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

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By Jorge Cirett

During the 32nd week of the year (August 6th to August 12th, 2018), at least 16 press releases were announced by companies working in Mexico. Sable, Oroco, Millrock and One World Lithium updated on exploration advances. Hecla, Torex, Golden Minerals, Argonaut, Alio and Odyssey Marine Exploration released Q2 2018 reports. HarvestGold closed the final tranche of a financing round. Hecla, Alio and Consolidated Zinc reported advances on the development or exploration of their resource base. Three companies announced deals on projects, or company mergers. ON MEXICO ISSUES, The Mexican Core Shack now counts with displays from three properties in Chihuahua and two in Durango. The newly elected president of Mexico seems to have mining development as one of its 25 key projects. ON EXPLORATION, In Sonora, Millrock reported drill results from its Navidad project. In Chihuahua, Sable Resources released wide, high-grade silver intercepts from its Margarita property. In Sinaloa, Oroco received the title for a concession on the Santo Tomás district. In Baja California, One World Lithium is preparing to drill its Salar del Diablo project.   ON MINING Hecla, Torex gold, Golden Minerals, Alio Gold, Argonaut and Odyssey Mineral Exploration released Q2 2018 reports.  ON FINANCING, Harvest Gold closed the final tranche of its non-brokered private placement, accruing C$857 K in gross proceeds. ON RESOURCES AND DEVELOPMENT, Hecla, Alio Gold and Consolidated Zinc reported on actions and programs to affect their resource estimates or development to mining. ON DEALS AND CORPORATE ISSUES, Golden Reign and Marlin Gold reported on their merger agreement, Megastar closed a deal on three properties in Oaxaca and San Marco optioned the Chunibas project in Oaxaca to Antofagasta.

ON MEXICO ISSUES

  • The Mexican Core Shack added images of drill core from Hecla’s San Sebastian project in Durango, at https://gambusinoprospector.com/mexican-core-shack/durango/san-sebastian/ . The Mexican Core Shack now displays three properties in Chihuahua and two in Durango.
  • The newly elected president of Mexico, Andrés Manuel López Obrador, presented 25 priority projects for his coming tenure, one of which is mining development, on a meeting with the Colegio de Ingenieros Civiles de México (Civil Engineers Association of Mexico), the Unión Mexicana de Asociaciones de Ingenieros A.C. and the Engineering Faculty of the Universidad Autónoma de México (UNAM). Carlos Slim was among the cohort of industry leaders in the luncheon held at the Palacio de Minería (Mining Palace) in Mexico City. No details were exposed.

ON EXPLORATION

  • Sable Resources Ltd. released results from a third drill hole on the Margarita vein of its Margarita property in Chihuahua (near Sunshine’s Los Gatos property). The most recent intercept confirms vein continuity over 500 m of longitude. The vein was intercepted 40 m from surface, returning 12.4 m @ 514 g/t AgEq (with Pb and Zn credits, no details released), including 4.10 m @ 902 g/t AgEq, which includes 1.0 m @ 1,048 g/t AgEq and 1.05 m @ 1,035 g/t AgEq. Other five holes have been finished, with similar vein textures having been intersected across similar widths down to a depth of 100 m from surface.
  • Oroco Resources Corp. announced that the Papago 17 concession in Sinaloa has been granted by the government, and the company is now to register its 77.5% interest (got on a deal with a private owner) in the Mexican Public Registry of Mining. The 213 ha Papago 17 concession lies south from the Santo Tomás porphyry copper project, and contains quartz monzonite dikes and hornfelsed andesite.
  • Millrock Resources Inc. reported second phase drilling results from its Navidad project in Sonora. The program focused on targets identified by soil and rock sampling, geophysical surveys and trenching, as well as the Crossover and El Cobre prospects. In total 2,969 m in 14 holes were drilled. Highlighted core length intercepts include 3.9 m @ 1.78 g/t Au; 12.5 m @ 1.14 g/t Au; 8.0 m @ 0.46 g/t Au; 6.3 m @ 0.39 g/t Au, 3.3 m @ 3.84 g/t Au; 8.7 m @ 0.43 g/t Au, 9.0 m @ 0.39 g/t Au; 5.5 m @ 0.72 g/t Au; 8.5 m @ 0.39 g/t Au; 2.6 m @ 1.73 g/t Au; 6.3 m @ 0.43 g/t Au; 7.9 m @ 2.34 g/t Au; 6.0 m @ 0.45 g/t Au; 17.4 m @ 1.61 g/t Au; 9.2 m @ 0.71 g/t Au.
  • One World Lithium Inc. has accepted the Lithium Partnership’s final report summarizing pre-drilling programs for its Salar del Diablo project in Baja California. Eleven drill hole locations have been selected to test the three geophysical anomalies and two geochemical targets. One World intends to commence drilling on the latter part of October 2018.

ON MINING

  • Hecla Mining Co. reported second quarter 2018 results, including figures from its San Sebastian project in Durango, where 559,647 Oz Ag, 3,872 Oz Au were produced during the period. The mill operated at an average of 415 tpd (tons per day). Cash cost was $9.79 per Ag Oz and AISC $17.15 per Ag Oz, reflecting the higher cost of transitioning from open pit to underground mining. “A reduction in per ounce costs is expected in the second half of the year as underground production continues to ramp up”.
  • Torex Gold Inc. reported its financial results for the second quarter 2018. Mine production at Limon-Guajes totaled 7.15 Mt (tonnes), averaging 78,629 tpd (tonnes per day) of which 1.28 Mt was ore processed at 11,140 tpd. Mined ore averaged 2.45 g/t Au and processed ore 2.86 g/t Au, for the production of 78,796 Oz Au, with 87% Au recovery in the period and cash cost of $680 per Oz Au and AISC of $1,017 per Oz Au. Cash held at the end of the period was $117.9 M.
  • Golden Minerals Co. announced financial results for the second quarter 2018. During the quarter Golden reported final drill results from the Santa Maria project (Chihuahua) 2017-2018 drill program and announced the preparation of an updated technical report and preliminary economic assessment (PEA). In August 2018, Golden entered into a non-binding letter of intent with The Electrum Group LLC upon which Electrum is to purchase Golden’s remaining interest in the Celaya property in Guanajuato for a payment of $3 M. Cash and cash equivalents stood at $2.5 M at the end of the period.
  • Argonaut Gold Inc. released financial results for the second quarter 2018. During the period the company produced 38,441 GEOs (Gold equivalent ounces) at cash cost $704 per Oz Au and AISC of $832 per Oz Au. At El Castillo, in Durango, 2.22 Mt (tonnes) of waste, and 2.15 Mt (tonnes) were moved, with 2.12 Mt ore @ 0.37 g/t Au crushed to the pads to produce 10,079 Oz Au, 8,111 Oz Ag at cash cost $992 per Au Oz. At San Agustin in Durango, 618 Kt of waste, 1.85 Mt of ore were moved, with 1.88 Mt of ore @ 0.36 g/t Au crushed to the pads to produce 15,528 Oz Au, 55,781 Oz Ag. At La Colorada, in Sonora, 1.81 Mt of waste, 1.06 Mt of ore were moved (32 K tpd), with 1.14 Mt of ore @ 0.36 g/t Au crushed to leach pads to produce 11,503 Oz Au, 29,360 Oz Ag at cash cost $833. “The Company expects the third quarter 2018 will see lower production due to the lower grades stacked on the leach pad during the second quarter 2018 and also expects higher costs during the third quarter 2018 associated with drilling, blasting and hauling costs for normal state operations”.” While the Company’s explosives permit has been reinstated at La Colorada, the legal action brought against the Secretary of National Defense and the Municipality of La Colorada continues through the Judiciary court process”.
  • Alio Gold Inc. reported second quarter 2018 results. The San Francisco mine in Sonora produced 14,466 Oz Au, 7,661 Oz Ag at by-product cash cost $950 per Oz Au, while AISC was $1,172 per Oz Au. The Company is reducing stripping and focuses mining on more profitable ounces to maintain cash neutral operations. As a result of the reduced stripping, the ”production guidance of 90,000 to 100,000 ounces of gold for 2018 will not be met.” At Ana Paula in Guerrero, all development work including the construction of the underground decline, the completion of the feasibility study and further exploration have been temporarily suspended as result of the recent decline in the gold price.
  • Odyssey Marine Exploration Inc. reported second quarter 2018 results. “Odyssey holds a controlling interest in Oceanica Resources, S. de R.L., and ExO, a subsidiary of Oceanica. ExO controls exclusive 50-year mining permits in an area in Mexican waters that contains a large amount of phosphate mineralized material”.” On March 21, 2018, the 11-judge panel of the Superior Court of the Federal Court of Administrative Justice in Mexico ruled unanimously in favor of ExO, nullifying the original denial of the environmental permit application.“ (Don Diego, Pacific Ocean cost of Baja California Sur)

ON FINANCING

  • Harvest Gold Corp. closed a fourth and final tranche of its non-brokered private placement to raise CDN$200 K for a total of CDN$857 K gross proceeds. “The Company paid finder’s fees of 8% cash and 8% warrants to Canaccord Genuity Corp. on certain funds”. Harvest delivered $700 K to Evrim Resources Corp. to fund the Cerro Cascaron project (in Chihuahua) drill program of up to 3,000 m, beginning the third week of September.

