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The Mining and Exploration News in Mexico: Highlights on the Fifth Week of August, 2024

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Gold-bearing orogenic quartz vein

By Miguel A Heredia

During the 35th week of the year (August 26th to September 1st 2024), at least 28 press releases were announced by companies working in Mexico, and 3 news published by the media, with thirteen disclosing deals and corporate issues, five communicating production and financial results, five reporting resources and development of their properties, four commenting on Mexican issues, two announcing financing rounds, one informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, Industrias Peñoles reported that its Tizapa mine in the State of Mexico suspended operations due to strike call promoted by the National Union of Mining, Metallurgical, Steel and Similar Workers of the Mexican Republic. In Mexico, the Constitutional Affairs Committee of the Chamber of Deputies agreed to discuss the initiative to ban open-pit mining, which set off alarms in the extractive industry. Mining companies in Mexico are concerned about their production is affected by the ban on open-pit in the country. Vizsla Silver and Silver Tiger reported the best drilling intercepts in Mexico on the fifth week of August, 2024. ON EXPLORATION, In Chihuahua, Quetzal Copper provided an update on its Cristinas project.  ON MINING, Aura Minerals announcedan update to its long-term production guidance (Aranzazu mine, Zacatecas). Bear Creek reported Q2, 2024 production results from its Mercedes mine in Sonora. Guanajuato Silver announced Q2, 2024 consolidated production and financial results from their Mexican operations. Luca Mining presented its consolidated production and financial results for Q2, 2024 (Campo Morado mine in Guerrero and Tahuehueto mine in Durango). Minera Alamos provided an operations update and Q2, 2024 financial results. ON FINANCING, Alamos Gold declared quarterly dividend (Mulatos mine, Sonora). Southern Silver closed the third and final tranche of its previously announced non-brokered private placement for gross proceeds of $211,530 (Cerro Las Minitas project, Durango). ON RESOURCES AND DEVELOPMENT, Silver Tiger reported results from its Pre-Feasibility Study drilling program at its El Tigre project in Sonora. Guanajuato Silver provided an operations update of their Mexican properties (Topia mine in Durango, San Ignacio mine in Guanajuato, and El Horcon mine in Jalisco). Vizsla Silver filed a PEA technical report on its Panuco project in Sinaloa. Vizsla reported results of 22 infill drill holes from its Copala project in Sinaloa. Xali reported that now it has two active projects in the El Oro mining district, state of Mexico.  ON DEALS AND CORPORATE ISSUES, Aztec Minerals announced the appointment of its strategic advisor (Cervantes project, Sonora).  Torex reported that it will be hosting an analysis and investor day on September 5, 2024 (El Limon Guajes project, Guerrero). Goldgroup announced marketing agreement (Cerro Prieto mine, Sonora).  Plata Latina granted stock options to its Directors, Officers, and Consultants (Naranjillo project, Guanajuato). Silver Storm announced that it is providing bi-weekly update on the status of its management cease trade order (MCTO) issued on July 30, 2024. Vizsla Royalties advised that it had elected to halt trading of its warrants but later on it announced that it had been advised by the TSX Venture Exchange (TSX-V) that the warrants of the company will resume trading on the TSX-V (Panuco project, Sinaloa). Regency Silver announced the appointment of a new member to its Advisory Committee (Dios Padre project, Sonora). Endeavour Silver is being investigated by The Schall Law Firm for securities fraud (Guanacevi mine, Durango). Galore provided a status report regarding its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission (Dos Santos project, Zacatecas). Torex reported a contractor fatality at it’s the Morelos Complex, Guerrero. Luca Mining clarified an early warning report issued by Trafigura regarding a debt restructuring agreement (Campo Morado mine, Guerrero). Royalties Inc., announced that it continues advancing in monetizing its Bilbao property in Zacatecas, and achieving success in lawsuit against Capstone Gold to properly recognize and pay a NSR as part of the Cozamine mine in Zacatecas. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2023 sustainability report (Camino Rojo mine, Zacatecas).

