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

211 - copia

By Jorge Cirett

During the 28th week of the year (July 9th to July 15th, 2018), at least 23 press releases were announced by companies working in Mexico. Three companies updated on exploration advances. one company announced a financing round while another tries to extend the period for exercise of warrants. Seven companies released Q2 production results and two others a PEA on its properties. Seven companies released advances on the development or exploration of their resource base, and finally one company announced the appointment of its Vice-president Exploration and one other company the optioning of a property to a third party, and returning another to the underlying owner. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Ridgestone Mining completed an IP survey on its Rebeico property. In Chihuahua Golden Goliath resumed exploration on its San Timoteo project, and in Veracruz Mexican Gold released rock chip sampling results from its Las Minas project.  ON MINING Torex Gold, Endeavour Silver, Great Panther, Capstone, Excellon, Premier Gold and Hecla released second quarter results on production. Sierra Metals released a PEA on a projected production increment at its Bolivar mine in Chihuahua.  ON FINANCING, Prize Mining closed the first tranche of a non-brokered private placement. Candente Gold applied to extend the expiration period of warrants issued on a previous financing. ON RESOURCES AND DEVELOPMENT, Santacruz Silver, SilverCrest, Avino Silver, Kootenay Silver and Golden Minerals released drilling or exploration results on their properties with resources. Orla Mining released a PEA on its Camino Rojo Property in Zacatecas. ON DEALS AND CORPORATE ISSUES, Discovery Metals announced the appointment of Gernot Wober as VP Exploration. Riverside Resources optioned its La Silla property (in Sinaloa) to Sinaloa Resources, and returned the Glor property (in Sonora) to underlying owner Argonaut Gold, after two unsuccessful drill campaigns by Centerra Gold.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Golden Goliath Resources Ltd. reported the commencement of its summer exploration program at its San Timoteo property in the Uruachic district of Chihuahua. San Timoteo hosts the longest mining tunnel in the district, with mapping and sampling having defined three ore shoots and a manto horizon within it. No exploration has been carried below the level of the tunnel, and the workings are interpreted to be above the boiling zone of an epithermal system, hence the possibility of potential bonanza grades down dip.
  • Mexican Gold Corp. released high grade sampling results from the Pueblo Nuevo area of its Las Minas projects in Veracruz. Multiple new vein occurrences have been discovered in the Pueblo Nuevo Valley structural corridor. The veins “show characteristics of mesothermal quartz veins”, generally 20 to cm in width, sub-vertical dips and no post mineral deformation. The dioritic host rock displays argillic alteration and sulfides up to one meter on each side of the veins. Chip sampling results include 0.43 m @ 7.87 g/t Au, 74 g/t Ag, 3.5% Zn; 0.30 m @ 6.14 g/t Au, 60 g/t Ag, 5.3% Zn; 0.50 m @ 19.18 g/t Au, 229 g/t Ag, 2.25% Zn; 0.3 m @ 4.33 g/t Au, 30 g/t Ag, 1.1% Zn; 0.15 m @ 16.17 g/t Au, 101 g/t Ag, 0.6% Cu, 14.6% Zn; 0.60 m @ 3.18 g/t Au, 17 g/t Ag, 3.5% Zn; 0.40 m @ 4.11 g/t Au, 22 g/t Ag; 0.45 m @ 19.41 g/t Au, 148 g/t Ag, 1.5% Cu, 0.8% Zn; 0.60 m @ 19.26 g/t Au, 70 g/t Ag, 2.3% Zn; 0.75 m @ 10.12 g/t Au, 30 g/t Ag.
  • Ridgestone Mining Inc. completed an induced polarization (IP) geophysical survey at its Rebeico Au-Cu project in Sonora. The survey comprised nine lines of IP, each 2 km long, for a total of 18 line kilometers spaced 200 m apart, covering an area of 1.6 by 2.0 km. Ridgestone has an option to acquire 100% interest in the project (subject to a 2% NSR) from YQ Gold de Mexico S. de R.L. (a Mexican corporation). The property covers 167 hectares, and includes the Alaska mine, which has old workings of up to 70 m of depth.

ON MINING

  • Torex Gold Resources Inc. released second quarter production results for 2018, period during which 80 K Oz Au were produced at its Limon-Guajes mine in Guerrero. Production has been ramping up, with 9 K tones per day (tpd) on April, 11 K tpd on May and 13 K tpd on June. The SART plant produced its first copper precipitate, with the operations team now taking the plant to full production. The updated technical report on El Limon-Guajes and Media Luna project is to be completed in late July/early August.
  • Sierra Metals Inc. announced the results of a preliminary economic assessment (PEA) on its Bolivar mine in Chihuahua, with the report being filed within 45 days. The PEA includes a net present value (NPV) of US$214 M at 8% discount rate, a return on investment (ROI) of 550%, on 3-4 years payback period and a net after-tax cash flow of US$303 M. The plant is to process 5 K tpd at recovery rate of 85% Cu to produce 252.5 M Lb Cu on 11 years of mine life on the existing mineral resource estimate. The longhole stoping method is to be used for mining.
  • Endeavour Silver Corp. reported production results for the second quarter 2018. At Guanaceví, in Durango, 71.3 K tonnes were produced @ 225 g/t Ag, 0.67 g/t Au, recovering 90.2% Ag, 92.7% Au to obtain 464.9 K Oz Ag, 1,423 Oz Au. At Bolañitos, in Guanajuato, 108.5 K tonnes were milled @ 91 g/t Ag, 1.82 g/t Au, recovering 78.3% Ag, 82.3% Au, to obtain 248.6 K Oz Ag, 5,222 Oz Au. At El Cubo, in Guanajuato, 134.5 K tonnes were milled @ 171 g/t Ag, 1.92 g/t Au, recovering 86.8% Ag, 84.6% Au, to obtain 642.4 K Oz Ag, 7,029 Oz Au. Consolidated production was 1,355.9 K Oz Ag, 13,674 Oz Au. The El Compas mine in Zacatecas is on track to commence commercial production by the end of July at the target capacity of 250 tpd.
  • Great Panther Silver Mines Ltd. reported production results for the second quarter 2018. At the Guanajuato Mine Complex, in Guanajuato, 77 K tonnes were processed @ 127 g/t Ag, 2.40 g/t Au, recovering 87.7% Ag, 88.2% Au to obtain 276.6 K Oz Ag, 5,240 Oz Au. At Topia, in Durango, 18.1 K tonnes were milled @ 371 g/t Ag, 0.69 g/t Au, recovering 93.9% Ag, 63.1% Au, to obtain 203.1 K Oz Ag, 253 Oz Au. Consolidated production of 95.2 K tonnes milled produced 479.8 K Oz Ag, 5,492 Oz Au, 480 tonnes Pb, 528 tonnes Zn.
  • Capstone Mining Corp. released production results for the second quarter of 2018, including figures from its Mexican operations. At Cozamin, in Zacatecas, 227.6 K tonnes were mined, 224.2 K tonnes milled (4,464 tpd) @ 1.66 % Cu, 1.04% Zn, 0.29% Pb, 45.3 g/t Ag. Recovery was 94.6% Cu, 66.4% Zn, 48.1% Pb, 77.5% Ag, to produce 13,581 tonnes of copper concentrate @ 25.9% Cu, 517 g/t Ag; 3,529 tonnes of zinc concentrate @ 47.5% Zn and 494 tonnes of lead concentrate @ 62.3% Pb, 1,717 g/t Ag.
  • Excellon Resources Inc. announced second quarter 2018 production results from its Platosa mine in Durango. Silver equivalent (AgEq) production increased 120% to 637.2 K Oz AgEq on Q2 2017 figures. 16.1 K tonnes were mined, 22.9 K tonnes milled @ 415 g/t Ag, 4.6% Pb, 6.7% Zn with recoveries of 89.6% Ag, 80.2% Pb, 82.2% Zn to produce 277.7 K Oz Ag, 1.85 M Lb Pb, 2.81 M Lb Zn, or 637.2 K Oz AgEq. Low-grade historical stockpiles and sump material with minimal associated mining cost continued to be processed. An AISC of less than $10 per Ag Oz was achieved.
  • Premier Gold Mines Ltd. released second quarter 2018 production results, including figures from its operations in Mexico. At Mercedes, in Sonora, 13,780 Oz Au, 44,366 Oz Ag were produced during the period. Production was impacted through the first half of the year owing to delays in the development of the Diluvio and Rey de Oro deposits. “Reinterpretation of the Diluvio ore shapes required changes to the stope designs. Mining in Rey de Oro was delayed by permitting requirements for the ventilation system”.
  • Hecla Mining Co. released preliminary results for the second quarter of 2018, including figures from its Mexican operations. At San Sebastian in Durango, 0.6 M Oz Ag, 3,872 Oz Au were produced in the period. The mill operated at an average of 415 tpd.

