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The Mining and Exploration News in Mexico: Highlights on the Fifth Week of March 2023

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By Jorge Cirett                                             

During the 13th week of the year (March 27th to April 2nd, 2023), 18 companies working in Mexico released news on their properties. Two companies informed on exploration on their properties, three companies informed on Q4 and year 2022 financial and operational results. Two companies closed partial or complete share placements. Two companies filed technical reports on their properties, two more released drilling results on their advanced properties and two more updated mineral resource estimates for their properties. Two companies announced the completion of the acquisition process on mining projects. ON MEXICO ISSUES, the Mexican president sent an initiative to change the Mining Law that is likely to strongly impact the mineral exploration industry. ON EXPLORATION, In Sonora, Tocvan Ventures provided an update on bulk sampling at its Pilar property; Reyna Gold is to drill its La Gloria project. ON MINING, Mag Silver, Sierra Metals and Avino Silver released Q4 2022 financial reports. ON FINANCING, Silver Spruce closed a private placement for $1.13 M, Golden Tag closed the first tranche of a non-brokered private placement. ON RESOURCES AND DEVELOPMENT, Alamos Gold and Sonoro Gold filed NI-43-101 technical reports on the Mulatos and Cerro Caliche properties respectively, both in Sonora. GoGold Resources released drilling results from Los Ricos South project in Jalisco. Oroco Resource informed on drilling at the Santo Tomás project in Sinaloa. Argonaut Gold updated on mineral resources at five of its properties in Mexico. Aura Minerals reported on mineral reserves and resources at Aranzazu, in Zacatecas. ON DEALS AND CORPORATE ISSUES, Argonaut Gold completed the sale of the Ana Paula project in Guerrero to Heliostar Metals. Sierra Metals completed the acquisition of La Guitarra project, in Estado de Mexico, from First Majestic Silver. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The president of México, Andrés M. López Obrador sent to Congress an initiative to reform the Mining Law, National Water Law, Ecological Equilibrium Law and Environmental Protection and the General Law for Prevention and Integral Management of Residues relating to Mining and Water Concessions. The initiative displays a heavy ideological charge on the exposition of motifs, full of propaganda epithets against the “neoliberal” current state of affairs on these matters. Any good specific proposal within the initiative is overwhelmed by the sheer amount of new rules designed for the State to have a firm grip on the industry, many of which involve granting the government power to decide when to take away a concession on flimsy grounds, raising the uncertainty level for mining investment in Mexico. Some takeaway points that drastically change how the mining industry is operating in Mexico include: The government is to perform auctions for mining concessions (no more staking). Mining activities are no longer considered to have priority over other land uses. No land expropriation on mining grounds. Social impact studies to be conducted before any exploration takes place. Public consultations with “towns”, indigenous (which by the way are auto ascribed) and afro-Mexican communities. Reduction of mining concessions rights from 50 to 15 years, that could be renewed only once (more than a few operations in Mexico have been continuous for far longer periods). Mining concessions are conditioned to water “availability” (yes, the government decides, unconstrained, when there is available water, anytime). No private transmission of mining concessions without government consent (again, absolute power to the government). Added cancellation causes include lack of report in possible harm or risks to ecological equilibrium, lack of permits, concessions or authorizations from other authorities and lack of closing programs or management of residues. The only way to obtain a concession is to be by government auction (Concurso). Limits mining concessions coverage to only one element (you have to wonder on the genius that came with this proposal). The list continues, but in a first pass reading those above come as the most likely to cause an exodus of investment in mining exploration in Mexico. Mines are to continue operating, and advanced properties are likely to continue to development, but the Mexican exploration industry is about to halt when this initiative is approved, as the government has the required number of votes secured in Congress. Dialogue between industry entities and the government should take place before this initiative is voted, because better alternatives should be sought in order to achieve a better operating mining industry. Alternative options agreed upon should both improve the effect of mining operations in communities and the environment while promoting investment, thus helping Mexico’s development as a whole.         

ON EXPLORATION

  • Tocvan Ventures Corp. provided a progress update on the first bulk sample at the Pilar project in Sonora. Over 1,200 tonnes of material have been stockpiled with the first shipments completed. Four head-grade samples averaged 6.2, 7.6, 1.3 and 7.6 gpt Au. “Diagnostic leach tests are ongoing and were collected from four trench areas and one select drill core coarse reject sample. Preliminary results from the study suggest free gold is present in the samples and has been confirmed visually by testing sieved…. Up to 1,000 tonnes of oxide-gold material will be extracted from select areas….. The information provided from the sample will be used for planning in coordination for permitting of full-scale mine and process facilities on-site at Pilar”.
  • Reyna Gold Corp. announced the mobilization to recommence a minimum of 5,500 m of diamond drilling at its 24,215 ha La Gloria property in Sonora. The program is focused on four targets: La Republicana, Western, Las Carmelitas and Main Zone. At La Republicana drilling “will test extensions to the La Republicana Main Vein, which produced 59.00m of 1.45 g/t Gold in Phase 1 drilling”, on the 1 km long vein with significant anomalies delineated by an induced polarization survey. At Western, abundant quartz veining with Au-Te high-grades are to be tested. At Las Carmelitas high Cu, Ag, Sb assays have been obtained in a large conglomerate/agglomerate system. At the Main Zone, follow-up is to test on phase-1 drilling that returned 5.5 m @ 935 gpt Ag; 7.85 m @ 3.94 gpt Au; 30.60 m @ 0.51 gpt Au.

ON MINING

  • Mag Silver Corp. announced consolidated financial results for 2022. Commissioning of the Juanicipio plant in Zacatecas commenced in early January 2023, after the entire system was connected to the national power grid in late December 2022. During the year 646.1 K tonnes were processed thorough the Fresnillo and Saucito plants, producing 8.7 M Oz Ag, 20,268 Oz Au, 4,487 tonnes Pb, 6,758 tonnes Zn, netting $132.8 M in gross profit by Juanicipio (56% Fresnillo PLC, 44% Mag Silver).  At the end of 2022 Mag Silver had 29.2 M of working capital, with no long-term debt. The company closed a $42.6 M bought deal public offering on February 2023.
  • Sierra Metals Inc. presented Q4 and year-end 2022 consolidated financial results. The company has operations in Chihuahua and Peru, but no production details by unit were presented. Sierra Metals obtained $46.2 M in revenue during the year, with an adjusted EBITDA of $13 M, a net loss of $88.3 M. The company had cash and cash equivalents of $5.1 M and negative working capital of $84.4 M. For 2023 the production guidance at Bolivar, in Chihuahua, envisions a production of 34.5 – 39.5 M Lb CuEq at cash cost $2.99 per Lb CuEq and an AISC of $5.07 per Lb CuEq. At Cusi, in Chihuahua, an undisclosed amount of silver ounces was produced at cash cost $16.77 per Oz AgEq and an AISC of $23.17 per Oz AgEq.
  • Avino Silver & Gold Mines Ltd. released consolidated financial results for Q4 and year-end 2022. During the year, the Avino mine in Durango milled 541.8 K tonnes to produce 985 K Oz Ag, 5,778 Oz Au, 6.5 M Lb Cu (or 2.65 M Oz AgEq), at cash cost $10.34 per Oz AgEq and an AISC of $17.91 per Oz AgEq. In the year the company had revenue of $44.2 M, ending the period with a $11.2 M cash balance and $8.8 M in working capital.

ON FINANCING

  • Silver Spruce Resources Inc. closed a private placement for $1.13 M in proceeds (Diamante, Sonora).
  • Golden Tag Resources Ltd. closed the first tranche of the previously announced non-brokered private placement, aiming to raise $5.7 M in aggregate gross proceeds (Don Diego and La Parrilla, Durango).

ON RESOURCES AND DEVELOPMENT

  • Alamos Gold Inc. announced the filing of a NI43-101 compliant technical report for its Mulatos property in Sonora.
  • Sonoro Gold Corp. reported the filing of a NI-43-101 compliant technical report on the mineral resource estimate at its Cerro Caliche project in Sonora. The report includes indicated resources of 19.9 M tonnes @ 0.44 gpt Au, 3.5 gpt Ag, containing 280 K Oz Au, 2.2 M Oz Ag, and inferred resources of 10.5 M tonnes @ 0.42 gpt Au, 4 gpt Ag, containing 140 K Oz Au, 1.3 M Oz Ag. The resources are amenable to a combination of open pit and heap leach extraction.
  • GoGold Resources Inc. announced drilling results from the Eagle and Main deposits at its Los Ricos South project in Jalisco. Highlighted core length intervals comprise 23.3 m @ 7.07 gpt Au, 86 gpt Ag (including 2.7 m @ 45.01 gpt Au, 106 gpt Ag); 39.9 m @ 1.28 gpt Au, 87 gpt Ag; 16.3 m @ 1.09 gpt Au, 28 gpt Ag; 18.2 m @ 1.72 gpt Au, 118 gpt Ag; 13.9 m @ 3.63 gpt Au, 144 gpt Ag. “The purpose of the program is to better define the very high-grade portions of the current deposit that may be amenable to bulk underground mining. The Company is carrying out a trade-off study to better define what portion of the deposit could be mined in a lower strip ratio pit and what portion would best be mined in more selective bulk underground mining”.
  • Oroco Resource Corp. released results from drilling at the South Zone of the Santo Tomás project in Sinaloa. Highlighted core length intervals estimated to be within 10% of true width comprise 221.7 m @ 0.023 gpt Au, 2 gpt Ag, 0.37% Cu; 145.0 m @ 0.008 gpt Au, 2 gpt Ag, 0.25% Cu; 89.0 m @ 0.011 gpt Au, 2 gpt Ag, 0.31% Cu (including 25.0 m @ 0.020 gpt Au, 4 gpt Ag, 0.74% Cu); 81.0 m @ 0.011 gpt Au, 1 gpt Ag, 0.20% Cu. “Historical drilling, surface geological mapping, and the Dias Geo 3D Induced Polarization survey have defined near-surface mineralization projected to 400 m below the surface along 2,000 m of strike length in the South Zone”.
  • Argonaut Gold Inc. updated its mineral resources to the end of 2022, including figures from its Mexican properties. The following table shows the resources on its Mexican properties, which at the end of 2022 comprised proven and probable reserves of 2.3 M Oz Au, 51.7 M Oz Ag, 86 K tonnes Cu, 5.6 M Oz Au, 94.9 Oz Ag, 187 K tonnes Cu in measures and indicated resources and 603 K Oz Au, 17.1 M Oz Ag, 5 K tonnes Cu in inferred resources.
  • Aura Minerals Inc. reported updated mineral reserves and resources for its operating mines, including from its Aranzazu mine in Zacatecas, to the end of 2022. Proven and probable mineral reserves stand at 9.6 M tonnes @ 0.81 gpt Au, 17.61 gpt Ag, 1.23% Cu, containing 249 K Oz Au, 5 M Oz Ag, 259 M Lb Cu. Measured and indicated resources comprise 15.1 M tonnes @ 0.97 gpt Au, 21.15 gpt Ag, 1.44% Cu, containing 471 K Oz Au, 10.4 M Oz Ag, 477.3 M Lb Cu. Inferred resources stood at 4.3 M tonnes @ 0.55 gpt Au, 16.37 gpt Ag, 1.04% Cu, containing 76 K Oz Au, 2.3 M Oz Ag, 99 M Lb Cu.

ON DEALS AND CORPORATE ISSUES             

  • Argonaut Gold Inc. announced the completion of the sale of the Ana Paula project in Guerrero to Heliostar Metals Ltd. The deal involved US$10 M in cash upon closing and US$20 M in deferred cash and share considerations. The project has 1 M Oz Au @ 2.36 gpt Au in proven and probable mineral reserves, is permitted for an open pit and potential for underground mining, with 142,000 m of drilling in 333 holes.
  • Sierra Madre Gold and Silver Ltd. announced the completion of the acquisition of the La Guitarra property in Estado de Mexico. Sierra Madre issued to First Majestic Silver Corp. 69 M shares for it to maintain a 19.9% interest on Sierra Madre, shares that are to be released by an escrow on four equal installments between September 2023 and March 2025. The company opened a brokered private placement on September 2022, intending to raise up to $10 M. The common shares are halted from trading, and are expected to resume trading following the closing of the common share offering.  

ON SOCIAL RESPONSIBILITY

  • Avino Silver & Gold Mines received for the first time in 2022 the ESR (Empresa socialmente responsible) award “granted by the Mexican Center for Philanthropy (El Centro Mexicano para la Filantropia or Cemefi, and the Alliance for Corporate Social Responsibility (Alianza por la Responsabilidad Social Empresarial or (AliaRSE))”.

On the image below: Porphyritic felsic dike on a project in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of October, 2022.

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Cockade texture

By Miguel A Heredia

During the 42nd week of the year (October 17th to October 23th, 2022), at least 15 press releases were announced by companies working in Mexico, and 4 news published by the media with six communicating production and financial issues, four reporting resources and developments of their properties, four commenting on Mexican issues, two announcing financing issues, one discussing social issues, one discussing deals and corporate issues, and one informing on exploration results. ON MEXICO ISSUES, Hermosillo, the capital city of the Sonora State, hosted the 14th International Mining Congress in October 18-21, 2022 with the participation of over 5,000 people. The Mexican Mining Chamber (CAMIMEX) warned that thefts of output and goods like explosives in the mining industry continue to increase despite the support provided by the Secretary of National Defense (SEDENA). According to data from the Ministry of Economy, the Mining Chamber of Mexico (Camimex) and experts, there is a mining collapse in Mexico since 822 mining projects were postponed, 180 foreign capital firms have left the country and there are 25 concessions stopped. GoGold and GR Silver reported the best drilling intercepts in Mexico on the third week of October, 2022. ON EXPLORATION, In Sinaloa, Prismo provided an update on its ongoing drill program conducted at its Palos Verdes project located in the historic Panuco-Copala mining district.  ON MINING, Avino, Santacruz, Golden Minerals, American Gold and Silver, and First Majestic reported Q3, 2022 production results from their Mexican mining operations, while Guanajuato Silver announced that it has recommenced mining at its Valenciana Mines Complex in Guanajuato, and provided a 6-month production estimate. ON FINANCING, Sierra Metals announced that it has commenced a process to evaluate and consider the company´s current financial and liquidity position, operational challenges and possible financing and restructuring alternatives that may be available to the company. Barksdale closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $264K, and completed an extension of financial instruments (San Javier project in Sonora).  ON RESOURCES AND DEVELOPMENT, Avino announced that the installation and commissioning of the dry-stack tailings at its Avino mine in Durango has been completed. GoGold reported the acquisition of the 1,107 Ha Eagle concession covering the northern strike of the Main Deposit on the Los Ricos South property in Jalisco. Equinox released an updated feasibility study (FS) for its Los Filos mine expansion located in Guerrero State. GR Silver presented drilling results and announced the extension of the SE Area Silver Discovery at its Plomosas deposit in Sinaloa. ON DEALS AND CORPORATE ISSUES, Avinois conducting community agreements in the nearby towns adjacent to its la Preciosa property in Durango as it is committed to moving this project forward as part of the company´s 5-year growth strategy. ON SOCIAL RESPONSIBILITY, Industrias Peñoles and Fresnillo plc mining companies reiterated their commitment in saving and energy efficiency to continue implementing actions that contribute to the fight against global warming in order to build the mining of the 21st century.

ON MEXICO ISSUES

  • Hermosillo, the capital city of the Sonora State, hosted the 14th International Mining Congress during October 18-21, 2022, with the participation of over 5,000 people.
  • The Mexican Mining Chamber (CAMIMEX) warned that thefts of output and goods like explosives in the mining industry continue to increase despite the support provided by the Secretary of National Defense (SEDENA). The General Director of CAMIMEX, Karen Flores, said that thefts remain a recurrent issue in the sector and highlighted that these crimes are probably perpetrated by organized crime.
  • According to data from the Ministry of Economy, the Mining Chamber of Mexico (Camimex) and experts, there is a mining collapse in Mexico since 822 mining projects were postponed, 180 foreign capital firms have left the country and there are 25 concessions stopped. If the policy were to change, 30% more jobs would be created and the contribution to Mexico’s GDP would increase by 0.5%, according to estimates. Mining and metallurgical activity exceeded tourism by 19% in foreign exchange generation. The president of the Association of Mining Engineers, Metallurgists and Geologists of Mexico (AIMMGM), indicated that the uncertainty generated by this administration in the sector has caused a slowdown, which has left investments far from the more than USD $8 billion that were reached in previous years. GoGold Resources Inc., and GR Silver Mining Ltd., reported the best drilling intercepts in Mexico on the third week of October, 2022. Details are shown in the table below:

ON EXPLORATION

  • Prismo Metals Inc., provided an update on its ongoing drill program conducted at its Palos Verdes project located in the historic Panuco-Copala mining district in the state of Sinaloa. A total of 1,203m in 4 holes have been drilled to date out of a planned minimum of 2,000m. Drilling has intersected wide structural zones at depth where the Palos Verdes vein is branching into several strands measuring from about 0.5m to 9m in width in andesitic rocks. Core sampling is being completed on the entire structural zone including wall rock with veinlets. Assay results are expected to arrive in early November, 2022.

ON MINING

  • Avino Silver & Gold Mines Ltd., reported Q3, 2022 production results from its Avino mine in Durango. The company milled 162.1K tonnes of 59 g/t Ag, 0.31 g/t Au, and 0.66% Cu with metallurgical recoveries of 92%, 74%, and 89% respectively to produce 285.4K Oz Ag, 1.2K Oz Au and 2.1M Lb Cu (778K Oz AgEq).
  • Santacruz Silver Mining Ltd., announced Q3, 2022 production results from its Zimapan mine in Hidalgo. It milled 215,765 tonnes of 79 g/t Ag, 2% Zn, 0.7% Pb, and 0.39% Cu to produce 368.6K Oz Ag, 6.8M Lb Zn, 2.6M Lb Pb, and 1.4M Lb Cu (988.6K Oz AgEq).
  • Guanajuato Silver Company Ltd., has recommenced mining at its Valenciana Mines Complex (VMC) in Guanajuato. Cut & fill mining of high-grade epithermal veins at Valenciana is currently focused on the Los Pozos mine area where several mineralized blocks had been previously defined. Mineralized material from Valenciana is currently being transported to El Cubo for processing. The company expects to mine 5,000 tonnes per month at Valenciana throughout the remainder of 2022. “The Cata processing facility is centrally located within the Valenciana Mines Complex and has a production capacity of 36,000 tonnes per month. In November 2021 Cata was placed on care & maintenance by its previous owner. Guanajuato Silver had initially anticipated restarting the Cata mill in 2023, but with the rapid recommencement of mining at San Ignacio and the VMC, the company now expects to restart mineral processing at Cata before the end of 2022. The company also provided a 6-month production estimate. Guanajuato Silver expects to mine 125K-140K tonnes in Q4, 2022 to produce over 760K-985K and over 140K-160K tonnes in Q1, 2023 to produce over 910K-1.15M Oz AgEq.
  • Golden Minerals Company announced Q3, 2022 production and financial results from its Rodeo mine in Durango. The company mined 192,545 tonnes and reported that 23,618 tonnes were placed in stockpiles awaiting processing and 121,202 tonnes were placed in low grade stockpiles. Golden processed  47,947 tonnes of 2.6 g/t Au and 10 g/t Ag with metallurgical recoveries of 74.6% and 77.6% respectively., to produce 2,972 payable Oz Au in Dore and 11,907 payable Oz Ag in Dore (3,103 payable Oz AuEq in Dore). The company sold 3,108 Oz Au and 11,609 Oz Ag (3,145 Oz AuEq) at an average realized price before refining and selling costs of USD $1,703.10 per Oz Au and USD $18.72 per Oz Ag.
  • Americas Gold and Silver Corporation reported Q3, 2022 production results from its Cosalá operations in Sinaloa. It produced 186K Oz Ag, 3.8M Lb Pb, and 9.4M Lb Zn and announced that silver production from the Cosalá operations for the full year 2022 is expected to be at the lower end of the projected range of 0.7-0.9M Oz Ag, while zinc and lead production are expected to be towards the upper end of the projected ranges of 36 to 40M Lb Zn and 13 to 15M Lb Pb.
  • First Majestic Silver Corp., reported Q3, 2022 production results from their Mexican Mining operations (San Dimas in Durango, Santa Elena in Sonora, and La Encantada in Coahuila). Figures by mine are shown in the table below:

