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

During the 32nd week of the year (August 7th to August 13th, 2017), at least 22 press releases were announced by companies working in Mexico, including eight second quarter reports. ON MEXICO ISSUES, two companies reported the receipt of VAT recovery from the government for $1.3 M and $2.4 M respectively. ON EXPLORATION, in Sonora, Oceanus reported results from underground sampling at El Tigre, while Millrock presented an update on properties under its alliance with Centerra. In Zacatecas, Alset presented drilling results from its lithium property, La Salada. In Guanajuato, Golden Minerals informed on drilling by Electrum of its Celaya property.  ON MINING, Golden Minerals, Torex Gold, Premier Gold, Alio Gold, Pan American Silver, Americas Silver, Primero Mining and Argonaut Gold presented production and/or financial results for the second quarter of 2017. US Antimony reported cost reductions on its operations and Telson resources reported the first concentrates shipment from Tahehueto in Durango. ON FINANCING, no relevant news for the first time in the year.  ON RESOURCES AND DEVELOPMENT, Golden Minerals informed on the acquisition of three more claims and the incoming drilling campaign on its Santa Maria project in Chihuahua. ON DEALS AND CORPORATE ISSUES, Santacruz Silver completed the sale of the Gavilanes project in Durango to Marlin Gold. Colibri completed the acquisition of Canadian Gold, along with its properties in Sonora. McEwen Mining reported on the next semi-annual return of capital instalment.

ON MEXICO ISSUES

  • On VAT recovery. The first company to announce a sizeable VAT recovery in years was Alio Gold, which received $1.3 M in cash before the end of the second quarter. Primero Mining received $2.4 M after the end of the second quarter.

ON EXPLORATION

  • Golden Minerals Co. announced that Electrum Global Holdings L.P. received results of drilling on Golden’s Celaya property in Guanajuato. Results from 5,600 m drilled in seven holes (800 m per hole?) show intercepts of epithermal quartz vein mineralization with Au, Ag, Zn grades that warrant further testing.
  • Alset Minerals Corp. reported partial results from phase one drilling at La Salada salar in Zacatecas, the first of 13 salars to be tested. At La Salada, one deep hole (51.35 m) and 40 auger holes (4.5 – 26.0 m in depth, average 14 m) were completed, both near surface brine samples and extensive lake sediment samples were recovered in the 1,800 m by 900 m salar. Results from five of the holes (the rest are pending) average 14.4 m @ 3.6% K, 975 ppm Li (up to,1860 pm) and 535 ppm B. Water samples average 1.3% K, 1.6% SO4, 258 ppm B, 9 ppm Li, 57 ppm Ca, 36 ppm Mg.
  • Oceanus Resources Corp. presented assay results from sampling at old underground exploration tunnels from the unmined Protectora, Aguilas, Fundadora and Caleigh veins on its El Tigre project in Sonora. The rock chip samples are said to be at least 0.5 m in width (no average width disclosed), and collected every 3-5 m along strike in 13 exploration tunnels. Average results include 3 samples on the Caleigh vein @ 19.9 g/t Au, 2,247 g/t Ag; On the Protectora vein: 20 samples @ 0.2 g/t Au, 437 g/t Ag; 18 samples @ 1.3 g/t Au, 290 g/t Ag; 4 samples @ 2.8 g/t Au, 337 g/t Ag; 16 samples @ 2.2 g/t Au, 473 g/t Ag; 5 samples @ 2.8 g/t Au, 680 g/t Ag; 19 samples @ 0.6 g/t Au, 480 g/t Ag. On the Fundadora vein: 5 samples @ 6.1 g/t Au, 307 g/t Ag; 12 samples @ 1.2 g/t Au, 254 g/t Ag.
  • Millrock Resources Inc. presented an update in exploration, including information on its three properties in Sonora. The La Navidad project was optioned on June, and immediately entered into a JV with Centerra Gold Inc. Presently underway are soil sampling, geological mapping, induced polarization and magnetic surveys. Also in June El Picacho project was optioned and made a “designated project” on the alliance between Centerra and Millrock. Soil sampling, geological mapping, induced polarization and mag surveys are currently being performed. Los Chinos and Los Cuarenta projects options were terminated by Centerra.

