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

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On the picture above, take geologists to a mining museum, and this is what you get. Geologists Ruben Padilla, Barry Quiroz and Miguel Heredia at El Oro Museum in Estado de Mexico. Photo by Jorge Cirett.

By Jorge Cirett

During the 12th week of the year (March 19th to March 25th, 2018), at least 16 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a gold nugget weighing 850 grams was found in northern Sonora. ON EXPLORATION, In Sonora, Colibri has begun drilling at El Pilar project; while Azure updated work on its Oposura project releasing new high grade drill results. Kootenay has drilled six of seven holes on one target of its La Cigarra project, other targets to follow. ON MINING, three companies, Primero Mining, Excellon and Sierra Metals presented financial and or production results for the fourth quarter and/or full year 2017. Santacruz Silver completed expansion of milling capacity at Veta Grande in Zacatecas.  ON FINANCING, Evrim received $3 M from the exercise of warrants.  ON RESOURCES AND DEVELOPMENT, Americas Silver presented an updated resource on its San Felipe property in Sonora. Almaden provided an update on work being done on the feasibility study at the Ixtaca project in Puebla. ON DEALS AND CORPORATE ISSUES, Alio Gold is to acquire all shares outstanding of Rye Patch, a company with several properties in USA. Bacanora Minerals extended the timetable for re-domiciling by a few days. Sonoro executed an option agreement on a group of properties adjoining its Cerro Caliche property in Sonora.

ON MEXICO ISSUES

  • A gold nugget weighing 850 grams was found in La Cienega area, south of Pitiquito in Sonora. The nugget was discovered using a metal detector by a local gambusino. Northwest Sonora is known by the presence of orogenic gold style deposits, like La Herradura, Nochebuena, La Choya, San Francisco and El Chanate. This type of ore deposits has produced large gold nuggets, of up to 12 kg in weight, with the most famous specimens coming from the El Boludo, La Cienega and Tajitos gold placers.

ON EXPLORATION

  • Colibri Resource Corp. has begun phase 1 of its 2018 drilling program on its Pilar property in Sonora. The program envisages up to 30 holes to be drilled focusing on modelling and extending the known mineralization of the Main Zone to the northwest and southwest along trend. “To date, Colibri has defined an in-house resource of 700 K tonnes @ 1.9 g/t Au”.
  • Kootenay Silver Inc. informed on advances on the current drill program at its La Cigarra property in Chihuahua. Six holes have been completed, and one more is in progress at La Borracha zone, which is the extension of the structure that hosts La Cigarra resource, and drilling has now tested 1,000 m of strike length beyond the resource. Results will be disclosed once all assays have been received. The next drill target is the newly identified Nogalera gold zone, with 8 holes planned on anomalous mineralization over more than 1,000 m of length. Once Nogalera has been drilled, the 104-Vein on the southern part of La Cigarra resource is to be drill tested.
  • Azure Minerals Ltd. updated on work being done at its Oposura project in Sonora. Drilling along strike of an outcrop carrying up to 59.6% Pb+Zn on the West Zone intersected high grade mineralization over an area of 400 x 400 m. Some of the best combined Pb + Zn intercepts returned 2.4 m @ 15.5%. 7.4 m @ 15.9%, 2.8 m @ 19.0%, 3.7 m @ 15.6%, 3.5 m @ 13.2%, 4.6 m @ 15.0%. To date drilling in the West Zone has comprised 64 holes for 4,936 m, with assay results received for 26 drill holes.

ON MINING

  • Primero Mining Corp. reported financial and operating results for 4Q and full year 2017. Primero commenced a strategic review process that resulted in the sale of the Cerro del Gallo project (Guanajuato) in November 2017, and the entering into an arrangement agreement whereby First Majestic will acquire all issued and outstanding common shares of Primero. At San Dimas in Durango, 21,076 Oz Au and 1.32 M Oz Ag were produced during the fourth quarter. For full year 2017, San Dimas produced 111,376 Oz Au, 3.96 M Oz Ag. A strike at San Dimas in early 2017 stopped work for more than two months, significantly impacting yearly production levels.
  • Excellon Resources Inc. reported financial results for the fourth quarter and full year 2017. During the fourth quarter the Platosa mine in Durango produced 16.1 K tonnes, processing 18 K tonnes @ 424 g/t Ag, 3.8% Pb, 5.8% Zn, with recoveries of 90.3% Ag, 80.0% Pb, 82.2% Zn, to produce 206.4 K Oz Ag, 1.17 M Lb Pb, 1.67 M Lb Zn. For the year 57.2 K tonnes were produced, while milling 55.6 K tonnes @ 456 g/t Ag, 4.4% Pb, 5.7% Zn, with recoveries of 90.5% Ag, 82.1% Pb, 80.1% Zn, producing 668 K Oz Ag, 4.09 M Lb Pb, 4.60 M Lb Zn. During 2017 the optimization plan was completed at the Platosa mine, resulting in dry mining conditions that increased production and lowered the costs. Total cash cost per Ag Oz decreased to $10.38, with an AISC of $21.89. All in sustaining cost was $15.84 per Ag Oz for the fourth quarter and $21.89 per Ag Oz for the year.
  • Santacruz Silver Mining Ltd. informed that expansion of milling capacity at its Veta Grande project to 750 tpd (tonnes per day) has been completed. The mill is currently operating at 450 tpd, and full capacity operations are expected to be achieved early in the second quarter 2018. Santacruz now will focus in the consolidation of underground operations.
  • Sierra Metals Inc. reported fourth quarter and year end 2017 financial results, without separating figures for its operations in Mexico. Production at Bolivar is expected to reach 3,000 tpd in Q1 2018 and 3,500 tpd in the second half of 2018. An update in resources is expected in the coming months. At Cusi production is being ramped up to the 650 tpd Mal Paso mill capacity by Q2 2018. The installation of another mill is expected to take production to 1,200 tpd by 2019. At the end of the period the company had 23.9 M in cash and cash equivalents.

ON FINANCING

  • Evrim Resources Corp. received $3.06 M from the exercise of common share purchase warrants, representing 98% of the warrants issue dated December 16, 2015. As a result, Evrim’s current cash position approximates $5.5 M (Cerro Cascaron, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Americas Silver Corp. provided an update on the mineral resource estimate at the San Felipe project in Sonora (optioned from Hochschild in early 2017). Of 342 holed drilled by four companies since 1998, 294 are within La Ventana, San Felipe, Transversales and Las Lamas deposits which host the current resource. The new resource contains 4,685 K tonnes @ 5.4% Zn, 2.5% Pb, 61 g/t Ag in the indicated category and 2,008 K tonnes @ 3.6% Zn, 1.4% Pb, 48 g/t Ag in the inferred category. These resources host 560 M Lb Zn, 256 M Lb Pb, 9.1 M Oz Ag; 158 M Lb Zn, 63 M Lb Pb, 3.1 M Oz Ag respectively.
  • Almaden Minerals Ltd. updated on work related to the feasibility study (FS) at the Ixtaca project in Puebla. Work underway includes a resource model update, metallurgy testwork, engineering design, optimization studies, work to move the Rock Creek processing plant to Ixtaca, construction planning, geotechnical site investigation and water management studies. Almaden is also preparing an environmental impact assessment study (Manifiesto de Impacto Ambiental, or MIA) for Ixtaca.

ON DEALS AND CORPORATE ISSUES

  • Alio Gold Inc. and Rye Patch Corp. entered on an arrangement under which Alio Gold (San Francisco, Sonora; Ana Paula, Guerrero) is to acquire all the outstanding shares of Rye Patch (Florida Canyon, Nevada; Lincoln Hill, Nevada). The offer values Rye Patch outstanding equity at C$128 M. The transaction is expected to close on or about May 25, 2018.
  • Bacanora Minerals Ltd. announced that the proposed timetable for the proposed Re-domicile has been changed to 26 March 2018.
  • Sonoro Metals Corp. executed a formal option agreement with a Tucson, Arizona resident to acquire a 100% interest in the 403.5 ha Rosario group of concessions, adjacent to its Cerro Caliche property in Sonora, thus increasing the land holdings of the project to 1,455 ha. The option agreement entails a total consideration to the vendor of US$1.6 M, payable in escalating cash installments over 72 months, and a 2% NSR which can be bought for US$1 M for each percentage point. The initial US$60 K was paid on execution. Total drilling in the two properties before 2008 is 10,118 m in 101 holes.

