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.

Aloro More Than Doubles Land Position in Mulatos Gold District

Aloro Mining Corp. – Tue Jun 26, 2018

ALORO MINING CORP. — (“Aloro” or the “Company“) is pleased to announce that, through its Mexican subsidiary, Exploraciones Aloro, S.A. de C.V., has acquired a further 1,675 hectares, contiguous to the Company’s current 1524 hectares Los Venados claims, bringing Aloro’s current land position in the Mulatos Gold District to 3,199 hectares.

Valterra Acquires the Los Reyes Cu-Au Project, Chihuahua, Mexico

Valterra_18062018

Vancouver, British Columbia–(Newsfile Corp. – June 18, 2018) – Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (“Valterra”) has entered into an agreement to acquire the Los Reyes Property in Chihuahua, Mexico. The property consists of two claims totalling 45ha which cover a highly prospective Cu-Au Skarn target within the Faja de Plata of northcentral Mexico, one of the world’s most productive regions for polymetallic Skarn and Carbonate Replacement Deposits (CRD).

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

 

Defiance Acquires MAG Silver’s Zacatecas Silver District Holdings; MAG Becomes Strategic Shareholder

Defiance Acquires MAG Silver_s Za… _ Defiance Silver Corp_

Defiance Silver Corp. (“Defiance”) is pleased to announce that it has entered into a binding agreement to acquire MAG Silver’s Zacatecas Silver District holdings. As consideration for the sale, MAG will acquire 5,000,000 common shares of Defiance representing an approximate 5% strategic investment position. Defiance will receive a 100% interest in MAG’s Lagartos Project along with a significant regional exploration database covering 135,000ha stretching from the Zacatecas to the Fresnillo Silver Districts. The transaction will provide Defiance control over a 1,506ha land package within the rapidly consolidating Zacatecas Silver district including over 65% of the Veta Grande vein, the San Acacio Silver Deposit (16.9M oz in 2.9 MT grading 182.42 grams per tonne silver inferred resource, see Defiance News Release dated January 15, 2015) and concessions bordering both the San Acacio deposit and veins being advanced by Pan American Silver, Capstone Mining and Endeavour Silver. Completion of the transaction is subject to a number of conditions precedent, including approval of the TSXV. Closing is expected to occur on or about June 22, 2018.

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

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By Jorge Cirett

During the 22nd week of the year (May 28th to June 3rd, 2018), at least 20 press releases were announced by companies working in Mexico. Six companies updated on exploration advances, with two companies reporting quarterly reports. Four companies announced financing rounds for an aggregate of $9.8 M. Four companies disclosed news on drilling near resources and development while two reported on property deals. ON MEXICO ISSUES, the Dolores mines in Chihuahua saw its activities reduced due to security issues on access roads. ON EXPLORATION, In Sonora, Colibri released drill results from its Pilar project; Azure disclosed high-grade Au-Co drill intercepts from its Sara Alicia property. ON MINING, Impact Silver and Starcore International presented Q1 reports. ON FINANCING, Telson Mining graduated to Tier 1 issuer on the TSX. Four companies (Prime Meridian, Prospero Silver, Camrova and Minaurum) conducted financing rounds to raise up to $9.8M, with Minaurum heading the pack with $7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling a new vein on Las Chispas, in Sonora. Orla Mining released a PEA on Camino Rojo, in Zacatecas. Alio Gold released drill results from its Ana Paula project in Guerrero. Excellon Resources disclosed high-grade drill results from its Platosa mine in Durango. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acquired another claim for its Cerro Caliche project in Sonora. Prime Meridian signed a LOI on the Parral Mining project with Eclipse Mining.

ON MEXICO ISSUES

  • The Dolores mine in Chihuahua reduced its operations due to a security incident on its access roads. The state government later vowed to maintain free access.

