The Mining and Exploration News in Mexico: Highlights on the Fifth Week of October, 2020

By Jorge Cirett

During the 44th week of the year (October 26th to November 1st, 2020), at least 33 press releases were announced by companies working in Mexico. To note, eight companies posted exploration advances on their projects, another eight companies posted quarterly reports and six informed on project development. ON MEXICO ISSUES, Mexico is the top silver producer in the world, and a major producer of another eleven metals and minerals. Camimex received the Responsible Industry award. ON EXPLORATION, in Sonora, Riverside Resources commenced drilling at is Cuarentas project; Tocvan Ventures informed on exploration advances at Pilar. In Chihuahua, Radius Gold is preparing the fourth drilling program at Amalia. In Sinaloa, Kootenay Silver released drilling results from the Copalito project; Vizsla Resources added a fifth rig at Panuco; Brigadier Gold intersected the San Agustín vein at Picachos. In Jalisco, Candente Gold released a high-grade gold result From Cocula. In Puebla, Almaden Minerals is exploring around the Ixtaca project.  ON MINING, Mexus Gold is nearing the completion of a leach pad at Santa Elena in Sonora. Santacruz Silver, Capstone Mining, Alamos Gold, Coeur Mining, Agnico Eagle, Newmont, McEwen Mining and Consolidated Zinc released third quarter 2020 results. ON FINANCING, Aztec Minerals received $497 K from share purchase warrants. ON RESOURCES AND DEVELOPMENT, Prime Mining released geochemical results from Los Reyes. Inomin Mines submitted a technical report on La Gitana project. Agnico Eagle informed on drilling results at Santa Gertrudis, Sonora. Torex Gold released drilling results from two zones at the El Limón-Guajes mine. Excellon Resources filed a technical report on the Evolución project in Zacatecas. Azure informed on metallurgical testing on the Mesa de Plata deposit at the El Alacrán project in Sonora. ON DEALS AND CORPORATE ISSUES, Alien Metals intends to market its San Celso and Los Campos projects in Zacatecas. One World Lithium is to do some research on a novel lithium extraction process. Grupo Mexico informed on its 2021 investments. ON SOCIAL RESPONSIBILITY. Grupo Peñoles, Minera Capela, Grupo Peñoles and Minera Cuzcatán informed on health and social programs.

ON MEXICO ISSUES

  • México is the top silver producer in the world, and is within the ten top producers of fluorite (2nd), sodium sulfate (3rd), celestite (3rd), molybdenum (5th), lead (5th), zinc (6th), magnesium sulfate (6th), gypsum (7th), barite (8th), copper (8th) and gold (9th).
  • Camimex (Cámara Minera de México) received the Responsible Industry award by CONCAMIN Foundation.