ON MEXICO ISSUE

  • Industrias Peñoles S.A.B de C.V., reported that its Tizapa mine in the State of Mexico, suspended operations due to strike call promoted by the National Union of Mining, Metallurgical, Steel and Similar Workers of the Mexican Republic. The facility was the subject of scrutiny by the authorities in recent months, due to a request from the United States to review a possible violation of labor rights, within the framework of the North American trade agreement, USMCA, which the company denied. The company stated that it “fully” complies with the obligations of the labor agreement and local labor laws, and noted that “it will adhere to the corresponding legal and administrative procedures to resolve this conflict”.
  • In Mexico, The Constitutional Affairs Committee of the Chamber of Deputies agreed to discuss the initiative to ban open-pit mining, which set off alarms in the extractive industry, which demands an open parliament before approving a reform that they warn will generate shortages of essential resources in North America, in addition to having a fiscal impact of around MXP $30 billion in contributions to the Treasury by companies. Pedro Rivero Gonzalez, President of the Mexican Mining Chamber (CAMIMEX) stated that open-pit mining is very important for the country, not only because 60% of production in Mexico comes from this extractive technique, but also because the prohibition of this activity compromises more than MXP $30 billion in various fiscal contributions for the federal government, as well as a possible economic contraction estimated at MXP $250 billion annually (-1% of the National GDP).
  • Mining companies in Mexico are concerned about their production is affected by the ban on open-pit in the country. The Mexican Mining Chamber (CAMIMEX) revealed that if this initiative is approved, the mineral that would be most affected is copper because so far there are few deposits in Mexico that can be exploited underground. Almost 70% of the copper produced in the country is by open-pit. In this regard, analysts stated that the losses for the country could be double, since it is estimated that the price of copper will increase by up to 40%, which means that the profitability of companies such as Grupo México, Minera Frisco, Nemisa and Capstone Copper will see their income affected. According to CAMIMEX, banning open-pit mining will generate an economic contraction of 250 billion pesos and it estimated that more than a million formal jobs will disappear, a fact that worries companies that have exploration projects in Mexican territory.
  • Vizsla Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the fifth week of August, 2024. Details are shown in the table below:

ON EXPLORATION

  • Quetzal Copper Corp., provided an update on its Cristinas project in Chihuahua. The company completed two drill holes and conducted a deep penetrating geophysical survey (InfiniTEM XL downhole) to better understand known electromagnetic anomalies. Drilling is set to resume soon, with the aim of completing the program by September 2024. Quetzal announced that it has completed the geophysical survey and are modelling the results to design the next phase of drilling, with plans to announce the results of the drill program in September 2024.

