By Jorge Cirett
During the 28th week of the year (July 8th to July 14th, 2019), at least 27 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Camimex announced investments for US$2,705 M on new gold projects from 2019 to 2024. The same organism informed Mexico’s gold production declined 6.7% between 2017 and 2018. ON EXPLORATION, In Baja California, One World Lithium released results from drilling at Salar del Diablo. In Sonora, Magna Gold started its phase one exploration program at its Mercedes project on the Santa Rosa de Yecora district. In Chihuahua, Sable Resources received the drilling permit for its Vinata project. In Coahuila, Discovery Metals received the drilling permit for its Monclova project. In Guanajuato, Fresnillo explores near Mineral de La Luz. ON MINING, Torex Gold, Coeur Mining, Great Panther, GoGold Resources and Endeavour Silver presented production results for the second quarter of 2019. ON FINANCING, Mexican Gold Corp, Impact Silver, One World Lithium, Oceanus Resources, Silver One Resources, Advance Gold and Millrock undertook or completed tranches of financing rounds for a combined $13.45 M. Evrim Resources granted 1 M stock options to an officer. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals filed the PEA on Las Chispas, Sonora. VVC Exploration received the environmental permit and a land use change permit for its Samalayuca project in Chihuahua. SilverCrest Metals released high grade results from underground sampling of the Babicanora vein at Las Chispas, Sonora. Goldplay released good gold results from trenching on an extension of the Nava zone on its San Marcial project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Orex Minerals and Pan American Silver entered into an agreement to negotiate a formal JV agreement on the Sandra Escobar project in Durango. Oroco Resources signed a letter of agreement to acquire the 766 ha. Rossy concession adjacent to Oroco’s land package on the Santo Tomas district in Sinaloa.
ON MEXICO ISSUES
- Camimex (Cámara Minera de México), informed on a list of new gold producing projects that involve the investment of US$2,705 M between 2019 and 2024. Among the biggest investments are those of Torex Gold (US$482 M) in Media Luna, Guerrero; Grupo Mexico’s (US$413 M) Buenavista Zinc in Sonora and Fresnillo’s (US$350 M) Orisyvo in Chihuahua. Other investments include the second dynamic leaching plant at La Herradura; the Pyrites plant in Fresnillo; Goldcorp’s Pyrite plant in Peñasquito, Zacatecas; and Endeavour’s El Compas in Zacatecas; Candelaria Mining is to start operations at Pinos, Zacatecas; Mag Silver and Fresnillo are to begin production at Juanicipio, Zacatecas; Telson Resources is to finish construction of the mine at Tahuehueto, Durango; Hecla’s will continue with open pit and then underground operations at San Sebastian, Durango.
- Camimex stated that during 2018 Mexico’s gold production diminished 6.7% compared with 2017, reaching 3.8 M Oz Au. Five companies produced more than half of the overall gold production in 2018: Fresnillo (24.1%), Torex Gold (9.3%), Agnico Eagle (8.5%), Goldcorp (7.1%) and Minera Frisco (6.5%) (Editor’s note.- This last company has the dubious honor of being the most opaque for disclosing production, reserves and resources from its projects in Mexico).
- Sable Resources Ltd. has received the permit needed to drill the Vinata project in Chihuahua. The surface agreements have been approved by the local community for an initial 2,500 m diamond drill program “to test the vertical continuity and mineral zoning along a section of the Vinata vein system where the veins are observed outcropping over 1000 m along strike”. Sable will contract a ground electromagnetic survey (CSAMT) to better define the vein system at depth and the contacts between a felsic dome and volcanic and sedimentary rocks. The mineralisation at Vinata occurs as a series of quartz veins that outcrop for 1,200 m, with multiple sub-parallel veins and stockwork zones over a width of 15 to 170 m, with individual veins ranging to up to 12 m in width.
- One World Lithium Inc. released results from drilling at its Salar del Diablo property in Baja California (there is not a state named Baja California Norte in Mexico). The drill holes did not reach the target depths due to “the constant sluffing of sand, presence of multiple clay formations, unconsolidated gravel and rubble”. The highest lithum grade in sediment samples was 273 ppm Li, whereas the water samples are thought to have been diluted by the injection of significant amounts of fresh water while drilling. The Company intends to resume its 4,250 foot drilling program before the end of September 2019.
- Discovery Metals Corp. has been granted drilling permits for its Monclova project in Coahuila. “The Real Viejo area is the key near-term target. It hosts five historic shallow underground mines along a strike of 1.5km at a limestone-intrusive rock contact”, with rock channel samples averaging 277 gpt Ag, 6.7% Zn, 1.9% Pb. The Real Viejo area is 2 square-km in size and is located along the southern contact of the Monclova intrusive complex, where a series of Ag-ZnPb mineralised, silica-rich vein, replacement bodies (mantos), skarn-altered embayment zones and breccias 2-10 m wide are located.
- Fresnillo Plc. is realizing exploration work in the Guanajuato district, mainly near Mineral de La Luz.
- Magna Gold Corp. initiated its phase one exploration program on the Mercedes project in Sonora. The aim on this phase is to confirm the existence (suggested by historical drilling) of an oxide zone of quartz stockwork Au-Ag mineralisation 60 m wide and 220 m long, and a surface study including geological mapping of a 500 ha zone and systematic rock chip and soil geochemical surveys.
