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

 

Diatreme breccia

By Miguel A Heredia

During the thirty three week of the year (August 12th to August 18th, 2019), at least 23 press releases were announced by companies working in Mexico, with six announcing financial rounds, five communicating production results, four reporting on resources and development of their projects, three disclosing deals and corporate issues, three informing on exploration results, and two commenting on Mexican issues.   ON MEXICO ISSUES, Mexican president, Andres Manuel Lopez Obrador, declared that current mining concessions won´t be cancelled but no new ones are going to be issued. Fresnillo plc led the 2018 Pb production in Mexico.  ON EXPLORATION, In Chihuahua, Kootenay released exploration drilling results from its Columba project. In Durango, Gainey advanced the drilling program at its Las Margaritas project. In Zacatecas, Galore provided an update of the drilling program performed at its Dos Santos project in Zacatecas. ON MINING, Americas Silver, Aura Minerals, Impact, Odyssey, and Sierra Metals reported production and financial results from their Mexican mining operations for the period Q2, 2019. ON FINANCING, Defiance, Galore, Impact, Kootenay, SilverCrest, Southern Silver, and Valterra announced financial rounds. ON RESOURCES AND DEVELOPMENT, Endeavour reported positive drilling and underground channel sampling results from its Parral project in Chihuahua. Minera Alamos announced commencement of phase 2 drilling at its Santana Au project in Sonora. Premier Gold provided an update of its ongoing drilling program at its Mercedes mine in Sonora. Mag Silver provided an update of mine development at its Juanicipio project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Santacruz and its 50% owned subsidiary company Carrizal Mining entered into an agreement to extend the expiry date of the current Zimapan mine lease agreement located in Hidalgo state. Telson curtailed mining operations at its Campo Morado mine in Guerrero and plans to focus on construction of mine at its Tahuehueto Au project in Durango.  Discovery Metals granted stock options to certain officers, directors, employees, and consultants (Puerto Rico project, Coahuila).

 ON MEXICO ISSUES

  • Mexican president, Andres Manuel Lopez Obrador, declared that current mining concessions won´t be cancelled but no new ones are going to be issued. He said that concessions have not being held for production purposes but rather for financial speculation. He also asked mining companies to take care of the environment and pay salaries to the miners as in USA and Canada. Mining companies remain to be seen if his vow will translate into action since, until now, there is not a detailed legal and regulatory framework.
  • Fresnillo plc., led the 2018 Pb production in Mexico. Five companies produced approximately 73% of the 538.3M Lb Pb produced in 2018, with Fresnillo producing 22.1%, followed closely by Newmont-Goldcorp with 22%.

ON EXPLORATION

  • Kootenay Silver Inc., announced drill results of the six first holes drilled at its Columba Silver project in Chihuahua. Results have confirmed shallow-high grade Ag mineralization associated to quartz-calcite veins, breccias, and stockworks in five of the six holes. Widths range from 4.8m to 16.5m on the F Vein, and from 1.17 to 1.5m on unknown hanging wall veins in two of the holes. Significant intersections were encountered in hole CDH-19-01 with 93 g/t Ag over 16.5m, including 141 g/t Ag over 9.42m, and including 390 g/t Ag over 1m; hole CDH-19-02 with 104 g/t Ag over 14m and 213 g/t Ag and 0.31 g/t Au over 3.73m, including 328 g/t Ag over 1m, and 332 g/t Ag and 0.55 g/t Au over 0.70m; hole CDH-19-05 with 230 g/t Ag over 4.83m, including 518 g/t Ag over 2m, and including 775 g/t Ag over 1.15m; and hole CDH-19-06 with 133 g/t Ag over 10.45m before entering into a mine stope over 3m wide, including 287 g/t Ag over 1.45m. the hole CDH-19-06 also hit two hanging wall veins with 235 g/t Ag over 1.5m wide, and 267 g/t Ag over 0.87m wide. “Drilling thus far has tested approximately 450 meters of strike in broad spaced fences of holes from depths as shallow as 20 meters to as deep as 150 meters with 5 of 6 holes intercepting the F vein”.
  • Gainey Capital Corp., reported that is doing the last activities to prepare the infrastructure required to commence the drilling program at its Las Margaritas project in Durango. The focus now is on repair and constructs 39km of road to facilitate access to and between drill sites. The company will provide further updates as the drilling commences.
  • Galore Resources Inc., announced that it has completed four core holes for a total of 1,324m at El Alamo target within its Dos Santos project in Zacatecas. These four holes are part of a 2,500 drilling program. Samples from holes EA-001 and EA-002 were submitted to the lab and results are expected soon. Hole EA-003 was abandoned prior to reaching the target depth due to mechanical issues. “Drill holes have intersected more extensive zones of pyrite mineralization than anticipated, both fresh and oxidized. Pyrite and strongly oxidized zones, normally within brecciated limestone, are of particular interest based on previous sampling of the surface outcrops that were found to contain weakly anomalous gold values to high-grade gold values (high of 20g/t Au) from previous trench sampling”.

ON MINING

  • Americas Silver Corporation, reported revenue of $15M and net loss of $8M for the period Q2, 2019. Guidance for 2019 remains unchanged at 1.6-2.0M Oz Ag and 6.6-7.0M Oz AgEq at cash cost of $4.0 to $6.0 per Oz Ag and AISC of $10.0-12.0 per Oz Ag produced. The Company had a cash balance of $6.3M as at June 30, 2019.
  • Aura Minerals Inc., announced revenue of USD $50,374,000 for the period Q2, 2019, from which USD $16,828,000 correspond to Cu revenue from its Aranzazu mine in Zacatecas. Total cost of production at Aranzazu was USD $12,915,000, depletion and amortization of USD $1,618,000, gross margin of USD $2,295,000. The company had other expenses for the amount of USD $1,872,000, for a resulting income before taxes of USD $423K.
  • Impact Silver Corp., presented Q2, 2019 production and financial results from its Zacualpan mining district in Mexico State. Impact milled 33,616 tonnes of 160 g/t Ag to produce 145.6K Oz Ag. The company reported revenues of $2.8M.
  • Odyssey Marine Exploration, announced financial results for Q2, 2019. Odyssey reported a net loss of $2.8M and total revenue of $0.8M (Bay of Ulloa phosphate project, Baja California Sur).
  • Sierra Metals Inc., reported Q2, 2019 consolidated production and financial results from their Mexican and Peru operations. The company produced 9.7M Lb Cu, 0.8M Oz Ag, 16.6M Lb Zn, 8.1m Lb Pb, and 2,540 Oz Au. Cash cost per Lb CuEq payable Lb was USD $1.51 and an AISC of USD $2.55, while at its Cusi mine, the cash cost per Oz AgEq produced was USD $16.49 and an AISC of USD $25.67. Sierra Metals announced an adjusted EBIDTA of USD $126M, and an operating cash flow of USD $12.8M.

ON FINANCING

  •  Defiance Silver Corp., closed a non-brokered private placement in the amount of $3,323,106. Gross proceeds will be used to continue an aggressive exploration program at its San Acacio Silver project in Zacatecas. It exploration program will be focused on drilling the new Ag shoots along the Veta Grande vein, the recently defined Ag-Cu geophysical anomaly, and further resource expansion.
  • Galore Resources Inc., announced that is continuing its effort to implement a non-brokered private placement to raise up to USD $1.5M. Net proceeds of the non-brokered private placement will be used for continued drilling of the El Alamo claim, drilling at the Los Gemelos claim (Dos Santos project in Zacatecas) and for general working capital.
  • Impact Silver Corp., completed its second series of the third and final tranche of a non-brokered private placement for gross proceeds of $554.2K. Net proceeds will be used for greenfield exploration on its large ground package in Zacualpan Silver mining district, Mexico State, and projects such as San Ramon Deep extension, Manto America, and Santa Teresa.
  • Kootenay Silver Inc., announced a non-brokered private placement for gross proceeds of $5M. Net proceeds of the private placement will be used to advance exploration of the Columba Ag project in Chihuahua, potentially adding a further drill rig to expedite the current drill program, and to fund further work at Copalito, Sinaloa, La Cigarra, Chihuahua, and other projects as well as for general working capital purposes.
  • SilverCrest Metals Inc., completed its prospectus offering for gross proceeds of $25.3M. The company also announced that SSR Mining Inc., purchase SilverCrest stock in a separate non-brokered private placement for gross proceeds of CAD $4.6M. The company plans to use the net proceeds to continue exploration and advancement of its Las Chispas project in Sonora to feasibility level, and for working capital purposes.
  • Southern Silver Exploration Corp., closed the first tranche of a non-brokered private placement for gross proceeds of $3.1M. At final closing, due to increased interest in the offering, the company plans to close on an oversubscribed amount to a maximum of 22.5M units for gross proceeds of $4.5M. Net proceeds will be used to continue the 2019-20 exploration programs on its Cerro Las Minitas project in Durango.
  • Valterra Resource Corporation, extended 30 days the closing of its equity financing. The offering is for $375K with an over-allotment option to increase it by up to 10%. Net proceeds from the private placement may be used in part to fund costs associated with initial exploration programs for the Los Reyes Au-Cu project in Chihuahua.

 ON RESOURCES AND DEVELOPMENT

  •  Endeavour Silver Corp., reported positive exploration drilling results from its Parral project in Chihuahua. The company completed 15 surface and underground drill holes totaling 3,160m, and 462 underground channel samples in 3 blocks in the Sierra Plata mine on the Veta Colorada vein system. Significant drill intersections are in hole VCS-02 with 346 g/t Ag over 9.6m true width (TW), including 784 g/t Ag over 0.50m TW in the hanging wall of Veta Colorada, and 283 g/t Ag over 5m TW, including 975 g/t Ag over 0.5m TW in Veta Colorada; hole VCU-03 with 326 g/t Ag over 8.2m TW, including 727 g/t Ag over 0.3m TW in Veta Colorada; hole VCU-04 with 253 g/t Ag over 7.7m TW, including 1,200 g/t Ag over 0.4m TW; and hole VCU-05 with 332 g/t Ag over 13.1m TW, including 3,770 g/t Ag over 0.2m TW. Channel sampling highlights include 2 samples exceeding 1,000 g/t Ag such as 1,705 g/t Ag over 0.55m TW, and 1,480 g/t Ag over 0.95m TW. The rest of the sampling results vary between 509 and 911 g/t Ag in widths ranging from 0.3 and 1.50m. The full width of the vein is not exposed so the sampling is partially indicative of the Ag mineralization.
  • Minera Alamos Inc., announced the commencement of phase 2 drilling at its Santana Au project in Sonora. The goal is to expand resources at the main Nicho deposit as well as follow-up drilling on several new discoveries made during Phase 1 work in late 2018.
  • Premier Gold Mines Limited., provided and update of its ongoing drilling program at its Mercedes mine in Sonora. The company has confirmed two high-grade zones: the Lupita extension, and the newly discovered San Martin target area. Significant drill interceptions were encountered in hole L19-422D at the San Martin area with 14.02 g/t Au and 136 g/t Ag over 2.9m; hole L19-414D at the Lupita area with 8.41 g/t Au and 68 g/t Ag over 3.9m, including 16.2 g/t Au and 92 g/t Ag over 1.4m; hole L19-414D with 4.57 g/t Au and 27 g/t Ag over 4.5m; and hole UG-RDO19-40 at Rey de Oro area with 18.15 g/t Au and 27 g/t Ag over 2.3m.
  • Mag Silver Corp., and its JV partner Fresnillo plc, provided and update of mine development at its Juanicipio project in Zacatecas. The company reported that underground development continues and is now approaching 22km to date, “with the current emphasis on: developing the three internal spiral footwall ramps at depth along the full strike length of the Valdecañas Vein system; constructing the underground crushing chamber; advancing the conveyor ramp from both ends to and from the planned mill site (with the box cut for the underground conveyor exit portal now complete); integrating additional ventilation and other associated underground infrastructure, and starting of the internal shaft sinking (head chamber for the shaft has been excavated and winding equipment ordered)”. Progress at Juanicipio has been rapid with multiple engineering milestones delivered, and construction on track for H2, 2020 commissioning target according to the operator Fresnillo. The mill-site preparation is underway and the construction of surface infrastructure facilities continues.