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

 

 

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

By Miguel A Heredia

During the 9th week of the year (February 26th to March 4th, 2018), at least 25 press releases were announced by companies working in Mexico, with six reporting deals and corporate issues, six providing exploration results, and two announcing financing rounds. ON MEXICO ISSUES, Torex clarified media misinformation in Guerrero. ON EXPLORATION, In Sonora, Aztec Minerals reported drilling results at its Cervantes property, and San Marco completed an IP survey at its 1068 project. Azure reported exploration results on Mina Blanca prospect within its Oposura project.  In Chihuahua, Mammoth and Golden Minerals announced drill results at its Tenoriba and Santa Maria projects respectively. Golden Minerals also reported drill results at its Mogotes project in Durango. In Zacatecas, Defiance Silver identified a large target within its San Acacio project; Advanced Gold revealed exploration plans on its Tabasquena project.  In Puebla, Almaden reported drill results at its Ixtaca project. ON MINING, Mexus Gold restarted the pad leaching at its Santa Elena Mine in Sonora (Caborca).  Goldgroup announced 2017 gold production and expansion plans for its Cerro Prieto Mine in Sonora. Bacanora Minerals reported positive economics and favourable operating cost for its Sonora Lithium project in Sonora. Santacruz reported mill expansion capacity on its Veta Grande Mine in Zacatecas.  Endeavour and Golden Minerals reported 2017 financial results on its Mexican operations. ON FINANCING, Almaden announced a proposed private placement for $ 5.6M, and announced a subscription agreement with Newcrest Mining for gross proceeds of $ CAD 19M. Azure secured funding of approximately A$ 8.2M. ON RESOURCES AND DEVELOPMENT, Golden Minerals encountered mineralization in 14 holes drilled to increase the size of the existing resource estimate in its Santa Maria project in Chihuahua.  Americas Silver provided an update on exploration results at its 120 zone, within the Cosala Mine in Sinaloa. Santacruz Silver announced additional drilling at its Veta Grande Mine in Zacatecas. In Veracruz, Mexican Gold Corporation reported drilling results from its Las Minas projects, in Veracruz. ON DEALS AND CORPORATE ISSUES, Excellon entered in a toll mill agreement with Hecla. Golden Minerals extended an option with HECLA to lease its oxide mill located in Velardeña, Durango.  The company also amended the Celaya farm-out agreement with Electrum Global. Gainey Capital signed a letter of intent for the purchase and processing of a bulk sample with Grupo Wolinak. Newcrest acquired interest in El Cobre project. Torex appointed CFO. Dyna Resources announced favorable decision on its conflict with Goldgroup.

ON MEXICO ISSUES

  • Torex Gold Inc., clarified media misinformation regarding a land agreement with Real del Limon Ejido in Guerrero. The company confirmed a binding 30-year land lease agreement with the Ejido.

ON EXPLORATION

  • Aztec Minerals Corp., announced phase 1 drill results at its Cervantes project in Sonora. Significant drill results comprise 122m from surface of 0.60 g/t Au, including 62m of 0.88 g/t Au, and 170m from surface returning 0.42 g/t Au, including 32m of 0.87 g/t Au. This phase 1 drill program is focused on defining oxide gold mineralization in the upper 200m.
  • San Marco Resources Inc. , completed a 2km by 2.8 km grid IP survey at its 1068 porphyry copper, gold and molybdenum project in Sonora. This survey detected a 1.2 km by 1.3km chargeability anomaly which coincides with pervasive quartz-sericite-clay-pyrite ± iron oxide alteration previously mapped on surface.
  • Azure Minerals Limited, identified a 500m long by 250m wide strong zinc and lead soil anomaly at its Mina Blanca prospect within the Oposura project in Sonora and is coincident with high-grade mineralization from a rock sample collected in the Mina Blanca old working. Soil samples were tested with a portable XRF analyzer, with values reaching highs of 0.32% Zn and 0.15% Pb. The rock sample from the Mina Blanca old working returned 1.71 g/t Au, 1,600 g/t Ag, 4.6% Cu, 1.6% Pb, and 2.8% Zn. Azure announced further exploration plans, including drilling for its Oposura project.
  • Mammoth Resources Corp., announced results of two holes drilled at its Tenoriba project in Chihuahua in the Moreno and Masuparia areas. El Moreno area drill hole intercepted 7.2m of 0.23 g/t Au, 36 g/t Ag and 3.59 % Cu, while the Masuparia area hole returned 27m of 0.51 g/t Au from 28m depth, including 8.4m of 1.30 g/t Au, and 23.5m from 70m depth of 1.30 g/t Au, including 10m of 2.9 g/t Au and 5m of 4.9 g/t Au.
  • Golden Minerals Company, drilled 8 holes in its Mogotes project in Durango, with low grade gold mineralization intercepted on 2 holes. The epithermal system seems to be deeper than the surface geochemical values initially indicated. Additional mapping and sampling is ongoing in the northern portion of the property.
  • Defiance Silver Corp., carried out an IP survey at its San Acacio project in Zacatecas. The IP survey identified a 200m long by 300m wide target along the underexplored 900m Veta Grande vein, and requires an additional IP survey to close off the anomaly on the property. This undrilled target has the potential to host a virgin silver ore shoot at depth.
  • Advance Gold Corp., announced plans to carry out underground mapping & sampling at its Tabasquena mine in Zacatecas, along with an IP survey followed by a drill program. The aim of the IP survey is to delineate the veins and trace their extension along strike.
  • Almaden Minerals Ltd., intersected 10m of 2.1 g/t Au, including 2m of 8.2 g/t Au from a drill hole located approximately 1.2 km southeast of the PFS open pit at its Ixtaca project in Puebla.

ON MINING

  • Mexus Gold US.- restarted the pad leaching at its Santa Elena Mine in Sonora (Caborca), after fixing some recovery problems.
  • Goldgroup Mining Inc., presented its annual gold production for 2017 at Cerro Prieto Mine in Sonora. The company produced 4,670 Oz Au in Q4 for a total 2017 production of 14.7K Oz Au. Goldgroup also announced expansion plans for its mine, including the acquisition of an adjacent property to Cerro Prieto Mine, and expects to produce over 22K to 25K Oz Au in 2018.
  • Bacanora Minerals Ltd., reported positive economics and favourable operating cost of 35K tonnes per year battery grade lithium carbonate operation, confirmed in recently FS on its Sonora Lithium project, in Sonora. The company also secured access and surface rights agreements and the environmental permit for the construction of an open pit mine and large-scale processing plant in site.
  • Santacruz Silver Mining Inc., reported 85% progress of the mill expansion capacity to 750 tonnes per day on its Veta Grande Mine in Zacatecas. The mill expansion is being funded by Carrizal Mining S.A. de C.V.
  • Endeavour Silver Corp., reported 2017 financial results of its Mexican operations (six mines). The company produced 4.9M Oz Ag and 53K Oz Au during the year.
  • Golden Minerals Company, reported 2017 financial results from its Mexican operations.

ON FINANCING

  • Almaden Minerals Inc., announced a proposed private placement to raise $ 5.6M to continue drilling its El Cobre project in Veracruz. In addition, the company also announced a subscription agreement with Newcrest Mining ltd. for aggregate gross proceeds of $ CAD 19M. Newcrest will acquire an indirect interest of 19.9% in El Cobre project.
  • Azure Minerals Limited, secured an oversubscribed A$ 8.2M placement to advance its Sara Alicia and Oposura projects in Sonora, fund ongoing exploration activities and provide general working capital.

ON RESOURCES AND DEVELOPMENT

  • Santacruz Silver Mining Inc. announced an expansion to include 3,000m of underground additional drilling at the Armados vein to better delineate a mine plan at its Veta Grande Mine in Zacatecas. It also reported on the expansion of mill capacity, which is being funded by Carrizal Mining S.A. de C.V.
  • Mexican Gold Corp., revealed results from the resource expansion drilling program carried out at its Las Minas project in Veracruz. Significant results returned 38m of 4.5 g/t Au, 16 g/t Ag, and 3.3% Cu, confirming the continuity of the high-grade mineralization encountered in previous drill holes. This result will increase the tonnage and grade of the maiden mineral resource estimate.
  • Endeavour Silver Corp., announced a PFS at its Terroneras project in Jalisco, advancing the project towards a production decision, having received permits to build the mine and plant, and awaiting waste dump and tailings permits. It also completed a PEA at it’s the El Compas Mine in Zacatecas and has taken the decision to start the mine construction.

ON DEALS AND CORPORATE ISSUES

  • Excellon Resources Inc., announced an agreement with Hecla to toll mill sulphide ore from the San Sebastian Mine in Durango at its Miguel Auza processing plant in Zacatecas. The agreement envisages 400 tonnes per day or 12,000 tonnes per month to be milled at the plant.
  • Golden Minerals Co. extended an option to lease its oxide mill to Hecla for an additional period of up to two years in exchange for a $1 M cash payment and the purchase of $1M in shares. The company also amended the Celaya (in Guanajuato) farm-out agreement with Electrum Global Holdings LP., same that will earn and additional 20% interest in exchange of a $1M payment, with the possibility to increase its interest to 80% by spending an additional $2.5M.
  • Gainey Capital Corp., signed a letter of intent for the purchase and processing of a bulk sample with Grupo Wolinak.
  • Newcrest Mining Ltd., acquired indirect 19.9% interest in El Cobre project, in Veracruz, through the investment of $ CAD 19M.
  • Torex Gold Resources Inc., appointed CFO.
  • Dyna Resources Inc., announced a favorable decision from a US District Court Magistrate Judge on its conflict on San Jose de Gracia Mine in Sinaloa with Goldgroup Mining Inc.

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

On the picture below, chalcopyrite – magnetite mineralization on drill core from the Las Minas project in Veracruz State. Image from the March 3rd 2018, Mexican Gold Corp. press release.

