Sierra Metals Announces Preliminary Economic Assessment Results for a 315% Output Expansion at its Cusi Mine in Mexico Yielding a 75% Internal Rate of Return

Sierra-Metals-Announces-Preliminary-Economic-Assessment

TORONTO, June 18, 2018 /PRNewswire/ – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report the results of a Preliminary Economic Assessment (“PEA”) regarding the Company’s Cusi Mine, located in Chihuahua State, Mexico. The PEA is based on technical inputs from various independent consulting groups, including; SRK, Redco, Anddes, Kappes Cassiday and Flopac.

Subsidiary of Coeur Mining, Inc. signs Definitive Agreement with Evrim Resources to option Sarape gold-silver project

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Vancouver B.C. – June 18, 2018 Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce that further to its news release of February 20, 2018, the Company has signed a Definitive Agreement (the “Agreement”) with a subsidiary of Coeur Mining, Inc. (“Coeur”) in respect of the Sarape epithermal gold-silver project in Sonora, Mexico. Coeur will have the exclusive right to acquire up to an 80% interest in Sarape by spending up to US$16.5 million on exploration, making staged cash payments of up to US$2.55 million, and completing a National Instrument (“NI”) 43-101 compliant Feasibility Study on a minimum measured and indicated resource estimate of 1,000,000 ounces gold equivalent, all within a ten-year period.

Highlights on the Second Week of June, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 24th week of the year (June 11th to June 17th, 2018), at least 16 press releases were announced by companies working in Mexico. Four companies updated on exploration advances, and one the commencement of mining activities. Four companies announced financing rounds, loans and bonds for an aggregate of over $55 M. One company disclosed news on drilling near resources and development while one other released metallurgical test results. ON MEXICO ISSUES, mining companies are awaiting a Supreme Court resolution on a Zacatecas State tax imposition on mining. ON EXPLORATION, In Sonora, Aloro updated on exploration work at Los Venados; Colibri finished drilling at El Pilar, and released results from a soil survey; Colibri disclosed drilling results by Agnico at its Pitaya project. In Veracruz, Azucar Minerals started a drilling campaign on the Norte zone and the north part of the Villa Rica zone at its El Cobre porject. ON MINING, Mexus started pilot mining at its 8 Hermanos property in Sonora. ON FINANCING, Alamaden raised $9.4 M; Starcore launched a private placement for CDN$3 M; Telson paid US$8 M and obtained a loan for US$8.5 M; Endeavour Silver is to sell common shares for an aggregate of up to $35.7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling of the Granaditas vein on Las Chispas project, in Sonora. Azure Minerals released metallurgical test results from Oposura, also in Sonora. ON DEALS AND CORPORATE ISSUES, Starcore decided not to go ahead with the acquisition of the Santa Fe property in Sinaloa. Defiance Silver entered into an agreement to acquire Mag Silver’s properties in the Zacatecas District.

ON MEXICO ISSUES

  • Fresnillo PLC and Mag Silver Corp. are awaiting a Supreme Court (Suprema Corte de la Nación) resolution on a mining duty attached to environmental impact, set by the state of Zacatecas. The federal government challenged the State’s right to impose such a duty back in 2017.

ON EXPLORATION

  • Aloro Mining Corp. updated on its exploration of the Los Venados project in Sonora. Mapping and sampling have defined a rhyodacitic volcanic dome associated with high sulfidation style alteration with Au-Bi-Mo anomalies. Several felsic dome/silica breccia complexes have been located, with the highest priority target on the dome at the southeast part of the property, where gold in soil anomalies and IP anomalies coincide. A new environmental report is being submitted to the authorities, seeking permit for 12 reverse circulation holes.
  • Colibri Resource Corp. completed the final 900 m of its 3,000 m phase 1 drilling program on its Pilar project in Sonora. Samples have been taken to the lab and results are pending. A 56 sample soil survey returned 10 samples greater than 0.1 g/t Au, and 3 samples over 1 g/t Au.
  • Colibri Resource Corp. released results from drilling on its Pitaya project in Sonora, by joint venture partner Agnico Eagle. Highlighted results from the last four holes comprise 9 m @ 0.26 g/t Au; 26 m @ 0.19 g/t Au; 34 m @ 0.22 g/t Au. During 2016-2017, Agnico drilled 7,641 m in 27 drill holes.
  • Azucar Minerals Ltd. has begun drilling the North zone and the north end of the Villa Rica zone of its El Cobre project in Veracruz. Preparations for this drilling campaign include surface and soil geologic and alteration focused mapping and sampling. “The current drilling at Villa Rica is focused on the Naranjo zone, a new area of exposed porphyry alteration and mineralisation located approximately 500 metres north of the previous Villa Rica drilling and about 1.2 kilometres south of the Norte Zone.”

