New Gold Reports Strong Fourth Quarter

new gold reports strong q4 2018

January 8, 2019 – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) reports strong fourth quarter operating results from the Rainy River and New Afton Mines, with Rainy River achieving annual revised gold production guidance and New Afton exceeding annual gold production guidance as well as achieving the high end of annual copper production guidance. (All amounts are in US dollars unless otherwise indicated.)

Highlights on the Third Week of December, 2018. Mining and Exploration News in Mexico

Upper levels of an epithermal vein system

By Miguel A Heredia

During the 51st week of the year (December 17th to December 23th, 2018), at least 28 press releases were announced by companies working in Mexico, with nine informing on exploration results, eight disclosing deals and corporate issues, six announcing financing rounds, two communicating production results, two exposing government issues and one reporting on advances on their properties. ON MEXICO ISSUES, The Secretariat of Economy decentralized and moved the Undersecretariat of Mining to Chihuahua. The Undersecretary of Mining discarded to harden rules for mining industry. ON EXPLORATION, In Sonora, Aztec Minerals reported the completion of an airborne geophysical survey on its Cervantes project as well as metallurgical testing results; San Marco Resources completed a drilling program on its Chunibas project; Mexus Gold released drill results from its Santa Elena project; Minaurum announced the mobilization of a second drill rig to its Alamo Silver project; Colibri provided a review of its exploration activities during 2018. In Coahuila, Prize released drill results from its Manto Negro project. Almadex provided an exploration update on their Yago and El Chato properties in Nayarit and Puebla respectively. In Veracruz, Azucar Minerals reported drill results from its El Cobre project. ON MINING, Endeavour provided an early review of its El Cubo mine plan in Guanajuato for 2019.  GoGold announced Q4 and full year 2018 production results from its Parral project in Chihuahua.  ON FINANCING, SilverCrest entered in a private placement for gross proceeds of CAD$ 292K (Las Chispas, Sonora). VVC Exploration closed a non-brokered private placement for an aggregate of CAD$ 2,212,510 or approximately US$ 1.7M, (Samalayuca, Chihuahua). Alamos Gold announced the purchase of 25,513,043 common shares (Mulatos mine, Sonora).  Minaurum rised the amount of $3,981,937.50 in proceeds from the exercise of warrants (Alamos Silver, Sonora). Candelaria announced a non-brokered private placement for 4.2M (Pinos, Zacatecas).  Impact extended the deadline to complete a non-brokered private placement for gross proceeds of approximately $1.5M (Zacualpan, State of Mexico). Mexican Gold provided an update on the second tranche of a previous announced non- brokered private placement for gross proceeds of up to $3M (Las Minas, Veracruz). Prime Meridian announced that the company will be conducting a non-brokered private placement for gross proceeds of up to $1.5M (Tango Gold, Sinaloa).   ON RESOURCES AND DEVELOPMENT, Minera Alamos provided an update of the 2018 development activities performed at its La Fortuna project in Durango. ON DEALS AND CORPORATE ISSUES, SilverCrest granted stock options to the Company´s directors, officers, employees, and consultants. Almaden appointed financial advisor to assist in arranging financial project for its Ixtaca property in Puebla.  Mammoth entered in an option agreement with Centerra on its Tenoriba project in Chihuahua. Silver Viper acquired La Virginia property in Sonora from Pan American Silver. Aura Minerals announced a consolidation of its common shares (Aranzazu mine, Zacatecas). Santacruz issued 250K of its common shares and made a cash payment to Haywood to amends a financial advisory agreement signed by both companies (Veta Grande mine, Zacatecas). First Mining announced the appointment of its CEO. Harvest Gold granted stock options to certain directors, officers, and consultants.   Prime Meridian concluded an option to purchase 100% interest in the Tango Gold property in Sinaloa.

ON MEXICO ISSUES

  • The Secretariat of Economy decentralized and moved the Undersecretariat of Mining to Chihuahua. Francisco Quiroja, the recently appointed Undersecretary of Mining, inaugurated in Chihuahua city the headquarter of the federal dependence and exposed that is key to promote an active industrial politics that foster the innovation, diversification and inclusion of the Mexican mining and metallurgy sectors. To reach the strategy planned , the Undersecretary of Mining will lean on the General Coordination of Mines, dependence in charge of regulating the sector, on the General Coordination of the Mining Development, to promote the development of the mining sector,  on the Mexican Geological Survey,  to support and push the competitiveness in exploration, on FIFOMI, to increase the financing and structure projects subject to credits, and on the Mining Fund to  make sure the social viability of the different projects and of the validations of the same ones.
  • The Undersecretary of Mining discarded to harden rules for mining industry. The Undersecretary of Mining (Francisco Quiroga) pointed out that the new government doesn’t look for to carry out drastic changes in the sector, canceling concessions or increasing the production royalties paid for mining companies. “The companies have rights and none right will be harmed, neither that of the communities neither that of the companies”.  Francisco Quiroga affirmed that, for the time being, his efforts are centered in simplifying steps, to promote new projects and to impel the exploration in the sector. He also is analyzing changes to the formula of distribution of the Mining Fund.

ON EXPLORATION

  • Aztec Minerals Corp., announced the completion of a helicopter-based airborne magnetic, radiometric , and VLF survey covering the entire 3,694 hectares with 100m spaced lines of its Cervantes project in Sonora. “Preliminary results show an extensive magnetic high under the California target extending and broadening towards the north. Other targets such as Purisima and Jacobo have either low to very high magnetic response respectively, suggesting that there is more than one phase of porphyry intrusions on the property. A large and interesting northwest-southeast oriented magnetic high was detected on the northwest side of the survey and corresponds to a newly identified area of extensive gossan oxide and pyrrhotite-pyrite- chalcopyrite-arsenopyrite mineralization in hornfels and sediments intruded by feldspar-quartz porphyry dykes. The pyrrhotite indicates a reduced copper-gold system and likely contributes to the magnetic high”. Aztec also reported high gold recoveries by cyanide leach analysis of 5 drill holes. Gold recoveries include 87% Au and 45% Ag over 98m in hole 18CER007, 84% Au and 54% Ag over 106m in hole 18CER006, and 84% Au and 49% Ag over 93.5m in hole 18CER003.
  • San Marco Resources Inc., completed a drilling program funded by Antofagasta plc, on its Chunibas project in Sonora. 1,640m of core in seven holes were drilled to confirm down-dip and along strike alteration and mineralization observed on surface along a 1.2km long NW-SE mineralized corridor and a 400m long NE-SW perpendicular mineralized corridor. San Marco reported that all holes intersected several intervals with visible fine grained disseminations and cavity fillings of bornite, chalcocite, and traces of chalcopyrite. Assays results are pending and will be released once the company makes its analysis and interpretation.
  • Mexus Gold US, released results of two holes drilled at the Julio area within its Santa Elena project in Sonora. Holes 4 and 5 averaged 0.8 g/t Au over 3 m and 2 m intercepts with a 1 m section of 1.4 g/t Au. Assay results are pending from holes 6 to 9 to complete the evaluation of the initial drill program on this target area.
  • Minaurum Gold Inc., announced the mobilization of a second drill rig to its Alamos Silver project in Sonora to accelerate the testing of new veins identified recently. Minaurum also announced rock sampling results and the discovery of the 1.2km long monzonite-hosted Salvia vein zone. Highlights of the rock sampling include 1m of 1,150 g/t Ag, 2m of 1.03% Cu, 1.2m of 3,240 g/t Ag, and 1.50m of 747 g/t Ag.
  • Colibri Resources Corporation, provided a review of its exploration activities during 2018 of its projects in Sonora. Colibri drilled 2,900m in 27 holes at its El Pilar project, extending the length of the known mineralized gold deposit 52% and confirmed many of the historical drill results from the previous operator. Drilling highlights of the 2018 program are 9m of 8.2 g/t Au, including 1.5m of 33.4 g/t Au; 28.5m of 0.57 g/t Au, including 3m of 4.24 g/t Au; 40.5m of 0.73 g/t Au, including 3m of 5.37 g/t Au; and 61.5m of 0.75 g/t Au, including 1.5m of 17.3 g/t Au. El Pilar and Evelyn projects have been reviewed by several companies for potential JV opportunities, however none agreement has been made at this time. The company also added two gold exploration projects named El Mesquite and Jackie by the purchase of Yaque Minerals, a private exploration company. El Mesquite contains a 600m long by 300m wide mineralized zone with values up to 3.41 g/t Au. Geophysical surveys have identified resistivity and chargeability anomalies with merits to be drill tested. Jackie is a grass root gold exploration project. An exploration campaign is expected to be carried out in 2019, which will consists of mapping, stream sediment sampling, chip sampling, and possibly a soil sample grid.
  • Prize Mining Corporation, released drill results from the Pilar Grande target within its Manto Negro project in Coahuila. Significant intersections are in hole DDHDI-18-05 with 2.5m of 0.72% Cu and 46 g/t Ag, including 0.55m of 1.43% Cu and 126 g/t Ag, and 0.45m of 1.74% Cu and 87 g/t Ag; hole DDHDI18-05 with 2.15m of 0.79% Cu and 37 g/t Ag, and 2.90m of 0.72% Cu and 24 g/t Ag.
  • Almadex Minerals Ltd., initiated a small “proof of concept” drill program at Gallo de Oro target within its Yago project in Nayarit where banded epithermal veins crop out at surface. At El Chato project in Puebla, Almadex has identified drill targets based on a defined IP chargeability anomaly beneath a zone of intense alteration interpreted to correspond with the upper portion of a buried porphyry system. Almadex geologists believe the El Chato has the same geological setting to that of Azucar Minerals Ltd´s El Cobre Cu-Au porphyry project in Veracruz.
  • Azucar Minerals Ltd., announced drill results from the North Zone within its El Cobre project on Veracruz. Highlights drill results at the North Zone include hole EC-18-053 with 231.50m of 0.45 g/t Au and 0.17% Cu, including 132m of 0.68 g/t Au and 0.24% Cu, and 70.20m of 1.07 g/t Au and 0.35% Cu, and 33.20m of 1.54 g/t Au and 0.49% Cu; hole EC-18-055 with 245.50m of 0.39 g/t Au and 0.17% Cu, including 148.50m of 0.54 g/t Au and 0.22% Cu, and 59.05m of 0.87 g/t Au and 0.32% Cu, and 33.30m of 1.10 g/t Au and 0.39% Cu; and hole EC-18-058 with 248.90m of 0.39 g/t Au and 0.19% Cu, including 74.50m of 0.67 g/t Au and 0.33% Cu, and 21.90m of 1.22 g/t Au and 0.55% Cu. Based on the drill results, the geologists have interpreted that “the mineralization appears to trend in NE-SW direction, that a late-mineral and barren to weakly mineralized intrusive occurs in the middle of the North Zone but tops out about 400m below the current surface, and that the mineralization remains open to depth, on either side of the late intrusion, and along strike to the northeast”.

ON MINING

  • Endeavour Silver Corp., provided an early review of its El Cubo mine plan in Guanajuato for 2019. The company plans to reduce the production rate in 2019 to approximately half its 1,500 tonnes per day, while continuing exploring for new reserves to extend the mine life. Endeavour has initiated layoffs of approximately 240 employees.
  • GoGold Resources Inc., produced 774.6K Oz Ag and 6,655 Oz Au (1.3M OZ Ag Eq) from its Parral mine in Chihuahua during the full year 2018. GoGold also reported the production of 241K Oz Ag Eq in Q4, 2018.

