Lithium

The Mining and Exploration News in Mexico: Highlights on the Third Week of June, 2025

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The Sierra Madre Occidental, Chihuahua, Mexico.

By Miguel A Heredia

During the 25th week of the year (June 16th to June 22th 2025), at least 38 press releases were announced by companies working in Mexico, and 2 news published by the media, with twenty one disclosing deals and corporate issues, eight announcing financing rounds, three reporting resources and development of their properties, three commenting on Mexican issues, three discussing social issues, two informing on exploration results, and none communicating production results.  ON MEXICO ISSUES, The Secretary of Economy, Marcelo Ebrard stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies. Axo Copper reported the best drilling intercepts in Mexico on the third week of June, 2025. ON EXPLORATION, In Jalisco, Axo Copper initiated a 15,000m phase II drilling program at its la Huerta Copper project, as well as reported high grade assay results on surface sampling.    ON MINING, No relevant news. ON FINANCING, Guanajuato Silver updated their gold loan terms with Ocean Partners UK Ltd, (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Pinnacle announced a shares-for-debt transaction to conserve capital and improve its balance sheet (Potrero project, Durango). Southern Empire announced a fully subscribed non-brokered private placement for gross proceeds of $100K (Pedro Gold project, Durango). Prime reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M (Los Reyes project, Sinaloa). Kootenay announced a CAD $12M bought deal public offering to support the advancement of its Columba project in Chihuahua, the same that later on was upsized to CAD $17, 400,600. Silver Viper informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest. Defiance Silver closed its LIFE offering and concurrent non-brokered private placement for gross proceeds of CAD $16.5M (San Acacio project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Kootenay delivered maiden mineral resource estimate at its 100% owned Columba project in Chihuahua. Tocvan reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. Vizsla provided an update on the Copala test mine at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Santacruz Silver announces the appointment of its CFO (Zimapán mine, Hidalgo). Discovery Silver made management changes (Cordero project, Chihuahua). Aura presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Guanajuato Silver confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Osisko Development appointed a new member to its Board of Directors (San Antonio Gold project, Sonora). Mithril announced the retirement of two Non-Executive Directors (Copalquin project, Durango).  Minaurum appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists. Equinox and Calibre completed its previously announced business combination (Los Filos mine, Guerrero). Colibri reported voting results of its annual general meeting of shareholders (Pilar project, Sonora). Elemental Altus announced changes to its Board of Directors (Mercedes mine, Sonora). MAG Silver presented voting results of its annual general meeting of shareholders (Juanicipio mine, Zacatecas). Torex announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).  Gold Resource appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca). Sierra Madre announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico). Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree in a commercial lawsuit against Capstone Copper (Cozamine mine, Zacatecas). Aloro announced voting results of its annual general and special meeting of shareholders (Los Venados project, Sonora). MAG Silver reported that their shareholders received a recommendation to vote for the plan of arrangement with Pan American Silver (Juanicipio mine, Zacatecas). Prime announced voting results of its annual general and special meeting of shareholders (Los Reyes project, Sinaloa). Silver Viper completed the acquisition of the Cimarron project in Sinaloa. Infinitum Copper signed a definitive agreement to sell its interest on Adelita project in Sonora. ON SOCIAL RESPONSIBILITY, Guanajuato Silver reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). MAG Silver published its fourth annual sustainability report (Juanicipio mine, Zacatecas).

ON MEXICO ISSUES

  • The Secretary of Economy, Marcelo Ebrard, stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. The event held in Mexico City was attended by the governors of Sonora, Alfonso Durazo, and Zacatecas, David Monreal, two states with a mining vocation, as well as representatives from academia and the sector, who highlighted the importance of a coordinated strategy between the federal government, universities, and the private sector. The government aims to retain economic and technological benefits domestically through initiatives like the Mexico 2025 Mining Education Committee, which fosters industry-academia collaboration. Specifically, efforts are underway to advance lithium production, particularly in Sonora, with support from federal and state authorities, though some projects such as the Sonora Sustainable Energy Plan are still in exploration phases.
  • Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies.   Ebrard highlighted the need for Mexico to scale up its capabilities in the mining industry, particularly in refining minerals like copper, to support industries like automotive. He emphasized the importance of implementing a policy of will to address challenges in obtaining critical minerals in a world with geopolitical tensions, citing silicon for semiconductors as an example.
  • Axo Copper Corp., reported the best drilling intercepts in Mexico on the third week of June 2025. Details are shown in the table below:

ON EXPLORATION

  • Axo Copper Corp., initiated a 15,000m phase II drilling program at its la Huerta Copper project in Jalisco. One drill is currently on site and initiating the first drillholes targeting the main La Huerta Trend in an area with a NE-SW strike length of approximately 1km, starting at Las Marias Zone and stepping out to the north along strike towards the Cornelio target. The first hole is expected to be finished in approximately two weeks, with assays being released in the first half of July. In addition, Axo reported that recent exploration efforts, including mapping and sampling, have identified a new area at La Huerta South, approximately 3km from the main Huerta Trend where surface sampling yielded high-grade assay results, with multiple samples returning > 10% Cu, particularly within N-S and E-W fault structures in andesitic volcanic rocks.  Sampling along the 1km long N-S structure has returned results such as 7% Cu, 10.8% Cu, and 10.5% Cu, with numerous other showings above 2% Cu, while the approximately 500m long E-W structure returned highlighted values of 3.6% and 2.6%. In both structures Cu mineralization consists of chalcopyrite and bornite hosted in andesites.

ON MINING

  • No relevant news.

ON FINANCING

  • Guanajuato Silver Company Ltd., updated their gold loan terms with Ocean Partners UK Ltd, with more manageable monthly repayments tied to their gold production, plus some stock warrants involved. “The new Gold Credit Facility, as of today’s date, has an outstanding balance of 7,182 Oz Au bullion, with two-thirds since April 2025 to be repaid over 36 months through fixed monthly installments of 131.7 Oz Au bullion, representing approximately 10% of Guanajuato Silver’s modelled monthly gold production. In addition, the company will issue to Ocean Partners 4,550,000 non-transferable warrants exercisable into one common share of the Company with an exercise price of CAD $0.24. Each warrant has a 36-month term that expires on June 16, 2028. The warrants, and the common shares issuable upon exercise, are subject to a statutory hold period that ends on October 17, 2025 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Pinnacle Silver and Gold Corp., announced a shares-for-debt transaction to conserve capital and improve its balance sheet. The company will issue 2,491,667 shares at a price of CAD $0.06 per share to settle a debt of CAD $149,500, pending approval from the TSX Venture Exchange. This issuance includes shares to directors and officers, which qualifies as a related party transaction, with the company relying on exemptions due to the transaction’s value being under 25% of its market capitalization (Potrero project, Durango).
  • Southern Empire Resources Corp., announced a fully subscribed non-brokered private placement of 2M units at a price of CAD $0.05 per unit for gross proceeds of CAD $100K. Net proceeds will be used for administrative costs associated with Southern Empire´s mineral properties in Mexico as well as working capital purposes (Pedro Gold project, Durango).
  • Prime Mining Corp., reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M. This funding will support the advancement of the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans to complete a Preliminary Economic Assessment (PEA) by Q3 2025 and continue exploration activities, including drilling and geological mapping, despite a temporary pause due to security concerns in the area.
  • Kootenay Silver Inc., announced a CAD $12M bought deal public offering by the sale of 11,430,000 units at a price of CAD $1.05 per unit, which was upsized later on to CAD $17,400,600 by the sale of 16,572,000 units at a price of CAD $1.05 per unit. Net proceeds will be used for advancement of its Columba project in Chihuahua, working capital and general corporate purposes.
  • Silver Viper Minerals Corp., informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest.  The gross proceeds, expected to reach up to CAD $6M combined with a previous offering, will fund drilling and exploration at La Virginia project in Sonora, working capital, and general corporate needs.
  • Defiance Silver Corp., closed a financing round, raising about CAD $16.5M through both brokered and non-brokered offerings. The company sold units combining shares and warrants, with plans to use the money mainly to complete a mineral resource estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacán, and to provide general working capital to support general operations.

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., delivered maiden mineral resource estimate (MRE) at its 100% owned Columba project in Chihuahua.  A total of 17 epithermal veins that comprise the Columba vein system were included in the MRE. The company reported inferred resources of 5.92M tonnes of 284 g/t Ag, 0.2% Pb, and 0.5% Zn for a total of 54.1M Oz Ag, 25.2M Lb Pb, and 65.6M Lb Zn. Kootenay stated that all the mineralized veins which are 5-6m width have an excellent continuity and remain open to expansion along strike, to depth or both.
  • Tocvan Ventures Corp., reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. The pilot leaching pad will utilize a hydrometallurgical process with sodium cyanide to extract gold and silver, supported by robust environmental monitoring systems. The project has expanded to over 21 km², enhancing operational flexibility. Tocvan is finalizing budgets and timelines for the facility, targeting development in 2025, while permitting and additional drilling are ongoing. The company is positioned to leverage record-high gold prices and is in the process of securing project financing for the pilot facility.
  • Vizsla Silver Corp., provided an update on the Copala test mine at its Panuco project in Sinaloa. As of June 2025, mining progress includes advancing about 125 meters down a decline at a steady rate, with favorable ground conditions. “This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up”. Additionally, Vizsla aims to enhance resource evaluation and optimize mining design through ongoing development. A focus on local hiring has expanded the workforce, and infrastructure improvements have been initiated for better operational and safety management. Overall, the company is on track to complete its test mine phase by year-end.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd., announces the appointment of its new CFO, been effective immediately (Zimapan mine, Hidalgo).
  • Discovery Silver Corp., made management changes announcing the appointment of a Senior Vice Presidents, Legal, and Sustainability, and a Senior Vice President, Corporate Development. The company also announced the promotions of its Executive Vice President, Business Development & Growth, a Senior Vice President, Investor Relations, and a Vice President, Mineral Processing  (Cordero project, Chihuahua).
  • Defiance Silver Corp., finalized a six-year agreement that granted the company the rights to conduct surface exploration, drilling, and engineering studies at its Tepal project in Michoacan. The agreement also enables the company to collect essential data required for the submission of permit applications to advance the development of the project. Defiance will make annual cash payments indexed to the annual inflation in Mexico, and issue common shares with a total annual value of USD $40K/year to the surface rights holder. For the upcoming year, the company will issue 201,452 common shares at a deemed price of CAD $0.27per share to the counterparty. Over the six-year terms, the total number of shares issued will not exceed 1.4M.
  • Aura Minerals Inc., presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
  • Guanajuato Silver Company Ltd., confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Osisko Development Corp., appointed an independent Director to its Board of Directors effective immediately (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited announced the retirement of two Non-Executive Directors with effect from 30 June 2025 (Copalquin project, Durango).
  • Minaurum Gold Inc., appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists will be joining who previously worked alongside him, including in the capacities as Chief Geologist, Senior Geologist-Prospecting, and Resource Modeling Geologist.
  • Equinox Gold Corp., and Calibre Mining Corp., completed its previously announced business combination pursuant to which Equinox has acquired all of the issued and outstanding common shares of Calibre (Los Filos mine, Guerrero).
  • Colibri Resource Corporation reported voting results of its annual general meeting of shareholders (Pilar project, Sonora).
  • Elemental Altus Royalties Corp., announced changes to its Board of Directors effective immediately, reflecting the acquisition of a 37.8% stake in the company by Tether Investments S.A. de C.V. , and the right to acquire a total of 51.8% of the company’s issued and outstanding common shares (Mercedes mine, Sonora).
  • MAG Silver Corp., presented voting results of its annual general and special meeting of shareholders (Juanicipio mine, Zacatecas).
  • Torex Gold Resources Inc., announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).
  • Gold Resource Corporation appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico).
  • Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree de Zacatecas S.A. de C.V. (MPZ), in a commercial lawsuit against Capstone Copper Corp. The Third Commercial Court of Zacatecas ruled in favor of MPZ, declaring a 2019 rights assignment contract invalid and reaffirming MPZ’s entitlement to a 2% net smelter royalty from mining concessions at the Cozamin mine in Zacatecas. The court ordered Capstone and its subsidiary to pay royalties for various concessions, with amounts to be determined later, while a claim for damages was dismissed due to insufficient evidence.
  • Aloro Mining Corp., announced voting results of its annual general and special meeting in which the approval of the sale of its Los Venados property in Sonora, was approved by the shareholders of the company.
  • MAG Silver Corp., reported that Institutional Shareholders Services Inc., recommended that MAG shareholders vote for the special resolution approving the previously announced plan of arrangement with Pan American Silver Corp (Juanicipio mine, Zacatecas).
  • Prime Mining Corp., announced voting results of its annual general and special meeting of shareholders. “The company is targeting the delivery of a Preliminary Economic Assessment reflecting a high return, high margin, low capital and long-life project at Los Reyes project in Sinaloa, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3, 2025”.
  • Silver Viper Minerals Corp., completed the acquisition of the Cimarron project in Sinaloa from CSCA Holdings Inc., by issuing 9,000,000 of common shares at a price of CAD $0.20 per share.
  • Infinitum Copper Corp., signed a definitive agreement to sell its interest on Adelita project, Sonora. The company sold its Mexican subsidiary, Exploraciones Margarita S.A. de C.V., which holds an 80% interest in the Cerro Grande property in Sonora to Kenadyr Metals Corp. The transaction involves Kenadyr acquiring 100% of the subsidiary for CAD $100K in cash and 1,842,719 common shares. Additionally, if Kenadyr raises up to CAD $3.5M in equity financing within 12 months post-closing, Infinitum will receive additional shares to maintain a 9.0% ownership in Kenadyr. The deal is subject to TSX Venture Exchange and shareholder approvals.

