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

Banded quartz epithermal vein

By Miguel A Heredia

During the 37th week of the year (September 10th to September 16th, 2018), at least 22 press releases were announced by companies working in Mexico, with ten informing on exploration results, six reporting on resources and developments, four communicating deals and corporate issues, and two announcing production results.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Riverside and Kootenay announced exploration results from its Cecilia and La Mina projects respectively. In Chihuahua, Harvest Gold began preparations to drill test its Cerro Cascaron project and Sable Resources released drilling results from its Margarita project.  In Sinaloa, Auxico reported sampling results from its Zamora project In Durango, Gainey announced a 1st phase of exploration at its Las Margaritas project, Orex commenced fieldwork exploration on its San Luis del Cordero project, and Prospero reported drilling results from its Buenavista project. In Zacatecas, Advance Gold started a phase 2 drilling program at its Tabasquena project. In Jalisco, Evrim announced trench and soil results from its Cuale project.  ON MINING, Starcore reported Q1 2018 results from its San Martin mine in Queretaro. US Antimony announced plans to increase its production of Sb, Au and Ag in Mexico. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, In Sonora, SilverCrest and Premier Gold released drilling results from its Las Chispas and Mercedes projects respectively. Aura provided an update at its Aranzazu mine in Zacatecas. Candelaria announced a PEA for its Pinos Gold project in Zacatecas.   McEwen reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Evrim and First Majestic agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. New Gold announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi). Levon announced results from its annual general meeting (Cordero project, Chihuahua). Vangold withdrew its submission to acquire the San Carlos property in Guanajuato (El Pinguico mine, Guanajuato).

