The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2019.

 

Large barite crystals

By Miguel A Heredia

During the nine week of the year (March 11th to March 17th, 2019), at least 33 press releases were announced by companies working in Mexico, with eight announcing financial rounds, seven communicating financial and production results, six informing on exploration results, six disclosing deals and corporate issues, four reporting on resources and development of their properties, and 2 discussing Mexican news. ON MEXICO ISSUES, Compañía Minera Cuzcatlán recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion. Ternium re-activated the ore transport from its Aquila mine in Michoacan after the highway was blocked by an indigenous community for 16 days.  ON EXPLORATION, In Sonora, Aztec Minerals reported positive metallurgical results from its Cervantes project. In Chihuahua, Sable released drilling results from its Margarita project. In Coahuila, Prize Mining announced plans for the next phase of exploration at its Manto Negro project. In Sinaloa, e-Power staked three new mining claims. In Zacatecas, Excellon reported drilling results from its Evolution project.  ON MINING, Alio, Consolidated Zinc, Fortuna, Impact, Leagold and Starcore presented production results from their Mexican mining operations for the periods Q4 and full year 2018.  ON FINANCING, Aura announced that is undertaking a non-brokered private placement to raise up to $0.5M (East Taviche project, Oaxaca).  Defiance closed the first tranche of its non-brokered private placement for $1,229,500. Mexican Gold closed the final tranche of its non-brokered private placement for $2,143,000 (Las Minas project, Veracruz). McEwen announced its voluntary termination of the equity distribution agreement to offer shares from its common stock. Vangold has arranged a non-brokered private placement for gross proceeds of up to $0.5M, and announced a shares consolidation plan (Pinguino project, Guanajuato). Xtierra announced its intention to raise up to $1M by way of a non-brokered private placement (Bilbao project, Zacatecas). Sierra Metals closed a senior secured corporate credit for up to US$100M (Cusi mine, Chihuahua).  ON RESOURCES AND DEVELOPMENT, SilverCrest updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019.  Orla Mining reported that it is advancing its Camino Rojo Oxide project in Zacatecas towards a construction decision.  Leagold announced a mine expansion FS for its Los Filos mine in Guerrero. Telson released significant assay results from underground development at its Tahuehueto mine in Durango. ON DEALS AND CORPORATE ISSUES, Aura appointed new CEO, entered in a definitive agreement with Minaurum on its East Taviche project in Oaxaca, and the shareholders approved the change of name to Aura Resources Inc.  Coeur appointed former Nevada Governor to its Board of Directors (Palmarejo mine, Chihuahua). Mako Mining announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa). Tamino announced that it has retained the services of an experienced consultant geologist (El Volcan project, Sonora). Goldcorp announced fully support for the Nevada JV between Barrick and Newmont. Southern Copper showed interest to invest in a lithium project in Sonora.

 ON MEXICO ISSUES

  • Minera Cuzcatlán S.A. de C.V., the Mexican subsidiary of Fortuna Silver Mines Inc., recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion.
  • Ternium, re-activated the ore transport from its Aquila mine in Michoacan after a group of indigenous people from the community of Santa Maria Ostula blocked the Mexican Federal Highway # 200 for 16 days.

ON EXPLORATION

  • Aztec Minerals Corp., and Kootenay Silver Inc., announced positive bottle roll gold metallurgical results from its Cervantes project in Sonora. Drill core samples were grouped into 4 separate types of mineralization: oxide 1, oxide 2, mixed oxide/sulphide, and sulphide, showing metallurgical recoveries of 85.1%, 87.7%, 77.9%, and 51.2% respectively on 2mm material, and 94.3%, 94.2%, 89%, and 78.5% on 75 micron material.
  • Sable Resources, released drilling results from holes M-DDH-19-18 and M-DDH-19-19 from its Margarita project in Chihuahua. Hole M-DDH-19-18 intersected 71 g/t Ag and 0.13% Zn (80 g/t AgEq) over 30.8m, including 174 g/t Ag and 0.15% Zn (186 g/t AgEq) over 3.7m, and 171 g/t Ag, 0.4% Pb, and 0.12% Zn (199 g/t AgEq) over 1.55m, while hole M-DDH-19-19 intersected 24 g/t Ag, 0.08% Pb, and 0.3% Zn (44 g/t AgEq) over 55m, including 94 g/t Ag, 0.3% Pb, and 2.4% Zn (238 g/t AgEq) over 2.05m. “The mineralized Margarita structure can now be traced continuously with drillholes for 1,400m along strike including a central core of high-grade veins and silicified fault zones surrounded by a wide, close to surface, low-grade Ag halo, hosted by silicified and fractured volcanic rocks.”
  • Prize Mining Corporation, announced plans for the next phase of exploration at its Manto Negro project in Coahuila “to further define the scale, grade, and potential of this district scale property”. The plan is to locate structural and geological traps where there is increase thickness in mineralization to test them with a 3,000 to 5,000 m core drilling program. “Following positive results, metallurgical testing will be completed as well as 3D interpretation on key areas”.
  • e-Power Metals, staked three new mining claims totaling 4,400 ha, located south of the Company´s high grade Magenta Au-Ag-Co project, where historical sampling on veins and skarn style deposits at the La Prieta old showings have returned results of 180.4 g/t Au, 202 g/t Ag, and 5.54% Co over 0.61m in Zone # 1; 194 g/t Au, 203 g/t Ag, and 8.14% Co from an adit dump; and 8.1 g/t Au, 53 g/t Ag, and 3.27% Co over 0.5m in Zone #2.
  • Excellon Resources Inc., reported first drilling results since 2010 from its Evolution property in Zacatecas. Significant drilling results are in hole EX18MAZ-251 with 22 g/t Ag, 0.4% Pb, 1% Zn, and 0.1 g/t Au (101 g/t AgEq) over 154m, including 188 g/t Ag, 4.4% Pb, 2.9% Zn, and 0.1 g/t Au (532 g/t AgEq) over 2.4m, and 48 g/t Ag, 0.7% Pb, 2.8% Zn, and 0.1 g/t Au (238 g/t AgEq) over 7m; hole EX18MAZ-253 with 14 g/t Ag, 0.3% Pb, 0.7% Zn, and 0.1 g/t Au (70 g/t AgEq) over 219m, including 70 g/t Ag, 1.3% Pb, 2.2% Zn, and 0.4 g/t Au (274 g/t Ag) over 12.6m; hole EX18MAZ-257 with 175 g/t Ag, 4.3% Pb, 5.4% Zn, and 0.4 g/t Au (663 g/t AgEq) over 3.4m; and hole EX18MAZ-258 with 64 g/t Ag, 1.4% Pb, 2.2% Zn, and 0.3 g/t Au (259 g/t AgEq) over 24.9m.

