The Mining and Exploration News in Mexico: Highlights on the Third Week of May, 2022. 

Hydrothermal Breccia

By Miguel A Heredia

During the 20th week of the year (May 16th to May 22th, 2022), at least 15 press releases were announced by companies working in Mexico, with six reporting resources and developments of their properties, four disclosing deals and corporate issues, three communicating production and financial results, and two announcing financing issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news.  ON MINING, Altaley announced that it has begun pre-production mining and mill commissioning operations at its Tahuehueto property in Durango. Excellon reported Q1, 2022 production and financial results from its Platosa mine in Durango. Mag Silver reported Q1, 2022 production and financial results from its Juanicipio project in Zacatecas, where it owns 44% interest. ON FINANCING, Alamos Gold entered into a share purchase plan (Mulatos, Sonora). Aztec Minerals announced a non-brokered private placement for gross proceeds of up to CAD $3M (Cervantes project, Sonora). ON RESOURCES AND DEVELOPMENT, Discovery Silver reported results from nineteen holes from its phase 2 drill program collared at its Cordero project in Chihuahua. GoGold received positive metallurgical results of its Los Ricos South deposit, and updated pre-feasibility activities. Silver Tiger released results from its ongoing drill program at its El Tigre project, Sonora. Sonoro reported results from seven additional drill holes completed at its Cerro Caliche project, Sonora. Vizsla released results from ten new drill holes completed at its Panuco project, Sinaloa. Starcore announced that its Board of Directors approved a USD $2M exploration budget for its most prolific projects in Mexico. ON DEALS AND CORPORATE ISSUES, Elemental Royalties announced that Bear Creek completed the acquisition of the Mercedes mine in Sonora. Fabled amended its option agreement with Golden Minerals with respect to the Santa Maria project in Chihuahua. Prismo announced the appointment of its Director of Business Development (Los Pavitos project, Sonora). Riverside and Hochschild signed an option agreement for la Union project in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • No relevant news.

ON MINING

  • Altaley Mining Corporation announced that it has begun pre-production mining and mill commissioning operations at its Tahuehueto property in Durango. It has stockpiled over 29K tonnes of ore to be used in the commissioning process and pre-production phases of the 1st ball mill. The plan is to process up to 500 tonnes per day in the first ball mill to produce a separate precious metal rich lead concentrate and a zinc concentrate. It also will produce a copper concentrate later on. Altaley will install a second 500 tonnes ball mill to increase milling capacity to 1000 tonnes per day. It is expected to be completed in Q3, 2022.
  • Excellon Resources Inc., reported Q1, 2022 production and financial results from its Platosa mine in Durango. The company mined 14,955 tonnes and milled 14, 585 tonnes of 504 g/t Ag, 5.3% Pb, and 6.7% Zn with metallurgical recoveries of 88.5%, 72.1%, and 80% respectively, to produce 209.4K Oz Ag, 1.2M Lb Pb, and 1.7M Lb Zn (or 384K Oz AgEq), at cash and all included sustain cost (AISC) of USD $10.49 and USD $18.92 per Oz Ag produced respectively. Excellon sold 186.4M Oz Ag, 1.1M Lb Pb, and 1.55M Lb Zn (or 345LK Oz Ag).It reported revenues of USD $8.5M, gross profit of USD $583K, and cash flow from operations of USD $1.9M.
  • Mag Silver Corp., reported Q1, 2022 production and financial results from its Juanicipio project in Zacatecas, where it owns 44% interest. The company announced that 145,484 tonnes of 597 g/t Ag were processed through the Fresnillo and Saucito plants, with 2.2M payable Oz Ag, 5.3K payable Oz, 2.4M Lb Pb and 3.24 M Lb Zn produced and sold. Mag Silver also reported that pre-commercial production sales (net of treatment and processing costs) totaled USD $64.9M for the quarter, less USD $18.7M in mining and transportation costs and depreciation and amortization, netting USD $46.2M in gross profit by Juanicipio in the quarter.

ON FINANCING

  • Alamos Gold Inc., entered into a share purchase plan. The company has purchased 1M shares at an average price of USD $7.415 at a cost of USDS $7.4M (Mulatos, Sonora).
  • Aztec Minerals Corp., announced a non-brokered private placement for gross proceeds of up to CAD $3M. The company announced that Alamos Gold Inc., has indicated that it intends to purchase securities under the offering to obtain a 9.9% interest in the company.  Part of the gross proceeds will be used to conduct exploration work at its Cervantes project in Sonora, as well as for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp., reported results from nineteen holes from its phase 2 drill program collared at its Cordero project in Chihuahua. Results include resource upgrade drilling for the Pre-Feasibility Study (PFS), planned for Q4, 2022, and expansion drilling of the Preliminary Economic Assessment (PEA) open pit and the resource pit. Drilling highlights include hole C21-560 with 234 g/t Ag, 0.15 g/t Au, 3.8% Pb, and 6.5% Zn (606 g/t AgEq) over 18.1m; hole C21-564 with 28 g/t Ag, 0.16 g/t Au, 0.3% Pb, and 1% Zn (85 g/t AgEq) over 51.2m, plus 91 g/t Ag, 0.12 g/t Au, 1.8% Pb, and 3% Zn (266 g/t AgEq) over 11.2m, plus 29 g/t Ag, 0.06 g/t Au, 0.4% Pb, and 0.8% Zn (75 g/t AgEq) over 80.2m, plus 95 g/t Ag, 0.21 g/t Au, 1.9% Pb, and 4.5% Zn (337 g/t AgEq) over 33.9m; hole C21-544 with 45 g/t Ag, 0.07 g/t Au, 0.9% Pb, and 1.2% Zn (122 g/t AgEq) over 60.4m, plus 23 g/t Ag, 0.04 g/t Au, 0.5% Pb, and 1% Zn (77 g/t AgEq) over 27.1m; and hole C21-574 with 272 g/t Ag, 0.16 g/t Au, 4.1% Pb, and 1.9% Zn (483 g/t AgEq) over 13.4m, plus 38 g/t Ag, 0.08 g/t Au, 0.6% Pb, and 2.2% Zn (146 g/t AgEq) over 12.3m, plus 46 g/t Ag, 0.07 g/t Au, 0.3% Pb, and 1.6% Zn (122 g/t AgEq) over 27.5m. “The Company has now completed 71,000 m in 211 holes as part of its Phase 2 drill program. Phase 2 drilling will continue through the remainder of the year and will be focused on three key areas: (1) PFS drilling consisting of reserve definition and engineering drilling; (2) resource expansion in the northeast of the deposit and at depth; and (3) initial drill testing of five property-wide targets on the Company’s extensive land package”.
  • GoGold Resources Inc., received positive metallurgical results of its Los Ricos South deposit, and updated pre-feasibility (PFS) activities. The optimized leach test work returned 82-88% and 92-97% for silver and gold recovery respectively; the optimized conditions encompassed a 96-hour leach period to maximize silver recovery, four hours of pre-aeration, 2 g/l of sodium cyanide and a nominal grind of 80% passing 75 microns; Merrill Crowe (zinc precipitation) testing determined that gold and silver was efficiently precipitated out of the pregnant solution under optimum conditions. GoGold also provided an update on the PFS. Highlights are: PFS testing complete with development of final process design criteria underway; major equipment sized and quotes received to finalize capital costs; and process flow diagrams completed.
  • Silver Tiger Metals Inc., released results from its ongoing drill program at its El Tigre project, Sonora. Drilling highlights include hole ET-21-329 with 0.13 g/t Au, 162 g/t Ag, 0.27% Cu, 6.4% Pb, and 2.8% Zn (442 g/t AgEq) over 28m, including 0.22 g/t Au, 429 g/t Ag, 0.22% Cu, 4.8% Pb, and 6.9% Zn (810 g/t AgEq) over 9.1m, including 0.32 g/t Au, 748 g/t Ag, 0.13% Cu, 3.3% Pb, and 13.7% Zn (1,317 g/t AgEq) over 3.3m, including 0.28 g/t Au, 1,624 g/t Ag, 0.1% Cu, 1.4% Pb, and 19.6% Zn (2,338 g/t AgEq) over 1m; and hole ET-21-364 with 0.14 g/t Au, 63 g/t Ag, 0.02% Cu, 0.3% Pb, and 0.8% Zn (108 g/t AgEq) over 25.9m, including 0.14 g/t Au, 83 g/t Ag, 0.03% Cu, 0.2% Pb, and 0.7% Zn (126 g/t AgEq) over 14.2m, including 0.19 g/t Au, 76 g/t Ag, 0.02% Cu, 1.8% Pb, and 3.6% Zn (253 g/t AgEq) over 2.3m, including 0.2 g/t Au, 111 g/t Ag, 0.03% Cu, 3.5% Pb, and 7.2% Zn (450 g/t AgEq) over 0.8m.
  • Sonoro Gold Corp., reported results from seven additional drill holes completed at its Cerro Caliche project, Sonora. Drilling highlights include hole SCR-305 with 0.54 g/t Au over 36.5m, including 3.59 g/t Au over 1.53m, and including 3.32 g/t Au over 1.53m; hole SCR-307 with 9.58 g/t Au over 9.14m, including 14.17 g/t Au over 6.09m, including 38.2 g/t Au over 1.53m; and hole SCR-309 with 1.37 g/t Au over 6.1m, including 3.97 g/t Au over 1.53m. “The drilling campaign at Cerro Caliche is now complete with final assays expected to be announced in June.  New geological data from over 7,200m and 63 drill holes will be included in a further updated resource estimate scheduled to be released in the fall of 2022”.
  • Vizsla Silver Corp., released results from ten new drill holes completed at the Tajitos-Copala resource area within its Panuco project, Sinaloa. Drilling highlights include hole CS-22-161 with 2,461 g/t Ag and 13.16 g/t Au (3,513 g/t AgEq) over a true width (TW) of 2.65m, including 12,424 g/t Ag and 96.3 g/t Au (20,123 g/t AgEq) over a TW of 0.2m; hole CS-22-157 with 713 g/t Ag and 3.76 g/t Au (1,013 g/t AgEq) over a TW of 4.2m, including 861 g/t Ag and 6.83 g/t Au (1,407 g/t AgEq) over a TW of 0.6m, including 1,480 g/t Ag and 5.84 g/t Au (1,947 g/t AgEq) over a TW of 0.4m, and including 1,420 g/t Ag and 6.35 g/t Au (1,928 g/t AgEq) over a TW of 1.2m; hole CS-22-154 with 2,400 g/t Ag and 11.08 g/t Au (3,286 g/t AgEq) over a TW of 1.7m, including 4,230 g/t Ag and 20.1 g/t Au (5,837 g/t AgEq) over a TW of 0.7m; and hole CS-22-158 with 1,140 g/t Ag and 6.65 g/t Au (1,671 g/t AgEq) over a TW of 1.5m, including 2,610 g/t Ag and 15.3 g/t Au (3,833 g/t AgEq) over a TW of 0.6m.
  • Starcore International Mines Ltd., announced that its Board of Directors approved a USD $2M exploration budget for its most prolific projects in Mexico. For its El Creston project, Sonora, the company has budgeted USD $500K to confirm the presence of a copper porphyry at depth. The program will include surveys, geophysical studies of magnetometry, and the development of new geological models from existing drillhole data; For its San Martin Mine, Querétaro, Starcore has budgeted USD $1M to search for the extension of the San Martin Breccia in the southwest and eastern part of the mine, as well as to confirm the geological potential of the north part of the concessions in the areas of Cerro Azul; and for new opportunities the company has allocated USD $500K such as California Au-Ag project, Durango, where the company has been invited to participate under a JV agreement. California project comprises 3,211 hectares which is part of the mineralization trend of the San Dimas (Tayoltita) District in Durango.

ON DEALS AND CORPORATE ISSUES

  • Elemental Royalties Corp., announced that Bear Creek Mining Corporation completed the acquisition of the Mercedes mine in Sonora from Equinox Gold Corp. Elemental holds an uncapped 1% Net Smelter Return (NSR) Royalty on the Mercedes Mine, payable from July 2022.
  • Fabled Silver Gold Corp., amended its option agreement with Golden Minerals Company with respect to the Santa Maria project in Chihuahua. Fabled is now requested to make the final payment of USD $2M previously due on December 4, 2022 as follow: USD $1M on December 4, 2022; USD $25K on March 31, 2023; USD $25K on June 30, 2023; USD $25K on September 30, 2023; and USD $25K on December 31, 2023. As consideration of the amendment, Fabled will issue to Golden on December 4, 2022, a number of common shares of Fabled that are equal to a value of USD $75K, at a price per share equal to the closing trading price of the shares on the TSX Venture Exchange on the trading day immediately prior to the date that such payment is made. 
  • Prismo Metals Inc., announced the appointment of its Director of Business Development: The company granted him 500K incentive stock options exercisable at a price of $0.15 per share before May 20, 2027. (Los Pavitos project, Sonora).
  • Riverside Resources Inc., and Hochschild Mining plc signed an option agreement valued at over USD $31M for la Union project, Sonora. On the Phase1 earn-in option, Hochschild can earn an undivided 51% interest by incurring USD $8M in exploration expenditures over 5 years. Upon completion of Phase 1 obligations, Hochschild can elect to form a 51:49 Joint Venture. On the Phase 2 earn-in option, Hochschild can elect to earn an additional 24% interest by incurring a further USD $3M in exploration expenditures and delivering a completed Feasibility Study (FS) over 3 years. Upon Hochschild completing the Phase 2 earn-in, Riverside will have the option to sell its interest in the project to Hochschild for USD $2M, while retaining a 1% net smelting royalty (NSR).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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 hydrothermal breccia in a low sulphidation epithermal vein system in a prospect in Durango Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of May, 2022. 

Phyllic alteration

By Miguel A Heredia

During the 18th week of the year (May 2nd to May 8th, 2022), at least 23 press releases were announced by companies working in Mexico, and 6 news published by the media, with ten reporting resources and developments of their properties, six commenting on Mexican issues, four disclosing deals and corporate issues, four informing on exploration results, three communicating production and financial results, and two discussing social issues. ON MEXICO ISSUES, Torex Gold announced the investment of USD $848M to develop its Media Luna project in Guerrero. Expo Minero Chihuahua 2022 closed its doors with the attendance of 15,610 people. Arcelor Mittal announced that it will invest USD $150M to boost the iron mining in Michoacán. According to Miner Deck, one company working in Mexico participated in the best eight gold intercepts of the week, and two in the best seven silver intercepts of the week. ON EXPLORATION, In Sonora, Aztec Minerals-Kootenay JV released results from California and Jasper targets within its Cervantes project, and Canuc provided an update on its exploration program at its San Javier project. In Chihuahua, Kootenay announced that it will commence a 15,000m drilling program at its Columba project. In Coahuila, Monumental announced the results of a geophysical survey recently completed at its Jemi Heavy Rare Earth Elements project. ON MINING, Altaley reported Q4, and full year 2021 production and financial results from its Campo Morado mine in Guerrero. Coeur Mining reported Q1, 2022 production and financial results from its Palmarejo mine in Chihuahua. Santacruz reported Q4 and full year 2021 consolidated production and financial results from their Mexican operation mines. ON FINANCING, no relevant news.  ON RESOURCES AND DEVELOPMENT, Capitan Mining released results from 5 RC holes collared at its Jesus Maria Silver Zone at the Cruz de Plata project (former Peñoles project) in Durango. Zacatecas Silver received permits for 30 drill pads at El Cristo Vein System within its Zacatecas property. Sonoro Gold filed an Environmental Impact Statement or Manifestación de Impacto Ambiental (MIA) for its Cerro Caliche property in Sonora.  Orex-Pan American Silver JV received a permit to drill 2,500-3,000m at its Sandra project in Durango. Southern Silver reported drilling results from its Cerro Las Minitas project in Durango. Silver Dollar released the remaining assay results from the phase 1 drilling program completed at its la Joya project in Durango. Sierra Madre reported results of the last four holes collared at its Tepic project in Nayarit. Golden Tag announced results from 2 holes drilled at its San Diego project in Durango. Guanajuato Silver reported drill results from its ongoing exploration programs at its El Cubo mine and El Pinguico projects in Guanajuato. Prime Mining announced new results from 17 holes drilled at Zapote North and Mariposa areas within its Los Reyes project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Golden Minerals announced the appointment of its COO (Rodeo project, Durango). Vizsla announced the appointments of its COO and VP of Exploration (Panuco project, Sinaloa). Orogen and the Riverside-BHP JV signed an option agreement for the Llano de Nogal project in Sonora. ON SOCIAL RESPONSIBILITY, Esperanza Silver de México obtained the support of the Tetlama community in Morelos for the Esperanza project. Alamos Gold has generated 2,200 new jobs in the last two years for the construction of its La Yaqui Grande mine in Sonora.

ON MEXICO ISSUE

  • Torex Gold Resources Inc., announced the investment of USD $848M to develop its Media Luna project in Guerrero to bring it into commercial production by the end of 2024. The initial capital investment in the Media Luna Project includes USD $85M of underground mine development during the pre-commercial mining period, between Q4, 2023 and Q4, 2024. The initial capital required to develop the Media Luna Project excludes USD $124M of direct project expenses incurred before April 1, 2022, of which USD $37M are related to the Guajes Tunnel and USD $28M to the development of the Upper and Lower South Portal. Of the direct expenses of the project, the largest capital expenditures are related to the development of the underground mine (USD $173M), access to the deposit through the Guajes Tunnel (USD $76M), as well as the Upper and Lower South Portal (USD $40M), improvements to the process plant (USD $98M) and tailings/paste plant (USD $78M). Of indirect expenses, the largest components are contingency costs (USD $100M).
  • Expo Minero Chihuahua 2022 closed its doors with the attendance of 15,610 people. For four days, from April 28 to May 1, the attendees learned about the importance of the mining industry in the development of Mexico and its usefulness in everyday life.
  • Arcelor Mittal Mexico announced that it will invest USD $150M to boost the iron mining in Michoacán. The company also stated that it will increase the domestic rolled steel production from 2.5M to 5.3M tonnes.
  • According to Miner Deck, one company working in Mexico was in the best eight drill intercepts of the week.  Aztec Minerals-Kootenay JV was eight with 136.8m @ 1.486 g/t Au at Cervantes project in Sonora.
  • According to Miner Deck, two of the best silver drill intercepts of the week were drilled by companies working in Mexico. Golden Tag was first with 395m @ 35 g/t Ag at San Diego project in Durango, and Capitan Mining was seventh with 16.8m @ 291 g/t Ag at Cruz de Plata project in Durango.

ON EXPLORATION

  • Aztec Minerals Corp – Kootenay Silver Inc. JV released results from the California and Jasper targets within its Cervantes project in Sonora. Drilling highlights include hole JAS22-001 with 0.33 g/t Au over 9.1m, with 150m visible Cu oxides and secondary sulphides in mineralized quartz feldspar porphyry intrusive, sediments and hydrothermal breccia; hole CAL22-017 with 0.31 g/t Au over 24.3m, and 1.65 g/t Au over 6.1m in mineralized quartz feldspar porphyry intrusive, sediments and hydrothermal breccia; hole CAL22-016 with 0.47 g/t Au over 56.2m, and 0.35 g/t Au over 13.7m in mineralized porphyries and hydrothermal breccia; and hole CAL22-015 with 0.42 g/t Au over 68.4m, and 2.25 g/t Au over 10.6m in mineralized porphyries and hydrothermal breccia. These drill results extended the known mineralized zone at depth and over 350m to the north onto the California North target and also to the south on the eastern end of the California zone. The company reported that the phase 2 RC drilling program at the Cervantes property is completed and consisted of 26 holes totalling 4,649m.
  • Canuc Resources Corporation provided an update on its exploration program at its San Javier project in Sonora. On the Silver Mountain Zone, the 63-sample grid covered the central part of a NE-SW trending magnetic high in the north part of the San Javier project area. Within the soil grid, samples ranging from 5,123 to 36,671 ppb Ag (5 to 36 g/t) define a 50 to 100 m wide trend that extends for approximately 300 m across the grid. Only 7 of the 63 samples collected contained less that 1 g/t Ag and. The Ag anomaly is accompanied by a modest Au anomaly having values ranging from 38.6 to 87.5 ppb within a relatively high 2.0 to 32.5 background. Only 9 samples contained less than 5.0 ppb Au. On the Gold Zone, the company excavated 3,295m of trenches ranging from 65m to 638m in width. From these trenches, 1,829 channel samples have been collected and additional 46 samples have been collected from various locations within the trend. Results have been reported only on the first 3 trenches which returned elevated gold and copper values. Sampling results are still pending for the rest of the trenches. On the Copper-Gold Stockwork Zone, a total of 22 samples were collected from 3 locations on the north flank of a donut shaped magnetic high in the north–central part of the property. Average grade of the sampling is 0.38% Cu, 0.29 g/t Au, and 3.9 g/t Ag. Canuc plans to cover with soil samples the southwest extension of the strong Ag anomaly referred as Silver Anomaly target; to carry out a detailed mapping on at least 40 know mineralized zones within the property, as well as along the 11 trenches excavated across the Gold Zone, and in the area of the Stockwork Copper-Gold Zone, to provide necessary information in advance of drilling.
  • Kootenay Silver Inc., announced that it will commence a 15,000m drilling program at its Columba project in Chihuahua. Initial focus of this program will be on deeper drill testing on the F Vein and expanding on the D and B Vein intercepts, as well as explore the JZ Zone located 700 meters east of the F Vein; and the East Block located 200 meters east form the JZ Zone.
  • Monumental Minerals Corp., announced the results of a heli-borne magnetic, radiometric, and very-low frequency electromagnetic (VLF-EM) geophysical survey recently completed at its Jemi Heavy Rare Earth Elements (HREE) project in Coahuila. The geophysical survey confirmed that a significantly larger area of the property is prospective for HREE (from approximately 1 km to 10 km of prospective strike length), and defined two parallel 8 km arcuate anomalies that occur along the south and west margin of the Sierra La Vasca intrusion complex. The company announced that the next step is to carry out a rapid evaluation and prioritization of targets for diamond drill testing.