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd., reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024, reflecting its strong community engagement and environmental efforts. The company met high standards in environment, social responsibility, and governance (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • MAG Silver Corp., published its fourth annual sustainability report. MAG Silver’s 2024 sustainability efforts are focused on safety, environmental protection, and social responsibility. The company reported a decline in safety incidents, invested over 102,000 hours in safety training, and achieved zero significant environmental incidents. They developed human rights due diligence tool and have a positive social license at the Larder Project. Additionally, their board now includes 38% women directors, surpassing their diversity targets. Overall, MAG emphasizes safety, environmental stewardship, social engagement, and diversity to support its long-term sustainability goals(Juanicipio mine, Zacatecas).

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

On the picture above, the imposing panoramic view of the Sierra Madre Occidental in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

¿Qué pasa con el litio de Sonora? Un proyecto estancado

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A casi dos años de la creación de Litio para México (LitioMx) son nulos los avances que se tienen para la explotación de ese material, el cual se concentra en cantidades importantes en Sonora, sólo los procesos legales y la falta de claridad por parte de las autoridades prevalecen hasta la fecha.

En junio del 2024 se reveló que la empresa asiática, Ganfeng Lithium inició un litigio legal ante el Centro Internacional de Arreglo de Diferencias Relativas a Inversiones (CIADI) del Banco Mundial, por no haberse respetado los Tratados Bilaterales de Inversión (BIT, por sus siglas en inglés) que hay entreMéxico y China.

El alegato del consorcio asiático es que se les impide manejar dicho elemento tras la cancelación de sus concesiones, bajo el argumento de que el Estado Mexicano es el único facultado para ello, de ahí que aún y cuando cuentan con los permisos desde el 2010 para realizar exploraciones, y a partir del descubrimiento de al menos 8 millones de toneladas del mineral, no han podido extraer un solo gramo.

Autoridades de distintos niveles de gobierno estiman que esa cantidad se encuentra en la localidad de Bacadehuachi, Sonora, y representa la posibilidad de explotarla para beneficio de los mexicanos, lo cual no ha sucedido.

De validarse el arbitraje que interpuso Ganfeng Lithium, el Gobierno de México debe cumplir con …….

Para continuar leyendo ingrese al siguiente link:

https://www.elsoldehermosillo.com.mx/local/proyecto-de-litio-en-sonora-retrasos-y-desafios-en-la-extraccion-12632650.html

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of June 2024

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By Jorge Cirett                                             

During the 26th week of the year (June24th to June 30th, 2024), companies working in Mexico posted at least 30 press releases. Three companies informed on exploration advances on their properties, while one other informed a second rig has been added to its drilling program. A company announced a new non-brokered private placement, one other cancelled the previously announced non-brokered private placement, one more granted stock options, an additional one began trading on the Lima stock Exchange and one other settled on shares for debt. Five companies released drilling results from their advanced properties, and one more on an underground bulk sampling program. One company announced the termination of the share purchase agreement to acquire another company. One other company is to resume trading, five more held their AGMs, three companies (yes, three) informed on arbitration processes against Mexico, one company announced an appointment, and one more announced the authorization by shareholders to proceed on the acquisition of the company by another enterprise. ON MEXICO ISSUES, three companies informed on arbitration processes against Mexico: Almadex Minerals, Almaden Minerals and Ganfeng Lithium. They are engrossing the ranks of mining/exploration companies seeking compensation for their failing investments in Mexico due to government action/inaction. Other companies in this position include Odyssey Marine Exploration, Vulcan Materials and Silver Bull Resources. ON EXPLORATION, In Sonora, Minaurum Gold is to complete a technical report on its Alamos project. In Chihuahua, Radius Gold announced the commencement of drilling at Plata Verde, Chihuahua, by its partner Fresnillo plc; Quetzal Copper mobilized field and drill crews to Cristina, in Chihuahua. Prismo Metals is to mobilize its drilling crew to Palos Verdes, in Sinaloa. ON MINING, Kootenay Silver added a second rig to the drill program at Columba, in Chihuahua. ON FINANCING, Quetzal Copper cancelled a $2 M financing. Vizsla Royalties announced a financing round of up to C$3.7 M. Bear Creek Mining granted stock options. Sierra Metals began trading on the Lima stock exchange. Silver Wolf completed a shares for debt transaction for 3.36 M shares. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining (La Parrilla, Durango), Prime Mining (Los Reyes, Sinaloa), Orla Mining (Camino Rojo Sulphide Extension, Zacatecas), Vizsla Silver (Panuco, Sinaloa) and Torex Gold (El Limón, Guerrero) presented drilling results from their advanced/brownfield projects. GRSilver Mining presented bulk sampling test mining results from its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, GRSilver Mining announced the termination of the agreement to acquire Marlin Gold Mining, later on the week GRSilver and another Canadian company signed an agreement on the acquisition of all the shares of Marlin Gold held by GRSilver. Quetzal Copper has resumed trading on the TSX. Ganfeng Lithium, Almaden Minerals and Almadex Minerals presented arbitration claims against Mexico. Americas Gold and Silver, Almaden Minerals, Torex Gold, Sierra Metals and Aztec Minerals held their respective AGM’s. Vortex Metals announced the appointment of Paul Fürst to its board of directors. Argonaut Gold’s shareholders approved the acquisition of the company by Alamos Gold. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Three companies presented arbitration claims against Mexico during the week, with Ganfeng Lithium, Almaden Minerals, Almadex Minerals adding to the list of companies seeking compensation for their failing businesses in Mexico due to government action/inaction. This is the result of policies directed by the incumbent of the current federal government, with or without legal support. The mining industry is waiting to see the true colors of the elected president Claudia Sheinbaum once she assumes the presidency.

ON EXPLORATION

  • Minaurum Gold Inc. engaged Independent Mining Consultants Inc. to complete an initial mineral resource estimate at its Alamos silver project in Sonora. “The NI 43-101 compliant Mineral Resource Estimate will initially focus on the Europa and Promontorio silver veins. An IMC qualified person (QP) will be on site and commence work in July 2024.”
  • Radius Gold Inc. announced the commencement of drilling at its Plata Verde project in Chihuahua, in partnership with Fresnillo plc. The planned program comprises 2,000 m of drilling targeting bulk minable, underground silver resources at the historic Plata Verde mines. “Silver mineralization occurs as massive to crustiform banded barite calcite and quartz with silver chlorides, sulphosalt minerals and native silver infilling and cementing fractures and breccia within a basaltic/andesite extrusive volcanic. The basaltic/andesite host occurs at the base of the Upper Rhyolitic Volcanics of the Northern Sierra Madre”.
  • Quetzal Copper Corp. mobilized field and drill crews to site at the Cristinas project in Chihuahua. The 1,500 to 3,000 m program focus is to step down-dip from high-grade copper intercepts on the 2014 drill program. Also, two conductors identified in the 2022 electro-magnetic geophysical survey (EM) will be targeted. The company plans to do a follow up downhole EM survey after drilling, to obtain more detailed data on the extent and geometry of the Coatl vein and a hanging wall conductor.

ON MINING

  • Kootenay Silver Inc. announced a second rig has been added to the drill program underway at its Columba project in Chihuahua. Current drilling is focused on extending the limits of the “D-Vein” and the second rig is to test the southeast extensions of the “B-Vein” and the “B2-Vein”, prioritizing where these trends intersect. “Prospective veins on the project are hosted within a volcanic caldera setting, the surface extent of mapped veins measuring roughly 4 kilometres by 3 kilometres. Management believes that Columba may be a newly recognized vein district that is nearly entirely preserved from erosion.”

