The Mining and Exploration News in Mexico: Highlights on the Third Week of May, 2022. 

Hydrothermal Breccia

By Miguel A Heredia

During the 20th week of the year (May 16th to May 22th, 2022), at least 15 press releases were announced by companies working in Mexico, with six reporting resources and developments of their properties, four disclosing deals and corporate issues, three communicating production and financial results, and two announcing financing issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news.  ON MINING, Altaley announced that it has begun pre-production mining and mill commissioning operations at its Tahuehueto property in Durango. Excellon reported Q1, 2022 production and financial results from its Platosa mine in Durango. Mag Silver reported Q1, 2022 production and financial results from its Juanicipio project in Zacatecas, where it owns 44% interest. ON FINANCING, Alamos Gold entered into a share purchase plan (Mulatos, Sonora). Aztec Minerals announced a non-brokered private placement for gross proceeds of up to CAD $3M (Cervantes project, Sonora). ON RESOURCES AND DEVELOPMENT, Discovery Silver reported results from nineteen holes from its phase 2 drill program collared at its Cordero project in Chihuahua. GoGold received positive metallurgical results of its Los Ricos South deposit, and updated pre-feasibility activities. Silver Tiger released results from its ongoing drill program at its El Tigre project, Sonora. Sonoro reported results from seven additional drill holes completed at its Cerro Caliche project, Sonora. Vizsla released results from ten new drill holes completed at its Panuco project, Sinaloa. Starcore announced that its Board of Directors approved a USD $2M exploration budget for its most prolific projects in Mexico. ON DEALS AND CORPORATE ISSUES, Elemental Royalties announced that Bear Creek completed the acquisition of the Mercedes mine in Sonora. Fabled amended its option agreement with Golden Minerals with respect to the Santa Maria project in Chihuahua. Prismo announced the appointment of its Director of Business Development (Los Pavitos project, Sonora). Riverside and Hochschild signed an option agreement for la Union project in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • No relevant news.

ON MINING

  • Altaley Mining Corporation announced that it has begun pre-production mining and mill commissioning operations at its Tahuehueto property in Durango. It has stockpiled over 29K tonnes of ore to be used in the commissioning process and pre-production phases of the 1st ball mill. The plan is to process up to 500 tonnes per day in the first ball mill to produce a separate precious metal rich lead concentrate and a zinc concentrate. It also will produce a copper concentrate later on. Altaley will install a second 500 tonnes ball mill to increase milling capacity to 1000 tonnes per day. It is expected to be completed in Q3, 2022.
  • Excellon Resources Inc., reported Q1, 2022 production and financial results from its Platosa mine in Durango. The company mined 14,955 tonnes and milled 14, 585 tonnes of 504 g/t Ag, 5.3% Pb, and 6.7% Zn with metallurgical recoveries of 88.5%, 72.1%, and 80% respectively, to produce 209.4K Oz Ag, 1.2M Lb Pb, and 1.7M Lb Zn (or 384K Oz AgEq), at cash and all included sustain cost (AISC) of USD $10.49 and USD $18.92 per Oz Ag produced respectively. Excellon sold 186.4M Oz Ag, 1.1M Lb Pb, and 1.55M Lb Zn (or 345LK Oz Ag).It reported revenues of USD $8.5M, gross profit of USD $583K, and cash flow from operations of USD $1.9M.
  • Mag Silver Corp., reported Q1, 2022 production and financial results from its Juanicipio project in Zacatecas, where it owns 44% interest. The company announced that 145,484 tonnes of 597 g/t Ag were processed through the Fresnillo and Saucito plants, with 2.2M payable Oz Ag, 5.3K payable Oz, 2.4M Lb Pb and 3.24 M Lb Zn produced and sold. Mag Silver also reported that pre-commercial production sales (net of treatment and processing costs) totaled USD $64.9M for the quarter, less USD $18.7M in mining and transportation costs and depreciation and amortization, netting USD $46.2M in gross profit by Juanicipio in the quarter.

ON FINANCING

  • Alamos Gold Inc., entered into a share purchase plan. The company has purchased 1M shares at an average price of USD $7.415 at a cost of USDS $7.4M (Mulatos, Sonora).
  • Aztec Minerals Corp., announced a non-brokered private placement for gross proceeds of up to CAD $3M. The company announced that Alamos Gold Inc., has indicated that it intends to purchase securities under the offering to obtain a 9.9% interest in the company.  Part of the gross proceeds will be used to conduct exploration work at its Cervantes project in Sonora, as well as for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp., reported results from nineteen holes from its phase 2 drill program collared at its Cordero project in Chihuahua. Results include resource upgrade drilling for the Pre-Feasibility Study (PFS), planned for Q4, 2022, and expansion drilling of the Preliminary Economic Assessment (PEA) open pit and the resource pit. Drilling highlights include hole C21-560 with 234 g/t Ag, 0.15 g/t Au, 3.8% Pb, and 6.5% Zn (606 g/t AgEq) over 18.1m; hole C21-564 with 28 g/t Ag, 0.16 g/t Au, 0.3% Pb, and 1% Zn (85 g/t AgEq) over 51.2m, plus 91 g/t Ag, 0.12 g/t Au, 1.8% Pb, and 3% Zn (266 g/t AgEq) over 11.2m, plus 29 g/t Ag, 0.06 g/t Au, 0.4% Pb, and 0.8% Zn (75 g/t AgEq) over 80.2m, plus 95 g/t Ag, 0.21 g/t Au, 1.9% Pb, and 4.5% Zn (337 g/t AgEq) over 33.9m; hole C21-544 with 45 g/t Ag, 0.07 g/t Au, 0.9% Pb, and 1.2% Zn (122 g/t AgEq) over 60.4m, plus 23 g/t Ag, 0.04 g/t Au, 0.5% Pb, and 1% Zn (77 g/t AgEq) over 27.1m; and hole C21-574 with 272 g/t Ag, 0.16 g/t Au, 4.1% Pb, and 1.9% Zn (483 g/t AgEq) over 13.4m, plus 38 g/t Ag, 0.08 g/t Au, 0.6% Pb, and 2.2% Zn (146 g/t AgEq) over 12.3m, plus 46 g/t Ag, 0.07 g/t Au, 0.3% Pb, and 1.6% Zn (122 g/t AgEq) over 27.5m. “The Company has now completed 71,000 m in 211 holes as part of its Phase 2 drill program. Phase 2 drilling will continue through the remainder of the year and will be focused on three key areas: (1) PFS drilling consisting of reserve definition and engineering drilling; (2) resource expansion in the northeast of the deposit and at depth; and (3) initial drill testing of five property-wide targets on the Company’s extensive land package”.
  • GoGold Resources Inc., received positive metallurgical results of its Los Ricos South deposit, and updated pre-feasibility (PFS) activities. The optimized leach test work returned 82-88% and 92-97% for silver and gold recovery respectively; the optimized conditions encompassed a 96-hour leach period to maximize silver recovery, four hours of pre-aeration, 2 g/l of sodium cyanide and a nominal grind of 80% passing 75 microns; Merrill Crowe (zinc precipitation) testing determined that gold and silver was efficiently precipitated out of the pregnant solution under optimum conditions. GoGold also provided an update on the PFS. Highlights are: PFS testing complete with development of final process design criteria underway; major equipment sized and quotes received to finalize capital costs; and process flow diagrams completed.
  • Silver Tiger Metals Inc., released results from its ongoing drill program at its El Tigre project, Sonora. Drilling highlights include hole ET-21-329 with 0.13 g/t Au, 162 g/t Ag, 0.27% Cu, 6.4% Pb, and 2.8% Zn (442 g/t AgEq) over 28m, including 0.22 g/t Au, 429 g/t Ag, 0.22% Cu, 4.8% Pb, and 6.9% Zn (810 g/t AgEq) over 9.1m, including 0.32 g/t Au, 748 g/t Ag, 0.13% Cu, 3.3% Pb, and 13.7% Zn (1,317 g/t AgEq) over 3.3m, including 0.28 g/t Au, 1,624 g/t Ag, 0.1% Cu, 1.4% Pb, and 19.6% Zn (2,338 g/t AgEq) over 1m; and hole ET-21-364 with 0.14 g/t Au, 63 g/t Ag, 0.02% Cu, 0.3% Pb, and 0.8% Zn (108 g/t AgEq) over 25.9m, including 0.14 g/t Au, 83 g/t Ag, 0.03% Cu, 0.2% Pb, and 0.7% Zn (126 g/t AgEq) over 14.2m, including 0.19 g/t Au, 76 g/t Ag, 0.02% Cu, 1.8% Pb, and 3.6% Zn (253 g/t AgEq) over 2.3m, including 0.2 g/t Au, 111 g/t Ag, 0.03% Cu, 3.5% Pb, and 7.2% Zn (450 g/t AgEq) over 0.8m.
  • Sonoro Gold Corp., reported results from seven additional drill holes completed at its Cerro Caliche project, Sonora. Drilling highlights include hole SCR-305 with 0.54 g/t Au over 36.5m, including 3.59 g/t Au over 1.53m, and including 3.32 g/t Au over 1.53m; hole SCR-307 with 9.58 g/t Au over 9.14m, including 14.17 g/t Au over 6.09m, including 38.2 g/t Au over 1.53m; and hole SCR-309 with 1.37 g/t Au over 6.1m, including 3.97 g/t Au over 1.53m. “The drilling campaign at Cerro Caliche is now complete with final assays expected to be announced in June.  New geological data from over 7,200m and 63 drill holes will be included in a further updated resource estimate scheduled to be released in the fall of 2022”.
  • Vizsla Silver Corp., released results from ten new drill holes completed at the Tajitos-Copala resource area within its Panuco project, Sinaloa. Drilling highlights include hole CS-22-161 with 2,461 g/t Ag and 13.16 g/t Au (3,513 g/t AgEq) over a true width (TW) of 2.65m, including 12,424 g/t Ag and 96.3 g/t Au (20,123 g/t AgEq) over a TW of 0.2m; hole CS-22-157 with 713 g/t Ag and 3.76 g/t Au (1,013 g/t AgEq) over a TW of 4.2m, including 861 g/t Ag and 6.83 g/t Au (1,407 g/t AgEq) over a TW of 0.6m, including 1,480 g/t Ag and 5.84 g/t Au (1,947 g/t AgEq) over a TW of 0.4m, and including 1,420 g/t Ag and 6.35 g/t Au (1,928 g/t AgEq) over a TW of 1.2m; hole CS-22-154 with 2,400 g/t Ag and 11.08 g/t Au (3,286 g/t AgEq) over a TW of 1.7m, including 4,230 g/t Ag and 20.1 g/t Au (5,837 g/t AgEq) over a TW of 0.7m; and hole CS-22-158 with 1,140 g/t Ag and 6.65 g/t Au (1,671 g/t AgEq) over a TW of 1.5m, including 2,610 g/t Ag and 15.3 g/t Au (3,833 g/t AgEq) over a TW of 0.6m.
  • Starcore International Mines Ltd., announced that its Board of Directors approved a USD $2M exploration budget for its most prolific projects in Mexico. For its El Creston project, Sonora, the company has budgeted USD $500K to confirm the presence of a copper porphyry at depth. The program will include surveys, geophysical studies of magnetometry, and the development of new geological models from existing drillhole data; For its San Martin Mine, Querétaro, Starcore has budgeted USD $1M to search for the extension of the San Martin Breccia in the southwest and eastern part of the mine, as well as to confirm the geological potential of the north part of the concessions in the areas of Cerro Azul; and for new opportunities the company has allocated USD $500K such as California Au-Ag project, Durango, where the company has been invited to participate under a JV agreement. California project comprises 3,211 hectares which is part of the mineralization trend of the San Dimas (Tayoltita) District in Durango.

ON DEALS AND CORPORATE ISSUES

  • Elemental Royalties Corp., announced that Bear Creek Mining Corporation completed the acquisition of the Mercedes mine in Sonora from Equinox Gold Corp. Elemental holds an uncapped 1% Net Smelter Return (NSR) Royalty on the Mercedes Mine, payable from July 2022.
  • Fabled Silver Gold Corp., amended its option agreement with Golden Minerals Company with respect to the Santa Maria project in Chihuahua. Fabled is now requested to make the final payment of USD $2M previously due on December 4, 2022 as follow: USD $1M on December 4, 2022; USD $25K on March 31, 2023; USD $25K on June 30, 2023; USD $25K on September 30, 2023; and USD $25K on December 31, 2023. As consideration of the amendment, Fabled will issue to Golden on December 4, 2022, a number of common shares of Fabled that are equal to a value of USD $75K, at a price per share equal to the closing trading price of the shares on the TSX Venture Exchange on the trading day immediately prior to the date that such payment is made. 
  • Prismo Metals Inc., announced the appointment of its Director of Business Development: The company granted him 500K incentive stock options exercisable at a price of $0.15 per share before May 20, 2027. (Los Pavitos project, Sonora).
  • Riverside Resources Inc., and Hochschild Mining plc signed an option agreement valued at over USD $31M for la Union project, Sonora. On the Phase1 earn-in option, Hochschild can earn an undivided 51% interest by incurring USD $8M in exploration expenditures over 5 years. Upon completion of Phase 1 obligations, Hochschild can elect to form a 51:49 Joint Venture. On the Phase 2 earn-in option, Hochschild can elect to earn an additional 24% interest by incurring a further USD $3M in exploration expenditures and delivering a completed Feasibility Study (FS) over 3 years. Upon Hochschild completing the Phase 2 earn-in, Riverside will have the option to sell its interest in the project to Hochschild for USD $2M, while retaining a 1% net smelting royalty (NSR).

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 hydrothermal breccia in a low sulphidation epithermal vein system in a prospect in Durango Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of April, 2022

By Jorge Cirett

During the 17th week of the year (April 25th to May 1st, 2022), at least 24 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, four released first quarter 2022 reports, one reported a temporary suspension of mining, one on a financing round, another one on an updated credit facility, eight reported either drill results or updated on work in their advanced properties. ON MEXICO ISSUES, according to Miner Deck, one company working in Mexico had the best gold intercept of the week, and five companies in Mexico participated in the best eight silver intercepts. The SGM stated that Ixtlilco el Grande in Tepalcingo, Morelos, is one of several sites favorable for lithium mineralization. Several institutions pointed out that Mexico can be involved in international litigations if proceeds to nullify mining concessions under the reform to the mining law recently approved. ON EXPLORATION, in Sonora, Tocvan Ventures provided drill results on the Pilar project; Silver Spruce received results from Diamante. In Durango, Commander Resources informed on drilling by Southern Empire Resources at Pedro. In Chihuahua, Mammoth Resources provide drilling results from Tenoriba. ON MINING, Guanajuato Silver reported 2021 production, Mag Silver, Alamos Gold and Agnico Eagle reported Q1 2022 production results. Gatos Silver temporarily suspended mining operations at Cerro Los Gatos in Chihuahua. ON FINANCING, Sonoro Gold is to raise up to C$3 M. Orla Mining informed on a project finance facility for US$150 M.  ON RESOURCES AND DEVELOPMENT, Barksdale Resources released the last results from its drilling campaign at San Javier, in Sonora. Endeavour Silver reported drilling results from its Parral project in Chihuahua. Altaley Mining filed an updated technical report on Tahuehueto, Durango. Sierra Madre Gold and Silver announced results from drilling at the Tepic project, in Nayarit. Chesapeake Gold released results from metallurgical infill holes at Metates, in Durango. SilverCrest Metals updated on construction work at Las Chispas, in Sonora. Discovery Silver updated on work at Cordero, in Chihuahua, GR Silver Mining released high-grade results from drilling at Plomosas, in Sinaloa. ON DEALS AND CORPORATE ISSUES, no relevant news.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to Miner Deck, one company working in Mexico, Chesapeake Gold, drilled the best gold drilling intercept of the week, with 405 m @ 0.90 gpt Au at Metates, in Durango.
  • According to Miner Deck, five of the top eight silver intervals were drilled by companies working in Mexico. Gr Silver Mining was first with 24.2 m @ 1,094 gpt Ag at Plomosas, in Sinaloa. Chesapeake Gold was third with 357 m @ 31.6 gpt Ag, at Metates, in Durango. Radius Gold was fifth, with 11.8 m @ 450 gpt Ag at Amalia, in Chihuahua. Endeavour Silver was sixth, with 5.7 m @ 392 gpt Ag at Guanaceví, in Durango. Sierra Madre was eighth, with 3.05 m 625 gpt Ag at Tepic, in Nayarit.
  • The Servicio Geológico Mexicano (SGM), stated that Ixtlilco el Grande in Tepalcingo, Morelos, is one of several sites favorable for lithium mineralization.
  • The Cámara de Comercio Internacional argued that if the Mexican government nullifies mining concessions as results of the recently approved reform to the mining law, will be obligated to indemnify investors. This as a result of modifying the regulatory framework, as also pointed the Comisión de Comercio y Políticas de Inversión y el Comité de Arbitraje de Inversión de la International Chamber of Commerce.

ON EXPLORATION

  • Radius Gold Inc. reported drilling results from El Cuervo target at its Amalia project in Chihuahua. Highlighted core length intercepts comprise 14.60 m @ 117 gpt Ag, 0.92 gpt Au (including 0.9 m @ 1,185 gpt Ag, 6.93 gpt Au); 17.35 m @ 253 gpt Ag, 1.11 gpt Au (Including 7.60 m @ 414 gpt Ag, 2.10 gpt Au); 11.80 m @ 450 gpt Ag, 1.31 gpt Au (including 2.10 m @ 1,577 gpt Ag, 2.27 gpt Au). These holes were drilled from two platforms testing 350 m of strike and 300 m of depth.
  • Tocvan Ventures Corp. announced results from one more drill hole at its Pilar project in Sonora. Highlighted core length intervals comprise 108.6 m @ 0.8 gpt Au, 3 gpt Ag (including 31.9 m @ 2.4 gpt Au, 2 gpt Ag, which includes 9.4 m @ 7.6 gpt Au, 5 gpt Ag). The drill hole intersected a silicified andesite, including the 9.4 m high-grade breccia zone.
  • Silver Spruce Resources Inc. received high-grade surface sample results from its Diamante project in Sonora. The results are part of the phase 1 geological mapping program on the main drill target areas. Intense silica, sericite, clay and propylitic alteration was confirmed peripheral to veins and breccias in andesitic tuff, rhyolite and granodiorite. Highlighted surface sample results comprise 51.5 gpt Au, 11 gpt Ag; 7.57 gpt Au, 186 gpt Ag, 114 ppm Bi, 6.3% Pb; 3.31 gpt Au, 191 gpt Ag, 0.5% Pb; 2.99 gpt Au, 2,270 gpt Ag, 422 gpt Bi, 0.29% Cu, 4.4% Pb; 2.08 gpt Au, 533 gpt Ag, 0.19% Cu, 3.8% Pb, 7.5% Zn; 1.80 gpt Au, 199 gpt Ag, 2.8% Pb, 0.2% Zn; 1.141 gpt Au, 140 gpt Ag, 0.17% Cu, 2.6 % Pb, 3.6% Zn; 1.38 gpt Au, 1,980 gpt Ag, 3,290 ppm Bi, 11.1% Pb; 1.34 gpt Au, 100 gpt Ag, 100 ppm Bi, >1000 ppm Cd, 3.2% Cu, 5.7% Pb, 16.7% Zn; 0.94 gpt Au, 223 gpt Ag, 0.27% Cu, 4.0% Pb, 6.5% Zn; 0.72 gpt Au, 226 gpt Ag, 375 ppm Bi, 2.4% Pb; 0.27 gpt Au, 82 gpt Ag, 44 ppm Bi, >1,000 ppm Cd, 3.6% Pb, 22.9% Zn; 0.20 gpt Au, 1,310 gpt Ag, 0.37% Cu, 42.3% Pb, 8.2% Zn.
  • Commander Resources Ltd. informed on work by partner Southern Empire Resources at the Pedro project in Durango. Southern Empire completed six core holes for a total of 856 m. Highlighted core length results comprise 9.26 m @ 0.087 gpt Au; 5.28 m @ 0.151 gpt Au; 19.82 m @ 0.311 gpt Au; 5.26 m @ 0.115 gpt Au; 15.23 m @ 0.577 gpt Au; 5.88 m @ 0.098 gpt Au; 14.75 m @ 0.230 gpt Au. “The Au-As-Sb-Hg-Tl-Te geochemical suite associated with strong orpiment (As S ) and realgar (AsS) mineralization observed in the Pedro drill core is, in part, indicative of Carlin-style gold deposits”.
  • Mammoth Resources Corp. provided results from three additional diamond drill holes at Tenoriba, in Chihuahua. Highlighted core length intervals comprise 6.0 m @ 0.20 gpt Au, 3 gpt Ag; 15.0 m @ 0.34 gpt Au, 2 gpt Ag; 6.0 m @ 0.59 gpt Au, 3 gpt Ag in one hole on the Moreno zone; 46.5 m @ 0.45 gpt Au, 5 gpt Ag in another hole on the Carneritos zone and 37.5 m @ 0.98 gpt Au, 15 gpt Ag (including 18.0 m @ 1.13 gpt Au, 21 gpt Ag, 0.55% Cu) and 12.0 m @ 0.08 gpt Au, 0.45% Cu in one other hole on the Moreno zone. To date, results for 1,914 m have been released from 13 holes on the current drilling program of 27 holes with 3,240 m drilled. The program has been halted for lack of water for drilling.

