Highlights on the First Week of June, 2017. Mineral Exploration in Mexico

During the 22nd week of the year (May 28th to June 4th, 2017), at least 25 press releases were announced by companies working in Mexico. ON EXPLORATION, in Sonora Canuc signed an agreement with the San Javier ejido, Riverside regained control of the Thor copper project and San Marco Resources started drilling the Chunibas project. Prospero Silver is to drill test its Santa Maria project in Durango and the Petate and Pachuca Southeast projects in Hidalgo. Vangold is acquiring three properties in Guanajuato and Queretaro. Kootenay completed three holes at La Cigarra in Chihuahua. Mexican Gold is obtaining high grade gold results on the recently acquired properties in Las Minas, Veracruz.  ON MINING, Santacruz, Impact and Marlin reported Q1 2017 operating and financial results. Starcore presented Q4 2017. Great Panther commissioned the refurbished processing plant at Topia, in Durango. Mexus has a new crusher for its Santa Elena mine in Sonora. ON FINANCING, Osisko invested $3.3 M in Minera Alamos, Sonoro received the balance of the $4 M for the sale of La Chipriona in Sonora, and Torex signed a secured $400 M debt facility. ON RESOURCES AND DEVELOPMENT, Avino filed the PEA of its Avino property at SEDAR. Americas Silver is confirming and extending mineralization at its Cosala property in Sinaloa. Consolidated Zinc presented the over-limits results from drilling at Plomosas, Chihuahua. ON DEALS AND CORPORATE ISSUES, Vangold is acquiring seven claims in Guanajuato and Queretaro. Magellan made an extension payment on a MOU to acquire a flotation plant in Nayarit.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Canuc Resources Corp. announced the signing of a surface use agreement with the San Javier ejido at its San Javier project in Sonora. “The Agreement calls for exploration on 300 hectares of land and also provides binding terms for exploitation (mining) on an area of up to 1,000 hectares. The Agreement requires Canuc to pay $35,000 USD per year during exploration activities and up to $135,000 USD per year during the exploitation phase. The Agreement is binding and has a 25 year term with an additional 5 years provided under Agrarian Laws.”
  • Prospero Silver Corp. has appointed a drilling contractor for its 6,000 m program in late June, which is to cover three projects: Santa Maria del Oro, in Durango; Petate in Hidalgo; and Pachuca Southeast in Hidalgo.
  • Vangold Mining Corp. has entered into agreements to acquire seven mining claims that cover the Patitos, Analy and El Ruso prospects in Guanajuato and Queretaro. The sevcen claims totaling 2,798 hectares have high grade assay results on sampling by the vendors.
  • Kootenay Silver Inc. has completed the first three holes of a 7,500 m core drilling campaign at its La Cigarra property in Chihuahua. Drilling continues on the eastern part of Las Venadas zone, which currently is 400 x 200 m in size. Rock sample results have grade up to 482 g/t Ag in this area.
  • Mexican Gold Corp. reported rock sampling results on its recently acquired Pueblo Nuevo concession adjacent to its Las Minas project in Veracruz. The sampling was carried out on the Tamiagua 1 and 2 veins and on the Dos Rios vein. Results include 0.25 m @ 24.8 g/t Au, 0.22 m @ 23.4 g/t Au; 0.25 m @ 9.5 g/t Au; 0.2 m @ 13.5 g/t Au; 0.5 m @ 5.9 g/t Au; 0.4 m @ 4.9 g/t Au; 0.2 m @ 13.7 g/t Au; 0.2 m @ 13.6 g/t Au.
  • Riverside Resources Inc. has regained 100% interest on the Thor copper project in Sonora, as the company’s joint-venture partner Antofagasta PLC has elected not to continue with the required investment to advance the property. The first four diamond holes in the property confirmed the concept, with three intersecting quartz-sericite-pyrite stockworks.
  • San Marco Resources Inc. has started diamond drilling at its Chunibas project in Sonora, aiming to confirm high grade mineralization within shear veins and test the presence of broad haloes of lower grade Au-Ag within sericite-Fe carbonate altered wall rocks. The drill holes are to probe three targets over 1.5 Km of strike length.

ON MINING

  • Santacruz Silver Mining Inc. reported its Q1 operating and financial results for 2017. At Rosario in San Luis Potosi, 18,723 tonnes were processed @ 66 g/t Ag (226 g/t AgEq) with a silver recovery of 86%, to produce 34.5 K ounces Ag, 195 Oz Au, 45 tonnes Pb, 382 tonnes Zn. At Veta Grande in Zacatecas 26.7 K tonnes were processed @ 117 g/t Ag (209 g/t AgEq) with a silver recovery of 57% to produce 57.6 K Oz Ag, 131 Oz Au, 99 tonnes Pb, 177 tonnes Zn. Cash cost per AgEq Oz was $19.55 and AISC per AgEq Oz was $24.56. The Rosario mill in San Luis Potosi is to work during the next few months with ore from the Membrillo vein (optioned from Grupo Mexico), The Cinco Estrellas property and the Rosario mine. At Veta Grande, Zacatecas, the mill is to be fed by the Chorros, Veta Grande and the Garcia mines.
  • Starcore International Mines Ltd. presented production results for the fourth quarter 2017, period during which 65.8 K tonnes of ore were milled at its San Martin mine in Queretaro, during the first quarter 2017. The average grade was 1.82 g/t Au, 13.5 g/t Ag, with recoveries of 81.9% and 49.7% for gold and silver respectively, to produce 3,365 AuEq Oz.
  • Impact Silver Corp. released financial and production results for the first quarter 2017. The Guadalupe mill was fed ore from the San Ramon Deeps, Cuchara and Mirasol mines at its Zacualpan property in Estado de Mexico. The average mill feed was 177 g/t Ag, producing 230.3 K Oz Ag, while ore production stood at 542 tonnes per day (tpd). The cash position at the end of the quarter was $7.6 M.
  • Marlin Gold Ltd. announced financial results for the first quarter 2017. During the period the company had revenues of $32.6 M, producing 15,556 Oz Au and selling 20,401 Oz Au. Cash and finished gold amount to $5.8 M.
  • Great Panther Silver Ltd. completed the commissioning phase of the refurbished processing plant at its Topia mine, in Durango. The plant is now operating at planned capacity. The company continues to work with the government on the permitting of the phase II tailings storage facility. Run of mine ore is now being processed along with the stockpiled ore.
  • Mexus Gold US. Received a jaw crusher for its Santa Elena mine in Sonora (not to confuse with First Majestic’s Santa Elena mine, also in Sonora). The company intends increase its mining rate to 10,000 tonnes per day.

