Defiance Silver Corp. (“Defiance”) is pleased to announce that it has completed its acquisition of MAG Silver Corp.’s (“MAG”) Zacatecas Silver District holdings and its regional exploration database covering 135,000ha (see News Release dated June 13, 2018). As consideration for the sale, Defiance issued 5,000,000 shares to MAG. The shares are subject to an eighteen month hold period ending December 22, 2019. When necessary, MAG agrees to vote its shares owned in accordance with the recommendations of the management of Defiance.
Vancouver, B.C., June 25, 2018 – Geologix Explorations Inc. (TSX-V: GIX) (“Geologix” or the “Company”) announces that, effective at the market opening on Thursday, June 28, 2018, Geologix will change its name to ValOro Resources Inc. (“ValOro”) and its common shares will commence trading on the TSX Venture Exchange using the new symbol VRO on a consolidated basis of one (1) new share for ten (10) existing shares. The share consolidation was approved at the Company’s Special Meeting of Shareholders held on June 21, 2018 with 85.3% of the votes cast in favour. In connection with these changes, Letters of Transmittal will be mailed to shareholders providing instructions on the exchange of Geologix share certificates for post-consolidated ValOro share certificates.
By Miguel A Heredia
During the 25th week of the year (June 18th to June 24th, 2018), at least 23 press releases were announced by companies working in Mexico, with eight informing on exploration results, eight communicating deals and corporate issues, five announcing financing rounds, one reporting on resources and development, and one running leaching tests. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Millrock reported trench results from its La Navidad project. In Chihuahua, Ethos Gold filed a draft NI 43-101 technical report for its la Purisima project. In Coahuila, Discovery Metals reported sampling results from its Puerto Rico project. In Sinaloa, Chesapeake released exploration results from its Yarely project and Riverside reported exploration results from its La Silla project. In Zacatecas, Excellon commenced a drill program at its Miguel Auza project while Defiance defined a significant anomaly at its San Acacio project. ON MINING, Mexus Gold provided and update on progress from its 8 Brothers/370 gold project in Sonora. ON FINANCING, Aura Silver announced the extension of 3.5M warrants. Harvest Gold closed a second tranche of a non-brokered private placement for CDN$149,600. Maverix entered in a revolving credit agreement to borrow up to US$50M. Prize amended terms of a non-brokered private placement to raise money for $6.5M. Starcore completed a private placement for CDN$3M. ON RESOURCES AND DEVELOPMENT, Sierra Metals announced PEA results for its Cusi Mine in Chihuahua. Minera Alamos provided an update on its Guadalupe de Los Reyes project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Coeur signed a definitive agreement with Evrim to option the Sarape property in Sonora. Avino and Consolidated Zinc announced management changes, and Colibri and Torex reported results from its annual general meeting of shareholders. Marlin, Gold Reign, and Sailfish entered in a definite arrangement agreement regarding a combination business. Equinox announced a spin-out of its copper assets to create Solaris Copper. Valterra entered into an option agreement to acquire the Los Reyes Cu-Au project in Chihuahua.
ON MEXICO ISSUES
- No relevant news.
- Millrock Resources Inc., reported trench results from its La Navidad project in Sonora. Significant results are 7m of 0.64 g/t Au; 8m of 0.5 g/t Au, 16m of 0.59 g/t Au; 4.5m of 1.63 g/t Au; 2m of 6.5 g/t Au, 1.3m of 5.26 g/t Au; and 1.5m of 4.5 g/t Au. Its partner Centerra Gold is funding the exploration program at La Navidad and has authorized an extension of the drilling program from 1,650m in 7 holes to 2,900m in 17 holes.
- Ethos Gold Corp., filed a draft NI 43-101 technical report for its la Purisima project in Chihuahua. The mineralization target consists of low sulphidation epithermal veins which have been traced for over a N-S strike length of over 1.5km in length. The company signed a property access agreement to commence mapping and sampling work with 389 samples collected to date of which 189 have been already submitted to the lab for assays.
- Discovery Metals Corp., reported sampling results from its Puerto Rico project in Coahuila. 293 channel samples were collected at the Zaragoza mine, of which 83 were from manto mineralization and returned an average grade of 129 g/t Ag, 4.3% Pb, 7.6% Zn, and 0.12% Cu.
- Riverside Resources Inc., presented geochemical results of 52 samples collected at its La Silla project in Sinaloa. Significant results from the rock chip and channel samples are 1m of 2.1 g/t Au and 27 g/t Ag; 1m of 9.4 g/t Au and 196 g/t Ag; and 1m of 19.9 g/t Au and 200 g/t Ag.
