During the second week of December at least twenty one press releases were announced by companies working in Mexico, including two quarterly reports. ON EXPLORATION, in Sonora, mine processing equipment continues to arrive to a property nearing production; needed paper work has been received for another exploration property and drilling results provided for one more, while one more property has seen the delineation of target zones. In Mexico State and Jalisco high-grade drilling results were released for two properties. In Durango initial metallurgical testing commences to unravel the intricacies of a new silver discovery, whereas other property sells the concentrates from the first metallurgical test. One more company withdrew from the agreement to acquire a property in the same state. In Veracruz, drilling results released for a copper gold porphyry system, and in Baja California Sur a company was denied the environmental permit. In Chihuahua metallurgical testing continues in a property on track to publish a PEA. ON MINING, a PEA is to be completed on a Durango property; while a copper mine in Sonora has ceased mining activities. Two companies with operations in Sonora, Durango and Queretaro presented quarterly reports. ON FINANCING, an over-allotment option accrued C$1.5 M to a company. ON DEALS AND CORPORATE ISSUES, two companies signed a deal on a property in Sonora, while one other is to buy the shares of a company holding two properties in Sonora.
- Mexus Gold US and partner Mar Mar announced that a Merril Crowe plant and a 42 inch jaw crusher will arrive during December to its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora).
- Impact Silver Corp. announced more high-grade results from the Deeps zone on its San Ramon mine in Mexico State. These true width (TW) intercepts are deeper than previous drillholes, and include 7.09 m @ 87 g/t Ag; 2.20 m @ 194 g/t Ag, 0.1 g/t Au, 1.1% Zn; 0.69 m @ 562 g/t Ag, 0.3 g/t Au, 0.7% Pb, 2% Zn; 0.22 m @ 1,475 g/t Ag, 0.9 g/t Au, 2.2% Pb, 6.2% Zn; 4.93 m @ 354 g/t Ag, 0.2 g/t Au, 0.2% Pb, 0.5% Zn; 3.10 m @434 g/t Ag, 0.19 g/t Au, 0.7% Pb, 1.7% Zn. The zone is still open down dip, up dip and to the north.
- Endeavour Silver Corp. released results on two drill exploration programs. At El Compas in Zacatecas, drilling the Ana Camila vein, a splay of El Orito vein 550 m SE of El Orito, intercepted 1.81 m (TW) @ 26.5 g/t Au, 72 g/t Ag (includes 0.24 m @ 132 g/t Au, 283 g/t Ag); 2.85 m @ 12.86 g/t Au, 45 g/t Ag; 1.69 m @ 7.7 g/t Au, 29 g/t Ag. At Terronera in Jalisco, drill intercepts at La Luz vein, 2,200 m NE from La Terronera vein include 1.14 m (TW) @ 58.6 g/t Au, 408 g/t Ag (including 0.26 m @ 238 g/t Au, 1,365 g/t Ag); 1.17 m @ 4 g/t Au, 194 g/t Ag; 1.01 m @ 2.6 g/t Au, 61 g/t Ag; 1.43 m @ 3.1 g/t Au, 202 g/t Ag; 1.57 m @ 5.2 g/t Au, 86 g/t Ag; 3.34 m @ 2.3 g/t Au, 140 g/t Ag. At the Terronera vein, new drill intercepts include 2.03 m @ 1.9 g/t Au, 127 g/t Ag; 6.74 m @ 5.0 g/t Au, 226 g/t Ag. Updated resource estimates are expected for March 2017 for both properties.
- San Marco Resources Inc. has received all necessary paperwork for exploration at its Chunibas property in Sonora, including drilling permits. Assay results are pending for an 850 samples soil program, which will aid in the definition of drill targets. Mineralized structures have been identified up to one kilometer from the main historic mine workings.
- Oceanus Resources Corp. reported drilling results from its El Tigre property in Sonora. Intercepts include 110 m @ 0.6 g/t Au, 14.5 g/t Ag; 20.4 m @ 0.4 g/t Au, 212 g/t Ag; 115.9 m @ 0.43 g/t Au, 11.4 g/t Ag. An orientation geophysical survey is to be carried out during December by Geofisica TMC S.A. de C.V., with three traverse lines totaling 6 line Km of IP.
- Minaurum Gold Inc. identified three targets at its La Quintera project in Sonora. The La Quintera, Gap and Promontorio mine targets. The La Quintera vein was mined for 800 m along strike and 500 m in depth, with records showing the operation ceased while still in good grade mineralization. A new parallel vein has been discovered, this and the down dip extension of the La Quintera vein constitute the target. The Gap target area is a 500 m long zone between the La Quintera and Promontorio veins, with semi-continuous quartz veins over more than 300 m of strike. At the Promontorio mine target, the vein was developed over 800 m of strike length and to 200 m depth. Focus is on the down dip extension of the vein, as well as potential parallel mineralized structures. Surface and underground sample results show the three systems to have strong silver values (50 – 1,750 g/t Ag) and low gold (nil – 1.9 g/t Au) contents, while copper, lead and zinc usually range from 0.1% to 3.0%.
