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

IMG_2620 - copia

By Jorge Cirett

During the 42nd week of the year (October 14th to October 20th, 2019), at least 29 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, The Congress dominated by Morena approved a bill dramatically changing the rules od operation of the Mining Fund for 2020 . ON EXPLORATION, in Sonora, Magna Gold released drilling results for its Mercedes project, and announced new exploration targets. In Sinaloa, Oroco Resource commenced work at the Santo Tomas project. In Durango, Gainey Capital commenced drilling at Las Margaritas. In Veracruz, Azucar Minerals discovered another mineralized center at El Cobre.  ON MINING, Sierra Metals, Fortuna Silver, Avino Silver, Gold Resource and McEwen Mining released third quarter 2019 production results. Argonaut Gold reported an accident that resulted in the death of two contractor’s employees at La Colorada, in Sonora. ON FINANCING, Kootenay Silver closed a $2 M private placement. Gainey Capital granted options to directors, officers, employees and consultants. Candelaria Mining discontinued a private placement due to unfavorable market conditions. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals reported development mining sampling has returned less tonnage but more AgEq ounces at its Las Chispas property in Sonora. Azure minerals is planning a two-stage drill program at the Loma Bonita gold target of its Alacran property in Sonora. ON DEALS AND CORPORATE ISSUES, Tamino Minerals elaborated on the company’s history and incoming work at its El Volcan project in Sonora. Bacanora Lithium presented the current situation of Ganfeng’s investment on the company. Megastar Development entered into an option agreement regarding the Cerro Minas concession in Oaxaca. Riverside Resources released information on its BHP financing agreement for generative copper exploration in NW Sonora. Golden Minerals entered into an option agreement with Magellan Gold to sell its interest in the Santa Maria project in Chihuahua. ON SOCIAL RESPONSIBILITY. The Grupo Mexico Foundation donates 175 K trees in Queretaro. Ternium granted scholarships to 145 students. Esperanza Silver presented a sustainable project in Morelos.

ON MEXICO ISSUES

  • The Camara de Diputados (Deputies Chamber, or Congress) approved legal reforms concerning the use of the Mining Fund. The changes were approved only by the Morena party and allied members, taking away the planning and overseeing of funds (generated by a special tax on mining) from local mining municipalities, enforcing what is seen as federal discretional use.

ON EXPLORATION

  • Gainey Capital Corp. commenced a diamond drilling campaign at the Las Margaritas project in Durango. This initial phase comprises 1,080 m of drilling in 11 holes focused on the best mineralization exposed at the surface, where sampling has returned up to 73.7 gpt Au.
  • Azucar Minerals Ltd. Announced the discovery of another mineralized center at its El Cobre project in Veracruz. Two holes tested the El Primo target area, defined by a gold, copper and molybdenum soil anomaly. Relevant intervals comprise 5.25 m @ 0.60 gpt Au, 0.26% Cu and 8.45 m @ 0.20 gpt Au, 0.29% Cu in one hole and 200 m @ 0.40 gpt Au, 0.24% Cu in another hole, including 86.50 m @ 0.70 gpt Au, 0.42% Cu; which includes 55.60 m @ 0.94 gpt Au, 0.56% Cu; which includes 10 m @ 1.44 gpt Au, 0.85% Cu. This target is at least a kilometer away from other already identified mineralized centers within the property.
  • Oroco Resource Corp. commenced technical field work, initial environmental baseline studies and permitting at its Santo Tomas project in Sinaloa. This work is to be followed by a 3D induced polarization geophysical survey and the first phase of confirmation diamond drilling. The company holds an option to acquire a 56.7% interest in the 1,173 ha core concessions of the project, and might increase that interest up to an 81.0% interest with a project investment of up to CAD$30 M. Oroco also holds a 77.5% interest in 7,808 ha surrounding and adjacent to the core concessions.

ON MINING

  • Argonaut Gold Inc. informed on an accident involving a contractor that resulted in death by electrocution of two individuals while performing maintenance work on a haul truck at La Colorada mine in Sonora. Operations were suspended on October 11 and resumed on October 12, 2019.
  • Sierra Metals Inc. reported third quarter 2019 production, including figures from its Mexican operations. At Bolivar in Chihuahua, 331.8 K tonnes were processed at a 3,792 tonnes per day rate (tpd) @ 0.86% Cu, 20.5 gpt Ag, 0.31 gpt Au, recovering 81.3% Cu, 79.0% Ag, 62.3% Au to produce 5.115 M Lb Cu, 173 K Oz Ag, 2,173 Oz Au. At Cusi, also in Chihuahua, 70.4 K tonnes were processed at an 805 tpd rate @ 141.5 gpt Ag, 0.15 gpt Au, 0.14% Pb, recovering 84.6% Ag, 39.6% Au, 78.3% Pb to produce 271 K Oz Ag, 135 Oz Au, 168 K Lb Pb.
  • Fortuna Silver Mines Inc. disclosed production results for the third quarter 2019, including figures from its Mexico operations. At San Jose in Oaxaca, 268 K tonnes were milled @ 219 gpt Ag, 1.40 gpt Au, recovering 82.4% Ag, 90.6% Au, to produce 1.71 M Oz Ag, 10,942 Oz Au, at a cash cost per ton of US$70.80.
  • Avino Silver & Gold Mines Ltd. released third quarter 2019 production results from its Avino property in Durango. Consolidated figures comprise 202.7 K tonnes processed @ 44 gpt Ag, 0.33 gpt Au, 0.33% Cu, recovering 76% Ag, 67% Au, 68% Cu to produce 221.9 K Oz Ag, 1,448 Oz Au, 1.38 M Lb Cu. At the Avino mine 122.2 K tonnes were processed @ 41 gpt Ag, 0.31 gpt Au, 0.58% Cu to produce 139.4 K Oz Ag, 900 Oz Au, 1.3 M Lb Cu; 17.8 K tonnes were processed from the San Gonzalo mine stockpiles (the mine is now closed) @ 56 gpt Ag, 0.41 gpt Au to produce 29.6 K Oz Ag, 194 Oz Au; From historic above ground stockpiles 62.6 K tonnes were processed @ 47 gpt Ag, 0.33 gpt Au, 0.33% Cu to produce 232.1 K OZ Ag, 1,528 Oz Au, 311 K Lb Cu.
  • Gold Resource Corp. reported preliminary production for the third quarter 2019, including figures from its operations in Mexico. At the company’s Oaxaca Mining Unit, a total of 7,462 Oz Au, 473.8 K Oz Ag, 492 tonnes of copper, 2,459 tonnes of lead and 6,057 tonnes of zinc were produced.
  • McEwen Mining Inc. released production details for the third quarter 2019, including figures from its Mexican operations. At its El Gallo property in Sinaloa, 3,018 Oz Au were produced by residual leaching of the heap leach pad.

ON FINANCING

  • Kootenay Silver Inc. closed its non-brokered private placement of $2 M that was fully subscribed by Ninepoint Silver Equities Class with Sprott Asset Management LP acting as sub-advisor. (Columba, Chihuahua).
  • Candelaria Mining Corp. announced that a private placement previously announced has been discontinued due to unfavorable market conditions. The company intends to conduct an offering on a non-brokered private placement basis for aggregate gross proceeds of up to $700 K. Closing of the new private placement is expected to be on November 30, 2019 (Caballo Blanco, Veracruz).
  • Gainey Capital Corp. granted 1.5 M incentive stock options to its directors, officers employees and consultants (Las Margaritas, Durango).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. informed development work has intersected better grades than those in the resources estimate for the Babicanora vein at its Las Chispas property in Sonora. Underground mining along 180 m of the Babicanora vein (20% of the mineralized length on area 51) reported 33% less tonnes, but 65.7% more AgEq ounces for the interval. In total 4,170 tonnes were extracted @ 15.18 gpt Au and 1,071 gpt Ag (2,209 gpt AgEq), while the resource estimate in this zone graded 4.48 gpt Au and 556 gpt Ag (892 gpt AgEq). Underground sampling returned up to 2.8 m @ 94.52 gpt Au, 8,320 gpt Ag (15,409 gpt AgEq). SilverCrest plans to have a stockpile of 25-30 K tonnes of high-grade material containing 800 K to 1 M Oz AgEq, extracted by development work to the end of 2019.
  • Azure Minerals Ltd. is planning a two-stage drill program on resource expansion at Loma Bonita, within the Alacrán project in Sonora. High-grade intersections on the resource boundary, like 47 m @ 2.8 gpt Au, 33 gpt Ag and 67 m @ 1.6 gpt Au, 21 gpt Ag (both from surface) favor the continuity of the ore body. First pass sampling of historical workings south of Cerro Alacrán returned up to 3,675 gpt Ag, 21.1 gpt Au, 2.3% Cu, 33.5% Pb, 21.0% Zn. Applications for environmental approval have been submitted.

ON DEALS AND CORPORATE ISSUES

  • Tamino Minerals Inc. elaborated into the long and convolute company history and financing (El Volcan, Sonora).
  • Bacanora Lithium PLC. Announced the completion of the “Invested Agreement and Offtake Agreement” which together make the “Strategic Investment” of Ganfeng Lithium Co.. The relevant approvals have been completed and Bacanora has now received £21.96 M of funds from Ganfeng, for a 29.99% equity interest in Bacanora Lithium PLC and a 22.5% JV investment directly in the Sonora Lithium Project. The vice-president of Wangfeng was appointed a director of Bacanora. “The Bacanora project team in Mexico continues to progress the final design work for the mine, concentrator and kiln sections of the processing plant. The Ganfeng technical team has initiated work on the hydrometallurgical circuit…”
  • Tamino Minerals Inc. informed it is going to present a NI 43-101 report on its El Volcan property in Sonora once a registration statement is filed to the SEC and the company becomes fully reporting.
  • Megastar Development Corp. has entered into an option agreement with Gunpoint Exploration Ltd. to acquire 100% interest in the 899 ha Cerro Minas mining concession (title (234333) in Oaxaca. The agreement entails the payment of US$10 K and 100 K Megastar shares on the effective date, US$20 K and 150 K shares on the first anniversary, US$30 K and 250 shares on the second anniversary and US$40 K and 300 K shares on the third anniversary, with Gunpoint retaining a 1.5% NSR royalty, of which 0.5% can be bought by US$1.0 M.
  • Riverside Resources Inc. informed that the first two to three quarters of the exploration financing agreement with BHP for generative copper exploration in NW Sonora will be centered on regional prospect generation. The program envisages a minimum two-year US$2 M budget, and upon advancing projects to the operation phase (Phase II), BHP has the option to fund up to US$5 M for drilling and other exploration expenditures. Riverside is to receive US$200 K by project that makes it to the second phase.
  • Golden Minerals Co. entered into an option agreement with Magellan Gold Corp. to sell its rights to acquire a 100% interest in the Santa Maria project, in Chihuahua. Magellan has a 150 days due diligence period to decide whether to execute the option, on which it has to pay $1 M cash, with Golden Minerals retaining a 6.5% royalty until a total of $3 M has been paid as royalty, with Golden retaining a 3% NSR royalty for the life of the mine. If Magellan fails to get the mine to production within one year from closing the deal, Golden will get back the property.

