During the 23rd week of the year (June 7th to June 13th, 2021), at least 25 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, three posted on financing ($2.6M, $1.43 M, C$11.5 M) and one on a debt settlement with shares, six more on project development or resource definition and three posted on deals or corporate issues. ON MEXICO ISSUES, The bodies of seven miners killed on a coal mine collapse in Coahuila have been recovered. ON EXPLORATION, in Baja, Comet Resources commenced a drill program at Santa Teresa. In Sonora, Minaurum is re-commencing drilling at its Alamos Silver project; Silver Spruce commenced phase II ground exploration at Jackie; Tarachi Gold released RC drilling results from La Dura mine at its Tarachi project. Radius gold released ground exploration results from Maricela. In Sinaloa, Kootenay Silver released good drilling results at Copalito. ON MINING, no relevant news. ON FINANCING, Santacruz Silver settled a C$4.5 M debt by issuing shares to debtors. Three companies informed on financing rounds: Silver Viper Minerals ($1.4 M, aggregate $6 M), Mammoth Resources ($2.6 M) and Defiance Silver (C$11.5 M). ON RESOURCES AND DEVELOPMENT, GR Silver Mining reported drill results from Plomosas, in Sinaloa. Endeavour Silver released high-grade intercepts at Terronera, Jalisco. Advance Gold released (low) lithium drilling results from the Saldivar Salar in San Luis Potosi. GoGold Resources reported drilling results from Los Ricos North in Jalisco. Golden Tag Resources released drilling results from a bulk tonnage target at San Diego, Durango. Golden Minerals reported assay results from expansion drilling at Rodeo, Durango. ON DEALS AND CORPORATE ISSUES, Millrock Resources and Tocvan Ventures signed a letter of commitment in relation to El Picacho project in Sonora. Telson Mining completed its change name to Altaley Mining. VanGold Mining announced its name change to Guanajuato Mining. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on actions the companies realize to help the environment. Mazapil inhabitants evaluated the water quality they receive with Minera Peñasquito support.
ON MEXICO ISSUES
The bodies of six of seven miners have been recovered after the collapse of a coal mine in Coahuila.
Luisa María Alcalde, head of the Secretariat of Work and Social Prevision informed the mine collapse in Coahuila that caused several fatalities was due to strong rains in the region.
Kootenay Silver Inc. released results from five holes at its Copalito project in Sinaloa. The holes are from the 5 Señores vein, which has now been tested on 600 m of its 1 km known extension. Highlighted core length results comprise 35 m @ 75 gpt Ag, 0.6 gpt Au, 0.1% Pb+Zn (126 gpt AgEq) which include 1.70 m @ 43 gpt Ag, 2.56 gpt Au, 0.8% Pb+Zn (218 gpt Ag) and 1.31 m @ 264 gpt Ag, 0.23 gpt Au, 2.3% Pb+Zn (326 gpt AgEq); 19.43 m @ 218 gpt Ag, 0.83 gpt Au, 1.5% Pb+Zn (306 gpt AgEq) including 7.97 m @ 330 gpt Ag, 1.23 gpt Au, 2.0% Pb+Zn (456 gpt AgEq); 15.0 m @ 61 gpt Ag, 0.75 gpt Au, 0.4% Pb+Zn (119 gpt Ag) including 2.0 m @ 220 gpt Ag, 3.79 gpt Au, 0.4% Pb+Zn (475 gpt AgEq); 12.0 m @ 66 gpt Ag, 0.17 gpt Au, 0.8% Pb+Zn (96 gpt AgEq) including 2.20 m @ 241 gpt Ag, 0.42 gpt Au, 0.8% Pb+Zn (289 gpt AgEq); 10.0 m @ 65 gpt Ag, 0.11 gpt Au, 0.3% Pb+Zn (79 gpt AgEq) including 1.68 m @ 210 gpt Ag, 0.45 gpt Au, 0.4% Pb+Zn (248 gpt AgEq).
Minaurum Gold Inc. informed on rig mobilization to its Alamos silver property in Sonora. “Drilling will focus on defining emerging silver shoots in previously explored veins as well as discovering new shoots in underexplored veins. Drill targets will be 100- to 150-metre step-outs of, up- and down-dip, and along-strike of mineralized vein zones, with allowances made for plunging shoots. Minaurum is also continuing reconnaissance work to the south and west in the Alamos project to develop new target veins for later drilling”. Some of the zones to be tested include the Europa-Guadalupe, San José, Minas Nuevas, Alessandra, Ana, Promontorio, Púlpito and Cotera.
Comet Resources Ltd. Commenced a 2,000 m diamond drilling program at Santa Teresa, in Baja California. This is the first drilling program since Premier Gold tested the property in 2008.
Radius Gold Inc. defined high grade and bulk tonnage targets at its Maricela project in Sonora. Rock chip sampling returned up to 3 m @ 4.46 gpt Au, 1,335 gpt Ag; 22.0 m @ 0.15 gpt Au, 39 gpt Ag; 4 m @ 1.23 gpt Au, 111 gpt Ag at Baby Gloria, 25.3 m @0.31 gpt Au, 62 gpt Ag; 10 m @ 0.62 gpt Au, 142 gpt Ag at Virgen de Plata, 4 m @ 0.45 gpt Au, 98 gpt Ag; 10.5 m @ 0.50 gpt Au, 105 gpt Ag at EL Arco; 6 m @ 1.03 gpt Au, 417 gpt Ag at Central. “The project hosts an epithermal silver & gold mineralized vein system extending approximately 1.5km long by 300m wide, within which occurs multiple veins, stockworks and breccias which at intersections have exposed widths +25 meters. Recent mapping and sampling (273 rock chips) identified 6 major veins with combined strike approximately of 5km”.
Silver Spruce Resources Inc. commenced phase II ground exploration at the 1,130 ha Jackie property in Sonora. “The work will be performed on a 100-hectare section of the Property with grid-controlled detailed geological mapping and rock sampling focused on a 25-hectare central block covering the core of the gold and silver discovery area with additional wider spaced grid mapping of the surrounding area”.
Tarachi Gold Corp. released results from surface reverse circulation holes drilled on La Dura mine within the Jabali concession at the Tarachi project in Sonora. Highlighted hole-length intervals comprise 3.0 m @ 0.63 gpt Au, 9.0 m @ 0.22 gpt Au, 3.0 m @ 0.37 gpt Au, 3.0 m @ 2.35 gpt Au; 1.50 m @ 1.56 GPT Au; 12.0 m @ 7.26 gpt Au (including 6.0 m @ 12.2 gpt Au); 3.0 m @ 1.68 gpt Au, 12.0 m @ 0.23 gpt Au. “The drill program tested the down-dip and potential southern plunge in areas of known gold bearing structures”.
No relevant news.
Santacruz Silver Mining Ltd. announced the settling of a debt of C$4.47 M by issuing 10.3 M shares to Empresa Minera Manquiri S.A. and Minas Guilloyna S.A. de C.V. (Zimapan, Hidalgo).
Mammoth Resources Corp. closed its previously announced oversubscribed non-brokered private placement financing to raise up to $2.6 M in gross proceeds (Tenoriba, Chihuahua).
Silver Viper Minerals Corp. closed the final tranche of its non-brokered private placement for aggregate proceeds of $1.43 M. Aggregate profits under the offering were $6 M (La Virginia, Sonora).
Defiance Silver Corp. closed the previously announced brokered private placement for Gross proceeds of C$11.5 M (San Acacio, Zacatecas; Tepal, Michoacan).
ON RESOURCES AND DEVELOPMENT
GR Silver Mining Ltd. reported drill results from the Plomosas project in Sinaloa. Highlighted true width (TW) intercepts on the northern portion of the Plomosas mine area of polymetallic hydrothermal breccia comprise 16.2 m @ 75 gpt Ag, 0.25 Au, 0.7% Pb, 0.8% Zn, 0.1% Cu (including 5.8 m @ 171 gpt Ag, 0.41 gpt Au, 1.1% Pb, 0.7% Zn, 0.2% Cu); 7.6 m @ 227 gpt Ag, 0.27 gpt Au, 1.7% Pb, 1.4% Zn, 0.1% Cu; 10.7 m @ 12 gpt Ag, 2.48 gpt Au, 1.1% Pb, 1.5% Zn (including 1.5 m @ 17 gpt Ag, 15.81 gpt Au, 1.1% Pb, 3.9% Zn); 3.6 m @ 100 gpt Ag, 0.14 gpt Au, 0.2% Pb, 1.1% Zn, 0.5% Cu; 21.0 m @ 25 gpt Ag, 0.67 gpt Au, 1.6% Pb, 2.4% Zn, 0.1% Cu).
Endeavour Silver Corp. announced high-grade intercepts in a number of structures near the Terronera vein at Terronera, Jalisco. True width intercepts comprise 1.12 m @ 0.32 gpt Au, 170 gpt Ag; 2.14 m @ 3.97 gpt Au, 73 gpt Ag; 5.59 m @ 2.17 gpt Au, 177 gpt Ag; 1.35 m @ 9.78 gpt Au, 214 gpt Ag at San Simón, 1.41 m @ 2.20 gpt Au, 54 gpt Ag; 2.88 m @ 6.05 gpt Au, 1,056 gpt Ag; 1.98 m @ 3.38 gpt Au, 347 gpt Ag; 1.39 m @ 2.04 gpt Au, 66 gpt Ag at Fresno, 1.08 m @ 2.63 gpt Au, 25 gpt Ag at Lindero, 1.08 m @ 1.09 gpt Au, 445 gpt Ag at Pendencia, and 1.95 m @ 9.52 gpt Au, 148 gpt Ag; 1.07 m @ 2.81 gpt Au, 54 gpt Ag at Los Cuates.
Advance Gold Corp. announced results from four core holes at its Saldivar Salar in San Luis Potosí. One hole averaged 84 m @ 136 ppm Li (232 ppm peak value), 225 ppm B, 1.3 % K; a second hole averaged 77 m @ 142 ppm Li (229 ppm peak value), 213 ppm B, 1.3% K; a third hole averaged 53 m @ 130 ppm Li (214 ppm peak value), 230 ppm B, 1.2% K; a fourth hole returned 50 m @ 137 ppm Li (231 ppm peak value), 226 ppm B, 1.4% K.
GoGold Resources Inc. released results from drilling on El Orito prospect at it Los Ricos North project in Jalisco. Highlighted core length intersections comprise 9.5 m @ 20 gpt Ag, 0.03 gpt Au, 0.10% Cu, 0.3% Pb, 0.7% Zn; 12.4 m @ 38 gpt Ag, 0.08 gpt Au, 0.23% Cu, 2.1% Pb, 3.8% Zn (including 2.6 m @ 93 gpt Ag, 0.09 gpt Au, 0.61% Cu, 5.3% Pb, 9.9% Zn); 3.0 m @ 222 gpt Ag, 1.93 gpt Au, 0.29% Cu, 2.7% Pb, 0.1% Zn; 44.3 m @ 23 gpt Ag, 0.04 gpt Au, 0.08% Cu, 0.7% Pb, 1.2% Zn (including 4.9 m @ 44 gpt Ag, 0.16 gpt Au, 0.16% Cu, 2.5% Pb, 3.5% Zn); 26.6 m @ 14 gpt Ag, 0.04 gpt Au, 0.07% Cu, 1.1% Pb, 1.3% Zn (including 5.1 m @ 38 gpt Ag, 0.17 gpt Au, 0.20% Cu, 4.5% Pb, 1.9% Zn); 29.4 m @ 36 gpt Ag, 0.06 gpt Au, 0.23% Cu, 2.2% Pb, 4.1% Zn; (including 6.3 m @ 90 gpt Ag, 0.09 gpt Au, 0.65% Cu, 5.2% Pb, 9.5% Zn); 23.0 m @ 61 gpt Ag, 0.08 gpt Au, 0.40% Cu, 2.4% Pb, 4.9% Zn; 58.0 m @ 31 gpt Ag, 0.04 gpt Au, 0.19% Cu, 1.2% Pb, 2.6% Zn. “mineralization averaging approximately 30m in width for more than 700m in strike length and up to approximately 300m in vertical depth from surface and is open in all directions….. The known strike length of the El Orito – El Favor structure is now approaching 2,500 meters and is still open in both directions”.
Golden Tag Resources Ltd. released results from a diamond hole at the Trovador zone of its San Diego project in Durango. Highlighted results comprise 8.40 m @ 0.58 gpt Au, 30 gpt Ag, 0.3% Pb, 0.4% Zn, 0.09% Cu; 86.64 m @ 0.03 gpt Au, 39 gpt Ag, 0.9% Pb, 0.6% Zn; 169.83 m @ 0.04 gpt Au, 32 gpt Ag, 0.6% Pb, 0.8% Zn, 0.05% Cu (including 14.47 m @ 0.03 gpt Au, 81 gpt Ag, 1.9% Pb, 2.2% Zn, 0.12% Cu); 116.45 m @ 0.03 gpt Au, 42 gpt Ag, 0.6% Pb, 0.7% Zn; 2.71 m @ 0.05 gpt Au, 97 gpt Ag, 0.5% Pb, 3.1% Zn, 0.35% Cu.
Golden Minerals Co. released initial results from its expansion drill program at its Rodeo open pit mine in Durango. Highlighted results comprise 14.65 m @ 3.94 gpt Au, 8 gpt Ag; 9.30 m @ 5.38 gpt Au, 10 gpt Ag; 3.70 m @ 7.02 gpt Au, 21 gpt Ag (including 0.90 m @ 21.09 gpt Au, 50 gpt Ag); 13.75 m @ 2.64 gpt Au, 10 gpt Ag, 6.35 m @ 1.41 gpt Au, 36 gpt Ag; 3.80 m @ 2.69 gpt Au, 26 gpt Ag.
GR Silver Mining Ltd. reported drill results from high-grade epithermal veining from La Colorada and San Juan veins at Plomosas, Sinaloa. Highlighted core length intervals comprise 9.0 m @ 710 gpt Ag, 1.82 gpt Au, 1.1% Pb, 0.3% Zn, 0.1% Cu (including 0.7 m @ 8,519 gpt Ag, 18.77 gpt Au, 8.9% Pb, 0.7% Zn, 0.2% Cu); 33.0 m @ 20 gpt Ag, 0.11 gpt Au, 0.5% Pb, 0.3% Zn; 11.1 m @ 139 gpt Ag, 0.69 gpt Au, 0.1% Pb, 0.2% Zn; 7.0 m @ 341 gpt Ag, 1.00 gpt Au, 0.2% Pb, p.6% Zn; 2.1 m @ 480 gpt Ag, 0.05 gpt Au, 0.2% Pb, 0.2% Zn. “The La Colorada vein is a hydrothermal breccia that contains Au-Ag-Pb-Zn values in a mineralized quartz and hematite matrix. It is hosted in andesite and ignimbrite country rock. Sphalerite, galena and acanthite (Ag-bearing mineral) are found in the quartz veins.”.
ON DEALS AND CORPORATE ISSUES
Millrock Resources Inc. signed a letter of commitment with Tocvan Ventures Corp. in relation to 2,414 ha El Picacho gold project in Sonora, west of the San Francisco mine. Tocvan must make make cash payments of US$2 M to the underlying concession owners over a five-year term to acquire 100% interest in the project, pay back taxes and Millrock is to retain a 2% NSR, of Which Tocvan may purchase back 1% for US$1 M.
Telson Mining Corp. is completing its name change to Altaley Mining Corp. on June 11, 2021 (Campo Morado, Guerrero).
VanGold Mining Corp. announced the name change to Guanajuato Mining Corp. to be effective from June 10, 2021 (El Cubo and El Pinguico, Guanajuato).
ON SOCIAL RESPONSIBILITY
Peñoles and Fresnillo PLC informed on actions the companies realize to help the environment.
Mesas Mazapil inhabitants informed on the supervision they do on the water source delivered by Minera Peñasquito.
On the image below: Felsic volcanic rocks autobreccia with hematite rich matrix in Sinaloa. Picture by Jorge Cirett.
During the 21st week of the year (May 24th to May 30th, 2021), at least 33 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, three presented mining related news, seven posted on financing (C$6M, $60 M, C$5 M, C$10 M, $2.6 M, $C$11.5 M) and one on share distribution, six more on project development or resource definition and two posted on corporate issues. ON MEXICO ISSUES, CanCham complained on the lack of clear policies and opacity on the rule of law that are affecting Canadian investments in Mexico. The push from the Mexican government to create an institution to manage the lithium industry from the optics of sovereignty sees opposition from the mining industry, and reality. Camimex released a list of mining investments to be realized in the next few years, amounting to several billion dollars. ON EXPLORATION, in Sonora, Ridgestone Mining applied for drilling permits at Rebeico. Tocvan Ventures released results from drilling at Pilar. In Chihuahua, Kootenay Silver released high-grade results from drilling at Columba. In Durango, Mithril Resources, updated on drilling at Copalquin. In Sinaloa, Riverside Resources released surface sample results; Vizsla Silver informed on geophysical results supported by drilling, and more surveys to come; Brigadier Gold discovered bulk tonnage copper mineralization in trenching of soil anomalies. ON MINING, Impact Silver and Telson Mining presented Q1 2021 results. Magna Gold informed it has exceeded 3 M man-hours of work without lost-time incidents. ON FINANCING, Silver Bull Resources is to distribute 34.2 M shares of Arras Minerals among its shareholders. Six companies informed on financing rounds: Silver Viper Minerals (C$6 M), Vizsla Silver ($60 M), Reyna Silver (C$5 M), Sable Resources (C$10M, Defiance Silver (C$11.5 M) and Mammoth Resources ($2.58 M). ON RESOURCES AND DEVELOPMENT, Prime Mining released drilling results from Los Reyes. GR Silver Mining reported near surface drill results from Plomosas. GoGold Resources released drilling results from the Casados deposit at Los Ricos North. Discovery Silver released results from 12 drill holes targeting high-grade vein trends at Cordero. Sailfish Royalty filed a technical report with a new resource estimate for Gavilanes. Discovery Silver updated on exploration at Cordero, with 75,000 m of drilling completed on 178 holes, and four drills continuing the phase 2 program. Golden Tag announced the discovery of a shallow zone of epithermal mineralization at San Diego. ON DEALS AND CORPORATE ISSUES, Mexus Gold informed Fresnillo PLC is reviewing its Santa Elena mine. Riverside Resources announced BHP is funding a third year of generative work in Sonora. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on their policies and programs to aid in education on a wide range of communities. Minera San Xavier informed Cerro San Pedro in San Luis Potosi has been declared as “Cyanide Free Site” by the International Cyanide Management Institute.
ON MEXICO ISSUES
CanCham (Cámara de Comercio de Canadá en México) pointed out that the lack of clear policies and the opacity on rule of law is affecting Canadian investments, which show an 18% decrement in the last year, holding the investment of thousands of millions (Mexican number notation) of dollars in the energy, mining, pharmaceutical and agricultural sectors. These remarks were expressed by Enrique Zorrilla, Cancham’s president, in the meeting between the Commerce ministers of Mexico, Canada and the United States.
Mexico is preparing its strategy to develop the lithium market. The federal government intends to become a lithium producer by controlling several deposits, Bolivia’s advice and a commerce treatise to facilitate establishing an electric battery factory. The current government senate fraction is preparing a proposal to create the Instituto Nacional del Litio. (Lithium National Institute) and to declare lithium as Nation’s exclusive property (Note. – This federal initiative push misses the point that so far there is not a single lithium mine in Mexico, that its lithium in brines potential is limited at best, and that the economics of lithium extraction from clays -like in the Bacanora Lithium’s deposit in Sonora- is not yet clear).
Fernando Alanís, president of Camimex (Cámara Minera de México) informed that lithium deposits in Mexico have a very low grade, and lack the technology for its extraction, reason for which the country is far from becoming a world power in lithium production. Lithium presents in three kind of deposits: hard rock (pegmatites), brines (from salt lakes) and clays. Rock and brine lithium extraction accounts for 100% of the world production, whereas the extraction of lithium from clays is very energy intensive and expensive, not having a single producing mine in the entire planet.
Camimex released a table with the Mexican Mining Developments programmed for the next few years, same that reach US$7,820 Million in investment (Mexican number notation, equivalent to US$7.8 billion).
Mithril Resources Ltd. provided an update on drilling at its Copalquin project in Durango. The current program main focus is to extend the Refugio ore shoot down dip (presently 600 m along strike, 200 m down dip, 5 m in width), maiden drilling at Los Pinos target, extend three holes and deep exploration drilling at La Soledad and extend near-surface intercepts at El Cometa.
Ridgestone Mining Inc. commenced permitting for drill programs at Guadalupe y Calvo, Chihuahua, and Rebeico, Sonora.
Riverside Resources Inc. reported surface sample results from its La Silla project in Sinaloa. The highlighted samples from the El Ciruelo and El Roble targets returned 6.1 gpt Au, 80 gpt Ag; 5.6 gpt Au, 81 gpt Ag; 4.4 gpt Au, 35 gpt Ag; 3.5 gpt Au, 26 gpt Ag; 3.3 gpt Au, 20 gpt Ag; 2.6 gpt Au, 41 gpt Ag, on quartz veining, gossanous breccia and strongly oxidized andesite. El Ciruelo target extends for at least 1 km with a 1-5 m wide chalcedonic vein zone. El Roble vein extends for at least 300 m, reaching up to 2 m in width, with mineralization occurring also in the host rock.
Vizsla Silver Corp. provided an update on the recently completed geophysical survey completed at Panuco, in Sinaloa. A fixed loop electromagnetics (FLEM, or EM) was trialed and detected massive sulfide mineralization on the Napoleon and Josephine veins, proved with three massive sulfide intercepts in the latter. The Josephine vein has no known surface expression and runs parallel to the west of the main Napoleon trend. Mineralization at Tajitos is not related to massive sulfides and was not detected with EM. Vizsla is planning a property wide airborne EM-magnetic survey at Panuco.
Kootenay Silver Inc. announced high-grade results from the 5,000 m core drill program currently underway at Columba, Chihuahua. Highlighted core length intervals in the Hanging-Wall, F, and Footwall veins comprise 1.55 m @ 189 gpt Ag, 0.1%Pb, 0.2% Zn; 1.0 m @ 104 gpt Ag, 0.1% Zn; 2.44 m @ 217 gpt Ag, 0.1% Pb, 0.1% Zn; 2.94 m @ 321 gpt Ag, 0.2% Pb, 0.6% Zn (including 1.94 m @ 428 gpt Ag, 0.3% Pb, 0.7% Zn); 8.0 m @ 130 gpt Ag, 0.1% Pb, 0.2% Zn (including 2.9 m @ 265 gpt Ag, 0.1% Pb, 0.5% Zn); 1.95 m @ 104 gpt Ag, 0.1% Pb, 0.1% Zn; 9.0 m @ 354 gpt Ag, 0.1% Pb, 0.4% Zn (including 2.63 m @ 809 gpt Ag, 0.3% Pb, 0.4% Zn); 30.0 m @ 86 gpt Ag (including 2.37 m @ 425 gpt Ag, 0.2% Zn).
Brigadier Gold Ltd. announced the discovery of bulk tonnage type copper mineralization at its Picachos project in Sinaloa. Fifty meters on trenching of historic copper anomalies has returned XRF copper values ranging from 0.05 to 1.34% Cu and 20 to 284 ppm Ag. Brigadier has also completed mapping and sampling of the historic La Gloria mine, where a drill hole intercepted 1.0 m @ 6.26 gpt Au.
