Minera Alamos Announces Initiation of Resource Expansion Program for La Fortuna Gold Project in Durango, Mexico


Minera Alamos Inc. (TSX VENTURE:MAI) (the “Company” or “Minera Alamos“) is pleased to announce that it has hired Robelsis Altamirano, P.Eng. , to manage advanced exploration activities aimed at expanding the resource base at the Company’s flagship La Fortuna gold project (“La Fortuna”) in Durango, Mexico.  Mr. Altamirano worked previously with the Company’s Mexican technical team and was the exploration manager for Argonaut Gold’s (previously Castle Gold) south extension of the El Castillo gold mine.  He has extensive experience (+30 years) managing exploration programs in Mexico with both the Mexican Geological Service (“SGM” – Servicio Geologico Mexicano) and numerous independent mining groups.  This included being involved from start-to-finish in the discovery and delineation of Torex Gold Resources’ Media Luna gold project (current inferred resources of 7.4 million gold equivalent ounces at a grade of 4.48 g/t) in the Guerrero Gold Belt, Mexico.



Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to announce that it has acquired immediate 100% ownership of the Oposura Zinc-Lead-Silver Project (“Oposura”), located in the northern Mexican state of Sonora.
Oposura is an advanced-stage project containing high grade, massive sulphide-hosted, zinc, lead and silver mineralisation, and this acquisition clearly delivers on Azure’s strategy of securing its next flagship project.
Azure’s Managing Director, Mr Tony Rovira said, “Throughout 2017, Azure has had the clear focus to acquire the next flagship project for the Company. This was all about getting the right project for the right deal, and with this acquisition we have done just that. Projects of this quality are rare and keenly sought after, and I’m pleased that we have succeeded in acquiring the advanced stage, precious and base metal project that we’ve been seeking.



VANCOUVER, B.C. Almadex Minerals Limited (“Almadex” or the “Company”) (TSX-V: AMZ; OTCQX: AXDDF) is pleased to announce it has received assay results from hole EC-17-029 of the 2017 Norte drilling program. EC-17- 029 was drilled to target and expand the high grade mineralisation and intersected high grade mineralization and
multiple zones of intense stockwork veining and potassic alteration accompanied by significant copper and gold grades. Highlights include the following intercepts all of which are also shown on the attached plan and section:
Hole EC-17-029 NORTE ZONE, 330 Az, -70 dip
From 118.60 to 653.50, 534.90 meters @ 0.90 g/t gold and 0.30% copper (1.31 g/t AuEq; 0.96% CuEq) Including 118.60 to 510.15, 391.55 meters @ 1.06 g/t gold and 0.34% copper (1.53 g/t AuEq; 1.11% CuEq) And 167.35 to 312.15, 144.80 meters @ 1.77 g/t gold and 0.45% copper (2.39 g/t AuEq; 1.74% CuEq) And 200.15 to 298.15, 98.00 meters @ 1.96 g/t gold and 0.48% copper (2.62 g/t AuEq; 1.91% CuEq)
1 Gold equivalent (“AuEq”) and copper equivalent (“CuEq”) values are calculated assuming 100% recoveries and prices of US$1,250/oz gold and US$2.50/lb copper.



TORONTO, Aug. 14, 2017 /PRNewswire/ – Sierra Metals Inc. (TSX:SMT)(BVL:SMT) (“Sierra Metals” or the “Company”) today reported revenue of $48.6 millionand adjusted EBITDA of $17.6 million on throughput of 454,805 tonnes and metal production of 2.7 million silver equivalent ounces or 23.1 million copper equivalent pounds for the three month period ended June 30, 2017.

Sierra Metals had a fourth consecutive quarter of solid performance in its operational and financial results, aided by stable metal prices and continued production improvements at the Yauricocha Mine. During the second quarter, the Company maintained the significant improvements revenue and adjusted EBITDA realized during the previous quarters. This was largely attributed to the continued benefits being realized from the completion of key aspects of the operational improvements program at Yauricocha. The Company achieved excellent quarter over quarter improvements in Q2 2017 with revenues up 32%, adjusted EBITDA up by $12.1 million, and a decline in the consolidated all-in sustaining cost (ASIC) per silver equivalent payable ounce and copper payable pound.