ON MINING

  • Altaley Mining Corporation reported Q4, and full year 2021 production and financial results from its Campo Morado mine in Guerrero. In Q4, 2021 the company processed 183,091 tonnes to produce 12,209 tonnes of Zn concentrate grading 46% Zn with metallurgical recovery of 71%, and 2,691 tonnes of Pb concentrate grading 22% Pb with metallurgical recovery of 30% respectively, at cash and all in sustaining cost (AISC) of USD $0.74 and USD $0.95 per Lb Zn respectively. Altaley reported gross revenues of CAD $29.7M, mine operating profit of CAD $10.1M, income for the period of CAD $20.6M, and cash of CAD $3.04M. In the full year 2021, the company processed 689,963 tonnes to produce 45,778 tonnes of Zn concentrate grading 46% Zn, 2.12 g/t Au, and 658 g/t Ag, with metallurgical recovery of 71% for Zn, and 9,936 tonnes of Pb concentrate grading 22%, 1.65% Cu, 6.08 g/t Au, and 776 g/t Ag, with metallurgical recovery of 29% for Pb, at cash and AISC of USD $0.60 and USD $0.83 per Lb Pb respectively. Altaley reported gross revenues of CAD $98.4M, mine operating profit of CAD $34.25M, income for the period of CAD $36.26M, and cash of CAD $3.04M.
  • Coeur Mining Inc., reported Q1, 2022 production and financial results from its Palmarejo mine in Chihuahua. The company milled 565,211 tonnes of 1.74 g/t Au and 120 g/t Ag with metallurgical recoveries of 90.6% and 83% respectively to produce 28.9K Oz Au and 1.8M Oz Ag. It sold 28.2K Oz Au and 1.79M Oz Ag during the Q1, 2022 period. Coeur reported metal sales of USD $83.1M; cost applicable to sales of USD $730 and USD $12.43 per Oz Au and Oz Ag respectively; cash flow from operating activities of USD $34.3M; sustaining capital expenditures of USD $13.6M; and free cash flow of USD $20.7M. The company announced that the full year 2022 production is expected to be 100K-110K Oz Au and 6M-7M Oz Ag, and the cost applicable to sales is expected to be USD $750-850 per Oz Au and USD $13.50-14.50 per Oz Ag.
  • Santacruz Silver Mining Ltd., reported Q4 and full year 2021 consolidated production and financial results from their Mexican operation mines (Zimapan, Hidalgo and Rosario San Luis Potosi). In Q4,2021, the company milled 192,901 tonnes to produce 318.4K Oz Ag, 2.27M Lb Pb, 7.7M Lb Zn, and 1.1M Lb Cu (or 842K Oz AgEq with an average grade of 184 g/t AgEq). Santacruz reported for this period revenues of USD $13.8M, gross profit of USD $621K, a net loss of USD $10.45M and an adjusted EBIDTA loss of USD $4,47M. In the full year 2021, it milled 730,412 tonnes to produce 1.29M Oz Ag, 132Oz Au, 8.4M Lb Pb, 28M Lb Zn, and 4.07M Lb Cu (or 3.2M Oz Ag with an average grade of 185 g/t AgEq). The company reported for the full year 2021 revenues of USD $53.3M, gross profit of USD $10.3M, a net loss of USD $11.56M, and an adjusted EBIDTA loss of USD $713K.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Capitan Mining Inc., released results from 5 RC holes collared at its Jesus Maria Silver Zone at the Cruz de Plata project (former Peñoles project) in Durango. Drilling highlights include hole 21-JMRC-10 (at the Upper Zone) with 291 g/t Ag, 0.15 g/t Au, 0.08% Pb, and 0.08% Zn (332 g/t AgEq) over 16.8m, including 478 g/t Ag, 0.56 g/t Au, 0.3% Pb, and 0.2% Zn (539 g/t AgEq) over 9.1m, including 2,217 g/t Ag, 1.77 g/t Au, 1.1% Pb, and 0.4% Zn (2,406 g/t AgEq) over 1.5m; plus (at the Lower Zone) 71 g/t Ag, 0.4 g/t Au, 0.8% Pb, and 1.6% Zn (186 g/t AgEq) over 13.7m, including 114 g/t Ag, 0.67 g/t Au, 1.3% Pb, and 2.7% Zn (309 g/t AgEq) over 7.6m; hole 21-JMRC-06 (at the Upper Zone) with 100 g/t Ag, 0.12 g/t Au, 0.2% Pb, and 0.8% Zn (146 g/t AgEq) over 13.7m, including 152 g/t Ag, 0.17 g/t Au, 0.5% Pb, and 2.4% Zn (271 g/t AgEq) over 3m, including 154 g/t Ag, 0.17 g/t Au, 0.6% Pb, and 3.6% Zn (319 g/t AgEq), plus (at the Lower Zone) with 145 g/t Ag, 0.14 g/t Au, 0.3% Pb, 0.6% Zn (189 g/t AgEq) over 4.6m, including 380 g/t Ag, 0.28 g/t Au, 0.5% Pb, and 0.8% Zn (448 g/t AgEq) over 1.5m; and hole 21-JMRC-08 with 44 g/t Ag, 0.36 g/t Au, 0.9% Pb, and 1.3% Zn (149 g/t AgEq) over 7.6m, including 62 g/t Ag, 0.48 g/t Au, 1.4% Pb, and 2.1% Zn (218 g/t AgEq) over 4.6m, and including 92 g/t Ag, 0.05 g/t Au, 2.9% Pb, and 4.5% Zn (350 g/t AgEq) over 1.5m.
  • Zacatecas Silver Corp., received permits for 30 drill pads at El Cristo Vein System within its Zacatecas property to drill test multiple veins within a zone of dilation that is almost 4 km long and up to 600m wide.  The cumulative strike length of all veins at El Cristo is at least 12km long. A total of 2,500m of diamond drilling has been designed in this initial phase of drilling at El Cristo Vein System.
  • Sonoro Gold Corp., filed an Environmental Impact Statement or Manifestación de Impacto Ambiental (MIA) for its Cerro Caliche property in Sonora. “Under Mexican law, mining construction and operation activities require an approved MIA, as well as a Change of Land Use permit, or Autorización en Cambio de Uso de Suelo (“ETJ”), from the Mexican federal permitting authority, Secretaría de Medio Ambiente y Recursos Naturales (“SEMARNAT”). The company is currently completing the required documentation for the Change of Land Use application and anticipates filing with SEMARNAT in the near future.
  • Orex Minerals Inc. – Pan American Silver Corp JV received a permit to drill its Sandra project in Durango. Phase-I of this new drilling program will consist of approximately 2,500 to 3,000m. Orex conducted a geological mapping and litho geochemical sampling program over the combined 6,970 hectares of the project, where multiple drill target areas have been identified.
  • Southern Silver Exploration Corp., reported drilling results from the North Felsite and El Sol targets on its Cerro Las Minitas project in Durango. Drilling highlights include hole 21CLM-185 with 185 g/t Ag, 0.6 g/t Au, 0.1% Cu, 3.1% Pb, and 0.6% Zn (358 g/t AgEq or 9.1% ZnEq) over a true width (TW) of 0.7m at the North Felsite HW zone, plus 101 g/t Ag, 0.3 g/t Au, 0.8% Cu, 2.4% Pb, and 3.3% Zn (1,321 g/t AgEq or 33.5% ZnEq) over a TW of 1.8m, including 1,785 g/t Ag, 0.5 g/t Au, 1.4% Cu, 3.1% Pb, and 5.9% Zn (2,309 g/t AgEq or 56.6% ZnEq) over a TW of 1m at the North Felsite skarn area; hole 22CLM-184 with 7 g/t Ag, 1.1 g/t Au, 0% Cu, 0.1% Pb, and 0.2% Zn (112 g/t AgEq or 2.8% ZnEq) over a TW of 11.7m at the North Felsite HW zone, including 19 g/t Ag, 5.6 g/t Au, 0% Cu, 0.3% Pb, and 0.1% Zn (495 g/t AgEq or 12.5% ZnEq) over a TW of 1m, plus 121 g/t Ag, 0.2 g/t Au, 0.1% Cu, 1.9% Pb, and 6.5% Zn (460 g/t AgEq or 11.7% ZnEq) over a TW of 0.3m at North Felsite Skarn, plus 117 g/t Ag, 0.1 g/t Au, 0.1% Cu, 1.1% Pb, and 1% Zn (213 g/t AgEq or 5.4% ZnEq) over a TW of 6m, including 301 g/t Ag, 0.2 g/t Au, 0.5% Cu, 1.1% Pb, and 10.7% Zn (830 g/t AgEq or 21% ZnEq) over a TW of 0.3m, plus 302 g/t Ag, 0.2 g/t Au, 0.4% Cu, 2.9% Pb, and 0.7% Zn (485 g/t AgEq or 12.3% ZnEq) over a TW of 0.8m. “The North Felsite target is located on the eastern side of the Cerro Las Minitas, approximately 400m to the northwest of the La Bocona and Mina Piña shafts, in an area that was not included in the most recent NI43-101 Mineral Resource update on the property. New drilling tested the continuity of mineralization in both the main Ag-Pb-Zn Skarn as well as strongly Au-enriched hanging wall zone.
  • Silver Dollar Resources Inc., released the remaining assay results from the phase 1 drilling program completed on the underexplored Noria portion at its la Joya project in Durango. This phase of drilling consisted of 11 core holes totaling 2,424m. Drilling highlights include hole NOR-22-008 with 41 g/t Ag, 0.11 g/t Au, 0.05% Cu, 0.2% Pb, and 0.6% Zn (90 g/t AgEq) over 125.3m, including 137 g/t Ag, 0.23 g/t Au, 0.14% Cu, 0.4% Pb, and 1.7% Zn (268 g/t AgEq) over 10.47m; and hole NOR-22-009 with 3 g/t Ag, 0.66 g/t Au, 0.03% Cu, 0% Pb, and 0.03% Zn (60 g/t AgEq) over 58.84m. “Phase II drilling is now in progress and targeting the wide intervals of mineralization intersected in the new Phase I discoveries”.
  • Sierra Madre Gold and Silver Ltd., reported results of the last four holes collared at its Tepic project in Nayarit. Drilling highlights include hole TDH014 with 322 g/t Ag and 0.96 g/t Au (424 g/t AgEq) over 6.35m, including 544 g/t Ag and 1.5 g/t Au (656 g/t AgEq) over 3.85m, plus 332 g/t Ag and 1.85 g/t Au (470 g/t AgEq) over 6.05m, including 786 g/t Ag and 3.78 g/t Au (1,070 g/t AgEq) over 2.3m. Holes were designed to test areas adjacent to and outside of the areas that were volumetrically included in historic resource estimations. “The Tepic drill holes are being incorporated into the project’s 3-D database and model to plan the continuation of the Phase 2 drilling at Tepic. Drill pads have already been constructed on the Taunas targets to drill the first test holes within the newly discovered area on the eastern portion of the project”.
  •  Golden Tag Resources Ltd., announced results from 2 holes drilled at its San Diego project in Durango. Key highlights include hole 22-65A (Rata Zone) with 0.02 g/t Au, 1,350 g/t Ag, 1.4% Pb, 3% Zn, and 0.35% Cu (1,556 g/t AgEq) over 0.6m, plus 0.03 g/t Au, 981 g/t Ag, 2.4% Pb, 2.5% Zn, and 0.35% Cu (1,194 g/t AgEq) over 0.65m, plus 0.11 g/t Au, 210 g/t Ag, 0.6% Pb, 1.1% Zn, and 0.05% Cu (288 g/t AgEq) over 1.67m, and plus (at Cata Zone) with 0.12 g/t Au, 197 g/t Ag, 1.2% Pb, 0.7% Zn, and 0.06% Cu (280 g/t AgEq) over 0.85m; and hole 22-65B (Rata Zone) with 0.08 g/t Au, 286 g/t Ag, 0.2% Pb, 0.3% Zn, and 0.04% Cu (312 g/t AgEq) over 1.20m, plus (at Cata Zone) with 0.27 g/t Au, 103 g/t Ag, 0.6% Pb, 0.6% Zn, and 0.05% Cu (174 g/t AgEq) over 16.48m, including 0.09 g/t Au, 108 g/t Ag, 0.4% Pb, 0.7% Zn, and 0.05% Cu (163 g/t AgEq) over 2.20m, plus 0.12 g/t Au, 460 g/t Ag, 3% Pb, 2.7% Zn, and 0.19% Cu (690 g/t AgEq) over 2.50m, plus (at CS Play Zone) with 0.11 g/t Au, 135 g/t Ag, 2.9% Pb, 3% Zn, and 0.09% Cu (363 g/t AgEq) over 4.27m, plus (at Fernandez Zone) with 0.05 g/t Au, 35 g/t Ag, 0.4% Pb, 0.8% Zn, and 0.11% Cu (93 g/t AgEq) over 395.1m, including 0.03 g/t Au, 37 g/t Ag, 0.3% Pb, 1.1% Zn, and 0.14% Cu (109 g/t AgEq) over 185.90m. “Combining the results from hole 65B with the results from the previously reported hole 21-58, we can now anticipate that the potential extension of the Fernandez Zone could measure approximately 140 m x 70 m in the horizontal plane and 530 m in the vertical plane.  There are no drill holes to the west of hole 22-65B and thus the Fernandez Zone remains open to the west.” 
  • Guanajuato Silver Company Ltd., reported drill results from its ongoing exploration programs at its El Cubo mine and El Pinguico projects in Guanajuato. Key highlights include hole VP022-002 with 12.90 g/t Au and 1,956 g/t Ag (2,988 g/t AgEq) over a true width (TW) of 0.35m (Arroyo structure), plus 0.21 g/t Au and 31 g/t Ag (47 g/t AgEq) over a TW of 13.55m (Villalpando structure), including 0.76 g/t Au and 115 g/t Ag (176 g/t AgEq) over a TW of 1.15m, plus 0.44 g/t Au and 92 g/t Ag (127 g/t AgEq) over a TW of 0.39m (Villalpando FW structure); hole SC22-001 with 7.56 g/t Au and 42 g/t Ag (647 g/t AgEq) over a TW of 0.30m (680 Vein); hole SC22-002 with 4.49 g/t Au and 276 g/t Ag (636 g/t AgEq) over a TW of 0.13m (Tuberos Vein), plus 2.60 g/t Au and 194 g/t Ag (402 g/t AgEq) over a TW of 0.30m (Poniente Vein); and hole P21-22 with 1.04 g/t Au and 130 g/t Ag (203 g/t AgEq) over a TW of 1.56m (Arroyo structure), including 2.11 g/t Au and 227 g/t Ag (396 g/t AgEq) over a TW of 0.60m, plus 1.15 g/t Au and 193 g/t Ag (285 g/t AgEq) over a TW of 0.24m (Pinguico Vein). “These results serve to build confidence in our understanding of geological controls of high-grade mineralization within the various veins and different zones of our Guanajuato mine holdings. Further, drilling at the El Cubo mine continues to identify mineralization that the Company can quickly build into its near-term mining plans”.
  • Prime Mining Corp., announced new results from 17 holes drilled at Zapote North and Mariposa areas within its Los Reyes project in Sinaloa. “This drilling is targeting the expansion of the Zapote North deposit northwards along the structure and confirming the continuity of mineralization of Mariposa to the south. These holes confirm that gold-silver mineralization extends from Zapote North to Mariposa”. Drilling highlights at Zapote North  include hole 22ZAP-56 with 4.81 g/t Au and 17 g/t Ag over a true width (TW) of 1.7m; hole 22ZAP-66R with 2.42 g/t Au and 24 g/t Ag over a TW of 9.70m, including 4.72 g/t Au and 36 g/t Ag over a TW of 4.2m; hole 22ZAP-67R with 3.83 g/t Au and 14 g/t Ag over a TW of 1.4m; hole 22ZAP-59 with 1.4 g/t Au and 14 g/t Ag over a TW of 8.2m, including 5.55 g/t Au and 22 g/t Ag over a TW of 1.4m; hole 22ZAP-52R with 1.07 g/t Au and 20 g/t Ag over a TW of 19.9m, including  2.62 g/t Au and 28 g/t Ag over a TW of 2.3m, including 3.32 g/t Au and 31 g/t Ag over a TW of 2.3m, plus 0.77 g/t Au and 27 g/t Ag over a TW of 8.2m; hole 22ZAP-68R with 0.68 g/t Au and 13 g/t Ag over a TW of 8.2m, including 2.19 g/t Au and 11 g/t Ag over a TW of 1.2m, plus 0.39 g/t Au and 11 g/t Ag over a TW of 8.2m; and hole 22ZAP-69R with 0.47 g/t Au and 10 g/t Ag over a TW of 6.6m, plus 1.42 g/t Au and 28 g/t Ag over a TW of 5m, including 2.42 g/t Au and 44  g/t Ag over a TW of 2.5m. Drilling highlights at Mariposa include hole 22MA-08 with 1.1 g/t Au and 11 g/t Ag over a TW of 8.3m, including 3.38 g/t Au and 23 g/t Ag over a TW of 0.9m, plus 0.99 g/t Au and 9 g/t Ag over a TW of 5.4m, including 2.05 g/t Au and 11 g/t Ag over a TW of 1.1m, plus 0.69 g/t Au and 9 g/t Ag over a TW of 4.90m; and hole 22MA-09 with 1.55 g/t Au and 15 g/t Ag over a TW of 2.9m, including 5.35 g/t Au and 29 g/t Ag over a TW of 0.60m. “To date for Phase 1 and 2 combined, Prime has drilled 255 holes totalling 64,070 metres (122 in Phase 1 for 25,650 m and 133 holes so far in Phase 2 for 38,420 m)”.

ON DEALS AND CORPORATE ISSUES

  • Golden Minerals Company announced the appointment of its COO, effective May 9, 2022 (Rodeo project, Durango).
  • Vizsla Silver Corp., announced the appointments of its COO and VP of Exploration (Panuco project, Sinaloa).
  • Orogen Royalties Inc. and the Riverside Resources Inc-BHP Group JV signed an option agreement for the Llano de Nogal Copper-Gold porphyry project in Sonora. Riverside can earn a 100% interest by making cash payments of USD $2.48M and USD $5M in cumulative exploration expenditures (CEE) subject to the following schedule: USD $30K (closing of transaction); USD $50K (1st anniversary) and  USD $500K in CEE; USD $50K (2nd anniversary) and USD $1.3M in CEE; USD $100K (3rd anniversary) and $USD $2M (CEE); USD $200K (4th anniversary) and USD $3M (CEE); USD $300K (5th anniversary) and USD $4M (CEE); and USD $1.75M (6th anniversary) and USD $5M (CEE). “During the option period, Orogen and Riverside will jointly retain the right to exercise and retain any Net Smelter Return (NSR) royalty buydown rights with respect to the Suanse claims (0.5% NSR royalty for CAD $1M) and the Coyotes claims (1.5% NSR royalty for USD $1.5M). Once Riverside has exercised its option on Llano de Nogal, Riverside will grant to Orogen a 1% Production Royalty, of which 0.5% can be purchased for USD $10M within 10 years of the exercise date”.

ON SOCIAL RESPONSIBILITY

  • Esperanza Silver de México obtained the support of the Tetlama community to the extent of accompanying the request for federal environmental permits for its operation for the Esperanza project in Morelos. The company determined to promote the project from the beginning hand in hand with the inhabitants since it is based on lands that belong to the community, and showing full respect for their human rights. Esperanza Silver will be delivering the Environmental Impact Statement (MIA) report and the study to propose the change of land use in forest land to the Secretary of the Environment and Natural Resources of the federal government (SEMARNAT) by the end of this year. Currently, the Esperanza Project is in the evaluation stage of the technical studies carried out during 2021 in terms of water and geotechnics. This year will be dedicated to the design of the technical project that will allow establishing the model of the mine’s industrial plant. At this point, both the company and the community will submit the request for an Environmental Manifesto to SEMARNAT, which could occur in mid-2023.
  • Alamos Gold Inc., has generated 2,200 new jobs in the last two years, 700 of them for people hired directly and 1,500 more indirectly for the construction of its La Yaqui Grande mine in Sonora. La Yaqui Grande mine, is in its final stage of construction and will start commercial production during Q3, 2022. The Yaqui Grande mine is already being a development opportunity for communities in the Sierra de Sonora in the municipalities of Sahuaripa, Yécora and Arivechi, among others.

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

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

The Mining and Exploration News in Mexico: Highlights on the First Week of March, 2022

By Jorge Cirett

During the 9th week of the year (February 28th to March 06th, 2022), at least 26 press releases were announced by companies working in Mexico. To note, nine companies posted exploration advances on their properties, one released Q4 and full year 2021 reports, one has started to receive a royalty from mining, three announced the opening or closing of private placements, six reported on drilling results or resource estimations and three on deals and corporate issues. ON MEXICO ISSUES, the governor of Zacatecas is fostering the relationship with the Zacatecas Mining Cluster. ON EXPLORATION, in Sonora, Heliostar Metals informed on drilling at Cumaro; Aztec Minerals released RC drilling results at Cervantes; Minaurum Gold presented drilling results from Alamos Silver; Silver Spruce initiated exploration at Diamante; In Chihuahua, Golden Minerals reported results from the last seven holes at Yoquivo. In Estado de Mexico, Xali Gold defined drill targets at El Oro. In Nayarit, Sierra Madre Gold and Silver mobilized a second rig to its Tepic project. In Guerrero, Pantera Silver completed a drilling campaign at Nuevo Taxco. ON MINING, Argonaut Gold presented 2021 production figures for El Castillo-San Agustin and La Colorada. Maverix Metals commenced to receive NSR payments from the Camino Rojo mine. ON FINANCING, Golden Tag, Osisko Development and Zacatecas Silver opened or closed tranches of financing for $1.46 M (Total $3.25 M), $84.8 M and $15 M respectively. ON RESOURCES AND DEVELOPMENT, Torex Gold updated the mineral resource estimate at Media Luna in Guerrero. Osisko Development announced 2021 drilling results from Sapuchi and Golfo de Oro, at its San Antonio project in Sonora. Vizsla Silver presented, then retracted and corrected the maiden resource estimate for Panuco, in Sinaloa. Great Panther Mining updated the mineral resource estimate for San Ignacio and the Guanajuato Mine Complex in Guanajuato. Sonoro Gold reported RC drilling results on its Cerro Caliche project in Sonora.  ON DEALS AND CORPORATE ISSUES, Zacatecas Silver is acquiring from Alamos Gold the Esperanza gold deposit in Morelos. Tocvan Ventures updated on exploration activities in Pilar and Picacho, in Sonora. Capstone Mining merge with Mantos Copper Bermuda has been approved in British Columbia. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • David Monreal, Zacatecas governor, offered the Zacatecas mining cluster a reinforcing relationship between the state government and the mining industry, for the development of local value chains.

ON EXPLORATION

  • Heliostar Metals Ltd. announced drill intercepts from its Cumaro project in Sonora. Highlighted core-length intervals from the Verde target comprise 1.10 m @ 1.12 gpt Au, 44 gpt Ag; 1.15 m @ 1.48 gpt Au, 29 gpt Ag; 7.0 m @ 0.47 gpt Au, 6 gpt Ag (including 1.50 m @ 1.20 gpt Au, 11 gpt Ag); 2.20 m @ 0.58 gpt Au, 20 gpt Ag; 8.10 m @ 0.71 gpt Au, 14 gpt Ag (including 3.00 m @ 1.42 gpt Au, 17 gpt Ag; 8.30 m @ 0.47 gpt Au, 1 gpt Ag (including 2.00 m @ 1.11 gpt Au, 1 gpt Ag). Assays are pending for five holes on the Verde target, and six holes at the Dos Amigos and Palmita vein corridors. “Drilling is ongoing on targets in the eastern half of the Cumaro property”.
  • Pantera Silver Corp. completed the first stage of exploration drilling at the Nuevo Taxco project, in Guerrero. A total of 692 m were drilled in six holes targeting two of the 21 veins known in the property. Three holes were drilled on each of La Negrilla and El Creston de Maria veins, targeting 100 m along strike and 40 m below La Negrilla mine workings in the first vein, and, disseminated sulfides vein and veinlets on the second one; two previously unknown structures were also intercepted on El Creston de Maria drilling. Results are pending.
  • Aztec Minerals Corp. released results from reverse circulation drilling at its Cervantes project in Sonora. Highlighted hole-length intervals comprise 88.1 m @ 1.1 gpt Au (including 54.88 m @ 1.56 gpt Au and 15.24 m @ 3.96 gpt Au); 108.2 m @ 0.37 gpt Au; 45.7 m @ 0.45 gpt Au; 167.2 m @ 1.00 gpt Au (including 24.4 m @ 4.25 gpt Au); 136.8 m @ 1.49 gpt Au (including 51.68 m @ 3.42 gpt Au); 100.32 m @ 0.75 gpt Au; 12.2 m @ 0.92 gpt Au; 7.6 m @ 0.68 gpt Au; 63.84 m @ 0.42 gpt Au. “The primary focus of the Phase 2 RC drill program at Cervantes is to expand the previously drilled California zone by completing two drill hole fences parallel to and on either side of the 2017-18” previous face.
  • Minaurum Gold Inc. presented drilling results from the final phase II holes drilled in 2021 at its Alamos Silver project in Sonora.  At Minas Nuevas highlighted core-length intervals comprise 9.90 m @ 609 gpt Ag, 0.18% Cu, 0.3% Pb, 0.5% Zn (including 0.90 m @ 1,145 gpt Ag, 0.12% Cu, 1.2% Pb, 2.5% Zn), and 21.70 m @ 93 gpt Ag, 0.1% Cu, 0.2% Pb, 0.2% Zn (including 4.85 m @ 159 gpt Ag, 0.22% Cu, 0.4% Pb, 0.4% Zn); 7.35 m @ 184 gpt Ag, 0.22% Cu, 0.2% Pb, 0.3% Zn (including 4.05 m @ 289 gpt Ag, 0.38% Cu, 0.3% Pb, 0.4% Zn) at San José, and 2.95 m @ 232 gpt Ag, 0.16% Cu, 0.3% Pb, 1.1% Zn; 0.95 m @ 763 gpt Ag, 0.25 gpt Au, 2.14% Cu, 0.2% Pb, 0.2% Zn; 0.45 m @ 399 gpt Ag, 0.53% Cu, 0.9% Pb, 1.7% Zn. “In 2021, Minaurum drilled 9,386.50 m in 22 holes focusing on sizable step-outs at the Ana, Europa, San José, Alessandra, Cotera, and Minas Nuevas vein zones”.  
  • Silver Spruce Resources Inc. initiated geological mapping on the main drilling targets of the Diamante project in Sonora. “Geological features of epithermal low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential porphyry style Au-Cu occur as disseminated, stockwork and vein styles accompanied by phyllic, argillic, advanced argillic and propylitic zones, with nearsurface overprinting by weathering with iron oxide and oxyhydroxide staining, jarosite and relict vuggy silica”.
  • Xali Gold Corp. finalized locations for drill pads at El Oro project in Estado de Mexico. “New drill targets have been identified by using a 3D Leapfrog model and drillholes have been designed to test potential extensions to high-grade gold and silver zones intersected by previous drilling … The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins”.
  • Golden Minerals Co. reported results from the final seven holes of the 21-holes campaign at the Yoquivo project in Chihuahua. Highlighted true width intervals comprise 1.4 m @ 7.14 gpt Au, 2,058 gpt Ag (including 0.5 m @ 19.50 gpt Au, 5,844 gpt Ag); 0.5 m @ 0.59 gpt Au, 89 gpt Ag; 1.2 m @ 1.26 gpt Au, 169 gpt Ag (including 0.10 m @ 10.20 gpt Au, 1,319 gpt Ag); 1.8 m @ 0.60 gpt Au, 64 gpt Ag; 1.1 m @ 0.26 gpt Au, 149 gpt Ag; 0.2 m @ 1.90 gpt Au, 148 gpt Ag. An environmental report has been submitted to carry out a 10,000 m drill program.
  • Mammoth Resources Corp. provided results from three holes drilled at its Tenoriba project in Chihuahua. Highlighted core length intervals comprise 16.5 m @ 0.27 gpt Au, 5 gpt Ag; 22.5 m @ 0.22 gpt Au, 3 gpt Ag; 18.0 m @ 1.21 gpt Au, 1 gpt Ag; 22.5 m @ 0.57 gpt Au, 1 gpt Ag; 13.5 m @ 0.30 gpt Au, 6 gpt Ag; 7.5 m @ 0.22 gpt Au, 1 gpt Ag. “In all holes the mineralization appears to be controlled by irregular sulphide enriched fractures-veinlets with minor quartz and/or alteration clay minerals typical to High Sulphidation mineral systems”.
  • Sierra Madre Gold and Silver Ltd. announced that a second drill rig has been mobilized to its Tepic project in Nayarit. “This second rig is smaller and more portable than the first while maintaining the depth capacity and large core diameter that the Company requires. The decision to mobilize a second rig is a result of the success of the trenching program which has identified several additional drill targets and the superior assay turnaround time at the current laboratory”.

