VANCOUVER, BC / January 17th, 2019 / Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) (“Ridgestone Mining”) has received final assay results from an initial drill program conducted on its Rebeico gold-copper project located within the prolific Sierra Madre gold belt of Sonora Mexico.
Toronto, Ontario, December 10, 2018 – Camrova Resources Inc. (“Camrova” or the
“Company”) (TSX-V: CAV; OTC: BAJFF, SSE: CAVCL, CAVUSA) wishes to provide an update regarding its ownership interest in Minera y Metalúrgica del Boleo, S.A.P.I. de C.V. (“MMB”), which operates the Boleo copper-cobalt-zinc mine located in Baja California Sur, Mexico (the “Boleo Mine”).
TORONTO, Oct. 01, 2018 — Camrova Resources Inc. (“Camrova” or the “Company”) (TSX-V: CAV; OTC: BAJFF; SSEV:CAVCL, CAVUSD) wishes to announce that pursuant to debt settlement agreements previously announced on August 16, 2018, it has received final approval from the TSX Venture Exchange and has issued 1,954,440 common shares at a deemed per share price of $0.075 to fully settle an aggregate Cdn $146,583 of indebtedness owing to certain arm’s length and nonarm’s length creditors. The settlement shares are subject to a statutory hold period of four months plus a day in accordance with applicable securities law legislation.
Assets: Three high-quality projects
Sara Alicia gold-cobalt
Location: Sonora, Mexico
Safe & stable world-class mining province
Management: Track record of discovery & developing mines
Funding: Strong cash position: A$6.1M
By Miguel A Heredia
During the 29th week of the year (July 16th to July 22th, 2018), at least 30 press releases were announced by companies working in Mexico, with twelve informing on exploration results, nine announcing production results, four reporting on resources and developments, three communicating deals and corporate issues, and two announcing financing issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Baja California Norte, One World Lithium presented geophysical results from its Salar del Diablo project. In Sonora, Colibri reported drill results from its El Pilar project, Minaurum reported exploration results from its Promontorio-Quintera project, San Marco announced exploration results from its Chunibas exploration program, and Millrock and Azure provided an exploration update on their Mexican properties. In Chihuahua, Mammoth Resources announced drill results from its Tenoriba project. In Coahuila, Discovery Metals reported exploration results from its Puerto Rico project. In Sinaloa, Kootenay presented exploration results from its Copalito project. In Durango, Southern Silver announced an expansion of the exploration program at its Cerro Las Minitas project. In Zacatecas, Advance Gold reported drill results from its Tabasquena project. In the Estado de México, Impact discovered new zones at its San Ramon mine. ON MINING, Several companies reported Q2, 2018 results on its Mexican operations. In Sonora, Mexus provided an update on its 370-8 Brothers property in Sonora. In Chihuahua, Sierra Metals announced Q2 results from its Bolivar and Cusi mines while GoGold reported results from its Parral property. In Sinaloa, Americas Silver presented Q2 results from its Cosala operation. In Durango, Avino reported Q2 results from its Avino mine. In Oaxaca, Fortuna Silver announced Q2 2018 results from its San Jose mine. First Majestic presented Q2 2018 results from its Mexican operations in Sonora, Sinaloa, Chihuahua, Durango, Zacatecas, Jalisco and Estado de Mexico. In Puebla, Almaden announced an increase of the average mill feed grades for its Ixtaca property. ON FINANCING, Bacanora Minerals dropped a $100M placing for its Sonora Lithium project in Sonora. Candente announced the approval to extend the purchase of 5M of share warrants. ON RESOURCES AND DEVELOPMENT, Aranzazu filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas and updated the resource estimate. Starcore filed updated 43-101 technical report on its San Martin mine. Capstone filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. Gold Resource announced an expansion of its Arista Mine in Oaxaca. ON DEALS AND CORPORATE ISSUES, Evrim announced results of its annual and special general meeting of shareholders. Silver Spruce executed an offtake agreement for potential future production from its Pino de Plata project in Chihuahua.
ON MEXICO ISSUES
- No relevant news.
- One World Lithium Inc., presented results from a geophysical survey conducted on its Salar del Diablo project in Baja California Norte. Three very large and highly conductive zones were identified by a Volterra TEM in loop survey. Zone 1 is > 100m thick and covers six square km. Zone 2 surrounds Zone 1 and is < 100m thick and covers 24 square km. Zone 3 is estimated to be approximately 200m thick and covers > 30 square km.
- Colibri Resources Corporation, reported RC drilling results from its Pilar project in Sonora. Significant results are 61m of 0.75 g/t Au, including 1.5m of 17.3 g/t Au; 6m of 0.68 g/t Au; 3m of 5.40 g/t Au; and 34.5m of 0.32 g/t Au. The drill results extend the Main Zone´s mineralized envelope to the northwest and southeast by upwards of a total of 145m. It represents an increase of 52% in the length of the Main Zone. Potential is open in both directions of the mineralized zone.
- Minaurum Gold Inc., discovered the extension of the Promontorio-Quintera and Nueva Europa veins at its Alamos Silver project in Sonora. The Promontorio-Quintera vein was mapped and extends for 1km and is cut-off and down-dropped by a northwest trending fault while the Nueva Europa vein was mapped for over 600m. The extensions have the potential to host virgin mineralization at depth. Surface sampling on Promontorio South vein returned 1.1m of 181 g/t Ag and 1.06% Cu, while at Nueva Europa South vein, a 0.8m long chip rock sample returned 52 g/t Ag and 0.54% Cu, and a dump sample returned 91 g/t Ag and 1% Cu.