- Chesapeake Gold Corp., released exploration results, including phase 1 drilling from its Yarely project in Sinaloa. At Loretos prospect, the drill target is a blind skarn-porphyry system indicated by a significant chargeability anomaly. Significant results are 213m of 0.11% Cu, including 64m of 0.17% Cu. At the Central prospect, one of the two holes drilled intersected several 3 to 6m wide structures returning silver values ranging from 11 to 30 g/t. At Lucy prospect, two holes tested skarn/carbonate replacement manto mineralization. Drilling results returned 22m of 0.33 g/t Au and 1.5 % Zn; and 25m of 0.6 g/t Au, 22 g/t Ag, 0.25% Cu, and 1.6% Zn. At Sundae prospect, the company has identified a 3km long high level-low sulphidation epithermal system that runs for over 3km along strike, with individual structures varying from 1-5m in width. A preliminary geophysical survey showed a continuity of the vein host structures to over 500m depth. At Los Mimbres prospect, skarn and hornfels boulders with Cu and Pb sulphide mineralization were recently discovered adding a new target within the Yarely project. Mineralization identified at Los Mimbres is similar to that encountered at Metates. Stream sediment, soil, rock geochemistry and geological mapping are underway to advance this target to the drill stage.
- Excellon Resources Inc., commenced a 3,000m drill program at its Miguel Auza project in Zacatecas to test targets generated from surface mapping, IP surveying, and structural work conducted since mid-2017 at El Cobre, Abejas, Carmen-Lechuzas, and Lomo de Las Minas prospects. Highlights from the surface sampling are 2.3 g/t Au and 667 g/t Ag at Lomo de Las Minas. Results up to 2.9 g/t Au and 300 g/t Ag were sampled at Carmen and El Cobre confirming mineralization in veins at both targets. Mineralization at Miguel Auza is hosted in epithermal quartz veins similar to those found at Fresnillo mining district.
- Defiance Silver Corp., defined a significant geophysical anomaly at its San Acacio project in Zacatecas employing Atomic Energy Resonance Imaging (AERI) technology. The AERI identified a pipe shaped anomaly which measures 400m in width, 300m in length, and is open at depth. The AERI anomaly is coincident with a recently delineated IP target, and will be drill tested in the near future.
- Mexus Gold US., provided and update on progress from its 8 Brothers /370 gold project in Sonora. The company has completed the crushing and loading of ore into the VAT leaching tank to run tests and expects to commence the leaching when tests are completed in the next days.
- Aura Silver Resources, announced its intentions to extend the expiration date of 3.5M warrants from July 9, 2018 to July 9, 2020. The exercise price remains unchanged at $0.05 (Taviche, Oaxaca)
- Harvest Gold Corporation, closed a second tranche for CDN$149,600 for a total of CAD$479,600 gross proceeds raised in the non-brokered private placement. Gross proceeds will be used to explore its Cerro Cascaron project in Chihuahua.
- Maverix Metals Inc., entered into a 3 years revolving credit agreement with two bank institutions to borrow up to US$50M. The credit can be extendable through mutual agreement between the involved parties (La Colorada, Zacatecas)
- Prize Mining Corporation, amended terms of a non-brokered private placement to raise money for $6.5M (Manto Negro, Coahuila).
- Starcore International Mines Ltd., completed a private placement of secured bonds for CAD$3M (San Martin, Queretaro)
ON RESOURCES AND DEVELOPMENT
- Sierra Metals Inc., announced PEA results for its Cusi Mine in Chihuahua. Highlights include an after-tax NPV of $92.2M USD at an 8% discount rate, a 9 years mine life based on existing mineral resource estimate, and a life of mine silver production of 30 M Oz. The company also reported Mineral Resource Estimate as at February 12, 2018. Total measured mineral resources are 362K tonnes @ 225g/t Ag, 0.55% Pb, 0.68% Zn, and 0.13g/t Au. Total indicated resources are 4.2M tonnes @ 217g/t Ag, 0.64% Pb, 0.66% Zn, and 0.21 g/t Au. Total inferred resources are 1.63M tonnes @ 158 g/t Ag, 0.54% Pb, 0.84% Zn, and 0.16 g/t Au.
- Minera Alamos Inc., provided an update on its Guadalupe de los Reyes project in Sinaloa. The company commenced the mapping of the Mariposa- Zapote structure to evaluate extensions that have not been drilled and could be target areas to expand the resource. The company also collected metallurgical samples and are being prepared for Au leaching studies. It also commenced engineering studies to establish locations and preliminary designs for Au heap leaching facilities.
