October 19, 2017, Vancouver, BC – Alio Gold Inc (TSX, NYSE MKT: ALO) (“Alio Gold” or the “Company”), is pleased to announce that Goldcorp Inc. (TSX: G, NYSE: GG) has exercised its warrants that expire on October 19, 2017 for total proceeds to the Company of C$3.5 million. The Company has also exercised a buy-back right from Goldcorp of a 1% net smelter royalty (“NSR”) on its Ana Paula project located in Guerrero, Mexico for US$2.9 million.
“As we continue to advance the high grade, high margin Ana Paula project, the buy back of the 1% NSR is immediately accretive to the project and will deliver significant value to our shareholders over the long term,” said Greg McCunn, Chief Executive Officer. “We are advancing the Definitive Feasibility Study for the Project towards completion in Q2 2018 when we expect to make an investment decision to start construction. In parallel, we have initiated an exciting US$18 million exploration program at Ana Paula to investigate the extension of high-grade mineralization below the proposed open pit. Positive exploration results are expected to enhance already robust project economics, and it therefore made sense for us to exercise our buy-back right on the 1% NSR now. We would like to thank Goldcorp for their continued support of the Company through the exercise of the warrants.”
Toronto, Ontario – October 19, 2017 – Excellon Resources Inc. (TSX:EXN; TSX: EXN.WT) (“Excellon” or the “Company”) is pleased to announce that it has entered into an agreement with Cantor Fitzgerald Canada Corporation (“Cantor”) as sole bookrunner and together with PI Financial Corp. as co-lead underwriter, on its own behalf and on behalf of a syndicate of underwriters (together with Cantor, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 5,000,000 units of the Company (the “Units”) at a price of $2.00 per Unit for gross proceeds to the Company of approximately $10 million (the “Offering”). Each Unit will consist of one common share in the capital of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder to acquire an additional Common Share at a price of $2.80 at any time on or before December 31, 2018.
VANCOUVER, Oct. 18, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) (“Goldcorp”) today announced the completion of the previously announced sale of its 21% minority interest in the San Nicolas copper-zinc project, located in Zacatecas, Mexico to Teck Resources Limited for cash consideration of $50 million. The closing follows receipt of Mexican anti-trust approval and the satisfaction of closing conditions customary in a transaction of this nature.
Goldcorp is a senior gold producer focused on responsible mining practices with safe, low-cost production from a high-quality portfolio of mines.
TORONTO, Oct. 18, 2017 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) reports consolidated production for Q3 2017 of 19,051 gold ounces and 749,749 silver ounces, or 29,047 gold equivalent ounces(1), using a 75:1 gold to silver ratio.
|Consolidated Production Summary
|Gold Eq. ounces
Vancouver, BC — October 18, 2017, Corex Gold Corp. (TSXV: CGE) (“Corex” or the “Company”), is pleased to report that it has shipped the first gold-in-carbon concentrate from its 100%-owned Santana heap-leach gold project in Sonora, Mexico.
During 2017, Corex has been conducting continuous bulk testing heap-leach activities at its 100%-owned Santana property. The leaching to date has been conducted on coarser crushed material that in the next anticipated program will see equivalent leach tests performed on finer crushed material to determine the relationship of crush size and recovery for the project as its development is advanced. A crusher to generate finer sized mineralized material for leaching is now at the project site and Corex anticipates commencing this next step of crushing heap-leach test work next month to determine that optimum crushing size.
TORONTO, Ontario, October 17, 2017 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is pleased to announce the initiation of its in-fill drilling program at its Media Luna development project in Southwest Mexico. The purpose of this program is to upgrade, to the Indicated confidence level, 25% of the current inferred Media Luna resource of 7.4 million Au Eq. ounces (51.5Mt @ 4.48g/t Au Eq.). The program plan contains 175 holes, averaging 600 meters in depth, for a total of 105,000 meters of drilling. The budgeted cost for the program is US$15M, and the 175 holes are scheduled for completion by the end of 2018. Subsequent to the completion of the program, a Measured and Indicated resource estimate will be prepared, and this will form the basis for a Media Luna feasibility study, which is scheduled for completion in the second half of 2019.