ON EXPLORATION

  • Radius Gold Inc. is preparing the phase 4 drilling program at its Amalia project in Chihuahua, operated by Pan American Silver Corp.. The program is to test down dip and lateral expansions of the high-grade mineralization in the San Pedro structure previously defined.
  • Brigadier Gold Ltd. informed the three first diamond holes of a 5,000 m program at its Picachos project in Durango have intersected the San Agustín vein up to 125 m below the Nuevo Carrito adit. The three holes test the same vein section at different levels, with the shallower first hole going through underground workings, and the other two intercepting 10 and 7 meters of quartz-carbonate veining respectively. Results pending.
  • Riverside Resources Inc. commenced a 2,000 m diamond drill program at the Cuarentas project in Sonora, with partner Hochschild Mining PLC.. The initial targets are the Sant Rosalia mine and the Santa Rosalia Sur vein target area. These target zones are located 1 km apart, within a large epithermal system in which five parallel resistivity anomalies that have been interpreted as possible blind quartz vein zones. “The current drill program will form part of Hochschild’s US$700,000 minimum exploration commitment in year one”.
  • Kootenay silver Inc. released results from holes 5 to 33 of the first drill campaign at Copalito, in Sinaloa. The program designed for 3,000 meters ended drilling 4,153 meters in over 40 drill holes. Highlighted intervals comprise 18.0 m @ 63 gpt Ag, 0.15 gpt Au, 0.47% Pb+Zn (including 1.0 m @ 936 gpt Ag, 0.29 gpt Au, 3.31% Pb+Zn); 1.2 m @ 51 gpt Ag, 2.28 gpt Au, 6.18% Pb+Zn; 0.7 m @ 307 gpt Ag, 0.154 gpt Au, 0.15% Pb+Zn; 0.40 m @ 209 gpt Ag, 0.196 gpt Au, 0.67% Pb+Zn; 1.2 m @ 45 gpt Ag, 0.86 gpt Au, 3.46% Pb+Zn; 2.7 m @ 101 gpt Ag, 0.7 gpt Au, 2.28% Pb+Zn (including 0.2 m @ 59 gpt Ag, 7.05 gpt Au, 13.55% Pb+Zn. “Drilling tested 7 of 9 known veins along a cumulative strike length of 2,500 meters of an estimated 10,000 meters of vein length. Mineralized vein widths in drill hole varied from less than one meter to 56 meters. The deepest intercept was 123 meters below surface and graded 0.689 gpt gold, 101 gpt silver, and 2.28% lead plus zinc over 2.7 meters including 7.0 gpt gold, 59 gpt silver and 13.55% lead plus zinc over 0.2 meters”.
  • Almaden Minerals Ltd. announced a field exploration program in the company’s property surrounding its Ixtaca project in Puebla. The “SE Alteration Zone” covers volcanic hosted clay alteration, and is being assessed by use of satellite alteration studies, geophysical studies and soil, rock and drilling geochemical data. Satellite imagery processes have been able to identify a 150 by 650 meters area in which the presence of the favorable clay buddingtonite is suspected.
  • Vizsla Resources Corp. informed a fifth drill rig arrived at the Panuco project in Sinaloa. The company has completed 16,700 m, and intends to complete 31,300 m of diamond drilling in the Napoleon, Cordon del Oro and Animas vein corridors. Four holes have been completed into the Tajitos vein, located 900 m SE of the first Napoleon discovery. “The Tajitos vein zone is composed of a quartz breccia vein with an early white locally banded quartz supporting andesite lithic clasts, followed by a later white to greyish quartz supporting brecciated clasts of earlier white quartz veins. This zone was then cut by a later white to clear quartz vein with local dark bands or patches of fine-grained sulphides that is cutting a zone of quartz pseudomorphs after bladed calcite and pink rhodochrosite. The better grades are in the earlier breccias associated with dark bands or dark patches of very fine-grained disseminated sulphides”.
  • Tocvan Ventures Corp. informed on exploration advances at the Pilar project in Sonora. A structural analysis has been completed, with gold and silver mineralization being controlled by faults, fault intersections and dilated structures. Rock and grab sample highlighted results include 1.3 gpt Au, 5 gpt Ag, 0.34% Cu; 3.2 gpt Au, 8 gpt Ag, 0.35% Cu; 0.2 gpt Au, 2 gpt Ag, 1.25% Cu; 0.9 gpt Au, 17 gpt Ag, 0.73% Cu; 3.8 gpt Au, 57 gpt Ag, 0.85% Cu; nil Au, 6 gpt Ag, 1.91% Cu; 0.1 gpt Au, 3 gpt Ag, 1.40% Cu; 5.6 gpt Au, 84 gpt Ag, 1.71% Pb; 9.3 gpt Au, 76 gpt Ag, 0.12% Cu, 2.15% Pb; 0.5 gpt Au, 323 gpt Ag, 0.24% Pb; 2.2 gpt Au, 15 gpt Ag, 0.26% Pb; 4.3 gpt Au, 172 gpt Ag, 1.12% Pb; 23.7 gpt Au, 116 gpt Ag; 4.4 gpt Au, 44 gpt Ag, 0.11% Cu; 7.5 gpt Au, 42 gpt Ag. Drill targets have been selected, and permitting for the program is underway.
  • Candente Gold Corp. reported high-grade sample results from its Cocula project in Jalisco. Past reported samples returned 5.67 gpt Au over 6 meters and 4.32 gpt Au over 8 meters, whereas sampling of a selected 10 cm zone in the hanging wall of a quartz vein-breccia  returned 59.0 gpt Au, 729 gpt Ag. “The mineralization in the high grade sample is described as dark grey to milky white banded quartz in vein and breccia with galena, pyrite and quartz crystals filling open spaces”. A 0.75 m  sample collected adjacent to the selected sample returned 0.18 gpt Au, 19 gpt Ag, comprising “milky white and gray to dark gray quartz breccia vein with fine grained pyrite, +1% galena and trace malachite”.

