The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2019.

 

Large barite crystals

By Miguel A Heredia

During the nine week of the year (March 11th to March 17th, 2019), at least 33 press releases were announced by companies working in Mexico, with eight announcing financial rounds, seven communicating financial and production results, six informing on exploration results, six disclosing deals and corporate issues, four reporting on resources and development of their properties, and 2 discussing Mexican news. ON MEXICO ISSUES, Compañía Minera Cuzcatlán recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion. Ternium re-activated the ore transport from its Aquila mine in Michoacan after the highway was blocked by an indigenous community for 16 days.  ON EXPLORATION, In Sonora, Aztec Minerals reported positive metallurgical results from its Cervantes project. In Chihuahua, Sable released drilling results from its Margarita project. In Coahuila, Prize Mining announced plans for the next phase of exploration at its Manto Negro project. In Sinaloa, e-Power staked three new mining claims. In Zacatecas, Excellon reported drilling results from its Evolution project.  ON MINING, Alio, Consolidated Zinc, Fortuna, Impact, Leagold and Starcore presented production results from their Mexican mining operations for the periods Q4 and full year 2018.  ON FINANCING, Aura announced that is undertaking a non-brokered private placement to raise up to $0.5M (East Taviche project, Oaxaca).  Defiance closed the first tranche of its non-brokered private placement for $1,229,500. Mexican Gold closed the final tranche of its non-brokered private placement for $2,143,000 (Las Minas project, Veracruz). McEwen announced its voluntary termination of the equity distribution agreement to offer shares from its common stock. Vangold has arranged a non-brokered private placement for gross proceeds of up to $0.5M, and announced a shares consolidation plan (Pinguino project, Guanajuato). Xtierra announced its intention to raise up to $1M by way of a non-brokered private placement (Bilbao project, Zacatecas). Sierra Metals closed a senior secured corporate credit for up to US$100M (Cusi mine, Chihuahua).  ON RESOURCES AND DEVELOPMENT, SilverCrest updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019.  Orla Mining reported that it is advancing its Camino Rojo Oxide project in Zacatecas towards a construction decision.  Leagold announced a mine expansion FS for its Los Filos mine in Guerrero. Telson released significant assay results from underground development at its Tahuehueto mine in Durango. ON DEALS AND CORPORATE ISSUES, Aura appointed new CEO, entered in a definitive agreement with Minaurum on its East Taviche project in Oaxaca, and the shareholders approved the change of name to Aura Resources Inc.  Coeur appointed former Nevada Governor to its Board of Directors (Palmarejo mine, Chihuahua). Mako Mining announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa). Tamino announced that it has retained the services of an experienced consultant geologist (El Volcan project, Sonora). Goldcorp announced fully support for the Nevada JV between Barrick and Newmont. Southern Copper showed interest to invest in a lithium project in Sonora.

 ON MEXICO ISSUES

  • Minera Cuzcatlán S.A. de C.V., the Mexican subsidiary of Fortuna Silver Mines Inc., recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion.
  • Ternium, re-activated the ore transport from its Aquila mine in Michoacan after a group of indigenous people from the community of Santa Maria Ostula blocked the Mexican Federal Highway # 200 for 16 days.

ON EXPLORATION

  • Aztec Minerals Corp., and Kootenay Silver Inc., announced positive bottle roll gold metallurgical results from its Cervantes project in Sonora. Drill core samples were grouped into 4 separate types of mineralization: oxide 1, oxide 2, mixed oxide/sulphide, and sulphide, showing metallurgical recoveries of 85.1%, 87.7%, 77.9%, and 51.2% respectively on 2mm material, and 94.3%, 94.2%, 89%, and 78.5% on 75 micron material.
  • Sable Resources, released drilling results from holes M-DDH-19-18 and M-DDH-19-19 from its Margarita project in Chihuahua. Hole M-DDH-19-18 intersected 71 g/t Ag and 0.13% Zn (80 g/t AgEq) over 30.8m, including 174 g/t Ag and 0.15% Zn (186 g/t AgEq) over 3.7m, and 171 g/t Ag, 0.4% Pb, and 0.12% Zn (199 g/t AgEq) over 1.55m, while hole M-DDH-19-19 intersected 24 g/t Ag, 0.08% Pb, and 0.3% Zn (44 g/t AgEq) over 55m, including 94 g/t Ag, 0.3% Pb, and 2.4% Zn (238 g/t AgEq) over 2.05m. “The mineralized Margarita structure can now be traced continuously with drillholes for 1,400m along strike including a central core of high-grade veins and silicified fault zones surrounded by a wide, close to surface, low-grade Ag halo, hosted by silicified and fractured volcanic rocks.”
  • Prize Mining Corporation, announced plans for the next phase of exploration at its Manto Negro project in Coahuila “to further define the scale, grade, and potential of this district scale property”. The plan is to locate structural and geological traps where there is increase thickness in mineralization to test them with a 3,000 to 5,000 m core drilling program. “Following positive results, metallurgical testing will be completed as well as 3D interpretation on key areas”.
  • e-Power Metals, staked three new mining claims totaling 4,400 ha, located south of the Company´s high grade Magenta Au-Ag-Co project, where historical sampling on veins and skarn style deposits at the La Prieta old showings have returned results of 180.4 g/t Au, 202 g/t Ag, and 5.54% Co over 0.61m in Zone # 1; 194 g/t Au, 203 g/t Ag, and 8.14% Co from an adit dump; and 8.1 g/t Au, 53 g/t Ag, and 3.27% Co over 0.5m in Zone #2.
  • Excellon Resources Inc., reported first drilling results since 2010 from its Evolution property in Zacatecas. Significant drilling results are in hole EX18MAZ-251 with 22 g/t Ag, 0.4% Pb, 1% Zn, and 0.1 g/t Au (101 g/t AgEq) over 154m, including 188 g/t Ag, 4.4% Pb, 2.9% Zn, and 0.1 g/t Au (532 g/t AgEq) over 2.4m, and 48 g/t Ag, 0.7% Pb, 2.8% Zn, and 0.1 g/t Au (238 g/t AgEq) over 7m; hole EX18MAZ-253 with 14 g/t Ag, 0.3% Pb, 0.7% Zn, and 0.1 g/t Au (70 g/t AgEq) over 219m, including 70 g/t Ag, 1.3% Pb, 2.2% Zn, and 0.4 g/t Au (274 g/t Ag) over 12.6m; hole EX18MAZ-257 with 175 g/t Ag, 4.3% Pb, 5.4% Zn, and 0.4 g/t Au (663 g/t AgEq) over 3.4m; and hole EX18MAZ-258 with 64 g/t Ag, 1.4% Pb, 2.2% Zn, and 0.3 g/t Au (259 g/t AgEq) over 24.9m.