- Torex Gold Resources Inc. reported Q2 2019 gold production of 113,600 Oz Au at its Limon-Guajes mine in Guerrero. Plant throughput averaged 11,670 tonnes per day (tdp), underground mine production was 1,280 tpd, open pit ore production was 18,600 tpd and the open pit strip ratio was 6.8:1.
- Coeur Mining Inc. announced second quarter 2019 production. At Palmarejo, in Chihuahua, 447.7 K tonnes were milled @ 2.18 gpt Au, 147.4 gpt Ag, with recoveries of 87.7% Au, 81.8% Ag to produce 28,246 Oz Au, 1.7 M Oz Ag. Production at the La Nacion deposit began and is anticipated to add 400 tpd of mill feed.
- Great Panther Mining Ltd. presented second quarter 2019 results including figures from its Mexican operations. At Topia, in Durango 18.4 K tonnes were processed @ 392 gpt Ag, 1.01 gpt Au, recovering 93.9% Ag, 58.9% Au to produce 218 K Oz Ag, 353 Oz Au, 453 tonnes Pb, 575 tonnes Zn. At the Guanajuato mine Complex, solely from the San Ignacio mine, 45.5 K tonnes were processed @ 2.52 gpt Au, 105 gpt Ag, recovering 85.5% Ag, 87.0% Au, to produce 388.4 K Oz Ag, 3,209 Oz Au.
- GoGold Resources Inc. reported production results from its tailings project in Parral, Chihuahua. During the period 250 K Oz Ag, 2,281 Oz Au were recovered.
Endeavour Silver Corp. disclosed second quarter 2019 production results from its four mines in Mexico.
- Mexican Gold Corp. is undertaking a non-brokered private placement for aggregate gross proceeds of up to $4 M (Las Minas, Veracruz).
- Impact Silver Corp. completed the first tranche of its non-brokered private placement, raising gross proceeds of $1.23 M, and announced the increase on the second tranche of financing to up to $1.5 M (Zacualpan, Estado de Mexico).
- Evrim Resources Corp. announced the approval of the grant of 1 M stock options to an officer under the terms of the company’s stock option plan (Cerro Cascaron, Chihuahua).
- One World Lithium Inc. closed the first tranche of its private placement financing, raising CDN$734.6 K (Salar del Diablo, Baja California. Please note there is not a Baja California Norte state in Mexico).
- Oceanus Resources Corp. closed a non-brokered private placement raising $750 K (El Tigre, Sonora).
- Silver One Resources Inc. increased its previously announced private placement, for gross proceeds of $5 M (La Frazada, Nayarit).
- Advance Gold Corp. closed the non-brokered private placement financing previously announced, for gross proceeds of $234 K (Tabasquena, Zacatecas).
- Millrock Resources Inc. plans to raise gross proceeds of between $1 M and $1.5 M through a non-brokered private placement. Finder’s fees of 7% cash and 7% finder’s warrants may be paid in connection with the Offering (Batamote, Sonora).
ON RESOURCES AND DEVELOPMENT
- SilverCrest Metals Inc. filed the technical report titled “Technical Report and Preliminary Economic Assessment for the Las Chispas Property, Sonora, Mexico”. The PEA results were previously released.
- VVC Exploration Corp. received the environmental permit and a land use change permit for its Samalayuca copper property in Chihuahua. With those permits the company can initiate mining operations in the Gloria zones of the Kaity claim. VVC began bench testing with mineralised material from the Gloria zones to assess metallurgy with different crush sizes and acid flow rates.
- SilverCrest Metals Inc. provided the first underground sample results from the Babicanora vein on its Las Chispas project in Sonora. A total of 133 samples were collected from blast faces for 35 m of a 3.5 m by 3.5 m drift along the vein, same that averaged 2.6 m (vein width) @ 13.70 gpt Au, 1,107 gpt Ag (or 2,132 gpt AgEq). Some of the best intervals released comprise: 3.9 m @ 62.66 gpt Au, 4,610 gpt Ag (including 0.6 m @ 336 gpt Au, 26,435 gpt Ag); 4.1 m @ 13.91 gpt Au, 709 gpt Ag; 3.5 m @ 16.69 gpt Au, 2,192 gpt Ag; 1.8 m @ 53.18 gpt Au, 3,548 gpt Ag; 3.2 m @ 12.89 gpt Au, 799 gpt Ag; 5 m @ 16.69 gpt Au, 2,192 gpt Ag; 3.2 m @ 18.74 gpt Au, 459 gpt Ag; 2.1 m @ 14.77 gpt Au, 1,542 gpt Ag; 2.5 m @ 15.27 gpt Au, 1,426 gpt Ag; 2.5 m @ 21.73 gpt Au, 1,231 gpt Ag.
- Goldplay Exploration Ltd. encountered a broad gold zone at the Nava target of its San Marcial project in Sinaloa. The results come from a zone 300 m west of the first Nava trenches, where a 31 m true width (tw) zone mineralised zone of epithermal quartz veins and a zone of intense stockwork which returned 17.7 m (tw) @ 2.11 gpt Au. The target is to be drill tested on the next drill program with a couple of holes.
