The Mining and Exploration News in Mexico: Highlights on the Fourth Week of November, 2020

By Jorge Cirett

During the 48th week of the year (November 23rd to November 29th, 2020), at least 22 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties and seven more published on project development. ON MEXICO ISSUES, Mining concessions surface has been reduced by 21% in this federal administration. Camimex delivered its “Cascos de Plata” awards. The COVID pandemic has accelerated the digital transformation in mining. ON EXPLORATION, in Sonora, Silver Viper informed on the status of exploration at its La Virginia project; Tarachi Gold released high-grade results from drilling at La Dura, on its Tarachi project. In Chihuahua, Reyna Silver has received drill permits for Guigui. In Sinaloa, GR Silver delineated a new mineralized zone at Plomosas; Brigadier Gold released high-grade results from the first holes at Picachos. Vizsla released assays from the first hole at the Agüita Zarca prospect in Panuco. In Puebla, Almaden Minerals reported on exploration of the SE zone at Ixtaca.  ON MINING, Impact Silver released third quarter financial results. Telson Mining began to send ore from Tahuehueto to a toll mill. ON FINANCING, Candente Gold closed a financing round raising $250 K. Alien Metals raised £2.5 M. ON RESOURCES AND DEVELOPMENT, Great Panther Mining updated the mineral resource estimate at its Guanajuato mine Complex. Minera Alamos has received the last significant permit to start plant construction at La Fortuna in Durango. Prime Mining mobilized the first rig to Los Reyes, Sinaloa. Sonoro Gold released results from 20 more drill holes at Cerro Caliche, Sonora. Premier Gold Mines reported results from delineation drilling at Mercedes, Sonora. Discovery Metals informed on drilling targeting bulk tonnage and high-grade veins at Cordero, Chihuahua. Orla Mining informed on the start of earth-moving activities at Camino Rojo, Zacatecas.  ON DEALS AND CORPORATE ISSUES, Candente gold is changing name to Xali Gold Corporation. Candelaria Mining sold a 0.5% royalty on production from Pinos, Zacatecas. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on programs to aid communities near their operations. Newmont informed on a plan to achieve zero-emissions by 2050.

ON MEXICO ISSUES

  • The current federal government reduced by 21% the surface under mining concessions. This as a result of a strict review on the concessions current at the start of the federal administration, and the denial to issue new titles by the president.
  • Camimex (Cámara Minera de México) delivered the “Cascos de Plata” (Silver hard hats) awards to the six mining units with the best safety records in Mexico. The awards went to Agnico Eagle Mexico, Grupo Mexico’s La Caridad, America’s Gold & Silver Cosalá, Velardeña (Peñoles), Grupo Mexico’s Planta ESDE and Grupo Mexico’s Refinería Electrolítica de Zinc.
  • Mining companies state the COVID pandemic has accelerated the digital transformation and advanced automatization.

ON EXPLORATION

  • GR Silver Mining Ltd. Delineated a new mineralized zone, Yecora, from drilling in the San Juan area of its Plomosas project in Sinaloa. Highlighted results comprise 5.5 m @ 264 gpt Ag, 0.4 gpt Au, 0.3% Pb, 0.6% Zn; 19.0 m @ 49 gpt Ag, 1.8 gpt Au, 0.8% Pb, 1.4% Zn; 25.2 m @ 82 gpt Ag, 0.5 gpt Au, 0.9% Pb, 0.5% Zn; 3.2 m @ 27 gpt Ag, 0.3 gpt Au, 3.0% Pb, 11.4% Zn; 7.1 m @ 7.5% Zn, 2.4% Pb, 0.9 gpt Au; 3.3 m @ 11.3% Zn; 0.4 m @ 10.2 gpt Au, 2.1% Zn. “The San Juan Trend now extends for at least 2 km along strike, consisting of at least six mapped veins: San Juan, La Colorada, Yecora, Loma Dorada, La Odisea and San Francisco”.
  • Silver Viper Minerals Corp. informed on exploration at its La Virginia project in Sonora. The property was previously explored by Pan American Silver and Minefinders which sunk 188 drill holes for a total of 52,000 m of diamond drilling. Silver Viper acquired the project in 2018, starting by drilling gaps in the Las Huatas and Convirginia zones, and sunk five holes in a new area, El Rubi, where a new discovery was made in a zone with quartz veins, stockworks and breccias. In 2019 most work was a follow-up on El Rubi, with mapping and rock sampling, with a second drill campaign commencing by the end of that year that now has more than 15,000 m drilled. The company notes that hole LV20-245 (the last released, with 110 m @ 38 gpt Ag, 0.76 gpt Au) drilled 100 m west of El Rubi is a second discovery, showing the potential for open pit mining at the zone.
  • Reyna Silver Corp. has received drill permits for the Guigui project in Chihuahua. “The Guigui Project is located in the heart of the Santa Eulalia Mining District, home to Mexico’s largest Carbonate Replacement Deposit (CRD). The Santa Eulalia Mining District has produced 510 M Oz of silver, 4.2 MT of lead, 3.6 MT of zinc, at average grades of 310 g/t Ag, 8.2% Pb and 7.1% Zn.
  • Brigadier Gold Ltd. released results from the first three diamond holes of a 5,000 m program at its 3,954 hectares Picachos property on the Rosario district in Sinaloa. The 18th hole is being drilled, with the first 14 testing 225 m of strike length on the San Agustin vein and the rest now testing Los Tejones. Highlighted core length intercepts comprise 7 m @ 7.45 gpt Au, 51 gpt Ag (including 1 m @ 45.63 gpt Au); 1 m @ 1.33 gpt Au, 22 gpt Ag; 4.5 m @ 2.89 gpt Au, 50 gpt Ag (including 2 m @ 6.12 gpt Au, 52 gpt Ag); 2 m @ 2.71 gpt Au, 24 gpt Ag. Trench sampling returned 7 m @ 0.39 gpt Au, 53 gpt Ag; 1.5 m @ 7.53 gpt Au, 113 gpt Ag; 1.55 m @ 15.49 gpt Au, 109 gpt Ag (including 0.35 m @ 66.36 gpt Au, 99 gpt Ag); 1 m @ 3.21 gpt Au, 184 gpt Ag; 5 m @ 4.89 gpt Au, 67 gpt Ag.   
  • Tarachi Gold Corp. released results from underground diamond drill holes at La Dura mine on the Jabali concession of the Tarachi project in Sonora. Highlighted core length intercepts comprise 7.0 m @ 2.30 gpt Au; 14.5 m @ 5.49 gpt Au (including 7.0 m @ 9.67 gpt Au); 8.0 m @ 0.31 gpt Au; 20.1 m @ 4.54 gpt Au (including 10.0 m @ 7.48 gpt Au). Mineralization at La Dura is defined by a series of steeply dipping crackle brecciated quartz veins in dacitic volcanic rocks.
  • Vizsla Resources Corp. released results from the first hole drilled at the Agüita Zarca prospect of the Cordon de Oro vein at its Panuco project in Sinaloa. The drill hole intercepted core length intercepts of 18.15 m @ 118 gpt Ag, 3.71 Au (457 gpt AgEq), including 5.95 m @ 244 gpt Ag, 10.49 gpt Au (1,208 gpt AgEq). Directly above this intercept there is a trench channel sampling that returned 0.49 gpt Au, 161 gpt Ag (197 gpt AgEq).
  • Almaden Minerals Ltd. reported results from initial surface sampling of veins discovered in the Southeast Alteration Zone of the Ixtaca project in Puebla. These veins were discovered while mapping a clay alteration zone in volcanic rocks, and although not containing precious metals, show high values of trace elements for shallow epithermal systems.

ON MINING

  • Impact Silver Corp. released third quarter 2020 financial results. Average mill feed was 166 gpt Ag. “Silver production year to date 2020 was only down 4% compared to 2019 at 462,231 ounces despite the COVID-19 official shutdown required by Mexican government from April to June 2020”. Cash at the end of the period was $17.4 M.
  • Telson Mining Corp. has begun to send ore from its Tahuehueto project in Durango to the Atocha toll beneficiation plant. To date 3,000 tonnes have been delivered, of 3,500 tonnes on the current program. Telson informed that it is waiting for the final financing to finish the construction of a 1,000 tonnes per day plant at Tahuehueto.

ON FINANCING

  • Candente Gold Corp. closed the non-brokered private placement previously announced, raising a total of $200 K (El Oro, Estado de México).
  • Alien Metals Ltd. informed on the oversubscription of a financing placement that raised £2.5 M in gross proceeds.

ON RESOURCES AND DEVELOPMENT

  • Great Panther Mining Ltd.  updated the mineral resource estimate at its Guanajuato mine Complex, to July 31, 2020. The complex is comprised by the Guanajuato and San Ignacio underground mines and the 1,000 tpd Cata plant. The estimate includes 19,913 m of drilling in 199 holes since the previous resource calculation. The total resource comprises 821.8 K tonnes @ 199 gpt Ag, 2.07 gpt Au in the measured and indicated category and 1,453 K tonnes @ 185 gpt Ag, 2.25 gpt Au in the inferred category, containing 5.24 M Oz Ag, 54,693 Oz Au and 8.66 M Oz Ag, 105,219 Oz Au respectively. The company is working with permitting authorities to expand the capacity of the tailings storage facility, to extend operations beyond January 2021.
  • Minera Alamos Inc. informed the company has received the approval of the MIA (Manifestación de Impacto Ambiental or Environmental Impact Statement) from SEMARNAT for its La Fortuna project in Durango. The company possesses all the key federal approvals necessary for a 2,000 tonnes per day mine and plant construction.
  • Prime Mining Corp. has mobilized the first of at least two rigs for the incoming 10,000 m drill campaign at its Los Reyes project in Sinaloa. Furthermore, recent trench results were released, including 36 m @ 2.12 gpt Au, 19 gpt Ag; 9.0 m @ 0.43 gpt Au, 16 gpt Ag; 13.5 m @ 0.92 gpt Au, 31 gpt Ag; 33 m @ 1.47 gpt Au, 22 gpt Ag; 25.5 m @ 3.51 gpt Au, 32 gpt Ag; 51 m @ 1.37 gpt Au, 132 gpt Ag. Re-logging of core has found that adularia appears to be vertically zoned, which might aid in targeting high-grade zones.
  • Sonoro Gold Corp. reported results from 20 additional reverse circulation (RC) holes at its Cerro Caliche project in Sonora. Highlighted results comprise 45.72 m @ 0.97 gpt Au, 4 gpt Ag; 6.09 m @ 3.99 gpt Au, 9 gpt Ag; 1.52 m @ 7.80 gpt Au, 15 gpt Ag; 9.14 m @ 0.46 gpt Au, 12 gpt Ag; 10.67 m @ 0.96 gpt Au, 13 gpt Au; 13.72 m @ 0.30 gpt Au; 12.19 m @ 0.94 gpt Au, 3 gpt Ag; 1.52 m @ 2.26 gpt Au, 34 gpt Ag; 27.43 m @ 0.48 gpt Au, 1 gpt Ag; 16.76 m @ 0.33 gpt Au, 6 gpt Ag; 4.57 m @ 0.54 gpt Au, 6 gpt Ag; 9.15 m @ 0.54 gpt Au, 6 gpt Ag; 4.57 m @ 1.03 gpt Au, 6 gpt Ag; 1.52 m @ 2.64 gpt Au, 6 gpt Ag; 13.71 m @ 0.36 gpt Au; 19.81 m @ 0.57 gpt Au, 5 gpt Ag; 6.1 m @ 0.66 gpt Au, 6 gpt Ag; 6.1 m @ 0.46 gpt Au, 7 gpt Ag; 15.24 m @ 0.45 gpt Au, 3 gpt Ag.
  • Premier Gold Mines Ltd. reported on results from its delineation core drilling campaign at its Mercedes mine in Sonora. Highlighted true width results comprise 12.7 m @ 10.17 gpt Au, 294 gpt Ag; 8.1 m @ 7.49 gpt Au, 57 gpt Ag; 2.8 m @ 5.29 gpt Au, 30 gpt Ag at Marianas, 4.2 m @ 10.03 gpt Au, 119 gpt Ag; 2.3 m @ 5.31 gpt Au, 131 gpt Ag at San Martin and 10.2 m @ 7.12 gpt Au, 26 gpt Ag; 56.6 m @ 2.99 gpt Au, 12 gpt Ag (including 12.2 m @ 4.47 gpt Au, 21 gpt Ag); 14.2 m @ 4.86 gpt Au, 31 gpt Ag; 13.2 m @ 6.83 gpt Au, 27 gpt Ag at Diluvio stockwork zone. Marianas is the down plunge of the main Mercedes mine trend, composed of three main veins: Main, West and East. The San Martin vein was discovered by drilling in 2019, and Diluvio West consists of a vein stockwork system with a broad envelope.
  • Discovery Metals Corp. informed it has now completed 43,640 m of drilling in 111 holes as part of its expanded 55,000 m program at Cordero, Chihuahua. The focus has been on bulk tonnage targets and high-grade veins. Bulk tonnage targeting shifted from the North Corridor to the South Corridor, where broad zones of mineralization have been intercepted. On high-grade veins, the Todos Santos vein trend has been extended to 1.5 km, and the Porcinera vein to 350 m, both with high-grade intercepts.
  • Orla Mining Ltd. announced the start of earth moving activities at its Camino Rojo Oxide project in Zacatecas. “All permit conditions have been satisfied, including placing of an environmental bond, for site activities to begin. Major contracts for earth moving and civil works have been awarded and detailed engineering is 90% complete. Current activities include mobilization of the earthworks contractor, installation of the construction camp and offices, flora and fauna rescue, as well as site fence erection”.

ON DEALS AND CORPORATE ISSUES

  • Candente Gold Corp. announced the decision to change name to Xali Gold Corp.
  • Candelaria Mining Corp. sold a 0.5% NSR on production from the Pinos project, in Zacatecas, to Empress Royalty Corp. for US$750 K. Empress also purchased an additional 0.5% NSR from a previous royalty holder. The Pinos project is subject to NSR royalties of 2.0%.

ON SOCIAL RESPONSIBILITY

  • Industrias Peñoles is working along with the Teloloapan municipality museum, aiding with an augmented reality presentation in 3D of mining and metallurgic processes, that can be accessed in smart phones and tablets.
  • Fresnillo PLC reforested 7 hectares in Caborca and the surrounding communities during the last four years.
  • Newmont plans to reduce emission of CO2 by 30% and then achieve the zero-emissions target by 2050.

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: Sulfide rich mantos in core from Cerro San Pedro, San Luis Potosí. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of November, 2020.

