By Miguel A Heredia
During the 7th week of the year (February 12th to February 18th, 2018), at least 23 press releases were announced by companies working in Mexico, with five reporting its Q4 and annual 2017 results, six providing update on exploration at their projects, and six announcing financing rounds. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Azure commenced a regional exploration program within its Oposura project. It also reported results from soil and ground magnetic surveys at its Sara Alicia project. Riverside provided update on exploration and drilling at its Glor project in Sonora. In Chihuahua, Consolidated Zinc announced high-grade drill results from Tres Amigos area at its Plomosas property; Kootenay announced a drill program at its la Cigarra project. In Durango, Hecla discovered new high-grade zones between known veins on its San Sebastian project. ON MINING, Telson announced the startup of pre-production developing mining and processing at its Campo Morado Mine in Guerrero, and the results of pre-production mining and processing at its Tahuehueto Mine in Durango. Avino reported annual production results for 2017 and 2018 outlook for the Avino and San Gonzalo Mines in Durango. GoGold reported the sale of 366.4K Oz Ag Eq produced at its Parral operation in Chihuahua. Capstone, Hecla and Agnico presented Q4 and annual production results for 2017. Mexus announced sale of gold produced at its Santa Elena Mine in Caborca, Sonora. ON FINANCING, GoGold reported income of $42.9M and income of $30M for Q4 2017. Levon closed a non-brokered private placement for $900K. Orla closed bought deal financing for $30.77M. First Majestic closed an over-allotment option for $150M. Agnico participated in Orla Mining financing acquiring $3M on shares. Alamos Gold announced a financing round of $CAD 3.3M. ON RESOURCES AND DEVELOPMENT, Azure commenced a geological modelling and maiden resource estimation at its Oposura project in Sonora. Sierra Metals disclosed a new mineral resource estimate for its Cusi Mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Telson Resources announced a change of name to Telson Mining Corporation. San Marco Resources, Impact Silver, and Defiance Silver announced the appointments of Investor Relations, CFO and interim President & CEO respectively.
ON MEXICO ISSUES
- Azure Minerals Limited, announced positive results in two of its projects in Sonora. At Sara Alicia project, Azure reported a strong 200m by 100m Co-Au anomaly from a close-spaced soil sampling with highest values of 1.26 g/t Au and 0.15% Co, which show a close association with strongly magnetic skarn confirmed by magnetic surveys. A separate high-grade Zn anomaly exceeding 1,000 ppm Zn was also identified from the soil sampling. Average of 26 samples is 0.45% Zn with a maximum value of 3.54% Zn. A drill program to test these positive results is in preparation. Azure also announced that the resource definition drilling program comprising 76 holes for 4,196m at the east zone of its Oposura project has finished. It also reported good portable XRF analysis of samples returning high-grade rock chips up to 8.3% Pb and 2.3% Zn. A geological modelling and maiden resource estimation is expected to be completed in April 2018.
- Riverside Resources Inc., completed a drilling program focused on its Puerto Alamo target within its Glor project in Sonora. The drill program comprised seven holes for a total length of 1,212m. Several narrow intervals were intersected from 1 to 4.7m in thickness @25 to 0.35 g/t Au. Stream sediment and soil sampling followed by mapping and rock sampling are planned for Q1 2018. Riverside also announced drill results from its Clemente project in Sonora where the best intersection returned 0.7m @ 827 g/t Ag, 0.23 g/t Au, and 2.1% combined Pb+Zn. Plans to explore undrilled potential areas of Au and Ag at the Santa Elena zone are in progress.
- Consolidated Zinc Limited, announced drill results from the infill resource definition program at Tres Amigos Zone within its Plomosas Mine in Chihuahua. The most significant intersection comprise 5.65m @3% Zn, 7.6% Pb, and 24 g/t Ag; 4.50m @ 36.5% Zn, 0.76% Pb, and 9.3% Ag, including 1.0m @ 35% Zn, 0.97% Pb, and 7 g/t Ag. These high-grade results expand the Tres Amigos mineralized horizon up to 120m down dip.
- Kootenay Silver Inc., is to commence a first phase 5,000m drill program on its La Cigarra project in Chihuahua. The goal is to test La Borracha Zone, the continuity of the high grade bearing structures such as the 104 vein, and the undrilled Nogalera Gold trend. A second phase drill program will be determined based on the results of this initial drilling.
- Hecla Mining Company, discovered new high-grade zones expanding the polymetallic mineralization at San Sebastian in Durango, similar to the Huge Zone on the Middle and Francine veins. Drill results on the West Middle Vein include 317 g/t Ag, 3% Cu, 10% Pb, and 18% Zn over 1.34m and 385 g/t Ag, 4 % Cu, 6% Pb, and 9% Zn over 1.65m. On the Francine vein, drilling results include 295 g/t Ag, 2% Cu, 5% Pb, and 5% Zn over 1.92m to the east and 411 g/t Ag, 2% Cu, 4% Pb and 6% Zn over 1.1m to the west. Drilling continues to expand resources and evaluate polymetallic targets along the Middle and Francine veins and the plan is to also evaluate near-surface, oxide mineralization at the Professor, North and Esperanza veins.
- Telson Resources Inc., announced the successful startup of pre-production developing mining and processing at its Campo Morado Mine in Guerrero. Telson milled 106.6K tonnes with average head grades of 3.57% Zn, 0.38% Cu, 0.85% Pb, 0.83 g/t Au, and 103 g/t Ag to produce 5,021 tonnes Zn concentrate and 2,013 tonnes of Pb concentrate. Telson also announced results of pre-production mining and processing at its Tahuehueto Mine in Durango, with 22,662 tonnes produced from El Creston Zone with average head grades of 6.94 g/t Au, 84.36 g/t Ag, 5.29% Zn, and 2.64% Pb, of which only 14,377 tonnes were milled.
