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

 

By Miguel A Heredia

During the 19th week of the year (May 7th to May 13th, 2018), at least 40 press releases were announced by companies working in Mexico, with eight informing on exploration results, nine reporting Q1 2018 results, four announcing financing, sixteen communicating deals and corporate issues, and  seven reporting on resources & development. ON MEXICO ISSUES, Fernando Alanis Ortega was appointed President of CAMIMEX for the period 2018-2010. Investment in the mining sector reached $4,287 M USD in 2017, representing an increase of 14.3%. ON EXPLORATION, In Sonora, Colibri Resource reported drilling results at its El Pilar project, and Azure provided an update on its El Alacran project. In Chihuahua, Sable commenced a 4,000m diamond drill program on its Margarita project; Prospero and Fortuna revised its 2018 work program for Bermudez and Trias projects in Chihuahua, and Buenavista project in Durango.  In Zacatecas-Durango, Canasil announced plans to resume drilling at its La Esperanza project. In Guerrero, Alio announced that a regional exploration work is underway on its Ana Paula project. In Oaxaca, Megastar signed an option agreement to acquire a mining project. ON MINING, Alio Gold, Pan American Silver, Americas Silver, Excellon, GoGold, Hecla, Premier Gold, and Torex reported Q1 2018 results from their Mexican operations. Gainey completed upgrade of its Huajicori mill in Nayarit. ON FINANCING, Almaden announced a non-brokered private placement for $7M.  Minaurum raised $4.7M in its first tranche of a total $6M non-brokered private placement. Prize Mining announced a non-brokered private placement for $2M. Silver Spruce closed a non-brokered private placement for $287.7K. ON RESOURCES AND DEVELOPMENT, Alio initiated the construction of a 1,200m underground decline at its Ana Paula project in Guerrero. Hecla provided an exploration update on its San Sebastian Mine.  Leagold reported underground drilling results for its Los Filos mine in Guerrero. Premier Gold filed a technical report for its Mercedes mine in Sonora.  Sierra Metals reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1 2018 period. US Antimony reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. ON DEALS AND CORPORATE ISSUES, Alamos Gold, Endeavour, Excellon, and Fortuna reported results of its 2018 annual general meetings. Alamos also announced changes to its Board of Directors. Almadex approved spinout transaction. Great Panther announced the departure of its COO. Canuc announced the appointments of its CFO and Corporate Secretary. New Gold announced the appointment of its President and CEO. Candente reached an agreement with 3rd Eye Research to retain IR services. First Majestic completed the acquisition of Primero Mining. Goldplay received approval on the San Marcial option agreement in Sinaloa with SSR Mining. One World Lithium announced the granting of stock options. Primero announced receipt of Mexican antitrust clearance for arrangement with First Majestic. MX Gold signed a definitive agreement to sell interest at its Magistral project in Durango.

ON MEXICO ISSUES

  • Fernando Alanis Ortega, was appointed President of the Mexican National Chamber of Mines (CAMIMEX) for the period 2018-2010, replacing the outgoing Daniel Chavez Carreon.
  • CAMIMEX, reported that the investment in the mining sector reached $4,287 M USD in 2017. Although this represents an increase of 14.3% over the previous year, it is still 48.5% lesser that the invested record in 2012 which reached $8,043M USD.

ON EXPLORATION

  • Colibri Resource Corporation, reported drilling results from its El Pilar project in Sonora. Highlights are 9m of 8.16 g/t Au, including 1.5m of 33.4 g/t Au. The company has completed 2,117m in 20 RC holes “aimed to test for continuity within previously interpreted zones of mineralization, test for extensions to the known mineralization, and explore locally for new zones of gold mineralization”.
  • Azure Minerals Limited, provided an update on results from its El Alacrán project in Sonora, currently operated by Minera Teck S.A. de C.V. Teck drilled 14 holes to test extensions of Au mineralized zones at Loma Bonita area. Results suggest potential expansion of the Loma Bonita epithermal Au-Ag mineralized system at depth south towards Cerro San Simon, where four holes were drilled to test resistivity anomalies. Teck also drilled four holes at Cerro Colorado Zone to test mapped targets and geophysical anomalies generated by IP surveys and airborne magnetics, confirming potential for porphyry copper mineralization. Geological, geochemical and geophysical surveys are being carried out in H1, 2018 and will be followed by further drilling in H2, 2018.
  • Sable Resources Ltd., commenced a 4,000m diamond drill program to test 1.7km of Ag-bearing epithermal quartz veins at its margarita project in Chihuahua. The aim is to test for high-grade precious metal horizon 200m below mineralized surface samples.
  • Prospero Silver Corp., and Fortuna Silver Mines Inc., revised its 2018 exploration program, deciding to conduct a 6,000m drill program to test targets at its Buenavista, project in Durango, as well as at its Bermudez and Trias projects in Chihuahua.
  • Canasil Resources Inc., announced plans to resume drilling at its La Esperanza project in Zacatecas-Durango. The drill program was designed to test the northwestern and southeastern extension of the La Esperanza vein 50m below of the high grade found in hole ES-17-16.
  • Alio Gold Inc., announced that a regional exploration work is underway on its Ana Paula project in Guerrero which includes an airborne magnetic survey targeting further breccia or skarn targets.
  • Megastar Development Corporation, signed an option agreement with Paradex Inc., and Minera ZalameraA. de C.V., to acquire 100% of the Rama de Oro project in Oaxaca. “The Project is hosted by caldera-related Tertiary volcanic rocks (e.g. El Aguila model) crosscut by hydrothermal veining inferred to be related to late-stage granitic magmatism locally exposed as dikes and underlying the adjacent ‘Nueve Puntos’ mountain”. Exploration work on the property has identified a 4 square-Km zone of quartz veining, silicification, and clay alteration of volcanic rocks. Sampling on this altered zones have returned anomalous values of Au, Ag, As, Hg, and Sb, suggesting the upper part of a precious metal epithermal system.
  • Prize Mining Corporation, reported sampling results at its Manto Negro Copper project in Coahuila. Significant results include 6m of 2.73% Cu and 58 g/t Ag, 5.2m of 1.78% Cu and 40 g/t Ag, and 7m of 1.65% Cu and 36 g/t Ag.