ON MINING

  • United States Antimony Corp. reported major cost reductions at its Mexican antimony smelter, as a result of metallurgical changes while increasing production rates. Production at Wadley, San Luis Potosi, is growing with more miners. USAC intends to use its Los Juarez explosives license at Soyatal, Queretaro, which will save money and time. Guadalupe is undergoing road work to re-establish the production of high-grade concentrates. The application for the cyanide permit for the Los Juarez project was resubmitted to SEMARNAT (EPA equivalent) at the end of July, after one item change requested by the agency.
  • Telson Resources Inc. announced that the first shipment of lead and zinc concentrates processed at the Atocha mill has been delivered to Mercuria Commodities Trading, S.A. de C.V.. As of August 1, 2017, the Company has processed approximately 1600 tonnes of ore through the Atocha toll mill producing approximately 66.1 dry tonnes of lead concentrate and 94.5 dry tonnes of zinc concentrate which have been delivered to Mercuria.
  • Golden Minerals Co. presented financial results for Q2 2017. Approximately $1.7 M revenue was received from the oxide plant lease to Hecla, and costs of $0.5 M to the services provided under the lease, for a net operating margin of $1.1 M. The company spent $0.5 M in exploration related primarily to work at the Santa Maria (Chihuahua), Rodeo (Durango) and other properties, as well as holding costs. Cash and cash equivalents balance of $2.7 M at the end of the period.
  • Torex Gold Resources Inc. reported financial and operational results. At El Limón Guajes mine in Guerrero 74,487 Oz Au were produced, as ramp-up continues, with design throughput achieved in June. Plant throughput was 1.2 M tonnes, or 13,063 tonnes per day (tpd), while mine production was 8.4 M tonnes, or 92,044 tpd. The gold recovery rate was 86% on a 2.37 g/t Au average grade, at cash cost $709 per Oz Au and AISC $991. Cash balance of $77.2 M including restricted cash of $15.7 M at the end of the period.
  • Premier Gold Mines Ltd. announced its operational and financial results for the second quarter of 2017. At Mercedes in Sonora 177.9 K tones were milled (1,954 tpd) @ 4.03 g/t Au, 36 g/t Ag; with recoveries at 94.9% Au, 43% Ag, to produce 21,893 Oz Au, 89.5 K Oz Ag. By-product cash cost per Oz Au was CAD$550 and by-product AISC per Oz Au of CAD$688. Quarter end cash balance of $156.8 M (US$120.9 M).
  • Alio Gold Inc. reported second quarter 2017 results. Production at the San Francisco gold mine was 22,011 ounces during the period, at AISC $954 per Oz Au. The San Francisco mine revitalization plan was initiated and the definitive feasibility study (DFS) after the positive pre-feasibility study (PFS) was released and a CAD$50.4 M bought deal financing was completed. The pre-stripping campaign envisions moving 22 M tonnes of waste from the Main and La Chicharra pits over the next 20 months. Cash and cash equivalents at the end of the period were $35.9 M.
  • Pan American Silver Corp. announced Q2 2017 results, including figures from its operations in Mexico. At Dolores in Chihuahua the construction of the agglomeration plant was completed and development for underground mining advanced, with initial stope ore mining expected to initiate before the end of 2017. At La Colorada mine in Zacatecas production achieved 1,800 tpd rates during the last month of the quarter. At La Colorada 1.73 M Oz Ag, 0.94 K Oz Au were produced at cash cost $3.38 per Ag Oz. At Dolores 1.04 M Oz Ag, 22.44 K Oz Au were produced at cash cost $0.12 and at Alamo Dorado in Sonora 0.26 M Oz Ag, 0.69 K Oz Au were produced at cash cost $11.18. Cash and short-term investments of $198.2 M at the end of the period.
  • Americas Silver Corp. disclosed consolidated financial and operational results for the second quarter of 2017. The figures of its operations in Mexico were informed in a previous release. San Rafael in Sinaloa remains on budget and on time to start production by the end of Q3, 2017. Cash balance at the end of the period was $12.8 M.
  • Primero Mining Corp. reported operating and financial results for the second quarter, 2017, including figures form its Mexican operations. At San Dimas 11,903 Oz Au, 0.97 Oz Ag were produced at cash cost $1,144 per AuEq Oz, and AISC $1,650 per AuEq Oz, with operations being impacted by bad relations with unionized employees. “…the Company believes that labour disruptions may continue to adversely affect the Company’s ability to profitably operate the San Dimas…” and “Primero highlights the significant liquidity risk imposed by the pending RFC maturity date of November 23, 2017, and notes that it may not be able to fully repay its debt obligations…”. Cash stood at $12.1 M and $10.0 M available under its existing revolving credit facility (RFC) at the end of the period, with a $33.5 in VAT and $22.8 M income taxes receivable outstanding.
  • Argonaut Gold Inc. announced its financial and operating results for the second quarter of 2017. The consolidated production was 29,730 AuEq Oz at cash cost $785 and AISC $906 per AuEq ounce. At El Castillo in Durango 2.0 M tonnes of ore @ 0.39 g/t Au and 2.65 M tonnes of waste were moved (51 K tpd) to produce 16,927 Oz Au at cash cost $893 per ounce. At La Colorada in Sonora 1.22 M tonnes of ore @ 0.64 g/t Au and 4.77 M tonnes of waste were moved (66 K tpd) to produce 12,098 Oz Au and 38.2 K Oz Ag at cash cost $590 per AuEq ounce. At San Agustin (10 km from El Castillo) mining commenced during the quarter, leach pad and pond construction was completed and the crushers installed, with ore beginning to be staked on the pad in late June. Construction was 75% complete by the end of July. Cash and cash equivalents stood at $53.8 M at the end of the quarter.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Golden Minerals Co. entered into an agreement to acquire three additional claims at the Santa Maria project in Chihuahua for $0.7 M over four years, with an initial payment of $50 K and $30 K in six months. The targets in these claims are to be tested in an upcoming 2,000 m drill program in the third quarter of 2017, while the environmental study to obtain the permit to perform the 200 tpd underground mining envisaged on the preliminary economic assessment (PEA) has been completed.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. entered into a definitive agreement to sell 100% interest in the Gavilanes property in Durango to Marlin Gold Mining Ltd. Santacruz is to settle the outstanding balance on some of the claims by making a $500 k payment and issuing 1.25 M Santacruz shares to the property vendor. Gavilanes is a low sulphidation epithermal deposit in the San Dimas mining district with NI-43-101 compliant 6.1 M AgEq indicated ounces (953 K tonnes @ 200 g/t AgEq), and 28.2 M AgEq inferred ounces (5.4 M tonnes @ 163 g/t AgEq).
  • Santacruz Silver Mining Ltd. settled the outstanding balance owing on certain of the claims included in the Gavilanes project (in Sinaloa) by making a cash payment of US$500 K and 1.25 M Santacruz shares.
  • Colibri Resource Corp. completed the acquisition of Canadian Gold Resources Ltd. Colibri acquired all outstanding shares of Canadian Gold for $4 M, paid by way of issuance of 24.2 M shares to the vendor. Colibri now owns 100% interest in Minera Bestep S.A. de C.V., a private Mexican company that holds 100% (no NSR’s) of the Pilar and the Sun properties near Suaqui, in Sonora.
  • McEwen Mining Inc. reported a revised record date for the next semi-annual return of capital instalment of a ½ cent per share which will be distributed to shareholders of record on August 14, 2017. The distribution will be paid on August 17, 2017.

