General Meeting

The Mining and Exploration News in Mexico: Highlights on the Second Week of May, 2019.

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Flow banding rhyolite

By Miguel A Heredia

During the seventeen week of the year (May 06th to May 12th, 2019), at least 41 press releases were announced by companies working in Mexico, with fourteen communicating financial and production results, ten disclosing deals and corporate issues, seven reporting on resources and development of their properties, five informing on exploration results, three discussing Mexican news, and two announcing financing rounds.  ON MEXICO ISSUES, Mining Chamber of Mexico (CAMIMEX) demanded the authorities to act in the illegal blockade at the Peñasquito mine by a transport company called CAVA.  ON EXPLORATION, In Sonora, Aloro announced that it will resume drilling at its Venados project, Azure released drilling results from its Alacran project, and Colibri received historical assays from Santa Catalina Mining’s Pilar Exploration.  In Chihuahua, Silver Spruce and Radius Gold announced exploration results from its Pino de Plata and Amalia projects respectively.  ON MINING, Alio, Avino, Endeavour, Excellon, First Majestic, GoGold, Gold Resource, Hecla, Leagold, Pan American, Premier, Santa Cruz, Torex, and US Antimony presented Q1 2019 production and financial results from their Mexican operations. Endeavour also released its 2018 annual review and sustainability report. ON FINANCING, Defiance closed the final tranche of its previously announced private placement in the amount of $280,230 (San Acacio project, Zacatecas). Megastar closed a non-brokered private placement in the amount of $672,600 (Yautepec, Magdalena, and Rama de Oro projects, Oaxaca). ON RESOURCES AND DEVELOPMENT, Southern Silver updated mineral resources at its Cerro Las Minitas project in Durango. Azure increased mineral resources at its Oposura project in Sonora. Hecla reported positive exploration results from its San Sebastian mine in Durango. Mexus Gold started blast hole drilling at its Santa Elena mine in Sonora to initiate ore production. Premier announced high grade intersects from the underground drilling program carried out at the Marianas zone within its Mercedes mine in Sonora. US Antimony reported a doubling of its Mexican smelting. Goldplay released exploration results from its San Marcial project in Sinaloa. Endeavour filed an updated technical report for its Terrroneras project in Jalisco with mineral resource and reserve estimate.  ON DEALS AND CORPORATE ISSUES, Alamos Gold (Mulatos mine, Sonora), Argonaut (El Castillo mine, Durango), Endeavour (Guanacevi mine, Durango), and Leagold (Los Filos mine, Guerrero) announced results from their annual general meeting of shareholders. Oroco confirmed favourable court decision on the Santo Tomas concession in Sinaloa. Defiance appointed new Director and Executive Chairman (San Acacio project, Zacatecas). Sable announced that the TSX accepted for filing the documentation of its option agreement on the Margarita project in Chihuahua with Minas Guilloyna and Minera La Perla.

 ON MEXICO ISSUES

  • Mining Chamber of Mexico (CAMIMEX), demanded the authorities to act in the conflict between Peñasquito and a transport company called CAVA. The company declared that the illegal blockade which started more than a month ago, harms entire families and the productive chains of the region. CAMIMEX also stated that is essential that mining companies in the country can work without being subject to illegal pressures and, like any industry that develops in the country, their demands are met promptly through legal channels and attached to the rule of law. The company initiated the suspension of payments to employees and unionized workers, contractors, suppliers and communities. However, the company is willing to help unlock this situation that affects 20 thousand people who work directly or indirectly for the mine.
  • Mexico mining exploration, registered its lowest investment in 12 years. The mining exploration investment in Mexico during 2018 reached USD $383M, which represented a year-on-year decrease of 37.4% and its weakest level in the last 12 years, according to data from the Mining Chamber of Mexico (CAMIMEX).

ON EXPLORATION

  • Aloro Mining Corp., announced that soon it will resume drilling at its Los Venados project in Sonora. The drilling plan will consist of 1,200m in four holes and will be focused on the blind target discovered by hole LVRC-012 which intersected 32m of blind strong silicic alteration containing 1.72 g/t Au over 4.57m, interpreted as the margin of a concealed felsic dome.
  • Azure Minerals Limited, released drilling results from its Alacran project in Sonora, where its JV partner Minera Teck completed 21 holes phase 2 diamond drilling campaign for 10, 540m. 16 of the drill holes targeted porphyry-style copper mineralization at Cerro Alacrán prospect, while the remaining 5 holes targeted epithermal-style precious metal mineralization at Cerro San Simon and Cerro Colorado areas. This phase of drilling confirmed the existence of porphyry copper mineralization with broad zones of visible chalcopyrite intersected. Significant drill intersections include hole ALA-18-001 with 0.17% Cu over 118m; hole ALA18-003 with 0.25% over 131.7m; hole ALA-18-011 with 0.19% Cu over 137m; and hole ALA-18-014 with 0.21% over 177.3m.
  • Colibri Resource Corporation, purchased historical assays results for 8,000 samples collected on the Pilar Gold project in Sonora by Santa Catalina Mining in the 90´s. Highlights include a series of 11 consecutive assays reporting 285.12 g/t Au, 45.53 g/t Au, 195.5 g/t Au, and 51.91 g/t Au which have been interpreted to correspond with hole S-10. This hole intersected 54.47 g/t Au over 16.5m, and is located in the North Hill Zone; a series of 9 consecutive assays including an intersection of 80.3 g/t Au, interpreted to correspond with hole Q-8b. This hole intersected 9.64 g/t Au over 13.5m; and another series of 6 consecutive assays including 0.54 g/t Au, 8.52 g/t Au, 20.66 g/t Au, 16.23 g/t Au, and 6.97 g/t Au, interpreted to correspond with hole P-9b located in the Main Zone, which encountered 10.16 g/t Au over 9m.
  • Silver Spruce Resources inc., completed field work at its Pino de Plata project in Chihuahua. The field program expanded areas of intrusive-related alteration and mineralization to > 50 hectares; confirmed that high silver grades are present on surface at El Terrero and Gossan areas; added three new vein targets at La Perla, Santa Clara and El Muro vein systems; and refined drill collar locations and orientations to optimize targeting. The company announced that eight targets were identified for drill testing: “gossans in the Gossan zone, skarn/replacements at Santa Elena, the Terrero mine target, the La Perla vein and associated alteration zone, the Santa Clara vein, the Theodora vein, the Sierpe veins and associated alteration, and the newly defined Muro vein.” The company holds a drill permit for 30 holes but only plans to drill 12 holes for an estimated of 2,000m during the phase 1.
  • Radius Gold Inc., provided an update of its ongoing drilling program at its Amelia project in Chihuahua. Radius has completed three drill holes proximal to hole AMDD19-010 which encountered 12.38 g/t Au and 309 g/t Ag over 34m of true width. Hole AMDD19-011 intersected 97m of “varying intensity quartz veins, stockwork veining and diorite dykes”; hole AMDD19-012 intersected a zone of 53m of “alteration including variable stockworks, silicification and hydrothermal breccias”; and hole AMDD19-013 intersected 17m of “moderate to strong silicification, tectonic breccia with micro vein stockworks and traces of fine sulphides”. Assays for these holes are pending.

ON MINING

  • Alio Gold Inc., announced Q1 2019 financial and production results from its San Francisco mine in Sonora. Alio produced 10,968 Oz Au and 6,274 Oz Ag. It is less compared with Q1 2018. The by-product cash cost and AISC in Q1 2019 was $884 and $1,137 per Oz. The reason of the lower production at San Francisco mine is due to the decision to stop active mining in the San Francisco pit and focus on continuing leaching and processing the low grade stockpile.
  • Avino Silver & Gold Mines Ltd., reported Q1, 2019 production and financial results from its Avino mine in Durango. The company milled 197,687 tonnes to produce 268.4K Oz Ag, 1,813 Oz Au and 1.1M Lb Cu (over 615K Oz AgEq) with a cash-cost and AISC of USD $11.44 and USD $13.81 per Oz AuEq produced. Avino reported revenues for USD $6.7M, an EBIDTA of USD $49M, and a net income (loss) of USD $610M.
  • Endeavour Silver Corp., announced Q1 2019 production and financial results from its four Mexican operations: Bolañitos and El Cubo mines in Guanajuato, Guanacevi in Durango, and El Compas in Zacatecas. It produced 1.07M Oz Ag, 10K Oz Au (or1.9M Oz AgEq), with a cash cost and AISC of $12.55 and $19.37 per Oz Ag payable (net of Au credits). It also presented its 2018 annual review and sustainability report. 2018 Sustainability highlights include the investment of $400K in corporate charitable donations, focused on education, employment, health, infrastructure, and cultural events in Mexico and Canada; plantation of 53,000 trees in reforestation projects to reclaim disturbed ground; and the recycle of over 93% of water used; the investment of $1.7M in environmental protection programs. The company also reported that 99% of its workforce is Mexicans, spending $42M in employee wages and benefits; spent $181.1M on goods and services, 97% of total procurement is from within Mexico; and paid $10.2M in taxes.
  • Excellon Resources Inc., released Q1 2019 production and financial results from its la Platosa mine in Durango. The company processed 18,219 tonnes of 534 g/t Ag, 5% Zn, and 8% Pb to produce 260.4K Oz Ag, 1.37M Lb Zn, and 2.2M Lb Pb, with metallurgical recoveries of 89.7%, 74.6%, and 78.1% respectively. Cash cost and AISC were USD $11.71 and USD $25.35 respectively. The company reported revenues for USD $5.2M and a net loss of USD $602K.
  • First Majestic Silver Corp., presented Q1 2019 production and financial results from their Mexican operations. The company milled 812,654 tonnes to produce 3.3M Oz Ag or 6.3M Oz AgEq, with a cash cost and AISC of $6.34 and $12.91 per Oz Ag payable, and reported revenues for $86.8M, and net earnings of $2.9M. A distribution by mine is shown in the table below:

  • GoGold Resources Inc., announced Q1 2019 production and financial results from its Parral tailings project in Chihuahua. It stacked 478,874 tonnes to produce 414.2K Oz AgEq, with cash cost of USD $13.61 and an AISC of USD $13.61 per Oz AgEq produced. GoGold reported revenues for USD $7.03M, an EBIDTA of USD $1.86M, and a net loss income of USD $2,44M.
  • Gold Resource Corporation, released Q1 2019 production and financial results from their mine operations in Oaxaca. The company processed 165,638 tonnes of 1.26 g/t Au and 226 g/t Ag to produce 6,538 Oz Au and 364.6K Oz Ag. Cash cost and AISC of USD $340 and USD $834 per Oz AuEq produced respectively. Gold Resource reported revenues for USD $26.57M, and net income of USD $0.88M.
  • Hecla Mining Company, reported Q1 2019 production and financial results from its San Sebastian mine in Durango. The mill operated at an average of 494 tonnes per day to produce 441K Oz Ag and 3,530 Oz Au, at a cash cost and AISC of $11.23 and $16.55 per Oz Ag produced respectively.
  • Leagold Mining Corporation, announced Q1 2019 production and financial results from its Los Filos mine in Guerrero. The company produced 64K Oz Au at an AISC of USD $797 per Oz Au sold. Los Filos underground is now producing at over 1,900 tonnes per day with cost below USD $80 per tonne of ore.
  • Pan American Silver Corporation, presented Q1 2019 production and financial results from their Mexican operations. At its La Colorada mine in Zacatecas, the company produced 2M Oz Ag and 1K Oz Au at cash cost of USD $2.16 per Oz Ag produced and an AISC of USD $3.37 per Oz Ag produced. At its Dolores mine in Chihuahua, the company produced 1.1M Oz Ag and 30K Oz Au at cash cost of USD $3.34 and AISC of USD $26.45.
  • Premier Gold Mines Limited, reported Q1 2018 production and financial results from its Mercedes mine in Sonora. It milled 178,771 tonnes of 3.18 g/t Au and 27 g/t Ag to produce 17.6K Oz Au and 57.7K Oz Ag at a cash and IASC of USD $806 and $1,105 per Oz Au sold respectively. Premier reported revenues for USD $23.1M and mine operating income of USD $3.7M.
  • Santacruz Silver Mining Ltd., announced Q1 2019 production and financial results from their Mexican operations. At its Veta Grande mine in Zacatecas, the company processed 32,625 tonnes of 119 g/t Ag, 0.19 g/t Au, 0.8% Pb, and 1.9% Zn,  to produce 79.6K Oz Ag, 97 Oz Au, 488.3K Lb Pb, and 1.1M Lb Zn. At its Rosario mine in San Luis Potosi, the company  milled 10,279 tonnes of 47 g/t Ag, 0.3% Pb, and 2.1% Zn to produce 14K Oz Ag, 61 Oz Au, 60.5K Lb Pb, and 407.7K Lb Zn.
  • Torex Gold Resources Inc., presented Q1 2019 production and financial results from its El Limon-Guajes Mining Complex in Guerrero. Torex produced 77.8K Oz Au at an average grade of 2.45 g/t Au. Cash cost and AISC per Oz Au sold were USD $745 and USD $1,161 respectively. It reported revenues for USD $101.9M and earnings from mine operation of USD $16.8M.
  • US Antimony, produced during Q1 2019 approximately 69,000 Lb per month from its Mexican operations (Wadley mine in San Luis Potosi and Guadalupe mine in Zacatecas).

