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

 

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.

 

Aztec Minerals Wins Government Land Lottery, Acquires Major Land Position Adjacent to Cervantes Property in Sonora State, Mexico

Aztec Minerals 23032018

Vancouver, Canada – March 26, 2018 – Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) recently participated in a Mexican government land lottery and was awarded two new mineral concessions covering approximately 3,149 hectares adjacent to the Cervantes property in Sonora, Mexico.  Combined with the 500 hectares currently under option from Kootenay Silver, Aztec’s land position at Cervantes has now expanded more than six fold to 3,649 hectares.

Evrim Resources samples 9.4 metres grading 7.4 g/t gold in first trenching results from 100%-owned Cuale gold project

2018-01-18-nr-evm-v8lkz1

Vancouver B.C. – January 18, 2018 Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce the first trenching results from its 100%-owned Cuale high sulphidation epithermal gold project in Jalisco, Mexico.  This preliminary exploration program was undertaken in December 2017 to define the extent of the La Gloria high sulphidation prospect and comprised three trenches over a distance of 300 metres within a core zone where previous rock chip sampling had defined gold mineralization.

Evrim Acquires Cuale Gold Project in Mexico – Defines new zone in an oxidized high sulphidation gold system

2017-11-23_NR_EVM

VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) — Evrim Resources Corp. (TSX-V:EVM) (“Evrim” or the “Company”) is pleased to announce the acquisition and initial exploration results of the Cuale gold property, an early-stage exploration property prospective for high sulphidation epithermal gold-silver in Jalisco, Mexico.  The Cuale project was initially staked under the Callinan Royalties Generative Alliance (now owned by Altius Minerals Corporation (TSX:ALS)) with formal title granted to Evrim for 100% ownership in November 2017.

Sable Resources Ltd – Announces Proposed Acquisitions of BlueJoint Resources Inc. and Western Canada Greenfields Group Inc.

sable announces proposed acquisition of blue joint resources

November 2, 2017 (Toronto, Ontario): Sable Resources Ltd. (“Sable” or the “Company”) (TSXV: SAE) is pleased to announce that it has entered into definitive agreements dated as of October 31, 2017 (the “Master Agreements”) providing for the acquisitions (the “Acquisitions”) by Sable of BlueJoint Resources Inc. (“BlueJoint”) and Western Canada Greenfields Group Inc. (“WCG”). Each of BlueJoint and WCG are private companies engaged in mineral exploration activities. The Acquisitions are subject to the satisfaction or waiver of certain customary closing conditions, including the approval of the TSX Venture Exchange (“TSXV”) and approval by shareholders of each of BlueJoint and WCG.

BlueJoint systematically explored 1.74 million hectares in 10 target areas considered highly prospective and underexplored for precious metal epithermal mineralization in Mexico. This systematic exploration consisted of 10,623 high-density stream sediment samples, 1636 rock samples and 1,122 soil samples as well as geologic mapping and mineral occurrence reviews. This work generated 143 new, previously unknown targets of which 96 await evaluation, 26 have been recommended for further work and two targets; Vinata and El Escarpe are drill ready and have completed independent technical reports prepared in compliance with National Instrument 43-101 (“NI 43-101”). Sable will acquire 100% of the mineral rights that cover these targets consisting of five mineral applications and one mineral title.

Millrock Commences Drilling Program at La Navidad Gold Project, Sonora State, Mexico November 9, 2017

https://www.millrockresources.com/news/millrock-commences-drilling-program-at-la-navidad-gold-project-sonora-state-mexico

VANCOUVER, BRITISH COLUMBIA, November 9, 2016 – Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock”) is pleased to report that the first phase of surface exploration on the La Navidad gold project is near completion, and a drilling program has begun. The project, located in Sonora State, Mexico, 100 km north of the City of Hermosillo, targets orogenic gold deposits. Highlights of a rock sampling program include:

  • 24 meters grading 0.9 grams per tonne gold;
  • 12 meters grading 1.1 grams per tonne gold;
  • 14 meters grading 0.8 grams per tonne gold.

A drilling program consisting of approximately 2,000 meters in nine drill holes is in progress and is planned for completion in December.