ON MINING

  • Aura Minerals Inc., announcedan update to its long-term production guidance with the recent acquisition of two mining rights. Aura plans to exceed 450K annual Oz AuEq consolidated production target in the coming years (Aranzazu mine, Zacatecas).
  • Bear Creek Mining Corporation reported Q2, 2024 production results from its Mercedes mine in Sonora (currency expressed in US dollars). The company mined 93,093 tonnes of 3.3 g/t Au with a metallurgical recovery of 94% and processed 95,727 tonnes of 3.23 with a metallurgical recovery of 94% to produce 9,304 Oz Au and 40,893 Oz Ag. Bear Creek sold 9,155 Oz Au at cash and AISC of $1,657 and $2,058 per Oz Au sold, at an average realized Au price of $2,318 per Oz. It also reported revenue of $22.1M; comprehensive loss after taxes of $11.2M; comprehensive loss per share of $0.05; adjusted loss after taxes of $8.6M; adjusted loss per share of $0.04; cash generated from operating activities of $4.8M; and cash used in investing activities of $5.4M. 
  • Guanajuato Silver Company Ltd., announced Q2, 2024 consolidated production and financial results from their Mexican operations (El Cubo, Valenciana and San Ignacio Mine complexes in Guanajuato, and Topia mine in Durango). (All currency is expressed in US dollars). The company mined 171,354 tonnes and milled 161,457 tonnes to produce 398.7K Oz Ag, 4,255 Oz Au, 806.3K Lb Pb, and 1.1M Lb Zn (823.7K Oz AgEq). It sold 403.1K Oz Ag, 4,306 Oz Au, 787.6K Lb Pb, and 1.07M Lb Zn (833.2K Oz AgEq) at a realized price of $26.78/Oz Ag, $2,334.24/Oz Au, $0.98/Lb Pb, and $1.29/Lb Zn. Cash and AISC per Oz AgEq were $19.93 and $25.55 respectively. Guanajuato Silver also announced consolidated financial results. The company reported revenue of $20.55M; cost of sales of $19.6M; mine operating income of $947K; mine operating cash flow before taxes of $3.89M; net loss of $2.75M; EBITDA of $2M; and adjusted EBITDA of $1.9M.
  • Luca Mining Corp., presented its consolidated production and financial results for Q2, 2024 (Campo Morado mine in Guerrero and Tahuehueto mine in Durango). (All currency is expressed in US dollars). Luca mined 159,096 tonnes and milled 153,676 tonnes to produce 4,278 Oz Au, 188.3K Oz Ag, 7M Lb Zn, 1.58M Lb Cu, and 1.5M Lb Pb (13,947 Oz AuEq). The company sold 3,629 Oz Au, 131.7K Oz Ag, 4.43M Lb Zn, 1.24M Lb Cu, and 546.5K Lb Pb (10,186 Oz AuEq) at a realized price of $2,315.12/Oz Au, $28.57/Oz Ag, $2,812.65/Tonne of Zn, $9,619.32/Tonne of Cu, and $2,148/Tonne of Pb. Cash and AISC per Oz AuEq were $1,490 and $1,766 respectively. Luca also presented consolidated financial results. It reported revenue of $18.2M; cost of sales of $15.5M; mine operating earnings of $2.7M; mine operating cash flow before taxes of $3.3M; net expenses of $4.67M, EBITDA of $6.15M; and adjusted EBITDA of $4.2M.
  • Minera Alamos Inc., provided an operations update and announced Q2, 2024 results as well as some guidance regarding improved operations activity so far during Q3, indicating significant progress at its Santana gold mine in Sonora, where mining and stacking rates are approaching levels last seen in 2022. Through the end of August 2024 approximately 3,400 Oz Au will have been placed on the Santana leach pad since the restart of mining activities in June. The company anticipates a return to cash generation by Q4 2024. Additionally, the Cerro de Oro project in Zacatecas is advancing through the permitting process, with the company having completed final payments for full ownership. The focus remains on developing low-capital expenditure assets while expanding resources and pursuing strategic acquisitions. Minera Alamos also presented selected financial data (amounts expressed in Canadian dollars). The company reported  revenue of $1.5M; cost of goods sold and depletion of $1.3M; mine operating income of $169.6K on sales of 505 Oz Au; net loss of $7M; cash and cash equivalents of $8.6M; and working capital of $14.48M.

ON FINANCING

  • Alamos Gold Inc., declared quarterly dividend of USD $0.025 per common share. The dividend is payable on September 26, 2024 to shareholders of record as of the close of business on September 12, 2024 (Mulatos mine, Sonora).
  • Southern Silver Exploration Corp., closed the third and final tranche of its previously announced non-brokered private placement for gross proceeds of $211,530 by issuing 961,500 at a price of $0.22 per unit. Together with the first two tranches, Southern Silver has raised a total of $3,604,035.16 by the issuance of 16,381,978 units. Gross proceeds will be used for the continued development of the Cerro Las Minitas project in Durango, and for working capital.