During Q2 2017, consolidated metal production decreased 3% compared to Q1 2016. The decrease in metal production was due to lower throughput, lower head grades and lower recoveries of all metals, except gold recoveries at Bolivar; and lower throughput, lead and zinc head grades, and silver and lead recoveries at Cusi. This was partially offset by higher throughput, higher copper and zinc head grades, and higher recoveries of all metals, except gold, at Yauricocha.

Brownfield exploration programs remains a key priority at all three mines and the Company is very optimistic that high value tonnage will be added when the Company releases update technical reports for all three Mines in the fourth quarter and in the years to come. Examples of brownfield success can be seen at Yauricocha with the Esperanza, Cuye-Mascota zones, at Bolivar with the Bolivar West and Northwest zones as well as at Cusi with the recently announced Santa Rosa de Lima Zone. When combined with the continued production optimization program, it should lead to substantial growth in production, lower costs, but most importantly in shareholder value.

Highlights on the Second Week of August, 2017. Mineral Exploration in Mexico

During the 32nd week of the year (August 7th to August 13th, 2017), at least 22 press releases were announced by companies working in Mexico, including eight second quarter reports. ON MEXICO ISSUES, two companies reported the receipt of VAT recovery from the government for $1.3 M and $2.4 M respectively. ON EXPLORATION, in Sonora, Oceanus reported results from underground sampling at El Tigre, while Millrock presented an update on properties under its alliance with Centerra. In Zacatecas, Alset presented drilling results from its lithium property, La Salada. In Guanajuato, Golden Minerals informed on drilling by Electrum of its Celaya property.  ON MINING, Golden Minerals, Torex Gold, Premier Gold, Alio Gold, Pan American Silver, Americas Silver, Primero Mining and Argonaut Gold presented production and/or financial results for the second quarter of 2017. US Antimony reported cost reductions on its operations and Telson resources reported the first concentrates shipment from Tahehueto in Durango. ON FINANCING, no relevant news for the first time in the year.  ON RESOURCES AND DEVELOPMENT, Golden Minerals informed on the acquisition of three more claims and the incoming drilling campaign on its Santa Maria project in Chihuahua. ON DEALS AND CORPORATE ISSUES, Santacruz Silver completed the sale of the Gavilanes project in Durango to Marlin Gold. Colibri completed the acquisition of Canadian Gold, along with its properties in Sonora. McEwen Mining reported on the next semi-annual return of capital instalment.


  • On VAT recovery. The first company to announce a sizeable VAT recovery in years was Alio Gold, which received $1.3 M in cash before the end of the second quarter. Primero Mining received $2.4 M after the end of the second quarter.


  • Golden Minerals Co. announced that Electrum Global Holdings L.P. received results of drilling on Golden’s Celaya property in Guanajuato. Results from 5,600 m drilled in seven holes (800 m per hole?) show intercepts of epithermal quartz vein mineralization with Au, Ag, Zn grades that warrant further testing.
  • Alset Minerals Corp. reported partial results from phase one drilling at La Salada salar in Zacatecas, the first of 13 salars to be tested. At La Salada, one deep hole (51.35 m) and 40 auger holes (4.5 – 26.0 m in depth, average 14 m) were completed, both near surface brine samples and extensive lake sediment samples were recovered in the 1,800 m by 900 m salar. Results from five of the holes (the rest are pending) average 14.4 m @ 3.6% K, 975 ppm Li (up to,1860 pm) and 535 ppm B. Water samples average 1.3% K, 1.6% SO4, 258 ppm B, 9 ppm Li, 57 ppm Ca, 36 ppm Mg.
  • Oceanus Resources Corp. presented assay results from sampling at old underground exploration tunnels from the unmined Protectora, Aguilas, Fundadora and Caleigh veins on its El Tigre project in Sonora. The rock chip samples are said to be at least 0.5 m in width (no average width disclosed), and collected every 3-5 m along strike in 13 exploration tunnels. Average results include 3 samples on the Caleigh vein @ 19.9 g/t Au, 2,247 g/t Ag; On the Protectora vein: 20 samples @ 0.2 g/t Au, 437 g/t Ag; 18 samples @ 1.3 g/t Au, 290 g/t Ag; 4 samples @ 2.8 g/t Au, 337 g/t Ag; 16 samples @ 2.2 g/t Au, 473 g/t Ag; 5 samples @ 2.8 g/t Au, 680 g/t Ag; 19 samples @ 0.6 g/t Au, 480 g/t Ag. On the Fundadora vein: 5 samples @ 6.1 g/t Au, 307 g/t Ag; 12 samples @ 1.2 g/t Au, 254 g/t Ag.
  • Millrock Resources Inc. presented an update in exploration, including information on its three properties in Sonora. The La Navidad project was optioned on June, and immediately entered into a JV with Centerra Gold Inc. Presently underway are soil sampling, geological mapping, induced polarization and magnetic surveys. Also in June El Picacho project was optioned and made a “designated project” on the alliance between Centerra and Millrock. Soil sampling, geological mapping, induced polarization and mag surveys are currently being performed. Los Chinos and Los Cuarenta projects options were terminated by Centerra.