Barite crystals

By Miguel A Heredia

During the forty eight week of the year (November 16th to November 22th, 2020), at least 29 press releases were announced by companies working in Mexico and 1 news published by the media, with eight reporting on resources and development of their mine operations, six disclosing deals and corporate issues, six informing on exploration results, four commenting on Mexican issues, three  communicating production and financial results, two announcing financial rounds, and one discussing social issues.  ON MEXICO ISSUES, Equinox announced that the community blockade at its Los Filos mine in Guerrero has been lifted and access to the mine has been restored. First Majestic announced its intention to appeal the Circuit Court decision to nullify the Advance Pricing Agreement concluded in 2012 between Primero Empresa Minera and the Mexican tax authority, Servicio de Administracion Tributaria (SAT). Deputies of the mining commission of the State Congress and the State Secretariat of Economy of Sonora will join forces to request to the Federal Government that the Mining Fund returns to the Municipalities of the State.   Great Panther has temporarily suspended the operations at its Topia mine in Durango due to the detection of COVID-19 among the workforce.  ON EXPLORATION, In Sonora, Canuc started a drone supported, high frequency, magnetic survey over its newly acquired claims at its San Javier project, Silver Tiger reported drill results from its El Tigre project, Colibri released results from the trenching sampling carried out at its Evelyn project, and Riverside and its JV partner Carlyle reported channel sampling results from its Cecilia project. In Jalisco, GoGold released drilling results from El favor target at its los Ricos North project. In the State of Mexico, Impact has commenced a trenching sampling at its Manto America gold target.  ON MINING, Excellon reported Q3, 2020 production and financial results from its Platosa mine in Durango.  Santacruz reported October 2020 production results from its Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. Starcore reported Q2, 2020/2021 production results from its San Martin mine in Queretaro.  ON FINANCING, Magna Gold closed the acquisition of the Margarita Silver project in Chihuahua. Telson executed a Trust Agreement with Trafigura Mexico (Tahuehueto project, Durango).  ON RESOURCES AND DEVELOPMENT, Azucar resumed drilling at its El Cobre property in Veracruz.  Endeavour expanded its land position at its Terronera property in Jalisco. Elemental Royalties presented Q3, 2020 results from its Mercedes mine in Sonora. Mexus provided an update on its new heap leach pad at its Santa Elena mine in Sonora. Golden Minerals received the final environmental permit for its Rodeo property in Durango. Minera Alamos announced an independent NI 43-101 compliant mineral resource estimate of 630K Oz Au at its Cerro de Oro project in Zacatecas. Sierra Metals announced a significant increase of its mineral resource estimate at its Cusi mine in Chihuahua. SilverCrest announced new high-grade discovery at the Babi Vista Splay Vein within its Las Chispas project in Sonora. ON DEALS AND CORPORATE ISSUES, Aura announced a new and improved offtake agreement with Trafigura starting in 2022 (Aranzazu property, Zacatecas). Barksdale appointed its company Senior VP Project Development (San Javier project, Sonora).  Comet changed its provider for shareholder registry services from Advanced Share Registry Services to Automic Pty Ltd (Santa Teresa property, Baja California).  SilverCrest announced the appointment of a new member for its Board of Directors (Las Chispas project, Sonora). Starcore presented results from its annual general meeting of shareholders (San Martin mine, Queretaro).  Silver Dollar announced it has hired a Country Manager for its la Joya Silver project in Durango.   ON SOCIAL RESPONSIBILITY, Torex achieved 10M hours work without a lost time injury (El Limon-Guajes mine complex, Guerrero).

ON MEXICO ISSUES

  • Equinox Gold Corp., announced that the community blockade at its Los Filos mine in Guerrero has been lifted and access to the mine has been restored. Los Filos has commenced a staged restart and workers will resume their duties only after testing negative for COVID-19.
  • First Majestic Silver Corp., announced its intention to appeal the Circuit Court decision to nullify the Advance Pricing Agreement concluded in 2012 between Primero Empresa Minera SA de CV (PEM) and the Mexican tax authority, Servicio de Administracion Tributaria (SAT).   “The Federal Court’s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons: (i) SAT’s errors in analyzing PEM’s request for the APA and the evidence provided in support of the request; and (ii) SAT’s failure to request from PEM certain additional information before issuing the APA. The Company’s legal advisors having now reviewed the written reasons continue to be of the view that the Federal Court’s decision is flawed both due to procedural irregularities and failure to address the relevant evidence and legal authorities. The Company intends to appeal the decision to the Circuit Courts by the December 1, 2020 deadline”.
  • Deputies of the mining commission of the State Congress and the State Secretariat of Economy will join forces to request to the Federal Government that the Mining Fund returns to the Municipalities of the Sonora State. The commission reported that the Federal Government has pending the contribution of MXP $1,500M corresponding to fiscal year 2019 to be exercised in fiscal year 2020 in works of high social impact in municipalities with mining activities. One of the deputies stated that the resources of the Mining Fund originated in the State of Sonora, must remain here, because it is a resource of Sonora and must be applied, definitely, to the needs of the State. Sonora ranks first in the country in the extraction of copper, gold, molybdenum, wollastonite, and graphite and second in silver, substances that are exploited by national and foreign companies with investments around the world.
  • Great Panther Mining Limited has temporarily suspended the operations at its Topia mine in Durango due to the detection of COVID-19 among the workforce.   A reduced workforce will remain on site to maintain essential activities for the duration of the voluntary suspension. The health and safety of employees, contractors, and host communities remains a priority.  The company will continue working closely with the local government and regional health authorities to ensure a safe restart of normal operations.

ON EXPLORATION

  • Canuc Resources Corporation, started a drone supported, high frequency, magnetic survey over the 800m in length and 80 m in width silver-bearing magnetite swarms that have been identified within, and proximal to the large silver-bearing breccia structures uncovered in July and August of this year and first reported in a press release dated September 22nd.   
  • Silver Tiger Metals Inc., reported drill results from its El Tigre project in Sonora, where the company is currently exploring with core drilling the Caleigh and Protectora Veins. The company has drilled ten holes and highlights include hole 163 on Protectora Vein with 1,782 g/t Ag and 3.56 g/t Au (2,049 g/t AgEq) over 0.5m, and a second intercept of 1,374 g/t Ag and 0.89 g/t Au (1,441 g/t AgEq) over 0.5m; hole 164 on Protectora Vein with 805 g/t Ag and 10.5 g/t Au (1,593 g/t AgEq) over 0.5m; hole 158 on Caleigh Vein with 815 g/t Ag and 4.09 g/t Au (1,122 g/t AgEq) over 0.7m; and hole 156 on Caleigh Vein with 752 g/t Ag and 7.09 g/t Au (1,284 g/t AgEq) over 0.3m.
  • Colibri Resource Corporation, released results from the trenching sampling carried out at its Evelyn project in Sonora.  Fifty six chip samples from 0.30 to 2.00m in length were taken from trenches at The Cerro Rojo, El Sahuaro, and the West Evelyn targets. Nine samples returned values greater than 1 g/t Au and a total of 16 samples returned values greater than 0.1 g/t Au, with a peak of 23.2 g/t Au at the Cerro Rojo target area. The trenching has defined a northwest-southeast mineralized trend over an approximate strike length of 35 metres with samples ranging from 0.304 g/t Au to 27.5 g/t Au.
  • Riverside Resources Inc and its JV partner Carlyle Commodities Corp., reported channel sampling results from its Cecilia project. Thirty six channel samples were collected from underground working as well as at surface over the San Jose target from brecciated and silicified rhyolite. Over 43% of the samples returned more than 0.2 g/t Au with a peak of 48.3 g/t Au over a width of 0.75m. Other significant results were 0.86 g/t Au over 1.7m; 0.78 g/t Au over  0.85m; 0.66 g/t Au over 1.6m; 0.66 g/t Au over 0.8m; and 0.56 g/t Au over 1.25m.
  • GoGold Resources Inc., released drilling results from El Favor target at its los Ricos North project in Jalisco. Significant drill intercepts were encountered in hole LRGF-20-005 with 0.11 g/t Au and 74 g/t Ag (1.10 g/t AuEq or 83 g/t AgEq) over 21m, including 0.23 g/t Au and 150 g/t Ag (2.23 g/t AuEq or 167 g/t AgEq) over 9.0m; hole LRGF-20-006 with 2 intercepts, one of 0.2 g/t Au and 96 g/t Ag (1.48 g/t AuEq or 111 g/t AgEq) over 12m, including 0.53 g/t Au and 271 g/t Ag (4.15 g/t AuEq or 311 g/t AgEq) over  3.4m, and 0.97 g/t Au and 113 g/t Ag (2.47 g/t AuEq or 186 g/t AgEq) over 27m, including 3.35 g/t Au and 350 g/t Ag (8.01 g/t AuEq or 601 g/t AgEq); hole LRGF-20-007 with 0.28 g/t Au and 160 g/t Ag (2.4 g/t AuEq or 180 g/t AgEq) over 11m, including 0.53 g/t Au and 291 g/t Ag (4.41 g/t AuEq or 331 g/t AgEq) over 3.5m; hole LRGF-20-008 with 0.69 g/t Au and 255 g/t Ag (4.08 g/t AuEq or 306 g/t AgEq) over 52.1m, including 0.93 g/t Au and 343 g/t Ag (5.51 g/t AuEq or 413 g/t AgEq) over 37.1m, including 5.62 g/t Au and 2,052 g/t Ag (32.98 g/t AuEq or 2,473 g/t AgEq) over 5m, including 8.47 g/t Au and 3,039 g/t Ag (49 g/t AuEq or 3,675 g/t AgEq) over 3.3m; and hole LRGF-20-009 with 2 intercepts, one of 0.43 g/t Au and 148 g/t Ag (2.41 g/t AuEq or 180 g/t AgEq) over 11.6m, including 1.22 g/t Au and 324 g/t Ag (5.55 g/t AuEq or 416 g/t AgEq) over 2.5m, and 0.32 g/t Au and 63 g/t Ag (1.15 g/t AuEq and 87 g/t AgEq) over 32.5m, including 0.64 g/t Au and 171 g/t Ag (2.93 g/t AuEq or 220 g/t AgEq) over 7m. The drilling program at El Favor target has tested 1,000m along strike of the historic El Favor vein and workings. These first nine drill holes have confirmed the wide zones of mineralization mapped and sampled on surface continue down dip for close to 600m. The company stated that the mineralization is open along strike in both directions and down dip and will aggressively advance this zone towards a mineral resource estimate.
  • Impact Silver Corp., has commenced a trenching sampling at its Manto America gold target in the State of Mexico. Thirty three rock chip samples returning more than 2 g/t Au have been collected on this target, with a peak of 19.5 g/t Au over a true width of 1.2m. Additionally, 67 soil samples taken on a 50m by 25m grid have returned an average of 250 ppb Au. The 900m trenching sampling plans to test an area of 450m by 300m over the strongest Au-in soil anomalies. Previous operators of this target excavated two trenches, the same that were sampled by Impact, returning 0.51 g/t Au over 5.6m in width  and  a length of 23.5m, and 0.3 g/t Au over 5.5m in width and a length of 17.2m.

ON MINING

  • Excellon Resources Inc., reported Q3 2020 production and financial results from its Platosa mine in Durango. The company mined 21,877 tonnes and processed 22,612 tonnes of 483 g/t Ag, 5.3% Pb, and 6.8% Zn, with metallurgical recoveries of 93%, 85% and 80.9% respectively. Excellon produced 326.9K Oz Ag, 2.23M Lb Pb, and 2.75M Lb Zn (or 524.3K Oz AgEq), and sold 310.3K Oz Ag, 2.18M Lb Pb, and 2.28M Lb Zn (or 485.8K Oz AgEq) at  a cash and AISC of USD $12.60 and USD $18.92 respectively per Oz Ag sold. The company reported revenues of USD $9.7M, gross profit of USD $2.5M, net working capital of USD $10.5M, and cash and marketable securities of USD $10.1M as at September 30, 2020.
  •  Santacruz Silver Mining Ltd., reported October 2020 production results from its Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. At Zimapan mine in  Hidalgo, the company milled 62,543 tonnes of 81 g/t Ag, 0.8% Pb, 2.6% Zn, and 0.32% Cu to produce 114K Oz Ag, 983.3K Lb Pb, 2.45M Lb Zn, and 315.3K Lb Cu (or 363.7K Oz AgEq). At Rosario mine in San Luis Potosi, Santacruz milled 6,319 tonnes of 85 g/t Ag, 0.2 g/t Au, 0.4% Pb, and 1.5% Zn to produce 15.1K Oz Ag, 26 Oz Au, 52.9K Lb Pb, and 169.7K Lb Zn. 
  • Starcore International Mines Ltd., reported Q2, 2020/2021 production results from its San Martin mine in Queretaro. Starcore milled 56,731 tonnes of 1.6 g/t Au and 22 g/t Ag with metallurgical recoveries of 88.5% and 56.99% respectively to produce 2,867 Oz AuEq.

ON FINANCING

  • Magna Gold Corp., closed the acquisition of the Margarita Silver project in Chihuahua from Sable Resources Ltd and Exploraciones Sable S de RL de CV. Magna acquired the property by paying CAD $1.5M in cash plus an additional CAD $800K in cash representing Mexican VAT, and CAD $3.5M in common shares in the capital of Magna, being 3,219,278 Magna shares at a deemed price of CAD $1.0872 per Magna Share. Immediately following the acquisition, the Purchaser exercised the option to acquire the property by payment to the titleholders of the property of CAD $500K in cash, plus an additional $368K in cash representing Mexican VAT; and CAD $1.8M in Magna Shares, being 1,655,629 Magna Shares at the Issue Price. In addition, Magna will pay Osisko Gold Royalties Ltd  a 2% NSR on all products mined and produced from the Property.
  • Telson Mining Corporation executed a Trust Agreement with Trafigura Mexico. Under the terms, Trafigura waived all defaults plus deferred all principal and interest payments until June30, 2021, under certain terms and conditions, related to certain loan agreements entered into between the parties in late 2017.  Additionally, Telson agreed to place its assets into the Trust to guarantee full repayment of all outstanding financial obligations under the loan agreements with Trafigura. Telson has advanced its Tahuehueto construction plans and currently calculates a construction budget at approximately USD $13M, including a 15% contingency. Telson is contemplating to enter into a USD $12M medium term loan facility with Accendo Banco S.A. Institucion de Banca Multiple,  the possibility of a small silver stream metal purchase funding or conducting a private placement financing to supplement the Accendo loan for Tahuehueto construction, and to provide working capital.

ON RESOURCES AND DEVELOPMENT

  • Azucar Minerals Ltd., resumed drilling at its El Cobre property in Veracruz. The company is  first deepening hole EC-20-108, which is located at the Primo Zone, in an effort to further delineate resource potential at the project beyond that contained in the initial Norte Zone mineral resource estimate. The Primo Target was discovered in 2019 based on the hole EC-19-086 which intersected 0.4 g/t Au and 0.24% Cu over 200m, including 0.94 g/t Au and 0.56% Cu over 55.6m.
  • Endeavour Silver Corp., expanded its land position at its Terronera property in Jalisco to 20,128 hectares by acquiring two adjacent groups of mineral concessions called La Sanguijuela and Cerro Gordo. La Sanguijuela, which covers the possible NW extension of the Terronera Vein and the possible west extension of the Los Reyes Vein, comprises 2,759 hectares and Endeavour has an option to purchase it by USD $550K in a four years staged payments. The Los Cuates Vein is the main structure at la Sanguijuela and has been traced for over a length of 1.5km with thickness of 2 to 6m with values of 0.5 – 5 g/t Au and 50-300 g/t Ag. Cerro Gordo, which covers the possible southeast extension of four Terronera footwall veins (Pena Gorda-Canoas, Los Venados-La Carbonera, Pena Blanca-El Alacran and El Mirador-Los Tablones) as well as three other veins (El Maguey-El Madrono, Monte Obscuro-Musgos and La Muda-Monte Grande), was acquired by staking 2,200 hectares. The El Maguey-El Madrono vein has been observed over a length of 1.6 km with a thickness of 2 to 4 m, carrying values of 0.6 to 2 g/t Au and 10-30 g/t Ag.  The Pena Gorda-Canoas vein outcrops over a length of 1.7 km with a thickness of 2 to 5 m, returning values up to 0.5 g/t Au and 40 g/t Ag. Vein systems in these two properties have never been drilled and Endeavour plans to test some portion during Q4, 2020.
  • Elemental Royalties Corp., presented Q3, 2020 results from its Mercedes mine in Sonora. The company announced that Mercedes mine was placed on care and maintenance following a decree from the Mexican Federal Government on March 30. 2020 in which listed mining operations as non-essential industry, and restarted activities on July, 2020 following a two-month suspension. Mining activities were focused with a reduce staff on higher grades and are concentrated on the Diluvio-Lupita-San Martin system while also implementing continued exploration, underground development and mill maintenance programs with the intention of returning to full production in due course.
  • Mexus Gold US provided an update on its new heap leach pad at its Santa Elena mine in Sonora. It has completed phase 1 of its new 250K tonnes pad which is expandable to 1M tonnes, and will have crush mineralized material averaging 2.7 g/t Au. Mexus is looking for a return of 0.6 g/t Au in solution. In addition, Mexus is scheduled to begin blasthole drilling to expand its open pit 2 by approximately 1,741 Oz Au at a grade of 2.7 g/t Au.
  • Golden Minerals Company received the final environmental permit for its Rodeo gold-silver property in Durango, which is scheduled to begin gold production in January 2021, delivering mineralized material at its Velardeña mill to process it immediately.   “The Velardeña plant is a typical agitated leach plant rated to handle up to 450 tonnes per day of throughput from Rodeo. It is equipped with a Merrill Crowe circuit and a modern doré refinery, and the attached tailings facility was recently expanded and is expected to be sufficient for the tailings produced from Rodeo’s operations”.
  • Minera Alamos Inc., announced an independent NI43-101 compliant inferred mineral resource estimate of 630K Oz Au at its Cerro de Oro project in Zacatecas. The inferred mineral resource was prepared using an economic pit shell at a gold price of USD $1,450 per Oz and contains 630K Oz of oxide gold mineralization from 48M tonnes of 0.41 g/t Au.  Minera Alamos has also identified a number of high priority targets with potential to expand resources at Cerro de Oro, as well as a limited number of diamond drill holes which have demonstrated the potential for sulphide mineralization to extend to depth below the current estimate area.
  • Sierra Metals Inc., announced a significant increase of its mineral resource estimate at its Cusi mine in Chihuahua. The company increased 18% the measured and indicated resources from 4,557,000 tonnes to 5,356,000 tonnes, and 200% the inferred resources from 1,633,000 tonnes to 4,893,000 tonnes. The updated mineral resource estimate include measured + indicated resources of  5,356,000 tonnes of 182 g/t Ag, 0.12 g/t Au, 0.5% Pb, and 0.6% Zn (215 g/t AgEq) for a total of 31.26M Oz Ag, 20.22K Oz Au, 58.26M Lb Pb, and 67.99M Lb Zn (37M Oz AgEq), and Inferred resources of 4,893,000 tonnes of 146 g/t Ag, 0.18 g/t Au, 0.43% Pb, and 0.69% Zn (183 g/t AgEq) for a total of 23M Oz Ag, 27.7K Oz Au, 46M Lb Pb, and 74.81M Lb Zn (28.82M Oz AgEq).
  • SilverCrest Metals Inc., announced new high-grade discovery at the Babi Vista Splay Vein within its Las Chispas project in Sonora as a result of an in-fill drilling program at the northwestern extension of the Babi Vista Vein. Twenty four holes have been collared at this target with a high grade footprint of approximately 300m along strike and average height of 175m. Weighted average results are 74.27 g/t Au and 3,437 g/t Ag (9,071 g/t AgEq) over a true width of 1.6m. The most significant drill intercept was encountered in hole BV20-201 with 555.36 g/t Au and 19,453 g/t Ag (61,105 g/t AgEq) over a true width of 2.4m. This discovery at Babi Vista Splay Vein will be included as inferred resources for the upcoming resource estimation in the ongoing PFS study.