ON SOCIAL RESPONSIBILITY

  • The Grupo Mexico Foundation donates 175 plants and trees in Queretaro. Grupo Mexico is aiding to reach the goal of planting 250 thousand trees in the Queretaro municipality. Grupo Mexico is the number one producer of tree saplings in the country.
  • Ternium delivers scholarships and supports education in a mining zone. The Roberto Rocca Education Program and the Universidad de Colima granted this year scholarships to 145 students from universities in Mexico City, Nuevo Leon, Coahuila, Veracruz, Puebla, Colima and Michoacan. Since its inception in 2006, the Roberto Rocca Education Program has granted 3,000 scholarships.
  • Esperanza Silver (Alamos Gold) presented a sustainable project for the Esperanza project in Morelos. The project involves the company’s involvement in the remediation of a nearby community landfill, and the collaborative support on the Lagunas de Zempoala, the national park Tepozteco, the biological corridor Ajusco-Chichinautzin as well as the state parks El Texcal, Sierra Montenegro and the biosphere reserve Sierra de Huautla.

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

On the image below:  Gneiss hosted quartz-feldspar veinlet from a project in Oaxaca. Picture by Jorge Cirett.

IMG_2620 - copia

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

Quartz vein displaying lattice  bladed texture

By Miguel A Heredia

During the thirty-nine week of the year (September 23th to September 29th, 2019), at least 21 press releases were announced by companies working in Mexico, with seven informing on exploration results, six disclosing deals and corporate issues, three announcing financial rounds, two communicating production results, one reporting on resources and development of their projects, one commenting on Mexican issues, and one notifying on social responsibility.  ON MEXICO ISSUES, Los Gatos mine was inaugurated in San José del Sitio, Chihuahua with an investment of USD $366M.  ON EXPLORATION, In Baja California Norte, One World Lithium announced the continuation of the phase 3 drilling program at its Salar del Diablo project. In Sonora, Ridgestone released historical assays results from its Rebeico project. In Chihuahua, Kootenay reported drilling results from its Columba project.  In Durango, Canasil reported high grade sampling results from its Nora property. In Jalisco, GoGold released drill results from its Los Ricos project. In Veracruz, Mexican Gold announced 3,000m of drilling and its exploration plan for the remainder 2019 on its Las Minas project, and Azucar Minerals released drilling results from its El Cobre project. ON MINING, Mexus Gold provided an update on its Santa Elena mine in Sonora. Azure also provided an update on the first phase small-scale mining program at its Oposura project in Sonora. ON FINANCING, Aztec Minerals applied to the TSX to extend the term of 2,551,250 common share purchase warrants (Cervantes project, Sonora). Silver Viper closed a private placement for gross proceeds of $4M (La Virginia project, Sonora). Gold Resource declared its monthly dividend for September 2019 to shareholders (Arista mine, Oaxaca).  ON RESOURCES AND DEVELOPMENT, Prime informed that the company completed a formal visit to its Los Reyes property in Sinaloa, to attend meetings with local stakeholders, to secure surface access and begin site preparation, and to initiate exploration and engineering work for the planned production phase. ON DEALS AND CORPORATE ISSUES, Advance Gold announced that a geophysical adviser was added to its exploration team (Tabasquena project, Zacatecas). Colibri Resources entered into a property option agreement with Tocvan Ventures Corp., on its Pilar property in Sonora. Consolidated Zinc completed the acquisition of a 100% interest of the Plomosas mine in Chihuahua. Vizsla entered into a definitive share purchase agreement to acquire an option on the Panuco-Copala mining camp in Sinaloa. Ridgestone entered in an agreement to acquire a 100% interest in 10 mining concessions adjacent to its Rebeico project in Sonora. ON SOCIAL RESPONSIBILITY, Fortuna Silver, through its subsidiary Minera Cuzcatlán, has invested MXP $177.2M in social programs in Oaxaca, Mexico.

 ON MEXICO ISSUES

  • Los Gatos mine was inaugurated in San José del Sitio, Chihuahua. The governor of Chihuahua State, Javier Corral, participated in the inauguration of the Los Gatos mines, located in San Jose del Sitio, Chihuahua. The mine was built with an investment of USD$ 366M among the Japanese company Dowa Mining and the American Sunshine Silver Mining company, for an estimated daily production of 2,500 tons of ore, which will be processed in the same plant with state-of-the-art technology, to obtain concentrates of Ag, Pb, and Zn. Governor Javier Corral celebrated the alliance of Japanese and American capital that occupied 1,800 people in construction and will give permanent employment to another 510 on its operation.

ON EXPLORATION

  • One World Lithium, announced the continuation of the phase 3 drilling program at its Salar del Diablo project in Baja California Norte. The phase three will consists of 3 holes adjacent to previously partly drilled holes 1, 9, and 11, and 1 hole located 50km to the south, for a total of 2,400m. Each hole has planned depths of 600m. Each hole will be drilled with a mud rotary rig that will set casing to 200 meters and then core drilled to the planned total depth of 600 meters. Objectives of the drilling program are “to determine the presence of aquifers that may contain concentrations of lithium in brines at depth; to collect representative, depth-specific groundwater samples for chemical analysis of major elements, including Li; to obtain drill core samples for analysis for drainable porosity that will assist in resource estimations; and to use borehole lithologic descriptions to identify hydrogeologic units and the stratigraphy of the basin; to help calibrate existing and future geophysical surveys; and to create a hydrogeologic model to develop a potential future Li resource”.
  • Ridgestone Mining Inc., released historical assays results from its Rebeico project in Sonora. These assays are from rock chip samples obtained by the Servicio Geológico Mexicano (SGM) at El Cobre, Tres Hermanos, Amargosa I and II, La Amargosita, and Campo Seco old workings. At El Cobre, two samples taken on the vein reported 0.8 g/t Au, 39 g/t Ag, 1.67% Cu, and 0.12% Mo over 1.18m, and 0.7 g/t Au, 50 g/t Ag, 0.51% Cu, and 0.18% Mo over 1.12m. In addition, two dump samples returned 0.5 g/t Au, 102 g/t Ag, 2.41% Cu, and 0.30% Mo, and 0.35 g/t Au, 38 g/t Ag, 2.07% Cu, and 1.22% Mo. At Tres Hermanos, highlights include 14.6 g/t Au and 23 g/t Ag over 1.30m; 8.13 g/t Au and 17 g/t Ag over 1.20m; 3.4 g/t Au, 23 g/t Ag, and 0.14% Cu over 1.90m; and 1.4 g/t Au, 137 g/t Ag, and 2.72% Cu over 1.0m. At La Amargosa I and II, 10 g/t Au and 3.48% Cu over 0.7m; 5.86 g/t Au and 1.85% Cu over 0.68m; and 2.66 g/t Au and 0.55% Cu over 0.71m. At La Amargosita, 17 g/t Au, 73 g/t Ag, and 0.45% Cu over 1.30m and one dump sample with 0.1 g/t Au, 777 g/t Ag, and 1.56% Cu. At Campo Seco, 0.1 g/t Au, 18 g/t Ag and 7.49% Cu over 0.55m.
  • Kootenay Silver Inc., reported drilling results from three holes drilled on the F Vein and five holes drilled on the I Vein at its Columba project in Chihuahua. Significant drill intersections were encountered in hole CDH-19-011 with 133 g/t Ag, 0.04% Pb, and 0.15% Zn over 11.0m, including 245 g/t Ag, 0.13 g/t Au, 0.1% Pb, and 0.3% Zn over 5.0m, and including 648 g/t Ag, 0.63 g/t Au, 0.2% Pb, and 0.6% Zn over 1.0m, on the F Vein, and 228 g/t Ag, 0.1% Pb, and 0.6% Zn over 1.2m and 102 g/t Ag, and 0.1% Zn over 1.68m on the foot wall vein; in hole CDH-19-012 with 184 g/t Ag, 0.2 g/t Au, 0.1% Pb, and 0.4% Zn over 11.0m, including 476 g/t Ag, 0.66 g/t Au, 0.3% Pb, and 1% Zn over 3.15m, including 476 g/t Ag, 0.66 g/t Au, 0.3% Pb, and 1% Zn over 3.15m, and including 755 g/t Ag, 1.16 g/t Au, 0.5% Pb, and 1.7% Zn over 1.75m on the F Vein, and three intersections on the hanging wall of 113 g/t Ag, 0.1% Pb, and 0.1% Zn over 1.35m, 699 g/t Ag, 0.4% Pb, and 0.8% Zn over 2.1m, and 113 g/t Ag, 0.1% Pb, and 0.1% Zn over 0.6m; in hole CDH-19-013 with 273 g/t Ag, 0.1% Pb, and 0.2% Zn over 4.15m on I Vein, including 697 g/t Ag, 0.15% Pb, and 0.3% Zn over 0.65m, and 328 g/t Ag, 0.1% Pb, and 0.2% Zn over 2.65m; in hole  CDH-19-014 with 261 g/t Ag, 0.3% Pb, and 0.6% Zn over 5.01m on the I Vein, and 894 g/t Ag, and 0.4% Zn over 0.42m on the hanging wall; in hole CDH-19-015 with 1,005 g/t Ag, 0.4% Pb, and 0.7% Zn over 0.3m on the I Vein; and in hole CDH-29-016 with 357 g/t Ag on the I Vein. “Drilling continues at the property with a total of 24 holes completed to date and the program being expanded from 3000 meters to approximately 4500 meters. It is anticipated that a total of 35 to 40 holes will be completed by early November with assay results continuing into December”.
  • Canasil Resources Inc., reported high grade results from 21 surface samples taken along the Candy vein, 31 samples collected from adjacent country rocks, and 12 dump samples at its Nora project in Durango. The Candy vein, an epithermal Au-Ag target, has not been previously drilled. There has been limited, historical mining of the Candy vein, and small mineralized waste dumps are present. Average of the 21 samples collected along the Candy vein is 1.69 g/t Au, 140 g/t Ag, 0.4% Cu, 1.6% Pb, and 0.6% Zn over 0.68m, with the highest Au value of 12.55 g/t Au, 12 g/t Ag, 1% Cu, 2.7% Pb, and 0.7% Zn over 0.40m, and the highest Ag value of 605 g/t Ag, 3.72 g/t Au, 0.97% Cu, 1.2% Pb, and 0.4% Zn over 1.0m. The average grade of the 12 dump samples is 1.40 g/t Au, 86 g/t Ag, 1.1% Cu, 3.4% Pb, and 1.6% Zn. These results will be interpreted to identify possible locations for subsequent drilling.
  • GoGold Resources Inc., released drilling results of four new holes drilled at Los Ricos Main Area and three new holes drilled at San Juan Area from its Los Ricos project in Jalisco. Significant drill intersections at Los Ricos Main Area were encountered in hole LRGG-19-038 with 0.72 g/t Au and 165 g/t Ag (2.92 g/t AuEq) over 21.2m, including 1.33 g/t Au and 302 g/t Ag (5.36 g/t AuEq); in hole LRGG-19-040 with 0.4 g/t Au and 115 g/t Ag (1.93 g/t AuEq) over 17.5m, including 0.89 g/t Au and 281 g/t Ag (4.64 g/t AuEq) over 4.5m; in hole LRRGG-19-041 with 1.14 g/t Au and 115 g/t Ag (2.68 g/t AuEq) over 23.3 m, including 4.6 g/t Au and 398 g/t Ag (9.91 g/t AuEq) over 5.5m; and in hole LRGG-19-042 with 0.47 g/t Au and 69 g/t Ag (1.40 g/t AuEq) over 29.2m, including 1.65 g/t Au and 224 g/t Ag (4.63 g/t AuEq) over 6.7m. At San Juan Area, the most significant drill intersections were encountered in hole LRGG-19-045 with 0.59 g/t Au and 34 g/t Ag (1.04 g/t AuEq) over 20m, including 2.92 g/t Au and 91 g/t Ag (4.123 g/t AuEq) over 3.5m; and in hole LRGG-19-046 with 0.36 g/t Au and 62 g/t Ag (1.19 g/t AuEq) over 36m, including 1.3 g/t Au and 220 g/t Ag (4.24 g/t AuEq) over 5.5m.
  • Mexican Gold Corp., announced an aggressive exploration plan for the remainder of 2019 at its Las Minas project in Veracruz, including a drill program of 3,000m. The company plans to drill test the Pueblo Nuevo, Cinco Señores TEM anomaly, Las Minillas, and El Dorado targets, and test the conceptual targets of Sub-Sill and the Mancuerna Dike Swarm for potential skarn mineralization.
  • Azucar Minerals Ltd., reported results from its ongoing drilling program at its El Cobre project in Veracruz at Norte, Villa Rica, Porvenir and Suegro targets. The most significant intervals were encountered at the Norte Target, where the hole EC-19-077 intersected 0.26 g/t Au and 0.11% Cu over 43.50m, including 0.53 g/t Au and 0.21% Cu and the hole EC-19-082 intersected 0.25 g/t Au and 0.12% Cu over 237.30m, including 0.63 g/t Au and 0.27% Cu over 44.45m, and another interval of 1.01 g/t Au and 0.33% Cu over 12.75m. At El Porvenir target, hole EC-19-078 intersected 82 g/t Au and 0.02% Cu over 12m, including 20.6 g/t Au and 0.01% Cu over 1.0m.