Tocvan Ventures Corp. released results for the first three holes of its phase-II drill program at Pilar, in Sonora. The drill program consists of 2,900 m of reverse circulation drilling in 17 holes, of which 14 are pending results. Highlighted down-hole intercepts comprise 29 m @ 0.71 gpt Au (including 6.1 m @ 1.9 gpt Au); 24.4 m @ 0.56 gpt Au (including 9.2 m @ 1.3 gpt Au, 14 gpt Ag); 6.1 m @ 0.48 gpt Au, 4 gpt Ag; 4.6 m @ 0.50 gpt Au, 11 gpt Ag.
Impact Silver Corp. presented its financial and operating results of Q1 2021. During the period 36.4 K tonnes were processed @ 162 gpt Ag to produce 156.9 K Oz Ag. “continued exploration on the north and south extensions of the Veta Negra Mine, trenching on the bulk tonnage gold target at Manto America in the central part of the district and exploration on the northwest (Pachuqueno) extensions of the Guadalupe Mine”.
Magna Gold Corp. has exceeded 3 M man-hours of work without lost-time incidents within all its operations, including contractors and suppliers. The last lost-time incident was in 2018, and the mine has not had a fatal accident in its 11 years history.
Telson Mining Corp. presented its first quarter 2021 financial and operating results. At Campo Morado in Guerrero, 174.4 K tonnes were processed to produce 11,013 tonnes Zn (74% Zn recovery), 1,908 tonnes Pb at cash cost $0.70 per Lb Zn and AISC of $0.90 per Lb Zn. During the period gross revenue was $21.2 M (Q1 2020: $19.0 M) and mine operating profit $5.25 M (Q1 2020: $0.26 M loss).
Silver Bull Resources Inc. announced its intent to distribute 34.2 M shares of Arras Minerals Corp. to Silver Bull shareholders. Silver Bull transferred mineral properties in Kazakhstan and received 36 M shares of Arras in return, making Arras an approximately 88%-owned subsidiary of Silver Bull (Sierra Mojada, Coahuila).
Silver Viper Minerals Corp. intends to undertake a non-brokered private placement financing to raise aggregate gross proceeds of up to C$6 M (La Virginia, Sonora).
Vizsla Silver Corp. entered into an agreement with Canaccord Genuity Corp.on behalf of a syndicate of underwriters to buy units of the company for gross proceeds of $60 M (Panuco, Sinaloa).
Reyna Silver Corp. entered into an agreement with Eight Capital and Red Cloud Securities Inc. in connection with a private placement intended to raise up to C$5 M (Guigui and Batopilas, Chihuahua).
Sable Resources Ltd. entered into an agreement with Sprott Capital Partners LP and Eight Capital in connection with a bought deal private placement financing to raise up to C$10 M (Vinata, Chihuahua).
Mammoth Resources Corp. Announced a non-brokered private placement financing aiming to raise up to $2 M, same that by the next day had been increased to $2.58 M (Tenoriba, Chihuahua).
Defiance Silver Corp. has increased the size of its previously announced private placement with Red Cloud Securities Inc. for gross proceeds of up to C$11.5 M (Bolañitos and Pinguico, Guanajuato).
ON RESOURCES AND DEVELOPMENT
Prime Mining Corp. released additional results from its ongoing 15,000 m drill program at Los Reyes, Sinaloa. The Highlighted true width intercepts are from the Guadalupe East, Zapote South and the Estaca vein: 11.6 m @ 8.12 gpt Au, 725 gpt Ag; 5.6 m @ 11.95 gpt Au, 1,221 gpt Ag; 2.1 m @ 21.63 gpt Au, 1,960 gpt Ag; 2.0 m @ 11.17 gpt Au, 909 gpt Ag; 2.4 m @ 2.00 gpt Au, 121 gpt Ag; 1.4 m @ 10.50 gpt Au, 300 gpt Ag; 3.9 m @ 0.45 gpt Au, 37 gpt Ag; 0.6 m @ 93.80 gpt Au, 829 gpt Ag.
GR Silver Mining Ltd. reported near surface drill results from the Plomosas mine area in Sinaloa. Highlighted true width intervals comprise 11.9 m @ 84 gpt Ag, 2.3% Pb, 2.7% Zn, 0.1% Cu; 16.7 m @ 7 gpt Ag, 0.22 gpt Au, 0.1% Pb, 0.3% Zn; 10.8 m @ 3 gpt Ag, 0.20 gpt Au, 0.1% Pb, 0.4% Zn; 4.2 m @ 10 gpt Ag, 0.09 gpt Au, 0.1%Pb, 0.6% Zn, 0.1% Cu; 2.1 m @ 350 gpt Ag, 1.0% Pb, 0.4% Zn; 1.9 m @ 348 gpt Ag, 0.3% Pb, 0.3% Zn; 1.3 m @ 26 gpt Ag, 0.19 gpt Au, 3.3% Pb, 3.3% Zn; 1.0 m @ 128 gpt Ag, 1.00 gpt Au, 9.0% Pb, 9.7% Zn, 0.2% Cu; 2.6 m @ 45 gpt Ag, 0.60 gpt Au, 3.0% Pb, 0.9% Zn; 4.7 m @ 187 gpt Ag, 0.18 gpt Au, 2.2% Pb, 1.2% Zn, 0.1% Cu; 2.0 m @ 277 gpt Ag, 0.22 gpt Au, 0.2% Pb, 0.4% Zn; 1.9 m @ 283 gpt Ag, 0.82 gpt Au, 0.3% Pb, 1.0% Zn, 0.1% Cu.
GoGold Resources Inc. released results of nine holes on the Casados deposit at the Los Ricos North project in Jalisco. Highlighted core length intersects comprise 29.9 m @ 0.25 gpt Au, 70 gpt Ag; 15.5 m @ 0.27 gpt Au, 67 gpt Ag; 34.4 m @ 0.17 gpt Au, 67 gpt Ag; 5.3 m @ 0.65 gpt Au, 305 gpt Ag; 9.2 m @ 0.24 gpt Au, 109 gpt Ag (including 1.9 m @ 0.61 gpt Au, 442 gpt Ag); 60.5 m @ 0.21 gpt Au, 44 gpt Ag; 2.1 m @ 0.57 gpt Au, 322 gpt Ag; 54.1 m @ 0.37 gpt Au, 92 gpt Ag; 28.5 m @ 0.43 gpt Au, 100 gpt Ag (including 1.8 m @ 2.09 gpt Au, 418 gpt Ag); 14.0 m @ 0.46 gpt Au, 134 gpt Ag (including 5.3 m @ 1.04 gpt Au, 304 gpt Ag); 2.6 m @ 2.93 gpt Au, 610 gpt Ag.
Discovery Silver Corp. released results from 12 diamond drill holes testing the Josefina and Todos Santos high-grade vein trends at the Cordero project in Chihuahua. Highlighted intercepts on the Josefina vein trend comprise 41.5 m @ 97 gpt Ag, 0.04 gpt Au, 1.0% Pb, 2.5% Zn (including 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn and 3.3 m @ 182 gpt Ag, 0.09 gpt Au, 3.4% Pb, 7.1% Zn); 13.1 m @ 112 gpt Ag, 0.13 gpt Au, 1.3% Pb, 2.2% Zn; 36.4 m @ 66 gpt Ag, 0.10 gpt Au, 0.3% Pb, 1.0% Zn; 87.4 m @ 38 gpt Ag, 0.06 gpt Au, 0.2% Pb, 1.0% Zn; 3.6 m @ 343 gpt Ag, 0.11 gpt Au, 1.7% Pb, 2.7% Zn; 19.3 m @ 40 gpt Ag, 0.06 gpt Au, 0.7% Pb, 1.4% Zn); 22.4 m @ 156 gpt Ag, 0.10 gpt Au, 1.7% Pb, 2.3% Zn (including 3.7 m @ 299 gpt Ag, 0.16 gpt Au, 3.9% Pb, 5.7% Zn). The Josefina vein trend includes two subparallel veins that run for 1.5 km, and has been tested to 370 m depth and remains open. The Todos Santos vein trend consists of two closely spaced veins, extends for at least 1.5 km along strike and 400 m of depth in old workings and drill holes. Highlighted intercepts comprise 62.0 m @ 19 gpt Ag, 0.28 gpt Au, 0.1% Pb, 2.0% Zn; 21.4 m @ 46 gpt Ag, 0.07 gpt Au, 0.8% Pb, 1.3% Zn; 1.9 m @ 113 gpt Ag, 0.04 gpt Au, 2.4% Pb, 3.2% Zn; 3.7 m @ 96 gpt Ag, 0.07 gpt Au, 1.8% Pb, 3.0% Zn; 2.1 m @ 160 gpt Ag, 0.27 gpt Au, 3.3% Pb, 3.6% Zn.
Sailfish Royalty Corp. filed a NI-43-101 technical report and estimate of mineral resources for the Gavilanes project in Durango.
Discovery Silver Corp. updated on its Cordero project in Chihuahua and informed that by the end of the first quarter 2021 had cash and cash equivalents for $94.7 M. At Cordero 75,000 m of drilling were completed in 178 holes in phase 1 drilling, providing information to be used in the bulk-tonnage preliminary economic assessment (PEA) underway. Phase 2 drilling continues with four rigs, focused on reserve definition, resource expansion and high-grade vein delineation. Bulk tonnage targeted drilling has returned up to 128.2 m @ 65 gpt Ag, 0.05 gpt Au, 1.2% Pb, 1.3% Zn; 131.6 m @ 48 gpt Ag, 0.09 gpt Au, 0.5% Pb, 1.1% Zn (including 37.1 m @ 119 gpt Ag, 0.22 gpt Au, 1.0% Pb, 1.2% Zn); 110.0 m @ 37 gpt Ag, 0.04 gpt Au, 0.8% Pb, 1.0% Zn; 85.6 m @ 53 gpt Ag, 0.05 gpt Au, 1.4% Pb, 1.7% Zn. Drilling on high-grade veins has returned up to 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn in the Josefina vein; 4.0 m @ 377 gpt Ag, 0.28 gpt Au, 7.1% Pb, 3.4% Zn in the Todos Santos vein and 4.4 m @ 246 gpt Ag, 0.39 gpt Au, 6.5% Pb, 0.4% Zn on the Parcionera vein.
Golden Tag Resources Ltd. discovered a new zone of epithermal mineralization at the San Diego project in Durango. The new drill hole intercepted 10.0 m @ 0.55 gpt Au, 628 gpt Ag, 1.1% Pb, 3.6% Zn, 0.12% Cu, in a zone where previous drilling had returned 2.0 m @ 0.33 gpt Au, 161 gpt Ag, 0.3% Pb, 0.2% Zn, 0.04% Cu; 3.75 m @ 0.32 gpt Au, 125 gpt Ag, 1.5% Pb, 4.0% Zn, 0.12% Cu. “The hole intersected a series of epithermal breccias and quartz-carbonate veins within the Central Diorite intrusion from 73.0 to 92.70 m which are characterized by cavity filling banded quartz and carbonate veins with fluorite and associated sulfides comprised primarily of pyrite, sphalerite, galena, boulangerite, and arsenopyrite”.
ON DEALS AND CORPORATE ISSUES
Mexus Gold US. informed personnel from Fresnillo PLC is reviewing its Santa Elena mine in Sonora. The geologists are checking the potential for a disseminated deposit, as well as the quartz vein currently worked by Mexus.
Riverside Resources Inc. announced BHP and Riverside “have agreed on moving forward with a third year of generative funding for copper exploration in Sonora. The new budget is US$1.3 M for generative exploration work.
ON SOCIAL RESPONSIBILITY
Peñoles and Fresnillo PLC informed on their policies and programs to aid on education in a widespread communities.
Minera San Xavier has been declared as “Cyanide Free Site” by the International Cyanide Management Institute. Cerro San Pedro is the first mine in the world that has realized the dismantling process of the 110 m high heap that covers 102 hectares (1 square kilometer).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group. On the image below: Quartz-tourmaline breccia from a project in Sinaloa. Picture by Jorge Cirett.
During the 20th week of the year (May 17th to May 23th, 2021), at least 28 press releases were announced by companies working in Mexico and 7 news published by the media, with nine reporting on resources and development, six informing on exploration results, five disclosing deals and corporate issues, five commenting on Mexican issues, five announcing financial rounds, three communicating production results, and two discussing social issues. ON MEXICO ISSUES, Minera Penmont (Fresnillo plc) thanked the President of Mexico for his comments on the insecurity registered in Sonora. Maria Luisa Albores, Head of the Ministry of Environmental and Natural Resources (SEMARNAT), travel to Santa Rosalia to meets with businessmen and workers from El Boleo mining company. Plenary of the Guerrero State Congress approved recently the creation of the Mining Commission. Maria Luisa Albores, Head of the Ministry of Environmental and Natural Resources (SEMARNAT) made a series of unfortunate statements against the Mexican mining industry. ON EXPLORATION, In Sonora, Tocvan received permit for trenching and drilling at its the El Pilar project, Silver Spruce, JV partner of Colibri Resources on Jackie project, discovered a new high-grade exploration target in the property, Ridgestone completed another phase of exploration at its Rebeico project, and Minaurum provided an exploration update on their Alamos and Aurifero projects. In Sinaloa, Vizsla presented results from ten holes drilled on Tajitos Vein at its Panuco project. In Oaxaca, Minaurum provided an update on their Santa Marta and Aurena projects. ON MINING, Consolidated Zinc provided an update of its Plomosas plant in Chihuahua. Minera Alamos announced that it has successfully executed the first planned production blasts at its Santana project in Sonora. Mag Silver presented Q1, 2021 production and financial results from its Juanicipio project in Zacatecas. ON FINANCING, Canasil closed an oversubscribed non-brokered private placement for gross proceeds of $790K (La Esperanza project, Zacatecas). Defiance announced a brokered private placement for gross proceeds of up to CAD $7.2M (San Acacio project, Zacatecas). Sonoro granted, under its share option plan, incentive stock options to certain directors, officers and consultants to purchase an aggregate of 2M (Cerro Caliche, Sonora). Telson granted incentive stock options to newly appointed directors totaling 2M (Campo Morado, Guerrero). Southern Silver announced that its common shares have commenced to trade on the OTCQX (Cerro Las Minitas, Durango). ON RESOURCES AND DEVELOPMENT, Silvertone announced the appointment of a mining contractor and commences to access underground workings at its La Frazada mining property in Nayarit. Azucar Minerals recommenced drilling at its El Cobre property in Veracruz. Capitan Mining released results from eight RC drill holes from its 2021 program on the Capitan gold zone in Durango. Endeavour announced drill results from its Bolañitos property in Guanajuato. GoGold presented results from eight drill holes collared at its Los Ricos North project in Jalisco. Orex contracted SRK Consulting to conduct a resource estimation study on its Coneto property in Durango. Tarachi Gold completed a tailings drilling program at its Magistral project in Durango. Silver Tiger released drill results from its El Tigre project in Sonora. Sailfish presented an updated mineral resource estimate on its Gavilanes property in Durango. ON DEALS AND CORPORATE ISSUES; Fabled announced proposed spinout of its copper assets into Fabled Copper Corp (Santa Maria property, Chihuahua). Chesapeake announced results from its annual general meeting of shareholders (Metates property, Durango). Comet Resources executed a binding agreement to acquire 100% interest in the La Sorpresa III tenement (Santa Teresa property, Baja California). Xali signed a new exploration and production agreement on El Dorado property in Nayarit. Riverside announced that it has recovered from Hochschild the Los Cuarentas project in Sonora. ON SOCIAL RESPONSIBILITY, Minera San Xavier (New Gold) and the Archdiocese of San Luis Potosí, announced the reopening of the temple of San Pedro Apóstol in Cerro San Pedro, San Luis Potosi. The Mining Cluster of Sonora AC announced that it will promote a comprehensive safety and work-family balance in mining.
ON MEXICO ISSUES
Minera Penmont (Fresnillo plc) thanked the President of Mexico for his comments on the insecurity registered in Sonora. Two years ago, Minera Penmont denounced before state authorities the commission of various crimes, including the invasion of their property, perpetrated by a criminal group that claims to be part of the ejido. This group has absolutely no legal arguments and intends to take over the private property of the company to carry out mining exploitation actions outside the law, without the concession required for it, nor the corresponding environmental permits, using dangerous and controlled materials, directly affecting the Mexican State, the environment, the company and maintaining its criminal acts in the region.
Maria Luisa Albores, Head of the Ministry of Environmental and Natural Resources (SEMARNAT), traveled to Santa Rosalia to meets with businessmen and workers from El Boleo mining company. She was entrusted with a consultation to find out the opinion of the population about the expansion of the environmental impact statement (MIA). Minera Boleo requested to expand the area of extraction, processing and shipment of copper minerals.
Plenary of the Guerrero State Congress approved recently the creation of the Mining Commission. The president of the Political Coordination Board (Jucopo) of the local Congress, Alfredo Sánchez Esquivel pointed out that there is a real problem in the case of mining companies and the environment, for which the creation of this Commission was necessary. For his part, the state secretary of Promotion and Economic Development, Álvaro Burgos Barrera, considered the incorporation of a legislative commission to monitor the mining sector as highly relevant. He reported that in the current state administration headed by Héctor Astudillo Flores, governance allowed mining companies to invest approximately USD $2B in Guerrero.
Maria Luisa Albores, Head of the Ministry of Environmental and Natural Resources (SEMARNAT) made a series of unfortunate statements against the Mexican mining industry. She assured that the country’s mining activity has caused strong environmental effects, monopolizing water and causing social inequality. Her statements are full of biased and wrong information and caused immediately the strong reaction of different actors of the mining sector. Specialists of the sector declared that the view of the federal government has on mining is wrong. CAMIMEX has indicated that of the total water consumption in Mexico, 77% is used by agriculture; 14% is for public use; 5% to generate energy and 4% for industrial use and of the latter only 0.9% corresponds to milling. CAMIMEX also stated that 74% of the water used by this industry is recycled and, of that amount, 55% is continuously reused. In addition, the mining sector has 70 sewage treatment plants in the communities where it operates. There are dams that capture rainwater, which is given to the municipality, piped and sent to homes, when it is necessary. A large percentage of companies carry out social and human rights proceedings. They generate social and environmental programs. In 2019, mining companies allocated MXP $7,450M to actions in favor of the environment and MXP $1,756M to community development, in addition to the MXP $3,496M that were paid to the Mining Fund. Many companies have the largest plant nurseries in the country and have large animal rescue zoos that are delivered to the State. Mining is one of the industries that produces and plants the most trees, 6.6M million trees produced in the nurseries of mining companies; 2.93 million trees planted reforesting an area of more than 3,000 hectares in 2019. The Mexican mining industry is over-regulated and has to comply with seven environmental permits in the stage of exploration and nineteen environmental permits throughout the life of a mine. For the reasons stated above, the mining sector rejects the indications that point to that its activity does not respect the norms of protection of the environment and that it does not generate social welfare for the neighboring communities. That is why the sector unlocks the doors to the authorities with an open invitation to visit the operations and verify for themselves these realities of the mining sector and reliably inform the population.
Tocvan Ventures Corp., received permit for additional seven trenches and forty four drill pads at its the El Pilar project in Sonora. The additional drill pads will be used during the current program and during a phase III program planned for the fall of 2021.
Silver Spruce Resources Inc., JV partner of Colibri Resources Corp on Jackie project, discovered a new high-grade exploration target in the property. Silver Spruce discovered a high quality, broadly-zoned geochemical anomaly with multiple mineralized surface rock samples with >0.1 g/t Au and anomalous to highly anomalous base metal and pathfinders element values, ranging up to 9.65 g/t Au and 515 g/t Ag. The target is characterized by an extensive and intense oxide and silicate alteration, which consists of bleached and oxidized argillic zones with anomalous clay minerals and muscovite. Silver Spruce plans to conduct a grid sampling and mapping around this exploration target.
Ridgestone Mining Inc., completed another phase of exploration at its Rebeico project, which consisted of geologic mapping, prospecting and sampling around the past producing El Cobre mine. A total of 93 samples were collected and assays are expected to arrive in the coming weeks.
Minaurum Gold Inc., provided an exploration update on their Alamos and Aurifero projects in Sonora, and Santa Marta and Aurena projects in Oaxaca. At Alamos project, the company is planning to resume the phase II of its drilling program shortly, has completed a total of 30,000 m of drilling and discovered 26 separate vein zones. Minaurum is focused on systematically expanding silver shoots discovered in Phase I as well as continuing with aggressive exploration drilling focusing on new discoveries at unmined veins. At Aurifero project, the company has completed compilation of historical exploration data at Aurifero and has re-logged some of the available drill core from the project. Minaurum will design a drill program and apply for necessary permits in the second half of 2021.
Vizsla Silver Corp., presented results from ten holes drilled on Tajitos Vein at its Panuco project in Sinaloa. The most significant drill intersection was encountered in hole NP-21-29 with 1.56 g/t Au and 391 g/t Ag (513 g/t AgEq) over a true width (TW) of 7.76m, including 3.60 g/t Au and 1,157 g/t Ag (1,423 g/t AgEq) over a TW of 1.22m. Vizsla has drilled 32 holes at Tajitos Vein, showing an average weighted grade of 2.1 g/t Au and 329 g/t Ag (505 g/t AgEq) over an average vein TW of 3.08m. Mineralization extends over 575 metres in length, 250 metres deep and remains open to the northeast, southwest and at depth.
Minaurum Gold Inc., provided an update on their Santa Marta and Aurena projects in Oaxaca. At Santa Marta project, the company has acquired regional mapping and sampling data indicate the likely presence of additional nearby VMS exploration targets that lie within Minaurum’s property holdings. Minaurum has designed an initial drill program and submitted a drill permit for environmental approval. At Aurena project, it intends to continue holding and ultimately conducting a Phase II drill program, most efficiently in conjunction with an initial drill program at the nearby Santa Marta project.
Consolidated Zinc Limited provided an update of its Plomosas plant in Chihuahua. The Plomosas pant had its first continuous run performing at or better than designed operating capacity. The company also announced that the expansion of Plomosas plant from 100tpd to 200tpd is expected to be completed in Q4, 2021.
Minera Alamos Inc., announced that it has successfully executed the first planned production blasts at its Santana project in Sonora. After this, Minera Alamos has already begun on subsequent blasting as the Nicho Norte pit is opened up. This first material will be used to test the leaching circuit and commission the carbon plant prior to continuous loading of the heap leach pad as the Company takes a prudent approach to ramping up operations at Santana throughout the remainder of 2021 ahead of more steady state operation in 2022 and beyond.
Mag Silver Corp., presented Q1, 2021 production and financial results from its Juanicipio project in Zacatecas. The company processed 36,395 tonnes through the Fresnillo plant with 458 g/t Ag to produce 431.2K Oz Ag, 631 Oz Au, 306.9K Lb Pb, and 445.8K Lb Zn. Mag reported net sales of USD $10.1M, gross profit of USD $8.2M, net income before tax of USD $6.75M, net income after tax of USD $1.44M, resulting in a MAG equity pick up (44%) of USD $632K. The company also reported a CAPEX of USD $440K, and a cash and cash equivalent of USD $92.8K.
Canasil Resources Inc., closed an oversubscribed non-brokered private placement for gross proceeds of $790K. Gross proceeds will be used to fund continued drill programs on their projects in Durango and Zacatecas, and for working capital purposes (La Esperanza project, Zacatecas).
Defiance Silver Corp., announced a brokered private placement for gross proceeds of up to CAD $7.2M. Net proceeds will be used for exploration of their projects as well as for general working capital purposes (San Acacio project, Zacatecas).
Sonoro Gold Corp., granted, under its share option plan, incentive stock options to certain directors, officers and consultants to purchase an aggregate of 2M at a price of $0.3 per common share (Cerro Caliche, Sonora).