  • United States Antimony Corp. reported major cost reductions at its Mexican antimony smelter, as a result of metallurgical changes while increasing production rates. Production at Wadley, San Luis Potosi, is growing with more miners. USAC intends to use its Los Juarez explosives license at Soyatal, Queretaro, which will save money and time. Guadalupe is undergoing road work to re-establish the production of high-grade concentrates. The application for the cyanide permit for the Los Juarez project was resubmitted to SEMARNAT (EPA equivalent) at the end of July, after one item change requested by the agency.
  • Telson Resources Inc. announced that the first shipment of lead and zinc concentrates processed at the Atocha mill has been delivered to Mercuria Commodities Trading, S.A. de C.V.. As of August 1, 2017, the Company has processed approximately 1600 tonnes of ore through the Atocha toll mill producing approximately 66.1 dry tonnes of lead concentrate and 94.5 dry tonnes of zinc concentrate which have been delivered to Mercuria.
  • Golden Minerals Co. presented financial results for Q2 2017. Approximately $1.7 M revenue was received from the oxide plant lease to Hecla, and costs of $0.5 M to the services provided under the lease, for a net operating margin of $1.1 M. The company spent $0.5 M in exploration related primarily to work at the Santa Maria (Chihuahua), Rodeo (Durango) and other properties, as well as holding costs. Cash and cash equivalents balance of $2.7 M at the end of the period.
  • Torex Gold Resources Inc. reported financial and operational results. At El Limón Guajes mine in Guerrero 74,487 Oz Au were produced, as ramp-up continues, with design throughput achieved in June. Plant throughput was 1.2 M tonnes, or 13,063 tonnes per day (tpd), while mine production was 8.4 M tonnes, or 92,044 tpd. The gold recovery rate was 86% on a 2.37 g/t Au average grade, at cash cost $709 per Oz Au and AISC $991. Cash balance of $77.2 M including restricted cash of $15.7 M at the end of the period.
  • Premier Gold Mines Ltd. announced its operational and financial results for the second quarter of 2017. At Mercedes in Sonora 177.9 K tones were milled (1,954 tpd) @ 4.03 g/t Au, 36 g/t Ag; with recoveries at 94.9% Au, 43% Ag, to produce 21,893 Oz Au, 89.5 K Oz Ag. By-product cash cost per Oz Au was CAD$550 and by-product AISC per Oz Au of CAD$688. Quarter end cash balance of $156.8 M (US$120.9 M).
  • Alio Gold Inc. reported second quarter 2017 results. Production at the San Francisco gold mine was 22,011 ounces during the period, at AISC $954 per Oz Au. The San Francisco mine revitalization plan was initiated and the definitive feasibility study (DFS) after the positive pre-feasibility study (PFS) was released and a CAD$50.4 M bought deal financing was completed. The pre-stripping campaign envisions moving 22 M tonnes of waste from the Main and La Chicharra pits over the next 20 months. Cash and cash equivalents at the end of the period were $35.9 M.
  • Pan American Silver Corp. announced Q2 2017 results, including figures from its operations in Mexico. At Dolores in Chihuahua the construction of the agglomeration plant was completed and development for underground mining advanced, with initial stope ore mining expected to initiate before the end of 2017. At La Colorada mine in Zacatecas production achieved 1,800 tpd rates during the last month of the quarter. At La Colorada 1.73 M Oz Ag, 0.94 K Oz Au were produced at cash cost $3.38 per Ag Oz. At Dolores 1.04 M Oz Ag, 22.44 K Oz Au were produced at cash cost $0.12 and at Alamo Dorado in Sonora 0.26 M Oz Ag, 0.69 K Oz Au were produced at cash cost $11.18. Cash and short-term investments of $198.2 M at the end of the period.
  • Americas Silver Corp. disclosed consolidated financial and operational results for the second quarter of 2017. The figures of its operations in Mexico were informed in a previous release. San Rafael in Sinaloa remains on budget and on time to start production by the end of Q3, 2017. Cash balance at the end of the period was $12.8 M.
  • Primero Mining Corp. reported operating and financial results for the second quarter, 2017, including figures form its Mexican operations. At San Dimas 11,903 Oz Au, 0.97 Oz Ag were produced at cash cost $1,144 per AuEq Oz, and AISC $1,650 per AuEq Oz, with operations being impacted by bad relations with unionized employees. “…the Company believes that labour disruptions may continue to adversely affect the Company’s ability to profitably operate the San Dimas…” and “Primero highlights the significant liquidity risk imposed by the pending RFC maturity date of November 23, 2017, and notes that it may not be able to fully repay its debt obligations…”. Cash stood at $12.1 M and $10.0 M available under its existing revolving credit facility (RFC) at the end of the period, with a $33.5 in VAT and $22.8 M income taxes receivable outstanding.
  • Argonaut Gold Inc. announced its financial and operating results for the second quarter of 2017. The consolidated production was 29,730 AuEq Oz at cash cost $785 and AISC $906 per AuEq ounce. At El Castillo in Durango 2.0 M tonnes of ore @ 0.39 g/t Au and 2.65 M tonnes of waste were moved (51 K tpd) to produce 16,927 Oz Au at cash cost $893 per ounce. At La Colorada in Sonora 1.22 M tonnes of ore @ 0.64 g/t Au and 4.77 M tonnes of waste were moved (66 K tpd) to produce 12,098 Oz Au and 38.2 K Oz Ag at cash cost $590 per AuEq ounce. At San Agustin (10 km from El Castillo) mining commenced during the quarter, leach pad and pond construction was completed and the crushers installed, with ore beginning to be staked on the pad in late June. Construction was 75% complete by the end of July. Cash and cash equivalents stood at $53.8 M at the end of the quarter.