ON FINANCING

  • Defiance Silver Corp., closed the final tranche of its previously announced private placement in the amount of $280,230. In total, Defiance raised $2,567,620 in its private placement (San Acacio project, Zacatecas).
  • Megastar Development Corp., closed a non-brokered private placement in the amount of $672,600. Gross proceeds of the financing will be used to advance exploration on multiple properties within the Oaxaca, Mexico Au-Ag belt as optioned from Minera Zalamera S.A. de C.V. (Yautepec, Magdalena and Rama de Oro projects, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., announced a new mineral resource estimate at its Cerro Las Minitas project in Durango. Indicated resources are 11,102,000 tonnes of 105 g/t Ag, 0.16% Cu, 1.2% Pb, 3.7% Zn, and 0.1 g/t Au to contain 37.5M Oz Ag, 40M Lb Cu, 303M Lb Pb, 897M Lb Zn, and 35K Oz Au (133.9M Oz AgEq or 2B Lb ZnEq). Inferred resources are 12,844,000 tonnes of 111 g/t Ag, 0.27% Cu, 0.9% Pb, 2.8% Zn, and 0.07g/t Au to contain 45.7M Oz Ag, 76M Lb Cu, 253M Lb Pb, 796M Lb Zn, and 31K Oz Au (138.1M Oz AgEq or 2.04B Lb ZnEq).
  • Azure Minerals Limited, expanded mineral resources at its Oposura project in Sonora. The new mineral resource estimate is based on 173 diamond holes totaling 11,109m drilled on phase 1 and 58 diamond holes totaling 4,567m drilled on phase 2. Indicated resources are 2.5M tonnes of 5.3% Zn, 2.9% Pb, and 19 g/t Ag, and inferred resources of 0.6M tonnes of 3.4% Zn, 2.1% Pb, and 15 g/t Ag. Total mineral resources are 3.1M tonnes at grades of 5% Zn, 2.7% Pb, and 18 g/t Ag containing 342.7M Lb Zn, 188.2M Lb Pb, and 1.78M Oz Ag. In addition, reconnaissance drilling in the Central Zone has encountered near-surface, high-grade mineralization. Drilling highlights include hole OPDH-173 which intersected 7.7% combined Zn+Pb over 12m, including 12.5% combined Zn+Pb over 4.1m, and hole OPDH-178 with 18.9% combined Zn+Pb over 9.5m, including 26.6% combined Zn+Pb over 6.2m. Azure is planning additional drilling to further increase mineral resources in the Central Zone, to the north of the deposit and within the wider property.
  • Hecla Mining Company, reported positive exploration results from its San Sebastian mine in Durango. The company obtained encouraging drill results at the Middle Vein area, including 6,422 g/t Ag and 24.57 g/t Au over 1.86m. This drilling phase has increased the oxide mine life through upgraded resource in the Middle Vein. In addition, Hecla defined near-surface mineralization at the new El Toro area over 1.5km along strike and from surface up to 150m at depth. Drilling highlights at El Toro area include 750 g/t Ag and 4.9 g/Au over 1.8m, and 666 g/t Ag and 10.9 g/t Au over 1.3m.
  • Mexus Gold US, started blast hole drilling on the Julio vein system at its Santa Elena mine in Sonora to produce the ore necessary to initiate steady production. The material being drilled has been sampled and is averaging 4 g/t Au and 12 g/t Ag. “Mexus currently has over 12,000 tons of ore stockpiled and ready to mine which was a result of the preparation of the pit on the Julio vein”.
  • Premier Gold Mines Limited, released high grade intersects from underground drilling carried out at the Marianas zone within its Mercedes mine in Sonora. Significant results were in hole UG-MR19-011 with 4.96 g/t Au and 71 g/t Ag over 31m, including 25.65 g/t Au and 171 g/t Ag over 3.1m, hole UG-MR-19-007 with 4.51 g/t Au and 64 g/t Ag over 20.5m, including 11.04 g/t Au and 94 g/t Ag over 3.8m, and hole UG-MR10-010 with 7.29 g/t Au and 8 g/t Ag over 3.5m. “The Marianas Zone comprises the down-plunge extension of the main Mercedes mine trend. Previous surface drilling suggests Marianas has the potential to host economic mineralization of higher than the current reserve grade. It is the Company’s goal to convert a portion of Marianas mineral resources to mineral reserves with a delineation drill program during the balance of 2019. Ore development could commence in 2020”.
  • US Antimony, reported a doubling of its Madero, Coahuila Mexican smelter capacity with the startup of No.2 long rotary furnace. This is expected to double Mexican production by the end of Q2 due to the increased output of its Wadley mine in San Luis Potosi and its Guadalupe mine in Zacatecas.
  • Goldplay Exploration Ltd., released trenching results from the Nava Zone located 1.5 km to the west of its San Marcial NI 43-101 silver resource, supporting an attractive mineralized corridor for discoveries and potential resource expansion. Wide zones of up to 1.5 g/t Au were encountered during the trenching sampling. Significant results include 0.7 g/t Au over 40m, including 1.9 g/t Au over 6m.
  • Endeavour Silver Corp., filed an updated technical report for its two deposits at the Terroneras project in Jalisco with mineral resource and reserve estimate. Indicated resources at Terroneras are 5,275,000 tonnes of 227 g/t Ag and 2.35 g/t Au to contain 38.5M Oz Ag and 398K Oz Au. Inferred resources are 1,022,000 tonnes of 212 g/t Ag and 1.7 g/t Au to contain 6.97M Oz Ag and 56K Oz Au. Indicated resources at La Luz are 126K tonnes of 192 g/t Ag and 13.6 g/t Au to contain 779K Oz Ag and 55K Oz Au. Inferred resources at La Luz are 58K tonnes of 145 g/t Ag and 12.15 g/t Au to contain 269K Oz Ag and 23K Oz Au. Probable combined mineral reserves of Terroneras and La Luz are 5,587,000 tonnes of 208 g/t Ag and 2.33 g/t Au to contain 37.44M Oz Ag and 419K Oz Au (mineral resources are inclusive of mineral reserves).

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc., announced results from its annual general meeting of shareholders (Mulatos mine, Sonora), and the retirement of one of its Directors and the appointment of its replacement.
  • Argonaut Gold Inc., released voting results from its annual general meeting of shareholders (El Castillo mine, Durango).
  • Endeavour Silver Corp., announced results from its annual general meeting of shareholders, and the appointment of its newest Director (Guanacevi mine, Durango).
  • Great Panther Mining Limited, announced the appointment of a new Director (Topia mine, Durango).
  • Leagold Mining Corporation, presented voting results from its annual general meeting of shareholders (Los Filos mine, Guerrero).
  • McEwen Mining Inc., announced two management changes: its new CFO and the General Manager for its Nevada operation (Fenix project, Sinaloa).
  • Oroco Resource Corp., confirmed that a favourable court decision on the Santo Tomas concession has been received by its Mexican legal council. The company also announced that a criminal complaint against Aztec and its president Ron Arnold has been field with the Procuraduría General de Justicia de la Ciudad de Mexico (Santo Tomas project, Sinaloa).
  • Defiance Silver Corp., appointed new Director and Executive Chairman (San Acacio project, Zacatecas).
  • Sable Resources, announced that the TSX accepted the file documentation of its option agreement on the Margarita project in Chihuahua with Minas Guilloyna and Cia. Minera La Perla. Sable can earn 100% right, title, and interest in the Margarita project by satisfying the CAD $3.5M purchase price through the issuance of shares or cash or a combination of both over a three years period. To date, Sable has paid CAD $50K in cash and issued 200K shares (CAD $30K) to vendors during the execution of the agreement, issued 500K shares or cash equivalent (CAD $470K) on May 30, 2018), and has to issue CAD $500K worth of shares or cash equivalent on or before May 30, 2019, CAD $500K worth of shares or cash equivalent on or before November 30, 2019, and CAD $2M worth of cash or shares on or before May 30, 2020.

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, flow banding rhyolites at a locality in Guanajuato, Mexico.  Photo by Miguel A Heredia.

 

 

ENDEAVOUR SILVER ANNOUNCES 2019 ANNUAL GENERAL MEETING RESULTS

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news.19-10.agmres-final

VANCOUVER, British Columbia, May 09, 2019 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) announces that at the Company’s 2019 Annual General Meeting (“AGM”) held on May 7, 2019 in Vancouver, shareholders voted in favour of all items of business. A total of 75,258,696 votes were cast or represented by proxy at the AGM, representing 57.24% of the outstanding common shares as of the record date. The following is a tabulation of the votes submitted by proxy:

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of April, 2019.

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Chalcedonic quartz breccia

During the fifteen week of the year (April 22th to April 28th, 2019), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, five informing on exploration results, three communicating financial and production results, three reporting on resources and development of their properties, and one discussing Mexican news.  ON MEXICO ISSUES, Mexico was announced as the largest contributor of silver worldwide for the ninth year in a row.   ON EXPLORATION, In Sonora, Evrim acquired La Lola project, Aloro received a new drill permit for its Los Venados project, and Azure announced exploration activities conducted by Teck at the El Alacrán project. In Coahuila, Discovery Metals reported sampling results from its Monclova project. In Zacatecas, Advance Gold announced drilling results from its Tabasqueña property. In Jalisco, GoGold released encouraging drill results from its Los Ricos project. ON MINING, Capstone reported Q1 2019 production results from its Cozamin mine in Zacatecas. Newmont Goldcorp Corporation announced Q1, 2019 production and financial results. Agnico released Q1, 2019 production results from their Mexican operations. ON FINANCING. No relevant news. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc announced maiden ore reserves at its Plomosas mine in Chihuahua. Mexus Gold announced that the ore crushing circuit on its Santa Elena mine in Sonora is now fully operational. Agnico informed that in its Santa Gertrudis project in Sonora, the exploration program has extended the known deposits and outlined high grade mineralization at the Trinidad trend. Azure reported Q1, 2019 results from the activities carried out at its Oposura project in Sonora.   ON DEALS AND CORPORATE ISSUES, Silver Bull announced results from its 2019 annual general meeting of shareholders (Sierra Mojada project, Coahuila). Newmont Goldcorp Corporation published its 2018 sustainability report (Peñasquito mine, Zacatecas). Discovery Metals amended terms of its Puerto Rico option agreement in Coahuila. First Mining announced the appointment of its new COO (San Ricardo project, Sonora). Galore reported the passing of one of its Directors (Dos Santos project, Zacatecas). Newmont Goldcorp Corporation declared quarterly dividend of $0.14 per share. Minera Alamos announced transaction to accelerate development of its Guadalupe de los Reyes project in Sinaloa. Agnico announced election of Directors (Pinos Altos mine, Chihuahua). Alien Metals received the notification of major holdings (Los Campos, Zacatecas). Capstone announced results from its 2019 annual general meeting of shareholders (Cozamin mine, Zacatecas).