ON FINANCING

  • Prize Mining Corp. closed the first tranche of its non-brokered private placement for gross proceeds of $6.5 M. No finder’s fees were paid as part of this transaction. (Mercedes, Sonora).
  • Candente Gold Corp. has applied to extend the exercise period of 5 M outstanding share purchase warrants issued at a private placement in August 2016. “The original expiry date was August 12, 2018 and if the extension is approved, the new expiration date will be August 12, 2020”.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc. released a new mineral reserve estimate on the new PEA on its Bolivar mine in Chihuahua. The Cu-Zn skarn (with Ag and Au credits). “Mineralization exhibits strong stratigraphic control and two stratigraphic horizons host the bulk of the mineralization: an upper calcic horizon, which predominantly hosts Zn-rich mineralization, and a lower dolomitic horizon, which predominantly hosts Cu-rich mineralization”. The indicated resources display 13.26 Mt @ 22.5 g/t Ag, 0.29 g/t Au, 1.04% Cu containing 9.6 M Oz Ag, 124 K Oz Au, 137.5 K tonnes Cu, and the inferred resources 8 M tonnes @ 22.4 g/t Ag, 0.42 g/t Au, 0.96% Cu containing 5.8 M Oz Ag, 109 Oz Au, 76.8 K tonnes Cu.
  • Santacruz Silver Mining Ltd. Reported initial phase I drill results from the Garcia and Armado veins on its Veta Grande project in Zacatecas. Ten drill holes totaling 3,323 m of core drilling have been completed, having received results on the first six holes. Some highlighted true width intervals: 1.0 m @ 0.05 g/t Au, 209 g/t Ag; 0.32 m @ 0.37 g/t Au, 312 g/t Ag; 4 m @ 0.06 g/t Au, 168 g/t Ag; 0.95 m @ 1.36 g/t Au, 235 g/t Ag, 7.5% Pb, 8.7% Zn, 0.2% Cu; 0.65 m @ 292 g/t Ag; 0.88 m @ 1.73 g/t Au, 34 g/t Ag.
  • SilverCrest Metals Inc. released further phase III drill results for the Las Chispas property in Sonora. Highlighted intervals on the Babicanora vein: 2.0 m @ 0.87 g/t Au, 269 g/t Ag; 2.5 m @ 6.04 g/t Au, 369 g/t Ag (including (0.8 m @ 14.95 g/t Au, 742 g/t Ag); 0.6 m @ 2.19 g/t Au, 63 g/t Ag. Highlighted intervals on the Babicanora footwall vein include: 5 m @ 54.59 g7t Au 6,535 g/t Ag (including 0.5 m @ 183.50 g/t Au, 21,858 g/t Ag); 2.3 m @ 4.07 g/t Au, 436 g/t Ag; 0.9 m @ 1.15 g/t Au, 151 g/t Ag. The sub parallel Babicanora FW vein high-grade footprint has now been traced for 250 m on strike.
  • Avino Silver Gold Mines Ltd. released drill results from the Chirumbo and Guadalupe areas of the Avino property in Durango. Avino vein highlighted core length intersects include 15.4 m @ 0.20 g/t Au, 129 g/t Ag, 0.64% Cu; 42.75 m @ 0.45 g/t Au, 46 g/t Ag, 0.44% Cu; 15.85 m @ 4.13 g/t Au, 20 g/t Ag, 0.07% Cu; 7.35 m @ 0.36 g/t Au, 47 g/t Ag, 0.33% Cu; 6.0 m @ 0.09 g/t Au, 202 g/t Ag, 0.64% Cu. Highlighted Guadalupe vein results include 0.60 m @ 1.38 g/t Au, 90 g/t Ag, 0.76% Cu; 1.50 m @ 4.79 g/t Au, 11 g/t Ag, 0.05% Cu; 3.75 m @ 0.32 g/t Au, 171 g/t Ag, 0.1% Cu; 1.60 m @ 0.23 g/t Au, 84 g/t Ag, 0.28% Cu; 5.20 m @ 0.07 g/t Au, 26 g/t Ag, 0.34% Cu; 3.90 m @ 0.33 g/t Au, 129 g/t Ag, 0.75% Cu. The Guadalupe vein has shown to extend along 800 m and to a depth of 250 m. Avino is planning a new drill program targeting the Aguila Mexicana vein system, which is one of the strongest and widest structures on the property.
  • Kootenay Silver Inc. released the results of eight core holes from its La Cigarra property in Chihuahua. The holes tested parts of the Las Carolinas, La Borracha and La Nogalera zones, returning medium to high grade silver intercepts in all areas. Highlighted results include: At La Borracha 12.37 m @ 33 g/t Ag, 0.05 g/t Au, 0.2% Pb, 0.2% Zn; At La Nogalera 1.78 m @ 48 g/t Ag, 0.72 g/t Au; 4.0 m @ 736 g/t Ag, 0.09 g/t Au, 0.3% Pb, 0.1% Zn; At Las Carolinas 14.0 m @ 79 g/t Ag, 0.03 g/t Au (including 6.79 m @ 144 g/t Ag, 0.05 g/t Au; 41.38 m @ 45 g/t Ag, 0.03 g/t Au.
  • Golden Minerals Co. disclosed that surface mapping and sampling identified the eastern extension to the Santa Maria vein at the Santa Maria project in Chihuahua. Several other veins were also discovered in the adjacent Cervantes concessions in an exploration exercise on which 542 rock chip samples were collected. The Santa Maria vein occurs as a series of quartz-calcite veins up to 4.5 m in width, returning assays as high as 0.6 g/t Au, 347 g/t Ag, 1.2% Zn. The Cervantes quartz-calcite vein system occurs 800 m east of the current resource area, for 700 m of strike length, returning up to 1.6 g/t Au, 207 g/t Ag, 0.24% Cu, 5.6% Pb, 19.5% Zn over widths of up to 1.3 m. Golden estimates completing the PEA during the third quarter of 2018.
  • Orla Mining Ltd. filed a preliminary economic assessment (PEA) on its Camino Rojo property, Zacatecas. The PEA visualizes a technically simple open pit mine and heap-leach operation with low capital and operating costs, “rapid payback and strong financial performance”. The project envisages a 3.3 payback period, working at a 18 K tpd rate that would place 42.5 M tonnes of material on the heaps @ 0.71 g/t Au, 13.6 g/t Ag (966 K Oz Au, 18.5 M Oz Ag), with a recovery rate of 67% Au and 15% Ag, producing 97,500 Oz/year at an All-in sustaining cost of $555 Oz/Au.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. announced the appointment of Gernot Wober as its Vice-President Exploration (Puerto Rico, Coahuila).
  • Riverside Resources Inc. and Sinaloa Resources Inc. signed a letter of intent (LOI) whereby Sinaloa Resources can earn up to 100% interest in Riverside’s La Silla project in Sinaloa. The initial option to earn 70% lies on Sinaloa issuing shares for $1 M, $60K in cash payments and exploration work commitments of $3 M over 36 months. To earn an additional 30% Sinaloa must spend a further $1 M in exploration and issue Riverside $500 K in shares. Riverside is to retain a 2.5% NSR if Riverside’s interest reduces to less than 10%. Previous work in the 2,071 hectares project includes 6 drill holes on the El Roble system, with intersects of up to 15 m @ 6.9 g/t Au.
  • Riverside Resources Inc. announced that drilling assays from two campaigns funded by Centerra Gold Inc. returned insufficient mineralized thickness and continuity to justify further exploration on the Glor project in Sonora. Riverside believes it has tested the best targets on the property and has terminated the underlying option earn-in agreement with Argonaut Gold.

