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The Mining and Exploration News in Mexico: Highlights on the Fourth Week of September, 2024

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Vuggy Silica

By Miguel A Heredia

During the 39th week of the year (September 23rd to September 29th 2024), at least 28 press releases were announced by companies working in Mexico, and 7 news published by the media, with nine disclosing deals and corporate issues, eight announcing financing rounds, eight commenting on Mexican issues, three reporting resources and development of their properties, three communicating production and financial results, three informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, The marine exploration company Odyssey, in which Carlos Ancira had a shareholding, won to the Mexican government, a USD $37.1M arbitration within the NAFTA. Andrés Manuel López Obrador (AMLO)expropriated from Vulcan Materials a port and a quarry in Quintana Roo, which deepened tensions days before he leaves office. Andrés Manuel Lopez Obrador (AMLO), in a last surprise “play” before concluding his mandate fulfilled his warning and finally took control of a port and a quarry owned by the American company Vulcan Materials, with which maintains a dispute for several years now. AMLO concludes his government with the expropriation of the land and port of the Calica mine, property of the American company Vulcan Materials Company in Quintana Roo. Metal prices hit highs and boost mining companies in the stock market. Kootenay Silver reported the best drilling intercepts in Mexico on the fourth week of September, 2024.  ON EXPLORATION, In Chihuahua, Kootenay released results from five drill holes at its Columba project, and Quetzal Copper reported completion of the phase one exploration and drilling program at it’s the Cristinas project. In Sinaloa, Prismo commenced a 1,250m drill program at its Palos Verdes project. ON MINING, Agnico Eagle announced that it willreport its Q3, 2024 results on October 30, 2024 (Pinos Altos mine, Chihuahua). Sierra Madre Gold and Silver announced that it has generated over USD $2.4M in revenues from its test mining and milling operations at the La Guitarra mine complex in the state of Mexico.  ON FINANCING, Luca Mining announced the successful completion of its brokered private placement, raising a total of CAD $11.3M through a combination of 19,000,000 Listed Issuer Financing Exemption (LIFE) units and an increased non-brokered private placement of 6,126,167 units due to high demand (Campo Morado mine, Guerrero and Tahuehueto mine, Durango). Sonora Desert Copper amended its private placement financing (Cuatro Hermanos project, Sonora). Vizsla Silver announced the closing of over-allotment option in full (Panuco project, Sinaloa). VVC reported a 1-year extension for 57,567,800 Series AG share purchase warrants (Gloria project, Chihuahua). Sonoro Gold closed an over-subscribed non-brokered private placement for gross proceeds of CAD $875K (Cerro Caliche project, Sonora). Goldgroup closed a non-brokered private placement for gross proceeds of CAD$775K (Cerro Prieto mine, Sonora). Luca Mining announced that it closed its fully subscribed brokered private placement for gross proceeds of CAD $8.55M (Campo Morado mine, Guerrero, and Tahuehueto mine, Durango). Royalties Inc., closed a non-brokered private placement for gross proceeds of $105K (Bilbao project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Starcore announced an increase of its Mineral Reserves and Mineral Resources for its San Martin mine in Queretaro as of April 30, 2024. Los Gatos Silver disclosed and updated Mineral Reserves Estimate and Mineral Resource Estimate for its Cerro Los Gatos mine in Chihuahua, and reported an updated mine of life plan. Southern Silver announced a 6,000m drill program at its Cerro Las Minitas project in Durango.  ON DEALS AND CORPORATE ISSUES, Sandstorm Gold declared quarterly cash dividend for 2024 (Mercedes Mine, Sonora). Torex announced the appointment of a new member to its Board of Directors (El Limon-Guajes mine complex, Guerrero). (Vizsla Royalties granted stock options to directors, officers, employees, and consultants of the company (Panuco project, Sinaloa). Prime Mining announced the appointment of a new member to its Board of Directors (Los Reyes project, Sinaloa). Silver Storm provided a bi-weekly update on September 24, 2024, regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission (La Parrilla mine, Durango). Guanajuato Silver provided an update on the acquisition of El Cubo mine in Guanajuato from Endeavor Silver. Apollo Silver entered into an exploration, earn-in and option agreement with MAG Silver to acquire the Cinco de Mayo project in Chihuahua. Southern Silver granted incentive stock options to various directors, officers, and consultants (Cerro Las Minitas project, Durango). Florida Canyon provided an update on its Mexican transaction, which involves the sale of its interests in several mines to Heliostar Metals Ltd. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its second annual sustainability report (Panuco project, Sinaloa).