ON FINANCING

  • Sierra Metals Inc., announced that it has commenced a process to evaluate and consider the company´s current financial and liquidity position, operational challenges and possible financing and restructuring alternatives that may be available to the company. “The company faces liquidity challenges as a result of the recent previously announced suspension of operations at the Yauricocha Mine in Peru, and operating losses and negative cash flows that have accumulated, primarily from the Bolivar and Cusi operations in Mexico”. 
  • Barksdale Resources Corp., closed the final tranche of its previously announced non-brokered private placement with Teck Resources Limited for gross proceeds of $264K. The net proceeds will be used for general corporate and working capital purposes. Barksdale also completed an extension of the maturity date of the secured convertible debentures administered by Delbrook Capital Advisors Inc. by one year until December31, 2023. The debentures have a remaining principal amount of $1.5M and all other terms of the debentures remain unchanged except for the conversion price, which has increased to $0.55 per share from $0.45 per share (San Javier project in Sonora).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd., announced that the installation and commissioning of the dry-stack tailings at its Avino mine in Durango has been completed. The company chose dry-stack tailings for its environmental, safety and economic advantages, as well as because it reduces the need to extract water from local sources by recycling the water removed from tailings.
  • GoGold Resources Inc., reported the acquisition of the 1,107 Ha Eagle concession covering the northern strike of the Main Deposit on the Los Ricos South property in Jalisco by USD $2.1M to be paid over 4 years. As a result of this acquisition, all of the concessions in Los Ricos South are now contiguous. “This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle”.
  • Equinox Gold Corp., released an updated feasibility study (FS) for its Los Filos mine expansion located in Guerrero State. Highlights of the FS include an after-tax NVP at  5% discount rate of USD $625M at base case of USD $1,675 per Oz Au; after-tax IRR of 26% at USD $1,675 per Oz Au; 5.4M Oz Au of Proven + Probable Mineral Reserves with grades of 0.65 g/t Au for open pit ore material and 3.94 g/t Au for underground ore material (average grade of 0.86 g/t Au); 7.9M Oz Au of Measured and Indicated Resources (exclusive of Reserves) with grades of 0.71 g/t Au for open pit ore material and 3.65 g/t Au for underground ore material (average grade of 0.75 g/t Au); 3.97M Oz life-of-mine (LOM) Au production, with  360K Oz peak average annual gold production (2025-2030), 280K Oz average annual gold production LOM (2023-2036), 1.22M Oz Au produced from the heap leach with average recovery of 55%, 2.75M Oz Au produced from the CIL plant with average recovery of 88%; 11.83M Oz LOM silver production; USD $993M after-tax LOM cumulative net cash flow; USD $981/ Oz average LOM cash cost; USD $1,081/Oz average LOM AISC; USD $318M initial capital cost to build the CIL plant and associated infrastructure; and 14.5-year mine life with extension potential from Mineral Resources conversion and exploitation success.
  • GR Silver Mining Ltd., presented drilling results and announced the extension of the SE Area Silver Discovery at its Plomosas deposit in Sinaloa. Drilling highlights include hole SMS22-16 which identified a wide hydrothermal breccia and stockwork system with multiple high grade Ag intervals such as 112 g/t Ag, 0.06 g/t Au, and 0.1% Zn over 123.1m, including 289 g/t Ag, 0.05 g/t Au, and 0.1% Zn over 13.1m, including 4,680 g/t Ag, 0.57 g/t Au, 0.1% Pb, and 0.1% Zn over 0.4m, and 250 g/t Ag, 0.1 g/t Au, 0.1% Pb, and 0.3% Zn over 27.3m, including 1,351 g/t Ag, 0.3 g/t Au, 0.1% Pb, and 0.2% Zn over 0.3m, and 635 g/t Ag, 0.08 g/t Au, 0.2% Pb, and 0.3% Zn over 6.4m, including 2,203 g/t Ag, 0.17 g/t Au, 0.8% Pb, and 1.4% Zn over 0.5m, and 102 g/t Ag and 2.6 g/t Au over 1.5m; and hole SMS22-14 with 23 g/t Au and 0.06 g/t Au over 10.5m, and 118 g/t Ag, 0.02 g/t Au, and 0.1% Zn over 3.5m, including 1,790 g/t Ag, 0.03 g/t Au, 0.7% Pb, and 2.9% Zn over 0.2m, and 22 g/t Ag, 0.08 g/t Au over 10.9m. The drilling program continues at the SE Area to define the geometry and lateral extents of the mineralization. “The occurrence of Ag anomalous zones on surface along the 1.5km target contact, further SE from the SE Area, provides new targets for the company to continue drilling, aimed at expanding the footprint of mineralization and potentially for incorporation into the planned resource estimation update in Q1, 2023”.

ON DEALS AND CORPORATE ISSUES

  • Avino Silver & Gold Mines Ltd is conducting community agreements in the nearby towns adjacent to its la Preciosa property in Durango as it is committed to moving this project forward as part of the company´s 5-year growth strategy.

ON SOCIAL RESPONSIBILITY

  • Industrias Peñoles S.A.B. de C.V. and Fresnillo plc mining companies reiterated their commitment in saving and energy efficiency to continue implementing actions that contribute to the fight against global warming in order to build the mining of the 21st century. In accordance with their sustainable development policies, both companies have programs to reduce greenhouse gas emissions, such as those from transportation, for which they implemented a strategy to save energy and use clean sources. Peñoles and Fresnillo plc are committed to caring for the environment and seek to achieve, in the near future, the objective of zero significant environmental impacts.

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, cockade texture from a low-sulphidation epithermal Au-Ag vein system in a project in Sinaloa, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of September, 2022.

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Grossular garnet exo skarn.

By Miguel A Heredia

During the 38th week of the year (September 19th to September 25th, 2022), at least 12 press releases were announced by companies working in Mexico, and 3 news published by the media with four informing on exploration results, four reporting resources and developments of their properties, four commenting on Mexican issues, two announcing financing issues, and one discussing social issues. ON MEXICO ISSUES, Enrique Zorrilla, president of the Canadian Chamber of Commerce in Mexico stated that Canada has its eyes fixed on Mexico as an investment destination for its mining companies, mainly in exploration expenses to find new gold deposits. According to a recent report by the Ministry of Finance, Mexico values ​​its lithium deposits in Sonora at USD $602,000M. In Mexico, only 33% of mines have access to a computer with an Internet connection to reduce accidents. On a striking difference with last week news releases, only Vizsla Silver Corp., posted drilling results in Mexico on the fourth week of September, 2022. ON EXPLORATION, In Sonora, Tocvan and its JV partner Colibri announced the next steps to be conducted at both the Pilar and the El Picacho projects. In Sinaloa, Prismo provided an update of its ongoing drilling program being conducted at its Palos Verdes project. In Durango, Regency entered into an option agreement to acquire a 100% undivided interest in the El Tablon claims.  ON MINING, no relevant news. ON FINANCING, Tocvan announced that it has filed to extend the expiration date of 1,244,668 common share purchase warrants by six months (The Pilar project, Sonora). Barksdale closed a non-brokered private placement for gross proceeds of $2M and issued a total of 4,622,917 units at a price of $0.48 per Unit for gross proceeds of $2.22 (San Javier project, Sonora). ON RESOURCES AND DEVELOPMENT, Oroco announced the commencement of a Preliminary Economic Assessment (PEA) for its Santo Tomas project in Sinaloa.  Galore provided an update on the exploitation activities carried out at its Duraznillo mine in Zacatecas. Golden Tag reported positive metallurgical results from the Fernandez Zone at its San Diego project, Durango. Vizsla reported results from 13 new drill holes targeting the Cruz Negra Vein located in the western portion of its Panuco project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, Almaden signed new and expanded cooperation agreements with the two communities closest to its Ixtaca project, Puebla.

ON MEXICO ISSUE

  • Enrique Zorrilla, president of the Canadian Chamber of Commerce in Mexico stated that Canada has its eyes fixed on Mexico as an investment destination for its mining companies, mainly in exploration expenses to find new gold deposits. He declared that 35% of the capital invested by that country goes to the mining sector.
  • According to a recent report by the Ministry of Finance, Mexico values ​​its lithium deposits in Sonora at USD $602,000M. Although Mexico does not currently produce the metal, the finance ministry estimated that Sonora’s reserves could add about 0.3% to potential GDP in the medium term. While the ultra light white metal is usually extracted from rock or brine deposits, lithium in Sonora is mostly trapped in clays, from which it has not yet been extracted on a commercial scale.
  • In Mexico, only 33% of mines have access to a computer with an Internet connection to reduce accidents. Ericsson revealed that the use of tools such as telemetry, satellite geolocation, wireless sensors and remote operation help improve mining operations, because with them and with the speed of the 5G network, information can be obtained practically in real time.
  • On a striking difference with last week news releases, only Vizsla Silver Corp., posted drilling results in Mexico on the fourth week of September, 2022. Details are shown in the table below:

ON EXPLORATION

  • Tocvan Ventures Corp., and its JV partner Colibri Resources Corporation announced the next step to be conducted at both the Pilar and the El Picacho projects in Sonora. At the El Picacho, Tocvan plans to initiate a maiden drill program targeting the San Ramon prospect. The plan for the Pilar is to commence bulk sampling of trench material to be processed in a local heap leach facility; to complete 2,000m of infill drilling and 3,000m of step-out and exploration drilling; to proceed with the permitting and development requirements for establishing a bulk test mine on-site; and to update the technical report.
  • Prismo Metals Inc., provided an update of its ongoing drilling program being conducted at its Palos Verdes project, Sinaloa. The Company has drilled approximately 560m in two core holes of a planned minimum of 2,000m drill program, with the second hole currently in progress. Both holes have intersected several vein structures. Palos Verdes project is contiguous to the Panuco silver-gold project of Vizsla Silver Corp.
  • Regency Silver Corp., entered into an option agreement to acquire a 100% undivided interest in the El Tablon claims located only 26km from the historical Tayoltita mining district in the state of Durango. The property covers a total of 7,200 hectares and contains numerous artisanal workings and tunnels, which explored many of the veins and veinlets that exist within the concession area. In order to exercise the option, Regency Silver must pay USD $50K on receipt of exchange acceptance, issue a total of 1M common shares and pay back taxes and mining filings on or before March 31, 2024. Regency Silver must also pay a USD $1M bonus upon a NI 43-101 resource being published, which estimates the El Tablon Claims contain a minimum of 70M Oz AgEq or M Oz Au in the measured or indicated categories.

ON MINING

  • No relevant news.

ON FINANCING

  • Tocvan Ventures Corp., announced that it has filed to extend the expiration date of 1,244,668 common share purchase warrants by six months. The Warrants are exercisable into common shares of the Company at a price of $0.75 per common share. The Warrants were issued pursuant to a non-brokered private placement of 1,244,668 units at a price of $0.60 on March 30, 2021. The Warrants were set to expire September 30, 2022 and will have an amended expiry date of March 31, 2023. All other terms and conditions of the Warrants, including the exercise price, remain the same (The Pilar project, Sonora).
  • Barksdale Resources Corp., closed a non-brokered private placement for gross proceeds of $2M and issued a total of 4,622,917 units at a price of $0.48 per Unit for gross proceeds of $2,219,000. The net proceeds from the offering will be used to advance the company’s mineral projects and for general corporate and working capital purposes (San Javier project, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Oroco Resource Corp., announced the commencement of a Preliminary Economic Assessment (PEA) for the North and South Zones of its Santo Tomas project in Sinaloa. Additionally, the company mobilized two rigs more to the project, bringing to six the total number of drills conducting infill and step-out drilling in the North Zone and South Zone.
  • Galore Resources Inc., provided an update on the exploitation activities carried out at its Duraznillo mine in Zacatecas. “Immediately following the execution of the Exploitation Agreement with Oztoc Metals Corporation and the successful removal of the former tenant, Oztoc’s team has been evaluating and remediating the Duraznillo mine site. After conducting several processing trials, Oztoc determined that in order to achieve better production levels, a new and much improved processing system needed to be installed. Oztoc has purchased this equipment and is awaiting its arrival to begin operations, which should take place within the next two to three months”.
  • Golden Tag Resources Ltd., reported positive metallurgical results from the Fernandez Zone at its San Diego project, Durango. According to the metallurgical results, the endoskarn mineralization found at the Fernandez Zone is amenable to conventional flotation techniques; 76% of the Ag and 84% of the Pb were recovered to a bulk concentrate containing 51% Pb, 4700 g/t Ag, 3.11% Zn, 5.27% Cu, and 2.23 g/t Au; Cu and Au recoveries within the bulk concentrate had significant improvements over previous test work; and 84% of the zinc was recovered to a concentrate grading 47% zinc.
  • Vizsla Silver Corp., reported results from 13 new drill holes targeting the Cruz Negra Vein located in the western portion of its Panuco project in Sinaloa.  Drilling highlights include hole NP-22-274 with 413 g/t Ag, 1.99 g/t Au, 0.2% Pb, and 0.3% Zn (541 g/t AgEq) over a true width (TW) of 2.09m, including 2,490 g/t Ag, 2.85 g/t Au, 0.6% Pb, and 0.9% Zn (3,287 g/t AgEq) over a TW of 0.26m, plus 258 g/t Ag, 1.54 g/t Au, 0.01% Pb, and 0.2% Zn (357 g/t AgEq) over a TW of 0.88m;  hole NP-22-262 with 289 g/t Ag, 2.38 g/t Au, 0.8% Pb, and 0.7% Zn (486 g/t AgEq) over a TW of 0.65m, including 741 g/t Ag, 5.88 g/t Au, 0.3% Pb, and 1.3% Zn (1,165 g/t AgEq) over a  TW of 0.20m, plus 168 g/t Ag, 16.42 g/t Au, 0.9% Pb, and 3.3% Zn (1,476 g/t AgEq) over a TW of 0.65m, including 181 g/t Ag, 19.70 g/t Au, 1.1% Pb, and 3.8% Zn (1,748 g/t AgEq) over a TW of 0.46m; hole NP-22-290 with 76 g/t Ag, 2.6 g/t Au, 0.6% Pb, and 6.2% Zn (491 g/t AgEq) over a TW of 2.85m; hole NP-22-293 with 481 g/t Ag, 1.2 g/t Au, 0.02% Pb, and 0.02% Zn (535 g/t AgEq) over a TW of 0.76m; and hole NP-22-298 with 297 g/t Ag, 1.78 g/t Au, 0.3% Pb, and 1.2% Zn (456 g/t AgEq) over a TW of 1.60m. Vizsla also reported that it acquired a new claim that connect the northwest and southeast extents of Cruz Negra which are situated on pre-existing Vizsla claims and represent approximately 400m of new potentially mineralized vein strike to explore.

ON DEALS AND CORPORATE ISSUES

  • No relevant news.

ON SOCIAL RESPONSIBILITY

  • Almaden Minerals Ltd., signed new and expanded cooperation agreements with the communities of Zacatepec and Santa Maria Zotoltepec, the two communities closest to its Ixtaca project, Puebla. “These agreements set out the terms of the Company’s continued support of local communities’ human right to water through the immediate improvement of local water infrastructure, and establish a basis for longer term cooperation, once the Ixtaca project is permitted. In Zacatepec, the Company has reaffirmed its agreement with the “Irrigation Group of Small Producers from Zacatepec A.C.” to construct an agricultural water reservoir and related pumping and drip irrigation system to support local farming. In Santa María Zotoltepec, the Company has signed an agreement with the “United Ejidatarios for the Sustainable Development of Santa María Zotoltepec, A.C.” in which the Company will make an immediate contribution in order to support the construction of a similar agricultural reservoir and pumping and drip irrigation system with similar characteristics to the one built at Zacatepec, and ongoing contributions to support an agro-technological package aimed at sustainable plant nutrition and soil enrichment”.

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 grossular garnet exo skarn in a prospect in Tamaulipas, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of August, 2022.

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Quartz vein displaying boiling texture.

