Highlights on the Fifth Week of November, 2017. Mineral Exploration in Mexico

During the 48th week of the year (November 27th to December 3rd, 2017), at least 33 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). ON EXPLORATION: ten press releases from eight companies working in Mexico informed on exploration efforts during the week: In Sonora SilverCrest released high-grade results from drilling two different zones at its Las Chispas project; Azure Minerals released high-grade drilling results from its Sara Alicia Au-Co project, and updated on drilling progress at its Oposura property; Wolverine Minerals commenced exploration at Los Venados project; San Marco Resources is to complete an induced polarization survey at its 1068 porphyry copper project, updating also in the geological model of its Chunibas project. In Chihuahua, Evrim Resources completed phase I exploration at its Cerro Cascaron project, and is now in the drill targeting stage; Ethos gold optioned the Purisima property, and presented the project summary, which includes two previous drilling campaigns. ON MINING: Santacruz Silver presented its third quarter report; Marlin Gold presented financial results for the first nine months of the year, and an update on drilling on the Colinas target, at its La Trinidad property; U.S. Antimony informed that it now has the needed permits to construct a cyanidation plant at its mill in Guanajuato. ON FINANCING: Alix Resources, Canuc Resources and Millrock Resources are to conduct or closing non-brokered private placements of $750 K, $465 K and $1.6 M respectively; Mag Silver closed a non-brokered private placement for $48.16 M; SilverCrest is to raise C$6 M on a bought deal private placement; Primero Mining obtained an extension of its credit facility; Candelaria Mining is seeking a one year extension on the exercise period of over 12 M warrants. ON RESOURCES AND DEVELOPMENT: Consolidated Zinc recommenced extensional and infill resource definition drilling at its Plomosas mine. ON DEALS AND CORPORATE ISSUES: Argonaut Gold announced the closing of the acquisition of the Cerro del Gallo project in Guanajuato to Primero Mining for $15 M;  GFM Resources entered into an exploration and evaluation agreement with Minera Auricup on the Baviacora concession in Sonora; Magellan Gold completed the purchase of the SDA Mill to Rose Petroleum in Nayarit; Ethos Gold entered into an option agreement with Coztic Recursos Minerales on the Purisima property in Chihuahua.

ON MEXICO ISSUES

  • In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). The proposal aims to give transparency to the application of the funds, and also a mean to control the infrastructure projects generated in the municipalities that are to receive the participation generated by the mining activity (Note of editor.- This is a pressing problem in many other States, where the application of the funds of a mining royalty introduced by the current Federal government is nowhere to be seen).

