The Mining and Exploration News in Mexico: Highlights on the Third Week of April, 2019

By Jorge Cirett

During the 16th week of the year (April 15th to April 21st, 2019), at least 28 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a lower court in Puebla ruled Mexico’s mineral title system unconstitutional based on consultation not being required before issuing the title. Inhabitants of San Antonio, Baja California Sur, manifested in support for the construction of the San Antonio mine. ON EXPLORATION, In Sonora, Aztec Gold delineated several new targets using geophysics at Cervantes; San Marcos disclosed explorations plans for its properties in the year. In Jalisco, GoGold released interesting results from drilling at Los Ricos. ON MINING, Avino Silver, Sierra Metals, First Majestic, Gold Resource and Hecla disclosed production results for Q1 2019.
Fresnillo PLC presented its annual report 2018.  ON FINANCING, Ridgestone Mining, Oroco and Camrova raised $1.12 M; 800 K and 12 K respectively. Sonoro and Minaurum granted options to consultants and directors. Minaurum was named to the Venture 50tm. Sierra Metals entered into an automatic purchase plan. ON RESOURCES AND DEVELOPMENT, Goldplay reported channel sample results from a new zone at its San Marcial project in Sinaloa. SilverCrest Metals released good metallurgical results from its Las Chispas property in Sonora. ON DEALS AND CORPORATE ISSUES, Newmont Goldcorp Corp. has been delivered. Consolidated Zinc presented notice of its annual general meeting. Aura completed the sale of 80% interest of its Taviche project to Minaurum.

ON MEXICO ISSUES

  • Almaden Minerals Ltd. informed that “a lower court in Puebla State has ruled that Mexico’s mineral title system is unconstitutional because consultation is not required before the granting of mineral title………..This ruling can be appealed by both the Government of Mexico and Almaden. The Company believes that this lawsuit is part of a broad effort by special interest groups to change the mining law and there are other similar actions active across Mexico”. Almaden stated that no communities within the company’s current mining concessions on its Ixtaca project in Puebla are party to this lawsuit.
  • Fresnillo PLC. Presented its 2018 annual report. It is here recommended to all interested in the mining business in Mexico to take a look to the report (http://www.fresnilloplc.com/media/412015/fres-30452-annual-report-2018-web.pdf), especially on the section “Managing our risks”. In the said section, the risks of participating in the industry in Mexico are assessed, including those of metal prices, potential actions by the government, access to land, security, public perception against mining, safety, union relations, exploration, project performance, cyber security, environmental incidents and human resources. Although the report had in mind Fresnillo’s particular situation as one of the largest Mexican mining conglomerates, many parts of the evaluation concern risks that affect all mining enterprises in the country.
  • Some 500 inhabitants of San Antonio, in Baja California Sur, gathered in support of Argonaut Gold’s San Antonio mining project in their locality.

ON EXPLORATION

  • Aztec Minerals Corp.  and Kootenay Silver Inc. informed that interpretation of a recent magnetic and radiometric survey produced multiple porphyry copper targets on the Cervantes property in Sonora. “Cervantes has multiple porphyry cells aligned along a northeast-southwest orientation, manifested as high-level alteration footprints related to intrusive bodies. There are also prominent northwest-southeast trending magnetic anomalies found to be associated with strong alteration, gold-copper mineralization, and intrusive rocks.”   
  • GoGold Resources Inc. disclosed the results from the first two diamond holes on its Los Ricos property in Jalisco. The two diamond drill holes twinned previous RC perforations, replicating the mineralized zones, with 35.5 m @ 1.24 gpt Au, 285 gpt Ag and 27.6 m @ 1.56 gpt Au, 159 gpt Ag. The holes are part of a 10,000 m diamond drill program focused on following the high grade ore shoot down dip below the historical RC drilling.
  • San Marco Resources Inc. plans for 2019 in Sonora include target delineation at Espiritu Santo and 1068 properties, follow-up of underexplored areas at the Chunibas project, extensive participation on lotteries of released ground by the government, evaluation of multiple property acquisitions and ongoing partnership discussions of existing assets.

ON MINING

  • Avino Silver & Gold Mines Ltd. released production results from its Avino property in Durango for 2019’s first quarter. During the period production came from three sources: Avino mine, San Gonzalo mine and historic stockpiles. At Avino, 100.9 K tonnes were milled @ 41 g/t Ag, 0.48 gpt Au, 0.49% Cu, recovering 84% Ag, 71% Au, 87% Cu. At San Gonzalo (which is nearing the end of its mine life) 17.9 K tonnes were milled @ 188 gpt Ag, 0.54 gpt Au, recovering 65% Ag, 61% Au. From historic stockpiles 78.8 K tonnes were milled @ 61 gpt Ag, 0.40 gpt Au, 0.21% Cu, recovering 55%, Ag, 52% Au, 29% Cu. Total production was 1,813 Oz Au, 268.4 K Oz Ag, 1.06 M Lb Cu, or 615 K Oz AgEq.
  • Sierra Metals Inc. reported first quarter 2019 results, including figures from its Mexican mines. The Bolivar mine in Chihuahua processed 263.2 K tonnes (~3,008 tpd, targeting 3,600 tpd for Q2 2019)) grading 0.81% Cu, 19.5 gpt Ag, 0.19 gpt Au, recovering 82.2% Cu, 79.1% Ag, 67.9% Au to produce 3.87 M Lb Cu, 130 K Oz Ag, 1,100 Oz Au (or 5.08 MLb CuEq). At the Cusi mine, also in Chihuahua, 71.3 K tonnes were processed @ 105 gpt Ag, 0.15 gpt Au, 0.3% Pb, 0.3% Zn, recovering 79.5% Ag, 37.5% Au, 75.2% Pb to produce 192 K Oz Ag, 133 Au Oz, 349 K Lb Pb, no Zn.
  • Fresnillo PLC. Filed its annual report 2018. During the year Fresnillo produced 61.8 M Oz Ag, 922 K Oz Au, holding resources of 2.2 billion Oz Ag and 39.1 M Oz Au. At Fresnillo, in Zacatecas, 2.44 M tonnes were milled @ 214 gpt Ag to produce 15.1 M Oz Ag, 42,290 Oz Au, 19,619 tonnes Pb, 31,094 tonnes Zn. At Saucito, in Zacatecas, 2.79 M tonnes were milled @ 257 gpt Ag, 1.25 gpt Au to produce 19.78 M Oz Ag, 86,092 Oz Au, 22,662 tonnes Pb, 29,506 tonnes Zn, while the Pyrites Plant processed 131.8 K tonnes @ 393 gpt Ag, 2.8 gpt Au to produce 977 K Oz Ag, 3,556 Oz Au. At San Julian, in Chihuahua, 1.27 M tonnes were processed from the veins @144.1 gpt Ag, 2.0 gpt Au, to produce 5.43 M Oz Ag, 79,218 Oz Au. 2.22 M tonnes were processed from the disseminated orebody @ 154 gpt Ag, 0.1 gpt Au, 0.4% Pb, 1.4% Zn, to produce 9.2 M Oz Ag, 3,125 Oz Au, 6,101 tonnes Pb, 22,027 tonnes Zn. At Cienega, in Durango, 1.32 M tonnes were milled @ 164 gpt Ag, 1.65 g/t Au to produce 6 M Oz Ag, 66,869 Oz Au, 4,799 tonnes Pb, 5,892 tonnes Zn. At Herradura, in Sonora, 22.15 M tonnes @ 0.76 gpt Au were deposited on the heaps to produce 474,168 Oz Au, 1.52 M Oz Ag, at cash cost $504 per Au Oz (total volume hauled, 124 M tonnes). At Nochebuena, in Sonora, 18.2 M tonnes were deposited on the heaps @ 0.52 gpt Au to produce 167.2 K Oz Au, 52 K Oz Ag, at cash cost $735.4 per Oz Au (total volume hauled, 80.3 M tonnes).  The company had $580.7 M as cash and cash equivalents by the end of the year.

First Majestic Silver Corp. produced 6.3 AgEq Oz during the first quarter of 2019. During the period 831.2 K tonnes of ore were milled @ 150 gpt Ag, 1.26 gpt Au, with recoveries of 83% Ag, 96% Au, to produce 3.33 M Oz Ag, 32,037 Oz Au, 2.66 M Lb Pb, 1.26 M Lb Zn.  The ore had averages and recoveries of 287 gpt Ag, 4.18 gpt Au (93% Ag, 96% Au) at San Dimas, Durango; 121 gpt Ag, 1.87 gpt Au (89% Ag, 95% Au) at Santa Elena, Sonora; 126 gpt Ag (66% Ag) at La Encantada, Coahuila; 187 gpt Ag, 0.58 gpt Au (89% Ag, 93% Au)at San Martin, Jalisco; 54 gpt Ag, 1.8% Pb, 1.6% Zn (75% Ag by flotation, 62% Ag by cyanidation, 69% Pb, 48% Zn) at La Parrilla, Durango; 114 gpt Ag, 2.1% Pb (74% Ag, 0.7 M Lb Pb)at Del Toro, Zacatecas.

  • Gold Resource Corp. reported preliminary production results for the first quarter 2019. The Oaxaca Mining Unit (El Aguila, Arista, Switchback) produced 6,538 Au Oz, 364.6 K Oz Ag, 433 tonnes Cu, 2,153 tonnes Pb, 5,838 tonnes Zn. “The Company maintains its 2019 Oaxaca Mining Unit Annual Outlook of 27,000 gold ounces and 1,700,000 silver ounces, plus or minus 10%”.
  • Hecla Mining Co. announced preliminary production results for the first quarter of 2019. At San Sebastian, in Durango, the mill operated at 494 tpd to produce 0.4 M Oz Ag, 3,530 Oz Au. “A review of sulfide ore continues, including a bulk sample to test the capabilities of the third-party plant and the suitability of long-hole stoping for the ore body, with results expected by the fourth quarter of 2019.”

ON FINANCING

  • Ridgestone Mining Inc. completed its previously announced private placement financing, for gross proceeds of $1.12 M. The company paid 6% ($43.2 K) cash and 309 K compensation warrants. Also, 72.2 K bonus shares were issued to a director of the company, under a loan agreement (Rebeico, Sonora).
  • Sierra Metals Inc. entered into an automatic purchase plan with its designated broker (Cusi and Bolivar, Chihuahua).
  • Sonoro Metals Corp. granted 100 K incentive options to a director of the company. These options vest immediately and are exercisable at a price of $0.18 per share (Cerro Caliche, Sonora).
  • Minaurum Gold Inc. has been named to the TSX Venture Exchange Venture 50tm , the annual ranking of Canada’s top 50 emerging publicly traded companies across five industry sectors. Minaurum also granted 3.35 M common share stock options to directors, officers and consultants. The options are exercisable at a price of $0.45 for a period of 10 years from the issue date. The company also granted consultants 275 k options exercisable at a price of $0.45 for a period of five years. Ten percent vest immediately, and another 15% each semiannually (Alamos, Sonora).   
  • Oroco Resources Corp. closed a non-brokered private placement financing, raising $800 K in gross proceeds. No finder’s fee was paid (Santo Tomas, Sinaloa).
  • Camrova Resources Inc. closed the second tranche of the previously announced private placement, for proceeds of $12 K, bringing the total combined proceeds to $66 K. The third and final tranche of the Private Placement is expected to close in early May (Boleo, Baja California Sur).

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd. reported channel sample results from a new zone at its San Marcial project in Sinaloa. The Nava zone, 500 long by 100 m wide, is extensively altered and hosts low sulphidation quartz veining and stockwork mineralization. Channel samples from the zone returned assays ranging from 1.04 gpt Au to up to 10.0 gpt Au.
  • SilverCrest Metals Inc. announced positive metallurgical results for Las Chispas project, in Sonora. “A total of 445 kg was selected from 51 core holes and nine underground samples to compile 15 different samples, based on geo-metallurgical domains which were combined into three master composites. These composites utilized 210 kilograms of mass representing a variety of grades (low, medium and high) of 500 to 2000 gpt AgEq expected during conceptual operation”. The new metallurgical tests show estimated recoveries of 98.4% to 98.9% Au and 91.4% to 94.8% Ag, using conventional methods comprised of gravity concentration and intensive leaching followed by gravity tails standard leaching.