ON MINING

  • Alio Gold Inc., presented Q4 and full year 2018 production results from its San Francisco mine in Sonora. Alio produced 10.3K Oz Au and 4.2KOz Ag in Q4 2018 at AISC of $1,558 per Oz Au produced. Alio produced 54K Oz Au and 24.8K Oz Ag in 2018 at AISC of $1,258 per Oz.
  • Consolidated Zinc Limited, provided February 2019 production results from its Plomosas mine in Chihuahua. It reported 4,158 tonnes processed with Zn recoveries of 89% to Zn concentrates. Consolidated Zinc mined 3,873 tonnes of 9.6% Zn and 2.7% Pb to produce 815.4K Lb Zn and 235.2K Lb Pb.
  • Fortuna Silver Mines Inc., released Q4 and full year 2018 financial and production results from its San Jose mine in Oaxaca. It reported Q4 sales of $59.6M, net income of $2.2M, adjusted net income of $4.4M, and adjusted EDITDA of $22.7M. For the full year 2018 Fortuna reported sales of $263.3M, net income of $34M, adjusted net income of $38.4M, and adjusted EBITDA of $113.9M. The company milled 256,181 tonnes of 1.58 g/t Au and 230 g/t Ag to produce 11.8K Oz Au and 1.72M Oz Ag with metallurgical recoveries of 91% for both metals. Fortuna also reported an AISC of $7.1 for Oz Ag or $9.9 for Oz AgEq.
  • Impact Silver Corp., announced its financial and operating results for Q4, 2018. It reported $13.1M in revenues for 2018. Impact milled 173,217 tonnes of 170 g/t Ag to produce about 947K Oz Ag.
  • Leagold Mining Corporation, presented financial and production results from its Los Filos mine in Guerrero for the period Q4 and full year 2018. It reported revenues of $376.5M, and an adjusted EBIDTA of $89.5M for the full year 2018.Leagold produced 58,201 Oz Au in Q4 and 195,362 Oz Au for the full year 2018 at an AISC of $985 per Oz Au sold.
  • Starcore International Mines Ltd., announced financial and production results from its san Martin mine in Queretaro for the Q3 period ended January 31, 2019. It reported revenues of $6.6M and an EBIDTA of $335M for the nine months ended January 31, 2019. Starcore milled 71,100 tonnes of 1.8 g/t Au and 33 g/t Ag to produced 3.4K Oz Au and 46.2K Oz Ag (4K Oz AuEq).

ON FINANCING

  • Aura Minerals Inc., announced that is undertaking a non-brokered private placement to raise up to $0.5M.
  • Defiance Silver Corp., closed the first tranche of its non-brokered private placement for $1,229,500. The first tranche is part of the non-brokered private placement for total gross proceeds of $4M (San Acacio, Zacatecas).
  • Mexican Gold Corp., closed the final tranche of its non-brokered private placement for $2,143,000. Gross proceeds will be used on its Las Minas project in Veracruz.
  • McEwen Mining Inc., announced its voluntary termination of the equity distribution agreement on March 13, 2019 to offer shares from its common stock from time to time for up to $90M (Fenix project, Sinaloa).
  • Vangold Mining Corp., has arranged a non-brokered private placement for gross proceeds of up to 0.5M. It also announced a consolidation of their shares in which the company will trade 2 old shares for 1 new share (Pinguino project, Guanajuato).
  • XTierra Inc., announced its intention to raise from a non-brokered private placement up to $1M. (Bilbao project, Zacatecas).
  • Sierra Metals Inc., closed a six year senior secured a corporate credit facility for up to US$100M effective on March 08, 2019 (Cusi mine, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019. The infill drilling program at Las Chispas has delineated an initial indicated mineral resource estimate of 1M tonnes of 6.98 g/t Au and 711 g/t Ag (1,234 g/t AgEq), containing 39.8M Oz AgEq. Inferred mineral resource are estimated at 3.6M tonnes of 3.32 g/t Au and 332 g/t Ag (581 g/t AgEq), containing 68.1M Oz AgEq.
  • Orla Mining Ltd., filed a PEA amended technical report on its Camino Rojo project in Zacatecas. “The PEA supports a technically simple open-pit mine and heap-leach operation that offers low capital and operating costs, rapid payback, and strong financial performance. The PEA is based on near-surface oxide and partly oxidized (transitional) material within the overall resource, all located within Orla’s mineral concessions”. Highlights of the PEA are a pre-tax NPV (5%) of USD$231 and an IRR of 38.1% or after-tax NVP (5%) of USD$121M and an IRR of 24.5%; production rate per day of 18K tonnes; total material to leach pad of 42.5M with grades of 0.71 g/t Au and 13.6 g/t Ag (966K Oz Au and 18.5M Oz Ag contained) with metallurgical recoveries of 67% and 15% respectively; and an annual gold production of 97.5K Oz Au. It also reported that it is advancing its project towards a construction decision later this year and ensuring the company remains on track with the development of its first mine. Orla is also advancing the feasibility study on its Camino Rojo project which is expected to be completed by the end of Q3, 2019. Construction is expected to start during H2, 2020 following receipts of all necessary permits.
  • Leagold Mining Inc., announced a mine expansion FS in March 2019 which incorporates “the potential for developing the Bermejal underground mine, enlarging the Los Filos open pit mine, re-phasing the Bermejal open pit into two distinct sections (Bermejal and Guadalupe), and building a 4,000 tonne per day (tpd) carbon-in-leach (CIL) plant to complement the existing heap leach facilities”.
  • Telson Mining Corporation, released significant assay results from underground development on the Creston Zone at its Tahuehueto mine in Durango. Significant channel sampling results are 8.48 g/t Au, 104 g/t Ag, 0.85% Cu, 5.8% Pb and 11% Zn (20.9 g/t AuEq) over 4.95m; 5.66 g/t Au, 62 g/t Ag, 0.26% Cu, 3.6% Pb, and 7.4% Zn (13.24 g/t AuEq) over 3m; 8.89 g/t Au, 88 g/t Ag, 0.34% Cu, 2.3% Pb, and 6.3% Zn (15.54 g/t AuEq) over 3m; 11.87 g/t Au, 78 g/t Ag, 0.54% Cu, 2.7% Pb, and 4% Zn (17.59 g/t AuEq) over 3.35m; and 8.12 g/t Au, 134 g/t Ag, 0.44% Cu, 2.4% Pb, and 4% Zn (14.13 g/t AuEq) over 3.25m.