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., reported results from its Pre-Feasibility Study (PFS) drilling program at its El Tigre project in Sonora. The most significant drill intercepts were encountered in holes ET-23-531 (Stockwork Zone) with 0.47 g/t Au and 1 g/t Ag (0.48 g/t AuEq or 36 g/t AgEq) over 18.5m, plus 6.1 g/t Au and 9 g/t Ag (6.22 g/t AuEq or 466 g/t AgEq) over 1.5m, plus 0.29 g/t Au and 76 g/t Ag (1.3 g/t AuEq or 98 g/t AgEq) over 23.4m, including 1.2 g/t Au and 791 g/t Ag (11.75 g/t AuEq or 882 g/t AgEq) over 2.2m, plus 3.47 g/t Au and 29 g/t Ag (3.85 g/t AuEq or 289 g/t AgEq) over 1.6m, plus 1.59 g/t Au and 8 g/t Ag (1.7 g/t AuEq or 127 g/t AgEq) over 1.7m; hole ET-23-555 with 0.30 g/t Au and 16 g/t Ag (0.51 g/t AuEq or 39 g/t AgEq) over 8.8m (Stockwork Zone), plus 0.57 g/t Au and 12 g/t Ag (0.73 g/t AuEq or 55 g/t AgEq) over 69.1m, including 2.12 g/t Au and 1 g/t Ag (2.13 g(t AuEq or 160 g/t AgEq) over 7m, plus 4.16 g/t Au and 33 g/t Ag (4.59 g/t AuEq or 344 g/t  AgEq) over 2.3m (Seitz Kelly Vein), plus 0.09 g/t Au and 7 g/t Ag (0.18 g/t AuEq or 13 g/t AgEq) over 1.3m; and hole ET-23-562 with 0.59 g/t Au and 1 g/t Ag (0.6 g/t AuEq or 45 g/t AgEq) over 5.7m (Stockwork Zone), plus 0.46 g/t Au and 3 g/t Ag (0.51 g/t AuEq or 38 g/t AgEq) over 118.7m, plus 0.80 g/t Au and 28 g/t Ag (1.18 g/t AuEq or 89 g/t AgEq) over 2.6m (Seitz Kelly Vein). “These results further de-risk the project and, coupled with the advantageous geotechnical and metallurgical results, increase the confidence and size of the El Tigre Project.”
  • Guanajuato Silver Company Ltd., provided an operations update of their Mexican properties, detailing advancements at its wholly owned mines in Mexico, including Topia mine in Durango, San Ignacio mine in Guanajuato, and El Horcon mine in Jalisco. At Topia, Durango, the company has successfully commissioned a new filter system to enhance the recovery of gold, silver, lead, and zinc, with expectations of a 2% increase in metal recoveries. At San Ignacio, Guanajuato, a new ore sorter is nearing commissioning, which is anticipated to improve processing efficiency. At Horcon, Jalisco, the company has recommenced the processing of surface stockpile material. To date, over 28,000 tonnes of mineralized material has been processed, generating over 125,159 Oz AgEq from mid-November 2023 to June of 2024. “Additionally, at Horcon the company has completed an underground sampling program that has mapped and surveyed over 5km of tunnels, adits, and old workings. The Company is now designing an underground drill campaign intended to expand geological knowledge in advance of a decision to potentially restart commercial underground operations at this satellite mine in the future”. 
  • Vizsla Silver Corp., filed a Preliminary Economic Assessment (PEA) technical report on its Panuco project in Sinaloa with an effective date of July 24, 2024.
  • Vizsla Silver Corp., reported results of 22 infill drill holes from its Copala project in Sinaloa (true widths reported). Drilling highlights include holes CS-24-381A with 3,698 g/t Ag and 41.2 g/t Au (6,270 g/t AgEq) over 4.36m, including 6,304 g/t Ag and 69.47 g/t Au (10,634 g/t AgEq) over 3.22m; hole CS-24-375 with 978 g/t Ag and 4.56 g/t Au (12.12 g/t AgEq) over 4.56m, including 1,775 g/t Ag and 11.80 g/t Au (2,447 g/t AgEq) over 0.41m, including 1,500 g/t Ag and 7.74 g/t Ag (1,911 g/t AgEq) over 0.57 m, including 5,894 g/t Ag and 22.97 g/t Au (6,983 g/t AgEq) over 1.42m, including 1,580 g/t Ag and 5.85 g/t Au (1,850 g/t AgEq) over 0.37m; hole CS-24-377 with 895 g/t Ag and 3.81 g/t Au (1,083 g/t AgEq9 over 10m, including 3,915 g/t Ag and 15.69 g/t Au (4,669 g/t AgEq) over 2m; and hole CS-24-380 with 1,861 g/t Ag and 12.20 g/t Au (2,554 g/t AgEq9 over 13.3m, including 4,463 g/t Ag and 28.92 g/t Au (6,037 g/t AgEq) over 4.36m, including 3,190 g/t Ag and 27.80 g/t Au (4,863 g/t AgEq) over 1.14m. “The reported drilling, designed to infill near-surface Indicated Mineral Resources, has confirmed high-grade mineral continuity where initial mining is likely to occur during the first two years of production at Copala central”.
  • Xali Gold Corp., reported that now it has two active projects in the El Oro mining district, state of Mexico: El Oro Underground Project, and El Oro Tailings project.  At El Oro Underground Project, Xali and its JV partner Remedioambiente S.A. de C.V., met to review the field work completed to date to discuss how the two company’s plans for work can benefit each other and the local community. The underground access that Remedioambiente plans to open would be invaluable for Xali Gold’s exploration efforts, particularly for drilling. At El Oro Tailings Project, samples from the drill program for metallurgical test work were shipped to lab. Metallurgical testing is underway and results are expected by the end of Q3, 2024.