- San Marco Resources Inc., identified many new significant Cu-Ag occurrences at its Chunibas property in Sonora; conducted a portable X-ray fluorescence rock analysis on an area of 300m by 1,400m, indicating anomalous to significant copper values, and received assays from ninety six rock chip samples ranging from 0.1% to 1.34% Cu. The company also carried out a saw-cut continuous channel sampling returning 30m of 0.16% Cu and 3 g/t Ag, and 22m of 0.17% Cu and 2 g/t Ag. Now, the mineralized NW-SE corridor is 1.7Km long by 300m wide, and remains open along strike and down dip. San Marco has begun preparations to perform a drill program at its Chunibas property.
- Millrock Resources Inc., provided and exploration update on their Mexican properties in Sonora and San Luis Potosi. In Sonora, at La Navidad project, a 2,900m drilling program has been recently completed to test the El Cobre and the Crossover targets. Complete results are anticipated in early August. At El Picacho project (Orogenic gold), drill targets are emerging from the exploration work conducted in the first half of 2018. The company has authorized a drill program to begin later in the summer. At Batamote, good geological signs of a porphyry copper deposit have been identified and a major company is currently evaluating the property. At Los Cuarenta project (low-sulphidation epithermal Au-Ag), Millrock has acquired an option to purchase a key internal claim called Santa Rosalia. Drilling targets have been developed and drilling permit is in place. In San Luis Potosi, the Guadalcazar project hosts a high-grade Ag-Pb-Zn skarn with good drill intersections and historic mine workings, with potential to expand the known deposit. Millrock has received an offer to form an option agreement.
- Azure Minerals Limited., provided an exploration update on its Sara Alicia and El Alacran properties in Sonora. At the Sara Alicia project, the stage 2 drilling campaign confirmed near-surface, high-grade Au-Co mineralization with maximum grade returning 53.8 g/t Au over 0.90m and 2.82% Co over 0.80m. The best Au interception was 19.6m of 8.6 g/t Au, including 15.3m of 10.6 g/t Au, while the best Co interception was 3.65m of 1.19% Co, including 1.5m of 2.66% Co. At the El Alacran project, the drilling campaign indicated the southern expansion of Loma Bonita epithermal Au-Ag system based on the presence of silicified zones covered by fresh-rock and high-resistivity geophysical anomalies extending to depth. At Cerro Colorado the company geologists identified the presence of porphyry-type alteration and veining with trace copper and molybdenum mineralization, warranting follow-up work. Teck will continue exploring the property with drilling planned to restart in Q3 2018.
- Mammoth Resources Inc., announced drill results from its Tenoriba project in Chihuahua. Results are from the Masuparia area, in the central portion of the 6 km long trend of gold mineralization on the property. Significant results are 3m of 0.19 g/t Au and 10 g/t Ag in hole TEN 17-09 and multiple intersections in hole TEN 17-10 such as 4.5m of 0.42 g/t Au and 8 g/t Ag; 4.5m of 0.45 g/t Au and 3 g/t Ag, 22.5m of 0.35 g/t Au and 4 g/t Ag, 3m of 1.31 g/t Au and 50 g/t Ag, 3m of 0.65 g/t Au and 5 g/t Ag, and 24m of 0.31 g/t Au and 4 g/t Ag.
- Discovery Metals Inc., reported underground channel sample results from the San Jose mine within its Puerto Rico project in Coahuila. Assay results represent 140m of workings and were collected at 3-5m intervals along both sides of the entire length of the developed workings. Mineralization is related to mantos, chimneys and faults. Mantos range from 0.5m to 1.5m in width (restricted by dimensions of workings) and are open in all directions laterally along strike and dip. Fourteen samples from mantos returned an average of 229 g/t Ag, 9.3% Pb, 17.6% Zn, and 0.3% Cu. Chimney widths range from 1m to 6m, with the main part of the chimney having a width of 5-6m, while the mineralized faults widths range from 0.4m to 1.4m, and are open along strike and at depth. Thirty three samples from chimneys and faults returned an average grade of 50 g/t Ag, 3.5% Pb, 4% Zn, and 0.8% Cu. The company is currently carrying out a detail structural study on the entire property to identify controls on mineralization. Additionally, it is planning to conduct a magnetic survey in preparation for drilling later in 2H 2018.
- Kootenay Silver Inc., presented sampling results from its Copalito project in Sinaloa. Copalito is a low-sulphidation epithermal vein system. At least 4 main veins and numerous smaller veins have been identified, with individual veins found to be up to 15m wide and at least 2km long along strike. Eleven samples (5 chips and 6 grabs) on Cobriza vein returned grades from 47 to 2.5 kg/t Ag and 0.03 to 2.7 g/t Au, while twenty two samples on El Pilar vein returned grades from 2 to 166 g/t Ag and 0.04 to 1.05 g/t Au. Mapping and sampling on the La Chiva and Cinco Señores veins in the southern area of Copalito is ongoing. All the results will be used to determine grade distribution along the veins for drill targeting.
- Sothern Silver Exploration Corp., announced an expansion of the exploration program at its Cerro Las Minitas project in Durango, with the mobilization of a second drill rig. The objective is to drill 2,000m of core to test multiple Ag-Au quartz veins within the recently acquired CLM West claim. Drill targets were identified by mapping and ground geophysics, and a sampling program of over 6000 float and rock chip samples throughout a >10km by 5km N-S corridor underlying the 207 square km CLM West claim package.
- Advance Gold Corp., reported phase 1 drill results from its Tabasquena project in Zacatecas. Significant results are 10.5m of Au-Ag mineralization including 1.7m of 9.46 g/t Au and 37 g/t Ag, 0.55m of 12.65 g/t Au and 28 g/t Ag, and 0.55m of 6.31 g/t Au and 42 g/t Ag. The company is planning a second phase drill program to test the recently discovered veins and explore for new ones, as well as to follow-up on the high-grade gold intersections.
