By Miguel A Heredia
During the 13th week of the year (March 26th to April 1st, 2018), at least 20 press release were announced by companies working in Mexico, with eight releasing exploration results, five reporting resources & developments, four communicating deals and corporate issues, and two announcing financing. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Oceanus increased its land package at its El Tigre project, Azure reported drill-out results on its Oposura project, Aztec Minerals acquired additional ground adjacent to its Cervantes project, and San Marco reported results on its Chunibas project. In Coahuila, Prize Mining received a technical report on its Manto Negro property. In Zacatecas, Advanced Gold commenced exploration work at its Tabasquena project. First Majestic reported exploration results at its six operating Mexican mines. In Hidalgo, Prospero presented drill results at its Pachuca SE project. In Veracruz, Mexican Gold reported exploration results on its Las Minas project. ON MINING, Premier Gold reported 2017 Q4 and full year results. First Majestic reported annual 2017 production results at its Mexican operations. ON FINANCING, Almaden closed a private placement for $5.6M, and Mexican Gold announced its intentions to complete a $1M non-brokered private placement, which could be increased up to $1.25M. ON RESOURCES AND DEVELOPMENT, Premier Gold updated mineral reserves and mineral resources at its Mercedes Mine in Sonora. First Majestic updated to 2017 mineral reserve and resources estimates at its Mexican operations. Argonaut announced updated mineral reserves and technical reports at its Mexican operations. Endeavour provided an update on its Terronera property in Jalisco. Mag Silver reported 2017 annual results. ON DEALS AND CORPORATE ISSUES, Orla announced a Director appointment (Camino Rojo, Zacatecas). Starcore announced an update of its corporate strategy (San Martin, Queretaro).
ON MEXICO ISSUES
- Oceanus Resources Corporation, increased its land position at El Tigre project in Sonora by 20%, to a total land package of 26,307 hectares. With this, the company covers the southeastern extension along strike of the El Tigre Formation for additional 5km toward the Lluvia de Oro prospect.
- Aztec Minerals Corp., won a government land lottery to acquire additional ground at its Cervantes project in Sonora. The company has now expanded its land position to 3,649 hectares, covering six historic mineral prospects and/or gossan zones that represent high priority porphyry-type targets. Aztec plans to map and sample these areas this year after completing the current drill program.
- Azure Minerals Limited, reported drill-out results on its Oposura project in Sonora. Significant results were 5.50m of 150 g/t Ag, 3.4% Pb , and 17.5% Zn; 9.6m of 71 g/t Ag, 4.5% Pb, and 13.8% Zn; 7.25m of 29 g/t Ag, 4.6% Pb, and 9.3% Zn; 3.42m of 24 g/t Ag, 8.7% Pb, and 10.6% Zn; 7.45m of 16 g/t Ag, 6.6% Pb, and 10.4% Zn; and 5.4m of 31 g/t Ag, 11.6% Pb, and 4.4% Zn.
- San Marco Resources., developed a mineralization model at its Chunibas project in Sonora, which consists of stratiform volcanic hosted Cu-Ag mineralization. This model will help to prepare a drill program to test the Cu-Ag mineralization. Ongoing exploration in preparation for drilling includes detailed mapping, hand trenching and XRF rock analysis.
- Prize Mining Corporation, received a technical report on its Manto Negro Oxide Copper project in Coahuila, which includes a review of the regional and local geology, mineralization types and grades, exploration history and results, overall mineral potential and recommendations for further work.
- Advanced Gold Corp., commenced underground sampling of the first 100m at its Tabasquena Silver Mine in Zacatecas, on the oxidized zone of the Tabasquena vein as well as on the sulphide zone at the bottom of the shaft. Based on these results, the company will prepare a drill program to test the sulphide portion of the vein as well to explore for additional parallel veins.
- First Majestic Silver Corp., announced exploration results at its six Mexican operations. The company drilled 156,540m during 2017 resulting in multiple discoveries with the most significant results at Cerro de Santiago in La Parrilla Durango, and El Ermitaño West in Santa Elena, Sonora. Cerro Santiago hosts a system of 0.3 to 3.0m wide quartz-calcite-fluorite vein and breccias hosted in Cretaceous limestones, while Ermitaño West consist of massive and banded quartz epithermal vein and stockwork mineralization. First Majestic has plans to drill approximately 183,000m across its core Mexican assets during 2018.
- Prospero Silver Corp., announced results of the third hole collared at its Pachuca SE project in Hidalgo. This hole intersected multiple structures hosted in volcanic altered rocks with anomalous values associated. Significant results were 1.5m of 0.37 g/t Au and 121 g/t Ag from 407.4m downhole, including 0.20m of 870 g/t Ag.
- Mexican Gold Corp., revealed that prospectors of the company re-discovered several historical gold mines at Pueblo Nuevo mining district located 3.5km away of its Las Minas project in Veracruz. Mineralization at Pueblo Nuevo consists of multiple gold-bearing mesothermal quartz veins hosted by the same dioritic intrusion present at Las Minas.