ON DEALS AND CORPORATE ISSUES

  • Aztec Minerals Corp., announced that it has strengthened its technical advisory board with the appointment of its strategic advisor (Cervantes project, Sonora).
  • Torex Gold Resources Inc., reported that it will be hosting an analysis and investor day on September 5, 2024 to discuss an internal pre-feasibility study on developing the EPO deposit at the company’s Morelos Complex, along with an update on the wider business, including Torex’s recently released multi-year exploration strategy. (El Limon Guajes project, Guerrero).
  • Goldgroup Mining Inc., announced marketing agreement with Peak Investor Marketing Corp., to receive full-service marketing and consulting services focused on the junior mining sector. “The contract is for a 12-month term, with a fee of $12,000 per month and can be terminated after 6 months with 30-days written notice. As part of the agreement, Peak will receive 1,500,000 stock options with an exercise price of $0.075, valid for a period of 2 years from date of issuance. The options will vest over 12 months (as to one-quarter every 3 months) (Cerro Prieto mine, Sonora)”.
  • Plata Latina Minerals Corporation granted stock options to its Directors, Officers, and Consultants. The options are exercisable at CAD $0.01 per share for a period of five years, expiring on August 23, 2029 (Naranjillo project, Guanajuato).
  • Silver Storm Mining Ltd., announced that it is providing bi-weekly update on the status of its management cease trade order issued on July 30, 2024 by its principal regulator, the British Columbia Securities Commission, under National Policy 12-203 Management Cease Trade Orders (La Parrilla mine, Durango).
  • Vizsla Royalties Corp., advised that it had elected to halt trading of its warrants but soon after  it announced that it had been advised by the TSX Venture Exchange (TSX-V) that the warrants of the company will resume trading on the TSX-V effective Wednesday September 4, 2024 at the opening of trading  (Panuco project, Sinaloa).
  • Regency Silver Corp., announced the appointment of a new member to its Advisory Committee (Dios Padre project, Sonora).
  • Endeavour Silver Corp., is being investigated by The Schall Law Firm on behalf of the investors for securities fraud. The investigation focuses on whether the company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. “Endeavour issued a press release on August 12, 2024, informing investors that “the primary ball mill at the Guanacevi mill has failed and could take up to 12 weeks to replace” and that “as a result, processing of material at the Guanacevi mill has been suspended.” The Company further stated that “this downtime will impact Q3 production and is expected to impact annual production and cost guidance.”
  • Galore Resources Inc. provided a status report regarding its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission. The company confirmed no material changes since the last announcement, except for the engagement of Davidson & Company as the new auditor, replacing DeVisser Gray LLP. Galore expects to file its fiscal year-end financial statements, along with the Management Discussion and Analysis, by September 27, 2024. The report emphasizes that there are no further anticipated defaults and no undisclosed material information regarding the company’s affairs (Dos Santos project, Zacatecas).
  • Torex Gold Resources Inc., reported a contractor fatality within the Guajes Tunnel at it’s the Morelos Complex, Guerrero. “Media Luna construction activities in the Guajes Tunnel have been temporarily suspended. An investigation to determine the cause of the accident is expected to commence shortly”.
  • Luca Mining Corp., clarified an early warning report issued by Trafigura Beheer B.V., regarding a debt restructuring agreement. The agreement involved converting a USD $5.8M loan into a non-interest-bearing three-year term convertible debenture, which was conditionally issued to Trafigura´s subsidiary Union Holdings (Malta) Limited. The necessary amendments to security agreements were completed recently, allowing the debenture to be formally executed and released from escrow, maturing on January 11, 2027 (Campo Morado mine, Guerrero).
  • Royalties Inc., announced that it continues advancing in monetizing its Ag-Zn-Pb Bilbao property in Zacatecas, ideally by selling to an existing silver producer for cash and shares in order to generate further potential gains from the rise in the price of silver, and achieving success in lawsuit against Capstone Gold S.A. de C.V., a subsidiary of Capstone Copper Corp. , to properly recognize and pay  the 2% NSR on the five Portree claims, which have been in production since 2020 and are part of the Cozamine mine in Zacatecas.