ON MINING

  • Mexus Gold US begun mining at the 8 Brothers/370 project in Sonora. “The company has mined 1000 tons of material containing an average of 9 grams Au and 50 grams Ag per ton. This material is currently being run through a crushing system and placed into an aerated VAT holding tank”. Its portable Merril Crowe system has been installed and tested.

ON FINANCING

  • Almaden Minerals Ltd. closed its previously announced non-brokered private placement, raising gross proceeds of $9.44 M. Finders fees of $384.9 K cash and finder warrants of 192,450 shares at $1.35 until June 7, 2020 were paid to arms-length, licensed securities dealers on a portion of the offering (Ixtaca, Puebla).
  • Starcore International Mines Ltd. launched a private placement of secured bonds for CDN$3 M. “The Bonds will bear interest at 8% per annum, payable on maturity, and will mature 24 months from the date of closing” (San Martin mine, Queretaro).
  • Telson Mining Corp. announced the payment of US$8 M to Nyrstar Mining Ltd. as partial payment, and entered into a loan agreement with Nyrstar Canada (Holdings) Ltd. that converts the final US$8.5 M due on the Campo Morado acquisition agreement into a loan that extends the payment terms for eight months. The principal due is US$8.5 M that are to be paid starting July 13, 2018 with a monthly minimum of US$1 M plus interest, plus 70% of the free cash flow generated by Telson and any monthly excess cash balance above US$500 K.
  • Endeavour Silver Corp. is to sell from time to time and its discretion common shares for an aggregate of up to US$35.7 M, through “at the market” distributions (Terronera, Jalisco).

ON RESOURCES AND DEVELOPMENT

  •  SilverCrest Metals Inc. announced new drill results for the Granaditas vein at its Las Chispas property in Sonora. Highlighted true width (TW) intervals comprise 1.5 m @ 3.63 g/t Au, 190 g/t Ag; 1.8 m @ 12.14 g/t Au, 1,440 g/t Ag (including 0.40 m @ 47.50 g/t Au, 5,620 g/t Au); 1.3 m @ 3.24 g/t Au, 339 g/t Ag; 1.2 m @ 1.23 g/t Au, 114 g/t Ag. The vein has a high-grade footprint currently at 150 m long by 100 m high and 1.5 m average true width, grading 5.69 g/t Au, 596 g/t Ag.
  • Azure Minerals Ltd. released metallurgical test work results on its Oposura project in Sonora. Azure highlights a 34% overall increase in the recovery of Pb and Zn using a dense media separation technique.

ON DEALS AND CORPORATE ISSUES

  • Starcore International Mines Ltd. completed its due diligence and review of the Santa Fe project in Sinaloa, under a previously signed LOI (letter of intent). Starcore will not be proceeding with the acquisition.
  • Defiance Silver Corp. entered into an agreement to acquire Mag Silver’s Zacatecas silver district holdings. Mag Silver is to receive 5 M common shares of Defiance, approximately a 5% investment position. Defiance is to receive a 100% interest in the Lagartos project, along with a regional database. The company is to control 1,506 ha, including 65% of the Veta Grande vein and the San Acacio silver deposit.

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, intense kaolinitization of felsic volcanic rocks on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

 

Mexus begins mining at the 8 Brothers/370 gold project

Mexus begins mining at the 8 Brothers_370 gold project _ Mexus Gold US

CABORCA, SONORA STATE, MEXICO, June 11th, 2018(GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG)(“Mexus” or the “Company”) announced today that it has begun mining at the 8 Brothers/370 mining project.  The company has mined 1000 tons of material containing an average of 9 grams Au and 50 grams Ag per ton.  This material is currently being run through a crushing system and placed into an aerated VAT holding tank.   The loading of the VAT, which has a 100 ton capacity, is expected to be completed by Wednesday, June 13th.   The leaching time for this material will be 48 to 72 hours.  Mexus has installed and successfully tested its portable Merrill Crowe gold recovery system.  Running of the pregnant solution through this system will produce a concentrate which will be shipped to the U.S. to be refined and sold.

