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

Banded quartz texture

By Miguel A Heredia

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

ON MEXICO ISSUES

No relevant news.

ON EXPLORATION

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

ON MINING

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

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

ON FINANCING

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

 

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

Sailfish Royalty Announces Completion ofStream Restructuring

sailfish royalty announces completion of stream restructuring

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

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

golden reign and marlin gold complete business combination

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

GoGold Announces closing of the US$12million Sale of Santa Gertrudis Royalty

gogold announces closing of the 12M US sale of santa gertrudis_son

HALIFAX, Nov. 7, 2018 /CNW/ – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “theCompany”) is pleased to announce the closing of the previously announced (September 5, 2018) sale of the Santa Gertrudis royalty for US$12 million to Metalla Royalty and Streaming Ltd (“Metalla”).

The Company has elected to take US$6 million of the US$12 million sale price in common shares of Metalla at a deemed price of CAD$0.78 (“Share Consideration”). This Share Consideration represents a total of 10.1 million common shares of Metalla representing 9.9% of Metalla shares outstanding and will be subject to a 4-month hold period.

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

IMG_4536 - copia

By Jorge Cirett

During the 44th week of the year (October 29th to November 4th, 2018), at least 26 press releases were announced by companies working in Mexico. Prize Mining, Southern Silver, Kootenay, Excellon, Colibri, Golden Minerals and Galore released advances in exploration. Consolidated Zinc and Telson released news on mining, while Endeavour, Excellon and  Great Panther reported Q3 financial results. Aloro Mining and Sonoro Metals reported news related to financing. Goldplay and SilverCrest reported on advances on its properties, while Silver Bull presented an updated resource base. Marlin Gold and Golden Reign advance on their acquisition agreement and Colibri entered into a purchase agreement with Yaque Minerals. Golden Minerals is acquiring the Yoquivo property in Chihuahua. ON MEXICO ISSUES, CAMIMEX presented figures on the state of the mining industry in Mexico. ON EXPLORATION, In Sonora, Colibri described its El Mezquite and Jackie projects. In Chihuahua Golden Minerals released high-grade results from its Yoquivo project, and Kootenay presented interesting results from early exploration on its Mecatona project. In Coahuila, Prize Mining is doing regional exploration on its Manto Negro project. In Durango, Southern Silver presented significant results from drilling on its CLM West claim group. In Zacatecas, Galore has received permit to drill on its El Alamo claim. ON FINANCING, Sonoro has completed a private placement for $500 K. Aloro Mining completed its placement for gross proceeds of C$800 K. ON RESOURCES AND DEVELOPMENT, Goldplay reported results from sampling historical core at its San Marcial project in Sinaloa. Silver Bull presented an updated resource on its Sierra Mojada project in Coahuila. SilverCrest presented high-grade results from infill drilling at its Las Chispas project in Sonora. A PEA is to be completed for a 1,000 to 1,500 tonne/day underground operation. ON DEALS AND CORPORATE ISSUES, Golden Reign, Marlin Gold and Sailfish Royalties continue to advance its purchase agreement. Colibri Resource is to acquire Yaque Minerals S.A. de C.V. owned by OnTop Capital. Golden Minerals holds an option to acquire the Yoquivo property in Chihuahua.

ON MEXICO ISSUES

  • In AIMMGM’s past conference in October, Fernando Alnis from CAMIMEX (Cámara Minera de México) presented figures from the mining industry in Mexico. Mineral royalties collected US$220 M in 2017, adding up to US$631 M on the last four years. An additional US$248 M were invested by companies in the communities and environment where they are located. Just in mining duties over concessions amounted to US$132.9 M. In the attractiveness index for investment, Mexico has gone from the 11th place in 2011 to the 44th place in 2018. At the same time our direct competitors for investment in the mining industry are doing better, Peru passed from the 39th to the 19th position, and Chile from the 6th to the 8th position. Points suggested to make of Mexico a mining country include improvements in security, a better infrastructure (railways, ports), certainty on land rights, a common ground with other mining countries in fiscal terms, administrative efficiency in the application and issuing of mining concession titles and certainty and transparency in the timely granting of permits.