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

By Jorge Cirett

During the 8th week of the year (February 19th to February 25th, 2018), at least 26 press releases were announced by companies working in Mexico, with five companies reporting quarterly and/or full year 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Azure is to continue drilling its Sara Alicia Au-Co-Zn project; Evrim described the Sarape low sulfidation project. ON MINING, five companies, Starcore, Osisko Gold Royalties, Alio Gold, Argonaut Gold and Great Panther presented production results for the quarter and/or full year 2017.  ON FINANCING, Torex Gold announced an over-allotment of shares, taking the gross proceeds of its last offering to C$63.32 M. Evrim is accelerating the exercise of warrants that could add to up to $2.94 M. ON RESOURCES AND DEVELOPMENT, Pan American, Avino Silver and Alamos Gold presented resource estimate updates for its operating units to the end of 2017. Southern Silver Exploration presented an updated mineral resource estimate for its Cerro Las Minitas property in Durango. Endeavour presented an update on development of its El Compas project in Zacatecas. Silver Bull disclosed drill results from its Sierra Mojada property in Coahuila. Almaden Minerals released more infill drill results from its Tuligtic project in Puebla. ON DEALS AND CORPORATE ISSUES, Leagold announced the proposed take-over of Brio Gold, which owns a mine in Brazil. Bacanora Minerals is in the paperwork to move from the Canadian TSX to the British AIM stock exchange. Coeur Mining signed a LOI with Evrim on the acquisition of the El Sarape project in Sonora. Oroco Resource acquired interest on three concessions surrounding the Santo Tomas deposit in Sinaloa.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Azure Minerals Ltd. intends to resume drilling within two weeks at the Sara Alicia project in Sonora. The mineralized zone consists of carbonate rocks intruded by a porphyry, forming a skarn horizon hosting massive and semi-massive sulfides with Au-Co grades. The mineralized body has a strong magnetic signature, extending for 300 m by 150 m and modelling of the magnetic data indicates a considerable vertical extent. The best intercept from the previous drilling was 26.2 m @ 9.5 g/t Au, 1.26% Co.
  • Evrim Resources Corp. described the Sarape project in Sonora, recently optioned to Coeur Mining Inc. There are two major veins, The Sarape vein is 6 km long and up to 12 m in width, while the Chiltepin vein measures 2.6 km in length and up to 3 m in width. The western part of both veins contains barren white quartz and calcite veins, whereas the eastern portion is composed by a separate phase of low temperature, tan green quartz that consistently assays from 0.10 to 0.36 g/t Au, peaking at 3.6 g/t Au. Neither vein has been drilled.

ON MINING

  • Starcore International Mines Ltd. released production results for Q3 2018, ended on January 31, 2018. During the period 65.6 K tonnes were milled @ 1.23 g/t Au, 16 g/t Ag, producing 2,405 AuEq Oz at its San Martin mine in Queretaro. Recoveries stood at 83.7% Au, 53.3% Ag. The Altiplano facility in Matehuala, San Luis Potosi, received 176 tonnes of concentrate containing about 222 Oz Au, 35,634 Oz Ag, and sold 269 Oz Au, 23,561 Oz Ag.
  • Osisko Gold Royalties Ltd. presented Q4 2017 and full year 2017 results. While not presenting numbers, it reports an offtake agreement on production from Gogold’s Parral project in Chihuahua.
  • Alio Gold Inc. provided its fourth quarter and year end 2017 results. During the year the San Francisco mine in Sonora produced 83,211 Oz Au, 38,911 Oz Ag, with 16,067 Oz Au, 7,873 Oz Ag produced during the fourth quarter 2017. At the Ana Paula project in Guerrero, Alio invested $17.3 M, with work ongoing for the definitive feasibility study (FS). Cash and cash equivalents by the end of 2017 amounted to $51.6 M, while working capital was $61.7 M.
  • Argonaut Gold Inc. announced its financial and operating results for the fourth quarter and full year 2017. At El Castillo in Durango, during the year 8.14 Mt (tonnes) of ore,10.4 Mt of waste were moved, for a 51 K tonnes per day (tpd) rate, with the ore grading 0.36 g/t Au to produce 59,000 Oz Au at cash cost $1,015 per sold Au Oz. At San Agustin in Durango, since starting commercial production in October 1, 939 Kt of ore @ 0.5 g/t Au and 404 Kt of waste were moved for a 15 K tpd operation, to produce 10,302 Oz Au, 45,100 Oz Ag at cash cost $385 per Au Oz sold. At La Colorada in Sonora 18.87 Mt of ore @ 0.54 g/t Au and 23.35 Mt of waste were moved at a 64 K tpd rate to produce 50,796 Oz Au, 174,330 Oz Ag at cash cost of $691 per Oz Au sold. During the fourth quarter $2.8 M of income tax was recovered. For 2018 the company expects to produce 165 K to 180 K AuEq Oz.
  • Great Panther Silver Ltd. reported financial results for 2017. Without disclosing production by unit, the Topia (Durango), San Ignacio (Guanajuato) and Guanajuato mine complex produced 1.98 M Oz Ag, 22,501 Oz Au at cash cost $5.76 per Ag Oz, cash cost of $12.11 per AgEq Oz and AISC of $15.07. Cash and short-term deposits at year-end were $56.9 M.

ON FINANCING

  • Torex Gold Resources Inc. issued as an over-allotment an additional 130,500 common shares on the previously announced offering, augmenting the aggregate gross proceeds to C$63.32 M.
  • Evrim Resources Corp. is accelerating the exercise date of the company’s common share purchase warrants date December 16, 2015. If all the remaining outstanding warrants were exercised, these would raise cash proceeds of $2.94 M.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. reported an update on development progress at El Compas project in Zacatecas. The plant refurbishment is 90% complete, mine power and mine portal infrastructure completed and only 100 m of development to reach the ore body. The plant design has been modified to increase capacity from 250 tonnes per day (tpd) to 325 tpd, with the mine plan expanded from 200 tpd to 250 tpd, with potential to go to 500 tpd. The improved operating metrics would take production to 1.175 M AuEq Oz per year, and needs an increase of only 13% on Capex.
  • Pan American Silver Corp. updated mineral reserves and resources, including figures for its properties in Mexico. Globally Pan American mined 30.6 M contained Ag Oz of its silver reserves, but replaced 33.2 M contained Ag Oz, to end 2017 with 288.4 M contained Ag Oz.Pan American REserves and Resources, 201711
  • Silver Bull Resources Inc. released results of seven drill holes targeting the Sulfide Zone under the oxide resource at its Sierra Mojada project in Coahuila. Significant results comprise 2 m @ 70 g/t Ag, 0.25% Cu; 2 m @ 1,300 g/t Ag, 13.5% Zn, 3.9% Cu, 2.9% Pb; 4 m @ 10 g/t Ag, 4.3% Zn; 6 m @ 5.8% Zn, 0.47% Cu; 6 m @ 802 g/t Ag, 5.9% Zn, 3.3% Cu, 0.5% Pb.
  • Avino Silver & Mines Ltd. completed an updated mineral resource estimate for the Avino property in Durango. This updated mineral resource estimate includes 34 drill holes that were completed during the drill programs from 2016 to 2017.Avino, Resource update, FEb. 20181
  • Alamos Gold Inc. reported updated mineral reserves and resources as Dec 31, 2017, including figures from its Mexican operations. The company has 5.07 M Oz Au in mineral reserves and resources in its Mexican projects, according to the table below. A total of $13 M and 41,500 m of drilling has been budgeted at Mulatos for exploration in 2018, with focus on Carricito.Alamos Gold Reserves and Resources 20171
  • Almaden Minerals Ltd. released drill results from the infill program at its Tuligtic project in Puebla. The holes were drilled beneath the proposed pit, which stresses the potential for expansion. Highlighted intervals comprise: 101.45 m @ 1.94 g/t Au, 13 g/t Ag, including 46.20 m @ 3.87 g/t Au, 15 g/t Ag, and 28.95 m @ 5.61 g/t Au, 20 g/t Ag, and 13.10 m @ 9.35 g/t Au, 25 g/t Ag; 53.90 m @ 0.48 g/t Au, 38 g/t Ag, including 12.00 m @ 3.60 g/t Au, 27 g/t Ag, and 5.00 m @ 7.91 g/t Au, 38 g/t Ag; 57.55 m @ 1.29 g/t Au, 23 g/t Ag, including 3.00 m @ 16.87 g/t Au, 38 g/t Ag.
  • Southern Silver Exploration Corp. filed a NI-43-101 compliant technical report on a mineral resource estimate for its Cerro Las Minitas project in Durango. The indicated resource on the Blind Zone, El Sol, Las Victorias and the Skarn Front zones add up to 10.13 Mt @ 102 g/t Ag, 0.10 g/t Au, 1.4% Pb, 3.6% Zn, 0.15% Cu, containing 33.35 M Oz Ag, 34 K Oz Au, 319 M Lb Pb, 813 M Lb Zn, 33 M Lb Cu. The inferred resource in the Blind, El Sol and Skarn Front zones add another 8.68 Mt @ 74 g/t Ag, 0.04 g/t Au, 0.7% Zn, 4.5% Zn, 0.15% Cu, containing 20.72 M Oz Ag, 12 K Oz Au, 131 M Lb Pb, 870 M Lb Zn, 29 M Lb Cu. The four separate mineral deposits form sets of sub-parallel steeply dipping mineralized zones extending more than 1,000 m along strike and up to 600 m depth.

