canasil_dec 14, 2017
Vancouver, December 14, 2017 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that the Company’s shareholders have approved the Plan of Arrangement to segregate its British Columbia properties into a separate company, Canmine Minerals Inc. (“Canmine”), at the Special Meeting of Shareholders held on December 12, 2017. The details of votes cast at the Special Meeting are summarized in the table below:
||% of O/S Shares
|PLAN OF ARRANGEMENT
|CANMINE STOCK OPTION PLAN
The Company will now apply for the Final Court Order to approve the arrangement, following which the Directors of Canasil and Canmine will proceed with the arrangements for meeting the initial listing requirements for the listing of Canmine on the TSX Venture Exchange (“the “Exchange”). Assuming that the Court Order is granted, the Directors of Canasil and Canmine will determine the timing for the remaining steps for the completion of the Arrangement.
- Consolidated Zinc (CZL) has received firm commitments for a Placement of $1.96 million from new and existing investors
- Demand has been driven by the recently announced successful Scoping Study and newly identified exploration areas within and outside the mine which includes high grade intercepts well below the current development
- CZL commenced a significant circa 70 hole drilling program in late November with 3 rigs undertaking extensional and resource definition drilling high grade Plomosas Zinc Project, along with the testing of further regional targets nearby
- First assays are due shortly and further assays will continue for the next few months
- Regional exploration demonstrating early success with the recently announced high grade assays of up to 42.72% Zn+Pb from mineralised exposures at the nearby Juarez mine
- Funding will accelerate the drilling campaign to expand the existing Resource at Plomosas
Consolidated Zinc Ltd (“CZL” or the “Company”) is pleased to announce it has received firm commitments to place 163,455,050 fully paid ordinary shares at $0.012 per share (with a free 1 for 3 unlisted 2.5c, 31 December 2020 option), to raise $1.96 million before costs (“Capital Raising”). The issue has been offered to institutional and sophisticated investors in Australia and will be completed in two tranches. The first tranche of 107,681,717 shares will utilise the Company’s available 15% capacity and settle by 20 December 2017. The second tranche of 55,773,333 shares and 54,485,013 options (consisting of all free attaching options from tranche 1 and tranche 2 placements) will be subject to shareholder approval and so completed, once that has been obtained.
Chesapeake Gold Corp. (“Chesapeake”) is pleased to provide an update of the Phase 1 drilling and district wide exploration program at its regional Yarely project (“Yarely”) in Sinaloa State, Mexico. Yarely is strategically located 10 kilometres from a paved highway and within 25 kilometres of the proposed Metates processing plant site. Metates hosts one of the largest undeveloped gold, silver and zinc reserves in the world and is 100% owned by Chesapeake.
Toronto, Ontario – December 14, 2017 – Excellon Resources Inc. (TSX:EXN, EXN.WT and EXN.WT.A; OTC:EXLLF) (“Excellon” or the “Company”) is pleased to announce the commencement of an extensive surface exploration program on the 21,000-hectare Platosa Property in Durango, Mexico targeting further extensions to the Platosa Mine system and new manto and skarn discoveries.
Successful Resource Drill-Out Campaign Nearing Completion
• Wide zones of high-grade zinc & lead mineralisation intersected, including:
OPDH-004 6.9m @ 13.1% Zn+Pb from 42.2m
OPDH-007 4.3m @ 11.4% Zn+Pb from 25.2m
OPDH-008 16.6m @ 18.2% Zn+Pb from 21.2m
OPDH-012 5.4m @ 12.9% Zn+Pb from 2.6m
OPDH-015 6.4m @ 16.3% Zn+Pb from 1.5m
OPDH-019 3.9m @ 14.7% Zn+Pb from 15.7m
• Width and grade of mineralised zone is meeting Management’s expectations and mineralisation remains open
• 62 holes drilled for 3,661m – second half of resource drill-out program progressing well
• Samples for 43 holes have been submitted for analysis, with assays received for 19 of these holes – further results are expected shortly
• Azure remains on track to deliver high grade zinc-lead maiden mineral resource estimate by March-April 2018
HENDERSON, Nev., Dec. 07, 2017 (GLOBE NEWSWIRE) — Firma Holdings Corp. (OTC PINK:FRMA) (the “company”) is pleased to provide a corporate update.