ON DEALS AND CORPORATE ISSUES

  • Newmont Mining Corp. announced that it has extended the previously announced offers to exchange all outstanding notes issued by Goldcorp Inc. for up to two billion dollars  aggregate principal amount of new notes to be issued by Newmont, as part of the proposed arrangement on which Newmont acquires all outstaning shares of Goldcorp (Peñasquito, Zacatecas).
  • Consolidated Zinc Ltd. presented its notice of annual general meeting for the annual general meeting of shareholders to be held on 23 May 2019 (Plomosas, Chihuahua).
  • Aura Resources Inc. announced the completion of the sale of an 80% interest in its East Taviche project in Oaxaca, to Minaurum Gold Inc.. Minaurum issued 100 K common shares to Aura and paid 39.4 K on closing; additionally, Minaurum is to issue further 100 K shares on receipt of the pertinent drilling permits. The remaining 20% can be acquired by Minaurum paying CDN$1 M.
  • Newmont Goldcorp Corp. announced the successful conclusion of its transaction combining Newmont Mining Corp. and Goldcorp Inc. to form the world’s leading gold business. The company targets six to seven million ounces of steady gold production over a decades-long time horizon (Peñasquito, Zacatecas).

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group. On the image below, glory hole developed on Inguaran, Michoacan. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of April, 2019

By Jorge Cirett

During the 14th week of the year (April 1st to April 7th, 2019), at least 24 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, an initiative with anti-mining tones was discarded by the Senate. The undersecretary of mining stated that no changes to the mining law, or tax increases in mining are envisaged by AMLO’s administration, and that the focus is to be in decreasing the regulatory load to incentivize the sector. On the other hand, he stated that regulations have to be actualized, highlighting community consultations. ON EXPLORATION, In Sonora, Minaurum presented drilling results from several vein systems at its Alamos Silver property; Aloro submitted a new environmental permit for its Venados project. In Chihuahua, Sable Resources released a thick, good grade intercept from one hole at its Margarita project. In Veracruz, Azucar Metals disclosed good Au-Cu results from one more hole at its El Cobre property.  ON MINING, Consolidated Zinc has a new toll agreement for its Plomosas mine in Chihuahua. Endeavour Silver achieved commercial production at its El Compas mine in Zacatecas. Telson Mining released historic metallurgical test results that support higher precious metal recoveries for its Campo Morado mine in Guerrero. Alamos Gold has produced 2 M Oz Au at the Mulatos mine in Sonora. Torex Gold produced 77.8 K Oz Au during the last quarter at its Limon-Guajes mine in Guerrero. GoGold produced 288.7 K Oz Ag in Parral, Chihuahua. Arcelor Mittal invested over US$1 B on its Michoacan plant in 2018.   ON FINANCING, Sonoro Metals raised $650K. Defiance Silver closed the second tranche of its financing, raising $1.06 M. Sable Resources announced an offering to raise up to $1.5 M.  ON RESOURCES AND DEVELOPMENT, Mag Silver disclosed development advances at Juanicipio, Zacatecas. Sierra Metals disclosed positive drill results from testing of a geophysical anomaly at Bolivar, Chihuahua. Evrim informed on the increase in resources by First Majestic at the Ermitaño project in Sonora.  ON DEALS AND CORPORATE ISSUES, Alamos Gold sold a portfolio of non-core royalties. Bacanora Lithium continues to negotiate with Oman for funding of the Sonora Lithium project. Premier Gold divested of several properties, including the Santa Teresa property in Baja California. American Silver and Pershing Gold continue on its path to business combination. GoldCorp’s shareholders support the business combination with Newmont.  

ON MEXICO ISSUES

  • An initiative with anti-mining tones was discarded by the senate. The initiative presented on November 2018 by the now deceased senator Angelica Garcia, caused a fall in the value of mining companies in the Mexican stock market at the time of its presentation. The Comisiones Unidas de Mineria y Desarrollo Regional y de Estudios Legislativos discarded the proposal on March 27th, based on multiple deficiencies regarding operational overlapping of several government organisms and the lack of well-defined procedures on environmental and negative social impact issues.
  • Francisco Quiroga, undersecretary of mining, in an interview with El Financiero Bloomberg, stated that the Federal Government is not to realize changes to the Mining Law, nor to impose a tax increase in the mining industry. The priority, he said, is to reduce the regulatory load and to augment the financing of projects. He added that regulations have to be actualized in maters like community consults, but that there is no need to change the Mining Law. He also pointed that there are not going to be legal changes on the direct foreign investment in mining.

ON EXPLORATION

  • Minaurum Gold Inc. informed that three of the new vein systems at its Alamos Silver project host significant mineralisation at depth, and drilling has intersected five previously unknown blind veins. To date, 9 of the 15 vein systems identified have been drilled, and Minaurum plans to put at least one hole on each of these before turning to follow-up phase III drilling. Highlighted results from phase II drilling of new veins comprise: 9.6 m @ 198 gpt Ag, 0.17% Cu, 0.2% Pb, 0.9% Zn (or 269 gpt AgEq); 0.9 m @ 302 gpt Ag, 0.21% Cu, 0.5% Pb, 0.8% Zn (or 383 gpt AgEq); 2.05 m @ 181 gpt Ag, 0.15% Cu, 1.6% Pb, 1.5% Zn (or 338 gpt AgEq); 2.85 m @ 25 gpt Ag, 2.3% Pb, 10.6% Zn (or 618 gpt AgEq); 0.9 m @ 391 gpt Ag; 0.11% Cu, 0.4% Pb, 0.3% Zn (or 548 gpt AgEq). Good drill core mineralised intercepts have been obtained from the Minas Nuevas, Promontorio, San Jose, Europa-Guadalupe, Nueva Europa, Amalia, Tigre, Ana, Travesia and El Creston vein systems.
  • Sable Resources Ltd. announced results from one more drill hole at its Margarita project in Chihuahua. This drill hole is on the same section line than a deep hole from the previous drilling campaign, and extends mineralisation 350 m NW from other holes. Highlighted intervals comprise 37.35 m @ 117 gpt Ag, 0.7% Zn, 0.2% Pb, 0.17 gpt Au (or 177 gpt AgEq), including 0.90 m @ 353 gpt Ag, 0.6% Zn, 0.1% Pb (391 gpt AgEq) and 5.50 m @ 400 gpt Ag, 3.0% Zn, 1.1% Pb, 1.07 gpt Au (or 689 gpt AgEq), including 1.65 m @ 790 gpt Ag, 0.4% Zn, 2.0% Pb, 2.92 gpt Au (or 1,122 gpt AgEq). “This hole was intended to test close to surface mineralisation above low-grade mineralisation intercepted at depth in Hole 3 and we are delighted at hitting such strong, thick mineralisation.”
  • Aloro Mining Corp. submitted to SEMARNAT a new environmental permit for approval of drilling and road construction at its Los Venados property in Sonora. “Aloro was able to apply for the new permit after recently negotiating a new 3 year – 50 drill hole surface access agreement with the Mulatos Ejido.” The new permit is focused on the blind target in the SE corner of the concession, where a drill hole from the last campaign intersected 32 m of strong silicic alteration with brecciated vuggy quartz and sulfides, and 4.5 m @ 1.57 gpt Au.
  • Azucar Minerals Ltd. released results from one more drill hole at its El Cobre project in Veracruz. The hole, drilled on the Raya Tembrillo target in the northern edge of the Villa Rica zone, intercepted hypogene porphyry mineralisation from surface, with 168.1 m @ 0.56 gpt Au, 0.29% Cu, including 77.5 m @ 0.78 gpt Au, 0.35% Cu, which in turn include 27.95 m @ 1.53 gpt Au, 0.43% Cu and 12.1 m @ 2.04 gpt Au, 0.58% Cu.     

ON MINING

  • Consolidated Zinc Ltd. announced the execution of a new toll agreement for its Plomosas mine in Chihuahua, whilst still negotiating new offtake agreements for the concentrates. On March 22, CZL received the notification of termination of its toll agreement with Grupo Mexico (60-day termination notice), and by March 29 a toll agreement was executed with Triturado y Minerales La Piedrera S.A. de C.V. for processing of the ore at its Aldama concentrator facility. The Aldama plant has a 300 tonnes per day (or tpd) capacity that Plomosas can fully utilize. The contract is for 18 months with 6 months extension for CZL. “CZL will process Plomosas ore at both the Aldama Plant and Grupo Mexico Santa Eulalia concentrators for approximately a month under its contracts”. Negotiations are ongoing with a number of parties, “including Industrias Penoles S.A.B. de C.V. and Trafigura Beheer BV, to sell the Plomosas Zinc and Lead Concentrates”.
  • Endeavour Silver Corp. informed that commercial production was achieved in mid-March at El Compas mine in Zacatecas, its fourth mine in Mexico. “El Compas has a nominal plant capacity of 250 tonnes per day (tpd) at estimated recovery rates of 83% gold and 50% silver. From February 18 to March 17, the operation processed development ore from stockpile at an average production rate of 232 tpd (93% of design rate) and recovery rates of 73.5% gold (88% of design rate) and 45.5% silver (63% of design rate but only 13% of revenue)”.
  • Telson Mining Corp. released results of historic Leachox Process testing to try to increase Au and Ag recoveries on its Campo Morado mine tailings material, in Guerrero. The 2013 report by Maelgwyn Mineral Services for Nyrstar (then the mine operator) stated a maximum recovery of 65% Au, 75% Ag for 20 microns grinded material, and 45% Au, 81% Ag for 40 microns grinded material. “We could improve recoveries from current levels of gold at 15-20% and silver 30-40%, which would significantly increase the mines profitability by increasing the ounces of gold and silver produced at Campo Morado.”
  • Alamos Gold Inc. announced that its Mulatos mine in Sonora produced its two millionth ounce of gold in March 2019. “This milestone also marks the end of the 5% NSR royalty that the operation has been paying since the start of production in 2005. At the current gold price, this represents a savings of approximately $65 per ounce, which has already been incorporated into previously disclosed guidance…… The Mulatos operation has been an incredible success story. It started producing gold in 2005 with approximately a seven-year mine life and 14 years later, the mine still has six years of reserves ahead of it.”
  • Torex Gold Resources Inc. reported that in Q1, 2019, a total of 77,800 Oz Au were produced at its El Limon-Guajes mine in Guerrero. “Debt principal was reduced by $18.6 million, and cash balances at the end of the quarter were $119 million, including $26.8 million of restricted cash.” Field trials are underway for the first piece of equipment for the proprietary Muckahi mining system.
  • Gogold Resources Corp. announced record production of 288.7 K Oz Ag and 1,613 Oz Au  (or 424.2 K Oz AgEq) from its Parral tailings operation in Chihuahua.
  • Arcelor Mittal. invested $1,635 M during 2018 in Michoacan, while looking to expand its production capacity in Mexico, including a new line of sheeted steel plate, mining, and the modernization of its production plant. The new installations are located in Lazaro Cardenas, Michoacan, to take advantage of the Economic Special Zones to produce 5.3 M tonnes of steel, focusing on the higher aggregate value of sheet steel plate in the automotive and aerospace industries.