ON EXPLORATION

  • Sonoro Metals Corp. optioned the 20 hectare Tres Amigos mining concession (see below), contiguous to its Cerro Caliche project in Sonora. The concession contains a quartz vein system commonly sheeted and stockwork quartz veining in the host rock that is part sedimentary rock and part rhyolitic intrusive rock.
  • Prospero Silver Corp. started drilling at the Buenavista project in Durango. This is the fourth project to be drilled under the terms of a second round of strategic investment from Fortuna Silver Mines Inc.. The 3,000 m program is to test at least four drill ready zones: Buenavista South Stockwork, Buenavista NE Dike/Vein, Camaleon Vein and the Pajaro Stockwork. These targets occur within the lower portion of a strong high-level argillic cap, and drilling is to test for a deeper preserved epithermal zone.
  • Colibri Resource Corp. released results from 16 reverse circulation holes from its Pilar project in Sonora. Highlighted results include 10.5 m @ 0.28 g/t Au; 22.5 m @ 0.31 g/t Au; 12.0 m @ 0.52 g/t Au; 6.0 m @ 0.79 g/t Au; 52.5 m @ 0.20 g/t Au; 19.50 m @ 0.27 g/t Au; 40.5 m @ 0.73 g/t Au. Colibri is now drilling the final 900 m of the 3,000 m phase 1 program.
  • Azure Minerals Ltd. disclosed results from stage 2 drilling at its Sara Alicia property in Sonora. The campaign comprised 1,127 m in 13 holes. Highlighted intervals comprise 3.75 m @ 8.08 g/t Au; 5.90 m @ 5.5 g/t Au; 3.65 m @ 8.41 g/t Au; 19.6 m @ 8.65 g/t Au; 8.8 m @ 6.2 g/t Au and 3.65 m @ 1.19% Co, 24.95 m @ 0.31% Co, 9.5 m @ 0.48% Co, 16.2 m @ 0.32% Co. “The high-grade cobalt mineralisation is hosted within a shoot of massive and semi-massive sulphides that outcrops near the top of the Sara Alicia hill and plunges at a shallow angle towards the northwest.”
  • Almaden Minerals Ltd. reported drilling results from the Tano zone, about 1.2 km SW from the pre-feasibility study pit of its Ixtaca project in Puebla. Highlighted core length intervals comprise 28.9 m @ 0.36 g/t Au, 23 g/t Ag (including 6.3 m @ 0.79 g/t Au, 29 g/t Ag; 17.5 m @ 0.43 g/t Au, 7 g/t Ag; 4.6 m @ 1.35 g/t Au, 72 g/t Ag; 89. 5 m @ 0.83 g/t Au, 2 g/t Ag (including 40.0 m @ 1.45 g/t Au, 3 g/t Ag; 26.0 m @ 1.93 g/t Au, 4 g/t Ag; 1.0 m @ 27.50 g/t Au, 58 g/t Ag).
  • Auxico Resources Canada Inc. discovered three historical mines on its Zamora property in Sinaloa. A 1982 government report included all the rehabilitation work done in the property, including a map recording all historic workings within a 1,000 by 600 m grid. Sampling in the El Tacomate, El Arroyito and La Campeona returned 0.2 m @ 0.7 g/t Au, 107 g/t Ag; 0.9 m @ 1.9 g/t Au, 413 g/t Ag; 0.30 m @ 10.1 g/t Au, 942 g/t Ag.

ON MINING

  • Pan American Silver Corp. Initiated steps to reduce activities at its Dolores mine in Chihuahua, following security incidents along access roads to the site. Ore stacking to the leach pads and the processing plant are operating at normal level, and the mine site remains secure. The company is to maintain personnel at levels necessary for site security and reduced operating activities.
  • Impact Silver Corp. released financial results for the quarter ending on March 2018. Silver production was 213.2 K Oz during the period, resulting from milling of 46.6 K tonnes milled @ 160 g/t Ag. The net loss for the quarter was $0.5 M, and the company has a $3.8 M cash position.
  • Santacruz Silver Mining Ltd. reported first quarter operating results from Veta Grande in Zacatecas and Rosario in San Luis Potosi. At Veta Grande 34.9 K tonnes were processed @ 142 g/t AgEq, to produce 32,413 Oz Ag (47% recovery), 56 Oz Au, 109 tonnes Pb, 118 tonnes Zn. At Rosario, 13,410 tonnes were processed @ 232 g/t AgEq to produce 15,689 Oz Ag, 79 Oz Au, 25 tonnes Pb, 331 tonnes Zn. A 6,000 m surface drilling program is ongoing in the Veta Grande vein, and a 3,000 underground drilling program on the Armados vein. At Rosario, the 350 tpd production rate is expected to be achieved by end of Q2.