ON DEALS AND CORPORATE ISSUES
- Orex Minerals Inc. entered into an agreement with Pan American Silver Corp. to negotiate a formal JV agreement on the Sandra Escobar project in Durango, to replace a previous agreement from 2015, and will suspend the operation of the 2015 agreement until the new agreement is entered into, or until December 31, 2019, whichever is earlier.
- Oroco Resources Corp. entered into a letter of agreement for the acquisition of an 80% interest in the 766.7 ha Rossy mining concession located within Oroco’s land package on the Santo Tomas district in Sinaloa. The company has to pay US$125 K over two years and issue 300 K shares and grant 1.5 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 image below, orogenic gold style milky quartz vein bearing pyrite and jarosite in Oaxaca. Picture by Jorge Cirett
Silver Spruce Resources Inc. Jul 15, 2019
July 15, 2019 – Bridgewater, NS – (TSXV:SSE) — Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is providing the following updates on the Pino de Plata project.
Immediately following the Company’s announcement on May 15, 2019, of its plan to commence Phase I drill program at Pino de Plata, crews from ECODRILL and ProDeMin arrived on-site to secure drill pads. The surface landowners have granted access rights to their cattle ranch that covers the project area since July 2015, they signed the Informe Preventivo (drill permit application) in July 2018, and they most recently granted access during the field programs the Company conducted in March through May 2019.
July 11, 2019, Toronto, Ontario – Discovery Metals Corp. (TSX-V: DSV) (“Discovery” or the “Company”) is pleased to announce that it has been granted drilling permits for its Monclova Ag-Zn-Pb project (“Monclova” or “the Project”) in Coahuila State, Mexico.
Sable Resources Permitted to Drill Vinata Project
TORONTO, July 9, 2019 /CNW/ – Sable Resources Ltd. (the “Company“) (TSX Venture: SAE) Sable Resources Ltd. is pleased to announce a drill permit has recently been received from the Mexican Government for the Vinata Project. With this permit together with the recently approved surface agreements with the local community, the Company is preparing an initial drill program to test the vertical continuity and mineral zoning along a section of the Vinata vein system where the veins are observed outcropping over 1000 m along strike. Sable will contract a geophysical company to carry out a ground electromagnetic geophysical survey (“CSAMT”) to better define the vein system at depth and at the contact of the of the outcropping felsic dome with the volcanic rock and limestone. This survey will complement previously completed mapping and sampling of the structures. Based on the characteristics of the outcropping vein system, the Company plans to complete an initial 2,500 m HQ core drill program.
By Miguel A Heredia
During the twenty five week of the year (July 1st to July 7th, 2019), at least 13 press releases were announced by companies working in Mexico, with four disclosing deals and corporate issues, three announcing financial rounds, two reporting on resources and development of their projects, two communicating production results, and two informing on exploration results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Sonoro Metals completed the phase 2 drill program at its Cerro Caliche project and released results for the last 15 holes. In Chihuahua, Kootenay commenced a drilling program at its Columba project. ON MINING, Leagold reported Q2 2019 production results (Los Filos mine, Guerrero). US Antimony released June 2019 production results from their Mexican operations and announced the start of production from its Los Juarez project in Queretaro. ON FINANCING, Aztec Minerals oversubscribed a non-brokered private placement to rise gross proceeds of CAD $468K (Cervantes project, Sonora). Mexican Gold announced a non-brokered private placement to rise gross proceeds of up to $4M (Las Minas project, Veracruz). Silver One announced a non-brokered private placement to rise gross proceeds of up to $2.5M (Peñasco Quemado project, Sonora). ON RESOURCES AND DEVELOPMENT, Fresnillo plc announced that the construction of its Piritas Plant continues and is expected to be operating in H2, 2020. Peñoles revealed its plan to put into operation its Capela polymetallic mine in Guerrero in Q3, 2019. ON DEALS AND CORPORATE ISSUES, Kootenay and Azucar Minerals granted stock purchase options to certain officers, directors, employees, and consultants. Sonoro Metals reported results from its annual general meeting for shareholders (Cerro Caliche project, Sonora). Santacruz acquired 50% interest in Carrizal Mining (Veta Grande project, Zacatecas). Endeavour reported a fatal accident at its Bolañitos mine in Guanajuato.
ON MEXICO ISSUES
- Sonoro Metals Corp., completed the phase 2 drill program at its Cerro Caliche project in Sonora. Results from the drilling program that have increased substantially the size of the Au mineralization of all the mineralized areas at the project. Sonoro has drilled a total of 10,328m in 96 holes. The combination of historic and current exploration drilling now totals 23,679 meters in 212 drill holes in addition to more than 6,000 surface samples. The company also released assay results from the final 15 holes. Significant drill intersections are in hole SCR-094 with 1.13 g/t Au and 1.8 g/t Ag over 67m, including 2.67 g/t Au and 2.2 g/t Ag over 3.05m; hole SCR-095 with 0.66 g/t Au and 9 g/t Ag over 19.81m, including 4.47 g/t Au and 18 g/t Ag over 1.52m; hole SCR-089 with 0.57 g/t Au and 7 g/t Ag over 22.86m, including 1.82 g/t Au and 13 g/t Ag over 3.05m; hole SCR-083 with 0.51 g/T Au and 17 g/t Ag over 22.86m, including 3.16 g/t Au and 36 g/t Ag over 1.52m; and hole SCR-84 with 0.51 g/t Au and 14 g/t Ag over 15.24m, including 2.93 g/t Au and 34 g/t Ag over 1.53m. The company announced that it has commissioning an independent NI 43-101 technical report to estimate the resource potential of its Cerro Caliche project.