ON RESOURCES AND DEVELOPMENT

  • Hecla Mining Co. reported on brownfield exploration on its mining units, including on the San Sebastian project in Durango, where it continues to expand high-grade polymetallic zones on the Middle and Francine veins. Additional oxide mineralization is being defined along the Professor and East Francine veins. On the Francine vein mineralization has been traced for over 360 m on surface, and over 240 at depth, but once incorporated the newly defined East Francine vein the total strike length of continuous mineralization along the Francine Vein exceeds 2,400 m and can be traced to a depth of over 600 m. Proven and probable reserves stand at 398 K tons @ 3.42 g/t Au, 432 g/t Ag, containing 43,000 Oz Au, 5.52 M Oz Ag and Measured and Indicated resources of 1.5 M tons @ 2.25 g/t Au, 186 g/t Ag, 2.9% Pb, 3.8% Zn, 1.7% Cu, containing 103,000 Oz Au, 8.8 M Oz Ag, 15,520 tons Pb, 20,350 tons Zn, 9,020 tons Cu.Hecla-Q2-2018-ExplorationUpdate1 - copia
  • Alio Gold Inc. informed on the update of mineral reserve estimates at its San Francisco mine in Sonora. “Mining depletion of Mineral Reserves was partly offset by expansion of the reserves in Phases 6 through 9 of the San Francisco Pit. Total proven and probable mineral reserves totaled 854,472 ounces of gold (55.5 million tonnes at 0.49 g/t) as of July 1, 2018, an approximate decrease of 74,228 ounces of gold or 8% from April 1, 2017.”
  • Consolidated Zinc Ltd. informed on its plan to start pilot plant production at its Plomosas project in Chihuahua. The mining scoping studies focus on sulfide mineralization of the updated resource, starting with a 20,400 tonnes indicated resource @ 13.8% Zn, 2.4% Pb. The capital cost is expected to be low, including plant refurbishment and tailings dam upgrade.

ON DEALS AND CORPORATE ISSUES

  • Golden Reign Resources Ltd. and Marlin Gold Mining Ltd. Entered into a definitive agreement to combine businesses and amend stream agreement with Sailfish Royalty Corp. Golden Reign will acquire all of the issued and outstanding shares of Marlin and satisfaction of all closing conditions of the business combination by way of plan of arrangement. As a condition to closing the Transaction, Sailfish has agreed to restructure its existing gold stream on San Albino (La Trinidad, Sinaloa).
  • Megastar Development Corp. closed the transaction to acquire 100% interest on the Rama de Oro, Magdalena and Yautepec projects in Oaxaca. Megastar paid USD$45 K and issued 1.5 M common shares to Minera Zalamera S.A. de C.V., as contemplated in the option agreement. “Furthermore, Mr. David M. Jones, president of Minera Zalamera, has been appointed to the board of directors of Megastar.”
  • San Marco Resources Inc. signed an earn-in agreement with Antofagasta plc on the Chunibas project, located in Sonora. Antofagasta can acquire a 70% interest in the project by spending US$8 M in exploration, and making cash payments on the aggregate of US$200 K over a period of 4 years. A firm commitment of US$700 K will be used primarily for an initial drill program, including $100 K of reimbursement to San Marco of recent exploration expenditures. “The Project consists of stratiform, volcanic hosted coppersilver mineralization, similar to several ore deposits in northern Chile and is a style of mineralisation not previously discovered in Mexico.”

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, open cut in one of the structures of the Pozos District, Guanajuato. Picture by Jorge Cirett.

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Highlights on the Third Week of July, 2018. Mining and Exploration News in Mexico

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By Miguel A Heredia

During the 29th week of the year (July 16th to July 22th, 2018), at least 30 press releases were announced by companies working in Mexico, with twelve informing on exploration results, nine announcing production results, four reporting on resources and developments, three communicating deals and corporate issues, and two  announcing financing issues.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Baja California Norte, One World Lithium presented geophysical results from its Salar del Diablo project. In Sonora, Colibri reported drill results from its El Pilar project, Minaurum reported exploration results from its Promontorio-Quintera project, San Marco announced exploration results from its Chunibas exploration program, and Millrock and Azure provided an exploration update on their Mexican properties. In Chihuahua, Mammoth Resources announced drill results from its Tenoriba project. In Coahuila, Discovery Metals reported exploration results from its Puerto Rico project. In Sinaloa, Kootenay presented exploration results from its Copalito project. In Durango, Southern Silver announced an expansion of the exploration program at its Cerro Las Minitas project. In Zacatecas, Advance Gold reported drill results from its Tabasquena project.  In the Estado de México, Impact discovered new zones at its San Ramon mine.  ON MINING, Several companies reported Q2, 2018 results on its Mexican operations. In Sonora, Mexus provided an update on its 370-8 Brothers property in Sonora. In Chihuahua, Sierra Metals announced Q2 results from its Bolivar and Cusi mines while GoGold reported results from its Parral property. In Sinaloa, Americas Silver presented Q2 results from its Cosala operation. In Durango, Avino reported Q2 results from its Avino mine. In Oaxaca, Fortuna Silver announced Q2 2018 results from its San Jose mine. First Majestic presented Q2 2018 results from its Mexican operations in Sonora, Sinaloa, Chihuahua, Durango, Zacatecas, Jalisco and Estado de Mexico. In Puebla, Almaden announced an increase of the average mill feed grades for its Ixtaca property.  ON FINANCING, Bacanora Minerals dropped a $100M placing for its Sonora Lithium project in Sonora. Candente announced the approval to extend the purchase of 5M of share warrants. ON RESOURCES AND DEVELOPMENT, Aranzazu filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas and updated the resource estimate. Starcore filed updated 43-101 technical report on its San Martin mine. Capstone filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. Gold Resource announced an expansion of its Arista Mine in Oaxaca. ON DEALS AND CORPORATE ISSUES, Evrim announced results of its annual and special general meeting of shareholders.  Silver Spruce executed an offtake agreement for potential future production from its Pino de Plata project in Chihuahua.

ON MEXICO ISSUES

  • No relevant news.

 ON EXPLORATION

  • One World Lithium Inc., presented results from a geophysical survey conducted on its Salar del Diablo project in Baja California Norte. Three very large and highly conductive zones were identified by a Volterra TEM in loop survey. Zone 1 is > 100m thick and covers six square km. Zone 2 surrounds Zone 1 and is < 100m thick and covers 24 square km. Zone 3 is estimated to be approximately 200m thick and covers > 30 square km.
  • Colibri Resources Corporation, reported RC drilling results from its Pilar project in Sonora. Significant results are 61m of 0.75 g/t Au, including 1.5m of 17.3 g/t Au; 6m of 0.68 g/t Au; 3m of 5.40 g/t Au; and 34.5m of 0.32 g/t Au. The drill results extend the Main Zone´s mineralized envelope to the northwest and southeast by upwards of a total of 145m. It represents an increase of 52% in the length of the Main Zone. Potential is open in both directions of the mineralized zone.
  • Minaurum Gold Inc., discovered the extension of the Promontorio-Quintera and Nueva Europa veins at its Alamos Silver project in Sonora. The Promontorio-Quintera vein was mapped and extends for 1km and is cut-off and down-dropped by a northwest trending fault while the Nueva Europa vein was mapped for over 600m. The extensions have the potential to host virgin mineralization at depth. Surface sampling on Promontorio South vein returned 1.1m of 181 g/t Ag and 1.06% Cu, while at Nueva Europa South vein, a 0.8m long chip rock sample returned 52 g/t Ag and 0.54% Cu, and a dump sample returned 91 g/t Ag and 1% Cu.
  • San Marco Resources Inc., identified many new significant Cu-Ag occurrences at its Chunibas property in Sonora; conducted a portable X-ray fluorescence rock analysis on an area of 300m by 1,400m, indicating anomalous to significant copper values, and received assays from ninety six rock chip samples ranging from 0.1% to 1.34% Cu. The company also carried out a saw-cut continuous channel sampling returning 30m of 0.16% Cu and 3 g/t Ag, and 22m of 0.17% Cu and 2 g/t Ag. Now, the mineralized NW-SE corridor is 1.7Km long by 300m wide, and remains open along strike and down dip. San Marco has begun preparations to perform a drill program at its Chunibas property.
  • Millrock Resources Inc., provided and exploration update on their Mexican properties in Sonora and San Luis Potosi. In Sonora, at La Navidad project, a 2,900m drilling program has been recently completed to test the El Cobre and the Crossover targets. Complete results are anticipated in early August. At El Picacho project (Orogenic gold), drill targets are emerging from the exploration work conducted in the first half of 2018. The company has authorized a drill program to begin later in the summer. At Batamote, good geological signs of a porphyry copper deposit have been identified and a major company is currently evaluating the property. At Los Cuarenta project (low-sulphidation epithermal Au-Ag), Millrock has acquired an option to purchase a key internal claim called Santa Rosalia. Drilling targets have been developed and drilling permit is in place. In San Luis Potosi, the Guadalcazar project hosts a high-grade Ag-Pb-Zn skarn with good drill intersections and historic mine workings, with potential to expand the known deposit. Millrock has received an offer to form an option agreement.
  • Azure Minerals Limited., provided an exploration update on its Sara Alicia and El Alacran properties in Sonora. At the Sara Alicia project, the stage 2 drilling campaign confirmed near-surface, high-grade Au-Co mineralization with maximum grade returning 53.8 g/t Au over 0.90m and 2.82% Co over 0.80m. The best Au interception was 19.6m of 8.6 g/t Au, including 15.3m of 10.6 g/t Au, while the best Co interception was 3.65m of 1.19% Co, including 1.5m of 2.66% Co. At the El Alacran project, the drilling campaign indicated the southern expansion of Loma Bonita epithermal Au-Ag system based on the presence of silicified zones covered by fresh-rock and high-resistivity geophysical anomalies extending to depth. At Cerro Colorado the company geologists identified the presence of porphyry-type alteration and veining with trace copper and molybdenum mineralization, warranting follow-up work. Teck will continue exploring the property with drilling planned to restart in Q3 2018.
  • Mammoth Resources Inc., announced drill results from its Tenoriba project in Chihuahua. Results are from the Masuparia area, in the central portion of the 6 km long trend of gold mineralization on the property. Significant results are 3m of 0.19 g/t Au and 10 g/t Ag in hole TEN 17-09 and multiple intersections in hole TEN 17-10 such as 4.5m of 0.42 g/t Au and 8 g/t Ag; 4.5m of 0.45 g/t Au and 3 g/t Ag, 22.5m of 0.35 g/t Au and 4 g/t Ag, 3m of 1.31 g/t Au and 50 g/t Ag, 3m of 0.65 g/t Au and 5 g/t Ag, and 24m of 0.31 g/t Au and 4 g/t Ag.
  • Discovery Metals Inc., reported underground channel sample results from the San Jose mine within its Puerto Rico project in Coahuila. Assay results represent 140m of workings and were collected at 3-5m intervals along both sides of the entire length of the developed workings. Mineralization is related to mantos, chimneys and faults. Mantos range from 0.5m to 1.5m in width (restricted by dimensions of workings) and are open in all directions laterally along strike and dip. Fourteen samples from mantos returned an average of 229 g/t Ag, 9.3% Pb, 17.6% Zn, and 0.3% Cu. Chimney widths range from 1m to 6m, with the main part of the chimney having a width of 5-6m, while the mineralized faults widths range from 0.4m to 1.4m, and are open along strike and at depth. Thirty three samples from chimneys and faults returned an average grade of 50 g/t Ag, 3.5% Pb, 4% Zn, and 0.8% Cu. The company is currently carrying out a detail structural study on the entire property to identify controls on mineralization. Additionally, it is planning to conduct a magnetic survey in preparation for drilling later in 2H 2018.
  • Kootenay Silver Inc., presented sampling results from its Copalito project in Sinaloa. Copalito is a low-sulphidation epithermal vein system. At least 4 main veins and numerous smaller veins have been identified, with individual veins found to be up to 15m wide and at least 2km long along strike. Eleven samples (5 chips and 6 grabs) on Cobriza vein returned grades from 47 to 2.5 kg/t Ag and 0.03 to 2.7 g/t Au, while twenty two samples on El Pilar vein returned grades from 2 to 166 g/t Ag and 0.04 to 1.05 g/t Au. Mapping and sampling on the La Chiva and Cinco Señores veins in the southern area of Copalito is ongoing. All the results will be used to determine grade distribution along the veins for drill targeting.
  • Sothern Silver Exploration Corp., announced an expansion of the exploration program at its Cerro Las Minitas project in Durango, with the mobilization of a second drill rig. The objective is to drill 2,000m of core to test multiple Ag-Au quartz veins within the recently acquired CLM West claim. Drill targets were identified by mapping and ground geophysics, and a sampling program of over 6000 float and rock chip samples throughout a >10km by 5km N-S corridor underlying the 207 square km CLM West claim package.
  • Advance Gold Corp., reported phase 1 drill results from its Tabasquena project in Zacatecas. Significant results are 10.5m of Au-Ag mineralization including 1.7m of 9.46 g/t Au and 37 g/t Ag, 0.55m of 12.65 g/t Au and 28 g/t Ag, and 0.55m of 6.31 g/t Au and 42 g/t Ag. The company is planning a second phase drill program to test the recently discovered veins and explore for new ones, as well as to follow-up on the high-grade gold intersections.
  • Impact Silver Corp., discovered new zones at its San Ramon mine through an underground drill program. Significant results with intersections 100m south of the current levels of the San Ramon mine are 2.04m of 0.23 g/t Au, 661 g/t Ag, 1.28% Pb, and 3.28% Zn; 4.97m of 0.12 g/t Au, 354 g/t Ag, 0.57% Pb and 1.48% Zn; and 1.25m of 0.1 g/t Au, 259 g/t Ag, 0.34% Pb and 1.14% Zn. The zone remains open for further extension vertically above for nearly 300m and to the south.