ON FINANCING

  • SilverCrest Metals Inc., entered in a private placement for gross proceeds of CAD$292K (Las Chispas, Sonora).
  • VVC Exploration Corporation, closed an equity non-brokered private placement financing for an aggregate of CAD$ 2,212,510 (approximately US$ 1.7M). Gross proceeds will be used in exploration work and maintenance fees on their Mexican properties (Samalayuca, Chihuahua, La Tuna, Sinaloa, and Cumeral in Sonora).
  • Alamos Gold Inc., announced its intention to make a normal course bid to purchase over the next twelve months,(beginning December 24, 2018 and ending December 23, 2019), up to 25,513,043 common shares (Mulatos mine, Sonora).
  • Aura Minerals Inc., announced a consolidation of its common shares on the basis of a new share for ten old shares.
  • Santacruz Silver Mining Ltd., issued 250K of its common shares and made a cash payment of $1,063 to Haywood Securities Inc., to amends a financial advisory agreement between the two companies.
  • Minaurum Gold Inc., raised $3,981,937.50 in proceeds from the exercise of warrants bringing its consolidated cash balance to approximately $10M. Gross proceeds will be used at its Alamos Silver project in Sonora.
  • Candelaria Mining Corp., announced a non-brokered private placement for aggregate gross proceeds of up to $4.2M. Gross proceeds will be used for the construction of the Pinos project according to the PEA described in a previous press release.
  • Impact Silver Corp., extended the deadline until January 18, 2019 to complete a non-brokered private placement of approximately $1.5M (Zacualpan, Estate of Mexico)
  • Mexican Gold Corp., provided an update on the second tranche of a previously announced non-brokered private placement for gross proceeds of up to $3M, subject to increase the size of the private placement by 25%. Mexican Gold expects to close the second tranche in the first weeks of January 2019. Net proceeds will be used to continue the exploration of its Las Minas project in Veracruz.
  • Prime Meridian Resources Corp., announced that the company will be conducting a non-brokered private placement for gross proceeds of up to $1.5M (Tango Gold, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Minera Alamos Inc., provided an update of the 2018 development activities carried out at its La Fortuna project in Durango. “La Fortuna now has key permitting and technical milestones in place. This provides a path to a commercial production decision in the second half of 2019″. Highlights of the 2018 project development were the completion of a PEA demonstrating robust project economics including an after tax internal return of 93%, and a AISC of $400 per ounce produced; the positive response from SEMARNAT approving the change of land use to construct mining and processing facilities; the completion of the geotechnical studies and design of the dry-stack tailings containment facilities for the project; and the identification of a new area called La Pista, located approximately 1.3km SW of the main zone of La Fortuna resources, which contains significant near surface disseminated Au-Ag mineralization amenable to heap leaching and showing intervals of up to 50m in width. This new zone has returned assays up to 8 g/t Au and 30 g/t Ag over a mineralized area of approximately 500m by 300m. Production highlights included in the PEA study are an average annual contained-metal production of approximately 50K Oz Au Eq (43K Oz Au, 220K Oz Ag, and 2.2M Lb Cu),  a 5-year mine life based on initial resource starter pit with 2M tonnes of 3.68 g/t Au, 20 g/t Ag, and 0.27% Cu, processed at 1,100 tonnes per day average processing rate, and 215K Oz Au, 1.1M Oz Ag, and 11.2M Lb Cu produced in concentates.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc., granted stock options to the Company´s directors, officers, employees, and consultants.
  • Almaden Minerals Ltd., appointed Auramet International, LLC as financial advisor to assist in arranging financial project for its Ixtaca property in Puebla.
  • Mammoth Resources Corp., entered in an option agreement with Centerra Gold Inc., on its Tenoriba project in Chihuahua. Centerra can earn up to 70% of interest by spending US$ 9M over a seven years period. Details of the deal is upon Centerra has invested US$ 4M, it will earn a 51% interest in the property and could decide to earn an extra 19% by incurring additional expenditures on the property for US$ 4M and completing a PEA which identifies a mineral resource which is compliant with NI 43-101 and making a cash payment or issuing common shares for the amount of US$ 0.55M to Mammoth.
  • Silver Viper Minerals Corp., acquired three large mineral concessions totaling 35,598 hectares that comprise part of the La Virginia Au-Ag property in Sonora from Pan American Silver Corp. Under the deal, Pan American is entitled to a 2% NSR over the entire project. The agreement also provides Pan American with a right of first refusal on the optioned properties if Silver Viper does not exercise its option and a right of first offer over the entire consolidated property.
  • First Mining Gold Corp., announced the appointment of its Chief Executive Officer (San Ricardo, Sonora).
  • Harvest Gold Corporation, granted stock options for a period of 5 years to certain directors, officers, and consultants.
  • Prime Meridian Resource Corp., concluded a binding term sheet to acquire 100% interest in the Tango Gold property in Sinaloa by making US$ 5M in total purchase payments, and holding costs payments within five years of the execution of the formal agreement as follow: Year 1: US$195K, Year 2: US$ 245K, Year 3; 305K, Year 4: 365K, and Year 5: 425K. Prime has the option of making the final purchase payment (US$ 5M less total purchase payments made to date) at the end of the 1st, 2nd, 3rd, 4th or 5th year of the term of the purchase option, and the final purchase payment will be paid in cash (50%) and common shares (50%). Tango Gold consists of 3,954 hectares over four contiguous mineral concessions.

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, upper levels of an epithermal vein system in a prospect in Zacatecas, Mexico.  Photo by Miguel A Heredia.

 

Minera Alamos Concludes a Successful Year ofDevelopment at La Fortuna Gold Project in Durango,Mexico

minera alamos concludes a successful year of development at la fortuna_dgo

Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – December 20, 2018) – Minera Alamos Inc. (TSXV: MAI)(“Minera” or the “Company”) is pleased to provide an update of its 2018 development activities at the La Fortuna (“Fortuna”or the “Project”) gold project located in Durango, Mexico.

Highlights on the First Week of December, 2018. Mining and Exploration News in Mexico

Mesothermal quartz vein.

By Miguel A Heredia

During the 49th week of the year (December 3rd to December 9th, 2018), at least 15 press releases were announced by companies working in Mexico, with seven informing on exploration results, four reporting on advances on their properties, four disclosing deals and corporate issues, and one communicating production results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Colibri announced plans to conduct a structural geology interpretation on its El Pilar project, Mexus Gold completed a drill program on its Santa Elena project, and Sonoro reported drill results from its Cerro Caliche project.  In Chihuahua, Radius Gold and its partner Pan American Silver announced drill results from its Amalia project, and Mammoth provided an update on exploration activities from its Tenoriba project. In Zacatecas, Advance Gold provided an update on exploration plans for its Tabasquena project. In Jalisco, Evrim reported drill results from its Cuale project.  ON MINING, US Antimony reported Sb monthly production from their Mexican operations. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Colibri clarified its resource estimation at its El Pilar project in Sonora. Avino released drill results from its Avino open pit mine area in Durango. Gold Resource announced drill results and expanded its Arista mine in Oaxaca. US Antimony announced an update on the leach plant for the Los Juarez Au-Ag-Sb property in Queretaro.  Minera Alamos provided a year-end development update on its Santana project in Sonora. ON DEALS AND CORPORATE ISSUES, Candelaria acquired the remaining 40% ownership of its Pinos property in Zacatecas. Colibri announced its intention to sell its Pitaya property interest in Sonora. Mexican Gold acquired 100% interest in three concessions at its Las Minas project in Veracruz. Radius announced its intention to issue shares for its Amalia project option payment.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Colibri Resource Corporation, announced that a structural geology interpretation will be conducted on its El Pilar project in Sonora to generate targets to drill-test.
  • Mexus Gold US, completed 736m of core drilling in 9 holes at its Santa Elena project in Sonora. 200 core samples were collected and sent to the lab for assays. Assay results are pending and will provide the guide for the next exploration stage toward locating a potential low angle shear zone Au and Ag resource.
  • Sonoro Metals Corp., reported drill results from 17 holes and expanded mineralization at its Cerro Caliche project in Sonora. Significant intersections are in Hole SCR-014 with 21.33m of 0.44 g/t Au and 4 g/t Ag; Hole SCR-015 with 10.67m of 0.51 g/t Au and 1 g/t Ag, and 19.81m of 0.35 g/t Au and 2 g/t Ag; Hole SCR-021 with 32m of 0.55 g/t Au and 11 g/t Ag, including 3.05m of 2.13 g/t Au and 65 g/t Ag; Hole SCR-019 with 19.81m of 0.52 g/t Au and 7 g/t Ag; Hole SCR-022 with 13.71m of 0.75 g/t Au, and 14 g/t Ag; Hole SCR-029 with 9.14m of 0.86 g/t Au and 6 g/t Ag and 15.24 m of 0.72 g/t Au and 4 g/t Ag; Hole SCR-024 with 13.72m of 0.68 g/t Au and 11 g/t Ag, including 4.57m of 1.5 g/t Au and 24 g/t Ag; and Hole SCR-030 with 22.86m of 0.72 g/t Au and 3 g/t Ag, including 10.67m of 1.26 g/t Au and 3 g/t Ag.
  • Radius Gold Inc., and Pan American Silver, announced initial drill results from its Amalia project in Chihuahua. 1,909m in 9 holes were drilled by Radius and tested three target zones: Campamento-San Pedro, Guadalupe and Dulces across a strike length of 1.8Km following the trace of a large regional fault and associated epithermal Au and Ag mineralization. Significant intersections encountered at the Campamento-San Pedro target area are in Hole AMDD18-003 with 30m of 0.3 g/t Au and 65 g/t Ag; Hole AMDD18-08 with 1m of 2.28 g/t Au and 521 g/t Ag and 5m of 0.59 g/t Au and 571 g/t Ag; and Hole AMDD18-09 with 26m of 7.08 g/t Au and 517 g/t Ag, including 5m of 14.71 g/t Au and 1,378 g/t Ag. Mineralization at the Campamento target is open in all directions. At Guadalupe and Dulces target zones none significant drill intersections were encountered.
  • Mammoth Resources Corp., provided an update on exploration activities developed during the period 2017-2018 at its Tenoriba project in Chihuahua. Mammoth vacated the property in late June until early October due to the rainy season. Geologist returned to the field to sample gaps in the drill core between intervals of reported mineralization which had not previously been sampled and to perform maintenance on roads in and around the project area following the seasonal rains. The company run IP and Magnetic geophysical surveys to cover approximately 40% of the property. Based on geophysical features, surface geology and geochemistry sampling results, Mammoth drilled 2,705m in 13 holes in the period 2017-2018 to test numerous targets. Significant drill intersections were encountered in 9 out of 11 holes reported. Based on previous results the company has decided to cover with IP and Magnetic geophysical surveys the remaining 60% of the property to define areas for future drilling and also to perform additional drilling to test the porphyry potential in the El Moreno-Cerro Colorado areas.
  • Advance Gold Corp., provided an update on exploration plans on its Tabasquena project in Zacatecas. Advance is exploring for a large epithermal vein system and plans to drill-test a feeder system type target named SG3.
  • Evrim Resources Corp., reported initial drill results from its Cuale project in Jalisco. A total of 1,167m have been completed of a planned 3,000m program. Evrim released assay results from four of the five drill holes targeting the La Gloria prospect with the most significant results in Hole GLR18-01 with 14m of 1.92 g/t Au and another deeper interval with 10.2m of 1.58% Cu; Hole GLR18-02 with 17m of 0.52 g/t Au; and Hole GLR18-03 with 29m of 0.87 g/t Au. The company has moved the rig near the North Dome target to drill-test additional targets.

ON MINING

  • US Antimony Corporation, reported that 160.8K Lb Sb were produced during November, 2018 from their Mexican operations (Soyatal, Queretaro and Wadley, San Luis Potosi).

ON FINANCING

  • No relevant news.