 ON DEALS AND CORPORATE ISSUES

  •  Santacruz Silver Mining Ltd., and its 50% subsidiary company Carrizal Mining S.A. de C.V., entered into an agreement with Minera Cedros S.A. de C.V., (a wholly-own subsidiary of Grupo Peñoles, S.A.B. de C.V.), to extend the expiry date of the Zimapan mine lease agreement, located in Hidalgo state. “Carrizal must make monthly payments to Minera Cedros based on 4% NSR from the concentrates produced by the Zimapan mine for each respective month, subject to the minimum payment each month being USD $45K and the maximum payment being USD $60K”.
  • Telson Mining Corporation, curtailed indefinitely mining operations at its Campo Morado mine in Guerrero and placed the mine into care and maintenance. The decision was taken since the company is concerned about certain activities in the vicinity of Campo Morado that put at risk the health and welfare of its workforce. The company plans to focus on construction of mine at its Tahuehueto Au project in Durango.
  • Discovery Metals Corp., granted stock options to certain officers, directors, employees, and consultants (Puerto Rico project, Coahuila).

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 diatreme breccia in a prospect in Durango, Mexico.  Photo by Miguel A Heredia.

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

IMG_1363 - copia

By Jorge Cirett

During the 32nd week of the year (August 5th to August 11th, 2019), at least 36 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, The president of Mexico announced in a political rally that no more mining concessions are to be granted during his term in office. ON EXPLORATION, In Chihuahua, Kootenay has mobilized a drill rig to its Columba property. In Coahuila, Discovery Metals released high-grade results from underground sampling at Minerva. In Zacatecas, Alien Metals carried out surface sampling at Los Campos, Donovan and San Celso projects; Advance Gold started an IP survey at Tabasqueña. ON MINING, Gold Resource, Premier Gold, Hecla Mining, Golden Minerals, First Majestic, Coeur Mining, Argonaut Gold, Pan American Silver, Avino Silver, Endeavour Silver, Alio Gold, Torex Gold, Fortuna Silver and GoGold reported second quarter production and/or financial results for the second quarter. Mexus Gold poured first gold at its Santa Elena mine in Sonora. ON FINANCING, Excellon Resources entered into an agreement with a sole bookrunner for gross proceeds of $10 M. Santacruz Silver granted options to its directors, officers, employees, consultants and advisors. Oroco closed a first tranche for $900 K. Impact Silver completed the first series of a round of financing for $2.4 M in gross proceeds.   ON RESOURCES AND DEVELOPMENT, US Antimony continues mining at Los Juarez, Queretaro. Hecla presented drill results from San Sebastian, Durango. Orla Mining filed the FS on Camino Rojo Oxide project. VVC Exploration approved the construction of a pilot plant on its Northern Mexico Copper project. Minera Alamos received the needed environmental approval for mine construction at Santana, Sonora. Goldplay Exploration compiled all the exploration information on a 6 km trend outside the known resource in San Marcial, Sinaloa ON DEALS AND CORPORATE ISSUES, Discovery Metals filed an early warning report in respect to its holdings in Levon Resources. Tamino Minerals is working to remove the stop sign to become current on the OTC. Minera Alamos reported the retirement from the Board of Directors of Mr. Chester Millar, (a long time player in the Mexican Mining scene). Mako Mining informed the near completion of production from La Trinidad mine in Sinaloa. Chesapeake Gold re-purchased a 1% NSR from Wheaton Precious Metals. ON SOCIAL RESPONSIBILITY. Argonaut Gold engaged in multiple community projects during the second quarter on its operations at San Agustin (Durango), El Castillo (Durango), La Colorada (Sonora) and La Paz (Baja California Sur).

ON MEXICO ISSUES

  • No more mining concessions in my term: AMLO. The president of Mexico, Andres Manuel Lopez Obrador, announced this Sunday (August 11th, 2019) in a political rally in Concepcion del Oro, Zacatecas, that under his term no more mining concessions are to be granted. “To give concessions of the mining regions to national and foreign companies was a policy forwarded since the time of (Carlos) Salinas de Gortari, and up to 80 million hectares were delivered for mining exploitation. To grasp it: let’s think in our territory. Mexico has 200 million hectares, and 80 million hectares, about 40 percent of the national territory. Never in History so much of our sovereign soil had been transferred”, he said. He also reiterated that current concessions are to continue, but no new ones are to be delivered. “We are not to cancel (the concessions), but we are not to continue delivering new concessions for mining exploitation. Because it was too much what was delivered. If we analyze it, we are going to conclude that it wasn’t delivered to produce, but to speculate financially ………. With what has been delivered they have to produce. That’s the main purpose and not speculation. What we ask the mining companies is, first, take care of the environment, that no territory is destroyed, not to act as it is done in other countries”. He asked for Mexican miners to be paid as in the United States, or Canada, and that the same environmental rules be applied, also making a call for the salaries of workers to be raised, with the same benefits. (Editor’s note.- All the president arguments can be easily refuted to show that granting mining concessions is, and has been, very helpful for the country and countless of Mexicans. But there is no valid argument to present to the president that on the one hand is calling for more investment, while in the other hand is closing the door to it.)

ON EXPLORATION

  • Kootenay Silver Inc. has mobilized a drill rig to commence a 3,000 m core drill program at its Columba project in Chihuahua. “The first 12 holes of the drill program will be designed to test the F vein where underground development work extended to 200 meter depth and the historic mining occurred”.
  • Alien Metals Ltd. carried out some surface rock sampling at its Donovan, Los Campos and San Celso projects in Zacatecas, results pending.
  • Advance Gold Corp. started a 800 x 500 m 3D induced polarization (IP) geophysical survey on its Tabaqueña project, Zacatecas. The goal of the survey is to assess the depth potential below the near surface mineralized zone that was encountered in the andesites, with the graphitic phyllites below still open at depth.
  • Discovery Metals Corp. released assay results for 112 underground samples from its drill permitted Minerva Ag-Zn-Pb project in Coahuila. Highlighted results from the Minerva mine include 0.4 m @ 8,880 gpt Ag, 8.7% Zn, 43.2% Zn, 2.30% Cu, 0.3 m @ 1,200 gpt Ag, 24.8% Zn, 18.2% Pb, 0.15% Cu; 0.2 m @ 1,340 gpt Ag, 20.8% Zn, 19.6% Pb, 0.11% Cu; 0.9 m @ 517 gpt Ag, 5.7% Zn, 3.3% Pb, 0.07% Cu in veins, 0.3 m @ 1,485 gpt Ag, 8.6% Zn, 32.1% Pb, 0.10% Cu; 0.3 m @ 1,145 gpt Ag, 10.8% Zn, 34.8% Pb, 0.10% Cu; 0.5 m @ 220 gpt Ag, 34.6% Zn, 13.2% Pb, 0.05% Cu; 0.4 m @ 1,050 gpt Ag, 5.8% Zn, 26.4% Pb; 1.4 m @ 131 gpt Ag, 22.2% Zn, 2.7% Pb, 0.04% Cu in mantos. Underground samples from the Concordia area returned 0.7 m @ 848 gpt Ag, 2.7% Zn, 12.5% Pb, 0.24% Cu; 0.8 m @ 320 gpt Ag, nil Zn, 13% Pb, 0.06% Cu; 1.1 m @ 267 gpt Ag, 0.4% Zn, 6.3% Pb, 0.06% Cu in vein and limestone. At Tercia area, samples from a small working in diorite returned 0.5 m @ 226 gpt Ag, 0.2% Zn, 15.5% Pb; 0.5 m @ 181 gpt Ag, 0.2% Zn, 10.0% Pb; 1.3 m @ 124 gpt Ag, 3.2% Zn, 6.1% Pb in breccias (fault zones?).

ON MINING

  • Mexus Gold US. has poured gold at its Santa Elena mine in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora). The company recovered gold from its first heap leach pad using its Merrill Crowe gold recovery system. Mexus continues to mine and crush ore for the 2nd lift on heap leach pad #1.
  • Gold Resource Corp. presented production results for the second quarter 2019. At the Oaxaca’s Mining Unit 7,881 Oz Au, 466.5 K Oz Ag, 482 tonnes Cu, 2,304 tonnes Pb, 6,054 tonnes Zn were produced. At the Arista mine 115.8 K tonnes were milled @ 1.87 gpt Au, 92 gpt Ag, 0.40% Cu, 1.96% Pb, 4.77% Zn. At the Aguila open pit mine 8,872 tonnes were milled @ 1.39 gpt Au, 43 gpt Ag. At the Mirador mine 6,737 tonnes were milled @ 1.10 gpt Au, 201 gpt Ag. The company had $7.93 M of cash and cash equivalents by the end of the period.
  • Premier Gold Mines Ltd. reported operating results for the second quarter 2019, including figures from its Mexican operations. At Mercedes, in Sonora, 167.6 K tonnes were milled @ 3.0 gpt Au, 27.2 gpt Ag, recovering 95.9% Au, 35.0% Ag to produce 15,532 Oz Au, 51,354 Oz Ag. Co-product cash cost was $1,053 per Oz Au, and the co-product all-in-sustaining cost was $1,254 per Oz Au. On by-product basis, cash cost was 1,044 per Oz Au and AISC $1,252 per OZ Au. A total of 11,281 m of drilling targeted the Diluvio, Marianas and Barrancas veins “to replace reserves support mine production, test extensions of the main mine trends and to test new geological targets.”
  • Hecla Mining Co. presented second quarter 2019 results, including figure from its operations in Mexico. At San Sebastian, Durango, 463.7 K Oz Ag, 3,547 Oz Au were produced at by-product cash cost $9.22 per Oz Ag and by-product AISC$15.50.
  • Golden Minerals Co. released financial results for the second quarter 2019. An important point on the report is the still to be completed $22 M sale of the Velardeña, Santa Maria and Rodeo properties, as well as the Velardeña mill, to Grupo Autlan. Golden had a net loss of $2.5 M , ending the period with $1.8 M in cash and cash equivalents.
  • First Majestic Silver Corp. announced financial results for the second quarter 2019. During the period 3.2 M Oz Ag, 6.4 M OZ AgEq were produced at cash cost $6.84 per Oz Ag, and AISC $ 14.76 per Oz Ag on a consolidated basis from its San Dimas (Durango), Santa Elena (Sonora), La Encantada (Coahuila), San Martin (Jalisco), La Parrilla (Durango), Del Toro (Zacatecas). At the end of the period the company had $94.5 M in cash and cash equivalents.First Majestic production table1
  • Coeur Mining Inc. reported second quarter 2019 financial results, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 447.7 K tonnes were milled @ 2.18 gpt Au, 147 gpt Ag, recovering 87.7% Au, 81.8% Ag, to produce 28,246 Oz Au, 1.73 M Oz Ag at adjusted CAS $741 per Oz Au and adjusted CAS $9.17 per Oz Ag. Production started and is to be ramped up 400 tonnes per day (tpd) at La Nacion deposit.
  • Argonaut Gold Inc. announced its operating and financial results for the second qurter of 2019. At Cerro del Gallo in Guanajuato, Argonaut is advancing on the pre-feasibility study, whereas at San Antonio in Baja California participated in a public information meeting regarding the environmental impact assessment process, while advancing in environmental permitting. At El Castillo, Durango, 2.3 M tonnes of ore @ 0.39 gpt Au, 3.49 M tonnes of waste were moved at a rate of 64 K tonnes per day (tpd) to produce 14,361 Oz Au, 29,791 Oz Ag at cash cost $976 per gold equivalent ounce. At San Agustin (Durango), 1.96 M tonnes of ore @ 0.39 gpt Au, 1.41 M tonnes waste were moved at 37 K tpd to produce 12,684 Oz Au, 43,097 Oz Ag at cash cost $910 per gold equivalent ounce. At La Colorada (Sonora) 1.19 M tonnes of ore @ 0.46 gpt Au, 5.9 M tonnes of waste were moved at 78 K tpd to produce 11,723 Oz Au, 35,485 Oz Ag at cash cost $894 per gold equivalent ounce.
  • Pan American Silver Corp. reported unaudited results for the second quarter 2019, including figures from its Mexican operations. At La Colorada, in Zacatecas, 2.04 M Oz Ag, 1.1 K Oz Au were produced at cash cost $2.82 per Oz Ag and AISC $5.07 per Oz Ag. At Dolores, in Chihuahua, 1.23 M Oz Ag, 28.5 K Oz Au were produced at cash cost $6.87 per Oz Ag and AISC $22.30 per Oz Ag. “Drilling at the La Colorada mine has further defined the skarn mineralization, indicating a high concentration of base metal and silver mineralization over large widths”. By the end of the period the company had cash and shorth-term investments for $138.8 M, and working capital of $793.1 M.
  • Avino Silver & Gold Mines Ltd. released consolidated financial results for the second quarter 2019. During the period 200.9 K tonnes were milled to produce 426.1 K Oz Ag, 1,609 Oz Au, 1.14 M Lb Cu, or 599.5 K Oz AgEq, with consolidated cash cost per AgEq ounce of $10.89, and AISC $13.10 per AgEq ounce. At the end of the quarter Avino held $3.4 M of cash, and a working capital of $8.7 M.
  • Endeavour Silver Corp. released its financial results for the second quarter 2019. Consolidated production from its Guanacevi (Durango), Bolañitos (Guanajuato), El Cubo (Guanajuato) and El Compas (Zacatecas) mines was 1.06 M Oz Ag, 9,558 Oz Au, or 1.8 M Oz AgEq at an all-in-sustaining cost of $20.90 per Oz Ag net of gold credits. During the period received the final tailings permit for its Terronera project in Jalisco, and reported positive drill results from Bolañitos and Guanacevi.
  • Alio Gold Inc. reported second quarter 2019 results, including figures from its operations in Mexico. At San Francisco, in Sonora, produced 10,230 Oz Au, 5,112 Oz Ag, with a by-product cost of $1,077 per Oz Au and an AISC of $1,079 per Oz Au. In January 2019 Alio stopped active mining in the San Francisco pit and focused on processing the low grade stockpile, which is to continue until the end of the year, after which only residual leaching is to go on.
  • Torex Gold Resources Inc. announced financial and operating results for the second quarter 2019. At El Limon-Guajes in Guerrero, 145.7 K tonnes per day (tpd) were moved, including 19,890 tpd of ore @ 2.91 gpt Au, with a recovery of 88% Au to produce 113,645 Oz Au at cash cost $605 and AISC $760. The Muckahi mining system is said to be on the way to demonstrate its efficacy by year end. Torex released a maiden underground mineral resource estimate for El Limon Deep of 797 K tonnes @ 5.52 gpt Au, containing 171 K Oz Au as an indicated mineral resource. The company had a cash balance of $131 M by the end of June.
  • Fortuna Silver Mines Inc. presented consolidated financial results for the second quarter 2019, including figures from its Mexican operations. At San Jose, Oaxaca, 271 K tonnes were milled at a rate of 3,045 tpd, grading 273 gpt Ag, 1.78 gpt Au, with a recovery of 91% Ag, 90% Au to produce 2.16 M Oz Ag, 13,204 Oz Au at cash cost $6.20 per Oz Ag and an AISC of $9.3 per Ag Oz. By the end of the period Fortuna held $77.2 M in cash and cash equivalents.
  • GoGold Resources Inc. reported second quarter results 2019. During the period GoGold produced 451 K Oz Ag from the Parral tailings. By the end of June the company had $9.0 M in cash and marketable securities and no debt.