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Riverside Resources Inc., completed 11 N-S lines for soil sampling which returned strong multi-elements anomalies with Au, Pb, Cu, and other key elements. These results along with previous exploration work have outlined four new target areas on its Cecilia project in Sonora. Target 1 is a 4km long by 300m wide target where previous rock sampling has found up to 2 g/t Au in silicified conglomerates , but the soil anomaly is open in both directions beyond the 4 Km and more than 800m wide. Target 2 is a NE trending Ag, Pb, Au, Zn, Sb, Hg and Cu soil anomaly over 2km long and 600m wide in rock cracks with faults and host veining displaying a series of NW striking feeder dikes. Target 3 is a 1km long by 500m wide Au-Zn with minor Ag, Cu, Pb and Bi soil anomaly associated to a N-S trending fault system intersecting Paleozoic limestones. This target is also along the border edge of a magnetic high reported in a regional government geophysics survey likely associated with Pre Cambrian granitic basement.  Target 4 contains “high-grade gold samples in soils and alteration with jasperoid, silicification, and carbonate veining of the Paleozoic limestone that gives a potential limestone hosted Au with anomalous soil assays of Zn, Pb, Ag and Mn”.
  • Kootenay Silver Inc., announced that its partner Capstone Mining Corp., has commenced an exploration program on its la Mina project in Sonora. The exploration program will consists of detailed mapping and rock chip / stream sediment sampling to generate potential drill targets.
  • Harvest Gold Corporation, reported that Evrim Resources, its JV partner and operator on its Cerro Cascaron project in Chihuahua, has mobilized an advance team to the site to start preparations to drill test the property. The drill program, expected to commence at the end of September, will consist of 3,000 m to test the Cascaron Gold targets and the Cascarita Silver targets.
  • Sable Resources, released drilling results from its Margarita project in Chihuahua. Significant intersections are from hole M-DDH-18-09 with 6.5m of 111 g/t Ag Eq, including 3.5m of 153 g/t Ag; hole M-DDH-18-11 with 11.3m of 252 g/t Ag Eq, including 1.3m of 889 g/t Ag Eq; hole M-DDH-18-12 with 12.7m of 98 g/t Ag Eq, including 1.8m of 244 g/t Ag Eq. Additionally, Sable identified a low-grade stockwork style of mineralization evident in numerous holes. The most significant results are hole M-DDH-18-03 with 44.13m of 50 g/t Ag Eq, including 6.95m of 142 g/t Ag Eq; hole M-DDH-18-07 with 7.6m of 54 g/t Ag Eq, and hole M-DDH-18-12 with 21.35m of 37 g/t Ag Eq. “With the first stage of drilling now complete we will evaluate our results and formulate a plan for stage 2 drilling targeting further extensions of Margarita and the other adjacent parallel veins”.
  • Auxico Resources Canada Inc., reported high-grade sampling results from its Zamora project in Sinaloa. Significant results are 0.80m of 4Kg Ag and 29.2 g/t Au at La Franca claim, 600m southwest of the Campanillas mine along a structure that can be followed by at least 600m along strike. Mineralization consists of breccia-stockwork veining containing galena, sphalerite and possible silver sulphosalts, malachite and chalcopyrite. Other significant results are from Aguamas area where some channel samples returned 0.65m of 6.38 g/t Au and 23 g/t Ag; 0.70m of 14.7 g/t Au and 34 g/t Ag; 0.50m of 3.55 g/t Au and 108.7 g/t Ag; and 1.60m of 6.64 g/t Au and 220 g/t Ag.
  • Gainey Capital Corp., announced a phase 1 exploration program on its Las Margaritas project in Durango. Las Margaritas is a mineralized vein system that extends at least 1.5Km along strike and averages 1-2m in width. The 1st phase exploration program will consists of detailed mapping and sampling with the objective to identify prospective areas to generate the best drill targets.
  • Orex Minerals Inc., commenced an exploration program on its San Luis del Cordero project in Durango, where the company has an option to acquire 100% interest in the property from Exploraciones del Altiplano S.A. de C.V. Mineralization at San Luis del Cordero is characterized by skarn and epithermal vein Ag-Cu-Zn as a result of Tertiary-quartz-feldspar-porphyry intrusions affecting Jurassic and Cretaceous limestones, calcareous sandstones and shales. The project has seen several phases of exploration from different mining companies, including 16,400m drilled in 62 holes in the period 2000-2016. The property contains indicated resources of 662.6K tonnes of 121 g/t Ag, 0.78 % Cu and 1.1 % Zn for a total of 5.1M Oz Ag Eq, and inferred resources of 2, 785,300 tonnes of 144 g/t Ag, 0.75 % Cu and 1.45 % Zn, for a total of 24.4 M Oz Ag Eq.
  • Prospero Silver Corp., reported core drilling results from eleven holes totaling 2, 811m drilled at its Buenavista project in Durango. Mineralization drilled-tested at Buenavista consists of structurally controlled epithermal veins centered on a rhyolite dome complex. “All holes cut anomalous silver mineralization, with a best interval of 1.6m @ 353g/t Ag from 185.6m downhole, within a broader interval of 49m @ 43g/t Ag in hole BVF-18-05”.
  • Advance Gold Corp., started a second phase drilling program at its Tabasquena project in Zacatecas to test the La Tabasquena epithermal vein at a depth of 1,800m. Phase 2 will test below the gold discovery hole of phase 1. It also will test some of the potential feeder type targets and all of the veins below the oxide zone which goes down to an estimated 175 metres below surface.
  • Evrim Resources Corp., announced new trench and soil results from its Cuale project in Jalisco. Highlight results include the trench 2 which was extended from 29.4m to 184.1m with an average grade of 0.85 g/t Au, including 59.1m of 1.79 g/t Au, and including 21.6m of 4.18 g/t Au; Trench 4 , extended from 106.2m to 156.2m with an average grade of 9.57 g/t Au, including 64.6m of 20.85 g/t Au, and including 7.5m of 163.31 g/t Au; and Trench 5 which contains 174m of 0.62 g/t Au, including 70m of 1.16 g/t Au, and including 40m of 1.45 g/t Au. A soil grid with 200 metre spacing outlined a Au anomaly over the entire La Gloria prospect with grades >0.01 g/t Au of 2,300m by 800m with a central corridor of 1,700m by 300m >0.1 g/t Au extending north of the trenched area.  “The soil anomaly at higher elevation correlates with elevated silver, antimony, molybdenum, arsenic and low contents of manganese and zinc.  At lower elevations gold correlates with elevated copper, tellurium, arsenic, bismuth and iron”. “The new trench results expand the La Gloria zone to the northwest and the east with consistent gold mineralization.  Soil sampling indicates the La Gloria system footprint is measurably larger with the potential to host a significant deposit and/or additional mineralized centers within the La Gloria prospect”.   “The soil survey has a distinctive high sulphidation signature centred on a large gold in soil anomaly that is approximately 2,300 metres by 800 metres.  The results indicate a potential major system with significant upside for additional mineralized centers within the La Gloria prospect.”

ON MINING

  • Starcore International Mines Ltd., reported Q21 2018 results from its San Martin mine in Queretaro. Starcore milled 77,400 tonnes of 1.53 g/t Au and 49 g/t Ag to produce 3.3K Oz Au and 72.7K Oz Ag, with an all-in sustaining cost of US$ 1,215 for Eq Oz. Metallurgical recoveries were 88.1% for Au and 59.6% for Ag.
  • US Antimony Corporation, produced 131,184 Lb Sb and 1,244 short tonnes of zeolites in August 2018 and announced plans to increase its production of Sb, Au and Ag in Mexico. At its Wadley mine in San Luis Potosi, the general level will be reactivated by cleaning up the waste to provide access and transportation of the lower grade for the mill. At Sierra Guadalupe in Zacatecas, the Santa Monica drift will be restarted. The ore is primarily sulphides and can be upgraded to 60-70% Sb flotation concentrate at its Puerto Blanco Mill to make antimony tri-sulphide. At the Soyatal district in Queretaro, a buying program will be started to purchase direct shipping ore for its Madero smelter. The construction of the cyanide leach plant for the Los Juarez Au-Ag-Sb should allow pilot testing to commence during Q4 2018. The company also closed an agreement purchase, dismantle and transport an antimony plant from Reynosa, Tamaulipas. When installed, the equipment from the Reynosa plant will increase the capacity of the Madero Smelter in Coahuila to approximately 30,000,000 Lb per year of antimony oxide.

