Luca Mining Set to Benefit from New Additions to Board of Directors, and Announces Grant of Stock Options, Appointment of Investors Relations Advisors, and Extension of the Private Placement

June 9, 2023June 9, 2023 / gambusinoprospectormexico / Leave a comment

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Bear Creek Mining Announces Results of Annual General Meeting, Appointment of Officers and Publication of 2022 ESG Report

June 9, 2023June 9, 2023 / gambusinoprospectormexico / Leave a comment

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The Mining and Exploration News in Mexico: Highlights on the First Week of May, 2023.

May 7, 2023 / gambusinoprospectormexico / Leave a comment

Quartz veining hosted in a hydrothermaly-altered intrusive

By Miguel A Heredia

During the 18^thweek of the year (May 1^stto May 7^th, 2023), at least 28 press releases were announced by companies working in Mexico, and 2 news published by the media, with eleven reporting resources and developments of their properties, six commenting on Mexican issues, four communicating production and financial results, three disclosing deals and corporate issues, three announcing financing issues, two informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, Fortuna Silver reported an illegal blockade at its San Jose mine in Oaxaca. At least 40 companies from Canada and the United States that operate in Mexico expressed their intention to protect themselves after the approval of the reforms to the Mining Law. Chesapeake has initiated legal proceedings against the Dirección General de Minas of Mexico (DGM) with the Federal Court of Administrative Justice in the state of Durango, Mexico in response to the DGM’s cancellation of the San Vicente 3 mineral concession. Radius filed a legal demand with a Federal Mexican Court to obtain title to the Amelia 4 mining concession at its Amalia project in Chihuahua. The Senate of Mexico approved the mining reform that reduces and facilitates the cancellation of concessions. Bendito Resources, Infinitum Copper, Pan American Silver, and Silver Tiger reported the best drilling intercepts in Mexico on the first week of May, 2023. ON EXPLORATION, In Sonora, Infinitum Copper reported results from 6 of 12 drill holes collared at its Adelita project. In Chihuahua, Reyna Silver provided an update on their Batopilas and Guigui projects. ON MINING, Capstone, Argonaut, and First Majestic reported Q1, 2023 production and financial results for their Mexican operations. Minera Alamos reported full year 2022 production and financial results from its Santana property in Sonora. ON FINANCING, Sonoro Gold announced it plans to undertake a non-brokered private placement for gross proceeds of up to CAD $3M (Cerro Caliche project, Sonora). Kootenay announced a private placement for gross proceeds of $4M (Columba project, Chihuahua). First Majestic announced that its Board of Directors has declared a cash dividend payment in the amount of $0.0057 per common share for Q1, 2023. ON RESOURCES AND DEVELOPMENT, Xali received the change in soil use permit for its El Oro Tailings project in Mexico State. Bendito Resources presented results from the last 9 of 18 RC holes drilled at its El Alacran project in Sonora. Silver Tiger announced results from its ongoing drill program at its El Tigre project in Sonora. Capstone reported Mineral Reserves and Mineral Resources for its Cozamin property in Zacatecas as at January 1, 2023. GR Silver filed a NI 43-101 technical report to provide an updated resource estimate for its Plomosas project in Sinaloa. GoGold released additional results from its ongoing drilling campaign at its Los Ricos South project in Jalisco. Oroco presented a Mineral Resource Estimate as of April 21, 2013 for its Santo Tomas project in Sinaloa. Prime announced an updated Mineral Resource Estimate for its Los Reyes property in Sinaloa. Pan American Silver released results of eighth holes drilled at La Colorada Skarn project in Zacatecas. Minera Alamos announced positive results of an independent Preliminary Economic Assessment for its Cerro de Oro project in Zacatecas. Torex provided the second quarterly update on its Media Luna project in Guerrero. ON DEALS AND CORPORATE ISSUES, Bear Creek announced its CEO succession (Mercedes mine, Sonora). GR Silver announced the retirement of its CFO and the appointment of its replacement (Plomosas project, Sinaloa). Tarachi signed a definitive agreement for the sale of Magistral Tailings project in Durango. ON SOCIAL RESPONSIBILITY, Almaden completed a social impact assessment relating to its Ixtaca project in Puebla, and underlying mineral claim area.

ON MEXICO ISSUE

Fortuna Silver Mines Inc., reported an illegal blockade at its San Jose mine in Oaxaca due to a group of workers did not agree with the estimated amount the Company is to distribute among the workforce as part of the worker´s profit sharing entitlement. Profit sharing is a transparent calculation and is payable in accordance with Mexican legislation. As a consequence, operations at the mine have been temporarily halted.
At least 40 companies from Canada and the United States that operate in Mexico expressed their intention to protect themselves after the approval of the reforms to the Mining Law by the government because they consider that they are violating their rights and that they are being changing the rules of the game. The law firm Von Wobeser y Sierra, anticipated that they will also consider the international arbitration considered as a mechanism to resolve disputes within the framework of the Free Trade Agreement between Mexico, the United States and Canada (T-MEC) and the Trans-Pacific Economic Cooperation Agreement (TPP). The elimination of the concepts of Free Land and First Applicant are the elements that most concern companies because with them the government could “legalize” the non-granting of concessions to private parties, by giving the exploration monopoly to the Mexican Geological Service (SGM). ), warned the Mining Chamber of Mexico (Camimex). Until now, the Canadian mining company Silver Bull Resources presented in March to the International Center for Settlement of Investment Disputes (ICSID) its intention to claim economic damages for at least USD $178M for the blockade of its Sierra Mojada Project since September 2019. The American Vulcan Materials presented to ICSID a claim for an estimated damage of at least USD 1.9 B against Mexico for the closure and occupation of the Sac-Tun mine (formerly Calica) and the Punta Venado pier in Playa del Carmen. A resolution on this issue is pending since May 2022.
Chesapeake Gold Corporation has initiated legal proceedings against the Dirección General de Minas of Mexico (DGM) with the Federal Court of Administrative Justice in the state of Durango, Mexico in response to the DGM’s cancellation of the San Vicente 3 mineral concession, on the basis that the Company did not provide adequate evidence to support the Company’s performance of the exploration work required to maintain the concession. The Company’s legal position, approved by external Mexican legal counsel, is that the work required to maintain the concession was conducted on the property and appropriate evidence was submitted to the DGM to substantiate the work. The San Vicente 3 mineral concession is one of 12 mineral concessions comprising the Metates property, representing 700 hectares of the 4,260 hectares in the Metates project, and encompasses a portion of the Metates mineral resource. The Company intends to vigorously defend its position with respect to the San Vicente 3 mineral concession.
Radius Gold Inc., filed a legal demand with a Federal Mexican Court to obtain title to the Amelia 4 mining concession at its Amalia project in Chihuahua. “Radius and project JV partner Pan American Silver Corp. have completed all the requirements, fee payments and surveys for the Amalia 4 application. The mining authority of Chihuahua has processed and approved the submission without fault and passed the license to the Mexico Mining Directorate proposing title issuance. The regulated time for the mining authority to comment and request revision has passed and granting of title is a legal requirement under the mining law. Radius has filed a legal demand to enforce the granting of title. Radius legal counsel believes the Company has clear legal right to the application and title. Legal counsel has been successful in obtaining granted concessions in similar situations recently”.
The Senate of Mexico approved the mining reform that reduces and facilitates the cancellation of concessions. The legal changes were approved despite Canada’s claim and in an express session in which twenty laws and reforms were endorsed in just five hours. The senators approved modifications to the Mining, National Water, General Ecological Balance and Environmental Protection laws, and the General for the Prevention and Integral Management of Waste. The reform will allow the government to only grant mining concessions through a public tender and with prior consultation with indigenous peoples, in addition to facilitating the revocation of the license for environmental damage. The reform could generate tensions with the partners of the T-MEC, in particular with Canada, which has already complained in recent days. The Canadian Minister of International Trade, Mary Ng, revealed last Wednesday that she spoke with the Secretary of the Economy of Mexico, Raquel Buenrostro, to express the “concern” of the Canadian government with the then proposed reform of the country’s mining sector, in the that Canadian companies constitute the largest foreign investor.
GoGold Resources Inc., Bendito Resources Inc., Infinitum Copper Corp., Pan American Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the first week of May, 2023. Details are shown in the table below:

ON EXPLORATION

Infinitum Copper Corp., reported results from 6 of 12 drill holes collared at its Adelita project in Sonora. Drilling highlights include hole ADD-22-0021 with 0.51% Cu, 0.16 g/t Au, 16 g/t Ag, and 0.6% Zn (1% CuEq) over a true width (TW) of 19.85m, including 0.83% Cu, 0.22 g/t Au, 22 g/t Ag and 0.8% Zn (1.51% CuEq) over a TW of 7.98m, including 0.41% Cu, 0.16 g/t Au, 14 g/t Ag, and 0.5% Zn (0.83% CuEq) over a TW of 8.69m; and hole AD-22-0028 with 0.8% Cu, 0.35 g/t Au, and 19 g/t Ag (1.22% CuEq) over a TW of 48.7m, including 0.85% Cu, 0.31 g/t Au, and 29 g/t Ag (1.34% CuEq) over a TW of 20.38m, including 1.03% Cu, 0.51 g/t Au, and 16 g/t Ag (1.54% CuEq) over a TW of 20.76m. “AD-22-0028 is the only drill hole which has intersected the large and distinct magneto-telluric anomaly on the eastern flank of the Cerro Grande anticline”. The intersection of hole AD-22- 0028 is open to the north, east and west.
Reyna Silver Corp., provided an update on their Batopilas and Guigui projects in Chihuahua. At Batopilas, Chihuahua, the company has carried out detailed sampling and structural programs, as well as conducted a detailed AMT geophysics study to outline major structures and features that may control vein control and location of mineralization, as well as to understand the historic ore shots geometry and mineralization surface expressions , including the newly identified gold-bearing structures. The company plans to drill again in the property a minimum of 3,000m once the final combining of the historical data, drill results, and detailed follow-up work is complete. At Guigui project, Chihuahua, the previous Phase 1 and 2 of drilling revealed critical components of an important CRD system. These drill programs identified a 0.5 square km skarn footprint that remains open in all directions. The company recently executed a Natural Source Audio MagnetoTellurics (NSAMT) survey and is waiting for the final interpretation to integrate into the developing drill-target model for the Phase 2 drilling program this year.

ON MINING

Capstone Copper Corp., reported Q1, 2023 production and financial results from its Cozamin property in Zacatecas. The company produced 11.65M Lb Cu at a cash cost of 1.72 per Lb Cu produced. Realized copper price was USD $4.17 per Lb.
Argonaut Gold Inc., reported production and financial results from their Mexican operations. At La Colorada, Sonora, the company reported that it sold 5,086 Oz Au; a cost of sales of USD $12.7M; a cost of sales per Oz Au sold of USD $2,505; a production cost of USD $8M; a cash and all in sustaining cost per Oz Au sold of USD $2,229 and USD $2,333 respectively. At San Agustin, Durango, it reported that 11,491 Oz Au were sold; a cost of sales of USD $22.7M; a cost of sales per Oz Au sold of USD $1,980; a production cost of USD $17.4M; a cash and all in sustaining cost per Oz Au sold of USD $1,558 and USD $1,627 respectively. At El Castillo, Durango, the company reported that it sold 7,358 Oz Au; a cost of sales of USD $14.5M; a cost of sales per Oz Au sold of USD $1,976; a production cost of USD $8.3M; a cash and all in sustaining cost per Oz Au sold of USD $1,675 in both cases.
First Majestic Silver Corp., reported Q1, 2023 production and financial results from their Mexican operations. Figures by mine operation is shown in the table below:

Minera Alamos Inc., reported full year 2022 production and financial results from its Santana property in Sonora. The company recovered and sold 11.67K Oz Au and reported revenue s of $21.7M; costs of goods sold of $13.5M for gross profits of $8.18M; net income of $5.6M; cash and cash equivalents of $13.15M; and working capital as of December 31, 2022 of $18.3M.

ON FINANCING

Sonoro Gold Corp., announced it plans to undertake a non-brokered private placement for gross proceeds of up to CAD $3M. The company will use the net proceeds to fund the ongoing development of a proposed heap leach mining operation at its Cerro Caliche project in Sonora.
Kootenay Silver Inc., announced a private placement for gross proceeds of $4M. Gross proceeds will be used for working capital requirements and other general corporate purposes (Columba project, Chihuahua).
First Majestic Silver Corp., announced that its Board of Directors has declared a cash dividend payment in the amount of USD $0.0057 per common share for Q1, 2023. The first quarter cash dividend will be paid to holders of record of First Majestic’s common shares as of the close of business on May 18, 2023, and will be distributed on or about June 9, 2023.

ON RESOURCES AND DEVELOPMENT

Xali Gold Corp., and its partner Sun River Gold Corp., received the change in soil use permit for its El Oro Tailings project in Mexico State. This is the main permit required for the El Oro Tailings project that allows moving out the tailings from the historical deposition site which is within the town of El Oro and to the industrial processing site outside of the town.
Bendito Resources Inc., presented results from the last 9 of 18 RC holes totaling 2,031m drilled at its El Alacran project in Sonora as part of the 2023 Phase 1 exploration program focused on demonstrating the southeastward extension of mineralization from the historical resources established at Loma Bonita and Mesa de Plata. Drilling highlights include hole BSS-23-011 with 0.13 g/t Au and 9 g/t Ag (0.24 g/t AuEq) over 33m, including 0.26 g/t Au and 20 g/t Ag (0.5 g/t AuEq) over 3m, plus 0.89 g/t Au and 22 g/t Ag (1,15 g/t AuEq) over 27m, including 1.89 g/t Au and 32 g/t Ag (2.27 g/t AuEq) over 6m, plus 1.32 g/t Au and 36 g/t Ag (1.74 g/t AuEq) over 3m; hole BSS-23-015 with 0.45 g/t Au and 2 g/t Ag (0.48 g/t AuEq) over 24m, including 2.37 g/t Au and 1 g/t Ag (2.39 g/t AuEq) over 3m, plus 0.27 g/t Au and 14 g/t Ag (0.44 g/t AuEq) over 63m, including 0.49 g/t Au and 39 g/t Ag (0.94 g/t AuEq) over 15m, plus 0.11 g/t Au and 17 g/t Ag (0.31 g/t AuEq) over 52.5m, including 0.21 g/t Au and 42 g/t Ag (0.71 g/t AuEq) over 7.5m; hole BSS-23-016 with 0.31 g/t Au and 11 g/t Ag (0.45 g/t AuEq) over 66m, including 2.26 g/t Au and 4 g/t Ag (2.3 g/t AuEq) over 7.5m, 8.06 g/t Au and 1 g/t Ag (8.07 g/t AgEq) over 1.5m, plus 0.15 g/t Au and 4 g/t Ag (0.2 g/t AuEq) over 19.5m, plus 0.16 g/t Au and 2 g/t Ag (0.19 g/t AuEq) over 12m; and hole BSS-23-018 with 0.16 g/t Au and 4 g/t Ag (0.21 g/t AuEq) over 9m, plus 0.08 g/t Au and 39 g/t Ag (0.53 g/t AuEq) over 93m, including 0.08 g/t Au and 84 g/t Ag (1.07 g/t AuEq) over 7.5m, plus 0.09 g/t Au and 59 g/t Ag (0.79 g/t AuEq) over 15m.
Silver Tiger Metals Inc., announced results from its ongoing drill program at its El Tigre project in Sonora. Highlights of the ongoing drilling program include hole ET-23-457 in the Sulphide Zone with 0.11 g/t Au, 297 g/t Ag, 0.28% Cu, 1.4% Pb, and 2.2% Zn (439 g/t AgEq) over 38.7m, including 0.17 g/t Au, 693 g/t Ag, 0.6% Cu, 3% Pb, and 4.6% Zn (987 g/t AgEq) over 15.8m, including 0.15 g/t Au, 1,100 g/t Ag, 0.87% Cu, 5.1% Pb, and 8% Zn (1,581 g/t AgEq) over 6.3m, including 0.13 g/t Au, 1,246 g/t Ag, 1% Cu, 6.4% Pb, and 13.4% Zn (1,949 g/t AgEq) over 3.4m, including 0.15 g/t Au, 1,943 g/t Ag, 1.58% Cu, 7.3% Pb, and 10.9% Zn (2,642 g/t AgEq) over 0.6m. “This hole added an additional 100 metres of down dip extent to east from Hole 428 to 457 and what it was thought was a thin zone of a little over a meter went to almost 39 meters of high grade mineralization. Step out drilling now continues south”.
Capstone Copper Corp., reported Mineral Reserves and Mineral Resources for its Cozamin property in Zacatecas as at January 1, 2023. The company announced Probable Mineral Reserves of 10.2M tonnes with grades of 1.6% Cu, 43 g/t Ag, 0.5% Zn, and 0.3% Pb. It also presented Measured + Indicated Resources of 19.7M tonnes with grades of 1.58% Cu, 47 g/t Ag, 1.1% Zn, and 0.4% Pb, and Inferred Resources of 12.3M tonnes with grades of 0.72% Cu, 38 g/t Ag, 2% Zn, and 0.8% Pb. (Mineral Reserve is reported inclusive of Mineral Resource).
GR Silver Mining Ltd., filed a NI 43-101 technical report to provide an updated resource estimate for its Plomosas project in Sinaloa as of March 15, 2023. The company reported Indicated Resources of 15M tonnes with grades of 117 g/t Ag, 0.18 g/t Au, 0.4% Pb, 0.6% Zn, and 0.03% Cu (179 g/t AgEq) for a total of 55M Oz Ag, 84.5K Oz Au, 143.4M Lb Pb, 201-6M Lb Zn, and 8.96M Lb Cu (85M Oz AgEq) and Inferred Resources of 9M tonnes with grades of 78 g/t Ag, 0.38 g/t Au, 0.7% Pb, 1% Zn, and 0.03% Cu (171 g/T AgEq) for a total of 22M Oz Ag, 108.2K Oz Au, 143.4M Lb Pb, 203.8M Lb Zn, and 6.7M Lb Cu (49M Oz AgEq).
GoGold Resources Inc., released additional results from its ongoing drilling campaign at Eagle Area within its Los Ricos South project in Jalisco. Drilling highlights include hole LRGAG-22-162 with 6.07 g/t Au and 1,064 g/t Ag (20.26 g/t AuEq or 1,519 g/t AgEq) over 31m, including 19.38 g/t Au and 3,922 g/t Ag (71.67 g/t AuEq or 5,375 g/t AgEq) over 8.1m, including 144 g/t Au and 36,319 g/t Ag (628.25 g/t AuEq or 47,119 g/t AgEq) over 0.7m; hole LRGAG-22-147 with 1.06 g/t Au and 41 g/t Ag (1.63 g/t AuEq or 122 g/t AgEq) over 46.6m, including 3.24 g/t Au and 76 g/t Ag (4.25 g/t AuEq or 319 g/t AgEq) over 13.4m, including 24.3 g/t Au and 45 g/t Ag (24.9 g/t AuEq or 1,867 g/t AgEq) over 0.8m; hole LRGAG-22-150 with 6.96 g/t Au and 65 g/t Ag (7.83 g/t AuEq or 587 g/t AgEq) over 11.3m, including 12.02 g/t Au and 100 g/t Ag (13.36 g/t AuEq or 1,002 g/t AgEq) over 6.3m, including 32.1 g/t Au and 157 g/t Ag (34.19 g/t AuEq or 2,564 g/t AgEq) over 1.1m; hole LRGAG-22-158 with 2.19 g/t Au and 138 g/t Ag (4.03 g/t AuEq or 302 g/t AgEq) over 24.6m, including 3.87 g/t Au and 340 g/t Ag (8.41 g/t AuEq or 631 g/t AgQ) over 8.8m, including 13.06 g/t Au and 2,660 g/t Ag (48.52 g/t AuEq or 3,639 g/t AgEq) over 0.8m; and hole LRGAG-22-161 with 2.51 g/t Au and 339 g/t Ag (7.03 g/t AuEq or 527 g/t AgEq) over 33m, including 5.16 g/t Au and 945 g/t Ag (17.76 g/t AuEq or 1,332 g/t AgEq) over 9.6m, including 19.58 g/t Au and 3,665 g/t Ag (68.46 g/t AuEq or 5,134 g/t AgEq) over 1.3m. GoGold continues to work toward an upcoming updated Los Ricos South Mineral Resource and Preliminary Economic Assessment, which is expected to be completed by the end of June, 2023.
Oroco Resource Corp., presented a Mineral Resource Estimate as of April 21, 2023 for its Santo Tomas project in Sinaloa. The company reported Indicated Resources of 487.3M tonnes with grades of 0.32% Cu, 0.009% Mo, 0.03 g/t Au, and 2 g/t Ag (0.36% CuEq) for a total of 3.4 B Lb Cu, 91.9M Lb Mo, 392.8K Oz Au, and 32.7M Oz Ag (3.86 B Lb CuEq), and Inferred Resources of 599.9M tonnes with grades of 0.32% Cu, 0.007% Mo, 0.03 g/t Au, and 2 g/t Ag (0.36% CuEq) for a total of 4.17 B Lb Cu, 95.6M Lb Mo, 500.6K Oz Au, and 38.5M Oz Ag (4.69 B Lb CuEq). Oroco believes Santo Tomas has a substantial resource that is exposed at or near surface and has robust potential to support a large, low-cost open-pit mining operation. “The MRE confirms the high potential of the project, which remains open to the north and south, with clear potential for further expansion of the resource and further conversion of MRE Inferred resources to an Indicated resource classification”.
Prime Mining Corp., announced an updated Mineral Resource Estimate for its Los Reyes property in Sinaloa. The company reported in the Mill Category a total of 16.6M tonnes of Indicated Resources with grades of 1.66 g/t Au and 60 g/t Ag (2.44 g/t AuEq) for a total of 888K Oz Au and 32.18M Oz Ag (1.3M Oz AuEq) contained, and Inferred Resources of 10.8M tonnes of 1.18 g/t Au and 47 g/t Ag (1.79 g(/t AuEq) for a total of 411K Oz Au and 16.39M Oz Ag (623K Oz AuEq) contained. In the Heap Leach Category Prime reported a total of 10.5M tonnes of Inferred Resources with grades of 0.37 g/t Au and 9 g/t Ag (0.49 g/t AuEq) for a total of 125K Oz Au and 3.08M Oz Ag (165K Oz AuEq), and Inferred Resources of 7.3M tones of 0.37 g/t Au and 8 g/t Ag (0.47 g/t AuEq) for a total of 86K Oz Au and 1.9M Oz Ag (111K Oz AuEq). Indicated Resources (Mill + Heap Leach) are 27.2M tonnes of 1.16 g/t Au and 40 g/t Ag (1.68 g/t AuEq) for a total of 1.01M Oz Au and 35.5M Oz Ag (1.47M Oz AuEq) and Inferred Resources (Mill + Heap Leach) of 18.1M tonnes of 0.85 g/t Au and 31 g/t Ag (1.26 g/t AuEq) for a total of 497K Oz Au and 18.3M Oz Ag (734K Oz AuEq).
Pan American Silver Corp., released results of eighth holes drilled at La Colorada Skarn project in Zacatecas. Drilling highlights include hole D-96-10-22 with 391 g/t Ag, 0.13% Cu, 10.8% Pb, and 8.5% Zn over 64.3m, including 914 g/t Ag, 0.19% Cu, 25.2% Pb, and 16.7% Zn over 23.25m, plus 154 g/t Ag, 0.03% Cu, 2.2% Pb, and 0.9% Zn over 22.75m, plus 27 g/t Ag, 0.23% Cu, 2.5% Pb, and 5% Zn over 13.3m, plus 37 g(/t Ag, 0.14% Cu, 1.1% Pb, and 6.4% Zn over 135.7m; hole D-96-12-23 with 233 g/t Ag, 0.1% Cu, 6.6% Pb, and 7.3% Zn over 109.55m, including 487 g/t Ag, 0.15% Cu, 15.5% Pb, and 10.1% Zn over 44.7m, plus 54 g/t Ag, 0.03% Cu, 1.3% Pb, and 2.6% Zn over 18m; hole D-96-09-22 with 106 g/t Ag, 0.03% Cu, 1.3% Pb, and 2.6% Zn over 5m, plus 123 g/t Ag, 0.11% Cu, 3.5%Pb, and 8.6% Zn over 21.2m, plus 162 g/t Ag, 0.05% Cu, 3.5% Pb, and 3.5% Zn over 26.95m, plus 98 g/t Ag, 0.07% Cu, 0.8% Pb, and 4% Zn over 72.6m; hole D-98-11-22 with 165 g/t Ag, 0.12% Cu, 4.4% Pb, and 9.3% Zn over 17.05m, plus 134 g/t Ag, 0.05% Cu, 5.3% Pb, and 6.9% Zn over 6.4m, plus 56 g/t Ag, 0.05% Cu, 1.6% Pb, and 4.2% Zn over 9.90m, plus 152 g/t Ag, 0.02% Cu, 0.9% Pb, and 2.8% Zn over 20.5m, plus 79 g/t Ag, 0.06% Cu, 0.6% Pb, and 1.9% Zn over 14.55m; hole U-138-22 with 122 g/t Ag, 0.08% Cu, 2.7% Pb, and 5.3% Zn over 4.05m, plus 193 g/t Ag, 0.15% Cu, 10.8% Pb, and 9.3% Zn over 71.35m, including 231 g/t Ag, 0.17% Cu, 13-1% Pb, and 11% Zn over 57.95m, plus 49 g/t Ag, 0.14% Cu, 0.4% Pb, and 1.1% Zn over 40.3m; hole U-112-22 with 80 g/t Ag, 0.03% Cu, 1.3% Pb, and 1.2% Zn over 15.25m, plus 141 g/t Ag, 0.06% Cu, 5.8% Pb, and 5.5% Zn over 53.15m, including 243 g/t Ag, 0.08% Cu, 11.3% Pb, and 8.3% Zn over 15.15m, plus 66 g/t Ag, 0.07% Cu, 0.6% Pb, and 3.5% Zn over 14.7m, plus 25 g/t Ag, 0.08% Cu, 1.7% Pb, and 3.8% Zn over 32.95m; and hole D-93-06-23 with 304 g/t Ag, 0.17% Cu, 4.7% Pb, and 2.5% Zn over 21.45m, plus 17 g/t Ag, 0.07% Cu, 1.7% Pb, and 3.8% Zn over 5.05m, plus 40 g/t Ag, 0.02% Cu, 2.7% Pb, and 3.5% Zn over 31.2m, plus 27g/t Ag, 0.1% Cu, 2.9% Pb, and 4.7% Zn over 143.3m, plus 22 g/t Ag, 0.06% Cu, 3.7% Pb, and 5.9% Zn over 5.1m, plus 49 g/t Ag, 0.25% Cu, 1.5% Pb, and 4.4% Zn over 74.2m.
Minera Alamos Inc., announced positive results of an independent Preliminary Economic Assessment for its Cerro de Oro project in Zacatecas. In April, 2023 it also completed the documentation necessary to formally proceed with the Cerro de Oro permitting process. “Discussions continue with a number of interested lending partners to provide the modest capital funding requirements for the development of the Cerro de Oro mine”.
Torex Gold Resources Inc., provided the second quarterly update on its Media Luna project in Guerrero. The Media Luna project continues to track overall schedule and budget. “At quarter-end, the project was 24% complete across engineering, procurement, underground development, and surface construction. With no major changes to the project execution plan, first concentrate production remains on track for late 2024, with commercial production still anticipated in early 2025. At quarter end, 34% of upfront project expenditures had been committed, including 22% incurred. The level of spending on the project is expected to increase throughout the remainder of the year, with total project expenditures of USD $390M to USD $440M guided in 2023.