- Impact Silver Corp., discovered new zones at its San Ramon mine through an underground drill program. Significant results with intersections 100m south of the current levels of the San Ramon mine are 2.04m of 0.23 g/t Au, 661 g/t Ag, 1.28% Pb, and 3.28% Zn; 4.97m of 0.12 g/t Au, 354 g/t Ag, 0.57% Pb and 1.48% Zn; and 1.25m of 0.1 g/t Au, 259 g/t Ag, 0.34% Pb and 1.14% Zn. The zone remains open for further extension vertically above for nearly 300m and to the south.
- Mexus Gold US, provided and update on its 370-8 Brothers property in Sonora. VAT leaching test of oxidized sulphide ore reported that 50% of the sulphides remain as encapsulated Au and Ag bearing mineralization, with As, Pb and Zn, making difficult its extraction by simple gravity and/or cyanide leaching, unless they are pretreated via roasting to eliminate the sulphur. “About 80 tons of this oxidized ore was crushed to < 3 inches and put in a steel tank and leached for a period of 25 days. Eight head assay samples were taken averaging 1g/t Au and 50 g/t Ag with one sample showing 30 g/t Au and another sample with 800 g/t Ag. Solution was assayed daily for a week showing recoveries of 1.25% in gold and 13% in silver with a slow increase after a week and large cyanide consumption. The solution was assayed after 3 weeks and turned out to have minimum increase up to 26% in silver and gold remaining the same”.
- Sierra Metals Inc., reported Q2 results from its Bolivar and Cusi mines in Chihuahua. At Bolivar mine, a total of 272K tonnes were processed at grades of 0.15 g/t Au, 17 g/t Ag, and 0.97% Cu to produce 911 OZ Au, 110K Oz Ag, and 4.7M Lb Cu, with metallurgical recoveries of 71.81%, 75.53% and 81.33% respectively. At Cusi mine, a total of 46.4K tonnes were processed at grades of 0.16 g/t Au, 156 g/t Ag, 0.4% Pb, and 0.3% Zn, to produce 96 Oz Au, 190K Oz Ag, and 287K Lb Pb, with metallurgical recoveries of 39.8% Au, 81.66% Ag, 77.22% Pb and 0% Zn.
- GoGold Resources Inc., presented Q2 2018 results from its Parral operation in Chihuahua. GoGold processed 447K tonnes of tailings material to produce 164K Oz Ag and 1,630 Oz Au.
- Americas Silver Corporation, announced results from its Cosala operation in Sinaloa. On Q2, 2018, the company milled 139K tonnes of 42 g/t Ag to produce 94K Oz Ag, 2.9M Lb Pb, and 8.7M Lb Zn
- Avino Silver & Gold Mines Ltd., presented Q2 2018 results from its Avino mine in Durango. The company processed 184.7K tonnes of 0.42 g/t Au, 70 g/t Ag, and 0.45% Cu to produce 1,734 Oz Au, 323 Oz Ag, and 1.48M Lb Cu, with metallurgical recoveries of 75%, 81% and 90% respectively.
- Fortuna Silver Mines Inc., reported Q2 2018 results from its San Jose mine in Oaxaca. Fortuna milled 134K tonnes of 1. 86 g/t Au and 268 g/t Ag to produce 14.4K Oz Au and 2M Oz Ag with metallurgical recoveries of 91.54% and 91.67% respectively.
- First Majestic Silver Corp., announced Q2, 2018 production results from its Mexican operations. At Santa Elena mine in Sonora, a total of 228K tonnes of 2.3 g/t Au and 120 g/t Ag were milled to produce 11K Oz Au and 535K Oz Ag. At San Dimas mine in Sinaloa, a total of 85.7K tonnes of 4.3 g/t Au and 307 g/t Ag were processed to produce 11.3K Oz Au and 809K Oz Ag. At La Encantada mine in Chihuahua, a total of 238K tonnes of 83 g/t Ag were processed to produce 23 Oz Au and 325K Oz Ag. At La Parrilla mine in Durango, a total of 123.6K tonnes of 131 g/t Ag, 1.4% Pb and 1.5% Zn were milled to produce 235 Oz Au and 361K Oz Ag, 1.6M Lb Pb, and 1.4M Lb Zn. At Del Toro mine in Zacatecas, a total of 65.8K tonnes of 117 g/t Ag and 2.7% Pb were processed to produce 73 Oz Au, 167.6K Oz Ag, and 2.3M Lb Pb. At San Martin mine in Jalisco, a total of 74.4K tonnes of 0.6 g/t Au and 203 g/t Ag were milled to produce 1,331 Oz Au and 138.4K Oz Ag. At La Guitarra mine in Estado de Mexico, a total of 35.7K tonnes of 1.5 g/t Au and 154 g/t Ag were milled to produce 1400 Oz Au and 138.4K Oz Ag. Unfortunately, First Majestic announced the temporary suspension of work at its la Guitarra mine scheduled to start on August 1st. It is until economic conditions improve or the property is sold.
- Almaden Minerals Ltd., announced an increase of the average feed mill grades of 39% for Au and 47% for Ag from bulk ore sort test for its Ixtaca project in Puebla. Applying the ore sort process, the metallurgical recovery is 88% for Au and 93% for Ag and reduces the environmental footprint over the life of mine by reducing process tailings, water usage and energy requirements and CO2 “The detailed impact of the ore sorting results on the Ixtaca project will be evaluated as part of the ongoing Feasibility Study, which is anticipated to be completed in 2018”.
- Bacanora Lithium plc., dropped a $100M placing for its Sonora Lithium project in Sonora, citing “difficult market conditions”.