ON FINANCING

  • Excellon Resources Inc. entered into an agreement with Cormark Securities Inc. as sole bookrunner and lead underwriter to buy units of the company for gross proceeds of approximately $10 M (Platosa, Durango).
  • Santacruz Silver Mining Ltd. granted 8.5 M stock options options to its directors, officers, employees, consultants and advisors (Veta Grande, Zacatecas; Rosario, San Luis Potosi).
  • Oroco Resource Corp. closed the first tranche of the previously announced non-brokered private placement for gross proceeds of $900 K (Santo Tomas, Sinaloa).
  • Impact Silver Corp. completed the first series of the third tranche of the non-brokered private placement previously announced and updated, receiving aggregate gross proceeds of $2.44 M. The company intends to complete a second series of the third tranche for gross proceeds of $554.2 K. Impact has paid $56 K to Infor Financial Inc. and $50 K to Canaccord Genuity Corp. as finders fee (Zacualpan, Estado de Mexico).

ON RESOURCES AND DEVELOPMENT

  • United States Antimony Corp. continues mining in two open pits at Los Juarez mine in Queretaro. At the Puerto Blanco mill in Guanajuato maintenance and improvements are being made to support increased production. At the Puerto Blanco leach circuit the plastic liner and fire assay equipment have been purchased. At the Madero smelter in Coahuila, The caustic leach plant has been tested and is operational to produce gold, silver, and antimony.
  • Hecla Mining Co. added new mineralization by drilling on the Middle and El Toro veins, potentially adding oxide mine life to San Sebastian, in Durango. Near-surface mineralisation has been defined by drilling for over 1,200 m along strike and 160 m of depth. Recent intercepts include 2.40 m @ 874 gpt Ag, 11.5 gpt Au; 1.50 m @ 398 gpt Ag, 1.86 gpt Au; 3.41 m @ 236 gpt Ag, 3.42 gpt Au. “Preliminary engineering studies have begun to evaluate the potential of both open pit and underground mining options at El Toro and drilling in this area is planned to continue through the third quarter.”
  • Orla Mining Ltd. filed a technical report on its Camino Rojo project, Zacatecas. The company previously released the results of the feasibility study (FS) for the oxide part of the mineralized body, which envisages the movement of 44 M tonnes @ 0.73 gpt Au, 14.2 gpt Ag to leach pads, and a recovery of 64% Au, 17% Ag.
  • VVC Exploration Corp. board of directors approved the start of a pilot mine on the Gloria Zones of its Northern Mexico Copper Project (Samalayuca) in Chihuahua. The plan envisions open pit mining and heap leach extraction by electrowinning (SX-EW) starting at 2 K tonnes per day (tpd) of mineralized material, scalable to 4 K tpd.
  • Minera Alamos Inc. received the approval of the environmental impact statement (Manifestación de Impacto Ambiental, or MIA) by SEMARNAT, the regulatory federal environmental agency, rendering the company with the key approvals for the construction of  commercial scale mining facilities at its Santana project in Sonora.
  • Goldplay Exploration Ltd. compiled all the exploration information supporting that its San Marcial project in Sinaloa has a strong precious metal potential, beyond the already defined resource. Five known areas over a 6 km trend include: Nava, with trench sampling of up to 24 m @ 2.1 gpt Au; Chachalaca Micuines, where several rock chip samples returned 1m @ 1.0 – 5.0 gpt Au, and up to 0.9 m @ 13.3 gpt Au; Guacamayo, with a trench interval returning 24 m @ 219 gpt Ag, 0.25 gpt Au; Resource area, on which recent assays of drill holes identified new gold mineralisation outside the resource, with true width intervals (tw) of 1.0 m @ 2.5 gpt Au, 8.4 m @ 0.7 gpt Au, 12 m @ 0.2 gpt Au; Faisanes, where recently a drill hole interval of tw 0.9 m @ 204.6 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. filed an early warning report in respect of its holdings in Levon Resources Ltd., now beneficially owns or controls 117.1 M Levon Shares, representing all of the issued and outstanding Levon Shares. Discovery did not own or control, directly or indirectly, any shares in Levon prior to the Arrangement. (Puerto Rico, Coahuila; Cordero, Chihuahua).
  • Tamino Minerals Inc. informed that “The company is not planning to complete a REVERSE SPLIT at this moment and is not in the company’s plans to do this.” Furthermore stating that “no dilution is guaranted” as its latest DTCC Share Position Report shows that the company has 149.8 M common shares in the float. The company is also working on preparing financial statements in order to remove the stop sign to become current on the OTC Markets (El Volcan, Sonora).
  • Minera Alamos Inc. reported the retirement from the Board of Directors of Mr. Chester Millar. Mr Millar (born 1927) was involved in multiple heap leach mining projects in Mexico for several decades, and is included in the Canadian Mining Hall of Fame since 2008 (Note by editor.- our sincere thanks and respect to Chester Millar for his contributions to the mining industry in Mexico).
  • Mako Mining Corp. informed gold production from the Trinidad mine in Sinaloa is nearing completion. Mining operations ceased at the end of March, and most of the crushing plant has been moved to another project in Nicaragua. The company has been unsuccessful in receiving any proceeds from the claim due to the damages sustained at La Trinidad from Hurricane Willa in October 2018, and legal actions have commenced against the insurer provider and their reinsurers. “Discussions are underway with the mining contractor for La Trinidad and the Mexican government regarding significant payables still outstanding at our Mexican subsidiary that holds La Trinidad”. Mako believes that the company has properly structured its Mexican subsidiary in a way that these liabilities do not extend outside of Mexico, whereby any proceeds from the sale of the equipment, or success in the insurance litigation, will be for the benefit of Mako. Discussions are proceeding with the mining contractor with the goal of reaching a mutually acceptable settlement. Finally, all other assets held in Mexico are to be sold or liquidated on due course (Note of editor.- From the outside, and with no further information other than what’s on the press release, the remarks on the isolation of the parent company from any litigation while leaving the country with debts outstanding are the kind of practices that make foreign companies easy targets for interest groups on any country. In short, please do not do that).
  • Chesapeake Gold Corp. has exercised an option to re-purchase a one percent (1.0%) net smelter returns royalty (NSR) on its Metates Au-Ag-Zn project, Durango. The NSR was purchased from Wheaton Precious Metals Co., a subsidiary of Wheaton Precious Metals Corp. for US$9.0 M.

ON SOCIAL RESPONSIBILITY

  • Argonaut Gold Inc. engaged in multiple community projects during the second quarter of 2019. Received the nationally awarded Environmental Socially Responsible Company recognition at the El Castillo Complex for the seventh consecutive year, and held an opening ceremony of a new plant nursery at San Agustin (also in Durango). At La Colorada (Sonora), San Juan del Rio (Durango) and San Antonio (Baja California Sur) hosted a Children’s Day celebration. At La Colorada (Sonora) assisted, in collaboration with the State of Sonora Secretariat of Education and Culture, with the rehabilitation of educational facilities and donated computers, as well as hosted a women’s community workshop in La Colorada. Finally, hosted a health and wellness community workshop in La Paz, Baja California Sur.

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: quartz veinlets and quartz filed breccia in metamorphic rocks of a project in Oaxaca. Picture by Jorge Cirett

IMG_1363 - copia

Advance Gold Begins Geophysical Survey at Tabasquena Project to Delineate Deeper Targets Below The Zone of Widespread Gold and Silver Mineralization in its Epithermal Vein System

190806_advance_geophysics

Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that a 3D Induced Polarization (IP) geophysical survey on its Tabasquena project in Zacatecas, Mexico is underway. This geophysical survey is designed to complement and enhance the 3D model derived from the recent drilling which confirmed a widespread gold and silver mineralized epithermal vein system.

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

Cervantite crystals in jasperoids

By Miguel A Heredia

During the thirty one week of the year (July 29th to August 4th, 2019), at least 37 press releases were announced by companies working in Mexico, with twelve communicating production results, nine disclosing deals and corporate issues, six announcing financial rounds, five reporting on resources and development of their projects, two informing on exploration results, and one commenting on Mexican issues.   ON MEXICO ISSUES, Mexican president, Andres Manuel Lopez Obrador, declared that the mining sector will face several legislative and state government proposals to tighten environmental restrictions and raise taxes.   ON EXPLORATION, In Jalisco, GoGold released drilling results from four new holes at its Los Ricos project, and Silver Spruce confirmed high grade Au mineralization at its Cocula project. ON MINING, Alamos Gold, Americas Silver, Azure, Capstone, Consolidated Zinc, Excellon, Fresnillo, Leagold, McEwen, Newmont Goldcorp, Santacruz, and Starcore reported production and financial results from their Mexican mining operations. ON FINANCING, Avino, Chesapeake, Great Panther, Millrock, Sonoro and VVC announced financial rounds. ON RESOURCES AND DEVELOPMENT, Capstone provided an update on the development of its one-way ramp system at Cozamin mine in Zacatecas, to increase Cu output by the end of 2020. It also initiated a large in-fill drilling program to reserve conversion. Goldplay announced drilling results from the first hole drilled at the Faisanes target, adjacent to the western edge of its San Marcial NI43-101 resource in Sinaloa.  Pan American Silver announced results from the exploration drilling completed over the past three months at its La Colorada mine in Zacatecas. Silver Bull provided results from five new holes drilled to test possible extensions at depth to the main deposit at its Sierra Mojada project in Coahuila. Sonoro filed a technical report on its Cerro Caliche project in Sonora, to present an estimate of mineral resources. SSR Mining commented that is reviewing drill programs and engineering studies to identify additional zones and continuity of high-grade mineral resources at its Pitarrilla project in Durango. ON DEALS AND CORPORATE ISSUES, Starcore entered into an agreement covering the sale of its processing facility in Matehuala, San Luis Potosi. Aztec Minerals completed the terms of its earn-in and exercised its option to acquire 65% interest in the Cervantes project in Sonora.   Bacanora Lithium provided an update on the strategic investment by Ganfeng Lithium (Sonora Lithium project, Sonora).  Discovery Metals completed the acquisition of Levon Resources (Cordero project, Chihuahua).  One World Lithium announced the engagement of Montgomery and Associate to assist them as consultant on its Salar del Diablo project in Baja California Norte. Sierra Metals announced management changes (Bolivar mine, Chihuahua). Gold Resource declared July monthly dividend to its shareholders (El Aguila mine, Oaxaca). Peñoles stock sinked more than 10% in the Mexican Stock Exchange.