- Premier Gold Mines Limited., reported 2017 Q4 and full year results on its Mercedes Mine in Sonora. On Q4 2017, Premier milled 182.5K tonnes @52 g/t Au & 40 g/t Ag to produce 19.9K Oz Au and 77K Oz Ag, milling 683.5K tonnes @ 3.93 g/t Au & 37.6 g/t Ag during 2017, for a total annual production of 82.5K Oz Au and 339K Oz Ag. The company also announced its exploration plan for 2018 which will be focused on exploring extensions to mineralization along strike of the main mine trend and test new geological targets to expand resources close to existing workings.
- First Majestic Silver Corp., reported annual 2017 production results at each of its six Mexican operations. At Santa Elena, Sonora, 927K tonnes were processed to produce 2.3 M Oz Ag, at La Encantada, Coahuila, 825K tonnes to produce 2.2M Oz Ag, at La Parrilla, Durango, 544K tonnes to produce 7M Oz Ag, at Del Toro, Zacatecas, 278K tonnes to produce 1.1M Oz Ag, at San Martin, Jalisco, 278K tonnes to produce 1.8M Oz Ag, and at La Guitarra, Estado de Mexico, 128K tonnes to produce 611K Oz Ag. First Majestic processed 2.98 M tonnes during 2017, for an annual production of 9.75 M Oz Ag.
- Almadex Minerals Limited, closed a non-brokered private placement for $5.6 M. Total gross proceeds will be used to continue drilling at its El Cobre project in Veracruz.
- Mexican Gold Corp., announced its plans to completes a $1M non-brokered private placement, which could be increased up to $1.25M. Total proceeds would be used to continue exploration at its Las Minas project in Veracruz.
ON RESOURCES AND DEVELOPMENT
- Premier Gold Mines Limited, updated mineral reserves and mineral resources as of December 31, 2017 at its Mercedes Mine in Sonora. Total proven + probable reserves are 3.29M tonnes @94 g/t Au & 24 g/t Ag, for a total of 417K Oz Au and 2.6M Oz Ag. Total measured + indicated resources are 3.68M tonnes @ 4.32 g/t Au & 44 g/t Ag, for a total of 511K Oz Au and 5.2M Oz Ag while inferred resources are 1.63M tonnes @ 4.2 g/t Au & 34 g/t Ag, for a total of 222K Oz Au and 1.8M Oz Ag. Premier increased 34% of its measured and indicated resources to 511K Oz Au at 4.32 g/t and 23% of its inferred mineral resources to 220K Oz Au at 4.2g/t. With this, the company replaced 18 months of mining gold reserves at its Mercedes Mine.
- First Majestic Silver Corp., updated mineral reserve and resources estimate as of December 31, 2017 at each of its six Mexican operations. Total proven + probable reserves at Santa Elena, Sonora are 5.2 M tonnes of 1.29 g/t Au and 84 g/t Ag, for a total of 215.8 K Oz Au and 14 M Oz Ag, at La Encantada, Coahuila are 6.8M tonnes of 143 g/t Ag and 0.28% Pb, for a total of 31.4 M Oz Ag, at La Parrilla, Durango are 1.6M tonnes of 195 g/t Ag, 1.2% Pb, and 1.2% Zn, for a total of 9.9M Oz Ag, at San Martin, Jalisco are 2.3M tonnes of 0.36 g/t Au and 255 g/t Ag, for a total of 26K Oz Au and 18.8M Oz Ag, at Del Toro, Zacatecas are 1.2M tonnes of 0.15 g/t Au, 159 g/t Ag, 3.4% Pb and 2.5% Zn, for a total of 5.8K Oz Au and 6.1M Oz Ag, and at La Guitarra, Estado de Mexico are 917K tonnes of 1.27 g/t Au and 242 g/t Ag, for a total of 37.4K Oz Au and 7.1M Oz Ag. On its six Mexican operations, First Majestic estimated proven + probable reserves of 18M tonnes of 0.5 g/t Au, 151 g/t Ag, 0.44% Pb and 0.27% Zn, for a total of 287.2K Oz Au and 87.4M Oz Ag.