ON DEALS AND CORPORATE ISSUES

  • Leagold Mining Corp. announced the proposed take-over bid on Brio Gold Inc. by Leagold will now be completed on a Brio board supported basis. “The total consideration to be paid by Leagold in exchange for all of the issued and outstanding Brio shares is approximately US$279M….”. The combined entity is expected to produce between 420,000 and 475,000 oz of gold in 2018 Brio’s shareholder meeting is expected to be held in April 2018 (Los Filos, Guerrero).
  • Bacanora Minerals Ltd. entered into an arrangement agreement to facilitate the Company’s proposed reorganization to effect a re-domicile to the United Kingdom as Bacanora UK on the AIM market of the London Stock Exchange. Upon listing Bacanora UK, Bacanora Canada intends to delist from the Toronto Stock Exchange.
  • Evrim Resources Corp. signed a letter of intent (LOI) with Coeur Mining Inc. on the Sarape epithermal Au-Ag project in Sonora. The transaction involves a US$100 K in cash upon signing a definitive agreement, a first-year commitment of US$500 K in exploration. Once those terms are completed Coeur can earn-in a 51% interest by producing a NI-43-101 preliminary economic analysis (PEA) on a minimum inferred resource of 1 M Oz AuEq. Coeur can elect to earn-in an additional 39% by delivering a NI-43-101 feasibility study (FS) on a minimum measured and indicated resource of 1 M Oz AuEq. From this point Coeur will pay US$100K per year until mining and construction permits are received, at which point Evrim can elect to participate on the JV with a 20% interest, or convert that interest to a 3% NSR, of which one third can be purchased by Evrim for US$2.0 M. Evrim will be the operator up to completion of the PEA, after which Coeur shall be the operator.
  • Oroco Resource Corp. acquired a 77.5% interest on La China II and Amp. Santo Tomás Reduccion 1 mineral concessions from Santo Tomas Metals S.A. de C.V., and a 77.5% interest in an application for the Papago 17 application from Ubaldo Trevizo Ledezma, in Sinaloa. The three properties add to 6,978 ha and abut and surround the Santo Tomás copper porphyry. Oroco acquired its interest on La China II by the payment of CDN$6,700 and its interest on AMP Santo Tomas Reduccion 1 with the payment of CDN$33,400. The latter concession has been cancelled, but it is deemed to be recoverable to good standing. The Papgo 17 concession interest was acquired by the payment of CDN$6,700 and the issuance of 2 M shares. All three concessions are subject to a 2% NSR. Oroco also holds a 13.6% and an option to acquire a further 6.4% equity interest in Altamura Copper Corp., a British company that acquired the Santo Tomas concessions, and is in negotiations to acquire the remaining Altamura shares (Note for clarity.-Altamura has an ownership legal dispute with a third party on the Santo Tomas concessions, where the known deposit is).

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

On the picture below, section on the San Rafael Mine, as seen at the museum of El Oro mining district in Estado de Mexico.

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

By Jorge Cirett

During the 6th week of the year (February 5th to February 11th, 2018), at least 30 press releases were announced by companies working in Mexico, with three companies reporting their Q4 and/or full year 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Silver Viper released drilling results from its Clemente project; Canuc Resources reported good surface sample results from its San Javier project; Centerra confirmed it explored two properties in the State during 2017. In Chihuahua VVC Exploration released drilling results from its Samalayuca copper project. In Coahuila, Discovery Metals intends to drill up to seven of its project in 2018. In Guanajuato, Vangold initiated work on a PEA on its Pinguico property. In Veracruz Almadex disclosed good Cu-Au results from drilling at El Cobre project; Mexican Gold begun its 2018 drilling at Las Minas. ON MINING, Three companies, US Antimony, Maverix Metals and Coeur Mining presented production results for the fourth quarter and/or full year 2017. Auxico Resources disclosed metallurgical results from its properties in Sinaloa. Maverix Metals presented royalty earnings from its Mexican contracts. Torex Gold continues to ramp-up operations after the termination of the illegal blockade it was subject to on its El Limon – Guajes mine in Guerrero.  ON FINANCING, Three companies announced the opening and/or closing of financial rounds: Torex Gold C$61.7 M, Advance Gold $190 K, Colibri Resource CAD$1 M. ON RESOURCES AND DEVELOPMENT, Kootenay Silver released surface sample assays and from its La Cigarra property in Chihuahua, and drilling results by Pan American on its La Negra discovery in Sonora. Avino Silver released drilling results from several target areas on the Avino property in Durango. Hecla Miing reported an updated mineral reserve and resource estimate for its San Sebastian property in Durango. Endeavour Silver reported updated mineral reserve and resource estimates for six of its properties in Mexico. ON DEALS AND CORPORATE ISSUES, Silver Viper signed a LOI with Pan American Silver on the extended land package of the La Virginia property in Sonora. Evrim Resources acquired more ground on the Cuale project in Jalisco by optioning and staking. Coeur Mining announced two board changes, including the appointment of Eduardo Luna. Wolverine Minerals Corp. intends to proceed to a name change to Aloro Mining Corp.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Discovery Metals Corp. announced an exploration budget for 2018 of C$5.2 M to do geological mapping, geochemical sampling, geophysics and first stage drilling of up to seven of its projects. At Puerto Rico in Coahuila, mapping and sampling programs, including rehabilitation of underground workings, are underway. At La Kika, also in Coahuila, 20 holes have been completed by drilling 750 m since late December 2017, focusing in high-grade Ag-Pb-Zn mineralization in mantos and a prominent breccia zone. At Minerva, in Coahuila, mapping and sampling will be followed by drilling in Q2, in a property that exhibits porphyry characteristics, transitional to skarn and CRD mineralization. At Monclova, in Coahuila, the skarn/CRD property will be mapped and sampled prior to drilling in Q2. Further work for 2018 includes mapping and sampling in Q3 of the early stage Jemi, Renata and Santa Rosa projects.
  • Silver Viper Minerals Corp. released results from drilling at its Clemente project in Sonora. Relevant core length results comprise 1.2 m @ 30 g/t Ag, 0.2% Pb+Zn; 0.7 m @ 827 g/t Ag, 0.23 g/t Au, 0.37% Cu, 1.6% Pb, 1.4% Zn; 0.5 m @ 24 g/t Ag, 0.12 g/t Au, 0.7% Pb, 1.5% Zn; 4.0 m @ 15 g/t Ag, 0.3% Pb, 2.6% Zn; 3.2 m @ 16 g/t Ag, 0.2% Pb, 2.2% Zn.
  • Mexican Gold Corp. has begun the 2018 drilling program at its Las Minas project in Veracruz. The 3,000 m program will focus on resource expansion as well as exploration drilling on El Dorado Dike contact, El Dorado Juan Bran, Santa Cruz, Nopaltepec, Cinco Señores and Las Minillas zones.
  • Vangold Mining Corp. has initiated a resource valuation and a preliminary economic assessment (PEA) on its El Pinguico project in Guanajuato. Drilling commenced on mid-January, with three of the 17 drill holes planned completed to date. The holes have intersected the underground stockpile (backfill) with an average recovery of 70% on the entire length and 43% on the broken material filling the old stopes.
  • Canuc Resources Corp. reported surface rock sample results from the Carranza and Lydia zones of its San Javier project in Sonora. At Lydia two lines of samples 40 m apart were collected perpendicular to the trend of the breccias, with one line returning 10 m @ 210 g/t Ag, 5.0 g/t Au and the other returning two separate intervals of 4.0 m @ 244 g/t Ag, 2.27 g/t Au; 99 g/t Ag, 0.36 g/t Au. At Carranza, 4.0 m averaged 100 g/t Ag, anomalous Au, and a second 6 m interval 25 m to the south averaged 162 g/t Ag, 0.83 g/t Au.
  • VVC Exploration Corp. released drilling results from its stratiform copper Samalayuca project in Chihuahua. At la Gloria zone, shallow core length intervals comprise: 7 m @ 0.46% Cu; 12 m @ 0.56% Cu; 10 m @ 0.67% Cu; 5 m @ 0.95% Cu. At Extensión La Gloria zone: 27 m @ 0.51% Cu; 51 m @ 0.36% Cu.
  • Centerra Gold Inc. released an update on its global exploration activities, which includes two Mexican plays. Both properties are explored for orogenic gold mineralization in Sonora: La Glor, explored with Riverside Resources Inc. and La Navidad project, explored along with Millrock Resources Inc.
  • Almadex Minerals Ltd. disclosed assays from the last two holes drilled on 2017 in the Raya Tembrillo and Porvenir zones of its El Cobre property in Veracruz. At Villa Rica, core length intervals intercepted 20.07 m @ 0.31 g/t Au, 0.03% Cu; 120.0 m @ 0.08 g/t Au, 0.37% Cu, including 58.0 m @ 0.15 g/t Au, 0.64% Cu (which include 38.0 m @ 0.16 g/t Au, 0.93% Cu). At Porvenir results comprise 64.5 m @ 0.37 g/t Au, 0.21% Cu (including 40.25 m @ 0.50 g/t Au, 0.25% Cu), 26.0 m @ 0.85 g/t Au, 0.27% Cu.