ON MINING

  • Santacruz Silver Mining Ltd. Released third quarter results for 2020, with a total of 977.7 K Oz AgEq. At Zimapan in Hidalgo, 164.8 K tonnes were processed @ 73 gpt Ag, 0.72% Pb, 2.40% Zn, 0.33% Cu, recovering 72.3% Ag to produce 282.8 K Oz Ag, 1,048 tonnes Pb, 2,841 tonnes Zn, 395 tonnes Cu (or 921 K Oz AgEq). At Rosario in San Luis Potosi 11,794 tonnes were milled @ 66 gpt Ag, 0.24 gpt Au, 0.31% Pb, 2.06% Zn, recovering 85.9% Ag to produce 21.4 K Oz Ag, 59 Oz Au, 32 tonnes Pb, 200 tonnes Zn (or 56.7 K Oz AgEq). At Veta Grande in Zacatecas, 44 k tonnes were milled @ 99 gpt Ag, 0.24 gpt Au, 1.45% Pb, 2.11% Zn, recovering 44.6% Ag to produce 62.4 K Oz Ag, 139 Oz Au, 370 tonnes Pb, 519 tonnes Zn (or 214.3 K Oz AgEq.
  • Mexus Gold US. Informed the construction of a new leach pad is nearing completion at its Santa Elena mine in Sonora.
  • Capstone Mining Corp. released production and financial reports for the third quarter 2020, including figures from its Mexican operations. At Cozamin, in Zacatecas, the company produced 10.6 M Lb Cu, at cash cost $0.36 pr Lb Cu.
  • Alamos Gold Inc. reported third quarter 2020 results, including figures from its Mexican operations. At Mulatos, in Sonora, 1.32 M tonnes were mined and 1.89 M tonnes stacked @ 0.91 gpt Au, with an average recovery rate of 74% to produce 41,100 Oz Au at cash cost $746 per Oz Au and mine-site AISC of $928 per Oz Au.
  • Coeur Mining Inc. reported third quarter 2020 financial results, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 492.5 K tonnes were milled, averaging 2.28 gpt Au, 136 gpt Ag and recovering 91.3% Au, 82.8% Ag to produce 29,296 Oz Au, 1.78 M Oz Ag, at “Adjusted CAS per AuOz” of $602 and “Adjusted CAS per AgOz” of $10.06. “Coeur expects to continue with seven active rigs during the fourth quarter, primarily focusing on resource expansion drilling as well as infill drilling on select targets. Three expansion rigs have recently been mobilized to focus on growing mineralized material between Independencia and the mill”.
  • Agnico Eagle Mines Ltd. released third quarter results for 2020, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 558 K tonnes were processed (6,065 tpd) @ 1.89 gpt Au to produce 30,937 Oz Au at cash cost $677 per Oz Au and production cost of $1,071 per Oz Au. High-grade gold mineralization has been extended at the Cubiro deposit by underground drilling, whereas at Reyna de Plata and Reyna de Plata East drilling returned high-grade Au and Ag at shallow depths. At Creston Mascota, a Pinos Altos satellite pit, 188 K tonnes were processed (2,043 tpd) @ 1.19 gpt Au, to produce 6,567 Oz Au at production cost per Oz Au of $1,155 and total cash cost per Oz Au of $771. At La India, in Sonora. 1.56 M tonnes were processed (16,946 tpd) @ 0.72 gpt Au to produce 22,776 Oz Au at production costs per Oz Au of $707 and total cash cost per Oz Au of $740.
  • Newmont. Released third quarter 2020 results including some figures from its operations in Mexico. At Peñasquito, in Zacatecas, 130,000 Oz Au were sold, with an AISC of $835 per Oz Au. Also 215,000 Oz of AuEq were sold, with an AISC of $735 per Oz AuEq.
  • McEwen Mining Inc. reported production results for the third quarter 2020, including figures from its operations in Mexico. At El Gallo, in Sinaloa, residual leaching produced 1,900 Oz AuEq.
  • Consolidated Zinc Ltd. informed on quarterly activities ended on September 30, 2020. On-site processing and a plant refurbishment plan were approved. During the quarter 10,053 tonnes of ore were mined,, 10,352 tonnes of ore processed @ 12.2 % Zn, 7.9% Pb, 48 gpt Ag with recoveries of 69.1% for Zn, and 36.2% for Pb. The operating cost was $1.05 per Lb Zn.