 ON MEXICO ISSUES

  • Mexican president Andres Manuel Lopez Obrador, declared that the mining sector will face several legislative and state government proposals to tighten environmental restrictions, raise taxes, regularize rights payments and give greater voice and vote to communities where companies have or intend to establish extraction projects. Fernando Alanis Ortega, president of CAMIMEX and general director of Industrias Peñoles commented that “there have been complicated initiatives that show a deep ignorance of what our sector is. It is important to have more executive work within the legislature to have a better coordination in the initiatives”.

ON EXPLORATION

  • GoGold Resources Inc., released drilling results of new four holes from the ongoing drilling program at its Los Ricos project in Jalisco. To date, 41 holes have been drilled for a total of 5,522m. Significant intersections were encountered in hole LRGG-19-18 (the deepest hole to intersect Los Ricos vein to date) with 21.4m of 0.81 g/t Au and 170 g/t Ag (3.08 g/t AuEq), including 12.9m of 1.24 g/t Au and 262 g/t Ag (4.74 g/t AuEq), including 7.5m of 1.78 g/t Au and 342 g/t Ag (6.35 g/t AuEq); hole LRGG-19-019 with 4.5m of 1.5 g/t Au and 197 g/t Ag (4.13 g/t AuEq, followed by 2.2m of open stope, to continue with 13.8m of 0.63 g/t Au and 86 g/t Ag (1.78 g/t AuEq), including 4.2m of 1.52 g/t Au and 198 g/t Ag (4.17 g/t AuEq); hole LRGG-19-020 with 14.9m of 1.78 g/t Au and 106 g/t Ag (3.2 g/t AuEq), including 7m of 3.48 g/t Au and 156 g/t Ag (5.55 g/t AuEq); and hole LRGG-19-021 with 7.5m of 0.09 g/t Au and 18 g/t Ag (0.33 g/t AuEq), followed by 6m of open stope, to continue with 15.6m of 1.15 g/t Au and 113 g/t Ag (2.67 g/t AuEq), including 6.5m of 2.38 g/t Au and 236 g/t Ag (5.54 g/t AuEq). GoGold plans to complete 10,000m of drilling at the property.
  • Silver Spruce Resources Inc., received results from a first set of fifteen RC drilling samples and from a second set of eight surface samples and four RC samples for due diligence purposes to confirm grades reported previously by Timmins Gold (now Alio Gold) at the advanced Au Cocula project in Jalisco. Re-assays showed a good correlation with those results reported previously by Timmins.

ON MINING

  • Alamos Gold Inc., presented production and financial results for the period Q2, 2019 from their Mulatos and Chanate mines in Sonora. At its Mulatos mine, the company processed 2,107,590 tonnes of 0.94 g/t Au to produce 36.3K Oz Au and sold 40.12K Oz Au. Sale cost per Oz Au produced was $725 for an AISC of $1,257 per Oz Au. At its Chanate mine (transitioned to residual leaching in October, 2018), Alamos produced 4,400 Oz Au and sold 4,376 Oz Au. Production cost was $1,234 USD per Oz Au for an AISC of $1,257 per Oz Au. The company expects to produce 150K-160K Oz Au at Mulatos mine and over 15K-25K Oz Au at El Chanate during 2019.
  • Americas Silver Corporation, announced Q2, 2019 production and operating cost results from its Cosala mine operation in Sinaloa. It processed 156,998 tonnes of 49 g/t Ag to produce 145.4K Oz Ag, 11.15M Lb Zn, and 4M Lb Pb (1.3M Oz AgEq), at a cash cost of $18.27 per Oz Ag and AISC of 11.66 per Oz Ag.
  • Azure Minerals Limited, reported that during Q2, 2019 over 1,200 tonnes of ore have been mined and stockpiled from its Oposura project in Sonora, with an estimated grade to be between 10-15% combined Zn+Pb. Ore will be processed under a toll treatment agreement through the nearby San Javier sulphide flotation processing facility. Ore transport will start in August and processing is expected to start in September.
  • Capstone Mining Corp., released production and financial results for the period Q2, 2019 from its Cozamine mine in Zacatecas. Capstone milled 284K tonnes of 1.48% Cu, 0.96% Zn, and 45 g/ton Ag to produce 8.72M Lb Cu, 3.84M Lb Zn, and 323K Oz Ag. Metallurgical recoveries were 94.1% for Cu, 64.2% for Zn, and 77.3% for Ag. Site operating cost was $47.71 per tonne milled, with cash cost of $1.06 per Lb Cu produced. The company reported revenue of $24.3M for an EBITDA of $9.3M.
  • Consolidated Zinc Limited, reported Q2, 2019 production and financial results from its Plomosas mine in Chihuahua. It mined 15,881 tonnes of 14.8% Zn, 6.7% Pb, and 35 g/t Ag, and processed 10,273 tonnes of 13.2% Zn, 4.7% Pb, and 35 g/t Ag, for a total of 3M Lb Zn, 1M Lb Pb, and 11.6K Oz Ag contained. From this total metal contained, only 1.3M Lb Zn, 334K Lb Pb, and 4KOz Ag was sold with cash cost of $0.78 per Lb Zn produced. 742 tonnes of Zn concentrate and 246 tonnes of Pb concentrate were stockpiled and will be available for sale at June 30, 2019.
  • Excellon Resources Inc., presented Q2 and H1, 2019 production and financial results from its La Platosa mine in Durango. It processed 19,964 tonnes of 514 g/t Ag, 5% Pb, and 7.4% Zn during Q2, 2019 for a total of 38,183 tonnes of 523 g/t Ag, 5% Pb, and 7.7% Zn in H1, 2019. Total production in Q2, 2019 was 276.8K Oz Ag, 1.8M Lb Pb, and 2.8M Lb Zn (583K Oz AgEq), for a total of 537.2 Oz Ag, 3.14M Lb Pb, and 4.5M Lb Zn (1M Oz AgEq) during the period H1, 2019. Excellon reported a production cost of $304 and $204 per tonne for Q2 and H1, 2019 respectively. Cash cost per Oz Ag produced was $9.18 and 10.06 for the periods Q2 and H1, 2019 respectively, with an AISC per Oz Ag payable of $16.89 and $19.82 respectively. The company had revenues for $8.67M and $13.85M for the periods Q2 and H1, 2019 respectively.
  • Fresnillo plc., announced consolidated production and financial results for the period H1, 2019 from their Mexican operations. Fresnillo produced 27.56M Oz Ag (including a Ag stream production of 1,548 Oz Ag), 432.4K Oz Au, 56.4M Lb Pb, and 95M Lb Zn. Adjusted revenue of USD $1,069M were reported with an EBITDA of USD $307.9M for a total profit for the period of USD$ 70.9M. The company also presented production results by mine for H1, 2019. At Fresnillo mine, Zacatecas, 1,194,199 tonnes were processed with grades of 187 g/t Ag, 0.86 g/t Au, 0.85% Pb, and 1.5% Zn for a total of 6.4M Oz Ag, 25K Oz Au, 19.6M Lb Pb, and 26.8M Lb Zn. At Saucito mine, Zacatecas, Fresnillo processed 1,327,673 tonnes of 243 g/t Ag, 1.14 g/t Au, 0.9%Pb, and 1.6% Zn to produce 8.8M Oz Ag, 36.7K Oz Au, 23.4M Lb Pb, and 33.7M Lb Zn. At its Pyrites Plant, it processed 87K tonnes of 305 g/t Ag and 2.31 g/t Au to produce 638K Oz Ag and 2,315 Oz Au. At Cienega mine in Durango, the company processed 650,107 tonnes of 1.55 g/t Au, 163 g/t Ag, 0.6% Pb, and 1% Zn to produce 29.7K Oz Au, 2.9M Oz Ag, 5.2M Lb Pb, and 8.6M Lb Zn. At the San Julian mine in Chihuahua-Durango border, Fresnillo processed 661,680 tonnes of 1.74 g/t Au and 120 g/t Ag from San Julian Veins to produce 35.3K Oz Au and 2.3M Oz Ag, while 1,107,875 tonnes were processed from the San Julian Disseminated Ore Body with grades of 0.08 g/t Au, 137 g/t Ag, 0.4% Pb, and 1.4% Zn, to produce 1,143 Oz Au, 4.2M Oz Ag, 8.1M Lb Pb, and 25.9M Lb Zn. Total production at San Julian was 36.4K Oz Au and 6.5M Oz Ag. At its Noche Buena mine in Sonora, the company processed 6,575,328 tonnes of 0.53 g/t Au and 0.2 g/t Ag to produce 65.4K Oz Au and 29K Oz Ag.
  • Leagold Mining Corporation, reported production and financial results from its Los Filos mine in Guerrero for the period Q2, 2019. Leagold reported Au production and sales for 44.9K Oz Au and 47K Oz Au respectively, at a cash cost of USD $853 per Oz Au sold and AISC of USD $978 per Oz Au sold for an associated revenue of USD $59.9M. Au production and sales were 108.9K Oz Au and 112.9K Oz Au respectively for the period H1, 2019, for revenue of USD $144.1M and AISC of USD $846 per Oz Au sold.
  • McEwen Mining Inc., announced production and financial results from its El Gallo mine in Sinaloa for the period Q2, 2019. The company produced 5.4K GEOs (Au Eq ounces) at cash cost of USD $967 per Oz Au and AISC of USD $989 per Oz Au produced. Total production in H1, 2019 reached 23K GEOs at cash cost of USD $724 per Oz Au and AISC of USD $776 per Oz Au produced.
  • Newmont Goldcorp Corporation, announced Q2, 2019 production and financial results from its Peñasquito mine in Zacatecas. It produced 165K GEOs, 245M Lb Zn, 180M Lb Pb, and 25M Oz Ag at cash cost of USD $820 per Oz Au and AISC of USD $1,095 per Oz Au produced.
  • Santacruz Silver Mining Ltd., presented Q2, 2019 production results from their Veta Grande mine in Zacatecas and El Rosario mine in San Luis Potosi. At Veta Grande mine, Zacatecas, it processed 37,156 tonnes of 101 g/t Ag, 0.21 g/t Au, 1.1% Pb, and 2.1% Zn, to produce 73K Oz Ag, 138 Oz Au, 826.5K Lb Pb, and 1.36M Lb Zn for a total of 240.2K Oz AgEq. At El Rosario mine in San Luis Potosi, the company processed 20,789 tonnes of 74 g/t Ag, 0.28 g/t Au, 0.4% Pb, and 2.1% Zn to produce 46.1K Oz Ag, 116 Oz Au, 194.9K Lb Pb, and 844.5K Lb Zn for a total of 133.1K Oz AgEq.
  • Starcore International Mines Ltd., reported year end dated April, 30, 2019 production and financial results from its San Martin mine in Queretaro. Starcore milled 301.9K tonnes with grades of 1.63 g/t Au and 86 g/t Ag with metallurgical recoveries of 86.2% and 58.4% respectively, to produce 13.7K Oz Au and 224.5K Oz Ag at an operating cost of USD $58 per tonne and USD $1,081 per Oz Au produced. Total revenues of CAD $32.8M were obtained, including CAD $5.7M of purchased concentrate processing revenue.

ON FINANCING

  • Avino Silver & Gold Mines Ltd., closed a bought deal financing for aggregate gross proceeds of CAD $6M. Net proceeds will be used to advance the exploration and development of its Avino mine in Durango.
  • Chesapeake Gold Corp., announced that it entered in a bought deal private placement financing for gross proceeds of $12M. In addition, Chesapeake also entered into a non-brokered private placement for gross proceeds of $3M (Metates project, Durango).
  • Great Panther Mining Limited, entered in a bought deal financing agreement for gross proceeds of approximately $15M. In addition, Great Panther granted an over-allotment option for gross proceeds of $2.25M (Topia mine, Durango).
  • Millrock Resources Inc., closed the first tranche of a non-brokered private placement for gross proceeds of $1M (Guadalcazar project, San Luis Potosi).
  • Sonoro Metals Corp., completed a non-brokered private placement for gross proceeds of $750K (Cerro Caliche project, Sonora).
  • VVC Exploration Corporation, announced a non-brokered private placement to intend to raise up to CAD $2.5M. Proceeds will be used to pay for exploration and development of its Samalayuca project in Chihuahua, land use permits and associated costs, metallurgical bench testing of copper mineralization, and proposed pilot mining investigation and evaluation process.