Highlights on the First Week of June, 2018. Mining and Exploration News in Mexico

By Miguel A Heredia

During the 23th week of the year (June 04th to June 10th, 2018), at least 17 press releases were announced by companies working in Mexico, with five informing on exploration results, five communicating deals and corporate issues, three reporting on resources and development,  one reporting the commissioning of a new mill circuit, and one announcing financing.  ON MEXICO ISSUES, Argonaut reported that the explosive permit for its La Colorada Mine in Sonora has been postponed. Pan American provided an update on its Dolores Mine in Chihuahua.  ON EXPLORATION, In Sonora, Azure reported final drill results from its Oposura project, and Minaurum reported exploration results from its Alamos project. In Sinaloa, Goldplay announced exploration results from its El Habal project. In Coahuila, Discovery Metals reported exploration results from its Monclova project. In Oaxaca, Megastar acquired two new projects.  ON MINING, Avino commissioned the mill circuit 4 on its Avino Mine in Durango.  ON FINANCING, Almaden closed a non-brokered private placement for $9.4M. ON RESOURCES AND DEVELOPMENT, Sierra Metals extended the NW Bolivar orebody at its Bolivar Mine in Chihuahua. Capstone announced an updated mineral resource estimate for its Cozamine mine in Zacatecas. Bacanora provided an update on the ongoing development of its Sonora Lithium project in Sonora. ON DEALS AND CORPORATE ISSUES, Silver Bull and South 32 Ltd formed a JV in the Sierra Mojada project in Coahuila. Sonoro appointed Mel Hendricks as VP Exploration. Sierra Metals announced results of its annual general meeting. Monarca announced management restructuring. San Marco named Christian Grijalva as the CEO of the company

ON MEXICO ISSUES

  • Argonaut Gold Inc., reported that the hearing on the explosives permit for its La Colorada Mine in Sonora has been postponed and is awaiting court scheduling.
  • Pan American Silver Corp., announced that the security situation has improved at its Dolores Mine in Chihuahua, and the access is now better following increased patrol and enforcement by the Mexican authorities. The company also will make use of its private airstrip to transport people to and from the mine site until the situation normalizes.

ON EXPLORATION

  • Azure Minerals Ltd., reported final drill results from the West Zone at its Oposura project in Sonora. Significant results are 10.85m of 40 g/t Ag, 5.8% Pb and 8.6% Zn; 4.1m of 48 g/t Ag, 8.5% Pb and 8.8% Zn; 4.95m of 15 g/t Ag, 5.9% Pb and 7.2% Zn; and 3.6m of 25 g/t Ag, 0.2% Pb and 15.4% Zn. The company also announced that the mineral resource estimate is ongoing and is expected to be completed in June 2018.
  • Minaurum Gold Inc., announced the discovery of three new veins (Pulpito, Cotera, and Ana) at its Alamos Silver project in Sonora. “The Pulpito vein, located 1 km west of the Minas Nuevas target, has been traced for over 800 m and measures up to 2 m wide; outcrop and dump samples along it ranged from 67 to 1,495 g/t Ag and 400 ppm to 3.81% Cu. The nearby Cotera vein has been traced for more than 200 m and a topographic linear suggests it extends another 800 m to the north. Sampling along the Cotera vein returned values between 32 and 1,370 g/t Ag and 200 ppm to 3.4% Cu. The Ana vein is located 750 m east of the Tigre vein and has been mapped for over 2km; samples results are pending”.
  • Goldplay Exploration Ltd., announced trenching results from its El Habal project in Sinaloa. Significant results are 130m of 1.86 g/t Au, 100m of 1.2 g/t Au and 90m of 0.84 g/t Au. These results have identified oxidized Au mineralization along a 1,000m-long mineralized zone. The geochemical sampling results along with a ground CSAMT survey will be used to define targets to be drill-tested.
  • Discovery Metals Corp. reported assay results of 311 surface samples from the Real Viejo and the La Soledad Zones within its Monclova project in Coahuila. Mineralization at Real Viejo consists of Ag-Pb-Zn skarn and is contained in breccia veins and mantos. The average grade of 69 samples was 148 g/t Ag and 5.5% Zn+Pb. At La Soledad, the mineralization style consists of Cu-Au skarn. Results from the best ten channel samples returned and average of 1.5 g/t Au and 1.5% Cu with high values of 7.9 g/t Au and 6.9% Cu. The company plans to obtain detailed hyperspectral imagery of the property and conduct an IP and ground magnetic survey on Q2 to perform an initial drill program on Q3.
  • Megastar Development Corp., signed a definite option agreement to acquire 100% of the Yautepec and Magdalena epithermal Au-Ag projects in Oaxaca from Paradex and Minera Zalamera. “The Yautepec property comprises 4,861 hectares of Tertiary volcanic rocks highly prospective for hosting epithermal precious metal mineralization similar to that in the nearby producing Arista and Switchback mines at God Resources El Aguila project and Chesapeake Gold´s La Gitana project”. “The Magdalena Project comprises a single 480-hectare property centered on highly altered volcanic rocks approximately 20 kilometers ENE of Gold Resource Corporation’s (GRC) producing Au-Ag-base metal deposits”.

