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

During the 33rd week of the year (August 14th to August 20th, 2017), at least 24 press releases were announced by companies working in Mexico, including five quarterly reports. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Azure reported the acquisition of the Oposura property (formerly Arenillas). In Sinaloa Marlin Gold released results from a twin hole south of its La Trinidad mine, and Santana Minerals reported saw channel samples from its Cuitaboca project. In Veracruz Almadex reported good gold and copper values over a long drill intercept at El Cobre. ON MINING, GoGold, Sierra Metals, Fortuna Silver, Aura Minerals and Starcore presented financial and/or operational results for the last quarter. Telson resources reported the second concentrates shipment from Tahehueto in Durango. ON FINANCING, Primero mining is delisted from the NYSE. Southern Silver is extending the closing of the second tranche of financing. Maverix Metals closed a senior secured loan facility with CFE Ltd.  ON RESOURCES AND DEVELOPMENT, Avino Silver released infill and step-out drilling results from Avino, in Durango. Kootenay  announced the discovery o a new mineralized zone at its La Cigarra property in Chihuahua. Minera Alamos commenced an exploration program focused on resource expansion at La Fortuna in Durango. Consolidated Zinc disclosed more high-grade results from infill and step-out drilling at its Plomosas property in Chihuahua. ON DEALS AND CORPORATE ISSUES, Santacruz Silver completed the sale of the Gavilanes project in Durango to Marlin Gold. Discovery Metals announced the acquisition of multiple properties in Coahuila, including the Puerto Rico listing property.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Marlin Gold Mining Ltd. announced that a diamond drill hole at the San Cristobal target, 12 km from its La Trinidad mine in Sinaloa intercepted 13.90 m true width (TW) @ 1.19 g/t Au, 21 g/t Ag. The objective of the drill hole was to twin a reverse circulation hole that intersected 0.74 g/t Au over 30 m in 2010. “Reconnaissance geological mapping and sampling (over 1,600 rock chip samples) indicate gold and silver is associated with quartz veins, quartz stockwork, quartz breccia and silicified zones within a four kilometer-wide, northwest-trending structural corridor”.
  • Almadex Minerals Ltd. disclosed results from the best hole to date at the North zone of its El Cobre project in Veracruz. The drill hole intersected multiple zones of intense stockwork veining and potassic alteration with gold and copper mineralization. The 534.9 m intercept @ 0.90 g/t Au, 0.3% Cu includes 144.8 m @ 1.77 g/t Au, 0.45% Cu (which includes 98.0 m @ 1.96 g/t Au, 0.48% Cu.
  • Endeavour Silver Corp. Released results from recent drilling at La Luz vein in its Terronera property in Jalisco. Relevant true width intercepts of 1.7 m @ 16.2 g/t Au, 45 g/t Ag; 1.3 m @ 20.9 g/t Ag, 25 g/t Ag; 1.4 m @ 0.2 g/t Au, 419 g/t Ag; 1.0 m @ 2.3 g/t Au, 73 g/t Ag; 1.1 m @ 2.7 g/t Au, 91 g/t Ag; 1.1 m @ 20.3 g/t Au, 384 g/t Ag, 1.2 m @ 16.5 g/t Au, 38 g/t Ag; 1.2 m @ 7.6 g/t Au, 12 g/t Ag. Anomalous values of up to 0.15% of Cu, Pb and Zinc are part of the results.
  • Azure Minerals Ltd. announced the acquisition of 100% of the Zn-Pb-Ag Oposura project (previously known as Arenillas) in Sonora, without elaborating on the terms. About 100 drill holes were completed previously on the property, and a non JORC compliant resource estimated. Sampling of the mineralized zone returned multiple assays over 30% Pb+Zn, with significant silver values. “The overall mineralised zone is up to nine metres thick, averages about three metres in true width, and demonstrates good continuity of width and grade”.
  • Santana Minerals Ltd. reported significant diamond saw channel sampling results from the La Plata prospect within its Cuitaboca project in Sinaloa. The results over accessible outcrops include 2.45 m @ 362 g/t Ag and 4.60 m @ 295 g/t Ag. These results represent the continuity 300 m east of previous sampling, extending the potential strike of the interpreted La Plata vein system to approximately 2 km.
  • Galore Resources Inc. disclosed assay results from seven rock chip samples collected on El Alamo target on its Dos Santos project in Zacatecas. The samples collected in breccias and jasperoids assayed 0.8 to 18.6 g/t Au. Drilling plans envisage ten 150 to 300 m deep holes.