Soil Geochemistry Identifies High Priority Gold-Silver Drill Target With Strike Length Of Over 1.8 KM at Cerro Cascaron Project

http://www.harvestgoldcorp.com/News-Release/News-Release-Details/2017/Soil-Geochemistry-Identifies-High-Priority-Gold-Silver-Drill-Target-With-Strike-Length-Of-Over-18-KM-at-Cerro-Cascaron-Project/default.aspx

Vancouver, British Columbia / TheNewswire / October 18, 2017 – Harvest Gold Corporation (TSX.V:HVG) (“Harvest Gold” or the “Company”) and Evrim Resources Corp. (“Evrim”) (TSX.V:EVM) are pleased to announce soil sampling results from its Phase 1 exploration program at the high-grade Cerro Cascaron gold-silver project in Mexico.

The extensive soil sampling program covered an area of 4.5 kilometres by 1.6 kilometres north of the main gold vein field. Results have extended known veins, identified two new corridors and have highlighted a 1.4 kilometre-long, very strong gold-silver trend to the north of the highly prospective Serpiente Dorada vein. Highly anomalous soil samples, including one that assayed 1.38 grams per tonne (“g/t”) gold were also collected in the corridor where Serpiente Dorada intersects a newly identified, 1.8 kilometre long gold rich corridor (the “new vein corridor target”).

Highlights on the Second Week of September, 2017. Mineral Exploration in Mexico

During the 37th week of the year (September 11th to September 17th, 2017), at least 27 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Mexican fiscal authorities and Canadian mining companies maintain dialog on delayed tax reimbursements for $360 M. ON EXPLORATION, in Sonora, Canuc released results on phase I of drilling at is San Javier project, while SilvercCrest informed on phase II drill results from the Babicanora vein on its Las Chispas property. In Veracruz, Almadex disclosed results from one more hole from the Norte zone of its El Cobre property. In Durango Golden Minerals is to drill test its Mogotes project. ON MINING, MX Gold is on track to complete plant expansion, and presented results from metallurgical tests at Magistral, in Durango. Mexus Gold and MarMar Holdings announced first dore production at Santa Elena, in Sonora. US Antimony presented an update on its Mexican operations in Guanajuato, Queretaro and Zacatecas. Impact Silver presented drill results from El Paso vein at its Zacualpan property in Estado de Mexico. Starcore presented financial results for the first quarter. ON FINANCING, Silver One, Southern Silver and Defiance Silver opened, extended or closed tranches of financing for $8.25 M. Minera Alamos and Leagold started trading in the US. ON RESOURCES AND DEVELOPMENT; Silver Bull released high-grade results from underground channel sampling at Sierra Mojada, Coahuila. Capstone announced good drill intercepts at Cozamin, Zacatecas. Americas Silver presented an update on development work at San Rafael in Sinaloa. Oceanus announced an updated mineral resource for El Tigre, in Sonora. Levon finished an infill drilling campaign at Cordero in Chihuahua. Mexican Gold filed at SEDAR the resource estimate for Cerro Las Minas, Veracruz. ON DEALS AND CORPORATE ISSUES, Endeavour Silver and Capstone are to share mining concessions in Zacatecas, on an arrangement based in the elevation of mineralization.

ON MEXICO ISSUES

  • Mexican fiscal authorities and Canadian mining companies maintain a table of dialog on delayed tax reimbursements for $360 M, according to José Antonio Meade (head of the IRS equivalent agency) and Bill Morneau (Canadian Finance minister). They pointed out at a joint press conference that the situation is to be solved by dialogue and under the legal framework, with the aim to avoid this situation to have an effect on Canadian investment in Mexico. Bill Morneau pointed out that the common objective is to keep Canadian companies taking opportunities in the mining sector; while Meade said that the intention is to create an adequate investment environment for companies to feel at ease, with confidence in Mexico as a country under the rule of law. According to the latter, 40% of Canadian investment in Mexico is on the mining sector.