ON DEALS AND CORPORATE ISSUES

  • Aura Minerals Inc., announced a new and improved offtake agreement with Trafigura Mexico S.A. de C.V., starting in 2022. The new agreement, in which Trafigura has agreed to purchase 100% of the copper and gold concentrate produced at Aranzazu mine in Zacatecas,  is effective as of the beginning of 2022 and continues until the end of 2024.
  • Barksdale Resources Corp., appointed its company Senior VP of project Development. Its role will be overseeing the advancement of the Company’s project portfolio, including the San Javier copper-gold project in Sonora, Mexico. In connection with this appointment, Barksdale has granted a stock option to purchase 250K common shares, exercisable at $0.68 per share over a three-year period. 
  • Comet Resources Limited, changed its provider for shareholder registry services from Advanced Share Registry Services to Automic Pty Ltd (Santa Teresa property, Baja California).
  • SilverCrest Metals Inc., announced the appointment of a new member for its board of directors (Las Chispas project, Sonora).
  • Starcore International Mines Ltd., presented results from its annual general meeting of shareholders (San Martin mine, Queretaro).  
  • Silver Dollar Resources Inc., announced it has hired a Country Manager to work alongside the company at its la Joya Silver project in Durango.

ON SOCIAL RESPONSIBILITY

  • Torex Gold Resources Inc., achieved 10M hours work without a lost time injury (El Limon-Guajes mine complex, Guerrero).

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, barite crystals from a low-intermediate sulphidation epithermal system in a prospect in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of November, 2020

By Jorge Cirett

During the 46th week of the year (November 9th to November 15th, 2020), at least 23 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their projects and six more posted on project development. ON MEXICO ISSUES, Canadian mining investment increased during the COVID pandemic; a webinar about lithium in Mexico was held; the illegal blockade on Equinox’s Los Filos mine in Guerrero ended and the Discoveries Conference was held in Guadalajara, the first in-person gathering of the mining community since the pandemic began. ON EXPLORATION, in Sonora, Colibri released trench results from Evelyn; Tarachi Gold is mobilizing a portable diamond drill to the San Javier concession on its Tarachi property. In Sinaloa, Vizsla released assays from drilling at Panuco; Kootenay released drill results from Copalito. In Zacatecas, Advance Gold completed an IP survey.  ON MINING, Sierra Metals, Equinox and Americas Gold and Silver released third quarter 2020 results. Americas Gold and Silver updated on the Cosalá Complex situation in Sinaloa. ON FINANCING, Silver Bull and Candente Gold raised US$150 K and $200 K respectively. Aura Minerals made some clarifications on its latest public offering. Reyna Silver is now trading in USA and Germany. ON RESOURCES AND DEVELOPMENT, Mexican Gold released high grade drill results from its resource expansion program at Las Minas, Veracruz. Endeavour Silver released high-grade intercepts on Guanaceví, Durango. Discovery Metals released interesting results from drilling at its Cordero project in Chihuahua. GoGold informed on additional drill results from Los Ricos North project in Jalisco. Southern Silver Exploration informed on drill results from its Cerro Las Minitas project in Durango, some of which are high-grade. SilverCrest Metals updated on development activities at its Las Chispas project in Sonora.  ON DEALS AND CORPORATE ISSUES, Magna Gold optioned the Margarita project from Sable Resources (a property brought to Sable’s attention by Gambusino Prospector). VanGold Mining amended its option agreement to re-purchase three of four underlying royalties at its El Pinguico project in Guanajuato. ON SOCIAL RESPONSIBILITY. Fresnillo PLC promotes the creation of micro and small businesses in the Caborca region in Sonora.

ON MEXICO ISSUES

  • The COVID-19 pandemic saw investments by Canadian miners increase in Mexico, from US$30 M to US$160 – US$170 M a month during last September, according to Douglas Coleman, CEO of Mexico Mining Center. The increase in precious metal prices brought also an average increase of 30% on the valuation of companies in the Bolsa Mexicana de Valores (BMV) during the first 10 months of the current year.
  • The illegal blockade by the Carrizalillo community on Equinox’s Los Filos mine in Guerrero has been lifted, according to Jorge Zuriel de los Santos, head of the Fiscalía General del Estado de Guerrero (State Prosecutor).
  • The webinar “The truth about lithium in Mexico” was held on November 11, 2020, sponsored by Mundo Minero, the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México (CIMMGM) and the Asociación de Ingenieros Mineros, Metalurgistas y Geólogos de México (AIMMGM).

ON EXPLORATION

  • Colibri Resource Corp. released assay results from the trenching program at its Evelyn project in Sonora. Highlighted results include 0.40 m @ 4.01 gpt Au on a quartz vein with oxidized pyrite, sericite and iron carbonate; 1.5 m @ 2.44 gpt Au in an andesite with quartz veining with oxidized pyrite and iron carbonate; Colibri has been granted a permit to complete up to 2.2 Km of trenching, and has collected 77 rock samples so far in these 1.5 m to 2.5 m deep trenches.
  • Vizsla Resources Corp. provided assay results from drilling on the Papayo and San Carlos prospects at its Panuco project in Sinaloa. “Drilling has continued to expand the known extents of mineralization at Papayo” with highlighted true width (TW) results comprising: 0.74 m @  7.96 gpt Au, 1,515 gpt Ag, 0.50% Pb, 1.21% Zn; 1.29 m @ 0.61 gpt Au, 125 gpt Ag; 0.78 m @ 2.66 gpt Au, 474 gpt Ag, 1.04% Pb, 2.80% Zn; 0.95 m @ 21.60 gpt Au, 216 gpt Ag, 1.91% Pb, 6.02% Zn; 1.49 m @ 1.0 gpt Au, 207 gpt Ag, 0.56% Pb, 1.32% Zn; 1.37 m @ 1.31 gpt Au, 168 gpt Ag; 5.61 m @ 1.05 gpt Au, 89 gpt Ag, 0.74% Pb, 1.9% Zn. “The San Carlos structure is wide lower grade bulk tonnage target with an average width of 11.5m and a range from 3.35m to 22.8m” with highlighted TW intercepts comprising 15.62 m @ 0.91 gpt Au, 110 gpt Ag (including 4.78 m @ 2.19 gpt Au, 230 gpt Ag); 19.20 m @ 0.30 gpt Au, 53 gpt Ag; 17.18 m @ 0.45 gpt Au, 67 gpt Ag (including 4.59 m @ 0.97 gpt Au, 147 gpt Ag); 22.76 m @ 0.26 gpt Au, 43 gpt Ag.
  • Advance Gold Corp. completed an induced polarization (IP) survey on its Tabasqueña project in Zacatecas. The new IP survey highlights two wide and closely spaced high chargeability anomalies, with the strongest being on the western part of the new grid. “For both targets, the associated chargeability anomaly is deeply seated (> 250 to 300m) while their origin is linked to two distinct wide mineralized systems. The western anomaly appears to remain open laterally to the north and south within the property limits”.
  • Tarachi Gold Corp. is mobilizing a man portable diamond drill rig to commence drill testing the high-grade gold bearing structures on the San Javier concession, part of its Tarachi project in Sonora. The drill program will focus on a NW trending shear structure where previous drill holes intercepted 5.0 m @ 34.5 gpt Au and 3.0 m @ 24.3 gpt Au. Mineralization is hosted in andesitic volcanic rocks, flanked by an intrusive rock, and the shear zone at San Javier remains open along strike and to depth, with the possibility of an extension under cover.
  • Kootenay Silver Inc. released results from the last seven holes on its 4,153 m drilling program at Copalito, in Sinaloa.  Highlighted intercepts comprise 9.05 m @ 2.09 gpt au, 124 gpt Ag, 0.8% Pb+Zn (including 2.25 m @ 6.65 gpt Au, 335 gpt Ag, 2.6% Pb+Zn, including 0.51 m @ 16.95 gpt Au, 369 gpt Ag, 3.74% Pb+Zn); 27.4 m @ 60 gpt Ag, 0.28 gpt Au, 0.4% Pb+Zn; 10 m @ 128 gpt Ag, 0.65 gpt Au, 1.13% Pb+Zn (including 2.25 m @ 484 gpt Ag, 2.18 gpt Au, 2.86% Pb+Zn).

ON MINING

  • Sierra Metals Inc. Released consolidated third quarter results for 2020, with some figures from its Mexican operations. The Bolivar Mine in Chihuahua processed 410.5 K tonnes in the quarter, a record representing a 24% increase over Q3 2019, at 4,691 tpd, and in track to reach the targeted 5,000 tpd during Q4 2020. The Cusi mine, also in Chihuahua, produced a record 304 K Oz Ag, with an ore throughput of 1,074 tpd.
  • Equinox gold Corp. reported its third quarter 2020 financial and operating results, without detailing figures from its Mexican operations. At Los Filos, the Guadalupe open pit and Bermejal underground proceeded for July and August, but were suspended by an illegal blockade by the community on September 3rd. “Optimization study for new carbon-in-leach plant, heap leach expansion, updated mine planning and a Mineral Reserve and Mineral Resource update targeted for completion in early 2021”.
  • Americas Gold and Silver Corp. reported financial and operational results for the third quarter 2020, including an update on its Mexican operations. At Cosalá, in Sinaloa “In August 2020, the Company announced that the illegal blockade had been resolved to permit some Company personnel the opportunity to re‐enter the mine operations.    This access has not been maintained.  With the re‐opening of Mexican government offices in August, the Company’s employees were expected to vote in September 2020 for new union representation and did so on September 17.  In advance of the vote, a number of irregularities came to light, which indicated that there could not be a fully democratic vote with freedom of association. As a result, the Company does not believe there are conditions currently present to invest the required capital to re‐start the Cosalá Operations.  The Company continues to work with all legitimate stakeholders and remains hopeful that a resolution, consistent with the rule of law and featuring an election free from threats and intimidation, can be achieved so that operations can re‐commence in the near term”. The company also finalized the option agreement with Hochschild to acquire 100% of the San Felipe project in Sonora.

ON FINANCING

  • Aura Minerals Corp. made some clarifications regarding the secondary public offering of Brazilian depositary receipts issued by Itaú Unibanco S.A. as depositary. “The total gross proceeds of the Secondary Offering to the Selling Shareholders are R$87,300,000.00, of which an aggregate of R$19,400,000 is in respect of the Shares offered, severally, by the ARC Funds and R$67,900,000 is in respect of the Shares offered by Ruffer. The Company will not receive any proceeds from the Secondary Offering” (Aranzazú, Zacatecas).
  • Silver Bull Resources Inc. completed the second and final tranche of the previously announced private placement, for gross proceeds of US$150 K, and aggregate gross proceeds of US$1.7 M (Sierra Mojada, Coahuila).
  • Reyna Silver Corp. announced its common shares have been approved for listing on the OTCQB Market Exchange in the United States and the Frankfurt Stock Exchange in Germany.
  • Candente Gold Corp. advised that the previously announced non-brokered private placement has been fully subscribed, for gross profits of $200K (El Oro, Estado de Mexico).