- Avino Silver & Gold Mines Ltd., reported annual 2017 production of 1.4M Oz Ag, 8K Oz Au, and 4.4M Lb Cu from its Avino and San Gonzalo Mines, and announced the completion of an updated PEA for the Oxide Tailings. Avino is working on a plant and mine expansion to increase capacity at the processing plant.
- GoGold Resources Inc., generated revenue of $5.8M on the sale of 366.4K Oz Ag Eq. GoGold stacked 362K tonnes during Q4 2017, which were all reprocessed tailings. For Q4 2017, GoGold reported total comprehensive income of $42.9M and net income of $30M.
- Capstone Mining Corp., reported Q4 and annual 2017 production results from its Cozamin Mine in Zacatecas. During the fourth quarter, 4,254 tonnes of Cu were produced at a cash cost of $1.04 per Lb Cu produced and all-in cost of $2.08 per Lb Cu produced. For the full year, 16,732 tonnes of Cu were produced at a cash cost of $1.16 per Lb Cu produced and all-in cost of $1.90 per Lb Cu produced.
- Hecla Mining Company, reported production of 759K Oz Ag and 5,955 Oz Au in Q4 and 3.3M Oz Ag and 25,177 Oz Au for the full year of 2017 from its San Sebastian Mine in Durango. Hecla generated cash for $62.4M and spent $11.2M resulting in free cash flow of $51.2M.
- Agnico Eagle Mines Limited, reported annual 2017 production of 330,400 Oz Au from its Mexican Mines, which include 180,860 Oz Au from Pinos Altos and 48,400 Oz Au from Creston Mascota Mines in Chihuahua, and 101,120 Oz Au from La India Mine in Sonora.
- Mexus Gold, announced the sale of a small amount of gold produced in a test run at its Santa Elena (Caborca) Mine. The company as hired a new engineer to run the mine since the heap leach pad has shown recovery difficulties.
- Levon Resources Ltd., closed a brokered private placement of $900K. Net proceeds will be used for corporate cost and working capital (Cordero project, Chihuahua).
- Orla Mining Ltd., closed a bought deal financing for gross proceeds of $30.77M. Net proceeds will be partially used for exploration and development activities in its Camino Rojo project in Zacatecas.
- First Majestic Silver Corp., announced the issuance of $US 6.5M aggregate principal amount of 1.875% unsecured convertible senior notes due 2023 to the exercise in part of the over-allotment option granted in connection with the previously announced offering of $US 150M (Six Mines in Mexico).
- Agnico Eagle Mines Limited, announced the acquisition of 1.74M units of Orla Mining for a total consideration of $3.05M (Pinos Altos, Chihuahua).
- Alamos Gold Inc., announced the sale of 3M shares of Corex Gold Corp., by a private share purchase and sale agreement with Osisko Gold Royalties Ltd at a price of $CAD 0.13 for a gross proceeds of $CAD 3.3M. After this transaction, Alamos has not shares in Corex (Mulatos, Sonora).
ON RESOURCES AND DEVELOPMENT
- Azure Minerals Limited, commenced a geological modelling and maiden resource estimation at its Oposura project in Sonora, which is expected to be completed in April 2018. This resource estimation along with other project development studies will be used to prepare a scoping study (SS) / preliminary economic assessment (PEA) scheduled for the third quarter of 2018.
- Sierra Metals Inc., filed a technical report to disclose the new mineral resource estimate on its Cusi Mine in Chihuahua. Total measured mineral resources are 362K tonnes @ 225g/t Ag, 0.55% Pb, 0.68% Zn, and 0.13g/t Au. Total indicated resources are 4.2M tonnes @ 217g/t Ag, 0.64% Pb, 0.66% Zn, and 0.21 g/t Au. Total inferred resources are 1.63M tonnes @ 158 g/t Ag, 0.54% Pb, 0.84% Zn, and 0.16 g/t Au. Sierra Metals reported that the total measured + indicated resources increased 129% to 4.56M tonnes from 2M tonnes, while total inferred resources increased 36% to 1.6M tonnes from 1.2M tonnes previously reported.
ON DEALS AND CORPORATE ISSUES
- Telson Resources Inc., announced a change of name from Telson Resources to Telson Mining Corporation (Campo Morado, Guerrero).
- San Marco Resources Inc., announced the appointment of its Investor Relations Consultant (Chunibas, Sonora).
- Impact Silver Corp., announced the appointment of its CFO (Guadalupe-Minas de Zacualpan, Estado de Mexico).
- Defiance Silver Corp., announced the appointment of its interim President & CEO (San Acacio, 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 below, banded chalcedonic quartz with Ag sulphosalts from a project in Durango State. Photo by Miguel A Heredia.
Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce the commencement of its 2018 drill program on its 100% owned La Cigarra silver project in the Parral Mining Camp, Chihuahua, Mexico.
The first phase of the 2018 program will consist up to 5,000 meters of drilling and will focus on three primary objectives, including:
- Drilling within the La Borracha Zone northwest of the La Cigarra silver deposit;
- Drill testing for continuity of high grade bearing structures such as the 104 “vein” (“104-Vein”) at the southern end of the resource; and
- The first drill test of the newly identified “Nogalera Gold Trend”.