ON FINANCING

  • Sonoro Metals Corp. completed a non-brokered private placement, for gross proceeds of $650 K (Cerro Caliche, Sonora).
  • Defiance Silver Corp. closed the second tranche of its previously announced private placement, for gross proceeds of $1.06 M, paying $21.3 K finder’s fees and emitting 106.5 K non-transferable broker warrants (San Acacio, Zacatecas).
  • Sable Resources Ltd. announced a non-brokered offering that could raise up to $1.5 M (Margarita, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Mag Silver Corp. disclosed audited consolidated results for 2018. At Juanicipio, in Zacatecas, operated by partner Fresnillo PLC, mine construction continues with “developing the three internal spiral footwall ramps at depth to access the full strike length of the Valdecañas Vein system; excavating and constructing the underground crushing chamber; advancing the conveyor ramp from both ends to and from the planned mill site….. integrating additional ventilation and other associated underground infrastructure, and progressing the construction of surface infrastructure facilities”. During 2018, 6,636 m of underground development were completed, taking the total to date to over 18.5 km. Some highlighted intersections of the 46,060 m of drilling during the year comprise: 11.6 m (true width, or TW) @ 783 gpt Ag, 2.57 gpt Au, 6.5% Pb, 9.5% Zn (Deep Zone West); 6.3 m @ 246 gpt Ag, 1.78 gpt Au, 7.2% Pb, 11.6% Zn, 0.4% Cu (Deep Zone East); 3.2 m @ 472 gpt Ag, 0.31 gpt Au, 0.4% Pb, 0.4% Zn (New Pre-Anticipada vein); 3.0 m (core length) @ 392 gpt Ag, 5.6 gpt Au. Mag remains well funded, with cash and cash equivalents of $130 M by the end of the year.
  • Sierra Metals Inc. reported positive results from drill testing a geophysical anomaly at the Bolivar West zone of their Bolivar mine in Chihuahua. Drilling of the Titan 24 chargeability  target identified and defined a new zone named West Extension to the Bolivar West zone, which is an extension of the Bolivar West structure. Highlighted drill intercepts comprise: 4 m @ 140 gpt Ag, 2.29% Cu, 7.6% Zn, 0.09 gpt Au (or 6.56% CuEq); 20 m @ 15 gpt Ag, 1.32% Cu, 1.16 gpt Au (or 2.42% ZnEq); 3 m @ 36 gpt Ag, 0.87% Cu, 8.5% Zn (or 4.63% CuEq).
  • Evrim Resources Corp. informed that First Majestic Silver Corp. announced a 20% increase in inferred resources over the maiden resource estimation of 2018 at the Ermitaño property in Sonora. A total of 8.81 M AgEq Oz (or 119 K AuEq Oz) were upgraded to indicated status, while 48.98 M AgEq Oz (or 659 K AuEq Oz) are defined as inferred resources. First Majestic is planning to complete 16,000 m of drilling during 2019.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc. reported entering into an agreement for the sale of a portfolio of non-core royalties to Metalla Royalty & Streaming Ltd., for proceeds of USD$8.0 M in Metalla common shares with the right to receive additional an additional USD$0.6 M upon Metalla’s exercise of the La Fortuna option. The portfolio of 18 royalties being sold is all on assets not owned by Alamos in several countries. This includes a 2% NSR royalty on the El Realito property, adjacent to the La India mine in Sonora.
  • Bacanora Lithium PLC. Announced “that it remains in active discussions with the State General Reserve Fund of Oman (“SGRF”), the sovereign wealth fund of the Sultanate of Oman, to conclude the proposed US$65M Strategic Investment Agreement and Offtake Agreement for Bacanora’s flagship Sonora Lithium Project in Mexico……. the Company remains focused on completing the funding package in Q2 2019 with a view to commissioning a chemical processing plant and commencing first production at Sonora in H2 2021”.
  • Premier Gold Mines Ltd. announced the divestment of several properties in Canada, and the Santa Teresa property in Baja California. The divestment of the properties is the result of four transactions that accrued US$1.23 M to Premier. No information was provided on the parties involved on the transactions.
  • Americas Silver Corp. and Pershing Gold Corp. announced that the  Committee on Foreign Investment in the United States  (CFIUS)  has  completed  its  review  of  the  companies’  previously  announced  business  combination and  that  they expect their business combination transaction to be completed by April 3rd.
  • GoldCorp Inc. informed that GoldCorp’s shareholders have voted overwhelmingly in favour of the combination with Newmont Mining Corp.

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

On the image above, quartz druse from a breccia in a Michoacan project. Picture by Jorge Cirett.

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

Upper levels of an epithermal vein system

By Miguel A Heredia

During the 51st week of the year (December 17th to December 23th, 2018), at least 28 press releases were announced by companies working in Mexico, with nine informing on exploration results, eight disclosing deals and corporate issues, six announcing financing rounds, two communicating production results, two exposing government issues and one reporting on advances on their properties. ON MEXICO ISSUES, The Secretariat of Economy decentralized and moved the Undersecretariat of Mining to Chihuahua. The Undersecretary of Mining discarded to harden rules for mining industry. ON EXPLORATION, In Sonora, Aztec Minerals reported the completion of an airborne geophysical survey on its Cervantes project as well as metallurgical testing results; San Marco Resources completed a drilling program on its Chunibas project; Mexus Gold released drill results from its Santa Elena project; Minaurum announced the mobilization of a second drill rig to its Alamo Silver project; Colibri provided a review of its exploration activities during 2018. In Coahuila, Prize released drill results from its Manto Negro project. Almadex provided an exploration update on their Yago and El Chato properties in Nayarit and Puebla respectively. In Veracruz, Azucar Minerals reported drill results from its El Cobre project. ON MINING, Endeavour provided an early review of its El Cubo mine plan in Guanajuato for 2019.  GoGold announced Q4 and full year 2018 production results from its Parral project in Chihuahua.  ON FINANCING, SilverCrest entered in a private placement for gross proceeds of CAD$ 292K (Las Chispas, Sonora). VVC Exploration closed a non-brokered private placement for an aggregate of CAD$ 2,212,510 or approximately US$ 1.7M, (Samalayuca, Chihuahua). Alamos Gold announced the purchase of 25,513,043 common shares (Mulatos mine, Sonora).  Minaurum rised the amount of $3,981,937.50 in proceeds from the exercise of warrants (Alamos Silver, Sonora). Candelaria announced a non-brokered private placement for 4.2M (Pinos, Zacatecas).  Impact extended the deadline to complete a non-brokered private placement for gross proceeds of approximately $1.5M (Zacualpan, State of Mexico). Mexican Gold provided an update on the second tranche of a previous announced non- brokered private placement for gross proceeds of up to $3M (Las Minas, Veracruz). Prime Meridian announced that the company will be conducting a non-brokered private placement for gross proceeds of up to $1.5M (Tango Gold, Sinaloa).   ON RESOURCES AND DEVELOPMENT, Minera Alamos provided an update of the 2018 development activities performed at its La Fortuna project in Durango. ON DEALS AND CORPORATE ISSUES, SilverCrest granted stock options to the Company´s directors, officers, employees, and consultants. Almaden appointed financial advisor to assist in arranging financial project for its Ixtaca property in Puebla.  Mammoth entered in an option agreement with Centerra on its Tenoriba project in Chihuahua. Silver Viper acquired La Virginia property in Sonora from Pan American Silver. Aura Minerals announced a consolidation of its common shares (Aranzazu mine, Zacatecas). Santacruz issued 250K of its common shares and made a cash payment to Haywood to amends a financial advisory agreement signed by both companies (Veta Grande mine, Zacatecas). First Mining announced the appointment of its CEO. Harvest Gold granted stock options to certain directors, officers, and consultants.   Prime Meridian concluded an option to purchase 100% interest in the Tango Gold property in Sinaloa.

ON MEXICO ISSUES

  • The Secretariat of Economy decentralized and moved the Undersecretariat of Mining to Chihuahua. Francisco Quiroja, the recently appointed Undersecretary of Mining, inaugurated in Chihuahua city the headquarter of the federal dependence and exposed that is key to promote an active industrial politics that foster the innovation, diversification and inclusion of the Mexican mining and metallurgy sectors. To reach the strategy planned , the Undersecretary of Mining will lean on the General Coordination of Mines, dependence in charge of regulating the sector, on the General Coordination of the Mining Development, to promote the development of the mining sector,  on the Mexican Geological Survey,  to support and push the competitiveness in exploration, on FIFOMI, to increase the financing and structure projects subject to credits, and on the Mining Fund to  make sure the social viability of the different projects and of the validations of the same ones.
  • The Undersecretary of Mining discarded to harden rules for mining industry. The Undersecretary of Mining (Francisco Quiroga) pointed out that the new government doesn’t look for to carry out drastic changes in the sector, canceling concessions or increasing the production royalties paid for mining companies. “The companies have rights and none right will be harmed, neither that of the communities neither that of the companies”.  Francisco Quiroga affirmed that, for the time being, his efforts are centered in simplifying steps, to promote new projects and to impel the exploration in the sector. He also is analyzing changes to the formula of distribution of the Mining Fund.

ON EXPLORATION

  • Aztec Minerals Corp., announced the completion of a helicopter-based airborne magnetic, radiometric , and VLF survey covering the entire 3,694 hectares with 100m spaced lines of its Cervantes project in Sonora. “Preliminary results show an extensive magnetic high under the California target extending and broadening towards the north. Other targets such as Purisima and Jacobo have either low to very high magnetic response respectively, suggesting that there is more than one phase of porphyry intrusions on the property. A large and interesting northwest-southeast oriented magnetic high was detected on the northwest side of the survey and corresponds to a newly identified area of extensive gossan oxide and pyrrhotite-pyrite- chalcopyrite-arsenopyrite mineralization in hornfels and sediments intruded by feldspar-quartz porphyry dykes. The pyrrhotite indicates a reduced copper-gold system and likely contributes to the magnetic high”. Aztec also reported high gold recoveries by cyanide leach analysis of 5 drill holes. Gold recoveries include 87% Au and 45% Ag over 98m in hole 18CER007, 84% Au and 54% Ag over 106m in hole 18CER006, and 84% Au and 49% Ag over 93.5m in hole 18CER003.
  • San Marco Resources Inc., completed a drilling program funded by Antofagasta plc, on its Chunibas project in Sonora. 1,640m of core in seven holes were drilled to confirm down-dip and along strike alteration and mineralization observed on surface along a 1.2km long NW-SE mineralized corridor and a 400m long NE-SW perpendicular mineralized corridor. San Marco reported that all holes intersected several intervals with visible fine grained disseminations and cavity fillings of bornite, chalcocite, and traces of chalcopyrite. Assays results are pending and will be released once the company makes its analysis and interpretation.
  • Mexus Gold US, released results of two holes drilled at the Julio area within its Santa Elena project in Sonora. Holes 4 and 5 averaged 0.8 g/t Au over 3 m and 2 m intercepts with a 1 m section of 1.4 g/t Au. Assay results are pending from holes 6 to 9 to complete the evaluation of the initial drill program on this target area.
  • Minaurum Gold Inc., announced the mobilization of a second drill rig to its Alamos Silver project in Sonora to accelerate the testing of new veins identified recently. Minaurum also announced rock sampling results and the discovery of the 1.2km long monzonite-hosted Salvia vein zone. Highlights of the rock sampling include 1m of 1,150 g/t Ag, 2m of 1.03% Cu, 1.2m of 3,240 g/t Ag, and 1.50m of 747 g/t Ag.
  • Colibri Resources Corporation, provided a review of its exploration activities during 2018 of its projects in Sonora. Colibri drilled 2,900m in 27 holes at its El Pilar project, extending the length of the known mineralized gold deposit 52% and confirmed many of the historical drill results from the previous operator. Drilling highlights of the 2018 program are 9m of 8.2 g/t Au, including 1.5m of 33.4 g/t Au; 28.5m of 0.57 g/t Au, including 3m of 4.24 g/t Au; 40.5m of 0.73 g/t Au, including 3m of 5.37 g/t Au; and 61.5m of 0.75 g/t Au, including 1.5m of 17.3 g/t Au. El Pilar and Evelyn projects have been reviewed by several companies for potential JV opportunities, however none agreement has been made at this time. The company also added two gold exploration projects named El Mesquite and Jackie by the purchase of Yaque Minerals, a private exploration company. El Mesquite contains a 600m long by 300m wide mineralized zone with values up to 3.41 g/t Au. Geophysical surveys have identified resistivity and chargeability anomalies with merits to be drill tested. Jackie is a grass root gold exploration project. An exploration campaign is expected to be carried out in 2019, which will consists of mapping, stream sediment sampling, chip sampling, and possibly a soil sample grid.
  • Prize Mining Corporation, released drill results from the Pilar Grande target within its Manto Negro project in Coahuila. Significant intersections are in hole DDHDI-18-05 with 2.5m of 0.72% Cu and 46 g/t Ag, including 0.55m of 1.43% Cu and 126 g/t Ag, and 0.45m of 1.74% Cu and 87 g/t Ag; hole DDHDI18-05 with 2.15m of 0.79% Cu and 37 g/t Ag, and 2.90m of 0.72% Cu and 24 g/t Ag.
  • Almadex Minerals Ltd., initiated a small “proof of concept” drill program at Gallo de Oro target within its Yago project in Nayarit where banded epithermal veins crop out at surface. At El Chato project in Puebla, Almadex has identified drill targets based on a defined IP chargeability anomaly beneath a zone of intense alteration interpreted to correspond with the upper portion of a buried porphyry system. Almadex geologists believe the El Chato has the same geological setting to that of Azucar Minerals Ltd´s El Cobre Cu-Au porphyry project in Veracruz.
  • Azucar Minerals Ltd., announced drill results from the North Zone within its El Cobre project on Veracruz. Highlights drill results at the North Zone include hole EC-18-053 with 231.50m of 0.45 g/t Au and 0.17% Cu, including 132m of 0.68 g/t Au and 0.24% Cu, and 70.20m of 1.07 g/t Au and 0.35% Cu, and 33.20m of 1.54 g/t Au and 0.49% Cu; hole EC-18-055 with 245.50m of 0.39 g/t Au and 0.17% Cu, including 148.50m of 0.54 g/t Au and 0.22% Cu, and 59.05m of 0.87 g/t Au and 0.32% Cu, and 33.30m of 1.10 g/t Au and 0.39% Cu; and hole EC-18-058 with 248.90m of 0.39 g/t Au and 0.19% Cu, including 74.50m of 0.67 g/t Au and 0.33% Cu, and 21.90m of 1.22 g/t Au and 0.55% Cu. Based on the drill results, the geologists have interpreted that “the mineralization appears to trend in NE-SW direction, that a late-mineral and barren to weakly mineralized intrusive occurs in the middle of the North Zone but tops out about 400m below the current surface, and that the mineralization remains open to depth, on either side of the late intrusion, and along strike to the northeast”.