ON MINING

  • Guanajuato Silver Company Ltd. reported selected financial and production results for 2021. Production at El Cubo mine in Guanajuato commenced in October 2021. A total of 89.1 K tonnes were mined from El Cubo and existing stockpiles from El Pinguico, with 77.5 K tonnes milled, recovering 82.6% Ag, 78.8% Au to produce 124,7 K Oz Ag, 1,440 Oz Au at cash cost $20.36 per Oz AgEq mined. By the end of the period the company had $8.23 M in cash and an additional $1.6 M in bullion.
  • MAG Silver Corp. reported first quarter 2022 production of underground development and stope material at Juanicipio (56% Fresnillo/44% Mag Silver), in Zacatecas. On a 100% basis, 145.5 K tonnes were processed @ 597 gpt Ag, producing 2.4 M Oz Ag, 5,837 Oz Au. MAG Silver attributable production is 1.06 M Oz Ag, 2,568 Oz Au; the associated Pb and Zn production is to be reported with MAG’s first quarter filings.
  • Gatos Silver Inc. suspended temporarily mine operations at Cerro Los Gatos in Chihuahua. “The Mexican Ministry of Defense (“SEDENA”), who regulates all explosives permits in Mexico, temporarily suspended CLG’s explosive and blasting permit on April 21, 2022, following a blasting incident during underground development activities where two blasts were detonated prematurely”. No personnel were injured and no significant damage to equipment occurred. The company expects the resumption of mining activities next week.  
  • Alamos Gold Inc. reported Q1 2022 financial results, including figures from its Mexican operations. At Mulatos in Sonora, 613.8 K tonnes of ore were mined, 1.97 M tonnes of waste moved, stacking 1.74 M tonnes @ 0.73 gpt Au, for 40,852 Oz Au stacked. During the period 22,500 Oz Au were produced at cash cost $1,570 per Oz Au, and an AISC of $1,782 per Oz Au. “Mulatos produced 22,500 ounces in the first quarter, lower than the prior year period though consistent with first half 2022 guidance of between 45,000 and 50,000 ounces. Initial production from La Yaqui Grande in the third quarter and higher grades from El Salto are expected drive production substantially higher in the second half of the year to between 85,000 and 95,000 ounces”.
  • Agnico Eagle Mines Ltd. released first quarter 2022 results, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 384 K tonnes were processed at a rate of 4,267 tonnes per day (tpd), averaging 2.14 gpt Au, to produce 25,170 Oz Au at cash cost $1,078 per Oz Au. At Creston Mascota, residual recovery from the heap leach pad continued, producing 1,006 Oz Au at cash cost $407 per Oz Au with residual leaching to continue throughout the second quarter of 2022. At La India, in Sonora, 1.56 M tonnes were processed at a rate of 17.4 K tpd, averaging 0.57 gpt Au, to produce 21,702 Oz Au at cash cost $820 per Oz Au.

ON FINANCING

  • Sonoro Gold Corp. is to undertake a non-brokered private placement offering to raise up to C$3 M (Cerro Caliche, Sonora).
  • Orla Mining Ltd. announced the refinancing of its US$125 M project finance facility with a new US$150 M secured credit facility which includes a US$100 M term facility and a US$50 M revolving facility through the Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce (Camino Rojo, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Barksdale Resources Corp. announced additional drill results from its 5,000 m phase I drilling program at the Cerro Verde zone of the San Javier project in Sonora. Highlighted core length intervals in three holes comprise 21 m @ 0.14% Cu, 0.47 gpt Au; 21 m @ 0.61% Cu, 0.28 gpt Au; 6 m @ 0.04% Cu, 1.90 gpt Au; 6 m @ 0.19% Cu, 0.49 gpt Au; 15 m @ 1.48% Cu (including 9 m @ 2.22% Cu); 6 m @ 0.10% Cu, 0.49 gpt Au in one hole; 27 m @ 0.31% Cu; 18 m @ 0.36% Cu; 6 m @ 0.25% Cu; 12 m @ 0.80% Cu; 6 m @ 1.19% Cu; 66 m @ 0.33% Cu in a second hole, 33 m @ 0.29% Cu; 6 m @ 0.25% Cu in the third hole and 15 m @ 0.23% Cu; 3 m @ 0.10% Cu, 0.45 gpt Au; 3 m @ 0.17% Cu, 0.37 gpt Au; 6 m @ 0.29% Cu. “Two additional holes on the western flank of Cerro Verde have intercepted broad zones of mineralization further to the west, while hole SJ21-32 has confirmed copper mineralization in addition to further extending oxide gold”. Next in line is the completion of an initial resource estimate at Cerro Verde and planning of the next exploration phase, which is likely to include targets at La Trinidad and Mesa Grande prospects.
  • Endeavour Silver Corp. reported results from drilling at its Parral project in Chihuahua. Highlighted true width intercepts comprise 0.98 m @ 169 gpt Ag, 3.9% Pb, 2.3% Zn; 3.24 m @ 194 gpt Ag, 0.1% Pb, 0.2% Zn; 5.91 m @ 218 gpt Ag, 0.6% Pb, 1.1% Zn; 2.31 m @ 314 gpt Ag, 0.7% Pb, 0.3% Zn; 1.92 m @ 203 gpt Ag, 0.2% Pb; 1.13 m @ 439 gpt Ag, 0.23% Cu, 0.6% Pb, 0.1% Zn; 3.27 m @ 392 gpt Ag, 0.6% Pb, 2.1% Zn at Veta Colorada Sierra Plata Deep vein; 1.96 m @ 513 gpt Ag, 0.11% Cu, 2.0% Pb, 1.7% Zn; 4.23 m @ 0.14 gpt Au, 331 gpt Ag, 2.8% Pb, 2.2% Zn; 1.84 m @ 178 gpt Ag, 0.9% Pb, 1.0% Zn; 1.25 m @ 0.14 gpt Au, 310 gpt Ag, 1.8% Pb, 2.0% Zn; 3.49 m @ 395 gpt Ag, 0.14% Cu, 2.8% Pb, 2.7% Zn; 1.17 m @ 289 gpt Ag, 0.12% Cu, 3.0% Pb, 2.6% Zn; 1.18 m @ 191 gpt Ag, 0.8% Pb, 1.6% Zn; 2.48 m @ 0.12 gpt Au, 532 gpt Ag, 0.28% Cu, 3.1% Pb, 3.1% Zn at the Veta Colorada El Verde vein zone, and 2.09 m @ 0.61 gpt Au, 55 gpt Ag, 0.13% Cu, 3.0% Pb, 3.5% Zn; 0.48 m @ 0.49 gpt Au, 75 gpt Ag, 5.8% Pb, 4.7% Zn, at the Veta Colorada-San Joaquín vein. “Veta Colorada (including the Sierra Plata and El Verde mines) was a past producing mining operation owned by Grupo Mexico that closed in 1991 due to low silver prices. Mineralization, which occurs in a major silver vein structure that ranges from 1 to 30 metres thick, was mined seven levels down to 300-metre depths below surface in places and was traced for seven kilometres”.
  • Altaley Mining Corp. filed an updated technical report, including a preliminary feasibility study (PFS) for its Tahuehueto project in Durango. The previous report released in March 2021 “contained errors related to net smelter return calculations that under-estimated the PFS economics”, the updated disclosure increases “approximately 30% to the overall economics of the project”. The project envisages 1 K tpd operation with a mine life (LOM) of 10.9 years, to process a total of 3.55 M tonnes of ore @ 2.58 gpt Au, 50.5 gpt Ag, 0.3% Cu, 1.1% Pb, 1.9% Zn, with planned recovery of 87% Au, 85% Ag, 85% Cu, 85% Pb, 68% Zn to have a total net smelter return (NSR) of $645.4 M, LOM total capital cost of $56.9 M, an AISC of $855 per Oz AuEq, an EBITDA LOM of 357.7 M and an IRR of 65.5 with a payback period of 2 years. The project estimate of resources stands at 6.26 M tonnes @ 47 gpt Ag, 2.11 gpt Au, 0.27% Cu, 0.9% Pb, 1.98% Zn containing 9.45 M Oz Ag, 425 K Oz Au, 36.6 M Lb Cu, 123.9 M Lb Pb, 273.3 M Lb Zn in measures and indicated resources and 0.92 M tonnes @ 28.5 gpt Ag, 1.02 gpt Au, 0.15% Cu, 1.16% Pb, 1.96% Zn, containing 0.84 M Oz Ag, 30 K Oz Au, 3.K M Lb Cu, 23.6 M Lb Pb, 39.7 M Lb Zn.
  • Sierra Madre Gold and Silver Ltd. announced results from additional drill holes from the phase 2 program at its Tepic project in Nayarit. Highlighted core length intervals comprise 6.65 m @ 210 gpt Ag, 1.06 gpt Au (including 1.5 m @ 524 gpt Ag, 2.47 gpt Au); 4.5 m @ 264 gpt Ag, 1.85 gpt Au (including 1.5 m @ 740 gpt Ag, 2.37 gpt Au); 3.05 m @ 625 gpt Ag, 1.60 gpt Au; 1.5 m @ 185 gpt Ag, 0.26 gpt Au; 1.5 m @ 110 gpt Ag, 0.23 gpt Au. “Ten of the twelve holes were designed to test up dip or strike extensions of known structures outside of the volumes used in the historical resource estimations”.
  • Chesapeake Gold Corp. released results for the last 13 PQ size infill core drill holes at its Metates project in Durango. The 2021-2022 infill drill campaign totaled 7,485 m, returning 22% higher grades within intrusive hosted mineralization. Highlighted core-length intervals comprise 357 m @ 0.63 gpt Au, 20.5 gpt Ag; 357 m @ 1.00 gpt Au, 31.6 gpt Ag; 39 m @ 0.28 gpt Au, 30.9 gpt Ag; 118 m @ 1.24 gpt Au, 14.4 gpt Ag; 350 m @ 0.74 gpt Au, 23.2 gpt Ag (including 43 m @ 1.17 gpt Au, 8.6 gpt Ag); 69 m @ 0.50 gpt Au, 16.3 gpt Ag; 45 m @ 1.01 gpt Au, 11.5 gpt Ag; 226 m @ 0.95 gpt Au, 16.2 gpt Ag; 9 m @ 2.20 gpt Au, 6.8 gpt Ag; 405 m @ 0.90 gpt Au, 27.6 gpt Ag; 172 m @ 0.41 gpt Au, 25.4 gpt Ag; 45 m @ 0.82 gpt Au, 56.8 gpt Ag; 63 m @ 0.59 gpt Au, 10.6 gpt Ag; 138 m @ 1.38 gpt Au, 11.1 gpt Ag. “The infill drill holes targeted the intrusive-hosted mineralization and are spaced at approximately 50 metre intervals”.
  • SilverCrest Metals Inc. updated on construction at Las Chispas project in Sonora. At the end of Q1 construction at Las Chispas was 95.7%, with plant start-up on track for Q2 2022. Capital costs remain on budget, the power line is to be completed in Q2 and energized in Q3 while rental power generators were commissioned and are operational. A total of 19 .5 Km of underground development have been completed, 2.0 km in the last quarter. “The H1, 2022 exploration focus at Las Chispas is to map and sample unexplored areas and generate new drill targets”. At the end of Q1 2022 SilverCrest had cash and cash equivalents of $152 M, and $30 M available on a $120 M financing facility.
  • Discovery Silver Corp. updated on work at Cordero, in Chihuahua, to the Q4 2021. During the period a PEA on Cordero was completed, outlining a 16-year mine life producing 26 M Oz AgEq per year at an AISC of $12.35 per Oz AgEq. Work for this 2022 includes the pre-feasibility study (PFS), resource expansion and initial drill testing of five targets within the extensive land package owned by Discovery.
  • GR Silver Mining Ltd. announced results from its surface infill drill program at Plomosas, in Sinaloa. The results are part of the phase 1 program in the Plomosas mine area. Some of the highlighted true width results comprise 0.9 m @ 435 gpt Ag, 1.1% Pb, 5.1% Zn; 0.9 m @ 805 gpt Ag, 4.2% Pb, 5.6% Zn; 4.5 m @ 257 gpt Ag, 0.3% Pb, 0.4% Zn; 9.0 m @ 96 gpt Ag, 0.11 gpt Au, 0.2% Pb, 0.4% Zn; 2.8 m @ 176 gpt Ag, 0.3% Pb, 0.4% Zn; 8.5 m @ 410 gpt Ag, 0.30 gpt Au, 1.0% Pb, 1.0% Zn; 6.9 m @ 1,521 gpt Ag, 1.2% Pb, 1.6% Zn; 30.5 m @ 12 gpt Ag, 0.28 gpt Au, 1.0% Pb, 0.8% Zn; 16.0 m @ 289 gpt Ag, 0.1% Pb, 0.1% Zn; 15.7 m @ 238 gpt Ag, 0.1% Pb, 0.1% Zn; 9.5 m @ 372 gpt Ag, 0.1% Pb, 0.1% Zn.  

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz-barite-FeOx vein in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2022. 

Malachite after chalcopyrite in a hydrothermal breccia.

By Miguel A Heredia

During the 10th week of the year (March 7th to March 13th, 2022), at least 20 press releases were announced by companies working in Mexico, and 3 news published by the media, with nine reporting resources and developments of their properties, four informing on exploration results, four communicating production and financial results, three discussing social issues, two announcing financial issues, and one disclosing deals and corporate issues.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Silver Spruce filed environmental permits to drill at their the Diamante, Mezquite and Jackie projects. In Durango, Canasil provided a review of the results from its 2020-21 drill program on the Candy Vein at its Nora project and Silver Wolf provided a 2021 year in review and 2022 outlook on its Ana Maria property. ON MINING, Endeavour reported consolidated full year 2021 production and financial results from their mining operations in México. First Majestic announced Q4 and full year 2021 production and financial results from their Mexican mine operations. Gatos Silver presented Q4 and 2021 year-end production and financial results from its 70% owned Cerro Los Gatos operation in Chihuahua, and provided a corporate update. Gold Resource provided Q4 and year-end 2021 production and financial results from its Don David Gold mine in Oaxaca.  ON FINANCING, Argonaut sold 9.74M of common shares of Magna Gold for aggregate gross proceeds of CAD $6.82M. Kootenay closed a brokered private placement for gross proceeds of $4.78M and a non-brokered portion of the offering for gross proceeds of approximately $1.47M, for total aggregate gross proceeds to the company of $6.25M (Columba project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Altaley announced positive Pre-Feasibility Study and updated Mineral Resources and Reserves at its Tahuehueto project, Durango. Capitan Mining released results from its ongoing RC drilling program at its Cruz de Plata project (former referred as Peñoles) in Durango.  Magna Gold released results from the first 22 of 43 drill holes completed at its Margarita project in Chihuahua. Prime Mining reported results from its ongoing drilling program at its Los Reyes project, Sinaloa. Avino announced drill results from the La Potosina area at its Avino project, Durango. Azucar Minerals reported that it will commence to drill test a new large lithocap alteration at its El Cobre project, Veracruz.  Barksdale released results from its phase I, 5,000m drilling program at the Cerro Verde zone on its San Javier project, Sonora. Vizsla reported results from seven new drill holes collared on the Copala and Christiano veins within its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Ranchero Gold announced the appointments of two new members to its Board of Directors (Santa Daniela project, Sonora). Fabled announced that it has completed the planning of its phase 2 definition diamond drill program at its Santa Maria project in Chihuahua. ON SOCIAL RESPONSIBILITY, Fresnillo plc reported the return to face-to-face work in the state, and the opening of its outdoor activities. Grupo Mexico, within the framework of the International Mother Language Day, held activities related to the preservation and promotion of indigenous languages in the communities where it has a presence. Media Luna Mining Company (Torex Gold) ratified for the sixth consecutive year the collaboration agreement with fishing cooperatives in the Balsas River Basin in Guerrero.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., filed environmental permits with the Secretariat of Natural Resources and Environment (SEMARNAT) to drill at their the Diamante, Mezquite and Jackie projects in Sonora. Approvals from SEMARNAT are expected to be obtained by late March, 2022.
  • Canasil Resources Inc., provided a review of the results from its 2020-21 drill program on the Candy Vein at its Nora project. 13 drill holes were completed for a total of 3,296m to test the Candy vein over a strike distance of 500m and to a vertical depth of 250m below surface. All the holes encountered the mineralized vein with the highest true width x grade value on hole NRE-21-11 with 5.31 g/t Au and 336 g/t Ag (748 g/t AgEq) over a true width (TW) of 11.29m, giving a TW x grade value of 8,445 g/t AgEq x m. The drill results show that the Candy vein hosts consistently high grade gold and silver mineralization over appreciable widths. The Candy vein is known over 3km long but only 500m have been drill tested. Additionally, Canasil reported that systematic grid soil sampling over a 2km east-west and 3km north-south area covering the central zone of the project returned widespread silver, gold, copper, zinc and lead geochemical anomalies. “The gold and silver anomalies are particularly strong over the 3-Km strike extent of the Candy vein structure on the western side of the project area, as well as to the southwest and east of the Candy vein structure. A strong silver and gold anomaly also extends for 1.5 Km southwest from the location of the above high grade drill intercepts on the Candy vein and a breccia target has been identified to the south with potential for hosting bulk tonnage disseminated silver-gold mineralization”.
  • Silver Wolf Exploration Ltd., provided a 2021 year in review and 2022 outlook on its Ana Maria property in Durango. The accomplished goals on 2021 include the completion of a NI-43-101 compliant technical report on the properties; an Aster satellite imaging survey, an airborne LiDAR and Hyperspectral imaging survey, an Airborne geophysical data survey, the application to expand the land package by 3x, and the completion of the 2021 mapping and sampling program to identify prospective areas and uncover previous historical workings. The company also provided a 2022 outlook that include the completion of the geophysical data interpretation, to define drill targets for the initial drill program, to apply and receive drill permits, to mobilize drilling equipment to execute an initial drill program, and to receive approval from the Mexican authorities on the expanded land application.

ON MINING

  • Endeavour Silver Corp., reported consolidated full year 2021 production and financial results from their mining operations in México. The company mined 887,424 tonnes to produce 4.87M Oz Ag, and 42.3K Oz Au at a cash cost of USD $9.31 per Oz Ag, a total production cost of USD $14.70 per Oz Ag, and all-in sustaining cost (AISC) of USD $20.34 per Oz Ag. Endeavor sold 3.86 M Oz Ag and 39.1K Oz Au and reported revenues of USD $165.3M, adjust net earnings of USD $(-8.6M), mine operating earnings of USD $36.4M, EBIDTA of USD $54.9M, and working capital of USD $121.2M.
  • First Majestic Silver Corp., announced Q4 and full year 2021 production and financial results from their Mexican mine operations. The below tables show the figures per separate mine for Q4, and full year 2021.

First Majestic reported consolidated financial results (including Jerritt Canyon mine in USA). It reported revenues of USD $204.9M and USD $584.1M respectively for the periods Q4, and full year 2021; mine operating earnings of USD $40.4M and USD $101.4M respectively; loss earnings of USD $4M and USD $4.9M respectively; operating cash flows before working capital and taxes of USD $71.8M and USD $176.8M respectively; cash and cash equivalents of USD $237.9M in each period; working capital of USD $224.4M in each period; and free cash flow of USD $66.4M and USD ($16.9M) for Q4 and full year 2021 respectively.

  • Gatos Silver Inc., presented Q4 and 2021 year-end production and financial results from its 70% owned Cerro Los Gatos operation in Chihuahua, and provided a corporate update. On Q4, 2021, the company milled 241,397 tonnes of 331 g/t Ag, 0.3 g/t Au, 2.2% Pb, and 3.9% Zn with metallurgical recoveries of 90%, 63%, 91% and 73% respectively, to produce 2.3M Oz Ag, 1.3K Oz Au, 10.2M Lb Pb, and 12.9M Lb Zn. Average realized price per Oz Ag, Oz Au, Lb Pb, and Lb Zn were USD $23.08, USD $1,804, USD $1.04, and USD $1.58 respectively. For the full year, Gatos milled 909,886 tonnes of 295 g/t Ag, 0.32 g/t Au, 2.3% Pb, and 3.9% Zn with metallurgical recoveries of 88%, 63%, 90% and 73% respectively, to produce 7.6M Oz Ag, 5.2K Oz Au, 39.8M Lb Pb, and 49.6M Lb Zn. Average realized price per Oz Ag, Oz Au, Lb Pb, and Lb Zn were USD $24.51, USD $1,804, USD $0.99, and USD $1.36 respectively. The company reported exploration expenses, operating costs and sales  for the period Q4, 2021 of USD $0.3 , USD $3.8M, and USD &72.9M respectively, while for the full year 2021 of USD $1.7, USD $19.3M, and USD $251.2M respectively. Gatos provided its 2022 guidance and expects to produce between 8.5- 9M Oz Ag, 4-4.5K Oz Au, 36-40M Lb Pb, and 49-54M Lb Zn at AISC of USD $16.5-18.5 per payable silver on Co-product basis and USD $13-15 per payable silver on by-product basis.
  • Gold Resource Corporation provided Q4 and year-end 2021 production and financial results from its Don David Gold mine in Oaxaca. On Q4, 2021 the company milled 135,398 tonnes of 1.93 g/t Au, 82 g/t Ag, 0.38% Cu, 2.2% Pb, and 4.8% Zn to produce 1.8K Oz Au, 287.8K Oz Ag, 907.2K Lb Cu, 4.6M Lb Pb, and 9.33M Lb Zn at average metal prices realized of USD $1,811 per Oz Au, USD $23.51 per Oz Ag, USD $9,768 per tonne of Cu, usd $2,339 per tonne of Pb, and USD $3,446 per tonne of Zn. On the full year 2021, Gatos milled 501,978 tonnes of 2.01 g/t Au, 80 g/t Ag, 0.39% Cu, 1.9% Pb, and 4.4% Zn to produce 22.6K Oz Au, 1.06M Oz Ag, 3.18M Lb Cu, 13-4M Lb Pb, and 30.3M Lb Zn at average metal prices realized of USD $1,796 per Oz Au, USD $25.06 per Oz Ag, USD $9,553 per tonne of Cu, USD $2,268 per tonne of Pb, and USD $3,091 per tonne of Zn. On Q4, 2021, the company reported sales for USD $38.6M, EBIDTA of USD $10.3M, and operating cost of USD $12.9M, while on the full year 2021 it reported USD $125.2M, USD $33.64M, and USD $34.78M respectively.