ON FINANCING

  • Minera Alamos Inc. announced Osisko Gold Royalties Ltd. has purchased on a private placement basis Minera Alamos shares for gross proceeds of $3.3 M. Osisko now owns 19.9 % of Minera Alamos shares. An additional private placement has been announced, same that is intended to raise up to $3.5 M in gross proceeds (La Fortuna, Durango).
  • Sonoro Metals Corp. has received the balance of the $4 M proceeds from Agnico Eagle Mines Ltd., for the sale of the Chipriona project in Sonora. Sonoro has now no further interest in the Chipriona concessions, save for the retention of a 1% NSR, same that can be purchased for $1.5 M.
  • Torex Gold Resources Corp. announced the signing of a binding commitment letter with various lenders in connection with a secured US$400 M debt facility. The Loan facility will be available by way of a US$300 M term loan and a US$310 M revolving loan facility (El Limon-Los Guajes, Guerrero)

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. has filed the technical report on the Avino property (in Durango) with SEDAR. The report covers the preliminary economic assessment for the re-treating of the Avino mine tailings, including the resource estimates up to the end of 2016.
  • Americas Silver Corp. reported that infill drilling at its Cosalá operations in Sinaloa confirmed the San Rafael Main Zone model, with mineralization extending for further 350 m. Drilling has started at Los Manueles zone.
  • Consolidated Zinc Ltd. confirmed the final assay results of the high grade Zn and Pb mineralization on the initial six holes on the Tres Amigos target at its Plomosas property in Chihuahua. The intervals with over-limits in Zn returned 1.5 m @ 26.3% Zn, 0.6% Pb, 52 g/t Ag; 1.85 m @ 32.6 % Zn, 0.3% Pb, 3 g/t Ag.

ON DEALS AND CORPORATE ISSUES

  • Vangold Mining Corp. has entered into agreements to acquire seven mining claims totaling 2,798 hectares in Guanajuato and Queretaro. A 100% interest on the claims is to be acquired for an aggregate C$10 K and 3,375,000 Vangold shares, with the vendors keeping a 2.5% net smelter return, of which half can be re-purchased for C$500 K.
  • Magellan Gold Corp. has made a further $100 K option payment for a 60 day extension on its memorandum of understanding (MOU) with Rose Petroleum PLC. The MOU gives Magellan the right to purchase an operating flotation plant in Nayarit for a total consideration of $1.5 M. The $100 extension payment will be credited against the purchase price if the transaction closes.

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

On the center of the picture below, a felsic dike protruding from the lower volcanic group andesites on the Cañada del Güerachi in Chihuahua. The ignimbrites of the upper volcanic group rest on top of the andesites. Photo by Jorge Cirett.

Guerachi

Marlin Gold Reports $21.8 Million ($0.13 per share) of Adjusted EBITDA for the Quarter Ending March 31, 2017

http://www.marlingold.com/News%20PDFs/2017/2017.05.31_NR.pdf

May 31, 2017 — Vancouver, British Columbia — Marlin Gold Mining Ltd. (TSX-V: MLN) (“Marlin” or the “Company”) is pleased to announce its financial results for the quarter ending March 31, 2017 (“Q1”). This press release should be read in conjunction with the Company’s Condensed Interim Consolidated Financial Statements for the three
months ended March 31, 2017 and 2016 as well as Management’s Discussion & Analysis (“MD&A”) for the same period, available on the Company’s website at http://www.marlingold.com and under the Company’s name on SEDAR at
http://www.sedar.com. All monetary amounts are expressed in Canadian dollars unless otherwise specified.

Starcore Announces 4th Quarter Production Results

https://www.starcore.com/news/news-releases/starcore-announces-4th-quarter-production-results

Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) announces production results for the fourth quarter of fiscal 2017, ended April 30, 2017, at its San Martin Mine (“San Martin”) in Queretaro, Mexico and the Altiplano Gold Silver Processing Facility (“Altiplano”) in Matehuala, Mexico.

During Q4 at San Martin, a total of 65,789 tonnes were milled at an average grade of 1.82 g/t gold and 13.5 g/t silver resulting in the production of 3,365 gold equivalent ounces. Mill recoveries averaged 81.9% for gold and 49.7% for silver. Equivalent gold ounce calculation is based on the average gold:silver ratio of 69.6:1 during the quarter.