ON EXPLORATION

  • SilverCrest Metals Corp. released phase II drill results for the Babicanora vein at its Las Chispas property in Sonora. The latest results increase by 400 m the high-grade footprint of the Babicanora vein, which is now 1 km in length. True width (TW) intercepts: 3.2 m @ 27 g/t Au, 1,494 g/t Ag (including 0.7 m @ 137 g/t Au, 4,720 g/t Ag); 1.5 m @ 1.8 g/t Au, 101 g/t Ag; 3.8 m @ 5.6 g/t Au, 451 g/t Ag; 4.0 m @ 1.5 g/t Au, 101 g/t Ag; 3.1 m @ 5.1 g/t Au, 570 g/t Ag; 2.0 m @ 3.6 g/t Au, 452 g/t Ag; 3.6 m @ 4.2 g/t Au, 165 g/t Ag; 2.2 m @ 3.8 g/t Au, 388 g/t Ag.
  • Azure Minerals Ltd. released high-grade results on the maiden drilling on its Sara Alicia property in Sonora. Six holes for 480 m tested around and beneath historical underground mine workings that exploited high-grade Au and Co shoots in the 1930’s. Cobalt results for the last hole are still pending. Significant gold results comprise: 11.4 m @ 3.3 g/t Au; 5.5 m @ 5.1 g/t Au; 26.2 m @ 8 .6 g/t Au (including 12.6 m @ 14.9 g/t Au); 19.65 m @ 4.95 g/t Au; 8.45 m @ 1.2 g/t Au; 13.7 m @ 3.6 g/t Au. Significant cobalt intercepts comprise: 5.5 m @ 0.13% Co; 1.0 m @ 0.14% Co; 26.2 m @ 1.26% Co (including 6.35 m @ 3.57% Co); 4.7 m @ 0.11% Co; 20.6 m @ 0.13% Co (including 1.9 m @ 1.11% Co). This garnet-magnetite-sulfide skarn developed in limestone intruded by a porphyry contains a zone several meters in width with disseminated cobaltite (CoAsS) associated with abundant magnetite, and a wider, overlapping zone of gold mineralization.
  • Evrim Resources Corp. announced the completion of phase I exploration at its Cerro Cascaron project in Chihuahua. Highlights include: A 1.8 km long rich vein corridor defined by soil sampling, with up to 1.4 g/t Au; Soil sampling extended all veins by 600 m to 1.8 km in length, and two more veins were identified; Adit channel sampling results are 1.4 m to 3.3 m in width @ 231 to 542 g/t AgEq; Six subparallel veins were defined in an area 300 m x 900 m in the Ag-rich Cascarita zone. Drill targeting is underway.
  • SilverCrest Metals Inc. released surface and underground results from the second phase of drilling of the Las Chispas and Giovanni veins at Las Chispas, in Sonora. Highlighted results contain (true thickness, or TW) 2.1 m @ 2.3 g/t Au, 469 g/t Ag; 1.6 m @ 2.4 g/t Au, 516 g/t Ag; 1.5 m @ 13.2 g/t Au, 2,007 g/t Ag; 2.0 m @ 5.8 g/t Au, 1,191 g/t Ag; 4.0 m @ 18.6 g/t Au, 696 g/t Ag (including 0.8 m @ 92.6 g/t Au, 2,890 g/t Ag); 2.2 m @ 9.4 g/t Au, 1,369 g/t Ag. SilverCrest intends to deliver a maiden resource estimate during Q1, 2018.
  • Wolverine Minerals Corp. commenced an exploration program on the 1,500 hectares Los Venados property, in the Mulatos district, Sonora. Wolverine is to focus work on a felsic dome/silica breccia complex with intense alteration and brecciation accompanied by anomalous gold. Activities planned include rock and soil sampling, geological mapping and a 7.4 Km induced polarization survey.
  • Almadex Minerals Ltd. released results from the three first holes on the Raya Membrillo area on its El Cobre property in Veracruz. This area is part of the Villa Rica zone, which is two kilometers south from the Norte zone (where previous drilling was done). The three holes intersected a chalcocite dominant enriched copper zone right from the surface which locally is up to 186 m down hole. Results comprise: 69.5 m @ 0.10 g/t Au, 0.41% Cu (including 14.5 m @ 0.14 g/t Au, 1.2% Cu); 139.0 m @ 0.49 g/t Au, 0.24% Cu; 41.0 m @ 0.91 g/t Au, 0.42% Cu in one hole; 117 m @ 0.13 g/t Au, 0.55% Cu (including 15.9 m @ 0.51 g/t Au, 1.74% Cu) in the second hole; 159.5 m @ 0.22 g/t Au, 0.22% Cu (including 36.0 m @ 0.86 g/t Au, 0.16% Cu and 111.5 m @ 0.03 g/t Au, 0.27% Cu) on the third hole.
  • San Marco Resources Inc. provided the scope of exploration at its 1068 and Chunibas projects in Sonora. At the 1068 project, an undrilled porphyry Cu-Mo-Au system displays  phyllically altered and veined zones which extend 1 Km to the east and 400 m to the south from previously identified porphyritic rock with potassic alteration and a coincidental geochemical footprint on a grid rock sampling survey. An induced polarization survey is to be conducted during December. At Chunibas a new larger model involving a porphyry related breccia with gold values has been generated. Field mapping and prospecting is mostly completed, with a mineralization corridor extending 1.2 km based on mapping and a soil survey. New outcrops with epidote-calcite-specularite alteration bearing copper oxides have been found.
  • Azure Minerals Ltd. updated on the resource definition drilling at its Zn-Pb-Ag Oposura project in Sonora, where 51 of the planned 120 holes have been completed with 2,665 m. Many of Azure holes are either twinning or drilled close to historical holes, closely replicating the sulfide intercepts on those. Azure is aiming to conclude drilling by February 2018, and complete the maiden mineral resource estimate by March-April 2018.
  • Ethos Gold Corp. optioned the Purisima property in Chihuahua (see note on the deals section). An epithermal low sulfidation vein system is present over 1.5 Km of strike length and 200 m of width exposure. The property saw some drilling in 1997 and 1997-98 by Teck Resources and the SGM (Servicio Geologico Mexicano, or Consejo de Recursos Minerales at the time). Gold-bearing intervals were obtained on both programs, with only minor parts of the core obtained by SGM drilling having been assayed, although many areas contained chalcedonic quartz veining.