ON SOCIAL RESPONSIBILITY

  • Orla Mining Ltd., released its 2023 sustainability report to highlight the company’s commitment to environmental, social, and governance (ESG) initiatives. The company “achieved global leading metrics on emissions and water management at its Camino Rojo operations in Zacatecas with 0.19 tonnes of CO2 equivalent per ounce of gold produced, and 0.12 m3/t of processed ore water intensity, with zero water discharge (100% of water reused and recycled); increased female representation among contracted workforce from 3.6% to 14.6%; generated USD $10.7M in community economic contributions at Camino Rojo, including salaries, local procurement, land leases and investments in local infrastructure; Achieved a lost time injury frequency rate of 1.71 across our sites. Lost time injury frequency rate (LTIFR) is a measure used in workplace safety to quantify the number of injuries resulting in lost work time, per one million hours worked; 25% of Orla’s corporate goals were ESG-linked, all of which were achieved; and 100% of Orla executives and managerial-level employees were evaluated against ESG performance”.

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 gold-bearing orogenic quartz vein in an orogenic gold project in Oaxaca, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of August 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

By Jorge Cirett                                              During the 34th week of the year (August 19th to August 25th,2024), companies working in Mexico posted at least 20 press releases. Three companies informed on exploration advances on their properties, three companies provided operational/financial results for the quarter, one informed on a major mill repair and one more on a mandated suspension of activities. One company granted stock options, one drew a final loan, one informed on its TSX listing and one more on a short base prospectus. One company released a revised PEA on its property and one more informed on district wide exploration and regional exploration plays. ON MEXICO ISSUES, the ambassadors of USA and Canada made clear their opposition to the judicial reform proposed by the sitting Mexican president. ON EXPLORATION, In Sonora, Colibri Resource reported on exploration at its El Plomo property in Sonora. In Chihuahua, Radius Gold informed on drilling results at Plata Verde. In Guerrero, Pantera Silver is evaluating options to restart exploration at its Nuevo Taxco project. ON MINING, Endeavour Silver informed on the repair of a mill and temporary measures to keep production ongoing at Guanaceví, in Durango. Starcore International, Sailfish Royalty and Impact Silver informed on quarterly production/financial details. Starcore International suspend mining operations at San Martin in Queretaro on safety grounds after a government inspection. ON FINANCING, Barksdale Resources granted stock options. Bear Creek Mining drew a final US$750 K from a promissory note. Vizsla Royalties is now listing in the TSX. Guanajuato Silver Company filed a final short base prospectus to offer up to US$65 M. ON RESOURCES AND DEVELOPMENT, Oroco Resources released a revised PEA on Santo Tomás, in Sinaloa. Vizsla Silver provided an update on its exploration plans at its Panuco project and two more regional plays in Sinaloa. ON DEALS AND CORPORATE ISSUES, Barksdale Resources appointed Dr. Quinton Hennigh to its board. Ranchero Gold signed a LOI on the sale of the Santa Daniela project in Sonora. Atacama Copper is changing its name to Fuerte Metals. ON SOCIAL RESPONSIBILITY, Discovery Silver released its 2023 ESG report.

