Antimony

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of January 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 4th week of the year (January 20th to January 26th, 2025), companies working in Mexico presented 26 press releases. Two companies informed on exploration on their properties, three companies presented quarterly reports and one updated on the refurbishment of an antimony smelter. Nine companies informed on financing rounds and two granted stock options. Two companies reported drilling results from producing mines and one more from an advanced property. A company resumed operations at its advanced property after a fatal accident. Two companies informed on senior staff changes. One company informed on another’s company acquisition process and one more informed on the TSX stand in relation to a take-over bid. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures reported surface exploration results at its Gran Pilar project. In Nayarit, Angel Wing commenced drilling at La Reyna project. ON MINING, Capstone Gold, Avino Silver and Dyna Resource presented Q4 2024 results. US Antimony provided an operational update on its Madero smelter. ON FINANCING, companies that commenced or closed financing rounds include Defiance Silver (C$732 K), Colibri Resource (C$250 K), Zacatecas Silver (C$1.5 M), Capitan Silver (C$4.2 M), Goldgroup Mining (C$3.5 M), Gold Resource Corp. (US$2.5 M). Southern Silver Exploration (C$2.5 M), Silver Storm Mining (C$3.5 M), Mexican Gold (C$160 K). Sonoro Gold and Angel Wing Metals granted options to officers and directors. ON RESOURCES AND DEVELOPMENT, Vizsla Silver resumed limited operations after a fatal accident on Panuco, in Sinaloa. Sierra Metals reported drilling results from Bolivar, in Chihuahua. Mithril Silver and Gold presented drilling results from Copalquin, in Durango. First Majestic Silver released drilling results from San Dimas, in Durango.  ON DEALS AND CORPORATE ISSUES, Zacatecas Silver and Infinitum Copper announced movements on their boards. Agnico Eagle acquired 94% of O3 Mining shares. Sierra Metals was notified by the TSX on relation to a take-over bid. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Angel Wing Metals Inc. commenced a 1,500 m diamond drill program at La Reyna project in Nayarit. “The first phase of the program will include 10-12 holes aimed at confirming historical surface sampling grades, on strike continuity, orientation and depth of known mineralization, and artisanal mine workings”. Drilling is to focus on the Dolorosa, Zorrillo, San Ramon and El Polo targets.
  • Tocvan Ventures Corp. reported on surface exploration results from its 100% owned Gran Pilar project in Sonora. A total of 188 rock samples and 9 infill soil samples were analyzed from the Southern Block, with four new target areas within a 1.8 km long by 1.0 km wide zone. Another zone 2.1 km by 2.4 km remains to be sampled. Highlighted rock sample results comprise: 3.11 gpt Au, 18 gpt Ag, 0.5% Pb, 0.1% Zn; 2.74 gpt Au, 17 gpt Ag, 0.7% Pb; 2.71 gpt Au, 17 gpt Ag, 0.7% Pb, 0.1% Zn; 2.29 gpt Au, 24 gpt Ag, 0.9% Pb; 2.13 gpt Au, 0.1% Cu, 0.1% Zn; 1.45 gpt Au, 0.2% Zn; 1.12 gpt Au, 64 gpt Ag, 0.6% Pb; 1.09 gpt Au, 10 gpt Ag, 0.4% Cu; 0.88 gpt Au; 0.19 gpt Au, 0.7% Cu; 0.17 gpt Au, 0.7% Pb. High pathfinder numbers on rock sampling comprise up to 0.5% As, 312 ppm Mo and 98 ppm Sb. Nine infill soil samples returned up to 0.45 gpt Au, 8 gpt Ag, 110 ppm Cu, 671 ppm Pb, 147 ppm Zn, 463 ppm As, 3 ppm Mo. Diamond drilling continues on the Pilar project (JV with Colibri Resource Corp.) with core sample preparation ongoing of the 408 m already completed on four holes.

ON MINING

  • Capstone Copper Corp. announced consolidated production for 2024, including information from its operations in Mexico. During Q4 2024 the company produced 6,724 tonnes Cu at Cozamin, in Zacatecas, for a total yearly production of 24,906 tonnes Cu, out of a total of 141,698 tonnes Cu produced by their sulfide business. For 2025, guidance for Cozamin is similar to 2024, with 23 – 26 K tonnes Cu at cash cost $1.60 – $1.80.
  • Avino Silver & Gold Mines Ltd. presented Q4 and full year 2024 production results. At Avino, in Durango, 181.7 K tonnes were processed during the quarter, grading 56 gpt Ag, 0.59 gpt Au, 0.52% Cu, recovering 87% Ag, 74% Au, 86 % Cu, to produce 283.8 K Oz Ag, 2,560 Oz Au, 1.77 M Lb Cu (or 735 K Oz AgEq). For the year 648.8 K tonnes were processed, grading 61 gpt Ag, 0.51 gpt Au, 0.51% Cu, recovering 88% Ag, 71% Au, 87% Cu, to produce 1.1 M Oz Ag, 7,477 Oz Au, 6.2 M Lb Cu (or 2.65 M Oz AgEq). “Avino had approximately $26 million in cash at the end of 2024 and remains debt-free, excluding operating equipment leases”.
  • Fortuna Mining Corp. reported production results for the fourth quarter and full year 2024, including figures from its operations in Mexico. At San José, in Oaxaca, Fortuna milled 190 K tonnes during the quarter, at a rate of 2,437 tpd, grading 118 gpt Ag, 0.85 gpt Au, recovering 82.7% Ag, 82% Ag, to produce 594.4 K Oz Ag, 4,239 Oz Au. For the year, 735.6 K tonnes were milled at a rate of 2,138 tonnes per day, grading 125 gpt Ag, 0.89 gpt Au, recovering 86.1% Ag, 84.8% Au, to produce 2.55 M Oz Ag, 17,811 Oz Au. Last week the company announced the sale of the San José mine.
  • Dyna Resource Inc. announced its preliminary 2024 operating results and 2025 guidance. During the quarter Dyna mined 67.7 K tonnes, grading 4.12 gpt Au, recovering 76% Au to produce 6,775 Oz Au. For the year, 257.7 K tonnes were mined, averaging 4.07 gpt Au, recovering 76% Au to produce 25,677 Oz Au. For 2025 Dyna expects to produce 27,000 to 30,000 Oz Au, at an AISC of $1,850 to $2,050 per Oz Au, with US$2.5 to US$3 M in exploration expenditures.
  • United States Antimony Corp. provided an operational update on its Madero smelter in Coahuila. “Initial plans are for the Madero Smelter to process antimony ore in an amount approximating 100 tons per month”, starting next March. The company will repair and refurbish six of the seventeen furnaces at the smelter over the next month. The less than US$1 M capital expenditure program is also geared to more streamline antimony feedstock in a faster, more mechanical and less human interaction manner, allowing for increased throughput in the future.