ON MINING

  • Alio Gold Inc., presented Q4 and full year 2018 production results from its San Francisco mine in Sonora. Alio produced 10.3K Oz Au and 4.2KOz Ag in Q4 2018 at AISC of $1,558 per Oz Au produced. Alio produced 54K Oz Au and 24.8K Oz Ag in 2018 at AISC of $1,258 per Oz.
  • Consolidated Zinc Limited, provided February 2019 production results from its Plomosas mine in Chihuahua. It reported 4,158 tonnes processed with Zn recoveries of 89% to Zn concentrates. Consolidated Zinc mined 3,873 tonnes of 9.6% Zn and 2.7% Pb to produce 815.4K Lb Zn and 235.2K Lb Pb.
  • Fortuna Silver Mines Inc., released Q4 and full year 2018 financial and production results from its San Jose mine in Oaxaca. It reported Q4 sales of $59.6M, net income of $2.2M, adjusted net income of $4.4M, and adjusted EDITDA of $22.7M. For the full year 2018 Fortuna reported sales of $263.3M, net income of $34M, adjusted net income of $38.4M, and adjusted EBITDA of $113.9M. The company milled 256,181 tonnes of 1.58 g/t Au and 230 g/t Ag to produce 11.8K Oz Au and 1.72M Oz Ag with metallurgical recoveries of 91% for both metals. Fortuna also reported an AISC of $7.1 for Oz Ag or $9.9 for Oz AgEq.
  • Impact Silver Corp., announced its financial and operating results for Q4, 2018. It reported $13.1M in revenues for 2018. Impact milled 173,217 tonnes of 170 g/t Ag to produce about 947K Oz Ag.
  • Leagold Mining Corporation, presented financial and production results from its Los Filos mine in Guerrero for the period Q4 and full year 2018. It reported revenues of $376.5M, and an adjusted EBIDTA of $89.5M for the full year 2018.Leagold produced 58,201 Oz Au in Q4 and 195,362 Oz Au for the full year 2018 at an AISC of $985 per Oz Au sold.
  • Starcore International Mines Ltd., announced financial and production results from its san Martin mine in Queretaro for the Q3 period ended January 31, 2019. It reported revenues of $6.6M and an EBIDTA of $335M for the nine months ended January 31, 2019. Starcore milled 71,100 tonnes of 1.8 g/t Au and 33 g/t Ag to produced 3.4K Oz Au and 46.2K Oz Ag (4K Oz AuEq).