ON MINING

  • Alio Gold Inc., announced Q1 results from its san Francisco mine in Sonora, Alio produced 17.6K Oz Au and ~9K Oz Ag at an AISC of $1,262 per Oz Au.
  • Pan American Silver Corp., reported results from its Dolores and La Colorada mines in Chihuahua and Zacatecas states respectively. Au and Ag production during the period of Q1, 2018 was 34.4K Oz Au and 1.2M Oz Ag at Dolores mine and 1K Oz Au and 1.65M Oz Ag at La Colorada mine.
  • Americas Silver Corporation, reported Q1 2018 results from its Cosala operations in Sinaloa. Americas processed 163.8K tonnes to produce 397K Oz Ag, 7.6 M Lb Pb, and 7.3M Lb Zn.
  • Excellon Resources Inc., reported Q1 2018 results from its La Platosa mine in Durango. The company processed 18.9K tonnes (including 5.9K tonnes of historical stockpile) at average grades of 359 g/t Ag, 3.8% Pb, and 6.4% Zn to produce 194.5K Oz Ag, 1.3M Lb Pb, and 1.8M Lb Zn.
  • Gainey Capital Corp., completed upgrade of its Huajicori mill in Nayarit to process 300 tonnes per day.
  • GoGold Resources Inc., announced Q1 2018 results from its Parral Tailings project in Chihuahua. The company stacked 439.3K tonnes on the leach pad to produce 265.6K Oz Ag and 1908 Oz Au.
  • Hecla Mining Company, reported Q1 2018 results from its San Sebastian mine in Durango. The mine produced 512K Oz Ag and 4,500 Oz Au.
  • Premier Gold Mines Limited, announced Q1 2018 results from its Mercedes mine in Sonora. The company milled 168.3K tonnes of 2.91 g/t Au and 31.8 g/t Ag to produce 15K Oz Au and 57.4K Oz Ag.
  • Torex Gold Resources Inc., reported Q1 2018 results from its El Limón-Guajes Mine Complex in Guerrero. Torex processed 785K tonnes of 3.29 g/t Au to produce 67.2K Oz Au at an AISC of $954 per ounce.

ON FINANCING

  • Almaden Minerals Ltd., announced a non-brokered private placement for $7M. Net proceeds will be used for exploration and development of its Ixtaca project in Puebla.
  • Minaurum Gold Inc., raised $4.7M in its first tranche of a total $6M non-brokered private placement. Net proceeds will be used for its ongoing exploration program at the Alamos Silver project in Sonora.
  • Prize Mining Corporation, announced a non-brokered private placement for $2M. Net proceeds will be used to conduct a geological, diamond drill and engineering assessment on its Manto Negro Copper project in Coahuila The aim is to produce a 43-101 compliant mineral resource.
  • Silver Spruce Resources Inc., closed a non-brokered private placement for $287.7K. Net proceeds will be used at Its Pino de Plata project in Chihuahua, aimed to drill target sites on the property.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc., initiated the construction of a 1,200m underground decline at its Ana Paula project, which is expected to be completed in Q3 2018. It will enable commencement of the first phase of the proposed underground diamond drill program, which will consist of 12,000 m in 55 holes. The company completed a six-hole 3,800m drill program below the proposed open pit to better define the geometry of the complex high-grade breccia and know the mineralization extent. Alio is also currently carrying out a drilling program on a high priority surface target 150m north of the proposed open pit, on which a detailed geological mapping at a scale 1:2,000 will be conducted.
  • Hecla Mining Company, provided and exploration update on its San Sebastian mine in Durango. An Infill drill program is been conducted to expand high-grade polymetallic zones similar to the Hugh Zone on the Middle and Francine veins, as well as oxide mineralization along the Professor and Francine veins. Significant results are 1.34m of 135 g/t Ag, 23.5% Pb, 18.5% Zn, and 7.9% Cu on the polymetallic zone, and 1.58m of 1,200 g/t Ag and 4.98 g/t Au on the oxide mineralization. At West Middle vein, the most significant intercepts are 1.34m of 317 g/t Ag, 10.1% Pb, 18% Zn, and 3% Cu, and 0.85m of 304 g/t Ag, 8.5% Pb, 9.4% Zn, and 3.8% Cu.
  • Mexican Gold Corp., reported step-out drilling results from the El Dorado / Juan Bran and Santa Cruz zones within its Las Minas projects in Veracruz. Significant interceptions are 8m of 1.06 g/t Au and 6 g/t Ag, including 6m of 1.36 g/t Au and 8 g/t Ag; 6m of 2.52 g/t Au and 10 g/t Ag; 14m of 1.96 g/t Au and 0.3 g/t Ag, including 6m of 3.49 g/t Au and 0.5 g/t Ag; and 24m of 1.24 g/t Au and 3 g/t Ag, including 10m of 2.12 g/t Au and 4 g/t Ag. The drill results tested the continuity of mineralization at El Dorado / Juan Bran zone and extended the mineralized zone to depth as well as cutting multiple mineralized intervals in the upward extension of the Santa Cruz zone.
  • Leagold Mining Corporation, reported underground drilling results for its Los Filos mine in Guerrero. Highlights are 4.1m of 24.2 g/t Au, 6.95m of 23.6 g/t Au, and 9.1m of 8.7 g/t Au from the Nukay, Conchita and Creston Rojo deposits respectively. The aim of the drilling program which comprises over 12,000m to date from 62,000m planned for 2018 is to identify additional resources along the contact of the circular intrusive orebodies.
  • Premier Gold Mines Limited, filed a technical report to release  updated mineral reserves for its Mercedes Mine in Sonora, with 3.3M tonnes of 3.94 g/t Au containing 417K Oz Au, and measured and indicated mineral resources for 3.68M tonnes of 4.32 g/t Au containing 511K Oz Au.
  • Sierra Metals Inc., reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1, 2018. At Cusi, mine development totaled 676m. The company also carried out 1,448m of underground infill drilling, and 7,398m from surface. At Bolivar, mine development totaled 1,177m, with 650m to prepare stops for mine production, 466m to deepening ramps and developing service ramps for ventilation and pumping, and 61m of raises.
  • US Antimony Corporation, reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. Testing and shake-down of the plant is anticipated in Q4 2018.

ON DEALS AND CORPORATE ISSUES

  • Almadex Minerals Limited., approved a spinout transaction of its early stage exploration projects, royalties interests, and certain other assets. Almadex will be re-named Azucar Minerals Ltd., upon closing of the transaction.
  • Candente Gold Corp., reached an agreement with 3rd Eye Research to retain IR services.
  • First Majestic Silver Corp., completed the acquisition of Primero Mining Corp. With the arrangement now completed the Primero´s shares will be delisted from the TSX. The company also announced the termination of the silver purchase agreement with Wheaton

Precious Metals Corp., relating to the San Dimas mine.

  • Goldplay Exploration Ltd., received the approval to acquire the 100% of the San Marcial, Sinaloa option agreement with SRR Mining. Goldplay will pay, over a three year option period, $2.6 M in cash, issue 3.5M common shares, and incur in exploration expenses for $3M.
  • Primero Mining Corp., announced receipt of Mexican antitrust clearance for the arrangement with First Majestic.
  • MX Gold Corp., signed a definitive agreement to sell its 50% interest on its Magistral project in Durango for a purchase price of US$4.5M.