ON MEXICO ISSUE

  • The marine exploration company Odyssey Marine Exploration, in which Carlos Ancira, the former president of Altos Hornos de México S.A.B. de C.V., had a shareholding, won an arbitration from the Mexican government protected by NAFTA/TW investor protection. The company was seeking damages in the amount of just over USD $2.3 B and what was finally achieved after the lawsuit was USD $37.1M. The former president of Altos Hornos bought a shareholding in Odyssey for USD $3M in 2015 through his investment vehicle´s Epsilon. The intention of Ancira and its partners was to dredge the seabed of the Gulf of Ulloa, Baja California, on the north Pacific Coast. To extract phosphate, an input used to manufacture fertilizers, a business to which the businessman was dedicated through its firm Agronitrogenados, sold at an extra cost to PEMEX, a scandal that kept the former president of the oil company Emilio Lozoya in jail. Unfortunately, it is a victory that Ancira could not savor, who in September 2021 sold his shareholding in Odyssey, in part to raise the money he promised as a reparation agreement to the Mexican government (in favor of PEMEX) for the Agronitrogenados operation, cause for which he was even detained in the North Prison of CDMX.
  • Andrés Manuel López Obrador (AMLO) expropriated from Vulcan Materials a port and a quarry in Quintana Roo, which deepened tensions days before he leaves office. The government of Mexico declared the land south of Cancun and Playa del Carmen as a protected natural area via decree in the Official Gazette of the Federation, this a few hours after US legislators sought to dissuade such a measure. Vulcan´s shares fell 1.03% to USD $249.73 during the morning of September 24, 2024.  Vulcan had previously said the AMLO´s government actions are illegal and that it would add the latest measures to an ongoing arbitration case in the International Center for Settlement of Investment Disputes of the World Bank. It marks another movement by AMLO (a staunch nationalist) against private business. A new congress with a supermajority of Morena and allies in both chambers began its term last September and since then they have approved a reform of the Judiciary that has raised fear among capitals in Mexico. Claudia Sheinbaum, who will takes office on October 1, 2024 has not publicly commented on the Vulcan issue since her landslide victory, but a year ago said she hoped the company would accept AMLO´s offer to buy its land for MXP $6,500M. Last year, Vulcan sought intervention from Joe Biden administration against what it saw as the threat of a government takeover of the Riviera Maya property. It said that a valuation made by the Mexican government deeply undervalued the assets. On September 23, 2024, a bipartisan group of US senators proposed legislation to pressure Mexico to retract its expropriation plan. Vulcan is not the only foreign company that has sought legal recourse after government intervention. In December, Mexico took control of operations of a hydrogen processing plant owned by French industrial gases maker Air Liquid. Last year, AMLO announced plans to buy USD $6B worth of energy assets from Iberdrola after the Spain Company faced political hostility from Mexico that affected its permits and supply. AMLO also ordered the cancellation of projects including an airport and a brewery plan during his term. The US ambassador to Mexico, Ken Salazar, warned that companies may lose confidence in Mexico as an investment destination as a result of the judicial reform promoted by congress this month. The change eliminates a check on government power by making federal judges democratically elected, including in the Supreme Court of Justice of the Nation (SCJN).
  • Andrés Manuel Lopez Obrador (AMLO), in a last surprise “play” before concluding his mandate fulfilled his warning and finally took control of a port and a quarry owned by the American company Vulcan Materials, with which maintains a dispute for several years now. On September 23, 2024, the head of the executive published a declaration of a protected natural area of an area of more than 53,000 hectares south of Cancun and Playa del Carmen, where the land occupied by Vulcan and an open pit mine of the foreign company are located, dedicated to the extraction of limestone through its subsidiary Calizas Industriales del Carmen (Calica). Vulcan said in a statement that the expropriation of the land and port owned by the company is another escalation and constitutes a new violation of Mexico´s commitments under North American trade agreements, and added that this illegal measure will have a chilling and long-term effect on trade and investment relations between USA and Mexico.
  • AMLO concludes his government with the expropriation of the land and port of the Calica mine, property of the American company Vulcan Materials Company in Quintana Roo, involved in a conflict that has kept it without operations in Mexico for three years. The announcement of the expropriation is not a good sign to attract investment to Mexico and could damage business confidence. In the decree published last September 23, 2024 in the Official Gazette of the Federation, the Mexican government justifies its decision by citing the fourth article of the Constitution in its fifth paragraph, which establishes that “every person has the right to a healthy environment for their development and well-being, so the State will guarantee respect for this right.” Furthermore, it invokes article 27 of the Constitution in its third paragraph, which states that “the nation will at all times have the right to impose on private property the modalities dictated by the public interest.” The decree of the federal Executive declares a protected natural area the area located south of Cancun and Playa del Carmen, where the Vulcan lands are located under the Sac-Tun firm (formerly Calica). The measure is intended to prevent the construction company from extracting limestone from the land it owned for decades and which the AMLO government previously tried to acquire without success. The American company not only considers the expropriation of its investments in Quintana Roo illegal, but also warns of a direct conflict with provisions of the T-MEC. The reason is that the investment chapter of the Treaty between Mexico, the United States and Canada states that “no party shall expropriate or nationalize a covered investment, either directly or indirectly through equivalents to expropriation or nationalization,” except in the following cases: For reasons of public utility; in a non-discriminatory manner; through the payment of prompt, adequate and effective compensation, and in accordance with due legal process. The investment chapter contains provisions on expropriation and compensation, which must provide investors with certainty that their properties and positions will be respected, and guarantee non-discriminatory treatment and prompt, effective and adequate compensation, in cases where that their rights are substantially affected by the actions of the State. According to experts consulted, the Calica issue is very serious, since there are no precedents for similar cases since NAFTA. Although expropriation is not a good sign to attract investment to Mexico and can damage business confidence, this week two large American companies confirmed investment announcements in the country totaling USD $2.9 B.
  • Metal prices hit highs and boost mining companies in the stock market, with the price of silver rising to its highest level in almost 12 years, taking advantage of gold’s rally to all-time highs, as interest rate cuts from Major central banks fueled investment interest in precious metals. Silver futures rose 0.91% on the Chicago Stock Exchange, to USD $32.31 an ounce, after reaching their highest since December 2012, of USD $32.71. Spot gold rose 0.5% to USD $2,670.52 an ounce, having hit an all-time high of USD $2,685.42 earlier in the day. US gold futures for December delivery advanced 0.39% to USD $2,694.9. Copper prices rose to their highest level in nearly 16 weeks, boosted by hopes of firmer demand for metals after China announced fiscal stimulus measures following an easing of monetary policy to boost its sluggish economy. Three-month copper on the London Metal Exchange (LME) broke the psychological level of USD $10,000 per metric ton, touching the highest level since June 7. This Thursday it gained 3.53% to USD $10,084. The securities of the main mining companies operating in Mexico led the gains in Thursday’s session (September 24, 2024) on the Mexican Stock Exchange. The securities of Grupo México and Industrias Peñoles rose 4.18 and 4.23%, respectively. Shares of Grupo México, an industrial conglomerate with interests in the mining and rail transportation industries, are trading at MXP $112.68, their highest level since May 21, 2024. The shares of Industrias Peñoles were quoted at MXP $292.35, their highest level since April 19, 2024. Meanwhile, Fresnillo shares on the BMV rose 21.69%, while those listed in London advanced 2.74 %. With Thursday’s movement, Grupo México gained MXP $35,655M pesos in market capitalization, going from MXP $842,026M to MXP $877,681M in one day. Industrias Peñoles gained MXP $4,714M in market value, going from MXP $111,488M to MXP $116,202M.
  • Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the fourth week of September, 2024. Details are shown in the table below:

ON EXPLORATION

  • Kootenay Silver Inc., released results from five drill holes at its Columba project in Chihuahua.  The batch reported comprises two step-out holes and three “infill” holes designed to test a large gap in drilling on the D-Vein. Drilling continues to hit high grades of silver, over good widths and has now expanded the D-Vein strike length to 1,275 meters from 450 meters at the beginning of the program. Drilling highlights(true width reported)  include holes CDH-24-165 with 739 g/t Ag, 0.3% Pb, and 1% Zn over 0.32m, plus 96 g/t Ag, 0.1% Pb, and 0.3% Zn over 18.18m, including 395 g/t Ag, 0.4% Pb, and 1.8% Zn over 2.37m, including 844 g/t Ag, 0.9% Pb, and 9.5% Zn over 0.37m; and hole CDH-24-166 with 176 g/t Ag, 0.1% Pb, and 0.4% Zn over 21.85m, including 1,020 g/t Ag, 1% Pb, and 2.5% Zn over 0.76m, plus 303 g/t Ag, 0.2% Pb, and 0.7% Zn over 6.87m, including 593 g/t Ag, 0.3% Pb, and 1.8% Zn over 1.91m, including 1,095 g/t Ag, 0.7% Pb, and 5.7% Zn over 0.40m.
  • Quetzal Copper Corp., reported completion of the phase one exploration and drilling program at it’s the Cristinas project in Chihuahua. Quetzal completed three drillholes and a downhole EM (electromagnetic) survey to follow-up on targets generated by surface mapping, sampling, and fixed loop EM surveys. “Each hole evaluated prospective conductors defined by the geophysical surveys. Unfortunately, the limited copper mineralization encountered does not justify further exploration at this time”.
  • Prismo Metals Inc., commenced a 1,250m drill program at its Palos Verdes project in Sinaloa. The goal is to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns.

ON MINING

  • Agnico Eagle Mines Limited announced that it willreport its Q3, 2024 results on October 30, 2024 after normal trading hours (Pinos Altos mine, Chihuahua).
  • Sierra Madre Gold and Silver Ltd., announced that it has generated over USD $2.4M in revenues from its test mining and milling operations at the La Guitarra mine complex in the state of Mexico, with an average daily production rate of 350 tonnes over the past 30 days. The test mining has been ongoing since June 25, 2024, processing a total of 27,990 tonnes of material. The company aims to increase production to 400 tonnes per day and eventually reach commercial production of 500 tonnes per day by the end of the year. The concentrate grades for silver and gold range from 2,752 g/t to 3,442 g/t Ag and 28.65 to 38.45 g/t Au.
  • Guanajuato Silver Company Ltd., announced that it produced over 3M Oz AgEq at its El Cubo mine in Guanajuato, triggering a USD $1M contingent payment to Endeavour Silver Corp. as part of the 2021 acquisition of El Cubo for USD $15M.