- Orex Minerals Inc. received preliminary metallurgical results for samples from the Main Zone of the Boleras silver deposit at its Sandra Escobar project in Durango. Results shows that recovery is grade dependent, with a low of 6% recovery for a 54 g/t head grade, to 95% recovery for a 1,912 g/t Ag head grade, for HCL pre-treatment (similar results for SO2 pre-treatment). “Initial interpretation of the results suggests that there are three different hosts of silver; 1) a small amount of direct cyanide leachable silver (native silver and silver halides, cerargyrite and bromargyrite), 2) a varying amount of silver-bearing minerals leachable under pre-treatment conditions (argentiferous manganese and iron oxides, pyrolusite and aurorite), and a portion within silicate minerals.”
- Almadex Minerals Ltd. reported results for two holes and partial results for one hole at the El Norte zone in its El Cobre property in Veracruz. Intercepts include 497 m @ 0.33 g/t Au, 0.16% Cu (including 268 m @ 0.46 g/t Au, 0.2% Cu) and 30 m @ 0.22 g/t Au, 0.1% Cu. Almadex has been focusing on identifying controls of mineralisation and a vector to a porphyry core.
- Telson Resources Inc. closed the sale of the first lead and zinc concentrates from a 3,500 tonnes bulk sample from the El Creston zone at its Tahuehueto project in Durango.
- Argonaut Gold Inc. was denied the environmental permit by SEMERNAT for its San Antonio project in Baja California Sur. SEMERNAT required additional information “regarding potential identification, description and impacts to the environment; additional information on the construction, operation and closure plans for the project; and additional information regarding the impact on the local aquifer.” The Company believes that this information is readily available and it has the ability to respond swiftly…. The Company is evaluating alternatives including legal options, the possible re-submittal of a revised MIA and continuing dialogue.”
- Golden Minerals Co. continues to perform metallurgical testing at Santa Maria, Chihuahua, prior to complete and updated resource estimate and issue a preliminary economic assessment (PEA) in the first quarter of 2017. A resource estimate is also in preparation for the first quarter of 2017 for the Rodeo project in Durango.
- Blackrock Gold Corp. has withdrawn from a LOI to acquire the El Potrero property in Durango.
- Minera Alamos Inc. has engaged CSA Global Canada Geosciences Ltd. to undertake a preliminary economic assessment (PEA) on its La Fortuna gold project in Durango.
- Starcore International Mines Ltd. filed the results for its second quarter 2017, ended in October 2016. Production was 4,351 Oz Au and 20.5 K Oz Ag at its San Martin mine in Queretaro, from ore grading 2 g/t Au and 19.4 g/t Ag, at cash cost US$844 per AuEq Oz and all-in sustaining cost of US$1,006 per AuEq Oz. Cash and cash equivalents were $8 M at the end of the period.
- Red Tiger Mining Inc. announced that it has ceased mining operations at its Luz del Cobre copper mine in Sonora The mine was experiencing lower than planned recoveries, and a recent infill drill program showed continued copper mineralization, but lower acid soluble copper than needed to sustain operations. The solvent extraction and electrowining plant continues to operate from existing copper inventory on the leach pad.
- GoGold Resources Inc. released financial results for the quarter ending on September 30, 2016, producing 69.3 K Oz Ag and 1,260 Oz Au, with cash cost per AgEq Oz $7.50 and all-in sustaining cost $21.24. Agglomeration has been optimized and an oxygen plant was commissioned at its Parral tailings facility to increase recovery speed.
- SilverCrest Metals Inc. sold an over-allotment option on its last week offering, for gross proceeds of C$1.5 M (Las Chispas, Sonora).
ON DEALS AND CORPORATE ISSUES
- Sonoro Metals Corp. has entered into an agreement to sell its Chipriona project in Sonora to Agnico Eagle Mines Ltd. for $4 M plus 1% NSR. The payment is to go in four tranches; the first $650 K will be followed by three additional sequential installments of $650 K, $800 K and $1.9 M. The NSR can be bought for $1.5 M. The Chipriona project lies just to the north of Agnico’s La India mine.
- Colibri Resources Corp. has signed a letter of intent (LOI) to acquire all of the issued and outstanding shares of Canadian Gold Resources Ltd. from Ontop Capital Ltd. A total of $4 M of Colibri shares have to be issued to Canadian Gold. The Pilar and Sun properties in Sonora are owned by Canadian Gold.
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On the picture below, Hacienda de San Mateo, Valparaíso, Zacatecas.
