During the 39th week of the year (September 26th to October 2nd, 2022), only 10 companies working in Mexico released news on their properties, almost equating the lowest number published since this weekly review commenced seven years ago. Two companies posted exploration advances on their properties, there were no relevant news in mining and financing, three companies released drilling results, updated about exploration on their advanced properties. Two companies informed on the acquisition of properties. ON MEXICO ISSUES, an accident in the Clarines Navidad mine in Durango resulted in the death of a worker and injury of a second one. ON EXPLORATION, in Sonora, Silver Spruce released drilling results from Diamante; Infinitum Copper informed on drilling results from La Adelita. ON MINING, no relevant news. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Endeavour Silver reported drilling results from the Santa Cruz vein – El Curso, at Guanaceví, in Durango. Silver Tiger released drilling results from El Tigre Au zone, the Seitz Kelly vein and El Tigre vein, at El Tigre, in Sonora. Discovery Silver announced the results of the final holes of the phase 2 drill program at Cordero, in Chihuahua, and informed on the property wide exploration. ON DEALS AND CORPORATE ISSUES, Canuc Resources acquired three mining concessions adjacent to its land package at its San Javier project in Sonora. Regency Silver entered into an option agreement to acquire the Oso Blanco claims, adjacent to its Dios Padre property in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
The Coordinación Nacional de Protección Civil informed on the death of one worker at the Clarines Navidad mine in Indé, Durango. The incident involved a rock fall while underground drilling was being performed, with one other worker resulting with injuries.
Silver Spruce Resources Inc. along with partner Colibri Resources Corp. released drilling results from its Diamante project in Sonora. The reverse circulation (RC) drilling tested La Prieta target, with highlighted hole length intersections of 9.0 m @ 2.48 gpt Au, 57 gpt Ag, 0.7% Pb, 0.3% Zn; 13.5 m @ 0.56 gpt Au, 38 gpt Ag, 0.8% Pb, 1.8% Zn; 10.5 m @ 0.63 gpt Au, 39 gpt Ag, 0.6% Pb, 1.6% Zn; 9.0 m @ 0.55 got Au, 15 gpt Ag, 0.2% Pb, 0.4% Zn; 3.0 m @ 1.36 gpt Au, 87 gpt Ag, 0.9% Pb, 1.7% Zn; 6.0 m @ 0.64 gpt Au, 11 gpt Ag, 0.2% Pb, 0.3% Zn. “Geological features of epithermal Au, low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential porphyry style Au-Cu occur as disseminated, stockwork and vein styles. Most drill targets are polymetallic vein style with precious metal-dominant targets also identified at Calton, El Chon and Aguaje.”
Infinitum Copper Corp. reported diamond drilling results from La Adelita, in Sonora. The highlighted true width (TW) results from the two holes comprise 32.25 m @ 1.01% Cu, 0.52 gpt Au, 40 gpt Ag (including 17.05 m @ 1.68% Cu, 0.83 gpt Au, 59 gpt Ag); 19.30 m @ 0.54% Cu, 0.31 gpt Au, 23 gpt Ag. “The skarn alteration is dominated by grossularite-andradite garnet with 5% to 20% associated magnetite. Copper mineralization associated with the skarn consists of chalcocite, chalcopyrite and bornite disseminated in the matrix between crystalline garnet and in later quartz-calcite veinlets”.
No Relevant News.
No Relevant News.
ON RESOURCES AND DEVELOPMENT
Endeavour Silver Corp. reported drilling results from its Guanaceví property in Durango. The program focused on the El Curso area of the Santa Cruz vein. Highlighted true width (TW) intervals comprise 1.16 m @ 3.50 gpt Au, 1,150 gpt Ag; 7.28 m @ 3.54 gpt Au, 1,129 gpt Ag (including 0.43 m @ 25.4 gpt Au, 7,80 gpt Ag) on the El Curso area of the Santa Cruz vein and 2.43 m @ 1.43 gpt Au, 967 gpt Ag; 1.17 m @ 1.60 gpt Au, 1,460 gpt Ag from Porvenir Dos. “The 2022 drill program has continued to focus on the El Curso property, establishing lateral and vertical extents of the mineralized zone between the Porvenir Cuatro and Milache mines”.
Silver Tiger Metals Inc. released drill results from El Tigre, in Sonora. The targets drilled include El Tigre Au zone, the Seitz Kelly vein and El Tigre vein. Highlighted core length results comprise 0.7 m @ 0.23 gpt Au, 1,204 gpt Ag, 0.55% Cu, 3.2% Pb, 1.1% Zn; 0.5 m @ 2.30 gpt Au, 835 gpt Ag; 19.3 m @ 0.46 gpt Au, 11 gpt Ag; 8.0 m @ 0.40 gpt Au, 25 gpt Ag; 37.1 m @ 0.20 gpt Au, 7 gpt Ag; 14.4 m @ 0.25 gpt Au, 1 gpt Ag; 27.9 m @ 0.50 gpt Au, 26 gpt Ag (including 3.60 m @ 1.45 gpt Au, 144 gpt Ag); 1.5 m @ 0.12 gpt Au, 498 gpt Ag, 0.27% Cu, 1.5% Pb, 0.5% Zn; 19.5 m @ 0.74 gpt Au, 48 gpt Ag; 35.5 m @ 0.24 gpt Au, 110 gpt Ag (including 8.1 m @ 0.45 gpt Au, 392 gpt Ag, 0.3% Pb); 11.7 m @ 0.69 gpt Au; 10.9 m @ 0.58 gpt Au, 6 gpt Ag; 5.9 m @ 0.37 gpt Au, 86 gpt Ag (including 0.5 m @ 2.82 gpt Au, 36 gpt Ag.
Discovery Silver Corp. announced the results of the final 26 holes from the phase 2 drill program at Cordero, Chihuahua. Several of the holes are below the previously modeled resource pit, demonstrating the expansion potential at the project. Highlighted core length intervals comprise 50.0 m @ 58 gpt Ag, 0.21 gpt Au, 0.7% Pb, 0.4% Zn; 58.3 m @ 99 gpt Ag, 0.33 gpt Au, 1.6% Pb, 1.0% Zn; 48.3 m @ 100 gpt Ag, 0.63 gpt Au, 1.8% Pb, 0.8% Zn; 42.2 m @ 76 gpt Ag, 0.06 gpt Au, 1.0% Pb, 2.4% Zn; 40.2 m @ 75 gpt Ag, 0.14 gpt Au, 1.2% Pb, 1.1% Zn; 124.7 m @ 37 gpt Ag, 0.04 gpt Au, 0.4% Pb, 1.6% Zn on the PEA pit upgrade and expansion drilling, and 58.2 m @ 21 gpt Ag, 0.05 gpt Au, 0.2% Pb, 1.0% Zn; 17.3 m @ 25 gpt Ag, 0.12 gpt Au, 0.3% Pb, 3.1% Zn; 40.6 m @ 35 gpt Ag, 0.07 gpt Au, 1.5% Zn; 42.2 m @ 76 gpt Ag, 0.06 gpt Au, 1.0% Pb, 2.4% Zn; 86.4 m @ 32 gpt Ag, 0.02 gpt Au, 0.1% Pb, 2.2% Zn on the resource expansion drilling. The property wide exploration program includes geological mapping 2,190 rock samples, 3,639 soil samples, geophysics and diamond drilling. The main areas of surface exploration are Sanson, Pórfido Norte, Dos Mil Diez, Molino de Viento and La Perla. With the phase 2 program, 293,000 m of drilling have been completed in 735 holes in the project.
ON DEALS AND CORPORATE ISSUES
Canuc Resources Corp. signed agreements to acquire three additional claims at its San Javier project in Sonora. With an area of 104.5 hectares, the newly acquired claims take the total land position of Canuc to 956.4 hectares. No details were given on the deals.
Regency Silver Corp. entered into an option agreement to acquire the Oso Blanco claims in Sonora. The 5,650 hectares are in contiguous to the company’s Dios Padre project. Regency has to pay $500 K over five years, pay back taxes estimated at US$500 K and issue a total of 1 M common shares over 36 months. A US$1 M bonus will be paid upon the publication of a NI 43-101 resource of more than 70 M Oz AgEq or more than 1 M Oz AuEq in the measured or indicated categories.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Rock fragment within a breccia displaying a quartz veinlet in the Sonoran Desert. Picture by Jorge Cirett.