ON FINANCING

  • Defiance Silver Corp. closed a first tranche of a non-brokered private placement for aggregate gross proceeds of C$732K (Zacatecas project, Zacatecas).
  • Colibri Resource Corp. intends to conduct a non-brokered private placement for gross proceeds for up to C$250 K (Diamante, Sonora).
  • Zacatecas Silver Corp. arranged a non-brokered private placement for total proceeds of C$1.5 M (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Capitan Silver Corp. intends to raise up to C$4.2 M through a non-brokered private placement. “The Offering is expected be led by a strategic investment from the Jupiter Gold & Silver Fund” (Cruz de Plata, Durango).
  • Goldgroup Mining Inc. closed the non-brokered private placement previously announced. The company raised C$3.5 M in gross proceeds (Cerro Prieto, Sonora).
  • Gold Resource Corp. closed the registered offering for US$2.5 M in gross proceeds (Don David).
  • Angel Wing Metals Inc. granted 1.7 M stock options to directors of the company (La Reyna, Nayarit).
  • Southern Silver Exploration Corp. revised the terms of the previously announced non-brokered private placement, which is now to comprise gross proceeds of up to C$2.5 M (Cerro Las Minitas, Durango).
  • Silver Storm Mining Ltd. increased the size of its previously announced non-brokered private placement, for gross proceeds of up to C$3.5 M. First Majestic Silver (a significant shareholder) subscribed C$1.5 M in shares, which is considered a related party transaction (La Parrilla, Durango).
  • Mexican Gold Mining Corp. announced a non-brokered private placement to raise up to C$160 K (Las Minas, Veracruz).
  • Sonoro Gold Corp. granted options to certain directors, officers and consultants of the company (Cerro Caliche, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp. resumed limited operations after the recent fatal accident at Panuco, in Sinaloa, to work in a test mine and advance towards a feasibility study.
  • Sierra Metals Inc. reported drill results for the 2024 drill program in the Marian Zone at the Bolivar mine in Chihuahua. Highlighted true width core intervals comprise 26.0 m @ 1.29% Cu, 0.34 gpt Au, 11 gpt Ag; 20.0 m @ 1.37% Cu, 0.31 gpt Au, 24 gpt Ag, 0.2% Zn; 9.5 m @ 0.85% Cu, 0.14 gpt Au, 24 gpt Au, 3.0% Zn; 10.0 m @ 1.26% Cu, 0.26 gpt Au, 40 gpt Ag, 8.3% Zn; 7.0 m @ 2.45% Cu, 0.42 gpt Au, 12 gpt Ag; 6.7 m @ 0.93% Cu, 0.22 gpt Au, 2 gpt Ag. Marian is a chalcopyrite, lesser bornite and pyrite mineralized body, interpreted as a feeder zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. Mineralization is 9.0 to 26.4 m wide, with the current results having the potential to extend the ore body 300 m along strike and 600 m downdip.
  • Mithril Silver and Gold Ltd. continues drilling the Target 1 resource area at its Copalquin project in Durango. Highlighted core length intervals comprise: 7.37 m @ 4.16 gpt Au, 70 gpt Ag; 0.75 m @ 2.53 gpt Au, 60 gpt Ag; 7.65 m @ 0.23 gpt Au, 9 gpt Ag; 2.00 m @ 0.63 gpt Au, 61 gpt Ag; 5.00 m @ 0.53 gpt Au, 29 gpt Ag; 13.90 m @ 0.71 gpt Au, 35 gpt Ag (including 1.00 m @ 4.15 gpt Au, 195 gpt Ag). The company is to complete a resource estimate for the Target 1 by end of Q1 2025, and drilling is to commence with a second drill rig at the Target 2 area by April 2025.
  • First Majestic Silver Corp. released results from the 2024 drilling program at its San Dimas mine in Durango. Resource conversion and exploration drilling was performed on El Oro, Perez, Sinaloa, Santa Teresa, Rosario, Intermedia, Santa Regina, Santa Jessica and Nochebuena veins. Highlighted true length results comprise: 3.26 m @ 10.03 gpt Au, 1,996 gpt Ag; 2.30 m @ 6.28 gpt Au, 1,001 gpt Ag; 3.14 m @ 3.66 gpt Au, 485 gpt Ag; 5.06 m @ 2.00 gpt Au, 309 gpt Ag; 2.31 m @ 23.33 gpt Au, 1,045 gpt Ag; 2.97 m @ 6.61 gpt Au, 501 gpt Ag; 1.69 m @ 10.91 gpt Au, 796 gpt Ag; 1.64 m @ 8.31 gpt Au, 507 gpt Ag; 3.41 m @ 10.02 gpt Au, 359 gpt Ag; 5.86 m @ 3.11 gpt Au, 166 gpt Ag; 1.69 m @ 13.53 gpt Au, 211 gpt Ag.

ON DEALS AND CORPORATE ISSUES

  • Zacatecas Silver Corp. announced the appointment of Mr. Eric Vanderleeuw as chief executive officer and director and Mr. Mario Vetro as advisor (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Infinitum Copper Corp. announced the resignation of Steve Robertson as chairman and as a director and Garrick Mendham as director of the company (La Adelita, Sonora).
  • Agnico Eagle Mines Ltd. and O3 Mining Inc. provided O3 Mining share Holders with a final reminder to tender to Agnico Eagle’s friendly all cash offer to acquire 100% of the common shares of O3 Mining at $1.67 per share, which expires on January 23, 2025 (Pinos Altos, Chihuahua).
  • Agnico Eagle Mines Ltd. announced the acquisition of 94.1% of the outstanding common shares of O3 Mining Inc., with expiry of the buy offer extended to February 3, 2025 (Pinos Altos, Chihuahua).
  • Sierra Metals Inc. was notified by the Toronto Stock Exchange (TSX) “that the TSX will defer its consideration of the acceptance of the Company’s shareholder rights plan dated December 30, 2024”. This is in relation to the un-solicited take-over bid by Alpayana S.A.C. for all of the common shares of Sierra Metals (Bolivar, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No Relevant news.

On the image below: Old mine working in the Sonoran Desert. Drone picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of January, 2025

/ gambusinoprospectormexico / Leave a comment

Flow Banded Rhyolite

By Miguel A Heredia

During the 1st week of the year (December 30th 2024 to January 5th 2025), at least 7 press releases were announced by companies working in Mexico, and 1 news published by the media, with four disclosing deals and corporate issues, two announcing financing rounds, one reporting resources and development of their properties, and one commenting on Mexican issues.  ON MEXICO ISSUES, An independent economic analysis indicated that the year 2024 was a crucial period for the Mexican economy, characterized by a scenario of contrast in the midst of a challenging global environment. ON EXPLORATION, no relevant news. ON FINANCING, Luca Mining reported that one of the company´s insiders sold an aggregate of 5,699,975 common shares (Tahuehueto project, Durango). Odyssey Marine secured $4M in funding to support the project’s development and extended the maturity of its existing debt. ON RESOURCES AND DEVELOPMENT, Silver Tiger provided a year-end review of 2024 highlights and a 2025 outlook for its El Tigre project, Sonora. ON DEALS AND CORPORATE ISSUES, Sierra Metals adopted shareholder rights plan (Bolivar mine, Chihuahua). US Antimony announced second contract for international supply of antimony (Madero smelter, Coahuila). Elemental Altus announced the appointment of a new Director (Mercedes mine, Sonora). Odyssey Marine formed a JV with Capital Latinoamericano to develop a strategic fertilizer project in Mexico, focusing on high-quality phosphate resources within the country’s Exclusive Economic Zone. ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • An independent economic analysis indicated that the year 2024 was a crucial period for the Mexican economy, characterized by a scenario of contrast in the midst of a challenging global environment. Factors such as the slowdown of developed economies, geopolitical tensions and domestic policy decisions have shaped the country’s economic behavior. According to data from the National Institute of Statistics and Geography (INEGI), Mexico’s Gross Domestic Product (GDP) closed 2024 with an estimated growth of 2.8%. Although this represents a slight improvement over previous years, it is still below the expectations of international organizations such as the World Bank, which had projected growth close to 3.5%. Economic performance was mainly driven by: 1 Manufacturing sector and exports: the automotive and electronics industry continued to be a key driver, benefiting from nearshoring and the relocation of supply chains by global companies;  2 Remittances: money transfers from abroad reached a new record, with more than USD $60 B entering the country, which boosted consumption in vulnerable sectors; and 3 Tourism: the recovery of international tourism and the growth of domestic tourism contributed significantly to the economy, especially in regions such as Quintana Roo and Baja California Sur. Inflation closed the year at 4.2%, getting closer to the Bank of Mexico (Banxico) objective of 3%. This achievement is attributed to a restrictive monetary policy that kept the interest rate at high levels for much of the year. However, this also generated an impact on consumer credit and private investment, limiting economic growth. One of the most significant challenges of the year was the weakness in gross fixed investment, which showed a marginal growth of 0.8%. This reflects investor concerns about regulatory uncertainty and the political environment, especially in sectors such as energy and mining. The economic closure of 2024 shows that Mexico faces significant challenges, but also has unique opportunities to strengthen its economy in an uncertain global context. The key to 2025 will be to foster business confidence, consolidate its integration into global value chains and maintain a clear focus on sustainability and inclusive development.

ON EXPLORATION

  • No relevant news.

ON MINING

  • No relevant news.

ON FINANCING

  • Luca Mining Corp., reported that one of the company´s insiders, Calu Opportunity Fund LP (Calu) sold an aggregate of 5,699,975 common shares, at a price of approximately $0.62 per common share for sales gross proceeds of $3,533,984. Calu advised the company´s management that it intends to use $2M for the sales proceeds to exercise a total of 4M warrants at an exercise price of $0.50 per warrant (Tahuehueto project, Durango).
  • Odyssey Marine Exploration Inc., entered into a securities purchase agreement to secure $4M in funding to support the project’s development and extended the maturity of its existing debt. Separately, holders of Odyssey’s debt have agreed to extend the maturity date of notes due December 2024 to December 2025 and notes due June 2025 to April 2026.