ON MINING

  • Endeavour Silver Corp., provided an early review of its El Cubo mine plan in Guanajuato for 2019. The company plans to reduce the production rate in 2019 to approximately half its 1,500 tonnes per day, while continuing exploring for new reserves to extend the mine life. Endeavour has initiated layoffs of approximately 240 employees.
  • GoGold Resources Inc., produced 774.6K Oz Ag and 6,655 Oz Au (1.3M OZ Ag Eq) from its Parral mine in Chihuahua during the full year 2018. GoGold also reported the production of 241K Oz Ag Eq in Q4, 2018.

ON FINANCING

  • SilverCrest Metals Inc., entered in a private placement for gross proceeds of CAD$292K (Las Chispas, Sonora).
  • VVC Exploration Corporation, closed an equity non-brokered private placement financing for an aggregate of CAD$ 2,212,510 (approximately US$ 1.7M). Gross proceeds will be used in exploration work and maintenance fees on their Mexican properties (Samalayuca, Chihuahua, La Tuna, Sinaloa, and Cumeral in Sonora).
  • Alamos Gold Inc., announced its intention to make a normal course bid to purchase over the next twelve months,(beginning December 24, 2018 and ending December 23, 2019), up to 25,513,043 common shares (Mulatos mine, Sonora).
  • Aura Minerals Inc., announced a consolidation of its common shares on the basis of a new share for ten old shares.
  • Santacruz Silver Mining Ltd., issued 250K of its common shares and made a cash payment of $1,063 to Haywood Securities Inc., to amends a financial advisory agreement between the two companies.
  • Minaurum Gold Inc., raised $3,981,937.50 in proceeds from the exercise of warrants bringing its consolidated cash balance to approximately $10M. Gross proceeds will be used at its Alamos Silver project in Sonora.
  • Candelaria Mining Corp., announced a non-brokered private placement for aggregate gross proceeds of up to $4.2M. Gross proceeds will be used for the construction of the Pinos project according to the PEA described in a previous press release.
  • Impact Silver Corp., extended the deadline until January 18, 2019 to complete a non-brokered private placement of approximately $1.5M (Zacualpan, Estate of Mexico)
  • Mexican Gold Corp., provided an update on the second tranche of a previously announced non-brokered private placement for gross proceeds of up to $3M, subject to increase the size of the private placement by 25%. Mexican Gold expects to close the second tranche in the first weeks of January 2019. Net proceeds will be used to continue the exploration of its Las Minas project in Veracruz.
  • Prime Meridian Resources Corp., announced that the company will be conducting a non-brokered private placement for gross proceeds of up to $1.5M (Tango Gold, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Minera Alamos Inc., provided an update of the 2018 development activities carried out at its La Fortuna project in Durango. “La Fortuna now has key permitting and technical milestones in place. This provides a path to a commercial production decision in the second half of 2019″. Highlights of the 2018 project development were the completion of a PEA demonstrating robust project economics including an after tax internal return of 93%, and a AISC of $400 per ounce produced; the positive response from SEMARNAT approving the change of land use to construct mining and processing facilities; the completion of the geotechnical studies and design of the dry-stack tailings containment facilities for the project; and the identification of a new area called La Pista, located approximately 1.3km SW of the main zone of La Fortuna resources, which contains significant near surface disseminated Au-Ag mineralization amenable to heap leaching and showing intervals of up to 50m in width. This new zone has returned assays up to 8 g/t Au and 30 g/t Ag over a mineralized area of approximately 500m by 300m. Production highlights included in the PEA study are an average annual contained-metal production of approximately 50K Oz Au Eq (43K Oz Au, 220K Oz Ag, and 2.2M Lb Cu),  a 5-year mine life based on initial resource starter pit with 2M tonnes of 3.68 g/t Au, 20 g/t Ag, and 0.27% Cu, processed at 1,100 tonnes per day average processing rate, and 215K Oz Au, 1.1M Oz Ag, and 11.2M Lb Cu produced in concentates.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc., granted stock options to the Company´s directors, officers, employees, and consultants.
  • Almaden Minerals Ltd., appointed Auramet International, LLC as financial advisor to assist in arranging financial project for its Ixtaca property in Puebla.
  • Mammoth Resources Corp., entered in an option agreement with Centerra Gold Inc., on its Tenoriba project in Chihuahua. Centerra can earn up to 70% of interest by spending US$ 9M over a seven years period. Details of the deal is upon Centerra has invested US$ 4M, it will earn a 51% interest in the property and could decide to earn an extra 19% by incurring additional expenditures on the property for US$ 4M and completing a PEA which identifies a mineral resource which is compliant with NI 43-101 and making a cash payment or issuing common shares for the amount of US$ 0.55M to Mammoth.
  • Silver Viper Minerals Corp., acquired three large mineral concessions totaling 35,598 hectares that comprise part of the La Virginia Au-Ag property in Sonora from Pan American Silver Corp. Under the deal, Pan American is entitled to a 2% NSR over the entire project. The agreement also provides Pan American with a right of first refusal on the optioned properties if Silver Viper does not exercise its option and a right of first offer over the entire consolidated property.
  • First Mining Gold Corp., announced the appointment of its Chief Executive Officer (San Ricardo, Sonora).
  • Harvest Gold Corporation, granted stock options for a period of 5 years to certain directors, officers, and consultants.
  • Prime Meridian Resource Corp., concluded a binding term sheet to acquire 100% interest in the Tango Gold property in Sinaloa by making US$ 5M in total purchase payments, and holding costs payments within five years of the execution of the formal agreement as follow: Year 1: US$195K, Year 2: US$ 245K, Year 3; 305K, Year 4: 365K, and Year 5: 425K. Prime has the option of making the final purchase payment (US$ 5M less total purchase payments made to date) at the end of the 1st, 2nd, 3rd, 4th or 5th year of the term of the purchase option, and the final purchase payment will be paid in cash (50%) and common shares (50%). Tango Gold consists of 3,954 hectares over four contiguous mineral 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 above, upper levels of an epithermal vein system in a prospect in Zacatecas, Mexico.  Photo by Miguel A Heredia.

 

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

Mesothermal quartz vein.

By Miguel A Heredia

During the 49th week of the year (December 3rd to December 9th, 2018), at least 15 press releases were announced by companies working in Mexico, with seven informing on exploration results, four reporting on advances on their properties, four disclosing deals and corporate issues, and one communicating production results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Colibri announced plans to conduct a structural geology interpretation on its El Pilar project, Mexus Gold completed a drill program on its Santa Elena project, and Sonoro reported drill results from its Cerro Caliche project.  In Chihuahua, Radius Gold and its partner Pan American Silver announced drill results from its Amalia project, and Mammoth provided an update on exploration activities from its Tenoriba project. In Zacatecas, Advance Gold provided an update on exploration plans for its Tabasquena project. In Jalisco, Evrim reported drill results from its Cuale project.  ON MINING, US Antimony reported Sb monthly production from their Mexican operations. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Colibri clarified its resource estimation at its El Pilar project in Sonora. Avino released drill results from its Avino open pit mine area in Durango. Gold Resource announced drill results and expanded its Arista mine in Oaxaca. US Antimony announced an update on the leach plant for the Los Juarez Au-Ag-Sb property in Queretaro.  Minera Alamos provided a year-end development update on its Santana project in Sonora. ON DEALS AND CORPORATE ISSUES, Candelaria acquired the remaining 40% ownership of its Pinos property in Zacatecas. Colibri announced its intention to sell its Pitaya property interest in Sonora. Mexican Gold acquired 100% interest in three concessions at its Las Minas project in Veracruz. Radius announced its intention to issue shares for its Amalia project option payment.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Colibri Resource Corporation, announced that a structural geology interpretation will be conducted on its El Pilar project in Sonora to generate targets to drill-test.
  • Mexus Gold US, completed 736m of core drilling in 9 holes at its Santa Elena project in Sonora. 200 core samples were collected and sent to the lab for assays. Assay results are pending and will provide the guide for the next exploration stage toward locating a potential low angle shear zone Au and Ag resource.
  • Sonoro Metals Corp., reported drill results from 17 holes and expanded mineralization at its Cerro Caliche project in Sonora. Significant intersections are in Hole SCR-014 with 21.33m of 0.44 g/t Au and 4 g/t Ag; Hole SCR-015 with 10.67m of 0.51 g/t Au and 1 g/t Ag, and 19.81m of 0.35 g/t Au and 2 g/t Ag; Hole SCR-021 with 32m of 0.55 g/t Au and 11 g/t Ag, including 3.05m of 2.13 g/t Au and 65 g/t Ag; Hole SCR-019 with 19.81m of 0.52 g/t Au and 7 g/t Ag; Hole SCR-022 with 13.71m of 0.75 g/t Au, and 14 g/t Ag; Hole SCR-029 with 9.14m of 0.86 g/t Au and 6 g/t Ag and 15.24 m of 0.72 g/t Au and 4 g/t Ag; Hole SCR-024 with 13.72m of 0.68 g/t Au and 11 g/t Ag, including 4.57m of 1.5 g/t Au and 24 g/t Ag; and Hole SCR-030 with 22.86m of 0.72 g/t Au and 3 g/t Ag, including 10.67m of 1.26 g/t Au and 3 g/t Ag.
  • Radius Gold Inc., and Pan American Silver, announced initial drill results from its Amalia project in Chihuahua. 1,909m in 9 holes were drilled by Radius and tested three target zones: Campamento-San Pedro, Guadalupe and Dulces across a strike length of 1.8Km following the trace of a large regional fault and associated epithermal Au and Ag mineralization. Significant intersections encountered at the Campamento-San Pedro target area are in Hole AMDD18-003 with 30m of 0.3 g/t Au and 65 g/t Ag; Hole AMDD18-08 with 1m of 2.28 g/t Au and 521 g/t Ag and 5m of 0.59 g/t Au and 571 g/t Ag; and Hole AMDD18-09 with 26m of 7.08 g/t Au and 517 g/t Ag, including 5m of 14.71 g/t Au and 1,378 g/t Ag. Mineralization at the Campamento target is open in all directions. At Guadalupe and Dulces target zones none significant drill intersections were encountered.
  • Mammoth Resources Corp., provided an update on exploration activities developed during the period 2017-2018 at its Tenoriba project in Chihuahua. Mammoth vacated the property in late June until early October due to the rainy season. Geologist returned to the field to sample gaps in the drill core between intervals of reported mineralization which had not previously been sampled and to perform maintenance on roads in and around the project area following the seasonal rains. The company run IP and Magnetic geophysical surveys to cover approximately 40% of the property. Based on geophysical features, surface geology and geochemistry sampling results, Mammoth drilled 2,705m in 13 holes in the period 2017-2018 to test numerous targets. Significant drill intersections were encountered in 9 out of 11 holes reported. Based on previous results the company has decided to cover with IP and Magnetic geophysical surveys the remaining 60% of the property to define areas for future drilling and also to perform additional drilling to test the porphyry potential in the El Moreno-Cerro Colorado areas.
  • Advance Gold Corp., provided an update on exploration plans on its Tabasquena project in Zacatecas. Advance is exploring for a large epithermal vein system and plans to drill-test a feeder system type target named SG3.
  • Evrim Resources Corp., reported initial drill results from its Cuale project in Jalisco. A total of 1,167m have been completed of a planned 3,000m program. Evrim released assay results from four of the five drill holes targeting the La Gloria prospect with the most significant results in Hole GLR18-01 with 14m of 1.92 g/t Au and another deeper interval with 10.2m of 1.58% Cu; Hole GLR18-02 with 17m of 0.52 g/t Au; and Hole GLR18-03 with 29m of 0.87 g/t Au. The company has moved the rig near the North Dome target to drill-test additional targets.

ON MINING

  • US Antimony Corporation, reported that 160.8K Lb Sb were produced during November, 2018 from their Mexican operations (Soyatal, Queretaro and Wadley, San Luis Potosi).

ON FINANCING

  • No relevant news.

