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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GOLDEN REIGN AND MARLIN GOLD ENTER INTO FURTHER MUTUAL EXTENSION OF NONBINDING LETTER OF INTENT TO COMBINE BUSINESSES

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VANCOUVER, July 3, 2018 – Golden Reign Resources Ltd. (TSX-V: GRR) (“Golden Reign”), Marlin Gold Mining Ltd. (TSX-V: MLN) (“Marlin”) and Sailfish Royalty Corp. (TSX-V: FISH) (“Sailfish”) are pleased to announce that they have entered into an agreement to further extend the termination date of the previously announced non-binding letter of intent (the “LOI”) regarding the business combination of Golden Reign’s wholly-owned San Albino-Murra Property in Nueva Segovia, Nicaragua and Marlin’s La Trinidad Mine in Sinaloa, Mexico (see joint press releases dated May 14, 2018 and June 28, 2018). The LOI will now terminate on the earlier of (a) July 31, 2018, (b) entering into of the definitive arrangement agreement in connection with the business combination, and (c) such other date as may be mutually agreed by the parties in writing. All other terms of the LOI remain in full force and effect, unamended.

GOLDEN REIGN AND MARLIN GOLD ENTER INTO MUTUAL EXTENSION OF NON-BINDING LETTER OF INTENT TO COMBINE BUSINESSES

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VANCOUVER, June 18, 2018 – Golden Reign Resources Ltd. (TSX-V: GRR) (“Golden Reign”), Marlin Gold Mining Ltd. (TSX-V: MLN) (“Marlin”) and Sailfish Royalty Corp. (TSX-V: FISH) (“Sailfish”) are pleased to announce that they have entered into an agreement to extend the termination date of the previously announced non-binding letter of intent (the “LOI”) regarding the business combination of Golden Reign’s wholly-owned San Albino-Murra Property in Nueva Segovia, Nicaragua and Marlin’s La Trinidad Mine in Sinaloa, Mexico (see joint press release dated May 14, 2018). The LOI will now terminate on the earlier of (a) June 29, 2018, (b) entering into of the definitive arrangement agreement in connection with the business combination, and (c) such other date as may be mutually agreed by the parties in writing. All other terms of the LOI remain in full force and effect, unamended.

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

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By Jorge Cirett

During the 24th week of the year (June 11th to June 17th, 2018), at least 16 press releases were announced by companies working in Mexico. Four companies updated on exploration advances, and one the commencement of mining activities. Four companies announced financing rounds, loans and bonds for an aggregate of over $55 M. One company disclosed news on drilling near resources and development while one other released metallurgical test results. ON MEXICO ISSUES, mining companies are awaiting a Supreme Court resolution on a Zacatecas State tax imposition on mining. ON EXPLORATION, In Sonora, Aloro updated on exploration work at Los Venados; Colibri finished drilling at El Pilar, and released results from a soil survey; Colibri disclosed drilling results by Agnico at its Pitaya project. In Veracruz, Azucar Minerals started a drilling campaign on the Norte zone and the north part of the Villa Rica zone at its El Cobre porject. ON MINING, Mexus started pilot mining at its 8 Hermanos property in Sonora. ON FINANCING, Alamaden raised $9.4 M; Starcore launched a private placement for CDN$3 M; Telson paid US$8 M and obtained a loan for US$8.5 M; Endeavour Silver is to sell common shares for an aggregate of up to $35.7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling of the Granaditas vein on Las Chispas project, in Sonora. Azure Minerals released metallurgical test results from Oposura, also in Sonora. ON DEALS AND CORPORATE ISSUES, Starcore decided not to go ahead with the acquisition of the Santa Fe property in Sinaloa. Defiance Silver entered into an agreement to acquire Mag Silver’s properties in the Zacatecas District.

ON MEXICO ISSUES

  • Fresnillo PLC and Mag Silver Corp. are awaiting a Supreme Court (Suprema Corte de la Nación) resolution on a mining duty attached to environmental impact, set by the state of Zacatecas. The federal government challenged the State’s right to impose such a duty back in 2017.

ON EXPLORATION

  • Aloro Mining Corp. updated on its exploration of the Los Venados project in Sonora. Mapping and sampling have defined a rhyodacitic volcanic dome associated with high sulfidation style alteration with Au-Bi-Mo anomalies. Several felsic dome/silica breccia complexes have been located, with the highest priority target on the dome at the southeast part of the property, where gold in soil anomalies and IP anomalies coincide. A new environmental report is being submitted to the authorities, seeking permit for 12 reverse circulation holes.
  • Colibri Resource Corp. completed the final 900 m of its 3,000 m phase 1 drilling program on its Pilar project in Sonora. Samples have been taken to the lab and results are pending. A 56 sample soil survey returned 10 samples greater than 0.1 g/t Au, and 3 samples over 1 g/t Au.
  • Colibri Resource Corp. released results from drilling on its Pitaya project in Sonora, by joint venture partner Agnico Eagle. Highlighted results from the last four holes comprise 9 m @ 0.26 g/t Au; 26 m @ 0.19 g/t Au; 34 m @ 0.22 g/t Au. During 2016-2017, Agnico drilled 7,641 m in 27 drill holes.
  • Azucar Minerals Ltd. has begun drilling the North zone and the north end of the Villa Rica zone of its El Cobre project in Veracruz. Preparations for this drilling campaign include surface and soil geologic and alteration focused mapping and sampling. “The current drilling at Villa Rica is focused on the Naranjo zone, a new area of exposed porphyry alteration and mineralisation located approximately 500 metres north of the previous Villa Rica drilling and about 1.2 kilometres south of the Norte Zone.”

