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

Banded quartz epithermal vein

By Miguel A Heredia

During the 37th week of the year (September 10th to September 16th, 2018), at least 22 press releases were announced by companies working in Mexico, with ten informing on exploration results, six reporting on resources and developments, four communicating deals and corporate issues, and two announcing production results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Riverside and Kootenay announced exploration results from its Cecilia and La Mina projects respectively. In Chihuahua, Harvest Gold began preparations to drill test its Cerro Cascaron project and Sable Resources released drilling results from its Margarita project.  In Sinaloa, Auxico reported sampling results from its Zamora project In Durango, Gainey announced a 1st phase of exploration at its Las Margaritas project, Orex commenced fieldwork exploration on its San Luis del Cordero project, and Prospero reported drilling results from its Buenavista project. In Zacatecas, Advance Gold started a phase 2 drilling program at its Tabasquena project. In Jalisco, Evrim announced trench and soil results from its Cuale project.  ON MINING, Starcore reported Q1 2018 results from its San Martin mine in Queretaro. US Antimony announced plans to increase its production of Sb, Au and Ag in Mexico. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, In Sonora, SilverCrest and Premier Gold released drilling results from its Las Chispas and Mercedes projects respectively. Aura provided an update at its Aranzazu mine in Zacatecas. Candelaria announced a PEA for its Pinos Gold project in Zacatecas.   McEwen reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Evrim and First Majestic agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. New Gold announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi). Levon announced results from its annual general meeting (Cordero project, Chihuahua). Vangold withdrew its submission to acquire the San Carlos property in Guanajuato (El Pinguico mine, Guanajuato).

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Riverside Resources Inc., completed 11 N-S lines for soil sampling which returned strong multi-elements anomalies with Au, Pb, Cu, and other key elements. These results along with previous exploration work have outlined four new target areas on its Cecilia project in Sonora. Target 1 is a 4km long by 300m wide target where previous rock sampling has found up to 2 g/t Au in silicified conglomerates , but the soil anomaly is open in both directions beyond the 4 Km and more than 800m wide. Target 2 is a NE trending Ag, Pb, Au, Zn, Sb, Hg and Cu soil anomaly over 2km long and 600m wide in rock cracks with faults and host veining displaying a series of NW striking feeder dikes. Target 3 is a 1km long by 500m wide Au-Zn with minor Ag, Cu, Pb and Bi soil anomaly associated to a N-S trending fault system intersecting Paleozoic limestones. This target is also along the border edge of a magnetic high reported in a regional government geophysics survey likely associated with Pre Cambrian granitic basement.  Target 4 contains “high-grade gold samples in soils and alteration with jasperoid, silicification, and carbonate veining of the Paleozoic limestone that gives a potential limestone hosted Au with anomalous soil assays of Zn, Pb, Ag and Mn”.
  • Kootenay Silver Inc., announced that its partner Capstone Mining Corp., has commenced an exploration program on its la Mina project in Sonora. The exploration program will consists of detailed mapping and rock chip / stream sediment sampling to generate potential drill targets.
  • Harvest Gold Corporation, reported that Evrim Resources, its JV partner and operator on its Cerro Cascaron project in Chihuahua, has mobilized an advance team to the site to start preparations to drill test the property. The drill program, expected to commence at the end of September, will consist of 3,000 m to test the Cascaron Gold targets and the Cascarita Silver targets.
  • Sable Resources, released drilling results from its Margarita project in Chihuahua. Significant intersections are from hole M-DDH-18-09 with 6.5m of 111 g/t Ag Eq, including 3.5m of 153 g/t Ag; hole M-DDH-18-11 with 11.3m of 252 g/t Ag Eq, including 1.3m of 889 g/t Ag Eq; hole M-DDH-18-12 with 12.7m of 98 g/t Ag Eq, including 1.8m of 244 g/t Ag Eq. Additionally, Sable identified a low-grade stockwork style of mineralization evident in numerous holes. The most significant results are hole M-DDH-18-03 with 44.13m of 50 g/t Ag Eq, including 6.95m of 142 g/t Ag Eq; hole M-DDH-18-07 with 7.6m of 54 g/t Ag Eq, and hole M-DDH-18-12 with 21.35m of 37 g/t Ag Eq. “With the first stage of drilling now complete we will evaluate our results and formulate a plan for stage 2 drilling targeting further extensions of Margarita and the other adjacent parallel veins”.
  • Auxico Resources Canada Inc., reported high-grade sampling results from its Zamora project in Sinaloa. Significant results are 0.80m of 4Kg Ag and 29.2 g/t Au at La Franca claim, 600m southwest of the Campanillas mine along a structure that can be followed by at least 600m along strike. Mineralization consists of breccia-stockwork veining containing galena, sphalerite and possible silver sulphosalts, malachite and chalcopyrite. Other significant results are from Aguamas area where some channel samples returned 0.65m of 6.38 g/t Au and 23 g/t Ag; 0.70m of 14.7 g/t Au and 34 g/t Ag; 0.50m of 3.55 g/t Au and 108.7 g/t Ag; and 1.60m of 6.64 g/t Au and 220 g/t Ag.
  • Gainey Capital Corp., announced a phase 1 exploration program on its Las Margaritas project in Durango. Las Margaritas is a mineralized vein system that extends at least 1.5Km along strike and averages 1-2m in width. The 1st phase exploration program will consists of detailed mapping and sampling with the objective to identify prospective areas to generate the best drill targets.
  • Orex Minerals Inc., commenced an exploration program on its San Luis del Cordero project in Durango, where the company has an option to acquire 100% interest in the property from Exploraciones del Altiplano S.A. de C.V. Mineralization at San Luis del Cordero is characterized by skarn and epithermal vein Ag-Cu-Zn as a result of Tertiary-quartz-feldspar-porphyry intrusions affecting Jurassic and Cretaceous limestones, calcareous sandstones and shales. The project has seen several phases of exploration from different mining companies, including 16,400m drilled in 62 holes in the period 2000-2016. The property contains indicated resources of 662.6K tonnes of 121 g/t Ag, 0.78 % Cu and 1.1 % Zn for a total of 5.1M Oz Ag Eq, and inferred resources of 2, 785,300 tonnes of 144 g/t Ag, 0.75 % Cu and 1.45 % Zn, for a total of 24.4 M Oz Ag Eq.
  • Prospero Silver Corp., reported core drilling results from eleven holes totaling 2, 811m drilled at its Buenavista project in Durango. Mineralization drilled-tested at Buenavista consists of structurally controlled epithermal veins centered on a rhyolite dome complex. “All holes cut anomalous silver mineralization, with a best interval of 1.6m @ 353g/t Ag from 185.6m downhole, within a broader interval of 49m @ 43g/t Ag in hole BVF-18-05”.
  • Advance Gold Corp., started a second phase drilling program at its Tabasquena project in Zacatecas to test the La Tabasquena epithermal vein at a depth of 1,800m. Phase 2 will test below the gold discovery hole of phase 1. It also will test some of the potential feeder type targets and all of the veins below the oxide zone which goes down to an estimated 175 metres below surface.
  • Evrim Resources Corp., announced new trench and soil results from its Cuale project in Jalisco. Highlight results include the trench 2 which was extended from 29.4m to 184.1m with an average grade of 0.85 g/t Au, including 59.1m of 1.79 g/t Au, and including 21.6m of 4.18 g/t Au; Trench 4 , extended from 106.2m to 156.2m with an average grade of 9.57 g/t Au, including 64.6m of 20.85 g/t Au, and including 7.5m of 163.31 g/t Au; and Trench 5 which contains 174m of 0.62 g/t Au, including 70m of 1.16 g/t Au, and including 40m of 1.45 g/t Au. A soil grid with 200 metre spacing outlined a Au anomaly over the entire La Gloria prospect with grades >0.01 g/t Au of 2,300m by 800m with a central corridor of 1,700m by 300m >0.1 g/t Au extending north of the trenched area.  “The soil anomaly at higher elevation correlates with elevated silver, antimony, molybdenum, arsenic and low contents of manganese and zinc.  At lower elevations gold correlates with elevated copper, tellurium, arsenic, bismuth and iron”. “The new trench results expand the La Gloria zone to the northwest and the east with consistent gold mineralization.  Soil sampling indicates the La Gloria system footprint is measurably larger with the potential to host a significant deposit and/or additional mineralized centers within the La Gloria prospect”.   “The soil survey has a distinctive high sulphidation signature centred on a large gold in soil anomaly that is approximately 2,300 metres by 800 metres.  The results indicate a potential major system with significant upside for additional mineralized centers within the La Gloria prospect.”