ON MINING

  • Mexus Gold US, provided and update on its 370-8 Brothers property in Sonora. VAT leaching test of oxidized sulphide ore reported that 50% of the sulphides remain as encapsulated Au and Ag bearing mineralization, with As, Pb and Zn, making difficult its extraction by simple gravity and/or cyanide leaching, unless they are pretreated via roasting to eliminate the sulphur. “About 80 tons of this oxidized ore was crushed to < 3 inches and put in a steel tank and leached for a period of 25 days.  Eight head assay samples were taken averaging 1g/t Au and 50 g/t Ag with one sample showing 30 g/t Au and another sample with 800 g/t Ag.  Solution was assayed daily for a week showing recoveries of 1.25% in gold and 13% in silver with a slow increase after a week and large cyanide consumption.  The solution was assayed after 3 weeks and turned out to have minimum increase up to 26% in silver and gold remaining the same”.
  • Sierra Metals Inc., reported Q2 results from its Bolivar and Cusi mines in Chihuahua. At Bolivar mine, a total of 272K tonnes were processed at grades of 0.15 g/t Au, 17 g/t Ag, and 0.97% Cu to produce 911 OZ Au, 110K Oz Ag, and 4.7M Lb Cu, with metallurgical recoveries of 71.81%, 75.53% and 81.33% respectively. At Cusi mine, a total of 46.4K tonnes were processed at grades of 0.16 g/t Au, 156 g/t Ag, 0.4% Pb, and 0.3% Zn, to produce 96 Oz Au, 190K Oz Ag, and 287K Lb Pb, with metallurgical recoveries of 39.8% Au, 81.66% Ag, 77.22% Pb and 0% Zn.
  • GoGold Resources Inc., presented Q2 2018 results from its Parral operation in Chihuahua. GoGold processed 447K tonnes of tailings material to produce 164K Oz Ag and 1,630 Oz Au.
  • Americas Silver Corporation, announced results from its Cosala operation in Sinaloa. On Q2, 2018, the company milled 139K tonnes of 42 g/t Ag to produce 94K Oz Ag, 2.9M Lb Pb, and 8.7M Lb Zn
  • Avino Silver & Gold Mines Ltd., presented Q2 2018 results from its Avino mine in Durango. The company processed 184.7K tonnes of 0.42 g/t Au, 70 g/t Ag, and 0.45% Cu to produce 1,734 Oz Au, 323 Oz Ag, and 1.48M Lb Cu, with metallurgical recoveries of 75%, 81% and 90% respectively.
  • Fortuna Silver Mines Inc., reported Q2 2018 results from its San Jose mine in Oaxaca. Fortuna milled 134K tonnes of 1. 86 g/t Au and 268 g/t Ag to produce 14.4K Oz Au and 2M Oz Ag with metallurgical recoveries of 91.54% and 91.67% respectively.
  • First Majestic Silver Corp., announced Q2, 2018 production results from its Mexican operations. At Santa Elena mine in Sonora, a total of 228K tonnes of 2.3 g/t Au and 120 g/t Ag were milled to produce 11K Oz Au and 535K Oz Ag. At San Dimas mine in Sinaloa, a total of 85.7K tonnes of 4.3 g/t Au and 307 g/t Ag were processed to produce 11.3K Oz Au and 809K Oz Ag. At La Encantada mine in Chihuahua, a total of 238K tonnes of 83 g/t Ag were processed to produce 23 Oz Au and 325K Oz Ag. At La Parrilla mine in Durango, a total of 123.6K tonnes of 131 g/t Ag, 1.4% Pb and 1.5% Zn were milled to produce 235 Oz Au and 361K Oz Ag, 1.6M Lb Pb, and 1.4M Lb Zn. At Del Toro mine in Zacatecas, a total of 65.8K tonnes of 117 g/t Ag and 2.7% Pb were processed to produce 73 Oz Au, 167.6K Oz Ag, and 2.3M Lb Pb. At San Martin mine in Jalisco, a total of 74.4K tonnes of 0.6 g/t Au and 203 g/t Ag were milled to produce 1,331 Oz Au and 138.4K Oz Ag. At La Guitarra mine in Estado de Mexico, a total of 35.7K tonnes of 1.5 g/t Au and 154 g/t Ag were milled to produce 1400 Oz Au and 138.4K Oz Ag. Unfortunately, First Majestic announced the temporary suspension of work at its la Guitarra mine scheduled to start on August 1st. It is until economic conditions improve or the property is sold.
  • Almaden Minerals Ltd., announced an increase of the average feed mill grades of 39% for Au and 47% for Ag from bulk ore sort test for its Ixtaca project in Puebla. Applying the ore sort process, the metallurgical recovery is 88% for Au and 93% for Ag and reduces the environmental footprint over the life of mine by reducing process tailings, water usage and energy requirements and CO2 “The detailed impact of the ore sorting results on the Ixtaca project will be evaluated as part of the ongoing Feasibility Study, which is anticipated to be completed in 2018”.

ON FINANCING

  • Bacanora Lithium plc., dropped a $100M placing for its Sonora Lithium project in Sonora, citing “difficult market conditions”.
  • Candente Gold Corp., announced the approval to extend the exercise period of 5M of share purchase warrants from August 12, 2018 to August 12, 2020.