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

On the picture below, vuggy silica fragment within a felsic tuff in Chihuahua. Photo by Jorge Cirett.

Vuggy quartz at Moreno

ALSET RECOVERS 27,300mg/L POTASSIUM AND 40,000mg/L SULPHATE (SO4) IN BRINE – PLUS 1,860ppm LITHIUM AND 6.5% POTASSIUM IN SOIL – AT LA SALADA SALAR, ZACATECAS, MEXICO

https://www.alsetminerals.com/single-post/2017/08/09/ALSET-RECOVERS-27300mgL-POTASSIUM-AND-40000mgL-SULPHATE-SO4-IN-BRINE—PLUS-1860ppm-LITHIUM-AND-65-POTASSIUM-IN-SOIL—AT-LA-SALADA-SALAR-ZACATECAS-MEXICO

Vancouver, British Columbia: Alset Minerals Corp. (TSXV: ION) (“Alset” or “the Company”) is pleased to report that the phase one drilling program at La Salada salar in Zacatecas, Mexico has been completed. This is the first of 13 salars that will be tested. Alset has a 100% interest in 13 salars covering an area of approximately 4,500 hectares, all within 100 kilometres of the city of Zacatecas.

Highlights of Drilling

  • Grid completed over La Salada salar with 1 deep hole (see Company news release dated 15 May 2017) and 40 auger holes over the majority of known surface salar extent;

  • 38 brine and 428 soil samples recovered;

  • High of 27,300 mg/L potassium (K) in near surface brine with an average of 12,718 mg/L;

  • High of 40,000 mg/L sulphate (SO4) in near surface brine with an average of 16,594 mg/L;

  • High of 1,860 ppm lithium (Li) in soil with an average of 724 ppm;

  • High of 6.45% of potassium (K) in soil with an average of 3.73%;

  • Low exploration costs due to infrastructure (roads and power) around the La Salada salar.

Highlights on the Fourth Week of July, 2017. Mineral Exploration in Mexico

During the 30th week of the year (July 24th to July 30th, 2017), with the presentation of second quarter reports, at least 26 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, gold production decreased 1.7% in 2016 to 4.26 M Oz, but US$2,846 M is to be invested in gold projects between 2017 and 2020. ON EXPLORATION, in Sonora Riverside released first phase exploration results at Cecilia; Aztec released historical drilling results on its Cervantes property. In Durango Southern Silver released drilling results from its Cerro Las Minitas project. In Zacatecas Arian Silver commenced an auger drilling program on its lithium projects; Goldcorp updated exploration efforts in the Altiplano; Zenith completed drilling for lithium in the San Juan salt pan, results pending. In Veracruz Almadex released high grade gold-copper results from continuing drilling at El Cobre. ON MINING, Avino Silver, Americas Silver, Coeur, Goldcorp and Agnico Eagle presented production results for the second quarter of 2017. Great Panther applied for a permit on its tailings facility at Topia, in Durango. ON FINANCING, Torex Gold signed an amended agreement on a credit facility for US$400 M; Santacruz closed the first tranche of a non-brokered private placement for $935 K ON RESOURCES AND DEVELOPMENT, Candelaria submitted a MIA (environmental application) on its Caballo Blanco property in Veracruz. Excellon reported high-grade drilling results from its Platosa mine in Durango. ON DEALS AND CORPORATE ISSUES, Goldcorp and Evrim reached an agreement on La Pinta 6 concession in Zacatecas.

ON MEXICO ISSUES

  • Camimex (Cámara Minera de México) informed 12 companies are to invest US$2,846 M in gold projects between 2017 and 2020 in Mexico, with Torex Gold, Goldcorp and Fresnillo PLC leading the list. Present and coming projects include the expansion of Pan American’s Dolores mine expansion (Durango, 112 M), Argonaut’s San Agustin (Durango, 43 M), Alamos Gold’s La Yaqui (Sonora, 12 M), Torex’s Media Luna (Guerrero, 482 M), Goldcorp’s sulfide leach plant at Peñasquito (Zacatecas, 420 M), Fresnillo’s Orisyvo (Chihuahua, 350 M) and the Fresnillo and Mag Silver’s JV on Juanicipio (Zacatecas, 305 M). In 2016, Mexico produced 4.26 M Oz, a 1.7% reduction on the previous year.

