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The Mining and Exploration News in Mexico: Highlights on the Third Week of September, 2023

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Galena-sphalerite-Ag sulfosalts in a quartz vein

By Miguel A Heredia

During the 38th week of the year (September 18th to September 24th, 2023), at least 18 press releases were announced by companies working in Mexico, and 4 news published by the media, with ten disclosing deals and corporate issues, three commenting on Mexican issues, three announcing financing issues, two reporting resources and development of their properties, two informing on exploration results, and two discussing social issues. ON MEXICO ISSUES, According to El Financiero, there has been a 69% increase in the number of suspended projects during the López Obrador administration. According to information from the US Geological Survey, there are 82 lithium deposits in 18 states of the Republic, which can represent 1.7 million tons. ON EXPLORATION, In Chihuahua, Southern Empire received permitting from the Mexico´s Ministry of Environment and Natural Resources (SEMARNAT) for 30 drill hole sites at its Centauro project.  In Zacatecas, Radius provided an update on drilling at its Tropico project.  ON MINING, no relevant news.  ON FINANCING, Equinox announced and completed a bought deal offering of convertible senior notes (Mina Los Filos, Guerrero). Excellon announced debenture restructuring to reduce the outstanding principal amount to CAD $7.5M (La Negra Mine, Queretaro). ON RESOURCES AND DEVELOPMENT, Golden Tag announced the commencement of a 7,000m drilling campaign at its La Parrilla Mine Complex in Durango. Tocvan provided an update on the acquisition of Pilar project in Sonora and outlined target areas for the next phase of drilling. Silver Valley provided a corporate update on its MexiCan lithium-potassium projects located in Zacatecas-San Luis Potosi. ON DEALS AND CORPORATE ISSUES, Luca Mining announced the appointment of its Director of Corporate Development (Tahuehueto project, Durango). Santacruz reported fatality at its Zimapan Mine, Hidalgo. GR Silver reported results from its annual general meeting of shareholders (Plomosas project, Sinaloa). Sierra Metals placed Cusi Mine in Chihuahua on care and maintenance and initiated sale process. Radius announced that it proposes to issue 500K common shares of the company to Bruce Smith (Tropico project, Zacatecas). Angel Wing announced the consolidation of its common shares (La Reyna project, Nayarit). Bear Creek announced results from its special meeting of shareholders (Mercedes Mine, Sonora). Colibri announced the retirement of its President and CEO, and its replacement (Evelyn project, Sonora). Orex announced a consolidation of its issued and outstanding common shares at a ratio of ten pre-consolidation shares to one post-consolidation share (Coneto project, Sonora). Pan American announced that it will host a conference call to discuss the company´s environmental, social, and governance efforts and development (La Colorada, Zacatecas). Silver Viper announced that it will present a live virtual corporate update hosted by Red Cloud Financial Services on September 28th, 2023 at 2:00 PM ET (La Virginia project, Sonora).  ON SOCIAL RESPONSIBILITY, MAG Silver published its second annual sustainability report (Juanicipio, Zacatecas).  Ternium completed the restoration of the Cerro Náhuatl Mine and Jala Station Closure Plan in Coquimatlán, Colima, which covers a period from 2012 to 2022 in which reforestation works and programs were implemented.

ON MEXICO ISSUE

  • According to El Financiero, the mining sector has experienced a series of obstacles set by the current administration. The number of suspended projects stood at 439 in 2018, while the current figure is 837, representing a 69% increase in the number of suspended projects during the López Obrador administration. Likewise, the Fraser Institute of Canada placed Mexico in 37th place out of 83 countries evaluated, a drop of three places compared to 2021 and 17 positions compared to 2010. The sector is worried that the USD $77.2M budget assigned to Mexican Geological Survey (SGM) for 2024 is 95.47% below the USD $1.7 B private companies invested just in exploration. “With this lack of budget for exploration, they are condemning the country and the mining sector, because mining will be halted for another six years. If the modifications to the Mining Law remain as they are, we will witness Mexico’s mining sector entering a clear decline,” said Alfredo Phillips, Vice President, Argonaut Gold, in an interview with El Financiero.  In an interview with Mexico Business News (MBN), Ramón Luna, Director General of Servicios y Proyectos Mineros de Mexico (SPM), acknowledged that SGM has talented geologists and manages the most comprehensive database in Mexico. However, the public body does not match the infrastructure of a private company. “(The reform) would either force the more than 100 exploration companies in the country to work with the SGM or make the latter the only operator. This is not feasible because it lacks the necessary infrastructure,” he added.  Similarly, Raúl García, President of College of Mining Engineers, Metallurgists and Geologists of Mexico (CIMMGM), said that we could see the first impacts of lacking exploration by 2025 and a drop in production within the next five years, if SGM does not maintain the current levels of exploration. According to data from the Secretariat of Economy (SE), in 1Q23, the total foreign direct Investment (FDI) in the mining sector amounted to USD $419M. In contrast, during the same period in 2013, this figure reached USD $2.036 B, reflecting a decline of 79.4%. During Enrique Peña Nieto’s initial five-year term, from 2012 to 2017, the country received mining FDI totaling USD $2.8 B and USD $1.9 B, respectively, representing a decrease of 32.1%. Meanwhile, during the first five years of López Obrador’s administration, covering the period from 2018 to 2023, FDI amounted to USD $1.9 B and USD $419M, marking a significant 78% decrease. However, it is important to note that data for 2023 is not fully available, which means that the percentages provided could vary.
  • According to information from the US Geological Survey, there are 82 lithium deposits in 18 states of the Republic, which can represent 1.7 million tons. A few days ago, Héctor Usla, Economist and Reporter of the El Financiero Newspaper, reported that the 2024 Expenditure Law project plans to allocate MXP $9.77M to Litio para México (LitioMx), the entity created in August 2022, for the exploration, exploitation, benefit and use of lithium found in national territory. This is an amount that allows the administrative operation of the decentralized organization, but that seems insufficient to reliably establish the total amount of probable lithium reserves and initiate exploration and production in the most promising deposits. (Note of the writer.- Are you serious?…Obviously, it would be vastly insufficient to have a budget like that reported above to carry out exploration, exploitation, etc.).

ON EXPLORATION

  • Southern Empire Resources Corp., received permitting from the Mexico´s Ministry of Environment and Natural Resources (SEMARNAT) for 30 drill hole sites at its Centauro project in Chihuahua. “The Centauro Gold Project exhibits significant potential to host “Carlin-style” and/or epithermal precious metal mineralization based on extensive brecciation, silicification and argillization of the Tertiary-age Ahuichila Formation conglomerate, a strongly coincident gold (“Au”), arsenic (“As”), antimony (“Sb”), mercury (“Hg”), thallium, silver, barium soil geochemical signature associated with a silicified mesa “cap” covering 2.5 km along the strike of the main zone, outcrops containing arsenopyrite, realgar, orpiment and stibnite, and low to non- anomalous base metal values”. 
  • Radius Gold Inc., provided an update on drilling at its Tropico project in Zacatecas. The initial hole TDD-001 plan for 300m to intersect the Tropico breccia pipe encountered difficult ground conditions and was abandoned at 56m. “The hole from 19m to 56m is intensely altered with clay, silicification, variable zones of hydrothermal breccias and repeated sets of banded silica veins with fine sulphides and stockwork veining. Banded veining had not previously been seen on the property”. “The drill rig has been stepped back from the target an additional 25m and a new hole drilled deeper under hole TDD-001, this time using large diameter PQ sized core and casing which is expected to alleviate the drilling difficulties”.

ON MINING

  • No relevant news.

ON FINANCING

  • Equinox Gold Corp., announced that it has entered into an agreement to buy, on a bought deal basis, 4.75% unsecured convertible senior notes due 2028 in an aggregate principal amount of $150M.  The company has granted the initial purchasers up to an additional $22.5M aggregate principal amount of notes. The notes will be issued at par value.  Later on, the company announced that it had closed its previously announced bought deal offering of $172.5M aggregate principal amount of 4.75% unsecured convertible senior notes due 2028, which includes exercise of the full amount of the option to purchase an additional $22.5M aggregate principal amount of notes Net proceeds will be used for repayment of debt and for general corporate purposes (Mina Los Filos, Guerrero).
  • Excellon Resources Inc., announced debenture restructuring to reduce the outstanding principal amount to CAD $7.5M representing a reduction of CAD $10.4M (58% reduction), and to amend the terms of the remaining debentures to, among other things, further extend the maturity date to August 31, 2026. In exchange for CAD $10.4M aggregate principal amount of the debentures, Excellon to pay CAD $3.5M in equity, 25% interest in Silver City Project, plus additional non-dilutive contingency and royalty payments (La Negra Mine, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Golden Tag Resources Ltd., announced the commencement of a 7,000m drilling campaign at its La Parrilla Mine Complex in Durango. The 7,000m phase 1 drilling program will  focus on infill and step-out drilling in proximity to underground mining infrastructure and existing development in three key areas: a) Rosarios and Cuerpo 340 Veins (3,000 m of drilling to test the east, west and central down-dip extensions; b) Quebradillas Underground (3,000 m of drilling to test the strike and down-dip extensions of three key zones including Cuerpo 460, Norte-Sur, and San Nicolas; and c) San Marcos (1,000 m of drilling to test the extension of San Marcos and Cuerpo 1100 at depth.
  • Tocvan Ventures Corp., provided an update on the acquisition of the Pilar project in Sonora and outlined target areas for the next phase of drilling. The company has exercised notice to Colibri Resources Corp., to purchase the remaining 49%. It also is completing a due diligence expected to finalize in coming weeks to acquire over 21 square-kilometers of land surrounding the Pilar, which contain recent placer activity, historic workings, and prospective geology, indicative that the area is highly prospective for gold and silver. “Tocvan plans to restart field operations at the close of the expansion acquisition to advance new target areas already identified quickly towards drill targeting. Drilling at Pilar and within the new expansion area is planned to total 2,000-meters before year end”.
  • Silver Valley Metals provided a corporate update on its MexiCan lithium-potassium projects located in Zacatecas-San Luis Potosi. Highlights of this project include that significant grades of lithium, potassium sulphate, and boron are located on surface in unconsolidated sediments; the brine potential has not been tested to date; deep basin large aquifer brine potential defined by regional geophysics surveys, remains to be tested; he inferred resource has been tested from surface to an average 5 metres depth; the company anticipates the sediment basin could range from 40m to greater than 100m deep, so the prospect of expanding the sediment resource at depth is substantial; and 12.3M tonnes of Potassium Sulphate and 243K tonnes of Lithium Carbonate Equivalent defined thus far. The company declared that discussions are active and advancing with LitioMX and near-term plans are in place to come together to potentially finalize a partnership agreement.

ON DEALS AND CORPORATE ISSUES

  • Luca Mining Corp., announced the appointment of its Director of Corporate Development. The company also granted incentive stock options to its employees and consultants to purchase an aggregate 225K share in the capital stock of the company (Tahuehueto project, Durango).
  • Santacruz Silver Mining Ltd., reported that an employee was fatality injured at its Zimapan Mine, Hidalgo. The fatality was the result of rockfall from a stope face.
  • GR Silver Mining Ltd., reported results from its annual general meeting of shareholders.  Incumbent director Laura Diaz chose not to stand for re-election and was not a nominee (Plomosas project, Sinaloa).
  • Sierra Metals Inc., placed Cusi Mine in Chihuahua on care and maintenance and initiated a process to sell the mine. Ernesto Balarezo Valdez, Sierra Metals’ CEO, stated that “Sierra Metals is transitioning to become a copper-focused mining company, and the planned divestiture of Cusi will allow us to focus on our two key mines, Yauricocha in Peru and Bolivar in Mexico, where we have significant potential to continue growing our copper production”.
  • Radius Gold Inc., announced that it proposes, subject to TSX Venture Exchange approval, to issue 500K common shares of the company to Bruce Smith. The common shares will be issued at a deemed price of $0.24 per share, for a total deemed value of $120K (good for you Bruce!) (Tropico project, Zacatecas).
  • Angel Wing Metals Inc., announced the consolidation of its common shares on the basis of one post- consolidation common share for every two pre-consolidation shares issued and outstanding as of the close of business on September 20, 2023. (La Reyna project, Nayarit).
  • Bear Creek Mining Corporation announced results from its special meeting of shareholders (Mercedes Mine, Sonora).
  • Colibri Resource Corporation announced the retirement of its President and CEO, and its replacement (Evelyn project, Sonora).
  • Orex Minerals Inc., announced a consolidation of its issued and outstanding common shares at a ratio of ten pre-consolidation shares to one post-consolidation share. The reasons for the consolidation are to increase the company’s flexibility and competitiveness in the marketplace and to attract new equity investment in the company  (Coneto project, Sonora).
  • Pan American Silver Corp., announced that it will host a conference call to discuss the company ´s environmental, social, and governance efforts, and development on October 19, 2023 at 11:00 am ET (8:00 am PT) (La Colorada, Zacatecas).
  • Silver Viper Minerals Corp., announced that it will present a live virtual corporate update hosted by Red Cloud Financial Services on September 28th, 2023 at 2:00 PM ET (La Virginia project, Sonora).

