The Mining and Exploration News in Mexico: Highlights on the Second Week of September, 2019.

 

Fault-bx with Mn oxides

By Miguel A Heredia

During the thirty-seven week of the year (September 09th to September 15th, 2019), at least 31 press releases were announced by companies working in Mexico, with ten informing on exploration results, ten reporting on resources and development of their projects, four announcing financial rounds, four disclosing deals and corporate issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Karen Flores was appointed as general director of the Mining Chamber of Mexico (CAMIMEX).  ON EXPLORATION, In Sonora, Aloro released drilling results from its Los Venados project, Riverside identified three targets from mapping and sampling its recently acquired Los Cuarenta project, Tamino announced its exploration expenditure guidance for 2019-2020, and Oceanus announced the commencement of the 2019 exploration program at its El Tigre project. In Chihuahua, Radius and Pan American Silver announced the commencement of the phase 3 drilling work at its Amalia project. In Durango, Gainey awarded drilling contract for its Las Margaritas project.  In Jalisco, GoGold reported drill results from its Los Ricos project, and Silver Spruce announced high grade Au assay values from surface rock sampling conducted at its Cocula project. In Veracruz, Mexican Gold discovered a new resistivity anomaly at Cinco Señores area within its Las Minas project. ON MINING, US Antimony reported estimated sales for August 2019. Consolidated Zinc announced August 2019 production from its Plomosas mine in Chihuahua.  ON FINANCING, Consolidated Zinc announced a plan to rise $3.5M via private placement and pro-rata non-renounceable rights offer (Plomosas mine, Chihuahua). Fortune announced a USD $40M bough deal financing (San Jose mine, Oaxaca), and granted an over-allotment option to purchase up to an additional USD $6M aggregate. Silver Viper increased its private placement to $4M (La Virginia project, Sonora). Defiance announced that it has applied for approval to extend by one year the expiry date of 5.75M of outstanding warrants (San Acacio project, Zacatecas).   ON RESOURCES AND DEVELOPMENT, Almaden provided an update of the progress achieved to build its Ixtaca mine in Puebla. Discovery Metals announced mobilization for a 35,000m drilling program at its recently acquired Cordero project in Chihuahua. Azure reported that Au-Ag exploration is underway on its Alacran project in Sonora. Impact released drilling results and expands at depth the San Ramon mine in its Zacualpan mining district in Mexico state.  Leagold announced drilling results from its Los Filos mine in Guerrero. Orla awarded the engineering, procurement, and construction contract for its Camino Rojo project in Zacatecas. US Antimony reported progress on its Los Juarez Au-Ag project in Queretaro.  Oroco filed a geological technical report regarding its Santo Tomas project in Sinaloa. Sonoro reported that a program of 3D modelling, mapping and sampling is underway at its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Almaden appointed its new VP Project Development to oversee detailed engineering and construction of its Ixtaca project in Puebla. Golden Goliath granted stock options to directors, officers, employees and consultants (San Timoteo project, Chihuahua). Golden Minerals announced termination of sale agreement with Autlan regarding the sale of certain of its Mexican properties. Millrock completed the sale of certain of their Mexican mining concessions to Riverside. ON SOCIAL RESPONSIBILITY, no relevant news.

 ON MEXICO ISSUES

  • Karen Flores, was appointed as general director of the Mining Chamber of Mexico (CAMIMEX). It will be the first time since its foundation in 1906 that CAMIMEX will be run by a woman.

ON EXPLORATION

  • Aloro Mining Corp., released drilling results from the last four holes collared in the southeastern area of its Los Venados project in Sonora for a total of approximately 1,347m drilled. The drilling intersected a felsic dome with 3-10 weight percent pyrite content in pervasive altered volcanic flow units and intrusive dome rock unit up to 200 meters thick. Assay results were discouraging showing very low grade Au, between 0.1-0.2 g/t Au, in scattered intercepts from 1.5-7.6m wide throughout the broad zone of pyritized felsic dome. No more work is planned in this area of the concession.
  • Riverside Resources Inc., completed the acquisition of Los Cuarenta project in Sonora from Millrock, where it has identified three targets. The Santa Rosalia target is the highest priority of the 3 targets and is defined by past open cut and underground vein mining where recent sampling has shown a strike length of more than 500 m and open to the east and west.
  • Tamino Minerals Inc., announced its business development plan and exploration expenditure guidance for the period 2019-2020. The plan is to identify and acquire high-quality, advanced-stage exploration projects and discover early-stages opportunities that can be strategically tested and quickly progressed to key decision point. Exploration expenditure guidance are planned to be $5M in 2019-2010, with $2M in the Amalia project, $1.2M in the El Volcan project, and $1.8M in other small exploration projects and acquisitions.
  • Oceanus Resources Corporation, announced the commencement of the 2019 exploration program at its El Tigre project in Sonora. The Company has recently mobilized the exploration team back to the property to continue prospecting and mapping, as well as, sampling in the area of the Caleigh vein. The objective of this program is to establish drill targets.
  • Radius Gold Inc., and Pan American Silver Corp., announced the commencement of the phase 3 drilling program at its Amalia project in Chihuahua. Pan American Silver intends to complete further geological mapping, re-logging of previous drill core, and drilling an additional 2,500 m as part of the phase 3 program.
  • Gainey Capital Corp., announced that it has finalized the reparation and construction of approximately 39Km of road and a water reservoir system to support its planned drilling program at its Las Margaritas project in Durango. The company received the approval from SEMARNAT to drill up to 32 targets. Gainey has already awarded the drilling contract and will commence soon a first phase of drilling comprising 2,190m to test 16 drill targets.
  • GoGold Resources Inc., released drill results from four new holes drilled at the Main Zone, and underground channel sampling results from its Los Ricos project in Jalisco. Significant intersections were encountered in hole LRGG-19-034 with 0.92 g/t Au and 177 g/t Ag (3.28 g/t AuEq) over 20.1m, including 3.41 g/t Au and 621 g/t Ag (11.68 g/t AuEq) over 4.9m; and in hole LRGG-19-035 with 1.29 g/t Au and 127 g/t Ag (2.99 g/t AuEq) over 24.4m, including 3 g/t Au and 258 g/t Ag (6.44 g/t AuEq) over 9.8m. In addition, GoGold rehabbed the historic El Troce old working where a mapping and channel sampling program was conducted. Encouraging results were obtained with grades varying from 0.98-6.8 g/t Au, and 44-492 g/t Ag over 2-3 m wide. Given the results, the company has decided to move a drill to test the targets at El Troce area.
  • Silver Spruce Resources Inc., reported high grade Au assay values from surface rock sampling conducted at its Cocula project in Jalisco. Nine out of twenty six rock chip samples recently taken from surface outcrop returned Au assay values of 0.88 g/t Au up to 12.55 g/t Au, Ag values of 13 g/t Ag up to 53 g/t Ag, and Pb values of 0.2% Pb up to 7.4% Pb. These recent sample assays continue to confirm the presence of widespread Au mineralization at surface, along with Ag and Pb values. The company also announced that it filed the first ever 43-101 technical report for its advanced Au Cocula project. Silver Spruce will continue its due diligence activities designed to support a definitive purchase decision of the property.
  • Mexican Gold Corp., discovered a new resistivity anomaly at the Cinco Señores target area in its Las Minas project in Veracruz. This notable TEM resistivity anomaly, similar in size to the El Dorado Au-Cu-Ag resource, extends more than 700m towards the Las Minillas target. The company plans to drill test this anomaly in the near future.

ON MINING

  • US Antimony Corporation, reported estimated sales for August 2019. It sold 146.6K Lb Sb and 1159 tons of zeolites. “The Company continues to take steps to reduce its costs of producing Sb products in response to the lower global sale prices.”
  • Consolidated Zinc Limited, provided August 2019 production results from its Plomosas mine in Chihuahua. The company mined 2,794 tonnes of 14% Zn, 8% Pb, and 42 g/t Ag, and processed 2,913 tonnes of 13.5% Zn, 8% Pb, and 39 g/t Ag.