ON MINING

  • Mexus Gold US begun mining at the 8 Brothers/370 project in Sonora. “The company has mined 1000 tons of material containing an average of 9 grams Au and 50 grams Ag per ton. This material is currently being run through a crushing system and placed into an aerated VAT holding tank”. Its portable Merril Crowe system has been installed and tested.

ON FINANCING

  • Almaden Minerals Ltd. closed its previously announced non-brokered private placement, raising gross proceeds of $9.44 M. Finders fees of $384.9 K cash and finder warrants of 192,450 shares at $1.35 until June 7, 2020 were paid to arms-length, licensed securities dealers on a portion of the offering (Ixtaca, Puebla).
  • Starcore International Mines Ltd. launched a private placement of secured bonds for CDN$3 M. “The Bonds will bear interest at 8% per annum, payable on maturity, and will mature 24 months from the date of closing” (San Martin mine, Queretaro).
  • Telson Mining Corp. announced the payment of US$8 M to Nyrstar Mining Ltd. as partial payment, and entered into a loan agreement with Nyrstar Canada (Holdings) Ltd. that converts the final US$8.5 M due on the Campo Morado acquisition agreement into a loan that extends the payment terms for eight months. The principal due is US$8.5 M that are to be paid starting July 13, 2018 with a monthly minimum of US$1 M plus interest, plus 70% of the free cash flow generated by Telson and any monthly excess cash balance above US$500 K.
  • Endeavour Silver Corp. is to sell from time to time and its discretion common shares for an aggregate of up to US$35.7 M, through “at the market” distributions (Terronera, Jalisco).

ON RESOURCES AND DEVELOPMENT

  •  SilverCrest Metals Inc. announced new drill results for the Granaditas vein at its Las Chispas property in Sonora. Highlighted true width (TW) intervals comprise 1.5 m @ 3.63 g/t Au, 190 g/t Ag; 1.8 m @ 12.14 g/t Au, 1,440 g/t Ag (including 0.40 m @ 47.50 g/t Au, 5,620 g/t Au); 1.3 m @ 3.24 g/t Au, 339 g/t Ag; 1.2 m @ 1.23 g/t Au, 114 g/t Ag. The vein has a high-grade footprint currently at 150 m long by 100 m high and 1.5 m average true width, grading 5.69 g/t Au, 596 g/t Ag.
  • Azure Minerals Ltd. released metallurgical test work results on its Oposura project in Sonora. Azure highlights a 34% overall increase in the recovery of Pb and Zn using a dense media separation technique.

ON DEALS AND CORPORATE ISSUES

  • Starcore International Mines Ltd. completed its due diligence and review of the Santa Fe project in Sinaloa, under a previously signed LOI (letter of intent). Starcore will not be proceeding with the acquisition.
  • Defiance Silver Corp. entered into an agreement to acquire Mag Silver’s Zacatecas silver district holdings. Mag Silver is to receive 5 M common shares of Defiance, approximately a 5% investment position. Defiance is to receive a 100% interest in the Lagartos project, along with a regional database. The company is to control 1,506 ha, including 65% of the Veta Grande vein and the San Acacio silver deposit.

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, intense kaolinitization of felsic volcanic rocks on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

 

Highlights on the Fifth Week of May, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 22nd week of the year (May 28th to June 3rd, 2018), at least 20 press releases were announced by companies working in Mexico. Six companies updated on exploration advances, with two companies reporting quarterly reports. Four companies announced financing rounds for an aggregate of $9.8 M. Four companies disclosed news on drilling near resources and development while two reported on property deals. ON MEXICO ISSUES, the Dolores mines in Chihuahua saw its activities reduced due to security issues on access roads. ON EXPLORATION, In Sonora, Colibri released drill results from its Pilar project; Azure disclosed high-grade Au-Co drill intercepts from its Sara Alicia property. ON MINING, Impact Silver and Starcore International presented Q1 reports. ON FINANCING, Telson Mining graduated to Tier 1 issuer on the TSX. Four companies (Prime Meridian, Prospero Silver, Camrova and Minaurum) conducted financing rounds to raise up to $9.8M, with Minaurum heading the pack with $7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling a new vein on Las Chispas, in Sonora. Orla Mining released a PEA on Camino Rojo, in Zacatecas. Alio Gold released drill results from its Ana Paula project in Guerrero. Excellon Resources disclosed high-grade drill results from its Platosa mine in Durango. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acquired another claim for its Cerro Caliche project in Sonora. Prime Meridian signed a LOI on the Parral Mining project with Eclipse Mining.

ON MEXICO ISSUES

  • The Dolores mine in Chihuahua reduced its operations due to a security incident on its access roads. The state government later vowed to maintain free access.