 ON RESOURCES AND DEVELOPMENT

  • Colibri Resource Corporation, clarified its resource estimation at its El Pilar project in Sonora. The company had released previously an in-house resource calculation of 700,000 tonnes of 1.9 g/t Au but it included historical drill holes reported by a previous operator, whereby this estimation is not NI 43-101 compliant and should not be relied upon.
  • Avino Silver & Gold Mines Ltd., released results from 11 holes drilled on the Avino vein stockwork system at its Avino open pit mine in Durango. 924.65m were drilled at the western end of the open pit in an area called El Hundido. Significant results are in Hole ET-18-03 with 05m of 0.03 g/t Au, 93 g/t Ag,  and 0.15% Cu, including 8.40m of 0.01 g/t Au, 325 g/t Ag, and 0.22% Cu; Hole ET-2018-04 with 3.95m of 1.47 g/t Au, 323 g/t Ag, and 0.30% Cu; Hole ET-2018-11 with 18.85m of 0.62 g/t Au, 84 g/t Ag, and 0.15% Cu, including 4.15m of 0.6 g/t Au, 144 g/t Ag, and 0.07% Cu and 1.25m of 2.81 g/t Au, 344 g/t Ag, and 1.69% Cu; and Hole Et-2018-12 with 1.10m of 0.60 g/t Au, 408 g/t Ag, and 1.88% Cu and other interval with 21.05m of 0.35 g/t Au, 79 g/t Ag, and 0.58% Cu, including 5.25m of 0.53 g/t Au, 155 g/t Ag, and 0.85% Cu, and 4.55m of 0.76 g/t Au, 121 g/t Ag, and 1.40% Cu. Based on these encouraging results, the company is adding easily accessible mineable resources.
  • Gold Resource Corporation, released drill results from the Switchback vein system as well as from a newly discovered mineralized veins at a target called Andesite Hill. These results extend the strike length by approximately 100m to the northwest and expand the vertical extent in depth and height at its Arista mine in Oaxaca. Significant results at the Switchback vein system are in Hole 518013 with 4.17m of 4.17 g/t Au, 63 g/t Ag, 0.68% Cu, 0.8% Pb, and 1.5% Zn, including 1.25m of 7.45 g/t Au, 102 g/t Ag, 0.63% Cu, 1.1% Pb, and 1.8% Zn; and Hole 518020 with 16.95m of 6.21 g/t Au, 80 g/t Ag, 0.52% Cu, 1.8% Pb, and 4.5% Zn, including 2.2m of 9.28 g/t Au, 81 g/t Ag, 0.87% Cu, 2.0% Pb, and 8.9% Zn, and including 1.3m of 25.1 g/t Au, 244 g/t Ag, 0.91% Cu, 2.4% Pb, and 5.1% Zn. Highlights at the Andesite Hill target are in Hole 518010 with 1.13m of 0.46 g/t Au, 77 g/t Ag, 0.35% Cu, 2.2% Pb, and 4.1% Zn and 0.48m of 1.42 g/t Au, 342 g/t Ag, 0.11% Cu, 0.3% Pb, and 0.3% Zn; and Hole 518011 with 0.30m of 5.47 g/t Au, 2,510 g/t Ag, 0.58% Cu, 0.8% Pb, and 1.6% Zn, and 2.29m of 4.01 g/t Au, 580 g/t Ag, 0.36% Cu, 3.8% Pb, and 5% Zn, including 0.72m of 5.89 g/t Au, 739 g/t Ag, 0.32% Cu, 1.7% Pb, and 7% Zn.
  • US Antimony Corporation, announced an update on the leach plant for the Los Juarez Au-Ag-Sb property in Queretaro, reporting that most of the equipment for the Puerto Blanco Plant is being installed at the Puerto Blanco Mill. Projects underway include finishing the tailings pond, wiring, plumbing, and completing the building.
  • Minera Alamos Inc., provided a year-end development update on its Santana project in Sonora. The company mined from Nicho Norte 50K tonnes of mineralized material to run heap leach tests to evaluate grades, recoveries, reagent consumptions, etc. Minera Alamos also reported that the Phase 1 drill program was successful on the Nicho Main Area where the holes intersected significant intervals including 127m of 0.81 g/t Au, 80.4m of 1.05 g/t Au, and 93.5m of 0.65 g/t Au. It also discovered the Divisadero porphyry target located approximately 200m north of the Nicho Norte Zone where a drill hole intersected 95.7m of 0.85 g/t Au, 10 g/t Ag and 0.33% Cu.   A Phase 2 drill program will commence shortly to follow-up on new discoveries made at Santana. Minera Alamos has been active in developing a strategy that allows them to take a decision to develop and construct the mine in Q1 2019 if the results are positive.

ON DEALS AND CORPORATE ISSUES

  • Candelaria Mining Corp., acquired the remaining 40% ownership of its Pinos project in Zacatecas by issuing 7,075,472 common shares to Minera Apolo S.A. de C.V.
  • Colibri Resource Corporation, entered in an agreement with Agnico Eagle Mines Limited to sell its Pitaya project interest in Sonora. Considerations in connection with the sale transaction could be paid by one of more third parties in cash or securities or a combination of cash and securities with Colibri receiving its proportionate share or paid by a lump sum cash payment from Agnico in the amount of $500K.
  • Mexican Gold Corp., acquired 100% interest in the Pepe, Pepe Tres and San Jose concessions at its Las Minas project in Veracruz by making a final payment of US$ 866,666. The owners will retain a 1.5% NSR of which one third may be purchased by US$ 500K at any time. Mexican Gold also has a right of first refusal in the event that the owners intend to transfer all or part of the remaining 1% royalty.
  • Radius Gold Inc., announced its intention to issue 74, 183 common shares to the project owners in accordance of its option to acquire a 100% interest of the Amalia property in Chihuahua. The shares will be issued at a deemed price of $0.90 per share.

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 mesothermal quartz vein in an Au orogenic prospect in Oaxaca, Mexico.  Photo by Miguel A Heredia.

MINERA ALAMOS PROVIDES YEAR-END DEVELOPMENT UPDATE FOR SANTANA GOLD PROJECT, SONORA, MEXICO

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Minera Alamos Inc. (“Minera Alamos” or the “Company”) (TSX V:MAI) is pleased to provide an update of its 2018 development activities at the Santana gold project located in Sonora, Mexico. Since the project was acquired as part of the merger completed in April this year with Corex Gold, the Company has aggressively advanced the Santana project.

Highlights on the Fourth Week of October, 2018. Mining and Exploration News in Mexico

Stibiconite-Cervantite crystals

By Miguel A Heredia

During the 43th week of the year (October 22th to October 28th, 2018), at least 29 press releases were announced by companies working in Mexico, with seven communicating mining activities, seven reporting on resources and developments, five disclosing deals and corporate issues,  five announcing financing issues, and four informing on exploration results. ON MEXICO ISSUES, the 13th International Mining Congress Sonora 2018 was held in the city of Hermosillo, Sonora on October 23-26. ON EXPLORATION, In Sonora, Minera Alamos and Minaurum reported exploration results from theirs Santana and Alamos Silver projects respectively. In Chihuahua, Harvest Gold provided an update of the drilling program on its Cerro Cascaron project. In Zacatecas, Santacruz provided drill results from its Veta Grande project. ON MINING, Agnico, Excellon, Fresnillo, GoGold, Goldcorp, Hecla and New Gold reported Q3 2018 results from their Mexican operations. ON FINANCING, Consolidated Zinc raised $1.3M from its share purchase plan, and proposed to raise further $220K. Auxico announced that its common shares are already trading on the NEX Exchange Growth Market. Mexican Gold announced its intention to complete a non-brokered private placement of up to $3M.  Oroco Resource increased its previous private placement to rise now up to $750K. Gold Resource declared monthly dividend to shareholders. ON RESOURCES AND DEVELOPMENT, Almaden reported infill drilling results within the PFS pit from its Ixtaca project in Puebla. Goldcorp announced proven and probable mineral reserves for its Peñasquito mine in Zacatecas. Mexican Gold announced plans to update resources for its Las Minas project in Veracruz. Premier Gold commenced an underground drilling program at its Marianas/Mercedes mine in Sonora.  Pan American Silver discovered wide mineralized zones at its La Colorada mine in Zacatecas. Torex reported infill drilling results for its Media Luna project in Guerrero. Azure released drill results from its Oposura project in Sonora. ON DEALS AND CORPORATE ISSUES, Canasil signed a letter of intent providing for Pan American Silver to acquire Canasil´s interest in the Sandra-Escobar project in Durango. Prize Mining retained Link Media to provide communications and market awareness services (Manto Negro, Coahuila). Metalla provided an update on the royalty acquisition of the Santa Gertrudis project in Sonora from GoGold. New Gold announced management changes (Cerro San Pedro, San Luis Potosi). Odyssey provided an update on legal filing for its Don Diego phosphate project in Baja California Sur.

ON MEXICO ISSUES

  • The 13th International Mining Congress Sonora 2018, was held in Hermosillo, Sonora on October 23-26. Sonora is the top state for mining in all Mexico.

 ON EXPLORATION

  • Minera Alamos Inc., reported drill results of a new broad zone of Au-Ag mineralization from its Santana project in Sonora. Hole S18-121 intersected 95.7m of 0.85 g/t Au, 10 g/t Ag, and 0.33% Cu (1.47 g/t Au Eq), including 70m of 1.1 g/t Au, 12 g/t Ag, and 0.56% Cu (1.88 g/t Au Eq). “The hole is the first drilled deep enough to intersect this new style of polymetallic mineralization that is associated with an andesite porphyry unit related to disseminated pyrite and intrusive breccias. Based on surface exposures and known geology the mineralized system appears to be open to expansion in all directions”.
  • Minaurum Gold Inc., released sampling results from the newly discovered Europa Sur Vein extension at its Alamo Silver project in Sonora. Significant results are 0.33 g/t Au, 1,205 g/t Ag, 1.9% Pb, 1.4% Zn, and 3.2 % Cu; 0.8m of 479 g/t Ag, 0.3% Pb, 0.5% Zn, and 3.19% Cu, and 2m of 0.15 g/t Au, 179 g/t Ag, 1.9% Pb, 1.3% Zn, and 2.51% Cu. “With this newly discovered extension, the Europa-Guadalupe vein now measures 2.5 km in strike length and further expands the scope of Minaurum’s exploration program to find extensions of all other currently identified veins”.
  • Harvest Gold Corporation, provided an update of the ongoing drilling program on its Cerro Cascaron Au-Ag project in Chihuahua. At Cascarita Silver target the drilling program is ongoing and currently focused on completing 600m in three holes. Once this target is drill tested, the crew will move to the Cascaron Vein Gold Field to drill three holes to test 900m of strike along the Serpiente Dorada and Julieta structures, and one hole to test beneath a high-grade Au-Ag surface samples across the Carabina vein.
  • Santacruz Silver Mining Ltd., announced drilling results from its Veta Grande project in Zacatecas and expanded the high-grade footprint. Highlights results are in Hole NA 18-006 with 2.15m (TW 1.95m) of 0.17 g/t Au, 669 g/t Ag, and 0.12% Cu, including 0.9m (TW 0.82m) of 29 g/t Au, 1,220 g/t Ag, and 0.12% Cu;

