The Mining and Exploration News in Mexico: Highlights on the Fourth Week of April, 2021.

Mesothermal sheeted quartz veins

By Miguel A Heredia

During the 16th week of the year (April 19th to April 25th, 2021), at least 33 press releases were announced by companies working in Mexico and 5 news published by the media, with twelve informing on exploration results, nine disclosing deals and corporate issues, five commenting on Mexican issues, four announcing financial rounds, four reporting on resources and development, three communicating production results, and one discussing social issues.  ON MEXICO ISSUES, The Ministry of Economy issued an informative note to correct what President López Obrador said about the expansion of the operations of the mining company El Boleo that operates in Baja California Sur. Fernando Alanís, president of the Mining Chamber of Mexico (Camimex), stated that the mining industry in Mexico paid MXP $30,374M in taxes during 2020. The Mining Chamber of Mexico (Camimex) stressed that mining is a tractor industry that, in addition to boosting the regional economy, supports the development of other economic activities. The Mexican mining industry called on the environmental authorities to hold a dialogue to understand the reasons why the permits are being stopped. Representatives of the Mexican Mining industry asked the federal government to reactivate mineral concessions to increase investments in the sector. ON EXPLORATION, In Baja California, One World Lithium commenced the DDH-3 drilling program at its Salar del Diablo project. In Sonora, Alamos Gold commenced an initial drilling program at Los Venados project, Silver Spruce and its partner received the approved environmental permit from SEMARNAT to drill its El Mezquite project, and Colibri released trenching sampling results from its flagship Evelyn project. In Chihuahua, Mammoth reported results from an additional 2km 3D modeling IP/Mag survey conducted at its Tenoriba project.  In Sinaloa, Kootenay provided an update on the current drilling program conducted at its Copalito project. In Durango, Mithril informed on the exploration activities carried out during Q1, 2021 at its Copalquin project. In Zacatecas, Advance Gold announced drilling results from its Tabasquena project, and Zacatecas Silver reported that it has completed first pass geological and structural mapping, and sampling of the San Gil breccia Zone at its Zacatecas Silver project. In Jalisco, GoGold released results from eight diamond holes collared at its Los Ricos North project. ON MINING, Golden Minerals reported Q1, 2021 production results from its Rodeo mine in Durango. Gold Resource announced Q1, 2021 preliminary production results from its Oaxaca Mining Unit in Oaxaca. McEwen reported the production of 1, 300 Oz AuEq (GEOs) from residual leaching at its El Gallo mine in Sinaloa during the first quarter of 2021.  ON  FINANCING, Colibri granted 1.9M incentive stock options to officers, directors, and consultants (Evelyn project, Sonora). Empress Royalty granted 8.9M stock options to directors, officers, consultants, and employees (Pinos project, Zacatecas). Pantera Silver applied to trade on the OTCQB Venture Market operated by the OTC Markets Group Inc. in New York (The Nuevo Taxco Silver project, Guerrero). Sonoro closed its oversubscribed non-brokered private placement for gross proceeds of $3,111.045 (Cerro Caliche project, Sonora).   ON RESOURCES AND DEVELOPMENT, Discovery Silver presented results from 13 diamond holes collared at its Cordero project in Chihuahua. Excellon reported underground expansion and exploration drilling results from its Platosa mine in Durango. Sierra Metals announced an investment of USD $28M for the construction of an iron ore processing plant to produce magnetite concentrate at its Bolivar mine in Chihuahua. Silver Tiger released high-grade drilling results from its El Tigre project in Sonora.  ON DEALS AND CORPORATE ISSUES, Empress appointed a new member to its Board of Directors, and two members as Strategic and Technical Advisors (Pinos project, Zacatecas).  Golden Goliath held its annual general meeting of shareholders (San Timoteo property, Chihuahua). Goldgroup provided a legal update on its dispute with DynaResource regards the San Jose de Gracia property in Sinaloa. Inomin announced the hiring of two members to lead its exploration program in Oaxaca, Mexico (La Gitana project, Oaxaca). Masivo Silver announced it is moving forward to sign a definitive agreement on several mineralized mining concessions comprising La Santa Madre project in Sinaloa. Ridgestone appointed Dante E Aguilar as its Mexican Country Manager (Rebeico project, Sonora). Santacruz announced that the acquisition of the Zimapan mine assets from Minera Cedros, S.A.de C.V. together with the USD $17.6M loan facility from Trafigura Mexico, S.A. de C.V., are now expected to close on or about April 23, 2021. Silver Bull presented results from its annual general meeting of shareholders (Sierra Mojada project, Coahuila).  Vizsla Silver announced the spinout of Vizsla Copper through a statutory plan of arrangement (Panuco project, Sinaloa).  ON SOCIAL RESPONSIBILITY, Torex signed an agreement to build a solar plant at its Morelos property.

ON MEXICO ISSUES

  • The Ministry of Economy issued an informative note to correct what President López Obrador said about the expansion of the operations of the mining company El Boleo that operates in Baja California Sur. The mining and metallurgical company is seeking an expansion in the surface of its operations and not a new concession as stated by the president. In July 2019, El Boleo requested an expansion of its environmental impact statement, in which it requested an expansion of its mine by 446 hectares contiguous to its current operation. They indicated that this is because the life of the main mine is running out and its mineral reserves are in this adjoining land. The statement indicates that the mining project began construction in December 2010, with an investment of USD $1,717M, and began production in 2015. The company produces copper, cobalt, zinc and manganese. Currently, the mining company employs 1,282 direct jobs (836 unionized and 446 trusted).
  • Fernando Alanís, president of the Mining Chamber of Mexico (Camimex), stated that the mining industry in Mexico paid MXP $30,374M in taxes during 2020. He also highlighted that those that refer to the fact that the industry pays little are myths, as he highlighted that around 10.6% of the Gross Domestic Product generated by the industry is destined to the payment of taxes, higher than the 7.6% of the manufacturing industry, or the 6.1% of the electricity sector. Fernando Alanis detailed that of the total taxes paid, MXP $24,205M are for Income Tax (ISR), while there are MXP $2,576M in surface rights and MXP $3,593M in new rights.
  • The Mining Chamber of Mexico (Camimex) stressed that mining is a tractor industry that, in addition to boosting the regional economy, supports the development of other economic activities. It drives construction with average annual investments of USD $5B a year. The same occurs with the transport of materials, by promoting the movement of 8.7M tons per year that travel 100.2million kilometers on the roads (78%) and railways (22%) of Mexico. It also boosts port activity, with the export and import of 474M tonnes of materials per year. In total, the transportation costs of mining companies in Mexico total USD $245M per year. Through the mining clusters (Zacatecas, Sonora, Chihuahua, Guerrero and Sinaloa) a local supply has been developed that amounts to 9,700 national supplier companies, 90% of which are small and medium-sized enterprises (SMEs). For Mexico, the mining industry is an outstanding generator of income, contributing 8.3% to the industrial GDP and 2.5% to the national GDP. It is also a large generator of jobs, with more than 379,000 direct jobs and almost 2 million indirect jobs.
  • The Mexican mining industry called on the environmental authorities to hold a dialogue to understand the reasons why the permits are being stopped and to work together to unlock authorizations for Environmental Impact Manifestations (MIAs) that are being held at the Ministry of the Environment and Natural Resources which have stopped several mining projects in the country. Mining in Mexico has a robust environmental legislation that is permanently addressed, among which the General Law of Equilibrium and the Environmental Protection, as well as seven Official Mexican Standards and the general regulation that exists for activity in protected natural areas in Mexico, among others.
  • Representatives of the Mexican Mining industry asked the federal government to reactivate mineral concessions to increase investments in the sector. No new mining concessions have been granted in the country since 2019 and the effects of this were reflected in a lower Foreign Direct Investment in the sector.

