Autlán Firma Acuerdo Para Adquirir Minera Canadiense Ecu Silver.- Outlet Minero

http://outletminero.org/autlan-firma-acuerdo-para-adquirir-minera-canadiense-ecu-silver/

Compañía Minera Autlán firmó un acuerdo con la estadounidense Golden Minerals para adquirir por 22 millones de dólares el total de las acciones de su subsidiaria canadiense Ecu Silver Mining.

Los activos mineros de esta canadiense son conocidos como Velardeña, Rodeo y Santa María ubicados en Durango y Chihuahua.

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

Chalcedonic quartz vein

By Miguel A Heredia

During the twenty one week of the year (June 3rd to June 9th, 2019), at least 31 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, five reporting on resources and development of their projects, five informing on exploration results, four announcing financial rounds, two communicating production results, and one discussing Mexican news.  ON MEXICO ISSUES, the Mining Undersecretary of the Secretary of Economy, Francisco Quiroga, said that mining companies from Canada, USA, Peru, Colombia and Australia showed their interest to invest up to USD$ 8M in Mexico mining projects.  ON EXPLORATION, In Baja California Norte, One World Lithium released drilling results from its Salar del Diablo project. In Sonora, Colibri reported assays results from sub-outcrops on its Evelyn project.  In Chihuahua, Monarca identified a skarn and potential CRD/porphyry deposit after running a geophysical survey at its San Jose project.  In Zacatecas, Galore announced it has commenced drilling of 2,500m core drilling program at its Dos Santos property to test the El Alamo target. In Jalisco, GoGold released drilling results from its Los Ricos project.  ON MINING, Mexus Gold announced that over 5,700 tonnes of high-grade ore will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. US Antimony produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May 2019. ON FINANCING, VVC announced a non-brokered private placement for gross proceeds of CAD $2M (Samalayuca project, Chihuahua). Galore received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling program at its Dos Santos project in Zacatecas.  One World Lithium closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700 and announced a non-brokered private placement to raise up to CAD $2M (Salar del Diablo project, Baja California Norte).  Azure secured A$ 2M financing via a convertible note.  ON RESOURCES AND DEVELOPMENT, Azure announced that its board of directors has approved the commencement of trial mining and processing of high-grade mineralization from its Oposura project in Sonora. Sonoro Metals initiated metallurgical testing at its Cerro Caliche project in Sonora.  Endeavour released underground drilling results from its Guanacevi mine in Durango. Oroco announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. US Antimony reported expansion of its Madero, Coahuila smelter capacity, and reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.   ON DEALS AND CORPORATE ISSUES, Aura Resources, Almadex, and Azucar Minerals granted stock options to directors, officers and consultants.  Riverside appointed Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora). Monarca signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua and appointed new director. Inomin signed a non-binding letter agreement to acquire 100% interest in the La Gitana project in Oaxaca from Gunpoint, and appointed new director and adviser. Candente announced management changes with the retirement of its chair and director and the appointment of new director (El Oro tailings project, State of Mexico). Goldgroup and VVC announced their annual general meeting of shareholders will be held on July 31, 2019 and August 19, 2019 respectively. SilverCrest reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora). Kootenay reported that its partner Pan American Silver has relinquished its right to earn 75% interest in the Promontorio Mineral Belt in Sonora. Magna Gold closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. Sierra Metals repurchased a royalty on its Cusi mine in Chihuahua from Minera Cusi S.A. de C.V. in US$ 4M.

 ON MEXICO ISSUES

  • Mexican mining projects raised interest for up to USD$ 8M of investment by companies from Canada, USA, Peru, Colombia, and Australia. According to the head of mining in the country, before realizing the investments, it will be necessary to carry out the work of convincing the surrounding populations. He said: “The type of mining we want is to pay taxes, be socially responsible and achieve economic benefits so that it reaches society and the settlement is public.” He insisted that the presidential mandate is that mining concessions will not be canceled and that the commitments acquired in the past will be honored. Among the areas with the greatest potential are in the south-southeast of Mexico, specifically the states of Oaxaca, Guerrero and Morelos, among others, with products such as Ag, Au, and Cu. The Ministry of Economy reported that the mining-metallurgical sector in Mexico contributes 4% of the national Gross Domestic Product. While in the world our country is the largest producer of Ag; it is among the top 10 producers of 16 different minerals: silver, bismuth, fluorite, celestite, wollastonite, cadmium, molybdenum, lead, zinc, diatomite, salt, barite, graphite, gypsum, gold and copper.

ON EXPLORATION

  • One World Lithium Inc., released drilling results from its Salar del Diablo project in Baja California Norte. The company has completed the first three holes of a twelve drill program, and reported that two holes located 14km apart have intersected aquifers with water samples containing pH values indicative of brines. Drilling to date has demonstrated that there are multiple aquifers in the northern part of the Salar which indicates that the entire Salar could be very prospective.
  • Colibri Resource Corporation, reported additional grab samples results from abundant quartz with local iron-oxide staining in sub-outcrops found on areas not previously mapped or sampled at its Evelyn project in Sonora. Grab samples results include values of 4.81 g/t Au and 4.19 g/t Au. This new area is located approximately 1km north-northeast of the Main Zone which consists of a moderately to steeply dipping Au-bearing quartz vein which has been the subject of historical mining. Colibri is planning a property wide, high density, airborne magnetic survey to determine the structural framework and the setting of known Au mineralization.
  • Monarca Minerals Inc., identified a skarn and potential CRD/porphyry deposit in its San José project in Chihuahua, after conducting an IP-resistivity and magnetic survey which returned very strong IP/magnetic anomalies over 2.8km strike length resulting in numerous drill targets. Based on the geophysical results and previous encouraging chip sampling on the property, Monarca is planning to perform an 18-hole RC drilling program to test for potential precious and base metals at depth.
  • Galore Resources Inc., announced it has commenced drilling of 2,500m core drilling at its Dos Santos property in Zacatecas to test Au mineralization associated with iron-oxides jasperoid and karst breccias exposed along the east-west trending El Alamo target.
  • GoGold Resources Inc., reported encouraging drilling results from an additional five diamond drill holes at its Los Ricos project in Jalisco. Significant results were encountered in hole LRGG-19-011, drilled 75m down dip below the deepest intersection to date on the property, with 1.2 g/t Au and 140 g/t Ag (3.07 g/t AuEq) over 18.5m, including 2.16 g/t Au and 228 g/t Ag (5.19 g/t AuEq) over 8.4m; in hole LRGG-19-13 with 0.78 g/t Au and 195 g/t Ag (3.38 g/t AuEq) over 15.6m, including 1.3 g/t Au and 297 g/t Ag (5.25 g/t AuEq) over 8.8m; and in hole LRGG-19-14 with 1.1 g/t Au and 127 g/t Ag (2.79 g/t AuEq) over 14.2m, including 1.94 g/t Au and 209 g/t Ag (4.73 g/t AuEq) over 7.7m. These positive results confirm that the deposit is still open at depth.

ON MINING

  • Mexus Gold US, announced that over 5,700 tonnes of high-grade ore ranging from 5 to 10 g/t Au and 9 to 12 g/t Ag will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. “The leaching process has started and will continue on a permanent basis as fresh ore will be added to the heap leach pad. Moving forward, Mexus will increase the scale and capacity of the system to maximize returns” added the CEO of the company.
  • US Antimony Corporation, produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May, 2019. It also reported that the inventories of Mexican antimony mine ore continue to grow.