ON EXPLORATION

  • Sonoro Metals Corp. optioned the 20 hectare Tres Amigos mining concession (see below), contiguous to its Cerro Caliche project in Sonora. The concession contains a quartz vein system commonly sheeted and stockwork quartz veining in the host rock that is part sedimentary rock and part rhyolitic intrusive rock.
  • Prospero Silver Corp. started drilling at the Buenavista project in Durango. This is the fourth project to be drilled under the terms of a second round of strategic investment from Fortuna Silver Mines Inc.. The 3,000 m program is to test at least four drill ready zones: Buenavista South Stockwork, Buenavista NE Dike/Vein, Camaleon Vein and the Pajaro Stockwork. These targets occur within the lower portion of a strong high-level argillic cap, and drilling is to test for a deeper preserved epithermal zone.
  • Colibri Resource Corp. released results from 16 reverse circulation holes from its Pilar project in Sonora. Highlighted results include 10.5 m @ 0.28 g/t Au; 22.5 m @ 0.31 g/t Au; 12.0 m @ 0.52 g/t Au; 6.0 m @ 0.79 g/t Au; 52.5 m @ 0.20 g/t Au; 19.50 m @ 0.27 g/t Au; 40.5 m @ 0.73 g/t Au. Colibri is now drilling the final 900 m of the 3,000 m phase 1 program.
  • Azure Minerals Ltd. disclosed results from stage 2 drilling at its Sara Alicia property in Sonora. The campaign comprised 1,127 m in 13 holes. Highlighted intervals comprise 3.75 m @ 8.08 g/t Au; 5.90 m @ 5.5 g/t Au; 3.65 m @ 8.41 g/t Au; 19.6 m @ 8.65 g/t Au; 8.8 m @ 6.2 g/t Au and 3.65 m @ 1.19% Co, 24.95 m @ 0.31% Co, 9.5 m @ 0.48% Co, 16.2 m @ 0.32% Co. “The high-grade cobalt mineralisation is hosted within a shoot of massive and semi-massive sulphides that outcrops near the top of the Sara Alicia hill and plunges at a shallow angle towards the northwest.”
  • Almaden Minerals Ltd. reported drilling results from the Tano zone, about 1.2 km SW from the pre-feasibility study pit of its Ixtaca project in Puebla. Highlighted core length intervals comprise 28.9 m @ 0.36 g/t Au, 23 g/t Ag (including 6.3 m @ 0.79 g/t Au, 29 g/t Ag; 17.5 m @ 0.43 g/t Au, 7 g/t Ag; 4.6 m @ 1.35 g/t Au, 72 g/t Ag; 89. 5 m @ 0.83 g/t Au, 2 g/t Ag (including 40.0 m @ 1.45 g/t Au, 3 g/t Ag; 26.0 m @ 1.93 g/t Au, 4 g/t Ag; 1.0 m @ 27.50 g/t Au, 58 g/t Ag).
  • Auxico Resources Canada Inc. discovered three historical mines on its Zamora property in Sinaloa. A 1982 government report included all the rehabilitation work done in the property, including a map recording all historic workings within a 1,000 by 600 m grid. Sampling in the El Tacomate, El Arroyito and La Campeona returned 0.2 m @ 0.7 g/t Au, 107 g/t Ag; 0.9 m @ 1.9 g/t Au, 413 g/t Ag; 0.30 m @ 10.1 g/t Au, 942 g/t Ag.

ON MINING

  • Pan American Silver Corp. Initiated steps to reduce activities at its Dolores mine in Chihuahua, following security incidents along access roads to the site. Ore stacking to the leach pads and the processing plant are operating at normal level, and the mine site remains secure. The company is to maintain personnel at levels necessary for site security and reduced operating activities.
  • Impact Silver Corp. released financial results for the quarter ending on March 2018. Silver production was 213.2 K Oz during the period, resulting from milling of 46.6 K tonnes milled @ 160 g/t Ag. The net loss for the quarter was $0.5 M, and the company has a $3.8 M cash position.
  • Santacruz Silver Mining Ltd. reported first quarter operating results from Veta Grande in Zacatecas and Rosario in San Luis Potosi. At Veta Grande 34.9 K tonnes were processed @ 142 g/t AgEq, to produce 32,413 Oz Ag (47% recovery), 56 Oz Au, 109 tonnes Pb, 118 tonnes Zn. At Rosario, 13,410 tonnes were processed @ 232 g/t AgEq to produce 15,689 Oz Ag, 79 Oz Au, 25 tonnes Pb, 331 tonnes Zn. A 6,000 m surface drilling program is ongoing in the Veta Grande vein, and a 3,000 underground drilling program on the Armados vein. At Rosario, the 350 tpd production rate is expected to be achieved by end of Q2.

ON FINANCING

  • Telson Mining Corp. has been approved for graduation from Tier 2 issuer on the TSX Venture Exchange to Tier 1 issuer (Campo Morado, Guerrero).
  • Prime Meridian Resources Corp. is conducting a non-brokered private placement to raise proceeds of up to $1.5 M (Parral Mining project, Chihuahua).
  • Prospero Silver Corp. completed the second and final tranche of its previously announced private placement financing, raising aggregate gross proceeds of $1 M (Petate, Hidalgo; Buenavista, Durango).
  • Camrova Resources Inc. closed a non-brokered private placement, raising CAD$226 K (Boleo, Baja California Sur).
  • Minaurum Gold Inc. closed the final tranche of its previously announced oversubscribed private placement, raising $1.38 M, for total gross proceeds of $7.08 M (Alamos Silver, Sonora).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. announced drill results and discovery of the Babicanora Norte Vein on the Las Chispas property in Sonora. The vein is 300 m north of the parallel Babicanora vein. Highlighted true width (TW) results comprise 1.4 m @ 9.11 g/t Au, 1,033 g/t Ag; 1.3 m @ 5.19 g/t Au, 726 g/t Ag; 1.2 m @ 4.71 g/t Au, 593 g/t Ag; 1.5 m @ 23.96 g/t Au, 2,081 g/t Ag; 1.4 m @ 1.33 g/t Au, 141 g/t Ag. Mineralization consists of a 0.5 to 1.5 m wide banded quartz-argentite-pyrargyrite vein, proximal to a rhyolite dyke and measuring 200 m long by 100 m high, with an average width of 1.4 m @ 8.47 g/t Au, 879 g/t Ag, remaining open in most directions.
  • Orla Mining Ltd. released the results of a preliminary economic assessment (PEA) on its Camino Rojo property in Zacatecas. The new mineral resource estimate includes measured and indicated mineral resources of 9.65 M Oz Au, 102.4 M Oz Ag (354.9 M tonnes at 0.85 g/t gold and 9 g/t silver) and an inferred mineral resource of 1.82 M Oz Au and 16.2 million ounces of silver (65.2 M tonnes at 0.87 g/t gold and 8 g/t silver). The PEA is based on near-surface oxide and partly oxidized material that can be processed by heap leaching, on an 18 K tonnes per day operation (tpd), recovering 67% Au to produce 97.5 K Oz Au per year. The feasibility analysis is expected during the first half of 2019.
  • Alio Gold Inc. disclosed drilling results from its last four holes at its Ana Paula project in Guerrero. The highlighted intervals comprise 34.5 m @ 0.89 g/t Au; 53.7 m @ 1.03 g/t Au; 41.0 m @ 1.40 g/t Au; 64.5 m @ 1.24 g/t Au; 37.7 m @ 1.14 g/t Au; 19.8 m @ 1.49 g/t Au. Several of those intervals come from a hydrothermal breccia south of the proposed pit.
  • Excellon Resources Inc. released drilling results from its Platosa mine in Durango. Highlighted core length intervals from the 693, pierna and rodilla mantos include: 5.3 m @ 1,1153 g/t Ag, 8.2% Pb, 3.4% Zn; 5.4 m @ 649 g/t Ag, 3.3% Pb, 3.9% Zn; 7.9 m @ 594 g/t Ag, 0.9% Pb, 1.4% Zn; 2 m @ 2,148 g/t Ag, 19.2% Pb, 9.7% Zn; 6.7 m @ 870 g/t Ag; 13.3% Pb, 12.4% Zn.