 ON MEXICO ISSUES

  • Fresnillo plc, is the leading producer of silver worldwide with 58.1 M Oz Ag, which has led Mexico to position itself for nine years as the number one in the contribution of this metal.

ON EXPLORATION

  • Evrim Resources Corp., acquired La Lola Au-Ag project in Sonora. This low sulphidation system was identified and staked by Evrim and consolidated through third party agreements in 2019. The land package comprises 6,309 hectares and contains La Barra vein system which extends for at least 5km and is locally up to 40m wide. Reconnaissance sampling returned 58 g/t Au from a historic dump and 424 g/t Ag from hanging wall structures. A systematic soil survey returned Au anomalies up to 43 ppb along the la Barra vein and up to 123 ppb Au in the eastern Adaena alteration zone. Pathfinder geochemistry and quartz textures suggest potential to find a preserved boiling zone bonanza target at depth. La Lola has never seen drilling or modern exploration.
  • Aloro Mining Corp., received a new environmental permit to drill 14 holes at its Los Venados project in Sonora. The drill permit, which is valid for two years, also includes the construction of approximately 1,500m of access road.
  • Azure Minerals Limited, released that the exploration program at El Alacran project in Sonora is being conducted by Teck Resources and is focused on the porphyry copper potential at the Cerro Alacran prospect and on the epithermal mineralization at Cerro San Simon and Cerro Colorado targets. Assay results for the drill samples have been received from Teck. Azure is currently undertaking a technical review and significant drill intersections will be released when this process is complete.
  • Discovery Metals Corp., released sampling results at the Real Viejo area from its Monclova project in Coahuila. Significant results from 41 underground channel samples include 450 g/t Ag, 0.01 g/t Au, 0.14% Cu, 2.9% Pb, and 16.1% Zn (1,558 g/t AgEq) over 1m breccia; 714 g/t Ag, 0.03 g/t Au, 0.08% Cu, 0.5% Pb, and 1.1% Zn (814 g/t AgEq) over 1.2m breccia; and 507 g/t Ag, 0.01 g/t Au, 0.21% Cu, 6.1% Pb, and 4.0% Zn ( 1,018 g/t AgEq) over 1m breccia. Also, significant results from 200 surface channel samples include 57 g/t Ag, 0.01 g/t Au, 0.02% Cu, 0.3% Pb, and 2.9%Zn (248 g/t AgEq) over 1.0m breccia; 88 g/t Ag, 0.01 g/t Au, 0.04% Cu, 0.6% Pb, and 0.7% Zn ( 162 g/t AgEq) over 1.5m fault breccia, and dump samples returning 1,150 g/t Ag, 16.45 g/t Au, 1.35% Cu, 1.6% Pb, and 0.2% Zn (2,645 g/t AgEq) and 418 g/t Ag, 0.01 g/t Au, 0.23% Cu, 1.3% Pb, and 3.4% Zn (704 g/t AgEq).
  • Advance Gold Corp., announced phase 3 drilling results from its Tabasqueña project in Zacatecas. Two deep holes and one shallow hole were completed for a total of 1,093m during phase 3 and targeted the western extension of a cluster of epithermal veins and the potential of the veins in the near surface oxide zone. Highlights of the shallow hole include 0.15 g/t Au and 73 g/t Ag over 4.72m, with the best intersection of 0.58 g/t Au and 31 g/t Ag over 1.05m. The two deep holes did not intersect the veins suggesting that the structures could be dipping more vertically.
  • GoGold Resources Inc., released encouraging drilling results from its Los Ricos project in Jalisco. Hole LRGG-19-03 intersected 2.21 g/t Au and 319 g/t Ag (6.45 g/t AuEq) over 20.4m, including 4.26 g/ Au and 608 g/t Ag (12.36 g/t AuEq) over 10.5m, including 6.17 g/t Au and 869 g/t Ag (17.77 g/t Au) over 7.2m.

ON MINING

  • Capstone Mining Corp., reported Q1, 2019 production results from its Cozamin mine in Zacatecas. The company milled 273,000 tonnes of 1.53% Cu to produce 8.7M Lb Cu and 5.5M Lb Zn, at cash cost of US$ 0.70/Lb Cu produced. Metallurgical recoveries for Cu and Zn were 94.2% and 69.3% respectively.
  • Newmont Goldcorp Corporation, produced 1.23M Oz Au during Q1, 2019 at a cost applicable to sales of $701 per Oz and an AISC of $907 per Oz. The company reported a net income of $113M, an EBITDA of $687, a cash flow from continuing operations of $574M, and free cash flow of $349M.
  • Agnico Eagle Mines Limited, released Q1, 2019 production results from their Mexican operations. At Pinos Altos mine in Chihuahua, the company milled 478,000 tonnes of 2.89 g/t Au to produce 42.7K Oz Au, at a cash cost of $694 per Oz Au produced. At its Creston-Mascota mine in Chihuahua, the company milled 361,000 tonnes of 1.96 g/t Au to produce 13.5K Oz Au, at a cash cost of $727 per Oz Au produced. At its La India mine in Sonora, Agnico milled 1,451,000 tonnes of 0.67 g/t Au to produce 23K Oz Au, at a cash cost of $772 per Oz Au produced.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Limited, announced maiden ore reserves at its Plomosas mine in Chihuahua. The total proven and probable ore reserves based on the current mineral resources as depleted 31 December 2018 for the Plomosas mine are 73,850 tonnes at grades of 13.8 % Zn, 2.4 % Pb, and 18 g/t Ag. In terms of mining costs, the stoping has been estimated at US$ 29.85/ ton ore mined and development at US$ 6.50/ton ore mined.
  • Mexus Gold US, announced that the ore crushing circuit on its Santa Elena mine in Sonora is now fully operational.
  • Agnico Eagle Mines Limited, reported that mapping work at its Santa Gertrudis project in Sonora has extended the main corridor to almost 20km in length. There are three corridors with at least 9 mineralized zones with multiple deposits that have been discovered to date. “Part of the recent exploration work has been between the known deposits where there had been limited drilling by previous operators. Current work is also testing new geological concepts”.
  • Azure Minerals Limited, reported Q1, 2019 results from the activities carried out at its Oposura project in Sonora. Azure announced that the initial hydrologic drilling into potential aquifers, as well as the condemnation/sterilization drilling on plant site and tailings storage, has been successfully completed. The phase 2 drilling program was completed with a total of 58 holes adjacent to the East Zone mineral resource. Results were reported in previous press releases and confirmed the continuity of the mineralization, and this is likely to result in upgrading most of the East Zone Mineral Resource to JORC Indicated classification, thereby enabling conversion to JORC Probable Reserves as part of the Feasibility Study. “The close-spaced extensional drilling was successful in delineating a zone of high-grade (>20% Zn+Pb) mineralisation located around Tunnel D within the western part of the East Zone and extending further to the west into the Central Zone. Azure is currently assessing the potential for early development of this high-grade mineralisation as access to this area is immediately available via Tunnel D”. Geotechnical studies, detailed deposit-wide variability metallurgical testwork, and open pit and underground mine planning and scheduling are in progress.

ON DEALS AND CORPORATE ISSUES

  • Silver Bull Resources Inc., announced results from its 2019 annual general meeting of shareholders (Sierra Mojada project, Coahuila).
  • Newmont Goldcorp Corporation, published its 2018 sustainability report. Newmont´s sustainability highlights include:  a) “Conducting the first integrated environmental and social impact assessment under an improved approach to free, prior and informed consent of indigenous peoples at the Sabajo project near the Merian operation in Suriname; b) Launching a Supplier Risk Management program to significantly improve how risks – including corruption, safety, social, environmental, human rights and security – are managed throughout the supplier relationships lifecycle; c) Refreshing Newmont’s global inclusion and diversity strategy and including metrics to measure inclusion and diversity; d) Distributing more than $6.5 billion in economic value including $1.4 billion in wages and benefits, nearly $520million paid in taxes and royalties, and $1.1 billion spent with local suppliers; e) Partnering with the International Union for Conservation of Nature (IUCN) and working together on achieving better biodiversity outcomes through a review of the Company’s biodiversity projects in Nevada; f) Minimizing the risk of catastrophic tailings dam failures by strengthening Newmont’s tailings governance framework to include reviews of its five high-priority tailings storage facilities by independent technical review boards; and g) Reducing water consumption by six percent (compared to the 2016 base year) and maturing Newmont’s water strategy focus toward water stewardship.
  • Discovery Metals Corp., amended terms of its Puerto Rico option agreement located in Coahuila State, and signed a 30-years exploration and mining agreement with the Boquillas Del Carmen Ejido. Discovery Metals may exercise the option to acquires 100% interest of the Puerto Rico property by making a cash payment of US$300K by monthly installments of US$20K, commencing 30 calendar days after receiving  the drill permit, issuance of 500K common shares on each anniversary of the closing date of the transaction,   and the issuance of additional common shares equivalent to the greater of 20% of the market value of the project as determined by an independent valuation or 18M common shares, taking into account  common shares already issued to the property owners. In order to exercise the option, the company is required to complete 12,000mof drilling within 3 years after it receives the drill permit.
  • First Mining Gold Corp., announced the appointment of its new COO (san Ricardo property, Sonora).
  • Galore Resources Inc., reported the passing of one of its Directors (Dos santos project, Zacatecas).
  • Newmont Goldcorp Corporation, declared quarterly dividend of $0.14 per share of common stock, payable on June 20, 2019 to holders of record at the close of business on June 6, 2019.
  • Minera Alamos Inc., announced the transaction with ePower Metals Inc., to accelerate the development of its Guadalupe de los Reyes property in Sinaloa. Minera Alamos will assign its option rights to acquire the property in exchange for 19.8% of the outstanding ePower common shares and certain other rights related to the development of the Guadalupe de los Reyes property. If ePower fail to complete any of the remaining option payments, all rights to acquire the property will revert to Minera Alamos. Minera Alamos also will be entitled to a right of first refusal in the event ePower should at any time seek to raise financing to develop the property by way of the sale or grant of a royalty or stream. To acquire Minera Alamos’ interest in Los Reyes, the following conditions must be satisfied by ePower: Complete a cash payment of US$1,500,000 to Minera Alamos, to reimburse Minera Alamos for the cost of an option payment the Company will be making to Vista on April 23, 2019, assume Minera Alamos’ remaining option payments of US$3,000,000 in favour of Vista (US$1,500,000 due October 27th, 2019; and US$1,500,000 on the earlier of October 27th, 2021 or a production decision, Issue to Minera Alamos 9,450,000 post-Consolidation (as defined below) ePower Shares and 3,350,000 common share purchase warrants entitling Minera Alamos to acquire further post- consolidation ePower Shares at a price $0.50 per share for a period of twenty-four months, and enter into a governance agreement, providing for, among other things, Minera Alamos receiving the right to appoint one director to the board of ePower for so long as Minera Alamos holds at least 5% of ePower’s outstanding common shares and Minera Alamos receiving the right to participate in future financings.
  • Agnico Eagle Mines Limited, announced election of Directors during its annual general meeting of shareholders (Pinos Altos mine, Chihuahua).
  • Alien Metals Limited, received the notification of major holdings in respect of the conversion of the convertible loan agreement and issue of shares to Gravner Ltd. (Los Campos, Zacatecas).
  • Capstone Mining Corp., announced results from its 2019 annual general meeting of shareholders (Cozamin mine, Zacatecas).