ON FINANCING

  • VVC Exploration Corporation, announced a non-brokered private placement to raise up to CAD $2M. Gross proceeds will be used for exploration and development of its Samalayuca project in Chihuahua.
  • Galore Resources Inc., received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling at El Alamo target within its Dos Santos project in Zacatecas.
  • One World Lithium Inc., closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700. The aggregate gross proceeds of this offering under the first, second and final tranche totalled CAD $2,073,250. It also announced a non-brokered private placement for gross proceeds of up to CAD $2M. Net proceeds will be used at its Salar del Diablo project in Baja California Norte as follow: Salar del Diablo project drilling program CAD $500K; analysis and further testing of drill results CAD $400K; southern region pre-drilling program CAD$400K; and balance for working capital.
  • Azure Minerals Limited, secured A$ 2M financing via a convertible note by entering into a binding commitment with the company´s major shareholder Deutsche Balaton. “This funding will enable the Company to meet start-up costs and working capital requirements with operations to commence in the September quarter of 2019”.

 ON RESOURCES AND DEVELOPMENT

  • Azure Minerals Limited, announced that its board of directors has approved the commencement of trial mining and processing of high grade mineralization from its 100% owned Oposura property in Sonora. Initial mine production and processing will range between 1,500 to 3,000 tonnes per month of mineralized material grading approximately 15% combined Zn and Pb. The ore material will be processed on a toll treatment basis through a nearby sulphide flotation processing facility.
  • Sonoro Metals Corp., initiated ore characterization and bottle roll and leach column test at its Cerro Caliche project in Sonora. The tests are expected to be completed in 8 weeks. If the results are positive, they will be incorporated in the sensitivity analysis in order to define the characteristics of the heap leaching pilot operation preliminary design, which would be then updated to a NI 43-101 level.
  • Endeavour Silver Corp., released underground drilling results from seventeen holes drilled at its Guanacevi mine in Durango. Seven holes intersected high-grade over mineable widths to extend. Highlights include 0.93 g/t Au and 251 g/t Ag (325 g/t AgEq) over 3m true width in hole UG-61, and two intersections in parallel veins in hole UG-75 with 2.93 g/t Au and 2,175 g/t Ag (2,409 g/t AgEq) over 1m true width, and 0.78 g/t Au and 579 g/t Ag (642 g/t AgEq) over 3.9m. “Recent drilling has extended high grade Ag-Au mineralization to depth at all three of our original orebodies, which should help to increase resources at Guanacevi.”
  • Oroco Resources Corp., announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. The technical report presents the key findings of historical technical reports, including a 1994 PFS study by Bateman Engineering (supported by metallurgical work by Mountain States R&D International, Inc., a resource estimate by Mintec, Inc., and mining and plant estimates by Minetek S.A. de C.V.).
  • US Antimony Corporation, reported expansion of its Madero, Coahuila smelter capacity, which the installation of long rotary furnace (LRF) number 3. The company has an additional 3 LRFs in inventory. Furnace recovery is in the 96%-98% range and the additional capacity is expected to handle production increases from the Company’s Wadley and Sierra Guadalupe Mines in San Luis Potosi and Zacatecas respectively. It also reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.

ON DEALS AND CORPORATE ISSUES

  • Aura Resources Inc., granted stock options to directors, officers and consultants of the company to purchase an aggregate 1.2M common shares at an exercise price of $0.05 per share which expire on June 4, 2019 (Taviche project, Oaxaca).
  • Almadex Minerals Ltd., granted stock options to certain directors and officers of the company to purchase an aggregate 628K common shares at an exercise price of $0.32 per share which expire on June 4, 2019 (Ixtaca project, Puebla).
  • Azucar Minerals Ltd., granted stock options to certain directors, officers and consultants of the company to purchase an aggregate of 573K common shares at an exercise price of $0.29 per share which expire on June 4, 2019 (El Cobre project, Veracruz).
  • Riverside Resources Inc., announced the appointment of Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora).
  • Monarca Minerals Inc., signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua, where the company identified a skarn and potential CRD/porphyry copper deposit. To acquire the property, Monarca will pay USD $150K in staged cash payments as follow: USD $40K on the option signing date (already paid), USD $50K twelve months after signing of the option agreement, and USD $60K twenty four months after signing of the option agreement. The agreement includes a 2% NSR upon reaching commercial production and Monarca keeps a right to purchase 1% NSR by a single payment of USD $100K. The company also appointed a new director to its Board.
  • Inomin Mines Inc., signed a non-binding letter agreement to acquire 100% interest in the La Gitana property in Oaxaca from Gunpoint Exploration Ltd. La Gitana comprises a 494 hectares that hosts a low-sulphidation epithermal Au-Ag deposits in Tertiary-aged volcanic rocks. In order to acquire 100% of the property Inomin has to make staged payments for $300K and issue 2M of common shares of the company as follow: $10K (paid) on signing agreement; $25K and 150K shares following execution of definitive agreement; $50K and 250K shares on first anniversary; $65K and 450K shares on second anniversary; $75K and 500K shares on third anniversary; and $75K and 650K shares on fourth anniversary. Inomin will have the right to accelerate payments at the company´s discretion, and is also subject to a NSR the terms of which have yet to be finalized.  The company also announced the resignation of one of its directors and the appointment of its replacement. It also appointed an adviser of the company.
  • Candente Gold Corp., reported the retirement of its chair and director and the appointment of its new director (El Oro tailings project, State of Mexico).
  • Goldgroup Mining Inc., announced that its annual general meeting of shareholders will be held on July 31, 2019 (Cerro Prieto mine, Sonora)
  • VVC Exploration Corporation, announced that its annual general meeting of shareholders will be held on August 19, 2019 (Samalayuca project, Chihuahua).
  • SilverCrest Metals Inc., reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora).
  • Kootenay Silver Inc., announced that its JV partner Pan American Silver Corp., has relinquished to its right to earn 75% interest on the Promontorio Mineral Belt in Sonora, which include the Promontorio Resource and La Negra high-grade Ag discovery. Kootenay will be conducting a review of the work performed by Pan American in order to plan the next steps for advancing these assets.
  • Magna Gold Corp., closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. In consideration of the grant of the option, Magna will: (i) pay to the Seller an aggregate of US$1.34M plus VAT of 16%, paid in installments commencing on the 6th month from the effective date of the agreement (the “Effective Date”) and ending on the 48th month from the Effective Date; (ii) issue to the seller a 3% NSR, capped at US$3.5M and subject to the right of the corporation to acquire all 3 percentage points of the NSR at a price of US$500Kper percentage point, within the first three years of commercial production of the Mercedes Property; and (iii) conditional on the completion of a going public transaction within six months of the Effective Date, issue 2,442,105common shares of the corporation to the seller.
  • Sierra Metals Inc., repurchased a royalty on its Cusi Mine from Minera Cusi S.A. de C.V. for US$ $M. The royalty agreement required the company to pay a 3% royalty on the net revenues generated by the mine, less transportation costs, for the life of the mine. The company has already paid US$2.5 million upon signing the repurchase contract on May 10, 2019 and is required to pay a further US$1.5 million on May 10, 2021. With this repurchase, Sierra Metals will no longer have any royalties on any of its properties or mines.

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, chalcedonic quartz vein in a low sulphidation epithermal system in a prospect in San Luis Potosi, Mexico.  Photo by Miguel A Heredia.

Gunpoint Options Mexican La Gitana Gold-Silver Project to Inomin Mines

Gunpoint_04062019_nr

Vancouver, British Columbia–(Newsfile Corp. – June 4, 2019) – Gunpoint Exploration Ltd. (TSXV: GUN) (“Gunpoint” or the “Company”) is pleased to announce the signing of a non-binding letter of intent (the “LOI”) with Inomin Mines Inc. (TSX.V: MINE) (“Inomin”) to sell its 100% interest in the La Gitana gold-silver property (“La Gitana” or “Property”) located in Oaxaca State, Mexico (the “Transaction”). La Gitana comprises a 494 hectare property situated within a major northwest trending regional structure that host several mineral deposits including Gold Resource’s (NYSE: GORO) La Aguila open-pit gold-silver mine and Fortuna Silver’s (TSX: FVI) San Jose underground gold-silver mine. The terms of the Agreement provide for an exclusivity period to conduct due diligence and conclude a definitive agreement (“Agreement”) to finalize the purchase terms of the Transaction.