ON SOCIAL RESPONSIBILITY

  • MAG Silver Corp., published its second annual sustainability report. , which provides a comprehensive overview of the company’s environmental, social and governance (“ESG”) commitments, practices, and performance for the 2022 year. Highlights of the 2022 sustainability report include zero fatalities at the Juanicipio project, Zacatecas or at MAG´s exploration projects; a lost time injury frequency rate of 1.92; over 62,000 hours dedicated to safety training; zero significant environmental incidents at the Juanicipio and other projects; 66% of MAG Silver´s workforce is hired from local communities; over 13 community engagement initiatives across 4 different project streams at the Juanicipio project: health, education, capacity buildings, and microenterprise projects; 38% of Board directors are female, surpassing the 30% target established in MAG´s Diversity, Equity and Inclusion Policy; and Code of Conduct and Social Responsibility Policy refreshed and updated to specifically articulate the importance of engaging with Indigenous communities through meaningful dialogue, cooperation, and deepening of the shared-value approach to local development activities to promote sustainable and lasting economic and social benefits.
  • Ternium completed the restoration of the Cerro Náhuatl Mine and Jala Station Closure Plan in Coquimatlán, Colima, which covers a period from 2012 to 2022 in which reforestation works and programs were implemented. With this project, the forest area was increased by 88 hectares and the area was repopulated with 180 species of native fauna. It is a component of the company’s commitment to sustainability in the communities where it operates, according to a statement.

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, galena, sphalerite, and silver sulfosalts in a quartz vein from an intermediate sulphidation epithermal vein system in Sonora, Mexico Photo by Miguel A Heredia.

Mexico’s Best Drilling Intercepts, Second Week of October 2022

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Gold, silver and copper, in these three elements drilling at the Dios Padre project in Sonora by Regency Silver topped the best intercepts of the week. The best intercept, 53.80 m @ 4.70 gpt Au, comes from an area 500 meters from the small silver resource already outlined, targeting a geophysical anomaly. The project is located on the Santa Rosa de Yecora mining district in Sonora, known mainly for the development of breccias in the contacts or near the contacts of an intrusive stock some 20 x 15 kilometers with ragged borders. Minera Alamos is currently mining the Santana project, Magna Gold has published in the last few years about its Mercedes project, Centerra drilled one more property in the district not long ago. The breccias can be rich in copper-molybdenum (Los Verdes), tungsten, gold (Santana), silver (Dios Padre, Guadalupe de Tayopa) or a combination of these elements. With the recent published intercepts by Regency Silver, more drilling is expected to come, and more attention to the district.

The intercepts from Panuco and Los Reyes in Sinaloa come from intermediate sulfidation epithermal mineralization in structures. The Avino mine results from Durango can be either categorizad as intermediate sulfidation epithermal in nature, or distal mineralization to a porphyry copper system, as recently suggested by Avino Silver on their press release.

The Mining and Exploration News in Mexico: Highlights on the Third Week of February, 2020

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IMG_1740 (2)

By Jorge Cirett

During the 8th week of the year (February 17th to February 23rd, 2020), at least 35 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Sonora Economy Secretariat remarked that several investments are to strengthen the mining industry in 2020. Camimex pointed that mining companies are to invest more than US$200 M in exploration during 2020. Grupo Mexico is to return to the government the mining concession on which the disaster struck Pasta de Conchos mine is located. Camimex is to pursue its “zero accidents” goal. ON EXPLORATION, in Sonora, Colibri Resources has received the permit to drill at the Evelyn project; Riverside Resources reported on field work and sampling at Los Cuarentas; Aloro received a new drilling permit for its Los Venados project. In Chihuahua, Kootenay Silver commenced the phase II drilling program at its Columba project. In Durango, Commander Resources reported on a geophysical survey at Pedro’s project. In Zacatecas, Excellon Resources informed on the exploration status of its Evolución project. In Guanajuato, Vangold secured land access and land use permits on its El Pinguico project. In Jalisco, GoGold Resources launched a second exploration project at Los Ricos District in Jalisco: Monte El Favor.  ON MINING, Starcore International, Americas Gold and Silver,  Torex Gold, First Majestic Silver, Pan American Silver and Fortuna Silver reported Q4 and full year 2019 financial and/or production results. ON FINANCING, Hecla Mining is to redeem $475 M of 7.25% senior notes. Canuc Resources, San Marco Resources and Ridgestone Mining closed various stages of non-brokered private placements for $850 K, C$784.8 K and $715.2 K, respectively. Kootenay Silver is now on the 2020 TSX Venture 50tm. ON RESOURCES AND DEVELOPMENT, Golden Minerals announced promising results from metallurgical test work on concentrates from its Velardeña property. Excellon informed on exploration results on its Platosa mine in Durango. SilverCrest Metals announced a new discovery of a high-grade zone on another vein of the Babicanora area of its Las Chispas property in Sonora. Coeur Mining and Alamos Gold reported mineral reserves and resources to the end of 2019, including figures from Palmarejo (Chihuahua) and the Mulatos District (Sonora), respectively. Goldplay Exploration provided an update on drilling at San Marcial, Sinaloa. ON DEALS AND CORPORATE ISSUES, Tamino Minerals filed a law suit against an individual, in Sonora. Telson informed on the resignation of its CEO, Jose Antonio Berlanga, and the appointment of Ralph Shearing as interim CEO. Sonoro financing discussions were interrupted by the Coronavirus outbreak in China. Mexican Gold and New Found Gold terminated their binding agreement for the acquisition of New Found Gold. GoGold entered into an agreement to acquire The Monte del Favor project in the Los Ricos District in Jalisco. ON SOCIAL RESPONSIBILITY. Fresnillo PLC supports three teams in a robotic regional fair. Grupo Mexico supports social and infrastructure projects in Sombrerete, Zacatecas, with over 300 activities that benefit 3,00 inhabitants. Fresnillo PLC and Frisco are among the companies that integrate the Environmental Protection Club in Zacatecas.).

ON MEXICO ISSUES

  • Jorge Vidal, head of Sonora’s Secretaría de Economía (Economy Secretariat), stated that several investments are to strengthen the mining industry during 2020 in Sonora. He pointed that the investment by Bacanora minerals in the lithium project in Bacadehuachi is one of these, and another one is the investment of the Buenavista zinc project in Cananea, which is to generate 500 jobs with the investment of MXN$350 M pesos (US$18.8 M).
  • Mining companies are to invest more than US$200 M in exploration in 2020. Fresnillo is to reduce its exploration budget to US$135.1 M, from US$150 M on 2019, with about half of those funds to be used in the conversion of resources to reserves. Pan American Silver focuses on brownfield exploration with a budget of US$20 M for the year, on which La Colorada Skarn is to see a 44,000 m drilling program. First Majestic has an exploration budget of US$28.2 M, to be spent in San Dimas (Durango), Santa Elena (Sonora), La Encantada(Coahuila), La Parrilla (Durango) and Del Toro (Zacatecas). Torex Gold is to conduct an infill drilling program that will cost US$13 M on its Media Luna project (Guerrero). Agnico Eagle is to spend US$33.9 M in exploration during 2020, highlighting the funding of the Santa Gertrudis project in Sonora with US$10.4 M and a 42,000 m drilling program at its Pinos Altos mine in Chihuahua.
  • Grupo Mexico is to return to the government the mining concession on which the Pasta de Conchos mine is located. The move is in response to the presidential request to facilitate the retrieval of the remains of over 65 miners deceased in 2006 on the mine located in Coahuila.
  • The Cámara Minera de México (Camimex) vowed to pursue the “zero accidents” goal, pointing that in 2018 the associated companies reported an accident rate of 1.63, which is 3.7% lower than in 2017, and below the national average of 2.04 registered by the Instituto Mexicano del Seguro Social (IMSS).

ON EXPLORATION

  • Excellon Resources Inc. informed on exploration of its 45,000 hectares Evolución property in Zacatecas. Highlights include the expansion of the Lechuzas zone along strike and down dip, and broad intersections of Ag-Pb-Zn, like: 18.7 m @ 27 gpt Ag, 0.8% Pb, 1.1% Zn, 0.1 gpt Au (103 gpt AgEq), including 2.0 m @ 105 gpt Ag, 3.5% Pb, 4.2% Zn, 0.3 gpt Au (416 gpt AgEq); 1.5 m @ 290 gpt Ag, 6.9% Pb, 5.9% Zn, 0.2 gpt Au (779 gpt AgEq); 4.5 m @ 51 gpt Ag, 1.9% Pb, 2.9% Zn, 0.1 gpt Au (244 gpt AgEq); 3.3 m @ 55 gpt Ag, 1.1% Pb, 1.9% Zn (172 gpt Ag). Excellon plans to incorporate all recent work into an updated mineral resource estimate for the project.
  • Kootenay Silver Inc. has commenced a 7,000 m phase II core drilling program at its Columba project in Chihuahua. The follow up drilling will focus on the results of last year’s 41-hole, 6,853 m program which targeted six different veins on the property. Highlighted results from that program comprise: 1.15 m @ 775 gpt Ag; 4.83 m @ 230 gpt Ag; 2.90 m @ 519 gpt Ag; 11.0 m @ 133 gpt Ag (including 5.0 m @ 245 gpt Ag); 2.1 m @ 699 gpt Ag; 1.75 m @ 755 gpt Ag, 1.16 gpt Au; 6.25 m @ 244 gpt Ag; 11.5 m @ 415 gpt Ag (including 4.0 m @ 721 gpt Ag); 4.63 m @ 301 gpt Ag; 39.9 m @ 159 gpt Ag (including 7.45 m @ 650 gpt Ag).
  • Colibri Resource Corp. informed it has received the required drilling permits for its Evelyn project in Sonora. Drill pad construction and other required infrastructure are to commence immediately, followed by drilling.
  • Commander Resources Ltd. reported results from a 70 line-km induced polarization survey (IP) at the Pedro’s project in Durango. The 1,750 ha project was acquired in 2006 from Bearing Resources Ltd. Hematite stained silica rich ridges of angular chalcedony fragments and silicified sedimentary rocks within an angular coarse breccia comprise the outcrops within the Ahuichila conglomerate, within a soil anomaly 4 Km by 1 km and rock chip samples of up to 2.3 gpt Au. Past drilling focused on a Carlin target intercepted up to 10.5 m @ 0.51 gpt Au in oxidized silicified conglomerate.
  • Vangold Mining Corp. has secured a surface land access agreement, and a surface land use agreement for its El Pinguico mine in Guanajuato. The 15-year land access agreement was signed with the Ejido Calderones, providing a short access route to the project, whereas the land use permit was signed with a local land owner for 89.6 hectares.
  • Riverside Resources Inc. reported on field work and sampling at its Los Cuarentas project in Sonora. Selective rock sampling from dumps, float, channel and rock chips returned five of sixteen samples with more than 5 gpt Au: 25.7 gpt Au, 4 gpt Ag; 10.2 gpt Au, 9 gpt Ag; 6.8 gpt Au, 65.1 gpt Ag, 6.27 gpt Au, 120 gpt Ag; 5.3 gpt Au, 6 gpt Ag; 5.1 gpt Au, 75 gpt Ag. Three primary targets have been identified for a prospective drill program in 2020: Santa Rosalia, Santa Rosalia Sur and El Sombrero.
  • GoGold Resources Inc. launched a second exploration project located on the Los Ricos District, called Monte del Favor, in Jalisco. Gogold now owns 35 concessions covering 22,493 hectares in a 35 km trend. The new concessions come with a legacy database of 50 drill holes with highlighted intercepts of: 24.4 m @ 6.4 gpt Au, 1,629 gpt Ag; 28.3 m @ 3.1 gpt Au, 150 gpt Ag; 6.1 m @ 1.1 gpt Au, 201 gpt Ag; 6.1 m @ 2.8 gpt Au, 174 gpt Ag; 20.3 m @ 0.4 gpt Au, 225 gpt Ag.
  • Aloro Mining Corp. informed a new drilling permit has been granted by SEMARANT (The Secretariat of Environment and Natural Resources) for its Los Venados project in Sonora. The permit granted the drilling of 15 holes and the construction of up to 3.38 Km of drill roads. Drilling is to focus in the south area of the project, where a hole cut 32 m of blind strong silicic alteration with brecciated vuggy silica an sulfides, with 7.6 m @ 1.13 gpt Au, 32 gpt Ag.