- Kootenay Silver Inc., announced the commencement of a minimum of 3,000m core drill program in 12 holes at its Columba high-grade epithermal vein system project in Chihuahua which has returned up to 693 g/t Ag on surface sampling. “The first 12 holes of the drill program will be designed to test the F vein where underground development work extended to 200 meter depth and the historic mining occurred”. Historic grades from the underground workings indicate grades ranging from 600 to 900 g/t Ag with highlights of 1,900 g/t Ag over 4 meters and 679 g/t Ag along 133 meters of vein strike and 1.3 meters of vein width.
- Leagold Mining Corporation, reported production results from its mine operations in Mexico and Brazil. The company produced 91,285 Oz Au in Q2, 2019 bringing year to date 2019 (H1, 2019) 197,234 Oz Au. (Los Filos mine, Guerrero).
- US Antimony Corporation, released production results from their Mexican operations. The company produced 121, 451 Lb Sb, 1,211 short tonnes of zeolites, 846 Oz Ag and 8.5Oz Au in June, 2019. US Antimony also announced the start of Au-Ag production at its Los Juarez project in Queretaro with the processing of 30K tonnes at its Puerto Blanco flotation mill in Guanajuato.
- Aztec Minerals Corp., oversubscribed a non-brokered private placement to raise gross proceeds of CAD $468K. The gross proceeds will be used to fund exploration work at the Cervantes porphyry Au-Cu project in Sonora as well as its Tombstone CRD Ag-Pb-Au-Cu project in Arizona, USA.
- Mexican Gold Corp., announced a non-brokered private placement to rise gross proceeds of up to $4M. Net proceeds will be used for exploration and advancement of its Las Minas project in Veracruz.
- Silver One Resources Inc., announced a non-brokered private placement to rise gross proceeds of up to $2.5M.
ON RESOURCES AND DEVELOPMENT
- Fresnillo plc., announced that the construction of the phase II of its Piritas plant in Fresnillo mining district is in progress and is expected to be operating in H2, 2020 to process historical and continuous tailings. Fresnillo expects the Piritas plant to improve overall Au and Ag recoveries, thereby maximizing production in the Fresnillo district. It also projects that production total an average of 3.5M Oz Ag and 13K Oz Au per year once both phases operate at full capacity.
- Industrias Peñoles S.A.B. de C.V., revealed its plan to put in operation its Capela (former Rey de Plata) polymetallic mine in Guerrero in Q3, 2019, with an investment of US$303M. Capela mining unit will have the capacity to mill and benefit 360,000 tonnes per year to produce an annual average of 4.7M Oz Ag, 89.6M Lb Zn, 19.3M Lb Pb, and 15.7M Lb Cu contained in Pb, Zn, and Cu concentrates.
ON DEALS AND CORPORATE ISSUES
- Kootenay Silver Inc., granted stock purchase options to officers, directors, employees and consultants to purchase up to an aggregate of 8.45 M shares of Kootenay at a price of $0.14 per common share for a period of five years (Columba project, Chihuahua).
- Azucar Minerals Ltd., granted stock options to certain directors, employees, and consultants to purchase and aggregate of 967,800 common shares at a price of $0.34 for a period of two years ( EL Cobre project, Veracruz).
- Sonoro Metals Corp., reported results from its annual general meeting of shareholders (Cerro Caliche project, Sonora).
- Santacruz Mining Ltd., acquired 50% interest in Carrizal Mining S.A. de C.V., by paying to the vendor US$0.5M, the forgiveness of approximately US$264K in debt owed by the Vendor to Carrizal; and other consideration in the aggregate amount of approximately US$680K, including the transfer of a life-insurance policy and three vehicles from Carrizal to the Vendor, valued at US$494K and US$180K respectively (Veta Grande project, Zacatecas).
- Endeavour Silver Corp., announced a fatal accident at its Bolañitos mine in Guanajuato. A drill helper died while installing roof bolts in the Plateros section of the mine. Unfortunately, he was killed by falling rock when part of the roof collapsed.
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 mineralization in a VMS prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.