  • No relevant news.


  • Golden Minerals Co. entered into an agreement to acquire three additional claims at the Santa Maria project in Chihuahua for $0.7 M over four years, with an initial payment of $50 K and $30 K in six months. The targets in these claims are to be tested in an upcoming 2,000 m drill program in the third quarter of 2017, while the environmental study to obtain the permit to perform the 200 tpd underground mining envisaged on the preliminary economic assessment (PEA) has been completed.


  • Santacruz Silver Mining Ltd. entered into a definitive agreement to sell 100% interest in the Gavilanes property in Durango to Marlin Gold Mining Ltd. Santacruz is to settle the outstanding balance on some of the claims by making a $500 k payment and issuing 1.25 M Santacruz shares to the property vendor. Gavilanes is a low sulphidation epithermal deposit in the San Dimas mining district with NI-43-101 compliant 6.1 M AgEq indicated ounces (953 K tonnes @ 200 g/t AgEq), and 28.2 M AgEq inferred ounces (5.4 M tonnes @ 163 g/t AgEq).
  • Santacruz Silver Mining Ltd. settled the outstanding balance owing on certain of the claims included in the Gavilanes project (in Sinaloa) by making a cash payment of US$500 K and 1.25 M Santacruz shares.
  • Colibri Resource Corp. completed the acquisition of Canadian Gold Resources Ltd. Colibri acquired all outstanding shares of Canadian Gold for $4 M, paid by way of issuance of 24.2 M shares to the vendor. Colibri now owns 100% interest in Minera Bestep S.A. de C.V., a private Mexican company that holds 100% (no NSR’s) of the Pilar and the Sun properties near Suaqui, in Sonora.
  • McEwen Mining Inc. reported a revised record date for the next semi-annual return of capital instalment of a ½ cent per share which will be distributed to shareholders of record on August 14, 2017. The distribution will be paid on August 17, 2017.