ON MINING

  • Starcore International Mines Ltd. released production results for the quarter ending on January 31, 2020. In its San Martin mine in Queretaro, 58.3 K tonnes were milled @ 1.84 gpt Au, 30 gpt Ag, recovering 90.1% Au, 50.9% Ag, to produce 3,425 Oz AuEq.
  • Americas Gold and Silver Corp. presented production figures from 2019 and guidance for 2020 of its mining operations, including figures from its Cosalá property in Sinaloa. At Cosalá, 613.8 K tonnes were processed @ 50 gpt Ag, to produce 572 K Oz Ag, 43.3 M Lb Zn and 16.4 M Lb Pb, or 4.68 M Oz AgEq, at cash cost ($18.31) and AISC ($10.90) per Oz Ag produced. Improved access to the Upper Zone at the San Rafael mine will tap higher silver grades in 2020.
  • Torex Gold Resources Inc. reported fourth quarter and fill year 2019 financial and operating results. For the last quarter of 2019, Torex Gold produced 121,151 Oz Au at its El Limón-Guajes mine in Guerrero, at cash cost $617 per Oz and all-in sustaining cost of $767 per Oz, generating EBITDA of $102.2 M and repaying $82.5 M of debt during the period. For the year, Torex produced 454,811 Oz Au at cash cost of $619 per Oz and an AISC of $805 per Oz Au, generating EBITDA of $330.3 M and repaying $164.4 M of debt. Total debt now stands at $174.9 M, while cash at hand is $161.8 M. The Media Luna project resource estimate was updated to 2.24 M Oz AuEq at a grade of 5.5 gpt Au in the indicated category and 4.23 M Oz AuEq at 4.23 gpt Au in the inferred category.
  • First Majestic Silver Corp. announced financial results for the Q4 and year 2019. During the quarter 626.6 K tonnes were processed to produce 3.35 M Oz Ag, 33,176 Oz Au, 0.9 M Lb Pb, or 6.23 M Oz AgEq at cash cost $3.37 per Oz and an AISC of $12.25 per Oz. The production figures for the year are in the table below. The company ended 2019 with cash and cash equivalents of $169 M. First Majestic production 20191
  • Pan American Silver Corp. reported financial results for the year 2019, including figures from its Mexican operations. At La Colorada mine in Zacatecas 768.7 K tonnes were milled @ 361 gpt Ag, 3.10% Zn, 1.65% Pb to produce 8.2 M Oz Ag, 4.61 K Oz Au, 20.97 K tonnes Zn, 11.15 K tonnes Pb, at cash cost $4.30 and AISC of $5.00 (net of by-products). At Dolores, in Chihuahua, 6.78 M tonnes were place on the heaps @ 38 gpt Ag, 0.60 gpt Au, to produce 5.1 M Oz Ag, 117.6 K Oz Au at a cash cost of $3.09 and an AISC of $15.45.
  • Fortuna Silver Mines, Inc. provided 2020 production, cost and capital expenditure guidance for 2020, including figures for its Mexican operations. At San Jose, in Oaxaca, the company aims to produce between 6.6 and 7.3 M Oz Ag, and between 41 and 45 K Oz Au, at a cash cost of US$65.6 to US$72.5 per tonne, and an AISC between US$9.6 to US$11,7 per Oz AgEq. The plan is to process 1.06 M tonnes @ 223 gpt Ag, 1.39 gpt Au, with a capital investment of US$17.1 M, including US$12.2 M for sustaining capital expenditures and US$4.9 M for brownfields exploration programs which include 17,600 m of drilling.

ON FINANCING

  • Hecla Mining Co. announced its agreement to sell $475 M aggregate principal amount of 7.25% senior notes. The notes will mature in February 2028, with the company intending to use the net proceeds together with cash on hand to redeem all of its outstanding 6.875% senior notes due 2021. (San Sebastián, Durango).
  • Canuc Resources Corp. closed a non-brokered private placement for gross proceeds of $850 K, with three officers of the company participating (San Javier, Sonora).
  • San Marco Resources Inc. closed its over-subscribed non-brokered placement, raising C$784.8 K (Espiritu, Sonora).
  • Ridgestone Mining Inc. closed the first tranche of the non-brokered private placement to raise $715.2 K on gross proceeds (Rebeico, Sonora).
  • Kootenay Silver Inc. has been recognized in the 2020 TSX Venture 50tm as one of the top 50 performing companies on the TSX Venture Exchange (Columba, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Golden Minerals Co. announced promising results of metallurgical test work on pyrite-arsenopyrite flotation concentrates from its Velardeña properties in Durango. “Gold and silver recoveries of 91% and 92%, respectively, were obtained from cyanide leaching of the bio-oxidized concentrate samples. BIOX* achieved 93% oxidation on the concentrate sample in batch tests, which the Company believes should translate to a 5 to 6-day retention time in a commercial bio-oxidation plant”.
  • Excellon Resources Inc. informed on exploration results at its Platosa mine in Durango. Surface drilling of the NE-1S manto returned high-grade intersections, like 6.6 m @ 1,178 gpt Ag, 6.7% Pb, 8.4% Zn, 0.2 gpt Au. A large hydrothermal system was discovered 11 km from the Platosa mine at the Jaboncillo target, where drilling is aimed to start in the first half of 2020.
  • SilverCrest Metals Inc. announced a new discovery and additional drill results from the Babicanora Norte vein at its Las Chispas property in Sonora. The discovery drill hole intercepted 2.0 m (tw) @ 6,418 gpt AgEq on a faulted extension that received the name of Area 200, on the Babicanora Norte vein, which is now the highest-grade vein in the project. The initial high-grade footprint of this zone is 500 long by 125 m in height, on the vein that is now known for more than 2.0 km. The area 200 shows an average estimated true width (tw) of 1.5 m @ 16.11 gpt Au, 2,166 gpt Ag (3,375 gpt AgEq). Highlighted results for this press release comprise 1.4 m @ 90.22 gpt Au, 9,422 gpt Ag (16,189 gpt AgEq); 2.4 m @ 45.71 gpt Au, 5,577 gpt Ag (9,006 gpt AgEq); 1.6 m @ 75.78 gpt Au, 7,662 gpt Ag (13,345 gpt AgEq).
  • Coeur Mining Inc. reported 2019 mineral reserves and resources, including figures from its Mexican operations. At Palmarejo, in Chihuahua, infill drilling helped replace mining depletion. Proven and probable reserves stand at 11.67 M short tonnes (st) @ 1.83 gpt Au, 135 gpt Ag; measured and indicated resources stand at 8.76 M st @ 1.49 gpt Au, 122 gpt Ag and inferred resources of 6.47 M st @ 1.77 gpt Au, 127 gpt Ag. These amount to 693 K Oz Au, 5.6 M Oz Ag as reserves, 425 K Oz Au, 34.5 M Oz Ag as measured and indicated resources and 367 K Oz Au, 26.3 M Oz Ag as inferred resources.
  • Minera Peña Colorada informed that the Peña Colorada mine in Colima received the visit of PROFEPA (Procuraduría Federal de Protección al Ambiente) and SEMARNAT (Secretaría de Medio Ambiente y Recursos Naturales) personnel to review the compliance of the company on the different permits it has received.
  • Alamos Gold Inc. Reported mineral reserves and resources to year end 2019, including figures from its Mexican Operations. Mineral reserves at Mulatos decreased by 154 K Oz to 1.56 M Oz, with mining depletion partially offset by an 81 K Oz increase at La Yaqui Grande. The exploration budget was increased to $7 M with 14,000 m of drilling planned around near mine targets as well as at La Yaqui Grande and El Carricito. A number of regional exploration targets were identified with the aid of a VTEM survey carried out in 2018.Alamos Gold Mineral Resources to 201911
  • Goldplay Exploration Ltd. provided an update on exploration and drilling of its San Marcial project in Sinaloa. The last holes of 2019 returned 28.7 m @ 92 gpt Ag, including 13.75 m @ 154 gpt Ag in the Faisanes target. At the Guacamayo target 0.60 m @ 138 gpt Ag, 0.56 gpt Au, confirm mineralization 30 m east of the current resource area. Due diligence has commenced on the potential acquisitions of the Plomosas (First Majestic Silver Corp.) and La Trinidad (Mako Mining Corp.).

ON DEALS AND CORPORATE ISSUES

  • Tamino Minerals Inc. has filed a law suit against an individual in Sonora. (El Volcán, Sonora).
  • Newmont Corp. appointed Jim Cooper as General Manager of the Peñasquito unit in Zacatecas.
  • Telson Mining Corp. informed its Chief Executive Officer and member of the Board of Directors, Jose Antonio Berlanga, has resigned due to personal reasons. Mr. Ralph Shearing has been appointed as Interim Chief Executive Officer for the company (Campo Morado, Guerrero).
  • Sonoro Metals Corp. informed discussions regarding debt finance and engineering, procurement and construction contracts with China-based EPC companies has been postponed due to the COVID-19 outbreak (Cerro Caliche, Sonora).
  • Mexican Gold Mining Corp. announced, along New Found Gold Corp., that they have mutually terminated the binding agreement to acquire all of the issued and outstanding shares of NFGC (Las Minas, Veracruz).
  • GoGold Resources Inc. entered into an agreement to acquire a second project located on the Los Ricos District, called Monte del Favor, in Jalisco. The agreement is to acquire 49% of 5 concessions in consideration for US$225 K, and an option to acquire the remaining 51% by paying US$210 K on the second anniversary. The seller will retain 1% NSR on the property, which the company may repurchase by paying US$1 M.

ON SOCIAL RESPONSIBILITY

  • Fresnillo PLC supports science, technology and youthful innovation. As part of the regional robotic fair “FIRST” on the La Laguna region, Fresnillo is to support three teams. The sponsored teams are from Turuachi, Chihuahua, Ciénega de Nuestra Señora, Durango and Fresnillo, Zacatecas. One other team from Caborca, Sonora, is to participates in an international competition in Arizona.
  • Grupo Mexico supports social and infrastructure projects in Sombrerete, Zacatecas. Every year the company performs 300 activities that benefit 3,000 inhabitants. The social programs and productive activities take place in Sombrerete, San Martin, Villa Insurgentes, Ojo de Agua, Charco Blanco, Santa Rita and José de Félix communities. Also, a seed-capital program has financed 29 projects to benefit 20 schools.
  • Peñoles, Fresnillo PLC, and Grupo Frisco among the companies to integrate the Environment Protection Club in Zacatecas. More than 25 companies are to be members of this club, promoted by the State governor, and that will also have universities (Benemérita Universidad Autónoma de Zacatecas and Instituto Politécnico Nacional), the Secretaría de Agua y Medio Ambiente and federal authorities as its memebers.

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

On the image below: The old train bridge between Nacozari and the Pilares mine, in Sonora, picture by Jorge Cirett

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The Mining and Exploration News in Mexico: Highlights on the Fourth Week of August, 2019

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159 - copia

By Jorge Cirett

During the 34th week of the year (August 19th to August 25th, 2019), at least 23 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Charcas municipality in San Luis Potosi is awaiting for a favorable resolution by the Supreme Court on the use of the Mining Fund. ON EXPLORATION, in Baja California, One World Lithium plans a diamond drilling campaign at its Salar del Diablo project. In Sonora, Minaurum Gold released drilling results on its Alamos Silver project. In Durango, Canasil updated on exploration of its Salamandra, Nora, and Vizcaino projects. In Zacatecas, Canasil updated on exploration of La Esperanza. In Oaxaca, Megastar reported interesting surface sample results at its Yautepec project. ON MINING, Mexus Gold continues piling material on the heaps at its Santa Elena mine. Fortuna Silver reported an underground fatality at the San Jose mine in Oaxaca. ON FINANCING, Discovery Metals granted options to officers, directors, employees and consultants. SilverCrest Metals closed a private placement for C$4.56 M. Argonaut Gold entered into an agreement for gross proceeds of C$4 M. Avino Silver granted options and 1.73 M restricted share units to its directors, officers, employees and consultants. Millrock received an extension regarding the filing of documents in respect of a private placement. Kootenay Silver closed its non-brokered private placement financing for gross proceeds of $5 M. Tamino Minerals intends to raise capital. ON RESOURCES AND DEVELOPMENT, Aura Minerals reported that a geophysical survey indicates a mineralised body might open to depth at its Aranzazu mine, in Zacatecas. SilverCrest Metals received the explosives permit, acquired water rights and paid the remaining mining concessions at its Las Chispas project in Sonora. ON DEALS AND CORPORATE ISSUES, Magna Gold completed the acquisition of Las Marias and Las Cabanas groups of concessions in Sonora, adjacent to its flagship Mercedes project. GoGold renegotiated the acquisition agreement on Los Ricos property, Jalisco, to speed up the purchase and lower the amount of the full transaction by $5.4 M. Torex Gold hedged the production of 96 K Oz Au. Bacanora Lithium presented an update on the approval of Ganfeng Lithium investment on Bacanora by the Chinese authorities. ON SOCIAL RESPONSIBILITY. No relevant news.

