The Mining and Exploration News in Mexico: Highlights on the First Week of January, 2021

By Jorge Cirett

During the 1st week of the year (January 4th to January 10th, 2020), at least 27 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, and six more posted news on resources and development. Sierra Metals Corp’s Cusi and Bolivar mines are up for grabs. ON MEXICO ISSUES, a reduction of mineral production is expected for 2020 due to the effects of the Covid-19 pandemic. Camimex pointed on the lack of clarity on the distribution of the mining royalties. At least six companies plan to start mining operations in this year. ON EXPLORATION, in Sonora, Aztec Minerals updated its exploration status at Cervantes; Mojave Gold updated on exploration at its Sonora Gold project, where at least two structures tens of meters in width run for kilometers; Canuc Resources is using results from a magnetic survey for targeting. In Chihuahua, Mammoth Resources has received the permit for drilling at Tenoriba.  ON MINING, Endeavour Silver, Aura Minerals and Torex Gold presented Q4 2020 production results. Mexus Gold US continues to stack ore at its Santa Elena mine. Sierra Metals presented a PEA that doubles the processing capacity at its Cusi mine. ON FINANCING, Ridgestone Mining increased its private placement to $2.32 M. SilverCrest Metals entered into a credit agreement for US$76.5 M. Fabled Silver and Silver Wolf Exploration granted stock options. Silver Dollar Resources made a clarification requested by the OTC Market. ON RESOURCES AND DEVELOPMENT, GR Silver Mining reported good drilling results at the Plomosas mine, in the Plomosas project, Sinaloa. Sonoro Gold reported drilling results from Cerro Caliche, Sonora. Discovery Metals released drilling results from two vein trends at Cordero, Chihuahua. Prime Mining updated on exploration at Los Reyes, Sinaloa. Fabled Silver Gold informed on surface sampling at Santa María, Chihuahua. GoGold released results from drilling at El Favor, on its Los Ricos North project, Jalisco. ON DEALS AND CORPORATE ISSUES, Argonaut Gold and AP Mining have amended the agreement for the previously announced sale of the Ana Paula project to AP Mining. Minaurum Gold entered into an option agreement with Fortuna Silver on the Taviche property in Oaxaca, agreement by which Fortuna can gain up to 80% interest on the project. Sierra Metals is evaluating the sale of its assets, a merger or business combination. ON SOCIAL RESPONSIBILITY, Fresnillo, the Chihuahua Mining Cluster and Grupo Mexico informed on actions that benefit society.

ON MEXICO ISSUES

  • Camimex (Camara minera de México) sees the mining production to decrease in 2020 due to the pandemic. The decrease is expected to reach 10% for gold, 6 to 6.3% for silver and lead, 3% for copper and 25% for iron.
  • Camimex pointed on the lack of clarity on the distribution of the mining royalties. According to the previous rules the resources funded infrastructure on communities across mining regions. After de federal government changed the rules, it is not clear now how these resources are distributed. Mining companies paid US$196 M (3,990 million pesos) in royalties in 2019.
  • Companies aspiring to start new mines in 2021 include: Mag Silver (Juanicipio, Zacatecas), Orla Mining (Camino Rojo, Zacatecas), Minera Alamos (Santa, Sonora), Golden Minerals (Rodeo, Durango), VanGold Mining (Pinguico and El Cubo, Guanajuato), Sonora Gold (Cerro Caliche, Sonora) and Candelaria Mining (Pinos, Zacatecas).

ON EXPLORATION

  • Aztec Minerals Corp. informed that during 2020 formed a 65/35 joint venture with Kootenay Silver on the Cervantes project, Sonora. Also during the year an additional IP-resistivity survey was performed to define new targets; geological mapping, geochemical sampling and geophysical surveying have identified 11 targets in total, of which 7 are in preparation for drilling. Aztec intends to extend detailed geologic, structural, and alteration mapping and sampling at the Purisima West, Estrella, Jacobo, Brazil, and other targets at Cervantes, and plan and permit a phase 1 reverse circulation drilling program on the California and Purisima targets.
  • Mojave Gold Corp. updated on work done during December of 2020 at its Sonora Gold project in Sonora. A 261 sample stream sediment survey was carried out in the 6,000 hectares property, and detailed geological mapping and rock chip sampling was carried out on the Caracahui and Sonora Cooper areas, including underground mapping on the latter. The Sonora Cooper West/Las Llantas structure has been observed to be over 3 km in length, reaching widths of over 70 m. “In total, mineralized structures in the western part of the project area have been observed to extend more than 8.5 kilometers in cumulative length…. The Sonora Cooper mineralized area contains large structures often reaching over 70m in width, that were mapped in detail for over 500m along strike. Additionally, detailed underground mapping was completed over 605m length in the Sonora Cooper adit and over a 260m length of the Guadalupe adit. A total of 160 rock chip samples were collected from the underground workings”.
  • Mammoth Resources Corp. announced SEMARNAT (Mexican environmental agency) has approved the drill permit application on its Tenoriba property in Chihuahua. Mammoth is planning to start a drilling campaign before the end of the first quarter.
  • Canuc Resources Corp. received results from a drone supported magnetic survey at its San Javier project in Sonora. Three large magnetic high features (1,000 by 600 m, 800 by 600 m, 600 by 600m) were identified. “Detailed processing of the data suggests that there are stronger magnetic features within the larger target areas which may represent areas of higher-grade mineralization. Canuc is now carrying out detailed ground magnetic surveys on these targets and is scheduled to begin drilling in the next few weeks”.

ON MINING

  • Mexus Gold US. released an update of mining operations at its Santa Elena mine in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora). The company is stacking material from a shear zone grading 0.9 gpt to 1.2 gpt Au.
  • Sierra Metals Inc. filed a NI 43-101 independent technical report for a doubling of output at its Cusi mine in Chihuahua. The preliminary economic assessment (PEA) highlights include an after tax Net Present Value (NPV) of US$81 M at an 8% discount rate, at a long term silver price of US$20/Oz. The project envisages increasing the production from 1,200 tonnes per day (tpd) to 2,400 tpd @ 127.2 gpt Ag, 0.12 gpt Au, 0.48% Zn, 0.34% Pb, with a 13 year mine life and recoverable 33.4 M Oz Ag.
  • Endeavour Silver Corp. reported the highest quarterly production in the last two years from its mines in Mexico. Total production in the quarter was 237.4 K tonnes mined at a rate of 2,580 tpd @ 169 gpt Ag, 1.90 gpt Au, recovering 86.8% Ag, 87% Au, to produce 1.12 M Oz Ag, 12,586 Oz Au.
  • Torex Gold Resources Inc. reported Q4 production for 2020. At its Limon-Guajes mine in Guerrero, 12,560 tpd were processed, with 1,300 tpd mined from underground and 18,360 tpd mined from open pit with a waste to ore strip ratio of 6.2, to produce 130,640 Oz Au in the quarter. In the year, 11,370 tpd were processed to produce 430,480 Oz Au.
  • Aura Minerals Inc. released preliminary production reports for the fourth quarter of 2020. In the period the Aranzazu mine in Zacatecas produced 19,073 Oz AuEq, which added up to the 65,497 Oz AuEq for the full year. During December 89.1 K tonnes were processed, and the company intends to increase processing to 100 K tonnes per month during the second half of 2021.

ON FINANCING

  • SilverCrest Metals Inc. entered into a credit agreement with an affiliate of RK Mine Finance to provide a secured project financing facility for a total of US$120 M for funding the construction at Las Chispas, Sonora. Concurrently SilverCrest has entered into a fixed price engineering, procurement and construction contract with Ausenco Engineering Canada Inc. with a lump sum turnkey price of US$76.5 M that is to include construction of a 1,250 tonne per day process plant at Las Chispas.
  • Fabled Silver Gold Corp. granted 200,000 stock options to a consultant of the company (Santa María, Chihuahua).
  • Silver Dollar Resources Inc. was requested by the OTC Markets Group Inc. to issue a statement about promotional activity concerning its common stock. OTC Markets questioned about “two promotional newsletter emails published by CrushTheStreet.com (“CTS”) and Wealth Research Group (“WRG”) discussing the emerging bull market for commodities, particularly silver, and citing the Company in both publications… The Company has been advised by OTC Markets that OTC Markets takes the position that aspects of the statements were overly promotional. The Company wishes to caution readers that these statements are speculative in nature” (La Joya, Durango).  
  • Silver Wolf Exploration Ltd. granted incentive stock options for the purchase of 1 M shares to directors, officers, consultants, and employees of the Company (Ana María and Laberinto, Durango).
  • Ridgestone Mining Inc. increased the previously announced private placement from $1.9 M to $2.32 M, for additional gross proceeds of $420 K (Rebeico, Sonora).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. reported good underground drilling results from the Plomosas mine area at its Plomosas project in Sinaloa. “The mineralization is represented by thick intercepts of Au-Ag-Pb-Zn-Cu mineralization hosted in a series of hydrothermal breccias”.  The highlighted results comprise 83 m @ 2.52 gpt Au, 33 gpt Ag, 0.9% Pb, 2.9% Zn, 0.3% Cu (420 gpt AgEq), including 4.0 m @ 9.35 gpt Au, 38 gpt Ag, 0.4% Pb, 10.5% Zn, 0.3% Cu (1,319 gpt AgEq) and 11.0 m @ 9.41 gpt Au, 135 gpt Ag, 5.7% Pb, 9.8% Zn, 0.5% Cu (1,596 gpt AgEq).  
  • Sonoro Gold Corp. reported favourable results from eight reverse circulation drill holes at its Cerro Caliche project in Sonora. At the Buena Suerte target, highlighted intercepts comprise 3.0 m @ 1.48 gpt Au; 7.6 m @ 1.32 gpt Au, 12.2 m @ 0.86 gpt Au; 12.2 m @ 0.69 gpt Au; 27.44 m @ 1.17 gpt Au (including 3.0 m @ 4.70 gpt Au); 12.2 m @ 0.50 gpt Au. Highlighted intercepts from the Japoneses target include 22.9 m @ 0.57 gpt Au; 10.7 m @ 0.45 gpt Au; 13.7 m @ 0.60 gpt Au; 10.7 m @ 0.40 gpt Au, 12.2 m @ 0.36 gpt Au; 4.6 m @ 0.41 gpt Au; 27.44 m @ 1.17 gpt Au; 12.2 m @ 0.50 gpt Au.
  • Discovery Metals Corp. released results from 10 diamond drill holes targeting the Parcionera and Josefina vein trends at its Cordero project in Chihuahua. Highlighted intercepts comprise 4.4 m @ 246 gpt Ag, 0.39 gpt Au, 6.5% Pb, 0.4% Zn (524 gpt AgEq); 0.5 m @ 665 gpt Ag, 0.58 gpt Au, 13.8% Pb, 13.7% Zn (1,765 gpt Ag) on the Parcionera vein trend and 3.3 m @ 196 gpt Ag, 0.17 gpt Au, 5.6% Pb, 4.9% Zn (612 gpt AgEq); 1.6 m @ 20 gpt Ag, 0.11 gpt Au, 0.3% Pb, 1.8% Zn at the Josefina vein trend.
  • Prime Mining Corp. provided a year-end update on its Los Reyes project in Sinaloa. “The ongoing work includes field mapping, trench sampling, rock alteration analysis and interpretation and re-logging of historic diamond drill core…. Re-logging of several existing diamond drill core holes also identified that adularia, a crystalline mineral, containing high-grade gold and silver locally with visible gold, is associated with nearby altered rock types. The adularia appears to be vertically zoned”. The project is a district scale low sulfidation epithermal mineralizing system on which more than US$20 million have been spent over 25 years.
  • Fabled Silver Gold Corp. completed the sampling program to evaluate the IP geophysical anomalies on the Santa María property in Chihuahua. The sampling returned silver anomalous results over two geophysical anomalies. Eleven first priority anomalies have been delineated, generally in an east-west direction.
  • GoGold Resources Inc. released drilling results from El Favor deposit at its Los Ricos North property in Jalisco. Highlighted core length results comprise 30.2 m @ 0.18 gpt Au, 63 gpt Ag (1.03 gpt AuEq), including 8.6 m @ 0.28 gpt Au, 146 gpt Ag (2.23 gpt AuEq); 5.6 m @ 0.55 gpt Au, 287 gpt Ag (4.37 gpt Au), including 1.7 m @ 1.7 gpt Au, 834 gpt Ag (12.83 gpt AuEq); 70.5 m @ 0.15 gpt Au, 50 gpt Ag (0.82 gpt AuEq), including 9.7 m @ 0.55 gpt Au, 199 gpt Ag (3.20 gpt AuEq); 15.3 m @ 0.30 gpt Au, 151 gpt Ag (2.31 gpt AuEq); 12.8 m @ 0.30 gpt Au, 126 gpt Ag (1.99 gpt AuEq), including 3.3 m @ 0.89 gpt Au, 302 gpt Ag (4.91 gpt AuEq); 41.1 m @ 0.24 gpt Au, 76 gpt Ag (1.24 gpt AuEq); 21.0 m @ 0.11 gpt Au, 74 gpt Ag (1.10 gpt AuEq); 27.0 m @ 0.97 gpt Au, 113 gpt Ag (2.47 gpt AuEq); 11.0 m @ 0.28 gpt Au, 160 gpt Ag (2.40 gpt AuEq); 52.1 m @ 0.69 gpt Au, 254 gpt Ag (4.08 gpt AuEq); 11.6 m @ 0.43 gpt Au, 148 gpt Ag; 32.5 m @ 0.32 gpt Au, 63 gpt Ag (1.15 gpt AuEq).