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, a chalcedonic quartz breccia in a hot spring system  in Queretaro, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of April, 2019

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By Jorge Cirett

During the 16th week of the year (April 15th to April 21st, 2019), at least 28 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a lower court in Puebla ruled Mexico’s mineral title system unconstitutional based on consultation not being required before issuing the title. Inhabitants of San Antonio, Baja California Sur, manifested in support for the construction of the San Antonio mine. ON EXPLORATION, In Sonora, Aztec Gold delineated several new targets using geophysics at Cervantes; San Marcos disclosed explorations plans for its properties in the year. In Jalisco, GoGold released interesting results from drilling at Los Ricos. ON MINING, Avino Silver, Sierra Metals, First Majestic, Gold Resource and Hecla disclosed production results for Q1 2019.
Fresnillo PLC presented its annual report 2018.  ON FINANCING, Ridgestone Mining, Oroco and Camrova raised $1.12 M; 800 K and 12 K respectively. Sonoro and Minaurum granted options to consultants and directors. Minaurum was named to the Venture 50tm. Sierra Metals entered into an automatic purchase plan. ON RESOURCES AND DEVELOPMENT, Goldplay reported channel sample results from a new zone at its San Marcial project in Sinaloa. SilverCrest Metals released good metallurgical results from its Las Chispas property in Sonora. ON DEALS AND CORPORATE ISSUES, Newmont Goldcorp Corp. has been delivered. Consolidated Zinc presented notice of its annual general meeting. Aura completed the sale of 80% interest of its Taviche project to Minaurum.

ON MEXICO ISSUES

  • Almaden Minerals Ltd. informed that “a lower court in Puebla State has ruled that Mexico’s mineral title system is unconstitutional because consultation is not required before the granting of mineral title………..This ruling can be appealed by both the Government of Mexico and Almaden. The Company believes that this lawsuit is part of a broad effort by special interest groups to change the mining law and there are other similar actions active across Mexico”. Almaden stated that no communities within the company’s current mining concessions on its Ixtaca project in Puebla are party to this lawsuit.
  • Fresnillo PLC. Presented its 2018 annual report. It is here recommended to all interested in the mining business in Mexico to take a look to the report (http://www.fresnilloplc.com/media/412015/fres-30452-annual-report-2018-web.pdf), especially on the section “Managing our risks”. In the said section, the risks of participating in the industry in Mexico are assessed, including those of metal prices, potential actions by the government, access to land, security, public perception against mining, safety, union relations, exploration, project performance, cyber security, environmental incidents and human resources. Although the report had in mind Fresnillo’s particular situation as one of the largest Mexican mining conglomerates, many parts of the evaluation concern risks that affect all mining enterprises in the country.
  • Some 500 inhabitants of San Antonio, in Baja California Sur, gathered in support of Argonaut Gold’s San Antonio mining project in their locality.

ON EXPLORATION

  • Aztec Minerals Corp.  and Kootenay Silver Inc. informed that interpretation of a recent magnetic and radiometric survey produced multiple porphyry copper targets on the Cervantes property in Sonora. “Cervantes has multiple porphyry cells aligned along a northeast-southwest orientation, manifested as high-level alteration footprints related to intrusive bodies. There are also prominent northwest-southeast trending magnetic anomalies found to be associated with strong alteration, gold-copper mineralization, and intrusive rocks.”   
  • GoGold Resources Inc. disclosed the results from the first two diamond holes on its Los Ricos property in Jalisco. The two diamond drill holes twinned previous RC perforations, replicating the mineralized zones, with 35.5 m @ 1.24 gpt Au, 285 gpt Ag and 27.6 m @ 1.56 gpt Au, 159 gpt Ag. The holes are part of a 10,000 m diamond drill program focused on following the high grade ore shoot down dip below the historical RC drilling.
  • San Marco Resources Inc. plans for 2019 in Sonora include target delineation at Espiritu Santo and 1068 properties, follow-up of underexplored areas at the Chunibas project, extensive participation on lotteries of released ground by the government, evaluation of multiple property acquisitions and ongoing partnership discussions of existing assets.

ON MINING

  • Avino Silver & Gold Mines Ltd. released production results from its Avino property in Durango for 2019’s first quarter. During the period production came from three sources: Avino mine, San Gonzalo mine and historic stockpiles. At Avino, 100.9 K tonnes were milled @ 41 g/t Ag, 0.48 gpt Au, 0.49% Cu, recovering 84% Ag, 71% Au, 87% Cu. At San Gonzalo (which is nearing the end of its mine life) 17.9 K tonnes were milled @ 188 gpt Ag, 0.54 gpt Au, recovering 65% Ag, 61% Au. From historic stockpiles 78.8 K tonnes were milled @ 61 gpt Ag, 0.40 gpt Au, 0.21% Cu, recovering 55%, Ag, 52% Au, 29% Cu. Total production was 1,813 Oz Au, 268.4 K Oz Ag, 1.06 M Lb Cu, or 615 K Oz AgEq.
  • Sierra Metals Inc. reported first quarter 2019 results, including figures from its Mexican mines. The Bolivar mine in Chihuahua processed 263.2 K tonnes (~3,008 tpd, targeting 3,600 tpd for Q2 2019)) grading 0.81% Cu, 19.5 gpt Ag, 0.19 gpt Au, recovering 82.2% Cu, 79.1% Ag, 67.9% Au to produce 3.87 M Lb Cu, 130 K Oz Ag, 1,100 Oz Au (or 5.08 MLb CuEq). At the Cusi mine, also in Chihuahua, 71.3 K tonnes were processed @ 105 gpt Ag, 0.15 gpt Au, 0.3% Pb, 0.3% Zn, recovering 79.5% Ag, 37.5% Au, 75.2% Pb to produce 192 K Oz Ag, 133 Au Oz, 349 K Lb Pb, no Zn.
  • Fresnillo PLC. Filed its annual report 2018. During the year Fresnillo produced 61.8 M Oz Ag, 922 K Oz Au, holding resources of 2.2 billion Oz Ag and 39.1 M Oz Au. At Fresnillo, in Zacatecas, 2.44 M tonnes were milled @ 214 gpt Ag to produce 15.1 M Oz Ag, 42,290 Oz Au, 19,619 tonnes Pb, 31,094 tonnes Zn. At Saucito, in Zacatecas, 2.79 M tonnes were milled @ 257 gpt Ag, 1.25 gpt Au to produce 19.78 M Oz Ag, 86,092 Oz Au, 22,662 tonnes Pb, 29,506 tonnes Zn, while the Pyrites Plant processed 131.8 K tonnes @ 393 gpt Ag, 2.8 gpt Au to produce 977 K Oz Ag, 3,556 Oz Au. At San Julian, in Chihuahua, 1.27 M tonnes were processed from the veins @144.1 gpt Ag, 2.0 gpt Au, to produce 5.43 M Oz Ag, 79,218 Oz Au. 2.22 M tonnes were processed from the disseminated orebody @ 154 gpt Ag, 0.1 gpt Au, 0.4% Pb, 1.4% Zn, to produce 9.2 M Oz Ag, 3,125 Oz Au, 6,101 tonnes Pb, 22,027 tonnes Zn. At Cienega, in Durango, 1.32 M tonnes were milled @ 164 gpt Ag, 1.65 g/t Au to produce 6 M Oz Ag, 66,869 Oz Au, 4,799 tonnes Pb, 5,892 tonnes Zn. At Herradura, in Sonora, 22.15 M tonnes @ 0.76 gpt Au were deposited on the heaps to produce 474,168 Oz Au, 1.52 M Oz Ag, at cash cost $504 per Au Oz (total volume hauled, 124 M tonnes). At Nochebuena, in Sonora, 18.2 M tonnes were deposited on the heaps @ 0.52 gpt Au to produce 167.2 K Oz Au, 52 K Oz Ag, at cash cost $735.4 per Oz Au (total volume hauled, 80.3 M tonnes).  The company had $580.7 M as cash and cash equivalents by the end of the year.

First Majestic Silver Corp. produced 6.3 AgEq Oz during the first quarter of 2019. During the period 831.2 K tonnes of ore were milled @ 150 gpt Ag, 1.26 gpt Au, with recoveries of 83% Ag, 96% Au, to produce 3.33 M Oz Ag, 32,037 Oz Au, 2.66 M Lb Pb, 1.26 M Lb Zn.  The ore had averages and recoveries of 287 gpt Ag, 4.18 gpt Au (93% Ag, 96% Au) at San Dimas, Durango; 121 gpt Ag, 1.87 gpt Au (89% Ag, 95% Au) at Santa Elena, Sonora; 126 gpt Ag (66% Ag) at La Encantada, Coahuila; 187 gpt Ag, 0.58 gpt Au (89% Ag, 93% Au)at San Martin, Jalisco; 54 gpt Ag, 1.8% Pb, 1.6% Zn (75% Ag by flotation, 62% Ag by cyanidation, 69% Pb, 48% Zn) at La Parrilla, Durango; 114 gpt Ag, 2.1% Pb (74% Ag, 0.7 M Lb Pb)at Del Toro, Zacatecas.

  • Gold Resource Corp. reported preliminary production results for the first quarter 2019. The Oaxaca Mining Unit (El Aguila, Arista, Switchback) produced 6,538 Au Oz, 364.6 K Oz Ag, 433 tonnes Cu, 2,153 tonnes Pb, 5,838 tonnes Zn. “The Company maintains its 2019 Oaxaca Mining Unit Annual Outlook of 27,000 gold ounces and 1,700,000 silver ounces, plus or minus 10%”.
  • Hecla Mining Co. announced preliminary production results for the first quarter of 2019. At San Sebastian, in Durango, the mill operated at 494 tpd to produce 0.4 M Oz Ag, 3,530 Oz Au. “A review of sulfide ore continues, including a bulk sample to test the capabilities of the third-party plant and the suitability of long-hole stoping for the ore body, with results expected by the fourth quarter of 2019.”

ON FINANCING

  • Ridgestone Mining Inc. completed its previously announced private placement financing, for gross proceeds of $1.12 M. The company paid 6% ($43.2 K) cash and 309 K compensation warrants. Also, 72.2 K bonus shares were issued to a director of the company, under a loan agreement (Rebeico, Sonora).
  • Sierra Metals Inc. entered into an automatic purchase plan with its designated broker (Cusi and Bolivar, Chihuahua).
  • Sonoro Metals Corp. granted 100 K incentive options to a director of the company. These options vest immediately and are exercisable at a price of $0.18 per share (Cerro Caliche, Sonora).
  • Minaurum Gold Inc. has been named to the TSX Venture Exchange Venture 50tm , the annual ranking of Canada’s top 50 emerging publicly traded companies across five industry sectors. Minaurum also granted 3.35 M common share stock options to directors, officers and consultants. The options are exercisable at a price of $0.45 for a period of 10 years from the issue date. The company also granted consultants 275 k options exercisable at a price of $0.45 for a period of five years. Ten percent vest immediately, and another 15% each semiannually (Alamos, Sonora).   
  • Oroco Resources Corp. closed a non-brokered private placement financing, raising $800 K in gross proceeds. No finder’s fee was paid (Santo Tomas, Sinaloa).
  • Camrova Resources Inc. closed the second tranche of the previously announced private placement, for proceeds of $12 K, bringing the total combined proceeds to $66 K. The third and final tranche of the Private Placement is expected to close in early May (Boleo, Baja California Sur).