ON MINING

  • Argonaut Gold Inc. presented its Q4 and full-year 2021 report, including figures from its Mexican operations. During the year, at El Castillo-San Agustin in Durango, 37.24 M tonnes were moved, of which 20.16 M tonnes were of ore grading 0.29 gpt Au, producing 116,263 Oz Au, 570.7 K Oz Ag produced at cash cost $991 per Oz AuEq. At La Colorada, in Sonora, 16.22 M tonnes were moved, of which 4.83 M tonnes were ore grading 0.63 gpt Au, producing 64,860 Oz Au, 178.8 K Oz Ag at cash cost $730 per Oz Au. Production guidance for 2022 is 38-45 K Oz Au at El Castillo, 62-70 K Oz Au at San Agustin and 48-55 K Oz Au at La Colorada at cash cost $1,100 to $1,190 per Oz Au.
  • Maverix Metals Inc. informed its expectations on attributable gold equivalent ounces from royalties in diverse projects it has a stake on, including figures from one project in Mexico. Orla Mining’s Camino Rojo mine in Zacatecas has already poured its first gold and declaration of commercial production is expected to be made during the first quarter 2022. Maverix has a 2% NSR on Camino Rojo production.

ON FINANCING

  • Golden Tag Resources Ltd. completed the second and second tranche of the previously announced non-brokered private placement, for aggregate proceeds of $1.46 M, which coupled with the proceeds of the first tranche amount to $3.25 M. The company paid $7 K and issued 28 K finder’s warrants in connection with the last tranche (San Diego, Durango).
  • Osisko Development Corp. closed the first tranche of its previously announced non-brokered private placement, for gross proceeds of US$84.8 M. No commission or finder’s fee will be paid by Osisko (San Antonio, Sonora).
  • Zacatecas Silver Corp. is to complete a brokered private placement for total proceeds of up to $15 M. “Zacatecas Silver intends to use the net proceeds of the offering for the acquisition, exploration and development of the Esperanza Gold Project, exploration of the Zacatecas Properties and for general working capital purposes”.

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc. updated the resource estimate on the Media Luna project in Guerrero. Indicated resources stand at 25.4 M tonnes grading 3.24 gpt Au, 32.5 gpt Ag, 1.08% Cu, containing 2.64 M Oz Au, 25.7 M Oz Ag, 602 M Lb Cu (or 4.39 M Oz AuEq), and inferred resources of 6.0 M tonnes @ 2.47 gpt Au, 20.8 gpt Ag, 0.81% Cu, containing 0.48 M Oz Au, 4.0 M Oz Ag, 106 M Lb Cu (or 0.78 M Oz AuEq). Not included in these resources are the 8.0 M tonnes @ 1.52 gpt Au, 34.6 gpt Ag, 1.27 % Cu, containing 0.39 M Oz Au, 8.9 M Oz Ag, 225 M Lb Cu (or 1.02 M Oz AuEq) of inferred resources the EPO mineralization zone, located north of the Media Luna deposit and south of the Balsas River. Exploration infill and step-out holes have been budgeted at $19 M for around 64,000 m of drilling.
  • Osisko Development Corp. announced the final drilling results from the 2021 exploration and category conversion drilling at its San Antonio project in Sonora. A total of 27,900 meters were drilled in 177 holes in 2021, with this news release covering 6,550 m in 33 holes at Golfo de Oro and 8,050 m at Sapuchi. Some of the highlighted core-length intervals comprise 19.5 m @ 0.81 gpt Au; 1.5 m @ 9.59 gpt Au; 21.2 m @ 2.47 gpt Au, 19 gpt Ag (including 1.5 m @ 18.00 gpt Au); 35.65 m @ 0.86 gpt Au; 31.25 m @ 1.45 gpt Au; 42.50 m @ 1.55 gpt Au at Golfo de Oro, and  5.30 m @ 3.58 gpt Au; 14.80 m @ 1.37 gpt Au; 26.65 m @ 0.93 gpt Au; 8.80 m @ 2.49 gpt Au; 40.8 m @ 1.00 gpt Au, 14 gpt Ag; 60.45 m @ 1.06 gpt Au; 22.95 m @ 1.07 gpt Au; 25.45 m @ 1.60 gpt Au; 10.50 m @ 2.39 gpt Au; 78.90 m @ 2.19 gpt Au (Including 3.20 m @ 21.30 gpt Au); 2.35 m @ 8.28 gpt Au; 18.30 m @ 1.41 gpt Au; 20.25 m @ 1.19 gpt Au; 17.90 m @ 1.75 gpt Au; 16.95 m @ 1.22 gpt Au; 13.80 m @ 1.31 gpt Au; 15.95 m @ 1.46 gpt Au; 18.60 m @ 1.18 gpt Au at Sapuchi. Most intervals run also 1 to 5 gpt Ag. “… gold mineralization is characterized by hydrothermal breccia that forms an approximately 3,000 m long east-northeast trending mineralization corridor with the Luz del Cobre copper deposit at the east. The gold mineralization is associated with intense chlorite and carbonate alteration and is intrusion related with host rock”.
  • Vizsla Silver Corp. presented the maiden resource estimate for its Panuco project in Sinaloa. Indicated mineral resources stand at 6.9 M tonnes grading 150 gpt Ag, 1.64 gpt Au, 0.27% Pb, 0.53% Zn (or 370 gpt AgEq), containing 33.2 M Oz Ag, 362.6 K Oz Au, 18 K tonnes Pb, 36 K tonnes Zn (81.6 M Oz AgEq). Inferred mineral resources stand at 5.3 M tonnes grading 156 gpt Ag, 1.51 gpt Au, 0.16% Pb, 0.35% Zn (or 334 gpt AgEq), containing 26.6 M Oz Ag, 256.6 K Oz Au, 8.5 K tonnes Pb, 18.8 K tonnes Zn (56.9 M Oz AgEq). A total of 124,915 m of drilling in 445 holes completed from 2019 to 2021 were utilized to calculate the resource estimate.
  • Vizsla Silver Corp. retracted the maiden resource estimate released on Feb 28, 2022 (see above) on its Panuco project in Sinaloa. “An internal review of the estimate identified a miscalculation made by an independent consultant in the conversion of lead and zinc grades into the silver equivalent calculation. This in-turn lifted lower grade zones above the economic cut-off, adding tonnes to the resource but lowering the overall grade”. The next restatement corrects this. Indicated mineral resources are estimated at 5.0 M tonnes @ 191 gpt Ag, 2.08 gpt Au, 0.26% Pb, 0.50% Zn, containing 30.5 M Oz Ag, 331.1 K Oz Au, 13 K tonnes Pb, 24.6 K tonnes Zn. Inferred resources are estimated at 4.1 M tonnes @ 187 gpt Ag, 1.79 gpt Au, 0.13% Pb, 0.30% Zn, containing 24.7 M Oz Ag, 235.8 K Oz Au.
  • Great Panther Mining Ltd. reported the filing of the technical report on updated mineral resourcesof the Guanajuato Mine Complex and San Ignacio operations in Guanajuato.
  • Sonoro Gold Corp. reported the results of the first 24 holes of its current 10,000 m reverse circulation drilling campaign at its Cerro Caliche project in Sonora. The goal of the program is to increase the size and grade of the oxide gold mineralization. The highlighted hole length intervals comprise 9.14 m @ 1.04 gpt Au; 22.86 m @ 1.55 gpt Au (Including 6 m @ 5.18 gpt Au); 3.05 m @ 19.56 gpt Au (including 1.53 m @ 37.90 gpt Au); 4.57 m @ 2.43 gpt Au; 27.43 m @ 5.36 gpt Au (including 4.57 m @ 7.16 gpt Au, and 4.57 m @ 22.09 gpt Au), 4.57 m @ 2.18 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Zacatecas Silver Corp. entered into a share purchase agreement on February 28, 2022 with Alamos Gold Inc. to acquire the Esperanza project in Morelos (previously known as Cerro Jumil). Esperanza is an advanced project with a measured and indicated resource of 34.35 M tonnes grading 0.98 gpt Au, 8.1 gpt Ag, containing 1,084,000 Oz Au, 8.93 M Oz Ag and inferred resources of 718 K tonnes @ 0.80 gpt Au, 15 gpt Ag, containing 18,000 Oz Au, 347 K Oz Ag. The project has 69,716 m of drilling in 389 holes. Zacatecas Silver is to pay Alamos Gold US$5 M and issue shares for US$10 M, a payment of US$5 M within two months of approval of an environmental impact assessment (MIA, in Spanish), further US$14 M within two months of either completion of a feasibility study (FS) or the announcement on decision of mine construction, and the payment of US$20 M within 6 months of commencement of commercial production. Also a $500 K finder’s fee is to be paid on closing of the transaction. “Alamos is entitled to receive 20% of the silver produced from Esperanza at a cash price of 20% of the prevailing spot silver price, subject to a maximum of 500,000 ounces of silver delivered to Alamos”.
  • Tocvan Ventures Corp. provided an update on its activities. At Pilar, in Sonora, the current phase III diamond drilling is in progress, with 1,200 m completed, results pending. Bulk samples for advanced metallurgy are at the lab, while the company moves towards a maiden resource estimate and bulk test mine. At Picacho, also in Sonora, exploration is commencing.
  • Capstone Mining Corp. announced the Supreme Court of British Columbia approved Capstone and Mantos Copper Bermuda Ltd. to proceed with their merge. Capstone owns the Cozamin mine in Zacatecas, the Pinto Valley mine in Arizona and the Santo Domingo project in Chile. Mantos Blancos owns the Mantos Blancos and Mantoverde (69.99%) mines in Chile.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Barite-quartz-hematite vein from a project in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2022. 

Quartz Vein

By Miguel A Heredia

During the 8th week of the year (February 21st to February 27th, 2022), at least 24 press releases were announced by companies working in Mexico, and 6 news published by the media, with eight reporting resources and developments of their properties, six disclosing deals and corporate issues, four informing on exploration results, three discussing social issues, three communicating production results, three announcing financial issues, and three commenting on Mexican issues.  ON MEXICO ISSUES, Magna Gold announced that after several inspections at its San Francisco mine in Sonora, the suspension of the crushing and laboratory areas has been lifted. Mexico was the largest silver producer country in 2021. Marisol Barragán swore in as President of the Mexico City District of Mujeres WIM Mexico.  ON EXPLORATION, In Sonora, Aztec-Kootenay JV released results from the ongoing RC drilling program conducted at the Cervantes project, and Ranchero Gold released the final results from its recently completed phase 1 drill program at its Maíz Azul prospect within its Santa Daniela project.  In Chihuahua, Radius announced results from its ongoing drill program at its Amalia project. In Nayarit, Sierra Madre informed that it received the drilling permit from the Mexican Federal Environmental Permitting Agency (SEMARNAT) and entered into formal surface rights exploration agreement with the surface owners for its La Tigra project.  ON MINING, Americas Gold and Silver provided silver production guidance for 2022 for its Cosala Operations in Sinaloa. Orla provided a 2022 production, operating costs, capital costs, and exploration spending guidance for the full year 2022 for its Camino Rojo property, Zacatecas. Equinox Gold reported Q4 and full year 2021 production and financial results from their Mexican operations. ON FINANCING, Golden Tag increased its previously announced non-brokered private placement by up to 5M unit for aggregate proceeds of up to 1.25M (San Diego project, Durango). Pan American Silver declared dividend to shareholders of $0.12 per common share (La Colorada mine, Zacatecas). Gold Resource declared Q1, 2022 dividend to shareholders (Arista mine, Oaxaca). ON RESOURCES AND DEVELOPMENT, Silver Dollar announced that it completed a 2,424 m drill program in 11 holes at its La Joya project in Durango. Silver Tiger informed that it will commence the rehabilitation of the historic El Tigre mine. Alamos Gold updated mineral reserves and resources as of December 31, 2021 (Mulatos Mine, Sonora). Pan American Silver released results for 20 new infill and exploration holes drilled at its la Colorada mine in Zacatecas. Prime Mining announced results from its first drill program at the Guadalupe West deposit within its Los Reyes project in Sinaloa. Stroud commenced its phase 2 diamond drilling program at its Santo Domingo project in Jalisco. Mithril reported positive results from the metallurgical testwork conducted at its Copalquin project in Durango. Newmont reported mineral reserves and resources for their Peñasquito and Noche Buena properties in Zacatecas.  ON DEALS AND CORPORATE ISSUES, Benjamin Hill granted options to directors, officers and a consultant (Sonora Gold project, Sonora). Monumental announced the appointment of its CEO (Jemi project, Coahuila). Orla Mining announced the appointment of its Chief Sustainability Officer (Camino Rojo, Zacatecas). SSR informed that it has entered into a definitive agreement to sell its Pitarrilla silver project in Durango to Endeavour. Riverside signed an agreement with Agnico Eagle for the sale of the Pima property located in Sonora. Sierra Metals announced the appointment of a new member to its Board of Directors (Bolivar mine, Chihuahua). Great Panther announced senior management changes (Topia mine, Durango). ON SOCIAL RESPONSIBILITY, Esperanza Silver supported the first generation of the education program in Morelos. Grupo México offered employment to 100 women in Santa Bárbara, Chihuahua. Minera Peñasquito delivered the remodeling and rehabilitation of a plaza to the community of Nuevo Peñasco, Mazapil in Zacatecas.

ON MEXICO ISSUE

  • Magna Gold Corp., announced that after several inspections at its San Francisco mine in Sonora, the suspension of the crushing and laboratory areas has been lifted.
  • Mexico was the largest silver producer country in 2021 with 5,600 tonnes, followed by China with 3,400 tonnes and by Peru with 3,000 tonnes.
  • Marisol Barragán swore in as President of the Mexico City District of Mujeres WIM Mexico, with the primary purpose of boosting initiatives that promote equal opportunities and working conditions for women in the mining industry in Mexico,

ON EXPLORATION

  • Aztec Minerals Corp – Kootenay Silver Inc JV released results from the ongoing RC drilling program conducted at the Cervantes project. Drilling highlights include hole CAL22-004 with 1 g/t Au over 167.2m, including 4.25 g/t Au over 24.4m; hole CAL22-002 with 0.37 g/t Au over 99.1m; and hole CAL22-003 with 0.45 g/t Au over 45.7m, including 0.87 g/t Au over 13.7m. Gold appears to be widely distributed in disseminations, fractures and veinlets within quartz-feldspars porphyry, feldspar porphyry stocks, and related hydrothermal breccias.
  • Ranchero Gold Corp., released the final results from its recently completed phase 1 drill program at its Maíz Azul prospect within its Santa Daniela project in Sonora. The drill program consisted of 3,122m in 16 holes. Hole MA22-25 intersected 1.2 g/t Au over 15.6m at the La Colmena target. The company will update its geological mapping to further identify new structures that control mineralization. It also will plan the phase II drill program with the goal of expanding the newly discovered gold mineralization as well as testing additional targets including the X-structure. 
  • Radius Gold Inc., announced results from its ongoing drill program at El Cuervo area within its Amalia project in Chihuahua. Drill highlights include hole AMDD21-47 with 167 g/t Ag and 0.54 g/t Au over 96m, including 232 g/t Ag and 0.65 g/t Au over 61.20m, including 290 g/t Ag and 0.8 g/t Au over 45.20m, including 302 g/t Ag and 1.13 g/t Au over 17.35m, including 592 g/t Ag and 0.65 g/t Au over 7.35m, including 438 g/t Ag and 1.12 g/t Au over 7.85m; and hole AMDD21-46 with 44 g/t Ag and 0.13 g/t Au over 31m, including 158 g/t Ag and 0.49 g/t Au over 3.7m, including 233 g/t Ag and 0.31 g/t Au over 1.7m, and 203 g/t Ag and 0.53 g/t Au over 3.50m, including 381 g/t Ag and 1.31 g/t Au over 1.1m.  “The initial drilling at El Cuervo has confirmed a significant mineralized system and drilling is ongoing to define the size potential”.
  • Sierra Madre Gold and Silver Ltd., informed that it received the drilling permit from the Mexican Federal Environmental Permitting Agency (SEMARNAT) authorizing the use of 30 drill pads within its La Tigra project in Nayarit. The company also informed that it entered into formal surface rights exploration agreement with the ejido Santa Maria Picachos, the surface owners at La Tigra project that allows for the commencement of the drilling program.

ON MINING

  • Americas Gold and Silver Corporation provided silver production guidance for 2022 for its Cosala Operations in Sinaloa. Silver production from the Cosala Operations in 2022 is forecast to be between 0.7 to 0.9M Oz Ag, 13-15M Lb Pb, and 36 to 40M Lb Zn. “
  • Orla Mining Ltd., provided a 2022 production, operating costs, capital costs, and exploration spending guidance for the full year 2022 for its Camino Rojo property, Zacatecas. The company expects to produce from Camino Rojo over 90-100K Oz Au for the full year 2022 with an AISC of USD $600-700 per Oz Au sold. Total sustaining cost and exploration spending are expected to total USD $5M and USD $10M respectively.
  • Equinox Gold Corporation reported Q4 and full year 2021 production and financial results from their Los Filos and Mercedes mines located in Guerrero and Sonora respectively. At Los Filos mine, Guerrero, Equinox mined 3.4M tonnes of 0.77 g/t Au (open pit) and 162K tonnes of 3.11 g/t Au (underground) to produce 54.7K Oz Au. It sold 55,144 Oz Au during Q4, 2021 and reported revenue of USD $98.8M, and cash and AISC of USD $1,311 and USD $1,433 per Oz Au sold respectively. For the full year, the company mined 7.09M tonnes of 0.71 g/t Au (open pit) and 519K tonnes of 3.23 g/t Au to produce 144.1K Oz Au. It sold 143.8K Oz Au during the full year 2021, and reported revenue of USD $257.2M, and cash and AISC of USD $1,575 and USD $1,753 per Oz Au sold. Equinox provided production and guidance cost for 2022. It expects to produce between 160-180KOz Au at cash and AISC of USD $1400-1600 and USD $1,625-1,700 per Oz Au sold respectively. At Mercedes mine, Sonora, the company mined 125K tonnes and processed 161K tonnes of 2.30 g/t Au during Q4, 2021 to produce 11,35K Oz Au. It sold 10.3K Oz Au and reported revenue of USD $18.9M and cash and AISC of USD $1,091 and USD $1,584 respectively. For the full year, the company mined 348K tonnes and processed 398K tonnes of 2.59 g/t Au to produce 31.8K Oz Au, It sold 30.9K Oz Au, and reported revenue of USD $56.9M , and cash and AISC of USD $966 and USD $1,357 per Oz Au respectively. On Dec 16, 2021, Equinox entered into an agreement to sell Mercedes mine to Bear Creek.

ON FINANCING

  • Golden Tag Resources Ltd., increased its previously announced non-brokered private placement by up to 5M unit for aggregate proceeds of up to $1.25M. The company plans to use the gross proceeds to fund advancement of its San Diego project in Durango.
  • Pan American Silver Corp., declared dividend of $0.12 per common share under new dividend policy. The cash dividend of $0.12 per common share, or approximately $25.3M in aggregate cash dividends, is payable on or about March 21, 2022 (La Colorada mine, Zacatecas).
  • Gold Resource Corporation declared its quarterly dividend of $0.01 per common share for Q1, 2022 to shareholders (Arista mine, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Silver Dollar Resources Inc., announced that it completed a 2,424 m drill program in 11 holes on the Noria portion at its La Joya project in Durango. Aim of the drill program was target development and testing for possible structural extensions of known mineralized zones identified in historical drilling. Assays are pending and drilling is on standby until the company receives assay results and gets an interpretation.
  • Silver Tiger Metals Inc., informed that it has contracted Cominvi, an underground mine contractor, to commence the rehabilitation of the historic El Tigre mine. “Initial rehabilitation will begin on the Level 7 main entry to the Historic El Tigre Mine to allow access to the Sooy Vein, El Tigre Vein and the Seitz Kelly Vein in contemplation of underground channel sampling, drilling and bulk sampling on those veins and the black shale horizon”.
  • Alamos Gold Inc., updated mineral reserves and resources as of December 31, 2021. The company increased its mineral reserves at Mulatos mine 14% to 1.5M Oz Au (29.4M tonnes of 1.64 g/t Au) with a 32% increase in grades reflecting the addition of higher-grade underground mineral reserves at Puerto del Aire, which is adjacent to the main Mulatos pit. The company reported proven + probable reserves for 29.36M tonnes of 1.64 g/t Au for a total of 1.54M Oz Au contained. It also reported Measured + Indicated resources for 8.2M tonnes of 1.34 g/t Au for a total of 353K Oz Au and Inferred resources for 1.72M tonnes of 1.06 g/t Au for a total of 59K Oz Au contained. The remaining mineral reserve mine of life of the Mulatos district is approximately six years as of December 31, 2021 (excluding the underground mineral reserves of Puerto del Aire Deposit.
  • Pan American Silver Corp., released results for 20 new infill and exploration holes drilled at its la Colorada mine in Zacatecas. Drill highlights include hole U-83-21 with 64 g/t Ag, 0.06% Cu, 1.9% Pb, and 3.8% Zn over 322.85m, including 178 g/t Ag, 0.06% Cu, 4.3% Pb, and 6.3% Zn over 64.90m; hole S-73-21 with 76 g/t Ag, 0.36% Cu, 4.2% Pb, and 9.5% Zn over 78.55m, including 91 g/t Ag, 0.46% Cu, 5.2% Pb, and 11.4% Zn over 58.1m; hole D-73-01-21 with 79 g/t Ag, 0.29% Cu, 2.2% Pb, and 5.7% Zn over 159 m, including 112 g/t Ag, 0.45% Cu, 3.2% Pb, and 8.1% Zn over 99.2m; hole D-71-01-21 with 48 g/t Ag, 0.05% Cu, 3% Pb, and 5.8% Zn over 44.65m, including 100 g/t Ag, 0.28% Cu, 7.3% Pb, and 7.1% Zn over 15.95m; hole D71-03-21 with 60 g/t Ag, 0.09% Cu, 2.1% Pb, and 3.2% Zn over 22.1m, and 42 g/t Ag, 0.07% Cu, 1.2% Pb, and 3.9% Zn over 55.60m, and 91 g/t Ag, 0.2% Cu, 4.8% Pb, and 8% Zn over 191.85m; and hole D-21-02-21 with 59 g/t Ag, 0.2% Cu, 1.2% Pb, and 3.8% Zn over 219.90m, including 51 g/t Ag, 0.2% Cu, 2% Pb, and 6.1% Zn over 91.3m.
  • Prime Mining Corp., announced results from its first drill program at the Guadalupe West deposit within its Los Reyes project in Sinaloa. Twelve new holes, of which seven were diamond holes and 5 were RC holes are reported and drill highlights include hole 21GW-12R with 1.68 g/t Au and 26 g/t Ag over a true width (TW) of 19.8m; hole 21GW-07 with 1.6 g/t Au and 50 g/t Ag over a TW of 8.6m, and 1.92 g/t Au and 34 g/t Ag over a TW of 17.7m; hole 21GW-02 with 1.82 g/t Au and 52 g/t Ag over 4.8m, and 0.53 g/t Au and 15 g/t Ag over a TW of 27.6m; hole 21GW-01 with 1.08 g/t Au and 38 g/t Ag over a TW of 3.6m; and hole 21GW-11R with 0.9 g/t Au and 63 g/t Ag over a TW of 4.3m.
  • Stroud Resources Ltd., commenced its phase 2 diamond drilling program, which will consist of 3,500m targeting the newly discovered Zopilotes Vein, the Guadalupe Vein, and the La Raya Vein, within its Santo Domingo project in Jalisco. “The company’s current drilling permit covers 13 drill pads (drill setups) located across the property. A second drilling permit will be submitted seeking additional drill pad locations to facilitate further delineation of the three known mineralized vein systems and other exploration targets”. 
  • Mithril Resources Ltd., reported positive results from the metallurgical testwork conducted at its Copalquin project in Durango. The company reported that the final overall recoveries after leaching of the flotation products were 96.5% for gold and 96.1% for silver.
  • Newmont Corporation reported mineral reserves and resources for their Peñasquito and Noche Buena properties in Zacatecas as of December 31, 2021. At Peñasquito, Zacatecas, Newmont reported Proven Reserves of 115M tonnes of 0.61 g/t Au, 38 g/t Ag, 0.9% Zn, and 0.4% Pb for a total of 2.25M Oz Au, 141.5M Oz Ag, 2.38 B Lb Zn, and 940M Lb Pb and Probable Reserves of 247M tonnes of 0.51 g/t Au, 32 g/t Ag, 0.7% Zn, and 0.3% Pb for a total of 4.08M Oz Au, 252.4M Oz Ag, 3.87 B Lb Zn, and 1.64 B Lb Pb. Proven + Probable Reserves are 362M tonnes of 0.54 g/t Au, 34 g/t Ag, 0.8% Zn, and 0.3% Pb for a total of 6.33M Oz Au, 393.9M Oz Ag, 6.25 B Lb Zn, and 2.58 B Lb Pb. Measured Resources are 31.4M tonnes of 0.27 g/t Au, 26 g/t Ag, 0.7% Zn, and 0.3% Pb for a total of 280K Oz Au, 26M Oz Ag, 460M Lb Zn, and 200M Lb Pb, and Indicated Resources of 176.6M tonnes of 0.27 g/t Au, 26 g/t Ag, 0.6% Zn, and 0.3% Pb for a total of 1.5M Oz Au, 149.6M Oz Ag, 2.2 B Lb Zn, and 1.02 B Lb Pb. Measured + Indicated Resources are  208M tonnes of 0.27g/t Au, 26 g/t Ag, 0.6%Zn, and 0.3% Pb for a total of 1.78M Oz Au, 175.6M Oz Ag, 2.69 B Lb Zn, and 1.23 B Lb Pb. Inferred Resources are 89.8M tonnes of 89.8M tonnes of 0.4 g/t Au, 28 g/t Ag, 0.5% Zn, and 0.2% Pb for a total of 1.16M Oz Au, 80.84M Oz Ag, 1.07 B Lb Zn, and 480M Lb Pb. At Noche Buena, Zacatecas (50% attributable to Newmont), it reported Indicated Resources of 21M tonnes of 0.37 g/t Au and 14 g/t Ag for a total of 250K Oz Au and 9.4M Oz Ag, and Inferred Resources of 1.6M tonnes of 1.07 g/t Au and 11 g/t Ag for a total of 230K Oz Au and 570K Oz Ag. Resources are reported exclusive of Reserves.