ON MINING

  • Starcore International Mines Ltd., reported Q21 2018 results from its San Martin mine in Queretaro. Starcore milled 77,400 tonnes of 1.53 g/t Au and 49 g/t Ag to produce 3.3K Oz Au and 72.7K Oz Ag, with an all-in sustaining cost of US$ 1,215 for Eq Oz. Metallurgical recoveries were 88.1% for Au and 59.6% for Ag.
  • US Antimony Corporation, produced 131,184 Lb Sb and 1,244 short tonnes of zeolites in August 2018 and announced plans to increase its production of Sb, Au and Ag in Mexico. At its Wadley mine in San Luis Potosi, the general level will be reactivated by cleaning up the waste to provide access and transportation of the lower grade for the mill. At Sierra Guadalupe in Zacatecas, the Santa Monica drift will be restarted. The ore is primarily sulphides and can be upgraded to 60-70% Sb flotation concentrate at its Puerto Blanco Mill to make antimony tri-sulphide. At the Soyatal district in Queretaro, a buying program will be started to purchase direct shipping ore for its Madero smelter. The construction of the cyanide leach plant for the Los Juarez Au-Ag-Sb should allow pilot testing to commence during Q4 2018. The company also closed an agreement purchase, dismantle and transport an antimony plant from Reynosa, Tamaulipas. When installed, the equipment from the Reynosa plant will increase the capacity of the Madero Smelter in Coahuila to approximately 30,000,000 Lb per year of antimony oxide.

ON FINANCING

  • No relevant news.

 

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., released drilling results from its Las Chispas project in Sonora and expanded the high grade at Babicanora Norte vein. Drill holes have intersected additional high-grade Ag-Au mineralization at Babicanora Norte vein which is located about 300m NE of Babicanora vein and apparently is connected with the Granaditas area which contains multiple veins to the southeast. The most significant results are 1.8 m of 15.11 g/t Au and 1,718 g/t Ag or 2,851 g/t Ag Eq, 1.6 m of 8.96 g/t Au and 1,078 g/t Ag or 1,750 g/t Ag Eq and 1.5 m of 4.22 g/t Au and 687 g/t Ag or 1 Kg Ag Eq. The drilling results of Babicanora Norte vein will be part of the upcoming updated resource which will include 8 of the 30 identified veins in the district.
  • Premier Gold Mines Limited, reported drilling results from the Rey de Oro deposit at its Mercedes mine in Sonora. Highlights results include hole UG-R018-013 which returned 12.64 g/t Au and 240.1 g/t Ag across 29.65 m (TW of 13.5 m), hole UG-R018-015 with 0.41 g/t Au and 3120.0 g/t Ag (91.0 oz/ton) across 1.52 m (TW of 1.06 m), and hole UG-R018-012 with 17.00 g/t Au and 321.0 g/t Ag across 1.1 m (TW of 0.8 m) and 4.47 g/t Au and 138.5 g/t Ag across 8.25 m (TW of 6.1 m). “Underground drilling at Rey de Oro consists of step-out and delineation drilling of this recently developed horizon. This drilling continues to intersect some of the widest vein intercepts on the property and demonstrate the potential to continue to extend the mine life at Mercedes”.
  • Aura Minerals Inc., provided an update at its Aranzazu mine in Zacatecas. Aura has obtained all the necessary permits and initiated the construction of the new tailings disposal system. “The Company expects the Aranzazu mine to achieve commercial production later this year and to achieve the average processing of 2,600 tonnes per day shortly thereafter”.
  • Candelaria Mining Corp., announced a PEA for its Pinos Gold project in Zacatecas. Highlight results from the PEA indicate an after tax net present value (NPV) of US$ 12M using a 5% discount rate, an after tax internal rate return (IRR) of 25%, and a 7 years life of mine with projected gold equivalent ounce (“GEO”) production of 89,000. The PEA includes a mineral resource estimate as of September 13, 2018. Measured resources (Dump) are 85,847 tonnes of 1.6 g/t Au and 83 g/t Ag for a total of 4,444 Oz Au and 229K Oz Ag. Indicated resources are 175,697 tonnes of 3.6 g/t Au and 47 g/t Ag for a total of 20.6K Oz Au and 268K Oz Ag. Inferred resources are 529,267 tonnes of 3.6 g/t Au and 48 g/t Ag for a total of 60.7K Oz Au and 811K Oz Ag. Average recovery for Au and Ag are 90 and 80% respectively. The company plans to have an annual production of 12,700 GEO with an overall average direct cash cost of %US 666 per GEO.
  • McEwen Mining Inc., reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa, combining mineralized sources from five locations that will be developed in two distinct process plant construction phases. McEwen plans to produce 47K Oz Au Eq per year.
  • Bacanora Lithium plc., announced plans to start the mine construction on its Sonora Lithium project in Sonora. $US 420M will be invested in the first phase and is expected to begin to operate in 2020.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., and First Majestic Silver Corp., agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. First Majestic has completed its 100% earn-in for both projects. First Majestic has paid $1.5M in cash to Evrim and has granted a 2% NSR in the case of Ermitaño project and 1.5% NSR in the case of Cumobabi project.
  • New Gold Inc., announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi).
  • Levon Resources Ltd., released results from its annual general meeting (Cordero project, Chihuahua).
  • Vangold Mining Corp., withdrew its submission to the TSX Venture Exchange to acquire the San Carlos property in Guanajuato.

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 banded quartz vein in an intermediate sulphidation epithermal project in Zacatecas, Mexico.  Photo by Miguel A Heredia.