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd. reported channel sample results from a new zone at its San Marcial project in Sinaloa. The Nava zone, 500 long by 100 m wide, is extensively altered and hosts low sulphidation quartz veining and stockwork mineralization. Channel samples from the zone returned assays ranging from 1.04 gpt Au to up to 10.0 gpt Au.
  • SilverCrest Metals Inc. announced positive metallurgical results for Las Chispas project, in Sonora. “A total of 445 kg was selected from 51 core holes and nine underground samples to compile 15 different samples, based on geo-metallurgical domains which were combined into three master composites. These composites utilized 210 kilograms of mass representing a variety of grades (low, medium and high) of 500 to 2000 gpt AgEq expected during conceptual operation”. The new metallurgical tests show estimated recoveries of 98.4% to 98.9% Au and 91.4% to 94.8% Ag, using conventional methods comprised of gravity concentration and intensive leaching followed by gravity tails standard leaching.

ON DEALS AND CORPORATE ISSUES

  • Newmont Mining Corp. announced that it has extended the previously announced offers to exchange all outstanding notes issued by Goldcorp Inc. for up to two billion dollars  aggregate principal amount of new notes to be issued by Newmont, as part of the proposed arrangement on which Newmont acquires all outstaning shares of Goldcorp (Peñasquito, Zacatecas).
  • Consolidated Zinc Ltd. presented its notice of annual general meeting for the annual general meeting of shareholders to be held on 23 May 2019 (Plomosas, Chihuahua).
  • Aura Resources Inc. announced the completion of the sale of an 80% interest in its East Taviche project in Oaxaca, to Minaurum Gold Inc.. Minaurum issued 100 K common shares to Aura and paid 39.4 K on closing; additionally, Minaurum is to issue further 100 K shares on receipt of the pertinent drilling permits. The remaining 20% can be acquired by Minaurum paying CDN$1 M.
  • Newmont Goldcorp Corp. announced the successful conclusion of its transaction combining Newmont Mining Corp. and Goldcorp Inc. to form the world’s leading gold business. The company targets six to seven million ounces of steady gold production over a decades-long time horizon (Peñasquito, Zacatecas).

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, glory hole developed on Inguaran, Michoacan. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of March, 2019.

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Rhyolite breccia cemented by Mn oxides

By Miguel A Heredia

During the eleven week of the year (March 25th to March 3ist, 2019), at least 33 press releases were announced by companies working in Mexico, with fifteen disclosing deals and corporate issues, six informing on exploration results, four communicating financial and production results, three announcing financial rounds, three reporting on resources and development of their properties, and two discussing Mexican news. ON MEXICO ISSUES, Mazatlan, Sinaloa will be the venue for the Discovery Mining Conference 2019 from April 2 to 4. Also, Sinaloa State government expects at least US$100M of mining investment during 2019.   ON EXPLORATION, In Sonora, Colibri presented exploration results on its Evelyn and Mezquite projects. In Chihuahua, Kootenay released exploration results from its Columba Silver project and Silver Spruce identified additional drill targets at its Pino de Plata project. In Zacatecas, Advanced Gold started the third phase of drilling at its Tabasqueña project. In the State of Mexico, Impact announced drill results from the El Canelo Vein system within its Zacualpan district project. In Veracruz, Azucar Minerals presented drill results from its El Cobre project.  ON MINING, Telson reported that process testing at its Campo Morado mine in Guerrero shows increase in the production rate by 15%. Sierra Metals reported full year 2018 financial results. First Majestic reported 2018 production results from its Mexican operations. ON FINANCING McEwen closed a registered direct offering for aggregate gross proceeds of US$25M (Fenix project, Sinaloa).  Vangold closed its first tranche of the previous announced private placement for gross proceeds of $335K and increased it to $700K (El Pinguino, Guanajuato). ON RESOURCES AND DEVELOPMENT, Mexus Gold announced positive progress towards Au production at its Santa Elena project in Sonora. Goldplay filed a mineral resource estimation and technical report for its san Marcial project in Sinaloa. First Majestic provided an update of its 2018 mineral reserve and resource estimates.   ON DEALS AND CORPORATE ISSUES, Odyssey provided an update of its Mexican phosphate project in Baja California Sur. In Jalisco, GoGold acquired and consolidated 29 mining concessions in a large exploration program called Los Ricos. Fortuna Silver reported that CONAGUA has completed its investigation and issued a resolution confirming that no remediation of the nearby Coyote Creek is required (San Jose mine, Oaxaca).  The compnay also filed its fiscal 2018 annual report on form 40-F with the SEC. Minera Alamos filed its annual information form and 2018 annual report on Form 40-F. It also announced results of its annual meeting of shareholders (Mulatos mine, Sonora). GoGold announced results of their annual meeting of shareholders (Parral tailings project, Chihuahua). Consolidated Zinc provided an update regarding a land use agreement in place for its Plomosas mine in Chihuahua. Levon announced the pass away of its CEO and appointed its VP Exploration as interim CEO (Cordero project, Chihuahua). Newmont received Mexican anti-trust approval for its pending acquisition of Goldcorp. Goldcorp, along with Institutional Shareholders Services Inc., continues to recommend that its shareholders vote in favour of the completion of the arrangement. Both companies also announced successful early tender period for exchange offers and consent solicitations. Goldcorp announced support for Newmont special dividend to its shareholders. Great Panther announced resignation of its Director (Topia mine, Durango).

 

ON MEXICO ISSUES

  • Mazatlan, Sinaloa, will be the venue for the Discovery Mining Conference 2019 from April 2 to 4. Organizers expect the participation of 70 mining companies and the assistance of 1,000 national and foreigners’ people.
  • Sinaloa State, When announcing Mazatlan as the venue for the Discovery Mining Conference 2019, from April 2 to 4, the director of mining in the state, Alfredo Villegas Padilla, announced that this year at least US100M (MXP$1,937M) are expected in mining investment, both in new projects and in the continuity of some existing ones.

ON EXPLORATION

  • Colibri Resource Corporation, presented exploration results from its recently completed mapping and sampling programs on their Evelyn and Mesquite projects in Sonora. Highlights include two high grade assays of 43.9 g/t Au and 7.28 g/t Au, and several Au values varying from 0.13 to 0.57 g/t Au, from a shear zone containing orogenic type quartz veins at its Evelyn project. At El Mesquite project, the company geologists confirmed that the mineralization style is of the high sulphidation affinity and encountered Au values ranging from 17 ppb up to almost 1 g/t Au, and from 1 to 152 g/t Ag. Colibri plans to continue the mapping and sampling programs in both properties.
  • Kootenay Silver Inc., released exploration results from its ongoing mapping and surface sampling program conducted on its Columba Silver project in Chihuahua. Highlights of the recent field work include the discovery of five new veins, the high-grade values encountered in some of the veins, and the delineation of approximately 2km of strike length in new veins and veins extensions. Some of the significant sampling results are 692 g/t Ag over 0.8m, 426 g/t Ag over 0.70m, 360 g/t Ag over 1.8m, 330 g/t Ag over 2.0m, 275 g/t Ag over 3.5m, 215 g/t A over 3.0m, and 182 g/t Ag over 6.6m. The company is in the process of obtaining permits to conduct a drilling program in the first half of Q2, 2019.
  • Silver Spruce Resources Inc., identified additional drill targets at its Pino de Plata project in Chihuahua. Field examination conducted by geologists of the company identified a new zone of over 20 square kilometers of strongly altered rock located to the west of the El Terrero target. It appears to be associated with La Perla Vein and the historic El Terrero workings. Currently, the geological field crews are using a portable XRF (x-ray fluorescence) analyzer and a near-infrared spectrometer to obtain immediate indications of mineralization, pathfinder elements and associated alteration. Several sample lines will be tested on outcrops and soils with the handheld instruments as an orientation survey prior to detailed data collection on a grid pattern.
  • Advanced Gold Corp., announced that a phase 3 drilling program is ongoing at its Tabasqueña property in Zacatecas. ”Two targets are planned to be drilled during this program, one is a near surface target and the other deeper to test the boiling zone of the cluster of epithermal veins drilled in the two earlier phases of drilling”. Focus of the phase 3 drilling program is to drill deeper to target the boiling zone of the epithermal vein system
  • Impact Silver Corp., announced results of the initial six holes program drilled on the El Canelo Vein within its Zacualpan district project in the State of Mexico. Four of the six holes encountered encouraging mineralized intersections. Significant intercepts are in hole Z19-01 with 4.84 g/t Au, 24 g/t Ag, and 0.1% Cu (5.27 g/t AuEq) over 2.69m (TW); hole Z19-03 with 1.64 g/t Au, 39 g/t Ag, and 0.93% Cu (3.46 g/t AuEq) over 1.17m (TW), and hole Z19-04 with 1.01 g/t Au, 99 g/t Ag, and 0.97% Cu (3.61 g/t AuEq) over 0.35m (TW).
  • Azucar Minerals Ltd., presented drill results from El Porvenir and Suegro zones within its El Cobre project in Veracruz. El Suegro target is located 250m south of El Porvenir Zone, and the mineralization is associated with an altered intrusive displaying locally intense phyllic alteration overprinting potassic alteration. Significant drill intersections at El Porvenir Zone were encountered in hole EC-18-056 with 184m of 0.48 g/t Au and 0.16% Cu, including 72.50m of 0.99 g/t Au and 0.26% Cu, and 28.50m of 1.66 g/t Au and 0.33% Cu, and in hole EC-18-062 with 194.55m of 0.23 g/t Au and 0.16% Cu, including 47.25m of 0.44 g/t Au and 0.16% Cu, and 36m of 0.49 g/t Au and 0.17% Cu. At the Suegro Zone, significant drill intersections were encountered in hole EC-18-064 with 109.30m of 0.24 g/t Au and 0.13% Cu, including 3m of 0.93 g/t Au and 0.43% Cu, and in hole EC-18-06 with 130.50m of 0.16 g/t Au and 0.15% Cu, including 13m of 0.26 g/t Au and 0.17% Cu. “The newly discovered Suegro zone demonstrates the potential for multiple porphyry centers over a five kilometers strike”.