ON FINANCING

  • Consolidated Zinc Limited, announced a plan to rise A$3.5M to fund the Plomosas mine operations in Chihuahua, to process the pending sale of Zn-Pb concentrate currently stockpiled, and for working capital. A$2.48M will be rised through pro-rata non-renounceable rights offer, and A$1M through a private placement.
  • Fortuna Silver Mines Inc., entered into an agreement to rise USD $40M via a bought deal financing. The company also granted an over-allotment option to purchase up to and additional USD $6M aggregate (San Jose mine, Oaxaca).
  • Silver Viper Minerals Corp., increased its private placement from $3M to $4M. The net proceeds will be used to continue exploration and development of its La Virginia project in Sonora.
  • Defiance Silver Corp., announced that it has applied for TSX Venture Exchange approval to extend by one year the expiry date of an aggregate of 5.75M of outstanding warrants exercisable at $0.45 per share (San Acacio project, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  •  Almaden Minerals Ltd., provided an update to their shareholders of the progress achieved to build its precious metal Ixtaca mine in Puebla. The company reported that the waste rock and flotation tailings have low potential for metal leaching. It also reported that the mine plan considers a dry stack filtering tailings facility, and co disposal with waste rock with no tailings dam, eliminating the risk of a tailings dam failure. Almaden has received letters from INAH clearing the area for development, from PROFEPA confirming it has conducted exploration work in accordance with the environmental code, and from the authority responsible for indigenous affairs confirming that no indigenous communities are located in the mine impact area. Local community members have publicly expressed their support of the project. One key aspect to develop the Ixtaca mine was the strong support granted for over 800 people from the local community. They signed a declaration of support for the project and delivered to the environmental authorities, and a Memorandum of Understanding has been signed with local water users. The Municipality has included mining as one of its accepted investment and development activities. Based on the FS, an initial investment of USD $174M is required to generate an after-tax internal rate of return of 42% and NVP of USD $310M, using a discount rate of 5% and precious metals prices of USD $1,275/Oz Au and USD $17/Oz Ag. The project would employ over 400 people during an 11-year mine life and would also provide updated infrastructure to a highly marginalized region.
  • Discovery Metals Corp., announced mobilization to conduct a 30,000 – 35,000 m drilling program at its recently acquired Cordero project in Chihuahua. The company plans to commence it in about five weeks from now and expect to be completed in twelve months, with the focus of delineating and discovering the highest-grade phases and domains of the mineralized system, and testing new high priority targets. The company has estimated 20,000-25,000m of drilling at the Cordero deposit and 10,000m on six regional areas that require follow-up work and drill testing.
  • Azure Minerals Limited, reported that Au-Ag exploration is underway around Mesa de Plata and Loma Bonita deposits on its Alacran project in Sonora. The Mesa de Plata deposit (10.5M tonnes of 82 g/t Ag for 27.4M Oz Ag, including 1.8M tonne of 275 g/t Ag for 15.5M Oz Ag) remains open to the west but is constrained in this direction by the concession boundary. To the north and east the mineralization has been truncated by erosion, however the mineralized zone remains open to the south.  Potential for repetitions of Mesa de Plata exist further to the north, where outcropping vuggy silica forms similar-looking silicified ridges. Further exploration is planned for this area. At the Mesa Bonita deposit (5.4M tonnes of 0.9 g/t Au and 28 g(/t Ag for 150K Oz Au and 4.8M Oz Ag), the mineralized zone is constrained to the west by erosion into a valley but remains open to the north, south, east and at depth down-dip. Being open in several directions, there is good potential that further drilling will significantly increase the size of the resource.
  • Impact Silver Corp., presented drilling results from its Zacualpan project in Mexico state and extended the mineralization 50m to depth at the San Ramon mine. Significant drill intersections were encountered in hole MPZ-284-19 with 321 g/t Ag, 0.38 g/t Au, 0.19% Pb and 0.60% Zn over 2.62m true width, hole MPZ-285-19 with 1,393 g/t Ag, 2.15 g/t Au, 2.4% Pb, and 6.4% Zn over 1.58m true width and 305 g/t Ag, 0.97 g/t Au, 0.7% Pb, and 1.7% Zn over 1.38m true width, hole MPZ-287-19 with 418 g/t Ag, 0.5% Pb, and 0.5% Zn over 2.14m true width, and hole MPZ-288-19 with 214 g/t Ag, 0.9 g/t Au, 0.1% Pb, and 0.3% Zn over 1.87m true width, and 317 g/t Ag, 0.3% Pb, and 0.4% Zn over 1.22m true width. Known mineralization over the total San Ramon workings has a down dip length of over 500m. Further drilling is planned to further test the extent of this prolific zone.
  • Leagold Mining Corporation, announced drilling results from its Los Filos underground and the Guadalupe open pit mines in Guerrero. Highlights from the Los Filos underground mine include 8.86 g/t Au over 45m and 6.59 g/t Au over 15.46m. Highlights from the Guadalupe open pit include 1.4 g/t Au over 32.73m, including 7.71 g/t Au over 2.67m, and 6.2 g/t Au over 10.61m, including 10.55 g/t Au over 5.2m. The drill program at Los Filos will contribute to the reserve base and extend the mine life. At Guadalupe, the drilling program is testing for extensions of the mineralization at depth and also confirming the limited nature of old underground workings prior to open pit mining in this area.
  • Orla Mining Ltd., awarded the engineering, procurement, and construction contract for its Camino Rojo project in Zacatecas. Orla expects to begin the detailed engineering work by mid-September to build a mine that begins to produce Au in mid-2021. Au production is expected to average 97K Oz Au per year at an estimated AISC of USD $576 per Oz Au. Orla submitted permits applications to SEMARNAT for the MIA and change of land use at the end of August. The legislated timelines for the review of properly prepared MIA and change of land use applications and mine operating permits for a project that does not affect federally protected biospheres or ecological reserves are 120 working days and 105 working days, respectively, which can be completed concurrently.
  • US Antimony Corporation, announced progress on its Au-Ag Los Juarez project in Queretaro. It completed the installation of the ponder liner in the 2 hectares tailings pond and the deepening of the water well to 222m to provide more than 240 gallons per minute. “The pond and the well will be more than adequate to ramp production from 100 tons per day to 400 tons per day. Projects remaining include fencing the pond, completion of the laboratory for fire assaying precious metals, and atomic adsorption equipment for assaying Sb, Ag, and Au in the leach circuit. The mil fine ore bin has been filled with crushed ore from the mine. Initial testing could start within 30 to 60 days.
  • Oroco Resource Corp., filed a geological technical report regarding its Santo Tomas project in Sinaloa. “The report summarizes a data set now controlled by the company that comprises 90 historical drill holes totaling 21,075 m, and recommends a significant program of phased surface exploration, deep geophysical surveys, and diamond drilling that aims to verify and build upon a key new geological model and a substantial body of historical drilling, mineral resource estimates, and pre-feasibility studies. The Report provides the company with a current, technical foundation upon which to advance the Santo Tomás project by confirming the technical analysis of the mineralization on the property”.
  • Sonoro Metals Corp., reported that a program of 3D modelling, mapping and sampling is underway at its Cerro Caliche project in Sonora. It also launched a phase 3 drilling program to test the Veta de Oro, La Espanola, Cuervos and Guadalupe/Cabeza Blanca zones, where previous scout holes reported intervals of high-grade vein Au mineralization. “The program is a continuation of the company’s strategy of systematically exploring Cerro Caliche as it concurrently advances its proposed heap leach pilot operation (HLPO). Drilling to date continues to outline shallow, bulk tonnage Au mineralized zones with grades similar to operating heap leach mines in the region”.

ON DEALS AND CORPORATE ISSUES

  • Almaden Minerals Ltd., appointed its new VP Project Development to oversee detailed engineering and construction of its Ixtaca project in Puebla.
  • Golden Goliath Resources Ltd., granted 3M stock options to directors and officers, and 400K to employees and consultants. The incentive stock options are exercisable for a period of five years at a price of $0.10 (San Timoteo project, Chihuahua).
  • Golden Minerals Company, announced termination of sale agreement with Compañia Minera Autlan S.A.B. de C.V., regarding the sale of certain of its Mexican properties. The CEO of Golden informed that unfortunately they could not come to terms with Autlan and now they are in position to consider future options for the properties that were included in the Autlan agreement (Velardeña and Rodeo in Durango, and Santa Maria project in Chihuahua).
  • Millrock Resources Inc., completed the sale of five of their Mexican properties to Riverside Resources Inc. La Union, Los Cuarenta, El Pima, El Valle and Llano del Nogal, all located in Sonora state, were the mineral concessions sold to Riverside along with a copy of its exploration database and various exploration equipments and vehicles. Consideration paid to Millrock is $35K cash and 300K Riverside shares. Additionally, Riverside will grant a 0.5% NSR royalty on the El Pima and El Valle claims, and in the event that Riverside exercises the option on Santa Rosalia (Los Cuarenta project), it will grant a 0.5% NSR royalty on that claim to Millrock.

ON SOCIAL RESPONSIBILITY

  • No relevant news

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

On the picture above, a fault-bx with Mn oxides in a prospect in Chihuahua, Mexico.  Photo by Miguel A Heredia.

Almaden Updates Stakeholders on Permitting Progress for the Ixtaca Project, Mexico

AAU-09-10-19

VANCOUVER, B.C. Almaden Minerals Ltd. (“Almaden” or the “Company”; TSX: AMM; NYSE American: AAU) is pleased to be able to provide an update on its progress and milestones achieved towards building a modern precious metals mine in Mexico. Almaden is committed to international environmental and social standards and
best available technologies. We believe Ixtaca will, long after final closure, make meaningful and enduring positive contributions to surrounding communities and beyond. In December 2018 Almaden announced results of a Feasibility Study (“FS”; see news release dated December 11th, 2018) and based on this study submitted its
environmental impact statement for mining operation (MIA in Mexico) in early 2019. As part of the MIA process a public consultation meeting has been conducted locally by Mexican authorities and was well attended and peaceful. In addition, the Company has recently submitted answers to formal questions posed by the environmental authority, SEMARNAT, as part of the standard MIA review process.

The Mining and Exploration News in Mexico: Highlights on the Third Week of August, 2019.

 

Diatreme breccia

By Miguel A Heredia

During the thirty three week of the year (August 12th to August 18th, 2019), at least 23 press releases were announced by companies working in Mexico, with six announcing financial rounds, five communicating production results, four reporting on resources and development of their projects, three disclosing deals and corporate issues, three informing on exploration results, and two commenting on Mexican issues.   ON MEXICO ISSUES, Mexican president, Andres Manuel Lopez Obrador, declared that current mining concessions won´t be cancelled but no new ones are going to be issued. Fresnillo plc led the 2018 Pb production in Mexico.  ON EXPLORATION, In Chihuahua, Kootenay released exploration drilling results from its Columba project. In Durango, Gainey advanced the drilling program at its Las Margaritas project. In Zacatecas, Galore provided an update of the drilling program performed at its Dos Santos project in Zacatecas. ON MINING, Americas Silver, Aura Minerals, Impact, Odyssey, and Sierra Metals reported production and financial results from their Mexican mining operations for the period Q2, 2019. ON FINANCING, Defiance, Galore, Impact, Kootenay, SilverCrest, Southern Silver, and Valterra announced financial rounds. ON RESOURCES AND DEVELOPMENT, Endeavour reported positive drilling and underground channel sampling results from its Parral project in Chihuahua. Minera Alamos announced commencement of phase 2 drilling at its Santana Au project in Sonora. Premier Gold provided an update of its ongoing drilling program at its Mercedes mine in Sonora. Mag Silver provided an update of mine development at its Juanicipio project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Santacruz and its 50% owned subsidiary company Carrizal Mining entered into an agreement to extend the expiry date of the current Zimapan mine lease agreement located in Hidalgo state. Telson curtailed mining operations at its Campo Morado mine in Guerrero and plans to focus on construction of mine at its Tahuehueto Au project in Durango.  Discovery Metals granted stock options to certain officers, directors, employees, and consultants (Puerto Rico project, Coahuila).

 ON MEXICO ISSUES

  • Mexican president, Andres Manuel Lopez Obrador, declared that current mining concessions won´t be cancelled but no new ones are going to be issued. He said that concessions have not being held for production purposes but rather for financial speculation. He also asked mining companies to take care of the environment and pay salaries to the miners as in USA and Canada. Mining companies remain to be seen if his vow will translate into action since, until now, there is not a detailed legal and regulatory framework.
  • Fresnillo plc., led the 2018 Pb production in Mexico. Five companies produced approximately 73% of the 538.3M Lb Pb produced in 2018, with Fresnillo producing 22.1%, followed closely by Newmont-Goldcorp with 22%.

ON EXPLORATION

  • Kootenay Silver Inc., announced drill results of the six first holes drilled at its Columba Silver project in Chihuahua. Results have confirmed shallow-high grade Ag mineralization associated to quartz-calcite veins, breccias, and stockworks in five of the six holes. Widths range from 4.8m to 16.5m on the F Vein, and from 1.17 to 1.5m on unknown hanging wall veins in two of the holes. Significant intersections were encountered in hole CDH-19-01 with 93 g/t Ag over 16.5m, including 141 g/t Ag over 9.42m, and including 390 g/t Ag over 1m; hole CDH-19-02 with 104 g/t Ag over 14m and 213 g/t Ag and 0.31 g/t Au over 3.73m, including 328 g/t Ag over 1m, and 332 g/t Ag and 0.55 g/t Au over 0.70m; hole CDH-19-05 with 230 g/t Ag over 4.83m, including 518 g/t Ag over 2m, and including 775 g/t Ag over 1.15m; and hole CDH-19-06 with 133 g/t Ag over 10.45m before entering into a mine stope over 3m wide, including 287 g/t Ag over 1.45m. the hole CDH-19-06 also hit two hanging wall veins with 235 g/t Ag over 1.5m wide, and 267 g/t Ag over 0.87m wide. “Drilling thus far has tested approximately 450 meters of strike in broad spaced fences of holes from depths as shallow as 20 meters to as deep as 150 meters with 5 of 6 holes intercepting the F vein”.
  • Gainey Capital Corp., reported that is doing the last activities to prepare the infrastructure required to commence the drilling program at its Las Margaritas project in Durango. The focus now is on repair and constructs 39km of road to facilitate access to and between drill sites. The company will provide further updates as the drilling commences.
  • Galore Resources Inc., announced that it has completed four core holes for a total of 1,324m at El Alamo target within its Dos Santos project in Zacatecas. These four holes are part of a 2,500 drilling program. Samples from holes EA-001 and EA-002 were submitted to the lab and results are expected soon. Hole EA-003 was abandoned prior to reaching the target depth due to mechanical issues. “Drill holes have intersected more extensive zones of pyrite mineralization than anticipated, both fresh and oxidized. Pyrite and strongly oxidized zones, normally within brecciated limestone, are of particular interest based on previous sampling of the surface outcrops that were found to contain weakly anomalous gold values to high-grade gold values (high of 20g/t Au) from previous trench sampling”.