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. optioned from two private owners the 20 hectare Tres Amigos mining concession, contiguous to its Cerro Caliche project in Sonora. The option increases the land holdings under option to 1,455 hectares. The $130 K option, which is payable on nine equal ($14.4 K) cash installments over 48 months, is to provide Sonoro with a 100% interest in the property.
  • Prime Meridian Resources Corp. signed a letter of intent (LOI) with Eclipse Mining Services Pty Ltd. for a 70% interest on in the Parral mining project in Chihuahua. PMR will earn a 30% interest by issuing CA$500 K in shares to Eclipse, US$200 K in shares to a shareholder of Eclipse, and cash payments of US$800 K as follows. A payment of up to US$185 K on completion of an initial 43-101 report, a further payment of up to US$750 K (plus 7% annual interest) for repayment of the loans made by Eclipse for development of the project and advance the balance of the required $US800 K cash payments toward the development capital of the project. PMR may earn a further 40% on the project by investing a further US4.0 M investment, or by financing the development of the processing plant input capacity to 500 tpd within 36 months of the date of the LOI.

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

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On the picture below, kaolin workings on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

PRIME MERIDIAN RESOURCES CORP. – NEW RESOURCE TRANSACTION

Prime Meridian Resources Corp

Vancouver, B.C.: Prime Meridian Resources Corp. (“PMR” or the “Company”) (TSXV Symbol: PMR) is pleased to announce that further to its News Release of March 13, 2018 the Company has concluded a Letter of Intent (“LOI”) with Eclipse Mining Services Pty Ltd of Perth, Australia (“Eclipse”) for the assignment and purchase of a seventy percent (70%) interest in the Parral Mining Project in Chihuahua, Mexico (“Parral Project”).

Goldcorp Provides First Quarter 2018 Exploration Update

Q1-2018_Exploration-News-Release-FINAL

Vancouver, April 25, 2018 – GOLDCORP INC. (TSX: G, NYSE: GG) (“Goldcorp” or the “Company”) is pleased to provide an update on its 2018 exploration program. Representative drill results are provided below; website links to further information including full drill results, drill coordinates, quality assurance and quality control information and relevant diagrams are provided at the end of each section.

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

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On the picture above, Very strong silicification and minor alunite on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

By Jorge Cirett

During the 16th week of the year (April 16th to April 22nd, 2018), at least 20 press releases were announced by companies working in Mexico, of which two had information on exploration, five on first quarter production, three in financing, two on resources and development and seven in corporate issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Jalisco, Evrim released impressive high-grade results from trenching at Cuale. In Veracruz, Mexican Gold released high grade samples from veins at Las Minas. ON MINING, McEwen, Fortuna Silver, Avino Silver, Telson and Excellon presented Q1 2018 production reports. ON FINANCING, Prospero Silver and Aura Silver respectively announced the opening and closing of financing rounds, while Excellon announced the exercise of warrants. ON RESOURCES AND DEVELOPMENT, SilverCrest released drill results from the Luigi vein at its Las Chispas property in Sonora. Levon Resources filed a PEA report with a new resource estimate on the Cordero project in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Monarca Minerals continues work to solve community issues in Tejamen, Durango. Geologix Explorations Inc. is to change name to ValOro Resources Inc.. Advance Gold acquired the Venaditas property in Zacatecas. Argonaut Gold informed on the legal struggle that halted the explosives permit use on its La Colorada mine in Sonora. Goldplay Exploration optioned the San Marcial property in Sinaloa. Vangold Mining and Mexican Gold granted options to officers, directors and consultants.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Evrim Resources Corp. announced results from trench sampling at its Cuale project in Jalisco. Trench 4 grades 13.61 g/t Au over 106.2 m, including 50.0 m grading 26.13 g/t Au, including 7.5 m @ 163.3 g/t Au. Trench 2 grades 2.94 g/t Au over 29.4 m, including 17.9 m @ 4.55 g/t Au. Gold results over 10 g/t have been re-assayed. “Metallic screen assays reported acceptable repeatability with excellent repeatability at the highest gold grades”. A second IP line defines a 1,200 m long by 50 to 120 m deep highly resistive ledge associated with strong silicification and minor anomalous gold at the surface.
  • Mexican Gold Corp. released initial sampling results from four veins on its Pueblo Nuevo concession, part of its Las Minas property in Veracruz. The veins are hosted in diorites with argillic alteration, occur as mesothermal quartz veins, 20 to 50 cm in width with sub-vertical dips and lack post-minerals deformation. The Tamiahua I vein assayed 90.82 g/t Au, 37 g/t Ag over 0.40 m, with the footwall and hanging wall returning 0.52 g/t Au, 1 g/t Ag over 1.0 m and 0.72 g/t Au, 1 g/t Ag over 0.80 m respectively. Nine samples at the Tamiahua II returned 2.05 to 22.82 g/t Au and 5 to 37 g/t Ag on an average width of 0.27 m (up to 0.50 m). At the Cajon vein a grab sample returned 32.2 g/t Au, 231 g/t Ag; while a 0.20 m chip sample assayed 3.53 g/t Au, 31 g/t Ag. At the Dos Rios vein, two 0.35 m and 0.18 m samples returned 3.86 g/t Au, 16 g/t Ag; 8.25 g/t Au, 59 g/t Ag respectively, while a 1.0 m  hanging wall channel sample returned 4.92 m g/t Au, 38 g/t Ag.