ON MINING

  • Telson Mining Corporation, reported that a significant increase in production at its Campo Morado mine in Guerrero can be achieved by reducing the size of crushed mineral mill feed. With this, Telson plans to increase the SAG Mill throughput processing rate by at least 15%.
  • Sierra Metals Inc., presented full year 2018 financial results from its mining operations. The company had revenue of $232.4M and adjusted EBITDA of $89.8M on throughput of 2,325,288 tonnes and metal production of 2.72M Oz Ag, 33.9M Lb Cu, 27.7M Lb Pb, 76.8M Lb Zn, and 7,743 Oz Au or 18M Oz AgEq, 95.2M Lb CuEq, and 251 M Lb ZnEq for the year 2018.
  • First Majestic Silver Corp., announced 2018 production results of its Mexican operations. The next table shows figures by mine:

ON FINANCING

  • McEwen Mining Inc., closed a registered direct offering for aggregate gross proceeds of US$25M. Insiders of the company, including Rob McEwen subscribed for US$3M of the offering (Fenix project, Sinaloa).
  • Vangold Mining Corp., closed its first tranche of the previous announced private placement for gross proceeds of $335K. It also increased it private placement to $700K (El Pinguino, Guanajuato

 

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd., filed a mineral resource estimation and technical report for its San Marcial project in Sinaloa. “The report documents a maiden mineral resource estimate for the initial 500 m long x 100 m wide resource area, part of a 3.5 km mineralized exploration corridor at the San Marcial Project”. Indicated resources are 7.6M of tonnes at grades of 117 g/t Ag, 0.5% Zn, and 0.3% Ob (or 147 g/t AgEq) containing 29M Oz Ag, 86M Lb Zn, and 53M Lb Pb or 36M Oz AgEq. Inferred resources are 3.39M tonnes of 91 g/t Ag, 0.35% Zn, and 0.1%Pb (or 108 g/t AgEq) containing 10M Oz Ag, 26M Lb Zn, and 8M Lb Pb or 12M Oz AgEq.
  • Mexus Gold US, announced positive progress towards Au production at its Santa Elena project in Sonora. The company has already purchased a CAT front end loader and a Gardner Denver hydraulic track mounted blast drill. It also confirmed that the company has sufficient ore grades to begin a 3500 ton per week mining operation with expected grades of 4 grams Au per ton.
  • First Majestic Silver Corp., updated its mineral reserve and resource estimates as of December 31, 2018. Figures by mine are showed in the next tables:

ON DEALS AND CORPORATE ISSUES

  • Odyssey Marine Exploration Inc., provided an update of its Mexican phosphate project in Baja California Sur. The company has advised that a legal step has been taken to defend shareholder interests and realize the full economic value in the development of the project due to the negative decision of the past administration of Mexico to authorize the development of its project. Odyssey has filed a claim against Mexico under Chapter eleven of NAFTA.
  • GoGold Resources Inc., signed an option agreement to acquire and consolidate 29 mining concessions in a large exploration program called Los Ricos in Jalisco. The consolidated area covers 22,000 ha and is located approximately 100km NW of Guadalajara City. As part of the option agreement to consolidate the concessions of this large-scale exploration property, the Company will make an upfront payment of $70K, monthly payments of $12K for the first 12 months, monthly payments of $20K for months 13 to 24, monthly payments of $30K for months 25 to 36, monthly payments of $31.5K for the months 37 to 60. It also includes a 2% NSR on five of the concessions. If the company elects to exercise the option, a lump sum payment not to exceed $11 million can be made at any time within the six year option period.
  • Fortuna Silver Mines Inc., reported that CONAGUA has completed its investigation and issued a resolution on the overflow of the contingency pond at the dry stack tailings facility at its San Jose mine in Oaxaca. CONAGUA confirmed that no remediation of the nearby Coyote Creek is required but the company received a fine of approximately $US42K related to the incident. On the other hands, it also filed its fiscal 2018 annual report on form 40-F with the SEC.
  • Alamos Gold Inc., filed its annual information form and 2018 annual report on Form 40-F. It also announced results of its annual meeting of shareholders (Mulatos mine, Sonora).
  • GoGold Resources Inc., announced results of their annual meeting of shareholders (Parral tailings project, Chihuahua).
  • Consolidated Zinc Limited, announced that a local rancher with which the company has a land use agreement commenced legal proceedings against the Mexican subsidiary that owns the Plomosas mine in Chihuahua, to terminate the agreement. Legal advises received by the company determined there was no basis for the proceedings.
  • Levon Resources Ltd., announced the pass away of its CDEO and appointed its VP Exploration as interim CEO (Cordero project, Chihuahua).
  • Newmont Mining Corporation, received the Mexican anti-trust approval for its pending acquisition of Goldcorp Inc. Goldcorp, along with Institutional Shareholders Services Inc., continues to recommend that its shareholders vote in favour of the completion of the arrangement. Both companies also announced successful early tender period for exchange offers and consent solicitations. Goldcorp announced support for Newmont Special Dividend to its shareholders. The dividend delivers value to existing Newmont shareholders with an immediate cash payment for a portion of the synergy potential arising from the Nevada joint venture announced with Barrick Gold Corporation.
  • Great Panther Mining Limited, announced resignation of its Director (Topia mine, Durango).

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, a rhyolite breccia cemented by Mn oxides in a prospect in Chihuahua, Mexico.  Photo by Miguel A Heredia.

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

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Advanced argillic alteration

By Miguel A Heredia

During the 47th week of the year (November 19th to November 25th, 2018), at least 14 press releases were announced by companies working in Mexico, with five informing on exploration results, three reporting on advances on their properties, three disclosing deals and corporate issues, two announcing financing issues, and one related to a law proposal to force miners to seek permission from the communities. ON MEXICO ISSUES, a law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. ON EXPLORATION, In Sonora, Aloro Mining mobilized a RC drill rig to its Los Venados project, Mexus Gold commenced a drilling program on its Santa Elena project, and Millrock announced a new drilling program at its La Navidad project. Millrock also reported results from its El Picacho project.  In Coahuila, Silver Bull completed a VTEM and Magnetic geophysical survey on its Sierra Mojada project. In Veracruz, Azucar Minerals reported drilling results from its El Cobre project.  ON MINING, no relevant news. ON FINANCING, Goldplay announced a private placement intended to raise up to CAD$ 1.5M. Mexican Gold closed the first tranche of a non-brokered private placement for $2.06M. ON RESOURCES AND DEVELOPMENT, Minera Alamos received a positive notification from SEMARNAT for the development of its la Fortuna project in Durango.  SilverCrest filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. Torex reported in-fill and step-out drilling results from its El Limón-Guajes mine complex in Guerrero.  ON DEALS AND CORPORATE ISSUES, Consolidated Zinc held its 2018 annual general meeting (Plomosas mine, Chihuahua), Avino announced management changes (Avino mine, Durango), and Kootenay entered in an option agreement to acquire a 100% of interest of the Columba property in Chihuahua.

ON MEXICO ISSUES

  • Communities’ consultation. A law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. Proposed initiatives include empowering the Ministry of Economy to declare certain zones as not viable for mining, and revoke permits and existing concessions that had a negative social impact. They also contemplate charging Mexican agencies with overseeing the social and environmental impact of mining activities. The news caused the Grupo Mexico and Peñoles stocks to tumble 5.4% and 4.7% respectively on the Mexican Stock Exchange.

ON EXPLORATION

  • Aloro Mining Corp., mobilized a RC drill rig to its Los Venados project in Sonora while a bulldozer continues the construction of drill pads and access roads to other drill sites. This is the first time that the southern portion of the property is going to be drill-tested.
  • Mexus Gold US, commenced a drilling program on the Julio II zone within its Santa Elena project in Sonora.
  • Millrock Resources Inc., announced that a new drilling program is underway at its La Navidad project in Sonora, where the company has a JV option with Centerra Gold Inc. Seven holes totaling 1,500m were planned to test the northwest portion of the property, being 4 holes at the El Tigre prospect where Au has been detected by soil sampling in the vicinity of historic mine workings, and 3 holes at the El Chupadero prospect where decalcification and jasperoid replacement suggests the presence of intrusion-related gold mineralization. Millrock also reported that a 2,007.80m drilling program was completed at its El Picacho project in Sonora. Unfortunately, only narrow Au-bearing intersections were encountered. Highlights include 1m of 0.72 g/t Au in Hole P18-004D, 1m of 2 g/t Au in Hole P18-007D, and 0.5m of 5.7 g/t Au in Hole P18-008D.
  • Silver Bull Resources Inc., completed a 5,297line km helicopter-borne VTEM and Magnetic geophysical survey on its Sierra Mojada project in Coahuila. The airborne survey covered 4 main regional prospects including the main deposit at its Sierra Mojada property. It targeted over 50 km of the regional San Marcos Fault, due to this structure is considered to be the main control of the mineralization in the district. This survey is part of a work program conducted under a JV option with its partner South 32 Limited.
  • Azucar Minerals Ltd., announced results from its ongoing drilling program at the El Cobre project in Veracruz. Highlights from drilling at the Villa Rica target are 161.20m of 0.23 g/t Au and 0.15% Cu in Hole EC-18-052, including 18m of 0.51 g/t Au and 0.43% Cu, and another interval of 10m of 0.60 g/t Au and 0.48% Cu, and 116.30m of 0.21 g/t Au and 0.16% Cu in Hole EC-18-054, including 12.40m of 0.85 g/t Au and 0.39% Cu.

ON MINING

  • No relevant news.

ON FINANCING

  • Goldplay Exploration Ltd., announced a private placement intended to raise up to CAD$ 1.5M
  • Mexican Gold Corp., closed the first tranche of a non-brokered private placement for $2.06M. Net proceeds will be used to continue exploration on the Company’s Las Minas project located in the State of Veracruz, Mexico, to make the final property payment, and for general working capital purposes.

 ON RESOURCES AND DEVELOPMENT

  • Minera Alamos Inc., received a positive notification from SEMARNAT regarding the Company´s permit applications (MIA / ETJ) for the development of its la Fortuna project in Durango. It allows Minera Alamos to initiate applications for other permits required in advance of any commercial mine production.
  • SilverCrest Metals Inc., filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. There are no material differences in the mineral resources disclosed in the press release dated September 19, 2018.
  • Torex Gold Resources Inc., reported in-fill and step-out drilling results in the Sub-Sill Zone of its El Limón-Guajes mine complex in Guerrero. Highlights from the drilling program include 8.1m of 30.2 g/t Au, 38 g/t Ag, and 4.3% Cu in Hole SST-101, 3.6m of 48.9 g/t Au, 6 g/t Ag, and 0.1% Cu in Hole SST-118, and 4.6m of 34.4 g/t Au, 13 g/t Ag, and 0.9% Cu in Hole SSUG-059. The deposit remains open in several directions.

ON DEALS AND CORPORATE ISSUES

  • Consolidated Zinc Limited, held its 2018 annual general meeting and advised that the company increased 32% of the mineral resources and filed a bankable FS assessing the viability of its Plomosas mine in Chihuahua.
  • Avino Silver & Gold Mines Ltd., announced the retirement of its CFO and commenced a selection process to find a replacement. (Avino mine, Durango).
  • Kootenay Silver Inc., entered in an option agreement to acquire a 100% ownership of the Columba property in Chihuahua. This property covers a large high-grade silver epithermal system with several veins varying from 0.5 to up to 6.0m in width which have been mapped for over 200m up to 2Km in length. Sampling has returned grades of up to 692 g/t Ag. Kootenay can acquire a 100% of the property by making staged payments over a 4-year period totaling US$ 3.29 M with an initial payment of US$ 15K, first and second years payments totaling US$ 75K and US$ 150K respectively. The Agreement includes a work commitment of US$ 250K by the first anniversary and US$ 750K by the second anniversary of the Agreement. Upon earn-in the vendors retain a 2% NSR of which 1% can be purchased by the Company for US$ 750K.

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, advanced argillic alteration in a skarn-epithermal mineralized system in Durango, Mexico.  Photo by Miguel A Heredia.

 

Galore Announces Results of its Annual General Meeting and the Grant of Stock Options

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Vancouver, BC: Galore Resources Inc. (TSX-V: GRI) (the “Company”) is pleased to report that at the Annual and Special General Meeting of its shareholders held November 8, 2018 (the “ASGM”), the Company experienced a very strong turnout of votes. A total of 43 votes were received, representing 68,454,243 shares or 55.86% of the Company’s issued share capital. All resolutions proposed and voted on at the meeting were approved and duly passed.

Azure Minerals Limited ABN 46 106 346 918 Notice of Annual General Meeting and Explanatory Memorandum

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AzureMinerals181029

NOTICE IS GIVEN that an Annual General Meeting of Shareholders of Azure Minerals Limited ABN 46 106 346 918 (Company) will be held at The Celtic Club, 48 Ord Street, West Perth, Western Australia on 30 November 2018 at 10.00am (WST) for the purpose of transacting the business referred to in this Notice of Annual General Meeting.