ON EXPLORATION

  • One World Lithium Inc., commenced the DDH-3 drilling program at its Salar del Diablo project in Baja California. DDH-3 is located 50Km south of DDH-2 and depending on results, the company may drill more diamond drill holes in the immediate area.
  • Alamos Gold Inc., and its partner Aloro Mining Corp., commenced an initial drilling program at Los Venados project at the Mulatos mining district in Sonora. The initial drilling program will be focused on testing high sulphidation gold mineralization near the Mulatos open pit as well as on low sulphidation gold mineralization to the north where some high grade veins have been identified.
  • Silver Spruce Resources Inc., and its partner Colibri Resource Corporation, received the approved environmental permit from SEMARNAT to drill its El Mezquite project in Sonora. The phase 1 will consists of 2,000m. The drill permit was granted for 14 drill pads over the targets in the northern area of the concession. 
  • Colibri Resource Corporation released trenching sampling results from its flagship Evelyn project in Sonora. Highlights include four high grade samples from El Sahuaro target area with results of 44.9 g/t Au and 21 g/ Ag; 8.24 g/t Au and 8 g/t Ag, 23.3 g/t Au and 16 g/t Ag; and 39.6 g/t Au and 23 g/t Ag.
  • Mammoth Resources Corp., reported results from an additional 2km 3D modeling IP/Mag survey conducted at its Tenoriba project in Chihuahua.  The geophysical survey defines a strong correlation between anomalous Au values found from soil, chips, and channel samples, as well as Au values found in numerous diamond holes, extending these coincident features over what now totals 2.4Km trend of a larger 6km trend of surface  Au-Ag mineralization at Tenoriba project.
  • Kootenay Silver Inc., provided an update on the current drilling program conducted at its Copalito project in Sinaloa. It has completed 1,600m of the planned 3,500m over 19 shallow drill holes. Highlights include hole BDH-20-004 collared at 5 Senores Vein with 0.28 g/t Au and 1,297 g/t Ag (1,323 g/t AgEq) over 3.2m, including 0.14 g/t Au and 2,830 g/t Ag (2,843 g/t AgEq) over 1m; hole BDH-20-15 collared at Pilar Vein with 0.48 g/t Au, 40 g/t Ag, and 1.2% Pb+Zn (111 g/t AgEq) over 7m, including 2.28 g/t Au, 51 g/t Ag, and 6.2% Pb+Zn (394 g/t AgEq) over 1.2m; hole BDH-20-33 collared at Pilar Vein with 0.7 g/t Au, 101 g/t Ag, and 2.3% Pb+Zn (215 g/t AgEq) over 2.7m, including 7.05 g/t Au, 59 g/t Ag, and 13.5% Pb+Zn (1.210 g/t AgEq) over 0.2m; and hole BDH-20-040 collared at 5 Senores Vein with 6.65 g/t Au, 335 g/t Ag, and 2.6% Pb+Zn (933 g/t AgEq) over 2.25m, including 16.95 g/t Au, 369 g/t Ag, and 3.7% Pb+Zn (1,813 g/t AgEq) over 0.51m, and 2.09 g/t Au, 124 g/t Ag, and 0.8% Pb+Zn (311 g/t AgEq) over 9.05m. The Program has focused primarily on the 5 Senores vein, with drilling now stepping out to test the Agua and Chiva Veins.
  • Mithril Resources Inc., informed on the exploration activities carried out during Q1, 2021 at its Copalquin project in Durango. The company is focused on delivering maiden JORC Au-Ag resource for El Refugio target in H2, 2021, where hole CDH-050 intersected 62 g/t Au and 445 g/t Ag over 4.17m. The drill plan for the next quarter is to drill test deeper part of the target. At La Soledad target, hole CDH-054 encountered 10.36 g/t Au and 81 g/t Ag over 4.88m, extending the mineralization further to the west and down dip. The company also informed that it has completed the soil sampling program within El Cometa and Reyes project areas.
  • Advance Gold Corp., announced drilling results from its Tabasquena project in Zacatecas. Hole AGT-23 intersected two zones, one of 0.63 g/t Au, 20 g/t Ag, 3.5% Pb,  and 8% Zn over 2m, and a second zone of 0.04 g/t Au, 6 g/t Ag, 0.18% Pb, and 1.1% Zn over 0.55m. Advance has drilled 23 holes to date and has outlined a 2,500m by 500m wide mineralized corridor and plans to carry out more mapping and geophysics to find the feeder system at  depth responsible for this widespread mineralization.
  • Zacatecas Silver Corp., reported that it has completed first pass geological and structural mapping, and sampling of the San Gil breccia Zone, located 2km southwest of the Veta Grande vein within its Zacatecas Silver project, Zacatecas. The company outlined a north-south trending zone of ferruginous breccia averaging 20-40m wide, over a strike length of at least 800m with strong anomalous values of Ag, Au, Zn, and As, mainly in the northern segment. The company is planning a drilling program since over 600m of the northern segment of this breccia remains untested by previous drilling.
  • GoGold Resources Inc., released results from eight diamond holes collared at its Los Ricos North project in Jalisco. Significant mineralized drill intervals were encountered at hole LRGCS-21-016 with 0.69 g/t Au and 140 g/t Ag (2.55 g/t AuEq or 191 g/t AgEq) over 23.4m, including 4.94 g/t Au and 820 g/t Ag (15.87 g/t AuEq or 1,191 g/t AgEq) over 1m, and a second interval of 0.69 g/t Au and 151 g/t Ag (2.7 g/t AuEq or 155 g/t AgEq) over 15m, including 3.7 g/t Au and 797 g/t Ag (14.33 g/t AuEq or 1,075 g/t AgEq) over 2.2m; hole LRGCS-21-022 with 0.32 g/t Au and 115 g/t Ag (1.86 g/t AuEq or 140 g/t AgEq) over 14.9m, including 1.4 g/t Au and 664 g/t Ag (10.24 g/t AuEq or 768 g/t AgEq) over 2m; LRGCS-21-024 with 0.44 g/t Au and 116 g/t Ag (2 g/t AuEq or 150 g/t AgEq) over 21m, including 0.77 g/t Au and 211 g/t Ag (3.58 g/t AuEq or 268 g/t AgEq) over 9.3m, including 1.66 g/t Au and 392 g/t Ag (6.88 g/t AuEq or 516 g/t AgEq) over 1.7m, and a second interval of 0.37 g/t Au and 115 g/t Ag (1.91 g/t AuEq or 143 g/t AgEq) over 12m, including 1.11 g/t Au and 355 g/t Ag (5.85 g/t AuEq or 439 g/t AgEq) over 3.2m; and hole LRGCS-21-025 with 1.4 g/t Au and 201 g/t Ag (4.08 g/t AuEq or 306 g/t AgEq) over 16.8m, including 8.28 g/t Au and 700 g/t Ag (17.6 g/t AuEq or 1,320 g/t AgEq) over 1.5m. These drill results extended mineralization at Casados deposit.

ON MINING

  • Golden Minerals Company reported Q1, 2021 production results from its Rodeo mine in Durango. The company processed 18,791 tonnes of 3 g/t Au and 14 g/t Ag with metallurgical recoveries of 84.3% and 86.6% respectively to produce 1,390 Oz Au and 11,289 Oz Ag. It also announced its full year 2021 production guidance in which it expects to process between 125K-135K tonnes to produce 12K-14K Oz Au, and 25K-30K Oz Ag.
  • Gold Resource Corporation announced Q1, 2021 preliminary production results from its Oaxaca Mining Unit in Oaxaca. The company produced 5,019 Oz Au, 253,061 Oz Ag, 855.7K Lb Cu, 2.6M Lb Pb, and 7M Lb Zn.
  • McEwen Mining Inc., reported the production of 1,300 Oz AuEq (GEOs) from residual leaching at El Gallo mine in Sinaloa during the first quarter of 2021. 

ON FINANCING

  • Colibri Resource Corporation granted 1.9M incentive stock options to officers, directors, and consultants. The options have a term of five years at an exercise price of $0.10 per share (Evelyn project, Sonora). 
  • Empress Royalty Corp., granted 8.9M stock options to directors, officers, consultants, and employees. The options are exercisable for up to five years at a price of $0.5 per share and will be vested for a period of three years. (Pinos project, Zacatecas).
  • Pantera Silver Corp., applied to trade on the OTCQB Venture Market operated by the OTC Markets Group Inc. in New York. The Company’s shares will continue to trade on the TSX Venture Exchange under the symbol “PNTR” (The Nuevo Taxco Silver project, Guerrero).  
  • Sonoro Gold Corp., closed its oversubscribed non-brokered private placement for gross proceeds of $3,111.045. Net proceeds will be used to fund ongoing development plans at its Cerro Caliche project, including completion of a metallurgical testing, preparation of a NI 43-101 resource update and a PEA, as well as for property maintenance payments, and  for corporate and general administrative expenses.