ON FINANCING

  • Aztec Minerals Corp. received an aggregate of $497 K from the exercise of share purchase warrants (Cervantes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Prime Mining Corp.  released surface and underground sampling results from its Los Reyes project in Sinaloa. Some of the underground highlighted results: 4.5 m @ 0.84 gpt Au, 38 gpt Ag; 6 m @ 0.76 gpt Au, 24 gpt Ag; 46 m @ 2.21 gpt Au, 95 gpt Ag (including 2 m @ 29 gpt Au, 226 gpt Ag); 19.5 m @ 1.69 gpt Au, 62 gpt Ag. Some of the highlighted trench results: 21 m @ 0.48 gpt Au, 43 gpt Ag; 9 m @ 0.82 gpt Au, 96 gpt Ag. The company states these results continue to show resource expansion potential.
  • Inomin Mines Inc. has submitted a technical report to the Exchange as part of the information requested by the Exchange to complete the acquisition of the La Gitana project in Oaxaca.
  • Agnico Eagle Mines Ltd. informed on exploration at its 44,145 ha Santa Gertrudis project in Sonora. During the third quarter 2020 drilling at Santa Gertrudis totaled 21 holes (7,856 m) focused on expanding mineral resources and exploring for new mineralized structures in the Trinidad trend, which contains the Amelia deposit and the Espiritu Santo zone. Some highlighted results from the Amelia and Espiritu Santo: 6.5 m @ 1.2 gpt Au, 4 gpt Ag; 5.5 m @ 0.9 gpt Au, 142 gpt Ag; 4.5 m @ 2.8 gpt Au, 11 gpt Ag; 10.3 m @ 1.3 gpt Au, 1 gpt Ag; 4.6 m @ 2.2 gpt Au, 2 gpt Ag; 5.6 m @ 3.2 gpt Au, 2 gpt Ag; 11.5 m @ 1.6 gpt Au, 9 gpt Ag; 10.5 m @ 2.6 gpt Au, 3 gpt Ag; 4.2 m @ 5.6 gpt Au, 8 gpt Ag.
  • Torex Gold Resources Inc. released drill results from the ongoing program at El Limón-Guajes underground mine, which includes the Sub-Sill deposit and the El Limón Deep deposit. At the Sub-Sill deposit, highlighted core-length intercepts comprise 9.1 m @ 30.70 gpt Au, 3 gpt Ag, 0.07% Cu; 12.2 m @ 23.88 gpt Au, 3 gpt Ag, 0.10% Cu; 18.9 m @ 14.85 gpt Au, 30 gpt Ag, 1.73% Cu; 19.6 m @ 6.34 gpt Au, 7 gpt Ag, 0.40% Cu; 15.4 m @ 17.03 gpt Au, 13 gpt Ag, 0.49% Cu; 28.5 m @ 13.11 gpt Au, 3 gpt Ag, 0.1% Cu; 11.8 m @ 21.60 gpt Au, 29 gpt Ag, 1.29% Cu. At the El Limón Deep deposit, highlighted core length intercepts comprise 6.9 m @ 20.37 gpt Au, 12 gpt Ag, 0.15% Cu; 13.2 m @ 15.98 gpt Au, 28 gpt Ag, 0.79% Cu; 9.8 m @ 10.90 gpt Au, 6 gpt Ag, 0.10% Cu; 15.5 m @ 9.55 gpt Au, 2 gpt Ag, 0.07% Cu; 10.0 m @ 9.20 gpt Au, 8 gpt Ag, 0.19% Cu.
  • Excellon Resources Inc. filed a technical report on the Evolución polymetallic project in Zacatecas. The updated mineral resource estimate forwards an indicated resource of 6.4 M tonnes @ 64 gpt Ag, 0.09 gpt Au, 1.00% Pb, 1.14% Zn containing 13.15 M Oz Ag, 19 K Oz Au, 140.7 M Lb Pb, 161.5 M Lb Zn (or 35.1 M Oz AgEq) and inferred resources of 14.96 M tonnes @ 39 gpt Ag, 0.10 gpt Au, 0.75% Pb, 1.15% Zn, containing 18.5 M Oz Ag, 49 K Oz Au, 247.5 M Lb Pb, 377.7 M Lb Zn (or 64.8 M Oz AgEq).
  • Azure Minerals Ltd. informed it has sent three metallurgical samples from the Mesa de Plata deposit on its Alacrán project in Sonora, to be tested. The new metallurgical tests will be focused in recovering a silver mineral, romeite by gravity separation methods. “The tailings from the gravity separation will then undergo grinding, flotation and cyanide leaching to maximise the overall silver recovery”.

ON DEALS AND CORPORATE ISSUES

  • Alien Metals Ltd. Informed that “following the recent earn-transaction with Capstone Mining regarding the Donovan 2 Cu-Au project in Zacatecas, the company is looking  to a similar marketing process for its San Celso and Los Campos projects, also in Zacatecas.
  • One World Lithium Inc. is to implement a proof of concept program for a lithium separation innovative technology. The program is estimated to take three months and cost CAD$100 K. “The parties have agreed to complete a formal agreement if the Technology is proven to have commercial applications. Such an agreement would include cash payments, issuance of common shares and a royalty payment from OWL” (Salar del Diablo, Baja California).
  • Grupo Mexico. informed investments for US $2.1 billion. The resources are destined to mining projects like Tía María in Perú, as well to investments on its rail services, wind plants and terminals.

ON SOCIAL RESPONSIBILITY

  • Grupo Peñoles and the municipal government at Sombrerete, Zacatecas) realized free Covid tests in the community.
  • Industrias Peñoles and Oxxo in Zacatecas provided Covid protection material to the municipality.
  • Grupo Mexico and Grupo Peñoles allied with the Sombrerete municipal government to realize fast Covid-19 tests.
  • Minera Capela Peñoles funded the construction of a school wall in Teloloapan, Guerrero.
  • Compañía Minera Cuzcatán initiated a scholarship program to benefit 134 students in San José del Progreso in Oaxaca.

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: The porphyry from Cerro San Pedro, San Luis Potosí. Picture by Jorge Cirett.

