Potassium

The Mining and Exploration News in Mexico: Highlights on the Third Week of January 2024

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By Jorge Cirett                                             

During the 3rd week of the year (January 15th to January 21st, 2024), companies working in Mexico posted at least 25 news releases. Three companies reported exploration advances on their properties, eight companies released production results and one more announced it is now processing material from a third party at its installations. Two companies announced financing rounds, one paid back a fair amount of debt and made the final installment of a layback agreement. One company is arranging convertible debt financing and one other closed a debt settlement with shares and informed on debt restructuring. Three companies updated on work at its advanced properties. One company updated on 2023 work and plans for 2024, another announced a favorable resolution of issues relating to its mining claims and one more on the intention to spin its royalty company to its shareholders. ON MEXICO ISSUES, the president of the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México informed on the detrimental aspects brought by the new mining law. ON EXPLORATION, in Sonora, Aztec Silver informed on RC drilling results from its Cervantes project. Colibri contracted an air mag survey for El Plomo in Sonora. In Oaxaca, Vortex Metals updated on work in 2023 and plans for 2024 at its Zaachila and Riqueza Marina projects. ON MINING, Orla Mining, First Majestic Silver, Bear Creek Mining, Avino Silver, Torex Gold, Pan American Silver, Argonaut Gold and Fortuna Silver reported production results for Q4 and full-year 2023. Guanajuato Silver Company is to process material from a Mexican company at its El Cubo mill. ON FINANCING, Orla Mining repaid $25 M of debt and the final $22.8 M installment of the Layback agreement to Fresnillo plc. GoldGroup Mining is to arrange a convertible debt financing for US$400 K. GR Silver is to undertake a private placement for up to $1.5 M. Regency Silver completed the first tranche of a private placement expected to raise $800 K. Luca Mining informed on the restructuring of debts with service providers and clients.  ON RESOURCES AND DEVELOPMENT, Defiance Silver released results from drilling at San Acacio, in Zacatecas. Impact Silver informed on drill intercepts from its Plomosas mine in Chihuahua. Orla Mining confirmed gold oxide mineralization on the Fresnillo plc property and on structures channelling deep oxidation beneath the planned pit at Camino Rojo in Zacatecas. ON DEALS AND CORPORATE ISSUES, Riverside Resources updated on 2023 work and plans for 2024 on three properties in Sonora. Silver Valley announced a favorable resolution with the government on its Mexi-Can Sulphate of Potash and Lithium project in Zacatecas. Prime Mining announced a new CEO appointment. Vizsla Silver is to spin out the shares of Vizsla Silver Royalties to its shareholders.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Raúl García Reimbert, president of the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México, stated that according to INEGI (Mexican bureau of statistics), the services related to mining fell by 26.2% in November 2023. Mineral exploration for new projects is practically paralyzed after five years of a no-concessions policy by the actual presidential administration and last year’s mining reforms. The reform poised the SGM as the only entity to explore for new projects that later are to be auctioned, but no budget was allocated for the deed. He also added that “there is no work, staff is laid off, sales of services related to drill bits, exploration supplies, lab technicians, geologists, surveyors, etc.”   

ON EXPLORATION

  • Vortex Metals Inc. provided a summary of 2023 achievements and unveiled its strategy for 2024. In 2023 Vortex completed environmental assessments on its Zaachila and Riqueza Marina projects in Oaxaca, which will be the basis for the reports to be submitted to SEMERNAT (Mexican environmental bureau). “At Riqueza Marina, Vortex completed extensive geological work at the Rhyolite Dome area and, on the copper-rich gossans to the east and west. A total of six trenches measuring 188 meters and yielding 117 rock chip samples were completed”. In 2024 Vortex will continue to engage with the local communities to develop a strong social license that will enable the advance in exploration and potential discovery of a new Cu-Au volcanogenic massive sulfide (VMS) belt in Oaxaca.
  • Aztec Minerals Corp. released initial gold results from three reverse circulation drill holes at its Cervantes project in Sonora. The RC drill program was designed to expand the California gold mineralization in multiple directions. Highlighted drill length intervals comprise 7.6 m @ 0.274 gpt Au; 13.68 m @ 0.338 gpt Au; 30.4 m @ 1.035 gpt Au (including 1.52 m @ 13.8 gpt Au). “Aztec plans to carry out reconnaissance and channel sampling and geologic mapping of the new drill roads at California, and other targets”.
  • Colibri Resource Corp. contracted Geo Digital Imaging de Mexico, S.A. de C.V. to complete a 1,373-hectare HD magnetic survey covering the main targets at El Plomo claims on its EP project in Sonora. The drone aerial survey comprises 312 line-km on 81 lines at 50-m separation and 8 tie-lines at 500-m separation. The survey characteristics are the same that were applied on the adjacent Evelyn target, therefore the blending of the two surveys is expected to be seamless.

ON MINING

  • Orla Mining Ltd. provided an operational update for the fourth quarter of 2023. During the period the company mined 1.86 M tonnes of ore and 802.8 tonnes of waste, for a strip rate of 0.43, stacking 1.75 M tonnes at a rate of 18,998 tpd grading 0.73 gpt Au to produce 34,484 Oz Au. For the full year Camino Rojo produced 121,877 Oz Au. For 2024 the guidance is 110 to 120 K Oz Au production from the Camino Rojo Oxide operation, at cash cost of $625 to $725 per Oz Au and an AISC of $875 to $975 per Oz Au. Nearly half of the $23M Exploration budget in Mexico is to continue exploration activities “on the new discovery below the Camino Rojo sulphide deposit”.
  • First Majestic Silver Corp. announced a total production from its mines in Mexico of 6.6 M AgEq Oz Ag for the fourth quarter of 2023. During the period the company produced 2.61 M Oz Ag, 46,585 Oz Au that add up to 10.25 M Oz Ag, 198,921 Oz Au in the year, or 26.9 M Oz AgEq. Also, during the quarter twelve rigs worked at San Dimas (Durango) and four in Santa Elena (Sonora). At La Encantada, efforts are being made to find more water sources for the plant, as an extended drought is pressing production. For 2024 First Majestic production guidance contemplates 150-167 K Oz Au, 8.6-9.6 M Oz Ag, or 21.1-23.5 M Oz AgEq. At cash cost $13.69-$14.46 per Oz AgEq and an AISC of $19.32-20.68 per Oz AgEq. The company is planning 188,500 m of drilling, with 95,000 m at San Dimas, 59,000 m at Santa Elena and 9,500 m at La Encantada (the rest out of Mexico).
  • Bear Creek Mining Corp. released production figures for the fourth quarter of 2023. At Mercedes, in Sonora, 135,918 tonnes were processed in the period, grading 3.30 gpt Au, recovering 93.6% Au, to produce 13,478 Oz Au, 52.1 K Oz Ag, adding up to 43,860 Oz Au, 167 K Oz Ag in 2023. This quarterly production represents a 47% increase on the previous period and reflects the higher grades mined and increased working faces. Reduction of gold and silver streams of 78% were reached/obtained in the period, improving cash flow.
  • Avino Silver & Gold Mines Ltd. reported Q4 and full year 2023 production results. For the full year the company produced 2.41 M Oz AgEq at its Avino mine in Durango. During the fourth quarter 143.8 K tonnes @ 56 gpt Ag, 0.45 gpt Au, 0.49% Cu were processed, recovering 87% Ag, 70% Au, 84% Ag, to produce 224.7 K Oz Ag, 1,452 Oz Au, 1.32 M Lb Cu, or 558.5 K Oz AgEq. Also, in the quarter a long-term land use agreement was signed on the neighboring La Preciosa project, the prefeasibility study (PFS) on the Oxide Tailings Project in Avino is nearing completion and the dry stacking facility has been fully operational for a year.
  • Torex Gold Resources Inc. provided 2024 operational guidance and a five-year production outlook for the Morelos Complex in Guerrero, which includes the ELG Mine Complex and Media Luna project. For 2024 the company set a guidance of 410 to 460 K Oz AuEq with total cash cost of $900 to $950 per Oz AuEq and an AISC of $1,130 to $1,190 per Oz AuEq. “The mine plan for 2024 includes a full year of production scheduled from ELG, with the open pits starting to wind down mid-year and ELG Underground maintaining consistent levels of production throughout the year. Ore production from Media Luna starts inQ2 and continues to ramp up thereafter”. The five-year production outlook envisages 410 to 460 K Oz AuEq (2024), 425 to 475 K Oz AuEq (2025), 425 to 475 K Oz AuEq (2026), 450 to 500 K Oz AuEq (2027) and 350 to 400 K Oz AuEq (2028). The drilling budget include $15 M for the Media Luna Cluster, $12 M for ELG Underground and $3 M for the Morelos district. Torex has hedged 158 K Oz Au for the year at an average price of $1,972 per Oz.
  • Guanajuato Silver Company Ltd. commenced a relationship with a Mexican mining company “to process a portion of its surface inventory of mineralized material” at Guanajuato Silver’s El Cubo mines complex in Guanajuato. This agreement will utilize excess capacity of El Cubo mill with material that has demonstrated compatible with the processing circuit through comprehensive metallurgical testing.
  • Pan American Silver Corp. reported preliminary production results for Q4 and full-year 2023, including figures from its Mexican operations. At La Colorada, in Zacatecas, 806 K Oz Ag, 400 Oz Au were produced in Q4 2023, completing 4.4 M Oz Ag, 2,300 Oz Au in the year. At Dolores, in Chihuahua, 477 K Oz Ag, 25,400 Oz Au were produced in Q4 to complete 2.2 M Oz Ag, 107,100 Oz Au in the year. For 2024 the production forecast is of 5.3 to 5.7 M Oz Ag, 2,000 Oz Au at La Colorada, at cash cost $11.70 to $14.10 per Oz AgEq and an AISC of $16.00 to $18.50 per Oz AgEq. For Dolores the guidance is of 1.9 to 2.2 M Oz Ag, 65,000 to 75,000 Oz Au at $1,165 to $1,260 per Oz AuEq and an AISC of $1,475 to 1,575 Oz AuEq. Dolores. At La Colorada a 30% improvement in production is expected upon completion of a new ventilation system by mid 2024. At Dolores mining and staking on the heap are expected to conclude on Q3 2024, and then enter into the reclamation phase, with residual leaching for a few years.
  • Argonaut Gold Inc . announced fourth quarter and full year 2023 production results, including figures from its Mexican operations. The company has three mining units: La Colorada in Sonora, and El Castillo and San Agustín in Durango, where 90,247 Oz Au were produced in the year.
  • Fortuna Silver Mines Inc.  reported production results for the fourth quarter and full year 2023, including figures from its operations in Mexico. At the San José mine in Oaxaca, 241 K tonnes were milled at an average rate of 2,678 tpd, averaging 145 gpt Ag, 0.91 gpt Au, recovering 90.8% Ag, 89.6% Au, to produce 1.02 M Oz Ag, 6,345 Oz Au during the Q4. For the full year, San José produced 4.66 M Oz Ag, 28,559 Oz Au. For 2024 the guidance is to produce 3.1 to 3.6 M Oz Ag, 19 to 23 K Oz Au at cash cost $20.3 to $22.3 per Oz AgEq and an AISC of $22.8 to $24.0 per Oz AgEq. Driven by high costs and declining grade, the company is scheduled to exhaust mineral reserves by the end of 2024 and “to review and update a multiyear progressive mine closure and monitoring plan” with a current budget of $27 M.