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Mining Corp.  released further assay results from the 2020 drilling program at its Las Minas project in Veracruz. Most of the 52 holes drilled so far have been targeting potential extensions to the El dorado resource, which remains open in several directions. Highlighted true width (TW) intercepts comprise 4.6 m @ 1.41 gpt Au, 0.55% Cu; 15.3 m @ 1.21 gpt Au, 1.1% Cu; 3.2 m @ 3.74 gpt Au, 3.76% Cu; 8.5 m @ 4.86 gpt Au, 1.17% Cu; 17 m @ 1.2 gpt Au, 0.85% Cu; 11.6 m @ 1.56 gpt Au, 1.03% Cu; 11.6 m @ 4.38 gpt Au, 1.84% Cu; 28.5 m @ 2.8 gpt Au, 1.12% Cu; 8.0 m @ 1.9 gpt Au, 0.36% Cu; 7.4 m @ 3.46 gpt Au, 5.08% Cu; 5.3 m @ 0.4 gpt Au, 0.83% Cu.
  • Endeavour Silver Corp. continues to intersect high-grade mineralization in the Santa Cruz vein on the El Curso property of the Guanaceví mine in Durango. Highlighted TW intersections on eleven holes comprise 3.2 m @ 2,307 gpt Ag, 3.15 gpt Au (2,559 gpt AgEq); 3.1 m @ 1,409 gpt Ag, 3.13 gpt Au (1,659 gpt AgEq) and 11.5 m @ 381 gpt Ag, 0.5 gpt Au.
  • Discovery Metals Corp. released results from seven diamond drill holes targeting bulk-tonnage mineralization in the South Corridor at its Cordero project in Chihuahua. Some of the highlighted results comprise 71.2 m @ 18 gpt Ag, 0.06 gpt Au, 0.2% Pb, 0.7% Zn; 139.1 m @ 47 gpt Ag, 0.07 gpt Au, 0.6% Pb, 1.6% Zn (138 gpt AgEq); 26.6 m @ 56 gpt Ag, 0.09 gpt Au, 0.4% Pb, 0.7% Zn; 19.4 m @ 41 gpt Ag, 0.06 gpt Au, 0.5% Pb, 1.2% Zn; 29.6 m @ 52 gpt Ag, 0.07 gpt Au, 0.8% Pb, 0.8% Zn; 92.1 m @ 27 gpt Ag, 0.05 gpt Au, 0.2% Pb, 0.4% Zn; 32.4 m@ 72 gpt Ag, 0.07 gpt Au, 0.3% Pb, 0.1% Zn; 38.4 m @ 36 gpt Ag, 0.04 gpt Au, 0.6% Pb, 0.7% Zn; 33.9 m @ 30 gpt Ag, 0.07 gpt Au, 0.5% Pb, 0.7% Zn; 62.2 m @ 38 gpt Ag, 0.07 gpt Au, 0.4% Pb, 0.7% Zn; 57.1 m @ 18 gpt Ag, 0.01 gpt Au, 0.2% Pb, 1.0% Zn. Assays from 27 holes are pending and four rigs are operating at the site.
  • GoGold Resources Inc. released additional drill results from the La Trini deposit at its Los Ricos North project in Jalisco. Highlighted core length intercepts comprise 25.9 m @ 0.34 gpt Au, 52 gpt Ag (including 4.7 m @ 0.81 gpt Au, 124 gpt Ag); 2.4 m @ 0.05 gpt Au, 300 gpt Ag; 18.7 m @ 0.58 gpt Au 46 gpt Ag; 18.2 m @ 0.11 gpt Au, 48 gpt Ag; 15.2 m @ 0.71 gpt Au, 71 gpt Ag (including 2.0 m @ 3.55 gpt Au, 284 gpt Ag and 1.3 m @ 4.20 gpt Au, 733 gpt Ag).
  • Southern Silver Exploration Corp. reported initial assay results from the recently started 10,000 m core drilling program at Cerro Las Minitas, Durango. Highlighted true width results from holes in the South Skarn target comprise 4.0 m @ 109 gpt Ag, 0.14 gpt Au, 0.02% Cu, 1.8% Pb, 2.1% Zn (including 0.9 m @ 412 gpt Ag, 0.14 gpt Au, 0.06% Cu, 7.8% Pb, 9.2% Zn); 0.8 m @ 132 gpt Ag, 0.12 gpt Au, 0.02% Cu, 2.8% Pb, 2.0% Zn; 1.1 m @ 54 gpt Ag, 2.83 gpt Au, 0.01% Cu, 3.6% Pb, 0.4% Zn; 3.2 m @ 99 gpt Ag, 0.27 gpt Au, 0.01% Cu, 0.7% Pb, 0.6% Zn; 6.7 m @ 625 gpt Ag, 0.11 gpt Au, 0.03% Cu, 11.8% Pb, 7.5% Zn; 1.2 m @ 112 gpt Ag, 0.07 gpt Au, 2.2% Pb, 2.1% Zn.
  • SilverCrest Metals Inc. provided an update on activities for 2020. During the first nine months of the year the company has drilled 146,000 m of in-fill and expansion drilling at Las Chispas project in Sonora. Furthermore, 4.1 km of underground decline and lateral drifting, stockpiling an accumulated 47 K tonnes @ 1,130 gpt AgEq (7.21 gpt Au, 590 gpt Ag). “Las Chispas site activities continued with the building of the administration and warehouse facilities, phase 1 of the temporary quarantined COVID-19 camp, communication system, and water pumping stations”. Since inception of the project, 461,000 m have been drilled in 1,712 holes. As October 31, 2020, SilverCrest has cash and cash equivalents of $184 M (US$138.2 M).

ON DEALS AND CORPORATE ISSUES

  • Magna Gold Corp. entered into a definitive option acquisition agreement with Sable Resources Ltd. To acquire Sable’s option to acquire 100% interest in the 125.6 ha Margarita silver property in Chihuahua; the property lies 15 Km northwest on strike with the recently commissioned Sunshine Silver Corp’s Los Gatos mine. Magna is to acquire the option by paying CAD$1.5 M cash, plus additional CAD$800 K VAT and CAD$3.5 M in common shares of Magna. The purchaser will exercise the option to acquire the property by payment of CAD$500 K in cash, plus $368 K in VAT to the titleholders of the concessions and CAD$1.8 M in Magna shares. Sable drilled 35 holes for a total of 5,245 m, with intercepts like: 4.25 m @ 430 gpt Ag, 0.2% Pb, 0.7% Zn; 12.4 m @ 446 gpt Ag, 0.7% Pb, 1.0% Zn; 14.05 m @ 306 gpt Ag, 0.7% Pb, 1.9% Zn; 11.3 m @ 229 gpt Ag, 1.0% Pb, 0.3% Zn; 33.3 m @ 283 gpt Ag, 0.3% Pb, 0.8% Zn (including 9.9 m @ 579 gpt Ag, 0.8% Pb, 1.7% Zn); 20.6 m @ 83 gpt Ag, 0.1% Pb, 0.3% Zn (including 5.1 m @ 198 gpt Ag, 0.2% Pb, 0.3% Zn); 48.65 m @ 102 gpt Ag, 0.1% Pb, 0.4% Zn; 37.35 m @ 117 gpt Ag, 0.17 gpt Au, 0.2% Pb, 0.7% Zn (including 5.5 m @ 400 gpt Ag, 1.07 gpt Au, 1.1% Pb, 0.4% Zn).
  • VanGold Mining Corp. amended its option agreement to re-purchase three of the four underlying royalties on its Pinguico project, Guanajuato. Under the new terms the option is exercisable by making payments to EMBSA (Exploraciones Mineras del Bajío, S.A. de C.V.) of $200 K cash and 3.75 M shares before November 20, 2020; $325 K in cash before February 22, 2021; $525 K in cash before February 22, 2022 and $625 K in cash before February 22, 2023. After these payments are made, the only NSR on the property will cover the above ground and below ground stockpiles. 

ON SOCIAL RESPONSIBILITY

  • Fresnillo PLC promotes the creation of micro and small businesses by means of its “Emprende en Línea” (Online Entrepreneurship) program, to develop administrative and managerial capabilities to consolidate businesses. For more than two decades Minera Penmont has contributed to the growth of the Caborca region through the implementation of social programs.

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: Base metal veinlet in core from Cerro San Pedro, San Luis Potosí. Picture by Jorge Cirett.

SONORO ANNOUNCES INITIAL DRILLING RESULTS AND FAST-TRACK TO GOLD PRODUCTION IN 2021

20201104-Sonoro-Announces-Initial-Drilling-Results

VANCOUVER, Canada, November 4, 2020 – Sonoro Gold Corp. (TSXV: SGO), formerly known as Sonoro Metals Corp. (TSXV: SMO) | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce assay results from 12 reverse-circulation (RC) drill holes at its Cerro Caliche project in Sonora State, Mexico.  These results reflect all assays received to date from the Company’s ongoing RC drilling program focused on expanding four of the 17 gold mineralization zones at Cerro Caliche. Highlights include key intercepts at the premier Japoneses and Buena Suerte zones.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of October, 2020

By Jorge Cirett

During the 44th week of the year (October 26th to November 1st, 2020), at least 33 press releases were announced by companies working in Mexico. To note, eight companies posted exploration advances on their projects, another eight companies posted quarterly reports and six informed on project development. ON MEXICO ISSUES, Mexico is the top silver producer in the world, and a major producer of another eleven metals and minerals. Camimex received the Responsible Industry award. ON EXPLORATION, in Sonora, Riverside Resources commenced drilling at is Cuarentas project; Tocvan Ventures informed on exploration advances at Pilar. In Chihuahua, Radius Gold is preparing the fourth drilling program at Amalia. In Sinaloa, Kootenay Silver released drilling results from the Copalito project; Vizsla Resources added a fifth rig at Panuco; Brigadier Gold intersected the San Agustín vein at Picachos. In Jalisco, Candente Gold released a high-grade gold result From Cocula. In Puebla, Almaden Minerals is exploring around the Ixtaca project.  ON MINING, Mexus Gold is nearing the completion of a leach pad at Santa Elena in Sonora. Santacruz Silver, Capstone Mining, Alamos Gold, Coeur Mining, Agnico Eagle, Newmont, McEwen Mining and Consolidated Zinc released third quarter 2020 results. ON FINANCING, Aztec Minerals received $497 K from share purchase warrants. ON RESOURCES AND DEVELOPMENT, Prime Mining released geochemical results from Los Reyes. Inomin Mines submitted a technical report on La Gitana project. Agnico Eagle informed on drilling results at Santa Gertrudis, Sonora. Torex Gold released drilling results from two zones at the El Limón-Guajes mine. Excellon Resources filed a technical report on the Evolución project in Zacatecas. Azure informed on metallurgical testing on the Mesa de Plata deposit at the El Alacrán project in Sonora. ON DEALS AND CORPORATE ISSUES, Alien Metals intends to market its San Celso and Los Campos projects in Zacatecas. One World Lithium is to do some research on a novel lithium extraction process. Grupo Mexico informed on its 2021 investments. ON SOCIAL RESPONSIBILITY. Grupo Peñoles, Minera Capela, Grupo Peñoles and Minera Cuzcatán informed on health and social programs.

ON MEXICO ISSUES

  • México is the top silver producer in the world, and is within the ten top producers of fluorite (2nd), sodium sulfate (3rd), celestite (3rd), molybdenum (5th), lead (5th), zinc (6th), magnesium sulfate (6th), gypsum (7th), barite (8th), copper (8th) and gold (9th).
  • Camimex (Cámara Minera de México) received the Responsible Industry award by CONCAMIN Foundation.

ON EXPLORATION

  • Radius Gold Inc. is preparing the phase 4 drilling program at its Amalia project in Chihuahua, operated by Pan American Silver Corp.. The program is to test down dip and lateral expansions of the high-grade mineralization in the San Pedro structure previously defined.
  • Brigadier Gold Ltd. informed the three first diamond holes of a 5,000 m program at its Picachos project in Durango have intersected the San Agustín vein up to 125 m below the Nuevo Carrito adit. The three holes test the same vein section at different levels, with the shallower first hole going through underground workings, and the other two intercepting 10 and 7 meters of quartz-carbonate veining respectively. Results pending.
  • Riverside Resources Inc. commenced a 2,000 m diamond drill program at the Cuarentas project in Sonora, with partner Hochschild Mining PLC.. The initial targets are the Sant Rosalia mine and the Santa Rosalia Sur vein target area. These target zones are located 1 km apart, within a large epithermal system in which five parallel resistivity anomalies that have been interpreted as possible blind quartz vein zones. “The current drill program will form part of Hochschild’s US$700,000 minimum exploration commitment in year one”.
  • Kootenay silver Inc. released results from holes 5 to 33 of the first drill campaign at Copalito, in Sinaloa. The program designed for 3,000 meters ended drilling 4,153 meters in over 40 drill holes. Highlighted intervals comprise 18.0 m @ 63 gpt Ag, 0.15 gpt Au, 0.47% Pb+Zn (including 1.0 m @ 936 gpt Ag, 0.29 gpt Au, 3.31% Pb+Zn); 1.2 m @ 51 gpt Ag, 2.28 gpt Au, 6.18% Pb+Zn; 0.7 m @ 307 gpt Ag, 0.154 gpt Au, 0.15% Pb+Zn; 0.40 m @ 209 gpt Ag, 0.196 gpt Au, 0.67% Pb+Zn; 1.2 m @ 45 gpt Ag, 0.86 gpt Au, 3.46% Pb+Zn; 2.7 m @ 101 gpt Ag, 0.7 gpt Au, 2.28% Pb+Zn (including 0.2 m @ 59 gpt Ag, 7.05 gpt Au, 13.55% Pb+Zn. “Drilling tested 7 of 9 known veins along a cumulative strike length of 2,500 meters of an estimated 10,000 meters of vein length. Mineralized vein widths in drill hole varied from less than one meter to 56 meters. The deepest intercept was 123 meters below surface and graded 0.689 gpt gold, 101 gpt silver, and 2.28% lead plus zinc over 2.7 meters including 7.0 gpt gold, 59 gpt silver and 13.55% lead plus zinc over 0.2 meters”.
  • Almaden Minerals Ltd. announced a field exploration program in the company’s property surrounding its Ixtaca project in Puebla. The “SE Alteration Zone” covers volcanic hosted clay alteration, and is being assessed by use of satellite alteration studies, geophysical studies and soil, rock and drilling geochemical data. Satellite imagery processes have been able to identify a 150 by 650 meters area in which the presence of the favorable clay buddingtonite is suspected.
  • Vizsla Resources Corp. informed a fifth drill rig arrived at the Panuco project in Sinaloa. The company has completed 16,700 m, and intends to complete 31,300 m of diamond drilling in the Napoleon, Cordon del Oro and Animas vein corridors. Four holes have been completed into the Tajitos vein, located 900 m SE of the first Napoleon discovery. “The Tajitos vein zone is composed of a quartz breccia vein with an early white locally banded quartz supporting andesite lithic clasts, followed by a later white to greyish quartz supporting brecciated clasts of earlier white quartz veins. This zone was then cut by a later white to clear quartz vein with local dark bands or patches of fine-grained sulphides that is cutting a zone of quartz pseudomorphs after bladed calcite and pink rhodochrosite. The better grades are in the earlier breccias associated with dark bands or dark patches of very fine-grained disseminated sulphides”.
  • Tocvan Ventures Corp. informed on exploration advances at the Pilar project in Sonora. A structural analysis has been completed, with gold and silver mineralization being controlled by faults, fault intersections and dilated structures. Rock and grab sample highlighted results include 1.3 gpt Au, 5 gpt Ag, 0.34% Cu; 3.2 gpt Au, 8 gpt Ag, 0.35% Cu; 0.2 gpt Au, 2 gpt Ag, 1.25% Cu; 0.9 gpt Au, 17 gpt Ag, 0.73% Cu; 3.8 gpt Au, 57 gpt Ag, 0.85% Cu; nil Au, 6 gpt Ag, 1.91% Cu; 0.1 gpt Au, 3 gpt Ag, 1.40% Cu; 5.6 gpt Au, 84 gpt Ag, 1.71% Pb; 9.3 gpt Au, 76 gpt Ag, 0.12% Cu, 2.15% Pb; 0.5 gpt Au, 323 gpt Ag, 0.24% Pb; 2.2 gpt Au, 15 gpt Ag, 0.26% Pb; 4.3 gpt Au, 172 gpt Ag, 1.12% Pb; 23.7 gpt Au, 116 gpt Ag; 4.4 gpt Au, 44 gpt Ag, 0.11% Cu; 7.5 gpt Au, 42 gpt Ag. Drill targets have been selected, and permitting for the program is underway.
  • Candente Gold Corp. reported high-grade sample results from its Cocula project in Jalisco. Past reported samples returned 5.67 gpt Au over 6 meters and 4.32 gpt Au over 8 meters, whereas sampling of a selected 10 cm zone in the hanging wall of a quartz vein-breccia  returned 59.0 gpt Au, 729 gpt Ag. “The mineralization in the high grade sample is described as dark grey to milky white banded quartz in vein and breccia with galena, pyrite and quartz crystals filling open spaces”. A 0.75 m  sample collected adjacent to the selected sample returned 0.18 gpt Au, 19 gpt Ag, comprising “milky white and gray to dark gray quartz breccia vein with fine grained pyrite, +1% galena and trace malachite”.