ON MEXICO ISSUES

  • Ken Salazar, USA ambassador in Mexico released a letter on which criticizes the Mexican president’s proposal for reform of the Judicial system. The ambassador pointed out the problems that will arise if the proposal is passed as is, bringing a major risk to democracy in Mexico and threaten the historic trade relationships with USA. (Note by editor. – The proposal envisages the selection system for federal judges and magistrates changing from one based on professional examinations to one based on the popular vote, among other bizarre directives aimed to control the judiciary system by the executive branch).
  • Graeme Clark, Canada ambassador in Mexico stated that Canadian investors are at crossroads before the probable passing in Congress of the Judicial Reform proposed by the sitting president AMLO. According to CanCham (Cámara de Comercio de Canadá en México) 40% of Canada’s investments in Mexico are on the mining sector.  

ON EXPLORATION

  • Pantera Silver Corp. is currently evaluating options to restart exploration at the Nuevo Taxco project in Guerrero. “…work will likely focus on initial sampling and mapping in the “Southwest Zone” of the Nuevo Taxco concession”. Pantera Silver is pursuing potential acquisitions, aiming to build a portfolio of 2-3 high-quality projects, focused on silver.
  • Colibri Resource Corp. reported results of geological mapping and outcrop sampling on 4,766 ha El Plomo property at the EP project, located 25 km east of Fresnillo plc´s La Herradura mine. At the San Perfecto target mineralization is hosted by a silicified and sericitized moderately to strongly foliated diorite with quartz micro-veinlets in higher-grade samples. Of 29 rock samples recently collected, 14 returned more than 0.1 gpt Au, 9 greater than 0.5 gpt Au and 6 with more than 1.0 gpt Au. More than 616 historical samples yielded results with over 50% above 0.1 gpt Au and 15% with more than 1 gpt Au, peaking at 58.9 gpt Au. “The footprint of mineralization at San Perfecto is now approximately 1,250 m by 700m”. At La Culebra target 34 grab samples were collected, with 14 returning more than 0.1 gpt Au and five more than 1.0 gpt Au peaking at 4.64 gpt Au. “Mineralization is hosted by rusty zones which were mapped over a 650 m strike length in a northeast direction and coincident with an andesite-rhyolite contact”.
  • Radius Gold Inc. announced initial results on the exploration program at Plata Verde, in Chihuahua. The first four holes cut several zones of low-grade Ag mineralization “and indicate limited potential for an economic discovery in the eastern extension of silver mantos”. Assays are pending on four holes in the western side of the valley, with thicker favorable basaltic rock and improved visual mineralization. The most recent hole located further northwest “intersected visually improved results, cutting through greater width of basaltic host and encountering visibly the most attractive mineralization seen so far in this drilling program”. The JV partnership is extending the planned program, adding three additional drill holes.  

ON MINING

  • Endeavour Silver Corp. informed processing resumed at the Guanacevi mine in Durango, after the primary ball mill trunnion failure. Temporary modifications re-purposed one of the re-grind mills as the primary ball mill, which is running at 400 tpd (name plate capacity 1,200 tpd) during this temporary phase. “Contract mining activities and local third-party material purchases will cease until the process plant operations have returned to full capacity”. Initial quotes obtained point to a 16-weeks fabrication and installation period. During this period Guanacevi production is estimated to decrease by 0.9 M to 1.1 M Oz Ag and by 2,000 to 3,000 Oz Au.
  • Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2024. At San Martin, in Zacatecas, 49.5 K tonnes were milled, averaging 1.92 gpt Au, 20 gpt Ag, recovering 85.2% Au, 56.9% Ag, to produce 2,841 Oz AuEq. Starcore expects to start industrial testing of carbonaceous ore in September.
  • Impact Silver Corp. announced financial and operating results for the second quarter of 2024. The company’s revenue in the quarter was C$7.7 M, also during the period a non-brokered “LIFE” and a private placement of C$8.6 M were completed, holding C$9.9 M in cash by the end of the quarter. At Zacualpan, in Estado de Mexico, 35.1 K tonnes averaging 161 gpt Ag were processed to produce 152.2 K Oz Ag. Over the last six months 5,243 m of drilling have been completed at Zacualpan. At Plomosas, in Chihuahua, 9.26 K tonnes were milled during the period, and the company expects to end the third quarter with a production rate in the 150-170 tpd range. Over the first half of the year the average grade has been 14% Zn, 8.7% Pb, 43.7 gpt Ag; during the same period 14,377 m of drilling have been completed.
  • Sailfish Royalty Corp. announced its operating and financial results for the second quarter 2024, from its operations outside Mexico (Gavilanes, Durango).
  • Starcore International Mines Ltd. suspended temporarily mining operations at its San Martin mine in Queretaro. “An unscheduled inspection at the mine conducted by the Mexican Labor Department identified safety standards that need to be met before resuming operations. The inspection followed a recent singular fatality at the mine, the first one in 18-1/2 years of Starcore’s record of zero fatalities in its mining operations at San Martin”.