During the 38th week of the year (September 19th to September 25th, 2022), at least 12 press releases were announced by companies working in Mexico, and 3 news published by the media with four informing on exploration results, four reporting resources and developments of their properties, four commenting on Mexican issues, two announcing financing issues, and one discussing social issues. ON MEXICO ISSUES, Enrique Zorrilla, president of the Canadian Chamber of Commerce in Mexico stated that Canada has its eyes fixed on Mexico as an investment destination for its mining companies, mainly in exploration expenses to find new gold deposits. According to a recent report by the Ministry of Finance, Mexico values its lithium deposits in Sonora at USD $602,000M. In Mexico, only 33% of mines have access to a computer with an Internet connection to reduce accidents. On a striking difference with last week news releases, only Vizsla Silver Corp., posted drilling results in Mexico on the fourth week of September, 2022. ON EXPLORATION, In Sonora, Tocvan and its JV partner Colibri announced the next steps to be conducted at both the Pilar and the El Picacho projects. In Sinaloa, Prismo provided an update of its ongoing drilling program being conducted at its Palos Verdes project. In Durango, Regency entered into an option agreement to acquire a 100% undivided interest in the El Tablon claims. ON MINING, no relevant news. ON FINANCING, Tocvan announced that it has filed to extend the expiration date of 1,244,668 common share purchase warrants by six months (The Pilar project, Sonora). Barksdale closed a non-brokered private placement for gross proceeds of $2M and issued a total of 4,622,917 units at a price of $0.48 per Unit for gross proceeds of $2.22 (San Javier project, Sonora). ON RESOURCES AND DEVELOPMENT, Oroco announced the commencement of a Preliminary Economic Assessment (PEA) for its Santo Tomas project in Sinaloa. Galore provided an update on the exploitation activities carried out at its Duraznillo mine in Zacatecas. Golden Tag reported positive metallurgical results from the Fernandez Zone at its San Diego project, Durango. Vizsla reported results from 13 new drill holes targeting the Cruz Negra Vein located in the western portion of its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, Almaden signed new and expanded cooperation agreements with the two communities closest to its Ixtaca project, Puebla.
ON MEXICO ISSUE
Enrique Zorrilla, president of the Canadian Chamber of Commerce in Mexico stated that Canada has its eyes fixed on Mexico as an investment destination for its mining companies, mainly in exploration expenses to find new gold deposits. He declared that 35% of the capital invested by that country goes to the mining sector.
According to a recent report by the Ministry of Finance, Mexico values its lithium deposits in Sonora at USD $602,000M. Although Mexico does not currently produce the metal, the finance ministry estimated that Sonora’s reserves could add about 0.3% to potential GDP in the medium term. While the ultra light white metal is usually extracted from rock or brine deposits, lithium in Sonora is mostly trapped in clays, from which it has not yet been extracted on a commercial scale.
In Mexico, only 33% of mines have access to a computer with an Internet connection to reduce accidents. Ericsson revealed that the use of tools such as telemetry, satellite geolocation, wireless sensors and remote operation help improve mining operations, because with them and with the speed of the 5G network, information can be obtained practically in real time.
On a striking difference with last week news releases, only Vizsla Silver Corp., posted drilling results in Mexico on the fourth week of September, 2022. Details are shown in the table below:
Tocvan Ventures Corp., and its JV partner Colibri Resources Corporation announced the next step to be conducted at both the Pilar and the El Picacho projects in Sonora. At the El Picacho, Tocvan plans to initiate a maiden drill program targeting the San Ramon prospect. The plan for the Pilar is to commence bulk sampling of trench material to be processed in a local heap leach facility; to complete 2,000m of infill drilling and 3,000m of step-out and exploration drilling; to proceed with the permitting and development requirements for establishing a bulk test mine on-site; and to update the technical report.
Prismo Metals Inc., provided an update of its ongoing drilling program being conducted at its Palos Verdes project, Sinaloa. The Company has drilled approximately 560m in two core holes of a planned minimum of 2,000m drill program, with the second hole currently in progress. Both holes have intersected several vein structures. Palos Verdes project is contiguous to the Panuco silver-gold project of Vizsla Silver Corp.
Regency Silver Corp., entered into an option agreement to acquire a 100% undivided interest in the El Tablon claims located only 26km from the historical Tayoltita mining district in the state of Durango. The property covers a total of 7,200 hectares and contains numerous artisanal workings and tunnels, which explored many of the veins and veinlets that exist within the concession area. In order to exercise the option, Regency Silver must pay USD $50K on receipt of exchange acceptance, issue a total of 1M common shares and pay back taxes and mining filings on or before March 31, 2024. Regency Silver must also pay a USD $1M bonus upon a NI 43-101 resource being published, which estimates the El Tablon Claims contain a minimum of 70M Oz AgEq or M Oz Au in the measured or indicated categories.
No relevant news.
Tocvan Ventures Corp., announced that it has filed to extend the expiration date of 1,244,668 common share purchase warrants by six months. The Warrants are exercisable into common shares of the Company at a price of $0.75 per common share. The Warrants were issued pursuant to a non-brokered private placement of 1,244,668 units at a price of $0.60 on March 30, 2021. The Warrants were set to expire September 30, 2022 and will have an amended expiry date of March 31, 2023. All other terms and conditions of the Warrants, including the exercise price, remain the same (The Pilar project, Sonora).
Barksdale Resources Corp., closed a non-brokered private placement for gross proceeds of $2M and issued a total of 4,622,917 units at a price of $0.48 per Unit for gross proceeds of $2,219,000. The net proceeds from the offering will be used to advance the company’s mineral projects and for general corporate and working capital purposes (San Javier project, Sonora).
ON RESOURCES AND DEVELOPMENT
Oroco Resource Corp., announced the commencement of a Preliminary Economic Assessment (PEA) for the North and South Zones of its Santo Tomas project in Sinaloa. Additionally, the company mobilized two rigs more to the project, bringing to six the total number of drills conducting infill and step-out drilling in the North Zone and South Zone.
Galore Resources Inc., provided an update on the exploitation activities carried out at its Duraznillo mine in Zacatecas. “Immediately following the execution of the Exploitation Agreement with Oztoc Metals Corporation and the successful removal of the former tenant, Oztoc’s team has been evaluating and remediating the Duraznillo mine site. After conducting several processing trials, Oztoc determined that in order to achieve better production levels, a new and much improved processing system needed to be installed. Oztoc has purchased this equipment and is awaiting its arrival to begin operations, which should take place within the next two to three months”.
Golden Tag Resources Ltd., reported positive metallurgical results from the Fernandez Zone at its San Diego project, Durango. According to the metallurgical results, the endoskarn mineralization found at the Fernandez Zone is amenable to conventional flotation techniques; 76% of the Ag and 84% of the Pb were recovered to a bulk concentrate containing 51% Pb, 4700 g/t Ag, 3.11% Zn, 5.27% Cu, and 2.23 g/t Au; Cu and Au recoveries within the bulk concentrate had significant improvements over previous test work; and 84% of the zinc was recovered to a concentrate grading 47% zinc.
Vizsla Silver Corp., reported results from 13 new drill holes targeting the Cruz Negra Vein located in the western portion of its Panuco project in Sinaloa. Drilling highlights include hole NP-22-274 with 413 g/t Ag, 1.99 g/t Au, 0.2% Pb, and 0.3% Zn (541 g/t AgEq) over a true width (TW) of 2.09m, including 2,490 g/t Ag, 2.85 g/t Au, 0.6% Pb, and 0.9% Zn (3,287 g/t AgEq) over a TW of 0.26m, plus 258 g/t Ag, 1.54 g/t Au, 0.01% Pb, and 0.2% Zn (357 g/t AgEq) over a TW of 0.88m; hole NP-22-262 with 289 g/t Ag, 2.38 g/t Au, 0.8% Pb, and 0.7% Zn (486 g/t AgEq) over a TW of 0.65m, including 741 g/t Ag, 5.88 g/t Au, 0.3% Pb, and 1.3% Zn (1,165 g/t AgEq) over a TW of 0.20m, plus 168 g/t Ag, 16.42 g/t Au, 0.9% Pb, and 3.3% Zn (1,476 g/t AgEq) over a TW of 0.65m, including 181 g/t Ag, 19.70 g/t Au, 1.1% Pb, and 3.8% Zn (1,748 g/t AgEq) over a TW of 0.46m; hole NP-22-290 with 76 g/t Ag, 2.6 g/t Au, 0.6% Pb, and 6.2% Zn (491 g/t AgEq) over a TW of 2.85m; hole NP-22-293 with 481 g/t Ag, 1.2 g/t Au, 0.02% Pb, and 0.02% Zn (535 g/t AgEq) over a TW of 0.76m; and hole NP-22-298 with 297 g/t Ag, 1.78 g/t Au, 0.3% Pb, and 1.2% Zn (456 g/t AgEq) over a TW of 1.60m. Vizsla also reported that it acquired a new claim that connect the northwest and southeast extents of Cruz Negra which are situated on pre-existing Vizsla claims and represent approximately 400m of new potentially mineralized vein strike to explore.
ON DEALS AND CORPORATE ISSUES
No relevant news.