ON DEALS AND CORPORATE ISSUES

  • Argonaut Gold Inc. and AP Mining “have amended the agreement for the previously announced sale of the Ana Paula project to AP Mining (see press release dated September 11, 2020) to allow more time to meet the regulatory and government approvals required for closing. In connection with the amendment, AP Mining has agreed to pay an additional US$1.0 million at 15 months from the closing date and to reimburse all of Argonaut’s costs incurred associated with the Ana Paula project incurred between January 1, 2021 and the closing of the transaction. Closing continues to be subject to financing and receipt of all necessary approvals, which is expected in the first quarter of 2021” (Ana Paula, Guerrero).
  • Minaurum Gold Inc. entered into an option agreement with Fortuna Silver Mines Inc. pursuant to which Fortuna can earn up to an 80% interest in Minaurum’s Taviche silver project in Oaxaca. Fortuna can earn an initial 60% by making cash payments totalling $450 K and incurring in US$4 M in work expenditures over three years. Fortuna can earn an additional 20% interest “by funding Minaurum ‘s acquisition by way of option exercise of the remaining 20% interest”. The cash installments to make comprise US$75 K upon signing, US$100 K on the first anniversary, US$125 K on the second anniversary and US$150 K on the third anniversary. Drilling by previous operators of the project returned up to 34.12 m @ 262 gpt Ag and 8.35 m @ 2.05 gpt Au.
  • Sierra Metals Inc. announced that “its Board of Directors, supported by its management team and with the full support of Arias Resource Capital Fund L.P., Arias Resource Capital Fund II L.P. (the Company’s two largest shareholders) and Arias Resource Capital Fund II (Mexico) L.P., has commenced a process to explore and evaluate potential strategic alternatives focused on maximizing shareholder value. These alternatives could include, among other things, the sale of part or all of the Company, a sale of some of the assets of the Company, a merger or other business combination with another party, or other strategic transactions” (Cusi and Bolivar mines, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • Minera Fresnillo donated computing equipment in Caborca, Sonora.
  • The Chihuahua Mining Cluster president, Pablo Mendez Alvídrez stated that the industry will aid with the acquisition of the Covid-19 vaccine, once it is on sale by pharmacies, for its distribution on mining communities.
  • The Grupo Mexico Foundation delivered a significant amount of protective equipment for health care personnel

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

On the image below: Quartz veining from a project in San Luis Potosí. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of December, 2020

By Jorge Cirett

During the 52nd week of the year (December 21st to December 27th, 2020), at least 28 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six more made announcements related to their shares, three more released resource related news and five more on deals/corporate matters. ON MEXICO ISSUES, the Covid pandemic has not dented mining company’s performance on the BMV. The illegal blockade on Los Filos mine, Guerrero, has been lifted (without great help from the authorities). ON EXPLORATION, in Sonora, Tocvan Ventures informed the RC drilling program has been completed at its Pilar project. In Chihuahua, Radius Gold informed on the status of its Amalia and Plata Verde projects; Mammoth Resources informed it has signed a surface agreement with two ejidos at Tenoriba. In Sinaloa, Mithril Resources released drilling results from Los Reyes, Copalquin. In Nayarit and Jalisco, Candente Gold is studying and permitting the Cocula and El Dorado projects, as well as a processing plant.  ON MINING, Golden Minerals has commenced mining at Rodeo, in Durango. Equinox Gold informed the illegal blockade on the Los Filos projects has been lifted. ON FINANCING, Orla mining is now listed on the NYSE. Consolidated Zinc consolidated its shares on a 15 to 1 basis. Azucar Minerals granted stock options to directors, employees and consultants for $465 K. Reyna Silver issued $299 K in shares to five directors and officers. VanGold Mining and Canuc Resources announced financing rounds for C$7.5 M and $300 K respectively. ON RESOURCES AND DEVELOPMENT, Sonora Gold is assessing to increase the capacity of the planned heap leach operation at Cerro Caliche, in Sonora, to 20,000 tdp. Sierra Metals filed a NI-43-101 report updating the resource base on its Cusi mine, in Chihuahua. Minera Alamos filed on SEDAR the technical report and mineral resource estimate for the Cerro de Oro project, Zacatecas. ON DEALS AND CORPORATE ISSUES, VanGold Mining signed the acquisition of El Cubo mine and El Cubo mine complex in Guanajuato with Endeavour Silver. Almaden Minerals received notification from SEMARNAT that its permit application to develop the Ixtaca project in Puebla has been rejected. Maverix Metals informed on the acquisition of royalties from the Camino Rojo project in Zacatecas and the Cristina project in Chihuahua, as well as the sale of a royalty on the Yecora project in Sonora. Odyssey Marine Exploration informed it has gained more financial support for its litigation against the Mexican government for its refusal to concede a mining permit on its “Exploraciones Oceánicas” offshore phosphate project in Baja California Sur. Elemental Royalties informed it holds a 1% NSR on the Mercedes mine, Sonora, which is owned by Equinox Gold. ON SOCIAL RESPONSIBILITY, Peñoles has been supporting soccer tournaments since 2011.

ON MEXICO ISSUES

  • The Covid pandemic has not dented mining company’s performance on the BMV (Bolsa Mexicana de Valores). At the beginning of the year the four biggest companies in the BMV (Grupo Mexico, Peñoles, Frisco and Autlán) were worth $524,500 million pesos, and now these are valued in $796,500 million pesos (US$39.5 billion), a 51.8% increase. These gains contrast with the expected decline of 25% in exploration, partly die to the pandemic, partly also due to the lack of certitude on government policies, delays or denials of permitting (see note on Almaden) and a greater tax burden.

ON EXPLORATION

  • Radius Gold Inc. informed on the exploration status of its projects in Mexico. At Amalia, in Chihuahua, Radius’s joint venture partner, Pan American Silver Corp. is funding and operating the phase 4 drill campaign, of which 1,838 m in 4 holes have been completed. At Plata Verde, also in Chihuahua, orientation induced polarization and ground magnetic surveys are being conducted. The target mineralized breccias occur under less than 100 m of volcanic cover rocks, and the geophysical surveys are planned to aid drill targeting.
  • Mammoth Resources Corp. announced the second of two ejidos (community held surface land) voted in favor of a two-year surface agreement for exploration at its Tenoriba project in Chihuahua. During “the term of the agreements the Company will be making contributions towards a number of community benefit programs and looks forward to reporting on these contributions. Mammoth will also be providing assistance to a number of the most vulnerable inhabitants of both ejidos”.
  • Mithril Resources Ltd. released good drilling results from Los Reyes target at Los Reyes project in Durango (not to mistake for Prime Mining’s Los Reyes project in Sinaloa).  Highlighted core length intercepts comprise 2.22 m @ 32.35 gpt  Au, 185 gpt Ag; 0.70 m @ 9.3 gpt Au, 125 gpt Ag; 1.20 m @ 2.05 gpt Au, 85 gpt Ag in one hole and 3.0 m @ 2.86 gpt Au, 84 gpt Ag (including 0.6 m @ 9.79 gpt Au, 165 gpt Ag) in other. Drilling is to recommence in early January 2021 at El Refugio target, whereas soil sampling is programmed for El Refugio West, La Soledad West, El Indio and Zaragoza prospects in January-February 2021.
  • Prismo Metals Inc. completed its 2020 drilling campaign at Palos Verdes, Sinaloa. A total of 436.8 m were drilled in four holes, and a fifth hole is to be completed in January 2021. The holes intercepted wide zones of discrete quartz veins in andesite with quartz and stockwork quartz veining, local pyrite and sphalerite. Results pending.
  • Tocvan Ventures Corp. informed on the completion of its campaign of reverse circulation drilling at its Pilar project, Sonora. A total of 1,505 m were drilled in nine holes, with results expected in early 2021.
  • Candente Gold Corp. announced that technical experts have been engaged for permitting and deposit modelling for the El Dorado (Nayarit) and Cocula (Jalisco) projects and for permitting of the San Dieguito de Arriba (Nayarit) plant.

ON MINING

  • Golden Minerals Corp. announced it has begun mining at its Rodeo property, Durango.  Material over 3.0 gpt Au is to be transported in January to Golden’s Velardeña 200 tpd mill. A second ball mill is to be installed to increase the processing capacity to 450 tpd.
  • Equinox Gold Corp. reported that “the blockade by members of the Carrizalillo community at the Company’s Los Filos Mine in Mexico has been removed and access to the mine has been restored. Representatives from Los Filos continue to meet regularly with community leaders to reach consensus on the remaining items related to benefits provided under the Carrizalillo social collaboration agreement”.

ON FINANCING

  • Orla Mining Ltd. is now listed on the New York Stock Exchange. Orla’s addition to the exchange is classified as a “dual listing without capital raise”.  (Camino Rojo, Zacatecas).
  • Consolidated Zinc Ltd. informed the 1 to 15 consolidation of the company securities is now complete (Plomosas, Chihuahua).
  • Azucar Minerals Ltd. has granted stock options to certain directors, employees, and consultants of the company to purchase 465 K common shares in the capital of Azucar (El Cobre, Veracruz).
  • VanGold Mining Corp. announced a part and parcel non-brokered private placement financing for gross proceeds of C$7.5 M (El Cubo, Guanajuato).
  • Canuc Resources Corp. announced the closing of a non-brokered private placement for gross proceeds of $300 K (San Javier Silver-Gold, Sonora).
  • Reyna Silver Corp. issued $299 K of its common shares toward partial annual compensation to five directors and officers of the Company (Guigui, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Sonora Gold Corp.  informed on the expansion of several mineralized zones at its Cerro Caliche property in Sonora. Based on these results Sonoro is assessing the viability of a heap leach mining operation with an increased capacity form 8,000 to 20,000 tonnes per day. Highlighted core length intervals comprise 11.7 m @ 0.92 gpt Au; 11.25 m @ 1.08 gpt Au; 8.45 m @ 1.4 gpt Au; 5.7 m @ 1.25 gpt Au in the El Colorado zone, and 13.72 m @ 0.47 gpt Au; 15.24 m @ 0.40 gpt Au; 21.33 m @ 0.47 gpt Au; 25.91 m @ 0.42 gpt Au at Los Japoneses.
  • Sierra Metals Inc. filed a NI 43-101 report updating the resource base on its Cusi mine, in Chihuahua. Measured and indicated resources now consist of 5.36 M tonnes @ 182 gpt Ag, 0.12 gpt Au, 0.49% Pb, 0.58% Zn (215 gpt AgEq), and inferred resources of 4.89 M tonnes @ 146 gpt Ag, 0.18 gpt Au, 0.43% Pb, 0.69% Zn (183 gpt AgEq). (Note.- this should amount to close to 55 M Oz Ag, not counting other metals credits).
  • Minera Alamos Inc. filed on SEDAR the technical report and mineral resource estimate for the Cerro de Oro project, Zacatecas. The inferred mineral resource on oxide ore is 48 M tonnes @ 0.41 gpt Au, containing 630 K Oz Au.