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

By Jorge Cirett

During the 18th week of the year (April 29th to May 5th, 2019), at least 35 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Newmont Goldcorp Corp. informed on the intention to temporarily suspend operations at the Peñasquito mine in Zacatecas, due to an illegal blockade lasting for more than a month now. More than 300 mine employees protested outside the Zacatecas Congress, accusing José Narro, senator by Morena (the president’s party) of instigating the blockade. Drill core from La Xora project in Nayarit was added to The Mexican Core Shack. ON EXPLORATION, Nine companies presented advances in the exploration of their properties: In Baja, One World Lithium has received the permits to drill its Salar Del Diablo property. In Sonora, Sonoro Metals disclosed assays for the first 15 RC holes of the second drilling campaign; Ridgestone updated the work done to date at Rebeico; Minaurum staked a large chunk of ground at its Alamos project. In Chihuahua, Silver Spruce released surface sample results from its Pino de Plata project; Radius Gold released exciting results from the first hole of the second drilling campaign at Amalia; Kootenay Silver has initiated drill road construction for its incoming campaign at Columba. In Jalisco, GoGold released results from its drilling campaign at Los Ricos. In Zacatecas, Alien Gold updated on the exploration effort at its Donovan 2 property. ON MINING, nine companies presented its first quarter 2019 results, while one company presented its 2018 results. ON FINANCING, First Mining, and Prize Mining are to raise $6 M and $1.5 M respectively. Leagold Mining secured a 200 M term loan and a 200 M revolving credit. ON RESOURCES AND DEVELOPMENT, no relevant news.  ON DEALS AND CORPORATE ISSUES, Alio Gold received notice of a civil claim from a former Rye Patch shareholder.  

ON MEXICO ISSUES

  • Newmont Goldcorp Corp. informed on the intention to temporarily suspend operations at the Peñasquito mine in Zacatecas (one of the largest in Mexico, produced 272 K Oz Au in 2018), due to an illegal blockade by a trucking contractor and some members of the Cedros community that began on March 27, 2019. The company announced on April 9 that the trucking contracts will now be signed with independent truckers, to their economic benefit and to avoid the repeated extortion blockades by the current trucking contractor. Newmont Goldcorp denounced that the blockader’s public claims that focus in water quality and employment, turn in a direct petition for large amounts of money when done privately. The company asks for help from the Mexican and Zacatecan authorities to resolve the illegal blockade that affects the income of more than 20 thousand persons, directly or indirectly. On a different event, about 300 employees of Minera Peñasquito, protested outside the Zacatecas Congress against the illegal blockade that keeps paralyzed the Peñasquito mine. The protesters accused Jose Narro, senator by the president party, Morena, and his acolyte Felipe Pinedo of blackmailing the company with false water contamination statements.  
  • Core from La Xora project, in Nayarit, was added to the Mexican Core Shack (https://gambusinoprospector.com/mexican-core-shack/), under the epithermal low sulphidation section.

ON EXPLORATION

  • Sonoro Metals Corp.  reported assay results from the first 15 reverse circulation holes of the second phase drilling program at its Cerro Caliche property in Sonora. All holes encountered gold mineralization, which extend mineralization 1.25 Km NW from the Central Zone, where the first drill campaign defined a series of NW striking structures, outlining three shallow bulk tonnage oxidized mineralized zones in metasedimentary and volcanic rocks. Previously reported results come from the Central Zone prospects Japoneses, Abejas, El Colorado and Guadalupe, whereas the new drill holes tested El Rincon, Gloria, El Boludito, and Veta de Oro zones. Highlighted results comprise 10.67 m @ 2.73 gpt AuEq; 3.05 m @ 5.48 gpt AuEq; 10.67 m @ 0.74 gpt AuEq; 6.1 m @ 0.80 gpt AuEq; 15.24 m @ 1.05 gpt AuEq.
  • Alien Metals Ltd. updated on its exploration work at its Donovan 2 project in Zacatecas. Work to date supports indications of volcanogenic massive sulphide (VMS) mineralisation on multiple target areas open along strike, with surface assays of up to 3.3% Cu, 0.25% Zn. Currently there are magnetic, chargeabilty and resistivity anomalies, and a gravity survey underway is to refine the targets on this project, which is 24 kilometers from Teck’s San Nicolas deposit.
  • Ridgestone Mining Inc. announced that exploration work to date on its Rebeico property in Sonora defined the 1.2 km long Alaska vein and intensely altered breccia zones SW of the vein, carrying Cu, Au and Ag values, as well as bismuth anomalies. An 18 line-kilometer induced polarization (IP) survey identified a chargeability anomaly below the breccia zone. A 12 hole 1,430 m diamond drill program tested 500 m of the Alaska vein. Eight of the twelve holes intersected significant grades, including: 0.80 m @ 1.41% Cu, 2.95 gpt Au; 2.0 m @ 2.78% Cu, 8.69 gpt Au; 1.40 m @ 3.25 gpt Au; 1.50 m @ 1.39 gpt Au; 1.0 m @ 0.30% Cu, 5.61 gpt Au; 3.25 m @ 2.41% Cu, 8.31 gpt Au; 1.50 m @ 1.22% Cu, 36.10 gpt Au.  
  • One World Lithium Inc. has received the permit required to start its 12 hole, 4,250 m drilling program at its Salar del Diablo property in Baja California. The company intends to test three geophysical anomalies, a geochemical anomaly, and structures that may trap and concentrate brines. The Salar del Diablo Property has never been drilled in the past.
  • Silver Spruce Resources Inc. released surface sample results from its Pino de Plata property in Chihuahua. The samples returned 19 gpt Ag, 16 gpt Ag, 2 gpt Ag, 1,1,30 gpt Ag, 123 gpt Ag, 95 gpt Ag and 255 gpt Ag; up to 0.19 gpt Au, up to 802 ppm Cu, up to 3.7% Pb on samples 0.2 to 1.0 m in length. The two targets in the area comprise El Terrero and the Gossan area. At El Terrero, a 32 hectares zone “of multiple flat-lying brecciated zones hosted by a zone of strong argillic alteration” is the target, while at the Gossan area a series of hornfels and skarns developed near an intrusive contact may host massive sulphide replacement bodies associated to structures.
  • Radius Gold Inc. reported the first results from the second diamond drill campaign at its Amalia project in Chihuahua. The program is operated by Radius and funded by Pan American Silver Corp. under a JV agreement by Which Pan American can earn an initial 65% by making cash payments totaling US$1.5 M (of which US$100 K have been paid) and spending US$2 M on exploration over four years. The first hole in this campaign intersected 44 m @ 12.38 gpt Au, 309 gpt Ag, including 11 m @ 39.9 gpt Au, 323 gpt Ag. The estimated true width of the zone is 34 m, consisting of “an epithermal breccia and quartz sulphide stockwork vein zone ” located on or near to the contact between overlying Tertiary rhyolitic ignimbrite and the footwall andesite volcaniclastics of the Late Cretaceous Tarahumara Formation. Diorite dykes appear to be emplaced along the fault zone and are associated with mineralization”.
  • Minaurum Gold Inc. staked an additional 20,872 hectares on its Alamos project in Sonora. Additionally, mapping has revealed four new vein zones: Rosario, La Dura Oeste, La Dura and La Tijera. These four zones bring the total of veins zones of the district to twenty. The Rosario vein has been traced for 500 m, with samples assaying 304 gpt Ag and 227 gpt Ag over 1 m and 675 gpt Ag, 1.0% Cu, 0.9% Pb over 2 m. The La Dura Oeste vein has been traced for 550 m, returning assays of 30 gpt Ag, 3.4% Cu and 37 gpt Ag, 4.3% Pb. La Dura vein  returned 123 gpt Ag, 2.% Cu over 0.5 m. La Tijera vein was traced for 750 m, with three samples returning 23- 36 gpt Ag, 0.41 – 0.77% Cu, up to 0.1% Pb, up to 0.15% Zn over 0.1 to 0.3 m.
  • Kootenay Silver Inc. has initiated the road construction for the drilling of its Columba property in Chihuahua. The property covers a low sulphidation epithermal system with numerous veins ranging on 200 m to up to 2 km of strike length. Over 1,000 m of underground workings are present, including four shafts and six drifts, with historic records indicating grades between 600 and 900 gpt Ag.
  • GoGold Resources Inc. released results from its recently acquired Los Ricos property in Jalisco. Highlighted diamond drill results comprise 22.4 m @ 4.13 gpt Au, 182 gpt Ag (or 6.55 gpt AuEq), including 3.0 m @ 25.08 gpt Au, 534 gpt Ag (or 32.2 gpt AuEq) and 11.7 m @ 0.68 gpt Au, 89 gpt Ag (or 1.87 gpt Au), including 6.1 m @ 0.58 gpt Au, 142 gpt Ag (or 2.47 gpt AuEq). The campaign is focused on defining the mineralized halo around the ore shoots defined by 65 historical reverse circulation holes. Over six thousand assays from channel samples are being digitized from underground working, to aid with deeper drill planning.