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

On the picture above, an oxidized quartz vein with a high content of disseminated pyrite in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.

 

ONE WORLD LITHIUM ANNOUNCES GEOCHEMICAL RESULTS FROM ITS SALAR del DIABLO LITHIUM PROPERTY, BAJA CALIFORNIA, MEXICO

https://oneworldlithium.com/press-release/one-world-lithium-announces-geochemical-results-salar-del-diablo-lithium-property-baja-california-mexico/

Vancouver, BC, April 11, 2018 – One World Lithium Inc. (CSE-OWLI) (“OWL”) (the “Company”) announces that fieldwork at Salar del Diablo Property (the “Property”) was recently completed with the work being done from January, 2018 to the end of March, 2018. The programs included area wide geochemical sampling and a time domain electromagnetic survey, which encompassed 79.5 line kilometers. The geophysical program was completed on March 29, 2018 and those results will be
released on receipt. The Company intends to complete a gravity survey in the near future and plans to drill test anomalous targets during May, 2018.

Highlights on the Fourth Week of April, 2018. Mining and Exploration News in Mexico

On the picture above, a banded quartz-barite vein in a prospect in Chihuahua state, Mexico. Photo by Miguel A Heredia.

By Miguel A Heredia

During the 17th week of the year (April 23th to April 29th, 2018), at least 19 press releases were announced by companies working in Mexico, with seven informing on exploration results, six reporting Q1 2018 results, two announcing financing, three communicating deals and corporate issues, and  two reporting on resources & development. ON MEXICO ISSUES, Argonaut has taken legal measures to re-activate its explosive permit at its la Colorada mine in Sonora. ON EXPLORATION, In Sonora, Aztec Minerals & Kootenay presented drilling results from its Cervantes property and Azure reported recoveries and concentrate grades at its Oposura project. In Sinaloa, Goldplay received drill permit for its El Habal project. In Chihuahua, Mammoth announced drilling results from its Tenoriba project.  In Zacatecas, Goldcorp presented drilling results from the Santa Rosa target near its Peñasquito Mine, and signed a LOI with Frisco to explore key regional targets at the Mazapil Valley. Prospero provided its plan work for the remainder of 2018 for its exploration projects in Mexico. ON MINING, Agnico Eagle reported Q1 results on its La India mine in Sonora, and Pinos Altos y Mascota mines in Chihuahua. Goldcorp reported Q1 results from its Peñasquito mine in Zacatecas. Capstone announced Q1 results from its Cozamine mine in Zacatecas. New Gold presented Q1 results from its San Pedro mine in San Luis Potosi. ON FINANCING, Oroco closed a private placement for $900K. First Mexican entered into an arrangement to secure a credit facility loan for up to $10M. ON RESOURCES AND DEVELOPMENT, In Sonora, SilverCrest filed a mineral resource estimate on its Las Chispas project. In Chihuahua, Agnico reported development progress and expansion drilling results on their satellite deposits within its Pinos Altos and Creston mines, as well as at its La India mine in Sonora.  ON DEALS AND CORPORATE ISSUES, Bacanora Lithium announced director changes and the grant of options (Sonora Lithium project, Sonora). Capstone reported voting results from its annual general meeting (Cozamine mine, Zacatecas). Westminster announced VP appointment (El Cobre, Sonora).

ON MEXICO ISSUES

  • Argonaut Gold Inc., reported that the court has rescheduled the hearing pertaining the explosives permit from its la Colorada mine in Sonora to May 16, 2018. The company estimates it has sufficient ore to continue operations until the end of July, however, is taking legal measures to re-activate its explosive permit and re-commence blasting activities as soon as possible.

ON EXPLORATION

  • Aztec Minerals Corp. & Kootenay Silver Inc., reported drilling results from the California target at the center of a gold geochemical anomaly within its Cervantes property. The most significant results are 160m of 0.77 g/t Au, 0.13% Cu, and 3.4 g/t Ag, including 80m of 1.0 g/t Au, 0.11% Cu and 4 g/t Ag.
  • Azure Minerals Limited, reported flotation test results showing significant improvements of recoveries and concentrate grades at its Oposura project. Zinc and lead recoveries of 85.6% and 84% achieve concentrate grades of 57.2% and 61.4% respectively. Silver recovery in the lead concentrate is 67.1% at a concentrate grade of 323.8 g/t Ag. The positive metallurgy has reduced significantly the processing and marketing risk and has enhanced the project potential.
  • Goldplay Exploration Ltd., received a drill permit to carry out a 4,000m drilling program at its El Habal project in Rosario, Sinaloa. The goal of the drilling program is to test low sulphidation epithermal mineralization targets generated by mapping and sampling of shallow underground workings along with a CSMAT geophysical survey.
  • Mammoth Resources Corp., announced drilling results from the Los Carneritos target within its Tenoriba project in Chihuahua. Significant results are 126.8m of 0.47 g/t Au and 7.2 g/t Ag, including 58.2m of 0.73 g/t Au and 4 g/t Ag or 25m of 1.1 g/t Au and 2.7 g/t Ag; and 14.9m of 0.58 g/t Au and 3 g/t Ag. “These diamond drill holes at Los Carneritos extend the strike length of gold mineralization on the property a total of almost four km within a High Sulphidation system with mineralization open at least one km both to the east and west of this four km trend where gold has been sampled on surface”.
  • Goldcorp Inc., presented initial drilling results from the Santa Rosa target near its Peñasquito Mine in Zacatecas. Significant intersections are 164m of 1.06 g/t Au, in disseminated, intrusive-hosted mineralization within dacite porphyry dykes, along with a 22m of 3.46 g/t Au interception of skarn mineralization. “The Santa Rosa system is interpreted as a quartz porphyry complex intruding a contemporaneous volcanic pile underlain by Lower Jurassic to Upper Cretaceous carbonate stratigraphy”. Goldcorp also signed a LOI with Minera Frisco to explore, under a JV agreement, key regional targets in the Mazapil Valley near Peñasquito Mine.
  • Prospero Silver Corp. & Fortuna Silver Inc., provided a plan work for the remainder of 2018 on their different JV exploration projects in Mexico. In Chihuahua, they planned to drill the Bermudez and Trias projects with a program of 1,200m each. In Durango, a 3,450m drilling program will be conducted at their Buenavista project. In Hidalgo, they plan to drill a fourth hole by the end of the year at their Pachuca SE project. All the projects are low sulphidation epithermal style targets, with Buenavista in Durango displaying some characteristics of intermediate sulphidation affinity, like elevated base metals levels at depth in the system.