ON MINING

  • Americas Silver Corporation, reported revenue of $15M and net loss of $8M for the period Q2, 2019. Guidance for 2019 remains unchanged at 1.6-2.0M Oz Ag and 6.6-7.0M Oz AgEq at cash cost of $4.0 to $6.0 per Oz Ag and AISC of $10.0-12.0 per Oz Ag produced. The Company had a cash balance of $6.3M as at June 30, 2019.
  • Aura Minerals Inc., announced revenue of USD $50,374,000 for the period Q2, 2019, from which USD $16,828,000 correspond to Cu revenue from its Aranzazu mine in Zacatecas. Total cost of production at Aranzazu was USD $12,915,000, depletion and amortization of USD $1,618,000, gross margin of USD $2,295,000. The company had other expenses for the amount of USD $1,872,000, for a resulting income before taxes of USD $423K.
  • Impact Silver Corp., presented Q2, 2019 production and financial results from its Zacualpan mining district in Mexico State. Impact milled 33,616 tonnes of 160 g/t Ag to produce 145.6K Oz Ag. The company reported revenues of $2.8M.
  • Odyssey Marine Exploration, announced financial results for Q2, 2019. Odyssey reported a net loss of $2.8M and total revenue of $0.8M (Bay of Ulloa phosphate project, Baja California Sur).
  • Sierra Metals Inc., reported Q2, 2019 consolidated production and financial results from their Mexican and Peru operations. The company produced 9.7M Lb Cu, 0.8M Oz Ag, 16.6M Lb Zn, 8.1m Lb Pb, and 2,540 Oz Au. Cash cost per Lb CuEq payable Lb was USD $1.51 and an AISC of USD $2.55, while at its Cusi mine, the cash cost per Oz AgEq produced was USD $16.49 and an AISC of USD $25.67. Sierra Metals announced an adjusted EBIDTA of USD $126M, and an operating cash flow of USD $12.8M.

ON FINANCING

  •  Defiance Silver Corp., closed a non-brokered private placement in the amount of $3,323,106. Gross proceeds will be used to continue an aggressive exploration program at its San Acacio Silver project in Zacatecas. It exploration program will be focused on drilling the new Ag shoots along the Veta Grande vein, the recently defined Ag-Cu geophysical anomaly, and further resource expansion.
  • Galore Resources Inc., announced that is continuing its effort to implement a non-brokered private placement to raise up to USD $1.5M. Net proceeds of the non-brokered private placement will be used for continued drilling of the El Alamo claim, drilling at the Los Gemelos claim (Dos Santos project in Zacatecas) and for general working capital.
  • Impact Silver Corp., completed its second series of the third and final tranche of a non-brokered private placement for gross proceeds of $554.2K. Net proceeds will be used for greenfield exploration on its large ground package in Zacualpan Silver mining district, Mexico State, and projects such as San Ramon Deep extension, Manto America, and Santa Teresa.
  • Kootenay Silver Inc., announced a non-brokered private placement for gross proceeds of $5M. Net proceeds of the private placement will be used to advance exploration of the Columba Ag project in Chihuahua, potentially adding a further drill rig to expedite the current drill program, and to fund further work at Copalito, Sinaloa, La Cigarra, Chihuahua, and other projects as well as for general working capital purposes.
  • SilverCrest Metals Inc., completed its prospectus offering for gross proceeds of $25.3M. The company also announced that SSR Mining Inc., purchase SilverCrest stock in a separate non-brokered private placement for gross proceeds of CAD $4.6M. The company plans to use the net proceeds to continue exploration and advancement of its Las Chispas project in Sonora to feasibility level, and for working capital purposes.
  • Southern Silver Exploration Corp., closed the first tranche of a non-brokered private placement for gross proceeds of $3.1M. At final closing, due to increased interest in the offering, the company plans to close on an oversubscribed amount to a maximum of 22.5M units for gross proceeds of $4.5M. Net proceeds will be used to continue the 2019-20 exploration programs on its Cerro Las Minitas project in Durango.
  • Valterra Resource Corporation, extended 30 days the closing of its equity financing. The offering is for $375K with an over-allotment option to increase it by up to 10%. Net proceeds from the private placement may be used in part to fund costs associated with initial exploration programs for the Los Reyes Au-Cu project in Chihuahua.

 ON RESOURCES AND DEVELOPMENT

  •  Endeavour Silver Corp., reported positive exploration drilling results from its Parral project in Chihuahua. The company completed 15 surface and underground drill holes totaling 3,160m, and 462 underground channel samples in 3 blocks in the Sierra Plata mine on the Veta Colorada vein system. Significant drill intersections are in hole VCS-02 with 346 g/t Ag over 9.6m true width (TW), including 784 g/t Ag over 0.50m TW in the hanging wall of Veta Colorada, and 283 g/t Ag over 5m TW, including 975 g/t Ag over 0.5m TW in Veta Colorada; hole VCU-03 with 326 g/t Ag over 8.2m TW, including 727 g/t Ag over 0.3m TW in Veta Colorada; hole VCU-04 with 253 g/t Ag over 7.7m TW, including 1,200 g/t Ag over 0.4m TW; and hole VCU-05 with 332 g/t Ag over 13.1m TW, including 3,770 g/t Ag over 0.2m TW. Channel sampling highlights include 2 samples exceeding 1,000 g/t Ag such as 1,705 g/t Ag over 0.55m TW, and 1,480 g/t Ag over 0.95m TW. The rest of the sampling results vary between 509 and 911 g/t Ag in widths ranging from 0.3 and 1.50m. The full width of the vein is not exposed so the sampling is partially indicative of the Ag mineralization.
  • Minera Alamos Inc., announced the commencement of phase 2 drilling at its Santana Au project in Sonora. The goal is to expand resources at the main Nicho deposit as well as follow-up drilling on several new discoveries made during Phase 1 work in late 2018.
  • Premier Gold Mines Limited., provided and update of its ongoing drilling program at its Mercedes mine in Sonora. The company has confirmed two high-grade zones: the Lupita extension, and the newly discovered San Martin target area. Significant drill interceptions were encountered in hole L19-422D at the San Martin area with 14.02 g/t Au and 136 g/t Ag over 2.9m; hole L19-414D at the Lupita area with 8.41 g/t Au and 68 g/t Ag over 3.9m, including 16.2 g/t Au and 92 g/t Ag over 1.4m; hole L19-414D with 4.57 g/t Au and 27 g/t Ag over 4.5m; and hole UG-RDO19-40 at Rey de Oro area with 18.15 g/t Au and 27 g/t Ag over 2.3m.
  • Mag Silver Corp., and its JV partner Fresnillo plc, provided and update of mine development at its Juanicipio project in Zacatecas. The company reported that underground development continues and is now approaching 22km to date, “with the current emphasis on: developing the three internal spiral footwall ramps at depth along the full strike length of the Valdecañas Vein system; constructing the underground crushing chamber; advancing the conveyor ramp from both ends to and from the planned mill site (with the box cut for the underground conveyor exit portal now complete); integrating additional ventilation and other associated underground infrastructure, and starting of the internal shaft sinking (head chamber for the shaft has been excavated and winding equipment ordered)”. Progress at Juanicipio has been rapid with multiple engineering milestones delivered, and construction on track for H2, 2020 commissioning target according to the operator Fresnillo. The mill-site preparation is underway and the construction of surface infrastructure facilities continues.

 ON DEALS AND CORPORATE ISSUES

  •  Santacruz Silver Mining Ltd., and its 50% subsidiary company Carrizal Mining S.A. de C.V., entered into an agreement with Minera Cedros S.A. de C.V., (a wholly-own subsidiary of Grupo Peñoles, S.A.B. de C.V.), to extend the expiry date of the Zimapan mine lease agreement, located in Hidalgo state. “Carrizal must make monthly payments to Minera Cedros based on 4% NSR from the concentrates produced by the Zimapan mine for each respective month, subject to the minimum payment each month being USD $45K and the maximum payment being USD $60K”.
  • Telson Mining Corporation, curtailed indefinitely mining operations at its Campo Morado mine in Guerrero and placed the mine into care and maintenance. The decision was taken since the company is concerned about certain activities in the vicinity of Campo Morado that put at risk the health and welfare of its workforce. The company plans to focus on construction of mine at its Tahuehueto Au project in Durango.
  • Discovery Metals Corp., granted stock options to certain officers, directors, employees, and consultants (Puerto Rico project, Coahuila).

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, a diatreme breccia in a prospect in Durango, Mexico.  Photo by Miguel A Heredia.

Orla Mining Files Feasibility Study Technical Report On Camino Rojo Oxide Gold Project

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VANCOUVER, BC – August 7, 2019 – Orla Mining Ltd. (TSX: OLA) (“Orla” or the “Company”) is pleased to announce that the Company has filed a technical report, prepared in accordance with National Instrument 43-101, for its 100% owned Camino Rojo Oxide Gold Project located in Zacatecas State, Mexico. Orla previously released the results of the Feasibility Study (see News Release dated June 25, 2019) which demonstrate a robust project with low capital intensity, rapid payback, and high margins. A summary of key assumptions and results contained in the technical report is presented below. The technical report is available on SEDAR under the Company’s profile at www.sedar.com and on Orla’s website at www.orlamining.com.

The Mining and Exploration News in Mexico: Highlights on the Second Week of June, 2019

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By Jorge Cirett

During the 26th week of the year (June 24th to June 30th, 2019), at least 43 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a resolution by the Supreme Court is awaited to learn how the Mining Fund resources are to be allocated, if for social and environmental infrastructure (as planned) or as direct allocations to the people of the communities, the preferred method of the president (a method the opposition denounces as vote buying). In Sonora a local congressman introduced a bill for a new state tax on dirt extracted from open pits, a measure that if implemented is to pose a further weight in the already heavy fiscal load for mining companies in Mexico. Furthermore, the Economy Secretariat (Secretaria de Economia) published a letter stating that the “Protocol of Good Practice of Mining for the Public Consultation” (Protocolo de buenas practicas de la Minería para la consulta pública) is under review by the agency. It is not possible to underrate the importance of the review of this protocol, because if it is implemented incorrectly the result would impact fast and catastrophically the Mexican exploration industry. One of the more pressing issues is the fact that placing the consultation process before exploration takes place, would end most exploration in one swipe. If in doubt, just take a look to Oaxaca, where, although not being in the law you have to make the community consultation process before exploring, and the result is that hardly any exploration work is nowadays conducted in one of the states with the best mineralization potential in Mexico. Trust is hard to earn, let’s not throw it away so carelessly. ON EXPLORATION, In Zacatecas, Galore continues to drill at Dos Santos; Alien Metals updated on its exploration of Donovan 2 and Los Campos. ON MINING, Alien Metals released its financial results for 2018. ON FINANCING, Santacruz signed an agreement to extend the payment of a US$2.3 M loan. Galore is making a $1.5 M financing. Goldplay closed an oversubscribed financing for $1.37 M. Leagold completed a debt refinancing for a $200 M term loan and a $200 M revolving credit facility. ePower intends to conduct a private placement for Cdn$6 M. Sable granted 2.8 M incentive stock options. Alien Metals raised £350 K.  ON RESOURCES AND DEVELOPMENT, Mexus Gold  is to start leaching at Santa Elena, in Sonora. Telson reported significant underground channel sample results at Tahuehueto. Orla presented the result of the FS on Camino Rojo. Premier Gold presented results of its 42,000 m drilling campaign at Mercedes. Southern Silver file a technical report with updated resources on Cerro Las Minas. Santacruz presented results of drilling at Veta Grande. GoGold released results of drilling at Los Ricos. SilverCrest informed the decline has intersected the Babicanora vein at Las Chispas. Minera Alamos informed on the permitting of Santana. Almaden updated on permitting and legal issues at its Ixtaca project in Puebla. ON DEALS AND CORPORATE ISSUES, Millrock sold its Sonoran portfolio to Riverside. ePower Metals entered into a definitive agreement with Minera Alamos to acquire the Los Reyes project in Sinaloa. Silver Viper renegotiated much better terms on the lease of two properties within its La Virgina project in Sonora. Golden Minerals entered into an agreement under which Minera Autlan is to buy its Velardeña properties. Bacanora Lithoum signed an investment agreement and an offtake agreement with Ganfeng Lithium on its Sonora lithium project. Canasil and Pan American agreed on terms for the acquisition of Pan American of the Sandra Escobar project in Durango.