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp., presented results from 13 diamond holes collared at its Cordero project in Chihuahua. Significant mineralized  intercepts were encountered in hole C20-405 with 65 g/t Ag, 0.05 g/t Au, 1.2% Pb, and 1.3% Zn (165 g/t AgEq) over 128.2m, including 109 g/t Ag, 0.06 g/t Au, 2% Pb, and 1.9% Zn (263 g/t AgEq) over 26.1m; hole C21-414 with 37 g/t Ag, 0.04 g/t Au, 0.8% Pb, and 1% Zn (110 g/t AgEq) over 110m, including 65 g/t Ag, 0.05 g/t Au, 1.6% Pb, and 1.4% Zn (184 g/t AgEq) over 51.8m; and hole C20-407 with 78 g/t Ag, 0.08 g/t Au, 1.3% Pb, and 3.6% Zn (279 g/t AgEq) over 27.4m. The results from this program will be incorporated in a new resource estimate and revamped PEA in the second half of the year.
  • Excellon Resources Inc., reported underground expansion and exploration drilling results from the Guadalupe North, 623, NE-1 and NE-1S Mantos at its Platosa mine in Durango. Highlights include hole EX21UG525 with 618 g/t Ag, 10.1% Pb, and 12% Zn (1,293 g/t AgEq) over 6.5m; hole EX21UG564 with 688 g/t Ag, 14.5% Pb, and 14.9% Zn (1,571 g/t AgEq) over 4.6m; and hole EX20UG522A, with 359 g/t Ag, 4.9% Pb, and 15.9% Zn (1,031 g/t AgEq) over 4.6m, including 573 g/t Ag, 8.6% Pb, and 21.5% Zn (1,531 g/t AgEq) over 1.3m. “Drilling continues to outline and expand mineralization within and around the Platosa deposit with new opportunities identified in the historically-mined Guadalupe North Manto”.
  • Sierra Metals Inc., announced an investment of USD $28M for the construction of an iron ore processing plant expected to produce approximately 500K tonnes per year of magnetite concentrate at its Bolivar mine in Chihuahua. Engineering and test work of the final process is currently underway, and construction of the processing plant is expected to commence this June and will take approximately six months to complete.
  • Silver Tiger Metals Inc., released high-grade drilling results from its El Tigre project in Sonora. Significant high-grade mineralization was encountered in recent drilling of the Sooy vein in hole ET-21-219 with 0.29 g/t Au, 288 g/t Ag, 0.05% Cu, 0.1% Pb, and 0.2% Zn (325 g/t AgEq) over 11.8m, including 0.49 g/t Au, 4,375 g/t Ag, 0.88% Cu, 2% Pb,  and 3.5% Zn (4,668 g/t AgEq) over 0.5m; hole ET-21-217 with 0.08 g/t Au, 210 g/t Ag, 0.04% Cu, 0.03% Pb, and 0.01% Zn (221 g/t AgEq) over 7.3m, including 0.66 g/t Au, 2,595 g/t Ag, 0.41% Cu, 0.3% Pb, and 0.05% Zn (2,694 g/t AgEq) over 0.5m; hole ET-21-215 with 0.26 g/t Au, 167 g/t Ag, 0.15% Cu, and 0.4% Pb (211 g/t AgEq) over 10.1m, including 0.39 g/t Au, 961 g/t Ag, 0.78% Cu, and 1.8% Pb (1,111 g/t AgEq) over 1.1m; and hole ET-21-216 with 0.08 g/t Au, 239 g/t Ag, 0.03% Cu, 0.06% Pb, and 0.3% Zn (260 g/t AgEq) over 3.5m, including 0.24 g/t Au, 1,608 g/t Ag, 0.19% Cu, 0.3% Pb, and 2% Zn (1,721 g/t AgEq) over 0.6m. Step out drilling to the south on the Sooy Vein continues to deliver consistent high grade silver results.

ON DEALS AND CORPORATE ISSUES

  • Empress Royalty Corp., appointed a new member to its Board of Directors, and two members as Strategic and Technical Advisors (Pinos project, Zacatecas).
  • Golden Goliath Resources Ltd., held its annual general meeting of shareholders (San Timoteo property, Chihuahua).
  • Goldgroup Mining Inc., provided a legal update on its dispute with DynaResource regards the San Jose de Gracia property in Sinaloa. Goldgroup announced that the Tenth Circuit Court of Appeals rejected the appeal lodged by Texas-based DynaResource Inc., to vacate the Arbitral Award, which had found that DynaUSA had improperly diluted the Company’s interest in the San Jose de Gracia Mexican mining project, which Goldgroup had earned into pursuant to an option agreement between the Company and DynaUSA. The Circuit Court’s opinion clarifies several misleading facts previously presented in various news releases issued by DynaUSA.
  • Inomin Mines Inc., announced the hiring of two key members for its Mexican exploration program:  a community relationship representative and a senior exploration geologist (La Gitana project, Oaxaca).
  • Masivo Silver Corp., announced it is moving forward to sign a definitive agreement on several mineralized mining concessions comprising La Santa Madre project in Sinaloa. Mineralization identified by Masivo at La Santa Madre project consists of at least six parallel NE Cu-Au-Ag quartz epithermal veins varying from 3-7 m with lengths varying from 600-1,200m. Masivo has also signed a letter of interest to access 3,000 hectares of private land where part of these mining claims are located, with the right to progress to an agreement for 8,000 hectares of this private land.
  • Ridgestone Mining Inc., appointed Dante E Aguilar as its Mexican Country Manager (Rebeico project, Sonora).
  • Santacruz Silver Mining ltd., announced that the acquisition of the Zimapan mine assets from Minera Cedros, S.A.de C.V. together with the USD $17.6M loan facility from Trafigura Mexico, S.A. de C.V., are now expected to close on or about April 23, 2021.
  • Silver Bull Resources Inc., presented results from its annual general meeting of shareholders (Sierra Mojada project, Coahuila).  
  • Vizsla Silver Corp., announced the spinout of Vizsla Copper Corp., through a statutory plan of arrangement. Vizsla Silver will continue to advance its Panuco Copala silver-gold project in Mexico while Vizsla Copper will focus on the assets in BC, Canada. 

ON SOCIAL RESPONSIBILITY

  • Torex Gold Resources Inc., signed an agreement to build a new 8.5 megawatt solar plant at its Morelos property, which include El Limon Guajes mine and Media Luna project in Guerrero state.  The new plant is expected to reduce Scope 2 greenhouse gas (“GHG”) emissions by up to 8.6% using 2019 as the baseline year. In addition, it will bring benefits to the local communities since this new solar plant will create new job opportunities for daily operation and maintenance.

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, mesothermal sheeted quartz veins in an orogenic gold prospect in Sonora, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of April, 2021.

Magnetite-rich Fe skarn manto

By Miguel A Heredia

During the 14th week of the year (April 05th to April 11th, 2021), at least 35 press releases were announced by companies working in Mexico and 4 news published by the media, with nine informing on exploration results, eight disclosing deals and corporate issues, seven announcing financial issues, six reporting on resources and development, six communicating production and financial results, two discussing social issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Compañía Minera Cuzcatlán (Fortuna Silver) declared that it pays taxes and reiterated its attachment to the government mechanisms that drive Mexico’s socio-economic development (San Jose mine, Oaxaca). ON EXPLORATION, In Baja California, One World Lithium announced that a drill crew will be mobilizing to its Salar del Diablo project in Baja California, to drill a third diamond drill hole. In Sonora, Colibri informed that it will commence a 3D IP survey at its Evelyn project, Heliostar released first pass sampling and mapping results from its Cumaro project, Ridgestone announced encouraging results from geophysical surveys and follow-up work on its Rebeico project, and Silver Tiger reported drill results in the Benjamin vein zone at its El Tigre project. In Sinaloa, Vizsla provided results from eighteen holes collared along the Napoleon Vein corridor at its Panuco project. In Zacatecas, Alien reported sampling results from dumps/floats at its San Celso property, and Zacatecas Silver completed geological and structural mapping at its El Cristo project.  In San Luis Potosi, Advance Gold started a drilling program at its Saldivar lithium salar project. ON MINING, Endeavor reported Q1, 2021 production results from its Mexican mine operations. GoGold presented Q1, 2021 production and financial results from its Parral Tailings project in Chihuahua. Magna Gold reported year end 2020 financial results from its San Francisco mine in Sonora, and provided production guidance for 2021. Mexus Gold announced its plans to blast at its Santa Elena mine in Sonora. Telson reported Q1, 2021 production results from its Campo Morado mine in Guerrero. Torex presented Q1, 2021 production and financial results from its El Limon-Guajes Mine Complex in Guerrero.  ON  FINANCING, Aura Minerals announced a clarification of its payments of dividends (Aranzazu mine, Zacatecas). Canuc granted 6M incentive stock options to officers, directors, employees, and consultants (San Javier project, Sonora). Capitan Mining announced a non-brokered private placement for gross proceeds of CAD $3.2M (Peñoles property, Durango). GR Silver entered into a bought deal private placement financing agreement for gross proceeds of $ 8M (Plomosas project, Sinaloa). Santacruz announced a private placement for gross proceeds of up to CAD $14.1M (Zimapan mine, Hidalgo). Silver Spruce granted 759K stock options to its CEO (El Mezquite project, Sonora).  Tarachi Gold commenced to trade on the OTCQB Venture Market under the ticker symbol “TRGGF” (Magistral Mill and Tailings project, Durango).  ON RESOURCES AND DEVELOPMENT, Almadex announced its intention to drill at least three of its Mexican mining properties in 2021, and discussed plans for El Cobre and Ixtaca properties located in Veracruz and Puebla respectively. Consolidated Zinc reported that mill and flotation circuits commissioning commenced over Easter at its Plomosas mine in Chihuahua. Prime released drill results from el Zapote South, Noche Buena, and San Miguel East deposits at its Los Reyes project in Sinaloa. Sonoro reported results from 12 RC holes drilled at its flagship property Cerro Caliche in Sonora. VanGold filed a PEA for combined El Pinguico-El Cubo projects in Guanajuato. ON DEALS AND CORPORATE ISSUES, Discovery Metals announced name change to Discovery Silver (Cordero project, Chihuahua).  Equinox completed the acquisition of Premier Gold and the spin out of i-80 Gold Corp. (Los Filos mine, Guerrero and Mercedes mine, Sonora). Gatos Silver appointed Rodrigo Monroy as General Counsel effective April 1st, 2021 (Los Gatos mine, Chihuahua). Minaurum engaged Digital Marketing Firm and granted 3,825,000 common share stock options to Directors, Officers and Consultants (Alamo Silver project, Sonora). Minera Autlán announced the appointment of Pedro Rivero González as its General Management of the company as of April 5, 2021 (Molango mine, Hidalgo). Santacruz announced that the acquisition of the Zimapan assets is now expected to close on or before April 16, 2021. Tarachi Gold appointed a new member to its Board of Directors and announced the change of Auditor (Magistral Mill and tailings project, Durango). Torex announced that it received a key environmental permit for its Media Luna project in Guerrero.  ON SOCIAL RESPONSIBILITY, Arcelor Mittal delivered a donation of MXP $140K to the Red Cross Delegation of Lázaro Cárdenas in Michoacan. Fresnillo plc., supported workshop members of the El Obligado Community in Fresnillo, Zacatecas who make face masks for the population of nearby communities.