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., provided a year-end review of 2024 and an outlook for 2025, highlighting significant progress in its El Tigre project, Sonora. Key achievements in 2024 included the completion of a Preliminary Feasibility Study (PFS) with a base case After-Tax NPV of USD $222M and an After-Tax IRR of 40%. The company also updated its Mineral Resource Estimate and commenced underground drilling on high-grade veins, sulphide, and shale zones. For 2025, Silver Tiger plans to complete a 5,000m underground drill program, with the first drill results expected in January 2025, deliver a Preliminary Economic Assessment (PEA) during H1-2025 for the underground resource, secure project financing for the open pit portion of the project, and make a construction decision upon receipt of the open pit permit.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc., adopted a shareholder rights plan effective December 30, 2024, aimed at ensuring fair treatment of shareholders during take-over bids and protecting against creeping bids. The plan allows shareholders to purchase additional common shares at a 50% discount if rights become exercisable. However, it requires ratification by shareholders and approval from the Toronto Stock Exchange by June 30, 2025; otherwise, the plan will terminate (Bolivar mine, Chihuahua).
  • US Antimony Corporation (USAC) announced on December 30, 2024, a second contract for the international supply of antimony, with initial shipments of 50 wet metric tons from Thailand expected to arrive at the Mexican port of Manzanillo in March 2025 to be processed at the company´s Madero smelter in Coahuila. Additionally, USAC filed a new $100M universal shelf registration statement with the United States Securities and Exchange Commission (SEC), aimed at providing flexibility for future financing opportunities. It will replace its existing $25M universal shelf registration statement that will expire in January 2025. This move is part of USAC’s strategy to secure quality antimony supply for its smelters and set up for a strong financial performance in 2025.
  • Elemental Altus Royalties Corp., announced the appointment of a new member to its Board of Directors as an independent non-executive Director (Mercedes mine, Sonora).
  • Odyssey Marine Exploration Inc., formed a JV with Capital Latinoamericano S.A.de C.V. to develop a strategic fertilizer project in Mexico, focusing on high-quality phosphate resources within the country’s Exclusive Economic Zone. The initiative aims to establish a partnership with the Mexican government to enhance food security and empower local farmers, particularly small-scale producers, by providing access to affordable fertilizers. The project combines Odyssey’s expertise in subsea resource exploration with Mr. Juan Cortina’s leadership in agriculture, promoting sustainable practices and rural development. The project will employ advanced technology and proven sustainable dredging techniques, which have been successfully used in over 200 similar projects in Mexican waters by a local operating partner for the project. Odyssey secured $4M in funding to support the project’s development and extended the maturity of its existing debt.

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, flow banded rhyolite in an epithermal vein system project in Durango, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of December, 2024

/ gambusinoprospectormexico / Leave a comment

Ptygmatic folding

By Miguel A Heredia

During the 51st week of the year (December 16th to December 22nd 2024), at least 23 press releases were announced by companies working in Mexico, and 1 news published by the media, with ten disclosing deals and corporate issues, four reporting resources and development of their properties, four announcing financial rounds, two communicating production and financial results, two informing on exploration results, and two commenting on Mexican issues.  ON MEXICO ISSUES, Mining companies listed in the Mexican Stock Exchange (BMV) earned MXP $107,326M (approx USD $5.2B) in market value so far in 2024. Galore, Silver Storm and Spruce Silver/Colibri reported the best drilling intercepts in Mexico on the third week of December, 2024.  ON EXPLORATION, In Zacatecas, Galore Resources commenced a planned 5,000m core drill program at its Los Gemelos/Duraznillo property. In Sonora, Colibri in partnership with Silver Spruce reported significant drilling results from the Diamante property. ON MINING, Endeavour Silver announced that the Guanaceví mine in Durango has resumed full processing capacity following the successful installation of a new ball mill trunnion. US Antimony announced the completion of contractual negotiations for new international shipments of antimony from Australia and plans to restart its smelter in Madero in Coahuila, Mexico. ON FINANCING, Angel Wing completed its previously announced non-brokered private placement financing for gross proceeds of CAD $2,034,000 (La Reyna project, Nayarit). Alamos Gold announced the renewal of its Normal Course Issuer Bid (Mulatos mine, Sonora). Sonoro Gold closed its previously announced non-brokered private placement for gross proceeds of CAD $500K (Cerro Caliche project, Sonora). Silver Storm closed the first tranche of a non-brokered private placement for gross proceeds of CAD $465,619.95 (La Parrilla mine, Durango). ON RESOURCES AND DEVELOPMENT, Silver Storm announced results from its phase 2 diamond drilling program conducted at its la Parrilla mine, Durango. Endeavour Silver announced that the Guanaceví mine in Durango has resumed full processing capacity following the successful installation of a new ball mill trunnion. Defiance Silver filed a technical report for its Zacatecas project, Zacatecas. Colibri and its JV partner Tocvan announced that they will commence a core drilling program of up to 1,250m at its Pilar project in Sonora.  Guanajuato Silver provided a new mineral resource estimate for its El Cubo mine complex, Guanajuato. ON DEALS AND CORPORATE ISSUES, Alamos Gold announced the passing of its Chairman (Mulatos mine, Sonora).   Minaurum signed a new 29 year ejido community agreement at its Alamos Silver project in Sonora. Sierra Metals acknowledged the press release from Alpayana announcing an intention to commence an unsolicited all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals (Bolivar mine, Chihuahua). Americas Gold and Silver announced results of its special meeting of shareholders (Cosala mine, Sinaloa). Mithril reported results of its general meeting of shareholders held on December 17, 2024 (Copalquin project, Durango). Torex informed that it restarted operations and project activities at its El Limon Guajes mine complex in Guerrero. Defiance Silver announced the extension of the San Acacio project option agreement, located in Zacatecas. Sailfish created new royalty with the sale of its Gavilanes project, Durango. First Majestic announced an update regarding Gatos Silver’s joint venture with Dowa Metals & Mining (Cerro Los Gatos mine, Chihuahua) Gatos Silver amended its joint venture agreements with Dowa Metals & Mining (Cerro Los Gatos mine, Chihuahua). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • Mining companies listed in the Mexican Stock Exchange (BMV), such as Industrias Peñoles and Grupo México earned MXP $107,326M in market value so far in 2024. Grupo México, the fourth largest copper producer in the world, is the mining company that has earned the most with MXP $75,826M, for a total of MXP $809,017M. Its shares gain 9.64% to MXP $103.48.In second place, the company owned by Grupo BAL, Peñoles, gained MXP $25,864M pesos in market capitalization, to stand at USD $124,533M. Its shares rose 26.75% to MXP $313.98 pesos.  For its part, Minera Frisco gained MXP $6,953M in market capitalization and is worth MXP $20,011M. Its shares increased 50.43% to MXP $3.49 pesos in the year. On the other hand, Minera Autlán is the worst performer, losing MXP $1,317M in market value so far this year to MXP $2,490M. Its shares sank 34.58% to MXP $7.70 pesos. Fresnillo, a London-listed subsidiary of Peñoles, earned USD $$830M and has a total market value of USD $6.39 B. Its shares rose 10.45% to 6.57 pounds sterling, according to “companiesmarketcap”.
  • Galore Resources Inc, Silver Storm Mining Ltd., and Spruce Silver Resources Inc/Colibri Resource Corporation reported the best drilling intercepts in Mexico on the third week of December, 2024. Details are shown in the table below:

ON EXPLORATION

  • Galore Resources Inc., commenced a planned 5,000m core drill program at its Los Gemelos/Duraznillo property. Several structures were hit with variable grade gold.  Results of two holes were released and drilling highlights include holes LG-34 with 0.95m with 2.1gt Au; 0.75m with 3.86 g/t Au and 9 g/t Ag; 0.40m with 4.35 g/t Au and 4 g/t Ag; 0.8m with 1.28 g/t Au and 6 g/t Ag; 0.5m with 4.59 g/t Au and 11 g/t Ag; and 0.5m with 2.66 g/t Au and 4 g/t Ag; and hole LG-35 with 0.5m with 5.73 g/t Au and 60 g/t Ag; 1.45m with 0.51 g/t Au and 1 g/t Ag; 0.8m with 0.37 g/t Au and 1 g/t Ag; 0.85m with 0.79 g/t Au and 1 g/t Ag; and 0.35m with 6.67 g/t Au and 33 g/t Ag.
  • Colibri Resource Corporation in partnership with Silver Spruce Resources Inc., reported significant drilling results from the Diamante property in Sonora. The 2024 drill program included 7 diamond drill holes totaling 800 meters, with a notable intercept of 95 g/t Ag, 2.9% Pb, and 1.1% Zn over 2.50m at the El Pillado South zone. The drilling aimed to follow up on previous positive results and explore areas identified by a resistivity survey.