RIDGESTONE REPORTS HISTORICAL ASSAY RESULTS FROM REBEICO GOLD-COPPER PROJECT, SONORA, MEXICO

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VANCOUVER, BC / September 25, 2019 / Ridgestone Mining Inc.  (TSX.V: RMI) (OTCQB: RIGMF) (“Ridgestone Mining”) wishes to report results of historical rock chip samples obtained by the Servicio Geológico Mexicano (“SGM”) from artisanal workings located within the company’s newly acquired “Alaska” group of mining claims.  These claims are located immediately west and northeast of the Rebeico Gold –Copper project, Sonora, Mexico.

OROCO ANNOUNCES SEDAR FILING OF A FINAL GEOLOGICAL REPORT REGARDING THE SANTO TOMÁS PROJECT

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VANCOUVER, British Columbia – (September 9th, 2019) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce the filing on SEDAR of an Independent Geological Report (the “Report”) on the Santo Tomás concessions (the Property”) in Northwestern Mexico. The Report, dated August 22, 2019, has been prepared by Dane A. Bridge Consulting Inc. (“Bridge Consulting”) of Calgary, Alberta, for filing by the Company with the TSX Venture Exchange (the “TSXV”) in connection with the Company’s option to acquire Altamura Copper Corp. (“Altamura”).

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

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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

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Megastar Samples 308g Silver and 1.07g Gold Along 530-Meter Vein System at Yautepec

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Vancouver, BC, Canada, August 22, 2019 – Megastar Development Corp. (“Megastar”, or the “Company”) (TSX-V: MDV; Frankfurt: M5QN), an early stage mineral exploration company focused on its properties in Oaxaca, Mexico, is pleased to announce recently received sample results from a second period of reconnaissance fieldwork at its Yautepec Project in Oaxaca state, Mexico.

Oroco Announces Receipt of a Draft Technical Report for the Santo Tomas Porphyry Project, Sinaloa, Mexico

Oroco _06072019_nr

VANCOUVER, British Columbia – (June 7th, 2019) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce the receipt of the initial draft of an Independent Technical Report regarding the Geology, Mineralization, and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit in Sinaloa, Mexico (“the Technical Report”). The Technical Report has been prepared by Dane A. Bridge Consulting Inc. of Calgary, Alberta, for use by the Company and by Altamura Copper Corp. (“Altamura”) for filing as a Technical Report with Canadian securities authorities pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects, per the NI 43-101F guidelines.

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

By Jorge Cirett

During the 18th week of the year (April 29th to May 5th, 2019), at least 35 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Newmont Goldcorp Corp. informed on the intention to temporarily suspend operations at the Peñasquito mine in Zacatecas, due to an illegal blockade lasting for more than a month now. More than 300 mine employees protested outside the Zacatecas Congress, accusing José Narro, senator by Morena (the president’s party) of instigating the blockade. Drill core from La Xora project in Nayarit was added to The Mexican Core Shack. ON EXPLORATION, Nine companies presented advances in the exploration of their properties: In Baja, One World Lithium has received the permits to drill its Salar Del Diablo property. In Sonora, Sonoro Metals disclosed assays for the first 15 RC holes of the second drilling campaign; Ridgestone updated the work done to date at Rebeico; Minaurum staked a large chunk of ground at its Alamos project. In Chihuahua, Silver Spruce released surface sample results from its Pino de Plata project; Radius Gold released exciting results from the first hole of the second drilling campaign at Amalia; Kootenay Silver has initiated drill road construction for its incoming campaign at Columba. In Jalisco, GoGold released results from its drilling campaign at Los Ricos. In Zacatecas, Alien Gold updated on the exploration effort at its Donovan 2 property. ON MINING, nine companies presented its first quarter 2019 results, while one company presented its 2018 results. ON FINANCING, First Mining, and Prize Mining are to raise $6 M and $1.5 M respectively. Leagold Mining secured a 200 M term loan and a 200 M revolving credit. ON RESOURCES AND DEVELOPMENT, no relevant news.  ON DEALS AND CORPORATE ISSUES, Alio Gold received notice of a civil claim from a former Rye Patch shareholder.  

ON MEXICO ISSUES

  • Newmont Goldcorp Corp. informed on the intention to temporarily suspend operations at the Peñasquito mine in Zacatecas (one of the largest in Mexico, produced 272 K Oz Au in 2018), due to an illegal blockade by a trucking contractor and some members of the Cedros community that began on March 27, 2019. The company announced on April 9 that the trucking contracts will now be signed with independent truckers, to their economic benefit and to avoid the repeated extortion blockades by the current trucking contractor. Newmont Goldcorp denounced that the blockader’s public claims that focus in water quality and employment, turn in a direct petition for large amounts of money when done privately. The company asks for help from the Mexican and Zacatecan authorities to resolve the illegal blockade that affects the income of more than 20 thousand persons, directly or indirectly. On a different event, about 300 employees of Minera Peñasquito, protested outside the Zacatecas Congress against the illegal blockade that keeps paralyzed the Peñasquito mine. The protesters accused Jose Narro, senator by the president party, Morena, and his acolyte Felipe Pinedo of blackmailing the company with false water contamination statements.  
  • Core from La Xora project, in Nayarit, was added to the Mexican Core Shack (https://gambusinoprospector.com/mexican-core-shack/), under the epithermal low sulphidation section.