ON DEALS AND CORPORATE ISSUES
- Coeur Mining Inc., signed a definitive agreement with Evrim Resources Corp., to option the Sarape property in Sonora. Coeur will have the exclusive right to acquire up to an 80% interest in the property by spending up to $16M USD on exploration, making staged cash payments of up to $2.5M USD, and completing a NI 43-101 compliant FS on a minimum measured and indicated resource estimate of 1M Oz AuEq, all within a ten-year period.
- Marlin Gold Mining Ltd., Golden Reign Resources Ltd., and Sailfish Royalty Corp., have extended the previously announced LOI to June 29, 2018 to enter in a definitive arrangement agreement regarding a business combination of the Golden´s San Albino-Murra property in Nicaragua and Marlin´s La Trinidad property, México.
- Equinox Gold Corp., announced plans to transfer all of its copper assets into a newly incorporated company named Solaris Copper Inc. (La Verde, Michoacan).
- Valterra Resource Corporation, entered into an agreement to acquire the Los Reyes Cu-Au project in Chihuahua. Valterra may acquire a 100% interest, subject to a 2% royalty to a third party, by making staged payments totaling US$4M over a period of 5 years. Target consists of a +800m long Cu-Au rich skarn developed in the contact between a Tertiary-age granodiorite intrusive and Cretaceous-age limestones and shales.
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, phyllic alteration in a porphyry copper system in Jalisco, Mexico. Photo by Miguel A Heredia.
By Miguel A Heredia
During the 23th week of the year (June 04th to June 10th, 2018), at least 17 press releases were announced by companies working in Mexico, with five informing on exploration results, five communicating deals and corporate issues, three reporting on resources and development, one reporting the commissioning of a new mill circuit, and one announcing financing. ON MEXICO ISSUES, Argonaut reported that the explosive permit for its La Colorada Mine in Sonora has been postponed. Pan American provided an update on its Dolores Mine in Chihuahua. ON EXPLORATION, In Sonora, Azure reported final drill results from its Oposura project, and Minaurum reported exploration results from its Alamos project. In Sinaloa, Goldplay announced exploration results from its El Habal project. In Coahuila, Discovery Metals reported exploration results from its Monclova project. In Oaxaca, Megastar acquired two new projects. ON MINING, Avino commissioned the mill circuit 4 on its Avino Mine in Durango. ON FINANCING, Almaden closed a non-brokered private placement for $9.4M. ON RESOURCES AND DEVELOPMENT, Sierra Metals extended the NW Bolivar orebody at its Bolivar Mine in Chihuahua. Capstone announced an updated mineral resource estimate for its Cozamine mine in Zacatecas. Bacanora provided an update on the ongoing development of its Sonora Lithium project in Sonora. ON DEALS AND CORPORATE ISSUES, Silver Bull and South 32 Ltd formed a JV in the Sierra Mojada project in Coahuila. Sonoro appointed Mel Hendricks as VP Exploration. Sierra Metals announced results of its annual general meeting. Monarca announced management restructuring. San Marco named Christian Grijalva as the CEO of the company
ON MEXICO ISSUES
- Argonaut Gold Inc., reported that the hearing on the explosives permit for its La Colorada Mine in Sonora has been postponed and is awaiting court scheduling.
- Pan American Silver Corp., announced that the security situation has improved at its Dolores Mine in Chihuahua, and the access is now better following increased patrol and enforcement by the Mexican authorities. The company also will make use of its private airstrip to transport people to and from the mine site until the situation normalizes.
- Azure Minerals Ltd., reported final drill results from the West Zone at its Oposura project in Sonora. Significant results are 10.85m of 40 g/t Ag, 5.8% Pb and 8.6% Zn; 4.1m of 48 g/t Ag, 8.5% Pb and 8.8% Zn; 4.95m of 15 g/t Ag, 5.9% Pb and 7.2% Zn; and 3.6m of 25 g/t Ag, 0.2% Pb and 15.4% Zn. The company also announced that the mineral resource estimate is ongoing and is expected to be completed in June 2018.