ON FINANCING

  • Orla Mining Ltd. repaid $25 M towards its revolving credit facility, reducing the balance to $88.4 M. Orla also paid the final $22.8 M installment to Fresnillo plc as part of the layback agreement. At December 31, 2023 Orla had a cash position of $96.6 M and a total debt position of $88.4 M, resulting in a net cash position of $8.2 M (Camino Rojo, Zacatecas).
  • Silver Storm Mining Ltd. is to make a presentation at the 2024 Vancouver Resource Investor Conference on January 21, 2024 (La Parrilla, Durango).
  • GoldGroup Mining Inc. is in the process of arranging convertible debt financing of up to US$400 K of which US$100 K have already been received. “The Convertible Debts will be unsecured, bear interest at 12% per annum, will be repayable 18 (eighteen) months post-closing and will be convertible into common shares of the Company at CAD $0.10 per share at a fixed FX rate of 0.76 USD to CAD at the election of the lender(s)” (Cerro Prieto, Sonora).
  • GR Silver Mining Ltd. proposes to undertake a non-brokered private placement of up to $1.5 M (Plomosas, Sinaloa).
  • Regency Silver Corp. completed the first tranche of $622 K on a previously announced non-brokered private placement of $800 K. “The balance of the private placement is expected to close shortly” (Dios Padre, Sonora).
  • Luca Mining Corp. received a conditional TSX Venture Exchange approval and closed a debt restructuring and debt transaction previously announced. The company closed its debt settlement with Latapi Consultores S.A. de C.V., issuing 17.75 M shares to settle an outstanding debt of CAD$11 M. Luca Mining also completed its debt restructuring with Trafigura Mexico S.A. de C.V. and its affiliate Union Holdings Ltd., converting a US$5.8 M outstanding loan into a non-interest three-year term convertible debenture. Trafigura has also advanced an additional US$2.5 M loan to assist the company in completing the mine optimization program to deliver separate clean copper, zinc and lead concentrates to Trafigura with higher grades and recoveries (Campo Morado, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • Defiance Silver Corp. released results from the 2023 drilling campaign at its San Acacio property in Zacatecas. The drilling demonstrated in-situ vein material remains in place at shallow levels of the mine. Highlighted core length intervals comprise 12.82 m @ 0.36 gpt Au, 223 gpt Ag, 0.2% Pb, 0.4% Zn; 32.32 m @ 0.20 gpt Au, 120 gpt Ag, 0.06% Cu, 0.4% Pb, 1.4% Zn (including 18.91 m @ 0.18 gpt Au, 166 gpt Ag, 0.1% Pb, 0.5% Zn and 6.39 m @ 0.18 gpt Au, 81 gpt Ag, 0.26% Cu, 1.7% Pb, 4.6% Zn); 33.76 m @ 0.31 gpt Au, 105 gpt Ag, 0.07% Cu, 1.0% Pb, 1.8% Zn (including 15.02 m @ 0.60 gpt Au, 162 gpt Ag, 0.14% Cu, 2.1% Pb, 2.5% Zn, which includes 4.47 m @ 0.75 gpt Au, 265 gpt Ag, 0.31% Cu, 5.1% Pb, 3.3% Zn). According to Defiance, the increasing copper grades and the presence of semi-massive to massive sulfide mineralization near surface is encouraging, as Capstone Mining is operating the Cozamin copper mine approximately 3 km away.
  • Impact Silver Corp. announced results from drilling at its Plomosas mine in Chihuahua. Initial drill results from the Tres Amigos section of the mine confirmed high-grade mineralization in the Juarez horizon, near accessible mine workings. Highlighted true width intervals comprise 1.29 m @ 18.2% Zn; 5.70 m @ 23 gpt Ag, 5.3% Pb, 7.9% Zn; 1.50 m @ 64 gpt Ag, 3.1% Pb, 11.9% Zn; 3.77 m @ 19 gpt Ag, 0.8% Pb, 5.0% Zn; 2.40 m @ 17 gpt Ag, 0.4% Pb, 6.0% Zn; 1.50 m @ 12 gpt Ag, 12.4% Pb, 3.3% Zn; 9.24 m @ 6 gpt Ag, 0.4% Pb, 4.0% Zn (including 1.98 m @ 13 gpt Ag, 1.4% Pb, 9.1% Zn, and 1.85m @ 13 gpt Ag, 0.7% Pb, 8.7% Zn); 2.70 m @ 35 gpt Ag, 9.2% Pb, 11.1% Zn; 6.90 m @ 28 gpt Ag, 5.4% Pb, 10.2% Zn; 3.60 m @ 50 gpt Ag, 2.1% Pb, 10.9% Zn.
  • Orla Mining Ltd. completed 6,500 m of diamond drilling at its Camino Rojo Oxide mine in Zacatecas. This near-pit exploration included 2,500 m to confirm oxide mineralization on the Fresnillo plc property (Layback area) north of the pit and 4,000 m of drilling targeting structures controlling deeper levels of oxidation beyond the currently designed pit. Highlighted core length intervals comprise 76 m @ 0.85 gpt Au (including 28 m @ 1.28 gpt Au and 10.27 m @ 1.27 gpt Au); 67 m @ 0.48 gpt Au; 73.5 m @ 0.37 gpt Au; 21 m @ 1.09 gpt Au; 18.7 m @ 1.06 gpt Au (including 4 m @ 4.06 gpt Au); 22.5 m @ 0.92 gpt Au; 67.1 m @ 1.16 gpt Au; 65.1 m @ 0.86 gpt Au; 63 m @ 0.63 gpt Au; 41 m @ 0.49 gpt Au; 21 m @ 0.87 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Riverside Resources Inc. updated on 2023 work and its outlook for 2024. In Mexico the company is preparing drilling permits to maintain good standing of the properties located in Sonora. On the Ariel porphyry copper property, consolidation of land and proper titling are positioning the company for potential JV’s. At the Union mine, assays of up to 1 Oz Au and 30% of Zn highlight the potential for further expansion. At Cecilia, a large dome complex has already yielded significant intercepts on previous drilling.
  • Silver Valley Metals Corp. announced a favorable resolution of issues relating to its Mexi-Can sulphate of potash and lithium project in Zacatecas. The company reported a favorable ruling regarding two amparos (constitutional appeals) on the effect of the New Mining Law. Also, the government operator of lithium mining, Litio Mx, declined to participate on the development of the Mexi-Can project and Silver Valley is poised to recommence exploration activities.
  • Prime Mining Corp. announced that CEO Daniel Kunz is retiring and Mr. Scott Hicks, EVP, will succeed him (Los Reyes, Sinaloa).
  • Vizsla Silver Corp. intends to spin out the shares of Vizsla Silver Royalties Corp., a wholly owned subsidiary of Vizsla Silver, to the company’s shareholders. The royalty consists of a 2.0% net smelter return (NSR) on certain unencumbered concessions on the Panuco project in Sinaloa, and a 0.5% NSR on certain encumbered concessions on the same project which have a pre-existing 3.0% NSR. “Pursuant to the Spinout, common shares of Vizsla Royalties would be distributed to shareholders of Vizsla Silver. Vizsla Silver is expected to hold approximately a 49% ownership interest in Vizsla Royalties, with the remaining shares of Vizsla Royalties being distributed to shareholders of Vizsla Silver on a pro-rata basis at a time to be determined by the board of directors of Vizsla Silver”.
  • Alamos Gold Inc. is to release fourth quarter and full-year 2023 results after February 21, 2024 (Mulatos, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Specularite-quartz breccia vein on a project of the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of September, 2023

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Galena-sphalerite-Ag sulfosalts in a quartz vein

By Miguel A Heredia

During the 38th week of the year (September 18th to September 24th, 2023), at least 18 press releases were announced by companies working in Mexico, and 4 news published by the media, with ten disclosing deals and corporate issues, three commenting on Mexican issues, three announcing financing issues, two reporting resources and development of their properties, two informing on exploration results, and two discussing social issues. ON MEXICO ISSUES, According to El Financiero, there has been a 69% increase in the number of suspended projects during the López Obrador administration. According to information from the US Geological Survey, there are 82 lithium deposits in 18 states of the Republic, which can represent 1.7 million tons. ON EXPLORATION, In Chihuahua, Southern Empire received permitting from the Mexico´s Ministry of Environment and Natural Resources (SEMARNAT) for 30 drill hole sites at its Centauro project.  In Zacatecas, Radius provided an update on drilling at its Tropico project.  ON MINING, no relevant news.  ON FINANCING, Equinox announced and completed a bought deal offering of convertible senior notes (Mina Los Filos, Guerrero). Excellon announced debenture restructuring to reduce the outstanding principal amount to CAD $7.5M (La Negra Mine, Queretaro). ON RESOURCES AND DEVELOPMENT, Golden Tag announced the commencement of a 7,000m drilling campaign at its La Parrilla Mine Complex in Durango. Tocvan provided an update on the acquisition of Pilar project in Sonora and outlined target areas for the next phase of drilling. Silver Valley provided a corporate update on its MexiCan lithium-potassium projects located in Zacatecas-San Luis Potosi. ON DEALS AND CORPORATE ISSUES, Luca Mining announced the appointment of its Director of Corporate Development (Tahuehueto project, Durango). Santacruz reported fatality at its Zimapan Mine, Hidalgo. GR Silver reported results from its annual general meeting of shareholders (Plomosas project, Sinaloa). Sierra Metals placed Cusi Mine in Chihuahua on care and maintenance and initiated sale process. Radius announced that it proposes to issue 500K common shares of the company to Bruce Smith (Tropico project, Zacatecas). Angel Wing announced the consolidation of its common shares (La Reyna project, Nayarit). Bear Creek announced results from its special meeting of shareholders (Mercedes Mine, Sonora). Colibri announced the retirement of its President and CEO, and its replacement (Evelyn project, Sonora). Orex announced a consolidation of its issued and outstanding common shares at a ratio of ten pre-consolidation shares to one post-consolidation share (Coneto project, Sonora). Pan American announced that it will host a conference call to discuss the company´s environmental, social, and governance efforts and development (La Colorada, Zacatecas). Silver Viper announced that it will present a live virtual corporate update hosted by Red Cloud Financial Services on September 28th, 2023 at 2:00 PM ET (La Virginia project, Sonora).  ON SOCIAL RESPONSIBILITY, MAG Silver published its second annual sustainability report (Juanicipio, Zacatecas).  Ternium completed the restoration of the Cerro Náhuatl Mine and Jala Station Closure Plan in Coquimatlán, Colima, which covers a period from 2012 to 2022 in which reforestation works and programs were implemented.

ON MEXICO ISSUE

  • According to El Financiero, the mining sector has experienced a series of obstacles set by the current administration. The number of suspended projects stood at 439 in 2018, while the current figure is 837, representing a 69% increase in the number of suspended projects during the López Obrador administration. Likewise, the Fraser Institute of Canada placed Mexico in 37th place out of 83 countries evaluated, a drop of three places compared to 2021 and 17 positions compared to 2010. The sector is worried that the USD $77.2M budget assigned to Mexican Geological Survey (SGM) for 2024 is 95.47% below the USD $1.7 B private companies invested just in exploration. “With this lack of budget for exploration, they are condemning the country and the mining sector, because mining will be halted for another six years. If the modifications to the Mining Law remain as they are, we will witness Mexico’s mining sector entering a clear decline,” said Alfredo Phillips, Vice President, Argonaut Gold, in an interview with El Financiero.  In an interview with Mexico Business News (MBN), Ramón Luna, Director General of Servicios y Proyectos Mineros de Mexico (SPM), acknowledged that SGM has talented geologists and manages the most comprehensive database in Mexico. However, the public body does not match the infrastructure of a private company. “(The reform) would either force the more than 100 exploration companies in the country to work with the SGM or make the latter the only operator. This is not feasible because it lacks the necessary infrastructure,” he added.  Similarly, Raúl García, President of College of Mining Engineers, Metallurgists and Geologists of Mexico (CIMMGM), said that we could see the first impacts of lacking exploration by 2025 and a drop in production within the next five years, if SGM does not maintain the current levels of exploration. According to data from the Secretariat of Economy (SE), in 1Q23, the total foreign direct Investment (FDI) in the mining sector amounted to USD $419M. In contrast, during the same period in 2013, this figure reached USD $2.036 B, reflecting a decline of 79.4%. During Enrique Peña Nieto’s initial five-year term, from 2012 to 2017, the country received mining FDI totaling USD $2.8 B and USD $1.9 B, respectively, representing a decrease of 32.1%. Meanwhile, during the first five years of López Obrador’s administration, covering the period from 2018 to 2023, FDI amounted to USD $1.9 B and USD $419M, marking a significant 78% decrease. However, it is important to note that data for 2023 is not fully available, which means that the percentages provided could vary.
  • According to information from the US Geological Survey, there are 82 lithium deposits in 18 states of the Republic, which can represent 1.7 million tons. A few days ago, Héctor Usla, Economist and Reporter of the El Financiero Newspaper, reported that the 2024 Expenditure Law project plans to allocate MXP $9.77M to Litio para México (LitioMx), the entity created in August 2022, for the exploration, exploitation, benefit and use of lithium found in national territory. This is an amount that allows the administrative operation of the decentralized organization, but that seems insufficient to reliably establish the total amount of probable lithium reserves and initiate exploration and production in the most promising deposits. (Note of the writer.- Are you serious?…Obviously, it would be vastly insufficient to have a budget like that reported above to carry out exploration, exploitation, etc.).