The carbonaceous ore continues to experience mineralogical issues and, as a result, the Company has not started processing this ore utilizing the CIL/ADR circuit. Management is determining the best approach to treating the carbonaceous ore. The CIL/ADR circuit is working well and is continuing to process granulated carbon from third party producers as the Company has received its third shipment subsequent to the quarter end.

Santacruz Silver Reports First Quarter 2017 Production and Financial Results

http://www.santacruzsilver.com/i/pdf/nr/May-31-2017-Q1-ProductionFinancial-Results.pdf

Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the “Company” or “Santacruz”) reports on the operating and financial results from the Rosario Project in San Luis Potosi, Mexico and the Veta Grande Project in Zacatecas, Mexico for the first quarter of 2017. The full version of the financial statements and accompanying  management’s discussion and analysis can be viewed on the Company’s website at
http://www.santacruzsilver.com or on SEDAR at http://www.sedar.com. All amounts are in thousands of US dollars unless otherwise indicated.
Q1 Highlights:
 Silver equivalent produced ounces of 223,968;
 Head grade of 216 Ag Eqv. g/t;
 28% quarter over quarter reduction in production cost per tonne to $52.87
 18% quarter over quarter reduction in cost per Ag Eq Oz to $19.55
“The fiscal results of the first quarter of 2017 and the fourth quarter of 2016 reflect a transition period for the Company as it added two new sources of mineralized material at the Rosario Project and expanded the development of mineralized material from previously mined stopes at Veta Grande referred to as “Chorros”” stated Arturo Préstamo, CEO of Santacruz adding, “As a result of mining the Chorros, the operating costs are substantially reduced and we look forward to continued production improvements at both Rosario and Veta Grande over the coming quarters.”

IMPACT Silver Announces First Quarter 2017 Financial and Production Results

http://www.impactsilver.com/s/NewsReleases.asp?ReportID=791030&_Type=News-Releases&_Title=IMPACT-Silver-Announces-First-Quarter-2017-Financial-and-Production-Results

IMPACT Silver Corp. (“IMPACT” or the “Company”) is pleased to announce its financial and production results for the first quarter of 2017.

Fred Davidson, President and CEO, stated, “We started 2017 with a clean balance sheet and no debt along with news that IMPACT was named to the 2017 TSX Venture 50. Operationally, revenues increased by 22% to $4.6 million in Q1-2017 from $3.8 million. The Company continues to improve its mine operating earnings, achieving income of $0.5 million in Q1-2017 compared to $0.3 million in Q1-2016. Earnings before interest, taxes, depreciation and amortization (EBITDA) improved to $0.3 million in Q1-2017 from $0.2 million in Q1-2016. While we cannot control the price of silver, we are committed to maximizing efficiencies and cost control through managing our operations in a disciplined manner. Building on a successful 2016, we have ongoing exploration plans at high potential targets and continue to evaluate strategic transactions to continue growing value for our shareholders.”

Highlights on the Fourth Week of May, 2017. Mineral Exploration in Mexico

During the 21st week of the year (May 22nd to May 28th, 2017), at least 25 press releases were announced by companies working in Mexico. ON EXPLORATION, Zenith announced sample results from its brine project in Zacatecas. The bulk of exploration press releases relate to work in Sonora, with San Marco commencing exploration of the Oregano project, Minaurum identifying two new structures at its Alamos Silver project (formerly La Quintera), Goldex presenting the exploration status of the Mingeo project, Oceanus presenting drilling results from El Tigre and Alix announcing metallurgical results for its Agua Fria project.  ON MINING, An illegal strike and union blockade paralyzed operations at First Majestic’s La Encantada mine in Coahuila, Fortuna Silver presented financial results for Q1 2017 and Torex reported a fatal accident at its Limon-Guajes mine in Guerrero. ON FINANCING, five companies announced some form of financing, with Evrim closing a private placement for $4.3 M, Arian raising £600 K, West Minster $678 K and Mexican Gold 1.8 M, Bacanora signing a subscription agreement for US$9.6 M and Coeur ending the purchase of 2021 tender notes for $117.9 M. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc has defined new geophysical targets in Plomosas, Chihuahua, Marlin released high grade results from drilling within the pit area in La Trinidad mine in Sinaloa and Almadex Mnerals reported new drill results from El Cobre in Veracruz. ON DEALS AND CORPORATE ISSUES, Goldex entered into a LOI to acquire the Mingeo property in Sonora.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Zenith Minerals Ltd. has released high grade lithium results from its Zacatecas brine project. Lithium is up to 1,046 ppm on the San Juan lagoon, where a 4 km x 2 km zone with sediment samples over 100 ppm was defined. A passive seismic survey confirmed the presence of a sedimentary basin beneath the surface salt lakes, with a layer 50 to 70 m thick recognized through the area and a yet unconfirmed deeper layer at 150-180 m of depth. A reservoir of brine has to exist to advance the project, with the next exploration steps involving an electrical based geophysical survey followed by drilling.
  • San Marco Resources Inc. commenced exploration at its Oregano project in Sonora. Within the 73 K hectares concession application there is a set of quartz veins interpreted as the shallow part of an epithermal system, with true widths of the veins appearing to be in the 5 to 15 m range. Vein textures include lattice, bladed and cockade features, with quartz varieties including chalcedony, opaline, silica replacing calcite and cryptocrystalline. Initial continuous diamond saw cut channel sampling has returned 23.5 m @ 0.33 g/t Au, 9 g/t Ag; 14.3 m @ 0.31 g/t Au, 5 g/t Ag; 31.4 m @ 0.12 g/t Au, 15 g/t Ag; 16.6 m @ 0.12 g/t Au, 10 g/t Ag.
  • Minaurum Gold Inc. identified two new well mineralized vein systems at its Alamos Silver project (La Quintera). The Europa-Palomas and El Tigre veins lie in a down-faulted block, and their structural model indicates a high level system. The Europa-Palomas vein system can be traced for 1.4 km, with Chips and dumps sampling returning up to 1,085 g/t Ag, 1.3% Cu, 3.1% Pb, 5.3% Zn. The El Tigre vein has been mapped for over 800 m, and chip sampling has returned up to 438 g/t Ag, 0.3% Cu, 1.6% Pb, 11.5% Zn.
  • Goldex Resources Corp. presented the exploration status of the Mingeo property, which it has under a letter of intent (LOI). The property “lies within the carbonate rocks of the Mural or Morita Formation Cretaceous siltstones and Paleozoic carbonate sedimentary rocks of the Sonoran Bisbee-Cananea rift basin. One of the main mineralized structures consists of a low angle dipping quartz epithermal vein/manto with approximately 15° to 20° dip to the NE and a thickness that ranges from 0.50 to approximately 3 metres. Mineralization has been observed to comprise medium grained disseminated pyrite, arsenopyrite, minor chalcopyrite and rare galena”.
  • Oceanus Resources Corp. reported recent drilling assay results from its El Tigre property in Sonora: 67.6 m @ 1.24 g/t Au, 19 g/t Ag (including 23.4 m @ 2.77 g/t Au, 40 g/t Ag); 37.7 m @ 0.62 g/t Au, 12 g/t Ag; 9.0 m @ 0.18 g/t Au, 125 g/t Ag.
  • Alix Resources Corp. announced metallurgical results from lithium bearing clays at its Agua Fria project in Sonora. The acid leach process achieved 99% extraction over four hours with no roasting or expensive reagents required.