ON DEALS AND CORPORATE ISSUES

Bear Creek Mining Corporation announced its CEO succession after the previous one decided to retire from such position. This appointment will be effective on June 5, 2023 (Mercedes mine, Sonora).
GR Silver Mining Ltd., announced the retirement of its CFO and the appointment of its replacement effective immediately (Plomosas project, Sinaloa).
Tarachi Gold Corp., signed a definitive agreement dated May 2, 2023 with Compañía Minera de Atocha S.A. de C.V., for the sale of Magistral Tailings project in Durango. The company expects to receive USD $5.7M as follow: USD $2.5M on or before closing; USD $0.5 of the USD $1M currently held in Canadian escrow account will be released to Tarachi on or before closing; The remaining USD $500K in the escrow account will be released to Tarachi when Atocha concludes negotiations with the Ejido Magistral, or after 12 months, whichever occurs first; USD $500K will be paid to Tarachi six months from closing, less any contingency costs, if any, that arise after closing that were incurred by Tarachi but not identified during due diligence. US$500K will be paid to Tarachi when 50% of the tailings located on the Magistral Project have been mined, sold and/or processed or after the first complete calendar year of operation at the Magistral Project, whichever occurs first; USD $500K will be paid to Tarachi when 100% of the Magistral Tailings have been mined, sold and/or processed or after the second complete calendar year of operation at the Magistral Project, whichever occurs first; the amount of value-added tax currently owing as that tax benefit is realized by Atocha during operations and product sales from the Magistral Project will be paid to Tarachi, estimated to total approximately USD $650K. Tarachi anticipates the tax benefit will be realized by Atocha and paid to Tarachi within the first year of commercial operations at the Magistral Project.

ON SOCIAL RESPONSIBILITY

Almaden Minerals Ltd., completed a social impact assessment (SIA) relating to its Ixtaca project in Puebla, and underlying mineral claim area, and the completion of a human rights impact assessment (HRIA) that examines the potential impacts that could be caused if the Ixtaca project is developed in a manner consistent with the Ixtaca Feasibility Study. “The SIA concluded that there were no elements identified that would justify the cancellation of the concessions so long as the necessary social management measures were in place to avoid, mitigate or compensate for the potential negative impacts and amplify the positive ones. The HRIA represents a much more significant and holistic study than the SIA, as it aims to predict, identify, characterize, and assess the potential positive and negative impacts that the Ixtaca project could have during its lifespan on the human rights of both indigenous and non-indigenous communities located within its areas of influence and on other identified project stakeholders. In the event potential impacts are identified, the HRIA proposes strategies to amplify the positive and mitigate or compensate for the negative”.

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, quartz veining hosted in a hydrothermally-altered intrusive in a project in Sonora, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of November, 2022.

November 6, 2022November 6, 2022 / gambusinoprospectormexico / Leave a comment

Fault Plane showing slickensides

By Miguel A Heredia

During the 44^thweek of the year (October 31^stto November 06^th, 2022), at least 21 press releases were announced by companies working in Mexico, and 2 news published by the media with six reporting resources and developments of their properties, six disclosing deals and corporate issues, five informing on exploration results, three commenting on Mexican issues, two announcing financing issues, and one communicating production and financial issues. ON MEXICO ISSUES, The Canadian government has told its Mexican counterpart that it is concerned about the investment climate in Mexico’s energy and mining sectors. The President of Mexico, Andres Manuel López Obrador stated that the rescue efforts of the bodies of 10 miners who were trapped in the El Pinabete mine, in Sabinas, Coahuila, were suspended due to a change of supplier. GoGold, GR Silver, Pan American Silver, and Southern Silver reported the best drilling intercepts in Mexico on the first week of November, 2022. ON EXPLORATION, In Sonora, Ranchero Gold provided an exploration update on its Daniela project, and Reyna Gold announced results from its on-going, district-scale exploration program at its La Gloria property. In Sinaloa, Prismo signed a definitive surface agreement with the Francisco Villa Ejido and commenced drill permitting for its Los Pavitos project. In Jalisco, Almadex mobilised an exploration team to commence a follow-up drill program at its San Pedro project. In Coahuila, Monumental provided an update of its currently on-going exploration program at its Jemi project. ON MINING, Capstone reported Q3, 2022 production and financial results from its Cozamine mine in Zacatecas. ON FINANCING, Kootenay increased its previously announced private placement from $4M to $4.35M, and granted an option to Red Cloud Securities Inc, to offer for sale an additional 15% of the number of units of the company at a price of $0.09 per unit (Columba project, Chihuahua). Xali Gold received advance net profits interest payment from Sun River Gold for the El Orito Tailings project in the State of Mexico. ON RESOURCES AND DEVELOPMENT, Sonoro Gold announced that it has engaged SRK to prepare an NI43-101 compliant updated Mineral Resource Estimate for its Cerro Caliche project in Sonora. GoGold reported results from the second set of drill holes collared at the newly acquired Eagle concession on the Los Ricos South property in Jalisco. GR Silver released results from 38 infill drill holes in the resource update program underway at its Plomosas mine area in Sinaloa. Osisko provided an operational update on its San Antonio Gold project in Sonora. Pan American release results from 45 new infill and exploration drill holes collared at its La Colorada Skarn project in Zacatecas. Southern Silver announced results from its final 4 drill holes at its Cerro Las Minitas, Durango. ON DEALS AND CORPORATE ISSUES, Silverton Metals announced that its Board of Directors approved a change of the company’s name to Lodestar Battery Metals Corp (Peñasco Quemado project, Sonora). Ranchero Gold appointed its interim CEO and CFO (Santa Daniela project, Sonora). Pan American and Agnico delivered definitive binding offer to acquire Yamana. Sierra Madre entered into an amendment and restated the share purchase agreement with First Majestic in respect of the previously announced acquisition of La Guitarra mine in the State of Mexico. Sierra Metals received letter of intent from Compañía Minera Kolpa for a proposed business combination. Xali Gold increased its ownership in the San Dieguito de Arriba plant in Nayarit from 30% to 50% by issuing 4,125,758 shares at a price of $0.066 to Magellan. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

The Canadian government has told its Mexican counterpart that it is concerned about the investment climate in Mexico’s energy and mining sectors. Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada, expressed this position to Raquel Buenrostro, Secretary of the Economy of Mexico. Minister Ng reaffirmed Canada’s commitment to advance in the implementation of the Treaty between Mexico, the United States and Canada (T-MEC) and to continue with the work carried out within the framework of initiatives such as the Economic Dialogue of Canada-Mexico High Level to deepen bilateral business, trade and investment ties and support inclusive and resilient economic growth. Two-way merchandise trade between the two countries was USD $41.7 billion in 2021. Mexico is Canada’s third-largest merchandise trading partner in a single country (after the United States and China).
The President of Mexico, Andres Manuel López Obrador stated that the rescue efforts of the bodies of 10 miners who were trapped in the El Pinabete mine, in Sabinas, Coahuila, were suspended due to a change of supplier, but will be resumed.
GoGold Resources Inc., , GR Silver Mining Ltd., Pan American Silver Corp., and Southern Silver Exploration Corp., reported the best drilling intercepts in Mexico on the first week of November. Details are shown in the table below:

ON EXPLORATION

Ranchero Gold Corp., provided an exploration update on its Daniela project in Sonora. The company reported that it has completed the follow-up work of the nine priority targets previously identified at the property. Ranchero Gold stated that the San Francisco, Carboneras Sur, Carboneras Este, Rincón, and Moritas Este targets have shown evidence of gold mineralization, related alteration and lithologies known to host significant gold deposits in the district. “Subsequent field efforts currently underway will include detailed mapping, systematic sampling and drone-based magnetic surveys designed to identify potential mineralized host rocks below surface”.
Reyna Gold Corp., announced results from its on-going, district-scale exploration program at its La Gloria property in Sonora. The company identified multiple mineralized zones with high grade gold, silver, and copper that align with major geophysical anomalies, silica alterations, and structural controls on the property. Highlights of the 8 rock sampling collected at La Republicana Zone returned values from 4.03 g/t Au up to 56.90 g/t Au; 7 samples ranging from 13 g/t Ag up to 47 g/t Ag; and 2 samples with 0.2% Pb and 0.5% Pb, with a single assay of 2.41% Cu. At Las Carmelitas zone, 7 rock samples returned 3 values of 0.11 g/t Au, 0.33 g/t Au, and 10.52 g/t Au; 5 samples ranging from 67 g/t Ag up to 116 g/t Ag; and 6 samples ranging from 1.53% up to 2.25% Cu. At Western Zone, 7 rock samples returned values from 2.51 g/t Au up to 16.60 g/t Au; 2 samples with values of 21g/t Ag and 249 g/t Ag; and a single sample with 1.15% Cu, 3.4% Zn, 1.3% Pb, 0.1 g/t Au, and 27 g/t Ag. At El Sombrero Zone, 7 samples returned gold values ranging from 1.1 g/t Au up to 23.6 g/t Au; 4 samples ranging from 149 g/t Ag up to 733 g/t Ag; 4 samples ranging from 0.68% up to 3.60% Cu; 4 samples ranging from 0.2% Pb up to 1.4% Pb, and 4 samples ranging from 0.1%Zn to 0.2% Zn. The company is presently conducting an IP survey at four target zones: La Republicana, Western, Las Carmelitas, and Main Zone. After completion of the IP geophysical survey, drilling will recommence in this area focused on La Republicana, Western, Las Carmelitas and Main Zone targets.
Prismo Metals Inc., signed a definitive surface agreement with the Francisco Villa Ejido, the surface owners over the Los Pavitos project in Sinaloa. This agreement is for two years and allows Prismo to carry out exploration work including drilling. The company has commenced drill permitting planned to begin in early 2023. Meanwhile, Prismo will continue with the geological mapping and sampling program to cover the remaining area to identify drill targets.
Almadex Minerals Ltd., mobilised an exploration team to commence a follow-up drill program at its San Pedro project in Jalisco. The drill program will target a recently identified structural trend associated with float rock of vein material, soil anomalies and old mining workings, where channel sampling has encountered 0.02 g/t Au and 138 g/t Ag over an interval of 6.8m, and 3.7 g/t Au and 168 g/t Ag over an interval of 4.2m. A total of 14 grab and chip samples collected on this trend averaged 0.6 g/t Au and 180 g/t Ag.
Monumental Minerals Corp., provided an update of its currently on-going exploration program at its Jemi project in Coahuila, which consists of detailed geological mapping, regional stream sediment sampling, ground radiometric geophysical surveys, and litho geochemistry. To date, the stream sediment sampling program, consisting of 47 samples has been completed. It returned 5 samples with values greater than 7.8 ppm dysprosium (Dy), 65.3 ppm neodymium (Nd); and up to 14.1 ppm Dy and 160 ppm Nd, defining four general areas of interest along the west and south portions of the company’s concessions, of which two are associated with known HREE mineralized (eudialyte bearing) peralkaline rock (Jemi Dyke Area and Veladora North). The remaining two areas with anomalous Dy and Nd concentrations were previously unrecognized as being prospective (Zone 2 and Zone 4). Follow-up exploration work to identify the source of the high REEs at these two areas will be undertaken during the current field program for quick delineation.

ON MINING

Capstone Copper Corp., reported Q3, 2022 production and financial results from its Cozamine mine in Zacatecas. The company mined 3,829 tonnes per day with an average grade of 1.86% and metallurgical recovery of 96.8%, to produce 36.74 M Lb Cu at a cash cost of USD $1.20 per Lb produced.

ON FINANCING

Kootenay Silver Inc., increased its previously announced private placement from $4M to $4.35M, and granted an option to Red Cloud Securities Inc, to offer for sale an additional 15% of the number of units of the company at a price of $0.09 per unit. If the offer for sale from Red Cloud is exercised in full, the total gross proceeds to the company will be $5M (Columba project, Chihuahua).
Xali Gold Corp., received advance net profits interest (NPI) payment from Sun River Gold, LLC for the El Orito Tailings project in the State of Mexico. Sun River has started making advance NPI payments of USD $15K per month to Xali Gold as part of the second extension agreement on the El Oro Tailings project, in El Oro, State of Mexico. Advanced NPI payments of USD $50K per month will be paid by Sun River once commercial production is reached (or first concentrate is produced or dore gold is poured) and during the first year of operation, after which normal 5% NPI payments are to be made.