ON MINING

  • United States Antimony Corp. announced the sale of 76.9 K Lb Sb and 212.8 K Lb Sb during December 2017 and January 2018 respectively. Construction of the pilot cyanide leach circuit at the Puerto Blanco mill for the leaching of the Los Juarez gold and silver tailings continues making progress. Plans are to ramp up production to the mill’s 100 tpd capacity, and then increase production to 400 tpd.
  • Auxico Resources Canada Inc. announced results from innovative metallurgical testing conducted on its Aguamas and Campanillas projects in Sinaloa. The tests conducted on gravity concentrates showed recoveries of over 98% Au and 87% Ag within the same leach. These tests have been conducted over the last year using a mix of acids composed of sulfuric acid and thioria. The extraction (less than one hour) is accelerated by the use of ultrasound technology and the process uses no external heat or pressure.
  • Maverix Metals Inc. announced fourth quarter 2017 and full year production, including figures from La Colorada mine in Zacatecas. On La Colorada, Pan American Silver Corp. reported gold production of 1,258 ounces in Q4 2017 and 4,287 ounces for the full year 2017 at the La Colorada mine. Maverix has the right to purchase 100% of the payable gold production from La Colorada at the lesser of US$650/oz and the prevailing market price.
  • Torex Gold Resources Inc. informed that the processing plant continues to process 10 – 13 K tonnes per day (tpd) at its El Limon –Guajes mine in Guerrero. Recoveries have been approximately 85%, and grades close to 3 grams per tonne, with ore being processed from all three open pits, El Limon, Guajes, and El Limon Sur. At the January 30th meeting to set a date for the union selection vote, the Labour Board agreed on a meeting on February 13th, to set the date for the union selection vote. According to the company, the operations continue to ramp up with excellent support from local communities, unionized employees, staff employees, and contractors.
  • Coeur Mining Inc. reported fourth quarter and full year 2017 results, including figures from its Mexican operations. For the full year 2017, at Palmarejo in Chihuahua, 1.5 M tons were milled @ 169 g/t Ag, 2.89 g/t Au, recovering 86.0% Ag, 90.0% Au to produce 7.24 M Oz Ag, 121,569 Oz Au. The exploration expense at Palmarejo was $11.9 M in 2017, following the discovery of several new veins. Mining is now at a steady rate of approximately 4,500 tons per day.

ON FINANCING

  • Torex Gold Resources Inc. closed its previously announced bought deal financing for gross proceeds of C$61.7 M. “The net proceeds of the Offering will be used to fund and provide liquidity for its working capital obligations during the re-start and ramp-up of the ELG Mine Complex, as required….”. Cash reserves, prior to the close of the Offering, were US$64 M including US$14 M set aside for reclamation obligations (El Limon-Guajes, Guerrero).
  • Advance Gold Corp. closed its private placement financing for gross proceeds of $190 K (Tabasqueña, Zacatecas).
  • Colibri Resource Corp. is to proceed with a non-brokered private placement intending to raise up to CAD$1 M in gross proceeds. The funds are to be used on the drilling of it’s El Pilar project in Sonora.

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc. released the results of the final 10 holes from the 2017 infill drilling campaign by Pan American Silver Corp. at the La Negra zone on the Promontorio project in Sonora. Drill highlights comprise: 50.65 m @ 136 g/t Ag, including 1.05 m @ 1,625 g/t Ag; 49.15 m @ 247 g/t Ag, including 14.55 m @ 515 g/t Ag; 59.20 m @ 237 g/t Ag, including 5.15 m @ 1,161 g/t Ag; 56.05 m @ 93 g/t Ag, including 10.30 m @ 309 g/t Ag; 11.05 m @ 106 g/t Ag; 95.85 m @ 79 g/t Ag, including 7.20 m @ 434 g/t Ag. The 2018 drill program is anticipated to developing drill targets outside of the La Negra discovery.
  • Avino Silver & Gold Mines Ltd. announced results from 19 holes on the Chirumbo, Guadalupe and San Juventino areas of the main Avino mine in the Avino property in Durango. The Chirumbo area is at the East of the Avino vein, with the holes intercepting several structures with results like 7.05 m @ 1.47 g/t Au, 27 g/t Ag; 8.85 m @ 0.80 g/t Au, 18 g/t Ag, 0.24% Cu; 5.50 m @ 5.18 g/t Au, 7 g/t Ag, 0.12% Cu; 21.3 m @ 0.22 g/t Au, 31 g/t Ag, 0.33% Cu; 5.80 m @ 4.75 g/t Au, 55 g/t Ag, 0.84% Cu; 18.45 m @ 82 g/t Ag; 39.35 m @ 0.24 g/t Au, 33 g/t Ag, 0.50% Cu; 38.95 m @ 15 g/t Ag, 0.31% Cu; 29.50 m @ 0.22 g/t Au, 37 g/t Ag, 0.72% Cu. Seven more holes at the Guadalupe vein, west of the Gonzalo vein, returned 3.55 m @ 2.29 g/t Au, 18 g/t Ag; 9.20 m @ 1.28 g/t Au, 89 g/t Ag, 0.88% Cu. At the intersection of the Avino-San Juventino and the Footwall breccia intersect, five holes were drilled returning 10.05 m @ 0.22 g/t Au, 88 g/t Ag; 17.65 m @ 0.16 g/t Au, 58 g/t Ag, 0.26% Cu; 12.40 m @ 0.17 g/t Au, 65 g/t Ag, 0.31% Cu; 21.05 m @ 19 g/t Ag, 0.21% Cu; 13.05 m @ 0.18 g/t Au, 53 g/t Ag; 16.00 m @ 0.89 g/t Au, 37 g/t Ag, 0.12% Cu; 7.65 m @ 0.16 g/t Au, 36 g/t Ag, 0.29% Cu; 23.75 m @ 0.070 g/t Au, 12 g/t Ag, 0.2% Cu.
  • Kootenay Silver Inc. released surface sample results from a new area with multi-gram gold and silver mineralization at its La Cigarra project in Chihuahua. “Gold mineralization has been traced by prospecting, mapping and sampling along mineralized structures within a broad area measuring 500 by 1000 meters. The gold trend is open on strike in both directions.” Highlighted grab and panel sample results comprise: 10.85 g/t Au, 179 g/t Ag, 7.8% Pb, 1.3% Zn; 4.59 g/t Au, 159 g/t Ag, 4.6% Pb, 0.3% Zn; 4.24 g/t Au, 81 g/t Ag, 4.3% Pb, 2.7% Zn; 12.35 g/t Au, 80 g/t Ag, 5.4% Pb, 0.7% Zn; 7.39 g/t Au, 64 g/t Ag, 5.0% Pb, 0.5% Zn; 5.41 g/t Au, 89 g/t Ag, 7.1% Pb, 0.2% Zn; 4.7 g/t Au, 33 g/t Ag, 3.1% Pb, 0.5% Zn; 4.63 g/t Au, 89 g/t Ag, 5.8% Pb, 0.5% Zn; 3.66 g/t Au, 28 g/t Ag, 3.2% Pb, 0.4% Zn.
  • Hecla Mining Co. reported updated mineral reserve and resources, including figures for its San Sebastian property in Durango. Proven and probable reserves in this property comprise 398 K tons @ 432 g/t Ag, 3.11 g/t Au containing 5.52 M Oz Ag, 43 K Oz Au. Measured and indicated resources stand at 1.5 M tons @ 175 g/t Ag, 2.25 g/t Au, 2.9% Pb, 3.8% Zn, 1.7% Cu, containing 8.8 M Oz Ag, 103 K Oz Au, 15,520 tons Pb, 20,350 tons Zn, 9,020 tons Cu. Inferred resources hold 2.9 M tonnes @ 166 g/t Ag, 0.96 g/t Au, 1.8% Pb, 2.5% Zn, 1.5% Cu containing 15.98 M Oz Ag,95 K Oz Au, 23,660 tones Pb, 23,770 tons Zn, 19,520 tons Cu.
  • Endeavour Silver Corp. reported updated mineral resources estimates for its operations in Mexico. Proven and probable mineral reserves on its Guanacevi (Durango), Bolañitos (Guanajuato), El Cubo (Guanajuato) and Terronera (Jalisco) properties amount to 5.27 M tonnes @ 198 g/t Ag, 1.86 g/t Ag; measured and indicated resources in these units and El Compas (Zacatecas), Guadalupe y Calvo (Chihuahua) and Parral (Chihuahua) amount to 5.12 M tonnes @ 192 g/t Ag, 1.90 g/t Au, while indicated resources for all units comprise 6.63 M tonnes @ 227 g/t Ag, 1.23 g/t Au. Indicated mineral resources with base metals on Guanacevi and Parral amount to 1.99 M tonnes @ 78 g/t Ag, 0.26 g/t Au, 0.78% Pb, 1.32% Zn, and inferred resources comprise 1.79 M tonnes @ 82 g/t Ag, 0.68 g/t Au, 2.23% Pb, 2.35% Zn. Reserves and measured and indicated resources add to 70.1 M Oz Ag, 362,900 Oz Au, while inferred resources hold 53.1 M Oz Ag, 300,800 Oz Au