ON FINANCING

  • Aura Minerals Inc., announced that is undertaking a non-brokered private placement to raise up to $0.5M.
  • Defiance Silver Corp., closed the first tranche of its non-brokered private placement for $1,229,500. The first tranche is part of the non-brokered private placement for total gross proceeds of $4M (San Acacio, Zacatecas).
  • Mexican Gold Corp., closed the final tranche of its non-brokered private placement for $2,143,000. Gross proceeds will be used on its Las Minas project in Veracruz.
  • McEwen Mining Inc., announced its voluntary termination of the equity distribution agreement on March 13, 2019 to offer shares from its common stock from time to time for up to $90M (Fenix project, Sinaloa).
  • Vangold Mining Corp., has arranged a non-brokered private placement for gross proceeds of up to 0.5M. It also announced a consolidation of their shares in which the company will trade 2 old shares for 1 new share (Pinguino project, Guanajuato).
  • XTierra Inc., announced its intention to raise from a non-brokered private placement up to $1M. (Bilbao project, Zacatecas).
  • Sierra Metals Inc., closed a six year senior secured a corporate credit facility for up to US$100M effective on March 08, 2019 (Cusi mine, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019. The infill drilling program at Las Chispas has delineated an initial indicated mineral resource estimate of 1M tonnes of 6.98 g/t Au and 711 g/t Ag (1,234 g/t AgEq), containing 39.8M Oz AgEq. Inferred mineral resource are estimated at 3.6M tonnes of 3.32 g/t Au and 332 g/t Ag (581 g/t AgEq), containing 68.1M Oz AgEq.
  • Orla Mining Ltd., filed a PEA amended technical report on its Camino Rojo project in Zacatecas. “The PEA supports a technically simple open-pit mine and heap-leach operation that offers low capital and operating costs, rapid payback, and strong financial performance. The PEA is based on near-surface oxide and partly oxidized (transitional) material within the overall resource, all located within Orla’s mineral concessions”. Highlights of the PEA are a pre-tax NPV (5%) of USD$231 and an IRR of 38.1% or after-tax NVP (5%) of USD$121M and an IRR of 24.5%; production rate per day of 18K tonnes; total material to leach pad of 42.5M with grades of 0.71 g/t Au and 13.6 g/t Ag (966K Oz Au and 18.5M Oz Ag contained) with metallurgical recoveries of 67% and 15% respectively; and an annual gold production of 97.5K Oz Au. It also reported that it is advancing its project towards a construction decision later this year and ensuring the company remains on track with the development of its first mine. Orla is also advancing the feasibility study on its Camino Rojo project which is expected to be completed by the end of Q3, 2019. Construction is expected to start during H2, 2020 following receipts of all necessary permits.
  • Leagold Mining Inc., announced a mine expansion FS in March 2019 which incorporates “the potential for developing the Bermejal underground mine, enlarging the Los Filos open pit mine, re-phasing the Bermejal open pit into two distinct sections (Bermejal and Guadalupe), and building a 4,000 tonne per day (tpd) carbon-in-leach (CIL) plant to complement the existing heap leach facilities”.
  • Telson Mining Corporation, released significant assay results from underground development on the Creston Zone at its Tahuehueto mine in Durango. Significant channel sampling results are 8.48 g/t Au, 104 g/t Ag, 0.85% Cu, 5.8% Pb and 11% Zn (20.9 g/t AuEq) over 4.95m; 5.66 g/t Au, 62 g/t Ag, 0.26% Cu, 3.6% Pb, and 7.4% Zn (13.24 g/t AuEq) over 3m; 8.89 g/t Au, 88 g/t Ag, 0.34% Cu, 2.3% Pb, and 6.3% Zn (15.54 g/t AuEq) over 3m; 11.87 g/t Au, 78 g/t Ag, 0.54% Cu, 2.7% Pb, and 4% Zn (17.59 g/t AuEq) over 3.35m; and 8.12 g/t Au, 134 g/t Ag, 0.44% Cu, 2.4% Pb, and 4% Zn (14.13 g/t AuEq) over 3.25m.

ON DEALS AND CORPORATE ISSUES

  • Aura Resources Inc., appointed new CEO and made changes of its Board of Directors. The company also entered in a definitive agreement with Minaurum Gold Inc., in which Minaurum can acquire an 80% interest on its East Taviche project in Oaxaca.
  • Coeur Mining Inc., appointed former Nevada Governor to its Board of Directors.
  • Mako Mining Corp., announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa).
  • Tamino Minerals Inc., retained the services of an experienced geological consultant to assist them to achieve its goals within its mining exploration projects in order to meet corporate milestones (El Volcan project, Sonora).
  • Goldcorp Inc., announced fully support for the Nevada JV between Barrick Gold Corporation and Newmont Mining Corporation.
  • Southern Copper Corp., showed interest to invest in a Canadian owned lithium project in Sonora, on which a Chinese company seems to be also interested. Southern Copper has not made an offer yet and did not reveal the name of the lithium project.

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, large barite crystals and manganese oxides in a low-intermediate sulphidation epithermal system in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of March, 2019

By Jorge Cirett

During the 10th week of the year (March 4th to March 10th, 2019), at least 16 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, The cancellation of the Los Cardones project in Baja California Sur was announced by the president of Mexico. According to the Fraser Institute, Mexico climbed several positions on its ranking, although security and taxation remain dragging down its overall ranking. On PDAC’s Mexico Mining Day, the participation of Francisco Quiroga, Pedro Haces and the governors of Durango and Sinaloa left a bittersweet message, as an invitation for investment was mixed with the government impulse for community consultations, the reviewing of mining concessions, labor issues and environmental revisions.   ON EXPLORATION, In Sonora, Sonoro Metals commenced a second phase of RC drilling at its Cerro Caliche property. In Chihuahua, Radius Gold informed is working on a revised geological model of the previous drilling campaign as it prepares for the next at the Amalia project. In Durango and Veracruz. Chesapeake Gold is to focus its 2019 exploration program in properties near its flagship Metates project, and in the Tatatila project in Veracruz. ON MINING, Americas Silver, Avino Silver and Premier gold reported operating and/or financial results for the Q4 and full year 2018. ON FINANCING, Minera Alamos corrected a previous financing press release, Kootenay Silver increased the size of its placement to $7 M. McEwen Mining suspended distribution of its dividend. Mako Mining raised CAD$4.5 M. ON RESOURCES AND DEVELOPMENT, Mag Silver reported on 46,000 m of drilling and the discovery of a new vein trend at Juanicipio, in Zacatecas. ON DEALS AND CORPORATE ISSUES, Oroco informed on the status of legal actions regarding its intention to acquire the Santo Tomás project in Sinaloa. Alio Gold changed CEO and Great Panther Silver Ltd. changed its name to Great Panther Mining Ltd. as it diversifies into gold mining.