- Candente Gold Corp., announced the approval to extend the exercise period of 5M of share purchase warrants from August 12, 2018 to August 12, 2020.
ON RESOURCES AND DEVELOPMENT
- Aura Minerals Inc., filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas. The company also updated the mineral resource and reserve estimates. Measured + indicated resources are 12.5M tonnes of 1.08 g/t Au, 20 g/t Ag, and 1.61% Cu for a total of 435K Oz Au, 8M Oz Ag and 444.4M Lb Cu. Proven and probable reserves are 4.6M tonnes of 1.17 g/t Au, 19 g/t Ag, and 1.72% Cu, for a total of 174K Oz Au, 2.8M Oz Ag, and 176.4M Lb Cu. (Mineral reserves are inclusive of mineral resources). The orebody consists of seven mineralized domains and has a strike length of 1.5km, width up to 250m and 600m depth. The mineral resource estimate is based on 1,336 holes for a total of 219,586m.
- Starcore International Mines Ltd., filed an updated 43-101 technical report for its San Martin mine in Queretaro in which reported mineral resources and reserves as of April 30, 2018. Total proven + probable reserves are 1.65M tonnes of 2.11 g/t Au and 33 g/t Ag for a total of 154.4K Oz Au Eq. Total indicated + inferred resources are 1.5M tonnes of 1.94 g/t Au and 25 g/t Ag for a total of 113K Oz Au Eq. The total mineral reserves and resources are 3.1M tonnes of 2.03 g/t Au and 29 g/t Ag for a total of 267.3K Oz Au Eq.
- Capstone Mining Corp., filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. In this TR, Capstone reported a mineral resource estimate which was announced on the past June 05, 2018.
- Gold Resource Corporation, announced significant drill interceptions of 23.39m @ 2 g/t Au, 200 g/t Ag, 0.58% Cu, 3.1% Pb, and 9% Zn, including 1.66m of 8.92g/t Au, 1.3Kg/t Ag, 0.93% Cu, 6.3% Pb and 8.8%Zn, and 9.94m @ 2.16 g/t Au, 95 g/t Ag, 0.82% Cu, 4.1% Pb and 12% Zn, including 3.1m @ 3.99 g/t Au, 177 g/t Ag, 1.01% Cu, 7% Pb, and 14.5% Zn to expands the Switchback´s strike length by approximately 100m, and discovered a new structure in the Arista vein system intercepting 2.08m @ 1.98 g/t Au, 1.6Kg Ag/ton, 0.25% Cu, 1% Pb, and 2.2% Zn, including 0.9m of 3.31 g/t Au, 2.7Kg/t Ag, 0.45% Cu, 2% Pb, and 4.1% Zn.
ON DEALS AND CORPORATE ISSUES
- Evrim Resources Corp., announced results of its annual and special general meeting of shareholders. (Cuale project, Jalisco).
- Silver Spruce Resources Inc., executed an offtake agreement with IBB International Holdings Limited for potential future production from its Pino de Plata project in Chihuahua. “The Company has agreed to deliver any and all future production from the Pino de Plata project for a period of at least ten years, commencing with the first delivery. The ten-year term of the agreement will automatically extend by successive one-year terms, unless either party expresses written desire o terminate the agreement. The purchase price of the delivered production will be at a three percent (3%) discount to the London Metals Exchange metals pricing on the dates of delivery to the buyer”.
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 diatreme breccia in a prospect in Durango, Mexico. Photo by Miguel A Heredia.
COEUR D’ALENE, Idaho–(BUSINESS WIRE)– Hecla Mining Company (NYSE:HL) today provided an update on its exploration programs during the first quarter.
- Casa Berardi has expanded the resources that could increase the potential size of the current East Mine Crown Pillar (EMCP) pit and the proposed 106, Principal and West Mine Surface Pillar open pits.
- Underground drilling of the 118, 121 and 123 zones at Casa Berardi continues to discover high-grade mineralization along trends. Surface drilling has defined high-grade extensions of the 160 Zone and south perimeter of the Principal Crown Pillar (123 Zone).
- Drilling of the Lac Germain satellite occurrence adjoining the Casa Berardi Mine has intersected strong, near surface mineralization along trend of the mine mineralization.
- San Sebastian continues to expand high-grade, polymetallic zones similar to the Hugh Zone on the Middle and Francine veins. Additional oxide mineralization is defined along the Professor and East Francine veins.
- Greens Creek exploration drilling continues to expand the resource along East Ore, Upper Plate, Deep 200 South and Deep Southwest mineralized trends.