ON MINING

  • Mexus Gold US, provided an update on its Santa Elena mine in Sonora. The compnay informed that all systems are working properly but the Merrill Crow Au recovery plant currently in use is running at 30 gpm and producing 3Oz Au per day. Mexus is moving a new plant to Santa Elena which will have the capacity to run up to 500 gpm. This new equipment is expected to be operational in October, which allows the company to reach its long term production goal.
  • Azure Minerals Limited provided an update on the first phase small-scale mining program at its Oposura project in Sonora. Azure extracted and stockpiled an estimate of 6,100 tons of 13.4% Zn and 10.7% Pb from open pit, including 2,100 tonnes of 24% Zn and 18.3% Pb. Tonnages and grades exceed significantly the mineral resource estimate for this part of the deposit. Ore processing will start in the December quarter and will continue for 2-3 months. “Azure will produce separate Zn and Pb-Ag concentrates and expects to sell them on the spot market to locally-based metals traders or smelters, several of which have expressed strong interest in these products”.

ON FINANCING

  • Aztec Minerals Corp., applied to TSX to extend the term of an aggregate of 2,551,250 common share purchase warrants by one year from October 21, 2019 to October 21, 2020. “Each warrant entitles the holder to acquire one common share in the capital of the company at an exercise price of $0.25 per common share until the current expiry date of October 21, 2019. An aggregate of 23,750 warrants have been exercised to date and 550K warrants are held, directly or indirectly, by insiders of the company. The extension of the term of the warrants for an additional year is subject to the acceptance of TSX” (Cervantes project, Sonora).
  • Silver Viper Minerals Corp., closed a private placement for gross proceeds of $4M. Net proceeds will be used to continue exploration and development of its la Virginia project in Sonora, and for general corporate and working capital purposes.
  • Gold Resource Corporation, declared its monthly dividend of 1/6 of a cent per common share for September 2019, payable in October 23, 2019 to their shareholders (Arista mine, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Prime Mining Corp., informed that the company completed a formal visit to its Los Reyes property in Sinaloa, to attend meetings with local stakeholders, to secure surface access and begin site preparation and to initiate exploration and engineering work for the planned production phase. The company has initiated a 5,000m trenching and surface sampling program on mineralized structures to provide valuable assay data to be used in conjunction with down drill data to update resource estimation. “The current trenching program will provide greater confidence in the conversion of these blocks to indicated resources for the upcoming resource estimate”.

ON DEALS AND CORPORATE ISSUES

  • Advance Gold Corp., announced that a geophysical adviser with over 40 years of international mining exploration experience was added to its exploration team (Tabasquena project, Zacatecas).
  • Colibri Resources Corporation, entered into a property option agreement with Tocvan Venture Corp., on its 100% owned Pilar project in Sonora. Tocvan has been granted a 60 days exclusivity period to complete a due diligence by paying Colibri $25K. If the due diligence is positive and Tocvan decide to continue the option agreement, it will have the option to earn 51% of the property over a 5 years period by issuing 2M common shares, paying CAD $100K to Colibri, 60 days after signing the final agreement, and performing CAD $250K of exploration expenditures at Pilar property during the first year. On year 2, Tocvan will pay CAD $ 50K to Colibri and will perform CAD $350K of exploration expenditures. On year 3, Tocvan will pay CAD $75K and issue 1M common shares to Colibri, and perform CAD $400K of exploration expenditures. On year 4, Tocvan will pay CAD $75K and issue 1M common shares to Colibri, and perform CAD $500K of exploration expenditures. On year 5, Tocvan will pay CAD $75K and issue 1M common shares to Colibri, and perform CAD $500k of exploration expenditures. Upon completion of these terms Tocvan will be granted a 6 month option to purchase the remaining 49% of Pilar in exchange for CAD $2M and a 2% NSR on the project, of which 1% could be sold by Colibri for a price of CAD $1M. Tocvan will operate the project during the option period.
  • Consolidated Zinc Limited, completed the acquisition of a 100% interest of the Plomosas mine in Chihuahua by acquiring the remaining 10% interest from Retec Guaru S.A. de C.V.
  • Vizsla Resources Corp., entered in a definitive share purchase agreement to acquire an option over the consolidated mineral rights, infrastructure and processing facilities comprising the large scale Panuco-Copala mining camp in Sinaloa. Vizsla has agreed to acquire all of the outstanding shares of Canam Alpine Ventures Ltd. Vizsla will acquire Canam for a total staged consideration of 18M common shares of Vizsla by issue 6M common shares on closing of the acquisition, 6.5M common shares upon definition of a resource greater than 200K Oz AuEq, and 5.5M common shares upon exercise of the option. Also, Vizsla will pay USD $700K on signing, USD $450K in the first anniversary of signing, USD $5,184,500 and work commitment of USD $3,423,000 in the second anniversary of signing, USD $6,846,000 in the third anniversary of signing, USD $8,557,500 in the fourth anniversary of signing, USD $9,269,000 in the fifth anniversary of signing, and USD $11,907,425 in the sixth anniversary of signing.
  • Ridgestone Mining Inc., entered in an agreement to purchase a 100% interest in 10 mining concessions adjacent to its Rebeico project in Sonora. These 10 mining concessions cover an area of 3,292 hectares and contain numerous artisanal old workings and mineralized outcrops. Terms of the acquisition include a cash payment of USD $83K and the issuance of 5M common shares of Ridgestone to the vendor.

ON SOCIAL RESPONSIBILITY

  • Fortuna Silver Mines Inc., through its subsidiary Minera Cuzcatlán has invested MXP $172.2M in San Jose del Progreso, Oaxaca and surrounding communities, since it started operations in 2011. One of the most outstanding projects to date is the breeding and fattening of lambs in the community of El Cuajilote. This has been successfully promoted by Compañía Minera Cuzcatlán since 2016. The company contributes with inputs and technical advice, while producers provide labor. Additionally, the suppliers of inputs are 100% local, also benefiting companies in the region. Currently 70% of 400 square meters of productive infrastructure have been installed. The amount of sheep bellies, of a target of 90, has been increased by 45% by keeping them in the feeding and reproduction program. Likewise, the percentage of births has increased from 80% to 125%. In this way, Compañía Minera Cuzcatlán makes a difference for families benefiting from this and other programs, since they receive financial support by providing inputs for food by the company and training according to the productive or reproductive season.

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, quartz vein with stibnite and displaying lattice  bladed texture in a prospect in San Luis Potosi, Mexico.  Photo by Miguel A Heredia.

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

IMG_0970aBy Jorge Cirett

During the 36th week of the year (September 2nd to September 8th, 2019), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES Karen Flores Arredondo was appointed General Director of CAMIMEX. VVC Exploration is searching for financing to start operations at Samalayuca.  ON EXPLORATION, in Baja California, One World Lithium is to conduct a field visit to its Salar del Diablo project. In Sonora, Minera Alamos announced the discovery of a new target, Gold Ridge. In Chihuahua, Ethos Gold released results on 16 RC holes at the Purisima project. In Coahuila, Prize Mining released assay results of several targets on a 20 km long trend. In Zacatecas, Galore received assays for the first two holes at El Alamo target of its Dos Santos project; Advance Gold completed an IP survey at the Tabasqueña project; Alien Metals released exploration results at San Celso, Los Campos and Donovan 2. ON MINING, Argonaut Gold completed a fourth water well, and now has the capacity to sustain production at 30 K tonnes a day at San Agustin, Zacatecas. ON FINANCING, Mexican Gold granted 650 K stock options. Defiant Silver seeks to extend the expiry date of some warrants. SilverCrest Metals granted options for 975 K shares. Telson Mining received conditional approval for a US$12 M loan. Southern Silver Corp.  closed the final tranche of financing for gross proceeds of $1.1 M. Silver Viper intends to raise up to $3.0 M through a private placement financing round. ON RESOURCES AND DEVELOPMENT, GoGold released results for four more holes at its Los Ricos project in Jalisco. Pan American Silver reported all-inclusive reserves and resources of 203.3 M Oz Ag, 2.16 M Oz Au on its La Colorada, Dolores and La Bolsa properties. Minera Alamos received one more permit to start construction at its Santana project in Sonora. Goldplay Exploration released underground channel sampling results from San Marcial, Sinaloa. ON DEALS AND CORPORATE ISSUES, Mexican Gold Corp. appointed new directors and announced an incoming new resource estimate for Las Minas, Veracruz. Consolidated Zinc acquired the remaining 10% of the Plomosas mine rights to gain a 100% interest. The company also announced a favourable court ruling on a land use agreement for the Plomosas mine.   ON SOCIAL RESPONSIBILITY. No relevant news.