ON FINANCING

  • Telson Mining Corp. has been approved for graduation from Tier 2 issuer on the TSX Venture Exchange to Tier 1 issuer (Campo Morado, Guerrero).
  • Prime Meridian Resources Corp. is conducting a non-brokered private placement to raise proceeds of up to $1.5 M (Parral Mining project, Chihuahua).
  • Prospero Silver Corp. completed the second and final tranche of its previously announced private placement financing, raising aggregate gross proceeds of $1 M (Petate, Hidalgo; Buenavista, Durango).
  • Camrova Resources Inc. closed a non-brokered private placement, raising CAD$226 K (Boleo, Baja California Sur).
  • Minaurum Gold Inc. closed the final tranche of its previously announced oversubscribed private placement, raising $1.38 M, for total gross proceeds of $7.08 M (Alamos Silver, Sonora).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. announced drill results and discovery of the Babicanora Norte Vein on the Las Chispas property in Sonora. The vein is 300 m north of the parallel Babicanora vein. Highlighted true width (TW) results comprise 1.4 m @ 9.11 g/t Au, 1,033 g/t Ag; 1.3 m @ 5.19 g/t Au, 726 g/t Ag; 1.2 m @ 4.71 g/t Au, 593 g/t Ag; 1.5 m @ 23.96 g/t Au, 2,081 g/t Ag; 1.4 m @ 1.33 g/t Au, 141 g/t Ag. Mineralization consists of a 0.5 to 1.5 m wide banded quartz-argentite-pyrargyrite vein, proximal to a rhyolite dyke and measuring 200 m long by 100 m high, with an average width of 1.4 m @ 8.47 g/t Au, 879 g/t Ag, remaining open in most directions.
  • Orla Mining Ltd. released the results of a preliminary economic assessment (PEA) on its Camino Rojo property in Zacatecas. The new mineral resource estimate includes measured and indicated mineral resources of 9.65 M Oz Au, 102.4 M Oz Ag (354.9 M tonnes at 0.85 g/t gold and 9 g/t silver) and an inferred mineral resource of 1.82 M Oz Au and 16.2 million ounces of silver (65.2 M tonnes at 0.87 g/t gold and 8 g/t silver). The PEA is based on near-surface oxide and partly oxidized material that can be processed by heap leaching, on an 18 K tonnes per day operation (tpd), recovering 67% Au to produce 97.5 K Oz Au per year. The feasibility analysis is expected during the first half of 2019.
  • Alio Gold Inc. disclosed drilling results from its last four holes at its Ana Paula project in Guerrero. The highlighted intervals comprise 34.5 m @ 0.89 g/t Au; 53.7 m @ 1.03 g/t Au; 41.0 m @ 1.40 g/t Au; 64.5 m @ 1.24 g/t Au; 37.7 m @ 1.14 g/t Au; 19.8 m @ 1.49 g/t Au. Several of those intervals come from a hydrothermal breccia south of the proposed pit.
  • Excellon Resources Inc. released drilling results from its Platosa mine in Durango. Highlighted core length intervals from the 693, pierna and rodilla mantos include: 5.3 m @ 1,1153 g/t Ag, 8.2% Pb, 3.4% Zn; 5.4 m @ 649 g/t Ag, 3.3% Pb, 3.9% Zn; 7.9 m @ 594 g/t Ag, 0.9% Pb, 1.4% Zn; 2 m @ 2,148 g/t Ag, 19.2% Pb, 9.7% Zn; 6.7 m @ 870 g/t Ag; 13.3% Pb, 12.4% Zn.

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. optioned from two private owners the 20 hectare Tres Amigos mining concession, contiguous to its Cerro Caliche project in Sonora. The option increases the land holdings under option to 1,455 hectares. The $130 K option, which is payable on nine equal ($14.4 K) cash installments over 48 months, is to provide Sonoro with a 100% interest in the property.
  • Prime Meridian Resources Corp. signed a letter of intent (LOI) with Eclipse Mining Services Pty Ltd. for a 70% interest on in the Parral mining project in Chihuahua. PMR will earn a 30% interest by issuing CA$500 K in shares to Eclipse, US$200 K in shares to a shareholder of Eclipse, and cash payments of US$800 K as follows. A payment of up to US$185 K on completion of an initial 43-101 report, a further payment of up to US$750 K (plus 7% annual interest) for repayment of the loans made by Eclipse for development of the project and advance the balance of the required $US800 K cash payments toward the development capital of the project. PMR may earn a further 40% on the project by investing a further US4.0 M investment, or by financing the development of the processing plant input capacity to 500 tpd within 36 months of the date of the LOI.