• Oposura mineral resource drill-out completed with 157 holes totalling 10,112m, with assay results received for 130 holes
• Original drill program expanded by an additional 40 drill holes (3,000m) to enlarge
resource area and increase drill hole density
• Good height and grade continuity of horizontal mineralisation confirmed – favourable
for initial extraction by open pit followed by room and pillar underground mining
• Initial mineral resource estimate expected in June 2018
• Positive metallurgy significantly reduces processing and marketing risk:
Zinc recovery of 85.6% achieved producing a 57.2% zinc concentrate grade
Lead recovery of 84.0% achieved producing a 61.4% lead concentrate grade
Full elemental assays confirm clean concentrates
• Scoping Study / Preliminary Economic Assessment progressing well and on track
By Jorge Cirett
During the 10th week of the year (March 5th to March 11th, 2018), at least 24 press releases were announced by companies working in Mexico, and three articles on mining matters in Mexico published by newspapers. ON MEXICO ISSUES, the Fraser Institute released the results of the 2017 survey on Mining Attractiveness by Jurisdiction, with Mexico stagnant at mid table due to low results on taxation regime, labor disruptions and security perception. The Sonora government is supporting the mining industry with the signature of a collaboration agreement with the Economy Bureau. The governors of Chihuahua and Oaxaca attended the PDAC in Toronto for promoting mining investment in their respective states. Other delegations present were from Durango and Zacatecas. ON EXPLORATION, In Sonora Riverside announced a bigger land position at its Cecilia project; Oceanus has mapped the favorable El Tigre Formation rock package for 5 km in strike length at its El Tigre property; Mexus Gold updated on exploration of its 8 Hermanos property; Millrock disclosed interesting low grade drilling results from its Navidad property; Azure has started the second drill campaign at its Sara Alicia Au-Co property. In Chihuahua VVC Minerals received the permit for drilling its Samalayuca property; Radius updated on exploration at its Amalia project. In Guanajuato, Vangold started the phase two of drilling at its Pinguico property. ON MINING, two companies, Americas Silver and Santacruz Silver presented production results for the quarter and/or full year 2017. Magellan Gold announced the restart of its mill in Nayarit. ON FINANCING, Canuc Resources closed a $1.1 M financing round, Colibri closed the first tranche of a financing round netting $1.08 M. Vangold announced the opening of a financing round for raising up to $2 M. Santacruz Silver obtained a US$2.3 M private loan. Starcore closed a financing round for $125 K with an insider. ON RESOURCES AND DEVELOPMENT, Levon Resources released an updated mineral resource report for its Cordero project in Chihuahua. Alio Gold provided an exploration update at its Ana Paula project in Guerrero. Leagold updated its mineral resource estimate for its Los Filos mine and the Bermejal Underground deposits in Guerrero. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acted on the LOI to option a group of properties adjacent to its Cerro Caliche property in Sonora. Autlan is to acquire all shares from Metallorum (it already controls an undisclosed percentage), which owns the Lluvia de Oro mine in Sonora.
ON MEXICO ISSUES
- Mexico stays about the same on the investment attractiveness index published yearly by the Fraser Institute. Mexico fell to the 50 (of 91 jurisdictions surveyed) position from the 44 (of 104) on the 2016 survey, affected mainly by low rankings in security, taxation regime and labor regulations/work disruptions. In 2014 Mexico was on the 24 position of 122 surveyed. Chile ranked 8 and Peru 19 on the 2017 survey. Below is the table for the perception of the taxation regime (which presents the effect of the recently imposed royalties as a hard fact). The security perception ranking, along the other rankings can be seen at the following link: (https://www.fraserinstitute.org/sites/default/files/survey-of-mining-companies-2017.pdf).
- The Sonora government is supporting the development of the mining industry in the state with the signature of a collaboration agreement with the Economy Bureau (Secretaría de Economía). The agreement looks to promote investment, better technical assessments, training and cut red tape. The mining industry represents 17% of the state’s GDP, with the state providing 31% of Mexico’s mining production. Sonora’s Governor Claudia Pavlovich has been pushing a proposal on the Deputies Chamber to install a 100% deduction of exploration expenses on the year these are incurred.
- The governors of Chihuahua and Oaxaca attended the PDAC in Toronto Canada to promote mining investment on their states. Both Javier Corral (Chihuahua) and Alejandro Murat (Oaxaca) attended the Mexico Mining Day 2018 and had personal interviews with companies doing business in their states or trying to set a foothold there. Other delegations present were from Durango and Zacatecas.
- VVC Minerals Corp. received the permit for drilling at its Samalayuca property in Chihuahua. The SEMARNAT permit approved 22 new drilling sites, in addition to 13 already approved. The drilling is to focus on La Gloria Extension area, La Concha pit area, La Zorra zone and the Julianna, Suerte and Trinidad areas. The completed and proposed drilling cover 7 Km of strike length on the property.
- Vangold Mining Corp. concludes phase 1 drilling, starts phase 2 drilling at El Pinguico property in Guanajuato. Vangold completed five of 15 drill holes targeting the underground stockpiles (backfill) on the El Pinguico vein, with poor recoveries and grades. While a better method of assessing these stockpiles is researched, the company has initiated the phase 2 drilling campaign targeting the lower El Pinguico vein extension below the old workings, 300 m below the surface.
- Riverside Resources Inc. announced that it has been granted the mineral rights to the Cecilia 1 concession, increasing the ground held on the Cecilia project in Sonora to almost 6,000 hectares. Epithermal Au-Ag mineralization is associated to a rhyolite flow-dome setting.
- Oceanus Resources Corp. updated on its exploration efforts on El Tigre property in Sonora. The El Tigre Formation is the rock package that host the historic El Tigre mine, which operated from 1903 to 1938, producing 353 K Oz Au and 67.4 M Oz Ag; the favorable El Tigre Formation has been now traced for 5 km.
- Mexus Gold US. presented an update on exploration of its 8 Hermanos and Scorpio_370 claims in Sonora. Mexus controls 2,800 hectares in an area with sedimentary rocks intruded by granodiorite, dioritic dikes and a diorite porphyry, all covered in turn by Tertiary volcanic tuffs and flows. Three samples from the 370 concession returned 9 g/t Au, 41 g/t Ag; 47 g/t Au, 33 g/t Ag; 10 g/t Au, 8 g/t Ag. Porphyry copper potential is highlighted on a report (no alteration is described).
- Radius Gold Inc. provided an update on exploration at the Amalia project in Chihuahua. The 10,380 ha project has Au-Ag mineralization defined over 2 km of strike length in high level chalcedonic veins, stockworks and breccias and deeper level structurally controlled higher grade mineralization. “Radius continues to advance the Amalia project and is currently permitting drilling and bulldozer trenching.” Recent channel sampling returned 4.5 m @ 10.3 g/t Au, 202 g/t Ag, extending the total strike length of the high-level epithermal mineralization of the Campamento zone to 500 m.