ON DEALS AND CORPORATE ISSUES

  • Aura Resources Inc., appointed new CEO and made changes of its Board of Directors. The company also entered in a definitive agreement with Minaurum Gold Inc., in which Minaurum can acquire an 80% interest on its East Taviche project in Oaxaca.
  • Coeur Mining Inc., appointed former Nevada Governor to its Board of Directors.
  • Mako Mining Corp., announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa).
  • Tamino Minerals Inc., retained the services of an experienced geological consultant to assist them to achieve its goals within its mining exploration projects in order to meet corporate milestones (El Volcan project, Sonora).
  • Goldcorp Inc., announced fully support for the Nevada JV between Barrick Gold Corporation and Newmont Mining Corporation.
  • Southern Copper Corp., showed interest to invest in a Canadian owned lithium project in Sonora, on which a Chinese company seems to be also interested. Southern Copper has not made an offer yet and did not reveal the name of the lithium project.

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, large barite crystals and manganese oxides in a low-intermediate sulphidation epithermal system in Chihuahua, Mexico.  Photo by Miguel A Heredia.

LEAGOLD FILES LOS FILOS MINE EXPANSION FEASIBILITY STUDY; INCREASES NET CASH FLOW TO $884 MILLION

leagold files los filos mine expansion feasibility study

Vancouver, March 12, 2019 – Leagold Mining Corporation (TSX:LMC; OTCQX:LMCNF) (Leagold or the Company) announces that it has filed the report entitled “Independent Technical Report for the Los Filos Mine Complex, Mexico” which presents the results of the Expansion Feasibility Study (Expansion Feasibility Study) under the Company’s profile on SEDAR at http://www.sedar.com.

New Gold Reports Fourth Quarter and Year-End Financial Results Provides Updated Reserves and Resources

new gold reports Q4 2018 results

February 14, 2019 – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) reports fourth quarter and year-end results for the Company and provides updated Mineral Reserves and Resources as of December 31, 2018. (All amounts are in U.S. dollars unless otherwise indicated).

The Mining and Exploration News in Mexico: Highlights on the First Week of February, 2019

By Jorge Cirett

During the 6th week of the year (February 4th to February 10th, 2019), at least 12 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, The head of the Sub Secretariat of Mining, Francisco Quiroga, elaborated on some of the backlogs its office faces. ON EXPLORATION, In Sonora, Aloro completed an RC drilling campaign at Los Venados. In Chihuahua, Sable is drilling the Margarita project, and preparing for the exploration of the Manzana II concessions. In Durango, Gainey reported first-pass sampling results on the Las Margarita project. ON MINING, USAC informed on its activities at its Mexican operations. GoGold reported on income for the last quarter of 2018. ON FINANCING, Kootenay and Palamina announced non-brokered private placements or amendments of placements for $2.5 and $2.2 M. ON RESOURCES AND DEVELOPMENT, Goldplay completed a new resource estimation at its San Marcial project in Sinaloa. Mexican Gold engaged a contractor to update the resource estimate at its Las Minas project in Veracruz. ON DEALS AND CORPORATE ISSUES, No relevant news.

ON MEXICO ISSUES

  • The Mining Sub Secretariat head, Francisco Quiroga, informed the Mexican government is reviewing five thousand concessions in process of cancellation, as well as another five thousand in process of liberation, acknowledging a big and growing backlog.

ON EXPLORATION

  • Sable Resources Ltd. completed a leach test on core from the first phase drilling at its Margarita project in Chihuahua. The purpose was to investigate the response of three samples (684, 341, 149 gpt Ag) to silver leaching with cyanide in a bottle roll test. The two higher grade samples had a recovery of 70 and 71 percent Ag after 48 hours, while the lower grade sample had a recovery of 37 percent on the same time lapse. The second stage drilling at Margarita initiated in January, consisting of a minimum of 19 holes for a total of 3000 m, to test extensions and infill of the Margarita vein and the Marie, Juliana, Fabiana and El Caido veins. Six holes have been completed, with a best vein intercept of 12.4 m starting at 30.9 m. Sable received title for the Manzana II application, reducing the size to 39,396 hectares in 11 concessions. Vinata is a drill-ready low-intermediate sulfidation project within these concessions, in which a series of quartz veins outcrop along a strike length of about 1,150 m in volcanic rocks. “The system consists of multiple sub-parallel veins and stockwork zones over a width of between 15m and 170m. Individual veins vary in width from <1m up to about 12 m><1 m up to about 12 m”.
  • Aloro Mining Corp. completed 12 RC holes for a total of 1,747 m at its Los Venados project in Sonora. The drill program was designed to test a felsic dome complex NW of the Estrella pit, at the Mulatos mine. The thickest intercept of mineralization was 18 m @ 0.2 gpt Au. Other relevant intervals comprise 3.05 m @ 1.45 gpt, 4.57 m @ 1.72 gpt. The style of mineralization of one of the holes, like the coarse vuggy nature with crystalline quartz, octahedral pyrite, and tetrahedrite is deemed as very significant, and resembling the high-grade part of the nearby Mulatos deposit.
  • Gainey Capital Corp. reported first-pass sampling on its newly optioned Las Margarita project in Durango confirmed a 1,500-1600 m strike length for the main vein system. Preliminary work consisting of 42 samples resulted in 21 with over 1 gpt, with 11 of those assaying more than 5 gpt Au, peaking at 40.0 gpt Au.

ON MINING

  • United States Antimony Corp. has dismantled and trucked equipment from its Reynosa pant (Tamaulipas) to other USAC operations in Mexico and the United States. A lot of equipment, tools and materials were transported to the Madero smelter in Coahuila. The Madero plant received seven truckloads of Wadley (San Luis Potosi) direct shipping ore with a total of 128 K pounds of contained Sb. The assembly of the cyanide leach plant at the Puerto Blanco mill in Guanajuato is progressing. “Production from the caustic leach plant at Madero to process the flotation concentrates has resulted in close to a 100% recovery of the gold and silver”. Estimated Sb production for January is 156.6 K Lb antimony.
  • GoGold Resources Inc. reported a net income of $8.2 M for the last quarter of 2018. The previously announced sale of the 2% net smelter royalty was closed. “The closing of the sale of the royalty concludes the Corporation’s involvement with the Santa Gertrudis project which was initially acquired in 2014. Net consideration on the sale of assets associated with the Santa Gertrudis project was $88.6 million, less costs of $24.5 million resulting in a pre-tax gain of $64.1 million over the life of the project”. GoGold produced 325.1 K Oz AgEq.

ON FINANCING

  • Kootenay Silver Inc. Announced a non-brokered private placement to raise gross proceeds of up to $2.5 M.  (La Cigarra, Chihuahua).
  • Palamina Corp. amended its non-brokered private placement, to allow for the raising of up to $2.2 M (Santuario, Hidalgo).  