ON FINANCING

  • Argonaut Gold Inc., sold 9.74M of common shares of Magna Gold at a price of CAD $0.70 per common share for aggregate gross proceeds of CAD $6.82M.
  • Kootenay Silver Inc., closed a brokered private placement for gross proceeds of $4.78M and a non-brokered portion of the offering for gross proceeds of approximately $1.47M, for total aggregate gross proceeds to the company of $6.25M. Gross proceeds will be used for exploration activities, working capital and other general corporate purposes (Columba project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Altaley Mining Corporation announced positive Pre-Feasibility Study (PFS) and updated Mineral Resources and Reserves at its Tahuehueto project, Durango. Highlights of the PFS include a throughput of 1,000 tonnes per day; a mine life of 10.9 years; a pre-tax net cash flow of USD $240.9M; a total capital cost of USD $56.9M; an all in sustaining cost (AISC) of USD $844 per Oz AuEq; a pre-tax Net Present Value (VNP) of USD $152.8M at 5% discount rate; an EBIDTA of USD $246.1M, and an internal rate of return (IRR) of 45%. The company also updated Mineral Resources and Reserves. It reported Proven+ Probable Reserves of 3.58M tonnes grading 2.55 g/t Au, 50 g/t Ag, 0.26% Cu, 1.1% Pb, and 1.9% Zn with metallurgical recoveries of 87%, 85%, 85%, 85% and 68& respectively to contain 294K Oz Au, 5.7M Oz Ag, 20.55M Lb Cu, 87.36M Lb Pb, and 151.6M Lb Zn. Altaley also reported Measured +Indicated Resources of 6.26M tonnes grading 2.11 g/t Au, 47 g/t Ag, 0.27% Cu, 0.9% Pb, and 2% Zn (4.47 g/t AuEq) to contain 415K Oz Au, 9.4M Oz Ag, 36.6M Lb Cu, 123.9M Lb Pb, and 273.3M Lb Zn (900K Oz AuEq); and Indicated Resources of 918K tonnes grading 1.02 g/t Au, 29 g/t Ag, 0.15% Cu, 1.2% Pb, and 2% Zn (3.05 g/t AuEq) to contain 30K Oz Au, 840K Oz Ag, 3M Lb Cu, 23.5M Lb Pb, and 39.7M Lb Zn (90K Oz AuEq).
  • Capitan Mining Inc., released results from its ongoing RC drilling program at its Cruz de Plata project (former referred as Peñoles) in Durango. Hole 21-JMRC03 drilled on Jesus Maria Vein system returned 0.37 g/t Au, 177 g/t Ag, 3.2% Pb, and 3.6% Zn (435 g/t AgEq) over 10.7m, including 0.71 g/t Au, 290 g/t Ag, 6.8% Pb, 6.6% Zn (798 g/t AgEq) over 11.5m, including 0.45 g/t Au, 258 g/t Ag, 4.7% Pb, and 5% Zn (620 g/t AgEq) over 1.5m, including 0.27 g/t Au, 370 g/t Ag, 5.6% Pb, and 8% Zn (860 g/t AgEq) over 1.5m, including 0.55 g/t Au, 122 g/t Ag, 2.6% Pb, and 3% Zn (358 g/t AgEq) over 1.5m, including 0.51 g/t Au, 281 g/t Ag, 5.9% Pb, and 3.8% Zn (641 g/t AgEq) over 1.5m. Assays are still pending for 11 RC holes out of 15 completed.
  • Magna Gold Corp., released results from the first 22 of 43 drill holes completed at its Margarita project in Chihuahua. Drill highlights include hole MAR-21-002 with 139 g/t Ag, 0.1% Pb and 0.6% Zn over 46.8m, including 801 g/t Ag, 0.5% Pb, and 0.8% Zn over 2.85m; hole MAR-21-004 with 113 g/t Ag, 0.03% Pb, and 0.1% Zn over 32.55m, including 300 g/t Ag, 0.6% Pb, and 0.2% Zn over 6m; hole MAR-21-005 with 133 g/t Ag, 0.05% Pb and 0.2% Zn over 39.5m, including 540 g/t Ag, 0.01% Pb, and 0.4% Zn over 1.85m, and 301 g/t Ag, 0.06% Pb, and 0.1% Zn over 5.1m; hole MAR-21-016 with 157 g/t Ag, 0.5% Pb, and 1.1% Zn over 29.5m, including 0.31 g/t Au, 821 g/t Ag, 2.4% Pb, and 5.6% Zn over 3.9m; hole MAR-21-020 with 156 g/t Ag, 0.1% Pb, and 0.5% Zn over 55.95m, including 498 g/t Ag, 0.4% Pb, and 1.6% Zn over 12.8m;and hole MAR-21-022 with 127 g/t Ag, 0.1% Pb, and 0.3% Zn over 19.2m, including 0.3 g/t Au, 567 g/t Ag, 0.4% Pb, and 1.4% Zn over 3.55m, and 110 g/t Ag, 0.4% Pb, and 0.6% Zn over 16.55m, including 0.18 g/t Au, 440 g/t Ag, 1.6% Pb, and 1.8% Zn over 3m. Magna plans to release a maiden resource toward the end of the Q1, 2022. This resource estimate will lead to the completion of the first ever preliminary economic assessment (PEA) shortly thereafter.
  • Prime Mining Corp., reported results from its ongoing drilling program at Guadalupe East on its Los Reyes project, Sinaloa. Hole 22GE-33 intersected multiple mineralized intervals. This hole intersected 11.60 g/t Au and 219 g/t Ag over a true width (TW) of 1.20m, then a 3.7m stope, to continue with 3.33 g/t Au and 115 g/t Ag over a TW of 29.29m, including 2.68 g/t Au, and 93 g/t Ag over a TW of 6.10m, and including 6.57 g/t Au and 137 g/t Ag over a TW of 9m, including 30.9 g/t Au and 605 g/t Ag over a TW of 1.20m, and including 3.67 g/t Au and 204 g/t Ag over a TW of 10.40m, including 8.39 g/t Au and 321 g/t Ag over a TW of 2.10m. This hole is located on the west side of the Guadalupe East conceptual open pit. There are currently 15 pending drill holes at Guadalupe East out of a total of 49 completed.
  • Avino Silver & Gold Mines Ltd., announced drill results from its 2,400m drilling program conducted in 2021 on the La Potosina area at its Avino project, Durango. Highlights include hole LP-21-06 with 0.09 g/t Au, 270 g/t Ag, 0.25% Cu, 0.9% Pb, and 2.5% Zn (463 g/t AgEq) over a true width (TW) of 1.7m, including 0.09 g/t Au, 1,257 g/t Ag, 0.48% Cu, 2.8% Pb, and 4.4% Zn (1,641 g/t AgEq) over a TW of 0.20m, including 0.08 g/t Au, 510 g/t Ag, 0.6% Cu, 2.2% Pb, and 5% Zn (918 g/t AgEq) over a TW of 0.35m, including 0.07 g/t Au, 406 g/t Ag, 0.44% Cu, 1.3% Pb, and 4.2% Zn (717 g/t AgEq) over a TW of 0.45m; and hole LP-21-007 with 0.4 g/t Au, 617 g/t Ag, 0.1% Pb, and 0.2% Zn (668 g/t AgEq) over a TW of 2.87m. On 2022, Avino plans include an additional 40 holes with 6,000m of drilling to test the continuity of the vein at elevations above 2,100m while looking for favorable dilation structures in the northwest.
  • Azucar Minerals Ltd., reported that it will commence to drill test a new large lithocap alteration at its El Cobre project, Veracruz. A mineral mapping study conducted on this area defined a strong alteration signature interpreted to reflect the surface zoning of an underlying porphyry body.
  • Barksdale Resources Corp., released results from its phase I, 5,000m drilling program at the Cerro Verde zone on its San Javier project, Sonora. Drilling highlights include hole SJ21-31 with 0.05% Cu and 1.11 g/t Au over 36m, including 0.03% Cu and 1.71 g/t Au over 15m, and 0.06% Cu and 1.89 g/t Au over 3m, plus 0.54% Cu over 48m, including 1.35% Cu over 6m; and hole SJ21-35 with 0.24% Cu over 6m, plus 0.22% Cu over 12m, plus 0.35% Cu over 15m. Drilling results confirmed and expanded the footprint of the Cerro Verde Zone.
  • Fabled Silver Gold Corp., announced that it has completed the planning of its phase 2 definition diamond drill program at its Santa Maria project in Chihuahua as well as a plan to drill test other structures in the property. This second phase will consist of a minimum of 5,000m for definition drilling, and drill test possible structural dilation zones on the Northeast and secondary mineralized structures, identified after performing a property wide mapping & sampling as well as an structural interpretation. “Once the field work and observations have been completed the phase 2 exploration first priority drill targets will be defined in the coming weeks”.
  • Vizsla Silver Corp., reported results from seven new drill holes collared on the Copala and Christiano veins within its Panuco project in Sinaloa. Drill highlights include hole CS-21-116 with 97 g/t Ag and 0.55 g/t Au (141 g/t AgEq) over a true width (TW) of 2.4m, and 1,559 g/t Ag and 7.29  g/t Au (2,142 g/t AgEq) over a TW of 7.81m, including 2,728 g/t Ag and 13.10 g/t Au (3,775 g/t AgEq) over a TW of 2.60m, and 1,531 g/t Ag and 6.94 g/t Au (2,086 g/t AgEq) over a TW of 3.14m; hole CS-21-123 with 248 g/t Ag and 2.03 g/t Au (410 g/t AgEq) over a TW of 14.45m, including 1,237 g/t Ag and 10.53 g/t Au (2,078 g/t AgEq) over a TW of 2.09m, and including 197 g/t Ag and 1.45 g/t Au (312 g/t AgEq) over a TW of 2.68m; hole CS-21-115 with 1,900 g/t Ag and 11.09 g/t Au (2,787 g/t AgEq) over a TW of 1.21m; and hole CS-21-112 with 682 g/t Ag and 5.51 g/t Au (1,122 g/t AgEq) over a TW of 1.73m, including 973 g/t Ag and 7.97 g/t Au (1,610 g/t AgEq) over a TW of 1.1m. The Copala Vein has now been tested with 17 holes with mineralization open in all directions.

ON DEALS AND CORPORATE ISSUES

  • Ranchero Gold Corp., announced the appointments of two new members to its Board of Directors, and the addition of Ken Balleweg to its Technical Advisory team (Santa Daniela project, Sonora).

ON SOCIAL RESPONSIBILITY

  • Fresnillo plc reported the return to face-to-face work in the state, and the opening of its outdoor activities, taking into account the hygiene and healthy distance measures promoted by the health authorities, as well as the presentation of the vaccination certificate for access the corresponding facilities. For Fresnillo plc, physical activation represents one of the stronger pillars for the people development.
  • Grupo Mexico, within the framework of the International Mother Language Day, held activities related to the preservation and promotion of indigenous languages in the communities where it has a presence.
  • Media Luna Mining Company (Torex Gold) ratified for the sixth consecutive year the collaboration agreement with fishing cooperatives in the Balsas River Basin in Guerrero. F is the second most important economic activity in the mining corridor, so the commitment is to help to consolidate economic activities in the communities.

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, malachite after chalcopyrite in a hydrothermal breccia from an intermediate sulphidation epithermal vein system in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of January, 2022

By Jorge Cirett

During the 3rd week of the year (January 17th to January 23rd, 2022), at least 34 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, two announced listings on the OTCQB and OTCQX, nine presented quarterly and full year 2021 reports, five reported their 2022 production guidance, one filed the PEA on a tailings project, two filed technical reports on resource estimates and six posted on project development. ON MEXICO ISSUES, BNamericas listed eight properties to be commissioned in 2022-2023 for an investment of US$1.5 billion. ON EXPLORATION, in Sonora, Ranchero Gold released drill results from the Maíz Azul target on the Santa Daniela project; Tocvan Ventures announced trench results from Pilar; Prismo Metals mobilized a crew to explore El Pavito. In Durango, Silver Wolf presented results from surface sampling at Ana Maria. In Sinaloa, Vizsla Silver discovered a fat and juicy low angle vein in the Tajitos zone of its Panuco project. In Zacatecas, Galore resources received the drilling permit for Dos Santos.  In Estado de Mexico, Xali Gold started a drilling application for El Oro. ON MINING, Excellon Resources, Alamos Gold, Avino Silver, First Majestic Silver, Fortuna Silver, McEwen Mining, Capstone Mining, Great Panther, Pan American Silver and Gold Resource presented Q4 and full year 2021 production results. Alamos Gold, Endeavour Silver, Capstone Mining and Torex Gold announced 2022 production guidelines. Tarachi Gold filed the PEA on the Magistral tailings project.   ON FINANCING, Southern Empire and Silver Dollar announced their listings on the OTCQB and OTCQX venture markets respectively. ON RESOURCES AND DEVELOPMENT, GR Silver released drilling results from San Marcial in Sinaloa. Mithril Resources presented metallurgic, surface sampling and drilling results from Copalquin in Durango. Fabled Silver announced results from drilling at its Santa Maria property in Chihuahua. GoGold released results from drilling at El Favor at its Los Ricos North project in Jalisco. Golden Tag announced results from one long hole at San Diego, in Durango. Endeavour Silver filed resource estimates on its Guanaceví and Bolañitos properties in Durango and Jalisco respectively. GoGold Resources filed the resource estimate on Los Ricos North. Barksdale Resources announced assay results from drilling at its San Javier project in Sonora. ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Mining projects in development in Mexico for US$1.5 billion (US$1,500 million in Mexican notation). BNamericas listed the following projects: 1.-) Juanicipio in Zacatecas (US$440 M, Fresnillo-Mag Silver) with a six-month delay, is to produce 11.7 M Oz Ag, 43.5 K Oz Au per year. 2.-) Buenavista Zinc in Sonora (US$413 M, Southern Copper) is to start operation in 2023, to produce 100 K tonnes Zinc and 20 K tonnes Cu per year. 3.-) Los Filos expansion in Guerrero (US$213 M, Equinox Gold) is to increase production to 350-400 K Oz Au per year. 4.-) Pilares in Sonora (US$159 M, Southern Copper) is to augment production at La Caridad in 35 K tonnes per year. 5.-) Las Chispas in Sonora (US$138 M, SilverCrest Metals) is to produce 5.2 M Oz Ag, 56 K Oz Au per year. 6.-) La Yaqui Grande in Sonora (US$137 M, Alamos Gold) production is to report 123 K Oz Au per year. 7.-) Tahuehueto in Durango (US$32.2 M, Altaley Mining) aims to produce 16.1 K Oz Au per year, with Pb, Cu, Zn, Ag credits. 8.-) Santana in Sonora (US$7.55 M, Minera Alamos) plans to produce around 30 K Oz Au per year.

ON EXPLORATION

  • Ranchero Gold Corp. released drilling results from the Maíz Azul prospect within its 22,300 ha Santa Daniela project in Sonora. Highlighted core-length intervals on three holes comprise 31.50 m @ 4.0 gpt Au (including 12.00 m @ 9.93 gpt Au); 12.00 m @ 0.32 gpt Au; 3.40 m @ 0.27 gpt Au, 21.00 m @ 1.08 gpt Au (including 10.50 m @ 1.68 gpt Au); 1.75 m @ 0.15 gpt Au, 5.90 m @ 0.47 gpt Au, 5.95 m @ 0.28 gpt Au. “Results and analysis are pending for drill hole samples testing the La Cascada target as well as expanding known mineralization at La Colmena. The final holes of the 3000-meter drill program will focus on extending the La Colmena zone eastward …”.
  • Silver Wolf Exploration Ltd. presented assay results from 114 surface grab/chip samples on its 2,549 hectares Ana Maria property in Durango. Some of the highlighted grab sample results comprise 74 gpt Ag, 3.4% Pb; 120 gpt Ag, 11.6% Pb; 169 gpt Ag, 11.5% Pb; 150 gpt Ag, 6.0% Pb; 54 gpt Ag, 1.9% Pb, 12.3% Zn; 56 gpt Ag, 1.6% Pb, 21.3% Zn; 53 gpt Ag, 1.9% Pb, 7.8% Zn; 40 gpt Ag, 1.2% Pb, 16.6% Zn; 199 gpt Ag, 20.1% Pb, 1.7% Zn; 247 gpt Ag, 7.3% Pb; 339 gpt Ag, 10.0% Pb, 7.9% Zn; 319 gpt Ag, 8.3% Pb, 5.8% Zn. “In the southern claim, the extremely high-grade zinc and lead mineralization along with the high-grade silver values as well as the recently discovered historical workings indicate the potential for a carbonate replacement deposit”.
  • Tocvan Ventures Corp.  announced trench results from its Pilar project in Sonora. Four trenches were dug totaling 80 m in length, with highlighted results comprising 4.9 m @ 0.55 gpt Au, 11 gpt Ag in one trench; 19.5 m @ 0.61 gpt Au, 6 gpt Ag (including 2.7 m @ 3.01 gpt Au, 20 gpt Ag) in the second; 19.8 m @ 0.73 gpt Au, 8 gpt Ag (including 8.6 m @ 1.27 gpt Au, 12 gpt Ag) in the third; 7.0 m @ 0.54 gpt Au, 5 gpt Ag in the fourth trench. “Follow-up metallurgical studies will utilize the surface material extracted from the other three trenches”.
  • Galore Resources Inc. received acceptance of its drill permit applications for a 4,000 m diamond drill program at its Dos Santos property in Zacatecas. Crews have been mobilized to start the program that is to test El Alamo and San Jose prospects.
  • Prismo Metals Inc. mobilized a crew of geologists to the 5,289 ha El Pavito project in Sonora. “The Company has planned a four to five-month exploration program that will include comprehensive mapping and extensive sampling of the concession to define drill targets”. Two of the three known main targets in the district are within Prismo concessions, with potential for epithermal and orogenic shear-hosted gold mineralization.
  • Vizsla Silver Corp. announced the discovery of a new vein with high-grade results from drilling the Tajitos zone at its Panuco project in Sinaloa. The vein with a 35 degree dip returned highlighted true-width intervals of 83.10 m @ 0.78 gpt Au, 117 gpt Ag (including 10.46 m @ 4.06 gpt Au, 452 gpt Ag); 24.34 m @ 2.02 gpt Au, 230 gpt Ag (including 1.80 m @ 17.75 gpt Au, 1,523 gpt Ag); 81.91 m @ 1.00 gpt Au, 142 gpt Ag (including 2.31 m @ 18.04 gpt Au, 2,147 gpt Ag); 1.56 m @ 4.70 gpt Au, 599 gpt Ag; 3.81 m @ 0.59 gpt Au, 158 gpt Ag. “The Copala Vein marks the first discovery of this vein orientation and style made by Vizsla that has not been previously exploited by historical mining”.
  • Xali Gold Corp. started a drilling application process for the El Oro project in Estado de México. New drill targets have been delineated by 3D modelling looking for extensions of previous high-grade intercepts in previous drilling. “Some of the higher grades were found in several veins with overlying lower grade disseminated gold near the Mexico-Esperanza Mines border area of the San Rafael vein”.