ON DEALS AND CORPORATE ISSUES

  • VanGold Mining Inc. signed a binding letter agreement with Endeavour Silver Corp. to acquire the El Cubo mill and mill complex, in Guanajuato, 8 km from its El Pinguico property. El Cubo complex includes two underground operating mines (in care and maintenance) and a 1,500 tpd flotation plant.  VanGold intends to restart the mill at approximately 750 tpd “using mineralized material from its surface and underground stockpiles at its El Pinguico project as a significant portion of its estimated throughput for the first 36 months of operation”. El Cubo has measured, indicated and inferred resources of 2.4 M Oz Ag and 28.2 K Oz Au.
  • Almaden Minerals Ltd. Has received notification from the Mexican federal permitting authority, Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT) that the company’s initial environmental permit application (MIA) in respect of the Ixtaca project has not received approval. Almaden originally submitted the MIA in early 2019. The SEMARNAT resolution cites insufficient information regarding the impacts of open pit mining on the environment, local and regional area. “The Company is continuing its review of SEMARNAT’s response to the MIA and is evaluating its alternatives which include the re-submittal of a revised MIA, continuing dialogue, and legal options”.
  • Maverix Metals Inc. informed on some royalties included in the Newmont Corporation royalty portfolio acquired in October 29, 2020. Orla Mining Ltd. elected not to exercise its ROFR (Right Of First Refusal) on the 2.0% net smelter return royalty of oxide and transitional ore production from the Camino Rojo project located in Zacatecas; Orla expects the first gold pour in the second half of 2021. Criscora, S.A. de C.V., a wholly owned subsidiary of TCP1 Corporation, will acquire the 1.0% NSR royalty on the Yecora project located in Sonora, for a cash payment of $1.5 M, which Maverix will receive. The ROFR on the Cristina project located in Chihuahua, was not exercised and Maverix will acquire the 2.0% NSR royalty.
  • Odyssey Marine Exploration Inc. has secured up to an additional $10 M to support its pending North American Free Trade Agreement (NAFTA) claim against Mexico. The NAFTA claim relates to the “unlawful denial of the environmental permit for subsidiary Exploraciones Oceanicas’ (ExO’s) offshore phosphate project” in Baja California Sur.  The project, said to be one of the largest and highest quality phosphate sands deposits in the world, is subject to a $2.36 billion claim against Mexico under NAFTA.
  • Elemental Royalties Corp. disclosed it owns a 1% Net Smelter Returns (“NSR”) royalty on Premier’s Mercedes Mine, a key asset in the Premier portfolio, which becomes payable to Elemental from July 28, 2022 following a time hurdle. Premier Gold Mines Ltd. was recently acquired by Equinox Gold Corp.

ON SOCIAL RESPONSIBILITY

  • Peñoles has been supporting soccer tournaments since 2011 with the installation of the “Copa Santos Peñoles”. The last edition of the tournament (2019) counted with the participation of 288 teams.

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

On the image below: Quartz vein stockwork from a project in San Luis Potosí. Picture by Jorge Cirett.

GR Silver Mining Reports Significant Drill Results at the Plomosas Silver Project

20-12-15_GR-Silver-News-Release-Final

VANCOUVER, BCDec. 15, 2020 /CNW/ – GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report drill results from the Company’s recently announced surface and underground core drilling program in the Plomosas Mine Area, as well as validation sampling results from historic drilling at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

The Mining and Exploration News in Mexico: Highlights on the Second Week of December, 2020

By Jorge Cirett

During the 50th week of the year (December 7th to December 13th, 2020), at least 31 press releases were announced by companies working in Mexico. To note, ten companies posted exploration advances on their properties and seven more published on project development. ON MEXICO ISSUES, a list of eight projects that have changed hands in the last six months include properties in Sonora, Chihuahua, Durango and Zacatecas. The AIMMGM confirmed its International Convention will be held in 2021 in Acapulco, Guerrero (With so many options, Why Acapulco? Why?), as vaccination is likely to have the pandemic under control by then. The proposed law against outsourcing is likely to affect the mining industry in Sonora. The Naica mine (site of the famous Crystals Cave) in Chihuahua is to see activity again.  ON EXPLORATION, in Sonora, Riverside reported trench sampling results at the Cuarentas project; Tocvan Ventures informed RC drilling advances at its Pilar project; Colibri Resource released assays from trench sampling at Evelyn. In Chihuahua, Reyna Silver started drilling at the Guigui project, in the Santa Eulalia district. In Sinaloa, Brigadier Gold updated on the exploration of the Picachos project. In Durango, Mithril Resources released drilling results from Copalquin; Canasil Resources reported on two more drill holes at the Nora project. In Zacatecas, VanGold Mining completed a shaft to the 7th level at its Pinguico project; Defiance Silver commenced its 5,000 m drilling program at San Acacio; Advance Gold defined a new geophysical anomaly at Tabasqueña.  ON MINING, Mexus Gold continues to produce from its heap leach operation at the Santa Elena mine in Sonora. Gatos Silver informed on production on the third quarter. Alamos Gold provided its 2021 gold production guidance. ON FINANCING, First Majestic is to start paying a dividend. Canuc Resources and Oroco Resource closed non-brokered private placements for CAD$1 M and $15.5 M respectively. Alien Metals is to issue 3.4 M shares of no par value. ON RESOURCES AND DEVELOPMENT, GR Silver Mining reported on bulk metallurgical testing at Plomosas, Sinaloa. Sonoro Gold released drilling results from the Cerro Caliche project in Sonora. GoGold Resources released drilling results from La Trini deposit at its Los Ricos North project in Jalisco. Consolidated Zinc continues the plant refurbishment at its Plomosas mine in Chihuahua. Impact Silver is re-interpreting all the historical exploration data gathered at the Real de Zacualpan district in Estado de Mexico. Sierra Metals released a new PEA on the expansion to 2,400 tpd of its Cusi mine, in Chihuahua. Southern Silver Exploration reported results of two deep holes on the South Skarn target of Cerro Las Minitas, Durango.  ON DEALS AND CORPORATE ISSUES, Capstone Mining signed a precious metals purchase agreement with Wheaton Precious Metals International. ON SOCIAL RESPONSIBILITY, Grupo Peñoles, Fresnillo PLC, Peña Colorada, Minera Media Luna, Almaden Minerals and Esperanza Silver informed on programs to aid communities near their operations.

ON MEXICO ISSUES

  • Projects that have changed hands in the second half of the year include El Picacho (Sonora) by Silver Crest, MVZ within El Pajarito project (Chihuahua) by Li-ion Graphite, Juliana (Sonora) by Tarachi Gold, Magistral de Oro tailings (Durango) by Tarachi Gold, Margarita (Chihuahua) by Magna Gold, La Sanguijuela and Cerro Gordo (Jalisco) by Endeavour Silver, Lucita (Zacatecas) by Defiance Silver and Santa María (Chihuahua) by Fabled Silver.
  • The AIMMGM (Asociación de Ingenieros de Minas, Metalurgistas y Geólogos de México) announced that thanks to the appearance of the Covid-19 vaccine, the next International convention sponsored by the association is to be held in Acapulco, Guerrero, in October 19-22 of 2021.
  • Coparmex Sonora (Confederación Patronal de la República Mexicana – Sonora) stated that the proposed law against outsourcing is to affect the mining industry on the state, as 40% of its work force is under this scheme.
  • The Naica mine in Chihuahua (home to the famous Cave of Crystals), which closed in 2015, is to see miners again, as a group of twenty has been contracted to start working again. The mine is also to supply water from its underground workings to irrigate 200 hectares of farm land.

ON EXPLORATION

  • Mithril Resources Ltd. released drilling results from its Copalquin project in Durango. Highlighted core-length intercepts comprise 9.35 m @ 7.84 gpt Au, 138 gpt Ag (including 4.0 m @ 16.44 gpt Au, 287 gpt Ag) at El Refugio; 14.85 m @ 0.85 gpt Au, 48 gpt Ag (including 1.30 m @ 5.07 gpt Au, 309 gpt Ag) and 9.78 m @ 0.85 gpt Au, 13 gpt Ag; 11.70 m @ 1.16 gpt Au, 70 gpt Ag (including 1.0 m @ 7.17 gpt Au, 236 gpt Ag; 2.90 m @ 1.93 gpt Au, 216 gpt Ag; 5.28 m @ 0.39 gpt Au, 26 gpt Ag; 10.15 m @ 0.55 gpt Au, 16 gpt Ag (including 1.0 m @ 3.75 gpt Au, 70 gpt Ag.
  • Riverside Resources Inc. and Hochschild Mining reported trench sampling results at its Cuarentas project in Sonora. Highlighted trench sampling comprises 12.5 m @ 0.59 gpt Au; 12.5 m @ 0.33 gpt Au; 25 m @ 0.27 gtp Au; 22.5 m @ 0.17 gpt Au; 6.0 m @ 0.24 gpt Au at Santa Rosalía. Channel sample results from the Centro target include 1.0 m @ 2.23 gpt Au; 1.5 m @ 1.01 gpt Au; 1.2 m @ 0.53 gpt Au.
  • VanGold Mining Corp. has completed clearing the Pinguico shaft to adit level 7, at El Pinguico mine, Zacatecas. The company expects to be able to sample the lower portion of an underground stockpile (or backfill) that the Mexican Geological Survey (SGM) measured at 149 K tonnes @ 1.66 gpt Au, 143 gpt Ag.
  • Tocvan Ventures Corp. informed more than 400 m of reverse circulation drilling in three holes have been sunk at its Pilar project in Sonora. Results are pending and expected early in the New Year.
  • Defiance Silver Corp. commenced drilling at its San Acacio project in Zacatecas. The 5,000 m program is to focus on the Veta Grande vein system in hanging wall structural offsets and the Veta Grande vein system at depth.
  • Reyna Silver Corp. started drilling at its Gugui project in the Santa Eulalia district of Chihuahua. “Santa Eulalia is Mexico’s largest Carbonate Replacement Deposit (CRD) but despite over 300 years of continuous mining activity, the intrusive source for the system, which is Reyna’s initial target focus, has not been found…….. Targeting is based on a combination of geology, geochemistry, geophysics and hyperspectral satellite imagery analysis”. The initial drilling is to comprise 10,000 m.
  • Canasil Resources Inc. released results from two more drill holes on the Candy vein at its  Nora project in Durango. True width (TW) intervals comprise 0.72 m @ 1.46 gpt Au, 7 gpt Ag in one hole, and 2.40 m @ 4.78 gpt Au, 351 gpt Ag, 0.5% Pb+Zn (including 0.45 m @ 15.60 gpt Au, 561 gpt Ag, 0.5% Pb+Zn); 0.45 m @ 7.13 gpt Au, 639 gpt Ag, 0.7% Pb+Zn; 1.49 m @ 11.86 gpt Au, 378 gpt Ag, 0.21% Pb+Zn; 0.45 m @ 36.70 gpt Au, 1,010 gpt Ag, 0.35% Pb+Zn.
  • Colibri Resource Corp. released further assay results from the trenching program at its Evelyn project in Sonora. Twenty two out of 95 samples  returned more than 0.1 gpt Au, and 6 were greater than 1.0 gpt Au, peaking at 17.75 gpt Au. Areas with good gold values include El Sahuaro, Cerro Rojo and Central Evelyin targets.
  • Brigadier Gold Ltd. updated in the exploration at its Picachos project in Sinaloa. “The 3,954 hectare Picachos Property is centered over the historic “Viva Zapata” National Mineral Reserve, Sinaloa, Mexico.  It overlaps two mineralized systems, a porphyry copper‐molybdenum system hosted by a Paleocene granite‐granodiorite intrusive complex, and a gold‐silver vein complex comprised of both east‐northeasterly trending veins (La Cocolmeca Vein System) and northwesterly trending veins (El Placer System)”. The company has established its community relations, repaired roads, upgraded the water supply, built a core processing facility, drill tested the SW of the Cocolmeca vein system and discovered several new veins by trenching on historic soil anomalies.
  • Advance Gold Corp.  informed on results of a newly completed geophysical study at its Tabasqueña project in Zacatecas. The induced polarization survey delineated a new large chargeability anomaly to the west of known anomalies.

ON MINING

  • Mexus Gold US. announced the gold production from its newly completed leach pad at its Santa Elena mine in Sonora is to be sold before the end of the year.
  • Gatos Silver Inc. reported third quarter 2020 results. At the Cerro Los Gatos mine in Chihuahua, 164.5 K tonnes were mined to produce 6,097 tonnes of lead concentrate @ 5,726 gpt Ag, 6.82 gpt Au, 59.71% Pb, 9.69% Zn and 7,980 tonnes of zinc concentrate @ 572 gpt Ag, 0.52 gpt Au, 1.60% Pb, 56.46% Zn. Recoveries stood at 85.1% Ag, 87.3% Pb, 73.9% Zn. The mine was recommissioned in late May from the pandemic lockdown with a monthly production rate of 1,750 tpd.
  • Alamos Gold Inc. provided guidance for gold production and costs for 2021, including from its Mexican operations. At Mulatos, in Sonora, Alamos is to produce 150-160 K Oz Au at total cash cost of $840-890 per Oz Au and Mine-site-all-in-sustaining-cost of $1,060-1,110 per Oz Au. The Mulatos district is to produce 140-150 K Oz Au in 2020, at cash cost $840-890 per Oz Au and Mine-site AISC of $940-980 per Oz Au, at an operating rate of 22,000 tpd @ 0.9-1.1 gpt Au, recovering 60% of gold. A total of $9 M in exploration is to be spent at Mulatos in 2021.