ON EXPLORATION

  • Prize Mining Corp. engaged a consultant to compile a GIS database for a regional exploration program on its 17,659 ha Manto Negro project in Coahuila. The 3,000 m drill program continues with its focus on the Granizo and Pilar Grande areas.
  • Southern Silver Exploration Corp. reported drill results from its CLM West claim group, adjacent to its Cerro Las Minitas project in Durango. One of three holes intercepted 3.0 m @ 168 g/t Ag, while the other two returned strong (up to 0.1%) arsenic and antimony anomalies. “The mineralization represents the first significant silver intercept identified on the CLM West claim group where drilling is targeting new Ag-Au epithermal systems”.
  • Kootenay Silver Inc. staked 2,857 ha in Chihuahua, creating the Mecatona project. The Ag dominant epithermal system is hosted in veins and breccias, with one anomalous structure running for more than 1.7 km, and another zone hosting stockworks and quartz veinlets in an 80 m wide argillic alteration zone. Results from 78 samples collected at the property are as high as 735 g/t Ag, 6.94 g/t Au, 3.5% Pb, 8.0% Zn.
  • Excellon Resources Inc. received title to concessions that increases its land position to over 45,000 hectares on its consolidated “Evolución” property, within the Miguel Auza district in Durango, along strike to HECLA’s San Sebastian mine. As announced in previous press releases, initial drilling has already shown broad mineralized intersections with anomalous Au, Ag, Pb, Zn, “including discrete higher‐grade zones of carbonate veining, bladed calcite and silica with galena, sphalerite and pyrite”.
  • Colibri Resource Corp. described the El Mezquite and Jackie projects in Sonora, its new properties through the acquisition of Yaque Minerals S.A. de C.V. from On Top Capital Ltd. The 180 hectares Mezquite project contains an alteration zone 2 km by 1 km , within which are at least four zones of sulfide oxidation related to contacts with a silicified feldspar porphyry. Assay results from 321 rock chip samples returned 42 samples over 0.1 g/t Au, averaging 0.74 g/t Au and up to 3.41 g/t Au, 198 g/t Ag. The 1,130 ha Jackie project is 2 km south of El Mezquite, and abuts to the east with the Santana project, owned by Minera Alamos.
  • Golden Minerals Co. released high-grade results from sampling at its Yoquivo project in Chihuahua. Highlighted results comprise 6 m @ 5.9 g/t Au, 937 g/t Ag; 6 m @ 1.7 g/t Au, 399 g/t Ag from the Pertenencia vein. 4 m @ 2.3 g/t Au, 489 g/t Ag from the Central breccia zone. 2.9 m @ 1.7 g/t Au, 345 g/t Ag from the San Francisco vein. To date 756 samples have been collected, identifying a series of low-sulfidation quartz veins and breccias. A regional exploration program was launched to search for additional veins.
  • Galore Resources Inc. has been granted permits to begin a 12-hole, 3,000 m diamond core drill program at its El Alamo claim in Zacatecas. El Alamo consists of Cretaceous sediments, mostly limestone with some siltstone and chert, and major faults bounding the project. Alteration and mineralization are represented by silicification and iron-oxide bodies after sulfides. Some of the higher grade gold values are associated with extensively iron-oxide jasperoid breccias. A shallow drill percussion camping collared 35 holes in 2012, and defined a 500 long by 200 wide target zone.