ON FINANCING

  • Quetzal Copper Corp. cancelled the previously announced $2 M non-brokered private placement (Cuatro Hermanos, Sonora).
  • Bear Creek Mining Corp. granted to certain directors, officers and employees of Bear Creek a cumulative total of 1.36 M stock options and a cumulative of 1.62 M restricted share units (Mercedes, Sonora).
  • Vizsla Royalties Corp. announced a non-brokered private placement for gross proceeds of up to C$3.7 M (NSR on Panuco, Sinaloa).
  • Sierra Metals Inc. informed its shares began trading on June 28, 2024, on the Bolsa de Valores de Lima (Bolivar, Chihuahua).
  • Silver Wolf Exploration Ltd. announced the completion of the shares for debt transaction with two of its principal creditors, Oniva International Services Corp., a private company controlled by the company’s CEO, which provides administrative services, and Avino Silver & Gold Mines Ltd. Silver Wolf has issued 1.07 M common shares to Oniva and 2.29 M common shares to Avino. As result, Oniva and CEO David Wolfin now hold approximately 24.70% of the total issued and outstanding shares of Silver Wolf (Ana María, Durango).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd. announced further diamond drill results from the San Marcos area at the La Parrilla mine complex in Durango. Highlighted core length results comprise 3.50 m @ 147 gpt Ag, 0.07 gpt Au, 0.4% Pb, 0.3% Zn; 1.00 m @ 369 gpt Ag, 0.02 gpt Au, 0.1% Pb, 0.4% Zn; 19.03 m @ 183 gpt Ag, 0.60 gpt Au, 0.4% Pb, 0.2% Zn (including 2.63 m @ 142 gpt Ag, 2.45 gpt Au, 0.5% Pb, 0.5% Zn and 5.14 m @ 449 gpt Ag, 0.37 gpt Au, 0.7% Pb, 0.2% Zn); 2.13 m @ 370 gpt Ag, 0.24 gpt Au, 1.1% Pb, 0.2% Zn; 11.75 m @ 210 gpt Ag, 0.65 gpt Au, 1.7% Pb, 0.4% Zn (including 2.00 m @ 374 gpt Ag, 0.83 gpt Au, 4.3% Pb, 0.5% Zn); 0.49 m @ 489 gpt Ag, 0.16 gpt Au, 1.4% Pb, 3.8% Zn; 1.00 m @ 204 gpt Ag; 3.25 m @ 125 gpt Ag, 0.38 gpt Au, 0.9% Pb, 0.4% Zn; 1.00 m @ 392 gpt Ag, 0.14 gpt Au, 1.1% Pb, 0.2% Zn. “The San Marcos Zone is comprised of quartz-carbonate vein mineralization ….. hosted within a fault zone marking the eastern contact of the granodiorite stock. It has a known strike length of 650 m with mineralization extending vertically for 450, and a thickness of up to 17 m”. Current results extend mineralization 100 m below the deepest workings on the San Marcos area.
  • Prime Mining Corp. reported expansion drilling results from 15 holes on the Z-T area of its Los Reyes project in Sinaloa. Highlighted true width results comprise 2.9 m @ 6.64 gpt Au, 22 gpt Ag (including 1.0 m @ 18.90 gpt Au, 20 gpt Ag); 1.0 m @ 1.33 gpt Au, 5 gpt Ag; 14.2 m @ 1.00 gpt Au, 40 gpt Ag (including 2.4 m @ 2.60 gpt Au, 134 gpt Ag); 4.0 m @ 1.11 gpt Au, 16 gpt Ag; 7.9 m @ 0.46 gpt Au, 27 gpt Ag; 10.7 m @ 1.21 gpt Au, 20 gpt Ag (including 0.8 m @ 6.80 gpt Au, 37 gpt Ag). These results confirm mineralization continues 425 m downdip from the current programmed pit bottom and 275 m along strike.
  • Orla Mining Ltd. updated on exploration activities from the first half of 2024 at the Camino Rojo Sulphide Extension project in Zacatecas. Included are the results of 13,500 m of drilling in 19 holes, as part of the 30,000 m drill program for 2024. Metallurgical testing on core from the drill program showed 86% Au recovery on bottle roll test, 84% Au on rougher flotation, while open-circuit Zn cleaner tests returned 94% Zn recoveries. Highlighted core length intervals comprise 15.0 m @ 2.40 gpt Au, 9 gpt Ag, 0.4% Zn; 9.75 m @ 3.49 gpt Au, 8 gpt Ag, 1.1% Zn (including 1.50 m @ 16.6 gpt Au, 31 gpt Ag, 5.6% Zn); 13.5 m @ 2.38 gpt Au, 12 gpt Ag, 0.8% Zn (including 1.00 m @ 13.1 gpt Au, 11 gpt Ag, 0.2% Zn, 0.11% Cu); 23.4 m @ 1.86 gpt Au, 15 gpt Ag, 0.28% Cu; 7.25 m @ 3.67 gpt Au, 4 gpt Ag, 6.9% Zn; 0.85 m @ 45.4 gpt Au, 55 gpt Ag, 0.9% Zn, 0.9% Pb; 17.2 m @ 3.25 gpt Au, 9 gpt Ag, 0.1% Zn, 0.16% Cu; 15.0 m @ 4.57 gpt Au, 19 gpt Ag, 2.6% Zn (including 0.75 m @ 51.1 gpt Au, 44 gpt Ag, 8.1% Zn, 0.16% Cu); 12.4 m @ 3.15 gpt Au, 5 gpt Ag, 0.2% Zn (including 0.60 m @ 50.0 gpt Au, 3 gpt Ag); 6.60 m @ 6.72 gpt Au, 8 gpt Ag, 0.8% Zn (including 0.45 m @ 78.6 gpt Au, 51 gpt Ag, 8.2% Zn, 0.10% Cu. “The drill results indicate potential expansion of the Camino Rojo Sulphide resource at depth, extending beyond the current mineral resource down plunge by 500 metres and down dip by 300 metres. This high-grade polymetallic (Au-Ag-Zn) semi-massive to massive replacement style mineralization remains open at depth.”
  • Vizsla Silver Corp. reported infill drilling results from five core holes on the Copala resource area at its Panuco project in Sinaloa. Mineralization has been traced for 1,770 m along strike and 400 m down dip on the Copala structure, which holds 83.3 M Oz AgEq in indicated resources at 573 gpt AgEq and inferred resources of 48.3 M Oz AgEq at 476 gpt AgEq. “The infill holes reported herein are part of an ongoing ~10,000 program (~35 holes), planned to convert near surface Indicated Mineral Resources in the central portion of main Copala into the Measured Resource category.” Highlighted true width intercepts comprise 4.20 m @ 103.20 gpt Au, 1,694 gpt Ag (including 0.64 m @ 663.00 gpt Au, 9,920 gpt Ag); 3.10 m @ 3.33 gpt Au, 682 gpt Ag; 10.90 m @ 2.80 gpt Au, 762 gpt Ag (including 1.47 m @ 13.58 gpt Au, 3,805 gpt Ag); 10.50 m @ 5.27 gpt Au, 804 gpt Ag (including 1,47 m @ 24.87 gpt Au, 3,437 gpt Ag).
  • GRSilver Mining Ltd. announced that it has advanced underground development and bulk sampling test mining at the San Juan area of its Plomosas project in Sinaloa. To date 280 m of underground development have been completed, 15,170 tonnes of test material processed, resulting on 235 tonnes of Ag-Au-Pb concentrate produced with 60-75% Au, 84-92% Ag recoveries. Channel sample results from the San Juan bulk sampling area returned 1.3 m @ 0.29 gpt Au, 160 gpt Ag, 0.4% Pb, 0.4% Zn; 0.7 m @ 0.50 gpt Au, 499 gpt Ag, 1.1% Pb, 1.4% Zn; 0.5 m @ 0.29 gpt Au, 338 gpt Ag, 0.7% Pb, 0.7% Zn; 1.0 m @ 0.33 gpt Au, 1,095 gpt Ag, 1.12% Pb, 3.2% Zn; 2.0 m @ 0.33 gpt Au, 133 gpt Ag, 0.1% Pb, 0.2% Zn; 1.0 m @ 0.10 gpt Au, 372 gpt Ag, 0.5% Pb, 2.3% Zn; 1.0 m @ 1.69 gpt Au, 927 gpt Ag, 6.3% Pb, 5.6% Zn; 1.0 m @ 0.74 gpt Au, 768 gpt Ag, 2.3% Pb, 2.2% Zn; 1.2 m @ 0.98 gpt Au, 465 gpt Ag, 8.1% Pb, 10.4% Zn; 1.5 m @ 0.96 gpt Au, 160 gpt Ag, 1.2% Pb, 5.5% Zn; 2.5 m @ 14.13 gpt Au, 1,624 gpt Ag, 0.2% Zn.
  • Torex Gold Resources Inc. released assay results from the ongoing drill program at El Limón Guajes Underground project at its Morelos Complex in Guerrero. The results are part of the expansion drilling at the El Limón Sur, El Limón Deep and Subsill trends “demonstrating the potential to grow mineral resources, extend high-grade mineralization, and support extending the reserve life of ELG Underground beyond 2028.” Highlighted core length results comprise 7.68 m @ 9.61 gpt Au, 12 gpt Ag, 0.31% Cu; 3.12 m @ 5.89 gpt Au, 51 gpt Ag, 2.58% Cu; 15.71 m @ 2.30 gpt Au, 61 gpt Ag, 2.16% Cu; 12.15 m @ 2.81 gpt Au, 56 gpt Ag, 2.28% Cu; 17.95 m @ 7.42 gpt Au, 2 gpt Ag at El Limón Sur Trend, 5.43 m @ 12.02 gpt Au, 24 gpt Ag, 1.22% Cu; 15.25 m @ 6.74 gpt Au, 34 gpt Ag, 2.48% Cu; 4.19 m @ 3.01 gpt Au, 4 gpt Ag, 0.27% Cu; 3.80 m @ 4.76 gpt Au, 6 gpt Ag, 0.36% Cu; 2.89 m @ 4.48 gpt Au, 5 gpt Ag; 5.28 m @ 5.67 gpt Au, 9 gpt Ag 0.19% Cu at El Limón Deep Trend and 5.00 m @ 11.75 gpt Au, 3 gpt Ag; 8.52 m @ 19.79 gpt Au, 2 gpt Ag; 3.09 m @ 4.04 gpt Au, 6 gpt Ag, 0.22% Cu at the Subsill Trend.

ON DEALS AND CORPORATE ISSUES

  • GRSilver Mining Ltd. announced on June 24, 2024 the termination of the share purchase agreement to acquire Marlin Gold Mining Ltd., as the closing was not completed by the closing deadline. GR Silver is to focus on resource growth and potential development of the Plomosas project in Sinaloa, “including the San Marcial, Plomosas Mine, and San Juan Areas. The Company retains its interest in a total of 734 km2 of concessions in the prolific Rosario District in Sinaloa, Mexico, including the former La Trinidad oxide gold mine”. Later on the week, the company and a private, arm´s length Canadian company active in Mexico (“PrivateCo”) informed the signing of a definitive and binding share purchase agreement under which PrivateCo will acquire 100% of the issued and outstanding shares of Marlin Gold Mining Ltd. from GRSilver Mining. Accordingly, GRSilver Mining will transfer to PrivateCo all existing assets, rights, covenants, indemnities and obligations to PrivateCo, in consideration for which GRSilver Mining will receive 0.5% NSR royalty and a 10-year first right of refusal on any disposition of other concessions by PrivateCo.
  • Quetzal Copper Corp. will resume trading at the TSX on June 26, 2024 (Cuatro Hermanos, Sonora).
  • Ganfeng Lithium Group. presented an arbitration claim against the Mexican government on the cancellation of nine key mining concessions at its Sonora Lithium project in Sonora.
  • Americas Gold and Silver Corp. held its annual general meeting (AGM) on June 25, 2024 (Cosalá, Sinaloa).
  • Almaden Minerals Ltd. held its annual general meeting (AGM) on June 26, 2024 (Ixtaca, Puebla).
  • Torex Gold Resources Inc. held its annual general meeting (AGM) on June 26, 2024 (Morelos Complex, Guerrero).
  • Almadex Minerals Ltd. provided an update on the international arbitration proceedings against Mexico under the comprehensive and progressive Agreement for Trans-Pacific partnership (CPTPP). Almadex Minerals and Almaden Minerals (and subsidiaries) have entered into a litigation management agreement to streamline the management of the arbitration proceedings. “Almaden will bear the up-front costs of the arbitration and provide overall direction to the arbitration process for itself and its subsidiaries, as well as Almadex and its subsidiaries, with certain limitations. Almadex will remain a party to the arbitration and continue in its cooperation and support of the process …. Almadex also reports that it has agreed with Almaden to extend the maturity of the gold loan (see press release of May 14, 2019) from March 31, 2026 to the earlier of March 31, 2030 or the receipt by Almaden or its subsidiary of any amount relating to its legal claims against Mexico” (NSR on Ixtaca, Puebla).
  • Almaden Minerals Ltd. confirmed non-recourse litigation funding in the amount of up to US$9.5 M to pursue its international arbitration proceedings against Mexico under the comprehensive and progressive Agreement for Trans-Pacific partnership (CPTPP). Almaden signed a litigation funding agreement with a leading legal finance provider. “The facility is available for immediate draw down for Almaden to pursue damages against Mexico under the CPTPP resulting from Mexico’s actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s investments in Mexico.” Almaden entered into litigation management agreement with Almadex Minerals Ltd. to streamline the management of the arbitration proceedings.
  • Vortex Metals Inc. announced the appointment of “Banco de Chile Director and distinguished businessman Mr. Paul Fürst to its Board of Directors. Mr. Fürst is also a principal in Windows Minerals, Vortex Metals Optionor on the Chilean Illapel Copper Project.” (Riqueza Marina, Oaxaca).
  • Sierra Metals Inc. held its annual general meeting (AGM) on June 25, 2024. Miguel Aramburu was appointed as chair of the board of directors of the company. On a further press release was announced the appointment of Jean Pierre Fort to the position of Chief Financial Officer and the retirement from the company of the previous CFO Jose Fernandez-Baca (Bolivar, Chihuahua).
  • Aztec Minerals Corp. announced that all matters submitted to shareholders were approved the majority of votes cast at the annual general and special meeting of shareholders held on June 26, 2024 (Cervantes, Sonora).
  • Argonaut Gold Inc. announced that shareholders approved a special resolution authorizing a plan of arrangement pursuant to which Alamos Gold Inc. will acquire all of the issued and outstanding common shares of Argonaut at the annual general meeting held on June 28, 2024 (La Colorada, Sonora).  

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz veinlet with chloritization halo in mafic intrusive rock HQ core from a project in the Sonoran Desert. Picture by Jorge Cirett

Gigante chino demanda a Gobierno de AMLO por cancelar 9 concesiones para extraer litio

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La empresa china Ganfeng Lithium Group presentó una reclamación de arbitraje en contra del Gobierno de México por la decisión de la Dirección General de Minas de cancelar nueve concesiones relacionadas con la extracción de litio.

El recurso fue presentado ante el Centro Internacional de Arreglo de…..

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

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By Jorge Cirett                                             

During the 15th week of the year (April 8th to April 14th, 2024), companies working in Mexico posted at least 29 press releases. Two companies released exploration results in their properties, while eight companies released production results for Q1 2024. Seven companies announced financing rounds for a total of C$18.4 M, one granted stock options, one more made a significant draw on its debt facility and one more is listing in the FSE. Three companies released drilling results from their advanced properties, one on new technical reports needed for its properties, and one more on the incoming drilling program. One company announced the appointment of a director. ON MEXICO ISSUES, the Northern Miner wrote that Mexico’s Supreme Court is likely to strike down the mining reforms by the current government. A federal court rejected the legal defense on the cancellation of the Sonora Lithium project concessions. ON EXPLORATION, Minaurum Gold reported metallurgical test results on Alamos; Silver Spruce obtained the drilling permit for the second round of drilling at Diamante. ON MINING, Fortuna Silver, Aura Minerals, Guanajuato Silver Company, Endeavour Silver, Orla Mining, GoGold Resources, Torex gold and Gatos Silver presented production results for Q1 2024. ON FINANCING, Kootenay Silver launched a “best efforts” public offering to raise up to C$5 M. Oroco Resource granted stock options. Silver Spruce announced a private placement to raise C$500 K. Silver Storm raised C$6.1 M. Endeavour Silver drew US$60 M from its US$120 M senior secured debt facility. Vortex Metals is to complete a non-brokered private placement to raise C$1.45 M. Prismo Metals listed its shares in the FSE. Tocvan Ventures is to raise C$2.25 M. Regency Silver upsized its non-brokered private placement to C$993.7 K. Silver Viper raised C$2.1 M on the closing of the first tranche of its financing round. ON RESOURCES AND DEVELOPMENT, Pan American Silver presented drilling results from La Colorada Skarn infill drilling in Zacatecas. Prime Mining released drilling results from Los Reyes, in Sinaloa. Defiance Silver is to prepare new technical reports for Tepal and San Acacio projects, in Jalisco and Zacatecas respectively. Goldgroup presented the first update on its operations and drilling results at Cerro Prieto, in Sonora. Centenario Gold is preparing to drill Eden, in Sinaloa. ON DEALS AND CORPORATE ISSUES, Vizsla Silver announced an appointment to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Henry Lazenby on the Northern Miner wrote that Mexico’s Supreme Court could strike down the president’s mining reforms next week. Here is the link to read on the nightmarish situation in Mexico under the current government for the mining industry: https://www.northernminer.com/news/mexicos-supreme-court-could-strike-down-presidents-mining-reforms-next-week/1003866150/
  • The federal court rejected an amparo filed by Bacanora Lithium owned by the Chinese company Ganfeng Lithium to reverse the cancellation of its mining concessions in Sonora by the Ministry of Economy’s (SE) General Mining Directorate in September 2023.