ON MEXICO ISSUES

  • The Durango and Sinaloa governors, Jose Rosas Aispuro and Quirino Ordaz, respectively, attended the PDAC convention in Toronto, looking to strengthen the ties with Canadian companies and promote investment in the local mining sector.
  • The president of Mexico, Andres Manuel Lopez Obrador, announced the cancellation of the Los Cardones open pit mining project in Baja California Sur (on the bright side, the cancellation could be the result of negotiations with the project owner, which has multiple government contracts in other industries. On the other hand, the president said he took the decision because he has the authority to do so).
  • The Fraser institute released its annual survey on mining jurisdictions of the World, Mexico climbed several positions to reach the 29th on the ranking, from the 44th on the previous year. Our Latin American competitors on the foreign investment race, Chile and Peru, also raised to the 6th (from the 8th) and 14th (from the 91th) position respectively. The categories on which Mexico can improve significantly are: “Disputed Land Claims” (58th position), “Socioeconomic Agreements/Community Development” (59th position), “Labor Regulations” (58th position), Security (80th position, regrettably) and “Taxation Regime” (71st position, just 13th places from the bottom). To download the report: https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2018.pdf.
  • In PDAC, Francisco Quiroga, undersecretary of Mining on the Secretaría de Economía (Ministry of Economy) asked Canadian mining companies to accept public consultations to avoid harmful effects on society and the environment. He also solicited fiscal observance, environmental protection and human rights respect by the companies to avoid the closure of mines. He offered an administrative simplification to miners by the implementation of a sole attention desk to reduce paperwork.
  • Also in PDAC, and during the Mexico Mining Day, Pedro Haces Barba (Morena senator) stated that Canada is a strategic partner on the mining sector. He expressed the Congress and Senate support to stimulate the development of the industry, giving form to a legal framework in the leading edge, with the participation of experts, producers, environmentalists, workers and all other involved. Haces also stressed the compromise to impulse significant changes to the mining law to benefit from the sustainable exploitation of natural resources in pace with the regional dynamics and global challenges.  

ON EXPLORATION

  • Radius Gold Inc. informed on the review and re-logging of five holes drilled to test the Campamento structural corridor (now called San Pedro) at its Amalia project in Chihuahua. Only the deepest hole intercepted the structure within the lower volcanic group andesitic rocks, returning 26 m @7.1 gpt Au, 517 gpt Ag, including 5 m @ 14.7 gpt Au, 517 gpt Ag. Access agreements with landowners have been secured, and a new environmental permit has been applied for the second drill stage. Pan American Silver is funding the project with Radius as the operator.
  • Sonoro Metals Corp. commenced the phase two drilling campaign at its Cerro Caliche property in Sonora. This 4-month program is to consist of approximately 5,000 m of reverse circulation drilling. The goal is to enlarge the gold mineralization inventory, test deeper zones and extend the high-grade gold intercept at El Colorado zone, which returned 12.2 m @ 11.21 gpt Au. If results support it, a phase 3 drilling campaign of approximately 7,000 m of infill drilling will follow. “The Company anticipates that it will commission and publish an NI 43-101 technical report, including an initial resource estimate, within two months”.
  • Chesapeake Gold Corp. informed this year its exploration programs will focus on the under-explored region of its Metates project in Durango. At Crisy, close to Metates, a quartz breccia and stockwork that runs for over 2 km hosted in shales, produced 24 m @ 1.5 gpt Au; 13 m @ 1.1 gpt Au, 14 gpt Ag; 4 m @ 2.5 gpt Au, 49 gpt Ag, in channel samples. At Cerro Pelon, Durango, a 3 km long, 750 m wide zone of epithermal veins and stockworks returned 40 m @ 42 gpt, 0.2 gpt Au; 25 m @ 57 gpt Ag; 15 m @ 1.0 gpt Au in surface sampling. At San Javier, Durango, “Silver mineralization is hosted within clay altered sandstone, mudstone and local intrusive dikes and has been traced continuously on surface for over 500 meters. Previous samples returned 60 meters of 71 g/t silver and 0.6% lead. In January, a trench channel sample collected 200 meters further along strike returned 25 meters of 46 g/t silver and 0.5% lead”. At Yarely, Sinaloa, A channel sample returned 30 m @ 1.6 gpt Au, 38 gpt Ag, on quartz breccias and stockworks associated to a rhyolite flow-dome complex. At Tatatila, in Veracruz, skarn bodies developed along the contact of intrusive dikes and sills and older limestones returned 2 m @ 28.9 gpt Au, 0.5% Zn; 6 m @ 0.4 gpt Au, 5.6% Zn; 2 m @ 0.14 gpt Au, 65 gpt Ag, 2.3% Pb, 3.1% Zn.

ON MINING

  • Americas Silver Corp. reported consolidated financial and operational results for the fourth quarter and full year 2018. The company had a revenue of $68.4 M from its operations in Mexico and the USA, without entering in details by unit (Cosalá Complex, Sinaloa).
  • Avino Silver & Gold Mines Ltd. announced consolidated financial results for the fourth quarter and year 2018. During the year revenues were $34.1 M from 708.8 K tonnes milled to produce 1.28 M Oz Ag, 8,092 Oz Au, 4.81 M Lb Cu or 2.86 M Oz AgEq, at cash cost $9.63 and AISC $10.67 (Avino, San Gonzalo mines, Durango).
  • Premier Gold Mines Ltd. released operating results for Q4 and full year 2018, including figures from its operations in Mexico. At Mercedes, in Sonora, during the last three months of the year 183.1 K tonnes were milled @ 3.96 gpt Au, 44.8 gpt Ag, recovering 96.3% Au and 45.2% Ag, to produce 22,465 Oz Au, 119 K Oz Ag. For the year, 665.5 K tonnes were milled @ 3.34 gpt Au, 35.3 gpt Ag, recovering 96% Au, 40.9% Ag to produce 68,719 Oz Au, 309.2 K Oz Ag. By product cash cost and AISC were $609 and $795 per Au Oz, respectively. “Exploration drilling continued during the fourth quarter with 1,972 meters completed for a total drilling of 40,721 meters for the year”.  