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

116 - copia

By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

 

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

By Miguel A Heredia

During the 21th week of the year (May 21th to May 27th, 2018), at least 15 press releases were announced by companies working in Mexico, with six informing on exploration results, 3 communicating deals and corporate issues, 2  reporting Q1 2018 results, two announcing financing,  and  two reporting on resources & development.  ON MEXICO ISSUES, no relevant news ON EXPLORATION, In Sonora, Canuc provided an update on exploration results at its San Javier project, Azure reported drilling results from its Oposura project, and Riverside presented an update on exploration results from its Glor property.  In Sinaloa, Goldplay announced the start of a drilling program on its Habal project. In Coahuila, Discovery Metals reported geochemical results for its Puerto Rico project. Canasil started a drilling program at its La Esperanza project in Zacatecas-Durango.  ON MINING, Santacruz reported Q1 2018 results for its Veta Grande and the Rosario projects in Zacatecas and San Luis Potosí, respectively. Telson started commercial production at its Campo Morado mine in Guerrero. ON FINANCING, Minaurum closed a private placement for $1 M. Prospero closed a placement for $517K. ON RESOURCES AND DEVELOPMENT, Sierra Metals updated mineral reserve and resource estimate at its Bolivar mine in Chihuahua. McEwen announced new preliminary economic assessment for its El Gallo Complex in Sinaloa.   ON DEALS AND CORPORATE ISSUES, Alio announced voting results of its annual general meeting and approved the acquisition of Rye Patch Gold Corp. Almadex changed its name to Azucar Minerals Ltd.  Leagold received approval to acquire Brio Gold.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Canuc Resources Corporation, reported sampling results from its San Javier project in Sonora. Significant results from the northeast section of the San Javier mineralized corridor are 1.5m of 625 g/t Ag in breccia material at the Chiripas working and 3.8m of 477 g/t Ag in vein material at the Little Pit working. In the southwest portion at the Jazmin old working sampling returned 2m of 698 g/t Ag in vein material. “These results clearly indicate that high grade silver vein mineralization, and also silver bearing breccia geology, is evidenced along the full 3 km strike extent of the San Javier structure and the San Javier mineralized corridor. This is very encouraging for geological prospects and vein continuity along trend in the northeasterly direction, and suggests potential for a robust high-grade and vein hosted mineral endowment.” Canuc also announced the release of two of the nineteen claims optioned in san Javier property.
  • Azure Minerals Limited, reported drilling results from its Oposura project in Sonora. Highlights include 12.5m of 3.9% Pb and 12.4% Zn; 3.20m of 8.0% Pb and 13.0% Zn, 2.95m of 7.7% Pb and 10.3% Zn, and 2.50m of 2.4% Pb and 24.8% Zn. “The weighted average thickness of the intersections within this high-grade zone is 5.8m of 5.5% Pb and 13.7% Zn.
  • Riverside Resources Inc., presented exploration results from its Glor project in Sonora. This exploration program, funded by its partner Centerra Gold, consisted on geological mapping, stream sediment & soil geochemistry surveys along with the interpretation of aeromagnetics data and identified a 3.5km long structural corridor of “highly deformed rocks showing patchy hydrothermal mineralization and scattered occurrences of gold and base metal mineralization”. This shear zone displays quartz-sericite-carbonate hydrothermal alteration and has been interpreted as a target with potential to contain orogenic type gold mineralization.
  • Goldplay Exploration Ltd., commenced a phase first drilling program on its Habal project in Sinaloa, which will consists of 1,500m in six holes. The aim is to drill-test a 600m long mineralized corridor open along strike and down dip within a highly prospective 6 km long mineralized corridor. The drill program will test shallow low resistivity anomalies identified by a CSMAT survey with evidences of intense hydrothermal alteration in andesites and rhyolites known to contain Au mineralized quartz stockwork zones.
  • Discovery Metals Corp., reported high-grade results from a Significant results are 2.2m of 624 g/t Ag, 2.5% Pb, 6.1% Zn and 0.4% Cu, including 0.7m of 1, 860 g/t Ag, 5.7% Pb, 7.6% Pb, and 1% Cu; 2.0m of 268 g/t Ag, 9.8% Pb, 17.5% Zn, and 0.2% Cu, including 0.9m of 529 g/t Ag, 18.2% Pb, 19.6% Zn, and 0.5% Cu; and 8m of 179 g/t Ag, 12.6% Pb, 18.3% Zn, and 0.1% Cu, including 0.7m of 148 g/t Ag, 2.6% Pb, 27.9% Zn, and 0.1% Cu.
  • Canasil Resources Inc., started a drilling program at its La Esperanza project in Zacatecas-Durango. “The drill program is planned to follow up on the positive drill results from the 2016-17 drill program on the La Esperanza vein, located in the southeast of the project area”.

 

ON MINING

  • Santacruz Silver Mining Ltd., reported Q1 2018 results for its Veta Grande and the Rosario projects in Zacatecas and San Luis Potosi respectively. At Veta Grande, the company milled 35K tonnes at a grade of 62 g/t Ag 32.4K Oz Ag. A the Rosario, Santacruz milled 13K tonnes at a grade of 42 g/t Ag to produce 15.7K Oz Ag.
  • Telson Mining Corp., started commercial production at its Campo Morado mine in Guerrero. The company milled 112.5K tonnes during the past 60 operational days at an average daily rate of 1,875 tonnes per day, with average Zn recoveries of 73%.

ON FINANCING

  • Minaurum Gold Inc., closed a second tranche of a private placement for $1 M. Total proceeds will be used for its ongoing exploration program at Alamos, Sonora.
  • Prospero Silver Corp., closed a private placement for $517K.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc., update mineral reserve and resource estimate at its Bolivar mine in Chihuahua. Total proven + probable reserves are 7.9M tonnes of 0.25 g/t Au, 19 g/t Ag, and 0.86% Cu for a total of 63K Oz Au, 4.8M Oz Ag, and 152 M Lb Cu. Total indicated resources are 13.3 M tonnes of 0.29 g/t Au, 22 g/t Ag, and 1.04% Cu for a total of 124K Oz Au, 9.6M Oz Ag, and 308M Lb Cu, while inferred resources are 8M tonnes of 0.42 g/t Au, 22 g/t Ag and 0.96% Cu for a total of 109K Oz Au, 5.8M Oz Ag, and 172M Lb Cu (Mineral resources are reported inclusive of ore reserves).
  • Mc Ewen Mining Inc., announced a new preliminary assessment for its El Gallo Complex in Sinaloa, and extends its life for 10 years more in Mexico. Updated measured and indicated resource are 13 M tonnes of 0.39 g/t Au and 77 g/t Ag for a total of 161K Oz Au and 32.2 M Oz Ag. Total inferred resources are 7M tonnes of 0.81 g/t Au and 27 g/t Ag for 140K Oz Au and 5M Oz Ag. The key outcome include an average annual production rate of 47K Oz AuEq, low initial capital cost, mine pay-back of 4 years, and after-tax IRR of 25% at current Au and Ag prices.

ON DEALS AND CORPORATE ISSUES

  • Alio Gold Inc., announced voting results from its annual general meeting and approved the acquisition of Rye Patch Gold Corp.
  • Almadex Minerals Limited., changed its name to Azucar Minerals Ltd.
  • Leagold Mining Corporation, received Mexican anti-trust approval to acquire Brio Gold.

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 rhythmic banded quartz + barite vein with abundant manganese oxides in a prospect in Chihuahua, Mexico. Photo by Miguel A Heredia.

Explotación minera en el mar, opción o pesadilla

https://www.eleconomista.com.mx/opinion/Explotacion-minera-en-el-mar-opcion-o-pesadilla-20180504-0041.html

La explotación minera de fondos oceánicos será pronto una realidad. Sus impactos ambientales están siendo intensamente evaluados por instituciones académicas y agencias internacionales, mientras la ingeniería avanza lo suficiente para colocarla como opción viable y rentable, en muchos casos, superior a la minería en tierra. Crece la escasez de minerales metálicos y no metálicos en yacimientos terrestres accesibles y de costo aceptable, mientras el reciclaje es insuficiente y la demanda aumenta exponencialmente por la industria electrónica y la fabricación de baterías para vehículos eléctricos. Níquel, cobalto, tungsteno, platino, rodio, manganeso y otros metales son indispensables para nuevas tecnologías electrónicas, y el fósforo es insumo vital para la manufactura de fertilizantes esenciales en la agricultura. El impacto ambiental de actividades mineras en tierra llega a ser devastador en cuanto a ecosistemas y paisajes, deforestación, y contaminación de aguas, suelos y atmósfera.