ON EXPLORATION

  • Minaurum Gold Inc. reported preliminary metallurgical testing results from composite core samples taken at the Promontorio and Europa targets at its Alamos silver project in Sonora. “Six separate composites were prepared including 3 from core samples at the Europa vein zone and 3 from core samples at the Promontorio vein zone. For each vein zone, the 3 composites were comprised of 1/4 cores corresponding from sample intervals with silver assays in ranges 150-250 g/t silver (low grade), 250-450 g/t silver (medium grade), and >450 g/t silver (high grade)”. Reported Au recoveries ranged from 46% to 96.5%, averaging 77.4%; Ag recoveries ranged between 68.2% to 94.3%, averaging 85.4%; Pb recoveries ranged from 21.3% to 82.2%, averaging 63.7%; Cu recoveries ranged between 43.5% and 81.87%, averaging 61.2%. Samples were processed at the Tecnológico de Metalurgia in Hermosillo and the Servicio Geológico Mexicano (SGM) lab in Chihuahua.
  • Silver Spruce Resources Inc. along with partner Colibri Resource Corp. announced the approval of its Informe Preventivo by SEMARNAT (Environmental authority) for the second drill program at the Diamante project in Sonora. “Colibri will manage the planned 1,000 metre diamond drilling program from a select group of the permitted drill targets”.

ON MINING

  • Fortuna Silver Mines Inc. reported production for the first quarter of 2024, including figures from its Mexican operations. At San Jose, in Oaxaca, 181.1 K tonnes were milled at an average rate of 2,182 tpd, grading 147 gpt Ag, 0.90 gpt Au, recovering 88.73% Ag, 86.76% Au, to produce 4,533 Oz Au, 759.1 K Oz Ag during the period. “The San Jose Mine has less operational flexibility in 2024 compared to 2023 due to the reduced and more dispersed Mineral Reserves associated with the Trinidad deposit. Production areas contain lower head grades and a higher presence of ferrous oxides in the upper levels, which impacted recoveries by approximately 2 percent in the quarter. The operation is experiencing cost pressures, mainly driven by a continued appreciation of the Mexican peso. The Company conducts regular assessments and trade-offs between maintaining operations and a care and maintenance option”.
  • Aura Minerals Inc. announced preliminary production results from its mines, including figures from Aranzazu, in Zacatecas. During the period Aranzazu produced 25,001 Oz AuEq. “Production was 5% lower compared to Q4 2023 and 5% above Q1 2023 at constant metal prices, due to mine sequencing…”
  • Guanajuato Silver Company Ltd. announced selected financial information and consolidated production results for 2023. During the year the company mined 600.3 K tonnes, milling 593.8 K tonnes to produce 1.76 M Oz Ag, 16,967 Oz Au, 3.55 M Lb Pb, 3.87 M Lb Zn, at cash cost $18.22 per Oz AgEq and an AISC of $22.91. Guanajuato Silver produced 74% more Ag, 52% more Au, 164% more Pb and 100% more Zn than in 2022. At the end of the period the company had cash and cash equivalents of $1.96 M and negative working capital of $18.44 M (El Cubo, Valenciana Complex, San Ignacio in Guanajuato; Topia in Durango).
  • Endeavour Silver Corp. reported Q1 2024 production of 1.46 M Oz Ag, 10,133 Oz Au, or 2.3 M Oz AgEq. At Guanaceví, in Durango, 115 K tonnes were processed at a rate of 1,263 tpd, grading 402 gpt Ag, 1.25 gpt Au, recovering 89.9% Ag, 89.2% Au, to produce 1.33 M Oz Ag, 4,124 Oz Au. At Bolañitos, in Guanajuato, 106.8 K tonnes were processed at a rate of 1,174 tpd, grading 42 gpt Ag, 1.94 gpt Au, recovering 86.2% Ag, 90.2% Au, to produce 124.3 K Oz Ag, 6,010 Oz Au.
  • Orla Mining Ltd. provided an interim operational update for Q1 2024. During the period 1.94 M tonnes of ore were mined and 872.6 K tonnes of waste moved at its Camino Rojo Oxide mine in Zacatecas, with a strip ratio of 0.45, stacking 1.8 M tonnes at an average rate of 19,597 tpd, grading 0.82 gpt Au, to produce 33,223 Oz Au. At the end of the period Orla had a $118.1 M cash position, with a total debt of $88.4 M, resulting in a net cash position of $29.7 M.
  • GoGold Resources Inc. reported production for Q1 2024 of 138.7 K Oz Ag, 2,184 Oz Au, 93 tonnes Cu, 92 tonnes Zn, or 375.7 K Oz AgEq at its Parral tailings operations. “With the SART Zinc circuit commissioning completed, this marks the first quarter where Parral produced a saleable zinc product.”
  • Torex Gold Resources Inc. reported Q1 2024 gold production of 115,494 Oz at its El Limón Guajes surface and underground operations in Guerrero. Average gold recovery at the processing plant was 90.7%, the highest to date. Throughput averaged 13,118 tpd.
  • Gatos Silver Inc. announced production results for Q1 2024 at its Cerro Los Gatos mine in Chihuahua. During the period 292.1 K tonnes were processed at a rate of 3,210 tpd, grading 284 gpt Ag, 3.99% Zn, 1.77% Pb, 0.28 gpt Au, recovering 88.8% Ag, 61.4% Zn, 89.2% Pb, 52% Au, to produce 2.37 M Oz Ag, 15.8 M Lb Zn, 10.1 M Lb Pb, 1,390 Oz Au (or 3.7 M Oz AgEq) in lead and zinc concentrates.

ON FINANCING

  • Kootenay Silver Inc. entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner in connection with a “best efforts” public offering for gross proceeds of up to C$5 M (Columba, Chihuahua).
  • Oroco Resource Corp. granted 6.23 M stock options to 33 directors, officers, employees and consultants at an exercise price of $0.75 per share (Santo Tomás, Sinaloa).
  • Silver Spruce Resources Inc. announced a private placement to gather gross proceeds of up to C$500 K (Pino de Plata, Chihuahua).
  • Silver Storm Mining Ltd. closed the second and final tranche of its oversubscribed non-brokered private placement offering for gross proceeds of C$4.63 M, including C$3 M investment from current significant shareholder Eric Sprott.  In aggregate the total gross proceeds in the two tranches added to C$6.1 M (La Parrila, Durango).
  • Endeavour Silver Corp. announced the first drawdown of $60 M of the $120 M senior secured debt facility for the development of the Terronera mine in Jalisco. The key terms of the contracts include forward sales amounting to 68,000 Oz Au that have been executed at $2,325 per Oz, representing 55% of planned gold production on the first three years of operations, no silver hedge requirements and forward purchases of US$45 M equivalent Mexican peso over the remaining construction period at $16.56 per US dollar.
  • Vortex Metals Inc. intends to complete a non-brokered private placement for total gross proceeds of C$1.45 M (Riqueza Marina, Oaxaca).
  • Prismo Metals Inc. announced the listing of its shares on the Frankfurt Stock Exchange (FSE). Prismo Metals shares are also cross listed on the Canadian Securities Exchange and on the OTCQB in the United States (Los Pavitos, Sonora).
  • Tocvan Ventures Corp. arranged a non-brokered private placement with a lead order from an institutional investor for C$1.5 M. The company will complete a concurrent private placement for up to C$750 K to other eligible investors for aggregate gross proceeds of C$2.25 M (Pilar, Sonora).
  • Regency Silver Corp. announced that it has closed a further C$215.2 K of a previously announced non-brokered private placement of $C800 K, upsizing it to a total of C$993.7 K (Dios Padre, Sonora).
  • Silver Viper Minerals Corp. announced the closing of the first tranche of its non-brokered private placement financing pursuant to the Listed Issuer Financing Exemption (LIFE) previously announced. Under the first tranche the company raised C$2.11 M in gross proceeds (La Virginia, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Pan American Silver Corp. released results from the ongoing infill and geotechnical drill program at its La Colorada Skarn project, in Zacatecas. The results from eight drill holes (8,101 m) returned some of the highest-grade intercepts in the project. Highlighted core length intervals comprise 26.85 m @ 127 gpt Ag, 7.2% Pb, 11.1% Zn; 77.85 m @ 568 gpt Ag, 12.4% Pb, 9.6% Zn; 22.50 m @ 1,435 gpt Ag, 31.9% Pb, 20.5% Zn; 372.10 m @ 77 gpt Ag, 3.9% Pb, 5.8% Zn (including 83.85 m @ 172 gpt Ag, 8.5% Pb, 10.5% Zn); 60.00 m @ 80 gpt Ag, 4.0% Pb, 7.0% Zn (including 29.00 m @ 136 gpt Ag, 7.5% Pb, 12.8% Zn); 91.20 m @ 31 gpt Ag, 2.6% Pb, 5.0% Zn; 87.25 m @ 32 gpt Ag, 1.4% Pb, 3.9% Zn; 134.55 m @ 29 gpt Ag, 0.1% Pb, 6.6% Zn; 23.15 m @ 57 gpt Ag, 3.3% Pb, 5.6% Zn.
  • Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. Highlighted true width intervals from 15 holes at the Tahonitas area comprise 7.7 m @ 5.83 gpt Au, 143 gpt Ag (including 1.8 m @ 24.31 gpt Au, 555 gpt Ag; 16.9 m @ 1.21 gpt Au, 60 gpt Ag (including 4.5 m @ 2.41 gpt Au, 122 gpt Ag); 0.8 m @ 7.66 gpt Au, 1,260 gpt Ag. These intercepts may support pit expansion to the southeast near surface, and show that the Tahonitas structure mineralization continues for 350 m along strike from the southeast pit crest and enhances the potential to continue discovering high-grade ore shoots within the southeast strike extension and potential high-margin underground feed. Five drill rigs are currently active, and the company is targeting 40,000 m of drilling in 2024.
  • Defiance Silver Corp. announced that the amendment needed on the Tepal project technical report cannot be done, as some of the sections requiring amendments were prepared by persons who are no longer qualified persons. Defiance will be working to prepare a new technical report to replace the current Tepal report. “As for its San Acacio project, work on the preparation of the new technical report is progressing well but has been delayed, notably, due to the site visit availability. The Company now expects to file this new technical report by the mid-May 2024” (Tepal, Jalisco; San Acacio, Zacatecas).
  • Goldgroup Mining Inc. updated on its operations at its Cerro Prieto open pit, heap leach mine in Sonora. Goldgroup commenced mining operations at Cerro Prieto in 2013 with a resource of 8.22 M tonnes @ 0.81 gpt Au, 17.2 gpt Ag, 0.21% Pb, 0.54% Zn, which were mined by mid 2023. Additional mineralization has been mined during subsequent exploration, but not yet included in a published resource calculation. To date Cerro Prieto has produced 117,033 Oz Au, and production continues at a rate of 1,000 to 1,200 Oz Au per month. Mining was focused over a strike length of 1.6 Km in several pits, on a near vertical shear zone up to 65 m wide. Highlighted core length intercepts in 2023 include 19.70 m @ 1.03 gpt Au; 5.5 m @ 0.75 gpt Au; 20.98 m @ 1.02 gpt Au; 13.20 m @ 2.05 gpt Au; 4.50 m @ 1.16 gpt Au; 1.55 m @ 4.78 gpt Au; 24.96 m @ 0.69 gpt Au; 7.70 m @ 1.35 gpt Au; 17.97 m @ 1.13 gpt Au; 11.80 m @ 0.61 gpt Au; 4.25 m @ 1.07 gpt Au; 7.78 m @ 0.98 gpt Au; 11.67 m @ 1.16 gpt Au; 13.70 m @ 1.15 gpt Au; 13.70 m @ 1.15 gpt Au; 13.20 m @ 1.20 gpt Au; 43.89 m @ 0.43 gpt Au; 9.05 m @ 0.093 gpt Au. The company recently brought back into full service its 2,500 tpd crushing circuit, with an improvement in recoveries to 60% expected. Funding is being sought for a second full crushing circuit to double its current gold production.
  • Centenario Gold Corp. announced the next phase of exploration on the Eden property in Sinaloa. The geological team lead by Alain Charest and Hermilo Mendoza outlined several new targets to drill-test across the Eden property, including the northern extension, the upper and deeper portions of the Buenavista epithermal vein system and other sub-parallel mineralized structures, especially the La Proveedora prospect 1.5 Km east of Buenavista. “The upper 100 meter portion of the Buenavista structure extends directly down dip from where the high grade Au and Ag surface sample as high as 239.9 g/t Au and 1390 g/t Ag were obtained”. Quartz textures and alteration minerals at 250 m depth are interpreted as part of the upper level of the epithermal systema, enhancing the probability of further mineralized zones at depth.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp. announced the appointment of Ms. Suki Gill as an independent director of the company effective immediately (Panuco, Sinaloa).  

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz-barite-specularite vein on a project in the Sonoran Desert. Picture by Jorge Cirett.

Mexico’s Supreme Court could strike down president’s mining reforms next week

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POSTED BY: HENRY LAZENBY APRIL 10, 2024

Once a popular destination for Canadian explorers, Mexico’s recent mining reforms are driving away investment — even as a looming Supreme Court decision is likely to toss out the new law, deemed by industry sources as unworkable.