ON FINANCING

  • Minera Alamos Inc. issued a correction to its previous press release, where it stated $4.93 M of gross proceeds on a non-brokered placement. In fact, Minera Alamos raised aggregate proceeds of $4.99 M, paying $280 K in commissions (La Fortuna, Durango; Santana, Sonora).
  • Kootenay Silver Inc. increased the size of its non-brokered private placement, originally for gross proceeds of $2.5 M, to $7 M (La Negra, Sonora; La Cigarra, Chihuahua).
  • McEwen Mining Inc. suspended the distribution of its dividend, stating lower revenues from operating issues at a couple of mines as the cause (El Gallo, Sinaloa).
  • Mako Mining Corp. closed its non-brokered private placement for gross proceeds of CAD$4.5 M (Trinidad, Sinaloa)

ON RESOURCES AND DEVELOPMENT

  • Mag Silver Corp. reported on results from a 48-hole diamond drilling program with a total of 46,060 m completed in late 2018 at the Juanicipio JV property (Fresnillo PLC 56% / Mag Silver 44%), designed to expand and infill the wide high-grade deep zone mineral resource. The program confirmed continuity to depth of high-grade mineralization in the East and West Valdecañas vein deep zones and in the Anticipada vein, discovering the new Pre-Anticipada vein in the hangingwall above the system. Highlighted intercepts include 11.6 m @ 783 gpt Ag, 2.57 gpt Au, 6.5% Pb, 9.5% Zn, 0.32% Cu at the deep west zone; 6.3 m @ 246 gpt Ag, 1.78 gpt Au, 7.2% Pb, 11.6% Zn, 0.40% Cu at the deep zone east; 6.2 m @ 275 gpt Ag, 4.02 gpt Au, 7.3% Pb, 9.2% Zn at the Anticipada vein; 3.2 m @ 472 gpt Ag, 0.31 gpt Au, 0.4% Pb, 0.4% Zn, 0.03% Cu at the Pre-Anticipada vein.
  • Mag Silver Corp. announced the discovery of the northeast trending Venadas vein at the Juanicipio property in Zacatecas. The vein was inferred from the alignment of fifteen previously unconnected intercepts before being cut in an underground development working as a 1.1 m vein @ 116 gpt Ag, 3.16 gpt Au. The first hole designed to test the Venadas vein cut 3.0 m (core length) @ 392 gpt Ag, 5.54 gpt Au. “Venadas is the first ever mineralized vein in the overall Fresnillo District oriented at a high angle to the historically mined NW oriented veins. Notably, other much larger NE structures with intense surface alteration are known farther afield within the Juanicipio property and are now priority exploration targets. None have ever been directly drilled.”

ON DEALS AND CORPORATE ISSUES

  • Oroco Resource Corp. informed on the legal actions being taken to acquire interest in the Santo Tomás project in Sinaloa. “At present, the following initiatives, amongst others, are expected to validate and maintain the status quo of the titles and eventually remove any unwarranted ownership claims to the Santo Tomas Concessions as are currently being made by Aztec Copper Inc., an Arizona company, and its Mexican subsidiary, Prime Aztec Mexicana S.A de C.V.” (Santo Tomas, Sinaloa).
  • Alio Gold Inc. informed its chief executive officer, Greg McCunn is resigning to pursue other opportunities. The board of directors appointed Mark Backens as CEO, position which he has served previously on an interim basis (San Francisco, Sonora).
  • Great Panther Silver Ltd. completed the acquisition of Beadell Resources Ltd., owner of the Tucano mine in Brazil, with 1.3 M Oz Au in reserves. As part of the evolution in strategy, the company name has been changed to Great Panther Mining Ltd (Topia, Durango).

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 above, weathered intrusive rock with oxidized quartz-sulphide veinlets in a Michoacán project. Picture by Jorge Cirett.

Prize Mining Announces Changes to theCompany’s Board of Directors

prize mining announces management changes

VANCOUVER, Jan. 2, 2019 /CNW/ – PRIZE MINING CORPORATION (“Prize” or the “Company”)(TSXV : PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) wishes to announce the appointment ofMr. José Aviña to the Company’s Board of Directors (the “Board”) effective December 31, 2018.The Company would also like to report the resignation of Mr. Dallas Pretty from the Company’sBoard effective December 31, 2018.

 

Highlights on the Third Week of December, 2018. Mining and Exploration News in Mexico