VANCOUVER, Canada, July 3, 2019, Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” and the “Company”), reports that assays for the final 15 holes of the initial two-phase drill program at Cerro Caliche have been received, bringing the total drilled by Sonoro to 10,328 meters over 96 holes. The program has confirmed gold mineralization identified by prior operators and substantially increased the dimensions of all the mineralized zones
By Jorge Cirett
During the 26th week of the year (June 24th to June 30th, 2019), at least 43 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a resolution by the Supreme Court is awaited to learn how the Mining Fund resources are to be allocated, if for social and environmental infrastructure (as planned) or as direct allocations to the people of the communities, the preferred method of the president (a method the opposition denounces as vote buying). In Sonora a local congressman introduced a bill for a new state tax on dirt extracted from open pits, a measure that if implemented is to pose a further weight in the already heavy fiscal load for mining companies in Mexico. Furthermore, the Economy Secretariat (Secretaria de Economia) published a letter stating that the “Protocol of Good Practice of Mining for the Public Consultation” (Protocolo de buenas practicas de la Minería para la consulta pública) is under review by the agency. It is not possible to underrate the importance of the review of this protocol, because if it is implemented incorrectly the result would impact fast and catastrophically the Mexican exploration industry. One of the more pressing issues is the fact that placing the consultation process before exploration takes place, would end most exploration in one swipe. If in doubt, just take a look to Oaxaca, where, although not being in the law you have to make the community consultation process before exploring, and the result is that hardly any exploration work is nowadays conducted in one of the states with the best mineralization potential in Mexico. Trust is hard to earn, let’s not throw it away so carelessly. ON EXPLORATION, In Zacatecas, Galore continues to drill at Dos Santos; Alien Metals updated on its exploration of Donovan 2 and Los Campos. ON MINING, Alien Metals released its financial results for 2018. ON FINANCING, Santacruz signed an agreement to extend the payment of a US$2.3 M loan. Galore is making a $1.5 M financing. Goldplay closed an oversubscribed financing for $1.37 M. Leagold completed a debt refinancing for a $200 M term loan and a $200 M revolving credit facility. ePower intends to conduct a private placement for Cdn$6 M. Sable granted 2.8 M incentive stock options. Alien Metals raised £350 K. ON RESOURCES AND DEVELOPMENT, Mexus Gold is to start leaching at Santa Elena, in Sonora. Telson reported significant underground channel sample results at Tahuehueto. Orla presented the result of the FS on Camino Rojo. Premier Gold presented results of its 42,000 m drilling campaign at Mercedes. Southern Silver file a technical report with updated resources on Cerro Las Minas. Santacruz presented results of drilling at Veta Grande. GoGold released results of drilling at Los Ricos. SilverCrest informed the decline has intersected the Babicanora vein at Las Chispas. Minera Alamos informed on the permitting of Santana. Almaden updated on permitting and legal issues at its Ixtaca project in Puebla. ON DEALS AND CORPORATE ISSUES, Millrock sold its Sonoran portfolio to Riverside. ePower Metals entered into a definitive agreement with Minera Alamos to acquire the Los Reyes project in Sinaloa. Silver Viper renegotiated much better terms on the lease of two properties within its La Virgina project in Sonora. Golden Minerals entered into an agreement under which Minera Autlan is to buy its Velardeña properties. Bacanora Lithoum signed an investment agreement and an offtake agreement with Ganfeng Lithium on its Sonora lithium project. Canasil and Pan American agreed on terms for the acquisition of Pan American of the Sandra Escobar project in Durango.
ON MEXICO ISSUES
- The Economy Secretariat is awaiting the resolution of the Supreme Court on the change of rules to apply the Mining Fund, which this year is anticipated to be amounting to 3.2 billion pesos (3,200 millones) or approximately US$168.4 M. The proposal by the present Federal government (ie.- the president) is to deliver the resources directly to the people to “augment the capacities” of the mining communities. The aim would be to organize the community and the service providers to be part of the service chain for the mining industry. The resources on the Mining Fund to date are to be funneled according with the current rules, until a resolution by the Supreme Court clarifies the issue.
- In Sonora, local congressman Carlos Navarrete from the Encuentro Social party (allied to the Morena party) introduced a bill for a new State tax on dirt extracted from open pits (includes waste, sand, dimension stone, clays, limestone, lime, among others). The US$0.63 tax per cubic metre of material would be split 80/20 between the municipalities and the State. The resources would be utilized in physical investments and infrastructure with social impact, in the environment and urban development (The bill intends to use the resources thus gathered in the same way that those of the Mining Fund were supposed to be used, and for which a 7% federal royalty tax was imposed on mining a few years ago. Now that the current president Andrés Manuel Lopez Obrador intends to use the resources of the Mining Fund for his preferred programs, allied politicians are trying to make the mining industry pay even more taxes).
- The Economy Secretariat published a letter on the “Protocol of Good Practice of Mining for the Public Consultation”. In the letter the Economy Secretariat states that the protocol is under review by the agency. On the Letter: The consultation process is to be applied to all communities that can be impacted by the mining activity. Also, both exploration and exploitation should be consulted before their realization. The responsible authority is to be the Economy Secretariat, with aid by the Instituto Nacional de los Pueblos Indigenas and other authorities (SEMARNAT, CONAGUA, CFE, local municipal and state governments), as well as the state and federal Human Rights Commissions.
- Galore Resources Inc. informed its 2,500 m diamond core drilling program at the El Alamo target of its Dos Santos project in Zacatecas continues to progress well. The first hole “intersected multiple zones of alteration and brecciation …… silicified and brecciated limestone similar to those observed on the surface over a much wider zone than was anticipated”.
- Alien Metals Ltd. updated on its exploration activities at its Zacatecas properties Donovan 2, Los Campos and Don Celso. Sampling and mapping at Donovan 2 has resulted in high grade mineralisation in historic workings open along strike, and channel sample assays of up to 1.15% Cu and float samples of up to 0.45 gpt Au. Planned work includes a ground induced polarisation (IP) geophysical survey before the first phase of drilling. Surface mapping and sampling will be undertaken at Los Campos and Don Celso properties, as well as underground sampling and a geophysical survey at Los Campos.
- Alien Metals Ltd. released its audited financial results for 2018. The company owns the Donovan 2, Los Campos, San Celso and La Africana projects in Zacatecas. The company held US$0.7 M in cash and cash equivalents by the end of the period.