ON MEXICO ISSUES

  • Compañía Minera Cuzcatlán (Fortuna Silver Mines Inc.) declared that it has complied in due time and form with more than MXP $600M for the total federal taxes caused, corresponding to the 2020 annual fiscal year. The payment from an effective tax rate to the mining sector of 45%is one more sample strict adherence to legality and government mechanisms that promote the socio-economic development of the country (San Jose mine, Oaxaca).

ON EXPLORATION

  • One World Lithium Inc., announced that a drill crew will be mobilizing to its Salar del Diablo project in Baja California, to drill a third diamond drill hole. DDH-3 will be located approximately 50Km to the south of DDH-2.
  • Colibri Resource Corporation, informed that it will commence a 3D IP survey at its Evelyn project in Sonora. The 3D IP survey will be focused on the Sahuaro and Cerro Rojo targets and will cover an area of approximately 6 square km. The Company is planning a drill program to test currently defined mineralized trends and structures, to evaluate the emerging geological and structural model for the property, and to test results of the IP survey.
  • Heliostar Metals Limited released first pass sampling and mapping results from its Cumaro project in northern Sonora. Heliostar identified a silicified structure with pyrite and returned 1m channel sample grading 390 g/t Ag, and remains open to expand. Additionally, eleven channel and rock samples returned values >1 g/t Ag in a coherent anomaly that cover an area of 500m by 600m, being this area the extension of the Dos Amigos vein into the eastern block. This mineralization indicates a robust silver endowment and shows the potential for high grades in the eastern block of the El Picacho district.
  • Ridgestone Mining Inc., announced encouraging results from geophysical surveys and follow-up work on its Rebeico project. The IP survey outlined a strong IP high chargeability anomaly of 1,400m north-south and 800m east-west at the south portion of the Alaska vein, at depths of 250 to 300 metres below surface, progressively increasing in width and intensity toward the south.
  • Silver Tiger Metals Inc., reported drill results in the Benjamin vein zone at its El Tigre project in Sonora. Significant drill intersects were encountered in hole ET-21-204 with 140 g/t Ag, 0.12 g/t Au, 0.08% Cu, 3% Pb, and 8.5% Zn (519 g/t AgEq) over 14.2m, including 273 g/t Ag, 0.14 g/t Au. 0.18% Cu, 5.5% Pb, and 17 % Zn (1,013 g/t AgEq) over 5.6m; hole ET-21-206 with 181 g/t Ag, 0.07 g/t Au, 0.05% Cu, 0.6% Pb, and 1.8% Zn (267 g/t AgEq) over 12.3m, including 1,034 g/t Ag, 0.18 g/t Au, 0.29% Cu, 2.7% Pb, and 8.8% Zn (1,443 g/t AgEq) over 2m; and hole ET-20-199 with 222 g/t Ag, 0.05 g/t Au, 0.09% Cu, 0.5% Pb, and 1.7% Zn (305 g/t AgEq) over 7.7m, including 699 g/t Ag, 0.11 g/t Au, 0.2% Cu, 2% Pb, and 7% Zn (1,016 g/t AgEq) over 1.1m.
  • Vizsla Silver Corp., provided results from eighteen holed collared along the Napoleon Vein corridor at its Panuco project in Sinaloa. The company estimated from 54 drill holes, an average vein true width of 4m, a weighted average grade of 155 g/t Ag, 2.74 g/t Au, 0.5% Pb, and 1.3% Zn (441 g/t AgEq), and mineralization extends over 300m in length, 300m  deep, and remains open north, south, and at depth. The best drill intercept was encountered in hole NP-21-80 with 469 g/t Ag, 5.84 g7t Au, 0.5% Pb, and 1.2% Zn (1, 027 g/t AgEq) over a true width (TW) of 4.61m, including 1, 321 g/t Ag, 15.1 g/t Au, 1.3% Pb, and 2.6% Zn (2, 740 g/t AgEq) over a TW of 1.51m.
  • Alien Metals ltd., reported encouraging dump/floats sampling results from its New Andromeda concession adjacent to its San Celso property in Zacatecas. Highlights include 734 g/t Ag, 0.44 g/t Au and 0.6% Zn; 163 g/t Ag, 0.42 g/t Au and 1.9% Zn; 488 g/t Ag; 270 g/t Ag; and 180 g/t Ag and 0.13% Zn. “The samples are all composed of quartz and carbonate dominant vein material with varying amounts of sulphides, hence they are very similar to the mineralization seen in the San Celso vein systems to the north”.  
  • Zacatecas Silver Corp., completed geological and structural mapping at its El Cristo project located immediately to the northwest of the Veta Grande deposit. The Veta Grande vein has reported historical production of over 200 M Oz Ag in the region. The geological and structural mapping identified at least eight veins to date which are associated with a sigmoidal zone of extension that is at least 800 m wide, over a strike length of at least 4 km extending the previous reported strike length of 2.5 to 3.0km. Zacatecas Silver has commenced an extensive soil sampling program to assist with location of veins beneath cover of thin soils. “The cumulative strike length of all veins at El Cristo is at least 12 km long. El Cristo an extremely prospective system with numerous high value targets at vein intersections, splays and flexures. Veins display multiphase and brecciated textures, indicative of multiple mineralizing events. Zacatecas Silver is planning an aggressive rock-chip and channel sampling program to better define the silver-base metal grade distribution of the outcropping veins, to ensure that the highest value targets are drill tested”.
  • Advance Gold Corp., started a drilling program at its Saldivar lithium salar project in San Luis Potosi to test near surface lithium grade distribution of the salar for bulk sampling preparation. The drilling program will be carried out on a grid basis using 100m spacing with holes drilled down to 50m. The company also plans to drill deeper in one of the holes to test the depth to bedrock.

ON MINING

  • Endeavor Silver Corp., reported production results from its Mexican mine operations. The table below shows figures for Q1, 2021 by mine:
  • GoGold Resources Inc., presented Q1, 2021 production and financial results from its Parral Tailings project in Chihuahua. GoGold produced 302.9K Oz Ag, 3,208 Oz Au, and 192.6K Lb Cu (551.2K Oz AgEq), generating free cash flows exceeding USD $5.5Mthis quarter.
  • Magna Gold Corp., reported year end 2020 financial results from its San Francisco mine in Sonora. The company sold 20,235 Oz Au and 9,188 Oz Ag. Magna reported metal revenues of USD $37M, net cash flow provided by operating activities of USD $9.4M, net cash provided by financial activities of USD $9.4M, and income from mining operations of USD $1.9M. “The Company is setting guidance expectations for gold production during 2021 of between 55K to 65K Oz Au. The Company expects to have the San Francisco Mine fully commissioned before the end of Q2 2021”.
  • Mexus Gold US announced its plans to blast at its Santa Elena mine in Sonora. The blasts will produce 10K tonnes of 2.2 g/t Au, and Mexus expects to be producing gold from this material within 30 days of the blast.
  • Telson Mining Corporation reported Q1, 2021 production and financial results from its Campo Morado mine in Guerrero. Telson milled 174.4 K tonnes of 1.1 g/t Au, 116 g/t Ag, 1% Pb, and 3.9% Zn with metallurgical recoveries of 21%, 41%, 27%, and 74% respectively. To produce 11 tons of Zn concentrate and 1.9 tonnes of Pb concentrate. The company reported revenues of $10.04M from Zn concentrates and $1.9M from Pb concentrate for total revenues of $11.9M.
  • Torex Gold Resources Inc., presented Q1, 2021 production results from its El Limon-Guajes Mine Complex in Guerrero.  The company produced 129K Oz Au from an average underground ore mined of 1, 360 tonnes per day and an average open pit ore mined of 15,090 tonnes per day, and an average plant throughput of 12,340 tonnes per day. Torex provided full year production guidance for 2021 of 430K to 470K Oz Au.