- Minaurum Gold Inc., announced the discovery of three new veins (Pulpito, Cotera, and Ana) at its Alamos Silver project in Sonora. “The Pulpito vein, located 1 km west of the Minas Nuevas target, has been traced for over 800 m and measures up to 2 m wide; outcrop and dump samples along it ranged from 67 to 1,495 g/t Ag and 400 ppm to 3.81% Cu. The nearby Cotera vein has been traced for more than 200 m and a topographic linear suggests it extends another 800 m to the north. Sampling along the Cotera vein returned values between 32 and 1,370 g/t Ag and 200 ppm to 3.4% Cu. The Ana vein is located 750 m east of the Tigre vein and has been mapped for over 2km; samples results are pending”.
- Goldplay Exploration Ltd., announced trenching results from its El Habal project in Sinaloa. Significant results are 130m of 1.86 g/t Au, 100m of 1.2 g/t Au and 90m of 0.84 g/t Au. These results have identified oxidized Au mineralization along a 1,000m-long mineralized zone. The geochemical sampling results along with a ground CSAMT survey will be used to define targets to be drill-tested.
- Discovery Metals Corp. reported assay results of 311 surface samples from the Real Viejo and the La Soledad Zones within its Monclova project in Coahuila. Mineralization at Real Viejo consists of Ag-Pb-Zn skarn and is contained in breccia veins and mantos. The average grade of 69 samples was 148 g/t Ag and 5.5% Zn+Pb. At La Soledad, the mineralization style consists of Cu-Au skarn. Results from the best ten channel samples returned and average of 1.5 g/t Au and 1.5% Cu with high values of 7.9 g/t Au and 6.9% Cu. The company plans to obtain detailed hyperspectral imagery of the property and conduct an IP and ground magnetic survey on Q2 to perform an initial drill program on Q3.
- Megastar Development Corp., signed a definite option agreement to acquire 100% of the Yautepec and Magdalena epithermal Au-Ag projects in Oaxaca from Paradex and Minera Zalamera. “The Yautepec property comprises 4,861 hectares of Tertiary volcanic rocks highly prospective for hosting epithermal precious metal mineralization similar to that in the nearby producing Arista and Switchback mines at God Resources El Aguila project and Chesapeake Gold´s La Gitana project”. “The Magdalena Project comprises a single 480-hectare property centered on highly altered volcanic rocks approximately 20 kilometers ENE of Gold Resource Corporation’s (GRC) producing Au-Ag-base metal deposits”.
- Avino Silver & Gold Mines Ltd., has commissioned the mill circuit 4 to add it to the production profile of its Avino Mine in Durango. It has increased the production capacity by 70% and is expected to be online full time in early January 2019.
Almaden Minerals Ltd., closed a non-brokered private placement for $9.4M. Net proceeds will be used for exploration and development activities at its Ixtaca project in Puebla.
ON RESOURCES AND DEVELOPMENT
- Sierra Metals Inc., announced infill drilling results and extended the NW Bolivar orebody by additional 400m at its Bolivar Mine in Chihuahua. Drill significant results are 18m of 0.46 g/t Au, 38 g/t Ag, 2.1% Cu, and 0.4% Zn; 14m of 17 g/t Ag and 2.4% Cu; and 8m of 25 g/t Ag and 1.4% Cu. The extension contains an average grade of 1.37% Cu over an average true width of 8.1m.
- Capstone Mining Corp., announced an updated mineral resource estimate as at March 31, 2018 for its Cozamine mine in Zacatecas. Total measured and indicated resource are 13M tonnes of 43 g/t Ag, 1.67% Cu, 0.2% Pb, and 0.8% Zn for a total of 18M Oz Ag, 486M Lb Cu, 44.8M Lb Pb, and 240M Lb Zn. Total inferred resources are 9.9M tonnes of 40 g/t Ag, 1.15% Cu, 0.39% Pb, and 1.2% Zn for a total of 12.8M Oz Ag, 255.4M Lb Cu, 62.7M Lb Pb, and 275.5M Lb Zn. Subsequent to this updated resource, a further 31 holes have been drilled in the Mala Noche Footwall Zone remaining open up dip and to the southwest. The company is currently conducting a 40,000m of step-out and infill drilling this year on the inferred class resource.
- Bacanora Lithium plc., provided an update on the ongoing development of its Sonora Lithium project in Sonora. The company prepares to commission a fully integrated lithium carbonate operation of a 17,500 tonnes per year plant before upgrading to 35,000 tonnes per year within 20 months subject to project financing.
ON DEALS AND CORPORATE ISSUES
- Silver Bull Resources Inc., and South 32 Ltd., formed a 70/30 JV in the Sierra Mojada project in Coahuila with an investment of US $100M. To keep the JV on, South 32 must spend in exploration a minimum of US $10M over the next four years, with minimum exploration funding of US $3M, US $ 6M, and US $8M by the end of the years 1, 2, and 3 of the option period respectively.