ON FINANCING

  • Luca Mining Corp., announced the successful completion of its brokered private placement, raising a total of CAD $11.3M through a combination of 19,000,000 Listed Issuer Financing Exemption (LIFE) units and an increased non-brokered private placement of 6,126,167 units due to high demand. Key investors include Term Oil Inc. and CEO Dan Barnholden. The funds will be used for ongoing improvements at the Campo Morado mine in Guerrero, exploration drilling at Campo Morado, Guerrero and Tahuehueto, Durango, and general corporate purposes. The financings are set to close on or about September 26, 2024, pending necessary approvals.
  • Sonora Desert Copper Corporation amended its private placement financing. It cancelled 1,700,000 of the $0.10 units issued, for a revised total of funds raised of $840,750 (was $1,010,750) and shares and warrants issued 8,407,500 (was 10,107,500). The company cancelled 1,700,000 common shares and 1,700,000 common share purchase warrants which had been issued to a subscriber who, subsequent to the closing, withdrew their subscription (Cuatro Hermanos project, Sonora).
  • Vizsla Silver Corp., announced the closing of over-allotment option in full, generating additional gross proceeds of CAD $9.75M. Net proceeds of the offering will be used to advance the exploration, drilling and development of the company’s Panuco project, as well as for working capital and general corporate purposes.
  • VVC Exploration Corporation reported a 1 year extension for 57,567,800 Series AG share purchase warrants, presently expiring on September 30, 2024. “The warrants, exercisable at $0.075 per share, were issued pursuant to a Private Placement in September 2020 with a 3-year expiry and were extended last September for an additional year. The warrants have been out-of-the-money for some time.  If approved by the TSXV, the warrants will expire on September 30, 2025” (Gloria project, Chihuahua).
  • Sonoro Gold Corp., closed an over-subscribed non-brokered private placement of 17.5M units at a price of CAD $0.05 per unit for gross proceeds of CAD $875K. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes (Cerro Caliche project, Sonora).
  • Goldgroup Mining Inc., closed a non-brokered private placement of 15.5M units at a price of CAD $0.05 per unit for gross proceeds of CAD$775K. Net proceeds will be used to increase crushing capabilities from 2,250 tpd to 4,500 tpd at the Company’s Cerro Prieto heap leach gold mine in Sonora, and for general working capital requirements.
  • Luca Mining Corp., announced that it closed its fully subscribed brokered private placement for gross proceeds of CAD $8.55M by the issuance and sale of 19M units at a price of CAD $0.45 per unit. The funds will be used for ongoing improvements at the Campo Morado mine in Guerrero, exploration drilling at Campo Morado, Guerrero and Tahuehueto, Durango, and general corporate purposes.
  • Royalties Inc., closed a non-brokered private placement of 3M common shares at a price of $0.035 per share for gross proceeds of $105K. Funds will be used to cover overhead and Mexico expenses (Bilbao project, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Starcore Mines International Ltd., announced an increase of its Mineral Reserves and Mineral Resources for its San Martin mine in Queretaro as of April 30, 2024. The updated mineral reserves and mineral resources estimates are reported net of the production from the San Martin property (see tables below):
  • Los Gatos Silver Inc., disclosed and updated Mineral Reserve Estimate and Mineral Resource Estimate for its Cerro Los Gatos mine (CLG) in Chihuahua.  The company has 70% interest in the Los Gatos JV, which in turn owns the Cerro Los Gatos mine. Mineral Reserve and Mineral Resource by category with an effective day July 1, 2024 are summarized in the next tables:

The company also reported a strong free cash flow throughout the updated life of mine (LOM), with a mine life extended to the end of 2032, which adds two years of additional reserves and a 36% increase in AgEq production compared with the prior LOM plan; a low by-product AISC of $6.29 per Oz of payable of silver, and co-product AISC of $14.89 per Oz of payable silver equivalent; an average annual after-tax free cash flow of $80M, resulting in an after-tax NPV of $539M based on 2024 reserve price assumptions at a silver price of $23/Oz; an average annual after-tax free cash flow of $111M, resulting in an after-tax NPV5 of $760M, at a silver price of $30/Oz or an average annual after-tax free cash flow of $136M, resulting in an after-tax NPV5 of $935M, at a silver price of $35/Oz; and an average annual production over the LOM of 6.1M Oz Ag, 67M Lb Zn and 50M Lb Pb, or 12.9M Oz AgEq production.

  • Southern Silver Exploration Corp., announced a 6,000m drill program at its Cerro Las Minitas project in Durango.  Goal of the drill program is to “demonstrate further lateral projections of shallow high-grade mineralization adjacent to planned mine and mill infrastructure in the area of the Eastern Deposits (South Skarn, Mina La Bocona and North Felsite), which also would provide additional tonnage for extraction early in any planned mining schedule. Further drilling beyond the 6,000m current program would test down-dip of the known eastern deposits which could further enhance the continued resource potential of the project”. The program is anticipated to commence in the coming weeks.

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Royalties declared quarterly cash dividend for 2024in the amount of $0.02per common share to shareholders of record as of the close of business on October 15, 2024. The dividend will be paid on October 25, 2024 (Mercedes Mine, Sonora).
  • Torex Gold Resources Inc., announced the appointment of a new member to its Board of Directors, effective October 1, 2024 (El Limon-Guajes mine complex, Guerrero).
  • Vizsla Royalties Corp., granted 1,961,000 stock options at an exercise price of $1.86 to directors, officers, employees, and consultants of the company. The Options are exercisable for a period of five years and will vest over the next two years (Panuco project, Sinaloa).
  • Prime Mining Corp., announced the appointment of a new member to its Board of Directors (Los Reyes project, Sinaloa).
  • Silver Storm Mining Ltd., provided a bi-weekly update on September 24, 2024, regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission. The MCTO was announced due to delays in filing the company’s annual financial statements and related documents for the fiscal year ending March 31, 2024, primarily caused by complexities in the acquisition of the La Parrilla assets in Durango. The company has until September 27, 2024, to complete its annual filings and expects to file interim filings shortly thereafter. The MCTO does not affect the ability of other shareholders to trade the company’s securities.
  • Guanajuato Silver Company Ltd., announced that in order to comply with the acquisition or El Cubo from Endeavour Silver Corp., for USD $15M, the transaction included contingent payment that would see Endeavour paid an additional USD $1M once 3M Oz AgEq had been produced at El Cubo. As part of the agreement, Guanajuato Silver can settle half of this payment with 2,753,265 common shares at CAD $0.245 each. Endeavour will settle the remaining balance with approximately 2,720,000 shares at CAD $0.25 each. Ocean Partners UK Limited will also accept shares for USD $1.8M in outstanding payments under the Gold Loan Credit Facility. All settlements are subject to TSX Venture Exchange approval and a four-month hold period.
  • Apollo Silver Corp., entered into an exploration, earn-in and option agreement with MAG Silver Corp., and its subsidiary Minera Pozo Seco S.A.de C.V. (MPS), to acquire the Cinco de Mayo project in Chihuahua. The agreement allows Apollo Silver to acquire MAG’s subsidiary, MPS, which owns the Project’s mineral concessions, contingent on obtaining necessary licenses and completing 20,000m of drilling within five years. The company will issue common shares to MAG equivalent to 19.9% upon exercising the option and will manage all exploration activities.
  • Southern Silver Exploration Corp., granted incentive stock options to various directors, officers, and consultants to purchase 6.5M common shares of the company at an exercise price of $0.31 per share, exercisable for a period of five years (Cerro Las Minitas project, Durango).
  • Florida Canyon Gold Inc., provided an update on its Mexican Transaction, which involves the sale of its interests in the San Agustin mine and El Castillo mine in Durango, La Colorada mine in Sonora, Cerro del Gallo project in Guanajuato, and San Antonio project in Baja California Sur to Heliostar Metals Ltd. The transaction is expected to close in Q4, 2024, pending necessary approvals, including from Mexico’s Federal Economic Competition Commission (COFECE). Additionally, Florida Canyon has filed management information circular for a special meeting on October 25, 2024, where shareholders will vote on a proposed arrangement with Integra Resources Corp., which aims to acquire all outstanding Florida Canyon shares at a specified exchange ratio. The completion of both the Mexican Transaction and the arrangement is subject to various approvals and customary closing conditions 

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp., released its second annual sustainability report, highlighting the Company’s ongoing commitment to Environmental, Social and Governance (ESG) practices. The company cultivated approximately 4,000 native trees, accounting for 15 different species that will serve in future restoration activities; provided essential medical care to nearly 550 community members; invested nearly CAD $100K in the local community, bringing our cumulative total investment to over CAD $400K; and initiated the process of updating their social impact assessment and formalizing the Social Management Plan (Panuco project, Sinaloa).