ON MINING

  • Agnico Eagle Mines Ltd., released Q3 2018 production results from its Mexican Operations. At Pinos Altos, Chihuahua, Agnico processed 508,000 tonnes of 2.96 g/t Au to produce 46.4K Oz Au. At Creston Mascota, Chihuahua, the company processed 309,000 tonnes of 0.84 g/t Au to produce 8K Oz Au. At La India, Sonora, Agnico processed 1,426,000 tonnes of 0.79 g/t Au to produce 27K Oz Au.
  • Excellon Resources Inc., reported Q3 2018 production results from its La Platosa mine in Durango. In this period, Excellon milled 17,907 tonnes of 416 g/t Ag, 3.5% Pb, and 4.3% Zn to produce 171.2K Oz Ag, 0.8M Lb Pb, and 1M Lb Zn with metallurgical recoveries of 89.9%, 74.2%, and 78.2% respectively.
  • Fresnillo plc., announced Q3 2018 production results from their Mexican operations. At Fresnillo mine, Zacatecas, the company processed 613,794 tonnes of 0.68% Au, 211 g/t Ag, 0.9% Pb, and 1.8% Zn to produce 10.5K Oz Au, 3.7M Oz Ag, 11M Lb Pb, and 18.1M Lb Zn. At Saucito mine, Zacatecas, 713,441 tonnes were processed at grades of 1.34 g/t Au, 250 g/t Ag, 0.9% Pb, and 1.6% Zn to produce 23.6K Oz Au, 4.9M Oz Ag, 12.9M Lb Pb, and 17.7M Lb Zn. At the Pyrites Plant, Fresnillo processed 63,336 tonnes of 2.9g /t Au and 423 g/t Ag to produce 1.4K Oz Au and 423K Oz Ag. At La Cienega mine, Durango, the company processed 332,493 tonnes of 1.79 g/t Au, 169 g/t Ag, 0.6% Pb, and 0.9% Zn to produce 18.2K Oz Au, 1.54M Oz Ag, 2.47M Lb Pb, and 4.2M Lb Zn. At San Julian mine, Chihuahua, 332,836 tonnes were processed from the vein system with grades of 1.84 g/t Au and 137 g/t Ag to produce 18.5K Oz Au and 1.35M Oz Ag while 561,808 tonnes were processed from San Julian JM disseminated ore body with grades of 0.11 g/t Au, 156 g/t Ag, 0.4% Pb, and 1.3% Zn to produce 9994 Oz Au, 2.3M Oz Ag, 2.8M Lb Pb, and 11.3M Lb Zn. At Herradura mine, Sonora, 5,859,579 tonnes were processed with grades of 0.76 g/t Au and 3 g/t Ag to produce 109.6 Oz Au and 492K Oz Ag. At Noche Buena mine, Sonora, Fresnillo processed 4,834,512 tonnes of 0.52 g/t Au to produce 42.5K Oz Au.
  • GoGold Resources Inc., presented Q3 2018 production results from its Parral tailings operation in Chihuahua. GoGold produced 105.6K Oz Ag and 1,665 Oz Au.
  • Goldcorp Inc., produced a total of 503K Oz Au during Q3 2018 from their mine operations. Goldcorp did not present separate production results by mines.
  • Hecla Mining Company, produced in Q3 2018 over 3.7K Oz Au and 0.5M Oz Ag from its San Sebastian mine in Durango.
  • New Gold Inc., reported Q3 2018 production results from its Cerro San Pedro operation in San Luis Potosi. New Gold produced 2K Oz Au and 0.1M Oz Ag from residual leaching.

ON FINANCING

  •  Consolidated Zinc Limited, closed its share purchase plan on October 22, 2018, raising a total of $1.3M. The company also proposed to conduct a placement to raise a further $220K (Plomosas mine, Chihuahua).
  • Auxico Resources Canada Inc., announced that its common shares are already trading on the NEX Exchange Growth Market in London. (Zamora Mining District, Sinaloa).
  • Mexican Gold Corp., notified its intention to complete a non-brokered private placement of up to $3M, the same that could be increased by up to 25% for aggregate gross proceeds of up to $3.75M. (Las Minas, Veracruz).
  • Oroco Resource Corp., announced that it has increased its previous private placement to raise net gross proceeds of up to $750K (Santo Tomas, Sinaloa).
  • Gold Resource Corporation, declared monthly dividend of 1/6 of a cent for common share to shareholders (El Aguila mine, Oaxaca).

 

ON RESOURCES AND DEVELOPMENT

  • Almaden Minerals Ltd., reported infill drilling results from its Ixtaca project in Puebla. The results are part of the PFS filed work program within the resource and mine plan area. Significant intersections are in Hole TU-18-543 with 127.40m of 1.15 g/t Au and 18 g/t Ag, including 34.50m of 2.08 g/t Au and 47 g/t Ag; Hole TU-18-544 with 145.50m of 1.83 g/t Au and 14 g/t Ag, including 40m of 4 g/t Au and 35 g/t Ag, including 5.10m of 11.6 g/t Au and 87 g/t Ag; Hole TU-18-548 with 139.08m of 1.58 g/t Au and 17 g/t Ag, including 60.58m of 2.75 g/t Au and 23 g/t Ag, including 28.50m of 4.33 g/t Au and 34 g/t Ag; and Hole TU-18-550 with 131.50m of 1.51 g/t Au and 49 g/t Ag, including 21m of 7.5 g/t Au and 57 g/t Ag, including 9.70m of 15.18 g/t Au and 104 g/t Ag, and including 11.50m of 1.07 g/t Au and 89 g/t Ag.
  • Goldcorp Inc., presented reserves and resource estimates as of June 30, 2018 for its Peñasquito mine in Zacatecas. Proven reserves are 376.43 M tonnes of 0.58 g/t Au, 35 g/t Ag, 0.3% Pb, and 0.8% Zn for a total of 6.97M Oz Au, 418.3M Oz Ag, 2,804M Lb Pb, and 6,314M Lb Zn. Probable reserves are 143.99M tonnes of 0.46 g/t Au, 24 g/t Ag, 0.3% Pb, and 0.5% Zn for a total of 2.15M Oz Au, 109.3M Oz Ag, 809.6M Lb Pb, and 1,680.3M Lb Zn. Proven + Probable reserves are 520.41M tonnes of 0.55 g/t Au, 32 g/t Ag, 0.3% Pb, and 0.7% Zn for a total of 9.1M Oz Au, 527.6M Oz Ag, 3,613.2M Lb Pb, and 7,994.5M Lb Zn. Measured resources are 94.03M tonnes of 0.25 g/t Au, 28 g/t Ag, 0.3% Pb, and 0.6% Zn for a total of 0.76M Oz Au, 85.6M Oz Ag, 579.6M Lb Pb, and 1,161.2M Lb Zn. Indicated resources are 104.77M tonnes of 0.24 g/t Au, 12 g/t Ag, 0.3% Pb, and 0.5% Zn for a total of 0.81M Oz Au, 76.7M Oz Ag, 610M Lb Pb, and 1,044.2M Lb Zn. Measured + Indicated resources are 198.8M tonnes of 0.25 g/t Au, 25 g/t Ag, 0.3% Pb, and 0.5% Zn for a total content of 1.57M Oz Au, 162.3M Oz Ag, 1,189.6M Lb Pb, and 2,205.4M Lb Zn. In addition, inferred resources are 14.88m tonnes of 0.3 g/t Au, 13 g/t Ag, 0.2% Pb, and 0.6% Zn for a total of 0.14M Oz Au, 6.4M Oz Ag, 54.1M Lb Pb, and 206.6M Lb Zn (Mineral resources are exclusive of mineral reserves).
  • Mexican Gold Corp., announced plans to update mineral resources for its Las Minas project in Veracruz. It also announced plans to conduct 3,000m of drilling to update and expand its open pit modeled mineral resource at the El Dorado/Juan Bran and Santa Cruz zones.
  • Premier Gold Mines Limited, commenced an underground drilling program at its Marianas/Mercedes mine in Sonora, where previous drill results suggest to have the potential to contain economic mineralization of higher than the current reserve grades. The goal is to convert the Marianas mineral resources to mineral reserves. If the results are positive, mining at Marianas could begin in H2 2019.
  • Pan American Silver Corp, discovered wide mineralized zones in limestone replacement mantos and thick intercepts of skarn below the current production levels at its la Colorada mine in Zacatecas. Drill highlights are in Hole U-39-18 with 223m of 69 g/t Ag, 1.9%Pb, and 3.4% Zn, including 32m of 227 g/t Ag; Hole U-30-18 with 71.6m of 54 g/t Ag, 2% Pb, and 5% Zn; Hole U-28-18 with 60.3m of 76 g/t Ag, 4.3% Pb, and 3.7% Zn; Hole U-32-18 with 46.3m of 54 g/t Ag, 2.3% Pb, and 4.4% Zn; Hole U-26-18 with 42.6m of 42 g/t Ag, 2.8% Pb, and 7% Zn, and other interval of 42m of 52 g/t Ag, 1.8% Pb, and 3.9% Zn; and Hole U-29-18 with 7.4m of 80 g/t Ag, 5.3% Pb, and 13.6% Zn, and other interval of 23.4m of 54 g/t Ag, 2.3% Pb, and 8.2% Zn. “These are extraordinary exploration results for our La Colorada mine, indicating the potential to substantially expand mineral resources, mine life and ultimately production capacity,”
  • Torex Gold Resources Inc., reported infill drilling results for its Media Luna project in Guerrero. Highlights intercepts include Hole ML 18-222A with 39.15m of 5.24 g/t Au, 93 g/t Ag, and 2.27% Cu (10.54 g/t Au Eq); Hole ML 18-215 with 49.63m of 4.8 g/t Au, 36 g/t Ag, and 0.97% Cu (7.0 g/t Au Eq); Hole ML 18-219W with 45.9m of 3.44 g/t Au, 59 g/t Ag, and 1.64% Cu (7.1 g/t Au Eq); and Hole ML 18-208W with 22.62m of 3.33 g/t Au, 87 g/t Ag, and 2.12% Cu (8.27 g/t Au Eq) (Intersections are reported as true thickness).
  • Azure Minerals Limited, released drill results from its Oposura project in Sonora. Significant intersections in the middle of the Central Zone are in Hole OPDH-173 with 12.05m of 23 g/t Ag, 1.7% Pb and 6% Zn, including 4.1m of 43 g/t Ag, 2% Pb and 10.5% Zn; and Hole OPDH-178 with 9.50m of 22 g/t Ag, 3.7% Pb, and 15.1 % Zn, including 6.15m of 31 g/t Ag, 4.7% Pb, and 22% Zn. Significant intersections in the East Zone into the Central Zone are in Hole OPDH-159 with 5m of 14 g/t Ag, 4% Pb, and 5.2% Zn and 6.15m of 97 g/t Ag, 2.3% Pb, and 13.4% Zn; Hole OPDH-171 with 4.4m of 294 g/t Ag, 5.6% Pb, and 14.8% Zn, including 3.6m of 353 g/t Ag, 6.6% Pb, and 17.7% Zn; and Hole OPDH-177 with 4.55m of 138 g/t Ag, 6.1% Pb, and 30.8% Zn, including 3.4m of 177 g/t Ag, 8% Pb, and 40.1% Zn. “These latest, high-grade, massive sulphide drill intersections from the sparsely drilled Central Zone confirm that this area has the potential to significantly increase Oposura’s resource base”. “They continue to build on the very positive results from the Oposura Scoping Study and confirm potential to extend the mine life and further improve the already impressive project economics.”

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., signed a letter of intent providing for Pan American Silver to acquire Canasil´s interest in the Sandra-Escobar project in Durango. The non-binding LOI is to enter in a definitive agreement for a payment of CAD $2.0M and 2% NSR. The NSR royalty can be reduced by Pan American Silver to 1% at any time by paying CAD $4.0M.
  • Prize Mining Corporation, retained Link Media to provide communications and market awareness services (Manto Negro, Coahuila).
  • Metalla Royalty & Streaming Ltd., announced that it is proceeding to close the acquisition of the 2% NSR on the Santa Gertrudis project in Sonora from GoGold Resources Inc.
  • New Gold Inc., announced management changes (Cerro San Pedro, San Luis Potosi).
  • Odyssey Marine Exploration Inc., filed an action before the Superior Section of the Mexican Federal Administrative Court due to the SEMARNAT´s recent refusal to issue the environmental permit for its San Diego phosphate project in Baja California Sur.

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

On the picture above, stibiconite-cervantite crystals in an epithermal system in Durango, Mexico.  Photo by Miguel A Heredia.