ON MINING

  • Telson Resources Inc. announced the second shipment of 128 tonnes of lead concentrate and 227 tonnes of zinc concentrate from the Tahuehueto mine. The metal recoveries were 83.5% Au, 89.3% Ag, 86.1% Pb, 85.4% Zn.
  • GoGold Resources Inc. released its financial results for the quarter ending on June 2017 (their Q3). During the period 2,337 Oz Au, 151,422 Oz Ag were produced at the Parral tailings project at cash cost of $9.61 per AgEq Oz. The Santa Gertrudis high grade gold project produced 320 Oz Au. The overall cash cost was $16.2 per AgEq Oz and the all-in sustaining cost (AISC) $25.91. At the end of the quarter the company had a working capital deficit of $35.1 M. Management is exploring alternatives to de-lever its balance sheet.
  • Sierra Metals Inc. reported consolidated results for the second quarter of 2017. At Bolivar in Chihuahua the cash cost per CuEq Lb was $1.35 and AISC $2.49 per CuEq Lb for the period, while at Cusi, also in Chihuahua, the cash cost per AgEq Oz was $20.60 and AISC $49.13. At Bolivar 775 m of mine development were completed to prepare stopes for mine production, and 11,236 m were drilled at El Gallo, Bolivar Northwest and Bolivar West zones. At Cusi mine development totaled 1,551 m and 2,021 m of infill drilling were completed and further 15,566 m were drilled on the Santa Rosa de Lima orebody. Cash and cash equivalents of $31.1 M at the end of the period.
  • Fortuna Silver Mines Inc. reported its consolidated financial results for Q2 2017. At San Jose in Oaxaca 268.4 K tonnes were milled (3,016 tonnes per day, or tpd) @ 238 g/t Ag, 1.82 g/t Au, and a recovery rate of 92% Ag, 92% Au to produce 1.88 M Oz Ag, 14,410 Oz Au. Cash cost net of by-product credits was $1.03 per Ag Oz and AISC $7.67 per Ag Oz. Cash and short term investments of $16.7 M at the end of the period.
  • Aura Minerals Inc, released Q2 2017 financial and operating results. Aura owns the idle Aranzazu mine in Zacatecas, which is under care and maintenance. The company is evaluating options to maximize value of this asset.
  • Starcore International Mines Ltd. announced production results for the first quarter of fiscal 2018, ended July 31, 2017. During the quarter at the San Martin mine in Queretaro 69.7 K tonnes were milled @ 1.97 g/t Au, 12.6 g/t Ag with recoveries of 85.0% Au, 51.2% Ag to produce 3,888 Oz AuEq. Furthermore, the Altiplano Facility received 37. 2 tonnes of concentrate and 24.2 tonnes of slag containing approximately 150 Oz Au and 25.5 K Oz Ag.

