Panning gold in a cow´s horn
By Miguel A Heredia
During the 50th week of the year (December 12th to December 18th, 2022), at least 20 press releases were announced by companies working in Mexico with six informing on exploration results, five reporting resources and developments of their properties, five announcing financing issues, two commenting on Mexican issues, and two disclosing deals and corporate issues. ON MEXICO ISSUES, Trafigura announced that along with eFactor Network and a number of financing institutions are piloting a Sustainable Supply Chain Finance Program for mining companies in Mexico. GR Silver, Vizsla, Mammoth, GoGold, and Almadex reported the best drilling intercepts in Mexico on the third week of December, 2022. ON EXPLORATION, In Sonora, Aztec released final results from its 2021-2022 drilling program at its Cervantes project, and Minaurum provided an update on its optioned Adelita project. In Chihuahua, Mammoth presented results from six holes from its 27 holes diamond drilling program at its Tenoriba project, and Southern Empire has initiated the field exploration program work on its recently optioned Centauro property. In Coahuila, Monumental completed reconnaissance exploration program and defined drill targets at its Jemi Rare Earth Element project. In Jalisco, Almadex released results from the second hole drilled in 2022 at its San Pedro project. Minaurum provided and update on its optioned Taviche mining property. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver announced a non-brokered listed issuer financing exemption private placement for gross proceeds of CAD $7.5M, subject to a minimum offering for gross proceeds of CAD $3M (El Cubo, San Ignacio, and Valenciana mines, Guanajuato). Prismo Metals closed its previously announced brokered private placement for gross proceeds of $3,016,000 (Palos Verdes project, Sinaloa). Tarachi announced a non-brokered private placement for gross proceeds of up to CAD $500K (Magistral Mill and tailings project, Durango). Fortuna announced that it has amendment its existing senior secured revolving credit facility to increase the maximum facility amount by USD $50M to USD $250M (San Jose Mine, Oaxaca). Regency Silver announced a non-brokered private placement for gross proceeds of CAD $2M (Dios Padre Project, Sonora). ON RESOURCES AND DEVELOPMENT, GoGold presented results of nine holes from its ongoing drilling program at its Los Ricos North project, Jalisco. GR Silver announced additional results from its 2022 underground infill drilling program at its Plomosas mine area in Sinaloa. Vizsla Silver Corp., released results from nineteen new drill holes targeting the Tajitos-Copala resource area at its Panuco project, Sinaloa. Tocvan announced plan to collect a bulk sample from its El Pilar project in Sonora. Silver Dollar reported progress on its new underexplored Noria target at its La Joya project, Durango. ON DEALS AND CORPORATE ISSUES, Osisko Development strengthened its Board of Directors with the appointment of a new Non-Executive Director, effective December 14, 2022 (San Antonio Gold project, Sonora). Sierra Metals completed voluntary delisting from the Lima Stock Exchange (Cusi and Bolivar mines, Chihuahua). Southern Empire entered into an option agreement to acquire 100% interest in the Centauro property in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
- Trafigura Pte Ltd., announced that along with eFactor Network and a number of financial institutions are piloting a Sustainable Supply Chain Finance Program for mining companies in Mexico. The Program, the first of its type and providing a model that can be scaled across the region, is structured to improve mining companies’ working capital whilst driving responsible sourcing practices along the metals value chain.
- GR Silver Mining Ltd., Vizsla Silver Corp., Mammoth Resources Corp., GoGold Resources Inc., and Almadex Minerals Ltd., reported the best drilling intercepts in Mexico on the third week of December, 2022. Details are shown in the table below:
ON EXPLORATION
- Aztec Minerals Corp., released final results from its 2021-2022 drilling program at its Cervantes project. The 2022-2022 drilling program consisted of 27 RC totaling 5,249m, and 11 oriented core totaling 2,558.5m for a total combined amount drilled of 7,837.5m in 37 drill holes on the California Zone, California Norte, Jasper, and Purisima Este targets. It was successful in intercepting strong mineralization, as well as in expanding the targets. “The multi-element ICP values support the exploration model of the California zone being at the highest portion of a porphyry system, where an overlying high sulfidation zone has been eroded away”. Results of this drilling program are currently being analyzed in order to refine future targeting.