ON MEXICO ISSUES

  • The Economy Secretariat is awaiting the resolution of the Supreme Court on the change of rules to apply the Mining Fund, which this year is anticipated to be amounting to 3.2 billion pesos (3,200 millones) or approximately US$168.4 M. The proposal by the present Federal government (ie.- the president) is to deliver the resources directly to the people to “augment the capacities” of the mining communities. The aim would be to organize the community and the service providers to be part of the service chain for the mining industry. The resources on the Mining Fund to date are to be funneled according with the current rules, until a resolution by the Supreme Court clarifies the issue.
  • In Sonora, local congressman Carlos Navarrete from the Encuentro Social party (allied to the Morena party) introduced a bill for a new State tax on dirt extracted from open pits (includes waste, sand, dimension stone, clays, limestone, lime, among others). The US$0.63 tax per cubic metre of material would be split 80/20 between the municipalities and the State. The resources would be utilized in physical investments and infrastructure with social impact, in the environment and urban development (The bill intends to use the resources thus gathered in the same way that those of the Mining Fund were supposed to be used, and for which a 7% federal royalty tax was imposed on mining a few years ago. Now that the current president Andrés Manuel Lopez Obrador intends to use the resources of the Mining Fund for his preferred programs, allied politicians are trying to make the mining industry pay even more taxes).
  • The Economy Secretariat published a letter on the “Protocol of Good Practice of Mining for the Public Consultation”. In the letter the Economy Secretariat states that the protocol is under review by the agency. On the Letter: The consultation process is to be applied to all communities that can be impacted by the mining activity. Also, both exploration and exploitation should be consulted before their realization. The responsible authority is to be the Economy Secretariat, with aid by the Instituto Nacional de los Pueblos Indigenas and other authorities (SEMARNAT, CONAGUA, CFE, local municipal and state governments), as well as the state and federal Human Rights Commissions.

ON EXPLORATION

  • Galore Resources Inc. informed its 2,500 m diamond core drilling program at the El Alamo target of its Dos Santos project in Zacatecas continues to progress well. The first hole “intersected multiple zones of alteration and brecciation …… silicified and brecciated limestone similar to those observed on the surface over a much wider zone than was anticipated”.
  • Alien Metals Ltd. updated on its exploration activities at its Zacatecas properties Donovan 2, Los Campos and Don Celso. Sampling and mapping at Donovan 2 has resulted in high grade mineralisation in historic workings open along strike, and channel sample assays of up to 1.15% Cu and float samples of up to 0.45 gpt Au. Planned work includes a ground induced polarisation (IP) geophysical survey before the first phase of drilling. Surface mapping and sampling will be undertaken at Los Campos and Don Celso properties, as well as underground sampling and a geophysical survey at Los Campos.

ON MINING

  • Alien Metals Ltd. released its audited financial results for 2018. The company owns the Donovan 2, Los Campos, San Celso and La Africana projects in Zacatecas. The company held US$0.7 M in cash and cash equivalents by the end of the period.

ON FINANCING

  • Santacruz Silver Mining Ltd. reached an agreement to amend the repayment terms of the US$2.3 M short-term loan that it has borrowed from a private Bolivian mining company. The principal balance of US$2.3 million is now to be repaid by January 30, 2020. As consideration for the extension on the date of repayment Santacruz is to increase the issue of 2 M warrants to 2.5 M warrants (Veta Grande, Zacatecas).
  • Galore Resources Inc. is to commence a non-brokered private placement to raise gross proceeds of up to $1.5 M (Dos Santos, Zacatecas).
  • Goldplay Exploration Ltd. closed its over-subscribed previously announced financing, for gross proceeds of $1.37 M. A total of $28.9 K was paid and 231 K warrants were issued as a finder’s fee payment (San Marcial, Sinaloa).
  • Leagold Mining Corp. completed the debt refinancing with a syndicate of lenders that includes a $200 million term loan and a $200 million revolving credit facility. These loans have been used to replace $238 million of existing short-term debt, and will aid in the development of the Bermejal underground complex, the Guadalupe open pit and the CIL plant construction at it Los Filos mine in Guerrero.
  • ePower Metals Inc. intends to conduct a non-brokered private placement to raise up to Cdn$6 M (Los Reyes, Sinaloa).
  • Sable Resources Ltd. granted 2.8 M incentive stock options to certain officers, directors, employees and consultants of the company. Such options are exercisable at a price of $0.15 for a period of five years (Margarita and Vinata, Chihuahua).
  • Alien Metals Ltd. raised £350 K through the placement of shares (Donovan 2, Los Campos, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. is to start leaching at its Santa Elena mine in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora). Leaching is programmed to start on June 27th, with ore grading 1.8 gpt Au, 8 gpt Ag, to later on add ore @ 4 gpt Au, 12 gpt Ag. By September the company expects to be mining 3,500 tonnes per week.
  • Telson Mining Corp. reported significant channel sample assay results for underground mine development at its Tahuehueto project in Durango, where a 1,000 tonne per day mine is under construction. Highlighted results include: 2.42 m @ 5.76 gpt Au, 129 gpt Ag, 1.44% Cu, 3.8% Pb, 6.2% Zn; 5.50 m @ 3.31 gpt Au, 57 gpt Ag, 0.32% Cu, 0.9% Pb, 3.5% Zn; 5.38 m @ 4.41 gpt Au, 44 gpt Ag, 0.38% Cu, 1.5% Pb, 3.6% Zn; 7.0 m @ 5.12 gpt Au, 40 gpt Ag, 0.29% Cu, 1.0% Pb, 3.2% Zn; 6.45 m @ 5.69 gpt Au, 51 gpt Ag, 0.21% Cu, 2.3% Pb, 5.6% Zn; 4.42 m @ 8.70 gpt Au, 59 gpt Ag, 0.18% Cu, 1.7% Pb, 2.2% Zn; 4.08 m @ 9.27 gpt Au, 69 gpt Ag, 0.19% Cu, 0.6% Pb, 1.0% Zn; 3.56 m @ 7.95 gpt Au, 76 gpt Ag, 0.25% Cu, 3.3% Pb, 4.6% Zn. Individual assays are often above 5 gpt Au, and up to 28 gpt Au.
  • Orla Mining Ltd. presented the results of a feasibility study on its Camino Rojo Oxide project in Zacatecas. The main points include 18 K tonnes per day operation, with 44 M tonnes of ore to be put on the leach pad @ 0.73 gpt Au, 14.2 gpt Ag, containing 1 M Oz Au, 20.1 M Oz Ag. The expected recovery is 64% Au, 17% Ag, with an annual gold production of 97 K Oz Au at by-product cash cost $515 per Au Oz and an AISC of $576 per Au Oz. The after tax net present value (5%) is $142 M, with an after tax internal rate of return of 28.7% and a payback period of three years, all this in the case scenario of $1,250 per Au Oz price. The proven and probable mineral reserves stand at 44 M tonnes @ 0.73 gpt Au, 14.4 gpt Ag, whereas the measured and indicated resources amount to 353.4 M tonnes @ 0.83 gpt Au, 8.8 gpt Ag, containing 9.46 M Oz Au, 100.4 M Oz Ag. Inferred mineral resources are 60.9 M tonnes @ 0.87 gpt Au, 7.4 gpt Ag, containing 1.70 M Oz Au, 14.5 M Oz Ag.
  • Premier Gold Mines Ltd. presented exploration results of its 42,000 m drilling program at its Mercedes mine in Sonora. New mineralised veins have been confirmed at San Martin, opening the area 600 m to the west of the Lupita deposit. Drilling at San Martin returned multiple intercepts, including 7.2 m @ 4.64 gpt Au, 30 gpt Ag; 1.4 m @ 5.56 gpt Au, 38 gpt Ag. Ongoing delineation at Lupita includes intercepts of 3.9 m @ 10.3 gpt Au, 88 gpt Ag and 1.5 m @ 23.9 gpt Au, 71 gpt Ag. Exploration is to be activated at La Mesa area, adjacent to Agnico Eagle’s Santa Gertrudis project.
  • Southern Silver Corp. filed a NI-43-101 report with an updated mineral resource estimate for its Cerro Las Minas project in Durango (previously disclosed). The indicated resources amount to 11.1 M tonnes @ 105 gpt Ag, 0.1 gpt Au, 0.16% Cu, 1.2% Pb, 3.7% Zn, containing 37.5 M OZ Ag, 35 K Oz Au, 40 M Lb Cu, 303 M Lb Pb, 897 Lb Zn, Inferred mineral resources comprise 12.8 Mt @ 111 gpt Ag, 0.07 gpt Au, 0.27% Cu, 0.9% Pb, 2.8% Zn, containing 45.7 M Oz Ag, 31 K Oz Au, 76 M Lb Cu, 253 M Lb Pb, 796 M Lb Zn. “The overall objective of the 2019-20 exploration program is to continue to increase the existing resource base and to identify and drill test new epithermal vein systems within the larger claim package.”
  • Santacruz Silver Mining Ltd. released results from phase 1 of the current drilling program on the Veta Grande, Armados and Navidad veins on its Veta Grande project in Zacatecas. Highlighted true width intercepts comprise 0.55 m @ 761 gpt Ag, 0.2 gpt Au, 0.86% Pb, 1.84% Zn, 0.04% Cu; 1.94 m @ 65 gpt Ag, 0.75 gpt Au, 1.23% Pb, 3.84% Zn, 0.03% Cu at the Navidad vein; 2.40 m @ 227 gpt Ag, 0.88 gpt Au, 2.71% Pb, 2.64% Zn, 0.19% Cu; 1.59 m @ 280 gpt Ag, 0.61 gpt Au, 3.60% Pb, 3.24% Zn, 0.22% Cu.
  • GoGold Resources Inc. released results from two more diamond drill holes at its Los Ricos property in Jalisco. Highlighted intervals comprise 5.0 m @ 0.52 gpt Au, 161 gpt Ag; 6.3 m @ 2.14 gpt Au, 337 gpt Ag and 32.0 m @ 0.80 gpt Au, 179 gpt Ag, including 11.3 m @ 1.46 gpt Au, 348 gpt Ag. The 10,000 m HQ diamond drill program “is focused on defining the mineralized halo around the historical high grade ore shoots as defined by the underground workings and the 65 historical RC drill holes on the property”.
  • SilverCrest Metals Inc. informed the decline has intersected the Babicanora vein at the Las Chispas project in Sonora. The decline intersected the Babicanora vein and the newly identified Baby Vista vein, the first with 3.6 m true width and the second with 1.5 m true width. Additional highlighted infill results of the area 51 of the Babicanora vein include 7.6 m @ 26.6 gpt Au, 2,676 gpt Ag; 3.5 m @ 32 gpt Au, 3,417 gpt Ag; 5.6 m @ 13.6 gpt Au, 1,154 gpt Ag. The 51 in-fill drill holes totaling 18,488 m reported in this news release were “generally targeting mineralization on the outer edges of the current block model” have a weighted average true width of 2.2 m @ 7.17 gpt Au, 753 gpt Ag. An additional 40,000 to 50,000 m of infill and expansion drilling with 15 drill rigs on site focused on expanding mineralization and improving resource confidence. To date over 203,000 m of drilling have been sunk in the property. Ongoing work includes the Feasibility study expected in H1, 2020 development of the Babicanora Vein in Area 51 zone, stockpiling of high-grade material, an extensive metallurgical test program, geotechnical work and permitting for project development.
  • Minera Alamos Inc. received notification by SEMARNAT (Mexican environmental agency) confirming the successful completion of the technical review phase of the application (Estudio Tecnico Justificativo – “ETJ”) for the change of land use to allow the construction of mining and processing facilities at the Santana project area in Sonora. Phase 2 exploration will continue on the coming months, focusing to “demonstrate the potential of the project to host multiple “Nicho-style” mineralized systems that could be combined to supply feed material for an expanded regional production facility”.
  • Almaden Minerals Ltd. current focus at its Ixtaca property in Puebla relates to permitting and financing activities. “Review by Mexican authorities of Almaden’s environmental permit application (Manifestación de Impacto Ambiental, or “MIA”) continues in the normal course, and recently SEMARNAT, Mexico’s environmental authority, completed its public information meeting in the town of Santa Maria”. Almaden is engaged with several potential financing parties to secure funds for the development of the project. Regarding a decision by a lower court in Puebla State concerning Mexico’s mineral title system, Mexico’s Federal Congress, Senate, and Ministry of the Economy each filed appeals against the decision, as well as Almaden.