ON MINING

  • Excellon Resources Inc. announced Q4 and annual 2021 production results from the Platosa mine in Durango. During the Q4 period 20,954  tonnes were mined, 21,309 tonnes milled grading 438 gpt Ag, 4.65% Pb, 5.50% Zn, recovering 90.5% Ag, 78.5% Pb, 83.7% Zn, to produce 271.5 K Oz Ag, 1.72 M Lb Pb, 2.17 M Lb Zn (492 K Oz AgEq). For the year, 85,530 tonnes were mined, 86,021 tonnes were milled @ 494 gpt Ag, 5.01% Pb, 6.03% Zn, recovering 89.5% Ag, 80.0% Pb, 79.0% Zn, to produce 1.22 M Oz Ag, 7.61 M Lb Pb, 9.01 M Lb Zn (2.06 M Oz AgEq).
  • Alamos Gold Inc. reported fourth quarter and full year 2021 production, including figures from its operations in Mexico. At Mulatos, in Sonora, 23,100 Oz Au were produced in Q4 to complete 121,300 Oz Au during the year. “Combined gold production from the Mulatos District (including La Yaqui Grande) is expected to be between 130,000 and 145,000 ounces in 2022”.
  • Avino Silver & Gold Mines Ltd. released its fourth quarter and full year 2021 results from the Avino mine in Durango. During the fourth quarter 103.5 K tonnes were processed @ 56 gpt Ag, 0.86 gpt Au, 0.55% Cu, recovering 89% Ag, 75% Au, 90% Cu, to produce 163.9 K Oz Ag, 2,158 Oz Au, 1.13 M Lb Cu (541.4 K Oz AgEq). For the full year 165.3 K tonnes were processed @ 53 gpt Ag, 0.84 gpt Au, 0.57% Cu, recovering 87% Ag, 75% Au, 88% Cu, to produce 245.4 K Oz Ag, 3,386 Oz Au, 1.87 M Lb Cu (842.4 K Oz AgEq).
  • First Majestic Silver Corp. presented its quarterly and full year 2021 production, including figures from its Mexican operations. For the quarter, at San Dimas in Durango 206.7 K tonnes were processed at a rate of 2,247 tonnes per day (tpd) and a grade of 347 gpt Ag, 3.71 gpt Au, recovering 94% Ag, 96% Au to produce 2.17 M Oz Ag, 23,795 Oz Au (4.01 M Oz AgEq);  at Santa Elena in Sonora, 224.5 K tonnes were processed at 2,440 tpd averaging 72 gpt Ag, 2.97 gpt Au, recovering 82% Ag, 92% Au, to produce 426.9 K Oz Ag, 19,810 Oz Au (1.95 M Oz AgEq); at La Encantada in Coahuila, 268.2 K tonnes were processed at 2,916 tpd averaging 117 gpt Ag, 0.02 gpt Au, recovering 75% Ag, 90% Au, to produce 757.6 K Oz Ag, 146 Oz Au. On the year, San Dimas produced 7.65 M Oz Ag, 81,237 Oz Au (13.52 M Oz AgEq); Santa Elena produced 1.95 M Oz Ag, 42,088 Oz Au (5.04 M Oz AgEq), La Encantada produced 3.24 M Oz Ag, 460 Oz Au (3.27 M Oz AgEq).
  • Fortuna Silver Mines Inc. reported production results for the fourth quarter and full year 2021, including figures from its operations in Mexico. At San Jose, in Oaxaca, 262.8 K tonnes were milled at a rate of 2,920 tpd, at a grade of 219 gpt Ag, 1.27 gpt Au, recovering 92.8% Ag, 92.2% Au, to produce 1.72 M Oz Ag, 9,929 Oz Au during the quarter, and processing 1.04 M tonnes at a 2964 tpd, averaging 209 gpt Ag, 1.29 gpt Au, with recoveries of 91.7% Ag, 91.3% Au, to produce 6.42 M Oz Ag, 39,406 Oz Au in the year. For 2022 Fortuna aims to produce 5.2-5.8 M Oz Ag, 32-36 K Oz Au at an AISC of $13.7-$16.1 per Oz AgEq. “The Brownfields exploration program budget for 2022 at the San Jose Mine is US$7.4 million, which includes 26,200 meters of diamond drilling …”.
  • McEwen Mining Inc. reported production for year 2021, including 540 AuEq Oz Au from residual leaching at El Gallo, in Sinaloa.
  • Endeavour Silver Corp. announced its consolidated production guidance for 2022. At Guanaceví in Durango guidance is a mining at a rate of 1,100 to 1,200 tpd to produce 3.8-4.2 M Oz Ag, 4.6-5.2 K Oz Au, whereas at Bolañitos the sought mining rate is 1,000-1,200 tpd to produce 0.4-0.6 M Oz Ag, 21-23 K Oz Au, for a consolidated production of 6.7-7-6 M Oz AgEq at cash cost $9.00-$10.00 and an AISC of $20.00-21.00 per Oz AgEq. Exploration drilling planned in 2022 at Guanceví, Bolañitos, Terronera, Parral and Pitarrilla amounts to 44,000 m with a budget of US$8.7 M.
  • Capstone Mining Corp. provided a corporate update and 2022 guidance, including figures from its Mexican operations. During 2021 the Cozamin mine in Zacatecas produced 24.5 K tonnes Cu, for 2022 the guidance is 23-26 K tonnes at a cash cost of $1.10-$1.25 Lb Cu. “Construction of the new paste backfill plant and dry stack tailings facility at Cozamin started in Q4 2021 and completion is expected at year-end 2022”. This facility will allow pumping half of the filtered tailings with cement to be used as backfill, and might permit the extraction of pillars from historic areas of the mine.
  • Tarachi Gold Corp. filed the preliminary economic assessment (PEA) for the Magistral tailings project in Durango.
  • Great Panther Mining Ltd. reported Q4 and full year 2021 production results, including figures from its Mexican operations. At Topia, in Durango, 14.6 K tonnes were processed @ 301 gpt Ag, 0.74 gpt Au, recovering 91% Ag, 63% Au to produce 128.6 K Oz Ag, 218 Oz Au, 235 tonnes Pb, 406 K tonnes Zn (2,494 Oz AuEq). At the Guanajuato Mine Complex  (GMC) in Guanajuato, 27.8 K tonnes were processed @ 127 gpt Ag, 1.70 gpt Au, recovering 87% Ag, 86% Au, to produce 98.4 K Oz Ag, 1,302 Oz Au (2,460 Oz AuEq). On the year Topia produced 716.5 K Oz Ag, 1,047 Oz Au, 1,385 tonnes Pb, 1,849 tonnes Zn (13,290 Oz AuEq) and the GMC 485.3 K Oz Ag, 6,659 Oz Au (12,369 Oz AuEq). The company is awaiting “ the permits from CONAGUA necessary to extend the tailings dam. Mining activity at the San Ignacio mine has also been suspended while Great Panther continues to proactively engage with CONAGUA in regards of the tailings dam permit and to explore other alternatives to maximize value from the GMC”.
  • Pan American Silver Corp. presented preliminary production results for Q4 and full year 2021, including figures from its Mexican operations. At La Colorada in Zacatecas 1.58 M Oz Ag, 800 Oz Au were produced in Q4, and 5.17 M Oz Ag, 2,700 Oz Au in the year. At Dolores in Chihuahua 507 K Oz Ag, 40,100 Oz Au were produced in Q4, and 2.24 M Oz Ag, 160,100 Oz Au in the year.
  • Torex Gold Resources Inc. provided 2022 operational guidance for its El Limon Guajes mine in Guerrero. Torex aims to produce $430-470 K Oz Au at total cash cost $695-$735 per Oz Au. The company is to invest $39 M min exploration at Media Luna, ELG Underground, near mine and regional and definition and grade control drilling.
  • Gold Resource Corp. presented Q4 and full year 2021 production results for its Don David project in Oaxaca. During the fourth quarter at the Arista mine 135.4 K tonnes were milled @ 1.93 gpt Au, 82 gpt Ag, 0.38% Cu, 2.2% Pb, 4.8% Zn, to produce 6,854 Oz Au, 330.9 K Oz Ag, 413 tonnes Cu, 2,345 tonnes Pb, 5,350 tonnes Zn. During the year 487 K tonnes were milled @ 2.01 gpt Au, 82 gpt Ag, 0.39% Cu, 1.93 % Pb, 4.36% Zn, to produce 26,438 Oz Au, 1.2 M Oz Ag, 1,506 tonnes Cu, 7,544 tonnes Pb, 17,329 tonnes Zn.  

ON FINANCING

  • Southern Empire Resources Corp. received approval from its shareholders to be listed on the OTCQB in the United States, and granted 900 K shares to directors, officers and consultants (Pedro, Durango).
  • Silver Dollar Resources Inc. reported its shares have qualified to be upgraded from the OTCQB Venture Market to the OTCQX Best Market (La Joya, Durango).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. released wide, high-grade results from diamond drilling at the San Marcial area of the Plomosas project in Sinaloa. The drilling focus was to test high-grade mineralization extensions along strike and down-dip from the current mineral resource. Highlighted true-width (TW) intercepts comprise 13.5 m @ 773 gpt Ag, 0.3% Pb, 0.4% Zn (including 4.1 m @ 1,792 gpt Ag, and 5.8 m @ 516 gpt Ag); 2.6 m @ 1 gpt Ag, 1.08 gpt Au; 24.5 m @ 97 gpt Ag, 0.2% Pb, 0.2% Zn (including 1.9 m @ 881 gpt Ag); 17.5 m @ 53 gpt Ag, 0.3% Pb, 0.5% Zn.
  • Mithril Resources Ltd. presented metallurgic, surface sampling and drilling results from its Copalquin project in Durango. Metallurgical test work for the El Refugio resource using flotation recovered 94% Au, 88% Ag. High-grade results from samples from workings at Las Brujas, El Peru and Dios Hijo returned up to 0.65 m @ 49.0 gpt Au, 665 gpt Ag; 1.0 m @ 7.93 gpt Au, 366 gpt Ag; 0.8 m @ 10.4 gpt Au, 422 gpt Ag. Highlighted core-length intervals comprise 6.00 m @ 0.84 gpt Au, 117 gpt Ag; 2.00 m @ 5.57 gpt Au, 162 gpt Ag at El Refugio, 4.55 m @ 8.29 gpt Au, 138 gpt Ag; 1.70 m @ 20.2 gpt Au, 298 gpt Ag at El Cometa, 2.0 m @ 1.02 gpt Au, 44 gpt Ag; 1.0 m @ 4.29 gpt Au, 17 gpt Ag; 1.0 m @ 4.47 gpt Au, 7 gpt Ag; 2.0 m @ 1.33 gpt Au, 60 gpt Ag; 1.0 m @ 1.18 gpt Au, 11 gpt Ag; 0.50 m  @ 6.50 gpt Au, 95 gpt Ag; 1.0 m @ 3.61 gpt Au, 22 gpt Ag on the eastern side of El Refugio.
  • Fabled Silver Gold Corp. announced results from surface diamond drilling of the upgraded 14,400 m program at its Santa Maria property in Chihuahua. Highlighted core-length intercepts comprise 0.90 m @ 90 gpt Ag, 0.16 gpt Au; 7.80 m @ 164 gpt Ag, 0.51 gpt Au, 0.1% Pb, 0.2% Zn (including 3.90 m @ 295 gpt Ag, 0.65 gpt Au, 0.1% Pb, 0.5% Zn).
  • GoGold Resources Inc. announced results for nine holes at El Favor East zone on its Los Ricos North project in Jalisco. Highlighted core-length intercepts comprise 54.0 m @ 0.15 gpt Au, 64 gpt Ag (including 5.3 m @ 0.44 gpt Au, 162 gpt Ag); 11.7 m @ 0.41 gpt Au, 129 gpt Ag; 25.5 m @ 0.07 gpt Au, 60 gpt Ag (including 2.0 m @ 0.24 gpt Au, 499 gpt Ag); 28.3 m @ 0.46 gpt Au, 154 gpt Ag (including 1.4 m @ 5.24 gpt Au, 1,310 gpt Ag); 3.3 m @ 0.70 gpt Au, 262 gpt Ag; 8.3 m @ 0.61 gpt Au, 201 gpt Ag; 10.6 m @ 0.95 gpt Au, 202 gpt Ag; 7.2 m @ 0.27 gpt Au, 61 gpt Ag; 52.0 m @ 0.18 gpt Au, 61 gpt Ag. To date approximately 800 m of El Favor East have been drilled, showing strong mineralization. The holes on this release were not included in the resource estimate released past December.
  • Golden Tag Resources Ltd. announced complete results for one drill hole at its San Diego project in Durango. Highlighted core-length intervals comprise 0.50 m @ 329 gpt Ag, 3.7% Pb, 2.7% Zn; 0.95 m @ 623 gpt Ag, 2.2% Pb, 2.5% Zn, 0.17% Cu in the Csplay zone, 0.56 m @ 1,460 gpt Ag, 12.5% Pb, 2.9% Zn, 0.27% Cu; 2.44 m @ 0.13 gpt Au, 104 gpt Ag, 0.7% Pb, 1.2% Zn in the Canta zone, 35.74 m @ 40 gpt Ag, 1.0% Pb, 1.0% Zn (including 7.78 m @ 86 gpt Ag, 2.4% Pb, 2.4% Zn); 322.90 m @ 0.03 gpt Au, 40 gpt Ag, 0.6% Pb, 0.7% Zn (including 27.70 m @ 72 gpt Ag, 1.5% Pb, 1.3% Zn, 0.1% Cu) and 91.60 m @ 60 gpt Ag, 0.7% Pb, 1.1% Zn, 0.13% Cu in the Fernandez zone. “The Fernandez Zone is steeply plunging cigar-shaped structure characterized by green and brown garnet exoskarn and red garnet endoskarn sulphide mineralization (pyrite-pyrrhotite-sphalerite-galena) contained within quartz-sulphide stockwork veins, breccias, and massive sulphide zones which are spatially associated with the contacts of diorite intrusive bodies”.
  • Endeavour Silver Corp. filed the technical reports on Guanaceví, in Durango, and Bolañitos, in Guanajuato. The reports cover the updated mineral resources on the properties, which add up to 312.9 K tonnes @ 49 gpt Ag, 2.53 gpt Au, containing 488.2 K Oz Ag, 25,500 Oz Au in mineral reserves, 468. 1 K tonnes @ 159 gpt Ag, 2.27 gpt Au, containing 2.4 M Oz Ag, 34,218 Oz Au in the measured and indicated category and  625.3 K tonnes @ 120 gpt Ag, 2.52 gpt Au, containing 2.41 M Oz Ag, 50,733 Oz Au in inferred resources at Bolañitos; and mineral reserves  of 1.09 M tonnes @ 343 gpt Ag, 0.93 gpt Au, containing 12 M Oz Ag, 32,527 Oz Au (32.53 M Oz AgEq) with measured, indicated and inferred resources of 1.53 M tonnes @ 440 gpt Ag, 1.03 gpt Au, containing 21.6 M Oz Ag, 50,349 Oz Au (25.64 M Oz AgEq) at Guanaceví.
  • GoGold Resources Inc. filed the technical report with the resource estimate for Los Ricos North in Jalisco. The resources comprises five deposits with indicated resources of 53.5 M Oz Ag, 186 K Oz Au in oxides and 49 M Oz Ag, 148 K Oz Au, 15 M Lb Cu, 90 M Lb Pb, 258 M Lb Zn in sulfides.
  • Barksdale Resources Corp. announced assay results from eight holes from its phase I drilling program at San Javier, in Sonora. Highlighted core-length intervals comprise 6 m @ 0.90% Cu; 18 m @ 0.38% Cu; 39 m @ 0.61% Cu, 27 m @ 0.26% Cu; 12 m @ 0.48% Cu, 33 m @ 0.28% Cu; 12 m @ 0.52% Cu; 27 m @ 0.33% Cu; 13,5 m @ 0.35% Cu; 47 m @ 0.75% Cu; 15 m @ 0.07% Cu, 0.73 gpt Au; 9 m @ 0.02% Cu, 0.41 gpt Au; 9 m @ 0.02% Cu, 0.84 gpt Au; 3 m @ 0.01% Cu, 0.58 gpt Au. “The final results from the drilling program, which are primarily step-out holes to the west and south, are expected to be released within the next few weeks, at which point we can complete our resource estimation for Cerro Verde”.

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Coarsely banded multi-stage quartz-barite epithermal vein in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of December, 2021

By Jorge Cirett

During the 51st week of the year (December 20th to December 26th, 2021), at least 16 press releases were announced by companies working in Mexico. To note, three companies posted exploration advances on their properties, one obtained an environmental permit to keep operating, three released financing/shares/stock exchange related news, while five companies posted on project development or resource definition and one more on a property sale. ON MEXICO ISSUES, the environmental permit needed to keep Fortuna Silver’s San José mine in operation was finally granted by SEMARNAT. ON EXPLORATION, In Sonora, Colibri Resources completed a 3,122 m RC drilling campaign at Evelyn; Silver Spruce is preparing to submit the environmental permit for El Mezquite. Southern Empire Resources initiated an air-borne magnetic and radiometric geophysical survey. ON MINING, Fortuna Silver Mines was granted the environmental permit to continue its operations at the San Jose mine in Oaxaca. The company had to sue SEMARNAT because the organism was not granting the permit although complaining with all regulations. In the end, not-public negotiations and technical reviews resulted in the permit being granted. ON FINANCING, Alamos Gold is to repurchase up to 30 M of its public shares. Prime Mining was added to the MVIS Global Junior Miners Index. Sonoro Gold closed its non-brokered placement for $3 M. ON RESOURCES AND DEVELOPMENT, Almaden Minerals updated on its 2022 plans at Ixtaca; The environmental permit is being prepared for re-submittal as well as the human rights impact assessment (HRIA) report; A favorable outcome on a Supreme Court lawsuit is expected for H2 2022. Guanajuato Silver Co. provided drilling results for El Cubo and Pinguico in Guanajuato. Avino Silver & Gold Mines filed the mineral resource estimate for La Preciosa, in Durango. Silver Dollar Resources informed on the drilling of 1,134 m at its La Joya project in Durango. Azucar Minerals defined a large lithocap at a new target zone on its El Cobre project, Veracruz. ON DEALS AND CORPORATE ISSUES, GR Silver Mining sold El Salto and El Salto Sur mining concessions (covering 56,910 ha) to Grupo Minero Venturex, for past taxes and a 0.5% NSR. ON SOCIAL RESPONSIBILITY, SilverCrest Metals, Peña Colorada and Industrias Peñoles informed on social measures for the betterment of communities near its operations.

ON MEXICO ISSUES

  • The Mexican environmental regulator (SEMARNAT) finally approved the environmental permit needed to keep Fortuna Silver’s San José mine (in Oaxaca) in operation. Thousands of workers and inhabitants of communities near the mine to be affected by the impending closure appreciate the outcome.

ON EXPLORATION

  • Colibri Resource Corp. completed 3,122 m of reverse circulation (RC) drilling in 22 holes at its Evelyin project in Sonora. The drill program, geological mapping and outcrop sampling were paused for the holidays.  “The Company will resume Phase I drilling at the El Sahuaro and Cerro Rojo targets, as well as other prioritized targets on the property in January, upon receipt and interpretation drill assay results”.
  • Southern Empire Resources Corp. initiated a high-resolution airborne magnetic and radiometric geophysical surveys at its Pedro project in Durango. The geophysical program comprises 384 line-km in 96 flight lines at 50 m spacing. In addition, a nine-hole 2,000 m drill core program is expected to start in January of 2022 in the 1,750 hectares mineral concession.
  • Silver Spruce Resources Inc. informed it is in the reviewing process for submission of the environmental report (Informe Preventivo) on its El Mezquite project in Sonora. The company intends to carry an additional phase of reverse circulation drilling with up to fourteen holes comprising 1,500 to 2,500 m in the 180 hectares project.

ON MINING

  • Fortuna Silver Mines Inc. informed the Secretaría de Medio Ambiente y Recursos Naturales (SEMERNAT) granted a 12 year extension of the environmental impact authorization (abbreviated as MIA, in Spanish) at the San Jose mine in Oaxaca. SEMERNAT had previously denied the extension application and Fortuna had to appeal the decision. “After continued dialogue and technical evaluation, SEMARNAT confirmed operations at the San Jose Mine are conducted in accordance with all environmental obligations” and granted the extension on the existing MIA.

ON FINANCING

  • Alamos Gold Inc. filed for a normal course issuer bid permitting Alamos to purchase for cancellation up to 30 M class A common shares, representing 10% of the company’s public float of the common shares to date. “The price for any repurchased Common Shares will be the prevailing market price at the time of the purchase. All Common Shares purchased by Alamos will be cancelled“ (Mulatos, Sonora).
  • Prime Mining Corp. has been added to the MVIS Global Junior Miners Index as of December 17, 2021 (Los Reyes, Sinaloa).
  • Sonoro Gold Corp. announced the closing of its previously announced non-brokered placement for aggregate proceeds of $3 M. In total the company paid $47.4 K in finder’s fees and 263.4 K in non-transferable Finder’s warrants.

ON RESOURCES AND DEVELOPMENT

  • Almaden Minerals Ltd. presented its plans for 2022. The company is preparing the resubmittal of the environmental permit for the Ixtaca project in Puebla, documenting well beyond the legal and regulatory framework in Mexico for filing in H1 2022, as well as the human rights impact assessment (HRIA) report. Almaden expects a lawsuit at the Supreme Court of Justice of Mexico being used to dispute the constitutionality of the Mexican mineral title regime to be solved favorably, optimistically in H2 2022. Since the last press release in October 2021, three more drill holes have been completed in the South East Alteration zone target near Ixtaca, and “The geologic observations and complete assay data will be analysed and additional mineral studies will be conducted on the core in order to identify any geochemical or mineral vectors in order to plan follow-up work in this area”.
  • Guanajuato Silver Company Ltd. provided drilling results from the El Cubo and Pinguico in Guanajuato. At the Cebolletas and 1850 Stope true width (TW) highlighted intervals comprise 2.00 m @ 1.10 gpt Au, 85 gpt Ag; 0.45 m @ 4.33 gpt Au, 192 gpt Ag; 3.87 m @ 1.38 gpt Au, 124 gpt Ag; 1.40 m @ 0.37 gpt Au, 99 gpt Ag in drilling by GR Silver and 1.62 m @ 2.85 gpt Au, 179 gpt Ag; 2.60 m @ 1.12 gpt Au, 131 gpt Ag; 1.71 m @ 0.46 gpt Au, 152 gpt Ag in drilling by Endeavour Silver. At El Cubo Villapando highlighted TW intervals comprise 6.35 m @ 0.69 gpt Au, 65 gpt Ag; 1.57 m @ 0.88 gpt Au, 98 gpt Ag. At El Pinguico, highlighted TW intervals comprise 4.05 m @ 0.68 gpt Au, 62 gpt Ag; 1.00 m @ 1.50 gpt Au, 122 gpt Ag; 0.55 m @ 2.11 gpt Au, 505 gpt Ag; 1.65 m @ 2.45 gpt Au, 125 gpt Ag; 7.95 m @ 1.35 gpt Au, 39 gpt Ag; 0.75 m @ 8.81 gpt Au, 208 gpt Ag; 8.10 m @ 1.00 gpt Au, 93 gpt Ag; 0.55 m @ 1.91 gpt Au, 75 gpt Ag.
  • Avino Silver & Gold Mines Ltd. filed the mineral resource estimate report on the La Preciosa project in Durango, which the company is proposing to acquire. The indicated mineral resource estimate comprises 17.4 M tonnes @ 176 gpt Ag, 0.34 gpt Au (202 gpt AgEq), containing 99 M Oz Ag, 189 K Oz Au (113 M Oz AgEq), whereas the inferred mineral resource includes 4.4 M tonnes @ 151 gpt Ag, 0.25 gpt Au (170 gpt AgEq), containing 21 M Oz Ag, 35 K Oz Au (24 M Oz AgEq).
  • Silver Dollar Resources Inc. informed 1,134 m of drilling have been completed in five holes at its La Joya project in Durango. “The initial drilling program is focused on target development on the Noria portion of the La Joya property with an emphasis on testing for possible structural extensions of known mineralized zones”.
  • Azucar Minerals Ltd. defined a large area of lithocap alteration in a newly outlined target at El Cobre project in Veracruz.” The new spectral mineral mapping in this area ….. has further defined a strong alteration signature with clear zoning including a central diaspore-pyrophyllite-shallow alunite/dickite and concentric halos of paragonitic and muscovitic white mica and inner propylitic epidote halo”. A soil sampling program is being completed for spectral and geochemical analysis intending to identify vectors to focus a drill program.

ON DEALS AND CORPORATE ISSUES

  • GR Silver Mining Ltd. announced the sale of El Salto and El Salto Sur non-core concessions, acquired from Mako Mining Corp. on March 2021, to the private Mexican company Grupo Minero Venturex S.A. de C.V.. The company received US$1 K, retaining a 0.5% NSR, and leaving Venturex responsible to pay all outstanding concession fees and related fines (Note by editor.- holding large titled mining concessions in Mexico is very expensive). In June GR Silver applied for the reduction of the surface of the 56,910 ha claims, but still has to receive the approval from the Dirección General de Minas (DGM).