ON EXPLORATION

  • Arian Silver Corp. commenced an auger drill program on its lithium projects in Zacatecas. The properties to be auger drilled down to a vertical depth of 20 m are Pozo Hondo, Columpio and Abundancia, to test lithium grades and volumes.
  • Almadex Minerals Ltd. released results from its more recent drill hole at the Norte zone of its El Cobre property in Veracruz. From 204.1 m an interval of 431.9 m @ 0.86 g/t Au, 0.27% Cu was intercepted, including 40.45 m @ 1.38 g/t Au, 0.43% Cu; 46.2 m @ 1.04 g/t Au, 0.29% Cu; 70.45 m @ 2.32 g/t Au, 0.59% Cu.
  • Aztec Minerals Corp. pretends to drill test its Cervantes property in Sonora by September or October. Results of past drilling by Peñoles on the California target in 1996 include 22.1 m @ 0.21 g/t Au; 23.0 m @ 0.40 g/t Au; 99.4 m @ 0.40 g/t Au (including 29.5 m @ 0.74 g/t Au; 88.1 m @ 0.42 g/t Au (including 16.8 m @ 1.16 g/t Au; 141.1 m @ 0.41 g/t Au (including 40.9 m @ 0.96 g/t Au); 42.6 m @ 0.47 g/t Au. A 50 x 50 m soil survey was completed the previous week on the Jasper copper target, where the IP anomaly of the California target continues. A total of 60 rock chip samples were recently collected at two additional copper oxide locations, and a channel sampling program across the gold soil anomaly will commence shortly on the California target.
  • Goldcorp Inc. released an exploration update on the Altiplano around its Peñasquito mine in Zacatecas. Exploration was focused on ground validation of 13 targets identified on the first quarter, as well as regional rock chip and selective leach soil sampling at a 1 km grid spacing near the mine. Biogeochemical sampling of creosote plants is also to be used. A 15,000 m program of reverse circulation (RC) holes to the top of bedrock is to evaluate targets overlain by Tertiary cover in several valleys. Detailed mapping and re-logging of core from the Noche Buena and Santa Rosa projects was carried out.
  • Riverside Resources Corp. released results from the first phase of exploration at its Cecilia project in Sonora. The second batch of samples include 8.0 and 9.7 m wide zones at the North Breccia zone averaging 3.90 g/t Au and 1.2 g/t Au respectively. About 400 m SW from the North Breccia zone a fault zone assayed 5.4 g/t Au over 3.0 m. Several priority drill targets have been selected and the process for drill permitting has started. The target is a low sulfidation epithermal mineralization system within and beneath a felsic volcanic flow-dome complex which has been defined in an area of 1,200 x 400 m, and over 400 m of vertical span.
  • Southern Silver Exploration Corp. released recent results from its current drilling campaign at Cerro Las Minitas, Durango. The last hole intersected 12.5 m true width (TW) @ 154 g/t Ag, 2.0 g/t Au, 3.2% Pb, 3.9% Zn (including 3.0 m TW @ 329 g/t Ag, 4.6 g/t Au, 7.4% Pb, 7.3% Zn); 9.2 m @ 220 g/t Ag, 0.3% Cu, 3.6% Pb, 5.4% Zn.
  • Zenith Minerals Ltd. completed a shallow drilling program at the Zacatecas Lithium project. The 11 auger holes reached a maximum of 27 m of depth at the San Juan salt pans, recovering sediment and brine samples. The brines were within 5 to 15 m of the surface. Drilling results are expected within four weeks.

ON MINING

  • Avino Silver & Gold Mines Ltd. reported second quarter 2017 production results from its Avino property in Durango. At the Avino mine 115.5 K tonnes were mined, 117.4 K tonnes milled @ 76 g/t Ag, 0.53 g/t Au, 0.49% Cu, recovering 84% Ag, 69% Au, 89% Cu to produce 241.7 K Oz Ag, 1,384 Oz Au, 1.13 M Lb Cu. At the San Gonzalo mine 21.2 K tonnes were mined, 20.1 K tonne milled @ 277 g/t Ag, 1.19 g/t Au, recovering 81% Ag, 74% Au to produce 144.3 K Oz Ag, 570 Oz Au.
  • Americas Silver Corp. provided second quarter 2017 production results, including figures from its Cosalá operations in Sinaloa. At Cosalá 134.8 K tonnes of ore were milled @ 66 g/t Ag to produce 242.5 K Oz Ag, 273.5 K Lb Cu, 1.35 M Lb Pb, 2.9 M Lb Zn, or 564.1 K Oz AgEq at cash cost ($2.43) and AISC ($2.43).
  • Coeur Mining Inc. reported second quarter 2017 financial results, including figures from its operations in Mexico. At Palmarejo in Chihuahua 335.8 K tons were mined @ 155 g/t Ag, 2.49 g/t Au, with 335.4 K tons milled and a recovery rate of 87.3% Ag, 91.1% Au to produce 1.45 M Oz Ag, 24,292 Oz Au. Mining rates were 2,600 tons per day (tpd) at Guadalupe and 1,000 tpd at Independencia. Exploration expenses during the quarter were $3.1 M, to accelerate resource expansion and new target definition efforts.
  • Goldcorp Inc. released its second quarter 2017 results, without detail on figures from its various operations in several countries, including Mexico. The by-product cash cost per gold ounce was $510 and all-in sustaining cost (AISC) $800 per gold ounce.
  • Agnico Eagle Mines Ltd. reported second quarter 2017 results, including information on its Mexican operations. At Pinos Altos in Chihuahua 620 K tonnes were processed (6,811 tpd) @ 2.65 g/t Au, to produce 48,196 Oz Au at cash cost $595 per Oz Au and total cash cost of $373 per Oz Au. In late June a new silver flotation circuit was commissioned, and a 10-12% increase in silver recovery is expected. At Creston Mascota, which operates as a satellite operation to Pinos Altos, 596 K tonnes were processed (6,554 tpd) @ 1.17 g/t Au, to produce 12,074 Oz Au at cash cost $610 per Oz Au and total cash cost $550 per Oz Au. Recent drilling of the Bravo and Madrono zones at Creston Mascota has intersected 18.2 m (TW) @ 1.6 g/t Au; 5.4 m @ 10.9 g/t Au; 12.3 m @ 1.7 g/t Au; 10 m @ 1.4 g/t Au; 13.6 m @ 1.4 g/t Au; 13.6 m @ 1.9 g/t Au; 3.5 m @ 4.2 g/t Au; 8.2 m @ 2.5 g/t Au; 5.4 m @ 3.3 g/t Au. At La India in Sonora, 1.33 M tonnes were processed (14,605 tpd) @ 0.65 g/t Au, to produce 24,211 Oz Au at cash cost $617 per Oz Au and total cash cost $552 per Oz Au. The company is evaluating location options to construct additional pad capacity. At the El Barqueño project in Jalisco, 18,200 m of drilling were completed in 55 holes, focusing on the extension of the Azteca-Zapoteca zone, as well as at the Tecolote, San Diego and Olmeca prospects.
  • Great Panther Silver Ltd. has resubmitted the permit application in connection with the Phase II Tailings Storage Facility (TSF) at Topia, Durango, and expects a response with 60 days from SEMARNAT. Normal operations will continue using the existing Phase I TSF, although the deposition of dry tailings cannot continue indefinitely and avoidance of disruption cannot be assured.