ON MINING

  • Avino Silver & Gold Mines Ltd., has commissioned the mill circuit 4 to add it to the production profile of its Avino Mine in Durango. It has increased the production capacity by 70% and is expected to be online full time in early January 2019.

ON FINANCING

 Almaden Minerals Ltd., closed a non-brokered private placement for $9.4M. Net proceeds will be used for exploration and development activities at its Ixtaca project in Puebla.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc., announced infill drilling results and extended the NW Bolivar orebody by additional 400m at its Bolivar Mine in Chihuahua. Drill significant results are 18m of 0.46 g/t Au, 38 g/t Ag, 2.1% Cu, and 0.4% Zn; 14m of 17 g/t Ag and 2.4% Cu; and 8m of 25 g/t Ag and 1.4% Cu. The extension contains an average grade of 1.37% Cu over an average true width of 8.1m.
  • Capstone Mining Corp., announced an updated mineral resource estimate as at March 31, 2018 for its Cozamine mine in Zacatecas. Total measured and indicated resource are 13M tonnes of 43 g/t Ag, 1.67% Cu, 0.2% Pb, and 0.8% Zn for a total of 18M Oz Ag, 486M Lb Cu, 44.8M Lb Pb, and 240M Lb Zn. Total inferred resources are 9.9M tonnes of 40 g/t Ag, 1.15% Cu, 0.39% Pb, and 1.2% Zn for a total of 12.8M Oz Ag, 255.4M Lb Cu, 62.7M Lb Pb, and 275.5M Lb Zn. Subsequent to this updated resource, a further 31 holes have been drilled in the Mala Noche Footwall Zone remaining open up dip and to the southwest. The company is currently conducting a 40,000m of step-out and infill drilling this year on the inferred class resource.
  • Bacanora Lithium plc., provided an update on the ongoing development of its Sonora Lithium project in Sonora. The company prepares to commission a fully integrated lithium carbonate operation of a 17,500 tonnes per year plant before upgrading to 35,000 tonnes per year within 20 months subject to project financing.

ON DEALS AND CORPORATE ISSUES

  • Silver Bull Resources Inc., and South 32 Ltd., formed a 70/30 JV in the Sierra Mojada project in Coahuila with an investment of US $100M. To keep the JV on, South 32 must spend in exploration a minimum of US $10M over the next four years, with minimum exploration funding of US $3M, US $ 6M, and US $8M by the end of the years 1, 2, and 3 of the option period respectively.
  • Sonoro Metals Corp., appointed Mel Hendricks as VP Exploration.
  • San Marco Resources Inc., announced results of its annual general meeting and appointed Christian Grijalva as the CEO of the company.

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, an open void “boxwork” texture of goethite-jarosite after sulphides in a prospect in Chiapas, Mexico. Photo by Miguel A Heredia.

 

 

 

 

SILVER BULL GRANTS AN OPTION ENTITLING SOUTH32 TO FORM A 70/30 JOINT VENTURE IN THE SIERRA MOJADA PROJECT FOR AN AGGREGATE INVESTMENT OF US$100 MILLION

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Vancouver, British Columbia — Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) (“Silver Bull”) is pleased to announce that it has signed an agreement with a wholly owned subsidiary of South32 Limited (ASX/JSE/LSE: S32) (“South32”) whereby Silver Bull has granted South32 an option to form a 70/30 joint venture with respect to Silver Bull’s Sierra Mojada project (“Project”). To maintain the option in good standing, South32 must contribute minimum exploration funding of US$10 million (“Initial Funding”) during a 4 year option period with minimum aggregate exploration funding of US$3 million, US$6 million and US$8 million to be made by the end of years 1, 2 and 3 of the option period respectively. South32 may exercise its option to subscribe for 70% of the shares of Minera Metalin S.A. De C.V. (“Metalin”), the wholly owned subsidiary of Silver Bull which holds the claims in respect of the Project, by contributing $US100 million to Metalin for Project funding, less the amount of the Initial Funding contributed by South32 during the option period.

Highlights on the Fifth Week of May, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 22nd week of the year (May 28th to June 3rd, 2018), at least 20 press releases were announced by companies working in Mexico. Six companies updated on exploration advances, with two companies reporting quarterly reports. Four companies announced financing rounds for an aggregate of $9.8 M. Four companies disclosed news on drilling near resources and development while two reported on property deals. ON MEXICO ISSUES, the Dolores mines in Chihuahua saw its activities reduced due to security issues on access roads. ON EXPLORATION, In Sonora, Colibri released drill results from its Pilar project; Azure disclosed high-grade Au-Co drill intercepts from its Sara Alicia property. ON MINING, Impact Silver and Starcore International presented Q1 reports. ON FINANCING, Telson Mining graduated to Tier 1 issuer on the TSX. Four companies (Prime Meridian, Prospero Silver, Camrova and Minaurum) conducted financing rounds to raise up to $9.8M, with Minaurum heading the pack with $7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling a new vein on Las Chispas, in Sonora. Orla Mining released a PEA on Camino Rojo, in Zacatecas. Alio Gold released drill results from its Ana Paula project in Guerrero. Excellon Resources disclosed high-grade drill results from its Platosa mine in Durango. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acquired another claim for its Cerro Caliche project in Sonora. Prime Meridian signed a LOI on the Parral Mining project with Eclipse Mining.