Gracepoint Mining (Subsidiary)
Don Roman Project, Choix, Mexico
The project, consisting of 10,000 hectares of mineral claims, hosts over 80 known structures, and includes a 3 Circuit 360 tonne (estimated) per day flotation mill centrally located to the structures and about 100 meters off of a government paved road. In addition, 80% of the known structures are accessible by existing road infrastructure.
The company has recently entered into a Profit Participation Agreement with a third party to fund the refurbishment of the flotation mill and the development of the Rosario zinc-lead-silver mine that has had historic production. The agreement calls for an investment of a minimum of $250,000 and a maximum of $600,000 to earn an expected 10% net cash flow interest.
Vancouver, BC, December 5, 2017 – Silver One Resources Inc. (TSX.V:SVE; OTC Pink:SLVRF; FSE:BRK1 – “Silver One” or the “Company”) has commenced a geophysical survey at its wholly-owned Peñasco Quemado silver property in Sonora, Mexico. The purpose of the survey is to develop a 3D-quality map of lithologies identified as high-priority target areas with strong zinc and lead soil geochemistry analysis in early 2017 (see Company news release dated March 1, 2017) and better delineate targets for potential future drilling.
Vancouver, BC — Orex Minerals Inc. — (TSX-V: REX — OTCQX: ORMNF) (“Orex”), is pleased to announce that they have signed a Letter of Intent (LOI) with Exploraciones del Altiplano SA de CV (“Altiplano”) to acquire 100% of the San Luis del Cordero Project in Durango, Mexico. This project is a skarn and epithermal vein hosted silver-copper-zinc district, located 155 kilometres northeast of the City of Durango.
Orex’s President, Gary Cope says, “Acquisition of the Cordero Project gives Orex a third quality asset, with upside exploration potential, in the prolific Silver Trend of north-central Mexico.”
During the 48th week of the year (November 27th to December 3rd, 2017), at least 33 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). ON EXPLORATION: ten press releases from eight companies working in Mexico informed on exploration efforts during the week: In Sonora SilverCrest released high-grade results from drilling two different zones at its Las Chispas project; Azure Minerals released high-grade drilling results from its Sara Alicia Au-Co project, and updated on drilling progress at its Oposura property; Wolverine Minerals commenced exploration at Los Venados project; San Marco Resources is to complete an induced polarization survey at its 1068 porphyry copper project, updating also in the geological model of its Chunibas project. In Chihuahua, Evrim Resources completed phase I exploration at its Cerro Cascaron project, and is now in the drill targeting stage; Ethos gold optioned the Purisima property, and presented the project summary, which includes two previous drilling campaigns. ON MINING: Santacruz Silver presented its third quarter report; Marlin Gold presented financial results for the first nine months of the year, and an update on drilling on the Colinas target, at its La Trinidad property; U.S. Antimony informed that it now has the needed permits to construct a cyanidation plant at its mill in Guanajuato. ON FINANCING: Alix Resources, Canuc Resources and Millrock Resources are to conduct or closing non-brokered private placements of $750 K, $465 K and $1.6 M respectively; Mag Silver closed a non-brokered private placement for $48.16 M; SilverCrest is to raise C$6 M on a bought deal private placement; Primero Mining obtained an extension of its credit facility; Candelaria Mining is seeking a one year extension on the exercise period of over 12 M warrants. ON RESOURCES AND DEVELOPMENT: Consolidated Zinc recommenced extensional and infill resource definition drilling at its Plomosas mine. ON DEALS AND CORPORATE ISSUES: Argonaut Gold announced the closing of the acquisition of the Cerro del Gallo project in Guanajuato to Primero Mining for $15 M; GFM Resources entered into an exploration and evaluation agreement with Minera Auricup on the Baviacora concession in Sonora; Magellan Gold completed the purchase of the SDA Mill to Rose Petroleum in Nayarit; Ethos Gold entered into an option agreement with Coztic Recursos Minerales on the Purisima property in Chihuahua.
ON MEXICO ISSUES
- In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). The proposal aims to give transparency to the application of the funds, and also a mean to control the infrastructure projects generated in the municipalities that are to receive the participation generated by the mining activity (Note of editor.- This is a pressing problem in many other States, where the application of the funds of a mining royalty introduced by the current Federal government is nowhere to be seen).
