RESOURCES AND DEVELOPMENT
- McEwen Mining Inc., announced that the FS and permitting are progressing at its El Fenix project in Sinaloa, and expects to complete the FS on Q2, 2019.
- Fresnillo plc and MAG Silver Corp., announced that their Juanicipio project in Zacatecas has been approved for development by their respective Boards of Directors. Fresnillo will be the operator of Juanicipio and holds a 56% majority stake. Construction will commence immediately and is expected to be completed in late 2020, with a life of mine of 12 years and a total average annual production of 11.7M Oz Ag and 43.5K Oz Au. The Juanicipio development is expected to create approximately 2,750 jobs during construction and 1,720 jobs once at full production.
ON DEALS AND CORPORATE ISSUES
- One World Lithium Inc., announced the engagement of Kaye Wynn Consulting Inc., as its IR firm (Salar del Diablo project, Baja California Norte).
- Sierra Metals Inc., announced changes of its Board of Directors (Cusi mine, Chihuahua).
- Goldcorp Inc., obtained a final order approving the plan of arrangement that allow Newmont Mining Corporation to acquire all outstanding common shares of Goldcorp. Goldcorp and Newmont expect to close the transaction in Q2, 2019, and the combined entity will be called Newmont Goldcorp.
- McEwen Mining Inc., announced that are exploring the potential sale of their Mexican assets (El Gallo and Fenix projects, Sinaloa).
- Azucar Minerals Ltd., reported that Newcrest confirmed its intention to exercise its top-up rights pursuant to the investor rights agreement. Top-up rights in favour of Newcrest entitles it to maintain its pro-rata interest in Azucar, and the right to designate one nominee to the Board of Directors of Azucar. (El Cobre project, Veracruz).
- Fresnillo plc., announced changes on its Board of Directors, appointed Mr. Luis Robles as an independent non-executive director of the company (La Herradura mine, Sonora).
- Oroco Resources Corp., announced that its affiliate Altamura Copper Corp., has acquired an option to purchase 40M shares of Aztec Copper Corporation. At the time of their issuance, the Aztec shares represented in excess of 90 percent ownership of Aztec (Santo Tomás project, Sinaloa).
- VVC Exploration Corporation., appointed Ms. Emily King to its Board of Directors (Samalayuca project, Chihuahua).
On the picture above, an active hot spring system in a prospect in Queretaro, Mexico. Photo by Miguel A Heredia.
VANCOUVER, April 10, 2019 /CNW/ – Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that its affiliate, Altamura Copper Corp. (“Altamura”), has acquired an option to purchase 40,000,000 shares (the “Aztec Shares”) of Aztec Copper Corp.(“Aztec”) held by Fierce Investments Ltd. (“Fierce”). At the time of their issuance, the Aztec Shares represented in excess of 90 percent ownership of Aztec.
By Jorge Cirett
During the 14th week of the year (April 1st to April 7th, 2019), at least 24 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, an initiative with anti-mining tones was discarded by the Senate. The undersecretary of mining stated that no changes to the mining law, or tax increases in mining are envisaged by AMLO’s administration, and that the focus is to be in decreasing the regulatory load to incentivize the sector. On the other hand, he stated that regulations have to be actualized, highlighting community consultations. ON EXPLORATION, In Sonora, Minaurum presented drilling results from several vein systems at its Alamos Silver property; Aloro submitted a new environmental permit for its Venados project. In Chihuahua, Sable Resources released a thick, good grade intercept from one hole at its Margarita project. In Veracruz, Azucar Metals disclosed good Au-Cu results from one more hole at its El Cobre property. ON MINING, Consolidated Zinc has a new toll agreement for its Plomosas mine in Chihuahua. Endeavour Silver achieved commercial production at its El Compas mine in Zacatecas. Telson Mining released historic metallurgical test results that support higher precious metal recoveries for its Campo Morado mine in Guerrero. Alamos Gold has produced 2 M Oz Au at the Mulatos mine in Sonora. Torex Gold produced 77.8 K Oz Au during the last quarter at its Limon-Guajes mine in Guerrero. GoGold produced 288.7 K Oz Ag in Parral, Chihuahua. Arcelor Mittal invested over US$1 B on its Michoacan plant in 2018. ON FINANCING, Sonoro Metals raised $650K. Defiance Silver closed the second tranche of its financing, raising $1.06 M. Sable Resources announced an offering to raise up to $1.5 M. ON RESOURCES AND DEVELOPMENT, Mag Silver disclosed development advances at Juanicipio, Zacatecas. Sierra Metals disclosed positive drill results from testing of a geophysical anomaly at Bolivar, Chihuahua. Evrim informed on the increase in resources by First Majestic at the Ermitaño project in Sonora. ON DEALS AND CORPORATE ISSUES, Alamos Gold sold a portfolio of non-core royalties. Bacanora Lithium continues to negotiate with Oman for funding of the Sonora Lithium project. Premier Gold divested of several properties, including the Santa Teresa property in Baja California. American Silver and Pershing Gold continue on its path to business combination. GoldCorp’s shareholders support the business combination with Newmont.