Nov. 9, 2016 – First Majestic Silver Corp. (TSX:FR / NYSE:AG) (the “Company” or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 2016. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.All amounts are in U.S. dollars unless stated otherwise.
THIRD QUARTER 2016 HIGHLIGHTS
(compared to Third Quarter 2015)
- Silver equivalent production increased 27% to 4.5 million ounces
- Silver production increased 20% to 3.1 million ounces – a new quarterly record
- All-in sustaining costs (“AISC”) decreased 27% to $10.52 per payable silver ounce
- Revenues increased 78% to $79.3 million
- Realized average silver price increased 30% to $19.72 per ounce
- Mine operating earnings increased 656% to $20.0 million
- Net earnings increased 556% to $8.1 million (Basic EPS of $0.05)
- Adjusted earnings, excluding non-cash and non-recurring items, increased 254% to $11.7 million (Adjusted EPS of $0.07)
- Operating cash flows before working capital and taxes increased 319% to $35.4 million or $0.22 per share (non-GAAP)
- Cash costs decreased 33% to $5.84 per payable silver ounce (net of by-product credits)
- Cash and cash equivalents totaled $122.5 million at the end of the quarter, representing a $14.3 million increase compared to the previous quarter
During the fourth week of September, at least 19 press releases were published by companies working in Mexico. This is an almost 100% increment from last week count. ON MEXICO NUMBERS, Met-Mex Peñoles operates one of the biggest non-ferrous metallurgical complexes in the world. ON EXPLORATION, five companies reported exploration updates on their properties, which include ore grade open pit mineable drilling results from properties in Durango and Nayarit, initial exploration results in Sonora, continued exploration in a property with soil and rockchip sampling in Durango and the look for mineralization feeders in Coahuila. ON MINING, a fatality was reported in a mine in Durango, a property continues on development track to start production in October and a significant investment in a metallurgic complex continues. ON FINANCING, one company announced a non-brokered private placement to raise gross proceeds of $1.5 M. ON DEALS AND CORPORATE ISSUES, Two companies closed the transfer of three properties in Nayarit, Sonora and Durango. Another company announced the acquisition of a new property in Sonora. One other company is to fund a drilling program in Durango, and increase its share in the property from 30% to 60% by doing so. One more company with a property in Sonora declined a proposed merger.
ON MEXICO NUMBERS
- Met-Mex Peñoles operates one of the non-ferrous metallurgic complexes on the world, with a lead smelter, a lead-silver refinery, an electrolytic zinc refinery and a zinc alloys plant. Additionally, the company operates other plants to produce sulfuric acid, bismuth, antimony trioxide and liquid sulfur dioxide.
- Minaurum Gold Inc. released assays from its initial rock chip sampling at the Quintera property in Sonora, with results like 2 m @ 90 g/t Ag; 2 m @ 139 g/t Ag, 0.14% Cu, 0.2% Pb, 0.5% Zn; 2 m @ 427 g/t Ag, 0.3% Cu, 0.3% Pb, 0.4% Zn; 2.5 m @ 232 g/t Ag, 0.6 % Cu, 1.2% Pb, 0.4% Zn and 1 m @ 1,020 g/t Ag, 1.1% Cu, 0.2% Pb, 0.5% Zn.
- Orex Minerals Inc. and Canasil Resources Inc. released results from five more holes on the phase III diamond drill program on its Sandra Escobar project in Durango. The drill holes extend the Main Zone to the north 50 to 100 m with true width intervals like 35 m @ 106 g/t Ag; 46 m @ 118 g/t Ag; 31 m @ 88 g/t Ag; 29 m @ 40 g/t Ag and 32 m @ 40 g/t Ag. A mineralized zone below the Main Zone includes intercepts like 21 m @ 63 g/t Ag and 18 m @ 48 g/t Ag.
- Southern Silver Exploration Corp. reported the advance in exploration at its Cerro Las Minitas project, Durango. To date 91 drill holes have been completed for 35,955 meters, with US$8.35 M spent on the property since 2011, defining over 20 M Oz Ag and significant amounts of lead and zinc. In June 2016 was reported the drill intercept of 30.4 m @ 107 g/t Ag, 0.4% Cu, 1.1% Pb and 2.3% Zn in a previously unrecognized deep extension to the Blind and El Sol deposits. The company continues with soil and rock sampling and re-evaluation of geophysical and geochemical surveys, to guide the next phase of drilling which will comprise up to 10,000 m.
- Silver Bull Resources Inc. provided an exploration update at its Sierra Mojada project in Coahuila. During August and September, 590 line kilometer of airborne magnetic geophysics were completed over the main deposit, targeting structures at depth. The company is looking for source structures for the main deposit, hinted from underground workings and previous drill holes. Major drilling will conduct an initial 3,000 m, six to nine drill holes program to test the idea.