ON SOCIAL RESPONSIBILITY
Almaden Minerals Ltd., signed new and expanded cooperation agreements with the communities of Zacatepec and Santa Maria Zotoltepec, the two communities closest to its Ixtaca project, Puebla. “These agreements set out the terms of the Company’s continued support of local communities’ human right to water through the immediate improvement of local water infrastructure, and establish a basis for longer term cooperation, once the Ixtaca project is permitted. In Zacatepec, the Company has reaffirmed its agreement with the “Irrigation Group of Small Producers from Zacatepec A.C.” to construct an agricultural water reservoir and related pumping and drip irrigation system to support local farming. In Santa María Zotoltepec, the Company has signed an agreement with the “United Ejidatarios for the Sustainable Development of Santa María Zotoltepec, A.C.” in which the Company will make an immediate contribution in order to support the construction of a similar agricultural reservoir and pumping and drip irrigation system with similar characteristics to the one built at Zacatepec, and ongoing contributions to support an agro-technological package aimed at sustainable plant nutrition and soil enrichment”.
· Mag Silver Corp. informed it has been notified by Fresnillo PLC, operator of the Juanicipio project JV in Zacatecas, that the connection of the processing plant installations to the national grid is being tested under caution to protect the grid from undue fluctuations. “The Fresnillo project team indicates that power for final commissioning and start of operations should be available by the end of October, and that production ramp up will commence in Q4 of this year”.
· Silver Tiger Metals Inc. released drilling results from El Tigre project in Sonora. Highlighted core length results comprise 8.1 m @ 554 gpt Ag, 0.17 gpt Au, 0.92% Cu, 2.5% Pb, 3.6% Zn (including 2.0 m @ 1,270 gpt Ag, 0.2 gpt Au, 1.66% Cu, 2.8% Pb, 4.3% Zn); 0.5 m @ 2,010 gpt Ag, 0.27 gpt Au, 2.51% Cu, 1.5% Pb, 5.0% Zn; 1.1 m @ 3,096 gpt Ag, 1.79 gpt Au, 0.68% Cu, 1.2% Pb, 0.2% Zn; 0.6 m @ 3,097 gpt Ag, 2.47 gpt Au, 0.32% Cu, 1.0% Pb, 0.8% Zn. Silver Tiger “contracted Cominvi, a Mexican underground contract mining and development company to rehabilitate the Historic El Tigre Mine. Cominvi are progressing well in the underground rehabilitation of the Historic El Tigre Mine and have already completed over 400 meters of rehabilitation in Level 7, which was the main portal to the mine”.
· Torex Gold Inc. reported assay results from the drill program at El Limón Guajes (ELG) underground mine in Guerrero, including the Sub-Sill and El Limón Deep zones. Highlighted core length intervals comprise 17.5 m @ 16.96 gpt Au; 9.7 m @ 16.87 gpt Au, 0.22% Cu; 11.7 m @ 10.39 gpt Au; 5.5 m @ 13.49 gpt Au, 8 gpt Ag, 0.22% Cu; 8.2 m @ 8.52 gpt Au, 23 gpt Ag, 1.69% Cu; 5.0 m @ 10.37 gpt Au, 10 gpt Ag, 0.51% Cu; 12.5 m @ 5.48 gpt Au, 0.15% Cu; 21.3 m @ 7.18 gpt Au, 26 gpt Ag, 0.77% Cu; 9.7 m @ 10.01 gpt Au, 11 gpt Ag, 0.30% Cu; 8.9 m @ 7.66 gpt Au, 0.12% Cu; 12.1 m @ 7.65 gpt Au, 0.40% Cu; 5.1 m @ 9.72 gpt Au, 0.15% Cu. The drilling budget for ELG Underground is $6 M for 27,000 meters. For Media Luna, a total of $19 M is budgeted for 64,000 m of infill, step-out and initial infill drill program at the adjacent EPO deposit. An additional $9 M is budgeted for 28,500 m of drilling across the broader land package and further $5 M for ore control and definition drilling in the ELG open pit and underground. “The ELG mining complex…. is hosted in the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite stocks, sills, and dikes. Skarn-hosted gold mineralization is developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks…. The style of mineralization at Sub-Sill South is like Sub-Sill and ELD, and is characterized by gold, which is strongly associated with bismuth and variable amounts of silver and copper. Gold occurs in variably sulfidized, pyrrhotite-rich skarn, while silver and copper mineralization is controlled primarily by the degree of sulfidation of the host skarn. Mineralization is associated with retrograde alteration characterized by the occurrence of phlogopite, amphibole, chlorite, calcite and lesser amounts of quartz and epidote, and local magnetite”.
· Pan American Silver Corp. released an updated mineral resource estimate for its La Colorada Skarn deposit in Zacatecas. The estimated indicated mineral resource totals 95.9 M tonnes containing 94.4 M Oz Ag, 2.7 M tonnes Zn, 1.2 M tonnes Pb, with the estimated inferred mineral resource totaling 147.8 M tonnes containing 132.9 M Oz Ag, 3.4 M tonnes Zn, 1.5 M tonnes Pb. A total of 234,000 m of drilling have been completed to date on the deposit. “The polymetallic skarn mineralisation is concentrated in three zones, which cover an area of 1,500 metres by 1,100 metres laterally, and a depth of between 600 metres and 1,900 metres below surface…. The deposit is oriented in a north-northwest to south-southeast direction and is below the currently active Candelaria mine workings.
A busy week regarding press releases with drilling results from properties in Mexico. Eight companies posted drilling intervals, seven of which produced interesting gold numbers, five on relevant silver intercepts and a few with good base metals numbers. While the majority of intervals represent intercepts on intermediate to low sulfidation epithermal systems, the two projects with stronger gold intercepts represent a skarn system (El Limón Guajes in Guerrero) and a deposit likely to be associated, although distal, to an intrusive body (Camino Rojo in Zacatecas). Another skarn mineralization system, Adelita in Sonora, also returned high gold numbers. Low to intermediate sulfidation mineralization systems include all the highlighted silver intercepts of the week, of which the most relevant is the 10.20 m @ 1,404 gpt Ag announced by Vizsla at its Panuco project in Sinaloa. Both highlighted copper intercepts come from Skarn systems, while all relevant lead and zinc intercepts come from low to intermediate sulfidation epithermal systems.
During the 36th week of the year (September 05th to September 11th, 2022), at least 23 press releases were announced by companies working in Mexico, and 4 news published by the media with seven informing on exploration results, seven communicating production and financial results, five reporting resources and developments of their properties, five commenting on Mexican issues, two announcing financing issues, and one discussing social issues. ON MEXICO ISSUES, Equinox informed that mining activities at its Los Filos mine in Guerrero have been temporarily suspended due to an illegal blockade. Rocío Nahle, Secretary of Energy announced that Lithium for Mexico (LitioMx) will hold the first meeting of its Board of Directors on September 20, 2002. The Attorney General’s Office (FGR) reported that three arrest warrants have been issued against the same number of people, for the events that occurred in the Coahuila mine ‘El Pinabete’, where 10 workers are trapped. Reyna Gold Corp., GoGold Resources Inc., GR Silver Mining Ltd., Endeavour Silver Corp., Prime Mining Corp., Kootenay Silver Inc., Silver Spruce Resources Inc., and Vizsla Silver Corp., reported the best drilling intercepts in Mexico on the second week of September, 2022. ON EXPLORATION, In Sonora, Aztec completed the first seven holes of phase 3 drilling program at its Cervantes project, Silver Spruce and its partner Colibri Resources Corp., drilled 19 RC holes for a total of 2,005m at its El Diamante project and reported initial results from the first holes, Reyna Gold announced results from 22 holes totaling 3,823m of its ongoing 10,000m regional exploration drill program at its la Gloria project, and Infinitum Copper reported completion of the first phase of the current program at its flagship La Adelita project. In Chihuahua, Kootenay released results from eleven holes collared at its Columba project. In Zacatecas, Galore reported that completed 3 holes in the San Jose area at its Dos Santos project. ON MINING, no relevant news. ON FINANCING, Barksdale announced a non-brokered private placement for gross proceeds of $2M (San Javier project, Sonora). Sierra Madre closed the first tranche of its previously announced brokered private placement for aggregate gross proceeds of $10M (La Guitarra property, State of Mexico). ON RESOURCES AND DEVELOPMENT, Bear Creek announced that it engaged Unison to design and Renoir to implement a 32-week performance improvement program at its Mercedes mine in Sonora. Vizsla reported results from 14 new holes drilled within the Tajitos-Copala resource area at its flagship Panuco project, Sinaloa. Endeavour reported results from its ongoing drilling program at its Parral project in Chihuahua. GoGold released results from seven new holes drilled at the El Favor East Deposit within its Los Ricos North property in Jalisco. GR Silver reported results from 3 holes drilled at its San Marcial project in Sinaloa. Prime Mining announced additional phase 2 drill results from its Los Reyes project in Sinaloa. Regency Silver completed a 2,000m drilling program at its flagship Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Aztec announced the appointment of a new member to its Board of Directors (Cervantes project, Sonora). Vizsla announced that it has filed its 2022 annual report with the U.S. Securities and Exchange Commission (SEC) (Panuco project, Sinaloa). Riverside and BHP extended into a fourth year its Sonora Mexico exploration program. Galore reported results of its annual general meeting of shareholders and announced the grant of incentive stock options to directors and officers (Dos Santos project, Zacatecas). Gatos Silver provided bi-weekly status report in accordance with National Policy 12-203 – Management Cease Trade Orders due to the delay in the filing of annual reports which includes its audited consolidated financial statements, together with the management’s discussion and analysis, relating to the audited annual financial statements, and the Chief Executive Officer and Chief Financial Officer certificates relating to its annual filings for the years 2021 and 2022 (Cerro Los Gatos, Chihuahua). ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo plc support the Heroic Fire Department and the Red Cross with supplies and training.