ON FINANCING

  • Torex Gold Resources Inc. signed an amended and restated credit agreement with BNP Paribas, Commonwealth Bank of Australia, ING Capital LLC and SG Americas Securities, in connection with the previously announced secured US$400 M debt facility (Los Guajes-El Limon).
  • Santacruz Silver Mining Ltd. closed the first tranche of the previously announced non-brokered private placement for gross proceeds of $935 K (Rosario, Cinco Estrellas in San Luis Potosi).

ON RESOURCES AND DEVELOPMENT

  • Candelaria Mining Corp. submitted the environmental Impact assessment report (MIA) to SEMARNAT (Mexican environmental authority). The company has already received an exploration permit for a 2,000 m program at the La Paila zone, which holds the current resource. Exploration permits for 7,500 m of drilling on several other areas are under preparation. Additional metallurgical test work, re-design of the conceptual pit, resource update, water supply studies and ore and waste rock characteristic studies are to be advanced.
  • Excellon Resources Inc. reported high-grade drilling results from the current program at the Platosa mine in Durango, of which 15,000 m have been completed on 120 drill holes from surface and underground. Relevant intersections include 2.19 m @ 104 g/t Ag, 2.6% Pb, 1.2% Zn; 3.45 m @ 124 g/t Ag, 5.2% Pb, 5.2% Zn; 6.76 m @ 886 g/t Ag, 8.8% Pb, 20.5% Zn; 1.45 m @ 2,995 g/t Ag, 16.4% Pb, 0.9% Zn; 1.06 m @ 1,171 g/t Ag, 9.3% Pb, 2.9% Zn; 3.70 m @ 1,600 g/t Ag, 6.4% Pb, 8.7% Zn; 1.80 m @ 316 g/t Ag, 3.2% Pb, 0.9% Zn; 1.30 m @ 287 g/t Ag, 6.3% Pb, 0.6% Zn; 1.27 m @ 3,574 g/t Ag, 28.2% Pb, 18.7% Zn; 2,10 m @ 1,238 g/t Ag, 5.3% Pb, 2.9% Zn.

ON DEALS AND CORPORATE ISSUES

  • Goldcorp Inc. reached an agreement with San Marco Resources Inc. to acquire the La Pinta 6 concession, adding 80 Km2 contiguous to Noche Buena, providing early stage targets.

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

On the picture below, kaolin mine in argillitized tuffs in eastern Chihuahua. Photo by Jorge Cirett.

DSCN7036

Zenith Minerals – Exploration Update – USA & Mexico Lithium Projects

http://www.zenithminerals.com.au/aurora/assets/user_content/file/ZNC%202017/170727%20ZNC_Exploration%20Update%20-%20USA%20&%20Mexico%20Lithium%20Projects.pdf

Zacatecas Lithium Brine Project – Mexico
Shallow auger drill program completed testing for lithium in near surface sediments and brines;
Drilling successfully intersects brine in all holes at shallow depths;
Assay results anticipated late-August.

Zenith Minerals Limited (“Zenith” or “the Company”) is pleased to provide an update on its USA and Mexican lithium exploration projects. Shallow auger drilling has recently been completed at the Zacatecas lithium brine project, metallurgical testwork is ongoing on Burro Creek samples whilst the permitting process to allow resource drilling to commence at Burro Creek is progressing well. In addition, new geophysical results from the Wilson Salt Flat project provide a robust lithium brine drill target. All work was fully funded by Bradda Head Ltd under the American Lithium Joint Venture.

ARIAN SILVER – COMMENCEMENT OF DRILL PROGRAMME

http://www.ariansilver.com/assets/docs/nr/nr-2017-07-24-drilling-commencement.pdf

Arian Silver Corporation (“Arian” or the “Company”), the Mexico focused AIM quoted resource exploration and development company is pleased to report that it has commenced an auger drill programme on its lithium projects in Zacatecas. The drill programme is designed to test lithium grades and volumes at each of the Company’s three lithium projects, located in Zacatecas, Mexico.

The drill programme will test down to a vertical depth of approximately 20 metres and may be extended if warranted by initial observations.

The drill programme will be conducted by ODB, S.A. de C.V., a drilling company based in Mexico City, and overseen by Miguel Barahona, Arian’s Director of Operations in Mexico. The samples will be analysed by ALS Global in Zacatecas.