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd. announced the completion of a NI-43-101 mineral resource estimate for the San Marcial project in Sinaloa. “The Mineral Resource consists of 36 million ounces (“Moz”) of silver equivalent (“AgEq”)2 at an average grade of 147 grams per tonne (“gpt”) AgEq in the Indicated category and an additional 11 Moz AgEq at an average grade of 99 gpt AgEq in the Inferred category…”. Highlighted points include: a) A shallow, high-grade Ag core zone, up to 40 m in thickness. It represents 3.0 million tonnes at an average grade of 239 gpt AgEq, 200 gpt Ag, equivalent to 23 M Oz AgEq and 19 M Oz Ag, respectively. B) 98% of the 36 M Oz AgEq Indicated Resource is potentially mineable by open pit. C) . Both the Breccia and surrounding Stockwork Zones outcrop at surface.
  • Mexican Gold Corp. informed the engagement of Mine Development Associates to provide and updated 43-101 resource on Mexican Gold’s Las Minas project in Veracruz. Since the initial resource in 2017, the company has drilled 6,454 m in 39 holes. “Additionally, higher grade mineralization was encountered in the late 2017 and early 2018 drilling in the El Dorado Dike contact zone. For example, drill hole LM-17-ED-40 encountered 38 metres grading 5.39 g/t Au, 17.1 g/t Ag and 2.20% Cu, while drill hole LM-18-ED-49 intercepted 38 metres of 4.51 g/t Au, 16.2 g/t Ag and 3.33% Cu.”.

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

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

On the image above, Strongly argillitized, weakly silicified ignimbrite with quartz-sulfide veinlets, in a project in Jalisco. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of January, 2019

Monzonite porphyry dike intrusive contact with andesitic tuff -note the flow banding- on a project in Jalisco. Picture by Jorge Cirett.

By Jorge Cirett

During the 4th week of the year (January 21st to January 27th, 2019), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, CAMIMEX expressed it is in contact with diverse actors of the public administration to consolidate the international competitivity of the mining industry. ON EXPLORATION, In Chihuahua, Radius Gold staked the 9,600 ha. Rambler project, covering a 9 km trend of epithermal mineralization. In Sinaloa, Kootenay Silver released interesting surface sample results from its Copalito project. In Durango, Orex is to perform a VTEM airborne survey on the San Luis Del Cordero property. In Hidalgo, Prospero Silver initiated drilling at the Pachuca SE project, with funding by Fortuna Silver. ON MINING, Pan American, Argonaut, Gold Resource, Fresnillo, Sierra Metals and Americas Silver presented Q4 and full year 2018 production results (by the way, anyone has heard from Frisco on this regard?). Endeavour presented its 2019 production guidance. ON FINANCING, Premier Gold signed a credit agreement with Investec Bank as administrative agent for the lenders for a US$50 M credit facility. ON RESOURCES AND DEVELOPMENT, Endeavour updated its reserve and resource base, for a consolidated grand total of 132 M Oz Ag, 1.042 M Oz Au. Premier Gold presented high-grade intercepts from drilling at Mercedes, Sonora, where over 40,000 m of drilling were completed in 2018. Leagold is to produce 200-220 K Oz Au in 2019 at Los Filos, Guerrero. Azure Minerals presented a favorable scoping study for its Oposura project in Sonora. Impact Silver is defining extensions on veins at its Zacualpan property in Estado de Mexico. Excellon released high-grade results from surface exploration at its Platosa mine in Durango. Capstone filed on Sedar a technical report for Cozamin, Zacatecas. ON DEALS AND CORPORATE ISSUES, Prospero Silver announced the signature of the option agreement with Fortuna Silver on the Pachuca SE project.

ON MEXICO ISSUES

  • CAMIMEX (Cámara Minera de México), in a response to El Financiero, expressed that any modification to the mining regulations has to take into account the wellbeing of the communities and its environment. The organization, of which leading companies like Peñoles, Grupo México and Minera Frisco are members, considers mining is one of the most supervised sectors in the country, with a modern and robust regulatory frame, following international standards, although areas of opportunity can always be identified.  “We have approached diverse authorities on the public administration and found openness to solve any pending issues and consolidate the international competitivity that benefits the country development”.

ON EXPLORATION

  • Orex Minerals Inc. contracted Geotech Ltd. To perform a VTEM (Versatile Time Domain Electromagnetic) airborne survey over its San Luis del Cordero project in Durango. Old mine workings and mineralized showings wrap around a Tertiary quartz-feldspar-porphyry intrusive. The helicopter-borne survey, with accompanying horizontal gradiometer and radiometric surveys, is to identify discrete conductive anomalies, as well as mapping lateral and vertical variations in resistivity. The airborne survey will be conducted over a grid at 100 m line-spacing for approximately 275 line-km, with measurements every 2-3 m along survey lines.
  • Prospero Silver Corp. has started phase 2 drilling at its Pachuca Se project in Hidalgo. Fortuna Silver Mines Inc. has an option to acquire up to a 70% interest in the 6,699 hectares project (24 km SE from Pachuca) by spending a total of US$8 M and completing a preliminary economic assessment (PEA), spending more than US$1 M in the first year. A six-hole, 4,200 m program started to test a number of potential drill targets. In a Fortuna funded program in early 2018, 1,800 m of drilling tested three distinct targets, intercepting what is interpreted to be the upper parts of a mineralized epithermal system.
  • Radius Gold Inc. staked a 9,600 ha property called the Rambler project, in Chihuahua, some 20 km NW from Radius’s Amalia project. Regional prospecting discovered epithermal mineralization in veins, vein breccias and disseminated zones over a 9 km trend, where samples with up to 16.5 gpt Au, 2,030 gpt Ag, 3.8% Cu, 13.9% Zn, 3.4% Pb were collected. Saucito is the main target area, where a 500 x 70 m stockwork returned an average of 177 gpt Ag on 31 samples. Other target areas with interesting rock chip sample results include La Machomera (up to 7.3 gpt Au, 469 gpt Ag), La India (up to 10.3 gpt Au, 16 gpt Ag), El Gringo (4.8 gpt Au, 3.8% Cu).
  • Kootenay Silver Inc. released results from surface sampling and mapping at the Copalito Ag-Au project in Sinaloa, same that covers an epithermal system with numerous veins 0.5-15 m in width and up to 2 km in strike length. Sampling Highlights include 7.2 Gpt Au, 3,770 gpt Ag at the 5 Señores and Agua veins respectively; 8.2 gpt Au, 583 gpt Ag across 1.1 m on the 5 Señores vein; 401 gpt Ag across 5.3 m on 5 Señores vein; 532 gpt Ag over 3.0 m and 306 gpt Ag over 4.9 m across the Agua vein; 17.4% Zn, 9.9% Pb, 0.52 gpt Au, 76 gpt Ag on a grab sample at Pillar vein and 5.1%, 1.6% and 1.5 Cu along the Cobriza vein. Of 117 rock samples collected, 29 returned silver grades over 90 gpt, including 11 over 300 gpt and 6 over 500 gpt.