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

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Bladed quartz texture

By Miguel A Heredia

During the 39th week of the year (September 24th to September 30th, 2018), at least 19 press releases were announced by companies working in Mexico, with seven informing on exploration results, five announcing financing issues, four communicating deals and corporate issues, two reporting mining activities and one reporting on resources and developments.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Mexus Gold announced a drill program at the Julio Shear Zone within its Santa Elena project. In Chihuahua, Ethos Gold provided an update on its la Purisima project, and Harvest Gold announced that a drill program will commence shortly on its Cerro Cascaron project. In Coahuila, Discovery Metals released exploration results from its Puerto Rico project. In Jalisco, Evrim expanded gold mineralization at its Cuale project. In Veracruz, Azucar Minerals revealed drilling results from its El Cobre project. In Estado de Mexico, Impact reported sampling results from its Santa Teresa Au-Cu area. ON MINING, Telson provided an update on its Campo Morado mine in Guerrero and Goldcorp announced that will release Q3, 2018 results on October.  ON FINANCING, Defiance increased a loan facility from $700K to up to $1,120,810. Harvest Gold raised $980K from the purchase of 12.25M of warrants. Telson announced a non brokered private placement for CAD$6.5M. Avino closed a US$4.6M underwritten public offering.  Consolidated Zinc announced a share purchase plan to raise funds. ON RESOURCES AND DEVELOPMENT, Goldplay announced sampling results of historical core from its San Marcial project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Ethos Gold entered in an option agreement to expand its La Purisima project in Chihuahua. Southern Silver provided a corporate update (Cerro Las Minitas, Durango). Alamos Gold declared semi-annual dividend (Mulatos mine, Sonora) and Gold Resource monthly dividend (El Aguila mine, Oaxaca).

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Mexus Gold US, is to commence a drilling program at the 2,200m long by 300m wide Julio Shear Zone within its Santa Elena project in Sonora. The 12 hole core drill program “is to establish structural features, the types of mineralization and define up to 100K Oz Au resource in about a 500,000 ton resource block, building towards a future 43-101 report”.
  • Ethos Gold Corp., reported that has completed a rock sampling and geological mapping program on its La Purisima project in Chihuahua. “Work to date indicates at least five sub parallel north-west striking mineralized veins with significant broad vein enveloping areas of gold mineralized stockwork in intervening rock between the veins. Additionally, gold mineralized vein splays and stockwork zones diverge from the primary veining, usually into northeast trends”. Ethos has designed an angled holes drill program to test targets at its la Purisima property. Permitting for the drill program is now underway.
  • Harvest Gold Corporation, announced that a first phase drilling program will commence shortly on its Cerro Cascaron project in Chihuahua. The first phase plan for diamond drilling consists of 14 diamond drill holes comprising 3,000m to 3,500m in five of eight target areas on the property which have been defined by rock channel, grab and soil samples.  Planned drill hole depths range from 100m to 300m.
  • Discovery Metals Corp., released results from an underground channel sampling at its Puerto Rico project in Coahuila. Highlights results are 1.8m of 101 g/t Ag, 9.5% Pb and 20% Zn on “Manto 7”; 1.4m of 116 g/t Ag, 6.1% Pb, and 22.5% Zn on “Manto 12”; and 1.1m of 253 g/t Ag, 10.8% Pb, and 11.7% Zn on “Manto 8”; 0.8m of 279 g/t Ag, 27% Pb, and 26.5% Zn on “Chimney NW1”; 0.6m of 484 g/t Ag, 22.7% Pb, and 22.1% Zn; and 0.5m of 701 g/t Ag, 43.5% Pb, and 5.9% Zn.
  • Evrim Resource Corp., expanded outcropping Au mineralization at its Cuale project in Jalisco. Trenching on the La Gloria area extended the outcropping mineralization to the southwest where continuous mineralization remains open, and the CSAMT geophysical survey confirmed at least 200m of depth potential beneath the trenches. Highlights of the trenching sampling at la Gloria are T-6 with 158.8m of 1 g/t Au, including 90.8m of 1.44 g/t Au from 66m along the trench, and 14.8m of 5.19 g/t Au from 142m along the trench; and T-7 with 141.1m of 0.72 g/t Au, including 80m of 1.02 g/t Au from 107.1m along the trench, and 40m of 1.42 g/t Au from 145.1m along the trench. The sampling results define a NW trend of Au mineralization along 1,430m, including the North Dome Target that contains assays up to 11.9 g/t Au, and reveals a new drill target 1Km NW of the La Gloria trenches. The CSAMT geophysical survey also defined a prospective silica target extending 200-300 directly beneath the trenches at La Gloria area, doubling the depth potential. Evrim is interpreting all the results to refine and finalize drill hole location for the initial drilling program at its Cuale project.
  • Azucar Minerals Ltd., revealed drill results from its El Cobre project in Veracruz. Significant intersections are in hole EC-18-049, Norte Zone with 44m of 0.47 g/t Au and 0.32% Cu, including 10m of 0.88 g/t Au and 0.47% Cu, and 10m of 0.53% Au and 0.39% Cu, and hole EC-18-051 Norte Zone with 227m of 0.37 g/t Au and 0.14% Cu, including 12m of0.80 g/t Au and 0.32% Cu, 75.5m of 0.61 g/t Au and 0.19% Cu, 12.5m of 1.17 g/t Au and 0.33% Cu, and other interval of 118m of 0.70 g/t Au and 0.23% Cu, including 6m of 1.09 g/t Au and 0.34% Cu.
  • Impact Silver Corp., reported assay results from its Santa Teresa Au-Cu area within the Zacualpan District in Estado de Mexico. A recent sampling from the El Canelo vein systems at Santa Teresa averaged 6.5g/t gold over a true width of 1.66 meters along a strike length of 50 meters. The system remains open for expansion and parallel vein systems in the area are being mapped and sampled at this time.

ON MINING

  • Telson Mining Corporation, provided an update on its Campo Morado mine in Guerrero. The company made several upgrades in the mill processing plant to increase the grinding capacity of the mill to process up to 3,000 tonnes per day by the end of 2018. The company also conducted metallurgical testing obtaining favourable results for increasing the quality of Zn concentrates.

ON FINANCING

  • Defiance Silver Corp., increased a loan facility from $700K to $1.12M. This financing is to complete its proposed merger with ValOro Resources Inc. (San Acacio, Zacatecas).
  • Harvest Gold Corporation, announced that 12.25M of warrants were exercised for aggregate proceeds of $980K. (Cerro Cascaron, Chihuahua).
  • Telson Mining Corporation, announced a non-brokered private placement for CAD$6.5M. Net gross proceeds will be used for finalizing construction of its Tahuehueto mine in Durango.
  • Avino Silver & Gold Mines Ltd., closed a US$4.6M underwritten public offering, including the partial exercise of underwriters´ overallotment option. After deducting the underwriting discounts and commissions, the net proceeds are expected to be approximately US$4.1M (Avino mine, Durango).
  • Consolidated Zinc Limited, invited to its shareholders to participate in a share purchase plan with no brokerage cost to raise $1.5M (Plomosas mine, Chihuahua).

 

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd., reported sampling results of historical core from its San Marcial project in Sinaloa. Significant results are 93m (TW 68m) of 104 g/t Ag or 165 g/t Ag Eq, including 10m of 324 g/t Ag or 508 g/t Ag Eq; 57m (TW 46m) of 122 g/t Ag or 270 g/t Ag Eq; 42m (TW 39.6m) of 80 g/t Ag or 153 g/t Ag Eq; 35m (TW 32m) of 38 g/t Ag or 64 g/t Ag Eq; 19.2m (TW 12.6m) of 130 g/t Ag or 144 g/t Ag Eq; 12m (TW 12m) of 419 g/t Ag or 467 g/t Ag Eq, including 6m of 939 g/t Ag or 1,012 g/t Ag Eq. These results, together with the historical results, reinforce open pit development potential at San Marcial. “The continuous sampling from the historical core is providing valuable information to expand and connect mineralized zones previously modeled in the historic resource”.

ON DEALS AND CORPORATE ISSUES

  • Ethos Gold Corp., entered in an option agreement in Chihuahua to earn a 100% right, title and interest in and to 897 hectares of mineral concessions contiguous to its La Purisima project. Ethos can exercise the option by paying the property owner US$550K and granting 2% NSR of which the company can purchase 1% by paying US$1.0M. It also includes advance NSR payments of US$25K on closing, US$35K by the first anniversary, US$35K by the second anniversary, and US$50K by the third anniversary and by each subsequent anniversary until commercial production is commenced. In addition, Ethos will assign 1.5M Ethos warrants, having a 5-year term, and each exercisable to purchase one Ethos common share at CAD$0.15 per share, with these warrants vesting as to 500K on closing, 500K vesting 18 months, and 500K vesting 36 months after closing.
  • Southern Silver Exploration Corp., announced the re-election of Directors at its annual general meeting and granted 800K incentive stock options to directors, officers and consultants.
  • Alamos Gold Inc., declared semi-annual dividend to its shareholders of US$0.01 per common share (Mulatos mine, Sonora)
  • Gold Resource Corporation, declared monthly dividend to its shareholders of 1/6 of a cent per common share (El Aguila mine, Oaxaca).

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,  bladed quartz texture in a low sulphidation epithermal project in Zacatecas, Mexico.  Photo by Miguel A Heredia.

 

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

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Banded quartz epithermal vein

By Miguel A Heredia

During the 37th week of the year (September 10th to September 16th, 2018), at least 22 press releases were announced by companies working in Mexico, with ten informing on exploration results, six reporting on resources and developments, four communicating deals and corporate issues, and two announcing production results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Riverside and Kootenay announced exploration results from its Cecilia and La Mina projects respectively. In Chihuahua, Harvest Gold began preparations to drill test its Cerro Cascaron project and Sable Resources released drilling results from its Margarita project.  In Sinaloa, Auxico reported sampling results from its Zamora project In Durango, Gainey announced a 1st phase of exploration at its Las Margaritas project, Orex commenced fieldwork exploration on its San Luis del Cordero project, and Prospero reported drilling results from its Buenavista project. In Zacatecas, Advance Gold started a phase 2 drilling program at its Tabasquena project. In Jalisco, Evrim announced trench and soil results from its Cuale project.  ON MINING, Starcore reported Q1 2018 results from its San Martin mine in Queretaro. US Antimony announced plans to increase its production of Sb, Au and Ag in Mexico. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, In Sonora, SilverCrest and Premier Gold released drilling results from its Las Chispas and Mercedes projects respectively. Aura provided an update at its Aranzazu mine in Zacatecas. Candelaria announced a PEA for its Pinos Gold project in Zacatecas.   McEwen reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Evrim and First Majestic agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. New Gold announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi). Levon announced results from its annual general meeting (Cordero project, Chihuahua). Vangold withdrew its submission to acquire the San Carlos property in Guanajuato (El Pinguico mine, Guanajuato).