ON MINING

  • First Majestic Silver Corp. announced “that a rogue group of union workers have halted activities and blocked the access at the La Encantada mine in Coahuila. The illegal blockade arose after some of the unionized individuals did not agree with the bonus that the company and the National Union of Miners, Metallurgists, Steelworkers and Similar Workers of Mexico (National Union), agreed to offer the miners in lieu of profit sharing.”
  • Fortuna Silver Mines Inc. reported financial results for the first quarter 2017. At San Jose in Oaxaca 267.3 K tonnes were milled (3,108 tonnes per day, or TPD) @ 226 g/t Ag, 1.67 g/t Au, recovering 92% and 91% respectively to produce 1.79 M Oz Ag, 13,116 Oz Au at cash cost $1.35 and AISC $6.61 per silver ounce net of by-product credits. Cash and cash equivalents stood at 191.2 M at the end of the period.
  • Torex Gold Resources Inc. reported a fatal accident at its El Limon-Guajes mine in Guerrero. An employee of a contractor was fatally injured when its truck rolled down a berm on El Limon Sur pit.

ON FINANCING

  • Evrim Resources Corp. has closed its private placement for gross proceeds of $4.3 M (Ermitaño, Sonora; Cerro Cascaron, Chihuahua).
  • Bacanora Minerals Ltd. has entered into a subscription agreement with Capital Research and Management Co. under which Capital will subscribe Bacanora shares for US$9.6 M (Sonora, Lithium project, Sonora).
  • Coeur Mining Inc. announced the expiration date of the previously announced cash tender offer to purchase its 7.85% senior notes due 2021, with $117.9 M of the notes validly tendered, or 66.2% of the 2021 outstanding notes (Palmarejo, Chihuahua).
  • Arian Silver Corp. has raised £600 K before expenses (lithium properties, Zacatecas).
  • Westminster Resources Ltd. closed the first tranche of a private placement, raising gross proceeds of $978 K, and expects to close a second tranche of up to an additional $462 K (El Cobre, Sonora).
  • Mexican Gold Corp. closed a non-brokered private placement for gross proceeds of 1.8 M (Las Minas, Veracruz)

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. has defined new geophysical targets by reprocessing the magnetic and gravity data collected during the 2016 survey on its Plomosas project in Chihuahua. One of the main points is the interpretation of an intrusive body at depth that could explain the origins of mineralization in the Plomosas mine area. Geochemical vectoring is also being evaluated to assist in determining the presence of such intrusive body.
  • Marlin Gold Mining Ltd. released high grade drill results from the south part of the Taunas pit on its Trinidad mine in Sinaloa. Intercepts include 63.35 m @ 7.57 g/t Au (including 10.0 m @ 29.3 g/t Au); 11.90 m @ 2.53 g/t Au; 10.0 m @ 1.12 g/t Au.
  • Almadex Minerals Ltd. released assay results from drilling at the Norte zone in its El Cobre project in Veracruz. Intercepts results comprise 45.0 m @ 0.65 g/t Au, 0.28% Cu in one hole, and 378 m @ 0.65 g/t Au, 0.28% Cu (including 74.8 m @ 0.65 g/t Au, 0.25% Cu; 28.6 m @ 1.31 g/t Au, 0.57% Cu; 96 m @ 0.76 g/t Au, 0.28% Cu; 59.4 m @ 0.95 g/t Au, 0.33% Cu) in another hole.