- Millrock Resources Inc. reported on first phase core drilling at its La Navidad project in Sonora, funded by earn-in partner Centerra Gold. In total, 2,130 m were drilled in 12 holes, with several anomalous intersections, like: 17.2 m @ 0.75 g/t Au (including 1 m @ 9.05 g/t Au); 15.65 m @ 0.60 g/t Au; 18.30 m @ 0.33 g/t Au; 18.0 m @ 0.12 g/t Au; 6.00 m @ 0.26 g/t Au; 5.90 m @ 0.45 g/t Au; 57.0 m @ 0.29 g/t Au; 16.6 m @ 0.35 g/t Au.
- Azure Minerals Ltd. announced the start of the second drilling campaign on its Sara Alicia project in Sonora. “The Sara Alicia mineralised zone consists of carbonate rocks intruded by a porphyry. This intrusive event caused strong alteration and mineralising reactions in the limestones to form a skarn body which hosts massive and semi-massive sulphides containing the cobalt and gold mineralisation”. The first phase of this drilling campaign is to comprise 1,000 m in 10-12 holes, targeting along-strike and down-dip extensions. The second phase is planned to complete a 50 x 50 m drill pattern over the mineralized body.
- Americas Silver Corp. reported 4Q and year-end financial results for 2017, including some figures from its operations in Mexico. The San Rafael mine in Sinaloa declared commercial production on December 19, 2017, and was constructed for $16.3 M, 32% lower than the initial project guidance. For 2018 the company plans to produce 1.6 to 2.0 M Oz Ag and 7.2 to 8.0 M Oz AgEq. Cash balance at the end of December was $9.3 M, with net working capital of $11.8 M.
- Santacruz Silver Mining Ltd. reported operating results for the fourth quarter and full year 2017. Santacruz produced 865.4 K Oz AgEq during the year, including 139.7 K Oz AgEq during the fourth quarter. At Veta Grande in Zacatecas 102.1 K tonnes were milled @ 100 g/t Ag (127 g/t AgEq) and Ag recovery of 61% to produce 201.3 K Oz Ag, 424 Oz Au, 466 tonnes Pb, 803 tonnes Zn during the year. At Rosario in San Luis Potosi, 78.9 K tonnes were milled @ 52 g/t Ag (205 g/t AgEq) and a recovery of 85% Ag to produce 112.6 K Oz Ag, 1,007 Oz Au, 157 tonnes Pb, 1,489 tonnes Zn during the same period.
- Magellan Gold Corp. announced it has rehired employees and is restarting its 100% owned SDA mill in Nayarit. Operations are initially to reprocess tailing located at the site, with recovery of precious metals expected to defray holding costs of the mill while new ore sources are acquired. The mill last operated in November 2017 and processed third-party ore on a toll basis.
- Canuc Resources Corp. closed a non-brokered private placement financing with gross proceeds of $1.1 M (San Javier, Sonora).
- Colibri Resource Corp. has closed an over-subscribed first tranche on its previously announced $1 M financing, raising gross proceeds of $1.077 M. Total gross proceeds to be raised between the two tranches is expected to be $1.2 M (Pilar, Sonora).
- Vangold Mining Corp. announced a non-brokered private placement financing to raise up to $2 M, and fund the phase 2 drill program targeting the lower El Pinguico vein extension, and general working capital.
- Santacruz Silver Mining Ltd. has arranged a loan from a private Bolivian mining company, for US$2.3 M. The loan bears interest at 9% per annum, is repayable July 1st, 2018, and is unsecured (Veta Grande, Zacatecas; Rosario, San Luis Potosi).
- Starcore International Mines Ltd. announced the closing of its non-brokered private placement to an insider, for gross proceeds of $125 K (San Martin, Queretaro).
ON RESOURCES AND DEVELOPMENT
- Levon Resources Ltd. announced an updated NI-43-101 mineral resource estimate and a 2018 preliminary economic assessment (PEA) for the Cordero project in Chihuahua. The new estimate includes 990 M tonnes of ore @ 12.8 g/t Ag, 0.37% Zn, 0.17% Pb, 0.04 g/t Au as indicated resources and 282.2 M tonnes @ 20.7 g/t Ag, 0.75% Zn, 0.30% Pb, 0.04 g/t Au as inferred resources. The said resource contains 595 M Oz Ag, 1.63 M Oz Au, 12.7 B Lb Zn, 5.6 B Lb Pb in the indicated and inferred categories. The PEA includes an open pit mining rate of 40 K tpd (tonnes per day) to produce mineral concentrate, an annual production of 8 M Oz Ag, 44.8 K tonnes Zn, 31.1 K tonnes Pb, 11,900 Oz Au. Over the 29 year mine life on the PEA, 231 M Oz Ag, 2,863 M Lb Zn, 1,992 M Lb Pb would be produced.” Metallurgy is simple (side by side lead and zinc conventional flotation mills) with 88% overall recoveries after three rounds of bench-scale testing”.
- Alio Gold Inc. provided an update on exploration of its Ana Paula project in Guerrero. To date 1,300 m of the planned 3,800 m of surface drilling have been completed (two of six diamond drill holes), intersecting breccia mineralization as expected and awaiting assay results. Two new breccia targets were discovered by mapping within 1.5 km of the limit of the proposed pit, showing magmatic and hydrothermal breccia mineralization with traces of pyrite and arsenopyrite.
- Leagold Mining Corp. has filed a NI-43-101 technical report for the Los Filos mine in Guerrero. For Los Filos and Bermejal Underground deposits, measured and indicated resources amount to 13.53 M Oz Au, while inferred resources stand at 6.28 M Oz Au (Almost 20 million ounces of gold!).
