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

By Jorge Cirett

Leisure is the mother of all vices, according to an old Mexican proverb, and having ample spare time during the worst part of the down cycle in the mining industry during 2015 led to creation of this weekly newsletter. First by fueling the creation of the Gambusino Prospector site to publish exploration and mining news, and then noticing that in mid-late 2015 there were news releases worth compiling and spreading, like the private raising of noticeable amounts of cash, and then by compiling the news releases by areas of interest. It was a matter of trial and error until a workable format was born. And remember, there was time available, as the downturn was not throwing much work in our way. The bottom of the downturn was felt in early 2016, with raising spirits in March after PDAC, spirits that continued high through May and Midyear. Things were looking brighter through the end of 2016, but it would take until 2017 for work to noticeably increase in Mexico.  The past year has brought relief to drillers and laboratories, as well as some work for geoscientists and other professionals of the exploration area, but full work is still to come. The expectations for this year are high, even if a swing to a full boom is not expected, but a clear optimistic mood can be perceived in the exploration industry. Having said that, compiling and publishing the news releases takes a two or three hours every week day, and compiling, writing and publishing this newsletter takes anything from four hours (a few times in the year) to up to 12 hours in the more extreme cases…… every week of the year. Believe me, we have learnt to dread the times of the year when the quarterly reports are released. Writing the highlights every week is both a pleasure and hard work that satisfies and exhausts. For the last two years Miguel Heredia was taking care of finding and publishing the press releases from companies working in Mexico and I was doing the compression of the information in a few pages. We now have the help of Laura Ramirez in the research and publishing phase, and starting next week Miguel Heredia and I are to start sharing the task of producing the newsletter in alternate weeks.

During the 2nd week of the year (January 8th to January 14th, 2018), things come back to normal with at least 30 press releases being announced by companies working in Mexico. ON MEXICO ISSUES, the illegal blockade at El Limon-Guajes mine in Guerrero continues. A government sanctioned process to set a date to clear the issue will be held at the end of the month (the end of the month!). ON EXPLORATION, in Sonora, Riverside is awaiting drill results from its Glor and Clemente projects and announced its intention to drill during 2018 its Cecilia project; Canuc informed the delineation of several breccia bodies at its San Javier project; San Marco released high-grade copper results from a new zone at its Chunibas project. In Chihuahua Golden Goliath is in the process to select drill targets at its San Timoteo project. In Coahuila, Silver Bull announced high-grade channel sample results from underground workings at its Sierra Mojada project. In Durango, Riverside announced its intention to drill the El Capitan project during 2018. In Guanajuato, Vangold is to measure the underground stockpile (backfill) at its Pinguico mine. In Estado de Mexico Impact Silver updated on exploration on the Zacualpan district. In Hidalgo, Prospero released interesting results on the first drill campaign at the El Petate project. ON MINING, Seven companies: Torex Gold, Coeur Mining, Hecla Mining, Endeavour Silver, Capstone Mining, Alio Gold and Alamos presented preliminary Q4 and annual production results for 2017. Santacruz Silver announced the commencement of construction work to expand the mill capacity at Veta Grande, Zacatecas. ON FINANCING, Avino Silver is now formally on the TSX.  ON RESOURCES AND DEVELOPMENT, Southern Silver updated its resource estimate on Cerro Las Minitas in Durango to over 50 M Oz Ag, 400 M Lb Pb, 1,600 M Lb Zn. Leagold released the high-grade results of the last 15 holes of its 2017 infill and expansion drill program at the Bermejal underground deposit in Guerrero. First Majestic drilled over 800 holes and 156,000 m on its six operating mines and one prospect during 2017. For 2018 its plan is to drill 183,000 m on the same properties and prospect. Minera Alamos has completed the geotechnical reports on the La Fortuna project in Durango, to submit for approval to SEMARNAT. Kootenay Silver is to focus work in 2018 in the expansion of resources and increasing grade on its La Cigarra project in Chihuahua. Mexican Gold plans to focus exploration work in expanding the resource and finding more orebodies at its Las Minas property in Veracruz. Starcore International is to prepare a PEA on the La Fe property in Sinaloa. ON DEALS AND CORPORATE ISSUES, Torex Gold informed two of the largest communities near its El Limon-Guajes mine in Guerrero, Nuevo Balsas and Salvador Trujano, have publicly supported the company and have asked the state government to intervene to lift the illegal blockade. First Majestic has entered into an agreement to acquire Primero Mining in a deal valued in $320 M.


  • The illegal blockade at El Limon-Guajes mine in Guerrero continues. Torex Gold informed that two communities, Nuevo Balsas and Valerio Trujano have publicly supported the company and have asked the state government to intervene to lift the illegal blockade. The company is using an alternate route to enter and inspect the facilities while a government sanctioned process for selecting the workers union by vote is underway with a meeting scheduled for January 30, 2018, at which time the parties are expected to agree to a timeline for a vote (vote that the blockading union is expected to try to delay).