ON MINING

  • Consolidated Zinc Ltd. released its March 2019 quarterly activities report. During the period its Plomosas mine in Chihuahua produced 11,267 tonnes @ 10.7% Zn, 2.5% Pb, while 12,992 tonnes were processed @ 10.9% Zn, 2.0% Pb, 18 gpt Ag, recovering 87.5% Zn, 84.9% Pb at cash cost $1.11 per Lb Zn. The company also informed on a surface access legal proceedings that seek to nullify the current surface access contract.  
  •  Americas Silver Corp. announced production and operating cost results for the first quarter of 2019, including figures of its Mexican operations. At its Cosalá operations in Sinaloa, 152.6 K tonnes were processed @ 57 gpt Ag, to produce 173.2 K Oz Ag, 11.3 M Lb Zn, 4.6 M Lb Pb (or 1.32 M Oz AgEq), at cash cost $30.48 per Oz Ag and AISC $25.85 per Oz Ag.
  • Grupo Mexico S.A.B. de C.V. presented results for the first quarter of 2019. During the period the company produced 261,328 tonnes Cu, 5,145 tonnes Mo, 18,550 tonnes Zn, 3,13 M Oz Ag, 12,399 Oz Au and 0.58 M tonnes of sulphuric acid from its operations in Mexico, USA and Peru, at cash cost $1.13 per Lb Cu. A US$413 M budget was approved for the construction of a Zn concentrator at Cananea, Sonora, a project that is to generate 3,760 jobs. At San Martin, in Zacatecas, $87 M have been budgeted to re-open the mine, whereas at Pilares, in Sonora, an open pit mine is to produce ore @ 0.78% Cu to be treated at the La Caridad plant, six km away.
  • McEwen Mining Inc. reported its first quarter 2019 results, including figures from its Mexican operations. At El Gallo, in Sinaloa, 5,432 Oz AuEq were produced at cash cost $967 per Oz AuEq and an AISC $989 per Oz AuEq. “Mining ceased at El Gallo by the end of May 2018, and the mine continues to recover gold from residual leaching of the heap leach. During the quarter, the process plant underwent a small expansion to improve efficiency and enable faster gold recover”.
  • Premiere Gold Mine Ltd. reported its first quarter production for 2019. During the quarter the Mercedes mine in Sonora produced 17,614 Oz Au and 57,681 Oz Ag.
  • Argonaut Gold Inc. announced its operating and financial results for the first quarter 2019. At El Castillo, in Durango, working at a rate of 68 K tonnes per day (tpd), 3.8 M tonnes of waste were moved, 2.29 M tonnes of ore were mined and 2.33 M tonnes @ 0.39 gpt Au were placed on the leach pads, producing 28,210 Oz Au, 54,030 Oz Ag at cash cost $918 per Oz Au. At San Agustin, part of the El Castillo Complex, working at a rate of 33 K tonnes per day, 1.31 M tonnes of waste and 1.66 M tonnes of ore were moved, placing 1.69 M tonnes @ 0.47 gpt Au in the leach pads, producing 14,084 Oz Au, 54,030 Oz Ag at cash cost $867 per Oz Au. At La Colorada in Sonora, working at a rate of 76 K tpd, 5.97 M tonnes of waste and 872 K tonnes of ore were moved and 882 K tonnes were placed on the leach pads @ 0.44 gpt Au, producing 15,372 Oz Au, 54,773 Oz Ag at cash cost $952 per Oz Au. “The Company plans to invest between $50 million and $60 million in capital programs during 2019, of which approximately 30% was spent during the first quarter of 2019”
  • Coeur Mining Inc. reported first quarter 2019 financial results, including figures from its Mexico operations. At Palmarejo, in Chihuahua, 379 K tonnes were milled @ 2.18 gpt Au, 144 gpt Ag, recovering 86.4% Au, 72.8% Ag, to produce 23,205 Oz Au, 1.28 M Oz Ag. Costs applicable to sales (CAS) were $713 per Oz Au and $9.66 per Oz Ag.
  • Alamos Gold Inc. released its financial results for the first quarter 2019, including figures from its operations in Mexico. At Mulatos, in Sonora, 1.83 M tonnes of ore were mined, 1.98 M tonnes of waste moved, to place 1.87 M tonnes of ore on the leach pads @ 0.98 gpt Au, producing 38,900 Oz Au at cash cost $743 and mine site AISC of $809. At El Chanate, in Sonora, 5,800 Oz Au were produced at cash cost $1,193 per Oz Au and mine site AISC of $1,193 per Oz Au. Construction of the haulage road has commenced on the Cerro Pelon mine, near the Mulatos mine, with a 2019 budget of $25 M. Pre-stripping is expected to commence in the third quarter.
  • Excellon Resources Inc. announced first quarter 2019 results from the Platosa mine in Durango. During the period 20 K tonnes were mined, with 16.8 K tonnes of ore @ 534 gpt Ag, 5.01% Pb, 8.00% Zn and 1.45 K tonnes of historical stockpile processed @ 123 gpt Ag, 1.22% Pb, 1.44% Zn, recovering 89.7% Ag, 74.6% Pb, 78.1% Zn to produce 260.4 K Oz Ag, 1.38 M Lb Pb, 2.21 M Lb Zn.
  • Golden Minerals Co. announced financial results for Q1 2019. The company continues to advance the Yoquivo Au-Ag project in Chihuahua. The company has cash and cash equivalents of $2.2 M, with no debt.
  • Santacruz Silver Mining Ltd. reports on its financial and operating results for the 2018 fiscal year. During the year the company milled 211.4 K tonnes, recovering 815.3 K Oz AgEq at cash cost $36.8 per AgEq Oz and an AISC of $37.2 per AgEq Oz. At Veta Grande, Zacatecas, silver production was 514.4 K Oz. At Rosario, in San Luis Potosi, silver production was 300.9 K Oz Ag.  

ON FINANCING

  • First Mining Gold Corp. intends to complete a non-brokered private placement for aggregate proceeds of up to $6 M. (San Ricardo, Sonora; Lachatao, Oaxaca).
  • Prize Mining Corp. intends to raise up to $1.5 M by means of non-brokered private placement (Manto Negro, Coahuila).
  • Leagold Mining Corp. received a binding underwriting commitment from a syndicate of lenders for a $200 M term loan and a $200 M revolving credit facility. “These loans will be used to repay current debt and finance the Company’s growth” (Los Filos, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.  