ON RESOURCES AND DEVELOPMENT

Sonoro Gold Corp., announced that it has engaged SRK Consulting Inc., to prepare an NI43-101 compliant updated Mineral Resource Estimate for its Cerro Caliche project in Sonora. This updated Mineral Resource Estimate is to include an additional 7,200m of drilling completed in May 2022 which returned multiple higher grade gold intercepts and expanded several known mineralized gold zones within the concession.
GoGold Resources Inc., reported results from the second set of drill holes collared at the newly acquired Eagle concession on the Los Ricos South property in Jalisco. Highlights of the drilling include hole LRGAG-22-035 with 1.64 g/t Au and 265 g/t Ag (5.17 g/t AuEq or 387 g/t AgEq) over 110.6m, including 11.31 g/t Au and 2,198 g/t Ag (40.62 g/t AuEq or 3,047 g/t AgEq) over 11.5m, including 30.24 g/t Au and 6,392 g/t Ag (115.48 g/t AuEq or 8,661 g/t AgEq) over 3.5m, including 63.24 g/t Au and 12,729 g/t Ag (232.96 g/t AuEq or 17,472 g/t AgEq) over 1.5m, including 104.50 g/t Au and 13,742 g/t Ag (287.73 g/t AuEq or 21,580 g/t AgEq) over 0.90m; and hole LRGAG-22-032 with 1.36 g/t Au and 108 g/t Ag (2.79 g/t AuEq or 210 g/t AgEq) over 65.8m, including 2.96 g/t Au and 217 g/t Ag (5.85 g/t AuEq or 439 g/t AgEq) over 28.1m, including 7.17 g/t Au and 1,013 g/t Ag (20.68 g/t AuEq or 1,551 g/t AgEq) over 4.3m, including 25 g/t Au and 3,020 g/t Ag (65.27 g/t AuEq or 4,895 g/t AgEq) over 0.6m. “Mapping and geophysics indicate the Eagle structure extending in excess of 2.5km to the northwest, at which point it continues onto the Company’s previously owned Jamaica concessions”. “The Eagle concession connects the Company’s concessions held in the southern portion of its Los Ricos South project, including the Main area where the Initial Resource was released, to its northern concessions in Los Ricos South, which includes the Jamaica exploration target. As a result, all of the concessions in Los Ricos South are now contiguous”. This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle.
GR Silver Mining Ltd., released results from 38 infill drill holes in the resource update program underway at its Plomosas mine area in Sinaloa. Highlights of the drilling include hole PLI22-38 with 301 g/t Ag, 0.41 g/t Au, 1.6% Pb, and 2.1% Zn (471 g/t AgEq) over a true width (TW) of 15.9m, including 856 g/t Ag, 0.70 g/t Au, 1.3% Pb, and 2.3% Zn (1,052 g/t AgEq) over a TW of 3.9m; hole PL!22-23 with 268 g/t Ag, 1 g/t Au, 2.4% Pb, 1.7% Zn, and 0.2% Cu (518 g/t AgEq) over a TW of 36.5m, including 626 g/t Ag, 0.03 g/t Au, 1% Pb, 0.6% Zn, and 0.1% Cu (684 g/t AgEq) over a TW of 4.9m, plus 1028 g/t Ag, 5.11g/t Au, 8.3% Pb, 7% Zn, and 0.9% Cu (2,101 g/t AgEq) over a TW of 5.9m, including 2,667 g/t Ag, 1.27 g/t Au, 12.2% Pb, 6.9% Zn, and 0.3% Cu (3,431 g/t AgEq) over a TW of 2.2m; hole PLI22-24 with 1,159 g/t Ag, 0.53 g/t Au, 1.4% Pb, 1% Zn, and 0.8% Cu (1,354 g/t AgEq) over a TW of 0.20m, plus 135 g/t Ag, 0.39 g/t Au, 4% Pb, 1.7% Zn, and 0.2% Cu (365 g/t AgEq) over a TW of 7.1m, including 292 g/t Ag, 0.13 g/t Au, 3.1% Pb, 1.3% Zn, and 0.1% Cu (453 g/t AgEq) over a TW of 2m; hole PLI22-25 with 629 g/t Ag, 0.56 g/t Au, 9.2% Pb, 4% Zn, and 0.4% Cu (1,146 g/t AgEq) over a TW of 11.4m, including 1,791 g/t Ag, 0.23 g/t Au, 1.3% Pb, 1.4% Zn, and 0.1% Cu (1,917 g/t AgEq) over a TW of 1.4m; hole LP122-27 with 109 g/t Ag, 0.91 g/t Au, 3.5% Pb, 1.7% Zn, and 0.1% Cu (371 g/t AgEq) over a TW of 7.2m, including 212 g/t Ag, 2.74 g/t Au, 10.9% Pb, 4.1% Zn, and 0.22 % Cu (961 g/t AgEq) over a TW of 2.1; hole PLI22-30 with 344 g/t Ag, 0.04 g/t Au, 0.2% Pb, 0.3% Zn, and 0.1% Cu (370 g/t AgEq) over a TW of 1m, plus 2,251 g/t Ag, 0.12 g/t Au, 1.1% Pb, 0.1% Zn, and 0.6% Cu (2,365 g/t AgEq) over a TW of 0.5m, plus 1,697 g/t Ag, 0.21 g/t Au, 0.2% Pb, 0.2% Zn, and 0.6% Cu (1,792 g/t AgEq) over a TW of 0.1m, plus 134 g/t Ag, 0.05 g/t Au, 0.6% Pb, 2.7% Zn, and 0.1% Cu (273 g/t AgEq) over a TW of 3m, including 328 g/t Ag, 0.08 g/t Au, 1.1% Pb, 5% Zn, and 0.2% Cu (576 g/t AgEq) over a TW of 0.9m; hole PLIP22-30 with 69 g/t Ag, 2.67 g/t Au, 0.1% b, 0.2% Zn, and 0.2% Cu (353 g/t AgEq) over a TW of 10.8m, including 227 g/t Ag, 5.39 g/t Au, 0.3% Pb, 0.6% Zn, and 0.4% Cu (809 g/t AgEq) over a TW of 1.2m, plus 219 g/t Ag, 40.18 g/t Au, 0.3% Pb, and 1% Cu (4,074 g/t AgEq) over a TW of 0.5m; and hole PLIP22-42 with 40 g/t Ag, 0.9 g/t Au, 10.5% Pb, 9.8% Zn, and 0.4% Cu (852 g/t AgEq) over a TW of 6.5m. “GR Silver Mining’s infill drilling program is continuing in the Plomosas Mine Area, and to date has added 105 holes (7,330 m) of new drilling inside the historic Plomosas Mine since completion of the Company’s 2021 NI 43-101 mineral resource estimation”.
Osisko Development Corp., provided an operational update on its San Antonio Gold project in Sonora. The company reported that 1.1M tonnes of 0.58 g/t Au and 0.25 g/t Ag have been placed on the heap leach pad for an estimated total of 20,090 oz of Au and 8,818 oz of Ag. Osisko also reported that 10,149 Oz Au and 3,516 Oz Ag at recoveries to the end of the third quarter of 2022 of 50.5% for gold and 39.9% for silver total production have been produced from the heap leach pad as of October 27, 2022, of which 7,350 Oz Au were sold.
Pan American Silver Corp., release results from 45 new infill and exploration drill holes collared at its La Colorada Skarn project in Zacatecas. Highlights of the drilling are shown in the table below:

With the inclusion of these new drill holes, this area has been expanded to measure approximately 200 metres in diameter and up to 250 metres vertically.

Southern Silver Exploration Corp., announced results from its final 4 drill holes on the North Felsite-North Skarn targets at its Cerro Las Minitas, Durango. Highlights of the drilling include hole 22CLM-194 with 140 g/t Ag, 0.04 g/t Au, 0.01% Cu, 1.9% Pb, and 0.1% Zn (212 g/t AgEq or 5.2% ZnEq) over a true width (TW) of 2.3m, plus 386 g/t Ag, 0.17 g/t Au, 0.25% Cu, 6% Pb, and 4.7% Zn (827 g/t AgEq or 20.1% ZnEq) over a TW of 0.7m, plus 336 g/t Ag, 0.14 g/t Au, 0.16% Cu, 6.5% Pb, and 4.7% Zn (780 g/t AgEq or 18.9% ZnEq) over a TW of 2.6m, including 746 g/t Ag, 0.09 g/t Au, 0.12% Cu, 17.1% Pb, and 13.2% Zn (1,904 g/t AgEq or 46.3% ZnEq) over a TW of 0.6m; and hole 22CLM-193 with 124 g/t Ag, 0.02 g/t Au, 0.03% Cu, 1.4% Pb, and 0.4% Zn (195 g/t AgEq or 4.7% ZnEq) over a TW of 5.6m, including 219 g/t Ag, 0.02 g/t Au, 0.04% Cu, 2.5% Pb, and 0.6% Zn (333 g/t AgEq or 8.1% ZnEq) over a TW of 3m. “Drilling on these targets, which started in September 2021, has now tested a 400 metre strike-length of mineralization which wraps around the eastern and northern perimeter of the Central Intrusion and links previously identified mineralization in the Mina La Bocona and Skarn Front deposits. Twenty-five holes totaling 11,275 metres were completed in the two target areas to depths of up to 450 metres below surface”.

ON DEALS AND CORPORATE ISSUES

Silverton Metals Corp., announced that its Board of Directors approved a change of the company’s name to Lodestar Battery Metals Corp., to better reflects the company’s focus on exploration and development of lithium and silver projects (Peñasco Quemado project, Sonora).
Ranchero Gold Corp., made the appointments of its interim CEO and CFO (Santa Daniela project, Sonora).
Pan American Silver Corp. and Agnico Eagle Limited delivered definitive binding offer to acquire Yamana Gold Inc. Pan American would acquire all of the issued and outstanding common shares of Yamana, and Yamana would sell certain subsidiaries and partnerships which hold Yamana´s interest in its Canadian assets to Agnico Eagle, including the Canadian Malartic mine. “The consideration consists of 153,539,579 common shares in the capital of Pan American (“Pan American Shares”); USD$1.0 billion in cash contributed by Agnico Eagle; and 36,089,907 common shares in the capital of Agnico Eagle (“Agnico Eagle Shares”). Under the Binding Offer, each Yamana Share would be exchanged for approximately USD$1.04 in cash, 0.1598 Pan American Shares and 0.0376 Agnico Eagle Shares, for an aggregate value of USD$5.02 per Yamana Share based on the closing price of each Pan American Share and Agnico Eagle Share on November 3, 2022. The Binding Offer is not subject to any financing condition or additional due diligence”.
Sierra Madre Gold and Silver Ltd., entered into an amendment and restated the share purchase agreement with First Majestic Silver Corp., in respect of the previously announced acquisition of La Guitarra mine in the State of Mexico. The amendment states that (a) the 2% net smelter return royalty on La Guitarra will now be granted by Compañía Minera La Guitarra S.A. de C.V., to First Majestic prior to closing of the transaction, rather than rather than concurrently with closing as previously anticipated; and (b) certain governmental approvals will be required prior to closing of the transaction. All other material terms of the transaction remain unchanged. The company expects to complete the transaction by the end of 2022.
Sierra Metals Inc., received letter of intent from Compañía Minera Kolpa S.A. for a proposed business combination. A Special Committee of the independent members of Sierra Metals´ Board of Directors is exploring, reviewing and considering financing, restructuring and strategic options in the best interest of Sierra Metals.
Xali Gold Corp., increased its ownership in the San Dieguito de Arriba (SDA) plant in Nayarit from 30% to 50% by issuing 4,125,758 shares at a price of $0.066 to Magellan. The company also informed that has received interest from third parties desiring to enter into JV in the SDA plant and near-surface high grade mineralization near the plant.

ON SOCIAL RESPONSIBILITY

No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, a fault plane from an intermediate-sulphidation epithermal Au-Ag-Pb-Zn vein system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of July, 2022.

July 17, 2022 / gambusinoprospectormexico / Leave a comment

Hydrothermal breccia cemented by Manganese Oxides

By Miguel A Heredia

During the 28^thweek of the year (July 11^thto July 17^th, 2022), at least 21 press releases were announced by companies working in Mexico, with six communicating production and financial results, five disclosing deals and corporate issues, five reporting resources and developments of their properties, two announcing financing issues, one informing on exploration results, one commenting on Mexican issues, and one discussing social issues. ON MEXICO ISSUES, Mammoth Resources, Discovery Silver, GR Silver, and Oroco reported the best drilling intercepts in Mexico on the second week of July, 2022. ON EXPLORATION, In Chihuahua, Mammoth released results from 4 holes drilled at its Tenoriba project. ON MINING, GoGold reported Q2, 2022 production results from its Parral Tailings project, Chihuahua. Fortuna Silver announced Q2, 2022 production results from its San Jose mine, Oaxaca. Gatos Silver reported Q2, 2022 production and financial results from its Cerro Los Gatos mine in Chihuahua. Orla announced Q2, 2022 production and financial results from its Camino Rojo project, Zacatecas. Torex Gold reported Q2, 2022 production results from its El Limon-Guajes mine in Guerrero. Golden announced Q2, 2022 production results from its Rodeo mine in Durango. ON FINANCING, Monarca announced that it will be extending the exercise period of a total of 55,900,000 share purchase warrants, all of which are exercisable at $0.075 per share (San Jose project, Chihuahua). Excellon announced that the New York Stock Exchange (NYSE) accepted its plan to regain compliance with the continued listing standards of the NYSE American Company Guide (La Platosa mine, Durango). ON RESOURCES AND DEVELOPMENT, GR Silver released first assay results from the 2022 resource expansion drill program being conducted at its San Marcial project, Sinaloa. Discovery Silver reported results of 22 holes from its phase 2 drill program from its Cordero project in Chihuahua. Bear Creek provided and operational and exploration update on its Mercedes mine, Sonora. Oroco released results from 14 holes drilled at its Santo Tomas project in Sinaloa. Tarachi provided an update on the progress of its Magistral Mil and Tailings project in Durango. ON DEALS AND CORPORATE ISSUES, Silverton announced the appointment of its new CFO, and the resignation and new replacement of its Director (Pluton project, Durango). Excellon announced the appointment of its new President and CEO (La Platosa mine, Durango). Fresnillo plc and Radius signed an exclusivity agreement on Plata Verde project, Chihuahua to earn a 70% interest in the project. Sierra Madre reported results from its annual general meeting of shareholders (La Tigra project, Nayarit). SilverCrest announced the appointment of a new member to its Board of Directors (Las Chispas project, Sonora). ON SOCIAL RESPONSIBILITY, Aura released its 2021 sustainability report (Aranzazu mine, Zacatecas).

ON MEXICO ISSUE

Mammoth Resources, Discovery Silver, GR Silver, and Oroco reported the best drilling intercepts in Mexico on the second week of July, 2022. Details are shown in the table below:

ON EXPLORATION

Mammoth Resources Corp., provided results from 4 drill holes completed, for a total of 320.7m, at its Tenoriba project in Chihuahua. The most significant drill intercept were encountered in hole TEN-21-14 drilled at the Moreno Zone with 0.32 g/t Au and 6 g/t Ag (0.40 g/t AuEq) over 9m; hole TEN-21-15 drilled at Carneritos Zone with 0.52 g/t Au and 8 g/t Ag (0.63 g/t AuEq) over 30m, including 0.85 g/t Au and 12 g/t Ag (1.02 g/t AuEq) over 6m, including 0.86 g/t Au and 26 g/t Ag (1.21 g/t AuEq) over 3m; hole TEN 21-16 drilled at Carneritos Zone with 0.6 g/t Au and 1 g/t Ag (0.61 g/t AuEq) over 12m, and 0.44 g/t Au and 2 g/t Ag (0.47 g/t AuEq) over 85.7m, including 0.92 g/t Au and 3 g/t Ag (0.97 g/t AuEq) over 6m; and hole TEN-21-17 drilled at Carneritos Zone with 0.6 g/t Au and 3 g/t Ag (0.64 g/t AuEq) over 33m, including 1.06 g/t Au and 1 g/t Ag (1.07 g/t AuEq) over 9m. To date, the company has drilled 2,234.6m in 17 holes.

ON MINING

GoGold Resources Inc., reported Q2, 2022 production results from its Parral Tailings project, Chihuahua. The company produced 315,632 Oz Ag, 3,170 Oz Au, and 268,800 Lb Cu (575,301 Oz AgEq).
Fortuna Silver Mines Inc., announced Q2, 2022 production results from its San Jose mine, Oaxaca. The company milled 251,945 tonnes of 187 g/t Ag and 1.13 g/t Au, with metallurgical recoveries of 91-33% and 90.5% respectively, to produce 1.38M Oz Ag and 8.3K Oz Au.
Gatos Silver Inc., reported Q2, 2022 production and financial results from its Cerro Los Gatos mine in Chihuahua. The company milled 211,350 tonnes of 374 g/t Ag, 0.38 g/t Au, 2.8% Pb, and 5% Zn, with metallurgical recoveries of 90.4%, 48.9%, 90.5%, and 66.4% respectively, to produce 2.3M Oz Ag, 1.27K Oz Au, 11.8M Lb Pb, and 15.6M Lb Zn. Gatos Silver paid its first dividend of $20M to its partners in April 2022, and expects to receive another dividend in Q3, 2022. It also reported a cash balance of $450M as of June 30, 2022.
Orla Mining Ltd., announced Q2, 2022 production and financial results from its Camino Rojo project, Zacatecas. The company mined 2,038,831 tonnes of 0.71 g/t Au consisting of 1,657,327 tonnes of ore processed with an average grade of 0.8 g/t Au and 381, 504 tonnes of low grade ore-stockpiled with an average grade of 0.33 g/t Au. In Q2, 2022 Orla produced 25,672 Oz Au, and provided gold production guidance for the full year 2022 of 90K-100K Oz Au. Orla reported a cash balance of $66.7M at June, 2022.
Torex Gold Resources Inc., reported Q2, 2022 production results from its El Limon-Guajes mine in Guerrero. The company produced 123,180 Oz Au and sold 123,360 Oz Au, and is firmly on track to deliver on full year production guidance of 430K – 470K Oz Au.
Golden Minerals Company announced Q2, 2022 production results from its Rodeo mine in Durango. The company mined 213,925 tonnes of 2.6 g/t Au and 10 g/t Ag with metallurgical recoveries of 75.1% and 82.3% respectively to produce 3,004 Oz Au and 12,678 Oz Ag (3,158 Oz AuEq). Golden sold in doré 3,060 Oz Au and 13,180 Oz Ag (3,219 Oz AuEq).

ON FINANCING

Monarca Minerals Inc., announced that it will be extending the exercise period of a total of 55,900,000 share purchase warrants, all of which are exercisable at $0.075 per share. The Warrants were issued pursuant to a private placement which closed on August 20, 2020. The Company proposes to extend the expiry by one year, and accordingly, the new expiry date for the Warrants will be August 20, 2023 (San Jose project, Chihuahua).
Excellon Resources Inc., announced that the New York Stock Exchange (NYSE) accepted its plan to regain compliance with the continued listing standards of the NYSE American Company Guide related to insufficient stockholders’ equity. Excellon submitted its plan on May 31, 2022, and has been granted a plan period through October 30, 2023 (La Platosa mine, Durango).