 ON RESOURCES AND DEVELOPMENT

  • Aura Minerals Inc., filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas. The company also updated the mineral resource and reserve estimates. Measured + indicated resources are 12.5M tonnes of 1.08 g/t Au, 20 g/t Ag, and 1.61% Cu for a total of 435K Oz Au, 8M Oz Ag and 444.4M Lb Cu. Proven and probable reserves are 4.6M tonnes of 1.17 g/t Au, 19 g/t Ag, and 1.72% Cu, for a total of 174K Oz Au, 2.8M Oz Ag, and 176.4M Lb Cu. (Mineral reserves are inclusive of mineral resources). The orebody consists of seven mineralized domains and has a strike length of 1.5km, width up to 250m and 600m depth. The mineral resource estimate is based on 1,336 holes for a total of 219,586m.
  • Starcore International Mines Ltd., filed an updated 43-101 technical report for its San Martin mine in Queretaro in which reported mineral resources and reserves as of April 30, 2018. Total proven + probable reserves are 1.65M tonnes of 2.11 g/t Au and 33 g/t Ag for a total of 154.4K Oz Au Eq. Total indicated + inferred resources are 1.5M tonnes of 1.94 g/t Au and 25 g/t Ag for a total of 113K Oz Au Eq. The total mineral reserves and resources are 3.1M tonnes of 2.03 g/t Au and 29 g/t Ag for a total of 267.3K Oz Au Eq.
  • Capstone Mining Corp., filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. In this TR, Capstone reported a mineral resource estimate which was announced on the past June 05, 2018.
  • Gold Resource Corporation, announced significant drill interceptions of 23.39m @ 2 g/t Au, 200 g/t Ag, 0.58% Cu, 3.1% Pb, and 9% Zn, including 1.66m of 8.92g/t Au, 1.3Kg/t Ag, 0.93% Cu, 6.3% Pb and 8.8%Zn, and 9.94m @ 2.16 g/t Au, 95 g/t Ag, 0.82% Cu, 4.1% Pb and 12% Zn, including 3.1m @ 3.99 g/t Au, 177 g/t Ag, 1.01% Cu, 7% Pb, and 14.5% Zn to expands the Switchback´s strike length by approximately 100m, and discovered a new structure in the Arista vein system intercepting 2.08m @ 1.98 g/t Au, 1.6Kg Ag/ton, 0.25% Cu, 1% Pb, and 2.2% Zn, including 0.9m of 3.31 g/t Au, 2.7Kg/t Ag, 0.45% Cu, 2% Pb, and 4.1% Zn.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., announced results of its annual and special general meeting of shareholders. (Cuale project, Jalisco).
  • Silver Spruce Resources Inc., executed an offtake agreement with IBB International Holdings Limited for potential future production from its Pino de Plata project in Chihuahua. “The Company has agreed to deliver any and all future production from the Pino de Plata project for a period of at least ten years, commencing with the first delivery. The ten-year term of the agreement will automatically extend by successive one-year terms, unless either party expresses written desire o terminate the agreement. The purchase price of the delivered production will be at a three percent (3%) discount to the London Metals Exchange metals pricing on the dates of delivery to the buyer”.

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, a diatreme breccia in a prospect in Durango, Mexico. Photo by Miguel A Heredia.

 

 

 

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

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211 - copia

By Jorge Cirett

During the 28th week of the year (July 9th to July 15th, 2018), at least 23 press releases were announced by companies working in Mexico. Three companies updated on exploration advances. one company announced a financing round while another tries to extend the period for exercise of warrants. Seven companies released Q2 production results and two others a PEA on its properties. Seven companies released advances on the development or exploration of their resource base, and finally one company announced the appointment of its Vice-president Exploration and one other company the optioning of a property to a third party, and returning another to the underlying owner. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Ridgestone Mining completed an IP survey on its Rebeico property. In Chihuahua Golden Goliath resumed exploration on its San Timoteo project, and in Veracruz Mexican Gold released rock chip sampling results from its Las Minas project.  ON MINING Torex Gold, Endeavour Silver, Great Panther, Capstone, Excellon, Premier Gold and Hecla released second quarter results on production. Sierra Metals released a PEA on a projected production increment at its Bolivar mine in Chihuahua.  ON FINANCING, Prize Mining closed the first tranche of a non-brokered private placement. Candente Gold applied to extend the expiration period of warrants issued on a previous financing. ON RESOURCES AND DEVELOPMENT, Santacruz Silver, SilverCrest, Avino Silver, Kootenay Silver and Golden Minerals released drilling or exploration results on their properties with resources. Orla Mining released a PEA on its Camino Rojo Property in Zacatecas. ON DEALS AND CORPORATE ISSUES, Discovery Metals announced the appointment of Gernot Wober as VP Exploration. Riverside Resources optioned its La Silla property (in Sinaloa) to Sinaloa Resources, and returned the Glor property (in Sonora) to underlying owner Argonaut Gold, after two unsuccessful drill campaigns by Centerra Gold.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Golden Goliath Resources Ltd. reported the commencement of its summer exploration program at its San Timoteo property in the Uruachic district of Chihuahua. San Timoteo hosts the longest mining tunnel in the district, with mapping and sampling having defined three ore shoots and a manto horizon within it. No exploration has been carried below the level of the tunnel, and the workings are interpreted to be above the boiling zone of an epithermal system, hence the possibility of potential bonanza grades down dip.
  • Mexican Gold Corp. released high grade sampling results from the Pueblo Nuevo area of its Las Minas projects in Veracruz. Multiple new vein occurrences have been discovered in the Pueblo Nuevo Valley structural corridor. The veins “show characteristics of mesothermal quartz veins”, generally 20 to cm in width, sub-vertical dips and no post mineral deformation. The dioritic host rock displays argillic alteration and sulfides up to one meter on each side of the veins. Chip sampling results include 0.43 m @ 7.87 g/t Au, 74 g/t Ag, 3.5% Zn; 0.30 m @ 6.14 g/t Au, 60 g/t Ag, 5.3% Zn; 0.50 m @ 19.18 g/t Au, 229 g/t Ag, 2.25% Zn; 0.3 m @ 4.33 g/t Au, 30 g/t Ag, 1.1% Zn; 0.15 m @ 16.17 g/t Au, 101 g/t Ag, 0.6% Cu, 14.6% Zn; 0.60 m @ 3.18 g/t Au, 17 g/t Ag, 3.5% Zn; 0.40 m @ 4.11 g/t Au, 22 g/t Ag; 0.45 m @ 19.41 g/t Au, 148 g/t Ag, 1.5% Cu, 0.8% Zn; 0.60 m @ 19.26 g/t Au, 70 g/t Ag, 2.3% Zn; 0.75 m @ 10.12 g/t Au, 30 g/t Ag.
  • Ridgestone Mining Inc. completed an induced polarization (IP) geophysical survey at its Rebeico Au-Cu project in Sonora. The survey comprised nine lines of IP, each 2 km long, for a total of 18 line kilometers spaced 200 m apart, covering an area of 1.6 by 2.0 km. Ridgestone has an option to acquire 100% interest in the project (subject to a 2% NSR) from YQ Gold de Mexico S. de R.L. (a Mexican corporation). The property covers 167 hectares, and includes the Alaska mine, which has old workings of up to 70 m of depth.

ON MINING

  • Torex Gold Resources Inc. released second quarter production results for 2018, period during which 80 K Oz Au were produced at its Limon-Guajes mine in Guerrero. Production has been ramping up, with 9 K tones per day (tpd) on April, 11 K tpd on May and 13 K tpd on June. The SART plant produced its first copper precipitate, with the operations team now taking the plant to full production. The updated technical report on El Limon-Guajes and Media Luna project is to be completed in late July/early August.
  • Sierra Metals Inc. announced the results of a preliminary economic assessment (PEA) on its Bolivar mine in Chihuahua, with the report being filed within 45 days. The PEA includes a net present value (NPV) of US$214 M at 8% discount rate, a return on investment (ROI) of 550%, on 3-4 years payback period and a net after-tax cash flow of US$303 M. The plant is to process 5 K tpd at recovery rate of 85% Cu to produce 252.5 M Lb Cu on 11 years of mine life on the existing mineral resource estimate. The longhole stoping method is to be used for mining.
  • Endeavour Silver Corp. reported production results for the second quarter 2018. At Guanaceví, in Durango, 71.3 K tonnes were produced @ 225 g/t Ag, 0.67 g/t Au, recovering 90.2% Ag, 92.7% Au to obtain 464.9 K Oz Ag, 1,423 Oz Au. At Bolañitos, in Guanajuato, 108.5 K tonnes were milled @ 91 g/t Ag, 1.82 g/t Au, recovering 78.3% Ag, 82.3% Au, to obtain 248.6 K Oz Ag, 5,222 Oz Au. At El Cubo, in Guanajuato, 134.5 K tonnes were milled @ 171 g/t Ag, 1.92 g/t Au, recovering 86.8% Ag, 84.6% Au, to obtain 642.4 K Oz Ag, 7,029 Oz Au. Consolidated production was 1,355.9 K Oz Ag, 13,674 Oz Au. The El Compas mine in Zacatecas is on track to commence commercial production by the end of July at the target capacity of 250 tpd.
  • Great Panther Silver Mines Ltd. reported production results for the second quarter 2018. At the Guanajuato Mine Complex, in Guanajuato, 77 K tonnes were processed @ 127 g/t Ag, 2.40 g/t Au, recovering 87.7% Ag, 88.2% Au to obtain 276.6 K Oz Ag, 5,240 Oz Au. At Topia, in Durango, 18.1 K tonnes were milled @ 371 g/t Ag, 0.69 g/t Au, recovering 93.9% Ag, 63.1% Au, to obtain 203.1 K Oz Ag, 253 Oz Au. Consolidated production of 95.2 K tonnes milled produced 479.8 K Oz Ag, 5,492 Oz Au, 480 tonnes Pb, 528 tonnes Zn.
  • Capstone Mining Corp. released production results for the second quarter of 2018, including figures from its Mexican operations. At Cozamin, in Zacatecas, 227.6 K tonnes were mined, 224.2 K tonnes milled (4,464 tpd) @ 1.66 % Cu, 1.04% Zn, 0.29% Pb, 45.3 g/t Ag. Recovery was 94.6% Cu, 66.4% Zn, 48.1% Pb, 77.5% Ag, to produce 13,581 tonnes of copper concentrate @ 25.9% Cu, 517 g/t Ag; 3,529 tonnes of zinc concentrate @ 47.5% Zn and 494 tonnes of lead concentrate @ 62.3% Pb, 1,717 g/t Ag.
  • Excellon Resources Inc. announced second quarter 2018 production results from its Platosa mine in Durango. Silver equivalent (AgEq) production increased 120% to 637.2 K Oz AgEq on Q2 2017 figures. 16.1 K tonnes were mined, 22.9 K tonnes milled @ 415 g/t Ag, 4.6% Pb, 6.7% Zn with recoveries of 89.6% Ag, 80.2% Pb, 82.2% Zn to produce 277.7 K Oz Ag, 1.85 M Lb Pb, 2.81 M Lb Zn, or 637.2 K Oz AgEq. Low-grade historical stockpiles and sump material with minimal associated mining cost continued to be processed. An AISC of less than $10 per Ag Oz was achieved.
  • Premier Gold Mines Ltd. released second quarter 2018 production results, including figures from its operations in Mexico. At Mercedes, in Sonora, 13,780 Oz Au, 44,366 Oz Ag were produced during the period. Production was impacted through the first half of the year owing to delays in the development of the Diluvio and Rey de Oro deposits. “Reinterpretation of the Diluvio ore shapes required changes to the stope designs. Mining in Rey de Oro was delayed by permitting requirements for the ventilation system”.
  • Hecla Mining Co. released preliminary results for the second quarter of 2018, including figures from its Mexican operations. At San Sebastian in Durango, 0.6 M Oz Ag, 3,872 Oz Au were produced in the period. The mill operated at an average of 415 tpd.