ON MINING

  • Endeavour Silver Corp., announced that the Guanaceví mine in Durango has resumed full processing capacity following the successful installation of a new ball mill trunnion. After experiencing a trunnion failure in August and operating at a reduced capacity of 620 tonnes per day for 15 weeks, the mine’s capacity was restored to its designed level of 1,200 tonnes per day after the new trunnion was installed on November 30. The total cost for the fabrication and installation was over USD $400K. CEO Dan Dickson praised the team’s efforts in minimizing the financial and social impacts during the downtime.
  • US Antimony Corporation announced the completion of contractual negotiations for new international shipments of antimony from Australia and plans to restart its smelter in Madero in Coahuila, Mexico, which was shut down in March 2024 due to a lack of economic material. The company is making capital improvements to the smelter, estimated to cost less than $1 million, to enhance its processing capacity. The Madero smelter is expected to handle approximately 200 tonnes of material per month, with shipments arriving at the Mexican port of Manzanillo starting in March 2025.

ON FINANCING

  • Angel Wing Metals Inc., completed its previously announced non-brokered private placement financing for 40,680,000 units at a price of CAD $0.05 per unit for gross proceeds of CAD $2,034,000. Gross proceeds will be used towards diamond drilling at its La Reyna project in Nayarit, as well as for general corporate purposes.
  • Alamos Gold Inc., announced the renewal of its Normal Course Issuer Bid, allowing the company to purchase up to 18,605,661 Class A Common Shares for cancellation over a twelve-month period from December 24, 2024, to December 23, 2025. This represents 5% of the company’s public float as of December 13, 2024. The initiative aims to enhance shareholder value by repurchasing shares when they are perceived to be trading below their underlying value. Alamos Gold believes this strategy will benefit remaining shareholders by increasing their ownership proportion in the company (Mulatos mine, Sonora).
  • Sonoro Gold Corp., closed its previously announced non-brokered private placement of 5,555,556 units at a price of CAD $0.09 for gross proceeds of CAD $500K. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes.
  • Silver Storm Mining Ltd., closed the first tranche of a non-brokered private placement of 5,173,555 units at a price of CAD $0.09 per unit for gross proceeds of CAD $465,619.95.Net proceeds will be used to complete its upcoming NI 43-101 resource statement and for general corporate and working capital purposes (La Parrilla mine, Durango).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd., announced results from its phase 2 diamond drilling program conducted at San Marcos mine within its la Parrilla mine complex, Durango. The results confirm the extension of the high-grade sulphide zone 100 m below the last mined stope in the San Marcos mine. Drilling highlights include holes SM-24-018, SM-24-020, and SM-24-024. Drill intercept are shown in the table below:

“These holes were drilled to test oxide mineralization in the upper undeveloped levels of the San Marcos Zone, located approximately 40 m above the last development in this area and 95 m below surface. These results confirm the potential of the upper near surface levels of the mine at the southern limit of development where the San Marcos Zone remains open to the south”.

  • Defiance Silver Corp., filed a technical report for its Zacatecas project, Zacatecas, which includes the San Acacio project. This report, prepared by SGS Geological Services, incorporates all exploration work completed to date, including 73 additional diamond drill holes totaling 26,578.03m since the last mineral resource estimate in 2014. The previous estimate did not comply with NI 43-101 standards, and the new report aims to address this by incorporating recent data. As of now, there are no current mineral resources reported for the project until the new geological and resource models are established.
  • Colibri Resource Corporation and its JV partner Tocvan Ventures Corp., announced that they will commence in the first week of January, a core drilling program of up to 1,250m at its Pilar project in Sonora. The drill program will be focused on building out a robust geological model which is needed for an upcoming maiden resource estimation. Colibri will contribute to the expense of this program by way of utilizing a portion of the balance of its USD $174K credit with the Mexican drilling company that purchased the Company’s RC drill rig earlier this year.
  • Guanajuato Silver Company Ltd., provided a new mineral resource estimate (MRE) for its El Cubo mine complex, Guanajuato, which shows a significant increase in inferred mineral resources by 85% to 35.6M Oz AgEq. The total inferred mineral resource tonnes have increased by 179% compared to the previous estimate. The indicated mineral resources (3.9M Oz AgEq) have slightly declined by 23% after three years of mining activity. The company plans to conduct further drilling in January 2025 to convert inferred resources to indicated resources, planned for January 2025.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc., announced the passing of its Chairman, who also served as a Board member for over 14 years (Mulatos mine, Sonora).
  • Minaurum Gold Inc., signed a new 29 year extendible ejido community agreement that covers 100% of the core project area and secures access for the exploration, construction, and exploitation of its permitted Alamos Silver project in Sonora. The Alamos silver project is permitted through to production with an Environmental Impact Statement (MIA) allowing for exploration and underground mining activities. With these agreements that cover both of the ejido’s at Alamos, along with the existing one in place with the municipality of Minas Nuevas, all of the communities located on the project support the advancement of Alamos. Additionally, the company obtained unanimous approval by the La Aduana and Tetajiosa ejidos highlight Minaurum’s strong local support.
  • Sierra Metals Inc., acknowledged the press release from Alpayana S.A.C., announcing its intention to commence an unsolicited all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals. However, Sierra Metals has not received any formal offer or indication of interest from Alpayana. The Board of Directors has formed a Special Committee of independent directors to address the situation. They consider the proposed price of CAD $0.85 per share to be a low premium, given Sierra Metals’ asset quality and growth potential. The company advises shareholders to take no action at this time and will provide updates as necessary (Bolivar mine, Chihuahua).
  • Americas Gold and Silver Corporation announced results of its special meeting of shareholders held on December 17, 2024 (Cosala mine, Sinaloa).
  • Mithril Silver and Gold Limited reported results of its general meeting of shareholders held on December 17, 2024 (Copalquin project, Durango).
  • Torex Gold Resources Inc., informed that the Director General of Mines under the Federal Ministry of Economy has lifted the temporary suspension notice so, the company has been allowed to restart operations and project activities at its El Limon Guajes mine complex in Guerrero.
  • Defiance Silver Corp., through its wholly owned subsidiary, Minera Santa Remy S.A announced the extension of its option to acquire 100% of the San Acacio project in Zacatecas. As a result of this amendment, the scheduled payment due December 31, 2024, has now been changed to March 31, 2025. There were no changes to the economic terms of the option agreement.
  • Sailfish Royalty Corp., created new royalty with the sale of its Gavilanes project, Durango. The company announced a share purchase agreement with Advance Metals Limited to sell all shares of Swordfish Silver Corp., which holds the Gavilanes silver exploration project in Durango, Mexico. As part of the transaction, Advance Metals will pay Sailfish USD $50K in cash, issue 16.8M shares, and grant 33.6M performance rights that could convert into additional shares based on resource milestones. Sailfish will also receive a 2% net smelter return royalty on mineral production from the property. Additionally, Advance Metals is committed to spending at least USD $2M on exploration over the next five years, with penalties if this commitment is not met. The transaction is subject to customary closing conditions and regulatory approvals.
  • First Majestic Silver Corp., announced an update regarding Gatos Silver’s joint venture with Dowa Metals & Mining Co., Ltd. Gatos has amended its agreements with Dowa, effective January 1, 2025, which expands Gatos’ management rights and allows for full consolidation of the financial statements of the Los Gatos Joint Venture (LGJV). The ownership interests remain unchanged at 70% for Gatos and 30% for Dowa. First Majestic has updated its pro forma financial information to reflect this full consolidation ahead of a special shareholder meeting scheduled for January 14, 2025. Both First Majestic and Gatos will hold stockholder meetings on the same day to approve the acquisition of Gatos by First Majestic (Cerro Los Gatos mine, Chihuahua).
  • Gatos Silver Inc., amended its joint venture agreements with Dowa Metals & Mining, enhancing Dowa’s zinc concentrate offtake rights and streamlining management services. Starting January 1, 2025, Gatos Silver will fully consolidate the financial statements of the Los Gatos Joint Venture (LGJV), which it owns 70% of, while Dowa holds 30%. These changes aim to strengthen the partnership and improve financial reporting, providing a clearer picture of the company’s performance, especially in light of its upcoming merger with First Majestic Silver Corp. expected to close in January 2025 (Cerro Los Gatos mine, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture above, ptygmatic folding in a saddle reef type gold deposit in a project in Sinaloa, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of August, 2024