ON EXPLORATION

  • Canuc Resources Corp. released results from the phase I drill program at its San Javier project in Sonora. A total of seven holes have been drilled on the Santa Rosa vein, over 430 m of strike length. The vein has been confirmed an all holes, remaining open in all directions. Drill intercepts include 4.35 m @ 202 g/t Ag, 0.57 g/t Au, 2.7% Pb, 2.6% Zn; 3.32 m @ 326 g/t Ag; 6.0 m @ 1.74 g/t Au; 1.0 m @ > 1,000 g/t Ag, 3.83 g/t Au, 8.2% Pb, 4.3% Zn; 0.80 m @ 270 g/t Ag, 1.79 g/t Au, 2.1% Pb, 0.8% Zn, the last two intercepts in two splays of a new vein. To note is the 43 m intercept of thin quartz and barite stringers containing disseminates and patchy sulfides, including galena and sphalerite. The stockwork is hosted by quartzite, conglomerate and siltstone.
  • SilverCrest Metals Inc. released phase II drill results from the Babicanora vein at its Las Chispas property in Sonora. True width intercepts in the Babicanora vein include 3.7 m @ 2.58 g/t Au, 333 g/t Ag; 3.6 m @ 0.14 g/t Au, 267 g/t Ag; 4.8 m @ 4.63 g/t Au, 251 g/t Ag; 0.5 m @ 4.78 g/t Au, 37 g/t Ag; 2.2 m @ 1.91 g/t Au, 139 g/t Ag; 1.9 m @ 0.29 g/t Au, 394 g/t Ag; 2.1 m @ 2.01 g/t Au, 160 g/t Ag. The average estimated true width and grade for 16 drill intercepts of the high-grade footprint is 4.0 m @ 2.88 g/t Au, 275 g/t Ag. The Babicanora vein has been traced on the surface for 3 km, of which SilverCrest has tested only 20% of that strike length.
  • Almadex Minerals Ltd. disclosed results from the last hole at the Norte zone, in its El Cobre project in Veracruz. The hole intersected 273.50 m @ 0.59 g/t Au, 0.21% Cu; including 206.7 m @ 0.74 g/t Au, 0.26% Cu;, which in turn include 151.0 m @ 0.88 g/t Au, 0.30% Cu. This hole was drilled between two other mineralized holes to test for continuity.
  • Golden Minerals Co. is to start a 1,500 m drilling program at its Mogotes property in Durango, on the third week of September 2017. The plan is to test 1.5 Km of silicification and breccias up to 500 m in width, partially controlled by a fault that juxtaposes Tertiary volcanic rocks with Cretaceous limestone. The zone is highly anomalous in arsenic and antimony, with erratic gold values of up to 1.8 g/t in surface rock samples.

ON MINING

  • MX Gold Corp. confirmed being on track for plant expansion on its Magistral tailings project in Durango. Although on a non-43-101 complaint basis, the company estimates 1.2 M tonnes @ 2.06 g/t Au, 3.9 g/t Ag, a recovery rate of 76% Au, 45% Ag at a production rate of 30 K tonnes per year, and a life of project of 3.5 years.
  • Mexus Gold US. Along with JV partner MarMar Holdings announced the production of the first dore from its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). The ore currently being placed on the heaps averages 2 g/t Au, with an expected recovery rate of 76%. The goal is to bring production to 10,00 tonnes per day (tpd).
  • United States Antimony Corp. reported successful production of antimony tri-sulfide per military MIL-A-a59D specification. Additional equipment is being installed to enter the market. SEMARNAT is expected to approve the cyanide circuit at the Puerto Blanco mill in Guanajuato for Los Juarez property (Queretaro) within 30 days. Powder magazines are being built at Soyatal (Queretaro) and a reopening a road at Guadalupe (Zacatecas).
  • MX Gold Corp. performed metallurgical tests on samples from backhoe pits at its tailings Magistral project in Durango. The aim of the test was to confirm the results obtained by previous studies. Gold recoveries at the Met-Solve Lab in Surrey, BC, Canada, ranged from 72.4% to 89.9%, silver from 22.7% to 64.9% and copper form 14.9% to 54.4%.
  • Impact Silver Corp. disclosed assay results from a drilling on the El Paso vein, at its Zacualpan property in Estado de Mexico (Mexico State). The hole intersected 3.38 m (TW) @ 834 g/t Ag. Including 1.26 m @ 1,448 g/t Ag. A new vein was encountered further down hole, with 1.3 m of core length @ 199 g/t Ag. Other drill holes intersected 1.4 m @ 122 g/t Ag; 1.6 m @ 113 g/t Ag on El Paso vein, and a further down hole 1.58 m core length intercept @ 240 g/t Ag. The El Paso vein passes less than one kilometer from Impact’s Guadalupe mill, and has been traced on the surface for 2.1 Km from El Paso adit, with widths ranging up to 13 m in the El Capulin adit. Better access on the San Felipe workings is to be completed in order to prepare underground drill stations.
  • Starcore International Mines Ltd. reported financial results for the first quarter ended July 31, 2017. During the period 3.7 K Oz Au, 15.2 K Oz Ag were produced by milling 69.8 K tonnes of ore @ 1.97 g/t Au, 12.6 g/t Ag, with recoveries of 85.0% Au, 51.2% Ag at a cash cost of US$1,052 per gold equivalent ounce. Cash and short-term investment of CAD$7.4 M at the end of the period (San Martin mine, Queretaro).