- SilverCrest Metals Corp. released phase II drill results for the Babicanora vein at its Las Chispas property in Sonora. The latest results increase by 400 m the high-grade footprint of the Babicanora vein, which is now 1 km in length. True width (TW) intercepts: 3.2 m @ 27 g/t Au, 1,494 g/t Ag (including 0.7 m @ 137 g/t Au, 4,720 g/t Ag); 1.5 m @ 1.8 g/t Au, 101 g/t Ag; 3.8 m @ 5.6 g/t Au, 451 g/t Ag; 4.0 m @ 1.5 g/t Au, 101 g/t Ag; 3.1 m @ 5.1 g/t Au, 570 g/t Ag; 2.0 m @ 3.6 g/t Au, 452 g/t Ag; 3.6 m @ 4.2 g/t Au, 165 g/t Ag; 2.2 m @ 3.8 g/t Au, 388 g/t Ag.
- Azure Minerals Ltd. released high-grade results on the maiden drilling on its Sara Alicia property in Sonora. Six holes for 480 m tested around and beneath historical underground mine workings that exploited high-grade Au and Co shoots in the 1930’s. Cobalt results for the last hole are still pending. Significant gold results comprise: 11.4 m @ 3.3 g/t Au; 5.5 m @ 5.1 g/t Au; 26.2 m @ 8 .6 g/t Au (including 12.6 m @ 14.9 g/t Au); 19.65 m @ 4.95 g/t Au; 8.45 m @ 1.2 g/t Au; 13.7 m @ 3.6 g/t Au. Significant cobalt intercepts comprise: 5.5 m @ 0.13% Co; 1.0 m @ 0.14% Co; 26.2 m @ 1.26% Co (including 6.35 m @ 3.57% Co); 4.7 m @ 0.11% Co; 20.6 m @ 0.13% Co (including 1.9 m @ 1.11% Co). This garnet-magnetite-sulfide skarn developed in limestone intruded by a porphyry contains a zone several meters in width with disseminated cobaltite (CoAsS) associated with abundant magnetite, and a wider, overlapping zone of gold mineralization.
- Evrim Resources Corp. announced the completion of phase I exploration at its Cerro Cascaron project in Chihuahua. Highlights include: A 1.8 km long rich vein corridor defined by soil sampling, with up to 1.4 g/t Au; Soil sampling extended all veins by 600 m to 1.8 km in length, and two more veins were identified; Adit channel sampling results are 1.4 m to 3.3 m in width @ 231 to 542 g/t AgEq; Six subparallel veins were defined in an area 300 m x 900 m in the Ag-rich Cascarita zone. Drill targeting is underway.
- SilverCrest Metals Inc. released surface and underground results from the second phase of drilling of the Las Chispas and Giovanni veins at Las Chispas, in Sonora. Highlighted results contain (true thickness, or TW) 2.1 m @ 2.3 g/t Au, 469 g/t Ag; 1.6 m @ 2.4 g/t Au, 516 g/t Ag; 1.5 m @ 13.2 g/t Au, 2,007 g/t Ag; 2.0 m @ 5.8 g/t Au, 1,191 g/t Ag; 4.0 m @ 18.6 g/t Au, 696 g/t Ag (including 0.8 m @ 92.6 g/t Au, 2,890 g/t Ag); 2.2 m @ 9.4 g/t Au, 1,369 g/t Ag. SilverCrest intends to deliver a maiden resource estimate during Q1, 2018.
- Wolverine Minerals Corp. commenced an exploration program on the 1,500 hectares Los Venados property, in the Mulatos district, Sonora. Wolverine is to focus work on a felsic dome/silica breccia complex with intense alteration and brecciation accompanied by anomalous gold. Activities planned include rock and soil sampling, geological mapping and a 7.4 Km induced polarization survey.
- Almadex Minerals Ltd. released results from the three first holes on the Raya Membrillo area on its El Cobre property in Veracruz. This area is part of the Villa Rica zone, which is two kilometers south from the Norte zone (where previous drilling was done). The three holes intersected a chalcocite dominant enriched copper zone right from the surface which locally is up to 186 m down hole. Results comprise: 69.5 m @ 0.10 g/t Au, 0.41% Cu (including 14.5 m @ 0.14 g/t Au, 1.2% Cu); 139.0 m @ 0.49 g/t Au, 0.24% Cu; 41.0 m @ 0.91 g/t Au, 0.42% Cu in one hole; 117 m @ 0.13 g/t Au, 0.55% Cu (including 15.9 m @ 0.51 g/t Au, 1.74% Cu) in the second hole; 159.5 m @ 0.22 g/t Au, 0.22% Cu (including 36.0 m @ 0.86 g/t Au, 0.16% Cu and 111.5 m @ 0.03 g/t Au, 0.27% Cu) on the third hole.