ON DEALS AND CORPORATE ISSUES

  • Ridgestone Mining Inc. entered into an agreement to acquire 100% interest in ten mining concessions adjacent to its Rebeico project in Sonora. The concessions cover 3,292 ha west of the Ridgestone claims, in an area with “numerous artisanal workings and mineralized outcrops”. Ridgestone has to make a $83 K payment and issue 5 M shares to the vendor.
  • Millrock Resources Inc. entered into an agreement to sell the La Union, Los Cuarentas, El Pima, El Valle and Llano del Nogal claim blocks to Riverside Resources Inc. The Santa Rosalia option from the Los Cuarenta project will also be transferred. The deal, that includes a geological database and exploration equipment, involves Riverside paying $35 K and issuing 150 K shares to Millrock, as well as a 0.5% net smelter royalty (NSR) on the El Pima and El Valle claims, and in the Santa Rosalia option.
  • ePower Metals Inc. entered into a definitive agreement with Minera Alamos Inc. and Vista Gold Corp. under which ePower has the right to earn 100% interest in the Los Reyes project in Sinaloa. In connection with the Transaction, the Company intends to change its name to “Prime Mining Corp.”, and will focus its resources on the immediate development of Los Reyes. ePower has to complete a $1.5 M cash payment to Minera Alamos, and assume the remaining option payments to Vista Gold of US$1.5 M on October 2019 and US$1.5 M on October 2021, as well as issuing Minera Alamos 9.45 M post-consolidation shares and 3.35 M warrants. ePower has to consolidate its common shares capital on a two-for-one basis and complete a financing of at least Cdn$6 M. The Los Reyes project has an historical estimate of 427.2 K Oz Au, 7.5 M Oz Ag in indicated resources and 196.7 K Oz Au, 4.8 M Oz Ag of inferred resources.
  • Silver Viper Minerals Corp. renegotiated the terms of the Rubi-Esperanza option agreement to purchase three mineral concessions within its La Virginia project in Sonora. The overall agreement reduced the total cash payments from $4.49 M to $3 M, augmented in one year the term of the option and crucially reduced the amount on the first three payments by $1.46 M, enabling Silver Viper to direct maximum expenditures to advancing the project. According to the new agreement the company has to pay US$50 K on June 2019 (paid), US$75 K on June 2020, US$100 K on June 2021, US$200 K on June 2022 and US$2.575 M on June 2023. A 2% NSR can be purchased for US$2 M within 5 years of the original agreement remains unchanged. “Surface geochemistry and prospecting have identified targets to the north, south and east of the El Rubi discovery (6 m TW @ 3.16 gpt Au, 228 gpt Ag) which will be tested during the next phase of drilling. In addition, Silver Viper has contracted Geotech Ltd. to conduct a 720 line-kilometer magnetic and radiometric survey over the El Rubi and La Gloria targets for a total coverage of 4,900 hectares”.
  • Golden Minerals Co. entered into an agreement to sell its Velardeña properties to Compañía Minera Autlán S.A.B. de C.V. for $22 M. The deal comprises the Velardeña properties, including the Velardeña and Chicago mines (currently in care and maintenance) and other adjacent exploration properties, and the lease agreement under which Golden Minerals has the oxide plant with Hecla thorough 2020. The proposed transaction also would include the sale of the Rodeo and the Santa Maria project concessions. Upon execution of this agreement, Autlan paid a deposit of US$1.5 million to Golden Minerals, which will be applied to the purchase price upon closing.
  • Bacanora Lithium PLC. signed an investment agreement and off-take agreement with Ganfeng Lithium Co. (a key player in the lithium industry globally). Once completed this agreement would form a major part of the financing package needed to develop the initial 17,500 tonnes per year production of lithium carbonate. The £14.4 M strategic investment provides Ganfeng with 29.99% of Bacanora, pre-emption rights and a director on the board. Another project level investment of £7.56 M in Sonora Lithium Ltd. (the holding company of the project) accrues Ganfeng 22.5% of the holding company, with an option to increase its interest to 50% within 24 months and the appointment of a director to the board. GFL will provide a plant and process commissioning team to assist Bacanora in delivering first production in 2021.
  • Canasil Resources Inc. and Pan American Silver Corp. signed the definitive agreement under which Pan American has the right to acquire Canasil’s interest in the Sandra Escobar project, in Durango. The transaction was closed for a payment of CDN$2 M and grant of a 2% NSR, with Pan American being able to buy 1% of the NSR by the payment to Canasil of CDN$4 M.

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, conglomerate with well-rounded quartz vein and silicified rock fragments in the coastal plain in Veracruz. Picture by Jorge Cirett.

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Orla Mining Announces Positive Feasibility Study Results for The Camino Rojo Oxide Gold Project

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VANCOUVER, BC – June 25, 2019 – Orla Mining Ltd. (TSX: OLA) (“Orla” or the “Company”) is pleased to provide the results of a positive Feasibility Study along with Orla’s first mineral reserve estimate on its 100%-owned Camino Rojo Oxide Project located in Zacatecas, Mexico.  The Feasibility Study supports a technically simple open-pit mine and heap-leach operation with low capital and operating costs providing rapid payback and a strong financial return.

The Mining and Exploration News in Mexico: Highlights on the Third Week of June, 2019.

 

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By Miguel A Heredia

During the twenty three week of the year (June 17th to June 23th, 2019), at least 33 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, seven announcing financial rounds, six reporting on resources and development of their projects, and three informing on exploration results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Baja California Norte, One World Lithium reported completion of holes 2019-01 and 2019-03 at its Salar del Diablo project, and reported results from the ongoing drilling program. In Durango, Gainey announced its plan to conduct a drilling program at its Las Margaritas project, with an initial phase of 16 drill holes for a total of approximately 2,190m.  ON MINING, no relevant news. ON FINANCING, Prize closed the second and final tranche of its non-brokered private placement for gross proceeds of $195K (Manto Negro project, Coahuila). Sonoro proposed to undertake a non-brokered private placement financing for gross proceeds of up to $750K (Cerro Caliche project, Sonora). Advanced Gold proposed to undertake a non-brokered private placement for gross proceeds of a minimum of $150K (Tabasquena project, Zacatecas). Goldplay announced that it will be undertaken a non-brokered private placement for gross proceeds of up to $1.1M, and increase it to $1,376,250 (San Marcial project, Sinaloa). Impact Silver announced a non-brokered private placement for gross proceeds of up to $1M (Zacualpan mine, State of Mexico). Discovery Metals announced it has applied to the TSX to extend the term of 31,237,000 outstanding common share purchase warrants (Puerto Rico project, Coahuila). Azure secured financing for A$ 2M via a convertible note (Oposura project, Sonora). ON RESOURCES AND DEVELOPMENT, Endeavour received final tailings permit for its Terronera mine in Jalisco. GoGold announced that it is moving forward with the installation of a sulfidation acidification, re-neutralization, and thickening (SART) plant at its Parral tailings re-processing facility in Chihuahua.  Azure provided an update of the mining and processing operation planned for its Oposura project in Sonora.  Torex announced maiden mineral reserves for its El Limón Deep Zone at its El Limón-Guajes Mining Complex in Guerrero. Telson released significant channel samples results from underground development at its Tahuehueto mine in Durango.  Silver Bull announced the extension at depth of its Sierra Mojada deposit in Coahuila. ON DEALS AND CORPORATE ISSUES, Newmont Goldcorp announced that it is ramping up operations at its Peñasquito mine in Zacatecas. Evrim and Harvest Gold extended their JV agreement on Cerro Cascaron project in Chihuahua. Sierra Metals and Fortuna Silver announced results from their annual general meeting of shareholders (Cusi mine, Chihuahua, and San Jose mine, Oaxaca respectively). Premier Gold and Azure announced that their annual general meeting of shareholders will be held on July 25 and on June 19, 2019 respectively.  Excellon, GoGold, Mexican Gold, and Minaurum announced management changes. Oroco engaged San Diego Torrey Hills to provide market awareness and investor relations services to the company (Santo Tomas project, Sinaloa). Telson announced that it will provide a company update in a conference to be held in New Jersey (Tahuehueto project, Durango). Santacruz reached an agreement to amend the repayment terms of a short-term loan that it has borrowed from a private mining company (Veta Grande project, Zacatecas).

 ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • One World Lithium Inc., announced the completion of holes 2019-01 and 2019-03 on its Salar del Diablo project in Baja California Norte, and sent all the samples from holes 2019-01, 03, 06, 09, and 11 to the lab for assays. The lab reported that 4 of the drill holes intersected aquifers that contain brines. A fifth hole intersected an aquifer that likely contains brine as the pH test was 8.6 which can be a good indicator of brines. “The presence of multiple aquifers containing brine indicates a potentially prospective area of over 20,000 hectares or 77 square miles on the northern third of the Salar del Diablo property”. One World also has staked an additional 28,030 hectares claim block bringing the company´s total claim block to 103,430 hectares or 399 square miles.
  • Gainey Capital Corp., announced its plans to conduct a drilling program at its Las Margaritas project in Durango. Gainey has been approved by SEMARNAT to drill up to 32 drill holes but will commence with an initial phase of 16 holes for a total of approximately 2,190m. Las Margaritas project consists of an undrilled low-sulphidation epithermal system in which surface sampling has returned up to 73.7 g/t Au.

ON MINING

  • No relevant news.