 ON RESOURCES AND DEVELOPMENT

  • Capstone Mining Corp., announced that the development of the one-way ramp system is on schedule for completion by the end of 2020, which is expected to increase copper output by 30% to between 40 to 45M Lb per annum. In addition, Cozamin initiated a large in-fill definition drilling program during the quarter that will target resource to reserve conversion to support a doubling of Cozamin’s mine life.
  • Goldplay Exploration Ltd., reported results from the first hole drilled at the Faisanes target, immediately adjacent to the western edge of its San Marcial NI43-101 resource in Sinaloa. Hole SM-19-01 intersected 1m of 204.6 g/t Au and defined a new Au mineralized zone close to surface. Goldplay is actively focused on surface and drilling exploration along the 600 m long Faisanes zone.
  • Pan American Silver Corp., provided results from the exploration drilling completed over the last three months at its la Colorada mine in Zacatecas. The drilling program covered an area of 600m by 300m and delineated skarn/manto zones that are still open laterally and at depth. Four drill rigs operating underground and three drill rigs on surface have completed 11,300m of infill and step-out drilling in the last three months, bringing the total meters drilled to date to 31,000m. Significant drill intersections were encountered in hole U-51-19 with 109 g/t Ag, 0.38% Cu, 1.7% Pb, and 3.8 % Zn over 114m, including 158g/t Ag, 0.59%Cu, 2.6% Pb, and 5% Zn over 58.2m ; hole  U-46-19 with 55 g/t Ag, 0.22% Cu, 3.8% Pb, and 6.6% Zn over 126m, including 74 g/t Ag, 0.44% Cu, 5.4% Pb, and 10.3% Zn over 32.9m; hole U-42-19 with 40 g/t Ag, 0.17% Cu, 1.2% Pb, and 2.8% Zn over 214.2m, including 75 g/t Ag, 0.33% Cu, 3.4% Pb, and 3.5% Zn over 38.3m; hole U-37-19 with 28 g/t Ag, 0.11% Cu, 1.9% Pb, and 3.9% Zn over 45.8m, including 36 g/t Ag, 0.08% Cu, 3.2% Pb, and 3.7% Zn over 18.1m; hole U-35-19 with 41 g/t Ag, 0.3% Cu, 0.9% Pb, and 4% Zn over 82.6m; hole U-29-19 with 67 g/t Ag, 0.23% Cu, 1.5% Pb, and 4.5% Zn over 18.8m; hole U-22.19 with 42 g/t Ag, 0.05% Cu, 0.8% Pb, and 3.9% Zn over 104.7m and 64 g/t Ag, 0.28% Cu, 2% Pb, and 5.8% Zn over 15.1m. Pan American plans to complete 50,000m of drilling and review 12,000 km magnetotellurics geophysics survey to better define the skarn footprint limits.
  • Silver Bull Resources Inc., provided results from five holes drilled to test possible extensions at depth of its Sierra Mojada deposit in Coahuila. Significant intersections were encountered in hole B19005 with 9% Zn, 2.1% Pb, and 16 g/t Ag over 13.25m of massive sulphide mineralization, including 11.9% Zn, 2.8% Pb, and 24 g/t Ag over 5.85m: hole B19004 with 8.1%Zn, 1.8% Pb, and 27 g/t Ag over 46.23m, including 8.1% Zn, 1.8% Pb, and 27 g/t Ag over 0.87m: hole B19006 with 7.2% Zn, 1.2% Pb, 195 g/t Ag, and 0.13% Cu over 0.85m. These drill holes are part of an 8,000m surface drilling program to test extensions of the main deposit at Sierra Mojada, Coahuila.
  • Sonoro Metals Corp., filed a NI43-101 technical report on its Cerro Caliche project in Sonora in which reported inferred resources of 11,470,000 tonnes of 0.49 g/t Au and 4 g/t Ag (or 0.55 g/t AuEq) to contain a total of 183K Oz Au and 1.6M Oz Ag (or 201K Oz AuEq). “The estimate of mineral resources is based on a total of 21,091 meters of RC drilling in 200 holes. Of these, 10,328m in 96 holes were drilled by Sonoro, plus 7,725m in 86 holes were drilled by Corex Gold and 3,038m in 18 holes were drilled by Paget Southern, both previous operators of the Cerro Caliche project”.
  • SSR Mining Inc, informed that is reviewing drill programs and engineering studies to identify additional zones and continuity of high-grade mineral resources at its Pitarrilla project in Durango. It is also evaluating contractors to extend the existing underground access and drill these areas.

 ON DEALS AND CORPORATE ISSUES

  • Starcore International Mines Ltd., entered in an agreement to cover the sale of its subsidiary Altiplano Goldsilver SA de CV, which owns the processing facility in Matehuala, San Luis Potosi. Terms of the transaction includes a deposit of USD $0.5M; a payment of USD $0.5M on August 31, 2019; a payment of USD $200K on November 30, 2019; a payment of USD $200K on February 28, 2020; and a final payment of USD $200K on May 31, 2020. In addition, Starcore informed that reduced its staff by 125 people at its San Martin mine in Queretaro. It will incur in severance cost of USD $600K related to the staff reduction.
  • Aztec Minerals Corp., completed the terms of its ear-in and exercised its option to acquire 65% interest in the Cervantes project in Sonora from Kootenay Silver Inc. Both companies expect to finalize the terms of the JV agreement shortly and form a management committee to review the exploration results to date and approve the next exploration program and budget at Cervantes.
  • Bacanora Lithium plc., provided an updated on the strategic investment by Ganfeng Lithium (GFL) to participate at the Sonora Lithium operation. GFL will acquire 29.99% of Bacanora, and 22.5% of the Sonora Lithium project in Sonora.
  • Discovery Metals Corp., completed the acquisition of Levon Resources Ltd. Based on the agreement, the shareholders of Levon received 0.55% of a common share of Discovery. “Effective on the closing of the Arrangement, there were approximately 168M Discovery shares issued and outstanding (including the conversion of the Subscription Receipts, as described below, and the issuance of 64,412,929 Discovery Shares issued to Levon shareholders pursuant to the Arrangement), and Discovery’s market capitalization is approximately $66M, based on Discovery’s closing price on the TSX Venture Exchange on August 1, 2019”.
  • One World Lithium Inc., announced the engagement of Montgomery and Associates to consult with the company on its exploration program at its Salar del Diablo project in Baja California Norte.
  • Sierra Metals Inc., announced management changes after the departure of its COO (Bolivar mine, Chihuahua).
  • Torex Gold Resources Inc., amended and restated a USD $400M debt facility with bank institutions.  This debt facility is comprised of USD $185M term loan, and USD $150M revolving loan facility. All conditions precedent to the initial advance under the debt have been satisfied as of July 30, 2019, and at that date, the full amount of the term facility and USD $100M of the revolving facility is outstanding ( El Limon-Guajes Mining Complex, Guerrero).
  • Gold Resource Corporation, declared July monthly dividend of 1/6 of a cent per common share to its shareholders (El Aguila mine, Oaxaca).
  • Industrias Peñoles SA de CV, informed that its stock plummeted 58 % in the Mexican Stock Exchange after reporting losses in Q2, 2019 due to the fall of metal prices and production cost increase. The company’s operating flow collapsed 58.4% in said period 2019 against the same period of 2018. Metal operations showed a decrease in volumes: Pb production fell 13.8%, Au 8.8 %, and Ag 4.5%. The exception was Zn, where production grew 15.1%.

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, cervantite crystals after stibnite in jasperoids in a prospect in Durango, Mexico.  Photo by Miguel A Heredia.

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

Boiling texture in a quartz chalcedonic vein

By Miguel A Heredia

During the twenty seven week of the year (July 15th to July 7th, 2019), at least 27 press releases were announced by companies working in Mexico, with ten communicating production results, seven disclosing deals and corporate issues, six announcing financial rounds, two reporting on resources and development of their projects,  and two informing on exploration results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Chihuahua, Silver Spruce secured drill pads to commence phase 1 drill program at its Pino de Plata project. In Oaxaca, Megastar identified multiple targets at its Yautepec property. ON MINING, Avino, Consolidated Zinc, First Majestic, Fortuna Silver, Fresnillo, Gold Resource, Hecla, McEwen, Premier, and Sierra Metals reported Q2, 2019 production results from their Mexican operations. ON FINANCING, Americas Silver announced a non-brokered private placement for gross proceeds of approximately US$10M (Cosala, Sinaloa). It also announced the termination of the agreement with Premier Gold on the San Felipe project in Sonora for total sales proceeds of US$10.8M. Discovery Metals announced its intentions to complete a non-brokered private placement to rise gross proceeds of $9M (Puerto Rico project, Coahuila). Golden Minerals entered in definitive agreements to rise gross proceeds of $2.25M (Santa Maria project, Chihuahua). Mexican Gold closed a non-brokered private placement for gross proceeds of $4M (Las Minas project, Veracruz). Orla Mining rised $3.6M through early warrant exercise incentive program (Camino Rojo project, Zacatecas). Silver Spruce received a final payment of $150K for the sale of its Kay Mine project to Croesus. Silver Spruce received and accepted an unsolicited cash investment offer of USD $250K (Pino de Plata project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Endeavour acquired two mineral properties adjacent to its Guanacevi mine in Durango. SilverCrest received the operating permit from SEMARNAT for the development of its Las Chispas project in Sonora. ON DEALS AND CORPORATE ISSUES, Silver Spruce announced the acquisition of the Cocula advanced Au project in Jalisco. Excellon, Great Panther, Mexican Gold, and Prize announced management changes.  Mexican Gold, Prize, and Minera Alamos granted stock options to Directors, Officers, Employees, and Consultants.

 ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., secured drill pads to commence phase 1 drill program at its Pino de Plata project in Chihuahua. The surface landowners have granted surface access and signed the drill permit application.
  • Megastar Development Corp., identified multiple targets at its Yautepec property in Oaxaca. The property lies within the known Oaxaca Au-Ag epithermal trend that hosts the San Jose Mine owns by Fortuna Silver, and the Arista-Switchback mine owned by Gold Resource. Results from the first 146 rock-chip samples were received. Significant results are: 6 samples with > 10 ppm Ag (maximum value of 62 ppm Ag); 9 samples with > 100 ppb Au (maximum value of 0.86 ppm Au);   5 samples with > 100 ppm Cu (maximum value of 639 ppm Cu); 6 samples with > 100 ppm Pb (maximum value of 863 ppm Pb); 10 samples with > 100 ppm Zn (maximum value of 215 ppm Zn; 8 samples with > 100 ppm Mo (maximum value of 648 ppm Mo); 12 samples with > 1,000 ppm As (maximum value of 6,290 ppm As); 9 samples with > 1,000 ppm Ba (maximum value of 4,590 ppm Ba); and 12 samples with > 1 ppm Hg (maximum value of 7.8 ppm Hg). These anomalous values are from quartz veins, silicified breccias and siliceous sinter deposits in multiple areas along a north-northwest striking 8.4km trend of prospective rocks that trace a volcanic caldera margin. An additional 175 rock-chip samples have been submitted to the lab and results will be announced in subsequent new releases.