ON FINANCING

  • First Majestic Silver Corp. announced the company will start paying a dividend of 1% net revenues commencing after the completion of the first quarter 2021 (San Dimas, Durango).
  • Canuc Resources Corp. closed a non-brokered private placement for CAD$1.02 M in gross proceeds (San Javier silver -gold, Sonora).
  • Alien Metals Ltd. announced an incoming share issue of 3.4 M units of no par value (Los Campos and San Celso, Zacatecas).
  • Oroco Resource Corp. closed a non-brokered private placement for gross proceeds of $15.5 M (Santo Tomás, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd.  reported results of bulk metallurgical testing at its Plomosas project in Sinaloa. The 2,700 tonnes sample was excavated from a representative zone of the San Juan area underground development – San Juan vein & breccia, and sent for off-site processing. The samples produced a concentrate that averaged 15,147 gpt Ag and 46.2 gpt Au (recovery rates were not mentioned).
  • Sonoro Gold Corp. released assay results from the ongoing drilling program at its Sonoro project in Sonora. Highlighted core length intercepts comprise 16.25 m @ 0.67 gpt Au, 5 gpt Ag; 10.70 m @ 0.29 gpt Au, 4 gpt Ag; 20.95 m @ 0.50 gpt Au, 25 gpt Ag; 21.0 m @ 0.88 gpt Au, 18 gpt Ag (including 2.90 m @ 3.86 gpt Au, 48 gpt Ag); 9.50 m @ 0.40 gpt Au, 2 gpt Ag, at the El Rincón-Veta de Oro zone, and 12.19 m @ 0.35 gpt Au; 45.72 m @ 0.36 gpt Au; 4.57 m @ 0.66 gpt Au; 28.96 m @ 0.22 gpt Au; 12.19 m @ 0.45 gpt Au; 21.33 m @ 0.58 gpt Au; 24.38 m @ 0.75 gpt Au; 21.34 m @ 0.81 gpt Au (including 6.10 m @ 2.03 gpt Au) at the Buena Suerte and Japoneses zones.  
  • GoGold Resources Inc. released additional assays from drilling at La Trini deposit, part of the Los Ricos North project in Jalisco. Core length intercepts comprise 23.1 m @ 0.04 gpt Au, 44 gpt Ag; 29.5 m @ 0.69 gpt Au, 91 gpt Ag (including 16.7 m @ 1.18 gpt Ag, 141 gpt Ag that include 6.3 m @ 2.66 gpt Au, 320 gpt Ag); 36.7 m @ 1.00 gpt Au, 69 gpt Ag; 61.4 m @ 1.06 gpt Au, 124 gpt Ag (including 13.9 m @ 4.29 gpt Au, 477 gpt Ag that include 3.4 m @ 14.28 gpt Au, 1,694 gpt Ag); 15.6 m @ 0.11 gpt Au, 93 gpt Ag; 44.1 m @ 0.56 gpt Au, 46 gpt Ag (including 6.4 m @ 2.18 gpt Au, 108 gpt Ag); 33.0 m @ 1.24 gpt Au, 68 gpt Ag (including 6.0 m @ 4.94 gpt Au, 218 gpt Ag).
  • Consolidated Zinc Ltd. announced the plant refurbishment of its Plomosas mine in Chihuahua is on time and on budget. The primary ball mill has been delivered to site, the crushing circuit dry testing has been completed, flotation cells are in the purchasing stage and the tailings dam, construction is due to commence.
  • Impact Silver Corp. contracted a consultant to re-interpret data “from extensive historic geophysical surveys carried out over the southern portions of the large Royal Mines of Zacualpan Project in central Mexico. This area hosts the Capire open pit silver deposit, the Manto America bulk tonnage gold target and many other exploration areas. The historic data sets include IP (Inverse Polarization), airborne magnetometer and EM (electromagnetics), radiometric and ground gravity surveys that were carried out by a previous operator in the 1990’s”.
  • Sierra Metals Inc. reported results from a PEA (preliminary economic assessment) on the expansion of its Cusi mine, Chihuahua. The report sets an after-tax net present value (NPV) of US$81 Million at an 8% discount rate assuming a long term silver price of US$20/Oz, envisaging the increase of production from 1,200 to 2,400 tpd, with an NPV (@ 8%) of US$28.1 M, and IRR of 46.8%, with a mine life of 13 years, processing ore @ 127.2 gpt Ag, 0.12 gpt Au, 0.48% Zn, 0.34% Pb to produce 33.4 M Oz Ag.   The expected net after-tax cash flow is US$134 M.
  • Southern Silver Exploration Corp. reported assay results from its 10,000 m core drilling program on Cerro Las Minitas, Durango. The two holes reported are from the South Skarn target, with highlighted true width (tw) intervals comprising 2.7 m @ 511 gpt Ag 0.1 gpt Au, 0.13% Cu, 5.0% Pb, 3.7% Zn (including 0.6 m @ 902 gpt Ag, 0.05 gpt Au, 0.16% Cu, 7.8% Pb, 8.4% Zn); 1.6 m @ 182 gpt Ag, 0.23 gpt Au, 0.21% Cu, 4.4% Pb, 4.1% Zn; 0.9 m @ 247 gpt Ag, 0.19 gpt Au, 0.07% Cu, 4.7% Pb, 1.2% Zn; 3.3 m @ 304 gpt Ag, 0.11 gpt Au, 0.18% Cu, 4.8% Pb, 1.9% Zn (including 0.6 m @ 607 gpt Ag, 0.15 gpt Au, 0.49% Cu, 11.0% Pb, 3.4% Zn); 10.4 m @ 172 gpt Ag, 0.08 gpt Au, 0.15% Cu, 3.8% Pb, 3.7% Zn (including 5.8 m @ 286 gpt Ag, 0.11 gpt Au, 0.27% Cu, 6.4% Pb, 5.8% Zn); 1.2 m @ 303 gpt Ag, 0.05 gpt Au, 0.02% Cu, 7.1% Pb, 5.8% Zn.

 ON DEALS AND CORPORATE ISSUES

  • Capstone Mining Corp. entered into a definitive precious metals purchase agreement with Wheaton Precious Metals International Ltd.. Wheaton will pay an upfront cash consideration of $150 M for 50% of the silver production until 10 M Oz have been delivered, thereafter dropping to 33% of silver production for the life of mine from the Capstone’s Cozamin Mine in Zacatecas.

ON SOCIAL RESPONSIBILITY

  • Grupo Peñoles donated 30 ventilators, 35 ventilator circuits and more than 90 thousand face masks in Chihuahua.
  • The Mining Fund provided resources for a water well in Zacatecas.
  • Fresnillo PLC informed on its efforts aiding on the recovery and promotion of wildlife in Zacatecas.
  • Peña Colorada, Televisa and the Mexican Bank association are sponsoring scholarships for 121 students in Colima.
  • Minera Media Luna (Torex Gold) funded the asphalting of streets of communities in Cocula, Guerrero.
  • Almaden Minerals informed that an “irrigation dam developed by the Company in partnership with the Federal Government water authority (“CONAGUA”) and a local irrigation group from the community of Zacatepec, is now in operation”(in Puebla).
  • Esperanza Silver intends to develop the Esperanza project in Morelos in a sustainable way with social inclusion.

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

On the image below: Argillic alteration at Villa de Reyes, San Luis Potosí. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of November, 2020.

Barite crystals

By Miguel A Heredia

During the forty eight week of the year (November 16th to November 22th, 2020), at least 29 press releases were announced by companies working in Mexico and 1 news published by the media, with eight reporting on resources and development of their mine operations, six disclosing deals and corporate issues, six informing on exploration results, four commenting on Mexican issues, three  communicating production and financial results, two announcing financial rounds, and one discussing social issues.  ON MEXICO ISSUES, Equinox announced that the community blockade at its Los Filos mine in Guerrero has been lifted and access to the mine has been restored. First Majestic announced its intention to appeal the Circuit Court decision to nullify the Advance Pricing Agreement concluded in 2012 between Primero Empresa Minera and the Mexican tax authority, Servicio de Administracion Tributaria (SAT). Deputies of the mining commission of the State Congress and the State Secretariat of Economy of Sonora will join forces to request to the Federal Government that the Mining Fund returns to the Municipalities of the State.   Great Panther has temporarily suspended the operations at its Topia mine in Durango due to the detection of COVID-19 among the workforce.  ON EXPLORATION, In Sonora, Canuc started a drone supported, high frequency, magnetic survey over its newly acquired claims at its San Javier project, Silver Tiger reported drill results from its El Tigre project, Colibri released results from the trenching sampling carried out at its Evelyn project, and Riverside and its JV partner Carlyle reported channel sampling results from its Cecilia project. In Jalisco, GoGold released drilling results from El favor target at its los Ricos North project. In the State of Mexico, Impact has commenced a trenching sampling at its Manto America gold target.  ON MINING, Excellon reported Q3, 2020 production and financial results from its Platosa mine in Durango.  Santacruz reported October 2020 production results from its Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. Starcore reported Q2, 2020/2021 production results from its San Martin mine in Queretaro.  ON FINANCING, Magna Gold closed the acquisition of the Margarita Silver project in Chihuahua. Telson executed a Trust Agreement with Trafigura Mexico (Tahuehueto project, Durango).  ON RESOURCES AND DEVELOPMENT, Azucar resumed drilling at its El Cobre property in Veracruz.  Endeavour expanded its land position at its Terronera property in Jalisco. Elemental Royalties presented Q3, 2020 results from its Mercedes mine in Sonora. Mexus provided an update on its new heap leach pad at its Santa Elena mine in Sonora. Golden Minerals received the final environmental permit for its Rodeo property in Durango. Minera Alamos announced an independent NI 43-101 compliant mineral resource estimate of 630K Oz Au at its Cerro de Oro project in Zacatecas. Sierra Metals announced a significant increase of its mineral resource estimate at its Cusi mine in Chihuahua. SilverCrest announced new high-grade discovery at the Babi Vista Splay Vein within its Las Chispas project in Sonora. ON DEALS AND CORPORATE ISSUES, Aura announced a new and improved offtake agreement with Trafigura starting in 2022 (Aranzazu property, Zacatecas). Barksdale appointed its company Senior VP Project Development (San Javier project, Sonora).  Comet changed its provider for shareholder registry services from Advanced Share Registry Services to Automic Pty Ltd (Santa Teresa property, Baja California).  SilverCrest announced the appointment of a new member for its Board of Directors (Las Chispas project, Sonora). Starcore presented results from its annual general meeting of shareholders (San Martin mine, Queretaro).  Silver Dollar announced it has hired a Country Manager for its la Joya Silver project in Durango.   ON SOCIAL RESPONSIBILITY, Torex achieved 10M hours work without a lost time injury (El Limon-Guajes mine complex, Guerrero).

ON MEXICO ISSUES

  • Equinox Gold Corp., announced that the community blockade at its Los Filos mine in Guerrero has been lifted and access to the mine has been restored. Los Filos has commenced a staged restart and workers will resume their duties only after testing negative for COVID-19.
  • First Majestic Silver Corp., announced its intention to appeal the Circuit Court decision to nullify the Advance Pricing Agreement concluded in 2012 between Primero Empresa Minera SA de CV (PEM) and the Mexican tax authority, Servicio de Administracion Tributaria (SAT).   “The Federal Court’s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons: (i) SAT’s errors in analyzing PEM’s request for the APA and the evidence provided in support of the request; and (ii) SAT’s failure to request from PEM certain additional information before issuing the APA. The Company’s legal advisors having now reviewed the written reasons continue to be of the view that the Federal Court’s decision is flawed both due to procedural irregularities and failure to address the relevant evidence and legal authorities. The Company intends to appeal the decision to the Circuit Courts by the December 1, 2020 deadline”.
  • Deputies of the mining commission of the State Congress and the State Secretariat of Economy will join forces to request to the Federal Government that the Mining Fund returns to the Municipalities of the Sonora State. The commission reported that the Federal Government has pending the contribution of MXP $1,500M corresponding to fiscal year 2019 to be exercised in fiscal year 2020 in works of high social impact in municipalities with mining activities. One of the deputies stated that the resources of the Mining Fund originated in the State of Sonora, must remain here, because it is a resource of Sonora and must be applied, definitely, to the needs of the State. Sonora ranks first in the country in the extraction of copper, gold, molybdenum, wollastonite, and graphite and second in silver, substances that are exploited by national and foreign companies with investments around the world.
  • Great Panther Mining Limited has temporarily suspended the operations at its Topia mine in Durango due to the detection of COVID-19 among the workforce.   A reduced workforce will remain on site to maintain essential activities for the duration of the voluntary suspension. The health and safety of employees, contractors, and host communities remains a priority.  The company will continue working closely with the local government and regional health authorities to ensure a safe restart of normal operations.