ON DEALS AND CORPORATE ISSUES

  • Benjamin Hill Mining Corp., granted 1.4.M options exercisable at $0.44 per common share of which 980K options granted to directors/officers shall have a term of 5 years, and 500K options granted to a consultant shall have a term of 2 years (Sonora Gold project, Sonora).
  • Monumental Minerals Corp., announced the appointment of its CEO (Jemi project, Coahuila).
  • Orla Mining Ltd., announced the appointment of its Chief Sustainability Officer, effective march 1, 2022 (Camino Rojo, Zacatecas).
  • SSR Mining Inc., informed that it has entered into a definitive agreement to sell its Pitarrilla silver project in Durango to Endeavour Silver Corp., for a total consideration of up to USD $127M. This consideration includes USD $35M in cash, USD $35M in Endeavour shares, and a 1.25% Net Smelter Return (“NSR”) royalty on the Pitarrilla property.
  • Riverside Resources Inc., signed an agreement with Agnico Eagle for the sale of the Pima property located in Sonora. Riverside will receive cash and completes the pass through royalty transfer with Millrock Resources Inc. 
  • Sierra Metals Inc., announced the appointment of a new member to its Board of Directors (Bolivar mine, Chihuahua).
  • Great Panther Mining Limited informed about the resignation of its President and CEO and announced the appointment of his replacement on an interim basis (Topia mine, Durango).

ON SOCIAL RESPONSIBILITY

  • Esperanza Silver, supported the first generation of 14 people between women and men who accredited the upper secondary level as a results of an alliance in favor of the education integrated for inhabitants of the community of San Agustin Tetlama and Esperanza Silver.
  • Grupo México offered employment to 100 women in Santa Bárbara, Chihuahua. Andrés Torres, general secretary of the Section 11 Miners’ Union reported that by 2022 there is a goal of employing a hundred women in the different areas of the companies.
  • Minera Peñasquito (Newmont) delivered the inhabitants of the community of Nuevo Peñasco, belonging to Ejido Cedros, in Mazapil, the remodeling and rehabilitation of their plaza, as part of Newmont Peñasquito’s commitment to creating shared value in the communities in its area of influence. Additionally, the company provided 27 trees of different species, the same that were planted throughout the square.

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 quartz vein from a low sulphidation epithermal vein project in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of January, 2022. 

Secondary copper staining

By Miguel A Heredia

During the 2nd week of the year (January 10th to January 16th, 2022), at least 27 press releases were announced by companies working in Mexico, and 4 news published by the media, with eleven reporting resources and developments of their properties, six communicating production results, six informing on exploration results, four disclosing deals and corporate issues, three commenting on Mexican issues, and one discussing social issues.  ON MEXICO ISSUES, Jaime Gutiérrez Núñez, President of the Mexican Mining Chamber (CAMIMEX) stated that political risk causes a reduction in the mining investment in Mexico. Alfonso Durazo, governor of Sonora State declared that the Mining Fund program will be back in the state after it was frozen for a little more than three years. ON EXPLORATION, In Sonora, Reyna Gold reported surface and trench sampling results from its La Gloria project, Colibri announced it has purchased a RC drilling rig to reduce drilling expenses, and Heliostar informed that its 5,000m drill program at its Cumaro project has recommenced after the Christmas break. In Chihuahua, Mammoth added additional drill contractor to its ongoing drill program at its Tenoriba project. Radius Gold and Riverside provided a review of 2021 and an update of their Mexican properties.  ON MINING, Americas Gold and Silver reported December 2021 production results from its Cosalá operation in Sinaloa. Torex announced production results from its El Limon-Guajes mine in Guerrero for the full year 2021. Endeavour reported Q4 and full year 2021 production results from their Mexican mine operations. Golden Minerals reported Q4 and full year 2021 production results from its Rodeo project, Durango. Equinox announced Q4, 2021 production from their Mexican operations and provided production guidance for the year 2022. Gatos Silver reported Q4 and full year 2021 production results from its Cerro Los Gatos mine, Chihuahua. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Silver Tiger released results from its ongoing drilling program at its El Tigre project, Sonora. Prime announced results from 13 new holes drilled at the Noche Buena deposit within its Los Reyes property in Sinaloa. Avino provided results from its Phase 2 drilling program conducted at its Avino property in Durango. Capitan Mining reported results from six RC holes collared at its Peñoles project in Durango. Excellon released results from its underground drilling program conducted at the Platosa property in Durango.  Fabled released results from its ongoing drilling program at its Santa Maria project, Chihuahua. Zacatecas Silver received permits for 13 new drill pads and applied for permits on additional 27 drill pads at its Panuco deposit in Zacatecas.  Silver Dollar announced that exploration drilling has recommenced at its La Joya project, Durango. Oroco Resource reported results from eight drill holes collared at its Santo Tomas project in Sinaloa. Osisko released drill results on its San Antonio project in Sonora. GoGold release results from 13 drill holes collared at its Los Ricos North project, Jalisco. ON DEALS AND CORPORATE ISSUES, Ranchero Gold announced the appointment of its President effective immediately (Santa Daniela project, Sonora). Starcore announced the appointment of its new President and Director (San Martin mine, Queretaro). Capitan Mining entered into a purchase agreement to acquire a portfolio of royalties including a 2% royalty on the Capitan Gold oxide deposit in Durango. Endeavour entered into a definitive agreement to acquire the Pitarrilla project in Durango State from SSR Mining. ON SOCIAL RESPONSIBILITY, Compañia Minera Cuzcatlán (Fortuna Silver) along with local municipal authorities delivered toys to more than 20,000 girls and boys from Oaxaca.

ON MEXICO ISSUE

  • Jaime Gutiérrez Núñez, President of the Mexican Mining Chamber (CAMIMEX) stated that political risk causes a reduction in the mining investment in Mexico.  The lack of legal certainty and a complex environment for obtaining licenses and concessions are holding back investment in the Mexico’s mining sector, despite the rise in metal prices. Actual spending was USD $4.25B, 15.6% below the original estimates, according to CAMIMEX. The figure is lower than the USD $4.67B in 2019 and is well below the high of USD $8.42B in 2012.  Due to the lack of mining concessions, investment opportunities of USD $25B are lost in the country. Currently, there are 29 applications detained in the Secretary of the Environment and Natural Resources (SEMARNAT) and 34 at the National Water Commission (CONAGUA). With an adequate legal framework and adequate incentives, mining activity could generate 50 thousand additional direct jobs and more than MXP $25B a year in addition to those already paid by mining. “The statements of the President (against mining), not granting mining concessions, denying access to information, making procedures increasingly slow, although the terms are established in the law, and the lack of personnel in the Mining Directorate General  have impeded the advancement of mining projects in the country”.
  • Alfonso Durazo, governor of Sonora State, declared that the Mining Fund program could be back in the state after it was frozen for a little more than three years by the Federal government. If the Mining Fund is back, the injection of resources into the entity in this 2022 will be greater than MXP $1,000M, same that will benefit the mining towns and incidentally will give a good respite to state public finances.

ON EXPLORATION

  • Reyna Gold Corp., reported surface and trench sampling results from its La Gloria project. To date, 1,252 sample results have been received from the Main Zone area where drilling will commence this coming February. A total of 555 samples out of 713 returned greater than 0.1 g/t Au, including 23 with greater than 5 g/t Au at Big Pit area. High grade values were encountered at Big Pit and Pique Viejo areas including values of 93.9 g/t Au, 36.2 g/t Au, 46.1 g/t Au, 24.4 g/t Au, 20.1 g/t Au. Other areas such as Las Quintas, Las Quintas West, San Pedro, and Alamo Muerto returned values of 20.1 g/t Au, 15.9 g/t Au, 13.3 g/t Au, 11.1 g/t Au, 13.6 g/t Au, and 9.3 g/t Au. Reyna Gold has already the drill permits to commence a drilling program at Big Pit and Pique Viejo areas in February, 2022. Sampling and mapping will continue in other target areas of the property.
  • Colibri Resource Corporation announced it has purchased a RC drilling rig and peripheral equipment to reduce drilling expenses and advance its exploration work at their Mexican properties.
  • Heliostar Metals limited informed that its 5,000m drill program at its Cumaro project has recommenced after the Christmas break. Heliostar reported that four holes totalling 428m were completed in December 2021. Results are pending and will be released in late February.
  • Mammoth Resources Corp., added additional drill contractor to its ongoing drill program at its Tenoriba project. The company reported that 4 holes collared at the Central-Masuparia area were completed prior to the Christmas break. Samples were cut and submitted to the lab. Results are pending. Last December, 2021, Mammoth announced the granting of an additional permit to cover an additional 183 drill hole locations, expanding the total number of permitted drill hole locations to 321 over the entire approximately 6-km trend of surface gold-silver mineralization at Tenoriba property, Chihuahua.
  • Radius Gold Inc., provided a review of 2021 and an update of their Mexican properties. At Amalia project. Chihuahua, 45 drill holes totalling 14,402m have been completed of which 10,588m in 31 holes were drilled in the Amalia Vein System and 3,814m in 14 holes were drilled in the California Vein System. Drilling has re-commenced at El Cuervo target with 3,500m of core drilling expected in the coming months. There are still several targets remaining to drill test including Oro Viejo, La Caverna, California SE, El Pozo and Palmillas. At Maricela project, Sonora, the company mapped and sampled the Au-Ag Epithermal Vein system, extending 1.5km long by 300m wide, within which occurs multiple veins, stockworks, and breccias. 576 samples have been collected with highlights including intervals of 4.46 g/t Au and 1,335 g/t Ag over 3m at la Baby Gloria Vein;  1.03 g/t Au and 418 g/t Ag over 63 at Silver Central Vein; and 0.31 g/t Au and 62 g/t Ag over 25.3m at intersecting veins. At Plata Verde project, Chihuahua, Radius completed a geophysical survey. NP/Resistivity sections show significant structural zones extending to depth directly below the known large scale historic silver mines. Two priority targets for drilling have been generated. In addition, the company completed detail underground mapping and sampling of the historic Mina Real y Mina Mojonera. Radius is evaluating options to fund drilling later this year.
  • Riverside Resources inc., provided an outlook on the upcoming 2022 and informed on some of the achievements and milestones in 2021. Riverside plans to advance their exploration projects in Sonora. It plans to advance its La Union project in Sonora, where sampling results have returned up to  84 g/t Au and >1,500 g/t Ag in rock chip samples. On the exploration alliance with BHP, the company is progressing on 3 funded programs with spending of over USD $3M in the first 6 months of 2022, doing exploration on selected and defined projects, finalizing third party acquisitions, and advance work toward drilling. At Cecilia project, Sonora, along with its partner Carlyle, the objective is to complete further drilling which could define a possible mineralized body at depth around the Cerro Magallanes main dome. At Los Cuarentas project in Sonora, the plan is to advance it with further drilling and test the porphyry copper center. It also wants to complete further farm out option deals from the Riverside portfolio such as Suaqui Grande and Suaqui Verde projects in Sonora, among others. Finally, it plans to work with partners to test porphyry copper targets at its Ariel project, Sonora.

ON MINING

  • Americas Gold and Silver Corporation reported that it milled approximately 47K tonnes at a rate of 1,695 tonnes per operating day during, December 2021, with grades of 54 g/t Ag, 4% Zn, and 1.8% Pb to produce 46K Oz Ag, 3.2M Lb Zn, and 1.3M Lb Pb from its Cosalá operation in Sinaloa.
  • Torex Gold Resources inc., announced production results from its El Limon-Guajes mine in Guerrero for Q4 and the full year 2021. The company mined in Q4, 2021, an average of 1,030 tonnes per day from underground and 9,390 tonnes per day from open pit to produce 109,410 Oz Au. Torex mined an average of 1,260 tonnes per day from underground and 13,040 tonnes per day from open pit in the full year 2021 to produce 468,200 Oz Au. The company sold 468,820 Oz Au at an average realized price of USD $1,790/Oz Au, including 109,390 Oz Au at an average realized price of USD $1,795/Oz Au.
  • Endeavour Silver Corp., reported Q4 and full year 2021 production results from their Mexican mine operations. During the period Q4, 2021, the company processed from Guanacevi mine, Durango 108.3K tonnes of 1.21 g/t Au and 417 g/t Ag with metallurgical recoveries of 92.2% and 89.6% respectively to produce 3,885 Oz Au and 1.3M Oz Ag, and from Bolañitos mine, Guanajuato, 105.2K tonnes of 1.83 g/t Au and 48 g/t Ag with metallurgical recoveries of 88.9% and 87% respectively to produce 5,502 Oz Au and 141.2K Oz Ag. Endeavour also reported full year production results from their Mexican mines. It processed 414.3K tonnes from Guanacevi mine, Durango at grades of 1.09 g/t Au and 370 g/t Ag with metallurgical recoveries of 91.7% and 87.9% respectively to produce  13,317 Oz Au and 4.33M Oz Ag; from Bolañitos mine, Guanajuato itprocessed 418.5K tonnes of 2.02 g/t Au and 42 g/t Ag wit metallurgical recoveries of 90.7% and 87% respectively to produce 24,652 Oz Au and 491.4K Oz Ag; and from El Compas mine, Zacatecas it processed  54.5K tonnes of 3.05 g/t Au and 36 g/t Ag with metallurgical recoveries of 80.2% and 72.5% respectively to produce 4,293 Oz Au and 45.8K Oz Ag. Consolidated results for the period Q4, 2021 were 213.5K tonnes of 1.52 g/t Au and 235 g/t Ag with metallurgical recoveries of 90.8% and 89.4% respectively to produce 9,446 Oz Au and 1.44M Oz Ag, while for the full year 2021 were 887.4K tonnes of 1.65 g/t Au and 195 g/t Ag with metallurgical recoveries of 89.8% and 87.6% respectively to produce 42,262 Oz Au and 4.87M Oz Ag.
  • Golden Minerals Company reported Q4 and full year 2021 production results from its Rodeo project, Durango. In Q4, 2021, Golden mined 145,205 tonnes and processed 42,827 tonnes of 4.6 g/t Au and 14 g/t Ag with metallurgical recoveries of 76.5% and 82.6% respectively to produce 4,831 Oz Au and 15,250 Oz Ag (5,028 Oz AuEq). The company sold 5,164 Oz Au and 15,552 Oz Ag (5,366 Oz AuEq) at realized price, before refining and selling costs of USD $1,784 per Oz Au and USD $23.08 per Oz Ag. In the full year 2021, Golden mined 661,102 tonnes and processed 149,411 tonnes of 4.1 g/t Au and 12 g/t Ag with metallurgical recoveries of 74.9% and 89.9% respectively to produce 14,449 Oz Au and 51,058 Oz Ag (15,256 Oz AuEq). The company sold 13,732 Oz Au and 48,970 Oz Ag (14,454 Oz AuEq) at realized price, before refining and selling costs of USD $1,793 per Oz Au and USD $24.83 per Oz Ag.
  • Equinox Gold Corporation announced full year 2021 production from their Mexican operations and provided production guidance for the year 2022. At Los Filos mine, Guerrero, the company produced 144.1K Oz Au and expects to produce 120K-140K Oz Au in the year 2022. At Mercedes mine, Sonora, the company produced 31.8K Oz Au and expects to produce 30K-45K Oz Au in the year 2022.
  • Gatos Silver Inc., reported Q4 and full year 2021 production results from its Cerro Los Gatos mine, Chihuahua. In Q4, 2021 the company milled 241,397 tonnes of 331 g/t Ag, 0.3 g/t Au, 2.2% Pb, and 3.9% Zn with metallurgical recoveries of 90%, 63%, 91%, and 93% respectively, to produce 2.3M Oz Ag, 1,300 Oz Au, 10.2M Lb Pb, and 12.9M Lb Zn. In the full year 2021, Gatos Silver milled 909,586 tonnes of 295 g/t Ag, 0.32% Au, 2.3% Pb, and 3.9% Zn with metallurgical recoveries of 86%, 61%, 86%, and 73% respectively, to produce 7.6M Oz Ag, 5,200 Oz Au, 39.8M Lb Pb, and 49.6M Lb Zn.
  • Oroco Resource Corp., reported results from eight drill holes collared in the North Zone within its Santo Tomas project in Sinaloa. Significant drill intercepts were encountered in hole N001 with 0.18% Cu, 0.012% Mo, 0.02 g/t Au and 1 g/t Ag over 27m, plus 0.39% Cu, 0.01% Mo, 0.045 g/t Au and 2 g/t Ag over 255m, plus 0.17% Cu, 0.003% Mo, 0.008 g/t Au and 1 g/t Ag over 49m; hole N002 with 0.38% Cu, 0.012% Mo, 0.025 g/t Au and 23 g/t Ag over 281.1m; hole N003 with 0.31% Cu, 0.009% Mo, 0.014 g/t Au and 3g/t Ag over 11.8m, plus 0.33% Cu, 0.018% Mo, 0.017 g/t Au, and 1g/t Ag over 17.7m, plus 0.29% Cu, 0.025% Mo, 0.02 g/t Au and 3 g/t Ag over 25.5m, plus 0.5% Cu, 0.008% Mo, 0.026 g/t Au and 3 g/t Ag over 14.3m, plus 0.39% Cu, 0.014% Mo, 0.019 g/t Au and 3 g/t Ag over 207.7m, plus 0.18% Cu, 0.002% Mo, 0.007 g/t Au and 2 g/t Ag over 76.2m, hole N004 with 0.38% Cu, 0.012% Mo, 0.017 g/t Au and 2 g/t Ag over 63.7m; hole N006 with 0.39% Cu, 0.004% Mo, 0.051 g/t Au and 2 g/t Ag over 188.5m, plus 0.17% Cu, 0.005% Mo, 0.011 g/t Au and  1 g/t Ag over 53.7m, hole N007 with 0.32% Cu, 0.005% Mo, 0.029 g/t Au, and 3 g/t Ag over 191.3m, plus 0.32% Cu, 0.012% Mo, 0.018 g/t Au and 3 g/t Ag over 109.9m; and hole N008 with 0.38% Cu, 0.01% Mo, 0.038 g/t Au and 3 g/t Ag over 328.3m. “Drilling confirms that the North Zone is comprised of intensely fractured, potassic- and phyllic-altered andesite volcanics and Laramide-age porphyritic intrusive dikes. Elevated Mo, Au and Ag accompany copper assays along the central axis of the North Zone”.
  • Osisko Gold Royalties Inc., announced that a total of 27,000m were completed on exploration and infill drilling on the Sapuchi, California and Golfo de Oro deposits at its San Antonio project in Sonora. These three deposits comprise 900m of a 3km long Iron Oxide Copper Gold (IOCG) trend that ends at the past producing Luz del Cobre copper deposit. The highlights of the drilling campaign to date include 2.14 g/t Au over 21.65m, and 1.03 g/t Au over 39.9m to extend the known mineralization. Osisko also announced that the historic gold stockpile is being stacked onto a new heap leach pad with production commencing in early 2022 along with an updated resource estimation for the three deposits being drilled.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., released results from its ongoing drilling program at its El Tigre project, Sonora, including a high grade intercept in a structure located between the Tiger Vein and the Seitz Kelly Vein. Hole ET-21-274 encountered 0.84 g/t Au and  1 g/t Ag (65 g/t AgEq) over 15m, including 1.42 g/t Au and 1 g/t Ag (108 g/t AgEq) over 4.5m, plus 0.4 g/t Au, 8 g/t Ag, 0.02% Cu, 0.02% Pb, and 0.03% Zn (41 g/t AgEq) over 6.3m, including 0.71 g/t Au, 13 g/t Ag, 0.02% Cu, 0.03% Pb, and 0.1% Pb (73 g/t AgEq) over 1.5m on Seitz Kelly Vein; and hole ET-21-278 encountered in a new structure 3.99 g/t Au, 32 g/t Ag, 0.04% Cu, 0.09% Pb, and 0.17% Zn (343 g/t AgEq) over 16.1m, including 12.24 g/t Au, 84 g/t Ag, 0.11% Cu, 0.2% Pb, and 0.3% Zn (1,029 g/t AgEq) over 5.1m, including 102.1 g/t Au, 120 g/t Ag, 0.13% Cu, 0.2% Pb, and 0.4% Zn (7,808 g/t AgEq) over 0.6m, plus 0.01 g/t Au, 78 g/t Ag, 0.07% Cu, 0.06% Pb, and 0.02% Zn (88 g/t AgEq) over 0.9m, plus 0.04 g/t Au, 86 g/t Ag, 0.1% Cu, 0.1% Pb, and 0.2% Zn (108 g/t AgEq) over 1m on Seitz Kelley Vein.
  • Prime Mining Corp., announced results from 13 new holes drilled at the Noche Buena deposit within its Los Reyes property in Sinaloa. Highlights include hole 21NB-22 with 16 g/t Au and 74 g/t Ag over a true width (TW) of 2.7m, plus 0.91 g/t Au and 44 g/t Ag over a TW of 24.3m, including 3.49 g/t Au and 82 g/t Ag over a TW of 0.9m; hole 21NB-23 with 75 g/t Au and 110 g/t Ag over a TW of 3.8m, plus 1.89 g/t Au and 76 g/t Ag over a TW of 19.7m, including 4.83 g/t Au and 250 g/t Ag over a TW of 3m; hole 21NB-21 with 92 g/t Au and 24 g/t Ag over a TW of 12.8m, plus 1.09 g/t Au and 66 g/t Ag over a TW of 4.3m; and hole 21NB-17 with 1.27 g/t Au and 13 g/t Ag over a TW of 12m, including 38 g/t Au and 8 g/t Ag over a TW of 2.2m. These drilling results have extended the size of the Noche Buena deposit. “The Noche Buena portion of the Central Structure has now been tested and mineralization identified along approximately 600 m of its known 1,000 m strike length.  The structure remains open along strike and at depth both to the northwest and the southeast. Phase 2 drilling is planned to test extensions to the northwest towards San Miguel, where there is strong potential to join the two deposits, and to the southeast where the structure has been traced in surface mapping”.
  • Avino Silver & Gold Mines Ltd., provided results from its Phase 2 drilling program conducted at its Avino property in Durango. The company informed that over 15,500m were drilled in 2021 testing several targets including Brecha de Bajo Vein, where the company made the discovery of a new vein splay called Bart Vein which appears to be mineralized. Highlights results from Brecha de Bajo and Bart Veins include hole NBX-21-02 with 0.06 g/t Au, 151 g/t Ag, 0.37% Cu, 0.06% Pb, and 0.2% Zn (211 g/t AgEq) over 1.20m, plus 0.08 g/t Au, 21 g/t Ag, 0.55% Cu, and 0.2% Zn (103 g/t AgEq) over 7.8m, and plus 0.06 g/t Au, 48 g/t Ag, 0.76% Cu, and 00.3% Zn (159 g/t AgEq) over 0.65m; hole NBX-21-03 with 0.14 g/t Au, 84 g/t Ag, 0.32% Cu, and 0.2% Zn (147 g/t AgEq) over 1.5m, plus 0.27 g/t Au, 72 g/t Ag, 0.26% Cu, 0.3% Pb, and 0.1% Zn (141 g/t AgEq) over 15.4m, including 0.3 g/t Au, 380 g/t Ag, 1.19% Cu, 0.4% Pb, and 0.2% Zn (547 g/t AgEq) over 1.05m, plus 0.84 g/t Au, 44 g/t Ag, 0.21% Cu, and 0.2% Pb (151 g/t AgEq) over 32.2m, including 1.58 g/t Au, 120 g/t Ag, 0.11% Cu, and 0.1% Pb (267 g/t AgEq) over 1.95m.
  • Capitan Mining Inc., reported results from six RC holes collared at its Peñoles project in Durango. The most significant drill intercept was encountered in hole CARC 21-48 with 0.39 g/t Au and 3 g/t Ag (0.42 g/t AuEq)  over 35.1m, including 1.08 g/t Au and 2 g/t Ag (1.1 g/t AuEq) over 4.6m, including 0.7 g/t Au and 2 g/t Ag (0.72 g/t AuEq) over 4.6m. This drill result extends mineralization 170m down-dip from hole 21-CARC-25. Capitan Mining informed that assays for 11 drill holes are pending. The drilling program will be resumed in late January.
  • Excellon Resources Inc., released results from its underground drilling program conducted at the Platosa property in Durango. Follow-up drilling on the 817 Zone below Manto 623 defined a zone of high-grade silver mineralization. Highlights include hole EX21UG76 with 4,035 g/t Ag, 25.2% Pb, and 11.8% Zn (5,089 g/t AgEq) over 0.4m, plus 1,430 g/t Ag, 12% Pb, and 21.7% Zn (3,905 g/t AgEq) over 1.8m; hole EX21UG60 with 2,398 g/t Ag, 14.2% Pb, and 33.2% Zn (3,905 g/t AgEq) over 1.8m; hole EX21UG812 with 1,267 g/t Ag, 7.5% Pb, and 19% Zn (2,124 g/t AgEq) over 2.8m; hole EX21UG769 with 4,060 g/t Ag, 29.7% Pb, and 3.3% Zn (4,939 g/t AgEq) over 0.9m; and hole EX21UG770 with 2,956 g/t Ag, 6.1% Pb, and 1.3% Zn (3,158 g/t AgEq) over 1m. The company also informed that underground drilling will continue testing below historical-mined areas for potential vertical zones.
  • Fabled Silver Gold Corp., released results from its ongoing drilling program at its Santa Maria project, Chihuahua. Hole SM20-48 encountered 0.04 g/t Au, 58 g/t Ag, 0.2% Pb, and 0.2% Zn (60 g/t AgEq) over 1.5m, plus 0.4 g/t Au, 90 g/t Ag, 0.2% Pb, and 0.5% Zn (111 g/t AgEq) over 24.5m, including 0.49 g/t Au, 113 g/t Ag, 0.3% Pb, and 0.7% Zn (139 g/t AgEq) over 17.1m, including 0.6 g/t Au, 129 g/t Ag, 0.4% Pb, and 0.8% Zn (160 g/t AgEq) over 7.5m, including 0.83 g/t Au, 210 g/t Ag, 0.6% Pb, and 1.4% Zn (253 g/t AgEq) over 3m, including 1.25 g/t Au, 315 g/t Ag, 0.6% Pb, and 1.2% Zn (379 g/t AgEq) over 1.50m.
  • Zacatecas Silver Corp., received permits for 13 new drill pads and applied for permits on additional 27 drill pads at its Panuco deposit in Zacatecas. The Company is currently drilling shallow angled holes in the northeast of the Panuco North Vein to test the near surface down-dip extension of vein outcrops and shallow historical workings. It also expects to receive soon the approval of an application for permits to drill El Cristo vein system, which was submitted to SEMARNAT in December 2021.
  • Silver Dollar Resources Inc., announced that exploration drilling has recommenced at its La Joya project, Durango. The company completed 5 holes on the Noria portion of the property for a total of 1,134m before the Christmas break with the aim of testing possible structural extensions of known mineralized zones identified in historical drilling. Sample results from these holes will be reported once they are available.
  • GoGold Resources Inc., release results from 13 drill holes collared at Mololoa Area within its Los Ricos North project, Jalisco. Drilling highlights include hole LRGM-21-066 with 1.21 g/t Au and 242g/t Ag (4.44 g/t AuEq or 333 g/t AgEq) over 11.3m, including 5.2 g/t Au and 1,143 g/t Ag (20.44 g/t AuEq or 1,533 g/t AgEq) over 1.4m; hole LRGM-21-068 with 0.6 g/t Au and 155 g/t Ag (2.68 g/t AuEq or 201 g/t AgEq) over 12.9m, including 3.56 g/t Au and 872 g/t Ag (15.19 g/t AuEq or 1,139 g/t AgEq) over 0.7m; hole LRGM-21-077 with 1.51 g/t Au and 376 g/t Ag (6.52 g/t AuEq or 489 g/t AgEq) over 36.3m, including 6.94 g/t Au and 1,683 g/t Ag (29.78 g/t AuEq or 2,204 g/t AgEq) over 6.5m, including 21.8 g/t Au and 5,040 g/t Ag (89 g/t AuEq or 6,675 g/t AgEq) over 1m, plus 5.02 g/t Au and 1,385 g/t Ag (2,349 g/t AuEq or 1,762 g/t AgEq) over 1.6m; and hole LRGM-21-089 with 0.81 g/t Au and 151 g/t Ag (2.82 g/t AuEq or 212 g/t AgEq) over 24.1m, including 2.87 g/t Au and 426 g/t Ag (8.56 g/t AuEq or 641 g/t AgEq) over 4.2m, including 4.18 g/t Au and 748 g/t Ag (14.15 g/t AuEq or 1,061 g/t AgEq). The company is pleased with the drilling results on Mololoa Area and will continue its aggressive resource expansion drilling program at Los Ricos North deposit. GoGold also will commence drilling at the Cabrera zone, which is the newest target for Los Ricos North deposit.