- Minaurum Gold Inc., provided an updated on its Adelita project in Sonora, which is under an option agreement with Infinitum Copper Corp. Infinitum has identified five main target areas of which Cerro Grande is being drilled and plans to drill Las Trancas target soon. Significant mineralization has been intersected at Cerro Grande target in hole AD-22-0018 with 1.91% Cu, 2 g/t Au, and 41 g/t Ag over a true width (TW) of 20.6m; and hole AD-22-0019 with 1.01% Cu, 0.52 g/t Au, and 40 g/t Ag over a TW of 32.25m, including 1.68% Cu, 0.83 g/t Au, and 59 g/t Ag over a TW of 17.05m. Cerro Grand Target is a mineralized zone of up to 36m thick, over 250m deep and has a strike 200m.
- Mammoth Resources Corp., presented results from six holes for a total of 620.7m from its 27 holes diamond drilling program at its Tenoriba project in Chihuahua. Highlights of the drilling include hole TEN21-22 collared on Carneritos Zone with 0.98 g/t Au and 10 g/t Ag (1.12 g/t AuEq) over 3m, and 0.57 g/t Au and 8 g/t Ag (0.68 g/t AuEq) over 10.5m; and hole TEN21 -24 with 1.14 g/t Au and 75 g/t Ag (1.13 g/t AuEq) over 39m, including 5.28 g/t Au and 13 g/t Ag (5.45 g/t AuEq) over 3m, including 1.45 g/t Au and 11 g/t Ag (1.60 g/t AuEq) over 9m, plus 0.46 g/t Au and 2 g/t Ag (0.48 g/t AuEq) over 42m, including 1.21 g/t Au and 5 g/t Ag (1.28 g/t AuEq) over 12m. These six holes bring the total meters drilled in the recent phase to 3,244.25m in twenty seven holes.
- Southern Empire Resources Corp., has initiated the field exploration program work on its recently optioned Centauro property. The company contracted PhotoSat Information Ltd to provide maps of alteration mineral suites typically associated with epithermal precious metal deposits, using their proprietary processing methods for16 band WorldView-3 and high-resolution ASTER satellite optical spectral data. Results of the PhotoSat studies show significant trends highlighting argillic, sericite, and chlorite alteration. Southern also collected 396 soil samples at 50m spacing along E-W lines, spaced 100-200m apart to cover a zone of prospective alteration and mineralization over 4km strike length. Assays are pending.
- Monumental Minerals Corp., completed reconnaissance exploration program, which consisted of detailed geological mapping, regional stream sediment sampling, ground radiometric geophysical surveys, and lithogeochemical sampling to delineate discreet drill targets at its Jemi Rare Earth Element project. To date, 37 whole-rock analytic results from rocks collected at the Jemi project of which 11 have returned values greater than 0.15% total Rare Earth Oxide (TREO), including six samples that returned values greater than 0.23% TREO and up to 0.43% TREO. Results for 269 samples are still pending to arrive. Heavy rare earth oxide (HREO) values (include dysprosium (Dy) and terbium (Tb)), ranged between 1614 ppm and 39 ppm in peralkaline pegmatites, averaging 447 ppm. Six samples exceeded 680 ppm, including three that exceeded 830 ppm. Light rare earth oxides (LREO) values including neodymium (Nd) and praseodymium (Pr), returned values up to 0.26% and 0.23%, with values in trend with HREO concentrations suggesting similar REE-hosting phases in the peralkaline rock samples. “Geological mapping has confirmed that samples with the highest TREO and HREO values are from pegmatitic bodies. Three-dimensional airborne magnetics modeling show that surface pegmatite bodies are spatially associated with a numerous larger magnetic anomalies at depth that may represent potential source intrusions. Specific drill locations will target these pegmatites”.