ON FINANCING

  • Primero Mining Corp. has received formal notification from the New York Stock Exchange of its intention to initiate delisting procedures, as the company is no longer suitable for listing based on “abnormally low” price levels. The company continues trading on the Toronto Stock Exchange.
  • Southern Silver Exploration Corp. is extending the final closing date of its previously announced brokered private placement until September 15th, 2017. The first tranche closed in June, raising $2.55 M of the intended goal of $5.0 M on two tranches.
  • Maverix Metals Inc. closed the previously announced senior secured loan facility with CEF Ltd. for US$20 M. The company has closed the previously announced private placement to CEF and Pan Ameican Silver Corp. for total proceeds of $9.88 M. Maverix now has over C$44 M available to acquire additional precious metals royalties (Royalties from La Colorada in Zacatecas, San Jose in Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. release further results from the extended 22 hole drill program comprising 3,374 m at the Avino mine in Durango. The program focused on tonnage and grade of the area between the San Luis workings and the Elena Tolosa current production area. Relevant results include 9.30 m @ 0.39 g/t Au, 29 g/t Ag, 0.25% Cu; 22.65 m @ 1.48 g/t Au, 41 g/t Ag, 0.20% Cu; 34.5 m @ 0.35 g/t Au, 88 g/t Ag, 0.82% Cu; 25.40 m @ 0.68 g/t Au, 47 g/t Ag, 0.08% Cu; 43.05 m @ 0.50 g/t Au, 33 g/t Ag, 0.08% Cu; 8.85 m @ 0.09 g/t Au, 61 g/t Ag, 0.77% Cu; 8.45 m @ 1.36 g/t Au, 7 g/t Ag, 0.07% Cu; 23.40 m @ 1.09 g/t Au, 167 g/t Ag, 0.38% Cu; 40.45 m @ 0.56 g/t Au, 42 g/t Ag, 0.19% Cu; 42.05 m @ 0.49 g/t Au, 103 g/t Ag, 0.18% Cu. Three areas are scheduled to have exploration drilling: San Gonzalo (1,200 m), The Avino-San Juventino intersection (2,000 m) and the Chirumbo mining area (2,000 m ).
  • Kootenay Silver Inc. announced the discovery of a new mineralized zone within La Venada target at its La Cigarra property in Chihuahua. This area is blind to the surface, 1 km south of the La Cigarra resource. “More than 250 meters in core length of quartz-calcite and quartz vein breccia and veining within altered sediments was intercepted…”. The new zone intercept comprises 29.5 m @ 91 g/t Ag, including 19.2 m @ 123 g/t Ag. Results from the Venada zone include 12 m @ 73 g/t Ag; 10 m @ 47 g/t Ag; 19.2 m @ 123 g/t Ag (including 2.0 m @ 435 g/t Ag; and 10.7 m @ 114 g/t Ag); 9.5 m @ 107 g/t Ag. All intervals contain values of up to 0.6% Pb and 3.3% Zn.
  • Minera Alamos Inc. has initiated an exploration program aimed to expand resources at La Fortuna property in Durango. Data compilation, surface mapping, drill targeting and  a new geophysical survey are to be completed on projections of the La Fortuna resource zone, the PN area, the Ramada zone, Cerro Pelon zone and the far southern area.
  • Consolidated Zinc Ltd. released results from its resource expansion drilling program at its Plomosas project in Chihuahua. True width intercepts include: 0.40 m @ 3.8% Zn, 1.0% Pb; 1.75 m @ 9.4% Zn, 1.7% Pb; 0.85 m @ 4.4% Zn, 0.3% Pb; 0.90 m @ 10.9% Zn, 6.7% Pb; 0.95 m @ 3.7% Zn, nil Pb. Length of drill hole intersections include 1.50 m @ 8.0% Zn, nil Pb; 1.35 m @ 34.7% Zn, nil Pb; 0.5 m @ 5.0% Zn, 0.2% Pb; 0.75 m @ 4.2% Zn, 0.3% Pb; 0.5 m @ 2.3% Zn, 1.1% Pb; 0.5 m @ 9.4% Zn, 0.3% Pb; 1.0 m @ 7.2% Zn, 0.4% Pb.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. informed the sale of 100% interest in the Gavilanes property in Durango to Marlin Gold Mining Ltd. has been completed.
  • Discovery Metals Corp. is now classified as a Tier 2 Mining Issuer on the TSX Venture Exchange, with the completion of the transaction on the Puerto Rico property agreement. Under the agreement Discovery has done a $300 K payment, the issuing 500 K shares to the vendors, and pledged to make and additional US$300 K payment and issuing a further 500 K shares upon government drilling approval, and the issuance of four tranches of 500 K shares on each anniversary of the closing after the second anniversary. A final issuance of shares representing 30% of the company’s issued and outstanding capital is also included, with some clauses that can take the vendors stake to 35%. Discovery also has to spend not less than US$2 M within one year of the drilling approval and not less than $12.5 M within five years to exercise the option.
  • Discovery Metals Inc. For acquiring the Renata project in Ocampo, Coahuila a US $100 K payment is to be made to the vendors within three months of the closing. Not less than US$2 M have to be spent within three years of the closing, and in the case of sale to a third party the vendors are to receive the first US$3 M of the proceeds. On La Kika property in Coahuila, Discovery has paid US$45 K on closing, and has to spend not less than US$2 M within five years, the issuance to the vendors of 1 M shares and a royalty of 30% on the operating profits of the first 450 K tonnes shipped, or a 2% NSR otherwise. Additional option agreements involve La Minerva, Santa Rosa and Jemi/Rare Earth concessions..

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, low sulfidation quartz vein stockwork in felsic volcanic rocks, in the Sierra Madre of Chihuahua. Photo by Jorge Cirett.

DSCN5183 - copia

Aura Minerals Announces Q2 2017 Financial and Operating Results

http://www.auraminerals.com/Investors/News-Events/News-Releases/News-Release-Details/2017/-Aura-Minerals-Announces-Q2-2017-Financial-and-Operating-Results/default.aspx

TORTOLA, British Virgin IslandsAug. 15, 2017 (GLOBE NEWSWIRE) — Aura Minerals Inc. (“Aura Minerals” or the “Company”) (TSX:ORA) announces financial and operating results for the second quarter of 2017.

Highlights:  

  For the three
months ended
June 30, 2017
For the three
months ended
June 30, 2016
For the six
months ended
June 30, 2017
For the six
months ended

June 30, 2016
FINANCIAL DATA    
IFRS Measures
Revenue $    44,247 $   36,415 $    79,149 $   71,865
Cost of goods sold   35,200   28,338   64,789   56,260
Depreciation (included in cost of goods sold)   2,798   1,531   5,572   3,647
Gross Margin   9,048   8,077   14,360   15,605
Gross Margin (excluding depreciation)   11,846   9,608   19,932   19,252
Net (loss) Income   4,242   (2,048 )   (781 )   (2,066 )
Income (loss) per share – Basic and diluted   0.13   (0.07 )   (0.02 )   (0.07 )
EBITDA   7,662   5,294 $    11,746 $   11,848
Non-IFRS Measures
Realized average gold price per ounce sold, gross1 $    1,162 $   1,213 $    1,161 $   1,166
Realized average gold price per ounce sold, net of local sales taxes, hedging and gold loan repayments1 $    1,142 $   1,156 $    1,150 $   1,138
Cash operating costs per ounce produced1 $    794 $   917 $   806 $   876
Cash operating costs per ounce sold1 $    881 $   893 $    886 $   854
Total capital expenditures $    1,269 $   937 $    3,503 $   1,203
OPERATING DATA
Ore processed (tonnes)   2,082,313   1,954,937   4,154,691   4,772,477
Gold produced (ounces)   37,476   26,100   66,976   60,158
Gold sold (ounces)   36,757   30,010   66,839   61,632

Starcore Announces 1st Quarter Production Results

https://www.starcore.com/news/news-releases/starcore-announces-1st-quarter-production-results

Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) announces production results for the first quarter of fiscal 2018, ended July 31, 2017, at its San Martin Mine (“San Martin”) in Queretaro, Mexico and the Altiplano Gold Silver Processing Facility (“Altiplano”) in Matehuala, Mexico.