ON MEXICO ISSUES

  • The Dolores mine in Chihuahua reduced its operations due to a security incident on its access roads. The state government later vowed to maintain free access.

ON EXPLORATION

  • Sonoro Metals Corp. optioned the 20 hectare Tres Amigos mining concession (see below), contiguous to its Cerro Caliche project in Sonora. The concession contains a quartz vein system commonly sheeted and stockwork quartz veining in the host rock that is part sedimentary rock and part rhyolitic intrusive rock.
  • Prospero Silver Corp. started drilling at the Buenavista project in Durango. This is the fourth project to be drilled under the terms of a second round of strategic investment from Fortuna Silver Mines Inc.. The 3,000 m program is to test at least four drill ready zones: Buenavista South Stockwork, Buenavista NE Dike/Vein, Camaleon Vein and the Pajaro Stockwork. These targets occur within the lower portion of a strong high-level argillic cap, and drilling is to test for a deeper preserved epithermal zone.
  • Colibri Resource Corp. released results from 16 reverse circulation holes from its Pilar project in Sonora. Highlighted results include 10.5 m @ 0.28 g/t Au; 22.5 m @ 0.31 g/t Au; 12.0 m @ 0.52 g/t Au; 6.0 m @ 0.79 g/t Au; 52.5 m @ 0.20 g/t Au; 19.50 m @ 0.27 g/t Au; 40.5 m @ 0.73 g/t Au. Colibri is now drilling the final 900 m of the 3,000 m phase 1 program.
  • Azure Minerals Ltd. disclosed results from stage 2 drilling at its Sara Alicia property in Sonora. The campaign comprised 1,127 m in 13 holes. Highlighted intervals comprise 3.75 m @ 8.08 g/t Au; 5.90 m @ 5.5 g/t Au; 3.65 m @ 8.41 g/t Au; 19.6 m @ 8.65 g/t Au; 8.8 m @ 6.2 g/t Au and 3.65 m @ 1.19% Co, 24.95 m @ 0.31% Co, 9.5 m @ 0.48% Co, 16.2 m @ 0.32% Co. “The high-grade cobalt mineralisation is hosted within a shoot of massive and semi-massive sulphides that outcrops near the top of the Sara Alicia hill and plunges at a shallow angle towards the northwest.”
  • Almaden Minerals Ltd. reported drilling results from the Tano zone, about 1.2 km SW from the pre-feasibility study pit of its Ixtaca project in Puebla. Highlighted core length intervals comprise 28.9 m @ 0.36 g/t Au, 23 g/t Ag (including 6.3 m @ 0.79 g/t Au, 29 g/t Ag; 17.5 m @ 0.43 g/t Au, 7 g/t Ag; 4.6 m @ 1.35 g/t Au, 72 g/t Ag; 89. 5 m @ 0.83 g/t Au, 2 g/t Ag (including 40.0 m @ 1.45 g/t Au, 3 g/t Ag; 26.0 m @ 1.93 g/t Au, 4 g/t Ag; 1.0 m @ 27.50 g/t Au, 58 g/t Ag).
  • Auxico Resources Canada Inc. discovered three historical mines on its Zamora property in Sinaloa. A 1982 government report included all the rehabilitation work done in the property, including a map recording all historic workings within a 1,000 by 600 m grid. Sampling in the El Tacomate, El Arroyito and La Campeona returned 0.2 m @ 0.7 g/t Au, 107 g/t Ag; 0.9 m @ 1.9 g/t Au, 413 g/t Ag; 0.30 m @ 10.1 g/t Au, 942 g/t Ag.