ON SOCIAL RESPONSIBILITY

  • SilverCrest Metals inaugurated the Tetuachi bridge across the Sonora River in Arizpe, Sonora.
  • Peña Colorada donated material and equipment to the Biosfera Sierra de Manantlán.
  • Industrias Peñoles invested seven million pesos in the park Bosque Venustiano Carranza in Torreon, Coahuila.

On the image below: epidote filled fractures with calc-sodic halo and late quartz veinlet in a copper project in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of December, 2021. 

Scorodite in a quartz vein

By Miguel A Heredia

During the 50th week of the year (December 13th to December 19th, 2021), at least 30 press releases were announced by companies working in Mexico, and 1 news published by the media, with nine reporting resources and developments of their properties, eight disclosing deals and corporate issues, seven informing on exploration results, three communicating production and financial results, one announcing financial issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Great Panther announced that it has begun the closure process at its Guanajuato facility due to not having the respective permit to expand tailings storage in the Jolula Dam. ON EXPLORATION, In Sonora, Aztec Minerals and its JV partner Kootenay commenced a 5,000m RC drilling program at the Cervantes project, Barksdale announced the completion of the Phase I, 5,000m drilling program at the Cerro Verde Zone within its San Javier project, Canuc provided an update on the ongoing exploration program conducted at its San Javier project, and Tocvan commenced a 5,000-8,000m drilling program at its Pilar project. In Chihuahua, Kootenay released results from the last three holes collared at its Columba project, Monarca Minerals reported results from the last eight holes from its Phase 1 San Jose project exploration program, and Radius released drill results from the California target at its Amalia project.  ON MINING, Americas Gold and Silver announced that its Los Braceros plant has returned to nameplate production at its Cosala mine operation in Sinaloa. GoGold reported Q3, 2021 production and financial results from its Parral Tailings property in Chihuahua. Orla announced that three bars with a total weight of 1,278 Oz containing approximately 770 Oz Au and 510 Oz Ag were poured at its Camino Rojo property in Zacatecas.  ON FINANCING, Barksdale announced a non-brokered private placement of $1,750,000 secured convertible debentures (San Javier project, Sonora). ON RESOURCES AND DEVELOPMENT, Chesapeake provided an update of its Metates property in Durango, and announced technical plans for 2022. Endeavour released drill results from its Parral project, Chihuahua. Fabled released results from its ongoing drilling program at its Santa Maria project in Chihuahua. Impact announced the discovery of the New San Ramon Zone within its Zacualpan mining district in the Sate of Mexico, with high Au-Ag grades intersections. SilverCrest announced remaining results from its 2021 infill and expansion drilling program at its Las Chispas project in Sonora. Tarachi Gold announced positive results of the PEA conducted on its Magistral Mill and Tailing project in Durango. Torex reported results from the 2021 drilling program at its El Limon Guajes underground mine in Guerrero, including zones referred to as Sub-Sill and El Limon Deep. Vizsla released results from three new drill holes targeting the Napoleon Vein resource area at its Panuco project in Sinaloa. Zacatecas Silver reported Initial Inferred Mineral Resource Estimate for its Panuco deposit in Zacatecas.  ON DEALS AND CORPORATE ISSUES, Advance Lithium announced that its stock symbol changed from TSXV: AAX to TSXV: AALI (Tabasqueña project, Zacatecas). Bear Creek entered into a definite agreement with Equinox to acquire a 100% interest in the Mercedes mine in Sonora.  Consolidated Zinc entered into an offtake agreement with Metco Trading for the sale of 100% of the Plomosas lead concentrates produced from Plomosas for calendar year 2022. Defiance announced results from its annual and special general meeting of shareholders (San Acacio project, Zacatecas). Golden Minerals appointed a new member to its Board of Directors (Rodeo project, Durango). Mexican Gold announced favourable resolution of the claims dispute at its Las Minas project, Veracruz.   ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Great Panther Mining Limited announced that it has begun the closure process at its Guanajuato facility. Great Panther issued a statement announcing the gradual closure of activities, due to not having the respective permit to expand tailings storage in the Jolula Dam, which is part of the mining complex. According to Great Panther, the permit was requested to the National Water Commission (CONAGUA) but so far it has not been authorized. For that reason the company cannot continue operating; but the operations will return, once they receive said authorization. The activities will continue solely for the care and maintenance of facilities. The mines that will be shut down are San Ignacio, the Guanajuato Complex and the Jolulaprocessing plant, located in the former Hacienda de Bustos, also known as ‘Cata’. Mine workers have expressed concern about the situation because when the activities stop in the mines in which they work they will lose their economic income. The precise data on how many employees will be affected by the situation is not yet available.

ON EXPLORATION

  • Aztec Minerals Corp., and its JV partner Kootenay Silver Inc., commenced a 5,000m RC drilling program to test four main targets at the Cervantes project in Sonora. “The primary objectives of the drilling program are to better define the near surface, oxide gold potential of the porphyry gold oxide cap at California, evaluate the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, test for north and west extensions of the California mineralization at California North and Jasper, and assess the breccia potential of Purisima East”.
  • Barksdale Resources Corp., announced the completion of the Phase I, 5,000m drilling program conducted at the Cerro Verde Zone within its San Javier project. All of the 36 holes collared at Cerro Verde encountering Cu mineralization. Significant drill results were encountered in hole SJ21-09 with 0.74% Cu over 18m, including 1.75% Cu over 15m; hole SJ21-07 with 1.47% Cu over 15m, plus 0.54% Cu over 12m; hole SJ21-15 with 0.49% Cu over 66m; hole SJ21-08 with 0.64% Cu over 18m, plus 0.54% Cu over 12m; and hole SJ-21-18 with 0.45% Cu over 12m. Although there are still 15 drill holes at the lab pending for results, the drilling has confirmed and expanded the footprint of the Cerro Verde Zone and indicates that Cu mineralization remains open particularly to the south, west, and northeast. The company has logged and sampled all the 36 drill holes collared during the 5,000m, Phase I drill program. It is currently working on completing an updated geological model in early Q1, 2022. Barksdale plans to conduct an initial resource estimate for the Cerro Verde Zone once assays are delivered by the lab. 
  • Canuc Resources Corporation provided an update on the ongoing exploration program at its San Javier project in Sonora. Approximately 11.2 km of drill and trench access roads were completed during the year. One of these roads encountered bedrock consisting of stockwork quartz veining and hydrothermal breccia. A strong northwest trending structure containing gold mineralization was identified along a strike length of more than 3 km. A total of 672 samples were collected from these trenches and road cuts, returning values ranging from <0.005 to 3.18 g/t Au; 00.3 to 169 g/t Ag, and 5ppm to 2.85% Cu. Highlights include 0.47 g/t Au and 0.37% Cu over 14.5m; 0.3 g/t Au over 56m; 0.21 g/t Au over 26m; 0.19 g/t Au over 10m; and 0.16 g/t Au and 0.48% Cu over 13m. Canuc also announced that 27 samples averaging 0.70m wide were collected from known magnetite bearing prospects in the northern part of the property returning up to 1.67 g/t Au, 1,877 g/t Ag and 6,823 ppm Cu, with a weighted average of 0.09 g/t Au, 295 g/t Ag, and 1,784 ppm Cu. In addition, seven channel samples averaging 0.8m wide collected from old mine workings found on recently acquired claims returned notable values in Au (up to 1.67 g/t), Ag (up to 511 g/t) and Cu (up to 1,854 ppm), with a weighted average of 0.15 g/t Au, 282 g/t Ag, and 604 ppm Cu. A drone-supported magnetic survey was completed late in the year and was accompanied by reconnaissance scale geological mapping. Several large magnetic anomalies were identified and targeted for drill testing. The San Javier area has become increasingly recognized as being highly prospective for IOCG, porphyry and other Intrusion-related Au, Ag and Cu-Au mineralization.
  • Tocvan Ventures Corp., commenced a 5,000-8,000m drilling program at its Pilar project. “Drilling will focus on continued step-out drilling along the Main Zone Trend and new 4-Trench Trend. Exploration drilling will continue to evaluate target areas along the Triple Vein Zone. Surface exploration work is currently underway on key target areas and channel samples from the recent trench program have been submitted for analysis”.
  • Kootenay Silver Inc., released results from the last three holes of the 2021 Phase 3 drilling program performed on the B Vein within its Columba project in Chihuahua. Hole CDH-21-111 encountered 105 g/t Ag, 0.04% Pb, and 0.06% Zn over 5.29m, including 190 g/t Ag, 0.07% Pb, and 0.1% Zn over 2.15m, including 387 g/t Ag, 0.2% Pb and 0.1% Zn over 0.65m; hole CDH-21-112 intersected 125 g/t Ag, 0.05% Pb, and 0.1% Zn over 0.7m, plus 174 g/t Ag, 0.07% Pb, and 0.15% Zn over 0.65m, plus 219 g/t Ag, 0.06% Pb, and 0.1% Zn over 29.50m, including 434 g/t Ag, 0.1% Pb, and 0.2% Zn over 13.05m, including 667 g/t Ag, 0.2% Pb, and 0.3 Zn over 7.05m, including 1,050 g/t Ag, 0.4% Pb, and 0.2% Zn over 2m, including 781 g/t Ag, 1% Pb, and 0.1% Zn over 1m; and hole CDH-21-13 with 156 g/t Ag, 0.06% Pb, and 0.1% Zn over 3.5m, including 574 g/t Ag, 0.2% Pb, and 0.3% Zn over 0.6m, plus 47 g/t Ag, 0.01% Pb, and 0.06% Zn over 54.90m, including 114 g/t Ag, 0.01% Pb, and 0.1% Zn over 3m, including 393 g/t Ag, 0.03% Pb, and 0.3% Zn over 2.05m, including 628 g/t Ag, 0.05% Pb, and 0.4% Zn over 1.10m. The company is focused on designing a drill program for the coming year to test the promising high-grade zones at Columba, including the B Vein.
  • Monarca Minerals Inc., reported results from the last eight holes from its Phase 1 San Jose project exploration program. Highlights include hole SJ-05 with 0.3 g/t Au, 2 g/t Ag, and 0.94% Cu over 4.6m, including 0.42g/t Au, 5 g/t Ag, and 0.21% Cu over 1.5m, and hole SJ-8 with 0.04 g/t Au, 79 g/t Ag, 0.34% Cu, 0.4% Pb, and 1.5% Zn over 1.5m, plus 0.36 g/t Au, 3 g/t Ag, 1% Cu, tr Pb, and 0.02% Zn over 6.1m, plus 0.84 g/t Au, <0.5 g/t Ag, 0.07% Cu, tr Pb, and tr Zn over 1.5m, plus 3.11 g/t Au, 32 g/t Ag, 0.13% Cu, 0.08% Pb, and 0.06% Zn over 3m, including 4.29 g/t Au, 53 g/t Ag, 0.18% Cu, 0.1% Pb, and 0.04% Zn over 1.5m. “Mineralization has been intersected in exoskarn and endoskarn and silicified intrusives, which are locally potassically altered with shreddy biotite and potassium feldspar. The area to the west of the completed drilling, where there is potential for skarn mineralization at the contact between mineralized intrusives and overlying dolomitized limestone is the site of the largest IP anomaly in the project area, which remains un-drilled from above where the dolomitized limestone outcrops”.
  • Radius Gold Inc., released drill results from the California target at its Amalia project in Chihuahua. Significant drill interceptions were encountered in holes AMDD21-45 with 60 g/t Ag over 87.25m, including 104 g/t Ag over 10.95m, plus 165 g/t Ag over 3.1m, and plus 187 g/t Ag over 3.3m; hole AMDD21-034 with 87 g/t Ag and 2.15 g/t Au over 3.95m; hole AMDD21-038 with 379 g/t Ag and 1.26 g/t Au over 11.20m; hole AMDD21-039 with 353 g/t Ag and 2.59 g/t Au over 12.75m; and hole AMDD21-044 with 346 g/t Ag and 0.63 g/t Au over 19.05m. “The system remains open to expansion along strike and to depth and so far has only been drilled on 200m centers. With the San Pedro zone drill defined and infill drilling planned for next year at California, we will be in a position to define a significant resource at the Amalia Property. With drilling on-going at the El Cuervo target and many targets remaining to drill test (Oro Viejo, La Caverna, and California SE), 2022 will be an exciting year for Radius”.

ON MINING

  • Americas Gold and Silver Corporation announced that its Los Braceros plant has returned to nameplate production at its Cosala mine operation in Sinaloa.  The company now is milling over 1,600 tonnes of ore per day grading 55 g/t Ag, 4.5 % Zn, and 1.9% Pb. Starting January, 2022 the company expects to increase the throughput to an average of 1,800 tonnes per operating day.
  • GoGold Resources Inc., reported Q3, 2021 production and financial results from its Parral Tailings property in Chihuahua. The company produced 475,734 Oz AgEq at a cash and AISC of USD $14.25 and USD $19.29 per Oz AgEq. GoGold reported revenue of USD $10.95M; cost of sales, including depreciation of USD $8.4M; operating income of USD $178K; and cash flow from operations of USD $538K. Year to date September 30, 2021, GoGold has produced 1.14M Oz Ag, 13,447 Oz Au, and 1.05.M Lb Cu (or 2.27M Oz AgEq). The company reported revenue of USD $53.2M; cash of USD $66.8M, free cash of USD $24.8M, company cash flow from operations before working capital of USD $18.9M, and USD $12.4 M after working capital; and adjusted net income of USD $11M.
  • Orla Mining Ltd., announced that three bars with a total weight of 1,278 Oz containing approximately 770 Oz Au and 510 Oz Ag were poured at its Camino Rojo property in Zacatecas. During the month of November, the Company mined a total of 466,215 ore tonnes at an average grade of 0.65 g/t Au and crushed and stacked a total of 374,976 tonnes on the heap leach pad. Year to date November 30, 2021, the Company mined a total of 1,589,994 tonnes of ore at an average grade of 0.72 g/t Au and crushed and stacked a total of 750,564 tonnes.

ON FINANCING

  • Barksdale Resources Corp., announced a non-brokered private placement of $1,750,000 secured convertible debentures arranged through Delbrook Capital Advisors Inc., an existing shareholder of the company. The net proceeds from the private placement will be used for general corporate and working capital purposes (San Javier project, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Chesapeake Gold Corp., provided an update of its Metates property in Durango, and announced technical plans for 2022. Management members and technical team of the company have been focused on improving the Metates ´project economics as a low cost, scalable mine, and the PEA showed positive results demonstrating an alternative mine plan with an approximately 90% decrease in development capital compared to an autoclave process flow sheet. The company plans to advance the metallurgical and technical work on Metates. In addition, the five-hole PQ diameter core drill program completed for metallurgical test work returned on average, a 19% increase in grade over the block model predicted grades. An overall increase in grade could have a significant impact on the PEA geological model and further improve project economics. Two diamond drill rigs commenced a 16-hole infill program that will drill both up and down dip as well as along strike between the June 2021 holes. The Company expects to release results in early 2022 once assays have been received. Once the assays are received, an updated block model inputting all 21 holes will be the basis for a revised resource estimate, mine planning and future technical studies. On the other hand, Chesapeake plans to carry out follow-up work on four of their regional projects: Nicole, Durango, Lucy, Sinaloa, Sundae, Sinaloa, and Tatatila, Veracruz.
  • Endeavour Silver Corp., released drill results from its Parral project, Chihuahua. In this year, the company has drilled over 14,000m in 59 holes targeting several areas along the La Colorada vein with the goal of expanding the current mineral resources. Highlights from recent drill results include hole VCS-10 on Veta Colorada with 0.01 g/t Au, 2,846 g/t Ag, 0.65% Cu, and 0.01% Zn (2,914 g/t AgEq) over a true width (TW) of 0.89m, including 0.01 g/t Au, 3,380 g/t Ag, and 0.77% Cu (3,461 g/t AgEq) over a TW of 0.79m; hole VCU-38 on the hangingwall of Veta Colorada with 0.05 g/t Au, 204 g/t Ag, 0.07% Cu, 0.8% Pb, and 1.2% Zn (278 g/t AgEq) over a TW of 1.75m, including 0.08 g/t Au, 541 g/t Ag, 0.2% Cu, 0.8% Pb, and 2.2% Zn (667 g/t AgEq) over a TW of 0.33m, plus 0.11 g/t Au, 840 g/t Ag, 0.25% Cu, 9.1% Pb, and 4.7% Zn (1,288 g/t AgEq) over a TW of 2.77m on Veta Colorada, including 0.26 g/t Au, 1,585 g/t Ag, 0.55% Cu, 34.9% Pb, and 4.4% Zn (2,755 g/t AgEq) over a TW of 0.36m; and hole VCU-50 collared on Veta Colorada with 0.55 g/t Au, 708 g/t Ag, 0.2% Cu, 10.9% Pb, and 12.4% Zn (1,504 g/t AgEq) over a TW of 1.23m, including 0.91 g/t Au, 1,130 g/t Ag, 0.25% Cu, 18.9% Pb, and 18.7% Zn (2,406 g/t AgEq) over a TW of 0.69m.
  • Fabled Silver Gold Corp., released results from its ongoing drilling program at its Santa Maria project in Chihuahua. Hole SM20-44 encountered 1.1 g/t Au, 20 g/t Ag, 0.01% Cu, 0.1% Pb, and 0.2% Zn (86 g/t AgEq) over 7.95m, including 1.42 g/t Au, 31 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.3% Zn (104 g/t AgEq) over 5.80m, including 1.68 g/t Au, 40 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.4% Zn (129 g/t AgEq) over 4.05m, including 5 g/t Au, 42 g/t Ag, 0.01% Pb, 0.03% Pb, and 0.1% Zn (229 g/t AgEq) over 1.10m.
  • Impact Silver Corp., announced the discovery of high grade at the New San Ramon Zone located 50m to the south and 150m up dip from previous underground mining and drilling at the San Ramon Mine, within its Zacualpan mining district in Sate of Mexico. A total of 3,726m of drilling in 14 holes has been completed and highlights include hole Z21-15 with 1,443 g/t Au, 0.07% Pb, and 0.1% Zn over a true width (TW) of 1.93m; hole Z21-16 with 897 g/t Ag, 1.6% Pb, and 7.9% Zn over a TW of 1.93m; hole Z21-17 with 453 g/t Ag, 0.2% Pb, and 0.3% Zn over a TW of 2.1m; hole Z21-22 with 410 g/t Ag, 0.1% Pb, and 0.3% Zn over a TW of 1.81m; hole Z21-24 with 568 g/t Ag, 0.6% Pb, and 1% Zn over a TW of 3.65m; and hole Z21-28 with 480 g/t Ag, 0.1% Pb, and 0.1% Zn over a TW of 2.25m. “Known mineralization over the total San Ramon workings has a down dip length of 430m and a strike length of 500m. It remains open for expansion and additional drilling is in progress”.
  • SilverCrest Metals Inc., announced remaining results from its 2021 infill and expansion drilling program at its Las Chispas project in Sonora. The company reported that the 2021 infill and expansion drilling program consisted of 109,590m in 301 drill holes that include a total of 102,560m in 281 holes in the Babi Vista, Babi Vista Splay, Babi Vista FWZ, Babi Norte HG, Granaditas and El Muerto Veins. On Babi Vista Vein, 15 new infill drill holes returned an average grade of 10.82 g/t Au and 863 g/t Ag (1,804 g/t AgEq) over a true width (TW) of 0.90m. 2021 infill drilling results reported an average grade of 9.05 g/t Au and 782 g/t Ag (1,569 g/t AgEq) over a TW of 0.8m. On Babi Vista FWZ, 10 new infill drill holes returned an average grade of 14.13 g/t Au and 1,057 g/t Ag (2,285 g/t AgEq) over a TW of 0.5m. 2021 infill drilling results reported an average grade of 12.58 g/t Au and 2,404 g/t Ag (3,498 g/t AgEq) over a TW of 0.7m. On Babi Norte HW Vein, infill drill holes returned an average grade of 9.87 g/t Au and 98 g/t Ag (1,506 g/t AgEq) over a TW of 0.5m. 2021 infill drilling program reported an average grade of 6.27 g/t Au and 628 g/t Ag (1,167 g/t AgEq) over a TW of 0.5m. On El Muerto Zone and Hanging Wall Vein, the 2021 infill drilling program returned an average grade of 3.97 g/t Au and 274 g/t Ag (619 g/t AgEq) over a TW of 1.4m. On Babi Vista Splay Vein, the infill drilling of 41 holes in 2021 reported an average grade of 15.74 g/t Au and 1,316 g/t Ag (2,684 g/t AgEq) over a TW of 1m. On Granaditas Vein, drilling of 40 holes returned an average grade of 11.65 g/t Au and 2,806 g/t Ag (3,819 g/t AgEq) over 1.2m. “In H1, 2022, underground drill rigs will be working on tighter spaced definition drilling at Babicanora Main, Babi Vista and Babicanora Norte veins in support of underground production planning, a required part of the mining cycle. The surface rig will be working on expansion drilling on the northwest extension of the Babi Vista Vein and further infilling of the El Muerto veins”. 
  • Tarachi Gold Corp., announced positive results of the PEA conducted on its Magistral Mill and Tailing project in Durango. Highlights of the PEA includes an initial capital cost of USD $11.1M and after-tax payback in 1 year; development timeline of 12 months; cash and AISC of USD $648 and USD $705 per Oz Au respectively, net of Ag and Cu credits; pre-tax IRR of 120% and after-tax IRR of 85% at base case price of USD $1,600 Oz Au, USD $22 Oz Ag, and USD $3.40 Lb Cu; pre-tax annual free cash flow of  $15.3M and post-tax cash flow of USD $11.3M during years of full-rate production; and Life of Mine of 3.4 years with total production of 53,900 Oz Au, 75,800 Oz Ag, and 1.9M Lb Cu.
  • Torex Gold Resources Inc., reported results from the 2021 drilling program at its El Limon Guajes underground mine in Guerrero, including zones referred to as Sub-Sill and El Limon Deep. Highlights include holes LDUG-49 with 15.04 g/t Au, 15 g/t Ag, and 0.66% Cu over 34m; hole LDUG-152 with 21.52 g/t Au, 13 g/t Ag and 0.53% Cu over 22.5m; hole LDUG-148 with 9.65 g/t Au, 4 g/t Ag, and 0.18% Cu over 43.5m; hole LDUG-164 with 13.53 g/t Au, 16 g/t Ag, and 0.86% Cu over 28.9m; hole LDUG-166 with 8.92 g/t Au, 4 g/t Ag, and 0.21% Cu over 41m; hole LDUG-139 with 9.21 g/t Au, 19 g/t Ag, and 0.4% Cu over 25.1m; hole LDUG-165 with 6.95 g/t Au, 6 g/t Ag, and 0.27% Cu over 28.7m; hole LDUG-126 with 56.25 g/t Au, 9 g/t Ag, and 0.18% Cu over 3.5m: hole LDUG-146 with 7.02 g/t Au, 4 g/t Ag, and 0.16% Cu over 26.4m; hole LDUG-159 with 10.1 g/t Au, 2 g/t Ag, and 0.12% Cu over 17.8m; hole LDUG-153 with 19.79 g/t Au, 5 g/t Ag, and 0.52% Cu over 7.7m; hole SST-244 with 5.72 g/t Au, 2 g/t Ag, and 0.16% Cu over 24.8m; hole SST-216 with 30.02 g/t Au and 3 g/t Ag over 4m; hole SST-232 with 10.21 g/t Au, 156 g/t Ag, and 1.52% Cu over 11.3m; and hole SST-226 with 10.71 g/t Au, 11 g/t Ag, and 0.44% Cu over 7.8m. To date, Torex has drilled and received assays for 69 drill holes representing approximately 14,200m of drilling. Approximately 5,800m (43 holes) have been drilled at El Limon Deep with an additional 8,400m (26 holes) drilled at Sub-Sill Zone. Torex is expected to complete 25,000m drill program in 2021. There are currently 8 rigs actively drilling off the El Limon Guajes underground, including 3 rigs from surface and 5 rigs underground.
  • Vizsla Silver Corp., released results from three new drill holes targeting the Napoleon Vein resource area at its Panuco project in Sinaloa. Significant mineralization was intersected in holes NP-21-190 with 9.12 g/t Au, 1,058 g/t Ag, 4.7% Pb, and 1.7% Zn (1,902 g/t AgEq) over a true width (TW) of 2.33m, plus 5.14 g/t Au, 161 g/t Ag, 0.4% Pb, 1% Zn (665 g/t AgEq) over a TW of 4.53M; and hole NP-21-197 with 1.12 g/t Au, 55 g/t Ag, 0.05% Pb, and 0.9% Zn (177 g/t AgEq) over a TW of 4.27M, including 3.27 g/t Au, 73 g/t Ag, 0.08% Pb, and 3.3% Zn (452 g/t AgEq) over a TW of 0.99m.
  • Zacatecas Silver Corp., reported Initial Inferred Mineral Resource Estimate for its Panuco deposit in Zacatecas. The company estimated 2.73M tonnes of 171 g/t Ag and 0.17 g/t Au (187 g/t AgEq) for a total of 15.03M Oz Ag and 15K Oz Au (16.4M Oz AgEq), including a zone of 5.1M Oz AgEq at 235 g/t AgEq. The database for the Mineral Resource Estimate consisted of 75 drill holes totalling 23,444 m, and 183 trenches totalling 4,540 m, of which a total of 66 drill holes totalling 19,826 m and 135 trenches totalling 3,545 m intersected the mineralization wireframes used for the Mineral Resource Estimate.