Telson Mining Corporation granted incentive stock options to newly appointed directors totaling 2M. The options will be exercisable at a price of $0.45 per share for a period of five years (Campo Morado, Guerrero).
Southern Silver Exploration Corp., announced that its common shares have commenced to trade on the OTCQX under the ticker symbol SSVFF (Cerro Las Minitas, Durango).
ON RESOURCES AND DEVELOPMENT
Silvertone Metals Corp., announced the appointment of a mining contractor and commences to access underground workings at its La Frazada mining property in Nayarit. Over 3km of underground workings has been identified as being potentially accessible, work has commenced to clean and making safe adits and drifts which will be geologically mapped and systematically channel sampled. “Gaining access to the underground working, will give valuable geological information and help to confirm historical measured & indicated resource of 4.7M Oz Ag and Inferred resource of 3.86M Oz Ag. The information gained from underground will also assist in targeting diamond drilling to test for extensions of the mineralization.”
Azucar Minerals Ltd., recommenced drilling at its El Cobre property in Veracruz. The focus for the current drill program in 2021 will be in the Pedregal, Villa Rica, and Encinal Zones of the property. Initially one hole is planned for each area.
Capitan Mining Inc., released results from eight RC drill holes from its 2021 program on the Capitan gold zone in Durango. The most significant drill interception was encountered in hole 21-CARC-24 which returned 0.34 g/t Au over 42.7m, including 0.56 g(/t Au over 10.7m. These last eight holes drilled at the property, completed the previously announced 6,000m drilling program, which consisted of 28 RC holes. All of the RC holes encountered dominantly oxide gold mineralization. “To date, the Capitan gold zone has been traced for over 1.2km long and up to 450m down-dip and remains open in all directions except to the north.
Endeavour Silver Corp., announced drill results from its 2021 drilling program at its Bolañitos property in Guanajuato. The drilling program is focused on expanding the Melladito and Belen orebodies. Significant drill intersections were encountered in hole BN-64 collared on the Melladito HW vein which returned 8.09 g/t Au and 1,044 g/t Ag (1,611 g/t AgEq) over a true width (TW) of 1m, including 14.2 g/t Au and 1,974 g/t Ag (2,966 g/t AgEq) over a TW of 0.26m; and hole BL1.5S-4 collared on the Belen HW vein which returned 4.43 g/t Au and 148 g/t Ag (458 g/t AgEq) over a TW of 2.34m, including 13.22 g/t Au and 129 g/t Ag (1,054 g/t AgEq) over a TW of 0.19m. The company is currently producing from four orebodies at Bolañitos: Plateros, Lucero, San Miguel and Melladito.
GoGold Resources Inc., presented results from eight drill holes collared at its Los Ricos North project in Jalisco. The most significant drill intersections were encountered at El Orito area in holes LRGO-21-020 with 2.02 g/t Au, 168 g/t Ag, 0.02% Cu, 0.2% Pb, and 0.1% Zn (331 g/t AgEq) over 11.8m, including 11.63 g/t Au, 832 g/t Ag, 0.05% Cu, 0.5% Pb, and 0.2% Zn (1,729 g/t AgEq) over 1.8m; and hole LRGO-21-027 with 0.1 g/t Au, 57 g/t Ag, 0.24% Cu, 2.2% Pb, and 0.2% Zn (145 g/t AgEq) over 53.4m, including 0.06g/t Au, 150 g/t Ag, 0.47% Cu, 7.1% Pb, and 0.3% Zn (376 g/t AgEq) over 4.2m, plus another deeper interval of 0.04 g/t Au, 44 g/t Ag, 0.04% Cu, 0.4% Pb, and 0.3% Zn (72 g/t AgEq). The holes that the company has drilled to date at El Orito have shown mineralization averaging 30m in width over 700m in strike length and 200m in vertical depth from surface, and is open in all directions.
Orex Minerals Inc., Gold contracted SRK Consulting to conduct a Resource Estimation Study on its Coneto property in Durango. The database for Coneto includes 106 diamond drill holes totaling 38,516 metres on 12 vein targets. In addition to this study, a separate Metallurgical Study will be performed on each of the mineralized lodes.
Tarachi Gold Corp., completed 37 drill holes at depths ranging from 1.3 to 14.5m using an auger drill and 70cm-long Shelby sample capture tubes at its Magistral Tailings project in Durango. The drilling program was part of the resource estimate and Preliminary Economic Assessment (PEA) being prepared by Ausenco Engineering. The drill samples will be assayed and representative composites prepared as part of the metallurgical test work being overseen by Ausenco Engineering.
Silver Tiger Metals Inc., released drill results from its El Tigre project in Sonora. Hole ET-21-208A collared on the Benjamin Vein intersected 0.06 g/t Au, 382 g/t Ag, 0.17% Cu, 0.8% Pb, and 1.2% Zn (463 g/t AgEq) over 14.8m, including 0.06 g/t Au, 615 g/t Ag, 0.27% Cu, 1.2% Pb, and 1.9% Zn (735 g/t AgEq) over 8.8m, including 0.13 g/t Au, 2,451 g/t Ag, 1.12% Cu, 4.4% Pb, and 9.5% Zn ( 3,000 g/t AgEq) over 1.3m. Hole ET 21-221 collared on the Sooy Vein intersected 4.22 g/t Au, 466 g/t Ag, 0.07% Cu, 0.2% Pb, and 0.2% Zn (799 g/t AgEq) over 1.5m, plus 0.35 g/t Au, 80 g/t Ag, 0.02% Cu, 0.2% Pb, and 0.5% Zn (129 g/t AgEq) over 0.5m, and plus 0.2 g/t Au, 197 g/t Ag, 0.07% Cu, 0.1% Pb, and 0.02% Zn (222 g/t AgEq) over 1.2m.
Sailfish Royalty Corp., presented an updated mineral resource estimate on its Gavilanes property in Durango. The estimated underground inferred resources using a cutoff of 100 g/t AgEq, are 2,883,000 tonnes of 207 g/t Ag, 0.15 g/t Au, 0.12% Cu, 0.6% Pb, and 0.4% Zn to contain 27.15M Lb Zn. 18.9M Oz Ag, 13.7K Oz Au, 7.77M Lb Cu, 37.9M Lb Pb, and 27.2M Lb Zn.
ON DEALS AND CORPORATE ISSUES
Fabled Silver Gold Corp., announced proposed spinout of its copper assets into Fabled Copper Corp. Fabled will continue to focus on advancing its drill program on the Santa Maria silver property in Chihuahua.
Chesapeake Gold Corp., announced results from its annual general meeting of shareholders (Metates property, Durango).
Comet Resources Limited executed a binding agreement with American International Ventures Inc (AIVN) to acquire 100% interest in the La Sorpresa III tenement to extend its Santa Teresa project in Baja California. La Sorpresa is interpreted as the extension of the existence JORC resource at Santa Teresa. Comet has the right to acquire 51% through acquiring 51% of the shares of a newly established Mexican Company (NewCo) in consideration for Comet paying AIVN a total of AUD $600K to be satisfied by issuing AUD $400K in Comet shares and paying AUD $200K in cash at first completion. To obtain the remainder 49% interest, Comet will have to pay AUD $500K to be satisfied by issuing AUD $300K in Comet shares and paying AUD $200K in cash at second completion. In addition to the above, NewCo has to grant to AIVN a 1.5% NSR.
Xali Gold Corp., signed a new exploration and production agreement with Ingenieros Mineros, S.A. de C.V. (IMSA) on El Dorado property in Nayarit. Xali has the obligation to pay IMSA USD $30K per year until the commencement of commercial production, maximum of five years; USD $60K per year after five years or upon commencement of production. Once in production, Xali will pay a NSR of 3.5% until payments reach an aggregate amount of USD $350K of which USD $200K is payable in cash and USD $150K in Xali shares; 3% NSR to an aggregate of USD $600K; 2.5% NSR to an aggregate of USD $850K; and 1% NSR through the life of mine/operations. All annual payments are to be credited towards NSR payments.
Riverside Resources Inc., announced that it has recovered from Hochschild Mining the Los Cuarentas project in Sonora. Hochschild terminated the earn-in option after spending approximately USD $1.2M, including a 1,500m drilling program in nine holes. Riverside believes there are still untested seven targets with discovery potential.
ON SOCIAL RESPONSIBILITY
Minera San Xavier (New Gold) and the Archdiocese of San Luis Potosí, announced the reopening of the temple of san Pedro Apóstol in Cerro San Pedro, San Luis Potosi. The conservation of the cultural and historical heritage of the place is one of the priorities of the Comprehensive, Inclusive and Participatory Plan for the Closure of Mina, which is why, from the beginning of the extractive activity, implemented a periodic program of topographic measurements to monitor the structural behavior of the building. All the works were coordinated with the Cerro de San Pedro City Council, the Archdiocese of San Luis Potosí and under the strict supervision of the National Institute of Anthropology and History (INAH).
The Mining Cluster of Sonora AC announced that it will promote a comprehensive safety and work-family balance in mining. Mining is recognized for working with the highest safety standards and is even below the national average in accident rate according to data from the Mexican Social Security Institute (IMSS) and the Mexican Mining Chamber (CAMIMEX). Mining is an industry that is always in constant training and promotes strategies to generate healthy work environments.
During the 18th week of the year (May 3th to May 9th, 2021), at least 39 press releases were announced by companies working in Mexico, with ten communicating production results, ten disclosing deals and corporate issues, eight informing on exploration results, six reporting on resources and development, and five announcing financial rounds. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Benjamin Hill Mining released additional sampling results from its Benjamin Hill property, Tocvan and its partner Colibri reported results of preliminary metallurgical testing from the El Pilar project, Tarachi presented drilling results from three holes collared at its La Dura mine, and Silver Spruce engaged Eagle Mapping to run a LiDAR survey at its Diamante project . In Chihuahua, Kootenay presented results from six holes drilled at its Columba project. In Sinaloa, Brigadier announced drilling and rock sampling results from its Picachos property. In Durango, Mithril reported that it continues intersecting high-grade mineralization at El Refugio zone, within its Copalquin project. ON MINING, Argonaut reported Q1, 2021 production and financial results from its Mexican mine operations. Equinox announced consolidated Q1, 2021 production and financial results from all their mine operations, including Los Filos and Mercedes mines in Guerrero and Sonora states respectively. Golden Minerals reported Q1, 2021 production and financial results from its Rodeo mine in Durango. First Majestic released Q1, 2021 production and financial results from its Mexican mine operations. Gatos Silver announced Q1, 2021 production and financial results from its Los Gatos property in Chihuahua. Great Panther presented Q1, 2021 production and financial results from its Topia and Guanajuato mines. McEwen reported the production of 1,300 Oz AuEq (GEOs) from residual leaching at El Gallo mine in Sinaloa during the first quarter of 2021. Mexus announced a successful blast at its Santa Elena mine in Sonora to produce approximately 10-15K tonnes of mineralized material. Santacruz reported consolidated 2020 full year production and financial results from its Mexican operations. Sierra Metals announced Q1, 2021 production results from its Bolivar and Cusi mines in Chihuahua. ON FINANCING, Advance Gold granted stock options to its Directors, key employees, and consultants entitling them to purchase, in total, up to 1.8M options over a five year term (Tabasquena project, Zacatecas). Capitan Mining closed a non-brokered private placement for gross proceeds of CAD $3.2M (Peñoles property, Durango). GoGold closed a bought deal offering of 10M common shares for gross proceeds of CAD $25M (Los Ricos property, Jalisco). Heliostar closed a brokered private placement for gross proceeds of $5.6M (Cumaro project, Sonora). Telson informed that it has received the initial USD $2M proceeds from the total USD $5M silver stream agreement with Empress Royalty (Tahuehueto project, Durango). ON RESOURCES AND DEVELOPMENT, Endeavour intersected high-grade silver-gold mineralization at the Guanacevi mine in Durango. Zacatecas Silver announced it will commence a 10,000m drilling program at its Panuco silver project in Zacatecas, once it received the final drill permit. Golden Tag identified mineralized skarn shoots 265m above the current Fernandez Zone resource envelope at its San Diego property in Durango. GR Silver reported results from its ongoing drilling program at its Plomosas project in Sinaloa. VanGold provided initial results from its ongoing diamond drill program at its El Pinguico project in Guanajuato. Silver Viper released a maiden Au-Ag mineral resource estimate at its la Virginia project in Sonora. ON DEALS AND CORPORATE ISSUES, Advance Gold appointed a new member to its Board of Directors (Tabasquena property, Zacatecas). Equinox announced results from its annual general meeting of shareholders (Los Filos mine, Guerrero). Great Panther announced the nomination of two new directors for election to its Board of Directors at its annual general meeting to be held on June 9, 2021 (Topia mine, Durango). One World Lithium announced the engagement of an European consultant that may include individual introduction and corporate presentations (Salar del Diablo project, Baja California). Colibri signed a definitive deal with Silver Spruce on Diamante Gold and Silver project in Sonora. GR Silver made the final option payment to SSR Mining to close the acquisition of 100% interest of San Marcial Silver project in Sinaloa. Magna Gold announced that it has made the final payment for the acquisition of its San Francisco mine in Sonora. Oroco entered into an agreement to increase its interest on Santo Tomas property in Sinaloa. Orogen provided an update about the royalty on the Ermitaño property in Sonora. Chinas’ Ganfeng Lithium said it has offered to buy the shares it does not already own in Mexico-focused Bacanora Lithium for up to 190M pounds (USD $264.5M). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No relevant news.
Benjamin Hill Mining Corp., released additional sampling results from its Benjamin Hill property, in Sonora state, which comprises Sonora Gold and Sonora Copper concessions. A total of 447 chip/channel samples were collected during March and April, 2021 returning encouraging results with multiple samples ranging from 4 to 8 g/t Au, with a peak of 31.4 g/t Au. The company has extended the mineralized structure for over 500m to the north-west, increasing the length of the mineralized structure now to 2,400m. “Fifty-nine samples returned gold values over 2 g/t Au with eight samples ranging from 7.5 g/t Au to 31.4 g/t Au. Nine samples taken from the Caracahui vein returned copper values over 1.0% with three samples above 2% and the best sample returning an impressive 8.3% Cu”. Geologists were also able to identify a large area of disseminated gold ranging from 350m to 600m in width. The company is planning to commence a drill testing program. It has already applied for drill permits and expects to receive permits within the next several weeks.
Tocvan Ventures Corp., and its partner Colibri Resource Corporation reported results of preliminary metallurgical testing from the El Pilar project in Sonora, which includes Au recoveries of 91.6% and 90.6% at a retention time of 48 hours from two composite samples collected from drill hole JES-20-32.
Tarachi Gold Corp., presented drilling results from three underground holes collared at its La Dura mine in Sonora. Significant drill intercepts were encountered in hole JAB-21-009 with 6.91 g/t Au over 63.4m, including 17.42 g/t Au over 9.3m, plus another interval with 17.37 g/t Au over 13.9m, including 33.66 g/t Au over 5.6m; and hole JAB-21-10 with 1.79 g/t Au over 42m. These drill results confirm the continuation of gold mineralization down-dip towards the east. “Based on the drilling and mapping done to date, gold is hosted in a 10-20m thick panel of heavily silicified rhyodacite striking roughly north-south, dipping to the east at an approximate angle of 30 and plunging to the south at 25°”.
Silver Spruce Resources Inc., engaged Eagle Mapping to run a LiDAR survey at its Diamante project in Sonora. “The LiDAR mapping over the property will provide another value-added 3D element to complement the geological and structural mapping, and enhance the topographic control for the Phase 1 drilling program”.
Kootenay Silver Inc., presented results from six holes drilled at its Columba project in Chihuahua. Significant drill intercepts were encountered in hole CDH-21-90 with 503 g/t Ag, 0.1% Pb, and 0.2% Zn over 1.2m, including 889 g/t Ag, 0.2% Pb, and 0.4% Zn over 0.55m, and 185 g/t Ag, 0.1% Pb, and 0.2% Zn over 3.94m, including 245 g/t Ag, 0.1% Pb, and 0.3% Zn over 2.4m, including 365 g/t Ag, 0.2% Pb, and 0.6% Zn over 0.6m; hole CDH-21-89 with 285 g/t Ag, 0.2% Pb, and 0.8% Zn over 6.9m, including 439 g/t Ag, 0.3% Pb, and 1.5% Zn over 0.27m, including 533 g/t Ag, 0.3% Pb, and 1.2% Zn over 0.65m, and other interval of 233 g/t Ag, 0.03% Pb, and 0.4% Zn over 4m, including 411 g/t Ag, 0.03% Pb, and 0.05% Zn over 1m; and hole CDH-21-87 with 200 g/t Ag over 4m, including 559 g/t Ag over 1.09m.
Brigadier Gold Limited, announced drilling and rock sampling results from its Picachos property located in Sinaloa. Hole DH-BGR-043 encountered 0.52 g/t Au, 5 g/t Ag, and 0.07% Cu over 14.5m, including 7.63 g/t Au, 11 g/t Ag, and 0.26% Cu over 0.5m. Brigadier has completed 4,538m in 43 holes to date. On the other hand, Brigadier continues mapping and sampling prospects and workings in the entire property. Encouraging results were obtained from El Placer Norte with samples returning 12.79 g/t Au and 8 g/t Ag over 1m wide, and 38.88 g/t Au and 22 g/t Ag over 0.5m. At El Cobre area, located about 650m NW of El Placer Norte area, the rock sampling returned 57 g/t Ag, 2.12% Cu, and 0.12% Pb over a width of 1.7m from the El Cobre Vein; 108 g/t Ag, 3.2% Cu, and 0.5% Pb over a width of 0.5m from El Herrero Vein; and 148 g/t Ag, 0.33% Cu, and 0.26% Pb over a width of 0.7m from the Calzada Vein.
Mithril Resources Ltd., reported that it continues intersecting high-grade mineralization at El Refugio zone, within its Copalquin project. Highlights include hole CDH-63 with 5.32 g/t Au, 105 g/t Ag over 8m, including 29.9 g/t Au and 273 g/t Ag over 1.09m; hole CDH-62 with 4.12 g/t Au and 107 g/t Ag over 4.82m, including 7.94 g/t Au and 211 g/t Ag over 1.6m, plus 4.68 g/t Au and 22 g/t Ag over 2.1m, plus 0.48 g/t Au and 36 g/t Ag over 3.1m; and hole CDH-61 with 0.95 g/t Au and 25 g/t Ag over 7.75m, plus 0.95 g/t Au and 10 g/t Ag over 0.95m, plus 1.44 g/t Au and 76 g/t Ag over 15.77m. The drill results extended the high-grade mineralization 80m down dip and 180m further to the west and up to further 75m down dip. El Refugio continues to grow as a large high-grade Au-Ag target.
Argonaut Gold Inc., reported Q1, 2021 production and financial results from its Mexican mine operations. AtEl Castillo Complex in Durango The company milled 5,274,000 tons of 0.28 g/t Au to produce 29,243 Oz Au and 164,226 Oz Ag (31,175 AuEq Oz (GEOs)). Argonaut reduced the cash cost per Oz Au sold to USD $916. AtLa Colorada in Sonora , Argonaut mined 1,227,000 tonnes of 0.54 g/t Au to produce 15,894 Oz Au and 52,912 Oz Ag (16,516 GEOs). It reduced the cash cost per Oz Au sold to USD $765. The company also announced the discovery of high-grade gold veins below the El Crestón open pit which returned 44.6 g/t Au and 275 g/t Ag over 21.3m, including 98.9 g/t Au and 30 g/t Ag over 12.2m.
Equinox Gold Corp., announced consolidated Q1, 2021 production and financial results from all their mine operations, including Los Filos and Mercedes mines in Guerrero and Sonora states respectively. The company produced 129,233 Oz Au and sold 128,555 Oz Au at cash and AISC of USD $1,141 and USD $1,482 per Oz Au respectively. The company reported revenues of USD $229.7M, net income of USD $50.3M, adjusted EBITDA of USD $60.5M, cash and cash equivalents of USD $317.5M, net debt of USD $2290.8M, and operating cash flow before changes in non-cash working capital of USD $62M. Equinox also provided a 2021 production guidance of 600K to 665K Oz Au, of which 170K-190K will be produced at its Los Filos mine in Guerrero and 30K to 35K Oz Au, will be produced at its Mercedes mine in Sonora.
Golden Minerals Company reported Q1, 2021 production and financial results from its Rodeo mine in Durango. It produced 1,559 Oz AuEq in doré and sold 1,054 Oz AuEq. Golden reported revenue of USD $1.8M, cost of metals sold of USD $1.5M, and net operating margin of USD $0.2M.The company also reported cash and cash equivalents balance of USD $ 8M as of March 31, 2021, and a net loss of USD $3.2M.
First Majestic Silver Corp., released Q1, 2021 production and financial results from its Mexican mine operations. The table below shows figures by mine:
First Majestic reported revenues of USD $100.5M, mine operating earnings of USD $28.1M, net earnings of USD $1.9M, and a strong working capital of USD $232.8M, including USD $65M of undrawn revolving credit facility.
Gatos Silver Inc., announced Q1, 2021 production and financial results from its Los Gatos property in Chihuahua. Gatos mined 209,832 tonnes to produce 6,312 tonnes of Pb concentrates with grades of 6,314 g/t Ag, 5.6 g/t Au, 54.8% Pb, and 12.9% Zn, and 7,036 tonnes of Zn concentrate of 757 g/t Ag, 0.6 g/t Au, 1.4% Pb, and 55.2% Zn, to recover 1.5M Oz Ag, 1.1K Oz Au, 7.6M Lb Pb, and 8.6M Lb Zn, at an AISC cost, net of by-product credits of $19.76 per Oz Ag, which includes approximately $2.50 per Oz Ag related to non-recurring costs attributed to COVID-19 and lower produced ounces related to the power outage experienced earlier in the year. Gatos reported sales for $46.3M, operating expenses of $35.5M, other expenses of $3.9M, and net income of $6.9M.
Great Panther Mining Limited presented Q1, 2021 production and financial results from its Topia and Guanajuato mines. At Guanajuato mine complex, Guanajuato, it mined 40,321 tonnes and milled 39,665 tonnes of 124 g/t Ag and 1.53 g/t Au to produce 135,737 Oz Ag and 1,689 Oz Au (279,306 Oz AgEq) at cash and AISC of $22.57 and $33.42 per payable Oz Ag respectively. At Topia, Durango, the company mined 16,654 tonnes and milled 19,004 tonnes of 398 g/t Ag, 0.87 g/t Au, 2.93% Pb, and 3.6% Zn to produce 224,333 Oz Ag, 293 Oz Au, 1.18M Lb Pb, and 1.39M Lb Zn (363,318 Oz AgEq) at cash and AISC of $15.88 and $18.71 per payable Oz Ag respectively.
McEwen Mining Inc., reported the production of 1,300 Oz AuEq (GEOs) from residual leaching at El Gallo mine in Sinaloa during the first quarter of 2021. Operations were disrupted for three weeks by a blockade of the mine entrance by members of the local community, which has been resolved.
Mexus Gold US announced a successful blast in the Quartz 2 vein area at its Santa Elena mine in Sonora to produce approximately 10-15K tonnes of mineralized material. The company believes this material will show between 2 to 4 g/t Au average.
Santacruz Silver Mining ltd., reported consolidated 2020 full year production and financial results from its Mexican operations. The company processed 201,585 tonnes to produce 1M Oz AgEq at cash and AISC of $23.04 and $24.41 per Oz AgEq respectively. The company sold 662.5K Oz AgEq. The company recorded revenues of $33,097 and a net loss of $1,493.