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

During the 28th week of the year (July 10th to July 16th, 2017), with the reporting of second quarter reports, at least 21 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora Pan American Silver is drilling La Negra. In Sinaloa Santana released drilling results from Cuitaboca. In Durango Southern Silver released more assays from drilling at Cerro Las Minitas. In Chihuahua Harvest Gold updated its exploration effort at Cerro Cascaron., and In Veracruz Mexican Gold has awarded a ground magnetic survey on its Las Minas project.  ON MINING, First Majestic, McEwen Mining, Fortuna Silver, Great Panther, Cozamin and Endeavour Silver presented production results for the second quarter of 2017. Excellon achieved dry mining conditions at Platosa.  ON FINANCING, Silver Bull completed the first tranche of a private placement, raising CDN$1.46 M, while Silver Spruce raised $166.5 K. ON RESOURCES AND DEVELOPMENT, Leagold presented results from 20 holes on the Bermejal underground deposit. ON DEALS AND CORPORATE ISSUES, Alset acquired five more salars in Zacatecas and Leagold received approbation from government’s agency COFECE respect financing in connection with the Los Filos mine purchase.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Kootenay Silver Inc. informed that Pan American Silver Corp. commenced a drill program on La Negra, a silver discovery within its Promontorio project in Sonora. The program will total over 4,000 meters of core drilling over 25 holes, focusing in infill drilling and step out holes to depth.
  • Santana Minerals Ltd. reported the remainder assay results for the recently completed RC drill program at the Mojardina prospect within its Cuitaboca project in Sinaloa. Highlights comprise 6 m @ 100 g/t Ag, and 12 m @ 148 g/t Ag in one hole; 32 m @ 104 g/t Ag and 5 m @ 93 g/t Ag in other hole; 12 m @ 118 g/t Ag; 5 m @ 121 g/t Ag. A new zone of mineralization was identified at the south end of the structure and mineralization remains open at depth and along strike below Evangelina and Las Animas.
  • Southern Silver Exploration Corp. reported further assay results deeper on the hole previously reported with copper enrichment (32.8 m @ 105 g/t Ag, 0.9% Cu) at its Cerro Las Minitas project in Durango. The new intercepts include 1.8 m @ 406 g/t Ag, 3.8% Cu, 0.6% Pb, 0.6% Zn; 8.1 m @ 49 g/t Ag, 1.2% Cu. “The entire mineralized interval occurs within a broad zone of veined sulphides and breccia that extend into the skarn-altered margin of the central intrusion and is significant in that it represents the thickest zone of higher grade mineralization hosted within the monzonite identified to date. The interval is strongly copper enriched (up to 3.7% over 4.8 metres) and may represent a transition into a mineralized endoskarn which remains open down-dip and along strike to the northeast.”
  • Harvest Gold Corp. provided an update on exploration at its Cerro Cascaron project in Chihuahua. In the Main Cerro Cascaron vein Field a low to intermediate sulfidation epithermal system includes 14 veins 70 to 1,980 m in length (over 11 km cumulative length), where some good intervals sampled include 1.3 m @ 12 g/t Au, 54 g/t Ag; 0.9 m @ 10.5 g/t Au, 46 g/t Ag; 1.4 m @ 5.6 g/t Au, 45 g/t Ag; 5.4 m @ 2.1 g/t Au, 14 g/t Ag; 6.3 m @ 2.1 g/t Au, 29 g/t Ag. The 200 m by 300 m Stockwork area presents multiple sub-parallel structures and breccias cutting the lower part of the rhyolite sequence. La Reyna/El Rico Veins are tourmaline rich silver and base metals veins and breccias where grab samples have returned up to 1.8 g/t Au, 516 g/t Ag. At La Prieta target tourmaline and quartz in a hydrothermal breccia returned 0.56 to 39.7 g/t Au in four samples. The Divisadero Veins are in the largest alteration zone, with limited sampling returning 0.1 to 599 g/t Ag, and locally up to 9.2 g/t Au. At La Cascarita intermediate sulfidation veins and breccias up to 3 m in width have been traced for over 150 m and are still open to the NE and SE. initial sampling here has returned up to 1,170 g/t Ag, 2.7 g/t Au, 1.0% Zn, 1.6% Pb.
  • Mexican Gold Corp. has engaged Geofisica TMC to complete a ground magnetic survey at the Cinco Señores zone at Las Minas, Veracruz.

ON MINING

  • First Majestic Silver Corp. reported second quarter 2017 production results from its six mines in Mexico. The company processed 691.8 K tonnes (7,603 tonnes per day, or tpd) averaging 130 g/t Ag, to produce 2.29 M Oz Ag, 15,186 Oz Au, 7.6 M Lb Pb, 860 K Lb Zn.First Majestic Produces 3.9M Silver Eqv3
  • McEwen Mining Inc. reported production results for Q2 2017, including 9,780 AuEq Oz from El Gallo mine in Sinaloa. Production in the second half of the year is expected to improve with the higher gold grade to be mined.
  • Fortuna Silver Mines Inc. released second quarter 2017 production results, including information from the San Jose Mine in Oaxaca, where 268.4 K tonnes were milled (1,483 tpd) @ 238 g/t Ag with a recovery of 91.8% to produce 1.887 M Oz Ag; and 1.82 g/t Au with a recovery of 91.5% to produce 14,410 Oz Au.
  • Excellon Resources Inc. has achieved dry mining conditions and completed its mine optimization plan at Platosa, in Durango. Two booster stations and 12 submersible pumps were installed and commissioned; drawdown rates met or exceeded the forecasts, with pumping rates over 30 K gpm. The mine still has to transition to higher production rates, possible under dry mining conditions.
  • Great Panther Silver Ltd. announced production results for the second quarter 2017. At the Guanajuato Mine Complex 80.5 K tonnes were milled @ 150 g/t Ag, 2.32 g/t Au, recovering 89.5% Ag, 87.2% Au, to produce 348.1 K Oz Ag, 5,247 Oz Au. At Topia in Durango, 18,041 tonnes were milled @ 414 g/t Ag, 0.74 g/t Au, recovering 92% Ag, 68.6% Au, to produce 221.1 K Oz Ag, 296 Oz Au, 405 tonnes Pb, 638 tonnes Zn. The company continues its efforts to obtain the Phase II permit on the tailings storage facility.
  • Endeavour Silver Corp. reported its production results for the second quarter 2017, when 1.143 M Oz Ag, 13,057 Oz Au were produced on its three Mexican mines.Endeavour SilverNews2
  • Capstone Mining Corp. announced production results for the second quarter 2017, including from its Cozamin mine in Zacatecas. By processing 230.8 K tonnes (2,536 tpd) @ 1.85% Cu, 0.55% Zn, 0.07% Pb, 40 g/t Ag (recoveries of 96.1% Cu, 62% Zn, 11.4% Pb, 79.6% Ag) 3,774 tonnes of copper plus Zn and Pb concentrates were produced.