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

By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

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

During the 12th week of the year (March 20th to March 26th, 2017), at least 21 press releases were announced by companies working in Mexico. ON EXPLORATION, Southern Silver and Orex Minerals reported drilling results from their respective projects in Durango. Riverside disclosed interesting trench assay results from its project in Sonora, Silver Bull presented the results from deep drilling in Coahuila, Canasil reported drilling results from a project in Zacatecas/Durango and Alset received needed drilling permits in Zacatecas. ON MINING, Argonaut gold, Excellon, Premier Gold and Santacruz presented operating and/or financial results for 2016. ON FINANCING, Starcore closed the sale of a surface land package, and Primero Mining obtained an extension on a loan. ON RESOURCES AND DEVELOPMENT, Argonaut presented drilling results that support a potential pit expansion in Sonora, Consolidated Zinc disclosed assay results from underground sampling on its Chihuahua property, Pan American Silver filed a technical report on SEDAR regarding its mine in Chihuahua and Mexus US informed of advances on the commissioning of its Sonora mine.  ON DEALS AND CORPORATE ISSUES, Lithium Australia increased its stake on a lithium property in Sonora.

ON EXPLORATION

  • Southern Silver Exploration Corp. reported drilling results for two holes at its Cerro Las Minitas project in Durango. Results include 9.9 m (True width) @ 48 g/t Ag, 0.3% Pb, 3.6% Zn; 2.9 m @ 26 g/t Ag, 0.5% Pb, 3.0% Zn; 9 m @ 601 g/t Ag, 7.1% Pb, 17.9% Zn. The results table mentions “dilution” ranging from 38% to 61%, meaning perhaps poor core recovery.
  • Riverside Resources Inc. reported assays from trench sampling at its Glor project in Sonora, funded by partner Centerra Gold Inc. Results from the Pitaya target area include 105 m @ 0.49 g/t Au, 84 m @ 0.53 g/t Au, 12 m @ 0.64, 36 m @ 0.34 g/t Au. A first-phase drill program is being planned, with 2,000 m to test the Pitaya zone and previously reported induced polarization anomalies.
  • Silver Bull Resources Inc. disclosed assay and geologic results from five deep holes (515-833 m depth) targeting high grade feeder structures at its Sierra Mojada property in Coahuila. Assay results include 50 m @ 0.15% Cu, 27 g/t Ag, 115 m @ 0.25% Zn, 81 m @ 0.64% Zn, with this last interval including 17 m @ 65 g/t Ag and 41 m @ 1.4% Pb. The holes intercepted 180, 360 and 460 m of intense silica alteration resulting in total replacement of the original country rock in places. The company interprets these results as the proximal halo to an intrusive rock source, thus providing a vectoring for future drill holes.
  • Canasil Resources Inc. has received assay results for three more holes at its La Esperanza project in Durango/Zacatecas. Intercepts include 0.7 m @ 0.3 g/t Au, 131 g/t Ag, 0.64% Zn, 0.23% Pb, 0.84% Cu; 2.1 m @ 38 g/t Ag, 0.5% Zn, 0.14% Pb; 2.5 m @ 63 g/t Ag, 0.5% Zn, 0.15% Pb; 4.1 m @ 33 g/t Ag, 1.0% Zn, 0.6% Pb; 1.5 m @ 51 g/t Ag, 1.9% Zn, 1.4% Pb. A further drill hole is in progress, increasing the current program to 2,00 m in seven holes.
  • Alset Energy Corp. has received the necessary environmental permits for drilling its La Salada lithium property in Zacatecas. The company intends to drill two holes, and make a 100-meter grid for subsurface sampling of the salar.
  • Orex Minerals Inc. informed that project partner Fresnillo PLC completed a phase-V exploration diamond drilling program with 11 holes in 5,214.9 m. Results include 1.22 m @ 1.5 g/t Au, 28 g/t Ag; 0.65 m @ 2.3 g/t Au, 42 g/t Ag; 31.6 m @ 0.42 g/t Au; 14.5 m @ 0.56 g/t Au; 1.0 m @ 1.31 g/t Au; 1.0 m @ 2.12 g/t Au; 0.9 m @ 0.40 g/t Au, 402 g/t Ag; 0.4 m @ 0.48 g/t Au, 812 g/t Ag; 0.9 m @ 1.01 g/t Au, 67 g/t Ag.

ON MINING

  • Argonaut Gold Inc. presented financial and operating results for 2016, which includes figures from its operations in Mexico. At El Castillo in Durango, 11.1 M tonnes of ore and 16.4 M tonnes of waste were extracted, while moving 75 K tonnes per day (tpd), at a grade of 0.37 g/t Au, producing 62,235 Oz Au at cash cost $884 per Au Oz. At La Colorada in Sonora, 11.1 M tonnes of ore and 16.4 M tonnes of waste were moved, with the ore grading 0.55 g/t Au to produce 56,492 Oz Au and 184.5 K Oz Au. The first pour of gold at San Agustin (10 km from El Castillo) is expected during the third quarter of 2017.
  • Excellon Resources Inc. reported operational and financial results for 2016, period during which 55,593 tonnes of ore were processed at a grade of 456 g/t Ag, 4.4% Pb, 5.7% Zn, to produce 752.7 K Oz Ag, 4.44 M Lb Pb, 5.58 M Lb Zn (with recoveries at 90.5% Ag, 82.1% Pb, 80.1% Zn). Cash cost per Ag Oz was $13.42 and all-in sustaining cost (AISC) of $33.04 per Ag Oz. An optimization plan to enable dry mining on Platosa is set to double productivity and halving costs by the second quarter of 2017. Cash, current accounts receivable and marketable securities totaled $7.7 M at the end of 2016.
  • Premier Gold Mines Ltd. presented operational and financial results for 2016, including figures for its Mexico operations. At Mercedes in Sonora (which was bought at the end of the third quarter) production during the fourth quarter included the milling of 175 K tonnes of ore @ 4.27 g/t Au, 44.5 g/t Ag to produce 22,481 Oz Au and 98.4 K Oz Ag, on recoveries of 94.8% Au, 39.1% Ag. Cash cost was $690 per Au Oz and AISC  $811 per Au Oz including co-products. Also during the quarter 8,532 m of drilling were completed in 44 holes. Premier aims to produce 85-90 K Oz Au at Mercedes during 2017.
  • Santacruz Silver Mining Ltd. reported operating results from the Rosario project in San Luis Potosi and the Veta Grande project in Zacatecas, for 2016. At Rosario 93.2 k tonnes of ore were milled @ 163 g/t Ag, to produce 456.3 K Oz Ag, 454 Oz Au, 759 tonnes Pb, 2,657 tonnes Zn (Ag recovery @ 94%). At Veta Grande 28.5 K tonnes @ 56 g/t Ag were milled to produce 29,843 Oz Ag, 115 Oz Au, 232 tonnes Pb, 382 tonnes Zn (Ag recovery 58%). The Rosario mill has been processing ore from the nearby Cinco Estrellas mine, where the company has completed development work in three levels and expects to mine at a 250 tpd rate. At Veta Grande more than 2,000 m of development have been completed on two mines, furthermore, back-fill mineralized material was identified and is to be a primary source of millfeed combined with material from other mine working faces.