ON MINING

  • McEwen Mining Inc. reported consolidated production for Q1 2018, which includes figures from its Mexican operations. At El Gallo in Sinaloa, 12,217 AuEq Oz were produced during the period. Mining from the existing open pits will cease in Q2, while heap leach activities will continue until 2020, or as long as it remains economic.
  • Fortuna Silver Mines Inc. reported first quarter 2018 production, including figures from its Mexican operations. At San Jose in Oaxaca, 258 K tonnes were milled, at an average rate of 3,011 tonnes per day (tpd) @ 284 g/t Ag, 0.2 g/t Au, and a recovery of 92.8% Ag, 92.3% Au, to produce 2.18 M Oz Ag, 14,882 Oz Au.
  • Avino Silver & and Gold Mines Ltd. released first quarter 2018 production results from its Avino property in Durango. During the period 120.6 K tonnes were milled @ 56 g/t Ag, 0.58 g/t Au, 0.43% Cu, with recoveries of 81% Ag, 68% Au, 84% Cu, to produce 309.9 K Oz Ag, 2,065 Oz Au, 970 K Lb Cu.
  • Telson Mining Corp. presented first quarter 2018 results from its Campo Morado mine in Guerrero. During the period the mill processed 148.7 K tonnes (approximately 1,650 tpd) @ 3.65% Zn, 0.41% Cu, 0.90% Pb, 1.14 g/t Au, 108 g/t Ag, with recoveries of 70.4% Zn, 23.0% Cu, 37.9% Pb, 17.9% Au, 28.3% Ag in the elaboration of distinct Zn, Cu, Pb concentrates containing 3,824 tonnes Zn, 140.5 tonnes Cu, 508.7 tonnes Pb, 970.9 Oz Au, 146.8 K Oz Ag. Telson continues to ramp-up production to the 2,500 tpd plant capacity.
  • Excellon Resources Inc. presented first quarter 2018 production results from the Platosa mine, Durango. During the period 13,784 tonnes were mined, 18,885 tonnes milled @ 359 g/t Ag, 3.79% Pb, 6.43% Zn, with recoveries of 87.3% Ag, 81.2% Pb, 83.8% Zn, to produce 194.5 K Oz Ag, 1.27 M Lb Pb, 2.25 M Lb Zn.

ON FINANCING

  • Prospero Silver Corp. is to complete a non-brokered private placement intending to raise gross proceeds of up to $1 M (Petate, Hidalgo; Bermudez, Chihuahua).
  • Excellon Resources Inc. announced that 3.33 M warrants were exercised, for proceeds of C$2.17 M (Platosa, Durango).
  • Aura Silver Resources Inc. is undertaking a non brokered private placement to raise gross proceeds of up to $600 K (Aranzazu, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. released drill results from the Luigi vein on the Las Chispas property in Sonora. The vein was discovered in mid-2017 and referred only as unnamed vein until further drilling delineated a prospective target. Relevant results comprise: 0.8 m (true width, or TW) @ 1.03 g/t Au, 151 g/t Ag; 4.1 m @ 1.71 g/t Au, 232 g/t Ag; 1.8 m @ 0.28 g/t Au, 221 g/t Ag; 1.4 m @ 13.22 g/t Au, 2,067 g/t Ag; 1.4 m @ 0.18 g/t Au, 172 g/t Ag; 1.6 m @ 3.41 g/t Au, 265 g/t Ag; 1.0 m @ 2.75 g/t Au; 231 g/t Ag. The Luigi vein high-grade footprint measures 300 m long by at least 75 m high, averaging 1.7 m in width @ 2.84 g/t Au, 417 g/t Ag. “The Phase III drill program also includes drilling several new and partially-drilled high-grade mineralized veins. An additional 15,000 to 20,000 metres of drilling are planned for Q3 2018”. The 672 ha Cuesta Blanca ranch was bought, with SilverCrest now owning two thirds of the surface rights on the Las Chispas property.
  • Levon Resources Ltd. filed a NI-43-101 technical report with a resource update and preliminary economic assessment (PEA) for the Cordero project in Chihuahua. The project envisages a 40 K tpd operation with a 29 year mine life on 417.5 M tonnes of mineralized material @ 46.5 g/t AgEq, to produce 231 M Oz Ag, 2,863 M Lb Zn, 1,992 M Lb Pb, 0.35 M Oz Au. The base case economic estimate is an after tax net present value of $438 M, using a 7.5% discount rate, and an after tax internal rate of return of 16.5%, with a payback period of 4.8 years.