ON MINING

  • Pan American Silver Corp. announced preliminary operating results for the fourth quarter and full year 2018, including information from its operations in Mexico. At La Colorada in Zacatecas, 7.6 M Oz Ag, 4,400 Oz Au were produced during the year, at cash cost $2.02 per Ag Oz, whereas at Dolores in Chihuahua, 4.1 M Oz Ag and 136,600 Oz Au were produced at cash cost ($1.87) per Ag Oz. Pan American is planning to sustain 2,000 tonnes per day  (tpd) throughput at La Colorada during 2019, and continue to explore and define the potential of the “significant skarn deposit discovered in 2018”.  At Dolores the company plans to ramp-up underground production rates to 1,500 tpd and sustain the 20 K tpd throughput rate to the heap leach from the pit.
  • Argonaut Gold Inc. informed on Q4 production and yearly results for 2018, including numbers from its Mexican operations. At El Castillo Complex, in Durango, 37,977 GEOs (Gold equivalent ounces) were produced during the quarter, 18,984 from El Castillo mine and 18,993 from the San Agustin mine. At La Colorada, in Sonora, 13,681 Oz Au were produced during the same period. For the year, El Castillo Complex produced 117,126 GEOs and La Colorada 47,991 GEOs. Argonaut plans to invest $50-$60 M in capital expenditures during 2019, with $15 M allocated to the expansion of crushing and leaching facilities at San Agustin to increase the rate of production from 20K tpd to 30 K tpd.
  • Gold Resource Corp. reported 2018 year-end and fourth quarter production results from their El Aguila mining operations in Oaxaca. During the year Gold Resource produced 26,838 Oz Au, 1.67 M Oz Ag, 1,652 tonnes Cu, 7,280 tonnes Pb and 19,808 tonnes Zn. During the fourth quarter 7,974 Oz Au and 330.6 K Oz Ag were produced.
  • Fresnillo PLC. released 4Q and full year 2018 results, with a consolidated production of 61.8 M Oz Ag and 923 K Oz Au for the year and 15.5 M Oz Ag, 232 K Oz Au for the quarter. Lead (53,181 tonnes) and Zinc (88,520 tonnes) production amounted to 19.9 M Oz AgEq. “The cumulative drilling for the year at our operating mines and exploration projects was 579,000 and 346,000 metres respectively. Resources and reserves (in the case of the operating mines) are presently in audit by SRK and the results of which will be disclosed in the first quarter of 2019 with our Preliminary results. Resources were increased at the Guanajuato and San Juan projects, while mapping identified new targets at the Fresnillo and Herradura districts, and a geophysical survey detected areas for follow up in the San Julián district. Further to this, and for the first time in the Company’s history, drilling began in Chile. Exploration teams are working out of the Hermosillo, Chihuahua, Zacatecas, Toluca, Lima-Peru and Santiago de Chile offices in selected areas of favorable silver-gold belts in Mexico, Peru, Chile and Argentina”. (Note from editor: the mining community is waiting for Frisco to produce reports like this one).
  • Endeavour Silver Corp. announced its consolidated silver and gold production guidance for 2019, to be 4.4-5.2 M Oz Ag, 46.2-52.2 K Oz Au, or 8.1-9.4 M Oz AgEq. “Cash costs, net of gold by-product credits, are expected to be $8.50-$9.50 per oz of silver produced in 2019. Consolidated cash costs on a co-product basis are anticipated to be $11.50-$12.50 per oz silver and $900-$1,000 per oz gold”. The final dumps and tailings permit at Terronera is needed to make a development decision. The company plans to drill 24,500 m during 2019 in Guanaceví, Bolañitos, El Cubo, El Compas, Terronera, Parral and Guadalupe y Calvo.
  • Sierra Metals Inc. Disclosed Q4 and full year 2018 results, including figures from its Mexican operations. The Bolivar mine in Chihuahua processed (at 2,948 tonnes per day, or tpd) in the year 1 M tonnes of ore @ 0.95% Cu, 18 gpt Ag, 0.17 gpt Au, with recoveries of 79.9% Cu, 77.1% Ag, 68.5% Au, to produce 17.23 M Lb Cu, 452 K Oz Ag, 3,968 Oz Au. For the quarter, 272.6 K tonnes were processed (3,116 tpd) @ 0.94% Cu, 15 gpt Ag, 0.15 gpt Au, to produce 4.23 M Lb Cu, 128 K Oz Ag, 1,163 Oz Au. At Cusi, also in Chihuahua, 186.9 K tonnes were processed (534 tpd) during the year at a grade of 140 gpt Ag, 0.16 gpt Au, 0.36% Pb, 0.40% Zn, recovering 83.1% Ag, 39.1% Au, 79.9% Pb, 4.3% Zn, to produce 700 K Oz Ag, 372 Oz Au, 1.19 M Lb Pb, 937 K Lb Zn. During the last quarter Cusi processed 58.3 K tonnes (666 tpd) @ 111 gpt Ag, 0.16 gpt Au, 0.41% Pb, 0.49% Zn, to produce 171 K Oz Ag, 124 Oz Au, 421 K Lb Pb, no Zn.
  • Americas Silver Corp. announced production and operating results for 2018, including figures from its Mexican operations. At Cosalá, in Sinaloa, 544.5 K tonnes were milled @ 47 gpt Ag, to produce 448.1 K Oz Ag, 34.22 M Lb Pb, 12.86 M Lb Zn, or 4.16 M Oz AgEq at cash cost ($37.95) and AISC ($19.69).