 ON RESOURCES AND DEVELOPMENT

  • Colibri Resource Corporation, clarified its resource estimation at its El Pilar project in Sonora. The company had released previously an in-house resource calculation of 700,000 tonnes of 1.9 g/t Au but it included historical drill holes reported by a previous operator, whereby this estimation is not NI 43-101 compliant and should not be relied upon.
  • Avino Silver & Gold Mines Ltd., released results from 11 holes drilled on the Avino vein stockwork system at its Avino open pit mine in Durango. 924.65m were drilled at the western end of the open pit in an area called El Hundido. Significant results are in Hole ET-18-03 with 05m of 0.03 g/t Au, 93 g/t Ag,  and 0.15% Cu, including 8.40m of 0.01 g/t Au, 325 g/t Ag, and 0.22% Cu; Hole ET-2018-04 with 3.95m of 1.47 g/t Au, 323 g/t Ag, and 0.30% Cu; Hole ET-2018-11 with 18.85m of 0.62 g/t Au, 84 g/t Ag, and 0.15% Cu, including 4.15m of 0.6 g/t Au, 144 g/t Ag, and 0.07% Cu and 1.25m of 2.81 g/t Au, 344 g/t Ag, and 1.69% Cu; and Hole Et-2018-12 with 1.10m of 0.60 g/t Au, 408 g/t Ag, and 1.88% Cu and other interval with 21.05m of 0.35 g/t Au, 79 g/t Ag, and 0.58% Cu, including 5.25m of 0.53 g/t Au, 155 g/t Ag, and 0.85% Cu, and 4.55m of 0.76 g/t Au, 121 g/t Ag, and 1.40% Cu. Based on these encouraging results, the company is adding easily accessible mineable resources.
  • Gold Resource Corporation, released drill results from the Switchback vein system as well as from a newly discovered mineralized veins at a target called Andesite Hill. These results extend the strike length by approximately 100m to the northwest and expand the vertical extent in depth and height at its Arista mine in Oaxaca. Significant results at the Switchback vein system are in Hole 518013 with 4.17m of 4.17 g/t Au, 63 g/t Ag, 0.68% Cu, 0.8% Pb, and 1.5% Zn, including 1.25m of 7.45 g/t Au, 102 g/t Ag, 0.63% Cu, 1.1% Pb, and 1.8% Zn; and Hole 518020 with 16.95m of 6.21 g/t Au, 80 g/t Ag, 0.52% Cu, 1.8% Pb, and 4.5% Zn, including 2.2m of 9.28 g/t Au, 81 g/t Ag, 0.87% Cu, 2.0% Pb, and 8.9% Zn, and including 1.3m of 25.1 g/t Au, 244 g/t Ag, 0.91% Cu, 2.4% Pb, and 5.1% Zn. Highlights at the Andesite Hill target are in Hole 518010 with 1.13m of 0.46 g/t Au, 77 g/t Ag, 0.35% Cu, 2.2% Pb, and 4.1% Zn and 0.48m of 1.42 g/t Au, 342 g/t Ag, 0.11% Cu, 0.3% Pb, and 0.3% Zn; and Hole 518011 with 0.30m of 5.47 g/t Au, 2,510 g/t Ag, 0.58% Cu, 0.8% Pb, and 1.6% Zn, and 2.29m of 4.01 g/t Au, 580 g/t Ag, 0.36% Cu, 3.8% Pb, and 5% Zn, including 0.72m of 5.89 g/t Au, 739 g/t Ag, 0.32% Cu, 1.7% Pb, and 7% Zn.
  • US Antimony Corporation, announced an update on the leach plant for the Los Juarez Au-Ag-Sb property in Queretaro, reporting that most of the equipment for the Puerto Blanco Plant is being installed at the Puerto Blanco Mill. Projects underway include finishing the tailings pond, wiring, plumbing, and completing the building.
  • Minera Alamos Inc., provided a year-end development update on its Santana project in Sonora. The company mined from Nicho Norte 50K tonnes of mineralized material to run heap leach tests to evaluate grades, recoveries, reagent consumptions, etc. Minera Alamos also reported that the Phase 1 drill program was successful on the Nicho Main Area where the holes intersected significant intervals including 127m of 0.81 g/t Au, 80.4m of 1.05 g/t Au, and 93.5m of 0.65 g/t Au. It also discovered the Divisadero porphyry target located approximately 200m north of the Nicho Norte Zone where a drill hole intersected 95.7m of 0.85 g/t Au, 10 g/t Ag and 0.33% Cu.   A Phase 2 drill program will commence shortly to follow-up on new discoveries made at Santana. Minera Alamos has been active in developing a strategy that allows them to take a decision to develop and construct the mine in Q1 2019 if the results are positive.

ON DEALS AND CORPORATE ISSUES

  • Candelaria Mining Corp., acquired the remaining 40% ownership of its Pinos project in Zacatecas by issuing 7,075,472 common shares to Minera Apolo S.A. de C.V.
  • Colibri Resource Corporation, entered in an agreement with Agnico Eagle Mines Limited to sell its Pitaya project interest in Sonora. Considerations in connection with the sale transaction could be paid by one of more third parties in cash or securities or a combination of cash and securities with Colibri receiving its proportionate share or paid by a lump sum cash payment from Agnico in the amount of $500K.
  • Mexican Gold Corp., acquired 100% interest in the Pepe, Pepe Tres and San Jose concessions at its Las Minas project in Veracruz by making a final payment of US$ 866,666. The owners will retain a 1.5% NSR of which one third may be purchased by US$ 500K at any time. Mexican Gold also has a right of first refusal in the event that the owners intend to transfer all or part of the remaining 1% royalty.
  • Radius Gold Inc., announced its intention to issue 74, 183 common shares to the project owners in accordance of its option to acquire a 100% interest of the Amalia property in Chihuahua. The shares will be issued at a deemed price of $0.90 per share.

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, a mesothermal quartz vein in an Au orogenic prospect in Oaxaca, Mexico.  Photo by Miguel A Heredia.

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

Banded quartz texture

By Miguel A Heredia

During the 45th week of the year (November 5th to November 11th, 2018), at least 36 press releases were announced by companies working in Mexico, with thirteen communicating mining activities, seven disclosing deals and corporate issues, seven informing on exploration results, six announcing financing issues, and 3 reporting on advances on their properties. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Aloro commenced the road construction and building of drill pads on its Los Venados project, San Marco Resources announced the commencement of a drilling program at its Chunibas project, Sonoro reported drill results from its Cerro Caliche project, and Minaurum discovered two new vein zones at its Alamos Silver project. In Coahuila, Discovery Metals completed a 40 line-km ground magnetometer survey at its Monclova project.  ON MINING, Alio Gold, Americas Silver, Argonaut, Avino, Consolidated Zinc, First Majestic, Fortuna Silver, Hecla, Pan American Silver, Premier Gold, Santacruz Mining, and US Antimony reported production results from their Mexican operations. ON FINANCING, Auxico Gold closed a non-brokered private placement for $315K. GoGold closed the US$12M sale of the Santa Gertrudis royalty with Metalla Royalty and Streaming Ltd. Impact Silver announced a non-brokered private placement to raise up to $1.5M. Telson Mining received $5M from Trafigura Mexico for the second tranche of the loan agreement announced on December 18, 2017. Silver Spruce consolidated its common shares and proposed to complete a non-brokered private placement to raise up to $1.5M. Golden Minerals reported its Q3 2018 financial results. ON RESOURCES AND DEVELOPMENT, Kootenay designed a drilling program aimed to expand resources at its la Cigarra deposit in Chihuahua. Hecla released in-fill drilling results for its San Sebastian mine in Durango. ON DEALS AND CORPORATE ISSUES, Capstone Mining made reductions to its organizational structure (Cozamin mine, Zacatecas). Defiance Silver and ValOro Resources signed a definitive merger agreement (San Acacio project, Zacatecas). Golden Goliath announced that Desarrollos Mineros El Aguila (subsidiary of Fresnillo plc) exercised the option agreement on its Uruachic project in Chihuahua. New Gold (Cerro San Pedro mine, San Luis Potosi) and Prize Mining (Manto Negro project, Coahuila) appointed their Chief Financial Officer respectively. Golden Reign and Marlin Gold completed business combination to form Mako Mining Corp (La Trinidad mine, Sinaloa).

ON MEXICO ISSUES

No relevant news.

ON EXPLORATION

  • Aloro Mining Corp., commenced a 3.6km road construction and building of 12 permitted drill pads at its Los Venados project in Sonora. “The road construction will open up new exposures for sampling in mineralized areas and structure that were previously undercover”.
  • San Marco Resources, commenced a drilling program at its Chunibas project in Sonora where they have a JV agreement with Antofagasta plc. The drilling program will consists of initial 1,500m comprised in six holes with the goal of testing down dip and along strike high-grade Cu-Ag mineralized mantos hosted in volcanic rocks in different stratigraphic levels. The manto-type mineralization has been identified along a corridor of 1.7km long and at least 300m wide.
  • Sonoro Metals Corp., reported results from the initial 13 drill holes from its Cerro Caliche project in Sonora. Significant intersections are: Hole SCR-002 with 27.43m of 0.6 g/t Au and 7 g/t Ag; Hole SCR-003 with 30.48m of 0.5 g/t Au and 8 g/t Ag; Hole SCR-004 with 39.62m of 0.9 g/t Au and 9 g/t Ag, including 6.09m of 2.9 g/t Au and 20 g/t Ag; Hole SCR-005 with 10.67m of 0.7 g/t Au and 21 g/t Ag, and 10.67m of 0.6 g/t Au and 1 g/t Ag; Hole SCR-006 with 10.67m of 1.2 g/t Au and 21 g/t Ag, including 6.1m of 2 g/t Au and 26 g/t Ag; Hole SCR-007 with 22.86m of 0.9 g/t Au and 13 g/t Ag, including 4.57m of 2.2 g/t Au and 20 g/t Ag; and SCR-008 with 36.58m of 0.5 g/t Au and 4 g/t Ag. “The drilling has further confirmed that mineralization in the Los Japoneses zone remains open in all directions, including at depth.”
  • Minaurum Gold Inc., discovered two new vein zones at its Alamos Silver project in Sonora: the San Jose vein, a NNE trend structure hosted in a fault zone which can be traced for at least 3km long, and the Santa Rosa vein, a stringer-quartz veinlets structural zone that runs for at least 300m along strike. The discovery of the new veins was through its ongoing district-scale reconnaissance program. Sampling on the San Jose vein returned grades ranging from anomalous up to 1,995 g/t Ag, 2.5% Cu, and 1.9% Zn, while sampling on the Santa Rosa vein only retuned anomalous values.
  • Discovery Metals Corp., completed a 40 line-km ground magnetic survey at its Monclova project in Coahuila to cover three targets: Real Viejo with 23 lines spaced 50m apart, Corrales with 17 lines spaced 100m apart, and Soledad with 12 lines spaced 50m apart. “Results of the Real Viejo survey highlight a linear magnetic high parallel to the mapped mineralized and altered zone along the southern boundary of the Monclova intrusive complex centered on the Project. This suggests continuity of the alteration and/or mineralization along the contact and provides support for the holes planned to test this zone. Interestingly, similar magnetic high zones occur across the neighboring Corrales target. Both linear magnetic highs as well as linear lows are highlighted by the survey and represent prospective targets on the Project. Results at the northern Soledad grid also highlight similar geometries”.