ON MINING

  • Santacruz Silver Mining Ltd. reported third quarter 2017 production and financial results. At Rosario in San Luis Potosi 46.9 K tonnes were processed @ 51 g/t Ag (241 g/t AgEq), recovering 85% Ag, to produce 26,274 Oz Ag, 328 Oz Au, 49 tonnes Pb, 449 tonnes Zn. At Veta Grande in Zacatecas, 28 K tonnes were processed @ 107 g/t Ag (174 g/t AgEq), recovering 64.5% Ag to produce 61,960 Oz Ag; 66 Oz Au, 99 tonnes Pb, 146 tonnes Zn. Production cost per tonne was 62.91, and a cash cost of $23.65 per AgEq Oz, AISC of $28.14 per AgEq Oz.
  • United States Antimony Corp. announced that SEMARNAT (Mexico environmental authority) has issued the permit for the construction of a cyanide leach plant for the Puerto Blanco mill in Guanajuato. This plant is designed to recover Au and Ag from the flotation mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. The ore grade is 1.1 g/t Au, 102 g/t Ag, 0.65% Sb, and the expected recovery  90% Au, 90% Ag, 70% Sb.
  • Marlin Gold Mining Ltd. presented financial results for the first nine months of 2017, period on which the company produced 29,995 Oz Au, and acquired the Gavilanes property from Santacruz Silver Mining Ltd. for $3.6 M. Revenue to the end of September was $58.2 M, holding $1.9 M in cash and finished gold, and $14.4 M in gold-in-process. Investment on Golden Reign Resources Ltd. stood at $12.7 M at quarter end. Principal on the loan owed to Wexford Capital LP. (Controlling shareholder) stood at US$38.9 M, with the maturity of the loan extended to January 2019.
  • Marlin Gold Mining Ltd. disclosed drilling results from the Colinas area, less than 1 km from the Taunus pit within its La Trinidad mine in Sinaloa. The drilling tested a structurally complex zone with low and high angle faults, along a projected structural corridor under post mineral cover. The significant core intervals comprise 11.65 m @ 0.61 g/t Au in the first hole and 6.00 m @ 0.35 g/t Au; 7.03 m @ 0.82 g/t Au; 6.00 m @ 10.57 g/t Au in the second hole. “The anomalous zones appear to be associated with quartz carbonate veinlets and ferruginous argillic zones, which are likely fault zones within andesitic breccias and tuffs. All intervals are oxide.”

ON FINANCING

  • Alix Resources Corp. is to conduct a non-brokered private placement to raise up to $750 K in gross proceeds (Agua Fria, Sonora).
  • Canuc Resources Corp. closed a non-brokered private placement with gross proceeds of $465 K. Proceeds are to be used to continue exploration of newly discovered breccia zones on El Tule claim block and other high grade structures (San Javier, Sonora).
  • Mag Silver Corp. announced the closing of a non-brokered private placement for gross proceeds of US$48.16 M (Juanicipio, Zacatecas).
  • Millrock Resources Inc. plans to conduct a non-brokered private placement planning to raise up to $1.6 million. Finder’s fee of 6% cash may be paid in connection with this financing (La Navidad, Sonora).
  • SilverCrest Metals Inc. entered into an agreement with a syndicate of underwriters for a bought deal private placement to raise gross proceeds of up to C$6 M. SilverCrest will pay the underwriters a cash commission of up to 6% of the gross proceeds (Las Chispas, Sonora).
  • Primero Mining Corp. announced that the company agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. (San Dimas, Durango).
  • Candelaria Mining Corp. intends to make an application to the TSX to extend the exercise period of 12.6 M share purchase warrants by 12 months.

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. recommenced extensional and infill resource definition drilling at its Plomosas mine in Chihuahua. The first of two underground rigs was mobilized to Cuddy, level 5.4 to drill eight short holes before the Christmas break.