ON FINANCING

  • Prize Mining Corp. closed the first tranche of its non-brokered private placement for gross proceeds of $6.5 M. No finder’s fees were paid as part of this transaction. (Mercedes, Sonora).
  • Candente Gold Corp. has applied to extend the exercise period of 5 M outstanding share purchase warrants issued at a private placement in August 2016. “The original expiry date was August 12, 2018 and if the extension is approved, the new expiration date will be August 12, 2020”.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc. released a new mineral reserve estimate on the new PEA on its Bolivar mine in Chihuahua. The Cu-Zn skarn (with Ag and Au credits). “Mineralization exhibits strong stratigraphic control and two stratigraphic horizons host the bulk of the mineralization: an upper calcic horizon, which predominantly hosts Zn-rich mineralization, and a lower dolomitic horizon, which predominantly hosts Cu-rich mineralization”. The indicated resources display 13.26 Mt @ 22.5 g/t Ag, 0.29 g/t Au, 1.04% Cu containing 9.6 M Oz Ag, 124 K Oz Au, 137.5 K tonnes Cu, and the inferred resources 8 M tonnes @ 22.4 g/t Ag, 0.42 g/t Au, 0.96% Cu containing 5.8 M Oz Ag, 109 Oz Au, 76.8 K tonnes Cu.
  • Santacruz Silver Mining Ltd. Reported initial phase I drill results from the Garcia and Armado veins on its Veta Grande project in Zacatecas. Ten drill holes totaling 3,323 m of core drilling have been completed, having received results on the first six holes. Some highlighted true width intervals: 1.0 m @ 0.05 g/t Au, 209 g/t Ag; 0.32 m @ 0.37 g/t Au, 312 g/t Ag; 4 m @ 0.06 g/t Au, 168 g/t Ag; 0.95 m @ 1.36 g/t Au, 235 g/t Ag, 7.5% Pb, 8.7% Zn, 0.2% Cu; 0.65 m @ 292 g/t Ag; 0.88 m @ 1.73 g/t Au, 34 g/t Ag.
  • SilverCrest Metals Inc. released further phase III drill results for the Las Chispas property in Sonora. Highlighted intervals on the Babicanora vein: 2.0 m @ 0.87 g/t Au, 269 g/t Ag; 2.5 m @ 6.04 g/t Au, 369 g/t Ag (including (0.8 m @ 14.95 g/t Au, 742 g/t Ag); 0.6 m @ 2.19 g/t Au, 63 g/t Ag. Highlighted intervals on the Babicanora footwall vein include: 5 m @ 54.59 g7t Au 6,535 g/t Ag (including 0.5 m @ 183.50 g/t Au, 21,858 g/t Ag); 2.3 m @ 4.07 g/t Au, 436 g/t Ag; 0.9 m @ 1.15 g/t Au, 151 g/t Ag. The sub parallel Babicanora FW vein high-grade footprint has now been traced for 250 m on strike.
  • Avino Silver Gold Mines Ltd. released drill results from the Chirumbo and Guadalupe areas of the Avino property in Durango. Avino vein highlighted core length intersects include 15.4 m @ 0.20 g/t Au, 129 g/t Ag, 0.64% Cu; 42.75 m @ 0.45 g/t Au, 46 g/t Ag, 0.44% Cu; 15.85 m @ 4.13 g/t Au, 20 g/t Ag, 0.07% Cu; 7.35 m @ 0.36 g/t Au, 47 g/t Ag, 0.33% Cu; 6.0 m @ 0.09 g/t Au, 202 g/t Ag, 0.64% Cu. Highlighted Guadalupe vein results include 0.60 m @ 1.38 g/t Au, 90 g/t Ag, 0.76% Cu; 1.50 m @ 4.79 g/t Au, 11 g/t Ag, 0.05% Cu; 3.75 m @ 0.32 g/t Au, 171 g/t Ag, 0.1% Cu; 1.60 m @ 0.23 g/t Au, 84 g/t Ag, 0.28% Cu; 5.20 m @ 0.07 g/t Au, 26 g/t Ag, 0.34% Cu; 3.90 m @ 0.33 g/t Au, 129 g/t Ag, 0.75% Cu. The Guadalupe vein has shown to extend along 800 m and to a depth of 250 m. Avino is planning a new drill program targeting the Aguila Mexicana vein system, which is one of the strongest and widest structures on the property.
  • Kootenay Silver Inc. released the results of eight core holes from its La Cigarra property in Chihuahua. The holes tested parts of the Las Carolinas, La Borracha and La Nogalera zones, returning medium to high grade silver intercepts in all areas. Highlighted results include: At La Borracha 12.37 m @ 33 g/t Ag, 0.05 g/t Au, 0.2% Pb, 0.2% Zn; At La Nogalera 1.78 m @ 48 g/t Ag, 0.72 g/t Au; 4.0 m @ 736 g/t Ag, 0.09 g/t Au, 0.3% Pb, 0.1% Zn; At Las Carolinas 14.0 m @ 79 g/t Ag, 0.03 g/t Au (including 6.79 m @ 144 g/t Ag, 0.05 g/t Au; 41.38 m @ 45 g/t Ag, 0.03 g/t Au.
  • Golden Minerals Co. disclosed that surface mapping and sampling identified the eastern extension to the Santa Maria vein at the Santa Maria project in Chihuahua. Several other veins were also discovered in the adjacent Cervantes concessions in an exploration exercise on which 542 rock chip samples were collected. The Santa Maria vein occurs as a series of quartz-calcite veins up to 4.5 m in width, returning assays as high as 0.6 g/t Au, 347 g/t Ag, 1.2% Zn. The Cervantes quartz-calcite vein system occurs 800 m east of the current resource area, for 700 m of strike length, returning up to 1.6 g/t Au, 207 g/t Ag, 0.24% Cu, 5.6% Pb, 19.5% Zn over widths of up to 1.3 m. Golden estimates completing the PEA during the third quarter of 2018.
  • Orla Mining Ltd. filed a preliminary economic assessment (PEA) on its Camino Rojo property, Zacatecas. The PEA visualizes a technically simple open pit mine and heap-leach operation with low capital and operating costs, “rapid payback and strong financial performance”. The project envisages a 3.3 payback period, working at a 18 K tpd rate that would place 42.5 M tonnes of material on the heaps @ 0.71 g/t Au, 13.6 g/t Ag (966 K Oz Au, 18.5 M Oz Ag), with a recovery rate of 67% Au and 15% Ag, producing 97,500 Oz/year at an All-in sustaining cost of $555 Oz/Au.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. announced the appointment of Gernot Wober as its Vice-President Exploration (Puerto Rico, Coahuila).
  • Riverside Resources Inc. and Sinaloa Resources Inc. signed a letter of intent (LOI) whereby Sinaloa Resources can earn up to 100% interest in Riverside’s La Silla project in Sinaloa. The initial option to earn 70% lies on Sinaloa issuing shares for $1 M, $60K in cash payments and exploration work commitments of $3 M over 36 months. To earn an additional 30% Sinaloa must spend a further $1 M in exploration and issue Riverside $500 K in shares. Riverside is to retain a 2.5% NSR if Riverside’s interest reduces to less than 10%. Previous work in the 2,071 hectares project includes 6 drill holes on the El Roble system, with intersects of up to 15 m @ 6.9 g/t Au.
  • Riverside Resources Inc. announced that drilling assays from two campaigns funded by Centerra Gold Inc. returned insufficient mineralized thickness and continuity to justify further exploration on the Glor project in Sonora. Riverside believes it has tested the best targets on the property and has terminated the underlying option earn-in agreement with Argonaut Gold.