ON MINING

  • Santacruz Silver Mining Ltd. Released third quarter results for 2020, with a total of 977.7 K Oz AgEq. At Zimapan in Hidalgo, 164.8 K tonnes were processed @ 73 gpt Ag, 0.72% Pb, 2.40% Zn, 0.33% Cu, recovering 72.3% Ag to produce 282.8 K Oz Ag, 1,048 tonnes Pb, 2,841 tonnes Zn, 395 tonnes Cu (or 921 K Oz AgEq). At Rosario in San Luis Potosi 11,794 tonnes were milled @ 66 gpt Ag, 0.24 gpt Au, 0.31% Pb, 2.06% Zn, recovering 85.9% Ag to produce 21.4 K Oz Ag, 59 Oz Au, 32 tonnes Pb, 200 tonnes Zn (or 56.7 K Oz AgEq). At Veta Grande in Zacatecas, 44 k tonnes were milled @ 99 gpt Ag, 0.24 gpt Au, 1.45% Pb, 2.11% Zn, recovering 44.6% Ag to produce 62.4 K Oz Ag, 139 Oz Au, 370 tonnes Pb, 519 tonnes Zn (or 214.3 K Oz AgEq.
  • Mexus Gold US. Informed the construction of a new leach pad is nearing completion at its Santa Elena mine in Sonora.
  • Capstone Mining Corp. released production and financial reports for the third quarter 2020, including figures from its Mexican operations. At Cozamin, in Zacatecas, the company produced 10.6 M Lb Cu, at cash cost $0.36 pr Lb Cu.
  • Alamos Gold Inc. reported third quarter 2020 results, including figures from its Mexican operations. At Mulatos, in Sonora, 1.32 M tonnes were mined and 1.89 M tonnes stacked @ 0.91 gpt Au, with an average recovery rate of 74% to produce 41,100 Oz Au at cash cost $746 per Oz Au and mine-site AISC of $928 per Oz Au.
  • Coeur Mining Inc. reported third quarter 2020 financial results, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 492.5 K tonnes were milled, averaging 2.28 gpt Au, 136 gpt Ag and recovering 91.3% Au, 82.8% Ag to produce 29,296 Oz Au, 1.78 M Oz Ag, at “Adjusted CAS per AuOz” of $602 and “Adjusted CAS per AgOz” of $10.06. “Coeur expects to continue with seven active rigs during the fourth quarter, primarily focusing on resource expansion drilling as well as infill drilling on select targets. Three expansion rigs have recently been mobilized to focus on growing mineralized material between Independencia and the mill”.
  • Agnico Eagle Mines Ltd. released third quarter results for 2020, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 558 K tonnes were processed (6,065 tpd) @ 1.89 gpt Au to produce 30,937 Oz Au at cash cost $677 per Oz Au and production cost of $1,071 per Oz Au. High-grade gold mineralization has been extended at the Cubiro deposit by underground drilling, whereas at Reyna de Plata and Reyna de Plata East drilling returned high-grade Au and Ag at shallow depths. At Creston Mascota, a Pinos Altos satellite pit, 188 K tonnes were processed (2,043 tpd) @ 1.19 gpt Au, to produce 6,567 Oz Au at production cost per Oz Au of $1,155 and total cash cost per Oz Au of $771. At La India, in Sonora. 1.56 M tonnes were processed (16,946 tpd) @ 0.72 gpt Au to produce 22,776 Oz Au at production costs per Oz Au of $707 and total cash cost per Oz Au of $740.
  • Newmont. Released third quarter 2020 results including some figures from its operations in Mexico. At Peñasquito, in Zacatecas, 130,000 Oz Au were sold, with an AISC of $835 per Oz Au. Also 215,000 Oz of AuEq were sold, with an AISC of $735 per Oz AuEq.
  • McEwen Mining Inc. reported production results for the third quarter 2020, including figures from its operations in Mexico. At El Gallo, in Sinaloa, residual leaching produced 1,900 Oz AuEq.
  • Consolidated Zinc Ltd. informed on quarterly activities ended on September 30, 2020. On-site processing and a plant refurbishment plan were approved. During the quarter 10,053 tonnes of ore were mined,, 10,352 tonnes of ore processed @ 12.2 % Zn, 7.9% Pb, 48 gpt Ag with recoveries of 69.1% for Zn, and 36.2% for Pb. The operating cost was $1.05 per Lb Zn.

ON FINANCING

  • Aztec Minerals Corp. received an aggregate of $497 K from the exercise of share purchase warrants (Cervantes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Prime Mining Corp.  released surface and underground sampling results from its Los Reyes project in Sinaloa. Some of the underground highlighted results: 4.5 m @ 0.84 gpt Au, 38 gpt Ag; 6 m @ 0.76 gpt Au, 24 gpt Ag; 46 m @ 2.21 gpt Au, 95 gpt Ag (including 2 m @ 29 gpt Au, 226 gpt Ag); 19.5 m @ 1.69 gpt Au, 62 gpt Ag. Some of the highlighted trench results: 21 m @ 0.48 gpt Au, 43 gpt Ag; 9 m @ 0.82 gpt Au, 96 gpt Ag. The company states these results continue to show resource expansion potential.
  • Inomin Mines Inc. has submitted a technical report to the Exchange as part of the information requested by the Exchange to complete the acquisition of the La Gitana project in Oaxaca.
  • Agnico Eagle Mines Ltd. informed on exploration at its 44,145 ha Santa Gertrudis project in Sonora. During the third quarter 2020 drilling at Santa Gertrudis totaled 21 holes (7,856 m) focused on expanding mineral resources and exploring for new mineralized structures in the Trinidad trend, which contains the Amelia deposit and the Espiritu Santo zone. Some highlighted results from the Amelia and Espiritu Santo: 6.5 m @ 1.2 gpt Au, 4 gpt Ag; 5.5 m @ 0.9 gpt Au, 142 gpt Ag; 4.5 m @ 2.8 gpt Au, 11 gpt Ag; 10.3 m @ 1.3 gpt Au, 1 gpt Ag; 4.6 m @ 2.2 gpt Au, 2 gpt Ag; 5.6 m @ 3.2 gpt Au, 2 gpt Ag; 11.5 m @ 1.6 gpt Au, 9 gpt Ag; 10.5 m @ 2.6 gpt Au, 3 gpt Ag; 4.2 m @ 5.6 gpt Au, 8 gpt Ag.
  • Torex Gold Resources Inc. released drill results from the ongoing program at El Limón-Guajes underground mine, which includes the Sub-Sill deposit and the El Limón Deep deposit. At the Sub-Sill deposit, highlighted core-length intercepts comprise 9.1 m @ 30.70 gpt Au, 3 gpt Ag, 0.07% Cu; 12.2 m @ 23.88 gpt Au, 3 gpt Ag, 0.10% Cu; 18.9 m @ 14.85 gpt Au, 30 gpt Ag, 1.73% Cu; 19.6 m @ 6.34 gpt Au, 7 gpt Ag, 0.40% Cu; 15.4 m @ 17.03 gpt Au, 13 gpt Ag, 0.49% Cu; 28.5 m @ 13.11 gpt Au, 3 gpt Ag, 0.1% Cu; 11.8 m @ 21.60 gpt Au, 29 gpt Ag, 1.29% Cu. At the El Limón Deep deposit, highlighted core length intercepts comprise 6.9 m @ 20.37 gpt Au, 12 gpt Ag, 0.15% Cu; 13.2 m @ 15.98 gpt Au, 28 gpt Ag, 0.79% Cu; 9.8 m @ 10.90 gpt Au, 6 gpt Ag, 0.10% Cu; 15.5 m @ 9.55 gpt Au, 2 gpt Ag, 0.07% Cu; 10.0 m @ 9.20 gpt Au, 8 gpt Ag, 0.19% Cu.
  • Excellon Resources Inc. filed a technical report on the Evolución polymetallic project in Zacatecas. The updated mineral resource estimate forwards an indicated resource of 6.4 M tonnes @ 64 gpt Ag, 0.09 gpt Au, 1.00% Pb, 1.14% Zn containing 13.15 M Oz Ag, 19 K Oz Au, 140.7 M Lb Pb, 161.5 M Lb Zn (or 35.1 M Oz AgEq) and inferred resources of 14.96 M tonnes @ 39 gpt Ag, 0.10 gpt Au, 0.75% Pb, 1.15% Zn, containing 18.5 M Oz Ag, 49 K Oz Au, 247.5 M Lb Pb, 377.7 M Lb Zn (or 64.8 M Oz AgEq).
  • Azure Minerals Ltd. informed it has sent three metallurgical samples from the Mesa de Plata deposit on its Alacrán project in Sonora, to be tested. The new metallurgical tests will be focused in recovering a silver mineral, romeite by gravity separation methods. “The tailings from the gravity separation will then undergo grinding, flotation and cyanide leaching to maximise the overall silver recovery”.

ON DEALS AND CORPORATE ISSUES

  • Alien Metals Ltd. Informed that “following the recent earn-transaction with Capstone Mining regarding the Donovan 2 Cu-Au project in Zacatecas, the company is looking  to a similar marketing process for its San Celso and Los Campos projects, also in Zacatecas.
  • One World Lithium Inc. is to implement a proof of concept program for a lithium separation innovative technology. The program is estimated to take three months and cost CAD$100 K. “The parties have agreed to complete a formal agreement if the Technology is proven to have commercial applications. Such an agreement would include cash payments, issuance of common shares and a royalty payment from OWL” (Salar del Diablo, Baja California).
  • Grupo Mexico. informed investments for US $2.1 billion. The resources are destined to mining projects like Tía María in Perú, as well to investments on its rail services, wind plants and terminals.

ON SOCIAL RESPONSIBILITY

  • Grupo Peñoles and the municipal government at Sombrerete, Zacatecas) realized free Covid tests in the community.
  • Industrias Peñoles and Oxxo in Zacatecas provided Covid protection material to the municipality.
  • Grupo Mexico and Grupo Peñoles allied with the Sombrerete municipal government to realize fast Covid-19 tests.
  • Minera Capela Peñoles funded the construction of a school wall in Teloloapan, Guerrero.
  • Compañía Minera Cuzcatán initiated a scholarship program to benefit 134 students in San José del Progreso in 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 image below: The porphyry from Cerro San Pedro, San Luis Potosí. Picture by Jorge Cirett.

Canasil Reports 3.73 Metres of 3.71 g/t Gold, 489 g/t Silver, and 0.53% Copper from the Candy Vein at the Nora Silver-Gold Project, Durango, Mexico

Canasil_21102020

Vancouver, October 21, 2020 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces initial results from two additional drill holes, NRC-20-03 and NRC-20-04, from the on-going, fully-funded core drill program on the Candy and Nora veins at the Nora silver-gold project in north-central Durango State, Mexico.

The Mining and Exploration News in Mexico: Highlights on the First Week of October, 2020

By Jorge Cirett

During the 40th week of the year (September 28th to October 4th, 2020), at least 40 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their projects, ten companies posted news related to financing or share structure, and seven on their projects development. ON MEXICO ISSUES, the Mining Fund is gone. A new special force was created to aid protect mining companies from criminal gangs activities. Only nine percent of Mexico is under a current mining concession. The CTM asks for the continuation of the Mining Fund. Some 150 junior exploration companies have left Mexico. The Mining-Metallurgic production index grew by 6.2% in July. Sixteen municipalities in Hidalgo are to receive $48 M pesos from the Mining Fund. ON EXPLORATION, in Sonora, Colibri Resources completed a mag survey on Evelyn. Tocvan Ventures identified a pipe like structure at its Pilar project. In Sinaloa, Brigadier Gold commenced drilling at Picachos. In Durango, Mithril Resources released drilling results from Copalquin. In Oaxaca, Megastar Development team is back in the field at Yautepec and Magdalena.  ON MINING, No relevant news. ON FINANCING, One World Lithium ($1.5 M), Plymouth Realty Capital ($10 M), Barksdale ($6.325 M), Santacruz Silver (CDN$9.5 M), Prismo Metals ($575 K), Endeavour Silver (US$60 M) released news regarding financing rounds. Candelaria Mining settled a $1.087 M debt with shares. Silver One granted options to its directors, officers, employees and consultants. Silver Dollar started trading at the OTCQB. ON RESOURCES AND DEVELOPMENT, GR Silver released underground channel sampling results. Consolidated Zinc presented the latest resource estimate at its Plomosas mine in Chihuahua, and announced the refurbishment of the processing plant at the site. Capitan Mining commenced resource expansion drilling at El Capitan, Durango. Azucar Minerals presented the initial resource estimate for the El Norte Zone of its El Cobre project in Veracruz. GoGold Resources released drilling results from its Los Ricos North project in Jalisco. Bacanora Minerals is focusing in engineering while the financing package is complete for its Sonora Lithium project. Golden Minerals released final results of its resource definition drilling program at the Rodeo project, Durango. ON DEALS AND CORPORATE ISSUES, Candente Gold signed the definitive agreement on the acquisition of the San Dieguito de Arriba plant in Nayarit. Silver One is selling its Mexican properties to Plymouth Realty Capital. Dyna Resources is trying to enforce in USA a favorable Mexican court ruling. Silver Spruce has recurred to force majeure clause for lack of access to its Pino de Plata property in Chihuahua. Reyna Silver entered into an option agreement to acquire the Reyna project in Chihuahua. ON SOCIAL RESPONSIBILITY. Fresnillo PLC, Minera Autlan, Minera Saucito and Industrias Peñoles informed on sustainability, health, safety, environment, social and governance programs.

ON MEXICO ISSUES

  • The Mining Fund is gone for good from the purpose it was created for: aiding the development of mining communities. Mining States and municipalities wonder what the destiny of more than $1,500 M pesos actually in the Fund. The actual federal government re-directed the use of the Mining Fund, with 85% going to the Education Secretariat, 5% to the Economy Secretary and 10% to federal government infrastructure programs.
  • A new special force for overseeing mining operations was formed by the federal government. The first 118 guards graduated from a special training course, and will be equipped with assault weapons. Heists by organized crime have plagued the industry in the last few years, with robberies of bullion in mining operations across several states.
  • The Economy Secretariat informed mining concessions cover only 9% of Mexico. Graciela Marquez, Secretary of Economy noted that 24 thousand current mining concessions cover 17 M hectares. The Director de Minas (reporting to Gabriela Marquez) pointed that they are following the president view of not granting more mining concessions, which is problem that will catch up in 10 years’ time with fewer new deposits to mine due to the lack of exploration.
  • The Confederacion de Trabajadores de Mexico (one of the largest union organizations in Mexico, best known as “CTM”) asked the federal government and the Deputies Chamber for the no disappearance of the Mining Fund.
  • Fernando Alanís Ortega from Camimex pointed out some 150 junior exploration companies have left Mexico due to the complex operative environment. Several companies have diversified their operations this year, with acquisitions in Canada and USA. The last company to divest its Mexican portfolio is Silver One, to focus on a project in Nevada.
  • The Mexican index of Mining-Metallurgic production increased by 6.2% in July, compared with the same month of 2019 and by 5.1% from July 2020 to the previous month.
  • Sixteen Municipalities in Hidalgo are to receive $48 M pesos from the Fund for Development of Mining Production Zones.  

ON EXPLORATION

  • Brigadier Gold Ltd. commenced its maiden drill program at the 3,954 ha Picachos property in Sinaloa. The drilling of 5,000 m in 40 holes will test the San Agustín mine (underground rock chip sample of 1.2 m @ 73.4 gpt Au), and the the Mochomos (underground rock chip sample of 0.5 m @ 18.5 gpt Au, 570 gpt Ag), Tejones (underground rock chip sample of 1.0 m @ 28.6 gpt Au, 114 gpt Ag) and Fermin (underground rock chip sample of 1.0 m @ 0.3 gpt Au, 268 gpt Ag) veins. “the Cocolmeca Vein system is comprised of several sub-parallel veins over a 1.5 kilometre (km) wide zone ……  San Agustín is the best understood of these veins, mainly because it has been historically exposed underground by approximately 670 line-metres of tunnels, stopes and shafts”.
  • Colibri Resource Corp. received results from a high-resolution magnetic survey at its Evelyin property in Sonora. The interpretation of the magnetic data allowed the identification of three families of lineaments that are to aid in the definition and prioritization of targets.
  • Tocvan Ventures Corp. informed on new interpretations on all the information gathered on its Pilar project in Sonora. With the aid of geophysical, geochemical and structural specialists a conclusion was reached that a sub-vertical pipe-like feature may represent a breccia feeder pipe related to epithermal mineralization. The pipe is close to 100 m in diameter, oval shaped and dipping 70 degrees to the SSW.
  • Mithril Resources Ltd. Released results from nine more holes at La Soledad in the Copalquin project, Durango. Drilling confirmed the bonanza grades of the La Soledad vein and intercepted additional veins at depth and along strike. Highlighted results comprise 3.8 m @ 2.58 gpt Au, 143 gpt Ag; 0.5 m @ 6.78 gpt Au, 10 gpt Ag, an open working for 2.5 m and then 1.5 m @ 6.65 gpt Au, 18 gpt Ag; 2.82 m @ 2.37 gpt Au, 22 gpt Ag; 7.5 m @ 6.74 gpt Au, 158 gpt Ag.
  • Megastar Development Corp. reported its exploration team is back at the Yautepec and Magdalena projects in Oaxaca. So far, they have found “highly prospective ferruginous (iron-rich) carbonate sinters and fault-controlled quartz veining and breccias in discontinuous erosional windows under post-mineral volcanic rocks over areas of several hundreds of meters”. These findings correlate well with the envisaged uppermost levels of an epithermal system, the concept exploration model used at the site.