By Miguel A Heredia

During the 34th week of the year (August 22nd to August 28th, 2022), at least 16 press releases were announced by companies working in Mexico, and 7 news published by the media with seven commenting on Mexican issues, four communicating production and financial results, four disclosing deals and corporate issues, three reporting resources and developments of their properties, three announcing financial issues, and two informing on exploration results. ON MEXICO ISSUES, Colibri and Oroco reported the best drilling intercepts in Mexico on the fourth week of August, 2022. The government of Mexico announced, through a decree in the Official Gazette of the Federation, the creation of the state company Litio para Mexico (LitioMx). According to the Mining Chamber of Mexico (CAMIMEX), a total of 822 mining projects remain on hold and represent an amount of USD $959M.   Jaime Gutierrez Núñez, president of CAMIMEX stated that small-scale coal mining is like “the blood diamonds” of Africa. Mexico’s mining industry plans to invest USD $5.5B in 2022, 15.2% more than in 2021. Mining in Mexico grew by 7.1% in 2021 despite friction with the government. The governor of Durango, José Rosas Aispuro, considered unfair that the mining-metallurgical sector is one of the economic sectors with the highest tax burden in the country. In Mexico there are more than 1,209 mining projects that have been developed in 26 states of the Republic.  ON EXPLORATION, In Sonora, Colibri reported results from the second half of its Phase 1 drill program completed on its Evelyn project, and Tocvan announced latest drill results from its Pilar project.  ON MINING, Guanajuato Silver, Discovery Silver, Minera Alamos, and Orogen reported Q2, 2022 production and financial results from their Mexican operations. ON FINANCING, Canasil announced a non-brokered private placement for gross proceeds of up to $550K (Nora project, Durango). Minera Alamos arranged a USD $3M working capital facility and announced a closed a USD $4.35M equity raise (Cerro de Oro project, Zacatecas). Eric Sprott announced holdings in Orex Minerals Inc. ON RESOURCES AND DEVELOPMENT, Discovery Silver reported Q2, 2022 results from its flagship Cordero project, Chihuahua.  Minera Alamos provided an update on its Cerro de Oro project, Zacatecas. Oroco successfully tested the western side of the North Zone at its Santo Tomas project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Monumental announced that its common shares are now trading on the OTCQB Venture Market under the symbol MNMRF (Jemi project, Coahuila). Argonaut announced the appointment of its Vice President, Canadian Operations (La Colorada mine, Sonora).  Aztec purchased 35% interest in the Cervantes property in Sonora from Kootenay. Colibri announced reinstatement of trading on the TSX Venture Exchange and the appointment of its CFO.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Colibri Resource Corporation and Oroco Resource Corp., reported the best drilling intercepts in Mexico on the fourth week of August, 2022. Details are shown in the table below:
·        The government of Mexico announced, through a decree in the Official Gazette of the Federation, the creation of the state company Litio para Mexico (LitioMx). The Government of Mexico created LitioMx as a decentralized public organism of the Federal Public Administration and coordinated by the Ministry of Energy, with its own legal personality and assets and with technical, operational and management autonomy. The objective of LitioMx will be the exploration, exploitation, benefit and use of lithium, located in national territory, as well as the administration and control of the economic value chains of such mineral.
·        According to the Mining Chamber of Mexico (CAMIMEX), a total of 822 mining projects remain on hold and represent an amount of USD $959M, which are still waiting for better conditions to be able to reactivate. Jaime Núñez, president of CAMIMEX stated that is essential to encourage exploration since unfortunately in the last seven years we have seen a decrease in investments in exploration, leaving several projects on standby.
·        Jaime Gutierrez Núñez, president of CAMIMEX stated that small-scale coal mining is like “the blood diamonds” of Africa, and that the Federal Electricity Commission (CFE) should certify where the mineral it buys comes from and its conditions.
·        Mexico’s mining industry plans to invest USD $5.5B in 2022, 15.2% more than in 2021, but according to the Mexican Mining Chamber (CAMIMEX), it will remain below the record figure of USD $8.04B seen in 2012 amid difficult conditions. Growing security problems, a high tax burden and the government’s decision to stop granting concessions for projects have prevented investments in the sector from increasing faster, said CAMIMEX head Jaime Gutiérrez.
·        Mining in Mexico grew by 7.1% in 2021 despite friction with the government. According to CAMIMEX’s annual report, this increase positioned it as the only productive activity that recovered and even exceeded the fall of 2020, when the covid-19 pandemic initially stopped its operations because the government did not consider it “essential activity”. Even without tax incentives, the mining sector presented an increase in its contribution to the gross domestic product (GDP) going from 2.3% in 2020 to 2.5% in 2021, and an annual advance in the proportion of industrial GDP from 8.3% to 8.6% in the same period.
·        The Governor of Durango, José Rosas Aispuro, considered unfair that the mining-metallurgical sector is one of the economic sectors with the highest tax burden in the country, even though it is an enabler that prevents the migration of people in the communities where it develops its production processes, for job creation and social benefits. Mining Entrepreneurs stated that mining generates jobs and is one of the industries that pays the most taxes, since in 7 years it has contributed more than MXP $240,000M (approximately USD $12B) in taxes and other rights.
·        In Mexico there are more than 1,209 mining projects that have been developed in 26 states of the Republic, in which 406,179 jobs have been generated and a production value that already exceeds MXP $334,782M (approximately USD $16.7B). Among the main minerals extracted from these deposits are gold, copper, silver, zinc, iron, molybdenum, lead, fluorite, among others. For its exploration and exploitation, in 2021 alone, investments have been made for more than USD $4,810M and more than USD $5,538M are expected by the end of 2022. Of the 1,209 mining projects that exist in Mexico, 286 are in Sonora, Chihuahua has 160 and Durango has 128, which positions them as the entities with the greatest economic benefit thanks to mining concessions. Of the total number of projects, 749 correspond to precious metals; 180 to polymetallic minerals, 167 to copper, 71 to iron ore and the remaining 42 to other metals and minerals. According to the Mexican Mining Chamber (CAMIMEX), there are currently a total of 263 projects in the exploration stage, 76 in production, 39 in the development stage, while 822 projects are being postponed and 9 operations are reported as closed. However, the agency assures that, since the start of the current administration, the federal government has stopped granting permits or concessions for the exploration and development of new projects, since so far more than USD $959.7M dollars have not been invested. .
ON EXPLORATION
·        Colibri Resource Corporation reported results from the second half of its Phase 1 drill program completed on its Evelyn project, Sonora, and included 3,101m of RC drilling completed in 22 holes. In total, Phase 1 consisted of 6,223m of RC drilling in 42 holes.  Highlights include hole EVE22-042 with 0.17 g/t Au over 86m, including 0.32 g/t Au over 22m; hole EVE 22-043 with 0.92 g/t Au over 3m; hole EVE22-046 with 1.94 g/t Au over 2m, including 3.36 g/t Au over 1m; hole EVE22-044 with 0.63 g/t Au over 6m; hole EVE22-036 with 1.3 g/t Au over 1m; hole EVE22-033 with 1.92 g/t Au over 1m; hole EVE22-030 with 0.13 g/t Au over 87m, including 0.34 g/t Au over 8m; hole EVE22-029 with 1.39 g/t Au over 5m; and hole EVE22-028 with 0.13 g/t Au over 19m. In addition to drilling, Colibri is completing the geological mapping as well as conducting soil sampling to infill the historical property wide soil surveys.
·        Tocvan Ventures Corp., informed that seven holes were completed at its Pilar project in Sonora, totalling 1,382m and released results from the three first drill holes where the most significant drill intercepts was encountered in hole JES-22-67 with 0.4 g/t Au over 30.5m, including 7.6 g/t Au over 1.5m. Results are pending for the remaining four holes.
ON MINING
·        Guanajuato Silver Company Ltd., reported Q2, 2022 production and financial results from their El Cubo and Pinguico mines in Guanajuato (all amounts in American dollars). The company milled 94,212 tonnes to produce 155, 912 Oz Ag and 2,161 Oz Au (or 337,760 Oz AgEq) wit metallurgical recoveries of 80.91% and 82.52% respectively, at cash and all included sustaining cost (AISC) of $16.98 and $24-06 per Oz AgEq respectively. Guanajuato Silver reported revenue of $6.13M; cost of sales of $7.8M; mine operating loss of ($1.66M); net loss of ($3.5M); EBIDTA of ($1.1M); and working capital of ($2.04M). The company sold 159,840 Oz Ag, and 2,195 Oz Au (or 342, 987 Oz AgEq) at realized prices of $22.56 and $1,873 per Oz respectively.
·        Discovery Silver Corp., reported Q2, 2022 financial results (all amounts in Canadian dollars). The company reported cash and cash equivalents of $63.6M; total assets of  $101.8M; total current liabilities of $2.54M; working capital of $62.5M; and total shareholder´s equity of $99.2M.
·        Minera Alamos Inc., reported Q2, 2022 production and financial results from its Santana mine in Sonora (all amounts in Canadian dollars). The company reported that monthly mine production rates were approximately 300K tonnes, but with the opening of the Nicho Main Zone during Q2, the company is now in the position to ramp up production levels. Alamos sold 3,128 Oz Au and reported revenues of $7.3M; cost of goods sold of  $3.26M; direct cost of production of $16 per Oz; income from operations of  $2.6M; net income of $2.7M; cash and cash equivalents (including marketable securities) of  $9M; and working capital of $17M.
·        Orogen Royalties Inc., announced Q2, 2022 financial results (all amounts in Canadian dollars). The company reported revenue of $959.8K comprised from the Ermitaño royalty and $17.5K generated from prospect generation activities; project generation cost of $433.5K and recovered $448.9K in expense reimbursement from partners on optioned projects; general and administrative expenses of $875.2K; loss of $754.8K; net loss from operations of $648.6K; cash and cash equivalents from operating activities of $131.3K; cash from operating activities excluding changes in cash-cash working capital of $257.9K ; and working capital of $10.5M including $3.05M in cash and cash equivalents and $5.13M in short term investments and no long-term debt.
ON FINANCING
·        Canasil Resources Inc., announced a non-brokered private placement for gross proceeds of up to $550K. Gross proceeds will be used to fund the company´s exploration programs (Nora project, Durango).
·        Minera Alamos Inc., arranged a USD $3M working capital facility and announced a closed a USD $4.35M equity raise of common shares at $0.55/share. The combination of both enhancing the company´s working capital position as development work extends to the advancement of the Cerro de Oro project in Zacatecas.
·        Eric Sprott announced that 18,333,333 common share purchase warrants of Orex Minerals Inc., expired unexercised representing a decrease in holdings of approximately 7.2% of the outstanding common shares on a partially diluted basis since the date of the last early warning report. As a result of the warrants expiry, Mr. Sprott now beneficially owns and controls 36,666,666 shares representing approximately 19.6% of the outstanding shares on a noun-diluted basis.
ON RESOURCES AND DEVELOPMENT
·        Discovery Silver Corp., reported Q2, 2022 results from its flagship Cordero project, Chihuahua. The company reported that initial results from the Preliminary Feasibility Study (PFS) metallurgical work had recoveries of 90-95% for Ag, Pb, and Zn. It also reported that Phase 2 drilling program intercepted excellent grades below the Preliminary Economic Assessment (PEA) pit including hole C21-564 with 95 g/t Ag, 0.21 g/t Au, 1.9% Pb, and 4.5% Zn (337 g/t AgEq) over 33.9m, and hole C21-560 with 234 g/t Ag, 0.15 g/t Au, 3.8% Pb, and 6.5% Zn (606 g/t AgEq) over 18.1m, as well as hole C22-610 collared outside the current resource with 115 g/t Ag, 0.05 g/t Ag, 3.7% Pb, and 4.1% Zn (388 g/t AgEq) over 32.6m, including 187 g/t Ag, 0.05 g/t Au, 6.5% Pb, and 7.2% Zn (660 g/t AgEq) over 17.8m.
·        Minera Alamos Inc., provided an update on its Cerro de Oro project, Zacatecas. The company informed the sign off of the documentation for its Cerro de Oro project surface rights agreement in Zacatecas, allowing the company to move forward with the permitting process for the construction of its second gold operation in Mexico. Minera Alamos also informed that the NI 43-101 compliant Preliminary Economic Assessment (PEA) is nearly to be completed and is expected to get it done by next month.
·        Oroco Resource Corp., successfully tested the western side of the North Zone at its Santo Tomas project in Sinaloa by drilling 3,050m. Drilling has confirmed and expanded the 2009 Grade shell model of Cu > 0.30% derived from the historical drilling described in the Company’s 2019 Technical Report. A total of 26 holes (18,136 m of drilling) have now been completed in the North Zone, spanning 1,100m of strike length, with intersections of good grade mineralization returned in all holes for which the Company has received assays. Highlights of the last holes collared at the western side of the North Zone include hole N015 with 0.31% Cu, 0.009% Mo, 0.025 g/t Au, and 2 g/t Ag (0.36% CuEq) over 292m; hole N016 with 0.32 g/t Cu, 0.006% Mo, 0.032 g/t Au, and 2 g/t Ag (0.73% CuEq) over 95.4m, plus 0.39% Cu, 0.016%Mo, 0.022 g/t Au, and 4 g/t Ag (0.46% CuEq) over 44.7m, plus 0.26% Cu, 0.010% Mo, 0.014 g/t Au, and 2 g/t Ag (0.31% CuEq) over 88.7m; hole N017 with 0.31% Cu, 0.011% Mo, 0.02 g/t Au, and 2 g/t Ag (0.73% CuEq) over 63.8m, plus 0.22% Cu, 0.01% Mo, 0.02 g/t Au, and 1 g/t Ag (0.28% CuEq) over 159.2m; and hole N018 with 0.36% Cu, 0.011% Mo, 0.017 g/t Au, and 3 g/t Ag (0.42% CuEq) over 21m, plus 0.65% Cu, 0.012% Mo, 0.019 g/t Au, and 3 g/t Ag (0.68% CuEq) over 10m, plus 0.33% Cu, 0.012% Mo, 0.017 g/t Au, and 2 g/t Ag (0.38% CuEq) over 42.3m. The Company will commence a drill program targeted at testing the South Zone in 2022.  
ON DEALS AND CORPORATE ISSUES
·        Monumental Minerals Corp., announced that its common shares are now trading on the OTCQB Venture Market under the symbol MNMRF (Jemi project, Coahuila).
·        Argonaut Gold Inc., announced the appointment of its Vice President, Canadian Operations, effective August 29, 2022 (La Colorada mine, Sonora).
·        Aztec Minerals Corp., purchased indirectly from Kootenay Silver Inc., 35% interest in the Cervantes property in Sonora by issue 10M common shares at a price of CAD $0.25 per Aztec share for aggregate consideration of CAD $2.5M. Kootenay will retain a 0.5% Net Smelter Returned Royalty. Following the closing of the Transaction, Kootenay owns a total of 10.68M Aztec shares, which represents approximately 11.85% of the issued and outstanding Aztec shares on an undiluted basis.
·        Colibri Resource Corporation announced reinstatement of trading of its common shares on the TSX Venture Exchange. The shares will re-open for trading on the Exchange at the opening of trading on Monday, August 29. The company also announced the appointment of its new CFO (Evelyn project, Sonora).
ON SOCIAL RESPONSIBILITY
·        No relevant news.
 
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-intermediate epithermal vein system in a project in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of January, 2022. 

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Secondary copper staining

By Miguel A Heredia

During the 2nd week of the year (January 10th to January 16th, 2022), at least 27 press releases were announced by companies working in Mexico, and 4 news published by the media, with eleven reporting resources and developments of their properties, six communicating production results, six informing on exploration results, four disclosing deals and corporate issues, three commenting on Mexican issues, and one discussing social issues.  ON MEXICO ISSUES, Jaime Gutiérrez Núñez, President of the Mexican Mining Chamber (CAMIMEX) stated that political risk causes a reduction in the mining investment in Mexico. Alfonso Durazo, governor of Sonora State declared that the Mining Fund program will be back in the state after it was frozen for a little more than three years. ON EXPLORATION, In Sonora, Reyna Gold reported surface and trench sampling results from its La Gloria project, Colibri announced it has purchased a RC drilling rig to reduce drilling expenses, and Heliostar informed that its 5,000m drill program at its Cumaro project has recommenced after the Christmas break. In Chihuahua, Mammoth added additional drill contractor to its ongoing drill program at its Tenoriba project. Radius Gold and Riverside provided a review of 2021 and an update of their Mexican properties.  ON MINING, Americas Gold and Silver reported December 2021 production results from its Cosalá operation in Sinaloa. Torex announced production results from its El Limon-Guajes mine in Guerrero for the full year 2021. Endeavour reported Q4 and full year 2021 production results from their Mexican mine operations. Golden Minerals reported Q4 and full year 2021 production results from its Rodeo project, Durango. Equinox announced Q4, 2021 production from their Mexican operations and provided production guidance for the year 2022. Gatos Silver reported Q4 and full year 2021 production results from its Cerro Los Gatos mine, Chihuahua. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Silver Tiger released results from its ongoing drilling program at its El Tigre project, Sonora. Prime announced results from 13 new holes drilled at the Noche Buena deposit within its Los Reyes property in Sinaloa. Avino provided results from its Phase 2 drilling program conducted at its Avino property in Durango. Capitan Mining reported results from six RC holes collared at its Peñoles project in Durango. Excellon released results from its underground drilling program conducted at the Platosa property in Durango.  Fabled released results from its ongoing drilling program at its Santa Maria project, Chihuahua. Zacatecas Silver received permits for 13 new drill pads and applied for permits on additional 27 drill pads at its Panuco deposit in Zacatecas.  Silver Dollar announced that exploration drilling has recommenced at its La Joya project, Durango. Oroco Resource reported results from eight drill holes collared at its Santo Tomas project in Sinaloa. Osisko released drill results on its San Antonio project in Sonora. GoGold release results from 13 drill holes collared at its Los Ricos North project, Jalisco. ON DEALS AND CORPORATE ISSUES, Ranchero Gold announced the appointment of its President effective immediately (Santa Daniela project, Sonora). Starcore announced the appointment of its new President and Director (San Martin mine, Queretaro). Capitan Mining entered into a purchase agreement to acquire a portfolio of royalties including a 2% royalty on the Capitan Gold oxide deposit in Durango. Endeavour entered into a definitive agreement to acquire the Pitarrilla project in Durango State from SSR Mining. ON SOCIAL RESPONSIBILITY, Compañia Minera Cuzcatlán (Fortuna Silver) along with local municipal authorities delivered toys to more than 20,000 girls and boys from Oaxaca.

ON MEXICO ISSUE

  • Jaime Gutiérrez Núñez, President of the Mexican Mining Chamber (CAMIMEX) stated that political risk causes a reduction in the mining investment in Mexico.  The lack of legal certainty and a complex environment for obtaining licenses and concessions are holding back investment in the Mexico’s mining sector, despite the rise in metal prices. Actual spending was USD $4.25B, 15.6% below the original estimates, according to CAMIMEX. The figure is lower than the USD $4.67B in 2019 and is well below the high of USD $8.42B in 2012.  Due to the lack of mining concessions, investment opportunities of USD $25B are lost in the country. Currently, there are 29 applications detained in the Secretary of the Environment and Natural Resources (SEMARNAT) and 34 at the National Water Commission (CONAGUA). With an adequate legal framework and adequate incentives, mining activity could generate 50 thousand additional direct jobs and more than MXP $25B a year in addition to those already paid by mining. “The statements of the President (against mining), not granting mining concessions, denying access to information, making procedures increasingly slow, although the terms are established in the law, and the lack of personnel in the Mining Directorate General  have impeded the advancement of mining projects in the country”.
  • Alfonso Durazo, governor of Sonora State, declared that the Mining Fund program could be back in the state after it was frozen for a little more than three years by the Federal government. If the Mining Fund is back, the injection of resources into the entity in this 2022 will be greater than MXP $1,000M, same that will benefit the mining towns and incidentally will give a good respite to state public finances.

ON EXPLORATION

  • Reyna Gold Corp., reported surface and trench sampling results from its La Gloria project. To date, 1,252 sample results have been received from the Main Zone area where drilling will commence this coming February. A total of 555 samples out of 713 returned greater than 0.1 g/t Au, including 23 with greater than 5 g/t Au at Big Pit area. High grade values were encountered at Big Pit and Pique Viejo areas including values of 93.9 g/t Au, 36.2 g/t Au, 46.1 g/t Au, 24.4 g/t Au, 20.1 g/t Au. Other areas such as Las Quintas, Las Quintas West, San Pedro, and Alamo Muerto returned values of 20.1 g/t Au, 15.9 g/t Au, 13.3 g/t Au, 11.1 g/t Au, 13.6 g/t Au, and 9.3 g/t Au. Reyna Gold has already the drill permits to commence a drilling program at Big Pit and Pique Viejo areas in February, 2022. Sampling and mapping will continue in other target areas of the property.
  • Colibri Resource Corporation announced it has purchased a RC drilling rig and peripheral equipment to reduce drilling expenses and advance its exploration work at their Mexican properties.
  • Heliostar Metals limited informed that its 5,000m drill program at its Cumaro project has recommenced after the Christmas break. Heliostar reported that four holes totalling 428m were completed in December 2021. Results are pending and will be released in late February.
  • Mammoth Resources Corp., added additional drill contractor to its ongoing drill program at its Tenoriba project. The company reported that 4 holes collared at the Central-Masuparia area were completed prior to the Christmas break. Samples were cut and submitted to the lab. Results are pending. Last December, 2021, Mammoth announced the granting of an additional permit to cover an additional 183 drill hole locations, expanding the total number of permitted drill hole locations to 321 over the entire approximately 6-km trend of surface gold-silver mineralization at Tenoriba property, Chihuahua.
  • Radius Gold Inc., provided a review of 2021 and an update of their Mexican properties. At Amalia project. Chihuahua, 45 drill holes totalling 14,402m have been completed of which 10,588m in 31 holes were drilled in the Amalia Vein System and 3,814m in 14 holes were drilled in the California Vein System. Drilling has re-commenced at El Cuervo target with 3,500m of core drilling expected in the coming months. There are still several targets remaining to drill test including Oro Viejo, La Caverna, California SE, El Pozo and Palmillas. At Maricela project, Sonora, the company mapped and sampled the Au-Ag Epithermal Vein system, extending 1.5km long by 300m wide, within which occurs multiple veins, stockworks, and breccias. 576 samples have been collected with highlights including intervals of 4.46 g/t Au and 1,335 g/t Ag over 3m at la Baby Gloria Vein;  1.03 g/t Au and 418 g/t Ag over 63 at Silver Central Vein; and 0.31 g/t Au and 62 g/t Ag over 25.3m at intersecting veins. At Plata Verde project, Chihuahua, Radius completed a geophysical survey. NP/Resistivity sections show significant structural zones extending to depth directly below the known large scale historic silver mines. Two priority targets for drilling have been generated. In addition, the company completed detail underground mapping and sampling of the historic Mina Real y Mina Mojonera. Radius is evaluating options to fund drilling later this year.
  • Riverside Resources inc., provided an outlook on the upcoming 2022 and informed on some of the achievements and milestones in 2021. Riverside plans to advance their exploration projects in Sonora. It plans to advance its La Union project in Sonora, where sampling results have returned up to  84 g/t Au and >1,500 g/t Ag in rock chip samples. On the exploration alliance with BHP, the company is progressing on 3 funded programs with spending of over USD $3M in the first 6 months of 2022, doing exploration on selected and defined projects, finalizing third party acquisitions, and advance work toward drilling. At Cecilia project, Sonora, along with its partner Carlyle, the objective is to complete further drilling which could define a possible mineralized body at depth around the Cerro Magallanes main dome. At Los Cuarentas project in Sonora, the plan is to advance it with further drilling and test the porphyry copper center. It also wants to complete further farm out option deals from the Riverside portfolio such as Suaqui Grande and Suaqui Verde projects in Sonora, among others. Finally, it plans to work with partners to test porphyry copper targets at its Ariel project, Sonora.