A comprehensive second phase drill program will be determined following the assessment of the various targets and the results from the initial 5,000 meters of drilling.
February 15, 2018 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), recently completed a partner-funded diamond drilling campaign at the Puerto Alamo Target at the 36 km² Glor Gold Project (the “Project”). The exploration and drilling work was funded by partner, Centerra Gold Inc. (“Centerra”), as part of their option to earn a 70% interest in the Project. The Project hosts four key target areas and is located approximately 8 km west of Alamos Gold’s El Chanate Mine in Sonora, Mexico. The recently completed drill program focused on the Puerto El Alamo Target (see Figure 1 below) located in the central part of the Project, which had been defined by a recent detailed soil geochemistry survey and geological mapping.
COEUR D’ALENE, Idaho–(BUSINESS WIRE)– Hecla Mining Company (NYSE:HL) today provided an update on its exploration programs during the fourth quarter.
- San Sebastian continues to expand high-grade, polymetallic zones similar to the Hugh Zone on the Middle and Francine veins.
- Casa Berardi has expanded and refined resources that could increase the size of the proposed Principal and current East Mine Crown Pillar (EMCP) open pits and discovered mineralization that could lead to new pits in the west part of the mine at the West Mine Pillar and NW-SW zones.
- Drilling of the 118 and 123 zones at Casa Berardi has discovered high-grade mineralization at depth and to the west.
By Jorge Cirett
During the 6th week of the year (February 5th to February 11th, 2018), at least 30 press releases were announced by companies working in Mexico, with three companies reporting their Q4 and/or full year 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Silver Viper released drilling results from its Clemente project; Canuc Resources reported good surface sample results from its San Javier project; Centerra confirmed it explored two properties in the State during 2017. In Chihuahua VVC Exploration released drilling results from its Samalayuca copper project. In Coahuila, Discovery Metals intends to drill up to seven of its project in 2018. In Guanajuato, Vangold initiated work on a PEA on its Pinguico property. In Veracruz Almadex disclosed good Cu-Au results from drilling at El Cobre project; Mexican Gold begun its 2018 drilling at Las Minas. ON MINING, Three companies, US Antimony, Maverix Metals and Coeur Mining presented production results for the fourth quarter and/or full year 2017. Auxico Resources disclosed metallurgical results from its properties in Sinaloa. Maverix Metals presented royalty earnings from its Mexican contracts. Torex Gold continues to ramp-up operations after the termination of the illegal blockade it was subject to on its El Limon – Guajes mine in Guerrero. ON FINANCING, Three companies announced the opening and/or closing of financial rounds: Torex Gold C$61.7 M, Advance Gold $190 K, Colibri Resource CAD$1 M. ON RESOURCES AND DEVELOPMENT, Kootenay Silver released surface sample assays and from its La Cigarra property in Chihuahua, and drilling results by Pan American on its La Negra discovery in Sonora. Avino Silver released drilling results from several target areas on the Avino property in Durango. Hecla Miing reported an updated mineral reserve and resource estimate for its San Sebastian property in Durango. Endeavour Silver reported updated mineral reserve and resource estimates for six of its properties in Mexico. ON DEALS AND CORPORATE ISSUES, Silver Viper signed a LOI with Pan American Silver on the extended land package of the La Virginia property in Sonora. Evrim Resources acquired more ground on the Cuale project in Jalisco by optioning and staking. Coeur Mining announced two board changes, including the appointment of Eduardo Luna. Wolverine Minerals Corp. intends to proceed to a name change to Aloro Mining Corp.
ON MEXICO ISSUES
- Discovery Metals Corp. announced an exploration budget for 2018 of C$5.2 M to do geological mapping, geochemical sampling, geophysics and first stage drilling of up to seven of its projects. At Puerto Rico in Coahuila, mapping and sampling programs, including rehabilitation of underground workings, are underway. At La Kika, also in Coahuila, 20 holes have been completed by drilling 750 m since late December 2017, focusing in high-grade Ag-Pb-Zn mineralization in mantos and a prominent breccia zone. At Minerva, in Coahuila, mapping and sampling will be followed by drilling in Q2, in a property that exhibits porphyry characteristics, transitional to skarn and CRD mineralization. At Monclova, in Coahuila, the skarn/CRD property will be mapped and sampled prior to drilling in Q2. Further work for 2018 includes mapping and sampling in Q3 of the early stage Jemi, Renata and Santa Rosa projects.
- Silver Viper Minerals Corp. released results from drilling at its Clemente project in Sonora. Relevant core length results comprise 1.2 m @ 30 g/t Ag, 0.2% Pb+Zn; 0.7 m @ 827 g/t Ag, 0.23 g/t Au, 0.37% Cu, 1.6% Pb, 1.4% Zn; 0.5 m @ 24 g/t Ag, 0.12 g/t Au, 0.7% Pb, 1.5% Zn; 4.0 m @ 15 g/t Ag, 0.3% Pb, 2.6% Zn; 3.2 m @ 16 g/t Ag, 0.2% Pb, 2.2% Zn.
- Mexican Gold Corp. has begun the 2018 drilling program at its Las Minas project in Veracruz. The 3,000 m program will focus on resource expansion as well as exploration drilling on El Dorado Dike contact, El Dorado Juan Bran, Santa Cruz, Nopaltepec, Cinco Señores and Las Minillas zones.
- Vangold Mining Corp. has initiated a resource valuation and a preliminary economic assessment (PEA) on its El Pinguico project in Guanajuato. Drilling commenced on mid-January, with three of the 17 drill holes planned completed to date. The holes have intersected the underground stockpile (backfill) with an average recovery of 70% on the entire length and 43% on the broken material filling the old stopes.