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, core showing vuggy silica in a high-sulphidation epithermal system in a project in Jalisco, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of August 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

By Jorge Cirett                                              During the 34th week of the year (August 19th to August 25th,2024), companies working in Mexico posted at least 20 press releases. Three companies informed on exploration advances on their properties, three companies provided operational/financial results for the quarter, one informed on a major mill repair and one more on a mandated suspension of activities. One company granted stock options, one drew a final loan, one informed on its TSX listing and one more on a short base prospectus. One company released a revised PEA on its property and one more informed on district wide exploration and regional exploration plays. ON MEXICO ISSUES, the ambassadors of USA and Canada made clear their opposition to the judicial reform proposed by the sitting Mexican president. ON EXPLORATION, In Sonora, Colibri Resource reported on exploration at its El Plomo property in Sonora. In Chihuahua, Radius Gold informed on drilling results at Plata Verde. In Guerrero, Pantera Silver is evaluating options to restart exploration at its Nuevo Taxco project. ON MINING, Endeavour Silver informed on the repair of a mill and temporary measures to keep production ongoing at Guanaceví, in Durango. Starcore International, Sailfish Royalty and Impact Silver informed on quarterly production/financial details. Starcore International suspend mining operations at San Martin in Queretaro on safety grounds after a government inspection. ON FINANCING, Barksdale Resources granted stock options. Bear Creek Mining drew a final US$750 K from a promissory note. Vizsla Royalties is now listing in the TSX. Guanajuato Silver Company filed a final short base prospectus to offer up to US$65 M. ON RESOURCES AND DEVELOPMENT, Oroco Resources released a revised PEA on Santo Tomás, in Sinaloa. Vizsla Silver provided an update on its exploration plans at its Panuco project and two more regional plays in Sinaloa. ON DEALS AND CORPORATE ISSUES, Barksdale Resources appointed Dr. Quinton Hennigh to its board. Ranchero Gold signed a LOI on the sale of the Santa Daniela project in Sonora. Atacama Copper is changing its name to Fuerte Metals. ON SOCIAL RESPONSIBILITY, Discovery Silver released its 2023 ESG report.

ON MEXICO ISSUES

  • Ken Salazar, USA ambassador in Mexico released a letter on which criticizes the Mexican president’s proposal for reform of the Judicial system. The ambassador pointed out the problems that will arise if the proposal is passed as is, bringing a major risk to democracy in Mexico and threaten the historic trade relationships with USA. (Note by editor. – The proposal envisages the selection system for federal judges and magistrates changing from one based on professional examinations to one based on the popular vote, among other bizarre directives aimed to control the judiciary system by the executive branch).
  • Graeme Clark, Canada ambassador in Mexico stated that Canadian investors are at crossroads before the probable passing in Congress of the Judicial Reform proposed by the sitting president AMLO. According to CanCham (Cámara de Comercio de Canadá en México) 40% of Canada’s investments in Mexico are on the mining sector.  

ON EXPLORATION

  • Pantera Silver Corp. is currently evaluating options to restart exploration at the Nuevo Taxco project in Guerrero. “…work will likely focus on initial sampling and mapping in the “Southwest Zone” of the Nuevo Taxco concession”. Pantera Silver is pursuing potential acquisitions, aiming to build a portfolio of 2-3 high-quality projects, focused on silver.
  • Colibri Resource Corp. reported results of geological mapping and outcrop sampling on 4,766 ha El Plomo property at the EP project, located 25 km east of Fresnillo plc´s La Herradura mine. At the San Perfecto target mineralization is hosted by a silicified and sericitized moderately to strongly foliated diorite with quartz micro-veinlets in higher-grade samples. Of 29 rock samples recently collected, 14 returned more than 0.1 gpt Au, 9 greater than 0.5 gpt Au and 6 with more than 1.0 gpt Au. More than 616 historical samples yielded results with over 50% above 0.1 gpt Au and 15% with more than 1 gpt Au, peaking at 58.9 gpt Au. “The footprint of mineralization at San Perfecto is now approximately 1,250 m by 700m”. At La Culebra target 34 grab samples were collected, with 14 returning more than 0.1 gpt Au and five more than 1.0 gpt Au peaking at 4.64 gpt Au. “Mineralization is hosted by rusty zones which were mapped over a 650 m strike length in a northeast direction and coincident with an andesite-rhyolite contact”.
  • Radius Gold Inc. announced initial results on the exploration program at Plata Verde, in Chihuahua. The first four holes cut several zones of low-grade Ag mineralization “and indicate limited potential for an economic discovery in the eastern extension of silver mantos”. Assays are pending on four holes in the western side of the valley, with thicker favorable basaltic rock and improved visual mineralization. The most recent hole located further northwest “intersected visually improved results, cutting through greater width of basaltic host and encountering visibly the most attractive mineralization seen so far in this drilling program”. The JV partnership is extending the planned program, adding three additional drill holes.  

ON MINING

  • Endeavour Silver Corp. informed processing resumed at the Guanacevi mine in Durango, after the primary ball mill trunnion failure. Temporary modifications re-purposed one of the re-grind mills as the primary ball mill, which is running at 400 tpd (name plate capacity 1,200 tpd) during this temporary phase. “Contract mining activities and local third-party material purchases will cease until the process plant operations have returned to full capacity”. Initial quotes obtained point to a 16-weeks fabrication and installation period. During this period Guanacevi production is estimated to decrease by 0.9 M to 1.1 M Oz Ag and by 2,000 to 3,000 Oz Au.
  • Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2024. At San Martin, in Zacatecas, 49.5 K tonnes were milled, averaging 1.92 gpt Au, 20 gpt Ag, recovering 85.2% Au, 56.9% Ag, to produce 2,841 Oz AuEq. Starcore expects to start industrial testing of carbonaceous ore in September.
  • Impact Silver Corp. announced financial and operating results for the second quarter of 2024. The company’s revenue in the quarter was C$7.7 M, also during the period a non-brokered “LIFE” and a private placement of C$8.6 M were completed, holding C$9.9 M in cash by the end of the quarter. At Zacualpan, in Estado de Mexico, 35.1 K tonnes averaging 161 gpt Ag were processed to produce 152.2 K Oz Ag. Over the last six months 5,243 m of drilling have been completed at Zacualpan. At Plomosas, in Chihuahua, 9.26 K tonnes were milled during the period, and the company expects to end the third quarter with a production rate in the 150-170 tpd range. Over the first half of the year the average grade has been 14% Zn, 8.7% Pb, 43.7 gpt Ag; during the same period 14,377 m of drilling have been completed.
  • Sailfish Royalty Corp. announced its operating and financial results for the second quarter 2024, from its operations outside Mexico (Gavilanes, Durango).
  • Starcore International Mines Ltd. suspended temporarily mining operations at its San Martin mine in Queretaro. “An unscheduled inspection at the mine conducted by the Mexican Labor Department identified safety standards that need to be met before resuming operations. The inspection followed a recent singular fatality at the mine, the first one in 18-1/2 years of Starcore’s record of zero fatalities in its mining operations at San Martin”.

ON FINANCING

  • Barksdale Resources Corp. granted stock options to certain directors, officers, employees and consultants of the company to acquire 5 M common shares (San Javier, Sonora).
  • Bear Creek Mining Corp. announced the drawn down of US$750 K in funds related to the promissory note issued to the company to Sandstorm Gold Ltd., and under which Sandstorm can elect convert the amounts drawn into common shares of Bear Creek. An aggregate of US$2.62 M has been drawn down under the additional credit for a total principal amount of US$21.64 M (Mercedes, Sonora).
  • Vizsla Royalties Corp. is now listing on the TSX Venture Exchange as a Tier 2 issuer and its shares are expected to commence trading on August 26, 2024 (Panuco, Sinaloa).
  • Guanajuato Silver Company Ltd. filed and received a receipt for a final short base prospectus that allows the company to offer up to US$65 M of common shares, debt securities, warrants, subscription receipts, share purchase contracts and units during the 25-months period that the prospectus is effective (El Cubo, Guananjuato).