ON MINING

  • Agnico Eagle Mines Limited., reported results on their Mexican operations. The company processed 1.7M tonnes from its La India mine in Sonora with a grade of 0.74 g/t Au to produce 23K Oz Au at cash cost of $700 USD per Oz Au produced. In Chihuahua, Agnico processed 519 K tonnes and 475K tonnes from their Pinos Altos and Creston mines respectively, with grades of 2.62 g/t Au and 0.67 g/t Au to produce 41.8K Oz Au and 12K Oz Au correspondingly. Total cash cost per Oz Au produced are $758 USD and $865 USD in that order. At Pinos Altos, production is transitioning from open pit to underground mining with a higher cost associated.
  • Goldcorp Inc., reported results from its Peñasquito mine in Zacatecas. On Q1 2018, Goldcorp milled 8.96M tonnes with grades of 0.54 g/t Au, 23.5 g/t Ag, 0.19%Pb and 0.64% Zn to produce 98K Oz Au, 5.2M Oz Ag, 27M Lb Pb and 88.7M Lb Zn, at cash cost of $708 USD per Oz Au produced.
  • Capstone Mining Corp., announced results from its Cozamine mine in Zacatecas. On Q1 2018, Capstone produced 4,285 tonnes of Cu at cash cost of $0.71 USD per Lb Cu produced.
  • New Gold Inc., presented results from its San Pedro mine in San Luis Potosi. On Q1, New Gold produced 4.5K Oz Au and 0.1 M Oz Ag from residual leaching. Cerro San Pedro finished active mining in Q2 2016.

ON FINANCING

  • Oroco Resource Corp., closed a non-brokered private placement for $900K. Net proceeds will be used for exploration expenditures (Santo Tomas, Sinaloa).
  • First Mexican Gold Corp., entered into an arrangement to secure a credit facility loan for up to $10M. The funds will be used to bring into production the Karen Zone within its Guadalupe project in Sonora.

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., filed the mineral resource estimate on its Las Chispas project in Sonora. The Inferred resource estimate encompasses 3.44M tonnes of 3.63 g/t Au and 296 g/t Ag for a total of 401.6K Oz Au and 32.7M Oz Ag contained.
  • Agnico Eagle Mines Limited, announced that the Sinter and Cubiro satellite deposits within its Pinos Altos mine are currently being developed to be mined from underground and a small open pit the first, and from underground the second. Both are expected to commence production in Q4 2018 and Q1 2019 respectively. It also conducted 3,450m of infill drilling on Q1 2018 at its Reyna de Plata deposit to convert inferred resources to indicated mineral resources. Significant results are 22.9m of 2 g/t Au and 53 g/t Ag; 17.7m of 0.9 g/t Au and 12 g/t Ag; and one hole with 9.6m of 1.7 g/t Au and 27 g/t Ag, and 3.6m of 4.2 g/t Au and 144 h/t Ag. At Reyna de Plata, mineralization style is low sulphidation epithermal veins hosting inferred mineral resources of 110 K Oz Au and 3.9M Oz Ag in 5.8M tonnes of 0.59 g/t Au and 21 g/t Ag at open pit depth, as well as 93K Oz Au and 1.4M Oz Ag from 1.2M tonnes of 2.35 g/t Au and 35 g/t Ag at underground depth. At the Madrono Zone, Agnico drilled 5,073m of infill and exploration drilling in 24 holes, within its Creston mine. Significant results are 16.2m of 2.2 g/t Au and 47 g/t Ag, 6.7m of 3.1 g/t Au and 38 g/t Ag, 7.5m of 2.2 g/t Au and 28 g/t Ag, and 7.8m of 1.4 g/t Au and 27 g/t Ag. Madrono hosts underground indicated mineral resources of 56K Oz Au and 863K Oz Ag hosted in 858K tonnes of 2.03 g/t Au and 31.3 g/t Ag, and inferred mineral resources of 144K Oz Au and 2.6M Oz Ag in 1.94M tonnes of 2.31 g/t Au and 41 g/t Ag. In Sonora, Agnico is conducting drilling programs focused on extending near pit mineralization at its La India mine as well as on other near-mine targets. On Q1 2018, the company drilled 6,833 m in 49 holes distributed at El Realito and Chipriona targets. Significant results are 58.5m of 0.6 g/t Au and 21 g/t Ag; 14.1m of 2.4 g/t Au and 3 g/t Ag, including 3.2m of 6.8 g/t Au and 5 g/t Ag; 18m of 0.6 g/t Au and 216 g/t Ag; and 56.3m of 0.9 g/t Au and 34 g/t Ag, including 28.9m of 1.4 g/t Au and 40 g/t Ag.

ON DEALS AND CORPORATE ISSUES

  • Bacanora Lithium plc., announced director changes and grant options (Sonora Lithium project, Sonora).
  • Capstone Mining Corp., reported voting results from its 2018 annual general meeting (Cozamine mine, Zacatecas).
  • Westminster Resources Ltd., announced VP appointment (El Cobre, Sonora).

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

Bacanora Lithium plc (“Bacanora” or the “Company”) Directorate Change and Grant of Options

Bacanora Lithium_230418

Calgary, Alberta (FSCwire) – Bacanora Lithium plc, the London listed lithium exploration and development company, is pleased to announce that Chief Executive Officer Mr. Peter Secker has been appointed as a main board director of the Company with immediate effect.  Mr. Secker has over 35 years’ experience in developing, constructing and operating mines, and most recently, has direct experience of developing lithium projects.  He will continue to act as CEO of the Company, a post he has held since 19 May 2015.

 

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

On the picture above,  granodiorite fragments displaying quartz-jarosite-oxidized pyrite stockwork veining in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.

By Miguel A Heredia

During the 15th week of the year (April 9th to April 15st, 2018), at least 26 press releases were announced by companies working in Mexico, with seven informing on exploration results, six reporting Q1 2018 results, three announcing financing, three communicating deals and corporate issues, and  two reporting on resources & development. ON MEXICO ISSUES, Mexico beat the gold production record during 2017 and led the global silver production for the eighth consecutive year. CAMIMEX reported that mining companies working in Mexico invested $4,632M USD in the mining sector during 2017. In Sonora, Argonaut provided information about the explosives permit which was suspended temporarily at its La Colorada Mine. In Guerrero, Torex announced that the labor conflict at its El Limon-Guajes Mine Complex is over.  ON EXPLORATION, In Baja California Norte, One World Lithium announced results at its Salar del Diablo Lithium project. In Sonora, SilverCrest reported drilling results from its Las Chispas project, Silver One identified new geophysical targets at its Peñasco Quemado project, and Azure reported metallurgic results on its Oposura project.  In Chihuahua, Mammoth and Kootenay announced drilling results on their Tenoriba and la Cigarra projects respectively. In Zacatecas, Advance Gold announced underground sampling results.  ON MINING, several companies reported Q1 2018 results on its Mexican operations. In Sonora, Alio reported results from its San Francisco mine; in Chihuahua, GoGold reported results on its Parral operations; in Durango, Hecla and Great Panther reported results on their San Sebastian and Topia mines respectively. Great Panther also reported results on its Guanajuato Mine Complex in Guanajuato, Capstone reported results on its Cozamine mine in Zacatecas, and Leagold reported results on its Los Filos Mine in Guerrero. ON FINANCING, Oroco announced its intention to complete a private placement for $750K. Mexican Gold closed a private placement for $1.05M. Alset closed a private placement for $0.99M.  ON RESOURCES AND DEVELOPMENT, In Oaxaca, Gold Resource announced the northwest expansion of its Arista Mine. Mexican Gold reported results from its resource expansion drill program at Las Minas, Veracruz. ON DEALS AND CORPORATE ISSUES, Colibri filed its annual audited financial statements (Pitaya, Sonora).   Marlin announced some directors changes (La Trinidad, Sinaloa).  Alio announced the appointment of its VP Corporate Development (San Francisco mine, Sonora).