ON MEXICO ISSUE
Equinox Gold Corp., informed that mining activities at its Los Filos mine in Guerrero have been temporarily suspended due to an illegal blockade by members of the nearby Mezcala community. The blockade is preventing delivery of certain supplies to the Los Filos Mine that are required to maintain operations.
Rocío Nahle, Secretary of Energy announced that Lithium for Mexico (LitioMx) will hold the first meeting of its Board of Directors on September 20, 2002. The secretary added that the use of lithium is essential for the energy transition, since it allows the production of batteries. “Right now, it is in high demand around the world for its power to store electricity,” she stressed. She recalled that wind and solar plants are intermittent sources of energy, so “white gold” represents a great opportunity for the Mexican energy sector.
The Attorney General’s Office (FGR) reported that three arrest warrants have been issued against the same number of people, for the events that occurred in the Coahuila mine ‘El Pinabete’, where 10 workers are trapped. Since last August 5, the FGR began the investigation procedure for the events that occurred in the mine, owned by the mining company ‘El Pinabete’ S.A de C.V. The FGR reported that the arrest warrants are for the probable commission of the crime provided for and sanctioned in article 150 in relation to article 149 of the General Law of National Assets.
Mexican President, Andrés Manuel López Obrador does not rule out comprehensive mining law reform. A month after the collapse of a coal mine in Sabinas, Coahuila, where 10 miners remain trapped and rescue works do not seem to yield results, President López Obrador said he does not rule out a comprehensive reform to the Mining Law, aimed at preventing such incidents from happening again. The reform would also set stricter rules for extractive activities. López Obrador did not mention exactly when is he planning to propose his reform, but it seem to have the support from at least most of MORENAs senators and one of the most important Unions in Mexico.
Reyna Gold Corp., GoGold Resources Inc., GR Silver Mining Ltd., Endeavour Silver Corp., Prime Mining Corp., Kootenay Silver Inc., Silver Spruce Resources Inc., and Vizsla Silver Corp., reported the best drilling intercepts in Mexico on the second week of September, 2022. Details are shown in the table below:
Aztec Minerals Corp., completed the first seven holes of phase 3 drilling program at its Cervantes project in Sonora to drill test three targets: California, California Norte and Jasper. The company has drilled a total of 1,607m in seven holes from the 3,000m planned in eleven holes. Assay results are pending and are expected to arrive in the next coming weeks.
Silver Spruce Resources Inc., and its partner Colibri Resources Corp., drilled 19 RC holes, being 10 holes at the La Prieta target and 9 holes at El Pillado target, for a total of 2,005m at its El Diamante project. Highlights of the drill intersections at El Pillado target include hole DIA22-01 with five intervals to 3m with two sections exceeding 1% Zn; hole DIA22-02 with six intervals to 3m with one section containing 3.9% Zn; hole DIA22-05 with five intervals with significant metal values, including 24-30m (high silver to 251 g/t Ag, Zn to 1.9 %), 33-36m (Ag to 397 g/t, Pb+Zn to combined 11.2.%), 43.5-51m (Ag to 257 g/t, Pb+Zn to 13.1.%), 78-81m (Ag to 36 g/t, Pb+Zn to 8.5.%); hole DIA22-06 with a zone of 3m (Ag to 60 g/t and Pb to 1.21%); and hole DIA22-08 with the highest gold of 0.934 g/t Au at a depth of 13.5m with low Ag and base metal values. Final geochemical assay results from drilling at the La Prieta target are currently being compiled and the results will be released soon.
Reyna Gold Corp., announced results from 22 holes totaling 3,823m of its ongoing 10,000m regional exploration drill program at its la Gloria project in Sonora, where the company has tested five target areas to date. Drilling highlights at La Republicana target include hole LG-22-30 with 1.45 g/t Au over 59m including 5.96 g/t Au and 20 g/t Ag over 2.85m with a subinterval of 21.5 g/t Au and 30 g/t Ag over 0.8m; 2.29 g/t Au over 6.65m with a subinterval of 4.2 g/t Au and 18 g/t Ag over 3.50m; 6.41 g/t Au and 47 g/t Ag over 2.8m, with a subinterval of 19.5 g/t Au, 141 g/t Ag, 0.3% P, and 0.2% Zn over 0.12m; and 5.79 g/t Au and 52 g/t Ag over 2.95m, with a subinterval of 19.5 g/t Au, 168 g/t Ag, 0.2% Pb, and 0.2% Zn over 0.70m; and hole LG-22-028 with 935 g/t Ag over 5.50m, including 4,640 g/t Ag, 0.93% Cu, and 0.2% Zn over 1m, plus 0.22 g/t Au over 27.30m, including 2.13 g/t Au over 1m, plus 1.49 g/t Au over 0.4m. The company looks forward to additional drilling in La Republicana target.
Infinitum Copper Corp., reported completion of the first phase of the current program at its flagship La Adelita project in Sonora. The interpretation of the Magneto Telluric geophysical program is now completed and show good correlation with historic drilling. The strongest anomalies are still untested by drilling. The company also completed 12 holes on the trend of high-grade Cu-Au-Ag skarn mineralization at the Cerro Grande Zone with a total of 2,574m, including 1,848 samples that have been sent to the lab for analysis with results pending.
Kootenay Silver Inc., released results from eleven holes collared at its Columba project in Chihuahua. Seven out of the eleven holes were collared at the D Vein and 4 at the B Vein. Drilling highlights at D Vein include hole CDH-22-125 with 158 g/t Ag, 0.1% Pb, and 0.2% Zn over 1.83m, plus 540 g/t Ag, 0.26 g/t Au, 0.4% Pb, and 1.6% Zn over 34.45m, including 1,746 g/t Ag, 0.88 g/t Au, 1.1% Pb, and 5.2% Zn over 9.70m, including 2,498 g/t Ag, 1.28 g/t Au, 1.6% Pb, and 7.5% Zn over 6.10m, including 5,840 g/t Ag, 3 g/t Au, 3.1% Pb, and 17.2% Zn over 2.45m; hole CDH-22-127 with 788 g/t Ag, 0.6% Pb, and 1.3% Zn over 0.98m, plus 103 g/t Ag, 0.04% Pb, and 0.1% Zn over 1m, plus 136 g/t Ag, 0.01% Pb, and 0.1% Zn over 1m; hole CDH-22-128 with 136 g/t Ag, 0.1% Pb, and 0.2% Zn over 20m, including 520 g/t Ag, 0.33 g/t Au, 0.03% Pb, and 0.1% Zn over 2m, plus 277 g/t Ag, 0.3% Pb, and 1.2% Zn over 1m, plus 136 g/t Ag, 0.6% Pb, and 1.3% Zn over 2m; and hole CDH-22-131 with 150 g/t Ag, 0.1% Pb, and 0.2% Zn over 16m, including 311 g/t Ag, 0.2% Pb, and 0.4% Zn over 4.86m, including 603 g/t Ag, 0.02% Pb, and 0.1% Zn over 0.59m. On the B Vein, the most significant drill intersect was encountered in hole CDH-22-134 with 109 g/t Ag and 0.1% Zn over 6.6m, including 251 g/t Ag, 0.1% Pb, and 0.1% Zn over 1.5m, plus 279 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.5m. These drilling results extend known mineralization along strike and beneath existing drilling at both the D Vein and B Vein targets.
Galore Resources Inc., completed 3 holes in the San Jose area at its Dos Santos project in Zacatecas. The most significant mineralization was encountered in holes SJ20 with 2.26 g/t Au over 1.20m, plus 2.06 g/t Au over 0.85m; and hole SJ21 with three contiguous intervals of 3.69 g/t Au, 0.79 g/t Au, and 0.59 g/t Au over 1.80m, 0.70m, and 1.30m respectively.
No relevant news.
Barksdale Resources Corp., announced a non-brokered private placement for gross proceeds of $2M. Part of the gross proceeds will be used to finance exploration activities at its San Javier project, Sonora, as well as for working capital and general corporate purposes. The Company also proposes to extend by a further four months, the expiry date of a total of 7,597,836 share purchase warrants, issued September 29, 2020 and 690,790 share purchase warrants issued October 1, 2020 in connection with a non-brokered private placement. These aggregate 8,288,826 2020 Warrants are exercisable into 8,288,826 common shares and remain at an exercise price of $0.55 per share.