/ gambusinoprospectormexico / Leave a comment

Potassic-altered hydrothermal alteration

By Miguel A Heredia

During the 33th week of the year (August 12th to August 18th 2024), at least 25 press releases were announced by companies working in Mexico, with ten communicating production and financial results, six disclosing deals and corporate issues, four reporting resources and development of their properties, three announcing financing rounds, one informing on exploration results, and one commenting on Mexican issues.   ON MEXICO ISSUES, Kootenay Silver Tiger, and Silver Storm reported the best drilling intercepts in Mexico on the third week of August, 2024. ON EXPLORATION, In Chihuahua, Kootenay released the latest results from drilling at its Columba project.  ON MINING, AvinoSilver & Gold presented its consolidated financial results for Q2, 2024 (Avino and La Preciosa mines, Durango). Endeavour Silver reported the trunnion on the primary ball mill at the Guanacevi mill in Durango has failed and could take up to 12 weeks to be repaired. Santacruz reported financial and operating results for Q2, 2024 (Zimapan mine, Hidalgo). Orla announced Q2, 2024 results for its Camino Rojo mine in Zacatecas.  Gold Royalty reported Q2, 2024 results (Cozamin mine, Zacatecas). Golden Minerals presented Q2, 2024 financial results (Velardeña property, Durango). Discovery Silver reported Q2, 2024 financial results (Cordero project, Chihuahua). Osisko announced that its San Antonio project in Sonora remains in care and maintenance, with no production anticipated. Elemental Altus announced that it will release its Q2, 2024 results on August 19, 2024 (Mercedes mine, Sonora). Prime reported consolidated financial statement for the six months ended June 30, 2024 (Los Reyes project, Sinaloa).  ON FINANCING, Americas Gold and Silver signed a credit and off-take agreement with Trafigura to develop the 120 Zone and El Cajon Ag-Cu project (EC120) at its Cosala mine operations in Sinaloa. Southern Silver closed the second tranche of its previously announced non-brokered private placement for gross proceeds of $1,300,350 (Cerro Las Minitas, Durango). Prismo entered into a debt settlement agreement with a creditor of the company for the amount of $30,600 (Palos Verdes, Sinaloa). ON RESOURCES AND DEVELOPMENT, Tocvan and its JV partner Colibri Resource provided an update from its Pilar project in Sonora. Silver Tiger reported results from its Pre-Feasibility Study drilling program at its El Tigre project in Sonora. Silver Storm released drill results from its phase 2 diamond drilling program at its Parrilla mine in Durango.  ON DEALS AND CORPORATE ISSUES, GR Silver granted a total of 600K stock options to eligible persons in accordance with the Omnibus Long-Term Incentive Plan (Plomosas project, Sinaloa). Impact Silver appointed a new member to its Board of Directors (Zacualpan Mining District, Mexico).  Luca mining granted an aggregate of 4,508,833 incentive stock options, and 800,000 restricted share units to certain officers, and directors, and announced that it reached an agreement with Empress Royalty Corp., (Tahuehueto mine, Durango). Silver Storm provided a bi-weekly update on the status of its management cease trade order issued on July 30, 2024 by the British Columbia Securities Commission (La Parrilla mine, Durango).  Goldgroup has entered into an agreement to acquire a loan facility from a group of creditors, which will allow the company to take full ownership of Minera Apolo, S.A. de C.V.  Candelaria received a notice from Goldgroup regarding events of default under the medium-term loan facility dated June 24, 2020 (Pinos project, Zacatecas).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Kootenay Silver Inc., Silver Tiger Metals Inc., and Silver Storm Mining Ltd., reported the best drilling intercepts in Mexico on the third week of August, 2024. Details are shown in the table below:

ON EXPLORATION

  • Kootenay Silver Inc., released the latest results from drilling at its Columba project in Chihuahua. These results represents continued exploration along the “D-Vein” and includes the longest zone of consistent silver mineralization yet found on the Columba project. Drilling highlights (true widths reported) include holes CDH-24-164 with 211 g/t Ag, 0.1% Pb, and 0.4% Zn over 49.75m, including 358 g/t Ag, 0.2% Pb, and 0.5% Zn over 19m, including 531 g/t Ag, 0.1% Pb, and 0.2% Zn over 6m, including 826 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.50m, and a subinterval of 318 g/t Ag, 0.2% Pbv, and 0.7% Zn over 11.02m, including 980 g/t Ag, 1.3% Pb, and 3.3% Zn over 0.20m, and 266 g/t Ag, 0.1% Pb, and 0.3% Zn over 2.75m; hole CDH-24-163 with 84 g/t Ag, 0.0% Pb, and 0.1% Zn over 12.67m, including 155 g/t Ag, 0.1% Pb, and 0.1% Zn over 4.07m; hole CDH-24-156 with 127 g/t Ag, 0.1% Pb, and 0.1% Zn over 5.6m, including 419 g/t Ag, 0.5% Pb, and 0.3% Zn over 0.39m; hole CDH-24-160 with 78 g/t Ag, 0.0% Pb, and 0.2% Zn over 6.74m, plus 123 g/t Ag, 0.0% Pb, and 0.1% Zn over 0.61m, plus 162 g/t Ag, 0.2% Pb, and 1.4% Zn over 0.92m; and hole CDH-24-161 with 126 g/t Ag, 0.0% Pb, and 0.1% Zn over 2.97m, including 287 g/t Ag, 0.0% Pb, and 0.3% Zn over 0.50m, plus 81 g/t Ag, 0.0% Pb, and 0.1% Zn over 7.60m, including 221 g/t Ag, 0.0% Pb, and 0.2% Zn over 0.50m, plus 337 g/t Ag, 0.1% Pb, and 0.3% Zn over 2.07m, including 1,595 g/t Ag, 0.7% Pb, and 0.6% Zn over 0.33m. “The ongoing 2024 program comprises 5,153m in 17 holes and has more than doubled the known strike length of D Vein, one of several high priority targets at Columba boasting some of the most striking results on the project to date. The current program is part of a fully funded follow up program of 20,000m, aimed to delineate a maiden resource expected in late 2024”.