ON DEALS AND CORPORATE ISSUES

  • Ranchero Gold Corp., announced the appointment of its President effective immediately (Santa Daniela project, Sonora).
  • Starcore International Mines Ltd., announced the appointment of its new President and Director. This appointment follows the resignation of Robert Eadie as President of the Company.   Mr. Eadie remains as Chairman, CEO and a director of the Company.  (San Martin mine, Queretaro).
  • Capitan Mining Inc., entered into a purchase agreement to acquire a portfolio of royalties including a 2% royalty on the Capitan Gold oxide deposit in Durango from Exploraciones Altiplano. Total purchase price of royalty portfolio is USD $1M over two years, payable in cash and shares. “Any shares issued to Altiplano are subject to right of first refusal (ROFR) allowing Capitan to market and place shares with investors if Altiplano elects to sell. This transaction with Altiplano in combination with Capitan’s contractual option to retire Riverside Resources 1% royalty for CAD $250K will leave the Peñoles project royalty free and will enhance overall project economics for investors.
  • Endeavour Silver Corp., entered into a definitive agreement to acquire the Pitarrilla project in Durango State from SSR Mining Inc., for total consideration of USD $70M and a 1.25% NSR. The USD $70M will consists of USD $35M in Endeavour shares and a further USD $35M in cash or in Endeavour shares at the election of SSR Mining. The number of Endeavour shares to be issued will be based on a deemed price of USD $4.085 per share.

ON SOCIAL RESPONSIBILITY

  • Compañia Minera Cuzcatlán (Fortuna Silver Mines Inc.), along with local municipal authorities from the Valles Centrales de Oaxaca and Cuenca de Papaloapan Regions delivered toys to more than 20,000 girls and boys from Oaxaca. The delivery of toys is an example of the coordinated work that Compañía Minera Cuzcatlán carries out permanently with different communities, as part of its commitment to generate shared development and well-being in 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, secondary copper staining on an IOCG project in Sonora, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of December, 2021. 

Scorodite in a quartz vein

By Miguel A Heredia

During the 50th week of the year (December 13th to December 19th, 2021), at least 30 press releases were announced by companies working in Mexico, and 1 news published by the media, with nine reporting resources and developments of their properties, eight disclosing deals and corporate issues, seven informing on exploration results, three communicating production and financial results, one announcing financial issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Great Panther announced that it has begun the closure process at its Guanajuato facility due to not having the respective permit to expand tailings storage in the Jolula Dam. ON EXPLORATION, In Sonora, Aztec Minerals and its JV partner Kootenay commenced a 5,000m RC drilling program at the Cervantes project, Barksdale announced the completion of the Phase I, 5,000m drilling program at the Cerro Verde Zone within its San Javier project, Canuc provided an update on the ongoing exploration program conducted at its San Javier project, and Tocvan commenced a 5,000-8,000m drilling program at its Pilar project. In Chihuahua, Kootenay released results from the last three holes collared at its Columba project, Monarca Minerals reported results from the last eight holes from its Phase 1 San Jose project exploration program, and Radius released drill results from the California target at its Amalia project.  ON MINING, Americas Gold and Silver announced that its Los Braceros plant has returned to nameplate production at its Cosala mine operation in Sinaloa. GoGold reported Q3, 2021 production and financial results from its Parral Tailings property in Chihuahua. Orla announced that three bars with a total weight of 1,278 Oz containing approximately 770 Oz Au and 510 Oz Ag were poured at its Camino Rojo property in Zacatecas.  ON FINANCING, Barksdale announced a non-brokered private placement of $1,750,000 secured convertible debentures (San Javier project, Sonora). ON RESOURCES AND DEVELOPMENT, Chesapeake provided an update of its Metates property in Durango, and announced technical plans for 2022. Endeavour released drill results from its Parral project, Chihuahua. Fabled released results from its ongoing drilling program at its Santa Maria project in Chihuahua. Impact announced the discovery of the New San Ramon Zone within its Zacualpan mining district in the Sate of Mexico, with high Au-Ag grades intersections. SilverCrest announced remaining results from its 2021 infill and expansion drilling program at its Las Chispas project in Sonora. Tarachi Gold announced positive results of the PEA conducted on its Magistral Mill and Tailing project in Durango. Torex reported results from the 2021 drilling program at its El Limon Guajes underground mine in Guerrero, including zones referred to as Sub-Sill and El Limon Deep. Vizsla released results from three new drill holes targeting the Napoleon Vein resource area at its Panuco project in Sinaloa. Zacatecas Silver reported Initial Inferred Mineral Resource Estimate for its Panuco deposit in Zacatecas.  ON DEALS AND CORPORATE ISSUES, Advance Lithium announced that its stock symbol changed from TSXV: AAX to TSXV: AALI (Tabasqueña project, Zacatecas). Bear Creek entered into a definite agreement with Equinox to acquire a 100% interest in the Mercedes mine in Sonora.  Consolidated Zinc entered into an offtake agreement with Metco Trading for the sale of 100% of the Plomosas lead concentrates produced from Plomosas for calendar year 2022. Defiance announced results from its annual and special general meeting of shareholders (San Acacio project, Zacatecas). Golden Minerals appointed a new member to its Board of Directors (Rodeo project, Durango). Mexican Gold announced favourable resolution of the claims dispute at its Las Minas project, Veracruz.   ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Great Panther Mining Limited announced that it has begun the closure process at its Guanajuato facility. Great Panther issued a statement announcing the gradual closure of activities, due to not having the respective permit to expand tailings storage in the Jolula Dam, which is part of the mining complex. According to Great Panther, the permit was requested to the National Water Commission (CONAGUA) but so far it has not been authorized. For that reason the company cannot continue operating; but the operations will return, once they receive said authorization. The activities will continue solely for the care and maintenance of facilities. The mines that will be shut down are San Ignacio, the Guanajuato Complex and the Jolulaprocessing plant, located in the former Hacienda de Bustos, also known as ‘Cata’. Mine workers have expressed concern about the situation because when the activities stop in the mines in which they work they will lose their economic income. The precise data on how many employees will be affected by the situation is not yet available.

ON EXPLORATION

  • Aztec Minerals Corp., and its JV partner Kootenay Silver Inc., commenced a 5,000m RC drilling program to test four main targets at the Cervantes project in Sonora. “The primary objectives of the drilling program are to better define the near surface, oxide gold potential of the porphyry gold oxide cap at California, evaluate the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, test for north and west extensions of the California mineralization at California North and Jasper, and assess the breccia potential of Purisima East”.
  • Barksdale Resources Corp., announced the completion of the Phase I, 5,000m drilling program conducted at the Cerro Verde Zone within its San Javier project. All of the 36 holes collared at Cerro Verde encountering Cu mineralization. Significant drill results were encountered in hole SJ21-09 with 0.74% Cu over 18m, including 1.75% Cu over 15m; hole SJ21-07 with 1.47% Cu over 15m, plus 0.54% Cu over 12m; hole SJ21-15 with 0.49% Cu over 66m; hole SJ21-08 with 0.64% Cu over 18m, plus 0.54% Cu over 12m; and hole SJ-21-18 with 0.45% Cu over 12m. Although there are still 15 drill holes at the lab pending for results, the drilling has confirmed and expanded the footprint of the Cerro Verde Zone and indicates that Cu mineralization remains open particularly to the south, west, and northeast. The company has logged and sampled all the 36 drill holes collared during the 5,000m, Phase I drill program. It is currently working on completing an updated geological model in early Q1, 2022. Barksdale plans to conduct an initial resource estimate for the Cerro Verde Zone once assays are delivered by the lab. 
  • Canuc Resources Corporation provided an update on the ongoing exploration program at its San Javier project in Sonora. Approximately 11.2 km of drill and trench access roads were completed during the year. One of these roads encountered bedrock consisting of stockwork quartz veining and hydrothermal breccia. A strong northwest trending structure containing gold mineralization was identified along a strike length of more than 3 km. A total of 672 samples were collected from these trenches and road cuts, returning values ranging from <0.005 to 3.18 g/t Au; 00.3 to 169 g/t Ag, and 5ppm to 2.85% Cu. Highlights include 0.47 g/t Au and 0.37% Cu over 14.5m; 0.3 g/t Au over 56m; 0.21 g/t Au over 26m; 0.19 g/t Au over 10m; and 0.16 g/t Au and 0.48% Cu over 13m. Canuc also announced that 27 samples averaging 0.70m wide were collected from known magnetite bearing prospects in the northern part of the property returning up to 1.67 g/t Au, 1,877 g/t Ag and 6,823 ppm Cu, with a weighted average of 0.09 g/t Au, 295 g/t Ag, and 1,784 ppm Cu. In addition, seven channel samples averaging 0.8m wide collected from old mine workings found on recently acquired claims returned notable values in Au (up to 1.67 g/t), Ag (up to 511 g/t) and Cu (up to 1,854 ppm), with a weighted average of 0.15 g/t Au, 282 g/t Ag, and 604 ppm Cu. A drone-supported magnetic survey was completed late in the year and was accompanied by reconnaissance scale geological mapping. Several large magnetic anomalies were identified and targeted for drill testing. The San Javier area has become increasingly recognized as being highly prospective for IOCG, porphyry and other Intrusion-related Au, Ag and Cu-Au mineralization.
  • Tocvan Ventures Corp., commenced a 5,000-8,000m drilling program at its Pilar project. “Drilling will focus on continued step-out drilling along the Main Zone Trend and new 4-Trench Trend. Exploration drilling will continue to evaluate target areas along the Triple Vein Zone. Surface exploration work is currently underway on key target areas and channel samples from the recent trench program have been submitted for analysis”.
  • Kootenay Silver Inc., released results from the last three holes of the 2021 Phase 3 drilling program performed on the B Vein within its Columba project in Chihuahua. Hole CDH-21-111 encountered 105 g/t Ag, 0.04% Pb, and 0.06% Zn over 5.29m, including 190 g/t Ag, 0.07% Pb, and 0.1% Zn over 2.15m, including 387 g/t Ag, 0.2% Pb and 0.1% Zn over 0.65m; hole CDH-21-112 intersected 125 g/t Ag, 0.05% Pb, and 0.1% Zn over 0.7m, plus 174 g/t Ag, 0.07% Pb, and 0.15% Zn over 0.65m, plus 219 g/t Ag, 0.06% Pb, and 0.1% Zn over 29.50m, including 434 g/t Ag, 0.1% Pb, and 0.2% Zn over 13.05m, including 667 g/t Ag, 0.2% Pb, and 0.3 Zn over 7.05m, including 1,050 g/t Ag, 0.4% Pb, and 0.2% Zn over 2m, including 781 g/t Ag, 1% Pb, and 0.1% Zn over 1m; and hole CDH-21-13 with 156 g/t Ag, 0.06% Pb, and 0.1% Zn over 3.5m, including 574 g/t Ag, 0.2% Pb, and 0.3% Zn over 0.6m, plus 47 g/t Ag, 0.01% Pb, and 0.06% Zn over 54.90m, including 114 g/t Ag, 0.01% Pb, and 0.1% Zn over 3m, including 393 g/t Ag, 0.03% Pb, and 0.3% Zn over 2.05m, including 628 g/t Ag, 0.05% Pb, and 0.4% Zn over 1.10m. The company is focused on designing a drill program for the coming year to test the promising high-grade zones at Columba, including the B Vein.
  • Monarca Minerals Inc., reported results from the last eight holes from its Phase 1 San Jose project exploration program. Highlights include hole SJ-05 with 0.3 g/t Au, 2 g/t Ag, and 0.94% Cu over 4.6m, including 0.42g/t Au, 5 g/t Ag, and 0.21% Cu over 1.5m, and hole SJ-8 with 0.04 g/t Au, 79 g/t Ag, 0.34% Cu, 0.4% Pb, and 1.5% Zn over 1.5m, plus 0.36 g/t Au, 3 g/t Ag, 1% Cu, tr Pb, and 0.02% Zn over 6.1m, plus 0.84 g/t Au, <0.5 g/t Ag, 0.07% Cu, tr Pb, and tr Zn over 1.5m, plus 3.11 g/t Au, 32 g/t Ag, 0.13% Cu, 0.08% Pb, and 0.06% Zn over 3m, including 4.29 g/t Au, 53 g/t Ag, 0.18% Cu, 0.1% Pb, and 0.04% Zn over 1.5m. “Mineralization has been intersected in exoskarn and endoskarn and silicified intrusives, which are locally potassically altered with shreddy biotite and potassium feldspar. The area to the west of the completed drilling, where there is potential for skarn mineralization at the contact between mineralized intrusives and overlying dolomitized limestone is the site of the largest IP anomaly in the project area, which remains un-drilled from above where the dolomitized limestone outcrops”.
  • Radius Gold Inc., released drill results from the California target at its Amalia project in Chihuahua. Significant drill interceptions were encountered in holes AMDD21-45 with 60 g/t Ag over 87.25m, including 104 g/t Ag over 10.95m, plus 165 g/t Ag over 3.1m, and plus 187 g/t Ag over 3.3m; hole AMDD21-034 with 87 g/t Ag and 2.15 g/t Au over 3.95m; hole AMDD21-038 with 379 g/t Ag and 1.26 g/t Au over 11.20m; hole AMDD21-039 with 353 g/t Ag and 2.59 g/t Au over 12.75m; and hole AMDD21-044 with 346 g/t Ag and 0.63 g/t Au over 19.05m. “The system remains open to expansion along strike and to depth and so far has only been drilled on 200m centers. With the San Pedro zone drill defined and infill drilling planned for next year at California, we will be in a position to define a significant resource at the Amalia Property. With drilling on-going at the El Cuervo target and many targets remaining to drill test (Oro Viejo, La Caverna, and California SE), 2022 will be an exciting year for Radius”.

ON MINING

  • Americas Gold and Silver Corporation announced that its Los Braceros plant has returned to nameplate production at its Cosala mine operation in Sinaloa.  The company now is milling over 1,600 tonnes of ore per day grading 55 g/t Ag, 4.5 % Zn, and 1.9% Pb. Starting January, 2022 the company expects to increase the throughput to an average of 1,800 tonnes per operating day.
  • GoGold Resources Inc., reported Q3, 2021 production and financial results from its Parral Tailings property in Chihuahua. The company produced 475,734 Oz AgEq at a cash and AISC of USD $14.25 and USD $19.29 per Oz AgEq. GoGold reported revenue of USD $10.95M; cost of sales, including depreciation of USD $8.4M; operating income of USD $178K; and cash flow from operations of USD $538K. Year to date September 30, 2021, GoGold has produced 1.14M Oz Ag, 13,447 Oz Au, and 1.05.M Lb Cu (or 2.27M Oz AgEq). The company reported revenue of USD $53.2M; cash of USD $66.8M, free cash of USD $24.8M, company cash flow from operations before working capital of USD $18.9M, and USD $12.4 M after working capital; and adjusted net income of USD $11M.
  • Orla Mining Ltd., announced that three bars with a total weight of 1,278 Oz containing approximately 770 Oz Au and 510 Oz Ag were poured at its Camino Rojo property in Zacatecas. During the month of November, the Company mined a total of 466,215 ore tonnes at an average grade of 0.65 g/t Au and crushed and stacked a total of 374,976 tonnes on the heap leach pad. Year to date November 30, 2021, the Company mined a total of 1,589,994 tonnes of ore at an average grade of 0.72 g/t Au and crushed and stacked a total of 750,564 tonnes.