ON RESOURCES AND DEVELOPMENT

GR Silver Mining Ltd., released first assay results from the 2022 resource expansion drill program being conducted at its San Marcial project, Sinaloa. Drilling highlights include hole SMSP22-003 with 547 g/t Ag, 0.01 g/t Au, 0.2% Pb, and 0.6% Zn over a true width (TW) of 15.2m, including 1,179 g/t Ag, 0.01 g/t Au, 0.2% Pb, and 0.5% Zn over a TW of 2m; hole SMSP22-012 with 324 g/t Ag, 0.1% Pb, and 0.2% Zn over a TW of 14.9m, including 1,541 g/t Ag, 0.1% Pb, and 0.3% Zn over a TW of 1m; hole SMSP22-02 with 128 g/t Ag, 0.01 g/t Au, 0.2% Pb, and 0.5% Zn over a TW of 14m; and hole SMSP22-10 with 193 g/t Ag, 0.2% Pb, and 0.4% Zn over a TW of 7.1m, including 921 g/t Ag, 0.1% Pb, and 0.3% Zn over a TW of 2m.
Discovery Silver Corp., reported results of 22 holes from its phase 2 drill program from its Cordero project in Chihuahua. Drilling highlights include holes C22-610 with 115 g/t Ag, 0.05 g/t Au, 3.7% Pb, and 4.1% Zn (388 g/t AgEq) over 32.6m, including 187 g/t Ag, 0.05 g/t Au, 6.5% Pb, and 7.2% Zn (660 g/t AgEq) over 17.8m, and 55 g/t Ag, 0.05 g/t Au, 0.9% Pb, and 1.6% Zn (147 g/t AgEq) over 15.7m; hole C22-605 with 89 g/t Ag, 0.13 g/t Au, 1.8% Pb, and 3% Zn (265 g/t AgEq) over 38.6m, including 137 g/t Ag, 0.2 g/t Au, 2.8% Pb, and 3.8% Zn (380 g/t AgEq) over 22.3m; hole C22-596 with 49 g/t Ag, 0.06 g/t Au, 1.2% Pb, and 2.5% Zn (184 g/t AgEq) over 60.3m, and 21 g/t Ag, 0.01 g/t Au, 0.1% Pb, and 1.2% Zn (70 g/t AgEq) over 36.4m; and hole C22-609 with 104 g/t Ag, 0.14 g/t Au, 3.2% Pb, and 4.4% Zn (375 g/t AgEq) over 4.9m, and 35 g/t Ag, 0.01 g/t Au, 0.9% Pb, and 1.4% Zn (115 g/t AgEq) over 17.7m, and 64 g/t Ag, 0.06 g/t Au, 1% Pb, and 1.4% Zn (150 g/t AgEq) over 33.1m. “The current set of results is focused on expansion of the open pit and the resource in the northeast of the deposit and will be incorporated in a resource update and Pre-Feasibility Study scheduled for completion in the fourth quarter of this year”.
Bear Creek Mining Corporation provided and operational and exploration update on its Mercedes mine, Sonora since its acquisition on last April, 2022. The company has implemented operating strategies to improve Mercedes’ annual gold production and to initiate an aggressive exploration program. Bear Creek increased development work which resulted in having 15 working faces available, doubling the historical average of work areas. On exploration, the company is conducting Greenfield exploration at San Martin, Diluvio Scout, Margarita, and Neo Zones, where highly prospective structure related to Mercedes mine extend beneath post mineral cover. Drilling highlights include hole L22-652D drilled at Margarita Zone with 6.7 g/t Au and 68 g/t Ag over a true width (TW) of 2.2m; hole L22-649D drilled at Margarita Zone with 4.34 g/t Au and 53 g/t Ag over a TW of 1m; hole L22-655D drilled a Neo Zone with 2.44 g/t Au and 2 g/t Ag over a TW of 1.2m; and hole L22-659D drilled at Neo Zone with 4.43 g/t Au and 2 g/t Ag over a TW of 1.3m, and 2.98 g/t Au and 11 g/t Ag over a TW of 3.3m. To date, a total of 5,166m of RC / diamond have been drilled since the acquisition but additional 3,312m of greenfield exploration drill are planned for the remainder of 2022.
Oroco Resource Corporation released results from 14 holes (10,293m) drilled on the North Zone at its Santo Tomas project in Sinaloa. A total of 20 holes have been completed in the North Zone to date. Significant drill intercepts were encountered in hole N001 with 0.39% Cu, 0.01% Mo, 0.045 g/t Au and 2 g/t Ag (0.46% CuEq) over 255m; hole N002 with 0.38% Cu, 0.012% Mo, 0.025 g/t Au and 3 g/t Ag (0.44% CuEq) over 280.1m; hole N003 with 0.39% Cu, 0.014% Mo, 0.019 g/t Au, and 3 g/t Ag (0.45% CuEq) over 207.7m; hole N004 with 0.38% Cu, 0.012% Mo, 0.017 g/t Au, and 2 g/t Ag (0.44% CuEq) over 63.7m; hole N006 with 0.39% Cu, 0.004% Mo, 0.051 g/t Au, and 2 g/t Ag (0.44% CuEq) over 188.5m; hole N007 with 0.32% Cu, 0.005% Mo, 0.029 g/t Au, and 3 g/t Ag (0.37% CuEq) over 191.3m, and 0.32% Cu, 0.012% Mo, 0.018 g/t Au, and 3 g/t Ag (0.38% CuEq) over 109.9m; hole N008 with 0.38% Cu, 0.01% Mo, 0.038 g/t Au, and 3 g/t Ag (0.45% CuEq) over 328.3m; hole N009 with 0.76% Cu, 0.011% Mo, 0.021 g/t Au, and 5 g/t Ag (0.82% CuEq) over 32m, and 0.31% Cu, 0.027% Mo, 0.013 g/t Au, and 2 g/t Ag (0.42% CuEq) over 21.9m, and 0.29% Cu, 0.014% Mo, 0.011 g/t Au, and 2 g/t Ag (0.35% CuEq) over 123.6m, and 0.45% Cu, 0.016% Mo, 0.022 g/t Au, and 3 g/t Ag (0.53% CuEq) over 15.2m; hole N010 with 0.36% Cu, 0.011% Mo, 0.029 g/t Au, and 2 g/t Ag (0.42% CuEq) over 311m; hole N011 with 0.39% Cu, 0.007% Mo, 0.039 g/t Au, and 3 g/t Ag (0.45% CuEq) over 230.8m; hole N012 with 0.35% Cu, 0.015% Mo, 0.025 g/t Au, and 3 g/t Ag (0.42% CuEq) over 296.9m; and hole N013 with 0.27% Cu, 0.009% Mo, 0.023 g/t Au, and 2 g/t Ag (0.32% CuEq) over 128m, and 0.36% Cu, 0.02% Mo, 0.018 g/t Au, and 2 g/t Ag (0.45% CuEq) over 95m, and 0.24% Cu, 0.009% Mo, 0.014 g/t Au, and 2 g/t Ag (0.29% CuEq) over 126m. The 2021-2022 drill program has now spanned 1,100m of strike length along the core of the North Zone mineral deposit at Santo Tomas project.
Tarachi Gold Corp., provided an update on the progress of its Magistral Mill and Tailings project in Durango. The company reported that the final stages of the metallurgical test work are nearing completion and results are expected to arrive within the next few weeks. It also commented that the design and engineering activities will commence upon receipt of the final metallurgical work. Tarachi´s Board and management are confident that its Magistral Mill and Tailings project will be a high-return, high-margin Au producer with the following metrics from the USD $1600-base price Preliminary Economic Assessment (PEA): All in Sustaining Cost (AISC) of USD $705/ Oz Au; After-tax IRR of 85%; and After-tax payback period of 12 months.

ON DEALS AND CORPORATE ISSUES

Silverton Metals Corp., announced the appointment of its new CFO, and the resignation and new replacement of its Director (Pluton project, Durango).
Excellon Resources Inc., announced the appointment of its new President and CEO, effective July 28, 2022 (La Platosa mine, Durango).
Fresnillo plc, through its subsidiary Minera san Julian, and Radius Gold Inc., through its subsidiary Geonorte signed an exclusivity agreement to earn a 70% interest in Plata Verde project, Chihuahua. Fresnillo has to spend over a four year period a minimum cumulative amount of USD $5M on exploration activities at the Plata Verde project and make option payments to Radius totalling USD $3.117M, which include USD $1.117M to cover underlying property agreements to have the right to earn a 70% interest in the property. If the option is exercised, a new company (NewCo) would be set up to own the Plata Verde Project; NewCo would be owned 70% by Minera San Julian and 30% by Geonorte. Should either Party’s interest fall below 10% interest in NewCo that interest would convert to a 2% NSR.
Sierra Madre Gold and Silver Ltd., reported results from its annual general meeting of shareholders (La Tigra project, Nayarit).
SilverCrest Metals Inc., announced the appointment of a new member to its Board of Directors effective immediately (Las Chispas project, Sonora).

ON SOCIAL RESPONSIBILITY

Aura Minerals Inc., released its 2021 sustainability report. This report underscored the Company’s commitment to being an innovative, safe, responsible, and sustainable mining Company, and highlights initiatives planned across eight Environmental, Social, and Governance (ESG) Pillars (Aranzazu 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 quartz hydrothermal breccia cemented by Mn Ox from an epithermal vein system in Durango, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2022.

February 27, 2022 / gambusinoprospectormexico / Leave a comment

By Miguel A Heredia

During the 8^th week of the year (February 21^stto February 27^th, 2022), at least 24 press releases were announced by companies working in Mexico, and 6 news published by the media, with eight reporting resources and developments of their properties, six disclosing deals and corporate issues, four informing on exploration results, three discussing social issues, three communicating production results, three announcing financial issues, and three commenting on Mexican issues. ON MEXICO ISSUES, Magna Gold announced that after several inspections at its San Francisco mine in Sonora, the suspension of the crushing and laboratory areas has been lifted. Mexico was the largest silver producer country in 2021. Marisol Barragán swore in as President of the Mexico City District of Mujeres WIM Mexico. ON EXPLORATION, In Sonora, Aztec-Kootenay JV released results from the ongoing RC drilling program conducted at the Cervantes project, and Ranchero Gold released the final results from its recently completed phase 1 drill program at its Maíz Azul prospect within its Santa Daniela project. In Chihuahua, Radius announced results from its ongoing drill program at its Amalia project. In Nayarit, Sierra Madre informed that it received the drilling permit from the Mexican Federal Environmental Permitting Agency (SEMARNAT) and entered into formal surface rights exploration agreement with the surface owners for its La Tigra project. ON MINING, Americas Gold and Silver provided silver production guidance for 2022 for its Cosala Operations in Sinaloa. Orla provided a 2022 production, operating costs, capital costs, and exploration spending guidance for the full year 2022 for its Camino Rojo property, Zacatecas. Equinox Gold reported Q4 and full year 2021 production and financial results from their Mexican operations. ON FINANCING, Golden Tag increased its previously announced non-brokered private placement by up to 5M unit for aggregate proceeds of up to 1.25M (San Diego project, Durango). Pan American Silver declared dividend to shareholders of $0.12 per common share (La Colorada mine, Zacatecas). Gold Resource declared Q1, 2022 dividend to shareholders (Arista mine, Oaxaca). ON RESOURCES AND DEVELOPMENT, Silver Dollar announced that it completed a 2,424 m drill program in 11 holes at its La Joya project in Durango. Silver Tiger informed that it will commence the rehabilitation of the historic El Tigre mine. Alamos Gold updated mineral reserves and resources as of December 31, 2021 (Mulatos Mine, Sonora). Pan American Silver released results for 20 new infill and exploration holes drilled at its la Colorada mine in Zacatecas. Prime Mining announced results from its first drill program at the Guadalupe West deposit within its Los Reyes project in Sinaloa. Stroud commenced its phase 2 diamond drilling program at its Santo Domingo project in Jalisco. Mithril reported positive results from the metallurgical testwork conducted at its Copalquin project in Durango. Newmont reported mineral reserves and resources for their Peñasquito and Noche Buena properties in Zacatecas. ON DEALS AND CORPORATE ISSUES, Benjamin Hill granted options to directors, officers and a consultant (Sonora Gold project, Sonora). Monumental announced the appointment of its CEO (Jemi project, Coahuila). Orla Mining announced the appointment of its Chief Sustainability Officer (Camino Rojo, Zacatecas). SSR informed that it has entered into a definitive agreement to sell its Pitarrilla silver project in Durango to Endeavour. Riverside signed an agreement with Agnico Eagle for the sale of the Pima property located in Sonora. Sierra Metals announced the appointment of a new member to its Board of Directors (Bolivar mine, Chihuahua). Great Panther announced senior management changes (Topia mine, Durango). ON SOCIAL RESPONSIBILITY, Esperanza Silver supported the first generation of the education program in Morelos. Grupo México offered employment to 100 women in Santa Bárbara, Chihuahua. Minera Peñasquito delivered the remodeling and rehabilitation of a plaza to the community of Nuevo Peñasco, Mazapil in Zacatecas.

ON MEXICO ISSUE

Magna Gold Corp., announced that after several inspections at its San Francisco mine in Sonora, the suspension of the crushing and laboratory areas has been lifted.
Mexico was the largest silver producer country in 2021 with 5,600 tonnes, followed by China with 3,400 tonnes and by Peru with 3,000 tonnes.
Marisol Barragán swore in as President of the Mexico City District of Mujeres WIM Mexico, with the primary purpose of boosting initiatives that promote equal opportunities and working conditions for women in the mining industry in Mexico,

ON EXPLORATION

Aztec Minerals Corp – Kootenay Silver Inc JV released results from the ongoing RC drilling program conducted at the Cervantes project. Drilling highlights include hole CAL22-004 with 1 g/t Au over 167.2m, including 4.25 g/t Au over 24.4m; hole CAL22-002 with 0.37 g/t Au over 99.1m; and hole CAL22-003 with 0.45 g/t Au over 45.7m, including 0.87 g/t Au over 13.7m. Gold appears to be widely distributed in disseminations, fractures and veinlets within quartz-feldspars porphyry, feldspar porphyry stocks, and related hydrothermal breccias.
Ranchero Gold Corp., released the final results from its recently completed phase 1 drill program at its Maíz Azul prospect within its Santa Daniela project in Sonora. The drill program consisted of 3,122m in 16 holes. Hole MA22-25 intersected 1.2 g/t Au over 15.6m at the La Colmena target. The company will update its geological mapping to further identify new structures that control mineralization. It also will plan the phase II drill program with the goal of expanding the newly discovered gold mineralization as well as testing additional targets including the X-structure.
Radius Gold Inc., announced results from its ongoing drill program at El Cuervo area within its Amalia project in Chihuahua. Drill highlights include hole AMDD21-47 with 167 g/t Ag and 0.54 g/t Au over 96m, including 232 g/t Ag and 0.65 g/t Au over 61.20m, including 290 g/t Ag and 0.8 g/t Au over 45.20m, including 302 g/t Ag and 1.13 g/t Au over 17.35m, including 592 g/t Ag and 0.65 g/t Au over 7.35m, including 438 g/t Ag and 1.12 g/t Au over 7.85m; and hole AMDD21-46 with 44 g/t Ag and 0.13 g/t Au over 31m, including 158 g/t Ag and 0.49 g/t Au over 3.7m, including 233 g/t Ag and 0.31 g/t Au over 1.7m, and 203 g/t Ag and 0.53 g/t Au over 3.50m, including 381 g/t Ag and 1.31 g/t Au over 1.1m. “The initial drilling at El Cuervo has confirmed a significant mineralized system and drilling is ongoing to define the size potential”.
Sierra Madre Gold and Silver Ltd., informed that it received the drilling permit from the Mexican Federal Environmental Permitting Agency (SEMARNAT) authorizing the use of 30 drill pads within its La Tigra project in Nayarit. The company also informed that it entered into formal surface rights exploration agreement with the ejido Santa Maria Picachos, the surface owners at La Tigra project that allows for the commencement of the drilling program.

ON MINING

Americas Gold and Silver Corporation provided silver production guidance for 2022 for its Cosala Operations in Sinaloa. Silver production from the Cosala Operations in 2022 is forecast to be between 0.7 to 0.9M Oz Ag, 13-15M Lb Pb, and 36 to 40M Lb Zn. “
Orla Mining Ltd., provided a 2022 production, operating costs, capital costs, and exploration spending guidance for the full year 2022 for its Camino Rojo property, Zacatecas. The company expects to produce from Camino Rojo over 90-100K Oz Au for the full year 2022 with an AISC of USD $600-700 per Oz Au sold. Total sustaining cost and exploration spending are expected to total USD $5M and USD $10M respectively.
Equinox Gold Corporation reported Q4 and full year 2021 production and financial results from their Los Filos and Mercedes mines located in Guerrero and Sonora respectively. At Los Filos mine, Guerrero, Equinox mined 3.4M tonnes of 0.77 g/t Au (open pit) and 162K tonnes of 3.11 g/t Au (underground) to produce 54.7K Oz Au. It sold 55,144 Oz Au during Q4, 2021 and reported revenue of USD $98.8M, and cash and AISC of USD $1,311 and USD $1,433 per Oz Au sold respectively. For the full year, the company mined 7.09M tonnes of 0.71 g/t Au (open pit) and 519K tonnes of 3.23 g/t Au to produce 144.1K Oz Au. It sold 143.8K Oz Au during the full year 2021, and reported revenue of USD $257.2M, and cash and AISC of USD $1,575 and USD $1,753 per Oz Au sold. Equinox provided production and guidance cost for 2022. It expects to produce between 160-180KOz Au at cash and AISC of USD $1400-1600 and USD $1,625-1,700 per Oz Au sold respectively. At Mercedes mine, Sonora, the company mined 125K tonnes and processed 161K tonnes of 2.30 g/t Au during Q4, 2021 to produce 11,35K Oz Au. It sold 10.3K Oz Au and reported revenue of USD $18.9M and cash and AISC of USD $1,091 and USD $1,584 respectively. For the full year, the company mined 348K tonnes and processed 398K tonnes of 2.59 g/t Au to produce 31.8K Oz Au, It sold 30.9K Oz Au, and reported revenue of USD $56.9M , and cash and AISC of USD $966 and USD $1,357 per Oz Au respectively. On Dec 16, 2021, Equinox entered into an agreement to sell Mercedes mine to Bear Creek.

ON FINANCING

Golden Tag Resources Ltd., increased its previously announced non-brokered private placement by up to 5M unit for aggregate proceeds of up to $1.25M. The company plans to use the gross proceeds to fund advancement of its San Diego project in Durango.
Pan American Silver Corp., declared dividend of $0.12 per common share under new dividend policy. The cash dividend of $0.12 per common share, or approximately $25.3M in aggregate cash dividends, is payable on or about March 21, 2022 (La Colorada mine, Zacatecas).
Gold Resource Corporation declared its quarterly dividend of $0.01 per common share for Q1, 2022 to shareholders (Arista mine, Oaxaca).