- Canuc Resources Corp. reported surface rock sample results from the Carranza and Lydia zones of its San Javier project in Sonora. At Lydia two lines of samples 40 m apart were collected perpendicular to the trend of the breccias, with one line returning 10 m @ 210 g/t Ag, 5.0 g/t Au and the other returning two separate intervals of 4.0 m @ 244 g/t Ag, 2.27 g/t Au; 99 g/t Ag, 0.36 g/t Au. At Carranza, 4.0 m averaged 100 g/t Ag, anomalous Au, and a second 6 m interval 25 m to the south averaged 162 g/t Ag, 0.83 g/t Au.
- VVC Exploration Corp. released drilling results from its stratiform copper Samalayuca project in Chihuahua. At la Gloria zone, shallow core length intervals comprise: 7 m @ 0.46% Cu; 12 m @ 0.56% Cu; 10 m @ 0.67% Cu; 5 m @ 0.95% Cu. At Extensión La Gloria zone: 27 m @ 0.51% Cu; 51 m @ 0.36% Cu.
- Centerra Gold Inc. released an update on its global exploration activities, which includes two Mexican plays. Both properties are explored for orogenic gold mineralization in Sonora: La Glor, explored with Riverside Resources Inc. and La Navidad project, explored along with Millrock Resources Inc.
- Almadex Minerals Ltd. disclosed assays from the last two holes drilled on 2017 in the Raya Tembrillo and Porvenir zones of its El Cobre property in Veracruz. At Villa Rica, core length intervals intercepted 20.07 m @ 0.31 g/t Au, 0.03% Cu; 120.0 m @ 0.08 g/t Au, 0.37% Cu, including 58.0 m @ 0.15 g/t Au, 0.64% Cu (which include 38.0 m @ 0.16 g/t Au, 0.93% Cu). At Porvenir results comprise 64.5 m @ 0.37 g/t Au, 0.21% Cu (including 40.25 m @ 0.50 g/t Au, 0.25% Cu), 26.0 m @ 0.85 g/t Au, 0.27% Cu.
- United States Antimony Corp. announced the sale of 76.9 K Lb Sb and 212.8 K Lb Sb during December 2017 and January 2018 respectively. Construction of the pilot cyanide leach circuit at the Puerto Blanco mill for the leaching of the Los Juarez gold and silver tailings continues making progress. Plans are to ramp up production to the mill’s 100 tpd capacity, and then increase production to 400 tpd.
- Auxico Resources Canada Inc. announced results from innovative metallurgical testing conducted on its Aguamas and Campanillas projects in Sinaloa. The tests conducted on gravity concentrates showed recoveries of over 98% Au and 87% Ag within the same leach. These tests have been conducted over the last year using a mix of acids composed of sulfuric acid and thioria. The extraction (less than one hour) is accelerated by the use of ultrasound technology and the process uses no external heat or pressure.
- Maverix Metals Inc. announced fourth quarter 2017 and full year production, including figures from La Colorada mine in Zacatecas. On La Colorada, Pan American Silver Corp. reported gold production of 1,258 ounces in Q4 2017 and 4,287 ounces for the full year 2017 at the La Colorada mine. Maverix has the right to purchase 100% of the payable gold production from La Colorada at the lesser of US$650/oz and the prevailing market price.
- Torex Gold Resources Inc. informed that the processing plant continues to process 10 – 13 K tonnes per day (tpd) at its El Limon –Guajes mine in Guerrero. Recoveries have been approximately 85%, and grades close to 3 grams per tonne, with ore being processed from all three open pits, El Limon, Guajes, and El Limon Sur. At the January 30th meeting to set a date for the union selection vote, the Labour Board agreed on a meeting on February 13th, to set the date for the union selection vote. According to the company, the operations continue to ramp up with excellent support from local communities, unionized employees, staff employees, and contractors.
- Coeur Mining Inc. reported fourth quarter and full year 2017 results, including figures from its Mexican operations. For the full year 2017, at Palmarejo in Chihuahua, 1.5 M tons were milled @ 169 g/t Ag, 2.89 g/t Au, recovering 86.0% Ag, 90.0% Au to produce 7.24 M Oz Ag, 121,569 Oz Au. The exploration expense at Palmarejo was $11.9 M in 2017, following the discovery of several new veins. Mining is now at a steady rate of approximately 4,500 tons per day.
- Torex Gold Resources Inc. closed its previously announced bought deal financing for gross proceeds of C$61.7 M. “The net proceeds of the Offering will be used to fund and provide liquidity for its working capital obligations during the re-start and ramp-up of the ELG Mine Complex, as required….”. Cash reserves, prior to the close of the Offering, were US$64 M including US$14 M set aside for reclamation obligations (El Limon-Guajes, Guerrero).
- Advance Gold Corp. closed its private placement financing for gross proceeds of $190 K (Tabasqueña, Zacatecas).
- Colibri Resource Corp. is to proceed with a non-brokered private placement intending to raise up to CAD$1 M in gross proceeds. The funds are to be used on the drilling of it’s El Pilar project in Sonora.