ON MEXICO ISSUES

  • The sectional president from Samalayuca, Chihuahua, Javier Melendez Cardona, was interviewed on the coming mining investment on La Gloria by VVC Exploration Corp. He explained the project is in the financing stage of a process that is to greatly benefit the local communities.
  • Karen Flores Arredondo is appointed CAMIMEX’s (Cámara Minera de México) General Director as of September 15, 2019. Flores Arredondo has recently worked for Agnico Eagle in Mexico, and has held posts with other private enterprises and government agencies related to the Mining Industry.

ON EXPLORATION

  • Prize Mining Corp. released assay results from surface sampling at its Manto Negro project in Coahuila. The sampling on the Apache, San Jose and Las Curvas concessions returned up to 1.3 m @ 3.86% Cu, 44 gpt Ag; 1.2 m @ 2.62% Cu, 58 gpt Ag; 1.8 m @ 2.31% Cu, 28 gpt Ag and six chip samples running 7.7% to 29.3% Cu and 190 to 759 gpt Ag. At San Jose a best sample interval of 1.8 m @ 2.3% Cu, 28 gpt Ag and up to 17.1% Cu and 1,689 gpt Ag from dumps. At Las Curvas the best mineralised interval was 2 m @ 2.5% Cu, 33 gpt Ag and up to 23% Cu, 710 gpt Ag from dumps. Prize is pursuing a mineralised horizon over 20 km in length in the Formation San Marcos red-bed sandstone below the Cupido Formation limestone.
  • Ethos Gold Corp. released results of the completed 16 reverse circulation (RC) drill campaign at its Purisima project in Chihuahua. At the site Ethos targeted shallow gold mineralisation in epithermal banded quartz veining and associated silicification and stockworks. Highlighted results include 3.05 m @ 0.76 gpt Au; 7.62 m @ 0.52 gpt Au; 9.14 m @ 0.43 gpt Au, 14 gpt Ag; 6.10 m @ 0.40 gpt Au, 9 gpt Ag; 15.24 m @ 0.50 gpt Au; 6.10 m @ 0.50 gpt Au. Ethos decided to terminate the Purisima option agreements.
  • Galore Resources Inc. received assays for the first two core holes at El Alamo target, part of its Dos Santos project in Zacatecas. Highlighted results comprise 3.40 m @ 3.46 gpt Au, 3 gpt Ag (including 1.20 m @ 8.89 gpt Au); 10.90 m @ 14 gpt Ag (including 1.0 m @ 88 gpt Ag); 9.15 m @ 2.02 gpt Au, 5 gpt Ag. The results also define intervals tens of meters in width with anomalous silver in the 1-10 ppm range. Galore informs these results, along with some other tracer elements, support the view that this is the upper part of an epithermal system.
  • Minera Alamos Inc. announced the identification of Gold Ridge, a new mineralised zone on its Santana property in Sonora. One third of 147 rock samples collected exhibit grades >0.10 gpt Au, ranging from 0.1 gpt to 3.6 gpt Au and 5 gpt Ag to 669 gpt Ag, with the mineralised surface covering an area of 1,000 m x 200 m located 2-3 km from the currently planned heap leach operations at Santana.
  • Advance Gold Corp. completed a 3D induced polarization (IP) geophysical survey on its Tabaqueña project in Zacatecas. The 9.6 line kilometre survey highlighted a 250 wide by 800 m long continuous chargeability anomaly.
  • One World Lithium Inc. announced the visit of Mike Rosko of Montgomery & Associates to the Salar del Diablo project in Baja California, along with the president and director of OWL. The visit is to include previous and proposed drill site locations as well as surface geological features.
  • Alien Metals Ltd. released results from recent exploration at its San Celso, Los Campos and Donovan 2 projects in Zacatecas. At San Celso, further assays include 18 anomalous samples averaging 272 gpt Ag, with a high of 1,275 gpt Ag. At Los Campos, 14 anomalous samples averaged 185 gpt Ag, with a peak of 547 gpt Ag. At Donovan 2, a sample returned 2.68 gpt Au.

ON MINING

  • Argonaut Gold Inc. completed the fourth water well at its San Agustin operation in Durango. The new well demonstrated sufficient water capacity to meet the needs of the operation to run at 30 K tonnes per day of ore, which is planned for the fourth quarter of 2019.

ON FINANCING

  • Mexican Gold Corp. granted 650 K stock options to an officer and an employee of the company (Las Minas, Veracruz).
  • Defiant Silver Corp. intends to seek TSX Venture Exchange approval to extend the expiry date of 6.19 M warrants, previously issued, by one year (San Acacio, Zacatecas).
  • SilverCrest Metals Inc. granted stock options for 975 K shares to directors, officers, employees and consultants of the company (Las Chispas, Sonora).
  • Telson Mining Corp. received conditional approval for a US$12 M medium term loan from an international investment bank to finalize construction at Tahuehueto, Durango.
  • Southern Silver Exploration Corp. closed the final tranche of the previously announced private placement, for gross proceeds of $1.1 M. In total the company closed two tranches for gross proceeds of $4.2 M (Cerro Las Minitas, Durango).
  • Silver Viper Minerals Corp. intends to overtake a private placement financing to raise gross proceeds of up to $3.0 M (La Virginia, Sonora).

ON RESOURCES AND DEVELOPMENT

  • GoGold Resources Inc. released results for three more diamond drill holes at Los Ricos main area and the first hole drilled at the San Juan target of its Los Ricos project in Jalisco. Highlighted drill core intervals comprise 6.2 m @ 1.17 gpt Au, 158 gpt Ag; 15.5 m @ 0.53 gpt Au, 84 gpt Ag (including 2.7 m @ 2.04 gpt Au, 217 gpt Ag); 17.1 m @ 1.59 gpt Au, 364 gpt Ag (including 5.6 m @ 3.81 gpt Au, 818 gpt Ag) at Los Ricos and 16.9 m @ 0.54 gpt Au, 68 gpt Ag (including 5.0 m @ 1.46 gpt Au, 148 gpt Ag) at the San Juan target.
  • Pan American Silver Corp. reported mineral reserves of 557 M Oz Ag, 5.1 M Oz Au, of which 141.6 M Oz Ag and 1.58 M Oz Au are in its three properties in Mexico: La Colorada, Dolores and La Bolsa. Reserves and resources all inclusive comprise 148.3 M Oz Ag, 129.8 K Oz Au at La Colorada in Zacatecas, 45.4 M Oz Ag, 1,383.5 K Oz Au at Dolores in Chihuahua and 9.6 M Oz Ag, 651.7 K Oz Au at La Bolsa in Sonora.Pan American Silver Reserves1
  • Minera Alamos Inc. received the ETJ (Estudio Tecnico Justificativo) for the Santana Gold project in Sonora. Combined with the previously approved MIA (Manifiesto de Impacto Ambiental) the company holds all the necessary rights to initiate construction of commercial scale operations at Santana.
  • Goldplay Exploration Ltd. released results from underground channel sampling in a re-opened old adit at the Faisanes target of its San Marcial project in Sinaloa. A zone of 11 m @ 155 gpt includes 6 m @ 232 gpt Ag, ending in mineralisation at the deepest sampled point within the tunnel. “The Company is reviewing plans to extend the tunnel beyond this high-grade Interval”.

ON DEALS AND CORPORATE ISSUES

  • Mexican Gold Corp. announced the appointment of Matt Liard as Vice President Exploration, Sonny Bernales as Senior Geologist and Michael Kanevsky as CFO. The company outsourced an updated 43-101 resource estimate with an underground cut-off grade, that should be released in October 2019 (Las Minas, Veracruz).
  • Consolidated Zinc Ltd. entered into a binding agreement with Retec Guaru S.A. de C.V. under which CZC is to acquire the remaining 10% interest in the Plomosas mine in Chihuahua. “The purchase consideration for the acquisition of the Retec interest in MLAZ is a 1% Net Smelter Return Royalty (the “Royalty”) from the sale of zinc and lead concentrates produced from Plomosas”. Completion of the agreement is expected by 30 September 2019.
  • Consolidated Zinc Ltd. announced that the Appeals Court of Chihuahua ruled in favour of the company’s subsidiary regarding a dispute over a land use agreement with a local rancher in place for its Plomosas mine in Chihuahua.

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

On the image below: Quartz veinlet on an orogenic gold project in Oaxaca. Picture by Jorge Cirett

IMG_0970a

ONE WORLD LITHIUM ANNOUNCES SALAR DEL DIABLO TOUR WITH MONTGOMERY AND ASSOCIATES AND PRIVATE PLACEMENT

One-World-Lithium-_06092019

Vancouver, BC, September 5, 2019 – One World Lithium Inc. (OTCQB-OWRDF) (CSE-OWLI) (the “Company” or “OWL”) announces that Mike Rosko of Montgomery & Associates (“M&A”) and operator of the Salar del Diablo exploration program will be meeting drilling companies and other service providers in Hermosillo, Mexico before touring the Salar del Diablo Property located in Baja California, Mexico. Also attending the meetings and site tour will be Doug Fulcher, OWL’s President and CEO, and Kevin Milledge, an OWL Director and manager of field operations. They will visit previous and proposed drill site locations as well as surface geological features. The field trip will be from September 09 to 12, 2019.

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

159 - copia

By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

159 - copia

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

Cervantite crystals in jasperoids

By Miguel A Heredia

During the thirty one week of the year (July 29th to August 4th, 2019), at least 37 press releases were announced by companies working in Mexico, with twelve communicating production results, nine disclosing deals and corporate issues, six announcing financial rounds, five reporting on resources and development of their projects, two informing on exploration results, and one commenting on Mexican issues.   ON MEXICO ISSUES, Mexican president, Andres Manuel Lopez Obrador, declared that the mining sector will face several legislative and state government proposals to tighten environmental restrictions and raise taxes.   ON EXPLORATION, In Jalisco, GoGold released drilling results from four new holes at its Los Ricos project, and Silver Spruce confirmed high grade Au mineralization at its Cocula project. ON MINING, Alamos Gold, Americas Silver, Azure, Capstone, Consolidated Zinc, Excellon, Fresnillo, Leagold, McEwen, Newmont Goldcorp, Santacruz, and Starcore reported production and financial results from their Mexican mining operations. ON FINANCING, Avino, Chesapeake, Great Panther, Millrock, Sonoro and VVC announced financial rounds. ON RESOURCES AND DEVELOPMENT, Capstone provided an update on the development of its one-way ramp system at Cozamin mine in Zacatecas, to increase Cu output by the end of 2020. It also initiated a large in-fill drilling program to reserve conversion. Goldplay announced drilling results from the first hole drilled at the Faisanes target, adjacent to the western edge of its San Marcial NI43-101 resource in Sinaloa.  Pan American Silver announced results from the exploration drilling completed over the past three months at its La Colorada mine in Zacatecas. Silver Bull provided results from five new holes drilled to test possible extensions at depth to the main deposit at its Sierra Mojada project in Coahuila. Sonoro filed a technical report on its Cerro Caliche project in Sonora, to present an estimate of mineral resources. SSR Mining commented that is reviewing drill programs and engineering studies to identify additional zones and continuity of high-grade mineral resources at its Pitarrilla project in Durango. ON DEALS AND CORPORATE ISSUES, Starcore entered into an agreement covering the sale of its processing facility in Matehuala, San Luis Potosi. Aztec Minerals completed the terms of its earn-in and exercised its option to acquire 65% interest in the Cervantes project in Sonora.   Bacanora Lithium provided an update on the strategic investment by Ganfeng Lithium (Sonora Lithium project, Sonora).  Discovery Metals completed the acquisition of Levon Resources (Cordero project, Chihuahua).  One World Lithium announced the engagement of Montgomery and Associate to assist them as consultant on its Salar del Diablo project in Baja California Norte. Sierra Metals announced management changes (Bolivar mine, Chihuahua). Gold Resource declared July monthly dividend to its shareholders (El Aguila mine, Oaxaca). Peñoles stock sinked more than 10% in the Mexican Stock Exchange.