ON FINANCING

  • Barksdale Resources Corp., announced a non-brokered private placement of $1,750,000 secured convertible debentures arranged through Delbrook Capital Advisors Inc., an existing shareholder of the company. The net proceeds from the private placement will be used for general corporate and working capital purposes (San Javier project, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Chesapeake Gold Corp., provided an update of its Metates property in Durango, and announced technical plans for 2022. Management members and technical team of the company have been focused on improving the Metates ´project economics as a low cost, scalable mine, and the PEA showed positive results demonstrating an alternative mine plan with an approximately 90% decrease in development capital compared to an autoclave process flow sheet. The company plans to advance the metallurgical and technical work on Metates. In addition, the five-hole PQ diameter core drill program completed for metallurgical test work returned on average, a 19% increase in grade over the block model predicted grades. An overall increase in grade could have a significant impact on the PEA geological model and further improve project economics. Two diamond drill rigs commenced a 16-hole infill program that will drill both up and down dip as well as along strike between the June 2021 holes. The Company expects to release results in early 2022 once assays have been received. Once the assays are received, an updated block model inputting all 21 holes will be the basis for a revised resource estimate, mine planning and future technical studies. On the other hand, Chesapeake plans to carry out follow-up work on four of their regional projects: Nicole, Durango, Lucy, Sinaloa, Sundae, Sinaloa, and Tatatila, Veracruz.
  • Endeavour Silver Corp., released drill results from its Parral project, Chihuahua. In this year, the company has drilled over 14,000m in 59 holes targeting several areas along the La Colorada vein with the goal of expanding the current mineral resources. Highlights from recent drill results include hole VCS-10 on Veta Colorada with 0.01 g/t Au, 2,846 g/t Ag, 0.65% Cu, and 0.01% Zn (2,914 g/t AgEq) over a true width (TW) of 0.89m, including 0.01 g/t Au, 3,380 g/t Ag, and 0.77% Cu (3,461 g/t AgEq) over a TW of 0.79m; hole VCU-38 on the hangingwall of Veta Colorada with 0.05 g/t Au, 204 g/t Ag, 0.07% Cu, 0.8% Pb, and 1.2% Zn (278 g/t AgEq) over a TW of 1.75m, including 0.08 g/t Au, 541 g/t Ag, 0.2% Cu, 0.8% Pb, and 2.2% Zn (667 g/t AgEq) over a TW of 0.33m, plus 0.11 g/t Au, 840 g/t Ag, 0.25% Cu, 9.1% Pb, and 4.7% Zn (1,288 g/t AgEq) over a TW of 2.77m on Veta Colorada, including 0.26 g/t Au, 1,585 g/t Ag, 0.55% Cu, 34.9% Pb, and 4.4% Zn (2,755 g/t AgEq) over a TW of 0.36m; and hole VCU-50 collared on Veta Colorada with 0.55 g/t Au, 708 g/t Ag, 0.2% Cu, 10.9% Pb, and 12.4% Zn (1,504 g/t AgEq) over a TW of 1.23m, including 0.91 g/t Au, 1,130 g/t Ag, 0.25% Cu, 18.9% Pb, and 18.7% Zn (2,406 g/t AgEq) over a TW of 0.69m.
  • Fabled Silver Gold Corp., released results from its ongoing drilling program at its Santa Maria project in Chihuahua. Hole SM20-44 encountered 1.1 g/t Au, 20 g/t Ag, 0.01% Cu, 0.1% Pb, and 0.2% Zn (86 g/t AgEq) over 7.95m, including 1.42 g/t Au, 31 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.3% Zn (104 g/t AgEq) over 5.80m, including 1.68 g/t Au, 40 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.4% Zn (129 g/t AgEq) over 4.05m, including 5 g/t Au, 42 g/t Ag, 0.01% Pb, 0.03% Pb, and 0.1% Zn (229 g/t AgEq) over 1.10m.
  • Impact Silver Corp., announced the discovery of high grade at the New San Ramon Zone located 50m to the south and 150m up dip from previous underground mining and drilling at the San Ramon Mine, within its Zacualpan mining district in Sate of Mexico. A total of 3,726m of drilling in 14 holes has been completed and highlights include hole Z21-15 with 1,443 g/t Au, 0.07% Pb, and 0.1% Zn over a true width (TW) of 1.93m; hole Z21-16 with 897 g/t Ag, 1.6% Pb, and 7.9% Zn over a TW of 1.93m; hole Z21-17 with 453 g/t Ag, 0.2% Pb, and 0.3% Zn over a TW of 2.1m; hole Z21-22 with 410 g/t Ag, 0.1% Pb, and 0.3% Zn over a TW of 1.81m; hole Z21-24 with 568 g/t Ag, 0.6% Pb, and 1% Zn over a TW of 3.65m; and hole Z21-28 with 480 g/t Ag, 0.1% Pb, and 0.1% Zn over a TW of 2.25m. “Known mineralization over the total San Ramon workings has a down dip length of 430m and a strike length of 500m. It remains open for expansion and additional drilling is in progress”.
  • SilverCrest Metals Inc., announced remaining results from its 2021 infill and expansion drilling program at its Las Chispas project in Sonora. The company reported that the 2021 infill and expansion drilling program consisted of 109,590m in 301 drill holes that include a total of 102,560m in 281 holes in the Babi Vista, Babi Vista Splay, Babi Vista FWZ, Babi Norte HG, Granaditas and El Muerto Veins. On Babi Vista Vein, 15 new infill drill holes returned an average grade of 10.82 g/t Au and 863 g/t Ag (1,804 g/t AgEq) over a true width (TW) of 0.90m. 2021 infill drilling results reported an average grade of 9.05 g/t Au and 782 g/t Ag (1,569 g/t AgEq) over a TW of 0.8m. On Babi Vista FWZ, 10 new infill drill holes returned an average grade of 14.13 g/t Au and 1,057 g/t Ag (2,285 g/t AgEq) over a TW of 0.5m. 2021 infill drilling results reported an average grade of 12.58 g/t Au and 2,404 g/t Ag (3,498 g/t AgEq) over a TW of 0.7m. On Babi Norte HW Vein, infill drill holes returned an average grade of 9.87 g/t Au and 98 g/t Ag (1,506 g/t AgEq) over a TW of 0.5m. 2021 infill drilling program reported an average grade of 6.27 g/t Au and 628 g/t Ag (1,167 g/t AgEq) over a TW of 0.5m. On El Muerto Zone and Hanging Wall Vein, the 2021 infill drilling program returned an average grade of 3.97 g/t Au and 274 g/t Ag (619 g/t AgEq) over a TW of 1.4m. On Babi Vista Splay Vein, the infill drilling of 41 holes in 2021 reported an average grade of 15.74 g/t Au and 1,316 g/t Ag (2,684 g/t AgEq) over a TW of 1m. On Granaditas Vein, drilling of 40 holes returned an average grade of 11.65 g/t Au and 2,806 g/t Ag (3,819 g/t AgEq) over 1.2m. “In H1, 2022, underground drill rigs will be working on tighter spaced definition drilling at Babicanora Main, Babi Vista and Babicanora Norte veins in support of underground production planning, a required part of the mining cycle. The surface rig will be working on expansion drilling on the northwest extension of the Babi Vista Vein and further infilling of the El Muerto veins”. 
  • Tarachi Gold Corp., announced positive results of the PEA conducted on its Magistral Mill and Tailing project in Durango. Highlights of the PEA includes an initial capital cost of USD $11.1M and after-tax payback in 1 year; development timeline of 12 months; cash and AISC of USD $648 and USD $705 per Oz Au respectively, net of Ag and Cu credits; pre-tax IRR of 120% and after-tax IRR of 85% at base case price of USD $1,600 Oz Au, USD $22 Oz Ag, and USD $3.40 Lb Cu; pre-tax annual free cash flow of  $15.3M and post-tax cash flow of USD $11.3M during years of full-rate production; and Life of Mine of 3.4 years with total production of 53,900 Oz Au, 75,800 Oz Ag, and 1.9M Lb Cu.
  • Torex Gold Resources Inc., reported results from the 2021 drilling program at its El Limon Guajes underground mine in Guerrero, including zones referred to as Sub-Sill and El Limon Deep. Highlights include holes LDUG-49 with 15.04 g/t Au, 15 g/t Ag, and 0.66% Cu over 34m; hole LDUG-152 with 21.52 g/t Au, 13 g/t Ag and 0.53% Cu over 22.5m; hole LDUG-148 with 9.65 g/t Au, 4 g/t Ag, and 0.18% Cu over 43.5m; hole LDUG-164 with 13.53 g/t Au, 16 g/t Ag, and 0.86% Cu over 28.9m; hole LDUG-166 with 8.92 g/t Au, 4 g/t Ag, and 0.21% Cu over 41m; hole LDUG-139 with 9.21 g/t Au, 19 g/t Ag, and 0.4% Cu over 25.1m; hole LDUG-165 with 6.95 g/t Au, 6 g/t Ag, and 0.27% Cu over 28.7m; hole LDUG-126 with 56.25 g/t Au, 9 g/t Ag, and 0.18% Cu over 3.5m: hole LDUG-146 with 7.02 g/t Au, 4 g/t Ag, and 0.16% Cu over 26.4m; hole LDUG-159 with 10.1 g/t Au, 2 g/t Ag, and 0.12% Cu over 17.8m; hole LDUG-153 with 19.79 g/t Au, 5 g/t Ag, and 0.52% Cu over 7.7m; hole SST-244 with 5.72 g/t Au, 2 g/t Ag, and 0.16% Cu over 24.8m; hole SST-216 with 30.02 g/t Au and 3 g/t Ag over 4m; hole SST-232 with 10.21 g/t Au, 156 g/t Ag, and 1.52% Cu over 11.3m; and hole SST-226 with 10.71 g/t Au, 11 g/t Ag, and 0.44% Cu over 7.8m. To date, Torex has drilled and received assays for 69 drill holes representing approximately 14,200m of drilling. Approximately 5,800m (43 holes) have been drilled at El Limon Deep with an additional 8,400m (26 holes) drilled at Sub-Sill Zone. Torex is expected to complete 25,000m drill program in 2021. There are currently 8 rigs actively drilling off the El Limon Guajes underground, including 3 rigs from surface and 5 rigs underground.
  • Vizsla Silver Corp., released results from three new drill holes targeting the Napoleon Vein resource area at its Panuco project in Sinaloa. Significant mineralization was intersected in holes NP-21-190 with 9.12 g/t Au, 1,058 g/t Ag, 4.7% Pb, and 1.7% Zn (1,902 g/t AgEq) over a true width (TW) of 2.33m, plus 5.14 g/t Au, 161 g/t Ag, 0.4% Pb, 1% Zn (665 g/t AgEq) over a TW of 4.53M; and hole NP-21-197 with 1.12 g/t Au, 55 g/t Ag, 0.05% Pb, and 0.9% Zn (177 g/t AgEq) over a TW of 4.27M, including 3.27 g/t Au, 73 g/t Ag, 0.08% Pb, and 3.3% Zn (452 g/t AgEq) over a TW of 0.99m.
  • Zacatecas Silver Corp., reported Initial Inferred Mineral Resource Estimate for its Panuco deposit in Zacatecas. The company estimated 2.73M tonnes of 171 g/t Ag and 0.17 g/t Au (187 g/t AgEq) for a total of 15.03M Oz Ag and 15K Oz Au (16.4M Oz AgEq), including a zone of 5.1M Oz AgEq at 235 g/t AgEq. The database for the Mineral Resource Estimate consisted of 75 drill holes totalling 23,444 m, and 183 trenches totalling 4,540 m, of which a total of 66 drill holes totalling 19,826 m and 135 trenches totalling 3,545 m intersected the mineralization wireframes used for the Mineral Resource Estimate.

ON DEALS AND CORPORATE ISSUES

  • Advance Lithium Corp., announced that its stock symbol changed from TSXV: AAX to TSXV: AALI (Tabasqueña project, Zacatecas).
  • Bear Creek Mining Corporation entered into a definite agreement with Equinox Gold Corp., to acquire a 100% interest in the Mercedes mine in Sonora: Terms of the agreement are a cash payment of USD $75M and issuance of 24,730,000 Bear Creek common shares on the closing of the acquisition; a deferred cash payment of USD $25M due within six months of the closing date; and a 2% NSR payable on metal production from the Mercedes mining concessions. The USD $75M cash payment on the closing date will be funded by USD $15M from the company´s treasury, and USD $60M from Sandstorm Gold Ltd. Bear Creek and Sandstorm entered into a gold purchase agreement and a debt financing agreement, both subject to customary closing conditions. In exchange for USD $37.5M, Sandstorm will receive 25,200 ounces of gold over 3.5 years, followed by 4.4% of the gold production from Mercedes for the remainder of the life-of-mine, and Sandstorm will pay Bear Creek USD $22.5M to subscribe for a 6%, three-year convertible debenture. Sandstorm has the right to convert the principal amount of the debenture into common shares of Bear Creek, at any time prior to the maturity date, at a 35% premium, or as approved by the TSX-V, to Bear Creek’s share price on closing of the transaction.
  • Consolidated Zinc Limited entered into a offtake agreement with Metco Trading S.A. de C.V. for the sale of 100% of the Plomosas lead concentrates produced from Plomosas for calendar year 2022. Key terms of this agreement include purchase of 100% of lead sulphide concentrates produced from Plomosas; purchase of 100% of lead oxide concentrates, a new lead concentrate product from Plomosas planned to commence production during the 1st quarter of 2022; and fixed treatment charges for 2022, include the new lead oxide concentrates.
  • Defiance Silver Corp., announced results from its annual and special general meeting of shareholders (San Acacio project, Zacatecas).
  • Golden Minerals Company appointed a new member to its Board of Directors, effective December 9, 2021 (Rodeo project, Durango).
  • Mexican Gold Mining Corp., announced favourable resolution of the claims dispute concerning certain lands that overlap a portion of the Company’s Pepe mineral concessions at its Las Minas project, Veracruz.   The General Director of Mines in Mexico has ruled in favour of Mexican Gold, thereby nullifying the portion of the overlapping Santa Fe Claims and reducing it such that it is positioned outside of the Company’s mineral claim boundaries as well as the NI 43-101 resource base.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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, scorodite in a quartz vein displaying boiling texture from an intermediate sulphidation epithermal vein system in a project in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of December, 2021

By Jorge Cirett

During the 49th week of the year (December 6th to December 12th, 2021), at least 20 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, there were no mining related news, two released financing news, one more settled a debt with shares and one more qualified to trade on the OTCQB; two companies released resource estimates, one posted on drilling results from an advanced property and one more provided an update on ramping up mining activities. One company changed its name and one more is to create a spin-off company for its remaining exploration projects. ON MEXICO ISSUES, Sonora, Guerrero and Oaxaca can become poles of mining activity. Camimex asked the president to ease the grip on the issuance of mining concessions, as it is to strangle the industry. The Zacatecas Mining Cluster inaugurated Quantum City. The national employment service increased the jobs offered in the mining industry. ON EXPLORATION, In Sonora, Heliostar Metals commenced drilling at Cumaro; Tocvan Ventures is trenching at Pilar. In Sinaloa, Vizsla Silver released drilling results from the Napoleon deposit at Panuco. In Guerrero, Pantera Silver received a drill permit for Nuevo Taxco. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver and Prismo Metals announced or closed financing rounds for C$9.52 M and $2 M respectively. Aloro Mining is to settle a $211 K debt with shares. Sierra Madre Gold and Silver qualified for trading at the OTCQB in the USA. ON RESOURCES AND DEVELOPMENT, Discovery Silver filed the technical report with updated mineral resources at Cordero. Fabled Silver released drill results at Santa Maria. GoGold presented the initial mineral resource estimate on four deposits at Los Ricos North project, and current resources at Los Ricos Sur and the Parral tailings projects. Minera Alamos updated on ramping up of mining at Santana. Oroco Resources released its first drilling results from drilling the Santo Tomás deposit in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Advance Gold changed its name to Advance Lithium Corp., and Solaris Resources intends to transfer its non-core assets to a subsidiary company. Prime Meridian Resources optioned the La Verde Grande project in Sonora, for which is to forward US400 K in cash and US$8 M in shares in staged payments. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to a note by Mexico Business News, Sonora, Guerrero and Oaxaca are to be poles of mining exploration in the coming years.
  • Camimex (Cámara Minera de México) asked the AMLO presidency to grant new mining concessions, as the lack of issuance of titles is to result in a shortage of mines in the future due to the lack of exploration. Mexico has seen its standing on the Fraser Institute report to fall from the 29 to the 42 position from 2018 to 2020.
  • The Zacatecas Mining Cluster inaugurated its Mining Center in Quantum City, to forward research, innovation and technological development in the State’s mining industry.
  • The Servicio Nacional de Empleo (National Employment Service) increased its jobs offer in the mining industry.

ON EXPLORATION

  • Vizsla Silver Corp. released results from twenty one drill holes targeting the Napoleon vein resource area, at Panuco, Sinaloa. The Napoleon vein measures approximately 1,000 m by 3.86 m in width, to a depth of 400 m, averaging 148 gpt Ag, 2.90 gpt Au, 0.46% Pb, 1.44% Zn (453 gpt AgEq), while the greater Napoleon vein resource area (including the previous one) measures 1,820 m by an average of 3.36 m in width to a depth of 300 m, averaging 142 gpt Ag, 2.62 gpt Au, 0.46% Pb, 1.39% Zn (421 gpt AgEq). Highlighted true width intercepts comprise 5.76 m @ 0.81 gpt Au, 56 gpt Ag, 0.8% Pb, 2.5% Zn; 1.21 m @ 2.25 gpt Au, 26 gpt Ag; 10.69 m @ 1.21 gpt Au, 220 gpt Ag, 0.4% Pb, 0.8% Zn; 1.74 m @ 0.29 gpt Au, 206 gpt Ag; 1.63 m @ 2.69 gpt Au, 34 gpt Ag, 0.2% Pb, 2.2% Zn; 2.52 m @ 0.54 gpt Au, 156 gpt Ag; 1.14 m @ 4.75 gpt Au, 128 gpt Ag, 1.2% Pb, 2.5% Zn; 2.90 m @ 0.76 gpt Au, 210 gpt Ag, 2.2% Pb, 1.8% Zn.
  • Heliostar Metals Ltd. commenced a drill program at its Cumaro project in Sonora. The drill program will focus on the Verde, Basaitegui and Palmita vein corridors. The Verde target comprises three veins with 530 m strike length 0.5 to 5.0 m in width, where previous surface sampling has returned 5.0 m @ 10.3 gpt Au, 168 gpt Ag; 5.9 m @ 2.65 gpt Au, 105 gpt Ag; 3.0 m @ 4.68 gpt Au, 61 gpt Ag; 1.75 m @ 11.5 gpt Au, 125 gpt Ag. At the Basaitegui target vein textures indicate a shallower part of the system is exposed and the vein at depth is to be tested. At the 1.7 km long Palmita target the mineralization system is also interpreted as shallow and the aim is to intercept the vein at depth.
  • Pantera Silver Corp. received a drill permit from the government for its Nuevo Taxco project in Guerrero. The maiden drill program is focused on priority targets within 135 ha area historically prepared for drilling by Impact Silver. This area hosts over 21 veins with “substantial width” and mapped lengths of 150 to 350 m, remaining open along strike and depth.
  • Tocvan Ventures Corp. updated on the trenching program at the Pilar project in Sonora. “Trenching is currently underway with four trenches completed to date at 4-Trench, North Hill and Main Zone targets”. At the Main zone the plan is to test an area where surface sampling has returned 10 m @ 2.5 gpt Au, 27 gpt Ag.

ON MINING

  • No relevant news.

ON FINANCING

  • Guanajuato Silver Company Ltd. closed the second and final tranche of its non-brokered private placement offering, for gross proceeds of C$9.52 M (El Cubo, Guanajuato).
  • Prismo Metals Inc. announced a non-brokered private placement intended to raise gross proceeds of up to $2 M (Los Pavitos, Sonora).
  • Aloro Mining Corp. intends to settle a debt for $211.2 K to various insiders of the company with 3.84 M shares (Los Venados, Sonora).
  • Sierra Madre Gold and Silver Ltd. announced it has qualified for trading on the OTCQB Venture Market in the United States operated by the OTC Markets Group Inc. (Tepic and La Tigra projects, Nayarit).

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp. filed the technical report with the update of mineral resources for the Cordero project in Chihuahua. The NI-43-101 report for the preliminary economic assessment (PEA) for Cordero will be filed within 45 days of November 30, 2021.
  • Fabled Silver Gold Corp. released results from one more hole at Santa Maria in Chihuahua. Nine core length intervals 1.5 to 3.0 m in width returned up to 0.16 gpt Au, 66 gpt Ag.
  • GoGold Resources Inc. released its initial mineral resource estimate for the Los Ricos North project in Jalisco, and updated the mineral reserve at the Parral tailings operation. Oxide indicated mineral from the El Favor, Casados, La Trini and Mololoa deposits adds up to 14.5 M tonnes @ 0.37 gpt Au, 100 gpt Ag, and inferred mineral resources of 15.0 m tonnes @ 0.28 gpt Au, 95 gpt Ag, containing 171 K Oz Au, 46.5 M Oz Ag and 136 K Oz Au, 44.1 M Oz Ag respectively. At El Orito sulfide zone there are 7.8 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.11% Cu, 0.88% Pb, 1.33% Zn as indicated resources, and 5.5 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.12% Cu, 0.74% Pb, 1.20% Zn as inferred resources, containing 15 K Oz Au, 7 M Oz Ag, 19 M Lb Cu, 151 M Lb, Pb, 229 M Lb Zn and 11 K Oz Au, 4.9 M Oz Ag, 15 M Lb Cu, 90 M Lb Pb, 146 M Lb Zn respectively, for a grand total of 334 K Oz Au, 93.5 M Oz Ag, 34 M Lb Cu, 241 M Lb Pb, 375 M Lb Zn. At the neighboring Los Ricos Sur project, the company holds 385 K Oz Au, 49.9 M Oz Ag in measured, indicated and inferred resources. At the Parral tailing project proven and probable mineral reserves are 12.8 M tonnes @ 0.35 gpt Au, 32.6 gpt Ag, containing 144 K Oz Au, 13.4 M Oz Ag.
  • Minera Alamos Inc. provided an update on the ramping-up of mining at Santana, in Sonora. Over 7,300 Oz Au have been placed on the leach pad, while cumulative gold recovery from ore under leach for more than 30 days his approaching 70%. “Mining and crushing activities at the project site continue to progress as operating experience is gained and the available Nicho Norte starter pit operating areas increase”.
  • Oroco Resources Corp. released results from drilling at its Santo Tomas project in Sinaloa. The eight holes completed so far in the North zone and drilling continues, whilst results for the first three holes have been received. Copper grades are comparable to historical grades and confirm the 2009 gradeshell model of Cu > 0.3%, with chalcopyrite and bornite disseminations and veinlets with sparse pyrite. “Sulphide mineralization in the main intersections on the North Zone are hosted in strongly potassic-altered volcanic and intrusive rocks with an overprint of phyllic alteration”. Highlighted core-length intervals comprise 255.0 m @ 0.39% Cu, 100 ppm Mo, 45 ppb Au; 280.1 m @ 0.38% Cu, 120 ppm Mo, 25 ppb Au; 25.5 m @ 0.29% Cu, 150 ppm Mo, 20 ppb Au; 14.3 m @ 0.50 % Cu, 80 ppm Mo, 26 ppb Au; 207.7 m @ 0.39% Cu, 140 ppm Mo, 19 ppb Au; 76.2 m @ 0.18% Cu, 20 ppm Mo, 7 ppb Au.
  • Prime Mining Corp. updated on exploration at its Los Reyes project in Sinaloa. Exploration results during the Q3 2021 include the discovery of Au-Ag mineralization in San Miguel East pit-constrained resource, in addition to near surface mineralization at Las Primas, additional high-grade results at Guadalupe East and strike and depth potential of the Zapote-Tahonitas mineralized structure. The planned phase two drilling program is to comprise 250 new holes and a minimum of 50,000 m.

ON DEALS AND CORPORATE ISSUES

  • Advance Gold Corp. changed its name to Advance Lithium Corp. (Tabasqueña, Zacatecas).
  • Solaris Resources Inc. intends to transfer its non-core assets in Ecuador, Peru, Chile and Mexico, into a newly incorporated subsidiary named Solaris Exploration Inc., while Solaris Resources focuses on the Warintza project in Ecuador (La Verde (60%), Michoacan).
  • Prime Meridian Resources Corp. executed a letter of intent (LOI) to purchase up to 100% interest in La Verde Grande 2,493 ha project in Sonora. “The Company’s plan is to fast-track the exploration and development of the seven currently known Cu-Zn-Ag-Au skarn zones, while evaluating in parallel, the significant opportunity for the discovery of copper porphyry mineralization proximal to those skarn zones”. PMR will make cash payments of US$400 K and payments in shares of US$8 M to acquire up to 100% indirect ownership of the La Verde project, subject to a 2% royalty. Upon completing the US$400 K payment, PMR will have earned 5% indirect ownership of the La Verde project, and further 45% indirect ownership upon issuance of 25 M shares @ CA$0.15 per share. PMR will acquire further 25% indirect interest by issuing an additional US$3 M in shares before the first anniversary. A final 25% indirect interest will be earned by issuing US$2 M in shares before the second anniversary. Of the 2% royalty, 1% can be bought by US$1.0 M.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: X marks the spot. Mafic dike on granitic intrusive rock in Sonora. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of December, 2021. 

Quartz vein with massive chalcopyrite

By Miguel A Heredia

During the 48th week of the year (November 29th to December 5th, 2021), at least 24 press releases were announced by companies working in Mexico, and 3 news published by the media, with seven announcing financial issues, five reporting resources and developments of their properties, five disclosing deals and corporate issues, four informing on exploration results, three commenting on Mexican issues, and three communicating production and financial results.  ON MEXICO ISSUES, AMLO reaffirmed this week his foolish and unfortunate policy of not granting more mining concessions in Mexico. President Andrés Manuel López Obrador offered to meet the request of residents of San José del Progreso and collaborators of Compañía Minera Cuzcatlán, who asked him to avoid the closure of the San José mining unit, located in that Oaxacan municipality. The current government has stopped the issuance of mining concessions and investment in Mexico. ON EXPLORATION, In Sonora, Ranchero Gold provided an update of its ongoing drilling program conducted at its Maíz Azul project. In Chihuahua, Mammoth received from SEMARNAT a permit to expand its drilling program at its Tenoriba project. In Sinaloa, Kootenay announced drill results from its Copalito project. In Durango, Silverton signed a surface agreement for its Pluton Silver-Zinc project.  ON MINING, Americas Gold and Silver announced the re-opening of its Cosalá mine operation in Sinaloa. Santacruz reported Q3, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. Guanajuato Silver provided a production update on its El Cubo mine, Guanajuato.  ON FINANCING, Guanajuato Silver closed the first tranche of its non-brokered private placement offering of up to 16M units at a price of CAD $0.55 per unit (El Cubo mine, Guanajuato). Fabled renewed its agreement with Agora Internet to provide online advertising, marketing, and branding services and wishes to issue 519,007 common shares in respect of the settlement, and engaged Hybrid Financial to provide marketing services (Santa Maria project, Chihuahua). First Majestic announced that it will issue USD $200M aggregate principal amount of Convertible Senior Notes or USD $230M aggregate principal amount if the over-allotment option is exercised in full (San Dimas mine, Durango). Guanajuato Silver received USD $750K from the sale of 90 tonnes of bulk Ag-Au concentrate from El Cubo mine in Guanajuato, and anticipates receiving a payment of approximately USD $1.3M for the sale of approximately 175 tonnes of additional Ag-Au concentrate on or about December 3, 2021. Orogen announced initial production at the Ermitaño deposit in Sonora where the company holds a 2% net smelter return. VVC announced an arrangement with Stockhouse Publishing to assists VVC with general market outreach and investor awareness (Gloria Copper project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Discovery reported a Preliminary Economic Assessment (PEA) on its Cordero project, Chihuahua. Endeavour released high grade results from its ongoing drilling program at their Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. Silver Tiger reported a wide high grade drill intersection on the Benjamin Vein at its El Tigre project, Sonora. Fabled released results from hole SM0-42 collared at its Santa Maria project, Chihuahua. GR Silver announced the discovery of a gold-silver rich mineralized zone during the initial reconnaissance drilling at Loma Dorada target within its Plomosas project in Sinaloa.    ON DEALS AND CORPORATE ISSUES, Almadex announced the appointment of two members to its Board of Directors and the retirement of one Director after many years of valued service (El Chato project, Puebla). Capstone and Mantos Copper entered into a definitive agreement to combine business to create Capstone Copper (Cozamin mine, Zacatecas). Heliostar announced the appointment of a new member to its Board of Directors (Cumaro project, Sonora). Monumental Minerals announced the appointment of an advisory board to assist the company with the exploration and drill target definition of its Jemi rare earth elements project in Coahuila. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • AMLO reaffirmed this week his foolish and unfortunate policy of not granting more mining concessions in Mexico. He declared that mining companies were speculating in the financial market. López Obrador asserted that the existing mining concessions will be respected; however, his government will no longer give more, as many companies “cheated” and have not carried out exploitation tasks.
  • President Andrés Manuel López Obrador offered to meet the request of residents of San José del Progreso and collaborators of Compañía Minera Cuzcatlán, who asked him to avoid the closure of the San José mining unit, located in that Oaxacan municipality. The president was asked to avoid the loss of more than 1,200 direct jobs and around 8,000 indirect ones.
  • The current government has stopped the issuance of mining concessions and investment in Mexico. Parallel to the policy of null concessions, the president has presented a bill that intends to reserve strategic minerals such as lithium only for the State, denying any concession for their exploration, production or commercialization. Both their decisions not to grant a single concession in three years of government “and the promise not to do so in the entire six-year term”and to reserve strategic minerals for the State have been strongly criticized by specialists and representatives of the mining industry, to the point of warning that the future of the country is being“mortgaged.