Highlights on the Second Week of October, 2018. Mining and Exploration News in Mexico

Sodic hydrothermal alteration

By Miguel A Heredia

During the 41th week of the year (October 08th to October 14th, 2018), at least 27 press releases were announced by companies working in Mexico, with eight reporting mining activities, seven informing on exploration results, four announcing financing issues, four communicating deals and corporate issues, two making donations to the local communities where they are working, and two reporting on resources and developments.  ON MEXICO ISSUES, Alamos Gold donated an educational center while Fresnillo plc contributed with a community library.  ON EXPLORATION, In Sonora, Minera Alamos reported drilling results from its Santana project, Sonoro Metals announced the launching of a 10,000m RC drilling program at its Cerro Caliche project, and Mexus announced an upcoming drill program at its Santa Elena project. In Chihuahua, VVC released drill results from its Samalayuca project. In Coahuila, Prize Mining reported underground sampling results from its Manto Negro project.  In Zacatecas, Advanced Gold presented drill results from its Tabasquena project. In Jalisco, Evrim received the environmental permit to drill its Cuale project. ON MINING, Capstone, Coeur, Endeavour, Fortuna, Great Panther, McEwen and Sierra Metals reported Q3 2018 results from their Mexican operations. Fortuna also reported overflow problems in the tailings facilities at its San Jose mine in Oaxaca. ON FINANCING, Galore closed a non-brokered private placement for gross proceeds of CDN$ 419.6 K. VVC increased its previous non-brokered private placement to CAD$ 2.5M. Sable raised an aggregate of $4.6M. Telson closed a non-brokered private placement for gross proceeds of $6.8M. ON RESOURCES AND DEVELOPMENT, Americas Silver provided updated mineral reserve and resource estimates for its Cosala operation in Sinaloa. Goldplay announced sampling results of historical core from its San Marcial project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Sonoro Metals acquired a 100% interest in the Cabeza Blanca concession (Cerro Caliche project, Sonora). Consolidated Zinc extended its share purchase plan until Monday 22 October, 2018 (Plomosas mine, Chihuahua). Leagold (Los Filos mine, Guerrero) appointed new COO and Plata Latina (El Naranjillo, Guanajuato) announced resignation of Director.

ON MEXICO ISSUES

  • Alamos Gold Inc., donated an educational center to the communities of Matarachi and Mulatos in Sonora.
  • Fresnillo plc., contributed with a library for the community of the Ejido Rodeo in Durango.

ON EXPLORATION

  • Minera Alamos Inc., reported initial results of a phase 1 drill program from its Santana project in Sonora. Significant intersections are Hole S118-116 with 93.5m of 0.65 g/t Au, Hole S118-115 with 17.8m of 0.73 g/t Au, and Hole S118-114 with 15.5m of 0.27 g/t Au and 14.9m of 1.4 g/t Au. “The first three holes were drilled near or within the Nicho deposit and were intended to evaluate mineralized extensions of previous exploration programs”. Assay results are pending from the remaining seven holes drilled during this phase 1 program.
  • Sonoro Metals Corp., announced the launching of a 10,00m RC drill program at its Cerro Caliche project in Sonora. The company has been granted with a 2 years environmental permit to drill 87 RC-holes in two years equivalent to approximately 10,000m. The Cerro Caliche´s target is a 2 square km zone with a cumulative total of over 10 km of gold mineralized quartz veins with associated lower grade veinlet zones.
  • Mexus Gold US, announced an upcoming drill program at its Santa Elena project in Sonora. Initial drilling will occur on 300m of the 2.2km long Julio vein and associated shear zone to probe a 100K Oz Au target.
  • VVC Exploration Corporation., presented results of sixteen holes drilled at the Gloria Extension East Zone within its Samalayuca project in Chihuahua. Highlights results are in Hole SC18-033 with 8.2m of 0.66% Cu, Hole SC18-34 with 10.1m of 0.34% Cu, Hole SC18-38 with 9.55m of 0.34% Cu, Hole SC18-39 with 9.6m of 0.38 % Cu, Hole SC18-40 with 14.4m of 0.35% Cu, Hole SC18-41 with 13.45m of 0.39% Cu, Hole SC18-43 with 25m of 0.32% Cu, Hole SC18-45 with 8m of 0.43% Cu, Hole SC18-46 with 6m of 0.41% Cu, Hole SC18-48 with 9m of 0.30% Cu, and Hole SC18-49 with 7.5m and 6m with 0.33% Cu and 0.35% Cu respectively.
  • Prize Mining Corporation, reported underground channel sampling results from the El Granizo mine within its Manto Negro Copper project in Coahuila. Thirty two individual samples returned > 1% Cu with a peak of 9% Cu. The weighted average content of the underground channel sampling was 2.62% Cu over an average channel height of 1.7m. Eleven samples returned > 100 g/t Ag and up to 199 g/t Ag, and eight samples with > 1% Pb to a maximum of 2.78% Pb.
  • Advanced Gold Corp., presented drill results from its Tabasquena project in Zacatecas. Three holes were drilled below the near surface oxide zone of the Tabasquena vein, the two furthest apart being 125m along strike. Highlights include the increase of the amount of quartz as drilling deeper and the discovery of 5 new blind epithermal veins.
  • Evrim Resources Corp., received drill permit and mobilized drill crew to its Cuale high sulphidation project in Jalisco. The drill program will consist of at least 3,000m and comprises between 10-15 drill holes. “The first drill holes at Cuale are planned at La Gloria to test the depth extent of the high grade Au mineralization encountered in trenches 1 and 4, followed by other high priority drill targets throughout the trenched area. Drilling is also planned at four step-out areas to test geophysical targets within the anomalous gold in soil geochemical and rock chip halo, including the North Dome which extends up to 1,000m north of the trenched area.

ON MINING

  • Capstone Mining Corporation, reported Q3 2018 results from its Cozamin mine in Zacatecas. Capstone milled 270,436 tonnes at a grade of 1.7% Cu, 1.1% Zn, 0.3% Pb and 49 g/t Ag to produce 9.7M Lb Cu, 4.6M Lb Pb, 983K Lb Pb, and 321K Oz Ag with metallurgical recoveries of 94.7%, 67.1%, 51.3% and 75.9% respectively.
  • Coeur Mining Inc., provided Q3 2018 results from its Palmarejo mine in Chihuahua. Coeur processed 300, 116 tonnes of 195 g/t Ag and 0.12 g/t Au to produce 1.3M Oz Ag and 14.7K Oz Au.
  • Endeavour Silver Corp., released Q3 2018 results from their three Ag-Au Mexican operations: Guanaceví mine in Durango, and the Bolañitos and El Cubo mines in Guanajuato. Production table for the third quarter is as follow:

 

Production for mine Tonnes produced Tonnes per

day

Grade

Ag

(g/t)

Grade

Au

(g/t)

Rec.

Ag

(%)

Rec.

Au

(%)

Ag

Oz

Au

Oz

Guanaceví 81,268 883 218 0.48 91.0 88.8 518,318 1,114
Bolañitos 109,728 1,193 84 1.67 79.7 82.0 236,197 4,832
El Cubo 126,825 1,379 188 2.00 88.0 86.1 674,313 7,022
Consolidated 317,821 3,455 160 1.50 87.5 84.8 1,428,828 12,968

 

  • Fortuna Silver Mines Inc., reported Q3 2018 results from its San Jose Mine in Oaxaca. Fortuna milled 262,710 tonnes of 258 g/t Ag and 1.61 g/t Au to produce 2M Oz Ag and 12.4K Oz Au, with metallurgical recoveries of 91.47% and 91.24% respectively. The company also reported that the heavy seasonal rains caused an overflow in a contingency pod of the dry stack tailings facilities at its San Jose mine.
  • Great Panther Silver Limited, announced Q3 2018 production results from their Mexican operations. At the Guanajuato Mine Complex, Great Panther processed 74,303 tonnes with grades of 124 g/t Ag and 2.12 g/t Au to produce 260.8K Oz Ag and 4.4K Oz Au with metallurgical recoveries of 87.8% and 87.1% respectively. At the Topia mine, the company processed 18,617 tonnes with grades of 334 g/t Ag, 0.90 g/t Au to produce 188K Oz Ag, 323 Oz Au, 11.28M Lb Pb, and 1.4M Lb Zn, with metallurgical recoveries of 94.0% for Ag and 59.6% for Au.
  • McEwen Mining Inc., presented production results from its El Gallo project in Sinaloa. Residual heap leaching at El Gallo resulted in 10.5K GEOs (gold equivalent ounces) in Q3 2018.
  • Sierra Metals Inc., released Q3 2018 production results from their Mexican operations. At the Bolivar mine, Sierra Metals processed 227,690 tonnes of 0.99% Cu, 17 g/t Ag and 0.17 g/t Au to produce 3.9M Lb Cu, 94K Oz Ag and 911 Oz Au with metallurgical recoveries of 78.30%, 74.27% and 68.59% respectively. At Cusi mine, the company processed 55,058 tonnes of 156 g/t Ag, 0.14 g/t Au, 0.3% Pb, and 0.3% Zn to produce 231K Oz Ag, 84 Oz Au 243K Lb Pb, and none Zn, with metallurgical recoveries of 83.49%, 32.97%, 78.0%, and 0.0% respectively.

ON FINANCING

  • Galore Resources Inc., closed a non-brokered private placement for gross proceeds of CAD$ 419.6K (Dos Santos, Zacatecas).
  • VVC Exploration Corporation, increased its non-brokered equity private placement financing to CAD$1.2M from the previously announced CAD$ 1.2M (Samalayuca Copper project, Chihuahua).
  • Sable Resources Ltd., raised an aggregate of $4.6M and also closed its previously announced bought deal financing for aggregate gross proceeds of $2.5M (Margarita project, Chihuahua).
  • Telson Mining Corporation, closed a non-brokered private placement for gross proceeds of $6.8M to finalize the construction of the Tahuehueto mine in Durango.

 

ON RESOURCES AND DEVELOPMENT

  • Americas Silver Corporation, provided update mineral reserve and resource estimates for its Cosala operation in Sinaloa, including Nuestra Señora, El Cajón, and San Rafel mines and the Zone 120 deposit. The estimate also includes San Felipe project in Sonora on which the company holds an option. Proven and probable mineral reserves at Cosala operation as June 30, 2018 are 2.9M tonnes of 110 g/t Ag, 1.7% Pb, and 4.0% Zn for a total content of 10.3 M Oz Ag, 107.7M Lb Pb, and 255.7M Lb Zn. Measured and Indicated mineral resources at Cosala (exclusive of mineral reserves) are 8.9M tonnes of 129 g/t Ag, 0.25% Cu, 0.5% Pb, and 1.2% Zn for a total content of 36.9M Oz Ag, 49M Lb Cu, 102.8M Lb Pb, and 231.2M Lb Zn, while inferred resources are 2.96M tonnes of 113 g/t Ag, 0.21% Cu, 0.9% Pb, and 1.4% Zn for a total content of 10.8M Oz Ag, 14M Lb Cu, 59.1M Lb Pb, and 88.1M Lb Zn. At San Felipe project, measured and indicated mineral resources are 4.7M tonnes of 61 g/t Ag, 2.48% Pb, and 5.42% Zn for a total content of 9.1M Oz Ag, 256M Lb Pb and 559.7M Lb Zn, while inferred resources are 2M tonnes of 48 g/t Ag, 1.4% Pb, and 3.6 g/t Zn for a total content of 3.1M Oz Ag, 63.2M Lb Pb and 157.8M Lb Zn.
  • Goldplay Exploration Ltd., announced positive results from sampling of the historical core at its San Marcial project in Sinaloa. Highlights results are in Hole SM-10-07 with 57.3m (TW 51.6m) of 122 g/t Ag Eq, including 14.3m (TW 12.9m) of 278 g/t Ag Eq, including 18.6m (TW 16.7m) of 117 g/T Ag Eq, and Hole SM-10-15 with 7m (TW 52.8m) of 104 g/t Ag Eq, including 12.5m (TW 11.2m) of 379 g/t Ag Eq. “The high-grade results support open pit potential of the initial 500 meter long deposit”.

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp., acquired a 100% interest in the 10 Has Cabeza Blanca concession paying to the vendor US$175K and 250K Sonoro common shares, this to be paid in five installments over 2 years. “The Cabeza Blanca agreement completes our acquisition of all the mineral concessions under consideration within the 14 km² Cerro Caliche group,” said Kenneth MacLeod, President and CEO of Sonoro. “Cabeza Blanca’s strategic location within Cerro Caliche, along with the positive results from our sampling program and similar results from earlier exploration programs, makes this concession a priority target for Sonoro to drill.”
  • Consolidated Zinc Limited, extended its share purchase plan until Monday 22 October, 2018 from the previous closing date of 15 October 2018.