During Q1 at San Martin, a total of 69,753 tonnes was milled at an average grade of 1.97 g/t gold and

12.6 g/t silver resulting in the production of 3,888 gold equivalent ounces. Mill recoveries averaged 85.0% for gold and 51.2% for silver. Equivalent gold ounce calculation is based on the average gold:silver ratio of 74.9:1 during the quarter.

During Q1 the Altiplano Facility received approximately 37.21 tonnes of concentrate and 24.2 tonnes of slag containing approximately 150 ounces of gold and 25,525 ounces of silver. During the quarter ended July 31, 2017, Altiplano sold 223 ounces of gold and 21,000 ounces of silver.

Fortuna reports consolidated financial results for the second quarter 2017

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

Vancouver, August 14, 2017– Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) today reported net income of $8.9 million, Adjusted EBITDA of $26.4 million, and revenue of $63.9 million in the second quarter of 2017.

Jorge A. Ganoza, President and CEO, commented, “Our San Jose and Caylloma mines have delivered strong production and financial results. Higher operating costs at both operations are expected to recede in the second half of the year and remain within 5% of our annual cost guidance.” Mr. Ganoza continued, “At our Lindero gold project in Argentina, feasibility study optimization work continues to advance as planned in order to support a construction decision next month.”

Second quarter consolidated financial highlights:

  • Sales of $63.9 million, compared to $44.5 million in Q2 2016
  • Net income of $8.9 million, compared to net loss of $1.4 million in Q2 2016
  • Earnings per share of $0.06, compared to a net loss per share of $0.01 in Q2 2016
  • Adjusted EBITDA of $26.4 million and Adjusted EBITDA margin over sales of 41%
  • Cash flow from operations before changes in non-cash working capital of $16.7 million, compared to $7.4 million in Q2 2016
  • Cash position, including short term investments, and working capital as at June 30, 2016 was $188.0 million and $186.8 million, respectively
  • Silver and gold production of 2,116,863 and 14,547 ounces, respectively
  • AISCC* per ounce of payable silver was $8.22

* All-in sustaining cash cost is net of by-product credits for gold, lead and zinc (Non-GAAP Financial Measure)

SIERRA METALS REPORTS CONSOLIDATED RESULTS FOR THE SECOND QUARTER OF 2017

http://www.sierrametals.com/investors/news-releases/press-release-details/2017/Sierra-Metals-Reports-Consolidated-Results-for-the-Second-Quarter-of-2017/default.aspx

TORONTO, Aug. 14, 2017 /PRNewswire/ – Sierra Metals Inc. (TSX:SMT)(BVL:SMT) (“Sierra Metals” or the “Company”) today reported revenue of $48.6 millionand adjusted EBITDA of $17.6 million on throughput of 454,805 tonnes and metal production of 2.7 million silver equivalent ounces or 23.1 million copper equivalent pounds for the three month period ended June 30, 2017.

Sierra Metals had a fourth consecutive quarter of solid performance in its operational and financial results, aided by stable metal prices and continued production improvements at the Yauricocha Mine. During the second quarter, the Company maintained the significant improvements revenue and adjusted EBITDA realized during the previous quarters. This was largely attributed to the continued benefits being realized from the completion of key aspects of the operational improvements program at Yauricocha. The Company achieved excellent quarter over quarter improvements in Q2 2017 with revenues up 32%, adjusted EBITDA up by $12.1 million, and a decline in the consolidated all-in sustaining cost (ASIC) per silver equivalent payable ounce and copper payable pound.

During Q2 2017, consolidated metal production decreased 3% compared to Q1 2016. The decrease in metal production was due to lower throughput, lower head grades and lower recoveries of all metals, except gold recoveries at Bolivar; and lower throughput, lead and zinc head grades, and silver and lead recoveries at Cusi. This was partially offset by higher throughput, higher copper and zinc head grades, and higher recoveries of all metals, except gold, at Yauricocha.

Brownfield exploration programs remains a key priority at all three mines and the Company is very optimistic that high value tonnage will be added when the Company releases update technical reports for all three Mines in the fourth quarter and in the years to come. Examples of brownfield success can be seen at Yauricocha with the Esperanza, Cuye-Mascota zones, at Bolivar with the Bolivar West and Northwest zones as well as at Cusi with the recently announced Santa Rosa de Lima Zone. When combined with the continued production optimization program, it should lead to substantial growth in production, lower costs, but most importantly in shareholder value.