ON MINING

  • No Relevant News.

ON FINANCING

  • One World Lithium Inc. announced a non-brokered private placement for gross proceeds of up to $1.5 M (Salar del Diablo, Baja California).
  •  Candelaria Mining Corp. closed the previously announced shares for debt transaction in settlement of $1.087 M of indebtedness (Pinos, Zacatecas).
  • Plymouth Realty Capital Corp. will complete a $10 M private placement funding (Peñasco Quemado, Sonora; La Frazada, Nayarit; Pluton, Durango).
  • Silver One Resources Inc. granted 2.575 M stock options to its directors, officers, employees and consultants (Peñasco Quemado, Sonora).
  • Fresnillo PLC. Is extended the expiration time on its tender offer to purchase for cash any and all of its outstanding US$800,000,000 principal amount of 5.5% Notes due 2023, to September 29. 2020 (La Herradura, Sonora).
  • Silver Dollar Resources Inc. started trading on September 30, 2020, in the United States on the OTCQB Venture Market (La Joya, Durango).
  • Barksdale Resources Corp. closed the final tranche of the company’s non-brokered private placement that raised $6.325 M (San Javier, Sonora).
  • Santacruz Silver Mining Ltd. Increased the size of its previously announced non-brokered private placement offering to CDN$9.5 M (Rosario, San Luis Potosi).
  • Prismo Metals Inc. completed its initial public offering (IPO) for gross proceeds of $575 K (Palos Verdes, Sinaloa).
  • Endeavour Silver Corp. entered into a sales agreement with BMO Capital Markets as the lead agent upon which the company can sell a number of common shares than can amount up to US$60 M (El Compas, Zacatecas; Terronera, Jalisco).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd.  announced favorable results from underground channel sampling on the lower level of the Plomosas mine in Sinaloa. Disseminated and massive mineralization is constituted by veins, stockworks and sulfide stringers that include chalcopyrite, sphalerite and galena in a brecciated tuff. Highlighted channel intervals comprise 2.6 m @ 504 gpt Ag, 14.6 gpt Au, 8.9% Pb, 6.6% Zn, 0.3% Cu; 15.7 m @ 90 gpt Ag, 2.5 gpt Au, 0.5% Pb, 1.3% Zn, 0.8% Cu: 5.4 m @ 147 gpt Ag, 10.0 gpt Au, 0.6% Pb, 3.3% Zn, 1.2% Cu; 7.8 m @ 50 gpt Ag, 2.9 gpt Au, 2.2% Pb, 7.3% Zn, 0.2% Cu; 6.0 m @ 66 gpt Ag, 6.2 gpt Au, 1.4% Pb, 3.9% Zn, 0.9% Cu.
  • Consolidated Zinc Ltd. presented a mineral resource estimate for the month of April 2020 for its Plomosas mine in Chihuahua. The indicated and inferred mineral resources comprise 964 K tonnes @ 13.2% Zn, 3.5% Pb, 20.6 gpt Ag that contain 127 K tonnes of zinc, 34 K tonnes of lead and 639 K Oz silver. The company is refurbishing the Plomosas beneficiation plant to process the ore at the site, for an estimated cost of US$1.35 M. The plant will start processing 3,000 tonnes per day (tpd), with the possibility of an expansion to 6,000 tpd.
  • Capitan Mining Inc. has commenced drilling at the Capitan project in Durango. The first phase comprises 6,000 m of reverse circulation drilling focused on step-out holes for resource expansion.
  • Azucar Minerals Ltd. completed its initial resource estimate for the Norte zone at El cobre project in Veracruz. “Copper and gold mineralization at the Norte Zone is associated with a multiphase variably potassic-phyllic altered porphyritic diorite intrusive complex that is cut by late mafic and intermediate dykes and post mineral feldspar porphyry. The Norte Zone is approximately 0.6 km x 0.4 km along an E-W strike. Sulphide mineralization, which extends up to 900 metres depth, consists of disseminated and vein-hosted chalcopyrite and trace bornite (Cu mineralization) exposed in surface outcrops and intersected in drill core”. The base case scenario considers indicated resources of 47.2 M tonnes @ 0.49 gpt Au, 0.21% Cu, 1.4 gpt Ag containing 1.17 M Oz AuEq and inferred resources of 26.9 M tonnes @ 0.42 gpt Au, 0.18% Cu, 1.3 gpt Ag, containing 1.35 M Oz AuEq.
  • GoGold Resources Inc. released drilling results from the La Trini deposit on the Los Ricos North project in Jalisco. Some of the highlighted results from 12 holes released comprise 22.5 m @ 1.37 gpt Au, 158 gpt Ag; 22.5 m @ 0.20 gpt Au, 48 gpt Ag; 44.5 m @ 0.84 gpt Au, 63 gpt Ag; 38.4 m @ 0.40 gpt Au, 30 gpt Ag; 29.6 m @ 0.42 gpt Au, 88 gpt Ag; 27 m @ 0.12 gpt Au, 48 gpt Ag; 7.9 m @ 0.86 gpt Au, 64 gpt Ag; 19.5 m @ 0.18 gpt Au, 83 gpt Ag; 21.8 m @ 2.73 gpt Au, 130 gpt Ag (including 5.6 m @ 9.40 gpt Au, 365 gpt Ag).
  • Bacanora Lithium PLC. Informed the company has a strong cash balance of US$44.4 M as of June 30, 2020, and retains a senior debt facility of US$150 M. At the Sonora Lithium project in Sonora, work is focused on finalizing engineering so that construction may commence after the financing package is completed.
  • Golden Minerals Co. released final assays from its resource definition program at the Rodeo project in Durango. Some of the true width (tw) highlighted intercepts comprise 15.8 m @ 2.05 gpt Au, 16 gpt Ag; 15.3 m @ 1.09 gpt Au, 4 gpt Ag; 25.5 m @ 2.49 gpt Au, 6 gpt Ag; 25.8 m @ 1.22 gpt Au, 5 gpt Ag; 15.6 m @ 0.78 gpt Au, 3 gpt Ag; 15.0 m @ 0.74 gpt Au, 3 gpt Ag; 7.7 m @ 0.98 gpt Au, 3 gpt Ag; 34 m @ 1.63 gpt Au, 6 gpt Ag; 49.5 m @ 1.77 gpt Au, 22 gpt Ag; 9.6 m @ 0.97 gpt Au, 2 gpt Ag; 25.8 m @ 3.10 gpt Au, 10 gpt Ag; 24.5 m @ 1.32 gpt Au, 5 gpt Ag; 28.0 m @ 1.96 gpt Au, 8 gpt Ag; 17.5 m @ 1.36 gpt Au, 5 gpt Ag. The resource the company is trying to improve was defined in 2017 at 0.4 M tonnes @ 3.3 gpt Au, 11 gpt Ag, containing 46 K Oz Au, 200 K Oz Ag.

ON DEALS AND CORPORATE ISSUES

  • Candente Gold Corp. signed the definitive agreement with Magellan Acquisition Corp. to earn up to 100% interest in the San Dieguito de Arriba beneficiation plant and the rights on the El Dorado property, both in Nayarit.
  • Silver One Resources Inc. entered into a letter of intent (LOI) with Plymouth Realty Capital Corp. to sell all its Mexican silver properties. In consideration for the properties Plymouth is to pay $1 M in cash and $5 M in shares. Plymouth Realty Capital will also change its name to Silverton Metals Corp. (Peñasco Quemado, Sonora; La Frazada, Nayarit; Pluton, Durango).
  • Dyna Resource Inc. announced the filing on August 28, 2020 in Dallas county, Texas, a petition for recognition of the USD$48 M foreign judgement against Goldgroup Resources Inc. in order to recognize in USA the judgment obtained in Mexico against Goldgroup Resources Inc. (the judgment relates to a legal challenge for the ownership of the San José de Gracia project in Sinaloa).
  • Silver Spruce Resources Inc. has “retained Mexico-based legal counsel to lead the discussions with representatives of the surface landowners of Pino de Plata in order to re-negotiate access rights to the ranch that covers the Pino de Plata project area”. The company’s purchase rights contract is now under a force majeure clause until access rights are granted by surface owners to continue exploration.
  • Reyna Silver Corp. announced the acquisition of the 300 ha La Reyna project in Chihuahua. The property is in the Cusihuiriachi (Cusi) silver district of low sulfidation epithermal mineralization. “La Reyna proper is a nearly north-south trending structure traceable as vein and altered outcrops for 4 km across the property. Two historic (1890s) shafts (La Reyna and Princesa) that extend to 133-150m depths exploited high-grade silver-rich mineralized shoots 2-5 m wide in the late 1800s”. The deal involves US$1.3 M in staged cash payments over four years and a 2.5% NSR. The payment on singing was US$30K that is to be followed by US$45 K in 6 months, US$75 K in 12 months, US$75 K in 18 months, US$120 K in 24 months, US$120 K in 30 months, US$150 K in 36 months and US$685 K in 48 months.

ON SOCIAL RESPONSIBILITY

  • Fortuna Silver Mines (San José mine in Oaxaca) signed an agreement with the Oaxaca Health Secretary and the San José del Progreso Municipality to help the community with the pandemic health emergency.
  • Minera Autlán donated 4,000 tree saplings to the Teziutlan Municipality in Puebla.
  • Minera Saucito informed on actions related to the fight against the pandemic in the Fresnillo Municipality in Zacatecas.
  • Industrias Peñoles celebrated 13 years of the inauguration of the Museum of Metals.
  • Industrias Peñoles informed in measures the company implements to reduce the use of water, and its treatment afterwards.
  • Fresnillo PLC is to distribute 20,000 face masks in Zacatecas city.

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: The mineralized porphyry from Cerro San Pedro, San Luis Potosí. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of September, 2020.

 

Rich-hematite quartz vein

 

By Miguel A Heredia

During the thirty nine week of the year (September 21th to September 27th, 2020), at least 24 press releases were announced by companies working in Mexico and 11 news published by the media, with eight discussing social issues,  seven disclosing deals and corporate issues, seven informing on exploration results, six announcing financial rounds, four commenting on Mexican issues, two reporting on resources and development of their mine operations, and one communicating production and financial results.  ON MEXICO ISSUES, According to a report by the Bank of Mexico (Banxico), mining in Mexico suffered strong impacts from the COVID-19 pandemic in the first half of 2020. First Majestic provided an update related to its ongoing TAX dispute with the Mexican TAX authority. Resources from the Mining Fund are being used to build an outdoor fitness park at Guadalupe y Calvo, Chihuahua. Alejandro Armenta, senator for MORENA, presented an initiative to nationalize lithium, arguing that it is a strategic mineral for the country’s energy future. It is worrying for the mining sector that voices like this are heard and have weight in making decisions about something extremely delicate without considering the participation of technicians, operators, scientists, businessmen, academics dedicated to mining in Mexico. ON EXPLORATION, In Sonora, Canuc released preliminary exploration results from its San Javier project, Carlyle and its JV partner Riverside reported high grade results from the Cecilia project, Minaurum presented results from the first 4 holes collared in the Europa-Guadalupe vein zone at its Alamos Silver project, and Ridgestone announced drill results from 8 holes collared at its Rebeico project. In Chihuahua, Mammoth provided an update on exploration activities at its Tenoriba project.  In Jalisco, GoGold released the first drilling results from the Salomon-Favor target on its Los Ricos North project.  ON MINING, Hecla reported estimated production results from its San Sebastian mine in Durango for the period January-September, 2020.  ON FINANCING, Advance Gold granted stock options to its directors, key employees, and consultants (Tabasquena project, Zacatecas). Aloro cancelled its previously announced non-brokered private placement (Los Venados project, Sonora).  Comet gave a cleansing notice under section 708A of the corporations acts 2001 (Santa Teresa project, Baja California). Defiance repaid in full the company´s outstanding loan with Windermere Capital Fund SPC (San Acacio project, Zacatecas). Newmont entered into a definitive agreement with Maverix Metals to sell eleven royalties for a total consideration of $90M. Santacruz announced a CAD $6M non-brokered private placement with a lead order from Palisades Goldcorp Ltd., for CADS $3M (Zimapan mine, Hidalgo).   ON RESOURCES AND DEVELOPMENT, Southern Silver will commence a 10,000m drilling program in 20-25 holes which will focus on the development of mineral resources on the east side of its Cerro Las Minitas project, Durango. Xtierra announced its intention to conduct a small drill campaign of five holes for a total of 1,500m at its Bilbao project in Zacatecas.    ON DEALS AND CORPORATE ISSUES, Barksdale signed a definitive agreement to acquire San Javier project in Sonora. Excellon announced that its common shares will commence trading on the NYSE American LCC (La Platosa mine, Durango).  First Majestic announced that it has filed an early warning report for the acquisition of common shares of Silver Dollar (La Joya project, Durango). Global Li-Ion entered into a letter agreement with Grupo Minera Diflor to acquire a 100% interest in the MVZ Au-Ag property in Chihuahua. Reyna Silver appointed new chairman and announced additional changes to the board of directors (Guigui and Batopilas projects, Chihuahua). Silver Tiger announced that it will commence to trade on the OTCQX Best Market under the ticker symbol “SLVTF” (El Tigre project, Sonora).  ON SOCIAL RESPONSIBILITY, Autlan supported communities affected by heavy rains in Hidalgo. La Cantera Desarrollos Mineros, a subsidiary of Peñoles, signed a constitutive act for healthy work returned to its Capela mine located in Guerrero. Fresnillo plc launched its “take care of yourself” campaign that fights against COVID-19 pandemic. Minera Penmont, a subsidiary of Fresnillo plc celebrated 23 years of making history in Caborca, Sonora (La Herradura and Noche Buena mines), ​​with a team of more than 4 thousand people committed to cutting-edge and responsible mining. Dr. Vagón, the ambulating clinic of Grupo Mexico Foundation celebrates six years of operation providing totally free medical services throughout the Mexican Republic. Mina La Colorada, a subsidiary of Pan American Silver, received for the first time the Inclusive Company Distinction (DEI), which accredits it as a company of good labor practices. Fresnillo plc, through Minera San Julian, donated 10 thousand masks to the inhabitants of Parral, Chihuahua. Pan American Silver Mexico carried out a campaign for the use of face masks and delivery of antibacterial kit.

ON MEXICO ISSUES

  • According to a report by the Bank of Mexico (Banxico), mining in Mexico suffered strong impacts from the COVID-19 pandemic in the first half of 2020. All regions had to suspend activities during April and May, since at the beginning practically the entire sector was declared a non-essential activity during the health emergency.
  • First Majestic Silver Corp., provided an update related to its ongoing TAX dispute with the Mexican TAX authority (SAT). The company was informed by its Mexican legal advisors that the Primero Empresa Minera (PEM) transaction will be served with a decision made on September 23, 2020 by the Federal Court on Administrative Matters, nullifying the advance pricing agreement (APA) granted to PEM and directing the TAX authority to re-examine the evidence and basis for the issuance of the APA. The Federal Court decision is appealable to the Circuit Courts. The company´s legal advisers are of the view that the Federal Court´s decision was not arrived following regular procedures, was undertaken hastily, and did not provide opportunity for the presentation of evidence from PEM. The Company continues to assess all of its legal options, both domestic and international.
  • Resources from the Mining Fund are being used to built an outdoor fitness park at Guadalupe y Calvo, Chihuahua, with the goal of generating spaces for healthy recreation to help to maintain a good physical condition of the community population.
  • Alejandro Armenta, senator for MORENA, presented an initiative to nationalize lithium, arguing that it is a strategic mineral for the country’s energy future. Alberto López Santoyo, Director of Mundo Minero stated that it is worrying for the mining sector that voices like this are heard and have weight in making decisions about something extremely delicate without considering the participation of technicians, operators, scientists, businessmen, academics dedicated to mining in Mexico. “The great technical-political errors in the history of Mexico have definitely been those that make an economic activity less competitive. If the government has the intention of producing lithium is fine, but that it participates in the battle field as one more company, like any other protagonist of this new productive context. Let’s not take away competitiveness from mining companies and thousands of capable Mexicans with legitimate intentions to participate in this challenge in a responsible and technically viable manner. Freedom to produce, freedom to compete”.