ON EXPLORATION

  • Sonoro Metals Corp.  reported assay results from the first 15 reverse circulation holes of the second phase drilling program at its Cerro Caliche property in Sonora. All holes encountered gold mineralization, which extend mineralization 1.25 Km NW from the Central Zone, where the first drill campaign defined a series of NW striking structures, outlining three shallow bulk tonnage oxidized mineralized zones in metasedimentary and volcanic rocks. Previously reported results come from the Central Zone prospects Japoneses, Abejas, El Colorado and Guadalupe, whereas the new drill holes tested El Rincon, Gloria, El Boludito, and Veta de Oro zones. Highlighted results comprise 10.67 m @ 2.73 gpt AuEq; 3.05 m @ 5.48 gpt AuEq; 10.67 m @ 0.74 gpt AuEq; 6.1 m @ 0.80 gpt AuEq; 15.24 m @ 1.05 gpt AuEq.
  • Alien Metals Ltd. updated on its exploration work at its Donovan 2 project in Zacatecas. Work to date supports indications of volcanogenic massive sulphide (VMS) mineralisation on multiple target areas open along strike, with surface assays of up to 3.3% Cu, 0.25% Zn. Currently there are magnetic, chargeabilty and resistivity anomalies, and a gravity survey underway is to refine the targets on this project, which is 24 kilometers from Teck’s San Nicolas deposit.
  • Ridgestone Mining Inc. announced that exploration work to date on its Rebeico property in Sonora defined the 1.2 km long Alaska vein and intensely altered breccia zones SW of the vein, carrying Cu, Au and Ag values, as well as bismuth anomalies. An 18 line-kilometer induced polarization (IP) survey identified a chargeability anomaly below the breccia zone. A 12 hole 1,430 m diamond drill program tested 500 m of the Alaska vein. Eight of the twelve holes intersected significant grades, including: 0.80 m @ 1.41% Cu, 2.95 gpt Au; 2.0 m @ 2.78% Cu, 8.69 gpt Au; 1.40 m @ 3.25 gpt Au; 1.50 m @ 1.39 gpt Au; 1.0 m @ 0.30% Cu, 5.61 gpt Au; 3.25 m @ 2.41% Cu, 8.31 gpt Au; 1.50 m @ 1.22% Cu, 36.10 gpt Au.  
  • One World Lithium Inc. has received the permit required to start its 12 hole, 4,250 m drilling program at its Salar del Diablo property in Baja California. The company intends to test three geophysical anomalies, a geochemical anomaly, and structures that may trap and concentrate brines. The Salar del Diablo Property has never been drilled in the past.
  • Silver Spruce Resources Inc. released surface sample results from its Pino de Plata property in Chihuahua. The samples returned 19 gpt Ag, 16 gpt Ag, 2 gpt Ag, 1,1,30 gpt Ag, 123 gpt Ag, 95 gpt Ag and 255 gpt Ag; up to 0.19 gpt Au, up to 802 ppm Cu, up to 3.7% Pb on samples 0.2 to 1.0 m in length. The two targets in the area comprise El Terrero and the Gossan area. At El Terrero, a 32 hectares zone “of multiple flat-lying brecciated zones hosted by a zone of strong argillic alteration” is the target, while at the Gossan area a series of hornfels and skarns developed near an intrusive contact may host massive sulphide replacement bodies associated to structures.
  • Radius Gold Inc. reported the first results from the second diamond drill campaign at its Amalia project in Chihuahua. The program is operated by Radius and funded by Pan American Silver Corp. under a JV agreement by Which Pan American can earn an initial 65% by making cash payments totaling US$1.5 M (of which US$100 K have been paid) and spending US$2 M on exploration over four years. The first hole in this campaign intersected 44 m @ 12.38 gpt Au, 309 gpt Ag, including 11 m @ 39.9 gpt Au, 323 gpt Ag. The estimated true width of the zone is 34 m, consisting of “an epithermal breccia and quartz sulphide stockwork vein zone ” located on or near to the contact between overlying Tertiary rhyolitic ignimbrite and the footwall andesite volcaniclastics of the Late Cretaceous Tarahumara Formation. Diorite dykes appear to be emplaced along the fault zone and are associated with mineralization”.
  • Minaurum Gold Inc. staked an additional 20,872 hectares on its Alamos project in Sonora. Additionally, mapping has revealed four new vein zones: Rosario, La Dura Oeste, La Dura and La Tijera. These four zones bring the total of veins zones of the district to twenty. The Rosario vein has been traced for 500 m, with samples assaying 304 gpt Ag and 227 gpt Ag over 1 m and 675 gpt Ag, 1.0% Cu, 0.9% Pb over 2 m. The La Dura Oeste vein has been traced for 550 m, returning assays of 30 gpt Ag, 3.4% Cu and 37 gpt Ag, 4.3% Pb. La Dura vein  returned 123 gpt Ag, 2.% Cu over 0.5 m. La Tijera vein was traced for 750 m, with three samples returning 23- 36 gpt Ag, 0.41 – 0.77% Cu, up to 0.1% Pb, up to 0.15% Zn over 0.1 to 0.3 m.
  • Kootenay Silver Inc. has initiated the road construction for the drilling of its Columba property in Chihuahua. The property covers a low sulphidation epithermal system with numerous veins ranging on 200 m to up to 2 km of strike length. Over 1,000 m of underground workings are present, including four shafts and six drifts, with historic records indicating grades between 600 and 900 gpt Ag.
  • GoGold Resources Inc. released results from its recently acquired Los Ricos property in Jalisco. Highlighted diamond drill results comprise 22.4 m @ 4.13 gpt Au, 182 gpt Ag (or 6.55 gpt AuEq), including 3.0 m @ 25.08 gpt Au, 534 gpt Ag (or 32.2 gpt AuEq) and 11.7 m @ 0.68 gpt Au, 89 gpt Ag (or 1.87 gpt Au), including 6.1 m @ 0.58 gpt Au, 142 gpt Ag (or 2.47 gpt AuEq). The campaign is focused on defining the mineralized halo around the ore shoots defined by 65 historical reverse circulation holes. Over six thousand assays from channel samples are being digitized from underground working, to aid with deeper drill planning.