ON DEALS AND CORPORATE ISSUES

  • Argonaut Gold Inc. announced the closing of the acquisition of the 25,269 hectares Cerro del Gallo project in Guanajuato to Primero Mining Corp. for $15 M. Argonaut could recover up to $1.7 M of value added tax, and the companies acquired in this transaction include approximately $22 M in tax losses.
  • GFM Resources Ltd. entered into an exploration and evaluation agreement with Minera Auricup S. de R.L. on its Baviacora concession in Sonora. GFM has paid the outstanding mining duties of CAD$95 K for a six months right to explore the property and obtain a minimum 15% stake. If land access rights are not secured by Auricup on a four-month period, GFM has the right to demand full repayment, or to obtain a similar stake on in a different but equivalent mineral concession owned by Auricup. GFM drew on its facility with Metallorum Holding, S.A.P.I. de C.V., the corporation’s majority shareholder for this payment.
  • Magellan Gold Corp. completed the purchase of the SDA Mill to Rose Petroleum PLC. in Nayarit. Total consideration for the purchase was $1.5 M, with $1.0 M in cash and $500 K in Magellan stock, of which $100 K was paid in cash in June 2017. In August Magellan arranged $900 K in bridge loans to support the purchase.
  • Ethos Gold Corp. entered into an option agreement with Coztic Recursos Minerales S. de R.L. de C.V. to earn a 100% interest in the Purisima property in Chihuahua. Ethos Gold is to pay an aggregate of US$3.49 M and issue up to 3 M common shares to the property owner, in installments over 72 months, with the initial consideration of $45 K and 50 K shares due on signing. In addition, Ethos Gold is to pay outstanding mining duties of CAD$71 K and incur in exploration expenditures of not less than US$1 M within 72 months. The property owner is to retain a 2% NSR.

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, fine grained silica on boulders extracted from a farming field in Durango. Photo by Jorge Cirett.