- Almadex Minerals Ltd., released results from the second hole drilled in 2022 at its San Pedro project in Jalisco. Hole SP-22-004 intersected 846 /t Au over 1.3m. The current drilling program intends to better understand the orientation and distribution of the breccia zone so that further, more focused drilling can eventually be carried out.
- Minaurum Gold Inc., provided an updated on its Taviche project in Oaxaca, which is under an option agreement with Fortuna Silver Corp. Fortuna is currently focused on the re-negotiation of surface rights to be followed by drill permits. “Review of historic data and field mapping over the last year identified the possible continuation of the Mezcal Fault for 3km to the northwest. Drill targeting is in progress along the Mezcal Fault to test for both Mezcal-style gold mineralization and silver bonanza style mineralization associated with jasperoid-related mantos”. Another goal is to develop additional concepts to test the potential at depth at the Cerro La Mina Zone where a drill hole encountered 235 g/t Ag and 0.19 g/t Au over 46.3m.
ON MINING
- No relevant news.
ON FINANCING
- Guanajuato Silver Company Ltd., announced a non-brokered listed issuer financing exemption private placement of up to 17,647,059 units at CAD $0.425 for gross proceeds of CADS $7.5M, subject to a minimum offering of 7,058,824 units for gross proceeds of CAD $3M. Gross proceeds will be used to ramp up production at El Cubo, San Ignacio, and Valenciana mines in Guanajuato; expand and modernize the processing facilities at the Topia mine in Durango; increase brownfield exploration programs across all company´s projects; and fund general working capital expenses and strengthen Guanajuato Silver’s balance sheet.
- Prismo Metals Inc., closed its previously announced brokered private placement for gross proceeds of $3,016,000. The gross proceeds will be used to continue drilling at its Palos Verdes project in Sinaloa, and to continue the mapping and sampling at its Pavitos project in Sonora, as well as to conduct an initial diamond drilling program.
- Tarachi Gold Corp., announced a non-brokered private placement of up to 10M units at a price of CAD $0.05 per unit for gross proceeds of up to CAD $500K. The gross proceeds will be used for exploration, working capital purposes, and for the ongoing development of the Company’s Magistral project in Mexico including, but not limited to, metallurgical test work, final design and permitting.
- Fortuna Silver Mines Inc., announced that it has amendment its existing senior secured revolving credit facility to increase the maximum facility amount by USD $50M to USD $250M (San Jose Mine, Oaxaca).
- Regency Silver Corp., announced a non-brokered private placement of 10M common shares at a price of CAD $0.20 per share for gross proceeds of CAD $2M. Net proceeds will be used for work programs including drilling and geophysics in its flagship Dios Padre project, Sonora, as well as for general working capital.
ON RESOURCES AND DEVELOPMENT
- GoGold Resources Inc., presented results of nine holes from its ongoing drilling program collared at El Favor East deposit within its Los Ricos North project, Jalisco. Highlights of the drilling include hole LRGF-22-140 with 1.39 g/t Au and 139 g/t Ag (3.24 g/t AuEq or 243 g/t AgEq) over 2.5m, plus 0.48 g/t Au and 257 g/t Ag (3.92 g/t AuEq or 294 g/t AgEq) over 13.9m, including 1.84 g/t Au and 960 g/t Ag (14.65 g/t AuEq or 1,099 g/t AgEq) over 3.2m, including 2.96 g/t Au and 2,307 g/t Ag (33.72 g/t AuEq or 2,529 g/t AgEq) over 0.7m; and hole LRGF-22-137 with 0.29 g/t Au and 143 g/t Ag (2.2 g/t AuEq or 165 g/t AgEq) over 61.5m, including 0.66 g/t Au and 300 g/t Ag (4.66 g/t AuEq or 350 g/t AgEq) over 24.3m, including 1.71 g/t Au and 881 g/t Ag (13.46 g/t AuEq or 1,009 g/t AuEq) over 0.7m.