ON MINING

  • Avino Silver & Gold Mines Ltd., reported Q2, 2019 consolidated production results from its Avino mine operation in Durango. It processed 200,873 tonnes of 57 g/t Ag, 0.41 g/t Au, and 0.38%Cu to produce 246K Oz Ag, 1,609 Oz Au, and 1.14M Lb Cu. Metallurgical recoveries were 69%, 61% and 63% for Ag, Au, and Cu respectively.
  • Consolidated Zinc Limited, reported June 2019 production results from its Plomosas mine in Chihuahua. It mined 5,099 tonnes of 17.5% Zn, 11.2% Pb, and 62 g/t Ag for a total of 2M Lb Zn, 1.3M Lb Pb, and 10.2K Oz Ag contained. From this tonnage, only 2,409 tonnes were processed but additional stockpiles of 6,599 tonnes remain in mine site awaiting be delivered to the Aldama plant.
  • First Majestic Silver Corp., announced Q2, 2019 production results from their Mexican operations. The below table shows the mine by mine production results:

 

  • Fortuna Silver Mines Inc., released Q2, 2019 production results from its San Jose mine in Oaxaca. Fortuna processed 271,016 tonnes of 273 g/t Ag and 1.68 g/t Au to produce 2.2M Oz Ag and 13.2K Oz Au, with metallurgical recoveries of 90.76% and 90.23% respectively.
  • Fresnillo plc., reported Q2, 2019 consolidated production results from their Mexican operations. The company produced 14.42M Oz Ag (including Silverstream), 221.3K Oz Au, 29.2M Lb Pb, and 46.3M Lb Zn. The production results by mine are as follow: At the Fresnillo mine in Zacatecas, 618,852 tonnes with grades of 192 g/t Ag, 0.9 g/t Au, 1% Pb, and 1.6% Zn were processed to produce 3.5M Oz Ag, 13.5K Oz Au, 11.7M Lb Pb, and 15M Lb Zn. At the Saucito mine in Zacatecas, 662,023 tonnes were processed with grades of 242 g/t Ag, 1.15 g/t Au, 0.8% Pb, and 1.3% Zn to produce 4.5M Oz Ag, 18K Oz Au, 10.2M Lb Pb, and 13.31M Lb Zn. At the Piritas Plant in Zacatecas, 39,159 tonnes were processed with grades of 352 g/t Ag and 2.57g/t Au to produce 333K Oz Ag and 1,215 Oz Au. At the La Cienega mine in Durango, the company processed 329,117 tonnes with grades of 1.57 g/t Au, 162 g/t Ag, 0.6% Pb, and 1.1% Zn to produce 15K Oz Au, 1.5M Oz Ag, 3M Lb Pb, and 4.8M Lb Zn. At the San Julian mine in Chihuahua-Durango border, Fresnillo processed 338,797 tonnes of 1.71 g/t Au and 124 g/t Ag from San Julian Veins to produce 17.7K Oz Au and 1.2M Oz Ag, while 562,534 tonnes were processed from the San Julian Disseminated Ore Body with grades of 0.08 g/t Au, 149 g/t Ag, 0.4% Pb, and 1.4% Zn, to produce 636 Oz Au, 2.3M Oz Ag, 4.2M Lb Pb, and 13.3M Lb Zn. Total production at San Julian was 18.3K Oz Au and 3.6M Oz Ag. At its Herradura mine in Sonora, the company processed 5,466,791 tonnes of 0.84 g/t Au and 2.5 g/t Ag to produce 120K Oz Au and 280K Oz Ag. At the Noche Buena mine in Sonora, Fresnillo processed 3,663,549 tonnes of 0.56 g/t Au and 0.22 g/t Ag,  to produce 35.3K Oz Au and 17K Oz Ag.
  • Gold Resource Corporation, released production results from its Oaxaca Mining Unit for the period Q2, 2019. It produced 7,881 Oz Au, 466.5K Oz Ag, 1.1M Lb Cu, 5.2M Lb Pb, and 13.6M Lb Zn.
  • Hecla Mining Company, reported Q2, 2019 production results from its San Sebastian mine in Durango. The company produced 0.5M Oz Ag and 3,547 Oz Au.
  • McEwen Mining Inc., announced that 5,340 Oz Au were produced at its El Gallo mine in Sinaloa during the period Q2, 2019.
  • Premier Gold Mines Limited, reported that a total of 15.5K Oz Au and 56.5K Oz Ag were produced from its Mercedes mine in Sonora during Q2, 2019.
  • Sierra Metals Inc., released Q2, 2019 production results from their Mexican operations. At Its Bolivar mine in Chihuahua, Sierra Metals processed 326,208 tonnes of 0.86% Cu, 18 g/t Ag, and 0.24 g/t Au to produce 5.2M Lb Cu, 152K Oz Ag, and 1,586 Oz Au. At its Cusi mine in Chihuahua, the company processed 82,117 tonnes of 1|45 g/t Ag, 0.15 g/t Au, and 0.1% Pb to produce 283K Oz Ag, 146 Oz Au, and 154K Lb Pb.

ON FINANCING

  • Americas Silver Corporation, announced that Eric Sprott has agreed to purchase common shares of the company for a total investment of approximately US$10M in a non-brokered private placement (Cosala, Sinaloa). It also announced the termination of the agreement with Premier Gold on the San Felipe project in Sonora for total sales proceeds of US$10.8M.
  • Discovery Metals Corp., announced its intentions to complete a non brokered private placement to raise gross proceeds of $9M, of which Eric Sprott has agreed to purchase 19.9% of the company by investing $7.7M. Discovery plans to acquire all the issued and outstanding common shares of Levon Resources Ltd., as announced in a news release dated May 30, 2019. Gross proceeds will be used to continue exploration at Cordero, Chihuahua, following the acquisition of Levon, and at the Coahuila projects (Puerto Rico, Minerva, and Monclova).
  • Golden Minerals Company, entered in definitive agreements with institutional investors for an offering of shares of common stock with gross proceeds of $2.25M (Santa Maria project, Chihuahua).
  • Mexican Gold Corp., closed a non-brokered private placement for gross proceeds of $4M. Net proceeds will be used for exploration and advancement of its Las Minas project in Veracruz.
  • Orla Mining Ltd., rised $3.6M through an early warrant exercise incentive program rised $3.6M. Net proceeds will be used to continue regional exploration and allow greater flexibility prior to construction of its Camino Rojo Oxide project in Zacatecas.
  • Silver Spruce Resources Inc., received a final payment of $150K for Croesus Gold Corp., for the sale of its Kay Mine project. Some of the net proceeds will be used to fund the due diligence program at its advanced Cocula gold project in Jalisco. The company also received and accepted an unsolicited cash investment offer of USD $250K to purchase 5% interest of Silver Spruce Resources de Mexico SA de CV, the Mexican subsidiary of Silver Spruce, and 5% interest in the mining titles for each of the four mining concession that comprise its Pino de Plata project in Chihuahua. The offer was done before the commencement of the phase 1 drill program.

ON RESOURCES AND DEVELOPMENT

  •  Endeavour Silver Corp., acquired a 10 years rights to explore and exploit two mineral properties adjacent to its Guanacevi mine in Durango from a subsidiary of Minera Frisco SAB de CV. The El Porvenir property of 15 Ha covers the up dip extension of the El Porvenir Norte orebody, and The El Curso property of 40 Ha that covers any possible northwest extension of the El Porvenir Cuatro orebody, which was the highest grade mine in the district. Endeavour agreed to meet certain minimum production targets from the properties and pay Frisco a fixed per tonne production payment plus a floating NSR based on the spot Ag price.
  • SilverCrest Metals Inc., received from SEMARNAT the approval of the MIA or operating permit for the development of its Las Chispas project in Sonora. The receipt of the MIA provides the company to construct a 3,000 tonnes per day underground mine and a conventional processing facility with subsequent dry stack tailings and underground backfill for Las Chispas. The MIA remains in good standing for 14 years until July 17, 2033.

 ON DEALS AND CORPORATE ISSUES

  • Silver Spruce Resources Inc., acquired 100% interest in the Cocula advanced Au project in Jalisco from Prospeccion y Desarrollo Minero del Norte SA de CV (ProDeMin), which in turn, has an option agreement from the owners to acquire 100% interest in the Cocula project. Terms of the acquisition include a USD$160K due within two years of assumption of the ProDeMin contract; USD$330K due within year three; and USD$2.5M due within year four. ProDeMin has to negotiate with the owners to delay payments and to accept cash and company shares as payment. The owners also have retained a 2% NSR which is capped at USD$1.5M and of which 1% can be purchased for USD$500K. Minimum work expenditure include USD$250K in the first two years and USD$500K within the following two years. Silver Spruce has also agreed to reimburse ProDeMin USD$125K over two years for its previous option payments made to the owners, upon completion of the Company’s financing requirements, and to issue 3M of the Company’s common shares to ProDeMin over four years.
  • Excellon Resources Inc., announced the appointment of its CFO and VP Corporate Development (La Platosa, Durango).
  • Great Panther Mining Limited, announced the appointment of the Chair of the Board of Directors of the company (Topia mine, Durango).
  • Mexican Gold Corp., announced the resignation of its COO and one Director, and the appointment of a new member to its Board of Directors. The company also granted stock options to Directors, Officers, and Consultants of the company (Las Minas, Veracruz).
  • Prize Mining Corporation appointed as new Director to the Board of the company. It also granted stock options to Directors, Officers, Employees, and Consultants of the company (Manto Negro project, Coahuila).
  • Minera Alamos Inc., granted stock options to Managements, Directors, Employees, and Consultants of the company (Santana project, Sonora).

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, boiling texture in a low-sulphidation epithermal chalcedonic quartz vein in a prospect in Durango, Mexico.  Photo by Miguel A Heredia.

One World Lithium Announces Initial Drilling Results and Future Drilling Program

One World Lithium_11072019_nr

VANCOUVER, BC – July 11, 2019 – One World Lithium Inc. (OTCQB -OWRDF) (CSE-OWLI) (the “Company” or “OWL”) announces it has received drilling results from JehCorp Inc., the operator. The results from the initial five holes did not drill deep enough to test the geophysical, geochemical, and geological targets as previously disclosed. In summary, the planned target depths for drill holes 1,3,6,9, & 11 totalled 1,700 meters (5,600 feet) where the actual total depths reached were 690 meters (2,260 feet) from the Company’s Salar del Diablo Property located in the State of California Baja Norte, Mexico.

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

 

Quartz blade texture

By Miguel A Heredia

During the twenty three week of the year (June 17th to June 23th, 2019), at least 33 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, seven announcing financial rounds, six reporting on resources and development of their projects, and three informing on exploration results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Baja California Norte, One World Lithium reported completion of holes 2019-01 and 2019-03 at its Salar del Diablo project, and reported results from the ongoing drilling program. In Durango, Gainey announced its plan to conduct a drilling program at its Las Margaritas project, with an initial phase of 16 drill holes for a total of approximately 2,190m.  ON MINING, no relevant news. ON FINANCING, Prize closed the second and final tranche of its non-brokered private placement for gross proceeds of $195K (Manto Negro project, Coahuila). Sonoro proposed to undertake a non-brokered private placement financing for gross proceeds of up to $750K (Cerro Caliche project, Sonora). Advanced Gold proposed to undertake a non-brokered private placement for gross proceeds of a minimum of $150K (Tabasquena project, Zacatecas). Goldplay announced that it will be undertaken a non-brokered private placement for gross proceeds of up to $1.1M, and increase it to $1,376,250 (San Marcial project, Sinaloa). Impact Silver announced a non-brokered private placement for gross proceeds of up to $1M (Zacualpan mine, State of Mexico). Discovery Metals announced it has applied to the TSX to extend the term of 31,237,000 outstanding common share purchase warrants (Puerto Rico project, Coahuila). Azure secured financing for A$ 2M via a convertible note (Oposura project, Sonora). ON RESOURCES AND DEVELOPMENT, Endeavour received final tailings permit for its Terronera mine in Jalisco. GoGold announced that it is moving forward with the installation of a sulfidation acidification, re-neutralization, and thickening (SART) plant at its Parral tailings re-processing facility in Chihuahua.  Azure provided an update of the mining and processing operation planned for its Oposura project in Sonora.  Torex announced maiden mineral reserves for its El Limón Deep Zone at its El Limón-Guajes Mining Complex in Guerrero. Telson released significant channel samples results from underground development at its Tahuehueto mine in Durango.  Silver Bull announced the extension at depth of its Sierra Mojada deposit in Coahuila. ON DEALS AND CORPORATE ISSUES, Newmont Goldcorp announced that it is ramping up operations at its Peñasquito mine in Zacatecas. Evrim and Harvest Gold extended their JV agreement on Cerro Cascaron project in Chihuahua. Sierra Metals and Fortuna Silver announced results from their annual general meeting of shareholders (Cusi mine, Chihuahua, and San Jose mine, Oaxaca respectively). Premier Gold and Azure announced that their annual general meeting of shareholders will be held on July 25 and on June 19, 2019 respectively.  Excellon, GoGold, Mexican Gold, and Minaurum announced management changes. Oroco engaged San Diego Torrey Hills to provide market awareness and investor relations services to the company (Santo Tomas project, Sinaloa). Telson announced that it will provide a company update in a conference to be held in New Jersey (Tahuehueto project, Durango). Santacruz reached an agreement to amend the repayment terms of a short-term loan that it has borrowed from a private mining company (Veta Grande project, Zacatecas).

 ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • One World Lithium Inc., announced the completion of holes 2019-01 and 2019-03 on its Salar del Diablo project in Baja California Norte, and sent all the samples from holes 2019-01, 03, 06, 09, and 11 to the lab for assays. The lab reported that 4 of the drill holes intersected aquifers that contain brines. A fifth hole intersected an aquifer that likely contains brine as the pH test was 8.6 which can be a good indicator of brines. “The presence of multiple aquifers containing brine indicates a potentially prospective area of over 20,000 hectares or 77 square miles on the northern third of the Salar del Diablo property”. One World also has staked an additional 28,030 hectares claim block bringing the company´s total claim block to 103,430 hectares or 399 square miles.
  • Gainey Capital Corp., announced its plans to conduct a drilling program at its Las Margaritas project in Durango. Gainey has been approved by SEMARNAT to drill up to 32 drill holes but will commence with an initial phase of 16 holes for a total of approximately 2,190m. Las Margaritas project consists of an undrilled low-sulphidation epithermal system in which surface sampling has returned up to 73.7 g/t Au.

ON MINING

  • No relevant news.

ON FINANCING

  • Prize Mining Corporation, closed the second a final tranche of its non-brokered private placement for gross proceeds of $195K. The total combined proceeds from the first and final tranches of the offering were $825K (Manto Negro project, Coahuila).
  • Sonoro Metals Corp., proposed to undertake a non-brokered private placement financing for gross proceeds of up to $750K. The gross proceeds will be used to complete the Phase 2 drilling program and fund the launch of a Phase 3 drilling program at its Cerro Caliche project in Sonora. Funding will also be allocated for the commissioning of preliminary studies required to produce a NI 43-101 compliant study to assess the viability of the development of a heap leach operation at its Cerro Caliche project.
  • Advanced Gold Corp., proposed to undertake a non-brokered private placement for gross proceeds of a minimum of $150K. The gross proceeds will be used to fund a geophysical program and further drilling at its Tabasquena project in Zacatecas.
  • Goldplay Exploration Ltd, proposed to undertake a non-brokered private placement for gross proceeds of up to $1.1M and increase it to $1,376,250. The gross proceeds of the offering will be used for exploration of its San Marcial project in Sinaloa, and for general and administration costs for its operations in Mexico and Canada.
  • Impact Silver , announced a non-brokered private placement for gross proceeds of up to $1M. The gross proceeds will be used to further explore its Zacualpan land package for high-potential Au-Cu targets such as Santa Teresa and manto America, Dense Media Separation engineering studies on the Capire VMS resource mill and production center, and ongoing efficiency improvements at the Guadalupe production mill. The Company reserves the right to increase the size of the private placement by up to 20%.
  • Discovery Metals Corp., announced it has applied to TSX to extend the term of 31,237,000 outstanding common share purchase warrants. “The Company is proposing to extend the expiry date of the warrants by an additional 18 months, such that each warrant will expire on February 17, 2021. The exercise price of all warrants will remain unchanged, at the current exercise price of $1.00 per common share”.
  • Azure Minerals Limited, secured financing for A$ 2M via a convertible note. This funding will enable Azure to meet start-up costs and working capital requirements at its Oposura project in Sonora.

 ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp., received final tailings permit for its Terronera mine in Jalisco. The authorization to change soil use on forest land was issued by SEMARNAT and gives the right to store tailings from the proposed Terronera high grade, underground Ag-Au mine in a secure, filtered dry stack tailings facility adjacent to the proposed plant site. “Now that the Terronera mine project is fully permitted, Endeavour Silver plans to complete a final improved pre-feasibility study in the 3rd quarter and arrange appropriate financing to build Endeavour’s next core asset. The mine is expected to produce more than 5M Oz AgEq (at an 80:1 Ag: Au ratio) over a minimum 12 year mine life”.
  • GoGold Resources Inc., announced that it is moving forward with the installation of a sulfidation acidification, re-neutralization, and thickening (SART) plant at its Parral tailings re-processing facility in Chihuahua. “The construction is planned to be completed before the end of 2019 at a cost of approximately $2.6 million USD and commissioning will begin immediately following practical completion”.
  • Azure Minerals Limited., provided an update of the mining and processing operation planned for its Oposura project in Sonora. High-grade mining is expected to start in the September quarter, at an anticipated production rate of 1,500 tonnes to 3,000 tonnes grading approximately 15% combined Zn + Pb. All mineralization to be mined has been classified under the indicated mineral resource category.
  • Torex Gold Resources Inc., announced maiden mineral reserves for its El Limón Deep Zone at its El Limón-Guajes Mining Complex in Guerrero. Probable mineral reserves as of April 2019 are 487,000 tonnes of 5.5 g/t Au and 6 g/t Ag to contain 86K Oz Au and 101K Oz Ag. Measured mineral resources are 797,000 tonnes of 5.52 g/t Au and 7 g/t Ag to contain 141K Oz Au and 170K Oz Ag, while inferred mineral resources are 1,090,000 tonnes of 5.2 g/t Au and 7 g/t Ag to contain 182K Oz Au and 243K Oz Ag. The mineral reserve is a subset of the mineral resource. The mineral resource is the downdip extension of mineralization in the El Limón open pit. It is located approximately 400 meters north-northwest of the Sub-Sill deposit and is open in three directions.
  • Telson Mining Corporation, released significant channel samples results from underground development at its Tahuehueto mine in Durango. Significant results are  87 g/t Au, 76 g/t Ag, 0.55% Cu, 3.7% Pb, and 12.1% Zn over 2.70m; 7.28 g/t Au, 83 g/t Ag, 0.56% Cu, 5.8% Pb, and 14% Zn over 3.45m; 8.25 g/t Au, 61 g/t Ag, 0.36% Cu, 3.1% Pb, and 6.8%Zn over 2.60m; 9.34 g/t Au, 69 g/t Ag, 0.73% Cu, 2% Pb, and 5.5% Zn over 3.07m; 6.98 g/t Au, 80 g/t Ag, 0.45% Cu, 4.3% Pb, and 5.7% Zn over 2.49m; and 12.55 g/t Au, 248 g/t Ag, 0.75% Cu, 6%Pb, and 8.6%Zn over 1.74m.
  • Silver Bull Resources Inc., announced that drilling results at its Sierra Mojada project in Coahuila have extended at depth the strike length of the deposit by 950m. Highlights include 5% Zn, 8.2% Pb, and 586 g/t Ag over 1.35m and 12.2% Zn, 1.4% Pb, and 53 g/t Ag over 1.8m in hole B19001; and 7.8% Zn, 1.5% Pb, and 36 g/t Ag over 2.05m in hole B19002, both holes in mixed oxide/sulphide mineralization. The company, along with its JV partner South 32 is conducting an initial 8,000m surface drill program targeting a series of possible sulphide extensions at depth to the main deposit, as well as a series of never before tested targets within the wider area.

ON DEALS AND CORPORATE ISSUES

  • Newmont Goldcorp Corporation, announced that it is ramping up operations at its Peñasquito mine in Zacatecas, following the lifting of an illegal blockade and the establishment of a dialogue process sponsored by the national government.
  • Evrim Resources Corp., & Harvest Gold Corp., extended their JV agreement on the Cerro Cascaron property in Chihuahua for a period of six months. Under the terms of the agreement, both companies will attempt to renegotiate the Cerro Cascaron deal and search for a new Au project in Mexico. Harvest has agreed to pay $55K to Evrim to maintain property payments at Cerro Cascaron while both parties renegotiate the Cerro Cascaron agreement. Once the Cerro Cascaron agreement has been renegotiated, Harvest Gold plans to complete a second target drill program on the property. Evrim also announced the appointment of its new VP of Exploration.
  • Sierra Metals Inc., announced results from its annual general meeting of shareholders (Cusi mine, Chihuahua).
  • Fortuna Silver Mines Inc., announced results from its annual general meeting of shareholders (San Jose mine, Oaxaca).
  • Premier Gold Mines Limited, announced its annual general meeting of shareholders will be held on July 25, 2019 (Mercedes mine, Sonora).
  • Azure Minerals Limited, announced its annual general meeting of shareholders to be held on June 19, 2019 (Oposura project, Sonora).
  • Excellon Resources Inc., appointed its new CFO and VP Corporate Development (La Platosa mine, Durango).
  • GoGold Resources Inc., announced management changes on its Board of Directors appointing a new Director, the same who will also serve as Chairman of the Board (Los Ricos project, Jalisco).
  • Mexican Gold Corp., announced the resignation of its President and Director and appointed its new CEO, the same that will serve as the new President and Director of the company. It also appointed its new CFO who will remain as a Director of the company (Las Minas project, Veracruz).
  • Minaurum Gold Inc., appointed a new Director to its Board. It also announced that Mr. David J Baker will be stepping down as a Director of the company (Alamo Silver project, Sonora).
  • Oroco Resource Corp., announced that it has engaged San Diego Torrey Hills Capital Inc., to provide market awareness and investor relations services to the company (Santo Tomas project, Sinaloa).
  • Telson Mining Corporation , announced that it will provide a company update at the John Tumazos Very Independent Research Metals Conference in Holmdel, New Jersey, including the discussion of the Q1 2019 financial results, and the progress being made in the construction of its on-site 1,000 tonnes per day mineral processing plant at its Tahuehueto project in Durango.
  • Santacruz Silver Mining Ltd., reached an agreement to amend the repayment terms of the US$ 2.3M short-term loan that it has borrowed from a private Bolivian mining company. The $US 2.3M payment is now to be repaid by January 30, 2010 (Veta Grande project, Zacatecas).

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

On the picture above, quartz blade texture in a low sulphidation epithermal vein system in a prospect in Guanajuato, Mexico.  Photo by Miguel A Heredia.

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

Chalcedonic quartz vein

By Miguel A Heredia

During the twenty one week of the year (June 3rd to June 9th, 2019), at least 31 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, five reporting on resources and development of their projects, five informing on exploration results, four announcing financial rounds, two communicating production results, and one discussing Mexican news.  ON MEXICO ISSUES, the Mining Undersecretary of the Secretary of Economy, Francisco Quiroga, said that mining companies from Canada, USA, Peru, Colombia and Australia showed their interest to invest up to USD$ 8M in Mexico mining projects.  ON EXPLORATION, In Baja California Norte, One World Lithium released drilling results from its Salar del Diablo project. In Sonora, Colibri reported assays results from sub-outcrops on its Evelyn project.  In Chihuahua, Monarca identified a skarn and potential CRD/porphyry deposit after running a geophysical survey at its San Jose project.  In Zacatecas, Galore announced it has commenced drilling of 2,500m core drilling program at its Dos Santos property to test the El Alamo target. In Jalisco, GoGold released drilling results from its Los Ricos project.  ON MINING, Mexus Gold announced that over 5,700 tonnes of high-grade ore will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. US Antimony produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May 2019. ON FINANCING, VVC announced a non-brokered private placement for gross proceeds of CAD $2M (Samalayuca project, Chihuahua). Galore received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling program at its Dos Santos project in Zacatecas.  One World Lithium closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700 and announced a non-brokered private placement to raise up to CAD $2M (Salar del Diablo project, Baja California Norte).  Azure secured A$ 2M financing via a convertible note.  ON RESOURCES AND DEVELOPMENT, Azure announced that its board of directors has approved the commencement of trial mining and processing of high-grade mineralization from its Oposura project in Sonora. Sonoro Metals initiated metallurgical testing at its Cerro Caliche project in Sonora.  Endeavour released underground drilling results from its Guanacevi mine in Durango. Oroco announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. US Antimony reported expansion of its Madero, Coahuila smelter capacity, and reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.   ON DEALS AND CORPORATE ISSUES, Aura Resources, Almadex, and Azucar Minerals granted stock options to directors, officers and consultants.  Riverside appointed Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora). Monarca signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua and appointed new director. Inomin signed a non-binding letter agreement to acquire 100% interest in the La Gitana project in Oaxaca from Gunpoint, and appointed new director and adviser. Candente announced management changes with the retirement of its chair and director and the appointment of new director (El Oro tailings project, State of Mexico). Goldgroup and VVC announced their annual general meeting of shareholders will be held on July 31, 2019 and August 19, 2019 respectively. SilverCrest reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora). Kootenay reported that its partner Pan American Silver has relinquished its right to earn 75% interest in the Promontorio Mineral Belt in Sonora. Magna Gold closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. Sierra Metals repurchased a royalty on its Cusi mine in Chihuahua from Minera Cusi S.A. de C.V. in US$ 4M.