The reforms introduced last May by President Andrés Manuel Lopez Obrador (known by his initials as AMLO) require pre-consultation with communities before exploration, impact studies and cash bonds in case of damage that junior explorers may find difficult to raise. Authorities can cancel exploration concessions after two years if no work is completed and critics say water allowances have become…..

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Mexico’s Supreme Court could strike down president’s mining reforms next week

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

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By Jorge Cirett                                             

During the 3rd week of the year (January 15th to January 21st, 2024), companies working in Mexico posted at least 25 news releases. Three companies reported exploration advances on their properties, eight companies released production results and one more announced it is now processing material from a third party at its installations. Two companies announced financing rounds, one paid back a fair amount of debt and made the final installment of a layback agreement. One company is arranging convertible debt financing and one other closed a debt settlement with shares and informed on debt restructuring. Three companies updated on work at its advanced properties. One company updated on 2023 work and plans for 2024, another announced a favorable resolution of issues relating to its mining claims and one more on the intention to spin its royalty company to its shareholders. ON MEXICO ISSUES, the president of the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México informed on the detrimental aspects brought by the new mining law. ON EXPLORATION, in Sonora, Aztec Silver informed on RC drilling results from its Cervantes project. Colibri contracted an air mag survey for El Plomo in Sonora. In Oaxaca, Vortex Metals updated on work in 2023 and plans for 2024 at its Zaachila and Riqueza Marina projects. ON MINING, Orla Mining, First Majestic Silver, Bear Creek Mining, Avino Silver, Torex Gold, Pan American Silver, Argonaut Gold and Fortuna Silver reported production results for Q4 and full-year 2023. Guanajuato Silver Company is to process material from a Mexican company at its El Cubo mill. ON FINANCING, Orla Mining repaid $25 M of debt and the final $22.8 M installment of the Layback agreement to Fresnillo plc. GoldGroup Mining is to arrange a convertible debt financing for US$400 K. GR Silver is to undertake a private placement for up to $1.5 M. Regency Silver completed the first tranche of a private placement expected to raise $800 K. Luca Mining informed on the restructuring of debts with service providers and clients.  ON RESOURCES AND DEVELOPMENT, Defiance Silver released results from drilling at San Acacio, in Zacatecas. Impact Silver informed on drill intercepts from its Plomosas mine in Chihuahua. Orla Mining confirmed gold oxide mineralization on the Fresnillo plc property and on structures channelling deep oxidation beneath the planned pit at Camino Rojo in Zacatecas. ON DEALS AND CORPORATE ISSUES, Riverside Resources updated on 2023 work and plans for 2024 on three properties in Sonora. Silver Valley announced a favorable resolution with the government on its Mexi-Can Sulphate of Potash and Lithium project in Zacatecas. Prime Mining announced a new CEO appointment. Vizsla Silver is to spin out the shares of Vizsla Silver Royalties to its shareholders.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Raúl García Reimbert, president of the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México, stated that according to INEGI (Mexican bureau of statistics), the services related to mining fell by 26.2% in November 2023. Mineral exploration for new projects is practically paralyzed after five years of a no-concessions policy by the actual presidential administration and last year’s mining reforms. The reform poised the SGM as the only entity to explore for new projects that later are to be auctioned, but no budget was allocated for the deed. He also added that “there is no work, staff is laid off, sales of services related to drill bits, exploration supplies, lab technicians, geologists, surveyors, etc.”   

ON EXPLORATION

  • Vortex Metals Inc. provided a summary of 2023 achievements and unveiled its strategy for 2024. In 2023 Vortex completed environmental assessments on its Zaachila and Riqueza Marina projects in Oaxaca, which will be the basis for the reports to be submitted to SEMERNAT (Mexican environmental bureau). “At Riqueza Marina, Vortex completed extensive geological work at the Rhyolite Dome area and, on the copper-rich gossans to the east and west. A total of six trenches measuring 188 meters and yielding 117 rock chip samples were completed”. In 2024 Vortex will continue to engage with the local communities to develop a strong social license that will enable the advance in exploration and potential discovery of a new Cu-Au volcanogenic massive sulfide (VMS) belt in Oaxaca.
  • Aztec Minerals Corp. released initial gold results from three reverse circulation drill holes at its Cervantes project in Sonora. The RC drill program was designed to expand the California gold mineralization in multiple directions. Highlighted drill length intervals comprise 7.6 m @ 0.274 gpt Au; 13.68 m @ 0.338 gpt Au; 30.4 m @ 1.035 gpt Au (including 1.52 m @ 13.8 gpt Au). “Aztec plans to carry out reconnaissance and channel sampling and geologic mapping of the new drill roads at California, and other targets”.
  • Colibri Resource Corp. contracted Geo Digital Imaging de Mexico, S.A. de C.V. to complete a 1,373-hectare HD magnetic survey covering the main targets at El Plomo claims on its EP project in Sonora. The drone aerial survey comprises 312 line-km on 81 lines at 50-m separation and 8 tie-lines at 500-m separation. The survey characteristics are the same that were applied on the adjacent Evelyn target, therefore the blending of the two surveys is expected to be seamless.

ON MINING

  • Orla Mining Ltd. provided an operational update for the fourth quarter of 2023. During the period the company mined 1.86 M tonnes of ore and 802.8 tonnes of waste, for a strip rate of 0.43, stacking 1.75 M tonnes at a rate of 18,998 tpd grading 0.73 gpt Au to produce 34,484 Oz Au. For the full year Camino Rojo produced 121,877 Oz Au. For 2024 the guidance is 110 to 120 K Oz Au production from the Camino Rojo Oxide operation, at cash cost of $625 to $725 per Oz Au and an AISC of $875 to $975 per Oz Au. Nearly half of the $23M Exploration budget in Mexico is to continue exploration activities “on the new discovery below the Camino Rojo sulphide deposit”.
  • First Majestic Silver Corp. announced a total production from its mines in Mexico of 6.6 M AgEq Oz Ag for the fourth quarter of 2023. During the period the company produced 2.61 M Oz Ag, 46,585 Oz Au that add up to 10.25 M Oz Ag, 198,921 Oz Au in the year, or 26.9 M Oz AgEq. Also, during the quarter twelve rigs worked at San Dimas (Durango) and four in Santa Elena (Sonora). At La Encantada, efforts are being made to find more water sources for the plant, as an extended drought is pressing production. For 2024 First Majestic production guidance contemplates 150-167 K Oz Au, 8.6-9.6 M Oz Ag, or 21.1-23.5 M Oz AgEq. At cash cost $13.69-$14.46 per Oz AgEq and an AISC of $19.32-20.68 per Oz AgEq. The company is planning 188,500 m of drilling, with 95,000 m at San Dimas, 59,000 m at Santa Elena and 9,500 m at La Encantada (the rest out of Mexico).
  • Bear Creek Mining Corp. released production figures for the fourth quarter of 2023. At Mercedes, in Sonora, 135,918 tonnes were processed in the period, grading 3.30 gpt Au, recovering 93.6% Au, to produce 13,478 Oz Au, 52.1 K Oz Ag, adding up to 43,860 Oz Au, 167 K Oz Ag in 2023. This quarterly production represents a 47% increase on the previous period and reflects the higher grades mined and increased working faces. Reduction of gold and silver streams of 78% were reached/obtained in the period, improving cash flow.
  • Avino Silver & Gold Mines Ltd. reported Q4 and full year 2023 production results. For the full year the company produced 2.41 M Oz AgEq at its Avino mine in Durango. During the fourth quarter 143.8 K tonnes @ 56 gpt Ag, 0.45 gpt Au, 0.49% Cu were processed, recovering 87% Ag, 70% Au, 84% Ag, to produce 224.7 K Oz Ag, 1,452 Oz Au, 1.32 M Lb Cu, or 558.5 K Oz AgEq. Also, in the quarter a long-term land use agreement was signed on the neighboring La Preciosa project, the prefeasibility study (PFS) on the Oxide Tailings Project in Avino is nearing completion and the dry stacking facility has been fully operational for a year.
  • Torex Gold Resources Inc. provided 2024 operational guidance and a five-year production outlook for the Morelos Complex in Guerrero, which includes the ELG Mine Complex and Media Luna project. For 2024 the company set a guidance of 410 to 460 K Oz AuEq with total cash cost of $900 to $950 per Oz AuEq and an AISC of $1,130 to $1,190 per Oz AuEq. “The mine plan for 2024 includes a full year of production scheduled from ELG, with the open pits starting to wind down mid-year and ELG Underground maintaining consistent levels of production throughout the year. Ore production from Media Luna starts inQ2 and continues to ramp up thereafter”. The five-year production outlook envisages 410 to 460 K Oz AuEq (2024), 425 to 475 K Oz AuEq (2025), 425 to 475 K Oz AuEq (2026), 450 to 500 K Oz AuEq (2027) and 350 to 400 K Oz AuEq (2028). The drilling budget include $15 M for the Media Luna Cluster, $12 M for ELG Underground and $3 M for the Morelos district. Torex has hedged 158 K Oz Au for the year at an average price of $1,972 per Oz.
  • Guanajuato Silver Company Ltd. commenced a relationship with a Mexican mining company “to process a portion of its surface inventory of mineralized material” at Guanajuato Silver’s El Cubo mines complex in Guanajuato. This agreement will utilize excess capacity of El Cubo mill with material that has demonstrated compatible with the processing circuit through comprehensive metallurgical testing.
  • Pan American Silver Corp. reported preliminary production results for Q4 and full-year 2023, including figures from its Mexican operations. At La Colorada, in Zacatecas, 806 K Oz Ag, 400 Oz Au were produced in Q4 2023, completing 4.4 M Oz Ag, 2,300 Oz Au in the year. At Dolores, in Chihuahua, 477 K Oz Ag, 25,400 Oz Au were produced in Q4 to complete 2.2 M Oz Ag, 107,100 Oz Au in the year. For 2024 the production forecast is of 5.3 to 5.7 M Oz Ag, 2,000 Oz Au at La Colorada, at cash cost $11.70 to $14.10 per Oz AgEq and an AISC of $16.00 to $18.50 per Oz AgEq. For Dolores the guidance is of 1.9 to 2.2 M Oz Ag, 65,000 to 75,000 Oz Au at $1,165 to $1,260 per Oz AuEq and an AISC of $1,475 to 1,575 Oz AuEq. Dolores. At La Colorada a 30% improvement in production is expected upon completion of a new ventilation system by mid 2024. At Dolores mining and staking on the heap are expected to conclude on Q3 2024, and then enter into the reclamation phase, with residual leaching for a few years.
  • Argonaut Gold Inc . announced fourth quarter and full year 2023 production results, including figures from its Mexican operations. The company has three mining units: La Colorada in Sonora, and El Castillo and San Agustín in Durango, where 90,247 Oz Au were produced in the year.
  • Fortuna Silver Mines Inc.  reported production results for the fourth quarter and full year 2023, including figures from its operations in Mexico. At the San José mine in Oaxaca, 241 K tonnes were milled at an average rate of 2,678 tpd, averaging 145 gpt Ag, 0.91 gpt Au, recovering 90.8% Ag, 89.6% Au, to produce 1.02 M Oz Ag, 6,345 Oz Au during the Q4. For the full year, San José produced 4.66 M Oz Ag, 28,559 Oz Au. For 2024 the guidance is to produce 3.1 to 3.6 M Oz Ag, 19 to 23 K Oz Au at cash cost $20.3 to $22.3 per Oz AgEq and an AISC of $22.8 to $24.0 per Oz AgEq. Driven by high costs and declining grade, the company is scheduled to exhaust mineral reserves by the end of 2024 and “to review and update a multiyear progressive mine closure and monitoring plan” with a current budget of $27 M.