ON MINING

  • Americas Gold and Silver Corporation reported that it milled approximately 47K tonnes at a rate of 1,695 tonnes per operating day during, December 2021, with grades of 54 g/t Ag, 4% Zn, and 1.8% Pb to produce 46K Oz Ag, 3.2M Lb Zn, and 1.3M Lb Pb from its Cosalá operation in Sinaloa.
  • Torex Gold Resources inc., announced production results from its El Limon-Guajes mine in Guerrero for Q4 and the full year 2021. The company mined in Q4, 2021, an average of 1,030 tonnes per day from underground and 9,390 tonnes per day from open pit to produce 109,410 Oz Au. Torex mined an average of 1,260 tonnes per day from underground and 13,040 tonnes per day from open pit in the full year 2021 to produce 468,200 Oz Au. The company sold 468,820 Oz Au at an average realized price of USD $1,790/Oz Au, including 109,390 Oz Au at an average realized price of USD $1,795/Oz Au.
  • Endeavour Silver Corp., reported Q4 and full year 2021 production results from their Mexican mine operations. During the period Q4, 2021, the company processed from Guanacevi mine, Durango 108.3K tonnes of 1.21 g/t Au and 417 g/t Ag with metallurgical recoveries of 92.2% and 89.6% respectively to produce 3,885 Oz Au and 1.3M Oz Ag, and from Bolañitos mine, Guanajuato, 105.2K tonnes of 1.83 g/t Au and 48 g/t Ag with metallurgical recoveries of 88.9% and 87% respectively to produce 5,502 Oz Au and 141.2K Oz Ag. Endeavour also reported full year production results from their Mexican mines. It processed 414.3K tonnes from Guanacevi mine, Durango at grades of 1.09 g/t Au and 370 g/t Ag with metallurgical recoveries of 91.7% and 87.9% respectively to produce  13,317 Oz Au and 4.33M Oz Ag; from Bolañitos mine, Guanajuato itprocessed 418.5K tonnes of 2.02 g/t Au and 42 g/t Ag wit metallurgical recoveries of 90.7% and 87% respectively to produce 24,652 Oz Au and 491.4K Oz Ag; and from El Compas mine, Zacatecas it processed  54.5K tonnes of 3.05 g/t Au and 36 g/t Ag with metallurgical recoveries of 80.2% and 72.5% respectively to produce 4,293 Oz Au and 45.8K Oz Ag. Consolidated results for the period Q4, 2021 were 213.5K tonnes of 1.52 g/t Au and 235 g/t Ag with metallurgical recoveries of 90.8% and 89.4% respectively to produce 9,446 Oz Au and 1.44M Oz Ag, while for the full year 2021 were 887.4K tonnes of 1.65 g/t Au and 195 g/t Ag with metallurgical recoveries of 89.8% and 87.6% respectively to produce 42,262 Oz Au and 4.87M Oz Ag.
  • Golden Minerals Company reported Q4 and full year 2021 production results from its Rodeo project, Durango. In Q4, 2021, Golden mined 145,205 tonnes and processed 42,827 tonnes of 4.6 g/t Au and 14 g/t Ag with metallurgical recoveries of 76.5% and 82.6% respectively to produce 4,831 Oz Au and 15,250 Oz Ag (5,028 Oz AuEq). The company sold 5,164 Oz Au and 15,552 Oz Ag (5,366 Oz AuEq) at realized price, before refining and selling costs of USD $1,784 per Oz Au and USD $23.08 per Oz Ag. In the full year 2021, Golden mined 661,102 tonnes and processed 149,411 tonnes of 4.1 g/t Au and 12 g/t Ag with metallurgical recoveries of 74.9% and 89.9% respectively to produce 14,449 Oz Au and 51,058 Oz Ag (15,256 Oz AuEq). The company sold 13,732 Oz Au and 48,970 Oz Ag (14,454 Oz AuEq) at realized price, before refining and selling costs of USD $1,793 per Oz Au and USD $24.83 per Oz Ag.
  • Equinox Gold Corporation announced full year 2021 production from their Mexican operations and provided production guidance for the year 2022. At Los Filos mine, Guerrero, the company produced 144.1K Oz Au and expects to produce 120K-140K Oz Au in the year 2022. At Mercedes mine, Sonora, the company produced 31.8K Oz Au and expects to produce 30K-45K Oz Au in the year 2022.
  • Gatos Silver Inc., reported Q4 and full year 2021 production results from its Cerro Los Gatos mine, Chihuahua. In Q4, 2021 the company milled 241,397 tonnes of 331 g/t Ag, 0.3 g/t Au, 2.2% Pb, and 3.9% Zn with metallurgical recoveries of 90%, 63%, 91%, and 93% respectively, to produce 2.3M Oz Ag, 1,300 Oz Au, 10.2M Lb Pb, and 12.9M Lb Zn. In the full year 2021, Gatos Silver milled 909,586 tonnes of 295 g/t Ag, 0.32% Au, 2.3% Pb, and 3.9% Zn with metallurgical recoveries of 86%, 61%, 86%, and 73% respectively, to produce 7.6M Oz Ag, 5,200 Oz Au, 39.8M Lb Pb, and 49.6M Lb Zn.
  • Oroco Resource Corp., reported results from eight drill holes collared in the North Zone within its Santo Tomas project in Sinaloa. Significant drill intercepts were encountered in hole N001 with 0.18% Cu, 0.012% Mo, 0.02 g/t Au and 1 g/t Ag over 27m, plus 0.39% Cu, 0.01% Mo, 0.045 g/t Au and 2 g/t Ag over 255m, plus 0.17% Cu, 0.003% Mo, 0.008 g/t Au and 1 g/t Ag over 49m; hole N002 with 0.38% Cu, 0.012% Mo, 0.025 g/t Au and 23 g/t Ag over 281.1m; hole N003 with 0.31% Cu, 0.009% Mo, 0.014 g/t Au and 3g/t Ag over 11.8m, plus 0.33% Cu, 0.018% Mo, 0.017 g/t Au, and 1g/t Ag over 17.7m, plus 0.29% Cu, 0.025% Mo, 0.02 g/t Au and 3 g/t Ag over 25.5m, plus 0.5% Cu, 0.008% Mo, 0.026 g/t Au and 3 g/t Ag over 14.3m, plus 0.39% Cu, 0.014% Mo, 0.019 g/t Au and 3 g/t Ag over 207.7m, plus 0.18% Cu, 0.002% Mo, 0.007 g/t Au and 2 g/t Ag over 76.2m, hole N004 with 0.38% Cu, 0.012% Mo, 0.017 g/t Au and 2 g/t Ag over 63.7m; hole N006 with 0.39% Cu, 0.004% Mo, 0.051 g/t Au and 2 g/t Ag over 188.5m, plus 0.17% Cu, 0.005% Mo, 0.011 g/t Au and  1 g/t Ag over 53.7m, hole N007 with 0.32% Cu, 0.005% Mo, 0.029 g/t Au, and 3 g/t Ag over 191.3m, plus 0.32% Cu, 0.012% Mo, 0.018 g/t Au and 3 g/t Ag over 109.9m; and hole N008 with 0.38% Cu, 0.01% Mo, 0.038 g/t Au and 3 g/t Ag over 328.3m. “Drilling confirms that the North Zone is comprised of intensely fractured, potassic- and phyllic-altered andesite volcanics and Laramide-age porphyritic intrusive dikes. Elevated Mo, Au and Ag accompany copper assays along the central axis of the North Zone”.
  • Osisko Gold Royalties Inc., announced that a total of 27,000m were completed on exploration and infill drilling on the Sapuchi, California and Golfo de Oro deposits at its San Antonio project in Sonora. These three deposits comprise 900m of a 3km long Iron Oxide Copper Gold (IOCG) trend that ends at the past producing Luz del Cobre copper deposit. The highlights of the drilling campaign to date include 2.14 g/t Au over 21.65m, and 1.03 g/t Au over 39.9m to extend the known mineralization. Osisko also announced that the historic gold stockpile is being stacked onto a new heap leach pad with production commencing in early 2022 along with an updated resource estimation for the three deposits being drilled.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., released results from its ongoing drilling program at its El Tigre project, Sonora, including a high grade intercept in a structure located between the Tiger Vein and the Seitz Kelly Vein. Hole ET-21-274 encountered 0.84 g/t Au and  1 g/t Ag (65 g/t AgEq) over 15m, including 1.42 g/t Au and 1 g/t Ag (108 g/t AgEq) over 4.5m, plus 0.4 g/t Au, 8 g/t Ag, 0.02% Cu, 0.02% Pb, and 0.03% Zn (41 g/t AgEq) over 6.3m, including 0.71 g/t Au, 13 g/t Ag, 0.02% Cu, 0.03% Pb, and 0.1% Pb (73 g/t AgEq) over 1.5m on Seitz Kelly Vein; and hole ET-21-278 encountered in a new structure 3.99 g/t Au, 32 g/t Ag, 0.04% Cu, 0.09% Pb, and 0.17% Zn (343 g/t AgEq) over 16.1m, including 12.24 g/t Au, 84 g/t Ag, 0.11% Cu, 0.2% Pb, and 0.3% Zn (1,029 g/t AgEq) over 5.1m, including 102.1 g/t Au, 120 g/t Ag, 0.13% Cu, 0.2% Pb, and 0.4% Zn (7,808 g/t AgEq) over 0.6m, plus 0.01 g/t Au, 78 g/t Ag, 0.07% Cu, 0.06% Pb, and 0.02% Zn (88 g/t AgEq) over 0.9m, plus 0.04 g/t Au, 86 g/t Ag, 0.1% Cu, 0.1% Pb, and 0.2% Zn (108 g/t AgEq) over 1m on Seitz Kelley Vein.
  • Prime Mining Corp., announced results from 13 new holes drilled at the Noche Buena deposit within its Los Reyes property in Sinaloa. Highlights include hole 21NB-22 with 16 g/t Au and 74 g/t Ag over a true width (TW) of 2.7m, plus 0.91 g/t Au and 44 g/t Ag over a TW of 24.3m, including 3.49 g/t Au and 82 g/t Ag over a TW of 0.9m; hole 21NB-23 with 75 g/t Au and 110 g/t Ag over a TW of 3.8m, plus 1.89 g/t Au and 76 g/t Ag over a TW of 19.7m, including 4.83 g/t Au and 250 g/t Ag over a TW of 3m; hole 21NB-21 with 92 g/t Au and 24 g/t Ag over a TW of 12.8m, plus 1.09 g/t Au and 66 g/t Ag over a TW of 4.3m; and hole 21NB-17 with 1.27 g/t Au and 13 g/t Ag over a TW of 12m, including 38 g/t Au and 8 g/t Ag over a TW of 2.2m. These drilling results have extended the size of the Noche Buena deposit. “The Noche Buena portion of the Central Structure has now been tested and mineralization identified along approximately 600 m of its known 1,000 m strike length.  The structure remains open along strike and at depth both to the northwest and the southeast. Phase 2 drilling is planned to test extensions to the northwest towards San Miguel, where there is strong potential to join the two deposits, and to the southeast where the structure has been traced in surface mapping”.
  • Avino Silver & Gold Mines Ltd., provided results from its Phase 2 drilling program conducted at its Avino property in Durango. The company informed that over 15,500m were drilled in 2021 testing several targets including Brecha de Bajo Vein, where the company made the discovery of a new vein splay called Bart Vein which appears to be mineralized. Highlights results from Brecha de Bajo and Bart Veins include hole NBX-21-02 with 0.06 g/t Au, 151 g/t Ag, 0.37% Cu, 0.06% Pb, and 0.2% Zn (211 g/t AgEq) over 1.20m, plus 0.08 g/t Au, 21 g/t Ag, 0.55% Cu, and 0.2% Zn (103 g/t AgEq) over 7.8m, and plus 0.06 g/t Au, 48 g/t Ag, 0.76% Cu, and 00.3% Zn (159 g/t AgEq) over 0.65m; hole NBX-21-03 with 0.14 g/t Au, 84 g/t Ag, 0.32% Cu, and 0.2% Zn (147 g/t AgEq) over 1.5m, plus 0.27 g/t Au, 72 g/t Ag, 0.26% Cu, 0.3% Pb, and 0.1% Zn (141 g/t AgEq) over 15.4m, including 0.3 g/t Au, 380 g/t Ag, 1.19% Cu, 0.4% Pb, and 0.2% Zn (547 g/t AgEq) over 1.05m, plus 0.84 g/t Au, 44 g/t Ag, 0.21% Cu, and 0.2% Pb (151 g/t AgEq) over 32.2m, including 1.58 g/t Au, 120 g/t Ag, 0.11% Cu, and 0.1% Pb (267 g/t AgEq) over 1.95m.
  • Capitan Mining Inc., reported results from six RC holes collared at its Peñoles project in Durango. The most significant drill intercept was encountered in hole CARC 21-48 with 0.39 g/t Au and 3 g/t Ag (0.42 g/t AuEq)  over 35.1m, including 1.08 g/t Au and 2 g/t Ag (1.1 g/t AuEq) over 4.6m, including 0.7 g/t Au and 2 g/t Ag (0.72 g/t AuEq) over 4.6m. This drill result extends mineralization 170m down-dip from hole 21-CARC-25. Capitan Mining informed that assays for 11 drill holes are pending. The drilling program will be resumed in late January.
  • Excellon Resources Inc., released results from its underground drilling program conducted at the Platosa property in Durango. Follow-up drilling on the 817 Zone below Manto 623 defined a zone of high-grade silver mineralization. Highlights include hole EX21UG76 with 4,035 g/t Ag, 25.2% Pb, and 11.8% Zn (5,089 g/t AgEq) over 0.4m, plus 1,430 g/t Ag, 12% Pb, and 21.7% Zn (3,905 g/t AgEq) over 1.8m; hole EX21UG60 with 2,398 g/t Ag, 14.2% Pb, and 33.2% Zn (3,905 g/t AgEq) over 1.8m; hole EX21UG812 with 1,267 g/t Ag, 7.5% Pb, and 19% Zn (2,124 g/t AgEq) over 2.8m; hole EX21UG769 with 4,060 g/t Ag, 29.7% Pb, and 3.3% Zn (4,939 g/t AgEq) over 0.9m; and hole EX21UG770 with 2,956 g/t Ag, 6.1% Pb, and 1.3% Zn (3,158 g/t AgEq) over 1m. The company also informed that underground drilling will continue testing below historical-mined areas for potential vertical zones.
  • Fabled Silver Gold Corp., released results from its ongoing drilling program at its Santa Maria project, Chihuahua. Hole SM20-48 encountered 0.04 g/t Au, 58 g/t Ag, 0.2% Pb, and 0.2% Zn (60 g/t AgEq) over 1.5m, plus 0.4 g/t Au, 90 g/t Ag, 0.2% Pb, and 0.5% Zn (111 g/t AgEq) over 24.5m, including 0.49 g/t Au, 113 g/t Ag, 0.3% Pb, and 0.7% Zn (139 g/t AgEq) over 17.1m, including 0.6 g/t Au, 129 g/t Ag, 0.4% Pb, and 0.8% Zn (160 g/t AgEq) over 7.5m, including 0.83 g/t Au, 210 g/t Ag, 0.6% Pb, and 1.4% Zn (253 g/t AgEq) over 3m, including 1.25 g/t Au, 315 g/t Ag, 0.6% Pb, and 1.2% Zn (379 g/t AgEq) over 1.50m.
  • Zacatecas Silver Corp., received permits for 13 new drill pads and applied for permits on additional 27 drill pads at its Panuco deposit in Zacatecas. The Company is currently drilling shallow angled holes in the northeast of the Panuco North Vein to test the near surface down-dip extension of vein outcrops and shallow historical workings. It also expects to receive soon the approval of an application for permits to drill El Cristo vein system, which was submitted to SEMARNAT in December 2021.
  • Silver Dollar Resources Inc., announced that exploration drilling has recommenced at its La Joya project, Durango. The company completed 5 holes on the Noria portion of the property for a total of 1,134m before the Christmas break with the aim of testing possible structural extensions of known mineralized zones identified in historical drilling. Sample results from these holes will be reported once they are available.
  • GoGold Resources Inc., release results from 13 drill holes collared at Mololoa Area within its Los Ricos North project, Jalisco. Drilling highlights include hole LRGM-21-066 with 1.21 g/t Au and 242g/t Ag (4.44 g/t AuEq or 333 g/t AgEq) over 11.3m, including 5.2 g/t Au and 1,143 g/t Ag (20.44 g/t AuEq or 1,533 g/t AgEq) over 1.4m; hole LRGM-21-068 with 0.6 g/t Au and 155 g/t Ag (2.68 g/t AuEq or 201 g/t AgEq) over 12.9m, including 3.56 g/t Au and 872 g/t Ag (15.19 g/t AuEq or 1,139 g/t AgEq) over 0.7m; hole LRGM-21-077 with 1.51 g/t Au and 376 g/t Ag (6.52 g/t AuEq or 489 g/t AgEq) over 36.3m, including 6.94 g/t Au and 1,683 g/t Ag (29.78 g/t AuEq or 2,204 g/t AgEq) over 6.5m, including 21.8 g/t Au and 5,040 g/t Ag (89 g/t AuEq or 6,675 g/t AgEq) over 1m, plus 5.02 g/t Au and 1,385 g/t Ag (2,349 g/t AuEq or 1,762 g/t AgEq) over 1.6m; and hole LRGM-21-089 with 0.81 g/t Au and 151 g/t Ag (2.82 g/t AuEq or 212 g/t AgEq) over 24.1m, including 2.87 g/t Au and 426 g/t Ag (8.56 g/t AuEq or 641 g/t AgEq) over 4.2m, including 4.18 g/t Au and 748 g/t Ag (14.15 g/t AuEq or 1,061 g/t AgEq). The company is pleased with the drilling results on Mololoa Area and will continue its aggressive resource expansion drilling program at Los Ricos North deposit. GoGold also will commence drilling at the Cabrera zone, which is the newest target for Los Ricos North deposit.

ON DEALS AND CORPORATE ISSUES

  • Ranchero Gold Corp., announced the appointment of its President effective immediately (Santa Daniela project, Sonora).
  • Starcore International Mines Ltd., announced the appointment of its new President and Director. This appointment follows the resignation of Robert Eadie as President of the Company.   Mr. Eadie remains as Chairman, CEO and a director of the Company.  (San Martin mine, Queretaro).
  • Capitan Mining Inc., entered into a purchase agreement to acquire a portfolio of royalties including a 2% royalty on the Capitan Gold oxide deposit in Durango from Exploraciones Altiplano. Total purchase price of royalty portfolio is USD $1M over two years, payable in cash and shares. “Any shares issued to Altiplano are subject to right of first refusal (ROFR) allowing Capitan to market and place shares with investors if Altiplano elects to sell. This transaction with Altiplano in combination with Capitan’s contractual option to retire Riverside Resources 1% royalty for CAD $250K will leave the Peñoles project royalty free and will enhance overall project economics for investors.
  • Endeavour Silver Corp., entered into a definitive agreement to acquire the Pitarrilla project in Durango State from SSR Mining Inc., for total consideration of USD $70M and a 1.25% NSR. The USD $70M will consists of USD $35M in Endeavour shares and a further USD $35M in cash or in Endeavour shares at the election of SSR Mining. The number of Endeavour shares to be issued will be based on a deemed price of USD $4.085 per share.

ON SOCIAL RESPONSIBILITY

  • Compañia Minera Cuzcatlán (Fortuna Silver Mines Inc.), along with local municipal authorities from the Valles Centrales de Oaxaca and Cuenca de Papaloapan Regions delivered toys to more than 20,000 girls and boys from Oaxaca. The delivery of toys is an example of the coordinated work that Compañía Minera Cuzcatlán carries out permanently with different communities, as part of its commitment to generate shared development and well-being in Oaxaca.

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

On the picture above, secondary copper staining on an IOCG project in Sonora, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of December, 2021. 

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Hydrothermal breccia

By Miguel A Heredia

Happy New Year to all of our readers! I want to wish you all the very best in this coming 2022, especially good health, prosperity and a lot of fun!

With deep regret I knew early this week about the sensitive and unexpectedly passing of David Jones at his home in Tucson, Arizona. David was a well-respected geologist who worked for many years in Mexico making many friends. David will be remembered for being responsible of multiple discoveries in Mexico such as Los Filos in the Guerrero Gold Belt, and Switchback vein system at the El Aguila project in Oaxaca among others. “Descansa en paz amigo!”

During the 52nd and last week of the year (December 27th, 2021 to January 2nd, 2022), at least 13 press releases were announced by companies working in Mexico, and 2 news published by the media, with four reporting resources and developments of their properties, three disclosing deals and corporate issues, three informing on exploration results, three announcing financial issues, one commenting on Mexican issues, and one discussing social issues.  ON MEXICO ISSUES, Mexico will lose potential investments if it does not increase its level of certainty in the mining industry, warned Jody Kuzenko, CEO of the Canadian company Torex Gold Resources. ON EXPLORATION, In Sonora, Silver Spruce announced that it is proceeding with the preparation of an Informe Preventivo for trenching and drilling its Jackie property. In Durango, Southern Empire received preliminary results from a geophysical survey conducted at its Pedro Gold project. In Guerrero, Pantera Silver commenced a drilling program at its Nuevo Taxco Silver project.  ON MINING, no relevant news.  ON FINANCING, Altaley executed a loan agreement with Sail Natural for USD $5M (Tahuehueto project, Durango). Prismo completed the first closing of a non-brokered private placement for total gross proceeds of $1M (Palos Verdes project, Sinaloa). SilverCrest completed the third drawdown of USD $30M on its previously announced USD $120M Project Financing Facility (Las Chispas, Sonora). ON RESOURCES AND DEVELOPMENT, Fabled released results from its ongoing drilling program at its Santa Maria project, Chihuahua. Fresnillo and its JV partner Mag Silver provided a commissioning update on its Juanicipio project in Fresnillo, Zacatecas. GoGold provided an outlook and deliverables for 2022 (Los Ricos North and South projects, Jalisco). Silver Tiger provided a review of its 2021 activities at its El Tigre project in Sonora.  ON DEALS AND CORPORATE ISSUES, Gold79 retained Dig Media to provide investor relation services for the company (Taviche project, Oaxaca). Great Panther announced board changes (Topia mine, Durango). Minaurum announced the passing of David Jones. ON SOCIAL RESPONSIBILITY, Compañía Minera Cuzcatlán (Fortuna Silver) reported that its operation does not generate a negative impact on the water resource located in communities surrounding its San Jose mine in Oaxaca.

ON MEXICO ISSUE

  • Mexico will lose potential investments if it does not increase its level of certainty in the mining industry, warned Jody Kuzenko, CEO of the Canadian company Torex Gold Resources. Mexico’s mining industry has slowed because the current administration of President Andrés Manuel López Obrador has suspended the issuance of new mining concessions; likewise, companies in the sector are increasingly forced to deal with crime by hiring private security companies. Recently, the federal government proposed a constitutional reform initiative for the Mexican electricity industry in which it seeks for the Federal Electricity Commission (CFE) to regain a leading role in the sector, establishing that the company will generate at least 54% of consumption national electric. Torex Gold is the third largest gold producing company in Mexico, with 430,480 Oz Au in 2020; its operations are carried out in Guerrero, where Limón-Guajes is the second most important mining unit in the country in terms of gold production. In that same entity, the company plans to invest more than USD $500M to start operations at its Media Luna mining unit in 2024, with a production of 179K Oz Au, 21K tonnes of Cu and 1.5M Oz Ag, although these estimates will be updated with a new feasibility study. Since Torex Gold is growing in Guerrero, it will need more electrical power. “Reliability is required, that the power is not interrupted while you are working; the price must be competitive, and investors are looking for a wide margin in our process of decarbonization and reducing greenhouse gases”.

ON EXPLORATION

  • Silver Spruce Resources Inc., announced that it is proceeding with the preparation of an Informe Preventivo to be filed at the Mexican Government Environmental Authority (SEMARNAT) for conducting trenching and drilling at its Jackie property in Sonora. The environmental permit will include 13 trenches and 36 drill pads. The SEMARNAT permit for the Informe Preventivo is expected within four to six weeks of submission.”
  • Southern Empire Resources Corp., received preliminary high-resolution, airborne magnetic and radiometric geophysical data covering its Pedro Gold Project in Durango. In December 2021, Terraquest Ltd. of Markham, Ontario, collected 393.2 line-kilometers of airborne geophysical data on flight lines that were flown at azimuth 060 / 240 with 50m spacings. This data has been delivered to Condor Consulting, Inc. of Lakewood, Colorado; experts in geophysical processing, analysis and inversion modeling. “The results of our preliminary airborne magnetic data provide some strong clues about the structural setting and underlying ‘plumbing system’ of the HP Breccia gold zone. Together with the regional government magnetics, we see evidence for a deeper intrusive body that could be linked to the hydrothermal fluids and related potential for epithermal vein systems that are the target of Southern Empire’s upcoming drill campaign”. The company has mobilized a diamond drill rig to the Pedro Property and is scheduled to start a 2,000m, nine-hole core drill program in January of 2022.
  • Pantera Silver Corp., commenced a drilling program at its Nuevo Taxco Silver project in Guerrero. The first phase of this maiden exploration drill program will consists of up to 2,000m with holes of approximately 50-150m in depth.