ON FINANCING

  • Aura Minerals Inc., announced a clarification with respect to its payments of a dividend of USD $0.38 per common share, as previously announced by the company on March 15, 2021 (Aranzazu mine, Zacatecas).
  • Canuc Resource Corporation, granted 6M incentive stock options to officers, directors, employees, and consultants. 3.5 M of these options will vest immediately. The remaining 2.5 M options will vest 12 months from April 2nd, 2022. The stock options have an exercise price of $0.35 and a three-year term, expiring on April 2nd, 2024 (San Javier project, Sonora).
  • Capitan Mining Inc., announced a non-brokered private placement for net proceeds of CAD $3.2M from 16M common shares at a price of CAD $0.20 per share. Capitan Mining plans to use the net proceeds to advance drilling and work programs at Peñoles property in Durango, as well as for working capital and general corporate expenses.
  • GR Silver Mining Ltd., entered into a bought deal private placement financing agreement for gross proceeds of $ 8M at a price of $0.59 per unit. Net proceeds will be used for working capital and general corporate purposes (Plomosas project, Sinaloa). 
  • Santacruz Silver Mining Ltd., announced a private placement for gross proceeds of up to CAD $14.1M (Zimapan mine, Hidalgo).
  • Silver Spruce Resources Inc., granted 750K stock options to its CEO at an exercise price of $0.05 per share and an expiry date of April1, 2026. The stock options will vest 1/3 on the date of the grant, 1/3 on the first anniversary of the grant and the final 1/3 on the second anniversary of the grant (El Mezquite project, Sonora).   
  • Tarachi Gold Corp., commenced to trade on the OTCQB Venture Market under the ticker symbol “TRGGF” (Magistral Mill and Tailings project, Durango). 

ON RESOURCES AND DEVELOPMENT

  • Almadex Minerals Ltd., announced its intention to drill at least three of its Mexican mining properties in 2021, and discussed plans for El Cobre and Ixtaca properties located in Veracruz and Puebla respectively. At El Cobre, Veracruz, Almadex previously reported  an indicated resource containing 748K Oz Au and 221M Lb Cu (47.2 M tonnes grading 0.49 g/t Au, 0.21% Cu and 1.4  g/t Ag) and an inferred resource containing 860K Oz Au and 254 M Lb Cu (64.2M tonnes grading 0.42 g/t Au, 0.18% Cu and 1.3 g/t Ag).  Almadex looks forward to further developments at this high potential project. At Ixtaca, Puebla, a FS reported a proven and probable reserve containing 1.38M Oz Au and 85.1M Oz Ag (73.1M tonnes grading 0.59 g/t Au and 36.3 g/t Ag). The Ixtaca project is currently in the mine permitting phase, which has taken longer than expected. Almaden has recently noted the exploration potential remaining at the Ixtaca project and the Company looks forward to the results of the Ixtaca exploration programs over the course of 2021.
  • Consolidated Zinc Limited, reported that mill and flotation circuits commissioning commenced over Easter at its Plomosas mine in Chihuahua. It also announced that the tailings dam earthworks is completed, laying of the impervious liner is 70% complete, and the power supply installed, commissioned, and operated.  
  • Prime Mining Corp., released drill results from el Zapote South, Noche Buena, and San Miguel East deposits from its ongoing 15,000m phase 1 drill program at its Los Reyes project in Sinaloa. At El Zapote South deposit, significant mineralized drill intercepts have been encountered at hole 21ZAP-04 with 8.95 g/t Au and 74 g/t Ag over 4.5m; hole 21ZAP-03 with 0.76 g/t Au and 33 g/t Ag over 13m, including 1.66 g/t Au and 41 g/t Ag over 4.6m; and hole 21ZAP-08 with 1.96 g/t Au and 63 g/t Ag over 18.7m, including 2.44 g/t Au and 85 g/t Ag over 7.2m. At Noche Buena deposit, hole 21NB-02 encountered 3.17 g/t Au and 141 g/t Ag over 2.9m within a broader zone of 39m with 0.7 g/t Au and 29 g/t Ag; and hole 21NB-03 with 1.12 g/t Au and 30 g/t Ag over 6m. At San Miguel deposit, hole 2SME-01 intersected 1 g/t Au and 131 g/t Ag over 4.5m. Zapote-South, Noche Buena and San Miguel East deposits are three of eight known deposits that comprise the current mineral resource at Los Reyes property.
  • Sonoro Gold Corp., reported results from 12 RC holes drilled at its flagship property Cerro Caliche in Sonora. Highlights include hole SCR-223 in the north western extension of Buena Suerte zone with 0.6 g/t Au over 74.67m, including three intervals of 1.52m with 3.67 g/t Au; hole SCR-222 in the Buena Vista northwest extension of Japoneses zone with 2.04 g/t Au over 15.24m, including 3.15 g/t Au over 6.1m; hole SCR-227 in the northern extension of Japoneses zone with 1.74 g/t Au over 3.05m, including 2.54 g/t Au over 1.53m; and hole SCR-225 at El Colorado zone with 1.16 g/t Au over 7.62m, including 2.31 g/t Au over 3.05m.
  • VanGold Mining Corp., filed a PEA for combined El Pinguico-El Cubo projects in Guanajuato. Results of the PEA analysis were previously announced in the Company’s news release dated February 16, 2021. The company also announced that it obtained permits for El Pinguico road expansion. New route will lessen impact on the Calderones Community. “This road will become El Pinguico’s major thoroughfare for production, exploration, administration, and for safely purposes. The Company anticipates it will reduce driving time between the destinations from 40 minutes to 10 minutes, significantly reducing costs and wear on vehicles”. 

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp., announced name change to Discovery Silver Corp. The company´s common shares will commence trading under the TSX Venture Exchange under its current ticker symbol “DSV” and on the OTCQX where its ticker symbol will change from “DSVMF” to “DSVSF” from April 14, 2021, pending final regulatory approvals from the TSXV and FINRA (Cordero project, Chihuahua).
  • Equinox Gold Corp., completed the acquisition of Premier Gold Mines Limited and the spin out of i-80 Gold Corp. (Los Filos mine, Guerrero and Mercedes mine, Sonora).
  • Gatos Silver Inc., appointed Rodrigo Monroy as General Counsel effective April 1st, 2021, and strengthens its executive management team (Los Gatos mine, Chihuahua).
  • Minaurum Gold Inc., engaged Digital Marketing Firm to assist with online communication to the company, with the goal of increasing market awareness. Minaurum will pay to the Digital Marketing Firm a fee of CAD $64K for six months. The company also granted 3,825,000 common share stock options to Directors, Officers and Consultants. The options are exercisable at a price of $0.52 from a period of ten years from issue date (Alamo Silver project, Sonora).
  • Compañía Minera Autlán, S.A.B. de C.V., reported that, with the prior favorable opinion of the Corporate Practices Committee and approval of its Board of Directors, in a session of February 24, 2021, it was resolved that Pedro Rivero González will assume the General Management of the company as of April 5, 2021 (Molango mine, Hidalgo).
  • Santacruz Silver Mining Ltd., announced that the acquisition of the Zimapan assets, together with the USD $17.6 M loan facility from Trafigura Mexico, S.A. de C.V., are now expected to close on or before April 16, 2021.
  • Tarachi Gold Corp., appointed a new member to its Board of Directors and announced the change of Auditor (Magistral Mill and tailings project, Durango).
  • Torex Gold Resources Inc., announced that it received from Mexico’s Secretariat of Environment and Natural Resources (“SEMARNAT”) the MIA, a key environmental permit for its Media Luna project in Guerrero. The MIA allows Torex to execute construction activities to access its Media Luna deposit in Guerrero.

ON SOCIAL RESPONSIBILITY

  • Arcelor Mittal México SA de CV, delivered a donation of MXP $140K in the framework of its 2021 annual collection to the Red Cross Delegation of Lázaro Cárdenas in Michoacán. ”Arcelor Mittal has made annual donations without interruption. since 2008 to the delegational Red Cross, in addition to collaborating with the worthy institution in different ways: through donations in its annual collections, in kind when necessary, such as the provision of equipment and various supplies, the delivery of an ambulance in 2016 and the repair of three ambulances last year, in addition to the support with facilities for their training”.
  • Fresnillo plc., supported workshop members of the El Obligado Community in Fresnillo, Zacatecas who make face masks for the population of nearby communities. The workshop workers are also suppliers of face masks for the Directorate of Engineering and Construction Department of Industrias Peñoles (DIC). To date, they have sold around 3,000 masks, the same that meet the specifications dictated by the World Health Organization.