ON MINING

  • Pan American Silver Corp. Initiated steps to reduce activities at its Dolores mine in Chihuahua, following security incidents along access roads to the site. Ore stacking to the leach pads and the processing plant are operating at normal level, and the mine site remains secure. The company is to maintain personnel at levels necessary for site security and reduced operating activities.
  • Impact Silver Corp. released financial results for the quarter ending on March 2018. Silver production was 213.2 K Oz during the period, resulting from milling of 46.6 K tonnes milled @ 160 g/t Ag. The net loss for the quarter was $0.5 M, and the company has a $3.8 M cash position.
  • Santacruz Silver Mining Ltd. reported first quarter operating results from Veta Grande in Zacatecas and Rosario in San Luis Potosi. At Veta Grande 34.9 K tonnes were processed @ 142 g/t AgEq, to produce 32,413 Oz Ag (47% recovery), 56 Oz Au, 109 tonnes Pb, 118 tonnes Zn. At Rosario, 13,410 tonnes were processed @ 232 g/t AgEq to produce 15,689 Oz Ag, 79 Oz Au, 25 tonnes Pb, 331 tonnes Zn. A 6,000 m surface drilling program is ongoing in the Veta Grande vein, and a 3,000 underground drilling program on the Armados vein. At Rosario, the 350 tpd production rate is expected to be achieved by end of Q2.

ON FINANCING

  • Telson Mining Corp. has been approved for graduation from Tier 2 issuer on the TSX Venture Exchange to Tier 1 issuer (Campo Morado, Guerrero).
  • Prime Meridian Resources Corp. is conducting a non-brokered private placement to raise proceeds of up to $1.5 M (Parral Mining project, Chihuahua).
  • Prospero Silver Corp. completed the second and final tranche of its previously announced private placement financing, raising aggregate gross proceeds of $1 M (Petate, Hidalgo; Buenavista, Durango).
  • Camrova Resources Inc. closed a non-brokered private placement, raising CAD$226 K (Boleo, Baja California Sur).
  • Minaurum Gold Inc. closed the final tranche of its previously announced oversubscribed private placement, raising $1.38 M, for total gross proceeds of $7.08 M (Alamos Silver, Sonora).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. announced drill results and discovery of the Babicanora Norte Vein on the Las Chispas property in Sonora. The vein is 300 m north of the parallel Babicanora vein. Highlighted true width (TW) results comprise 1.4 m @ 9.11 g/t Au, 1,033 g/t Ag; 1.3 m @ 5.19 g/t Au, 726 g/t Ag; 1.2 m @ 4.71 g/t Au, 593 g/t Ag; 1.5 m @ 23.96 g/t Au, 2,081 g/t Ag; 1.4 m @ 1.33 g/t Au, 141 g/t Ag. Mineralization consists of a 0.5 to 1.5 m wide banded quartz-argentite-pyrargyrite vein, proximal to a rhyolite dyke and measuring 200 m long by 100 m high, with an average width of 1.4 m @ 8.47 g/t Au, 879 g/t Ag, remaining open in most directions.
  • Orla Mining Ltd. released the results of a preliminary economic assessment (PEA) on its Camino Rojo property in Zacatecas. The new mineral resource estimate includes measured and indicated mineral resources of 9.65 M Oz Au, 102.4 M Oz Ag (354.9 M tonnes at 0.85 g/t gold and 9 g/t silver) and an inferred mineral resource of 1.82 M Oz Au and 16.2 million ounces of silver (65.2 M tonnes at 0.87 g/t gold and 8 g/t silver). The PEA is based on near-surface oxide and partly oxidized material that can be processed by heap leaching, on an 18 K tonnes per day operation (tpd), recovering 67% Au to produce 97.5 K Oz Au per year. The feasibility analysis is expected during the first half of 2019.
  • Alio Gold Inc. disclosed drilling results from its last four holes at its Ana Paula project in Guerrero. The highlighted intervals comprise 34.5 m @ 0.89 g/t Au; 53.7 m @ 1.03 g/t Au; 41.0 m @ 1.40 g/t Au; 64.5 m @ 1.24 g/t Au; 37.7 m @ 1.14 g/t Au; 19.8 m @ 1.49 g/t Au. Several of those intervals come from a hydrothermal breccia south of the proposed pit.
  • Excellon Resources Inc. released drilling results from its Platosa mine in Durango. Highlighted core length intervals from the 693, pierna and rodilla mantos include: 5.3 m @ 1,1153 g/t Ag, 8.2% Pb, 3.4% Zn; 5.4 m @ 649 g/t Ag, 3.3% Pb, 3.9% Zn; 7.9 m @ 594 g/t Ag, 0.9% Pb, 1.4% Zn; 2 m @ 2,148 g/t Ag, 19.2% Pb, 9.7% Zn; 6.7 m @ 870 g/t Ag; 13.3% Pb, 12.4% Zn.