ON FINANCING

  • Orla Mining Ltd. repaid $25 M towards its revolving credit facility, reducing the balance to $88.4 M. Orla also paid the final $22.8 M installment to Fresnillo plc as part of the layback agreement. At December 31, 2023 Orla had a cash position of $96.6 M and a total debt position of $88.4 M, resulting in a net cash position of $8.2 M (Camino Rojo, Zacatecas).
  • Silver Storm Mining Ltd. is to make a presentation at the 2024 Vancouver Resource Investor Conference on January 21, 2024 (La Parrilla, Durango).
  • GoldGroup Mining Inc. is in the process of arranging convertible debt financing of up to US$400 K of which US$100 K have already been received. “The Convertible Debts will be unsecured, bear interest at 12% per annum, will be repayable 18 (eighteen) months post-closing and will be convertible into common shares of the Company at CAD $0.10 per share at a fixed FX rate of 0.76 USD to CAD at the election of the lender(s)” (Cerro Prieto, Sonora).
  • GR Silver Mining Ltd. proposes to undertake a non-brokered private placement of up to $1.5 M (Plomosas, Sinaloa).
  • Regency Silver Corp. completed the first tranche of $622 K on a previously announced non-brokered private placement of $800 K. “The balance of the private placement is expected to close shortly” (Dios Padre, Sonora).
  • Luca Mining Corp. received a conditional TSX Venture Exchange approval and closed a debt restructuring and debt transaction previously announced. The company closed its debt settlement with Latapi Consultores S.A. de C.V., issuing 17.75 M shares to settle an outstanding debt of CAD$11 M. Luca Mining also completed its debt restructuring with Trafigura Mexico S.A. de C.V. and its affiliate Union Holdings Ltd., converting a US$5.8 M outstanding loan into a non-interest three-year term convertible debenture. Trafigura has also advanced an additional US$2.5 M loan to assist the company in completing the mine optimization program to deliver separate clean copper, zinc and lead concentrates to Trafigura with higher grades and recoveries (Campo Morado, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • Defiance Silver Corp. released results from the 2023 drilling campaign at its San Acacio property in Zacatecas. The drilling demonstrated in-situ vein material remains in place at shallow levels of the mine. Highlighted core length intervals comprise 12.82 m @ 0.36 gpt Au, 223 gpt Ag, 0.2% Pb, 0.4% Zn; 32.32 m @ 0.20 gpt Au, 120 gpt Ag, 0.06% Cu, 0.4% Pb, 1.4% Zn (including 18.91 m @ 0.18 gpt Au, 166 gpt Ag, 0.1% Pb, 0.5% Zn and 6.39 m @ 0.18 gpt Au, 81 gpt Ag, 0.26% Cu, 1.7% Pb, 4.6% Zn); 33.76 m @ 0.31 gpt Au, 105 gpt Ag, 0.07% Cu, 1.0% Pb, 1.8% Zn (including 15.02 m @ 0.60 gpt Au, 162 gpt Ag, 0.14% Cu, 2.1% Pb, 2.5% Zn, which includes 4.47 m @ 0.75 gpt Au, 265 gpt Ag, 0.31% Cu, 5.1% Pb, 3.3% Zn). According to Defiance, the increasing copper grades and the presence of semi-massive to massive sulfide mineralization near surface is encouraging, as Capstone Mining is operating the Cozamin copper mine approximately 3 km away.
  • Impact Silver Corp. announced results from drilling at its Plomosas mine in Chihuahua. Initial drill results from the Tres Amigos section of the mine confirmed high-grade mineralization in the Juarez horizon, near accessible mine workings. Highlighted true width intervals comprise 1.29 m @ 18.2% Zn; 5.70 m @ 23 gpt Ag, 5.3% Pb, 7.9% Zn; 1.50 m @ 64 gpt Ag, 3.1% Pb, 11.9% Zn; 3.77 m @ 19 gpt Ag, 0.8% Pb, 5.0% Zn; 2.40 m @ 17 gpt Ag, 0.4% Pb, 6.0% Zn; 1.50 m @ 12 gpt Ag, 12.4% Pb, 3.3% Zn; 9.24 m @ 6 gpt Ag, 0.4% Pb, 4.0% Zn (including 1.98 m @ 13 gpt Ag, 1.4% Pb, 9.1% Zn, and 1.85m @ 13 gpt Ag, 0.7% Pb, 8.7% Zn); 2.70 m @ 35 gpt Ag, 9.2% Pb, 11.1% Zn; 6.90 m @ 28 gpt Ag, 5.4% Pb, 10.2% Zn; 3.60 m @ 50 gpt Ag, 2.1% Pb, 10.9% Zn.
  • Orla Mining Ltd. completed 6,500 m of diamond drilling at its Camino Rojo Oxide mine in Zacatecas. This near-pit exploration included 2,500 m to confirm oxide mineralization on the Fresnillo plc property (Layback area) north of the pit and 4,000 m of drilling targeting structures controlling deeper levels of oxidation beyond the currently designed pit. Highlighted core length intervals comprise 76 m @ 0.85 gpt Au (including 28 m @ 1.28 gpt Au and 10.27 m @ 1.27 gpt Au); 67 m @ 0.48 gpt Au; 73.5 m @ 0.37 gpt Au; 21 m @ 1.09 gpt Au; 18.7 m @ 1.06 gpt Au (including 4 m @ 4.06 gpt Au); 22.5 m @ 0.92 gpt Au; 67.1 m @ 1.16 gpt Au; 65.1 m @ 0.86 gpt Au; 63 m @ 0.63 gpt Au; 41 m @ 0.49 gpt Au; 21 m @ 0.87 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Riverside Resources Inc. updated on 2023 work and its outlook for 2024. In Mexico the company is preparing drilling permits to maintain good standing of the properties located in Sonora. On the Ariel porphyry copper property, consolidation of land and proper titling are positioning the company for potential JV’s. At the Union mine, assays of up to 1 Oz Au and 30% of Zn highlight the potential for further expansion. At Cecilia, a large dome complex has already yielded significant intercepts on previous drilling.
  • Silver Valley Metals Corp. announced a favorable resolution of issues relating to its Mexi-Can sulphate of potash and lithium project in Zacatecas. The company reported a favorable ruling regarding two amparos (constitutional appeals) on the effect of the New Mining Law. Also, the government operator of lithium mining, Litio Mx, declined to participate on the development of the Mexi-Can project and Silver Valley is poised to recommence exploration activities.
  • Prime Mining Corp. announced that CEO Daniel Kunz is retiring and Mr. Scott Hicks, EVP, will succeed him (Los Reyes, Sinaloa).
  • Vizsla Silver Corp. intends to spin out the shares of Vizsla Silver Royalties Corp., a wholly owned subsidiary of Vizsla Silver, to the company’s shareholders. The royalty consists of a 2.0% net smelter return (NSR) on certain unencumbered concessions on the Panuco project in Sinaloa, and a 0.5% NSR on certain encumbered concessions on the same project which have a pre-existing 3.0% NSR. “Pursuant to the Spinout, common shares of Vizsla Royalties would be distributed to shareholders of Vizsla Silver. Vizsla Silver is expected to hold approximately a 49% ownership interest in Vizsla Royalties, with the remaining shares of Vizsla Royalties being distributed to shareholders of Vizsla Silver on a pro-rata basis at a time to be determined by the board of directors of Vizsla Silver”.
  • Alamos Gold Inc. is to release fourth quarter and full-year 2023 results after February 21, 2024 (Mulatos, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Specularite-quartz breccia vein on a project of the Sonoran Desert. Picture by Jorge Cirett.

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

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Old mine working along a quartz vein

By Miguel A Heredia

During the 46th week of the year (November 13th to November 19th, 2023), at least 25 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, seven communicating production results, four announcing financing issues, three reporting resources and developments of their properties, one informing on exploration results, one commenting on Mexican issues, and one discussing social issues. ON MEXICO ISSUES, Torex Gold reported their best drilling intercepts in Mexico on the third week of November, 2023. ON EXPLORATION, In Sinaloa, Centenario initiated its first ever drilling program at its Eden project. ON MINING, Argonaut reported Q3, 2023 production and financial results from their Mexican mine operations. Sierra Metals announced Q3, 2023 production and financial results from its Bolivar Mine, Chihuahua. Orla reported Q3, 2023 production and financial results from its Camino Rojo Mine, Zacatecas. Discovery Silver reported Q3, 2023 financial results (Cordero project, Chihuahua). US Antimony will present Q3, 2023 financial results this November 17, 2023 (Los Juarez project, Queretaro). Starcore reported Q2, 2023 production results from its San Martin mine, Queretaro. Torex announced Q3, 2023 production and financial results from its El Limon-Guajes Mine Complex, Guerrero. ON FINANCING Sonoran Desert announced consolidation of its common shares (Cuatro Hermanos project, Sonora). GR Silver completed a non-brokered private placement for gross proceeds of $1.2M (Plomosas project, Sinaloa). Heliostar announced a warrant exercise incentive program to advance its Ana Paula project, Guerrero. Sierra Madre announced conversion of subscription receipts (La Guitarra mine, State of Mexico). ON RESOURCES AND DEVELOPMENT, Torex received approval from Mexico’s Secretariat of Environment and Natural Resources (SEMARNAT) for in-pit tailings deposition (Media Luna project, Guerrero). Discovery Silver provided a summary of key events for Q3, 2023 and subsequent to quarter-end (Cordero project, Chihuahua). Torex reported results from its 2023 El Limon-Guajes underground drilling program. ON DEALS AND CORPORATE ISSUES, Fortuna (San Jose mine, Oaxaca), Silver Storm (La Parrilla mine, Durango), and Vortex (Riqueza Marina project, Oaxaca) announced that they will be attending the 121 Mining Investment London Conference. Vizsla appointed Mr. Eduardo Luna to its Board of Directors (Panuco project, Sinaloa). Sierra Metals announced that it will start trading on the OTCQX Market in the United States (Bolivar mine, Chihuahua). Fresnillo completed a USD $171K payment to Radius for the development of Plata Verde property in Chihuahua. Monumental Minerals announced name change to Monumental Energy Corp. Silver Valley appointed new members to its Board of Directors (Mexi-Can Lithium-potash project in Zacatecas and San Luis Potosi). ON SOCIAL RESPONSIBILITY, Alamos Gold releases its annual Environmental, Social, and Governance (ESG) 2022 report (Mulatos Mine, Sonora).

ON MEXICO ISSUE

  • Torex Gold Resources Inc., reported their best drilling intercepts in Mexico on the third week of November, 2023. Details are shown in the table below:

ON EXPLORATION

  • Centenario Gold Corp., initiated its first ever drilling program at its Eden project in Sinaloa. This core drilling program will consists of 1.500m in 10-12 holes to test the strike and down-dip extensions of Eden’s Buenavista vein-breccia mineralized corridor E-NE and S-SW of the old mining workings area.

ON MINING

  • Argonaut Gold Inc., reported Q3, 2023 production and financial results from their Mexican mine operations (all dollar amounts are expressed in US dollars). At La Colorada, Sonora, the company reported that it sold 7,224 Oz Au; a cost of sales of $ 13,722,000; a cost of sales of $1,900 per Oz Au sold; a production cost of $10,883,000; a cash cost of $10,646,000; an AISC of $11,148,000; and cash cost and AISC of $1,474 and $1,543 per Oz Au sold respectively. At San Agustin, Durango, Argonaut reported that it sold 10,327 Oz Au; a cost of sales of $ 19,019,000; a cost of sales of $1,842 per Oz Au sold; a production cost of $17,011,000; a cash cost of $16,066,000; an AISC of $16,952,000; and cash cost and AISC of $1,550 and $1,642 per Oz Au sold respectively. At El Castillo, Durango, the company reported that it sold 4,111 Oz Au; a cost of sales of $ 6,559,000; a cost of sales of $1,595 per Oz Au sold; a production cost of $6,167,000; a cash cost of $6,091,000; an AISC of $6,229,000; and cash cost and AISC of $1,482 and $1,514 per Oz Au sold respectively.
  • Sierra Metals Inc., announced Q3, 2023 production and financial results from its Bolivar Mine, Chihuahua (all amounts are expressed in US dollars). The company processed 362,890 tonnes to produce 8.1M Lb CuEq at a cash cost and AISC of $2.15 and $3.57 per Lb CuEq payable respectively. Sierra Metals reported a cost of sales of $22,860,000; a total cash cost of $17,245,000; a total AISC of $30.874, 000; and a cash cost of $47.52 per tonne processed.
  • Orla Mining Ltd., reported Q3, 2023 production and financial results from its Camino Rojo Mine, Zacatecas (all amounts expressed in US dollars). The company produced 32,425 Oz Au and sold 31,061 Oz Au at a realized price of $1,921 per Oz Au. The company reported cost of sales of $16M, and a cash cost and AISC of $527 and $743 per Oz Au respectively. Orla announced revenue of $60.3M; a net income of $5.4; adjusted earnings of $6.6M; and earnings per share of $0.02; adjusted earnings per share of $0.02; a cash flow from operating activities before changes in non-cash working capital of $21.8M; and a free cash flow of $18.8M. Finally, it reported as of September 30, 2023, a cash and cash equivalent of $132.8M, and a net debt of $3.4M.
  • Discovery Silver Corp., announced Q3, 2023 financial results (all amounts expressed in Canadian dollars). The company reported a net loss of $2,207.479; a basic and diluted per share of $0.01; a net loss and total comprehensive loss of $3,059,766; and a total weighted average shares outstanding of $395,720,230. As of September 30, 2023 the company also reported a cash and cash equivalents of $59,931,068; total assets of $150,770,808; total current liabilities of $13,327,861; a working capital of $59,402,439; and total shareholders´ equity of $132,902,518. Subsequent to September 30, 2023, the Company received a refund for the cumulative IVA return filed of approximately $8.0M, including interest and inflationary adjustments (Cordero project, Chihuahua).
  • US Antimony Corporation will present Q3, 2023 financial results this November 17, 2023 (Los Juarez project, Queretaro).
  • Starcore International Mines Ltd., reported Q2, 2023 production results from its San Martin mine, Queretaro. The company milled 58,019 tonnes of 1.42 g/t Au and 15 g/t Ag with metallurgical recoveries of 85.23% and 48.81% respectively, to produce 2,420 Oz AuEq.
  • Torex Gold Resources Inc., announced Q3, 2023 production and financial results from its El Limon-Guajes Mine Complex, Guerrero (all amounts expressed in US dollars). The company produced 85,360 Oz Au and sold 81,752 Oz Au at a total cash of $1,086 per Oz Au, an AISC of $1,450 per Oz Au, at an average realized price of $1,944 per Oz Au. Torex reported revenues of $160.1M; cost of sales of $133M; earnings from mine operations of $27.1M; net income of $10.5M; adjusted net earnings of $11.1M; EBITDA of $79.4M; cash and cash equivalents of $209.4M; lease- related obligations of $21.1: and net cash of $188.3M. The company is confidence in achieving full year production guidance of 440,000 to 470,000 Oz Au.