ON MEXICO ISSUES
- An initiative with anti-mining tones was discarded by the senate. The initiative presented on November 2018 by the now deceased senator Angelica Garcia, caused a fall in the value of mining companies in the Mexican stock market at the time of its presentation. The Comisiones Unidas de Mineria y Desarrollo Regional y de Estudios Legislativos discarded the proposal on March 27th, based on multiple deficiencies regarding operational overlapping of several government organisms and the lack of well-defined procedures on environmental and negative social impact issues.
- Francisco Quiroga, undersecretary of mining, in an interview with El Financiero Bloomberg, stated that the Federal Government is not to realize changes to the Mining Law, nor to impose a tax increase in the mining industry. The priority, he said, is to reduce the regulatory load and to augment the financing of projects. He added that regulations have to be actualized in maters like community consults, but that there is no need to change the Mining Law. He also pointed that there are not going to be legal changes on the direct foreign investment in mining.
- Minaurum Gold Inc. informed that three of the new vein systems at its Alamos Silver project host significant mineralisation at depth, and drilling has intersected five previously unknown blind veins. To date, 9 of the 15 vein systems identified have been drilled, and Minaurum plans to put at least one hole on each of these before turning to follow-up phase III drilling. Highlighted results from phase II drilling of new veins comprise: 9.6 m @ 198 gpt Ag, 0.17% Cu, 0.2% Pb, 0.9% Zn (or 269 gpt AgEq); 0.9 m @ 302 gpt Ag, 0.21% Cu, 0.5% Pb, 0.8% Zn (or 383 gpt AgEq); 2.05 m @ 181 gpt Ag, 0.15% Cu, 1.6% Pb, 1.5% Zn (or 338 gpt AgEq); 2.85 m @ 25 gpt Ag, 2.3% Pb, 10.6% Zn (or 618 gpt AgEq); 0.9 m @ 391 gpt Ag; 0.11% Cu, 0.4% Pb, 0.3% Zn (or 548 gpt AgEq). Good drill core mineralised intercepts have been obtained from the Minas Nuevas, Promontorio, San Jose, Europa-Guadalupe, Nueva Europa, Amalia, Tigre, Ana, Travesia and El Creston vein systems.
- Sable Resources Ltd. announced results from one more drill hole at its Margarita project in Chihuahua. This drill hole is on the same section line than a deep hole from the previous drilling campaign, and extends mineralisation 350 m NW from other holes. Highlighted intervals comprise 37.35 m @ 117 gpt Ag, 0.7% Zn, 0.2% Pb, 0.17 gpt Au (or 177 gpt AgEq), including 0.90 m @ 353 gpt Ag, 0.6% Zn, 0.1% Pb (391 gpt AgEq) and 5.50 m @ 400 gpt Ag, 3.0% Zn, 1.1% Pb, 1.07 gpt Au (or 689 gpt AgEq), including 1.65 m @ 790 gpt Ag, 0.4% Zn, 2.0% Pb, 2.92 gpt Au (or 1,122 gpt AgEq). “This hole was intended to test close to surface mineralisation above low-grade mineralisation intercepted at depth in Hole 3 and we are delighted at hitting such strong, thick mineralisation.”
- Aloro Mining Corp. submitted to SEMARNAT a new environmental permit for approval of drilling and road construction at its Los Venados property in Sonora. “Aloro was able to apply for the new permit after recently negotiating a new 3 year – 50 drill hole surface access agreement with the Mulatos Ejido.” The new permit is focused on the blind target in the SE corner of the concession, where a drill hole from the last campaign intersected 32 m of strong silicic alteration with brecciated vuggy quartz and sulfides, and 4.5 m @ 1.57 gpt Au.