ON MEXICO ISSUES

  • Mining municipalities in San Luis Potosi demand to receive the Mining Fund. The municipality of Charcas, in San Luis Potosi, presented a legal complaint to the Supreme Court to avoid the use of these funds (gathered by the payment on a royalty from mining proceeds) for programs unrelated to mining. The municipality president, Manuel López Lara, said these resources are needed to provide vital infrastructure to the community, and that they are awaiting a favorable resolution by the Supreme Court.

ON EXPLORATION

  • One World Lithium Inc. appointed Montgomery and Associates as operator for its upcoming drill programs on its Salar del Diablo lithium brine project in Baja California. Initially four diamond holes are to be drilled to 600 m depth to collect 20 groundwater samples at specified depths using a depth specific packer system.
  • Minaurum Gold Inc. released further drill results from its Alamos Silver project in Sonora. With the latest results Minaurum has now tested 14 of the 20 veins systems in the project. Highlighted recent results comprise 3.80 m @ 415 gpt Ag, 2.68 gpt Au, 1.37% Cu, 6.2% Pb, 9.2% Zn (including 0.95 m @ 1,566 gpt Ag, 6.72 gpt Au, 4.48% Cu, 9.3% Pb, 10.1% Zn); 0.95 m @ 425 gpt Ag, 0.32% Cu, 3.2% Pb, 1.3% Zn; 1.95 m @ 261 gpt Ag; 0.90 m @ 337 gpt Ag; 0.90 m @ 307 gpt Ag; 1.05 m @ 134 gpt Ag, 0.31% Cu, 1.2% Pb, 3.9% Zn. Minaurum reports high grade silver intercepts in 10 of the 14 veins drilled to date, and plans to drill six more vein systems before beginning follow-up drilling on veins that have the potential to host volumes of high-grade mineralization similar to that of the historic Quintera and Promontorio mines.
  • Canasil Resources Inc. presented a review of its main projects in central Mexico. At La Esperanza, in Zacatecas, there is a series of epithermal veins on a 15 km long corridor, with drilling at the La Esperanza vein returning up 11.23 m true width (TW) @ 219 gpt Ag, 0.74 gpt Au, 0.9% Zn, 0.4% Pb (including 1.11 m @ 2,281 gpt Ag, 6.39 gpt Au, 2.2% Zn, 1.2% Pb.  At Salamandra, in Durango, a rhyolite dome intruding sedimentary rocks has returned drill intercepts of up to 9.5 m @ 102 gpt Ag, 0.5% Zn; 10.0 m @ 71 gpt Ag, 3.5% Zn, 1.3% Pb; 7.89 m @ 166 gpt Ag, 1.2% Cu, 1.2% Zn, 0.6% Pb (including 2.30 m @ 393 gpt Ag, 3.6% Cu, 2.8% Zn, 0.4% Pb). At Nora, in Durango, samples on epithermal veins have returned up to 1.0 m @ 1.98 gpt Au, 514 gpt Ag, 1.03% Cu, 3.3% Zn, 4.4 % Pb. At Vizcaino, in Zacatecas, the gold-anomalous Pamplona vein is 1 to 12 m in width over 2 km of length, with chalcedonic quartz hosted in rhyolites.
  • Megastar Development Corp. reported assay results from surface sampling at its Yautepec property in Oaxaca. Results from a sinter zone and a bounding quartz vein of 162 samples returned up to 308 gpt Ag, 1.07 gpt Au, 99 ppm Cu, 464 ppm Pb, 548 ppm Zn, 102 ppm Mo, 92,600 ppm (9.26%) As, 307 ppm Sb. These high numbers are very encouraging on a high-level epithermal system like the one exposed at this project.

ON MINING

  • Mexus Gold US. has piled 4,000 tons @ 2.8 gpt Au on the heap for leaching at its Santa Elena mine in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora).
  • Fortuna Silver Mines Inc. reports a fatal accident involving a contractor’s employee at its San Jose mine in Oaxaca. “The accident involved a scooptram operating underground, and the individual fatally injured was the driver”.

ON FINANCING

  • Discovery Metals Corp. granted 5.3 M options to certain officers, directors, employees and/or consultants (Puerto Rico, Coahuila).
  • SilverCrest Metals Inc. closed the private placement with SSR Mining Inc., pursuant to which SSR elected to exercise its equity participation right to maintain a 9.9% interest in SilverCrest by investing C$4.56 M. Upon closing of this transaction, SSR Mining holds 9,000,645 common shares of SilverCrest (Las Chispas, Sonora).
  • Argonaut Gold Inc. entered into an agreement with Cormark Securities Inc. to act as lead underwriter of a syndicate of underwriters that are to buy shares of the company for aggregate gross proceeds of C$4 M (La Colorada, Sonora).
  • Avino Silver & Gold Mines Ltd. granted 526 K incentive options and 1.73 M restricted share units to its directors, officers, employees and consultants (Avino, Durango).
  • Millrock Resources Inc. announced the TSX Venture Exchange granted Millrock an extension of the deadline to file materials in respect of the private placement financing previously announced (Batamote, Sonora).
  • Sable Resources Ltd. announced the completion of distribution of 29.9 M common shares of Talisker Resources Ltd. to shareholders of the company. “The distribution of the Talisker Shares was effected as a reduction in the stated capital of the common shares of the Company…. The Company previously received the Talisker Shares in consideration for the assignment of certain mineral resource properties located in the Province of British Columbia on April 18, 2019” (Margarita, Chihuahua).
  • Kootenay Silver Inc. closed its non-brokered private placement financing for gross proceeds of $5 M. Finder fees totaling $200 K were paid to Mackie Research Capital Corp. with 1.25 M common shares issued and 625 K warrants (La Cigarra, Chihuahua).
  • Tamino Minerals Inc. announced its intentions to raise capital. Currently Tamino has issued 370.6 M shares, of which 220.8 M are restricted and 149.8 M are deemed free trading (El Volcan, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Aura Minerals Inc. reported that a geophysical study at its Aranzazu mine in Zacatecas suggests the Glory Hole skarn may open down dip for a further 500 to 700 m from the current resource base, and also down plunge to southeast towards Cabrestante, which may represent potential for an increase of life of mine if confirmed by drilling.
  • SilverCrest Metals Inc. received approval from Secretaria de la Defensa Nacional (SEDENA) for the operational storage and use of explosives at its Las Chispas Project in Sonora. SilverCrest also acquired local water rights for Las Chispas and exercised its last outstanding option agreement to fully acquire the remaining four of the 28 concessions at Las Chispas, thereby obtaining 100% ownership in all Las Chispas mining concessions containing vein mineral resources.

ON DEALS AND CORPORATE ISSUES

  • Magna Gold Corp. completed the acquisition of the Las Marias property and las Cabanas mineral claims in Sonora“. Las Marias Property consists of 7 mining concessions covering 646 hectares adjacent to the Mercedes Property and Las Cabanas consists of 2 claims covering 248 hectares located approximately 10 km south-west of the Mercedes Property in Sonora, Mexico. The total purchase price for the new mineral concessions and other rights was $250,000 and the issuance of 1,000,000 common shares.”
  • GoGold Resources Inc. replaced the original option agreement for the Los Ricos property in Jalisco for a concession agreement. GoGold is now required to make a $500 K payment upon signing, $3.22 M to be paid on installments over 24 months, and 9.05 M shares of GoGold common shares to be delivered in equal numbers over 24 months. In addition, the company entered into an agreement to acquire the existing 2% NSR for $1 M in equal installments over 36 months and 4.87 M shares delivered in equal numbers over an 18 month period. This agreement is stated to save GoGold $5.4 M.
  • Torex Gold Resources Inc. entered into a series of no-cost collar hedges, with 96 K Oz Au hedged over the next 12 months. “The floor price of the monthly gold collars has been set at $1,400/oz with the ceiling price of the collars ranging from $1,666/oz in September 2019 to $1,768/oz in August 2020.”
  • Bacanora Lithium PLC. informed the agreements with Ganfeng Lithium Co. Ltd. have been submitted to the Chinese authorities for approval and completion. With the already received approvals by the PRC Ministry of Commerce and the National Development and Reform Commission, it is anticipated that the final approval from the State Administration of Foreign Exchange will be received following a Ganfeng board meeting to be held in the coming weeks (Sonora Lithium project, Sonora).

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

On the image below: Ricardo Ramonett collecting a stream sediment sample in Oaxaca. Picture by Jorge Cirett

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

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Boiling texture in a quartz chalcedonic vein

By Miguel A Heredia

During the twenty seven week of the year (July 15th to July 7th, 2019), at least 27 press releases were announced by companies working in Mexico, with ten communicating production results, seven disclosing deals and corporate issues, six announcing financial rounds, two reporting on resources and development of their projects,  and two informing on exploration results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Chihuahua, Silver Spruce secured drill pads to commence phase 1 drill program at its Pino de Plata project. In Oaxaca, Megastar identified multiple targets at its Yautepec property. ON MINING, Avino, Consolidated Zinc, First Majestic, Fortuna Silver, Fresnillo, Gold Resource, Hecla, McEwen, Premier, and Sierra Metals reported Q2, 2019 production results from their Mexican operations. ON FINANCING, Americas Silver announced a non-brokered private placement for gross proceeds of approximately US$10M (Cosala, Sinaloa). It also announced the termination of the agreement with Premier Gold on the San Felipe project in Sonora for total sales proceeds of US$10.8M. Discovery Metals announced its intentions to complete a non-brokered private placement to rise gross proceeds of $9M (Puerto Rico project, Coahuila). Golden Minerals entered in definitive agreements to rise gross proceeds of $2.25M (Santa Maria project, Chihuahua). Mexican Gold closed a non-brokered private placement for gross proceeds of $4M (Las Minas project, Veracruz). Orla Mining rised $3.6M through early warrant exercise incentive program (Camino Rojo project, Zacatecas). Silver Spruce received a final payment of $150K for the sale of its Kay Mine project to Croesus. Silver Spruce received and accepted an unsolicited cash investment offer of USD $250K (Pino de Plata project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Endeavour acquired two mineral properties adjacent to its Guanacevi mine in Durango. SilverCrest received the operating permit from SEMARNAT for the development of its Las Chispas project in Sonora. ON DEALS AND CORPORATE ISSUES, Silver Spruce announced the acquisition of the Cocula advanced Au project in Jalisco. Excellon, Great Panther, Mexican Gold, and Prize announced management changes.  Mexican Gold, Prize, and Minera Alamos granted stock options to Directors, Officers, Employees, and Consultants.

 ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., secured drill pads to commence phase 1 drill program at its Pino de Plata project in Chihuahua. The surface landowners have granted surface access and signed the drill permit application.
  • Megastar Development Corp., identified multiple targets at its Yautepec property in Oaxaca. The property lies within the known Oaxaca Au-Ag epithermal trend that hosts the San Jose Mine owns by Fortuna Silver, and the Arista-Switchback mine owned by Gold Resource. Results from the first 146 rock-chip samples were received. Significant results are: 6 samples with > 10 ppm Ag (maximum value of 62 ppm Ag); 9 samples with > 100 ppb Au (maximum value of 0.86 ppm Au);   5 samples with > 100 ppm Cu (maximum value of 639 ppm Cu); 6 samples with > 100 ppm Pb (maximum value of 863 ppm Pb); 10 samples with > 100 ppm Zn (maximum value of 215 ppm Zn; 8 samples with > 100 ppm Mo (maximum value of 648 ppm Mo); 12 samples with > 1,000 ppm As (maximum value of 6,290 ppm As); 9 samples with > 1,000 ppm Ba (maximum value of 4,590 ppm Ba); and 12 samples with > 1 ppm Hg (maximum value of 7.8 ppm Hg). These anomalous values are from quartz veins, silicified breccias and siliceous sinter deposits in multiple areas along a north-northwest striking 8.4km trend of prospective rocks that trace a volcanic caldera margin. An additional 175 rock-chip samples have been submitted to the lab and results will be announced in subsequent new releases.