ON EXPLORATION

  • Ranchero Gold Corp., provided an update of its ongoing drilling program conducted at its Maíz Azul project, located 3.5km east of Alamos Gold´s Mulatos mine in Sonora. To date, eight holes have been drilled totalling 1,245m, which represents 42% of the Phase 1 drill program which plans to test the La Colmena, La Cascada, and X-structure targets. 175 samples have been submitted to lab and results are expected to arrive in Q1, 2022.
  • Mammoth Resources Corp., received from SEMARNAT a permit to expand its drilling program at its Tenoriba project in Chihuahua. SEMARNAT approved the company´s application for up to 182 additional drill sites and covers the entire 6 km Au-Ag mineralization at the Tenoriba project.
  • Kootenay Silver Inc., announced drill results from Agua, 5 Señores, and Chiva Veins within its Copalito project in Sinaloa. Highlights at Agua Vein include hole BDH-20-055 with 2 g/t Au, 125 g/t Ag and 0.9% combined Pb+Zn (276 g/t AgEq) over 23m, including 9.26 g/t Au, 28 g/t Ag, and 0.6% combined Pb+Zn (643 g/t AgEq) over 5m, including 21.1 g/t Au, 29 g/t Ag, and 0.3% combined Pb+Zn (1,409 g/t AgEq) over 0.65m, plus 0.82 g/t Au, 587 g/t Ag, and 1.6% combined Pb+Zn (676 g/t AgEq) over 3m; hole BDH-21-056 with 0.22 g/t Au, 101 g/t Ag, and 0.9% combined Pb+Zn (135 g/t AgEq) over 21m, including 0.28 g/t Au, 163 g/t Ag, and 0.8% combined Pb+Zn (199 g/t AgEq) over 7m, including 0.48 g/t Au, 440 g/t Ag and 0.9% combined Pb+Zn (492 g/t AgEq) over 1.5m; and hole CDH-21-80 with 0.42 g/t Au, 63 g/t Ag, and 4.8% combined Pb+Zn (199 g/t AgEq) over 1.84m, including 0.69 g/t Au, 133 g/t Ag, and 11% combined Pb+Zn (423 g/t AgEq) over 0.43m. Highlights at 5 Señores Vein include hole BDH-20-51 with 2.95 g/t Au, 98 g/t Ag, and 0.3% combined Pb+Zn (290 g/t AgEq) over 1.4m; and hole BDH-20-052 with 0.23 g/t Au, 14 g/t Ag, and 0.6% combined Pb+Zn (34 g/t AgEq) over 3.3m, including 1.28 g/t Au, 61 g/t Ag, and 3.3% combined Pb+Zn (174 g/t AgEq) over 0.48m. Highlight on Chiva Vein include hole BDH-21-057 with 0.06 g/t Au, 106 g/t Ag, and 0.3% combined Pb+Zn (118 g/t AgEq) over 6.33m, including 0.23 g/t Au, 513 g/t Ag, and 0.8% combined Pb+Zn (546 g/t AgEq) over 0.82m; hole BDH-21-058 with 0.07 g/t Au, 41 g/t Ag, and 0.1% combined Pb+Zn (48 g/t AgEq) over 12m, including 0.5 g/t Au, 300 g/t Ag, and 1.4% combined Pb+Zn (1,364 g/t AgEq) over 0.35m; and hole BDH-21-063 with 0.92 g/t Au, 86 g/t Ag, and 5.5% combined Pb+Zn (269 g/t AgEq) over 1.82m, including 4.49 g/t Au, 453 g/t Ag, and 2.7% combined Pb+Zn (1,344 g/t AgEq) over 0.32m.
  • Silverton Metals Corp., signed a surface agreement for three years for its Pluton Silver-Zinc project with the Comisariado Ejidal of Ejido Mapimi in Durango State. The agreement provides access to the land for surface exploration work, including diamond drilling and use of a core storage facility.

ON MINING

  • Americas Gold and Silver Corporation, announced the re-opening of its Cosalá mine operation in Sinaloa. The Los Braceros plant has returned to nameplate production with a steady source of feed from a combination of existing stockpiled ore and new production from the San Rafael mine.
  • Santacruz Silver Mining Ltd., reported Q3, 2021 production and financial results from their Zimapan and Rosario mines in Hidalgo and San Luis Potosi respectively. At Zimapan mine, Hidalgo, the company milled 186,642 tonnes to produce 867.2K Oz AgEq, and sold 829.2K Oz AgEq. Cash costs per ton and per Oz AgEq produced were USD $53.88 and USD $17.72 respectively. AISC was USD $22.81 per Oz Ag Eq. The company reported revenue of USD $14.4M and a gross profit of USD $3.93M. At Rosario mine, San Luis Potosi, the company milled 2,306 tonnes to produce 5,698 Oz AgEq and sold 10,765 Oz AgEq. Cash costs per ton and per Oz AgEq produced were USD $173.04 and USD $42.81 respectively. AISC was USD $22.47 per Oz AgEq produced. The company reported revenue for USD $182K and gross profit of (272K).
  • Guanajuato Silver Company Ltd., provided a production update on its El Cubo mine, Guanajuato. The company has mined since October 15, 2021 450 tonnes of ore per day from El Cubo mine and is processing an average of 1,000 tonnes per day. It expects the plant to operate for 22 to 24 days for an average monthly operating rate of 22,500 tonnes for the next 6 months.

ON FINANCING

  • Guanajuato Silver Company Ltd., closed the first tranche of its non-brokered private placement offering of up to 16M units at a price of CAD $0.55 per unit. The net proceeds from the offering will be used to fund the ongoing exploration, development, and expansion of the Company’s El Cubo mine and mill complex and El Pinguico silver and gold project, and for general corporate and working capital purposes.
  • Fabled Silver Gold Corp., renewed its agreement with Agora Internet Relations to provide online advertising, marketing, and branding services and wishes to issue 519,007 common shares in respect of the settlement. It also engaged Hybrid Financial Ltd., to provide marketing services. Hybrid has been engaged for an initial period of 6 months, starting on December 1, 2021 and will be paid a monthly fee of $22,500 plus payable taxes (Santa Maria project, Chihuahua).
  • First Majestic Silver Corp., announced that it will issue USD $200M aggregate principal amount of Convertible Senior Notes or USD $230M aggregate principal amount if the over-allotment option is exercised in full. The company intends to use approximately USD $164.9M of the net proceeds of the offering to repurchase, in separate privately negotiated transactions, approximately USD $125.2M aggregate principal amount of its outstanding 1.875% convertible senior notes. The company intends to use the remainder of the net proceeds from the offering for general corporate purposes, including strategic opportunities (San Dimas mine, Durango).
  • Guanajuato Silver Company Ltd., received USD $750K from the sale of 90 tonnes of bulk Ag-Au concentrate grading approximately 220 Oz Ag per tonne and 2.2 Oz Au per tonne from El Cubo mine in Guanajuato, and anticipates receiving a payment of approximately USD $1.3M for the sale of approximately 175 tonnes of additional Ag-Au concentrate at similar grades on or about December 3, 2021.
  • Orogen Royalties Inc., announced initial production at the Ermitaño deposit in Sonora where the company holds a 2% net smelter return. The first doré gold-silver pour occurred November 11, 2021 and commercial production is expected in Q1 2022.
  • VVC Exploration Corporation announced an arrangement with Stockhouse Publishing to assists VVC with general market outreach and investor awareness. At the time, the company issued to Stockhouse 157,900 common shares of VVC and a $60K Note to be converted into shares in four tranches over a year. With the approval of TSX Venture Exchange, one quarter of the note ($15K) will now converted, as part of the second tranche, to 136,365 shares at a price of $0.11 per share, being yesterday´s market price discounted by 25%. The next share issuance will occur in three months (Gloria Copper project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp., reported a Preliminary Economic Assessment (PEA) on its Cordero project, Chihuahua. The reports indicates that the ultimate pit contains 719M tonnes consisting of 228M tonnes of mill feed and 491M tonnes of waste for an average strip ratio of 2.2:1 Highlights include a Base Case after-tax NPV 5% of USD $1,160M and IRR of 38% assuming prices of USD $22 / Oz Ag, USD $1,600/ Oz Au, USD 1/Lb Pb, and USD $1.0/ Lb Zn; and a Upside Case after-tax NPV 5% of USD $1,889M and IRR of 55%, assuming prices of USD $27.5/Oz Ag, USD $1,880/Oz Au,  USD $1.1/Lb Pb, and USD $1.45/Lb Zn; 16-year mine life with an average annual production of 26M Oz AgEq at an AISC of USD $12.35 / Oz AgEq; initial development CAPEX of USD $368M post-tax payback of 2 years for Base Case and 1.4 years for Upside Case; 99% of tonnes processed in the PEA mine are in the Measured + Indicated category; and Ag represents > 60% of the net smelter return in the first five years of the mine life and >50% of the net smelter return over the life of mine.
  • Endeavour Silver Corp., released high grade results from its ongoing drilling program at their Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. At Guanacevi mine, highlights include hole UCM-67 with 1.97 g/t Au and 1,254 g/t Ag (1,412 g/t AgEq) over a true width (TW) of 3.22m, including 3.6 g/t Au and 2,690 g/t Ag (2,978 g/t AgEq) over a TW of 0.2m, extending the El Curso orebody along strike; and hole SCSU-11 with 4.36 g/t Au, 1,450 g/t Ag (1,798 g/t AgEq) over a TW of 3.18m, including 7.97 g/t Au and 4,568 g/t Ag (5,206 g/t AgEq) over 0.31m, extending the Santa Cruz South orebody to depth. At Bolañitos mine, Guanajuato, highlights include hole BS-04 with 8.08 g/t Au and 151 g/t Ag (797 g/t AgEq) over a TW of 1.67m, including 89.6 g/t Au and 88 g/t Ag (8,046 g/t AgEq) over a TW of 0.08m on a new discovery, the Tepetateras vein, south of the current workings; and hole BS-03 with 1.26 g/t Au and 241 g/t Ag (342 g/t AgEq) over 0.96m, on the Lulu vein, south of the current workings.
  • Silver Tiger Metals Inc., reported a wide high grade drill intersection on the Benjamin Vein at its El Tigre project in Sonora. Hole ET-21-272 encountered 0.35 g/t Au, 388 g/t Ag, 0.14% Cu, 2.9% Pb, and 6.2% Zn (701 g/t AgEq) over 23.1m, including 0.5 g/t Au, 587 g/t Ag, 0.21% Cu, 4.3% Pb, and 9.2% Zn (1,051 g/t AgEq) over 15.1m, including 0.52 g/t Au, 1,642 g/t Ag, 0.58% Cu, 11.9% Pb, and 25.2% Zn (2,855 g/t AgEq) over 5.1m, including 0.37 g/t Au, 2,877 g/t Ag, 1.05% Cu, 14.6% Pb, and 30.8% Zn (4,375 g/t AgEq) over 2.6m.
  • Fabled Silver Gold Corp., released results from hole SM0-42 collared at its Santa Maria project, Chihuahua. This hole was designed to fill in a drill poor gap just to the west of the current resources. The hole intersected six gold bearing zones. Highlights are 0.49 g/t Au, 117 g/t Ag, 0.05% Pb, 0.1% Zn (143 g/t AgEq) over 3.70m, including 0.91 g/t Au, 211 g/t Ag, 0.1% Pb, 0.1% Zn, and 0.01% Cu (258 g/t AgEq) over 1.20m, plus 0.43 g/t Au, 227 g/t Ag, 0.1% Pb, 0.3% Zn and 0.01% Cu (249 g/t AgEq) over 1.71m.
  • GR Silver Mining Ltd., announced the discovery of a gold-silver rich mineralized zone during the initial reconnaissance drilling at Loma Dorada target within its Plomosas project in Sinaloa. Hole LDSP21-007 encountered 5.23 g/t Au and 166 g/t Ag over 1m. “The Loma Dorada target is currently the subject of reconnaissance drilling, testing a new geological model of NW trending, Au-Ag rich veining – a possible extension 1.2 km along strike from La Colorada”.

ON DEALS AND CORPORATE ISSUES

  • Almadex Minerals Ltd., announced the appointment of two members to its Board of Directors and the retirement of one Director after many years of valued service. The company also granted stock options to officers, employees and directors to purchase an aggregate of 1,075,000 common shares at a price of $0.31 per share which expires on December 5, 2023 (El Chato project, Puebla).
  • Capstone Mining Corp. and Mantos Copper Limited entered into a definitive agreement to combine business to create Capstone Copper Corp., a premier copper producer with transformational near-term growth. Upon completion of the transaction, former Capstone and Mantos shareholders will collectively own 60.75% and 39.25% of Capstone Copper, respectively, on a fully-diluted share basis. (Cozamin mine, Zacatecas).
  • Heliostar Metals Limited announced the appointment of a new member to its Board of Directors (Cumaro project, Sonora).
  • Monumental Minerals Corp., announced the appointment of an advisory board to assist the company with the exploration and drill target definition of its Jemi rare earth elements project in Coahuila. Monumental also appointed a new Director to its Board. The Company also granted 275,000 incentive stock options to advisors at a price of $0.50 per common share for a period of five years.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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 piece of core showing a quartz vein with massive chalcopyrite from an epithermal quartz vein system in a current producing mine in Zacatecas, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of October, 2021

By Jorge Cirett

During the 43rd week of the year (October 25th to October 31st, 2021), at least 34 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six released Q3 reports, one on commencement of mining and one other in red tape issues, there were no financing related news, while ten companies posted on project development or resource definition and one more on a project acquisition. ON MEXICO ISSUES, a leftist senator asked for the Mining Fund to be reinstated for the benefit of communities. The head of the Energy Secretariat confirmed plans to create a lithium State company, and the government’s drive to monopolize the electricity market. Mixed market results for Mexican companies in 2021. ON EXPLORATION, In Sonora, Colibri Resources updated on drilling preparations. In Chihuahua, Reyna Silver has drilled the first skarn intervals in the Guigui project, rising the stakes and probing that pursuing geological models can pay off. Radius Gold released good drill results from the California target in the Amalia project. In Durango, Silverton updated on exploration activities at Pluton. In Sinaloa, Brigadier Gold released trench results from El Placer vein system at its Picachos property. In Nayarit, Sierra Madre Gold and Silver released surface sample results.   ON MINING, Fortuna Silver is awaiting a resolution on an application to continue mining at San José, in Oaxaca. Agnico Eagle, Altaley Mining, Guanajuato Silver, Alamos Gold, Coeur Mining, Gold Resource and Fresnillo PLC presented their Q3 2021 reports. Guanajuato Silver shipped its first concentrate from El Cubo mill. ON FINANCING, for the first time in a long period, no relevant news on this matter. ON RESOURCES AND DEVELOPMENT, Sonoro Gold plans a 10,000 m RC drilling campaign alongside the development of a 15 K tpd leach mining operation at Cerro Caliche in Sonora. A PEA has been filed. Barksdale Resources released good drilling results from San Javier, in Sonora. SilverCrest Metals continues construction on budget and on schedule at Las Chispas, Sonora. Excellon Resources presented high-grade drilling results from Platosa, in Durango. Silver Dollar is preparing for drilling at La Joya, Durango. Southern Silver Exploration updated the resource estimate at Cerro Las Minitas, Durango. GoGold Resources released drilling results from Los Ricos North project in Jalisco. Orex Minerals pointed that Fresnillo PLC, its JV partner at the Coneto project in Durango, released a maiden resource estimation. Mag Silver reported production from development at Juanicipio, Zacatecas by its JV partner Fresnillo PLC.   ON DEALS AND CORPORATE ISSUES, Avino silver & Gold Mines acquired the La Preciosa project, neighboring its Avino mine in Durango. Advance Gold filed a patent for lithium extraction from clays and fine sands. ON SOCIAL RESPONSIBILITY, Fresnillo PLC informed on health campaigns in Zacatecas.

ON MEXICO ISSUES

  • Geovanna Bañuelos, senator by the Partido del Trabajo (PT) asked for the Mining Fund to be reinstated in benefit to communities and municipalities where mining takes place.
  • Rocío Nahle, head of the Energy Secretariat, confirmed plans to create a lithium State company, as part of a wider reform in the electricity industry, same that is seen as containing expropriation streaks. The private sector is overwhelmingly against this reform, that is seen to conduct to higher energy prices and pollution, as well to scare other investments from the country.
  • Mixed results for Mexican Mining companies reflect changes in metal prices. Companies that have seen their stock tumble during 2021 include Fresnillo (-20.7% in Mexico, -18.3% in London). Peñoles (-11.4%) and Frisco (-4.2%) by their exposure to precious metals that have contracted by 5% in the case of gold and 7.4% for silver. Companies that have seen their stock appreciate include Autlán (+23.5%) and Grupo Mexico (+13.5%), the latter due to the 26.7% increase in the copper price.

ON EXPLORATION

  • Silverton Metals Corp. updated on the exploration activities at the Pluton project in Durango. The company’s processing and 3-D modelling of geophysical data is showing features not previously identified and defined new target areas. “Magnetometry reprocessing has been completed while ZTEM and gravity modelling are in progress. Permitting is underway for a seismic test line scheduled to be surveyed before year end. The seismic profile is expected to determine the depth to carbonate rocks” which might determine the depth to the favorable carbonate rocks.
  • Brigadier Gold Ltd. released results from additional trenches at El Placer Sur vein system at its 3,954-hectare Picachos project in Sinaloa. The property shows a porphyry Cu-Mo in an intrusive complex and Au-Ag-Cu-Pb-Zn veins. Intrusion hosted bulk tonnage coppers is exposed on the lower elevations, with sericitic breccias bearing Mo-rich stockworks a little bit above and peripheral to these, Au-Cu-Pb-Zn veins occur with propylitic, argillic and sericitic alteration on host rocks. At EL Placer Sur, veins historically mined on narrow widths are showing wider spans in trenches, like 10.65 m @ 2.08 gpt Au, 38 gpt Ag, 638 ppm Cu, 2.9% Pb, 3.5% Zn; 5 m @ 3.37 gpt Au, 3 gpt Ag.
  • Radius Gold Inc. released high-grade results from drilling by Pan American Silver Corp. of the California target at the Amalia project in Chihuahua. “The California vein breccia system has been mapped for 2.8km” with 3,814 m of drilling limited to 1km. Reported intervals include 6.20 m @ 93 gpt Ag, 0.43 gpt Au; 27.30 m @ 90 gpt Ag, 0.26 gpt Au; 50.40 m @ 50 gpt Ag, 0.05 gpt Au; 3.95 m @ 487 gpt Ag, 2.15 gpt Au; 17.15 m @ 35 gpt Ag, 0.07 gpt Au; 1.75 m @ 578 gpt Ag, 0.27 gpt Au; 11.20 m @ 379 gpt Ag, 1.26 gpt Au; 26.90 m @ 353 gpt Ag, 2.59 gpt Au (including 7.50 m @ 976 gpt Ag, 7.38 gpt Au); 11.15 m @ 99 gpt Ag, 0.64 gpt Au.
  • Reyna Silver Corp. reported initial results for its 13-hole drilling program at Guigui, in Chihuahua. “The program was designed to narrow down the location of the probable source intrusion for the Santa Eulalia District- Mexico’s largest known Carbonate Replacement Deposit (CRD)”. Two holes cut a 200 m thick rhyolitic intrusion, starting at 1,309 m of depth, previously unknown in the district, with extensive high-grade mineralization at its base. The highlighted interval comprises 54.90 m @ 23 gpt Ag, 0.67% Pb, 1.86% Zn, including 15.80 m @ 60 gpt Ag, 2.19% Pb, 5.85% Zn. The epidote skarn present shows textural evidence for multiple stages of formation that point to repeated pulses of mineralization related to a possible multi-phase intrusive center (Note by Editor.- Congratulations to Peter Megaw, who has been relentlessly pursuing this beast for several
  • Sierra Madre Gold and Silver Ltd. released results from assaying of 319 reconnaissance surface samples at La Tigra, Nayarit. The samples average 0.48 gpt Au, with 10% of the total returning more than 1 gpt Au and a peak of 18.2 gpt Au.
  • Colibri Resource Corp. updated on preparations for drilling at Evelyn in Sonora. Current work includes geological mapping and sampling, as well as construction of drill access roads and pads. The incoming reverse circulation program of up to 10,000 m will be based on the surface distribution of higher-grade assay results coincident with magnetic gradients and lineaments, as well as mapped structures.

ON MINING

  • Fortuna Silver Mines Inc. informed the company filed with SEMARNAT (Environmental regulator) an application to extend by ten years the term of the environmental impact authorization (EIA) on its San Jose mine in Oaxaca. SEMARNAT has failed to resolve timely on the application, and Fortuna has obtained a provisional injunction from a federal court that allows the continued operation of the San Jose mine beyond the expiry date of the EIA. The company is seeking “an additional injunction to permit the continued operation of the San Jose Mine until the extension to the EIA is granted”.
  • Agnico Eagle Mines Ltd. presented Q3 2021 results, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 444 K tonnes were processed at a rate of 4,826 tonnes per day (tpd), averaging 2.40 gpt Au, to produce 32,402 Oz Au at production cash cost $1,156 per Oz Au and total cash cost of $854 per Oz Au. At Creston Mascota, residual leaching produced 2,988 Oz Au at $593 per Oz Au and total cost of $486 per Oz Au. At La India, in Sonora, 1.23 M tonnes were processed at a rate of 13,402 tpd and a grade of 0.62 gpt Au, to produce 17,124 Oz Au at a production cost of $931 per Oz Au and a total cash cost of $971 pr Oz Au.
  • Altaley Mining Corp. provided preliminary production results for the quarter ending on September 30, 2021. At Campo Morado in Guerrero, 163.7 K tonnes were milled @ 1.2 gpt Au, 129 gpt Ag, 1.1% Pb, 4.5% Zn, recovering 22% Au, 46% Ag, 31% Pb, 74% Zn to produce 11.8 K tonnes of Zn concentrate and 2.7 K tonnes of Pb concentrate.
  • Guanajuato Silver Company Ltd. announced the first shipment of Au-Ag concentrate from El Cubo mill in Guanajuato. Approximately 75 tonnes of concentrate produced on the recently refurbished processing plant, averaging 200 Oz Ag per tonne and 2 Oz Au per tonne.
  • Alamos Gold Inc. presented its third quarter 2021 production report, including figures from its Mexican operations. At Mulatos, in Sonora, 744.8 K tonnes of ore and 1.675 M tonnes of waste were moved, with 1.58 M tonnes stacked @ 1.08 gpt Au, containing 54,999 Oz Au with a recovery rate of 49% Au to produce 26,700 Oz Au. A further 6.3 M tonnes of waste were moved at La Yaqui Grande pit, as part of pre-stripping. Production was significantly impacted by an above-average rainy season.
  • Coeur Mining Inc. reported third quarter financial results including figures from its operation in Mexico. At Palmarejo in Chihuahua, 517.4 K tonnes were milled @ 1.55 gpt Au, 120 gpt Ag, recovering 93.7% Au, 85.5% Ag to produce 24,254 Oz Au, 1.7 M Oz Ag. La Preciosa deposit in Durango was sold to Avino Silver & Gold Mines Ltd. for a total potential consideration between 58.8 M and $93.4 M plus two royalties.
  • Gold Resource Corp. reported Q3 2021 results. At the Don David mine in Oaxaca, 155.5 K tonnes were milled @ 1.26 gpt Au, 68 gpt Ag, 0.40% Cu, 1.9% Pb, 5.0% Zn, to produce 4,728 Oz Au, 324.6 K Oz Ag, 428 tonnes Cu, 2,157 tonnes Pb, 5,538 tonnes Zn.
  • Fresnillo PLC reported production of 12.7 M Oz Ag in the third quarter of 2021. The company maintains the 2021 guidance between 53.5 M Oz Ag and 59.5 M Oz Ag.