ON MINING

  • Alio Gold Inc., reported Q3 production results from its San Francisco mine in Sonora. Alio produced 11.6K Oz Au and 3.9K Oz Ag at an AISC of $1,315 per Oz produced.
  • Americas Silver Corporation, produced 323K Oz Ag, 7.5M Lb Pb, and 7.9M Lb Zn during the Q3-2018 from its Cosala operations in Sinaloa and Galena Complex in Idaho.
  • Argonaut Gold Inc., announced Q3 2018 production results from their Mexican operations. At the El Castillo mine in Durango, Argonaut mined 2, 267,000 tonnes of 0.33 g/t Au, to produce 10.3K Oz Au and 4.8K Oz Ag (10.4K GEOs or Gold Eq Oz). At the San Agustin mine in Durango, the company mined 1, 747,000 tonnes of 0.34 g/t Au to produce 15.7K Oz Au and 52.9K Oz Ag (16.5K GEOs). At its La Colorada mine in Sonora, Argonaut mined 1.2M tonnes of 0.33 g/t Au to produce 7K Oz Au and 16.2K Oz Ag (7.3K GEOs).
  • Avino Silver & Gold Mines Ltd., milled 193, 645 tonnes during Q3 2018 to produce 2.2K Oz Au, 342K Oz Ag, and 992K Lb Cu (704.4K Oz Ag Eq) at an AISC of $11.15 per payable Oz Ag Eq.
  • Consolidated Zinc Limited, reported the October 2018 production from its Plomosas mine in Chihuahua. The company milled 237 tonnes of 12.9% Zn and 3.3 % Pb to produce 68.3K Lb Zn and 17.6K Lb Pb.
  • First Majestic Silver Corporation, released Q3 2018 production results from their Mexican operations. The table below shows the quarterly operating and cost parameters at each of the mining operations:

  • Fortuna Silver Mines Ltd., milled 262, 710 tonnes during Q3 2018 at grades of 1.6 g/t Au and 258 g/t Ag to produce 12.4K Oz Au and 1.99M Oz Ag, with metallurgical recoveries of 91% for Au and Ag.
  • Hecla Mining Company, released Q3 production results from its San Sebastian mine in Durango. During Q3 2018, Hecla produced 3.7K Oz Au and 522K Oz Ag.
  • Pan American Silver Corp, reported Q3 2018 production results from each of their mining operations. At La Colorada, Zacatecas the company produced 1.1K Oz Au and 2M Oz Ag. At its Dolores mine in Chihuahua, Pan American Silver produced 33.1K Oz Au and 1M Oz Ag.
  • Premier Gold Mines Limited, announced Q3 2018 production results from its Mercedes mine in Sonora. The company processed 159,608 tonnes of 3.52 g/t Au and 39 g/t Ag with metallurgical recoveries of 96.6% and 43.7% respectively, to produce 17.5K Oz Au and 88.4K Oz Ag at an AISC of $1,059 per Oz produced.
  • Santacruz Silver Mining , released Q3 2018 production results from their Mexican mining operations.  At Veta Grande, Zacatecas, the company processed 42,011 tonnes with 0.26 g/t Au, 77 g/t Ag,  0.8% Pb and 1.94 % Zn to produce  140 Oz Au, 62.2K Oz Ag, 590.8K Lb Pb and 952.4K Lb Zn. At El Rosario, San Luis Potosi, Santacruz processed 15,965 tonnes of 0.26 g/t Au, 0.2% Pb and 1.6% Zn to produce 85 Oz Au, 18.4K Oz Ag, 72.7K Lb Pb, and 467.4 Lb Zn.
  • Torex Gold Resources Inc., processed 1,246,000 tonnes with 2.6 g/t Au during Q3 2018 from its El Limon-Guajes Mine Complex in Guerrero. The quarterly production was 100.4K Oz Au with a metallurgical recovery of 89%.
  • US Antimony Corporation, released its September and October 2018 production results. In September, US Antimony produced 141.2 K Lb Sb and 1,394 tonnes of zeolites, while in October produced 123.5 Lb Sb and 1,065 tonnes of zeolites.

ON FINANCING

  • Auxico Resources Canada Inc., closed a non-brokered private placement for gross proceeds of $315K (Zamora project, Sinaloa).
  • GoGold Resources Inc., closed the US$12M sale of its Santa Gertrudis royalty with Metalla Royalty and Streaming Ltd. GoGold took US$6M of the US$12M sale price in common shares of Metalla, which represent 9.9% of the Metalla shares outstanding.
  • Impact Silver Corp., announced a non-brokered private placement to raise up to $1.5M to explore its Zacualpan project in Mexico State for additional high potential precious metals as well as Au-Cu targets.
  • Telson Mining Corporation, received $5M from Trafigura Mexico S.A. de C.V., for the second tranche of the loan agreement for the construction of its 1,000 tpd Tahuehueto mine in Durango.
  • Silver Spruce Resources Inc., consolidated its common shares and proposed to complete a non-brokered private placement to raise up to $1.5M. The consolidation of its common shares is one new share for five old shares.
  • Golden Minerals Company, reported revenue of approximately $1.9M in Q3 2018 related to the oxide plant lease and costs of approximately $0.7M related to the services Golden provides under the terms of the lease, for a net margin of $1.2M. Other operating income of $3.2 million included $3.0 million from the sale of Golden’s remaining interest in the Celaya project in Guanajuato to The Electrum Group LLC, as well as pro‐rated income from the farm‐out of the Company’s Zacatecas properties to Santacruz Silver. Exploration expenses were $1.1 million in the third quarter, reflecting increased exploration and project evaluation activities at the Santa Maria project in Chihuahua as well as other projects in Mexico.

 

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., designed a program of 15,000m of drilling over 62 holes aimed to expand resources along the extensions of its La Cigarra deposit in Chihuahua. The drilling program will be conducted on four target areas where the company believes there is untested potential to increase resources. “The plan would entail primarily exploration step out drilling of known mineralization and some infill drilling of the successful La Borracha program earlier this year”. “The four areas Kootenay plans to target are the La Borracha high grade (the mineralized trend located 1,000 meters northwest from the northern boundary of the Resource), the La Borracha Connection (connecting La Borracha with the San Gregorio area of the Resource), Gap (a very under drilled area between the main San Gregorio and Las Carolinas zones that currently comprise the Resource) and the Carolinas Extension (the strike extension of the Resource to the southeast)”.
  • Hecla Mining Company, released in-fill drilling results for its San Sebastian mine in Durango. The in-fill drilling was conducted in the central portion of the polymetallic zone along the Francine Vein. Additionally, exploration core drilling was also conducted toward shallower oxide mineralization along the West and East Francine vein areas, the recently discovered South Vein, and at the Esperanza Vein target area. At the Francine vein, the in-fill drilling program intersected high grade mineralization. Highlights include 1.37m of 591 g/t Ag, 4.8% Cu, 16% Pb and 13.5% Zn and 2.25m of 227 g/t Ag, 1.8% Cu, 3.5% Pb, and 6% Zn. The drilling also intercepted narrow but high-grade mineralization along the East Francine vein on new zones of vein-hosted oxide mineralization. Significant intersections are 1.46m of 485 g/t Ag and 0.3 g/t Au, and 2.83m of 299 g/t Ag and 2.2 g/t Au. Mineralization in this area is defined over 1,200 feet along strike and 800 feet down-dip and this new zone could represent an important new source of oxide mineralization. At the West Francine vein, the drilling program encountered also narrow intervals of high grade. Highlights include 0.64m of 1,791 g/t Ag and 0.62 g/t Au. Mineralization in this area is open laterally and at depth. Follow-up, offset drilling is in progress. At the Esperanza vein, exploration drilling commenced but results are pending. Reconnaissance RC drilling discovered a new blind vein under soil cover in the Saladillo Valley. This new vein, referred as the South vein, intercepted significant mineralized intervals such as 2.83m of 392 g/t Ag and 2.5 g/t Au, 2.86m of 187 g/t Ag and 0.93 g/t Au, and 2.86m of 174 g/t Ag and 1.24 g/t Au. Drilling for the remainder of the year will continue to focus on expanding resources and evaluate near-surface oxide mineralization at the West Francine Vein, South Vein, and Esperanza Vein areas.

ON DEALS AND CORPORATE ISSUES

  • Capstone Mining Corp., announced management changes and made reduction of its organizational structure to improve financial and operating performance and save approximately $5M per year in corporate general and administrative expenses (Cozamin mine, Zacatecas).
  • Defiance Silver Corp., and ValOro Resources Inc., signed a definitive merger agreement dated on November 5, 2018. The ValOro shareholders will receive 0.71 common shares of Defiance for each share of ValOro held. “Upon completion of the Transaction, the combined company will have approximately 119 million common shares outstanding, of which former shareholders of Defiance will own approximately 87% and the former shareholders of ValOro will own approximately 13%” (San Acacio project, Zacatecas).
  • Golden Goliath Resources Ltd., announced that Desarrollos Mineros El Aguila S.A. de C.V., a wholly subsidiary of Fresnillo plc, exercised the option agreement on its Uruachic project in Chihuahua by making a final payment of US$2.3M. Golden Goliath still holds a royalty on the several optioned properties in the Uruachic mining district.
  • Golden Reign Resources and Marlin Gold Mining Ltd., completed business combination to form Mako Mining Corp. Prior to the closing of the arrangement, the companies completed the amendment to the Gold Purchase Agreement with Sailfish Royalty Corp., and the Marlin reorganization.

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, banded quartz texture in a hot spring epithermal system in Durango, Mexico.  Photo by Miguel A Heredia.

Sailfish Royalty Announces Completion ofStream Restructuring

sailfish royalty announces completion of stream restructuring

TORTOLA, British Virgin Islands, Nov. 9, 2018 /CNW/ – Sailfish Royalty Corp. (TSX-V: FISH) (the”Company” or “Sailfish”) is pleased to report the closing of the previously announced restructuring (the “Stream Restructuring”) of the Company’s gold stream on the San Albino gold project (“SanAlbino”) pursuant to a master agreement between the Company, Golden Reign Resources Inc. (“Golden Reign”), Marlin Gold Mining Ltd. (“Marlin”), Oro Gold de Mexico S.A. de C.V., NicozResource S.A. (“Nicoz”) and Gold Belt, S.A. (“Gold Belt”) dated August 3, 2018 (the “MasterAgreement”). Completion of the Stream Restructuring was conditional upon closing of the business combination transaction of Marlin and Golden Reign pursuant to a plan of arrangement under the Business Corporations Act (British Columbia), along with approval of the TSX Venture Exchange (“TSX-V”) and the previously announced approval of disinterested shareholders of the Company.  As of today, each of these closing conditions have been satisfied.

GOLDEN REIGN RESOURCES AND MARLIN GOLD MINING COMPLETE BUSINESS COMBINATION TO FORM MAKO MINING CORP.

golden reign and marlin gold complete business combination

VANCOUVER, November 9, 2018 – Mako Mining Corp. (formerly Golden Reign Resources) (the “Company” or “Mako Mining”) (TSX-V:GRR) and Marlin Gold Mining Ltd. (“Marlin”) (TSX-V:MLN) are pleased to announce the successful completion of the previously announced business combination transaction of the two companies pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”), whereby the Company acquired all of the issued and outstanding common shares of Marlin (the “Marlin Shares”). Prior to the closing of the Arrangement, the parties completed the previously announced amendment to the Company’s Gold Purchase Agreement with Sailfish Royalty Corp. and the Marlin Reorganization, including the sale of Marlin’s Commonwealth Project to funds controlled by Wexford Capital LP, Marlin’s controlling shareholder, which extinguished all of Marlin’s loans and any other debts and liabilities owing to Wexford.

Metalla closes Santa Gertrudis Royalty acquisition

metalla closes santa gertrudis royalty acquisition

VANCOUVER, Nov. 7, 2018 /CNW/ – Metalla Royalty & Streaming Ltd. (“Metalla” or the”Company”) (TSXV: MTA) (OTCQX: MTAFF) (FRANKFURT: X9CP) is pleased to announce that it has closed its previously announced acquisition of a 2% net smelter return royalty (the “Royalty”) on the Santa Gertrudis gold property located north of Hermosillo in Sonora, Mexico from GoGoldResources Inc. (“GoGold”) (as disclosed in a news release dated September 5, 2018) (the”Transaction”) for US$12 million.

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

Stibiconite-Cervantite crystals

By Miguel A Heredia

During the 43th week of the year (October 22th to October 28th, 2018), at least 29 press releases were announced by companies working in Mexico, with seven communicating mining activities, seven reporting on resources and developments, five disclosing deals and corporate issues,  five announcing financing issues, and four informing on exploration results. ON MEXICO ISSUES, the 13th International Mining Congress Sonora 2018 was held in the city of Hermosillo, Sonora on October 23-26. ON EXPLORATION, In Sonora, Minera Alamos and Minaurum reported exploration results from theirs Santana and Alamos Silver projects respectively. In Chihuahua, Harvest Gold provided an update of the drilling program on its Cerro Cascaron project. In Zacatecas, Santacruz provided drill results from its Veta Grande project. ON MINING, Agnico, Excellon, Fresnillo, GoGold, Goldcorp, Hecla and New Gold reported Q3 2018 results from their Mexican operations. ON FINANCING, Consolidated Zinc raised $1.3M from its share purchase plan, and proposed to raise further $220K. Auxico announced that its common shares are already trading on the NEX Exchange Growth Market. Mexican Gold announced its intention to complete a non-brokered private placement of up to $3M.  Oroco Resource increased its previous private placement to rise now up to $750K. Gold Resource declared monthly dividend to shareholders. ON RESOURCES AND DEVELOPMENT, Almaden reported infill drilling results within the PFS pit from its Ixtaca project in Puebla. Goldcorp announced proven and probable mineral reserves for its Peñasquito mine in Zacatecas. Mexican Gold announced plans to update resources for its Las Minas project in Veracruz. Premier Gold commenced an underground drilling program at its Marianas/Mercedes mine in Sonora.  Pan American Silver discovered wide mineralized zones at its La Colorada mine in Zacatecas. Torex reported infill drilling results for its Media Luna project in Guerrero. Azure released drill results from its Oposura project in Sonora. ON DEALS AND CORPORATE ISSUES, Canasil signed a letter of intent providing for Pan American Silver to acquire Canasil´s interest in the Sandra-Escobar project in Durango. Prize Mining retained Link Media to provide communications and market awareness services (Manto Negro, Coahuila). Metalla provided an update on the royalty acquisition of the Santa Gertrudis project in Sonora from GoGold. New Gold announced management changes (Cerro San Pedro, San Luis Potosi). Odyssey provided an update on legal filing for its Don Diego phosphate project in Baja California Sur.