Sierra Madre Gold and Silver Ltd., closed the first tranche of its previously announced brokered private placement for aggregate gross proceeds of $10M. The company will use the gross proceeds for the development of it’s the La Guitarra property in the State of Mexico, advancement of engineering studies and general working capital purposes.
ON RESOURCES AND DEVELOPMENT
Bear Creek Mining Corporation announced that it engaged Unison Mining Consulting Pte. Ltd., to design and Renoir Management Corporation to implement a 32-week performance improvement program at its Mercedes mine in Sonora. The planned improvements are to re-open closed mining areas to achieve production rates of over 70K Oz Au per year and reduce costs. This program will cost USD $2.15M.
Vizsla Silver Corp., reported results from 14 new holes drilled within the Tajitos-Copala resource area at its flagship Panuco project, Sinaloa. Drilling highlights include hole CS-22-182 with 1,935 g/t Ag and 15.47 g/t Au (2,913 g/t AgEq) over a true width (TW) of 1.46m; hole CS-22-128 with 299 g/t Ag and 2.08 g/t Au (427 g/t AgEq) over a TW of 2.50m, including 995 g/t Ag and 7.6 g/t Au (1,472 g/t AgEq) over a TW of 0.46m; hole CS-22-185A with 302 g/t Ag and 2.02 g/t Au (426 g/t AgEq) over a TW of 1m; and hole CS-22-196 with 278 g/t Ag and 2.33 g/t Au (426 g/t AgEq) over a TW of 2.16m. “The new drill results support a NW-plunging high-grade zone with an average vertical extent of 250 metres and approximate strike length of 500 metres”.
Endeavour Silver Corp., reported results from its ongoing drilling program at its Parral project in Chihuahua. High grade silver was encountered in several holes. Drilling highlights include hole CUV-78 with 199 g/t Ag, 4.7% Pb, and 2.6% Zn (428 g/t AgEq) over 3.48m, including 501 g/t Ag, 8% Pb, and 6.5% Zn (971 g/t AgEq) over 0.27m; hole CUV-80 with 322 g/t Ag, 5.2% Pb, and 1.6% Zn (528 g/t AgEq) over 1.67m, including 605 g/t Ag, 14.8% Pb, and 3.5% Zn (1,150 g/t AgEq) over 0.53m; hole VCU-90 with 664 g/t Ag, 1.9% Pb, and 0.8% Zn (747 g/t AgEq) over 5.56m, including 5,600 g/t Ag, 15.3% Pb, and 1.7% Zn (6.096 g/t AgEq) over 0.22m, plus 145 g/t Ag, 0.2% Pb, and 0.5% Zn (168 g/t AgEq) over 3.05m, including 247 g/t Ag, 0.3% Pb, and 1.9% Zn (325 g/t AgEq) over 0.55; and hole CUV-96 with 242 g/t Ag, 0.5% Pb, and 1.7% Zn (317 g/t AgEq) over 5.34m, including 711 g/t Ag, 0.5% Pb, and 2.1% Zn (806 g/t AgEq) over 0.52m. The company has drilled since April 2022 over 5,300m in 23 holes, totaling 8,100m year to date with the aim to define and extend mineralized zones. The high grade Ag results show the potential for resource expansion at depth and along strike in the El Verde and Sierra Plata Deep areas along the Veta Colorada structure.
GoGold Resources Inc., released results from seven new holes drilled at the El Favor East Deposit within its Los Ricos North property in Jalisco. Drilling highlights include hole LRGF-22-136 with 0.24 g/t Au and 84 g/t Ag (1.35 g/t AuEq or 101 g/t AgEq) over 4.9m, plus 0.52 g/t Au and 108 g/t Ag (1.96 g/t AuEq or 147 g/t AgEq) over 47.6m, including 2.07 g/t Au and 319 g/t Ag (6.32 g/t AuEq or 474 g/t AgEq) over 10.7m, including 13.47 g/t Au and 615 g/t Ag (21.66 g/t AuEq or 1,625 g/t AgEq) over 1.1m; and hole LRGF-22-124 with 0.31 g/t Au and 111 g/t Ag (1.79 g/t AuEq or 134 g/t AgEq) over 22m, including 1.65 g/t Au and 530 g/t Ag (8.72 g/t AuEq or 654 g/t AgEq) over 3.4m, including 5.05 g/t Au and 1,456 g/t Ag (24.46 g/t AuEq or 1,835 g/t AgEq) over 0.9m. These drill results show extension of the zone to the east and additional high grade infill.
GR Silver Mining Ltd., reported results from 3 holes drilled at its San Marcial project in Sinaloa, to follow-up on lateral and down dip, the high grade encountered previously at the Southeast Area. Hole SMS22-11 intersected 92 g/t Ag and 0.02 g/t Au over 75.7m, including 102 g/t Ag, 0.01 g/t Au, and 0.1% Zn over 63.6m, including 1,253 g/t Ag, 0.02 g/t Au, 0.5% Pb, and 1.4% Zn over 0.3m, plus 1,032 g/t Ag, 0.01 g/t Au, 0.5% Pb, and 1.9% Zn over 0.4m. Hole SMS22-12 encountered 98 g/t Ag, 0.03 g/t Au, 0.4% Pb, and 0.6% Zn over 44.5m, including 1,059 g/t Ag, 0.01 g/t Au, 0.2% Pb, and 0.5% Zn over 0.2m, plus 537 g/t Ag, 0.06 g/t Au, 0.4% Pb, and 1% Zn over 1m. Hole SMSP22-022 intersected 426 g/t Ag, 0.1% Pb, and 0.2% Zn over 3.2m, including 1,932 g/t Ag, 0.05% g/t Au, 0.2% Pb, and 0.6% Zn over 0.5m. GR Silver informed that additional drilling is in progress aiming to continuously expand lateral and down dip continuity of the Ag mineralization.
Prime Mining Corp., announced additional phase 2 drill results from 42 infill and step out drill holes collared at Guadalupe Corridor within its Los Reyes project in Sinaloa. Drilling highlights include hole 22GE-73 with 5.01 g/t Au and 328 g/t Ag over a true width (TW) of 1.9m; hole 22GE-72 with 1.65 g/t Au and 236 g/t Ag over a TW of 13.5m, plus 0.95 g/t Au and 124 g/t Ag over a TW of 6m, plus 2.52 g/t Au and 365 g/t Ag over a TW of 1.5m; hole 22GE-105 with 1.46 g/t Au and 56 g/t Ag over a TW of 14.4m, plus 1.01 g/t Au and 67 g/t Ag over a TW of 1.5m; hole 22GE-70 with 1.38 g/t Au and 38 g/t Ag over a TW of 4.5m; hole 22GE-59 with 2.77 g/t Au and 440 g/t Ag over a TW of 1.1m; hole 22GE-563 with 0.97 g/t Au and 267 g/t Ag over a TW of 2.5m; hole 22GE-77 with 1.28 g/t Au and 45 g/t Ag over a TW of 2.6m; hole 22GE-80 with 1.55 g/t Au and 43 g/t Ag over a TW of 5.7m, plus 1.72 g/t Au and 43 g/t Ag over a TW of 4.8m; hole 22GE-85 with 16.1 g/t Au and 391 g/t Ag over a TW of 0.5m; and hole 22GE-76 with 10.41 g/t Au and 683 g/t Ag over a TW of 0.7m, plus 0.92 g/t Au and 945 g/t Ag over a TW of 1.1m, These drill results expand the Au-Ag mineralization potential at Guadalupe Corridor.
Regency Silver Corp., completed a 2,000m drilling program at its flagship Dios Padre project in Sonora. This program was designed to test a large IP anomaly only 550 metres to the north of the existing Dios Padre historical workings to determine whether it represents a significant continuation of the mineralization, as well as to test for extensions to the existing Dios Padre mineral resource. Final assay results are expected in early October. The Company will release the results shortly thereafter.
ON DEALS AND CORPORATE ISSUES
Aztec Minerals Corp., announced the appointment of a new member to its Board of Directors (Cervantes project, Sonora).
Vizsla Silver Corp., announced that it has filed its 2022 annual report with the U.S. Securities and Exchange Commission (SEC). It includes its management discussion and analysis, annual information form, and audited financial statements for the year ended April 30, 2022. (Panuco project, Sinaloa).
Riverside Resources Inc., and BHP extended its Exploration Funding Agreement (EFA) into a fourth year for its Sonora Mexico exploration program. The plan is to move into the next exploration phase focusing on five copper projects in Sonora, Mexico with a currently approved USD $1.1M in exploration funding to work on the Llano de Nogal district and USD $0.5M in ongoing High Value Work programs in the Sonora Projects for a total so far allocated budget of USD $1.6M exploration work on the specified properties in the EFA.