Fred Stanford, President & CEO of Torex stated: “The start of this in-fill drilling program is a big step in advancing the development of the Media Luna deposit. That development process will be aided by the increased geological understanding and confidence that comes from the drilling program. It will also be potentially enhanced by the optimization of the Media Luna production and service processes, that have been developed by internal teams, while we waited for the financial flexibility to proceed with in-fill drilling. An updated preliminary economic assessment (“PEA”), scheduled for late in Q1, 2018, is expected to illustrate the commercial advantages of the proposed optimized processes. Internal and external study teams are also focusing on design elements that are expected to expedite the permitting process. Pending success of future technical studies, the potential timeline contemplates beginning construction of the Media Luna mine in early 2020, is expected to be financed from internal cash flow, and gold production is expected to begin in early 2022.”
VANCOUVER, British Columbia, Oct. 17, 2017 (GLOBE NEWSWIRE) — First Majestic Silver Corp. (NYSE:AG) (TSX:FR) (“First Majestic” or the “Company”) announces total production in the third quarter of 2017 from its six operating silver mines reached 4.0 million equivalent ounces of silver. Total production consisted of 2.4 million ounces of silver, 15,414 ounces of gold, 5.2 million pounds of lead and 0.9 million pounds of zinc.
“Consolidated production in the third quarter returned to higher levels compared to the prior quarter,” said Keith Neumeyer, President & CEO. “At La Encantada, improvements in throughput and silver grades allowed for a 62% increase in silver production. At Santa Elena and San Martin, total production at each operation beat guidance due to continued strong grades and higher recoveries. At La Parrilla, oxide production improved due to higher grade ore being sourced from the San Marcos mine. Lastly, as a safety precaution following two major earthquakes that struck near the La Guitarra mine in September, we temporarily suspended production for a total of eight days to allow for a full inspection of the operation. The inspection revealed no significant risks or damages allowing for the restart of production.”
Frank Giustra, a well regarded Canadian mining magnate who created one of the world’s most successful mining companies is now moving his operation digitally to mine Cryptocurrency.
Giustra has backed a Blockchain technology company called Hive Blockchain Technologies, which is among the first publicly traded stocks to provide exposure to crypto mining, and for Giustra, he is seeing huge returns.
Six fold returns
The mining mogul has seen rapid growth since entering the Bitcoin market, backing Hive which was previously known as Leeta Gold Corp.
The decision to dig for data servers has paid off as Hive’s shares have soared about 633 percent, giving it a market value of $443 mln since it took over the listing.
Giustra’s foray into the crypto space has been a successful one as he has help drive Hive to be one of the pioneers in terms of a listed crypto mining company.
Hive paid Hong Kong-based Genesis Mining, builder of the world’s largest Ether mining facility, $9 mln and gave it a 30 percent stake to acquire a new data center in Reykjanes, Iceland.
CABORCA, Mexico, Oct. 16, 2017 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB:MXSG) (“Mexus” or the “Company”) announced that it has retained gold recovery expert Robert Garcia to assist with an increase in production at the Santa Elena mine. To date, the recovery of gold via the Merrill Crowe system has not been adequate due to issues with the chemical analysis and flows. Mr. Robert Garcia is President of Auric Metallurgical Resources in Arizona and has extensive experience with mines and metallurgy. Mr. Garcia is evaluating and customizing the Merrill Crowe gold extraction plant which will help achieve maximum recovery.
Mr. Garcia commented, “After a couple of field trips observing and evaluating your projects in Mexico, they do appear to have significant potential to become profitable mining operations with growth potential once you have finished constructing the appropriate physical extraction plants and established the proper extraction protocols for the ore.”