ON RESOURCES AND DEVELOPMENT
- Kootenay Silver Inc. released the results of the final 10 holes from the 2017 infill drilling campaign by Pan American Silver Corp. at the La Negra zone on the Promontorio project in Sonora. Drill highlights comprise: 50.65 m @ 136 g/t Ag, including 1.05 m @ 1,625 g/t Ag; 49.15 m @ 247 g/t Ag, including 14.55 m @ 515 g/t Ag; 59.20 m @ 237 g/t Ag, including 5.15 m @ 1,161 g/t Ag; 56.05 m @ 93 g/t Ag, including 10.30 m @ 309 g/t Ag; 11.05 m @ 106 g/t Ag; 95.85 m @ 79 g/t Ag, including 7.20 m @ 434 g/t Ag. The 2018 drill program is anticipated to developing drill targets outside of the La Negra discovery.
- Avino Silver & Gold Mines Ltd. announced results from 19 holes on the Chirumbo, Guadalupe and San Juventino areas of the main Avino mine in the Avino property in Durango. The Chirumbo area is at the East of the Avino vein, with the holes intercepting several structures with results like 7.05 m @ 1.47 g/t Au, 27 g/t Ag; 8.85 m @ 0.80 g/t Au, 18 g/t Ag, 0.24% Cu; 5.50 m @ 5.18 g/t Au, 7 g/t Ag, 0.12% Cu; 21.3 m @ 0.22 g/t Au, 31 g/t Ag, 0.33% Cu; 5.80 m @ 4.75 g/t Au, 55 g/t Ag, 0.84% Cu; 18.45 m @ 82 g/t Ag; 39.35 m @ 0.24 g/t Au, 33 g/t Ag, 0.50% Cu; 38.95 m @ 15 g/t Ag, 0.31% Cu; 29.50 m @ 0.22 g/t Au, 37 g/t Ag, 0.72% Cu. Seven more holes at the Guadalupe vein, west of the Gonzalo vein, returned 3.55 m @ 2.29 g/t Au, 18 g/t Ag; 9.20 m @ 1.28 g/t Au, 89 g/t Ag, 0.88% Cu. At the intersection of the Avino-San Juventino and the Footwall breccia intersect, five holes were drilled returning 10.05 m @ 0.22 g/t Au, 88 g/t Ag; 17.65 m @ 0.16 g/t Au, 58 g/t Ag, 0.26% Cu; 12.40 m @ 0.17 g/t Au, 65 g/t Ag, 0.31% Cu; 21.05 m @ 19 g/t Ag, 0.21% Cu; 13.05 m @ 0.18 g/t Au, 53 g/t Ag; 16.00 m @ 0.89 g/t Au, 37 g/t Ag, 0.12% Cu; 7.65 m @ 0.16 g/t Au, 36 g/t Ag, 0.29% Cu; 23.75 m @ 0.070 g/t Au, 12 g/t Ag, 0.2% Cu.
- Kootenay Silver Inc. released surface sample results from a new area with multi-gram gold and silver mineralization at its La Cigarra project in Chihuahua. “Gold mineralization has been traced by prospecting, mapping and sampling along mineralized structures within a broad area measuring 500 by 1000 meters. The gold trend is open on strike in both directions.” Highlighted grab and panel sample results comprise: 10.85 g/t Au, 179 g/t Ag, 7.8% Pb, 1.3% Zn; 4.59 g/t Au, 159 g/t Ag, 4.6% Pb, 0.3% Zn; 4.24 g/t Au, 81 g/t Ag, 4.3% Pb, 2.7% Zn; 12.35 g/t Au, 80 g/t Ag, 5.4% Pb, 0.7% Zn; 7.39 g/t Au, 64 g/t Ag, 5.0% Pb, 0.5% Zn; 5.41 g/t Au, 89 g/t Ag, 7.1% Pb, 0.2% Zn; 4.7 g/t Au, 33 g/t Ag, 3.1% Pb, 0.5% Zn; 4.63 g/t Au, 89 g/t Ag, 5.8% Pb, 0.5% Zn; 3.66 g/t Au, 28 g/t Ag, 3.2% Pb, 0.4% Zn.
- Hecla Mining Co. reported updated mineral reserve and resources, including figures for its San Sebastian property in Durango. Proven and probable reserves in this property comprise 398 K tons @ 432 g/t Ag, 3.11 g/t Au containing 5.52 M Oz Ag, 43 K Oz Au. Measured and indicated resources stand at 1.5 M tons @ 175 g/t Ag, 2.25 g/t Au, 2.9% Pb, 3.8% Zn, 1.7% Cu, containing 8.8 M Oz Ag, 103 K Oz Au, 15,520 tons Pb, 20,350 tons Zn, 9,020 tons Cu. Inferred resources hold 2.9 M tonnes @ 166 g/t Ag, 0.96 g/t Au, 1.8% Pb, 2.5% Zn, 1.5% Cu containing 15.98 M Oz Ag,95 K Oz Au, 23,660 tones Pb, 23,770 tons Zn, 19,520 tons Cu.