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

On the picture above, structure in fine grained sedimentary rocks with iron oxides and minor quartz veining, greenish clays on the walls. From a shallow epithermal system in Guanajuato. Picture by Jorge Cirett

MEXICAN GOLD SAMPLES 81.3 G/T GOLD, 91.1 G/T SILVER AND 17.1% ZINC OVER 0.20 METRES AT NEWLY DISCOVERED PUEBLO NUEVO VEIN

MexicanGoldCorp_nr-2018-07-10

Mexican Gold Corp. (“Mexican Gold” or the “Company”) (TSX-V: MEX/ OTCQB:
MEXGF / FRA: 4QW1) is pleased to announce that its on-going field exploration program
at Pueblo Nuevo continues to yield high-grade sampling results. Recent assays from
sampling of newly discovered surface outcrops and historical mines include:
• 81.3 g/t Au + 91.1 g/t Ag + 17.1% Zn over 0.20 metres
• 25.2 g/t Au + 165.8 g/t Ag over 0.15 metres
• 29.5 g/t Au + 95.5 g/t Ag + 8.5% Zn over 0.20 metres

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

117 - copia

By Jorge Cirett

During the 26th week of the year (June 25th to July 1st, 2018), at least 20 press releases were announced by companies working in Mexico. Five companies updated on exploration advances. Three companies announced financing exercises that could accrue over US$14 M, and one company proceeded with a 10:1 consolidation. ON MEXICO ISSUES, Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. ON EXPLORATION, In Sonora, Aztec Minerals reported drilling results from the Cervantes property; Kootenay described its La Mina property and Aloro Mining obtained the drilling permit for the Los Venados project. ON MINING Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. Frisco and Goldcorp are to jointly explore the Mazapil valley in Zacatecas. ON FINANCING, Silver Bull, Prize Mining and One World Lithium announced private placements for up to $3 M, $10.75 M and CND$2 M respectively. ON RESOURCES AND DEVELOPMENT, Endeavour Silver released results from infill drilling at Terroneras, Jalisco. Sierra Metals informed of a stockwork zone on the Santa Rosa de Lima structure of its Cusi mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Geologix finalized its name change to ValOro. Defiance Silver acquired a land package from Mag Silver in Zacatecas. Aloro Mining received title to land contiguous to its Venados project in Sonora. Arian Silver presented its financial report for 2017. Kootenay Silver optioned La Mina property in Sonora to Capstone Mining.

ON MEXICO ISSUES

  • No Relevant News..

ON EXPLORATION

  • Kootenay Silver Inc. reported drilling results by partner Aztec Minerals Corp. on its Cervantes project in Sonora. The final six core holes of 17 on the phase 1 campaign encountered porphyry-type gold-copper mineralization. Highlighted intervals comprise 16.0 m @ 0.25 g/t Au, 0.12% Cu; 100.5 m @ 0.22 g/t Au, 0.12% Cu; 98.5 m @ 0.41 g/t Au, 0.13% Cu (including 33 m @ 0.60 g/t Au, 0.02% Cu); 85.2 m @ 0.48 g/t Au; 0.07% Cu; 90.5 m @ 0.29 g/t Au, 0.06% Cu (including 34.5 m @ 0.55 g/t Au); 116 m @ 0.35 g/t Au, 0.06% Cu (including 62 m @ 0.5 g/t Au). The drilling extended the strike length to more than 800 m at the California and Jasper prospect areas.
  • Kootenay Silver Inc. optioned the La Mina property in Sonora to Capstone Mining Corp. (see below). The property covers “the upper levels of a zoned copper porphyry mineral system exposed over a 2 by 2 Kilometer area”, containing a large leached argillized pyritic zone where surface grab and chip samples averaged about 300 ppm Cu. Another area in the property displays a 100 x 700 m exotica copper zone where sampling averaged 0.49% Cu on 40 rock chip samples.
  • Aloro Mining Corp. informed the permit for road construction and drilling at its Los Venados property in Sonora has been granted by SEMARNAT (Environmental bureau). The permit allows for drilling 12 reverse circulation (RC) holes and the construction of 3,693 m of access roads.
  • Minera Frisco and Goldcorp Inc. entered into an agreement for exploration and mining in the Mazapil valley, Zacatecas. The information was presented by Frisco to the Bolsa Mexicana de Valores (BMV).
  • One World Lithium Inc. conducted a geophysical survey at its Salar del Diablo project in Baja California. The Volterra TEM in-loop sounding survey was carried on the northern third of the Salar del Diablo. The survey totaled 79.7 line kilometers on seven lines nine to twelve Km long and spaced two Km apart, covering 150 square Km. A six square Km part of the salar is highly conductive and with a calculated thickness in excess of 100 m. A probably thinner and less conductive part of the salar covers 24 square Km and is open ended. The company intends to launch a 15 hole 4,000 m drilling campaign in three months time.

ON MINING

  • Argonaut Gold Inc. announced that the Collegiate Tribunal (an arm of the State Supreme court that is tasked with overseeing the Judiciary court) unanimously ruled to lift the suspension of the explosives permit at its La Colorada mine in Sonora. “The ruling directs that the Secretary of National Defense (“SEDENA”) reinstate the explosives permit”. “With this successful appeal, the Company will now have the ability to continue full operations during the balance of the Judiciary legal process”. Ramp up of full operations is expected to be re-established by mid-July.

ON FINANCING

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Silver Bull Resources Inc. intends to complete a private placement aiming for gross proceeds of US$3 M (Sierra Mojada, Coahuila).
  • Prize Mining Corp. is to make a private placement aiming to raise up to $4 M in gross proceeds. The company is to pay 7.0% of the gross proceeds as cash commission, and a cash work fee of $40 K to the agent. The maximum aggregate gross proceeds of the offering and the non-brokered private placement is $10.75 M. (Manto Negro, Coahuila).
  • One World Lithium Inc. announced that the previous non-brokered private placement announced on May 25, 2018 will be replaced with a non-brokered private placement aiming to raise gross proceeds of up to CND$2 M.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. released results from infill drilling at its Terroneras property in Jalisco. Highlighted true width (TW) intervals from these nine holes comprise: 2.8 m @ 2.0 g/t Au, 54 g/t Ag; 1.3 m @ 1.3 g/t Au, 467 g/t Ag; 2.3 m @ 4.8 g/t Au, 222 g/t Ag; 21.2 m @ 3.2 g/t Au, 618 g/t Ag; 6.0 m @ 2.6 g/t Au, 507 g/t Ag; 1.5 m @ 7.1 g/t Au, 181 g/t Ag; 1.6 m @ 4.2 g/t Au, 120 g/t Ag; 4.4 m @ 4.7 g/t Au, 121 g/t Ag; 4.6 m @ 4.3 g/t Au, 146 g/t Ag; 5.7 m @ 1.3 g/t Au, 164 g/t Au. “The infill drill program is now 60% complete, with 5,990 m drilled out of 10,000 m planned”.
  • Sierra Metals Inc. confirmed the existence of a wide high-grade silver stockwork within the Santa Rosa de Lima vein complex, at its Cusi property in Chihuahua. The stockwork zone measures 100 m in length, 40 m in width and 70 m in height, and is open at depth and width. Mine development so far has resulted in 4,437 tonnes @ 205 g/t Au, 0.07 g/t Au, 0.12% Pb, 0.15% Zn.

ON DEALS AND CORPORATE ISSUES

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Defiance Gold Corp. completed the acquisition of Mag Silver’s Corp.’s Zacatecas silver district holdings, including its regional exploration database. Defiance is to pay 5 M shares to Mag for as consideration for the sale. The Lagartos project consists of 14 concessions covering 800 hectares (San Acacio, Zacatecas).
  • Aloro Mining Corp. received the title from a 1,675 has concession contiguous to its 1,524 has Los Venados project in Sonora. The claim was staked on July 2017 (Los Venados, Sonora).
  • Arian Silver Corp. presented financial results for 2017. The company owns 12 mining concessions covering 1,500 hectares, some of which encompass the Los Campos, San Celso, Los Africanos and Calicanto projects in Zacatecas. At the end of the period the company had 0.9 M in cash and cash equivalents.
  • Kootenay Silver Inc. entered into an option agreement with Capstone Mining Corp. on La Mina project in Sonora. Capstone can earn-in an initial 60% by making staged payments of US$600 K and spending US$4 M on exploration over 4 years. “Capstone may earn up to a 100% interest in La Mina in stages by completing certain milestones including preparation of a preliminary economic assessment, a pre feasibility study and paying an additional aggregate total of US$8.4 million to Kootenay in stages at each of the various milestones”. The property is subject to an underlying information agreement with a 2.5% royalty, of which up to 2.0% can be bought. “If Capstone Mining earns 100% interest, Kootenay will retain a 1% net smelter return with no buy out option of which 0.5% will be held by the third party after giving effect to the Buydown”.
  • Minera Frisco and Goldcorp Inc. entered into an exploration/mining agreement on the Mazapil Valley. No further details were released.