ON MINING

  • Avino Silver & Gold Mines Ltd., presented its consolidated financial results for Q2, 2024. The company milled 140,934 tonnes to produce 292.9K Oz Ag, 1,514 Oz Au, and 1.3M Lb Cu (616.6K Oz AgEq). It sold 537K Oz AgEq at cash and AISC of $16.29 and $22.74 per Oz AgEq. Avino also reported revenues of $14.8M; gross profit (mine operating income) of $4.7M, $5.9M net of non-cash costs of sales; net income of $1.2M, or $0.01 per share; adjusted earnings of $4.3M, or $0.03 per share; and EBIDTA of $3.4M (Avino and La Preciosa mines, Durango).
  • Endeavour Silver Corp., reported the trunnion on the primary ball mill at the Guanacevi mill in Durango has failed and could take up to 12 weeks to be repaired. “As a result, processing of material at the Guanacevi mill has been suspended. Management is assessing several alternatives including operating at a significantly reduced capacity with minor conveyor modification using smaller regrind mills until the primary ball mill is operational”.
  • Santacruz Silver Mining Ltd., reported financial and operating results for Q2, 2024 for its Zimapan mine in Hidalgo.  The company milled 209,735 tonnes with grades of 80 g/t Ag, 2.5% Zn, 0.7% Pb, and 0.3% Cu with metallurgical recoveries of 76%, 80%, 86%, and 45% respectively, to produce 409.3K Oz Ag, 9.2M Lb Zn, 2.94M Lb Pb, and 636.2K Lb Cu (1.08M Oz AgEq). Santacruz reported that it sold 857.7K Oz AgEq.
  • Gold Royalty Corp., reported Q2, 2024 results It holds 1% NSR over portion of the Cozamin mine in Zacatecas owned by Capstone Copper Corporation. Capstone informed that Q2, 2024 production at Cozamin was 7% lower than the Q2, 2023 due to lower mill throughput driven by mine sequencing. Grades and recoveries were consistent with the same period last year.
  • Orla Mining Ltd., announced Q2, 2024 results for its Camino Rojo mine in Zacatecas (all amounts expresses in US dollars). The company produced 33,206 Oz Au and sold 34,875 Oz Au at an average price of $2,332 per Oz Au. Cash and AISC were $498 and $782 per Oz Au sold respectively. It also reported revenue of $84.6M; net income of $24.3M; adjusted earnings of $23M; earnings per share of $0.08, and adjusted earnings per share of $0.07; cash flow from operating activities before changes in non-cash working capital of $53.2M; free cash flow of $44.1M; cash and cash equivalents of $154.3M; and a net cash of $76M. The company increased its full year Au production guidance to 120K-130K Oz Au from its initial guidance of 110K-120K Oz Au, and improved its AISC guidance for the full year to a range of $800-900 per Oz Au from the original guidance of $875-975 per Oz Au.
  • Golden Minerals Company presented Q2, 2024 financial results (figures are in approximate US dollars). The company reported cash and cash equivalents of 1.4M; current liabilities of $4.8M; zero debt; and net loss of $2.7M or $0.19 per share (Velardeña property, Durango).
  • Discovery Silver Corp., reported Q2, 2024 financial results. The company reported a net loss of $7.03M; basic and diluted per share of ($0.02); total comprehensive loss of $8.6M; cash and cash equivalents of $37.05M; total assets of $131.8M; total current liabilities of $5.8M; working capital of $35.85M; and total shareholders´ equity of $124.55M  (Cordero project, Chihuahua).
  • Osisko Development Corp., announced that its San Antonio project in Sonora remains in care and maintenance, with no production anticipated while it awaits next steps from the government of Mexico with respect to the permitting process and the status of open pit mining in the country. Osisko is also conducting a strategic review of the project including exploring the potential for a financial or strategic partner in the asset or for a full or partial sale of the asset.
  • Elemental Altus Royalties Corp., announced that it will release its Q2, 2024 results on August 19, 2024 (Mercedes mine, Sonora).
  • Prime Mining Corp., reported consolidated financial statement for the six months ended June 30, 2024. The company reported loss and comprehensive loss of $11.9M; loss per share of $0.08; cash of $24.5M; total assets of $38.6M; current liabilities of $943K; total liabilities of $1.78M; and shareholders´ equity of $36.8M (Los Reyes project, Sinaloa).

ON FINANCING

  • Americas Gold and Silver Corporation signed a credit and off-take agreement with Trafigura PTE Ltd., to develop the 120 Zone and El Cajon Ag-Cu project (EC120) at its Cosala mine operations in Sinaloa. It provides the company with a secured credit facility of up to USD $15M to complete the pre-production development of the EC120 project at its Cosala operations to begin producing high-grade silver-copper concentrate in Q3, 2025. Americas Gold and Silver expects to draw only USD $10M on the credit facility initially subject to standard closing conditions.
  • Southern Silver Exploration Corp., closed the second tranche of its previously announced non-brokered private placement for gross proceeds of $1,300,350 by issuing 5,911,500 units at a price of $0.22 per unit. Gross proceeds will be used for the continued development of its Cerro Las Minitas project in Durango, and for working capital. “Specifically, the Company plans to initiate a program of resource expansion of up to 6,000m of drilling in 11 holes to test shallow targets along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in early September”.
  • Prismo Metals Inc., entered into a debt settlement agreement with a creditor of the company. The company has agreed to issue to the creditor, and the creditor has agreed to accept 180,000 common shares of the company at a deemed issue price of $0.17 per share in full and final settlement of accrued and outstanding indebtedness in the amount of $30,600 (Palos Verdes project, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., and its JV partner Colibri Resource Corporation are preparing for the next phases of drilling at its Pilar project in Sonora. The upcoming core and RC drilling to define resources and build a robust geological model is expected to commence in September 2024. The plan is to drill between 1,200m-2,000m of core and 1,700m-2,500m of RC, focused on the Main Zone and adjacent trends. In addition, Tocvan is evaluating a pilot mine facility to process up to 50K tonnes of material on-site, with the objective of advancing towards production by early 2025, capitalizing on favorable market conditions for gold and silver.
  • Silver Tiger Metals Inc., reported results from its Pre-Feasibility Study (PFS) drilling program at its El Tigre project in Sonora. The most significant drill intercepts were encountered in holes ET-24-617 with 0.34 g/t Au and 75 g/t Ag (1.34 g/t AuEq or 101 g/t AgEq) over 96.3m, including  0.34 g/t Au and 113 g/t Ag (1.84 g/t AuEq or 138 g/t AgEq) over 11m,  (Stockwork Zone), and including 1.96 g/t Au and 4,747 g/t Ag (65.25 g/t AuEq or 4894 g/t AgEq) over 1.2m (Keel Zone); hole ET-24-615 with 1.9 g/t Au and 122 g/t Ag (3.53 g/t AuEq or 264 g/t AgEq) over 18.4m (Stockwork Zone), plus 0.61 g/t Au and 57 g/t Ag (1.37 g/t AuEq or 102 g/t AgEq) over 4.4m, plus 0.4 g/t Au and 35 g/t Ag (0.86 g/t AuEq or 65 g/t AgEq) over 21.9m, plus 0.22 g/t Au and 18 g/t Ag (0.46 g/t AuEq or 35 g/t AgEq) over 22.2m, plus 0.29 g/t Au and 22 g/t Ag (0.58 g/t AuEq or 44 g/t AgEq) over 6m; hole ET-24-616 with 0.14 g/t Au and 128 g/t Ag (1.85 g/t AuEq or 139 g/t AgEq) over 31.9m  (Stockwork Zone), including 0.27 g/t Au and 399 g/t Ag (5.6 g/t AuEq or 420 g/t AgEq) over 9.3m, including 1.07 g/t Au and 2,698 g/t Ag (37.04 g/t AgEq or 2,778 g/t AgEq) over 1.3m; and hole ET-24-619 with 0.39 g/t Au and 51 g/t Ag (1.06 g/t AuEq or 80 g/t AgEq) over 24.7m (Stockwork Zone), plus 0.31 g/t Au and 7 g/t Ag (0.41 g/t AuEq or 31 g/t AgEq) over 18.9m. To date, 151 holes for the PFS have been drilled at El Tigre and results are highlighting the high-grade nature of the Keel Zone while expanding near- surface mineralization footprint 700m from the Starter Pit.
  • Silver Storm Mining Ltd., released drill results from 14 holes (2,327m) from its phase 2 diamond drilling program collared at the Rosarios and San Carlos Zones, within the Rosario mine at its Parrilla mine complex in Durango. Drilling highlights include holes RO-24-028 with 116 g/t Ag, 0.02 g/t Au, 3.2% Pb, 0.02% Zn, and 0.02% Cu (204 g/t AgEq) over 0.40m, plus 646 g/t Ag, 0.23 g/t Au, 4.8% Pb, 3.4% Zn, and 0.27% Cu (887 g/t AgEq) over 2.54m, including 977 g/t Ag, 0.2 g/t Au, 7.2% Pb, 4.4% Zn, and 0.37% Cu (1,306 g/t AgEq) over 1.60m; hole RO-24-032A with 86 g/t Ag, 0.01 g/t Au, 2.9% Pb, 1.1% Zn, and 0.02% Cu (197 g/t AgEq) over 1m, plus 66 g/t Ag, 0.05 g/t Au, 1.5% Pb, 1.7% Zn, and 0.12% Cu (158 g/t AgEq) over 0.5m, plus 56 g/t Ag, 0.11 g/t Au, 1.4% Pb, 4.5% Zn, and 0.01% Cu (223 g/t AgEq) over 1.0m, plus 149 g/t Ag, 0.26 g/t Au, 2.1% Pb, 2.8% Zn, and 0.08% Cu (305 g/t AgEq) over 5.60m, including 372 g/t Ag, 0.29 g/t Au, 4.3% Pb, 8% Zn, and 0.19% Cu (931 g/t AgEq) over 1.40m, including 187 g/t Ag, 0.15 g/t Au, 6.6% Pb, 4.9% Zn, and 0.2% Cu (510 g/t AgEq) over 0.5m, plus 89 g/t Ag, 0.1 g/t Au, 1.4% Pb, 1.3% Zn, and 0.16% Cu (170 g/t AgEq) over 0.4m; hole RO-24-034 with 163 g/t Ag, 0.01 g/t Au, 4% Pb, 0.2% Zn, and 0.03% Cu (278 g/t AgEq) over 0.51m, plus 138 g/t Ag, 0.01 g/t Au, 4% Pb, 1.2% Zn, and 0.08% Cu (280 g/t AgEq) over 0.53m, plus 106 g/t Ag, 0.07% Au, 3% Pb, 1.5% Zn, and 0.04% Cu (234 g/t AgEq) over 4.24m, including 183 g/t Ag, 0.06 g/t Au, 4.7% Pb, 2.4% Pb, and 0.07% Cu (350 g/t AgEq) over 1.06m, including 230 g/t Ag, 0.04 g/t Au, 6.3% Pb, 2.6% Zn, and 0.03% Cu (475 g/t AgEq) over 0.4m, including 256 g/t Ag, 0.28 g/t Au, 7.5% Pb, 5% Zn, and 0.08% Cu (617 g/t AgEq) over 0.42m, plus 83 g/t Ag, 0.02 g/t Au, 2.5% Pb, 2.9% Zn, and 0.04% Cu (232 g/t AgEq) over 2m, including 165 g/t Ag, 0.04 g/t Au, 4.9% Pb, 3.6% Zn, and 0.07% Cu (396 g/t AgEq) over 0.40m, including 180 g/t Ag, 0.02 g/t Au, 5.4% Pb, 9.8% Zn, and 0.1% Cu (592 g/t AgEq) over 0.40m, plus 373 g/t Ag, 0.05 g/t Au, 12.2% Pb, 14% Zn, and 0.26% Cu (1,085 g/t AgEq) over 0.5m; and hole RO-24-026 with 166 g/t Ag, 0.1 g/t Au, 0.2% Pb, 0.1% Zn, and 0.06% Cu (184 g/t AgEq) over 0.55m, plus 145 g/t Ag, 0.18 g/t Au, 2.2% Pb, 2.1% Zn, and 0.03% Cu (276 g/t AgEq) over 5.46m, including 314 g/t Ag, 0.38 g/t Au, 1.9% Pb, 0.9% Zn, and 0.03% Cu (421 g/t AgEq) over 1.13m, including 149 g/t Ag, 0.06 g/t Au, 3.4% Pb, 2.6% Zn, and 0.04% Cu (316 g/t AgEq) over 1.72m. These drill results are expected to have a positive impact on future Mineral Resources.