ON MINING

  • Avino Silver & Gold Mines Ltd., reported Q2, 2019 consolidated production results from its Avino mine operation in Durango. It processed 200,873 tonnes of 57 g/t Ag, 0.41 g/t Au, and 0.38%Cu to produce 246K Oz Ag, 1,609 Oz Au, and 1.14M Lb Cu. Metallurgical recoveries were 69%, 61% and 63% for Ag, Au, and Cu respectively.
  • Consolidated Zinc Limited, reported June 2019 production results from its Plomosas mine in Chihuahua. It mined 5,099 tonnes of 17.5% Zn, 11.2% Pb, and 62 g/t Ag for a total of 2M Lb Zn, 1.3M Lb Pb, and 10.2K Oz Ag contained. From this tonnage, only 2,409 tonnes were processed but additional stockpiles of 6,599 tonnes remain in mine site awaiting be delivered to the Aldama plant.
  • First Majestic Silver Corp., announced Q2, 2019 production results from their Mexican operations. The below table shows the mine by mine production results:

 

  • Fortuna Silver Mines Inc., released Q2, 2019 production results from its San Jose mine in Oaxaca. Fortuna processed 271,016 tonnes of 273 g/t Ag and 1.68 g/t Au to produce 2.2M Oz Ag and 13.2K Oz Au, with metallurgical recoveries of 90.76% and 90.23% respectively.
  • Fresnillo plc., reported Q2, 2019 consolidated production results from their Mexican operations. The company produced 14.42M Oz Ag (including Silverstream), 221.3K Oz Au, 29.2M Lb Pb, and 46.3M Lb Zn. The production results by mine are as follow: At the Fresnillo mine in Zacatecas, 618,852 tonnes with grades of 192 g/t Ag, 0.9 g/t Au, 1% Pb, and 1.6% Zn were processed to produce 3.5M Oz Ag, 13.5K Oz Au, 11.7M Lb Pb, and 15M Lb Zn. At the Saucito mine in Zacatecas, 662,023 tonnes were processed with grades of 242 g/t Ag, 1.15 g/t Au, 0.8% Pb, and 1.3% Zn to produce 4.5M Oz Ag, 18K Oz Au, 10.2M Lb Pb, and 13.31M Lb Zn. At the Piritas Plant in Zacatecas, 39,159 tonnes were processed with grades of 352 g/t Ag and 2.57g/t Au to produce 333K Oz Ag and 1,215 Oz Au. At the La Cienega mine in Durango, the company processed 329,117 tonnes with grades of 1.57 g/t Au, 162 g/t Ag, 0.6% Pb, and 1.1% Zn to produce 15K Oz Au, 1.5M Oz Ag, 3M Lb Pb, and 4.8M Lb Zn. At the San Julian mine in Chihuahua-Durango border, Fresnillo processed 338,797 tonnes of 1.71 g/t Au and 124 g/t Ag from San Julian Veins to produce 17.7K Oz Au and 1.2M Oz Ag, while 562,534 tonnes were processed from the San Julian Disseminated Ore Body with grades of 0.08 g/t Au, 149 g/t Ag, 0.4% Pb, and 1.4% Zn, to produce 636 Oz Au, 2.3M Oz Ag, 4.2M Lb Pb, and 13.3M Lb Zn. Total production at San Julian was 18.3K Oz Au and 3.6M Oz Ag. At its Herradura mine in Sonora, the company processed 5,466,791 tonnes of 0.84 g/t Au and 2.5 g/t Ag to produce 120K Oz Au and 280K Oz Ag. At the Noche Buena mine in Sonora, Fresnillo processed 3,663,549 tonnes of 0.56 g/t Au and 0.22 g/t Ag,  to produce 35.3K Oz Au and 17K Oz Ag.
  • Gold Resource Corporation, released production results from its Oaxaca Mining Unit for the period Q2, 2019. It produced 7,881 Oz Au, 466.5K Oz Ag, 1.1M Lb Cu, 5.2M Lb Pb, and 13.6M Lb Zn.
  • Hecla Mining Company, reported Q2, 2019 production results from its San Sebastian mine in Durango. The company produced 0.5M Oz Ag and 3,547 Oz Au.
  • McEwen Mining Inc., announced that 5,340 Oz Au were produced at its El Gallo mine in Sinaloa during the period Q2, 2019.
  • Premier Gold Mines Limited, reported that a total of 15.5K Oz Au and 56.5K Oz Ag were produced from its Mercedes mine in Sonora during Q2, 2019.
  • Sierra Metals Inc., released Q2, 2019 production results from their Mexican operations. At Its Bolivar mine in Chihuahua, Sierra Metals processed 326,208 tonnes of 0.86% Cu, 18 g/t Ag, and 0.24 g/t Au to produce 5.2M Lb Cu, 152K Oz Ag, and 1,586 Oz Au. At its Cusi mine in Chihuahua, the company processed 82,117 tonnes of 1|45 g/t Ag, 0.15 g/t Au, and 0.1% Pb to produce 283K Oz Ag, 146 Oz Au, and 154K Lb Pb.

ON FINANCING

  • Americas Silver Corporation, announced that Eric Sprott has agreed to purchase common shares of the company for a total investment of approximately US$10M in a non-brokered private placement (Cosala, Sinaloa). It also announced the termination of the agreement with Premier Gold on the San Felipe project in Sonora for total sales proceeds of US$10.8M.
  • Discovery Metals Corp., announced its intentions to complete a non brokered private placement to raise gross proceeds of $9M, of which Eric Sprott has agreed to purchase 19.9% of the company by investing $7.7M. Discovery plans to acquire all the issued and outstanding common shares of Levon Resources Ltd., as announced in a news release dated May 30, 2019. Gross proceeds will be used to continue exploration at Cordero, Chihuahua, following the acquisition of Levon, and at the Coahuila projects (Puerto Rico, Minerva, and Monclova).
  • Golden Minerals Company, entered in definitive agreements with institutional investors for an offering of shares of common stock with gross proceeds of $2.25M (Santa Maria project, Chihuahua).
  • Mexican Gold Corp., closed a non-brokered private placement for gross proceeds of $4M. Net proceeds will be used for exploration and advancement of its Las Minas project in Veracruz.
  • Orla Mining Ltd., rised $3.6M through an early warrant exercise incentive program rised $3.6M. Net proceeds will be used to continue regional exploration and allow greater flexibility prior to construction of its Camino Rojo Oxide project in Zacatecas.
  • Silver Spruce Resources Inc., received a final payment of $150K for Croesus Gold Corp., for the sale of its Kay Mine project. Some of the net proceeds will be used to fund the due diligence program at its advanced Cocula gold project in Jalisco. The company also received and accepted an unsolicited cash investment offer of USD $250K to purchase 5% interest of Silver Spruce Resources de Mexico SA de CV, the Mexican subsidiary of Silver Spruce, and 5% interest in the mining titles for each of the four mining concession that comprise its Pino de Plata project in Chihuahua. The offer was done before the commencement of the phase 1 drill program.

ON RESOURCES AND DEVELOPMENT

  •  Endeavour Silver Corp., acquired a 10 years rights to explore and exploit two mineral properties adjacent to its Guanacevi mine in Durango from a subsidiary of Minera Frisco SAB de CV. The El Porvenir property of 15 Ha covers the up dip extension of the El Porvenir Norte orebody, and The El Curso property of 40 Ha that covers any possible northwest extension of the El Porvenir Cuatro orebody, which was the highest grade mine in the district. Endeavour agreed to meet certain minimum production targets from the properties and pay Frisco a fixed per tonne production payment plus a floating NSR based on the spot Ag price.
  • SilverCrest Metals Inc., received from SEMARNAT the approval of the MIA or operating permit for the development of its Las Chispas project in Sonora. The receipt of the MIA provides the company to construct a 3,000 tonnes per day underground mine and a conventional processing facility with subsequent dry stack tailings and underground backfill for Las Chispas. The MIA remains in good standing for 14 years until July 17, 2033.

 ON DEALS AND CORPORATE ISSUES

  • Silver Spruce Resources Inc., acquired 100% interest in the Cocula advanced Au project in Jalisco from Prospeccion y Desarrollo Minero del Norte SA de CV (ProDeMin), which in turn, has an option agreement from the owners to acquire 100% interest in the Cocula project. Terms of the acquisition include a USD$160K due within two years of assumption of the ProDeMin contract; USD$330K due within year three; and USD$2.5M due within year four. ProDeMin has to negotiate with the owners to delay payments and to accept cash and company shares as payment. The owners also have retained a 2% NSR which is capped at USD$1.5M and of which 1% can be purchased for USD$500K. Minimum work expenditure include USD$250K in the first two years and USD$500K within the following two years. Silver Spruce has also agreed to reimburse ProDeMin USD$125K over two years for its previous option payments made to the owners, upon completion of the Company’s financing requirements, and to issue 3M of the Company’s common shares to ProDeMin over four years.
  • Excellon Resources Inc., announced the appointment of its CFO and VP Corporate Development (La Platosa, Durango).
  • Great Panther Mining Limited, announced the appointment of the Chair of the Board of Directors of the company (Topia mine, Durango).
  • Mexican Gold Corp., announced the resignation of its COO and one Director, and the appointment of a new member to its Board of Directors. The company also granted stock options to Directors, Officers, and Consultants of the company (Las Minas, Veracruz).
  • Prize Mining Corporation appointed as new Director to the Board of the company. It also granted stock options to Directors, Officers, Employees, and Consultants of the company (Manto Negro project, Coahuila).
  • Minera Alamos Inc., granted stock options to Managements, Directors, Employees, and Consultants of the company (Santana project, Sonora).

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, boiling texture in a low-sulphidation epithermal chalcedonic quartz vein in a prospect in Durango, Mexico.  Photo by Miguel A Heredia.

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

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Chalcedonic quartz vein

By Miguel A Heredia

During the twenty one week of the year (June 3rd to June 9th, 2019), at least 31 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, five reporting on resources and development of their projects, five informing on exploration results, four announcing financial rounds, two communicating production results, and one discussing Mexican news.  ON MEXICO ISSUES, the Mining Undersecretary of the Secretary of Economy, Francisco Quiroga, said that mining companies from Canada, USA, Peru, Colombia and Australia showed their interest to invest up to USD$ 8M in Mexico mining projects.  ON EXPLORATION, In Baja California Norte, One World Lithium released drilling results from its Salar del Diablo project. In Sonora, Colibri reported assays results from sub-outcrops on its Evelyn project.  In Chihuahua, Monarca identified a skarn and potential CRD/porphyry deposit after running a geophysical survey at its San Jose project.  In Zacatecas, Galore announced it has commenced drilling of 2,500m core drilling program at its Dos Santos property to test the El Alamo target. In Jalisco, GoGold released drilling results from its Los Ricos project.  ON MINING, Mexus Gold announced that over 5,700 tonnes of high-grade ore will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. US Antimony produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May 2019. ON FINANCING, VVC announced a non-brokered private placement for gross proceeds of CAD $2M (Samalayuca project, Chihuahua). Galore received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling program at its Dos Santos project in Zacatecas.  One World Lithium closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700 and announced a non-brokered private placement to raise up to CAD $2M (Salar del Diablo project, Baja California Norte).  Azure secured A$ 2M financing via a convertible note.  ON RESOURCES AND DEVELOPMENT, Azure announced that its board of directors has approved the commencement of trial mining and processing of high-grade mineralization from its Oposura project in Sonora. Sonoro Metals initiated metallurgical testing at its Cerro Caliche project in Sonora.  Endeavour released underground drilling results from its Guanacevi mine in Durango. Oroco announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. US Antimony reported expansion of its Madero, Coahuila smelter capacity, and reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.   ON DEALS AND CORPORATE ISSUES, Aura Resources, Almadex, and Azucar Minerals granted stock options to directors, officers and consultants.  Riverside appointed Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora). Monarca signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua and appointed new director. Inomin signed a non-binding letter agreement to acquire 100% interest in the La Gitana project in Oaxaca from Gunpoint, and appointed new director and adviser. Candente announced management changes with the retirement of its chair and director and the appointment of new director (El Oro tailings project, State of Mexico). Goldgroup and VVC announced their annual general meeting of shareholders will be held on July 31, 2019 and August 19, 2019 respectively. SilverCrest reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora). Kootenay reported that its partner Pan American Silver has relinquished its right to earn 75% interest in the Promontorio Mineral Belt in Sonora. Magna Gold closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. Sierra Metals repurchased a royalty on its Cusi mine in Chihuahua from Minera Cusi S.A. de C.V. in US$ 4M.

 ON MEXICO ISSUES

  • Mexican mining projects raised interest for up to USD$ 8M of investment by companies from Canada, USA, Peru, Colombia, and Australia. According to the head of mining in the country, before realizing the investments, it will be necessary to carry out the work of convincing the surrounding populations. He said: “The type of mining we want is to pay taxes, be socially responsible and achieve economic benefits so that it reaches society and the settlement is public.” He insisted that the presidential mandate is that mining concessions will not be canceled and that the commitments acquired in the past will be honored. Among the areas with the greatest potential are in the south-southeast of Mexico, specifically the states of Oaxaca, Guerrero and Morelos, among others, with products such as Ag, Au, and Cu. The Ministry of Economy reported that the mining-metallurgical sector in Mexico contributes 4% of the national Gross Domestic Product. While in the world our country is the largest producer of Ag; it is among the top 10 producers of 16 different minerals: silver, bismuth, fluorite, celestite, wollastonite, cadmium, molybdenum, lead, zinc, diatomite, salt, barite, graphite, gypsum, gold and copper.