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

On the picture above, intensely silicified tuff, interpreted as alteration at the paleo water table of an epithermal low sulfidation system in Guanajuato. Picture by Jorge Cirett.

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

 

By Miguel A Heredia

During the 25th week of the year (June 18th to June 24th, 2018), at least 23 press releases were announced by companies working in Mexico, with eight informing on exploration results, eight communicating deals and corporate issues, five  announcing financing rounds, one reporting on resources and development, and one running leaching tests.  ON MEXICO ISSUES, no relevant news.   ON EXPLORATION, In Sonora, Millrock reported trench results from its La Navidad project. In Chihuahua, Ethos Gold filed a draft NI 43-101 technical report for its la Purisima project. In Coahuila, Discovery Metals reported sampling results from its Puerto Rico project. In Sinaloa, Chesapeake released exploration results from its Yarely project and Riverside reported exploration results from its La Silla project. In Zacatecas, Excellon commenced a drill program at its Miguel Auza project while Defiance defined a significant anomaly at its San Acacio project.  ON MINING, Mexus Gold provided and update on progress from its 8 Brothers/370 gold project in Sonora.  ON FINANCING, Aura Silver announced the extension of 3.5M warrants. Harvest Gold closed a second tranche of a non-brokered private placement for CDN$149,600. Maverix entered in a revolving credit agreement to borrow up to US$50M. Prize amended terms of a non-brokered private placement to raise money for $6.5M. Starcore completed a private placement for CDN$3M. ON RESOURCES AND DEVELOPMENT, Sierra Metals announced PEA results for its Cusi Mine in Chihuahua. Minera Alamos provided an update on its Guadalupe de Los Reyes project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Coeur signed a definitive agreement with Evrim to option the Sarape property in Sonora.  Avino and Consolidated Zinc announced management changes, and Colibri and Torex reported results from its annual general meeting of shareholders. Marlin, Gold Reign, and Sailfish entered in a definite arrangement agreement regarding a combination business. Equinox announced a spin-out of its copper assets to create Solaris Copper. Valterra entered into an option agreement to acquire the Los Reyes Cu-Au project in Chihuahua.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Millrock Resources Inc., reported trench results from its La Navidad project in Sonora. Significant results are 7m of 0.64 g/t Au; 8m of 0.5 g/t Au, 16m of 0.59 g/t Au; 4.5m of 1.63 g/t Au; 2m of 6.5 g/t Au, 1.3m of 5.26 g/t Au; and 1.5m of 4.5 g/t Au. Its partner Centerra Gold is funding the exploration program at La Navidad and has authorized an extension of the drilling program from 1,650m in 7 holes to 2,900m in 17 holes.
  • Ethos Gold Corp., filed a draft NI 43-101 technical report for its la Purisima project in Chihuahua. The mineralization target consists of low sulphidation epithermal veins which have been traced for over a N-S strike length of over 1.5km in length. The company signed a property access agreement to commence mapping and sampling work with 389 samples collected to date of which 189 have been already submitted to the lab for assays.
  • Discovery Metals Corp., reported sampling results from its Puerto Rico project in Coahuila. 293 channel samples were collected at the Zaragoza mine, of which 83 were from manto mineralization and returned an average grade of 129 g/t Ag, 4.3% Pb, 7.6% Zn, and 0.12% Cu.
  • Riverside Resources Inc., presented geochemical results of 52 samples collected at its La Silla project in Sinaloa. Significant results from the rock chip and channel samples are 1m of 2.1 g/t Au and 27 g/t Ag; 1m of 9.4 g/t Au and 196 g/t Ag; and 1m of 19.9 g/t Au and 200 g/t Ag.
  • Chesapeake Gold Corp., released exploration results, including phase 1 drilling from its Yarely project in Sinaloa. At Loretos prospect, the drill target is a blind skarn-porphyry system indicated by a significant chargeability anomaly. Significant results are 213m of 0.11% Cu, including 64m of 0.17% Cu. At the Central prospect, one of the two holes drilled intersected several 3 to 6m wide structures returning silver values ranging from 11 to 30 g/t. At Lucy prospect, two holes tested skarn/carbonate replacement manto mineralization. Drilling results returned 22m of 0.33 g/t Au and 1.5 % Zn; and 25m of 0.6 g/t Au, 22 g/t Ag, 0.25% Cu, and 1.6% Zn. At Sundae prospect, the company has identified a 3km long high level-low sulphidation epithermal system that runs for over 3km along strike, with individual structures varying from 1-5m in width. A preliminary geophysical survey showed a continuity of the vein host structures to over 500m depth. At Los Mimbres prospect, skarn and hornfels boulders with Cu and Pb sulphide mineralization were recently discovered adding a new target within the Yarely project. Mineralization identified at Los Mimbres is similar to that encountered at Metates. Stream sediment, soil, rock geochemistry and geological mapping are underway to advance this target to the drill stage.
  • Excellon Resources Inc., commenced a 3,000m drill program at its Miguel Auza project in Zacatecas to test targets generated from surface mapping, IP surveying, and structural work conducted since mid-2017 at El Cobre, Abejas, Carmen-Lechuzas, and Lomo de Las Minas prospects. Highlights from the surface sampling are 2.3 g/t Au and 667 g/t Ag at Lomo de Las Minas. Results up to 2.9 g/t Au and 300 g/t Ag were sampled at Carmen and El Cobre confirming mineralization in veins at both targets. Mineralization at Miguel Auza is hosted in epithermal quartz veins similar to those found at Fresnillo mining district.
  • Defiance Silver Corp., defined a significant geophysical anomaly at its San Acacio project in Zacatecas employing Atomic Energy Resonance Imaging (AERI) technology. The AERI identified a pipe shaped anomaly which measures 400m in width, 300m in length, and is open at depth. The AERI anomaly is coincident with a recently delineated IP target, and will be drill tested in the near future.

ON MINING

  • Mexus Gold US., provided and update on progress from its 8 Brothers /370 gold project in Sonora. The company has completed the crushing and loading of ore into the VAT leaching tank to run tests and expects to commence the leaching when tests are completed in the next days.

ON FINANCING

  • Aura Silver Resources, announced its intentions to extend the expiration date of 3.5M warrants from July 9, 2018 to July 9, 2020. The exercise price remains unchanged at $0.05 (Taviche, Oaxaca)
  • Harvest Gold Corporation, closed a second tranche for CDN$149,600 for a total of CAD$479,600 gross proceeds raised in the non-brokered private placement. Gross proceeds will be used to explore its Cerro Cascaron project in Chihuahua.
  • Maverix Metals Inc., entered into a 3 years revolving credit agreement with two bank institutions to borrow up to US$50M. The credit can be extendable through mutual agreement between the involved parties (La Colorada, Zacatecas)
  • Prize Mining Corporation, amended terms of a non-brokered private placement to raise money for $6.5M (Manto Negro, Coahuila).
  • Starcore International Mines Ltd., completed a private placement of secured bonds for CAD$3M (San Martin, Queretaro)

 ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc., announced PEA results for its Cusi Mine in Chihuahua. Highlights include an after-tax NPV of $92.2M USD at an 8% discount rate, a 9 years mine life based on existing mineral resource estimate, and a life of mine silver production of 30 M Oz. The company also reported Mineral Resource Estimate as at February 12, 2018. Total measured mineral resources are 362K tonnes @ 225g/t Ag, 0.55% Pb, 0.68% Zn, and 0.13g/t Au. Total indicated resources are 4.2M tonnes @ 217g/t Ag, 0.64% Pb, 0.66% Zn, and 0.21 g/t Au. Total inferred resources are 1.63M tonnes @ 158 g/t Ag, 0.54% Pb, 0.84% Zn, and 0.16 g/t Au.
  • Minera Alamos Inc., provided an update on its Guadalupe de los Reyes project in Sinaloa. The company commenced the mapping of the Mariposa- Zapote structure to evaluate extensions that have not been drilled and could be target areas to expand the resource. The company also collected metallurgical samples and are being prepared for Au leaching studies. It also commenced engineering studies to establish locations and preliminary designs for Au heap leaching facilities.