ON MINING

  • No relevant news.

ON FINANCING

  • Altaley Mining Corporation executed a loan agreement with Sail Natural Resources LP for USD $5M. Net proceeds will be used to fund the final costs of construction and working capital at its Tahuehueto project in Durango. The loan agreement is for four years with an interest of 13.5% where Altaley shall make four quarterly payments of interest only on the outstanding amount of the loan commencing on March 10, 2022, and ending on December 10, 2022.
  • Prismo Metals Inc., completed the first closing of a non-brokered private placement for total gross proceeds of $1M (Palos Verdes project, Sinaloa). The company expects to complete a second closing for $1M in the first half of January, 2022. “The Company will use expected $2M gross proceeds from the Units to complete a 4,000m drilling campaign on its Palos Verdes property (estimated at $1M), conduct exploration on its Los Pavitos property, Sonora with a view of identifying drilling targets (estimated at $400K), the costs of the offering (estimated at $125K which includes payment of finder’s fees) and for general working capital”.
  • SilverCrest Metals Inc., completed the third drawdown of USD $30M on its previously announced USD $120M Project Financing Facility with an affiliate of RK Mine Finance. Funds will be used towards the continued construction of the Company’s Las Chispas Project located in Sonora, with a targeted completion in Q2, 2022. 

ON RESOURCES AND DEVELOPMENT

  • Fabled Silver Gold Corp., released results from its ongoing drilling program at its Santa Maria project, Chihuahua. The most significant drill intercept was obtained in hole SM20-45, which encountered a mined-out void zone at the target depth, but before reaching the target depth it intersected the Santa Maria footwall zone with 0.16 g/t Au 34 g/t Ag, 0.01% Pb, and 0.04% Zn (42.5 g/t AgEq) over 6.40m, including 0.23 g/t Au, 38 g/t Ag, 0.01% Pb, and 0.06% Zn (50 g/t AgEq) over 0.60m, and including 0.19 g/t Au, 55 g/t Ag, 0.01% Pb, and 0.04% Zn (68 g/t AgEq) over 1.7m.
  • Fresnillo plc and its JV partner Mag Silver Corp., provided a commissioning update on its Juanicipio project in Fresnillo, Zacatecas. Although the Juanicipio project team delivered the project for plan commissioning on schedule, the “Comisión Federal de Electricidad” (CFE), the state-owned electrical company, notified Fresnillo plc, the Juanicipio Project operator, that approval to complete the tie-in to the national power grid cannot yet be granted and the mill commissioning timeline will therefore be extended by approximately six months. Stoping and mineralized mine development at Juanicipio will continue and will make available any unused plant capacity at its Minera Fresnillo and Minera Saucito operations to process mineralized material produced at Juanicipio, and if possible matching commissioning and ramp up tonnages that were previously expected. The effect on cashflow generation from Juanicipio therefore will also be mitigated while CFE approvals are pending.
  • GoGold Resources Inc., provided an outlook and deliverables for 2022. At Los Ricos North, the company plans to conduct an aggressive drilling and exploration campaign on El Favor East and Gran Cabrera areas to increase the mineral resource estimate at the property. At Los Ricos South, GoGold will initiate a drilling program on the Jamaica structure since this mineralized zone offers the potential for an additional bulk tonnage target in Los Ricos South. The company also plans to initiate a PFS anticipated to be completed prior to the end of 2022.
  • Silver Tiger Metals Inc., provided a review of its 2021 activities at its El Tigre project in Sonora. The company reported wide high grade silver intercepts in quartz veins within a black shale horizon on the Sooy, Benjamin and Seitz Kelly Veins. Highlights include hole ET-20-202 in the Sooy Vein with 382 g/t AgEq over 22.2m, including 668 g/t AgEq over 11.75m; hole ET-21-204 in the Benjamin Vein with 519 g/t AgEq over 14.2m, including 1,010 g/t AgEq over 5.6m; and hole ET-21-264 in the Seitz Kelly Vein with 2,608 g/t AgEq over 17.5m, including 82,873 g/t AgEq over 0.5m. It also completed a $23M bought deal institutional financing, and disclosed 2021 Environmental, Social, & Governance (ESG) strategy roadmap.

ON DEALS AND CORPORATE ISSUES

  • Gold79 Mines Ltd., retained Dig Media Inc. dba Investing News Network, to provide investor relation services for the company. Under the terms of the contract for this advertising and investor awareness campaign, Dig Media will provide various digital media advertising and related services to increase public awareness of the company. (Taviche project, Oaxaca).
  • Great Panther Mining Limited announced the resignation of its Director and Chair of the Board of Directors, and the appointment of one of its independent Directors as the new Chair of the company (Topia mine, Durango).
  • Minaurum Gold Inc., announced the sensitive and unexpectedly passing of David Jones early this week at its home in Tucson, Arizona. “Descansa en paz amigo”.

ON SOCIAL RESPONSIBILITY

  • Compañía Minera Cuzcatlán (Fortuna Silver Mines Inc.) reported that its operation does not generate a negative impact on the water resource located in communities surrounding its San Jose mine in Oaxaca. The company monitors quarterly the water quality in surface and underground bodies. It also stated that since the beginning of its operation, it does not compete for this resource with neighboring communities, nor does it use the water that was monitored for its mining activities. The water samples are required every six months by environmental regulations, but to generate greater certainty and confidence among the population, the company proactively performs them every three months. The foregoing, through the hiring of external and certified laboratories, whose procedures are endorsed by both the National Water Commission (CONAGUA), as well as by the Federal Attorney for Environmental Protection (PROFEPA) and whose results comply with the NOM-OO1 of the Ministry of the Environment and Natural Resources (SEMARNAT).

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 hydrothermal breccia from a low sulphidation epithermal vein system in a project in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of December, 2021. 

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Quartz vein with massive chalcopyrite

By Miguel A Heredia

During the 48th week of the year (November 29th to December 5th, 2021), at least 24 press releases were announced by companies working in Mexico, and 3 news published by the media, with seven announcing financial issues, five reporting resources and developments of their properties, five disclosing deals and corporate issues, four informing on exploration results, three commenting on Mexican issues, and three communicating production and financial results.  ON MEXICO ISSUES, AMLO reaffirmed this week his foolish and unfortunate policy of not granting more mining concessions in Mexico. President Andrés Manuel López Obrador offered to meet the request of residents of San José del Progreso and collaborators of Compañía Minera Cuzcatlán, who asked him to avoid the closure of the San José mining unit, located in that Oaxacan municipality. The current government has stopped the issuance of mining concessions and investment in Mexico. ON EXPLORATION, In Sonora, Ranchero Gold provided an update of its ongoing drilling program conducted at its Maíz Azul project. In Chihuahua, Mammoth received from SEMARNAT a permit to expand its drilling program at its Tenoriba project. In Sinaloa, Kootenay announced drill results from its Copalito project. In Durango, Silverton signed a surface agreement for its Pluton Silver-Zinc project.  ON MINING, Americas Gold and Silver announced the re-opening of its Cosalá mine operation in Sinaloa. Santacruz reported Q3, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. Guanajuato Silver provided a production update on its El Cubo mine, Guanajuato.  ON FINANCING, Guanajuato Silver closed the first tranche of its non-brokered private placement offering of up to 16M units at a price of CAD $0.55 per unit (El Cubo mine, Guanajuato). Fabled renewed its agreement with Agora Internet to provide online advertising, marketing, and branding services and wishes to issue 519,007 common shares in respect of the settlement, and engaged Hybrid Financial to provide marketing services (Santa Maria project, Chihuahua). First Majestic announced that it will issue USD $200M aggregate principal amount of Convertible Senior Notes or USD $230M aggregate principal amount if the over-allotment option is exercised in full (San Dimas mine, Durango). Guanajuato Silver received USD $750K from the sale of 90 tonnes of bulk Ag-Au concentrate from El Cubo mine in Guanajuato, and anticipates receiving a payment of approximately USD $1.3M for the sale of approximately 175 tonnes of additional Ag-Au concentrate on or about December 3, 2021. Orogen announced initial production at the Ermitaño deposit in Sonora where the company holds a 2% net smelter return. VVC announced an arrangement with Stockhouse Publishing to assists VVC with general market outreach and investor awareness (Gloria Copper project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Discovery reported a Preliminary Economic Assessment (PEA) on its Cordero project, Chihuahua. Endeavour released high grade results from its ongoing drilling program at their Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. Silver Tiger reported a wide high grade drill intersection on the Benjamin Vein at its El Tigre project, Sonora. Fabled released results from hole SM0-42 collared at its Santa Maria project, Chihuahua. GR Silver announced the discovery of a gold-silver rich mineralized zone during the initial reconnaissance drilling at Loma Dorada target within its Plomosas project in Sinaloa.    ON DEALS AND CORPORATE ISSUES, Almadex announced the appointment of two members to its Board of Directors and the retirement of one Director after many years of valued service (El Chato project, Puebla). Capstone and Mantos Copper entered into a definitive agreement to combine business to create Capstone Copper (Cozamin mine, Zacatecas). Heliostar announced the appointment of a new member to its Board of Directors (Cumaro project, Sonora). Monumental Minerals announced the appointment of an advisory board to assist the company with the exploration and drill target definition of its Jemi rare earth elements project in Coahuila. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • AMLO reaffirmed this week his foolish and unfortunate policy of not granting more mining concessions in Mexico. He declared that mining companies were speculating in the financial market. López Obrador asserted that the existing mining concessions will be respected; however, his government will no longer give more, as many companies “cheated” and have not carried out exploitation tasks.
  • President Andrés Manuel López Obrador offered to meet the request of residents of San José del Progreso and collaborators of Compañía Minera Cuzcatlán, who asked him to avoid the closure of the San José mining unit, located in that Oaxacan municipality. The president was asked to avoid the loss of more than 1,200 direct jobs and around 8,000 indirect ones.
  • The current government has stopped the issuance of mining concessions and investment in Mexico. Parallel to the policy of null concessions, the president has presented a bill that intends to reserve strategic minerals such as lithium only for the State, denying any concession for their exploration, production or commercialization. Both their decisions not to grant a single concession in three years of government “and the promise not to do so in the entire six-year term”and to reserve strategic minerals for the State have been strongly criticized by specialists and representatives of the mining industry, to the point of warning that the future of the country is being“mortgaged.

ON EXPLORATION

  • Ranchero Gold Corp., provided an update of its ongoing drilling program conducted at its Maíz Azul project, located 3.5km east of Alamos Gold´s Mulatos mine in Sonora. To date, eight holes have been drilled totalling 1,245m, which represents 42% of the Phase 1 drill program which plans to test the La Colmena, La Cascada, and X-structure targets. 175 samples have been submitted to lab and results are expected to arrive in Q1, 2022.
  • Mammoth Resources Corp., received from SEMARNAT a permit to expand its drilling program at its Tenoriba project in Chihuahua. SEMARNAT approved the company´s application for up to 182 additional drill sites and covers the entire 6 km Au-Ag mineralization at the Tenoriba project.
  • Kootenay Silver Inc., announced drill results from Agua, 5 Señores, and Chiva Veins within its Copalito project in Sinaloa. Highlights at Agua Vein include hole BDH-20-055 with 2 g/t Au, 125 g/t Ag and 0.9% combined Pb+Zn (276 g/t AgEq) over 23m, including 9.26 g/t Au, 28 g/t Ag, and 0.6% combined Pb+Zn (643 g/t AgEq) over 5m, including 21.1 g/t Au, 29 g/t Ag, and 0.3% combined Pb+Zn (1,409 g/t AgEq) over 0.65m, plus 0.82 g/t Au, 587 g/t Ag, and 1.6% combined Pb+Zn (676 g/t AgEq) over 3m; hole BDH-21-056 with 0.22 g/t Au, 101 g/t Ag, and 0.9% combined Pb+Zn (135 g/t AgEq) over 21m, including 0.28 g/t Au, 163 g/t Ag, and 0.8% combined Pb+Zn (199 g/t AgEq) over 7m, including 0.48 g/t Au, 440 g/t Ag and 0.9% combined Pb+Zn (492 g/t AgEq) over 1.5m; and hole CDH-21-80 with 0.42 g/t Au, 63 g/t Ag, and 4.8% combined Pb+Zn (199 g/t AgEq) over 1.84m, including 0.69 g/t Au, 133 g/t Ag, and 11% combined Pb+Zn (423 g/t AgEq) over 0.43m. Highlights at 5 Señores Vein include hole BDH-20-51 with 2.95 g/t Au, 98 g/t Ag, and 0.3% combined Pb+Zn (290 g/t AgEq) over 1.4m; and hole BDH-20-052 with 0.23 g/t Au, 14 g/t Ag, and 0.6% combined Pb+Zn (34 g/t AgEq) over 3.3m, including 1.28 g/t Au, 61 g/t Ag, and 3.3% combined Pb+Zn (174 g/t AgEq) over 0.48m. Highlight on Chiva Vein include hole BDH-21-057 with 0.06 g/t Au, 106 g/t Ag, and 0.3% combined Pb+Zn (118 g/t AgEq) over 6.33m, including 0.23 g/t Au, 513 g/t Ag, and 0.8% combined Pb+Zn (546 g/t AgEq) over 0.82m; hole BDH-21-058 with 0.07 g/t Au, 41 g/t Ag, and 0.1% combined Pb+Zn (48 g/t AgEq) over 12m, including 0.5 g/t Au, 300 g/t Ag, and 1.4% combined Pb+Zn (1,364 g/t AgEq) over 0.35m; and hole BDH-21-063 with 0.92 g/t Au, 86 g/t Ag, and 5.5% combined Pb+Zn (269 g/t AgEq) over 1.82m, including 4.49 g/t Au, 453 g/t Ag, and 2.7% combined Pb+Zn (1,344 g/t AgEq) over 0.32m.
  • Silverton Metals Corp., signed a surface agreement for three years for its Pluton Silver-Zinc project with the Comisariado Ejidal of Ejido Mapimi in Durango State. The agreement provides access to the land for surface exploration work, including diamond drilling and use of a core storage facility.

ON MINING

  • Americas Gold and Silver Corporation, announced the re-opening of its Cosalá mine operation in Sinaloa. The Los Braceros plant has returned to nameplate production with a steady source of feed from a combination of existing stockpiled ore and new production from the San Rafael mine.
  • Santacruz Silver Mining Ltd., reported Q3, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. At Zimapan mine, Hidalgo, the company milled 186,642 tonnes to produce 867.2K Oz AgEq, and sold 829.2K Oz AgEq. Cash costs per ton and per Oz AgEq produced were USD $53.88 and USD $17.72 respectively. AISC was USD $22.81 per Oz Ag Eq. The company reported revenue of USD $14.4M and a gross profit of USD $3.93M. At Rosario mine, San Luis Potosi, the company milled 2,306 tonnes to produce 5,698 Oz AgEq and sold 10,765 Oz AgEq. Cash costs per ton and per Oz AgEq produced were USD $173.04 and USD $42.81 respectively. AISC was USD $22.47 per Oz AgEq produced. The company reported revenue for USD $182K and gross profit of (272K).
  • Guanajuato Silver Company Ltd., provided a production update on its El Cubo mine, Guanajuato. The company has mined since October 15, 2021 450 tonnes of ore per day from El Cubo mine and is processing an average of 1,000 tonnes per day. It expects the plant to operate for 22 to 24 days for an average monthly operating rate of 22,500 tonnes for the next 6 months.

ON FINANCING

  • Guanajuato Silver Company Ltd., closed the first tranche of its non-brokered private placement offering of up to 16M units at a price of CAD $0.55 per unit. The net proceeds from the offering will be used to fund the ongoing exploration, development, and expansion of the Company’s El Cubo mine and mill complex and El Pinguico silver and gold project, and for general corporate and working capital purposes.
  • Fabled Silver Gold Corp., renewed its agreement with Agora Internet Relations to provide online advertising, marketing, and branding services and wishes to issue 519,007 common shares in respect of the settlement. It also engaged Hybrid Financial Ltd., to provide marketing services. Hybrid has been engaged for an initial period of 6 months, starting on December 1, 2021 and will be paid a monthly fee of $22,500 plus payable taxes (Santa Maria project, Chihuahua).
  • First Majestic Silver Corp., announced that it will issue USD $200M aggregate principal amount of Convertible Senior Notes or USD $230M aggregate principal amount if the over-allotment option is exercised in full. The company intends to use approximately USD $164.9M of the net proceeds of the offering to repurchase, in separate privately negotiated transactions, approximately USD $125.2M aggregate principal amount of its outstanding 1.875% convertible senior notes. The company intends to use the remainder of the net proceeds from the offering for general corporate purposes, including strategic opportunities (San Dimas mine, Durango).
  • Guanajuato Silver Company Ltd., received USD $750K from the sale of 90 tonnes of bulk Ag-Au concentrate grading approximately 220 Oz Ag per tonne and 2.2 Oz Au per tonne from El Cubo mine in Guanajuato, and anticipates receiving a payment of approximately USD $1.3M for the sale of approximately 175 tonnes of additional Ag-Au concentrate at similar grades on or about December 3, 2021.
  • Orogen Royalties Inc., announced initial production at the Ermitaño deposit in Sonora where the company holds a 2% net smelter return. The first doré gold-silver pour occurred November 11, 2021 and commercial production is expected in Q1 2022.
  • VVC Exploration Corporation announced an arrangement with Stockhouse Publishing to assists VVC with general market outreach and investor awareness. At the time, the company issued to Stockhouse 157,900 common shares of VVC and a $60K Note to be converted into shares in four tranches over a year. With the approval of TSX Venture Exchange, one quarter of the note ($15K) will now converted, as part of the second tranche, to 136,365 shares at a price of $0.11 per share, being yesterday´s market price discounted by 25%. The next share issuance will occur in three months (Gloria Copper project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp., reported a Preliminary Economic Assessment (PEA) on its Cordero project, Chihuahua. The reports indicates that the ultimate pit contains 719M tonnes consisting of 228M tonnes of mill feed and 491M tonnes of waste for an average strip ratio of 2.2:1 Highlights include a Base Case after-tax NPV 5% of USD $1,160M and IRR of 38% assuming prices of USD $22 / Oz Ag, USD $1,600/ Oz Au, USD 1/Lb Pb, and USD $1.0/ Lb Zn; and a Upside Case after-tax NPV 5% of USD $1,889M and IRR of 55%, assuming prices of USD $27.5/Oz Ag, USD $1,880/Oz Au,  USD $1.1/Lb Pb, and USD $1.45/Lb Zn; 16-year mine life with an average annual production of 26M Oz AgEq at an AISC of USD $12.35 / Oz AgEq; initial development CAPEX of USD $368M post-tax payback of 2 years for Base Case and 1.4 years for Upside Case; 99% of tonnes processed in the PEA mine are in the Measured + Indicated category; and Ag represents > 60% of the net smelter return in the first five years of the mine life and >50% of the net smelter return over the life of mine.
  • Endeavour Silver Corp., released high grade results from its ongoing drilling program at their Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. At Guanacevi mine, highlights include hole UCM-67 with 1.97 g/t Au and 1,254 g/t Ag (1,412 g/t AgEq) over a true width (TW) of 3.22m, including 3.6 g/t Au and 2,690 g/t Ag (2,978 g/t AgEq) over a TW of 0.2m, extending the El Curso orebody along strike; and hole SCSU-11 with 4.36 g/t Au, 1,450 g/t Ag (1,798 g/t AgEq) over a TW of 3.18m, including 7.97 g/t Au and 4,568 g/t Ag (5,206 g/t AgEq) over 0.31m, extending the Santa Cruz South orebody to depth. At Bolañitos mine, Guanajuato, highlights include hole BS-04 with 8.08 g/t Au and 151 g/t Ag (797 g/t AgEq) over a TW of 1.67m, including 89.6 g/t Au and 88 g/t Ag (8,046 g/t AgEq) over a TW of 0.08m on a new discovery, the Tepetateras vein, south of the current workings; and hole BS-03 with 1.26 g/t Au and 241 g/t Ag (342 g/t AgEq) over 0.96m, on the Lulu vein, south of the current workings.
  • Silver Tiger Metals Inc., reported a wide high grade drill intersection on the Benjamin Vein at its El Tigre project in Sonora. Hole ET-21-272 encountered 0.35 g/t Au, 388 g/t Ag, 0.14% Cu, 2.9% Pb, and 6.2% Zn (701 g/t AgEq) over 23.1m, including 0.5 g/t Au, 587 g/t Ag, 0.21% Cu, 4.3% Pb, and 9.2% Zn (1,051 g/t AgEq) over 15.1m, including 0.52 g/t Au, 1,642 g/t Ag, 0.58% Cu, 11.9% Pb, and 25.2% Zn (2,855 g/t AgEq) over 5.1m, including 0.37 g/t Au, 2,877 g/t Ag, 1.05% Cu, 14.6% Pb, and 30.8% Zn (4,375 g/t AgEq) over 2.6m.
  • Fabled Silver Gold Corp., released results from hole SM0-42 collared at its Santa Maria project, Chihuahua. This hole was designed to fill in a drill poor gap just to the west of the current resources. The hole intersected six gold bearing zones. Highlights are 0.49 g/t Au, 117 g/t Ag, 0.05% Pb, 0.1% Zn (143 g/t AgEq) over 3.70m, including 0.91 g/t Au, 211 g/t Ag, 0.1% Pb, 0.1% Zn, and 0.01% Cu (258 g/t AgEq) over 1.20m, plus 0.43 g/t Au, 227 g/t Ag, 0.1% Pb, 0.3% Zn and 0.01% Cu (249 g/t AgEq) over 1.71m.
  • GR Silver Mining Ltd., announced the discovery of a gold-silver rich mineralized zone during the initial reconnaissance drilling at Loma Dorada target within its Plomosas project in Sinaloa. Hole LDSP21-007 encountered 5.23 g/t Au and 166 g/t Ag over 1m. “The Loma Dorada target is currently the subject of reconnaissance drilling, testing a new geological model of NW trending, Au-Ag rich veining – a possible extension 1.2 km along strike from La Colorada”.