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

On the picture below, vuggy silica fragment within a felsic tuff in Chihuahua. Photo by Jorge Cirett.

Vuggy quartz at Moreno

Colibri Completes Acquisition of Canadian Gold Resources Ltd.


DIEPPE, NBAug. 9, 2017 /CNW/ – (CBI: TSX-V) Colibri Resource Corporation (“Colibri” or the “Company”) has completed its previously announced acquisition of Canadian Gold Resources Ltd. (“CGR”) from ONTOP Capital Limited (the “Vendor”).  In accordance with the terms of the Share Purchase Agreement, Colibri acquired all the outstanding shares of CGR for an aggregate acquisition cost of $4,000,000, paid by way of issuance of 24,242,425 common shares (the “Consideration Shares”) at a price of $0.165 per share to the Vendor.

Colibri now owns 100% of the right, title and interest in Minera Bestep S.A. de C.V. (“Bestep”), a private Mexican company. Bestep holds 100% of the right, title and interest in the Pilar Gold Project (“Pilar Property”) and the Sun Project. Both properties are located near Suaqui Grande, Sonora, Mexico and neither property is subject to any royalties or encumbrances. The Pilar Property is 105 hectares in size and the Sun Property is 110 hectares in size. A report on the Pilar Gold Project prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (the “NI 43-101 Report”) has been prepared by Jamie Lavigne M.Sc., P.Geo, a Qualified Person under NI 43-101 and independent of the Pilar Gold Project. The Sun Project has been subject to preliminary exploration work. The NI 43-101 Report is available on SEDAR.

Immediately after closing, the Vendor distributed the Consideration Shares to its shareholders by way of a return of capital dividend.  As a result of such distribution, a new Control Person will be created as one of the shareholders of the Vendor, John Schiavi, will be holding or controlling Consideration Shares equal to more than 20% of the issued and outstanding common shares of the Company after giving effect to the Transaction.

Almadex Cuts 103.85 Meters of 1.33 G/T Gold and 0.41% Copper (1.89 g/t AuEq(1) or 1.38% CuEq(1)) at the Norte Zone El Cobre Project, Mexico


VANCOUVER, BC–(Marketwired – August 03, 2017) – Almadex Minerals Limited (“Almadex” or the “Company”) (TSX VENTURE: AMZ) (OTCQX: AXDDF) is pleased to announce it has received assay results from hole EC-17-027 of the 2017 Norte drilling program. EC-17-027 was drilled to target and expand the high grade mineralisation, and intersected multiple zones of intense stockwork veining and potassic alteration accompanied by significant copper and gold grades. Highlights from hole EC-17-027 include the following intercepts all of which are also shown on the attached plan and section:

Hole EC-17-027 NORTE ZONE, 330 Az, -60 dip

From 191.85 to 468.65, 276.80 meters @ 0.67 g/t gold and 0.23% copper (0.99 g/t AuEq; 0.72% CuEq)
Including 193.85 to 297.70, 103.85 meters @ 1.33 g/t gold and 0.41% copper (1.89 g/t AuEq; 1.38% CuEq)
From 582.60 to 677.00, 94.40 meters @ 0.73 g/t gold and 0.25% copper (1.07 g/t AuEq; 0.78% CuEq)
Including 587.00 to 649.00, 62.00 meters @ 0.97 g/t gold and 0.31% copper (1.40 g/t AuEq; 1.02% CuEq)
1 Gold equivalent (“AuEq”) and copper equivalent (“CuEq”) values are calculated assuming 100% recoveries and prices of US$1,250/oz gold and US$2.50/lb copper.

Goldcorp Provides Second Quarter 2017 Exploration Update


VANCOUVER, July 26, 2017 GOLDCORP INC(TSX: G, NYSE: GG) (“Goldcorp” or the “Company”) is pleased to provide an update on its 2017 exploration program.  Representative drill results are provided below; website links to further information including full drill results, drill coordinates, QA/QC information and relevant diagrams are provided at the end of each section.