ON FINANCING

  • Silver Bull Resources Inc. has completed the initial tranche of its previously announced private placement, for aggregate gross proceeds of CDN$1.46 M (Sierra Mojada, Coahuila).
  • Silver Spruce Resources Inc. closed its current non-brokered private placement and raised gross proceeds of $166.5 K (Pino de Plata, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Leagold Mining Corp. reported drilling results for the first 20 holes of its infill and step-out exploration program in the Bermejal Underground deposit at the Los Filos mine in Guerrero. Over 12,900 m (23%) of the 56,000 m program have been completed, with eight diamond rigs and two reverse circulation rigs in operation. The mineralization occurs along contacts between the intrusive and the carbonate host rock, extending approximately 1,600 meters along the strike of the intrusive contact and has a vertical depth extent of over 600 meters. True width intercepts include 18.8 m @ 7.2 g/t Au; 13.3 m @ 6.8 g/t Au; 2 m @ 26.3 g/t Au; 18.9 m @ 3.8 g/t Au; 16.35 m @ 5.0 g/t Au; 25.96 m @ 3.3 g/t Au; 8.24 m @ 6.0 g/t Au; 1.52 m @ 20.2 g/t Au.

ON DEALS AND CORPORATE ISSUES

  • Alset minerals Corp. will acquire 100% interest in five more salars in zacatecas by issuing 4 M shares plus a 2.5% NSR to Hot Spring Mining, a Mexican mining company. Alset will have the right to purchase up to 1.5% of the NSR for CAD $500 K for each half-percent. Two managing partners of Hot Spring Mining will be paid a consulting fee of $1500 CAD each per month for an initial six month period which can be extended.
  • Leagold Mining Corp. received approval from the Mexican anti-trust commission (COFECE) with respect to the US$ 29 M subscription receipt financing provided by a fund managed by Orion Resource Partners in connection with the acquisition of the Los Filos mine from Goldcorp.

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

On the picture below, porphyritic andesitic dike with chilled margins intruding andesitic tuffs in Jalisco. Photo by Jorge Cirett.

IMG_4536 - copia

Alset Minerals Acquires New Salars for Lithium and Potassium Exploration

https://www.benzinga.com/content/9765265/alset-minerals-acquires-new-salars-for-lithium-and-potassium-exploration

Vancouver, British Columbia–(Newsfile Corp. – July 11, 2017) – Alset Minerals Corp. (TSXV: ION) (“Alset” or “the Company”) is pleased to announce it has acquired 5 additional salars bringing the total to 12 salars in Mexico. Alset now has a major land position in a new province of highly prospective salars that were identified in the 1980s by the Servicio Geologico Mexicana (SGM) when they declared the region including the states of Zacatecas and San Luis Potosi, Mexico as having the highest priority for lithium.

Both lithium and potassium, have been found in Alset’s original salars, as well as other minerals such as boron that are important for fertilizers. Much like other salars throughout the world, lithium and potassium and other minerals are found to co-exist in both the brines and in the soils. This is somewhat unique in the mining sector as these mineral occurrences essentially outcrop across the entire salar.

Wealth Strengthens Board Appoints New Director

http://www.wealthminerals.com/news/2017/07/10/wealth-strengthens-board-appoints-new-director

FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN), reports that it has strengthened its board of directors with the appointment of Gordon Neal to serve as a director.

“Gord’s experience within the institutional investment community will be of paramount importance to Wealth as we move our lithium brine assets forward,” stated Henk van Alphen, Wealth’s CEO. “I have worked with Gord on other boards and have seen firsthand his attention to value creation for all shareholders and his understanding of capital markets. Wealth’s market capitalization has grown from under $10 million to almost $150 million in the last two years and as we continue to move forward I look forward to drawing on the depth of board experience that is available to the Company.”

Highlights on the Fifth Week of June, 2017. Mineral Exploration in Mexico

During the 26th week of the year (June 26th to July 2nd, 2017), at least 25 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sinaloa, Santana Minerals reported drilling results from Cuitaboca; In San Luis Potosi Zenith Minerals started drilling for lithium; in Veracruz Almadex released more drilling results from a new zone at El Cobre; In Zacatecas, Galore terminated an unsuccessful drill program on the San Jose claim.  ON MINING,  Mexus Gold continues with the start-up of the Santa Elena mine in Sonora,  Arian Silver presented financial results for 2016. Santacruz reached a high-grade zone on the Membrillo vein in San Luis Potosi. ON FINANCING, Alio Gold raised CDN$50 M; Minera Alamos closed a private placement for $5.4 M; Minaurum received $3.5 M from warrants; Wealth Minerals obtained $3.3 M on the first tranche of a non-brokered private placement; Santacruz is to run a non-brokered private placement for $5 M; Monarca  Minerals settled a $463 K debt by issuing shares; Hecla announced a cash tender offer for its 6.875% senior notes, due 2025. ON RESOURCES AND DEVELOPMENT, Goldgroup informed the Switchback vein system in Oaxaca continues to grow; Oceanus released the full assays on a high-grade intercept at El Tigre, Sonora. ON DEALS AND CORPORATE ISSUES, Teck agreed to purchase the 21% interest held by Goldcorp on San Nicolás, Zacatecas; On the San Jose concession in Zacatecas, an unsuccessful drill program ended with the termination of Galore’s VP of Exploration. Santacruz is to sell its Gavilanes project in Durango.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Zenith Minerals Ltd. commenced a near surface, 11 auger holes, drill program on a salt pan 4 km long by 2 km in width in San Juan del Salado, San Luis Potosi . The drilling is to test for near surface lithium brines to a maximum depth of 25 meters. Both sediments and brines are to be sampled.
  • Almadex Minerals Ltd. received assays for the top 300 m of its first hole in the El Encianl zone of the El Cobre project in Veracruz. A 296.7 m intercept @ 0.32 g/t Au, 0.13% Cu includes 51.73 m @ 0.42 g/t Au, 0.17% Cu; and 100.47 m @ 0.44 g/t Au, 0.15% Cu. Almadex interpretation is that this hole intercepted significant mineralization that is proximal to a porphyry core.
  • Galore Resources Inc. announced that a troublesome drilling program at its San Jose claim in Zacatecas was terminated (see below) after it was forced to abandon its first hole. The company has decided to focus the exploration on the adjoining El Alamo claim, which differs significantly in mineralization style.
  • Santana Minerals Ltd. reported assay results for the first RC (reverse circulation) drill holes testing the southern extension of the Mojardina prospect at its Cuitaboca project in Sinaloa. Shallow drill intercepts include 53 m @ 47 g/t Ag; 15 m @ 100 g/t Ag; 7 m @ 53 g/t Ag, all of these less than 3 m from the surface.