Upper levels of an epithermal vein system

By Miguel A Heredia

During the 51st week of the year (December 17th to December 23th, 2018), at least 28 press releases were announced by companies working in Mexico, with nine informing on exploration results, eight disclosing deals and corporate issues, six announcing financing rounds, two communicating production results, two exposing government issues and one reporting on advances on their properties. ON MEXICO ISSUES, The Secretariat of Economy decentralized and moved the Undersecretariat of Mining to Chihuahua. The Undersecretary of Mining discarded to harden rules for mining industry. ON EXPLORATION, In Sonora, Aztec Minerals reported the completion of an airborne geophysical survey on its Cervantes project as well as metallurgical testing results; San Marco Resources completed a drilling program on its Chunibas project; Mexus Gold released drill results from its Santa Elena project; Minaurum announced the mobilization of a second drill rig to its Alamo Silver project; Colibri provided a review of its exploration activities during 2018. In Coahuila, Prize released drill results from its Manto Negro project. Almadex provided an exploration update on their Yago and El Chato properties in Nayarit and Puebla respectively. In Veracruz, Azucar Minerals reported drill results from its El Cobre project. ON MINING, Endeavour provided an early review of its El Cubo mine plan in Guanajuato for 2019.  GoGold announced Q4 and full year 2018 production results from its Parral project in Chihuahua.  ON FINANCING, SilverCrest entered in a private placement for gross proceeds of CAD$ 292K (Las Chispas, Sonora). VVC Exploration closed a non-brokered private placement for an aggregate of CAD$ 2,212,510 or approximately US$ 1.7M, (Samalayuca, Chihuahua). Alamos Gold announced the purchase of 25,513,043 common shares (Mulatos mine, Sonora).  Minaurum rised the amount of $3,981,937.50 in proceeds from the exercise of warrants (Alamos Silver, Sonora). Candelaria announced a non-brokered private placement for 4.2M (Pinos, Zacatecas).  Impact extended the deadline to complete a non-brokered private placement for gross proceeds of approximately $1.5M (Zacualpan, State of Mexico). Mexican Gold provided an update on the second tranche of a previous announced non- brokered private placement for gross proceeds of up to $3M (Las Minas, Veracruz). Prime Meridian announced that the company will be conducting a non-brokered private placement for gross proceeds of up to $1.5M (Tango Gold, Sinaloa).   ON RESOURCES AND DEVELOPMENT, Minera Alamos provided an update of the 2018 development activities performed at its La Fortuna project in Durango. ON DEALS AND CORPORATE ISSUES, SilverCrest granted stock options to the Company´s directors, officers, employees, and consultants. Almaden appointed financial advisor to assist in arranging financial project for its Ixtaca property in Puebla.  Mammoth entered in an option agreement with Centerra on its Tenoriba project in Chihuahua. Silver Viper acquired La Virginia property in Sonora from Pan American Silver. Aura Minerals announced a consolidation of its common shares (Aranzazu mine, Zacatecas). Santacruz issued 250K of its common shares and made a cash payment to Haywood to amends a financial advisory agreement signed by both companies (Veta Grande mine, Zacatecas). First Mining announced the appointment of its CEO. Harvest Gold granted stock options to certain directors, officers, and consultants.   Prime Meridian concluded an option to purchase 100% interest in the Tango Gold property in Sinaloa.

ON MEXICO ISSUES

  • The Secretariat of Economy decentralized and moved the Undersecretariat of Mining to Chihuahua. Francisco Quiroja, the recently appointed Undersecretary of Mining, inaugurated in Chihuahua city the headquarter of the federal dependence and exposed that is key to promote an active industrial politics that foster the innovation, diversification and inclusion of the Mexican mining and metallurgy sectors. To reach the strategy planned , the Undersecretary of Mining will lean on the General Coordination of Mines, dependence in charge of regulating the sector, on the General Coordination of the Mining Development, to promote the development of the mining sector,  on the Mexican Geological Survey,  to support and push the competitiveness in exploration, on FIFOMI, to increase the financing and structure projects subject to credits, and on the Mining Fund to  make sure the social viability of the different projects and of the validations of the same ones.
  • The Undersecretary of Mining discarded to harden rules for mining industry. The Undersecretary of Mining (Francisco Quiroga) pointed out that the new government doesn’t look for to carry out drastic changes in the sector, canceling concessions or increasing the production royalties paid for mining companies. “The companies have rights and none right will be harmed, neither that of the communities neither that of the companies”.  Francisco Quiroga affirmed that, for the time being, his efforts are centered in simplifying steps, to promote new projects and to impel the exploration in the sector. He also is analyzing changes to the formula of distribution of the Mining Fund.