ON FINANCING

  • Sonoran Desert Copper Corporation announced consolidation of its issued and outstanding common shares on a ratio of one post-consolidation share for four pre-consolidation shares. The shares of the company will trade on a post-consolidation basis under the new CUSIP 83569N207 (ISIN: CA83569N2077). “Company currently has 101,139,062 shares issued and outstanding. Following the consolidation, there will be approximately 25,284,766 shares issued and outstanding (Cuatro Hermanos project, Sonora).
  • GR Silver Mining Ltd., completed a non-brokered private placement for gross proceeds of $1.2M. Net proceeds will be used to pay outstanding amounts currently owing to persons who are arm’s length to the Company, to pay outstanding amounts owing to management and directors of the Company, and to fund general working capital (Plomosas project, Sinaloa).
  • Heliostar Metals Ltd., announced a warrant exercise incentive program designed to encourage the early exercise of up to 46,363,630 common share purchase warrants issued on March 16, 2023. “Each Incentive Warrant will allow the holder to acquire one Common Share at an exercise price of $0.40 for a period of two years following the date of the issuance of the Incentive Warrant. A holder may elect to exercise all, none, or a portion of their Outstanding Warrants. Each Warrant is currently exercisable to purchase one Common Share at $0.30 per Common Share until March 16, 2026. Any Outstanding Warrants remaining un-exercised after 12:00 p.m. PST on December 8, 2023 will remain outstanding and continue to be exercisable pursuant to their existing terms”. Net proceeds will be used to advance its Ana Paula project, Guerrero, and for general working capital.
  • Sierra Madre Gold and Silver Ltd., announced conversion of subscription receipts. “The escrow release conditions of all 5,123,092 subscription receipts have been satisfied and the proceeds from the purchase of the subscription receipts have been released from escrow. As a result, the subscription receipts have converted into a total of 5,123,092 common shares in the capital of the Company, and the Company now has access to the $3,330,010 in proceeds” (La Guitarra mine, State of Mexico).

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc., received approval from Mexico’s Secretariat of Environment and Natural Resources (SEMARNAT) regarding an amendment to the key environmental permit (MIA) for the Media Luna project in Guerrero, which will allow for the deposition of tailings into the mined-out Guajes open pit.
  • Discovery Silver Corp., provided a summary of key events for Q3, 2023 and subsequent to quarter-end. Highlights from the Q3, 2023 activities performed include: results reported from the Feasibility Study (FS) metallurgical test program demonstrating higher silver recoveries of up to 7% to the precious metals concentrate at significantly lower reagent consumption; formal submission for evaluation of the MIA to Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT), the federal government agency responsible for evaluating MIA submissions; completion of the reserve expansion and definition component of our FS program   consisting of an additional 35,000 m of drilling in over 100 drill holes completed since the cut-off for the Pre-Feasibility Study (PFS) with results demonstrating the potential to further grow reserves within and on the margins of the open pit; release of the Company’s 2022 Environmental, Social and Governance (“ESG”) report highlighting the Company’s current practices and priorities going forward (Cordero project, Chihuahua).
  • Torex Gold Resources Inc., reported results from its 2023 El Limon-Guajes (ELG) underground drilling program. As of the end of September, approximately 54,600 m across 235 holes had been drilled as part of the 2023 ELG brownfield and near-mine exploration and drilling programs, representing 96% of the planned metres for the year. Year to date, assay results have been received for 55% of the total holes drilled. Highlights at El Limon Trend Sur include holes LS-293 with 20.1 g/t Au, 12 g/t Ag, and 0.06% Cu (20.74 g/t AuEq) over 4.63M; hole LDUG-239 with 10.94 g/t Au, 12 g/t Ag, and 0.41% Cu (11.75 g/t AuEq) over 22.91m; hole LDUG-290 with 9.97 g/t Au, 8 g/t Ag, and 0.93% Cu (11.55 g/t AuEq) over 14.93m; hole LDUG-296 with 9.17 g/t Au, 9 g/t Ag, and 0.47% Cu (10.03 g/t AuEq) over 14.35m; and hole LDUG-289 with 5.26 g/t Au, 31 g/t Ag, and 1.56% Cu (8.13 g/t AuEq) over 12.43m. Highlights at El Limon Deep Trend include holes LDUG-256 with 32.95 g/t Au, 7 g/t Ag, and 0.54% Cu (33.91 g/t AuEq) over 9.08m; and hole LDUG-268 with 35.41 g/t Au, 12 g/t Ag, and 0.16% Cu (35.81 g/t AuEq) over 4.83m, plus 6.58 g/t Au, 4 g/t Ag, and 0.15% Cu (6.87 g/t AuEq) over 5.39m. Highlights at Sub-Sill Trend include hole SST-313 with 23.18 g/t Au, 9 g/t Ag, and 0.01% Cu (17.74 g/t AuEq) over 4.69m. Highlights at El Limon West Trend include holes LS-287 with 14.98 g/t Au, 73 g/t Ag, and 1.16% Cu (17.74 g/t AuEq) over 5.4m, plus 9.16 g/t Au, 10 g/t Ag, and 0.47% Cu (10.04 g/t AuEq) over 13.4m; and hole LS-229 with 2.36 g/t Au, 65 g/t Ag, and 2.33% Cu (6.9 g/t AuEq) over 3.38m.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Silver Mines Inc.(San Jose mine, Oaxaca), Silver Storm Mining Ltd., (La Parrilla mine, Durango), and Vortex Metals Inc., (Riqueza Marina project, Oaxaca)announced that they will be attending the 121 Mining Investment London Conference from November 20 to 21, 2023.  
  • Vizsla Silver Corp., appointed Mr. Eduardo Luna to its Board of Directors (Panuco project, Sinaloa). “Vizsla has granted 400,000 stock Options at an exercise price of $1.36 to a director and a consultant of the Company, pursuant to the Company’s Omnibus Equity Incentive Compensation Plan. The Options are exercisable for a period of five years and will vest over the next two years. The Options are subject to the approval and policies of the TSX Venture Exchange and the NYSE American”.
  • Sierra Metals Inc., announced that it will start trading on the OTCQX Market in the United States under the symbol “SMTSF”. Sierra Metals continues to trade on the Toronto Stock Exchange under the symbol “SMT” (Bolivar mine, Chihuahua).
  • Fresnillo plc completed a USD $171K payment to Radius Gold Inc., for the development of its Plata Verde property in Chihuahua, under the terms of an Exclusivity Agreement between the companies. A maiden drill program is anticipated at Plata Verde in Q1 2024. Minera San Julian, a wholly owned subsidiary of Fresnillo plc, has an Exclusivity Period to January 7, 2024 to negotiate a definitive agreement that would include an option agreement to earn a 70% interest in Plata Verde.  Minera San Julian has the right to extend its Exclusivity Period for 6 additional months beyond January 7, 2024, by providing Geonorte, a wholly owned subsidiary of Radius Gold, a minimum of USD $500K to commence drilling at Plata Verde.  Such drilling shall be initiated within 3 months following January 7, 2024.
  • Monumental Minerals Corp., announced name change to Monumental Energy Corp., effective on November 21, 2023.  The company’s common shares will trade on the TSX Venture Exchange under the new name. In connection with the name change, the Company’s trading symbol will be changed to “MNRG”.
  • Silver Valley Metals Corp., appointed new members to its Board of Directors (Mexi-Can Lithium-potash project in Zacatecas and San Luis Potosi).

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc., releases its annual Environmental, Social, and Governance (ESG) 2022 report, which outlines its performance across its operations, projects, and offices, and provides directions on planned initiatives for 2023. Highlights of the significant progress achieved by the company during the past year include: an 8% growth in its workforce, with 77% hired from local communities, and a 36% reduction in employee turnover rate; a company-wide target of a 30% reduction in absolute greenhouse gas (“GHG”) emissions by 2030, achieving a 6% reduction in total Scope 1 and 2 GHG emissions in 2022; zero significant environmental incidents during the year, including zero reportable tailings-related incidents; $1.8M invested in local community initiatives including donations, sponsorships, community programs and infrastructure; the Mulatos mine was awarded the Silver Helmet by the Mining Chamber of Mexico (CAMIMEX) in recognition of outstanding health and safety performance; the Mulatos mine was also awarded the Socially Responsible Company (Empresa Socialmente Responsible) Award by CEMEFI, the Mexican Center for Philanthropy, for the 14th consecutive year, and was the recipient for the Award for Corporate Ethics and Values in Industry for the third consecutive year; completed close to 1,700 training hours for occupational health and safety and emergency management; introduced the Island Gold Employee Wellness Program with licensed physical therapists on site; and three years in compliance with the World Gold Council’s Responsible Gold Mining Principles (RGMPs), and developed 12 new Alamos Sustainability Standards.

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, old mine working along a gold quartz vein hosted in rhyolites in a low-sulphidation epithermal vein system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of November 2023

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By Jorge Cirett                                             

During the 45th week of the year (November 6th to November 12th, 2023), companies working in Mexico posted 29 news releases. Two companies reported exploration advances on their properties and twelve companies released Q3 2023 reports. Two companies informed on financing rounds, one on the granting of share options and one more on its share consolidation process. One company amended the terms on a property acquisition, one is reviewing its strategic options forward, one more is waiting for mining permits and two announced director’s appointments. ON MEXICO ISSUES, Ganfeng Lithium Company is trying to negotiate with the Mexican government the recent cancellation of its mining concessions in Sonora. ON EXPLORATION, In Chihuahua, Mammoth Resources presented metallurgical results from Tenoriba. In Zacatecas, Radius Gold presented drilling results from Tropico. ON MINING, Capstone Copper, Endeavour Silver, Gold Resource, Pan American Silver, Aura Minerals, Gatos Silver, Fortuna Silver, SilverCrest Metals, Coeur Mining, Avino Silver, Golden Minerals and MAG Silver presented Q3 2023 production results. ON FINANCING, Tocvan Ventures is to close a CAD$500 K financing round. Golden Minerals closed a US$4.2 M public offering. Minaurum Gold granted stock options to directors, officers and consultants. Kootenay Silver announced the consolidation of its shares.  ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from its Ana Paula project in Guerrero. Prime Mining reported on drilling at its Los Reyes project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Pantera Silver amended the terms on the acquisition of the Nuevo Taxco project in Guerrero. Bear Creek Mining announced the appointment of directors of the company. Gold Resource is reviewing its strategic alternatives, including the potential sale of the company. Minaurum Gold announced the appointment of Rubén Padilla to the board of directors. Osisko Development is waiting for mining permits at San Antonio, in Sonora.  ON SOCIAL RESPONSIBILITY, Argonaut Gold, SilverCrest Metals and Avino Silver presented information on their impact on communities.

ON MEXICO ISSUES

  • Ganfeng Lithium Company is trying to negotiate with the Mexican government the recent cancellation of its mining concessions in Sonora.

ON EXPLORATION

  • Radius Gold Inc. provided an update of drilling at its Tropico project in Zacatecas. The company completed an initial 1,300 m diamond drill program in eight holes, with assays received for the first seven holes. Drilling is planned to resume upon the receipt of remaining assays. Highlighted core length results comprise 29.18 m @ 0.34 gpt Au, 4 gpt Ag; 30.10 m @ 0.35 gpt Au, 3 gpt Ag; 44.20 m @ 0.28 gpt Au, 2 gpt Ag; 28.52 m @ 0.28 gpt Au, 3 gpt Ag; 36.25 m @ 0.55 gpt Au, 9 gpt Ag (including 7.52 m @ 1.40 gpt Au, 29 gpt Ag); 12.30 m @ 0.44 gpt Au, 3 gpt Ag. “The expected hydrothermal breccia pipe was not found vertically below the sinter as predicted by the geophysics, instead is rather un-expectedly dipping at 45o east and has now been defined under soil cover 200m to the east of the outcropping target”.
  • Mammoth Resources Corp. announced results from bottle roll tests performed on three composite samples of assay reject sample material of drill holes from the Carneritos area of its Tenoriba property in Chihuahua. Results from oxide material reached 92% and 88% dissolution Au and 55% Ag in 12 hours and 94% and 91% Au, 59% Ag after 96 hours. Results for the oxidized-sulfide transition material reached 72% Au, 61% Ag in 12 hours and 75% Au, 64% Ag in 96 hours. “Based on the success from these initial bottle roll tests, Mammoth has commenced testing a coarser fraction of the oxidized and mixed oxidized-sulfide zone material and preliminary tests of a sulfide sample and looks forward to reporting on these results in the near future”.   