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, a magnetite-rich Fe skarn manto in a prospect in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of September, 2020

By Jorge Cirett

During the 36th week of the year (August 31st to September 6th, 2020), at least 22 press releases were announced by companies working in Mexico. The dominant news on the country relating to the mining industry during the week, was the cancellation of the Sub Secretary of Mining (created during the last presidential term), headed by Francisco Quiroga, who had gained the trust of the enterprises and organizations of the industry by his relentless and hands-on daily effort to help better the mining industry in Mexico. He will be missed, unlike his predecessor. ON MEXICO ISSUES, the Sub Secretary of Mining was cancelled, its role absorbed within the Economy Secretary; loud complaints from the mining industry organizations followed, to fall on deaf ears. Pending investments in mining for the near future of US$1991 M. The Sonora Mining Fund Committee approved the investment of US$3.5 M on an aqueduct. FIFOMI has US$164 M in current credits to the mining industry. The Mining Fund is gone, for the purposes it was created for. (This is a measure taken by the actual federal government against the opinion of all mining enterprises and organizations. In my personal point of view, it opens the way to the use of the funds in a very centralized manner, same that can be exploited for political gains by those in power. There was just no need for this change). The very Mexican “illegal mine blockade roulette” now struck Equinox’s Los Filos mine in Guerrero. ON EXPLORATION, in Baja, Comet Resources updated on its Santa Teresa property. In Sonora, Redstar Gold updated on its Cumaro project. In Sinaloa, Viszla Resources released drilling results at Panuco. In Veracruz, Azucar Minerals released drilling results from El Cobre.  ON MINING, Santacruz Silver reported second quarter 2020 results. Equinox Gold’s Los Filos mine in Guerrero is affected by an illegal blockade. ON FINANCING, seven companies made announcements regarding the opening or closing of financing rounds: Southern Silver Exploration ($456 K), Barksdale Resources ($6.3 M), GoGold Resources (C$30 M), Silver Dollar Resources ($10.5 M), Inomin Mines ($400 K), Americas Gold and Silver (C$39.4 M), Alien Metals (£1.25 M). Gold79 Mines, Golden Tag Resources and Redstar Gold granted stock options to officers, directors and consultants. ON RESOURCES AND DEVELOPMENT, Silver Bull Resources updated on the legal battle and an illegal blockade at its Sierra Mojada project in Coahuila. ON DEALS AND CORPORATE ISSUES, Odyssey Marine Exploration received funds for the legal battle to obtain the government permit to mine its Exploraciones Oceánicas phosphate project offshore Baja California Sur. Tarachi Gold acquired the Juliana group of properties, increasing the size of its Tarachi property to 3,708 hectares. Inomin Mines executed the agreement on the acquisition of the La Gitana and Peña Blanca properties in Oaxaca. ON SOCIAL RESPONSIBILITY. Peñasquito, First Majestic, Minera San Javier, Alamos Gold and SilverCrest informed on donations, community involvement and safety measures on the areas near their operations.

ON MEXICO ISSUES

  • Francisco Quiroga, in his last day as Sub-Secretary of Mining, called for the AIMMGM (Asociación de Ingenieros Mineros, Metalurgistas y Geólogos de México) to play a leading role in the transformation of the industry and its relationship with the public sector.
  • The AIMMGM installed the newly elected board for the 2020-2022 period.
  • The Secretaría de Economía announced the cancellation of the Mining Sub-Secretary, onward from September 1st, 2020.
  • The cancellation of the Mining Sub-Secretary by the federal government brought loud complaints from companies and organisms within the industry (not that these complaints are to be attended to). The Cámara Minera de México (CAMIMEX), the Asociación de Ingenieros Mineros, Metalurgistas y Geólogos de México (AIMMGM), the Mining Task Force of the Cámara de Comercio del Canadá en México, the Sonora, Chihuahua, Guerrero, Sinaloa and Zacatecas Mining clusters, the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México (CIMMGM) and the organization Mujeres en la Minería (WIM Mexico) extended its congratulations to Francisco Quiroga, departing Mining Sub-Secretary and expressed the profound disagreement for the disappearance of the Sub Secretary of Mining.   
  • Camimex (Cámara Minera de México) informed Mexico has a list of projects that add up to $1,991 M dollars in programmed investment. Amongst these are the Campo Morado mine in Guerrero, La Yaqui Grande in Sonora, as well as the Orysivo project in Chihuahua, the Centauro Profundo project in Sonora and the Media Luna project in Guerrero. Mexico had a production peak of 123,364 kg of gold in 2015, same that has declined to 73,451 kg in 2019.
  • The Mining Fund Sonora Committee approved the investment of MX$75 M pesos (US$3.5 M) for the construction of the Macoyahui-Alamos aqueduct. The project includes 24.5 Km of PVC tubing and five pumping stations.
  • INEGI informed the mining activity is resuming after the COVID lockdown. Sulphur, iron,, lead, gold, copper, silver, fluorite are among the commodities that have seen their production significantly increased. In January 2020 the industry generated 381,456 direct jobs and more than 2 M indirect jobs, according to the IMSS.
  • Request for the Mining Sub Secretary to stay in Chihuahua by Omar Bazán, deputy, and the Chihuahua Mining Cluster.
  • The Fideicomiso de Fomento Minero (FIFOMI) has $3,530 M pesos (US$164 M) on current credits to the mining sector.
  • The Mining Fund is gone, for the purposes it was created for. Graciela Márquez, Economy Secretary confirmed the resources no longer are going to be distributed among mining municipalities, but through different agreements with government organisms and federal programs to help mining communities.
  • Graciela Márquez, Economy Secretary, stated the disappearance of the Mining Sub-Secretary is not to affect the mining industry as all relevant structures stay in place (We beg to disagree).

ON EXPLORATION

  • Radius Gold Inc. informed on exploration at its Amalia and Plata Verde projects in Chihuahua. At Amalia, “phase 4 drilling funded by JV partner Pan American Silver remains on stand-by due to COVID-19. Semarnat, the permitting agency in Chihuahua, has returned to work on a limited scale and Pan American has recently provided updated information requested by Semarnat”. At Plata Verde, there is advance in the signing of agreements to expand the property package. “The next phase of field work will consist of geophysical programs to identify feeder systems and expansions of the known mineralization under the thin (>100m) cover volcanics”.
  • Redstar Gold Corp. announced its Cumaro project in Sonora is adjacent to SilverCrest’s Picacho property. “Previous drilling on SilverCrest Metals’ Picacho vein, two kilometres north of the Cumaro property, returned intersections including 13.9 metres at 16.22 grams per tonne (g/t) gold and 33.9 g/t silver in hole PDD07-013, and 4.1 metres at 3.86 g/t gold and 35.0 g/t silver…” in other hole on the Dos Amigos vein. The company believes there is a down-thrown block on the eastern side of the property, where the extensions of the veins exposed on the western side could be present on a much shallower level.
  • Comet Resources Ltd. Informed in a corporate presentation on its Santa Teresa property in Baja California. Santa Teresa is a high-grade mesothermal lode gold deposit (ie.- orogenic gold) with an existing NI 43-101 inferred resource of 64 K Oz Au capped at 20 gpt Au, with a cutoff grade of 4 gpt Au and average grade of 8 gpt Au. Historical drilling has intersected quartz veins grading up to 958 gpt Au over 1 m, and multiple other drill results above 30 gpt Au. The deposit is open along strike and at depth.
  • Vizsla Resources Corp. announced a fourth new discovery at its Panuco project in Sinaloa. The first four drill holes at the Tajitos vein have been completed on the Cinco Señores vein corridor. Highlighted intercepts from the three first drill holes comprise 4.5 m @ 1,200 gpt Ag, 7.29 gpt Au (including 1.15 m @ 2,210 gpt Ag, 16.13 gpt Au); 1.15 m @ 812 gpt Ag, 4.59 gpt Au. ”The Tajitos vein zone is composed of a quartz breccia vein with an early white locally banded quartz supporting andesite lithic clasts, followed by a later white to greyish quartz supporting brecciated clasts of earlier white quartz veins. This zone was then cut by a later white to clear quartz vein with local dark bands or patches of fine-grained sulphides that is cutting a zone of quartz psuedomorphs after bladed calcite and pink rhodochrosite. The better grades are in the earlier breccias associated with dark bands or dark patches of very fine-grained disseminated sulphides. This vein zone is hosted in a package of andesite flows and tuffs”.
  • Azucar Minerals Ltd. released drilling results from its El Cobre project in Veracruz. The holes in the Primo target returned 23.75 m  @ 0.22 gpt Au, 0.08% Cu; 8.50 m @ 0.71 gpt Au, 0.24% Cu; 123.50 m @ 0.14 gpt Au, 0.14% Cu. Azucar is currently preparing its facilities  and implementing the health protocols required to enable a safe return to work.