ON FINANCING

  • Prize Mining Corporation, closed the second a final tranche of its non-brokered private placement for gross proceeds of $195K. The total combined proceeds from the first and final tranches of the offering were $825K (Manto Negro project, Coahuila).
  • Sonoro Metals Corp., proposed to undertake a non-brokered private placement financing for gross proceeds of up to $750K. The gross proceeds will be used to complete the Phase 2 drilling program and fund the launch of a Phase 3 drilling program at its Cerro Caliche project in Sonora. Funding will also be allocated for the commissioning of preliminary studies required to produce a NI 43-101 compliant study to assess the viability of the development of a heap leach operation at its Cerro Caliche project.
  • Advanced Gold Corp., proposed to undertake a non-brokered private placement for gross proceeds of a minimum of $150K. The gross proceeds will be used to fund a geophysical program and further drilling at its Tabasquena project in Zacatecas.
  • Goldplay Exploration Ltd, proposed to undertake a non-brokered private placement for gross proceeds of up to $1.1M and increase it to $1,376,250. The gross proceeds of the offering will be used for exploration of its San Marcial project in Sinaloa, and for general and administration costs for its operations in Mexico and Canada.
  • Impact Silver , announced a non-brokered private placement for gross proceeds of up to $1M. The gross proceeds will be used to further explore its Zacualpan land package for high-potential Au-Cu targets such as Santa Teresa and manto America, Dense Media Separation engineering studies on the Capire VMS resource mill and production center, and ongoing efficiency improvements at the Guadalupe production mill. The Company reserves the right to increase the size of the private placement by up to 20%.
  • Discovery Metals Corp., announced it has applied to TSX to extend the term of 31,237,000 outstanding common share purchase warrants. “The Company is proposing to extend the expiry date of the warrants by an additional 18 months, such that each warrant will expire on February 17, 2021. The exercise price of all warrants will remain unchanged, at the current exercise price of $1.00 per common share”.
  • Azure Minerals Limited, secured financing for A$ 2M via a convertible note. This funding will enable Azure to meet start-up costs and working capital requirements at its Oposura project in Sonora.

 ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp., received final tailings permit for its Terronera mine in Jalisco. The authorization to change soil use on forest land was issued by SEMARNAT and gives the right to store tailings from the proposed Terronera high grade, underground Ag-Au mine in a secure, filtered dry stack tailings facility adjacent to the proposed plant site. “Now that the Terronera mine project is fully permitted, Endeavour Silver plans to complete a final improved pre-feasibility study in the 3rd quarter and arrange appropriate financing to build Endeavour’s next core asset. The mine is expected to produce more than 5M Oz AgEq (at an 80:1 Ag: Au ratio) over a minimum 12 year mine life”.
  • GoGold Resources Inc., announced that it is moving forward with the installation of a sulfidation acidification, re-neutralization, and thickening (SART) plant at its Parral tailings re-processing facility in Chihuahua. “The construction is planned to be completed before the end of 2019 at a cost of approximately $2.6 million USD and commissioning will begin immediately following practical completion”.
  • Azure Minerals Limited., provided an update of the mining and processing operation planned for its Oposura project in Sonora. High-grade mining is expected to start in the September quarter, at an anticipated production rate of 1,500 tonnes to 3,000 tonnes grading approximately 15% combined Zn + Pb. All mineralization to be mined has been classified under the indicated mineral resource category.
  • Torex Gold Resources Inc., announced maiden mineral reserves for its El Limón Deep Zone at its El Limón-Guajes Mining Complex in Guerrero. Probable mineral reserves as of April 2019 are 487,000 tonnes of 5.5 g/t Au and 6 g/t Ag to contain 86K Oz Au and 101K Oz Ag. Measured mineral resources are 797,000 tonnes of 5.52 g/t Au and 7 g/t Ag to contain 141K Oz Au and 170K Oz Ag, while inferred mineral resources are 1,090,000 tonnes of 5.2 g/t Au and 7 g/t Ag to contain 182K Oz Au and 243K Oz Ag. The mineral reserve is a subset of the mineral resource. The mineral resource is the downdip extension of mineralization in the El Limón open pit. It is located approximately 400 meters north-northwest of the Sub-Sill deposit and is open in three directions.
  • Telson Mining Corporation, released significant channel samples results from underground development at its Tahuehueto mine in Durango. Significant results are  87 g/t Au, 76 g/t Ag, 0.55% Cu, 3.7% Pb, and 12.1% Zn over 2.70m; 7.28 g/t Au, 83 g/t Ag, 0.56% Cu, 5.8% Pb, and 14% Zn over 3.45m; 8.25 g/t Au, 61 g/t Ag, 0.36% Cu, 3.1% Pb, and 6.8%Zn over 2.60m; 9.34 g/t Au, 69 g/t Ag, 0.73% Cu, 2% Pb, and 5.5% Zn over 3.07m; 6.98 g/t Au, 80 g/t Ag, 0.45% Cu, 4.3% Pb, and 5.7% Zn over 2.49m; and 12.55 g/t Au, 248 g/t Ag, 0.75% Cu, 6%Pb, and 8.6%Zn over 1.74m.
  • Silver Bull Resources Inc., announced that drilling results at its Sierra Mojada project in Coahuila have extended at depth the strike length of the deposit by 950m. Highlights include 5% Zn, 8.2% Pb, and 586 g/t Ag over 1.35m and 12.2% Zn, 1.4% Pb, and 53 g/t Ag over 1.8m in hole B19001; and 7.8% Zn, 1.5% Pb, and 36 g/t Ag over 2.05m in hole B19002, both holes in mixed oxide/sulphide mineralization. The company, along with its JV partner South 32 is conducting an initial 8,000m surface drill program targeting a series of possible sulphide extensions at depth to the main deposit, as well as a series of never before tested targets within the wider area.

ON DEALS AND CORPORATE ISSUES

  • Newmont Goldcorp Corporation, announced that it is ramping up operations at its Peñasquito mine in Zacatecas, following the lifting of an illegal blockade and the establishment of a dialogue process sponsored by the national government.
  • Evrim Resources Corp., & Harvest Gold Corp., extended their JV agreement on the Cerro Cascaron property in Chihuahua for a period of six months. Under the terms of the agreement, both companies will attempt to renegotiate the Cerro Cascaron deal and search for a new Au project in Mexico. Harvest has agreed to pay $55K to Evrim to maintain property payments at Cerro Cascaron while both parties renegotiate the Cerro Cascaron agreement. Once the Cerro Cascaron agreement has been renegotiated, Harvest Gold plans to complete a second target drill program on the property. Evrim also announced the appointment of its new VP of Exploration.
  • Sierra Metals Inc., announced results from its annual general meeting of shareholders (Cusi mine, Chihuahua).
  • Fortuna Silver Mines Inc., announced results from its annual general meeting of shareholders (San Jose mine, Oaxaca).
  • Premier Gold Mines Limited, announced its annual general meeting of shareholders will be held on July 25, 2019 (Mercedes mine, Sonora).
  • Azure Minerals Limited, announced its annual general meeting of shareholders to be held on June 19, 2019 (Oposura project, Sonora).
  • Excellon Resources Inc., appointed its new CFO and VP Corporate Development (La Platosa mine, Durango).
  • GoGold Resources Inc., announced management changes on its Board of Directors appointing a new Director, the same who will also serve as Chairman of the Board (Los Ricos project, Jalisco).
  • Mexican Gold Corp., announced the resignation of its President and Director and appointed its new CEO, the same that will serve as the new President and Director of the company. It also appointed its new CFO who will remain as a Director of the company (Las Minas project, Veracruz).
  • Minaurum Gold Inc., appointed a new Director to its Board. It also announced that Mr. David J Baker will be stepping down as a Director of the company (Alamo Silver project, Sonora).
  • Oroco Resource Corp., announced that it has engaged San Diego Torrey Hills Capital Inc., to provide market awareness and investor relations services to the company (Santo Tomas project, Sinaloa).
  • Telson Mining Corporation , announced that it will provide a company update at the John Tumazos Very Independent Research Metals Conference in Holmdel, New Jersey, including the discussion of the Q1 2019 financial results, and the progress being made in the construction of its on-site 1,000 tonnes per day mineral processing plant at its Tahuehueto project in Durango.
  • Santacruz Silver Mining Ltd., reached an agreement to amend the repayment terms of the US$ 2.3M short-term loan that it has borrowed from a private Bolivian mining company. The $US 2.3M payment is now to be repaid by January 30, 2010 (Veta Grande project, Zacatecas).

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, quartz blade texture in a low sulphidation epithermal vein system in a prospect in Guanajuato, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of June, 2019

Inguaran Feb 2011 109a

By Jorge Cirett

During the 24th week of the year (June 10th to June 16th, 2019), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the illegal blockade on Newmont Goldcorp’s Peñasquito mine in Zacatecas was lifted after 81 days, with negotiations between the parts to start on the following week. CAMIMEX proposed 90% of the Mining Fund should be allocated directly to the mining communities, this amid the presidential intention to use this fund at his sole discretion. ON EXPLORATION, In Baja California, One World Lithium completed the drilling program at Salar del Diablo. In Sonora, Aloro completed a drilling program at Los Venados; Ridgestone presented results of a bulk sample program at Rebeico. In Chihuahua, Ethos Gold commenced drilling at Purisima; Kootenay completed road building for its incoming drill program at Columba; Sable completed its second drilling campaign at Margarita; Radius reported results from drilling at its Amalia project. Advance Gold completed a 3D model for its Tabaqueña project. In Veracruz, Azucar presented results of seven more drill holes at El Cobre. ON MINING, No relevant news. ON FINANCING, Mako is to raise C$27 M, Aztec C$360 K and Minera Alamos had $400 K in warrants exercised. ON RESOURCES AND DEVELOPMENT, Mexus Gold started leaching at Santa Elena, in Sonora. Oroco clarified a statement on Santo Tomas resources from a previous news release. Impact Silver released sample results for the Manto America target area at Zacualpan. Candente informed positive results by partner Sun River Gold on metallurgical tests for the El Oro tailings. ON DEALS AND CORPORATE ISSUES, No relevant news.

ON MEXICO ISSUES

  • The illegal blockade on Newmont Goldcorp’s Peñasquito mine in Zacatecas was announced to be lifted on June 13th. Discussion panels between the parts are to be held starting on June 19th, sponsored by the Ministry of the Interior. The illegal blockade by a truck contractor and proprietors of communal land near the mine site lasted for 81 days. The truck contractor says it is fighting for employment whereas the communal proprietors claim water shortages caused by consumption by the mine (and the company alleges a plain extortion attempt).
  • CAMIMEX (Camara Minera de Mexico) proposed that 90% of the resources of the Mining Fund (Fondo Minero) stay within Municipalities, and the remaining 10% with the Mining Secretariat. Fernado Alanis, president of CAMIMEX, said that the original objective of the fund was to support the mining communities. On the former regulations only 50% of the funds reached the municipalities and the remaining to the coffers of the Federation and States, “but we believe the majority should reach the localities” (this proposal comes amid the presidential intention to deliver the Mining Fund as loans to people in mining communities, a move most in the industry see as a play to gain support for elections, and not helpful for supporting mining communities, originally the aim of such fund).