  • Impact Silver Corp. updated on exploration work at the Santa Teresa target, located on the Royal mines of Zacualpan district in Estado de Mexico. Numerous north-south and northeast striking veins transect the Santa Teresa area, with 197 assays greater than 1 g/t Au and up to 114.5 g/t Au. Half of the veins have extremely low sulfide content. The presence of a feldspar porphyry is considered to enhance the prospectivity of the area.
  • Riverside Resources Corp. informed on its exploration plans for 2018, which include the reception of drill results from the Glor and Clemente projects in Sonora, the drilling of the El Capitan project in Durango and Cecilia in Sonora. New partnerships will be explored to advance the Tajitos, (Sonora), La Silla (Sinaloa), Thor (Sonora) and Ariel (Sonora) projects.
  • Vangold Mining Corp. is to star underground drilling at its Pinguico property in Guanajuato on January 15, 2018. The drilling is to focus on grade definition of the underground stockpile (backfill) which is thought to amount 500 K tonnes, to define grade and metallurgical properties. The phase 2 program is to target the Pinguico vein to depth and on strike.
  • Canuc Resources Corp. announced that several breccia targets have been exposed and sampled at its San Javier project in Sonora. Recent mapping has shown that the Carranza breccia could extend over an area roughly 400 m by 100 m. Select zones of this breccia have previously assayed 238 g/t Ag, 0.7 g/t Au over 11 m and 133 g/t Ag, 1.1 g/t Au over 6.5 m. Another breccia has been mapped on the Jazmin workings, with local high grade silver-gold results. Over 400 samples have been sent to the lab, assays are pending.
  • San Marco Resources Inc. released assay results from the newly discovered Cu-Ag mineralization on its Chunibas project in Sonora. The rock chip sampling followed the recognition of a geochemical anomaly in a soil survey, resulting in the discovery of isolated outcrops on otherwise covered terrain of presumably intermediate volcanic rocks strongly altered by an assemblage of epidote>chlorite>quartz>calcite>specularite. Results of 16 samples include 0.1%, 5.9%, 0.87%, 0.76%, 1.38%, 0.97% 1.8%, 0.41%, 3.72%, 0.25% Cu; 1, 51, 6, 8, 19, 4, 17, 4, 66, 4 g/t Ag.
  • Silver Bull Resources Inc. informed on high-grade results from channel samples in newly opened and reconditioned historic workings at its Sierra Mojada project in Coahuila. The new zone comprises 350 m of old working, where 39 channel samples up to 2 m in length were collected, with 21 samples returning over 10% Zn and a peak value of 30.7% Zn; 21 samples over 100 g/t Ag and a peak value of 606 g/t Ag; nine samples over 5% Pb and a peak value of 17.6% Pb. “Our underground geological mapping shows a number of high angle structures up to 2 meters wide containing sulphide mineralization grading up to 1,300 grams per ton silver, 42% zinc, 18% lead, and 13% copper that appear to feed into the overlying oxide zone.”
  • Golden Goliath Resources Ltd. is to complete early in 2018 the drill targeting that was commenced on 2017 at its San Timoteo property in Chihuahua. Past work included a review of past data, including geology, geochemistry, structural geology, geophysics and drilling. Final drafting and final drill target selection remain to be completed. The company anticipates receiving a US$100 K option payment in 2018, and a final payment of US$2.8 M in November 2018. This would provide more than enough funding required for drilling without the need for any further dilution that a private placement would create.
  • Prospero Silver Corp. released drill results from its EL Petate prospect in Hidalgo. Highlights include 24.9 m @ 0.76 g/t Au, 22 g/t Ag; 12.6 m @ 0.51 g/t Au; 16.0 m @ 0.75 g/t Au, 2 g/t Ag; 3.9 m @ 1.18 g/t Au, 4 g/t Ag; 14.7 m @ 0.19 g/t Au, 2 g/t Ag; 1.1 m @ 10 g/t Ag, 1.5% Zn; 10.0 m @ 0.49 g/t Au, 24 g/t Ag; 3.2 m @ 1.96 g/t Au, 34 g/t Ag, 0.1% Zn; 19.3 m @ 0.32 g/t Au, 1 g/t Ag; 12.8 m @ 0.28 g/t Au, 6 g/t Ag. These holes were drilled on the El Tajo and Apartadero SE targets. Prospero is now planning to drill the Pachuca SE prospect, with funding being provided by partner Fortuna Silver.


  • Torex Gold Resources Inc. informed that 241 K Oz Au were poured during 2017 at its El Limon-Guajes mine in Guerrero (The production is for the first 10 months of the year, before the illegal blockade by a union trying to grab a contract that continues to date).
  • Coeur Mining Corp. announced fourth quarter and annual production, including figures from its Mexican operations. At Palmarejo, in Chihuahua, during the fourth quarter 389.5 K tonnes were milled @ 215 g/t Ag, 3.1 g/t Au, with a recovery rate of 87% Ag, 92% Au, to produce 2.35 M Oz Ag, 37,537 Oz Au. During the year 1.5 M tonnes were milled @ 175 g/t Ag, 2.8 g/t Au.
  • Hecla Mining Co. released preliminary silver and gold production results for the fourth quarter and full year 2018, including figures from its operations in Mexico. At San Sebastian in Durango, during the fourth quarter 759.1 K Oz Ag, 5,955 Oz Au were produced, while 3.26 M Oz Ag, 25,177 Oz Au were produced during 2017. Cash and cash equivalents stood at $219 M at the end of the year.
  • Endeavour Silver Corp. produced 4.9 M Oz Ag, 53,007 Oz Au on its three operating mines in Mexico during 2017. During the fourth quarter 1.39 M Oz Ag, 14,577 Oz Au were produced from its Guanaceví mine in Durango, and the Bolañitos and El Cubo mines in Guanajuato. At El Compas in Zacatecas, initial production is targeted on March 2018, At Terronera in Jalisco permits have been received to build the mine and the plant, while receipt of the dumps and tailings permit is awaited.endeavour_Tables January 20181
  • Santacruz Silver Mining Ltd. reports that abiding by the terms of the LOI signed with Carrizal Mining S.A. de C.V., Carrizal has commenced construction works to expand the Veta Grande mill to 750 tonnes per day (tpd). In addition Santacruz has received permit for a surface drill program at the Veta Grande project which includes 6,000 m in 15 drill holes on the first phase, funded by Carrizal.Capstone Mining Corp. released Q4 and full year 2017 production results, including figures from its Mexican operations. At Cozamin in Zacatecas, 219.9 K tonnes were mined in the fourth quarter, 223.5 K tonnes were milled (2,430 tpd) @ 1.98% Cu, 0.71% Zn, 0.06% Pb, 46 g/t Ag, recovering 96.2% Cu, 64.2% Zn, 0.9% Pb, 79.7% Ag, to produce 4,254 tonnes Cu, 1,015 tonnes Zn, 3 tonnes Pb, 263.3 K Oz Ag. During the year, 912 K tonnes were mined and milled (2,499 tpd) @ 1.91% Cu, 0.71% Zn, 0.07% Pb, 43 g/t Ag, with recoveries of 96.1% Cu, 65.5% Zn, 8.0% Pb, 78.7% Ag, to produce 16,732 tonnes Cu, 4,232 tonnes Zn, 50 tonnes Pb, 1.0 M Oz Ag.
  • Alio Gold Inc. informed on preliminary production results from its San Francisco mine in Sonora for the fourth quarter and full year 2017. During the fourth quarter 1.72 M tonnes were processed @ 0.46 g/t Au, 6.23 M tonnes of waste were moved for a total of 7.99 M tonnes mined, to produce 16,070 Oz Au and 7,873 Oz Ag.
  • Alamos Gold Inc. reported fourth quarter and annual 2017 production, including figures from its operations in Mexico. During the fourth quarter Mulatos and El Chanate produced 42,700 and 12,100 Oz Au respectively, and 160,000 and 60,400 Oz Au on the whole year. The budget for development of La Yaqui Grande and Cerro Pelon is $13 M, focusing on engineering, permitting and early stage construction. During 2018 open pit grades mined and stacked on the heap leach pad are expected to range between 0.75 and 0.95 g/t Au. “A total of $13 million and 41,500 m has been budgeted at Mulatos for exploration in 2018 with the main areas of focus being El Carricito, La Yaqui Norte – Halcon, El Refugio, San Carlos and the near mine area”. At El Chanate mining activities are expected to cease mid-2018. Total crushed and run of mine ore is expected to average 9,700 tpd @ 0.69 g/t Au.