ON DEALS AND CORPORATE ISSUES

  • Monarca Minerals Inc. presented a corporate update. At Tejamen, in Durango, 202 RC holes and 10 diamond holes have been re-logged to help in the design of a new drilling campaign. The company has involved the Federal, State and Municipal governments in its search of an agreement with the community regarding the surface rights. At San Jose, in Chihuahua, the LOI on the project was extended to July 2018. “Terms of the LOI call for payment of US$20,000 on execution of the LOI(paid), US$20,000 on execution of a definitive agreement, US$50,000 on the first anniversary of the definitive agreement and US$60,000 on the second anniversary of the definitive agreement. The owners retain a 2% NSR. One percent of the NSR can be purchased by Monarca for US$100,000. Back taxes on the property of US$390,000 will be paid over a period of time. Concession taxes per year are approximately US$46,000”.
  • Geologix Explorations Inc. announced its intention to change its name to ValOro Resources Inc., subject to approval by the TSX-V, as well a 10 to 1 consolidation on shares (Tepal, Michoacan).
  • Advance Gold Corp. announced the acquisition of the 2,365 ha Las Venaditas claim in Zacatecas, 11 km to the West of Advance’s Tabasqueña project, which is currently being drilled. “Upon receipt of regulatory approval, Advance will issue to Hot Spring Mining, a Mexican based corporation, 1,000,000 common shares which will be subject to a statutory four-month hold period, in exchange for which Hot Spring Mining will transfer a 100% interest in the Venaditas claims to Advance Mexico. Hot Spring Mining will retain a 2.5% NSR, of which Advance Mexico has the right to buy 1.5% at a rate of $500k CAD per 0.50%”. Advance will issue 800 K options to certain consultants and advisers.
  • Argonaut Gold Inc. reported that the court has postponed “the hearing pertaining to Argonaut’s explosive permit at its La Colorada mine (see press release dated April 12, 2018) to allow the Secretary of National Defense (“SEDENA”) to provide evidence requested by the court regarding the temporary suspension of the explosives permit at Argonaut’s La Colorada mine. It is expected that a ruling will be issued within 15 business days of the original hearing date (April 16, 2018), as required by law.” (La Colorada, Sonora).
  • Goldplay Exploration Ltd. entered into an option agreement with SSR Mining Inc. to acquire a 100% interest in the 1,250 ha San Marcial project in Sinaloa. San Marcial is a low sulfidation epithermal near surface high grade Ag, Zn Pb project with a NI-43-101 resource completed by Silvermex Resources Inc., with opportunity for resource expansion. The indicated resource holds 3.75 M tonnes @ 149 g/t Ag, 0.67% Zn, 0.36% Pb, hosting 18.0 M Oz Ag, 29.9 M Lb Zn, 55.3 M Lb Pb; and 3.07 M tonnes @ 44 g/t Ag, 0.51% Zn, 0.29% Pb holding 4.4 M Oz Ag, 19.5 M Lb Zn, 34.7 M Lb Pb as inferred resources. Goldplay has to pay SSR Mining an aggregate of $2.575 M in cash, issue an aggregate of 3.5 M common shares, incur in $3 M in exploration expenditures over a three year period and grant a NSR royalty (0.5% to 1.5%, based on a resource estimate). A NI-43-101 resource estimate has to be completed on or before the third anniversary of the agreement.
  • Vangold Mining Corp. granted an aggregate of 4.8 M stock options to directors, officers and consultants (Pinguico, Zacatecas).
  • Mexican Gold Corp. granted 174 K incentive stock options to directors and officers of the company.

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

Rock Tech Notifies Vendors of Intent to Proceed with Nogalito Acquisition

Rock Tech 120318

VANCOUVER, March 12, 2018 /CNW/ – Rock Tech Lithium Inc. (the “Company” or “Rock Tech”) [TSXV: RCK; Frankfurt: RJIB (WKN: A1XF0V)] is pleased to announce it has completed satisfactory due diligence on the Nogalito lithium property in Sonora, Mexico. As announced on February 20, 2018, the Company has entered into a Letter of Intent (“LOI”) to acquire, through its wholly-owned subsidiary,
Minerales de Baterias SA de CV, a 100% interest in the Nogalito lithium property in Sonora, Mexico, subject to regulatory approval.

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

By Jorge Cirett

During the 10th week of the year (March 5th to March 11th, 2018), at least 24 press releases were announced by companies working in Mexico, and three articles on mining matters in Mexico published by newspapers. ON MEXICO ISSUES, the Fraser Institute released the results of the 2017 survey on Mining Attractiveness by Jurisdiction, with Mexico stagnant at mid table due to low results on taxation regime, labor disruptions and security perception. The Sonora government is supporting the mining industry with the signature of a collaboration agreement with the Economy Bureau. The governors of Chihuahua and Oaxaca attended the PDAC in Toronto for promoting mining investment in their respective states. Other delegations present were from Durango and Zacatecas. ON EXPLORATION, In Sonora Riverside announced a bigger land position at its Cecilia project; Oceanus has mapped the favorable El Tigre Formation rock package for 5 km in strike length at its El Tigre property; Mexus Gold updated on exploration of its 8 Hermanos property; Millrock disclosed interesting low grade drilling results from its Navidad property; Azure has started the second drill campaign at its Sara Alicia Au-Co property. In Chihuahua VVC Minerals received the permit for drilling its Samalayuca property; Radius updated on exploration at its Amalia project. In Guanajuato, Vangold started the phase two of drilling at its Pinguico property. ON MINING, two companies, Americas Silver and Santacruz Silver presented production results for the quarter and/or full year 2017. Magellan Gold announced the restart of its mill in Nayarit.  ON FINANCING, Canuc Resources closed a $1.1 M financing round, Colibri closed the first tranche of a financing round netting $1.08 M. Vangold announced the opening of a financing round for raising up to $2 M. Santacruz Silver obtained a US$2.3 M private loan. Starcore closed a financing round for $125 K with an insider.  ON RESOURCES AND DEVELOPMENT, Levon Resources released an updated mineral resource report for its Cordero project in Chihuahua. Alio Gold provided an exploration update at its Ana Paula project in Guerrero. Leagold updated its mineral resource estimate for its Los Filos mine and the Bermejal Underground deposits in Guerrero. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acted on the LOI to option a group of properties adjacent to its Cerro Caliche property in Sonora. Autlan is to acquire all shares from Metallorum (it already controls an undisclosed percentage), which owns the Lluvia de Oro mine in Sonora.