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

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On the picture below, kaolin workings on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

SONORO ADDS TRES AMIGOS CONCESSION TO CERRO CALICHE

SonoroMetals_290518

VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) — Sonoro Metals Corp., (“Sonoro”) (TSXV:SMO) (OTCQB:SMOFF), announces that its Mexican subsidiary, Minera Mar De Plata, SA de C.V. has executed a formal option agreement (the “Tres Amigos Option Agreement”) with two residents of Magdalena de Kino, Sonora, Mexico (the “Vendors”), to acquire a 100% interest in the 20 hectare Tres Amigos concession (“Tres Amigos”) located contiguous to the recently-acquired Cerro Caliche concessions in the prolific Cucurpe Sonora Mega-district of Sonora, Mexico. The option agreement increases the land holdings under option to Sonoro in this important gold mining district to 1,455 hectares.

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

094 - copia

By Jorge Cirett

During the 20th week of the year (May 14th to May 20th, 2018), at least 17 press releases were announced by companies working in Mexico. Seven companies updated exploration advances, with only one company reporting a quarterly report and one other a round of financing. Two companies disclosed news on resources and development while four reported on deals and company issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, San Marco was awarded the Espiritu concession, and Millrock begun a new drilling campaign at La Navidad. In Chihuahua, Endeavour Silver released drill results from its Parral properties; VVC Exploration commenced a new drill campaign at its Samalayuca project. In Coahuila, Discovery Metals presented rock sample results from three prospects within its Minerva project. In Sinaloa, Kootenay optioned the Copalito property. In Jalisco, Evrim commenced a third phase exploration campaign at Cuale. ON MINING, Starcore International presented a quarterly report. ON FINANCING, SilverCrest Metals announced the closing of a $17.25 M financing. Mexus Gold paid a $183 K debt. ON RESOURCES AND DEVELOPMENT, Mag Silver presented an advance on development of the Juanicipio project in Zacatecas. Minera Alamos completed the second phase of bulk leach testing at its Santana property in Sonora. ON DEALS AND CORPORATE ISSUES, Marlin Gold and Golden Reign signed a LOI pursuing a business combination. Kootenay Silver optioned the Copalito property in Sinaloa. Argonaut Gold informed on the state of affairs of the legal battle to resume blasting at its La Colorada mine in Sonora. Leagold received clearance from the Mexican government to complete a business combination with Brio Gold.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Endeavour Silver Corp. disclosed drilling results from its Parral properties in Chihuahua. At the San Patricio vein system 8,846 m of core drilling have been completed over 1400 m of strike length. “Three mineralized areas were intersected, of which the largest and central zone now measures 600 m long by 250 m vertical (starting 150 m deep) by 1-3 m true thickness, still open to the south and at depth”. Highlighted true width (TW) intercepts include 2.1 m @ 303 g/t Ag, 0.05 g/t Au, 0.4% Pb, 0.5% Zn; 1.0 m @ 678 g/t Ag, 0.22 g/t Au, 3.5% Pb, 0.9% Zn; 3.0 m @ 689 g/t Ag, 0.24 g/t Ag, 1.6% Pb, 1.1% Zn; 1.6 m @ 293 g/t Ag, 0.27 g/t Au, 3.5% Pb, 7.6% Zn; 2.3 m @ 1,660 g/t Ag, 0.72 g/t Au, 6.5% Pb, 14.4% Zn. Metallurgical recoveries from core samples with flotation and leaching tests include 47% Ag from Sierra Plata (oxide), 98% Ag on El Verde (mixed), 95% Ag on Remedios-Argentina (mixed), 94% Ag and 93% Au on Palmilla (oxide) and 91% Ag and 86% Au in Cometa-San Juanico (mixed).