ON RESOURCES AND DEVELOPMENT

  • Oroco Resources Corp. announced a revised preliminary economic assessment (PEA) and updated mineral resource estimate for the North and South zones of its Santo Tomas project in Sinaloa. The study envisages a NPV (8%) of US$2.64 B pre-tax and US$1.48 B post-tax, an internal rate of return of 30.3% pre-tax, and 22.2% post-tax, total LOM (life on mine) production of 4.8 B Lb Cu, a pre-tax payback of 2.9 years, post-tax payback of 3.8 years from first concentrate production. Estimated initial capital costs of US$1.1 B and sustaining and expansion capital costs at US$1.73 B. producing at cash cost US$1.54 per Lb Cu on by-product basis, with average CuEq grade of 0.51% on the first 7 years of production. The Santo Tomas deposit has 540.6 M tonnes @ 0.33% Cu, 0.008% Mo, 0.028 gpt Au, 2.1 gpt Ag as indicated resources containing 3.98 B Lb Cu, 95.4 M Lb Mo, 483.4 K Oz Au, 36.5 M Oz Ag and 530.8 M tonnes @ 0.31% Cu, 0.007% Mo, 0.023 gpt Au, 1.9 gpt Ag as inferred resources, containing 3.67 B Lb Cu, 84.4 M Lb Mo, 387.1 K Oz au, 33.2 M Oz Ag.
  • Vyzsla Silver Corp. provided an update on resource potential expansion potential and outline its exploration plans at its Panuco project in Sinaloa. The key exploration objectives for 2024 include 10,000 m of exploration drilling in the central-east area of the district, completing +5,000 m of resource expansion drilling in Copala Central, complete VTEM, airborne mag and radiometric surveys on 950 line-km, advance mapping coverage to 70% of the district and finish an updated resource estimate in Q4 2024. Exploration in the district central and east areas already has a handful of targets with outcropping silver mineralized veins. Two greenfields projects to explored include La Garra-Metates district, covering 16,962 ha, located 32 km NW from Panuco and San Enrique, adjacent to the south of Panuco and covering 10,667 ha. 

ON DEALS AND CORPORATE ISSUES

  • Barksdale Resources Corp. appointed Dr. Quinton Hennigh to its board of directors (San Javier, Sonora).
  • Ranchero Gold Corp. entered into a letter of intent (LOI) to sell its Mexican subsidiary Minera y Metalurgica Paika, S.A. de C.V. to an arm’s length party purchaser for nil consideration. The sale includes water rights and four mining concessions covering 16,876 ha on the Santa Daniela project, in Sonora, and a conditional payment of US$2.5 M that will offset liabilities in Paika of $3.55 M of land fee payments and accrued interest due, along with a potential finder’s fee related to the conditional payment.
  • Atacama Copper Corp. has changed its name to Fuerte Metals Corp., with its shares expected to commence trading under the new name on August 26, 2024 (Cristina, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • Discovery Silver Corp. released its 2023 environmental, social and governance (ESG) report, highlighting purchases for $19.2 M in goods and services from Mexican businesses, $5.0 M paid in salaries and benefits to 69 local employees, of which 85% are local; $195 K of direct community investments and 21.1 GJ of renewable solar energy (Cordero, Chihuahua).

On the image below: Strong chlorite-epidote alteration in intrusive rock with two parallel quartz veinlets, one bearing molybdenite, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of July, 2024

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Ptygmatic folding

By Miguel A Heredia

  • During the 27th week of the year (July 1st to July 7th, 2024), at least 13 press releases were announced by companies working in Mexico, and 2 news published by the media, with six disclosing deals and corporate issues, four commenting on Mexican issues, two announcing financing rounds, two reporting resources and development of their properties, and one communicating production and financial results.  ON MEXICO ISSUES, Minaurum announced that the injunction (amparo) it filed to protect its Alamos project in Sonora has been approved by the Mexican Federal Administrative Court, meaning that its 100% owned Alamos silver project remains unaffected in its entirety by the Mining Law Reform approved by the Mexican Congress in 2023. Abraham Zamora, president of the Mexican Energy Association (AME) declared that energy and metal shortage will threaten industry 4.0 in Mexico. Bullish copper rally benefits Grupo México and other mining companies. Tocvan /Colibri reported the best drilling intercepts in Mexico on the first week of July, 2024. ON EXPLORATION, no relevant news.  ON MINING, Alamos Gold reported that it plans to release its   Q2, 202 financial results after market close on Wednesday, July 31, 2024. ON FINANCING, Pantera Silver closed the first tranche of its upsized non-brokered private placement for gross proceeds of $963,240 (Nuevo Taxco Silver project, Guerrero). Southern Silver announced that it has revised the terms of its previously announced non-brokered private placement (Cerro Las Minitas, Durango).   ON RESOURCES AND DEVELOPMENT, Tocvan and its JV Colibri reported RC drilling results from its El Pilar project in Sonora. ON DEALS AND CORPORATE ISSUES, Reyna Silver announced the appointments of its Vice President of Corporate Development and Vice President of Investor Relations, and granted stock options to members of its Board of Directors, CEO, CFO, VP Investor Relations, and VP Corporate Development (Batopilas project, Chihuahua). GR Silver reported that it has granted Deferred Share Units to eligible persons in accordance with the Omnibus Long-Term Incentive Plan (Plomosas project, Sinaloa). Guanajuato Silver announced the resignation of Ramon Davila as President and a member of the Board of Directors (Cubo, Valenciana, San Ignacio Mine Complexes, Guanajuato). McEwen announced voting results of its annual general meeting of shareholders (El Gallo, Sinaloa). Riverside announced that it will be participating in the 2024 Rule Symposium Investor Conference on July 7-11, 2024. Tarachi granted stock options to company management, directors, and consultants (Magistral Mill and Tailings project, Durango). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Minaurum Gold Inc., announced that the injunction (amparo) it filed to protect its Alamos project in Sonora has been approved by the Mexican Federal Administrative Court, meaning that its 100% owned Alamos silver project remains unaffected in its entirety by the Mining Law Reform approved by the Mexican Congress in 2023.
  • Abraham Zamora, president of the Mexican Energy Association (AME) declared that energy and metal shortage will threaten industry 4.0 in Mexico. He said that the government must invest USD $120B in five years to guarantee electricity supply, Electrical energy and metallic minerals such as copper, steel, silicon, platinum and rare earths are essential for the consolidation of Industry 4.0 in Mexico, however, the lack of investment in the distribution and generation of energy and the shortage of some metals, threatens to slow down the development of this type of industry. However, and despite the cautious investment spirit, experts agree on the need to ensure that there are adequate conditions for these industries to proliferate or, otherwise, the expected benefits of nearshoring would not be achieved. “90 percent of businessmen are concerned about the availability of energy, but there are just as many who are concerned about the availability of raw materials, water, the rule of law and security. It is important that industries and government work to generate adequate conditions,” said Abraham Zamora.
  • Bullish copper rally benefits Grupo México and other mining companies. The weakening of the dollar and the possibility that the Federal Reserve in the United States would cut rates boosted the price of industrial metals. The shares of mining companies listed on stock exchanges benefited from the rise in the price of copper futures and other metals in recent days. On Wednesday, Grupo México, one of the main copper producers in the world, recorded the second best performance on the Mexican Stock Exchange (BMV) by advancing 5.14% to reach MXP $106.37 per share. Since the rally for copper began on June 28, its papers have gained 10.97% in the stock market. So far in 2024, its shares have advanced 7.42%.
  • Tocvan Ventures Corp., and JV Colibri Resource Corp., reported the best drilling intercepts in Mexico on the first week of July, 2024. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Alamos Gold Inc., reported that it plans to release its   Q2, 202 financial results after market close on Wednesday, July 31, 2024.