ON DEALS AND CORPORATE ISSUES

  • Goldex Resources Corp. has entered into a Letter of Intent (LOI) for an option to acquire a 51% interest in the Mingeo property with Mingeo International S.A. de C.V. by spending US$500 K by April 2020, and another US$500 K by 2022. The Property consists of six concessions totaling approximately 1947 hectares and is located within the major porphyry belt of Sonora.

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, irregular oxidized sulfide veining in a felsic volcanic rock, Central Chiapas. Photo by Jorge Cirett.

Oxidized sulfide veinlet, La Javia SE, 2m from sample 18595

Fortuna reports consolidated financial results for the first quarter 2017

https://www.fortunasilver.com/investors/news/2017/fortuna-reports-consolidated-financial-results-for-the-first-quarter-2017/

Vancouver, May 24, 2017: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) today reported net income of $13.0 million, EPS of $0.08, and revenue of $64.8 million in the first quarter of 2017.

Jorge A. Ganoza, President, CEO and Director, commented, “First quarter cash flow from operations and earnings per share reflect our strong production growth in hand with industry leading costs and margins.” Mr. Ganoza continued, “The Company’s financial strength and robust cash position will provide the necessary flexibility to meet funding requirements upon a construction decision at Lindero in the third quarter of 2017.”

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

During the 20th week of the year (May 15th to May 21st, 2017), at least 27 press releases were announced by companies working in Mexico. ON EXPLORATION, In Chihuahua Kootenay has begun drilling at La Cigarra, whereas Levon started drilling at Cordero. In Zacatecas Alset has sent the first drill samples for assay and Defiance commenced a drill program at San Acacio. In Veracruz Mexican Gold announced one high grade gold drill intercept  at Las Minas.  ON MINING, Fortuna presented financial results 2016. Mexus keeps advancing to production at Santa Elena in Sonora. ON FINANCING, three companies announced private placements, or increased placements for $7.8 M. One company completed and offering to reduce paid interest on outstanding notes for 300 M. ON RESOURCES AND DEVELOPMENT, Alio announced a PFS on its Ana Paula project in Guerrero, while Almaden Minerals presented a PFS, on Ixtaca, in Puebla. Consolidated Zinc continues drilling to get a resource on its Plomosas mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, SilverCrest Metals began trading at the OTCQX® Best Market, Fortuna is getting up to date with its SEC filings, Mexican Gold has bought two more concessions at its Las Minas project in Veracruz and Colibri received confirmation that it is to resume trading on May 18th.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Kootenay Silver Inc. has initiated a 7,500 m drill program at its La Cigarra project in Chihuahua. The program is to focus on the expansion of the current mineral resource by first targeting an 800 m expanse between Las Venadas and Las Carolinas zones.
  • Levon Resources Ltd. starts a 5,000 m core drilling campaign at its Cordero project in Chihuahua. The holes are being drilled in the Cordero felsic dome complex in the central portion of the resource, looking for better grades near the surface.
  • Alset Minerals Corp. has completed one drill hole and five auger holes at La Salada, the first of seven salars to be drilled in Zacatecas. Soil and brine samples were collected and sent for assay.
  • Mexican Gold Corp. announced that step-out drilling at the Cinco Señores zone, in its Las Minas project in Durango, has indicated a potential parallel mineralized zone. One hole intersected 2.0 m @ 10.8 g/t Au, 42 g/t Ag, 2.8% Cu.
  • Defiance Silver Corp. commenced a drill program at its San Acacio property in Zacatecas, with the aim to expand the current deposit. Previous drilling at Esperanza intersected 12.7 m grading 297 g/t AgEq, and at Almaden 8.3 m @ 278 AgEq. A third target to be tested is the Quartz-Pyrite Breccia. Previous drilling includes intercepts of 17.0 m @ 110 g/t Ag, 0.1 g/t Au (including 8.1 m @ 222 g/t Ag, 0.2 g/t Au); 16.7 m @ 101 g/t Ag, 0.75 g/t Au (including 3.2 m @ 419 g/t Ag, 0.8 g/t Au); 10.1 m @ 100 g/t Ag, 0.56 g/t Au. These intercepts display lead and zinc values of up to 1.9% and 4.6% respectively.

ON MINING

  • Fortuna Silver Mines Ltd. presented full year 2016 financial results, with a net income of $17.8 M on revenue of $213 M. At San Jose in Oaxaca 273 K tonnes were milled (3,103 tonnes per day, TPD) @ 225 g/t Ag, 1.69 g/t Au, recovering 92% Ag, 92% Au, to produce 1.82 M Oz Ag, 13,660 Oz Au at cash cost $1.85 and all-in sustaining cost $6.73 per silver ounce, net of by-product Au credits.
  • Mexus Gold US. has completed two holding ponds and a heap leach pad, commenced a cyanide drip system on the heap and started the Merryl Crowe recovery system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). Smelting the first 250 pounds of precipitate is the next step to be accomplished in May.