ON DEALS AND CORPORATE ISSUES

  • Alio Gold Inc. received a notice of civil claim from a former shareholder of Rye Patch Gold Corp. whose shares were acquired by the company on May 2018.  (San Francisco, Sonora).
  • Silver Bull Resources Inc. informed that South 32 is to maintain its option on the Sierra Mojada project by funding an additional US$3 M in exploration. “This will result in aggregate funding of US$6 million at the completion of the second year of the joint venture option”. To maintain the option, South32 must contribute minimum exploration funding of US$10 M during a four year option period with minimum aggregate exploration funding of US$3 M, US$6 M and US$8 M to be made by the end of years 1, 2 and 3 of the option period respectively.

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, quartz-chalcopyrite veinlet hosted by an intrusive rock in core from a project in Michoacan. Picture by Jorge Cirett.

Vangold Mining Corp. Signs LOI to Acquire the Tassawini Gold Property, Guyana, SA Announces Corporate Restructuring with post consolidation Private Placement of $500,000 and the Appointment of Mr. Robert Kang as Director.

VangoldMining_24122018

December 24, 2018 – Vancouver, British Columbia – Vangold Mining Corp (the “Company” or “Vangold”) (TSXV:VAN) is pleased to announce that it has entered into a Binding Letter of Intent effective December 12, 2018 (the “LOI”), pursuant to which the Company has agreed to acquire all of the outstanding shares of Aventura Gold Ltd. (“Aventura”), in an arm’s length transaction (the “Transaction”).

Candente Gold Announces Signing of Definitive Agreement with Sun River Gold and Tailings Drill Results

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Vancouver, British Columbia, November 29th, 2018. Candente Gold Corp. (TSXV:CDG) (“Candente Gold” or “the Company“) is pleased to announce that the Company has signed the Definitive Agreement (“DA”) with Sun River Gold Corp. (“Sun River” or “SRG”) which follows the binding Letter of Intent (“LOI”) previously entered into on November 9, 2017. SRG has the option to further test and, if proven economic, develop and operate the Company’s tailings project in El Oro Mexico (the “Tailings Project”).

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

Stibiconite-Cervantite crystals

By Miguel A Heredia

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

ON MEXICO ISSUES

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

 ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

 

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

Canasil Signs Letter of Intent Providing for Pan American to Acquire Canasil’s Interest in the Sandra-Escobar Project for CDN $2 Million and 2% NSR

Canasil_24102018

Vancouver, October 24, 2018 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that the Company and Pan American Silver Corp. (TSX: PAAS, NASDAQ: PAAS), through its subsidiary Plata Panamericana SA de CV (“Pan American”), have signed a non-binding Letter of Intent (“LOI”) providing for Pan American to acquire Canasil’s interest in the Sandra-Escobar project in Durango, Mexico. The LOI provides for the parties to enter into a Definitive Agreement covering the acquisition of Canasil’s interest by Pan American for a payment of CDN $2 million and grant of a 2% net smelter returns royalty on Pan American’s interest in the project (“NSR Royalty”). Pan American will have the right to reduce the NSR Royalty to 1% at any time by paying the Company CDN $4 million. The parties anticipate completing the Definitive Agreement by the end of November 2018. The Definitive Agreement will supersede all prior agreements and arrangements between Canasil and Pan American with respect to the Sandra-Escobar project.

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

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On the image above, weakly silicified ridge on strongly argillitized volcanic rocks and minor quartz veining in clay pit in Hidalgo (Man-made produced differential erosion). Picture by Jorge Cirett.

By Jorge Cirett

During the 38th week of the year (September 17th to September 23rd, 2018), at least 24 press releases were announced by companies working in Mexico. Prize Mining, Kootenay, Silver Viper and Radius released advances in exploration. Excellon and Consolidated Zinc released news on mining. Prospero, Oceanus, Sable, Avino and Advance Gold reported news on financing. Capstone, Goldplay, Gold Resource, Excellon, Southern Silver, Endeavour and SilverCrest reported on development of its properties. Defiance Silver, and Valoro are to merge, Arian Silver is to change name whereas Kootenay and Radius reported deals on properties. ON MEXICO ISSUES, Goldcorp opened a health clinic in Zacatecas. ON EXPLORATION, in Sonora, Silver Viper started drilling on the Rubi-Esperanza claims of La Virginia project. In Chihuahua, Radius Gold is to drill the Amalia property. In Coahuila, Prize Mining initiated drilling at Manto Negro. ON MINING Excellon commented on production issues at Platosa, while Consolidated Zinc completed the first ore shipment from its Plomosas mine. ON FINANCING, Prospero Silver completed the private placement financing for CAD$356 K with Fortuna Silver. Oceanus raised $750 K. Sable entered a bought deal private placement for $2M. Avino Silver announced the pricing of US$4 M of an underwritten public offering. Advance Gold filed documents closing a financing for $255.3 K. ON RESOURCES AND DEVELOPMENT, Capstone, Goldplay, Gold Resource, Excellon, Southern Silver and Endeavour released drilling results aimed to better define or increase the resource base on their properties. SilverCrest presented an updated mineral resource estimate on its Las Chispas project. ON DEALS AND CORPORATE ISSUES, Defiance Silver and Valoro Resources signed a LOI on a merger. Kootenay optioned the Copalito property in Sinaloa. Arian Silver is to change name to Alien Metals. Pan American optioned the Amalia property in Chihuahua.

ON MEXICO ISSUES

  • GoldCorp opened a rural clinic in Mazapil, Zacatecas. With the investment of $40 M pesos GoldCorp executives opened the Unidad Médica Regional (Regional Medical Unit) in the Cedros community, within the Mazapil municipality of Zacatecas. The unit will be manned by IMSS-Prospera personnel, was presented as the most equipped rural clinic in the country, and is to provide 24 hours medical service to more than 2300 inhabitants.

ON EXPLORATION

  • Prize Mining Corp. initiated a 3,000 m diamond drilling program at its Manto Negro project in Coahuila. The program is focused on the El Granizo and Pilar Grande areas, which are 18 km apart, to test high-grade copper and silver surface oxide deposits.
  • Kootenay Silver Inc. presented encouraging rock-chip results from its recently optioned Copalito property in Sinaloa. Highlighted samples returned: 1.0 m @ 0.23 g/t Au, 104 g/t Ag, 0.13% Pb, 0.67% Zn; 1.5 m @ 0.50 g/t Au, 32 g/t Ag, 0.85% Pb, 0.40% Zn; 1.9 m @ 2.36 g/t Au, 50 g/t Ag, 0.50% Pb, 0.72% Zn; 1.5 m @ 0.45 g/t Au, 122 g/t Ag; 1.5 m @ 0.11 g/t Au, 1,700 g/t Ag, 0.26% Pb, 0.07% Zn; 1.0 m @ 0.40 g/t Au, 1,030 g/t Ag, 0.08% Pb, 0.10% Zn on La Chiva vein, 2.0 m @ 0.02 g/t Au, 474 g/t Ag, 0.26% Pb, 0.87% Zn; 1.10 m @ 0.15 g/t Au, 309 g/t Ag; 0.11% Pb on the Agua vein and 1.0 m @ 1.23 g/t Au, 1,155 g/t Ag; 0.96% Pb, 1.68% Zn; 1.0 m @ 1.82 g/t Au, 396 g/t Ag, 0.70% Pb, 1.17% Zn; 1.9 m @ 0.04 g/t Au, 301 g/t Ag; 0.04% Pb, 0.06% Zn on the 5 Señores vein.
  • Radius Gold Inc. announced the arrival of two drill rigs and commencement of drilling at its Amalia property in Chihuahua. “The drill program is operated by Radius and funded by Pan American Silver, under a joint venture agreement”. The targets to be tested are Campamento, Guadalupe and Dulces. The three comprise a continuum from high level to deeper epithermal mineralization in rough terrain, with stockwork zones, structurally controlled breccias and veins with both bulk mining and high-grade targets.
  • Silver Viper Minerals Corp. announced the completion of a drill camp and the initiation of drilling at the La Virginia project in eastern Sonora. Phase I drilling will be concentrated on the Rubi-Esperanza group of claims, with a combination of confirmation drilling (25%) over known mineralized trends and exploration drilling (75%) on untested targets. “Confirmation holes are planned in and around the historic La Virginia and Con Virginia workings and seek to confirm previously reported widths and grades of the main mineralized trend. These holes are designed to complement existing data, testing gaps in the previous work and testing the main trends for continuity and grade. Exploration holes are planned for nearby prospect areas: La Colonia, La Cascada and El Rubi. Additional prospects may be tested during Phase I as the campaign progresses”.