ON EXPLORATION

  • Aztec Minerals Corp., announced the completion of a helicopter-based airborne magnetic, radiometric , and VLF survey covering the entire 3,694 hectares with 100m spaced lines of its Cervantes project in Sonora. “Preliminary results show an extensive magnetic high under the California target extending and broadening towards the north. Other targets such as Purisima and Jacobo have either low to very high magnetic response respectively, suggesting that there is more than one phase of porphyry intrusions on the property. A large and interesting northwest-southeast oriented magnetic high was detected on the northwest side of the survey and corresponds to a newly identified area of extensive gossan oxide and pyrrhotite-pyrite- chalcopyrite-arsenopyrite mineralization in hornfels and sediments intruded by feldspar-quartz porphyry dykes. The pyrrhotite indicates a reduced copper-gold system and likely contributes to the magnetic high”. Aztec also reported high gold recoveries by cyanide leach analysis of 5 drill holes. Gold recoveries include 87% Au and 45% Ag over 98m in hole 18CER007, 84% Au and 54% Ag over 106m in hole 18CER006, and 84% Au and 49% Ag over 93.5m in hole 18CER003.
  • San Marco Resources Inc., completed a drilling program funded by Antofagasta plc, on its Chunibas project in Sonora. 1,640m of core in seven holes were drilled to confirm down-dip and along strike alteration and mineralization observed on surface along a 1.2km long NW-SE mineralized corridor and a 400m long NE-SW perpendicular mineralized corridor. San Marco reported that all holes intersected several intervals with visible fine grained disseminations and cavity fillings of bornite, chalcocite, and traces of chalcopyrite. Assays results are pending and will be released once the company makes its analysis and interpretation.
  • Mexus Gold US, released results of two holes drilled at the Julio area within its Santa Elena project in Sonora. Holes 4 and 5 averaged 0.8 g/t Au over 3 m and 2 m intercepts with a 1 m section of 1.4 g/t Au. Assay results are pending from holes 6 to 9 to complete the evaluation of the initial drill program on this target area.
  • Minaurum Gold Inc., announced the mobilization of a second drill rig to its Alamos Silver project in Sonora to accelerate the testing of new veins identified recently. Minaurum also announced rock sampling results and the discovery of the 1.2km long monzonite-hosted Salvia vein zone. Highlights of the rock sampling include 1m of 1,150 g/t Ag, 2m of 1.03% Cu, 1.2m of 3,240 g/t Ag, and 1.50m of 747 g/t Ag.
  • Colibri Resources Corporation, provided a review of its exploration activities during 2018 of its projects in Sonora. Colibri drilled 2,900m in 27 holes at its El Pilar project, extending the length of the known mineralized gold deposit 52% and confirmed many of the historical drill results from the previous operator. Drilling highlights of the 2018 program are 9m of 8.2 g/t Au, including 1.5m of 33.4 g/t Au; 28.5m of 0.57 g/t Au, including 3m of 4.24 g/t Au; 40.5m of 0.73 g/t Au, including 3m of 5.37 g/t Au; and 61.5m of 0.75 g/t Au, including 1.5m of 17.3 g/t Au. El Pilar and Evelyn projects have been reviewed by several companies for potential JV opportunities, however none agreement has been made at this time. The company also added two gold exploration projects named El Mesquite and Jackie by the purchase of Yaque Minerals, a private exploration company. El Mesquite contains a 600m long by 300m wide mineralized zone with values up to 3.41 g/t Au. Geophysical surveys have identified resistivity and chargeability anomalies with merits to be drill tested. Jackie is a grass root gold exploration project. An exploration campaign is expected to be carried out in 2019, which will consists of mapping, stream sediment sampling, chip sampling, and possibly a soil sample grid.
  • Prize Mining Corporation, released drill results from the Pilar Grande target within its Manto Negro project in Coahuila. Significant intersections are in hole DDHDI-18-05 with 2.5m of 0.72% Cu and 46 g/t Ag, including 0.55m of 1.43% Cu and 126 g/t Ag, and 0.45m of 1.74% Cu and 87 g/t Ag; hole DDHDI18-05 with 2.15m of 0.79% Cu and 37 g/t Ag, and 2.90m of 0.72% Cu and 24 g/t Ag.
  • Almadex Minerals Ltd., initiated a small “proof of concept” drill program at Gallo de Oro target within its Yago project in Nayarit where banded epithermal veins crop out at surface. At El Chato project in Puebla, Almadex has identified drill targets based on a defined IP chargeability anomaly beneath a zone of intense alteration interpreted to correspond with the upper portion of a buried porphyry system. Almadex geologists believe the El Chato has the same geological setting to that of Azucar Minerals Ltd´s El Cobre Cu-Au porphyry project in Veracruz.
  • Azucar Minerals Ltd., announced drill results from the North Zone within its El Cobre project on Veracruz. Highlights drill results at the North Zone include hole EC-18-053 with 231.50m of 0.45 g/t Au and 0.17% Cu, including 132m of 0.68 g/t Au and 0.24% Cu, and 70.20m of 1.07 g/t Au and 0.35% Cu, and 33.20m of 1.54 g/t Au and 0.49% Cu; hole EC-18-055 with 245.50m of 0.39 g/t Au and 0.17% Cu, including 148.50m of 0.54 g/t Au and 0.22% Cu, and 59.05m of 0.87 g/t Au and 0.32% Cu, and 33.30m of 1.10 g/t Au and 0.39% Cu; and hole EC-18-058 with 248.90m of 0.39 g/t Au and 0.19% Cu, including 74.50m of 0.67 g/t Au and 0.33% Cu, and 21.90m of 1.22 g/t Au and 0.55% Cu. Based on the drill results, the geologists have interpreted that “the mineralization appears to trend in NE-SW direction, that a late-mineral and barren to weakly mineralized intrusive occurs in the middle of the North Zone but tops out about 400m below the current surface, and that the mineralization remains open to depth, on either side of the late intrusion, and along strike to the northeast”.

ON MINING

  • Endeavour Silver Corp., provided an early review of its El Cubo mine plan in Guanajuato for 2019. The company plans to reduce the production rate in 2019 to approximately half its 1,500 tonnes per day, while continuing exploring for new reserves to extend the mine life. Endeavour has initiated layoffs of approximately 240 employees.
  • GoGold Resources Inc., produced 774.6K Oz Ag and 6,655 Oz Au (1.3M OZ Ag Eq) from its Parral mine in Chihuahua during the full year 2018. GoGold also reported the production of 241K Oz Ag Eq in Q4, 2018.