ON RESOURCES AND DEVELOPMENT

Silver Dollar Resources Inc., announced that it completed a 2,424 m drill program in 11 holes on the Noria portion at its La Joya project in Durango. Aim of the drill program was target development and testing for possible structural extensions of known mineralized zones identified in historical drilling. Assays are pending and drilling is on standby until the company receives assay results and gets an interpretation.
Silver Tiger Metals Inc., informed that it has contracted Cominvi, an underground mine contractor, to commence the rehabilitation of the historic El Tigre mine. “Initial rehabilitation will begin on the Level 7 main entry to the Historic El Tigre Mine to allow access to the Sooy Vein, El Tigre Vein and the Seitz Kelly Vein in contemplation of underground channel sampling, drilling and bulk sampling on those veins and the black shale horizon”.
Alamos Gold Inc., updated mineral reserves and resources as of December 31, 2021. The company increased its mineral reserves at Mulatos mine 14% to 1.5M Oz Au (29.4M tonnes of 1.64 g/t Au) with a 32% increase in grades reflecting the addition of higher-grade underground mineral reserves at Puerto del Aire, which is adjacent to the main Mulatos pit. The company reported proven + probable reserves for 29.36M tonnes of 1.64 g/t Au for a total of 1.54M Oz Au contained. It also reported Measured + Indicated resources for 8.2M tonnes of 1.34 g/t Au for a total of 353K Oz Au and Inferred resources for 1.72M tonnes of 1.06 g/t Au for a total of 59K Oz Au contained. The remaining mineral reserve mine of life of the Mulatos district is approximately six years as of December 31, 2021 (excluding the underground mineral reserves of Puerto del Aire Deposit.
Pan American Silver Corp., released results for 20 new infill and exploration holes drilled at its la Colorada mine in Zacatecas. Drill highlights include hole U-83-21 with 64 g/t Ag, 0.06% Cu, 1.9% Pb, and 3.8% Zn over 322.85m, including 178 g/t Ag, 0.06% Cu, 4.3% Pb, and 6.3% Zn over 64.90m; hole S-73-21 with 76 g/t Ag, 0.36% Cu, 4.2% Pb, and 9.5% Zn over 78.55m, including 91 g/t Ag, 0.46% Cu, 5.2% Pb, and 11.4% Zn over 58.1m; hole D-73-01-21 with 79 g/t Ag, 0.29% Cu, 2.2% Pb, and 5.7% Zn over 159 m, including 112 g/t Ag, 0.45% Cu, 3.2% Pb, and 8.1% Zn over 99.2m; hole D-71-01-21 with 48 g/t Ag, 0.05% Cu, 3% Pb, and 5.8% Zn over 44.65m, including 100 g/t Ag, 0.28% Cu, 7.3% Pb, and 7.1% Zn over 15.95m; hole D71-03-21 with 60 g/t Ag, 0.09% Cu, 2.1% Pb, and 3.2% Zn over 22.1m, and 42 g/t Ag, 0.07% Cu, 1.2% Pb, and 3.9% Zn over 55.60m, and 91 g/t Ag, 0.2% Cu, 4.8% Pb, and 8% Zn over 191.85m; and hole D-21-02-21 with 59 g/t Ag, 0.2% Cu, 1.2% Pb, and 3.8% Zn over 219.90m, including 51 g/t Ag, 0.2% Cu, 2% Pb, and 6.1% Zn over 91.3m.
Prime Mining Corp., announced results from its first drill program at the Guadalupe West deposit within its Los Reyes project in Sinaloa. Twelve new holes, of which seven were diamond holes and 5 were RC holes are reported and drill highlights include hole 21GW-12R with 1.68 g/t Au and 26 g/t Ag over a true width (TW) of 19.8m; hole 21GW-07 with 1.6 g/t Au and 50 g/t Ag over a TW of 8.6m, and 1.92 g/t Au and 34 g/t Ag over a TW of 17.7m; hole 21GW-02 with 1.82 g/t Au and 52 g/t Ag over 4.8m, and 0.53 g/t Au and 15 g/t Ag over a TW of 27.6m; hole 21GW-01 with 1.08 g/t Au and 38 g/t Ag over a TW of 3.6m; and hole 21GW-11R with 0.9 g/t Au and 63 g/t Ag over a TW of 4.3m.
Stroud Resources Ltd., commenced its phase 2 diamond drilling program, which will consist of 3,500m targeting the newly discovered Zopilotes Vein, the Guadalupe Vein, and the La Raya Vein, within its Santo Domingo project in Jalisco. “The company’s current drilling permit covers 13 drill pads (drill setups) located across the property. A second drilling permit will be submitted seeking additional drill pad locations to facilitate further delineation of the three known mineralized vein systems and other exploration targets”.
Mithril Resources Ltd., reported positive results from the metallurgical testwork conducted at its Copalquin project in Durango. The company reported that the final overall recoveries after leaching of the flotation products were 96.5% for gold and 96.1% for silver.
Newmont Corporation reported mineral reserves and resources for their Peñasquito and Noche Buena properties in Zacatecas as of December 31, 2021. At Peñasquito, Zacatecas, Newmont reported Proven Reserves of 115M tonnes of 0.61 g/t Au, 38 g/t Ag, 0.9% Zn, and 0.4% Pb for a total of 2.25M Oz Au, 141.5M Oz Ag, 2.38 B Lb Zn, and 940M Lb Pb and Probable Reserves of 247M tonnes of 0.51 g/t Au, 32 g/t Ag, 0.7% Zn, and 0.3% Pb for a total of 4.08M Oz Au, 252.4M Oz Ag, 3.87 B Lb Zn, and 1.64 B Lb Pb. Proven + Probable Reserves are 362M tonnes of 0.54 g/t Au, 34 g/t Ag, 0.8% Zn, and 0.3% Pb for a total of 6.33M Oz Au, 393.9M Oz Ag, 6.25 B Lb Zn, and 2.58 B Lb Pb. Measured Resources are 31.4M tonnes of 0.27 g/t Au, 26 g/t Ag, 0.7% Zn, and 0.3% Pb for a total of 280K Oz Au, 26M Oz Ag, 460M Lb Zn, and 200M Lb Pb, and Indicated Resources of 176.6M tonnes of 0.27 g/t Au, 26 g/t Ag, 0.6% Zn, and 0.3% Pb for a total of 1.5M Oz Au, 149.6M Oz Ag, 2.2 B Lb Zn, and 1.02 B Lb Pb. Measured + Indicated Resources are 208M tonnes of 0.27g/t Au, 26 g/t Ag, 0.6%Zn, and 0.3% Pb for a total of 1.78M Oz Au, 175.6M Oz Ag, 2.69 B Lb Zn, and 1.23 B Lb Pb. Inferred Resources are 89.8M tonnes of 89.8M tonnes of 0.4 g/t Au, 28 g/t Ag, 0.5% Zn, and 0.2% Pb for a total of 1.16M Oz Au, 80.84M Oz Ag, 1.07 B Lb Zn, and 480M Lb Pb. At Noche Buena, Zacatecas (50% attributable to Newmont), it reported Indicated Resources of 21M tonnes of 0.37 g/t Au and 14 g/t Ag for a total of 250K Oz Au and 9.4M Oz Ag, and Inferred Resources of 1.6M tonnes of 1.07 g/t Au and 11 g/t Ag for a total of 230K Oz Au and 570K Oz Ag. Resources are reported exclusive of Reserves.

ON DEALS AND CORPORATE ISSUES

Benjamin Hill Mining Corp., granted 1.4.M options exercisable at $0.44 per common share of which 980K options granted to directors/officers shall have a term of 5 years, and 500K options granted to a consultant shall have a term of 2 years (Sonora Gold project, Sonora).
Monumental Minerals Corp., announced the appointment of its CEO (Jemi project, Coahuila).
Orla Mining Ltd., announced the appointment of its Chief Sustainability Officer, effective march 1, 2022 (Camino Rojo, Zacatecas).
SSR Mining Inc., informed that it has entered into a definitive agreement to sell its Pitarrilla silver project in Durango to Endeavour Silver Corp., for a total consideration of up to USD $127M. This consideration includes USD $35M in cash, USD $35M in Endeavour shares, and a 1.25% Net Smelter Return (“NSR”) royalty on the Pitarrilla property.
Riverside Resources Inc., signed an agreement with Agnico Eagle for the sale of the Pima property located in Sonora. Riverside will receive cash and completes the pass through royalty transfer with Millrock Resources Inc.
Sierra Metals Inc., announced the appointment of a new member to its Board of Directors (Bolivar mine, Chihuahua).
Great Panther Mining Limited informed about the resignation of its President and CEO and announced the appointment of his replacement on an interim basis (Topia mine, Durango).

ON SOCIAL RESPONSIBILITY

Esperanza Silver, supported the first generation of 14 people between women and men who accredited the upper secondary level as a results of an alliance in favor of the education integrated for inhabitants of the community of San Agustin Tetlama and Esperanza Silver.
Grupo México offered employment to 100 women in Santa Bárbara, Chihuahua. Andrés Torres, general secretary of the Section 11 Miners’ Union reported that by 2022 there is a goal of employing a hundred women in the different areas of the companies.
Minera Peñasquito (Newmont) delivered the inhabitants of the community of Nuevo Peñasco, belonging to Ejido Cedros, in Mazapil, the remodeling and rehabilitation of their plaza, as part of Newmont Peñasquito’s commitment to creating shared value in the communities in its area of influence. Additionally, the company provided 27 trees of different species, the same that were planted throughout the square.

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 quartz vein from a low sulphidation epithermal vein project in Chihuahua, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of December, 2021.

January 2, 2022January 2, 2022 / gambusinoprospectormexico / Leave a comment

Hydrothermal breccia

By Miguel A Heredia

Happy New Year to all of our readers! I want to wish you all the very best in this coming 2022, especially good health, prosperity and a lot of fun!

With deep regret I knew early this week about the sensitive and unexpectedly passing of David Jones at his home in Tucson, Arizona. David was a well-respected geologist who worked for many years in Mexico making many friends. David will be remembered for being responsible of multiple discoveries in Mexico such as Los Filos in the Guerrero Gold Belt, and Switchback vein system at the El Aguila project in Oaxaca among others. “Descansa en paz amigo!”

During the 52^nd and last week of the year (December 27^th, 2021 to January 2^nd, 2022), at least 13 press releases were announced by companies working in Mexico, and 2 news published by the media, with four reporting resources and developments of their properties, three disclosing deals and corporate issues, three informing on exploration results, three announcing financial issues, one commenting on Mexican issues, and one discussing social issues. ON MEXICO ISSUES, Mexico will lose potential investments if it does not increase its level of certainty in the mining industry, warned Jody Kuzenko, CEO of the Canadian company Torex Gold Resources. ON EXPLORATION, In Sonora, Silver Spruce announced that it is proceeding with the preparation of an Informe Preventivo for trenching and drilling its Jackie property. In Durango, Southern Empire received preliminary results from a geophysical survey conducted at its Pedro Gold project. In Guerrero, Pantera Silver commenced a drilling program at its Nuevo Taxco Silver project. ON MINING, no relevant news. ON FINANCING, Altaley executed a loan agreement with Sail Natural for USD $5M (Tahuehueto project, Durango). Prismo completed the first closing of a non-brokered private placement for total gross proceeds of $1M (Palos Verdes project, Sinaloa). SilverCrest completed the third drawdown of USD $30M on its previously announced USD $120M Project Financing Facility (Las Chispas, Sonora). ON RESOURCES AND DEVELOPMENT, Fabled released results from its ongoing drilling program at its Santa Maria project, Chihuahua. Fresnillo and its JV partner Mag Silver provided a commissioning update on its Juanicipio project in Fresnillo, Zacatecas. GoGold provided an outlook and deliverables for 2022 (Los Ricos North and South projects, Jalisco). Silver Tiger provided a review of its 2021 activities at its El Tigre project in Sonora. ON DEALS AND CORPORATE ISSUES, Gold79 retained Dig Media to provide investor relation services for the company (Taviche project, Oaxaca). Great Panther announced board changes (Topia mine, Durango). Minaurum announced the passing of David Jones. ON SOCIAL RESPONSIBILITY, Compañía Minera Cuzcatlán (Fortuna Silver) reported that its operation does not generate a negative impact on the water resource located in communities surrounding its San Jose mine in Oaxaca.

ON MEXICO ISSUE

Mexico will lose potential investments if it does not increase its level of certainty in the mining industry, warned Jody Kuzenko, CEO of the Canadian company Torex Gold Resources. Mexico’s mining industry has slowed because the current administration of President Andrés Manuel López Obrador has suspended the issuance of new mining concessions; likewise, companies in the sector are increasingly forced to deal with crime by hiring private security companies. Recently, the federal government proposed a constitutional reform initiative for the Mexican electricity industry in which it seeks for the Federal Electricity Commission (CFE) to regain a leading role in the sector, establishing that the company will generate at least 54% of consumption national electric. Torex Gold is the third largest gold producing company in Mexico, with 430,480 Oz Au in 2020; its operations are carried out in Guerrero, where Limón-Guajes is the second most important mining unit in the country in terms of gold production. In that same entity, the company plans to invest more than USD $500M to start operations at its Media Luna mining unit in 2024, with a production of 179K Oz Au, 21K tonnes of Cu and 1.5M Oz Ag, although these estimates will be updated with a new feasibility study. Since Torex Gold is growing in Guerrero, it will need more electrical power. “Reliability is required, that the power is not interrupted while you are working; the price must be competitive, and investors are looking for a wide margin in our process of decarbonization and reducing greenhouse gases”.

ON EXPLORATION

Silver Spruce Resources Inc., announced that it is proceeding with the preparation of an Informe Preventivo to be filed at the Mexican Government Environmental Authority (SEMARNAT) for conducting trenching and drilling at its Jackie property in Sonora. The environmental permit will include 13 trenches and 36 drill pads. The SEMARNAT permit for the Informe Preventivo is expected within four to six weeks of submission.”
Southern Empire Resources Corp., received preliminary high-resolution, airborne magnetic and radiometric geophysical data covering its Pedro Gold Project in Durango. In December 2021, Terraquest Ltd. of Markham, Ontario, collected 393.2 line-kilometers of airborne geophysical data on flight lines that were flown at azimuth 060 / 240 with 50m spacings. This data has been delivered to Condor Consulting, Inc. of Lakewood, Colorado; experts in geophysical processing, analysis and inversion modeling. “The results of our preliminary airborne magnetic data provide some strong clues about the structural setting and underlying ‘plumbing system’ of the HP Breccia gold zone. Together with the regional government magnetics, we see evidence for a deeper intrusive body that could be linked to the hydrothermal fluids and related potential for epithermal vein systems that are the target of Southern Empire’s upcoming drill campaign”. The company has mobilized a diamond drill rig to the Pedro Property and is scheduled to start a 2,000m, nine-hole core drill program in January of 2022.
Pantera Silver Corp., commenced a drilling program at its Nuevo Taxco Silver project in Guerrero. The first phase of this maiden exploration drill program will consists of up to 2,000m with holes of approximately 50-150m in depth.

ON MINING

No relevant news.

ON FINANCING

Altaley Mining Corporation executed a loan agreement with Sail Natural Resources LP for USD $5M. Net proceeds will be used to fund the final costs of construction and working capital at its Tahuehueto project in Durango. The loan agreement is for four years with an interest of 13.5% where Altaley shall make four quarterly payments of interest only on the outstanding amount of the loan commencing on March 10, 2022, and ending on December 10, 2022.
Prismo Metals Inc., completed the first closing of a non-brokered private placement for total gross proceeds of $1M (Palos Verdes project, Sinaloa). The company expects to complete a second closing for $1M in the first half of January, 2022. “The Company will use expected $2M gross proceeds from the Units to complete a 4,000m drilling campaign on its Palos Verdes property (estimated at $1M), conduct exploration on its Los Pavitos property, Sonora with a view of identifying drilling targets (estimated at $400K), the costs of the offering (estimated at $125K which includes payment of finder’s fees) and for general working capital”.
SilverCrest Metals Inc., completed the third drawdown of USD $30M on its previously announced USD $120M Project Financing Facility with an affiliate of RK Mine Finance. Funds will be used towards the continued construction of the Company’s Las Chispas Project located in Sonora, with a targeted completion in Q2, 2022.

ON RESOURCES AND DEVELOPMENT

Fabled Silver Gold Corp., released results from its ongoing drilling program at its Santa Maria project, Chihuahua. The most significant drill intercept was obtained in hole SM20-45, which encountered a mined-out void zone at the target depth, but before reaching the target depth it intersected the Santa Maria footwall zone with 0.16 g/t Au 34 g/t Ag, 0.01% Pb, and 0.04% Zn (42.5 g/t AgEq) over 6.40m, including 0.23 g/t Au, 38 g/t Ag, 0.01% Pb, and 0.06% Zn (50 g/t AgEq) over 0.60m, and including 0.19 g/t Au, 55 g/t Ag, 0.01% Pb, and 0.04% Zn (68 g/t AgEq) over 1.7m.
Fresnillo plc and its JV partner Mag Silver Corp., provided a commissioning update on its Juanicipio project in Fresnillo, Zacatecas. Although the Juanicipio project team delivered the project for plan commissioning on schedule, the “Comisión Federal de Electricidad” (CFE), the state-owned electrical company, notified Fresnillo plc, the Juanicipio Project operator, that approval to complete the tie-in to the national power grid cannot yet be granted and the mill commissioning timeline will therefore be extended by approximately six months. Stoping and mineralized mine development at Juanicipio will continue and will make available any unused plant capacity at its Minera Fresnillo and Minera Saucito operations to process mineralized material produced at Juanicipio, and if possible matching commissioning and ramp up tonnages that were previously expected. The effect on cashflow generation from Juanicipio therefore will also be mitigated while CFE approvals are pending.
GoGold Resources Inc., provided an outlook and deliverables for 2022. At Los Ricos North, the company plans to conduct an aggressive drilling and exploration campaign on El Favor East and Gran Cabrera areas to increase the mineral resource estimate at the property. At Los Ricos South, GoGold will initiate a drilling program on the Jamaica structure since this mineralized zone offers the potential for an additional bulk tonnage target in Los Ricos South. The company also plans to initiate a PFS anticipated to be completed prior to the end of 2022.
Silver Tiger Metals Inc., provided a review of its 2021 activities at its El Tigre project in Sonora. The company reported wide high grade silver intercepts in quartz veins within a black shale horizon on the Sooy, Benjamin and Seitz Kelly Veins. Highlights include hole ET-20-202 in the Sooy Vein with 382 g/t AgEq over 22.2m, including 668 g/t AgEq over 11.75m; hole ET-21-204 in the Benjamin Vein with 519 g/t AgEq over 14.2m, including 1,010 g/t AgEq over 5.6m; and hole ET-21-264 in the Seitz Kelly Vein with 2,608 g/t AgEq over 17.5m, including 82,873 g/t AgEq over 0.5m. It also completed a $23M bought deal institutional financing, and disclosed 2021 Environmental, Social, & Governance (ESG) strategy roadmap.

ON DEALS AND CORPORATE ISSUES

Gold79 Mines Ltd., retained Dig Media Inc. dba Investing News Network, to provide investor relation services for the company. Under the terms of the contract for this advertising and investor awareness campaign, Dig Media will provide various digital media advertising and related services to increase public awareness of the company. (Taviche project, Oaxaca).
Great Panther Mining Limited announced the resignation of its Director and Chair of the Board of Directors, and the appointment of one of its independent Directors as the new Chair of the company (Topia mine, Durango).
Minaurum Gold Inc., announced the sensitive and unexpectedly passing of David Jones early this week at its home in Tucson, Arizona. “Descansa en paz amigo”.

ON SOCIAL RESPONSIBILITY

Compañía Minera Cuzcatlán (Fortuna Silver Mines Inc.) reported that its operation does not generate a negative impact on the water resource located in communities surrounding its San Jose mine in Oaxaca. The company monitors quarterly the water quality in surface and underground bodies. It also stated that since the beginning of its operation, it does not compete for this resource with neighboring communities, nor does it use the water that was monitored for its mining activities. The water samples are required every six months by environmental regulations, but to generate greater certainty and confidence among the population, the company proactively performs them every three months. The foregoing, through the hiring of external and certified laboratories, whose procedures are endorsed by both the National Water Commission (CONAGUA), as well as by the Federal Attorney for Environmental Protection (PROFEPA) and whose results comply with the NOM-OO1 of the Ministry of the Environment and Natural Resources (SEMARNAT).

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 hydrothermal breccia from a low sulphidation epithermal vein system in a project in Durango, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of November, 2021.

November 21, 2021November 22, 2021 / gambusinoprospectormexico / Leave a comment

Quartz hydrothermal breccia

By Miguel A Heredia

During the 46^th week of the year (November 15^th to November 21^st, 2021), at least 35 press releases were announced by companies working in Mexico, and 4 news published by the media with twelve reporting resources and developments of their properties, seven announcing financial issues, seven communicating production and financial results, four informing on exploration results, four disclosing deals and corporate issues, four commenting on Mexican issues, and one discussing social issues. ON MEXICO ISSUES, Fortuna Silver announced that it is trying to avoid the closure of its San Jose silver mine in Oaxaca after the expiration of its environmental permit last month. The company stated that it is fighting for the stability of 1,200 active workers of its San Jose mine. Mexico´s Secretary of the Environment and Natural Resources (SEMARNAT) announced that it will carry out an indigenous consultation to define the future of the San Jose mine in Oaxaca. ON EXPLORATION, In Sonora, Tocvan announced exploration plan for its El Picacho project, and Ridgestone received permit for drill program on the El Cobre target at its Rebeico project. In Chihuahua, Mammoth Resources reported initial drill results from its diamond drilling program conducted on Carneritos area at its Tenoriba project. In Nayarit, Sierra Madre presented trenching sampling results from its la Tigra project. ON MINING, Argonaut announced Q3, 2021 production and financial results from their Mexican operations. Excellon presented Q3, 2021 production and financial results from its Platosa mine in Durango. Elemental Royalties reported the production of 9,722 Oz Au from its Mercedes mine in Sonora during the period Q3, 2021. Americas Gold and Silver announced that its Cosalá operations are expected to ramp-out to full production of approximately 1,800 tonnes per day next month. SilverCrest reported unaudited financial results for the period Q3, 2021. Starcore announced Q2, 2021 production results from its San Martin mine in Queretaro. DynaResource reported year to date 2021 production and financial results at September 30, 2021 from its San Jose de Gracia mine in Sinaloa. ON FINANCING, Advance increased its previously announced non-brokered private placement to $475K (Tabasquena property, Zacatecas). Aloro reported that the final CAD 60K + VAT payment of the option agreement for the Los Venados claim, Sonora with Almadex has been made by Alamos Gold. Guanajuato Silver arranged an early payment of USD $2.5M to Endeavour Silver for the acquisition of the El Cubo mine in Guanajuato. Mag Silver signed a binding commitment letter with the Bank of Montreal for a fully underwritten USD $40M revolving credit facility. Aztec closed the final tranche of its oversubscribed CAD $1.6M private placement for total proceeds of CAD $575K (Cervantes project, Sonora). Guanajuato Silver arranged a non-brokered private placement offering for gross proceeds of CAD $8.25M (El Cubo mine, Guanajuato). Silver Wolf announced a non-brokered private placement for gross proceeds of up to CAD $1.5M (Ana Maria project, Durango). ON RESOURCES AND DEVELOPMENT, Fabled released results from hole SM20-40 collared at its Santa Maria project in Chihuahua. GoGold presented results from the last nine holes collared at its Los Ricos project in Jalisco, prior to upcoming mineral resource estimate. Orex filed a NI 43-101 technical report for a mineral resource estimate on its Coneto project in Durango. Orla provided a construction update of its Camino Rojo project in Zacatecas. Oroco commenced a diamond drilling program on Brasiles Zone at its Santo Tomas project in Sinaloa. Prime Mining commenced a Phase 2 drilling program on its Los Reyes project in Sinaloa, which will consist of 250 holes for a total of 50,000m. Silver Dollar began an initial 3,000m drilling program at its la Joya property in Durango. SilverCrest provided an update on the construction of its Las Chispas mine in Sonora. Southern Silver released drill results from its Cerro Las Minitas project, Durango. Capitan Mining presented results from five RC holes collared on El Capitan deposit at its Peñoles project, Durango. Mithril released its maiden JORC mineral resource estimate for the first target area at its Copalquin project, Durango. Silver Tiger presented drill results from ten holes collared on the Protectora and Caleigh veins at its El Tigre project in Sonora. ON DEALS AND CORPORATE ISSUES, Fabled received an approval from the court to spin-out its copper exploration assets in Fabled Copper Corp. Rockland signed an option agreement to acquire 100% interest in the Elektra clay lithium project in Sonora. Starcore reported results from its annual general meeting of shareholders (San Martin mine, Queretaro). Goldgroup announced the appointment of its new CEO (Cerro Prieto mine, Sonora). ON SOCIAL RESPONSIBILITY, Fresnillo plc applies development and scientific research, consolidating the concept of what they call “sustainable mining”.