Sta Catalina

Highlights on the Fourth Week of November, 2017. Mineral Exploration in Mexico

During the 47th week of the year (November 20th to November 26th, 2017), at least 32 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: No relevant news. ON EXPLORATION: six companies informed on exploration efforts during the week: In Sonora Azure Minerals reported favorable metallurgical results from its Oposura project. In Chihuahua Monarca is to acquire the San Jose project; Mammoth Resources mobilized equipment to drill its Tenoriba property. In Sinaloa Starcore is to acquire the Santa Fe project, with an historical Au-Ag resource. Silver Bull released drill results from the sulfide zone at Sierra Mojada; Prize Mining is to acquire the Manto Negro stratabound copper project. Evrim Resources announced the acquisition of the Cuale high sulfidation property. In Veracruz Mexican Gold announced step-out drilling mineralization intercepts at Las Minas. ON MINING: Impact Silver presented its quarterly report. Marlin Gold informed on the mining program at La Trinidad in Sinaloa.  In Zacatecas, operations recommenced at the Santacruz Silver’s Veta Grande mill after the PROFEPA suspension. MX Gold informed on advance at the Magistral tailings project in Durango. Americas Silver informed the San Rafael mine is sourcing all ore treated in Cosalá. ON FINANCING: Telson Resources received $1 M from the exercise of warrants. Aztec Minerals is now trading on the USA. Primero Mining obtained an extension on its revolving credit facility. ON RESOURCES AND DEVELOPMENT: Leagold Mining reported more high-grade results from drilling at Bermejal Underground on its Los Filos property in Guerrero. Stroud Resources announced an updated resource estimate for its Santo Domingo Hostotipaquillo deposit in Jalisco. Almaden Resources released more drill results from the Ixtaca deposit in Puebla.  ON DEALS AND CORPORATE ISSUES: Soleil Capital and Goldplay Exploration are to amalgamate to create a precious metals exploration company focused in Mexico. Monarca Minerals signed a LOI to acquire the San Jose property in Chihuahua. Starcore entered into a LOI to acquire the Santa Fe property in Sinaloa. Camrova Minerals (Baja Mining) has seen its interest on El Boleo property (in Baja California) reduced to 7.3%. Bacanora Minerals is involved in a lawsuit over a 3% royalty on its Sonora lithium project. Golden Goliath has received the fifth payment on the option of its Uruachic properties. Prize mining is to acquire the Manto Negro project in Coahuila from Scion Mines.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Azure Minerals Ltd. reported metallurgical results from its Oposura project in Sonora. The test returned over 70% and 80% recoveries respectively for Pb and Zn, producing a lead concentrate (>55% Pb, 360 g/t Ag) and a zinc concentrate (>55% Zn) with low levels of deleterious elements. More metallurgical studies will be undertaken on core material from the present drill campaign.
  • Monarca Minerals Inc. entered into a letter of intent (LOI) to acquire the San Jose property in Chihuahua. The 5,580 hectares project shows disseminations, stockwork and veins of skarn, gossan and altered intrusive rocks, with assays of up to 26.8 g/t Au, 161 g/t Ag, 6.5% Pb, 0.9% Zn, 4.2% Cu.
  • Starcore International Mines Ltd. entered into a letter of intent (LOI) with Eduardo de la Peña Gaitan and other owners, to acquire the 21,000 hectare Santa Fe project in Sinaloa. Previous exploration included 13,000 m of drilling in 2013, establishing an historical (Non 43-101 compliant) open pit resource of 285 K AuEq Oz in 5 M tonnes @ 89 g/t Ag, 0.56 g/t Au; or an underground resource of 225 K AuEq Oz in 1.28 M tonnes @ 266 g/t Ag, 1.83 g/t Au.
  • Mammoth Resources Corp. has mobilized a drill rig and a bulldozer to its Tenoriba property in Chihuahua. The company is to begin a 3,000 m drill program in 8 to 24 holes to test gold-silver targets on a 5 km strike length within a 15 square Km area of ubiquitous high sulfidation gold mineralization. The company announced the release of a technical report on the drill selection criteria.
  • Silver Bull Resources Inc. released results from four drill holes testing the sulfide zone below the previously defined oxide zone on its Sierra Mojada project in Coahuila. Highlighted results comprise 9 m @ 20.7% Zn, 1.0% Pb, 98 g/t Ag, 0.26% Cu, including 3.65 m @ 47.8% Zn, 2.5% Pb, 105 g/t Ag, 0.26% Cu; 3 m @ 537 g/t Ag, 3.9% Zn, 1.1% Cu, including 1 m @ 1,280 g/t Ag, 14.8% Zn, 2.3% Cu.
  • Prize Mining Corp. entered into an agreement (see the appropriate section below) to acquire the Manto Negro copper project in Coahuila. The project consists of seven mining concession covering 17,959 hectares. “The Project is identified as a stratabound Cu-Ag (+/- Pb-Zn) oxidized “Red Bed type” copper deposit… The Project area is hosted by Cretaceous carbonates and sandstones with exposures of mineralization being identified in numerous locations occurring in concordant layers ranging from 2 to 23 metres thick that are referred to as “Mantos”. Exposures of this mineralization have been identified over the 50-kilometre length of the Project.” The grades of historical sampling, trenching and drilling range from 0.73% to 5.55% Cu, 19 to 793 g/t Ag, 1.5 to 15% Pb and 0.3 to 3.64% Zn.
  • Mexican Gold Corp. announced that drilling to expand the high-grade dike contact mineralization previously encountered at its Las Minas project in Veracruz has successfully intersected long intervals of chalcopyrite-magnetite mineralization in five additional holes. Core length intervals include: 0 m; Cumulative 48.0 m; 20.3 m; cumulative 28.0 m, 28.0 m of chalcopyrite-magnetite mineralization.
  • Evrim Resources Corp. announced the acquisition and early exploration results of the 97 square kilometer Cuale gold project in Jalisco. The Cuale project was initially staked under the Callinan Royalties generative alliance (now owned by Altius Minerals Corp.) with formal title granted to Evrim for 100% ownership in November 2017. “Mineralization is found in moderately to strongly silicified rhyolite that contains up to 10% specular hematite in boxworks, interpreted to have formed after pyrite. Zones of pervasive silicification with strong clay alteration of phenocrysts trending to vuggy silica are observed..” Seven rock chip samples collected on a 500 m by 250 m zone returned from 0.19 to 4.56 g/t Au.