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. optioned from two private owners the 20 hectare Tres Amigos mining concession, contiguous to its Cerro Caliche project in Sonora. The option increases the land holdings under option to 1,455 hectares. The $130 K option, which is payable on nine equal ($14.4 K) cash installments over 48 months, is to provide Sonoro with a 100% interest in the property.
  • Prime Meridian Resources Corp. signed a letter of intent (LOI) with Eclipse Mining Services Pty Ltd. for a 70% interest on in the Parral mining project in Chihuahua. PMR will earn a 30% interest by issuing CA$500 K in shares to Eclipse, US$200 K in shares to a shareholder of Eclipse, and cash payments of US$800 K as follows. A payment of up to US$185 K on completion of an initial 43-101 report, a further payment of up to US$750 K (plus 7% annual interest) for repayment of the loans made by Eclipse for development of the project and advance the balance of the required $US800 K cash payments toward the development capital of the project. PMR may earn a further 40% on the project by investing a further US4.0 M investment, or by financing the development of the processing plant input capacity to 500 tpd within 36 months of the date of the LOI.

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

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On the picture below, kaolin workings on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

IMPACT Silver Announces First Quarter 2018 Financial and Production Results

IMPACT Silver Announces First Quarter 2018 Financial and Production Results

VANCOUVER, May 28, 2018 /CNW/ – IMPACT Silver Corp. (“IMPACT”or the”Company”) is pleased to announceits financialresults for thethree monthsendingMarch 31, 2018.
Fred Davidson, Presidentand CEO, stated, “Silver prices reached its recent high in January 2018 at USD$17.54 an ounce but fellas the quarter progressed as the US dollarand interest ratestarted increasing. Nonetheless inQ1 our shares outperformed sector peers largely dueto our exploration successat our sizable 357km2 land package, 5,000+ underground workings,and high potentialexploration targets. The Company
continues to believeits marketcapitalization remains undervalued given our production and exploration potential.”

Highlights on the Fourth Week of May, 2018. Mining and Exploration News in Mexico

By Miguel A Heredia

During the 21th week of the year (May 21th to May 27th, 2018), at least 15 press releases were announced by companies working in Mexico, with six informing on exploration results, 3 communicating deals and corporate issues, 2  reporting Q1 2018 results, two announcing financing,  and  two reporting on resources & development.  ON MEXICO ISSUES, no relevant news ON EXPLORATION, In Sonora, Canuc provided an update on exploration results at its San Javier project, Azure reported drilling results from its Oposura project, and Riverside presented an update on exploration results from its Glor property.  In Sinaloa, Goldplay announced the start of a drilling program on its Habal project. In Coahuila, Discovery Metals reported geochemical results for its Puerto Rico project. Canasil started a drilling program at its La Esperanza project in Zacatecas-Durango.  ON MINING, Santacruz reported Q1 2018 results for its Veta Grande and the Rosario projects in Zacatecas and San Luis Potosí, respectively. Telson started commercial production at its Campo Morado mine in Guerrero. ON FINANCING, Minaurum closed a private placement for $1 M. Prospero closed a placement for $517K. ON RESOURCES AND DEVELOPMENT, Sierra Metals updated mineral reserve and resource estimate at its Bolivar mine in Chihuahua. McEwen announced new preliminary economic assessment for its El Gallo Complex in Sinaloa.   ON DEALS AND CORPORATE ISSUES, Alio announced voting results of its annual general meeting and approved the acquisition of Rye Patch Gold Corp. Almadex changed its name to Azucar Minerals Ltd.  Leagold received approval to acquire Brio Gold.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Canuc Resources Corporation, reported sampling results from its San Javier project in Sonora. Significant results from the northeast section of the San Javier mineralized corridor are 1.5m of 625 g/t Ag in breccia material at the Chiripas working and 3.8m of 477 g/t Ag in vein material at the Little Pit working. In the southwest portion at the Jazmin old working sampling returned 2m of 698 g/t Ag in vein material. “These results clearly indicate that high grade silver vein mineralization, and also silver bearing breccia geology, is evidenced along the full 3 km strike extent of the San Javier structure and the San Javier mineralized corridor. This is very encouraging for geological prospects and vein continuity along trend in the northeasterly direction, and suggests potential for a robust high-grade and vein hosted mineral endowment.” Canuc also announced the release of two of the nineteen claims optioned in san Javier property.
  • Azure Minerals Limited, reported drilling results from its Oposura project in Sonora. Highlights include 12.5m of 3.9% Pb and 12.4% Zn; 3.20m of 8.0% Pb and 13.0% Zn, 2.95m of 7.7% Pb and 10.3% Zn, and 2.50m of 2.4% Pb and 24.8% Zn. “The weighted average thickness of the intersections within this high-grade zone is 5.8m of 5.5% Pb and 13.7% Zn.
  • Riverside Resources Inc., presented exploration results from its Glor project in Sonora. This exploration program, funded by its partner Centerra Gold, consisted on geological mapping, stream sediment & soil geochemistry surveys along with the interpretation of aeromagnetics data and identified a 3.5km long structural corridor of “highly deformed rocks showing patchy hydrothermal mineralization and scattered occurrences of gold and base metal mineralization”. This shear zone displays quartz-sericite-carbonate hydrothermal alteration and has been interpreted as a target with potential to contain orogenic type gold mineralization.
  • Goldplay Exploration Ltd., commenced a phase first drilling program on its Habal project in Sinaloa, which will consists of 1,500m in six holes. The aim is to drill-test a 600m long mineralized corridor open along strike and down dip within a highly prospective 6 km long mineralized corridor. The drill program will test shallow low resistivity anomalies identified by a CSMAT survey with evidences of intense hydrothermal alteration in andesites and rhyolites known to contain Au mineralized quartz stockwork zones.
  • Discovery Metals Corp., reported high-grade results from a Significant results are 2.2m of 624 g/t Ag, 2.5% Pb, 6.1% Zn and 0.4% Cu, including 0.7m of 1, 860 g/t Ag, 5.7% Pb, 7.6% Pb, and 1% Cu; 2.0m of 268 g/t Ag, 9.8% Pb, 17.5% Zn, and 0.2% Cu, including 0.9m of 529 g/t Ag, 18.2% Pb, 19.6% Zn, and 0.5% Cu; and 8m of 179 g/t Ag, 12.6% Pb, 18.3% Zn, and 0.1% Cu, including 0.7m of 148 g/t Ag, 2.6% Pb, 27.9% Zn, and 0.1% Cu.
  • Canasil Resources Inc., started a drilling program at its La Esperanza project in Zacatecas-Durango. “The drill program is planned to follow up on the positive drill results from the 2016-17 drill program on the La Esperanza vein, located in the southeast of the project area”.