GoGold Reports Q3 Financial Results

http://gogoldresources.com/investors/press-releases/2017/160-gogold-reports-q3-financial-results

Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) announces the release of financial results for the quarter ending June 30, 2017. Revenue attributed to the Parral tailings project (“Parral”) was $4.65 million (of total revenue of $5.02 million) on the sale of 286,063 silver equivalent ounces at a cash cost of $9.61 per silver equivalent ounce (including Santa Gertrudis high-grade, total sales were 310,833 silver equivalent ounces at a cash cost of $16.20 per ounce) (all amounts are in U.S. dollars).

Financial highlights for the quarter ending June 30, 2017:

  • Production growth of 13% at Parral over previous quarter
  • Revenue of $5.02 million from the sale of 310,833 silver equivalent ounces, a realized price of $16.15 per silver equivalent ounce
  • Parral cash cost per silver equivalent ounce of $9.61
  • Parral demonstrated its fourth consecutive quarter of production growth
  • Operating loss of $2.1 million, mainly due to slowed operation at Santa Gertrudis High Grade Material (“HGM”) project

GoGold produced 2,557 gold ounces and 151,442 silver ounces for a total of 339,730 silver equivalent ounces in the quarter ending June 30, 2017.
The Company’s Parral project contributed 2,237 gold and 151,422 silver ounces for a total of 314,910 silver equivalent ounces, which is a 13% increase over the 278,230 silver equivalent ounces produced in the previous quarter.  Parral production increased for the fourth consecutive quarter and management has implemented changes to mitigate any potential effects of the rainy season for the upcoming quarter, including the construction of an additional overflow pond to aide in diverting heavy rains. The Company expects to see a continued increase in production at Parral.

The Santa Gertrudis HGM project produced 320 ounces of gold (24,820 silver equivalent ounces) which was a decrease over Q2 2017 due to increased stripping of lower grade material required to access the high-grade ore which could be economically trucked to the off-site process plant. This resulted in lower production and increased costs for the quarter. Mining at HGM has been put on hold pending completion of a mine plan and evaluation of next steps.

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

During the 32nd week of the year (August 7th to August 13th, 2017), at least 22 press releases were announced by companies working in Mexico, including eight second quarter reports. ON MEXICO ISSUES, two companies reported the receipt of VAT recovery from the government for $1.3 M and $2.4 M respectively. ON EXPLORATION, in Sonora, Oceanus reported results from underground sampling at El Tigre, while Millrock presented an update on properties under its alliance with Centerra. In Zacatecas, Alset presented drilling results from its lithium property, La Salada. In Guanajuato, Golden Minerals informed on drilling by Electrum of its Celaya property.  ON MINING, Golden Minerals, Torex Gold, Premier Gold, Alio Gold, Pan American Silver, Americas Silver, Primero Mining and Argonaut Gold presented production and/or financial results for the second quarter of 2017. US Antimony reported cost reductions on its operations and Telson resources reported the first concentrates shipment from Tahehueto in Durango. ON FINANCING, no relevant news for the first time in the year.  ON RESOURCES AND DEVELOPMENT, Golden Minerals informed on the acquisition of three more claims and the incoming drilling campaign on its Santa Maria project in Chihuahua. ON DEALS AND CORPORATE ISSUES, Santacruz Silver completed the sale of the Gavilanes project in Durango to Marlin Gold. Colibri completed the acquisition of Canadian Gold, along with its properties in Sonora. McEwen Mining reported on the next semi-annual return of capital instalment.

ON MEXICO ISSUES

  • On VAT recovery. The first company to announce a sizeable VAT recovery in years was Alio Gold, which received $1.3 M in cash before the end of the second quarter. Primero Mining received $2.4 M after the end of the second quarter.

ON EXPLORATION

  • Golden Minerals Co. announced that Electrum Global Holdings L.P. received results of drilling on Golden’s Celaya property in Guanajuato. Results from 5,600 m drilled in seven holes (800 m per hole?) show intercepts of epithermal quartz vein mineralization with Au, Ag, Zn grades that warrant further testing.
  • Alset Minerals Corp. reported partial results from phase one drilling at La Salada salar in Zacatecas, the first of 13 salars to be tested. At La Salada, one deep hole (51.35 m) and 40 auger holes (4.5 – 26.0 m in depth, average 14 m) were completed, both near surface brine samples and extensive lake sediment samples were recovered in the 1,800 m by 900 m salar. Results from five of the holes (the rest are pending) average 14.4 m @ 3.6% K, 975 ppm Li (up to,1860 pm) and 535 ppm B. Water samples average 1.3% K, 1.6% SO4, 258 ppm B, 9 ppm Li, 57 ppm Ca, 36 ppm Mg.
  • Oceanus Resources Corp. presented assay results from sampling at old underground exploration tunnels from the unmined Protectora, Aguilas, Fundadora and Caleigh veins on its El Tigre project in Sonora. The rock chip samples are said to be at least 0.5 m in width (no average width disclosed), and collected every 3-5 m along strike in 13 exploration tunnels. Average results include 3 samples on the Caleigh vein @ 19.9 g/t Au, 2,247 g/t Ag; On the Protectora vein: 20 samples @ 0.2 g/t Au, 437 g/t Ag; 18 samples @ 1.3 g/t Au, 290 g/t Ag; 4 samples @ 2.8 g/t Au, 337 g/t Ag; 16 samples @ 2.2 g/t Au, 473 g/t Ag; 5 samples @ 2.8 g/t Au, 680 g/t Ag; 19 samples @ 0.6 g/t Au, 480 g/t Ag. On the Fundadora vein: 5 samples @ 6.1 g/t Au, 307 g/t Ag; 12 samples @ 1.2 g/t Au, 254 g/t Ag.
  • Millrock Resources Inc. presented an update in exploration, including information on its three properties in Sonora. The La Navidad project was optioned on June, and immediately entered into a JV with Centerra Gold Inc. Presently underway are soil sampling, geological mapping, induced polarization and magnetic surveys. Also in June El Picacho project was optioned and made a “designated project” on the alliance between Centerra and Millrock. Soil sampling, geological mapping, induced polarization and mag surveys are currently being performed. Los Chinos and Los Cuarenta projects options were terminated by Centerra.