  • Avino Silver & Gold Mines Ltd. has received final approval from the Toronto Stock Exchange (TSX) to list its common shares and warrants on January 8th, 2018. Concurrently with the TSX listing, the Shares and Warrants will be delisted from the TSX Venture Exchange (TSX-V) (Avino, Durango).


  • Southern Silver Exploration Corp. updated the mineral resource estimate at its Cerro Las Minitas JV project in Durango (SSV 40%, Electrum Global Holdings LP 60%). The resource was calculated on four deposits: Blind zone, El Sol, Las Victorias and Skarn Front, with 10.1 M tonnes @ 102 g/t Ag, 0.10 g/t Au, 1.4% Pb, 3.6% Zn, 0.15% Cu as indicated resources, holding 33.4 M Oz Ag, 34 K Oz Au, 319 M Lb Pb, 813 M Lb Zn and 8.7 M tonnes @ 74 g/t Ag, 0.04 g/t Au, 0.7% Pb, 4.5% Zn as inferred resources containing 20.7 M Oz Ag, 12 k Oz Au, 131 M Lb Pb, 870 M Lb Zn.
  • Leagold Mining Corp. reported results for the final 15 drill holes at the Bermejal Underground project at the Los Filos mine in Guerrero. These infill and step-out holes intersected high grade intervals like (true width): 4.16 m @ 9.2 g/t Au; 3.05 m @ 8.8 g/t Au; 1.77 m @ 10.1 g/t Au; 1.77 m @ 61.3 g/t Au; 7.43 m @ 12.4 g/t Au; 5.12 m @ 8.1 g/t Au; 3.89 m @ 7.0 g/t Au; 8.08 m @ 5.9 g/t Au; 13.59 m @ 4.75 g/t Au; 6.89 m @ 12.3 g/t Au; 14.08 m @ 20.2 g/t Au; 7.34 m @ 35.6 g/t Au; 10.49 m @ 8.79 g/t Au; 14.33 m @ 8.0 g/t Au; 23.57 m @ 6.1 g/t Au. A total of 111 holes comprising 56,280 m were drilled in this program, from April to December. To date the Bermejal Underground deposit contains 2.1 M Oz Au contained on 10.8 M tonnes @ 6.0 g/t Au. Los Filos currently operates two open pits, Los Filos and Bermejal, and the Los Filos underground mine.
  • First Majestic Silver Corp. disclosed a year-end review of its 2017 exploration program, which includes over 156,500 m of diamond drilling on 807 holes across its six operating mines and the Plomosas project. Highlights include a new discovery at Ermitaño West (in Sonora) with drill TW intersects of 37 m @ 3.0 g/t Au, 50 g/t Ag; 12.9 m @ 4.7 g7t Au, 277 g/t Ag; identification of the Main Vein extension to the west at Santa Elena in Sonora; discovery of the La Fe replacement orebody at La Encantada in Coahuila; discovery of the Cerro de Santiago vein at La Parrilla, in Durango; the extension of the Santa Teresa vein to the south at Del Toro mine in Zacatecas; the continuation of the Hedionda vein in the San Martin mine in Jalisco; the Nazareno northwest extension and the Nazareno de Ancas finding at La Guitarra in Estado de Mexico; the extension of the Plomosas vein and finding a new stockwork system at Plomosas in Sinaloa. For 2018, a 183,000 m drilling program is envisaged across the six operating mines and the Plomosas project.
  • Minera Alamos Inc. has completed the geotechnical studies for the approval of its mine development permits for the La Fortuna gold project in Durango. The study that includes the design of the containment facilities comprise the final data package to be submitted to the environmental authorities (SEMARNAT).
  • Kootenay Silver Inc. informed on 2017 activities at La Cigarra in Chihuahua. The drilling of 37 core holes resulted on significant discoveries In the RAM and Las Venadas zones. Other activities include the re-logging of the entire La Cigarra deposit, mapping and sampling of seven other prospective zones. Work in 2018 is to focus in increasing the current resource and grade at La Cigarra. At La Negra, in Sonora, partner Pan American Silver announced the results of 26 holes from an infill program, including 7.5 m @ 529 g/t Ag within 40.8 m @ 194 g/t Ag.
  • Mexican Gold Corp. informed on work completed during 2017 at its Las Minas property in Veracruz, which includes the completion of an initial 43-100 resources estimate for two of eight known mineralized zones, the completion of 5,873 m of drilling at El Dorado/Juan Bran and Cinco Señores zones, the extension of several zones, the identification of a parallel mineralized zone at Cinco Señores, the completion of geophysical surveys and the purchase agreements on several claims. For 2018 the focus is to expand the initial resource on El Dorado/Juan Bran and the Santa Cruz zone; exploration drilling of the Cinco Señores and Las Minillas zone; the field exploration at the Santa Cruz, Pueblo Nuevo and Changaro zone.
  • Starcore International Mines Ltd. has engaged Global Kompas to undertake a preliminary economic assessment (PEA) of the Santa Fe project in Sinaloa. The property was previously optioned by another company, completing two explorations programs up to 2014 which concluded with no mineral resource, but that discovered multiple veins and mineral ore shoots.
  • Torex Gold Resources Inc. informed on the state of affairs on the illegal blockade at its El Limon-Guajes mine in Guerrero, announcing that two of the larger communities, Nuevo Balsas and Valerio Trujano have publicly supported the company and have asked the state government to intervene to lift the illegal blockade. Access to the mine site has been gained through a road used during construction on the Rio Balsas Ejido land, allowing crews to inspect the site, make maintenance plans and plans to re-start operations if the security of the site can be assured. The government sanctioned process for a workers’ vote to select the union they want to represent them is underway with a meeting scheduled for January 30, 2018, at which time the parties are expected to agree to a timeline for a vote (date that the blockading union is expected to try to delay).
  • First Majestic Silver Corp. has entered into a definitive agreement to acquire all issued and outstanding shares of Primero Mining Corp. by exchanging Primero’s shares for First Majestic shares on the basis of 0.03325 of a First Majestic common share for each Primero common share. Concurrently First Majestic has entered into agreement with Wheaton Precious Metals International Ltd. (WPM) whereby the current silver streaming interest at Primero’s San Dimas Ag-Au mine in Durango will be terminated. First Majestic and WPM are to enter into a new stream arrangement based on 25% of the gold equivalent production at San Dimas, with ongoing payments of $600 per AuEq Oz delivered under the agreement. As part of the transaction WPM will receive 20.9 M common shares of First Majestic, valued at $151 M. The total transaction values is estimated at $320 M.
  • 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 below, argillitized porphyritic intrusive with quartz veining and minor sericite alteration still visible, in a prospect of the Durango Altiplano. Photo by Jorge Cirett.