ON MEXICO ISSUES

  • Mexico stays about the same on the investment attractiveness index published yearly by the Fraser Institute. Mexico fell to the 50 (of 91 jurisdictions surveyed) position from the 44 (of 104) on the 2016 survey, affected mainly by low rankings in security, taxation regime and labor regulations/work disruptions. In 2014 Mexico was on the 24 position of 122 surveyed. Chile ranked 8 and Peru 19 on the 2017 survey. Below is the table for the perception of the taxation regime (which presents the effect of the recently imposed royalties as a hard fact). The security perception ranking, along the other rankings can be seen at the following link: (https://www.fraserinstitute.org/sites/default/files/survey-of-mining-companies-2017.pdf).Taxation Regime Index, Fraser Institute 20171
  • The Sonora government is supporting the development of the mining industry in the state with the signature of a collaboration agreement with the Economy Bureau (Secretaría de Economía). The agreement looks to promote investment, better technical assessments, training and cut red tape. The mining industry represents 17% of the state’s GDP, with the state providing 31% of Mexico’s mining production. Sonora’s Governor Claudia Pavlovich has been pushing a proposal on the Deputies Chamber to install a 100% deduction of exploration expenses on the year these are incurred.
  • The governors of Chihuahua and Oaxaca attended the PDAC in Toronto Canada to promote mining investment on their states. Both Javier Corral (Chihuahua) and Alejandro Murat (Oaxaca) attended the Mexico Mining Day 2018 and had personal interviews with companies doing business in their states or trying to set a foothold there. Other delegations present were from Durango and Zacatecas.

ON EXPLORATION

  • VVC Minerals Corp. received the permit for drilling at its Samalayuca property in Chihuahua. The SEMARNAT permit approved 22 new drilling sites, in addition to 13 already approved. The drilling is to focus on La Gloria Extension area, La Concha pit area, La Zorra zone and the Julianna, Suerte and Trinidad areas. The completed and proposed drilling cover 7 Km of strike length on the property.
  • Vangold Mining Corp. concludes phase 1 drilling, starts phase 2 drilling at El Pinguico property in Guanajuato. Vangold completed five of 15 drill holes targeting the underground stockpiles (backfill) on the El Pinguico vein, with poor recoveries and grades. While a better method of assessing these stockpiles is researched, the company has initiated the phase 2 drilling campaign targeting the lower El Pinguico vein extension below the old workings, 300 m below the surface.
  • Riverside Resources Inc. announced that it has been granted the mineral rights to the Cecilia 1 concession, increasing the ground held on the Cecilia project in Sonora to almost 6,000 hectares. Epithermal Au-Ag mineralization is associated to a rhyolite flow-dome setting.
  • Oceanus Resources Corp. updated on its exploration efforts on El Tigre property in Sonora. The El Tigre Formation is the rock package that host the historic El Tigre mine, which operated from 1903 to 1938, producing 353 K Oz Au and 67.4 M Oz Ag; the favorable El Tigre Formation has been now traced for 5 km.
  • Mexus Gold US. presented an update on exploration of its 8 Hermanos and Scorpio_370 claims in Sonora. Mexus controls 2,800 hectares in an area with sedimentary rocks intruded by granodiorite, dioritic dikes and a diorite porphyry, all covered in turn by Tertiary volcanic tuffs and flows. Three samples from the 370 concession returned 9 g/t Au, 41 g/t Ag; 47 g/t Au, 33 g/t Ag; 10 g/t Au, 8 g/t Ag. Porphyry copper potential is highlighted on a report (no alteration is described).
  • Radius Gold Inc. provided an update on exploration at the Amalia project in Chihuahua. The 10,380 ha project has Au-Ag mineralization defined over 2 km of strike length in high level chalcedonic veins, stockworks and breccias and deeper level structurally controlled higher grade mineralization. “Radius continues to advance the Amalia project and is currently permitting drilling and bulldozer trenching.” Recent channel sampling returned 4.5 m @ 10.3 g/t Au, 202 g/t Ag, extending the total strike length of the high-level epithermal mineralization of the Campamento zone to 500 m.
  • Millrock Resources Inc. reported on first phase core drilling at its La Navidad project in Sonora, funded by earn-in partner Centerra Gold. In total, 2,130 m were drilled in 12 holes, with several anomalous intersections, like: 17.2 m @ 0.75 g/t Au (including 1 m @ 9.05 g/t Au); 15.65 m @ 0.60 g/t Au; 18.30 m @ 0.33 g/t Au; 18.0 m @ 0.12 g/t Au; 6.00 m @ 0.26 g/t Au; 5.90 m @ 0.45 g/t Au; 57.0 m @ 0.29 g/t Au; 16.6 m @ 0.35 g/t Au.
  • Azure Minerals Ltd. announced the start of the second drilling campaign on its Sara Alicia project in Sonora. “The Sara Alicia mineralised zone consists of carbonate rocks intruded by a porphyry. This intrusive event caused strong alteration and mineralising reactions in the limestones to form a skarn body which hosts massive and semi-massive sulphides containing the cobalt and gold mineralisation”. The first phase of this drilling campaign is to comprise 1,000 m in 10-12 holes, targeting along-strike and down-dip extensions. The second phase is planned to complete a 50 x 50 m drill pattern over the mineralized body.