  • San Marco Resources Inc. announced it was awarded the Espiritu 2,712 ha SMR concession in the recent mineral concession lottery by the Mexican government. The property is less than 30 km SE from San Marco’s Chunibas and 1068 projects in the Sahuaripa district. “Espiritu SMR overlies a window of pre-mineral cretaceous volcanic and sedimentary rocks intruded by Laramide age granitoids”. Previous operator in the area, Kootenay Silver Inc. stated: “An extensive area of polymetallic vein, stockwork, breccia and gold-copper porphyry mineralization”. A porphyry copper setting and a vein and stockwork zone of precious and base metal mineralization are separated by a major fault. Selected drill hole intercepts include 48.0 m @ 0.19 g/t Au, 0.1% Cu; 220.5 m @ 0.14 g/t Au, 0.15% Cu. San Marco is preparing to do a first-pass ground validation and prospecting.
  • VVC Exploration Corp. commenced the third phase of diamond drilling at its Samalayuca copper project in Chihuahua. VVC expects to drill about 3,000 m in the next 180 days.
  • Kootenay Silver Inc. optioned the Copalito project in Sinaloa (See below). “The Copalito Project covers a gold and silver epithermal vein system comprised of numerous veins, with individual veins currently traced over strike lengths up to 2 kilometres. Veins vary in width from 0.5 to 10 meters at surface and grade from background to highs of 7.2 gpt gold and 1,620 gpt silver in grab samples”. Vein textures indicate a low or intermediate sulfidation vein system.
  • Millrock Resources Inc. is beginning a second round of drilling at its La Navidad project in Sonora. The target in the project is orogenic gold mineralization, bulk mineable run-of-mine oxidized deposit. The 1,650 m program aims to drill 150 – 250 m in depth in seven holes, testing areas of gold soil anomalies that now are supported by gold anomalies in trenches. The strongest anomalies occur in folded, faulted metasedimentary rocks of Jurassic age, in close proximity to diorite and monzonite dikes. An induced polarization survey has identified low angle structures conducive of orogenic gold deposits. A 1.4 km of trenching on 16 trenches has been completed, with multiple intervals of anomalous gold, like 18.0 m @ 0.56 g/t Au, 24.9 m @ 0.32 g/t Au, 18.2 m @ 0.20 g/t Au, 10.9 m @ 0.38 g/t Au.
  • Evrim Resources Corp. commenced a third phase exploration at its Cuale high sulfidation project in Jalisco. The program includes 3,000 m of drilling, following on discovery trenches 1 to 4 from La Gloria zone, where trench 1 returned 1.67 g/t Au over 263.7 m and trench 4 returned 13.61 g/t Au over 106.2 m. “The soil survey has already commenced and will be followed with up to 650 metres of trenching at La Gloria and surrounding targets to extend the known footprint of outcropping gold mineralization”. A 40 line-km controlled source audio-magnetotellurics (CSMAT) is planned on potential mineralization under shallow cover. A 3,000 m program is expected to commence on July.
  • Discovery Metals Corp. disclosed assay results of 152 samples from its Minerva project in Coahuila. “Minerva encompasses Ag-Pb-Zn mineralization hosted in skarns, mantos, chimneys and breccias”, similar to La Encantada mine 30 km to the East. The mineralization is located along the margin of a polyphase granitoid intrusive body, with ample zone of shallow gravel cover. At La Tercia prospect, channel samples returned 0.8 m @ 30 g/t Ag, 2.3% Pb, 4.6% Zn; 2.0 m @ 249 g/t Ag, 6.9% Pb, 0.1% Zn; 4.0 m @ 37 g/t Ag, 1.6% Pb, 0.2% Zn; 0.6 m @ 3.8% Pb, 0.4% Zn; 0.6 m @ 84 g/t Ag, 5.8% Pb, 0.2% Zn. At Concordia samples returned 0.8 m @ 1,775 g/t Ag, 14.5% Pb, 40.3% Zn; 0.7 m @ 51 g/t Ag, 2.6% Pb, 0.4% Zn; 0.4 m @ 11 g/t Ag, 0.4% Pb, 25.8% Zn. At Mina Minerva results include 5.1 m @ 39 g/t Ag, 0.4% Pb, 2.0% Zn; dump @ 229 g/t Ag, 30.5% Pb, 5.7% Zn; 0.8 m @ 143 g/t Ag, 9.7% Pb, 5.3% Zn; 1.0 m @ 41 g/t Ag, 2.0% Pb, 16.4% Zn.

ON MINING

  • Starcore International Mines Ltd. announced production results for the fourth quarter of its fiscal year 2018. During the quarter 71.9 K tonnes of ore @ 1.69 g/t Au, 40.6 g/t Ag were processed on its San Martin mine in Queretaro, resulting in the production of 4,140 Oz AuEq. Mill recoveries averaged 88.4% Au, 57.4% Ag. Also during the quarter the Altiplano facility received 373 tonnes of concentrate containing approximately 805 Oz Au and 26,813 Oz Ag.