- Gainey Capital Corp. announced assay results for its first hole on the La Nueva Victoria mineralized zone of its El Colomo property in Nayarit. The mineralized intercept starts at 5 m depth, with 70.85 m @ 0.65 g/t Au, 35 g/t Ag (1.14 g/t AuEq). This hole targeted the center of the silicified vein breccia zone, consisting of grey quartz veining and permeable lithic tuff, of the La Victoria structure at a dip of -60 degrees.
- Argonaut Gold Inc. reported a fatality on its El Castillo mine, in Durango.
- Mexus Gold US. announced that its Santa Elena mine is on track to start production on late October.
- Peñoles informed that continues with its plans to invest US$ 327 M to expand the Zn plant in Torreon, Coahuila, in 120 K tonnes per year. This project involves the direct leaching of concentrates. The electrolysis plant is expected to start operations on the second half of 2017, and the leaching plant in the second quarter of 2018.
- Source Exploration Corp. announced a non-brokered private placement which intends to raise up $1.5 M (Las Minas, Veracruz).
- Avino Silver & Gold Mines Ltd. completed a new 43-101 compliant resource estimate comprising the San Gonzalo mine, the Avino mine system and the oxide tailings. Total measured and indicated resources include 3.27 Mt @ 109 g/t Ag, 0.54 g/t Au, and 0.29% Cu, and inferred resources in 8.14 Mt @ 98 g/t Ag, 0.61 g/t Au and 0.41% Cu, for a total metallic content of 37.1 M Oz Ag, 215.9 K Oz Au and 42,850 tonnes of copper.
ON DEALS AND CORPORATE ISSUES
- Silver One Resources Inc. closed the acquisition of a subsidiary of First Mining Finance Corp., which owns three Mexican properties: La Frazada, in Nayarit; Peñasco Quemado, in Sonora; and Pluton in Durango. La Frazada and Peñasco Quemado have historical resource estimates. Silver One issued to First Mining 6 M common shares of Silver One, representing 7.4% of the issued and outstanding shares of Silver One. A 2.5% NSR will apply, with Silver One being able to buy 1.5% of NSR for USD $ 1 M.
- Mexus Gold US. announced they have a new property with their partner Mar Mar, the San Marco mine in Sonora. The property is located near Puerto Libertad, encompasses 970 acres and is said to have a non-compliant 43-101 resource of 100 K Oz Au.
- Southern Silver Exploration Corp. owns 70% indirect interest in the Cerro Las Minitas property in Durango, and Electrum Global Holdings L.P. has earned a 30% indirect interest by spending US$3.05 M since May 2015. Electrum has informed that it will fund the required US$1.95 M to increase its indirect interest to 60%.
- Bacanora Minerals LTD. announced the rebuttal of a proposed merger with Rare Earth Minerals PLC, which owns 19.8% of Bacanora. The proposal offered a 13.1% premium on the Sept. 29 closing price, which was regarded as a low bid.
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On the picture below, low angle fault zone in strongly silicified rocks at the Puerta del Sol prospect in Sonora. The shear is 2 to 10 meters in width at this location, putting in contact the Aconchi batholith graniodioritic lower plate with cretaceous volcanic rocks and Mid-Late Tertiary conglomerates in the upper plate. Spotty gold and silver values (up to 1.7 g/t Au, 192 g/t Ag) on this silica pit.
CALGARY, ALBERTA–(Marketwired – Sept. 30, 2016) – Bacanora Minerals Ltd. (“Bacanora” or the “Company“), the Toronto and London listed (TSX VENTURE:BCN) (AIM:BCN) company focused on developing the Sonora Project (“Sonora” or the “Project“) in Mexico into a world class lithium carbonate operation, announces that it has received an unsolicited non-binding indicative proposal (the “Proposal“) from Rare Earth Minerals plc (“REM“), an AIM listed investment vehicle with a 19.8% holding in the Company. The Proposal envisages an all-share merger of Bacanora and REM with REM acting as the acquiring entity (via a reverse takeover) and issuing newly issued REM shares to Bacanora’s shareholders. The merger exchange ratio proposed by REM is between 135 and 141 REM shares for each outstanding Bacanora share (the “Proposed Offer“). The Board of Bacanora strongly rejects the Proposal believing it significantly undervalues the Company and jeopardises Sonora’s development path to production.
TORONTO, Sept. 14, 2016 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM)(“Agnico Eagle”) announced today that, on September 14, 2016, it entered into a support agreement (the “Support Agreement”) with Orla Mining Ltd (“Orla”). The Support Agreement requires Agnico Eagle, subject to termination rights, to, among other things, vote all of the common shares (the “Pershimco Shares”) of Pershimco Resources Inc. (“Pershimco”) owned by Agnico Eagle in favour of the proposed plan of arrangement pursuant to which (i) Orla and Pershimco will amalgamate and (ii) each Pershimco shareholder will receive securities of the amalgamated entity in exchange for the Pershimco Shares owned by such shareholder (the “Arrangement”).