ON FINANCING

  • Premier Gold Mines Ltd. Announced the signing of a definitive credit agreement with Investec Bank PLC, as administrative agent for the lenders of a US$50 M secured term credit facility. Premier also announced financing arrangements with OMF Fund II SO Ltd. and Orion Mine Finance Fund II LP for aggregate gross proceeds of US$18.2 M. (Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. updated its reserve and resource base for its mines and projects for 2018. Consolidated reserves and resources, including inferred resources for its seven units comprise 132 M Oz Ag and 1.042 M Oz Au, as displayed on the following table:
  • Premier Gold Mines Ltd. provided an update on its exploration programs, including information from its Mexican operations. At Mercedes in Sonora, positive exploration results include 18.3 m @ 38.3 gpt Au, 26 gpt Ag on the Aida vein, and 22.0 m @ 36.6 gpt Au, 171 gpt Ag at Rey de Oro. During the past year 280 brownfield and greenfield holes were completed representing 40,720 m of drilling.
  • Leagold Mining Corp. announced its intention to produce 200 K to 220 K Oz Au during 2019, at an AISC of $925 to $925-975 at Los Filos, in Guerrero. The proven and probable reserves at the property stand at 111.33 M tonnes @ 1.22 gpt Au, containing 4.363 M Oz Au, and 114 K Oz Au on the leach pad inventory.
  • Azure Minerals Ltd. Presented its quarterly report for the period ended on December 2018. The company highlighted the Scoping Study for the Oposura project in Sonora, with an EBITDA of A$237 M, pre-tax NPV of A$112 M, pre-tax IRR of 76%, average life of mine cash cost US$0.42 per Zn Lb and a pre-production CAPEX of A$69.9 M. At the Alacrán project in Sonora, Teck completed its Phase 2 drilling program comprising 10.537 m in 21 holes, with focus on testing porphyry copper potential at Cerro Alacrán, with assays pending. At Oso Negro, also in Sonora, sampling returned more high-grade mineralization, with the best sample returning 15.5 gpt Au, 1,935 gpt Ag, 5.9% Zn, 4.6% Pb. At Sara Alicia, also in Sonora, the company has been showing the property to potential partners or buyers.
  •  Impact Silver Corp. hired a consultant to define extensions to the vein systems on its Zacaualpan property in Estado de Mexico. Work to date has defined on strike extensions to the San Ramon silver vein system through geological work and soil sampling, and better characterizing the potential for bulk mineable ore in the Santa Teresa area.
  • Excellon Resources Inc. released high-grade results from ongoing surface exploration at its Platosa mine in Durango. Highlighted intervals comprise 0.9 m @ 283 gpt Ag, 9.8% Pb, 0.3% Zn; 5.6 m @ 383 gpt Ag, 8.0% Pb, 0.2% Zn; 2.5 m @ 406 gpt Ag, 3.7% Pb, 0.2% Zn; 0.6 m @ 2,060 gpt Ag, 7.8% Pb, 9.1% Zn; 5.0 m @ 0.28 gpt Au, 968 gpt Ag, 9.4% Pb, 20.2% Zn; 4.8 m @ 1,127 gpt Ag, 8.4% Pb, 10.5% Zn.
  • Capstone Mining Corp. filed on SEDAR a NI-43-101 compliant report titled “NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico”.

ON DEALS AND CORPORATE ISSUES

  • Prospero Silver Corp. announced the signature of the previously disclosed option agreement with Fortuna Silver Mines Inc. on the Pachuca SE project. “On December 10, 2018 Prospero announced that Fortuna Silver Mines Inc. (“Fortuna”) exercised its right to be granted an option to acquire up to a 70-per-cent interest in the Pachuca Southeast project located close to the historic mining city of Pachuca in Hidalgo state, Mexico, by spending a total of $8-million (U.S.) in qualifying expenditures and completing a preliminary economic assessment, with a minimum spend of $1-million in the first year” (Pachuca SE, Hidalgo).

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

On the image below, monzonite porphyry dike intrusive contact with andesitic tuff -note the flow banding- on a project in Jalisco. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of January, 2019.

Kaolin in a Hg prospect

By Miguel A Heredia

During the third week of the year (January 14th to January 20th, 2019), at least 31 press releases were announced by companies working in Mexico, with thirteen communicating production results, eight informing on exploration results, seven disclosing deals and corporate issues, one announcing financing rounds, one discussing Mexican issues, and one reporting a feasibility study for mine expansion on its property. ON MEXICO ISSUES, Napoleon Gomez Urrutia, mining leader and senator of the MORENA party, declared that is ready to go over the mining companies that do not pay enough taxes, pollute the environment and have too much ground in mining concessions.  ON EXPLORATION, In Sonora, San Marco, Silver Viper, Mexus, Sonoro, and Ridgestone announced drilling results from their Chunibas, La Virginia, Santa Elena, Cerro Caliche, and Rebeico properties respectively. In Chihuahua, Mammoth posted a technical report on its 2017-2018 drilling program at its Tenoriba project, and VVC released drilling results from its Samalayuca project.  In Sinaloa, Goldplay outlined 5 new exploration targets at its San Marcial project.  ON MINING, Alamos Gold, Alio, Premier, Coeur, GoGold, McEwen, Excellon, Avino, Hecla, Goldcorp, Fortuna and First Majestic reported Q4 and full year 2018 production results from their Mexican operations. Mako Mining reported that are pumping water from its Taunus pit at La Trinidad mine in Sinaloa and expect to commence mining by month end.  Great Panther provided 2019 production and cost guidance for their Mexican operations. ON FINANCING, Impact closed the second and final tranche of a non-brokered private placement for $1.19M for a total raise of $1.7M.  ON RESOURCES AND DEVELOPMENT, Leagold announced a feasibility study for the expansion of its Los Filos mine in Guerrero. ON DEALS AND CORPORATE ISSUES, Goldplay announced the listing of its shares on the Frankfurt Stock Exchange (San Marcial, Sinaloa). Mako reported that now holds a 100% interest in the La Trinidad mine in Sinaloa. SilverCrest announced executive appointments (Las Chispas project, Sonora). Oroco provided an update on its option to acquire an additional interest in its Santo Tomas project in Sinaloa. Prize provided an update about an order on regulatory matters issued by the Alberta Securities Commission (Manto Negro project, Coahuila). Newmont and Goldcorp entered into a definitive agreement to create the world´s leading gold company.  Minera Alamos launched new website (Santana project, Sonora).

ON MEXICO ISSUES

  • Napoleon Gomez Urrutia, mining leader and senator of the MORENA party, declared that is ready to go over the mining companies that do not pay enough taxes, pollute the environment and have too ground in mineral concessions. The mining leader is reviewing mineral concessions and said that mining companies should contribute to the government with more revenues. He also said that the Mining Law of Mexico has to be regulated in accordance with the interests of the country. “We are looking at the cancellation terms for a concession and its extension, because 50, 100 years is too long,” he explained. The senator also mentioned not to have in mind any particular tax for companies.