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. intends to resume drilling at the Cerro Caliche project in Sonora, with a 10,000 m reverse circulation (RC) drilling campaign. The drilling is to proceed alongside the proposed development of 15,000 tonnes per day (tpd) heap leach mining operation. The six-month program is to focus in expanding oxide gold mineralization and some potential high-grade targets in a total of 12 zones, with holes averaging 100-110 m in depth.
  • Barksdale Resources Corp. released good drill results from the current 5,000m program at its San Javier project in Sonora. Results from the Cerro Verde zone testing gaps between historically known mineralization intercepted 38.5 m @ 0.38% Cu, 0.38 gpt Au and 51 m @ 0.32% Cu, 0.29 gpt Au in one hole, with a 27 m 1.97 gpt Au interval partially overlapping with these two zones. Another hole intercepted 105 m @ 0.63% Cu, 0.40 gpt Au, including 15 m @ 1.01% Cu; 9 m @ 1.57% Cu, 2.20 gpt Au; with a 18 m @ 1.77 gpt Au, 0.97% Cu interval partially overlapping and an independent 21 m @ 0.55 gpt Au interval. To date 24 diamond drill holes have been completed, of which the first four were drilled partially or completely in PQ size (for metallurgical studies), and the rest as HQ size.  
  • SilverCrest Metals Inc. advised project construction continues on schedule and budget at its Las Chispas property in Sonora. Well-advanced or completed areas comprise the plant detailed engineering, process plant construction, electrical powerline (81 Km) construction, bridge construction, confined camp construction, access road construction, underground development, underground infrastructure and stockpile growth, dry stack tailings facility and assay lab construction.
  • Excellon Resources Inc. presented results from underground drilling at Platosa, in Durango. Highlighted core-length intervals comprise 7.5 m @ 648 gpt Ag, 2.6% Pb, 1.4% Zn; 2.2 m @ 2,160 gpt Ag, 24.6% Pb, 7.2% Zn; 0.5 m @ 4,451 gpt Ag, 8.8% Pb, 12.2% Zn, 0.2 gpt Au; 3.4 m @ 501 gpt Ag, 5.8% Pb, 4.4% Zn; 0.9 m @ 1,310 gpt Ag, 9.8% Pb, 4.2% Zn, 0.1 gpt Au; 1.4 m @ 585 gpt Ag, 4.5% Pb, 3.0% Zn; 3.4 m @ 766 gpt Ag, 4.7% Pb, 3.5% Zn; 1.5 m @ 445 gpt Ag, 3.9% Pb, 7.4% Zn; 2.7 m @ 523 gpt Ag, 3.5% Pb, 8.5% Zn; 1.9 m @ 748 gpt Ag, 4.0% Pb, 12.8% Zn.
  • Silver Dollar Resources Inc. is relogging and resampling select historical drill core, along with targeted surface sampling and mapping to refine drill locations for its incoming drilling program at La Joya, Durango.
  • Southern Silver Exploration Corp. updated its mineral resource estimate on Cerro Las Minitas project in Durango. Indicated sulfide mineral resources stand at 12.32 M tonnes @ 106 gpt Ag, 0.07 gpt Au, 1.3 % Pb, 3.3% Zn, 0.16% Cu (347 gpt AgEq) containing 42.1 M Oz Ag, 28 K Oz Au, 358 M Lb Pb, 895 M Lb Zn, 44 M Lb Cu (137.3 M Oz AgEq) and inferred sulfide resources at 19.6 M tonnes @ 117 gpt Ag, 0.12 gpt Au, 1.2% Pb, 2.3% Zn, 0.23% Cu (314 gpt AgEq), containing 73.6 M Oz Ag, 78 K Oz Au, 500 M Lb Pb, 1,009 M Lb Zn, 98 M Lb Cu (197.7 M Oz AgEq).
  • GoGold Resources Inc. released the results of four drill holes from the El Favor East zone at its Los Ricos North project in Jalisco. Highlighted core-length results comprise 10.1 m @ 0.14 gpt Au, 42 gpt Ag; 27.5 m @ 0.04 gpt Au, 40 gpt Ag; 22.0 m @ 0.45 gpt Au, 151 gpt Ag (including 1.3 m @ 4.16 gpt Au, 827 gpt Ag); 20.0 m @ 0.37 gpt Au, 122 gpt Ag; 4.8 m @ 0.28 gpt Au, 107 gpt Ag; 1.4 m @ 0.40 gpt Au, 29 gpt Ag; 1.3 m @ 0.15 gpt Au, 60 gpt Ag; 12.1 m @ 0.32 gpt Au, 89 gpt Ag (including 1.3 m @ 1.94 gpt Au, 348 gpt Ag). The new drilling extended El Favor East for another 150 m.
  • Orex Minerals Inc. announced that the joint venture company which is 55% Fresnillo and 45% Orex received results from the first mineral resource estimate at the Coneto project in Durango. A total of 38,515 m of drilling in 106 diamond holes were used to calculate 5.32 M tonnes @ 1.67 gpt Au, 112 gpt Ag (3.15 gpt AuEq) containing 286 K Oz Au, 19.1 M Oz Ag (538 K Oz AuEq) in inferred resources.
  • Mag Silver Corp. reported 2021 third quarter production of underground development material from the Juanicipio project (56% Fresnillo PLC/44% Mag Silver). During the period 57.1 K tonnes were processed to produce 667.5 K Oz Ag, 1,107 Oz Au. “Construction of the Juanicipio processing plant continues to make good progress, with the focus now on transitioning from construction to commissioning activities”.
  • Sonoro Gold Corp. filed a preliminary economic assessment (PEA) of the Cerro Caliche project in Sonora. The report envisages a Pre-Tax NPV (5%) of US$6.7 M and an IRR of 52.7% with a price of US$1,750 per Oz Au; 7 years of life of mine producing an average of 45.7 K Oz Au for a total of 325 K Oz Au; recoveries of 74% Au and 27% Ag; AISC of US$1,351 per Oz Au; 349 K Oz Au measured and indicated resources at 0.41 gpt Au and 71 K Oz Au of inferred resources at 0.40 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Advance Gold Corp. filed a patent application to extract lithium and potassium from clay and fine sand salars. The company intends to use this environmentally friendly method from its properties in central Mexico. The method uses water and an electrical process to obtain a solution of Li and K that can produce a high-grade concentrate from which Li and K extracted using organic compounds.
  • Avino Silver & Gold Mines Ltd. acquired the La Preciosa project in Durango from Coeur Mining Inc. through the purchase of the shares of holding companies. La Preciosa is neighboring to the Avino mine, with operational synergies due to its location. Furthermore, metallurgical testing of ore achieved 80% Au and 60% gold recovery using flotation methods currently used at Avino’s mill facilities. La Preciosa holds 99 Moz Ag, 189 K Oz Au in indicated resources and 21 M Oz Ag, 35 K Oz Au in inferred resources. Avino agreed to pay a cash consideration of $15 M on closing and $5 M a year after closing, and issue 14 M shares (~12% of Avino stock will be owned by Coeur). A contingent cash consideration of $8.75 M will be paid within one year of commencement of mining. “Coeur will retain ownership of a 1.25% net smelter return royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all areas of La Preciosa other than the Gloria and Abundancia areas”.

ON SOCIAL RESPONSIBILITY

  • Fresnillo PLC informed on health campaigns in Zacatecas.

On the image below: Calc-sodic alteration along epidote veinlets in intrusive rocks on a project in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of October, 2021. 

Phyllic alteration and Cu mineralization

By Miguel A Heredia

During the 40th week of the year (October 04th to October 10th, 2021), at least 26 press releases were announced by companies working in Mexico and 3 news published by the media, with nine reporting resources and developments, six communicating production and financial results, four informing on exploration results, four announcing financial topics, three disclosing deals and corporate issues, two commenting on Mexican issues and one discussing social issues.  ON MEXICO ISSUES, Members of the Mining Cluster of Chihuahua met with federal deputies of the Partido Acción Nacional (PAN) to let them know of the importance of mining not only in the state but in the entire country.  President AMLO announced a proposal that would put end the current system of lithium concessions and leave exploration and production in the hands of the State. ON EXPLORATION, In Baja, One World Lithium provided an update of its current drilling program at its Salar del Diablo project. In Sonora, Benjamin Hill provided an update of details on the recently released NI 43-101 report on its Benjamin Hill project.  In Chihuahua, Kootenay reported results from the last six holes collared at its Columba project. In Jalisco, Almadex announced Q4, 2021 plans for its San Pedro project. ON MINING, Endeavour Silver reported Q3, 2021 production results from their Mexican mine operations. Gatos Silver announced Q3, 2021 production results from its 70% owned Cerro Los Gatos mine in Chihuahua. GoGold presented quarterly and year ending September 2021 production results from its Parral Tailings project in Chihuahua. Great Panther announced Q3, 2021 production results from their Topia and Guanajuato Mine Complex mines in Durango and Guanajuato states respectively. McEwen reported Q3, 2021 production results from its El Gallo property in Sinaloa. Torex Gold announced Q3, 2021 production results from its El Limon-Guajes Mine Complex in Guerrero. ON FINANCING, Aztec Minerals announced the arrangement of a non-brokered private placement for gross proceeds of CAD $1.05M (Cervantes project, Sonora). Heliostar announced the commencement of a non-brokered private placement for gross proceeds of up to $2M that later on increased it to a maximum of $4M (Cumaro, Oso Negro and la Lola project in Sonora). Tarachi Gold announced a non-brokered private placement for gross proceeds of up to $500K (Magistral Mill and Tailings project, Durango). ON RESOURCES AND DEVELOPMENT, Almaden announced that it has resumed drilling activities at its Ixtaca project in Puebla. Excellon released results from its underground drilling program conducted at its the Platosa mine in Durango. Fabled reported results from its underground drilling program at its Santa Maria project in Chihuahua.  Golden Tag received approval from the Secretariat of Natural Resources and Environment (SEMARNAT) to build additional 41 drill pads at its San Diego property in Durango. GR Silver completed a 3D resistivity, IP and ground magnetic survey at its Plomosas project in Sinaloa. Impact Silver released results from its underground drilling program at Zacualpan mining district, State of Mexico. Minera Alamos provided an update on the ongoing pit optimization drilling program at its Santana property in Sonora. Silver Dollar received drilling permit for its la Joya project in Durango. Tarachi Gold reported results from the tailings drilling program at its Magistral Mill and Tailings project in Durango. ON DEALS AND CORPORATE ISSUES, Santacruz Mining informed that it is suspending operations at the Rosario Project in San Luis Potosi, and placing it on care and maintenance. Riverside reported on mining claims consolidation and expansion of its the La Union polymetallic project in Sonora. Sailfish entered into a binding letter of intent with 1287398 B.C. Ltd., to create a silver focused exploration and development company (Gavilanes property, Durango). ON SOCIAL RESPONSIBILITY, Fresnillo plc and its subsidiary Minera Penmont delivered an ambulance to representatives of the Red Cross in Caborca, Sonora.

ON MEXICO ISSUE

  • Members of the Mining Cluster of Chihuahua met with federal deputies of the Partido Acción Nacional (PAN) to let them know of the importance of mining not only in the state but in the entire country. Deductions of the mining exploration expenses as well as the electricity reform were some of the issues addressed to the deputies. According to the mining sector, if the electricity reform is approved, it will affect the competitiveness of mining. The Mining Cluster, in communion with government authorities, seeks to generate the development of local supply, as well as attracting greater mining investment in the state.
  • President AMLO announced a proposal that would put end the current system of lithium concessions and leave exploration and production in the hands of the State. However, the owner of the USD $420M project Bacanora Lithium stated that the Mexican government’s plans to bring lithium resources under state control will not affect progress in Sonora, since the new reforms will not affect lithium licenses already granted to private companies, as long as exploration work has already started and all licensing requirements have been met.

ON EXPLORATION

  • One World Lithium Inc., provided an update of its current drilling program at its Salar del Diablo project in Baja. The company announced that hole DDH-4 reached a depth of 381m on October 2, 2021 with an expected total depth of 600m. If the results of DDH-4 warrant it, other boreholes will be drilled in the area.
  • Benjamin Hill Mining Corp., provided an update of details on the recently released NI 43-101 report on its Benjamin Hill project in Sonora. “Detailed mapping at 1:1,000 scale has indicated the presence of a large magmatic-hydrothermal system, including mineralized structures, stockworks, sheeted veins, alteration halos, all of which are hosted in granitoids, an eroded skarn system, a volcaniclastic sequence, and volcanic rocks, as well local orogenic quartz veins. This large hydrothermal system could be co-genetic with a bimodal dike swarm mapped on the property and related to a buried fertile plutonic system, suggesting that geological structures and mineralization seen at surface are indicative of a Cu-Au porphyry system at depth”. Recommended activities to be conducted at the property over the next 2-3 months are completing the mapping and sampling on the areas of Caracahui, la Salada, Caracahui Norte and the Sonora Copper; mapping and channel sampling of the Cascabel and Guadalupe adits; dating studies of the plutonic rocks, prospection of the new areas generated by geochemistry (La Falsa, San Felix, and La Berrenda); and channel sampling on the Sonora Copper adit.
  • Almadex Minerals Ltd announced Q4, 2021 plans for its San Pedro project in Jalisco. The company reported that the property is fully permitted and is currently mobilizing a team and rig to site to conduct a drill testing prior to year-end.
  • Kootenay Silver Inc., reported results from the last six holes collared at its Columba project in Chihuahua. The company announced the best drill intercept to date in hole CDH-21-103 with 333 g/t Ag over 44m, including 805 g/t Ag over 17m, including 1,201 g/t Ag over 11m, including 2,035 g/t Ag over 6m, and a high of 9,840 g/t Ag over 0.92m.

ON MINING

  • Endeavour Silver Corp., reported Q3, 2021 production results from their Mexican mine operations. The next table shows the production for the third quarter 2021 by mine:
  • Gatos Silver Inc., announced Q3, 2021 production results from its 70% owned Cerro Los Gatos mine in Chihuahua. The company mined 242,899 tonnes and milled 234,054 tonnes of 256 g/t Ag, 0.3 g/t Au, 2.35% Pb, and 4.1% Zn with metallurgical recoveries of 89%, 63%, 91%, and 74% respectively, to produce 1.7M Oz Ag, 1.3K Oz Au, 10.8M Lb Pb, and 13.5M Lb Zn.
  • GoGold Resources Inc., presented quarterly and year ending September 2021 production results from its Parral Tailings project in Chihuahua. GoGold produced 221.2K Oz Ag, 3,437 Oz Au and 309.1K Lb Cu (526,044 Oz AgEq) in the quarter period for a total of 1.14 M Oz Ag, 13.45K Oz Au, and 1.05M Lb Cu (2.27M Oz AgEq) in the full year ending in September 2021.
  • Great Panther Mining Limited announced Q3, 2021 production results from their Topia and Guanajuato Mine Complex mines in Durango and Guanajuato states respectively. At Topia, Durango, the company processed 14, 433 tonnes of 373 g/t Ag, and 0.64 g/t Au with metallurgical recoveries of 93.7% and 72.2% respectively, to produce 162.2K Oz Ag, 215 Oz Au, 600.3K Lb Pb, and 777.3K Lb Zn (242K Oz AgEq or 2,847 Oz AuEq). At Guanajuato Mine Complex, Guanajuato, Great Panther processed 41,343 tonnes of 102 g/t Ag, and 1.64 g/t Au with metallurgical recoveries of 87.1% and 86.4% respectively, to produce 118K Oz Ag and 1,883 Oz Au (278K Oz AgEq or 3,271 Oz AuEq). “The Company has not yet been granted a permit from the Comisión Nacional del Agua (CONAGUA) to expand the TSF at the Guanajuato Mill Complex, which only has sufficient capacity to continue milling operations until December 2021. While the Company continues to proactively engage CONAGUA to expedite the permitting process, the operating assumption is that a permit will not be forthcoming and numerous longer-term solutions are currently being assessed, including processing ore at third-party facilities”.
  • McEwen Mining Inc., reported Q3, 2021 production results from its El Gallo property in Sinaloa. In Q3, El Gallo produced 560 Gold Equivalents Ounces (GEOs) from residual leaching of the heap leach pad.
  • Torex Gold Resources Inc., announced Q3, 2021 production results from its El Limon-Guajes Mine Complex in Guerrero. The company reported a gold production of 111,220 Oz. The company sold this production at an average realized gold price of USD $1,785 per Oz.

ON FINANCING

  • Aztec Minerals Corp., announced the arrangement of a non-brokered private placement for gross proceeds of CAD $1.05M. Part of the net proceeds will be used to conduct exploration work at its Cervantes porphyry Au-Cu project in Sonora.
  • Heliostar Metals Limited announced the commencement of a non-brokered private placement for gross proceeds of up to $2M that later on was increased to a maximum of $4M. Part of the gross proceeds will be used to conduct exploration work at the Cumaro, Oso Negro and la Lola project in Sonora.
  • Tarachi Gold Corp., announced a non-brokered private placement for gross proceeds of up to $500K. Proceeds of the private placement will be used for general working capital. (Magistral Mill and Tailings project, Durango).

ON RESOURCES AND DEVELOPMENT

  • Almaden Minerals Ltd., announced that it has resumed drilling activities at its Ixtaca project in Puebla. The company also informed that all fieldwork has been conducted in compliance with the Mexican Institute for Social Security (IMSS) since the Company’s Covid-19 protocols detected several COVID-19 cases amongst members of the Company’s local staff. All these individuals were immediately quarantined and supported by the company and one was hospitalized, who unfortunately passed away despite all best efforts. The company has established a COVID Committee that meets weekly to assess the COVID- 19 situation, ensure commitment to company protocols, and discuss opportunities for improvement in the protocols.
  • Excellon Resources Inc., released results from its underground drilling program conducted at its the Platosa mine in Durango. Highlights include hole EX21UG90 with 1,570 g/t Ag, 10.4% Pb, 29.6% Zn, and 0.1 g/t Au (2,860 g/t AgEq) over 7.5m, including 2,424 g/t Ag, 14% Pb, and 35% Zn (3,987 g/t AgEq) over 3.4m, plus 479 g/t Ag, 4.6% Pb, and 2% Zn (667 g/t AgEq) over 2.5m, including 1,758 g/t Ag, 16.5% Pb, and 7.5% Zn (2,441 g/t AgEq) over 0.5m; and hole EX21UG687 with 1,214 g/t Ag, 8.3% Pb, and 16.9% Zn (2,009 g/t AgEq) over 3.1m, including 2,530 g/t Ag, 16.7% Pb, and 19.3% Zn (3,623 g/t AgEq) over 1.2m. “Drilling from underground continues to define and expand known mineralization ahead of production at the 623 and NE-1S mantos. Drilling at Platosa will continue to target areas ahead of production and test the extent of mineralization around mine workings”. 
  • Fabled Silver Gold Corp., reported results from its 1,200m underground drilling program at its Santa Maria project in Chihuahua. Hole SMUG21-16 intersected 0.21 g/t Au,  120 g/t Ag, 0.1% Pb, 0.4% Zn, and 0.01% Cu (131 g/t AgEq) over 5.1m, including 0.6 g/t Au, 387 g/t Ag, 0.35% Pb, 0.6% Zn, and 0.01% Cu (418 g/t AgEq) over 1.3m. Hole SMUG21-17 drilled from the same setup but with different dip angle intersected 1.07 g/t Au, 106 g/t Ag, 0.05% Pb, and 0.2% Zn (161 g/t AgEq) over 3.95m, including 6.46 g/t Au, 490 g/t Ag, 0.3% Pb, 0.45% Zn, and 0.01% Cu (822 g/t AgEq) over 0.60m.
  • Golden Tag Resources Ltd., received approval from the Secretariat of Natural Resources and Environment (SEMARNAT) to build additional 41 drill pads at its San Diego property in Durango, increasing the total number of permissible pads to 55. The new permit is valid for a period of 4 years.
  • GR Silver Mining Ltd., completed a 3D resistivity, IP and ground magnetic survey at its Plomosas project in Sinaloa. This geophysical survey links San Marcial resource with the recent GAP area discovery and the San Juan resource. Elevated chargeability has been identified in the vicinities of San Marcial resource area; the magnetic survey shows several oriented magnetic features; and the resistivity data shows that important parts of the Plomosas project are separated into structural blocks controlled by NW-trending faults and mineralized structures. Early-stage field assessment of Ag-Au targets is underway and several of these are currently in the drill planning stage.
  • Impact Silver Corp., released results from its underground drilling program in the Lipton area of its Guadalupe Mine at Zacualpan mining district, State of Mexico. Significant drill intercepts were encountered in hole MPZ-UG-001-21 with 327 g/t Ag, 0.3% Pb, and 0.6% Zn over a true width (TW) of 2.5m; hole MPZ-UG-002-21 with 691 g/t Ag, 0.3%, and 0.7% over a TW of 1.29m; hole MPZ-UG-006-21 with 443 g/t Ag, 0.2% Pb, and 0.3% Zn over a TW of 1.90m; and hole MPZ-UG-014-21 with 472 g/t Ag, 0.2% Pb, and 0.5% Zn over a TW of 1.69m. The drill holes covered the vein systems over a strike length of 430m and a vertical distance of 200m.
  • Minera Alamos Inc., provided an update on the ongoing pit optimization drilling program at its Santana property in Sonora. Drilling highlights include hole S20-147D with 0.69 g/t Au over 248.8m from surface and ending in mineralization; hole S20-149D with 0.77 g/t Au over 152.7m from surface, including 1.39 g/t Au over 56.2m; and hole S21-160D with 0.51 g/t Au over 242.7m from 41.9 down hole.   
  • Silver Dollar Resources Inc., received permit for the next phase of drilling at its la Joya project in Durango. The company is cashed-up and eager to restart exploration drilling for the first time in over seven years.
  • Tarachi Gold Corp., reported results from the tailings drilling program at its Magistral Mill and Tailings project in Durango. A total of 37 vertical auger holes were completed to depths ranging from 1.3 to 14.5m with an average depth of 6.6m. The 171 gold tailings samples ranged in grade from 0.89 to 4.12g/t with an average of 2.04g/t Au.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd., informed that it is suspending operations at the Rosario Project in San Luis Potosi, and placing it on care and maintenance. This decision was made following an extensive review by management of the Rosario project operations and strategic options available including the potential sale of the operation.
  • Riverside Resources Inc., reported on mining claims consolidation and expansion of its the La Union polymetallic project. The acquisition of the La Famosa and Plomito small internal claims provided Riverside access to high-grade small scale mine properties increases its property total area to over 2,604 hectares. Riverside optioned these properties over 4 years term staged cash payments without any NSR.  At La Famosa, Riverside can earn 100% of interest in the property by making a total cash payment of USD $175K in staged cash payments starting with USD $10K in the first year anniversary, $USD 15K in the second year, USD $25 in the third year, USD $50K in the fourth year, and a final cash payment of USD $75,000. At Plomito, Riverside can earn 100% interest in the property by making a total cash payment of USD $165K in staged cash payments, starting with USD $10K in the first year anniversary, $USD 15K in the second year, USD $25 in the third year, USD $40K in the fourth year, and a final cash payment of USD $75,000.
  • Sailfish Royalty Corp., entered into a binding letter of intent with 1287398 B.C. Ltd., to create a focused exploration and development company (Pubco or Sailfish Silver as the proposed transaction). The plan is to transfer the Gavilanes Silver Project to Pubco in exchange for shares of Pubco.  

ON SOCIAL RESPONSIBILITY

  • Fresnillo plc and its subsidiary Minera Penmont delivered an ambulance to representatives of the Red Cross in Caborca, Sonora. With this action, the Mexican company strengthens the vehicle fleet of the health institution that is responsible for protecting the health of the people of Caborca.

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 phyllic alteration with Cu mineralization in a prospect in Sonora, Mexico.  Photo by Miguel A Heredia.