ON FINANCING

  • Starcore International Mines Ltd. announced the closing of the sale of its San Pedrito surface property in Queretaro. The property is near the Santiago de Queretaro city limits, and has gained value in recent years. The total amount paid was C$10,171,415 dollars for 55 hectares of the land package, with payments amounting over C$3 M pending for the remaining 17 hectares.
  • Primero Mining Corp. announced that it has agreed in principle with its lenders to an extension of its $75 M revolving credit facility, extending it for six months to November 2017.

ON RESOURCES AND DEVELOPMENT

  • Argonaut gold Inc. has completed a 5,139 m, 22 holes RC drill program at its La Colorada mine in Sonora, aiming to confirm resources for a pit expansion at the Creston deposit. Results include 15.2 m @ 0.62 g/t Au, 5 g/t Ag; 19.8 m @ 0.72 g/t Au, 10 g/t Ag; 12 m @ 0.44 g/t Au, 5 g/t Ag; 41.1 m @ 1.15 g/t Au, 6 g/t Ag; 27.4 m @ 0.96 g/t Au, 5 g/t Ag; 16.8 m @ 2.69 g/t Au, 3 g/t Ag; 59.4 m @ 1.24 g/t Au, 6 g/t Ag; 51.8 m @ 0.52 g/t Au, 4 g/t Ag; 48.8 m @ 0.97 g/t Au, 12 g/t Ag; 54.9 m @ 0.89 g/t Au, 5 g/t Ag; 36.6 m @ 1.22 g/t Au, 12 g/t Ag; 57.9 m @ 1.0 g/t Au, 4 g/t Ag; 132.6 m @ 1.29 g/t Au, 24 g/t Ag. These results are not included on the mineral resource estimate prepared on December 2016, which includes 13.1 M tonnes of indicated resources @ 0.63 g/t Au, 16.5 g/t Ag, for 264 K Oz Au, 6.9 M Oz Ag and 2.38 M tonnes of inferred resources @ 0.82 g/t Au, 12.1 g/t Ag, for 63 K Oz Au, 0.9 M Oz Ag.
  • Mexus Gold US announced that cyanide solution assays on its Santa Elena mine in Sonora (not to mistake for First Majetic’s Santa Elena mine, also in Sonora) are better than expected at this early stage, before heap saturation.
  • Consolidated Zinc Ltd. presented assay results for 40 underground samples collected on the Carola South zone of its Plomosas property in Chihuahua, which extends the mineralized zone for other 800 m. The average for all the samples is 20.4% Zn+Pb, with a high of 56.3% Zn+Pb.
  • Pan American Silver Corp. filed on SEDAR an updated technical report on its Dolores property in Chihuahua. The reports provides current information on mineral resource and reserve drilling, updated mineral resource and reserve estimates and the current expansion on the Dolores mine to include a pulp agglomeration treatment option and an underground mine to extract ore beneath the planned pit limits.

ON DEALS AND CORPORATE ISSUES

  • Lithium Australia increased its interest in the Electra lithium clays joint venture with Alix Resources, ahead of a 3,000 m drilling program to begin this week. Lithium Australia has boosted its stake in the Electra project, in Sonora, from 25% to 49%.

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, Agglomerate fragment within a more recent agglomerate, Soconusco area in Chiapas. Photo by Jorge Cirett.

Coatan 062 - copia

Highlights on the First Week of March, 2017. Mineral Exploration in Mexico

During the 9th week of the year (February 27th to March 5th, 2017), on the eve of PDAC, at least 39 press releases were announced by companies working in Mexico, the greatest weekly figure on the year. ON EXPLORATION, Arian Silver presented results from exploration in Zacatecas, Sierra Metals announced high grade results from a brownfield area in Chihuahua, Source Exploration commenced a drill program in Veracruz, San Marco Resources and Silver One announced soil sampling results from properties in Sonora and Nayarit, and Kootenay Silver announced exploration work in 2017 by partner in Sonora. ON MINING, Primero Mining informed reduction of operations in Durango; Autlan informed on its mine in Sonora, Gold Resource, Golden Minerals and Great Panther presented financial, operational and or production results for 2016. ON FINANCING, Six companies announced financing rounds for $1.85 M, exercise of warrants for $717 K, a re-purchase of shares, a $150 M loan, a private placement for $50 M and the re-negotiation of terms on a loan. ON RESOURCES AND DEVELOPMENT, Fortuna Silver and Primero mining updated resources to 2016, Mexus Gold continues mine construction in Sonora, Marlin gold evaluates a pit layback in Sinaloa and Fortuna Silver signs a surface rights agreement in Durango.   ON DEALS AND CORPORATE ISSUES, Santacruz Silver and First Majestic signed an agreement on a property in Sonora, and Red Tiger informed it is in violation of a loan covenants.

ON MEXICO ISSUES

  • First Majestic Silver’s, El Pilon mine in San Martin de Bolaños, Jalisco, suffered a robbery, with 57 silver bars (25 Kg each) extracted and transported in company’s trucks. One of the vehicles was recovered nearby, with part of the bounty.

ON EXPLORATION

  • Arian Silver Corp. presented sample results from its La Africana project in Zacatecas. Assay results from 11 grab samples, of which seven are between 196 and 842 g/t Ag, and up to 4.9% Zn.
  • Sierra Metals Inc. announced high-grade silver intercepts in the Santa Rosa de Lima complex at its Cusi mine in Chihuahua. The 15,000 m program has an 80% advance to date (10,200 m). True width (TW) Intercepts include 3.2 m 332 g/t Ag; 2.5 m @ 200 g/t Ag; 1.5 m @ 292 g/t Ag; 1.5 m @ 1,152 g/t Ag; 3.1 m @ 1,037 g/t Ag, with up to 5.2% Pb and 3.5% Zn. The Santa Rosa de Lima complex has an anticipated extension of 12 km within Sierra Metals concessions; with mineralization located 100 m below the surface, and occasionally observed at the intersections of other veins. The drilling covers about one kilometer of the structure.
  • Source Exploration Corp. commenced a diamond drill program for the Las Minas copper-gold skarn project in Veracruz. An initial 2,000 – 3,000 metres infill and step out at the El Dorado – Juan Bran zone, with the aim of completing a maiden NI-43-10 resource estimate on early 2017. Further mapping, trenching and sampling will be carried out on the Pueblo Nuevo concession. Previous drilling has outlined a mineralized zone 420 m in width, 6.0 to 82 m in thickness, and extending more than 600 m in depth; the zone remains open on strike and down-dip.
  • San Marco Resources Inc. announced that soil sampling results from its Chunibas property in Sonora have confirmed a 600 x 800 m target. Drilling is expected to probe deeper and on-strike mineralized zones.
  • Kootenay Silver Inc. informed Pan American Silver Corp. is to proceed in 2017 with a US$2.0 M budget on La Negra property in Sonora, with 6,500 m of diamond drilling, geological mapping and reconnaissance work to define additional prospective targets proximal to La Negra within the Promontorio project.
  • Silver One Resource Inc. completed geochemical soil surveys at its Peñasco Quemado and La Frazada properties in Sonora and Nayarit respectively. At Peñasco Quemado a 3,000 m long, 300 m wide linear anomaly overlaps with the area of the current resource, with high manganese (0.17% – 1.1%) and barium (0.15% – 0.88%), and more localized zinc (400 – 3,500 ppm) and lead (135 – 800 ppm); a second anomaly 2,000 m long by 1,000 m wide is a new target. The survey consisted of 1,925 soil samples, XRF assayed, with 320 quality control samples sent for assaying to a US lab, with a very good correlation. At La Frazada the 222 soil samples were not that successful to highlight some of the veins, the reason forwarded being the probable leaching of metals in the subtropical environment.