ON EXPLORATION

  • Canuc Resources Corporation, started a drone supported, high frequency, magnetic survey over the 800m in length and 80 m in width silver-bearing magnetite swarms that have been identified within, and proximal to the large silver-bearing breccia structures uncovered in July and August of this year and first reported in a press release dated September 22nd.   
  • Silver Tiger Metals Inc., reported drill results from its El Tigre project in Sonora, where the company is currently exploring with core drilling the Caleigh and Protectora Veins. The company has drilled ten holes and highlights include hole 163 on Protectora Vein with 1,782 g/t Ag and 3.56 g/t Au (2,049 g/t AgEq) over 0.5m, and a second intercept of 1,374 g/t Ag and 0.89 g/t Au (1,441 g/t AgEq) over 0.5m; hole 164 on Protectora Vein with 805 g/t Ag and 10.5 g/t Au (1,593 g/t AgEq) over 0.5m; hole 158 on Caleigh Vein with 815 g/t Ag and 4.09 g/t Au (1,122 g/t AgEq) over 0.7m; and hole 156 on Caleigh Vein with 752 g/t Ag and 7.09 g/t Au (1,284 g/t AgEq) over 0.3m.
  • Colibri Resource Corporation, released results from the trenching sampling carried out at its Evelyn project in Sonora.  Fifty six chip samples from 0.30 to 2.00m in length were taken from trenches at The Cerro Rojo, El Sahuaro, and the West Evelyn targets. Nine samples returned values greater than 1 g/t Au and a total of 16 samples returned values greater than 0.1 g/t Au, with a peak of 23.2 g/t Au at the Cerro Rojo target area. The trenching has defined a northwest-southeast mineralized trend over an approximate strike length of 35 metres with samples ranging from 0.304 g/t Au to 27.5 g/t Au.
  • Riverside Resources Inc and its JV partner Carlyle Commodities Corp., reported channel sampling results from its Cecilia project. Thirty six channel samples were collected from underground working as well as at surface over the San Jose target from brecciated and silicified rhyolite. Over 43% of the samples returned more than 0.2 g/t Au with a peak of 48.3 g/t Au over a width of 0.75m. Other significant results were 0.86 g/t Au over 1.7m; 0.78 g/t Au over  0.85m; 0.66 g/t Au over 1.6m; 0.66 g/t Au over 0.8m; and 0.56 g/t Au over 1.25m.
  • GoGold Resources Inc., released drilling results from El Favor target at its los Ricos North project in Jalisco. Significant drill intercepts were encountered in hole LRGF-20-005 with 0.11 g/t Au and 74 g/t Ag (1.10 g/t AuEq or 83 g/t AgEq) over 21m, including 0.23 g/t Au and 150 g/t Ag (2.23 g/t AuEq or 167 g/t AgEq) over 9.0m; hole LRGF-20-006 with 2 intercepts, one of 0.2 g/t Au and 96 g/t Ag (1.48 g/t AuEq or 111 g/t AgEq) over 12m, including 0.53 g/t Au and 271 g/t Ag (4.15 g/t AuEq or 311 g/t AgEq) over  3.4m, and 0.97 g/t Au and 113 g/t Ag (2.47 g/t AuEq or 186 g/t AgEq) over 27m, including 3.35 g/t Au and 350 g/t Ag (8.01 g/t AuEq or 601 g/t AgEq); hole LRGF-20-007 with 0.28 g/t Au and 160 g/t Ag (2.4 g/t AuEq or 180 g/t AgEq) over 11m, including 0.53 g/t Au and 291 g/t Ag (4.41 g/t AuEq or 331 g/t AgEq) over 3.5m; hole LRGF-20-008 with 0.69 g/t Au and 255 g/t Ag (4.08 g/t AuEq or 306 g/t AgEq) over 52.1m, including 0.93 g/t Au and 343 g/t Ag (5.51 g/t AuEq or 413 g/t AgEq) over 37.1m, including 5.62 g/t Au and 2,052 g/t Ag (32.98 g/t AuEq or 2,473 g/t AgEq) over 5m, including 8.47 g/t Au and 3,039 g/t Ag (49 g/t AuEq or 3,675 g/t AgEq) over 3.3m; and hole LRGF-20-009 with 2 intercepts, one of 0.43 g/t Au and 148 g/t Ag (2.41 g/t AuEq or 180 g/t AgEq) over 11.6m, including 1.22 g/t Au and 324 g/t Ag (5.55 g/t AuEq or 416 g/t AgEq) over 2.5m, and 0.32 g/t Au and 63 g/t Ag (1.15 g/t AuEq and 87 g/t AgEq) over 32.5m, including 0.64 g/t Au and 171 g/t Ag (2.93 g/t AuEq or 220 g/t AgEq) over 7m. The drilling program at El Favor target has tested 1,000m along strike of the historic El Favor vein and workings. These first nine drill holes have confirmed the wide zones of mineralization mapped and sampled on surface continue down dip for close to 600m. The company stated that the mineralization is open along strike in both directions and down dip and will aggressively advance this zone towards a mineral resource estimate.
  • Impact Silver Corp., has commenced a trenching sampling at its Manto America gold target in the State of Mexico. Thirty three rock chip samples returning more than 2 g/t Au have been collected on this target, with a peak of 19.5 g/t Au over a true width of 1.2m. Additionally, 67 soil samples taken on a 50m by 25m grid have returned an average of 250 ppb Au. The 900m trenching sampling plans to test an area of 450m by 300m over the strongest Au-in soil anomalies. Previous operators of this target excavated two trenches, the same that were sampled by Impact, returning 0.51 g/t Au over 5.6m in width  and  a length of 23.5m, and 0.3 g/t Au over 5.5m in width and a length of 17.2m.

ON MINING

  • Excellon Resources Inc., reported Q3 2020 production and financial results from its Platosa mine in Durango. The company mined 21,877 tonnes and processed 22,612 tonnes of 483 g/t Ag, 5.3% Pb, and 6.8% Zn, with metallurgical recoveries of 93%, 85% and 80.9% respectively. Excellon produced 326.9K Oz Ag, 2.23M Lb Pb, and 2.75M Lb Zn (or 524.3K Oz AgEq), and sold 310.3K Oz Ag, 2.18M Lb Pb, and 2.28M Lb Zn (or 485.8K Oz AgEq) at  a cash and AISC of USD $12.60 and USD $18.92 respectively per Oz Ag sold. The company reported revenues of USD $9.7M, gross profit of USD $2.5M, net working capital of USD $10.5M, and cash and marketable securities of USD $10.1M as at September 30, 2020.
  •  Santacruz Silver Mining Ltd., reported October 2020 production results from its Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. At Zimapan mine in  Hidalgo, the company milled 62,543 tonnes of 81 g/t Ag, 0.8% Pb, 2.6% Zn, and 0.32% Cu to produce 114K Oz Ag, 983.3K Lb Pb, 2.45M Lb Zn, and 315.3K Lb Cu (or 363.7K Oz AgEq). At Rosario mine in San Luis Potosi, Santacruz milled 6,319 tonnes of 85 g/t Ag, 0.2 g/t Au, 0.4% Pb, and 1.5% Zn to produce 15.1K Oz Ag, 26 Oz Au, 52.9K Lb Pb, and 169.7K Lb Zn. 
  • Starcore International Mines Ltd., reported Q2, 2020/2021 production results from its San Martin mine in Queretaro. Starcore milled 56,731 tonnes of 1.6 g/t Au and 22 g/t Ag with metallurgical recoveries of 88.5% and 56.99% respectively to produce 2,867 Oz AuEq.

ON FINANCING

  • Magna Gold Corp., closed the acquisition of the Margarita Silver project in Chihuahua from Sable Resources Ltd and Exploraciones Sable S de RL de CV. Magna acquired the property by paying CAD $1.5M in cash plus an additional CAD $800K in cash representing Mexican VAT, and CAD $3.5M in common shares in the capital of Magna, being 3,219,278 Magna shares at a deemed price of CAD $1.0872 per Magna Share. Immediately following the acquisition, the Purchaser exercised the option to acquire the property by payment to the titleholders of the property of CAD $500K in cash, plus an additional $368K in cash representing Mexican VAT; and CAD $1.8M in Magna Shares, being 1,655,629 Magna Shares at the Issue Price. In addition, Magna will pay Osisko Gold Royalties Ltd  a 2% NSR on all products mined and produced from the Property.
  • Telson Mining Corporation executed a Trust Agreement with Trafigura Mexico. Under the terms, Trafigura waived all defaults plus deferred all principal and interest payments until June30, 2021, under certain terms and conditions, related to certain loan agreements entered into between the parties in late 2017.  Additionally, Telson agreed to place its assets into the Trust to guarantee full repayment of all outstanding financial obligations under the loan agreements with Trafigura. Telson has advanced its Tahuehueto construction plans and currently calculates a construction budget at approximately USD $13M, including a 15% contingency. Telson is contemplating to enter into a USD $12M medium term loan facility with Accendo Banco S.A. Institucion de Banca Multiple,  the possibility of a small silver stream metal purchase funding or conducting a private placement financing to supplement the Accendo loan for Tahuehueto construction, and to provide working capital.

ON RESOURCES AND DEVELOPMENT

  • Azucar Minerals Ltd., resumed drilling at its El Cobre property in Veracruz. The company is  first deepening hole EC-20-108, which is located at the Primo Zone, in an effort to further delineate resource potential at the project beyond that contained in the initial Norte Zone mineral resource estimate. The Primo Target was discovered in 2019 based on the hole EC-19-086 which intersected 0.4 g/t Au and 0.24% Cu over 200m, including 0.94 g/t Au and 0.56% Cu over 55.6m.
  • Endeavour Silver Corp., expanded its land position at its Terronera property in Jalisco to 20,128 hectares by acquiring two adjacent groups of mineral concessions called La Sanguijuela and Cerro Gordo. La Sanguijuela, which covers the possible NW extension of the Terronera Vein and the possible west extension of the Los Reyes Vein, comprises 2,759 hectares and Endeavour has an option to purchase it by USD $550K in a four years staged payments. The Los Cuates Vein is the main structure at la Sanguijuela and has been traced for over a length of 1.5km with thickness of 2 to 6m with values of 0.5 – 5 g/t Au and 50-300 g/t Ag. Cerro Gordo, which covers the possible southeast extension of four Terronera footwall veins (Pena Gorda-Canoas, Los Venados-La Carbonera, Pena Blanca-El Alacran and El Mirador-Los Tablones) as well as three other veins (El Maguey-El Madrono, Monte Obscuro-Musgos and La Muda-Monte Grande), was acquired by staking 2,200 hectares. The El Maguey-El Madrono vein has been observed over a length of 1.6 km with a thickness of 2 to 4 m, carrying values of 0.6 to 2 g/t Au and 10-30 g/t Ag.  The Pena Gorda-Canoas vein outcrops over a length of 1.7 km with a thickness of 2 to 5 m, returning values up to 0.5 g/t Au and 40 g/t Ag. Vein systems in these two properties have never been drilled and Endeavour plans to test some portion during Q4, 2020.
  • Elemental Royalties Corp., presented Q3, 2020 results from its Mercedes mine in Sonora. The company announced that Mercedes mine was placed on care and maintenance following a decree from the Mexican Federal Government on March 30. 2020 in which listed mining operations as non-essential industry, and restarted activities on July, 2020 following a two-month suspension. Mining activities were focused with a reduce staff on higher grades and are concentrated on the Diluvio-Lupita-San Martin system while also implementing continued exploration, underground development and mill maintenance programs with the intention of returning to full production in due course.
  • Mexus Gold US provided an update on its new heap leach pad at its Santa Elena mine in Sonora. It has completed phase 1 of its new 250K tonnes pad which is expandable to 1M tonnes, and will have crush mineralized material averaging 2.7 g/t Au. Mexus is looking for a return of 0.6 g/t Au in solution. In addition, Mexus is scheduled to begin blasthole drilling to expand its open pit 2 by approximately 1,741 Oz Au at a grade of 2.7 g/t Au.
  • Golden Minerals Company received the final environmental permit for its Rodeo gold-silver property in Durango, which is scheduled to begin gold production in January 2021, delivering mineralized material at its Velardeña mill to process it immediately.   “The Velardeña plant is a typical agitated leach plant rated to handle up to 450 tonnes per day of throughput from Rodeo. It is equipped with a Merrill Crowe circuit and a modern doré refinery, and the attached tailings facility was recently expanded and is expected to be sufficient for the tailings produced from Rodeo’s operations”.
  • Minera Alamos Inc., announced an independent NI43-101 compliant inferred mineral resource estimate of 630K Oz Au at its Cerro de Oro project in Zacatecas. The inferred mineral resource was prepared using an economic pit shell at a gold price of USD $1,450 per Oz and contains 630K Oz of oxide gold mineralization from 48M tonnes of 0.41 g/t Au.  Minera Alamos has also identified a number of high priority targets with potential to expand resources at Cerro de Oro, as well as a limited number of diamond drill holes which have demonstrated the potential for sulphide mineralization to extend to depth below the current estimate area.
  • Sierra Metals Inc., announced a significant increase of its mineral resource estimate at its Cusi mine in Chihuahua. The company increased 18% the measured and indicated resources from 4,557,000 tonnes to 5,356,000 tonnes, and 200% the inferred resources from 1,633,000 tonnes to 4,893,000 tonnes. The updated mineral resource estimate include measured + indicated resources of  5,356,000 tonnes of 182 g/t Ag, 0.12 g/t Au, 0.5% Pb, and 0.6% Zn (215 g/t AgEq) for a total of 31.26M Oz Ag, 20.22K Oz Au, 58.26M Lb Pb, and 67.99M Lb Zn (37M Oz AgEq), and Inferred resources of 4,893,000 tonnes of 146 g/t Ag, 0.18 g/t Au, 0.43% Pb, and 0.69% Zn (183 g/t AgEq) for a total of 23M Oz Ag, 27.7K Oz Au, 46M Lb Pb, and 74.81M Lb Zn (28.82M Oz AgEq).
  • SilverCrest Metals Inc., announced new high-grade discovery at the Babi Vista Splay Vein within its Las Chispas project in Sonora as a result of an in-fill drilling program at the northwestern extension of the Babi Vista Vein. Twenty four holes have been collared at this target with a high grade footprint of approximately 300m along strike and average height of 175m. Weighted average results are 74.27 g/t Au and 3,437 g/t Ag (9,071 g/t AgEq) over a true width of 1.6m. The most significant drill intercept was encountered in hole BV20-201 with 555.36 g/t Au and 19,453 g/t Ag (61,105 g/t AgEq) over a true width of 2.4m. This discovery at Babi Vista Splay Vein will be included as inferred resources for the upcoming resource estimation in the ongoing PFS study.