ON EXPLORATION

  • Ethos Gold Corp. commenced its drill program in the Purisima property in Chihuahua. The initial program will comprise 3,000 m of reverse circulation (RC) drilling in 15 holes, targeting shallow oxide bulk tonnage gold mineralization. “At La Purisima a northwest trending gold mineralized zone has been identified over a strike length of at least 2 km with a width of alteration and geochemically anomalous gold mineralization of approximately 600 metres. Within this footprint are two north-west striking zones that have the strongest gold anomalies, each approximately 200 metres wide.”
  • Aloro Mining Corp. completed 1,347 m of drilling in four holes at its Los Venados project in Sonora. The program aimed to test a blind mineralized felsic dome structure adjacent to the Mulatos mine’s high grade Escondida gold bearing felsic dome. Relevant intercepts comprise 3.05 m @ 0.14 gpt Au; 1.53 m @ 0.13 gpt Au; 3.05 m @ 0.22 gpt Au; 7.62 m @ 0.16 gpt Au.
  • Kootenay Silver Inc. has completed road building and signed a surface access agreement with the landowner at its Columba property in Chihuahua. Drilling is expected to start on the third week of June 2019.
  • Sable Resources Ltd. announced the completion of the second round of drilling at the Margarita project in Chihuahua, releasing the results of the last 15 holes. Here some of the highlighted results: 5.7 m @ 39 gpt Ag; 11.55 m @ 35 gpt Ag; 4.15 m @ 35 gpt Ag; 7.65 m @ 42 gpt Ag; 7.60 m @ 63 gpt Ag, 0.75% Pb, 0.56% Zn (125 gpt AgEq); 8.45 m @ 93 gpt Ag (including 3.2 m @ 193 gpt Ag); 6.0 m @ 66 gpt Ag; 5 m @ 166 gpt Ag (including 1.5 m @ 426 gpt Ag); 62.5 m @ 28 gpt Ag; 59.5 m @ 68 gpt Ag (including 3.05 m @ 230 gpt Ag and 1.75 m @ 220 gpt Ag and 1.65 m @ 190 gpt Ag, and 5.60 m @ 153 gpt Ag); 32.90 m @ 34 gpt Ag; 17.90 m @ 23 gpt Ag.
  • One World Lithium Inc. announced the completion of two more holes at its Salar del Diablo project in Baja California.
  • Ridgestone Mining Inc. released results of a bulk sampling program on its Rebeico Cu-Au project in Sonora. A total of 111 samples weighing a combined 2,500 kg were collected from dumps, mainly form the Alaska vein which operated up to the 1960’s. The average grade for the different zones was: Veta Grande, 6.7 gpt Au, 13 gpt Ag, 0.79% Cu; Upper Alaska, 3.3 gpt Au, 11 gpt Ag, 1.39% Cu; Lower Alaska, 3.4 gpt Au, 23 gpt Ag, 1.32% Cu; La Verde, 3.5 gpt Au, 12 gpt Ag, 0.37% Cu; Josefina, 0.24 gpt Au, 12 gpt Ag, 0.49% Cu; Tunel de Garcia, 2.1 gpt Au, 2 gpt Ag, 0.40% Cu; Año Nuevo, 1.0 gpt Au, 5 gpt Ag, 0.60% Cu; Elena, 0.1 gpt Au, 5 gpt Ag, 0.99% Cu.
  • Radius Gold Inc. reported results from the 1,756 m six diamond hole second phase drill program at its Amalia project in Chihuahua. With the majority of assays received the highlighted true width intervals are: 44 m @ 12.38 gpt Au, 309 gpt Ag; 4 m @ 1.05 gpt Au, 24 gpt Ag; 4 m @ nil Au, 647 gpt Ag; 24 m @ 2.3 gpt Au, 126 gpt Ag (including 2.6 m @ 9.85 gpt Au, 761 gpt Ag); 65 m 3.75 gpt Au, 61 gpt Ag (including 17 m @ 7.91 gpt Au, 65 gpt Ag). “Radius and its partner Pan American Silver Corp have now completed two drill programs totalling 3665m in 15 drillholes…. Geological controls on the mineralization are complex with multiple events of gold and silver mineralization within veins, stockworks and hydrothermal breccias.”
  • Advance Gold Corp. announced the completion of a 3D model for its Tabasqueña project in Zacatecas. “Drilling in the first 3 phases has hit a cluster of mineralized epithermal veins over an area from east to west of approximately 300 metres, and north to south 400 metres, and 300 metres of depth”.
  • Azucar Minerals Ltd. released results from the Norte and El Suegro zones at its El Cobre project in Veracruz. Highlighted results comprise: 19.30 m @ 0.64 gpt Au, 0.08% Cu and 103.40 m @ 0.33 gpt Au, 0.11% Cu in one hole; 29.95 m @ 0.12 gpt Au, 0.15% Cu; 494.50 m @ 0.16% Cu. 0.16% Cu (including 64.5 m @ 0.27 gpt Au, 0.17% Cu); 67.85 m @ 0.46 gpt Au, 0.2% Cu (including 36.2 m @ 0.68 gpt Au, 0.27% Cu); 112.0 m @ 0.17 gpt Au, 0.26% Cu (including 57.75 m @ 0.22 gpt Au, 0.40% Cu); 200 m @ 0.18 gpt Au, 0.22% Cu (including 34.5 m @ 0.36 gpt Au, 0.28% Cu); 101.05 m @ 0.47 gpt Au, 0.14% Cu

ON MINING

  • No relevant News.

ON FINANCING

  • Mako Mining Corp. is to conduct an offering to raise gross proceeds of C$27 M (La Trinidad, Sinaloa).
  • Aztec Minerals Corp. has arranged a non-brokered private placement financing to raise minimum gross proceeds of CAD$360 K (Cervantes, Sonora).
  • Minera Alamos Inc. warrants for an amount of $400 K were acquired by Donald Smith Value Fund, L.P. Following the acquisition the acquiror holds 10.8% of the outstanding common shares of Minera Alamos, of which previously held 9.8% (Santana, Sonora; La Fortuna, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. informed leaching has started at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). “Approximately 5700 tons of high-grade quartz vein material will be broken on site and hauled to the crushing and leaching site. The estimated grade for this material is in the order of 5 to 10 g/t Au.”
  • Oroco Resource Corp., at the request of IIROC clarifies a previous news release. The Mintec Inc. resource estimate included in the historical Bateman Report of 1994 for the Santo Tomas project in Sinaloa utilized a classification scheme other than those set out in NI-43-101. “A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. However, the historical assaying and verification methods were performed within the accepted standards applicable at the time.”
  • Impact Silver Corp. released results from surface and underground sampling at the Manto America target area on its Zacualpan property in Estado de Mexico. More than 33 samples have returned greater than 2 gpt Au, peaking at 22.40 gpt Au. Highlighted results include 0.50 m @ 22.4 gpt Au, 7 gpt Ag; 0.40 m @ 21.7 gpt Au, 101 gpt Ag, 1.2% Pb, 1.4% Zn; 0.30 m @ 20.40 gpt Au, 43 gpt Ag; 0.2% Pb, 0.4% Zn; 1.20 m @ 19.5 gpt Au, 8 gpt Ag; 0.30 m @ 16 gpt Au, 421 gpt Ag, 0.8% Pb, 2.1% Zn; 0.37 m @ 14.5 gpt Au, 14 gpt Ag; 0.30 m @ 7.1 gpt Au, 17 gpt Ag; 1.0 m @ 6.4 gpt Au, 2 gpt Ag; 1.0 m @ 3.1 gpt Au, 41 gpt Ag, 0.6% Pb. “The mineralization is hosted in strongly argillically altered volcanic rocks and is associated with lead and barium suggesting a volcanogenic massive sulphide provenance similar to the Capire silver lead zinc deposit to the south”.
  • Candente Gold Corp. informed that Sun River Gold has reported very positive recoveries from metallurgical testing of samples from the tailings deposit at its El Oro property in Estado de Mexico. The tailings project is being moved forward by negotiating the purchase of land for the new processing area and the obtaining the required permits. The material tested was from auger drilling conducted in 2018, averaging 2.99 gpt Au, 85 gpt Ag. Flotation tests were conducted on -325 mesh material returning an average recovery of 80.1% Au, 67.5% Ag on the Upper, Middle and Lower sections of the tailing, and an average of 75.6% Au, 63.6% Ag recoveries in blended material.

ON DEALS AND CORPORATE ISSUES

  • No relevant news.

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

On the image below, quartz-sulphide veinlet with sericitic halo hosted in intrusive rock in Michoacan. Picture by Jorge Cirett.

Inguaran Feb 2011 109a

The Mining and Exploration News in Mexico: Highlights on the First Week of June, 2019.

Chalcedonic quartz vein

By Miguel A Heredia

During the twenty one week of the year (June 3rd to June 9th, 2019), at least 31 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, five reporting on resources and development of their projects, five informing on exploration results, four announcing financial rounds, two communicating production results, and one discussing Mexican news.  ON MEXICO ISSUES, the Mining Undersecretary of the Secretary of Economy, Francisco Quiroga, said that mining companies from Canada, USA, Peru, Colombia and Australia showed their interest to invest up to USD$ 8M in Mexico mining projects.  ON EXPLORATION, In Baja California Norte, One World Lithium released drilling results from its Salar del Diablo project. In Sonora, Colibri reported assays results from sub-outcrops on its Evelyn project.  In Chihuahua, Monarca identified a skarn and potential CRD/porphyry deposit after running a geophysical survey at its San Jose project.  In Zacatecas, Galore announced it has commenced drilling of 2,500m core drilling program at its Dos Santos property to test the El Alamo target. In Jalisco, GoGold released drilling results from its Los Ricos project.  ON MINING, Mexus Gold announced that over 5,700 tonnes of high-grade ore will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. US Antimony produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May 2019. ON FINANCING, VVC announced a non-brokered private placement for gross proceeds of CAD $2M (Samalayuca project, Chihuahua). Galore received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling program at its Dos Santos project in Zacatecas.  One World Lithium closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700 and announced a non-brokered private placement to raise up to CAD $2M (Salar del Diablo project, Baja California Norte).  Azure secured A$ 2M financing via a convertible note.  ON RESOURCES AND DEVELOPMENT, Azure announced that its board of directors has approved the commencement of trial mining and processing of high-grade mineralization from its Oposura project in Sonora. Sonoro Metals initiated metallurgical testing at its Cerro Caliche project in Sonora.  Endeavour released underground drilling results from its Guanacevi mine in Durango. Oroco announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. US Antimony reported expansion of its Madero, Coahuila smelter capacity, and reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.   ON DEALS AND CORPORATE ISSUES, Aura Resources, Almadex, and Azucar Minerals granted stock options to directors, officers and consultants.  Riverside appointed Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora). Monarca signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua and appointed new director. Inomin signed a non-binding letter agreement to acquire 100% interest in the La Gitana project in Oaxaca from Gunpoint, and appointed new director and adviser. Candente announced management changes with the retirement of its chair and director and the appointment of new director (El Oro tailings project, State of Mexico). Goldgroup and VVC announced their annual general meeting of shareholders will be held on July 31, 2019 and August 19, 2019 respectively. SilverCrest reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora). Kootenay reported that its partner Pan American Silver has relinquished its right to earn 75% interest in the Promontorio Mineral Belt in Sonora. Magna Gold closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. Sierra Metals repurchased a royalty on its Cusi mine in Chihuahua from Minera Cusi S.A. de C.V. in US$ 4M.

 ON MEXICO ISSUES

  • Mexican mining projects raised interest for up to USD$ 8M of investment by companies from Canada, USA, Peru, Colombia, and Australia. According to the head of mining in the country, before realizing the investments, it will be necessary to carry out the work of convincing the surrounding populations. He said: “The type of mining we want is to pay taxes, be socially responsible and achieve economic benefits so that it reaches society and the settlement is public.” He insisted that the presidential mandate is that mining concessions will not be canceled and that the commitments acquired in the past will be honored. Among the areas with the greatest potential are in the south-southeast of Mexico, specifically the states of Oaxaca, Guerrero and Morelos, among others, with products such as Ag, Au, and Cu. The Ministry of Economy reported that the mining-metallurgical sector in Mexico contributes 4% of the national Gross Domestic Product. While in the world our country is the largest producer of Ag; it is among the top 10 producers of 16 different minerals: silver, bismuth, fluorite, celestite, wollastonite, cadmium, molybdenum, lead, zinc, diatomite, salt, barite, graphite, gypsum, gold and copper.