ON FINANCING

  • No relevant news.

 

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., released drilling results from its Las Chispas project in Sonora and expanded the high grade at Babicanora Norte vein. Drill holes have intersected additional high-grade Ag-Au mineralization at Babicanora Norte vein which is located about 300m NE of Babicanora vein and apparently is connected with the Granaditas area which contains multiple veins to the southeast. The most significant results are 1.8 m of 15.11 g/t Au and 1,718 g/t Ag or 2,851 g/t Ag Eq, 1.6 m of 8.96 g/t Au and 1,078 g/t Ag or 1,750 g/t Ag Eq and 1.5 m of 4.22 g/t Au and 687 g/t Ag or 1 Kg Ag Eq. The drilling results of Babicanora Norte vein will be part of the upcoming updated resource which will include 8 of the 30 identified veins in the district.
  • Premier Gold Mines Limited, reported drilling results from the Rey de Oro deposit at its Mercedes mine in Sonora. Highlights results include hole UG-R018-013 which returned 12.64 g/t Au and 240.1 g/t Ag across 29.65 m (TW of 13.5 m), hole UG-R018-015 with 0.41 g/t Au and 3120.0 g/t Ag (91.0 oz/ton) across 1.52 m (TW of 1.06 m), and hole UG-R018-012 with 17.00 g/t Au and 321.0 g/t Ag across 1.1 m (TW of 0.8 m) and 4.47 g/t Au and 138.5 g/t Ag across 8.25 m (TW of 6.1 m). “Underground drilling at Rey de Oro consists of step-out and delineation drilling of this recently developed horizon. This drilling continues to intersect some of the widest vein intercepts on the property and demonstrate the potential to continue to extend the mine life at Mercedes”.
  • Aura Minerals Inc., provided an update at its Aranzazu mine in Zacatecas. Aura has obtained all the necessary permits and initiated the construction of the new tailings disposal system. “The Company expects the Aranzazu mine to achieve commercial production later this year and to achieve the average processing of 2,600 tonnes per day shortly thereafter”.
  • Candelaria Mining Corp., announced a PEA for its Pinos Gold project in Zacatecas. Highlight results from the PEA indicate an after tax net present value (NPV) of US$ 12M using a 5% discount rate, an after tax internal rate return (IRR) of 25%, and a 7 years life of mine with projected gold equivalent ounce (“GEO”) production of 89,000. The PEA includes a mineral resource estimate as of September 13, 2018. Measured resources (Dump) are 85,847 tonnes of 1.6 g/t Au and 83 g/t Ag for a total of 4,444 Oz Au and 229K Oz Ag. Indicated resources are 175,697 tonnes of 3.6 g/t Au and 47 g/t Ag for a total of 20.6K Oz Au and 268K Oz Ag. Inferred resources are 529,267 tonnes of 3.6 g/t Au and 48 g/t Ag for a total of 60.7K Oz Au and 811K Oz Ag. Average recovery for Au and Ag are 90 and 80% respectively. The company plans to have an annual production of 12,700 GEO with an overall average direct cash cost of %US 666 per GEO.
  • McEwen Mining Inc., reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa, combining mineralized sources from five locations that will be developed in two distinct process plant construction phases. McEwen plans to produce 47K Oz Au Eq per year.
  • Bacanora Lithium plc., announced plans to start the mine construction on its Sonora Lithium project in Sonora. $US 420M will be invested in the first phase and is expected to begin to operate in 2020.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., and First Majestic Silver Corp., agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. First Majestic has completed its 100% earn-in for both projects. First Majestic has paid $1.5M in cash to Evrim and has granted a 2% NSR in the case of Ermitaño project and 1.5% NSR in the case of Cumobabi project.
  • New Gold Inc., announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi).
  • Levon Resources Ltd., released results from its annual general meeting (Cordero project, Chihuahua).
  • Vangold Mining Corp., withdrew its submission to the TSX Venture Exchange to acquire the San Carlos property in Guanajuato.

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 banded quartz vein in an intermediate sulphidation epithermal project in Zacatecas, Mexico.  Photo by Miguel A Heredia.

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

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On the picture above, pervasive kaolinization of volcanic rocks in the vadose zone of an epithermal system in Guanajuato. Geologist Miguel Heredia for scale.