During the 41st week of the year (October 9th to October 15th, 2017), at least 24 press releases were announced by companies working in Mexico, including seven quarterly reports. ON MEXICO ISSUES: The Secretaría de Economía announced the liberation of over 195 K hectares of ground for staking. ON EXPLORATION: Eight companies disclosed exploration efforts during the week: In Sonora, Azure Minerals is about to start drilling its Oposura and Sara Alicia projects; Canuc Resources released underground and surface rock sampling results from its San Javier project; Colibri Resource released an exploration update of its Evelyn project; Silver Viper is drilling its Clemente project. In Sinaloa Chesapeake Gold commenced a 5,000 m drilling program focused in two prospects on its Yarely project. In Coahuila, Discovery Metals received the environmental permit to drill five of its projects; Silver Bull Resources released the results from the first two underground holes to test high grade structural feeders at its Sierra Mojada project. ON MINING: Endeavour Silver, Capstone Mining, Leagold Mining, Great Panther Silver, Alamos Gold, Gogold Resources and Alamos Gold reported preliminary third quarter results. Torex Gold signed a 25 year land agreement with the Puente Balsas Sur Ejido, needed for the exploration and operation of its Media Luna project in Guerrero. Telson Resources received the environmental permit for mine and related infrastructure on its Tahuehueto project in Durango. ON FINANCING: Colibri Resources settled a $10 K debt by issuing shares to one of its directors. Sierra Metals entered into an open market agreement with a consortium to raise up to $55 M on the NYSE market. Fortuna Silver’s CEO bought approximately US$430 K shares of the company in the open market. Oroco Resources intends to complete a non-brokered private placement to raise up to $600 K. ON RESOURCES AND DEVELOPMENT: Fortuna Silver released exploration results from its San Jose property in Oaxaca, including high-grade drilling results. ON DEALS AND CORPORATE ISSUES: No Relevant news.
ON MEXICO ISSUES
- The Secretaría de Economía (Bureau of Economy) released the long due and eagerly awaited second release of previously held land of 2017, ground that is now going to be open for mining concession applications. Over 44 K hectares of reduced land (from eleven concessions), 131 K hectares of abandoned concessions (95) and almost 20 K hectares of cancelled concessions (96) are to be available in one month for staking by individuals and corporations.
- Azure Minerals Ltd. is about to start drilling at its Oposura and Sara Alicia projects in Sonora. The environmental permit has been granted for both projects. At Oposura a total of 7,000 m of drilling is planned in 120 holes on a 1,400 by 400 m area. At Sara Alicia geological mapping, rock chip channel sampling, gridded soil sampling, and initial target identification has been completed. A zone of high grade gold and cobalt with samples of up to 39 g/t Au and up to 6% Co has been identified and is to be drill tested with 5-6 holes for a total of 450-500 m of diamond core.
- Canuc Resources Corp. reported high grade silver and gold from recent sampling of underground workings, and from the surface of the Carranza breccia zone at its San Javier project in Sonora. “Road construction, trenching and drill platform preparation have been completed and surface mapping and sampling are ongoing.” The focus is on the breccia zones found at the intersections of the two fault trends. Results include 0.5 m @ 10.3 g/t Au, 250 g/t Ag; 0.5 m @ 8.0 g/t Au, 246 g/t Ag; 1.23 m @ 6.0 g/t Au, 174 g/t Ag; 1.2 m @ 10.5 g/t Au, 220 g/t Ag; 1.6 m @ 9.5 g/t Au, 150 g/t Ag; 1.6 m @ 11.3 g/t Au, 100 g/t Ag; 0.9 m @ 5.1 g/t Au, 17,200 g/t Ag; 1.3 m @ 1.9 g/t Au, 6,230 g/t Ag; 1.4 m @ 2.0 g/t Au, 2,395 g/t Ag; 0.7 m @ 1.6 g/t Au, 150 g/t Ag; 2.5 m @ 1.1 g/t Au, 600 g/t Ag; 3.0 m @ 1.2 g/t Au, 470 g/t Ag.