ON EXPLORATION

  • One World Lithium Inc., released drilling results from its Salar del Diablo project in Baja California Norte. The company has completed the first three holes of a twelve drill program, and reported that two holes located 14km apart have intersected aquifers with water samples containing pH values indicative of brines. Drilling to date has demonstrated that there are multiple aquifers in the northern part of the Salar which indicates that the entire Salar could be very prospective.
  • Colibri Resource Corporation, reported additional grab samples results from abundant quartz with local iron-oxide staining in sub-outcrops found on areas not previously mapped or sampled at its Evelyn project in Sonora. Grab samples results include values of 4.81 g/t Au and 4.19 g/t Au. This new area is located approximately 1km north-northeast of the Main Zone which consists of a moderately to steeply dipping Au-bearing quartz vein which has been the subject of historical mining. Colibri is planning a property wide, high density, airborne magnetic survey to determine the structural framework and the setting of known Au mineralization.
  • Monarca Minerals Inc., identified a skarn and potential CRD/porphyry deposit in its San José project in Chihuahua, after conducting an IP-resistivity and magnetic survey which returned very strong IP/magnetic anomalies over 2.8km strike length resulting in numerous drill targets. Based on the geophysical results and previous encouraging chip sampling on the property, Monarca is planning to perform an 18-hole RC drilling program to test for potential precious and base metals at depth.
  • Galore Resources Inc., announced it has commenced drilling of 2,500m core drilling at its Dos Santos property in Zacatecas to test Au mineralization associated with iron-oxides jasperoid and karst breccias exposed along the east-west trending El Alamo target.
  • GoGold Resources Inc., reported encouraging drilling results from an additional five diamond drill holes at its Los Ricos project in Jalisco. Significant results were encountered in hole LRGG-19-011, drilled 75m down dip below the deepest intersection to date on the property, with 1.2 g/t Au and 140 g/t Ag (3.07 g/t AuEq) over 18.5m, including 2.16 g/t Au and 228 g/t Ag (5.19 g/t AuEq) over 8.4m; in hole LRGG-19-13 with 0.78 g/t Au and 195 g/t Ag (3.38 g/t AuEq) over 15.6m, including 1.3 g/t Au and 297 g/t Ag (5.25 g/t AuEq) over 8.8m; and in hole LRGG-19-14 with 1.1 g/t Au and 127 g/t Ag (2.79 g/t AuEq) over 14.2m, including 1.94 g/t Au and 209 g/t Ag (4.73 g/t AuEq) over 7.7m. These positive results confirm that the deposit is still open at depth.

ON MINING

  • Mexus Gold US, announced that over 5,700 tonnes of high-grade ore ranging from 5 to 10 g/t Au and 9 to 12 g/t Ag will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. “The leaching process has started and will continue on a permanent basis as fresh ore will be added to the heap leach pad. Moving forward, Mexus will increase the scale and capacity of the system to maximize returns” added the CEO of the company.
  • US Antimony Corporation, produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May, 2019. It also reported that the inventories of Mexican antimony mine ore continue to grow.

ON FINANCING

  • VVC Exploration Corporation, announced a non-brokered private placement to raise up to CAD $2M. Gross proceeds will be used for exploration and development of its Samalayuca project in Chihuahua.
  • Galore Resources Inc., received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling at El Alamo target within its Dos Santos project in Zacatecas.
  • One World Lithium Inc., closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700. The aggregate gross proceeds of this offering under the first, second and final tranche totalled CAD $2,073,250. It also announced a non-brokered private placement for gross proceeds of up to CAD $2M. Net proceeds will be used at its Salar del Diablo project in Baja California Norte as follow: Salar del Diablo project drilling program CAD $500K; analysis and further testing of drill results CAD $400K; southern region pre-drilling program CAD$400K; and balance for working capital.
  • Azure Minerals Limited, secured A$ 2M financing via a convertible note by entering into a binding commitment with the company´s major shareholder Deutsche Balaton. “This funding will enable the Company to meet start-up costs and working capital requirements with operations to commence in the September quarter of 2019”.

 ON RESOURCES AND DEVELOPMENT

  • Azure Minerals Limited, announced that its board of directors has approved the commencement of trial mining and processing of high grade mineralization from its 100% owned Oposura property in Sonora. Initial mine production and processing will range between 1,500 to 3,000 tonnes per month of mineralized material grading approximately 15% combined Zn and Pb. The ore material will be processed on a toll treatment basis through a nearby sulphide flotation processing facility.
  • Sonoro Metals Corp., initiated ore characterization and bottle roll and leach column test at its Cerro Caliche project in Sonora. The tests are expected to be completed in 8 weeks. If the results are positive, they will be incorporated in the sensitivity analysis in order to define the characteristics of the heap leaching pilot operation preliminary design, which would be then updated to a NI 43-101 level.
  • Endeavour Silver Corp., released underground drilling results from seventeen holes drilled at its Guanacevi mine in Durango. Seven holes intersected high-grade over mineable widths to extend. Highlights include 0.93 g/t Au and 251 g/t Ag (325 g/t AgEq) over 3m true width in hole UG-61, and two intersections in parallel veins in hole UG-75 with 2.93 g/t Au and 2,175 g/t Ag (2,409 g/t AgEq) over 1m true width, and 0.78 g/t Au and 579 g/t Ag (642 g/t AgEq) over 3.9m. “Recent drilling has extended high grade Ag-Au mineralization to depth at all three of our original orebodies, which should help to increase resources at Guanacevi.”
  • Oroco Resources Corp., announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. The technical report presents the key findings of historical technical reports, including a 1994 PFS study by Bateman Engineering (supported by metallurgical work by Mountain States R&D International, Inc., a resource estimate by Mintec, Inc., and mining and plant estimates by Minetek S.A. de C.V.).
  • US Antimony Corporation, reported expansion of its Madero, Coahuila smelter capacity, which the installation of long rotary furnace (LRF) number 3. The company has an additional 3 LRFs in inventory. Furnace recovery is in the 96%-98% range and the additional capacity is expected to handle production increases from the Company’s Wadley and Sierra Guadalupe Mines in San Luis Potosi and Zacatecas respectively. It also reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.

ON DEALS AND CORPORATE ISSUES

  • Aura Resources Inc., granted stock options to directors, officers and consultants of the company to purchase an aggregate 1.2M common shares at an exercise price of $0.05 per share which expire on June 4, 2019 (Taviche project, Oaxaca).
  • Almadex Minerals Ltd., granted stock options to certain directors and officers of the company to purchase an aggregate 628K common shares at an exercise price of $0.32 per share which expire on June 4, 2019 (Ixtaca project, Puebla).
  • Azucar Minerals Ltd., granted stock options to certain directors, officers and consultants of the company to purchase an aggregate of 573K common shares at an exercise price of $0.29 per share which expire on June 4, 2019 (El Cobre project, Veracruz).
  • Riverside Resources Inc., announced the appointment of Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora).
  • Monarca Minerals Inc., signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua, where the company identified a skarn and potential CRD/porphyry copper deposit. To acquire the property, Monarca will pay USD $150K in staged cash payments as follow: USD $40K on the option signing date (already paid), USD $50K twelve months after signing of the option agreement, and USD $60K twenty four months after signing of the option agreement. The agreement includes a 2% NSR upon reaching commercial production and Monarca keeps a right to purchase 1% NSR by a single payment of USD $100K. The company also appointed a new director to its Board.
  • Inomin Mines Inc., signed a non-binding letter agreement to acquire 100% interest in the La Gitana property in Oaxaca from Gunpoint Exploration Ltd. La Gitana comprises a 494 hectares that hosts a low-sulphidation epithermal Au-Ag deposits in Tertiary-aged volcanic rocks. In order to acquire 100% of the property Inomin has to make staged payments for $300K and issue 2M of common shares of the company as follow: $10K (paid) on signing agreement; $25K and 150K shares following execution of definitive agreement; $50K and 250K shares on first anniversary; $65K and 450K shares on second anniversary; $75K and 500K shares on third anniversary; and $75K and 650K shares on fourth anniversary. Inomin will have the right to accelerate payments at the company´s discretion, and is also subject to a NSR the terms of which have yet to be finalized.  The company also announced the resignation of one of its directors and the appointment of its replacement. It also appointed an adviser of the company.
  • Candente Gold Corp., reported the retirement of its chair and director and the appointment of its new director (El Oro tailings project, State of Mexico).
  • Goldgroup Mining Inc., announced that its annual general meeting of shareholders will be held on July 31, 2019 (Cerro Prieto mine, Sonora)
  • VVC Exploration Corporation, announced that its annual general meeting of shareholders will be held on August 19, 2019 (Samalayuca project, Chihuahua).
  • SilverCrest Metals Inc., reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora).
  • Kootenay Silver Inc., announced that its JV partner Pan American Silver Corp., has relinquished to its right to earn 75% interest on the Promontorio Mineral Belt in Sonora, which include the Promontorio Resource and La Negra high-grade Ag discovery. Kootenay will be conducting a review of the work performed by Pan American in order to plan the next steps for advancing these assets.
  • Magna Gold Corp., closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. In consideration of the grant of the option, Magna will: (i) pay to the Seller an aggregate of US$1.34M plus VAT of 16%, paid in installments commencing on the 6th month from the effective date of the agreement (the “Effective Date”) and ending on the 48th month from the Effective Date; (ii) issue to the seller a 3% NSR, capped at US$3.5M and subject to the right of the corporation to acquire all 3 percentage points of the NSR at a price of US$500Kper percentage point, within the first three years of commercial production of the Mercedes Property; and (iii) conditional on the completion of a going public transaction within six months of the Effective Date, issue 2,442,105common shares of the corporation to the seller.
  • Sierra Metals Inc., repurchased a royalty on its Cusi Mine from Minera Cusi S.A. de C.V. for US$ $M. The royalty agreement required the company to pay a 3% royalty on the net revenues generated by the mine, less transportation costs, for the life of the mine. The company has already paid US$2.5 million upon signing the repurchase contract on May 10, 2019 and is required to pay a further US$1.5 million on May 10, 2021. With this repurchase, Sierra Metals will no longer have any royalties on any of its properties or mines.

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, chalcedonic quartz vein in a low sulphidation epithermal system in a prospect in San Luis Potosi, Mexico.  Photo by Miguel A Heredia.

Silver Spruce Fieldwork Continues to Expand Drill Target Areas andIdentify New Veins at Pino de Plata

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SilvverSpruce_09042019_nr

April 9, 2019 – Bridgewater, NS – (TSXV:SSE)(Frankfort-S6Q1) – Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is pleased to announce that its ongoing field exploration work continues to expand the known mineralized areas and has identified additional drill targets for its upcoming program at the Pino de Plata project in western Chihuahua State, Mexico.

Highlights on the Second Week of September, 2018. Mining and Exploration News in Mexico

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Banded quartz epithermal vein

By Miguel A Heredia

During the 37th week of the year (September 10th to September 16th, 2018), at least 22 press releases were announced by companies working in Mexico, with ten informing on exploration results, six reporting on resources and developments, four communicating deals and corporate issues, and two announcing production results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Riverside and Kootenay announced exploration results from its Cecilia and La Mina projects respectively. In Chihuahua, Harvest Gold began preparations to drill test its Cerro Cascaron project and Sable Resources released drilling results from its Margarita project.  In Sinaloa, Auxico reported sampling results from its Zamora project In Durango, Gainey announced a 1st phase of exploration at its Las Margaritas project, Orex commenced fieldwork exploration on its San Luis del Cordero project, and Prospero reported drilling results from its Buenavista project. In Zacatecas, Advance Gold started a phase 2 drilling program at its Tabasquena project. In Jalisco, Evrim announced trench and soil results from its Cuale project.  ON MINING, Starcore reported Q1 2018 results from its San Martin mine in Queretaro. US Antimony announced plans to increase its production of Sb, Au and Ag in Mexico. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, In Sonora, SilverCrest and Premier Gold released drilling results from its Las Chispas and Mercedes projects respectively. Aura provided an update at its Aranzazu mine in Zacatecas. Candelaria announced a PEA for its Pinos Gold project in Zacatecas.   McEwen reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Evrim and First Majestic agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. New Gold announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi). Levon announced results from its annual general meeting (Cordero project, Chihuahua). Vangold withdrew its submission to acquire the San Carlos property in Guanajuato (El Pinguico mine, Guanajuato).