ON DEALS AND CORPORATE ISSUES

  • Advance Lithium Corp., announced that its stock symbol changed from TSXV: AAX to TSXV: AALI (Tabasqueña project, Zacatecas).
  • Bear Creek Mining Corporation entered into a definite agreement with Equinox Gold Corp., to acquire a 100% interest in the Mercedes mine in Sonora: Terms of the agreement are a cash payment of USD $75M and issuance of 24,730,000 Bear Creek common shares on the closing of the acquisition; a deferred cash payment of USD $25M due within six months of the closing date; and a 2% NSR payable on metal production from the Mercedes mining concessions. The USD $75M cash payment on the closing date will be funded by USD $15M from the company´s treasury, and USD $60M from Sandstorm Gold Ltd. Bear Creek and Sandstorm entered into a gold purchase agreement and a debt financing agreement, both subject to customary closing conditions. In exchange for USD $37.5M, Sandstorm will receive 25,200 ounces of gold over 3.5 years, followed by 4.4% of the gold production from Mercedes for the remainder of the life-of-mine, and Sandstorm will pay Bear Creek USD $22.5M to subscribe for a 6%, three-year convertible debenture. Sandstorm has the right to convert the principal amount of the debenture into common shares of Bear Creek, at any time prior to the maturity date, at a 35% premium, or as approved by the TSX-V, to Bear Creek’s share price on closing of the transaction.
  • Consolidated Zinc Limited entered into a offtake agreement with Metco Trading S.A. de C.V. for the sale of 100% of the Plomosas lead concentrates produced from Plomosas for calendar year 2022. Key terms of this agreement include purchase of 100% of lead sulphide concentrates produced from Plomosas; purchase of 100% of lead oxide concentrates, a new lead concentrate product from Plomosas planned to commence production during the 1st quarter of 2022; and fixed treatment charges for 2022, include the new lead oxide concentrates.
  • Defiance Silver Corp., announced results from its annual and special general meeting of shareholders (San Acacio project, Zacatecas).
  • Golden Minerals Company appointed a new member to its Board of Directors, effective December 9, 2021 (Rodeo project, Durango).
  • Mexican Gold Mining Corp., announced favourable resolution of the claims dispute concerning certain lands that overlap a portion of the Company’s Pepe mineral concessions at its Las Minas project, Veracruz.   The General Director of Mines in Mexico has ruled in favour of Mexican Gold, thereby nullifying the portion of the overlapping Santa Fe Claims and reducing it such that it is positioned outside of the Company’s mineral claim boundaries as well as the NI 43-101 resource base.

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, scorodite in a quartz vein displaying boiling texture from an intermediate sulphidation epithermal vein system in a project in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of December, 2021

By Jorge Cirett

During the 49th week of the year (December 6th to December 12th, 2021), at least 20 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, there were no mining related news, two released financing news, one more settled a debt with shares and one more qualified to trade on the OTCQB; two companies released resource estimates, one posted on drilling results from an advanced property and one more provided an update on ramping up mining activities. One company changed its name and one more is to create a spin-off company for its remaining exploration projects. ON MEXICO ISSUES, Sonora, Guerrero and Oaxaca can become poles of mining activity. Camimex asked the president to ease the grip on the issuance of mining concessions, as it is to strangle the industry. The Zacatecas Mining Cluster inaugurated Quantum City. The national employment service increased the jobs offered in the mining industry. ON EXPLORATION, In Sonora, Heliostar Metals commenced drilling at Cumaro; Tocvan Ventures is trenching at Pilar. In Sinaloa, Vizsla Silver released drilling results from the Napoleon deposit at Panuco. In Guerrero, Pantera Silver received a drill permit for Nuevo Taxco. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver and Prismo Metals announced or closed financing rounds for C$9.52 M and $2 M respectively. Aloro Mining is to settle a $211 K debt with shares. Sierra Madre Gold and Silver qualified for trading at the OTCQB in the USA. ON RESOURCES AND DEVELOPMENT, Discovery Silver filed the technical report with updated mineral resources at Cordero. Fabled Silver released drill results at Santa Maria. GoGold presented the initial mineral resource estimate on four deposits at Los Ricos North project, and current resources at Los Ricos Sur and the Parral tailings projects. Minera Alamos updated on ramping up of mining at Santana. Oroco Resources released its first drilling results from drilling the Santo Tomás deposit in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Advance Gold changed its name to Advance Lithium Corp., and Solaris Resources intends to transfer its non-core assets to a subsidiary company. Prime Meridian Resources optioned the La Verde Grande project in Sonora, for which is to forward US400 K in cash and US$8 M in shares in staged payments. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to a note by Mexico Business News, Sonora, Guerrero and Oaxaca are to be poles of mining exploration in the coming years.
  • Camimex (Cámara Minera de México) asked the AMLO presidency to grant new mining concessions, as the lack of issuance of titles is to result in a shortage of mines in the future due to the lack of exploration. Mexico has seen its standing on the Fraser Institute report to fall from the 29 to the 42 position from 2018 to 2020.
  • The Zacatecas Mining Cluster inaugurated its Mining Center in Quantum City, to forward research, innovation and technological development in the State’s mining industry.
  • The Servicio Nacional de Empleo (National Employment Service) increased its jobs offer in the mining industry.

ON EXPLORATION

  • Vizsla Silver Corp. released results from twenty one drill holes targeting the Napoleon vein resource area, at Panuco, Sinaloa. The Napoleon vein measures approximately 1,000 m by 3.86 m in width, to a depth of 400 m, averaging 148 gpt Ag, 2.90 gpt Au, 0.46% Pb, 1.44% Zn (453 gpt AgEq), while the greater Napoleon vein resource area (including the previous one) measures 1,820 m by an average of 3.36 m in width to a depth of 300 m, averaging 142 gpt Ag, 2.62 gpt Au, 0.46% Pb, 1.39% Zn (421 gpt AgEq). Highlighted true width intercepts comprise 5.76 m @ 0.81 gpt Au, 56 gpt Ag, 0.8% Pb, 2.5% Zn; 1.21 m @ 2.25 gpt Au, 26 gpt Ag; 10.69 m @ 1.21 gpt Au, 220 gpt Ag, 0.4% Pb, 0.8% Zn; 1.74 m @ 0.29 gpt Au, 206 gpt Ag; 1.63 m @ 2.69 gpt Au, 34 gpt Ag, 0.2% Pb, 2.2% Zn; 2.52 m @ 0.54 gpt Au, 156 gpt Ag; 1.14 m @ 4.75 gpt Au, 128 gpt Ag, 1.2% Pb, 2.5% Zn; 2.90 m @ 0.76 gpt Au, 210 gpt Ag, 2.2% Pb, 1.8% Zn.
  • Heliostar Metals Ltd. commenced a drill program at its Cumaro project in Sonora. The drill program will focus on the Verde, Basaitegui and Palmita vein corridors. The Verde target comprises three veins with 530 m strike length 0.5 to 5.0 m in width, where previous surface sampling has returned 5.0 m @ 10.3 gpt Au, 168 gpt Ag; 5.9 m @ 2.65 gpt Au, 105 gpt Ag; 3.0 m @ 4.68 gpt Au, 61 gpt Ag; 1.75 m @ 11.5 gpt Au, 125 gpt Ag. At the Basaitegui target vein textures indicate a shallower part of the system is exposed and the vein at depth is to be tested. At the 1.7 km long Palmita target the mineralization system is also interpreted as shallow and the aim is to intercept the vein at depth.
  • Pantera Silver Corp. received a drill permit from the government for its Nuevo Taxco project in Guerrero. The maiden drill program is focused on priority targets within 135 ha area historically prepared for drilling by Impact Silver. This area hosts over 21 veins with “substantial width” and mapped lengths of 150 to 350 m, remaining open along strike and depth.
  • Tocvan Ventures Corp. updated on the trenching program at the Pilar project in Sonora. “Trenching is currently underway with four trenches completed to date at 4-Trench, North Hill and Main Zone targets”. At the Main zone the plan is to test an area where surface sampling has returned 10 m @ 2.5 gpt Au, 27 gpt Ag.

ON MINING

  • No relevant news.

ON FINANCING

  • Guanajuato Silver Company Ltd. closed the second and final tranche of its non-brokered private placement offering, for gross proceeds of C$9.52 M (El Cubo, Guanajuato).
  • Prismo Metals Inc. announced a non-brokered private placement intended to raise gross proceeds of up to $2 M (Los Pavitos, Sonora).
  • Aloro Mining Corp. intends to settle a debt for $211.2 K to various insiders of the company with 3.84 M shares (Los Venados, Sonora).
  • Sierra Madre Gold and Silver Ltd. announced it has qualified for trading on the OTCQB Venture Market in the United States operated by the OTC Markets Group Inc. (Tepic and La Tigra projects, Nayarit).

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp. filed the technical report with the update of mineral resources for the Cordero project in Chihuahua. The NI-43-101 report for the preliminary economic assessment (PEA) for Cordero will be filed within 45 days of November 30, 2021.
  • Fabled Silver Gold Corp. released results from one more hole at Santa Maria in Chihuahua. Nine core length intervals 1.5 to 3.0 m in width returned up to 0.16 gpt Au, 66 gpt Ag.
  • GoGold Resources Inc. released its initial mineral resource estimate for the Los Ricos North project in Jalisco, and updated the mineral reserve at the Parral tailings operation. Oxide indicated mineral from the El Favor, Casados, La Trini and Mololoa deposits adds up to 14.5 M tonnes @ 0.37 gpt Au, 100 gpt Ag, and inferred mineral resources of 15.0 m tonnes @ 0.28 gpt Au, 95 gpt Ag, containing 171 K Oz Au, 46.5 M Oz Ag and 136 K Oz Au, 44.1 M Oz Ag respectively. At El Orito sulfide zone there are 7.8 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.11% Cu, 0.88% Pb, 1.33% Zn as indicated resources, and 5.5 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.12% Cu, 0.74% Pb, 1.20% Zn as inferred resources, containing 15 K Oz Au, 7 M Oz Ag, 19 M Lb Cu, 151 M Lb, Pb, 229 M Lb Zn and 11 K Oz Au, 4.9 M Oz Ag, 15 M Lb Cu, 90 M Lb Pb, 146 M Lb Zn respectively, for a grand total of 334 K Oz Au, 93.5 M Oz Ag, 34 M Lb Cu, 241 M Lb Pb, 375 M Lb Zn. At the neighboring Los Ricos Sur project, the company holds 385 K Oz Au, 49.9 M Oz Ag in measured, indicated and inferred resources. At the Parral tailing project proven and probable mineral reserves are 12.8 M tonnes @ 0.35 gpt Au, 32.6 gpt Ag, containing 144 K Oz Au, 13.4 M Oz Ag.
  • Minera Alamos Inc. provided an update on the ramping-up of mining at Santana, in Sonora. Over 7,300 Oz Au have been placed on the leach pad, while cumulative gold recovery from ore under leach for more than 30 days his approaching 70%. “Mining and crushing activities at the project site continue to progress as operating experience is gained and the available Nicho Norte starter pit operating areas increase”.
  • Oroco Resources Corp. released results from drilling at its Santo Tomas project in Sinaloa. The eight holes completed so far in the North zone and drilling continues, whilst results for the first three holes have been received. Copper grades are comparable to historical grades and confirm the 2009 gradeshell model of Cu > 0.3%, with chalcopyrite and bornite disseminations and veinlets with sparse pyrite. “Sulphide mineralization in the main intersections on the North Zone are hosted in strongly potassic-altered volcanic and intrusive rocks with an overprint of phyllic alteration”. Highlighted core-length intervals comprise 255.0 m @ 0.39% Cu, 100 ppm Mo, 45 ppb Au; 280.1 m @ 0.38% Cu, 120 ppm Mo, 25 ppb Au; 25.5 m @ 0.29% Cu, 150 ppm Mo, 20 ppb Au; 14.3 m @ 0.50 % Cu, 80 ppm Mo, 26 ppb Au; 207.7 m @ 0.39% Cu, 140 ppm Mo, 19 ppb Au; 76.2 m @ 0.18% Cu, 20 ppm Mo, 7 ppb Au.
  • Prime Mining Corp. updated on exploration at its Los Reyes project in Sinaloa. Exploration results during the Q3 2021 include the discovery of Au-Ag mineralization in San Miguel East pit-constrained resource, in addition to near surface mineralization at Las Primas, additional high-grade results at Guadalupe East and strike and depth potential of the Zapote-Tahonitas mineralized structure. The planned phase two drilling program is to comprise 250 new holes and a minimum of 50,000 m.

ON DEALS AND CORPORATE ISSUES

  • Advance Gold Corp. changed its name to Advance Lithium Corp. (Tabasqueña, Zacatecas).
  • Solaris Resources Inc. intends to transfer its non-core assets in Ecuador, Peru, Chile and Mexico, into a newly incorporated subsidiary named Solaris Exploration Inc., while Solaris Resources focuses on the Warintza project in Ecuador (La Verde (60%), Michoacan).
  • Prime Meridian Resources Corp. executed a letter of intent (LOI) to purchase up to 100% interest in La Verde Grande 2,493 ha project in Sonora. “The Company’s plan is to fast-track the exploration and development of the seven currently known Cu-Zn-Ag-Au skarn zones, while evaluating in parallel, the significant opportunity for the discovery of copper porphyry mineralization proximal to those skarn zones”. PMR will make cash payments of US$400 K and payments in shares of US$8 M to acquire up to 100% indirect ownership of the La Verde project, subject to a 2% royalty. Upon completing the US$400 K payment, PMR will have earned 5% indirect ownership of the La Verde project, and further 45% indirect ownership upon issuance of 25 M shares @ CA$0.15 per share. PMR will acquire further 25% indirect interest by issuing an additional US$3 M in shares before the first anniversary. A final 25% indirect interest will be earned by issuing US$2 M in shares before the second anniversary. Of the 2% royalty, 1% can be bought by US$1.0 M.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: X marks the spot. Mafic dike on granitic intrusive rock in Sonora. Picture by Jorge Cirett.

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

Quartz vein with massive chalcopyrite

By Miguel A Heredia

During the 48th week of the year (November 29th to December 5th, 2021), at least 24 press releases were announced by companies working in Mexico, and 3 news published by the media, with seven announcing financial issues, five reporting resources and developments of their properties, five disclosing deals and corporate issues, four informing on exploration results, three commenting on Mexican issues, and three communicating production and financial results.  ON MEXICO ISSUES, AMLO reaffirmed this week his foolish and unfortunate policy of not granting more mining concessions in Mexico. President Andrés Manuel López Obrador offered to meet the request of residents of San José del Progreso and collaborators of Compañía Minera Cuzcatlán, who asked him to avoid the closure of the San José mining unit, located in that Oaxacan municipality. The current government has stopped the issuance of mining concessions and investment in Mexico. ON EXPLORATION, In Sonora, Ranchero Gold provided an update of its ongoing drilling program conducted at its Maíz Azul project. In Chihuahua, Mammoth received from SEMARNAT a permit to expand its drilling program at its Tenoriba project. In Sinaloa, Kootenay announced drill results from its Copalito project. In Durango, Silverton signed a surface agreement for its Pluton Silver-Zinc project.  ON MINING, Americas Gold and Silver announced the re-opening of its Cosalá mine operation in Sinaloa. Santacruz reported Q3, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. Guanajuato Silver provided a production update on its El Cubo mine, Guanajuato.  ON FINANCING, Guanajuato Silver closed the first tranche of its non-brokered private placement offering of up to 16M units at a price of CAD $0.55 per unit (El Cubo mine, Guanajuato). Fabled renewed its agreement with Agora Internet to provide online advertising, marketing, and branding services and wishes to issue 519,007 common shares in respect of the settlement, and engaged Hybrid Financial to provide marketing services (Santa Maria project, Chihuahua). First Majestic announced that it will issue USD $200M aggregate principal amount of Convertible Senior Notes or USD $230M aggregate principal amount if the over-allotment option is exercised in full (San Dimas mine, Durango). Guanajuato Silver received USD $750K from the sale of 90 tonnes of bulk Ag-Au concentrate from El Cubo mine in Guanajuato, and anticipates receiving a payment of approximately USD $1.3M for the sale of approximately 175 tonnes of additional Ag-Au concentrate on or about December 3, 2021. Orogen announced initial production at the Ermitaño deposit in Sonora where the company holds a 2% net smelter return. VVC announced an arrangement with Stockhouse Publishing to assists VVC with general market outreach and investor awareness (Gloria Copper project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Discovery reported a Preliminary Economic Assessment (PEA) on its Cordero project, Chihuahua. Endeavour released high grade results from its ongoing drilling program at their Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. Silver Tiger reported a wide high grade drill intersection on the Benjamin Vein at its El Tigre project, Sonora. Fabled released results from hole SM0-42 collared at its Santa Maria project, Chihuahua. GR Silver announced the discovery of a gold-silver rich mineralized zone during the initial reconnaissance drilling at Loma Dorada target within its Plomosas project in Sinaloa.    ON DEALS AND CORPORATE ISSUES, Almadex announced the appointment of two members to its Board of Directors and the retirement of one Director after many years of valued service (El Chato project, Puebla). Capstone and Mantos Copper entered into a definitive agreement to combine business to create Capstone Copper (Cozamin mine, Zacatecas). Heliostar announced the appointment of a new member to its Board of Directors (Cumaro project, Sonora). Monumental Minerals announced the appointment of an advisory board to assist the company with the exploration and drill target definition of its Jemi rare earth elements project in Coahuila. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • AMLO reaffirmed this week his foolish and unfortunate policy of not granting more mining concessions in Mexico. He declared that mining companies were speculating in the financial market. López Obrador asserted that the existing mining concessions will be respected; however, his government will no longer give more, as many companies “cheated” and have not carried out exploitation tasks.
  • President Andrés Manuel López Obrador offered to meet the request of residents of San José del Progreso and collaborators of Compañía Minera Cuzcatlán, who asked him to avoid the closure of the San José mining unit, located in that Oaxacan municipality. The president was asked to avoid the loss of more than 1,200 direct jobs and around 8,000 indirect ones.
  • The current government has stopped the issuance of mining concessions and investment in Mexico. Parallel to the policy of null concessions, the president has presented a bill that intends to reserve strategic minerals such as lithium only for the State, denying any concession for their exploration, production or commercialization. Both their decisions not to grant a single concession in three years of government “and the promise not to do so in the entire six-year term”and to reserve strategic minerals for the State have been strongly criticized by specialists and representatives of the mining industry, to the point of warning that the future of the country is being“mortgaged.