Agnico Eagle currently owns 52,754,243 Pershimco Shares, representing approximately 18.6% of the total issued and outstanding Pershimco Shares on a non-diluted basis.
During the third week of July, at least 20 press releases from companies working in Mexico were published, down from 34 the prior week, although more national news were available in the press. ON EXPLORATION, SilverCrest continues with the underground rehabilitation activities at its property in Sonora. Cyprium Mining announced more channel assays from its mine in Chihuahua and Kootenay Silver announced a drill program is about to start in its property in Chihuahua. ON MINING, Three companies presented second quarter results for 2016 and Fresnillo increased gold and silver production on the same lapse and FRSICO obtained environmental permits for one of its mining units. ON FINANCING, six companies announced cash calls and the opening, tranche completion or the closing of financing rounds and warrants exercise, for total gross proceeds of $34.9 million and CDN$12.25 million. Southern Silver is to trade on the OTCQB. ON DEALS. Timmins Gold and Candelaria completed the transaction on a property in Veracruz. ON MEXICO NEWS. 2015 was a year of mergers and acquisitions in Mexico, and production records were set for eight metals and minerals. Several silver projects are in the pipeline to production and growth records are analyzed for three Mexican majors. Fresnillo PLC has half of sizeable development projects in Mexico
- SilverCrest Metals Inc. Announced an update on the underground rehabilitation program with additional assay results at its Las Chispas project in Sonora. SilverCrest’s initial focus is on the three veins with known production: the Las Chispas, William Tell and Babicanora. Channel sample results include multiple samples grading 1-11 g/t Au and 600-2,230 g/t Ag over 0.6 to 2.2 m widths. Composited samples average up to 2.4 g/t Au and 331 g/t Ag on 1.55 m width over continuous 35 m strike length and 1.1 m wide @ 1.5 g/t Au and 335 g/t Ag over a semi-continuous 90 meters strike length. Of 43 samples of backfill material being removed, the average is 2.45 g/t Au and 239 g/t Ag. Historic underground workings now stand at 11.5 km. To date 19 core holes have been drilled, to total approximately 5,600 meters, drilling results are planned to start coming during next August.
- Cyprium Mining Corp. announced results of 71 more underground samples from the Tunel body. 26 samples of a 1.2 m wide flat lying manto averaged 238 g/t Ag, 5.3% Pb and 8% Zn. Samples from backfill material (muck, or rezaga) average 173 g/t Ag, 4.8% Pb and 3.9% Zn.
- Kootenay Silver Inc. announced drilling is to begin on early August on its La Cigarra Property in Chihuahua.
- Sierra Metals Inc. reported production on the second quarter of 2016, which includes data from Bolivar and Cusi mines in Chihuahua. At Bolivar 236 K tonnes were processed at a rate of 2,700 tpd, running 1% Cu, 18.5 g/t Ag and 0.2 g/t Au, recoveries were 82.5% for Cu, 75.7% for Ag and 48% for Au, producing 4.28 M Lb copper, 106 K Oz silver and 743 Oz gold. At Cusi 52 K tonnes were processed, at a daily rate of 597 tonnes with grades of 181 g/t Ag, 0.23 g/t Ag, 1.2% Pb and 1.1% Zn, with recoveries of 69%, 57%, 81% and 38.5% for Ag, Au, Pb and Zn respectively, producing 211 K Oz silver, 217 Oz gold, 1.1 M Lb lead and 510 K Lb Zn.
- Avino Silver & Gold Mines Ltd. reports 2016 second quarter results from its Avino and San Gonzalo mines in Durango. At Avino 1,242 meters of mine were developed, 97.7 K tonnes processed @ 64 g/t Ag, 0.26 g/t Au and 0.55% Cu, with recoveries of 85%, 60% and 90% respectively for silver, gold and copper. Producing 168.8 K Oz Ag, 492 Oz Au and 1 M Lb Cu. At San Gonzalo 24.8 K tonnes were mined, 33.9 K tonnes processed @ 237 g/t Ag and 1.3 g/t Au with recoveries of 82% and 71% respectively for silver and gold, producing 221.8 K Oz Ag and 1,017 Oz Au.
- Santacruz Silver Mining Ltd. reported the second quarter 2016 operation results from the Rosario mine in San Luis Potosi, processing 26.4 K tonnes @ 0.18 g/t Au, 194 g/t Ag, 1% Pb and 3.5% Zn with recoveries of 66.7%, 89%, 92.1% and 89.2% Zn respectively. At Veta Grande, Zacatecas, development work is advancing at several veins, reaching a production of up to 400 tpd by the end of the quarter.
- Fesnillo PLC. Produced 14.5% more silver and 19.6% more gold on the second quarter, and raised its gold production guidance form 775-790 K to 850-870 K Oz Au for 2016.