ON MINING

  • Consolidated Zinc Ltd. released its March 2019 quarterly activities report. During the period its Plomosas mine in Chihuahua produced 11,267 tonnes @ 10.7% Zn, 2.5% Pb, while 12,992 tonnes were processed @ 10.9% Zn, 2.0% Pb, 18 gpt Ag, recovering 87.5% Zn, 84.9% Pb at cash cost $1.11 per Lb Zn. The company also informed on a surface access legal proceedings that seek to nullify the current surface access contract.  
  •  Americas Silver Corp. announced production and operating cost results for the first quarter of 2019, including figures of its Mexican operations. At its Cosalá operations in Sinaloa, 152.6 K tonnes were processed @ 57 gpt Ag, to produce 173.2 K Oz Ag, 11.3 M Lb Zn, 4.6 M Lb Pb (or 1.32 M Oz AgEq), at cash cost $30.48 per Oz Ag and AISC $25.85 per Oz Ag.
  • Grupo Mexico S.A.B. de C.V. presented results for the first quarter of 2019. During the period the company produced 261,328 tonnes Cu, 5,145 tonnes Mo, 18,550 tonnes Zn, 3,13 M Oz Ag, 12,399 Oz Au and 0.58 M tonnes of sulphuric acid from its operations in Mexico, USA and Peru, at cash cost $1.13 per Lb Cu. A US$413 M budget was approved for the construction of a Zn concentrator at Cananea, Sonora, a project that is to generate 3,760 jobs. At San Martin, in Zacatecas, $87 M have been budgeted to re-open the mine, whereas at Pilares, in Sonora, an open pit mine is to produce ore @ 0.78% Cu to be treated at the La Caridad plant, six km away.
  • McEwen Mining Inc. reported its first quarter 2019 results, including figures from its Mexican operations. At El Gallo, in Sinaloa, 5,432 Oz AuEq were produced at cash cost $967 per Oz AuEq and an AISC $989 per Oz AuEq. “Mining ceased at El Gallo by the end of May 2018, and the mine continues to recover gold from residual leaching of the heap leach. During the quarter, the process plant underwent a small expansion to improve efficiency and enable faster gold recover”.
  • Premiere Gold Mine Ltd. reported its first quarter production for 2019. During the quarter the Mercedes mine in Sonora produced 17,614 Oz Au and 57,681 Oz Ag.
  • Argonaut Gold Inc. announced its operating and financial results for the first quarter 2019. At El Castillo, in Durango, working at a rate of 68 K tonnes per day (tpd), 3.8 M tonnes of waste were moved, 2.29 M tonnes of ore were mined and 2.33 M tonnes @ 0.39 gpt Au were placed on the leach pads, producing 28,210 Oz Au, 54,030 Oz Ag at cash cost $918 per Oz Au. At San Agustin, part of the El Castillo Complex, working at a rate of 33 K tonnes per day, 1.31 M tonnes of waste and 1.66 M tonnes of ore were moved, placing 1.69 M tonnes @ 0.47 gpt Au in the leach pads, producing 14,084 Oz Au, 54,030 Oz Ag at cash cost $867 per Oz Au. At La Colorada in Sonora, working at a rate of 76 K tpd, 5.97 M tonnes of waste and 872 K tonnes of ore were moved and 882 K tonnes were placed on the leach pads @ 0.44 gpt Au, producing 15,372 Oz Au, 54,773 Oz Ag at cash cost $952 per Oz Au. “The Company plans to invest between $50 million and $60 million in capital programs during 2019, of which approximately 30% was spent during the first quarter of 2019”
  • Coeur Mining Inc. reported first quarter 2019 financial results, including figures from its Mexico operations. At Palmarejo, in Chihuahua, 379 K tonnes were milled @ 2.18 gpt Au, 144 gpt Ag, recovering 86.4% Au, 72.8% Ag, to produce 23,205 Oz Au, 1.28 M Oz Ag. Costs applicable to sales (CAS) were $713 per Oz Au and $9.66 per Oz Ag.