  • SD intrusive4 - copia


Highlights on the Third Week of December, 2017. Mineral Exploration in Mexico

During the 51st week of the year (December 18th to December 24th, 2017), at least 17 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. ON EXPLORATION: two press releases from companies working in Mexico informed on exploration efforts during the week: In Chihuahua Radius Gold released good rock chip results from its Amalia project. In Sinaloa Gainey Capital is exploring the La Minita porphyry copper style property.  ON MINING: Great Panther announced government authorization for the construction of a second tailings storage facility at its Topia mine in Durango. Mexus Gold produced gold with a Merrill Crowe system installed at its Santa Elena mine in Sonora. Americas Silver announced the San Rafael mine at its Cosala complex is now on commercial production. ON FINANCING: Telson Resources entered into a US$15 M loan with Trafigura. SilverCrest completed a bought deal private placement for $10 M. Primero Mining agreed on an extension to its revolving credit facility. Torex Gold received a waiver to lower the threshold in the credit agreement from $50 M to $30 M. ON RESOURCES AND DEVELOPMENT: In Sonora, Oceanus Resources presented an update on the drilling of its El Tigre property. In Chihuahua, Consolidated Zinc announced the interception of massive sulfides on the Tres Amigos zone of its Plomosas property. In Puebla, Almaden released new results from follow-up  drilling at its Tuligtic property.  In Guerrero, Alio Gold provided the final results of the confirmation drilling at its Ana Paula project. ON DEALS AND CORPORATE ISSUES, Torex Gold suspended its workforce employment contracts on the basis of the illegal blockade that has halted all operations since November 3rd at its El Limon-Guajes mine in Guerrero. The company has made a call to the relevant authorities to remove the illegal blockade (which seems to have fallen on deaf ears). Orex Minerals, Canasil Resources and Pan American Silver signed an agreement to advance the Sandra Escobar project in Durango, same that includes provisions for Pan American participation on the discovery. Gainey Capital signed a LOI to acquire the La Minita property in Sinaloa. Marlin Gold can now spin-off its subsidiary Sailfish Royalty. Vangold is acquiring the San Carlos claim in Guanajuato, adjacent to its Pinguico property. Americas Silver agreed with Hochschild to amend the payment schedule on the acquisition of the San Felipe project in Sonora.


  • On the Torex Gold El Limon – Guajes mine illegal blockade in Guerrero (Editor’s comment). The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. The Los Mineros Union is clearly trying to extortionate Torex with an illegal blockade to obtain the Union contract at the site, and delaying the date for a formal voting process that the company has vowed to respect.


  • Radius Gold Inc. released rock sampling results from its Amalia project in Chihuahua. A new discovery in the San Pedro area returned 13 m @ 2.51 g/t Au, 164 g/t Ag in a continuous chip sample (10 individual samples), while new sampling 50 m above and along strike the Guadalupe zone returned 8 m @ 0.21 g/t Au, 264 g/t Ag. At the Campamento zone a 500×700 m zone of intense silicification and brecciation with massive and stockwork veining is interpreted as high level mineralization. On lower parts of the property sulfide rich fault breccias are hosted in andesites, where mineralization is narrower and higher grade. Epithermal Au-Ag mineralization occurs along 3.5 Km on strike and 600 m of vertical interval. Drill permitting documentation has been submitted.
  • Gainey Capital Corp. signed a LOI to acquire the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa. A series of NW trending shears host porphyry mineralization associated with intermediate and felsic dikes, which are more than 300 m in length and up to 10 m in width. Fine grained sericitic alteration, silicification, quartz stockworks and copper sulfides (bornite, chalcopyrite) as disseminations and veins occur in prospect pits by gambusinos.


  • Great Panther Silver Ltd. announced that SEMARNAT granted all permits for construction and operation of the new phase II tailings storage facility at its Topia mine in Durango.
  • Mexus Gold US informed that it has produced gold with the installed Merrill Crowe system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). The Merrill Crowe system will continue to be tested until the end of the year, as mine site security is upgraded before full production begins.
  • Americas Silver Corp. announced that the San Rafael mine at the company’s Cosalá operations in Sinaloa is now in commercial production, as of December 19, 2017. Mine production is currently averaging 1,200 tonnes per day (tpd) and increasing.