- Santacruz Silver Mining Ltd. reached an agreement to amend the repayment terms of the US$2.3 M short-term loan that it has borrowed from a private Bolivian mining company. The principal balance of US$2.3 million is now to be repaid by January 30, 2020. As consideration for the extension on the date of repayment Santacruz is to increase the issue of 2 M warrants to 2.5 M warrants (Veta Grande, Zacatecas).
- Galore Resources Inc. is to commence a non-brokered private placement to raise gross proceeds of up to $1.5 M (Dos Santos, Zacatecas).
- Goldplay Exploration Ltd. closed its over-subscribed previously announced financing, for gross proceeds of $1.37 M. A total of $28.9 K was paid and 231 K warrants were issued as a finder’s fee payment (San Marcial, Sinaloa).
- Leagold Mining Corp. completed the debt refinancing with a syndicate of lenders that includes a $200 million term loan and a $200 million revolving credit facility. These loans have been used to replace $238 million of existing short-term debt, and will aid in the development of the Bermejal underground complex, the Guadalupe open pit and the CIL plant construction at it Los Filos mine in Guerrero.
- ePower Metals Inc. intends to conduct a non-brokered private placement to raise up to Cdn$6 M (Los Reyes, Sinaloa).
- Sable Resources Ltd. granted 2.8 M incentive stock options to certain officers, directors, employees and consultants of the company. Such options are exercisable at a price of $0.15 for a period of five years (Margarita and Vinata, Chihuahua).
- Alien Metals Ltd. raised £350 K through the placement of shares (Donovan 2, Los Campos, Zacatecas).
ON RESOURCES AND DEVELOPMENT
- Mexus Gold US. is to start leaching at its Santa Elena mine in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora). Leaching is programmed to start on June 27th, with ore grading 1.8 gpt Au, 8 gpt Ag, to later on add ore @ 4 gpt Au, 12 gpt Ag. By September the company expects to be mining 3,500 tonnes per week.
- Telson Mining Corp. reported significant channel sample assay results for underground mine development at its Tahuehueto project in Durango, where a 1,000 tonne per day mine is under construction. Highlighted results include: 2.42 m @ 5.76 gpt Au, 129 gpt Ag, 1.44% Cu, 3.8% Pb, 6.2% Zn; 5.50 m @ 3.31 gpt Au, 57 gpt Ag, 0.32% Cu, 0.9% Pb, 3.5% Zn; 5.38 m @ 4.41 gpt Au, 44 gpt Ag, 0.38% Cu, 1.5% Pb, 3.6% Zn; 7.0 m @ 5.12 gpt Au, 40 gpt Ag, 0.29% Cu, 1.0% Pb, 3.2% Zn; 6.45 m @ 5.69 gpt Au, 51 gpt Ag, 0.21% Cu, 2.3% Pb, 5.6% Zn; 4.42 m @ 8.70 gpt Au, 59 gpt Ag, 0.18% Cu, 1.7% Pb, 2.2% Zn; 4.08 m @ 9.27 gpt Au, 69 gpt Ag, 0.19% Cu, 0.6% Pb, 1.0% Zn; 3.56 m @ 7.95 gpt Au, 76 gpt Ag, 0.25% Cu, 3.3% Pb, 4.6% Zn. Individual assays are often above 5 gpt Au, and up to 28 gpt Au.
- Orla Mining Ltd. presented the results of a feasibility study on its Camino Rojo Oxide project in Zacatecas. The main points include 18 K tonnes per day operation, with 44 M tonnes of ore to be put on the leach pad @ 0.73 gpt Au, 14.2 gpt Ag, containing 1 M Oz Au, 20.1 M Oz Ag. The expected recovery is 64% Au, 17% Ag, with an annual gold production of 97 K Oz Au at by-product cash cost $515 per Au Oz and an AISC of $576 per Au Oz. The after tax net present value (5%) is $142 M, with an after tax internal rate of return of 28.7% and a payback period of three years, all this in the case scenario of $1,250 per Au Oz price. The proven and probable mineral reserves stand at 44 M tonnes @ 0.73 gpt Au, 14.4 gpt Ag, whereas the measured and indicated resources amount to 353.4 M tonnes @ 0.83 gpt Au, 8.8 gpt Ag, containing 9.46 M Oz Au, 100.4 M Oz Ag. Inferred mineral resources are 60.9 M tonnes @ 0.87 gpt Au, 7.4 gpt Ag, containing 1.70 M Oz Au, 14.5 M Oz Ag.
- Premier Gold Mines Ltd. presented exploration results of its 42,000 m drilling program at its Mercedes mine in Sonora. New mineralised veins have been confirmed at San Martin, opening the area 600 m to the west of the Lupita deposit. Drilling at San Martin returned multiple intercepts, including 7.2 m @ 4.64 gpt Au, 30 gpt Ag; 1.4 m @ 5.56 gpt Au, 38 gpt Ag. Ongoing delineation at Lupita includes intercepts of 3.9 m @ 10.3 gpt Au, 88 gpt Ag and 1.5 m @ 23.9 gpt Au, 71 gpt Ag. Exploration is to be activated at La Mesa area, adjacent to Agnico Eagle’s Santa Gertrudis project.