  • Drilling at Cerro Negro continues to return positive results; exploration budget increased. 2017 budget increased by $6 million to $26 million to accelerate testing of early stage targets with drilling planned at Silica Cap, Eureka SE, San Marcos West, San Marcos Sur and Mariana Sur.
  • Generative work at Peñasquito yields further targets; new property acquired. An additional nine targets have been added at Peñasquito and plans are underway to complete regional reverse circulation (“RC”) drilling through cover sequences. La Pinta 06 mining concession acquired for $225,000.
  • Drilling at the Coffee Project adds to resource potential. Drill results from Arabica and Supremo T8-9 confirm continuity of mineralization, infill drilling at Latte confirms geologic model and first results from Decaf confirm prospectivity.
  • Building geological team for Maricunga District in Chile. Recruitment and logistics being finalized to start geological work on the newly acquired Maricunga District, including a re-logging of core and updating the geological models for both Cerro Casale and Caspiche, as well as developing a five year exploration program.
  • Property scale exploration programs underway at Canadian operations. Field programs are underway to build a portfolio of targets at all sites as well as define drill programs for the winter season.

Highlights on the Third Week of July, 2017. Mineral Exploration in Mexico

During the 29th week of the year (July 17th to July 23rd, 2017), with the reporting of second quarter reports, at least 21 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora Azure informed of exploration activities by Teck on the Alacrán project, and San Marco Resources announced the discovery of an intrusive breccia on its Chunibas property. In Durango Southern Silver disclosed exploration efforts on the recently acquired Biznaga and Lencho claims. ON MINING, Leagold, Sierra Metals, Premier Gold, Gold Resource and Excellon presented production results for the second quarter of 2017. Telson initiated servicing of milling and mining equipment at Campo Morado.  ON FINANCING, Alio Gold completed a bought deal offer for C$50.4 M; Southern Silver extended the closing date of the second tranche of financing; Telson resources closed the final tranche of the private placement, paying $700 K to Nyrstar; Monarca Minerals closed the second tranche of financing for $434 K; Premier Gold was granted permission to repurchase up to 19.6 M of its issued shares. ON RESOURCES AND DEVELOPMENT, Americas Silver updated development efforts on San Rafael; Almaden reported further high grade drilling results from its Tuligtic project; Kootenay reported a new target at La Cigarra; Mx Gold informed of advance on the Magistral project. ON DEALS AND CORPORATE ISSUES, Evrim signed a two year exploration alliance with Newmont; Red Tiger was reclassified as Tier 2 in the TSX.


  • No Relevant News.


  • Southern Silver Exploration Corp. informed on exploration efforts for epithermal vein systems on the recently acquired Biznagas and Los Lencho claims in Durango, adjacent to its Cerro Las Minitas property (Skarn/CRD mineralization). Multiple float samples returned up to 1.3 g/t Au, 57 g/t Ag, 1,155 ppm As, 777 ppm Sb, 46 ppm Hg. Interesting results include a four square km Ag-As-Au-Pb-Zn anomaly in the middle of the Biznagas claim and a four km long Ag-Au-As-Hg anomaly. Over 750 samples have been collected, mostly of quartz (locally bearing black bands of fine grained sulfides) and rhyolite float, with results received for 415 of the samples. Drill targeting is scheduled for the Fall of 2017.
  • Azure Minerals Ltd. informed on the advance that Teck Resources Ltd. has achieved during the Q2 2017 on the Alacran project in Sonora, on which Teck is earning an initial 51% interest by spending US$10M by the end of 2020. Exploration activities include geochemical, hyperspectral and geochronological studies, geological mapping, surface sampling and  geophysical surveys, prior to drill-testing the identified targets by the third quarter.
  • San Marco Resources Inc. increased from four to six holes the HQ core drilling program at its Chunibas project in Sonora, after the discovery of a new multi-lithic and highly altered intrusive breccia associated to the mineralization. The most interesting intervals are 39.0 m @ 0.67 g/t Au (including 20 m @ 1.05 g/t Au); 21 m @ 0.58 g/t Au (the hole ended with 1.2 m @ 2.42 g/t Au); 3.3 m @ 5.05 g/t Au (a separate interval at the end of the hole: 2.2 m @ 1.05 g/t Au). The mineralization style being tested was on shear zones and wall rock dissemination, the mineralized breccia changes the scope of future drilling. Assays are pending for the last three holes.