  • Telson Resources Inc. entered into a loan facility and offtake agreement with Trafigura Mexico, S.A. de C.V., to sell 100% of the Pb-Zn concentrate produced at the Tahuehueto mine from January 2018 to December 2022. Trafigura provided Telson with with a US$15 M credit facility deliverable on three tranches: First tranche of US$7.5 M already received; Second tranche of US$5 M, 4 – 6 Months from signing; Third tranche US$2.5 M, 6 – 9 months of signing.
  • SilverCrest Metals Inc. completed the bought deal private placement previously announced, for gross proceeds of $10 M. The company paid a cash commission of $568 K on the proceeds of the offering.
  • Primero Mining Corp. agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. to January 11, 2018. Primero is considering the divestiture of its San Dimas mine in Durango.
  • Torex Gold Resources Inc. has received a waiver by BNP Paribas on behalf of the lenders to lower the covenant threshold in the credit agreement from $50 M to $30 M until January 31, 2018.


  • Alio Gold Inc. provided the final results from the 2,000 m drill program to twin previous drill holes within the pre-feasibility pit for metallurgical test at its Ana Paula project in Guerrero. Highlighted intervals comprise: 112.0 m @ 3.85 g/t Au; 33.1 m @ 7.07 g/t Au; 54.6 m @ 7.19 g/t Au. Alio is now to test the extension of the breccia zone below the proposed pit, with a 4,000 m program, commencing in January.
  • Almaden Minerals Ltd. provided assay results from a follow-up drilling in an upper portion of the pre-feasibility pit on its Tuligtic property in Puebla. Highlighted drill intercepts comprise: 46.0 m @ 0.74 g/t Au, 26 g/t Ag; 24.0 m @ 0.62 g/t Au, 15 g/t Ag; 16.5 m @ 0.56 g/t Au, 10 g/t Ag; 50.5 m @ 0.73 g/t Au, 11 g/t Ag (including 10.5 m @ 2.45 g/t Au, 24 g/t Ag); 13.15 m @ 0.70 g/t Au, 8 g/t Ag; 32.0 m 0.82 g/t Au, 25 g/t Ag; 14.7 m @ 0.91 g/t Au, 27 g/t Ag; 10.25 m @ 1.16 g/t Au, 26 g/t Ag.
  • Consolidated Zinc Ltd. announced that drilling on the Tres Amigos North zone intersected 5.60 m and 4.35 m respectively of massive sulfides. “Assays are pending but visual analysis shows mineralisation comprises banded textured massive sulphides with very fine to fine-grained pyrite overprinted by coarse-grained yellow to reddish sphalerite and minor galena associated with carbonates”. Results are pending.
  • Oceanus Resources Corp. completed the fall 2017 drill program which comprised 600 m of diamond drilling to define the strike and dip of the high-grade Caleigh vein and the low-grade alteration zone in the hanging wall. Assays for the last six holes are pending, and expected to be released in January 2018. Work during Q1 2018 is to focus in locating and defining other high-grade vein systems in the property, and begin to look for mineralization on the favorable El Tigre formation over a distance of 5 km.


  • Torex Gold Resources Inc. informed it has suspended the employment contracts of its workforce in Mexico, a direct result of an illegal blockade at its El Limon-Guajes mine in Guerrero. The blockade by the Los Mineros Union, “an outside union that wants to take over representation of the employees who already have a union. Since the blockade began, on November 3, 2017, the Company has continued to pay its workforce, except for the minority that have participated in the illegal blockade”. Torex has made a call to the relevant authorities to remove the illegal blockade, as they have committed to do, and restore the rule of law. The company is willing to work with the Union the employees select, but it is essential the illegal blockade is lifted to resume work after Christmas. The company stresses that “The risk of violent confrontation continues to escalate and we urge the authorities to restore law and order and diffuse the tensions, so that employees of the Company, contractors, and suppliers, can go back to work and provide for their families.”
  • Orex Minerals Inc. signed a non-binding agreement with Canasil Resources Inc. and Pan American Silver Corp. to advance exploration in the Sandra Escobar mining camp in Durango. Under the terms of the LOI (Letter of Intention) the Orex (55%)-Canasil (45%) JV is to grant Pan American a 10% interest in the Sandra property, with the opportunity for Pan American in the next four years to earn-in an additional 41% in the Sandra property by contributing US$5 M toward the operations of both properties, with US$2 M required during the first two years. If Pan American elects not to continue during the earn-in period, the initial 10% will revert back to the Orex-Cansil JV. If Pan American chooses to further advance the properties by completing a pre-feasibility study, it will retain a 60% interest and the Orex-Canasil JV 40%.
  • Gainey Capital Corp. signed a LOI with Asteria Mining Services S.A.P.I. de C.V. to acquire 100% of the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa.
  • Marlin Gold Mining Ltd. obtained a final order from the Supreme Court of British Columbia to implement the company’s previously announced plan of arrangement to reorganize its business, including the spin-off of its subsidiary Sailfish Royalty Corp.
  • Vangold Mining Corp. entered into an acquisition agreement for a 100% interest on the San Carlos claim, in Guanajuato. The aggregate purchase price of $CDN425 K is to be paid through the issuance of CDN$350 K in Vangold shares and the remaining CDN$75 K will be paid in cash. The San Carlos property is close to Vangold’s El Pinguico and Patito I & II mineral claims.
  • Americas Silver Corp. agreed with Minera Hochschild to amend the timing of payment under its option agreement on the San Felipe project in Sonora. The total consideration for a 100% interest in the property is US$15 M in cash (plus VAT), of which US$7 M were paid in March, US$500 K are to be paid on January 2018, US$500 K on April 2018, US$1 M on July 2018 and US$6 M on December 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 below, Fault slickensides on quartzite, Durango. Photo by Jorge Cirett.