Sierra Metals Inc., announced Q1, 2021 production results from its Bolivar and Cusi mines in Chihuahua. At Bolivar mine, the company processed 371,608 tonnes of 0.19 g/t Au, 20 g/t Ag, and 0.77% Cu to produce 1,591 Oz Au, 197K Oz Ag, and 5.2M Lb Cu 7.28M Lb CuEq), at a cash and AISC of USD $1.58 and USD $2.91 per Lb CuEq respectively. At Cusi mine, Sierra Metals processed 76,602 tonnes of 0.16 g/t Au, 157 g/t Ag, and 0.2% Pb to produce 155 Oz Au, 313K Oz Ag, and 268K Lb Pb (334K Oz AgEq), at cash and AISC of USD $18.72 and USD $30.28 per Oz AgEq respectively.
Advance Gold Corp.,granted stock options to its Directors, key employees, and consultants entitling them to purchase, in total, up to 1.8M options over a five year term expiring May 2025 at an exercise price of $0.08 per share. (Tabasquena property, Zacatecas).
Capitan Mining Inc., closed a non-brokered private placement for gross proceeds of CAD $3.2M. Gross proceeds will be used to advance exploration and corporate development activities at its Peñoles property in Durango.
GoGold Resources Inc., closed a bought deal offering of 10M common shares at a price of CAD $2.50 per common share for gross proceeds of CAD $25M. Underwriters of the offering exercised their overallotment option in full for an additional 1.5M common shares for gross proceeds of approximately CAD $3.75M. The net proceeds of the offering will be used to support the continued advancement of the Company’s Los Ricos North and South projects in Jalisco and for general corporate purposes.
Heliostar Metals Limited closed a brokered private placement for gross proceeds of $5.6M. Part of the gross proceeds will be used to advance Cumaro, Lola and Oso Negro projects in Sonora, as well as for working capital and general corporate purposes.
Telson Mining Corporation informed that it has received the initial USD $2M proceeds from the total USD $5M silver stream agreement with Empress Royalty for its Tahuehueto project in Durango. The stream is part of a USD $25M full financing solution being provided by Empress, Accendo Bank and Endeavour Financial.
ON RESOURCES AND DEVELOPMENT
Endeavour Silver Corp., intersected high-grade silver-gold mineralization to expand the El Curso orebody at its Guanacevi mine in Durango. Significant drill interceptions were encountered in hole UCM-48 with 3.27 g/t Au and 2,753 g/t Ag (2,982 g/t AgEq) over a true width (TW) of 4.1m, including 0.6 g/t Au and 18,752 g/t Ag (18,794 g/t AgEq) over a TW of 0.3m; and hole UCM-50 with 4.29 g/t Au and 3,464 g/t Ag (3,764 g/t AgEq) over a TW of 2.6m, including 25.7 g/t Au and 19,390 g/t Ag (21,189 g/t AgEq) over a TW of 0.3m. The Company is currently producing from three orebodies at Guanacevi: Milache, El Curso and SCS. Exploration drilling is ongoing at El Curso and SCS.
Zacatecas Silver Corp., announced it will commence a 10,000m drilling program at its Panuco silver project in Zacatecas, once it received the final drill permit. The plan is to start drilling at its Panuco silver deposit and San Gill Breccia Zone by securing an access agreement with the Ejido “Panuco”. The Panuco Silver Deposit has an historic inferred mineral resource of 19,472,901 Oz AgEq (cut-off 100 g/t AgEq) from 3,954,729 tonnes at 153.2 g/t AgEq (136 g/t Ag, 0.14 g/t Au, 0.012% Pb, and 0.11% Zn). “San Gill Breccia Zone has a strike length of approximately 800m, is up to 40 m wide, and is most likely vertical. The north-south orientation of the breccia is highly significant as gold-rich epithermal veins within the district are generally oriented north-south”.
Golden Tag Resources Ltd., identified mineralized skarn shoots 265m above the current Fernandez Zone resource envelope at its San Diego property in Durango. Significant drill assays were encountered in hole 21-54 with 0.09 g/t Au, 27 g/t Ag, 0.7% Pb, 0.6% Zn, and 0.03% Cu (92 g/t AgEq) over 99.53m, including 0.25 g/t Au, 81 g/t Ag, 2.1% Pb, 2.2% Zn, and 0.1% Cu (286 g/t AgEq) over 18.43m, and others mineralized intervals of 0.12 g/t Au, 109 g/t Ag, 2.5% Pb, 1.7% Zn, and 0.04% Cu (287 g/t AgEq) over 1.64m and 0.5 g/t Au, 15 g/t Ag, 0.3% Pb, 0.3% Zn, and 0.01% Cu (83 g/t AgEq) over 12.35m; and hole 21-55 with 0.08 g/t Au, 37 g/t Ag, 0.3% Pb, 0.6% Zn, and 0.02% Cu (85 g/t AgEq) over 25.55m, including 0.04 g/t Au, 44 g/t Ag, 0.4% Pb, 0.8% Zn, and 0.02% Cu (100 g/t AgEq) over 10.9m, including 0.14 g/t Au, 45 g/t Ag, 0.3% Pb, 0.6% Zn, and 0.02% Cu (94 g/t AgEq) over 9.10m. This hole also intersected 0.96 g/t Au, 59 g/t Ag, 0.6% Pb, 0.4% Zn, and 0.03% Cu (183 g/t AgEq) over 0.5m, 0.2 g/t Au, 50 g/t Ag, 1% Pb, 0.5% Zn, and 0.02% Cu (125 g/t AgEq) over 0.79m, and 0.09 g/t Au, 83 g/t Ag, 0.5% Pb, 0.4% Zn, and 0.04% Cu (130 g/t AgEq) over 0.6m. “Drill results, in conjunction with results from previous drilling, have identified the existence of potential shoots of skarn mineralization commencing approximately 265 m above the Fernandez Zone, which could connect or be parallel to the western edge of Fernandez”.
GR Silver Mining Ltd., reported results from its ongoing drilling program at the San Juan Vein within its Plomosas project in Sinaloa. Significant drill intercepts were encountered in hole SJS21-04 with 242 g/t Ag, 0.31 g/t Au, 0.4% Pb, and 0.8% Zn (310 g/t AgEq) over a true width (TW) of 10.5m, including 954 g/t Ag, 1.29 g/t Au, 1.2% Pb, 1.6% Zn, and 0.1% Cu (1,177 g/t AgEq) over a TW of 2m, including 1,184 g/t Ag, 2.27 g/t Au, 1.3% Pb, and 0.9% Zn (1,486 g/t AgEq) over a TW of 1m; hole LRD-52 with 311 g/t Ag, 0.08 g/t Au, 0.8% Pb, and 0.2% Zn (354 g/t AgEq) over a TW of 3.9m, including 781 g/t Ag, 0.21 g/t Au, 1.5% Pb, and 0.3% Zn (863 g/t AgEq) over a TW of 1m; and hole LRD-37 with 62 g/t Ag, 0.31 g/t Au, 0.6% Pb, and 0.4% Zn (126 g/t AgEq) over a TW of 20.2m, including 154 g/t Ag, 0.96 g/t Au, 1.2% Pb, and 0.4% Zn (308 g/t AgEq) over a TW of 5.7m. “The high-grade silver mineralization encountered in the San Juan Vein confirms continuity of the mineralization close to surface, 100m to the north along strike, and also correlates with previously identified high-grade mineralization at depth”.
VanGold Mining Corp., provided initial results from its ongoing diamond drill program at its El Pinguico project in Guanajuato. Eight holes were drilled of which the two first holes were collared outside of the mine in the patio of the portal of adit 4. These holes were not intended as traditional exploration holes. Holes P21-01 and P21-02 were collared to test the purchased rig but encountered noticeable visible vein material, which the company now interprets to be extensions of the San Jose vein. A third hole, P21-03, was collared to test the area for further vein extensions, and intersected several intervals of significant gold and silver values, including 0.38 g/t Au and 88 g/t Ag (116 g/t AgEq) over 4.05m, including 1.5 g/t Au and 122 g/t Ag (242 g/t AgEq) over 1m, plus an additional higher-grade interval of 2.11 g/t Au and 505 g/t Ag (674 g/t AgEq) over 0.55m. The rig was moved into El Pinguico mine where the company drilled holes P21-05 to P21-08. Holes P21-05 and P21-06 intercepted long sections of alteration crossing both San Jose and El Pinguico veins but only moderate widths of moderate Ag-Au values were encountered. Hole P21-07 encountered quartz and carbonate material of an unknown vein and at the San Jose contact the hole intercepted broken, unconsolidated material (approximately 35% recovery) and a void causing to abandon the hole. Hole P21-08 encountered numerous intervals of good grade material, being the most significant one returning 8.81 g/t Au and 208 g/t Ag (913 g/t AgEq) over 0.75m. Four additional holes (P21-09 to P21-12) were drilled from San Jose Cross Cut #1 but assay results are pending.
Silver Viper Minerals Corp., released a maiden Au-Ag mineral resource estimate at its la Virginia project in Sonora. El Rubi Zone contains an indicated resource of 6,179,000 tonnes of 0.78 g/t Au and 35 g/t Ag for 154.3K Oz Au and 6.93M Oz Ag, and inferred resources of 3,255,000 tonnes of 0.9 g/t Au and 36 g/t Ag for 94.1K Oz Au and 3.75M Oz Ag in open pit category. Virginia, El Oriental, Las Huatas and Las Huatas South add and inferred resource of 6,622,000 tonnes of 0.71 g/t Au and 41 g/t Ag for 152.2K Oz Au and 8.74M Oz Ag in open pit category, and 277K tonnes of 1.92 g/t Au and 62 g/t Ag for an additional 14K Oz Au and 451.5K Oz Ag in the underground category. Gold and Silver Equivalents for Indicated resource equal 253,286 Oz AuEq or 17,730,000 Oz AgEq. Gold and Silver Equivalents for Inferred resource equal 445,176 Oz AuEq or 31,162,300 Oz AgEq.
ON DEALS AND CORPORATE ISSUES
Advance Gold Corp., appointed a new member to its Board of Directors (Tabasquena property, Zacatecas).
Equinox Gold Corp., announced results from its annual general meeting of shareholders (Los Filos mine, Guerrero).
Great Panther Mining Limited announced the nomination of two new directors for election to its Board of Directors at its annual general meeting to be held on June 9, 2021 (Topia mine, Durango).
One World Lithium Inc., announced the engagement of an European consultant that may include individual introduction and corporate presentations. The Agreement is for one year to May 04, 2022. The Consultant will be paid a monthly fee of 5,000 Euros (CAD $7,400) and an option to purchase up to 800K common shares of the company at an exercise price of $0.11 per common share, being the closing price of the Company’s common shares on the Canadian Stock Exchange on May 4, 2021. The stock options are exercisable on or before May 04, 2023 and will be vested as to 200K options every two months from June 01 to December 01, 2021 (Salar del Diablo project, Baja California).
Colibri Resources Corporation signed a definitive deal with Silver Spruce on Diamante Gold and Silver project in Sonora. Silver Spruce will have an option to acquire up to 50% of the property. To acquire 25% of the property, Silver Spruce has to pay USD $75K in cash to Colibri. Yaque and Silver Spruce will each then hold a 25% interest and manage the project as equal partners. To earn its initial 50% of the Diamante project from the original vendor, Yaque (together with Silver Spruce)agree to jointly design, permit and drill a minimum of 2,000 metres on the property within 24 months from the Execution Date of Yaque’s final agreement with the original Vendor.
GR Silver Mining Ltd., made the final option payment to SSR Mining to close the acquisition of 100% interest of San Marcial Silver project in Sinaloa. GR paid CAD $2.5M and issued 1.5M common shares to SSR.
Magna Gold Corp., announced that it has made the final payment of USD $5M to Argonaut Gold Inc., for the acquisition of its San Francisco mine in Sonora, and provided a promissory note for the remaining balance of USD $2,675,000 to be paid in four monthly installments commencing July, 6, 2021 and ending October 6, 2021. The promissory note bears uncompounded interest at a rate of 5% per annum.
Oroco Resource Corp., entered into an agreement to increase its interest on Santo Tomas property in Sinaloa. Oroco will acquire 25 shares of Xochipala Gold SA de CV for USD $1.5M.
Orogen Royalties Inc., provided an update about the royalty on the Ermitaño property in Sonora, operated by its JV partner First Majestic Silver Corp. Orogen holds a 2% NSR of an indicated resources of 355K Oz Au and 5M Oz Ag, and inferred resources of 522K Oz Au and 11M Oz Ag.
Ganfeng Lithium Co., Ltd., said it has offered to buy the shares it does not already own in Mexico-focused Bacanora Lithium plc for up to 190M pounds (USD $264.5M). Ganfeng, which in February announced a plan to raise its stake in Bacanora from 17.41% to 28.88%, will acquire the remaining shares in the company for $67.5 pounds a share. The increase in Ganfeng’s stake to 28.88% is expected to complete shortly.
During the 17th week of the year (April 26th to May 2nd, 2021), at least 34 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six presented mining related news, four posted on financing or share options (including $11.5 M, and $28.7 M), seven more on project development or resource definition and five posted on corporate issues. ON MEXICO ISSUES, no relevant news were published. ON EXPLORATION, In Baja California, Comet Resources informed on mapping and sampling advances at Santa Teresa. In Sonora, Silver Spruce released results from due diligence work at El Diamante; Tarachi Gold updated on work at the Tarachi project; Riverside reported drilling results from Cecilia. In Chihuahua, Radius Gold released results from drilling at Amalia. In Zacatecas, Defiance Silver provided drilling results from San Acacio. ON MINING, Gold Resource, Mag Silver, Alamos Gold, Fresnillo PLC, Coeur Mining and Agnico Eagle released Q1 2021 production results. To note, Fresnillo produced over 12 M Oz Ag and 216 K Oz Au during the period. ON FINANCING, Telson Mining restructured US$3 M in debt. Tarachi granted options to directors, officers and consultants, GR Silver and Prime Mining completed their previously announced placements for $11.5 M and $28.7 M respectively. ON RESOURCES AND DEVELOPMENT, Argonaut Gold released high-grade drilling results from below the pit plan at La Colorada. Telson Mining informed of accelerated construction at Tahuehueto. Sonora Gold released results from 25 RC holes at Cerro Caliche. Southern Silver reported extension of mineralization discovered by recent drilling. Ridgestone Mining is to prepare a new resource estimate on Guadalupe y Calvo. Fabled Silver reported drill results from Santa Maria. Golden Tag is reinterpreting geology at San Diego. ON DEALS AND CORPORATE ISSUES, Santacruz Silver Mining completed the acquisition of the Zimapan mine. Telson Mining closed the Campo Morado variable purchase price royalty. Fortuna Silver entered into a definitive agreement to purchase Roxgold shares (Africa oriented). Silver Spruce signed the definitive agreement on the Diamante properties in Sonora. Empress Royalty has funded an initial $2 M on the silver stream agreement with Tahuehueto. ON SOCIAL RESPONSIBILITY, Peñoles donated tree saplings in Coahuila.
ON MEXICO ISSUES
No Relevant News.
Silver Spruce Resources Inc. released surface rock sample results from El Diamante concessions in Sonora. The assays range from 0.127 gpt Au to 1.195 gpt Au, with up to 837 gpt Ag, 1.2% Pb, 6.9% Zn for the five samples collected as part of the due diligence work in the properties under a LOI. “The Property exhibits geological features of epithermal low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential transition to porphyry style Au-Cu”.
Tarachi Gold Corp. informed past drilling at La Dura mine area at the Tarachi project in Sonora returned high-grade intercepts like 20.75 m @ at 5.05 gpt Au and 20.1 m @ 4.54 gpt Au. High grade intercepts seem to be related to sulfide rich zones by the side of breccia pipes.
Riverside Resources Inc. and Carlyle Commodities Corp. released further drill results from the Cecilia project in Sonora. Highlighted down hole intercepts comprise 5.65 m @ 0.39 gpt Au; 2.0 m @ 0.78 gpt Au; 1.5 m @ 0.60 gpt Au; 2.3 m @ 0.19 gpt Au; 3.15 m @ 0.31 gpt Au and true width intercepts (tw) of 3.3 m @ 3.70 gpt Au (including 1.3 m @ 8.82 gpt Au); 3.05 m @ 0.67 gpt Au, 1.5 m @ 1.18 gpt Au.
Radius Gold Inc. reported final results for phase 4 drilling at the Amalia project in SW Chihuahua. A total of 10,558 m in 31 holes have been completed, with 4,385 m in 10 holes in this phase. Highlighted true width intervals comprise: 14.5 m @ 6.8 gpt Au, 321 gpt Ag; 3.9 m @ 18.34 gpt Au, 813 gpt Ag; 6.5 m @ 0.59 gpt Au, 151 gpt Ag; 13.25 m @ 0.9 gpt Au, 116 gpt Ag. The next targets comprise El Cuervo and California areas, with the first being 3 to 7 m wide and 1.5 km long, while the latter vein is up to 4 m in width, outcropping discontinuously for 3 km.
Comet Resources Ltd. informed field mapping and sampling has been completed at its Santa Teresa project in Baja California. Assay results from re-sampling of historical core are awaited and the environmental permit for drilling has been filed.
Defiance Silver Corp. provided results from drilling the Veta Grande vein system at San Acacio in Zacatecas. Highlighted intervals comprise 3.64 m @ 0.2 gpt Au, 191 gpt Ag (including 0.92 m @ 0.74 gpt Au, 705 gpt Ag, 0.34% Pb, 0.70% Zn); 18.55 m @ 0.39 gpt Au, 99 gpt Ag (including 1.57 m @ 2.27 gpt Au, 1,090 gpt Ag, 0.72% Pb, 2.33% Zn); 8.35 m @ 0.07 gpt Au, 97 gpt Ag; 23.50 m @ 0.47 gpt Au, 52 gpt Ag, 0.93% Pb, 1.36% Zn (including 4.73 m @ 1.31 gpt Au, 144 gpt Ag, 2.8% Pb, 3.60% Zn); 5.87 m @ 0.17 gpt Au, 125 gpt Ag, 0.22% Pb, 0.61% Zn; 2.65 m @ 0.05 gpt Au, 307 gpt Ag, 0.27% Zn; 8.22 m @ 0.32 gpt Au, 262 gpt Ag, 0.36% Pb, 1.26% Zn.
Gold Resource Corp. presented its Q1 2021 production report. During the period 6,097 Oz Au, 307.6 K Oz Ag (10,750 Oz AuEq) at cash cost of $408 per Oz at the Don David mine in Oaxaca.
MAG Silver Corp. reported first quarter 2021 production from the Juanicipio project (56% / 44% joint venture with Fresnillo Plc) in Zacatecas. During the period 36.4 K tonnes of development material were processed to produce 462.3 K Oz Ag, 697 Oz Au, of which 203.4 K Oz Ag, 307 Oz Au were attributable to MAG Silver.
Alamos Gold Inc. released its first quarter 2021 production report, with figures from its Mexican operations. At Mulatos, in Sonora, 910.9 K tonnes were mined, 2.46 M tonnes of waste moved, stacking 1.83 M tonnes of ore @ 0.93 gpt Au containing 54,723 Oz Au. During the period 35,600 Oz Au were produced at cash cost $915 per Oz Au and mine-site AISC of $1,039 per Oz Au. The nearby La Yaqui Grande project is being developed with independent heap leach and crushing circuits, with commercial production expected in Q3 2022. Production is expected to reach 123 K Oz Au per year at an AISC of $578 per Oz Au.
Fresnillo PLC. released its first quarter 2021 production report, which amounted to 12.63 M Oz Ag (including silver stream), 228,193 Oz Au, 15,340 tonnes Pb, 25,881 tonnes Zn.
Coeur Mining Inc. reported first quarter 2021 financial results, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 484.4 K tonnes were milled @ 1.87 gpt Au, 127 gpt Ag, recovering 95.7% Au, 81.3% Ag to produce 28,605 Oz Au, 1.6 M Oz Ag. A total of 16,525 m were drilled in the period, in which $3 M were spent in exploration.
Agnico Eagle Mines Ltd. disclosed Q1 2021 results, including figures from its operations in Mexico. At Pinos Altos, in Chihuahua, 493 K tonnes were processed at a rate of 5,478 tonnes per day and a grade of 1.91 gpt Au, to produce 29,175 Oz Au at cash cost $838 per Oz. At La India, in Sonora, 1.64 M tonnes were processes at a rate of 18.244 tpd and a grade of 0.43 gpt Au, to produce 17,033 Oz Au at cash cost $936. At Santa Gertrudis, exploration in the period included 8,970 m in 22 holes. Additional drilling and metallurgical testing are planned to continue
Telson Mining Corp. has restructured debt owed to Estrategias Corporativas en Finanzas, S.A.P.I de C.V.. The MXP $64.7 M debt has been converted to USD$3.1 M at 10% interest on a 36 month term and 12 month grace period. “In consideration of the loan restructuring of this debt, the Company has agreed to issue to Escorfin, 500,000 bonus shares and 1,500,000 bonus warrants” (Tahuehueto, Durango).
Tarachi Gold Corp. granted 1.2 M options to directors, officers and consultants (Tarachi, Sonora).
GR Silver Mining Ltd. completed its previously announced bought deal private placement for gross proceeds of $11.53 M, which was oversubscribed (Plomosas, Sinaloa).
Prime Mining Corp. completed its previously announced bought deal private placement, for gross proceeds of $28.75 M (Los Reyes, Sinaloa).
ON RESOURCES AND DEVELOPMENT
Argonaut Gold Inc. announced the discovery of high grade gold veins below the El Crestón open pit at its La Colorada mine in Sonora. Selected true width (TW) drill results comprise 16.3 m @ 3.88 gpt Au, 10 gpt Ag (including 5.8 m @ 9.28 gpt Au, 24 gpt Ag); 29.3 m @ 3.71 gpt Au, 7 gpt Ag; 16.5 m @ 44.59 gpt Au, 275 gpt Ag (including 2.4 m @ 283.10 gpt Au, 858 gpt Ag; 14.8 m @ 1.45 gpt Au, 3 gpt Ag; 17.0 m @ 3.92 gpt Au, 3 gpt Ag; 10.8 m @ 4.86 gpt Au, 188 gpt Ag (including 2.8 m @ 18.39 gpt Au, 686 gpt Ag); 16.1 m @ 5.45 gpt Au, 111 gpt Ag (including 2.8 m @ 31.09 gpt Au, 515 gpt Ag); 48.6 m @ 0.77 gpt Au 22 gpt Ag; 9.9 m @ 98.85 gpt Au, 30 gpt Ag (including 2.5 m @ 383.00 gpt Au, 113 gpt Ag); 4.8 m @ 18.39 gpt Au, 5 gpt Ag (including 1.2 m @ 60.20 gpt Au, 6 gpt Ag); 40.2 m @ 5.22 gpt Au, 44 gpt Ag. “The high-grade zones are deep extensions of the gold rich veins now being mined within the El Crestón open pit and display good lateral continuity along strike”.
Telson Mining Corp. informed construction work was accelerated at the Tahuehueto project in Durango, where a 1,000 tpd mining operation is being developed. Construction and commissioning is estimated at US$15.4 M, of which C$10.1 M were raised in March and in mid-April a silver stream agreement was signed with Empress that will provide US$5 M in two tranches. “The final US $12 million Accendo Banco loan facility is in the late stages of documentation and expected to close in the coming weeks along with the restructuring of Telson outstanding loans with Trafigura and Nyrstar“.