ON DEALS AND CORPORATE ISSUES

  • Silver Viper Minerals Corp. signed a non-binding letter of intent (LOI) with Pan American Silver Corp. to acquire the La Virgina project in Sonora. The project consists of three concessions totaling 35,598 hectares near the border with Chihuahua. The LOI, combined with a LOI signed in December 2017 with the claim owners will restore all the original land holdings into a single exploration property. Silver Viper can acquire 100% ownership in return for a 2% net smelter return royalty over the entirety of Silver Viper’s consolidated La Virginia project. Past drilling includes 52,635.45 m in 188 holes, besides mapping and geochemistry of the property. Mineralization is characterized by low sulfidation epithermal gold-silver bearing quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes.
  • Evrim Resources Corp. announced the acquisition of 50 square Km of prospective land adjacent to its Cuale prospect in Jalisco. The area immediately to the west and north of the claim group was staked, expanding the total project area to 147 Km. The high temperature footprint supported by Terraspec clay mineral identification has been extended to an area of 2.3 by 2.2 Km.
  • Coeur Mining Inc. announced the appointment of Eduardo Luna and Jessica L. McDonald to the board of directors. “Mr. Luna has spent over forty years in the precious metals mining industry and has held prior senior executive and board positions at several companies including Industrial Peñoles, Goldcorp Inc., Luismin SA de CV, Wheaton River Minerals Ltd., Alamos Gold Inc., and Primero Mining Corp. …”.” Ms. McDonald has extensive leadership experience in both the public and private sectors….” (Palmarejo, Chihuahua).
  • Wolverine Minerals Corp. intends to proceed to a name change to Aloro Mining Corp. (Los Venados, Sonora).
  • Primero Mining Corp. is to hold a special meeting of its shareholders and a meeting of holders to consider the proposed plan whereby First Majestic Silver Corp. will acquire all of the outstanding shares of Primero (San Dimas, Durango).

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

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Highlights on the Third Week of December, 2017. Mineral Exploration in Mexico

During the 51st week of the year (December 18th to December 24th, 2017), at least 17 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. ON EXPLORATION: two press releases from companies working in Mexico informed on exploration efforts during the week: In Chihuahua Radius Gold released good rock chip results from its Amalia project. In Sinaloa Gainey Capital is exploring the La Minita porphyry copper style property.  ON MINING: Great Panther announced government authorization for the construction of a second tailings storage facility at its Topia mine in Durango. Mexus Gold produced gold with a Merrill Crowe system installed at its Santa Elena mine in Sonora. Americas Silver announced the San Rafael mine at its Cosala complex is now on commercial production. ON FINANCING: Telson Resources entered into a US$15 M loan with Trafigura. SilverCrest completed a bought deal private placement for $10 M. Primero Mining agreed on an extension to its revolving credit facility. Torex Gold received a waiver to lower the threshold in the credit agreement from $50 M to $30 M. ON RESOURCES AND DEVELOPMENT: In Sonora, Oceanus Resources presented an update on the drilling of its El Tigre property. In Chihuahua, Consolidated Zinc announced the interception of massive sulfides on the Tres Amigos zone of its Plomosas property. In Puebla, Almaden released new results from follow-up  drilling at its Tuligtic property.  In Guerrero, Alio Gold provided the final results of the confirmation drilling at its Ana Paula project. ON DEALS AND CORPORATE ISSUES, Torex Gold suspended its workforce employment contracts on the basis of the illegal blockade that has halted all operations since November 3rd at its El Limon-Guajes mine in Guerrero. The company has made a call to the relevant authorities to remove the illegal blockade (which seems to have fallen on deaf ears). Orex Minerals, Canasil Resources and Pan American Silver signed an agreement to advance the Sandra Escobar project in Durango, same that includes provisions for Pan American participation on the discovery. Gainey Capital signed a LOI to acquire the La Minita property in Sinaloa. Marlin Gold can now spin-off its subsidiary Sailfish Royalty. Vangold is acquiring the San Carlos claim in Guanajuato, adjacent to its Pinguico property. Americas Silver agreed with Hochschild to amend the payment schedule on the acquisition of the San Felipe project in Sonora.

ON MEXICO ISSUES

  • On the Torex Gold El Limon – Guajes mine illegal blockade in Guerrero (Editor’s comment). The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. The Los Mineros Union is clearly trying to extortionate Torex with an illegal blockade to obtain the Union contract at the site, and delaying the date for a formal voting process that the company has vowed to respect.

ON EXPLORATION

  • Radius Gold Inc. released rock sampling results from its Amalia project in Chihuahua. A new discovery in the San Pedro area returned 13 m @ 2.51 g/t Au, 164 g/t Ag in a continuous chip sample (10 individual samples), while new sampling 50 m above and along strike the Guadalupe zone returned 8 m @ 0.21 g/t Au, 264 g/t Ag. At the Campamento zone a 500×700 m zone of intense silicification and brecciation with massive and stockwork veining is interpreted as high level mineralization. On lower parts of the property sulfide rich fault breccias are hosted in andesites, where mineralization is narrower and higher grade. Epithermal Au-Ag mineralization occurs along 3.5 Km on strike and 600 m of vertical interval. Drill permitting documentation has been submitted.
  • Gainey Capital Corp. signed a LOI to acquire the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa. A series of NW trending shears host porphyry mineralization associated with intermediate and felsic dikes, which are more than 300 m in length and up to 10 m in width. Fine grained sericitic alteration, silicification, quartz stockworks and copper sulfides (bornite, chalcopyrite) as disseminations and veins occur in prospect pits by gambusinos.

ON MINING

  • Great Panther Silver Ltd. announced that SEMARNAT granted all permits for construction and operation of the new phase II tailings storage facility at its Topia mine in Durango.
  • Mexus Gold US informed that it has produced gold with the installed Merrill Crowe system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). The Merrill Crowe system will continue to be tested until the end of the year, as mine site security is upgraded before full production begins.
  • Americas Silver Corp. announced that the San Rafael mine at the company’s Cosalá operations in Sinaloa is now in commercial production, as of December 19, 2017. Mine production is currently averaging 1,200 tonnes per day (tpd) and increasing.

ON FINANCING

  • Telson Resources Inc. entered into a loan facility and offtake agreement with Trafigura Mexico, S.A. de C.V., to sell 100% of the Pb-Zn concentrate produced at the Tahuehueto mine from January 2018 to December 2022. Trafigura provided Telson with with a US$15 M credit facility deliverable on three tranches: First tranche of US$7.5 M already received; Second tranche of US$5 M, 4 – 6 Months from signing; Third tranche US$2.5 M, 6 – 9 months of signing.
  • SilverCrest Metals Inc. completed the bought deal private placement previously announced, for gross proceeds of $10 M. The company paid a cash commission of $568 K on the proceeds of the offering.
  • Primero Mining Corp. agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. to January 11, 2018. Primero is considering the divestiture of its San Dimas mine in Durango.
  • Torex Gold Resources Inc. has received a waiver by BNP Paribas on behalf of the lenders to lower the covenant threshold in the credit agreement from $50 M to $30 M until January 31, 2018.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. provided the final results from the 2,000 m drill program to twin previous drill holes within the pre-feasibility pit for metallurgical test at its Ana Paula project in Guerrero. Highlighted intervals comprise: 112.0 m @ 3.85 g/t Au; 33.1 m @ 7.07 g/t Au; 54.6 m @ 7.19 g/t Au. Alio is now to test the extension of the breccia zone below the proposed pit, with a 4,000 m program, commencing in January.
  • Almaden Minerals Ltd. provided assay results from a follow-up drilling in an upper portion of the pre-feasibility pit on its Tuligtic property in Puebla. Highlighted drill intercepts comprise: 46.0 m @ 0.74 g/t Au, 26 g/t Ag; 24.0 m @ 0.62 g/t Au, 15 g/t Ag; 16.5 m @ 0.56 g/t Au, 10 g/t Ag; 50.5 m @ 0.73 g/t Au, 11 g/t Ag (including 10.5 m @ 2.45 g/t Au, 24 g/t Ag); 13.15 m @ 0.70 g/t Au, 8 g/t Ag; 32.0 m 0.82 g/t Au, 25 g/t Ag; 14.7 m @ 0.91 g/t Au, 27 g/t Ag; 10.25 m @ 1.16 g/t Au, 26 g/t Ag.
  • Consolidated Zinc Ltd. announced that drilling on the Tres Amigos North zone intersected 5.60 m and 4.35 m respectively of massive sulfides. “Assays are pending but visual analysis shows mineralisation comprises banded textured massive sulphides with very fine to fine-grained pyrite overprinted by coarse-grained yellow to reddish sphalerite and minor galena associated with carbonates”. Results are pending.
  • Oceanus Resources Corp. completed the fall 2017 drill program which comprised 600 m of diamond drilling to define the strike and dip of the high-grade Caleigh vein and the low-grade alteration zone in the hanging wall. Assays for the last six holes are pending, and expected to be released in January 2018. Work during Q1 2018 is to focus in locating and defining other high-grade vein systems in the property, and begin to look for mineralization on the favorable El Tigre formation over a distance of 5 km.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. informed it has suspended the employment contracts of its workforce in Mexico, a direct result of an illegal blockade at its El Limon-Guajes mine in Guerrero. The blockade by the Los Mineros Union, “an outside union that wants to take over representation of the employees who already have a union. Since the blockade began, on November 3, 2017, the Company has continued to pay its workforce, except for the minority that have participated in the illegal blockade”. Torex has made a call to the relevant authorities to remove the illegal blockade, as they have committed to do, and restore the rule of law. The company is willing to work with the Union the employees select, but it is essential the illegal blockade is lifted to resume work after Christmas. The company stresses that “The risk of violent confrontation continues to escalate and we urge the authorities to restore law and order and diffuse the tensions, so that employees of the Company, contractors, and suppliers, can go back to work and provide for their families.”
  • Orex Minerals Inc. signed a non-binding agreement with Canasil Resources Inc. and Pan American Silver Corp. to advance exploration in the Sandra Escobar mining camp in Durango. Under the terms of the LOI (Letter of Intention) the Orex (55%)-Canasil (45%) JV is to grant Pan American a 10% interest in the Sandra property, with the opportunity for Pan American in the next four years to earn-in an additional 41% in the Sandra property by contributing US$5 M toward the operations of both properties, with US$2 M required during the first two years. If Pan American elects not to continue during the earn-in period, the initial 10% will revert back to the Orex-Cansil JV. If Pan American chooses to further advance the properties by completing a pre-feasibility study, it will retain a 60% interest and the Orex-Canasil JV 40%.
  • Gainey Capital Corp. signed a LOI with Asteria Mining Services S.A.P.I. de C.V. to acquire 100% of the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa.
  • Marlin Gold Mining Ltd. obtained a final order from the Supreme Court of British Columbia to implement the company’s previously announced plan of arrangement to reorganize its business, including the spin-off of its subsidiary Sailfish Royalty Corp.
  • Vangold Mining Corp. entered into an acquisition agreement for a 100% interest on the San Carlos claim, in Guanajuato. The aggregate purchase price of $CDN425 K is to be paid through the issuance of CDN$350 K in Vangold shares and the remaining CDN$75 K will be paid in cash. The San Carlos property is close to Vangold’s El Pinguico and Patito I & II mineral claims.
  • Americas Silver Corp. agreed with Minera Hochschild to amend the timing of payment under its option agreement on the San Felipe project in Sonora. The total consideration for a 100% interest in the property is US$15 M in cash (plus VAT), of which US$7 M were paid in March, US$500 K are to be paid on January 2018, US$500 K on April 2018, US$1 M on July 2018 and US$6 M on December 2018.