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, sodic hydrothermal alteration in a Cu-Mo prospect in Coahuila, Mexico.  Photo by Miguel A Heredia.

Highlights on the Third Week of July, 2018. Mining and Exploration News in Mexico

By Miguel A Heredia

During the 29th week of the year (July 16th to July 22th, 2018), at least 30 press releases were announced by companies working in Mexico, with twelve informing on exploration results, nine announcing production results, four reporting on resources and developments, three communicating deals and corporate issues, and two  announcing financing issues.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Baja California Norte, One World Lithium presented geophysical results from its Salar del Diablo project. In Sonora, Colibri reported drill results from its El Pilar project, Minaurum reported exploration results from its Promontorio-Quintera project, San Marco announced exploration results from its Chunibas exploration program, and Millrock and Azure provided an exploration update on their Mexican properties. In Chihuahua, Mammoth Resources announced drill results from its Tenoriba project. In Coahuila, Discovery Metals reported exploration results from its Puerto Rico project. In Sinaloa, Kootenay presented exploration results from its Copalito project. In Durango, Southern Silver announced an expansion of the exploration program at its Cerro Las Minitas project. In Zacatecas, Advance Gold reported drill results from its Tabasquena project.  In the Estado de México, Impact discovered new zones at its San Ramon mine.  ON MINING, Several companies reported Q2, 2018 results on its Mexican operations. In Sonora, Mexus provided an update on its 370-8 Brothers property in Sonora. In Chihuahua, Sierra Metals announced Q2 results from its Bolivar and Cusi mines while GoGold reported results from its Parral property. In Sinaloa, Americas Silver presented Q2 results from its Cosala operation. In Durango, Avino reported Q2 results from its Avino mine. In Oaxaca, Fortuna Silver announced Q2 2018 results from its San Jose mine. First Majestic presented Q2 2018 results from its Mexican operations in Sonora, Sinaloa, Chihuahua, Durango, Zacatecas, Jalisco and Estado de Mexico. In Puebla, Almaden announced an increase of the average mill feed grades for its Ixtaca property.  ON FINANCING, Bacanora Minerals dropped a $100M placing for its Sonora Lithium project in Sonora. Candente announced the approval to extend the purchase of 5M of share warrants. ON RESOURCES AND DEVELOPMENT, Aranzazu filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas and updated the resource estimate. Starcore filed updated 43-101 technical report on its San Martin mine. Capstone filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. Gold Resource announced an expansion of its Arista Mine in Oaxaca. ON DEALS AND CORPORATE ISSUES, Evrim announced results of its annual and special general meeting of shareholders.  Silver Spruce executed an offtake agreement for potential future production from its Pino de Plata project in Chihuahua.

ON MEXICO ISSUES

  • No relevant news.

 ON EXPLORATION

  • One World Lithium Inc., presented results from a geophysical survey conducted on its Salar del Diablo project in Baja California Norte. Three very large and highly conductive zones were identified by a Volterra TEM in loop survey. Zone 1 is > 100m thick and covers six square km. Zone 2 surrounds Zone 1 and is < 100m thick and covers 24 square km. Zone 3 is estimated to be approximately 200m thick and covers > 30 square km.
  • Colibri Resources Corporation, reported RC drilling results from its Pilar project in Sonora. Significant results are 61m of 0.75 g/t Au, including 1.5m of 17.3 g/t Au; 6m of 0.68 g/t Au; 3m of 5.40 g/t Au; and 34.5m of 0.32 g/t Au. The drill results extend the Main Zone´s mineralized envelope to the northwest and southeast by upwards of a total of 145m. It represents an increase of 52% in the length of the Main Zone. Potential is open in both directions of the mineralized zone.
  • Minaurum Gold Inc., discovered the extension of the Promontorio-Quintera and Nueva Europa veins at its Alamos Silver project in Sonora. The Promontorio-Quintera vein was mapped and extends for 1km and is cut-off and down-dropped by a northwest trending fault while the Nueva Europa vein was mapped for over 600m. The extensions have the potential to host virgin mineralization at depth. Surface sampling on Promontorio South vein returned 1.1m of 181 g/t Ag and 1.06% Cu, while at Nueva Europa South vein, a 0.8m long chip rock sample returned 52 g/t Ag and 0.54% Cu, and a dump sample returned 91 g/t Ag and 1% Cu.
  • San Marco Resources Inc., identified many new significant Cu-Ag occurrences at its Chunibas property in Sonora; conducted a portable X-ray fluorescence rock analysis on an area of 300m by 1,400m, indicating anomalous to significant copper values, and received assays from ninety six rock chip samples ranging from 0.1% to 1.34% Cu. The company also carried out a saw-cut continuous channel sampling returning 30m of 0.16% Cu and 3 g/t Ag, and 22m of 0.17% Cu and 2 g/t Ag. Now, the mineralized NW-SE corridor is 1.7Km long by 300m wide, and remains open along strike and down dip. San Marco has begun preparations to perform a drill program at its Chunibas property.
  • Millrock Resources Inc., provided and exploration update on their Mexican properties in Sonora and San Luis Potosi. In Sonora, at La Navidad project, a 2,900m drilling program has been recently completed to test the El Cobre and the Crossover targets. Complete results are anticipated in early August. At El Picacho project (Orogenic gold), drill targets are emerging from the exploration work conducted in the first half of 2018. The company has authorized a drill program to begin later in the summer. At Batamote, good geological signs of a porphyry copper deposit have been identified and a major company is currently evaluating the property. At Los Cuarenta project (low-sulphidation epithermal Au-Ag), Millrock has acquired an option to purchase a key internal claim called Santa Rosalia. Drilling targets have been developed and drilling permit is in place. In San Luis Potosi, the Guadalcazar project hosts a high-grade Ag-Pb-Zn skarn with good drill intersections and historic mine workings, with potential to expand the known deposit. Millrock has received an offer to form an option agreement.
  • Azure Minerals Limited., provided an exploration update on its Sara Alicia and El Alacran properties in Sonora. At the Sara Alicia project, the stage 2 drilling campaign confirmed near-surface, high-grade Au-Co mineralization with maximum grade returning 53.8 g/t Au over 0.90m and 2.82% Co over 0.80m. The best Au interception was 19.6m of 8.6 g/t Au, including 15.3m of 10.6 g/t Au, while the best Co interception was 3.65m of 1.19% Co, including 1.5m of 2.66% Co. At the El Alacran project, the drilling campaign indicated the southern expansion of Loma Bonita epithermal Au-Ag system based on the presence of silicified zones covered by fresh-rock and high-resistivity geophysical anomalies extending to depth. At Cerro Colorado the company geologists identified the presence of porphyry-type alteration and veining with trace copper and molybdenum mineralization, warranting follow-up work. Teck will continue exploring the property with drilling planned to restart in Q3 2018.
  • Mammoth Resources Inc., announced drill results from its Tenoriba project in Chihuahua. Results are from the Masuparia area, in the central portion of the 6 km long trend of gold mineralization on the property. Significant results are 3m of 0.19 g/t Au and 10 g/t Ag in hole TEN 17-09 and multiple intersections in hole TEN 17-10 such as 4.5m of 0.42 g/t Au and 8 g/t Ag; 4.5m of 0.45 g/t Au and 3 g/t Ag, 22.5m of 0.35 g/t Au and 4 g/t Ag, 3m of 1.31 g/t Au and 50 g/t Ag, 3m of 0.65 g/t Au and 5 g/t Ag, and 24m of 0.31 g/t Au and 4 g/t Ag.
  • Discovery Metals Inc., reported underground channel sample results from the San Jose mine within its Puerto Rico project in Coahuila. Assay results represent 140m of workings and were collected at 3-5m intervals along both sides of the entire length of the developed workings. Mineralization is related to mantos, chimneys and faults. Mantos range from 0.5m to 1.5m in width (restricted by dimensions of workings) and are open in all directions laterally along strike and dip. Fourteen samples from mantos returned an average of 229 g/t Ag, 9.3% Pb, 17.6% Zn, and 0.3% Cu. Chimney widths range from 1m to 6m, with the main part of the chimney having a width of 5-6m, while the mineralized faults widths range from 0.4m to 1.4m, and are open along strike and at depth. Thirty three samples from chimneys and faults returned an average grade of 50 g/t Ag, 3.5% Pb, 4% Zn, and 0.8% Cu. The company is currently carrying out a detail structural study on the entire property to identify controls on mineralization. Additionally, it is planning to conduct a magnetic survey in preparation for drilling later in 2H 2018.
  • Kootenay Silver Inc., presented sampling results from its Copalito project in Sinaloa. Copalito is a low-sulphidation epithermal vein system. At least 4 main veins and numerous smaller veins have been identified, with individual veins found to be up to 15m wide and at least 2km long along strike. Eleven samples (5 chips and 6 grabs) on Cobriza vein returned grades from 47 to 2.5 kg/t Ag and 0.03 to 2.7 g/t Au, while twenty two samples on El Pilar vein returned grades from 2 to 166 g/t Ag and 0.04 to 1.05 g/t Au. Mapping and sampling on the La Chiva and Cinco Señores veins in the southern area of Copalito is ongoing. All the results will be used to determine grade distribution along the veins for drill targeting.
  • Sothern Silver Exploration Corp., announced an expansion of the exploration program at its Cerro Las Minitas project in Durango, with the mobilization of a second drill rig. The objective is to drill 2,000m of core to test multiple Ag-Au quartz veins within the recently acquired CLM West claim. Drill targets were identified by mapping and ground geophysics, and a sampling program of over 6000 float and rock chip samples throughout a >10km by 5km N-S corridor underlying the 207 square km CLM West claim package.
  • Advance Gold Corp., reported phase 1 drill results from its Tabasquena project in Zacatecas. Significant results are 10.5m of Au-Ag mineralization including 1.7m of 9.46 g/t Au and 37 g/t Ag, 0.55m of 12.65 g/t Au and 28 g/t Ag, and 0.55m of 6.31 g/t Au and 42 g/t Ag. The company is planning a second phase drill program to test the recently discovered veins and explore for new ones, as well as to follow-up on the high-grade gold intersections.
  • Impact Silver Corp., discovered new zones at its San Ramon mine through an underground drill program. Significant results with intersections 100m south of the current levels of the San Ramon mine are 2.04m of 0.23 g/t Au, 661 g/t Ag, 1.28% Pb, and 3.28% Zn; 4.97m of 0.12 g/t Au, 354 g/t Ag, 0.57% Pb and 1.48% Zn; and 1.25m of 0.1 g/t Au, 259 g/t Ag, 0.34% Pb and 1.14% Zn. The zone remains open for further extension vertically above for nearly 300m and to the south.