 ON MEXICO ISSUES

  • Mexican president Andres Manuel Lopez Obrador, declared that the mining sector will face several legislative and state government proposals to tighten environmental restrictions, raise taxes, regularize rights payments and give greater voice and vote to communities where companies have or intend to establish extraction projects. Fernando Alanis Ortega, president of CAMIMEX and general director of Industrias Peñoles commented that “there have been complicated initiatives that show a deep ignorance of what our sector is. It is important to have more executive work within the legislature to have a better coordination in the initiatives”.

ON EXPLORATION

  • GoGold Resources Inc., released drilling results of new four holes from the ongoing drilling program at its Los Ricos project in Jalisco. To date, 41 holes have been drilled for a total of 5,522m. Significant intersections were encountered in hole LRGG-19-18 (the deepest hole to intersect Los Ricos vein to date) with 21.4m of 0.81 g/t Au and 170 g/t Ag (3.08 g/t AuEq), including 12.9m of 1.24 g/t Au and 262 g/t Ag (4.74 g/t AuEq), including 7.5m of 1.78 g/t Au and 342 g/t Ag (6.35 g/t AuEq); hole LRGG-19-019 with 4.5m of 1.5 g/t Au and 197 g/t Ag (4.13 g/t AuEq, followed by 2.2m of open stope, to continue with 13.8m of 0.63 g/t Au and 86 g/t Ag (1.78 g/t AuEq), including 4.2m of 1.52 g/t Au and 198 g/t Ag (4.17 g/t AuEq); hole LRGG-19-020 with 14.9m of 1.78 g/t Au and 106 g/t Ag (3.2 g/t AuEq), including 7m of 3.48 g/t Au and 156 g/t Ag (5.55 g/t AuEq); and hole LRGG-19-021 with 7.5m of 0.09 g/t Au and 18 g/t Ag (0.33 g/t AuEq), followed by 6m of open stope, to continue with 15.6m of 1.15 g/t Au and 113 g/t Ag (2.67 g/t AuEq), including 6.5m of 2.38 g/t Au and 236 g/t Ag (5.54 g/t AuEq). GoGold plans to complete 10,000m of drilling at the property.
  • Silver Spruce Resources Inc., received results from a first set of fifteen RC drilling samples and from a second set of eight surface samples and four RC samples for due diligence purposes to confirm grades reported previously by Timmins Gold (now Alio Gold) at the advanced Au Cocula project in Jalisco. Re-assays showed a good correlation with those results reported previously by Timmins.

ON MINING

  • Alamos Gold Inc., presented production and financial results for the period Q2, 2019 from their Mulatos and Chanate mines in Sonora. At its Mulatos mine, the company processed 2,107,590 tonnes of 0.94 g/t Au to produce 36.3K Oz Au and sold 40.12K Oz Au. Sale cost per Oz Au produced was $725 for an AISC of $1,257 per Oz Au. At its Chanate mine (transitioned to residual leaching in October, 2018), Alamos produced 4,400 Oz Au and sold 4,376 Oz Au. Production cost was $1,234 USD per Oz Au for an AISC of $1,257 per Oz Au. The company expects to produce 150K-160K Oz Au at Mulatos mine and over 15K-25K Oz Au at El Chanate during 2019.
  • Americas Silver Corporation, announced Q2, 2019 production and operating cost results from its Cosala mine operation in Sinaloa. It processed 156,998 tonnes of 49 g/t Ag to produce 145.4K Oz Ag, 11.15M Lb Zn, and 4M Lb Pb (1.3M Oz AgEq), at a cash cost of $18.27 per Oz Ag and AISC of 11.66 per Oz Ag.
  • Azure Minerals Limited, reported that during Q2, 2019 over 1,200 tonnes of ore have been mined and stockpiled from its Oposura project in Sonora, with an estimated grade to be between 10-15% combined Zn+Pb. Ore will be processed under a toll treatment agreement through the nearby San Javier sulphide flotation processing facility. Ore transport will start in August and processing is expected to start in September.
  • Capstone Mining Corp., released production and financial results for the period Q2, 2019 from its Cozamine mine in Zacatecas. Capstone milled 284K tonnes of 1.48% Cu, 0.96% Zn, and 45 g/ton Ag to produce 8.72M Lb Cu, 3.84M Lb Zn, and 323K Oz Ag. Metallurgical recoveries were 94.1% for Cu, 64.2% for Zn, and 77.3% for Ag. Site operating cost was $47.71 per tonne milled, with cash cost of $1.06 per Lb Cu produced. The company reported revenue of $24.3M for an EBITDA of $9.3M.
  • Consolidated Zinc Limited, reported Q2, 2019 production and financial results from its Plomosas mine in Chihuahua. It mined 15,881 tonnes of 14.8% Zn, 6.7% Pb, and 35 g/t Ag, and processed 10,273 tonnes of 13.2% Zn, 4.7% Pb, and 35 g/t Ag, for a total of 3M Lb Zn, 1M Lb Pb, and 11.6K Oz Ag contained. From this total metal contained, only 1.3M Lb Zn, 334K Lb Pb, and 4KOz Ag was sold with cash cost of $0.78 per Lb Zn produced. 742 tonnes of Zn concentrate and 246 tonnes of Pb concentrate were stockpiled and will be available for sale at June 30, 2019.
  • Excellon Resources Inc., presented Q2 and H1, 2019 production and financial results from its La Platosa mine in Durango. It processed 19,964 tonnes of 514 g/t Ag, 5% Pb, and 7.4% Zn during Q2, 2019 for a total of 38,183 tonnes of 523 g/t Ag, 5% Pb, and 7.7% Zn in H1, 2019. Total production in Q2, 2019 was 276.8K Oz Ag, 1.8M Lb Pb, and 2.8M Lb Zn (583K Oz AgEq), for a total of 537.2 Oz Ag, 3.14M Lb Pb, and 4.5M Lb Zn (1M Oz AgEq) during the period H1, 2019. Excellon reported a production cost of $304 and $204 per tonne for Q2 and H1, 2019 respectively. Cash cost per Oz Ag produced was $9.18 and 10.06 for the periods Q2 and H1, 2019 respectively, with an AISC per Oz Ag payable of $16.89 and $19.82 respectively. The company had revenues for $8.67M and $13.85M for the periods Q2 and H1, 2019 respectively.
  • Fresnillo plc., announced consolidated production and financial results for the period H1, 2019 from their Mexican operations. Fresnillo produced 27.56M Oz Ag (including a Ag stream production of 1,548 Oz Ag), 432.4K Oz Au, 56.4M Lb Pb, and 95M Lb Zn. Adjusted revenue of USD $1,069M were reported with an EBITDA of USD $307.9M for a total profit for the period of USD$ 70.9M. The company also presented production results by mine for H1, 2019. At Fresnillo mine, Zacatecas, 1,194,199 tonnes were processed with grades of 187 g/t Ag, 0.86 g/t Au, 0.85% Pb, and 1.5% Zn for a total of 6.4M Oz Ag, 25K Oz Au, 19.6M Lb Pb, and 26.8M Lb Zn. At Saucito mine, Zacatecas, Fresnillo processed 1,327,673 tonnes of 243 g/t Ag, 1.14 g/t Au, 0.9%Pb, and 1.6% Zn to produce 8.8M Oz Ag, 36.7K Oz Au, 23.4M Lb Pb, and 33.7M Lb Zn. At its Pyrites Plant, it processed 87K tonnes of 305 g/t Ag and 2.31 g/t Au to produce 638K Oz Ag and 2,315 Oz Au. At Cienega mine in Durango, the company processed 650,107 tonnes of 1.55 g/t Au, 163 g/t Ag, 0.6% Pb, and 1% Zn to produce 29.7K Oz Au, 2.9M Oz Ag, 5.2M Lb Pb, and 8.6M Lb Zn. At the San Julian mine in Chihuahua-Durango border, Fresnillo processed 661,680 tonnes of 1.74 g/t Au and 120 g/t Ag from San Julian Veins to produce 35.3K Oz Au and 2.3M Oz Ag, while 1,107,875 tonnes were processed from the San Julian Disseminated Ore Body with grades of 0.08 g/t Au, 137 g/t Ag, 0.4% Pb, and 1.4% Zn, to produce 1,143 Oz Au, 4.2M Oz Ag, 8.1M Lb Pb, and 25.9M Lb Zn. Total production at San Julian was 36.4K Oz Au and 6.5M Oz Ag. At its Noche Buena mine in Sonora, the company processed 6,575,328 tonnes of 0.53 g/t Au and 0.2 g/t Ag to produce 65.4K Oz Au and 29K Oz Ag.
  • Leagold Mining Corporation, reported production and financial results from its Los Filos mine in Guerrero for the period Q2, 2019. Leagold reported Au production and sales for 44.9K Oz Au and 47K Oz Au respectively, at a cash cost of USD $853 per Oz Au sold and AISC of USD $978 per Oz Au sold for an associated revenue of USD $59.9M. Au production and sales were 108.9K Oz Au and 112.9K Oz Au respectively for the period H1, 2019, for revenue of USD $144.1M and AISC of USD $846 per Oz Au sold.
  • McEwen Mining Inc., announced production and financial results from its El Gallo mine in Sinaloa for the period Q2, 2019. The company produced 5.4K GEOs (Au Eq ounces) at cash cost of USD $967 per Oz Au and AISC of USD $989 per Oz Au produced. Total production in H1, 2019 reached 23K GEOs at cash cost of USD $724 per Oz Au and AISC of USD $776 per Oz Au produced.
  • Newmont Goldcorp Corporation, announced Q2, 2019 production and financial results from its Peñasquito mine in Zacatecas. It produced 165K GEOs, 245M Lb Zn, 180M Lb Pb, and 25M Oz Ag at cash cost of USD $820 per Oz Au and AISC of USD $1,095 per Oz Au produced.
  • Santacruz Silver Mining Ltd., presented Q2, 2019 production results from their Veta Grande mine in Zacatecas and El Rosario mine in San Luis Potosi. At Veta Grande mine, Zacatecas, it processed 37,156 tonnes of 101 g/t Ag, 0.21 g/t Au, 1.1% Pb, and 2.1% Zn, to produce 73K Oz Ag, 138 Oz Au, 826.5K Lb Pb, and 1.36M Lb Zn for a total of 240.2K Oz AgEq. At El Rosario mine in San Luis Potosi, the company processed 20,789 tonnes of 74 g/t Ag, 0.28 g/t Au, 0.4% Pb, and 2.1% Zn to produce 46.1K Oz Ag, 116 Oz Au, 194.9K Lb Pb, and 844.5K Lb Zn for a total of 133.1K Oz AgEq.
  • Starcore International Mines Ltd., reported year end dated April, 30, 2019 production and financial results from its San Martin mine in Queretaro. Starcore milled 301.9K tonnes with grades of 1.63 g/t Au and 86 g/t Ag with metallurgical recoveries of 86.2% and 58.4% respectively, to produce 13.7K Oz Au and 224.5K Oz Ag at an operating cost of USD $58 per tonne and USD $1,081 per Oz Au produced. Total revenues of CAD $32.8M were obtained, including CAD $5.7M of purchased concentrate processing revenue.