ON MINING

  • Consolidated Zinc Ltd. presented its September 2018 quarterly activities report. The Group entered a 12 month toll treatment and offtake purchase agreement with Grupo Mexico to treat its ore at the Santa Eulalia’s concentrator plant, with mining at the Plomosas mine in Chihuahua beginning on September 13th 2018. A detailed costing study (DCS) was completed and incorporated into a bankable feasibility study (BFS). “During the quarter the Mexican Environmental Authority (PROFEPA) provided the Company with an MIA Exception (EPA exception) for the mine and processing plant area”. Cash balance at the end of the period was $0.61 M.
  • Telson Mining Corp. reported concluding a renewable power purchase agreement for its Campo Morado mine in Guerrero. The ten-year agreement sets the price for consuming 42.00 GW per year at a price that is 32% lower than the last nine-month average price paid at the site.
  • Endeavour Silver Corp. reported third quarter 2018 financial results. During the period silver production (1.43 M Oz) increased 13% and gold (12,968 Oz) decreased by 5%, with a silver equivalent production of 2.4 M Oz, and the Terronera pre-feasibility study was completed with improved project economics. On the financial side a net loss of $5.5 M was recorded, with EBITDA decreasing 8% to $5.6 M, mine operating cash flow decreased 20% to $9.6 M, cash cost rose to $8.86 per Oz Ag (net of gold credits) and All-in sustaining cost fell to $16.14 per Oz Ag, with a working capital of $57.4 M, whilst $5.6 M were raised through ATM financing.
  • Excellon Resources Inc. reported financial results for the third quarter 2018. During the period 10,974 of ore were produced, 17,907 tonnes processed (ore and stockpile), grading 416 g/t Ag, 3.47% Pb, 4.33% Zn (for ore) and 151 g/t Ag,1.36% Pb, 1.45% Zn (stockpile), recovering 89.9% Ag, 74.2% Pb, 78.2% Zn to produce 171.2 K Oz Ag, 824 K Lb Pb, 1,005 K Lb Zn. Revenue was $2.6 M ($7.6 M a year earlier) for a gross loss of $3.5 M from operations, cash cost of $29.94 per Ag Oz and All-in sustaining cost of $44.02 per Ag Oz. Financial results were impacted by lower production, lower by-product prices and associated price adjustments. Management changes were made at the Platosa mine, and now production and development rates have increased.
  • Great Panther Silver Ltd. presented third quarter 2018 financial results. During the period 92.9 K tonnes were milled to produce 448.8 K Oz Ag, 4,737 Oz Au (adding to 1.023 M Oz AgEq) at cash cost $12.79 per Ag Oz ($13.59 per AgEq Ag Oz), all-in sustaining cost $19.74 ($16.56 per AgEq Oz). The revenue was $11.7 M, with a net loss of 3.642 M, EBITDA of $(3.679) and a networking capital at end of period of $57.9 M. Lower metal prices, lower production levels and a large concentrate load that could not be shipped before the end of the period impacted on the lower results.

ON FINANCING

  • Aloro Mining Corp. closed a non-brokered private placement for gross proceeds of C$800 K. Agnico Eagle, which owns 8.7% of Aloro shares, bought half the issued shares. (Los Venados, Sonora).
  • Sonoro Metals Corp. completed a non-brokered private placement, for gross proceeds of $500 K (Cerro Caliche, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Goldplay Exploration Ltd. reported results from sampling historical drill core from its San Marcial project in Sinaloa. These results are said to support the open pit potential for the historical NI-43-101 resource at the property. Highlighted results comprise 47.8 m (TW) @ 93 g/t AgEq (including 17.3 m @ 160 g/t AgEq); 42.0 m @ 61 g/t AgEq (including 24.8 m @ 79 g/t AgEq); 9.4 m @ 126 g/t AgEq.
  • Silver Bull Resources Inc. provided an updated NI43-101 resource report for the Sierra Mojada project in Coahuila. The open pit resource includes a high grade zinc zone of 13.5 M tonnes @ 11.2% Zn and a high grade silver zone with 15.2 M tonnes @ 114.9 g/t Ag. The total measured and indicated resources 70.4 M tonnes @ 38.6 g/t Ag, 3.4% Zn containing 5.354 billion pounds zinc and 87.4 M ounces silver.Sierra Mojada Resource table1
  • SilverCrest Metals Inc. is to complete a preliminary economic assessment (PEA) for Las Chispas project in Sonora. A 1,000 to 1,500 tonne per day underground mining operation is being considered, with a counter-current decantation facility and Merrill Crowe recovery circuit similar to the nearby Santa Elena and Mercedes mines. Cyanidation with a possible add-on flotation circuit followed by intense leaching is being evaluated for the higher-grade ore, to raise the 86% Ag, 98% Au recovery with standard cyanidation only. SilverCrest is proceeding with the construction of a 500 m long, 4.5 m wide, 4.0 m high decline, and drifting 600 to 800 m along the mineralized structure to collect information on vein grade, width continuity, grade reconciliation, mineability and bulk sampling.
  • SilverCrest Metals Inc. reported the best drill intercept to date for its Las Chispas project in Sonora. Results from 7 drill holes from the in-fill program were released, with highlighted intervals (TW) comprising 9.9 m @ 14.4 g/t Au, 2,132 g/t Ag (this is the best intercept to date, including 4.5 m @ 30.3 g/t Au, 4,498 g/t Ag); 3.8 m @ 6.78 g/t Au, 1,090 g/t Ag; 3.5 m @ 33.06 g/t Au, 2,092 g/t Ag; 11.1 m @ 3.99 g/t Au, 580 g/t Ag; 5.1 m @ 4.16 g/t Au, 197 g/t Ag; The weighted average for the five holes on the Area 51 is 6.0 m @ 11.41 g/t Au, 1,369 g/t Ag. A total of 351 holes have been collared, for 94,735 m of core, with 119 drill intercepts grading more than 1,000 g/t AgEq.