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Riverside Resources Inc., completed 11 N-S lines for soil sampling which returned strong multi-elements anomalies with Au, Pb, Cu, and other key elements. These results along with previous exploration work have outlined four new target areas on its Cecilia project in Sonora. Target 1 is a 4km long by 300m wide target where previous rock sampling has found up to 2 g/t Au in silicified conglomerates , but the soil anomaly is open in both directions beyond the 4 Km and more than 800m wide. Target 2 is a NE trending Ag, Pb, Au, Zn, Sb, Hg and Cu soil anomaly over 2km long and 600m wide in rock cracks with faults and host veining displaying a series of NW striking feeder dikes. Target 3 is a 1km long by 500m wide Au-Zn with minor Ag, Cu, Pb and Bi soil anomaly associated to a N-S trending fault system intersecting Paleozoic limestones. This target is also along the border edge of a magnetic high reported in a regional government geophysics survey likely associated with Pre Cambrian granitic basement.  Target 4 contains “high-grade gold samples in soils and alteration with jasperoid, silicification, and carbonate veining of the Paleozoic limestone that gives a potential limestone hosted Au with anomalous soil assays of Zn, Pb, Ag and Mn”.
  • Kootenay Silver Inc., announced that its partner Capstone Mining Corp., has commenced an exploration program on its la Mina project in Sonora. The exploration program will consists of detailed mapping and rock chip / stream sediment sampling to generate potential drill targets.
  • Harvest Gold Corporation, reported that Evrim Resources, its JV partner and operator on its Cerro Cascaron project in Chihuahua, has mobilized an advance team to the site to start preparations to drill test the property. The drill program, expected to commence at the end of September, will consist of 3,000 m to test the Cascaron Gold targets and the Cascarita Silver targets.
  • Sable Resources, released drilling results from its Margarita project in Chihuahua. Significant intersections are from hole M-DDH-18-09 with 6.5m of 111 g/t Ag Eq, including 3.5m of 153 g/t Ag; hole M-DDH-18-11 with 11.3m of 252 g/t Ag Eq, including 1.3m of 889 g/t Ag Eq; hole M-DDH-18-12 with 12.7m of 98 g/t Ag Eq, including 1.8m of 244 g/t Ag Eq. Additionally, Sable identified a low-grade stockwork style of mineralization evident in numerous holes. The most significant results are hole M-DDH-18-03 with 44.13m of 50 g/t Ag Eq, including 6.95m of 142 g/t Ag Eq; hole M-DDH-18-07 with 7.6m of 54 g/t Ag Eq, and hole M-DDH-18-12 with 21.35m of 37 g/t Ag Eq. “With the first stage of drilling now complete we will evaluate our results and formulate a plan for stage 2 drilling targeting further extensions of Margarita and the other adjacent parallel veins”.
  • Auxico Resources Canada Inc., reported high-grade sampling results from its Zamora project in Sinaloa. Significant results are 0.80m of 4Kg Ag and 29.2 g/t Au at La Franca claim, 600m southwest of the Campanillas mine along a structure that can be followed by at least 600m along strike. Mineralization consists of breccia-stockwork veining containing galena, sphalerite and possible silver sulphosalts, malachite and chalcopyrite. Other significant results are from Aguamas area where some channel samples returned 0.65m of 6.38 g/t Au and 23 g/t Ag; 0.70m of 14.7 g/t Au and 34 g/t Ag; 0.50m of 3.55 g/t Au and 108.7 g/t Ag; and 1.60m of 6.64 g/t Au and 220 g/t Ag.
  • Gainey Capital Corp., announced a phase 1 exploration program on its Las Margaritas project in Durango. Las Margaritas is a mineralized vein system that extends at least 1.5Km along strike and averages 1-2m in width. The 1st phase exploration program will consists of detailed mapping and sampling with the objective to identify prospective areas to generate the best drill targets.
  • Orex Minerals Inc., commenced an exploration program on its San Luis del Cordero project in Durango, where the company has an option to acquire 100% interest in the property from Exploraciones del Altiplano S.A. de C.V. Mineralization at San Luis del Cordero is characterized by skarn and epithermal vein Ag-Cu-Zn as a result of Tertiary-quartz-feldspar-porphyry intrusions affecting Jurassic and Cretaceous limestones, calcareous sandstones and shales. The project has seen several phases of exploration from different mining companies, including 16,400m drilled in 62 holes in the period 2000-2016. The property contains indicated resources of 662.6K tonnes of 121 g/t Ag, 0.78 % Cu and 1.1 % Zn for a total of 5.1M Oz Ag Eq, and inferred resources of 2, 785,300 tonnes of 144 g/t Ag, 0.75 % Cu and 1.45 % Zn, for a total of 24.4 M Oz Ag Eq.
  • Prospero Silver Corp., reported core drilling results from eleven holes totaling 2, 811m drilled at its Buenavista project in Durango. Mineralization drilled-tested at Buenavista consists of structurally controlled epithermal veins centered on a rhyolite dome complex. “All holes cut anomalous silver mineralization, with a best interval of 1.6m @ 353g/t Ag from 185.6m downhole, within a broader interval of 49m @ 43g/t Ag in hole BVF-18-05”.
  • Advance Gold Corp., started a second phase drilling program at its Tabasquena project in Zacatecas to test the La Tabasquena epithermal vein at a depth of 1,800m. Phase 2 will test below the gold discovery hole of phase 1. It also will test some of the potential feeder type targets and all of the veins below the oxide zone which goes down to an estimated 175 metres below surface.
  • Evrim Resources Corp., announced new trench and soil results from its Cuale project in Jalisco. Highlight results include the trench 2 which was extended from 29.4m to 184.1m with an average grade of 0.85 g/t Au, including 59.1m of 1.79 g/t Au, and including 21.6m of 4.18 g/t Au; Trench 4 , extended from 106.2m to 156.2m with an average grade of 9.57 g/t Au, including 64.6m of 20.85 g/t Au, and including 7.5m of 163.31 g/t Au; and Trench 5 which contains 174m of 0.62 g/t Au, including 70m of 1.16 g/t Au, and including 40m of 1.45 g/t Au. A soil grid with 200 metre spacing outlined a Au anomaly over the entire La Gloria prospect with grades >0.01 g/t Au of 2,300m by 800m with a central corridor of 1,700m by 300m >0.1 g/t Au extending north of the trenched area.  “The soil anomaly at higher elevation correlates with elevated silver, antimony, molybdenum, arsenic and low contents of manganese and zinc.  At lower elevations gold correlates with elevated copper, tellurium, arsenic, bismuth and iron”. “The new trench results expand the La Gloria zone to the northwest and the east with consistent gold mineralization.  Soil sampling indicates the La Gloria system footprint is measurably larger with the potential to host a significant deposit and/or additional mineralized centers within the La Gloria prospect”.   “The soil survey has a distinctive high sulphidation signature centred on a large gold in soil anomaly that is approximately 2,300 metres by 800 metres.  The results indicate a potential major system with significant upside for additional mineralized centers within the La Gloria prospect.”

ON MINING

  • Starcore International Mines Ltd., reported Q21 2018 results from its San Martin mine in Queretaro. Starcore milled 77,400 tonnes of 1.53 g/t Au and 49 g/t Ag to produce 3.3K Oz Au and 72.7K Oz Ag, with an all-in sustaining cost of US$ 1,215 for Eq Oz. Metallurgical recoveries were 88.1% for Au and 59.6% for Ag.
  • US Antimony Corporation, produced 131,184 Lb Sb and 1,244 short tonnes of zeolites in August 2018 and announced plans to increase its production of Sb, Au and Ag in Mexico. At its Wadley mine in San Luis Potosi, the general level will be reactivated by cleaning up the waste to provide access and transportation of the lower grade for the mill. At Sierra Guadalupe in Zacatecas, the Santa Monica drift will be restarted. The ore is primarily sulphides and can be upgraded to 60-70% Sb flotation concentrate at its Puerto Blanco Mill to make antimony tri-sulphide. At the Soyatal district in Queretaro, a buying program will be started to purchase direct shipping ore for its Madero smelter. The construction of the cyanide leach plant for the Los Juarez Au-Ag-Sb should allow pilot testing to commence during Q4 2018. The company also closed an agreement purchase, dismantle and transport an antimony plant from Reynosa, Tamaulipas. When installed, the equipment from the Reynosa plant will increase the capacity of the Madero Smelter in Coahuila to approximately 30,000,000 Lb per year of antimony oxide.

ON FINANCING

  • No relevant news.

 

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., released drilling results from its Las Chispas project in Sonora and expanded the high grade at Babicanora Norte vein. Drill holes have intersected additional high-grade Ag-Au mineralization at Babicanora Norte vein which is located about 300m NE of Babicanora vein and apparently is connected with the Granaditas area which contains multiple veins to the southeast. The most significant results are 1.8 m of 15.11 g/t Au and 1,718 g/t Ag or 2,851 g/t Ag Eq, 1.6 m of 8.96 g/t Au and 1,078 g/t Ag or 1,750 g/t Ag Eq and 1.5 m of 4.22 g/t Au and 687 g/t Ag or 1 Kg Ag Eq. The drilling results of Babicanora Norte vein will be part of the upcoming updated resource which will include 8 of the 30 identified veins in the district.
  • Premier Gold Mines Limited, reported drilling results from the Rey de Oro deposit at its Mercedes mine in Sonora. Highlights results include hole UG-R018-013 which returned 12.64 g/t Au and 240.1 g/t Ag across 29.65 m (TW of 13.5 m), hole UG-R018-015 with 0.41 g/t Au and 3120.0 g/t Ag (91.0 oz/ton) across 1.52 m (TW of 1.06 m), and hole UG-R018-012 with 17.00 g/t Au and 321.0 g/t Ag across 1.1 m (TW of 0.8 m) and 4.47 g/t Au and 138.5 g/t Ag across 8.25 m (TW of 6.1 m). “Underground drilling at Rey de Oro consists of step-out and delineation drilling of this recently developed horizon. This drilling continues to intersect some of the widest vein intercepts on the property and demonstrate the potential to continue to extend the mine life at Mercedes”.
  • Aura Minerals Inc., provided an update at its Aranzazu mine in Zacatecas. Aura has obtained all the necessary permits and initiated the construction of the new tailings disposal system. “The Company expects the Aranzazu mine to achieve commercial production later this year and to achieve the average processing of 2,600 tonnes per day shortly thereafter”.
  • Candelaria Mining Corp., announced a PEA for its Pinos Gold project in Zacatecas. Highlight results from the PEA indicate an after tax net present value (NPV) of US$ 12M using a 5% discount rate, an after tax internal rate return (IRR) of 25%, and a 7 years life of mine with projected gold equivalent ounce (“GEO”) production of 89,000. The PEA includes a mineral resource estimate as of September 13, 2018. Measured resources (Dump) are 85,847 tonnes of 1.6 g/t Au and 83 g/t Ag for a total of 4,444 Oz Au and 229K Oz Ag. Indicated resources are 175,697 tonnes of 3.6 g/t Au and 47 g/t Ag for a total of 20.6K Oz Au and 268K Oz Ag. Inferred resources are 529,267 tonnes of 3.6 g/t Au and 48 g/t Ag for a total of 60.7K Oz Au and 811K Oz Ag. Average recovery for Au and Ag are 90 and 80% respectively. The company plans to have an annual production of 12,700 GEO with an overall average direct cash cost of %US 666 per GEO.
  • McEwen Mining Inc., reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa, combining mineralized sources from five locations that will be developed in two distinct process plant construction phases. McEwen plans to produce 47K Oz Au Eq per year.
  • Bacanora Lithium plc., announced plans to start the mine construction on its Sonora Lithium project in Sonora. $US 420M will be invested in the first phase and is expected to begin to operate in 2020.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., and First Majestic Silver Corp., agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. First Majestic has completed its 100% earn-in for both projects. First Majestic has paid $1.5M in cash to Evrim and has granted a 2% NSR in the case of Ermitaño project and 1.5% NSR in the case of Cumobabi project.
  • New Gold Inc., announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi).
  • Levon Resources Ltd., released results from its annual general meeting (Cordero project, Chihuahua).
  • Vangold Mining Corp., withdrew its submission to the TSX Venture Exchange to acquire the San Carlos property in Guanajuato.

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 banded quartz vein in an intermediate sulphidation epithermal project in Zacatecas, Mexico.  Photo by Miguel A Heredia.

Evrim expands outcropping gold mineralization at Cuale high sulphidation project

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Evrim_2018-09-12_NR

ancouver B.C. — September 12, 2018: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce new trench and soil results from the Phase 3 exploration program at its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico. The new trench results expand the La Gloria zone to the northwest and the east with consistent gold mineralization. Soil sampling indicates the La Gloria system footprint is measurably larger with the potential to host a significant deposit and/or additional mineralized centres within the La Gloria prospect.