ON DEALS AND CORPORATE ISSUES

  • Coeur Mining Inc., signed a definitive agreement with Evrim Resources Corp., to option the Sarape property in Sonora. Coeur will have the exclusive right to acquire up to an 80% interest in the property by spending up to $16M USD on exploration, making staged cash payments of up to $2.5M USD, and completing a NI 43-101 compliant FS on a minimum measured and indicated resource estimate of 1M Oz AuEq, all within a ten-year period.
  • Marlin Gold Mining Ltd., Golden Reign Resources Ltd., and Sailfish Royalty Corp., have extended the previously announced LOI to June 29, 2018 to enter in a definitive arrangement agreement regarding a business combination of the Golden´s San Albino-Murra property in Nicaragua and Marlin´s La Trinidad property, México.
  • Equinox Gold Corp., announced plans to transfer all of its copper assets into a newly incorporated company named Solaris Copper Inc. (La Verde, Michoacan).
  • Valterra Resource Corporation, entered into an agreement to acquire the Los Reyes Cu-Au project in Chihuahua. Valterra may acquire a 100% interest, subject to a 2% royalty to a third party, by making staged payments totaling US$4M over a period of 5 years. Target consists of a +800m long Cu-Au rich skarn developed in the contact between a Tertiary-age granodiorite intrusive and Cretaceous-age limestones and shales.

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

On the picture above, phyllic alteration in a porphyry copper system in Jalisco, Mexico. Photo by Miguel A Heredia.

Ethos Gold Corp. files draft La Purisima 43-101, signs property access agreement, and commences field work

Ethos (2018-06-15) NR Ann La Purisma 43-101

Vancouver, BC – June 15, 2018, Ethos Gold Corp. (“Ethos” or the “Company”) (TSXV:ECC) is pleased to announce that it has submitted a draft 43-101 technical report for its La Purisima project (the “Project”) to the TSX Venture Exchange (the “Exchange”). The report was prepared by P. Craig Gibson, Ph.D., CPG.  The technical report will be posted on SEDAR following its acceptance by the Exchange.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

 

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

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

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By Jorge Cirett

During the 20th week of the year (May 14th to May 20th, 2018), at least 17 press releases were announced by companies working in Mexico. Seven companies updated exploration advances, with only one company reporting a quarterly report and one other a round of financing. Two companies disclosed news on resources and development while four reported on deals and company issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, San Marco was awarded the Espiritu concession, and Millrock begun a new drilling campaign at La Navidad. In Chihuahua, Endeavour Silver released drill results from its Parral properties; VVC Exploration commenced a new drill campaign at its Samalayuca project. In Coahuila, Discovery Metals presented rock sample results from three prospects within its Minerva project. In Sinaloa, Kootenay optioned the Copalito property. In Jalisco, Evrim commenced a third phase exploration campaign at Cuale. ON MINING, Starcore International presented a quarterly report. ON FINANCING, SilverCrest Metals announced the closing of a $17.25 M financing. Mexus Gold paid a $183 K debt. ON RESOURCES AND DEVELOPMENT, Mag Silver presented an advance on development of the Juanicipio project in Zacatecas. Minera Alamos completed the second phase of bulk leach testing at its Santana property in Sonora. ON DEALS AND CORPORATE ISSUES, Marlin Gold and Golden Reign signed a LOI pursuing a business combination. Kootenay Silver optioned the Copalito property in Sinaloa. Argonaut Gold informed on the state of affairs of the legal battle to resume blasting at its La Colorada mine in Sonora. Leagold received clearance from the Mexican government to complete a business combination with Brio Gold.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Endeavour Silver Corp. disclosed drilling results from its Parral properties in Chihuahua. At the San Patricio vein system 8,846 m of core drilling have been completed over 1400 m of strike length. “Three mineralized areas were intersected, of which the largest and central zone now measures 600 m long by 250 m vertical (starting 150 m deep) by 1-3 m true thickness, still open to the south and at depth”. Highlighted true width (TW) intercepts include 2.1 m @ 303 g/t Ag, 0.05 g/t Au, 0.4% Pb, 0.5% Zn; 1.0 m @ 678 g/t Ag, 0.22 g/t Au, 3.5% Pb, 0.9% Zn; 3.0 m @ 689 g/t Ag, 0.24 g/t Ag, 1.6% Pb, 1.1% Zn; 1.6 m @ 293 g/t Ag, 0.27 g/t Au, 3.5% Pb, 7.6% Zn; 2.3 m @ 1,660 g/t Ag, 0.72 g/t Au, 6.5% Pb, 14.4% Zn. Metallurgical recoveries from core samples with flotation and leaching tests include 47% Ag from Sierra Plata (oxide), 98% Ag on El Verde (mixed), 95% Ag on Remedios-Argentina (mixed), 94% Ag and 93% Au on Palmilla (oxide) and 91% Ag and 86% Au in Cometa-San Juanico (mixed).
  • San Marco Resources Inc. announced it was awarded the Espiritu 2,712 ha SMR concession in the recent mineral concession lottery by the Mexican government. The property is less than 30 km SE from San Marco’s Chunibas and 1068 projects in the Sahuaripa district. “Espiritu SMR overlies a window of pre-mineral cretaceous volcanic and sedimentary rocks intruded by Laramide age granitoids”. Previous operator in the area, Kootenay Silver Inc. stated: “An extensive area of polymetallic vein, stockwork, breccia and gold-copper porphyry mineralization”. A porphyry copper setting and a vein and stockwork zone of precious and base metal mineralization are separated by a major fault. Selected drill hole intercepts include 48.0 m @ 0.19 g/t Au, 0.1% Cu; 220.5 m @ 0.14 g/t Au, 0.15% Cu. San Marco is preparing to do a first-pass ground validation and prospecting.
  • VVC Exploration Corp. commenced the third phase of diamond drilling at its Samalayuca copper project in Chihuahua. VVC expects to drill about 3,000 m in the next 180 days.
  • Kootenay Silver Inc. optioned the Copalito project in Sinaloa (See below). “The Copalito Project covers a gold and silver epithermal vein system comprised of numerous veins, with individual veins currently traced over strike lengths up to 2 kilometres. Veins vary in width from 0.5 to 10 meters at surface and grade from background to highs of 7.2 gpt gold and 1,620 gpt silver in grab samples”. Vein textures indicate a low or intermediate sulfidation vein system.
  • Millrock Resources Inc. is beginning a second round of drilling at its La Navidad project in Sonora. The target in the project is orogenic gold mineralization, bulk mineable run-of-mine oxidized deposit. The 1,650 m program aims to drill 150 – 250 m in depth in seven holes, testing areas of gold soil anomalies that now are supported by gold anomalies in trenches. The strongest anomalies occur in folded, faulted metasedimentary rocks of Jurassic age, in close proximity to diorite and monzonite dikes. An induced polarization survey has identified low angle structures conducive of orogenic gold deposits. A 1.4 km of trenching on 16 trenches has been completed, with multiple intervals of anomalous gold, like 18.0 m @ 0.56 g/t Au, 24.9 m @ 0.32 g/t Au, 18.2 m @ 0.20 g/t Au, 10.9 m @ 0.38 g/t Au.
  • Evrim Resources Corp. commenced a third phase exploration at its Cuale high sulfidation project in Jalisco. The program includes 3,000 m of drilling, following on discovery trenches 1 to 4 from La Gloria zone, where trench 1 returned 1.67 g/t Au over 263.7 m and trench 4 returned 13.61 g/t Au over 106.2 m. “The soil survey has already commenced and will be followed with up to 650 metres of trenching at La Gloria and surrounding targets to extend the known footprint of outcropping gold mineralization”. A 40 line-km controlled source audio-magnetotellurics (CSMAT) is planned on potential mineralization under shallow cover. A 3,000 m program is expected to commence on July.
  • Discovery Metals Corp. disclosed assay results of 152 samples from its Minerva project in Coahuila. “Minerva encompasses Ag-Pb-Zn mineralization hosted in skarns, mantos, chimneys and breccias”, similar to La Encantada mine 30 km to the East. The mineralization is located along the margin of a polyphase granitoid intrusive body, with ample zone of shallow gravel cover. At La Tercia prospect, channel samples returned 0.8 m @ 30 g/t Ag, 2.3% Pb, 4.6% Zn; 2.0 m @ 249 g/t Ag, 6.9% Pb, 0.1% Zn; 4.0 m @ 37 g/t Ag, 1.6% Pb, 0.2% Zn; 0.6 m @ 3.8% Pb, 0.4% Zn; 0.6 m @ 84 g/t Ag, 5.8% Pb, 0.2% Zn. At Concordia samples returned 0.8 m @ 1,775 g/t Ag, 14.5% Pb, 40.3% Zn; 0.7 m @ 51 g/t Ag, 2.6% Pb, 0.4% Zn; 0.4 m @ 11 g/t Ag, 0.4% Pb, 25.8% Zn. At Mina Minerva results include 5.1 m @ 39 g/t Ag, 0.4% Pb, 2.0% Zn; dump @ 229 g/t Ag, 30.5% Pb, 5.7% Zn; 0.8 m @ 143 g/t Ag, 9.7% Pb, 5.3% Zn; 1.0 m @ 41 g/t Ag, 2.0% Pb, 16.4% Zn.