ON DEALS AND CORPORATE ISSUES

  • GR Silver Mining Ltd., granted a total of 600K stock options to eligible persons in accordance with the Omnibus Long-Term Incentive Plan. The options, with a five-year term and exercisable at a price of $0.16 per common share, shall vest as to 1/3 on the date of grant and an additional 1/3 on each of August 12, 2025 and August 12, 2026. (Plomosas project, Sinaloa).
  • Impact Silver Corp., appointed a new member to its Board of Directors, effective August 7, 2024  (Zacualpan Mining District, Mexico).
  • Luca mining Corp., granted an aggregate of 4,508,833 incentive stock options, and 800,000 restricted share units to certain officers, and directors. The options are exercisable at a price of $0.55 and will expire five years from the date of their issuance. The company also announced that it reached an agreement with Empress Royalty Corp. to amend the metal purchase and sale agreement entered into between the company and Empress Royalty on April 14, 2021 and subsequently amended on May 1, 2023  (Tahuehueto mine, Durango).
  • Silver Storm Mining Ltd., provided a bi-weekly update on the status of its management cease trade order issued on July 30, 2024 by the British Columbia Securities Commission. The company is currently finalizing its annual financial statements, which were due on July 29, 2024, but faced delays due to complexities related to the acquisition of the La Parrilla assets in Durango. Silver Storm expects to file the necessary documents by August 28, 2024, and does not anticipate further delays for subsequent filings due by August 29, 2024.
  • Goldgroup Mining Inc., has entered into an agreement to acquire a loan facility from a group of creditors, which will allow the company to take full ownership of Minera Apolo, S.A. de C.V. and its Pinos Project, a fully permitted gold project in Zacatecas. The acquisition involves issuing 50M common shares, a cash payment of USD $0.5M within 18 months, and contingent payments of USD $1.5M based on certain criteria. The completion of this transaction is subject to necessary approvals, including from the TSX Venture Exchange
  • Candelaria Mining Corp., announced on August 16, 2024, that it received a notice of default from Goldgroup Mining, Inc. regarding a medium-term loan facility dated June 24, 2020. The notice indicates breaches related to repayment and information declaration, allowing Goldgroup to request early termination of the loan. Candelaria has ten business days to comply with the obligations outlined in the loan agreement.

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, veins displaying potassic-altered hydrothermal alteration in a porphyry copper project in Tamaulipas, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of August 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 32nd week of the year (August 5th to August 11th, 2024), companies working in Mexico posted at least 25 press releases. One company informed on exploration advances on a mining property, eleven companies provided operational/financial results for Q2 2024 and one hired a contractor for mining activities. One company closed the final tranche of its private placement. Four companies announced board appointments, one signed a LOI to acquire an AI company, another company received a cease trade order, two companies announced their merger and one more the amendment of an option on a property.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Riverside Resources completed an aeromagnetic drone survey on Cecilia. ON MINING, Aura Minerals, Gold Resource, Fortuna Mining, Torex Gold, Pan American Silver, SilverCrest Metals, Coeur Mining, GoGold Resources, Equinox Gold, US Antimony and Sierra Metals presented second quarter 2024 reports. Luca Mining engaged a contractor to carry out core mining operations at Campo Morado. ON FINANCING, Heliostar Metals closed the final tranche of its non-brokered private placement. ON RESOURCES AND DEVELOPMENT, no relevant news. ON DEALS AND CORPORATE ISSUES, Golden Minerals, Aura Minerals, GR Silver and US Antimony announced board appointments. Tarachi Gold signed a LOI on the acquisition of AI company Prospector Portal Inc. Xali Gold received a cease trade order. Reyna Silver is to acquire all shares of Reyna Gold. Sonoran Desert Copper amended the option on Cuatro Hermanos project. Galore Resources announced a status report on its cease trade order. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Riverside Resources Inc. completed with Fortuna Mining Inc. the acquisition and interpretation of an aeromagnetic drone survey at its Cecilia project in Sonora. The UAV magnetic data covers the entire 60 Km2 property, aiding to interpret and refine previous targets identified by Riverside.

