Chalcedonic quartz in a hot spring system

By Miguel A Heredia

During the 14^th week of the year (April 1^st to April 7^th, 2024), at least 26 press releases were announced by companies working in Mexico, with nine announcing financing rounds, eight disclosing deals and corporate issues, five reporting resources and development of their projects, two communicating production results, one commenting on Mexican issues, and one informing on exploration results.  ON MEXICO ISSUES, Silver Tiger reported the best drilling intercepts in Mexico on the first week of April, 2024. ON EXPLORATION, In Chihuahua, Kootenay announced that drilling is underway for its Q1/Q2 diamond drilling campaign at its Columba project. ON MINING, Alamos announced that it plans to release its Q1, 2024 financial results on Wednesday 24, 2024 (Mulatos mine, Sonora). Guanajuato Silver reported consolidated production results for Q1, 2024 from their Mexican mining operations. ON FINANCING, Alamos and Argonaut closed their previously announced non-brokered private placement for gross proceeds to Argonaut of CAD $50M. GR Silver has successfully closed a settlement agreement with Mako, receiving a total payment of USD $960K. Prismo has completed its debt settlement with certain creditors of the company by issuing an aggregate of 2,833,690 common shares at a price of $0.17 per common share (Palos Verdes project, Sinaloa). Silver Viper announced a non-brokered private placement for gross proceeds of up to $4M (La Virginia project, Sonora). Sonoro Gold closed the final tranche of its over-subscribed non-brokered private placement for additional gross proceeds of CAD $616,079 (Cerro Caliche project, Sonora). Orion has entered into a block trade agreement, selling 62,400,000 CHESS depository interests (CDIs) over the common shares of Capstone Copper Corp. at a price of A $9.50 per CDI, resulting in gross proceeds of approximately A$ 592,800,000. Silver Storm closed the first tranche of a non-brokered private placement for gross proceeds of $1.47M, the same that later on was increased to up to $3M (La Parrilla mine, Durango).  ON RESOURCES AND DEVELOPMENT, Discovery Silver filed its NI 43-101 technical report & Feasibility Study on its Cordero Silver Project, Chihuahua. Tocvan and JV Colibri restarted drilling at Pilar project, Sonora. Silver Tiger provided an update on its Pre-Feasibility Study (PFS) mineral resource drilling program at its El Tigre Project in Sonora. First Majestic reported 2023 Mineral Reserves and Mineral Resource Estimate. ON DEALS AND CORPORATE ISSUES, Almaden confirmed delisting from NYSE American Stock Exchange and listing on OTCBQ marketplace (Ixtaca project, Puebla). Alamos announced that it will hold its annual general and special meeting of shareholders on Thursday May 23, 2024 (Mulatos mine, Sonora). Equinox reported that it will hold its annual general meeting of shareholders on Thursday, May 9, 2024 (Los Filos mine, Guerrero). Infinitum Copper announced the details of a proposed consolidation of its common shares (Adelita project, Sonora).  Luca Mining announced the appointment of its Vice President Finance (Campo Morado mine, Guerrero). Pantera Silver announced that it closed the amended agreement with respect to its right to acquire 100% ownership of the Nuevo Taxco property in Guerrero. Sierra Metals notified its intention to list on the Lima Stock Exchange (Bolivar mine, Chihuahua). Vizsla announced that it has granted 318,000 restricted share units to an officer of the company (Panuco project, Sinaloa). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

• Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the first week of April, 2024. Details are shown in the table below:

ON EXPLORATION

• Kootenay Silver Inc. announced that drilling is underway for its Q1/Q2 diamond drilling campaign at its Columba project, Chihuahua. The proposed program includes 15-17 drillholes for a combined 5,000m and is designed to expand upon previous intercepts along the highly prospective D-Vein target. The current drilling program is designed to extend the D-Vein in preparation of a follow up program of likely 15,000 meters, aimed to delineate a maiden resource expected in late 2024 which is dependent on additional drilling beyond the 5000-meter program and the financing it requires. The first assay results are expected in 4 to 6 weeks time.

ON MINING

• Alamos Gold Inc., announced that it plans to release its Q1, 2024 financial results on Wednesday 24, 2024 (Mulatos mine, Sonora).
• Guanajuato Silver Company Ltd. reported consolidated production results for Q1, 2024 from their Mexican mining operations (El Cubo, Valenciana and san Ignacio mine in Guanajuato; Horcon mine in Jalisco; and Topia mine in Durango). The company mined 167,287 tonnes and milled 165,079 tonnes to produce 428,279 Oz Ag, 5,384 Oz Au, 879,242 Lb Pb, and 922,297 Lb Zn (987,312 Oz AgEq).