ON MEXICO ISSUES

  • Mexico established a new record in gold production during 2017 according to the Gold Focus 2018 report, reaching 3,292 tonnes. Also, Mexico led the global silver production for the eighth consecutive year, producing 196.4M Oz Ag during 2017. CAMIMEX reported an investment of $4,632M USD in the mining sector during 2017 in Mexico.
  • Argonaut Gold Inc., provided and update on the temporary suspension of its explosive permit at La Colorada Mine.
  • Torex Gold Resources, announced that the Union in conflict at its El Limon-Guajes Mine Complex in Guerrero has withdrawn its case before Mexico´s Federal Labour Board. With this fact, the labor conflict can be considered over.

ON EXPLORATION

  • One World Lithium Inc., announced sampling results at its Salar del Diablo Lithium project in Baja California Norte. 59 auger samples and 4 rock-chips samples were collected returning Li values ranging from a low of 4.7 to a high of 196.5 ppm, with an average of 84 ppm Li.
  • SilverCrest Metals Inc., reported drill results on the Babicanora Vein, including Area 51, within its Las Chispas project in Sonora. Significant results are 4m of 22.8 g/t Au and 1,718 g/t Ag, and 4.5m of 8 g/t Au and 912 g/t Ag. To date, a total of 20 holes have intersected the high-grade footprint of the Area 51 zone, with an average grade of 10.4 g/t Au and 944 g/t Ag.
  • Silver One Resource Inc., identified four new geophysical exploration targets at its Peñasco Quemado project in Sonora. The CSAMT identified deep zones of low resistivity suggesting channels for potential mineralizing solutions. These 4 targets expand the exploration potential, and are encompassed by strong to moderate Zn, Pb, Cu, and Ag anomalies.
  • Azure Minerals Limited, announced metallurgy results on its Oposura project in Sonora, with > 85% Zn and > 80% Pb recoveries. Further testwork will be carried out to optimize recovery and concentrate grades.
  • Mammoth Resources Corp., announced results from 2 holes on its Tenoriba project in Chihuahua. The diamond hole drilled at Masuparia area intersected 45.4m of 0.53 g/t Au and the first hole ever drilled at Los Carneritos area intersected 39m of 0.21 g/t Au.
  • Kootenay Silver Inc., announced drill results, 1km away from the current resources at its La Cigarra project in Chihuahua. Significant intersections are 17m of 267 g/t Ag, including 10m of 437 g/t Ag, and 16m of 112 g/t Ag, including 10m of 144 g/t Ag. The results indicate the mineralized structure extends for an additional 1Km of strike to the northwest of the resource area.
  • Advance Gold Corp., announced underground sampling results on its Tabasquena Mine in Zacatecas. The sampling returned grades of up to 362 g/t Ag near surface and two of the deepest samples returned 642 g/t Ag and 656 g/t Ag. A first phase, 500m core drilling program in two holes is underway with the aim of intersecting the sulphide zone of the La Tabasquena and La Nina veins.

ON MINING

  • Alio Gold Inc., reported results on its San Francisco mine in Sonora. On Q1 2018, Alio processed 1.7M tonnes with an average grade of 0.42 g/t Au to produce 17.6K Oz Au
  • GoGold Resources Inc., reported results from its Parral operations in Chihuahua. On Q1 2018, GoGold processed 439K tonnes of tailings material to produce 266K Oz Ag and 1,900 Oz Au.
  • Hecla Mining Company, announced results on its San Sebastian mine in Durango. On Q1 2018, Hecla produced 0.5M Oz Ag and 4,500 Oz Au.
  • Great Panther Silver Limited, reported results on its Mexican operations in Durango and Guanajuato. On Q1 2018, Great Panther milled 17,950 tonnes at its Topia mine in Durango with average grades of 0.74 g/t Au and 348 g/t Ag to produce 244 Oz Au, 186.2K Oz Ag, 433 tonnes of Pb and 533 tonnes of Zn, while in its Guanajuato Mine Complex in Guanajuato milled 78,919 tonnes with average grades of 2.50 g/t Au and 135 g/t Ag to produce 5,586 Oz Au and 304.8K Oz Ag.
  • Capstone Mining Corp., announced results on its Cozamin mine in Zacatecas. On Q1 2018, Capstone milled 212,912 tonnes with average grades of 2.09% Cu, 0.62% Zn, 0.08% Pb, and 45 g/t Ag to produced 4,300 tonnes of Cu, 795 tonnes of Zn, 21 tonnes of Pb, and 250K Oz Ag.
  • Leagold Mining Corporation, reported results on its Los Filos mine in Guerrero. On Q1 2018, Leagold produced 51K Oz Au. The company also announced 650m of advance of the main ramp at its Bermejal underground mine, which is half of the way to reach the central high-grade portion of the deposit.

ON FINANCING

  • Oroco Resource Corp., announced its intention to close a non-brokered private placement for $750K. Net proceeds will be used for exploration expenditures (Santo Tomas, Sinaloa).
  • Mexican Gold Corp., closed a non-brokered private placement for $1.05M. Net proceeds will be used to continue exploration on its Las Minas project in Veracruz.
  • Alset Minerals Corp., closed a private placement for $992.5K. Part of the net proceeds will be used to advance its lithium project in Mexico (La Salada, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Gold Resource Corporation, announced the northwest expansion of its Arista Mine in Oaxaca with 12 additional step-out and infill drill holes. Significant interceptions are 2m of 6.7 g/t Au and 864 g/t Ag, 2.08m of 1.98 g/t Au and 1,583 g/t Ag, and 1.55m of 9.36 g/t Au and 75 g/t Ag. These drill holes extend the known mineralization of the Arista vein system along strike to the northwest and both up and down-dip.
  • Mexican Gold Corp., reported results from its resource expansion drill program at Las Minas project, Veracruz, within the El Dorado/Juan Bran, Santa Cruz, and Nopaltepec zones. Significant results are 26m of 1.74 g/t Au and 5 g/t Ag, including 20m of 2.19 g/t Au and 6.1 g/t Ag; 30m of 1.05 g/t Au and 6.5 g/t Ag, including 12m of 1.32 g/t Au and 8.5 g/t Ag; 22m of 1.73 g/t Au and 4.7 g/t Ag; and 12m of 1.07 g/t Au and 1 g/t Ag. The drill program is ongoing and is focused on resource expansion of the three known zones and selective upgrading of the resource category.