ON MEXICO ISSUES

Fortuna Silver Mines Inc., announced that it is trying to avoid the closure of its San Jose silver mine in Oaxaca after the expiration of its environmental permit last month. Although the San Jose mine has been in operation since 2011, its main environmental authorization expired on October 23, despite the company’s efforts since May to request an extension of the permit. A recent court order allows the mine to continue operating, but only temporarily. Maria Luisa Albores, the Environment Secretariat issued a statement saying it would work to organize a consultation with indigenous communities close to the project as part of the environmental authorization. It did not provide details on the timing of the consultation, nor did it say whether the mine could continue to operate in the meantime. The company stated that it is fighting for the stability of 1,200 active workers of its San Jose mine.
Mexico’s Secretary of the Environment and Natural Resources (SEMARNAT) announced that it will carry out an indigenous consultation to define the future of the San Jose mine in Oaxaca. A dozen of Zapotecas communities will decide whether the San José mine, owned by Minera Cuzcatlán, will continue operating in the Valles Centrales region of Oaxaca, through a consultation carried out by the Ministry of SEMARNAT. It should be noted that the San José mine has four environmental impact authorizations in force, however there is another one that expired on October 23, and although the company requested its extension in due time and form, SEMARNAT has not issued a ruling.
Fortuna Silver Mines Inc., provided an update on the appeal to the denial of the extension of the environmental impact authorization (EIA) at its San Jose mine, Oaxaca. “The appeal will be brought by Minera Cuzcatlán in the Mexican court. The grounds for the appeal are that Minera Cuzcatlán is in full compliance with all material environmental laws, and therefore Minera Cuzcatlán has the right to an extension of the EIA under applicable law”.

ON EXPLORATION

Tocvan Ventures Corp., announced exploration plan for its El Picacho project in Sonora, where five primary targets have been identified to date combining for over 6km of prospective trend. The company plans to carry out surface sampling and detailed target mapping, trenching and channel sampling of priority targets, and drill targeting. The project is fully permitted for 1,995m of trenching, 60 drill holes (up to 15,000m), and 2.2km of access roads.
Ridgestone Mining Inc., received permit for drill program on the El Cobre target at its Rebeico project in Sonora. This maiden drill program will consists of 14 RC holes for a total of approximately 2,700m, and will be conducted along the main El Cobre structure, where recent grab and rock-chip sampling of the surface stockpile of mined material from the El Cobre structure returned up to 3.5% Cu, 53 g/t Ag and 0.52 % Mo over widths of up to 5.0m.
Mammoth Resources Corp., reported initial drill results from its diamond drilling program conducted on Carneritos area at its Tenoriba project in Chihuahua. Four diamond holes have been completed for a total of 426m. Highlights include hole TEN21-01 with 0.31 g/t Au and 17 g/t Ag (0.53 g/t AuEq) over 37.5m, including 0.47 g/t Au and 75 g/t Ag (1.7 g/t AuEq) over 4.5m; hole TEN21-03 with 0.54 g/t Au and 4 g/t Ag (0.59 g/t AuEq) over 43.5m, including 0.69 g/t Au and 3 g/t Ag (0.73 g/t AuEq) over 6m, including 0.67 g/t Au and 5 g/t Ag (0.73 g/t AuEq) over 4.5m; and hole TEN21-04 with 0.53 g/t Au and 7 g/t Ag (0.63 g/t AuEq) over 19.5m.
Sierra Madre Gold and Silver Ltd., presented trenching sampling results from its la Tigra project in Nayarit. Trench LTZ01 returned 1.44 g/t Au and 10 /t Ag (1.58 g/t AuEq) over a length of 8.6m; trench LTZ02 returned 0.46 g/t Au and 56 g7t Ag over a length of 19.7m; trench LTZ03 returned 1.22 g/t Au and 7 g/t Ag (1.3 g/t AuEq) over a length of 11.6m, including 2.52 g/t Au and 10 g/t Ag (2.7 g/t AuEq) over a length of 4.25m; and trench LTZ04 returned 1.45 g/t Au and 9 g/t Ag (1.57 g/t AuEq) over a length of 12.8m, including 3.22 g/t Au and 35 g/t Ag (3.69 g/t AuEq) over a length of 5.3m.

ON MINING

Argonaut Gold Inc., announced Q3, 2021 production and financial results from their Mexican operations. At El Castillo mine, Durango, Argonaut mined 2,143,000 tonnes of 0.28 g/t Au to produce 11,123 Oz Au and 10,448 Oz Ag or 11,246 Gold Equivalents Ounces (GEOs). It sold 10,473 Oz Au and 11,875 Oz Ag (10,612 GEOs) at a cash cost of USD $1,173 per Oz Au sold. At San Agustin Mine, Durango, the company mined 2,598,000 tones of 0.30 g/t Au to produce 16,258 Oz Au and 116,309 Oz Ag (17,626 GEOs). Argonaut sold 17,611 Oz Au and 121,993 Oz Ag at a cash cost of USD $1,011 per Oz Au sold. At La Colorada mine, Sonora, the company mined 1,224,000 tonnes of 0.67 g/t Au to produce 15,360 Oz Au and 37590 Oz Ag (15,802 GEOs). It sold 15,332 Oz Au and 35408 Oz Ag (15,749 GEOs) at a cash cost of USD $696 per Oz Au sold.
Excellon Resources Inc., presented Q3, 2021 production and financial results from its Platosa mine in Durango. The company mined 21,592 tonnes and milled 21,302 tonnes of 526 g/t Ag, 4.9% Pb, and 5.4 % Zn with metallurgical recoveries of 90.9%, 81.2%, and 78.3% respectively. Excellon produced 326.7K Oz Ag, 1.87M Lb Pb, and 1.98M Lb Zn (521.2K Oz AgEq) at total and AISC of USD$11.02 and USD$21.52 per Oz Ag payable respectively. The company reported revenues of USD $9.2M; gross profit of USD $1.8M, and cash and marketable securities of USD $5M at September 30, 2021.
Elemental Royalties Corp., reported the production of 9,722 Oz Au from its Mercedes mine in Sonora during the period Q3, 2021.
Americas Gold and Silver Corporation announced that its Cosalá operations are expected to ramp-out to full production of approximately 1,800 tonnes per day next month. Concentrate shipment have resumed. A return to revenue and cash flow generation is expected later in Q4, 2021.
SilverCrest Metals Inc., reported unaudited financial results for the period Q3, 2021. The Company recorded USD $42.1M as development expenditures under mineral property, plant and equipment, for the Las Chispas Project, which primarily consisted of decline construction and underground working of USD $17.2M; drilling costs of USD $9.7M; field and administrative costs of USD $6.3M; and salaries and remuneration of USD $3.3M. The Company also recorded additions, during the nine months ended September 30, 2021, of USD $60M related to the Las Chispas Project as mineral property, plant and equipment for various items which was primarily construction in progress. At September 30, 2021, SilverCrest had cash and cash equivalents of USD $199M. At September 30, 2021, the Company had value-added taxes (“IVA”) receivable in Mexico of USD $17.9M. The Company has financed its operations to date through the issuance of common shares and debt. The Company currently has no operations from which to derive revenues.
Starcore International Mines Ltd., announced Q2, 2021 production results from its San Martin mine in Queretaro. The company milled 56,061 tonnes of 1.56 g/t Au and 23 g/t Ag with metallurgical recoveries of 87.81% and 54.83% respectively, to produce 2,782 Oz AuEq.
DynaResource Inc., reported year to date 2021 production and financial results at September 30, 2021 from its San Jose de Gracia mine in Sinaloa. The company mined and milled 66,695 tonnes of 9.48 g/t Au with a metallurgical recovery of 89.45%, to produce 18,141 Oz Au, from which 16,036 Oz Au were sold. The company reported revenue of $25.9M, net operating income of $11.3M, and earnings per share of $0.64.

ON FINANCING

Advance Gold Corp., increased its previously announced non-brokered private placement to $475K (Tabasquena project, Zacatecas).
Aloro Mining Corp., reported that the final CAD 60K + VAT payment of the option agreement for the Los Venados claim, Sonora with Almadex Minerals Limited has been made by Alamos Gold Inc. Aloro also reported that by mutual agreement with Alamos, the second year work commitment was reduced from USD $1.5M to USD $750K, while the third year work commitment was increased from USD $3M to USD$3.75M, to total USD $M to earn 70% interest in the Los Venados project.
Guanajuato Silver Company Ltd., arranged an early payment of USD $2.5M promissory note to Endeavour Silver Corp., for the acquisition of the El Cubo mine in Guanajuato. In consideration, Endeavour has agreed to reduce the principal amount of the note by USD $25K and settle the Mexican VAT for common shares of the company. It will issue 901,224 common shares to Endeavour at a deemed price of CAD $0.55 per share to settle VAT totalling USD $396K.
Mag Silver Corp., signed a binding commitment letter with the Bank of Montreal for a fully underwritten USD $40M revolving credit facility. The facility will be used to develop its Juanicipio project in Zacatecas, as well as for working capital and general corporate purposes (Mag Silver only controls 44% of the project).
Aztec Minerals Corp., closed the final tranche of its oversubscribed CAD $1.6M private placement for total proceeds of CAD $575K. Part of the proceeds will be used to conduct exploration work on its Cervantes project in Sonora, as well as for general working capital purposes.
Guanajuato Silver Company Ltd., arranged a non-brokered private placement offering of 15M units at a price of CAD $0.55 for gross proceeds of CAD $8.25M. The net proceeds from the offering will be used to fund the ongoing exploration, development, and expansion of the Company’s El Cubo mine and mill complex and El Pinguico silver and gold project, both located near the city of Guanajuato, Mexico; and for general corporate and working capital purposes.
Silver Wolf Exploration ltd., announced a non-brokered private placement financing for up to 6M units at a price of CAD $0.25 per unit for aggregate gross proceeds of up to CAD $1.5M. Net proceeds will be used for financing the initial drill program at its Ana Maria project in Durango, and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

Fabled Silver Gold Corp., released results from hole SM20-40 collared at its Santa Maria project in Chihuahua. The drill hole encountered seven gold bearing zones as shown in the figure below:

“Hole SM20-40 was successful and continues to add to the mineral inventory as the down plunge of the gold domain system discovered in holes SM20 – 20, 22 remains open at depth. Hole SM20-41 will further explore the down dip potential of this zone. Further drilling maybe required in this area”.
·         **GoGold Resources Inc.,** presented results from the last nine holes collared at its Los Ricos North project in Jalisco, prior to upcoming mineral resource estimate. The most significant mineralized intervals were encountered in holes LRGF-21-095 collared at El Favor Este with 0.35 g/t Au and 113 g/t Ag (1.85 g/t AuEq or 139 g/t AgEq) over 13.3m, including 3.81 g/t Au and 1,237 g/t Ag (20.3 g/ AuEq or 1,523 g/t AgEq) over 0.7m, and 0.56 g/t Au and 156 g/t Ag (2.65 g/t AuEq or 199 g/t AgEq) over 1.2m; and hole LRGF-21-084 with 0.17 g/t Au and 58 g/t Ag (0.94 g/t AuEq or 70 g/t AgEq) over 66.1m, including 0.37 g/t Au and 111 g/t Ag (1.85 g/t AuEq or 138 g/t AgEq) over 13.5m, including 1.03 g/t Au and 167 g/t Ag (3.26 g/t AuEq and 245 g/t AgEq) over 3m, plus 0.31 g/t Au and 154 g/t Ag (2.36 g/t AuEq or 177 g/t AgEq) over 5.5m.
·         **Orex Minerals Inc.,** filed a NI 43-101 technical report for a mineral resource estimate on its Coneto project in Durango. Orex reported inferred resources for 5,325,000 tonnes of 1.67 g/t Au and 112 g/t Ag (3.15 g/t AuEq) to contain 286K Oz Au and 19.1M Oz Ag (538K Oz AuEq) as at August 30, 2021.
·         **Orla Mining Ltd.,** informed that up to October 2021, the mine construction of its Camino Rojo project in Zacatecas shows a progress of 96% and that it remains on budget. The company reported capital expenditures of USD $24.3M in Q3, 2021 and totalled USD $106.3M as Sept 30, 2021, out of a total of USD $134.1M. “The main activities completed during the quarter included ramp up of mining activities, mechanical completion of the crushing system, conveying system, reclaim tunnel, overland conveyor, and grasshopper conveyors, commencement of wet commissioning with introduction of ore into the crushing circuit, and completion of the camp facilities. Overliner ore material was placed on the heap leach pad and ore stacking began in early October in preparation for cyanide leaching which is expected to begin in mid-November”.
·         **Oroco Resource Corp.,** commenced a diamond drilling program on Brasiles Zone at its Santo Tomas project in Sinaloa. Brasiles is the northern extension of the mineralization in the Santo Tomas North Zone, and consists of two very broad, sub-parallel exploration targets. The first hole underway will test a NE striking, chargeability-high resistivity low response, while the second hole will test a blind chargeability-high feature located west of and sub-parallel to the Brasiles target.
·         **Prime Mining Corp.,** commenced a Phase 2 drilling program on its Los Reyes project in Sinaloa, which will consist of 250 holes for a total of 50,000m. Goal of the Phase 2 drilling program is to expand resources along the three main corridors of known open-pit mineralization: Guadalupe Structure, Zapote-Tahonitas, and Central Zone Structure. In addition, Prime will test several high potential new target generated in the previous exploration campaign   which are located within approximately 5km radius of the main mineralized corridors at Los Reyes such as Mina 20/21, Mariposa, Las Primas, Fresnillo, El Tule and others on the two parallel El Orito trends.
·         **Silver Dollar Resources Inc.,** began an initial 3,000m drilling program at its la Joya property in Durango. Objective of the drilling program is to test the possible structural extension of known mineralized zones identified in historical drilling on the Noria portion of the La Joya property.
·         **SilverCrest Metals Inc.,** informed that the construction progress at its Las Chispas mine in Sonora was 54% complete compared to an overall scheduled completion of 48%. Construction continued to progress well in the quarter with the main access road, plant detailed engineering, and concrete work now complete, bridge construction 88% complete, plant construction 49% complete, power line 47% complete, and underground infrastructure ongoing. With underground development ahead of schedule at the end of the H1, 2021, development rates continued to progress well in Q3, 2021 for a total of 15.7 km completed since underground development began in Q1, 2019.
·         **Southern Silver Exploration Corp.**, released drill results from the North Felsite chimney at its Cerro Las Minitas project, Durango. Highlights include hole 21CLM-175 with 599 g/t Ag, 0.08 g/t Au, 0.03% Cu, 16.9% Pb, and 10.2% Zn (1,530 g/t AgEq or 38.8% ZnEq) over a true width (TW) of 1.9m, including 760 g/t Ag,0.07 g/t Au, 0.03% Cu, 23.2% Pb, and 17.4% Zn (2,169 g/t AgEq or 55% ZnEq); and hole 21CLM-172 with 313 g/t Ag, 0.25 g/t Au, 0.07% Cu, 7% Pb, and 1.3% Zn (610 g/t AgEq or 15.5% ZnEq) over a TW of 0.4m, plus 180 g/t Ag, 0.06 g/t Au, 0.36% Cu, 3.7% Pb, and 0.5% Zn (361 g/t AgEq or 9.1% ZnEq) over a TW of 0.5m. Mineralization remains open along strike and at depths below 250m.
·         **Capitan Mining Inc.,** presented results from five RC holes collared on El Capitan deposit at its Peñoles project, Durango. The most significant drill intercept was encountered in hole 21-CARC-40 with 0.30 g/t Au over 15.2m, including 1.44 g/t Au over 1.5m in the hanging wall zone, plus 0.32 g/t Au and 7 g/t Ag (0.40 g/t AuEq) over 76.2m, including 0.59 g/t Au and 8 g/t Ag (0.70 g/t AuEq) over 18.3m, including 1.2 g/t Au and 10 g/t Ag (1.33 g/t AuEq) over 1.5m in the Capitan Main zone.
·         **Mithril Resources Ltd.,** released its maiden JORC mineral resource estimate for the first target area at its Copalquin project, Durango. The company reported for El Refugio-La Soledad target indicated resources for 691,000 tonnes of 5.43 g/t Au and 114 g/t Ag (7.06 g/t AuEq) to contain 121K Oz Au and 2.54M Oz Ag (157K Oz AuEq) and inferred resources for 1,725,000 of 4.55 g/t Au and 152g/t Ag (6.72 g/t AuEq) to contain 252K Oz Au and 8.4M Oz Ag (372K Oz AuEq). Total Indicated + Inferred resources are 2,416,000 tonnes of 4.8 g/t Au and 141 g/t Ag (6.81 g/t AuEq) to contain 373K Oz Au and 10.95M Oz Ag (529K Oz AuEq).
·         **Silver Tiger Metals Inc.,** presented drill results from ten holes collared on the Protectora and Caleigh veins at its El Tigre project in Sonora. The most significant mineralized intervals were encountered in holes ET-20-163 collared on the Protectora Vein with 0.74 g/t Au and 335 g/t Ag (5.21 g/t AuEq or 391 g/t AgEq) over 3.2m, including 3.56 g/t Au and 1,782 g/t Ag (27.32 g/t AuEq or 2,049 g/t AgEq) over 0.5m, plus 0.48 g/t Au and 727 g/t Ag (10.17 g/t AuEq or 763 g/t AgEq) over 1m, including 0.89 g/t Au and 1,374 g/t Ag (19.21 g/t AuEq or 1,441 g/t AgEq) over 0.5m; hole ET-20-164 on the Protectora Vein with 4.59 g/t Au and 370 g/t Ag (9.52 g/t AuEq or 714 g/t AgEq) over 1.2m, including 10.5 g/t Au and 805 g/t Ag (21.23 g/t AuEq or 1,592 g/t AgEq) over 0.5m; hole ET-20-158 on Caleigh Vein with 4.09 g/t Au and 815 g/t Ag (14.96 g/t AuEq or 1,122 g/t AgEq) over 0.7m; and hole ET-20-156 collared on Caleigh Vein with 7.09 g/t Au and 752 g/t Ag (17.12 g/t AuEq or 1,284 g/t AgEq) over 0.3m.