- Chesapeake Gold Corp. commenced a 5,000 m diamond drill program at its 68,000 has Yareli project in Sinaloa. The phase I program is to focus on the Central and Loretos prospects. “At Central prospect Initial drill holes will test the four subparallel north – northwest trending stockwork structures up to one kilometre in length and associated extensive breccia bodies..” At Loretos three widely spaced holes are planned to test the west side of a “V” shaped IP anomaly which is over 3 km long and one km wide.
- Colibri Resource Corp. released a report on its 506 hectare Evelyn project in Sonora. Geological and structural mapping, as well as rock chip sampling were conducted. The property is underlain by Jurassic rhyolites, andesites and sandstones. Prospects highlighted include the Mine Working shear zone, the Cerro Rojo Fault and the Quartz Vein Swarm. Of 74 samples collected, 33 returned values greater than 0.1 g/t Au.
- Discovery Metals Corp. received drill permits for five of its projects from the Mexican environmental regulator, SEMARNAT. These permits cover the La Kika, Renata, Santa Rosa, La Minerva, and Jemi-Rare projects in northern Coahuila.
- Silver Bull Resources Inc. provided the results from two drill holes of its underground drill program targeting high-grade structures at its Sierra Mojada project in Coahuila. The first hole intersected 7 m @ 121 g/t Ag, 0.52% Cu, including 2 m @ 376 g/t Ag, 3.0% Cu. The second hole intersected 25.5 m @ 294 g/t Ag, 0.96% Cu, including 11.5 m @ 486 g/t Ag, 1.13% Cu and 4 m @ 966 g/t Ag, 2.0% Cu, with the hole entering and ending in an unmapped working. The results confirm the East-West continuity of the first of three structures to be drilled.
- Silver Viper Minerals Corp. is performing a 2,000 m drilling program at its Clemente project in Sonora. The diamond drilling is designed to target the down dip projection of the steep dipping quartz shear vein and adjacent quartz veining observed in accessible historical mine workings.
- Endeavour Silver Corp. reported production results for the third quarter 2017. At Guanaceví in Durango, 74.6 K tonnes were produced at a rate of 811 tonnes per day (tpd) @ 250 g/t Ag, 0.57 g/t Au and recoveries of 87.2% Ag, 89.5% Au, to produce. 522.9 K Oz Ag, 1,224 Oz Au. At Bolañitos, in Guanajuato, 114.5 K tonnes were produced at a rate of 1,245 tpd @ 85 g/t Ag, 2.15 g/t Au and recoveries of 81.1% Ag, 82.4% Au, to produce 253.8 K Oz Ag, 6,523 Oz Au. At El Cubo in Guanajuato, 133.6 K tonnes were produced at a rate of 1,452 tpd @ 135 g/t Ag, 1.35 g/t Au and recoveries of 83.7% Ag, 83.3% Au, to produce 485.4 K Oz Ag, 5,901 Oz Au. In July the production decision was made on El Compas project in Zacatecas. In August were received the permits for the mine and plant at Terroneras, Jalisco. Pending are the permits for the waste dumps and tailings areas.
- Torex Gold Resources Inc. signed a long term, common land lease agreement with the Puente Sur Balsas Ejido for the use of the land required for the exploration, construction and mining of minerals at its Media Luna project in Guerrero. The 25 year agreement can be revoked at the company’s discretion, with one year’s notice.
- Telson Resources Inc. received the environmental permit (MIA) authorizing the construction of a mineral processing facility, related mining facilities, plus infrastructure and necessary underground development at its Tahuehueto project in Durango.
- Capstone Mining Corp. announced production results for the quarter terminating at the end of September 2017. At Cozamin higher throughput than planned saw 223.8 K tonnes mined from underground and 223.4 K tonnes processed at a rate of 2,429 tpd, averaging 1.98% Cu, 0.8% Zn, 0.08% Pb, 42 g/t Ag; recoveries stood at 96.1% Cu, 65.7% Zn, 7.0% Pb, 79.7% Ag, to produce 15,688 tonnes of Cu concentrate, 2,463 tonnes of Zn concentrate and 20 tonnes of lead concentrate.