ON DEALS AND CORPORATE ISSUES

  • Almadex Minerals Ltd., announced the appointment of two members to its Board of Directors and the retirement of one Director after many years of valued service. The company also granted stock options to officers, employees and directors to purchase an aggregate of 1,075,000 common shares at a price of $0.31 per share which expires on December 5, 2023 (El Chato project, Puebla).
  • Capstone Mining Corp. and Mantos Copper Limited entered into a definitive agreement to combine business to create Capstone Copper Corp., a premier copper producer with transformational near-term growth. Upon completion of the transaction, former Capstone and Mantos shareholders will collectively own 60.75% and 39.25% of Capstone Copper, respectively, on a fully-diluted share basis. (Cozamin mine, Zacatecas).
  • Heliostar Metals Limited announced the appointment of a new member to its Board of Directors (Cumaro project, Sonora).
  • Monumental Minerals Corp., announced the appointment of an advisory board to assist the company with the exploration and drill target definition of its Jemi rare earth elements project in Coahuila. Monumental also appointed a new Director to its Board. The Company also granted 275,000 incentive stock options to advisors at a price of $0.50 per common share for a period of five years.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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 piece of core showing a quartz vein with massive chalcopyrite from an epithermal quartz vein system in a current producing mine in Zacatecas, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of October, 2021. 

/ gambusinoprospectormexico / Leave a comment
Boiling texture in a quartz vein.

By Miguel A Heredia

During the 42nd week of the year (October 18th to October 24th, 2021), at least 21 press releases were announced by companies working in Mexico and 14 news published by the media, with nine commenting on Mexican issues, six reporting resources and developments, six announcing financial issues, four communicating production and financial results, four informing on exploration results, four discussing social issues, and two disclosing deals and corporate issues.  ON MEXICO ISSUES, Governors of Guerrero, Chihuahua, and Durango showed their support for the mining industry during the inauguration of the XXXIV International Mining Convention in Acapulco. Jaime Gutiérrez Núñez, president of The Mining Chamber of Mexico (CAMIMEX) stated that the uncertainty will affect investments in the mining sector in Mexico. Tonatiuh Herrera Gutiérrez, Undersecretary of Promotion and Environmental Regulations of the Secretariat of the Environment and Natural Resources (SEMARNAT), warned that the agency will keep consultations on land use for the mining activity. Miguel Ángel Riquelme Solís, governor of Coahuila State and Grupo Mexico signed an agreement to regularize properties in the Carboniferous Region of Coahuila. The Mining Commission of the State Congress was installed in Sonora. Octavio Alvídrez, CEO of the Mexican precious metals Fresnillo plc stated that mining in Mexico currently has an “unfavorable” environment due to recent government policies. The Mexican Geological Service (SGM) will invest MXP $55.2M between this year and the next in the exploration of lithium. Karen Flores, director of the Mining Chamber of Mexico (CAMIMEX) stressed that due to lack of mineral concessions the mining industry in Mexico loses USD $25B. Sergio Almazán, president of the Association of Mining Engineers, Metallurgists and Geologists of Mexico (AIMMGM), highlighted the relevance of the mining industry for the country’s economy in the inauguration of the XXXIV International Mining Convention in Acapulco. ON EXPLORATION, In Baja California, One World Lithium announced that drill hole # 4 collared at its Salar del Diablo project, reached a total depth of 518m. In Sonora, Benjamin Hill reported that it has completed the location of 15 drill holes for the upcoming inaugural drill program at its Benjamin Hill project. In Nayarit, Sierra Madre released results of the first 11 trenches at its Tepic project. In Jalisco, Stroud provided an update of its 2021 Phase I drilling program conducted at its Santo Domingo project.  ON MINING, Excellon reported Q3, 2021 production results from its Platosa mine in Durango.  Mexus Gold announced a revenues increase at its Santa Elena mine in Sonora. Santacruz Silver announced Q3, 2021 production results from their Zimapan and Rosario mines located in Hidalgo and San Luis Potosi respectively. Sierra Metals reported Q3, 2021 production results from their Bolivar and Cusi mines in Chihuahua. ON FINANCING, Azucar Minerals granted stock options to a director to purchase 400K common shares at a price of $0.09 per share (El Cobre project, Veracruz). Barksdale provided an update regarding the secured loans that the company holds in Regal Resources (San Javier, Sonora). Canasil announced an initial non-brokered private placement for gross proceeds of up to $500K and later on it increased to $650K with additional $150K via flow-through shares (Nora project, Durango). Heliostar closed the first tranche of a non-brokered private placement offering for gross proceeds of $1,300,225.50 (Cumaro project, Sonora). Xali announced a non-brokered private placement for gross proceeds of approximately CAD $500K (El Oro project, State of Mexico). ON RESOURCES AND DEVELOPMENT, Chesapeake announced that a 16 holes infill drill program will commence in November at its Metates project in Durango.  Discovery Silver reported an updated Mineral Resource Estimate on its flagship Cordero project in Chihuahua State. Fabled released results from three holes collared at its Santa Maria project, Chihuahua.  Golden Minerals presented results from 25 recently completed RC holes at its Rodeo property in Durango. Impact Silver released results from and underground development drilling program of its Guadalupe mine in the Zacualpan mining district in the State of Mexico. Silver Tiger announced high grade results from its ongoing drilling program conducted at its El Tigre project in Sonora. ON DEALS AND CORPORATE ISSUES, Minera Gorrión S.A. de C.V. , a subsidiary company of Almaden Minerals Ltd., announced the completion of a Human Rights Impact Assessment (HRIA) for the Ixtaca mine development project in Puebla. One World Lithium announced the engagements of two new consultants (Salar del Diablo project, Baja California). ON SOCIAL RESPONSIBILITY, José Rosas Aispuro, Governor of Durango, highlighted that mining is synonymous with respect for human rights and has to be synonymous with respect for the environment. New Zealand Ambassador proposes to the Mexico mining industry to work with social inclusion and sustainability. The VP in Mexico of Torex Gold reiterated that its subsidiary Minera Media Luna is committed to the economic and social progress of the communities at the Guerrero mining corridor. Mulatos Mine of Alamos Gold, announced that it has reduced its lighting consumption by 70%, 10% in diesel and 25% in CO2 emissions.

ON MEXICO ISSUES

  • Governors of Guerrero, Chihuahua, and Durango showed their support for the mining industry during the inauguration of the XXXIV International Mining Convention in Acapulco because it represents a lever for the economic development of the country. They promised to respect the rule of law to promote the investment in the sector that generates jobs and benefits to the communities where it operates.
  • Jaime Gutiérrez Núñez, president of The Mining Chamber of Mexico Camimex stated that the suspension of new mining concessions as well as the effects of the possible approval of the electricity reform and the heavy tax burden is generating strong uncertainty in the mining sector in Mexico.
  • Tonatiuh Herrera Gutiérrez, Undersecretary of Promotion and Environmental Regulations of the Secretariat of the Environment and Natural Resources (SEMARNAT), warned that the agency will keep consultations on land use for mining activity. Jaime Gutierrez Núñez, president of CAMIMEX responded that the companies affiliated to said organization do not oppose to the consultations on land use for mining activity, but emphasized that times should be established for conducting such consultations. Likewise, the Director of CAMIMEX, Karen Flores Arredondo stressed that “the rules of the game” must be clear and based on the General Consultation Law.
  • Miguel Ángel Riquelme Solís, governor of Coahuila State and Grupo Mexico signed an agreement to regularize properties in the Carboniferous Region of Coahuila. This regulation agreement represents legal certainty for more than 400 families in the Carboniferous Region.
  • The Mining Commission of the State Congress was installed, chaired by the deputy for Morena, Próspero Valenzuela Muñer to meet the demands and open a space for dialogue with the mining sector in Sonora. In that sense, he mentioned that it is important that said commission lays the foundations for the detonation of economic development and well-being in Sonora, taking advantage of the fact that this entity constitutes one of the main mining states in the country.
  • Octavio Alvídrez, CEO of the Mexican precious metals Fresnillo plc stated that mining in Mexico currently has an “unfavorable” environment due to recent government policies. President Andrés Manuel López Obrador has been criticized by the mining industry for his policy of not granting new concessions, as well as for what he has described as unprecedented regulatory delays. The president further fueled industry concerns by recently proposing to Congress a controversial energy constitutional reform that rejects concessions for Lithium.
  • The Mexican Geological Service (SGM) will invest MXP $55.2M between this year and the next in the exploration of lithium  with a view to finding an economically viable deposit, informed its director, Flor de María Harp. Exploration work will be carried out in 52 areas during 2021 and in another 30 in 2022. She explained that the country needs hard data so that we are not talking about what we believe, imagine or assume, but about data that have a technical basis. The official insisted that in Mexico expectations have been generated around lithium that is not real, because there is still no hard data on the potential of the mineral.
  • Karen Flores, director of the Mining Chamber of Mexico (CAMIMEX) stressed that due to lack of mineral concessions the mining industry in Mexico loses USD $25B with the consequent absence of jobs generation and the fiscal contribution. So far in this six-year term, no new concessions have been granted, in addition to the fact that there are procedures stopped that have also impacted on the continuity of some mining projects.
  • Sergio Almazán, president of the Association of Mining Engineers, Metallurgists and Geologists of Mexico (AIMMGM), highlighted the relevance of the mining industry for the country’s economy in the inauguration of the XXXIV International Mining Convention in Acapulco. CAMIMEX, in its 2020 report stated that the industry currently generates around 408,000 direct jobs, plus almost 2 million indirect jobs. It means that many Mexican families literally live from mining. Mining activity stands out as the fifth earner of foreign currency to the country. He also highlighted that Mexican mining is a formal, modern, sustainable, safe, fiscally responsible industry, with competitive salaries and high quality standards.

ON EXPLORATION

  • One World Lithium Inc., announced that drill hole # 4 collared at its Salar del Diablo project in Baja California, reached a total depth of 518m and that sampling has been completed between 331 to 338m and a second zone between 460 to 518m. Samples have been submitted to the lab and results will be released once are received.
  • Benjamin Hill Mining Corp., announced that it has completed the location of 15 drill holes for the upcoming inaugural drill program at its Benjamin Hill project in Sonora. The goal of the drill program is to better understand the behavior of the mineralization at depth and drill-test the continuity of high-grade mineralization structures that are thought to be open down dip and on strike. 
  • Sierra Madre Gold and Silver Ltd., released results of the first 11 trenches at its Tepic project. Highlights include TZ005 with 68 g/t Ag and 0.3 g/t Au (91 g/t AgEq) over 10.5m; TZ011 with 39 g/t Ag and 1.06 g/t Au (119 g/t AgEq) over 10.1m,; and TZ 011A with 54 g/t Ag and 6.52 g/t Au (43 g/t AgEq) over 9.2m.
  • Stroud Resources Ltd., provided an update of its 2021 Phase I drilling program conducted at its Santo Domingo project in Jalisco. Stroud has completed 14 diamond holes for a total of 5,725m with the aim to explore the extent of known vein-hosted silver mineralization that run parallel to the existing La Raya and Guadalupe vein systems. Sampling and assaying of the drill core has begun and results will be released once they become available.

ON MINING

  • Excellon Resources Inc., reported Q3, 2021 production results from its Platosa mine in Durango. The company mined 21,592 tonnes and milled 21,302 tonnes of 526 g/t Ag, 4.9% Pb, and 5.4% Zn with metallurgical recoveries of 90.9%, 81.2%, and 78.3% respectively to produce 326.7K Oz Ag, 1.87M Lb Pb, and 1.98M Lb Zn (521.2K Oz AgEq).
  • Mexus Gold US announced a revenues increase at its Santa Elena mine in Sonora. “Mineralized material run through the crushing circuit and placed on the heap leach pad is currently assaying at an average of 4.6 g/t Au and 8 g/t Ag. The company will begun a new round of blast hole drilling on October 18th. These efforts will produce 15,000 tons of high-grade gold material for processing through the crushing/leaching circuit”. These efforts indicate a potential 1.5M Oz Au resource on the property.
  • Santacruz Silver Mining Ltd., announced Q3, 2021 production results from their Zimapan and Rosario mines located in Hidalgo and San Luis Potosi respectively. At Zimapan mine, Hidalgo, the company milled and processed 186,642 tonnes of 73 g/t Ag, 0.6% Pb, 2.53% Zn, and 0.35% Cu to produce 313.5K Oz Ag, 2.26M Lb Pb, 8.39M Lb Zn, and 1.1M Lb Cu (867.2K Oz AgEq). At Rosario mine, San Luis Potosi, the company milled and processed 2,306 tonnes of 41 g/t Ag, 0.15 g/t Au, 0.2% Pb, and 1.2% Zn to produce 2,548 Oz Ag, 8,960 Lb Pb, and 53.8K Lb Zn (5,698 Oz AgEq).
  • Sierra Metals Inc., reported Q3, 2021 production results from their Bolivar and Cusi mines in Chihuahua. At Bolivar mine, Chihuahua, the company processed 364,941 tonnes of 0.61% Cu, 11 g/t Ag, and 0.1 g/t Au at metallurgical recoveries of 73.06%, 71.97%, and 73.23% respectively to produce 3.6M Lb Cu, 95K Oz Ag, and 899 Oz Au (796K Oz AgEq or 4.53M Lb CuEq). At Cusi mine, Chihuahua, Sierra Metals processed 61,071 tonnes of 161 g/t Ag, 0.18 g/t Au and 0.6% Pb at metallurgical recoveries of 82.63%, 55.89%, and 82.64% respectively to produce 261K Oz Ag, 193 Oz Au and 695K Lb Pb (306K Oz AgEq).

ON FINANCING

  • Azucar Minerals Ltd., granted stock options to a director to purchase 400K common shares at a price of $0.09 per share, which expire on February 28, 2024 (El Cobre project, Veracruz).
  • Barksdale Resources Corp., provided an update regarding the secured loans that the company holds in Regal Resources Inc. Regal owes approximately $1.8M to Barksdale. Regal has until October 24, 2021 to file a cash-flow forecast that needs to be reviewed and signed by its proposal trustee.  If Regal is unable to repay its creditors or fails to put forward a proposal that is accepted by the creditors, it will enter bankruptcy (San Javier, Sonora).
  • Canasil Resources Inc., announced an initial non-brokered private placement of up to 4M units at a price of $0.125 for total gross proceeds of up to $500K. In addition to the non-brokered private placement the company will include up to 1M flow-through shares at $0.15 per flow-through share for a total of $150K. Canasil will use the gross proceeds from the non-brokered private placement to fund drill programs of their projects in Durango and Zacatecas (Nora and La Esperanza projects, Durango-Zacatecas).
  • Heliostar Metals Limited, closed the first tranche of a non-brokered private placement offering of up to 5,714,285 units at a price of $0.70 per unit for gross proceeds of $1,300,225.50. Part of the gross proceeds will be used to advance their Mexican projects, focusing primarily on the proposed Cumaro drill program in Q4, 2021, as well as for working capital and general corporate purposes.
  • Xali Gold Corp., announced a non-brokered private placement for gross proceeds of approximately CAD $500K. “Approximately CAD $250K of the gross proceeds will be used to further our permitting and targeting for drilling programs on our gold-silver projects and approximately CAD $250K will be used for working capital and general corporate purposes”  (El Oro project, State of Mexico).

ON RESOURCES AND DEVELOPMENT

  • Chesapeake Gold Corp., announced that a 16 holes infill drill program will commence in November at its Metates project in Durango. This infill program will consists of 6,700m with holes ranging from 250 to 650m depth, and will be drilled with the same orientation to maintain consistency with earlier drilling. “The infill drill program will further define the geological structural controls, expand drill density, and provide additional composite metallurgical samples for variability testing”.
  • Discovery Silver Corp., reported an updated Mineral Resource Estimate on its flagship Cordero project in Chihuahua State. The company reported Measured + Indicated Resources for 541M tonnes with grades of  20 g/t Ag,  0.6 g/t Au, 0.3% Pb, and 0.5% Zn (48 g/t AgEq), for a total of 344M Oz Ag, 1.04M Oz Au, 3,424M Lb Pb, and 6,132M Lb Zn (837M Oz AgEq), and Inferred Resources for  108M tonnes of 14 g/t Ag, 0.03 g/t Au, 0.2% Pb, and 0.4% Zn (34 g/t AgEq) for a total of 49M Oz Ag, 99K Oz Au, 451M Lb Pb, and 909M Lb Zn (119M Oz AgEq). The Resource is pit-constrained with an estimated waste-to-ore ratio of 1.1 and is supported by 224,000m of drilling in 517 drill holes and reinterpreted structural and geological models of the deposit. 87% of the contained metal is in the Measured and Indicated category.
  • Fabled Silver Gold Corp., released results from three holes collared at its Santa Maria project, Chihuahua. The most interesting drill interval was encountered in hole SM20-35 with 18.80m of 0.25 g/t Au, 9 g/t Ag (22 g/t AgEq), 0.2% Pb, and 0.5% Zn, including 0.50m of 1.1 g/t Au and 16 g/t Ag (73 g/t AgEq), 0.5% Pb, and 1% Zn, plus 1.65m of 1.93 g/t Au and 32 g/t Ag (131 g/t AgEq), 0.8% Pb, and 2% Zn. With these three holes concluded the Phase 1 exploration drill program and the plan now is to be focused on definition drilling to outline the previously discovered zones or trends. The company mentioned that Au is related to the northwest trending mineralized diorite dike encountered in present drilling. “The previous first modeled diorite dike was over 440 meters and now has been extended to a minimum of 1,000 meters in strike length and 400 meters at depth, open in all directions”.
  • Golden Minerals Company presented results from 25 recently completed RC holes at its Rodeo property in Durango. The company has drilled 47 RC holes totaling 3,187m, focusing on resource expansion and exploration of several targets located adjacent to the open pit. Highlights from the RC drill program include hole RRC_021_018 with 1 g/t Au and 5 g/t Ag over 54m, including 2.3g/t Au and 5 g/t Ag over 18m; RRC_021_020 with 1.7g/t Au and 12 g/t Ag over 26m, including 2.4 g/t Au and 16 g/t Ag over 8m, hole RRC_021_021 with 1.3 g/t Au and 17 g/t Ag over 56m, including 2.2 g/t Au and 18 g/t Ag over 24m: hole RRC_021_022 with 1g/t Au and 4 g/t Ag over 56m, including 3.9 g/t Au and 5 g/t Ag over 8m; and hole RRC_021_025 with 1.3 g/t Au and 6 g/t Ag over 52m, including 2.9 g/t Au and 11 g/t Ag over 18m.
  • Impact Silver Corp., released results from an underground development drilling program of its Guadalupe mine in the Zacualpan mining district in the State of Mexico. High grade drill intercepts were encountered in holes MPZ-UG-023-21 with 464 g/t Ag, 0.3%Pb, and 0.8% Pb over a true width (TW) of 6.04m at Carolina Vein and 300 g/t Ag, 0.3% Pb and 1.2% Zn over a TW of 3.44m at Dolores Bajo Vein; hole MPZ-UG-024-21 with 2,186 g/t Ag, 1.7% Pb, and 3.4% Zn over a TW of 3.38m at Carolina Vein; hole MPZ-UG-025-21 with 425 g/t Ag, 0.3% Pb, and 0.8% Zn over a TW of 3.47m at Carolina Vein and 527 g/t Ag, 0.9% Pb, and 1.9% Zn over a TW of 1.63m at Dolores Bajo Vein; hole MPZ-UG-028-21 with 486 g/t Ag, 0.3% Pb, and 1.2% Zn over a TW of 1.57m at La Rata Vein and 232 g/t Ag, 0.5% Pb, and 1% Zn over a TW of 5.94m at Kena Vein; and hole MPZ-UG-029-21 with 161 g/t Ag, 0.1% Pb, and 0.3% Zn over a TW of 2.12m at Carolina Vein, 269 g/t Ag, 0.2% Pb, and 0.4% Zn over a TW of 3.57m at Carolina Bajo Vein, and 427 g/t Ag, 0.5% Pb, and 0.6% Zn over a TW of 3.12m at Dolores Vein.
  • Silver Tiger Metals Inc., announced high grade results from its ongoing drilling program conducted at its El Tigre project in Sonora. Highlights include hole ET 21-244 collared in the Sooy Vein with 0.16 g/t Au, 455 g/t Ag, 0.12 % Cu, 0.3% Pb, and 0.2% Zn (491 g/t AgEq) over 7.5m, including 0.33 g/t Au, 1,073 g/t Ag,  0.3% Cu, 0.8% Pb, and 0.3% Zn (1,156 g/t AgEq) over 2.5m, including 1.3 g/t Au, 3,531 g/t Ag, 1.06 % Cu, 3.6% Pb, and 1.2% Zn (3,856 g/t AgEq) over 0.5m, plus an interval in the FW zone of 0.13 g/t Au, 593 g/t Ag, 0.13% Cu, 0.3% Pb, and 0.06% Zn (624 g/t AgEq) over 1.8m, including 0.4 g/t Au, 2,030 g/t Ag, 0.46% Cu, 1% Pb, and 0.2% Zn (2,133 g/t AgEq) over 0.5m; and hole ET 21-243 collared in the Benjamin Vein with 0.02 g/t Au, 92 g/t Ag, 0.07% Cu, 0.1% Pb, and 0.1% Zn (107 g/t AgEq) over 6.8m, including 0.02 g/t Au, 138 g/t Ag, 0.07% Cu, 0.1% Pb, and 0.1% Zn (155 g/t AgEq) over 4.3m, including 0.05 g/t Au, 864 g/t Ag, 0.54% Cu, 0.5% Pb, and 1% Zn (965 g/t AgEq) over 0.5m.