**ON DEALS AND CORPORATE ISSUES**
·         **Fabled Silver Gold Corp.,** received an approval from the court to spin-out its copper exploration assets in Fabled Copper Corp.
·         **Rockland Resources Ltd.**, signed an option agreement to acquire 100% interest in the Elektra clay lithium project in Sonora. The Elektra project is contiguous to the advanced Sonora Lithium project owned by Bacanora Lithium plc. The company can earn a 100% interest (less NSR) in the Elektra project through cumulative option payments of 10M common shares in the company and USD $1.5M over a 48 month period. A 2% NSR will be granted to the vendors and the company will have an option to purchase 50% of the NSR for USD $1M at any time.
·         **Starcore International Mines Ltd.,** reported results from its annual general meeting of shareholders (San Martin mine, Queretaro).
·         **Goldgroup Mining Inc.,** announced the appointment of its new CEO effectively immediately. The previous interim CEO will continue as the company´s CFO (Cerro Prieto mine, Sonora).

**ON SOCIAL RESPONSIBILITY**
·         **Fresnillo plc** informed that it applies development and scientific research, consolidating the concept of what they call “sustainable mining”. The company implemented a “life vest” for monitoring the health of its workers, coupled with the use of artificial intelligence in data analysis systems such as Big Data, biometric readers and new generation extraction.

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, quartz hydrothermal breccia cemented by silica and fine disseminated sulphides in an epithermal quartz vein system in a project in Chihuahua, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of June, 2021.

June 6, 2021June 6, 2021 / gambusinoprospectormexico / Leave a comment

Quartz Blade Texture

By Miguel A Heredia

During the 22^nd week of the year (May 31^st to June 06^th, 2021), at least 24 press releases were announced by companies working in Mexico and 1 news published by the media, with six disclosing deals and corporate issues, six announcing financial rounds, five informing on exploration results, four reporting on resources and developments, three discussing social issues, and one communicating production and financial results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Benjamin Hill Mining released additional sampling results from its Benjamin Hill property, Silver Spruce and its JV partner Colibri commenced the phase 1 exploration drilling at its Mezquite project, and Heliostar presented results from its mapping and sampling program at its Oso Negro project. In Zacatecas, Zacatecas Silver completed the geological mapping and sampling program of the San Manuel Vein System. ON MINING, Santacruz reported Q1, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi States respectively. ON FINANCING, Alamos Gold declared quarterly dividend of USD $0.025 per common share (Mulatos mine, Sonora). Chesapeake reported that it granted 73,500 incentive stock options at an exercise price of $4.37 per share (Metates project, Durango). Colibri announced that its previously announced private placement has been oversubscribed for an additional 399,139 units at $.10 per unit (El Pilar project, Sonora). Silver Viper closed the first tranche of a $6M private placement for gross proceeds of $4.57M (La Virginia project, Sonora). VanGold signed a definitive agreement to obtain a non-dilutive USD $7.5M in the form of a silver and gold loan (El Cubo mine, Guanajuato). Vizsla closed a bought deal financing offering for gross proceeds of CAD $69M (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Barksdale outlined a 5,000m drilling program at its San Javier project in Sonora. GoGold released results from six holes collared at its Los Ricos North project in Jalisco. Oroco presented results from the 3D IP survey conducted at its Santo Tomas project in Sinaloa. Sonoro completed the nine final RC holes at its Cerro Caliche project in Sonora and moves towards an updated technical report and new PEA. ON DEALS AND CORPORATE ISSUES, Capstone announced the resignation of a member of its Board of Directors (Cozamine mine, Zacatecas). VanGold announced that it will change its name to Guanajuato Silver Company, Ltd. (El Cubo mine, Guanajuato). Gatos Silver announced the appointment of its President and CEO, effective June 1, 2021 (Los Gatos mine, Chihuahua). Great Panther appointed its new CFO and COO (Topia mine, Durango). First Majestic released results from its annual general meeting of shareholders (San Dimas property, Durango). Fortuna Silver provided an update of the legal dispute against the Mexican Geological Survey (SGM) if the royalty in one of its claims at San Jose mine in Oaxaca is not paid. ON SOCIAL RESPONSIBILITY, Minera Alamos released its 2020 Environmental, Social, and Corporate Governance (ESG) Report (Mulatos mine, Sonora). Grupo México delivered seed capital for productive and social projects in the community of Sombrerete, Zacatecas. Newmont Corporation launched its 2020 Annual Sustainability Report.

ON MEXICO ISSUES

No relevant news.

ON EXPLORATION

Benjamin Hill Mining Corp., released additional assays from 45 samples collected at the new La Salada East Area within its Benjamin Hill property in Sonora. Chip samples returned multiple results ranging from 1 g/t Au to 3.8 g/t Au with peaks of 10 g/t Au and 10.1 g/t Au. Gold values are associated with quartz veining and quartz breccias often with chalcopyrite, galena and hematite, limonite and “boxwork” pyrite. These results extend the known gold mineralization previously reported. The company also announced that it is finalizing drill program planning to test the most prospective targets generated to date and expects to receive drill permits in early June.
Silver Spruce Resources Inc., and its JV partner Colibri Resource Corporation commenced the 2,000m phase 1 exploration RC drilling at its Mezquite project in Sonora. Six holes are planned to drill test an area of 400m by 600m with elevated values to 3.41 g/t Au and 387 g/t Ag.
Heliostar Metals Limited presented results from its mapping and sampling program at its Oso Negro project in Sonora. High grade channel samples defined drill targets at the Prospecto Vein zone including 5.14 g/t Au, 953 g/t Ag, 1% Pb, and 1.9% Zn (1,428 g/t AgEq) over 1.2m; 2.55 g/t Au, 346 g/t Ag, 0.4% Pb, and 1.2% Zn (588 g/t AgEq) over 1.8m; and 3.29 g/t Au, 89 g/t Ag, 0.2% Pb, and 0.6% Zn (362 g/t AgEq) over 2.4m. This target has a length of 360m of strike, and has a weighted average grade of 420 g/t AgEq over and average width of 1.3m. Heliostar also announced the stacking of a new claim, Angel de Plata 2, increasing its land position to 120 square kilometers. Two new vein corridors have been discovered on the new claim with mine dump samples from historic workings up to 1,810 g/t AgEq.
Zacatecas Silver Corp., completed the first pass of its geological mapping and sampling program on the San Manuel Vein System. The company defined eight sets of oxidized, silver-base metal mineralized veins for over at least 3 km in length, with a dilation zone that is at least 600m wide. This extensional zone represents robust drill targets. The company has already commenced an environmental study at San Gill-San Manuel, concurrent with planning of first phase drilling at this target, which should be completed within 4 weeks.

ON MINING

Santacruz Silver Mining Ltd., Santacruz reported Q1, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi states respectively. At Zimapan, Hidalgo, the company processed 156, 433 tonnes to produce 646K Oz AgEq at cash and AISC of USD $19.91 and USD $27.19 per Oz AgEq respectively. At Rosario, San Luis Potosi, Santacruz processed 19,806 tonnes to produce 60.9K Oz AgEq at cash and AISC of USD $27.19 and USD $52.57 respectively. The company reported consolidated revenues of USD $11.1M, gross profit of USD $2.2M, EBITDA of USD $983K, and cash and marketable securities of USD $6.8M (Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively).

ON FINANCING

Alamos Gold Inc., declared quarterly dividend of USD $0.025 per common share. The company also implemented a dividend reinvestment plan. It gives the shareholders the option of increasing their investment by electing to receive common shares instead of cash dividend at a 3% discount to the prevailing market price (Mulatos mine, Sonora).
Chesapeake Gold Corp., reported that it granted 73,500 incentive stock options at an exercise price of $4.37 per share. The Options will vest and be exercisable on the basis of 25% annually, commencing May 31, 2022, the first anniversary of the date of the grant. (Metates project, Durango).
Colibri Resource Corporation announced that its previously announced private placement of 23,482,000 units has been oversubscribed for an additional 399,139 units at $.10 per unit with each unit consisting of one common share and one common share purchase warrant exercisable at $0.15 for one common share for a period of twenty-four months from the date of issue. (El Pilar project, Sonora).
Silver Viper Minerals Corp., closed the first tranche of a $6M private placement for gross proceeds of $4.57M (La Virginia project, Sonora). The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.
VanGold Mining Corp., signed a definitive agreement to obtain a non-dilutive USD $7.5M in the form of a silver and gold loan. The company estimates that the amount of gold and silver required to repay this loan facility will represent approximately 25% of the projected gold and silver to be produced by VanGold from its operations at the El Cubo mill in Guanajuato during the 12-month repayment period of the loan.
Vizsla Silver Corp., closed a bought deal financing offering for gross proceeds of CAD $69M. The net proceeds of the Public Offering will be used to advance the exploration and development of the Company’s Panuco project, to make option payments and pursue potential future acquisitions, as well as for working capital and general corporate purposes.

ON RESOURCES AND DEVELOPMENT

Barksdale Resources Corp., outlined a 5,000m drilling program at its San Javier project in Sonora. The plan is to start drilling in July 2021 at the Cerro Verde area to confirm near surface copper oxide and gold mineralization up to 200m and test structures believed to control higher grade mineralization. Cerro Verde has historic indicated + inferred resources for 86M tonnes of 0.33% Cu for a total of 630M Lb Cu. The company also plans to run metallurgical tests to better understand the potential processing routes for both copper and gold mineralization.
GoGold Resources Inc., released results from six holes collared at its Los Ricos North project in Jalisco. The most significant results was encountered in hole LRGF-21-041 with 0.38 g/t Au and 84 g/t Ag (1.5 g/t AuEq or 113 g/t AgEq) over 1.7m, plus 0.31 g/t Au and 82 g/t Ag (1.41 g/t AuEq or 105 g/t AgEq) over 56.1m, including 3.57 g/t Au and 975 g/t Ag (16.57 g/t AuEq or 1,243 g/t AgEq) over 1.3m, plus 0.19 g/ Au and 90 g/t Ag (1.39 g/t AuEq or 104 g/t AgEq) over 2.3m.
Oroco Resource Corporation presented results from the 3D IP survey conducted at its Santo Tomas project in Sinaloa. The 3D IP results show a good correlation of chargeability and resistivity features with known mineralization and alteration zones in the area of historical drilling and resource delineation. “Final survey data displays a very extensive distribution of chargeability / resistivity features beyond the confines of the historical work at Santo Tomas”.
Sonoro Gold Corp., completed the nine final RC holes at its Cerro Caliche project in Sonora and moves towards an updated technical report and new PEA. The most significant drill intersections were encountered in hole SCR-262 collared at Buena Suerte Area with 0.37 g/t Au and 0.6 g/t Ag (0.38 g/t AuEq) over 21.33m, and ole SCR-264 also collared at Buena Suerte area with 0.29 g/t Au and 12 g/t Ag (0.47 g/t AuEq) over 21.34m, including 1.59 g/t Au and 135 g/t Ag (3.52 g/t AuEq) over 1.53, plus 0.76 g/t Au and 7 g/t Ag (0.87 g/t AuEq) over 15.24m, including 2.4 g/t Au and 2 g/t Ag (2.43 g/t AuEq) over 1.52m. These results indicated a coalescence of the Buena Suerte and Los Japoneses areas into a single orebody of shallow, oxide gold mineralization. Sonoro expects two independent 43-101 compliant reports to update the resource size and classification and determine whether it is sufficient to support the Company’s proposed heap leach mining operation with a conceptual operation of up to 15,000 tonnes per day.

ON DEALS AND CORPORATE ISSUES

Capstone Mining Corp., announced the resignation of a member from its Board of Directors (Cozamine mine, Zacatecas).
VanGold Mining Corp., announced that it will change its name to Guanajuato Silver Company, Ltd., for which it has reserved the stock symbol GSVR with the TSX Venture Exchange (El Cubo mine, Guanajuato).
Gatos Silver Inc., announced the appointment of its President and CEO. He will assume its role, effective June 1, 2021 (Los Gatos mine, Chihuahua).
Great Panther Mining Limited, appointed its new CFO and COO, effective June 30, 2021 (Topia mine, Durango).
First Majestic Silver Corp., released results from its annual general meeting of shareholders (San Dimas property, Durango).
Fortuna Silver Mines Inc., provided an update of the legal dispute against the Mexican Geological Survey (SGM) if the royalty in one of its claims at San Jose mine in Oaxaca is not paid. Effective May 27, 2021, the General Direction of Mines (DGM) provided notice to the Company of the termination of the cancellation procedure, as it has determined that the required cause for cancellation of the concession was not established. As a result, the Company has discontinued the Amparo Proceedings in the Collegiate Court in Mexico. In light of these constructive developments, the Company is now engaged in goodwill discussions with the SGM to reach an agreement to the satisfaction of both parties with respect to the royalty claim.

ON SOCIAL RESPONSIBILITY

Alamos Gold Inc., released its 2020 Environmental, Social, and Corporate Governance (ESG) Report. It outlines the company’s progress on its ESG performance in 2020 across its operations, projects and offices, and provides direction on planned initiatives for 2021 (Mulatos mine, Sonora).
Grupo México delivered seed capital for productive and social projects in the community of Sombrerete, Zacatecas, which contribute to promoting development and building a more competitive community. This project that has been carried out since 2009 has approved more than 600 projects. On this occasion, seven new projects were approved whose support is MXP $1M, which is distributed among the projects, according to the scope presented by each one.
Newmont Corporation launched its 2020 Annual Sustainability Report. This is part of the suite of reports on the Company’s environmental, social and governance (ESG) practices in key areas that include health, safety and security, human rights, the environment, social acceptance, governance, and inclusion and diversity.

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, quartz blade texture in a hot spring and epithermal vein system in a project in Hidalgo, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2021.

February 28, 2021February 28, 2021 / gambusinoprospectormexico / Leave a comment

By Miguel A Heredia

During the fourth week of the year (February 22^th to February 28^th, 2021), at least 39 press releases were announced by companies working in Mexico and 7 news published by the media, with eleven announcing financial rounds, nine reporting on resources and development of their mine operations, seven disclosing deals and corporate issues, six commenting on Mexican issues, five informing on exploration results, five discussing social issues, and three communicating production and financial results. ON MEXICO ISSUES, Mining and Steel companies resumed activities after power outage. Mining is on alert for the possibility that the Mexican Congress approves the initiative of President Andrés Manuel López Obrador to modify the Electricity Industry Law and favor Federal Electricity Commission (CFE). Los Gatos Silver announced restoration of full grid power at its Cerro Los Gatos mine in Chihuahua. According to the Fraser Institute, Chile, Peru, and Mexico have lost global appeal for mining investment. According to Fresnillo plc, half of the electricity used by the La Herradura mine in Sonora comes from clean energy. The president of Mexico, Andrés Manuel López Obrador, has remained firm in his decision not to grant new mining concessions, a measure that has been described as one of the main challenges for the sector. ON EXPLORATION, In Sonora, Aztec Minerals and its JV partner Kootenay commenced 2021 exploration program at its Cervantes project, and SilverCrest released drill results from its Picacho project. In Nayarit, Xali delineated new drill targets at its El Dorado project. In Jalisco, GoGold released drill results from 12 holes collared at its Los Ricos North project. ON MINING, Capstone informed that it is on track for ramp-up to 3,780 tonnes per day at its Cozamine mine in Zacatecas by end of Q1, 2021, and reported Q4 and full-year 2020 production and financial results. Gold Resource reported full year 2020 production and financial results from its Don David mine in Oaxaca. Torex announced Q4, 2020 and full year 2020 production and financial results from its Limon-Los Guajes mine complex in Guerrero. ON FINANCING, Carlyle granted stock options to directors and consultants (Cecilia project, Sonora). Coeur announced its intention to offer USD $350M of senior notes due 2029 (Palmarejo mine, Chihuahua). Capstone closed a USD $150M silver stream agreement with Wheaton Precious Metals (Cozamine mine, Zacatecas). Discovery Metals announced that an aggregate of 31,140,000 common share purchase warrants were exercised (Cordero project, Chihuahua). Fabled announced an exercise of warrants for gross proceeds of $4,150,000 (Santa Maria property, Chihuahua). Orla completed layback agreement with Fresnillo on its Camino Rojo project in Zacatecas. Santacruz, through its subsidiary Carrizal Mining, entered into a definitive agreement with Minera Cedros, a subsidiary of Industrias Peñoles, to acquire the Zimapan mine in Hidalgo. SilverCrest completed its previously announced bought deal offering for gross proceeds of USD $138,069,000 (Las Chispas project, Sonora). Telson executed a LOI with Accendo Banco to provide financing up to USD $25M to complete the construction of its Tahuehueto mine in Durango, and also granted stock options to certain directors, officers, and insiders. ON RESOURCES AND DEVELOPMENT, Alamos Gold reported minerals reserves and resources for the year-ended 2020 (Mulatos mine, Sonora). Aloro informed that Alamos Gold has initiated its field exploration program on its Los Venados project in Sonora. Chesapeake presented its 2021 work program at its Metates project in Durango. Excellon released results from underground expansion and exploration drilling from its Platosa property in Durango. Fabled released results from the third drill hole collared at its Santa Maria property in Chihuahua. GR Silver announced that it is conducting a ground geophysics program at its San Marcial project in Sinaloa, incorporating magnetometry and 3D IP. Orogen provided an update on its Ermitaño property in Sonora. Prime announced that a fifth core drill rig has been added at Los Reyes project, Sinaloa. Xtierra released drill results from two holes collared at the Victor Vein at its Bilbao deposit in Zacatecas. ON DEALS AND CORPORATE ISSUES, Barksdale announced the appointment of its Corporate Secretary as well as the grant of stock options to directors, employees and consultants. Colibri signed an option agreement with Bimsa to acquire 100% interest in the Diamante gold project in Sonora. Equinox announced that shareholders and optionholders of Premier approved the acquisition (Mercedes mine, Sonora). GR Silver announced the appointment of its VP Corporate Comminications (Plomosas property, Sinaloa). Autlan announced the appointment of its CEO (Molango mine, Hidalgo). US Antimony announced that trading of its common shares at the New York Stock Exchange (NYSE) has been halted. VanGold announced the appointment of Ramón Dávila to join to its Advisory Board (Pinguico property, Guanajuato). ON SOCIAL RESPONSIBILITY, Fresnillo plc through its San Julian mine reinforced sanitary measures with campaign in Guadalupe and Calvo, Chihuahua. Minera Media Luna (Torex Gold) and the Universidad de Guerrero signed an environmental monitoring agreement (Limon-Guajes mine complex, Guerrero). Minera Peñasquito (Newmont) donated ventilators to the Medical Specialties Unit (UNEME) in Zacatecas. Mina Santa Elena (First Majestic) donated rapid COVID 19 antigen tests and face masks to municipalities of Baviácora, Aconchi, San Felipe de Jesús, Huépac, Banámichi, and Arizpe in Sonora.

ON MEXICO ISSUES

Mining and Steel companies operating in Mexico resumed activities after power outage. The companies normalized their operations after the energy deficit caused by the polar wave in Texas affected their operations. Local operations in the silver, gold, coal and iron mines were suspended or restricted after the US state halting natural gas exports amid a historic winter storm. The interruption of natural gas shipments has generated calls for Mexico to invest in gas storage and diversify its energy matrix.
Mining is on alert for the possibility that the Mexican Congress approves the initiative of President Andrés Manuel López Obrador (AMLO) to modify the Electricity Industry Law and favor Federal Electricity Commission (CFE). AMLO said that he will seek to get his proposal approved without changing a single comma. The government last week began a campaign to emphasize the alleged damage that the actions of the IP have brought to the company headed by Manuel Bartlett. Mining is one of the industries that will be affected. Simply the companies that invested in self-supply projects managed to lower the cost of the fluid from 12 or 13 cents of a kilowatt (kw) / hour to 6.5 cents. Those that depend on CFE pay between 8 and 9 cents per kw / hour, far from the level of their competitors in Peru or Chile, which are at 6 cents, let alone those in the US at 4 cents and Canada 2 cents.
Los Gatos Silver Inc., announced restoration of full grid power at its Cerro Los Gatos mine in Chihuahua. Given the expedited restoration of full grid power, the outage has had minimal impact on the Company’s mining and processing activities.
According to the Fraser Institute, Chile, Peru, and Mexico have lost global appeal for mining investment. In Mexico, concerns about the policies of President Andrés Manuel López Obrador explain the reason for his fall from 4 positions in attractiveness to invest, to place 42. In perception of its policies, it was located in a weak 61st place after descending 10 notches. “The Federal Government is hostile towards the mining industry and is not issuing new permits,” said a company president, echoing concerns the industry has recently expressed.
According to Fresnillo plc, half of the electricity used by the La Herradura mine in Sonora comes from clean energy such as wind and solar, with which, through its strategy of sustainability reiterates its commitment to caring for the environment. It has allowed the saving of 4,051 Mhw, which represents an estimated reduction of 2 thousand 358 tons of CO2e. The company reports that for a decade it has invested in the use of renewable energy sources in order to make its processes cleaner and, with it, to be able, in the medium term, to achieve that 75% of its electricity consumption comes from of wind energy.
The president of Mexico, Andrés Manuel López Obrador (AMLO), has remained firm in his decision not to grant new mining concessions, a measure that has been described as one of the main challenges for the sector. AMLO has repeatedly said that his administration will not award new concessions, as his predecessors would have given parts of the country to mining companies too easily. While it may be difficult to obtain new concessions, mining companies can still acquire properties in the secondary market, since there are concession holders who are willing to sell if necessary.