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, structure in fine grained sedimentary rocks with iron oxides and minor quartz veining, greenish clays on the walls. From a shallow epithermal system in Guanajuato. Picture by Jorge Cirett

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

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117 - copia

By Jorge Cirett

During the 26th week of the year (June 25th to July 1st, 2018), at least 20 press releases were announced by companies working in Mexico. Five companies updated on exploration advances. Three companies announced financing exercises that could accrue over US$14 M, and one company proceeded with a 10:1 consolidation. ON MEXICO ISSUES, Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. ON EXPLORATION, In Sonora, Aztec Minerals reported drilling results from the Cervantes property; Kootenay described its La Mina property and Aloro Mining obtained the drilling permit for the Los Venados project. ON MINING Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. Frisco and Goldcorp are to jointly explore the Mazapil valley in Zacatecas. ON FINANCING, Silver Bull, Prize Mining and One World Lithium announced private placements for up to $3 M, $10.75 M and CND$2 M respectively. ON RESOURCES AND DEVELOPMENT, Endeavour Silver released results from infill drilling at Terroneras, Jalisco. Sierra Metals informed of a stockwork zone on the Santa Rosa de Lima structure of its Cusi mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Geologix finalized its name change to ValOro. Defiance Silver acquired a land package from Mag Silver in Zacatecas. Aloro Mining received title to land contiguous to its Venados project in Sonora. Arian Silver presented its financial report for 2017. Kootenay Silver optioned La Mina property in Sonora to Capstone Mining.

ON MEXICO ISSUES

  • No Relevant News..

ON EXPLORATION

  • Kootenay Silver Inc. reported drilling results by partner Aztec Minerals Corp. on its Cervantes project in Sonora. The final six core holes of 17 on the phase 1 campaign encountered porphyry-type gold-copper mineralization. Highlighted intervals comprise 16.0 m @ 0.25 g/t Au, 0.12% Cu; 100.5 m @ 0.22 g/t Au, 0.12% Cu; 98.5 m @ 0.41 g/t Au, 0.13% Cu (including 33 m @ 0.60 g/t Au, 0.02% Cu); 85.2 m @ 0.48 g/t Au; 0.07% Cu; 90.5 m @ 0.29 g/t Au, 0.06% Cu (including 34.5 m @ 0.55 g/t Au); 116 m @ 0.35 g/t Au, 0.06% Cu (including 62 m @ 0.5 g/t Au). The drilling extended the strike length to more than 800 m at the California and Jasper prospect areas.
  • Kootenay Silver Inc. optioned the La Mina property in Sonora to Capstone Mining Corp. (see below). The property covers “the upper levels of a zoned copper porphyry mineral system exposed over a 2 by 2 Kilometer area”, containing a large leached argillized pyritic zone where surface grab and chip samples averaged about 300 ppm Cu. Another area in the property displays a 100 x 700 m exotica copper zone where sampling averaged 0.49% Cu on 40 rock chip samples.
  • Aloro Mining Corp. informed the permit for road construction and drilling at its Los Venados property in Sonora has been granted by SEMARNAT (Environmental bureau). The permit allows for drilling 12 reverse circulation (RC) holes and the construction of 3,693 m of access roads.
  • Minera Frisco and Goldcorp Inc. entered into an agreement for exploration and mining in the Mazapil valley, Zacatecas. The information was presented by Frisco to the Bolsa Mexicana de Valores (BMV).
  • One World Lithium Inc. conducted a geophysical survey at its Salar del Diablo project in Baja California. The Volterra TEM in-loop sounding survey was carried on the northern third of the Salar del Diablo. The survey totaled 79.7 line kilometers on seven lines nine to twelve Km long and spaced two Km apart, covering 150 square Km. A six square Km part of the salar is highly conductive and with a calculated thickness in excess of 100 m. A probably thinner and less conductive part of the salar covers 24 square Km and is open ended. The company intends to launch a 15 hole 4,000 m drilling campaign in three months time.

ON MINING

  • Argonaut Gold Inc. announced that the Collegiate Tribunal (an arm of the State Supreme court that is tasked with overseeing the Judiciary court) unanimously ruled to lift the suspension of the explosives permit at its La Colorada mine in Sonora. “The ruling directs that the Secretary of National Defense (“SEDENA”) reinstate the explosives permit”. “With this successful appeal, the Company will now have the ability to continue full operations during the balance of the Judiciary legal process”. Ramp up of full operations is expected to be re-established by mid-July.

ON FINANCING

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Silver Bull Resources Inc. intends to complete a private placement aiming for gross proceeds of US$3 M (Sierra Mojada, Coahuila).
  • Prize Mining Corp. is to make a private placement aiming to raise up to $4 M in gross proceeds. The company is to pay 7.0% of the gross proceeds as cash commission, and a cash work fee of $40 K to the agent. The maximum aggregate gross proceeds of the offering and the non-brokered private placement is $10.75 M. (Manto Negro, Coahuila).
  • One World Lithium Inc. announced that the previous non-brokered private placement announced on May 25, 2018 will be replaced with a non-brokered private placement aiming to raise gross proceeds of up to CND$2 M.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. released results from infill drilling at its Terroneras property in Jalisco. Highlighted true width (TW) intervals from these nine holes comprise: 2.8 m @ 2.0 g/t Au, 54 g/t Ag; 1.3 m @ 1.3 g/t Au, 467 g/t Ag; 2.3 m @ 4.8 g/t Au, 222 g/t Ag; 21.2 m @ 3.2 g/t Au, 618 g/t Ag; 6.0 m @ 2.6 g/t Au, 507 g/t Ag; 1.5 m @ 7.1 g/t Au, 181 g/t Ag; 1.6 m @ 4.2 g/t Au, 120 g/t Ag; 4.4 m @ 4.7 g/t Au, 121 g/t Ag; 4.6 m @ 4.3 g/t Au, 146 g/t Ag; 5.7 m @ 1.3 g/t Au, 164 g/t Au. “The infill drill program is now 60% complete, with 5,990 m drilled out of 10,000 m planned”.
  • Sierra Metals Inc. confirmed the existence of a wide high-grade silver stockwork within the Santa Rosa de Lima vein complex, at its Cusi property in Chihuahua. The stockwork zone measures 100 m in length, 40 m in width and 70 m in height, and is open at depth and width. Mine development so far has resulted in 4,437 tonnes @ 205 g/t Au, 0.07 g/t Au, 0.12% Pb, 0.15% Zn.

ON DEALS AND CORPORATE ISSUES

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Defiance Gold Corp. completed the acquisition of Mag Silver’s Corp.’s Zacatecas silver district holdings, including its regional exploration database. Defiance is to pay 5 M shares to Mag for as consideration for the sale. The Lagartos project consists of 14 concessions covering 800 hectares (San Acacio, Zacatecas).
  • Aloro Mining Corp. received the title from a 1,675 has concession contiguous to its 1,524 has Los Venados project in Sonora. The claim was staked on July 2017 (Los Venados, Sonora).
  • Arian Silver Corp. presented financial results for 2017. The company owns 12 mining concessions covering 1,500 hectares, some of which encompass the Los Campos, San Celso, Los Africanos and Calicanto projects in Zacatecas. At the end of the period the company had 0.9 M in cash and cash equivalents.
  • Kootenay Silver Inc. entered into an option agreement with Capstone Mining Corp. on La Mina project in Sonora. Capstone can earn-in an initial 60% by making staged payments of US$600 K and spending US$4 M on exploration over 4 years. “Capstone may earn up to a 100% interest in La Mina in stages by completing certain milestones including preparation of a preliminary economic assessment, a pre feasibility study and paying an additional aggregate total of US$8.4 million to Kootenay in stages at each of the various milestones”. The property is subject to an underlying information agreement with a 2.5% royalty, of which up to 2.0% can be bought. “If Capstone Mining earns 100% interest, Kootenay will retain a 1% net smelter return with no buy out option of which 0.5% will be held by the third party after giving effect to the Buydown”.
  • Minera Frisco and Goldcorp Inc. entered into an exploration/mining agreement on the Mazapil Valley. No further details were released.

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, intensely silicified tuff, interpreted as alteration at the paleo water table of an epithermal low sulfidation system in Guanajuato. Picture by Jorge Cirett.

CHESAPEAKE INTERCEPTS SKARN AND PORPHYRY MINERALIZATION AT YARELY

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ChesapeakeGold_2017_06_21_151

Chesapeake Gold Corp (“Chesapeake”) wishes to provide an update on the results of the Phase 1 drilling program at its regional Yarely Project (“Yarely”) in Sinaloa State, Mexico. Yarely encompasses 72,000 hectares and is strategically located 10 kilometres from a paved highway and within 25 kilometres of the proposed Metates plant site. Metates is Chesapeake’s flagship project which hosts one of the largest
undeveloped gold, silver and zinc reserves in the world.

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

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116 - copia

By Jorge Cirett

During the 24th week of the year (June 11th to June 17th, 2018), at least 16 press releases were announced by companies working in Mexico. Four companies updated on exploration advances, and one the commencement of mining activities. Four companies announced financing rounds, loans and bonds for an aggregate of over $55 M. One company disclosed news on drilling near resources and development while one other released metallurgical test results. ON MEXICO ISSUES, mining companies are awaiting a Supreme Court resolution on a Zacatecas State tax imposition on mining. ON EXPLORATION, In Sonora, Aloro updated on exploration work at Los Venados; Colibri finished drilling at El Pilar, and released results from a soil survey; Colibri disclosed drilling results by Agnico at its Pitaya project. In Veracruz, Azucar Minerals started a drilling campaign on the Norte zone and the north part of the Villa Rica zone at its El Cobre porject. ON MINING, Mexus started pilot mining at its 8 Hermanos property in Sonora. ON FINANCING, Alamaden raised $9.4 M; Starcore launched a private placement for CDN$3 M; Telson paid US$8 M and obtained a loan for US$8.5 M; Endeavour Silver is to sell common shares for an aggregate of up to $35.7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling of the Granaditas vein on Las Chispas project, in Sonora. Azure Minerals released metallurgical test results from Oposura, also in Sonora. ON DEALS AND CORPORATE ISSUES, Starcore decided not to go ahead with the acquisition of the Santa Fe property in Sinaloa. Defiance Silver entered into an agreement to acquire Mag Silver’s properties in the Zacatecas District.