ON DEALS AND CORPORATE ISSUES
- Sonoro Metals Corp. has executed on the letter of intent (LOI) of an option agreement on the Rosario group of properties in Sonora. The Rosario concessions are adjacent to Sonoro’s Cerro Caliche property, covering 403.5 hectares, thereby increasing Sonoro’s land holdings in the area to 1,455 hectares. Sonoro is to acquire 100% interest on the property by paying the vendor (a Tucson resident) US$1.6 M payable in escalating cash installments over 72 months, with the initial installment of US$60 K payable on execution. The vendor is to retain 2% NSR, same that can be bought by Sonoro by US1 M for each one percent.
- Compañía Minera Autlán SAB de CV. is to acquire all the shares of Metallorum Holding, which owns the Lluvia de Oro mine in Sonora. The company is to invest US$25 M in the next three years to increase its manganese and ferroalloys production capacity.
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, beautiful quartz vein with bladed calcite pseudomorphs at the museum of El Oro mining district in Estado de Mexico.
Following its very successful over-subscribed share placement and capital raising, Azure Minerals Limited (ASX: AZS) (Azure or the Company) is pleased to advise that the Company has commenced its second diamond drilling campaign on its 100%-owned, highly prospective Sara Alicia gold and cobalt project in the northern Mexican state of Sonora (refer Figure 1).
The drilling will follow up on the Company’s very successful 2017 maiden drilling program, in which all six drill holes intersected high grades of gold and cobalt mineralisation at shallow depths (refer ASX announcements dated 27 November and 7 December 2018).
By Miguel A Heredia
During the 9th week of the year (February 26th to March 4th, 2018), at least 25 press releases were announced by companies working in Mexico, with six reporting deals and corporate issues, six providing exploration results, and two announcing financing rounds. ON MEXICO ISSUES, Torex clarified media misinformation in Guerrero. ON EXPLORATION, In Sonora, Aztec Minerals reported drilling results at its Cervantes property, and San Marco completed an IP survey at its 1068 project. Azure reported exploration results on Mina Blanca prospect within its Oposura project. In Chihuahua, Mammoth and Golden Minerals announced drill results at its Tenoriba and Santa Maria projects respectively. Golden Minerals also reported drill results at its Mogotes project in Durango. In Zacatecas, Defiance Silver identified a large target within its San Acacio project; Advanced Gold revealed exploration plans on its Tabasquena project. In Puebla, Almaden reported drill results at its Ixtaca project. ON MINING, Mexus Gold restarted the pad leaching at its Santa Elena Mine in Sonora (Caborca). Goldgroup announced 2017 gold production and expansion plans for its Cerro Prieto Mine in Sonora. Bacanora Minerals reported positive economics and favourable operating cost for its Sonora Lithium project in Sonora. Santacruz reported mill expansion capacity on its Veta Grande Mine in Zacatecas. Endeavour and Golden Minerals reported 2017 financial results on its Mexican operations. ON FINANCING, Almaden announced a proposed private placement for $ 5.6M, and announced a subscription agreement with Newcrest Mining for gross proceeds of $ CAD 19M. Azure secured funding of approximately A$ 8.2M. ON RESOURCES AND DEVELOPMENT, Golden Minerals encountered mineralization in 14 holes drilled to increase the size of the existing resource estimate in its Santa Maria project in Chihuahua. Americas Silver provided an update on exploration results at its 120 zone, within the Cosala Mine in Sinaloa. Santacruz Silver announced additional drilling at its Veta Grande Mine in Zacatecas. In Veracruz, Mexican Gold Corporation reported drilling results from its Las Minas projects, in Veracruz. ON DEALS AND CORPORATE ISSUES, Excellon entered in a toll mill agreement with Hecla. Golden Minerals extended an option with HECLA to lease its oxide mill located in Velardeña, Durango. The company also amended the Celaya farm-out agreement with Electrum Global. Gainey Capital signed a letter of intent for the purchase and processing of a bulk sample with Grupo Wolinak. Newcrest acquired interest in El Cobre project. Torex appointed CFO. Dyna Resources announced favorable decision on its conflict with Goldgroup.
ON MEXICO ISSUES
- Torex Gold Inc., clarified media misinformation regarding a land agreement with Real del Limon Ejido in Guerrero. The company confirmed a binding 30-year land lease agreement with the Ejido.
- Aztec Minerals Corp., announced phase 1 drill results at its Cervantes project in Sonora. Significant drill results comprise 122m from surface of 0.60 g/t Au, including 62m of 0.88 g/t Au, and 170m from surface returning 0.42 g/t Au, including 32m of 0.87 g/t Au. This phase 1 drill program is focused on defining oxide gold mineralization in the upper 200m.
- San Marco Resources Inc. , completed a 2km by 2.8 km grid IP survey at its 1068 porphyry copper, gold and molybdenum project in Sonora. This survey detected a 1.2 km by 1.3km chargeability anomaly which coincides with pervasive quartz-sericite-clay-pyrite ± iron oxide alteration previously mapped on surface.
- Azure Minerals Limited, identified a 500m long by 250m wide strong zinc and lead soil anomaly at its Mina Blanca prospect within the Oposura project in Sonora and is coincident with high-grade mineralization from a rock sample collected in the Mina Blanca old working. Soil samples were tested with a portable XRF analyzer, with values reaching highs of 0.32% Zn and 0.15% Pb. The rock sample from the Mina Blanca old working returned 1.71 g/t Au, 1,600 g/t Ag, 4.6% Cu, 1.6% Pb, and 2.8% Zn. Azure announced further exploration plans, including drilling for its Oposura project.