- Azucar Minerals Ltd. released results from one more drill hole at its El Cobre project in Veracruz. The hole, drilled on the Raya Tembrillo target in the northern edge of the Villa Rica zone, intercepted hypogene porphyry mineralisation from surface, with 168.1 m @ 0.56 gpt Au, 0.29% Cu, including 77.5 m @ 0.78 gpt Au, 0.35% Cu, which in turn include 27.95 m @ 1.53 gpt Au, 0.43% Cu and 12.1 m @ 2.04 gpt Au, 0.58% Cu.
- Consolidated Zinc Ltd. announced the execution of a new toll agreement for its Plomosas mine in Chihuahua, whilst still negotiating new offtake agreements for the concentrates. On March 22, CZL received the notification of termination of its toll agreement with Grupo Mexico (60-day termination notice), and by March 29 a toll agreement was executed with Triturado y Minerales La Piedrera S.A. de C.V. for processing of the ore at its Aldama concentrator facility. The Aldama plant has a 300 tonnes per day (or tpd) capacity that Plomosas can fully utilize. The contract is for 18 months with 6 months extension for CZL. “CZL will process Plomosas ore at both the Aldama Plant and Grupo Mexico Santa Eulalia concentrators for approximately a month under its contracts”. Negotiations are ongoing with a number of parties, “including Industrias Penoles S.A.B. de C.V. and Trafigura Beheer BV, to sell the Plomosas Zinc and Lead Concentrates”.
- Endeavour Silver Corp. informed that commercial production was achieved in mid-March at El Compas mine in Zacatecas, its fourth mine in Mexico. “El Compas has a nominal plant capacity of 250 tonnes per day (tpd) at estimated recovery rates of 83% gold and 50% silver. From February 18 to March 17, the operation processed development ore from stockpile at an average production rate of 232 tpd (93% of design rate) and recovery rates of 73.5% gold (88% of design rate) and 45.5% silver (63% of design rate but only 13% of revenue)”.
- Telson Mining Corp. released results of historic Leachox Process testing to try to increase Au and Ag recoveries on its Campo Morado mine tailings material, in Guerrero. The 2013 report by Maelgwyn Mineral Services for Nyrstar (then the mine operator) stated a maximum recovery of 65% Au, 75% Ag for 20 microns grinded material, and 45% Au, 81% Ag for 40 microns grinded material. “We could improve recoveries from current levels of gold at 15-20% and silver 30-40%, which would significantly increase the mines profitability by increasing the ounces of gold and silver produced at Campo Morado.”
- Alamos Gold Inc. announced that its Mulatos mine in Sonora produced its two millionth ounce of gold in March 2019. “This milestone also marks the end of the 5% NSR royalty that the operation has been paying since the start of production in 2005. At the current gold price, this represents a savings of approximately $65 per ounce, which has already been incorporated into previously disclosed guidance…… The Mulatos operation has been an incredible success story. It started producing gold in 2005 with approximately a seven-year mine life and 14 years later, the mine still has six years of reserves ahead of it.”
- Torex Gold Resources Inc. reported that in Q1, 2019, a total of 77,800 Oz Au were produced at its El Limon-Guajes mine in Guerrero. “Debt principal was reduced by $18.6 million, and cash balances at the end of the quarter were $119 million, including $26.8 million of restricted cash.” Field trials are underway for the first piece of equipment for the proprietary Muckahi mining system.
- Gogold Resources Corp. announced record production of 288.7 K Oz Ag and 1,613 Oz Au (or 424.2 K Oz AgEq) from its Parral tailings operation in Chihuahua.
- Arcelor Mittal. invested $1,635 M during 2018 in Michoacan, while looking to expand its production capacity in Mexico, including a new line of sheeted steel plate, mining, and the modernization of its production plant. The new installations are located in Lazaro Cardenas, Michoacan, to take advantage of the Economic Special Zones to produce 5.3 M tonnes of steel, focusing on the higher aggregate value of sheet steel plate in the automotive and aerospace industries.
- Sonoro Metals Corp. completed a non-brokered private placement, for gross proceeds of $650 K (Cerro Caliche, Sonora).
- Defiance Silver Corp. closed the second tranche of its previously announced private placement, for gross proceeds of $1.06 M, paying $21.3 K finder’s fees and emitting 106.5 K non-transferable broker warrants (San Acacio, Zacatecas).