By Jorge Cirett

During the 14th week of the year (April 1st to April 8th, 2018), at least 12 press releases were announced by companies working in Mexico, of which three had information on exploration, one in mining, one in financing, five on resources and development and two in corporate issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Riverside informed on exploration of its Ariel copper project. In Sinaloa, Goldplay completed a geophysical survey at El Habal. In Durango, Southern Silver announced its exploration program for 2018 at Cerro Las Minitas. ON MINING, Torex Gold announced all access to its projects in Guerrero has been restored.  ON FINANCING, Palamina granted options to officers, directors and consultants.  ON RESOURCES AND DEVELOPMENT, Alio Gold released drill results on two more holes on its Ana Paula project in Guerrero. Telson Resources disclosed PEA figures for its Campo Morado project in Guerrero. Evrim announced a maiden resource on its Ermitaño project in Sonora. Americas Silver released drill results from the 120 zone of its Cosalá project in Sinaloa. Bacanora Lithium announced that a recent feasibility study demonstrated good economics for its Sonora project.  ON DEALS AND CORPORATE ISSUES, Evrim announced First Majestic commenced arbitration proceedings on its Ermitaño project in Sonora. Bacanora Lithium announced the termination of a “placing letter” with NextView New Energy Bull HongKong Limited, regarding funding for its Sonora lithium project.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Goldplay Exploration Ltd. completed a ground CSMAT (Controlled source audio frequency magnetotellurics) and magnetics survey at its El Habal property in Sinaloa, delineating 15 new drill targets. Goldplay completed a 27-line survey consisting of 100 m line spacing and 409 total stations over the 1.5 km of mineralized known length at El Habal. “Results confirm anomalous zones previously identified by historical drilling results and nearby shallow historical underground workings”. Several resistive geophysical anomalies were identified that correlate with anomalous surface trenching results and structural trends mapped previously.
  • Riverside Resources Inc. identified through mapping altered porphyritic intrusive rocks in the western part of its Ariel porphyry copper project in Sonora. The hydrothermal alteration measures 2.8 km in length by up to 1.9 km in width.
  • Southern Silver Exploration Corp. announced that a 2018 budget totaling US$3 M has been approved by the joint venture partners for exploration work at the Cerro Las Minitas project in Durango. “The program comprises 13,000 metres of drilling in two phases which will target both the systematic resource expansion in the Area of the Cerro containing the existing Mineral Resource Estimate and continued surface sampling and reverse circulation drilling on new discoveries in the recently staked CLM West claim group.”

ON MINING

  • Torex Gold Resources. Reported that negotiations between community leaders have resulted in an end to the illegal blockades of the El Limon-Guajes mine complex, supporting infrastructure and the Media Luna project in Guerrero. “The official government-regulated process for selecting between the two competing unions, continues. Since midMarch, there have been two public hearings at the Federal Labour Board, regarding the timing of a union selection vote. It is Torex’s understanding that the public hearing stage of the process is now complete, and that the next stage is a decision as to when and where the vote will occur. As Torex has said since the beginning, the Company will work with whichever union the workers democratically select.” Cash reserves at the end of Q1 were US$124 million, including US$14 million set aside for reclamation obligations. Also during Q1 a US$9.3 million principal repayment was made to reduce the term loan under the debt facility to US$290.7 million.

ON FINANCING

  • Palamina Corp. granted 950 K stock options to certain officers, directors and consultants of the company under its stock options plan. The options granted at $0.39 per common share expire in five years for officers and directors and in three years for consultants (Santuario, Hidalgo).