ON MEXICO ISSUES

  • Fresnillo PLC and Mag Silver Corp. are awaiting a Supreme Court (Suprema Corte de la Nación) resolution on a mining duty attached to environmental impact, set by the state of Zacatecas. The federal government challenged the State’s right to impose such a duty back in 2017.

ON EXPLORATION

  • Aloro Mining Corp. updated on its exploration of the Los Venados project in Sonora. Mapping and sampling have defined a rhyodacitic volcanic dome associated with high sulfidation style alteration with Au-Bi-Mo anomalies. Several felsic dome/silica breccia complexes have been located, with the highest priority target on the dome at the southeast part of the property, where gold in soil anomalies and IP anomalies coincide. A new environmental report is being submitted to the authorities, seeking permit for 12 reverse circulation holes.
  • Colibri Resource Corp. completed the final 900 m of its 3,000 m phase 1 drilling program on its Pilar project in Sonora. Samples have been taken to the lab and results are pending. A 56 sample soil survey returned 10 samples greater than 0.1 g/t Au, and 3 samples over 1 g/t Au.
  • Colibri Resource Corp. released results from drilling on its Pitaya project in Sonora, by joint venture partner Agnico Eagle. Highlighted results from the last four holes comprise 9 m @ 0.26 g/t Au; 26 m @ 0.19 g/t Au; 34 m @ 0.22 g/t Au. During 2016-2017, Agnico drilled 7,641 m in 27 drill holes.
  • Azucar Minerals Ltd. has begun drilling the North zone and the north end of the Villa Rica zone of its El Cobre project in Veracruz. Preparations for this drilling campaign include surface and soil geologic and alteration focused mapping and sampling. “The current drilling at Villa Rica is focused on the Naranjo zone, a new area of exposed porphyry alteration and mineralisation located approximately 500 metres north of the previous Villa Rica drilling and about 1.2 kilometres south of the Norte Zone.”

ON MINING

  • Mexus Gold US begun mining at the 8 Brothers/370 project in Sonora. “The company has mined 1000 tons of material containing an average of 9 grams Au and 50 grams Ag per ton. This material is currently being run through a crushing system and placed into an aerated VAT holding tank”. Its portable Merril Crowe system has been installed and tested.

ON FINANCING

  • Almaden Minerals Ltd. closed its previously announced non-brokered private placement, raising gross proceeds of $9.44 M. Finders fees of $384.9 K cash and finder warrants of 192,450 shares at $1.35 until June 7, 2020 were paid to arms-length, licensed securities dealers on a portion of the offering (Ixtaca, Puebla).
  • Starcore International Mines Ltd. launched a private placement of secured bonds for CDN$3 M. “The Bonds will bear interest at 8% per annum, payable on maturity, and will mature 24 months from the date of closing” (San Martin mine, Queretaro).
  • Telson Mining Corp. announced the payment of US$8 M to Nyrstar Mining Ltd. as partial payment, and entered into a loan agreement with Nyrstar Canada (Holdings) Ltd. that converts the final US$8.5 M due on the Campo Morado acquisition agreement into a loan that extends the payment terms for eight months. The principal due is US$8.5 M that are to be paid starting July 13, 2018 with a monthly minimum of US$1 M plus interest, plus 70% of the free cash flow generated by Telson and any monthly excess cash balance above US$500 K.
  • Endeavour Silver Corp. is to sell from time to time and its discretion common shares for an aggregate of up to US$35.7 M, through “at the market” distributions (Terronera, Jalisco).

ON RESOURCES AND DEVELOPMENT

  •  SilverCrest Metals Inc. announced new drill results for the Granaditas vein at its Las Chispas property in Sonora. Highlighted true width (TW) intervals comprise 1.5 m @ 3.63 g/t Au, 190 g/t Ag; 1.8 m @ 12.14 g/t Au, 1,440 g/t Ag (including 0.40 m @ 47.50 g/t Au, 5,620 g/t Au); 1.3 m @ 3.24 g/t Au, 339 g/t Ag; 1.2 m @ 1.23 g/t Au, 114 g/t Ag. The vein has a high-grade footprint currently at 150 m long by 100 m high and 1.5 m average true width, grading 5.69 g/t Au, 596 g/t Ag.
  • Azure Minerals Ltd. released metallurgical test work results on its Oposura project in Sonora. Azure highlights a 34% overall increase in the recovery of Pb and Zn using a dense media separation technique.

ON DEALS AND CORPORATE ISSUES

  • Starcore International Mines Ltd. completed its due diligence and review of the Santa Fe project in Sinaloa, under a previously signed LOI (letter of intent). Starcore will not be proceeding with the acquisition.
  • Defiance Silver Corp. entered into an agreement to acquire Mag Silver’s Zacatecas silver district holdings. Mag Silver is to receive 5 M common shares of Defiance, approximately a 5% investment position. Defiance is to receive a 100% interest in the Lagartos project, along with a regional database. The company is to control 1,506 ha, including 65% of the Veta Grande vein and the San Acacio silver deposit.

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, intense kaolinitization of felsic volcanic rocks on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

 

Megastar to Acquire 100% of Rama de Oro Epithermal Au-Ag Project in Oaxaca, Mexico

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Megastar _100518

Vancouver, BC, Canada / May 10 2018 / JMN Wire / Megastar Development
Corporation (“Megastar”, the “Company” or “MDV”) (TSX-V: MDV; Frankfurt:
M5QN) is pleased to announce that it has signed a Denitive Option
Agreement (the “Agreement”) with Paradex Inc. (”Paradex”), a private Arizona,
USA mining exploration company, and Minera Zalamera, S.A. DE C.V. (“Minera
Zalamera”), a private Chihuahua, Mexico mining exploration company, to
acquire 100% undivided interest (the “Rama de Oro Option”) in certain mineral
concessions (the “Concessions”) known as the Rama de Oro project (the
“Project”) located in the state of Oaxaca, Mexico.

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

/ Gambusino Prospector / Leave a comment

093 - copia

By Jorge Cirett

During the 18th week of the year (April 30th to May 6th, 2018), at least 21 press releases were announced by companies working in Mexico, with news on the exploration of eight properties, eight more companies releasing Q1 2018 results, and Primero Mining extending its revolving credit facility. ON MEXICO ISSUES, production statistics for the mining sector on February 2018 were published. ON EXPLORATION, In Sonora, Azure updated on exploration efforts at its Oposura, Alacrán and Sara Alicia projects; Alamos Gold presented exploration plans on the Mulatos district; San Marco Resources obtained the Suanse property by lottery. In Coahuila, Discovery Metals disclosed underground channel sample results from its Puerto Rico property; Silver Bull acquired a 60 ha claim within its large land package in Sierra Mojada. In Veracruz, Mexican Gold released channel sampling results from the Changaro zone at its Las Minas project. ON MINING, Argonaut Gold, Santacruz Silver, Gold Resource, Alamos Gold, Golden Minerals, Leagold, Great Panther and Telson Mining presented Q1 2018 production reports. ON FINANCING, Primero Mining agreed on the extension of its revolving credit facility. ON RESOURCES AND DEVELOPMENT, Golden Minerals released drill results from its Santa Maria property in Chihuahua. Argonaut updated on exploration in properties in Guanajuato and Baja. Minera Alamos announced drilling plans on the now combined Santana/Los Verdes properties.  ON DEALS AND CORPORATE ISSUES, Endeavour Silver released its annual review and sustainability report. Advance Gold contracted a third party to assist with investors relations.

ON MEXICO ISSUES

  • The mining and metallurgic production in Mexico grew 4% in February, which is the best result since April 2016, although in a yearly basis a 1.3% decrement was recorded. During February, the production of lead (-34.6%), sulphur (-12.2%), silver (-11.3%), copper (-8.2%) and coke (-5.7%) decreased, while that of iron pellets (1.1%), fluorite (1.7%) zinc (4.6%), gold (5.8%), coal (18.8%) and gypsum (19.2%) showed an increment. Sonora was the leader in gold production during February, with 3,710 Kg (119,720 Oz), while Zacatecas  kept the title in silver with 171,903 Kg (5,526,806 Oz).