ON DEALS AND CORPORATE ISSUES

  • Minera Gorrión S.A. de C.V. , a subsidiary company of Almaden Minerals Ltd., announced the completion of a Human Rights Impact Assessment (HRIA) for the Ixtaca mine development project in Puebla. The HRIA is one of the most innovative, comprehensive and proven effective tools worldwide to estimate the potential impacts and corresponding mitigation measures in favor of the human rights of the communities located within the area of ​​influence of this productive project. Minera Gorrión reiterates its commitment to the exercise of modern and avant-garde mining, absolutely committed to respecting Human Rights, caring for the environment and creation of opportunities for the communities of Ixtacamaxtitlán always with cultural relevance.
  • One World Lithium Inc., announced the engagements of Rayleigh Capital and J&L Strategic Solutions LLC,  that offer different consulting services that are mutually beneficial to increase global market awareness and different financing opportunities that are less reliant on equity offerings.  Both consultants are very familiar with green technologies  (Salar del Diablo project, Baja California).

ON SOCIAL RESPONSIBILITY

  • José Rosas Aispuro, Governor of Durango, highlighted that mining is synonymous with respect for human rights and has to be synonymous with respect for the environment.
  • Sara Meymand, New Zealand Ambassador proposed to the Mexico mining industry to work with social inclusion and sustainability. She assured during the XXIV edition of the Acapulco Mining Convention that working in inclusion development and sustainability put up the mining activity internationally, focused on the preservation of the environment, dialogue with communities, gender perspective, use of new technologies, job creation and economic growth. She also stressed the importance of promoting a social license in the mining industry, which will allow companies to act with responsibility, commitment and subject to the care of the environment.
  • The vice president in Mexico of Torex Gold Resourcers Inc., Faysal Rodríguez Valenzuela reiterated that Minera Media Luna (MML) maintains its commitment to the social and economic development of the 11 communities that make up the Guerrero mining corridor, located between the municipalities of Cocula and Eduardo Neri. He also pointed out that the social investment of each year is intended to help improve people’s quality of life and work towards the fulfillment of the sustainable development objectives.
  • Mulatos Mine of Alamos Gold, reduced its power consumption on lighting by 70%, 10% in diesel and 25% in CO2 emissions. Alamos Gold seeks to contribute to the care of the environment reducing energy consumption and CO2 emissions into the atmosphere.

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 an epithermal quartz vein system in a project in Sonora, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of October, 2021

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 41st week of the year (October 11th to October 17th, 2021), at least 25 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six released Q3 reports and one on commencement of mining, two on financing and eight more on project development or resource definition and one more on mining concessions acquisitions. ON MEXICO ISSUES, Mexico’s president presented a proposal to change the law in the energy industry, but also restricting lithium exploration and production to the government. Several other elements could be included in the bill, referred to as “strategic minerals”, without elaborating, although a government party senator named cobalt, niquel, rare earths and even copper. ON EXPLORATION, In Sonora, Benjamin Hill Mining released results from geophysical processing and from fluid inclusion studies that support a buried intrusive source for the mineralization at the Benjamin Hill property; Canuc Resources updated on its deep drilling program at San Javier; Colibri Resources received the permit to drill Evelyn. In Chihuahua, Kootenay silver increased land holdings at its Columba project. In Sinaloa, Vizsla Silver presented drilling results from the Tajitos zone at its Panuco project.   ON MINING, Guanajuato Silver commenced mining at El Cubo, in Guanajuato. First Majestic Silver, Golden Minerals, Gold Resource, Magna Gold, Aura Minerals and Avino Silver & Gold Mines presented its Q3 2021 reports. ON FINANCING, Candelaria Mining informed one of its lenders, Accendo Banco, had its operating permit revoked by Mexican authorities. Xali Gold announced Sun River Gold arranged a financing for US$6.5 M for the tailings project at El Oro, Estado de Mexico. ON RESOURCES AND DEVELOPMENT, GR Silver Mining filed a NI-43-101 technical report on the Plomosas project, Sinaloa. Orla Mining provided an update on the construction of the Camino Rojo Oxide project. Prime Mining released further drilling results from Los Reyes, Sinaloa. Fabled Silver Gold released underground drilling results for Santa Maria, in Chihuahua. GoGold Resources reported results from drilling at El Favor, on its Los Ricos North project located in Jalisco. Golden Tag resources is adding 4,500 m to its 2021 drilling program at San Diego, Durango. Capitan Mining reported results from drilling at El Capitan, in Durango. Zacatecas Silver is drilling the Panuco and Las Cruces areas, at its Zacatecas project, results pending.   ON DEALS AND CORPORATE ISSUES, Argonaut Gold acquired from Fresnillo PLC 4,791 ha in key concessions surrounding its San Agustin mine in Durango. ON SOCIAL RESPONSIBILITY, Minera Media Luna, Peñols, Newmont Peñasquito and Pan American Silver informed on community programs in education and health.

ON MEXICO ISSUES

  • Mexico is far from being a powerhouse in lithium production according to the Statistical Review of World Energy 2021 by BP. Australia, Chile and China hold 81.2% of reserves and 86.5% of lithium production, whereas Argentina, Brazil, Portugal, the United States and Zimbabwe account for 20.5% of reserves and 12.8% of the production. Camimex (Cámara Minera de México) points that the constitutional reform presented by the Mexican president lacks technical support, as even if there are several lithium projects in Mexico, none has proven economic viability. The most visible of these projects, in Sonora, is said to be the largest lithium prospect in the Globe, but its economic viability has still to be proven, as to date there is not a single mine of lithium in clays in the World.
  • Mexico will not grant lithium concessions, said the Mexican president. He stated that even if his electricity reform is not approved by congress, his government has the power to reject any request for a concession to mine lithium. “We will deny any request for a concession to mine lithium and we have the power to do so. We want this to be established in the constitution, lithium belongs to the state”.
  • Nationalistic views with control on “strategic minerals” have been voiced by Morena, the party in power in Mexico. Besides the explicit aim by the President to save all lithium extracting and processing activities for the government, his recent proposal also refers, without elaborating, to be applied in other “strategic minerals”. A senator form Morena mentioned these other minerals could include cobalt, nickel, rare earths and copper, although a spokeswoman from the Economy Secretariat mentioned that the list of strategic minerals was to be provided by the Mexican Geological Survey at a later date.

ON EXPLORATION

  • Canuc Resources Corp. updated on the exploration program at its San Javier project in Sonora. Three holes have been completed and a fourth one is in progress, currently at 922 m of depth and ongoing. Chalcopyrite has been encountered from 302 m and is still visible at 922 m of depth. “The drill hole has intersected a broad zone of variably stockworked and brecciated Barranca sediments with minor andesitic dykes. The Barranca sediments show contact metamorphism from about 461 m and downward, variable amounts of magnetite bearing veinlets, stringers and breccia matrix throughout”. The first two holes intercepted Barranca Formation sedimentary rocks with magnetite veinlets and best intercepts of 2.35 m @ 126 gpt Ag and 2.0 m @ 243 gpt Ag. The third hole was drilled on the Tarahumara Formation volcanic rocks for 500.5 m before being terminated due to drilling problems, intercepting several volcanic lithologies, chalcocite from 38 m of depth and sulfides including chalcopyrite from 332 m. Scattered gold and copper values on short intervals were intercepted, of up to 1.19 gpt Au and 0.41% Cu. Results for the current hole are still pending.
  • Colibri Resource Corp. received the needed permit to drill up to 56 holes at the Evelyn project in Sonora. “The fully funded drill program of up to 10,000 metres is expected to be conducted in two phases”.
  • Kootenay Silver Inc. increased its land holdings at its Columba project in Chihuahua. The company applied for a 10,825 hectare concession, supporting the decision to do so on the high-grade silver intercepts on drilling of the property.
  • Vizsla Silver Corp. presented the results from 23 new drill holes from the Tajitos vein at its Panuco project in Sinaloa. Highlighted true width intercepts comprise 1.38 m @ 1.16 gpt Au, 79 gpt Ag; 1.34 m @ 7.94 gpt Au, 960 gpt Ag; 0.70 m @ 4.16 gpt Au, 2,082 gpt Ag; 2.15 m @ 1.09 gpt Au, 188 gpt Ag; 1.38 m @ 2.83 gpt Au, 527 gpt Ag; 8.7 m @ 0.51 gpt Au, 99 gpt Ag; 1.99 m @ 2.46 gpt Au, 615 gpt Ag; 0.86 m @ 3.37 gpt Au, 315 gpt Ag; 1.39 m @ 3.26 gpt Au, 73 gpt Ag; 1.3 m @ 2.47 gpt Au, 600 gpt Ag; 1.50 m @ 9.90 gpt Au, 2,607 gpt Ag; 0.7 m @ 5.73 gpt Au, 1,115 gpt Ag; 4.38 m @ 1.62 gpt Au, 216 gpt Ag. The footprint of the Tajitos zone has been recognized for 800 m along strike and 300 m of depth.
  • Benjamin Hill Mining Corp. informed the seven kilometer long trend of epithermal mineralization at its Benjamin Hill project in Sonora is related to a well-defined magnetic anomaly. A magnetic high more than 12 kilometers long and 4 km wide lies beneath the surface, crossing the property in a N-NE orientation, with the Au-Cu mineralization parallel to the crest of the magnetic high.  “Our hypothesis explains that the magnetic anomaly corresponds to a partially exhumed fertile pluton. We suggest the mineralization seen at surface was driven by the heat engine of a buried pluton providing hydrothermal fluids that formed mineralized tabular bodies enriched with Au, Ag, and Cu (i.e. veins and breccias), as well as fluids that caused hydrothermal alteration halos (phyllic, epidote-magnetite and argillic alteration)…”.
  • Mammoth Resources Corp. updated on drilling at its Tenoriba project in Chihuahua. The company informed heavy rainfall during August and September is subduing by now, and that they expect an increase in the drilling rate that produced only 420 m of core in 8 weeks. “Mammoth intends to initially drill 2 – 4 holes within each target zone then move to another target zone to drill a similar number of holes”. Results on the first holes are pending.
  • Benjamin Hill Mining Corp. informed on results of fluid inclusion studies at its Benjamin Hill property in Sonora. The salinity and homogenization temperatures point to an epithermal system with an overprinting magmatic influence, and exhumation depths  between 150 m and 750 m in the mineralized structures. “This observation combined with recent geophysical data, supports the hypothesis of the existence of a mineralized plutonic source with a high possibility for Au-Cu metallic enrichment and porphyry potential”.

ON MINING

  • Guanajuato Silver Company Ltd. commenced to process silver-gold ore at its El Cubo mine and mill in Guanajuato. Prior to the start of mill operations, 20 K tonnes of material from El Cubo were mined and stockpiled, to be processed at 750 tonnes per day (tpd) in the plant with a capacity for 1,500 tpd, or over 500 K tonnes per year.
  • First Majestic Silver Corp. presented production results for the third quarte 2021, including figures from its three Mexican operations. At San Dimas, Durango, 214.2 K tonnes were processed at a rate of 2,328 tpd and a grade of 289 gpt Ag, 3.14 gpt Au, recovering 95% Ag, 96% Au to produce 20,767 Oz Au, 1.89 M Oz Ag. At Santa Elena in Sonora 234.9 K tonnes were processed grading 74 gpt Ag, 1.04 gpt Au, recovering 91% Ag, 96% Au to produce 508.6 K Oz Ag, 7,498 Oz Au. At La Encantada in Coahuila, 263.6 K tonnes were processed grading 134 gpt Ag, 0.02 gpt Au, recovering 80% Ag, 90% Au to produce 905 K Oz Ag, 114 Oz Au.
  • Golden Minerals Co. reported third quarter 2021 production from its Rodeo mine in Durango. The mill processed an average of 532 tpd at a grade of 4.0 gpt Au, recovering 76.5% Au to produce 4,777 Oz Au, 12,196 Oz Ag. Golden’s guidance for 2021 continues between 12 K – 14 K Oz Au and 25 K – 30 K Oz Ag.
  • Gold Resource Corp. presented preliminary third quarter 2021 production results. At its Arista mine in Oaxaca 98 K tonnes were milled at a rate of 1,353 tpd, grading 2.68 gpt Au, 91 gpt Ag, 0.37% Cu, 2.3% Pb, 4.8% Zn, to produce 6,933 Oz Au, 265.8 K Oz Ag, 1,808 tonnes Pb, 3,920 tonnes Zn. The cash cost per AuEq Oz was between $250-$290 and the AISC per AuEq Oz between $250-$290.
  • Magna Gold Corp. reported Q3 2021 production results. At San Francisco, in Sonora, 1.72 M tonnes were mined @ 0.46 gpt Au, and 4.52 M tonnes of waste moved (2.62 strip ratio), 1.76 M tonnes were processed @ 0.45 gpt Au, with 25,663 Oz Au placed in the pads to produce 19,102 Oz Au, 7,115 Oz Ag. The guidance for the year remains at 55-65 K Oz Au.
  • Aura Minerals Inc. announced preliminary production results for the third quarter of 2021, including figures from its Mexican operations. At Aranzazu, in Zacatecas, Aura produced 6,404 Oz Au, 106.1 K Oz Ag, 8.15 M Lb Cu, or 26,745 Oz AuEq.
  • Avino Silver & Gold Mines Ltd. released its production report for the third quarter 2021. The Avino mine in Durango successfully recommenced operations at a 1,000 to 1,500 tpd rate (with a 2,500 tpd plant capacity) with 58.2 K tonnes produced, 61,8 K tonnes processed (with aid of some stock piled material) grading 48 gpt Ag, 0.83 gpt Au, 0.58% Cu, recovering 86% Ag, 75% Au, 85% Cu to produce 77.9 K Oz Ag, 1,183 Oz Au, 685.5 K tonnes Cu.

ON FINANCING

  • Candelaria mining Corp. informed one of its lenders, Accendo Banco S.A. had its authorization to operate as a banking institution revoked by the Mexican National Banking and Securities Commission. “The Company has a US$9.0 million loan facility in place with Accendo and to date has drawn US$1.5 million under the loan facility. The Company anticipates that its ability to draw any further funds from its loan facility with Accendo may be impaired by these developments.” (Pinos, Zacatecas).
  • Xali Gold Corp. announced that Sun River Gold has arranged a financing of US$6.5 M to build an put in operation the tailings reprocessing operation at El Oro, Estado de México. “Sun River has the option to acquire 100% of the Tailings Project from Minera CCM by making staged payments totalling US$500,000 (paid), bring the tailings into commercial production by October 31, 2021 (extended to March 31, 2022 due to COVID), and grant to the Company a 5% NPI, Life of Mine royalty (the “Candente Royalty”) as well as the Municipality’s 8% NPI on production from the properties” (El dorado, Nayarit).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. filed a technical report on the Plomosas project, in Sinaloa. The report envisages 3.4 M Oz Ag, 53 K Oz Au, 73 M Lb Zn, 48 M Lb Pb (10.3 M Oz AgEq) in indicated resources and 8.6 M Oz Ag, 85 K Oz Au, 149 M Lb Zn, 116 M Lb Pb (21.0 M Oz AgEq) in inferred resources. The report includes information from over 100,000 meters of drilling in 476 historic and 80 new drill holes. A 14,000 meters drilling program with seven rigs is in progress.
  • Orla Mining Ltd. provided a construction update for the Camino Rojo Oxide project in Zacatecas. To date Camino Rojo is 89% complete with the ramp up of mining operations according to plan, and the crushing and conveying system, reclaim tunnel, overland conveyor and grasshopper conveyors completed. The Merrill-Crowe plant and refinery are 98% complete. In the year 757.1 K tonnes have been mined at a grade of 0.86 gpt Au, of which 511.2 K tonnes have been crushed and 220.2 K tonnes stacked.
  • Prime Mining Corp. informed on further drilling results from its Los Reyes project in Sinaloa. Highlighted true width (TW) intercepts comprise 11.8 m @ 6.12 gpt Au, 62 gpt Ag, (including 5.5 m @ 12.02 gpt Au, 61 gpt Ag); 13.1 m @ 3.36 gpt Au, 83 gpt Ag; 13.2 m @ 2.18 gpt Au, 31 gpt Ag; 8.4 m @ 2.85 gpt Au, 31 gpt Ag; 1.4 m @ 3.89 gpt Au, 13 gpt Ag in the Zapote South step out holes, and 3.8 m @ 14.51 gpt Au, 82 gpt Ag; 2.2 m @ 3.96 gpt Au, 9 gpt Ag; 2.1 m @ 5.55 gpt Au, 164 gpt Ag; 2.90 m @ 2.07 gpt Au, 248 gpt Ag; 3.9 m @ 1.90 gpt Au, 78 gpt Ag; 0.9 m @ 3.86 gpt Au, 448 gpt Ag; 4.0 m @ 1.55 gpt Au, 230 gpt Ag in the Tahonitas step out drilling. The boiling level at Zapote, with its corresponding higher grades, has been identified 50 m below previous reports, expanding the exploration targets.
  • Fabled Silver Gold Corp. released further assay results from its Santa Maria property in Chihuahua. The underground drilling was successful in intersecting a geochemically anomalous intrusive rock with a 54.6 m interval grading 0.02 gpt Au, 9 gpt Ag (including three intervals 1.5, 1.5 and 1.2 m in width grading 20, 21 and 23 gpt Ag respectively) and another hole returning 4.5 m @ 13 gpt Ag.
  • GoGold Resources Inc. reported results of 10 new holes from El Favor east zone, extending the mineralized strike by over 450 meters at its Los Ricos North project in Jalisco. Some of the core-length intervals intercepted comprise 27.0 m @ 0.44 gpt Au, 64 gpt Ag; 3.0 m @ 0.51 gpt Au, 86 gpt Ag; 22.3 m @ 0.31 gpt Au, 118 gpt Ag (including 1.0 m @ 3.96 gpt Au, 944 gpt Ag); 7.7 m @ 0.46 gpt Au, 147 gpt Ag; 24.2 m @ 0.45 gpt Au, 105 gpt Ag (including 2.0 m @ 4.16 gpt Au, 794 gpt Ag); 6.1 m @ 1.32 gpt Au, 328 gpt Ag; 2.1 m @ 0.63 gpt Au, 179 gpt Ag; 11.4 m @ 0.26 gpt Au, 136 gpt Ag (including 6.0 m @ 0.38 gpt Au, 179 gpt Ag); 20.1 m @ 0.22 gpt Au, 68 gpt Ag (including 1.0 m @ 2.59 gpt Au, 563 gpt Ag); 18.3 m @ 0.30 gpt Au, 98 gpt Ag (including 5.6 m @ 0.90 gpt Au, 255 gpt Ag). El Favor East mineralization is now known for 900 m, of which 600 m have been drilled.
  • Golden Tag Resources Ltd. announced the addition of 4,500 meters of diamond drilling to its exploration program for 2021 at its San Diego project in Durango. That meterage is in addition to the 4,716 meters already sunk and reported in 2021.   The program discovered epithermal mineralization near the surface, the following are some selected core-length intervals: 273.65 m @ 0.10 gpt Au, 43 gpt Ag, 0.2% Pb, 0.3% Zn (76 gpt AgEq); 50.17 m @ 0.05 gpt Au, 31 gpt Ag, 0.9% Pb, 0.7% Zn; 99.53 m @ 0.09 gpt Au, 27 gpt Ag, 0.7% Pb, 0.6% Zn; 25.55 m @ 0.08 gpt Au, 37 gpt Ag, 0.3% Pb, 0.6% Zn; 86.64 m @ 0.03 gpt Au, 39 gpt Ag, 0.9% Pb, 0.6% Zn; 169.83 m @ 0.04 gpt Au, 32 gpt Ag, 0.6% Pb, 0.8% Zn; 116.45 m @ 0.03 gpt Au, 42 gpt Ag, 0.6% Pb, 0.7% Zn; 134.37 m @ 0.13 gpt Au, 20 gpt Ag, 0.6% Pb, 0.7% Zn; 191.57 m @ 0.04 gpt Au, 35 gpt Ag, 0.8% Pb, 0.8% Zn.
  • Capitan Mining Inc. reported results form five reverse circulation (RC) drill holes at El Capitan, in Durango. Highlighted core length intervals comprise 6.1 m @ 0.15 gpt Au; 13.7 m @ 0.32 gpt Au; 44.2 m @ 0.13 gpt Au, 3 gpt Ag; 6.1 m @ 0.12 gpt Au, 5 gpt Ag; 10.7 m @ 0.12 gpt Au, 27.4 m @ 0.23 gpt Au; 62.5 m @ 0.38 gpt Au, 4 gpt Ag; 35.1 m @ 0.14 gpt Au; 21.3 m @ 0.19 gpt Au; 18.3 m @ 0.15 gpt Au; 6.1 m @ 0.29 gpt Au; 13.7 m @ 0.39 gpt Au, 4 gpt Ag; 85.3 m @ 0.16 gpt Au; 19.8 m @ 0.15 gpt Au, 4 gpt Ag.
  • Zacatecas Silver Corp. provided an update on the drilling program at Panuco, within its Zacatecas property in Zacatecas. Four drill holes were completed for a total of 1,088m at Panuco, while two more were completed at Las Cruces vein system and one more is ongoing. Results are pending.