ON DEALS AND CORPORATE ISSUES

  • Sailfish Royalty Corp. announced its shareholders voted in favor of the restructuring of the company’s gold stream on the San Albino project. The stream restructuring is a condition to the closing of the transaction in which Golden Reign Resources Ltd. will acquire all issued shares of Marlin Gold Mining Ltd. (Trinidad, Sinaloa).
  • Marlin Gold Mining Ltd. shareholders voted in favour of a special resolution to approve the plan of arrangement and certain connected transactions, pursuant to which Golden Reign Resources Ltd. (“Golden Reign”) will acquire all of the issued and outstanding shares of Marlin (Trinidad, Sinaloa).
  • Golden Reign Resources Ltd. and Marlin Gold Mining Ltd. have been granted the final court order from the Supreme Court of British Columbia approving the plan of arrangement pursuant to which Golden Reign will acquire all of the issued and outstanding common shares of Marlin (Trinidad, Sinaloa).
  • Colibri Resource Corp. entered into a share purchase agreement with OnTop Capital Ltd. to purchase all issued and outstanding shares of Yaque Minerals S. A. de C.V., a wholly owned subsidiary of OnTop. Yaque assets consist of El Mezquite and Jackie mineral exploration properties close to the Santana project owned by Minera Alamos in Sonora. “As consideration for the Transaction, Colibri has agreed to issue a convertible debenture in the amount of $1 million CDN bearing an annual interest rate of 2.5% which is convertible at any time, in whole or in part, over the next 5 years into common shares of Colibri at $0.20 per share for a total of up to 5 million shares”.
  • Golden Minerals Co. holds an option to purchase the six concessions that comprise the 2,367 hectares Yoquivo property in Chihuahua, for payments totaling $0.5 M over four years and subject to a 2% NSR royalty.

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

On the image above, intermediate composition dike with chilled margins intruding andesitic volcanic rocks in Jalisco. Picture by Jorge Cirett.

New Gold Announces 2018 Third Quarter Results Rainy River Reports Improved Productivity in September

Q3’18-Results-v.FINAL

TORONTO, Oct. 24, 2018 /PRNewswire/ – New Gold Inc. (“New Gold” or the “Company”) (TSX:NGD) (NYSE American:NGD) today announces its 2018 third quarter results. Unless otherwise noted, all operating and financial results have been presented on a continuing basis and exclude the Mesquite Mine and Peak Mines, which have been classified as discontinued operations.

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

IMG_4463 - copia

By Jorge Cirett

During the 42nd week of the year (October 15th to October 21st, 2018), at least 31 press releases were announced by companies working in Mexico. San Marco and Odyssey released advances in exploration. Galore Resources and Aura Minerals released news on mining, while Avino Silver, First Majestic, Premier Gold and Gold Resource reported Q3 production results. Sonoro Metals, First Majestic, Azucar Minerals and Plata Latina reported news related to financing. Telson, Azure, Candelaria and Goldplay reported on advances on its properties. Santacruz, Prize Mining, Azucar Minerals, Alio Gold, Canuc Resources, Minera Alamos and Excellon presented information on deals or corporate issues. ON MEXICO ISSUES, CAMIMEX stated there are 19 ongoing projects to augment gold production in Mexico. ON EXPLORATION, In Baja California Sur, Odyssey informed on SEMARNAT’s refusal for permitting the Don Diego project. In Sonora, San Marco is to start mapping and sampling the Espiritu project. In Coahuila, Prize Mining continues drilling at its Manto Negro project. ON MINING, Avino Silver, First Majestic, Premier Gold, and Gold Resource reported on Q3 2018 production. Galore begun mining at Los Gemelos, Zacatecas. Aura Minerals completed the first copper concentrate shipment from Aranzazu, also in Zacatecas. ON FINANCING, Sonoro is undertaking a private placement to raise up to $500 K. First Majestic filed a shelf prospectus that enables the raising of up to US$300 M in 25 months. Newcrest is exercising its top up rights to maintain 19.9% ownership of Azucar Minerals. Plata Latina settled C$231 K of indebtedness by share issuing. ON RESOURCES AND DEVELOPMENT, Telson released high grade results from development sampling at Tahuehueto, Durango. Azure Minerals announced a positive scoping study on its Oposura project in Sonora. Candelaria Mining filed a NI-43-101 report on its Pinos project in Zacatecas. Goldplay was approved the drilling permit by SEMARNAT for drilling at its San Marcial project in Sinaloa. Azure Minerals released a positive scoping study on its Oposura project in Sonora, for an open pit/underground operation. Newcrest is to maintain its 19.9% ownership of Azucar Minerals (see above).  Minera Alamos reported second round drill results on its Santana property in Sonora. ON DEALS AND CORPORATE ISSUES, Santacruz Silver made the final payment to acquire a considerable land package in the Zacatecas district. Newcrest is to maintain its participation in Azucar Minerals. Canuc received conditional approval for its acquisition of Circle Energy. Alio Gold is disposing of some assets in Nevada and reducing its debt levels. Excellon is to sell the Beschefer project in Canada.