ON DEALS AND CORPORATE ISSUES

  • Aura Minerals Inc., announced a new and improved offtake agreement with Trafigura Mexico S.A. de C.V., starting in 2022. The new agreement, in which Trafigura has agreed to purchase 100% of the copper and gold concentrate produced at Aranzazu mine in Zacatecas,  is effective as of the beginning of 2022 and continues until the end of 2024.
  • Barksdale Resources Corp., appointed its company Senior VP of project Development. Its role will be overseeing the advancement of the Company’s project portfolio, including the San Javier copper-gold project in Sonora, Mexico. In connection with this appointment, Barksdale has granted a stock option to purchase 250K common shares, exercisable at $0.68 per share over a three-year period. 
  • Comet Resources Limited, changed its provider for shareholder registry services from Advanced Share Registry Services to Automic Pty Ltd (Santa Teresa property, Baja California).
  • SilverCrest Metals Inc., announced the appointment of a new member for its board of directors (Las Chispas project, Sonora).
  • Starcore International Mines Ltd., presented results from its annual general meeting of shareholders (San Martin mine, Queretaro).  
  • Silver Dollar Resources Inc., announced it has hired a Country Manager to work alongside the company at its la Joya Silver project in Durango.

ON SOCIAL RESPONSIBILITY

  • Torex Gold Resources Inc., achieved 10M hours work without a lost time injury (El Limon-Guajes mine complex, Guerrero).

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, barite crystals from a low-intermediate sulphidation epithermal system in a prospect in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of November, 2020

By Jorge Cirett

During the 46th week of the year (November 9th to November 15th, 2020), at least 23 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their projects and six more posted on project development. ON MEXICO ISSUES, Canadian mining investment increased during the COVID pandemic; a webinar about lithium in Mexico was held; the illegal blockade on Equinox’s Los Filos mine in Guerrero ended and the Discoveries Conference was held in Guadalajara, the first in-person gathering of the mining community since the pandemic began. ON EXPLORATION, in Sonora, Colibri released trench results from Evelyn; Tarachi Gold is mobilizing a portable diamond drill to the San Javier concession on its Tarachi property. In Sinaloa, Vizsla released assays from drilling at Panuco; Kootenay released drill results from Copalito. In Zacatecas, Advance Gold completed an IP survey.  ON MINING, Sierra Metals, Equinox and Americas Gold and Silver released third quarter 2020 results. Americas Gold and Silver updated on the Cosalá Complex situation in Sinaloa. ON FINANCING, Silver Bull and Candente Gold raised US$150 K and $200 K respectively. Aura Minerals made some clarifications on its latest public offering. Reyna Silver is now trading in USA and Germany. ON RESOURCES AND DEVELOPMENT, Mexican Gold released high grade drill results from its resource expansion program at Las Minas, Veracruz. Endeavour Silver released high-grade intercepts on Guanaceví, Durango. Discovery Metals released interesting results from drilling at its Cordero project in Chihuahua. GoGold informed on additional drill results from Los Ricos North project in Jalisco. Southern Silver Exploration informed on drill results from its Cerro Las Minitas project in Durango, some of which are high-grade. SilverCrest Metals updated on development activities at its Las Chispas project in Sonora.  ON DEALS AND CORPORATE ISSUES, Magna Gold optioned the Margarita project from Sable Resources (a property brought to Sable’s attention by Gambusino Prospector). VanGold Mining amended its option agreement to re-purchase three of four underlying royalties at its El Pinguico project in Guanajuato. ON SOCIAL RESPONSIBILITY. Fresnillo PLC promotes the creation of micro and small businesses in the Caborca region in Sonora.

ON MEXICO ISSUES

  • The COVID-19 pandemic saw investments by Canadian miners increase in Mexico, from US$30 M to US$160 – US$170 M a month during last September, according to Douglas Coleman, CEO of Mexico Mining Center. The increase in precious metal prices brought also an average increase of 30% on the valuation of companies in the Bolsa Mexicana de Valores (BMV) during the first 10 months of the current year.
  • The illegal blockade by the Carrizalillo community on Equinox’s Los Filos mine in Guerrero has been lifted, according to Jorge Zuriel de los Santos, head of the Fiscalía General del Estado de Guerrero (State Prosecutor).
  • The webinar “The truth about lithium in Mexico” was held on November 11, 2020, sponsored by Mundo Minero, the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México (CIMMGM) and the Asociación de Ingenieros Mineros, Metalurgistas y Geólogos de México (AIMMGM).

ON EXPLORATION

  • Colibri Resource Corp. released assay results from the trenching program at its Evelyn project in Sonora. Highlighted results include 0.40 m @ 4.01 gpt Au on a quartz vein with oxidized pyrite, sericite and iron carbonate; 1.5 m @ 2.44 gpt Au in an andesite with quartz veining with oxidized pyrite and iron carbonate; Colibri has been granted a permit to complete up to 2.2 Km of trenching, and has collected 77 rock samples so far in these 1.5 m to 2.5 m deep trenches.
  • Vizsla Resources Corp. provided assay results from drilling on the Papayo and San Carlos prospects at its Panuco project in Sinaloa. “Drilling has continued to expand the known extents of mineralization at Papayo” with highlighted true width (TW) results comprising: 0.74 m @  7.96 gpt Au, 1,515 gpt Ag, 0.50% Pb, 1.21% Zn; 1.29 m @ 0.61 gpt Au, 125 gpt Ag; 0.78 m @ 2.66 gpt Au, 474 gpt Ag, 1.04% Pb, 2.80% Zn; 0.95 m @ 21.60 gpt Au, 216 gpt Ag, 1.91% Pb, 6.02% Zn; 1.49 m @ 1.0 gpt Au, 207 gpt Ag, 0.56% Pb, 1.32% Zn; 1.37 m @ 1.31 gpt Au, 168 gpt Ag; 5.61 m @ 1.05 gpt Au, 89 gpt Ag, 0.74% Pb, 1.9% Zn. “The San Carlos structure is wide lower grade bulk tonnage target with an average width of 11.5m and a range from 3.35m to 22.8m” with highlighted TW intercepts comprising 15.62 m @ 0.91 gpt Au, 110 gpt Ag (including 4.78 m @ 2.19 gpt Au, 230 gpt Ag); 19.20 m @ 0.30 gpt Au, 53 gpt Ag; 17.18 m @ 0.45 gpt Au, 67 gpt Ag (including 4.59 m @ 0.97 gpt Au, 147 gpt Ag); 22.76 m @ 0.26 gpt Au, 43 gpt Ag.
  • Advance Gold Corp. completed an induced polarization (IP) survey on its Tabasqueña project in Zacatecas. The new IP survey highlights two wide and closely spaced high chargeability anomalies, with the strongest being on the western part of the new grid. “For both targets, the associated chargeability anomaly is deeply seated (> 250 to 300m) while their origin is linked to two distinct wide mineralized systems. The western anomaly appears to remain open laterally to the north and south within the property limits”.
  • Tarachi Gold Corp. is mobilizing a man portable diamond drill rig to commence drill testing the high-grade gold bearing structures on the San Javier concession, part of its Tarachi project in Sonora. The drill program will focus on a NW trending shear structure where previous drill holes intercepted 5.0 m @ 34.5 gpt Au and 3.0 m @ 24.3 gpt Au. Mineralization is hosted in andesitic volcanic rocks, flanked by an intrusive rock, and the shear zone at San Javier remains open along strike and to depth, with the possibility of an extension under cover.
  • Kootenay Silver Inc. released results from the last seven holes on its 4,153 m drilling program at Copalito, in Sinaloa.  Highlighted intercepts comprise 9.05 m @ 2.09 gpt au, 124 gpt Ag, 0.8% Pb+Zn (including 2.25 m @ 6.65 gpt Au, 335 gpt Ag, 2.6% Pb+Zn, including 0.51 m @ 16.95 gpt Au, 369 gpt Ag, 3.74% Pb+Zn); 27.4 m @ 60 gpt Ag, 0.28 gpt Au, 0.4% Pb+Zn; 10 m @ 128 gpt Ag, 0.65 gpt Au, 1.13% Pb+Zn (including 2.25 m @ 484 gpt Ag, 2.18 gpt Au, 2.86% Pb+Zn).

ON MINING

  • Sierra Metals Inc. Released consolidated third quarter results for 2020, with some figures from its Mexican operations. The Bolivar Mine in Chihuahua processed 410.5 K tonnes in the quarter, a record representing a 24% increase over Q3 2019, at 4,691 tpd, and in track to reach the targeted 5,000 tpd during Q4 2020. The Cusi mine, also in Chihuahua, produced a record 304 K Oz Ag, with an ore throughput of 1,074 tpd.
  • Equinox gold Corp. reported its third quarter 2020 financial and operating results, without detailing figures from its Mexican operations. At Los Filos, the Guadalupe open pit and Bermejal underground proceeded for July and August, but were suspended by an illegal blockade by the community on September 3rd. “Optimization study for new carbon-in-leach plant, heap leach expansion, updated mine planning and a Mineral Reserve and Mineral Resource update targeted for completion in early 2021”.
  • Americas Gold and Silver Corp. reported financial and operational results for the third quarter 2020, including an update on its Mexican operations. At Cosalá, in Sinaloa “In August 2020, the Company announced that the illegal blockade had been resolved to permit some Company personnel the opportunity to re‐enter the mine operations.    This access has not been maintained.  With the re‐opening of Mexican government offices in August, the Company’s employees were expected to vote in September 2020 for new union representation and did so on September 17.  In advance of the vote, a number of irregularities came to light, which indicated that there could not be a fully democratic vote with freedom of association. As a result, the Company does not believe there are conditions currently present to invest the required capital to re‐start the Cosalá Operations.  The Company continues to work with all legitimate stakeholders and remains hopeful that a resolution, consistent with the rule of law and featuring an election free from threats and intimidation, can be achieved so that operations can re‐commence in the near term”. The company also finalized the option agreement with Hochschild to acquire 100% of the San Felipe project in Sonora.

ON FINANCING

  • Aura Minerals Corp. made some clarifications regarding the secondary public offering of Brazilian depositary receipts issued by Itaú Unibanco S.A. as depositary. “The total gross proceeds of the Secondary Offering to the Selling Shareholders are R$87,300,000.00, of which an aggregate of R$19,400,000 is in respect of the Shares offered, severally, by the ARC Funds and R$67,900,000 is in respect of the Shares offered by Ruffer. The Company will not receive any proceeds from the Secondary Offering” (Aranzazú, Zacatecas).
  • Silver Bull Resources Inc. completed the second and final tranche of the previously announced private placement, for gross proceeds of US$150 K, and aggregate gross proceeds of US$1.7 M (Sierra Mojada, Coahuila).
  • Reyna Silver Corp. announced its common shares have been approved for listing on the OTCQB Market Exchange in the United States and the Frankfurt Stock Exchange in Germany.
  • Candente Gold Corp. advised that the previously announced non-brokered private placement has been fully subscribed, for gross profits of $200K (El Oro, Estado de Mexico).