ON EXPLORATION

  • Canuc Resources Corporation presented preliminary exploration results from its San Javier project in Sonora. The company has conducted reconnaissance geological mapping and rock sampling on the eastern and northeast part of the property and has identified swarms of Fe-matrix hydrothermal breccias over a large area of 900m by 1,200m. One of these individual breccias measures from 30m to 70m in width and has been traced for over at least 800m along strike. This breccia is controlled by two fault structures. To date, 267 rock samples have been collected but assay results are only available for the first 157 samples. Values range from trace to 2,859 g/t Ag and from 74 ppm to 0.59% Cu, with 35 samples exceeding > 100 g/t Ag. Additional work is planned to continue the mapping and sampling on unmapped ground along these breccia zones.
  • Carlyle Commodities Corp., and its JV partner Riverside Resources Inc., announced high grade results from the Cecilia project in Sonora. Riverside is acting as the JV operator and has focused on channel sampling at the San Jose and North Breccia targets. First results from 21 rock samples returned high grades including 43.2 g/t Au over 0.4m wide, 5.6 g/t Au over 0.6m wide, and 2.5 g/t Au over 0.1m wide. In addition, Riverside is also working on drilling preparation, including construction of drill pads and improvement of foot/trail roads, conducting a drone aeromagnetic survey, carrying out a detailed mapping and sampling of the main dome target at Cerro Magallanes, and conducting an IP survey to define the depth of potential conductors interpreted to be sulphide zones.
  • Minaurum Gold Inc., presented drill results from the first 4 holes collared in the Europa-Guadalupe vein zone at its Alamos Silver project. Significant drill intercepts were encountered in hole AL20-042 with 404 g/t Ag, 0.54% Cu, 1.3% Pb, 1.8% Zn over 3.50m, including 999 g/t Ag, 1.29% Cu, 3% Pb, 3% Zn over 1.55m, and hole AL20-047 with 356 g/t Ag, 0.39% Cu, 0.4% Pb, 0.6% Zn over 6.35m, including 2,090 g/t Ag, 1.98% Cu, 2.5% Pb, 2.4% Zn over 0.7m. Drilling will continue to test down-dip as well as along strike of vein intersections at Europa- Guadalupe at 75-150 m increments.
  • Ridgestone Mining Inc., announced results from 8 holes totalling 1,238m collared at its Rebeico project in Sonora. Significant drill intersects were encountered in hole 20REB018D with 0.54% Cu over 29.15m, including 1.95% Cu over 2.25m; hole 20REB022D with 2.62 g/t Au and 0.54% Cu over 0.65m; and hole 20REB023D with 3.82 g/t Au and 0.75% Cu over 4.35m, including 8.61 g/t Au and 0.5% Cu over 1.55m. “Drilling results continues to extend the lateral footprint of mineralization. These latest results definitely warrant follow up and we will commence a strategic targeting exercise for follow-up drilling”.
  • Mammoth Resources Corp., provided an update on exploration activities at its Tenoriba project in Chihuahua. It also received a notification from Minera Centerra, its JV partner on Tenoriba project, about its decision to cease exploration activities in Mexico, including at Tenoriba, however Centerra expressed their enthusiasm for drilling the Tenoriba project. Over the last 6 months, Mammoth-Centerra geologists have been reinterpreting the geophysical surveys, carrying out extensive surface lithological and structural mapping and sampling, and conducting drill core mapping and sampling, including Terraspec alteration clay analysis. In mid-August Centerra filed an application for permission to drill up to 139 drill locations at Tenoriba and a response/approval of this permit application is expected within weeks. Two drill contractors were preparing bids on the Centerra drill program.
  • Xtierra Inc., announced its intention to conduct a small drill campaign of five holes for a total of 1,500m at its Bilbao project. The first target area is located adjacent to and west of the main Bilbao Silver-Lead-Zinc deposit, while the second target is called El Cabezon, a former Ag mine operated by the Frisco Industrial Group.
  • GoGold Resources Inc., released the first drilling results from the Salomon-Favor target on its Los Ricos North project. Highlights include hole LRGS-20-001 with 0.24 g/t Au and 280 g/t Ag (3.98 g/t AuEq or 298 g/t AgEq) over 14m, including 0.51 g/t Au and 699 g/t Ag (9.82 g/t Au and 737 g/t AgEq) over 5m; hole LRGF-20-001 with 0.36 g/t Au and 142 g/t Ag (2.25 g/t AuEq and 168 g/t AgEq) over 41.7m, including 1.12 g/t Au and 444 g/t Ag (7.05 g/t AuEq or 529 g/t AgEq) over 11m; and LRGF-20-004 with 0.24 g/t Au and 74 g/t Ag (1.24 g/t AuEq or 93 g/t AgEq) over 41.1m, including 1.45 g/t Au and 419 g/t Ag (7.04 g/t AuEq or 528 g/t AgEq) over 4.1m. The drilling program will continue to test the known zones of mineralization along strike and down dip from the historical underground workings of the La Trini deposits located 5km northwest.

ON MINING

  • Hecla Mining Company reported preliminary production results for the period January-September, 2020 from its San Sebastian mine in Durango. Hecla produced 6K Oz Au and 0.8M Oz Ag

ON FINANCING

  • Advance Gold Corp., granted stock options to its directors, key employees, and consultants to purchase up to 2Mshares over a five year term (Tabasquena project, Zacatecas).
  • Aloro Mining Corp., reported that due the COVID-19 pandemic, it cancelled its previously announced non-brokered private placement (Los Venados project, Sonora).
  • Comet Resources Ltd., gave a cleansing notice under section 708A of the corporations acts 2001. The company issued a total of 11.5M fully paid ordinary shares and 65M options, as per the proposed 3B forms lodged on 25 August 2020 and 21 April 2020. (Santa Teresa project, Baja California).
  • Defiance Silver Corp., repaid the total outstanding balance of $1,312,018 to Windermere Capital Fund SPC including accrued interest. (San Acacio project, Zacatecas).
  • Newmont Corporation entered into a definitive agreement with Maverix Metals Inc., to sell eleven royalties for a total consideration of $90M, consisting of $15M in cash, 12M Maverix common shares, and up to $15M in contingent cash payments payable upon completion of certain milestones. The royalties provide exposure to five flagship gold assets owned and operated by growth-oriented mining companies. The portfolio includes royalties on Camino Rojo and Ana Paula in Mexico, Cerro Blanco in Guatemala, and Mother Lode and Imperial in the United States.
  • Santacruz Silver Mining ltd., announced a CAD $6M non-brokered private placement with a lead order from Palisades Goldcorp Ltd., for CADS $3M. The proceeds from the private placement are expected to be used by the company to purchase underground equipment for its Zimapan property in Hidalgo and for general working capital and corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., will commence a 10,000m drilling program in 20-25 holes which will focus on the development of mineral resources on the east side of its Cerro Las Minitas project, Durango through step-out drilling from previously identified high-grade, strongly silver-enriched mineralization in the Mina La Bocona and South Skarn target areas. Some meterage will also be used to further extend mineralization at the Las Victorias target.
  • Xtierra Inc., announced its intention to conduct a small drill campaign of five holes for a total of 1,500m at its Bilbao project. The first target area is located adjacent to and west of the main Bilbao Silver-Lead-Zinc deposit, while the second target is called El Cabezon, a former Ag mine operated by the Frisco Industrial Group.

ON DEALS AND CORPORATE ISSUES

  • Barksdale Resources Corp., signed a definitive option agreement with Tusk Exploration Ltd., to acquire the San Javier del Cobre project in Sonora.
  • Excellon Resources Inc., announced that its common shares will commence trading on the NYSE American LCC under the ticker symbol “EXN” (La Platosa mine, Durango).
  • First Majestic Silver Corp., announced that it has filed an early warning report for the acquisition of common shares of Silver Dollar. First Majestic has acquired ownership and control of 5,146,401 shares, representing approximately 14.9% of the outstanding shares (La Joya project, Durango).
  • Global Li-Ion Graphite Corp., entered into a letter agreement with Grupo Minera Diflor S.A.de C.V., to acquire a 100% interest in the MVZ Ag-Au property in Chihuahua. The 1,200 hectare property hosts 3 past producing Ag-Au deposits: El Moro, La Virginia and La Zorra (MVZ Property). The Property is situated within Grupo Minero Diflor’s Pajarito project which covers an area of 10 X 25 km.
  • Reyna Silver Corp., appointed new chairman and announced additional changes to the board of directors (Guigui and Batopilas projects, Chihuahua).
  • Silver Tiger Metals Inc., announced that it will commence to trade on the OTCQX Best Market under the ticker symbol “SLVTF” (El Tigre project, Sonora).

ON SOCIAL RESPONSIBILITY

  • Compañía Minera Autlan S.A. B de C.V., supported more than 6,100 people from Tepehuacan de Guerrero and 705 people from Molango affected by the heavy rains in Hidalgo which caused landslides and floods in these entities. To date, communication between the communities has been completely reestablished and significant progress has been made in cleaning up the material that was carried by the rain (Molango mine, Hidalgo).
  • La Cantera Desarrollos Mineros, a subsidiary of Peñoles, signed a constitutive act for healthy work returned to its Capela mine located in Guerrero. The new work normality is accompanied by activities and sanitary measures in order to reduce the risks of COVID-19.
  • Fresnillo plc launched in Fresnillo, Zacatecas, its “take care of yourself” campaign that fights against COVID-19 pandemic. The company delivered 150,000 face masks on the streets of the downtown area.
  • Minera Penmont, a subsidiary of Fresnillo plc, celebrated 23 years of making history in Caborca, Sonora (La Herradura and Noche Buena mines) ​​with a team of more than 4 thousand people committed to cutting-edge and responsible mining. Since its arrival in 1997, it has meant an economic, social and environmental watershed for the state and, particularly for the region and its surroundings.
  • Vagón, the ambulating clinic of Grupo Mexico Foundation celebrates six years of operation providing totally free medical services throughout the Mexican Republic. It offers from general consultations to specialized ones; currently, it has five specialties: Ophthalmology, Dermatology, Pediatrics, Gynecology and Geriatrics. Dr. Vagón, with 17 wagons and 65 people as part of the crew, including administrative and medical personnel, has the capacity to serve 500 people a day.
  • Mina La Colorada, a subsidiary of Pan American Silver Corp., received for the first time the Inclusive Company Distinction (DEI), which accredits it as a company of good labor practices. This award is a recognition given by the Federal Government through the Ministry of Labor and Social Welfare to companies, academic institutions, organizations, federal, state and municipal public agencies that implement and operate inclusive, egalitarian and equitable labor policies for the benefit of workers, without discrimination towards people in vulnerable situations.
  • Fresnillo plc, through Minera San Julian, donated 10 thousand masks to the inhabitants of Parral, Chihuahua. The company considers that these measures are part of the strategy for the health care of the inhabitants, since, together with an information campaign, remind the population of the importance of maintaining sanitary measures in the current situation.
  • Pan American Silver Corp., through Minera Dolores, Chihuahua and Mina La Colorada, Zacatecas carries out a campaign for the use of face masks and delivery of antibacterial kit to reduce the risk of contracting COVO¡ID-19. More than 2,500 kits (antibacterial spray, wet towels, antibacterial gel, face masks) as well as triptychs, were delivered to the elderly, single mothers, vulnerable people, the general population, as well as personnel who work in government offices of the H. Town Hall of the municipalities of Sombrerete and Chalchihuites, Zacatecas; Municipality of Madera, Chihuahua and all the workers of Mina La Colorada and Minera Dolores.

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 rich-hematite quartz vein displaying boiling texture from a low-sulphidation epithermal vein system in a prospect in Sinaloa, Mexico.  Photo by Miguel A Heredia

The Mining and Exploration News in Mexico: Highlights on the Third Week of September, 2020

By Jorge Cirett

During the 38th week of the year (September 14th to September 20th, 2020), at least 38 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their projects, fourteen companies posted news related to financing or share structure, and six on their projects development. Companies that raised funds include Southern Silver, Oroco Resource, Comet Resources, Consolidated Zinc, First Majestic, Defiance Silver, Argonaut Gold, GoGold Resources and Silver Dollar Resources. ON MEXICO ISSUES, Fortuna Silver tries to avoid an illegal blockade from occurring at its San José mine in Oaxaca. Mexico loses positions in the 2019 Fraser Institute ranking on mining regions. Cancham points out the Mexican mining environment is facing multiple challenges. Guanajuato intends to form a Mining Cluster. Fernando Alanís, Camimmex president clearly explained how mining concessions function in Mexico. ON EXPLORATION, in Sonora, Minaurum started the second phase drilling program at its Alamos Silver project. In Sinaloa, Brigadier Gold released surface sampling results from its Picachos property. In Zacatecas, Minera Alamos released results from historical drill holes at Cerro de Oro; Alien Metals released underground and surface sampling results from San Celso and Los Campos; Advance Gold informed on the drilling (providing no results) at Tabasqueña. In Guanajuato, VanGold Mining updated on exploration/development at El Pinguico.  ON MINING, Mexus Gold is nearing the completion of a ball mill gravity gold recovery system at its Santa Elena mine in Sonora. Starcore International reported results for the last quarter. Excellon Resources provided production results for August 2020 from its Platosa mine in Durango. ON FINANCING, nine companies made announcements regarding the opening or closing of financing rounds: Southern Silver ($456 K), Oroco Resource ($7.26 M), Comet Resources (a streaming facility, up to $20 M), Consolidated Zinc (A$2 M), First Majestic (C$78 M), Defiance Silver (C$10 M), Argonaut Gold (C$10 M), GoGold Resources (C$30 M) and Silver Dollar Resources ($10.5 M). Silver Bull is going for a reverse stock split of 8 to 1. Canuc Resources and Solaris Resources are now trading at the OTCQB Venture Market. ON RESOURCES AND DEVELOPMENT, Discovery Metals released results from drilling at its Cordero project in Chihuahua. Almaden Minerals resumes exploration at its Ixtaca project in Puebla. GR Silver Mining released drilling results from its Plomosas project in Sinaloa. Magna Gold completed a pre-feasibility report on its San Francisco project in Sonora.  Excellon recommenced underground and surface drilling at its Platosa mine, Durango. SSR Mining is extending a decline to drill, from the underground, high-grade portions of the mineral resource at Pitarrilla, Durango. ON DEALS AND CORPORATE ISSUES, Sonora Metals is changing name to Sonoro Gold. Barksdale Resources informed on title issues that have promoted some changes on how the deal is structured with Tusk Resources on the San Javier project in Sonora. Southern Silver informed it has closed the transaction to acquire Electrum’s 60% interest on Cerro Las Mintas project, Durango. Odyssey Marine Exploration filed the First Memorial on a case against Mexico, related to the lack of issuance of an environmental permit to mine a large off-shore phosphate resource. Excellon Resources informed on the results of litigation relating to a land surface purchase near its Platosa mine in Durango. ON SOCIAL RESPONSIBILITY. Fresnillo PLC, Fortuna Silver and Frisco informed on sustainability, health, safety, environment, social and governance programs.