ON FINANCING

  • Pantera Silver Corp., closed the first tranche of its upsized non-brokered private placement for gross proceeds of $963,240, consisting of the issuance of 8,027,000 units at a price of $0.12 per unit. Net proceeds will be used for exploration work, potential additional acquisitions, and general working capital (Nuevo Taxco Silver project, Guerrero).
  • Southern Silver Exploration Corp., announced that it has revised the terms of its previously announced non-brokered private placement. The Offering now consists of15,000,000 units at $0.22 for gross proceeds of $3,300,000. Net proceeds will be used for the continued development of the Cerro Las Minitas (CLM) property, Durango, Mexico and for working capital.

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., and its JV Colibri Resource Corp., reported results of three RC holes from its El Pilar project in Sonora. Drilling highlights include hole JES-24-88 with 0.08 g/t Au and 2 g/t Ag over 59.48m, including 0.15 g/t Au and 4 g/t Ag over 24.40m, including 1.14 g/t Au and 25 g/t Ag over 1.53m, plus 0.42 g/t Au and 6 g/t Ag over 3.05m, plus 0.11 g/t Au, 3 g/t Ag, and 0.2% Cu over 1.53m. With this results, the company expanded Resource Potential 130-meters to the Northwest at its Pilar project. To date, the 2024 drill program has completed 3,268 meters across 26 drill holes.  Results for eight drill holes are currently pending analysis.

ON DEALS AND CORPORATE ISSUES

  • Reyna Silver Corp., announced the appointments of its Vice President of Corporate Development and Vice President of Investor Relations, and granted stock options to members of its Board of Directors, CEO, CFO, VP Investor Relations, and VP Corporate Development (Batopilas project, Chihuahua).
  • GR Silver Mining Ltd., reported that it has granted Deferred Share Units to eligible persons in accordance with the Omnibus Long-Term Incentive Plan approved by the Board on August 2, 2022 and approved by shareholders at the Company’s Annual General Meeting held on September 18, 2023, and subject to the policies of the TSX Venture Exchange (Plomosas project, Sinaloa).
  • Guanajuato Silver Company Ltd., announced the resignation of Ramon Davila as President and a member of the Board of Directors (Cubo, Valenciana, San Ignacio Mine Complexes, Guanajuato).
  • McEwen Mining Inc., announced voting results of its annual general meeting of shareholders (El Gallo, Sinaloa).
  • Riverside Resources Inc., announced that it will be participating in the 2024 Rule Symposium Investor Conference on July 7-11, 2024. The conference, hosted by Rick Rule, is being held at The Boca Raton Resort in Boca Raton, Florida. In addition, the company has entered into an investor relations agreement with Incite Capital Markets. The IR Agreement is for a minimum term of six months commencing on June 27, 2024 with Incite acting as part-time investor relations, whereby Incite will be paid a fee of$7,500 per month (Cecilia project, Sonora).
  • Tarachi Gold Corp., granted 5,425,000 incentive options to company management, directors, and consultants at an exercise price of $0.05 and a term of five years and will vest immediately. (Magistral Mill and Tailings project, Durango).

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, ptygmatic folding in an orogenic gold project in Michoacan, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of June 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 26th week of the year (June24th to June 30th, 2024), companies working in Mexico posted at least 30 press releases. Three companies informed on exploration advances on their properties, while one other informed a second rig has been added to its drilling program. A company announced a new non-brokered private placement, one other cancelled the previously announced non-brokered private placement, one more granted stock options, an additional one began trading on the Lima stock Exchange and one other settled on shares for debt. Five companies released drilling results from their advanced properties, and one more on an underground bulk sampling program. One company announced the termination of the share purchase agreement to acquire another company. One other company is to resume trading, five more held their AGMs, three companies (yes, three) informed on arbitration processes against Mexico, one company announced an appointment, and one more announced the authorization by shareholders to proceed on the acquisition of the company by another enterprise. ON MEXICO ISSUES, three companies informed on arbitration processes against Mexico: Almadex Minerals, Almaden Minerals and Ganfeng Lithium. They are engrossing the ranks of mining/exploration companies seeking compensation for their failing investments in Mexico due to government action/inaction. Other companies in this position include Odyssey Marine Exploration, Vulcan Materials and Silver Bull Resources. ON EXPLORATION, In Sonora, Minaurum Gold is to complete a technical report on its Alamos project. In Chihuahua, Radius Gold announced the commencement of drilling at Plata Verde, Chihuahua, by its partner Fresnillo plc; Quetzal Copper mobilized field and drill crews to Cristina, in Chihuahua. Prismo Metals is to mobilize its drilling crew to Palos Verdes, in Sinaloa. ON MINING, Kootenay Silver added a second rig to the drill program at Columba, in Chihuahua. ON FINANCING, Quetzal Copper cancelled a $2 M financing. Vizsla Royalties announced a financing round of up to C$3.7 M. Bear Creek Mining granted stock options. Sierra Metals began trading on the Lima stock exchange. Silver Wolf completed a shares for debt transaction for 3.36 M shares. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining (La Parrilla, Durango), Prime Mining (Los Reyes, Sinaloa), Orla Mining (Camino Rojo Sulphide Extension, Zacatecas), Vizsla Silver (Panuco, Sinaloa) and Torex Gold (El Limón, Guerrero) presented drilling results from their advanced/brownfield projects. GRSilver Mining presented bulk sampling test mining results from its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, GRSilver Mining announced the termination of the agreement to acquire Marlin Gold Mining, later on the week GRSilver and another Canadian company signed an agreement on the acquisition of all the shares of Marlin Gold held by GRSilver. Quetzal Copper has resumed trading on the TSX. Ganfeng Lithium, Almaden Minerals and Almadex Minerals presented arbitration claims against Mexico. Americas Gold and Silver, Almaden Minerals, Torex Gold, Sierra Metals and Aztec Minerals held their respective AGM’s. Vortex Metals announced the appointment of Paul Fürst to its board of directors. Argonaut Gold’s shareholders approved the acquisition of the company by Alamos Gold. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Three companies presented arbitration claims against Mexico during the week, with Ganfeng Lithium, Almaden Minerals, Almadex Minerals adding to the list of companies seeking compensation for their failing businesses in Mexico due to government action/inaction. This is the result of policies directed by the incumbent of the current federal government, with or without legal support. The mining industry is waiting to see the true colors of the elected president Claudia Sheinbaum once she assumes the presidency.

ON EXPLORATION

  • Minaurum Gold Inc. engaged Independent Mining Consultants Inc. to complete an initial mineral resource estimate at its Alamos silver project in Sonora. “The NI 43-101 compliant Mineral Resource Estimate will initially focus on the Europa and Promontorio silver veins. An IMC qualified person (QP) will be on site and commence work in July 2024.”
  • Radius Gold Inc. announced the commencement of drilling at its Plata Verde project in Chihuahua, in partnership with Fresnillo plc. The planned program comprises 2,000 m of drilling targeting bulk minable, underground silver resources at the historic Plata Verde mines. “Silver mineralization occurs as massive to crustiform banded barite calcite and quartz with silver chlorides, sulphosalt minerals and native silver infilling and cementing fractures and breccia within a basaltic/andesite extrusive volcanic. The basaltic/andesite host occurs at the base of the Upper Rhyolitic Volcanics of the Northern Sierra Madre”.
  • Quetzal Copper Corp. mobilized field and drill crews to site at the Cristinas project in Chihuahua. The 1,500 to 3,000 m program focus is to step down-dip from high-grade copper intercepts on the 2014 drill program. Also, two conductors identified in the 2022 electro-magnetic geophysical survey (EM) will be targeted. The company plans to do a follow up downhole EM survey after drilling, to obtain more detailed data on the extent and geometry of the Coatl vein and a hanging wall conductor.