- Endeavour Silver Corp. reported updated mineral resources estimates for its operations in Mexico. Proven and probable mineral reserves on its Guanacevi (Durango), Bolañitos (Guanajuato), El Cubo (Guanajuato) and Terronera (Jalisco) properties amount to 5.27 M tonnes @ 198 g/t Ag, 1.86 g/t Ag; measured and indicated resources in these units and El Compas (Zacatecas), Guadalupe y Calvo (Chihuahua) and Parral (Chihuahua) amount to 5.12 M tonnes @ 192 g/t Ag, 1.90 g/t Au, while indicated resources for all units comprise 6.63 M tonnes @ 227 g/t Ag, 1.23 g/t Au. Indicated mineral resources with base metals on Guanacevi and Parral amount to 1.99 M tonnes @ 78 g/t Ag, 0.26 g/t Au, 0.78% Pb, 1.32% Zn, and inferred resources comprise 1.79 M tonnes @ 82 g/t Ag, 0.68 g/t Au, 2.23% Pb, 2.35% Zn. Reserves and measured and indicated resources add to 70.1 M Oz Ag, 362,900 Oz Au, while inferred resources hold 53.1 M Oz Ag, 300,800 Oz Au
ON DEALS AND CORPORATE ISSUES
- Silver Viper Minerals Corp. signed a non-binding letter of intent (LOI) with Pan American Silver Corp. to acquire the La Virgina project in Sonora. The project consists of three concessions totaling 35,598 hectares near the border with Chihuahua. The LOI, combined with a LOI signed in December 2017 with the claim owners will restore all the original land holdings into a single exploration property. Silver Viper can acquire 100% ownership in return for a 2% net smelter return royalty over the entirety of Silver Viper’s consolidated La Virginia project. Past drilling includes 52,635.45 m in 188 holes, besides mapping and geochemistry of the property. Mineralization is characterized by low sulfidation epithermal gold-silver bearing quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes.
- Evrim Resources Corp. announced the acquisition of 50 square Km of prospective land adjacent to its Cuale prospect in Jalisco. The area immediately to the west and north of the claim group was staked, expanding the total project area to 147 Km. The high temperature footprint supported by Terraspec clay mineral identification has been extended to an area of 2.3 by 2.2 Km.
- Coeur Mining Inc. announced the appointment of Eduardo Luna and Jessica L. McDonald to the board of directors. “Mr. Luna has spent over forty years in the precious metals mining industry and has held prior senior executive and board positions at several companies including Industrial Peñoles, Goldcorp Inc., Luismin SA de CV, Wheaton River Minerals Ltd., Alamos Gold Inc., and Primero Mining Corp. …”.” Ms. McDonald has extensive leadership experience in both the public and private sectors….” (Palmarejo, Chihuahua).
- Wolverine Minerals Corp. intends to proceed to a name change to Aloro Mining Corp. (Los Venados, Sonora).
- Primero Mining Corp. is to hold a special meeting of its shareholders and a meeting of holders to consider the proposed plan whereby First Majestic Silver Corp. will acquire all of the outstanding shares of Primero (San Dimas, Durango).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
Vancouver B.C. — February 6, 2018: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce the acquisition of 50 square kilometres of prospective land adjacent to the La Gloria prospect at the 100%-owned Cuale project in Jalisco, Mexico. The area immediately to the west and north of the Cuale claim group was staked thereby expanding the total project area to 147 square kilometres. In December 2017, the first-ever trenches were completed at La Gloria with intervals including 9.4 metres at 7.4 grams per tonne (g/t) gold (see news release dated January 18, 2018).
Avino Silver & Gold Mines Ltd. (ASM:TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) is pleased to announce the following results from nineteen holes of its planned drill programs on the Chirumbo, Guadelupe, and San Juventino areas at the main Avino Mine located on the Avino property, 80 Km northeast of Durango, Mexico. The objective of this drill program was to explore these three targets which were outside of the active mining areas to assess their potential.
By Miguel A Heredia
During the 5th week of the year (January 29nd to February 4th, 2018), at least 24 press releases were announced by companies working in Mexico, with one reporting its full year 2017 results, one providing 2018 guidance for its mining operations, and six announcing financing rounds. ON MEXICO ISSUES, Torex announced that the illegal blockade by an external Union at its ELG Mine Complex in Guerrero has been removed. ON EXPLORATION, In Sonora, Aztec Minerals and Kootenay Silver released good drill results from its Cervantes project; SilverCrest Metals Inc released additional high-grade drill results for its Las Chispas project in Sonora, with ten to fifteen thousand meters of drilling planned for the first semester of 2018. In Chihuahua, Harvest Gold prepares to conduct a first phase drilling at its Cerro Cascaron Au-Ag project. ON MINING, Americas Silver presented annual production results for 2017, and Alio Gold provided 2018 guidance for its San Francisco Mine in Sonora. ON FINANCING, Bacanora Minerals announced equity offering with NextView Capital for CAD$ 53,5M. First Majestic completed the offering of $USD 150M of convertible senior notes due 2023. Orla Mining has agreed to increase the size of its previously announced CAD$ 25.48 M bought deal offering to CAD$ 26.75M. Palamina Corp. announced a non-brokered private placement for $2M. Torex Gold announced a CAD$55 M bought deal. Consolidated Zinc announced a fundraising for $1.96 M. San Marco announced proceeds of $208K by exercised of warrants. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc announced positive results from a Scope Study at its Plomosas project, in Chihuahua, and plans more drilling to increase resource tonnage during Q1 2018. Mexican Gold announced that a drill contract for 3,000m has been signed to expand resources at its Las Minas project in Veracruz. Premier Gold Mines Limited announced plans to define and expand mineralization at its Mercedes Mine in Sonora. ON DEALS AND CORPORATE ISSUES, Mexus Gold US acquired in Sonora the Mabel-Dana project from Pacific Comox. Minera Alamos and Corex Gold announced that have entered into a definitive agreement to combine the two companies. MX Gold announced that the British Columbia Securities Commission issued a Cease Trade Order against the company as a result of failing to disclose Mineral reserves under National Instrument 43-101 on its Magistral project in Durango. For the same reason, the company was suspended by TSX. Canuc released that it has completed a vertical amalgamation with its wholly-owned subsidiary Santa Rosa Silver Mining Corporation to simplify the corporate structure of Canuc. Vangold Mining granted stock options for 2.6M shares to officers, directors, consultants and employees. The company has received its Legal Identity Number to trade shares on the Stuttgart, Munich and Frankfurt Stock Exchanges.