- Sonoro Metals Corp., appointed Mel Hendricks as VP Exploration.
- San Marco Resources Inc., announced results of its annual general meeting and appointed Christian Grijalva as the CEO of the company.
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, an open void “boxwork” texture of goethite-jarosite after sulphides in a prospect in Chiapas, Mexico. Photo by Miguel A Heredia.
Vancouver, BC, Canada, June 4, 2018 – Megastar Development Corp. (“Megastar”, the “Company” or “MDV”) (TSX-V: MDV; Frankfurt: M5QN) is pleased to announce that further to signing a Definitive Option Agreement to acquire 100% undivided interest in the Rama de Oro project, located in the state of Oaxaca, Mexico (see press release dated May 10, 2018), the Company also signed two (2) additional option agreements with the same groups (Paradex and Minera Zalamera) pursuant to which Minera Zalamera has granted the Company the sole and exclusive option to acquire all of its rights, titles and interest in the Yautepec concession (the “Yautepec Option”) and the Magdalena Concession (the “Magdalena Option”), both located in the state of Oaxaca, Mexico.
Vancouver, British Columbia — Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) (“Silver Bull”) is pleased to announce that it has signed an agreement with a wholly owned subsidiary of South32 Limited (ASX/JSE/LSE: S32) (“South32”) whereby Silver Bull has granted South32 an option to form a 70/30 joint venture with respect to Silver Bull’s Sierra Mojada project (“Project”). To maintain the option in good standing, South32 must contribute minimum exploration funding of US$10 million (“Initial Funding”) during a 4 year option period with minimum aggregate exploration funding of US$3 million, US$6 million and US$8 million to be made by the end of years 1, 2 and 3 of the option period respectively. South32 may exercise its option to subscribe for 70% of the shares of Minera Metalin S.A. De C.V. (“Metalin”), the wholly owned subsidiary of Silver Bull which holds the claims in respect of the Project, by contributing $US100 million to Metalin for Project funding, less the amount of the Initial Funding contributed by South32 during the option period.
Minaurum Gold Inc. (“Minaurum”) is pleased to announce that it has closed the final tranche of its previously announced oversubscribed private placement (see News Release dated May 8 and May 24, 2018) raising $1,382,248.35. Minaurum has now raised total gross proceeds of $7,084,747.80.
VANCOUVER, British Columbia, May 18, 2018 — Almadex Minerals Limited (“Old Almadex”) is pleased to announce that it has closed the previously announced statutory plan of arrangement (the “Plan of Arrangement”) under Section 288 of the
Business Corporations Act (British Columbia) to spin-out Old Almadex’s early stage exploration projects, royalty interests, and certain other assets into Almadex Minerals Ltd. (formerly 1154229 B.C. Ltd.) (“New Almadex”) effective at 12:01 a.m. on
May 18, 2018 (the “Effective Time”). At the Effective Time, Old Almadex changed its name from Almadex Minerals Limited to Azucar Minerals Ltd. (“Azucar”) (TSX-V:AMZ) (OTCQX:AXDDF), and New Almadex changed its name from 1154229 B.C. Ltd.
to Almadex Minerals Ltd.
VANCOUVER, BRITISH COLUMBIA, May 16, 2018 – Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock”) is pleased to report that a second round of drilling is beginning at the La Navidad gold project. The project, located in Sonora State, Mexico, 100 km north of the City of Hermosillo, targets orogenic, bulk mineable, run-of-mine, oxidized deposits that could be processed by heap leaching. Exploration work is being funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”). The core drilling program will consist initially of 1,650 meters in seven holes, ranging from 150 to 250 meters in depth. These holes will target the large, strong, gold-in-soil anomalies previously identified at the Cobre and Crossover prospects. Recent trenching has confirmed bedrock gold mineralization at surface in these prospect areas. Additionally, at least one hole from the initial program completed in late 2017 will be deepened to test for further mineralization at the Anchor prospect. Results of that program were reported in a prior press release here. Contingent upon results of the upcoming drilling phase, the drilling program may be extended.
Vancouver, B.C. MAG Silver Corp. (TSX and NYSE AMERICAN: MAG) (“MAG” or the
“Company”) announces the Company’s unaudited financial results for the three months ended March 31, 2018. For details of the March 31, 2018 unaudited condensed interim consolidated Financial Statements and Management’s Discussion and Analysis, please see the Company’s filings on SEDAR (www.sedar.com) or
on EDGAR (www.sec.gov).