ON MINING

  • Starcore International Mines Ltd. announced production results for the fourth quarter of its fiscal year 2018. During the quarter 71.9 K tonnes of ore @ 1.69 g/t Au, 40.6 g/t Ag were processed on its San Martin mine in Queretaro, resulting in the production of 4,140 Oz AuEq. Mill recoveries averaged 88.4% Au, 57.4% Ag. Also during the quarter the Altiplano facility received 373 tonnes of concentrate containing approximately 805 Oz Au and 26,813 Oz Ag.

ON FINANCING

  • SilverCrest Metals Inc. completed its prospectus offering for gross proceeds of $17.25 M, including the exercise of the over-allotment option in full. The company paid the underwriters a cash commission of up to 6% of the gross proceeds of the offering. The proceeds are to be used on the preparation of a preliminary economic assessment (PEA) at the Las Chispas property in Sonora, as well as continuing exploration in the several targets it contains.
  • Mexus Gold US. announced the payment of $183.3 K due to JMJ Financial, closing the current outstanding debt agreement prior to the expiration date (8 Hermanos, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Mag Silver Corp. presented financial results for the first quarter of 2018. Underground development rate has intensified, and exploration drilling is now utilizing directional drilling to infill and expand the Deep Zone, which remains open to depth and on strike. The company funded advances on the Juanicipio project in Zacatecas, mainly by “cash calls” by the operator (Fresnillo PLC). At the end of the period the company had $152.7 M in cash and cash equivalents.
  • Minera Alamos Inc. has completed the second phase of its bulk testing heap-leach activities at its Santana project in Sonora. The initial phase used coarse crushing (<3”) and the second phase involved fine crushing (<1.2-5/8”) and agglomeration of the same mineralized material prior to leaching. The recoveries from the second phase were faster and consistent with those of the first phase of leaching, with 190 Oz Au recovered from 9,000 tonnes of material over a three month period, representing 0.65 g/t of recovered gold.

ON DEALS AND CORPORATE ISSUES

  • Marlin Gold Mining Ltd. and Golden Reign Resources Ltd. entered into a non-binding letter of intent (LOI) together with Wexford Capital LP, pursuing a business combination of Golden Reign’s San Albino-Murra property in Nicaragua, and Marlin’s La Trinidad mine in Sinaloa. Golden reign plans to acquire all Marlin shares. Upon completion of the transaction Marlin shareholders will own approximately 45% of Golden Reign shares, while Golden Reign shareholders will own 55% of the shares.
  • Kootenay Silver Inc. entered into an option agreement to acquire a 100% interest on the Copalito Ag-Au project in Sinaloa. The seven concessions 3,700 ha project can be acquired by making staged payments over a 4-year period, totaling US$985 K, with the vendors retaining a 0.5% NSR. A finders fee of C$10 K and 100 K common shares have to be paid.
  • Argonaut Gold Inc. reported that the Judiciary court hearing with respect to the company’s explosives permit for its La Colorada mine has been rescheduled to June 4, 2018. The company also appealed the Judiciary court’s original decision to temporarily suspend the explosives permit to the Collegiate Tribunal, requesting to re-instate the explosives permit so the company can blast material while the judiciary legal process continue. Argonaut estimates it has sufficient ore to continue operations until the end of July, at the present rate of 12,000 tonnes per day (tpd).
  • Leagold Mining Corp. received clearance from the Comisión Federal de Competencia Económica (COFECE) with respect to Leagold’s acquisition of Brio Gold Inc. “COFECE approval was the final government agency approval required before completing the acquisition, which is anticipated to occur on or around May 24, 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 above, opaline silica from a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

Highlights on the Third Week of April, 2018. Mining and Exploration News in Mexico

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On the picture above, Very strong silicification and minor alunite on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

By Jorge Cirett

During the 16th week of the year (April 16th to April 22nd, 2018), at least 20 press releases were announced by companies working in Mexico, of which two had information on exploration, five on first quarter production, three in financing, two on resources and development and seven in corporate issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Jalisco, Evrim released impressive high-grade results from trenching at Cuale. In Veracruz, Mexican Gold released high grade samples from veins at Las Minas. ON MINING, McEwen, Fortuna Silver, Avino Silver, Telson and Excellon presented Q1 2018 production reports. ON FINANCING, Prospero Silver and Aura Silver respectively announced the opening and closing of financing rounds, while Excellon announced the exercise of warrants. ON RESOURCES AND DEVELOPMENT, SilverCrest released drill results from the Luigi vein at its Las Chispas property in Sonora. Levon Resources filed a PEA report with a new resource estimate on the Cordero project in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Monarca Minerals continues work to solve community issues in Tejamen, Durango. Geologix Explorations Inc. is to change name to ValOro Resources Inc.. Advance Gold acquired the Venaditas property in Zacatecas. Argonaut Gold informed on the legal struggle that halted the explosives permit use on its La Colorada mine in Sonora. Goldplay Exploration optioned the San Marcial property in Sinaloa. Vangold Mining and Mexican Gold granted options to officers, directors and consultants.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Evrim Resources Corp. announced results from trench sampling at its Cuale project in Jalisco. Trench 4 grades 13.61 g/t Au over 106.2 m, including 50.0 m grading 26.13 g/t Au, including 7.5 m @ 163.3 g/t Au. Trench 2 grades 2.94 g/t Au over 29.4 m, including 17.9 m @ 4.55 g/t Au. Gold results over 10 g/t have been re-assayed. “Metallic screen assays reported acceptable repeatability with excellent repeatability at the highest gold grades”. A second IP line defines a 1,200 m long by 50 to 120 m deep highly resistive ledge associated with strong silicification and minor anomalous gold at the surface.
  • Mexican Gold Corp. released initial sampling results from four veins on its Pueblo Nuevo concession, part of its Las Minas property in Veracruz. The veins are hosted in diorites with argillic alteration, occur as mesothermal quartz veins, 20 to 50 cm in width with sub-vertical dips and lack post-minerals deformation. The Tamiahua I vein assayed 90.82 g/t Au, 37 g/t Ag over 0.40 m, with the footwall and hanging wall returning 0.52 g/t Au, 1 g/t Ag over 1.0 m and 0.72 g/t Au, 1 g/t Ag over 0.80 m respectively. Nine samples at the Tamiahua II returned 2.05 to 22.82 g/t Au and 5 to 37 g/t Ag on an average width of 0.27 m (up to 0.50 m). At the Cajon vein a grab sample returned 32.2 g/t Au, 231 g/t Ag; while a 0.20 m chip sample assayed 3.53 g/t Au, 31 g/t Ag. At the Dos Rios vein, two 0.35 m and 0.18 m samples returned 3.86 g/t Au, 16 g/t Ag; 8.25 g/t Au, 59 g/t Ag respectively, while a 1.0 m  hanging wall channel sample returned 4.92 m g/t Au, 38 g/t Ag.