ON FINANCING

  • Geologix Explorations Inc. intends to carry a private placement for proceeds of up to $1 M (Tepal, Michoacan).
  • Mexican Gold Corp. announced an increase on its private placement, from $1.5 M to $1.8 M (Las Minas, Veracruz).
  • New Gold Inc. announced that it has completed its offering of $300 million aggregate principal amount of 6.375% Senior Notes due 2025, intending to use the net proceeds to fund the redemption of its outstanding $300 million 7.00% Senior Notes due 2020 on or about June 3, 2017.
  • Southern Silver Exploration Corp. announced a private non-brokered placement intended to raise $5 M (Cerro Las Minitas, Durango).
  • Fortuna Silver Mines Ltd. announced that “The Company will not be proceeding with the brokered private placement announced on April 4, 2017 and April 27, 2017”.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. announced the pre-feasibility study (PFS) results on its Ana Paula project in Guerrero. The report defines 13.4 M tonnes @ 2.36 g/t Au as proven and probable mineral reserves, containing 1.02 M Oz Au. The scope of the PFS involves an open-pit with a mine life of 7.5 years to produce 868 K Oz Au on an 85% recovery rate. A capital cost of $137.2 M and an NPV of $223 M and IRR of 34% after tax at $1,250/oz Au. “Mineralization occurs in the complex breccia, granodiorite, monolithic breccia, hornfels and limestoneshale. The bulk of the high grade mineralization at Ana Paula is centered on the complex breccia domain which is surrounded by a high-grade mineralized halo, mainly granodiorite. “
  • Almaden Minerals Ltd. has filed the pre-feasibility study (PFS) on its Ixtaca project in Puebla.
  • Consolidated Zinc Ltd. is drilling to determine the full scope and geometry of the Carola South and Tres Amigos zones, both with high-grade zinc recent results, as both areas are to be included in the upcoming resource update.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc. has begun trading on the OTCQX® Best Market under its existing ticker symbol “SVCMF”, operated by OTC Markets Group, providing a better platform to reach U.S. investors (Las Chispas, Sonora).
  • Fortuna Silver Mines Inc. has filed its 2016 annual financial documents, complying with SEC requirements. The company still has to file the Q1 2017 financial statements, and is planning to comply by May 24th, 2017.
  • Mexican Gold Corp. Acquired two mining concessions at its Las Minas project in Veracruz. The company paid $150 K plus VAT for 100% interest on the properties, while the previous private owner is to retain 1.5% NSR, of which 0.5% can be purchased by $500 K. The Pueblo Nuevo concession covers 97.5 has with several historical underground mines, including one with 21 levels. The veins in marble and diorite are 100 to 300 m in length, and 0.50 to 3.0 m in width. Of three samples collected, one returned 11.99 g/t Au, 41 g/t Ag, 1.3% Cu over 1 m and one other 0.2 m @ 28 g/t Au, 14 g/t Ag. The 43 hectares La Luz concession covers an area prospective for skarn mineralization akin to the adjacent Las Minas area.
  • Colibri Resources Corp. has received confirmation from the TSX Venture Exchange that its shares will resume trading on May 18th.

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, incipient brecciation sealed by oxidized sulfide in a volcanic rock, Central Chiapas. Photo by Jorge Cirett.

Breccia, La Javia SE 2

Fortuna to release first quarter financial results on May 24, 2017; Conference call at 12 p.m. Eastern on May 25, 2017

https://www.fortunasilver.com/investors/news/2017/fortuna-to-release-first-quarter-financial-results-on-may-24-2017-conference-call-at-12-p.m-eastern-on-may-25-2017/

Vancouver, May 17, 2017– Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) announces that it will release its financial statements and MD&A for the first quarter after the market closes on Wednesday, May 24, 2017.

A conference call to discuss the financial and operational results will be held on Thursday, May 25, 2017 at 9:00 a.m. Pacific | 12:00 p.m. Eastern. Hosting the call will be Jorge A. Ganoza, President and CEO, and Luis D. Ganoza, Chief Financial Officer.

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: http://www.investorcalendar.com/IC/CEPage.asp?ID=175946 or over the phone by dialing just prior to the starting time.

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

During the 19th week of the year (May 8th to May 14th, 2017), at least 31 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Mexico was in 2016 the major producer of silver in the world for the seventh year in a row. ON EXPLORATION, In Sonora Riverside Resources initiated exploration on its Cecilia project and SilverCrest reported the discovery of a new high-grade silver vein at its Las Chispas project. Arian Silver presented lithium results from its projects in Zacatecas.  ON MINING, Eleven companies presented first quarter 2017 financial results: Hecla, Golden Minerals, Pan American, Excellon, GoGold, Premier Gold, Avino, Americas Silver, Sierra Metals, Aura Minerals and Mag Silver. ON FINANCING, Only one company, Alset Minerals, presented a press release relating to a $369 K financing round. ON RESOURCES AND DEVELOPMENT, Avino Silver presented an update in exploration and the expansion project on the process facilities, and a PEA on the tailings project. Hecla presented an update on exploration activities at San Sebastian. Argonaut presented an exploration update on its recently acquired property adjacent to El Castillo mine. Candelaria presented an updated technical report on the Caballo Blanco property. Consolidated Zinc presented more high-grade zinc results from Plomosas, and Timmins/Alio presented an optimization plan on the San Francisco mine. ON DEALS AND CORPORATE ISSUES, Red Tiger received failure-to-file cease trade orders from the Ontario securities Commission. Prospero closed a deal with Fortuna for $1.5 M. Mexico Gold closed a debt with shares. Timmins Gold is now formally Alio Gold.

ON MEXICO ISSUES

  • Mexico kept during 2016 the title as the major silver producer of the world for the seventh year in a row, producing 182.6 M Oz, even with a small drop in production relative to 2015. For this year the Mexican production is expected to rise by 2.5 M Oz of silver, aided by the production of the San Julian and Palmarejo mines in Chihuahua. On a world basis the silver production fell by 32.6 M Oz, or 0.6%, to 885.8 M Oz.