ON EXPLORATION

  • Ranchero Gold Corp., provided an update of its ongoing drilling program conducted at its Maíz Azul project, located 3.5km east of Alamos Gold´s Mulatos mine in Sonora. To date, eight holes have been drilled totalling 1,245m, which represents 42% of the Phase 1 drill program which plans to test the La Colmena, La Cascada, and X-structure targets. 175 samples have been submitted to lab and results are expected to arrive in Q1, 2022.
  • Mammoth Resources Corp., received from SEMARNAT a permit to expand its drilling program at its Tenoriba project in Chihuahua. SEMARNAT approved the company´s application for up to 182 additional drill sites and covers the entire 6 km Au-Ag mineralization at the Tenoriba project.
  • Kootenay Silver Inc., announced drill results from Agua, 5 Señores, and Chiva Veins within its Copalito project in Sinaloa. Highlights at Agua Vein include hole BDH-20-055 with 2 g/t Au, 125 g/t Ag and 0.9% combined Pb+Zn (276 g/t AgEq) over 23m, including 9.26 g/t Au, 28 g/t Ag, and 0.6% combined Pb+Zn (643 g/t AgEq) over 5m, including 21.1 g/t Au, 29 g/t Ag, and 0.3% combined Pb+Zn (1,409 g/t AgEq) over 0.65m, plus 0.82 g/t Au, 587 g/t Ag, and 1.6% combined Pb+Zn (676 g/t AgEq) over 3m; hole BDH-21-056 with 0.22 g/t Au, 101 g/t Ag, and 0.9% combined Pb+Zn (135 g/t AgEq) over 21m, including 0.28 g/t Au, 163 g/t Ag, and 0.8% combined Pb+Zn (199 g/t AgEq) over 7m, including 0.48 g/t Au, 440 g/t Ag and 0.9% combined Pb+Zn (492 g/t AgEq) over 1.5m; and hole CDH-21-80 with 0.42 g/t Au, 63 g/t Ag, and 4.8% combined Pb+Zn (199 g/t AgEq) over 1.84m, including 0.69 g/t Au, 133 g/t Ag, and 11% combined Pb+Zn (423 g/t AgEq) over 0.43m. Highlights at 5 Señores Vein include hole BDH-20-51 with 2.95 g/t Au, 98 g/t Ag, and 0.3% combined Pb+Zn (290 g/t AgEq) over 1.4m; and hole BDH-20-052 with 0.23 g/t Au, 14 g/t Ag, and 0.6% combined Pb+Zn (34 g/t AgEq) over 3.3m, including 1.28 g/t Au, 61 g/t Ag, and 3.3% combined Pb+Zn (174 g/t AgEq) over 0.48m. Highlight on Chiva Vein include hole BDH-21-057 with 0.06 g/t Au, 106 g/t Ag, and 0.3% combined Pb+Zn (118 g/t AgEq) over 6.33m, including 0.23 g/t Au, 513 g/t Ag, and 0.8% combined Pb+Zn (546 g/t AgEq) over 0.82m; hole BDH-21-058 with 0.07 g/t Au, 41 g/t Ag, and 0.1% combined Pb+Zn (48 g/t AgEq) over 12m, including 0.5 g/t Au, 300 g/t Ag, and 1.4% combined Pb+Zn (1,364 g/t AgEq) over 0.35m; and hole BDH-21-063 with 0.92 g/t Au, 86 g/t Ag, and 5.5% combined Pb+Zn (269 g/t AgEq) over 1.82m, including 4.49 g/t Au, 453 g/t Ag, and 2.7% combined Pb+Zn (1,344 g/t AgEq) over 0.32m.
  • Silverton Metals Corp., signed a surface agreement for three years for its Pluton Silver-Zinc project with the Comisariado Ejidal of Ejido Mapimi in Durango State. The agreement provides access to the land for surface exploration work, including diamond drilling and use of a core storage facility.

ON MINING

  • Americas Gold and Silver Corporation, announced the re-opening of its Cosalá mine operation in Sinaloa. The Los Braceros plant has returned to nameplate production with a steady source of feed from a combination of existing stockpiled ore and new production from the San Rafael mine.
  • Santacruz Silver Mining Ltd., reported Q3, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. At Zimapan mine, Hidalgo, the company milled 186,642 tonnes to produce 867.2K Oz AgEq, and sold 829.2K Oz AgEq. Cash costs per ton and per Oz AgEq produced were USD $53.88 and USD $17.72 respectively. AISC was USD $22.81 per Oz Ag Eq. The company reported revenue of USD $14.4M and a gross profit of USD $3.93M. At Rosario mine, San Luis Potosi, the company milled 2,306 tonnes to produce 5,698 Oz AgEq and sold 10,765 Oz AgEq. Cash costs per ton and per Oz AgEq produced were USD $173.04 and USD $42.81 respectively. AISC was USD $22.47 per Oz AgEq produced. The company reported revenue for USD $182K and gross profit of (272K).
  • Guanajuato Silver Company Ltd., provided a production update on its El Cubo mine, Guanajuato. The company has mined since October 15, 2021 450 tonnes of ore per day from El Cubo mine and is processing an average of 1,000 tonnes per day. It expects the plant to operate for 22 to 24 days for an average monthly operating rate of 22,500 tonnes for the next 6 months.

ON FINANCING

  • Guanajuato Silver Company Ltd., closed the first tranche of its non-brokered private placement offering of up to 16M units at a price of CAD $0.55 per unit. The net proceeds from the offering will be used to fund the ongoing exploration, development, and expansion of the Company’s El Cubo mine and mill complex and El Pinguico silver and gold project, and for general corporate and working capital purposes.
  • Fabled Silver Gold Corp., renewed its agreement with Agora Internet Relations to provide online advertising, marketing, and branding services and wishes to issue 519,007 common shares in respect of the settlement. It also engaged Hybrid Financial Ltd., to provide marketing services. Hybrid has been engaged for an initial period of 6 months, starting on December 1, 2021 and will be paid a monthly fee of $22,500 plus payable taxes (Santa Maria project, Chihuahua).
  • First Majestic Silver Corp., announced that it will issue USD $200M aggregate principal amount of Convertible Senior Notes or USD $230M aggregate principal amount if the over-allotment option is exercised in full. The company intends to use approximately USD $164.9M of the net proceeds of the offering to repurchase, in separate privately negotiated transactions, approximately USD $125.2M aggregate principal amount of its outstanding 1.875% convertible senior notes. The company intends to use the remainder of the net proceeds from the offering for general corporate purposes, including strategic opportunities (San Dimas mine, Durango).
  • Guanajuato Silver Company Ltd., received USD $750K from the sale of 90 tonnes of bulk Ag-Au concentrate grading approximately 220 Oz Ag per tonne and 2.2 Oz Au per tonne from El Cubo mine in Guanajuato, and anticipates receiving a payment of approximately USD $1.3M for the sale of approximately 175 tonnes of additional Ag-Au concentrate at similar grades on or about December 3, 2021.
  • Orogen Royalties Inc., announced initial production at the Ermitaño deposit in Sonora where the company holds a 2% net smelter return. The first doré gold-silver pour occurred November 11, 2021 and commercial production is expected in Q1 2022.
  • VVC Exploration Corporation announced an arrangement with Stockhouse Publishing to assists VVC with general market outreach and investor awareness. At the time, the company issued to Stockhouse 157,900 common shares of VVC and a $60K Note to be converted into shares in four tranches over a year. With the approval of TSX Venture Exchange, one quarter of the note ($15K) will now converted, as part of the second tranche, to 136,365 shares at a price of $0.11 per share, being yesterday´s market price discounted by 25%. The next share issuance will occur in three months (Gloria Copper project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp., reported a Preliminary Economic Assessment (PEA) on its Cordero project, Chihuahua. The reports indicates that the ultimate pit contains 719M tonnes consisting of 228M tonnes of mill feed and 491M tonnes of waste for an average strip ratio of 2.2:1 Highlights include a Base Case after-tax NPV 5% of USD $1,160M and IRR of 38% assuming prices of USD $22 / Oz Ag, USD $1,600/ Oz Au, USD 1/Lb Pb, and USD $1.0/ Lb Zn; and a Upside Case after-tax NPV 5% of USD $1,889M and IRR of 55%, assuming prices of USD $27.5/Oz Ag, USD $1,880/Oz Au,  USD $1.1/Lb Pb, and USD $1.45/Lb Zn; 16-year mine life with an average annual production of 26M Oz AgEq at an AISC of USD $12.35 / Oz AgEq; initial development CAPEX of USD $368M post-tax payback of 2 years for Base Case and 1.4 years for Upside Case; 99% of tonnes processed in the PEA mine are in the Measured + Indicated category; and Ag represents > 60% of the net smelter return in the first five years of the mine life and >50% of the net smelter return over the life of mine.
  • Endeavour Silver Corp., released high grade results from its ongoing drilling program at their Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. At Guanacevi mine, highlights include hole UCM-67 with 1.97 g/t Au and 1,254 g/t Ag (1,412 g/t AgEq) over a true width (TW) of 3.22m, including 3.6 g/t Au and 2,690 g/t Ag (2,978 g/t AgEq) over a TW of 0.2m, extending the El Curso orebody along strike; and hole SCSU-11 with 4.36 g/t Au, 1,450 g/t Ag (1,798 g/t AgEq) over a TW of 3.18m, including 7.97 g/t Au and 4,568 g/t Ag (5,206 g/t AgEq) over 0.31m, extending the Santa Cruz South orebody to depth. At Bolañitos mine, Guanajuato, highlights include hole BS-04 with 8.08 g/t Au and 151 g/t Ag (797 g/t AgEq) over a TW of 1.67m, including 89.6 g/t Au and 88 g/t Ag (8,046 g/t AgEq) over a TW of 0.08m on a new discovery, the Tepetateras vein, south of the current workings; and hole BS-03 with 1.26 g/t Au and 241 g/t Ag (342 g/t AgEq) over 0.96m, on the Lulu vein, south of the current workings.
  • Silver Tiger Metals Inc., reported a wide high grade drill intersection on the Benjamin Vein at its El Tigre project in Sonora. Hole ET-21-272 encountered 0.35 g/t Au, 388 g/t Ag, 0.14% Cu, 2.9% Pb, and 6.2% Zn (701 g/t AgEq) over 23.1m, including 0.5 g/t Au, 587 g/t Ag, 0.21% Cu, 4.3% Pb, and 9.2% Zn (1,051 g/t AgEq) over 15.1m, including 0.52 g/t Au, 1,642 g/t Ag, 0.58% Cu, 11.9% Pb, and 25.2% Zn (2,855 g/t AgEq) over 5.1m, including 0.37 g/t Au, 2,877 g/t Ag, 1.05% Cu, 14.6% Pb, and 30.8% Zn (4,375 g/t AgEq) over 2.6m.
  • Fabled Silver Gold Corp., released results from hole SM0-42 collared at its Santa Maria project, Chihuahua. This hole was designed to fill in a drill poor gap just to the west of the current resources. The hole intersected six gold bearing zones. Highlights are 0.49 g/t Au, 117 g/t Ag, 0.05% Pb, 0.1% Zn (143 g/t AgEq) over 3.70m, including 0.91 g/t Au, 211 g/t Ag, 0.1% Pb, 0.1% Zn, and 0.01% Cu (258 g/t AgEq) over 1.20m, plus 0.43 g/t Au, 227 g/t Ag, 0.1% Pb, 0.3% Zn and 0.01% Cu (249 g/t AgEq) over 1.71m.
  • GR Silver Mining Ltd., announced the discovery of a gold-silver rich mineralized zone during the initial reconnaissance drilling at Loma Dorada target within its Plomosas project in Sinaloa. Hole LDSP21-007 encountered 5.23 g/t Au and 166 g/t Ag over 1m. “The Loma Dorada target is currently the subject of reconnaissance drilling, testing a new geological model of NW trending, Au-Ag rich veining – a possible extension 1.2 km along strike from La Colorada”.

ON DEALS AND CORPORATE ISSUES

  • Almadex Minerals Ltd., announced the appointment of two members to its Board of Directors and the retirement of one Director after many years of valued service. The company also granted stock options to officers, employees and directors to purchase an aggregate of 1,075,000 common shares at a price of $0.31 per share which expires on December 5, 2023 (El Chato project, Puebla).
  • Capstone Mining Corp. and Mantos Copper Limited entered into a definitive agreement to combine business to create Capstone Copper Corp., a premier copper producer with transformational near-term growth. Upon completion of the transaction, former Capstone and Mantos shareholders will collectively own 60.75% and 39.25% of Capstone Copper, respectively, on a fully-diluted share basis. (Cozamin mine, Zacatecas).
  • Heliostar Metals Limited announced the appointment of a new member to its Board of Directors (Cumaro project, Sonora).
  • Monumental Minerals Corp., announced the appointment of an advisory board to assist the company with the exploration and drill target definition of its Jemi rare earth elements project in Coahuila. Monumental also appointed a new Director to its Board. The Company also granted 275,000 incentive stock options to advisors at a price of $0.50 per common share for a period of five years.

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 piece of core showing a quartz vein with massive chalcopyrite from an epithermal quartz vein system in a current producing mine in Zacatecas, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of October, 2021

By Jorge Cirett

During the 43rd week of the year (October 25th to October 31st, 2021), at least 34 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six released Q3 reports, one on commencement of mining and one other in red tape issues, there were no financing related news, while ten companies posted on project development or resource definition and one more on a project acquisition. ON MEXICO ISSUES, a leftist senator asked for the Mining Fund to be reinstated for the benefit of communities. The head of the Energy Secretariat confirmed plans to create a lithium State company, and the government’s drive to monopolize the electricity market. Mixed market results for Mexican companies in 2021. ON EXPLORATION, In Sonora, Colibri Resources updated on drilling preparations. In Chihuahua, Reyna Silver has drilled the first skarn intervals in the Guigui project, rising the stakes and probing that pursuing geological models can pay off. Radius Gold released good drill results from the California target in the Amalia project. In Durango, Silverton updated on exploration activities at Pluton. In Sinaloa, Brigadier Gold released trench results from El Placer vein system at its Picachos property. In Nayarit, Sierra Madre Gold and Silver released surface sample results.   ON MINING, Fortuna Silver is awaiting a resolution on an application to continue mining at San José, in Oaxaca. Agnico Eagle, Altaley Mining, Guanajuato Silver, Alamos Gold, Coeur Mining, Gold Resource and Fresnillo PLC presented their Q3 2021 reports. Guanajuato Silver shipped its first concentrate from El Cubo mill. ON FINANCING, for the first time in a long period, no relevant news on this matter. ON RESOURCES AND DEVELOPMENT, Sonoro Gold plans a 10,000 m RC drilling campaign alongside the development of a 15 K tpd leach mining operation at Cerro Caliche in Sonora. A PEA has been filed. Barksdale Resources released good drilling results from San Javier, in Sonora. SilverCrest Metals continues construction on budget and on schedule at Las Chispas, Sonora. Excellon Resources presented high-grade drilling results from Platosa, in Durango. Silver Dollar is preparing for drilling at La Joya, Durango. Southern Silver Exploration updated the resource estimate at Cerro Las Minitas, Durango. GoGold Resources released drilling results from Los Ricos North project in Jalisco. Orex Minerals pointed that Fresnillo PLC, its JV partner at the Coneto project in Durango, released a maiden resource estimation. Mag Silver reported production from development at Juanicipio, Zacatecas by its JV partner Fresnillo PLC.   ON DEALS AND CORPORATE ISSUES, Avino silver & Gold Mines acquired the La Preciosa project, neighboring its Avino mine in Durango. Advance Gold filed a patent for lithium extraction from clays and fine sands. ON SOCIAL RESPONSIBILITY, Fresnillo PLC informed on health campaigns in Zacatecas.

ON MEXICO ISSUES

  • Geovanna Bañuelos, senator by the Partido del Trabajo (PT) asked for the Mining Fund to be reinstated in benefit to communities and municipalities where mining takes place.
  • Rocío Nahle, head of the Energy Secretariat, confirmed plans to create a lithium State company, as part of a wider reform in the electricity industry, same that is seen as containing expropriation streaks. The private sector is overwhelmingly against this reform, that is seen to conduct to higher energy prices and pollution, as well to scare other investments from the country.
  • Mixed results for Mexican Mining companies reflect changes in metal prices. Companies that have seen their stock tumble during 2021 include Fresnillo (-20.7% in Mexico, -18.3% in London). Peñoles (-11.4%) and Frisco (-4.2%) by their exposure to precious metals that have contracted by 5% in the case of gold and 7.4% for silver. Companies that have seen their stock appreciate include Autlán (+23.5%) and Grupo Mexico (+13.5%), the latter due to the 26.7% increase in the copper price.

ON EXPLORATION

  • Silverton Metals Corp. updated on the exploration activities at the Pluton project in Durango. The company’s processing and 3-D modelling of geophysical data is showing features not previously identified and defined new target areas. “Magnetometry reprocessing has been completed while ZTEM and gravity modelling are in progress. Permitting is underway for a seismic test line scheduled to be surveyed before year end. The seismic profile is expected to determine the depth to carbonate rocks” which might determine the depth to the favorable carbonate rocks.
  • Brigadier Gold Ltd. released results from additional trenches at El Placer Sur vein system at its 3,954-hectare Picachos project in Sinaloa. The property shows a porphyry Cu-Mo in an intrusive complex and Au-Ag-Cu-Pb-Zn veins. Intrusion hosted bulk tonnage coppers is exposed on the lower elevations, with sericitic breccias bearing Mo-rich stockworks a little bit above and peripheral to these, Au-Cu-Pb-Zn veins occur with propylitic, argillic and sericitic alteration on host rocks. At EL Placer Sur, veins historically mined on narrow widths are showing wider spans in trenches, like 10.65 m @ 2.08 gpt Au, 38 gpt Ag, 638 ppm Cu, 2.9% Pb, 3.5% Zn; 5 m @ 3.37 gpt Au, 3 gpt Ag.
  • Radius Gold Inc. released high-grade results from drilling by Pan American Silver Corp. of the California target at the Amalia project in Chihuahua. “The California vein breccia system has been mapped for 2.8km” with 3,814 m of drilling limited to 1km. Reported intervals include 6.20 m @ 93 gpt Ag, 0.43 gpt Au; 27.30 m @ 90 gpt Ag, 0.26 gpt Au; 50.40 m @ 50 gpt Ag, 0.05 gpt Au; 3.95 m @ 487 gpt Ag, 2.15 gpt Au; 17.15 m @ 35 gpt Ag, 0.07 gpt Au; 1.75 m @ 578 gpt Ag, 0.27 gpt Au; 11.20 m @ 379 gpt Ag, 1.26 gpt Au; 26.90 m @ 353 gpt Ag, 2.59 gpt Au (including 7.50 m @ 976 gpt Ag, 7.38 gpt Au); 11.15 m @ 99 gpt Ag, 0.64 gpt Au.
  • Reyna Silver Corp. reported initial results for its 13-hole drilling program at Guigui, in Chihuahua. “The program was designed to narrow down the location of the probable source intrusion for the Santa Eulalia District- Mexico’s largest known Carbonate Replacement Deposit (CRD)”. Two holes cut a 200 m thick rhyolitic intrusion, starting at 1,309 m of depth, previously unknown in the district, with extensive high-grade mineralization at its base. The highlighted interval comprises 54.90 m @ 23 gpt Ag, 0.67% Pb, 1.86% Zn, including 15.80 m @ 60 gpt Ag, 2.19% Pb, 5.85% Zn. The epidote skarn present shows textural evidence for multiple stages of formation that point to repeated pulses of mineralization related to a possible multi-phase intrusive center (Note by Editor.- Congratulations to Peter Megaw, who has been relentlessly pursuing this beast for several
  • Sierra Madre Gold and Silver Ltd. released results from assaying of 319 reconnaissance surface samples at La Tigra, Nayarit. The samples average 0.48 gpt Au, with 10% of the total returning more than 1 gpt Au and a peak of 18.2 gpt Au.
  • Colibri Resource Corp. updated on preparations for drilling at Evelyn in Sonora. Current work includes geological mapping and sampling, as well as construction of drill access roads and pads. The incoming reverse circulation program of up to 10,000 m will be based on the surface distribution of higher-grade assay results coincident with magnetic gradients and lineaments, as well as mapped structures.

ON MINING

  • Fortuna Silver Mines Inc. informed the company filed with SEMARNAT (Environmental regulator) an application to extend by ten years the term of the environmental impact authorization (EIA) on its San Jose mine in Oaxaca. SEMARNAT has failed to resolve timely on the application, and Fortuna has obtained a provisional injunction from a federal court that allows the continued operation of the San Jose mine beyond the expiry date of the EIA. The company is seeking “an additional injunction to permit the continued operation of the San Jose Mine until the extension to the EIA is granted”.
  • Agnico Eagle Mines Ltd. presented Q3 2021 results, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 444 K tonnes were processed at a rate of 4,826 tonnes per day (tpd), averaging 2.40 gpt Au, to produce 32,402 Oz Au at production cash cost $1,156 per Oz Au and total cash cost of $854 per Oz Au. At Creston Mascota, residual leaching produced 2,988 Oz Au at $593 per Oz Au and total cost of $486 per Oz Au. At La India, in Sonora, 1.23 M tonnes were processed at a rate of 13,402 tpd and a grade of 0.62 gpt Au, to produce 17,124 Oz Au at a production cost of $931 per Oz Au and a total cash cost of $971 pr Oz Au.
  • Altaley Mining Corp. provided preliminary production results for the quarter ending on September 30, 2021. At Campo Morado in Guerrero, 163.7 K tonnes were milled @ 1.2 gpt Au, 129 gpt Ag, 1.1% Pb, 4.5% Zn, recovering 22% Au, 46% Ag, 31% Pb, 74% Zn to produce 11.8 K tonnes of Zn concentrate and 2.7 K tonnes of Pb concentrate.
  • Guanajuato Silver Company Ltd. announced the first shipment of Au-Ag concentrate from El Cubo mill in Guanajuato. Approximately 75 tonnes of concentrate produced on the recently refurbished processing plant, averaging 200 Oz Ag per tonne and 2 Oz Au per tonne.
  • Alamos Gold Inc. presented its third quarter 2021 production report, including figures from its Mexican operations. At Mulatos, in Sonora, 744.8 K tonnes of ore and 1.675 M tonnes of waste were moved, with 1.58 M tonnes stacked @ 1.08 gpt Au, containing 54,999 Oz Au with a recovery rate of 49% Au to produce 26,700 Oz Au. A further 6.3 M tonnes of waste were moved at La Yaqui Grande pit, as part of pre-stripping. Production was significantly impacted by an above-average rainy season.
  • Coeur Mining Inc. reported third quarter financial results including figures from its operation in Mexico. At Palmarejo in Chihuahua, 517.4 K tonnes were milled @ 1.55 gpt Au, 120 gpt Ag, recovering 93.7% Au, 85.5% Ag to produce 24,254 Oz Au, 1.7 M Oz Ag. La Preciosa deposit in Durango was sold to Avino Silver & Gold Mines Ltd. for a total potential consideration between 58.8 M and $93.4 M plus two royalties.
  • Gold Resource Corp. reported Q3 2021 results. At the Don David mine in Oaxaca, 155.5 K tonnes were milled @ 1.26 gpt Au, 68 gpt Ag, 0.40% Cu, 1.9% Pb, 5.0% Zn, to produce 4,728 Oz Au, 324.6 K Oz Ag, 428 tonnes Cu, 2,157 tonnes Pb, 5,538 tonnes Zn.
  • Fresnillo PLC reported production of 12.7 M Oz Ag in the third quarter of 2021. The company maintains the 2021 guidance between 53.5 M Oz Ag and 59.5 M Oz Ag.