ON MINING

  • Aura Minerals Inc. filed financial statements for Q2 2024, including guidance figures for its Mexican operations. At Aranzazu, in Zacatecas, 24,692 Oz Au Eq were produced during the period. Guidance at Aranzazu for the full year is 94 K to 108 K Oz AuEq at a cash cost between $826 and $1,009 per Oz AuEq and an AISC of 1,089 to $1,331 per Oz AuEq.
  • Luca Mining Corp. engaged Cominvi S.A. de C.V. to carry out core mining operations at its Campo Morado mine in Guerrero. Luca Mining intends to increase mill throughput from the current 1,400-1,600 tpd to 2,000 tpd by year end, ultimately aiming to reach 2,400 tpd mill rate in 2025.
  • Gold Resource Corp. announced second quarter operational results from its Don David Gold mine in Oaxaca. During the period 93,687 K tonnes were milled, averaging 1.27 gpt Au, 102 gpt Ag, 0.26% Cu, 1.0 % Pb, 2.59% Zn, to produce 2,947 Oz Au, 263 K Oz Ag, 181 tonnes Cu, 616 tonnes Pb, 2,020 tonnes Zn (or 5,625 Oz AuEq).
  • Fortuna Mining Corp. reported its financial and operating results for the second quarter of 2024, including figures from its operations in Mexico. The company’s consolidated production was 92,716 Oz Au, 990.6 K Oz Ag in the period. At San José, in Oaxaca, 176.2 K tonnes were milled at a rate of 1,980 tpd, averaging 140 gpt Ag, 1.09 gpt Au, recovering 87% Ag, 85% Au, to produce 684.2 K Oz Ag, 5,269 Oz Au, at a cash cost of $24.91 and an AISC of $27.55 per Oz Ag. “The San Jose Mine has less operational flexibility in 2024 compared to 2023, due to the reduced and more dispersed Mineral Reserves associated with the Trinidad deposit, which also increased mine costs. Ore processed decreased by 10% due to lower tonnes mined”.
  • Torex Gold Resources Inc. reported its financial and operational results for Q2 2024. At its Morelos mine complex in Guerrero, the company produced 113,822 Oz Au (recovering 90.5% Au) at cash cost $1,014 per Oz Au and an AISC of $1,239 per Oz Au. The company ended the quarter with $108.7 M in cash and $237.1 M available on credit facilities. The Media Luna project is 78% complete, with commissioning expected late in 2024.
  • Pan American Silver Corp. announced results for Q2 2024, including figures from its Mexican operations. At La Colorada, in Zacatecas, 835 K Oz Ag, 500 Oz Au were produced at cash cost $15.30 and an AISC of $17.09. At Dolores, in Chihuahua, 440 Oz Au, 18,100 Oz Ag were produced at cash cost $1,113 per Oz Au and an AISC of $2,496 per Oz Au. “At La Colorada, Pan American invested $9.8 million on project capital in Q2 2024, largely for exploration and engineering on the Skarn project, and to complete the new ventilation infrastructure for the operating mine”. The company expects to end the year with a 2,000 tpd production rate at La Colorada.
  • SilverCrest Metals Inc. released its financial results for Q2 2024. At Las Chispas, in Sonora, 100 K tonnes were mined, 110.6 K tonnes milled at an average rate of 1,216 tpd, averaging 4.36 gpt Au, 418 gpt Ag, recovering 98.6% Au, 98.3% Ag, to produce 15,303 K Oz Au, 1.46 M Oz Ag at cash cost $8.87 per Oz Ag and an AISC of $16.88. At the end of the period the company had $98.3 M in cash and $24 M in bullion.
  • Coeur Mining Inc. reported second quarter results for the second quarter 2024, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 429.6 K tonnes were milled during the period, averaging 2.05 gpt Au, 139.7 gpt Ag, recovering 89.9% Au, 82.8% Ag, to produce 25,467 Oz Au, 1.6 M Oz Ag, at CAS $1,006 per Oz Au and CAS $15.24 per Oz Ag. During the quarter Coeur bought adjacent Fresnillo plc mining concessions, increasing the area of the project to over 16,100 hectares. Full-year 2024 production is expected to be 95,000 – 103,000 Oz Au, 5.9 – 6.7 M Oz Ag.
  • GoGold Resources Inc. announced financial results for the quarter ending on June 30, 2024. During the period GoGold produced 138.7 K Oz Ag, 2,436 Oa Au, 148 tonnes Cu, 125 tonnes Zn (or 400.2 K Oz AgEq) at cash cost $18.54 per Oz AgEq and AISC of $24.59 per Oz AgEq. The company had US$76.4 M in cash by the end of the quarter.
  • Equinox Gold Corp. announced its second quarter 2024 summary financial and operating results, without specifying figures by operation. The company produced 122,221 Oz Au during the period. For 2024 guidance calls for 665 – 750 K Oz Au, at cash cost $1,305 – $1,405 per Oz Au, and an AISC of $1,635 to $1,735 per Oz Au. At Los Filos in Guerrero, 2024 guidance is 155 -175 K Oz Au, at cash cost $1,785 – $1,855 per Oz Au and AISC of $2,090 – $2,190 per OZ Au. “The Los Filos team is in a dialogue process with the three communities where the mine is located, with the goal of reaching new land access agreements with each of them in a collaborative and transparent way. These new agreements are necessary to help ensure the long-term economic and investment viability of the mine, including the addition of a new CIL processing plant. If the Company is unable to satisfactorily complete these agreements, the Company will re-evaluate the current operation and may elect to cease operations”.
  • United States Antimony Corp. reported its second quarter 2024 financial and operational results. During the quarter the company completely shut down its operational activities in Mexico. “The historical cash drain of these operations on the Company ceased with this decision”. At the end of the period US Antimony had $12.4 M in cash (Los Juarez, Queretaro).
  • Sierra Metals Inc. reported consolidated financial results to the end of June 2024. During the quarter the sale of the Cusi mine in Chihuahua was completed, for $2.5 M in cash and a 2% NSR. On the period cash cost at Bolivar, in Chihuahua, was $2.76 per Lb CuEq, and AISC $3.53 per Lb CuEq. The company will continue the construction of the new tailings dam at Bolivar, which will allow the increase of production to 7,500 tpd. Guidance at Bolivar in 2024 is 23.9 M to 27.6 M Lb Cu, 650 K to 750 K Oz Ag, 8,000 to 9,200 Oz Au. Sierra Metals had cash and cash equivalents of $22.5 M at the end of June.

ON FINANCING

  • Heliostar Metals Ltd. closed the final tranche of its non-brokered private placement for gross proceeds of $500 K and a total aggregate of gross proceeds of $4.98 M (Ana Paula, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

  • Golden Minerals Co. announced the retirement of Julie Wiedman, senior vice president and chief financial officer, and the appointment of Joe Dwyer as chief financial officer (CFO) (Yoquivo, Chihuahua).
  • Aura Minerals Inc. announced organizational changes, including some that affect its operations in Mexico. Enrique Rangel, current director of operations at the Aranzazu mine in Zacatecas, takes on the role of director of technical services in corporate, serving all units. Wilton Muricy, current director of operations at Minosa, takes on the role of director of operations at Aranzazu. Francisco do Carmo, current technical services manager at Aranzazu, assumes the role of director of operations at Minosa.
  • GR Silver Mining Ltd. announced the appointment to its board of directors of Mr. Brent McFarlane and Ms. Jessica van den Akker (Plomosas, Sinaloa).
  • Tarachi Gold Corp. signed a non-binding agreement letter of intent (LOI) to acquire all of the outstanding shares of Prospector Portal Inc. in a transaction that would transform Tarachi into an artificial intelligence-focused mining services company. “The LOI contemplates a post-Transaction ownership of Tarachi (“New Tarachi”) that would be approximately 85% held by current Prospector shareholders and 15% held by current Tarachi shareholder” (Tarachi, Sonora).
  • Xali Gold Corp. was advised by the British Columbia Securities Commission of a cease trade order as a result of Xali Gold’s delay in “filing its audited annual financial statements, accompanying management discussion and analysis, and CEO and CFO certifications for the financial year ended March 31, 2024” (El Oro, Estado de Mexico).
  • United States Antimony Corp. announced the appointment of Fred L. “Pete” Bunger as technical advisory director to the board (Juarez, Queretaro).
  • Reyna Silver Corp. entered into an agreement with Reyna Gold Corp. on which Reyna Silver is to acquire all of the issued and outstanding common shares of Reyna Gold (Guigui, Chihuahua; La Gloria, Sonora).
  • Sonoran Desert Copper Corp. amended the option to purchase the Cuatro-Hermanos project in Sonora. Under the revised option a large claim was terminated, with option payments reduced by $200 K and mining concession taxes by $238.6 K in 2024 and $603.6 K in 2025. The property holds NI-43-101 indicated and inferred resources for 643 M tonnes @ 0.19% Cu, 0.02% Mo (Cuatro Hermanos, Sonora).
  • Galore Resources Inc. “announces a status report with regards to the Company’s news release dated July 31, 2024 disclosing the Company’s application for a Management Cease Trade Order (“MCTO”), which was issued by the BC Securities Commission on July 30, 2023” No material change has occurred in the information contained in the default of a financial statement filing requirement. Galore expects to file its yearly financial statements, management discussion and analysis on September 27, 2024 (Dos Santos, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Strong chlorite-epidote alteration in intrusive rock in a Sonoran Desert project, HQ core. Picture by Jorge Cirett.