- Southern Silver Corp. filed a NI-43-101 report with an updated mineral resource estimate for its Cerro Las Minas project in Durango (previously disclosed). The indicated resources amount to 11.1 M tonnes @ 105 gpt Ag, 0.1 gpt Au, 0.16% Cu, 1.2% Pb, 3.7% Zn, containing 37.5 M OZ Ag, 35 K Oz Au, 40 M Lb Cu, 303 M Lb Pb, 897 Lb Zn, Inferred mineral resources comprise 12.8 Mt @ 111 gpt Ag, 0.07 gpt Au, 0.27% Cu, 0.9% Pb, 2.8% Zn, containing 45.7 M Oz Ag, 31 K Oz Au, 76 M Lb Cu, 253 M Lb Pb, 796 M Lb Zn. “The overall objective of the 2019-20 exploration program is to continue to increase the existing resource base and to identify and drill test new epithermal vein systems within the larger claim package.”
- Santacruz Silver Mining Ltd. released results from phase 1 of the current drilling program on the Veta Grande, Armados and Navidad veins on its Veta Grande project in Zacatecas. Highlighted true width intercepts comprise 0.55 m @ 761 gpt Ag, 0.2 gpt Au, 0.86% Pb, 1.84% Zn, 0.04% Cu; 1.94 m @ 65 gpt Ag, 0.75 gpt Au, 1.23% Pb, 3.84% Zn, 0.03% Cu at the Navidad vein; 2.40 m @ 227 gpt Ag, 0.88 gpt Au, 2.71% Pb, 2.64% Zn, 0.19% Cu; 1.59 m @ 280 gpt Ag, 0.61 gpt Au, 3.60% Pb, 3.24% Zn, 0.22% Cu.
- GoGold Resources Inc. released results from two more diamond drill holes at its Los Ricos property in Jalisco. Highlighted intervals comprise 5.0 m @ 0.52 gpt Au, 161 gpt Ag; 6.3 m @ 2.14 gpt Au, 337 gpt Ag and 32.0 m @ 0.80 gpt Au, 179 gpt Ag, including 11.3 m @ 1.46 gpt Au, 348 gpt Ag. The 10,000 m HQ diamond drill program “is focused on defining the mineralized halo around the historical high grade ore shoots as defined by the underground workings and the 65 historical RC drill holes on the property”.
- SilverCrest Metals Inc. informed the decline has intersected the Babicanora vein at the Las Chispas project in Sonora. The decline intersected the Babicanora vein and the newly identified Baby Vista vein, the first with 3.6 m true width and the second with 1.5 m true width. Additional highlighted infill results of the area 51 of the Babicanora vein include 7.6 m @ 26.6 gpt Au, 2,676 gpt Ag; 3.5 m @ 32 gpt Au, 3,417 gpt Ag; 5.6 m @ 13.6 gpt Au, 1,154 gpt Ag. The 51 in-fill drill holes totaling 18,488 m reported in this news release were “generally targeting mineralization on the outer edges of the current block model” have a weighted average true width of 2.2 m @ 7.17 gpt Au, 753 gpt Ag. An additional 40,000 to 50,000 m of infill and expansion drilling with 15 drill rigs on site focused on expanding mineralization and improving resource confidence. To date over 203,000 m of drilling have been sunk in the property. Ongoing work includes the Feasibility study expected in H1, 2020 development of the Babicanora Vein in Area 51 zone, stockpiling of high-grade material, an extensive metallurgical test program, geotechnical work and permitting for project development.
- Minera Alamos Inc. received notification by SEMARNAT (Mexican environmental agency) confirming the successful completion of the technical review phase of the application (Estudio Tecnico Justificativo – “ETJ”) for the change of land use to allow the construction of mining and processing facilities at the Santana project area in Sonora. Phase 2 exploration will continue on the coming months, focusing to “demonstrate the potential of the project to host multiple “Nicho-style” mineralized systems that could be combined to supply feed material for an expanded regional production facility”.
- Almaden Minerals Ltd. current focus at its Ixtaca property in Puebla relates to permitting and financing activities. “Review by Mexican authorities of Almaden’s environmental permit application (Manifestación de Impacto Ambiental, or “MIA”) continues in the normal course, and recently SEMARNAT, Mexico’s environmental authority, completed its public information meeting in the town of Santa Maria”. Almaden is engaged with several potential financing parties to secure funds for the development of the project. Regarding a decision by a lower court in Puebla State concerning Mexico’s mineral title system, Mexico’s Federal Congress, Senate, and Ministry of the Economy each filed appeals against the decision, as well as Almaden.
ON DEALS AND CORPORATE ISSUES
- Ridgestone Mining Inc. entered into an agreement to acquire 100% interest in ten mining concessions adjacent to its Rebeico project in Sonora. The concessions cover 3,292 ha west of the Ridgestone claims, in an area with “numerous artisanal workings and mineralized outcrops”. Ridgestone has to make a $83 K payment and issue 5 M shares to the vendor.
- Millrock Resources Inc. entered into an agreement to sell the La Union, Los Cuarentas, El Pima, El Valle and Llano del Nogal claim blocks to Riverside Resources Inc. The Santa Rosalia option from the Los Cuarenta project will also be transferred. The deal, that includes a geological database and exploration equipment, involves Riverside paying $35 K and issuing 150 K shares to Millrock, as well as a 0.5% net smelter royalty (NSR) on the El Pima and El Valle claims, and in the Santa Rosalia option.