Sonoro Gold Corp. reported assay results from 25 RC holes drilled at its Cerro Caliche project in Sonora. Highlighted drill-length intervals comprise 16.77 m @ 1.84 gpt Au (including 4.57 m @ 5.63 gpt Au); 7.62 m @ 2.42 gpt Au (including 1.52 m @ 10.6 gpt Au); 12.19 m @ 1.07 gpt Au, 25.91 m 0.58 gpt Au. El Colorado zone was expanded in three directions, the Cabeza Blanca vein zone was extended ant drilling at Buena Vista-Japoneses suggest potential coalescence with the Buena Suerte zone.
Southern Silver Exploration Corp. reported further drilling results that extend mineralization at its Cerro Las Minas project in Durango. At Mina La Bocona area, polymetallic sulfide true width intercepts comprise 7.5 m @ 262 gpt Ag, 0.1 gpt Au, 7.0% Pb, 1.7% Zn (559 gpt AgEq); 4.0 m @ 161 gpt Ag, 0.2 gpt Au, 8.8% Pb, 2.4% Zn (293 gpt AgEq); 2.4 m @ 335 gpt Ag, 0.2 gpt Au, 0.3% Cu, 5.3% Pb, 2.4% Zn (638 gpt AgEq).
Ridgestone Mining Inc. engaged an independent consultant to prepare a NI 43-101 mineral resource estimate for the Guadalupe y Calvo project in Chihuahua.
Fabled Silver Gold Corp. reported drill results on the North Vein Structure at its Santa Maria project in Chihuahua. Highlighting intercepts of 26.90 m @ 0.047 gpt Au, 29 gpt Ag, 0.17% Zn (including 1.20 m @ 0.041 gpt Au, 108 gpt Ag, 0.27% Zn and 4.40 m @ 0.062 gpt Au, 83 gpt Ag and 2.20 m @ 0.017 gpt Au, 118 gpt Ag).
Golden Tag Resources Ltd. initiated a geologic interpretation of the San Diego deposit in Durango. The lithology, alteration, structure and assay datasets will be reviewed and incorporated on a 3 D platform. The focus of the program is to evaluate the recently identified potential for near surface skarn mineralization.
ON DEALS AND CORPORATE ISSUES
Santacruz Silver Mining Ltd. completed the previously announced acquisition of the Zimapan mine assets from Grupo Peñoles, with the transaction facilitated by Trafigura with a US$17.6 M loan facility.
Telson Mining Corp. closed the purchase of the Nyrstar Campo Morado variable purchase price royalty by issuing 14.6 M shares to Nyrstar.
Fortuna Silver Mines Inc. and Roxgold Inc. entered into a definitive agreement for Fortuna to acquire all Roxgold shares. “Upon completion of the Transaction, existing Fortuna and Roxgold shareholders will own approximately 64.3% and 35.7% of the pro forma company, respectively……. Roxgold owns and operates the high-grade Yaramoko Gold Mine located on the Houndé greenstone belt in Burkina Faso and is also advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire”.
Silver Spruce Resources Inc. signed the definitive agreement with Colibri Resources on the Diamante 1 and Diamante 2 concessions in Sonora. Silver Spruce can acquire up to 50% interest on the 1,057 hectares spanning both projects. The deal involves a third Mexican private company.
Empress Royalty Corp. has funded the initial payment of $2 M of the $5 M silver stream agreement on the Tahuehueto project, Durango, owned by Telson Mining Corp.. The Stream is part of a US$25M full financing solution being provided to Telson by Empress and its partners, Accendo Banco and Endeavour Financial.
ON SOCIAL RESPONSIBILITY
Peñoles donated 5,000 tree saplings to San Pedro de Las Colonias, Coahuila.
During the 15th week of the year (April 12th to April 18th, 2021), as a sign of the strong current activity, at least 43 press releases were announced by companies working in Mexico. To note, ten companies posted exploration advances on their properties, seven presented mining related news, six posted on financing or share options (including C$2.35 M, $3 M, C$14.1 M, C$5.6 M and $25 M), eight more on project development or resource definition and three posted on corporate issues. ON MEXICO ISSUES, Francisco Quiroga, the ex-secretary of Mining has been appointed ambassador in Germany. The Sonora Mining Cluster has two new female counselors. Napoleon Gomez Urrutia and its SNTMMS Union have been condemned to pay US$54 M to some of its affiliates. A new Coordination has been created in the Economy Secretariat to promote mining. The CTM Union opposes the outsourcing reform that would decrease the participation of workers in the profits of mining companies. ON EXPLORATION, In Sonora, Silver Spruce signed a LOI on the Diamante 1 and Diamante 2 projects; Ridgestone announced its exploration plan for the Rebeico property; Tocvan Ventures commenced phase II RC drilling at Pilar; Carlyle Commodities released good drilling results from Cecilia; Orogen informed its Lola and Sarape properties are being drilled by partners; Canuc Resources released information on the first drill hole on the present campaign at its San Javier Au-Ag project. In Chihuahua, Monarca Minerals signed a surface access agreement for its San Jose project; Kootenay Silver updated on drilling of its Columba project. In Sinaloa, Viszla Silver released drilling results from the Napoleon zone at its Panuco project. In San Luis Potosi and Zacatecas Advance Gold released results from auger sampling at several salars. ON MINING, Magna Gold, Fortuna Silver Mines, Sierra Metals, Excellon and First Majestic Silver released Q1 2021 production results. Consolidated Zinc announced the commencement of concentrate production from the recently refurbished plant at Plomosas in Chihuahua. ON FINANCING, Colibri Resources, Sonoro Gold, Santacruz Silver Mining, Heliostar Metals and Candelaria Mining released news on financing (with C$2.35 M, $3 M; $14.1 M, C$4 M and up to $25 M respectively). Defiance Silver completed its uplisting to the OTCQX Best Market ON RESOURCES AND DEVELOPMENT, Equinox Gold commenced the development of the Bermejal underground mine in Guerrero. Xali Gold submitted permit applications for the Mexico Mines Tailings project in El Oro, Estado de Mexico. Gatos Silver presented good drilling results from both extensions of the Cerro Los Gatos deposit in Chihuahua. Fabled Silver Gold released results from drilling at Santa Maria, Chihuahua. SilverCrest Metals released high-grade drilling results from several veins at Las Chispas, Sonora. Almaden Minerals is conducting an induced polarization survey at the Ixtaca deposit in Puebla. GoGold Resources released drilling results from El Favor zone at its Los Ricos North project in Jalisco. Golden Tag Resources released results from drilling at its San Diego property in Durango. ON DEALS AND CORPORATE ISSUES, VanGold Mining closed with Endeavour Silver the acquisition of the El Cubo mine and mill complex in Guanajuato. Silver Spruce Resources signed a LOI with Colibri Resource on the Diamante 1 and Diamante 2 properties in Sonora. Empress Royalty executed a $5 M Silver Stream agreement with Telson Mining. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
Francisco Quiroga Fernández, Mining ex-subsecretary was appointed ambassador of Mexico in Germany. Rare in the present administration, he’s a competent professional with experience in the private industry, and more than capable to develop and strengthen political and economic ties between the two countries.
The Sonora Mining Cluster named Silvia Álvarez and Maria López Rosas as new counselors to the organism.
The Sindicato Nacional de Trabajadores Mineros, Metalúrgicos y Similares de La República Mexicana (a strong Mining Union) and its leader Napoleón Gómez Urrutia have lost a legal law suit and have been condemned by the Junta Federal de Conciliación y Arbitraje to pay US$54 M. The Union received these funds from the sale of the Cananea mine 15 years ago, and was supposed to deliver that money to the at the time workers of the company in charge. The union failed to deliver the funds to the miners.
The Mexican president ordered by decree the creation of the Coordination of Extractive Activities on the Economy Secretariat. Said unit is to coordinate the mining activities of the State and actions to promote national and foreign investments in mining, among other activities.
The CTM Union (Confederación de Trabajadores de México) opposes the reform on outsourcing that would lower the amount the miners receive as participation on the company’s annual profits.
Silver Spruce Resources Inc. signed a letter of intention (LOI) on two properties in Sonora, Diamante 1 and Diamante 2 covering 1,057 hectares. Historical assays from samples in the Diamante 1 and Diamante 2 properties, which display epithermal intermediate sulfidation mineralization have returned up to 39.8 gpt Au, 3,460 gpt Ag, 7.3% Pb, 5.6% Zn. Diamante 1 has already six main targets, including the La Prieta-El Aguaje vein system, which runs for 2,000 m averaging 1 m in width. At Diamante 2 The Calton area displays two vein 900 m and 1,100 m in length, ranging from 0.30 m to 1.70 m in width. The El Cumbro-Mezquite Raizudo veins follow a structural trend 900 m long, displaying an average width of 1 meter.
Advance Gold Corp. released results from auger drilling sampling at all the salars it recently acquired in Zacatecas and San Luis Potosí. The 0.5 m to 1 m of depth samples returned highlighted results of up to 650 ppm boron (B), 1.91% Potassium (K) and 620 ppm Lithium (Li). The average grade of the samples was 247 ppm B, 1.17% K and 215 ppm Li.
Monarca Minerals Inc. executed and ratified by a Notary Public the surface access agreement with both the Ejido and Colonia on its San Jose silver project in Chihuahua. The company is now to apply for the environmental permit that will allow it to conduct its planned 5,000 m drilling campaign.
Ridgestone Mining Inc. announced an exploration plan for its 3,459 hectares Rebeico project in Sonora. The current phase will comprise geologic mapping, sampling and prospecting, with focus on the New Year zone, the Santa Elena outcrop and El Cobre mine.
Tocvan Ventures Corp. announced the start of phase II of its drilling program at the Pilar project in Sonora. The two-stage 4,000 m reverse circulation (RC) drill program will focus first on the “definition and expansion of the Main Zone, which during Phase I returned 94.6-meters at 1.6 g/t Au including 9.2m at 10.8 g/t Au and 38 g/t Ag”, and then to test the new targets across the property.
Kootenay Silver Inc. reported it has completed 12 core drill holes totalling 1,800 m as part of its 5,000 m campaign at its Columba project in Chihuahua. Kootenay has tested the F vein and is now testing an area east of the J-Z zone.
Carlyle Commodities Corp. released the first batch of drill results from the Cecilia project in Sonora. The program consisted of seven holes, of which results have been received for five. The best intercept was 24.2 m @ 1.51 gpt Au. Other core-length highlighted intervals comprise 1.30 m @ 0.69 gpt Au; 5.95 m @ 0.20 gpt Au, 3.10 m @ 0.52 gpt Au; 9.45 m @ 0.23 gpt Au; 1.00 m @ 0.55 gpt Au; 3.45 m @ 0.35 gpt Au; 4.30 m @ 0.29 gpt Au; 6.10 m @ 0.43 gpt Au; 3.00 m @ 0.87 gpt Au. “The first drill program from Carlyle and Riverside was focused on targeting the hydrothermal system identified at two principal elevations: 2,200 m and 1,900 m, respectively corresponding to the San Jose Target and the North Breccia Target…… to test the continuity of the mineralized structures at shallow depth”.
Orogen Royalties Inc. announced the commencement of drilling programs on two of its properties in Sonora. At La Lola, partner Heliostar Metals Ltd. has initiated a 1,500 m drilling program. At the 57.8 square km Sarape project, Orogen and partner Hochschild PLC commenced a planned 3,000 m program. Eight holes will be drilled on 2.5 km of the Sarape vein. “In 2019, nine holes drilled within a 380-metre-long segment of the vein defined a structural dilation zone at 100-350 metres depth (Figure 2). In this zone the vein thickens to 23.6 metres in width..…. A deeper horizon will also be drilled to identify if the grade of the vein improves with depth”.
Canuc Resources Corp. informed on drilling advance at its San Javier Ag-Au project in Sonora. The first hole of a planned 6,000 m program was ended at 89.5 m in a fault zone. It intersected brecciated sedimentary rocks with stockwork veining and three intervals of massive magnetite breccia. “The 20-hole program is designed to test at least 4 magnetic features that underlie areas where a 2020 mapping and rock sampling program identified silver, gold and copper mineralization. At surface, the host rocks for three of these features are found to be magnetite breccia”. The program is focused on magnetic anomalies identified by a previous survey.
Viszla Silver Corp. released drilling results from step out drilling at the southern extension of the Napoleon prospect at its Panuco project in Sinaloa. The Napoleon vein has been mapped for more than 2.5 km and has four rigs drilling at the time. Highlighted true width intercepts comprise 4.46 m @ 890 gpt Ag, 19.99 gpt Au, 0.7% Pb, 1.8% Zn (including 0.92 m @ 3,804 gpt Ag, 91.91 gpt Au, 1.5% Pb, 3.5% Zn); 1.92 m @ 105.9 gpt Ag, 7.28 gpt Au, 0.7% Pb, 2.9% Zn (including 1.45 m @ 131 gpt Ag, 9.39 gpt Au, 0.8% Pb, 3.1% Zn)
Fortuna Silver Mines Inc. released production results for the first quarter 2021, including figures from its Mexican operations. At San José, in Oaxaca, 259.8 K tonnes @ 217 gpt Ag, 1.36 gpt Au were milled, recovering 90.8% Ag, 90.5% Au to produce 1.65 M Oz Ag, 10,301 Oz Au.
Consolidated Zinc Ltd. announced the 2021 zinc concentrate “benchmark treatment charge (TC) has been agreed between the major miners and smelters at US$159.00/t of concentrate, a reduction of 47% from last year’s benchmark treatment charge of US$299.75/t”. Treatment charges in 2020 represented 33% of total operating costs (before by-product credits) being the single largest operating cost (Plomosas, Chihuahua).
Magna Gold Corp. informed production levels have benefited from the accelerated stripping program, resulting in month to month growth in gold production, with 3,085 ounces in January, 2,670 ounces in February and 4,030 ounces in March. Magna anticipates the mine will return to full scale commercial production by June of this year, with 2021 guidance in the range of 55,000 to 65,000 Oz Au. During the Q1 2021, 619 K tonnes were mined @ 0.34 gpt Au, with 5.2 M tonnes of waste moved (8.40 strip ratio) to produce 9,785 Oz Au, 8.1 K Oz Ag.
Sierra Metals Inc. reported first quarter 2021 production reports, including figures from its Mexican properties. At Bolivar, in Chihuahua, 371.6 K tonnes were processed @ 0.77% Cu, 19.7 gpt Ag, 0.19 gpt Au, recovering 82.8% Cu, 83.6% Ag, 69.6% Au, to produce 5.2 M Lb Cu, 197 K Oz Ag, 1,591 Oz Au (7.3 M Lb CuEq). At Cusi, also in Chihuahua, 76.6 K tonnes were processed @ 15.2 gpt Ag, 0.16 gpt Au, 0.22% Pb, recovering 80.9% Ag, 39.6% Au, 81.5% Pb, to produce 313 K Oz Ag, 155 Oz Au, 298 K Lb Pb (334 K AgEq Oz Ag).
Consolidated Zinc Ltd. announced the first concentrate from the newly refurbished plant at its Plomosas property in Chihuahua has been produced.
Excellon Resources Inc. released Q1 2021 production results from the Platosa mine in Durango. At the site 21,212 tonnes were mined, 21,764 tonnes were milled @ 524 gpt Ag, 5.35% Pb, 6.73% Zn, recovering 89.7% Ag, 81.8% Pb, 74.7% Zn to produce 328.7 K Oz Ag, 2.1 M Lb Pb, 2.4 M Lb Zn, or 516.7 K Oz AgEq.
First Majestic Silver Corp. produced during the Q1 2021 2.9 M Oz Ag, 23,873 Oz Au, or 4.5 M Oz AgEq from its three mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. The company completed 39,552 m in exploration drilling during the quarter, with 10 rigs at San Dimas, seven rigs at Santa Elena and two rigs at La Encantada.
Colibri Resource Corp. has closed a non-brokered private placement for CAD$2.35 M in gross profits. (Evelyn, Sonora).
Sonoro Gold Corp. has increased its non-brokered private placement to raise an aggregate of $3 M thorough the exercise of over allotment options (Cerro Caliche, Sonora).
Santacruz Silver Mining Ltd. closed its non-brokered private placement offering, for gross proceeds of CDN$14.1 M (Carrizales, Hidalgo).
Defiance Silver Corp. successfully completed an uplisting to the OTCQX Best Market (San Acacio, Zacatecas).
Heliostar Metals Ltd. is increasing the size of its C$4 M marketed private placement to raise up to C$5.6 M (La Lola, Sonora).
Candelaria Mining Corp. intends to raise up to $25 M to fund exploration activities at the Caballo Blanco district in Veracruz, and the Pinos project in Zacatecas.
ON RESOURCES AND DEVELOPMENT
Equinox Gold Corp. is commencing development of the Bermejal underground mine at its Los Filos project in Guerrero.
Xali Gold Corp. submitted permit applications for the Mexico Mines Tailings project in El Oro, Estado de México. The permits are to allow both the transportation and re-processing of the tailings at a new 25 hectares plant site located 5 Km from the current location. Xali’s is to pay the El Oro municipality an 8% net profit interest (NPI). The project has an inferred resource of 1.27 M Tonnes grading 2.94 Au g/t, 75.12 Ag g/t, containing 119,900 Oz Au and 3.06 M Oz Ag.
Gatos Silver Inc. reported drilling results of delineation drilling at Cerro Los Gatos in Chihuahua. The program has demonstrated continuity in both the southeast and northwest projections of the current reserve. Highlighted true width drill results include: 9.5 m @ 0.11 gpt Au, 51 gpt Ag, 2.1% Pb, 3.1% Zn; 3.4 m @ 0.12 gpt Au, 122 gpt Ag, 5.0% Pb, 9.8% Zn, 0.2% Cu; 5.4 m @ 0.25 gpt Au, 121 gpt Ag, 1.5% Pb, 2.9% Zn; 7.2 m @ 0.14 gpt Au, 106 gpt Ag, 3.5% Pb, 3.4% Zn, 0.1% Cu; 2.6 m @ 0.21 gpt Au, 327 gpt Ag, 9.2% Pb, 3.8% Zn, 0.14% Cu; 12.0 m @ 0.15 gpt Au, 44 gpt Ag, 1.1% Pb, 4.0% Zn, 0.15% Cu; 2.8 m @ 0.20 gpt Au, 111 gpt Ag, 1.6% Pb, 3.9% Zn, 1.3% Cu; 1.9 m @ 0.12 gpt Au, 132 gpt Ag, 3.2% Pb, 9.9% Zn, 0.4% Cu; 7.2 m @ 0.06 gpt Au, 25 gpt Ag, 1.0% Pb, 10.3% Zn, 0.2% Cu; 5.7 m @ 0.17 gpt Au, 152 gpt Ag, 3.0% Pb, 4.4% Zn, 0.30% Cu.
Fabled Silver Gold Corp. released drilling results from its Santa Maria property in Chihuahua. The last sample on the last drill hole returned 75.9 gpt Ag, with 6.4 m of similar material awaiting results. Fabled is making a reinterpretation of previous work and testing the new targets identified. The ongoing 8,000 m drill program has been increased to at least 9,200 m. “This program will be focused underground to delineate the Santa Maria Central Structure with multi underground drill stations being prepared”.
SilverCrest Metals Inc. released additional in-fill and expansion drill results s from the Babi Vista vein splay, Babi Vista vein, Granaditas 1 vein, Granaditas 2 vein, and adjacent hangingwall and footwall veins in the Babicanora Area of its Las Chispas Project in Sonora. The results are from 78 holes totaling 29,308 m completed since the last news release for these veins, in areas with mineral resources or in close proximity. Average results for the Babi Vista vein splay comprise 0.91 true width @ 16.12 gpt Au, 1,351 gpt Ag, with individual intercepts of up to 1.04 m @ 185.65 gpt Au, 13,959 gpt Ag. Babi Vista Footwall and Granaditas 1 average 1.04 m @ 12.89 gpt Au, 1,884 gpt Ag, with the highest intercept running 0.40 m @ 114.0 gpt Au, 78,872 gpt Ag (7.89% Ag). The Babi Vista and Granaditas 2 vein average 0.67 m @ 4.56 gpt Au, 414 gpt Ag, while the Babi Vista Hangingwall averages 0.43 m @ 2.55 gpt Au, 249 gpt Ag.
Almaden Minerals Ltd. is conducting an induced polarization geophysical survey at the Ixtaca deposit in Puebla. “The work is designed to help define drill targets beneath the area of hydrothermal alteration called the Southeast Alteration (SE) zone and at depth beneath the Ixtaca deposit (“Ixtaca Deeps”). It is hoped that this geophysical survey, along with past survey results, will identify potential zones of veining like those in the Ixtaca deposit. The discovery drill hole in the original Ixtaca deposit area was planned in part based on high resistivity and chargeability results obtained in an earlier IP geophysical survey”.
GoGold Resources Inc. released results from six diamond drill holes from El Favor area at its Los Ricos North project in Jalisco. Highlighted core-length intervals comprise 69.3 m @ 108 gpt Ag, 0.49 gpt Au (including 15.3 m @ 392 gpt Ag, 1.76 gpt Au); 9.6 m @ 112 gpt Ag, 0.39 gpt Au; 59.0 m @ 119 gpt Ag, 0.32 gpt Au (including 5.0 m @ 361 gpt Ag, 0.90 gpt Au); 2.8 m @ 110 gpt Ag, 0.16 gpt Au; 16.1 m @ 97 gpt Ag, 0.21 gpt Au; 12.0 m @ 86 gpt Ag, 0.09 gpt Au; 3.2 m @ 204 gpt Ag, 0.15 gpt Au; 7.2 m @ 135 gpt Ag, 0.76 gpt Au; 23.3 m @ 92 gpt Ag, 0.22 gpt Au; 12.9 m @ 254 gpt Ag, 0.81 gpt Au (including 8.2 m @ 392 gpt Ag, 1.25 gpt Au).
Golden Tag Resources Ltd. released results from the first three holes of a 4,500 m campaign at its San Diego project in Durango. A hole in the Fernandez zone returned 50.17 m @ 105 gpt AgEq; Another hole intersected 127.3 m of skarn/Fernandez style mineralization, intersecting 35.46 m @ 0.06 gpt Au, 30 gpt Ag, 0.14% Pb, 0.24% Zn, 0.01% Cu (52 gpt AgEq) and 91.84 m @ 0.07 gpt Au, 15 gpt Ag, 0.31% Pb, 0.34% Zn, 0.01% Cu (49 gpt AgEq). Other holes intercepted 1.11 m @ 0.90 gpt Au, 142 gpt Ag, 0.13% Pb, 0.21% Zn, 0.02% Cu; 3.25 m @ 0.02 gpt Au, 237 gpt Ag, 0.41% Pb, 0.82% Zn, 0.08% Cu; 1.10 m @ 0.28 gpt Au, 195 gpt Ag, 1.70% Pb, 1.92% Zn, 0.07% Cu; 2.69 m @ 0.05 gpt Au, 355 gpt Ag, 0.30 % Pb, 0.41% Zn, 0.02% Cu; 8.41 m @ 0.02 gpt Au, 24 gpt Ag, 0.61% Pb, 0.49% Zn, 0.06% Cu.
ON DEALS AND CORPORATE ISSUES
VanGold Mining Corp. closed the acquisition of El Cubo mine and mill complex in Guanajuato with Endeavour Silver Corp.. The deal involved the payment of US$7 M in cash plus VAT and the delivery of 21.33 M shares of VanGold and a promissory note for $2.5 M a year from closing. El Cubo has 508 K tonnes grading 194 gpt Ag, 2.44 gpt Au containing 3.17 M Oz Ag, 39,860 Oz Au as indicated resources and 1.45 M tonnes @ 214 gpt Ag, 2.78 gpt Au containing 10 M Oz Ag, 129,900 Oz Au as inferred resources.
