Advanced argillic alteration
By Miguel A Heredia
During the 47th week of the year (November 19th to November 25th, 2018), at least 14 press releases were announced by companies working in Mexico, with five informing on exploration results, three reporting on advances on their properties, three disclosing deals and corporate issues, two announcing financing issues, and one related to a law proposal to force miners to seek permission from the communities. ON MEXICO ISSUES, a law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. ON EXPLORATION, In Sonora, Aloro Mining mobilized a RC drill rig to its Los Venados project, Mexus Gold commenced a drilling program on its Santa Elena project, and Millrock announced a new drilling program at its La Navidad project. Millrock also reported results from its El Picacho project. In Coahuila, Silver Bull completed a VTEM and Magnetic geophysical survey on its Sierra Mojada project. In Veracruz, Azucar Minerals reported drilling results from its El Cobre project. ON MINING, no relevant news. ON FINANCING, Goldplay announced a private placement intended to raise up to CAD$ 1.5M. Mexican Gold closed the first tranche of a non-brokered private placement for $2.06M. ON RESOURCES AND DEVELOPMENT, Minera Alamos received a positive notification from SEMARNAT for the development of its la Fortuna project in Durango. SilverCrest filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. Torex reported in-fill and step-out drilling results from its El Limón-Guajes mine complex in Guerrero. ON DEALS AND CORPORATE ISSUES, Consolidated Zinc held its 2018 annual general meeting (Plomosas mine, Chihuahua), Avino announced management changes (Avino mine, Durango), and Kootenay entered in an option agreement to acquire a 100% of interest of the Columba property in Chihuahua.
ON MEXICO ISSUES
- Communities’ consultation. A law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. Proposed initiatives include empowering the Ministry of Economy to declare certain zones as not viable for mining, and revoke permits and existing concessions that had a negative social impact. They also contemplate charging Mexican agencies with overseeing the social and environmental impact of mining activities. The news caused the Grupo Mexico and Peñoles stocks to tumble 5.4% and 4.7% respectively on the Mexican Stock Exchange.
- Aloro Mining Corp., mobilized a RC drill rig to its Los Venados project in Sonora while a bulldozer continues the construction of drill pads and access roads to other drill sites. This is the first time that the southern portion of the property is going to be drill-tested.
- Mexus Gold US, commenced a drilling program on the Julio II zone within its Santa Elena project in Sonora.
- Millrock Resources Inc., announced that a new drilling program is underway at its La Navidad project in Sonora, where the company has a JV option with Centerra Gold Inc. Seven holes totaling 1,500m were planned to test the northwest portion of the property, being 4 holes at the El Tigre prospect where Au has been detected by soil sampling in the vicinity of historic mine workings, and 3 holes at the El Chupadero prospect where decalcification and jasperoid replacement suggests the presence of intrusion-related gold mineralization. Millrock also reported that a 2,007.80m drilling program was completed at its El Picacho project in Sonora. Unfortunately, only narrow Au-bearing intersections were encountered. Highlights include 1m of 0.72 g/t Au in Hole P18-004D, 1m of 2 g/t Au in Hole P18-007D, and 0.5m of 5.7 g/t Au in Hole P18-008D.
- Silver Bull Resources Inc., completed a 5,297line km helicopter-borne VTEM and Magnetic geophysical survey on its Sierra Mojada project in Coahuila. The airborne survey covered 4 main regional prospects including the main deposit at its Sierra Mojada property. It targeted over 50 km of the regional San Marcos Fault, due to this structure is considered to be the main control of the mineralization in the district. This survey is part of a work program conducted under a JV option with its partner South 32 Limited.
- Azucar Minerals Ltd., announced results from its ongoing drilling program at the El Cobre project in Veracruz. Highlights from drilling at the Villa Rica target are 161.20m of 0.23 g/t Au and 0.15% Cu in Hole EC-18-052, including 18m of 0.51 g/t Au and 0.43% Cu, and another interval of 10m of 0.60 g/t Au and 0.48% Cu, and 116.30m of 0.21 g/t Au and 0.16% Cu in Hole EC-18-054, including 12.40m of 0.85 g/t Au and 0.39% Cu.
- No relevant news.
- Goldplay Exploration Ltd., announced a private placement intended to raise up to CAD$ 1.5M
- Mexican Gold Corp., closed the first tranche of a non-brokered private placement for $2.06M. Net proceeds will be used to continue exploration on the Company’s Las Minas project located in the State of Veracruz, Mexico, to make the final property payment, and for general working capital purposes.
ON RESOURCES AND DEVELOPMENT
- Minera Alamos Inc., received a positive notification from SEMARNAT regarding the Company´s permit applications (MIA / ETJ) for the development of its la Fortuna project in Durango. It allows Minera Alamos to initiate applications for other permits required in advance of any commercial mine production.
- SilverCrest Metals Inc., filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. There are no material differences in the mineral resources disclosed in the press release dated September 19, 2018.
- Torex Gold Resources Inc., reported in-fill and step-out drilling results in the Sub-Sill Zone of its El Limón-Guajes mine complex in Guerrero. Highlights from the drilling program include 8.1m of 30.2 g/t Au, 38 g/t Ag, and 4.3% Cu in Hole SST-101, 3.6m of 48.9 g/t Au, 6 g/t Ag, and 0.1% Cu in Hole SST-118, and 4.6m of 34.4 g/t Au, 13 g/t Ag, and 0.9% Cu in Hole SSUG-059. The deposit remains open in several directions.
ON DEALS AND CORPORATE ISSUES
- Consolidated Zinc Limited, held its 2018 annual general meeting and advised that the company increased 32% of the mineral resources and filed a bankable FS assessing the viability of its Plomosas mine in Chihuahua.
- Avino Silver & Gold Mines Ltd., announced the retirement of its CFO and commenced a selection process to find a replacement. (Avino mine, Durango).
- Kootenay Silver Inc., entered in an option agreement to acquire a 100% ownership of the Columba property in Chihuahua. This property covers a large high-grade silver epithermal system with several veins varying from 0.5 to up to 6.0m in width which have been mapped for over 200m up to 2Km in length. Sampling has returned grades of up to 692 g/t Ag. Kootenay can acquire a 100% of the property by making staged payments over a 4-year period totaling US$ 3.29 M with an initial payment of US$ 15K, first and second years payments totaling US$ 75K and US$ 150K respectively. The Agreement includes a work commitment of US$ 250K by the first anniversary and US$ 750K by the second anniversary of the Agreement. Upon earn-in the vendors retain a 2% NSR of which 1% can be purchased by the Company for US$ 750K.
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, advanced argillic alteration in a skarn-epithermal mineralized system in Durango, Mexico. Photo by Miguel A Heredia.