ON MINING

  • United States Antimony Corp. reported major cost reductions at its Mexican antimony smelter, as a result of metallurgical changes while increasing production rates. Production at Wadley, San Luis Potosi, is growing with more miners. USAC intends to use its Los Juarez explosives license at Soyatal, Queretaro, which will save money and time. Guadalupe is undergoing road work to re-establish the production of high-grade concentrates. The application for the cyanide permit for the Los Juarez project was resubmitted to SEMARNAT (EPA equivalent) at the end of July, after one item change requested by the agency.
  • Telson Resources Inc. announced that the first shipment of lead and zinc concentrates processed at the Atocha mill has been delivered to Mercuria Commodities Trading, S.A. de C.V.. As of August 1, 2017, the Company has processed approximately 1600 tonnes of ore through the Atocha toll mill producing approximately 66.1 dry tonnes of lead concentrate and 94.5 dry tonnes of zinc concentrate which have been delivered to Mercuria.
  • Golden Minerals Co. presented financial results for Q2 2017. Approximately $1.7 M revenue was received from the oxide plant lease to Hecla, and costs of $0.5 M to the services provided under the lease, for a net operating margin of $1.1 M. The company spent $0.5 M in exploration related primarily to work at the Santa Maria (Chihuahua), Rodeo (Durango) and other properties, as well as holding costs. Cash and cash equivalents balance of $2.7 M at the end of the period.
  • Torex Gold Resources Inc. reported financial and operational results. At El Limón Guajes mine in Guerrero 74,487 Oz Au were produced, as ramp-up continues, with design throughput achieved in June. Plant throughput was 1.2 M tonnes, or 13,063 tonnes per day (tpd), while mine production was 8.4 M tonnes, or 92,044 tpd. The gold recovery rate was 86% on a 2.37 g/t Au average grade, at cash cost $709 per Oz Au and AISC $991. Cash balance of $77.2 M including restricted cash of $15.7 M at the end of the period.
  • Premier Gold Mines Ltd. announced its operational and financial results for the second quarter of 2017. At Mercedes in Sonora 177.9 K tones were milled (1,954 tpd) @ 4.03 g/t Au, 36 g/t Ag; with recoveries at 94.9% Au, 43% Ag, to produce 21,893 Oz Au, 89.5 K Oz Ag. By-product cash cost per Oz Au was CAD$550 and by-product AISC per Oz Au of CAD$688. Quarter end cash balance of $156.8 M (US$120.9 M).
  • Alio Gold Inc. reported second quarter 2017 results. Production at the San Francisco gold mine was 22,011 ounces during the period, at AISC $954 per Oz Au. The San Francisco mine revitalization plan was initiated and the definitive feasibility study (DFS) after the positive pre-feasibility study (PFS) was released and a CAD$50.4 M bought deal financing was completed. The pre-stripping campaign envisions moving 22 M tonnes of waste from the Main and La Chicharra pits over the next 20 months. Cash and cash equivalents at the end of the period were $35.9 M.
  • Pan American Silver Corp. announced Q2 2017 results, including figures from its operations in Mexico. At Dolores in Chihuahua the construction of the agglomeration plant was completed and development for underground mining advanced, with initial stope ore mining expected to initiate before the end of 2017. At La Colorada mine in Zacatecas production achieved 1,800 tpd rates during the last month of the quarter. At La Colorada 1.73 M Oz Ag, 0.94 K Oz Au were produced at cash cost $3.38 per Ag Oz. At Dolores 1.04 M Oz Ag, 22.44 K Oz Au were produced at cash cost $0.12 and at Alamo Dorado in Sonora 0.26 M Oz Ag, 0.69 K Oz Au were produced at cash cost $11.18. Cash and short-term investments of $198.2 M at the end of the period.
  • Americas Silver Corp. disclosed consolidated financial and operational results for the second quarter of 2017. The figures of its operations in Mexico were informed in a previous release. San Rafael in Sinaloa remains on budget and on time to start production by the end of Q3, 2017. Cash balance at the end of the period was $12.8 M.
  • Primero Mining Corp. reported operating and financial results for the second quarter, 2017, including figures form its Mexican operations. At San Dimas 11,903 Oz Au, 0.97 Oz Ag were produced at cash cost $1,144 per AuEq Oz, and AISC $1,650 per AuEq Oz, with operations being impacted by bad relations with unionized employees. “…the Company believes that labour disruptions may continue to adversely affect the Company’s ability to profitably operate the San Dimas…” and “Primero highlights the significant liquidity risk imposed by the pending RFC maturity date of November 23, 2017, and notes that it may not be able to fully repay its debt obligations…”. Cash stood at $12.1 M and $10.0 M available under its existing revolving credit facility (RFC) at the end of the period, with a $33.5 in VAT and $22.8 M income taxes receivable outstanding.
  • Argonaut Gold Inc. announced its financial and operating results for the second quarter of 2017. The consolidated production was 29,730 AuEq Oz at cash cost $785 and AISC $906 per AuEq ounce. At El Castillo in Durango 2.0 M tonnes of ore @ 0.39 g/t Au and 2.65 M tonnes of waste were moved (51 K tpd) to produce 16,927 Oz Au at cash cost $893 per ounce. At La Colorada in Sonora 1.22 M tonnes of ore @ 0.64 g/t Au and 4.77 M tonnes of waste were moved (66 K tpd) to produce 12,098 Oz Au and 38.2 K Oz Ag at cash cost $590 per AuEq ounce. At San Agustin (10 km from El Castillo) mining commenced during the quarter, leach pad and pond construction was completed and the crushers installed, with ore beginning to be staked on the pad in late June. Construction was 75% complete by the end of July. Cash and cash equivalents stood at $53.8 M at the end of the quarter.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Golden Minerals Co. entered into an agreement to acquire three additional claims at the Santa Maria project in Chihuahua for $0.7 M over four years, with an initial payment of $50 K and $30 K in six months. The targets in these claims are to be tested in an upcoming 2,000 m drill program in the third quarter of 2017, while the environmental study to obtain the permit to perform the 200 tpd underground mining envisaged on the preliminary economic assessment (PEA) has been completed.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. entered into a definitive agreement to sell 100% interest in the Gavilanes property in Durango to Marlin Gold Mining Ltd. Santacruz is to settle the outstanding balance on some of the claims by making a $500 k payment and issuing 1.25 M Santacruz shares to the property vendor. Gavilanes is a low sulphidation epithermal deposit in the San Dimas mining district with NI-43-101 compliant 6.1 M AgEq indicated ounces (953 K tonnes @ 200 g/t AgEq), and 28.2 M AgEq inferred ounces (5.4 M tonnes @ 163 g/t AgEq).
  • Santacruz Silver Mining Ltd. settled the outstanding balance owing on certain of the claims included in the Gavilanes project (in Sinaloa) by making a cash payment of US$500 K and 1.25 M Santacruz shares.
  • Colibri Resource Corp. completed the acquisition of Canadian Gold Resources Ltd. Colibri acquired all outstanding shares of Canadian Gold for $4 M, paid by way of issuance of 24.2 M shares to the vendor. Colibri now owns 100% interest in Minera Bestep S.A. de C.V., a private Mexican company that holds 100% (no NSR’s) of the Pilar and the Sun properties near Suaqui, in Sonora.
  • McEwen Mining Inc. reported a revised record date for the next semi-annual return of capital instalment of a ½ cent per share which will be distributed to shareholders of record on August 14, 2017. The distribution will be paid on August 17, 2017.