ON MEXICO ISSUES

  • The 13th International Mining Congress Sonora 2018, was held in Hermosillo, Sonora on October 23-26. Sonora is the top state for mining in all Mexico.

 ON EXPLORATION

  • Minera Alamos Inc., reported drill results of a new broad zone of Au-Ag mineralization from its Santana project in Sonora. Hole S18-121 intersected 95.7m of 0.85 g/t Au, 10 g/t Ag, and 0.33% Cu (1.47 g/t Au Eq), including 70m of 1.1 g/t Au, 12 g/t Ag, and 0.56% Cu (1.88 g/t Au Eq). “The hole is the first drilled deep enough to intersect this new style of polymetallic mineralization that is associated with an andesite porphyry unit related to disseminated pyrite and intrusive breccias. Based on surface exposures and known geology the mineralized system appears to be open to expansion in all directions”.
  • Minaurum Gold Inc., released sampling results from the newly discovered Europa Sur Vein extension at its Alamo Silver project in Sonora. Significant results are 0.33 g/t Au, 1,205 g/t Ag, 1.9% Pb, 1.4% Zn, and 3.2 % Cu; 0.8m of 479 g/t Ag, 0.3% Pb, 0.5% Zn, and 3.19% Cu, and 2m of 0.15 g/t Au, 179 g/t Ag, 1.9% Pb, 1.3% Zn, and 2.51% Cu. “With this newly discovered extension, the Europa-Guadalupe vein now measures 2.5 km in strike length and further expands the scope of Minaurum’s exploration program to find extensions of all other currently identified veins”.
  • Harvest Gold Corporation, provided an update of the ongoing drilling program on its Cerro Cascaron Au-Ag project in Chihuahua. At Cascarita Silver target the drilling program is ongoing and currently focused on completing 600m in three holes. Once this target is drill tested, the crew will move to the Cascaron Vein Gold Field to drill three holes to test 900m of strike along the Serpiente Dorada and Julieta structures, and one hole to test beneath a high-grade Au-Ag surface samples across the Carabina vein.
  • Santacruz Silver Mining Ltd., announced drilling results from its Veta Grande project in Zacatecas and expanded the high-grade footprint. Highlights results are in Hole NA 18-006 with 2.15m (TW 1.95m) of 0.17 g/t Au, 669 g/t Ag, and 0.12% Cu, including 0.9m (TW 0.82m) of 29 g/t Au, 1,220 g/t Ag, and 0.12% Cu;

ON MINING

  • Agnico Eagle Mines Ltd., released Q3 2018 production results from its Mexican Operations. At Pinos Altos, Chihuahua, Agnico processed 508,000 tonnes of 2.96 g/t Au to produce 46.4K Oz Au. At Creston Mascota, Chihuahua, the company processed 309,000 tonnes of 0.84 g/t Au to produce 8K Oz Au. At La India, Sonora, Agnico processed 1,426,000 tonnes of 0.79 g/t Au to produce 27K Oz Au.
  • Excellon Resources Inc., reported Q3 2018 production results from its La Platosa mine in Durango. In this period, Excellon milled 17,907 tonnes of 416 g/t Ag, 3.5% Pb, and 4.3% Zn to produce 171.2K Oz Ag, 0.8M Lb Pb, and 1M Lb Zn with metallurgical recoveries of 89.9%, 74.2%, and 78.2% respectively.
  • Fresnillo plc., announced Q3 2018 production results from their Mexican operations. At Fresnillo mine, Zacatecas, the company processed 613,794 tonnes of 0.68% Au, 211 g/t Ag, 0.9% Pb, and 1.8% Zn to produce 10.5K Oz Au, 3.7M Oz Ag, 11M Lb Pb, and 18.1M Lb Zn. At Saucito mine, Zacatecas, 713,441 tonnes were processed at grades of 1.34 g/t Au, 250 g/t Ag, 0.9% Pb, and 1.6% Zn to produce 23.6K Oz Au, 4.9M Oz Ag, 12.9M Lb Pb, and 17.7M Lb Zn. At the Pyrites Plant, Fresnillo processed 63,336 tonnes of 2.9g /t Au and 423 g/t Ag to produce 1.4K Oz Au and 423K Oz Ag. At La Cienega mine, Durango, the company processed 332,493 tonnes of 1.79 g/t Au, 169 g/t Ag, 0.6% Pb, and 0.9% Zn to produce 18.2K Oz Au, 1.54M Oz Ag, 2.47M Lb Pb, and 4.2M Lb Zn. At San Julian mine, Chihuahua, 332,836 tonnes were processed from the vein system with grades of 1.84 g/t Au and 137 g/t Ag to produce 18.5K Oz Au and 1.35M Oz Ag while 561,808 tonnes were processed from San Julian JM disseminated ore body with grades of 0.11 g/t Au, 156 g/t Ag, 0.4% Pb, and 1.3% Zn to produce 9994 Oz Au, 2.3M Oz Ag, 2.8M Lb Pb, and 11.3M Lb Zn. At Herradura mine, Sonora, 5,859,579 tonnes were processed with grades of 0.76 g/t Au and 3 g/t Ag to produce 109.6 Oz Au and 492K Oz Ag. At Noche Buena mine, Sonora, Fresnillo processed 4,834,512 tonnes of 0.52 g/t Au to produce 42.5K Oz Au.
  • GoGold Resources Inc., presented Q3 2018 production results from its Parral tailings operation in Chihuahua. GoGold produced 105.6K Oz Ag and 1,665 Oz Au.
  • Goldcorp Inc., produced a total of 503K Oz Au during Q3 2018 from their mine operations. Goldcorp did not present separate production results by mines.
  • Hecla Mining Company, produced in Q3 2018 over 3.7K Oz Au and 0.5M Oz Ag from its San Sebastian mine in Durango.
  • New Gold Inc., reported Q3 2018 production results from its Cerro San Pedro operation in San Luis Potosi. New Gold produced 2K Oz Au and 0.1M Oz Ag from residual leaching.

ON FINANCING

  •  Consolidated Zinc Limited, closed its share purchase plan on October 22, 2018, raising a total of $1.3M. The company also proposed to conduct a placement to raise a further $220K (Plomosas mine, Chihuahua).
  • Auxico Resources Canada Inc., announced that its common shares are already trading on the NEX Exchange Growth Market in London. (Zamora Mining District, Sinaloa).
  • Mexican Gold Corp., notified its intention to complete a non-brokered private placement of up to $3M, the same that could be increased by up to 25% for aggregate gross proceeds of up to $3.75M. (Las Minas, Veracruz).
  • Oroco Resource Corp., announced that it has increased its previous private placement to raise net gross proceeds of up to $750K (Santo Tomas, Sinaloa).
  • Gold Resource Corporation, declared monthly dividend of 1/6 of a cent for common share to shareholders (El Aguila mine, Oaxaca).

 

ON RESOURCES AND DEVELOPMENT

  • Almaden Minerals Ltd., reported infill drilling results from its Ixtaca project in Puebla. The results are part of the PFS filed work program within the resource and mine plan area. Significant intersections are in Hole TU-18-543 with 127.40m of 1.15 g/t Au and 18 g/t Ag, including 34.50m of 2.08 g/t Au and 47 g/t Ag; Hole TU-18-544 with 145.50m of 1.83 g/t Au and 14 g/t Ag, including 40m of 4 g/t Au and 35 g/t Ag, including 5.10m of 11.6 g/t Au and 87 g/t Ag; Hole TU-18-548 with 139.08m of 1.58 g/t Au and 17 g/t Ag, including 60.58m of 2.75 g/t Au and 23 g/t Ag, including 28.50m of 4.33 g/t Au and 34 g/t Ag; and Hole TU-18-550 with 131.50m of 1.51 g/t Au and 49 g/t Ag, including 21m of 7.5 g/t Au and 57 g/t Ag, including 9.70m of 15.18 g/t Au and 104 g/t Ag, and including 11.50m of 1.07 g/t Au and 89 g/t Ag.
  • Goldcorp Inc., presented reserves and resource estimates as of June 30, 2018 for its Peñasquito mine in Zacatecas. Proven reserves are 376.43 M tonnes of 0.58 g/t Au, 35 g/t Ag, 0.3% Pb, and 0.8% Zn for a total of 6.97M Oz Au, 418.3M Oz Ag, 2,804M Lb Pb, and 6,314M Lb Zn. Probable reserves are 143.99M tonnes of 0.46 g/t Au, 24 g/t Ag, 0.3% Pb, and 0.5% Zn for a total of 2.15M Oz Au, 109.3M Oz Ag, 809.6M Lb Pb, and 1,680.3M Lb Zn. Proven + Probable reserves are 520.41M tonnes of 0.55 g/t Au, 32 g/t Ag, 0.3% Pb, and 0.7% Zn for a total of 9.1M Oz Au, 527.6M Oz Ag, 3,613.2M Lb Pb, and 7,994.5M Lb Zn. Measured resources are 94.03M tonnes of 0.25 g/t Au, 28 g/t Ag, 0.3% Pb, and 0.6% Zn for a total of 0.76M Oz Au, 85.6M Oz Ag, 579.6M Lb Pb, and 1,161.2M Lb Zn. Indicated resources are 104.77M tonnes of 0.24 g/t Au, 12 g/t Ag, 0.3% Pb, and 0.5% Zn for a total of 0.81M Oz Au, 76.7M Oz Ag, 610M Lb Pb, and 1,044.2M Lb Zn. Measured + Indicated resources are 198.8M tonnes of 0.25 g/t Au, 25 g/t Ag, 0.3% Pb, and 0.5% Zn for a total content of 1.57M Oz Au, 162.3M Oz Ag, 1,189.6M Lb Pb, and 2,205.4M Lb Zn. In addition, inferred resources are 14.88m tonnes of 0.3 g/t Au, 13 g/t Ag, 0.2% Pb, and 0.6% Zn for a total of 0.14M Oz Au, 6.4M Oz Ag, 54.1M Lb Pb, and 206.6M Lb Zn (Mineral resources are exclusive of mineral reserves).
  • Mexican Gold Corp., announced plans to update mineral resources for its Las Minas project in Veracruz. It also announced plans to conduct 3,000m of drilling to update and expand its open pit modeled mineral resource at the El Dorado/Juan Bran and Santa Cruz zones.
  • Premier Gold Mines Limited, commenced an underground drilling program at its Marianas/Mercedes mine in Sonora, where previous drill results suggest to have the potential to contain economic mineralization of higher than the current reserve grades. The goal is to convert the Marianas mineral resources to mineral reserves. If the results are positive, mining at Marianas could begin in H2 2019.
  • Pan American Silver Corp, discovered wide mineralized zones in limestone replacement mantos and thick intercepts of skarn below the current production levels at its la Colorada mine in Zacatecas. Drill highlights are in Hole U-39-18 with 223m of 69 g/t Ag, 1.9%Pb, and 3.4% Zn, including 32m of 227 g/t Ag; Hole U-30-18 with 71.6m of 54 g/t Ag, 2% Pb, and 5% Zn; Hole U-28-18 with 60.3m of 76 g/t Ag, 4.3% Pb, and 3.7% Zn; Hole U-32-18 with 46.3m of 54 g/t Ag, 2.3% Pb, and 4.4% Zn; Hole U-26-18 with 42.6m of 42 g/t Ag, 2.8% Pb, and 7% Zn, and other interval of 42m of 52 g/t Ag, 1.8% Pb, and 3.9% Zn; and Hole U-29-18 with 7.4m of 80 g/t Ag, 5.3% Pb, and 13.6% Zn, and other interval of 23.4m of 54 g/t Ag, 2.3% Pb, and 8.2% Zn. “These are extraordinary exploration results for our La Colorada mine, indicating the potential to substantially expand mineral resources, mine life and ultimately production capacity,”
  • Torex Gold Resources Inc., reported infill drilling results for its Media Luna project in Guerrero. Highlights intercepts include Hole ML 18-222A with 39.15m of 5.24 g/t Au, 93 g/t Ag, and 2.27% Cu (10.54 g/t Au Eq); Hole ML 18-215 with 49.63m of 4.8 g/t Au, 36 g/t Ag, and 0.97% Cu (7.0 g/t Au Eq); Hole ML 18-219W with 45.9m of 3.44 g/t Au, 59 g/t Ag, and 1.64% Cu (7.1 g/t Au Eq); and Hole ML 18-208W with 22.62m of 3.33 g/t Au, 87 g/t Ag, and 2.12% Cu (8.27 g/t Au Eq) (Intersections are reported as true thickness).
  • Azure Minerals Limited, released drill results from its Oposura project in Sonora. Significant intersections in the middle of the Central Zone are in Hole OPDH-173 with 12.05m of 23 g/t Ag, 1.7% Pb and 6% Zn, including 4.1m of 43 g/t Ag, 2% Pb and 10.5% Zn; and Hole OPDH-178 with 9.50m of 22 g/t Ag, 3.7% Pb, and 15.1 % Zn, including 6.15m of 31 g/t Ag, 4.7% Pb, and 22% Zn. Significant intersections in the East Zone into the Central Zone are in Hole OPDH-159 with 5m of 14 g/t Ag, 4% Pb, and 5.2% Zn and 6.15m of 97 g/t Ag, 2.3% Pb, and 13.4% Zn; Hole OPDH-171 with 4.4m of 294 g/t Ag, 5.6% Pb, and 14.8% Zn, including 3.6m of 353 g/t Ag, 6.6% Pb, and 17.7% Zn; and Hole OPDH-177 with 4.55m of 138 g/t Ag, 6.1% Pb, and 30.8% Zn, including 3.4m of 177 g/t Ag, 8% Pb, and 40.1% Zn. “These latest, high-grade, massive sulphide drill intersections from the sparsely drilled Central Zone confirm that this area has the potential to significantly increase Oposura’s resource base”. “They continue to build on the very positive results from the Oposura Scoping Study and confirm potential to extend the mine life and further improve the already impressive project economics.”