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. released drill results for the last two holes at its Ana Paula project in Guerrero. The 3,800 m program targets the complex breccia extension below the proposed open pit. On the first hole a hydrothermal breccia south of the proposed pit returned 0.94 g/t Au over 44.2 m, while the complex breccia below assayed 1.91 g/t Au over 40.90 m. The second hole returned 0.90 g/t Au over 32.4 m on the hydrothermal breccia south of the proposed pit and 2.03 g/t Au over 48.2 m on the complex breccia below. The fourth and fifth holes of the program have been completed and the last hole is in progress.
  • Telson Mining Corp. informed a positive result of a 43-101 compliant independent preliminary economic assessment (PEA) on its Campo Morado project in Guerrero. The current resource contains five mineral volcanogenic massive sulfide zones (G9, El Largo, Naranjo, Reforma and El Rey) containing zinc, copper, silver, gold and lead. The 2017 mineral resource estimate using a 5.5% ZnEq cut-off holds 16.6 M tonnes @ 1.70 g/t Au, 123 g/t Ag, 0.80% Cu, 0.93% Pb, 4.01% Zn (or 8.68% ZnEq) as measured and indicated resources, and 988 K tonnes @ 1.32 g/t Au, 116 g/t Ag, 0.64% Cu, 0.92% Pb, 3.20% Zn (or 7.27% ZnEq)as inferred resources.
  • Evrim Resources Corp. announced a maiden resource was disclosed by its partner First Majestic Silver Corp. on its Ermitaño project in Sonora. The inferred resource was calculated on the Ermitaño West vein, holding 3.36 M tonnes @ 3.99 g/t Au, 68 g/t Ag (or 377 g/t AgEq), containing 432 K Oz Au, 7.38 M Oz Ag.
  • Americas Silver Corp. released results of step-out holes on its Cosalá operations in Sinaloa. Highlighted true width (TW) intervals comprise 4.94 m @ 33 g/t Ag, 7.2 g/t Au, 0.13% Cu; 41.68 m @ 148 g/t Ag, 0.25 g/t Au, 0.32% Cu; 26.24 m @ 181 g/t Ag, 0.11 g/t Au, 0.51% Cu; 12.32 m @ 84 g/t Ag, 0.17 g/t Au, 0.23% Cu. “The zone 120 deposit is characterized by steeply dipping parallel lenses of Ag-Cu-Au skarn mineralization developed in volcanically derived calcareous sediments adjacent to intermediate intrusive dykes and sills. Skarn mineralization is characterized by disseminated chalcopyrite and tetrahedrite….. Mineralization at area 120 has been found over an area greater than 500 meters in length, 300 meters in width and down to a depth of 550 meters. Individual lenses have widths of up to 60 meters.”
  • Bacanora Lithium plc. Informed a recently completed feasibility study (FS) demonstrated economics of US$1.25 billion NPV; 26.1% IRR; and life of mine gross operating costs of US$3,910/t Li2CO3 comparable to those of the low cost brine producers of South America. Design of both the roaster/kiln FEED and the crystalliser/evaporation/IX FEED has commenced. “The current FEED schedule is to have designs, cost estimates and process guarantee scopes completed in Q2 2018 with orders for long lead items being placed at the end of the FEED process. The current ­time table is based on commissioning and lithium carbonate production commencing in Q1 2020” Currently advance is being made on water licenses, natural gas supplies and land surface access.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp. announced “that First Majestic has initiated arbitration proceedings in connection with its purported exercise of the option pursuant to which First Majestic can earn a 100% interest in the Ermitaño property, subject to the retention by Evrim of a 2% net smelter return royalty interest. It is expected that the arbitration will deal with the requirements under the option agreement for First Majestic to exercise the option and not the relative interests of the parties in the Ermitaño property.” (Ermitaño, Sonora).
  • Bacanora Lithium plc. “As previously announced, the Company entered into a binding placing letter (the “Placing Letter”) with NextView New Energy Bull HongKong Limited (“NextView”) in December 2017 and as announced on 28 February 2018, although the Company had fulfilled all of its obligations in respect of the Placing as of that ­me, NextView failed to forward the Placing proceeds to the Company, leaving it in default under the terms of the Placing Letter. In spite of repeated efforts on the part of the Company requesting that NextView remedy its continuing default, NextView has continued to fail to complete the Placing as contemplated under the Placing Letter. Accordingly, the Company has terminated the Placing Letter and has reserved its rights to pursue any available legal remedies against NextView.”

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

On the picture below, pervasive kaolinization of volcanic rocks in the vadose zone of an epithermal system in Guanajuato. Geologist Miguel Heredia as scale.