- Minera Real de Angeles, part of FRISCO Group Obtained the environmental permits for placing tailing dams on its Porvenir mine in Aguascalientes.
- Southern silver Exploration Corp. has been accepted for trading at the OTCQB.
- Almaden Minerals Ltd. reports raising a total of $6.9 million by the exercise of warrants (Ixtaca, Puebla).
- Mammoth Resources Corp. Reminds stake holders it still is under a Management Cease Trade Order (MCTO), for failing to file in time its year-end audited financial statements and accompanying Management Discussion and Analysis (Tenoriba, Chihuahua).
- Cyprium Mining Corp. completed a private placement for gross proceeds of up to $195 K and the extension of the maturity date of various loans totaling US $813,750 (Potosi mine, Chihuahua).
- Americas Silver Corp. announced the approbation for the conversion of “subscription receipts”. The Subscription Receipts were issued as part of a private placement for total gross proceeds of approximately C$11.6 million (San Rafael-Cosala, Sinaloa).
- First Mining Finance Corp. increased its non-brokered private placement to raise gross proceeds of up to $27 million (six mines in Mexico).
- Silver Bull Resources Inc. completed the previously announced private placement for aggregate gross proceeds of CDN$651 K (Sierra Mojada, Coahuila).
- Minera Alamos Inc. approved the issuance of 4.35 million options at a price of $0.19 (Mulatos, Sonora).
- Highvista Gold Inc. Entered an unsecured loan facility in an amount of up to $150 K. Highvista is involved in a reverse takeover and the change of business activities, exiting the mining business (Canasta Dorada, Sonora).
- Timmins Gold Corp. and Candelaria Mining Inc. announce the completion of the sale of the Caballo Blanco gold project in Veracruz. Candelaria has made a final payment of US$3.154 million and deferred a US$2.5 million payment to be made at the earlier occurrence of the Company receiving permits or June 24, 2017. Candelaria has also assumed US$5 million in liabilities in exchange for the project and all related rights and assets.
ON MEXICO NEWS
- CAMIMEX (Camara Minera de Mexico). Reported several mergers and acquisitions that took place during 2015. Alamos Gold took Aurico Gold, Coeur Mining bought Paramount Gold & Silver, First Majestic Silver acquired SilverCrest Mines, Timmins took Newstrike and Capital and Southern Copper Corp. bought El Pilar project in Sonora. CAMIMEX (Camara Minera de Mexico). Reported that 7 out of 14 projects to initiate or expand gold production in Mexico are to be funded by Fresnillo PLC, in the period 2016 to 2021 (Source: Opportimes.com).
- CAMIMEX (Camara Minera de Mexico). Silver production in Mexico grew 3.7% in 2015, but 84% if measured against 2008 production. In 2015 5,955 tonnes of silver (191.45 million Oz Ag) were produced, against 3,236 tonnes (104 million Oz Ag) in 2008. Three of the biggest developments in the pipline of silver production are San Julian in Chihuahua, Juanicipio in Zacatecas and Rey de Plata, Guerrero. Projects awaiting better commodity prices are La Preciosa and Pitarrila in Durango, El Gallo II in Sinaloa and Cordero in Chihuahua (Source: El Economista).
- On the Mexican Stock Exchange (Bolsa Mexicana de Valores). During the second quarter of 2016 Peñoles, obtained an annual growth of 28.8% in income, 29.4% in EBITDA and 23% net profit; while FRISCO growth was 0.5% in revenue, 23% in EBITDA and 10.5% in profits; Grupo Mexico obtained a 28.8% growth in revenue, 2.5% in EBITDA, and (18.4%) in profits, while Minera Autlan registered a (10.3%), and (33.6%) fall in revenue and EBITDA, and a net loss of 28 million pesos (about US$1.5 million). A good part of these results for the companies can be attributed to recent changes in commodity prices (Source: Expansión).
- Commodities production record. Mexico registered record production for eight metals and minerals in 2015, including gold, silver, copper, lead, zinc, wollastonite, magnesium sulfate and sodium sulfate. Although the production was greater in volume, the value fell 9.1% in dollar terms, reaching US$13,469 million, of which 34.1% was accrued by gold, 19.7% by copper and 18.5% by silver. (Source: El Economista).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the table below, taken from on-line publication at Opportimes ( http://www.opportimes.com/inversiones/fresnillo-plc-posee-50-de-los-proyectos-de-mineria-de-oro-en-mexico/ ), the new gold operations or mine expansions to come in Mexico.
Ante los bajos precios de los metales, la Cámara Minera de México (Camimex) anticipó un aumento en el número de fusiones y adquisiciones en el sector, ya que las empresas buscarán reducir costos y crear sinergias, pues el valor de esos procesos en el país superó los 2 mil millones de dólares.