ON FINANCING

  • Avino Silver & Gold Mines Ltd., closed a bought deal financing for aggregate gross proceeds of CAD $6M. Net proceeds will be used to advance the exploration and development of its Avino mine in Durango.
  • Chesapeake Gold Corp., announced that it entered in a bought deal private placement financing for gross proceeds of $12M. In addition, Chesapeake also entered into a non-brokered private placement for gross proceeds of $3M (Metates project, Durango).
  • Great Panther Mining Limited, entered in a bought deal financing agreement for gross proceeds of approximately $15M. In addition, Great Panther granted an over-allotment option for gross proceeds of $2.25M (Topia mine, Durango).
  • Millrock Resources Inc., closed the first tranche of a non-brokered private placement for gross proceeds of $1M (Guadalcazar project, San Luis Potosi).
  • Sonoro Metals Corp., completed a non-brokered private placement for gross proceeds of $750K (Cerro Caliche project, Sonora).
  • VVC Exploration Corporation, announced a non-brokered private placement to intend to raise up to CAD $2.5M. Proceeds will be used to pay for exploration and development of its Samalayuca project in Chihuahua, land use permits and associated costs, metallurgical bench testing of copper mineralization, and proposed pilot mining investigation and evaluation process.

 ON RESOURCES AND DEVELOPMENT

  • Capstone Mining Corp., announced that the development of the one-way ramp system is on schedule for completion by the end of 2020, which is expected to increase copper output by 30% to between 40 to 45M Lb per annum. In addition, Cozamin initiated a large in-fill definition drilling program during the quarter that will target resource to reserve conversion to support a doubling of Cozamin’s mine life.
  • Goldplay Exploration Ltd., reported results from the first hole drilled at the Faisanes target, immediately adjacent to the western edge of its San Marcial NI43-101 resource in Sinaloa. Hole SM-19-01 intersected 1m of 204.6 g/t Au and defined a new Au mineralized zone close to surface. Goldplay is actively focused on surface and drilling exploration along the 600 m long Faisanes zone.
  • Pan American Silver Corp., provided results from the exploration drilling completed over the last three months at its la Colorada mine in Zacatecas. The drilling program covered an area of 600m by 300m and delineated skarn/manto zones that are still open laterally and at depth. Four drill rigs operating underground and three drill rigs on surface have completed 11,300m of infill and step-out drilling in the last three months, bringing the total meters drilled to date to 31,000m. Significant drill intersections were encountered in hole U-51-19 with 109 g/t Ag, 0.38% Cu, 1.7% Pb, and 3.8 % Zn over 114m, including 158g/t Ag, 0.59%Cu, 2.6% Pb, and 5% Zn over 58.2m ; hole  U-46-19 with 55 g/t Ag, 0.22% Cu, 3.8% Pb, and 6.6% Zn over 126m, including 74 g/t Ag, 0.44% Cu, 5.4% Pb, and 10.3% Zn over 32.9m; hole U-42-19 with 40 g/t Ag, 0.17% Cu, 1.2% Pb, and 2.8% Zn over 214.2m, including 75 g/t Ag, 0.33% Cu, 3.4% Pb, and 3.5% Zn over 38.3m; hole U-37-19 with 28 g/t Ag, 0.11% Cu, 1.9% Pb, and 3.9% Zn over 45.8m, including 36 g/t Ag, 0.08% Cu, 3.2% Pb, and 3.7% Zn over 18.1m; hole U-35-19 with 41 g/t Ag, 0.3% Cu, 0.9% Pb, and 4% Zn over 82.6m; hole U-29-19 with 67 g/t Ag, 0.23% Cu, 1.5% Pb, and 4.5% Zn over 18.8m; hole U-22.19 with 42 g/t Ag, 0.05% Cu, 0.8% Pb, and 3.9% Zn over 104.7m and 64 g/t Ag, 0.28% Cu, 2% Pb, and 5.8% Zn over 15.1m. Pan American plans to complete 50,000m of drilling and review 12,000 km magnetotellurics geophysics survey to better define the skarn footprint limits.
  • Silver Bull Resources Inc., provided results from five holes drilled to test possible extensions at depth of its Sierra Mojada deposit in Coahuila. Significant intersections were encountered in hole B19005 with 9% Zn, 2.1% Pb, and 16 g/t Ag over 13.25m of massive sulphide mineralization, including 11.9% Zn, 2.8% Pb, and 24 g/t Ag over 5.85m: hole B19004 with 8.1%Zn, 1.8% Pb, and 27 g/t Ag over 46.23m, including 8.1% Zn, 1.8% Pb, and 27 g/t Ag over 0.87m: hole B19006 with 7.2% Zn, 1.2% Pb, 195 g/t Ag, and 0.13% Cu over 0.85m. These drill holes are part of an 8,000m surface drilling program to test extensions of the main deposit at Sierra Mojada, Coahuila.
  • Sonoro Metals Corp., filed a NI43-101 technical report on its Cerro Caliche project in Sonora in which reported inferred resources of 11,470,000 tonnes of 0.49 g/t Au and 4 g/t Ag (or 0.55 g/t AuEq) to contain a total of 183K Oz Au and 1.6M Oz Ag (or 201K Oz AuEq). “The estimate of mineral resources is based on a total of 21,091 meters of RC drilling in 200 holes. Of these, 10,328m in 96 holes were drilled by Sonoro, plus 7,725m in 86 holes were drilled by Corex Gold and 3,038m in 18 holes were drilled by Paget Southern, both previous operators of the Cerro Caliche project”.
  • SSR Mining Inc, informed that is reviewing drill programs and engineering studies to identify additional zones and continuity of high-grade mineral resources at its Pitarrilla project in Durango. It is also evaluating contractors to extend the existing underground access and drill these areas.

 ON DEALS AND CORPORATE ISSUES

  • Starcore International Mines Ltd., entered in an agreement to cover the sale of its subsidiary Altiplano Goldsilver SA de CV, which owns the processing facility in Matehuala, San Luis Potosi. Terms of the transaction includes a deposit of USD $0.5M; a payment of USD $0.5M on August 31, 2019; a payment of USD $200K on November 30, 2019; a payment of USD $200K on February 28, 2020; and a final payment of USD $200K on May 31, 2020. In addition, Starcore informed that reduced its staff by 125 people at its San Martin mine in Queretaro. It will incur in severance cost of USD $600K related to the staff reduction.
  • Aztec Minerals Corp., completed the terms of its ear-in and exercised its option to acquire 65% interest in the Cervantes project in Sonora from Kootenay Silver Inc. Both companies expect to finalize the terms of the JV agreement shortly and form a management committee to review the exploration results to date and approve the next exploration program and budget at Cervantes.
  • Bacanora Lithium plc., provided an updated on the strategic investment by Ganfeng Lithium (GFL) to participate at the Sonora Lithium operation. GFL will acquire 29.99% of Bacanora, and 22.5% of the Sonora Lithium project in Sonora.
  • Discovery Metals Corp., completed the acquisition of Levon Resources Ltd. Based on the agreement, the shareholders of Levon received 0.55% of a common share of Discovery. “Effective on the closing of the Arrangement, there were approximately 168M Discovery shares issued and outstanding (including the conversion of the Subscription Receipts, as described below, and the issuance of 64,412,929 Discovery Shares issued to Levon shareholders pursuant to the Arrangement), and Discovery’s market capitalization is approximately $66M, based on Discovery’s closing price on the TSX Venture Exchange on August 1, 2019”.
  • One World Lithium Inc., announced the engagement of Montgomery and Associates to consult with the company on its exploration program at its Salar del Diablo project in Baja California Norte.
  • Sierra Metals Inc., announced management changes after the departure of its COO (Bolivar mine, Chihuahua).
  • Torex Gold Resources Inc., amended and restated a USD $400M debt facility with bank institutions.  This debt facility is comprised of USD $185M term loan, and USD $150M revolving loan facility. All conditions precedent to the initial advance under the debt have been satisfied as of July 30, 2019, and at that date, the full amount of the term facility and USD $100M of the revolving facility is outstanding ( El Limon-Guajes Mining Complex, Guerrero).
  • Gold Resource Corporation, declared July monthly dividend of 1/6 of a cent per common share to its shareholders (El Aguila mine, Oaxaca).
  • Industrias Peñoles SA de CV, informed that its stock plummeted 58 % in the Mexican Stock Exchange after reporting losses in Q2, 2019 due to the fall of metal prices and production cost increase. The company’s operating flow collapsed 58.4% in said period 2019 against the same period of 2018. Metal operations showed a decrease in volumes: Pb production fell 13.8%, Au 8.8 %, and Ag 4.5%. The exception was Zn, where production grew 15.1%.

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, cervantite crystals after stibnite in jasperoids in a prospect in Durango, Mexico.  Photo by Miguel A Heredia.

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

IMG_2618 - copia

By Jorge Cirett

During the 30th week of the year (July 22nd to July 28th, 2019), at least 29 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Chihuahua government announced the Los Gatos mine is about to start production in the municipality of Satevó, and stated that the mining industry is of uttermost importance in the State, with 44 companies (80% Canadian) providing 12,300 well-paid jobs. ON EXPLORATION, In Sonora, Evrim released drill results from its Sarape project. ON MINING, Excellon, Mexus Gold and Great Panther presented production or financial results. Azure commenced open-pit mining at its Oposura project in Sonora. ON FINANCING, In a great week for the resource companies sector, Impact Silver, Golden Minerals, Americas Silver, SilverCrest Metals, Mako Mining, Southern Silver, Avino Silver, Discovery Metals and Oroco announced financing rounds for combined tens of millions of dollars, with several of those placements having been increased after the opening. Silver One Resources granted options to its personnel and consultants. Defiance Silver entered into a $200 K loan with one of its officers. Mexus Gold US paid a $105 K loan. Capstone Mining extended and amended its US$300 million corporate revolving credit facility.  ON RESOURCES AND DEVELOPMENT, Avino Silver released results from holes previously drilled testing the Avino system stockwork hanging-wall. GoGold released results from four more holes at its Los Ricos project in Jalisco. ON DEALS AND CORPORATE ISSUES, Prize Mining intends to change its name to Boundary Gold and Copper Mining. One World Lithium issued a technical clarification on its previous press release on drilling at its Salar del Diablo project in Baja California. Discovery Metals received conditional approval for the plan of arrangement with Levon Resources for the combination of its businesses, and Levon shareholders approved the said plan of arrangement.