ON MINING

  • Kootenay Silver Inc. announced a second rig has been added to the drill program underway at its Columba project in Chihuahua. Current drilling is focused on extending the limits of the “D-Vein” and the second rig is to test the southeast extensions of the “B-Vein” and the “B2-Vein”, prioritizing where these trends intersect. “Prospective veins on the project are hosted within a volcanic caldera setting, the surface extent of mapped veins measuring roughly 4 kilometres by 3 kilometres. Management believes that Columba may be a newly recognized vein district that is nearly entirely preserved from erosion.”

ON FINANCING

  • Quetzal Copper Corp. cancelled the previously announced $2 M non-brokered private placement (Cuatro Hermanos, Sonora).
  • Bear Creek Mining Corp. granted to certain directors, officers and employees of Bear Creek a cumulative total of 1.36 M stock options and a cumulative of 1.62 M restricted share units (Mercedes, Sonora).
  • Vizsla Royalties Corp. announced a non-brokered private placement for gross proceeds of up to C$3.7 M (NSR on Panuco, Sinaloa).
  • Sierra Metals Inc. informed its shares began trading on June 28, 2024, on the Bolsa de Valores de Lima (Bolivar, Chihuahua).
  • Silver Wolf Exploration Ltd. announced the completion of the shares for debt transaction with two of its principal creditors, Oniva International Services Corp., a private company controlled by the company’s CEO, which provides administrative services, and Avino Silver & Gold Mines Ltd. Silver Wolf has issued 1.07 M common shares to Oniva and 2.29 M common shares to Avino. As result, Oniva and CEO David Wolfin now hold approximately 24.70% of the total issued and outstanding shares of Silver Wolf (Ana María, Durango).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd. announced further diamond drill results from the San Marcos area at the La Parrilla mine complex in Durango. Highlighted core length results comprise 3.50 m @ 147 gpt Ag, 0.07 gpt Au, 0.4% Pb, 0.3% Zn; 1.00 m @ 369 gpt Ag, 0.02 gpt Au, 0.1% Pb, 0.4% Zn; 19.03 m @ 183 gpt Ag, 0.60 gpt Au, 0.4% Pb, 0.2% Zn (including 2.63 m @ 142 gpt Ag, 2.45 gpt Au, 0.5% Pb, 0.5% Zn and 5.14 m @ 449 gpt Ag, 0.37 gpt Au, 0.7% Pb, 0.2% Zn); 2.13 m @ 370 gpt Ag, 0.24 gpt Au, 1.1% Pb, 0.2% Zn; 11.75 m @ 210 gpt Ag, 0.65 gpt Au, 1.7% Pb, 0.4% Zn (including 2.00 m @ 374 gpt Ag, 0.83 gpt Au, 4.3% Pb, 0.5% Zn); 0.49 m @ 489 gpt Ag, 0.16 gpt Au, 1.4% Pb, 3.8% Zn; 1.00 m @ 204 gpt Ag; 3.25 m @ 125 gpt Ag, 0.38 gpt Au, 0.9% Pb, 0.4% Zn; 1.00 m @ 392 gpt Ag, 0.14 gpt Au, 1.1% Pb, 0.2% Zn. “The San Marcos Zone is comprised of quartz-carbonate vein mineralization ….. hosted within a fault zone marking the eastern contact of the granodiorite stock. It has a known strike length of 650 m with mineralization extending vertically for 450, and a thickness of up to 17 m”. Current results extend mineralization 100 m below the deepest workings on the San Marcos area.
  • Prime Mining Corp. reported expansion drilling results from 15 holes on the Z-T area of its Los Reyes project in Sinaloa. Highlighted true width results comprise 2.9 m @ 6.64 gpt Au, 22 gpt Ag (including 1.0 m @ 18.90 gpt Au, 20 gpt Ag); 1.0 m @ 1.33 gpt Au, 5 gpt Ag; 14.2 m @ 1.00 gpt Au, 40 gpt Ag (including 2.4 m @ 2.60 gpt Au, 134 gpt Ag); 4.0 m @ 1.11 gpt Au, 16 gpt Ag; 7.9 m @ 0.46 gpt Au, 27 gpt Ag; 10.7 m @ 1.21 gpt Au, 20 gpt Ag (including 0.8 m @ 6.80 gpt Au, 37 gpt Ag). These results confirm mineralization continues 425 m downdip from the current programmed pit bottom and 275 m along strike.
  • Orla Mining Ltd. updated on exploration activities from the first half of 2024 at the Camino Rojo Sulphide Extension project in Zacatecas. Included are the results of 13,500 m of drilling in 19 holes, as part of the 30,000 m drill program for 2024. Metallurgical testing on core from the drill program showed 86% Au recovery on bottle roll test, 84% Au on rougher flotation, while open-circuit Zn cleaner tests returned 94% Zn recoveries. Highlighted core length intervals comprise 15.0 m @ 2.40 gpt Au, 9 gpt Ag, 0.4% Zn; 9.75 m @ 3.49 gpt Au, 8 gpt Ag, 1.1% Zn (including 1.50 m @ 16.6 gpt Au, 31 gpt Ag, 5.6% Zn); 13.5 m @ 2.38 gpt Au, 12 gpt Ag, 0.8% Zn (including 1.00 m @ 13.1 gpt Au, 11 gpt Ag, 0.2% Zn, 0.11% Cu); 23.4 m @ 1.86 gpt Au, 15 gpt Ag, 0.28% Cu; 7.25 m @ 3.67 gpt Au, 4 gpt Ag, 6.9% Zn; 0.85 m @ 45.4 gpt Au, 55 gpt Ag, 0.9% Zn, 0.9% Pb; 17.2 m @ 3.25 gpt Au, 9 gpt Ag, 0.1% Zn, 0.16% Cu; 15.0 m @ 4.57 gpt Au, 19 gpt Ag, 2.6% Zn (including 0.75 m @ 51.1 gpt Au, 44 gpt Ag, 8.1% Zn, 0.16% Cu); 12.4 m @ 3.15 gpt Au, 5 gpt Ag, 0.2% Zn (including 0.60 m @ 50.0 gpt Au, 3 gpt Ag); 6.60 m @ 6.72 gpt Au, 8 gpt Ag, 0.8% Zn (including 0.45 m @ 78.6 gpt Au, 51 gpt Ag, 8.2% Zn, 0.10% Cu. “The drill results indicate potential expansion of the Camino Rojo Sulphide resource at depth, extending beyond the current mineral resource down plunge by 500 metres and down dip by 300 metres. This high-grade polymetallic (Au-Ag-Zn) semi-massive to massive replacement style mineralization remains open at depth.”
  • Vizsla Silver Corp. reported infill drilling results from five core holes on the Copala resource area at its Panuco project in Sinaloa. Mineralization has been traced for 1,770 m along strike and 400 m down dip on the Copala structure, which holds 83.3 M Oz AgEq in indicated resources at 573 gpt AgEq and inferred resources of 48.3 M Oz AgEq at 476 gpt AgEq. “The infill holes reported herein are part of an ongoing ~10,000 program (~35 holes), planned to convert near surface Indicated Mineral Resources in the central portion of main Copala into the Measured Resource category.” Highlighted true width intercepts comprise 4.20 m @ 103.20 gpt Au, 1,694 gpt Ag (including 0.64 m @ 663.00 gpt Au, 9,920 gpt Ag); 3.10 m @ 3.33 gpt Au, 682 gpt Ag; 10.90 m @ 2.80 gpt Au, 762 gpt Ag (including 1.47 m @ 13.58 gpt Au, 3,805 gpt Ag); 10.50 m @ 5.27 gpt Au, 804 gpt Ag (including 1,47 m @ 24.87 gpt Au, 3,437 gpt Ag).
  • GRSilver Mining Ltd. announced that it has advanced underground development and bulk sampling test mining at the San Juan area of its Plomosas project in Sinaloa. To date 280 m of underground development have been completed, 15,170 tonnes of test material processed, resulting on 235 tonnes of Ag-Au-Pb concentrate produced with 60-75% Au, 84-92% Ag recoveries. Channel sample results from the San Juan bulk sampling area returned 1.3 m @ 0.29 gpt Au, 160 gpt Ag, 0.4% Pb, 0.4% Zn; 0.7 m @ 0.50 gpt Au, 499 gpt Ag, 1.1% Pb, 1.4% Zn; 0.5 m @ 0.29 gpt Au, 338 gpt Ag, 0.7% Pb, 0.7% Zn; 1.0 m @ 0.33 gpt Au, 1,095 gpt Ag, 1.12% Pb, 3.2% Zn; 2.0 m @ 0.33 gpt Au, 133 gpt Ag, 0.1% Pb, 0.2% Zn; 1.0 m @ 0.10 gpt Au, 372 gpt Ag, 0.5% Pb, 2.3% Zn; 1.0 m @ 1.69 gpt Au, 927 gpt Ag, 6.3% Pb, 5.6% Zn; 1.0 m @ 0.74 gpt Au, 768 gpt Ag, 2.3% Pb, 2.2% Zn; 1.2 m @ 0.98 gpt Au, 465 gpt Ag, 8.1% Pb, 10.4% Zn; 1.5 m @ 0.96 gpt Au, 160 gpt Ag, 1.2% Pb, 5.5% Zn; 2.5 m @ 14.13 gpt Au, 1,624 gpt Ag, 0.2% Zn.
  • Torex Gold Resources Inc. released assay results from the ongoing drill program at El Limón Guajes Underground project at its Morelos Complex in Guerrero. The results are part of the expansion drilling at the El Limón Sur, El Limón Deep and Subsill trends “demonstrating the potential to grow mineral resources, extend high-grade mineralization, and support extending the reserve life of ELG Underground beyond 2028.” Highlighted core length results comprise 7.68 m @ 9.61 gpt Au, 12 gpt Ag, 0.31% Cu; 3.12 m @ 5.89 gpt Au, 51 gpt Ag, 2.58% Cu; 15.71 m @ 2.30 gpt Au, 61 gpt Ag, 2.16% Cu; 12.15 m @ 2.81 gpt Au, 56 gpt Ag, 2.28% Cu; 17.95 m @ 7.42 gpt Au, 2 gpt Ag at El Limón Sur Trend, 5.43 m @ 12.02 gpt Au, 24 gpt Ag, 1.22% Cu; 15.25 m @ 6.74 gpt Au, 34 gpt Ag, 2.48% Cu; 4.19 m @ 3.01 gpt Au, 4 gpt Ag, 0.27% Cu; 3.80 m @ 4.76 gpt Au, 6 gpt Ag, 0.36% Cu; 2.89 m @ 4.48 gpt Au, 5 gpt Ag; 5.28 m @ 5.67 gpt Au, 9 gpt Ag 0.19% Cu at El Limón Deep Trend and 5.00 m @ 11.75 gpt Au, 3 gpt Ag; 8.52 m @ 19.79 gpt Au, 2 gpt Ag; 3.09 m @ 4.04 gpt Au, 6 gpt Ag, 0.22% Cu at the Subsill Trend.