La minería tuvo en 2015 uno de sus peores años; algunos analistas lo compararon con las crisis financiera mundial de 2008 y la asiática de 1997, al considerar que los precios de los metales fueron a la baja. El fierro cayó a su nivel más bajo desde mayo de 2009 — 40 dólares por tonelada—, el oro 8 por ciento, la plata 18 por ciento y el cobre 20 por ciento.
Ante el crecimiento económico bajo y volátil, con inflación moderada y poder de fijación de precios débiles de los metales, la Camimex destacó que se motivó a las empresas a buscar una reingeniería de los mecanismos generadores de capital mediante recompras de acciones y fusiones.
On the fourth week of April several companies announced advances on their properties, with Silver Crest, Gainey Capital, Agnico Eagle and Golden Minerals releasing news from their properties in Sonora, Chihuahua, Durango and Nayarit. Five companies, namely Capstone Mining, New Gold, Coeur Mining, Goldcorp and Agnico Eagle, released production results for the first quarter of 2016, disclosing data from their Mexican operations, whereas Mexus Gold announced some developments in Sonora. Seven companies released financing related news, which include private placements, at-the –market offerings, share subscriptions and loan facilities, with proceeds that go from $150K in the low end, to $30 million in the upper end. These companies are San Marcos Resources, Endeavour Silver, Kootenay Silver, Telson Resources, Arian Silver, Argonaut Gold and Cyprium Mining.
- SilverCrest Metals Inc. released that a drilling campaign that begun in March has already six holes completed and awaiting results on its Las Chispas low sulfidation epithermal project in Sonora. Furthermore, tight sampling across the William Tell vein averaged 1.1 m @ 2.4 g/t Au and 174.9 g/t Ag, with individual assays reaching up to 24.5 g/t Au and 560 g/t Ag. For the next three months the company will focus in accessing historical underground workings to assess further high grade mineralization.
- Gainey Capital Corp. plans to begin drilling in May at its El Colomo property in Nayarit.
- Agnico Eagle Mines has begun exploration of the Madrono property, adjacent to its Pinos Altos and Creston Mascota operations in Chihuahua. At El Barqueno in Jalisco, 156 holes were drilled during the 1st quarter, for a total of 27.5 K meters. Results are as high as 9.2 m @ 4.0 g/t Au, 5.6 m @ 22.3 g/t Au, 7.9 m @ 4.4 g/t Au, 7.2 m @ 6.9 g/t Au and 12.0 m @ 7.3 g/t Au (all intervals estimated true width). Approximately 25 K meters of additional drilling is expected to be completed by the end of 2016.
- Golden Minerals Co. has completed 3,500 m of drilling in 15 holes at San Luis del Cordero (Durango), counting with results for the first 12. Work to date has delineated three ore-shoots of potential economic interest, and additional 1,000 to 2,000 meters of further drilling are planned before an updated resource can be produced. At Santa Maria, Chihuahua, a 3,000 tonnes bulk sample of mineralized material grading 250 g/t Ag and 0.6 g/t Au was processed.
- Azure Minerals Ltd. released assays for three more holes in its Alacran property in Sonora. The drillholes located on the northern part of the Loma Bonita ridge (NE from the Loma de Plata silver discovery) present intervals returning up to 7.5 m @ 1 g/t Au, 130 g/t Ag, and 200.2 m @ 0.09 g/t Au, 34 g/t Ag. A maiden resource estimate for the Mesa de Plata discovery is due for release in May.
- Mexus Gold US. has begun the leach pad construction at its Julio/Santa Elena mine in Sonora, where orogenic gold style mineralization is to be mined from a shear zone and a quartz vein.
- Capstone Mining Corp. released 2016 first quarter results for its operations, including production of 3,660 tonnes of copper, 34 tonnes of lead, 812 tonnes of zinc, and 266.5 K ounces of silver at its Cozamin mine in Zacatecas. 243.9 K tonnes of ore were processed at a rate of 2,680 tonnes/day at 1.59 % Cu, 0.07 % Pb, 0.62 Zn and 48 g/t Ag; with recoveries of 94 %, 19 %, 53 % and 71 % respectively.
- New Gold Inc. announced 2016 first quarter results, delivering 18.8 K Oz Au and 272.9 K Oz Ag at its San Pedro Mine in San Luis Potosi. The production was achieved at cash cost of $934 per Oz Au, or AISC $952 per Oz Au.
- Coeur Mining Inc. released 2016 first quarter results for its operations, including production of 933 K Oz Ag and 14.7 K Oz Au at its Palmarejo mine in Chihuahua. Recoveries were 89% for silver and 92% for gold, from 246.5 K tons of ore milled. Underground grades were 4.21 Oz Ag per ton (126.7 g/t Ag) and 0.07 Oz Au per ton (2.1 g/t Au).