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, vuggy silica fragment within a felsic tuff in Chihuahua. Photo by Jorge Cirett.

Vuggy quartz at Moreno

ARGONAUT GOLD ANNOUNCES SECOND QUARTER 2017 OPERATING AND FINANCIAL RESULTS; NARROWS RANGE OF PRODUCTION GUIDANCE TO UPPER END PRODUCTION OF 29,730 GOLD EQUIVALENT OUNCES AND EARNINGS PER SHARE OF $0.04

http://www.argonautgold.com/news_events/news/news_release/index.php?content_id=351

Toronto, Ontario – (August 10, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its financial and operating results for the second quarter ended June 30, 2017.  The Company reports quarterly net income of $6.2 million or earnings per share of $0.04, the sale of 33,747 gold equivalent ounces1 (“GEO” or “GEOs”) and production of 29,730 GEOs.  All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).

Primero Reports Second Quarter 2017 Results

http://www.primeromining.com/English/investors/news/press-release-details/2017/Primero-Reports-Second-Quarter-2017-Results/default.aspx

TORONTO, ON — (Marketwired) — 08/10/17 — (Please note that all dollar amounts in this news release are expressed in U.S. dollars unless otherwise indicated. Refer to the Q2 2017 management’s discussion and analysis (“MD&A”) and financial statements for more information.)

Primero Mining Corp. (“Primero” or the “Company”) (TSX: P)(NYSE: PPP) today reported operating and financial results for the second quarter ended June 30, 2017, and provided an update on recent operating and corporate activities.