ON EXPLORATION

  • Southern Empire Resources Corp., received permitting from the Mexico´s Ministry of Environment and Natural Resources (SEMARNAT) for 30 drill hole sites at its Centauro project in Chihuahua. “The Centauro Gold Project exhibits significant potential to host “Carlin-style” and/or epithermal precious metal mineralization based on extensive brecciation, silicification and argillization of the Tertiary-age Ahuichila Formation conglomerate, a strongly coincident gold (“Au”), arsenic (“As”), antimony (“Sb”), mercury (“Hg”), thallium, silver, barium soil geochemical signature associated with a silicified mesa “cap” covering 2.5 km along the strike of the main zone, outcrops containing arsenopyrite, realgar, orpiment and stibnite, and low to non- anomalous base metal values”. 
  • Radius Gold Inc., provided an update on drilling at its Tropico project in Zacatecas. The initial hole TDD-001 plan for 300m to intersect the Tropico breccia pipe encountered difficult ground conditions and was abandoned at 56m. “The hole from 19m to 56m is intensely altered with clay, silicification, variable zones of hydrothermal breccias and repeated sets of banded silica veins with fine sulphides and stockwork veining. Banded veining had not previously been seen on the property”. “The drill rig has been stepped back from the target an additional 25m and a new hole drilled deeper under hole TDD-001, this time using large diameter PQ sized core and casing which is expected to alleviate the drilling difficulties”.

ON MINING

  • No relevant news.

ON FINANCING

  • Equinox Gold Corp., announced that it has entered into an agreement to buy, on a bought deal basis, 4.75% unsecured convertible senior notes due 2028 in an aggregate principal amount of $150M.  The company has granted the initial purchasers up to an additional $22.5M aggregate principal amount of notes. The notes will be issued at par value.  Later on, the company announced that it had closed its previously announced bought deal offering of $172.5M aggregate principal amount of 4.75% unsecured convertible senior notes due 2028, which includes exercise of the full amount of the option to purchase an additional $22.5M aggregate principal amount of notes Net proceeds will be used for repayment of debt and for general corporate purposes (Mina Los Filos, Guerrero).
  • Excellon Resources Inc., announced debenture restructuring to reduce the outstanding principal amount to CAD $7.5M representing a reduction of CAD $10.4M (58% reduction), and to amend the terms of the remaining debentures to, among other things, further extend the maturity date to August 31, 2026. In exchange for CAD $10.4M aggregate principal amount of the debentures, Excellon to pay CAD $3.5M in equity, 25% interest in Silver City Project, plus additional non-dilutive contingency and royalty payments (La Negra Mine, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Golden Tag Resources Ltd., announced the commencement of a 7,000m drilling campaign at its La Parrilla Mine Complex in Durango. The 7,000m phase 1 drilling program will  focus on infill and step-out drilling in proximity to underground mining infrastructure and existing development in three key areas: a) Rosarios and Cuerpo 340 Veins (3,000 m of drilling to test the east, west and central down-dip extensions; b) Quebradillas Underground (3,000 m of drilling to test the strike and down-dip extensions of three key zones including Cuerpo 460, Norte-Sur, and San Nicolas; and c) San Marcos (1,000 m of drilling to test the extension of San Marcos and Cuerpo 1100 at depth.
  • Tocvan Ventures Corp., provided an update on the acquisition of the Pilar project in Sonora and outlined target areas for the next phase of drilling. The company has exercised notice to Colibri Resources Corp., to purchase the remaining 49%. It also is completing a due diligence expected to finalize in coming weeks to acquire over 21 square-kilometers of land surrounding the Pilar, which contain recent placer activity, historic workings, and prospective geology, indicative that the area is highly prospective for gold and silver. “Tocvan plans to restart field operations at the close of the expansion acquisition to advance new target areas already identified quickly towards drill targeting. Drilling at Pilar and within the new expansion area is planned to total 2,000-meters before year end”.
  • Silver Valley Metals provided a corporate update on its MexiCan lithium-potassium projects located in Zacatecas-San Luis Potosi. Highlights of this project include that significant grades of lithium, potassium sulphate, and boron are located on surface in unconsolidated sediments; the brine potential has not been tested to date; deep basin large aquifer brine potential defined by regional geophysics surveys, remains to be tested; he inferred resource has been tested from surface to an average 5 metres depth; the company anticipates the sediment basin could range from 40m to greater than 100m deep, so the prospect of expanding the sediment resource at depth is substantial; and 12.3M tonnes of Potassium Sulphate and 243K tonnes of Lithium Carbonate Equivalent defined thus far. The company declared that discussions are active and advancing with LitioMX and near-term plans are in place to come together to potentially finalize a partnership agreement.

ON DEALS AND CORPORATE ISSUES

  • Luca Mining Corp., announced the appointment of its Director of Corporate Development. The company also granted incentive stock options to its employees and consultants to purchase an aggregate 225K share in the capital stock of the company (Tahuehueto project, Durango).
  • Santacruz Silver Mining Ltd., reported that an employee was fatality injured at its Zimapan Mine, Hidalgo. The fatality was the result of rockfall from a stope face.
  • GR Silver Mining Ltd., reported results from its annual general meeting of shareholders.  Incumbent director Laura Diaz chose not to stand for re-election and was not a nominee (Plomosas project, Sinaloa).
  • Sierra Metals Inc., placed Cusi Mine in Chihuahua on care and maintenance and initiated a process to sell the mine. Ernesto Balarezo Valdez, Sierra Metals’ CEO, stated that “Sierra Metals is transitioning to become a copper-focused mining company, and the planned divestiture of Cusi will allow us to focus on our two key mines, Yauricocha in Peru and Bolivar in Mexico, where we have significant potential to continue growing our copper production”.
  • Radius Gold Inc., announced that it proposes, subject to TSX Venture Exchange approval, to issue 500K common shares of the company to Bruce Smith. The common shares will be issued at a deemed price of $0.24 per share, for a total deemed value of $120K (good for you Bruce!) (Tropico project, Zacatecas).
  • Angel Wing Metals Inc., announced the consolidation of its common shares on the basis of one post- consolidation common share for every two pre-consolidation shares issued and outstanding as of the close of business on September 20, 2023. (La Reyna project, Nayarit).
  • Bear Creek Mining Corporation announced results from its special meeting of shareholders (Mercedes Mine, Sonora).
  • Colibri Resource Corporation announced the retirement of its President and CEO, and its replacement (Evelyn project, Sonora).
  • Orex Minerals Inc., announced a consolidation of its issued and outstanding common shares at a ratio of ten pre-consolidation shares to one post-consolidation share. The reasons for the consolidation are to increase the company’s flexibility and competitiveness in the marketplace and to attract new equity investment in the company  (Coneto project, Sonora).
  • Pan American Silver Corp., announced that it will host a conference call to discuss the company ´s environmental, social, and governance efforts, and development on October 19, 2023 at 11:00 am ET (8:00 am PT) (La Colorada, Zacatecas).
  • Silver Viper Minerals Corp., announced that it will present a live virtual corporate update hosted by Red Cloud Financial Services on September 28th, 2023 at 2:00 PM ET (La Virginia project, Sonora).

ON SOCIAL RESPONSIBILITY

  • MAG Silver Corp., published its second annual sustainability report. , which provides a comprehensive overview of the company’s environmental, social and governance (“ESG”) commitments, practices, and performance for the 2022 year. Highlights of the 2022 sustainability report include zero fatalities at the Juanicipio project, Zacatecas or at MAG´s exploration projects; a lost time injury frequency rate of 1.92; over 62,000 hours dedicated to safety training; zero significant environmental incidents at the Juanicipio and other projects; 66% of MAG Silver´s workforce is hired from local communities; over 13 community engagement initiatives across 4 different project streams at the Juanicipio project: health, education, capacity buildings, and microenterprise projects; 38% of Board directors are female, surpassing the 30% target established in MAG´s Diversity, Equity and Inclusion Policy; and Code of Conduct and Social Responsibility Policy refreshed and updated to specifically articulate the importance of engaging with Indigenous communities through meaningful dialogue, cooperation, and deepening of the shared-value approach to local development activities to promote sustainable and lasting economic and social benefits.
  • Ternium completed the restoration of the Cerro Náhuatl Mine and Jala Station Closure Plan in Coquimatlán, Colima, which covers a period from 2012 to 2022 in which reforestation works and programs were implemented. With this project, the forest area was increased by 88 hectares and the area was repopulated with 180 species of native fauna. It is a component of the company’s commitment to sustainability in the communities where it operates, according to a statement.

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, galena, sphalerite, and silver sulfosalts in a quartz vein from an intermediate sulphidation epithermal vein system in Sonora, Mexico Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of June, 2022. 

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Cu silicates (chrysocolla)

By Miguel A Heredia

During the 22ndweek of the year (May 30th to June 5th, 2022), at least 19 press releases were announced by companies working in Mexico, with seven reporting resources and developments of their properties, four disclosing deals and corporate issues, two communicating production and financial results, two announcing financing issues, two commenting on Mexican issues, and two informing on exploration results. ON MEXICO ISSUES, Advance Lithium provided an update on the recent mining law changes. Prime Mining, Vizsla Silver and Zacatecas Silver reported the best drilling intercepts in Mexico on the first week of June, 2022. ON EXPLORATION, In Sonora, Benjamin Hill reported drill results from the El Fierro Zone at its Sonora Gold project, Sonora. In Coahuila, Monumental announced plans for follow-up exploration work at its Jemi Heavy Rare Earth project.  ON MINING, Santacruz reported Q1, 2022 production results from its Zimapan mine in Hidalgo. Minera Alamos reported Q1, 2022 financial results from its Santana project, Sonora. ON FINANCING, Reyna Silver announced a brokered private placement for gross proceeds of up to CAD $3M (Guigui and Batopilas projects, Chihuahua). Alamos Gold declared a quarterly dividend of USD $0.025 per common share (Mulatos mine, Sonora). ON RESOURCES AND DEVELOPMENT, Zacatecas Silver commenced its work plans to prepare a current resource estimate at its Esperanza project, Morelos. Discovery Silver reported positive metallurgical results and provided an update on its flagship Cordero project, Chihuahua. Prime reported additional phase 2 drill results from 12 step out drill holes at the Guadalupe East deposit within its Los Reyes project in Sinaloa. Magna Gold filed an independent technical report for its Margarita project, Chihuahua. Minera Alamos provided an update on the continuing progress at its Santana project in Sonora. Vizsla reported results from eighteen new holes drilled at the southern extension of the Napoleon Vein at its flagship Panuco project, Sinaloa.  Zacatecas Silver released results from the Panuco Norte drilling program at its Zacatecas project, Zacatecas. ON DEALS AND CORPORATE ISSUES, Azure entered into a binding sale agreement to sell its subsidiary companies that own and operate its Mexican assets to Bendito Resources for a combination of cash and shares valued at A $20M. Silverton entered into a share purchase agreement with Zapata to acquire the Margaritas property in Durango. Pantera Silver announced the appointment of a new member to its Board of Directors (Nuevo Taxco project, Guerrero). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

Advance Lithium Corp., provided an update on the recent mining law changes that states that all the activities related to the exploration, exploitation and profit of lithium shall be the responsibility of the yet to be formed national lithium company. Advance has identified large zones of lithium, potassium and boron mineralization at their claims which are in good standing, with work completed and all legal filings in order. It should be noted that the analysis of the company’s deposits show that the composition of the mineralization is approximately equal parts lithium and potassium. While lithium is covered by this new legislation in Mexico, potassium is not. The potential of near term production of both lithium and potassium products puts the Company in a unique position with its salars/salt lakes deposits and looks forward to discussing the lithium opportunities with the newly formed Mexican national lithium company.