ON FINANCING

  • SilverCrest Metals Inc. completed its prospectus offering for gross proceeds of $17.25 M, including the exercise of the over-allotment option in full. The company paid the underwriters a cash commission of up to 6% of the gross proceeds of the offering. The proceeds are to be used on the preparation of a preliminary economic assessment (PEA) at the Las Chispas property in Sonora, as well as continuing exploration in the several targets it contains.
  • Mexus Gold US. announced the payment of $183.3 K due to JMJ Financial, closing the current outstanding debt agreement prior to the expiration date (8 Hermanos, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Mag Silver Corp. presented financial results for the first quarter of 2018. Underground development rate has intensified, and exploration drilling is now utilizing directional drilling to infill and expand the Deep Zone, which remains open to depth and on strike. The company funded advances on the Juanicipio project in Zacatecas, mainly by “cash calls” by the operator (Fresnillo PLC). At the end of the period the company had $152.7 M in cash and cash equivalents.
  • Minera Alamos Inc. has completed the second phase of its bulk testing heap-leach activities at its Santana project in Sonora. The initial phase used coarse crushing (<3”) and the second phase involved fine crushing (<1.2-5/8”) and agglomeration of the same mineralized material prior to leaching. The recoveries from the second phase were faster and consistent with those of the first phase of leaching, with 190 Oz Au recovered from 9,000 tonnes of material over a three month period, representing 0.65 g/t of recovered gold.

ON DEALS AND CORPORATE ISSUES

  • Marlin Gold Mining Ltd. and Golden Reign Resources Ltd. entered into a non-binding letter of intent (LOI) together with Wexford Capital LP, pursuing a business combination of Golden Reign’s San Albino-Murra property in Nicaragua, and Marlin’s La Trinidad mine in Sinaloa. Golden reign plans to acquire all Marlin shares. Upon completion of the transaction Marlin shareholders will own approximately 45% of Golden Reign shares, while Golden Reign shareholders will own 55% of the shares.
  • Kootenay Silver Inc. entered into an option agreement to acquire a 100% interest on the Copalito Ag-Au project in Sinaloa. The seven concessions 3,700 ha project can be acquired by making staged payments over a 4-year period, totaling US$985 K, with the vendors retaining a 0.5% NSR. A finders fee of C$10 K and 100 K common shares have to be paid.
  • Argonaut Gold Inc. reported that the Judiciary court hearing with respect to the company’s explosives permit for its La Colorada mine has been rescheduled to June 4, 2018. The company also appealed the Judiciary court’s original decision to temporarily suspend the explosives permit to the Collegiate Tribunal, requesting to re-instate the explosives permit so the company can blast material while the judiciary legal process continue. Argonaut estimates it has sufficient ore to continue operations until the end of July, at the present rate of 12,000 tonnes per day (tpd).
  • Leagold Mining Corp. received clearance from the Comisión Federal de Competencia Económica (COFECE) with respect to Leagold’s acquisition of Brio Gold Inc. “COFECE approval was the final government agency approval required before completing the acquisition, which is anticipated to occur on or around May 24, 2018”

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, opaline silica from a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

Explotación minera en el mar, opción o pesadilla

https://www.eleconomista.com.mx/opinion/Explotacion-minera-en-el-mar-opcion-o-pesadilla-20180504-0041.html

La explotación minera de fondos oceánicos será pronto una realidad. Sus impactos ambientales están siendo intensamente evaluados por instituciones académicas y agencias internacionales, mientras la ingeniería avanza lo suficiente para colocarla como opción viable y rentable, en muchos casos, superior a la minería en tierra. Crece la escasez de minerales metálicos y no metálicos en yacimientos terrestres accesibles y de costo aceptable, mientras el reciclaje es insuficiente y la demanda aumenta exponencialmente por la industria electrónica y la fabricación de baterías para vehículos eléctricos. Níquel, cobalto, tungsteno, platino, rodio, manganeso y otros metales son indispensables para nuevas tecnologías electrónicas, y el fósforo es insumo vital para la manufactura de fertilizantes esenciales en la agricultura. El impacto ambiental de actividades mineras en tierra llega a ser devastador en cuanto a ecosistemas y paisajes, deforestación, y contaminación de aguas, suelos y atmósfera.