- Leagold Mining Corp. disclosed Q3 2017 gold production at the Los Filos mine in Guerrero. During the period the Los Filos mine produced 47,766 Oz Au.
- Great Panther Silver Ltd. released production results for the third quarter 2017. At the Guanajuato Mine Complex in Guanajuato, 76.1 K tonnes were milled @ 155 g/t Ag, 2.54 g/t Au; with recoveries of 89.8% Ag, 88.1% Au, to produce 341.6 K Oz Ag, 5,471 Oz Au. At Topia in Durango, 18 K tonnes were milled @ 362 g/t Ag, 0.97 g/t Au; with recoveries of 91.1% Ag, 67.1% Au, to produce 191.2 K Oz Ag, 377 Oz Au.
- Alamos Gold Inc. reported production for the third quarter 2017, including figures from its Mexican operations. At Mulatos (including La Yaqui) 36,300 Oz Au were produced, and 14,900 Oz Au at El Chanate, both in Sonora.
- GoGold Resources Inc. announced production for the quarter terminated at the end of September 2017. At its Parral tailings operation 353.4 K Oz Ag were produced. An improvement on the recoveries by changing agglomeration and heap parameters can be seen in the graphic below.
- Hecla Mining Co. reported preliminary production results for the third quarter 2017, including figures from its Mexican operations. At San Sebastian in Durango, the mill operated at 397 tpd to produce 880.9 K Oz Ag, 8,199 Oz Au.
- Colibri Resources Corp. has issued shares in the amount of $10,000 to settle an outstanding indebtedness due to Ed Stringer, a director of the company (Evelyn, Sonora).
- Sierra Metals Inc. entered into an open market Sale Agreement with Jefferies LLC, C. Wainwright & Co, LLC Scotia Capital (USA) Inc. and Noble Capital Markets Inc., on which the company may during the term of the agreement sell common shares in the NYSE up to the amount US$55 M in gross proceeds. No common shares will be offered or sold in Canada (Cusi and Bolivar mines, both in Chihuahua).
- Fortuna Silver Mines Inc. announced that Jorge A. Ganoza, CEO of the company increased his equity position in Fortuna by acquiring 131,800 common shares on the open market, valued at close to US$430 K. (San Jose, Oaxaca).
- Oroco Resource Corp. intends to complete a non-brokered private placement to raise up to $600 K of gross proceeds (Xochilapa, Guerrero).
ON RESOURCES AND DEVELOPMENT
- Fortuna Silver Mines Inc. updated exploration efforts at its San José mine in Oaxaca, where four rigs are testing the Trinidad-Bonanza-Stockwork complex, the Trinidad North Extension and the sub-parallel Victoria vein (formerly Ocotlan vein). Relevant estimated true width intercepts (TW) comprise 4.1 m @ 247 g/t Ag, 1.8 g/t Au; 21.0 m @ 153 g/t Ag, 0.9 g/t Au; 3.6 m @ 281 g/t Ag, 1.2 g/t Au; 4.5 m @ 356 g/t Ag, 3.5 g/t Au; 3.7 m @ 1,106 g/t Ag, 6.3 g/t Au in the Victoria vein, and 6.7 m @ 218 g/t Ag, 1.3 g/t Au; 2.2 m @ 195 g/t Ag, 1.1 g/t Au; 2.2 m @ 195 g/t Ag, 1.1 g/t Au at the Trinidad/Bonanza veins and Stockwork.
ON DEALS AND CORPORATE ISSUES
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, secondary copper minerals around a quartz veinlet with oxidized sulfides, which is cutting an intrusive rock on a prospect of the Durango Altiplano. Photo by Jorge Cirett.