ON EXPLORATION

  • One World Lithium Inc., released drilling results from its Salar del Diablo project in Baja California Norte. The company has completed the first three holes of a twelve drill program, and reported that two holes located 14km apart have intersected aquifers with water samples containing pH values indicative of brines. Drilling to date has demonstrated that there are multiple aquifers in the northern part of the Salar which indicates that the entire Salar could be very prospective.
  • Colibri Resource Corporation, reported additional grab samples results from abundant quartz with local iron-oxide staining in sub-outcrops found on areas not previously mapped or sampled at its Evelyn project in Sonora. Grab samples results include values of 4.81 g/t Au and 4.19 g/t Au. This new area is located approximately 1km north-northeast of the Main Zone which consists of a moderately to steeply dipping Au-bearing quartz vein which has been the subject of historical mining. Colibri is planning a property wide, high density, airborne magnetic survey to determine the structural framework and the setting of known Au mineralization.
  • Monarca Minerals Inc., identified a skarn and potential CRD/porphyry deposit in its San José project in Chihuahua, after conducting an IP-resistivity and magnetic survey which returned very strong IP/magnetic anomalies over 2.8km strike length resulting in numerous drill targets. Based on the geophysical results and previous encouraging chip sampling on the property, Monarca is planning to perform an 18-hole RC drilling program to test for potential precious and base metals at depth.
  • Galore Resources Inc., announced it has commenced drilling of 2,500m core drilling at its Dos Santos property in Zacatecas to test Au mineralization associated with iron-oxides jasperoid and karst breccias exposed along the east-west trending El Alamo target.
  • GoGold Resources Inc., reported encouraging drilling results from an additional five diamond drill holes at its Los Ricos project in Jalisco. Significant results were encountered in hole LRGG-19-011, drilled 75m down dip below the deepest intersection to date on the property, with 1.2 g/t Au and 140 g/t Ag (3.07 g/t AuEq) over 18.5m, including 2.16 g/t Au and 228 g/t Ag (5.19 g/t AuEq) over 8.4m; in hole LRGG-19-13 with 0.78 g/t Au and 195 g/t Ag (3.38 g/t AuEq) over 15.6m, including 1.3 g/t Au and 297 g/t Ag (5.25 g/t AuEq) over 8.8m; and in hole LRGG-19-14 with 1.1 g/t Au and 127 g/t Ag (2.79 g/t AuEq) over 14.2m, including 1.94 g/t Au and 209 g/t Ag (4.73 g/t AuEq) over 7.7m. These positive results confirm that the deposit is still open at depth.

ON MINING

  • Mexus Gold US, announced that over 5,700 tonnes of high-grade ore ranging from 5 to 10 g/t Au and 9 to 12 g/t Ag will be broken on site and hauled to the crushing and leaching site at its Santa Elena mine in Sonora. “The leaching process has started and will continue on a permanent basis as fresh ore will be added to the heap leach pad. Moving forward, Mexus will increase the scale and capacity of the system to maximize returns” added the CEO of the company.
  • US Antimony Corporation, produced 159,142 Lb Sb and 1,292 tonnes of zeolites during May, 2019. It also reported that the inventories of Mexican antimony mine ore continue to grow.

ON FINANCING

  • VVC Exploration Corporation, announced a non-brokered private placement to raise up to CAD $2M. Gross proceeds will be used for exploration and development of its Samalayuca project in Chihuahua.
  • Galore Resources Inc., received a USD $100K loan from an officer of the company to fund its current 2,500m diamond core drilling at El Alamo target within its Dos Santos project in Zacatecas.
  • One World Lithium Inc., closed its third and final tranche of a previous announced non-brokered private placement for CAD $298,700. The aggregate gross proceeds of this offering under the first, second and final tranche totalled CAD $2,073,250. It also announced a non-brokered private placement for gross proceeds of up to CAD $2M. Net proceeds will be used at its Salar del Diablo project in Baja California Norte as follow: Salar del Diablo project drilling program CAD $500K; analysis and further testing of drill results CAD $400K; southern region pre-drilling program CAD$400K; and balance for working capital.
  • Azure Minerals Limited, secured A$ 2M financing via a convertible note by entering into a binding commitment with the company´s major shareholder Deutsche Balaton. “This funding will enable the Company to meet start-up costs and working capital requirements with operations to commence in the September quarter of 2019”.

 ON RESOURCES AND DEVELOPMENT

  • Azure Minerals Limited, announced that its board of directors has approved the commencement of trial mining and processing of high grade mineralization from its 100% owned Oposura property in Sonora. Initial mine production and processing will range between 1,500 to 3,000 tonnes per month of mineralized material grading approximately 15% combined Zn and Pb. The ore material will be processed on a toll treatment basis through a nearby sulphide flotation processing facility.
  • Sonoro Metals Corp., initiated ore characterization and bottle roll and leach column test at its Cerro Caliche project in Sonora. The tests are expected to be completed in 8 weeks. If the results are positive, they will be incorporated in the sensitivity analysis in order to define the characteristics of the heap leaching pilot operation preliminary design, which would be then updated to a NI 43-101 level.
  • Endeavour Silver Corp., released underground drilling results from seventeen holes drilled at its Guanacevi mine in Durango. Seven holes intersected high-grade over mineable widths to extend. Highlights include 0.93 g/t Au and 251 g/t Ag (325 g/t AgEq) over 3m true width in hole UG-61, and two intersections in parallel veins in hole UG-75 with 2.93 g/t Au and 2,175 g/t Ag (2,409 g/t AgEq) over 1m true width, and 0.78 g/t Au and 579 g/t Ag (642 g/t AgEq) over 3.9m. “Recent drilling has extended high grade Ag-Au mineralization to depth at all three of our original orebodies, which should help to increase resources at Guanacevi.”
  • Oroco Resources Corp., announced the reception of a draft technical report for its Santo Tomas project in Sinaloa. The technical report presents the key findings of historical technical reports, including a 1994 PFS study by Bateman Engineering (supported by metallurgical work by Mountain States R&D International, Inc., a resource estimate by Mintec, Inc., and mining and plant estimates by Minetek S.A. de C.V.).
  • US Antimony Corporation, reported expansion of its Madero, Coahuila smelter capacity, which the installation of long rotary furnace (LRF) number 3. The company has an additional 3 LRFs in inventory. Furnace recovery is in the 96%-98% range and the additional capacity is expected to handle production increases from the Company’s Wadley and Sierra Guadalupe Mines in San Luis Potosi and Zacatecas respectively. It also reported that its Puerto Blanco leach plant in Guanajuato is in the testing phase for the production of Au and Ag from its Los Juarez mine in Queretaro.

ON DEALS AND CORPORATE ISSUES

  • Aura Resources Inc., granted stock options to directors, officers and consultants of the company to purchase an aggregate 1.2M common shares at an exercise price of $0.05 per share which expire on June 4, 2019 (Taviche project, Oaxaca).
  • Almadex Minerals Ltd., granted stock options to certain directors and officers of the company to purchase an aggregate 628K common shares at an exercise price of $0.32 per share which expire on June 4, 2019 (Ixtaca project, Puebla).
  • Azucar Minerals Ltd., granted stock options to certain directors, officers and consultants of the company to purchase an aggregate of 573K common shares at an exercise price of $0.29 per share which expire on June 4, 2019 (El Cobre project, Veracruz).
  • Riverside Resources Inc., announced the appointment of Alberto Orozco as its VP Corporate Development (La Cecilia project, Sonora).
  • Monarca Minerals Inc., signed an option agreement to acquire 100% interest in the San Jose project in Chihuahua, where the company identified a skarn and potential CRD/porphyry copper deposit. To acquire the property, Monarca will pay USD $150K in staged cash payments as follow: USD $40K on the option signing date (already paid), USD $50K twelve months after signing of the option agreement, and USD $60K twenty four months after signing of the option agreement. The agreement includes a 2% NSR upon reaching commercial production and Monarca keeps a right to purchase 1% NSR by a single payment of USD $100K. The company also appointed a new director to its Board.
  • Inomin Mines Inc., signed a non-binding letter agreement to acquire 100% interest in the La Gitana property in Oaxaca from Gunpoint Exploration Ltd. La Gitana comprises a 494 hectares that hosts a low-sulphidation epithermal Au-Ag deposits in Tertiary-aged volcanic rocks. In order to acquire 100% of the property Inomin has to make staged payments for $300K and issue 2M of common shares of the company as follow: $10K (paid) on signing agreement; $25K and 150K shares following execution of definitive agreement; $50K and 250K shares on first anniversary; $65K and 450K shares on second anniversary; $75K and 500K shares on third anniversary; and $75K and 650K shares on fourth anniversary. Inomin will have the right to accelerate payments at the company´s discretion, and is also subject to a NSR the terms of which have yet to be finalized.  The company also announced the resignation of one of its directors and the appointment of its replacement. It also appointed an adviser of the company.
  • Candente Gold Corp., reported the retirement of its chair and director and the appointment of its new director (El Oro tailings project, State of Mexico).
  • Goldgroup Mining Inc., announced that its annual general meeting of shareholders will be held on July 31, 2019 (Cerro Prieto mine, Sonora)
  • VVC Exploration Corporation, announced that its annual general meeting of shareholders will be held on August 19, 2019 (Samalayuca project, Chihuahua).
  • SilverCrest Metals Inc., reported results of its annual general meeting of shareholders and appointed a new director to the Board (Las Chispas project, Sonora).
  • Kootenay Silver Inc., announced that its JV partner Pan American Silver Corp., has relinquished to its right to earn 75% interest on the Promontorio Mineral Belt in Sonora, which include the Promontorio Resource and La Negra high-grade Ag discovery. Kootenay will be conducting a review of the work performed by Pan American in order to plan the next steps for advancing these assets.
  • Magna Gold Corp., closed its previous qualifying transaction on two mining concessions at its Mercedes property in Sonora. In consideration of the grant of the option, Magna will: (i) pay to the Seller an aggregate of US$1.34M plus VAT of 16%, paid in installments commencing on the 6th month from the effective date of the agreement (the “Effective Date”) and ending on the 48th month from the Effective Date; (ii) issue to the seller a 3% NSR, capped at US$3.5M and subject to the right of the corporation to acquire all 3 percentage points of the NSR at a price of US$500Kper percentage point, within the first three years of commercial production of the Mercedes Property; and (iii) conditional on the completion of a going public transaction within six months of the Effective Date, issue 2,442,105common shares of the corporation to the seller.
  • Sierra Metals Inc., repurchased a royalty on its Cusi Mine from Minera Cusi S.A. de C.V. for US$ $M. The royalty agreement required the company to pay a 3% royalty on the net revenues generated by the mine, less transportation costs, for the life of the mine. The company has already paid US$2.5 million upon signing the repurchase contract on May 10, 2019 and is required to pay a further US$1.5 million on May 10, 2021. With this repurchase, Sierra Metals will no longer have any royalties on any of its properties or mines.

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

On the picture above, chalcedonic quartz vein in a low sulphidation epithermal system in a prospect in San Luis Potosi, Mexico.  Photo by Miguel A Heredia.

Bacanora Lithium plc (“Bacanora” or the “Company”) Feasibility Study Estimates €428 million NPV and 27.4% IRR for Zinnwald Lithium Project

BacanoraLithium_05062019

Bacanora Lithium Plc, the London traded lithium company, is pleased to announce the results of the NI 43-101 Feasibility Study (‘FS’) for the Zinnwald Lithium Project in Germany (‘Zinnwald’ or ‘the Project’) which confirm the positive economics and favourable operating costs for the production of 5,112 tonnes per annum (‘tpa’) (~7,285 tpa LCE) of battery grade Lithium Fluoride (‘LiF’), a high value, downstream product used in the manufacture of lithium battery electrolytes for the European electric vehicle industry.  With a long life of project of 30 years, the FS estimates a pre-tax project Net Present Value (‘NPV’) of €428 million (8% discount rate); an Internal Rate of Return (‘IRR’) of 27.4%; favourable Life of Mine (‘LOM’) operating costs and a 46% EBITDA operating profit margin.