Gainey Signs Letter of Intent to Acquire the 9200 Hectare La Minita Property, Sinaloa, Mexico


VANCOUVER, BC / ACCESSWIRE / December 19, 2017 / Gainey Capital Corp. (TSX-V: GNC) (OTC PINK: GNYPF) (“Gainey” or the “Company”) is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with Asteria Mining Services, S.A.P.I. de CV of Mazatlán, Sinaloa (“AMS”) to acquire 100% of the La Minita Copper /Gold/Silver Property (“La Minita” or “the property”) located in the state of Sinaloa, Mexico. The property is comprised of five mineral claims or applications encompassing approximately 9,200 hectares located 80 kilometers to the southeast of Mazatlán. The property borders Marlin Gold’s La Trinidad mine property to the northeast and Agnico Eagle’s El Coral property to the southeast.

Orex, Canasil and Pan American Sign Letter of Intent to Advance the Exploration in the Sandra Escobar Mining Camp, Durango State, Mexico


Vancouver, BC – Orex Minerals Inc. – (TSX.V: REX – OTCQX: ORMNF) (“Orex”), is pleased to announce that they have signed a non-binding letter of intent (“LOI”) with Canasil Resources Inc. – (TSX.V: CLZ) (“Canasil”) and Pan American Silver Corp. – (TSX: PAAS – NASDAQ: PAAS) through its subsidiary Plata Panamericana SA de CV (“Pan American”) to advance exploration in the Sandra Escobar Mining Camp, northern Durango State, Mexico.

Gary Cope, President of Orex states, “We are very pleased to bring in a respected and major mining company, as their involvement validates Sandra Escobar and there is still potential for significant upside at the project. We look forward to working closely with both our partners and unlocking future value for our shareholders.”

Highlights on the Second Week of December, 2017. Mineral Exploration in Mexico

During the 50th week of the year (December 11th to December 17th, 2017), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: The workers of the El Limon-Guajes mine in Guerrero voted for returning to work, in a poll sponsored by the company to show the government the worker’s support. The Federal and State authorities keep dragging their feet to end the illegal blockade that has lasted for six weeks now. ON EXPLORATION: six press releases from companies working in Mexico informed on exploration efforts during the week: In Sonora Riverside informed partner Centerra Gold commenced a drill program on its Glor project. Colibri Resource released drill intercepts by Agnico Eagle in its JV Pitaya project. Azure Minerals confirmed extensive high-grade Zn-Pb intersections on its drilling at Oposura; In Chihuahua, Harvest Gold is seeking the permit for drilling at Cerro Cascaron; In Sinaloa, Chesapeake Gold informed on drill results at its Yareli project; In Veracruz, Almadex presented high-grade Cu-Au intersection on its El Cobre project.  ON MINING: Torex Gold informed that a majority of its workers voted to end the illegal blockade to its Limon-Guajes mine in Guerrero. ON FINANCING: Silver Spruce is conducting a financing round in Hong Kong aiming to raise up to US $1.8 M (Pino de Plata, Chihuahua); Kootenay Silver closed the first tranche of its private non-brokered placement, for gross proceeds of $3.8 M; Mammoth Resources closed its private non-brokered placement for gross proceeds of $720 K; Bacanora Minerals informed that Next View Capital acquired 19.9% of the company, raising $C53.5 M; Primero Mining agreed on another revolving credit facility extension; Consolidated Zinc announced the commitment by investors to a placement for $1.96 M. ON RESOURCES AND DEVELOPMENT: In Veracruz, Mexican Gold presented further high-grade results from its drilling at Las Minas; In Puebla, Almaden Minerals completed a social impact assessment at its Ixtaca project. In Durango, Excellon commenced an extensive exploration program at its Platosa mine property. ON DEALS AND CORPORATE ISSUES, Silver Viper signed a LOI on the three core claims of the La Virginia project in Sonora; In Zacatecas, Santacruz Silver and the Contracuña companies amended the agreement on the purchase of the Veta Grande properties. Concurrently, Santacruz Silver and Carrizal Mining signed an agreement upon which Carrizal can obtain a 20% interest on the Veta Grande and other Zacatecas properties.