ON MINING

  • Excellon Resources Inc. anticipates “production in the quarter to be approximately 300,000 AgEq ounces due to operational issues related to surveying and planning personnel and lower byproduct prices. The operational issues have now been addressed and the operation is getting back on track”.
  • Consolidated Zinc Ltd. completed the first shipment of ore from its Plomosas mine in Chihuahua. “The Company plans to deliver 100 tonnes per day to the Santa Eulalia concentrator for the rest of this month for processing. Thereafter the Plomosas mine will scale up operations in order to deliver feed to the concentrator at or above 10,000 tonnes per month within nine months”.

ON FINANCING

  • Prospero Silver Corp. completed its recently announced private placement financing with Fortuna Silver Mines Inc., raising aggregate gross proceeds of CAD$356 K to test Prospero’s Bermudez project in Chihuahua.
  • Oceanus Resources Corp. closed a non-brokered private placement, raising $750K (El Tigre, Sonora).
  • Sable Resources Ltd. entered into an agreement with Haywood Securities Inc. in a bought deal private placement for total gross proceeds of $2 M (Margarita, Chihuahua).
  • Avino Silver & Gold Mines Ltd. announced the pricing of 6.2 M common shares and an equal amount of warrants at US$0.65 per share and associated warrant at US$0.80. The shares amount to US$4 M of underwritten public offering (Avino, Durango).
  • Advance Gold Corp. filed documents on the TSX to close its previously announced private placement financing for gross proceeds of $255.3 K. The financing was effected with two insiders of the company (Tabasqueña, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Capstone Mining Corp. disclosed high-grade results from step-out drilling at its Cozamin mine in Zacatecas, which are to be included in a re-estimation of mineral resources later this year. Since the last estimation on March 2018, Capstone has drilled 46 additional holes, with drill intercepts underpinning the decision to elaborate the new resource estimation. Selected true width intercepts comprise 15.4 m @ 3.88% Cu, 0.12% Zn, 0.01% Pb, 63 g/t Ag, 0.02 g/t Au; 8.0 m @ 2.08% Cu, 0.07% Zn, 0.01% Pb, 70 g/t Ag, 0.15 g/t Au; 17.1 m @ 2.19% Cu, 0.07% Zn, 0.01% Pb, 39 g/t Ag, 0.01 g/t Au; 14.8 m @ 5.34% Cu, 0.8% Zn, 0.03% Pb, 112 g/t Ag, 0.05 g/t Au; 9.7 m @ 2.26% Cu, 0.07% Zn, 0.01% Pb, 29 g/t Ag.
  • Goldplay Exploration Ltd. released additional results from sampling historical core drill holes (2010) from its San Marcial project in southern Sinaloa. “The new results expand known mineralization 200 meters down dip beyond the historic NI 43-101 resource area…” and delineate a new discovery subparallel to the main zone. Highlighted true width intervals comprise 4.0 m @ 63 g/t Ag, 1.0% Pb, 1.3% Zn, 0.07 g/t Au; 9.0 m @ 73 g/t Ag, 0.09% Pb, 0.2% Zn, 0.07 g/t Au; 3.0 m @ 139 g/t Ag, 0.03% Pb, 0.15% Zn, 0.04 g/t Au (including 1.0 m @ 501 g/t Ag, 0.09% Pb, 0.4% Zn, 0.08 g/t Au); 2.0 m @ 120 g/t Ag, 0.2% Pb, 0.7% Zn, 0.1 g/t Au; 16.0 m @ 57 g/t Ag, 0.1% Pb, 0.4% Zn, 0.04 g/t Au. The new mineralization style discovered is comprised of pervasive stockwork of millimetric veins hosted by a silicified epiclastic volcanic sequence, with a core length of 47 m showing grades from 0.2 to 1.1 g/t Au.
  • Gold Resource Corp. presented drill highlights from its Alta Gracia 2018 drill program in Oaxaca. The Alta Gracia project hosts the Mirador mine, located 16 km NW from the company’s Aguila project and mineral processing plant. Core length highlighted intervals on the Independencia and Victoria veins comprise 10.30 m @ 0.85 g/t Au, 1,052 g/t Ag; 5.18 m @ 0.55 g/t Au, 241 g/t Ag; 9.59 m @ 0.36 g/t Au, 430 g/t Ag; 2.70 m @ 1.67 g/t Au, 902 g/t Ag. Gold Resource “believes it has discovered a wide, high-grade silver ore shoot within the Independencia vein”, which is located 500 m SW along strike from its Mirador Mine.
  • Excellon Resources Inc. informed on expansion, infill and definition drill results from the 623 Manto and Rodilla manto areas on its Platosa mine in Durango. Highlighted core length intervals comprise 10.5 m @ 0.1 g/t Au, 397 g/t Ag, 2.6% Pb, 4.1% Zn; 4.7 m @ 0.1 g/t Au, 266 g/t Ag, 2.6% Pb, 2.5% Zn; 9.1 m @ 122 g/t Ag, 2.0% Pb, 0.5% Zn; 9.0 m @ 56 g/t Ag, 0.6% Pb, 1.1% Zn; 2.7 m @ 0.4 g/t Au, 783 g/t Ag, 8.2% Pb, 11.1% Zn; 3.5 m@ 489 g/t Ag, 1.5% Pb, 2.3% Zn; 5.5 m @ 2.9 g/t Au, 1,700 g/t Ag, 15.4% Pb, 21.4% Zn; 15.1 m @ 0.4 g/t Au, 1,014 g/t Ag, 10.9% Pb, 26.0% Zn; 6.5 m @ 268 g/t Ag, 4.0% Pb, 4.9% Zn. These results were not included on the previous resource estimate (Sept 7, 2018) and represent the potential for additional mineral resources.
  • Southern Silver Exploration Corp. informed additional metallurgical test work on the Skarn Front deposit from the Cerro Las Minitas Project has resulted in both the successful separation of a potential “saleable grade” copper concentrate as well as the generation of a cleaner zinc concentrate grading above 50% zinc without sacrificing zinc, lead or silver recoveries.The test work on the Skarn Front deposit recovered three concentrates: Cu-Ag; Pb-Ag and Zn-Ag (for recoveries of 67.7% Cu, 82.5% Pb, 89.5% Zn and 90.6% Ag).
  • Endeavour Silver Corp. reported high-grade infill drilling results from its Terronera property in Jalisco. Some highlighted true width intercepts: 3.9 m @ 2.6 g/t Au, 86 g/t Ag; 3.4 m @ 2.1 g/t Au, 136 g/t Ag; 3.3 m @ 0.9 g/t Au, 782 g/t Ag; 5.3 m @ 1.2 g/t Au, 783 g/t Ag; 4.2 m @ 0.7 g/t Au, 524 g/t Ag; 6.1 m @ 0.9 g/t Au, 1,297 g/t Ag; 7.7 m @ 4.8 g/t Au, 169 g/t Ag; 9.8 m @ 2.4 g/t Au, 197 g/t Ag; 3.7 m @ 4.5 g/t Au, 102 g/t Ag; 8.0 m @ 3.0 g/t Au, 85 g/t Ag; 5.6 m @ 7.1 g/t Au, 185 g/t Ag; 4.6 m @ 3.1 g/t Au, 131 g/t Ag; 8.2 m @ 3.4 g/t Au, 49 g/t Ag; 8.7 m @ 6.2 g/t Au, 90 g/t Ag; 1.8 m @ 13.2 g/t Au, 340 g/t Ag.  “Mineralization in the Terronera vein has been intersected over 1400 m long by 500 m deep, and it remains open at depth”.
  • SilverCrest Metals Inc. released an updated mineral resource estimate for its Las Chispas property in Sonora. Inferred Mineral Resources are estimated at 4.3 M tonnes grading 3.68 g/t Au, 347 g/t Ag, or 623 g/t AgEq, containing 551.8 K Oz Au, 48.3 M Oz Ag, or 86.7 M Oz AgEq, using a 150 AgEq cut-off grade and minimum true vein width of 1.5 M. “The combination of the Area 51 zone (Babicanora Vein) and adjacent Babicanora Norte Vein hosts a combined Inferred Resource of 1.6 million tonnes grading 6.97 gpt gold and 568 gpt silver, or 1,091 gpt AgEq containing 56.3 million ounces of AgEq”. Eight of the 30 veins in the district were used for the updated resource estimate. .