Silver Spruce Resources Inc. signed a letter of intention (LOI) with Colibri Resource Corp. to acquire up to 50% interest in four concessions in Sonora, comprising two properties, Diamante 1 and Diamante 2 covering 1,057 hectares. The projects are separated by 700 meters, and in close proximity to other Colibri properties. The initial cash payment by Silver Spruce is to be of $75 K (Note.- The details of the deal are lengthy and involve a third party, please take a look to the appropriate press release if interested in it).
Empress Royalty Corp. executed the US$5 M silver stream agreement on the Telson Mining Corp. owned Tahuehueto project in Durango. “Empress has now executed the US$5M silver stream agreement on production from Telson’s Tahuehueto project in Mexico. The US$5M Stream is on 100% of the payable silver production from Tahuehueto for the first 1,250,000 payable ounces; thereafter, the percentage will stepdown to 20% of the payable silver production to a maximum of 10 years from first production after which the Stream terminates”.
During the 13th week of the year (March 29th to April 4th, 2021), at least 38 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, three presented mining related news, six posted on financing or share options (including C$2.2 M, C$2 M, C$10.8 M and C$82.5 M), ten more on project development or resource definition and three posted on corporate issues. ON MEXICO ISSUES, listed mining companies in Mexico paid US$1.29 B in taxes during 2020. Americas Silver and the Mexican government are in talks to solve the company’s union issues after the president of Mexico threatened with concession cancellation. Fortuna Silver denied environmental damage by its mining unit in Oaxaca. ON EXPLORATION, In Sonora, Heliostar Metals released drilling results from La Lola. In Sinaloa, Vizsla Silver released drilling results from Panuco; Brigadier Gold continues drilling at Picachos. In Durango, Silver Wolf released grab sample results from its Ana Maria project; Commander Resources reported results from a soil survey at the Pedro project. ON MINING, McEwen Mining negotiated the end of an illegal blockade at El Gallo in Sinaloa. Prime Mining reported financial results for its Q3, 2021. Mag Silver released financial results for 2020. ON FINANCING, Colibri Resource, Sonoro Gold, Telson Mining and Equinox Gold released news on financing (C$2.2 M, C$2 M; $10.8 M and C$82.5 M respectively. Torex Gold announced the early repayment of $40 M. Reyna Silver is to issue $699.3 K in shares to consultors and advisors. ON RESOURCES AND DEVELOPMENT, Fortuna Silver released results from step out drilling at its San José mine in Oaxaca. Argonaut Gold released consolidated mineral resources estimates of more than 11.5 M Oz Au, 174.9 M Oz Ag on its properties. SilverCrest Metals updated on construction and exploration activities. Southern Silver reported high-grade drill intercepts at Cerro Las Minitas, Durango. Torex Gold presented a resource estimate of 5 M Oz Au for Los Filos in Guerrero. Ridgestone Mining updated on work at Guadalupe y Calvo (Chihuahua) and Rebeico (Sonora). Minera Alamos selected mining contractor for its Santana project in Sonora. GoGold Resources released results from drilling at Los Ricos North in Jalisco. First Majestic updated mineral resources for its mines and projects, for 340 M Oz Ag, 3.2 M Oz Au. Fabled Silver informed on drilling at Santa Maria, Chihuahua. ON DEALS AND CORPORATE ISSUES, GR Silver Mining completed the acquisition of Marlin Gold Mining and its land holdings in Sinaloa. Silver Bull informed it has won a definitive decision on a lawsuit related to an illegal blockade at its Sierra Mojada project in Coahuila. Argonaut Gold announced the cancellation of the agreement to sell the Ana Paula project in Guerrero. ON SOCIAL RESPONSIBILITY, Fresnillo PLC informed on cultural activities aimed at helping local communities and improving the environment.
ON MEXICO ISSUES
Listed mining companies in Mexico paid US$1.13 B ($1,1293 M in Mexican notation) in taxes on profits, or 9.2% on total earnings, in 2020. This amount is 44.6% higher year on year, influenced by the raise in precious metals. All companies in mining paid US$9.9 B (US$9,888 million in Mexican notation) in 2020 and provided work to 9,600 suppliers.
Americas Gold and Silver director and high-level government executives met to try to find a solution to the union conflict affecting the company at its Cosalá operations in Sinaloa. Last week the president of Mexico threatened with legal action to invalidate the company’s mining concession (there is no legal basis to revoke the concession).
Minera Cuzcatlán (Fortuna Silver) informed there is no environmental damage produced by a spill of tailings during a storm in 2018 at its San José mine in Oaxaca.
Heliostar Metals Ltd. released results from the first two holes ever drilled at the 6,360 hectare La Lola project in Sonora. The company is testing the main La Barra quartz-calcite-fluorite vein, which is up to 40 meters in width and runs for 5 kilometers and shows textures typical of shallow low sulfidation epithermal systems. A massive to crystalline quartz-calcite-fluorite subparallel vein to La Barra vein returned a core length interval of 2.5 m @ 0.01 gpt Au, 92 gpt Ag.
Silver Wolf Exploration Ltd. released results from surface grab samples from its 2,549 ha Ana Maria project in Durango. Initial work includes ASTER image analysis followed by a drone Lidar and hyperspectral data acquisition and analysis. Results from the 22 grab samples include up to 0.96 gpt Au, 12 gpt Ag, 3,770 ppm Cu, 1,440 ppm Pb, 278 ppm Zn, 50% Fe, 4.5% Ba, 2,450 ppm W. CRD mineralization is the target in a sedimentary package affected by an intrusive igneous stock.
Commander Resources Ltd. reported results from a soil survey program at its 1,750 ha Pedro project in Durango. The epithermal gold target is 4 km long by 1 km in width, as defined by gold and arsenic in soils, rocks and IP geophysics. “Outcrop exposure comprises prominent hematite-stained silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within an angular course breccia. The mineralization extends beneath post-mineral volcanic rocks, colluvium … and alluvium”.
Vizsla Silver Corp. released results from 16 holes on the Tajitos zone of the Panuco project in Sinaloa. These holes expand the length of Tajitos to over 525 m, while nine other completed holes are awaiting results. Highlighted true width intervals comprise 2.5 m @ 1,586 gpt Ag, 7.72 gpt Au; 4.48 m 351 gpt Ag, 4.52 gpt Au; 7.94 m @ 387 gpt Ag, 2.25 gpt Au (including 1.44 m @ 1,365 gpt Ag, 8.35 gpt Au).
Brigadier Gold Ltd. continues drilling at its Picachos property in Sinaloa. To date 4,538 m of the planned 5,000 m on phase-1 diamond drilling program has been completed in 43 holes that mainly targeted the more than 7 km long Colcomeca vein system. “Several stages of mineralization are apparent from inspection of the drill core: (i) pervasive silicification with disseminated sulfide that is oxidized to hematite, (ii) crustiform quartz veining with sulfides, and (iii) cockade breccias in the central part of the structure. These breccias consist of angular rock fragments that are altered to a soft black mica on fragment margins”.
McEwen Mining Inc. informed activities at El Gallo project in Sinaloa have been restored after the illegal blockade. A new 10-year agreement was reached providing additional support to the communities and greater long-term certainty for El Gallo operation.
Prime Mining Corp. reported its operating and financial results for third quarter of fiscal year 2021, ended on January 2021. In January Prime paid Vista Gold Corp. US$1.1 M in accordance with terms on the Los Reyes project (Sinaloa) agreement; a final payment of $1 M is due in July 2021. Before the end of the quarter 1,053 m of drilling were completed in 5 holes. Two more drill rigs have been mobilized to the project for expansion of known in-pit resources along strike and dip, and infill drill areas to increase measured and indicated resources and target other structures for resource expansion and discovery.
Mag Silver Corp. released its audited consolidated financial results for 2020. Processing at the nearby Fresnillo mine plant of mineralized material from development headings began in August, with 71,859 tonnes milled @ 328 gpt Ag, producing 616.3 K Oz Ag, 1,029 Oz Au, 163 tonnes Pb, 224 tonnes Zn, netting $11.46 M as gross profit. Construction of the 4,000 tpd Juanicipio plant continues and the underground development now exceeds 35 km. The plant is now expected to commence commissioning in Q4-2021 and to reach 90-95% capacity in 2022. By the end of the period the company had cash and cash equivalents of $94 M.
Colibri Resource Corp. is to conduct a non-brokered private placement for gross proceeds of up to CAD$2.2 M. (Evelyn, Sonora).
Sonoro Gold Corp. will undertake a non-brokered private placement offering to raise up to C$2 M (Cerro Caliche, Sonora).
Telson Mining Corp. closed the non-brokered private placement announced in February, for aggregate gross proceeds of $10.08 M (Tahuehueto, Durango).
Equinox Gold Corp. announced that in response to a request from Solaris Resources Inc. the company has agreed to sell 10 M shares of Solaris for gross proceeds of C$82.5 M (Los Filos, Guerrero).
Torex Gold Resources Inc. announced the early repayment of the $40 M of debt in relation to the 2019 Debt Facility and is now debt free other than approximately $5 M of finance leases. Torex has signed a Third Amended and Restated Credit Agreement in connection with a two-year senior secured $150 M revolving debt facility (Limón Guajes, Guerrero).
Reyna Silver Corp. will make an application to the TSX Venture Exchange for issuing $699.3 K in common shares as compensation to technical consultors and advisors advancing the portfolio properties of Reyna Silver (Guigui, Chihuahua).
ON RESOURCES AND DEVELOPMENT
Fortuna Silver Mines Ltd. released results from step-out drilling at the San Jose mine in Oaxaca. The 4,670 m program in 22 holes established continuity of high-grade mineralization in the upper levels of the La Trinidad footwall structures. Highlighted true width intercepts comprise 4.1 m @ 699 gpt Ag, 3.57 gpt Au; 5.4 m @ 1,931 gpt Ag, 6.76 gpt Au; 9.5 m @ 306 gpt Ag, 1.38 gpt Au; 3.4 m @ 760 gpt Ag, 3.24 gpt Au; 8.4 m @ 967 gpt Ag, 4.25 gpt Au; 1.4 m @ 809 gpt Ag, 2.78 gpt Au; 14.9 m @ 473 gpt Ag, 1.25 gpt Au. “The Brownfields exploration program budget for 2021 at the San Jose Mine is US$10.9 million, which includes 33,800 meters of diamond drilling and 1,770 meters of underground development for drilling access, platforms, and services”.
Argonaut Gold Inc. released a new mineral resource estimate to the end of 2020, including figures for its projects in Mexico. The table below includes figures for El Castillo and San Agustin in Durango, La Colorada in Sonora, Ana Paula in Guerrero and San Antonio in Baja California Sur.
SilverCrest Metals Inc. released financial results for 2020 and updated on construction and exploration activities. At Las Chispas, in Sonora, 173,000 m of in-fill and expansion drilling and 6.1 km of underground development and in-vein drifting were completed in 2020. At the end of the year SilverCrest entered into a $76.5 M construction contract for a 1,250 tonnes per day process plant at Las Chispas. In February 2021 a feasibility study (FS) was completed, at an estimated cost of $137.7 M; also in February the company completed a bought deal offering for gross proceeds of $138.1 M. The Picacho property, 40 km from Las Chispas, was acquired in mid 2020, and 5,800 m were drilled before the end of the period. For 2021, 356,000 m of drilling are planned, mostly at Las Chispas; currently there are six core rigs at Las Chispas and three at Picacho, with 22,000 m and 10,000 m already drilled during 2021 respectively. At the end of 2020 the company held $135.1 M as cash and cash equivalents.
Southern Silver Exploration Corp. reported high-grade Cu-Au-Ag intercepts at its Cerro Las Minitas project in Durango. At Mina La Bocona target, highlighted true-width intervals comprise: 6.3 m @ 134 gpt Ag, 0.5 gpt Au, 2.3% Cu (including 1.1 m @ 567 gpt Ag, 2.3 gpt Au, 11.2% Cu in the Bocona Chimney, and 3.8 m @ 217 gpt Ag, 0.3 gpt Au, 3.3% Pb, 0.7% Zn in the Muralla Chimney.
Torex gold Resources Inc. reported that in 2020 total reserves for El Limón Guajes complex in Guerrero declined 15% due to depletion. The table below shows total reserves and resources to the end of 2020.
Ridgestone Mining Inc. provided an update on activities at its Rebeico and Guadalupe y Calvo projects. At Guadalupe y Calvo in Chihuahua, Ridgestone is working to review all the historical data in the project, which includes over 78,000 m of drilling since the early 2000’s. “The Company anticipates a phased exploration drill program which will serve to confirm the continuity within the historical resource area, in addition to targeting a significant expansion of known mineralization”. At Rebeico, in Sonora, “The Company is currently recompiling and reinterpreting the results from prior exploration campaigns and anticipates providing an update in the near-term”.
Minera Alamos Inc. selected TRIGUSA as mining contractor for its Santa mine in Sonora. “Trigusa’s mining experience includes open pit mining, crushing, tailings dam construction and heap leach pads and ponds at projects in multiple states including Sonora”. The major construction activities related to the gold recovery (carbon) plant are now complete and the initial heap leach pad area has also been completed.
GoGold Resources Inc. released the results from 7 drill holes from El Orito area at its Los Ricos North project in Jalisco. Highlighted core length intercepts comprise 25.9 m @ 9 gpt Ag, 0.25%Pb, 0.85% Zn; 20.0 m @ 10 gpt Ag, 0.27% Pb, 1.08% Zn; 28.2 m @ 45 gpt Ag, 0.10 gpt Au, 0.58% Pb, 1.26% Zn; 11.4 m @ 27 gpt Ag, 0.24% Cu, 2.04% Pb, 5.20% Zn; 48.6 m @ 35 gpt Ag, 0.19% Cu, 1.24% Pb, 2.36% Zn (including 6.4 m @ 139 gpt Ag, 0.17 gpt Au, 0.82% Cu, 3.76% Pb, 6.70% Zn); 31.4 m @ 44 gpt Ag, 0.10 gpt Au, 0.13% Cu, 0.89% Pb, 0.86% Zn; 31.4 m @ 35 gpt Ag, 0.20 gpt Au, 0.14% Cu, 0.36% Pb, 0.28% Zn. “The El Orito deposit is unique in the Los Ricos district as it is the deeper part of the system where silver and base metals are present, while the other targets in the system to date have shown only silver and gold”.
First Majestic Silver Corp. filed updated technical reports for its three operating mines: San Dimas in Sinaloa, Santa Elena in Sonora and La Encantada in Coahuila. Below is a table that also includes the resources for San Martín in Jalisco, La Parrilla in Durango, Del Toro in Zacatecas and La Guitarra in Estado de Mexico.
Fabled Silver Gold Corp. informed on the currently ongoing 8,000 m drilling program at its Santa Maria project in Chihuahua. “We are heading into areas never explored before, with new ideas to test our structure-on-structure theory over the Property. Hole SM20-07 intercepted two broad zones of northwest trending, never seen before, semi-massive marcasite, (pyrite) in hornfels, and to the east 225 meters, we tried to cross the major C1 regional north – south fault in the center of the Property.”
ON DEALS AND CORPORATE ISSUES
GR Silver Mining Ltd. completed the acquisition of Marlin Gold Mining Ltd., which owns La Trinidad mine in Sinaloa and 12 concessions totaling 107,392 ha adjacent to GR Silver’s existing portfolio of properties. The properties come with a database that includes 700 stream sediment samples, 500 rock samples and over 9,000 soil samples. A total of 40,500 m of diamond, RC and sonic drilling were completed by previous operators. GR Silver will pay CDN$50 K to Mako, and “Oro Gold will grant Mako a 1% net smelter return (“NSR”) royalty on the concessions owned by Oro Gold. GR Silver Mining and/or Oro Gold will be granted the right to purchase the NSR at any time upon making a one-time payment of US$2,000,000. Mako shall be responsible for and shall pay all costs related to the Closure Plan Activities at La Trinidad….”.
Silver Bull Resources Inc. announced “it has won a definitive and conclusive decision in its favor in a lawsuit filed by a local mining co-operative called Minera Norteños in relation to the Sierra Mojada project” (Coahuila). “Despite the fact that the Company has at all times proceeded in accordance with the law, the Sierra Mojada project remains under an illegal blockade manned by a small group of radical members from within Minera Norteños. We believe their actions do not represent the view of the vast majority of the Minera Norteños members and wider local community, and we are working with authorities to resolve the situation in a safe, fair, and timely manner. We remain committed to good faith dialogue with selected members from Minera Norteños to find a solution….”
Argonaut Gold Inc. informed that the previously announced definitive agreement to sell its Ana Paula project in Guerrero expired in March 31, 2021. “The acquiring company did not fulfill its obligations in relation to financing and receipt of certain regulatory and other approvals”.
ON SOCIAL RESPONSIBILITY
Fresnillo PLC informed on cultural activities aimed at helping local communities and improving the environment.
During the 11h week of the year (March 15th to March 21st, 2021), at least 34 press releases were announced by companies working in Mexico. To note, eight companies posted exploration advances on their properties, four presented quarterly results, five posted on financing or share options (including C$12 M, $10.3 M, C$14.1 M and C$80.4M), eight more on project development and five on corporate issues. ON MEXICO ISSUES, 25 Mining projects in Mexico are in line for 2028. At PDAC, a minister from Canada asked for a stable and predictable business environment in Mexico. The president of Mexico, Andres Manuel Lopez Obrador, threatened mining companies with voiding their concessions if they break the law. ON EXPLORATION, in Baja California, One World Lithium announced the incoming drilling at its Salar del Diablo project. In Sonora, Kootenay Silver informed of excellent grades in trenching at its Maria Elena project; Tocvan Ventures updated on exploration at Pilar; Prismo Metals filed a technical report for Los Pavitos project. In Durango, Mithril Resources informed on a high-grade gold intercept at Copalquin. In Guerrero, Pantera Silver commenced exploration in Nuevo Taxco. In Zacatecas, Zacatecas Silver is preparing a resource estimate on the Panuco deposit. ON MINING, Comet Resources Excellon Resources, Starcore International and Sierra Metals released quarterly and/or full year 2020 reports. Activities at McEwen’s El Gallo mine in Sinaloa, which is in residual leaching, were suspended by an illegal blockade. ON FINANCING, Empress Royalty, Southern Silver, Almaden Minerals, Santacruz Silver Mining and Premier Gold released news on financing. ON RESOURCES AND DEVELOPMENT, Almaden Minerals is resuming exploration at the Ixtaca property in Puebla. Discovery Metals released drilling results from Cordero in Chihuahua. Chesapeake Gold received approval for a bulk drilling program at Metates, Durango. GoGold Resources released drilling results from Los Ricos North in Jalisco. Southern Silver is doubling the size of its drilling program at Cerro Las Minitas in Durango. Consolidated Zinc released the updated mineral resource for the Plomosas mine in Chihuahua. Prime Mining released drilling results for Los Reyes in Sinaloa. Azucar Minerals released results from drilling at El Cobre, Veracruz. ON DEALS AND CORPORATE ISSUES, Radius Gold optioned the Maricela property in Sonora. Sailfish is to prepare an updated mineral resource for Gavilanes in Durango. VanGold Mining signed the definitive agreement with Endeavour Silver for the acquiring the El Cubo mine in Guanajuato. Tarachi Gold completed the acquisition of El Magistral tailings project. Prospero Silver is changing name to Keon Capital. ON SOCIAL RESPONSIBILITY, Grupo Mexico and Fresnillo PLC informed on actions related to social betterment of communities near its operations.
ON MEXICO ISSUES
25 Mining projects in Mexico are in line for 2028 with a total of US$7.8 B (US$7,800 M in Mexican notation). El Arco in Baja California (US$2,900 M), Media Luna in Guerrero (US$496 M), Expansion Herradura (US$490 M), Orysivo in Chihuahua (US$465 M), Juanicipio in Zacatecas (US$440 M) and Sonora Lithium (US$420 M) are among the largest of these.
At the virtual PDAC (Prospectors and Developers Association of Canada) 2021 conference Mary Ng, Minister of Small Business, Export Promotion and International Trade for Canada and Tatiana Clouthier, head of the Economy Secretariat in Mexico met and spoke about the strengthening of commercial ties between the two countries, particularly in the energy and mining sectors. Minister Ng stressed the need to keep a stable and predictable business environment for Canadian companies working in Mexico, especially in mining, and expressed its worries for the recently approved energy law and its possible negative impact.
In his press conference the president highlighted the cases of Americas Gold and Silver, with his view that it is trying to evade the law on unionized work, and that of First Majestic which he accused of trying to evade taxes (as in other industries, the president disregards any effect on investment and employment by his rigid stance). He suggested the Canadian government should help make the companies comply as in Canada.
Pantera Silver Corp. has mobilized its field personnel to the Nuevo Taxco Silver project in Guerrero. The 1,100 hectares project displays 21 veins 150-350 meters in length within a 135 hectares portion of the property. Of 395 historical samples, 119 grade over 100 gpt Ag, including 18 between 500-900 gpt Ag and three samples over 1,000 gpt Ag. An initial 1,600 meter program is to test the 21 veins area.
One World Lithium Inc. is to start phase three drilling on April 15, 2021 at is Salar del Diablo project in Baja California. “If the results of DDH-3 warrant, the DDH-4 will be drilled in the same area…. DDH-3 (diamond drill hole) is located approximately 50 kilometers to the south of DDH-2” completed on the previous campaign.
Zacatecas Silver Corp. is to prepare a current resource estimate for the Panuco silver deposit at the Zacatecas Silver project in Zacatecas. The historic inferred mineral resource hosts 3.95 M tonnes @ 136 gpt Ag, 0.14 gpt Au, 0.12% Pb, 0.11% Zn (153.2 gpt AgEq), containing 19.5 M Oz Ag. Re-assaying of 15% of the core intervals used in the historic resource calculation is being performed to assist in the new resource estimation, as well as bench scale metallurgical test of mineralized core material.
Kootenay Silver Inc. informed on the discovery of significant gold at its Maria Elena project in Sonora. Highlighted results from sampling in 8 trenches comprise 33 m @ 2.67 gpt Au (including 9 m @ 5.29 gpt Au, 1 m @ 23.7 gpt Au) in trench 6; 24 m @ 1.81 gpt Au (including 8 m @ 3.98 gpt Au, 1 m @ 17.25 gpt Au) in trench 4; 9 m @ 2.01 gpt Au (including 1 m @ 15.45 gpt Au) in trench 2. “Gold mineralization is hosted by stock works of quartz and quartz carbonate veins formed by conjugate sets of veins …. Numerous conjugate vein sets and associated stock work zones occur within a 1.5 by 1.5-kilometer area hosted within a diorite intrusion and are the source of the placer gold historically mined on the property”.
Canasil Resources Inc. informed on drilling at La Esperanza project in Zacatecas. Three holes in the La Esperanza vein have already intersected the vein as projected, while a fourth is in progress. While the vein outcrops for 150 m, it has now been intersected for 525 m along strike and 350 m to depth.
Tocvan Ventures Corp. updated on exploration at its Pilar project in Sonora. On the Main Zone Extension, a 350 m section presents “altered vein zones” 5 to 20 m in width, strong oxidation and 800 m of anomalous soil samples with up to 106 and 911 ppb Au, and rock grab samples with 9.3 gpt Au. At the 4-Trench there is a 600 m trend that presents veins for 400 m of strike untested by drilling, rock grab samples with up to 24 gpt Au and historical artisanal workings for 350 m of strike.