ON FINANCING

• Alamos Gold Inc. and Argonaut Gold Inc. closed their previously announced non-brokered private placement pursuant to which Alamos subscribed for 174,825,175 common shares of Argonaut, representing approximately 13.8% of Argonaut’s total outstanding common shares after giving effect to the private placement. The acquired shares were acquired at a price of CAD $0.286 per share, for gross proceeds to Argonaut of CAD $50M.
• GR Silver Mining Ltd. has successfully closed a settlement agreement with Mako Mining Corp., receiving a total payment of USD $960K. This amount was satisfied by cash payment of USD $500K and the issuance of 296,710 common shares of Mako at a deemed price of %2.1007 per share (USD $460K or CAD $623,300). The shares will be subject to a four-month regulatory hold period from the date of issuance.
• Prismo Metals Inc. has completed its debt settlement with certain creditors of the company by issuing an aggregate of 2,833,690 common shares at a price of $0.17 per common share to the creditors in full and final settlement of accrued and outstanding indebtedness. The company has also completed its previously announced non-brokered private placement for one subscription of 754,411 units of the company at a price of $0.17 per unit for total gross proceeds of CAD $128,250 (Palos Verdes project, Sinaloa).
• Silver Viper Minerals Corp., announced a non-brokered private placement for gross proceeds of up to $4M, at a price of $0.10 per unit. Each unit will consist of one common share of the corporation and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase an additional share at a price of $0.15 per share for a period of thirty-six months from its date of issue. The company intends to use the minimum net proceeds of $2M from the offering for working capital requirements and other general corporate purposes which includes legal and financing fees as part of this offering, and the final USD $200K option payment on its La Virginia Project due in June 2024. Any additional net proceeds from the Offering will be used to continue surface exploration including mapping and sampling as well as a drill campaign at the La Virginia Project, Sonora.
• Sonoro Gold Corp. closed the final tranche of its over-subscribed non-brokered private placement for additional gross proceeds of CAD $616,079. Gross proceeds will be used to fund the ongoing development of the Company’s Cerro Caliche gold project in Sonora project.
• Orion Fund JV Limited, Orion Mine Finance Fund II LP and Orion Mine Finance have entered into a block trade agreement, selling 62,400,000 CHESS depository interests (CDIs) over the common shares of Capstone Copper Corp. at a price of A $9.50 per CDI, resulting in gross proceeds of approximately A$ 592,800,000. The Secondary Offering is expected to close on or about April 9, 2024 (Pacific Time). 
• Silver Storm Mining Ltd. closed the first tranche of a non-brokered private placement for gross proceeds of $1.47M, the same that later on was increased to up to $3M at a price of 0.11 per unit. The company intends to use the net proceeds of the offering to advance drilling at its La Parrilla mine, to perform technical studies for a potential restart in 2025, and to fund ongoing operations.

ON RESOURCES AND DEVELOPMENT

• Discovery Silver Corp., filed its NI 43-101 Technical Report & Feasibility Study dated February 16, 2024 on its Cordero Silver Project, Chihuahua.
• Tocvan Ventures Corp. and JV Colibri Resource Corporation restarted drilling at Pilar project, Sonora. All past data has been reviewed in order to determine the most effective use of drill meters for the upcoming campaign. A plan to drill 7,000m has been designed, including 4,000m of infill drilling within known areas of mineralization and 3,000m of step-out and exploration drilling on drill areas with known mineralization and/or strong surface geochemistry suggesting highly prospective targets. “The outcome of the proposed drilling will go into the definition of a maiden resource estimate for the Pilar Main Zone, providing an important building block for the company”.
• Silver Tiger Metals Inc., provided an update on its Pre-Feasibility Study (PFS) mineral resource drilling program at its El Tigre Project in Sonora. Silver Tiger has completed 22,000m of the 25,000m drilling program with promising results, including the high grade Keel zone. The company aims to expand the Mineral Resource and enhance the classification of the Stockwork gold deposit, completing metallurgical testwork and geotechnical studies as it progresses from an exploration to a development project. The value-added PFS progress is on schedule for publication in H2-2024. The company also announced a new set of assay results from 40 drill holes. Drilling highlights are shown in the table below:

• First Majestic Silver Corp. reported 2023 Mineral Reserves and Mineral Resource Estimate. Figures are shown in the tables below:

Mineral Resource Estimates are inclusive of the Mineral Reserve Estimates.

ON DEALS AND CORPORATE ISSUES

• Almaden Minerals Ltd., confirmed delisting from NYSE American Stock Exchange and listing on OTCBQ Marketplace in the US under symbol “AAUAF” (Ixtaca project, Puebla).
• Alamos Gold Inc., announced that it will hold its annual general and special meeting of shareholders on Thursday May 23, 2024 (Mulatos mine, Sonora).
• Equinox Gold Corp., reported that it will hold its annual general meeting of shareholders on Thursday, May 9, 2024 (Los Filos mine, Guerrero).
• Infinitum Copper Corp., announced the details of a proposed consolidation of its common shares. Infinitum Copper Corp. It proposed a 2:1 share consolidation, aiming to enhance future financing opportunities and streamline operations. The consolidation will reduce the total number of common shares from 74,563,040 to 37,281,520, with no fractional shares issued (Adelita project, Sonora).
• Luca Mining Corp., announced the appointment of its Vice President Finance, starting April 1, 2024 (Campo Morado mine, Guerrero).
• Pantera Silver Corp., announced that it closed the amended agreement with respect to its right to acquire 100% ownership of the Nuevo Taxco property in Guerrero. Under amended terms, Pantera will issue 1.5M common shares in lieu of making a $150K final cash payment. A final share payment of 2M common shares will be due October 30th, 2024. Under the amended terms, the vendor has the option to accept the 2M shares or $150K cash plus 500K common shares. In addition, under the amended terms, all work commitments in the first two years of the original agreement have been met and any short fall has been waived. The timeline for completing the final work commitment of $800K has been extended to be completed by October30th, 2025.
• Sierra Metals Inc., notified its intention to list on the Lima Stock Exchange. The process is expected to take up to four months to complete (Bolivar mine, Chihuahua).
• Vizsla Silver Corp., announced that it has granted 318,000 restricted share units (RSU) to an officer of the company. The RSUs will vest in three equal annual installments commencing on the first anniversary of the grant date (Panuco project, Sinaloa).

ON SOCIAL RESPONSIBILITY

• No relevant news.

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

On the picture above, chalcedonic quartz in a hot spring system in a project in Queretaro, Mexico. Photo taken by Miguel A Heredia.