ON DEALS AND CORPORATE ISSUES

  • Defiance Silver Corp. and ValOro Resources Inc. entered into a letter of intent (LOI) to complete a friendly merger, on which the combined company will continue under the name of Defiance Silver Corp.. Defiance owns the San Acacio silver project in Zacatecas, whereas ValOro owns the Tepal gold-copper project in Michoacan. ValOro shareholders will receive 0.71 common shares of Defiance for each share of ValOro held.
  • Kootenay Silver Inc. recently optioned the Copalito property in Sinaloa. Kootenay can acquire 100% ownership on the concession by making staged payments over a 4 year period totaling an aggregate of US$985 K. The property consists of seven concessions totaling 3,700 hectares, with a classic low sulfidation epithermal vein system with numerous small old workings and no evidence of historic exploration drilling.
  • Arian Silver Corp. informed on a favorable vote in its annual general meeting to change the name of the company to Alien Metals Ltd. (San Celso, Zacatecas).
  • Radius Gold Inc. granted Pan American Silver Corp. the option to earn up to an initial 65% interest in the Amalia project in Chihuahua, by making staged cash payments to Radius totaling US$1.5M (US$100 K already paid) and expending US$2 M in exploration over four years. Pan American can earn an additional 10% by advancing the property to preliminary feasibility study. Initially Radius will be the project operator.

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, weakly silicified ridge on strongly argillitized volcanic rocks and minor quartz veining in clay pit in Hidalgo (Man-made produced differential erosion). Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 32nd week of the year (August 6th to August 12th, 2018), at least 16 press releases were announced by companies working in Mexico. Sable, Oroco, Millrock and One World Lithium updated on exploration advances. Hecla, Torex, Golden Minerals, Argonaut, Alio and Odyssey Marine Exploration released Q2 2018 reports. HarvestGold closed the final tranche of a financing round. Hecla, Alio and Consolidated Zinc reported advances on the development or exploration of their resource base. Three companies announced deals on projects, or company mergers. ON MEXICO ISSUES, The Mexican Core Shack now counts with displays from three properties in Chihuahua and two in Durango. The newly elected president of Mexico seems to have mining development as one of its 25 key projects. ON EXPLORATION, In Sonora, Millrock reported drill results from its Navidad project. In Chihuahua, Sable Resources released wide, high-grade silver intercepts from its Margarita property. In Sinaloa, Oroco received the title for a concession on the Santo Tomás district. In Baja California, One World Lithium is preparing to drill its Salar del Diablo project.   ON MINING Hecla, Torex gold, Golden Minerals, Alio Gold, Argonaut and Odyssey Mineral Exploration released Q2 2018 reports.  ON FINANCING, Harvest Gold closed the final tranche of its non-brokered private placement, accruing C$857 K in gross proceeds. ON RESOURCES AND DEVELOPMENT, Hecla, Alio Gold and Consolidated Zinc reported on actions and programs to affect their resource estimates or development to mining. ON DEALS AND CORPORATE ISSUES, Golden Reign and Marlin Gold reported on their merger agreement, Megastar closed a deal on three properties in Oaxaca and San Marco optioned the Chunibas project in Oaxaca to Antofagasta.

ON MEXICO ISSUES

  • The Mexican Core Shack added images of drill core from Hecla’s San Sebastian project in Durango, at https://gambusinoprospector.com/mexican-core-shack/durango/san-sebastian/ . The Mexican Core Shack now displays three properties in Chihuahua and two in Durango.
  • The newly elected president of Mexico, Andrés Manuel López Obrador, presented 25 priority projects for his coming tenure, one of which is mining development, on a meeting with the Colegio de Ingenieros Civiles de México (Civil Engineers Association of Mexico), the Unión Mexicana de Asociaciones de Ingenieros A.C. and the Engineering Faculty of the Universidad Autónoma de México (UNAM). Carlos Slim was among the cohort of industry leaders in the luncheon held at the Palacio de Minería (Mining Palace) in Mexico City. No details were exposed.

ON EXPLORATION

  • Sable Resources Ltd. released results from a third drill hole on the Margarita vein of its Margarita property in Chihuahua (near Sunshine’s Los Gatos property). The most recent intercept confirms vein continuity over 500 m of longitude. The vein was intercepted 40 m from surface, returning 12.4 m @ 514 g/t AgEq (with Pb and Zn credits, no details released), including 4.10 m @ 902 g/t AgEq, which includes 1.0 m @ 1,048 g/t AgEq and 1.05 m @ 1,035 g/t AgEq. Other five holes have been finished, with similar vein textures having been intersected across similar widths down to a depth of 100 m from surface.
  • Oroco Resources Corp. announced that the Papago 17 concession in Sinaloa has been granted by the government, and the company is now to register its 77.5% interest (got on a deal with a private owner) in the Mexican Public Registry of Mining. The 213 ha Papago 17 concession lies south from the Santo Tomás porphyry copper project, and contains quartz monzonite dikes and hornfelsed andesite.
  • Millrock Resources Inc. reported second phase drilling results from its Navidad project in Sonora. The program focused on targets identified by soil and rock sampling, geophysical surveys and trenching, as well as the Crossover and El Cobre prospects. In total 2,969 m in 14 holes were drilled. Highlighted core length intercepts include 3.9 m @ 1.78 g/t Au; 12.5 m @ 1.14 g/t Au; 8.0 m @ 0.46 g/t Au; 6.3 m @ 0.39 g/t Au, 3.3 m @ 3.84 g/t Au; 8.7 m @ 0.43 g/t Au, 9.0 m @ 0.39 g/t Au; 5.5 m @ 0.72 g/t Au; 8.5 m @ 0.39 g/t Au; 2.6 m @ 1.73 g/t Au; 6.3 m @ 0.43 g/t Au; 7.9 m @ 2.34 g/t Au; 6.0 m @ 0.45 g/t Au; 17.4 m @ 1.61 g/t Au; 9.2 m @ 0.71 g/t Au.
  • One World Lithium Inc. has accepted the Lithium Partnership’s final report summarizing pre-drilling programs for its Salar del Diablo project in Baja California. Eleven drill hole locations have been selected to test the three geophysical anomalies and two geochemical targets. One World intends to commence drilling on the latter part of October 2018.