  • Prime Mining, Vizsla Silver and Zacatecas Silver reported the best drilling intercepts in Mexico on the first week of June, 2022. Details are shown in the table below:

ON EXPLORATION
·         Benjamin Hill Mining Corp., reported drill results from the El Fierro Zone at its Sonora Gold project, Sonora. This drill program explored for the presence and continuity of metallic mineralization found in outcroppings at surface, in epithermal veins, skarn zones and hydrothermal breccias, as well as for possible magmatic source of mineralization as indicated by chargeability highs. Drilling highlights include hole SGB-22-23 with 0.25% Cu over 1.25m; hole SGB-22-24 with 0.67% Cu over 1.25m; hole SGB-22-26 with 0.39 g/t Au over 0.95m, plus 0.26% Cu over 1.45m; and hole SFB-22-21 with 3.54% Cu over 3m, including 10% Cu, 2.11 g/t Au and 52 g/t Ag over 0.6m.
·         Monumental Minerals Corp., announced plans for follow-up exploration work at its Jemi Heavy Rare Earth project. The follow-up work program will be divided in two phases. The first phase will consists of detailed geological mapping and collection of structural data, along with a ground radiometric survey to identify drill targets. The second phase will consists of a stream sediment geochemical survey to assess areas within and beyond the 8km2 area of highest priority.
ON MINING
·         Santacruz Silver Mining Ltd., reported Q1, 2022 production results from its Zimapan mine in Hidalgo. The company processed 191,413 tonnes to produce 901.2K Oz AgEq. It sold 872.7K Oz AgEq and reported cash and All Included Sustaining Costs (AISC) of USD $17.04 and USD $23.38 per Oz AgEq sold respectively.
·         Minera Alamos Inc., announced Q1, 2022 financial results from its Santana project, Sonora. The company reported revenues of CAD $5.16M from approximately 65% of its gold production (the remaining gold was sold post quarter end); income from operation of CAD $1.53M; a net income of CAD $1.06M; and cash and cash equivalents of CAD $8,17M.
ON FINANCING
·         Reyna Silver Corp., announced a brokered private placement with Red Cloud Securities Inc. (the “Agent”), for gross proceeds of up to CAD $3M. The Agent will have an option, exercisable in full or in part up to 48 hours prior to the closing of the Offering, to sell up to an additional 2,777,778 Units at the Offering Price for additional gross proceeds of up to CAD $M. The company plans to use part of the gross proceeds to explore their Guigui and Batopilas projects in Chihuahua.
·         Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The Company has paid dividends for 13 consecutive years during which time USD $264M has been returned to shareholders through dividends and share buybacks, including USD $27M thus far in 2022. This includes 1M shares repurchased under the normal course issuer bid in May 2022 at a cost of USD $7.4M, or USD $7.42 per share. The dividend is payable on June 30, 2022 to shareholders of record as of the close of business on June 16, 2022 (Mulatos mine, Sonora).
ON RESOURCES AND DEVELOPMENT
·         Zacatecas Silver Corp., commenced its work plans to prepare a current resource estimate at its Esperanza project, Morelos. The Esperanza project has a historical resource estimate of a measured and indicated resource of 34,352,000 tonnes of 0.98 g/t Au and 8 g/t Ag for 1.08M Oz Au and 8.9M Oz Ag and an inferred resource of 718,000 tonnes of 0.80 g/t Au and 15 g/t Ag for 18.4K Oz Au and 347.2K Oz Ag. Measured and indicated resources are 1.22M Oz AuEq of 1.11 g/t AuEq. Immediate steps to confirm resource estimate include: Extensive verification through sampling at least 10% of the historical drill core and new metallurgical test work by SGS Minerals. Additionally, the company is to commence work to identify and prioritize expansion and exploration targets throughout the project.
·         Discovery Silver Corp., reported positive metallurgical results and provided an update on its flagship Cordero project, Chihuahua. Initial results from the metallurgical testwork showed recoveries typically ranging from 90-95% for Ag, Pb, and Zn from very coarse grind size and with lower reagent consumption than what was assumed earlier. The company also announced the project study team for the Pre-Feasibility Study on Cordero project, in which plans to release an updated resource estimate in Q4, 2022. The updated resource estimate will be based on a total of 283,000m in 683 drill holes.
·         Prime Mining Corp., reported additional phase 2 drill results from 12 step out drill holes at the Guadalupe East deposit within its Los Reyes project in Sinaloa. Highlights drill intercepts include hole 22GE-53 with 9.67 g/t Au and 314 g/t Ag over a true width (TW) of 0.80m, plus 3.01 g/t Au and 220 g/t Ag over a TW of 0.90m, plus 13.65 g/t Au and 311 g/t Ag over a TW of 1.50m, plus 61.99 g/t Au and 978 g/t Ag over a TW of 3.10m, including 200 g/t Au and 2,830 g/t Ag over a TW of 0.90m, plus 5.90 g/t Au and 341 g/t Ag over a TW of 0.60m; hole 22GE-48 with 2.93 g/t Au and 62 g/t Ag over a TW of 3.90m, including 4.41 g/t Au and 105 g/t Ag over a TW of 2m, plus 1.16 g/t Au and 79 g/t Ag over a TW of 2.40m, plus 1.78 g/t Au and 82 g/t Ag over a TW of 0.50m, plus 4.29 g/t Au and 125 g/t Ag over a TW of 1.40m, plus 1.62 g/t Au and 120 g/t Ag over a TW of 1.1m, plus 1.24 g/t Au and 88 g/t Ag over a TW of 1.10m, plus 3.19 g/t Au and 34 g/t Ag over a TW of 1.10m, plus  2.31 g/t Au and 98 g/t Ag over a TW of 1.40m, including 3.68 g/t Au and 161 g/t Ag over a TW of 0.80m; hole 22GE-45 with 12.79 g/t Au and 300 g/t Ag over a TW of 2.50m, including 16.96 g/t Au and 392 g/t Ag over a TW of 1.80m; hole 22GE-51 with 3.01 g/t Au and 161 g/t Ag over a TW of 0.60m; and hole 22GE-46 with 1.95 g/t Au and 155 g/t Ag over a TW of 2.30m, including 3.11 g/t Au and 249 g/t Ag over a TW of 1.30m.
·         Magna Gold Corp., filed an independent technical report for its Margarita project, Chihuahua, dated May 24, 2022, with an effective date of April 8, 2022. The technical report contains an initial mineral resource estimate.
·         Minera Alamos Inc., provided an update on the continuing progress at its Santana project in Sonora. The company announced that the development of the Nicho Main Zone is now underway with haulage and access road largely completed. First mineralized material should be stacked on the Santana leach pad as operation move into the second half of the year. At Nicho Norte, the gold mined and stacked on the leach pad to date total approximately 18K Oz with roughly 7K Oz recovered in concentrate.
·         Vizsla Silver Corp., reported results from eighteen new holes drilled at the southern extension of the Napoleon Vein at its flagship Panuco project, Sinaloa. Drilling highlights include hole NP-22-258 with 1,139 g/t Ag, 11.48 g/t Au, 0.3% Pb, and 0.8% Zn (2,098 g/t AgEq) over a true width (TW) of 4.30m; hole NP-22-271 with 223 g/t Ag, 2.76 g/t Au, 1.5% Pb, and 5% Zn (677 g/t AgEq) over a TW of 7m, including 789 g/t Ag, 18.5 g/t Au, 5.7% Pb, and 11.7% Zn (2,871 g/t AgEq) over a TW of 0.46m, including 343 g/t Ag, 5.11 g/t Au, 1.7% Pb, and 2.9% Zn (909 g/t AgEq) over a TW of 0.61m, including 403 g/t Ag, 5.04 g/t Au, 1% Pb, and 4% Zn (985 g/t AgEq) over a TW of 0.91m, including 191 g/t Ag, 1.12 g/t Au, 2.9% Pb, and 10.9% Zn (774 g/t AgEq) over a TW of 0.99m; hole NP-22-277 with 151 g/t Ag, 2.63 g/t Au, 0.2% Pb, and 0.5% Zn (389 g/t AgEq) over a TW of 7m, including 315 g/t Ag, 2.32 g/t Au, 0.3% Pb, and 0.4% Zn (524 g/t AgEq) over a TW of 0.5m. including 630 g/t Ag, 4.94 g/t Au, 0.4% Pb, and 0.5% Zn (1,055 g/t AgEq) over a TW of 0.75m, including 189 g/t Ag, 2.7 g/t Au, 0.8% Pb, and 1.8% Zn (495 g/t AgEq) over a TW of 0.79m; and hole NP-22-281 with 202 g/t Ag, 1.55 g/t Au, 0.7% Pb, and 1.1% Zn (387 g/t AgEq) over a TW of 5.4m, including 1,275 g/t Ag, 6.25 g/t Au, 3.5% Pb, and 4% Zn (2,2027 g/t AgEq) over a TW of 0.34m, including 398 g/t Ag, 3.75 g/t Au, 1.9% Pb, and 2.7% Zn (855 g/t AgEq) over a TW of 0.84m, including 386 g/t Ag, 3.09 g/t Au, 1.8% Pb, and 2.5% Zn (779 g/t AgEq) over a TW of 0.59m. These results are part of the ongoing 12,000m resource/discovery-based drill program.
·         Zacatecas Silver Corp., released results from the Panuco Norte drilling program at its Zacatecas project, Zacatecas. Drilling highlights include hole PAN2022-057 with 224 g/t Ag and 0.15 g/t Au (224 g/t AgEq) over 1.83m; hole PAN2022-56 with 151 g/t Ag and 0.16 g/t Au (163 g/t AgEq) over 3.71m; and hole PAN2022-61 with 231 g/t Ag and 0.22 g/t Au (248 g(/t AgEq) over 1.28m. The Company has now completed 63 drill holes at Panuco North for a total of 7,240 meters. “Drilling in the eastern and central part of the Panuco North Vein has now intercepted near-surface mineralization over a strike length of 700 m, with the vein remaining open along strike and open at depth. Assay results from 22 Panuco North holes are pending”.
ON DEALS AND CORPORATE ISSUES
·         Azure Minerals Limited entered into a binding sale agreement to sell its subsidiary companies that own and operate its Mexican assets to Bendito Resources for a combination of cash and shares valued at A $20M, consisting of A $10M cash and A $10M shares in Bendito. The portfolio consists of eight properties, but Alacrán, Oposura, and Promontorio projects will form the core assets of Bendito, all located within the Laramide Copper Province in N-NW Mexico. Alacrán, in Sonora State, hosts the high-grade Mesa de Plata silver deposit and adjacent Loma Bonita gold-silver deposit which together contain 32 M Oz Ag and 150K Oz Au in JORC Mineral Resources. A Scoping Study / Preliminary Economic Assessment on Oposura, in Sonora State,showed robust results for a high-quality, high-grade massive sulphide Zn-Pg-Ag development opportunity. The project holds significant exploration upside for resource expansion. At Promontorio, Chihuahua, Azure established a high-grade, near-surface Cu-Au-Ag resource and identified prospectivity for an underlying copper porphyry system.
·         Silverton Metals Corp., entered into a share purchase agreement with Zapata Exploration Ltd., to acquire the Margaritas property in Durango by acquiring all of the issued and outstanding shares of Zapata´s Mexican subsidiary, Impulsora de Proyectos Mineros S.A. de C.V. The Margaritas property comprises two mining concessions totalling 500 hectares, and consists of a 3.5km long and 240m of vertical extension of an under-explored, high-grade epithermal vein system hosted in productive volcanic rocks of the Sierra Madre Occidental. This vein system has returned grades up to 73.7 g/t Au in dump samples and 31.6 g/t Au in rock chip channel samples with grades between 1-38 g/t Ag. To acquire all of the issued and outstanding shares of Impulsora, Silverton has agreed to issue 750K common shares and grant a net smelter return royalty of 0.5%, which may be repurchased at a price of USD $250K.
·         Pantera Silver Corp., announced the appointment of a new member to its Board of Directors. In addition, the Board of Directors of the Company has authorized the granting of incentive stock options under its Stock Option Plan to purchase 300K common shares of the Company at an exercise price of CAD $0.20 per share for a five-year term expiring June 1, 2027. The stock options are being granted to certain directors and advisors of the Company (Nuevo Taxco project, Guerrero).
ON SOCIAL RESPONSIBILITY
·         No relevant news.