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

By Jorge Cirett

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

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

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

By Jorge Cirett

During the 4th week of the year (January 22nd to January 28th, 2018), at least 20 press releases were announced by companies working in Mexico, with two reporting their Q4 and full year 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Minaurum released drill results from its Alamos silver project, including one high-grade intercept over 8 m with grades as those mined in the past; Aztec Minerals is awaiting results from five drill holes at its Cervantes property; Silvercrest Metals presented an annual review on work done at its Las Chispas project. In Chihuahua, Sable Resources announced its intention to drill the Margarita project; Mammoth Resources released good gold results from its first two holes on the Tenoriba project. In Hidalgo,  Prospero Silver and Fortuna Silver are to drill the Pachuca SE project. ON MINING, Two companies, Excellon and Gold Resource presented Q4 and annual production results for 2017. Endeavour issued production and cost guidance for 2018. ON FINANCING, Torex Gold filed a short form base shelf prospectus with the Securities Commissions to make offerings of up to $500 M of shares, debt securities, subscription receipts and units. First Majestic announced the offering of US$150 M of unsecured convertible senior notes due 2023. ON RESOURCES AND DEVELOPMENT, Mexican Gold released drill results that increase mineralization extent on the dike zone at its Las Minas project in Veracruz. Kootenay Silver released drill results on La Cigarra project in Chihuahua, with favorable results on La Borracha zone. Santacruz Silver initiated drilling at Veta Grande in Zacatecas. Bacanora Minerals filed the FS on its Sonora Lithium project in Sonora. ON DEALS AND CORPORATE ISSUES, Leagold (Los Filos, Guerrero) intends to acquire Briogold, with operations In Brazil. Sonoro Metals optioned the Cerro Caliche project in Sonora. Orex Minerals optioned the San Luis del Cordero project in Durango, from Exploraciones del Altiplano.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Minaurum Gold Inc. released results from its on-going drill program at its Alamos silver project in Sonora. The first hole ever drilled in the Europa-Guadalupe vein system intersected 8.25 m (core length) @ 1,760 g/t Ag (57 opt), 1.6% Cu, 1.5% Pb, 2.6% Zn. Other results comprise 16.75 m @ 0.13% Cu; 0.5 m @ 0.92% Cu, 0.1% Pb, 0.18% Zn; 1.2 m @ 541 g/t Ag, 0.28% Cu, 0.44% Pb, 0.88% Zn; 3.05 m @ 0.19% Cu; 0.35 m @ 185 g/t Ag, 1.05% Cu, 2.37% Pb, 1.44% Zn; 9.60 m @ 88 g/t Ag, 0.24% Cu, 0.37% Pb, 0.33% Zn (including 2.65 m @ 147 g/t Ag, 0.25% Cu, 0.21% Pb, 0.28% Zn).
  • Sable Resources Ltd. announced its intention to conduct a two-phase drill program on the 1.7 km long structure at its Margarita project in Chihuahua. Twenty nine out of forty four surface samples collected returned over 100 g/t Ag, peaking at 909 g/t Ag, with high anomalies in gold, lead, zinc, arsenic and antimony. The 125 has property is surrounded by Sunshine’s Los Gatos project, same that hosts a 178 M AgEq Oz resource (which is under development). The initial drill program will consist of a two-phase, 11 diamond drill hole program totaling 4,025 m to test the vein structures at depths between 200 and 400 m. Considering the silica textures on the veins, the company believes they are at the upper levels of an epithermal system.
  • Aztec Minerals Corp. announced it expects to receive the assays for the first five holes drilled at the Cervantes Au-Cu porphyry property in Sonora. These five holes were drilled in December, and part of the 3,000 m, 14 to 17 holes, phase 1 drill program that is currently underway.
  • Mammoth Resources Corp. released results from the first two holes drilled by the company at its Tenoriba project in Chihuahua. The El Moreno area is 1.4 km west from previously drilled holes, with two drill holes completed of three planned. Results comprise (core length intervals) 30.0 m @ 0.77 g/t Au (including 5.9 m @ 3.41 g/t Au); 80.0 m @ 0.17 g/t Au (including (9.0 m @ 0.51 g/t Au; 15.5 m @ 0.35 g/t Au). The presence of a feldspar porphyry moderately to weakly silicified and argillitized, which is locally strongly silicified and bearing a strong pyrite (up to 15%) and tourmaline (up to 10%) content in one hole is regarded as an indication of a good high sulfidation system, as well as the identification of dickite, kaolinite and illite in the other hole.
  • Prospero Silver Corp. has begun drilling at its Pachuca SE project in Hidalgo. The drilling is to be conducted under the terms of a strategic investment with Fortuna Silver Mines Ltd. A three to four drill hole, 1,800 m program is planned to test two targets in the 7,250 has land package. Epithermal style argillic alteration is associated with anomalous Au-Ag-Zn geochemistry into an andesitic and felsic volcanic pile. The first hole is to test an actively mined clay pit on a structurally controlled illite alteration zone.
  • Silvercrest Metals Inc. presented a summary of 2017 exploration results at its Las Chispas property in Sonora. During 2017 the company drilled 32,822 m in 125 holes, bringing the total to 41,418 m in 157 holes. To date nine of nineteen epithermal veins have been drilled. The most remarkable is the Babicanora vein, with an estimated width of 3.0 to 3.5 m, a high grade footprint of over 1.0 km and a precious metal zone of 125 to 175 m high, with the vein remaining open along strike and to depth. The best hole in this vein intersected 3.1 m @ 40.4 g/t Au, 5,375 g/t Ag. Other veins with high grade intercepts include the Babicanora Footwall, La Blanquita, Las Chispas, Granaditas, Amethyst and Tajo Chico. Initial metallurgical test have indicated recoveries of 98.9% Au and 86.6% Ag. Securing land access has included the purchase of a 2,500 has. ranch and 20 year lease contracts. For 2018 the company is planning to release a maiden resource estimate on the first quarter, with ore from the Babicanora, Babicanora FW, Giovanni, Las Chispas and William Tell veins, and from the old dumps. Further drilling will continue to focus on the 3.2 km long Babicanora vein, extending to the SE and to depth; other areas of drilling will include the Amethyst, Babi Sur, La Victoria and Las Chispas vein extensions. During the first half of 2018 Silvercrest plans to drill an additional 10,000 to 15,000 m, focusing on a planned updated resource and completed PEA in the second half of the year.