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  • Colibri Resource Corp. announced drill results provided by its JV partner Agnico Eagle on its Pitaya project in Sonora. Highlighted intervals comprise 2.2 m @ 20.96 g/t Au, 57 g/t Ag; 20 m @ 0.42 g/t Au; 19.0 m @ 0.50 g/t Au; 32.1 m @ 0.45 g/t Au; 27.0 m @ 0.37 g/t Au, 65.0 m @ 0.30 g/t Au; 25.0 m @ 0.80 g/t Au; 37.1 m @ 0.55 g/t Au; 29.30 m @ 0.57 g/t Au. A total of 7,286 m in 26 drill holes have been sunk, drilling is still in progress.
  • Riverside Resources Inc. announced that partner, Centerra Gold Inc., commenced a 1,200 m drill program at the Glor project in Sonora. The diamond drill campaign is focusing on targets developed by detailed mapping, soil geochemistry, two ground magnetic surveys and an induced polarization survey.
  • Azure Minerals Ltd. confirmed extensive high-grade Zn-Pb at its Oposura project in Sonora. Highlights include intercepts of 17.35 m @ 3.7% Zn, 4.0 % Pb, 18 g/t Ag; 2.30 m @ 5.3% Zn, 3.9% Pb, 15 g/t Ag; 6.85 m @ 9.0% Zn, 4.0% Pb, 39 g/t Ag; 4.30 m @ 2.3% Zn, 1.1% Pb, 5 g/t Ag; 6.15 m @ 2.9% Zn, 2.6% Pb, 19 g/t Ag; 4.32 m @ 6.4% Zn, 5.0% Pb, 26 g/t Ag; 16.62 m @ 12.7% Zn, 5.5% Pb, 27 g/t Ag; 5.2 m @ 4.9% Zn, 3.1% Pb, 11 g/t Ag; 6.95 m @ 4.3% Zn, 1.2% Pb, 15 g/t Ag; 3.95 m @ 4.7% Zn, 5.3% Pb, 26 g/t Ag; 5.35 m @ 8.1% Zn, 4.7% Pb, 27 g/t Ag; 6.40 m @ 10.4% Zn, 5.9% Pb, 42 g/t Ag; 3.95 m @ 8.8% Zn, 5.9% Pb, 49 g/t Ag. Samples for 43 holes have been sent for analysis, with assays received for 19 of these holes. To date 62 holes have been drilled, for 3,661 m, with the second-half of the resource drill-out program progressing well.
  • Almadex Minerals Ltd. presented results from two more holes from the Raya Tembrillo area, which is the northern part of the Villa Rica zone of its El Cobre project in Veracruz. Drill core intercepts comprise 100.0 m @ 0.15 g/t Au, 0.67% Cu (including 48.0 m@ 0.29 g/t Au, 1.23% Cu) of chalcocite dominant enriched zone and 205.40 m @ 0.18 g/t Au, 0.20% Cu (including 82.0 m @ 0.20 g/t Au, 0.28% Cu) of hypogene mineralization in one hole; 20.0 m @ 0.34 g/t Au, 0.04% Cu in the gold zone, 94.0 m @ 0.07 g/t Au, 1.36% Cu (including 43.0 m @ 0.09 g/t Au, 2.45% Cu) in the enriched zone, and 58.0 m @ 0.18 g/t Au, 0.22% Cu in the hypogene zone.
  • Chesapeake Gold Corp. provided an update of phase 1 drilling and district wide exploration at its 72,000 hectare Yareli project in Sinaloa. At the Central prospect five core holes have been drilled with 1,200 m testing stockwork zones over one Km in length and quartz-calcite veins. Three holes demonstrated a zonation of shallow zinc (0.3%) to copper at depth (40-189 m of > 400 ppm Cu) in disseminated pyrite and veinlets with trace chalcopyrite. At the Central-Spaniard zone two holes intersected veins running 1.0 m @ 6.3 g/t Au, 969 g/t Ag, 0.5% Pb, 0.6% Zn and 5.1 m @ 0.6 g/t Au, 58 g/t Ag. At Loretos an ongoing drill hole has intersected over 100 m of feld-K alteration and silica flooded breccias cut by quartz veinlets with sulfides. At the Yasmin prospect geochemical sampling over an IP anomaly has returned 0.1 to 0.7 g/t Au in zones 5 to 30 m wide, while quartz veins returned 3.3 m @ 5.0 g/t Au, 179 g/t Ag; 3.0 m @ 4.2 g/t Au. At the Lucy prospect, channel sampling has returned 30 m @ 0.4 g/t Au, 12 g/t Ag, 3.7% Zn; 3 m @ 0.5 g/t Au, 24 g/t Ag, 5.5% Zn, 0.3% Cu.
  • Harvest Gold Corp. announced that the permitting process to drill its Cerro Cascaron project in Chihuahua is underway. The drill program includes up to 30 holes from 50 to 300 m in length in the 6,900 hectare project.


  • Torex Gold Resources Inc. reported that a majority of its employees have voted to return to work immediately. Torex organized an off-site vote on December 14 2017, for its 520 employees that are eligible to join a union. The purpose of the vote was to give union eligible employees an opportunity to speak for themselves in a safe and independent environment. “During the vote, unionized employees were asked if they wanted the illegal blockade lifted immediately so they can return to work. In the end, the vote was overwhelmingly (99%) in favour of lifting the blockade immediately. 274 of the 520 voters were able to attend and vote. The Company could not send buses to the communities that are behind the blockades. The Company believes the numbers able to attend the vote, would have been much higher if it were not for Los Mineros intimidation of local employees. An example of such intimidation was the stopping of a vehicle that was taking employees from behind the blockade to the vote. Employees on the vehicle were told to get out of the vehicle. They did, and walked home.”


  • Silver Spruce Resources Inc. received a financing mandate letter from Securities Ltd. a brokerage firm from Hong Kong, to provide up to US$1.8 M in gross proceeds. The agent will receive 10% of the capital raised by the agent and 1% of the capital raised by the company. Proceeds are to be used to fund the drill program at Pino de Plata, in Chihuahua, and for other ends.
  • Kootenay Silver Inc. has closed the initial tranche of its non-brokered private placement for gross proceeds of $3.9 M. Cash finder’s fee of $154.6 K have been paid (La Cigarra, Chihuhahua).
  • Mammoth Resources Corp. closed its previously announced non-brokered private placement, for gross proceeds of $720 K. The proceeds are to be used on drilling up to 3,000 m testing up to 24 targets along a 5 km trend of gold-silver mineralization on its Tenoriba project in Chihuahua.
  • Bacanora Minerals Ltd. announced that NextView Capital, a Chinese institutional fund management group focused on new technologies and energy, agreed to acquire 19.89% equity interest in Bacanora. The C$53.5 M raised by the placement will be used for the continued development of the Sonora Lithium project. Bacanora has agreed to supply 5 K tpa (tonnes per annum) of Li carbonate, with a firm commitment to supply 8 K tpa lithium carbonate during stage 2 and to supply a further 7 K tpa Li carbonate during stage 2.
  • Primero Mining Corp. agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp, from December 15 to December 22, 2017. This agreement provides the ability to continue negotiations surrounding its previously announced strategic review process and the possible divestiture of its San Dimas mine in Durango.
  • Consolidated Zinc Ltd. received commitments for a placement of $1.96 M from new and existing investors. The funds raised will be used to accelerate resource drilling that is currently underway in the Plomosas mine and several new areas (Plomosas, Chihuahua).