Mithril Resources Ltd. informed on the drilling at El Refugio target in the Copalquin project in Durango. An exceptional core length interval of 4.17 m @ 62.0 gpt Au, 445 gpt Ag was drilled, and is characterized by abundant black sulfide and kaolinite, as well as by the presence of visible gold.
Prismo Metals Inc. filed a NI 43-101 technical report for its Los Pavitos project in Sonora. The 5,289-hectare concession is west of the Alamos district, displaying epithermal low sulfidation veins and orogenic gold shears. Highlighted rock sample results include 0.30 m @ 40.8 gpt Au, 0.65 m @ 4.86 gpt Au, 0.20 m @ 1.57 gpt Au, 2.5 m @ 1.5 gpt Au, 2.5 m @ 2.41 gpt Au, grab samples of up to greater than 10.0 gpt Au and dump samples with up to 5.26 gpt Au.
Comet Resources Ltd. presented its second half 2020 financial report. In the period the company spent US$2.35 M in mineral exploration and administration, raised US$3 M, acquired the Santa Teresa project in Baja California with 88.6 K Oz Au JORC compliant inferred resources.
McEwen Mining Inc. informed that activities at the El Gallo project in Sinaloa (currently on residual leaching) have been suspended as results of an illegal blockade of the main access to the property by members of nearby communities. “El Gallo has operated harmoniously with the local communities since mining started in 2012, having demonstrated a long-standing track record of supporting local communities. In this context, the current situation is surprising. The site remains minimally staffed to maintain appropriate safety and security, and the environmental systems. McEwen Mining is negotiating for a peaceful resolution to the issues”.
Excellon Resources Inc. reported financial results for the Q4 and full year 2020. During the quarter silver production at the Platosa mine in Durango increased to 355.6 K Oz, the strongest production since 2014, at an all-sustaining cost of $21.19 per Oz Ag. For the year, the revenue of $26.2 M was impacted by the temporary suspension related to the Covid pandemic. On the second half of the year 43.3 K tonnes were mined, producing 1.08 M Oz Ag.
Starcore International Mines Ltd. reported results for the quarter ended in January 2021. At the San Martin mine in Queretaro, 57.3 K tonnes were milled @ 1.66 gpt Au, 23 gpt Ag, recovering 88.8% Au, 57.1% Ag, to produce 2.7 K Oz Au, 23.8 K Oz Ag or 3,063 Oz AuEq at cash cost US$1,042 per Oz AuEq and an AISC of US$1,361 per Oz AuEq.
Mexus Gold US. Informed it has received the necessary explosives permit to mine the high grade Mexus II and Julio vein structures at its Santa Elena mine in Sonora.
Sierra Metals Inc. reported financial results for 2020. At Bolivar in Chihuahua, cash cost per CuEq Lb was $1.35 and AISC per CuEqLb was $1.88. At Cusi in Chihuahua, cash cost per AgEqOz was $15.70 and AISC per AgEqOz was $28.18. The company hold cash and cash equivalents of $71.5 M at the end of the period.
Empress Royalty Corp. entered into an agreement with Red Cloud Securities Inc. and Canaccord Genuity Corp. and a syndicate of underwriters that shall purchase shares of the company for gross proceeds of C$12 M. (Pinos, Zacatecas).
Endeavour Silver Corp. announced its common shares will be added to the S&P/TSX Composite and the NYSE Arca Gold Miners Index (Terronera, Jalisco).
Southern Silver Exploration Corp. raised $14.2 million in Summer of 2020. “Since the closing of the equity raise and the working interest purchase in September 2020, the Company has received a total of $2,428,228 from shareholder exercises of share purchase warrants, inclusive of the recent 6,000,000 share purchase warrant exercise by Electrum Global Holdings LP for proceeds of $480,000. Additionally, the Company has received $477,470 from the exercise of incentive stock options and finders’ warrants”.
Almaden Minerals Ltd. announced a US$10.3 M registered direct offering (Ixtaca, Puebla).
Santacruz Silver Mining Ltd. has increased the size of its previously announced non-brokered private placement offering, intending to raise now up to CDN$14.1 M (Zimapan, Hidalgo).
Premier Gold Mines Ltd. announced its wholly-owned subsidiary i-80 Gold Corp. closed its previously publicized private placement for aggregate gross proceeds of C80.4 M. “Premier remains focused on creating i-80 as a Nevada-focused mining company…” (Mercedes, Sonora).
Minera Alamos Inc. informed the board of directors approved the issuance of 7.25 M options to management, directors, employees and consultants, tied to production milestones (Santana, Sonora).
First Majestic Silver Corp. received regulatory consent to extend its share repurchase program to up to 10 M shares or 4.5% of the outstanding shares of the company (San Dimas, Durango).
ON RESOURCES AND DEVELOPMENT
Almaden Minerals Ltd. has resumed exploration in the area of the Ixtaca project in Puebla. Initial work is to focus in identifying drill targets in the SE Alteration Zone, 1 km SE from the Ixtaca deposit. Argillic alteration with hyperspectral signatures for kaolinite, alunite and buddingtonite is present, along with several areas of veining with anomalous pathfinder elements.
Discovery Metals Corp. announced results from 14 diamond drill holes targeting high-grade veins at its Cordero project in Chihuahua. Highlighted intercepts comprise 1.3 m @ 1,581 gpt Ag, 0.15 gpt Au, 9.9% Pb, 5.4% Zn; 8.9 m @ 267 gpt Ag, 0.91 gpt Au, 0.9% Pb, 0.8% Zn (including 1.0 m @ 1,280 gpt Ag, 4.24 gpt Au, 1.6% Pb, 3.4% Zn); 1.3 m @ 1,607 gpt Ag, 2.06 gpt Au, 5.2% Pb, 8.0% Zn; 10.0 m @ 92 gpt Ag, 0.09 gpt Au, 2.4% Pb, 3.4% Zn in the Josefina vein; 2.9 m @ 992 gpt Ag, 0.73 gpt Au, 12.9% Pb, 2.4% Zn in the South corridor and 4.0m @ 377 gpt Ag, 0.28 gpt Au, 7.1% Pb, 2.7% Zn (including 1.4 m @ 552 gpt Ag, 0.33 gpt Au, 11.0% Pb, 3.4% Zn); 1.2 m @ 241 gpt Ag, 0.52 gpt Au, 4.6% Pb, 10.4% Zn; 2.8 m @ 207 gpt Ag, 0.15 gpt Au, 3.7% Pb, 7.7% Zn on the Todos Santos vein. “The Company has completed 58,600 m (148 holes) as part of its expanded 65,000 m Phase 1 drill program. Assays from 24 holes are pending”.
Chesapeake Gold Corp. has received the final permits to commence a bulk drilling program at the Metates project in Durango. The company plans to drill 2,500 meters to recover 10 tonnes of large diameter (PQ) core for metallurgical testing to support a potential sulfide heap leach mine operation.
GoGold Resources Inc. released results from four more drill holes on the Casados area of the Los Ricos North project in Jalisco. Highlighted core length results comprise 10.3 m @ 0.43 gpt Au, 116 gpt Ag; 21.4 m @ 0.44 gpt Au, 98 gpt Ag; 49.1 m @ 0.54 gpt Au, 250 gpt Ag; 13.3 m @ 0.67 gpt Au, 204 gpt Ag; 5.1 m @ 1.94 gpt Au, 1,270 gpt Ag (including 0.8 m @ 10.31 gpt Au, 6,842 gpt Ag; 52.0 m @ 0.47 gpt Au, 127 gpt Ag; 8.3 m @ 0.94 gpt Au, 279 gpt Ag; 23.6 m @ 0.58 gpt Au, 156 gpt Ag (including 10.9 m @ 1.05 gpt Au, 307 gpt Ag); 33.6 m @ 0.23 gpt Au, 95 gpt Ag. The Casados vein dips 45 degrees, is hosted in andesitic tuffs and is exposed for 400 m in the surface.
Southern Silver Exploration Corp. is doubling the size of the current drilling program from 10,000 m to 20,000 m on the Cerro Las Minitas project in Durango. The current program has completed 28 core holes totaling 12,040 m since September 2020. “Drilling will continue with two drills targeting the east side of the Cerro where to date three near-surface sulphide lenses with Bonanza-grades of silver have been identified”. Assays from 11 drill holes are pending.
Consolidated Zinc Ltd. announced its updated mineral resource for the Plomosas project in Chihuahua. The resource estimate is JORC compliant and contains indicated mineral resources of 152 K tonnes @ 13.3% Zn, 6.0% Pb, 33.6 gpt Ag containing 20.2 K tonnes Zn, 9.1 K tonnes Pb, 164.6 K Oz Ag and inferred resources of 788 K tonnes @ 13.0% Zn, 2.9% Pb, 17.2 gpt Ag containing 102.1 K tonnes Zn, 22.7 K tonnes Pb, 435.5 K Oz Ag.
Prime Mining Corp. reported initial results from its 15,000 m drilling program at Los Reyes, in Sinaloa. The first hole at Guadalupe East intersected 20.1 m @ 3.25 gpt Au, 380 gpt Ag (including 6.5 m @ 6.51 gpt Au, 587 gpt Ag), this intercept is 150 m below any previous drilling; 3.8 m @ 3.69 gpt Au, 305 gpt Ag (including 2.1 m @ 6.18 gpt Au, 507 gpt Ag). Chip sampling of adularia bearing banded quartz veins in a new area returned several mineralized intervals, including 3 m @ 29.8 gpt Au, 1,132 gpt Ag.
Azucar Minerals Ltd. released results from drilling at the Porvenir zone at the El Cobre project in Veracruz. Some of the highlighted results comprise 77.65 m @ 0.26 gpt Au, 0.16% Cu (including 43.55 m @ 0.37 gpt Au, 0.21% Cu and 25.55 m @ 0.45 gpt Au, 0.23% Cu) in one hole and 16.70 m @ 0.10 gpt Au, 0.09% Cu; 37.00 m @ 0.12 gpt Au, 0.08% Cu.
ON DEALS AND CORPORATE ISSUES
Radius Gold Inc. has optioned the Maricela group of properties (155 ha) in Sonora. Radius can earn 100% interest in the property by paying US$1.25 M over three years. A total of US$30 K has been paid to date. The owner retains a 1% NSR which can be bought back for US$1 M. Mineralization is of low sulfidation epithermal style with 1-3 m massive quartz veins and stockworks over 10 meters in width hosted in andesitic volcanic rocks and felsic dykes emplaced sub-parallel to mineralized structures.
Sailfish Royalty Corp. announced on early February “that Mine Development Associates (“MDA”), a division of RESPEC, out of Reno, Nevada, was hired to prepare an updated mineral resource estimate on Gavilanes. The updated mineral resource estimate is a key milestone for the planned spinout of Gavilanes and the Company is pleased to report that MDA is expecting to complete their work in early Q2 2021”.
VanGold Mining Corp. signed a definitive purchase agreement with Endeavour Silver Corp. to acquire El Cubo mine and mill complex located 8 km from its El Pinguico project in Guanajuato. “According to the Company’s recently announced PEA from Behre Dolbear and Company (USA) Inc., (“Behre”) the Combined Project contains total indicated resources of 718,655 tonnes grading 160 gpt Ag and 1.90 gpt Au, or 306 gpt AgEq, which equates to 7.2 M oz AgEq; and total inferred resources of 1,453,000 tonnes grading 214 gpt Ag and 2.78 gpt Au, or 435 gpt AgEq, which equates to 20.4 M oz AgEq”. VanGold will pay $15 M as follows: $500 K (paid), $7 M on closing, anticipated to by the end of March 2021, $5 M on VanGold shares on closing and $2.5 M in promissory notes due 12 months from closing.
Tarachi Gold Corp. completed the acquisition from Manto Resources S.A. de C.V. of the Magistral mill and tailings project in Durango. A PEA is to be conducted to determine if modifications are needed on the mill’s flowsheet prior to commissioning. The tailings basin is to be tested with an auger drill rig, with six confirmation holes and eleven in-fill holes. Underground diamond core drilling has been progressing on the Jabali concession at its Tarachi project in Sonora.
Prospero Silver Corp. board of directors has approved the name change of the company to Keon Capital Inc., subject to the acceptance of the TSX Venture Exchange (Bermudez, Chihuahua).
ON SOCIAL RESPONSIBILITY
Fundación Grupo México and Granjas Carroll delivered fruit bearing trees to producers in Puebla.
Minera San Julian donated medical equipment in Chihuahua.
During the tenth week of the year (March 8th to March 148th, 2021), at least 26 press releases were announced by companies working in Mexico and 1 news published by the media, with ten informing on exploration results, six disclosing deals and corporate issues, five reporting on resources and development of their mine operations, two announcing financial rounds, two communicating production and financial results, one discussing social issues and one commenting on Mexican issues. ON MEXICO ISSUES, First Majestic responded to the several inaccurate and misleading Mexican media articles that have been recently published regarding the ongoing tax dispute with the Government of Mexico (San Dimas mine, Durango). ON EXPLORATION, In Sonora, Canuc released results of 168 channel chips samples collected at its San Javier project, Silver Spruce and its JV Partner Colibri filed an environmental report for a drilling permit at its Mezquite project, Silver Tiger presented drill results from its El Tigre project, Silver Viper announced drilling results from the last two holes collared at its La Virginia project, and Sonoro reported the latest assay results from its ongoing drill program at its Cerro Caliche project. In Chihuahua, Gatos Silver commenced a 5,400m drilling program in eighteen holes to test initial targets at its Santa Valeria project located 5km east of its Los Gatos mine. In Durango, Mithril provided an update on exploration activities carried out at its Copalquin project. In Jalisco, GoGold released results from five holes collared at El Orito Zone within its Los Ricos South project. ON MINING, Fortuna Silver reported Q4 and full year 2020 production and financial results from its San Jose mine in Oaxaca. McEwen announced Q4 and full year 2020 production and financial results from its Los Gallos mine in Sinaloa. ON FINANCING, Gatos Silver reached a definitive agreement with Dowa to increase Los Gatos JV ownership to 70% (Los Gatos mine, Chihuahua). VanGold closed a non-brokered private placement for gross proceeds of $16.95M (El Pinguico and El Cubo properties, Guanajuato). ON RESOURCES AND DEVELOPMENT, Avino increased its exploration program for 2021 and now will drill 36,000m instead of the previously planned 12,000 at its Avino mine in Durango. Capitan Mining presented drilling results from its Peñoles project in Durango. Consolidated Zinc announced that the crushing commissioning system has commenced at its wholly owned Plomosas plant in Chihuahua. Fabled released drill results from two holes collared at its Santa Maria project in Chihuahua. Prime filed an application for 7,500 hectares of mineral rights at its Los Reyes property in Sinaloa and commenced a property-wide 1,000 line-kilometer helicopter-borne high resolution aeromagnetic survey over the Los Reyes property. ON DEALS AND CORPORATE ISSUES, Advance Gold signed a purchase agreement to acquire lithium prospective salars in central Mexico as well as the acquisition of a pilot plant. Discovery Metals appointed a new member to its Board of Directors (Cordero project, Chihuahua). Empress Royalty announced that its common shares are eligible for delivery and depository services with the Depository Trust Company to facilitate electronic settlement of transfers of its common shares in the United States (Pinos project, Zacatecas). Gainey announced name change to Masivo Silver Corp (El Colomo, Nayarit). Minaurum entered into an option agreement with ASR Resources to sell 80% of its Adelita project in Sonora. Red Oak announced it was reactivated on the TSX Venture Exchange under the new name Pantera Silver Corp (Nuevo Taxco property, Guerrero). ON SOCIAL RESPONSIBILITY, Fresnillo plc and Larousse have delivered more than seven thousand books in Fresnillo, Zacatecas to youngest members of the household to become interested in reading.
ON MEXICO ISSUES
First Majestic Silver Corp., responded to the several inaccurate and misleading Mexican media articles that have been recently published regarding the ongoing tax dispute with the Government of Mexico (San Dimas mine, Durango).
Canuc Resources Corporation, released results of 168 channel chips samples collected from outcrop and small underground workings at its San Javier project. The samples were channel chips ranging from 0.5 to 3.0 meters in length. Over the Northwest Anomaly Area, a total of 52 samples were collected with an average of 70 g/t Ag, including a value of 718 g/t Ag, 0.81 g/t Au and 1.03% Cu from a sample collected from an old pit overlying the magnetic anomaly. At the Mill-Rock Anomaly Area, characterized by a stockwork and breccia zone covering a strong magnetic high, a total of 75 samples were collected. The average grade was 0.7 g/t Ag, with a highest value of 4.5 g/t Ag, 1.18 g/t Au and 0.45% Cu. At the Southwest Anomaly Area , 19 samples were collected and averaged 23 g/t Ag and 0.56 g/t Au, with a highest value of 62 g/t Ag, 3.06 g/t Au and 439 ppm Cu. “A diamond drill has been mobilized to the project and has recently commenced drilling on a breccia zone magnetic anomaly which accompanies high-grade silver values, as reported on previously”.
Silver Spruce Resources Inc., filed an environmental report (Informe Preventivo) for drilling permit at its Mezquite project. “The Company intends to conduct an initial 1,500- 2,000 metre diamond drill program to test targets where high grades of mineralization are sampled at surface, with a follow-up Phase 2 drilling program where results warrant. The Company will move forward with logistics planning and drill contractor selection while looking forward to the receipt of geochemistry results and the Informe Preventivo for the project.”
Silver Tiger Metals Inc., presented drill results from its El Tigre project in Sonora. Significant drill intercepts were encountered in hole ET-21-203 with 0.07 g/t Au, 154 g/t Ag, 0.21% Cu, 0.1% Pb, and 0.01% Zn (183 g/t AgEq) over 1.2m, and 0.06 g/t Au, 149 g/t Ag, 0.06% Cu, 0.11% Pb, and 0.08% Zn (164 g/t AgEq) over 1.4m on Sooy Vein, as well as 0.22 g/t Au, 556 g/t Ag, 0.51% Cu, 0.45% Pb, 0.20% Zn (638 g/t AgEq) over 9.3m, including 0.56 g/t Au, 1,709 g/t Ag, 1.53% Cu, 1.18% Pb, and 0.44% Zn (1,941 g/t AgEq) over 2.9m on the Footwall Zone; and hole ET-21-07 with 0.18 g/t Au, 670 g/t Ag, 1.04% Cu, 0.68% Pb, and 0.3% Zn over 4.6m, including 0.60 g/t Au, 2,211 g/t Ag, 3.4% Cu, 2.18% Pb, and 0.69% Zn (2,658 g/t AgEq) over 1.3m and 0.08 g/t Au, 291 g/t Ag, 0.67% Cu, 0.06% Pb, and 0.18% Zn (369 g/t AgEq) over 1.8m. The significance of these 2 new holes is that Silver Tiger has followed and confirmed the new “Footwall Discovery Zone” for an initial strike length of 75m to the south of hole ET-21-202, showing a similar strike to the Sooy vein and has some dimension and scale with potentially mineable widths and grades.
Silver Viper Minerals Corp., announced drilling results from the last two holes collared at its La Virginia project. Hole LV21-290 intersected several mineralized intervals commencing with 2.6 g/t Au and 54 g/t Ag (3.13 g/t AuEq or 219 g/t AgEq) over a true width (TW) of 4.3m, including 9.2 g(t Au and 242 g/t Ag (12.7 g/t AuEq or 886 g/t AgEq) over a TW of 0.72m, another sub-interval of 2.43 g/t Au and 88 g/t Ag (3.68 g/t AuEq or 258 g/t AgEq) over a TW of 20.1m, including 3.36 g/t Au and 134 g/t Ag (5.27 g/t AuEq or 369 g/t AgEq) over a TW of 7.3m, including 6.11 g/t Au and 239 g/t Ag (9.52 g/t AuEq or 667 g/t AgEq) over a TW of 2.15m, including 10.3 g/t Au and 491 g/t Ag (17.3 g/t AuEq or 1,212 g/t AgEq) over a TW of 0.72m. This hole also encountered 2.34 g/t Au and 77 g/t Ag (3.45 g/t AuEq or 241 g/t AgEq) over a TW of 10.32m, including 11.1 g/t Au and 351 g/t Ag (16.1 g/t AuEq or 1,128 g/t AgEq) over a TW of 0.72m. Hole LV21-291 intersected 8.1 g/t Au and 225 g/t Ag (11.3 g/t AuEq or 792 g/t AgEq) over a TW of 1.5m and a deeper intercept of 0.51 g/t Au and 25 g/t Ag (0.88 g/t AuEq or 61 g/t AgEq) over a TW of 4.5m.
Sonoro Gold Corp., reported the latest assay results from its ongoing drill program at its Cerro Caliche project. These results are from 32 holes totalling 2,830m. Highlights include confirmation of a 200mlong, high-grade zone in the northwest extension of Buena Suerte, confirmation of continuous mineralization at the 2km long El Rincon-Veta de Oro-Abejas vein and stockwork gold mineralized zone, and further extension to the new Bellotoso gold mineralized zone through step-out drilling. Assay highlights include hole SCR-186 collared at Buena Suerte with 1.21 g/t Au over 24.39m, including 1.85 g/t Au over 13.72m; and hole SCR-198 collared at Los Japoneses Zone with 0.46 g/t Au over 19.81m.
Gatos Silver Inc., commenced a 5,400m drilling program in eighteen holes to test initial targets at its Santa Valeria project located 5km east of its Los Gatos mine in Chihuahua. Santa Valeria appears to have similar geologic setting to the Cerro Los Gatos deposit on the eastern flank of the same sedimentary basin.
Mithril Resources Ltd., provided an update on exploration activities carried out at its Copalquin project. The company completed twelve diamond drill holes at El Refugio, La Soledad and Los Reyes targets, with several holes intercepting the targeted geological structures. It also completed an extensive soil sampling program at the Cometa and Los Reyes targets. Assay results are pending.
GoGold Resources Inc., released results from five holes collared at El Orito Zone within its Los Ricos South project. Hole LRGO-21-007 intersected 0.28 g/t Au, 61 g/t Ag, 0.07% Cu, 0.56% Pb, and 0.58% Zn (121 g/t AgEq) over 12.5m, including 1.29 g/t Au, 172 g/t Ag, 0.20% Cu, 1.3% Pb, and 1.4% Zn (366 g/t AgEq) over 1.6m; hole LRGO-010 with 0.39 g/t Au, 117 g/t Ag, 0.42% Cu, 5.9% Pb, and 0.6% Zn (348 g/t AgEq) over 6.6m, including 0.18 g/t Au, 150 g/t Ag, 0.63% Cu, 11.6% Pb, and 0.8% Zn (523 g/t AgEq) over 3m; and hole LRGO-21-014 with 0.31 g/t Au, 236 g/t Ag, 0.23% Cu, 2.5% Pb, and 3.6% Zn (460 g/t AgEq) over 9.8m, including 0.66 g/t Au, 577 g/t Ag, 0.24% Cu, 2.2% Pb, and 4.3% Zn (845 g/t AgEq) over 3.5m. Holes drilled at El Orito have shown mineralization averaging 50m in width over 600m in strike length and 200m in vertical depth from surface, and is open in all directions.