ON DEALS AND CORPORATE ISSUES

  • GRSilver Mining Ltd. announced on June 24, 2024 the termination of the share purchase agreement to acquire Marlin Gold Mining Ltd., as the closing was not completed by the closing deadline. GR Silver is to focus on resource growth and potential development of the Plomosas project in Sinaloa, “including the San Marcial, Plomosas Mine, and San Juan Areas. The Company retains its interest in a total of 734 km2 of concessions in the prolific Rosario District in Sinaloa, Mexico, including the former La Trinidad oxide gold mine”. Later on the week, the company and a private, arm´s length Canadian company active in Mexico (“PrivateCo”) informed the signing of a definitive and binding share purchase agreement under which PrivateCo will acquire 100% of the issued and outstanding shares of Marlin Gold Mining Ltd. from GRSilver Mining. Accordingly, GRSilver Mining will transfer to PrivateCo all existing assets, rights, covenants, indemnities and obligations to PrivateCo, in consideration for which GRSilver Mining will receive 0.5% NSR royalty and a 10-year first right of refusal on any disposition of other concessions by PrivateCo.
  • Quetzal Copper Corp. will resume trading at the TSX on June 26, 2024 (Cuatro Hermanos, Sonora).
  • Ganfeng Lithium Group. presented an arbitration claim against the Mexican government on the cancellation of nine key mining concessions at its Sonora Lithium project in Sonora.
  • Americas Gold and Silver Corp. held its annual general meeting (AGM) on June 25, 2024 (Cosalá, Sinaloa).
  • Almaden Minerals Ltd. held its annual general meeting (AGM) on June 26, 2024 (Ixtaca, Puebla).
  • Torex Gold Resources Inc. held its annual general meeting (AGM) on June 26, 2024 (Morelos Complex, Guerrero).
  • Almadex Minerals Ltd. provided an update on the international arbitration proceedings against Mexico under the comprehensive and progressive Agreement for Trans-Pacific partnership (CPTPP). Almadex Minerals and Almaden Minerals (and subsidiaries) have entered into a litigation management agreement to streamline the management of the arbitration proceedings. “Almaden will bear the up-front costs of the arbitration and provide overall direction to the arbitration process for itself and its subsidiaries, as well as Almadex and its subsidiaries, with certain limitations. Almadex will remain a party to the arbitration and continue in its cooperation and support of the process …. Almadex also reports that it has agreed with Almaden to extend the maturity of the gold loan (see press release of May 14, 2019) from March 31, 2026 to the earlier of March 31, 2030 or the receipt by Almaden or its subsidiary of any amount relating to its legal claims against Mexico” (NSR on Ixtaca, Puebla).
  • Almaden Minerals Ltd. confirmed non-recourse litigation funding in the amount of up to US$9.5 M to pursue its international arbitration proceedings against Mexico under the comprehensive and progressive Agreement for Trans-Pacific partnership (CPTPP). Almaden signed a litigation funding agreement with a leading legal finance provider. “The facility is available for immediate draw down for Almaden to pursue damages against Mexico under the CPTPP resulting from Mexico’s actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s investments in Mexico.” Almaden entered into litigation management agreement with Almadex Minerals Ltd. to streamline the management of the arbitration proceedings.
  • Vortex Metals Inc. announced the appointment of “Banco de Chile Director and distinguished businessman Mr. Paul Fürst to its Board of Directors. Mr. Fürst is also a principal in Windows Minerals, Vortex Metals Optionor on the Chilean Illapel Copper Project.” (Riqueza Marina, Oaxaca).
  • Sierra Metals Inc. held its annual general meeting (AGM) on June 25, 2024. Miguel Aramburu was appointed as chair of the board of directors of the company. On a further press release was announced the appointment of Jean Pierre Fort to the position of Chief Financial Officer and the retirement from the company of the previous CFO Jose Fernandez-Baca (Bolivar, Chihuahua).
  • Aztec Minerals Corp. announced that all matters submitted to shareholders were approved the majority of votes cast at the annual general and special meeting of shareholders held on June 26, 2024 (Cervantes, Sonora).
  • Argonaut Gold Inc. announced that shareholders approved a special resolution authorizing a plan of arrangement pursuant to which Alamos Gold Inc. will acquire all of the issued and outstanding common shares of Argonaut at the annual general meeting held on June 28, 2024 (La Colorada, Sonora).  

ON SOCIAL RESPONSIBILITY

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On the image below: Quartz veinlet with chloritization halo in mafic intrusive rock HQ core from a project in the Sonoran Desert. Picture by Jorge Cirett