 

ON MINING

  • Grupo Autlan announced its Lluvia de Oro property in Sonora has a mine life of 15 years, and that its cash flow increased with the operation of its first gold mine.
  • Primero Mining Corp. is reducing the complexity and scale of operations at its San Dimas mine in Durango, with significant decreases to the workforce.
  • Gold Resource Corp. presented 2016 production figures, having milled 450.2 K tonnes at a rate of 1,295 tonnes per day (tpd) and grade of 2.13 g/t Au, 139 g/t Ag, 0.29% Cu, 1.21% Pb, 3.78% Zn; with recoveries standing at 89% Au, 92% Ag, 78% Cu, 74% Pb, 84% Zn. Yearly production amounted to 27,628 Oz Au, 1.86 M Oz Ag, 1,035 tonnes Cu, 4,049 tonnes Pb, 14,302 tonnes Zn. The company is targeting 2017 annual production of 27,500 Oz Au, 1.85 M Oz Ag.
  • Golden Minerals Co. presented operational results for 2016, which include a profit on the lease of an oxide plant, granting the right to operate such plant until the end of 2018; obtained an additional $1.8 M in other operating income related to sales and farm-outs of non-strategic property and spent $3.7 M in exploration of the Santa Maria and Rodeo properties in Chihuahua and Durango respectively.
  • Great Panther Silver Ltd. reported fiscal year 2016 financial results. During the period 376.7 K tonnes were milled to produce 2.05 M Oz Ag, 22,238 Oz Au, at cash cost $10.35 per AgEq Oz and AISC $14.29. The company ended the year with $67 M in net working capital and no debt (Topia, Durango, Guanajuato mine complex, Guanajuato).

ON FINANCING

  • Impact Silver Corp. was ranked on the 2017 TSX Venture 50, among the top performers on the TSX Venture Exchange over the last year, when a 442% increase in share price was achieved, compared with the all-time low during the period.
  • Primero Mining Corp. entered into a binding term sheet with Sprott Resource Lending Partnership for a $75 M revolving credit three year term loan.
  • Leagold Mining Corp. announced the execution of a non-binding term sheet with Orion Resources Partners to provide the company US$20 M in cash through a senior secured loan facility in the principal amount of US$150 M and an equity private placement of US$50 M (Los Filos, Guerrero).
  • Marlin Gold Mining Ltd. announced its intention to purchase, from time to time, an aggregate of 2.48 M common shares in the capital of the company (La Trinidad, Sinaloa).
  • San Marco Resources Inc. announced the exercise of warrants for gross proceeds of $717 K during the period Nov 1st, 2016 to February 15th, 2017 (several properties, Sonora).
  • Source Exploration Corp. closed a non-brokered private placement for gross proceeds of $1.85 M (Las Minas, Veracruz)

ON RESOURCES AND DEVELOPMENT

  • Fortuna Silver Mines Inc. updated mineral reserves and resources to the last day of 2016. Figures on its San Jose mine in Oaxaca include proven and probable reserves of 5.0 M tonnes @ 249 g/t Ag, 1.72 g/t Au, for 40.2 M Oz Ag, 278 K Oz Au; measured and indicated resources of 2.86 M tonnes @ 84 g/t Ag, 0.42 g/t Au for 7.8 M Oz Ag, 39 K Oz Au; and inferred resources of 3.1 M tonnes @ 252 g/t Ag, 1.66 g/t Au for 25.1 M Oz Ag, 165 K Oz Au.
  • Mexus Gold US finished a 4.5 m lift on the leach pad at its Santa Elena mine in Sonora (do not mistake with First Majestic’s Santa Elena mine, also in Sonora). The leaching system started testing on the last week of February. The mining plan goal is to increase ore production to 10 K tons per day by the end of 2017.
  • Primero Mining Corp. updated mineral reserves and resources to December 31st, 2016, including figures for its San Dimas and Ventanas properties in Durango, and Cerro del Gallo in Guanajuato. At San Dimas proven and probable reserves stand at 4.0 M tonnes @ 4.0 g/t Au, 322 g/t Ag, for 517 K Oz Au, 41.2 M Oz Ag; the measured and indicated resources (which include reserves) stand at 5.0 M tonnes @ 5.0 g/t Au, 387 g/t Ag, for 832 K Oz Au, 61.9 M Oz Ag; and inferred resources of 7.2 M tonnes @ 3.7 g/t Au, 317 g/t Ag, for 860 K Oz Au, 73.4 M Oz Ag. Proven and probable reserves at Cerro del Gallo stand at 32.2 M tonnes @ 0.7 g/t Au, 15 g/t Ag, for 712 K Oz Au, 15.3 M Oz Ag; measured and indicated resources (exclusive of mineral reserves) of 47.9 M tonnes @ 0.6 g/t Au, 13 g/t Ag, with no inferred resources. Measured and Inferred resources at Ventanas stand at 0.2 M tonnes @ 2.5 g/t Au, 258 g/t Ag, for 12 K Oz Au, 1.3 M Oz Ag; inferred resources stand at 0.2 M tonnes @ 2.3 g/t Au, 412 g/t Ag.
  • Minera Alamos Inc. announced the completion of a surface rights agreement for its La Fortuna project in Durango. The completion of the agreement enables the company to submit the already prepared mining permit applications. The agreement covers a period of up to 25 years during which time the Company will be required to pay annual rental payments while operating activities are ongoing.
  • Marlin Gold Mining Ltd. reported assay results from the first set of holes in the north side of the pit wall at its La Trinidad mine in Sinaloa. Results include 6.5 m @ 2.59 g/t Au, 9.4 m @ 3.27 g/t Au and 10.2 m @ 2.68 g/t Au. A decision to proceed with a pit layback is pending further assays.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. signed an agreement to transfer its interest in the El Gachi property in Sonora to First Majestic Silver Corp. for total consideration of US$2.5 M plus tax. “The El Gachi Property comprises a 48,057 hectare land package located adjacent to First Majestic’s Santa Elena Mine…”.
  • Red Tiger Mining Inc. announced that it is currently in violation of certain loan covenants under its senior secured loan with Gerald Metals S.A., owing approximately $18.7 M under the loan agreement. Solvent extraction and electrowining continues from existing copper inventory on the leach pad of the Luz del Cobre mine in Soora, which ceased operations in December 2016.