  • Alamos Gold Inc. released its financial results for the first quarter 2019, including figures from its operations in Mexico. At Mulatos, in Sonora, 1.83 M tonnes of ore were mined, 1.98 M tonnes of waste moved, to place 1.87 M tonnes of ore on the leach pads @ 0.98 gpt Au, producing 38,900 Oz Au at cash cost $743 and mine site AISC of $809. At El Chanate, in Sonora, 5,800 Oz Au were produced at cash cost $1,193 per Oz Au and mine site AISC of $1,193 per Oz Au. Construction of the haulage road has commenced on the Cerro Pelon mine, near the Mulatos mine, with a 2019 budget of $25 M. Pre-stripping is expected to commence in the third quarter.
  • Excellon Resources Inc. announced first quarter 2019 results from the Platosa mine in Durango. During the period 20 K tonnes were mined, with 16.8 K tonnes of ore @ 534 gpt Ag, 5.01% Pb, 8.00% Zn and 1.45 K tonnes of historical stockpile processed @ 123 gpt Ag, 1.22% Pb, 1.44% Zn, recovering 89.7% Ag, 74.6% Pb, 78.1% Zn to produce 260.4 K Oz Ag, 1.38 M Lb Pb, 2.21 M Lb Zn.
  • Golden Minerals Co. announced financial results for Q1 2019. The company continues to advance the Yoquivo Au-Ag project in Chihuahua. The company has cash and cash equivalents of $2.2 M, with no debt.
  • Santacruz Silver Mining Ltd. reports on its financial and operating results for the 2018 fiscal year. During the year the company milled 211.4 K tonnes, recovering 815.3 K Oz AgEq at cash cost $36.8 per AgEq Oz and an AISC of $37.2 per AgEq Oz. At Veta Grande, Zacatecas, silver production was 514.4 K Oz. At Rosario, in San Luis Potosi, silver production was 300.9 K Oz Ag.  

ON FINANCING

  • First Mining Gold Corp. intends to complete a non-brokered private placement for aggregate proceeds of up to $6 M. (San Ricardo, Sonora; Lachatao, Oaxaca).
  • Prize Mining Corp. intends to raise up to $1.5 M by means of non-brokered private placement (Manto Negro, Coahuila).
  • Leagold Mining Corp. received a binding underwriting commitment from a syndicate of lenders for a $200 M term loan and a $200 M revolving credit facility. “These loans will be used to repay current debt and finance the Company’s growth” (Los Filos, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.  

ON DEALS AND CORPORATE ISSUES

  • Alio Gold Inc. received a notice of civil claim from a former shareholder of Rye Patch Gold Corp. whose shares were acquired by the company on May 2018.  (San Francisco, Sonora).
  • Silver Bull Resources Inc. informed that South 32 is to maintain its option on the Sierra Mojada project by funding an additional US$3 M in exploration. “This will result in aggregate funding of US$6 million at the completion of the second year of the joint venture option”. To maintain the option, South32 must contribute minimum exploration funding of US$10 M during a four year option period with minimum aggregate exploration funding of US$3 M, US$6 M and US$8 M to be made by the end of years 1, 2 and 3 of the option period respectively.

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-chalcopyrite veinlet hosted by an intrusive rock in core from a project in Michoacan. Picture by Jorge Cirett.

Oroco Affiliate Acquires Share Option

oroco affiliate acquires share option

VANCOUVER, April 10, 2019 /CNW/ – Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that its affiliate, Altamura Copper Corp. (“Altamura”), has acquired an option to purchase 40,000,000 shares (the “Aztec Shares”) of Aztec Copper Corp.(“Aztec”) held by Fierce Investments Ltd. (“Fierce”). At the time of their issuance, the Aztec Shares represented in excess of 90 percent ownership of Aztec.