ON MEXICO ISSUES

  • The Secretariat on Innovation and economic Development of Chihuahua announced that a new mining project is about to start operations in the state: Los Gatos, in San Jose del Sitio, Satevó, with a US$316 M investment by Sunshine Silver and Dowa Holdings Co. Ltd. from Japan, that is to create more than 350 jobs. Other mining operations in the state include Pan American Silver’s Dolores mine in Madera, where 850 persons work, and Coeur’s Palmarejo mine with 800 workers. Chihuahua has 14 big mining operations, with 44 companies exploring in the state (80% Canadian companies) that generate 12,300 direct jobs with salaries that are 190% above the State average.

ON EXPLORATION

  • Evrim Resources Corp. released drill results from the 2019 maiden drill program at the Sarape project in Sonora. The 2,390 m ten hole program covered a 380 m strike length along the Sarape (6 km long), La Nune and Chiltepin veins. Highlighted results include 0.25 m @ 1.48 gpt Au, 20 gpt Ag; 8.47 m @ 0.33 gpt Au, 8 gpt Ag; 7.55 m @ 0.19 gpt Au, 11 gpt Ag; 24.68 m @ 0.18 gpt Au, 9 gpt Ag (including 1.4 m @ 0.55 gpt Au, 31 gpt Ag); 1.47 m @ 0.31 gpt Au, 21 gpt Ag; 1.46 m @ 0.80 gpt Au, 34 gpt Ag; 3.15 m @ 0.26 gpt Au, 10 gpt Ag; 11.57 m @ 0.22 gpt Au, 5 gpt Ag.

ON MINING

  • Excellon Resources Inc. announced second quarter 2019 production results from its Platosa mine, Durango. At the site 18,717 tonnes were mined, 19,964 tonnes processed @ 514 gpt Ag, 4.97% Pb, 7.40% Zn, recovering 90.6% Ag, 83.6% Pb, 79.6% Zn to produce 276.8 K Oz Ag, 1.76 M Lb Pb, 2.5 M Lb Zn. “.. the operation accessed multiple ore faces in the Rodilla, Pierna, 623 and Guadalupe South mantos. Operational efficiencies implemented in previous quarters continued to deliver results with lower dilution, higher grades and steady production rates”.
  • Mexus Gold US. informed that leaching from its 2,500 ton leach pad is returning solution to the holding pond at its Santa Elena mine in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora). “It is expected to accumulate 5 to 7 oz. the first week with leaching continuing until the return solution stabilizes. Mexus will be adding new ore to the pad with the Merrill Crow gold recovery system running weekly to keep up with production.”
  • Great Panther Mining Ltd. reported financial results for the second quarter 2019. Most of the report is focused on the operation of the company’s recently acquired Tucano mine in Brazil, and not much is disclosed about its Mexican operations, other than the production of 10,023 Oz AuEq. At the end of the period cash and short-term deposits were $9.9 M (Topia, Durango).
  • Capstone Mining Corp. extended and amended its US$300 million corporate revolving credit facility with Canadian Imperial Bank of Commerce (CBIC) and Bank of Nova Scotia. “In the quarter ending June 30, 2019, Capstone paid an additional $20 million towards long-term debt , bringing the total deleveraging payments to $129 million over the last ten fiscal quarters, and the total long-term debt balance to $199.9 million” (Cozamin, Zacatecas).
  • Azure Minerals Ltd. commenced mining at its Oposura project in Sonora. Ore grading 10-15% Pb-Zn is being open-pit mined at a rate of 1,500-3,000 tonnes per month on the East-Zone, where all material being mined is classified as indicated mineral resources. “Processing of this ore is expected to commence in September under a toll treatment agreement with a third-party sulphide flotation processing plant”.

ON FINANCING

  • Silver One Resources Inc. granted 2.43 M stock options to its directors, officers, consultants and advisors (La Frazada, Nayarit).
  • Impact Silver Corp. amended the terms of its ongoing non-brokered private placement financing due to strong interest. Under the actual terms, Impact has closed a first tranche for gross proceeds of $1.235 M and expects to close a second tranche for additional $714 K. Under the modified terms a third tranche has been added seeking to raise additional $3 M (Zacualpan District, Estado de Mexico).
  • Impact Silver Corp. completed the second tranche of the previously announced non-brokered private placement, receiving aggregate gross proceeds of $714.3 K (Zacualpan District, Estado de Mexico).
  • Golden Minerals Co. closed the direct offering previously announced, for gross proceeds $2.25 M (Rodeo, Durango).
  • Americas Silver Corp. announced that Eric Sprott purchased shares of the company for a total of US$10 M in a non-brokered private placement, increasing its ownership to above 8% (Cosalá, Sinaloa).
  • SilverCrest Metals Inc. entered into an agreement with a syndicate of underwriters for the purchase of shares with gross proceeds of C$22.0 M, with the company paying the underwriters a cash commission of up to 5% of the gross proceeds. SSR Mining elected to exercise its right to maintain its pro rata ownership of up to 9.9% (Las Chispas, Sonora).
  • Defiance Silver Corp. “entered into a loan agreement with an entity controlled by one of its officers and directors which allows Defiance to borrow up to $200,000. The Loan is unsecured and will bear interest at the rate of 1% per month, accrued daily. It will mature on July 22, 2020”(San Acacio, Zacatecas).
  • Mako Mining Corp. announced the completion of the previously announced rights offering, raising total aggregate gross proceeds of $27 M.
  • Mexus Gold US. informed that the company has satisfied a $105 K loan commitment on time (Santa Elena, Sonora).
  • Southern Silver Exploration Corp. announced its previously announced $2M non-brokered private placement has been increased to $3 M (Cerro Las Minitas, Durango).
  • Avino Silver & Gold Mines Ltd. entered into an agreement with Cantor Fitzgerald Canada Corp. as sole underwriter to the purchase of common shares of the company for gross proceeds of $4M and additional flow-through common shares for additional gross proceeds of $2 M (Avino, Durango).
  • Discovery Metals Corp. closed its non-brokered private placement, raising $ 9.0 M. Mr Eric Sprott acquired 17.56 M shares, and as a result he’s now the owner of 19.9% of Discovery’s issued and outstanding common shares. Finders’ fees of $17,500 were paid (Puerto Rico, Coahuila; Cordero, Chihuahua).
  • Oroco Resource Corp. announced a non-brokered private placement to raise $1.35 M (Santo Tomas, Sinaloa).
  • Americas Silver Corp. closed its previously announced non-brokered private placement with Mr. Eric Sprott, raising gross proceeds of US$10 M.
  • Capstone Mining Corp. extended and amended its US$300 million corporate revolving credit facility with Canadian Imperial Bank of Commerce (CBIC) and Bank of Nova Scotia. “In the quarter ending June 30, 2019, Capstone paid an additional $20 million towards long-term debt , bringing the total deleveraging payments to $129 million over the last ten fiscal quarters, and the total long-term debt balance to $199.9 million” (Cozamin, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. released results from a sampling campaign comprising 52 recent and historic holes that were previously drilled on the hanging-wall of the Avino stockwork system of its Avino property in Durango. Some of the results released: 3.05 m @ 1.31 gpt Au, 24 gpt Ag, 0.02% Cu; 4.30 m @ 1.47 gpt Au, 71 gpt Ag, 0.49% Cu; 2.20 m @ 5.00 gpt Au, 120 gpt Ag, 0.13% Cu; 16.00 m @ 2.06 gpt Au, 67 gpt Ag, 0.69% Cu; 2.95 m @ 1.50 gpt Au, 31 gpt Ag, 0.47% Cu; 1.25 m @ 3.27 gpt Au, 10 gpt Ag, 0.11% Cu; 2.00 m @ 15.60 gpt Au, 146 gpt Ag, 0.28% Cu; 4.10 m @ 3.82 gpt Au, 103 gpt Ag, 0.23% Cu; 5.45 m @ 1.26 gpt Au, 133 gpt Ag, 0.07% Cu; 9.50 m @ 1.82 gpt Au, 119 gpt Ag, 0.50% Cu; 5.95 m @ 2.29 gpt Au, 232 gpt Ag, 0.30% Cu; 4.90 m @ 5.36 gpt Au, 26 gpt Ag, 0.07% Cu; 8.43 m @ 2.16 gpt Au, 21 gpt Ag, 0.15% Cu.
  • GoGold Resources Inc. delivered assays results from four more holes at its Los Ricos project in Jalisco. Highlighted intervals comprise: 21.4 m @ 0.81 gpt Au, 170 gpt Ag (including 12.9 m @ 1.24 gpt Au, 262 gpt Ag which includes 7.5 m @ 1.78 gpt Au, 342 gpt Ag) in one hole; 4.5 m @ 1.50 gpt Au, 197 gpt Ag, then stope, then 13.8 m @ 0.63 gpt Au, 86 gpt Ag) in another hole; 14.9 m @ 1.78 gpt Au, 106 gpt Ag in a third one and 7.5 m @ 0.09 gpt Au, 18 gpt Ag, then 2.2 m of open stope, then 15.6 m @ 1.15 gpt Au, 113 gpt Ag (including 6.5 m @ 2.38 gpt Au, 236 gpt Ag. The first hole of this release is the deepest so far to intersect the Los Ricos vein.

ON DEALS AND CORPORATE ISSUES

  • Prize Mining Corp. announced its shareholders will be asked in August 22 to approve the continuation of the company into the jurisdiction of Britsh Columbia, the consolidation of its shares on a 5 to one basis and the name change of the company to Boundary Gold and Copper Mining Ltd. (Manto Negro, Coahuila).
  • Discovery Metals Inc. has received conditional approval from the TSX Venture Exchange to complete the transaction with Levon Resources Ltd. for the combination of their businesses (Puerto Rico, Coahuila; Cordero, Chihuahua).
  • One World Lithium Inc. issued a technical clarification as a result of a review by the British Columbia Securities Commission about a previous news release on drilling results at its Salar del Diablo project in Baja California. The company had three distinct target levels at several zones, but drilling encountered harsh conditions due to the natural variability of the unconsolidated basin sediments. “Dense mudstones were interlayered with unconsolidated, water- and brinebearing sands. Drill bits and related equipment were commonly plugged by the mudstones, requiring multiple trips out of the hole to clean and unplug the drill bits. Unconsolidated sands poured or sloughed into the drill bore, requiring substantial time to stabilize the drill hole before drilling to additional depths. Some measure of control was established by drilling and setting casing at deeper levels, but high amounts of water impeded the progress of the drill…..”
  •  Discovery Metals Inc. announced a majority of Levon Resource Ltd’s shareholders approved the plan of arrangement for the combination of businesses (Puerto Rico, Coahuila, Cordero, Chihuahua).