ON MINING

  • Americas Silver Corp. reported 4Q and year-end financial results for 2017, including some figures from its operations in Mexico. The San Rafael mine in Sinaloa declared commercial production on December 19, 2017, and was constructed for $16.3 M, 32% lower than the initial project guidance. For 2018 the company plans to produce 1.6 to 2.0 M Oz Ag and 7.2 to 8.0 M Oz AgEq. Cash balance at the end of December was $9.3 M, with net working capital of $11.8 M.
  • Santacruz Silver Mining Ltd. reported operating results for the fourth quarter and full year 2017. Santacruz produced 865.4 K Oz AgEq during the year, including 139.7 K Oz AgEq during the fourth quarter. At Veta Grande in Zacatecas 102.1 K tonnes were milled @ 100 g/t Ag (127 g/t AgEq) and Ag recovery of 61% to produce 201.3 K Oz Ag, 424 Oz Au, 466 tonnes Pb, 803 tonnes Zn during the year. At Rosario in San Luis Potosi, 78.9 K tonnes were milled @ 52 g/t Ag (205 g/t AgEq) and a recovery of 85% Ag to produce 112.6 K Oz Ag, 1,007 Oz Au, 157 tonnes Pb, 1,489 tonnes Zn during the same period.
  • Magellan Gold Corp. announced it has rehired employees and is restarting its 100% owned SDA mill in Nayarit. Operations are initially to reprocess tailing located at the site, with recovery of precious metals expected to defray holding costs of the mill while new ore sources are acquired. The mill last operated in November 2017 and processed third-party ore on a toll basis.

ON FINANCING

  • Canuc Resources Corp. closed a non-brokered private placement financing with gross proceeds of $1.1 M (San Javier, Sonora).
  • Colibri Resource Corp. has closed an over-subscribed first tranche on its previously announced $1 M financing, raising gross proceeds of $1.077 M. Total gross proceeds to be raised between the two tranches is expected to be $1.2 M (Pilar, Sonora).
  • Vangold Mining Corp. announced a non-brokered private placement financing to raise up to $2 M, and fund the phase 2 drill program targeting the lower El Pinguico vein extension, and general working capital.
  • Santacruz Silver Mining Ltd. has arranged a loan from a private Bolivian mining company, for US$2.3 M. The loan bears interest at 9% per annum, is repayable July 1st, 2018, and is unsecured (Veta Grande, Zacatecas; Rosario, San Luis Potosi).
  • Starcore International Mines Ltd. announced the closing of its non-brokered private placement to an insider, for gross proceeds of $125 K (San Martin, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Levon Resources Ltd. announced an updated NI-43-101 mineral resource estimate and a 2018 preliminary economic assessment (PEA) for the Cordero project in Chihuahua. The new estimate includes 990 M tonnes of ore @ 12.8 g/t Ag, 0.37% Zn, 0.17% Pb, 0.04 g/t Au as indicated resources and 282.2 M tonnes @ 20.7 g/t Ag, 0.75% Zn, 0.30% Pb, 0.04 g/t Au as inferred resources. The said resource contains 595 M Oz Ag, 1.63 M Oz Au, 12.7 B Lb Zn, 5.6 B Lb Pb in the indicated and inferred categories. The PEA includes an open pit mining rate of 40 K tpd (tonnes per day) to produce mineral concentrate, an annual production of 8 M Oz Ag, 44.8 K tonnes Zn, 31.1 K tonnes Pb, 11,900 Oz Au. Over the 29 year mine life on the PEA, 231 M Oz Ag, 2,863 M Lb Zn, 1,992 M Lb Pb would be produced.” Metallurgy is simple (side by side lead and zinc conventional flotation mills) with 88% overall recoveries after three rounds of bench-scale testing”.
  • Alio Gold Inc. provided an update on exploration of its Ana Paula project in Guerrero. To date 1,300 m of the planned 3,800 m of surface drilling have been completed (two of six diamond drill holes), intersecting breccia mineralization as expected and awaiting assay results. Two new breccia targets were discovered by mapping within 1.5 km of the limit of the proposed pit, showing magmatic and hydrothermal breccia mineralization with traces of pyrite and arsenopyrite.
  • Leagold Mining Corp. has filed a NI-43-101 technical report for the Los Filos mine in Guerrero. For Los Filos and Bermejal Underground deposits, measured and indicated resources amount to 13.53 M Oz Au, while inferred resources stand at 6.28 M Oz Au (Almost 20 million ounces of gold!).  Los Filos Resources1Los Filos Resources1 - copia

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. has executed on the letter of intent (LOI) of an option agreement on the Rosario group of properties in Sonora. The Rosario concessions are adjacent to Sonoro’s Cerro Caliche property, covering 403.5 hectares, thereby increasing Sonoro’s land holdings in the area to 1,455 hectares. Sonoro is to acquire 100% interest on the property by paying the vendor (a Tucson resident) US$1.6 M payable in escalating cash installments over 72 months, with the initial installment of US$60 K payable on execution. The vendor is to retain 2% NSR, same that can be bought by Sonoro by US1 M for each one percent.
  • Compañía Minera Autlán SAB de CV. is to acquire all the shares of Metallorum Holding, which owns the Lluvia de Oro mine in Sonora. The company is to invest US$25 M in the next three years to increase its manganese and ferroalloys production capacity.

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, beautiful quartz vein with bladed calcite pseudomorphs at the museum of El Oro mining district in Estado de Mexico.

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