Highlights on the Second Week of May, 2018. Mining and Exploration News in Mexico

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By Miguel A Heredia

During the 19th week of the year (May 7th to May 13th, 2018), at least 40 press releases were announced by companies working in Mexico, with eight informing on exploration results, nine reporting Q1 2018 results, four announcing financing, sixteen communicating deals and corporate issues, and  seven reporting on resources & development. ON MEXICO ISSUES, Fernando Alanis Ortega was appointed President of CAMIMEX for the period 2018-2010. Investment in the mining sector reached $4,287 M USD in 2017, representing an increase of 14.3%. ON EXPLORATION, In Sonora, Colibri Resource reported drilling results at its El Pilar project, and Azure provided an update on its El Alacran project. In Chihuahua, Sable commenced a 4,000m diamond drill program on its Margarita project; Prospero and Fortuna revised its 2018 work program for Bermudez and Trias projects in Chihuahua, and Buenavista project in Durango.  In Zacatecas-Durango, Canasil announced plans to resume drilling at its La Esperanza project. In Guerrero, Alio announced that a regional exploration work is underway on its Ana Paula project. In Oaxaca, Megastar signed an option agreement to acquire a mining project. ON MINING, Alio Gold, Pan American Silver, Americas Silver, Excellon, GoGold, Hecla, Premier Gold, and Torex reported Q1 2018 results from their Mexican operations. Gainey completed upgrade of its Huajicori mill in Nayarit. ON FINANCING, Almaden announced a non-brokered private placement for $7M.  Minaurum raised $4.7M in its first tranche of a total $6M non-brokered private placement. Prize Mining announced a non-brokered private placement for $2M. Silver Spruce closed a non-brokered private placement for $287.7K. ON RESOURCES AND DEVELOPMENT, Alio initiated the construction of a 1,200m underground decline at its Ana Paula project in Guerrero. Hecla provided an exploration update on its San Sebastian Mine.  Leagold reported underground drilling results for its Los Filos mine in Guerrero. Premier Gold filed a technical report for its Mercedes mine in Sonora.  Sierra Metals reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1 2018 period. US Antimony reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. ON DEALS AND CORPORATE ISSUES, Alamos Gold, Endeavour, Excellon, and Fortuna reported results of its 2018 annual general meetings. Alamos also announced changes to its Board of Directors. Almadex approved spinout transaction. Great Panther announced the departure of its COO. Canuc announced the appointments of its CFO and Corporate Secretary. New Gold announced the appointment of its President and CEO. Candente reached an agreement with 3rd Eye Research to retain IR services. First Majestic completed the acquisition of Primero Mining. Goldplay received approval on the San Marcial option agreement in Sinaloa with SSR Mining. One World Lithium announced the granting of stock options. Primero announced receipt of Mexican antitrust clearance for arrangement with First Majestic. MX Gold signed a definitive agreement to sell interest at its Magistral project in Durango.

ON MEXICO ISSUES

  • Fernando Alanis Ortega, was appointed President of the Mexican National Chamber of Mines (CAMIMEX) for the period 2018-2010, replacing the outgoing Daniel Chavez Carreon.
  • CAMIMEX, reported that the investment in the mining sector reached $4,287 M USD in 2017. Although this represents an increase of 14.3% over the previous year, it is still 48.5% lesser that the invested record in 2012 which reached $8,043M USD.

ON EXPLORATION

  • Colibri Resource Corporation, reported drilling results from its El Pilar project in Sonora. Highlights are 9m of 8.16 g/t Au, including 1.5m of 33.4 g/t Au. The company has completed 2,117m in 20 RC holes “aimed to test for continuity within previously interpreted zones of mineralization, test for extensions to the known mineralization, and explore locally for new zones of gold mineralization”.
  • Azure Minerals Limited, provided an update on results from its El Alacrán project in Sonora, currently operated by Minera Teck S.A. de C.V. Teck drilled 14 holes to test extensions of Au mineralized zones at Loma Bonita area. Results suggest potential expansion of the Loma Bonita epithermal Au-Ag mineralized system at depth south towards Cerro San Simon, where four holes were drilled to test resistivity anomalies. Teck also drilled four holes at Cerro Colorado Zone to test mapped targets and geophysical anomalies generated by IP surveys and airborne magnetics, confirming potential for porphyry copper mineralization. Geological, geochemical and geophysical surveys are being carried out in H1, 2018 and will be followed by further drilling in H2, 2018.
  • Sable Resources Ltd., commenced a 4,000m diamond drill program to test 1.7km of Ag-bearing epithermal quartz veins at its margarita project in Chihuahua. The aim is to test for high-grade precious metal horizon 200m below mineralized surface samples.
  • Prospero Silver Corp., and Fortuna Silver Mines Inc., revised its 2018 exploration program, deciding to conduct a 6,000m drill program to test targets at its Buenavista, project in Durango, as well as at its Bermudez and Trias projects in Chihuahua.
  • Canasil Resources Inc., announced plans to resume drilling at its La Esperanza project in Zacatecas-Durango. The drill program was designed to test the northwestern and southeastern extension of the La Esperanza vein 50m below of the high grade found in hole ES-17-16.
  • Alio Gold Inc., announced that a regional exploration work is underway on its Ana Paula project in Guerrero which includes an airborne magnetic survey targeting further breccia or skarn targets.
  • Megastar Development Corporation, signed an option agreement with Paradex Inc., and Minera ZalameraA. de C.V., to acquire 100% of the Rama de Oro project in Oaxaca. “The Project is hosted by caldera-related Tertiary volcanic rocks (e.g. El Aguila model) crosscut by hydrothermal veining inferred to be related to late-stage granitic magmatism locally exposed as dikes and underlying the adjacent ‘Nueve Puntos’ mountain”. Exploration work on the property has identified a 4 square-Km zone of quartz veining, silicification, and clay alteration of volcanic rocks. Sampling on this altered zones have returned anomalous values of Au, Ag, As, Hg, and Sb, suggesting the upper part of a precious metal epithermal system.
  • Prize Mining Corporation, reported sampling results at its Manto Negro Copper project in Coahuila. Significant results include 6m of 2.73% Cu and 58 g/t Ag, 5.2m of 1.78% Cu and 40 g/t Ag, and 7m of 1.65% Cu and 36 g/t Ag.

ON MINING

  • Alio Gold Inc., announced Q1 results from its san Francisco mine in Sonora, Alio produced 17.6K Oz Au and ~9K Oz Ag at an AISC of $1,262 per Oz Au.
  • Pan American Silver Corp., reported results from its Dolores and La Colorada mines in Chihuahua and Zacatecas states respectively. Au and Ag production during the period of Q1, 2018 was 34.4K Oz Au and 1.2M Oz Ag at Dolores mine and 1K Oz Au and 1.65M Oz Ag at La Colorada mine.
  • Americas Silver Corporation, reported Q1 2018 results from its Cosala operations in Sinaloa. Americas processed 163.8K tonnes to produce 397K Oz Ag, 7.6 M Lb Pb, and 7.3M Lb Zn.
  • Excellon Resources Inc., reported Q1 2018 results from its La Platosa mine in Durango. The company processed 18.9K tonnes (including 5.9K tonnes of historical stockpile) at average grades of 359 g/t Ag, 3.8% Pb, and 6.4% Zn to produce 194.5K Oz Ag, 1.3M Lb Pb, and 1.8M Lb Zn.
  • Gainey Capital Corp., completed upgrade of its Huajicori mill in Nayarit to process 300 tonnes per day.
  • GoGold Resources Inc., announced Q1 2018 results from its Parral Tailings project in Chihuahua. The company stacked 439.3K tonnes on the leach pad to produce 265.6K Oz Ag and 1908 Oz Au.
  • Hecla Mining Company, reported Q1 2018 results from its San Sebastian mine in Durango. The mine produced 512K Oz Ag and 4,500 Oz Au.
  • Premier Gold Mines Limited, announced Q1 2018 results from its Mercedes mine in Sonora. The company milled 168.3K tonnes of 2.91 g/t Au and 31.8 g/t Ag to produce 15K Oz Au and 57.4K Oz Ag.
  • Torex Gold Resources Inc., reported Q1 2018 results from its El Limón-Guajes Mine Complex in Guerrero. Torex processed 785K tonnes of 3.29 g/t Au to produce 67.2K Oz Au at an AISC of $954 per ounce.

ON FINANCING

  • Almaden Minerals Ltd., announced a non-brokered private placement for $7M. Net proceeds will be used for exploration and development of its Ixtaca project in Puebla.
  • Minaurum Gold Inc., raised $4.7M in its first tranche of a total $6M non-brokered private placement. Net proceeds will be used for its ongoing exploration program at the Alamos Silver project in Sonora.
  • Prize Mining Corporation, announced a non-brokered private placement for $2M. Net proceeds will be used to conduct a geological, diamond drill and engineering assessment on its Manto Negro Copper project in Coahuila The aim is to produce a 43-101 compliant mineral resource.
  • Silver Spruce Resources Inc., closed a non-brokered private placement for $287.7K. Net proceeds will be used at Its Pino de Plata project in Chihuahua, aimed to drill target sites on the property.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc., initiated the construction of a 1,200m underground decline at its Ana Paula project, which is expected to be completed in Q3 2018. It will enable commencement of the first phase of the proposed underground diamond drill program, which will consist of 12,000 m in 55 holes. The company completed a six-hole 3,800m drill program below the proposed open pit to better define the geometry of the complex high-grade breccia and know the mineralization extent. Alio is also currently carrying out a drilling program on a high priority surface target 150m north of the proposed open pit, on which a detailed geological mapping at a scale 1:2,000 will be conducted.
  • Hecla Mining Company, provided and exploration update on its San Sebastian mine in Durango. An Infill drill program is been conducted to expand high-grade polymetallic zones similar to the Hugh Zone on the Middle and Francine veins, as well as oxide mineralization along the Professor and Francine veins. Significant results are 1.34m of 135 g/t Ag, 23.5% Pb, 18.5% Zn, and 7.9% Cu on the polymetallic zone, and 1.58m of 1,200 g/t Ag and 4.98 g/t Au on the oxide mineralization. At West Middle vein, the most significant intercepts are 1.34m of 317 g/t Ag, 10.1% Pb, 18% Zn, and 3% Cu, and 0.85m of 304 g/t Ag, 8.5% Pb, 9.4% Zn, and 3.8% Cu.
  • Mexican Gold Corp., reported step-out drilling results from the El Dorado / Juan Bran and Santa Cruz zones within its Las Minas projects in Veracruz. Significant interceptions are 8m of 1.06 g/t Au and 6 g/t Ag, including 6m of 1.36 g/t Au and 8 g/t Ag; 6m of 2.52 g/t Au and 10 g/t Ag; 14m of 1.96 g/t Au and 0.3 g/t Ag, including 6m of 3.49 g/t Au and 0.5 g/t Ag; and 24m of 1.24 g/t Au and 3 g/t Ag, including 10m of 2.12 g/t Au and 4 g/t Ag. The drill results tested the continuity of mineralization at El Dorado / Juan Bran zone and extended the mineralized zone to depth as well as cutting multiple mineralized intervals in the upward extension of the Santa Cruz zone.
  • Leagold Mining Corporation, reported underground drilling results for its Los Filos mine in Guerrero. Highlights are 4.1m of 24.2 g/t Au, 6.95m of 23.6 g/t Au, and 9.1m of 8.7 g/t Au from the Nukay, Conchita and Creston Rojo deposits respectively. The aim of the drilling program which comprises over 12,000m to date from 62,000m planned for 2018 is to identify additional resources along the contact of the circular intrusive orebodies.
  • Premier Gold Mines Limited, filed a technical report to release  updated mineral reserves for its Mercedes Mine in Sonora, with 3.3M tonnes of 3.94 g/t Au containing 417K Oz Au, and measured and indicated mineral resources for 3.68M tonnes of 4.32 g/t Au containing 511K Oz Au.
  • Sierra Metals Inc., reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1, 2018. At Cusi, mine development totaled 676m. The company also carried out 1,448m of underground infill drilling, and 7,398m from surface. At Bolivar, mine development totaled 1,177m, with 650m to prepare stops for mine production, 466m to deepening ramps and developing service ramps for ventilation and pumping, and 61m of raises.
  • US Antimony Corporation, reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. Testing and shake-down of the plant is anticipated in Q4 2018.

ON DEALS AND CORPORATE ISSUES

  • Almadex Minerals Limited., approved a spinout transaction of its early stage exploration projects, royalties interests, and certain other assets. Almadex will be re-named Azucar Minerals Ltd., upon closing of the transaction.
  • Candente Gold Corp., reached an agreement with 3rd Eye Research to retain IR services.
  • First Majestic Silver Corp., completed the acquisition of Primero Mining Corp. With the arrangement now completed the Primero´s shares will be delisted from the TSX. The company also announced the termination of the silver purchase agreement with Wheaton

Precious Metals Corp., relating to the San Dimas mine.

  • Goldplay Exploration Ltd., received the approval to acquire the 100% of the San Marcial, Sinaloa option agreement with SRR Mining. Goldplay will pay, over a three year option period, $2.6 M in cash, issue 3.5M common shares, and incur in exploration expenses for $3M.
  • Primero Mining Corp., announced receipt of Mexican antitrust clearance for the arrangement with First Majestic.
  • MX Gold Corp., signed a definitive agreement to sell its 50% interest on its Magistral project in Durango for a purchase price of US$4.5M.

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, an oxidized quartz vein with a high content of disseminated pyrite in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.