ON MINING

  • Mexus Gold US, provided and update on its 370-8 Brothers property in Sonora. VAT leaching test of oxidized sulphide ore reported that 50% of the sulphides remain as encapsulated Au and Ag bearing mineralization, with As, Pb and Zn, making difficult its extraction by simple gravity and/or cyanide leaching, unless they are pretreated via roasting to eliminate the sulphur. “About 80 tons of this oxidized ore was crushed to < 3 inches and put in a steel tank and leached for a period of 25 days.  Eight head assay samples were taken averaging 1g/t Au and 50 g/t Ag with one sample showing 30 g/t Au and another sample with 800 g/t Ag.  Solution was assayed daily for a week showing recoveries of 1.25% in gold and 13% in silver with a slow increase after a week and large cyanide consumption.  The solution was assayed after 3 weeks and turned out to have minimum increase up to 26% in silver and gold remaining the same”.
  • Sierra Metals Inc., reported Q2 results from its Bolivar and Cusi mines in Chihuahua. At Bolivar mine, a total of 272K tonnes were processed at grades of 0.15 g/t Au, 17 g/t Ag, and 0.97% Cu to produce 911 OZ Au, 110K Oz Ag, and 4.7M Lb Cu, with metallurgical recoveries of 71.81%, 75.53% and 81.33% respectively. At Cusi mine, a total of 46.4K tonnes were processed at grades of 0.16 g/t Au, 156 g/t Ag, 0.4% Pb, and 0.3% Zn, to produce 96 Oz Au, 190K Oz Ag, and 287K Lb Pb, with metallurgical recoveries of 39.8% Au, 81.66% Ag, 77.22% Pb and 0% Zn.
  • GoGold Resources Inc., presented Q2 2018 results from its Parral operation in Chihuahua. GoGold processed 447K tonnes of tailings material to produce 164K Oz Ag and 1,630 Oz Au.
  • Americas Silver Corporation, announced results from its Cosala operation in Sinaloa. On Q2, 2018, the company milled 139K tonnes of 42 g/t Ag to produce 94K Oz Ag, 2.9M Lb Pb, and 8.7M Lb Zn
  • Avino Silver & Gold Mines Ltd., presented Q2 2018 results from its Avino mine in Durango. The company processed 184.7K tonnes of 0.42 g/t Au, 70 g/t Ag, and 0.45% Cu to produce 1,734 Oz Au, 323 Oz Ag, and 1.48M Lb Cu, with metallurgical recoveries of 75%, 81% and 90% respectively.
  • Fortuna Silver Mines Inc., reported Q2 2018 results from its San Jose mine in Oaxaca. Fortuna milled 134K tonnes of 1. 86 g/t Au and 268 g/t Ag to produce 14.4K Oz Au and 2M Oz Ag with metallurgical recoveries of 91.54% and 91.67% respectively.
  • First Majestic Silver Corp., announced Q2, 2018 production results from its Mexican operations. At Santa Elena mine in Sonora, a total of 228K tonnes of 2.3 g/t Au and 120 g/t Ag were milled to produce 11K Oz Au and 535K Oz Ag. At San Dimas mine in Sinaloa, a total of 85.7K tonnes of 4.3 g/t Au and 307 g/t Ag were processed to produce 11.3K Oz Au and 809K Oz Ag. At La Encantada mine in Chihuahua, a total of 238K tonnes of 83 g/t Ag were processed to produce 23 Oz Au and 325K Oz Ag. At La Parrilla mine in Durango, a total of 123.6K tonnes of 131 g/t Ag, 1.4% Pb and 1.5% Zn were milled to produce 235 Oz Au and 361K Oz Ag, 1.6M Lb Pb, and 1.4M Lb Zn. At Del Toro mine in Zacatecas, a total of 65.8K tonnes of 117 g/t Ag and 2.7% Pb were processed to produce 73 Oz Au, 167.6K Oz Ag, and 2.3M Lb Pb. At San Martin mine in Jalisco, a total of 74.4K tonnes of 0.6 g/t Au and 203 g/t Ag were milled to produce 1,331 Oz Au and 138.4K Oz Ag. At La Guitarra mine in Estado de Mexico, a total of 35.7K tonnes of 1.5 g/t Au and 154 g/t Ag were milled to produce 1400 Oz Au and 138.4K Oz Ag. Unfortunately, First Majestic announced the temporary suspension of work at its la Guitarra mine scheduled to start on August 1st. It is until economic conditions improve or the property is sold.
  • Almaden Minerals Ltd., announced an increase of the average feed mill grades of 39% for Au and 47% for Ag from bulk ore sort test for its Ixtaca project in Puebla. Applying the ore sort process, the metallurgical recovery is 88% for Au and 93% for Ag and reduces the environmental footprint over the life of mine by reducing process tailings, water usage and energy requirements and CO2 “The detailed impact of the ore sorting results on the Ixtaca project will be evaluated as part of the ongoing Feasibility Study, which is anticipated to be completed in 2018”.

ON FINANCING

  • Bacanora Lithium plc., dropped a $100M placing for its Sonora Lithium project in Sonora, citing “difficult market conditions”.
  • Candente Gold Corp., announced the approval to extend the exercise period of 5M of share purchase warrants from August 12, 2018 to August 12, 2020.

 ON RESOURCES AND DEVELOPMENT

  • Aura Minerals Inc., filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas. The company also updated the mineral resource and reserve estimates. Measured + indicated resources are 12.5M tonnes of 1.08 g/t Au, 20 g/t Ag, and 1.61% Cu for a total of 435K Oz Au, 8M Oz Ag and 444.4M Lb Cu. Proven and probable reserves are 4.6M tonnes of 1.17 g/t Au, 19 g/t Ag, and 1.72% Cu, for a total of 174K Oz Au, 2.8M Oz Ag, and 176.4M Lb Cu. (Mineral reserves are inclusive of mineral resources). The orebody consists of seven mineralized domains and has a strike length of 1.5km, width up to 250m and 600m depth. The mineral resource estimate is based on 1,336 holes for a total of 219,586m.
  • Starcore International Mines Ltd., filed an updated 43-101 technical report for its San Martin mine in Queretaro in which reported mineral resources and reserves as of April 30, 2018. Total proven + probable reserves are 1.65M tonnes of 2.11 g/t Au and 33 g/t Ag for a total of 154.4K Oz Au Eq. Total indicated + inferred resources are 1.5M tonnes of 1.94 g/t Au and 25 g/t Ag for a total of 113K Oz Au Eq. The total mineral reserves and resources are 3.1M tonnes of 2.03 g/t Au and 29 g/t Ag for a total of 267.3K Oz Au Eq.
  • Capstone Mining Corp., filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. In this TR, Capstone reported a mineral resource estimate which was announced on the past June 05, 2018.
  • Gold Resource Corporation, announced significant drill interceptions of 23.39m @ 2 g/t Au, 200 g/t Ag, 0.58% Cu, 3.1% Pb, and 9% Zn, including 1.66m of 8.92g/t Au, 1.3Kg/t Ag, 0.93% Cu, 6.3% Pb and 8.8%Zn, and 9.94m @ 2.16 g/t Au, 95 g/t Ag, 0.82% Cu, 4.1% Pb and 12% Zn, including 3.1m @ 3.99 g/t Au, 177 g/t Ag, 1.01% Cu, 7% Pb, and 14.5% Zn to expands the Switchback´s strike length by approximately 100m, and discovered a new structure in the Arista vein system intercepting 2.08m @ 1.98 g/t Au, 1.6Kg Ag/ton, 0.25% Cu, 1% Pb, and 2.2% Zn, including 0.9m of 3.31 g/t Au, 2.7Kg/t Ag, 0.45% Cu, 2% Pb, and 4.1% Zn.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., announced results of its annual and special general meeting of shareholders. (Cuale project, Jalisco).
  • Silver Spruce Resources Inc., executed an offtake agreement with IBB International Holdings Limited for potential future production from its Pino de Plata project in Chihuahua. “The Company has agreed to deliver any and all future production from the Pino de Plata project for a period of at least ten years, commencing with the first delivery. The ten-year term of the agreement will automatically extend by successive one-year terms, unless either party expresses written desire o terminate the agreement. The purchase price of the delivered production will be at a three percent (3%) discount to the London Metals Exchange metals pricing on the dates of delivery to the buyer”.

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

On the picture above, a diatreme breccia in a prospect in Durango, Mexico. Photo by Miguel A Heredia.

 

 

 

Highlights on the Second Week of July, 2018. Mining and Exploration News in Mexico

211 - copia

By Jorge Cirett

During the 28th week of the year (July 9th to July 15th, 2018), at least 23 press releases were announced by companies working in Mexico. Three companies updated on exploration advances. one company announced a financing round while another tries to extend the period for exercise of warrants. Seven companies released Q2 production results and two others a PEA on its properties. Seven companies released advances on the development or exploration of their resource base, and finally one company announced the appointment of its Vice-president Exploration and one other company the optioning of a property to a third party, and returning another to the underlying owner. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Ridgestone Mining completed an IP survey on its Rebeico property. In Chihuahua Golden Goliath resumed exploration on its San Timoteo project, and in Veracruz Mexican Gold released rock chip sampling results from its Las Minas project.  ON MINING Torex Gold, Endeavour Silver, Great Panther, Capstone, Excellon, Premier Gold and Hecla released second quarter results on production. Sierra Metals released a PEA on a projected production increment at its Bolivar mine in Chihuahua.  ON FINANCING, Prize Mining closed the first tranche of a non-brokered private placement. Candente Gold applied to extend the expiration period of warrants issued on a previous financing. ON RESOURCES AND DEVELOPMENT, Santacruz Silver, SilverCrest, Avino Silver, Kootenay Silver and Golden Minerals released drilling or exploration results on their properties with resources. Orla Mining released a PEA on its Camino Rojo Property in Zacatecas. ON DEALS AND CORPORATE ISSUES, Discovery Metals announced the appointment of Gernot Wober as VP Exploration. Riverside Resources optioned its La Silla property (in Sinaloa) to Sinaloa Resources, and returned the Glor property (in Sonora) to underlying owner Argonaut Gold, after two unsuccessful drill campaigns by Centerra Gold.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Golden Goliath Resources Ltd. reported the commencement of its summer exploration program at its San Timoteo property in the Uruachic district of Chihuahua. San Timoteo hosts the longest mining tunnel in the district, with mapping and sampling having defined three ore shoots and a manto horizon within it. No exploration has been carried below the level of the tunnel, and the workings are interpreted to be above the boiling zone of an epithermal system, hence the possibility of potential bonanza grades down dip.
  • Mexican Gold Corp. released high grade sampling results from the Pueblo Nuevo area of its Las Minas projects in Veracruz. Multiple new vein occurrences have been discovered in the Pueblo Nuevo Valley structural corridor. The veins “show characteristics of mesothermal quartz veins”, generally 20 to cm in width, sub-vertical dips and no post mineral deformation. The dioritic host rock displays argillic alteration and sulfides up to one meter on each side of the veins. Chip sampling results include 0.43 m @ 7.87 g/t Au, 74 g/t Ag, 3.5% Zn; 0.30 m @ 6.14 g/t Au, 60 g/t Ag, 5.3% Zn; 0.50 m @ 19.18 g/t Au, 229 g/t Ag, 2.25% Zn; 0.3 m @ 4.33 g/t Au, 30 g/t Ag, 1.1% Zn; 0.15 m @ 16.17 g/t Au, 101 g/t Ag, 0.6% Cu, 14.6% Zn; 0.60 m @ 3.18 g/t Au, 17 g/t Ag, 3.5% Zn; 0.40 m @ 4.11 g/t Au, 22 g/t Ag; 0.45 m @ 19.41 g/t Au, 148 g/t Ag, 1.5% Cu, 0.8% Zn; 0.60 m @ 19.26 g/t Au, 70 g/t Ag, 2.3% Zn; 0.75 m @ 10.12 g/t Au, 30 g/t Ag.
  • Ridgestone Mining Inc. completed an induced polarization (IP) geophysical survey at its Rebeico Au-Cu project in Sonora. The survey comprised nine lines of IP, each 2 km long, for a total of 18 line kilometers spaced 200 m apart, covering an area of 1.6 by 2.0 km. Ridgestone has an option to acquire 100% interest in the project (subject to a 2% NSR) from YQ Gold de Mexico S. de R.L. (a Mexican corporation). The property covers 167 hectares, and includes the Alaska mine, which has old workings of up to 70 m of depth.