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Riverside Resources Inc., completed 11 N-S lines for soil sampling which returned strong multi-elements anomalies with Au, Pb, Cu, and other key elements. These results along with previous exploration work have outlined four new target areas on its Cecilia project in Sonora. Target 1 is a 4km long by 300m wide target where previous rock sampling has found up to 2 g/t Au in silicified conglomerates , but the soil anomaly is open in both directions beyond the 4 Km and more than 800m wide. Target 2 is a NE trending Ag, Pb, Au, Zn, Sb, Hg and Cu soil anomaly over 2km long and 600m wide in rock cracks with faults and host veining displaying a series of NW striking feeder dikes. Target 3 is a 1km long by 500m wide Au-Zn with minor Ag, Cu, Pb and Bi soil anomaly associated to a N-S trending fault system intersecting Paleozoic limestones. This target is also along the border edge of a magnetic high reported in a regional government geophysics survey likely associated with Pre Cambrian granitic basement.  Target 4 contains “high-grade gold samples in soils and alteration with jasperoid, silicification, and carbonate veining of the Paleozoic limestone that gives a potential limestone hosted Au with anomalous soil assays of Zn, Pb, Ag and Mn”.
  • Kootenay Silver Inc., announced that its partner Capstone Mining Corp., has commenced an exploration program on its la Mina project in Sonora. The exploration program will consists of detailed mapping and rock chip / stream sediment sampling to generate potential drill targets.
  • Harvest Gold Corporation, reported that Evrim Resources, its JV partner and operator on its Cerro Cascaron project in Chihuahua, has mobilized an advance team to the site to start preparations to drill test the property. The drill program, expected to commence at the end of September, will consist of 3,000 m to test the Cascaron Gold targets and the Cascarita Silver targets.
  • Sable Resources, released drilling results from its Margarita project in Chihuahua. Significant intersections are from hole M-DDH-18-09 with 6.5m of 111 g/t Ag Eq, including 3.5m of 153 g/t Ag; hole M-DDH-18-11 with 11.3m of 252 g/t Ag Eq, including 1.3m of 889 g/t Ag Eq; hole M-DDH-18-12 with 12.7m of 98 g/t Ag Eq, including 1.8m of 244 g/t Ag Eq. Additionally, Sable identified a low-grade stockwork style of mineralization evident in numerous holes. The most significant results are hole M-DDH-18-03 with 44.13m of 50 g/t Ag Eq, including 6.95m of 142 g/t Ag Eq; hole M-DDH-18-07 with 7.6m of 54 g/t Ag Eq, and hole M-DDH-18-12 with 21.35m of 37 g/t Ag Eq. “With the first stage of drilling now complete we will evaluate our results and formulate a plan for stage 2 drilling targeting further extensions of Margarita and the other adjacent parallel veins”.
  • Auxico Resources Canada Inc., reported high-grade sampling results from its Zamora project in Sinaloa. Significant results are 0.80m of 4Kg Ag and 29.2 g/t Au at La Franca claim, 600m southwest of the Campanillas mine along a structure that can be followed by at least 600m along strike. Mineralization consists of breccia-stockwork veining containing galena, sphalerite and possible silver sulphosalts, malachite and chalcopyrite. Other significant results are from Aguamas area where some channel samples returned 0.65m of 6.38 g/t Au and 23 g/t Ag; 0.70m of 14.7 g/t Au and 34 g/t Ag; 0.50m of 3.55 g/t Au and 108.7 g/t Ag; and 1.60m of 6.64 g/t Au and 220 g/t Ag.
  • Gainey Capital Corp., announced a phase 1 exploration program on its Las Margaritas project in Durango. Las Margaritas is a mineralized vein system that extends at least 1.5Km along strike and averages 1-2m in width. The 1st phase exploration program will consists of detailed mapping and sampling with the objective to identify prospective areas to generate the best drill targets.
  • Orex Minerals Inc., commenced an exploration program on its San Luis del Cordero project in Durango, where the company has an option to acquire 100% interest in the property from Exploraciones del Altiplano S.A. de C.V. Mineralization at San Luis del Cordero is characterized by skarn and epithermal vein Ag-Cu-Zn as a result of Tertiary-quartz-feldspar-porphyry intrusions affecting Jurassic and Cretaceous limestones, calcareous sandstones and shales. The project has seen several phases of exploration from different mining companies, including 16,400m drilled in 62 holes in the period 2000-2016. The property contains indicated resources of 662.6K tonnes of 121 g/t Ag, 0.78 % Cu and 1.1 % Zn for a total of 5.1M Oz Ag Eq, and inferred resources of 2, 785,300 tonnes of 144 g/t Ag, 0.75 % Cu and 1.45 % Zn, for a total of 24.4 M Oz Ag Eq.
  • Prospero Silver Corp., reported core drilling results from eleven holes totaling 2, 811m drilled at its Buenavista project in Durango. Mineralization drilled-tested at Buenavista consists of structurally controlled epithermal veins centered on a rhyolite dome complex. “All holes cut anomalous silver mineralization, with a best interval of 1.6m @ 353g/t Ag from 185.6m downhole, within a broader interval of 49m @ 43g/t Ag in hole BVF-18-05”.
  • Advance Gold Corp., started a second phase drilling program at its Tabasquena project in Zacatecas to test the La Tabasquena epithermal vein at a depth of 1,800m. Phase 2 will test below the gold discovery hole of phase 1. It also will test some of the potential feeder type targets and all of the veins below the oxide zone which goes down to an estimated 175 metres below surface.
  • Evrim Resources Corp., announced new trench and soil results from its Cuale project in Jalisco. Highlight results include the trench 2 which was extended from 29.4m to 184.1m with an average grade of 0.85 g/t Au, including 59.1m of 1.79 g/t Au, and including 21.6m of 4.18 g/t Au; Trench 4 , extended from 106.2m to 156.2m with an average grade of 9.57 g/t Au, including 64.6m of 20.85 g/t Au, and including 7.5m of 163.31 g/t Au; and Trench 5 which contains 174m of 0.62 g/t Au, including 70m of 1.16 g/t Au, and including 40m of 1.45 g/t Au. A soil grid with 200 metre spacing outlined a Au anomaly over the entire La Gloria prospect with grades >0.01 g/t Au of 2,300m by 800m with a central corridor of 1,700m by 300m >0.1 g/t Au extending north of the trenched area.  “The soil anomaly at higher elevation correlates with elevated silver, antimony, molybdenum, arsenic and low contents of manganese and zinc.  At lower elevations gold correlates with elevated copper, tellurium, arsenic, bismuth and iron”. “The new trench results expand the La Gloria zone to the northwest and the east with consistent gold mineralization.  Soil sampling indicates the La Gloria system footprint is measurably larger with the potential to host a significant deposit and/or additional mineralized centers within the La Gloria prospect”.   “The soil survey has a distinctive high sulphidation signature centred on a large gold in soil anomaly that is approximately 2,300 metres by 800 metres.  The results indicate a potential major system with significant upside for additional mineralized centers within the La Gloria prospect.”

ON MINING

  • Starcore International Mines Ltd., reported Q21 2018 results from its San Martin mine in Queretaro. Starcore milled 77,400 tonnes of 1.53 g/t Au and 49 g/t Ag to produce 3.3K Oz Au and 72.7K Oz Ag, with an all-in sustaining cost of US$ 1,215 for Eq Oz. Metallurgical recoveries were 88.1% for Au and 59.6% for Ag.
  • US Antimony Corporation, produced 131,184 Lb Sb and 1,244 short tonnes of zeolites in August 2018 and announced plans to increase its production of Sb, Au and Ag in Mexico. At its Wadley mine in San Luis Potosi, the general level will be reactivated by cleaning up the waste to provide access and transportation of the lower grade for the mill. At Sierra Guadalupe in Zacatecas, the Santa Monica drift will be restarted. The ore is primarily sulphides and can be upgraded to 60-70% Sb flotation concentrate at its Puerto Blanco Mill to make antimony tri-sulphide. At the Soyatal district in Queretaro, a buying program will be started to purchase direct shipping ore for its Madero smelter. The construction of the cyanide leach plant for the Los Juarez Au-Ag-Sb should allow pilot testing to commence during Q4 2018. The company also closed an agreement purchase, dismantle and transport an antimony plant from Reynosa, Tamaulipas. When installed, the equipment from the Reynosa plant will increase the capacity of the Madero Smelter in Coahuila to approximately 30,000,000 Lb per year of antimony oxide.

ON FINANCING

  • No relevant news.

 

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., released drilling results from its Las Chispas project in Sonora and expanded the high grade at Babicanora Norte vein. Drill holes have intersected additional high-grade Ag-Au mineralization at Babicanora Norte vein which is located about 300m NE of Babicanora vein and apparently is connected with the Granaditas area which contains multiple veins to the southeast. The most significant results are 1.8 m of 15.11 g/t Au and 1,718 g/t Ag or 2,851 g/t Ag Eq, 1.6 m of 8.96 g/t Au and 1,078 g/t Ag or 1,750 g/t Ag Eq and 1.5 m of 4.22 g/t Au and 687 g/t Ag or 1 Kg Ag Eq. The drilling results of Babicanora Norte vein will be part of the upcoming updated resource which will include 8 of the 30 identified veins in the district.
  • Premier Gold Mines Limited, reported drilling results from the Rey de Oro deposit at its Mercedes mine in Sonora. Highlights results include hole UG-R018-013 which returned 12.64 g/t Au and 240.1 g/t Ag across 29.65 m (TW of 13.5 m), hole UG-R018-015 with 0.41 g/t Au and 3120.0 g/t Ag (91.0 oz/ton) across 1.52 m (TW of 1.06 m), and hole UG-R018-012 with 17.00 g/t Au and 321.0 g/t Ag across 1.1 m (TW of 0.8 m) and 4.47 g/t Au and 138.5 g/t Ag across 8.25 m (TW of 6.1 m). “Underground drilling at Rey de Oro consists of step-out and delineation drilling of this recently developed horizon. This drilling continues to intersect some of the widest vein intercepts on the property and demonstrate the potential to continue to extend the mine life at Mercedes”.
  • Aura Minerals Inc., provided an update at its Aranzazu mine in Zacatecas. Aura has obtained all the necessary permits and initiated the construction of the new tailings disposal system. “The Company expects the Aranzazu mine to achieve commercial production later this year and to achieve the average processing of 2,600 tonnes per day shortly thereafter”.
  • Candelaria Mining Corp., announced a PEA for its Pinos Gold project in Zacatecas. Highlight results from the PEA indicate an after tax net present value (NPV) of US$ 12M using a 5% discount rate, an after tax internal rate return (IRR) of 25%, and a 7 years life of mine with projected gold equivalent ounce (“GEO”) production of 89,000. The PEA includes a mineral resource estimate as of September 13, 2018. Measured resources (Dump) are 85,847 tonnes of 1.6 g/t Au and 83 g/t Ag for a total of 4,444 Oz Au and 229K Oz Ag. Indicated resources are 175,697 tonnes of 3.6 g/t Au and 47 g/t Ag for a total of 20.6K Oz Au and 268K Oz Ag. Inferred resources are 529,267 tonnes of 3.6 g/t Au and 48 g/t Ag for a total of 60.7K Oz Au and 811K Oz Ag. Average recovery for Au and Ag are 90 and 80% respectively. The company plans to have an annual production of 12,700 GEO with an overall average direct cash cost of %US 666 per GEO.
  • McEwen Mining Inc., reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa, combining mineralized sources from five locations that will be developed in two distinct process plant construction phases. McEwen plans to produce 47K Oz Au Eq per year.
  • Bacanora Lithium plc., announced plans to start the mine construction on its Sonora Lithium project in Sonora. $US 420M will be invested in the first phase and is expected to begin to operate in 2020.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., and First Majestic Silver Corp., agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. First Majestic has completed its 100% earn-in for both projects. First Majestic has paid $1.5M in cash to Evrim and has granted a 2% NSR in the case of Ermitaño project and 1.5% NSR in the case of Cumobabi project.
  • New Gold Inc., announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi).
  • Levon Resources Ltd., released results from its annual general meeting (Cordero project, Chihuahua).
  • Vangold Mining Corp., withdrew its submission to the TSX Venture Exchange to acquire the San Carlos property in Guanajuato.

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, a banded quartz vein in an intermediate sulphidation epithermal project in Zacatecas, Mexico.  Photo by Miguel A Heredia.