- GR Silver Mining Ltd., announced additional results from its 2022 underground infill drilling program at its Plomosas Mine Area in Sinaloa. Highlights of the drilling include hole PLIP22-28 with 55 g/t Ag, 8.66 g/t Au, 2.7% Pb, 6.6% Zn, and 0.5% Cu (1,242 g/t AgEq) over a true width (TW) of 6.9m; hole PLI17-26 with 3 g/t Ag, 2.64 g/t Au, 0.1% Pb, and 0.1% Zn (257 g/t AgEq) over a TW of 10.7m; hole PLI22-42 with 43 g/t Ag, 1.96 g/t Au, 1.2% Pb, 2.1% Zn, and 0.3% Cu (369 g/t AgEq) over a TW of 20.9m, including 61 g/t Ag, 4.52 g/t Au, 2.9% Pb, 5.5% Zn, and 0.3% Cu (802 g/t AgEq) over a TW of 7.5m, plus 28 g/t Ag, 3.6 g/t Au, 0.6% Pb, 2.3% Zn, and 0.2% Cu (489 g/t AgEq) over a TW of 10.6m, including 46 g/t Ag, 11.5 g/t Au, 0.2% Pb, 3.7% Zn, and 0.4% Cu (1,263 g/t AgEq) over a TW of 2m, plus 87 g/t Ag, 7.13 g/t Au, 4.4% Pb, 8.3% Zn, and 0.2% Cu (1,184 g/t AgEq) over a TW of 0.8m, plus 42 g/t Ag, 3.90 g/t Au, 0.3% Pb, 1.2% Zn, and 0.2% Cu (479 g/t AgEq) over a TW of 1.7m, plus 28 g/t Ag, 6.05 g/t Au, 0.7% Pb, 1.9% Zn, and 0.1% Cu (695 g/t AgEq) over a TW of 1.5m; hole PLI22-47 with 281 g/t Ag, 2.15 g/t Au, 8.9% Pb, and 6% Zn (970 g/t AgEq) over a TW of 2.4m; and hole PLI22-46 with 44 g/t Ag, 1.9 g/t Au, 11.2% Pb, 10% Zn, and 0.1% Cu (940 g/t AgEq) over a TW of 4.9m, including 64 g/t Ag, 4.02 g/t Au, 19.5% Pb, 17% Zn, and 0.1% Cu (1,659 g/t AgEq) over a TW of 1.9m. “The infill drilling program at the Plomosas Mine Area continues to provide information for the Company to enhance the geological model and confirm the presence of high-grade structures on the hanging wall and footwall of the main mineralized breccia. Gold mineralized zones exceeding 20 m down hole width have been drilled in the current program in both the hanging wall and footwall”.
- Vizsla Silver Corp., released results from nineteen new drill holes targeting the Tajitos-Copala resource area at its Panuco project, Sinaloa. Highlights of the drilling include hole CS-22-205 with 2,101 g/t Ag and 9.54 g/t Au (2,640 g/t AgEq) over a true width (TW) of 5.30m, including 3,080 g/t Ag and 23.60 g/t Au (4,563 g/t AgEq) over a TW of 0.58m, plus 85 g/t Ag and 0.24 g/t Au (96 g/t AgEq) over a TW of 0.16m; hole CS-22-210 with 425 g/t Ag and 2.31 g/t Au (561 g/t AgEq) over a TW of 15.50m, including 2,710 g/t Ag and 22.30 g/t Au (4,125 g/t AgEq) over a TW of 0.41m, including 1,285 g/t Ag and 7.24 g/t Au (1,716 g/t AgEq) over a TW of 0.54m, including 1,800 g/t Ag and 9.69 g/t Au (2,371 g/t AgEq) over a TW of 0.41m, including 1,630 g/t Ag and 7.34 g/t Au (2,044 g/t AgEq) over a TW of 1.01m; hole CS-22-216 with 626 g/t Ag and 4.48 g/t Au (905 g/t AgEq) over a TW of 8.09m, including 1,250 g/t Ag and 14 g/t Au (2,170 g/t AgEq) over a TW of 0.81m, including 2,230 g/t Ag and 18.1 g/t Au (3,376 g/t AgEq) over a TW of 0.57m, including 1,170 g/t Ag and 7.54 g/t Au (1,631 g/t AgEq) over a TW of 0.75m; hole CS-22-201 with 237 g/t Ag and 1.74 g/t Au (346 g/t AgEq) over a TW of 2.18m, including 427 g/t Ag and 3.22 g/t Au (629 g/t AgEq) over a TW of 1.11m, plus 2,536 g/t Ag and 13.65 g/t Au (3,340 g/t AgEq) over a TW of 1.86m, including 7,740 g/t Ag and 57.6 g/t Au (11,343 g/t AgEq) over a TW of 0.19m, including 6,220 g/t Ag and 27.20 g/t Au (7,742 g/t AgEq) over a TW of 0.43m; and hole CS-22-217 with 1,496 g/t Ag and 6.56 g/t Au (1,862 g/t AgEq) over a TW of 2.71m, including 1,295 g/t Ag and 4.59 g/t Au (1,535 g/t AgEq) over a TW of 0.64m, including 13,118 g/t Ag and 63.7 g/t Au (16,783 g/t AgEq) over a TW of 0.20m. “The infill results support grade continuity in the south-central portion of Copala structure, while resource expansion drilling to the north and southeast continue to highlight mineralization remains open”.