ON MINING

  • Santacruz Silver Mining Ltd. Reported operating and financial results for the second quarter 2020. At Veta Grande in Zacatecas, 37.1 K tonnes were milled to produce 204.6 K Oz AgEq at cash cost $17.68 per Oz AgEq and an AISC of $19.70 per Oz AgEq. At Rosario in San Luis Potosi, 20.8 K tonnes were milled to produce 141.4 K Oz AgEq at cash cost $14.23 per Oz AgEq and an AISC of $15.59 per Oz AgEq.
  • Equinox Gold Corp. reports that “mining activities at its Los Filos mine in Mexico have been suspended since September 3, 2020 as the result of an illegal road blockade by members of the nearby Carrizalillo community. The individuals allege non-compliance with the community social collaboration agreement signed in 2019. The mine remains staffed with a reduced workforce to maintain appropriate safety, security and environmental systems. Equinox Gold is in active discussions with the Carrizalillo community leaders to resolve the issues”.

ON FINANCING

  • Gold79 Mines Ltd. Approved the granting of 6 M stock options to officers, directors and consultants of the company (Taviche, Oaxaca).
  • Southern Silver Exploration Corp. plans to conduct a non-brokered private placement to raise $456 K (Cerro Las Minitas, Durango).
  • Golden Tag Resources Ltd. Granted 9.9 M incentive stock options to management and directors (San Diego, Durango).
  • Barksdale Resources Corp. increased the size of its non-brokered private placement financing for gross proceeds of up to $6.3 M (San Javier, Sonora).
  • GoGold Resources Inc. entered into an agreement on a bought deal basis with a syndicate of underwriters for the acquisition of shares for gross proceeds of C$30 M (Los Ricos, Jalisco).
  • Silver Dollar Resources Inc. has arranged a non-brokered private placement to raise up to $10.5 M (La Joya, Durango).
  • Redstar Gold Corp. announced the granting of 20.73 M stock options to directors, officers and consultants of the company (Cumaro, Oso Negro and La Lola, Sonora).
  • Inomin Mines Inc. announced a non-brokered private placement to raise up to $400 K in gross profits (La Gitana, Oaxaca).
  • Americas Gold and Silver Corp. closed its previously announced and up-sized bought deal financing for aggregate gross proceeds of C$39.4 M (Cosalá, Sinaloa).
  • Alien Metals Ltd. announced that it has conditionally raised £1.25 M (Los Campos and Los Celsos, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Silver Bull Resources Inc. updated on its Sierra Mojada project in Coahuila. Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. (Mineros Norteños), the group which is illegally blocking the Sierra Mojada project, has filed an appeal in the recently reopened Mexican courts to try and overturn a favorable ruling for Silver Bull on their lawsuit against the Company filed in 2014. The company sees the whole lawsuit as frivolous (looking for payment of an NSR on production that has not taken place), and explains Mineros Norteños has lost already three rulings, and Silver Bull expects a final ruling on the case, which cannot be appealed by Mineros Norteños, to be handed down from the courts within the next 6 months. Mineros Norteños has illegally blocked access to the project since September 2019.

ON DEALS AND CORPORATE ISSUES

  • Odyssey Marine Exploration Inc. had a financing transaction that provides the company with $11.3 M, a portion of which will be used to fund operating expenses of the “Exploraciones Oceánicas” phosphate project offshore Baja California Sur. “The investor group was anchored by Odyssey’s existing NAFTA funding partner, Poplar Grove LLC. Poplar Grove is managed by Drumcliffe LLC, a private investment management firm that oversees high-value litigation funding portfolios of over $14 billion in claims”.   
  • Telson Mining Corp. announced the resignation from its board of directors by Remigio Martínez Muller.
  • Tarachi Gold Corp. entered into an arm’s length option agreement with Exploradora Cobre de Bacanoras S. de R.L. de C.V. to acquire 100% interest in the group of mining concessions known as the Juliana, Juliana No.1, Juliana No.2 and Las Morita mining concessions covering 1,140 hectares in Sonora. “Tarachi’s projects now consist of the San Javier, Pretoria, Chivitas, Jabali, Juliana, Texana and Tarachi concessions for a total of 3,708 ha in the Mulatos District. The deal involves the payment of $40 K on the execution date, $30 K on six months, $30 K on 12 months, $30 K on 18 months, $60 K on 24 months, $60 K on 30 months, $150 K on 36 months, $150 K on 42 months, $150 K on 48 months, $700 K on 54 months and $700 K on 60 months, and the issue of 4 M common shares, 400 K of those on the execution date, 1 M shares on 12 months, 1 M shares on 24 months and 1.5 M shares on 26 months. The transfer of the concessions is subject to a 3% NSR from production, with the company having the right to buy at any time 1/3 of the NSR for $1 M.
  • Inomin Mines Inc. announced the execution of the agreement to acquire the La Gitana and Peña Blanca projects in Oaxaca. Inomin is acquiring 100% interest on both properties for 1 M common shares of Inomin, $25 K cash and the grant of 1.5 % NSR on the Peña Blanca property, of which 0.5% can be bought at any time for $1 M.

ON SOCIAL RESPONSIBILITY

  • Peñasquito continues to apply bio-security protocols. Up to date 27,359 fast test have been applied in the facilities and neighboring communities, resulting in six confirmed cases.
  • First Majestic Silver Corp. invested during 2019 US$3.8 M in local community, health youth programs, infrastructure and access to clean water. Over 25,600 medical consultations were provided in local communities. Planted 105,730 native plant species through reforestation initiatives .
  • Minera San Javier (NewGold) donated personal medical equipment to hospitals in San Luis Potosí, and personal medical equipment and sanitization supplies to the Cerro San Pedro municipality health clinics. The company continues to deliver food pantries to persons in need in Planta del Carmen, La Zapatilla, Monte Caldera, Cuesta de Campa, Calderón, Portezuelo and Cerro San Pedro.
  • Alamos Gold donated medical equipment and a mobile unit to the Sahuaripa DIF (Desarrollo Integral de la Familia) in Sonora.
  • SilverCrest’s Las Chispas project has accumulated 600 days without accidents in Sonora.

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: The whitish ledge from left to center is a silicified paleo water table in the Mexican Altiplano. Picture by Jorge Cirett.

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

IMG_5042 - copia

By Jorge Cirett

During the 46th week of the year (November 12th to November 18th, 2018), at least 22 press releases were announced by companies working in Mexico. Radius, Prize Mining, Silver Viper, Riverside and Golden Minerals released advances in exploration. Sierra Metals, Mag Silver, Leagold and Starcore released quarterly reports. Telson released news on metallurgy. No financing was reported this week. Odyssey and Minera Alamos reported on advances at its properties, while Leagold presented an updated resource base. Pan American Silver and Tahoe agreed on Tahoe’s acquisition by PAS. Golden Minerals acquired a property. ON MEXICO ISSUES, CAMIMEX released figures on copper production in Mexico. ON EXPLORATION, In Sonora, Silver Viper released interesting results from the Virginia project in Sonora. Riverside informed on four new targets at its Cecilia project. In Chihuahua, Golden Minerals released rock sampling results from its Navegantes project. Radius finished drilling at the Amalia project, results pending. In Coahuila, Prize Mining released drill results from the Manto Negro project. ON MINING, Sierra Metals, Mag Silver, Leagold Mining and Starcore presented quarterly reports. Telson is investing on metallurgical studies at its Campo Morado mine in Guerrero. ON FINANCING, No relevant news. ON RESOURCES AND DEVELOPMENT, Odyssey Marine Exploration updated on the Don Diego project offshore Baja California Sur. Minera Alamos presented mapping and sampling results on the Divisadero zone of its Santana project in Sonora. Leagold announced a significant increase in open pit reserves at its Los Filos mine in Guerrero.  ON DEALS AND CORPORATE ISSUES, Goldplay lost its director, Laura Diaz, as she has been appointed as General Director of Mines in Mexico. Pan American Silver entered into an agreement to acquire Tahoe Resources. Golden Minerals optioned the Navegantes property in Chihuahua.

ON MEXICO ISSUES

  • According to CAMIMEX (in a note from opportimes) copper production in Mexico has been stable. During 2017 the world´s copper production was 19.7 M tonnes, a 2% decrease from 2016. Mexico produced 742 K tonnes of copper in 2017, against 766 K tonnes produced in 2016, a 3.1% decrement. Sonora produces over 84% of the country’s total, with Zacatecas and San Luis Potosi following suit. Coming additions to production include El Boleo in Baja California Sur, which is to double its production to 28.5 tonnes; Media Luna in Guerrero is to add 21 K tonnes in 2022 and El Pilar project in Sonora could add 36 K tonnes in 2020.