ON EXPLORATION

  • San Marco Resources Inc., released phase 1 drilling results from its Chunibas project in Sonora, where, under a JV option agreement with a subsidiary of Antofagasta plc., the company is exploring several Cu-Ag rich mineralized targets mapped on surface. Drilling carried out at Chunibas project consisted of 1,640m in 7 shallow drill holes and tested 2km of the NW-SE striking mineralized corridor with 5 drill holes, and 400m of a NE-SW section perpendicular to the  corridor with 2 drill holes. The drilling program has confirmed the existence of a typical Cu-Ag manto-type system. Highlights include hole CHD18-05 with 7.5m of 0.1% Cu and 2 g/t Ag and 22m of 0.05% Cu and 0.7 g/t Ag; hole CHD18-06 with 3m of 0.08% Cu and 0.6 g/t Ag; and hole CHD18-07 with 6m of 0.06% Cu and 0.3 g/t Ag.
  • Silver Viper Minerals Corp., reported second batch drilling results from its la Virginia project in Sonora. Significant results are at El Rubi Zone in hole LV18-201 with 13.3m (6m TW) with 3.16 g/t Au and 228 g/t Ag (6.42 g/t AuEq), including 4m (1.8m TW) of 3.75 g/t Au and 258 g/t Ag (7.43 g/t AuEq), and including 1m (0.45m TW) of 8.30 g/t Au and 782 g/t Ag (19.47 g/t AuEq); hole LV18-200 with 12m (9m TW) of 1.52 g/t Au and 133 g/t Ag (3.42 g/t AuEq), including 2m (1.5m TW) of 5.51 g/t Au and 537 g/t Ag (13.18 g/t AuEq); and hole LV18-203 with 10m (5m TW) of 1.1 g/t Au and 97 g/t Ag (2.48 g/t AuEq), and 12m (6m TW) of 1.37 g/t Au and 81 g/t Ag (2.53 g/t AuEq), including 1m (0. 5m TW) of 13.20 g/t Au and 780 g/t Ag (24.34 g/t AuEq). A third and final batch of results are pending and will be released once the assays are received.
  • Mexus Gold US, announced that the 1st phase of drilling at its Santa Elena project in Sonora has been completed. Final results are expected to arrive in February 2019. Until now, “Hole 7 is the best evidence of high-grade gold at 9.89 g/t Au with an attractive width of 5.3 meters and an overall average of 3.12 g/t Au”.
  • Sonoro Metals Corp., completed 45 RC holes totaling 4,604m at its Cerro Caliche project in Sonora, confirming a luster of eight northwest trending gold-dominant structures surrounded by parallel sheeted veinlets and stockwork veinlets. Significant drill intersections are Highlights from the final 14 holes include 12.19m of 11.2 g/t Au and 5.9 g/t Ag (11.3 g/t AuEq); 4.57m of 4.67 g/t Au and 2 g/t Ag (4.69 g/t AuEq); and 12.19m of 0.82 g/t Au and 8.5 g/t Ag (0.95 g/t AuEq).
  • Ridgestone Mining Inc., released final assay results from an initial drill program conducted at its Rebeico project in Sonora. Significant intersections are in hole 18REB6 with 3.25m of 8.31 g/t Au and 2.41% Cu, including 0.5m of 6.95 g/t Au and 1.31% Cu, and 1m of 17.7 g/t Au and 5.95% Cu, and 1m of 5.59 g/t Au and 0.83% Cu; and hole 18REB10 with 1.5m of 36.1 g/t Au and 1.22 g/t Ag, and 1.46 g/t Au and 0.07% Cu.
  • Mammoth Resources Corp., posted an internal technical report based on 13 holes totaling 2,700m drilled during its 2017-2018 drilling program conducted on its Tenoriba project in Chihuahua. Some of the conclusions are: At El Moreno area, feldspar porphyry intrusive rocks were intersected displaying porphyry –style mineralization including disseminated sulphides and complex stockworks-sulphide rich veinlets. Hole TEN 17-02 intersected 80m of 0.17 g/t AuEq: Phyllic-pyrite alteration was also identified in drill core and consists of illite-tourmaline and dickite; K-feldspar flooding was observed at deeper intervals and the presence of 7.2m of 3.59% Cu in hole TEN 17-03. At the Carneritos area, mineralization identified is more typical of high sulphidation and consists of narrow pyrite rich veinlets in a stockwork texture associated with silica, dickite and local patchy vuggy silica alteration. Hole TEN 17-06 intersected 126.08m of 0.52 g/t AuEq, including 25m of 1.21 g/t AuEq.
  • VVC Exploration Corporation, announced the results for the last 11 drill holes from its Samalayuca project in Chihuahua. The most significant intersections are in hole SC18-056 with 19.65m of 0.32% Cu; hole SC18-057 with 28m of 0.79% Cu; and hole SC18-058 with 5m of 0.55% Cu. “The 2017/18 drilling program confirmed significant, near surface, copper mineralization over an approximate 5km strike length.”
  • Goldplay Exploration Ltd., outlined with soil and rock sampling five new exploration targets at its San Marcial project in Sinaloa. Faisanes, Cabañas, Nava, Pedregal, and Chachalaca targets have been prioritized for follow up exploration and detailed geological mapping in H1, 2019. “The Cabañas and Faisanes targets demonstrate very similar geology to the historic resource, while the Nava and Pedregal targets indicate a NE-SW trending structural setting, superimposed on a volcanic package of rhyolites and andesites cut by dioritic dykes. The Chachalaca trend is interpreted as a NW-SE trending structural setting, with geology dominated by rhyolites and andesites”.