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, Cu silicates (chrysocolla) in a Carbonate Replacement Deposit in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of March, 2022

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By Jorge Cirett

During the 13th week of the year (March 28th to April 3rd, 2022), at least 32 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, three released quarterly and full year 2021 reports, one informed on the end of a strike and one declared commercial production. One announced the granting of stock options, three updated on project work, three reported drill results on their advanced properties, two released new resource estimates. ON MEXICO ISSUES, three of the top eight silver intercepts on the fifth week of March were obtained by companies working in Mexico. For the quarter, four of the top ten silver intercepts were from projects in Mexico. ON EXPLORATION, in Sonora, Tocvan Ventures provided drill results on the Pilar project; Infinitum Copper commenced drilling at Adelita; Silver Spruce had the preventive report approved for drilling at Jackie. In Zacatecas, Galore Resources informed on drilling at Dos Santos project. In Nayarit, Sierra Madre Gold and Silver released additional trenching results at La Tigra. ON MINING, SilverCrest Metals, Excellon Resources and Mag Silver released quarterly and full year 2021 reports. Excellon Resources informed the strike on its Platosa mine in Durango was terminated. Orla Mining initiated commercial production at Camino Rojo, in Zacatecas. ON FINANCING, Inomin Mines granted stock options to director and a contractor.  ON RESOURCES AND DEVELOPMENT, Mexus Gold informed partner company Irmex is modelling the Mabel deposit in Sonora. Solaris Resources is preparing exploration work at La Verde, in Michoacan. Vizsla Silver reported drill results at Panuco, in Sinaloa. Prime Mining delivered drill results from Los Reyes, in Sinaloa. Discovery Silver released results from 17 holes at Cordero, Chihuahua. Torex Gold presented results of the updated technical report on the Morelos Complex in Guerrero. First Majestic Silver presented 2021 resource estimates for its properties. Silver Valley Metals updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. ON DEALS AND CORPORATE ISSUES, Tamino Minerals is triggering a securities fraud probe. Huntington Exploration acquired the El Grande project in Nayarit. Xali Gold ratified the agreement on the tailings with El Oro Municipality in Estado de Mexico. Prime Meridian Resource updated on the purchase of La Verde project in Sonora.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Of the top eight silver intersects released on the fifth week of March, three were by companies working in Mexico, according to Miner Deck. Discovery Silver was first with 45.6 m @ 125 gpt Ag at Cordero in Chihuahua, Vizsla Silver was sixth 2.75 m @ 322 gpt Ag at Panuco, in Sinaloa, and Prime Mining was eighth with 42.7 m @ 43 gpt Ag at Los Reyes, in Sinaloa.
  • According to Miner Deck, of the top ten silver intersects released on Q1 2022, four were by companies working in Mexico. Pan American Silver was fourth with 322.9 m @ 64 gpt Ag at La Colorada Skarn in Zacatecas, GoGold Resources was fifth with 25.7 m @ 776 gpt Ag at Los Ricos, in Jalisco; Silver Tiger was eight with 25.9 m @ 687 gpt Ag at El Tigre, in Sonora and Radius Gold was tenth with 96 m @ 167 gpt Ag at Amalia, in Chihuahua.

ON EXPLORATION

  • Sierra Madre Gold and Silver Ltd. announced additional results from the ongoing trenching program at La Tigra, in Nayarit. Highlighted intervals comprise 6.1 m @ 0.98 gpt Au; 24.2 m @ 1.59 gpt Au (including 4.7 m @ 5.58 gpt Au); 22.9 m @ 1.78 gpt Au, 6 gpt Ag; 6.6 m @ 3.42 gpt Au.
  • Galore Resources Inc. provided a drilling update of Los Gemelos, at its Dos Santos project in Zacatecas. Three holes have been finished on the San José area, showing recrystallized limestone, dikes and sills of intermediate composition with phyllic and argillic alteration, multiple bodies with hydroxides, hematite, calcite, and local sulfides and quartz, and hydrothermal breccia cemented by calcite and iron oxides. ”The mineralization is repetitive that is concentrated as veins, veins and stratabound bodies, hosted between the carbonate marine sedimentary sequence and the cupula of an unexhumed pluton….”.
  • Tocvan Ventures Corp. provided results for the three first holes of the phase III drilling campaign at Pilar, in Sonora. Highlighted drill-length intervals comprise 33.3 m @ 0.63 gpt Au (including 21.7 m @ 0.94 gpt Au) and 5.5 m @ 0.64 gpt Au, 10 gpt Ag in core holes and 6.1 m @ 0.51 gpt Au, 8 gpt Ag in a reverse circulation hole.
  • Infinitum Copper Corp. commenced diamond drilling at La Adelita project in Sonora and Sinaloa. The program envisages a total of 9,000 m of drilling in two phases, with phase I consisting of 3,000 m targeting areas within and adjacent to the existing mineralized zones, and some drilling on new zones like Cerro Grande footwall, Pericos and Las Trancas Sur. A magneto-telluric geophysical is underway, and is expected to aid in targeting.
  • Silver Spruce Resources Inc. informed the approval by SEMARNAT (environmental agency) of the preventive report for the 1,130 hectares Jackie project in Sonora. “Exploration plans were submitted for a 500-1,000-metre trenching program followed by an initial 1,000-2,000-metre reverse circulation drill program”.

ON MINING

  • SilverCrest Metals Inc. reported the financial results for the year 2021. At the end of the year construction progress at Las Chispas in Sonora was 86.2%, slightly ahead of schedule. Since 2019 over 17.5 km of underground development has been completed at Las Chispas, and during last year 114,143 m of drilling were completed, mostly as infill holes. At El Picacho, 40 km north of Las Chispas, 80,700 m of drilling were completed in 2021. At the end of the period the SilverCrest held cash and cash equivalents of $176.5 M, and $30 M remaining under a $120 M financing facility.
  • Excellon Resources Inc. posted financial results for Q4 and full year 2021. During the year, 85.5 K tonnes were mined, 86.0 K tonnes milled @ 494 gpt Ag, 5.01% Pb, 6.03% Zn, recovering 90.5% Ag, 78.5% Pb, 83.7% Zn, to produce 1.22 M Oz Ag, 7.61 M Lb Pb, 9.01 M Lb Zn (2.02 M Oz AgEq). Cash cost was $13.01 per Oz Ag and AISC $26.78 per Ag Oz. “current mining is entering an area of the deposit that steepens significantly, with fewer vertical-tonnes-per-metre than historically encountered…. the Company currently expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs” (Note by editor.- Although high-grade, Platosa seems to be at the end of its mine life due to a combination of deeper ores and high de-watering costs).
  • Excellon Resources Inc. announced on April 1, 2022 the resolution of the labor action initiated on March 7 by the Sindicato Nacional Minero Metalúrgico (Miner’s Union) at its Platosa mine in Durango.
  • Mag Silver Corp. presented its financial results for year 2021. The 4,000 tpd Juanicipio (56% Fresnillo PLC, 44% Mag Silver) plant was delivered to plant commissioning late in Q4, but due to regulatory approval commissioning was extended to Q2 2022. It is expected the plant to be working 85% to 90% of capacity by late 2022. Processing of mineralized headings from Juanicipio continues at the nearby Fresnillo plant and has begun to be processed at the Saucito facilities; Processing rates have increased from 38 K tonnes per month in Q4 to 45 K tonnes on the first two months of 2022. During 2021, 251.9 K tonnes from Juanicipio were processed, averaging 470 gpt Ag, to produce 2.97 M Oz Ag, 5,975 Oz Au, 1,065 tonnes Pb, 1,519 tonnes Zn. According to Juanicipio operator, Fresnillo PLC, the project construction is expected to be delivered on budget at $440 M. As of end of 2021 Mag held cash of $56.7 M.
  • Orla Mining Ltd. declared commercial production at the Camino Rojo Oxide mine in Zacatecas. “The declaration of commercial production at Camino Rojo comes after a successful commissioning period which included the ramp up of mining and processing to sustained throughput levels in excess of 75% of designed nameplate capacity of 18,000 tonnes per day”.

ON FINANCING

  • Inomin Mines Inc. informed 350 K stock options were granted to director and a contractor of the company (La Gitana, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. informed that its partner at the Mabel project in Sonora, Irmex, “has been working on modelizing the Mexus data including the 611 core and RC holes previously carried out by Pacific Comox before acquisition by Mexus Gold”. To date Irmex has calculated a volume of 184.4 K tonnes @ 1.15 gpt Au, 76 gpt Ag, but work continues to increase the resource. Signature of the definitive agreement is planned for late April 2022.
  • Solaris Resources Inc. is planning more exploration work to advance its La Verde project (60% Solaris, 40% Teck) in Michoacan. The work envisaged includes the possible extensions of higher-grade ore. A spin-off company, Solaris Exploration, probably will continue with the work on La Verde, while Solaris Resources focus in Ecuador.
  • Vizsla Silver Corp. reported results from 53 holes on the Napoleon vein corridor at Panuco, in Sinaloa. The mineralized zone has been extended 350 m, which takes the total length of the corridor to 2,500 m. Highlighted true-width intervals comprise 4.00 m @ 55 gpt Ag, 20.38 gpt Au, 0.2% Pb, 3.0% Zn and 9.42 m @ 85 gpt Ag, 2.73 gpt Au, 0.9% Pb, 4.1% Zn (including 2.17 m @ 85 gpt Ag, 7.91 gpt Au, 1.2% Pb, 7.4% Zn) on the Napoleon vein, 2.7 m @ 746 gpt Ag, 6.27 gpt Au, 0.7% Pb, 2.9% Zn on the Napoleon hanging wall vein and 0.47 m @ 17 gpt Ag, 60.5 gpt Au, 0.4% Pb, 1.4% Zn at the Josephine vein.
  • Prime Mining Corp. released results from the phase II drill program on El Zapote Sur, one of eight ore deposits, at its Los Reyes project in Sinaloa. Highlighted true-width intervals comprise 27.4 m @ 2.38 gpt Au, 43 gpt Ag; 5.8 m @ 7.75 gpt Au, 57 gpt Ag; 3.9 m @ 2.68 gpt Au, 15 gpt Ag; 5.6 m @ 2.91 gpt Au, 41 gpt Ag; 4.3 m @ 2.73 gpt Au, 23 gpt Ag; 8.8 m @ 1.49 gpt Au, 20 gpt Ag; 2.3 m @ 7.10 gpt Au, 20 gpt Ag; 5.3 m @ 1.92 gpt Au, 42 gpt Ag; 18.2 m @ 1.09 gpt Au, 32 gpt Ag. Currently nine rigs are operating at Los Reyes, having completed 30,000 m (in 106 holes) of the planned 50,000 m program. “Mineralization at Zapote South consists primarily of white to grey crystalline to chalcedonic quartz, quartz breccia and stockwork ….. fault structures within or along the margins of rhyolite dykes …… Quartz is massive to crustiform, locally displaying colliform to bladed replacement textures. Higher-grade intervals are marked by finely banded green adularia”.
  • Discovery Silver Corp. informed on results from 17 holes from the phase 2 drilling program at Cordero, in Chihuahua. Highlighted core-length intervals comprise 45.6 m @ 125 gpt Ag, 0.54 gpt Au, 2.0% Pb, 2.7% Zn (328 gpt AgEq); 177.4 m @ 27 gpt Ag, 0.03 gpt Au, 0.1% Pb, 1.1% Zn (74 gpt AgEq); 44.5 m @ 20 gpt Ag, 0.03 gpt Au, 0.1% Pb, 2.2% Zn (106 gpt AgEq) outside the current resource, 38.6 m @ 91 gpt Ag, 0.11 gpt Au, 1.3% Pb, 1.3% Zn (189 gpt AgEq) beneath the PEA pit and 32.3 m @ 70 gpt Ag, 0.12 gpt Au, 0.8% Pb, 1.0% Zn (142 gpt AgEq); 17.7 m @ 68 gpt Au, 0.03 gpt Au, 0.3% Pb, 0.4% Zn on the margins of the PEA pit. “This current set of results was predominantly targeting the expansion of the open pit and the resource in the northeast of the deposit”.
  • Torex Gold Resources Inc. presented the results of the updated technical report on its Morelos Complex in Guerrero. The Morelos Complex has a baseline cumulative cash flow of $1,418 M and after-tax (NPV 5%) of $1,040 M, while the Media Luna (ML) projects presents an after-tax NPV(5%) of $458 M. Life of mine (LOM) estimated at 11.5 years, commencing in April 2022, with an annualized production of 374 K Oz AuEq at total cash cost $809 per Oz AuEq and AISC of $954 per Oz AuEq. Total mineral reserves of 5.123 M Oz AuEq @ 3.90 gpt AuEq.
  • First Majestic Silver Corp. announced its 2021 mineral reserve and mineral resource estimates for the company’s properties, including figures from its operations in Mexico. In its three Mexican mines (San Dimas in Durango, Santa Elena/Ermitaño in Sonora and La Encantada in Coahuila), the company holds 63 M Oz Ag, 879 K Oz Au in the proven and probable categories (included in resources), as well as 111 M Oz Ag, 1.28 M Oz Au in the measured and indicated resource categories and 75 M Oz Ag, 829 K Oz Au in the inferred resource category.
  • Silver Valley Metals Corp. updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. “it is in advanced discussions and under NDA’s with several well financed and highly technical groups ……… All options remain open for the Company, including a direct investment into the Company itself and the Company moving the project forward, to a joint venture, to a spin out of the asset, to a buy-out of the entire asset”. The inferred resource on the properties comprise 243 K tonnes of lithium carbonate equivalent and 12.3 M tonnes of sulphate potash in 120 M tonnes @ 4.6% K, 380 ppm Li.