 

ON MINING

  • Santacruz Silver Mining Ltd., reported Q1 2018 results for its Veta Grande and the Rosario projects in Zacatecas and San Luis Potosi respectively. At Veta Grande, the company milled 35K tonnes at a grade of 62 g/t Ag 32.4K Oz Ag. A the Rosario, Santacruz milled 13K tonnes at a grade of 42 g/t Ag to produce 15.7K Oz Ag.
  • Telson Mining Corp., started commercial production at its Campo Morado mine in Guerrero. The company milled 112.5K tonnes during the past 60 operational days at an average daily rate of 1,875 tonnes per day, with average Zn recoveries of 73%.

ON FINANCING

  • Minaurum Gold Inc., closed a second tranche of a private placement for $1 M. Total proceeds will be used for its ongoing exploration program at Alamos, Sonora.
  • Prospero Silver Corp., closed a private placement for $517K.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc., update mineral reserve and resource estimate at its Bolivar mine in Chihuahua. Total proven + probable reserves are 7.9M tonnes of 0.25 g/t Au, 19 g/t Ag, and 0.86% Cu for a total of 63K Oz Au, 4.8M Oz Ag, and 152 M Lb Cu. Total indicated resources are 13.3 M tonnes of 0.29 g/t Au, 22 g/t Ag, and 1.04% Cu for a total of 124K Oz Au, 9.6M Oz Ag, and 308M Lb Cu, while inferred resources are 8M tonnes of 0.42 g/t Au, 22 g/t Ag and 0.96% Cu for a total of 109K Oz Au, 5.8M Oz Ag, and 172M Lb Cu (Mineral resources are reported inclusive of ore reserves).
  • Mc Ewen Mining Inc., announced a new preliminary assessment for its El Gallo Complex in Sinaloa, and extends its life for 10 years more in Mexico. Updated measured and indicated resource are 13 M tonnes of 0.39 g/t Au and 77 g/t Ag for a total of 161K Oz Au and 32.2 M Oz Ag. Total inferred resources are 7M tonnes of 0.81 g/t Au and 27 g/t Ag for 140K Oz Au and 5M Oz Ag. The key outcome include an average annual production rate of 47K Oz AuEq, low initial capital cost, mine pay-back of 4 years, and after-tax IRR of 25% at current Au and Ag prices.

ON DEALS AND CORPORATE ISSUES

  • Alio Gold Inc., announced voting results from its annual general meeting and approved the acquisition of Rye Patch Gold Corp.
  • Almadex Minerals Limited., changed its name to Azucar Minerals Ltd.
  • Leagold Mining Corporation, received Mexican anti-trust approval to acquire Brio Gold.

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 rhythmic banded quartz + barite vein with abundant manganese oxides in a prospect in Chihuahua, Mexico. Photo by Miguel A Heredia.