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

On the picture below, Fault slickensides on quartzite, Durango. Photo by Jorge Cirett.

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Highlights on the Second Week of December, 2017. Mineral Exploration in Mexico

During the 50th week of the year (December 11th to December 17th, 2017), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: The workers of the El Limon-Guajes mine in Guerrero voted for returning to work, in a poll sponsored by the company to show the government the worker’s support. The Federal and State authorities keep dragging their feet to end the illegal blockade that has lasted for six weeks now. ON EXPLORATION: six press releases from companies working in Mexico informed on exploration efforts during the week: In Sonora Riverside informed partner Centerra Gold commenced a drill program on its Glor project. Colibri Resource released drill intercepts by Agnico Eagle in its JV Pitaya project. Azure Minerals confirmed extensive high-grade Zn-Pb intersections on its drilling at Oposura; In Chihuahua, Harvest Gold is seeking the permit for drilling at Cerro Cascaron; In Sinaloa, Chesapeake Gold informed on drill results at its Yareli project; In Veracruz, Almadex presented high-grade Cu-Au intersection on its El Cobre project.  ON MINING: Torex Gold informed that a majority of its workers voted to end the illegal blockade to its Limon-Guajes mine in Guerrero. ON FINANCING: Silver Spruce is conducting a financing round in Hong Kong aiming to raise up to US $1.8 M (Pino de Plata, Chihuahua); Kootenay Silver closed the first tranche of its private non-brokered placement, for gross proceeds of $3.8 M; Mammoth Resources closed its private non-brokered placement for gross proceeds of $720 K; Bacanora Minerals informed that Next View Capital acquired 19.9% of the company, raising $C53.5 M; Primero Mining agreed on another revolving credit facility extension; Consolidated Zinc announced the commitment by investors to a placement for $1.96 M. ON RESOURCES AND DEVELOPMENT: In Veracruz, Mexican Gold presented further high-grade results from its drilling at Las Minas; In Puebla, Almaden Minerals completed a social impact assessment at its Ixtaca project. In Durango, Excellon commenced an extensive exploration program at its Platosa mine property. ON DEALS AND CORPORATE ISSUES, Silver Viper signed a LOI on the three core claims of the La Virginia project in Sonora; In Zacatecas, Santacruz Silver and the Contracuña companies amended the agreement on the purchase of the Veta Grande properties. Concurrently, Santacruz Silver and Carrizal Mining signed an agreement upon which Carrizal can obtain a 20% interest on the Veta Grande and other Zacatecas properties.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Colibri Resource Corp. announced drill results provided by its JV partner Agnico Eagle on its Pitaya project in Sonora. Highlighted intervals comprise 2.2 m @ 20.96 g/t Au, 57 g/t Ag; 20 m @ 0.42 g/t Au; 19.0 m @ 0.50 g/t Au; 32.1 m @ 0.45 g/t Au; 27.0 m @ 0.37 g/t Au, 65.0 m @ 0.30 g/t Au; 25.0 m @ 0.80 g/t Au; 37.1 m @ 0.55 g/t Au; 29.30 m @ 0.57 g/t Au. A total of 7,286 m in 26 drill holes have been sunk, drilling is still in progress.
  • Riverside Resources Inc. announced that partner, Centerra Gold Inc., commenced a 1,200 m drill program at the Glor project in Sonora. The diamond drill campaign is focusing on targets developed by detailed mapping, soil geochemistry, two ground magnetic surveys and an induced polarization survey.
  • Azure Minerals Ltd. confirmed extensive high-grade Zn-Pb at its Oposura project in Sonora. Highlights include intercepts of 17.35 m @ 3.7% Zn, 4.0 % Pb, 18 g/t Ag; 2.30 m @ 5.3% Zn, 3.9% Pb, 15 g/t Ag; 6.85 m @ 9.0% Zn, 4.0% Pb, 39 g/t Ag; 4.30 m @ 2.3% Zn, 1.1% Pb, 5 g/t Ag; 6.15 m @ 2.9% Zn, 2.6% Pb, 19 g/t Ag; 4.32 m @ 6.4% Zn, 5.0% Pb, 26 g/t Ag; 16.62 m @ 12.7% Zn, 5.5% Pb, 27 g/t Ag; 5.2 m @ 4.9% Zn, 3.1% Pb, 11 g/t Ag; 6.95 m @ 4.3% Zn, 1.2% Pb, 15 g/t Ag; 3.95 m @ 4.7% Zn, 5.3% Pb, 26 g/t Ag; 5.35 m @ 8.1% Zn, 4.7% Pb, 27 g/t Ag; 6.40 m @ 10.4% Zn, 5.9% Pb, 42 g/t Ag; 3.95 m @ 8.8% Zn, 5.9% Pb, 49 g/t Ag. Samples for 43 holes have been sent for analysis, with assays received for 19 of these holes. To date 62 holes have been drilled, for 3,661 m, with the second-half of the resource drill-out program progressing well.
  • Almadex Minerals Ltd. presented results from two more holes from the Raya Tembrillo area, which is the northern part of the Villa Rica zone of its El Cobre project in Veracruz. Drill core intercepts comprise 100.0 m @ 0.15 g/t Au, 0.67% Cu (including 48.0 m@ 0.29 g/t Au, 1.23% Cu) of chalcocite dominant enriched zone and 205.40 m @ 0.18 g/t Au, 0.20% Cu (including 82.0 m @ 0.20 g/t Au, 0.28% Cu) of hypogene mineralization in one hole; 20.0 m @ 0.34 g/t Au, 0.04% Cu in the gold zone, 94.0 m @ 0.07 g/t Au, 1.36% Cu (including 43.0 m @ 0.09 g/t Au, 2.45% Cu) in the enriched zone, and 58.0 m @ 0.18 g/t Au, 0.22% Cu in the hypogene zone.
  • Chesapeake Gold Corp. provided an update of phase 1 drilling and district wide exploration at its 72,000 hectare Yareli project in Sinaloa. At the Central prospect five core holes have been drilled with 1,200 m testing stockwork zones over one Km in length and quartz-calcite veins. Three holes demonstrated a zonation of shallow zinc (0.3%) to copper at depth (40-189 m of > 400 ppm Cu) in disseminated pyrite and veinlets with trace chalcopyrite. At the Central-Spaniard zone two holes intersected veins running 1.0 m @ 6.3 g/t Au, 969 g/t Ag, 0.5% Pb, 0.6% Zn and 5.1 m @ 0.6 g/t Au, 58 g/t Ag. At Loretos an ongoing drill hole has intersected over 100 m of feld-K alteration and silica flooded breccias cut by quartz veinlets with sulfides. At the Yasmin prospect geochemical sampling over an IP anomaly has returned 0.1 to 0.7 g/t Au in zones 5 to 30 m wide, while quartz veins returned 3.3 m @ 5.0 g/t Au, 179 g/t Ag; 3.0 m @ 4.2 g/t Au. At the Lucy prospect, channel sampling has returned 30 m @ 0.4 g/t Au, 12 g/t Ag, 3.7% Zn; 3 m @ 0.5 g/t Au, 24 g/t Ag, 5.5% Zn, 0.3% Cu.
  • Harvest Gold Corp. announced that the permitting process to drill its Cerro Cascaron project in Chihuahua is underway. The drill program includes up to 30 holes from 50 to 300 m in length in the 6,900 hectare project.