ON EXPLORATION

  • Azure Minerals Ltd. completed the mineral resource drill-out of the Oposura project, in Sonora. The program included 157 holes totaling 10,112 m (assays for 27 holes still awaited), confirming good height (width) and grade continuity of the horizontal mineralization. Metallurgical studies show 85.6% Zn and 84.0% Pb recoveries. The initial mineral resource estimate is expected in June 2018.
  • Azure Minerals Ltd. completed the stage 2 drilling program at its Sara Alicia Au-Co project in Sonora. Results awaited.
  • Azure Minerals Ltd. informed the operator of its Alacrán project in Sonora, Minera Teck, S.A., completed an 11 hole drill program in December 2017, with final results awaited. Teck has informed it will continue with the year 2 work program “comprising further geological, geochemical and geophysical surveys in the first half of 2018, which will be followed by more drilling in the second half of the year”.
  • Discovery Metals Corp. disclosed assay results from continuous underground channel sampling at its Puerto Rico project in Coahuila. Results on 100 samples out of 600 samples collected on the Zaragoza mine have been received. Select significant channel samples include: 2.1 m @ 822 g/t Ag, 2.1% Zn, 2.5% Pb, 0.7% Cu; 1.8 m @ 55 g/t Ag, 27.9% Zn, 2.9% Pb, 0.1% Cu; 3.3 m @ 175 g/t Ag, 2.1% Zn, 15.2% Pb, 0.2% Cu; 2.3 m @ 62 g/t Ag, 9.2% Zn, 6.5% Pb, 0.1% Cu; 1.3 m @ 75 g/t Ag, 16.8% Zn, 3.2% Pb, 0.1% Cu. Average manto grades 157 g/t Ag, 6.2% Zn, 5.5% Pb, 0.1% Cu.
  • Mexican Gold Corp. released channel sampling results from the La Perdida mine in the Changaro zone at its Las Minas project in Veracruz. At La Perdida adit, four 2.0 m samples returned 7.85 g/t Au, 3 g/t Ag, 0.14% Cu; 0.30 g/t Au, 1 g/t Ag, 0.05% Cu; 16.70 g/t Au, 12 g/t Ag, 0.49% Cu; 27.30 g/t Au, 12 g/t Ag, 0.17% Cu, averaging 8.0 m @ 13.04 g/t Au, 7 g/t Ag, 0.21% Cu.
  • Alamos Gold Inc. informed exploration in its 28,777 ha land package at Mulatos, Sonora, is to focus in 2018 outside the Mulatos mine, including the El Carricito, El Halcon, and El Jaspe areas. During the first quarter Alamos invested $4.5 M in exploration activities within the Mulatos district, including 14,792 m of diamond drilling and 1,059 m of RC drilling.
  • Silver Bull Resources Inc. acquired a 68 ha mineral license nine kilometers NW from its main Sierra Mojada deposit in Coahuila. The application “covers 13 historical mine shafts in the Palomas Negros area including a 120 meter long x 25 meter wide x 25 meter deep historical open pit”. Select sampling on the open pit returned up to 542 g/t Ag, 36.5% Zn, 9.3% Pb, 0.14% Cu on 2 m channel sampling.
  • San Marco Resources Inc. obtained the Suanse property in Sonora through the recent mineral concession lottery by the Mexican government. The property is located between two mineral concessions within Evrim’s LLano del Nogal porphyry copper moly play.

ON MINING

  • Argonaut Gold Inc. presented first quarter 2018 operating and financial results. At El Castillo in Durango, 4.72 M tonnes of waste were moved, 1.62 M tonnes of ore were mined (52 K tonnes per day, or tpd) @ 0.44 g/t Au, producing 8,657 Oz Au, 7,528 Oz Ag. At San Agustin in Durango, 356 K tonnes of waste were moved 1.72 M tonnes of ore mined (23 K tpd) @ 0.50 g/t Au, producing 15,824 Oz Au, 80,331 Oz Ag. Cash cost was $1,020 for El Castillo and $365 for San Agustín. At La Colorada in Sonora, 6.13 M tonnes of waste were moved, 1.1 tonnes of ore mined (80 K tpd) @ 0.43 g/t Au, producing 14,291 Oz Au, 57,767 Oz Ag at cash cost $726. Cash and cash equivalents of $21.3 M at the end of the period.
  • Santacruz Silver Mining Ltd. reported financial and operating results for Q4 2018. During the period 181 K tonnes were processed, producing 865.5 K Oz AgEq at cash cost $23.07 and AISC $27.56 per AgEq Oz.
  • Gold Resource Corp. reported first quarter 2018 production results. During the period the company produced from three different orebodies on its El Aguila property in Oaxaca. At Arista 130.8 K tonnes were milled @ 1.92 g/t Au, 106 g/t Ag, 0.39% Cu, 1.63% Pb, 4.41% Zn, with recoveries of 78% Au, 91% Ag, 75% Cu, 76% Pb, 83% Zn. At the El Aguila open pit, 5.1 K tonnes were milled @ 2.16 g/t Au, 45 g/t Ag, and recoveries of 84% Ag, 86% Ag. At Altagracia 3.2 k tonnes were milled @ 1.16 g/t Au, 182 g/t Ag, and recoveries of 60% Au, 82% Ag. Production amounted to 6,647 Oz Au, 425.9 K Oz Ag, 385 tonnes Cu, 1,615 tonnes Pb, 4,793 tonnes Zn. Cash cost was ($316) per AuEq Oz after by-product credits, and AISC $347 per precious metal gold equivalent ounce sold. Cash and cash equivalents at quarter end totaled $28.6 M.
  • Alamos Gold Inc. reported its financial results for the first quarter 2018, including figures from its Mexican operations. At Mulatos in Sonora, 2.2 M tonnes were mined and 2 M tonnes of waste moved. Average grade of 1.75 M tonnes stacked was 0.84 g/t Au. As for high grade, 30.4 k tonnes were milled @ 8.11 g/t Au, for the production of 46,000 Oz Au at cash cost $786 per OZ Au, and AISC $842 per Oz Au. At El Chanate in Sonora, 1 M tonnes of ore were mined @ 0.60 g/t Au, with recoveries of 71% Au, to produce 13,800 Oz Au.
  • Golden Minerals Co. provided business and financial results for the first quarter 2018. During the period Golden received $1 M from Electrum Global Holdings, LP. in exchange for an amendment to the Electrum farm-out agreement providing Electrum an additional 20% interest in the Celaya project. Also 4,800 m in 22 holes were drilled on the Santa Maria property in Chihuahua. Cash and cash equivalents of $2.7 M at the end of the period.
  • Leagold Mining Corp. reported Q1 2018 production. During the period 7.7 M tonnes were moved on the open pit at Los Filos, Guerrero, of which 2.0 M tonnes were from ore @ 0.57 g/t Au. From underground 101 k tonnes were mined @ 5.47 g/t Au. In total 1.6 M tonnes were processed @ 0.97 g/t Au to produce 51,003 Oz Au at cash cost $880 per Au Oz and AISC of 1,039 per Au Oz. Test mining at the Bermejal underground deposit is to begin in Q2 2018. Leagold’s goal is to raise quarterly production from 50 K to almost 70 K by the end of the year.
  • Great Panther Silver Ltd. presented first quarter 2018 financial results, including figures from its operations in Mexico (Topia, Durango; Guanajuato mine complex, Guanajuato). Consolidated production came from 96.9 K tonnes milled, to obtain 491 K Oz Ag, 5,831 Oz Au at cash cost $12.76 per AgEq Oz and AISC $16.16 per AgEq Oz. For 2018 14,000 m of underground drilling are planned at the Guanajuato mines, and 5,000 m of surface drilling and 5,000 of underground drilling in the San Ignacio mine (part of the mine complex). Cash and cash equivalents were $60.9 M at the end of the period.
  • Telson Mining Corp. informed on first quarter 2018 pre-production toll milling at its Tahuehueto property in Durango. During the period 9,503 tonnes of ore were milled @ 5.44 g/t Au, 62 g/t Ag, 4.5% Zn, 2.2% Pb, recovering 79.4% Au, 85.7% Pb, 84.4% Pb, 76.4% Zn to produce 360 tonnes of lead concentrate (50.2% Pb), 99.25 g/t Au, 1,185 g/t Ag, 12.2% Zn) and 713 tonnes of zinc concentrate (46.3% Zn, 7.41 g/t Au, 105 g/t Ag, 0.93% Pb).

ON FINANCING

  • Primero Mining Corp. agreed to the extension of its revolving credit facility and the related guarantee provided by Wheaton Precious Metals Corp., to May 15th, 2018 or the closing of the business combination with First Majestic Silver Corp. (San Dimas, Durango).

ON RESOURCES AND DEVELOPMENT

  • Golden Minerals Co. released results from the 2,400 m, 22-hole drilling program at its Santa Maria property in Chihuahua. Some of the highlighted true width (TW) results comprise: 0.6 m @ 593 g/t Ag, 0.79 g/t Au, 0.4% Pb+Zn; 0.8 m @ 183 g/t Ag, 0.33 g/t Au, 0.1% Pb+Zn; 2.5 m @ 415 g/t Ag, 0.29 g/t Au, 1.5% Pb+Zn; 3.8 m @ 213 g/t Ag, 0.47 g/t Au, 0.8% Pb+Zn; 1.2 m @ 200 g/t Ag, 0.22 g/t Au, 0.15% Pb+Zn; 3.5 m @ 310 g/t Ag, 0.77 g/t Au, 1.3% Pb+Zn; 1.3 m @ 1,322 g/t Ag, 2.06 g/t Au, 1.4% Pb+Zn; 0.9 m @ 148 g/t Ag, 2.0 g/t Au, 1.5% Pb+Zn; 6.5 m @ 1,094 g/t Ag, 3.64 g/t Au, 1.3% Pb+Zn. The mineralization comprised oxide, mixed and sulfide materials in different intersects.
  • Argonaut Gold Inc. informed the re-logging of drill core and the development of a geological model at Cerro del Gallo, in Guanajuato. On its San Antonio project in Baja California Sur, technical sessions were held with the Mexican Environmental Authority DGIRA in preparation of new future Environmental Assessment application submittal.
  • Minera Alamos Inc. released its plans for a drilling campaign at the now combined Santana/Los Verdes property in Sonora. The phase one is to include 20 holes in 3,000 m of drilling, focusing on the Nicho extensions and Nicho Norte, into the contiguous Los Verdes claims. Previous drilling at the Santana project outlined significant mineralization associated to hydrothermal breccias hosted by stocks and batholithic intrusions. Heap leaching tests are being conducted on the Nicho Norte zone.

ON DEALS AND CORPORATE ISSUES

  • Endeavour Silver Corp. released its annual review and sustainability report. Sections of the report include: Safety and Health, Our People, Community, Environment, Economic. In words of its CEO, Bradford Cooke: “..is intended to show that sustainability relies on the connectedness between people, communities and the environment” (La Colorada, Sonora, El Castillo, Durango).
  • Advance Gold Corp. engaged Nicosia Capital to assist on Investor Relations. “Advance will pay Nicosia a fee of $3,500 per month and issue 100,000 stock options at a price of $0.12 per share. The initial agreement with Nicosia has a term of two months to commence May.1st, 2018” (Tabasqueña, Zacatecas).

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

On the picture below, Very strong silicification and minor silicification on structures from a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.