 

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, broken surface on a boulder from a stream sediment survey in Chiapas, displaying a coarse grained quartz and oxidized sulfide veinlet stockwork in a porphyritic intrusive rock with phyllic alteration, the scale is in centimeters.

porphyry-with-strong-qtz-and-oxsulfide-stckwk

Highlights on the Third Week of January, 2017. Mineral Exploration in Mexico

During the 3rd week of the year (16th to 22nd January, 2017) at least 28 press releases were announced by companies working in Mexico, including six preliminary production reports for 2016. ON EXPLORATION, five companies presented exploration updates. In Sonora exciting high grade gold results from a drilling campaign were announced, also in Sonora another company is defining a zoned porphyry copper alteration center. In Durango the results for the first holes of a large campaign are being received, with some mineralization to show. In Zacatecas a more than 50 m long interval of core shows brecciation, quartz veining and presence of sulfides, in a step-out hole targeting a Ag-Pb-Zn vein, results are pending. In Coahuila work was done during 2016 to define steep structures that could define high grade orebodies. ON MINING, McEwen Mining, Argonaut Gold, Avino Silver, First Majestic, Sierra Metals and Primero Mining presented preliminary fourth quarter and full-year 2016 production figures, and Capstone presented its operational and capital guidance for 2017.  ON FINANCING, One company reported the closing of the first tranche of a non-brokered private financing for $209 K. ON RESOURCES AND DEVELOPMENT, one company reported updated resource estimates for its three mines in Mexico. Another company presented infill and exploration drilling results on its advanced project in Puebla, while one other company presented a PEA on a copper-gold property. A Mexican company boasts the largest manganese reserves in North America. ON DEALS AND CORPORATE ISSUES, a JV has been formed in a silver discovery in Durango; a company with a project in Sinaloa has been approved to list on the NYSE and a property in Sonora has been acquired to bring it into production by a JV.

ON EXPLORATION

  • Evrim Resources Corp. announced initial drill results from its Ermitaño project in Sonora provided by its exploration partner First Majestic Silver Corp. Results for four holes have been received, of a 947 meters drill program, including 18 m @ 11.4 g/t Au, 86 g/t Ag (including 3.3 m @ 34.6 g/t Au, 242 g/t Ag); 9.6 m @ 1.8 g/t Au, 24 g/t Ag; 13.2 m @ 1.1 g/t Au, 29 g/t Ag; 8.8 m @ 0.8 g/t Au. “The Ermitaño West zone …. consists of a network of low to intermediate sulphidation east-west trending epithermal veins and stockwork. The veining covers an area 1,200 metres long by 600 metres wide”.
  • Silver Bull Resources Inc. presented a review of work done in 2016 at its Sierra Mojada property in Coahuila. The company completed a 590 line kilometer airborne magnetic geophysical survey, defining several deep structures coincident with old high grade silver and zinc mines, and some high grade intercepts on drilling. Drilling of 1,400 m on the fourth quarter, 2016, is to be followed by 1,400 m of drilling in the first quarter, 2017. Besides the silver mineralization, Silver Bull previously defined a measured and indicated resource of zinc oxide mineralization of 10 M tonnes @ 11% Zn. During 2017 the plan is to refine the metallurgy, needed for a preliminary economic assessment.
  • Canasil Resources Inc. has completed the first hole of its current drilling campaign at its La Esperanza project in Zacatecas. This hole intersected an extended interval from 345 to 391 meters downhole, carrying banded quartz vein, veinlets and breccias hosted within volcanic rocks. Core is being logged and prepared for assaying; sphalerite, galena and chalcopyrite have been noted. The drill program is planned for 1,500 – 2,000 m of core drilling in four or five holes.
  • San Marco Resources Inc. announced that geologic traverses, prospecting and rock chip sampling identified porphyritic intrusions along the NE contact of a batholith in target #1068 of its partnership with Globetrotters. Preliminary geologic mapping indicates a large zoned alteration system with a potassic (biotite-magnetite) core and a large phyllic (quartz-sericite) envelope.
  • Southern Silver Exploration Corp. reported results from two holes of its 10,000 m drilling campaign at Cerro Las Minitas, Durango. The best intercept was 14.8 true width @ 39 g/t Ag, 0.1% Pb, 10.2% Zn. A second rig is being mobilized to the site to speed-up the program.

ON MINING

  • McEwen Mining Inc. presented production results for 2016, which includes 55,266 AuEq Oz produced at its El Gallo mine in Sinaloa. At the end of the year the company has no debts and $36 M in cash, $21 M in precious metals and $7 M in marketable securities.
  • Capstone Mining Corp. presented its operational and capital guidance for 2017. At Cozamin in Zacatecas, milled tonnes are expected to be lower, but at higher grade than in 2016, with 80% of ore coming from the narrow veined Mala Noche Footwall zone. “All-in cost includes the development costs reflective of the move from the main zone to the footwall zone.” During the year the potential to bring the existing zinc resource into the mine plan will be evaluated. The exploration budget for Cozamin is $5 M, which includes 30,000 m of primarily underground infill drilling aimed at increasing reserves.
  • Argonaut Gold Inc. presented production figures for the fourth quarter and full year 2016. In the fourth quarter, at El Castillo in Durango 16,747 AuEq Oz were produced, and 17,637 AuEq Oz at La Colorada in Sonora. During 2016 El Castillo and La Colorada produced 62,766 and 59,331 AuEq Oz respectively, for a total of 122,097 AuEq Oz. At year end the company had $42 M in cash and $30 M available on an undrawn corporate revolver. For 2017 the company aims to produce 70-80 K AuEq Oz and 45-50 K AuEq Oz at El Castillo/San Agustin Complex and La Colorada respectively, at consolidated cash cost $675-$725 and AISC $910-$960.
  • Avino Silver & Gold Mines Ltd. reported fourth quarter and full year 2016 production results from its Avino property in Durango. The consolidated production for the year was 1.612 M Oz Ag, 7,119 Oz Au and 4.2 M Lb Cu, for a total of 2.679 M Oz AgEq. During the fourth quarter 2016, at the Avino mine 101.6 K tonnes were milled @ 65 g/t Ag, 0.69 g/t Au, 0.37% Cu, with recoveries of 85% Ag, 69% Au and 91% Cu, producing 179.5 K Oz Ag, 1,540 Oz Au, 755,645 Lb Cu; while at the San Gonzalo mine 33.5 K tonnes were milled @ 262 g/t Ag, 1.16 g/t Au with recoveries of 85% Ag, 83% Au, producing 239.8 K Oz Ag, 1,041 Oz Au.
  • First Majestic Silver Corp. presented production results for the full year and the fourth quarter 2016. During the period a total of 11.9 M Oz Ag, 62,436 Oz Au, 33.2 M Lb Pb and 10.6 M Lb Zn were produced. During the fourth quarter production in First Majestic’s five mines was as follows: At Santa Elena in Sonora, 257.8 K tonnes were processed (2,802 tpd) @ 89 g/t Ag (89% recovery) to produce 660.2 K Oz Ag, 11,430 Oz Au. At La Encantada in Coahuila, 235 K tonnes were processed (2,555 tpd) @ 132 g/t Ag (57% recovery) to produce 567.9 K Oz Ag, 22 Oz Au. At La Parrilla, Durango, 153.3 K tonnes were processed (1,666 tpd) @ 130 g/t Ag (78% recovery) to produce 497.4 K Oz Ag, 260 Oz Au, 1.85 M Lb Pb, 1.19 M Lb Zn. At Del Toro in Zacatecas, 82.7 K tonnes were processed (900 tpd) @ 157 g/t Ag (82% recovery) to produce 343.9 K Oz Ag, 70 Oz Au, 5.83 M Lb Pb. At San Martin, in Jalisco, 76.8 K tonnes were processed (835 tpd) @ 254 g/t Ag (81% recovery) to produce 510.4 K Oz Ag, 888 Oz Au. At La Guitarra in Mexico State, 38.4 k tonnes were processed (418 tpd) @ 246 g/t Ag (79% recovery) to produce 239.8 K Oz Ag, 2,073 Oz Au. The company aims to have an AISC $11.96 to $12.88 per silver ounce in 2017.
  • Sierra Metals Inc. reported fourth quarter and full year 2016 production results, which includes figures on its Mexican operations. At Bolivar, in Chihuahua, 950.4 K tonnes were processed (2,715 tpd) @ 1.0% Cu, 16.7 g/t Ag, 0.19 g/t Au (recoveries of 81.7% Cu, 77.8% Ag, 50.5% Au) to produce 17.1 M Lb Cu, 440 K Oz Ag, 2,986 Oz Au. At Cusi, in Chihuahua, 186.9 K tonnes were processed (534 tpd) @ 171.8 g/t Ag, 0.26 g/t Au, 1.2% Pb, 1.1% Zn (recoveries of 71.7% Ag, 61.8% Au, 82.2% Pb, 37.7% Zn) to produce 740 K Oz Ag, 954 Oz Au, 4.1 M Lb Pb, 1.8 M Lb Zn. For 2017 Sierra Metals is aiming to produce with cash cost $1.08 and AISC $1.74 per copper equivalent pound at Bolivar, and cash cost $10.9, AISC $19.66 per silver equivalent ounce at Cusi.
  • Primero Mining Corp. released preliminary fourth quarter and full year 2016 results, which includes figures on its Mexican operations. At San Dimas, in Durango, 28,282 Oz Au were produced in the fourth quarter; to achieve 113,968 Oz Au on the full year, at cash cost $856 and AISC $1,117 per gold equivalent ounce.