ON EXPLORATION

  • Riverside Resources Inc. has initiated an extensive rock-chip sampling campaign at its Cecila project in Sonora, with the aim of increasing the extent of the known zones of gold mineralization. Surface access agreements are in place.
  • Arian Silver Corp. reported assay results from sampling from its three recently optioned lithium properties in Zacatecas. Results are up to 120 ppm Li at Columpio, 88 ppm Li at Pozo Hondo and 158 ppm Li at La Abundancia.
  • SilverCrest Metals Inc. discovered an unmined high grade vein immediately adjacent to Las Chis0pas main vein. The new vein has been named Giovvani, appears to be continuous for 400 to 500 m and 150 to 200 m along dip, averaging 2.0 m in thickness. Giovvani vein intercepts include 1.0 m @ 0.05 g/t Au, 306 g/t Ag; 2.3 m @ 0.7 g/t Au, 125 g/t Ag; 2.1 m @ 1.7 g/t Au, 215 g/t Ag; 2.1 m @ 3.4 g/t Au; 330 g/t Ag (including 0.6 m @ 10.8 g/t Au, 890 g/t Ag); 0.5 m @ 7.5 g/t Au, 1,095 g/t Ag; 2.3 m @ 3.6 g/t Au, 578 g/t Ag; 0.9 m @ 4.4 g/t Au, 564 g/t Ag.

ON MINING

  • Hecla Mining Co. presented first quarter 2017 financial and operating results, including figures from its operations in Mexico. At San Sebastian in Durango, 750.8 K Oz Ag, 6,284 Oz Au were produced, operating at 407 tpd. The cash cost after by-product credits was negative $3.27 per Ag Oz, the AISC after by-product credits was $0.43 per Ag Oz. Cash and cash equivalents stand at 176.8 M. Recent drill intercepts include 1.86 m @ 124 g/t Au, 12,420 g/t Ag; 1.92 m @ 25.5 g/t Au, 3,866 g/t Ag; 0.73 m @ 1.5 g/t Au, 572 g/t Ag; 0.94 m @ 3.7 g/t Au, 379 g/t Ag; 1.10 m @ 24 g/t Au, 6,118 g/t Ag; 2.13 m @ 0.9 g/t Au, 385 g/t Ag.
  • Golden Minerals Co. provided financial results for the first quarter 2017. During March the lease on the Velardeña oxide mill to Hecla Mining Co. was further lengthened until December 2018. During January 2017 was released an estimate of mineralized material for the Rodeo property in Durango. In February 2017 a preliminary economic assessment (PEA) was completed for the company’s Santa Maria property in Chihuahua. Electrum Global Holdings L.P. has been drilling the Celaya property in Guanajuato, as part of an earn-in agreement. Cash and cash equivalents stand at $2.1 M at the end of 2017, with no debt.
  • Pan American Silver Corp. presented first quarter results 2017, including figures from its operations in Mexico. Production was 1.63 M Oz Ag, 870 Oz Au; 0.96 M Oz Ag, 24,390 Oz Au, and 0.35 M Oz Ag, 1,330 Oz Au respectively at La Colorada in Zacatecas, Dolores in Chihuahua and Alamo Dorado in Sonora.
  • Excellon Resources Inc. reported Q1 2017 financial results. During the period the company processed 11.9 K tonnes @ 317 g/t Ag, 2.9% Pb, 4.1% Zn, with recoveries of 89.8% Ag, 81.3% Pb, 81.8% Zn to produce 108 K Oz Ag, 610 K Lb Pb, 838 K Lb Zn. The mine dewatering optimization plan has now 6 of 12 pumps working, with the water level droping by more than 2.8 m. Cash and cash equivalents of $5.7 M at the end of the period, and net working capital totaled $6.2 M.
  • GoGold Resources Inc. released financial results for Q1 2017. During the period the company sold 413 K Oz AgEq Oz for revenue of $7.1 M, operating at cash cost $9.80 per AgEq Oz and AISC $11.76 per AgEq Oz (Parral tailings, Chihuahua; Santa Gertrudis, Sonora).
  • Premier Gold Mines Ltd. announced operational and financial results, including figures from its Mercedes mine in Sonora, where 166.8 K tonnes were milled @ 4.34 g/t Au, 44 g/t Ag, to produce 22,164 Oz Au, 88.6 K Oz Ag. Recoveries were 95.4% Au and 37.3% Ag. And cash in co-product basis was $675 per Au Oz sold, and all-in sustaining cost of $785 per Au Oz. The 2017 drilling program has been increased to 50,000 m, with currently five rigs working from the surface and four from underground. Cash and cash equivalents stood at $110.7 M at the end of March.
  • Avino Silver & Gold Mines Ltd. presented the financial results for Q1 2017, period during which revenue was $8.1 M and net income after taxes $0.7 M. At the end of March the company had $17.7 M of cash and cash equivalents (Avino and San Gonzalo, Durango).
  • Americas Silver Corp. reported operational and financial results for the first quarter of 2017, period during which revenues of $15.2 M and a net loss of ($0.2) were obtained. The company purchased an option on the San Felipe project in Sonora for total payments of $7.0 M plus VAT. The cash balance at the end of March was $17.6 M (San Rafael, Cosalá, Sinaloa).
  • Sierra Metals Inc. reported Q1 2017 financial results, with revenue of $54.5 M. At Bolivar in Chihuahua, cash cost was $1.14 per CuEq pound, and AISC was $ 1.89 per CuEq pound. At Cusi, in Chihuahua, cash cost per AgEq Oz was $10.82, and AISC per AgEq Oz was $22.72. The company had $38.0 M in cash and cash equivalents at the end of the period.
  • Aura Minerals Inc. presented financial results for Q1, 2017, which include $34.9 M in revenue, and a net loss of ($5.02 M), (Aranzazu, Zacatecas)
  • Mag Silver Corp. disclosed financial results for the first quarter of 2017. A new resource estimate and design upgrades for the Juanicipio (Zacatecas) JV project with Fresnillo is to be completed on the second quarter. A 20,000 m 2017 exploration drill program was initiated after the quarter end. The company had cash and cash equivalents totaling $132.4 M at the end of the period.