Galore Resources Inc., reported results of its annual general meeting of shareholders and announced the grant of 7.1M incentive stock options to directors and officers, exercisable at a price of $0.10 for a period of 5 years from the date of grant (Dos Santos project, Zacatecas).
Gatos Silver Inc., provided bi-weekly status report in accordance with National Policy 12-203 – Management Cease Trade Orders due to the delay in the filing of annual reports which includes its audited consolidated financial statements, together with the management’s discussion and analysis, relating to the audited annual financial statements, and the Chief Executive Officer and Chief Financial Officer certificates relating to its annual filings for the years 2021 and 2022 (Cerro Los Gatos, Chihuahua).
ON SOCIAL RESPONSIBILITY
Peñoles and Fresnillo plc have supported for more than two decades to the Heroic Fire Department and the Red Cross. The two companies have resolutely supported these institutions in the communities where they operate, by donating medical supplies to the Red Cross and training for firefighters.
During the 35th week of the year (August 29th to September 4th, 2022), at least 21 press releases were announced by companies working in Mexico. Five companies posted exploration advances on their properties and three presented production results for the second quarter, while one more provided an operational update. One company sold a portfolio of royalties in Mexican properties, one declared a dividend and closed a $5 M concentrate pre-payment facility. On advanced properties, one company reported metallurgical results, one updated its resource base, one released PEA numbers and one more released drilling results. One company is looking for partners for its projects and one more informed on the completion of the bought of their flagship property. ON MEXICO ISSUES, the lithium government company is to be run by the son of one federal government executive in Sonora. The rescue effort on ten coal miners in Coahuila is changing to a recovery mission. ON EXPLORATION, in Sonora, Tocvan Ventures released drilling results from Pilar; Prismo Metals received the Lidar survey processed data on Los Pavitos. In Chihuahua, Radius Gold presented drilling results from Amalia. Kootenay Silver released drilling results from Columba. In Zacatecas, Zacatecas Silver reported drill results from El Cristo vein. ON MINING, Impact Silver, Santacruz Silver and Magna Gold financial/operational results for the second quarter 2022. Guanajuato Silver Company provided and operational update on Topia, San Ignacio and El Cubo and Valenciana complexes. ON FINANCING, Millrock Resources sold a portfolio of royalties in Mexican properties to Osisko Gold Royalties. Alamos Gold declared a quarterly dividen, Guanajuato Silver Company closed on a $5 M concentrate pre-payment facility. ON RESOURCES AND DEVELOPMENT, Discovery Silver reported metallurgical results from its Cordero project in Chihuahua. Starcore International Mines updated on NI 43-101 complaint resources at its San Martin mine in Queretaro. Southern Silver Exploration released numbers on the recently completed PEA at its Cerro Las Minitas project in Durango. Capitan Mining reported drilling results from the Jesus Maria target at its Cruz de Plata project in Durango. ON DEALS AND CORPORATE ISSUES, Mexus Gold US is seeking a partner for its Santa Elena property in Sonora. Minaurum Gold completed the acquisition of its Alamos Silver property in Sonora, with a final payment in cash and shares. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its environmental social and governance (ESG) initiative.
ON MEXICO ISSUES
LitioMx. The federal government operation of its newly created Lithium Mining Company (LitioMx) is still hazy, but the possibility has been raised that private companies might participate, also that the current Sonora governor might be involved, and a director has been named, which happens to be a relative of the presidency representative in the State (Although eager to advertise its different way of doing things, this government is making a great effort to replicate the worst practices of past governments).
Trapped Coal Miners. Blame put aside, the fate of the 10 trapped miners in Coahuila after the flooding of the coal mine on August 3 is almost defined, and the effort is now changing from rescue to body recovery, which might take months.
Prismo Metals Inc. received results from the Lidar survey carried out at its 5,289 ha Los Pavitos project in Sonora. “Mineralization at Los Pavitos consists of quartz veins and stockworks hosted in metasediments, in shear zones and parallel to foliation and crossing foliation”.
Tocvan Ventures Corp. released results from the four final holes drilled at its Pilar project in Sonora. Highlighted drill length intervals comprise 16.78 m @ 0.11 gpt Au; 18.30 m @ 0.24 gpt Au; 50.33 m @ 0.14 gpt Au, 10 gpt Ag (including 10.68 m @ 0.59 gpt Au, 40 gpt Ag); 21.35 m @ 0.13 gpt Au. “All four drill holes were drilled in new areas and intersected alteration and structures known to host gold-silver mineralization at Pilar”.
Zacatecas Silver Corp. reported results from the completed phase one diamond drilling at El Cristo vein system in the Zacatecas Silver project in Zacatecas. Highlighted core length intervals comprise 2.1 m @ 204 gpt Ag; 9.0 m @ 149 gpt Ag; 0.53 m @ 200 gpt Ag, 0.34 gpt Au, 0.8% Pb, 0.8% Zn; 0.82 m @ 84 gpt Ag, 0.14 gpt Au, 11.8% Pb, 3.7% Zn; 0.85 m @ 45 gpt Ag, 0.82 gpt Au, 1.9% Pb, 2.4% Zn; 3.0 m @ 250 gpt Ag; 0.55 m @ 198 gpt Ag, 1.6 m @ 175 gpt Ag. “Drill holes targeted the near surface depth extension of the larger surface workings and/or the depth extension of veins around the deeper historical shaft. The 28 holes drilled to date by the Company have been scout holes also designed to test select veins over at least 2 km of strike extension”.
Radius Gold Inc. reported results from three drill holes on El Cuervo target at the Amalia project in Chihuahua (Radius 35%, Pan American Silver 65%). Highlighted core length drill results comprise 17.00 m @ 438 gpt Ag, 0.80 gpt Au (including 2.0 m @ 3,182 gpt Ag, 4.49 gpt Au); 13.55 m @ 841 gpt Ag, 10.25 gpt Au (including 5.65 m @ 1,560 gpt Ag, 19.6 gpt Au). “Drilling at El Cuervo has defined mineralization similar to the Amalia structure, consisting of epithermal quartz veins, breccias and veinlets stockworks hosted within rhyolite volcanics along a major fault system. El Cuervo remains open to expansion along strike and to depth”.
Kootenay Silver Inc. released another batch of results from its phase 4 drilling program at Columba, Chihuahua. Highlighted core length results comprise 3.90 m @ 574 gpt Ag, 0.2% Pb, 0.7% Zn (including 0.90 m @ 949 gpt Ag, 0.4% Pb, 1.1% Zn) in the D vein, and 17.00 m @ 95 gpt Ag, 0.1% Zn (including 2.05 m @ 221 gpt Ag, 0.2% Zn); 0.4 m @ 325 gpt Ag, 0.2% Pb, 0.6% Zn; 1.58 m @ 425 gpt Ag, 0.1% Pb, 0.3% Zn; 2.97 m @ 91 gpt Ag, 0.2% Zn; 1.63 m @ 2,330 gpt Ag, 0.8% Zn; 6.5 m @ 156 gpt Ag, 0.1% Pb, 0.1% Zn (including 1.05 m @ 769 gpt Ag, 0.5% Zn); 1.00 m @ 305 gpt Ag, 0.2% Pb, 0.2% Zn; 1.00 m @ 194 gpt Ag, 0.2% Pb, 0.2% Zn.
Impact Silver Corp. announced financial and operating results for the second quarter 2022. At its Real de Zacualpan project in Estado de Mexico, 37.2 K tonnes averaging 159 gpt Ag were milled during the period, to sell 151.3 K Oz Ag. Impact has no long term debt and cash on hand stands at $18.4 M. Two underground and two surface rigs continue with the 20,000 meters drilling program for the year.
Santacruz Silver Mining Ltd. reported its financial and operating results for the second quarter 2022. At Zimapan, in Hidalgo, 200 K tonnes were milled to produce 914.5 K Oz AgEq at $16.71 cash cost per Oz AgEq and an AISC of $20.64 per Oz AgEq.
Magna Gold Corp. announced operating and financial results for the second quarter of 2022. At the San Francisco mine in Sonora 5.9 M tonnes were mined, of which 1.4 M tonnes averaging 0.39 gpt Au were placed on the heaps to produce 10,795 Oz Au. Cash at the end of the period was $1.4 M, while working capital was negative $35.4 M. “management believes it is prudent to preserve capital by reducing mining rates and secondary activities across the Company’s portfolio of assets……… the Company’s board and management determined that previously stated guidance for FY 2022 will be retracted and revised at a later date when a more accurate estimate of production impacts is known”.
Guanajuato Silver Company Ltd. provided an operational update detailing the integration of El Cubo mine and milling complex with the recently acquired Topia (Durango) and San Ignacio (Guanajuato) mines from Great Panther Mining Ltd. and the San Ignacio mine and Valenciana mines complex (both in Guanajuato). At El Cubo, the development of a 150 m tunnel and ramp reduced the total haulage distance from 7.2 km to 2.5 km with a strong impact on the project economics. Mineral from the San Ignacio mine is being transported to El Cubo mill for processing, and is expected to provide 5 to 6 K tonnes of material per month to the end of the year. At the Valenciana Mines Complex opportunities are being reviewed to restart mining and to process the material at the Cata mill in 2023. At Topia, the sale of 99.2 dry tonnes of Pb-Zn-Au concentrate 97.7 dry tonnes of Zn-Ag concentrate has been reported since the completion of the acquisition.