ON MINING

  • Impact Silver Corp. released its financial and production third quarter 2017 report. Production at the Guadalupe mill came primarily from the San Ramon Deeps, Cuchara and San Patricio mines. Highly variable ore from the San Ramon Deeps mine contributed to the lower grade mill feed @ 175 g/t Ag. Total silver production was 229.9 K Oz. Exploration work is focused on the Alacran, Alacran North, San Ramon North and El Paso vein. The company had a $6.0 M cash position at the end of the period.
  • Marlin Gold Mining Ltd. informed that most of the mining during the year at La Trinidad, in Sinaloa, focused on expanding and deepening the north side of the Taunus pit, while waste removal continues on the southern part of the pit. Up to the end of October, 35,500 Oz Au have been shipped. Drilling commenced at the Colinas target, 1.2 km south of the pit.
  • Santacruz Silver Mining Ltd. recommenced operations at its Veta Grande mill in Zacatecas, following the authorization by PROFEPA and SEMARNAT (Environmental agencies in Mexico).
  • MX Gold Corp. informed all major tankage at the Magistral tailings project in Durango has been installed, with the grinding mill scheduled for completion in Early December 2017, and the installation of the Merrul-Crowe circuit underway.
  • Americas Silver Corp. informed production from the San Rafael mine at the company’s Cosalá operations in Sinaloa is now the sole source of mill feed. The mine is currently producing over 1,000 tonnes per day (tpd) of the targeted 1,500 tpd, with a stockpile of over 25 k tonnes from San Rafael and further 50 K tonnes of ore from Nuestra Señora.

ON FINANCING

  • Telson Resources Inc. reported that all the warrants issued as part of a private placement on November 2015 have been exercised, resulting in CAD$1 M in proceeds (Tahuehueto, Durango; Campo Morado, Guerrero).
  • Aztec Minerals Corp. has been approved to commence trading in the USA as of Nov 20th 2017, on the OTCQB under the symbol AZZTF (Cervantes, Sonora).
  • Primero Mining Corp. has agreed in principle with its lenders to an extension to its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp., previously maturing on November 23, 2017. The facility has been extended to December 1, 2017, providing the company to continue negotiations on its strategic review process and the possible divestiture of its San Dimas mine in Durango.

ON RESOURCES AND DEVELOPMENT

  • Leagold Mining Corp. reported additional high-grade results from the Bermejal Underground drill program at the Los Filos mine in Guerrero. “Bermejal Underground is at the northern end of a large intrusive body which has a total circumference of at least 15 kilometres…” The area being drilled extends 1,600 m along the strike of the intrusive contact and has a vertical depth extent of over 800 m. The drilling shows consistent oxide mineralization at carbonate/intrusive contacts either along the intrusive contact or below the intersection between the sill and the Bermejal intrusive contact. An updated resource estimate is expected before year end.

Leagold Bermejal Underground drilling1

  • Stroud Resources Ltd. updated the resource estimate in a new technical report on its Santo Domingo Hostotipaquillo project in Jalisco. The reports confirms the presence of 6.1 M tonnes @ 0.47 g/t Au, 101 g/t Ag and 3.48 M tones @ 0.39 g/t Au which contain 91.6 K Oz Au, 19 M Oz Ag as measured and indicated resources and 43.2 K Oz Au, 10 M Oz Ag as inferred resources. La Raya vein has a mineralized zone 35 m wide over 700 m along strike and 300 m of depth; and the Guadalupe vein is typically 15 to 30 m wide. Five additional veins have been identified for further exploration.
  • Almaden Minerals Ltd. released drill results from its ongoing exploration and development program for the feasibility study (FS) of the Ixtaca deposit at its Tuligtic project in Puebla. Two holes confirmed the discovery of an ore zone within a portion of the pit considered waste in the prefeasibility study (PFS). The holes intersected 23 m @ 0.45 g/t Au; 38.6 m @ 7.92 g/t Au, 15 g/t Ag (including 1 m @ 237 g/t Au, 232 g/t Ag); 20.4 m @ 0.89 g/t Au, 12 g/t Ag (including 7.0 m @ 2.07 g/t Au, 20 g/t Ag).