ON DEALS AND CORPORATE ISSUES

  • Tamino Minerals Inc. informed it is planning to trigger a Securities Fraud Probe against whomever results responsible of highly unusual “market activity witnessed during the last several months” (El Volcan, Sonora).
  • Huntington Exploration Inc. completed the acquisition of Lago de Oro S.A. de C.V. and its 550 square km El Grande gold project in Nayarit. A definitive agreement was reached to purchase all shares of the holding company for a cash payment of US$500 K, issuing 4 M shares of the company, a 2% NSR to the vendor and milestone payments on resources above 500 K Oz Au backed by NI-43-101 technical reports, capped at 20 M shares.
  • Xali Gold Corp. announced the ratification of the tailings and tourism agreements with the El Oro Municipality on El Oro tailings project in Estado de Mexico. “Renewing the Tailings Agreement is the final item required for Sun River Gold Corp (“Sun River”), who have the option to acquire 100% of the Tailings Project from Xali’s subsidiary…. The Tailings Agreement provides Xali Gold with the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest”.
  • Prime Meridian Resources Corp. updated on the option to purchase La Verde project in Sonora. Prime Meridian (PMR) formed the Mexican subsidiary Sonoran Copper, S.A. de C.V. and reserved the new company’s new name Sonoran Desert Corporation. PMR has to make a US$200 K payment on Exchange approval, and a further US$200 K payment on late February 2023. Also, Cdn$3.75 M in shares of PMR prior to the first anniversary, and Cdn$2.5 M of PMR shares on the second anniversary. A 2% NSR on production from skarn mineralization will be retained by the vendor, and a 2% NSR on production from porphyry mineralization, with PMR having the right to buy 1% for US$1 M.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Epidote bearing porphyritic rock from a project in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of October, 2021

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By Jorge Cirett

During the 43rd week of the year (October 25th to October 31st, 2021), at least 34 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six released Q3 reports, one on commencement of mining and one other in red tape issues, there were no financing related news, while ten companies posted on project development or resource definition and one more on a project acquisition. ON MEXICO ISSUES, a leftist senator asked for the Mining Fund to be reinstated for the benefit of communities. The head of the Energy Secretariat confirmed plans to create a lithium State company, and the government’s drive to monopolize the electricity market. Mixed market results for Mexican companies in 2021. ON EXPLORATION, In Sonora, Colibri Resources updated on drilling preparations. In Chihuahua, Reyna Silver has drilled the first skarn intervals in the Guigui project, rising the stakes and probing that pursuing geological models can pay off. Radius Gold released good drill results from the California target in the Amalia project. In Durango, Silverton updated on exploration activities at Pluton. In Sinaloa, Brigadier Gold released trench results from El Placer vein system at its Picachos property. In Nayarit, Sierra Madre Gold and Silver released surface sample results.   ON MINING, Fortuna Silver is awaiting a resolution on an application to continue mining at San José, in Oaxaca. Agnico Eagle, Altaley Mining, Guanajuato Silver, Alamos Gold, Coeur Mining, Gold Resource and Fresnillo PLC presented their Q3 2021 reports. Guanajuato Silver shipped its first concentrate from El Cubo mill. ON FINANCING, for the first time in a long period, no relevant news on this matter. ON RESOURCES AND DEVELOPMENT, Sonoro Gold plans a 10,000 m RC drilling campaign alongside the development of a 15 K tpd leach mining operation at Cerro Caliche in Sonora. A PEA has been filed. Barksdale Resources released good drilling results from San Javier, in Sonora. SilverCrest Metals continues construction on budget and on schedule at Las Chispas, Sonora. Excellon Resources presented high-grade drilling results from Platosa, in Durango. Silver Dollar is preparing for drilling at La Joya, Durango. Southern Silver Exploration updated the resource estimate at Cerro Las Minitas, Durango. GoGold Resources released drilling results from Los Ricos North project in Jalisco. Orex Minerals pointed that Fresnillo PLC, its JV partner at the Coneto project in Durango, released a maiden resource estimation. Mag Silver reported production from development at Juanicipio, Zacatecas by its JV partner Fresnillo PLC.   ON DEALS AND CORPORATE ISSUES, Avino silver & Gold Mines acquired the La Preciosa project, neighboring its Avino mine in Durango. Advance Gold filed a patent for lithium extraction from clays and fine sands. ON SOCIAL RESPONSIBILITY, Fresnillo PLC informed on health campaigns in Zacatecas.

ON MEXICO ISSUES

  • Geovanna Bañuelos, senator by the Partido del Trabajo (PT) asked for the Mining Fund to be reinstated in benefit to communities and municipalities where mining takes place.
  • Rocío Nahle, head of the Energy Secretariat, confirmed plans to create a lithium State company, as part of a wider reform in the electricity industry, same that is seen as containing expropriation streaks. The private sector is overwhelmingly against this reform, that is seen to conduct to higher energy prices and pollution, as well to scare other investments from the country.
  • Mixed results for Mexican Mining companies reflect changes in metal prices. Companies that have seen their stock tumble during 2021 include Fresnillo (-20.7% in Mexico, -18.3% in London). Peñoles (-11.4%) and Frisco (-4.2%) by their exposure to precious metals that have contracted by 5% in the case of gold and 7.4% for silver. Companies that have seen their stock appreciate include Autlán (+23.5%) and Grupo Mexico (+13.5%), the latter due to the 26.7% increase in the copper price.

ON EXPLORATION

  • Silverton Metals Corp. updated on the exploration activities at the Pluton project in Durango. The company’s processing and 3-D modelling of geophysical data is showing features not previously identified and defined new target areas. “Magnetometry reprocessing has been completed while ZTEM and gravity modelling are in progress. Permitting is underway for a seismic test line scheduled to be surveyed before year end. The seismic profile is expected to determine the depth to carbonate rocks” which might determine the depth to the favorable carbonate rocks.
  • Brigadier Gold Ltd. released results from additional trenches at El Placer Sur vein system at its 3,954-hectare Picachos project in Sinaloa. The property shows a porphyry Cu-Mo in an intrusive complex and Au-Ag-Cu-Pb-Zn veins. Intrusion hosted bulk tonnage coppers is exposed on the lower elevations, with sericitic breccias bearing Mo-rich stockworks a little bit above and peripheral to these, Au-Cu-Pb-Zn veins occur with propylitic, argillic and sericitic alteration on host rocks. At EL Placer Sur, veins historically mined on narrow widths are showing wider spans in trenches, like 10.65 m @ 2.08 gpt Au, 38 gpt Ag, 638 ppm Cu, 2.9% Pb, 3.5% Zn; 5 m @ 3.37 gpt Au, 3 gpt Ag.
  • Radius Gold Inc. released high-grade results from drilling by Pan American Silver Corp. of the California target at the Amalia project in Chihuahua. “The California vein breccia system has been mapped for 2.8km” with 3,814 m of drilling limited to 1km. Reported intervals include 6.20 m @ 93 gpt Ag, 0.43 gpt Au; 27.30 m @ 90 gpt Ag, 0.26 gpt Au; 50.40 m @ 50 gpt Ag, 0.05 gpt Au; 3.95 m @ 487 gpt Ag, 2.15 gpt Au; 17.15 m @ 35 gpt Ag, 0.07 gpt Au; 1.75 m @ 578 gpt Ag, 0.27 gpt Au; 11.20 m @ 379 gpt Ag, 1.26 gpt Au; 26.90 m @ 353 gpt Ag, 2.59 gpt Au (including 7.50 m @ 976 gpt Ag, 7.38 gpt Au); 11.15 m @ 99 gpt Ag, 0.64 gpt Au.
  • Reyna Silver Corp. reported initial results for its 13-hole drilling program at Guigui, in Chihuahua. “The program was designed to narrow down the location of the probable source intrusion for the Santa Eulalia District- Mexico’s largest known Carbonate Replacement Deposit (CRD)”. Two holes cut a 200 m thick rhyolitic intrusion, starting at 1,309 m of depth, previously unknown in the district, with extensive high-grade mineralization at its base. The highlighted interval comprises 54.90 m @ 23 gpt Ag, 0.67% Pb, 1.86% Zn, including 15.80 m @ 60 gpt Ag, 2.19% Pb, 5.85% Zn. The epidote skarn present shows textural evidence for multiple stages of formation that point to repeated pulses of mineralization related to a possible multi-phase intrusive center (Note by Editor.- Congratulations to Peter Megaw, who has been relentlessly pursuing this beast for several
  • Sierra Madre Gold and Silver Ltd. released results from assaying of 319 reconnaissance surface samples at La Tigra, Nayarit. The samples average 0.48 gpt Au, with 10% of the total returning more than 1 gpt Au and a peak of 18.2 gpt Au.
  • Colibri Resource Corp. updated on preparations for drilling at Evelyn in Sonora. Current work includes geological mapping and sampling, as well as construction of drill access roads and pads. The incoming reverse circulation program of up to 10,000 m will be based on the surface distribution of higher-grade assay results coincident with magnetic gradients and lineaments, as well as mapped structures.

ON MINING

  • Fortuna Silver Mines Inc. informed the company filed with SEMARNAT (Environmental regulator) an application to extend by ten years the term of the environmental impact authorization (EIA) on its San Jose mine in Oaxaca. SEMARNAT has failed to resolve timely on the application, and Fortuna has obtained a provisional injunction from a federal court that allows the continued operation of the San Jose mine beyond the expiry date of the EIA. The company is seeking “an additional injunction to permit the continued operation of the San Jose Mine until the extension to the EIA is granted”.
  • Agnico Eagle Mines Ltd. presented Q3 2021 results, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 444 K tonnes were processed at a rate of 4,826 tonnes per day (tpd), averaging 2.40 gpt Au, to produce 32,402 Oz Au at production cash cost $1,156 per Oz Au and total cash cost of $854 per Oz Au. At Creston Mascota, residual leaching produced 2,988 Oz Au at $593 per Oz Au and total cost of $486 per Oz Au. At La India, in Sonora, 1.23 M tonnes were processed at a rate of 13,402 tpd and a grade of 0.62 gpt Au, to produce 17,124 Oz Au at a production cost of $931 per Oz Au and a total cash cost of $971 pr Oz Au.
  • Altaley Mining Corp. provided preliminary production results for the quarter ending on September 30, 2021. At Campo Morado in Guerrero, 163.7 K tonnes were milled @ 1.2 gpt Au, 129 gpt Ag, 1.1% Pb, 4.5% Zn, recovering 22% Au, 46% Ag, 31% Pb, 74% Zn to produce 11.8 K tonnes of Zn concentrate and 2.7 K tonnes of Pb concentrate.
  • Guanajuato Silver Company Ltd. announced the first shipment of Au-Ag concentrate from El Cubo mill in Guanajuato. Approximately 75 tonnes of concentrate produced on the recently refurbished processing plant, averaging 200 Oz Ag per tonne and 2 Oz Au per tonne.
  • Alamos Gold Inc. presented its third quarter 2021 production report, including figures from its Mexican operations. At Mulatos, in Sonora, 744.8 K tonnes of ore and 1.675 M tonnes of waste were moved, with 1.58 M tonnes stacked @ 1.08 gpt Au, containing 54,999 Oz Au with a recovery rate of 49% Au to produce 26,700 Oz Au. A further 6.3 M tonnes of waste were moved at La Yaqui Grande pit, as part of pre-stripping. Production was significantly impacted by an above-average rainy season.
  • Coeur Mining Inc. reported third quarter financial results including figures from its operation in Mexico. At Palmarejo in Chihuahua, 517.4 K tonnes were milled @ 1.55 gpt Au, 120 gpt Ag, recovering 93.7% Au, 85.5% Ag to produce 24,254 Oz Au, 1.7 M Oz Ag. La Preciosa deposit in Durango was sold to Avino Silver & Gold Mines Ltd. for a total potential consideration between 58.8 M and $93.4 M plus two royalties.
  • Gold Resource Corp. reported Q3 2021 results. At the Don David mine in Oaxaca, 155.5 K tonnes were milled @ 1.26 gpt Au, 68 gpt Ag, 0.40% Cu, 1.9% Pb, 5.0% Zn, to produce 4,728 Oz Au, 324.6 K Oz Ag, 428 tonnes Cu, 2,157 tonnes Pb, 5,538 tonnes Zn.
  • Fresnillo PLC reported production of 12.7 M Oz Ag in the third quarter of 2021. The company maintains the 2021 guidance between 53.5 M Oz Ag and 59.5 M Oz Ag.