ON MINING

  • Capstone Copper Corp. reported financial results for Q3 2023, including figures from its Mexican operations. Of a consolidated production of 40.3 K tonnes Cu during the quarter, 5.9 K tonnes were produced at Cozamin, in Zacatecas, at $1.85 cash cost per Lb Cu. “Q3 2023 infill drilling at the Mala Noche Main Vein West Target was on hold while the development of the lower elevation mine cross-cut was completed. Infill drilling will recommence in early Q4 2023 to support an updated mineral resource estimate in 2024”.
  • Endeavour Silver Corp. announced financial and operating results for Q3 2023. Consolidated production at the Bolañitos (Guanajuato) and Guanaceví (Durango) mines during the quarter of 1.46 M Oz Ag, 9,089 Oz Au (1.87 M Oz AgEq) at cash cost $17.94 per Oz Ag and ASIC of $24.10 per Oz Ag. “Cost metrics were significantly impacted by lower production at the Guanaceví mine and increased operating development resulting from mine sequencing changes required to focus on improved access and ventilation as well as plant maintenance required during the last week of September”. Cash position of $41 M and working capital of $75.9 M by the end of the period. During the quarter $23.4 M were raised, primarily to fund the Terronera mine construction.
  • Gold Resource Corp. presented operational results for the year to date from its Don David mine in Oaxaca. A total of 14,777 Oz Au, 778 K Oz Ag, 8,772 tonnes Zn, 904 tonnes Cu, 3,681 tonnes Pb were produced on the year to date at total cash cost after co-product credits of $1,389 per Oz AuEq on the last quarter. At the quarters end the company had a cash balance of $6.7 M with no debt and working capital of $13.8 M.
  • Pan American Silver Corp. reported results for the third quarter 2023, without disclosing production figures by project. The company produced 5.7 M Oz Ag, 244.2 K Oz Au, with a silver segment cash cost of $13.13 and an AISC of $18.19, to end the period with $832.1 M, inclusive of cash and investments of $386 M, a $750 M revolving line of credit and $809 M of total debt primarily related to the acquisition of Yamana. At La Colorada, in Zacatecas, “the Company invested $14.0 million of project capital in Q3 2023 to advance the La Colorada Skarn project, largely for exploration and the preliminary economic study underway, as well as advancing the excavation of the concrete-lined ventilation shaft”. The preliminary economic study for the project is to be released by year-end 2023.
  • Aura Minerals Inc. filed consolidated financial statements for the period ended on September 30th 2023. Consolidated production from all its mines reached 64,875 Oz AuEq, of which 27,933 Oz AuEq were produced at Aranzazu, in Zacatecas. The AISC of consolidated production was $1,437 per Oz Au. Aura Minerals ended the quarter with a cash balance of $179 M and a net debt of $112.1 M.
  • Gatos Silver Inc. announced third quarter 2023 financial and operating results. The company has a 70% interest in the Cerro Los Gatos mine in Chihuahua, which processed 268.3 K tonnes at a rate of 2,916 tpd, averaging 0.30 gpt Au, 285 gpt Ag, 1.84% Pb, 3.82% Zn, to produce 1.28 K Oz Au, 2.22 M Oz Ag, 9.5 M Lb Pb, 13.8 M Lb Zn, or 3.46 M Oz AgEq at co-product cash cost of $14.42 and a co-product AISC of $17.64 per Oz AgEq. As of October 31, 2023, the company had $57.7 M in cash, no debt and a $50 M revolving credit facility available.
  • Fortuna Silver Mines Inc. reported financial and operating results for the third quarter 2023. The company consolidated production from its operations in several countries was 94,821 Oz Au, 1.68 M Oz Ag. At the San Jose mine in Oaxaca, 247.5 K tonnes were processed at a rate of 2,845 tpd, grading 189 gpt Ag, 1.14 gpt Au, recovering 91% Ag, 91% Au, to produce 1.37 M Oz Ag, 8,205 Oz Au, at a cash cost of $13.84 per Oz AgEq and an AISC of $18.04 per Oz AgEq. Infill drilling led to the discovery of the Yessi vein, a blind structure 200 m horizontally from existing underground infrastructure, with highlighted true width intercepts of 9.9 m @ 1,299 gpt AgEq and 5 m @ 621 gpt AgEq.
  • SilverCrest Metals Inc. released its financial results for the third quarter of 2023 and expanded on October 2023 operational results from Las Chispas mine, in Sonora. During the period the company mined 83,800 tonnes, processing 114,500 tonnes at a daily rate of 1,245 tpd, averaging 4.35 gpt Au, 413 gpt Ag, recovering 98.3% Au, 98.1% Ag to produce 15,700 Oz Au, 1.49 M Oz Ag at cash cost $6.53 per Oz AgEq and an AISC of $12.23 per Oz AgEq. During the quarter 14,183 m of exploration drilling was completed, 83% in resource conversion and the rest in new vein targets, at a cost of $2.8 M. By the end of the Period SilverCrest held 70.0 M in cash and 11.7 M in bullion.
  • Coeur Mining Inc. reported third quarter 2023 financial results including figures from its operations in Mexico. At Palmarejo, in Chihuahua, 501.7 K tonnes were milled, averaging 1.71 gpt Au, 114.1 gpt Ag, recovering 97.6% Au, 86.9% Ag to produce 26,870 Oz Au, 1.60 M Oz Ag at CAS of $917 per Oz Au and CAS of $15.56 per Oz Ag. “The focus of exploration has transitioned from primarily mapping and sampling to more intensive drilling from four rigs during the quarter compared to one rig in the previous quarter…. focused on finding the intersection of structures where there is potential for a higher-grade shoot”. During the period Palmarejo apported 34% of the gold and 69% of the silver produced by Coeur, at the lowest costs per ounce. Full-year production is expected be 100 to 112.5 K Oz Au, 6.5 to 7.5 M Oz Ag at Palmarejo. Coeur ended the quarter with $53 M in cash and $220 M available capacity under its $390 M revolving credit facility and $7 M of marketable securities.
  • Avino Silver & Gold Mines Ltd. released consolidated financial results for the third quarter 2023. At the Avino mine in Durango, 154.5 K tonnes were milled to produce 237 K Oz Ag, 2,077 Oz Au, 1.14 M Lb Cu, or 591.2 K Oz AgEq at cash cost $16.90 per Oz AgEq. Recent deep drilling indicates that “The vein system continues to be open along strike and at depth”.  At the end of the period Avino had $1.85 M in cash and $7.44 M in working capital.
  • Golden Minerals Co. released financial results and business summary for the quarter ending on September 30, 2023. The company is working on “permitting, equipment readiness, arrangements with union staff, contract miners, plant operators and support personnel. The Velardeña mines last operated in November 2015”. Also during the period a PEA report for the Velardeña properties in Durango was filed. Mining activities were concluded at Rodeo, in Durango in June 2023, and continued processing stockpiled material until August, with the pouring of the last doré in September. At the end of the period Golden Minerals held $1.6 M in cash and no debt.
  • MAG Silver Corp. announced unaudited financial results for Q3 2023. At Juanicipio (Fresnillo PLC 56% / MAG Silver 44%) in Zacatecas, 313.1 K tonnes were mined, 322.2 K tonnes processed @ 523 gpt Ag, 1.32 gpt Au, 1.33% Pb, 2.25% Zn, to produce 4.29 M Oz Ag, 7.76 K Oz Au, 7.69 M Lb Pb, 9.59 M Lb Zn at cash cost $4.68 per Oz Ag and an AISC of $9.19 per Oz Ag. The Juanicipio processing facility has achieved nameplate capacity, with Ag recovery above 88%. By the end of the period MAG held working capital of $55.1 M, including cash of $58.5 M and no long-term debt.

ON FINANCING

  • Tocvan Ventures Corp. announced the incoming closing a non-brokered private placement for gross proceeds of up to CAD$500 K (Pilar, Sonora).
  • Golden Minerals Co. announced and closed during the week a public offering, raising US$4.2 M (Velardeña, Durango).
  • Minaurum Gold Inc. granted 1.75 M common share stock options to directors, officers and consultants (Alamos Silver, Sonora).
  • Kootenay Silver Inc. announced that the 10 to 1 consolidation of the outstanding common shares of the company will be made effective on November 14, 2023 (Columba, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. reported results from two diamond drill holes at the Parallel Panel target at the Ana Paula project in Guerrero. This target is 50 m north of the High Grade Panel, and was identified over the last few months. Highlighted core length intervals comprise 14.75 m @ 5.06 gpt Au (including 5.3 m @ 11.7 gpt Au); 18.1 m @ 2.3 gpt Au; 147.05 m @ 4.13 gpt Au (including 16 m @ 11.2 gpt Au and 7.0 m @ 14.5 gpt Au and 8.6 m @ 8.70 gpt Au). “The new holes demonstrate good continuity of width and grade within the Parallel Panel”.
  • Prime Mining Corp. reported expansion drilling results from Los Reyes project in Sinaloa. Highlighted true width intervals comprise 20.10 m @ 2.11 gpt Au, 29 gpt Ag (including 6.30 m @ 5.74 gpt Au, 43 gpt Ag); 5.50 m @ 1.06 gpt Au, 73 gpt Ag (including 1.80 m @ 2.57 gpt Au, 79 gpt Ag); 4.45 m @ 1.04 gpt Au, 8 gpt Ag (including 1.00 m @ 3.26 gpt Au, 20 gpt Ag). “Today’s results, along with previously released holes in this area, have extended mineralization approximately 250m down-dip from the May 2023 resource pits”. There are now six rigs operating at Los Reyes, extending the high-grade Z-T area shoots at depth and along strike, expanding the two other resource areas and exploring new generative targets. “Prime has completed over 48,000 m of its planned 60,000 m 2023 drill program”.

ON DEALS AND CORPORATE ISSUES

  • Pantera Silver Corp. amended the terms of the Nuevo Taxco option agreement to acquire the 1,100-ha project in Guerrero. Under the new terms Pantera is to issue 1.5 M shares in lieu of making a final cash $150 K payment. A final 2 M shares payment will be due on October 30th, 2024 and under the amended terms the vendor has the option to accept the 2 M shares or $150 K cash plus 500 K shares. The final $800 K work commitment has been extended to be competed before the end of 2025.
  • Bear Creek Mining Corp. announced the appointment of Ms. Sandra Daycock Ms. Susan Toews as directors of the company, and Mr. Brian Peer to the position of Chief Operating Officer (Mercedes, Sonora).
  • Gold Resource Corp. presented a review of strategic alternatives. “Notwithstanding the technical successes …… in light of the continued challenges facing the Company, the Company’s Board of Directors has decided to initiate a formal review process, with the assistance of outside financial and legal advisors, to evaluate strategic alternatives for the Company. The comprehensive process will begin immediately and will evaluate a broad range of options to maximize shareholder value, including a potential sale of the Company”.
  • Minaurum Gold Inc. announced the appointment of Dr. Ruben Padilla, PhD to the board of directors (Alamos Silver, Sonora).
  • Osisko Development Corp. presented its third quarter 2023 report, with a few lines on the San Antonio project in Sonora. The company produced 13,591 Oz Au from the San Antonio heap leach since commencing processing of stockpiled inventory in Q1 2022. During Q3 production from the remaining stockpile inventory was completed, with no further production envisaged. “The Company awaits next steps from the government of Mexico with respect to the permitting process”.

ON SOCIAL RESPONSIBILITY

  • Argonaut Gold Inc. released its 2022 Environmental, Social, and Governance (ESG) Report and ESG strategy. For the first time released detailed energy and climate, water management, and biodiversity, with a water recycling rate of 91% on all its mines. Company-wide the Lost Time Injury Rate was lowered from 0.32 in 2021 to 0.07 in 2022. Zero operational disruptions due to labor or community issues.
  • Silver Crest Metals Inc. signed “a collaboration agreement with Comisión Estatal del Agua (CEA) and the municipality of Arizpe to work on agriculture infrastructure, sewage system and water concessions for agricultural use for the local communities”.
  • Avino Silver & Gold Mines Ltd. currently holds “448 direct jobs at the mine, which has increased substantially since the restart of operations in 2021, which typically translates to 3 times the number of indirect jobs for services, consultants and suppliers in the surrounding communities and the Durango area”.  

On the image below: Geologist Julio Carcamo in a Sonoran Desert project. Picture by Jorge Cirett.

Ganfeng Lithium busca diálogo con gobierno de AMLO tras cancelación de concesiones de litio

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Ganfeng Lithium Co. está abierta a formar una sociedad con el gobierno mexicano en un proyecto que convertiría a la nación latinoamericana en un productor comercial del metal para baterías y resolvería una disputa sobre el activo.

Si bien la empresa china está apelando la decisión del gobierno de agosto de cancelar sus concesiones, una alternativa es formar algún tipo de asociación público-privada para un proyecto valorado en más de mil millones de dólares, dijo el jefe de la unidad Bacanora Lithium de Ganfeng. La sugerencia surge….

Favor de continuar leyendo en la fuente: https://www.elfinanciero.com.mx/bloomberg/2023/11/10/ganfeng-lithium-busca-dialogo-con-gobierno-de-amlo-tras-cancelacion-de-concesiones-de-litio/