- Sable Resources Ltd. announced a non-brokered offering that could raise up to $1.5 M (Margarita, Chihuahua).
ON RESOURCES AND DEVELOPMENT
- Mag Silver Corp. disclosed audited consolidated results for 2018. At Juanicipio, in Zacatecas, operated by partner Fresnillo PLC, mine construction continues with “developing the three internal spiral footwall ramps at depth to access the full strike length of the Valdecañas Vein system; excavating and constructing the underground crushing chamber; advancing the conveyor ramp from both ends to and from the planned mill site….. integrating additional ventilation and other associated underground infrastructure, and progressing the construction of surface infrastructure facilities”. During 2018, 6,636 m of underground development were completed, taking the total to date to over 18.5 km. Some highlighted intersections of the 46,060 m of drilling during the year comprise: 11.6 m (true width, or TW) @ 783 gpt Ag, 2.57 gpt Au, 6.5% Pb, 9.5% Zn (Deep Zone West); 6.3 m @ 246 gpt Ag, 1.78 gpt Au, 7.2% Pb, 11.6% Zn, 0.4% Cu (Deep Zone East); 3.2 m @ 472 gpt Ag, 0.31 gpt Au, 0.4% Pb, 0.4% Zn (New Pre-Anticipada vein); 3.0 m (core length) @ 392 gpt Ag, 5.6 gpt Au. Mag remains well funded, with cash and cash equivalents of $130 M by the end of the year.
- Sierra Metals Inc. reported positive results from drill testing a geophysical anomaly at the Bolivar West zone of their Bolivar mine in Chihuahua. Drilling of the Titan 24 chargeability target identified and defined a new zone named West Extension to the Bolivar West zone, which is an extension of the Bolivar West structure. Highlighted drill intercepts comprise: 4 m @ 140 gpt Ag, 2.29% Cu, 7.6% Zn, 0.09 gpt Au (or 6.56% CuEq); 20 m @ 15 gpt Ag, 1.32% Cu, 1.16 gpt Au (or 2.42% ZnEq); 3 m @ 36 gpt Ag, 0.87% Cu, 8.5% Zn (or 4.63% CuEq).
- Evrim Resources Corp. informed that First Majestic Silver Corp. announced a 20% increase in inferred resources over the maiden resource estimation of 2018 at the Ermitaño property in Sonora. A total of 8.81 M AgEq Oz (or 119 K AuEq Oz) were upgraded to indicated status, while 48.98 M AgEq Oz (or 659 K AuEq Oz) are defined as inferred resources. First Majestic is planning to complete 16,000 m of drilling during 2019.
ON DEALS AND CORPORATE ISSUES
- Alamos Gold Inc. reported entering into an agreement for the sale of a portfolio of non-core royalties to Metalla Royalty & Streaming Ltd., for proceeds of USD$8.0 M in Metalla common shares with the right to receive additional an additional USD$0.6 M upon Metalla’s exercise of the La Fortuna option. The portfolio of 18 royalties being sold is all on assets not owned by Alamos in several countries. This includes a 2% NSR royalty on the El Realito property, adjacent to the La India mine in Sonora.
- Bacanora Lithium PLC. Announced “that it remains in active discussions with the State General Reserve Fund of Oman (“SGRF”), the sovereign wealth fund of the Sultanate of Oman, to conclude the proposed US$65M Strategic Investment Agreement and Offtake Agreement for Bacanora’s flagship Sonora Lithium Project in Mexico……. the Company remains focused on completing the funding package in Q2 2019 with a view to commissioning a chemical processing plant and commencing first production at Sonora in H2 2021”.
- Premier Gold Mines Ltd. announced the divestment of several properties in Canada, and the Santa Teresa property in Baja California. The divestment of the properties is the result of four transactions that accrued US$1.23 M to Premier. No information was provided on the parties involved on the transactions.
- Americas Silver Corp. and Pershing Gold Corp. announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of the companies’ previously announced business combination and that they expect their business combination transaction to be completed by April 3rd.
- GoldCorp Inc. informed that GoldCorp’s shareholders have voted overwhelmingly in favour of the combination with Newmont Mining Corp.
On the image above, quartz druse from a breccia in a Michoacan project. Picture by Jorge Cirett.