ON DEALS AND CORPORATE ISSUES

  • Argonaut Gold Inc. has acquired key mineral concessions from Fresnillo PLC for a cash consideration of US$5.75 M. The acquired package comprises a 4,791-ha concession and four key small concessions totalling 27 ha, which will allow Argonaut to expand the pit, increase mineral reserves and extend mine life.

ON SOCIAL RESPONSIBILITY

  • Minera Media Luna informed on educational programs presented at communities in Guerrero.
  • Peñoles presented its company-wide water saving strategy on all its activities.
  • Newmont Peñasquito updated on activities with positive results in near-by communities.
  • Panamerican Silver informed on community health programs near its La Colorada mine in Zacatecas.

On the image below: Galena bearing milky quartz vein on a project in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of May, 2021

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By Jorge Cirett

During the 21st week of the year (May 24th to May 30th, 2021), at least 33 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, three presented mining related news, seven posted on financing (C$6M, $60 M, C$5 M, C$10 M, $2.6 M, $C$11.5 M) and one on share distribution, six more on project development or resource definition and two posted on corporate issues. ON MEXICO ISSUES, CanCham complained on the lack of clear policies and opacity on the rule of law that are affecting Canadian investments in Mexico.  The push from the Mexican government to create an institution to manage the lithium industry from the optics of sovereignty sees opposition from the mining industry, and reality. Camimex released a list of mining investments to be realized in the next few years, amounting to several billion dollars. ON EXPLORATION, in Sonora, Ridgestone Mining applied for drilling permits at Rebeico. Tocvan Ventures released results from drilling at Pilar. In Chihuahua, Kootenay Silver released high-grade results from drilling at Columba. In Durango, Mithril Resources, updated on drilling at Copalquin. In Sinaloa, Riverside Resources released surface sample results; Vizsla Silver informed on geophysical results supported by drilling, and more surveys to come; Brigadier Gold discovered bulk tonnage copper mineralization in trenching of soil anomalies. ON MINING, Impact Silver and Telson Mining presented Q1 2021 results. Magna Gold informed it has exceeded 3 M man-hours of work without lost-time incidents. ON FINANCING, Silver Bull Resources is to distribute 34.2 M shares of Arras Minerals among its shareholders. Six companies informed on financing rounds: Silver Viper Minerals (C$6 M), Vizsla Silver ($60 M), Reyna Silver (C$5 M), Sable Resources (C$10M, Defiance Silver (C$11.5 M) and Mammoth Resources ($2.58 M). ON RESOURCES AND DEVELOPMENT, Prime Mining released drilling results from Los Reyes. GR Silver Mining reported near surface drill results from Plomosas. GoGold Resources released drilling results from the Casados deposit at Los Ricos North. Discovery Silver released results from 12 drill holes targeting high-grade vein trends at Cordero. Sailfish Royalty filed a technical report with a new resource estimate for Gavilanes. Discovery Silver updated on exploration at Cordero, with 75,000 m of drilling completed on 178 holes, and four drills continuing the phase 2 program. Golden Tag announced the discovery of a shallow zone of epithermal mineralization at San Diego.   ON DEALS AND CORPORATE ISSUES, Mexus Gold informed Fresnillo PLC is reviewing its Santa Elena mine. Riverside Resources announced BHP is funding a third year of generative work in Sonora. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on their policies and programs to aid in education on a wide range of communities. Minera San Xavier informed Cerro San Pedro in San Luis Potosi has been declared as “Cyanide Free Site” by the International Cyanide Management Institute.

ON MEXICO ISSUES

  • CanCham (Cámara de Comercio de Canadá en México) pointed out that the lack of clear policies and the opacity on rule of law is affecting Canadian investments, which show an 18% decrement in the last year, holding the investment of thousands of millions (Mexican number notation) of dollars in the energy, mining, pharmaceutical and agricultural sectors. These remarks were expressed by Enrique Zorrilla, Cancham’s president, in the meeting between the Commerce ministers of Mexico, Canada and the United States.
  • Mexico is preparing its strategy to develop the lithium market. The federal government intends to become a lithium producer by controlling several deposits, Bolivia’s advice and a commerce treatise to facilitate establishing an electric battery factory. The current government senate fraction is preparing a proposal to create the Instituto Nacional del Litio. (Lithium National Institute) and to declare lithium as Nation’s exclusive property (Note. – This federal initiative push misses the point that so far there is not a single lithium mine in Mexico, that its lithium in brines potential is limited at best, and that the economics of lithium extraction from clays -like in the Bacanora Lithium’s deposit in Sonora- is not yet clear).
  • Fernando Alanís, president of Camimex (Cámara Minera de México) informed that lithium deposits in Mexico have a very low grade, and lack the technology for its extraction, reason for which the country is far from becoming a world power in lithium production. Lithium presents in three kind of deposits: hard rock (pegmatites), brines (from salt lakes) and clays. Rock and brine lithium extraction accounts for 100% of the world production, whereas the extraction of lithium from clays is very energy intensive and expensive, not having a single producing mine in the entire planet.
  • Camimex released a table with the Mexican Mining Developments programmed for the next few years, same that reach US$7,820 Million in investment (Mexican number notation, equivalent to US$7.8 billion).

ON EXPLORATION

  • Mithril Resources Ltd. provided an update on drilling at its Copalquin project in Durango. The current program main focus is to extend the Refugio ore shoot down dip (presently 600 m along strike, 200 m down dip, 5 m in width), maiden drilling at Los Pinos target, extend three holes and deep exploration drilling at La Soledad and extend near-surface intercepts at El Cometa.
  • Ridgestone Mining Inc. commenced permitting for drill programs at Guadalupe y Calvo, Chihuahua, and Rebeico, Sonora.
  • Riverside Resources Inc. reported surface sample results from its La Silla project in Sinaloa. The highlighted samples from the El Ciruelo and El Roble targets returned 6.1 gpt Au, 80 gpt Ag; 5.6 gpt Au, 81 gpt Ag; 4.4 gpt Au, 35 gpt Ag; 3.5 gpt Au, 26 gpt Ag; 3.3 gpt Au, 20 gpt Ag; 2.6 gpt Au, 41 gpt Ag, on quartz veining, gossanous breccia and strongly oxidized andesite. El Ciruelo target extends for at least 1 km with a 1-5 m wide chalcedonic vein zone. El Roble vein extends for at least 300 m, reaching up to 2 m in width, with mineralization occurring also in the host rock.
  • Vizsla Silver Corp. provided an update on the recently completed geophysical survey completed at Panuco, in Sinaloa. A fixed loop electromagnetics (FLEM, or EM) was trialed and detected massive sulfide mineralization on the Napoleon and Josephine veins, proved with three massive sulfide intercepts in the latter. The Josephine vein has no known surface expression and runs parallel to the west of the main Napoleon trend. Mineralization at Tajitos is not related to massive sulfides and was not detected with EM. Vizsla is planning a property wide airborne EM-magnetic survey at Panuco.
  • Kootenay Silver Inc. announced high-grade results from the 5,000 m core drill program currently underway at Columba, Chihuahua. Highlighted core length intervals in the Hanging-Wall, F, and Footwall veins comprise 1.55 m @ 189 gpt Ag, 0.1%Pb, 0.2% Zn; 1.0 m @ 104 gpt Ag, 0.1% Zn; 2.44 m @ 217 gpt Ag, 0.1% Pb, 0.1% Zn; 2.94 m @ 321 gpt Ag, 0.2% Pb, 0.6% Zn (including 1.94 m @ 428 gpt Ag, 0.3% Pb, 0.7% Zn); 8.0 m @ 130 gpt Ag, 0.1% Pb, 0.2% Zn (including 2.9 m @ 265 gpt Ag, 0.1% Pb, 0.5% Zn); 1.95 m @ 104 gpt Ag, 0.1% Pb, 0.1% Zn; 9.0 m @ 354 gpt Ag, 0.1% Pb, 0.4% Zn (including 2.63 m @ 809 gpt Ag, 0.3% Pb, 0.4% Zn); 30.0 m @ 86 gpt Ag (including 2.37 m @ 425 gpt Ag, 0.2% Zn).
  • Brigadier Gold Ltd. announced the discovery of bulk tonnage type copper mineralization at its Picachos project in Sinaloa. Fifty meters on trenching of historic copper anomalies has returned XRF copper values ranging from 0.05 to 1.34% Cu and 20 to 284 ppm Ag. Brigadier has also completed mapping and sampling of the historic La Gloria mine, where a drill hole intercepted 1.0 m @ 6.26 gpt Au.
  • Tocvan Ventures Corp. released results for the first three holes of its phase-II drill program at Pilar, in Sonora. The drill program consists of 2,900 m of reverse circulation drilling in 17 holes, of which 14 are pending results. Highlighted down-hole intercepts comprise 29 m @ 0.71 gpt Au (including 6.1 m @ 1.9 gpt Au); 24.4 m @ 0.56 gpt Au (including 9.2 m @ 1.3 gpt Au, 14 gpt Ag); 6.1 m @ 0.48 gpt Au, 4 gpt Ag; 4.6 m @ 0.50 gpt Au, 11 gpt Ag.

ON MINING

  • Impact Silver Corp. presented its financial and operating results of Q1 2021. During the period 36.4 K tonnes were processed @ 162 gpt Ag to produce 156.9 K Oz Ag. “continued exploration on the north and south extensions of the Veta Negra Mine, trenching on the bulk tonnage gold target at Manto America in the central part of the district and exploration on the northwest (Pachuqueno) extensions of the Guadalupe Mine”.
  • Magna Gold Corp. has exceeded 3 M man-hours of work without lost-time incidents within all its operations, including contractors and suppliers. The last lost-time incident was in 2018, and the mine has not had a fatal accident in its 11 years history.
  • Telson Mining Corp. presented its first quarter 2021 financial and operating results. At Campo Morado in Guerrero, 174.4 K tonnes were processed to produce 11,013 tonnes Zn (74% Zn recovery), 1,908 tonnes Pb at cash cost $0.70 per Lb Zn and AISC of $0.90 per Lb Zn. During the period gross revenue was $21.2 M (Q1 2020: $19.0 M) and mine operating profit $5.25 M (Q1 2020: $0.26 M loss).

ON FINANCING

  • Silver Bull Resources Inc. announced its intent to distribute 34.2 M shares of Arras Minerals Corp. to Silver Bull shareholders. Silver Bull transferred mineral properties in Kazakhstan and received 36 M shares of Arras in return, making Arras an approximately 88%-owned subsidiary of Silver Bull (Sierra Mojada, Coahuila).
  • Silver Viper Minerals Corp. intends to undertake a non-brokered private placement financing to raise aggregate gross proceeds of up to C$6 M (La Virginia, Sonora).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters to buy units of the company for gross proceeds of $60 M (Panuco, Sinaloa).
  • Reyna Silver Corp. entered into an agreement with Eight Capital and Red Cloud Securities Inc. in connection with a private placement intended to raise up to C$5 M (Guigui and Batopilas, Chihuahua).
  • Sable Resources Ltd. entered into an agreement with Sprott Capital Partners LP and Eight Capital in connection with a bought deal private placement financing to raise up to C$10 M (Vinata, Chihuahua).
  • Mammoth Resources Corp. Announced a non-brokered private placement financing aiming to raise up to $2 M, same that by the next day had been increased to $2.58 M (Tenoriba, Chihuahua).
  • Defiance Silver Corp. has increased the size of its previously announced private placement with Red Cloud Securities Inc. for gross proceeds of up to C$11.5 M (Bolañitos and Pinguico, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Prime Mining Corp. released additional results from its ongoing 15,000 m drill program at Los Reyes, Sinaloa. The Highlighted true width intercepts are from the Guadalupe East, Zapote South and the Estaca vein: 11.6 m @ 8.12 gpt Au, 725 gpt Ag; 5.6 m @ 11.95 gpt Au, 1,221 gpt Ag; 2.1 m @ 21.63 gpt Au, 1,960 gpt Ag; 2.0 m @ 11.17 gpt Au, 909 gpt Ag; 2.4 m @ 2.00 gpt Au, 121 gpt Ag; 1.4 m @ 10.50 gpt Au, 300 gpt Ag; 3.9 m @ 0.45 gpt Au, 37 gpt Ag; 0.6 m @ 93.80 gpt Au, 829 gpt Ag.
  • GR Silver Mining Ltd. reported near surface drill results from the Plomosas mine area in Sinaloa. Highlighted true width intervals comprise 11.9 m @ 84 gpt Ag, 2.3% Pb, 2.7% Zn, 0.1% Cu; 16.7 m @ 7 gpt Ag, 0.22 gpt Au, 0.1% Pb, 0.3% Zn; 10.8 m @ 3 gpt Ag, 0.20 gpt Au, 0.1% Pb, 0.4% Zn; 4.2 m @ 10 gpt Ag, 0.09 gpt Au, 0.1%Pb, 0.6% Zn, 0.1% Cu; 2.1 m @ 350 gpt Ag, 1.0% Pb, 0.4% Zn; 1.9 m @ 348 gpt Ag, 0.3% Pb, 0.3% Zn; 1.3 m @ 26 gpt Ag, 0.19 gpt Au, 3.3% Pb, 3.3% Zn; 1.0 m @ 128 gpt Ag, 1.00 gpt Au, 9.0% Pb, 9.7% Zn, 0.2% Cu; 2.6 m @ 45 gpt Ag, 0.60 gpt Au, 3.0% Pb, 0.9% Zn; 4.7 m @ 187 gpt Ag, 0.18 gpt Au, 2.2% Pb, 1.2% Zn, 0.1% Cu; 2.0 m @ 277 gpt Ag, 0.22 gpt Au, 0.2% Pb, 0.4% Zn; 1.9 m @ 283 gpt Ag, 0.82 gpt Au, 0.3% Pb, 1.0% Zn, 0.1% Cu.
  • GoGold Resources Inc. released results of nine holes on the Casados deposit at the Los Ricos North project in Jalisco. Highlighted core length intersects comprise 29.9 m @ 0.25 gpt Au, 70 gpt Ag; 15.5 m @ 0.27 gpt Au, 67 gpt Ag; 34.4 m @ 0.17 gpt Au, 67 gpt Ag; 5.3 m @ 0.65 gpt Au, 305 gpt Ag; 9.2 m @ 0.24 gpt Au, 109 gpt Ag (including 1.9 m @ 0.61 gpt Au, 442 gpt Ag); 60.5 m @ 0.21 gpt Au, 44 gpt Ag; 2.1 m @ 0.57 gpt Au, 322 gpt Ag; 54.1 m @ 0.37 gpt Au, 92 gpt Ag; 28.5 m @ 0.43 gpt Au, 100 gpt Ag (including 1.8 m @ 2.09 gpt Au, 418 gpt Ag); 14.0 m @ 0.46 gpt Au, 134 gpt Ag (including 5.3 m @ 1.04 gpt Au, 304 gpt Ag); 2.6 m @ 2.93 gpt Au, 610 gpt Ag.
  • Discovery Silver Corp. released results from 12 diamond drill holes testing the Josefina and Todos Santos high-grade vein trends at the Cordero project in Chihuahua. Highlighted intercepts on the Josefina vein trend comprise 41.5 m @ 97 gpt Ag, 0.04 gpt Au, 1.0% Pb, 2.5% Zn (including 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn and 3.3 m @ 182 gpt Ag, 0.09 gpt Au, 3.4% Pb, 7.1% Zn); 13.1 m @ 112 gpt Ag, 0.13 gpt Au, 1.3% Pb, 2.2% Zn; 36.4 m @ 66 gpt Ag, 0.10 gpt Au, 0.3% Pb, 1.0% Zn; 87.4 m @ 38 gpt Ag, 0.06 gpt Au, 0.2% Pb, 1.0% Zn; 3.6 m @ 343 gpt Ag, 0.11 gpt Au, 1.7% Pb, 2.7% Zn; 19.3 m @ 40 gpt Ag, 0.06 gpt Au, 0.7% Pb, 1.4% Zn); 22.4 m @ 156 gpt Ag, 0.10 gpt Au, 1.7% Pb, 2.3% Zn (including 3.7 m @ 299 gpt Ag, 0.16 gpt Au, 3.9% Pb, 5.7% Zn). The Josefina vein trend includes two subparallel veins that run for 1.5 km, and has been tested to 370 m depth and remains open. The Todos Santos vein trend consists of two closely spaced veins, extends for at least 1.5 km along strike and 400 m of depth in old workings and drill holes. Highlighted intercepts comprise 62.0 m @ 19 gpt Ag, 0.28 gpt Au, 0.1% Pb, 2.0% Zn; 21.4 m @ 46 gpt Ag, 0.07 gpt Au, 0.8% Pb, 1.3% Zn; 1.9 m @ 113 gpt Ag, 0.04 gpt Au, 2.4% Pb, 3.2% Zn; 3.7 m @ 96 gpt Ag, 0.07 gpt Au, 1.8% Pb, 3.0% Zn; 2.1 m @ 160 gpt Ag, 0.27 gpt Au, 3.3% Pb, 3.6% Zn.
  • Sailfish Royalty Corp. filed a NI-43-101 technical report and estimate of mineral resources for the Gavilanes project in Durango.
  • Discovery Silver Corp. updated on its Cordero project in Chihuahua and informed that by the end of the first quarter 2021 had cash and cash equivalents for $94.7 M. At Cordero 75,000 m of drilling were completed in 178 holes in phase 1 drilling, providing information to be used in the bulk-tonnage preliminary economic assessment (PEA) underway. Phase 2 drilling continues with four rigs, focused on reserve definition, resource expansion and high-grade vein delineation. Bulk tonnage targeted drilling has returned up to 128.2 m @ 65 gpt Ag, 0.05 gpt Au, 1.2% Pb, 1.3% Zn; 131.6 m @ 48 gpt Ag, 0.09 gpt Au, 0.5% Pb, 1.1% Zn (including 37.1 m @ 119 gpt Ag, 0.22 gpt Au, 1.0% Pb, 1.2% Zn); 110.0 m @ 37 gpt Ag, 0.04 gpt Au, 0.8% Pb, 1.0% Zn; 85.6 m @ 53 gpt Ag, 0.05 gpt Au, 1.4% Pb, 1.7% Zn. Drilling on high-grade veins has returned up to 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn in the Josefina vein; 4.0 m @ 377 gpt Ag, 0.28 gpt Au, 7.1% Pb, 3.4% Zn in the Todos Santos vein and 4.4 m @ 246 gpt Ag, 0.39 gpt Au, 6.5% Pb, 0.4% Zn on the Parcionera vein.
  • Golden Tag Resources Ltd. discovered a new zone of epithermal mineralization at the San Diego project in Durango. The new drill hole intercepted 10.0 m @ 0.55 gpt Au, 628 gpt Ag, 1.1% Pb, 3.6% Zn, 0.12% Cu, in a zone where previous drilling had returned 2.0 m @ 0.33 gpt Au, 161 gpt Ag, 0.3% Pb, 0.2% Zn, 0.04% Cu; 3.75 m @ 0.32 gpt Au, 125 gpt Ag, 1.5% Pb, 4.0% Zn, 0.12% Cu. “The hole intersected a series of epithermal breccias and quartz-carbonate veins within the Central Diorite intrusion from 73.0 to 92.70 m which are characterized by cavity filling banded quartz and carbonate veins with fluorite and associated sulfides comprised primarily of pyrite, sphalerite, galena, boulangerite, and arsenopyrite”.

ON DEALS AND CORPORATE ISSUES

  • Mexus Gold US. informed personnel from Fresnillo PLC is reviewing its Santa Elena mine in Sonora. The geologists are checking the potential for a disseminated deposit, as well as the quartz vein currently worked by Mexus.
  • Riverside Resources Inc. announced BHP and Riverside “have agreed on moving forward with a third year of generative funding for copper exploration in Sonora. The new budget is US$1.3 M for generative exploration work.

ON SOCIAL RESPONSIBILITY

  • Peñoles and Fresnillo PLC informed on their policies and programs to aid on education in a widespread communities.
  • Minera San Xavier has been declared as “Cyanide Free Site” by the International Cyanide Management Institute. Cerro San Pedro is the first mine in the world that has realized the dismantling process of the 110 m high heap that covers 102 hectares (1 square kilometer).

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-tourmaline breccia from a project in Sinaloa. Picture by Jorge Cirett.