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

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News..

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

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

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

By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

 

 

Autlán amplía negocio de oro y manganeso

http://www.elfinanciero.com.mx/monterrey/autlan-amplia-negocio-de-oro-y-manganeso

Autlán informó que adquirirá la totalidad de las acciones de su socio Metallorum Holding, empresa dedicada a la extracción de metales preciosos, principalmente oro y; que invertirá 25 millones de dólares en los próximos tres años para ampliar la capacidad de producción de mineral de manganeso y ferroaleaciones.

Explicó que la compra de la empresa, donde ya posee una participación minoritaria, se podrá realizar mediante la entrega de acciones de Autlán a los accionistas de Metallorum derivado de la fusión de las empresas y/o a través del pago en efectivo.

SilverCrest Closes $10 Million Bought Deal Private Placement

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Vancouver, British Columbia–(Newsfile Corp. – December 19, 2017) – SilverCrest Metals Inc. (TSXV: SIL) (OTCQX: SVCMF) (“SilverCrest” or the “Company”) is pleased to announce the completion of the bought deal private placement offering announced on November 30, 2017 whereby the Company issued a total of 9,572,810 units of the Company (“Units”) at a price of $1.05 per Unit (the “Issue Price”) for gross proceeds of $10,051,450 (the “Offering”). Each Unit consists of one common share of SilverCrest and one‑half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one common share of SilverCrest at an exercise price of $1.45 until December 19, 2019. The Offering includes exercise in full of the underwriters’ option to purchase additional Units at $1.05 per Unit.