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., signed a letter of intent providing for Pan American Silver to acquire Canasil´s interest in the Sandra-Escobar project in Durango. The non-binding LOI is to enter in a definitive agreement for a payment of CAD $2.0M and 2% NSR. The NSR royalty can be reduced by Pan American Silver to 1% at any time by paying CAD $4.0M.
  • Prize Mining Corporation, retained Link Media to provide communications and market awareness services (Manto Negro, Coahuila).
  • Metalla Royalty & Streaming Ltd., announced that it is proceeding to close the acquisition of the 2% NSR on the Santa Gertrudis project in Sonora from GoGold Resources Inc.
  • New Gold Inc., announced management changes (Cerro San Pedro, San Luis Potosi).
  • Odyssey Marine Exploration Inc., filed an action before the Superior Section of the Mexican Federal Administrative Court due to the SEMARNAT´s recent refusal to issue the environmental permit for its San Diego phosphate project in Baja California Sur.

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, stibiconite-cervantite crystals in an epithermal system in Durango, Mexico.  Photo by Miguel A Heredia.

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

 

Bladed quartz texture

By Miguel A Heredia

During the 39th week of the year (September 24th to September 30th, 2018), at least 19 press releases were announced by companies working in Mexico, with seven informing on exploration results, five announcing financing issues, four communicating deals and corporate issues, two reporting mining activities and one reporting on resources and developments.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Mexus Gold announced a drill program at the Julio Shear Zone within its Santa Elena project. In Chihuahua, Ethos Gold provided an update on its la Purisima project, and Harvest Gold announced that a drill program will commence shortly on its Cerro Cascaron project. In Coahuila, Discovery Metals released exploration results from its Puerto Rico project. In Jalisco, Evrim expanded gold mineralization at its Cuale project. In Veracruz, Azucar Minerals revealed drilling results from its El Cobre project. In Estado de Mexico, Impact reported sampling results from its Santa Teresa Au-Cu area. ON MINING, Telson provided an update on its Campo Morado mine in Guerrero and Goldcorp announced that will release Q3, 2018 results on October.  ON FINANCING, Defiance increased a loan facility from $700K to up to $1,120,810. Harvest Gold raised $980K from the purchase of 12.25M of warrants. Telson announced a non brokered private placement for CAD$6.5M. Avino closed a US$4.6M underwritten public offering.  Consolidated Zinc announced a share purchase plan to raise funds. ON RESOURCES AND DEVELOPMENT, Goldplay announced sampling results of historical core from its San Marcial project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Ethos Gold entered in an option agreement to expand its La Purisima project in Chihuahua. Southern Silver provided a corporate update (Cerro Las Minitas, Durango). Alamos Gold declared semi-annual dividend (Mulatos mine, Sonora) and Gold Resource monthly dividend (El Aguila mine, Oaxaca).

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Mexus Gold US, is to commence a drilling program at the 2,200m long by 300m wide Julio Shear Zone within its Santa Elena project in Sonora. The 12 hole core drill program “is to establish structural features, the types of mineralization and define up to 100K Oz Au resource in about a 500,000 ton resource block, building towards a future 43-101 report”.
  • Ethos Gold Corp., reported that has completed a rock sampling and geological mapping program on its La Purisima project in Chihuahua. “Work to date indicates at least five sub parallel north-west striking mineralized veins with significant broad vein enveloping areas of gold mineralized stockwork in intervening rock between the veins. Additionally, gold mineralized vein splays and stockwork zones diverge from the primary veining, usually into northeast trends”. Ethos has designed an angled holes drill program to test targets at its la Purisima property. Permitting for the drill program is now underway.
  • Harvest Gold Corporation, announced that a first phase drilling program will commence shortly on its Cerro Cascaron project in Chihuahua. The first phase plan for diamond drilling consists of 14 diamond drill holes comprising 3,000m to 3,500m in five of eight target areas on the property which have been defined by rock channel, grab and soil samples.  Planned drill hole depths range from 100m to 300m.
  • Discovery Metals Corp., released results from an underground channel sampling at its Puerto Rico project in Coahuila. Highlights results are 1.8m of 101 g/t Ag, 9.5% Pb and 20% Zn on “Manto 7”; 1.4m of 116 g/t Ag, 6.1% Pb, and 22.5% Zn on “Manto 12”; and 1.1m of 253 g/t Ag, 10.8% Pb, and 11.7% Zn on “Manto 8”; 0.8m of 279 g/t Ag, 27% Pb, and 26.5% Zn on “Chimney NW1”; 0.6m of 484 g/t Ag, 22.7% Pb, and 22.1% Zn; and 0.5m of 701 g/t Ag, 43.5% Pb, and 5.9% Zn.
  • Evrim Resource Corp., expanded outcropping Au mineralization at its Cuale project in Jalisco. Trenching on the La Gloria area extended the outcropping mineralization to the southwest where continuous mineralization remains open, and the CSAMT geophysical survey confirmed at least 200m of depth potential beneath the trenches. Highlights of the trenching sampling at la Gloria are T-6 with 158.8m of 1 g/t Au, including 90.8m of 1.44 g/t Au from 66m along the trench, and 14.8m of 5.19 g/t Au from 142m along the trench; and T-7 with 141.1m of 0.72 g/t Au, including 80m of 1.02 g/t Au from 107.1m along the trench, and 40m of 1.42 g/t Au from 145.1m along the trench. The sampling results define a NW trend of Au mineralization along 1,430m, including the North Dome Target that contains assays up to 11.9 g/t Au, and reveals a new drill target 1Km NW of the La Gloria trenches. The CSAMT geophysical survey also defined a prospective silica target extending 200-300 directly beneath the trenches at La Gloria area, doubling the depth potential. Evrim is interpreting all the results to refine and finalize drill hole location for the initial drilling program at its Cuale project.
  • Azucar Minerals Ltd., revealed drill results from its El Cobre project in Veracruz. Significant intersections are in hole EC-18-049, Norte Zone with 44m of 0.47 g/t Au and 0.32% Cu, including 10m of 0.88 g/t Au and 0.47% Cu, and 10m of 0.53% Au and 0.39% Cu, and hole EC-18-051 Norte Zone with 227m of 0.37 g/t Au and 0.14% Cu, including 12m of0.80 g/t Au and 0.32% Cu, 75.5m of 0.61 g/t Au and 0.19% Cu, 12.5m of 1.17 g/t Au and 0.33% Cu, and other interval of 118m of 0.70 g/t Au and 0.23% Cu, including 6m of 1.09 g/t Au and 0.34% Cu.
  • Impact Silver Corp., reported assay results from its Santa Teresa Au-Cu area within the Zacualpan District in Estado de Mexico. A recent sampling from the El Canelo vein systems at Santa Teresa averaged 6.5g/t gold over a true width of 1.66 meters along a strike length of 50 meters. The system remains open for expansion and parallel vein systems in the area are being mapped and sampled at this time.

ON MINING

  • Telson Mining Corporation, provided an update on its Campo Morado mine in Guerrero. The company made several upgrades in the mill processing plant to increase the grinding capacity of the mill to process up to 3,000 tonnes per day by the end of 2018. The company also conducted metallurgical testing obtaining favourable results for increasing the quality of Zn concentrates.

ON FINANCING

  • Defiance Silver Corp., increased a loan facility from $700K to $1.12M. This financing is to complete its proposed merger with ValOro Resources Inc. (San Acacio, Zacatecas).
  • Harvest Gold Corporation, announced that 12.25M of warrants were exercised for aggregate proceeds of $980K. (Cerro Cascaron, Chihuahua).
  • Telson Mining Corporation, announced a non-brokered private placement for CAD$6.5M. Net gross proceeds will be used for finalizing construction of its Tahuehueto mine in Durango.
  • Avino Silver & Gold Mines Ltd., closed a US$4.6M underwritten public offering, including the partial exercise of underwriters´ overallotment option. After deducting the underwriting discounts and commissions, the net proceeds are expected to be approximately US$4.1M (Avino mine, Durango).
  • Consolidated Zinc Limited, invited to its shareholders to participate in a share purchase plan with no brokerage cost to raise $1.5M (Plomosas mine, Chihuahua).

 

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd., reported sampling results of historical core from its San Marcial project in Sinaloa. Significant results are 93m (TW 68m) of 104 g/t Ag or 165 g/t Ag Eq, including 10m of 324 g/t Ag or 508 g/t Ag Eq; 57m (TW 46m) of 122 g/t Ag or 270 g/t Ag Eq; 42m (TW 39.6m) of 80 g/t Ag or 153 g/t Ag Eq; 35m (TW 32m) of 38 g/t Ag or 64 g/t Ag Eq; 19.2m (TW 12.6m) of 130 g/t Ag or 144 g/t Ag Eq; 12m (TW 12m) of 419 g/t Ag or 467 g/t Ag Eq, including 6m of 939 g/t Ag or 1,012 g/t Ag Eq. These results, together with the historical results, reinforce open pit development potential at San Marcial. “The continuous sampling from the historical core is providing valuable information to expand and connect mineralized zones previously modeled in the historic resource”.

ON DEALS AND CORPORATE ISSUES

  • Ethos Gold Corp., entered in an option agreement in Chihuahua to earn a 100% right, title and interest in and to 897 hectares of mineral concessions contiguous to its La Purisima project. Ethos can exercise the option by paying the property owner US$550K and granting 2% NSR of which the company can purchase 1% by paying US$1.0M. It also includes advance NSR payments of US$25K on closing, US$35K by the first anniversary, US$35K by the second anniversary, and US$50K by the third anniversary and by each subsequent anniversary until commercial production is commenced. In addition, Ethos will assign 1.5M Ethos warrants, having a 5-year term, and each exercisable to purchase one Ethos common share at CAD$0.15 per share, with these warrants vesting as to 500K on closing, 500K vesting 18 months, and 500K vesting 36 months after closing.
  • Southern Silver Exploration Corp., announced the re-election of Directors at its annual general meeting and granted 800K incentive stock options to directors, officers and consultants.
  • Alamos Gold Inc., declared semi-annual dividend to its shareholders of US$0.01 per common share (Mulatos mine, Sonora)
  • Gold Resource Corporation, declared monthly dividend to its shareholders of 1/6 of a cent per common share (El Aguila mine, Oaxaca).

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,  bladed quartz texture in a low sulphidation epithermal project in Zacatecas, Mexico.  Photo by Miguel A Heredia.