ON MINING

  • Torex Gold Resources Inc. released second quarter production results for 2018, period during which 80 K Oz Au were produced at its Limon-Guajes mine in Guerrero. Production has been ramping up, with 9 K tones per day (tpd) on April, 11 K tpd on May and 13 K tpd on June. The SART plant produced its first copper precipitate, with the operations team now taking the plant to full production. The updated technical report on El Limon-Guajes and Media Luna project is to be completed in late July/early August.
  • Sierra Metals Inc. announced the results of a preliminary economic assessment (PEA) on its Bolivar mine in Chihuahua, with the report being filed within 45 days. The PEA includes a net present value (NPV) of US$214 M at 8% discount rate, a return on investment (ROI) of 550%, on 3-4 years payback period and a net after-tax cash flow of US$303 M. The plant is to process 5 K tpd at recovery rate of 85% Cu to produce 252.5 M Lb Cu on 11 years of mine life on the existing mineral resource estimate. The longhole stoping method is to be used for mining.
  • Endeavour Silver Corp. reported production results for the second quarter 2018. At Guanaceví, in Durango, 71.3 K tonnes were produced @ 225 g/t Ag, 0.67 g/t Au, recovering 90.2% Ag, 92.7% Au to obtain 464.9 K Oz Ag, 1,423 Oz Au. At Bolañitos, in Guanajuato, 108.5 K tonnes were milled @ 91 g/t Ag, 1.82 g/t Au, recovering 78.3% Ag, 82.3% Au, to obtain 248.6 K Oz Ag, 5,222 Oz Au. At El Cubo, in Guanajuato, 134.5 K tonnes were milled @ 171 g/t Ag, 1.92 g/t Au, recovering 86.8% Ag, 84.6% Au, to obtain 642.4 K Oz Ag, 7,029 Oz Au. Consolidated production was 1,355.9 K Oz Ag, 13,674 Oz Au. The El Compas mine in Zacatecas is on track to commence commercial production by the end of July at the target capacity of 250 tpd.
  • Great Panther Silver Mines Ltd. reported production results for the second quarter 2018. At the Guanajuato Mine Complex, in Guanajuato, 77 K tonnes were processed @ 127 g/t Ag, 2.40 g/t Au, recovering 87.7% Ag, 88.2% Au to obtain 276.6 K Oz Ag, 5,240 Oz Au. At Topia, in Durango, 18.1 K tonnes were milled @ 371 g/t Ag, 0.69 g/t Au, recovering 93.9% Ag, 63.1% Au, to obtain 203.1 K Oz Ag, 253 Oz Au. Consolidated production of 95.2 K tonnes milled produced 479.8 K Oz Ag, 5,492 Oz Au, 480 tonnes Pb, 528 tonnes Zn.
  • Capstone Mining Corp. released production results for the second quarter of 2018, including figures from its Mexican operations. At Cozamin, in Zacatecas, 227.6 K tonnes were mined, 224.2 K tonnes milled (4,464 tpd) @ 1.66 % Cu, 1.04% Zn, 0.29% Pb, 45.3 g/t Ag. Recovery was 94.6% Cu, 66.4% Zn, 48.1% Pb, 77.5% Ag, to produce 13,581 tonnes of copper concentrate @ 25.9% Cu, 517 g/t Ag; 3,529 tonnes of zinc concentrate @ 47.5% Zn and 494 tonnes of lead concentrate @ 62.3% Pb, 1,717 g/t Ag.
  • Excellon Resources Inc. announced second quarter 2018 production results from its Platosa mine in Durango. Silver equivalent (AgEq) production increased 120% to 637.2 K Oz AgEq on Q2 2017 figures. 16.1 K tonnes were mined, 22.9 K tonnes milled @ 415 g/t Ag, 4.6% Pb, 6.7% Zn with recoveries of 89.6% Ag, 80.2% Pb, 82.2% Zn to produce 277.7 K Oz Ag, 1.85 M Lb Pb, 2.81 M Lb Zn, or 637.2 K Oz AgEq. Low-grade historical stockpiles and sump material with minimal associated mining cost continued to be processed. An AISC of less than $10 per Ag Oz was achieved.
  • Premier Gold Mines Ltd. released second quarter 2018 production results, including figures from its operations in Mexico. At Mercedes, in Sonora, 13,780 Oz Au, 44,366 Oz Ag were produced during the period. Production was impacted through the first half of the year owing to delays in the development of the Diluvio and Rey de Oro deposits. “Reinterpretation of the Diluvio ore shapes required changes to the stope designs. Mining in Rey de Oro was delayed by permitting requirements for the ventilation system”.
  • Hecla Mining Co. released preliminary results for the second quarter of 2018, including figures from its Mexican operations. At San Sebastian in Durango, 0.6 M Oz Ag, 3,872 Oz Au were produced in the period. The mill operated at an average of 415 tpd.

ON FINANCING

  • Prize Mining Corp. closed the first tranche of its non-brokered private placement for gross proceeds of $6.5 M. No finder’s fees were paid as part of this transaction. (Mercedes, Sonora).
  • Candente Gold Corp. has applied to extend the exercise period of 5 M outstanding share purchase warrants issued at a private placement in August 2016. “The original expiry date was August 12, 2018 and if the extension is approved, the new expiration date will be August 12, 2020”.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc. released a new mineral reserve estimate on the new PEA on its Bolivar mine in Chihuahua. The Cu-Zn skarn (with Ag and Au credits). “Mineralization exhibits strong stratigraphic control and two stratigraphic horizons host the bulk of the mineralization: an upper calcic horizon, which predominantly hosts Zn-rich mineralization, and a lower dolomitic horizon, which predominantly hosts Cu-rich mineralization”. The indicated resources display 13.26 Mt @ 22.5 g/t Ag, 0.29 g/t Au, 1.04% Cu containing 9.6 M Oz Ag, 124 K Oz Au, 137.5 K tonnes Cu, and the inferred resources 8 M tonnes @ 22.4 g/t Ag, 0.42 g/t Au, 0.96% Cu containing 5.8 M Oz Ag, 109 Oz Au, 76.8 K tonnes Cu.
  • Santacruz Silver Mining Ltd. Reported initial phase I drill results from the Garcia and Armado veins on its Veta Grande project in Zacatecas. Ten drill holes totaling 3,323 m of core drilling have been completed, having received results on the first six holes. Some highlighted true width intervals: 1.0 m @ 0.05 g/t Au, 209 g/t Ag; 0.32 m @ 0.37 g/t Au, 312 g/t Ag; 4 m @ 0.06 g/t Au, 168 g/t Ag; 0.95 m @ 1.36 g/t Au, 235 g/t Ag, 7.5% Pb, 8.7% Zn, 0.2% Cu; 0.65 m @ 292 g/t Ag; 0.88 m @ 1.73 g/t Au, 34 g/t Ag.
  • SilverCrest Metals Inc. released further phase III drill results for the Las Chispas property in Sonora. Highlighted intervals on the Babicanora vein: 2.0 m @ 0.87 g/t Au, 269 g/t Ag; 2.5 m @ 6.04 g/t Au, 369 g/t Ag (including (0.8 m @ 14.95 g/t Au, 742 g/t Ag); 0.6 m @ 2.19 g/t Au, 63 g/t Ag. Highlighted intervals on the Babicanora footwall vein include: 5 m @ 54.59 g7t Au 6,535 g/t Ag (including 0.5 m @ 183.50 g/t Au, 21,858 g/t Ag); 2.3 m @ 4.07 g/t Au, 436 g/t Ag; 0.9 m @ 1.15 g/t Au, 151 g/t Ag. The sub parallel Babicanora FW vein high-grade footprint has now been traced for 250 m on strike.
  • Avino Silver Gold Mines Ltd. released drill results from the Chirumbo and Guadalupe areas of the Avino property in Durango. Avino vein highlighted core length intersects include 15.4 m @ 0.20 g/t Au, 129 g/t Ag, 0.64% Cu; 42.75 m @ 0.45 g/t Au, 46 g/t Ag, 0.44% Cu; 15.85 m @ 4.13 g/t Au, 20 g/t Ag, 0.07% Cu; 7.35 m @ 0.36 g/t Au, 47 g/t Ag, 0.33% Cu; 6.0 m @ 0.09 g/t Au, 202 g/t Ag, 0.64% Cu. Highlighted Guadalupe vein results include 0.60 m @ 1.38 g/t Au, 90 g/t Ag, 0.76% Cu; 1.50 m @ 4.79 g/t Au, 11 g/t Ag, 0.05% Cu; 3.75 m @ 0.32 g/t Au, 171 g/t Ag, 0.1% Cu; 1.60 m @ 0.23 g/t Au, 84 g/t Ag, 0.28% Cu; 5.20 m @ 0.07 g/t Au, 26 g/t Ag, 0.34% Cu; 3.90 m @ 0.33 g/t Au, 129 g/t Ag, 0.75% Cu. The Guadalupe vein has shown to extend along 800 m and to a depth of 250 m. Avino is planning a new drill program targeting the Aguila Mexicana vein system, which is one of the strongest and widest structures on the property.
  • Kootenay Silver Inc. released the results of eight core holes from its La Cigarra property in Chihuahua. The holes tested parts of the Las Carolinas, La Borracha and La Nogalera zones, returning medium to high grade silver intercepts in all areas. Highlighted results include: At La Borracha 12.37 m @ 33 g/t Ag, 0.05 g/t Au, 0.2% Pb, 0.2% Zn; At La Nogalera 1.78 m @ 48 g/t Ag, 0.72 g/t Au; 4.0 m @ 736 g/t Ag, 0.09 g/t Au, 0.3% Pb, 0.1% Zn; At Las Carolinas 14.0 m @ 79 g/t Ag, 0.03 g/t Au (including 6.79 m @ 144 g/t Ag, 0.05 g/t Au; 41.38 m @ 45 g/t Ag, 0.03 g/t Au.
  • Golden Minerals Co. disclosed that surface mapping and sampling identified the eastern extension to the Santa Maria vein at the Santa Maria project in Chihuahua. Several other veins were also discovered in the adjacent Cervantes concessions in an exploration exercise on which 542 rock chip samples were collected. The Santa Maria vein occurs as a series of quartz-calcite veins up to 4.5 m in width, returning assays as high as 0.6 g/t Au, 347 g/t Ag, 1.2% Zn. The Cervantes quartz-calcite vein system occurs 800 m east of the current resource area, for 700 m of strike length, returning up to 1.6 g/t Au, 207 g/t Ag, 0.24% Cu, 5.6% Pb, 19.5% Zn over widths of up to 1.3 m. Golden estimates completing the PEA during the third quarter of 2018.
  • Orla Mining Ltd. filed a preliminary economic assessment (PEA) on its Camino Rojo property, Zacatecas. The PEA visualizes a technically simple open pit mine and heap-leach operation with low capital and operating costs, “rapid payback and strong financial performance”. The project envisages a 3.3 payback period, working at a 18 K tpd rate that would place 42.5 M tonnes of material on the heaps @ 0.71 g/t Au, 13.6 g/t Ag (966 K Oz Au, 18.5 M Oz Ag), with a recovery rate of 67% Au and 15% Ag, producing 97,500 Oz/year at an All-in sustaining cost of $555 Oz/Au.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. announced the appointment of Gernot Wober as its Vice-President Exploration (Puerto Rico, Coahuila).
  • Riverside Resources Inc. and Sinaloa Resources Inc. signed a letter of intent (LOI) whereby Sinaloa Resources can earn up to 100% interest in Riverside’s La Silla project in Sinaloa. The initial option to earn 70% lies on Sinaloa issuing shares for $1 M, $60K in cash payments and exploration work commitments of $3 M over 36 months. To earn an additional 30% Sinaloa must spend a further $1 M in exploration and issue Riverside $500 K in shares. Riverside is to retain a 2.5% NSR if Riverside’s interest reduces to less than 10%. Previous work in the 2,071 hectares project includes 6 drill holes on the El Roble system, with intersects of up to 15 m @ 6.9 g/t Au.
  • Riverside Resources Inc. announced that drilling assays from two campaigns funded by Centerra Gold Inc. returned insufficient mineralized thickness and continuity to justify further exploration on the Glor project in Sonora. Riverside believes it has tested the best targets on the property and has terminated the underlying option earn-in agreement with Argonaut Gold.

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, structure in fine grained sedimentary rocks with iron oxides and minor quartz veining, greenish clays on the walls. From a shallow epithermal system in Guanajuato. Picture by Jorge Cirett

Highlights on the Third Week of June, 2018. Mining and Exploration News in Mexico

 

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.

ON EXPLORATION

  • 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.

ON MINING

  • 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.

ON FINANCING

  • 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.