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. intends to resume drilling at the Cerro Caliche project in Sonora, with a 10,000 m reverse circulation (RC) drilling campaign. The drilling is to proceed alongside the proposed development of 15,000 tonnes per day (tpd) heap leach mining operation. The six-month program is to focus in expanding oxide gold mineralization and some potential high-grade targets in a total of 12 zones, with holes averaging 100-110 m in depth.
  • Barksdale Resources Corp. released good drill results from the current 5,000m program at its San Javier project in Sonora. Results from the Cerro Verde zone testing gaps between historically known mineralization intercepted 38.5 m @ 0.38% Cu, 0.38 gpt Au and 51 m @ 0.32% Cu, 0.29 gpt Au in one hole, with a 27 m 1.97 gpt Au interval partially overlapping with these two zones. Another hole intercepted 105 m @ 0.63% Cu, 0.40 gpt Au, including 15 m @ 1.01% Cu; 9 m @ 1.57% Cu, 2.20 gpt Au; with a 18 m @ 1.77 gpt Au, 0.97% Cu interval partially overlapping and an independent 21 m @ 0.55 gpt Au interval. To date 24 diamond drill holes have been completed, of which the first four were drilled partially or completely in PQ size (for metallurgical studies), and the rest as HQ size.  
  • SilverCrest Metals Inc. advised project construction continues on schedule and budget at its Las Chispas property in Sonora. Well-advanced or completed areas comprise the plant detailed engineering, process plant construction, electrical powerline (81 Km) construction, bridge construction, confined camp construction, access road construction, underground development, underground infrastructure and stockpile growth, dry stack tailings facility and assay lab construction.
  • Excellon Resources Inc. presented results from underground drilling at Platosa, in Durango. Highlighted core-length intervals comprise 7.5 m @ 648 gpt Ag, 2.6% Pb, 1.4% Zn; 2.2 m @ 2,160 gpt Ag, 24.6% Pb, 7.2% Zn; 0.5 m @ 4,451 gpt Ag, 8.8% Pb, 12.2% Zn, 0.2 gpt Au; 3.4 m @ 501 gpt Ag, 5.8% Pb, 4.4% Zn; 0.9 m @ 1,310 gpt Ag, 9.8% Pb, 4.2% Zn, 0.1 gpt Au; 1.4 m @ 585 gpt Ag, 4.5% Pb, 3.0% Zn; 3.4 m @ 766 gpt Ag, 4.7% Pb, 3.5% Zn; 1.5 m @ 445 gpt Ag, 3.9% Pb, 7.4% Zn; 2.7 m @ 523 gpt Ag, 3.5% Pb, 8.5% Zn; 1.9 m @ 748 gpt Ag, 4.0% Pb, 12.8% Zn.
  • Silver Dollar Resources Inc. is relogging and resampling select historical drill core, along with targeted surface sampling and mapping to refine drill locations for its incoming drilling program at La Joya, Durango.
  • Southern Silver Exploration Corp. updated its mineral resource estimate on Cerro Las Minitas project in Durango. Indicated sulfide mineral resources stand at 12.32 M tonnes @ 106 gpt Ag, 0.07 gpt Au, 1.3 % Pb, 3.3% Zn, 0.16% Cu (347 gpt AgEq) containing 42.1 M Oz Ag, 28 K Oz Au, 358 M Lb Pb, 895 M Lb Zn, 44 M Lb Cu (137.3 M Oz AgEq) and inferred sulfide resources at 19.6 M tonnes @ 117 gpt Ag, 0.12 gpt Au, 1.2% Pb, 2.3% Zn, 0.23% Cu (314 gpt AgEq), containing 73.6 M Oz Ag, 78 K Oz Au, 500 M Lb Pb, 1,009 M Lb Zn, 98 M Lb Cu (197.7 M Oz AgEq).
  • GoGold Resources Inc. released the results of four drill holes from the El Favor East zone at its Los Ricos North project in Jalisco. Highlighted core-length results comprise 10.1 m @ 0.14 gpt Au, 42 gpt Ag; 27.5 m @ 0.04 gpt Au, 40 gpt Ag; 22.0 m @ 0.45 gpt Au, 151 gpt Ag (including 1.3 m @ 4.16 gpt Au, 827 gpt Ag); 20.0 m @ 0.37 gpt Au, 122 gpt Ag; 4.8 m @ 0.28 gpt Au, 107 gpt Ag; 1.4 m @ 0.40 gpt Au, 29 gpt Ag; 1.3 m @ 0.15 gpt Au, 60 gpt Ag; 12.1 m @ 0.32 gpt Au, 89 gpt Ag (including 1.3 m @ 1.94 gpt Au, 348 gpt Ag). The new drilling extended El Favor East for another 150 m.
  • Orex Minerals Inc. announced that the joint venture company which is 55% Fresnillo and 45% Orex received results from the first mineral resource estimate at the Coneto project in Durango. A total of 38,515 m of drilling in 106 diamond holes were used to calculate 5.32 M tonnes @ 1.67 gpt Au, 112 gpt Ag (3.15 gpt AuEq) containing 286 K Oz Au, 19.1 M Oz Ag (538 K Oz AuEq) in inferred resources.
  • Mag Silver Corp. reported 2021 third quarter production of underground development material from the Juanicipio project (56% Fresnillo PLC/44% Mag Silver). During the period 57.1 K tonnes were processed to produce 667.5 K Oz Ag, 1,107 Oz Au. “Construction of the Juanicipio processing plant continues to make good progress, with the focus now on transitioning from construction to commissioning activities”.
  • Sonoro Gold Corp. filed a preliminary economic assessment (PEA) of the Cerro Caliche project in Sonora. The report envisages a Pre-Tax NPV (5%) of US$6.7 M and an IRR of 52.7% with a price of US$1,750 per Oz Au; 7 years of life of mine producing an average of 45.7 K Oz Au for a total of 325 K Oz Au; recoveries of 74% Au and 27% Ag; AISC of US$1,351 per Oz Au; 349 K Oz Au measured and indicated resources at 0.41 gpt Au and 71 K Oz Au of inferred resources at 0.40 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Advance Gold Corp. filed a patent application to extract lithium and potassium from clay and fine sand salars. The company intends to use this environmentally friendly method from its properties in central Mexico. The method uses water and an electrical process to obtain a solution of Li and K that can produce a high-grade concentrate from which Li and K extracted using organic compounds.
  • Avino Silver & Gold Mines Ltd. acquired the La Preciosa project in Durango from Coeur Mining Inc. through the purchase of the shares of holding companies. La Preciosa is neighboring to the Avino mine, with operational synergies due to its location. Furthermore, metallurgical testing of ore achieved 80% Au and 60% gold recovery using flotation methods currently used at Avino’s mill facilities. La Preciosa holds 99 Moz Ag, 189 K Oz Au in indicated resources and 21 M Oz Ag, 35 K Oz Au in inferred resources. Avino agreed to pay a cash consideration of $15 M on closing and $5 M a year after closing, and issue 14 M shares (~12% of Avino stock will be owned by Coeur). A contingent cash consideration of $8.75 M will be paid within one year of commencement of mining. “Coeur will retain ownership of a 1.25% net smelter return royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all areas of La Preciosa other than the Gloria and Abundancia areas”.

ON SOCIAL RESPONSIBILITY

  • Fresnillo PLC informed on health campaigns in Zacatecas.

On the image below: Calc-sodic alteration along epidote veinlets in intrusive rocks on a project in the Sonoran Desert. Picture by Jorge Cirett.

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

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

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

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

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OneWorldLithium

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

Highlights on the Third Week of October, 2017. Mineral Exploration in Mexico

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During the 42nd week of the year (October 16th to October 22nd, 2017), at least 29 press releases were announced by companies working in Mexico, including eight quarterly reports. ON MEXICO ISSUES: No relevant news. ON EXPLORATION: Nine companies disclosed exploration efforts during the week: In Sonora, Alix Resources is doing metallurgical studies at its Agua Fria project; Teck is drilling the Alacrán project;  Oceanus discovered several veins at its El Tigre property; Riverside presented an exploration update on its Tajitos and Cecilia projects; SilverCrest released drill results from the Babicanora vein on its Las Chispas property; VVC Exploration boasted on the size of the mineralized system at Cumeral; Azure Minerals started drilling its Oposura project. In Chihuahua, Harvest Gold presented results on a soil program completed on its Cerro Cascaron project. In Sinaloa, VVC Exploration describes two mineralized structures at its La Tuna property. In Veracruz, Mexican Gold completed a geophysical survey that highlighted several targets at its Las Minas project. ON MINING: Avino Silver, Premier Gold, Sierra Metals, Gold Resource, Excellon, Fortuna Silver, First Majestic and McEwen Mining reported preliminary third quarter results. Corex Gold shipped the first gold concentrate from its Santana property in Sonora.  ON FINANCING: Excellon is to raise up to $11.5 M on a bought deal basis; Goldcorp exercised C$3.5 M on Alio Gold warrants; Alio gold exercised a buy-back clause to acquire 1% of NSR from Goldcorp; Silver One raised C$4.3 M. ON RESOURCES AND DEVELOPMENT: Leagold updated the resource estimate at the Bermejal Underground deposit on its Los Filos property  in Guerrero; Mexican Gold presented drill results from its Las Minas property in Veracruz; Torex Gold commenced an in-fill drill program at its Media Luna project in Guerrero; Monarca Mining is reviewing the geological information and drill holes from its Tejamen property in Durango; Riverside is re-logging core from the Jesus Maria zone of its Peñoles project in Durango; Southern Silver presented an update on the exploration and resource definition at its Cerro Las Minitas project in Durango; VVC Exploration is looking into bringing the Samalayuca copper property in Chihuahua to production; Bacanora Minerals received the environmental permit for plant construction on its Sonora lithium project. ON DEALS AND CORPORATE ISSUES: Alix Resources informed that Lithium Australia NL holds now 54% of the Elektra project in Sonora. Goldcorp announced the completion of the sale of its 21% stake on San Nicolas (Zacatecas) to Teck.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Alix Resources Corp. completed recently a 2,500 m reverse circulation drill program at its Agua Fria project in Sonora. The program comprised 16 holes, returning 33 m @ 1,058 ppm Li; 48 m @ 1,031 ppm Li; 24 m @ 1,050 ppm Li. “A large sample is currently being composited for further metallurgical studies.   “In addition to significant Li values, the clay horizons at Agua Fria are anomalous in potassium which may be recoverable as potassium sulphate…”
  • Azure Minerals Ltd. informed that project operator Teck has commenced drilling on the Alacrán project in Sonora. During 2017 Teck has performed geological mapping, surface sampling and an induced polarization survey, identifying two high priority targets. The first target is the extension of the Loma Bonita Ag-Au deposit towards Cerro San Simon, with potential for epithermal mineralization. The second target is Cerro Colorado where strong chargeability and resistivity anomalies were identified under soil anomalies, pointing to a porphyry copper target. Three diamond rigs are to drill 5,000 m.
  • Mexican gold Corp. completed 50 km of ground magnetic survey and 15 line km of “Moving Loop Time Domain Electromagnetic” (TDEM) on the El Dorado/Juan Bran, Cinco Señores and Las Minillas mineralized zones at its Las Minas property in Veracruz. The TDEM method was validated over known parts of the mineralized system, with multiple new targets emerging on the three zones.
  • Oceanus Resources Corp. has discovered several new veins located approximately 150 m north and parallel to the Caleigh vein on its El Tigre project in Sonora. A drill rig is to arrive on the last week of October.
  • Riverside Resources Inc. presented an update on its Cecilia, Tajitos and La Silla projects. At Cecilia in Sonora, the environmental permit has been received to drill test the upper portion of a dome-related epithermal system, with sampling returning 21% of 394 chip-channel samples greater than 0.3 g/t Au. At Tajitos, also in Sonora, a number of new targets have been identified after reviewing in detail the past exploration and drilling campaign. At La Silla in Sinaloa, Riverside continues to consolidate a strong land package and outlining multiple veins, with soil surveying, mapping, sampling, structural analysis, remote sensing and prospecting.
  • Harvest Gold Corp. and Evrim Resources Corp. covered an area of 4.5 km by 1.6 km with a soil sampling program at its Cerro Cascaron project in Chihuahua. The soil survey included 877 Samples collected every 50 m on lines separated 200 m apart, oriented east-west. “Results have extended known veins, identified two new corridors and have highlighted a 1.4 kilometre-long, very strong gold-silver trend to the north of the ……. Serpiente Dorada vein”. The Carabina, San Pedro, and La Puerta areas show a “significant soil response in gold, silver and pathfinders along strike from known gold-silver mineralization and two additional areas between San Pedro and La Puerta, have significant pathfinder element responses”.
  • VVC Exploration Corp. describes its Cumeral project in Sonora as boasting a gold mineralization zone that runs at least for 3.6 km. At La Tuna in Sinaloa, two mineralized structures are favorable for an open-pit gold/copper resource. A signed letter of intent (LOI) with a mining company is at the due diligence stage.
  • SilverCrest Metals Inc. released further results from the Phase II drill campaign at its Las Chispas property in Sonora. The Babicanora vein has been drill tested for over 600 m of strike length, with a near-surface mineralized height of 150 to 175 m. High-grade intercepts occur also on the Granaditas and Amatista veins on the Babicanora area. Results include 2.9 m (true width, or TW) @ 5.6 g/t Au, 173 g/t Ag; 3.0 m @ 4.3 g/t Au, 130 g/t Ag; 2.0 m @ 3.0 g/t Au, 78 g/t Ag; 4.0 m @ nil Au, 397 g/t Ag; 4.1 m @ 3.5 g/t Au, 137 g/t Ag; 1.7 m @ 3.6 g/t Au, 190 g/t Ag. The average of the high-grade zone in 20 holes of the Babicanora vein is 3.6 m @ 2.73 g/t Au, 263 g/t Ag. Approximately 5,000 m of drilling is planned for the remaining part of 2017.
  • Azure Minerals Ltd. is drilling with two core rigs its Zn-Pb-Ag Oposura project in Sonora. The 120 hole program is to total 7,000 m, aiming to produce a mineral resource estimate by the end of March 2018.