ON MINING

  • Excellon Resources Inc. announced fourth quarter and annual 2017 production results from its Platosa mine in Durango. During the quarter 16,114 tonnes were mined and 17,978 tonnes were milled @ 424 g/t Ag, 3.81% Pb, 5.81% Zn, recovering 90.3% Ag, 80.0% Pb, 82.2% Zn to produce 223.3 K Oz Ag, 1.2 M Lb Pb, 1.9 M Lb Zn. During the year 57,165 tonnes were mined and 63,742 tonnes were milled @ 393 g/t Ag, 3.75% Pb, 5.3% Zn, recovering 89.3% Ag, 80.9% Pb, 81.4% Zn to produce 718.5 K Oz Ag, 4.24 M Lb Pb, 6.06 M Lb Zn. The company has removed a major bottleneck by improving dry-mine conditions and is now working to achieve a 300 tonnes per day (tpd) production rate. A second tailings management facility has been commissioned in Miguel Auza, Zacatecas, with 19 years of capacity at the planned 300 tpd rate.
  • Gold Resource Corp. released Q4 and annual 2017 results for its Oaxaca mining unit (El Aguila, Arista mines). During the fourth quarter 9,209 Oz Au and 555.5 K Oz Ag were produced, while on a yearly basis 28,117 Oz Au, 1.77 M Oz Ag, 1,141 tonnes Cu, 5,365 tonnes Pb, 16,301 tonnes Zn. The company expects to begin first stoping operations on the Switchback mine (500 m from the Arista mine) on the first quarter of 2018.
  • Endeavour Silver Corp. issued the 2018 production and cost guidance for its three mines in Mexico. Cash cost net of Au by-product credits are expected to be $6.00-$7.00 per Oz Ag, while consolidated cash costs on a co-product basis are anticipated to be $10.00 – $11.00 per Oz Ag and $750-$800 per Oz Au. All-in sustaining costs (AISC) net of gold by-product credits is estimated to be $15.00-$16.00 per Ag Oz. Endeavour plans to invest $48.4 M on capital projects, including $7.3 M in the construction of the El Compas mine in Zacatecas. The company plans to drill 44,000 m and spend $11.1 M on brownfield and greenfield exploration.Endeavour production guidance 20181

ON FINANCING

  • Torex Gold Resources Inc. announced the filing of a final short form base shelf prospectus with the Securities Commissions (except Québec). The base shelf prospectus will allow Torex to make offerings of up to $500 M of shares, debt securities, subscription receipts and units. The company filed this base shelf prospectus to maintain financial flexibility but has no immediate intentions to undertake an offering.
  • First Majestic Silver Corp. announced the offering of US$150 M aggregate principal amount of unsecured convertible senior notes due 2023 pursuant to private placement exemptions. First Majestic “intends to use the net proceeds of the offering to fund certain costs and expenses associated with the recently announced acquisition of Primero Mining Corp. and ….. The notes will bear cash interest semi-annually at a rate of 1.875% per annum. The initial conversion rate for the Notes will be 104.3297 common shares (“shares”) per U$1,000 principal amount of Notes…”