  • Mexican Gold Corp. presented drill results from four more holes at its Las Minas project in Veracruz. The holes were testing the dike contact mineralized zones, intersecting 38.0 m @ 3.53 g/t Au, 6 g/t Ag, 1.5% Cu (including 14.0 m @ 2.00 g/t Au, 13 g/t Ag, 3.0% Cu); 44.0 m @ 1.71 g/t Au, 4 g/t Ag, 1.2% Cu (including 22.0 m @ 2.85 g/t Ag, 5 g/t Ag, 1.4% Cu); 30.0 m @ 0.72 g/t Au, 6 g/t Ag, 1.2% Cu (including 0.82 g/t Au, 7 g/t Ag, 1.6% Cu); 22.0 m @ 1.14 g/t Au, 6 g/t Ag, 1.2% Cu (including 4.0 m @ 4.2 g/t Au, 23 g/t Ag, 4.8% Cu).
  • Leagold Mining Corp. completed the Bermejal Underground drill program at the Los Filos mine in Guerrero. The program totaled 56,191 m in 111 holes. Highlights of 10 new holes comprise true width intercepts of 8.83 m @ 3.74 g/t Au, 16.02 m @ 7.25 g/t Au, 2.80 m @ 3.42 g/t Au in one hole; 2.22 m @ 5.90 g/t Au, 3.89 m @ 4.98 g/t Au, 0.94 m @ 19.55 g/t Au, 4.04 m @ 8.68 g/t Au in a second hole; 4.11 m @ 4.04 g/t Au, 8.02 m @ 3.53 g/t Au, 5.80 m @ 3.92 g/t Au, 2.46 m @ 23 .63 g/t Au in other hole; 7.44 m @ 9.96 g/t Au; 10.58 m @ 8.36 g/t Au; 3.29 m @ 14.73 g/t Au, 8.57 m @ 11.00 g/t Au, etc. “The Bermejal Underground deposit is at the northern end of a large intrusive body which has a total circumference of at least 15 kilometres, ….. mineralization extends approximately 1,600 metres along the strike of the intrusive contact and has a vertical depth extent of over 800 metres.”
  • Almaden Minerals Ltd. completed a social impact assessment (SIA) at its Ixtaca project in Puebla. The study was completed by GMI Consulting, a firm with extensive Mexican and International experience in human rights, environment and economics. This is the first time that such a study has been completed in the minerals industry in Mexico, as only the energy industry requires its filing for permitting. The report key points include: that Almaden Minerals consultation process complies with the Equator principles and international best practices and that Almaden has consulted widely within the Focus area communities, the Ixtaca project was understood, and that the SIA itself was successful in providing people with an opportunity to express their views on the impacts of the project.
  • Excellon Resources Inc. commenced an extensive surface exploration program on the 21,000 hectare Platosa property in Durango, targeting extensions to the Platosa mine and new manto and skarn discoveries. The program comprises an extensive soil program and induced polarization survey at developing targets, including Saltillera, Jaboncillo and San Gilberto as well as 30,000 m of diamond drilling. The drilling is focused on defining additional tonnage at the Platosa mine, finding new mineralization manto targets on the Platosa corridor, south of the Guadalupe South manto, and north of the Guadalupe North manto, manto targets defined by IP and gravity geophysics and skarn targets similar to Rincon (43.4 m @ 146 g/t Ag, 2.8% Pb, 1.9% zn, 0.22 g/t Au), which have been defined through reprocessing of IP, magnetics (ZTEM) and gravity geophysics,


  • Silver Viper Minerals Corp. signed a non-binding 120 days letter of intent (LOI) on three mineral concessions forming the core of the La Virginia gold-silver project in Sonora. Silver Viper can earn 100% ownership of the 2,102 hectare project by making cash payments totaling US$4.5 M in staged payments over a four year period as follows: First anniversary US$200 K, second anniversary US$500K, third anniversary US$1 M, fourth anniversary US$2.8 M. The company is to assume the claim taxes and maintenance costs, while owners retain a 2% NSR which might be purchased for US$2.0 M within 5 years of the effective date, or for US$3.0 M after that period. “La Virginia is characterized by laterally extensive epithermal style gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes….The largest historical workings, “La Virginia” and “Con Virginia” are still accessible and host mineralization ranging between one metre to greater than twenty metres in thickness.”
  • Santacruz Silver Mining Ltd. reached an agreement with the Contracuña group of companies to amend the terms of the option agreement to acquire 100% ownership of the Veta Grande project, including the Veta Grande mine and mill facilities as well as the Minillas property in Zacatecas. The amended payment schedule is as follows: US$500 K paid on December 13, 2017; US$500 K on December 2018; US$2.5 M on December 2019; US$2.5 M on December 2020; US$5 M on December 2021; US$4.5 M on December 2022. Contracuña keeps a 1% NSR that commences on December 2022, same that can be bought by US$ 1.5M.
  • Santacruz Silver Mining Ltd. concurrently with the above entered into a binding LOI with Carrizal Mining S.A. de C.V., pursuant to which Carrizal will acquire 20% working interest in the Veta Grande project, as well as the Zacatecas properties under option by Santacruz from Golden Minerals Company. Carrizal can earn in its 20% by funding 100% of the cost of the increase in capacity of the Veta Grande mill to 750 tpd, as well as providing drill rig and drilling materials to conduct exploration drill campaigns at the Veta Grande mine and Panuco deposit. In addition, Carrizal is providing a short-term working capital advance of US$500 K. Upon completion of the required earn-in expenditures a (20%) Carrizal and (80%) Santacruz joint venture will be formed.
  • Canasil Resources Inc.’s have approved a plan of arrangement to segregate its British Columbia properties (Esperanza, Zacatecas).

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 below, Fault scarp on quartzite, Durango. Photo by Jorge Cirett.


Santacruz Silver Amends Terms of Option Agreement on the Veta Grande Project and Enters Option Agreement for its Zacatecas Mineral Assets with Carrizal Mining


Vancouver, B.C. — Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the “Company” or “Santacruz”) announces that it has reached agreement with the Contracuña group of companies (“Contracuña”) to amend the terms of the Option Agreement (see press release dated June 21, 2017) to acquire 100% ownership of the Veta Grande Project, including the Veta Grande mine and milling facility as well as the Minillas property located in Zacatecas, Mexico.

Silver Viper Signs Non-Binding Letter of Intent to Acquire Core Claims of La Virginia Gold-Silver Project, Sonora, Mexico


Vancouver, BC. Silver Viper Minerals Corp. (the “Company” or “Silver Viper”) (TSX-V: VIPR) is pleased to announce the signing of a non-binding Letter of Intent (“LOI”) on three mineral concessions forming the core of the La Virginia Gold-Silver Project (“La Virginia”), located in the Sierra Madre Occidental, 220 kilometres (“km”) east-northeast of Hermosillo, Sonora, Mexico.