- San Marco Resources Inc. provided the scope of exploration at its 1068 and Chunibas projects in Sonora. At the 1068 project, an undrilled porphyry Cu-Mo-Au system displays phyllically altered and veined zones which extend 1 Km to the east and 400 m to the south from previously identified porphyritic rock with potassic alteration and a coincidental geochemical footprint on a grid rock sampling survey. An induced polarization survey is to be conducted during December. At Chunibas a new larger model involving a porphyry related breccia with gold values has been generated. Field mapping and prospecting is mostly completed, with a mineralization corridor extending 1.2 km based on mapping and a soil survey. New outcrops with epidote-calcite-specularite alteration bearing copper oxides have been found.
- Azure Minerals Ltd. updated on the resource definition drilling at its Zn-Pb-Ag Oposura project in Sonora, where 51 of the planned 120 holes have been completed with 2,665 m. Many of Azure holes are either twinning or drilled close to historical holes, closely replicating the sulfide intercepts on those. Azure is aiming to conclude drilling by February 2018, and complete the maiden mineral resource estimate by March-April 2018.
- Ethos Gold Corp. optioned the Purisima property in Chihuahua (see note on the deals section). An epithermal low sulfidation vein system is present over 1.5 Km of strike length and 200 m of width exposure. The property saw some drilling in 1997 and 1997-98 by Teck Resources and the SGM (Servicio Geologico Mexicano, or Consejo de Recursos Minerales at the time). Gold-bearing intervals were obtained on both programs, with only minor parts of the core obtained by SGM drilling having been assayed, although many areas contained chalcedonic quartz veining.
- Santacruz Silver Mining Ltd. reported third quarter 2017 production and financial results. At Rosario in San Luis Potosi 46.9 K tonnes were processed @ 51 g/t Ag (241 g/t AgEq), recovering 85% Ag, to produce 26,274 Oz Ag, 328 Oz Au, 49 tonnes Pb, 449 tonnes Zn. At Veta Grande in Zacatecas, 28 K tonnes were processed @ 107 g/t Ag (174 g/t AgEq), recovering 64.5% Ag to produce 61,960 Oz Ag; 66 Oz Au, 99 tonnes Pb, 146 tonnes Zn. Production cost per tonne was 62.91, and a cash cost of $23.65 per AgEq Oz, AISC of $28.14 per AgEq Oz.
- United States Antimony Corp. announced that SEMARNAT (Mexico environmental authority) has issued the permit for the construction of a cyanide leach plant for the Puerto Blanco mill in Guanajuato. This plant is designed to recover Au and Ag from the flotation mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. The ore grade is 1.1 g/t Au, 102 g/t Ag, 0.65% Sb, and the expected recovery 90% Au, 90% Ag, 70% Sb.
- Marlin Gold Mining Ltd. presented financial results for the first nine months of 2017, period on which the company produced 29,995 Oz Au, and acquired the Gavilanes property from Santacruz Silver Mining Ltd. for $3.6 M. Revenue to the end of September was $58.2 M, holding $1.9 M in cash and finished gold, and $14.4 M in gold-in-process. Investment on Golden Reign Resources Ltd. stood at $12.7 M at quarter end. Principal on the loan owed to Wexford Capital LP. (Controlling shareholder) stood at US$38.9 M, with the maturity of the loan extended to January 2019.
- Marlin Gold Mining Ltd. disclosed drilling results from the Colinas area, less than 1 km from the Taunus pit within its La Trinidad mine in Sinaloa. The drilling tested a structurally complex zone with low and high angle faults, along a projected structural corridor under post mineral cover. The significant core intervals comprise 11.65 m @ 0.61 g/t Au in the first hole and 6.00 m @ 0.35 g/t Au; 7.03 m @ 0.82 g/t Au; 6.00 m @ 10.57 g/t Au in the second hole. “The anomalous zones appear to be associated with quartz carbonate veinlets and ferruginous argillic zones, which are likely fault zones within andesitic breccias and tuffs. All intervals are oxide.”