 ON MEXICO ISSUES

  • Mexican mining projects raised interest for up to USD$ 8M of investment by companies from Canada, USA, Peru, Colombia, and Australia. According to the head of mining in the country, before realizing the investments, it will be necessary to carry out the work of convincing the surrounding populations. He said: “The type of mining we want is to pay taxes, be socially responsible and achieve economic benefits so that it reaches society and the settlement is public.” He insisted that the presidential mandate is that mining concessions will not be canceled and that the commitments acquired in the past will be honored. Among the areas with the greatest potential are in the south-southeast of Mexico, specifically the states of Oaxaca, Guerrero and Morelos, among others, with products such as Ag, Au, and Cu. The Ministry of Economy reported that the mining-metallurgical sector in Mexico contributes 4% of the national Gross Domestic Product. While in the world our country is the largest producer of Ag; it is among the top 10 producers of 16 different minerals: silver, bismuth, fluorite, celestite, wollastonite, cadmium, molybdenum, lead, zinc, diatomite, salt, barite, graphite, gypsum, gold and copper.

ON EXPLORATION

  • One World Lithium Inc., released drilling results from its Salar del Diablo project in Baja California Norte. The company has completed the first three holes of a twelve drill program, and reported that two holes located 14km apart have intersected aquifers with water samples containing pH values indicative of brines. Drilling to date has demonstrated that there are multiple aquifers in the northern part of the Salar which indicates that the entire Salar could be very prospective.
  • Colibri Resource Corporation, reported additional grab samples results from abundant quartz with local iron-oxide staining in sub-outcrops found on areas not previously mapped or sampled at its Evelyn project in Sonora. Grab samples results include values of 4.81 g/t Au and 4.19 g/t Au. This new area is located approximately 1km north-northeast of the Main Zone which consists of a moderately to steeply dipping Au-bearing quartz vein which has been the subject of historical mining. Colibri is planning a property wide, high density, airborne magnetic survey to determine the structural framework and the setting of known Au mineralization.
  • Monarca Minerals Inc., identified a skarn and potential CRD/porphyry deposit in its San José project in Chihuahua, after conducting an IP-resistivity and magnetic survey which returned very strong IP/magnetic anomalies over 2.8km strike length resulting in numerous drill targets. Based on the geophysical results and previous encouraging chip sampling on the property, Monarca is planning to perform an 18-hole RC drilling program to test for potential precious and base metals at depth.
  • Galore Resources Inc., announced it has commenced drilling of 2,500m core drilling at its Dos Santos property in Zacatecas to test Au mineralization associated with iron-oxides jasperoid and karst breccias exposed along the east-west trending El Alamo target.
  • GoGold Resources Inc., reported encouraging drilling results from an additional five diamond drill holes at its Los Ricos project in Jalisco. Significant results were encountered in hole LRGG-19-011, drilled 75m down dip below the deepest intersection to date on the property, with 1.2 g/t Au and 140 g/t Ag (3.07 g/t AuEq) over 18.5m, including 2.16 g/t Au and 228 g/t Ag (5.19 g/t AuEq) over 8.4m; in hole LRGG-19-13 with 0.78 g/t Au and 195 g/t Ag (3.38 g/t AuEq) over 15.6m, including 1.3 g/t Au and 297 g/t Ag (5.25 g/t AuEq) over 8.8m; and in hole LRGG-19-14 with 1.1 g/t Au and 127 g/t Ag (2.79 g/t AuEq) over 14.2m, including 1.94 g/t Au and 209 g/t Ag (4.73 g/t AuEq) over 7.7m. These positive results confirm that the deposit is still open at depth.

ON MINING

  • Mexus Gold US, announced that over 5,700 tonnes of high-grade ore ranging from 5 to 10 g/t Au and 9 to 12 g/t Ag will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. “The leaching process has started and will continue on a permanent basis as fresh ore will be added to the heap leach pad. Moving forward, Mexus will increase the scale and capacity of the system to maximize returns” added the CEO of the company.
  • US Antimony Corporation, produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May, 2019. It also reported that the inventories of Mexican antimony mine ore continue to grow.

ON FINANCING

  • VVC Exploration Corporation, announced a non-brokered private placement to raise up to CAD $2M. Gross proceeds will be used for exploration and development of its Samalayuca project in Chihuahua.
  • Galore Resources Inc., received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling at El Alamo target within its Dos Santos project in Zacatecas.
  • One World Lithium Inc., closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700. The aggregate gross proceeds of this offering under the first, second and final tranche totalled CAD $2,073,250. It also announced a non-brokered private placement for gross proceeds of up to CAD $2M. Net proceeds will be used at its Salar del Diablo project in Baja California Norte as follow: Salar del Diablo project drilling program CAD $500K; analysis and further testing of drill results CAD $400K; southern region pre-drilling program CAD$400K; and balance for working capital.
  • Azure Minerals Limited, secured A$ 2M financing via a convertible note by entering into a binding commitment with the company´s major shareholder Deutsche Balaton. “This funding will enable the Company to meet start-up costs and working capital requirements with operations to commence in the September quarter of 2019”.

 ON RESOURCES AND DEVELOPMENT

  • Azure Minerals Limited, announced that its board of directors has approved the commencement of trial mining and processing of high grade mineralization from its 100% owned Oposura property in Sonora. Initial mine production and processing will range between 1,500 to 3,000 tonnes per month of mineralized material grading approximately 15% combined Zn and Pb. The ore material will be processed on a toll treatment basis through a nearby sulphide flotation processing facility.
  • Sonoro Metals Corp., initiated ore characterization and bottle roll and leach column test at its Cerro Caliche project in Sonora. The tests are expected to be completed in 8 weeks. If the results are positive, they will be incorporated in the sensitivity analysis in order to define the characteristics of the heap leaching pilot operation preliminary design, which would be then updated to a NI 43-101 level.
  • Endeavour Silver Corp., released underground drilling results from seventeen holes drilled at its Guanacevi mine in Durango. Seven holes intersected high-grade over mineable widths to extend. Highlights include 0.93 g/t Au and 251 g/t Ag (325 g/t AgEq) over 3m true width in hole UG-61, and two intersections in parallel veins in hole UG-75 with 2.93 g/t Au and 2,175 g/t Ag (2,409 g/t AgEq) over 1m true width, and 0.78 g/t Au and 579 g/t Ag (642 g/t AgEq) over 3.9m. “Recent drilling has extended high grade Ag-Au mineralization to depth at all three of our original orebodies, which should help to increase resources at Guanacevi.”
  • Oroco Resources Corp., announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. The technical report presents the key findings of historical technical reports, including a 1994 PFS study by Bateman Engineering (supported by metallurgical work by Mountain States R&D International, Inc., a resource estimate by Mintec, Inc., and mining and plant estimates by Minetek S.A. de C.V.).
  • US Antimony Corporation, reported expansion of its Madero, Coahuila smelter capacity, which the installation of long rotary furnace (LRF) number 3. The company has an additional 3 LRFs in inventory. Furnace recovery is in the 96%-98% range and the additional capacity is expected to handle production increases from the Company’s Wadley and Sierra Guadalupe Mines in San Luis Potosi and Zacatecas respectively. It also reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.

ON DEALS AND CORPORATE ISSUES

  • Aura Resources Inc., granted stock options to directors, officers and consultants of the company to purchase an aggregate 1.2M common shares at an exercise price of $0.05 per share which expire on June 4, 2019 (Taviche project, Oaxaca).
  • Almadex Minerals Ltd., granted stock options to certain directors and officers of the company to purchase an aggregate 628K common shares at an exercise price of $0.32 per share which expire on June 4, 2019 (Ixtaca project, Puebla).
  • Azucar Minerals Ltd., granted stock options to certain directors, officers and consultants of the company to purchase an aggregate of 573K common shares at an exercise price of $0.29 per share which expire on June 4, 2019 (El Cobre project, Veracruz).
  • Riverside Resources Inc., announced the appointment of Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora).
  • Monarca Minerals Inc., signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua, where the company identified a skarn and potential CRD/porphyry copper deposit. To acquire the property, Monarca will pay USD $150K in staged cash payments as follow: USD $40K on the option signing date (already paid), USD $50K twelve months after signing of the option agreement, and USD $60K twenty four months after signing of the option agreement. The agreement includes a 2% NSR upon reaching commercial production and Monarca keeps a right to purchase 1% NSR by a single payment of USD $100K. The company also appointed a new director to its Board.
  • Inomin Mines Inc., signed a non-binding letter agreement to acquire 100% interest in the La Gitana property in Oaxaca from Gunpoint Exploration Ltd. La Gitana comprises a 494 hectares that hosts a low-sulphidation epithermal Au-Ag deposits in Tertiary-aged volcanic rocks. In order to acquire 100% of the property Inomin has to make staged payments for $300K and issue 2M of common shares of the company as follow: $10K (paid) on signing agreement; $25K and 150K shares following execution of definitive agreement; $50K and 250K shares on first anniversary; $65K and 450K shares on second anniversary; $75K and 500K shares on third anniversary; and $75K and 650K shares on fourth anniversary. Inomin will have the right to accelerate payments at the company´s discretion, and is also subject to a NSR the terms of which have yet to be finalized.  The company also announced the resignation of one of its directors and the appointment of its replacement. It also appointed an adviser of the company.
  • Candente Gold Corp., reported the retirement of its chair and director and the appointment of its new director (El Oro tailings project, State of Mexico).
  • Goldgroup Mining Inc., announced that its annual general meeting of shareholders will be held on July 31, 2019 (Cerro Prieto mine, Sonora)
  • VVC Exploration Corporation, announced that its annual general meeting of shareholders will be held on August 19, 2019 (Samalayuca project, Chihuahua).
  • SilverCrest Metals Inc., reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora).
  • Kootenay Silver Inc., announced that its JV partner Pan American Silver Corp., has relinquished to its right to earn 75% interest on the Promontorio Mineral Belt in Sonora, which include the Promontorio Resource and La Negra high-grade Ag discovery. Kootenay will be conducting a review of the work performed by Pan American in order to plan the next steps for advancing these assets.
  • Magna Gold Corp., closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. In consideration of the grant of the option, Magna will: (i) pay to the Seller an aggregate of US$1.34M plus VAT of 16%, paid in installments commencing on the 6th month from the effective date of the agreement (the “Effective Date”) and ending on the 48th month from the Effective Date; (ii) issue to the seller a 3% NSR, capped at US$3.5M and subject to the right of the corporation to acquire all 3 percentage points of the NSR at a price of US$500Kper percentage point, within the first three years of commercial production of the Mercedes Property; and (iii) conditional on the completion of a going public transaction within six months of the Effective Date, issue 2,442,105common shares of the corporation to the seller.
  • Sierra Metals Inc., repurchased a royalty on its Cusi Mine from Minera Cusi S.A. de C.V. for US$ $M. The royalty agreement required the company to pay a 3% royalty on the net revenues generated by the mine, less transportation costs, for the life of the mine. The company has already paid US$2.5 million upon signing the repurchase contract on May 10, 2019 and is required to pay a further US$1.5 million on May 10, 2021. With this repurchase, Sierra Metals will no longer have any royalties on any of its properties or mines.

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, chalcedonic quartz vein in a low sulphidation epithermal system in a prospect in San Luis Potosi, Mexico.  Photo by Miguel A Heredia.

Monarca Minerals Signs Option Agreement to Acquire 100%Interest in San Jose Project in Mexico and Reports on Recent Surface Geophysics Results

MonarcaMinerals_03062019

Toronto, Ontario–(Newsfile Corp. – June 3, 2019) – Monarca Minerals, Inc. (TSXV: MMN) (“Monarca” or the “Company”), is pleased to announce that it has entered into anOption Agreement to acquire a 100% interest in the 5,580-hectare San Jose
Project (the “Project”) located in Chihuahua, northern Mexico. The Option Agreement is an arm’s length transaction. The decision was made to acquire this skarn and potential CRD/porphyry deposit after a surface geophysics program comprised of
induced polarization (IP), resistivity, and magnetics survey completed in July and August 2018, discovered very strong IP/magnetic anomalies over a 2.8 km strike length resulting in numerous drill targets. Based on these promising geophysical
results and previous chip sampling on the property that resulted in significant gold, silver, copper, zinc and lead results, the Company is currently planning an 18-hole reverse circulation (RC) drilling program to test the strong IP and magnetics anomalies
for potential precious and base metals at depth.