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. intends to resume drilling at the Cerro Caliche project in Sonora, with a 10,000 m reverse circulation (RC) drilling campaign. The drilling is to proceed alongside the proposed development of 15,000 tonnes per day (tpd) heap leach mining operation. The six-month program is to focus in expanding oxide gold mineralization and some potential high-grade targets in a total of 12 zones, with holes averaging 100-110 m in depth.
  • Barksdale Resources Corp. released good drill results from the current 5,000m program at its San Javier project in Sonora. Results from the Cerro Verde zone testing gaps between historically known mineralization intercepted 38.5 m @ 0.38% Cu, 0.38 gpt Au and 51 m @ 0.32% Cu, 0.29 gpt Au in one hole, with a 27 m 1.97 gpt Au interval partially overlapping with these two zones. Another hole intercepted 105 m @ 0.63% Cu, 0.40 gpt Au, including 15 m @ 1.01% Cu; 9 m @ 1.57% Cu, 2.20 gpt Au; with a 18 m @ 1.77 gpt Au, 0.97% Cu interval partially overlapping and an independent 21 m @ 0.55 gpt Au interval. To date 24 diamond drill holes have been completed, of which the first four were drilled partially or completely in PQ size (for metallurgical studies), and the rest as HQ size.  
  • SilverCrest Metals Inc. advised project construction continues on schedule and budget at its Las Chispas property in Sonora. Well-advanced or completed areas comprise the plant detailed engineering, process plant construction, electrical powerline (81 Km) construction, bridge construction, confined camp construction, access road construction, underground development, underground infrastructure and stockpile growth, dry stack tailings facility and assay lab construction.
  • Excellon Resources Inc. presented results from underground drilling at Platosa, in Durango. Highlighted core-length intervals comprise 7.5 m @ 648 gpt Ag, 2.6% Pb, 1.4% Zn; 2.2 m @ 2,160 gpt Ag, 24.6% Pb, 7.2% Zn; 0.5 m @ 4,451 gpt Ag, 8.8% Pb, 12.2% Zn, 0.2 gpt Au; 3.4 m @ 501 gpt Ag, 5.8% Pb, 4.4% Zn; 0.9 m @ 1,310 gpt Ag, 9.8% Pb, 4.2% Zn, 0.1 gpt Au; 1.4 m @ 585 gpt Ag, 4.5% Pb, 3.0% Zn; 3.4 m @ 766 gpt Ag, 4.7% Pb, 3.5% Zn; 1.5 m @ 445 gpt Ag, 3.9% Pb, 7.4% Zn; 2.7 m @ 523 gpt Ag, 3.5% Pb, 8.5% Zn; 1.9 m @ 748 gpt Ag, 4.0% Pb, 12.8% Zn.
  • Silver Dollar Resources Inc. is relogging and resampling select historical drill core, along with targeted surface sampling and mapping to refine drill locations for its incoming drilling program at La Joya, Durango.
  • Southern Silver Exploration Corp. updated its mineral resource estimate on Cerro Las Minitas project in Durango. Indicated sulfide mineral resources stand at 12.32 M tonnes @ 106 gpt Ag, 0.07 gpt Au, 1.3 % Pb, 3.3% Zn, 0.16% Cu (347 gpt AgEq) containing 42.1 M Oz Ag, 28 K Oz Au, 358 M Lb Pb, 895 M Lb Zn, 44 M Lb Cu (137.3 M Oz AgEq) and inferred sulfide resources at 19.6 M tonnes @ 117 gpt Ag, 0.12 gpt Au, 1.2% Pb, 2.3% Zn, 0.23% Cu (314 gpt AgEq), containing 73.6 M Oz Ag, 78 K Oz Au, 500 M Lb Pb, 1,009 M Lb Zn, 98 M Lb Cu (197.7 M Oz AgEq).
  • GoGold Resources Inc. released the results of four drill holes from the El Favor East zone at its Los Ricos North project in Jalisco. Highlighted core-length results comprise 10.1 m @ 0.14 gpt Au, 42 gpt Ag; 27.5 m @ 0.04 gpt Au, 40 gpt Ag; 22.0 m @ 0.45 gpt Au, 151 gpt Ag (including 1.3 m @ 4.16 gpt Au, 827 gpt Ag); 20.0 m @ 0.37 gpt Au, 122 gpt Ag; 4.8 m @ 0.28 gpt Au, 107 gpt Ag; 1.4 m @ 0.40 gpt Au, 29 gpt Ag; 1.3 m @ 0.15 gpt Au, 60 gpt Ag; 12.1 m @ 0.32 gpt Au, 89 gpt Ag (including 1.3 m @ 1.94 gpt Au, 348 gpt Ag). The new drilling extended El Favor East for another 150 m.
  • Orex Minerals Inc. announced that the joint venture company which is 55% Fresnillo and 45% Orex received results from the first mineral resource estimate at the Coneto project in Durango. A total of 38,515 m of drilling in 106 diamond holes were used to calculate 5.32 M tonnes @ 1.67 gpt Au, 112 gpt Ag (3.15 gpt AuEq) containing 286 K Oz Au, 19.1 M Oz Ag (538 K Oz AuEq) in inferred resources.
  • Mag Silver Corp. reported 2021 third quarter production of underground development material from the Juanicipio project (56% Fresnillo PLC/44% Mag Silver). During the period 57.1 K tonnes were processed to produce 667.5 K Oz Ag, 1,107 Oz Au. “Construction of the Juanicipio processing plant continues to make good progress, with the focus now on transitioning from construction to commissioning activities”.
  • Sonoro Gold Corp. filed a preliminary economic assessment (PEA) of the Cerro Caliche project in Sonora. The report envisages a Pre-Tax NPV (5%) of US$6.7 M and an IRR of 52.7% with a price of US$1,750 per Oz Au; 7 years of life of mine producing an average of 45.7 K Oz Au for a total of 325 K Oz Au; recoveries of 74% Au and 27% Ag; AISC of US$1,351 per Oz Au; 349 K Oz Au measured and indicated resources at 0.41 gpt Au and 71 K Oz Au of inferred resources at 0.40 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Advance Gold Corp. filed a patent application to extract lithium and potassium from clay and fine sand salars. The company intends to use this environmentally friendly method from its properties in central Mexico. The method uses water and an electrical process to obtain a solution of Li and K that can produce a high-grade concentrate from which Li and K extracted using organic compounds.
  • Avino Silver & Gold Mines Ltd. acquired the La Preciosa project in Durango from Coeur Mining Inc. through the purchase of the shares of holding companies. La Preciosa is neighboring to the Avino mine, with operational synergies due to its location. Furthermore, metallurgical testing of ore achieved 80% Au and 60% gold recovery using flotation methods currently used at Avino’s mill facilities. La Preciosa holds 99 Moz Ag, 189 K Oz Au in indicated resources and 21 M Oz Ag, 35 K Oz Au in inferred resources. Avino agreed to pay a cash consideration of $15 M on closing and $5 M a year after closing, and issue 14 M shares (~12% of Avino stock will be owned by Coeur). A contingent cash consideration of $8.75 M will be paid within one year of commencement of mining. “Coeur will retain ownership of a 1.25% net smelter return royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all areas of La Preciosa other than the Gloria and Abundancia areas”.

ON SOCIAL RESPONSIBILITY

  • Fresnillo PLC informed on health campaigns in Zacatecas.

On the image below: Calc-sodic alteration along epidote veinlets in intrusive rocks on a project in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of September, 2021

By Jorge Cirett

During the 37th week of the year (September 13th to September 19th, 2021), at least 19 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, one posted on quarterly reports, three on mining issues, two on financing or shares and seven more on project development or resource definition and one more on a property acquisition. ON MEXICO ISSUES, silver mining investments boosted. ON EXPLORATION, in Sonora, Benjamin Hill Mining filed a NI43-101 technical report on the Benjamin Hill property, and later in the week released gold-rich surface samples assays. In Chihuahua, Mammoth Resources commenced drilling at Tenoriba. In Durango, Canasil Resources presented results from drilling at Nora. ON MINING, Americas Gold and Silver started to recall its workforce at Cosalá in Sinaloa. Starcore International presented its quarterly report. Mexus Gold completed its first substantial gold sale. Tarachi Gold released metallurgical results for El Jabali, in Sonora. ON FINANCING, SilverCrest Metals was included on a top performer list of the TSX. Vizsla Silver completed the spin out of Vizsla Copper. ON RESOURCES AND DEVELOPMENT, Argonaut Gold continues to find high-grade gold under El Creston pit at La Colorada in Sonora. Impact Silver bought another drill rig for Zacualpan, in Estado de Mexico. Fabled Silver presented results from surface drill holes at Santa Maria, in Chihuahua. Hecla Mining updated on exploration at San Sebastian, in Durango. GoGold Resources released drilling results from El Favor deposit at its Los Ricos North project. Sonoro Gold presented a PEA on its Cerro Caliche project in Sonora. Golden Minerals released results from 20 RC holes at Rodeo, in Durango.   ON DEALS AND CORPORATE ISSUES, Tocvan Ventures completed the acquisition of Millrock’s Picacho concessions in Sonora. ON SOCIAL RESPONSIBILITY, Peña Colorada informed on works to benefit inhabitants of three communities in Colima.

ON MEXICO ISSUES

  • Silver mining investments in Mexico boosted by a production shortfall and ecological demand. Mining companies in Mexico are investing in growth on the outlook of silver demand surpassing production in the transition to the abandonment of fossil fuels. Silver use is augmenting in the construction of photovoltaic panels, and is also a key component in the construction of electric vehicles. Silver production has fallen from 899 M Oz in 2016 to 784 M Oz in 2020, although a rebound from the pandemic is estimated at 848 M Oz for 2021. Mexico was the largest silver producer in the world in 2020, with 180 M Oz.  
  • The AIMMG (Asociación de Ingenieros de Minas, Metalurgistas y Geólogos de México) 2021 conference is to be held in Acapulco, Guerrero, in October 19 to 22.

ON EXPLORATION

  • Benjamin Hill Mining Corp. filed a NI-43-101 technical report on the Benjamin Hill property in Sonora. There are six active areas of exploration in the 6,000 ha property: Caracahui (high grade Au-Ag-Cu epithermal veins), Caracahui North (specularite bearing veins), Sonora Copper (two wide structures up to 30 m wide, Au-Cu-Ag bearing), La Falsa (stockwork) and La Berrenda (historical mine and Au-Cu in stream sediments). Recommended further work includes completion of surface and underground mapping and sampling, petrography, dating of intrusive rocks, further prospecting and diamond drilling of the most prospective targets.
  • Monarca Minerals Inc. completed another three RC holes at its San Jose project in Chihuahua. “all of the drill hole intersected exoskarn and/or endoskarn mineralization with sulfide minerals ….. The sulfide minerals observed were dominantly pyrite, with very fine grained dark sulfide minerals, which appear to be sphalerite and galena in some cases. Chalcopyrite was locally observed”. Results are pending.
  • Mammoth Resources Corp. commenced its diamond drilling program at Tenoriba in Chihuahua. Five target zones are to be tested along a 4 km east-west trend incorporating over 3,000 soil, chip and channel samples and 26 prior drill holes. Two rigs are on site to test the targets generated by the 3D modelling of surface and geophysical data.
  • Canasil Resources Inc. presented results from the fourth hole of the 2021 follow up drill campaign at Nora, in Durango. Highlighted true width intercepts comprise 11.29 m @ 5.31 gpt Au, 336 gpt Ag, 0.17% Zn, including 1.35 m @ 9.00 gpt Au, 487 gpt Ag and 1.81 m @ 9.54 gpt Au, 729 gpt Ag and 1.81 m @ 9.43 gpt Au, 666 gpt Ag. “The high-grade mineralized bands in core drill holes NRC-21-09 ………. and NRC-21-12 are defining the highest-grade zone of the Candy vein structure, and point to increasing grades and widths to depth, and along strike to the north of the central panel tested to date”.
  • Benjamin Hill Mining Corp. released high-grade assay results from the Caracahui and Caracahui North zones at its Benjamin Hill property in Sonora. Highlighted results include 31.4 gpt Au, 1.0% Cu, 31 gpt Ag; 16.2 gpt Au, 16 gpt Ag; 15.9 gpt Au, 0.4% Cu, 3 gpt Ag; 15.1 gpt Au, 0.5% Cu, 139 gpt Ag; 8.5 gpt Au, 1.3% Cu, 18 gpt Ag; 7.5 gpt Au, 34 gpt Ag; 4.8 gpt Au, 1.2% Cu, 109 gpt Ag from Caracahui North, and 31.4 gpt Au, 158 gpt Ag; 15.1 gpt Au, 139 gpt Ag; 4.8 gpt Au, 109 gpt Ag, 4.1 gpt Au, 83 gpt Ag; 3.3 gpt Au, 94 gpt Ag; 2.8 gpt Au, 110 gpt Ag; 2.6 gpt Au, 110 gpt Ag, 0.7 gpt Au, >200 gpt Ag; 0.2 gpt Au, 172 gpt Ag; 0.5 gpt Au, 140 gpt Ag at the Caracahui zone.  

ON MINING

  • Americas Gold and Silver Corp. started to recall its workers to re-commence operations at its Cosalá operations in Sinaloa.
  • Starcore International Mines Ltd. reported results for the quarter ending July 31, 2021. During the period the San Martin mine in Queretaro milled 56.3 K tonnes @ 1.64 gpt Au, 20.9 gpt Ag, recovering 88.3% Au, 52.1% Ag to produce 2.6 K Oz Au, 19.8 K Oz Ag at cash cost 1,177 per Oz AuEq. Cash and short-term investments of $4.9 M at the end of July.
  • Mexus Gold US. completed the first substantial sale of gold produced at its Santa Elena mine in Sonora, with 76.5 Oz Au sold.
  • Tarachi Gold Corp. released metallurgical test results on samples from its Jabali project in Sonora. Three samples from drill core responded well to cyanide leaching, with an average of 94.8% Au, 48.5% Ag recoveries. “Further metallurgical investigation on representative samples is recommended to better optimize process conditions and determine sample variability.

ON FINANCING

  • SilverCrest Metals Inc. announced the company has been included in the Toronto Stock Exchange ‘s 2021 TSX30, a flagship program recognizing the 30 top performing TSX stocks s over a three-year period based on dividend-adjusted share price appreciation. In this period the shares of SilverCrest rose 286% (Las Chispas, Sonora).
  • Vizsla Silver Corp. announced the effective date for the spin-out of its British Columbia copper asset to Vizsla Copper Corp. is September 20, 2021 (Panuco, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Argonaut Gold Inc. continues to encounter high-grade gold mineralization in three distinct veins below El Crestón pit at La Colorada, in Sonora. Highlighted core length intercepts comprise 38.1 m @ 9.10 gpt Au, 127 gpt Ag (including 4.6 m @ 51.9 gpt Au, 28 gpt Ag) in the South vein; 29.0 m @ 3.62 gpt Au, 10 gpt Ag (including 4.6 m @ 17.4 gpt Au, 29 gpt Ag) in the North vein; 22.9 m @ 6.7 gpt Au, 30 gpt Ag (including 1.5 m @ 90.0 gpt Au, 15 gpt Ag). “Drilling and mine operations have currently defined over 800 metres of strike length along the veins….” which remain open along strike and reach at least 250 m below the planned bottom of the pit. The company is evaluating the possibility of developing an underground mine at the site.
    • Impact Silver Corp. purchased a surface drill rig for exploration at its Royal Mines of Zacualpan project in Estado de Mexico. “This brings the total Company-owned drill fleet to two surface and two underground rigs”.  
    • Fabled Silver Gold Corp. presented results from three surface drill holes at its Santa Maria project in Chihuahua. All holes intercepted a series of sheeted veinlets and a diorite dike at depth that is thought to be the source of mineralization at depth. The first hole of this release intercepted up to 1.15 m @ 0.51 gpt Au, 26 gpt Ag; the second hole up to 0.40 m @ 0.84 gpt Au, 21, gpt Ag, 0.15% Pb, 0.15% Zn; the third hole up to 0.90 m @ 1.57 gpt Au, 122 gpt Ag, 3.7% Pb, 14.3% Zn, 0.14% Cu. Gold grades appear to increase with depth.
    • Hecla Mining Co. update on exploration at its projects, including San Sebastian in Durango. “Drilling completed in the El Bronco vein targeted gaps in the drill data. While we have had good vein widths and grades at the current level of drilling at El Bronco, continuity of grade has been challenging. Analysis of the geochemistry, vein phase stratigraphy, and vein textures all indicate that the current levels of drilling at both the El Bronco and El Tigre veins are high in the epithermal system”.
    • GoGold Resources Inc. released the results from eight drill holes from El Favor deposit at Los Ricos North project in Jalisco. Highlighted core length intercepts include: 16.3 m @ 0.05 gpt Au, 44 gpt Ag; 0.9 m @ 0.31 gpt Au, 233 gpt Ag; 68.7 m @ 0.12 gpt Au, 71 gpt Ag (including 3.2 m @ 0.88 gpt Au, 431 gpt Ag); 108.0 m @ 0.16 gpt Au, 47 gpt Ag (including 16.1 m @ 0.65 gpt Au, 153 gpt Ag); 73.7 m @ 0.26 gpt Au, 66 gpt Ag (including 2.5 m @ 1.32 gpt Au, 515 gpt Ag); 8.6 m @ 0.15 gpt Au, 67 gpt Ag; 58.8 m @ 0.28 gpt Au, 90 gpt Ag (including 4.8 m @ 1.71 gpt Au, 423 gpt Ag); 48.1 m @ 0.28 gpt Au, 83 gpt Ag (including 3.0 m @ 1.79 gpt Au, 219 gpt Ag); 43.7 m @ 0.17 gpt Au, 56 gpt Ag.
    • Sonoro Gold Corp. presented the results of a preliminary economic assessment (PEA) including an updated mineral resource estimate on Cerro Caliche in Sonora. The report envisages: An after-tax NPV (5%) of US$41.5 M with an IRR of 32.4% at US$1,750/Oz Au and US$22/Oz Ag; 7 years of Life of Mine (LOM) producing 325 K Oz AuEq, recovering 74% Au, 27% Ag with crushing to p80 of ½”; initial capex of US$32.2 M; All-In sustaining cost of US$1,462/Oz AuEq. The updated mineral resource estimate for the open pit operation is 26.7 M tonnes @ 0.41 gpt Au, 3.43 gpt Ag on measured and indicated resources and 5.4 M tonnes @ 0.40 gpt Au, 7.34 gpt Ag on inferred resources. The report also notes a range of potential mineralization of 19.2 to 34.4 M tonnes that could contain 204 to 365 K Oz Au, 1.7 to 3 M Oz Ag.
    • Golden Minerals Co. released assay results from 20 diamond drill holes and commenced a reverse circulation drill program for resource definition at its Rodeo mine in Durango.  Here some of the highlighted intervals: 78.7 m @ 1.06 gpt Au, 10 gpt Ag (including 13.9 m @ 2.88 gpt Au, 4 gpt Ag); 70.0 m @ 0.56 gpt Au, 6 gpt Ag (including 14.2 m @ 1.07 gpt Au, 15 gpt Ag); 64.4 m @ 0.85 gpt Au, 9 gpt Ag; 26.0 m @ 0.82 gpt Au, 6 gpt Ag; 16.8 m @ 0.74 gpt Au, 7 gpt Ag; 29.1 m @ 0.58 gpt Au, 6 gpt Ag; 47.0 m @ 0.58 gpt Au, 3 gpt Ag; 27.5 m @ 0.64 gpt Au, 2 gpt Ag; 31.6 m @ 0.39 gpt Au; 34.6 m @ 0.73 gpt Au, 4 gpt Ag. “Drilling has intersected several wide zones of disseminated gold mineralization and has identified several additional high-grade zones that appear to be hosted in a series of silicified structures running parallel to the high-grade gold zones currently being mined”.

    ON DEALS AND CORPORATE ISSUES

    • Tocvan Ventures Corp. completed their due diligence process and executed the final agreement to acquire Millrock’s Resources option to acquire up to 100% interest in the 2,414 ha Picacho mining concessions in Sonora. Tocvan must make payments of US$1.99 M to the underlying private concession owners over a five-year term to acquire 100% interest.

    ON SOCIAL RESPONSIBILITY

    • Peña Colorada informed on works to benefit inhabitants of three communities in Colima.

    On the image below:  Bladed calcite replacement form a project in northern Sonora. Picture by Jorge Cirett.