- Mammoth Resources Corp., announced results of two holes drilled at its Tenoriba project in Chihuahua in the Moreno and Masuparia areas. El Moreno area drill hole intercepted 7.2m of 0.23 g/t Au, 36 g/t Ag and 3.59 % Cu, while the Masuparia area hole returned 27m of 0.51 g/t Au from 28m depth, including 8.4m of 1.30 g/t Au, and 23.5m from 70m depth of 1.30 g/t Au, including 10m of 2.9 g/t Au and 5m of 4.9 g/t Au.
- Golden Minerals Company, drilled 8 holes in its Mogotes project in Durango, with low grade gold mineralization intercepted on 2 holes. The epithermal system seems to be deeper than the surface geochemical values initially indicated. Additional mapping and sampling is ongoing in the northern portion of the property.
- Defiance Silver Corp., carried out an IP survey at its San Acacio project in Zacatecas. The IP survey identified a 200m long by 300m wide target along the underexplored 900m Veta Grande vein, and requires an additional IP survey to close off the anomaly on the property. This undrilled target has the potential to host a virgin silver ore shoot at depth.
- Advance Gold Corp., announced plans to carry out underground mapping & sampling at its Tabasquena mine in Zacatecas, along with an IP survey followed by a drill program. The aim of the IP survey is to delineate the veins and trace their extension along strike.
- Almaden Minerals Ltd., intersected 10m of 2.1 g/t Au, including 2m of 8.2 g/t Au from a drill hole located approximately 1.2 km southeast of the PFS open pit at its Ixtaca project in Puebla.
- Mexus Gold US.- restarted the pad leaching at its Santa Elena Mine in Sonora (Caborca), after fixing some recovery problems.
- Goldgroup Mining Inc., presented its annual gold production for 2017 at Cerro Prieto Mine in Sonora. The company produced 4,670 Oz Au in Q4 for a total 2017 production of 14.7K Oz Au. Goldgroup also announced expansion plans for its mine, including the acquisition of an adjacent property to Cerro Prieto Mine, and expects to produce over 22K to 25K Oz Au in 2018.
- Bacanora Minerals Ltd., reported positive economics and favourable operating cost of 35K tonnes per year battery grade lithium carbonate operation, confirmed in recently FS on its Sonora Lithium project, in Sonora. The company also secured access and surface rights agreements and the environmental permit for the construction of an open pit mine and large-scale processing plant in site.
- Santacruz Silver Mining Inc., reported 85% progress of the mill expansion capacity to 750 tonnes per day on its Veta Grande Mine in Zacatecas. The mill expansion is being funded by Carrizal Mining S.A. de C.V.
- Endeavour Silver Corp., reported 2017 financial results of its Mexican operations (six mines). The company produced 4.9M Oz Ag and 53K Oz Au during the year.
- Golden Minerals Company, reported 2017 financial results from its Mexican operations.
- Almaden Minerals Inc., announced a proposed private placement to raise $ 5.6M to continue drilling its El Cobre project in Veracruz. In addition, the company also announced a subscription agreement with Newcrest Mining ltd. for aggregate gross proceeds of $ CAD 19M. Newcrest will acquire an indirect interest of 19.9% in El Cobre project.
- Azure Minerals Limited, secured an oversubscribed A$ 8.2M placement to advance its Sara Alicia and Oposura projects in Sonora, fund ongoing exploration activities and provide general working capital.
ON RESOURCES AND DEVELOPMENT
- Santacruz Silver Mining Inc. announced an expansion to include 3,000m of underground additional drilling at the Armados vein to better delineate a mine plan at its Veta Grande Mine in Zacatecas. It also reported on the expansion of mill capacity, which is being funded by Carrizal Mining S.A. de C.V.
- Mexican Gold Corp., revealed results from the resource expansion drilling program carried out at its Las Minas project in Veracruz. Significant results returned 38m of 4.5 g/t Au, 16 g/t Ag, and 3.3% Cu, confirming the continuity of the high-grade mineralization encountered in previous drill holes. This result will increase the tonnage and grade of the maiden mineral resource estimate.
- Endeavour Silver Corp., announced a PFS at its Terroneras project in Jalisco, advancing the project towards a production decision, having received permits to build the mine and plant, and awaiting waste dump and tailings permits. It also completed a PEA at it’s the El Compas Mine in Zacatecas and has taken the decision to start the mine construction.
ON DEALS AND CORPORATE ISSUES
- Excellon Resources Inc., announced an agreement with Hecla to toll mill sulphide ore from the San Sebastian Mine in Durango at its Miguel Auza processing plant in Zacatecas. The agreement envisages 400 tonnes per day or 12,000 tonnes per month to be milled at the plant.
- Golden Minerals Co. extended an option to lease its oxide mill to Hecla for an additional period of up to two years in exchange for a $1 M cash payment and the purchase of $1M in shares. The company also amended the Celaya (in Guanajuato) farm-out agreement with Electrum Global Holdings LP., same that will earn and additional 20% interest in exchange of a $1M payment, with the possibility to increase its interest to 80% by spending an additional $2.5M.
- Gainey Capital Corp., signed a letter of intent for the purchase and processing of a bulk sample with Grupo Wolinak.
- Newcrest Mining Ltd., acquired indirect 19.9% interest in El Cobre project, in Veracruz, through the investment of $ CAD 19M.
- Torex Gold Resources Inc., appointed CFO.
- Dyna Resources Inc., announced a favorable decision from a US District Court Magistrate Judge on its conflict on San Jose de Gracia Mine in Sinaloa with Goldgroup Mining Inc.
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, chalcopyrite – magnetite mineralization on drill core from the Las Minas project in Veracruz State. Image from the March 3rd 2018, Mexican Gold Corp. press release.