ON DEALS AND CORPORATE ISSUES

  • Soleil Capital Corp. entered into an amalgamation agreement with Goldplay Exploration Ltd. on a business combination transaction. “The purpose of the Proposed Transaction is the creation of a public, TSX Venture Exchange-listed, Mexico-focused, precious metals exploration company utilizing Goldplay’s mineral exploration strategy and experience related to the Rosario District..” in Sinaloa. Upon completion of the transaction the resulting issuer will be named Goldplay Exploration Ltd. and will be listed as a Tier 2 Mining Issuer on the Exchange.
  • Monarca Minerals Inc. entered into a letter of intent (LOI) to acquire the San Jose property in Chihuahua. The 5,580 hectares project shows disseminations, stockwork and veins of skarn, gossan and altered intrusive rocks. The terms of the LOI include a US$20 K payment on execution of the LOI (paid), US$20 K on execution of the definitive agreement, US$50 K on the first anniversary, and US100 K on the second anniversary, with the owners retaining a 2% NSR, of which one percent can be purchased by Monarca for US$100 k. Back taxes on the property of US$390 K will be paid over a period of time. Concession taxes per year are approximately US$46 K.
  • Starcore International Mines Ltd. entered into a letter of intent (LOI) with Eduardo de la Peña Gaitan and other owners, to acquire the 21,000 hectare Santa Fe project in Sinaloa. Starcore has up to 120 days to conduct due diligence work, and 30 days to complete the acquisition. Starcore is to issue 5 M shares to the owners upon signing, and will be released on four installments, and pay US$6 M as follows: US$2 M on execution; US$1 M on 18 months; US$1 M on 36 months; US$1 M on 48 months; US$1 M on 60 months.
  • Camrova Resources Inc. (Baja Mining Corp.) informed that its interest in Minera y Metalurgica del Boleo S.A. P.I, de C.V. has been reduced from 10% to 7.3%. This is a result of Korea Resource Corporation funding Camrova’s pro rata ($42.9 M) on cash calls amounting $429 M. The Boleo project is to annually produce 30 K tonnes Cu, 700 tonnes Co, 10,500 K tonnes Zn sulfate (Boleo, Baja California).
  • Bacanora Minerals Ltd. announced that it filed a statement of claim seeking to void ab initio, a 3% gross over-riding royalty held by the Estate of Colin Orr-Ewing over certain of Bacanora assets in Sonora. The company also announced amendments to the employment arrangements of certain members of the executive management firm.
  • Bacanora Minerals Ltd. has been served by the estate of the late Ian Colin Orr-Ewing with legal proceedings filed on September 20th September 2017, on a dispute regarding the ownership of 3% gross overriding royalties over Bacanora’s Sonora Lithium project and Magdalena Borates project. The Estate currently owns 8.15% of the common shares of Bacanora.
  • Golden Goliath Resources Ltd. has now received the fifth in a series of seven optional payments from Fresnillo PLC for the properties optioned to them in the Uruachic mining district in Chihuahua. This $100 K payment is to be followed by another $100 k due on May 2018 and a final US$2.3 M payment on November 2018, if Fresnillo is to keep the property. Golden Goliath plans to use the final payment to pay for the drill program on its 100% owned San Timoteo property in Chihuahua.
  • Prize Mining Corp. entered into an agreement with Scion Mines S.A. de C.V. to acquire 100% interest in the Manto Negro copper project in Coahuila, by issuing 6 M shares with a restricted lock-up and restricted resale period. Six million shares more are to be issued if the next milestones are met on a 43-101 technical report: 2 M bonus shares if the estimated copper resource is over 500 M Lb; 2 M bonus shares if the estimated copper resource is over 750 M Lb; 2 M bonus shares if the estimated copper resource is over 1 B Lb.

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, magnetite-chalcopyrite mineralization on drill core from Las Minas, Veracruz. Photo by Mexican Gold Corp. on its Nov 23rd, 2017 press release.

Core from Las Minas, Veracruz, photo from press release in Nov 2017

Mexican Gold Intersects Long Intervals of Mineralization in Five Additional Diamond Drill Holes at El Dorado Dike Contact Zone

MGC-2017-11-23

THUNDER BAY, Ontario, Nov. 23, 2017 (GLOBE NEWSWIRE) — Mexican Gold Corp. (“Mexican Gold” or the “Company”) (TSX-V:MEX) (OTCMKTS:SRXLF) (FRA:4QW1) is pleased to announce that drilling to expand the high-grade dike contact mineralization outlined in hole LM-17-ED-40 has successfully intersected long intervals of chalcopyrite-magnetite mineralization in five additional recently completed holes. All of the holes intersected mineralization, with core intervals varying from 21 metres to 42 metres in length. The mineralization is located adjacent to and on both sides of the 70 metre wide dike with a known strike distance of 700 metres. The Eldorado/Juan Bran Zone has also been found to thicken substantially approaching the dike, which appears to be a vertical offshoot from the main El Dorado Sill.