ON DEALS AND CORPORATE ISSUES

  • Colibri Resource Corporation, filed its annual audited financial statements for the period ending November 30, 2017 (Pitaya 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 picture below,  granodiorite fragments displaying quartz-jarosite-oxidized pyrite stockwork veining in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.

Alset Closes $992,420 Private Placement Financing

alset closes private placement financing

Vancouver, British Columbia–(Newsfile Corp. – April 13, 2018) – Alset Minerals Corp. (TSXV: ION) (“Alset” or “the Company”) announces that further to its March 19, 2018 release it has completed its private placement financing for gross proceeds of $992,420. The Company will issue a total of 8,270,167 units (“Units”), each Unit consisting of 1 common share and ½ of a share purchase warrant (“Warrant”), each full Warrant being exercisable at $0.15 for 36 months.

Finders’ fees or commissions have been paid to registered representatives in connection with the Financing, including the issuance of 366,880 finders’ units (the “Finders’ Units”), with each Finders’ Unit consisting of 1 common share and ½ of a Warrant, each full Warrant being exercisable at $0.15 for 36 months, and 516,880 Broker Warrants exercisable at $0.15 for 36 months.

All securities issued in the placement are subject to a four-month hold period.

Alset will use the net proceeds of this private placement for general working capital purposes and to advance its lithium projects in Mexico.

ONE WORLD LITHIUM ANNOUNCES GEOCHEMICAL RESULTS FROM ITS SALAR del DIABLO LITHIUM PROPERTY, BAJA CALIFORNIA, MEXICO

OneWorldLithium

Vancouver, BC, April 11, 2018 – One World Lithium Inc. (CSE-OWLI) (“OWL”) (the “Company”) announces that fieldwork at Salar del Diablo Property (the “Property”) was recently completed with the work being done from January, 2018 to the end of March, 2018. The programs included area wide geochemical sampling and a time domain electromagnetic survey, which encompassed 79.5 line kilometers. The geophysical program was completed on March 29, 2018 and those results will be
released on receipt. The Company intends to complete a gravity survey in the near future and plans to drill test anomalous targets during May, 2018.

Highlights on the First Week of April, 2018. Mining and Exploration News in Mexico

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On the picture above, pervasive kaolinization of volcanic rocks in the vadose zone of an epithermal system in Guanajuato. Geologist Miguel Heredia for scale.

By Jorge Cirett

During the 14th week of the year (April 1st to April 8th, 2018), at least 12 press releases were announced by companies working in Mexico, of which three had information on exploration, one in mining, one in financing, five on resources and development and two in corporate issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Riverside informed on exploration of its Ariel copper project. In Sinaloa, Goldplay completed a geophysical survey at El Habal. In Durango, Southern Silver announced its exploration program for 2018 at Cerro Las Minitas. ON MINING, Torex Gold announced all access to its projects in Guerrero has been restored.  ON FINANCING, Palamina granted options to officers, directors and consultants.  ON RESOURCES AND DEVELOPMENT, Alio Gold released drill results on two more holes on its Ana Paula project in Guerrero. Telson Resources disclosed PEA figures for its Campo Morado project in Guerrero. Evrim announced a maiden resource on its Ermitaño project in Sonora. Americas Silver released drill results from the 120 zone of its Cosalá project in Sinaloa. Bacanora Lithium announced that a recent feasibility study demonstrated good economics for its Sonora project.  ON DEALS AND CORPORATE ISSUES, Evrim announced First Majestic commenced arbitration proceedings on its Ermitaño project in Sonora. Bacanora Lithium announced the termination of a “placing letter” with NextView New Energy Bull HongKong Limited, regarding funding for its Sonora lithium project.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Goldplay Exploration Ltd. completed a ground CSMAT (Controlled source audio frequency magnetotellurics) and magnetics survey at its El Habal property in Sinaloa, delineating 15 new drill targets. Goldplay completed a 27-line survey consisting of 100 m line spacing and 409 total stations over the 1.5 km of mineralized known length at El Habal. “Results confirm anomalous zones previously identified by historical drilling results and nearby shallow historical underground workings”. Several resistive geophysical anomalies were identified that correlate with anomalous surface trenching results and structural trends mapped previously.
  • Riverside Resources Inc. identified through mapping altered porphyritic intrusive rocks in the western part of its Ariel porphyry copper project in Sonora. The hydrothermal alteration measures 2.8 km in length by up to 1.9 km in width.
  • Southern Silver Exploration Corp. announced that a 2018 budget totaling US$3 M has been approved by the joint venture partners for exploration work at the Cerro Las Minitas project in Durango. “The program comprises 13,000 metres of drilling in two phases which will target both the systematic resource expansion in the Area of the Cerro containing the existing Mineral Resource Estimate and continued surface sampling and reverse circulation drilling on new discoveries in the recently staked CLM West claim group.”

ON MINING

  • Torex Gold Resources. Reported that negotiations between community leaders have resulted in an end to the illegal blockades of the El Limon-Guajes mine complex, supporting infrastructure and the Media Luna project in Guerrero. “The official government-regulated process for selecting between the two competing unions, continues. Since midMarch, there have been two public hearings at the Federal Labour Board, regarding the timing of a union selection vote. It is Torex’s understanding that the public hearing stage of the process is now complete, and that the next stage is a decision as to when and where the vote will occur. As Torex has said since the beginning, the Company will work with whichever union the workers democratically select.” Cash reserves at the end of Q1 were US$124 million, including US$14 million set aside for reclamation obligations. Also during Q1 a US$9.3 million principal repayment was made to reduce the term loan under the debt facility to US$290.7 million.

ON FINANCING

  • Palamina Corp. granted 950 K stock options to certain officers, directors and consultants of the company under its stock options plan. The options granted at $0.39 per common share expire in five years for officers and directors and in three years for consultants (Santuario, Hidalgo).