- Tocvan Ventures Corp., entered into an agreement with a neighboring private mining company for the completion of its first bulk sampling for processing by heap-leach method from its El Pilar project in Sonora. The plan is to process up to 1,000 tonnes of material at a private mining operation less than 25km to the west of Pilar with the aim of providing a more detail account of expected head-grade and recovery percentage of gold. Processing and analysis of this bulk sample is expected to span three to four months. Other goals to accomplish are to continue drilling, update reporting and maiden resource estimate, and permitting for full-scale on-site mine facilities and processing.
- Silver Dollar Resources Inc., reported progress on its new underexplored Noria target at its La Joya project, Durango. The company recently completed a ground magnetic survey on the Coloradito area within the Noria portion of the property, which consisted of 14 lines spaced 50-100m and ranging over 1.3km in length for a total of approximately 19.8km of magnetic data. The geophysics contractor identified 3 relatively well-contrasted and thin magnetic beds striking N150°/N330°, which may underscore, sulphide and ferromagnesian horizons hosted along shear zones. In addition, a total of 125 rock samples have been collected and submitted to the lab of which 79 samples have been received to date. In one of the targets sample assays returned values up to 291 g/t Ag, 0.8 g/t Au, and 1.2% Zn, while in another one 7 samples returned elevated Zn and Pb, ranging from 0.3-1% and 1.4-6.2% respectively. Further follow-up work is being conducted in the areas where both geophysical and geochemical anomalies have been identified to develop new drill targets.
ON DEALS AND CORPORATE ISSUES
- Osisko Development Corporation strengthened its Board of Directors with the appointment of a new Non-Executive Director, effective December 14, 2022 (San Antonio Gold project, Sonora).
- Sierra Metals Inc., completed voluntary delisting from the Lima Stock Exchange, effective December 15, 2022. Sierra Metals’ common shares will continue to trade on the Toronto Stock Exchange (Cusi and Bolivar mines, Chihuahua).
- Southern Empire Resources Corp., entered into an option agreement to acquire 100% interest in the Centauro property in Chihuahua. Southern can earn 100% interest by making cash payments totalling USD $750K, issuing 1.5M common shares of Southern Empire and completing work commitment of USD $800K over a five years period. The option agreement include a 3% Net Smelter Return (NSR) and Southern Empire has the right to buy 2% of the NSR for USD $2M.
ON SOCIAL RESPONSIBILITY
- No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, panning gold in a cow´s horn in a low sulphidation epithermal vein system project in Zacatecas, Mexico. Photo by Miguel A Heredia.