ON MINING

  • Mexus Gold US. continues in the start-up period of cyanide leaching at its Santa Elena mine in Sonora, near Caborca (not to mistake with First Majestic’s Santa Elena mine, also in Sonora).
  • Arian Silver Corp. presented its financial results for 2016. During this period the company divested of the Calicanto silver project in Zacatecas, and focused in lithium properties in the Altiplano. At the end of the year the company had US$1.3 M in total assets, of which US$0.4 M was cash, with total liabilities for US$0.1 M. Twelve concessions were still held on four projects: San Celso, Los Campos, La Africana and Calicanto, and three other properties near San Celso.
  • Santacruz Silver Mining Ltd. intersected the high-grade zone of the Membrillo vein at the Membrillo prospect in San Luis Potosi. Eight muck samples from the production drift assayed 0.10-0.59 g/t Au, 8-121 g/t Ag, 0.12-0.40% Pb, 0.62-7.07% Zn over 0.40 – 0.90 m of true thickness of the vein. “Management anticipates delivering 250 tpd of material from the Membrillo Prospect to the Rosario mill for processing during the third quarter of 2017.”

ON FINANCING

  • Monarca Minerals Inc. settled an aggregate of $463 K in debt with certain of its creditors. Concept Capital Management Inc. now owns 6.5% and 13.9% of the issued and outstanding common shares (Tejamen, Durango).
  • Santacruz Silver Mining Ltd. announced a non-brokered private placement aiming to collect gross proceeds of up to $1.5M (Veta Grande , Zacatecas).
  • Alio Gold Inc. entered into an agreement with a syndicate of underwriters who accepted to purchase units of Alio Gold for gross proceeds of CDN$50M. The net proceeds of the offering will be used to advance its Ana Paula project in Guerrero.
  • Hecla Mining Co. announced a cash tender offer for its outstanding 6.875% senior notes due 2021, of which there is $605 M aggregate principal amount outstanding (San Sebastian, Durango).
  • Minera Alamos Inc. closed the previously announced private placement for gross proceeds of $5.4 M (La Fortuna, Durango).
  • Minaurum Gold Inc. received proceeds of $3.5 M from the exercise of warrants issued on 2015 (Alamos project, Sonora).
  • Wealth Minerals Ltd. closed a portion of the non-brokered private placement previously announced , for gross proceeds of $3.33 M (Coronado, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Gold Resource Corp. informed the continued expansion of the Arista Mine’s Swichtback vein system in Oaxaca. The new drill intercepts extend the known mineralization to 625 m along strike, still open in all directions. Drill hole intercepts include 5.25 m @ 1.2 g/t Au, 40 g/t Ag, 0.6% Cu, 1.4% Pb, 7.4% Zn; 5.08 m @ 3.2 g/t Au, 261 g/t Ag, 1.3% Cu, 4.3% Pb, 11.8% Zn; 6.64 m @ 1.49 g/t Au, 220 g/t Ag, 0.7% Cu, nil Pb, 13.2% Zn.
  • Oceanus Resource Corp. released final assays for hole ET-17-144 on the Protectora vein of El Tigre property in Sonora. In a previous release the 0.85 m drill intercept (0.80 m true width, or TW) returned 37.2 g/t Au, 7,339 g/t Ag, and the new release adds assays of 2.84% Cu, 1.38% Pb, 4.06% Zn to the same interval. The nearby Palomitas tunnels have historical reports of 1.1 m @ 3.77 g/t Au, 1,714 g/t Ag (50 Oz/ton).

ON DEALS AND CORPORATE ISSUES

  • Teck Resources Ltd. entered into a binding agreement with Goldcorp Inc. to purchase its 21% minority interest in the San Nicolás project, for cash consideration of $50 M. On completion of the transaction Teck will own 100% of the San Nicolás project in Zacatecas.
  • Galore Resources Inc. decided to terminate drilling at the San Jose claim in Zacatecas, after the driller run a program plagued by mechanical issues. The decision to cease drilling resulted in the termination of the VP of Exploration.
  • Santacruz Silver Mining Ltd. signed a letter of intent to sell its Gavilanes project in Durango to an arm’s length third party.

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

On the picture below, at least two stages of epithermal quartz veining in fine grained sandstone near Aldama, Chihuahua. Photo by Jorge Cirett.

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Wealth Closes Tranche of Non-Brokered Private Placement

http://www.wealthminerals.com/news/2017/06/29/wealth-closes-tranche-of-non-brokered-private-placement-2017-06-29

FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZ), announces that today it has closed a portion of the non-brokered private placement previously announced on June 2, 2017 (the “Placement”). The closing consisted of the issuance of a total of 2,150,092 shares at a price of $1.50 per share for gross proceeds of $3,224,688. All shares issued by the Company will have a four-month hold period in Canada ending on October 30, 2017. In addition, finder’s fees will be paid in cash and/or shares. The Company has received a 30-day extension from the TSX Venture Exchange to close a final tranche, which is anticipated to close before July 12, 2017.