ON MEXICO ISSUES

  • According to CAMIMEX (Cámara Minera de México) there are 19 investment projects to be developed during the 2018-2019 period, five in Durango (Camino Rojo, Piritas in Peñasquito, El Compás, Fresnillo’s Piritas project and Juanicipio), four in Guerrero (Ana Paula, Bermejal underground, Media Luna, and Rey de Plata), four in Durango (Tahuehueto, Pitarrilla, Metates and San Agustin), Two in Sonora (Santa Gertrudis and a second leach plant at La Herradura), one in Puebla (Ixtaca) and one in Chihuahua (San Julian). Gold production in 2017 was 4,080,000 ounces, decreasing by 4% on the prior year, but considerably larger than the 848,000 ounces produced in year 2000.

ON EXPLORATION

  • San Marco Resources Inc. is to start exploration at its Espiritu porphyry copper project in Sonora. Work in the property will consist of geological mapping, surface rock sampling and assessment of past drill hole and surface data. San Marco’s first pass review suggest the system is open in most directions. Past drill hole intercepts include 48.0 m @ 0.19 g/t Au, 0.10 % Cu and 220.5 m @ 0.14 g/t Au, 0.15% Cu.
  • Odyssey Marine Exploration Inc. received notification that SEMARNAT repeated their refusal to issue an environmental permit for the phosphate deposit, “in direct contravention of the Order of the Federal Administrative Court”. SEMARNAT did not inform of any new environmental information used as a basis their decision, as was required in the Court’s Order. Odyssey “expects its legal team to file a new action before the Superior Section of the Federal Administrative Court demonstrating that SEMARNAT is in contempt of the Court’s Order with a request for sanctions and notification to Mexico’s Internal Control Unit” (Don Diego, Baja California Sur).
  • Prize Mining Corp. continues with the 30-hole 3,000 m drill program at its Manto Negro project in Coahuila. “Core is being logged and sampled and sent out for assay, with first results expected in November”.

ON MINING

  • Avino Silver & Gold Mines Ltd. announced its third quarter production results for 2018. In the Avino mine. during the period 81.5 K dry tonnes were milled @ 58 g/t Ag, 0.52 g/t Au, 0.54% Cu; with 84% Ag, 67% Au, 88% Cu recoveries to produce 112.6 K Oz Ag, 882 Oz Au, 865 K Lb Cu (or 3,935 Kg Ag, 28.31 Kg Au, 392.36 Tonnes Cu). In the San Gonzalo mine (which is nearing the end of its mine life) 19.7 K dry tonnes were milled @ 226 g/t Ag, 1.15 g/t Au; with 78% Ag, 75% Au to produce 107.8 K Oz Ag, 532 Oz Au (or 3,461 Kg Ag, 17,086 g Au). From the above ground stockpile 88.7 K tonnes were milled @ 62 g/t Ag, 0.45 g/t Au, 0.15% Cu; with 57% Ag, 52% Au, 37% Cu recoveries, to produce 97.4 K Oz Ag, 652 Oz Au, 112.8 K Lb Cu (or 3,127 Kg Ag, 20,931 g Au). An additional 8,212 Oz Ag were produced by a test program to recover precious metals and zinc from the San Gonzalo mine tailings. To counter significantly lower metal prices, Avino is reducing costs by postponing exploration, as well as reducing general and administrative costs in Mexico and British Columbia.
  • First Majestic Silver Corp. announced production results for Q3 2018. Consolidated results include the milling of 864 K tonnes of ore to produce 3.5 M Oz Ag, 35,260 Oz Au, 4.44 M Lb Pb, 1.23 M Lb Zn (or 6.74 M Oz AgEq). A 20% cost reduction program across all areas is being implemented to deal with the prolonged low silver prices. AgEq year on year production grew by 69%, mainly by the addition of the San Dimas operations. The mine by mine production table is below.