  • Leagold Mining Corp. reported second quarter 2017 production results at Los Filos mine in Guerrero. The mine produced 46,098 Oz Au, and the company ended the period with a cash balance of $65 M and operations being cash flow positive. An agglomeration drum is being reinstalled and an overland conveyor extended as part of an optimization plan. The Bermejal underground expansion project is advancing with 10 drill rigs on the 56,000 m infill and step-out program. A new processing facility is being evaluated for the higher grade underground ore.
  • Sierra Metals Inc. announced 2Q 2017 production results, including figures from its Cusi and Bolivar mines in Chihuahua. At Bolivar 192,937 tonnes were processed at 2,205 tpd (tonnes per day) @ 0.97% Cu, 15 g/t Ag, 0.17 g/t Au, with 76% Cu, 75.2% Ag, 58.3% Au recoveries, to produce 3.1 M Lb Cu, 73 K Oz Ag, 620 Oz Au. At Cusi 23,956 tonnes were processed (274 tpd) @ 189 g/t Ag, 0.27 g/t Au, 1.1% Pb, 1.1% Zn, with 65.4% Ag, 60.7% Au, 78.0% Pb, 45.8% Zn recoveries, to produce 95 K Oz Ag, 126 Oz Au, 457 K Lb Pb, 262 K Lb Zn.
  • Premier Gold Mines Ltd. presented second quarter 2017 production results from its Mercedes mine in Sonora. During the period 21,893 Oz Au, 89,474 Oz Ag were produced.
  • Gold Resource Corp. reported preliminary second quarter 2017 production results from its Aguila project in Oaxaca. During the period 5,696 Oz Au, 397.7 K Oz Ag, 294 tonnes Cu, 1,207 tonnes Pb, 4,176 tonnes Zn were produced.
  • Excellon Resources Inc. released second quarter 2017 production results from the Platosa mine in Durango. At the site 10,840 tonnes were mined, 13,877 tonnes milled @ 394 g/t Ag, 3.5% Pb, 4.5% Zn, recovering 89.8% Ag, 80.4% Pb, 80.7% Zn to produce 160,820 Oz Ag, 850.1 K Lb Pb, 1.11 M Lb Zn. With the dry mining conditions achieved (see last week Highlights edition) higher grade zones can be now mined at greater rates.
  • Telson Resources Inc. has initiated hiring and training of personnel whom are currently servicing all milling and mining equipment located at the mine site. Telson is planning to restart mining employing block caving versus Nyrstar’s room and pillar mining methods, to potentially reduce mining costs. If offtake funding is achieved successfully the company hopes to initiate mining at Campo Morado within three months. During 2014 Campo Morado processed 657 K tonnes of ore @ 1.2 g/t Au, 115.7 g/t Ag, 4.6% Zn, 1.2% Cu, 0.9% Pb.


  • Southern Silver Corp. extended the closing date for its brokered private placement to August 16th, 2017. The first tranche was closed on June 13th for a total of $2.55 M (Cerro Las Minitas, Durango).
  • Alio Gold Inc. completed the previously announced bought deal offering for aggregate gross proceeds of C$50.39 M (San Francisco, Sonora).
  • Telson Resources Inc. closed the final tranche of the private placement previously announced, issuing 1.732 M shares at 55 cents per share, and paid an additional US$700 K to Nyrstar Mining. The funding was received from Estratégica Corporativa en Finanzas, a related party of Telson. The related party is a significant shareholder with a control position in the Company (Campo Morado, Guerrero).
  • Monarca Minerals Inc. completed the second tranche of its previously announced non-brokered private placement for gross proceeds of $434 K, and aggregate gross proceeds of $2.15 M (Tejamen, Durango).
  • Premier Gold Mines Ltd. received approval of the Toronto Stock Exchange (TSX) for a normal course issuer bid to purchase up to 19.6 M of its issued and outstanding common shares (Mercedes, Sonora).