ON MINING

  • Hecla Mining Co. reported second quarter 2018 results, including figures from its San Sebastian project in Durango, where 559,647 Oz Ag, 3,872 Oz Au were produced during the period. The mill operated at an average of 415 tpd (tons per day). Cash cost was $9.79 per Ag Oz and AISC $17.15 per Ag Oz, reflecting the higher cost of transitioning from open pit to underground mining. “A reduction in per ounce costs is expected in the second half of the year as underground production continues to ramp up”.
  • Torex Gold Inc. reported its financial results for the second quarter 2018. Mine production at Limon-Guajes totaled 7.15 Mt (tonnes), averaging 78,629 tpd (tonnes per day) of which 1.28 Mt was ore processed at 11,140 tpd. Mined ore averaged 2.45 g/t Au and processed ore 2.86 g/t Au, for the production of 78,796 Oz Au, with 87% Au recovery in the period and cash cost of $680 per Oz Au and AISC of $1,017 per Oz Au. Cash held at the end of the period was $117.9 M.
  • Golden Minerals Co. announced financial results for the second quarter 2018. During the quarter Golden reported final drill results from the Santa Maria project (Chihuahua) 2017-2018 drill program and announced the preparation of an updated technical report and preliminary economic assessment (PEA). In August 2018, Golden entered into a non-binding letter of intent with The Electrum Group LLC upon which Electrum is to purchase Golden’s remaining interest in the Celaya property in Guanajuato for a payment of $3 M. Cash and cash equivalents stood at $2.5 M at the end of the period.
  • Argonaut Gold Inc. released financial results for the second quarter 2018. During the period the company produced 38,441 GEOs (Gold equivalent ounces) at cash cost $704 per Oz Au and AISC of $832 per Oz Au. At El Castillo, in Durango, 2.22 Mt (tonnes) of waste, and 2.15 Mt (tonnes) were moved, with 2.12 Mt ore @ 0.37 g/t Au crushed to the pads to produce 10,079 Oz Au, 8,111 Oz Ag at cash cost $992 per Au Oz. At San Agustin in Durango, 618 Kt of waste, 1.85 Mt of ore were moved, with 1.88 Mt of ore @ 0.36 g/t Au crushed to the pads to produce 15,528 Oz Au, 55,781 Oz Ag. At La Colorada, in Sonora, 1.81 Mt of waste, 1.06 Mt of ore were moved (32 K tpd), with 1.14 Mt of ore @ 0.36 g/t Au crushed to leach pads to produce 11,503 Oz Au, 29,360 Oz Ag at cash cost $833. “The Company expects the third quarter 2018 will see lower production due to the lower grades stacked on the leach pad during the second quarter 2018 and also expects higher costs during the third quarter 2018 associated with drilling, blasting and hauling costs for normal state operations”.” While the Company’s explosives permit has been reinstated at La Colorada, the legal action brought against the Secretary of National Defense and the Municipality of La Colorada continues through the Judiciary court process”.
  • Alio Gold Inc. reported second quarter 2018 results. The San Francisco mine in Sonora produced 14,466 Oz Au, 7,661 Oz Ag at by-product cash cost $950 per Oz Au, while AISC was $1,172 per Oz Au. The Company is reducing stripping and focuses mining on more profitable ounces to maintain cash neutral operations. As a result of the reduced stripping, the ”production guidance of 90,000 to 100,000 ounces of gold for 2018 will not be met.” At Ana Paula in Guerrero, all development work including the construction of the underground decline, the completion of the feasibility study and further exploration have been temporarily suspended as result of the recent decline in the gold price.
  • Odyssey Marine Exploration Inc. reported second quarter 2018 results. “Odyssey holds a controlling interest in Oceanica Resources, S. de R.L., and ExO, a subsidiary of Oceanica. ExO controls exclusive 50-year mining permits in an area in Mexican waters that contains a large amount of phosphate mineralized material”.” On March 21, 2018, the 11-judge panel of the Superior Court of the Federal Court of Administrative Justice in Mexico ruled unanimously in favor of ExO, nullifying the original denial of the environmental permit application.“ (Don Diego, Pacific Ocean cost of Baja California Sur)

ON FINANCING

  • Harvest Gold Corp. closed a fourth and final tranche of its non-brokered private placement to raise CDN$200 K for a total of CDN$857 K gross proceeds. “The Company paid finder’s fees of 8% cash and 8% warrants to Canaccord Genuity Corp. on certain funds”. Harvest delivered $700 K to Evrim Resources Corp. to fund the Cerro Cascaron project (in Chihuahua) drill program of up to 3,000 m, beginning the third week of September.

ON RESOURCES AND DEVELOPMENT

  • Hecla Mining Co. reported on brownfield exploration on its mining units, including on the San Sebastian project in Durango, where it continues to expand high-grade polymetallic zones on the Middle and Francine veins. Additional oxide mineralization is being defined along the Professor and East Francine veins. On the Francine vein mineralization has been traced for over 360 m on surface, and over 240 at depth, but once incorporated the newly defined East Francine vein the total strike length of continuous mineralization along the Francine Vein exceeds 2,400 m and can be traced to a depth of over 600 m. Proven and probable reserves stand at 398 K tons @ 3.42 g/t Au, 432 g/t Ag, containing 43,000 Oz Au, 5.52 M Oz Ag and Measured and Indicated resources of 1.5 M tons @ 2.25 g/t Au, 186 g/t Ag, 2.9% Pb, 3.8% Zn, 1.7% Cu, containing 103,000 Oz Au, 8.8 M Oz Ag, 15,520 tons Pb, 20,350 tons Zn, 9,020 tons Cu.Hecla-Q2-2018-ExplorationUpdate1 - copia
  • Alio Gold Inc. informed on the update of mineral reserve estimates at its San Francisco mine in Sonora. “Mining depletion of Mineral Reserves was partly offset by expansion of the reserves in Phases 6 through 9 of the San Francisco Pit. Total proven and probable mineral reserves totaled 854,472 ounces of gold (55.5 million tonnes at 0.49 g/t) as of July 1, 2018, an approximate decrease of 74,228 ounces of gold or 8% from April 1, 2017.”
  • Consolidated Zinc Ltd. informed on its plan to start pilot plant production at its Plomosas project in Chihuahua. The mining scoping studies focus on sulfide mineralization of the updated resource, starting with a 20,400 tonnes indicated resource @ 13.8% Zn, 2.4% Pb. The capital cost is expected to be low, including plant refurbishment and tailings dam upgrade.

ON DEALS AND CORPORATE ISSUES

  • Golden Reign Resources Ltd. and Marlin Gold Mining Ltd. Entered into a definitive agreement to combine businesses and amend stream agreement with Sailfish Royalty Corp. Golden Reign will acquire all of the issued and outstanding shares of Marlin and satisfaction of all closing conditions of the business combination by way of plan of arrangement. As a condition to closing the Transaction, Sailfish has agreed to restructure its existing gold stream on San Albino (La Trinidad, Sinaloa).
  • Megastar Development Corp. closed the transaction to acquire 100% interest on the Rama de Oro, Magdalena and Yautepec projects in Oaxaca. Megastar paid USD$45 K and issued 1.5 M common shares to Minera Zalamera S.A. de C.V., as contemplated in the option agreement. “Furthermore, Mr. David M. Jones, president of Minera Zalamera, has been appointed to the board of directors of Megastar.”
  • San Marco Resources Inc. signed an earn-in agreement with Antofagasta plc on the Chunibas project, located in Sonora. Antofagasta can acquire a 70% interest in the project by spending US$8 M in exploration, and making cash payments on the aggregate of US$200 K over a period of 4 years. A firm commitment of US$700 K will be used primarily for an initial drill program, including $100 K of reimbursement to San Marco of recent exploration expenditures. “The Project consists of stratiform, volcanic hosted coppersilver mineralization, similar to several ore deposits in northern Chile and is a style of mineralisation not previously discovered in Mexico.”

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, open cut in one of the structures of the Pozos District, Guanajuato. Picture by Jorge Cirett.

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