firstmajestic_2018-10-151 - copia.jpg

  • Galore Resources Inc. Has begun mining at Los Gemelos, in Zacatecas. Mining has begun without a feasibility study at Galore’s owned Duraznillo ranch, which includes the Los Gemelos and Duende 7 claims, within the Concepción del Oro district. The mining contractor has installed a gold processing plant with initial capacity of 90 tons per week. The proceeds, net of costs, are to be allocated with 40% to Galore and 60% to the contractor, URBYASA.
  • Aura Minerals Inc. completed the first shipment of copper concentrate since the reopening of its Aranzau mine in Zacatecas. Aura “continues to further progress on the underground mine development and operational improvements to the plant. Construction of the new tailings disposal system (TD5) is expected to be completed this year”.
  • Premier Gold Mines Ltd. released Q3 2018 production results, including figures from its Mercedes mine in Sonora, where 17,465 Oz Au; 88,390 Oz Ag were produced. “The Mercedes Mine remains focused on cost reduction and the development of new deposits to increase flexibility and productivity……. construction to expand tailings capacity began. Additionally, development continued on a drift from the Lagunas mine to access the higher-grade Marianas deposit located along the main Mercedes mine trend”.
  • Gold Resource Corp. reported preliminary production results for the third quarter 2018. During the period production totaled 434 tonnes Cu, 2,119 tonnes Pb, 4,970 tonnes Zn, and no details were disclosed on precious metals. For the first three quarters of 2018, 18,864 Oz Au, 1.34 M Oz Ag, 1,206 tonnes Cu, 5,274 tonnes Pb, 14,236 tonnes Zn were produced.

ON FINANCING

  • Sonoro Metals Corp. proposes to undertake a non-brokered private placement, aiming to raise up to $500K (Cerro Caliche, Sonora).
  • First Majestic Silver Corp. filed a preliminary short form base shelf prospectus that will allow First Majestic to raise up to US$300 M during the next 25 months (Six producing mines in Mexico).
  • Azucar Minerals Ltd. announced Newcrest Canada Holdings Inc. exercised its top-up rights pursuant to the May 2018 investor rights agreement with Azucar, acquiring additional shares for a total of $124.4 K, and maintaining its 19.9% ownership.
  • Plata Latina Minerals Corp. has agreed to settle indebtedness of C$201 K owing to its directors and indebtedness of C$30 K owing to its former CEO, by issuing common shares.