  • Americas Silver Corp. provided an update on the San Rafael project in Sinaloa. At the end of the second quarter approximately US$10.5 M of a US$18 M budget have been spent. The main ramp and a secondary ramp continue its development; the secondary ramp is expected to allow mining to begin by early August. Mill modifications are progressing and commissioning of the new equipment is set for the second half of August. In the second quarter 2017 a 2,700 m 8-hole definition drill campaign was completed over the Zone 120 area. Presently four more holes are testing the connection with El Cajón mine. Current production continues primarily from the Nuestra Señora mine. El Cajón stockpiles are available until San Rafael production commences at the end of the quarter.
  • Almaden Minerals Ltd. reported more drilling results from the exploration and development program at its Tuligtic project in Puebla. Relevant intercepts comprise 18.25 m @ 0.69 g/t Au, 263 g/t Ag; 26 m @ 0.19 g/t Au, 346 g/t Ag; 21.0 m @ 1.57 g/t Au, 49 g/t Ag; 11.0 m @ 1.85 g/t Au, 106 g/t Ag; 23.5 m @ 0.26 g/t Au, 66 g/t Ag; 19.25 m @ 1.05 g/t Au, 73 g/t Ag.
  • Kootenay Silver Inc. announced that detailed sampling and reconnaissance work identified a drill target within the La Navidad zone at its La Cigarra property in Chihuahua. The new zone measures up to 1,000 m long by 300 m wide, and is 500 m from the San Gregorio zone, which hold 60% of the current resource at La Cigarra.
  • Mx Gold Corp. announced that on its Joint Venture with GracePoint Mining Corp. a subsidiary or Firma Holdings Corp. the Magistral project is progressing on schedule. “The project includes a fully permitted 500 TPD Dynamic Cyanide counter current system plant. Construction of the plant was completed in 2013, for approximately $4.5 million. There is a current build out, underway, to bring the plant to 1,000 tonnes per day capacity.” The project includes the right to process 1.2 M tonnes of tailings grading 2.06 g/t Au.
  • Consolidated Zinc Ltd. released results from the infill drilling focused on the increase of resources on the Tres Amigos area of its Plomosas property in Chihuahua. Best results include 1.75 m @ 9.4% Zn, 1.7% Pb, 9 g/t Ag; 0.95 m @ 10.9% Zn, 6.7% Pb, 23 g/t Ag; 0.55 m @ 31.2 % Zn, 0.2% Pb, 9 g/t Ag. Consolidated is to drill additional holes aiming to include further mineralization in an upcoming JORC resource upgrade.


  • Evrim Resources Corp. signed a two-year Exploration Alliance with Newmont Mining Corp. The alliance is to focus in generating greenfield exploration in terranes favorable for world-class gold orebodies. Newmont is to have the right to designate one or more projects for option by making certain cash payments to Evrim and solely fund the exploration on the project for up to 10 years, or until a NI 43-101 compliant pre-feasibility study on a greater than 2 M Oz gold resource, point at which Newmont will have 80% interest in the project. Evrim will be the operator for the initial US$5 M in exploration expenditures.
  • Red Tiger Mining Inc. continues to produce copper cathodes from the residual leaching of its leach pad, having ceased mining operations at the Luz del Cobre mine in Sonora on December of 2016. Red Tiger has been unable to file its annual consolidated financial statements and Management Discussion & Analysis (“MD&A”) for 2016. The company has been reclassified as Tier 2 by the TSX Venture Exchange.

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

On the picture below, strong goethite and hematite staining on silicified sandstone in eastern Chihuahua. Photo by Jorge Cirett.

Julio 2014 204

Telson Resources Inc. Initiates Activities for Restart of Mining Operations at Campo Morado and Closes Final Tranche of Private Placement


Vancouver, British Columbia, July 20, 2017 – Telson Resources Inc. (“Telson” or the “Company”) (TSX Venture – TSN.V) is pleased to announce that it has closed the final tranche of the private placement as announced in a press release dated June 14, 2017 and accordingly has issued 1,732,691 shares at 55 cents per share, and paid an additional US$700,000 to Nyrstar Mining which concludes all payments that were currently due under the agreement terms as summarized in the former referenced press release.
The funding was received from Estratégica Corporativa en Finanzas, a related party of the Company. The related party is a significant shareholder with a control position in the Company, for which the Company previously received shareholder consent in late 2015, in accordance with TSXV policy. The issuance of private placement securities to a ‘non-arms’ length party also constitutes a related-party transaction under  Multilateral Instrument 61-101 (“MI 61-101”). Because the Company’s shares trade only on the TSXV, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and fits within an exemption from the minority approval requirements of Section 5.6 of MI 61-101.