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Mining Corp.  released further assay results from the 2020 drilling program at its Las Minas project in Veracruz. Most of the 52 holes drilled so far have been targeting potential extensions to the El dorado resource, which remains open in several directions. Highlighted true width (TW) intercepts comprise 4.6 m @ 1.41 gpt Au, 0.55% Cu; 15.3 m @ 1.21 gpt Au, 1.1% Cu; 3.2 m @ 3.74 gpt Au, 3.76% Cu; 8.5 m @ 4.86 gpt Au, 1.17% Cu; 17 m @ 1.2 gpt Au, 0.85% Cu; 11.6 m @ 1.56 gpt Au, 1.03% Cu; 11.6 m @ 4.38 gpt Au, 1.84% Cu; 28.5 m @ 2.8 gpt Au, 1.12% Cu; 8.0 m @ 1.9 gpt Au, 0.36% Cu; 7.4 m @ 3.46 gpt Au, 5.08% Cu; 5.3 m @ 0.4 gpt Au, 0.83% Cu.
  • Endeavour Silver Corp. continues to intersect high-grade mineralization in the Santa Cruz vein on the El Curso property of the Guanaceví mine in Durango. Highlighted TW intersections on eleven holes comprise 3.2 m @ 2,307 gpt Ag, 3.15 gpt Au (2,559 gpt AgEq); 3.1 m @ 1,409 gpt Ag, 3.13 gpt Au (1,659 gpt AgEq) and 11.5 m @ 381 gpt Ag, 0.5 gpt Au.
  • Discovery Metals Corp. released results from seven diamond drill holes targeting bulk-tonnage mineralization in the South Corridor at its Cordero project in Chihuahua. Some of the highlighted results comprise 71.2 m @ 18 gpt Ag, 0.06 gpt Au, 0.2% Pb, 0.7% Zn; 139.1 m @ 47 gpt Ag, 0.07 gpt Au, 0.6% Pb, 1.6% Zn (138 gpt AgEq); 26.6 m @ 56 gpt Ag, 0.09 gpt Au, 0.4% Pb, 0.7% Zn; 19.4 m @ 41 gpt Ag, 0.06 gpt Au, 0.5% Pb, 1.2% Zn; 29.6 m @ 52 gpt Ag, 0.07 gpt Au, 0.8% Pb, 0.8% Zn; 92.1 m @ 27 gpt Ag, 0.05 gpt Au, 0.2% Pb, 0.4% Zn; 32.4 m@ 72 gpt Ag, 0.07 gpt Au, 0.3% Pb, 0.1% Zn; 38.4 m @ 36 gpt Ag, 0.04 gpt Au, 0.6% Pb, 0.7% Zn; 33.9 m @ 30 gpt Ag, 0.07 gpt Au, 0.5% Pb, 0.7% Zn; 62.2 m @ 38 gpt Ag, 0.07 gpt Au, 0.4% Pb, 0.7% Zn; 57.1 m @ 18 gpt Ag, 0.01 gpt Au, 0.2% Pb, 1.0% Zn. Assays from 27 holes are pending and four rigs are operating at the site.
  • GoGold Resources Inc. released additional drill results from the La Trini deposit at its Los Ricos North project in Jalisco. Highlighted core length intercepts comprise 25.9 m @ 0.34 gpt Au, 52 gpt Ag (including 4.7 m @ 0.81 gpt Au, 124 gpt Ag); 2.4 m @ 0.05 gpt Au, 300 gpt Ag; 18.7 m @ 0.58 gpt Au 46 gpt Ag; 18.2 m @ 0.11 gpt Au, 48 gpt Ag; 15.2 m @ 0.71 gpt Au, 71 gpt Ag (including 2.0 m @ 3.55 gpt Au, 284 gpt Ag and 1.3 m @ 4.20 gpt Au, 733 gpt Ag).
  • Southern Silver Exploration Corp. reported initial assay results from the recently started 10,000 m core drilling program at Cerro Las Minitas, Durango. Highlighted true width results from holes in the South Skarn target comprise 4.0 m @ 109 gpt Ag, 0.14 gpt Au, 0.02% Cu, 1.8% Pb, 2.1% Zn (including 0.9 m @ 412 gpt Ag, 0.14 gpt Au, 0.06% Cu, 7.8% Pb, 9.2% Zn); 0.8 m @ 132 gpt Ag, 0.12 gpt Au, 0.02% Cu, 2.8% Pb, 2.0% Zn; 1.1 m @ 54 gpt Ag, 2.83 gpt Au, 0.01% Cu, 3.6% Pb, 0.4% Zn; 3.2 m @ 99 gpt Ag, 0.27 gpt Au, 0.01% Cu, 0.7% Pb, 0.6% Zn; 6.7 m @ 625 gpt Ag, 0.11 gpt Au, 0.03% Cu, 11.8% Pb, 7.5% Zn; 1.2 m @ 112 gpt Ag, 0.07 gpt Au, 2.2% Pb, 2.1% Zn.
  • SilverCrest Metals Inc. provided an update on activities for 2020. During the first nine months of the year the company has drilled 146,000 m of in-fill and expansion drilling at Las Chispas project in Sonora. Furthermore, 4.1 km of underground decline and lateral drifting, stockpiling an accumulated 47 K tonnes @ 1,130 gpt AgEq (7.21 gpt Au, 590 gpt Ag). “Las Chispas site activities continued with the building of the administration and warehouse facilities, phase 1 of the temporary quarantined COVID-19 camp, communication system, and water pumping stations”. Since inception of the project, 461,000 m have been drilled in 1,712 holes. As October 31, 2020, SilverCrest has cash and cash equivalents of $184 M (US$138.2 M).

ON DEALS AND CORPORATE ISSUES

  • Magna Gold Corp. entered into a definitive option acquisition agreement with Sable Resources Ltd. To acquire Sable’s option to acquire 100% interest in the 125.6 ha Margarita silver property in Chihuahua; the property lies 15 Km northwest on strike with the recently commissioned Sunshine Silver Corp’s Los Gatos mine. Magna is to acquire the option by paying CAD$1.5 M cash, plus additional CAD$800 K VAT and CAD$3.5 M in common shares of Magna. The purchaser will exercise the option to acquire the property by payment of CAD$500 K in cash, plus $368 K in VAT to the titleholders of the concessions and CAD$1.8 M in Magna shares. Sable drilled 35 holes for a total of 5,245 m, with intercepts like: 4.25 m @ 430 gpt Ag, 0.2% Pb, 0.7% Zn; 12.4 m @ 446 gpt Ag, 0.7% Pb, 1.0% Zn; 14.05 m @ 306 gpt Ag, 0.7% Pb, 1.9% Zn; 11.3 m @ 229 gpt Ag, 1.0% Pb, 0.3% Zn; 33.3 m @ 283 gpt Ag, 0.3% Pb, 0.8% Zn (including 9.9 m @ 579 gpt Ag, 0.8% Pb, 1.7% Zn); 20.6 m @ 83 gpt Ag, 0.1% Pb, 0.3% Zn (including 5.1 m @ 198 gpt Ag, 0.2% Pb, 0.3% Zn); 48.65 m @ 102 gpt Ag, 0.1% Pb, 0.4% Zn; 37.35 m @ 117 gpt Ag, 0.17 gpt Au, 0.2% Pb, 0.7% Zn (including 5.5 m @ 400 gpt Ag, 1.07 gpt Au, 1.1% Pb, 0.4% Zn).
  • VanGold Mining Corp. amended its option agreement to re-purchase three of the four underlying royalties on its Pinguico project, Guanajuato. Under the new terms the option is exercisable by making payments to EMBSA (Exploraciones Mineras del Bajío, S.A. de C.V.) of $200 K cash and 3.75 M shares before November 20, 2020; $325 K in cash before February 22, 2021; $525 K in cash before February 22, 2022 and $625 K in cash before February 22, 2023. After these payments are made, the only NSR on the property will cover the above ground and below ground stockpiles. 

ON SOCIAL RESPONSIBILITY

  • Fresnillo PLC promotes the creation of micro and small businesses by means of its “Emprende en Línea” (Online Entrepreneurship) program, to develop administrative and managerial capabilities to consolidate businesses. For more than two decades Minera Penmont has contributed to the growth of the Caborca region through the implementation of social programs.

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

On the image below: Base metal veinlet in core from Cerro San Pedro, San Luis Potosí. Picture by Jorge Cirett.

SONORO ANNOUNCES INITIAL DRILLING RESULTS AND FAST-TRACK TO GOLD PRODUCTION IN 2021

20201104-Sonoro-Announces-Initial-Drilling-Results

VANCOUVER, Canada, November 4, 2020 – Sonoro Gold Corp. (TSXV: SGO), formerly known as Sonoro Metals Corp. (TSXV: SMO) | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce assay results from 12 reverse-circulation (RC) drill holes at its Cerro Caliche project in Sonora State, Mexico.  These results reflect all assays received to date from the Company’s ongoing RC drilling program focused on expanding four of the 17 gold mineralization zones at Cerro Caliche. Highlights include key intercepts at the premier Japoneses and Buena Suerte zones.

Canasil Reports 3.73 Metres of 3.71 g/t Gold, 489 g/t Silver, and 0.53% Copper from the Candy Vein at the Nora Silver-Gold Project, Durango, Mexico

Canasil_21102020

Vancouver, October 21, 2020 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces initial results from two additional drill holes, NRC-20-03 and NRC-20-04, from the on-going, fully-funded core drill program on the Candy and Nora veins at the Nora silver-gold project in north-central Durango State, Mexico.

The Mining and Exploration News in Mexico: Highlights on the First Week of October, 2020

By Jorge Cirett

During the 40th week of the year (September 28th to October 4th, 2020), at least 40 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their projects, ten companies posted news related to financing or share structure, and seven on their projects development. ON MEXICO ISSUES, the Mining Fund is gone. A new special force was created to aid protect mining companies from criminal gangs activities. Only nine percent of Mexico is under a current mining concession. The CTM asks for the continuation of the Mining Fund. Some 150 junior exploration companies have left Mexico. The Mining-Metallurgic production index grew by 6.2% in July. Sixteen municipalities in Hidalgo are to receive $48 M pesos from the Mining Fund. ON EXPLORATION, in Sonora, Colibri Resources completed a mag survey on Evelyn. Tocvan Ventures identified a pipe like structure at its Pilar project. In Sinaloa, Brigadier Gold commenced drilling at Picachos. In Durango, Mithril Resources released drilling results from Copalquin. In Oaxaca, Megastar Development team is back in the field at Yautepec and Magdalena.  ON MINING, No relevant news. ON FINANCING, One World Lithium ($1.5 M), Plymouth Realty Capital ($10 M), Barksdale ($6.325 M), Santacruz Silver (CDN$9.5 M), Prismo Metals ($575 K), Endeavour Silver (US$60 M) released news regarding financing rounds. Candelaria Mining settled a $1.087 M debt with shares. Silver One granted options to its directors, officers, employees and consultants. Silver Dollar started trading at the OTCQB. ON RESOURCES AND DEVELOPMENT, GR Silver released underground channel sampling results. Consolidated Zinc presented the latest resource estimate at its Plomosas mine in Chihuahua, and announced the refurbishment of the processing plant at the site. Capitan Mining commenced resource expansion drilling at El Capitan, Durango. Azucar Minerals presented the initial resource estimate for the El Norte Zone of its El Cobre project in Veracruz. GoGold Resources released drilling results from its Los Ricos North project in Jalisco. Bacanora Minerals is focusing in engineering while the financing package is complete for its Sonora Lithium project. Golden Minerals released final results of its resource definition drilling program at the Rodeo project, Durango. ON DEALS AND CORPORATE ISSUES, Candente Gold signed the definitive agreement on the acquisition of the San Dieguito de Arriba plant in Nayarit. Silver One is selling its Mexican properties to Plymouth Realty Capital. Dyna Resources is trying to enforce in USA a favorable Mexican court ruling. Silver Spruce has recurred to force majeure clause for lack of access to its Pino de Plata property in Chihuahua. Reyna Silver entered into an option agreement to acquire the Reyna project in Chihuahua. ON SOCIAL RESPONSIBILITY. Fresnillo PLC, Minera Autlan, Minera Saucito and Industrias Peñoles informed on sustainability, health, safety, environment, social and governance programs.

ON MEXICO ISSUES

  • The Mining Fund is gone for good from the purpose it was created for: aiding the development of mining communities. Mining States and municipalities wonder what the destiny of more than $1,500 M pesos actually in the Fund. The actual federal government re-directed the use of the Mining Fund, with 85% going to the Education Secretariat, 5% to the Economy Secretary and 10% to federal government infrastructure programs.
  • A new special force for overseeing mining operations was formed by the federal government. The first 118 guards graduated from a special training course, and will be equipped with assault weapons. Heists by organized crime have plagued the industry in the last few years, with robberies of bullion in mining operations across several states.
  • The Economy Secretariat informed mining concessions cover only 9% of Mexico. Graciela Marquez, Secretary of Economy noted that 24 thousand current mining concessions cover 17 M hectares. The Director de Minas (reporting to Gabriela Marquez) pointed that they are following the president view of not granting more mining concessions, which is problem that will catch up in 10 years’ time with fewer new deposits to mine due to the lack of exploration.
  • The Confederacion de Trabajadores de Mexico (one of the largest union organizations in Mexico, best known as “CTM”) asked the federal government and the Deputies Chamber for the no disappearance of the Mining Fund.
  • Fernando Alanís Ortega from Camimex pointed out some 150 junior exploration companies have left Mexico due to the complex operative environment. Several companies have diversified their operations this year, with acquisitions in Canada and USA. The last company to divest its Mexican portfolio is Silver One, to focus on a project in Nevada.
  • The Mexican index of Mining-Metallurgic production increased by 6.2% in July, compared with the same month of 2019 and by 5.1% from July 2020 to the previous month.
  • Sixteen Municipalities in Hidalgo are to receive $48 M pesos from the Fund for Development of Mining Production Zones.  