- Alix Resources Corp. is to conduct a non-brokered private placement to raise up to $750 K in gross proceeds (Agua Fria, Sonora).
- Canuc Resources Corp. closed a non-brokered private placement with gross proceeds of $465 K. Proceeds are to be used to continue exploration of newly discovered breccia zones on El Tule claim block and other high grade structures (San Javier, Sonora).
- Mag Silver Corp. announced the closing of a non-brokered private placement for gross proceeds of US$48.16 M (Juanicipio, Zacatecas).
- Millrock Resources Inc. plans to conduct a non-brokered private placement planning to raise up to $1.6 million. Finder’s fee of 6% cash may be paid in connection with this financing (La Navidad, Sonora).
- SilverCrest Metals Inc. entered into an agreement with a syndicate of underwriters for a bought deal private placement to raise gross proceeds of up to C$6 M. SilverCrest will pay the underwriters a cash commission of up to 6% of the gross proceeds (Las Chispas, Sonora).
- Primero Mining Corp. announced that the company agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. (San Dimas, Durango).
- Candelaria Mining Corp. intends to make an application to the TSX to extend the exercise period of 12.6 M share purchase warrants by 12 months.
ON RESOURCES AND DEVELOPMENT
- Consolidated Zinc Ltd. recommenced extensional and infill resource definition drilling at its Plomosas mine in Chihuahua. The first of two underground rigs was mobilized to Cuddy, level 5.4 to drill eight short holes before the Christmas break.
ON DEALS AND CORPORATE ISSUES
- Argonaut Gold Inc. announced the closing of the acquisition of the 25,269 hectares Cerro del Gallo project in Guanajuato to Primero Mining Corp. for $15 M. Argonaut could recover up to $1.7 M of value added tax, and the companies acquired in this transaction include approximately $22 M in tax losses.
- GFM Resources Ltd. entered into an exploration and evaluation agreement with Minera Auricup S. de R.L. on its Baviacora concession in Sonora. GFM has paid the outstanding mining duties of CAD$95 K for a six months right to explore the property and obtain a minimum 15% stake. If land access rights are not secured by Auricup on a four-month period, GFM has the right to demand full repayment, or to obtain a similar stake on in a different but equivalent mineral concession owned by Auricup. GFM drew on its facility with Metallorum Holding, S.A.P.I. de C.V., the corporation’s majority shareholder for this payment.
- Magellan Gold Corp. completed the purchase of the SDA Mill to Rose Petroleum PLC. in Nayarit. Total consideration for the purchase was $1.5 M, with $1.0 M in cash and $500 K in Magellan stock, of which $100 K was paid in cash in June 2017. In August Magellan arranged $900 K in bridge loans to support the purchase.
- Ethos Gold Corp. entered into an option agreement with Coztic Recursos Minerales S. de R.L. de C.V. to earn a 100% interest in the Purisima property in Chihuahua. Ethos Gold is to pay an aggregate of US$3.49 M and issue up to 3 M common shares to the property owner, in installments over 72 months, with the initial consideration of $45 K and 50 K shares due on signing. In addition, Ethos Gold is to pay outstanding mining duties of CAD$71 K and incur in exploration expenditures of not less than US$1 M within 72 months. The property owner is to retain a 2% NSR.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, fine grained silica on boulders extracted from a farming field in Durango. Photo by Jorge Cirett.
High grade zinc assaysfrom sampling has been confirmed from the first underground mapping and sampling at the nearby Juarez Mine;
- Assay results returned grades up to 42.72% Zn+Pb and 26.92% Zn+Pb from mineralised exposures within the southern workings of the mine.
- Additional results are pending from sampling in the northern end of the mine
- Juarez has potential to increase the current resource estimate located near the mine infrastructure
- Additional high grade assays up to 34.96 % and 28.55% Zn+Pb returned from regional exploration sampling at Alfonsitos and Mina Mexico respectively.
Consolidated Zinc Limited (ASX:CZL) is pleased to announce high grade rock chip resultsfrom the first systematic mapping undertaken at Juarez Mine, as part of the on?going near mine exploration program.
Additional high grade results from the regional exploration program, particularly the Alfonsitos prospect, have also been returned and continue to support the prospectivity of this area.