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Corp. announced positive drill results extending the dike mineralized zone at its Las Minas property in Veracruz. Drilling to date has outlined mineralization (locally high-grade) along strike for 360 m on the west contact and for 140 m on the east contact, remaining open along strike. Significant core length results comprise 32.3 m @ 0.91 g/t Au, 0.85% Cu (including 4.3 m @ 3.55 g/t Au, 3.74% Cu); 10.0 m @ 0.60 g/t Au, 0.66% Cu (including 4.0 m @ 1.18 g/t Au, 1.3% Cu); 6.0 m @ 0.44 g/t Au, 0.71% Cu; 10.2 m @ 1.90 g/t Au, 1.61% Cu; 18.0 m @ 3.91 g/t Au, 2.36% Cu; 36.0 m @ 2.86 g/t Au, 1.16% Cu; 18.0 m @ 1.57 g/t Au, 0.32% Cu; 10.0 m @ 2.68 g/t Au, 0.79% Cu (including 4.0 m @ 5.87 g/t Au, 1.21% Cu); 10 m @ 0.83 g/t Au, 0.25% Cu; 4.0 m @ 3.48 g/t Au, 0.05% Cu.
  • Kootenay Silver Inc. released the results of the remaining nine core holes of the 2017 drill program at La Cigarra, in Chihuahua. Holes at La Navidad and Las Venadas intersected wide low grade intercepts, as 46 m @ 12 g/t Ag (including 16 m @ 20 g/t Ag); 73 m @ 14 g/t Ag (including 18.5 m @ 21 g/t Ag); 29 m @ 18 g/t Ag. At La Borracha higher grade intercept’s comprise 15 m @ 42 g/t Ag; 31 m @ 46 g/t Ag (including 8 m @ 107 g/t Ag). La Borracha zone has seen limited amounts of drilling is about 500 m from the current resource and can be traced for at least 1,100 m.
  • Santacruz Silver Mining Ltd. reported that Carrizal Mining S.A. de C.V. has initiated a 6,000 m drilling campaign at the Veta Grande project in Zacatecas. The 15 hole campaign is to focus on the Veta Grande vein at depth below the current level being mined, expecting to intersect the parallel La Flor, San Jose and Armados veins.
  • Bacanora Minerals Ltd. filed on SEDAR the feasibility study (FS) for the Sonora lithium project in Sonora. The study confirms the positive economics of a 35,000 tonnes per annum battery grade Li2CO3 (lithium carbonate) operation, estimating a pre-tax net present value (NPV) of US$1.253 billion at an 8% discount rate and an internal rate of return (IRR) of 26.1%, and life of mine (LOM) of 19 years at operating costs of US$3,910/t of lithium carbonate, estimated on a flat US$11,000/t price over LOM. Measured resources amount to 103 Mt @ 3,480 ppm Li, indicated resources to 188 Mt @ 3,120 ppm Li and 268 Mt @ 2,650 ppm Li as indicated resources.
  • Great Panther Silver Ltd. updated its mineral resource estimate for the Guanajuato mine Complex in Guanajuato. The new estimate covers the operating San Ignacio and Guanajuato mines, comprising 1.21 M tonnes @ 156 g/t Ag, 2.74 g/t Au as measured and indicated resources hosting 6.16 M Oz Ag, 107,070 Oz Au; and 732.3 K tonnes @ 131 g/t Ag, 2.35 g/t Au as inferred resources hosting 3.09 M Oz Ag, 55,343 Oz Au.

ON DEALS AND CORPORATE ISSUES

  • Leagold Mining Corp. announced its intention to make an offer to acquire all shares of Brio Gold Inc. on or before February 28, 2018. “The all-stock offer results in Brio shareholders owning approximately 42% of the combined company. The combined operations are expected to produce approximately 450,000 ounces in 2018”. This combination reduces overall business risk for Leagold by having four operating mines in Mexico and Brazil (Los Filos-Bermejal, Guerrero).
  • Sonoro Metals Corp. entered into an option agreement with a resident of Hermosillo to acquire 100% interest in the Cerro Caliche group of properties in Sonora. Cerro Caliche consists of ten concessions over 900 has, and has 10,118 m in 101 holes of previous drilling by Cambior Gold Corp. and Corex Gold Corp. Total consideration for the property is US$2.98 M payable in escalating cash installments over 72 months, with the initial first year installment of US$127 K having been completed. In addition Sonoro has paid US$23 K of outstanding mining duties. The vendor is to retain a 2% NSR, with Sonoro having an option to purchase the NSR at any time for US$1 M for each percent point.
  • Orex Minerals Inc. entered into an option agreement with Exploraciones del Altiplano S.A. de C.V. to acquire a 100% interest in the San Luis del Cordero project in Durango. Orex is required to make the following annual cash and share payments to Altiplano. On signing, issue 100 K Orex shares and pay US$100 K; on the first anniversary, issue 200 K shares and pay US$150 K; on the second anniversary, issue 300 K shares and pay US$200 K; on the third anniversary, issue 400 K shares and pay US$550 K; on the fourth anniversary, pay $US1.5 M (of which 30% can be issued in Orex shares). Orex also will have to satisfy work commitments of US$400 K and US$600 K in years 1 and 2. The property extends over 2,825 has, where old mine workings and mineralized showings wrap around a quartz-feldspar porphyry intrusive. Approximately 16,400 m were drilled in 62 holes from year 2000 to year 2016.

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

On the picture below, banded epithermal quartz vein from the famous El Oro mining district in Estado de Mexico. Photo by Jorge Cirett.

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WHEATON PRECIOUS METALS ANNOUNCES NEW PRECIOUS METALS PURCHASE AGREEMENT WITH FIRST MAJESTIC IN CONJUNCTION WITH PRIMERO’S SALE OF THE SAN DIMAS MINE

Wheaton Precious Metals Corp

VANCOUVER, Jan. 12, 2018 /PRNewswire/ – Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”) announces that its wholly owned subsidiary Wheaton Precious Metals International Ltd. (“Wheaton International”) has agreed to a new precious metals purchase agreement (the “First Majestic PMPA”) relating to the San Dimas mine, in conjunction with the proposed transaction announced today under which First Majestic Silver Corp. (“First Majestic”) will acquire Primero Mining Corp. (“Primero”) pursuant to a plan of arrangement (the “Arrangement”).