Total measured + indicated resources at Santa Elena are 4.6M tonnes of 1.62 g/t Au and 106 g/t Ag, for a total of 241K Oz Au and 15.8M Oz Ag, at La Encantada are 6.2M tonnes of 163 g/t Ag and 0.48% Pb, for a total of 32.4M Oz Ag, at La Parrilla are 1.7M tonnes of 212 g/t Ag, 1.24% Pb and 1.26% Zn, for a total of 11.7M Oz Ag, at San Martin are 2.6M tonnes of 0.4 g/t Au and 267 g/t Ag, for a total of 33.1K Oz Au and 22.3M Oz Ag, at Del Toro are 1.4M tonnes of 0.23 g/t Au, 195 g/t Ag, 4% Pb and 3.2% Zn, for a total of 10.2K Oz Au and 8.5M Oz Ag, and at La Guitarra are 812 tonnes of 1.53 g/t Au and 292 g/t Ag, for a total of 39.8K Oz Au and 7.6M Oz Ag. First Majestic estimated measured + indicated resources for 17.3M tonnes of 0.59 g/t Au, 177 g/t Ag, 0.6% Pb, and 0.4% Zn, for a total of 326.6K Oz Au and 98.3M Oz Ag on its six Mexican operations.
Total inferred resources at Santa Elena are 4.4M tonnes of 3.38 g/t Au and 77 g/t Ag, for a total of 481.4K Oz Au and 11M Oz Ag, at La Encantada are 2.2M tonnes of 164 g/t Ag, for a total of 11.4M Oz Ag, at La Parrilla are 2.6M tonnes of 225 g/t Ag, 1.42% Pb and 1.8% Zn, for a total of 19M Oz Ag, at San Martin are 2.5M tonnes of 266 g/t Ag, for a total of 21.4M Oz Ag, at Del Toro are 1.5M tonnes of 192 g/t Ag, 4.5% Pb and 1.7% Zn, for a total of 9.4M Oz Ag, at La Guitarra are 500K tonnes of 1.24 g/t Au and 276 g/t Ag, for a total of 19.8K Oz Au and 4.4M Oz Ag, and at La Joya, Zacatecas are 27.9M tonnes of 0.28 g/t Au and 58 g/t Ag, for a total of 251.4K Oz Au and 51.6 M Oz Ag. First Majestic estimated inferred resources on its six Mexican operations for 41.7M tonnes of 0.57 g/t Au, 96 g/t Ag, 0.3% Pb, and 0.2% Zn, for a total of 765.8K Oz Au and 128.3 M Oz Ag.
- Argonaut Gold Inc., announced updated mineral reserves and technical reports at its Mexican operations as at July 1, 2017. Total proven +probable reserves at El Castillo Complex, Durango are 121.3 M tonnes of 0.34 g/t Au and 10.2 g/t Ag, for a total of 1.3M Oz Au and 26.2 M Oz Ag. Total measured and indicated resources are 160.3M tonnes of 0.31 g/t Au and 9.6 g/t Ag, for a total of 1.6M Oz Au and 30M Oz Ag. Total inferred resources are 12.5M tonnes of 0.23 g/t Au and 9 g/t Ag, for a total of 91K Oz Au and 3.2M Oz Ag.
Total probable reserves at La Colorada, Sonora are 20.7M tonnes of 0.65 g/t Au and 11.5 g/t Ag, for a total of 435K Oz Au and 7.6M Oz Ag. Total indicated resources are 31.2 M tonnes of 0.6 g/t Au and 10.4 g/t Ag, for a total of 603K Oz Au and 10.4 M Oz Ag. Total inferred resources are 1.9M tonnes of 0.78 g/t Au and 47 g/t Ag for a total of 47K Oz Au and 648K Oz Ag.
Argonaut also filed Technical Reports for the El Castillo Complex and the La Colorada Mine.
- Endeavour Silver Corp., conducted several engineering trade-off studies at its Terronera property in Jalisco, to refine the operating parameters and optimize the economic performance of the project. Highlights include a throughput of 1,500 tonnes per day, with an annual production of 5M Oz Ag Eq at a grade of 300 g/t Ag Eq. Endeavour also announced that a 5,400m drill program is testing the southeast extension of the Terronera vein and the Quiteria vein at depth below the Quiteria mine. Also, a new infill drill program of up to 10,000m in up to 25 holes was approved to upgrade the inferred resources to indicated resources mainly at depth in the Terronera vein and to a lesser extent in the La Luz vein.
- Mag Silver Corp., presented 2017 annual results. The company announced that a 20,000m exploration drilling program is ongoing at its Juanicipio project to test new targets and to upgrade Inferred Mineral Resources in the Deep Zone to Indicated Mineral Resources at its Juanicipio project in Zacatecas. A FS is expected to be completed by Q2 2018.
ON DEALS AND CORPORATE ISSUES
- Orla Mining Ltd., announced that Mr. David Stephen has been appointed to the Board of Directors of the company (Camino Rojo, Zacatecas).
- Starcore International Mines Ltd., provided an update of its corporate strategy, which will consists in focusing on production assets in Mexico. Starcore also announced its intention to sell its El Creston Moly deposit in Sonora and that has extended the review period for its exclusive option to acquire Santa Fe project in Sinaloa (San Martín, Queretaro).
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On the picture above, a silicified rhyodacitic flow, with strong quartz vein stockworking in a prospect in Sinaloa State, Mexico. Photo by Miguel A Heredia.