- Goldcorp Inc. released 2016 first quarter results for its operations, including production from its Peñasquito mine in Zacatecas. At the site 10.87 million tonnes of ore and 35.1 million tonnes of waste were moved, with average grades for ore of 0.68 g/t Au, 22.5 g/t Ag, 0.22 % Pb and 0.53 % Zn, for a total production of 125 K Oz Au, 4.7 M Oz Ag, 29 M Lb Pb and 71.1 M Lb Zn. All-in sustaining cost was $1,004 per gold ounce.
- Agnico Eagle Mines Ltd. reported first quarter 2016 results, including averaged $364 cash cost per ounce of gold on a by-product basis. The Pinos Altos mill (in Chihuahua)processed 4,932 tpd, and 74.3 K tonnes placed on the leach pad for a total production of 48.1 K Oz Au at a cash cost of $343 on a by-product basis. At Creston Mascota (satellite operation to Pinos Altos) 516 K tonnes of ore were placed on the leach pad, producing 11.5 K Oz Au at a total cash cost per ounce on a by-product basis of $460. At La India mine in Sonora, 1.4 million tonnes of ore were stacked on the leach pad, for a production of 28.2 K Oz Au at a total cash cost per ounce on a by-product basis of $360.
- San Marcos Resources Inc. closed its private placement announced on March 15th. The issuance was considerably over-subscribed, raising gross proceeds of $439 K (initial target: $150 K).
- Endeavour Silver Corp. completed at-the-market (ATM) offering for net proceeds of US$16.0 million. The funds will be used to advance exploration and development of the Terronera project, expedite brownfields exploration and development programs at existing mines, and add to working capital.
- Pan American Silver Corp. Pan American has exercised its second tranche option to subscribe for additional common shares of Kootenay Silver Inc. in order to maintain a ten percent (10%) ownership interest in Kootenay’s issued and outstanding shares, to be bought for CAD$1.553 M.
- Telson Resources Inc. closed the non-brokered private placement originally announced on March 1st, for gross proceeds of $1.48 M.
- Arian silver Corp. raised 700 K pounds before expenses, to be used on exploration of its properties in Zacatecas.
- Argonaut Gold Inc. has completed arrangements for a $30 million revolving credit facility.
- Cyprium Mining Corp. announced the closing of a private placement, for gross proceeds of $149.5 K, to be used on the continued development of the Potosi mining project in Chihuahua.
- Argonaut Gold Inc. presented an updated PEA using $1,200/ounce gold and $15/ounce silver and 536 K indicated AuEq Oz to be recovered at cash cost $648 per AuEq Oz. Envisaging the processing of 72.4 million tonnes of ore containing 745,000 ounces of gold with an average grade of 0.32 g/t and 24.5 M Oz Ag with an average grade of 10.6 g/t.
- Guerrero Ventures Inc. has informed Minaurum Gold Inc. that the required exploration expenditures and obligations of the underlying Biricu option agreement between Alamos Gold Inc. and Guerrero have been fulfilled. Guerrero Ventures Inc. has submitted all required documentation to Alamos Gold Inc. to exercise its option to acquire a 100-per-cent interest in the Biricu project in Guerrero State.
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, Dioritic dike cutting through Paleozoic sedimentary rocks in a small open pit at the Buenavista property, in central Sonora. The geologist in the picture is Guillermo Contreras.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 21, 2016) – Kootenay Silver Inc. (TSX VENTURE:KTN) (“Kootenay“) and Northair Silver Corp. (TSX VENTURE:INM) (“Northair“) are pleased to announce that they have completed the previously announced business combination by which Kootenay has acquired 100% of the issued and outstanding shares of Northair by way of a court approved plan of arrangement.
Under the terms of the business combination, each Northair shareholder is entitled to receive 0.35 of a common share of Kootenay, plus 0.15 of a common share purchase warrant of Kootenay. Each whole warrant (a “Kootenay Consideration Warrant”) entitles the holder to purchase a common share of Kootenay at an exercise price of $0.55 for a period of five years from closing. It is expected that the Northair shares will be de-listed from the TSX Venture Exchange on April 21, 2016. The Kootenay Consideration Warrants are currently expected to be listed for trading on the TSX Venture Exchange for market open on Friday, April 22, 2016. Any changes to the aforementioned dates will be disclosed on a timely basis. It is anticipated that Kootenay will shortly apply to cause Northair to cease being a reporting issuer under applicable Canadian securities laws.
NewCastle Gold Ltd. (NCA:TSX-V, the “Company” or “NewCastle”) and Catalyst Copper Corp. (CCY:TSX-V or “Catalyst”) are pleased to announce that they have entered into the definitive agreement (the “Agreement”) providing for the previously announced combination of their respective businesses to create a new company, anchored by the substantially permitted Castle Mountain Gold Project located in California, with the goal of creating a new mid-tier gold company.