ON FINANCING

  • Silver One Resources Inc. is to conduct a non-brokered private placement aiming to raise gross proceeds of up to $4 M (Peñasco Quemado, Sonora).
  • Minera Alamos Inc. has received approval for OTCQB listing in the United States (La Fortuna, Durango).
  • Southern Silver Exploration Corp. extended the final closing of its previously announced brokered private placement until September 29, 2017. In total, the company has closed two tranches for total gross proceeds of $3 M (Cerro Las Minitas, Durango).
  • Defiance Silver Corp. announced the closing of the first tranche of $1.25 M of a non-brokered private placement (San Acacio, Zacatecas).
  • Leagold Inc. commenced trading on the OTCQX® Best Market in the United States, on September 15th, 2017 (Los Filos, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • Silver Bull Resources, Inc. released further assay results from channel sampling at its Sierra Mojada project in Coahuila. The channel sampling was continuous over the strike length of an east-west trending high angle structure on old mine workings, with the structure 2 to 3 meters in width in places. The 117 sample program results highlights a zone of sulfide mineralization 160 m below the surface with 94.5 m @ 9.7% Zn, 124 g/t Ag, 1.6% Pb, 0.46% Cu; including 31.5 m @ 22.4% Zn, 134 g/t Ag, 2.0% Pb, 0.2% Cu; 9.0 m @ 10.2% Zn, 21 g/t Ag; 10.5 m @ 432 g/t Ag, 1.1% Zn, 1.2% Cu (Note of editor for clarity.- The samples were not collected across mineralized widths).
  • Capstone mining Corp. announced drill results of step-out drilling at its Cozamin mine in Zacatecas. Four holes have been completed near the southern limit of Capstone’s concessions with Endeavour’s concessions (see recent deal details between both companies below), with Highlighted drill intercepts of (estimated true width, “TW”) 14.4 m @ 2.2% Cu, including 6.3 m @ 4.4% Cu; 15.0 m @ 1.0% Cu, 0.4% Zn, 0.1% Pb, 19 g/t Ag; 4.6 m @ 3.0% Cu, 0.5% Zn, nil Pb, 54 g/t Ag. This zone is almost 600 m along strike from Cozamin’s current indicated mineral resource.
  • Americas Silver Corp. informed on the Development of the San Rafael project, part of its Cosalá operations in Sinaloa. Development to the southern lobe of the Main Zone began in January, and ore is now mined from two development headings, with two levels being prepared for production. Ore from three additional headings will be added to the stockpile within the next week. The primary ramp to the bulk of the deposit is progressing, with 480 m of advance needed to reach the bottom of the Main Zone. Process plant modifications are progressing, with initial concentrate production from San Rafael expected before the end of September 2017.
  • Oceanus Resources Corp. announced an updated mineral resource estimate for its El Tigre property in Sonora. The resource includes two open pit and two underground operations at the El Tigre and Fundadora veins. The open pit operations contain 430 K Oz Au, 14.3 M Oz Ag and 73 K Oz Au, 9.6 M Oz Ag as indicated and inferred resources respectively. The underground resources carry 6 K Oz Au, 1.3 M Oz Ag; 38 K Oz Au, 9.1 M Oz Ag as indicated and inferred resources respectively. The total hard rock resource is 25.9 M tonnes @ 0.52 g/t Au, 19g /t Ag, containing 436 K Oz Au, 15.7 M Oz Ag and 6.6 M tonnes @ 0.52 g/t Au, 89 g/t Ag as indicated and inferred resources respectively. The tailings resource is 939 K tonnes @ 0.27 g/t Au, 78 g/t Ag, containing 8 K Oz Au, 2.3 M Oz Ag; 1 K Oz Au, 254 K Oz Ag as indicated and inferred resources respectively.
  • Levon Resources Ltd. completed 5,655 m of core drilling in 18 holes at its Cordero project in Chihuahua. “The 2017 holes were drilled to test for near surface, higher gold grades within multiple rhyolite intrusives that make up the volcanic Cordero Felsic Dome Complex, and higher grade mineralization in contact breccia bodies that could improve a starter open pit configuration in the southwest part of the Resource.” Assays are pending.
  • Mexican Gold Corp. filed at SEDAR the technical report on the mineral resource estimate for its Las Minas project in Veracruz. The report states an inferred resource of 719 K Oz AuEq contained in 10.3 M tonnes @ 2.17 AuEq and total measured and indicated resources of 304 K Oz Au in 4.97 M tonnes @ 1.90 g/t AuEq.