ON MINING

  • McEwen Mining Inc. reported consolidated production for Q1 2018, which includes figures from its Mexican operations. At El Gallo in Sinaloa, 12,217 AuEq Oz were produced during the period. Mining from the existing open pits will cease in Q2, while heap leach activities will continue until 2020, or as long as it remains economic.
  • Fortuna Silver Mines Inc. reported first quarter 2018 production, including figures from its Mexican operations. At San Jose in Oaxaca, 258 K tonnes were milled, at an average rate of 3,011 tonnes per day (tpd) @ 284 g/t Ag, 0.2 g/t Au, and a recovery of 92.8% Ag, 92.3% Au, to produce 2.18 M Oz Ag, 14,882 Oz Au.
  • Avino Silver & and Gold Mines Ltd. released first quarter 2018 production results from its Avino property in Durango. During the period 120.6 K tonnes were milled @ 56 g/t Ag, 0.58 g/t Au, 0.43% Cu, with recoveries of 81% Ag, 68% Au, 84% Cu, to produce 309.9 K Oz Ag, 2,065 Oz Au, 970 K Lb Cu.
  • Telson Mining Corp. presented first quarter 2018 results from its Campo Morado mine in Guerrero. During the period the mill processed 148.7 K tonnes (approximately 1,650 tpd) @ 3.65% Zn, 0.41% Cu, 0.90% Pb, 1.14 g/t Au, 108 g/t Ag, with recoveries of 70.4% Zn, 23.0% Cu, 37.9% Pb, 17.9% Au, 28.3% Ag in the elaboration of distinct Zn, Cu, Pb concentrates containing 3,824 tonnes Zn, 140.5 tonnes Cu, 508.7 tonnes Pb, 970.9 Oz Au, 146.8 K Oz Ag. Telson continues to ramp-up production to the 2,500 tpd plant capacity.
  • Excellon Resources Inc. presented first quarter 2018 production results from the Platosa mine, Durango. During the period 13,784 tonnes were mined, 18,885 tonnes milled @ 359 g/t Ag, 3.79% Pb, 6.43% Zn, with recoveries of 87.3% Ag, 81.2% Pb, 83.8% Zn, to produce 194.5 K Oz Ag, 1.27 M Lb Pb, 2.25 M Lb Zn.

ON FINANCING

  • Prospero Silver Corp. is to complete a non-brokered private placement intending to raise gross proceeds of up to $1 M (Petate, Hidalgo; Bermudez, Chihuahua).
  • Excellon Resources Inc. announced that 3.33 M warrants were exercised, for proceeds of C$2.17 M (Platosa, Durango).
  • Aura Silver Resources Inc. is undertaking a non brokered private placement to raise gross proceeds of up to $600 K (Aranzazu, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. released drill results from the Luigi vein on the Las Chispas property in Sonora. The vein was discovered in mid-2017 and referred only as unnamed vein until further drilling delineated a prospective target. Relevant results comprise: 0.8 m (true width, or TW) @ 1.03 g/t Au, 151 g/t Ag; 4.1 m @ 1.71 g/t Au, 232 g/t Ag; 1.8 m @ 0.28 g/t Au, 221 g/t Ag; 1.4 m @ 13.22 g/t Au, 2,067 g/t Ag; 1.4 m @ 0.18 g/t Au, 172 g/t Ag; 1.6 m @ 3.41 g/t Au, 265 g/t Ag; 1.0 m @ 2.75 g/t Au; 231 g/t Ag. The Luigi vein high-grade footprint measures 300 m long by at least 75 m high, averaging 1.7 m in width @ 2.84 g/t Au, 417 g/t Ag. “The Phase III drill program also includes drilling several new and partially-drilled high-grade mineralized veins. An additional 15,000 to 20,000 metres of drilling are planned for Q3 2018”. The 672 ha Cuesta Blanca ranch was bought, with SilverCrest now owning two thirds of the surface rights on the Las Chispas property.
  • Levon Resources Ltd. filed a NI-43-101 technical report with a resource update and preliminary economic assessment (PEA) for the Cordero project in Chihuahua. The project envisages a 40 K tpd operation with a 29 year mine life on 417.5 M tonnes of mineralized material @ 46.5 g/t AgEq, to produce 231 M Oz Ag, 2,863 M Lb Zn, 1,992 M Lb Pb, 0.35 M Oz Au. The base case economic estimate is an after tax net present value of $438 M, using a 7.5% discount rate, and an after tax internal rate of return of 16.5%, with a payback period of 4.8 years.

ON DEALS AND CORPORATE ISSUES

  • Monarca Minerals Inc. presented a corporate update. At Tejamen, in Durango, 202 RC holes and 10 diamond holes have been re-logged to help in the design of a new drilling campaign. The company has involved the Federal, State and Municipal governments in its search of an agreement with the community regarding the surface rights. At San Jose, in Chihuahua, the LOI on the project was extended to July 2018. “Terms of the LOI call for payment of US$20,000 on execution of the LOI(paid), US$20,000 on execution of a definitive agreement, US$50,000 on the first anniversary of the definitive agreement and US$60,000 on the second anniversary of the definitive agreement. The owners retain a 2% NSR. One percent of the NSR can be purchased by Monarca for US$100,000. Back taxes on the property of US$390,000 will be paid over a period of time. Concession taxes per year are approximately US$46,000”.
  • Geologix Explorations Inc. announced its intention to change its name to ValOro Resources Inc., subject to approval by the TSX-V, as well a 10 to 1 consolidation on shares (Tepal, Michoacan).
  • Advance Gold Corp. announced the acquisition of the 2,365 ha Las Venaditas claim in Zacatecas, 11 km to the West of Advance’s Tabasqueña project, which is currently being drilled. “Upon receipt of regulatory approval, Advance will issue to Hot Spring Mining, a Mexican based corporation, 1,000,000 common shares which will be subject to a statutory four-month hold period, in exchange for which Hot Spring Mining will transfer a 100% interest in the Venaditas claims to Advance Mexico. Hot Spring Mining will retain a 2.5% NSR, of which Advance Mexico has the right to buy 1.5% at a rate of $500k CAD per 0.50%”. Advance will issue 800 K options to certain consultants and advisers.
  • Argonaut Gold Inc. reported that the court has postponed “the hearing pertaining to Argonaut’s explosive permit at its La Colorada mine (see press release dated April 12, 2018) to allow the Secretary of National Defense (“SEDENA”) to provide evidence requested by the court regarding the temporary suspension of the explosives permit at Argonaut’s La Colorada mine. It is expected that a ruling will be issued within 15 business days of the original hearing date (April 16, 2018), as required by law.” (La Colorada, Sonora).
  • Goldplay Exploration Ltd. entered into an option agreement with SSR Mining Inc. to acquire a 100% interest in the 1,250 ha San Marcial project in Sinaloa. San Marcial is a low sulfidation epithermal near surface high grade Ag, Zn Pb project with a NI-43-101 resource completed by Silvermex Resources Inc., with opportunity for resource expansion. The indicated resource holds 3.75 M tonnes @ 149 g/t Ag, 0.67% Zn, 0.36% Pb, hosting 18.0 M Oz Ag, 29.9 M Lb Zn, 55.3 M Lb Pb; and 3.07 M tonnes @ 44 g/t Ag, 0.51% Zn, 0.29% Pb holding 4.4 M Oz Ag, 19.5 M Lb Zn, 34.7 M Lb Pb as inferred resources. Goldplay has to pay SSR Mining an aggregate of $2.575 M in cash, issue an aggregate of 3.5 M common shares, incur in $3 M in exploration expenditures over a three year period and grant a NSR royalty (0.5% to 1.5%, based on a resource estimate). A NI-43-101 resource estimate has to be completed on or before the third anniversary of the agreement.
  • Vangold Mining Corp. granted an aggregate of 4.8 M stock options to directors, officers and consultants (Pinguico, Zacatecas).
  • Mexican Gold Corp. granted 174 K incentive stock options to directors and officers of the company.

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

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

On the picture above,  granodiorite fragments displaying quartz-jarosite-oxidized pyrite stockwork veining in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.