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. released drill results for the last two holes at its Ana Paula project in Guerrero. The 3,800 m program targets the complex breccia extension below the proposed open pit. On the first hole a hydrothermal breccia south of the proposed pit returned 0.94 g/t Au over 44.2 m, while the complex breccia below assayed 1.91 g/t Au over 40.90 m. The second hole returned 0.90 g/t Au over 32.4 m on the hydrothermal breccia south of the proposed pit and 2.03 g/t Au over 48.2 m on the complex breccia below. The fourth and fifth holes of the program have been completed and the last hole is in progress.
  • Telson Mining Corp. informed a positive result of a 43-101 compliant independent preliminary economic assessment (PEA) on its Campo Morado project in Guerrero. The current resource contains five mineral volcanogenic massive sulfide zones (G9, El Largo, Naranjo, Reforma and El Rey) containing zinc, copper, silver, gold and lead. The 2017 mineral resource estimate using a 5.5% ZnEq cut-off holds 16.6 M tonnes @ 1.70 g/t Au, 123 g/t Ag, 0.80% Cu, 0.93% Pb, 4.01% Zn (or 8.68% ZnEq) as measured and indicated resources, and 988 K tonnes @ 1.32 g/t Au, 116 g/t Ag, 0.64% Cu, 0.92% Pb, 3.20% Zn (or 7.27% ZnEq)as inferred resources.
  • Evrim Resources Corp. announced a maiden resource was disclosed by its partner First Majestic Silver Corp. on its Ermitaño project in Sonora. The inferred resource was calculated on the Ermitaño West vein, holding 3.36 M tonnes @ 3.99 g/t Au, 68 g/t Ag (or 377 g/t AgEq), containing 432 K Oz Au, 7.38 M Oz Ag.
  • Americas Silver Corp. released results of step-out holes on its Cosalá operations in Sinaloa. Highlighted true width (TW) intervals comprise 4.94 m @ 33 g/t Ag, 7.2 g/t Au, 0.13% Cu; 41.68 m @ 148 g/t Ag, 0.25 g/t Au, 0.32% Cu; 26.24 m @ 181 g/t Ag, 0.11 g/t Au, 0.51% Cu; 12.32 m @ 84 g/t Ag, 0.17 g/t Au, 0.23% Cu. “The zone 120 deposit is characterized by steeply dipping parallel lenses of Ag-Cu-Au skarn mineralization developed in volcanically derived calcareous sediments adjacent to intermediate intrusive dykes and sills. Skarn mineralization is characterized by disseminated chalcopyrite and tetrahedrite….. Mineralization at area 120 has been found over an area greater than 500 meters in length, 300 meters in width and down to a depth of 550 meters. Individual lenses have widths of up to 60 meters.”
  • Bacanora Lithium plc. Informed a recently completed feasibility study (FS) demonstrated economics of US$1.25 billion NPV; 26.1% IRR; and life of mine gross operating costs of US$3,910/t Li2CO3 comparable to those of the low cost brine producers of South America. Design of both the roaster/kiln FEED and the crystalliser/evaporation/IX FEED has commenced. “The current FEED schedule is to have designs, cost estimates and process guarantee scopes completed in Q2 2018 with orders for long lead items being placed at the end of the FEED process. The current ­time table is based on commissioning and lithium carbonate production commencing in Q1 2020” Currently advance is being made on water licenses, natural gas supplies and land surface access.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp. announced “that First Majestic has initiated arbitration proceedings in connection with its purported exercise of the option pursuant to which First Majestic can earn a 100% interest in the Ermitaño property, subject to the retention by Evrim of a 2% net smelter return royalty interest. It is expected that the arbitration will deal with the requirements under the option agreement for First Majestic to exercise the option and not the relative interests of the parties in the Ermitaño property.” (Ermitaño, Sonora).
  • Bacanora Lithium plc. “As previously announced, the Company entered into a binding placing letter (the “Placing Letter”) with NextView New Energy Bull HongKong Limited (“NextView”) in December 2017 and as announced on 28 February 2018, although the Company had fulfilled all of its obligations in respect of the Placing as of that ­me, NextView failed to forward the Placing proceeds to the Company, leaving it in default under the terms of the Placing Letter. In spite of repeated efforts on the part of the Company requesting that NextView remedy its continuing default, NextView has continued to fail to complete the Placing as contemplated under the Placing Letter. Accordingly, the Company has terminated the Placing Letter and has reserved its rights to pursue any available legal remedies against NextView.”

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

On the picture below, pervasive kaolinization of volcanic rocks in the vadose zone of an epithermal system in Guanajuato. Geologist Miguel Heredia as scale.

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Sonora Project Update

BacanoraMinerals_13872413

Bacanora Lithium plc (AIM: BCN), the London listed lithium company, is pleased to provide an update on ativities at its flagship Sonora Lithium Project in Mexico (‘Sonora’ or ‘the Project’). This update is in line with the Company’s objective to commence the construction of a 35,000 tpa lithium carbonate operation at Sonora in H1 2018, targeting first production in Q1 2020. A recently completed Feasibility Study (‘FS’) demonstrated Sonora’s potential to become a leading supplier of high value lithium products to fast-growing industries, such as electric vehicles and energy storage. The FS demonstrated strong economics of US$1.25billion NPV; 26.1% IRR; and life of mine gross operating costs of US$3,910/t Li2CO3 , which are comparable to those of the low cost brine producers of South America.

Highlights on the Fourth Week of March, 2018. Mining and Exploration News in Mexico

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On the picture above, take geologists to a mining museum, and this is what you get. Geologists Ruben Padilla, Barry Quiroz and Miguel Heredia at El Oro Museum in Estado de Mexico. Photo by Jorge Cirett.

By Jorge Cirett

During the 12th week of the year (March 19th to March 25th, 2018), at least 16 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a gold nugget weighing 850 grams was found in northern Sonora. ON EXPLORATION, In Sonora, Colibri has begun drilling at El Pilar project; while Azure updated work on its Oposura project releasing new high grade drill results. Kootenay has drilled six of seven holes on one target of its La Cigarra project, other targets to follow. ON MINING, three companies, Primero Mining, Excellon and Sierra Metals presented financial and or production results for the fourth quarter and/or full year 2017. Santacruz Silver completed expansion of milling capacity at Veta Grande in Zacatecas.  ON FINANCING, Evrim received $3 M from the exercise of warrants.  ON RESOURCES AND DEVELOPMENT, Americas Silver presented an updated resource on its San Felipe property in Sonora. Almaden provided an update on work being done on the feasibility study at the Ixtaca project in Puebla. ON DEALS AND CORPORATE ISSUES, Alio Gold is to acquire all shares outstanding of Rye Patch, a company with several properties in USA. Bacanora Minerals extended the timetable for re-domiciling by a few days. Sonoro executed an option agreement on a group of properties adjoining its Cerro Caliche property in Sonora.

ON MEXICO ISSUES

  • A gold nugget weighing 850 grams was found in La Cienega area, south of Pitiquito in Sonora. The nugget was discovered using a metal detector by a local gambusino. Northwest Sonora is known by the presence of orogenic gold style deposits, like La Herradura, Nochebuena, La Choya, San Francisco and El Chanate. This type of ore deposits has produced large gold nuggets, of up to 12 kg in weight, with the most famous specimens coming from the El Boludo, La Cienega and Tajitos gold placers.