ON MEXICO ISSUES
- Torex Gold announced that the illegal blockade at its ELG Complex Mine by an external Union has been peacefully removed by the Guerrero State authorities. Torex now has access to the entire mine facilities. Rule of law has finally been reestablished!
- Aztec Minerals / Kootenay Silver, released initial drill results of five of its phase 1, 15 holes, 3000m drill program at its Cervantes project in Sonora. The California and Jasper targets were drilled, where mineralization seems to be related to a porphyry gold (silver, copper) sulfide system. Drill highlights of the holes totaling 810m include 139m @71 g/t Au from surface, including 20m of 2.1g/t Au and 2m of 5.52 g/t Au; and 117m @ 0.63 g/t Au from 2-119m depth, including 43m of 1.18 g/t Au and 2m of 5.52 g/t Au, both in the California target. Two drill holes at the Jasper target intercepted anomalous but sub-economic copper-gold-molybdenum oxide mineralization from surface to bottom. The rest of the drilling program at Cervantes is underway.
- Harvest Gold, announced that a drill permit to conduct 14 diamond holes comprising 300-3500m in 5 out of 8 target areas on its Cerro Cascaron project in Chihuahua is expected to be received by Mid-February. Six holes will test Serpiente Dorada and Julieta targets, a 1.8km long Au-Ag soil anomaly that average 200 ppb Au with the peak being 1,380 ppb Au. Three holes more will test high grade Au-Ag veins at San Pedro target. Sampling results of the San Pedro vein returned 0.8m @ 19 g/t Au and 72 g/t Ag, within 2.6m @ of 6.5 g/t Au and 28 g/t Ag. The drill program also considers some holes in Carabina target to test two areas of high grade Au-Ag surface samples, and in Cascarita target to test 350m of strike length along a larger (900m) polymetallic Ag-Pb-Zn vein breccia system defined by both underground and surface sampling. Adit sampling returned five channel sample cuts with widths of 1.4 to 3.3m with grades between 231 and 542 g/t equivalent Ag. A phase two drill program consisting of an additional 3,700m in 12 holes have been planned to test Dolores, San Pedro, El Salto, Cascarita, La Puerta, Carabina and Julieta targets.
- San Marco Resources Inc., announced its plan for 2018 on its Mexican projects in Sonora. The company wants to drill the 1068 porphyry copper-gold-moly project; release assay results from the chip-channel sampling conducted at its new Chunibas Cu-Au discover; continue exploration at its Chunibas project and release metallurgical results.
- SilverCrest Metals Inc., released additional phase 2 drill results for its Las Chispas project in Sonora, expanding Babicanora high-grade footprint from 1km to 1.3Km along strike length. Potential is open along strike and to depth. Drilling returned significant intersections such as 3.5m of true width @05 g/t Au and 1,074.5 g/t Ag (4,153 g/t Ag equivalent), and 3.8m @ 12.3 g/t Au and 1,411 g/t Ag (2,321 g/t Ag equivalent). SilverCrest also expects to release a maiden resource estimate during the first quarter of 2018.
- Americas Silver Corporation announced annual 2017 production results from its Cosala, San Rafael and El Cajón mines in Sinaloa. During the year, 690.5K tonnes were milled @ 104 g/t Ag, to produce 2.05M Oz Ag, 25.4 M Lb Pb, 11.6 M Lb Zn, and 1.2M Lb Cu, with a cash cost of USD$ 9.37 per Ag Oz and an all-in sustaining cost of USD$ 13.12 per Ag Oz. Commercial production was declared at its San Rafael Mine on December 19, 2017. The company also drilled seven holes during the fourth quarter of 2017 at the Zone 120 deposit, which is part of its Cosala operation. Drill results include 23.4m of 259 g/t Ag, 0.40 g/t Au, and 0.5% Cu, and 7.2m of 335 g/t Ag, 0.23 g/t Au, and 0.55% Cu. A 20,000m drill program is to test extensions and in-filling drilling of the Zone 120, and explore the potential connection in the one km distance between El Cajón and Zone 120 areas.
- Alio Gold Inc., provided 2018 guidance for its San Francisco Mine in Sonora. Alio expects to increase production on the range of 90K to 100K Oz Au this year compared to 83.5K Oz Au produced in 2017. To meet this goal, Alio has increased mining flexibility and the ability to deliver consistent ore feed to the leach pad. The total capital expenditure for 2018 is expected to be in the order of $2.5 to $3.0 M and will be spent on mine site exploration drilling and expansion of the heap leach pad phase 6B.
- Bacanora Minerals Ltd., announced that the equity offering with NextView Capital, a leading Chinese institutional fund management group, is ongoing and worth CAD$ 53.5M (Sonora Lithium, Sonora).
- First Majestic Silver Corp., First Majestic completed its previously offering of $USD 150M of convertible senior notes due 2023. Net proceeds are intended to be used to fund cost and expenses associated with the acquisition of Primero Mining Corp., and for general corporate purposes (Six mines in Mexico).
- Orla Mining Ltd., has agreed to increase the size of its previously announced CAD$ 25.5M bought deal offering to CAD$ 26.75M, along with an over-allotment option to purchase additional units at the offering price. If the over-allotment option is exercised, the aggregate gross proceeds of the offering will be CAD$ 30.77M (Camino Rojo, Zacatecas). Palamina Corp., announced a non-brokered private placement offering for aggregate gross proceeds of $2M (Santuario, Hidalgo).