Fortuna Silver Mines Inc., reported Q4 and full year 2020 production and financial results from its San Jose mine in Oaxaca. In Q4, 2020 Fortuna milled 272,179 tonnes of 206 g/t and 1.26 g/t Au to produce 1.65M Oz Ag and 10K Oz Au with metallurgical recoveries of 91% in both metals. The company sold 1.7M Oz Ag and 10.6K Oz Au. Production and AISC were USD $8.91 and USD $14.52 per Oz AgEq. During the full year 2020, Fortuna milled 934,381 tonnes of 224 g/t Ag and 1.38 g/t Au to produce 6.16M Oz Ag and 37.8K Oz Au with metallurgical recoveries of 92% and 91% respectively. The company sold 6.22M Oz Ag and 38.4K Oz Au. Production and AISC were USD $6.74 and USD $9.83 per Oz AgEq respectively.
McEwen Mining Inc., announced Q4 and full year 2020 production and financial results from its Los Gallos mine in Sinaloa. The company produced 1,500 GEOs (Oz AuEq) during Q4, 2020 and produced 8,000 GEOs in the full year 2020 from residual leaching. Guidance for the year 2020 is to produce between 4,500-5,900 GEOs.
Gatos Silver Inc., reached a definitive agreement with Dowa Metals & Mining Co., Ltd to increase Los Gatos JV ownership to 70% (Los Gatos mine, Chihuahua). Gatos Silver repurchased 18.5% of the Los Gatos JV to increase its interest from 51.5 to 70% and extinguish the Los Gatos JV´s USD $60M working capital facility. Now, Gatos Silver´s attributable portion of the working capital facility is USD $42M. Gatos Silver and Dowa expect the repurchase and working capital facility extinguishment to be completed by the end of March 2021.
VanGold Mining Corp., closed a non-brokered private placement for gross proceeds of $16.95M. The net proceeds of the private placement will be used to, among other things, complete the acquisition and refurbishment of the El Cubo mine and mill near Guanajuato, Mexico, carry out additional exploration and definition drilling at El Cubo and El Pinguico and fund general corporate and working capital expenditures.
ON RESOURCES AND DEVELOPMENT
Avino Silver & Gold Mines Ltd., increased its exploration program for 2021 and now will drill 36,000m instead of the previously planned 12,000 at its Avino mine in Durango. It will consist of 18,600m to explore high-grade narrow-vein mineralized systems similar to the previous mined San Gonzalo system, and 12,000m at the Oxide Tailings resource. Budgeted capital expenditures for 2021 are now expected to be between USD $9M and USD $11M, up from the original budget of between USD $6M and USD $8M.
Capitan Mining Inc., presented ongoing results from its previously announced 6,000m drilling program at its Peñoles project in Durango. RC Hole 21-CARC-19 intersected 0.32 g/t Au and 6 g/t Ag (0.40 g/t AuEq) over 33.5m, and RC Hole 21-CARC-20 intersected 0.14 g/t Au over 18.3m, including 0.26 g(t Au over 16.8m. “RC Holes 21-CARC-19 and 20 extended mineralized zones along strike (to the west) as well as down-dip, and showed improving grades and widths. Expansion drilling program continues, with new drilling focused on expanding the Capitan Zone along strike to the east. Mineralization remains open along strike and at depth”.
Consolidated Zinc Limited announced that the crushing commissioning system has commenced at its wholly owned Plomosas plant in Chihuahua. “The mill and wet end of the plant will be commissioned from 13 March 2021 and, as CZL has over two years’ experience in optimizing processing of Plomosas plant feeds, a short commissioning period is expected”. Processing at Aldama will continue at similar rates to the Q4, 2020, in conjunction with Plomosas plant, to increase revenues and reduce stockpiles. A new specialized haul truck has been purchased for Plomosas to increase ore haulage rates.
Fabled Silver Gold Corp., released drill results from two holes collared at its Santa Maria project in Chihuahua. Hole SM20-05 encountered 0.57 g/t Au and 203 g/t Ag (232 g/t AgEq) over 2.20m, including 0.76 g/t Au and 245 g/t Ag (284 g/t AgEq) over 1.60m. This hole also intercepted deeper mineralized intervals such as 0.3 g/t Au and 147 g/t Ag (163 g/t AgEq) over 0.55m, and 0.25 g/t Au and 79 g/t Ag (92 g/t AgEq) over 1.40m. Fabled has completed drill holes SM20-06 – 09 for a total of 2,134 meters of the ongoing 8,000 meter drilled program completed to date. Holes SM20-06 – 09 have been sampled and submitted to lab for analysis. Hole SM 20-10 is in progress.
Prime Mining Corp., filed an application for 7,500 hectares of mineral rights at its Los Reyes property in Sinaloa to increase its land position to 13,800 hectares. This concession called El Rey is adjacent to the eastern and northeastern Los Reyes boundary. The company also commenced a property-wide 1,000 line-kilometer helicopter-borne high resolution aeromagnetic survey over the Los Reyes property. Once the airborne geophysical survey is completed, Prime will conduct a LIDAR and Ortophoto survey aid in the ongoing geological mapping of the Los Reyes property and provide critical information on the numerous partially tested and untested structures that host Au-Ag epithermal veins.
ON DEALS AND CORPORATE ISSUES
Advance Gold Corp., signed a purchase agreement with Hot Spring Mining to acquire 90% of 13 lithium-potassium-boron prospective salars in central Mexico (Zacatecas and San Luis Potosi States) as well as the acquisition of a pilot plant and a patented extraction method. Hot Spring will retain 10% carried interest to production that will convert to a participating interest upon commercial production. Advance will pay 5M shares upon regular approval of the deal. Advance will purchase the test plant built by Hot Spring for USD $150Kwithin 2 years and will have exclusive rights to proprietary lithium extraction method that has been patented. In the event of a sale of either the mining rights or Advance’s subsidiary, Advance Mexico, 75% of the proceeds will go to Advance Gold and 25% to Hot Spring Mining.
Discovery Metals Corp., appointed a new member to its Board of Directors (Cordero project, Chihuahua).
Empress Royalty Corp., announced that its common shares are eligible for delivery and depository services with the Depository Trust Company to facilitate electronic settlement of transfers of its common shares in the United States (Pinos project, Zacatecas).
Gainey Capital Corp., announced name change effective on March 1, 2021 to Masivo Silver Corp., with a new trading symbol of “MASS” on the TSX Venture Exchange (El Colomo, Nayarit).
Minaurum Gold Inc., entered into an option agreement with ASR Resources Corp. to sell 80% of its Adelita project in Sonora. ASR can acquire 80% interest in Adelita by issuing shares totalling 16% of its post-IPO shares outstanding, making cash payments totaling $75K, and incurring $3M in work expenditures over 5 years. Minaurum’s 20% retained interest will be carried until ASR carries out a total of $4.75M in work expenditures along with completing both a mineral resource calculation in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and a Preliminary Economic Assessment.
Red Oak Mining Corp., announced it was reactivated on the TSX Venture Exchange under the new name Pantera Silver Corp with the ticker symbol “PNTR”. The reactivation on the TSX Venture Exchange was approved as a result of the Company filing a National Instrument43-101 Technical Report entitled the “NI 43-101 Technical Report for Nuevo Taxco Project; Tetipac Municipality, Guerrero State, Mexico” with an effective date of December 7th, 2020.
ON SOCIAL RESPONSIBILITY
Fresnillo plc and Larousse have delivered more than seven thousand books in Fresnillo, Zacatecas to youngest members of the household to become interested in reading. The mining company has given exemplary gifts in the communities in which it operates on different disciplines such as mathematics, Spanish, as well as Spanish and bilingual dictionaries.
During the 9th week of the year (March 1st to March 7th, 2021), there were at least 34 press releases by companies working in Mexico. To note, ten companies posted exploration advances on their properties, three presented quarterly results, five posted on financing or share options (for C$2.25 M, C$23 M and C$12 M), three more on project development and six on corporate issues. ON MEXICO ISSUES, the Zacatecas government is promoting talks between Canadian mining companies and mining concession owners. Mining companies raise US$280 million for Mexican projects. First Majestic initiated and arbitration process under NAFTA against the Mexican government. ON EXPLORATION, in Sonora, Silver Viper presented the highest gold results in drilling to date at La Virginia; Heliostar Metals commenced drilling at La Lola and started exploration at Cumaro and Oso Negro; Tocvan Ventures informed on detailed mapping and sampling at Pilar. Tarachi Gold started the second phase underground drilling campaign at La Dura mine at its Tarachi project. In Chihuahua, Kootenay Silver initiated the second phase drilling at Columba; Mammoth Resources began an IP survey at Tenoriba. Monarca Minerals is seeking a key surface access permit at San Jose. In Sinaloa, Oroco Resource conducted a helicopter magnetic survey at Santo Tomas. In Zacatecas, Zacatecas Silver is to explore the Zacatecas Silver project; Alien Metals commenced drilling at Donovan 2. ON MINING, Endeavour Silver, Fresnillo PLC and Great Panther Mining released quarterly and/or full year 2020 reports. ON FINANCING, One World Lithium, Silver Tiger Metals and Santacruz Silver Mining released news on their financing rounds for C$2.25 M, C$23 M and C$12 M respectively. Zacatecas Silver started trading on the TSX. Candelaria Mining granted options for 1 M shares. ON RESOURCES AND DEVELOPMENT, Sonoro Gold released metallurgical tests results from Cerro Caliche. GR Silver released results from one drill hole at Plomosas. Galore Resources released results from five holes drilled in 2019. ON DEALS AND CORPORATE ISSUES, Empress Royalty is acquiring a silver stream on production from Telson’s Tahuehueto mine in Durango. Orex Minerals is in a 40-60 joint venture with Pan American Silver to explore the Sandra Escobar project in Durango. Ganfeng´s increased interest (to 50%) in Bacanora Lithium has been authorized by China. First Majestic Silver requested an arbitration procedure under NAFTA regarding a tax dispute with the Mexican government. Silver One Resources completed the sale of three properties to Silverton Metals, which in turn completed its qualifying transaction. ON SOCIAL RESPONSIBILITY, Peñoles, Fresnillo PLC and First Majestic Silver informed on actions and awards received by the companies relating to social responsibilities.
ON MEXICO ISSUES
The Zacatecas government is promoting talks between Canadian mining companies and mining concession owners.
Mining companies raise US$480 million for Latin America projects. Gold and silver projects obtained US$194 million and US$121 million respectively. Most of that amount is directed to Mexico (US$280 M), Argentina (US$88.6 M), Brasil (US$42.8 M) and Chile (US$26.7 M). Specific projects financed include Las Chispas (Sonora), San Antonio (Sonora), Tahuehueto (Durango) and Cordero (Chihuahua).
First Majestic initiated and arbitration request under NAFTA against the government of Mexico. The request comes after failed attempts by the company to engage in negotiations with the government.
Silver Viper Minerals Corp. reported good drilling results from its La Virginia project in Sonora. Highlighted true width intervals comprise 80.08 m @ 18 gpt Ag, 0.69 gpt Au; 11.89 m @ 363 gpt Ag, 21.2 gpt Au (including 0.3 m @ 738 gpt Au, 10,681 gpt Ag, 6.74% Pb, 7.11% Zn); 28.95 m @ 44 gpt Ag, 0.77 gpt Au; 10.16 m @ 42 gpt Ag, 1.06 gpt Au; 0.92 m @ 231 gpt Ag, 11.80 gpt Au; 2.59 m @ 52 gpt Ag, 0.94 gpt Au; 1.52 m @ 78 gpt Ag, 1.07 gpt Au. “The upper portions of hole LV21-289 (azimuth 090, dip -450 ) encountered mineralized stringer intervals thought to represent the southern projection of the Western Zone. More consistent mineralization was encountered starting at 280 metres down hole, returning a down hole length measuring 130 metres core length with an average grade of 18 g/t silver and 0.69 g/t gold. Beneath this interval, a well mineralized breccia zone was encountered, starting at 424.85 metres down hole for 19.30 metres core length averaging 363 g/t silver and 21.2 g/t gold, and thought to represent the projection of El Rubi structure”.
Zacatecas Silver Corp. described its Zacatecas Silver Project in Zacatecas. The 7,826 ha Zacatecas Silver property in the Zacatecas district, includes the Panuco deposit and the Muleros, El Cristo and San Manuel-San Gill prospects. Panuco has an historic resource of 19.47 M Oz Ag in 3.95 M tonnes @ 153 gpt AgEq (136 gpt Ag, 0.01% Pb, 0.11% Zn). At Muleros three veins can be traced for 3 km; El Cristo is the NW extension of the Veta Grande system, same that is reported to have produced over 200 M Oz Ag; San Manuel-San Gill is a relatively unexplored vein system and an 800 m long hematitic breccia is also present.
Alien Metals Ltd. announced the commencement of its drilling program at the Donovan 2 copper gold project in Zacatecas. The 2,500 m of drilling is to test targets defined by an IP geophysical survey conducted late in 2020. “Pursuant to the terms of the Earn-in Agreement, Capstone can acquire a 65% interest in Donovan 2 through committed expenditure and cash payments totalling ~US$3.9million. Capstone can move to an 80% interest in the Project through free-carrying Alien to completion of a prefeasibility study”.
Kootenay Silver Inc. initiated a 5,000 meters core drilling program at Columba, Chihuahua. “The program will focus on step out and infill drilling on impressive results to date in the high-grade F vein and its associated hanging wall vein, a new discovery blind to surface. Focus will then shift to expanding on numerous other high-grade results such as found in holes CDH 20-030 (415 gpt silver over 11.15 meters including 721 gpt silver over 4.07 meters) in the JZ area and CDH 20-082 (1,186 gpt silver over 4.6 meters) in the B Vein”.
Oroco Resource Corp. completed the airborne component of a helicopter magnetics survey over the Santo Tomas project in Sinaloa. The survey comprised 2,231 line-kilometers with tie-line separations of 50 m and 500 m in east-west and north-south orientations respectively; processed results are to be received within two months. Meanwhile, 3D IP surveys continue on the Brasiles zone. Oroco holds a 61.4% interest that can be increased to 81.0% in the core 1,173 ha of the Santo Tomas project, and a 77.5% interest in 7,808 ha surrounding and adjacent to the core concession.
Mammoth Resources Corp. has begun induced polarization/magnetometer surveys to infill most of the 60% of the 6-kilometer trend not covered by the previous geophysical survey at Tenoriba, Chihuahua. A total of approximately 70 line-kilometers are to be completed.
Heliostar Metals Ltd. commenced exploration of its projects in Sonora. An initial 1,500 m drilling program has begun at La Lola, focusing in the up to 40 meters wide La Barra vein and its potential to depth. At Cumaro, will map and sample extensions to veins that have ore grade intercepts on the neighboring SilverCrest’s Picacho property. “Exploration at the Oso Negro project will focus on mapping and sampling outcropping veins that yielded samples up to 2,680 grams per tonne (g/t) silver and 100.5 g/t gold. These veins have never been drilled”.
Tocvan Ventures Corp. informed detailed mapping and sampling of key targets areas have taken place at its Pilar project in Sonora. The aim of the work is to advance these targets to drill ready status, for a phase II drill program. The Main Zone Extension comprises 800 m southeast of the Main Zone, with highly anomalous gold in soils and rock grab samples and an historic hole with a 13.5 m @ 5.6 gpt Au, 22 gpt Ag intercept. The 4-Trench zone is a 600 m trend with highly anomalous gold in soils and rock grab samples and an historic hole intercept of 7.5 m @ 3.3 gpt Au, 31 gpt Ag. The project has over 17,700 meters of historic core and RC drilling, with intercepts of up to 61 m @ 0.8 gpt Au; 16.5 m @ 53.5 gpt Au, 53 gpt Ag; 13 m @ 9.6 gpt Au; 9 m @ 10.2 gpt Au, 46 gpt Ag.
Monarca Minerals Inc. continues to advance the permitting process for drilling of the San Jose project in Chihuahua (near the USA border). Currently the company is in negotiations with the authorities of communal lands for their permit to proceed with drilling activities in their land.
Tarachi Gold Corp. started the second phase of underground drilling at the historic La Dura mine at its Tarachi project in Sonora. “In addition to the underground drilling at La Dura, a surface RC drill rig will be mobilized to the Jabali mineral concession in mid-March to test the 400m-long area between the La Dura mine and the artisanal workings at Zaragoza…”.
Endeavour Silver Corp. released its financial results for the Q4 and 2020 full-year. The company operates three mines in Mexico: Guanaceví in Durango, Bolañitos in Guanajuato and El Compas in Zacatecas. The company produced 3.5 M Oz Ag, 37,139 Oz Au (7.1 M Oz AgEq) at cash cost $5.55 per Oz Ag and at an all-in sustaining cost of $17.59 per Oz Ag, both net of gold credits. The year-end balance sheet was $61.1 M, with working capital at $70.4 M and a long term debt of $6.1 M.
Fresnillo PLC. Presented its financial results for 2020, a year during which it produced 53 M Oz Ag and 769.6 K Oz Au. At Fresnillo, cash cost stands at $5.9 and AISC at $12.92 per silver ounce; At Saucito, cash cost stands at $0.8 and AISC at $6.94 per silver ounce. At San Julián Veins (Chihuahua), cash cost stands at ($6.0) and AISC at $5.04 per silver ounce; At San Julián DOB (Chihuahua), cash cost stands at $7.0 and AISC at $8.85 per silver ounce; At Ciénega (Durango), cash cost stands at ($276.2) and AISC at $618.32 per gold ounce; At Herradura (Sonora), cash cost stands at $727.9 and AISC at $881.92 per gold ounce; Finally, at Noche Buena (Sonora), cash cost stands at $1,158.5 and AISC at $1,502.92 per gold ounce. Exploration expenses for the year were $107.3 M. Shafts at Fresnillo and Juanicipio are being bored to 1,000 meters of depth; commissioning of Juanicipio is expected for Q4 2021, with a forecasted yearly production of 11.7 M Oz Ag, 43.5 K Oz Au. “the longer-term prospects for gold are good, supported by the potential new mines at Rodeo and Orisyvo”. Cash position at the end of the year was US$1,070 M.
Great Panther Mining Ltd. reported consolidated financial results for 2020, including figures from its Topia (Durango) and Guanajuato Mine Complex operations in Mexico. During the period 50,868 tonnes were mined in Mexico, milling 49,498 tonnes @ 270 gpt AgEq.
Zacatecas Silver Corp. announced its common shares have begun trading on the TSX Venture Exchange (Zacatecas Silver, Zacatecas).
One World Lithium Inc. closed its previously announced C$1.5 M non-brokered private placement with an oversubscription that brought the total in gross proceeds to C$2.25 M. The company granted incentive stock options to certain of its directors, officers, management and consultants (Salar del Diablo, Baja California).
Silver Tiger Metals Inc. closed it previously announced bought deal offering for gross proceeds of C$23 M. The underwriters were paid a 6% commission on the gross proceeds (El Tigre, Sonora).
Candelaria Mining Corp. granted incentive stock options to employees, directors and officers of the company for 1.02 M shares (Pinos, Guanajuato; Caballo Blanco, Veracruz).
Santacruz Silver Mining Ltd. announced a non-brokered private placement intended to raise up to C$12 M (Zimapan, Hidalgo).
ON RESOURCES AND DEVELOPMENT
Sonoro Gold Corp. reported on metallurgical studies realized at Cerro Caliche Sonora. Bottle roll tests were realized on sample materials from the Japoneses, Cuervos, El Colorado/Cabeza Blanca and Buena Suerte zones, resulting in 80.3% recoveries for gold and 27.2% for silver.
GR Silver Mining Ltd. reported high-grade results from one drill hole in the San Juan area at Plomosas, Sinaloa. The highlighted core-length intercept is 5.7 m @ 611 gpt Ag, 0.04 gpt Ag, 0.5% Pb, 1.7& Zn, 0.1% Cu (685 gpt AgEq), including 1.7 m @ 1,762 gpt Ag, 0.10 gpt Au, 1.3% Pb, 4.9% Zn, 0.2% Cu and 0.7 m @ 3,755 gpt Ag, 0.03 gpt Au, 2.5% Pb, 9.7% Zn, 0.5% Cu.
Galore Resources Inc. announced the return of field work and the recent receipt of additional assays from five holes of the drill program executed at El Alamo during 2019. A loan from the CEO, Mike McMillan provided the necessary funds for logging and assaying of the 2019 core. Highlighted core length intervals comprise 21.20 m @ 0.69 gpt Au, including 1.20 m @ 8.89 gpt Au; 4 m @ 0.54 gpt Au; 10.21 m @ 1.14 gpt Au, including 1.10 m @ 4.70 gpt Au; 59.85 m @ 0.32 gpt Au, including 3.2 m @ 1.07 gpt Au.
ON DEALS AND CORPORATE ISSUES
Empress Royalty Corp. is in advanced discussions to acquire a US$5 M silver stream on production from Telson Mining Corp.’s Tahuehueto project in Durango. “The Stream is expected to be on 100% of the payable silver production from Tahuehueto for the first 1,250,000 payable ounces; thereafter, the percentage will step-down to 20% of the payable silver production”.
Orex Minerals Inc. entered into an agreement with Pan American Silver Corp. to further explore and develop the Sandra-Escobar Project, in Durango. “The Project is a consolidation of two groups of claims, each controlled by the two Joint Venture participants. Orex and Pan American own a 40% and 60% interest, respectively, in Empresa Minera Sandra-Escobar, S.A. de C.V. (the “Joint Venture Company”), the new joint venture company formed to hold the Project. Orex will be the initial operator of the Project”.
Bacanora Lithium PLC. informed the receipt of all relevant approvals and consents from the authorities in the People’s Republic of China and receipt of funds by Sonora Lithium Ltd.. These were conditions for the completion of the increased investment in Sonora Lithium by Ganfeng Lithium Co. Ltd., resulting in Ganfeng owning 50% of the share capital of Sonora Lithium (Sonora Lithium, Sonora).
First Majestic Silver Corp. submitted a request for arbitration to the International Centre for Settlement of Investment Disputes based on Chapter 11 of the North American Free Trades Agreement (NAFTA). The government of Mexico has refused to engage in negotiations to resolve the dispute. “The Company believes that the Government’s actions are contrary to the terms of the Advance Pricing Agreement, which established the methodology for determining PEM’s revenues and taxes for the 2010 to 2014 fiscal years, and which, according to the Company’s Mexican counsel remains valid in accordance with the Mexican Federal Tax Code unless and until it is nullified by a final instance Court. In addition, the Government of Mexico has refused to participate in the Mutual Agreement Procedures under three international double-taxation treaties signed by Mexico” (San Dimas, Durango).
Silver One Resources Inc. completed the sale of its Mexican silver exploration projects to Silverton Metals Corp.. for $6 M as follows: $1.25 M in cash on closing, issue 4.37 M shares, $750 K in cash at 18 months, $500 K in cash at 24 months and a 1.5% NSR, of which 1% can be bought back by Silverton with a payment of US$500 K for each of the properties (see below).
Silverton Metals Corp. (formerly Plymouth Realty Capital Corp.) and Silver One Resources Inc. announced that Silverton has completed its previously announced qualifying transaction with the acquisition of Silver One’s Peñasco Quemado (Sonora), La Frazada (Nayarit) and Pluton (Durango) projects.
ON SOCIAL RESPONSIBILITY
Peñoles and Fresnillo PLC informed on actions on biodiversity conservation activities at each of its operations in Mexico.
The Ethisphere Institute released a list of 135 companies that have ethics as one of its key directives in the world, which includes two Mexican companies: Grupo Bimbo and Fresnillo, with the latter being one of only three companies from the mining industry.
First Majestic Silver Corp. received the 2021 Socially Responsible Business Distinction Award (Reconocimiento de Empresa Socialmente Responsable) granted by the Mexican Centre for Philantropy and the Alliance for Corporate Social Responsibility. The awards were for its three operating mines: San Dimas (Durango), Santa Elena (Sonora) and La Encantada (Coahuila).