ON MINING

  • Torex Gold Resources Inc. reported that a majority of its employees have voted to return to work immediately. Torex organized an off-site vote on December 14 2017, for its 520 employees that are eligible to join a union. The purpose of the vote was to give union eligible employees an opportunity to speak for themselves in a safe and independent environment. “During the vote, unionized employees were asked if they wanted the illegal blockade lifted immediately so they can return to work. In the end, the vote was overwhelmingly (99%) in favour of lifting the blockade immediately. 274 of the 520 voters were able to attend and vote. The Company could not send buses to the communities that are behind the blockades. The Company believes the numbers able to attend the vote, would have been much higher if it were not for Los Mineros intimidation of local employees. An example of such intimidation was the stopping of a vehicle that was taking employees from behind the blockade to the vote. Employees on the vehicle were told to get out of the vehicle. They did, and walked home.”

ON FINANCING

  • Silver Spruce Resources Inc. received a financing mandate letter from Securities Ltd. a brokerage firm from Hong Kong, to provide up to US$1.8 M in gross proceeds. The agent will receive 10% of the capital raised by the agent and 1% of the capital raised by the company. Proceeds are to be used to fund the drill program at Pino de Plata, in Chihuahua, and for other ends.
  • Kootenay Silver Inc. has closed the initial tranche of its non-brokered private placement for gross proceeds of $3.9 M. Cash finder’s fee of $154.6 K have been paid (La Cigarra, Chihuhahua).
  • Mammoth Resources Corp. closed its previously announced non-brokered private placement, for gross proceeds of $720 K. The proceeds are to be used on drilling up to 3,000 m testing up to 24 targets along a 5 km trend of gold-silver mineralization on its Tenoriba project in Chihuahua.
  • Bacanora Minerals Ltd. announced that NextView Capital, a Chinese institutional fund management group focused on new technologies and energy, agreed to acquire 19.89% equity interest in Bacanora. The C$53.5 M raised by the placement will be used for the continued development of the Sonora Lithium project. Bacanora has agreed to supply 5 K tpa (tonnes per annum) of Li carbonate, with a firm commitment to supply 8 K tpa lithium carbonate during stage 2 and to supply a further 7 K tpa Li carbonate during stage 2.
  • Primero Mining Corp. agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp, from December 15 to December 22, 2017. This agreement provides the ability to continue negotiations surrounding its previously announced strategic review process and the possible divestiture of its San Dimas mine in Durango.
  • Consolidated Zinc Ltd. received commitments for a placement of $1.96 M from new and existing investors. The funds raised will be used to accelerate resource drilling that is currently underway in the Plomosas mine and several new areas (Plomosas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Corp. presented drill results from four more holes at its Las Minas project in Veracruz. The holes were testing the dike contact mineralized zones, intersecting 38.0 m @ 3.53 g/t Au, 6 g/t Ag, 1.5% Cu (including 14.0 m @ 2.00 g/t Au, 13 g/t Ag, 3.0% Cu); 44.0 m @ 1.71 g/t Au, 4 g/t Ag, 1.2% Cu (including 22.0 m @ 2.85 g/t Ag, 5 g/t Ag, 1.4% Cu); 30.0 m @ 0.72 g/t Au, 6 g/t Ag, 1.2% Cu (including 0.82 g/t Au, 7 g/t Ag, 1.6% Cu); 22.0 m @ 1.14 g/t Au, 6 g/t Ag, 1.2% Cu (including 4.0 m @ 4.2 g/t Au, 23 g/t Ag, 4.8% Cu).
  • Leagold Mining Corp. completed the Bermejal Underground drill program at the Los Filos mine in Guerrero. The program totaled 56,191 m in 111 holes. Highlights of 10 new holes comprise true width intercepts of 8.83 m @ 3.74 g/t Au, 16.02 m @ 7.25 g/t Au, 2.80 m @ 3.42 g/t Au in one hole; 2.22 m @ 5.90 g/t Au, 3.89 m @ 4.98 g/t Au, 0.94 m @ 19.55 g/t Au, 4.04 m @ 8.68 g/t Au in a second hole; 4.11 m @ 4.04 g/t Au, 8.02 m @ 3.53 g/t Au, 5.80 m @ 3.92 g/t Au, 2.46 m @ 23 .63 g/t Au in other hole; 7.44 m @ 9.96 g/t Au; 10.58 m @ 8.36 g/t Au; 3.29 m @ 14.73 g/t Au, 8.57 m @ 11.00 g/t Au, etc. “The Bermejal Underground deposit is at the northern end of a large intrusive body which has a total circumference of at least 15 kilometres, ….. mineralization extends approximately 1,600 metres along the strike of the intrusive contact and has a vertical depth extent of over 800 metres.”
  • Almaden Minerals Ltd. completed a social impact assessment (SIA) at its Ixtaca project in Puebla. The study was completed by GMI Consulting, a firm with extensive Mexican and International experience in human rights, environment and economics. This is the first time that such a study has been completed in the minerals industry in Mexico, as only the energy industry requires its filing for permitting. The report key points include: that Almaden Minerals consultation process complies with the Equator principles and international best practices and that Almaden has consulted widely within the Focus area communities, the Ixtaca project was understood, and that the SIA itself was successful in providing people with an opportunity to express their views on the impacts of the project.
  • Excellon Resources Inc. commenced an extensive surface exploration program on the 21,000 hectare Platosa property in Durango, targeting extensions to the Platosa mine and new manto and skarn discoveries. The program comprises an extensive soil program and induced polarization survey at developing targets, including Saltillera, Jaboncillo and San Gilberto as well as 30,000 m of diamond drilling. The drilling is focused on defining additional tonnage at the Platosa mine, finding new mineralization manto targets on the Platosa corridor, south of the Guadalupe South manto, and north of the Guadalupe North manto, manto targets defined by IP and gravity geophysics and skarn targets similar to Rincon (43.4 m @ 146 g/t Ag, 2.8% Pb, 1.9% zn, 0.22 g/t Au), which have been defined through reprocessing of IP, magnetics (ZTEM) and gravity geophysics,

ON DEALS AND CORPORATE ISSUES

  • Silver Viper Minerals Corp. signed a non-binding 120 days letter of intent (LOI) on three mineral concessions forming the core of the La Virginia gold-silver project in Sonora. Silver Viper can earn 100% ownership of the 2,102 hectare project by making cash payments totaling US$4.5 M in staged payments over a four year period as follows: First anniversary US$200 K, second anniversary US$500K, third anniversary US$1 M, fourth anniversary US$2.8 M. The company is to assume the claim taxes and maintenance costs, while owners retain a 2% NSR which might be purchased for US$2.0 M within 5 years of the effective date, or for US$3.0 M after that period. “La Virginia is characterized by laterally extensive epithermal style gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes….The largest historical workings, “La Virginia” and “Con Virginia” are still accessible and host mineralization ranging between one metre to greater than twenty metres in thickness.”
  • Santacruz Silver Mining Ltd. reached an agreement with the Contracuña group of companies to amend the terms of the option agreement to acquire 100% ownership of the Veta Grande project, including the Veta Grande mine and mill facilities as well as the Minillas property in Zacatecas. The amended payment schedule is as follows: US$500 K paid on December 13, 2017; US$500 K on December 2018; US$2.5 M on December 2019; US$2.5 M on December 2020; US$5 M on December 2021; US$4.5 M on December 2022. Contracuña keeps a 1% NSR that commences on December 2022, same that can be bought by US$ 1.5M.
  • Santacruz Silver Mining Ltd. concurrently with the above entered into a binding LOI with Carrizal Mining S.A. de C.V., pursuant to which Carrizal will acquire 20% working interest in the Veta Grande project, as well as the Zacatecas properties under option by Santacruz from Golden Minerals Company. Carrizal can earn in its 20% by funding 100% of the cost of the increase in capacity of the Veta Grande mill to 750 tpd, as well as providing drill rig and drilling materials to conduct exploration drill campaigns at the Veta Grande mine and Panuco deposit. In addition, Carrizal is providing a short-term working capital advance of US$500 K. Upon completion of the required earn-in expenditures a (20%) Carrizal and (80%) Santacruz joint venture will be formed.
  • Canasil Resources Inc.’s have approved a plan of arrangement to segregate its British Columbia properties (Esperanza, Zacatecas).

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

On the picture below, Fault scarp on quartzite, Durango. Photo by Jorge Cirett.

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Magellan Completes Purchase of SDA Mill, Mexico

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Magellan Gold Corporation (OTCQB: MAGE) (Magellan” or “the Company”) is pleased to announce that on November 30, 2017, it completed the purchase of the SDA Mill, Nayarit State, Mexico, from Rose Petroleum plc (AIM: ROSE).

Total consideration for the purchase of the SDA Mill was US$1.5 million, consisting of $1.0 million in cash and $500,000 in Magellan stock, of which $100,000 in cash was paid in June 2017. In August 2017, Magellan arranged $900,000 in bridge loans in support of the purchase.