ON FINANCING

  • Aura Silver Resources Inc. has closed the first tranche of its non-brokered private placement, for gross proceeds of $209 K (Taviche, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. reported updated NI-43-101 gold and silver resource estimates for its three operating mines in Mexico, and restated the resource estimates for its exploration properties. On its Guanceví (Durango), Bolañitos (Guanajuato), El Cubo (Guanajuato), Terronera (Jalisco) and Guadalupe y Calvo (Chihuahua) properties, consolidated silver-gold proven and probable reserves amount to 10.55 M Oz Ag, 91,100 Oz Au; measured and Indicated resources to 59.14 M Oz Ag, 483,400 Oz Au and inferred resources to 32.41 M Oz Ag, 296,600 Oz Au. On its Guanaceví (Durango) and Parral (Chihuahua) properties, consolidated silver-gold-lead-zinc indicated resources amount to 5.01 M Oz Ag, 50,300 Oz Au and inferred resources to 4.73 M Oz Ag, 39,400 Oz Au.
  • Almaden Minerals Ltd. released assay results from its exploration and development program at its Tuligtic project in Puebla. Results include intercepts like 8 .8 m @ 1.1 g/t Au, 51 g/t Ag; 34.2 m @ 1.1 g/t Au, 72 g/t Ag; 96 m @ 0.3 g/t Au, 41 g/t Ag; 38.6 m @ 1.1 g/t Au, 106 g/t Ag; 32.6 m @ 1.4 g/t Au, 44 g/t Ag; 105 m @ 1.2 g/t Au, 87 g/t Ag. Those intercepts confirm the existence of additional zones of veining immediately adjacent to the Ixtaca zone.
  • Geologix Explorations Inc. announced the results of a preliminary economic assessment (PEA) report on its Tepal gold/copper project in Michoacan. According to the report (using prices of $1,250/Oz Au, $2.50/Lb Cu and $18 Oz Ag), with a strip ratio of 0.6 : 1 and a mine life of 9.8 years to process 142.9 M tonnes @ 0.33 g/t Au for oxide ore and 0.45 g/t Au, 0.21% Cu for sulfide ore, the mine would produce 766 K Oz Au and 308 M Lb Cu at a rate of 78,572 Oz Au and 31.6 M Lb Cu per year, life of mine average (LOM). Capital requirements are $214 M for pre-production, $86.7 M for LOM sustaining and closure; LOM cash cost calculated at $313 and AISC $ 396 per gold equivalent ounce.
  • Mexus Gold US informed that ore is currently being loaded on the heap leach pad at its Santa Elena mine in Sonora. A larger crusher is being moved to the site to speed up the operation. Setup and install of the Merril Crowe recovery plant is now complete.
  • Compañía Minera Autlán S.A.B. d C.V. has the largest ore reserves of metallurgical grade manganese in North America, amounting to 250 M tonnes of ore (no grade specified). The Molango district in Hidalgo covers 1,250 square kilometers, and according to the USGS de most important deposits of metallurgical grade manganese in North America are in this area.

ON DEALS AND CORPORATE ISSUES

  • Orex Minerals Inc. has earned 55% ownership interest in the Sandra Escobar project in Durango, by paying Canasil Resources Inc. CAD $500 K and spending more than USD $2 M in exploration at the 6,976 has project. A joint venture has been formed; same that will be managed by a joint committee. Orex had the option to earn an additional 10% by paying $500 K to Canasil, and spending further $2 M on the project, Orex has notified Canasil that it will not proceed with the second option.
  • Americas Silver Corp. has been approved to list on the NYSE MKT stock exchange (Cosalá, Sinaloa).
  • Mexus Gold US. acquired the mining concessions comprising the San Felix property in Sonora, for undisclosed payments and terms. The Company also announces the execution of an agreement with MarMar Holdings Inc. whereby each company owns a 50% share of the San Felix Project and designates MarMar as the operator.

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

On the picture below, orogenic gold quartz vein fragment recovered by a gambusino from a placer in the Ojos Negros district, Baja California. The fragment is about two centimeters long.

356a-copia

Preliminary Metallurgical Results Received for the Boleras Main Zone at the Sandra Escobar Project in Durango, Mexico

http://www.kitco.com/pr/1738/article_12152016092451.pdf

Vancouver, BC – Orex Minerals Inc. – (TSX-V: REX) (“Orex”), has received preliminary metallurgical test results for samples from the Main Zone of the Boleras Silver Deposit at the Sandra Escobar Project in Durango, Mexico. This project is being advanced by Orex under an option agreement with Canasil Resources Inc. – (TSX.V: CLZ) (“Canasil”). Results are now available for five samples, with increasing head grades, taken from across the Main Zone of the Boleras Silver Deposit. These results illustrate that recovery is grade dependent. A portion of the silver-bearing mineralogy is recoverable with leaching techniques, including hydrochloric acid (HCl), or sulphur dioxide (SO2) pre-treatment before cyanidation, and a portion is refractory, requiring more investigation. An extra high-grade sixth sample was also prepared for mineralogical work and was tested by the same methods at the Kemetco Research Inc. (“KR”) laboratory.

Riverside Resources: Update on Partner-Funded Exploration Program at Glor Gold Project

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/866-tsx-venture/rri/26664-riverside-resources-update-on-partner-funded-exploration-program-at-glor-gold-project.html

Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI / OTC PINK:RVSDF / FRANKFURT:R99), is pleased to report on the progress of the $250,000 USD partner-funded exploration program that is being conducted with Centerra Gold Inc. (“Centerra”) at the Glor Gold Project (the “Project”), located approximately 8 km west of Alamos Gold’s El Chanate Mine in Sonora, Mexico. Geologic mapping and soil sampling results have been very encouraging, having defined a gold-in-soil anomaly and zone of hydrothermally altered rocks that is more than 2 kilometres long. Induced polarization (IP) surveying has also returned positive results; a zone of anomalous chargeability that in extent closely matches the soil geochemistry anomaly has been defined by the survey. Ongoing channel sampling and soon to be initiated mechanical trenching are being carried out to further refine targets for drilling which is anticipated to commence in early 2017.