ON EXPLORATION

  • Brigadier Gold Ltd. commenced its maiden drill program at the 3,954 ha Picachos property in Sinaloa. The drilling of 5,000 m in 40 holes will test the San Agustín mine (underground rock chip sample of 1.2 m @ 73.4 gpt Au), and the the Mochomos (underground rock chip sample of 0.5 m @ 18.5 gpt Au, 570 gpt Ag), Tejones (underground rock chip sample of 1.0 m @ 28.6 gpt Au, 114 gpt Ag) and Fermin (underground rock chip sample of 1.0 m @ 0.3 gpt Au, 268 gpt Ag) veins. “the Cocolmeca Vein system is comprised of several sub-parallel veins over a 1.5 kilometre (km) wide zone ……  San Agustín is the best understood of these veins, mainly because it has been historically exposed underground by approximately 670 line-metres of tunnels, stopes and shafts”.
  • Colibri Resource Corp. received results from a high-resolution magnetic survey at its Evelyin property in Sonora. The interpretation of the magnetic data allowed the identification of three families of lineaments that are to aid in the definition and prioritization of targets.
  • Tocvan Ventures Corp. informed on new interpretations on all the information gathered on its Pilar project in Sonora. With the aid of geophysical, geochemical and structural specialists a conclusion was reached that a sub-vertical pipe-like feature may represent a breccia feeder pipe related to epithermal mineralization. The pipe is close to 100 m in diameter, oval shaped and dipping 70 degrees to the SSW.
  • Mithril Resources Ltd. Released results from nine more holes at La Soledad in the Copalquin project, Durango. Drilling confirmed the bonanza grades of the La Soledad vein and intercepted additional veins at depth and along strike. Highlighted results comprise 3.8 m @ 2.58 gpt Au, 143 gpt Ag; 0.5 m @ 6.78 gpt Au, 10 gpt Ag, an open working for 2.5 m and then 1.5 m @ 6.65 gpt Au, 18 gpt Ag; 2.82 m @ 2.37 gpt Au, 22 gpt Ag; 7.5 m @ 6.74 gpt Au, 158 gpt Ag.
  • Megastar Development Corp. reported its exploration team is back at the Yautepec and Magdalena projects in Oaxaca. So far, they have found “highly prospective ferruginous (iron-rich) carbonate sinters and fault-controlled quartz veining and breccias in discontinuous erosional windows under post-mineral volcanic rocks over areas of several hundreds of meters”. These findings correlate well with the envisaged uppermost levels of an epithermal system, the concept exploration model used at the site.

ON MINING

  • No Relevant News.

ON FINANCING

  • One World Lithium Inc. announced a non-brokered private placement for gross proceeds of up to $1.5 M (Salar del Diablo, Baja California).
  •  Candelaria Mining Corp. closed the previously announced shares for debt transaction in settlement of $1.087 M of indebtedness (Pinos, Zacatecas).
  • Plymouth Realty Capital Corp. will complete a $10 M private placement funding (Peñasco Quemado, Sonora; La Frazada, Nayarit; Pluton, Durango).
  • Silver One Resources Inc. granted 2.575 M stock options to its directors, officers, employees and consultants (Peñasco Quemado, Sonora).
  • Fresnillo PLC. Is extended the expiration time on its tender offer to purchase for cash any and all of its outstanding US$800,000,000 principal amount of 5.5% Notes due 2023, to September 29. 2020 (La Herradura, Sonora).
  • Silver Dollar Resources Inc. started trading on September 30, 2020, in the United States on the OTCQB Venture Market (La Joya, Durango).
  • Barksdale Resources Corp. closed the final tranche of the company’s non-brokered private placement that raised $6.325 M (San Javier, Sonora).
  • Santacruz Silver Mining Ltd. Increased the size of its previously announced non-brokered private placement offering to CDN$9.5 M (Rosario, San Luis Potosi).
  • Prismo Metals Inc. completed its initial public offering (IPO) for gross proceeds of $575 K (Palos Verdes, Sinaloa).
  • Endeavour Silver Corp. entered into a sales agreement with BMO Capital Markets as the lead agent upon which the company can sell a number of common shares than can amount up to US$60 M (El Compas, Zacatecas; Terronera, Jalisco).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd.  announced favorable results from underground channel sampling on the lower level of the Plomosas mine in Sinaloa. Disseminated and massive mineralization is constituted by veins, stockworks and sulfide stringers that include chalcopyrite, sphalerite and galena in a brecciated tuff. Highlighted channel intervals comprise 2.6 m @ 504 gpt Ag, 14.6 gpt Au, 8.9% Pb, 6.6% Zn, 0.3% Cu; 15.7 m @ 90 gpt Ag, 2.5 gpt Au, 0.5% Pb, 1.3% Zn, 0.8% Cu: 5.4 m @ 147 gpt Ag, 10.0 gpt Au, 0.6% Pb, 3.3% Zn, 1.2% Cu; 7.8 m @ 50 gpt Ag, 2.9 gpt Au, 2.2% Pb, 7.3% Zn, 0.2% Cu; 6.0 m @ 66 gpt Ag, 6.2 gpt Au, 1.4% Pb, 3.9% Zn, 0.9% Cu.
  • Consolidated Zinc Ltd. presented a mineral resource estimate for the month of April 2020 for its Plomosas mine in Chihuahua. The indicated and inferred mineral resources comprise 964 K tonnes @ 13.2% Zn, 3.5% Pb, 20.6 gpt Ag that contain 127 K tonnes of zinc, 34 K tonnes of lead and 639 K Oz silver. The company is refurbishing the Plomosas beneficiation plant to process the ore at the site, for an estimated cost of US$1.35 M. The plant will start processing 3,000 tonnes per day (tpd), with the possibility of an expansion to 6,000 tpd.
  • Capitan Mining Inc. has commenced drilling at the Capitan project in Durango. The first phase comprises 6,000 m of reverse circulation drilling focused on step-out holes for resource expansion.
  • Azucar Minerals Ltd. completed its initial resource estimate for the Norte zone at El cobre project in Veracruz. “Copper and gold mineralization at the Norte Zone is associated with a multiphase variably potassic-phyllic altered porphyritic diorite intrusive complex that is cut by late mafic and intermediate dykes and post mineral feldspar porphyry. The Norte Zone is approximately 0.6 km x 0.4 km along an E-W strike. Sulphide mineralization, which extends up to 900 metres depth, consists of disseminated and vein-hosted chalcopyrite and trace bornite (Cu mineralization) exposed in surface outcrops and intersected in drill core”. The base case scenario considers indicated resources of 47.2 M tonnes @ 0.49 gpt Au, 0.21% Cu, 1.4 gpt Ag containing 1.17 M Oz AuEq and inferred resources of 26.9 M tonnes @ 0.42 gpt Au, 0.18% Cu, 1.3 gpt Ag, containing 1.35 M Oz AuEq.
  • GoGold Resources Inc. released drilling results from the La Trini deposit on the Los Ricos North project in Jalisco. Some of the highlighted results from 12 holes released comprise 22.5 m @ 1.37 gpt Au, 158 gpt Ag; 22.5 m @ 0.20 gpt Au, 48 gpt Ag; 44.5 m @ 0.84 gpt Au, 63 gpt Ag; 38.4 m @ 0.40 gpt Au, 30 gpt Ag; 29.6 m @ 0.42 gpt Au, 88 gpt Ag; 27 m @ 0.12 gpt Au, 48 gpt Ag; 7.9 m @ 0.86 gpt Au, 64 gpt Ag; 19.5 m @ 0.18 gpt Au, 83 gpt Ag; 21.8 m @ 2.73 gpt Au, 130 gpt Ag (including 5.6 m @ 9.40 gpt Au, 365 gpt Ag).
  • Bacanora Lithium PLC. Informed the company has a strong cash balance of US$44.4 M as of June 30, 2020, and retains a senior debt facility of US$150 M. At the Sonora Lithium project in Sonora, work is focused on finalizing engineering so that construction may commence after the financing package is completed.
  • Golden Minerals Co. released final assays from its resource definition program at the Rodeo project in Durango. Some of the true width (tw) highlighted intercepts comprise 15.8 m @ 2.05 gpt Au, 16 gpt Ag; 15.3 m @ 1.09 gpt Au, 4 gpt Ag; 25.5 m @ 2.49 gpt Au, 6 gpt Ag; 25.8 m @ 1.22 gpt Au, 5 gpt Ag; 15.6 m @ 0.78 gpt Au, 3 gpt Ag; 15.0 m @ 0.74 gpt Au, 3 gpt Ag; 7.7 m @ 0.98 gpt Au, 3 gpt Ag; 34 m @ 1.63 gpt Au, 6 gpt Ag; 49.5 m @ 1.77 gpt Au, 22 gpt Ag; 9.6 m @ 0.97 gpt Au, 2 gpt Ag; 25.8 m @ 3.10 gpt Au, 10 gpt Ag; 24.5 m @ 1.32 gpt Au, 5 gpt Ag; 28.0 m @ 1.96 gpt Au, 8 gpt Ag; 17.5 m @ 1.36 gpt Au, 5 gpt Ag. The resource the company is trying to improve was defined in 2017 at 0.4 M tonnes @ 3.3 gpt Au, 11 gpt Ag, containing 46 K Oz Au, 200 K Oz Ag.

ON DEALS AND CORPORATE ISSUES

  • Candente Gold Corp. signed the definitive agreement with Magellan Acquisition Corp. to earn up to 100% interest in the San Dieguito de Arriba beneficiation plant and the rights on the El Dorado property, both in Nayarit.
  • Silver One Resources Inc. entered into a letter of intent (LOI) with Plymouth Realty Capital Corp. to sell all its Mexican silver properties. In consideration for the properties Plymouth is to pay $1 M in cash and $5 M in shares. Plymouth Realty Capital will also change its name to Silverton Metals Corp. (Peñasco Quemado, Sonora; La Frazada, Nayarit; Pluton, Durango).
  • Dyna Resource Inc. announced the filing on August 28, 2020 in Dallas county, Texas, a petition for recognition of the USD$48 M foreign judgement against Goldgroup Resources Inc. in order to recognize in USA the judgment obtained in Mexico against Goldgroup Resources Inc. (the judgment relates to a legal challenge for the ownership of the San José de Gracia project in Sinaloa).
  • Silver Spruce Resources Inc. has “retained Mexico-based legal counsel to lead the discussions with representatives of the surface landowners of Pino de Plata in order to re-negotiate access rights to the ranch that covers the Pino de Plata project area”. The company’s purchase rights contract is now under a force majeure clause until access rights are granted by surface owners to continue exploration.
  • Reyna Silver Corp. announced the acquisition of the 300 ha La Reyna project in Chihuahua. The property is in the Cusihuiriachi (Cusi) silver district of low sulfidation epithermal mineralization. “La Reyna proper is a nearly north-south trending structure traceable as vein and altered outcrops for 4 km across the property. Two historic (1890s) shafts (La Reyna and Princesa) that extend to 133-150m depths exploited high-grade silver-rich mineralized shoots 2-5 m wide in the late 1800s”. The deal involves US$1.3 M in staged cash payments over four years and a 2.5% NSR. The payment on singing was US$30K that is to be followed by US$45 K in 6 months, US$75 K in 12 months, US$75 K in 18 months, US$120 K in 24 months, US$120 K in 30 months, US$150 K in 36 months and US$685 K in 48 months.

ON SOCIAL RESPONSIBILITY

  • Fortuna Silver Mines (San José mine in Oaxaca) signed an agreement with the Oaxaca Health Secretary and the San José del Progreso Municipality to help the community with the pandemic health emergency.
  • Minera Autlán donated 4,000 tree saplings to the Teziutlan Municipality in Puebla.
  • Minera Saucito informed on actions related to the fight against the pandemic in the Fresnillo Municipality in Zacatecas.
  • Industrias Peñoles celebrated 13 years of the inauguration of the Museum of Metals.
  • Industrias Peñoles informed in measures the company implements to reduce the use of water, and its treatment afterwards.
  • Fresnillo PLC is to distribute 20,000 face masks in Zacatecas city.

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

On the image below: The mineralized porphyry from Cerro San Pedro, San Luis Potosí. Picture by Jorge Cirett.