ON EXPLORATION

Aztec Minerals Corp., and its JV partner Kootenay Silver Inc., commenced their 2021 exploration program at its Cervantes project in Sonora. The plan is to conduct a +500 soil samples to cover 518 hectares with 100m by 100m spaced samples aimed at extending previous soils grid and covering the Estrella and California North targets to the western, northern, and eastern limits of the property. Detailed lithologic, alteration, structural mapping and rock chip sampling will proceed along with the soil sampling program.
SilverCrest Metals Inc., released drill results from its Picacho project in Sonora. The best intercepts from initial drilling include hole PI-20-006 with 40.49 g/t Au, and 260 g/t Ag (3,297 g/t AgEq) over a true width (TW) of 7.25m; and hole PI-20-001 with 8.5 g/t Au and 51 g/t Ag (689 g/t AgEq) over a TW of 16.4m. To date, 42 drill holes have been collared at the Picachos property, with 21 intercepting an average of 4.1m with grades of 8.14 g/t Au and 50 g/t Ag (660 g/t AgEq).
Xali Gold Corp., delineated new drill targets at its El Dorado project in Nayarit, through the development of a new 3D geological model. The 3D model visualized high grade mineralization occurring in multiple parallel veins. Drill permits are in progress and are expected to take 3-4 months to get them approved. Drilling is planned to test potential lateral extensions to the high grade zone.
GoGold Resources Inc., released drill results from 12 holes collared at its Los Ricos North project. Significant drill intercepts were encountered in hole LRGF-20-025 (Salomon area) with 0.26 g/t Au, 95 g/t Ag, (1.53 g/t AuEq or 115 g/t AgEq) over 70.5m, including 0.59 g/t Au and 251 g/t Ag (3.94 g/t AuEq or 295 g/t AgEq) over 20.1m, including 0.99 g/t Au and 404 g/t Ag (6.37 g/t AuEq or 478 g/t AgEq) over 10.1m, hole LRGF-20-025 (Guitarrillas area) with 0.35 g/t Au and 107 g/t Ag (1.77 g/t AuEq or 133 g/t AgEq) over 18.3m, including 2.17 g/t Au and 566 g/t Ag (9.71 g/t AuEq or 728 g/t AgEq) over 2m; hole LRGF-21-033 (Salomon area) with 0.59 g/t Au and 116 g/t Ag (2.14 g/t AuEq or 160 g/t AgEq) over 33.9m, including 1.25 g/t Au and 433 g/t Ag (7.02 g/t AuEq or 527 g/t AgEq) over 3m; hole LRGF-21-033 (Guitarrillas area) with 1.94 g/t Au and 275 g/t Ag (5.6 g/t AuEq or 420 g/t AgEq) over 5.8m, including 4.14 g/t Au and 544 g/t Ag (11.39 g/t AuEq or 854 g/t AgEq) over 2.1m; and hole LRGF-21-033 (Los Chivos area) with 2 g/t Au and 486 g/t Ag (8.48 g/t AuEq or 636 g/t AgEq) over 8.8m, including 7.36 g/t Au and 1,693 g/t Ag (29.94 g/t AuEq or 2,245 g/t AgEq) over 2.3m.

ON MINING

Capstone Mining Corp., informed that it is on track for ramp-up to 3,780 tonnes per day at its Cozamine mine in Zacatecas by end of Q1, 2021. During the period Q4, 2020, Capstone produced 10.3M Lb Cu at a cash cost of USD $0.63 per Lb Cu produced, and a total of 37.9M Lb in 2020 at a cash cost of USD $0.69 per Lb Cu produced.
Gold Resource Corporation reported full year 2020 production and financial results from its Don David mine in Oaxaca. The company produced 20,473 Oz Au, 1.19M Oz Ag, 3.57M Lb Cu, 17.3M Lb Pb, and 44.12M Lb Zn in 2020, at a cash and AISC of USD $784 and USD $1,365 respectively per Oz AuEq, for a net income of USD $4.4M with revenue of USD $90.7M and mine gross profit of USD $12.5M.
Torex Gold Resources Inc., announced Q4, 2020 and full year 2020 production and financial results from its Limon-Los Guajes mine complex in Guerrero. Torex produced in Q4, 2020, a total of 130,649 Oz Au at a cash and AISC of USD$579 and USD $886 per Oz Au produced, and sold 133,063 Oz Au for a net income USD $91.9M an adjusted EBITDA of USD $158.5M, cash flow from operations of USD $137.1M, and a free cash flow of USD $70.3M. For the full year 2020, Torex reported a production of 430,484 Oz Au, at a cash an AISC of USD $672 and USD $924 per OZ Au produced respectively, with a sale of 437,310 Oz Au at a realized Au price of USD $1,771 per Oz, for revenue of USD $789M, a net income of USD $109M, an adjusted EBITDA of USD $431M, and an operating cash flow of USD $342M. Net cash for the year 2020 was USD $161.6M.

ON FINANCING

Carlyle Commodities Corp., granted stock options to directors and consultants for the purchase of 2.79M shares. The options are exercisable for a period of 5 years at an exercise price of $0.14 per share (Cecilia project, Sonora).
Coeur Mining Inc., announced its intention to offer USD $350M of senior notes due 2029. Net proceeds from the Offering will be used to pay the purchase price and tender premium for up to all USD $230M aggregate principal amount of its 5.875% senior notes due 2024, to pay the redemption price to redeem any of the 2024 notes that are not so tendered in the concurrent tender offer and to pay the fees and expenses in connection with the offering, the concurrent tender offer and any redemption of the 2024 notes. To the extent that the company has excess proceeds from the offering, the company intends to use such excess amounts for general corporate purposes (Palmarejo mine, Chihuahua).
Capstone Mining Corp., closed a USD $150M silver stream agreement with Wheaton Precious Metals. “All conditions to complete the Stream Agreement have been fulfilled and Capstone has received USD $150M from Wheaton for 50% of the silver productions until 10M Oz Ag have been delivered, thereafter dropping to 33% of silver production, for the life of mine from the Company’s Cozamin Mine in Zacatecas, Mexico. Wheaton will make ongoing payments equal to 10% of the spot silver price at the time of delivery for each ounce delivered to them”.
Discovery Metals Corp., announced that an aggregate of 31,140,000 common share purchase warrants were exercised at a price of CAD $1.0 for gross proceeds of approximately CAD $31M. The company´s current cash balance has increased to approximately CAD $98M (Cordero project, Chihuahua)
Fabled Silver Gold Corp., announced an exercise of warrants for gross proceeds of $4,150,000. Following the exercise of the warrants, Fabled continues to have a total of 50,500,000 share purchase warrants outstanding that were previously issued under the financing. The Company has 185,251,903 total shares issued and outstanding as at February 19, 2021 (Santa Maria property, Chihuahua).
Orla Mining Ltd., completed layback agreement with Fresnillo on its Camino Rojo project in Zacatecas. Orla will pay Fresnillo a total cash consideration of USD $62.8M through staged payments. The first payment of USD $25M was due to Fresnillo on closing of the transaction.
Santacruz Silver Mining Ltd., through its subsidiary Carrizal Mining SA de CV, entered into a definitive agreement with Minera Cedros, a subsidiary of Industrias Peñoles SAB de CV, to acquire the Zimapan mine in Hidalgo and related assets, for a total consideration of USD $20M plus a VAT of USD $3.2M. Assets to be acquired include a processing facility with a capacity of 75K dry tonnes per month, and Zn, Pb, Cu circuits; surface and underground infrastructure required for day to date operations; and 34 mining concessions totalling 5,139 hectares. Santacruz also entered into a loan facility with Trafigura México SA de CV in the amount of USD $17.6M from which USD $15M will be advanced to Peñoles on behalf of Carrizal on closing of the acquisition. The remains balance, USD $8.2M, is being financed by Minera Cedros. The USD $2.6M balance of the Trafigura loan represents the refinancing of existing debt owing to Trafigura by Carrizal and an affiliate.
SilverCrest Metals Inc., completed its previously announced bought deal offering for gross proceeds of USD $138,069,000. Gross proceeds will be used to expand the Las Chispas resources and reserves, through further drilling, to optimize the mine and processing plant design, to explore regional targets, and for general working capital purposes.
Telson Mining Corporation executed a LOI with Accendo Banco SA de CV to provide financing up to USD $25M to complete the construction of its Tahuehueto mine in Durango. Telson also granted stock options to certain directors, officers and insiders of up to an aggregate 4.7M shares in the capital stock of the Company. The options are exercisable on or before February 25, 2026 at a price of $0.30 per share, and the Company has also re-priced 1,873,333 stock options originally granted as to; 1,423,333 exercisable at $0.71 till November 10, 2022, 400,000 exercisable at $0.72 till April 16, 2023 and 50,000 exercisable at $0.71 till April 23, 2023.

ON RESOURCES AND DEVELOPMENT

Alamos Gold Inc., reported minerals reserves and resources for the year-ended 2020. Proven and probable reserves at Mulatos mine in Sonora are 33,935,000 tons of 1.24 g/t Au for a total of 1.35M Oz Au. Measured + indicated resources are 74,193.000 tonnes of 1.09 g/t Au for a total of 2.6M Oz Au, and Inferred resources are 9,291,000 tonnes of 0.91 g/t Au for a total of 271K Oz Au. Mineral reserves are exclusive of mineral resources.
Aloro Mining Corp., informed that Alamos Gold has initiated its field exploration program on its Los Venados project in Sonora. Focus of the program is the south portion of the property, adjacent to the Mulatos open pit.
Chesapeake Gold Corp., informed over its 2021 work program at its Metates project in Durango. This program will consists of approximately 2,500m drilling to recover 10 tonnes of PQ size material to conduct on 40 test columns metallurgical testwork focused on a new heap leach option, to determine the impacts of size, regent strengths, and ore types to determine the optimum oxidation and precious metal leaching parameters. In parallel, Chesapeake will update the previous PSF and add a scoping study for the sulphide heap leach to demonstrate the potential upside of this option.
Excellon Resources Inc., released results from underground expansion and exploration drilling from its Platosa property in Durango. Significant drill intercepts were encountered at the Rodilla, NE-1S, and Pierna Mantos with diamond drilling from underground in hole EX20UG491 at the Rodilla Area with 1,023 g/t Ag, 9.3% Pb, 4.5% Zn, and 0.1 g/t Au (1,422 g/t AgEq) over 8.9m, including 3,499 g/t Ag, 29.7% Pb, 10.3% Zn, and 0.1 g/t Au (4,623 g/t AgEq) over 2.2m; hole EX20UG493 at NE-1S Area with 673 g/t Ag, 6.7% Pb, and 7.1% Zn (1,092 g/t AgEq) over 2.4m; hole EX20UG506 at 623 Area with 1,258 g/t Ag, 7.5% Pb, 2.4% Zn, and 0.1 g/t Au (1,258 g/t AgEq) over 1.6m; and hole EX21UG515 at Gap Area with 721 g/t Ag, 4.1% Pb, and 4.5% Zn (984 g/t AgEq) over 4m. Drilling continues to define and discover new mineralization in the gap Area with 300m of potential mineralized strike to be explored.
Fabled Silver Gold Corp., released results from the third drill hole collared at its Santa Maria property in Chihuahua. This third hole is part of an ongoing 8,000m drill program and intersected 85 g/t Ag and 0.49 g/t Au over 12.5m, including 214 g/t Ag and 1.08 g/t Au over 1.8m. “The 12.50 meter intersection has clearly defined a footwall and hanging wall structure with corresponding elevated silver values up to over 7 ounces of silver and remains open at depth. More importantly, the structure is very conformable and intersected exactly where predicted, which bodes very well for the expansion of Santa Maria and increasing the present NI 43-101 resources on the property with only 3 drill holes drilled to date.”
GR Silver Mining Ltd., announced that it is conducting a ground geophysics program at its San Marcial project in Sinaloa, incorporating magnetometry and 3D IP. The survey will initially focus on the resource area to characterize the known Ag-Pb-Zn mineralization therein, which hosts the NI 43-101 resource.
Orogen Royalties Inc., provided an update on its Ermitaño property in Sonora, currently under control of First Majestic Silver Corp., where Orogen holds a 2% NSR. Last January, First majestic announced a USD $42.1M investment for the development of Ermitaño project to support the construction of an underground mine infrastructure that began last year. First majestic plans to release a PEA by the end of March, and is currently conducting hydrological studies and geotechnical drilling for an upcoming PFS that is expected to be released in H2, 2021. In addition, the company also plans to extract 30K to 60K tonnes of material for metallurgical testwork.
Prime Mining Corp., announced that a fifth core drill rig has been added at its Los Reyes project, Sinaloa. Prime commenced a 15,000m drill program in December 2020 and only ten has been completed to date. The plan is to complete the phase 1 drilling before onset of the rainy season in mid-August, complete a new geological resource model during the rainy season hiatus and then initiate an aggressive Phase 2 drilling program in Q4 2021.
Xtierra Inc., released results from two holes collared at the Victor Vein, located adjacent to and west of its Bilbao deposit in Zacatecas. Hole X6B intersected 108 g/t Ag, 0.31% Pb, 0.08% Zn, and 0.03% Cu (120 g/t AgEq) over a true width (TW) of 1.148m, and hole X7B intersected 61 g/t Ag, 5.5% Pb, 4.41% Zn, and 0.08% Cu (336 g/t AgEq) over a TW of 9.37m, including 82 g/t Ag, 6.8% Pb, 6.9% Zn, and 0.29% Cu over a TW of 0.61m, including 63 g/t Ag, 6% Pb, 6.4% Zn, and 0.08% Cu (412 g/t AgEq) over a TW of 0.36m, including 119 g/t Ag, 13.6% Pb, 11.4% Zn, and 0.01% Cu (795 g/t AgEq) over a TW of 0.70m, and including 107 g/t Ag, 8.2% Pb, 6.9% Zn, and 0.54% Cu (566 g/t AgEq) over a TW of 0.50m.

ON DEALS AND CORPORATE ISSUES

Barksdale Resources Corp., announced the appointment of its Corporate Secretary as well as the grant of stock options to directors, employees and consultants (San Javier project, Sonora).
Colibri Resources Corporation signed an option agreement with Bimsa Minera SA de CV to acquire 100% interest in the Diamante gold project in Sonora. The Diamante property comprises two 1,057 hectares in two properties that borders El Mezquite project immediately to the west, and about 1.6km northwest of Colibri’s 1,130-ha Jackie project. To earn an initial 50%, Colibri has to pay USD $100K and incur the expense of completing 2,000m of drilling over the course up to two years, and also will be responsible for all exploration cost while preparing for such drilling program. In addition, Colibri will pay ½ of the property tax and security costs during this period. Upon completion of its 50% earn-in, Colibri will become equal joint venture partners with Bimsa Minera and then Colibri will have an exclusive period of six months to purchase the remaining 50% of the joint venture by paying Bimsa Minera either of: i) USD $2.1M or ii) USD $1.4M and the grant of a 2% net smelter royalty (NSR) on the project.
Equinox Gold Corp., announced that shareholders and optionholders of Premier Gold Mines Limited approved the acquisition by Equinox Gold. “On closing of the Transaction, Premier shareholders will receive 0.1967 of an Equinox Gold share for each Premier share held, such that existing Equinox Gold and Premier shareholders will own approximately 84% and 16% of Equinox Gold, respectively, on an issued share basis. The Transaction is expected to close in March subject to certain regulatory approvals and other customary closing conditions”. By approving the Transaction, Premier securityholders also approved the spin-out to Equinox Gold and Premier shareholders shares of a newly created US-focused gold production and development company to be called i-80 Gold Corp. (Mercedes mine, Sonora).
GR Silver Mining Ltd., announced the appointment of its VP Corporate Comminications (Plomosas property, Sinaloa).
Compañía Minera Autlan SAB de CV announced the appointment of its CEO (Molango mine, Hidalgo).
US Antimony Corporation announced that trading of its common shares at the New York Stock Exchange (NYSE) has been halted since before the opening of trading on Wednesday, February 17, 2021 as a consequence of selling common shares in a manner that violated Sections 301 and 713 of the Company Guide. “The violations relate to two non-underwritten transactions involving the sale of an aggregate of26,290,000 shares of common stock at a discount to the market price at the time of each transaction, with the first transaction, which closed on February 3, 2021, involving the sale of 15,300,000 shares of common stock at a purchase price of $0.70 per share, and with the second transaction, which closed on February 16, 2021, involving the sale of 10,990,000 shares of common stock at a purchase price of $1.30 per share”. The Company has been advised by NYSE Regulation that the Company’s common stock will resume trading on the NYSE American following the issuance of this press release and the filing of a Current Report on Form 8-K disclosing the receipt of the Letter, which the Company anticipates will be prior to the open of trading on Friday, February 19, 2021.
VanGold Mining Corp., announced the appointment of Ramón Dávila to join to its Advisory Board (Pinguico property, Guanajuato).

ON SOCIAL RESPONSIBILITY

Fresnillo plc reinforced sanitary measures with campaign in Guadalupe and Calvo, Chihuahua. Personnel from the San Julian mine delivered five thousand washable face masks through a caravan of more than 25 volunteers. The municipality of Guadalupe y Calvo has received different donations of face masks from the mining company that operates San Julian mine, adding more than 30 thousand items delivered. These surgical cloth mouth covers were manufactured by the “Yerbitas” community sewing workshop.
Minera Media Luna (Torex Gold) and the Universidad de Guerrero signed an environmental monitoring agreement to encourages the inhabitants of Nuevo Balsas, Atzcala and Mezcala, communities located around the El Caracol dam and the Balsas rivers and San Juan de Cocula, to get involved in the Participatory Environmental Audit. “During the protocol ceremony, it was reported that 42 residents of Nuevo Balsas have participated in the taking of water and sediment samples, another 260 fishermen from the same town, Atzcala and Mezcala were surveyed for the evaluation of the fishing effort”. (Limon-Guajes mine complex. Guerrero).
Minera Peñasquito (Newmont) donated ventilators to the Medical Specialties Unit (UNEME) in Zacatecas. This UNEME has been converted into a COVID-19 Hospital for services of health, which receives people affected by SARS -Cov 2 from the State of Zacatecas, who require hospitalization and who are not beneficiaries of other social security systems. With this donation, Newmont reaffirms its commitment to Zacatecas in support of the most vulnerable population in the state and joins the efforts of health authorities in their fight against this pandemic. Newmont has delivered in Zacatecas more than MXP $28M, in hospital supplies and food packages.
Mina Santa Elena (First Majestic) donated rapid COVID 19 antigen tests and face masks to municipalities of Baviácora, Aconchi, San Felipe de Jesús, Huépac, Banámichi, and Arizpe in Sonora, with the aim of detecting suspicious cases and mitigating risks of contagion.

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 quartz hydrothermal breccia displaying cockade texture and a quartz vein displaying boiling texture in an intermediate sulphidation epithermal system in a prospect in Chihuahua, Mexico. Photo by Miguel A Heredia., Mexico.

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Luca Mining Set to Benefit from New Additions to Board of Directors, and Announces Grant of Stock Options, Appointment of Investors Relations Advisors, and Extension of the Private Placement