ON RESOURCES AND DEVELOPMENT

  • Telson Mining Corp. reported assay results from veins exposed during underground development at its Tahuehueto mine in Durango. Highlighted results comprise 3.25 m @ 7.10 g/t Au, 37 g/t Ag, 0.22% Cu, 0.9% Pb, 5.4% Zn; 6.10 m @ 5.04 g/t Au, 36 g/t Ag, 0.16% Cu, 1.8% Pb, 3.9% Zn; 8.05 m @ 2.52 g/t Au, 28 g/t Ag, 0.19% Cu, 0.8% Pb, 2.9% Zn; 4.20 m @ 8.02 g/t Au, 96 g/t Ag, 2.93% Cu, 5.0% Pb, 8.2% Zn; 4.40 m @ 2.62 g/t Au, 19 g/t Ag, 1.3% Cu, 3.8% Pb, 3.7% Zn.
  • Candelaria Mining Corp. filed a NI-43-01 preliminary feasibility assessment (PEA) report on its Pinos project, Zacatecas. The resources stand at: 85,847 tonnes @1.6 g/t Au, 83 g/t Ag measured; 175.7 K tonnes @ 3.6 g/t Au, 47 g/t Ag indicated; 529.6 K tonnes @ 3.6 g/t Au, 48 g/t Ag as inferred. The measured resources are in dumps, whereas the indicated and inferred resources are contained in veins 1.3 to 2.1 m in average widths. Production costs were evaluated for a range of 200 to 400 tonnes per day (tpd) operation. The capital cost is estimated at $13.5 M and the sustaining capital at $9.15 M.
  • Goldplay Exploration Ltd. received approval from SEMARNAT (Mexican environmental agency) for its upcoming drill programs at San Marcial, Sinaloa. Up to 69 drill holes can be completed within a two year window. A NI-43-101 resource estimate is to be completed before the end of 2018., and a PEA is expected to be undertaken in 2019.
  • Azure Minerals Ltd. announced a positive scoping study (SS) completed at its Oposura project in Sonora. “The Study delivers a Life of Mine (LOM) EBITDA of A$237 million, NPV(8%) (pre-tax) of A$112 million and an IRR (pre-tax) of 76%….. ”. The study calls for mining by open pit and underground methods 2.5 M tonnes @ 4.6% Zn, 2.6% Pb, 15.9 g/t Ag. The initial mine life is 5.3 years, with average annual production of 19 Kt Zn, 10 Kt Pb, 145 K Oz Ag. The total capital expenditure needed to achieve production is A$ 69.9 M (US$ 52.4 M).
  • Minera Alamos Inc. reported results on the second round of its phase 1 drilling program at its Santana property in Sonora. Highlighted results comprise 80.4 m @ 1.05 g/t Au; and 8.0 m @ 1.0 g/t Au and 24.5 m @ 0.81 g/t Au on a second hole. “Planning of the Phase 2 drill program will begin once the remaining drilling results have been received and interpreted”.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. has made the final option payment to acquire 149 concessions covering 7,800 ha in the Zacatecas district. Santacruz now controls 8,900 ha in the district.
  • Azucar Minerals Ltd. informed Newcrest Canada Holdings Inc. has confirmed its intention to exercise its top-up rights on their last May signed agreement. Under the scheme, Newcrest is to maintain its 19.9% ownership of Azucar (El Cobre, Veracruz).
  • Alio Gold Inc. entered into a definitive agreement to sell the Lincoln Hill, Wilco and Gold Ridge projects in Nevada to Coeur Mining Inc.. Alio is to receive $19 M upon the closing of the transaction. Recently, Alio has also reduced its outstanding debt with Macquarie Bank Ltd. from $15 million in past June, to $5 million now. The Company expects to fully extinguish the MBL debt during the fourth quarter. Alio also settled a $5 M contingent liability that the Company acquired with its acquisition of Rye Patch Gold Corp. and the Florida Canyon Mine earlier this year. The Company has also updated its surety bond for the Florida Canyon Mine in Nevada, releasing an additional $5.1 million in cash (San Francisco, Sonora).
  • Canuc Resources Corp. received conditional approval from the TSX Venture Exchange for the previously announced acquisition of Circle Energy Ltd., a company with six oil prospective sections in Saskatchewan (San Javier, Sonora).
  • Excellon Resources Inc. entered into an option agreement with Wallbridge Mining Co. to sell the Beschefer project in Canada (Platosa, Durango).

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

On the image above, epidote veinlet with feld-K halo in andesitic volcanic rocks in a porphyry-Cu prospect in Jalisco. Picture by Jorge Cirett.

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

 

Bladed quartz texture

By Miguel A Heredia

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

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

 

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

 

Telson Mining Corporation Campo Morado Update

telson_campo morado update

Vancouver, British Columbia, Sept 24, 2018

Telson Mining Corporation (“Telson” or the “Company”) (TSX-V – TSN, OTC Pink – SOHFF, Frankfurt – TSGN (formerly SQ82)) is pleased to provide the following corporate update.

Several scheduled upgrades were recently made in the mill processing plant installations, including among others: i) changing of ball mill liners with newly designed liners that allow for the replacement of the past 5″ ball that were being used, with 3” balls, which increases the life of the liners; ii) conducting a review of the primary jaw crusher and initiation of adaptations for the installation of a secondary cone crusher, which will reduce the size of the ore feed to the mill from -7″ to -2″; and iii) revising the cyclones classification system to reduce the circulating load in grinding. These changes are all aimed at increasing the grinding capacity of the mill to facilitate reaching managements target of processing up to 3,000 tpd by the end of 2018.