ON MINING

  • Alamos Gold Inc., reported its Q4 and annual 2018 production results from their Mulatos and El Chanate mines in Sonora. Production from Mulatos in Q4 was 35.6K Oz Au for a full year 2018 of 175.5K Oz Au. At El Chanate mine, Alamos produced 35.6K Oz Au in Q4 2018 for an annual 2018 production of 43.7K Oz Au. Alamos Gold expects to produce between 150K-160K Oz Au in 2019. Mining activities ceased at El Chanate mine in Q4 2018 and has transitioned to residual leaching which will result in a declining rate of production through 2019.
  • Alio Gold Inc., announced its Q4 and full year 2018 production results from its San Francisco Mine in Sonora. At its San Francisco mine the company achieved a Q4 production of 10.3K Oz Au for a full year 2018 production of 54K Oz Au. The company reported that “there are sufficient stockpiles to operate at full capacity throughout 2019 (as at July 1, 2018, the low-grade stockpile consisted of approximately 7.2 M tonnes of 0.26 g/t gold material (60.2K contained Oz Au). Gold production at San Francisco mine is expected to remain consistent with current production levels for at least the first half of 2019”.
  • Premier Gold Mines Limited, reported its Q4 and full year 2018 production results from its Mercedes mine in Sonora. In Q4, the company produced 22.5K Oz Au and 119K Oz Ag for an annual 2018 production of 68.7K Oz Au and 309.2K Oz Ag.
  • Coeur Mining Inc., released its Q4 and full 2018 production results from its Palmarejo mine in Chihuahua. In Q4, Coeur milled 378,389 tonnes of 2.49 g/t Au and 185 g/t Ag to produce 31.2K Oz Au and 1.9M Oz Ag with metallurgical recoveries of 97.6% and 84% respectively. For the full year 2018, the company milled 1,382,471 tonnes of 3.1 g/t Au and 202 g/t Ag to produce 122.7K Oz Au and 7.5M Oz Ag with metallurgical recoveries of 88.9% and 83.8% respectively.
  • GoGold Resources Inc, announced its Q4 2018 production results from its Parral operation in Chihuahua. In Q4, GoGold produced 1,828 Oz Au and 168K Oz Ag for a total of 325K Oz AgEq.
  • Mc Ewen Mining Inc., presented its Q4 and annual 2018 production results from its El Gallo mine in Sinaloa. The company produced 5.6K Oz AuEq in Q4 for a total full 2018 production of 39.1K Oz AuEq. By the end of Q2 2018, mining and crushing activities ceased at El Gallo mine and were followed by residual heap leaching. Closure, reclamation, and residual heap leaching activities are ongoing and will continue for several years.
  • Excellon Resources Inc., announced its Q4 and annual 2018 production results from its Platosa mine in Durango. Excellon milled 16,570 tonnes of 556 g/t Ag, 4.9% Pb and 6% Zn in Q4 to produce 274.3M Oz Ag, 1.5M Lb Pb, and 1.8M Lb Zn. In the full 2018 year, Excellon milled 57,475 tonnes of 488 g/t Ag, 4.8% Pb, and 6.9% Zn to produce 917.7M Oz Ag, 5.4M Lb Pb, and 7.9M Lb Zn.
  • Avino Silver & Gold Mines Ltd., presented its Q4 and full year 2018 production results from their Avino, San Gonzalo and Above Ground Stockpiles in Durango. In Q4, the company milled 189,574 consolidated tonnes of 64 g/t Ag, 0.5 g/t Au, 0.44% Cu to produce 288.6K Oz Ag, 1,973 Oz Au, and 1.4M Lb Cu with metallurgical recoveries of 75%, 64% and 72% respectively. For the full 2018 year, Avino milled 708.7K tonnes of 73 g/t Ag, 0.53 g/t Au, and 0.43% Cu to produce 1.3M Oz Ag, 8K Oz Au, and 4.8M Lb Cu with metallurgical recoveries of 76%, 65%, and 72% respectively.
  • Hecla Mining Company, announced its Q4 and annual 2018 production results from its San Sebastian mine in Durango. Hecla produced 443.3K Oz Ag and 2,928 Oz Au in Q4 and 2M Oz Ag and 15K Oz Au in the full 2018 year. The mill operated at an average of 429tpd in 2018.
  • Goldcorp Inc., released its Q4 and annual 2018 production results from their operations. Goldcorp did not report results by mine but produced 630K Oz Au in Q4 and 2.3M Oz Au in the full 2018 year.
  • Fortuna Silver Mines Inc., reported its Q4 and annual 2018 production results from its San Jose mine in Oaxaca. Fortuna milled 256,181 tonnes of 1.58 g/t Au and 230 g/t Ag in Q4 to produce 11.8K Oz Au and 1.7M Oz Ag. In the full 2018 year, Fortuna milled 534,773 tonnes of 1.75 g/t Au and 260 g/t Ag to produce 53.5K Oz Au and 8M Oz Ag.
  • First Majestic Silver Corp., presented its mine by mine Q4 2018 production results from their Mexican operations. The table below shows production details for each mine:

  • Mako Mining Corp., reported that are still in the process of dewatering the Taunus pit at its La Trinidad mine in Sinaloa and has already reached bench -56, where there are over 57M tonnes of blasted rock of 1.35 g/t Au. The company expects to commence mining by month end, at which time crushing and stacking on the leach pad can once again resume. There is an estimated of 30K Oz of recoverable Au left in the Taunus pit. The Company is still evaluating the safest and most effective mine plan to recover the remaining Oz Au.
  • Great Panther Silver Limited, provided 2019 production and cost guidance for their two Mexican operations: Topia in Durango and the Guanajuato mine complex which includes the San Ignacio and the Guanajuato mines. Great Panther expects to produce in 2019 over 3.7-4.0 M AgEq. The company also has taken the step of realigning their Mexican operations to reduce cost and maximize mine operating cash-flow, with a modest reduction in their production ounces.

ON FINANCING

 

  • Impact Silver Corp., closed the second and final tranche of a non-brokered private placement for $1.19M for a total raise of $1.7M. Gross proceeds will be used to explore its Zacualpan project in State of Mexico for additional potential targets, to improve the efficiency at its Guadalupe production mill, and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Leagold Mining Corporation, announced a feasibility study for the expansion of its Los Filos mine in Guerrero. Highlights of the FS are: production of 3.3M Oz Au over a 10-year mine life (2019-2028) at an average AISC of $795; and proven and probable mineral reserves of 111.3M tonnes of 1.23 g/t Au containing a total of 4.5M Oz Au. Post expansion (2021 onwards) include an average annual production of 350K Oz Au at AISC of $759/Oz and an average annual production exceeding 400K Oz Au from 2012 to 2013.

ON DEALS AND CORPORATE ISSUES

  • Goldplay Exploration Ltd, announced the listing of its shares on the Frankfurt Stock Exchange under the symbol GPE effective January 15, 2019 (San Marcial project, Sinaloa).
  • Mako Mining Corp., completed the acquisition of Golden Reign Resources Ltd., from Marlin Gold Mining Ltd., and now holds a 100% interest in the la Trinidad mine in Sinaloa.
  • SilverCrest Metals Inc., announced the appointment of its VP Exploration and Technical Services and its Executive VP Business Development (Las Chispas project, Sonora).
  • Oroco Resource Corp., engaged an independent QP to prepare a technical report on its Santo Tomas property in Sinaloa. It allows Oroco to acquire an additional interest on the property.
  • Prize Mining Corporation, provided an update about the order issued by the Alberta Securities Commission on December 21, 2019, requiring that all trading in securities of Prize cease and that Prize must cease trading in all securities. Prize applied for a further adjournment and now the Alberta Securities Commission issued a variation order dated January 14, 2019 to adjourn the hearing to February 1, 2019.
  • Newmont Mining Corporation & Goldcorp Inc., entered into a definitive agreement to form Newmont Goldcorp and create the world´s leading gold company. Newmont will acquire all of the outstanding common shares of Goldcorp in a stock-by-stock transaction valued in $10B. “Newmont Goldcorp’s Reserves and Resources will represent the largest in the gold sector and will be located in favorable mining jurisdictions in the Americas, Australia and Ghana, representing approximately 75 percent, 15 percent and 10 percent, respectively”. The Boards of Directors of both companies have unanimously approved the transaction, which is expected to be closed in Q2, 2019.
  • Minera Alamos Inc., launched a new brand and improved website.

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, kaolin in a Hg prospect in San Luis Potosi, Mexico.  Photo by Miguel A Heredia.

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.