ON FINANCING

  • Alset Minerals Corp. has filed documents with the TSX seeking final approval on their previously announced non-brokered private placement for gross proceeds of $369 K (Lithium properties, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. informed the installation of a fourth mill and flotation circuit on its San Avino mine is on progress, a positive PEA (Preliminmary Economic Assessment) was presented last April on the re-treating of the Avino mine tailings, a study is in progress to weight the different options to tailings management (backfill on underground, pit or new tailings dam). A 3,000 m, 18 holes, infill drill program has been expanded to include further 20 holes to test the gap zone between San Luis and Elena Tolosa, aiming to update the category of the resource. A small scale test pilot project is underway to test the reduction of bismuth content (to avoid smelter penalties) from the concentrate. At San Gonzalo testing of the zinc circuit continues in the effort to improve gold and silver recoveries.
  • Hecla Mining Co. updated development and exploration work at its San Sebastian mine in Durango. The company expects to transition from open pit to underground by the end of 2017. A ramp is under construction to connect the new portal with the existing workings. Drilling has focused on resource definition along the Middle and Francine veins, recently defining more than 9.6 km of mineralized strike length.
  • Argonaut Gold Inc. completed 11,540 m in 75 reverse-circulation (RC) holes at the North Target of its El Castillo mine in Durango. The North Target lies within the 420 hectare San Juan mineral concession recently acquired from Fresnillo PLC., and the drilling is part of an ongoing infill RC drill program outward from El Castillo open pit. Results include 99.1 m @ 0.64 g/t Au; 141.7 m @ 0.49 g/t Au; 153.9 m @ 0.53 g/t Au; 138.7 m @ 0.58 g/t Au, 111.3 m @ 0.54 g/t Au; 141.7 m @ 0.68 g/t Au.
  • Candelaria Mining Corp. announced an updated NI 43-101 technical report for the Caballo Blanco property in Veracruz. The report incorporates the results of 55 drill holes collared in 2012, which were not included in the last resource calculation. The new report includes 31.2 M tonnes @ 0.52 g/t Au as an indicated resource containing 521 K Oz Au, and 8.6 M tonnes grading 0.34 g/t Au containing 95 K Oz Au as an inferred resource.
  • Consolidated Zinc Ltd. confirmed the presence of high grade zinc on the Tres Amigos North zone, at its Plomosas property in Chihuahua. Six initial drill holes completed returned intervals as high as 1.5 m @ >30% Zn, 0.6% Pb, 52 g/t Ag; 1.85 m @ >30% Zn, 0.2% Pb, 11 g/t Ag; 0.5 m @ >30% Zn, 0.6% Pb; 0.5 m @ >30% Zn, 0.3% Pb. Other results include 2.2 m @ 2.8% Zn, 1.1% Pb; 0.6 m @ 6.6% Zn, 1.4% Pb; 0.5 m @ 5.9% Zn, 0.3% Pb; 0.6 m @ 8.5% Zn, 0.3% Pb; 0.6 m @ 5.3% Zn, 2.2% Pb.
  • Timmins Gold Corp. (in process to change name to Alio Gold Corp.) informed of a revitalization plan (i.e. pit push back) for its San Francisco mine in Sonora. Under this plan the production guidance is increased to 86 – 92 K Oz Au for 2017, and an average of 103 K Oz Au for a further six years at cash cost of $900 and AISC $935 per Au Oz. The updated reserves at San Francisco stand at 54.8 M tonnes @ 0.53 g/t Au containing 928.7 K Oz Au, measured and inferred resources of 74.8 M tonnes @ 0.54 g/t Au that contain 1.3 M Oz Au and 0.7 M tonnes of inferred resources containing 13 K Oz Au. The expansion capital adds up to $ 44.9 M from 2017 to 2019.

ON DEALS AND CORPORATE ISSUES

  • Red Tiger Mining Inc. has received failure-to-file cease trade orders from the Ontario securities Commission. The company aims to file the required 2016 annual filings by July 17, 2017 (La Luz, Sonora).
  • Prospero Silver Corp. closed the previously announced C$1.5 M strategic investment from Fortuna Silver Mines Inc. “Prospero will allocate C$1.2 million to drill testing selected projects and C$300k will be allocated towards Prospero’s generative efforts in Mexico. Fortuna will have the right to select one of the projects within 18 months from signing of the definitive agreement to joint venture with Prospero, potentially earning in to a 70% interest by spending US$8 million over 6 years and completing a Preliminary Economic Analysis on the selected property” (El Petate, Hidalgo)
  • Mexican Gold Corp. has issued an aggregate of 1.66 M shares to settle a debt of $478.9 K to certain officers and directors of the company (Las Minas, Veracruz).
  • Timmins Gold Corp. has formally changed name to Alio Gold Corp., expecting to be listed under the new name and ticker symbol on the Toronto Stock Exchange on March 16th.

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, shear zone within a granodioritic protolith, Central Chiapas. Photo by Jorge Cirett.

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