ON DEALS AND CORPORATE ISSUES

  • Endeavour Silver Corp. and Capstone Mining Corp. entered into an agreement under which Endeavour has the right to explore and mine for precious metals above 2,000 m elevation (meters above sea level, or “mas”) on Capstone’s the Toro del Cobre claim, adjacent to Endeavour’s Calicanto concessions in Zacatecas. Endeavour granted Capstone the right to explore and mine for base metals below the elevation of 2,000 m (mas). The deal was done on the understanding of mineralization zonation in the district, with precious metals mineralization over 2,000 m elevation and base metals occurring below that mark (Note of editor.- This type of deal is not common in Mexico, and reveals a “Think outside of the box” attitude by both companies).
  • Magellan Gold Corp. and Rose Petroleum PLC signed a definitive and binding stock purchase agreement on Magellan’s acquisition of the mineral processing mill operation in San Dieguito de Arriba, Nayarit. The purchase total consideration is US$1.5 M, consisting of $1.0 M in cash and $500 K in Magellan stock, of which $100 K in cash has already been paid. Magellan has arranged $900 K in irrevocable bridge loans in support of its option to purchase the 200 tpd mill.
  • Advance Gold Corp. is to acquire a 100% interest in the Tabasqueña silver mine in Zacatecas. Upon receipt of regulatory approval, Advance will issue Hot Spring Mining, a Mexican based corporation, 1 M common shares. Hot Spring is to retain a 2.5% NSR, of which Advance has the right to buy 1.5% at a rate of CAD$500 K per 0.5%.
  • Dyna Resources Mexico, S.A. de C.V. announced that it has received a favorable ruling with the dismissal by a court in Veracruz of Goldgroup Resources Inc.’s amparo trial challenge to the US$48 M damages award previously granted in favor of Dyna.
  • Orex Minerals Inc. was made aware that Canasil Resources Inc. has been named in a lawsuit brought by Pan American Silver Corp. with the BC Supreme Court, regarding the mineral claims making up the Sandra Escobar project in Durango. Orex earned 55% ownership on the project from Canasil, interest that could be impacted if Pan American Silver’s claim is proven.

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 below, the ignimbrites of the Sierra Madre in Chihuahua, near Batopilas. Photo by Jorge Cirett.

DSCN5524 - copia

Golden Minerals Announces Drill Program at Mogotes Property and Additional Project Activities

http://www.goldenminerals.com/pdfs/GLDN_InvestorKit/Press-Release-Sep-15-2017-Golden%20Minerals%20Q317%20Business%20Update.pdf

GOLDEN, Colo., Sept. 15, 2017 (GLOBE NEWSWIRE) — Golden Minerals Company (“Golden Minerals”, “Golden” or “the Company”) (NYSE American:AUMN) (TSX:AUMN) is pleased to share a business update, including:

  • 1,500 meter initial drill program at its Mogotes property (Durango, Mexico) is scheduled to start the week of September 18, 2017
  • Dewatering of El Quevar underground workings is planned to accommodate a potential drill program (Salta, Argentina)
  • A re-modeling of El Quevar’s silver deposit resource is underway to identify a potentially economic resource in the core of the Yaxtche deposit
  • Argentina Value Added Tax (“VAT”) refunds received totaling US$1.1 million in second and third quarters of 2017
  • Further to the Company’s September 7, 2017 news release announcing the start of a new drill program at its Santa Maria property (Chihuahua, Mexico), three holes totaling 700 meters have been completed as of September 11, 2017, with drilling ongoing

Golden Minerals President and Chief Executive Officer Warren M. Rehn commented, “We are dedicated to unlocking the full value of our existing resources and infrastructure in Mexico and Argentina.  The drill program at Mogotes is a first test of an extensive altered area that shows signs of being a productive epithermal system hosted in volcanic rocks within a few kilometers of our existing mills at Velardena.  Surface values from channel samples show strongly anomalous gold, arsenic and antimony values associated with hydrothermal breccia veins and silicification along a major fault structure.