Millrock Resources Inc. sold a portfolio of royalties to Osisko Gold Royalties Ltd. with gross proceeds of $1.2 M. The Mexican properties involved include Santa Rosalía (Sonora), El Valle, El Pima (Sonora), Violeta and Guadalcazar (San Luis Potosi).
Alamos Gold Inc. informed the company’s board of directors declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
Guanajuato Silver Company Ltd. reported that in conjunction with the acquisition of the Topia mine in Durango and the Mine Complex in Guanajuato from Great Panther Mining Ltd., has closed a US$5 M concentrate pre-payment facility with Ocean Partners UK Ltd. “Interest on the loan will be calculated at 12-month LIBOR + 7.5%” (Guanajuato Mine Complex, Guanajuato).
ON RESOURCES AND DEVELOPMENT
Discovery Silver Corp. reported results from the metallurgical test program on the pre-feasibility study (PFS) from its Cordero project in Chihuahua. Recoveries of 94-98% Ag, 89-97% Pb, 92-96% Zn were achieved on high grade samples of all major rock types, and recoveries of 83-92% Ag, 85-92% Pb, 81-89% Zn on medium grade samples of blended rock types. “Oxide-sulphide blend testwork establish oxide-specific recoveries of ~60% for silver, ~40% for lead and ~85% for zinc via flotation; co-processing oxide mineralized material via flotation eliminates the need for heap leach processing”.
Starcore International Mines Ltd. released its updated NI 43-101 reserve and resource estimates for its San Martin mine in Querétaro. Proven and probable reserves stand at 1.35 M tonnes @ 1.74 gpt Au, 13 gpt Ag containing 75,353 Oz Au, 573 K Oz Ag, and indicated and inferred resources of 1.48 M tonnes @ 1.78 gpt Au, 14 gpt Ag, containing 160,352 Oz Au, 1.22 M Oz Ag. The exploration program for 2022 envisages 10,000 meters of diamond drilling near the current operations.
Southern Silver Exploration Corp. reported results from its preliminary economic assessment (PEA) on its Cerro Las Minitas project in Durango. The study’s base case envisages an after-tax NPV5% of $349 M, an IRR of 17.9% with Ag at $21.95 per Oz, Cu at $3.78 per Lb, Pb at $0.94 per Lb, Zn at $1.33 per Lb. The indicated mineral resources included on the study comprise 12.3 M tonnes @ 106 gpt Ag, 0.16% Cu, 1.3% Pb, 3.3% Zn containing 42.1 M Oz Ag, 44 M Lb Cu, 358 M Lb Pb, 895 M Lb Zn, while inferred resources comprise 19.6 M tonnes @ 117 gpt Ag, 0.23% Cu, 1.2% Pb, 2,3% Zn, totaling 73.6 M Oz Ag, 98 M Lb Cu, 500 M Lb Pb, 1,009 M Lb Zn. Only sulfide mineralization was included in the study to produce Cu, Pb and zinc concentrates with the recoveries estimated at 91.6% Ag, 60% Cu, 88% Pb, 93% Zn.
Capitan Mining Inc. reported exploration results from five reverse circulation holes at its Cruz de Plata project in Durango. “All drillholes were successful in intersecting Jesus Maria style mineralization, expanding the zone between 43m and 114m down-dip along section”. Highlighted drill length intervals comprise 3.0 m @ 52 gpt Ag, 0.10 gpt Au, 1.3% Pb, 3.4% Zn; 19.8 m @ 29 gpt Ag, 0.08 gpt Au, 0.4% Pb, 0.6% Zn; 13.7 m @ 69 gpt Ag, 0.17 gpt Au, 0.5% Pb, 1.0% Zn; 21.3 m @ 84 gpt Ag, 0.05 gpt Au, 0.6% Pb, 0.7% Zn (including 1.5 m @ 189 gpt Ag, 0.02 gpt Au; 2.3% Pb, 2.3% Zn.
ON DEALS AND CORPORATE ISSUES
Mexus Gold US. continues to seek the right partner for production and/or exploration of its Santa Elena property in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora).
Minaurum Gold Inc. announced the completion of the acquisition of 100% interest in the Alamos Silver project in Sonora. The 37,928-hectare property encompasses the historical 200 M Oz Ag Alamos district including 26 epithermal veins. Minaurum completed all work commitments and option payments and made a final compensation of C$300 K in cash and 443.6 K shares.
ON SOCIAL RESPONSIBILITY
Vizsla Silver Corp. announced the continued progression on its environmental, social and governance (ESG) initiatives through safety, sustainability and commitment to communities.
On the image below: Banded Specularite-quartz-calcite vein in the Sonoran Desert. Picture by Jorge Cirett.
During the 34th week of the year (August 22nd to August 28th, 2022), at least 16 press releases were announced by companies working in Mexico, and 7 news published by the media with seven commenting on Mexican issues, four communicating production and financial results, four disclosing deals and corporate issues, three reporting resources and developments of their properties, three announcing financial issues, and two informing on exploration results. ON MEXICO ISSUES, Colibri and Oroco reported the best drilling intercepts in Mexico on the fourth week of August, 2022. The government of Mexico announced, through a decree in the Official Gazette of the Federation, the creation of the state company Litio para Mexico (LitioMx). According to the Mining Chamber of Mexico (CAMIMEX), a total of 822 mining projects remain on hold and represent an amount of USD $959M. Jaime Gutierrez Núñez, president of CAMIMEX stated that small-scale coal mining is like “the blood diamonds” of Africa. Mexico’s mining industry plans to invest USD $5.5B in 2022, 15.2% more than in 2021. Mining in Mexico grew by 7.1% in 2021 despite friction with the government. The governor of Durango, José Rosas Aispuro, considered unfair that the mining-metallurgical sector is one of the economic sectors with the highest tax burden in the country. In Mexico there are more than 1,209 mining projects that have been developed in 26 states of the Republic. ON EXPLORATION, In Sonora, Colibri reported results from the second half of its Phase 1 drill program completed on its Evelyn project, and Tocvan announced latest drill results from its Pilar project. ON MINING, Guanajuato Silver, Discovery Silver, Minera Alamos, and Orogen reported Q2, 2022 production and financial results from their Mexican operations. ON FINANCING, Canasil announced a non-brokered private placement for gross proceeds of up to $550K (Nora project, Durango). Minera Alamos arranged a USD $3M working capital facility and announced a closed a USD $4.35M equity raise (Cerro de Oro project, Zacatecas). Eric Sprott announced holdings in Orex Minerals Inc. ON RESOURCES AND DEVELOPMENT, Discovery Silver reported Q2, 2022 results from its flagship Cordero project, Chihuahua. Minera Alamos provided an update on its Cerro de Oro project, Zacatecas. Oroco successfully tested the western side of the North Zone at its Santo Tomas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Monumental announced that its common shares are now trading on the OTCQB Venture Market under the symbol MNMRF (Jemi project, Coahuila). Argonaut announced the appointment of its Vice President, Canadian Operations (La Colorada mine, Sonora). Aztec purchased 35% interest in the Cervantes property in Sonora from Kootenay. Colibri announced reinstatement of trading on the TSX Venture Exchange and the appointment of its CFO. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
Colibri Resource Corporation and Oroco Resource Corp.,reported the best drilling intercepts in Mexico on the fourth week of August, 2022. Details are shown in the table below:
During the 33rd week of the year (August 15th to August 21st, 2022), at least 21 press releases were announced by companies working in Mexico. Four companies posted exploration advances on their properties and two presented production results for the second quarter. Two companies reported on underground sampling and drilling on their advanced properties. One company announced the staking of an epithermal vein system and one more sold the final 20% interest it held on a property. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Minaurum commenced the rehabilitation and sampling of historic workings at Alamos; Tocvan Ventures released results from the Pilar project. In Chihuahua, Kootenay Silver released drilling results from Columba. In Sinaloa, Prismo Metals commenced drilling at Palos Verdes. ON MINING, Mag Silver and Starcore International presented financial/operational results for the second quarter 2022. ON FINANCING, Sierra Madre Gold and Silver elaborated on the private placement for $10 M in conjunction with the acquisition of La Guitarra project. Canuc and Minera Alamos closed financing rounds for C270 K and $4.37 M. Prismo Metals intends to complete a non brokered private placement for $150 K. Torex Gold finalized an agreement increasing the available credit from $150 M to $250 M. ON RESOURCES AND DEVELOPMENT, Sonoro Gold reported results from underground sampling at Cerro Caliche, in Sonora. Silver Dollar reported results from four holes at La Joya, in Durango. ON DEALS AND CORPORATE ISSUES, Orogen Royalties staked the La Verdad epithermal project in Zacatecas. Gold79 Mines sold its remaining 20% interest on Taviche, Oaxaca, to Minaurum Gold. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News.