By Miguel A Heredia

During the 15th week of the year (April 9th to April 15st, 2018), at least 26 press releases were announced by companies working in Mexico, with seven informing on exploration results, six reporting Q1 2018 results, three announcing financing, three communicating deals and corporate issues, and  two reporting on resources & development. ON MEXICO ISSUES, Mexico beat the gold production record during 2017 and led the global silver production for the eighth consecutive year. CAMIMEX reported that mining companies working in Mexico invested $4,632M USD in the mining sector during 2017. In Sonora, Argonaut provided information about the explosives permit which was suspended temporarily at its La Colorada Mine. In Guerrero, Torex announced that the labor conflict at its El Limon-Guajes Mine Complex is over.  ON EXPLORATION, In Baja California Norte, One World Lithium announced results at its Salar del Diablo Lithium project. In Sonora, SilverCrest reported drilling results from its Las Chispas project, Silver One identified new geophysical targets at its Peñasco Quemado project, and Azure reported metallurgic results on its Oposura project.  In Chihuahua, Mammoth and Kootenay announced drilling results on their Tenoriba and la Cigarra projects respectively. In Zacatecas, Advance Gold announced underground sampling results.  ON MINING, several companies reported Q1 2018 results on its Mexican operations. In Sonora, Alio reported results from its San Francisco mine; in Chihuahua, GoGold reported results on its Parral operations; in Durango, Hecla and Great Panther reported results on their San Sebastian and Topia mines respectively. Great Panther also reported results on its Guanajuato Mine Complex in Guanajuato, Capstone reported results on its Cozamine mine in Zacatecas, and Leagold reported results on its Los Filos Mine in Guerrero. ON FINANCING, Oroco announced its intention to complete a private placement for $750K. Mexican Gold closed a private placement for $1.05M. Alset closed a private placement for $0.99M.  ON RESOURCES AND DEVELOPMENT, In Oaxaca, Gold Resource announced the northwest expansion of its Arista Mine. Mexican Gold reported results from its resource expansion drill program at Las Minas, Veracruz. ON DEALS AND CORPORATE ISSUES, Colibri filed its annual audited financial statements (Pitaya, Sonora).   Marlin announced some directors changes (La Trinidad, Sinaloa).  Alio announced the appointment of its VP Corporate Development (San Francisco mine, Sonora).

ON MEXICO ISSUES

  • Mexico established a new record in gold production during 2017 according to the Gold Focus 2018 report, reaching 3,292 tonnes. Also, Mexico led the global silver production for the eighth consecutive year, producing 196.4M Oz Ag during 2017. CAMIMEX reported an investment of $4,632M USD in the mining sector during 2017 in Mexico.
  • Argonaut Gold Inc., provided and update on the temporary suspension of its explosive permit at La Colorada Mine.
  • Torex Gold Resources, announced that the Union in conflict at its El Limon-Guajes Mine Complex in Guerrero has withdrawn its case before Mexico´s Federal Labour Board. With this fact, the labor conflict can be considered over.

ON EXPLORATION

  • One World Lithium Inc., announced sampling results at its Salar del Diablo Lithium project in Baja California Norte. 59 auger samples and 4 rock-chips samples were collected returning Li values ranging from a low of 4.7 to a high of 196.5 ppm, with an average of 84 ppm Li.
  • SilverCrest Metals Inc., reported drill results on the Babicanora Vein, including Area 51, within its Las Chispas project in Sonora. Significant results are 4m of 22.8 g/t Au and 1,718 g/t Ag, and 4.5m of 8 g/t Au and 912 g/t Ag. To date, a total of 20 holes have intersected the high-grade footprint of the Area 51 zone, with an average grade of 10.4 g/t Au and 944 g/t Ag.
  • Silver One Resource Inc., identified four new geophysical exploration targets at its Peñasco Quemado project in Sonora. The CSAMT identified deep zones of low resistivity suggesting channels for potential mineralizing solutions. These 4 targets expand the exploration potential, and are encompassed by strong to moderate Zn, Pb, Cu, and Ag anomalies.
  • Azure Minerals Limited, announced metallurgy results on its Oposura project in Sonora, with > 85% Zn and > 80% Pb recoveries. Further testwork will be carried out to optimize recovery and concentrate grades.
  • Mammoth Resources Corp., announced results from 2 holes on its Tenoriba project in Chihuahua. The diamond hole drilled at Masuparia area intersected 45.4m of 0.53 g/t Au and the first hole ever drilled at Los Carneritos area intersected 39m of 0.21 g/t Au.
  • Kootenay Silver Inc., announced drill results, 1km away from the current resources at its La Cigarra project in Chihuahua. Significant intersections are 17m of 267 g/t Ag, including 10m of 437 g/t Ag, and 16m of 112 g/t Ag, including 10m of 144 g/t Ag. The results indicate the mineralized structure extends for an additional 1Km of strike to the northwest of the resource area.
  • Advance Gold Corp., announced underground sampling results on its Tabasquena Mine in Zacatecas. The sampling returned grades of up to 362 g/t Ag near surface and two of the deepest samples returned 642 g/t Ag and 656 g/t Ag. A first phase, 500m core drilling program in two holes is underway with the aim of intersecting the sulphide zone of the La Tabasquena and La Nina veins.

ON MINING

  • Alio Gold Inc., reported results on its San Francisco mine in Sonora. On Q1 2018, Alio processed 1.7M tonnes with an average grade of 0.42 g/t Au to produce 17.6K Oz Au
  • GoGold Resources Inc., reported results from its Parral operations in Chihuahua. On Q1 2018, GoGold processed 439K tonnes of tailings material to produce 266K Oz Ag and 1,900 Oz Au.
  • Hecla Mining Company, announced results on its San Sebastian mine in Durango. On Q1 2018, Hecla produced 0.5M Oz Ag and 4,500 Oz Au.
  • Great Panther Silver Limited, reported results on its Mexican operations in Durango and Guanajuato. On Q1 2018, Great Panther milled 17,950 tonnes at its Topia mine in Durango with average grades of 0.74 g/t Au and 348 g/t Ag to produce 244 Oz Au, 186.2K Oz Ag, 433 tonnes of Pb and 533 tonnes of Zn, while in its Guanajuato Mine Complex in Guanajuato milled 78,919 tonnes with average grades of 2.50 g/t Au and 135 g/t Ag to produce 5,586 Oz Au and 304.8K Oz Ag.
  • Capstone Mining Corp., announced results on its Cozamin mine in Zacatecas. On Q1 2018, Capstone milled 212,912 tonnes with average grades of 2.09% Cu, 0.62% Zn, 0.08% Pb, and 45 g/t Ag to produced 4,300 tonnes of Cu, 795 tonnes of Zn, 21 tonnes of Pb, and 250K Oz Ag.
  • Leagold Mining Corporation, reported results on its Los Filos mine in Guerrero. On Q1 2018, Leagold produced 51K Oz Au. The company also announced 650m of advance of the main ramp at its Bermejal underground mine, which is half of the way to reach the central high-grade portion of the deposit.

ON FINANCING

  • Oroco Resource Corp., announced its intention to close a non-brokered private placement for $750K. Net proceeds will be used for exploration expenditures (Santo Tomas, Sinaloa).
  • Mexican Gold Corp., closed a non-brokered private placement for $1.05M. Net proceeds will be used to continue exploration on its Las Minas project in Veracruz.
  • Alset Minerals Corp., closed a private placement for $992.5K. Part of the net proceeds will be used to advance its lithium project in Mexico (La Salada, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Gold Resource Corporation, announced the northwest expansion of its Arista Mine in Oaxaca with 12 additional step-out and infill drill holes. Significant interceptions are 2m of 6.7 g/t Au and 864 g/t Ag, 2.08m of 1.98 g/t Au and 1,583 g/t Ag, and 1.55m of 9.36 g/t Au and 75 g/t Ag. These drill holes extend the known mineralization of the Arista vein system along strike to the northwest and both up and down-dip.
  • Mexican Gold Corp., reported results from its resource expansion drill program at Las Minas project, Veracruz, within the El Dorado/Juan Bran, Santa Cruz, and Nopaltepec zones. Significant results are 26m of 1.74 g/t Au and 5 g/t Ag, including 20m of 2.19 g/t Au and 6.1 g/t Ag; 30m of 1.05 g/t Au and 6.5 g/t Ag, including 12m of 1.32 g/t Au and 8.5 g/t Ag; 22m of 1.73 g/t Au and 4.7 g/t Ag; and 12m of 1.07 g/t Au and 1 g/t Ag. The drill program is ongoing and is focused on resource expansion of the three known zones and selective upgrading of the resource category.

ON DEALS AND CORPORATE ISSUES

  • Colibri Resource Corporation, filed its annual audited financial statements for the period ending November 30, 2017 (Pitaya project, 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,  granodiorite fragments displaying quartz-jarosite-oxidized pyrite stockwork veining in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.