ON EXPLORATION

  • Radius Gold Inc. completed drilling at its Amalia project in Chihuahua. Nine holes, for a total of 1,909 m were diamond drilled in a program funded by Pan American Silver under a JV. The Campamento, Guadalupe, San Pedro and Dulces Nombres targets were tested across a strike length of 1.8 Km “following the trace of a large regional fault and associated surficial epithermal gold and silver mineralization”. Results pending.
  • Prize Mining Corp. released results from the first four holes at the Manto Negro stratiform copper project in Coahuila. Core length drill intersections comprise 4.40 m @ 1.02% Cu, 28 g/t Ag; 3.55 m @ 1.69% Cu, 28 g/t Ag at El Granizo; 4.10 m @ 0.88% Cu, 49 g/t Ag; 3.40 m @ 1.58% Cu, 122 g/t Ag at El Pilar Grande. At El Rincon, 1.6 Km north from El Pilar Grande, rock channel sampling averaged 3.41 m @ 2.13% Cu, 63 g/t Ag.
  • Silver Viper Minerals Corp. released the first batch of analyses from its initial drilling program at La Virginia project, in Sonora. Results have been received for five of the eight holes from which samples were submitted, with relevant intervals comprising: 9.70 m @ 1.20 g/t Au, 58 g/t Ag (2.03 g/t AuEq), including 2.72 m @ 3.34 g/t Au, 133 g/t Ag (5.24 g/t AuEq); 12.6 m @ 1.04 g/t Au, 79 g/t Ag (2.17 g/t AuEq), including 3.85 m @ 1.88 g/t Au, 152 g/t Ag (4.05 g/t AuEq); 0.7 m @ 2.25 g/t Au, 49 g/t Ag (2.95 g/t AuEq); 8.50 m @ 1.26 g/t Au, 55 g/t Ag (2.05 g/t AuEq) including 1.89 m @ 2.43 g/t Au, 81 g/t Ag (3.58 g/t AuEq); 0.94 m @ 0.96 g/t Au, 49 g/t Ag (1.66 g/t AuEq). The reported holes were collared on Las Huatas zone, with the first two testing parallel veins to the main trend, whereas the last three tested the previously identified main trend, generally intercepting mineralization at expected depths, widths and grades. “The intercepts are characteristic of previous hits on the project, where gold and silver bearing quartz veining/stockwork/breccia fill is often hosted in close proximity to the fractured contact between andesites of the lower volcanic succession and pre-mineral dacite dykes. Mineralization is hosted by both lithologies with the intervals often exhibiting strong silica overprint”.
  • Riverside Resources Inc. informed rock sampling and mapping defined four new targets at its Cecilia project in Sonora. The recent work was conducted on a 50 square km area, checking on previous soil sampling results. The Casa de Piedra, Los Llanos, Cruz and Cruz II targets were outlined, forming structural corridors up to 2 km long of quartz veins (locally banded, locally bearing calcite), anastomosing quartz veins, veins and quartz stockworks that can be up to 30 m in width and locally up 100 m in width. Alteration assemblages in these zones include sericite, silica, kaolinite and buddingtonite. All these areas display anomalous gold values, of up to 2.6 g/t Au.
  • Golden Minerals Co. released rock sampling results from its recently optioned Navegantes project in Chihuahua. Navegantes covers two vein systems, Navegantes and San Pedro‐San Francisco) as well as a number of smaller subsidiary veins, with mineralization occurring as iron oxides within quartz veins ranging up to 2 m in width and 800 m in length. Highlighted samples comprise 1.0 m @ 1,585 g/t Ag; 1.45 m @ 759 g/t Ag; 1.1 m @ 639 g/t Au; 2.1 m @ 472 g/t Ag.

ON MINING

  • Sierra Metals Inc. presented its third quarter 2018 financial report. The company, that has two mines in Mexico and one in Peru, saw its EBITDA reduced 3% in a yearly basis to $18.8 M, due to the decrease in metal prices. At the end of the period, Sierra’s net debt was $30.7 M, and its cash and cash equivalents $30.7 M. At Bolivar in Chihuahua, quarter on quarter production was affected by heavy rains, but year on year production was still increased, with the goal of achieving 3,600 tonnes per day (tpd) in Q1 2019. At Cusi, in Chihuahua, the mill continues to run at the 650 tpd capacity. The additional mill being installed will increase capacity to 1,200 tpd early in 2019. Cash cost per CuEq Lb was $1.68 and AISC $2.35 per CuEq Lb at Bolivar, while at Cusi cash cost was $14.11 per AgEq Oz and AISC $19.08 per AgEq Oz. Surface drilling at Bolivar was 8,332 m, while 2,176 m were drilled from the underground mine. At Cusi, 6,569 m were drilled from the surface.
  • Mag Silver Corp. released its Q3 2018 financial results. At Juanicipio, in Zacatecas, over 16 km of underground development have been achieved, 32% of which was realized on the last nine months. Mag advanced $8.47 M to Minera Juanicipio to fund its 44% share of ongoing development. Fresnillo has reiterated production is to start by mid-2020. Exploration during the quarter completed 48 holes, for 46,060 m of drilling focused to convert inferred resources to indicated, and to trace the Deep Zone laterally and to depth. The company ended the period with cash and cash equivalents of $141.8 M.
  • Leagold Mining Corp. reported 2018 third quarter operating and financial results. At Los Filos in Guerrero, production totaled 42,617 Oz at AISC of $1,060 per AuOz by mining 7.4 M tonnes from the open pit at a grade of 0.65 g/t Au, and 172 K tonnes @ 6.26 g/t Au.
  • Starcore International Mines Ltd. reported production results for its second quarter of fiscal 2019 at its San Martin mine in Queretaro. During the quarter (ended October 31st), 81.4 K tonnes were milled @ 1.4 g/t Au, 43.5 g/t Ag, recovering 86.9% Au, 58.7% Ag, to produce 4,050 AuEq Oz. The Altiplano processing facility was put on maintenance and the sale of the asset is being considered.
  • Telson Mining Corp. announced its intention to retain Glencore Technology to test its patented metallurgical approach to increase zinc recoveries and zinc concentrate grade at its Campo Morado mine in Guerrero.

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

  • Odyssey Marine Exploration Inc. commented on its Q3 2018 report that a plea has been presented at the Tribunal Federal de Justicia Administrativa to oblige SEMERANAT (the Mexican environmental agency) to produce the requested environmental permit on the Don Diego offshore phosphate project in Baja California Sur.
  • Minera Alamos Inc. reported that mapping and surface sampling on the new Divisadero porphyry discovery at its Santana project, in Sonora. The work delineated a 200 x 300 m surface expression (still open) of the 95.7 m @ 0.85 g/t Au, 9.8 g/t Ag, 0.33% Cu drill intercept of porphyry style mineralization of a previous press release. Over 50% of 66 rock samples collected assayed between 0.1 and 2.2 g/t Au, with mineralization appearing to remain open under thin soil cover to the north and south. The Divisadero zone is 200 m north of the Nicho Norte breccia pipe.
  • Leagold Mining Corp. announced a significant increase in open pit mineral reserves at its Los Filos mine in Guerrero. Proven and probable reserves grew 122% compared with the 351 K Oz Au of December 2017, to reach 780 K Oz Au, contained in 40.5 M tonnes @ 0.60 g/t Au.

ON DEALS AND CORPORATE ISSUES

  • Goldplay Exploration Ltd. congratulated “its director, Ms. Laura Cristina Diaz Nieves, on her appointment as the next General Director of Mines in Mexico. As a result of this appointment, Ms. Diaz Nieves is required to relinquish her position as director of the Company at the end of this month” (San Marcial, Sinaloa).
  • Pan American Silver Corp. and Tahoe Resources Inc. entered into a definitive agreement for Pan American to acquire all of the outstanding shares of Tahoe, creating the world’s premier silver mining company. “Tahoe shareholders may elect to receive US$3.40 in cash or 0.2403 Pan American shares for each Tahoe share, subject in each case to pro-ration based on a maximum cash consideration of US$275 million and a maximum number of Pan American shares issued of 56.0 million, totaling US$1,067 million (the “Base Purchase Price”). The Base Purchase Price represents a premium of 34.9% to Tahoe’s volume weighted average price (“VWAP”) for the 20-day period ending on November 13, 2018……. At closing, existing Pan American and Tahoe shareholders will own approximately 73% and 27% of Pan American, respectively” (La Colorada, Zacatecas; El Escobal, Guatemala).
  • Golden Minerals Co. announced the acquisition of the 521 hectares, covered by six concessions, Navegantes property in Chihuahua. Golden holds an option to purchase six concessions totaling 521 hectares by paying $0.4M over three years.

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, magnetic biotite book from a porphyritic intrusive rock, attached to a field magnet in Jalisco. Picture by Jorge Cirett.

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.