ON MEXICO ISSUES

  • Compañía Minera Cuzcatlán (Fortuna Mines), called for the civil organizations promoting an illegal blockage of the San José mine in Oaxaca to reconsider its program. The blockage is being called to pressure the authorities on the delivery of resources, an issue completely unrelated to the mining company.
  • In 2019 Mexico fell nine positions, according to the Fraser’s Institute. Mexico’s shine to attract mining investment is getting dull with the lack of confidence and certitude derived of the president’s declarations on the review of mining concessions and the recent disappearance of the Mining Sub Secretary. The federal government has been clear, under his tenure no mining concessions are to be issued. The president has stated that up to 40% of the country ground has been under mining concessions, and that amount should suffice (for mining companies) for thousands of years.
  • Armando Ortega, president of the Mining Task Force of the Cámara de Comercio de Canadá en México (Cancham) stated that the mining environment in Mexico is not propitious because political signals of ideological nature are not favorable to investment, and some measures announced by the government are worrisome. Among the factors supporting its points are: initiatives to forbid open pit mining; initiatives to enlarge natural protected areas, encroaching to areas of active mining; the initiative to change the law on water use, changing its regime from concession to license; the stated fact by the president to not to grant a single mining concession during his tenure; the disappearance of the Mining Sub Secretary; the extortion by unions to companies, exemplified by the tricky wining by Napoleón Gómez Urrutia of the collective contract at is Cosalá mine complex in Sinaloa.  
  • According to a Camimex post, projects that are coming into production include an expansion at Los Filos, Guerrero (Equinox Gold); Ixtaca, Puebla (Almaden Minerals); Camino Rojo, Zacatecas (Orla Mining); Las Chispas, Sonora (SilverCrest Metals); Santana in Sonora, La Fortuna in Durango and Cerro de Oro in Zacatecas (Minera Alamos).  
  • Guanajuato announced its intention to conform a Mining Cluster.
  • Fernando Alanís, Camimex (Cámara Minera de México) president, explained some facts on how mining concessions function in Mexico. According to the constitution everything under the surface is property of the Nation, hence the permit needed to extract gas, oil, water or minerals by individuals or companies, permit that is precisely a concession. In mining the concession is a permit to explore and mine an ore deposit if found, it provides no rights for surface rights, reason for which an agreement has to be negotiated with the surface owner to access the land. He stressed that having a mining concession is no guarantee of finding an ore deposit. To keep a mining concession, the concessionaire has to pay every six months a due per hectare, due that increases with the age of the concession, to avoid speculative land grabs; and also the concessionaire has to comply with a minimum yearly investment that also increases with the age of the concession, again to avoid speculation. According to the DGM (Dirección General de Minas) 20.7 M hectares are concessioned in México, out of almost 200 M hectares in the country, meaning about 10.35% of the country is concessioned, of which only 1 M hectares include a project in exploitation. The government granting of mining concessions is the more efficient way to exploit the natural resources, letting others run the risks and expensive investments of exploration. The government receives the due payments, and in case of an ore body being found and a mine built, receive taxes for its operation. Mining is the economic activity that has the steepest rate of taxes and dues, which add up to 55% on the income of mining firms.

ON EXPLORATION

  • Brigadier Gold Ltd. released sampling results from two vein systems at its Picachos property in Sinaloa. Highlighted results comprise 7 m @ 160 gpt Ag, 0.6 gpt Au; 3 m @ 205 gpt Ag, 0.2 gpt Au; 0.5 m @ 356 gpt Ag, 6.6 gpt Au at the Garabato vein system, and 1.6 m @ 1.9 gpt Au, 98 gpt Ag, 0.6% Cu, 3.7% Pb, 1.5% Zn; 1.0 m @ 21.3 gpt Au, 5 gpt Ag, 3.2% Pb, 0.8% Zn; 0.2 m @ 56.7 gpt Au, 288 gpt Ag, 1.9% Cu, 5.9% Pb, 1.3% Zn at El Pino. The Garabato veins are coincident with a 20 ha soil anomaly that returned up to 36 ppm Ag, 366 ppm Cu, 1,049 ppm Pb, 1,184 ppm Zn. Three basins draining the El Pino vein system show stream sediment anomalies of up to 1.72 ppm Au, 0.9 ppm Ag, 597 ppm Pb and 329 ppm Zn.
  • Minaurum Gold Inc. announced the start of a 20,000 metre Phase II drilling program at its Alamos Silver project in Sonora. The program will commence with one rig offsetting an intercept of 8.25 m @ 1,760 gpt Ag on the Europa-Guadalupe veins, while a second rig will test targets at Promontorio, where recently acquired historical data revealed intercepts of up to 12.2 m @ 710 gpt Ag (Note.- Take a look to the press release, it is worth it).
  • Minera Alamos Inc. released additional historic drill data on the Cerro de Oro project in Zacatecas. The reverse circulation holes were drilled by a private operator in 2017-2018, to refine the previous drilling by Noranda in the 1990’s. Some of the highlighted results comprise 48 m 0.70 gpt Au; 112 m @ 0.42 gpt Au, 40 m @ 0.51 gpt Au; 64 m @ 0.38 gpt Au; 42 m @ 0.42 gpt Au; 100 m @ 0.42 gpt Au; 54 m @ 0.76 gpt Au; 102 m @ 0.38 gpt Au; 72 m @ 0.47 gpt Au; 56 m @ 0.47 gpt Au; 66 m @ 0.33 gpt Au;  96 m @ 1.10 gpt Au; 42 m @ 0.50 gpt Au.
  • Alien Metals Inc. informed on underground and surface sampling results from its San Celso and Los Campos projects in Zacatecas. At San Celso, underground sampling confirmed 2006 sample results, like 0.9 m @ 477 gpt Ag (0.5 m @ 422 gpt Ag on previous sample) and 1.4 m @ 225 gpt Ag (1.6 m @ 335 gpt Ag on previous sample). At Los Campos, dump sampling returned up to 0.3 gpt Au, 254 gpt Ag, 0.12% Pb, 0.07% Zn. The Nueva Andromeda claim, adjacent to San Celso, has been optioned.
  • VanGold Mining Corp. updated on exploration at its El Pinguico project in Guanajuato. Approximately 40 m have been sampled on a recently cleared section of the shaft, a 3D model is being generated, sampling for XRF sampling are being collected on #4 adit, and trenching of additional surface exposures and clearing of the #7 adit are being performed.
  • Advance Gold Corp. reported on the drilling done at its Tabasqueña project in Zacatecas. “Of the four holes drilled to date into the 3500-metre continuous IP chargeability anomaly, drill hole AGT-16 has encountered the best mineralization, including a 10.7 metre sulphide zone. Mineralization in this hole has zones of semi-massive pyrite, containing 15 to 30% pyrite, together with up to 3% sphalerite and some galena (core photos shown below and on company website). The first three holes intersected stacked lenses of disseminated sulphides and are around 3000 metres to the south of AGT-16”.

ON MINING

  • Mexus Gold US. is nearing the completion and test running of its high grade ball mill gravity gold recovery system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). The company will mill material from a quartz vein with a 10 gpt Au cutoff, and recover the gold through the gravity system, while lower grade ore continues to be placed on the heap leach.
  • Starcore International Mines Ltd. Reported results of the first quarter ended July 31, 2020. Production during the period at its San Martin mine in Queretaro included the milling of 59.1 K tonnes @ 1.70 gpt Au, 29.2 gpt Ag, recovering 88.8% Au, 56.5% Ag, to produce 2.9 K Oz Au, 32.5 K Oz Ag.
  • Excellon Resources Inc. provided August 2020 production results from its Platosa mine in Durango. During the month 7.6 K tonnes were mined, 8.5 K tonnes processed @ 451 gpt Ag, 4.95% Pb, 6.76% Zn, recovering 86.8% Ag, 78.8% Pb, 78.9% Zn, to produce 106.7 K Oz Ag, 729.1 K Lb Pb, 997.2 K Lb Zn.

ON FINANCING

  • Silver Bull Resources. management approved a 1-for-8 reverse stock split of the of the company’s issued and outstanding common stock (Sierra Mojada, Coahuila).
  • Southern Silver Exploration Corp. closed the recently announced non-brokered private placement for gross proceeds of $456 K (Cerro Las Minitas, Durango).
  • Oroco Resource Corp. closed a non-brokered private placement for gross proceeds of $7.26 M (Santo Tomás, Sinaloa).
  • Canuc Resources Corp. announced it is now trading its shares on the OTCQB Venture Market (San Javier, Sonora).
  • Comet Resources Ltd. executed a binding agreement with Raptor Capital International Ltd.for the provision of a streaming facility to provide a minimum of US$6m and up to US$20m in funding for development of the Santa Teresa High Grade Gold Project in Baja California”.
  • Southern Silver Exploration Corp. informed on private placements recently closed. A brokered offering for gross proceeds of C$10 M followed by a non-brokered offering for gross proceeds of C$4 M and a non-brokered private placement for gross proceeds of $456 K (Cerro Las Minitas, Durango).
  • Consolidated Zinc Ltd. Intends to undertake “a fully underwritten non-renounceable pro rata entitlement offer on the basis of three (3) new fully paid ordinary shares (“New Shares”) for every eleven (11) Shares held on 24 September 2020”. The intention is to raise approximately A$2 M (Plomosas, Chihuahua).
  • First Majestic Silver Corp. closed its previously announced bought deal with Eric Sprott for gross proceeds of CDN$78 M (Santa Elena, Sonora; San Dimas, Durango).
  • Solaris Resources Inc. announced its common shares have been approved to trade on the OTCQB Venture Market, effective September 17, 2020 (La Verde, Michoacan).
  • Defiance Silver Corp. closed the previously announced brokered private placement for gross proceeds totaling C$10 M (Veta Grande, Zacatecas).
  • Argonaut Gold Inc. entered into an agreement with a syndicate of underwriters with a bought deal private placement financing for aggregate gross proceeds of C$10 M (La Colorada, Sonora).
  • GoGold Resources Inc. closed its previously announced bought deal offering for gross proceeds of C$30 M (Los Ricos South, Los Ricos North, Jalisco).
  • Silver Dollar Resources Inc. completed its previously announced non-brokered private placement to raise $10.5 M in gross proceeds (La Joya, Durango).
  • Silver Viper Minerals Corp. announced that it has elected to accelerate the expiry date of the common share purchase warrants issued on September 24, 2019, to the new date of October 8, 2020 (La Virginia, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Discovery Metals Corp. released results from four diamond drill holes targeting bulk-tonnage mineralization in the South Corridor at its Cordero project in Chihuahua. Highlighted intercepts comprise 401.7 m @ 49 gpt Ag, 0.07 gpt Au, 1.0% Pb, 1.1% Zn ( including 30.3 m @ 57 gpt Ag, 0.10 gpt Au, 0.8% Pb, 2.2% Zn; 112.3 m @ 96 gpt Ag, 0.08 gpt Au, 2.0% Pb, 1.8% Zn; 44.2 m @ 84 gpt Ag, 0.10 gpt Au, 1.8% Pb, 2.0% Zn); 5.1 m @ 231 gpt Ag, 0.21 gpt Au, 2.0% Pb, 2.6% Zn; 15.7 m @ 111 gpt Ag, 0.06 gpt Au, 1.7% Pb, 0.2% Zn.
  • Almaden Minerals Ltd. announced its intention to resume exploration in the area of the Ixtaca project in Puebla. “This program is starting with a desktop review of exploration data previously gathered, which is expected to lead to further field work in the near-term which may include mapping, surface sampling, geochemical stream silt and soil sampling, and geophysics. These data will be used to design a future drill program”.
  • GR Silver Mining Ltd. Released results from its surface core drilling program at Plomosas, Sinaloa. The drilling completed to date has delineated a 700 m mineralized zone with multiple veins including a low angle Pb-Zn-Ag rich hydrothermal breccia and high angle low sulfidation vein and stockwork systems. Highlighted true width intercepts comprise 6.0 m @ 85 gpt Ag, 0.4 gpt Ag, 1.1% Pb, 0.6% Zn (including 2.5 m @ 172 gpt Ag, 0.9 gpt Au, 2.7% Pb, 1.4% Zn); 22.3 m @ 48 gpt Ag, 0.1 gpt Au, 0.3% Pb, 0.6% Zn.
  • Magna Gold Corp. released the results of its recently completed pre-feasibility report on its San Francisco mine in Sonora. The report presents a base case at $1,450 per Oz Au with an NPV (Net present Value) of $80 M at 5% discount rate, producing 69 K Oz Au per year from 2021 to 2027 at an average all-in sustaining cost cash cost of $1,204 per Au Oz and no major capital required for resuming mining. Mineral reserves stand at 47.6 M tonnes @ 0.495 gpt Au, containing 758 K Oz Au and mineral resources (including mineral reserves) comprise 99.7 M tonnes @ 0.446 gpt Au, containing 1.43 M Oz Au. The inferred resources category includes 11.4 M tonnes @ 0.467 gpt Au, containing 171 K Oz Au.
  • Excellon Resources Inc. “has recommenced underground and surface drilling at the Platosa Mine and broader Platosa Property, respectively. Underground exploration is focused on expanding and further defining known mineralization. Surface exploration is focused on near mine targets around the Platosa deposit and the Jaboncillo and PDN targets north of the mine. Jaboncillo, 11 kilometres northwest of the Platosa Mine, is a Platosa-style target with a 4 x 4 kilometre alteration footprint, multiple times the size of the Platosa footprint, where the Company intersected near-surface gossans in 2019 drilling. PDN, two kilometres north of the Platosa Mine, is a skarn-style geophysical target that may be associated with the skarn discovery made in 2012 at Rincón del Caído”.
  • SSR Mining Inc. informed it is planning to spend $5 M in 2020 at Pitarrilla, Durango. The investment is part of a “program to extend an existing decline to provide drill access to the underground Mineral Resources. An improved geological model from work completed in 2019 indicates strong potential to better define known, high-grade mineralized veining associated with steeply dipping rhyolite dyke contacts. Extending the underground ramp provides access for tighter spaced drilling at better orientations to test the rhyolite dykes and veins for continuity. If infill drilling confirms the continuity of high-grade mineralized structures, there would be potential to enhance the grades of existing Mineral Resources“.

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. changes name to Sonoro Gold Corp. on September 9, 2020 (Cerro Caliche, Sonora).   
  • Barksdale Resources Corp. informed thatFollowing a detailed due diligence campaign, the Company identified certain title issues with respect to three of the twelve mining concessions comprising approximately 307.46 hectares of the total lands covered under the option. Tusk Exploration Ltd (“Tusk”) is in the process of rectifying these title issues and expects the process to be completed in 2021. Until the title issues have been rectified, Barksdale and Tusk have agreed to defer 35% of the Year 1 and Year 2 option cash and share payments” (San Javier, Sonora).
  • Southern Silver Exploration Corp. closed the transaction with Electrum Global Holdings L.P. to acquire Electrum’s 60% indirect working interest in the Cerro Las Minitas project in Durango. Southern Silver must pay Electrum US$15 M in a combination of cash and common shares, of which US$5 M and 2.34 M shares and a credit of C$1.35 M deposit have been paid. Remaining are US$2 M and shares equal to US$2 M to be paid on March of 2021 and US$2 M and shares equal to US$2 M to be paid on September of 2021.
  • Odyssey Marine Exploration Inc. filed “the First Memorial in the case brought against Mexico under the North American Free Trade Agreement (NAFTA) on its behalf and on behalf of subsidiary Exploraciones Oceánicas (ExO), alleging that Mexico wrongfully denied environmental approval of the ExO Phosphate project in breach of NAFTA ….. Odyssey seeks damages of more than $2.3 billion including interest from April 2016 to the date of the First Memorial’s submission”.
  • Excellon Resources Inc. informed an appeal on the acquisition of 295 hectares north of the Platosa mine (in Durango) was denied by an appeals court in Mexico. “The Company does not consider the land material to its mining operation or exploration activities. The decision does not impact Excellon’s mineral rights and the Company does not expect it to have any impact on its operations”.

ON SOCIAL RESPONSIBILITY

  • Fortuna Silver Mines (San José mine in Oaxaca) has added a new sustainability section on its website, where the company´s sustainability approach is expressed, as well as its environmental, social, and governance (ESG) management and performance.
  • Great Panther Mining Ltd. announced the publication of its first sustainability report highlighting the progress, initiatives and commitments in the areas of health, safety, environmental, social, and governance management.
  • Fresnillo PLC, Minera San Xavier and Frisco informed on health and community programs on the areas of their respective projects.

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: Opaline silica layer in the vadose zone of a low sulfidation system in Queretaro. Picture by Jorge Cirett.