Highlights:

  • Q2 2017 Production: Total production of 35,965 gold equivalent ounces1, comprised of 11,903 ounces of gold and 0.97 million ounces of silver from San Dimas, and 20,731 ounces of gold from Black Fox, 27% lower than the 49,499 gold equivalent ounces produced in Q2 2016. Consolidated Q2 2017 total cash costs2 were $852 per gold equivalent ounce, with consolidated all-in sustaining costs3 (“AISC”) of $1,262per gold ounce.
  • San Dimas Phased Restart Underway: San Dimas produced 15,234 gold equivalent ounces (11,903 ounces of gold and 0.97 million ounces of silver) in Q2 2017. Production during the quarter was impacted by a strike related to the renegotiation of the Collective Bargaining Agreement (“CBA”), with operations resuming on April 22, 2017. A phased restart of San Dimas operations has been initiated with overall performance in line with the restart plan during the quarter but slowing in recent weeks with continued labour disruption.
  • Black Fox Outperforms on Higher Than Expected Underground Grade: Black Fox produced 20,731 ounces of gold in Q2 2017, compared to 15,172 ounces in Q2 2016. Underground mining was primarily focused on production from the Deep Central Zone, with underground gold grades averaging 7.09 g/t and a daily average mining rate of 747 tonnes per day (“TPD”) of high-grade ore. All-in sustaining costs of $827 per ounce in Q2 2017 were significantly lower than the $1,362 per ounce realized in Q2 2016. The mine generated positive cash flows during the second quarter of 2017, and remains on track to achieve 2017 production guidance of between 50,000 and 60,000 ounces of gold.
  • Financial Results Impacted by Asset Impairments: The Company recognized a net loss of $300.4 million in Q2 2017 compared to a net loss of $19.4 million in Q2 2016. The net loss incurred in Q2 2017 includes a $285.0 million impairment of the Company’s assets. Adjusted net loss4was $2.9 million ($0.02 per share) for Q2 2017, compared to adjusted net loss of $3.5 million ($0.02 per share) for Q2 2016. Primero generated operating cash flow before working capital changes during Q2 2017 of $8.4 million ($0.04 per share).
  • Strategic Review Update: Primero announced today that it has entered into an agreement to sell its Black Fox mine and complex in Timmins, Ontario for $35 million. The Company also continues to explore all alternatives to maximize stakeholder value related to its San Dimas mine in Mexico, including potential strategic investments, joint ventures, revision of the San Dimas Silver Purchase Agreement (“SPA”) and a potential divestiture. At this time, there can be no certainty that these discussions will result in a resolution acceptable to all stakeholders.

AMERICAS SILVER CORPORATION REPORTS SECOND QUARTER 2017 FINANCIAL RESULTS AND  APPOINTMENT OF NEW DIRECTOR 

http://www.americassilvercorp.com/i/pdf/nr/nr20170809.pdf

TORONTO, ONTARIO – August 9, 2017 – Americas Silver Corporation (TSX: USA) (NYSE “MKT”: USAS) (“Americas Silver” or the “Company”) today reported consolidated financial and operational results for the second quarter of 2017.

This earnings release should be read in conjunction with the Company’s Second Quarter Production and Cost Update, Management’s Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Silver Corporation SEDAR profile at www.sedar.com, on its EDGAR profile at www.sec.gov, and are also available on the Company’s website at www.americassilvercorp.com. All figures are in U.S. dollars unless otherwise noted. 

Second Quarter Highlights

  • Revenues of $17.2 million in Q2, 2017 compared with revenues of $12.8 million in Q2, 2016.
  • Cash flow generated from operating activities1 in the first 6 months of 2017 of $6.3 million, including approximately $3.2 million in Q2, 2017, compared to cash generated from operating activities of approximately $1.6 million for the first 6 months of 2016, including $0.7 million in Q2, 2016.
  • A net income of $0.9 million or $0.02 cents per share in Q2, 2017, compared with a net loss of ($2.1) million or ($0.07) cents per share in Q2, 2016.
  • Consolidated silver production for the quarter of approximately 558,000 silver ounces and 1.2 million silver equivalent2 ounces, representing increases of 1% and 18%, respectively, compared to Q2, 2016.
  • Consolidated cash costs3 for the quarter were approximately $6.31 per silver ounce, a decrease 45% year-over-year, while consolidated all-in sustaining costs2 were approximately $9.74 per silver ounce, a decrease of 33% year-over-year.
  • San Rafael remains on budget and on time for the start of production by the end of Q3, 2017.
  • Guidance for 2017 remains at 2.0 – 2.5 million ounces of silver production and silver equivalent production of 5.0 – 5.5 million ounces with projected cash costs of $4.00 – $5.00 per silver ounce and all-in sustaining cash costs of $9.00 – $10.00 per silver ounce.
  • Americas Silver is pleased to announce the appointment of Manuel Rivera to its Board of Directors effective August 2, 2017.
  • Cash balance at June 30, 2017 of $12.8 million with net working capital of approximately $18.3 million.