- Torex Gold announced that has entered in a bought deal with a syndicate of underwriters CAD$ 55M on gross proceeds. Part of the net proceeds will be used for its working capital obligations during the re-start of ELG Mine Complex in Guerrero. Torex also announced an extension of waiver on liquidity covenant with its lenders, lowering the liquidity covenant from USD$ 50M to USD$ 30M (El Limón-Guajes, Guerrero).
- Consolidated Zinc Ltd., announced the raising of $1.96M gross proceeds (Plomosas, Chihuahua).
ON RESOURCES AND DEVELOPMENT
- Consolidated Zinc Ltd., completed a scope study with positive results to recommencing mining at its Plomosas Mine in Chihuahua, and announced that a feasibility study (FS) is ongoing targeting larger scale production than that assessed in the scope study, which was focused on mining Tres Amigos resources in level 5, comprising 544K tonnes @2% Zn, 2.1% Pb, and 14 g/t Ag. A drill program is planned to increase resources tonnage during the first quarter of 2018. The company also released high-grade results up to 35% Zn+Pb at its Alfonsitos prospect within Plomosas property, and high-grade Zn assays up to 42.7% Zn+Pb from underground areas nearby Juarez Mine.
- Mexican Gold Corp., announced that a drill contract for 3,000 m has been signed to expand resources at the El Dorado / Juan Bran and the high-grade El Dorado Dike contact zones at its Las Minas project in Veracruz. The drill program also includes the Cinco Señores and Nopaltepec mineralized zones to test geophysical targets and extend known areas of mineralization.
- Premier Gold Mines Limited announced a USD$ 10.8M exploration budget to define and expand mineralization at its Mercedes Mine in Sonora for 2018. The plan is to extend the underground workings in the Marianas deposit for detailed drilling and mine planning to establish reserves for mining in 2019. Full development of the Rey de Oro deposit is also a high priority and that is to include US$6.3 million in expansionary capital and US$6.8 million in sustaining capital. An updated mineral reserve and resource estimate for its Mercedes Mine during the first quarter of 2018.
ON DEALS AND CORPORATE ISSUES
- Mexus Gold US acquired in Sonora the Mabel-Dana project from Pacific Comox as a stock trade agreement. Historic reserve estimate are 41K Oz Au on 1.2M tonnes @7 g/t Au and 23 g/t Ag. A summary technical report is expected to be released in the next two weeks.
- Minera Alamos Inc. & Corex Gold Corporation entered into a definitive agreement to combine the two companies and become a Mexican gold development company with a market capitalization of about CAD$ 50M, CAD$ 6M in cash, and three high-quality Au-Ag projects: Santana-Los Verdes in Sonora, La Fortuna in Durango and Guadalupe de los Reyes in Sinaloa, each offering near-term production potential and low capital cost advantages.
- San Marco Resources Inc., announced the appointment of Christian Grijalva as its VP Exploration for San Marco and San Marco Resources Mexico S.A. de C.V. (Chunibas, Sonora).
- MX Gold Corp., announced that the British Columbia Securities Commission issued a Cease Trade Order after failing to disclose for first time mineral reserves under the national Instrument 43-101 on its Magistral project in Durango. Also, the TSX suspended the company to trade common shares as a result of the Cease Trade Order. MX Gold is working to address the deficiencies to get reinstatement of trading at TSX.
- Canuc Resource Corporation completed a vertical amalgamation with its wholly-owned subsidiary Santa Rosa Silver Mining Corporation to simplify the corporate structure of Canuc (San Javier Ag-Au project in Sonora). The shares of the subsidiary were cancelled without any repayment of capital in respect of them.
- Vangold Mining Corp., granted incentive stock options for 2.6M common shares at $0.20 per share for a five year term to officers, directors, consultants and employees. The company also announced that it has received its Legal Identity Number to trade shares on the Stuttgart, Munich and Frankfurt Exchanges (El Pinguino Mine in Guanajuato).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, vuggy silica texture with hematite staining from a prospect in Jalisco State. Photo by Miguel A Heredia.
Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce the results of the final 10 drill holes from the 2017 drilling campaign completed by Pan American Silver Corp. (“Pan American Silver”) on the La Negra silver discovery. The definition drill program completed on La Negra is part of an option agreement between Kootenay and Pan American Silver that provides Kootenay with a series of work and cash commitments and a carried to production interest on La Negra and the Promontorio Mineral Belt located in Sonora State, Mexico.
February 5, 2018, Toronto, ON – Discovery Metals Corp. (TSX-V: DSV) (“Discovery” or the “Company”), is pleased to provide an update on its recent activities and announce the details of its 2018 exploration program (the “2018 Program”) for its portfolio of silver-zinc-lead (“Ag-Zn-Pb”) projects in northern Coahuila State, Mexico.
• Diamond drilling program continues at the La Kika project (“La Kika”) with approximately 750 m in 20 holes completed to date. Compilation of the first batch of drill results is expected to be complete in late February.
• 2018 exploration budget of approximately C$ 5.2M encompassing geological mapping, geochemical sampling, geophysics and first-stage drill testing of up to seven of the Company’s projects.
• Mapping and sampling programs are currently underway at the Puerto Rico project
(“Puerto Rico”) and La Kika. Mapping and sampling programs at the Minerva and
Monclova projects (“Minerva” and “Monclova”, respectively) are set to start in February, with drilling planned for Q2.