ON EXPLORATION

  • Colibri Resource Corp. has begun phase 1 of its 2018 drilling program on its Pilar property in Sonora. The program envisages up to 30 holes to be drilled focusing on modelling and extending the known mineralization of the Main Zone to the northwest and southwest along trend. “To date, Colibri has defined an in-house resource of 700 K tonnes @ 1.9 g/t Au”.
  • Kootenay Silver Inc. informed on advances on the current drill program at its La Cigarra property in Chihuahua. Six holes have been completed, and one more is in progress at La Borracha zone, which is the extension of the structure that hosts La Cigarra resource, and drilling has now tested 1,000 m of strike length beyond the resource. Results will be disclosed once all assays have been received. The next drill target is the newly identified Nogalera gold zone, with 8 holes planned on anomalous mineralization over more than 1,000 m of length. Once Nogalera has been drilled, the 104-Vein on the southern part of La Cigarra resource is to be drill tested.
  • Azure Minerals Ltd. updated on work being done at its Oposura project in Sonora. Drilling along strike of an outcrop carrying up to 59.6% Pb+Zn on the West Zone intersected high grade mineralization over an area of 400 x 400 m. Some of the best combined Pb + Zn intercepts returned 2.4 m @ 15.5%. 7.4 m @ 15.9%, 2.8 m @ 19.0%, 3.7 m @ 15.6%, 3.5 m @ 13.2%, 4.6 m @ 15.0%. To date drilling in the West Zone has comprised 64 holes for 4,936 m, with assay results received for 26 drill holes.

ON MINING

  • Primero Mining Corp. reported financial and operating results for 4Q and full year 2017. Primero commenced a strategic review process that resulted in the sale of the Cerro del Gallo project (Guanajuato) in November 2017, and the entering into an arrangement agreement whereby First Majestic will acquire all issued and outstanding common shares of Primero. At San Dimas in Durango, 21,076 Oz Au and 1.32 M Oz Ag were produced during the fourth quarter. For full year 2017, San Dimas produced 111,376 Oz Au, 3.96 M Oz Ag. A strike at San Dimas in early 2017 stopped work for more than two months, significantly impacting yearly production levels.
  • Excellon Resources Inc. reported financial results for the fourth quarter and full year 2017. During the fourth quarter the Platosa mine in Durango produced 16.1 K tonnes, processing 18 K tonnes @ 424 g/t Ag, 3.8% Pb, 5.8% Zn, with recoveries of 90.3% Ag, 80.0% Pb, 82.2% Zn, to produce 206.4 K Oz Ag, 1.17 M Lb Pb, 1.67 M Lb Zn. For the year 57.2 K tonnes were produced, while milling 55.6 K tonnes @ 456 g/t Ag, 4.4% Pb, 5.7% Zn, with recoveries of 90.5% Ag, 82.1% Pb, 80.1% Zn, producing 668 K Oz Ag, 4.09 M Lb Pb, 4.60 M Lb Zn. During 2017 the optimization plan was completed at the Platosa mine, resulting in dry mining conditions that increased production and lowered the costs. Total cash cost per Ag Oz decreased to $10.38, with an AISC of $21.89. All in sustaining cost was $15.84 per Ag Oz for the fourth quarter and $21.89 per Ag Oz for the year.
  • Santacruz Silver Mining Ltd. informed that expansion of milling capacity at its Veta Grande project to 750 tpd (tonnes per day) has been completed. The mill is currently operating at 450 tpd, and full capacity operations are expected to be achieved early in the second quarter 2018. Santacruz now will focus in the consolidation of underground operations.
  • Sierra Metals Inc. reported fourth quarter and year end 2017 financial results, without separating figures for its operations in Mexico. Production at Bolivar is expected to reach 3,000 tpd in Q1 2018 and 3,500 tpd in the second half of 2018. An update in resources is expected in the coming months. At Cusi production is being ramped up to the 650 tpd Mal Paso mill capacity by Q2 2018. The installation of another mill is expected to take production to 1,200 tpd by 2019. At the end of the period the company had 23.9 M in cash and cash equivalents.

ON FINANCING

  • Evrim Resources Corp. received $3.06 M from the exercise of common share purchase warrants, representing 98% of the warrants issue dated December 16, 2015. As a result, Evrim’s current cash position approximates $5.5 M (Cerro Cascaron, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Americas Silver Corp. provided an update on the mineral resource estimate at the San Felipe project in Sonora (optioned from Hochschild in early 2017). Of 342 holed drilled by four companies since 1998, 294 are within La Ventana, San Felipe, Transversales and Las Lamas deposits which host the current resource. The new resource contains 4,685 K tonnes @ 5.4% Zn, 2.5% Pb, 61 g/t Ag in the indicated category and 2,008 K tonnes @ 3.6% Zn, 1.4% Pb, 48 g/t Ag in the inferred category. These resources host 560 M Lb Zn, 256 M Lb Pb, 9.1 M Oz Ag; 158 M Lb Zn, 63 M Lb Pb, 3.1 M Oz Ag respectively.
  • Almaden Minerals Ltd. updated on work related to the feasibility study (FS) at the Ixtaca project in Puebla. Work underway includes a resource model update, metallurgy testwork, engineering design, optimization studies, work to move the Rock Creek processing plant to Ixtaca, construction planning, geotechnical site investigation and water management studies. Almaden is also preparing an environmental impact assessment study (Manifiesto de Impacto Ambiental, or MIA) for Ixtaca.

ON DEALS AND CORPORATE ISSUES

  • Alio Gold Inc. and Rye Patch Corp. entered on an arrangement under which Alio Gold (San Francisco, Sonora; Ana Paula, Guerrero) is to acquire all the outstanding shares of Rye Patch (Florida Canyon, Nevada; Lincoln Hill, Nevada). The offer values Rye Patch outstanding equity at C$128 M. The transaction is expected to close on or about May 25, 2018.
  • Bacanora Minerals Ltd. announced that the proposed timetable for the proposed Re-domicile has been changed to 26 March 2018.
  • Sonoro Metals Corp. executed a formal option agreement with a Tucson, Arizona resident to acquire a 100% interest in the 403.5 ha Rosario group of concessions, adjacent to its Cerro Caliche property in Sonora, thus increasing the land holdings of the project to 1,455 ha. The option agreement entails a total consideration to the vendor of US$1.6 M, payable in escalating cash installments over 72 months, and a 2% NSR which can be bought for US$1 M for each percentage point. The initial US$60 K was paid on execution. Total drilling in the two properties before 2008 is 10,118 m in 101 holes.

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