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

On the image below: sheeted quartz veinlets and minor stockwork development in metamorphic rocks of a project in Oaxaca. Picture by Jorge Cirett

IMG_2618 - copia

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

IMG_2611 - copia

By Jorge Cirett

During the 28th week of the year (July 8th to July 14th, 2019), at least 27 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Camimex announced investments for US$2,705 M on new gold projects from 2019 to 2024. The same organism informed Mexico’s gold production declined 6.7% between 2017 and 2018. ON EXPLORATION, In Baja California, One World Lithium released results from drilling at Salar del Diablo. In Sonora, Magna Gold started its phase one exploration program at its Mercedes project on the Santa Rosa de Yecora district. In Chihuahua, Sable Resources received the drilling permit for its Vinata project. In Coahuila, Discovery Metals received the drilling permit for its Monclova project. In Guanajuato, Fresnillo explores near Mineral de La Luz. ON MINING, Torex Gold, Coeur Mining, Great Panther, GoGold Resources and Endeavour Silver presented production results for the second quarter of 2019. ON FINANCING, Mexican Gold Corp, Impact Silver, One World Lithium, Oceanus Resources, Silver One Resources, Advance Gold and Millrock undertook or completed tranches of financing rounds for a combined $13.45 M. Evrim Resources granted 1 M stock options to an officer. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals filed the PEA on Las Chispas, Sonora. VVC Exploration received the environmental permit  and a land use change permit for its Samalayuca project in Chihuahua. SilverCrest Metals released high grade results from underground sampling of the Babicanora vein at Las Chispas, Sonora. Goldplay released good gold results from trenching on an extension of the Nava zone on its San Marcial project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Orex Minerals and Pan American Silver entered into an agreement to negotiate a formal JV agreement on the Sandra Escobar project in Durango. Oroco Resources signed a letter of agreement to acquire the 766 ha. Rossy concession adjacent to Oroco’s land package on the Santo Tomas district in Sinaloa.

ON MEXICO ISSUES

  • Camimex (Cámara Minera de México), informed on a list of new gold producing projects that involve the investment of US$2,705 M between 2019 and 2024. Among the biggest investments are those of Torex Gold (US$482 M) in Media Luna, Guerrero; Grupo Mexico’s (US$413 M) Buenavista Zinc in Sonora and Fresnillo’s (US$350 M) Orisyvo in Chihuahua. Other investments include the second dynamic leaching plant at La Herradura; the Pyrites plant in Fresnillo; Goldcorp’s Pyrite plant in Peñasquito, Zacatecas; and Endeavour’s El Compas in Zacatecas; Candelaria Mining is to start operations at Pinos, Zacatecas; Mag Silver and Fresnillo are to begin production at Juanicipio, Zacatecas; Telson Resources is to finish construction of the mine at Tahuehueto, Durango; Hecla’s will continue with open pit and then underground operations at San Sebastian, Durango.
  • Camimex stated that during 2018 Mexico’s gold production diminished 6.7% compared with 2017, reaching 3.8 M Oz Au. Five companies produced more than half of the overall gold production in 2018: Fresnillo (24.1%), Torex Gold (9.3%), Agnico Eagle (8.5%), Goldcorp (7.1%) and Minera Frisco (6.5%) (Editor’s note.- This last company has the dubious honor of being the most opaque for disclosing production, reserves and resources from its projects in Mexico).

ON EXPLORATION

  • Sable Resources Ltd. has received the permit needed to drill the Vinata project in Chihuahua. The surface agreements have been approved by the local community for an initial 2,500 m diamond drill program “to test the vertical continuity and mineral zoning along a section of the Vinata vein system where the veins are observed outcropping over 1000 m along strike”. Sable will contract a ground electromagnetic survey (CSAMT) to better define the vein system at depth and the contacts between a felsic dome and volcanic and sedimentary rocks. The mineralisation at Vinata occurs as a series of quartz veins that outcrop for 1,200 m, with multiple sub-parallel veins and stockwork zones over a width of 15 to 170 m, with individual veins ranging to up to 12 m in width.
  • One World Lithium Inc. released results from drilling at its Salar del Diablo property in Baja California (there is not a state named Baja California Norte in Mexico). The drill holes did not reach the target depths due to “the constant sluffing of sand, presence of multiple clay formations, unconsolidated gravel and rubble”. The highest lithum grade in sediment samples was 273 ppm Li, whereas the water samples are thought to have been diluted by the injection of significant amounts of fresh water while drilling. The Company intends to resume its 4,250 foot drilling program before the end of September 2019.
  • Discovery Metals Corp. has been granted drilling permits for its Monclova project in Coahuila. “The Real Viejo area is the key near-term target. It hosts five historic shallow underground mines along a strike of 1.5km at a limestone-intrusive rock contact”, with rock channel samples averaging 277 gpt Ag, 6.7% Zn, 1.9% Pb. The Real Viejo area is 2 square-km in size and is located along the southern contact of the Monclova intrusive complex, where a series of Ag-ZnPb mineralised, silica-rich vein, replacement bodies (mantos), skarn-altered embayment zones and breccias 2-10 m wide are located.
  • Fresnillo Plc. is realizing exploration work in the Guanajuato district, mainly near Mineral de La Luz.
  • Magna Gold Corp. initiated its phase one exploration program on the Mercedes project in Sonora. The aim on this phase is to confirm the existence (suggested by historical drilling) of an oxide zone of quartz stockwork Au-Ag mineralisation 60 m wide and 220 m long, and a surface study including geological mapping of a 500 ha zone and  systematic rock chip and soil geochemical surveys.

ON MINING

  • Torex Gold Resources Inc. reported Q2 2019 gold production of 113,600 Oz Au at its Limon-Guajes mine in Guerrero. Plant throughput averaged 11,670 tonnes per day (tdp), underground mine production was 1,280 tpd, open pit ore production was 18,600 tpd and the open pit strip ratio was 6.8:1.
  • Coeur Mining Inc. announced second quarter 2019 production. At Palmarejo, in Chihuahua, 447.7 K tonnes were milled @ 2.18 gpt Au, 147.4 gpt Ag, with recoveries of 87.7% Au, 81.8% Ag to produce 28,246 Oz Au, 1.7 M Oz Ag. Production at the La Nacion deposit began and is anticipated to add 400 tpd of mill feed.
  • Great Panther Mining Ltd. presented second quarter 2019 results including figures from its Mexican operations. At Topia, in Durango 18.4 K tonnes were processed @ 392 gpt Ag, 1.01 gpt Au, recovering 93.9% Ag, 58.9% Au to produce 218 K Oz Ag, 353 Oz Au, 453 tonnes Pb, 575 tonnes Zn. At the Guanajuato mine Complex, solely from the San Ignacio mine, 45.5 K tonnes were processed @ 2.52 gpt Au, 105 gpt Ag, recovering 85.5% Ag, 87.0% Au, to produce 388.4 K Oz Ag, 3,209 Oz Au.
  • GoGold Resources Inc. reported production results from its tailings project in Parral, Chihuahua. During the period 250 K Oz Ag, 2,281 Oz Au were recovered.

Endeavour Silver Corp. disclosed second quarter 2019 production results from its four mines in Mexico.

Endeavour Q2 2019 Production table1

ON FINANCING

  • Mexican Gold Corp. is undertaking a non-brokered private placement for aggregate gross proceeds of up to $4 M (Las Minas, Veracruz).
  • Impact Silver Corp. completed the first tranche of its non-brokered private placement, raising gross proceeds of $1.23 M, and announced the increase on the second tranche of financing to up to $1.5 M (Zacualpan, Estado de Mexico).
  • Evrim Resources Corp. announced the approval of the grant of 1 M stock options to an officer under the terms of the company’s stock option plan (Cerro Cascaron, Chihuahua).
  • One World Lithium Inc. closed the first tranche of its private placement financing, raising CDN$734.6 K (Salar del Diablo, Baja California. Please note there is not a Baja California Norte state in Mexico).
  • Oceanus Resources Corp. closed a non-brokered private placement raising $750 K (El Tigre, Sonora).
  • Silver One Resources Inc. increased its previously announced private placement, for gross proceeds of $5 M (La Frazada, Nayarit).
  • Advance Gold Corp. closed the non-brokered private placement financing previously announced, for gross proceeds of $234 K (Tabasquena, Zacatecas).
  • Millrock Resources Inc. plans to raise gross proceeds of between $1 M and $1.5 M through a non-brokered private placement. Finder’s fees of 7% cash and 7% finder’s warrants may be paid in connection with the Offering (Batamote, Sonora).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. filed the technical report titled “Technical Report and Preliminary Economic Assessment for the Las Chispas Property, Sonora, Mexico”. The PEA results were previously released.
  • VVC Exploration Corp. received the environmental permit and a land use change permit for its Samalayuca copper property in Chihuahua. With those permits the company can initiate mining operations in the Gloria zones of the Kaity claim. VVC began bench testing with mineralised material from the Gloria zones to assess metallurgy with different crush sizes and acid flow rates.
  • SilverCrest Metals Inc. provided the first underground sample results from the Babicanora vein on its Las Chispas project in Sonora. A total of 133 samples were collected from blast faces for 35 m of a 3.5 m by 3.5 m drift along the vein, same that averaged 2.6 m (vein width) @ 13.70 gpt Au, 1,107 gpt Ag (or 2,132 gpt AgEq). Some of the best intervals released comprise: 3.9 m @ 62.66 gpt Au, 4,610 gpt Ag (including 0.6 m @ 336 gpt Au, 26,435 gpt Ag); 4.1 m @ 13.91 gpt Au, 709 gpt Ag; 3.5 m @ 16.69 gpt Au, 2,192 gpt Ag; 1.8 m @ 53.18 gpt Au, 3,548 gpt Ag; 3.2 m @ 12.89 gpt Au, 799 gpt Ag; 5 m @ 16.69 gpt Au, 2,192 gpt Ag; 3.2 m @ 18.74 gpt Au, 459 gpt Ag; 2.1 m @ 14.77 gpt Au, 1,542 gpt Ag; 2.5 m @ 15.27 gpt Au, 1,426 gpt Ag; 2.5 m @ 21.73 gpt Au, 1,231 gpt Ag.
  • Goldplay Exploration Ltd. encountered a broad gold zone at the Nava target of its San Marcial project in Sinaloa. The results come from a zone 300 m west of the first Nava trenches, where a 31 m true width (tw) zone mineralised zone of epithermal quartz veins and a zone of intense stockwork which returned 17.7 m (tw) @ 2.11 gpt Au. The target is to be drill tested on the next drill program with a couple of holes.

ON DEALS AND CORPORATE ISSUES

  • Orex Minerals Inc. entered into an agreement with Pan American Silver Corp. to negotiate a formal JV agreement on the Sandra Escobar project in Durango, to replace a previous agreement from 2015, and will suspend the operation of the 2015 agreement until the new agreement is entered into, or until December 31, 2019, whichever is earlier.
  • Oroco Resources Corp. entered into a letter of agreement for the acquisition of an 80% interest in the 766.7 ha Rossy mining concession located within Oroco’s land package on the Santo Tomas district in Sinaloa. The company has to pay US$125 K over two years and issue 300 K shares and grant 1.5 NSR.

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

On the image below, orogenic gold style milky quartz vein bearing pyrite and jarosite in Oaxaca. Picture by Jorge Cirett

IMG_2611 - copia