Kootenay Silver Inc. released results from the first holes of the 15,000 m phase 4 drilling program at its Columba project in Chihuahua. Highlighted core-length results on the D vein comprise 11.3 m @ 449 gpt Ag (including 1 m @ 795 gpt Ag); 7.0 m @ 108 gpt Ag; 2.85 m @ 183 gpt Ag; 7.74 m @ 416 gpt Ag (including 1.5 m @ 1,395 gpt Ag, 0.9% Pb, 5.3% Zn); 2.0 m @ 190 gpt Ag, and 1.95 m @ 103 gpt Ag; 1.0 m @ 151 gpt Ag; 6.0 m @ 107 gpt Ag on the F vein.
Prismo Metals Inc. commenced the 2,000 m drill program at its Palos Verdes project in Sinaloa. “Previous shallow drilling has intersected high grade mineralization with the best intercept of 2,336 g/t Ag and 8.42 g.t Au over a true width estimated at 0.8 meters within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 meters.
Minaurum Gold Inc. begun rehabilitation of underground historic workings at its Alamos project in Sonora. “Initial rehabilitation to facilitate mapping and sampling of more than 1 km of workings will take several months to complete and will consist of securing and cleaning all underground areas, and removing and stockpiling backfill for possible future processing”. The Promontorio vein can be traced for more than 1 km on the surface and underground; the mine closed in 1896, having produced 70 M Oz Ag. In the 1960’s material from surface dumps and underground backfill was processed, with access cleared to the main haulage level and to the lower levels of the Promontorio mine. Minaurum is to re-log all Promontorio drill core, rehabilitate, map and sample the underground workings.
Tocvan Ventures Corp. released results from three drill holes at its Pilar project in Sonora. Highlighted core-length results comprise 16.8 m @ 0.1 gpt Au, 18 gpt Ag (including 6.1 m @ 0.3 gpt Au, 47 gpt Ag; 1.5 m @ 0.6 gpt Au, 185 gpt Ag); 138.8 m @ 0.1 gpt Au (including 30.5 m @ 0.4 gpt Au; which includes 1.5 m @ 7.6 gpt Au). Two of the holes support the presence of a third subparallel trend northeast of the main and 4-T trends.
Mag Silver Corp. announced financial results for the Q2 2022. At Juanicipio (46% Mag Silver, 56% Fresnillo PLC), in Zacatecas, 154.1 K tonnes were processed through the Fresnillo plants. Producing 2.2 M Oz Ag, 5,119 Oz Au, 1,016 tonnes Pb, 1,599 tonnes Zn. The Juanicipio processing plant is about to be connected to the national electrical grid, with 85-90% of the 4,000 tonnes per day capacity expected to be reached by the end of 2022. By the end of the period Mag had $47.7 M of working capital, including $44.6 M in cash.
Starcore International Mines Ltd. presented production results for the Q1 2023, ended July 31, 2022. At the San Martin mine in Queretaro, 55.26 K tonnes were milled, averaging 1.70 gpt Au, 21.3 gpt Ag, recovering 89.4% Au, 49.1% Ag, to produce 2,925 Oz AuEq.
Sierra Madre Gold and Silver Ltd. amended the terms of the previously disclosed “best efforts” brokered private placement. The offering is to raise now up to $10 M and is being conducted in conjunction with the proposed acquisition of the La Guitarra property in Estado de Mexico.
Canuc Resources Corp. announced the closing of a non-brokered private placement for gross proceeds of C$270 K (San Javier, Sonora).
Prismo Metals Inc. intends to complete a non-brokered private placement for gross proceeds of $150 K (Palos Verdes, Sinaloa).
Torex Gold Resources Inc. finalized a credit agreement with a syndicate of banks to increase the credit available form $150 M to $250 M and to extend the maturation of the facilities from 2023 to 2025. Torex expects the $311 M of cash on hand, no debt, strong forecast cash flow from El Limón Guajes and the $250 M available under the latest credit facilities place Torex on solid footing to fund the development of the Media Luna project. (El Limón-Guajes, Guerrero).
Kootenay Silver Inc. clarified that the news release headlined “Kootenay Resources Inc. Announces Private Placement financing of up to $800,000” is related to Kootenay Resources Inc. a private reporting issuer not related to the common stock of Kootenay Silver Inc. a TSX Venture listed company. Kootenay Resources Inc. is a spin-out from Kootenay Silver Inc. focused on British Columbia exploration, of which Kootenay Silver holds 3.2 M shares (Columba, Chihuahua).
Minera Alamos Inc. announced the closing of its non-brokered private placement for aggregate gross proceeds of $4.37 M, with no finder’s fees paid (Cerro de Oro, Zacatecas).
ON RESOURCES AND DEVELOPMENT
Sonoro Gold Corp. reported results from underground sampling at Cerro Caliche, in Sonora. A rotary handheld saw was used to obtain 34 continuous channel samples of vein and breccia material from the Cabeza Blanca underground workings. Three segments of one tunnel were sampled, averaging 3.9 @ 0.40 gpt Au, 3.5 m @ 3.07 gpt Au, 1.86 m @ 1.79 gpt Au. The highest interval sample returned 2 m @ 7.68 gpt Au. “The current resource estimate classified this 100-meter section as an inferred resource, but the underground sampling results, together with over 7,200 meters of new drilling data, will be included in an updated resource calculation being completed on the project”.
Silver Dollar Resources Inc. reported initial assay results from phase II drilling ongoing at the Noria portion of the La Joya project in Durango. A total of 1,899 m have been completed in 10 holes, with core length highlighted results on the first four comprising 26.85 m @ 1.0 gpt Au; 17.05 m @ 1.0% Zn; 9.90 m @ 0.9% Zn; 9.13 m @ 0.7% Zn; 19.35 m @ 192 gpt Ag, 0.27 gpt Au, 1.0% Pb, 2.2% Zn (including 5,0 m @ 451 gpt Ag, 0.62 gpt Au, 2.3% Pb, 4.6% Zn); 4.93 m @ 120 gpt Ag, 0.8% Pb, 0.8% Zn; 3.00 m @ 74 gpt Ag, 0.6% Pb, 2.2% Zn; 5.79 m @ 114 gpt Ag, 0.18 gpt Au, 0.4% Pb, 1.7% Zn; 4.43 m @ 23 gpt Ag, 0.26 gpt Au, 5.6% Zn.
ON DEALS AND CORPORATE ISSUES
Orogen Royalties Inc. announced the acquisition by staking of the La Verdad project in Durango. The 264-hectare project contains a low-sulfidation epithermal system with two subparallel quartz veins, Santa Rita and La Verdad along 2.5 kilometers of strike length, hosted in Cretaceous limestone. “Multiple stages of white, yellow and green quartz veins outcrop and display classic low sulfidation style textures. The Santa Rita and La Verdad veins may extend beneath shallow alluvium which covers over 40 percent of the potential vein strike”. A minor drilling program in 2013 tested only 100 m of strike length of the system.
Gold79 Mines Ltd. monetized its remaining 20% interest in the Taviche project, in Oaxaca. The transaction allows for the dissolution of the Mexican subsidiary and reduce costs. Additionally, Gold79 will not proceed with the previously announced private placement and will receive a C$230 K loan from management. Minaurum Gold Inc. has exercised the option for C$1 M for the remaining 20% interest in the Taviche project, “Once the option exercise is completed in accordance with its terms along with certain other transactions between the parties, Gold79 will pay CDN$800,000 for a full and final release regarding any claims associated with the project to Minaurum”.
ON SOCIAL RESPONSIBILITY
No Relevant Nes.
Endeavour Silver and Aztec Mineral announced the sudden decease of Bradford Cooke, founder of those companies and a long-time promotor of the mining industry in Mexico. He will be missed.
On the image below: Silicified structure tens of meters wide running for several kilometers in the Sonoran Desert. Picture by Jorge Cirett.
It is with deep sorrow that I received the news on the sudden death of Bradford Cooke in Vancouver, B.C., to whom I was lucky enough to meet in 1997 when Bradford began to venture into the Mexican mining industry. I had just returned to Mexico after have spent some time working for BHP in Denver, USA when I started to work for him and learned of his great kindness as well as his passion and talent to acquire and develop mining operations in Mexico.
Bradford was successful in acquiring several mining operations in Mexico, firstly Guanacevi and later Bolañitos and El Cubo in Guanajuato, Terronera in Jalisco and El Compas in Zacatecas. He also was involved in advancing several mining projects not only for Endeavour Silver but also for another of his exploration companies (Aztec Minerals) in Sonora: The Cervantes project.
Farewell to Bradford, a good kind man and a friend with a strong passion for mining, he will be remembered and missed by all of those that had the chance to know him.