ON FINANCING

  • SilverCrest Metals Inc., entered in a private placement for gross proceeds of CAD$292K (Las Chispas, Sonora).
  • VVC Exploration Corporation, closed an equity non-brokered private placement financing for an aggregate of CAD$ 2,212,510 (approximately US$ 1.7M). Gross proceeds will be used in exploration work and maintenance fees on their Mexican properties (Samalayuca, Chihuahua, La Tuna, Sinaloa, and Cumeral in Sonora).
  • Alamos Gold Inc., announced its intention to make a normal course bid to purchase over the next twelve months,(beginning December 24, 2018 and ending December 23, 2019), up to 25,513,043 common shares (Mulatos mine, Sonora).
  • Aura Minerals Inc., announced a consolidation of its common shares on the basis of a new share for ten old shares.
  • Santacruz Silver Mining Ltd., issued 250K of its common shares and made a cash payment of $1,063 to Haywood Securities Inc., to amends a financial advisory agreement between the two companies.
  • Minaurum Gold Inc., raised $3,981,937.50 in proceeds from the exercise of warrants bringing its consolidated cash balance to approximately $10M. Gross proceeds will be used at its Alamos Silver project in Sonora.
  • Candelaria Mining Corp., announced a non-brokered private placement for aggregate gross proceeds of up to $4.2M. Gross proceeds will be used for the construction of the Pinos project according to the PEA described in a previous press release.
  • Impact Silver Corp., extended the deadline until January 18, 2019 to complete a non-brokered private placement of approximately $1.5M (Zacualpan, Estate of Mexico)
  • Mexican Gold Corp., provided an update on the second tranche of a previously announced non-brokered private placement for gross proceeds of up to $3M, subject to increase the size of the private placement by 25%. Mexican Gold expects to close the second tranche in the first weeks of January 2019. Net proceeds will be used to continue the exploration of its Las Minas project in Veracruz.
  • Prime Meridian Resources Corp., announced that the company will be conducting a non-brokered private placement for gross proceeds of up to $1.5M (Tango Gold, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Minera Alamos Inc., provided an update of the 2018 development activities carried out at its La Fortuna project in Durango. “La Fortuna now has key permitting and technical milestones in place. This provides a path to a commercial production decision in the second half of 2019″. Highlights of the 2018 project development were the completion of a PEA demonstrating robust project economics including an after tax internal return of 93%, and a AISC of $400 per ounce produced; the positive response from SEMARNAT approving the change of land use to construct mining and processing facilities; the completion of the geotechnical studies and design of the dry-stack tailings containment facilities for the project; and the identification of a new area called La Pista, located approximately 1.3km SW of the main zone of La Fortuna resources, which contains significant near surface disseminated Au-Ag mineralization amenable to heap leaching and showing intervals of up to 50m in width. This new zone has returned assays up to 8 g/t Au and 30 g/t Ag over a mineralized area of approximately 500m by 300m. Production highlights included in the PEA study are an average annual contained-metal production of approximately 50K Oz Au Eq (43K Oz Au, 220K Oz Ag, and 2.2M Lb Cu),  a 5-year mine life based on initial resource starter pit with 2M tonnes of 3.68 g/t Au, 20 g/t Ag, and 0.27% Cu, processed at 1,100 tonnes per day average processing rate, and 215K Oz Au, 1.1M Oz Ag, and 11.2M Lb Cu produced in concentates.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc., granted stock options to the Company´s directors, officers, employees, and consultants.
  • Almaden Minerals Ltd., appointed Auramet International, LLC as financial advisor to assist in arranging financial project for its Ixtaca property in Puebla.
  • Mammoth Resources Corp., entered in an option agreement with Centerra Gold Inc., on its Tenoriba project in Chihuahua. Centerra can earn up to 70% of interest by spending US$ 9M over a seven years period. Details of the deal is upon Centerra has invested US$ 4M, it will earn a 51% interest in the property and could decide to earn an extra 19% by incurring additional expenditures on the property for US$ 4M and completing a PEA which identifies a mineral resource which is compliant with NI 43-101 and making a cash payment or issuing common shares for the amount of US$ 0.55M to Mammoth.
  • Silver Viper Minerals Corp., acquired three large mineral concessions totaling 35,598 hectares that comprise part of the La Virginia Au-Ag property in Sonora from Pan American Silver Corp. Under the deal, Pan American is entitled to a 2% NSR over the entire project. The agreement also provides Pan American with a right of first refusal on the optioned properties if Silver Viper does not exercise its option and a right of first offer over the entire consolidated property.
  • First Mining Gold Corp., announced the appointment of its Chief Executive Officer (San Ricardo, Sonora).
  • Harvest Gold Corporation, granted stock options for a period of 5 years to certain directors, officers, and consultants.
  • Prime Meridian Resource Corp., concluded a binding term sheet to acquire 100% interest in the Tango Gold property in Sinaloa by making US$ 5M in total purchase payments, and holding costs payments within five years of the execution of the formal agreement as follow: Year 1: US$195K, Year 2: US$ 245K, Year 3; 305K, Year 4: 365K, and Year 5: 425K. Prime has the option of making the final purchase payment (US$ 5M less total purchase payments made to date) at the end of the 1st, 2nd, 3rd, 4th or 5th year of the term of the purchase option, and the final purchase payment will be paid in cash (50%) and common shares (50%). Tango Gold consists of 3,954 hectares over four contiguous mineral concessions.

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, upper levels of an epithermal vein system in a prospect in Zacatecas, Mexico.  Photo by Miguel A Heredia.

 

First Mining appoints CEO

first mining appoints CEO

VANCOUVER, BC, CANADA – First Mining Gold Corp. (“First Mining” or the “Company”) is pleased to announce that Daniel Wilton has been appointed as the Company’s new Chief Executive Officer (“CEO”), effective as of January 7, 2019. Mr. Wilton replaces Dr. David Shaw, a First Mining director who was appointed as interim CEO in mid-October 2018 until a permanent CEO had been identified. Dr. Shaw will continue to serve as a director of the Company.

New Gold Announces Appointment of President and CEO

new gold announces appointment of president and ceo

September 12, 2018 – New Gold Inc. (“New Gold” or the “Company”) (TSX:NGD) (NYSE American:NGD) has appointed Renaud Adams as the new President and Chief Executive Officer of the Company, effective September 12, 2018. Mr. Adams replaces Raymond Threlkeld, a director of New Gold who stepped in and led the company since his appointment in May 2018.