ON MINING

  • Avino Silver and Gold Mines Ltd. reported third quarter 2017 production results from its Avino property in Durango. At the Avino mine 119.3 K tonnes were mined, with 117.9 K tonnes milled @ 66 g/t Ag, 0.7 g/t Au, 0.48% Cu; recoveries stood at 85% Ag, 70% Au, 88% Cu to produce 213.8 K Oz Ag, 1,847 Oz Au, 1.1 M Lb Cu (501.8 ton). At the San Gonzalo vein 18.4 K tonnes were mined, 20.3 K tonnes milled @ 281 g/t Ag, 1.55 g/t Au; with recoveries of 85% Ag, 82% Au, producing 155.2 K Oz Ag, 826 Oz Au.
  • Premier Gold Mines Ltd. announced preliminary third quarter results, including figures from its Mercedes mine in Sonora, where 18,564 Oz Au, 82,856 Oz Ag were produced.
  • Gold Resource Corp. disclosed preliminary production results for the third quarter 2017 on its El Aguila property in Oaxaca. The company produced 6,465 Oz Au, 392.1 K Oz Ag, 291 tonnes Cu, 1,449 tonnes Pb, 4,628 tonnes Zn.
  • Sierra Metals Inc. reported third quarter 2017 production results, including figures from its Cusi and Bolivar mines in Chihuahua. At Bolivar 223.3 K tons were processed @ 0.92% Cu, 14 g/t Ag, 0.14 g/t Au, achieving recoveries of 77.9% Cu, 74.5% Ag, 61.6% Au, to produce 3.52 M Lb Cu, 76 K Oz Ag, 629 Oz Au. At Cusi, 13.2 K tonnes were processed @ 154 g/t Ag, 0.26 g/t Au, 1.0% Pb, 1.1% Zn, with recoveries of 84.1% Ag, 55.7% Au, 83.5% Pb, 50.9% Zn, to produce 55 K Oz Ag, 61 Oz Au, 247 K Lb Pb, 160 K Lb Zn.
  • Excellon Resources Inc. announced third quarter 2017 results from its Platosa mine in Durango, where 18.1 K tonnes were mined, and 19.9 K tonnes milled @ 409 g/t Ag, 4.4% Pb, 6.1% Zn. Recoveries stood at 87.6% Ag, 81.8% Pb, 81.1% Zn, to produce 226.2 K Oz Ag, 1.6 M Lb Pb, 2.2 M Lb Zn. “All-in sustaining cost decreased during the quarter to approximately $11-$13 per payable silver ounce…”.
  • Fortuna Silver Mines, Inc. released third quarter 2017 production results, including figures from its San Jose mine in Oaxaca. At San Jose 263.7 K tonnes were milled at a rate of 3,038 tonnes per day (tpd), and an average grade of 229 g/t Ag, 1.71 g/t Au, with recovery rates of 90.5% Ag, 91.4% Au, to produce 1.77 M Oz Ag, 13,248 Oz Au. Mine production was sourced from Trinidad Central and Trinidad North.
  • First Majestic Silver Corp. released production results for the third quarter 2017 from its six mines in Mexico: Santa Elena in Sonora, La Encantada in Coahuila, La Parrilla in Durango; Del Toro in Zacatecas, San Martin in Jalisco, and La Guitarra in Estado de Mexico. Total production from the six mines amounts almost four million silver equivalent ounces during the period.First Majestic Q3 2017 production11
  • Corex Gold Corp. shipped the first gold–in-carbon concentrate from its Santana heap-leach project in Sonora. Corex has been conducting continuous bulk testing heap-leach activities on coarser crushed material than in the next anticipated program to be performed on finer crushed material.

    McEwen Mining Inc. reported production results for the first quarter 2017, including figures from its operations at El Gallo in Sinaloa, where 7,213 AuEq ounces were produced. Production below expectations is the result of a serious mechanical failure that halted crushing for a period of time. Better grades and increased crushing rates in the rest of the year are expected to partially compensate for the shortfall.

    ON FINANCING

    • Excellon Resources Inc. entered into an agreement with a syndicate of underwriters to sell shares on a bought deal basis for gross proceeds of $10 M. If an over-allotment option is exercised in full, gross proceeds for the offering can reach $11.5 M. (Platosa, Durango).
    • Alio gold Inc. announced that Goldcorp Inc. exercised its warrants that expire on October 19, 2017 for total proceeds of C$3.5 M. Alio Gold also exercised a buy-back right from Goldcorp of a 1% NSR on its Ana Paula project in Guerrero, for US$2.9 M. After the buy-back, the NSR held by Goldcorp on Ana Paula is now 2%. (San Francisco, Sonora).
    • Silver One Resources Inc. closed an oversubscribed non-brokered private placement for gross proceeds of C$4.3 M (Peñasco Quemado, Sonora).

    ON RESOURCES AND DEVELOPMENT

    • Leagold Mining Corp. updated the Bermejal Underground mineral resource estimate at its Los Filos property in Guerrero. The updated resource includes 9.9 M tonnes @ 6.15 g/t Au, 22 g/t Ag in the measured and indicated category, and 4.7 M tonnes @ 5.36 g/t Au, 16 g/t Ag in the inferred bracket, containing 1.97 M Oz Au and 820 K Oz Au in each category respectively. The estimate includes data from form 505 drill holes totaling 195,261 m, with mineralization having been tested along 1,600 m along the strike of the intrusive contact, with a vertical depth extent of over 800 m. Drill hole spacing is roughly 35 m for indicated resources and less than 25 m for measured resources.
    • Mexican Gold Corp. reported mineralized intercepts from its ongoing resource expansion drilling at El Dorado/Juan Bran zone at its Las Minas property in Veracruz. One hole intersected a 21 m interval of chalcopyrite, bornite and magnetite, and a second interval of 56 m of stronger mineralization. Both intervals have wide zones outside the outline of the mineral resource. One other hole intersected two intervals of 3 m and 8 m with chalcopyrite, bornite and magnetite.
    • Torex Gold Resources Inc. has initiated the in-fill drilling program at its Media Luna development project in Guerrero. The program’s purpose is to upgrade to the Indicated confidence level, 25% of the current resource (7.4 M Oz AuEq). The US$15 M program contains 175 holes averaging 600 m in depth, for a total of 105,000 m of drilling.
    • Monarca Mining Inc. is currently re-analyzing geological information and the re-logging of historical drill results from its Tejamen property in Durango. Monarca has identified three high grade intercepts at the Los Mantos and Cerro Prieto portions of Tejamen, including an 80 m zone containing 417 g/t Ag. The feeder veins strike to the SW for approximately one km. Drilling reached only about 150 m of depth, and the core was not assayed for other metals.
    • Riverside Resources Inc. informed that re-logging of 15 holes of the Jesus Maria zone at its Peñoles project in Durango resulted in the interpretation that at least one and possibly multiple high-grade vein structures remain untested for hundreds of meters along strike and down dip.
    • Southern Silver Exploration Corp. presented an update on activities at its Cerro Las Minitas project in Durango. During 2017 13,600 m were drilled in 18 holes, identifying and extending the new Skarn Front zone beneath the Blind and El Sol deposits. Exploration has been funded by Electrum Global Holdings L.P., earning a 60% stake on the project by spending US$5.0 M. A total of 107 drill holes for 49,600 m have been completed on the project, with exploration expenditures reaching US$10 M.
    • VVC Exploration Corp. is looking to bring the Samalayuca copper project to production in 2018. A 2013 NI-43-101 resource estimate shows a resource of 4.1 M tonnes of ore. VVC plans to use low cost, low tech processing to produce copper cement that is directly usable in many industrial processes.
    • Bacanora Minerals Ltd. announced the environmental impact statement (Manifestacion de Impacto Ambiental, or MIA) on its Sonora project has been approved by SEMARNAT (Environmental agency). The MIA approved is for the production of 35,000 tonnes per year of lithium carbonate through a conventional beneficiation process followed by a standard SO4 roasting process.

    ON DEALS AND CORPORATE ISSUES

    • Alix Resources Corp. announced that Perth-based lithium processing technologist, Lithium Australia NL (LIT) is controlling now 54% of the Elektra lithium project in Sonora. LIT has the right to earn up to 65% interest on the project under the current JV agreement.
    • Goldcorp Inc. announced the completion of the sale of its 21% minority interest in the San Nicolas Cu-Zn project in Zacatecas, to Teck Resources Ltd., for a cash consideration of US$50 M.

    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, sheeted quartz veins cutting an intrusive rock on a prospect of the Durango Altiplano. Photo by Jorge Cirett.Pillar2

Alset Reports Positive Lithium Results from 13 Salars in Zacatecas and San Luis Potosi, Mexico

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http://www.newsfilecorp.com/release/29401/Alset-Reports-Positive-Lithium-Results-from-13-Salars-in-Zacatecas-and-San-Luis-Potosi-Mexico#.WdQ4wGjWzIU

Vancouver, British Columbia–(Newsfile Corp. – October 2, 2017) – Alset Minerals Corp. (TSXV: ION) (“Alset” or “the Company”) is pleased to report further results from sampling of the Company’s 100% owned salars located in the states of Zacatecas and San Luis Potosi, Mexico. All of these salars returned positive lithium and potassium results. Upon completing the drilling at the La Salada salar (see Company news release dated: 2017-08-09), a reconnaissance auger sampling program was initiated on 13 additional salars to investigate mineralization of soils in the first 1 metre layer. The Company is very encouraged by the results with all the salars being mineralized including some with very promising grades of lithium and potassium.

Discussion of Analytical Results

Of the 13 salars sampled, 9 had average lithium grades exceeding 200ppm, with 4 salars averaging lithium grades of around 400ppm and higher (Table 1). Santa Clara, the largest salar, had an average lithium grade of 392ppm with a high of 890ppm. At Chapala salar, lithium grades reached a high of 530ppm with an average of 416ppm. Hernandez salar returned a high of 670ppm and average of 556ppm. The highest maximum and average lithium grades came from the Caliguey salar with a high of 1820ppm and an average of 769ppm.

Sampling also returned encouraging results for potassium (K). The average potassium grade for all 13 salars range from 1.20% to 3.38% K, with 9 of the salars exceeding an average grade of 2.00% K. At Caliguey, Santa Clara and El Salitral the average grade exceeded 3.38% K. Caliguey returned a maximum grade of 5.29% K, with an average grade of 3.38% K. Santa Clara, returned a maximum grade of 4.60% K. El Salitral returned a maximum grade of 4.28% K and an average grade of 3.78% K.