- ePower Metals Inc. entered into a definitive agreement with Minera Alamos Inc. and Vista Gold Corp. under which ePower has the right to earn 100% interest in the Los Reyes project in Sinaloa. In connection with the Transaction, the Company intends to change its name to “Prime Mining Corp.”, and will focus its resources on the immediate development of Los Reyes. ePower has to complete a $1.5 M cash payment to Minera Alamos, and assume the remaining option payments to Vista Gold of US$1.5 M on October 2019 and US$1.5 M on October 2021, as well as issuing Minera Alamos 9.45 M post-consolidation shares and 3.35 M warrants. ePower has to consolidate its common shares capital on a two-for-one basis and complete a financing of at least Cdn$6 M. The Los Reyes project has an historical estimate of 427.2 K Oz Au, 7.5 M Oz Ag in indicated resources and 196.7 K Oz Au, 4.8 M Oz Ag of inferred resources.
- Silver Viper Minerals Corp. renegotiated the terms of the Rubi-Esperanza option agreement to purchase three mineral concessions within its La Virginia project in Sonora. The overall agreement reduced the total cash payments from $4.49 M to $3 M, augmented in one year the term of the option and crucially reduced the amount on the first three payments by $1.46 M, enabling Silver Viper to direct maximum expenditures to advancing the project. According to the new agreement the company has to pay US$50 K on June 2019 (paid), US$75 K on June 2020, US$100 K on June 2021, US$200 K on June 2022 and US$2.575 M on June 2023. A 2% NSR can be purchased for US$2 M within 5 years of the original agreement remains unchanged. “Surface geochemistry and prospecting have identified targets to the north, south and east of the El Rubi discovery (6 m TW @ 3.16 gpt Au, 228 gpt Ag) which will be tested during the next phase of drilling. In addition, Silver Viper has contracted Geotech Ltd. to conduct a 720 line-kilometer magnetic and radiometric survey over the El Rubi and La Gloria targets for a total coverage of 4,900 hectares”.
- Golden Minerals Co. entered into an agreement to sell its Velardeña properties to Compañía Minera Autlán S.A.B. de C.V. for $22 M. The deal comprises the Velardeña properties, including the Velardeña and Chicago mines (currently in care and maintenance) and other adjacent exploration properties, and the lease agreement under which Golden Minerals has the oxide plant with Hecla thorough 2020. The proposed transaction also would include the sale of the Rodeo and the Santa Maria project concessions. Upon execution of this agreement, Autlan paid a deposit of US$1.5 million to Golden Minerals, which will be applied to the purchase price upon closing.
- Bacanora Lithium PLC. signed an investment agreement and off-take agreement with Ganfeng Lithium Co. (a key player in the lithium industry globally). Once completed this agreement would form a major part of the financing package needed to develop the initial 17,500 tonnes per year production of lithium carbonate. The £14.4 M strategic investment provides Ganfeng with 29.99% of Bacanora, pre-emption rights and a director on the board. Another project level investment of £7.56 M in Sonora Lithium Ltd. (the holding company of the project) accrues Ganfeng 22.5% of the holding company, with an option to increase its interest to 50% within 24 months and the appointment of a director to the board. GFL will provide a plant and process commissioning team to assist Bacanora in delivering first production in 2021.
- Canasil Resources Inc. and Pan American Silver Corp. signed the definitive agreement under which Pan American has the right to acquire Canasil’s interest in the Sandra Escobar project, in Durango. The transaction was closed for a payment of CDN$2 M and grant of a 2% NSR, with Pan American being able to buy 1% of the NSR by the payment to Canasil of CDN$4 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 image below, conglomerate with well-rounded quartz vein and silicified rock fragments in the coastal plain in Veracruz. Picture by Jorge Cirett.
Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) continues to deliver strong assay results from two new diamond drill holes at the recently acquired 29 concession Los Ricos project located about 100 km northwest of the city of Guadalajara, Mexico.
Santacruz Silver _26062019
Vancouver, British Columbia–(Newsfile Corp. – June 26, 2019) – Santacruz Silver Mining Ltd. (TSXV: SCZ) (the “Company” or “Santacruz”) provides an update from the Phase 1 drill program on the Veta Grande, Armados and Navidad veins that form part of the Company’s Veta Grande project located in the Zacatecas mining district, Zacatecas, Mexico (see press release dated July 9, 2018). To date, the Company has completed 43 diamond drill holes totalling 13,665 metres on the property. This update references 24 of the 43 drill holes, representing 7,500 metres of surface exploration drilling at the Garcia and Navidad mines since October 2018 (see news release dated October 22, 2018). Drilling is ongoing.
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) is pleased to report that its 2,500-
meter diamond core drilling program (see News Releases of May 27 and June 4, 2019) at Galore’s 100% owned El Alamo target and part of the larger Dos Santos project continues to progress well. Drill hole EA-001 was completed to a depth of 251m and EA-002 is underway. Senior geologists onsite are enthusiastic about what the drilling has encountered in the way of alteration and rock types. Logging of EA-001 has been completed and the core is currently being sawed and sampled for delivery to ALS Geochemistry laboratory in Zacatecas.