ON FINANCING

  • Barksdale Resources Corp. granted stock options to certain directors, officers, employees and consultants of the company to acquire 5 M common shares (San Javier, Sonora).
  • Bear Creek Mining Corp. announced the drawn down of US$750 K in funds related to the promissory note issued to the company to Sandstorm Gold Ltd., and under which Sandstorm can elect convert the amounts drawn into common shares of Bear Creek. An aggregate of US$2.62 M has been drawn down under the additional credit for a total principal amount of US$21.64 M (Mercedes, Sonora).
  • Vizsla Royalties Corp. is now listing on the TSX Venture Exchange as a Tier 2 issuer and its shares are expected to commence trading on August 26, 2024 (Panuco, Sinaloa).
  • Guanajuato Silver Company Ltd. filed and received a receipt for a final short base prospectus that allows the company to offer up to US$65 M of common shares, debt securities, warrants, subscription receipts, share purchase contracts and units during the 25-months period that the prospectus is effective (El Cubo, Guananjuato).

ON RESOURCES AND DEVELOPMENT

  • Oroco Resources Corp. announced a revised preliminary economic assessment (PEA) and updated mineral resource estimate for the North and South zones of its Santo Tomas project in Sinaloa. The study envisages a NPV (8%) of US$2.64 B pre-tax and US$1.48 B post-tax, an internal rate of return of 30.3% pre-tax, and 22.2% post-tax, total LOM (life on mine) production of 4.8 B Lb Cu, a pre-tax payback of 2.9 years, post-tax payback of 3.8 years from first concentrate production. Estimated initial capital costs of US$1.1 B and sustaining and expansion capital costs at US$1.73 B. producing at cash cost US$1.54 per Lb Cu on by-product basis, with average CuEq grade of 0.51% on the first 7 years of production. The Santo Tomas deposit has 540.6 M tonnes @ 0.33% Cu, 0.008% Mo, 0.028 gpt Au, 2.1 gpt Ag as indicated resources containing 3.98 B Lb Cu, 95.4 M Lb Mo, 483.4 K Oz Au, 36.5 M Oz Ag and 530.8 M tonnes @ 0.31% Cu, 0.007% Mo, 0.023 gpt Au, 1.9 gpt Ag as inferred resources, containing 3.67 B Lb Cu, 84.4 M Lb Mo, 387.1 K Oz au, 33.2 M Oz Ag.
  • Vyzsla Silver Corp. provided an update on resource potential expansion potential and outline its exploration plans at its Panuco project in Sinaloa. The key exploration objectives for 2024 include 10,000 m of exploration drilling in the central-east area of the district, completing +5,000 m of resource expansion drilling in Copala Central, complete VTEM, airborne mag and radiometric surveys on 950 line-km, advance mapping coverage to 70% of the district and finish an updated resource estimate in Q4 2024. Exploration in the district central and east areas already has a handful of targets with outcropping silver mineralized veins. Two greenfields projects to explored include La Garra-Metates district, covering 16,962 ha, located 32 km NW from Panuco and San Enrique, adjacent to the south of Panuco and covering 10,667 ha. 

ON DEALS AND CORPORATE ISSUES

  • Barksdale Resources Corp. appointed Dr. Quinton Hennigh to its board of directors (San Javier, Sonora).
  • Ranchero Gold Corp. entered into a letter of intent (LOI) to sell its Mexican subsidiary Minera y Metalurgica Paika, S.A. de C.V. to an arm’s length party purchaser for nil consideration. The sale includes water rights and four mining concessions covering 16,876 ha on the Santa Daniela project, in Sonora, and a conditional payment of US$2.5 M that will offset liabilities in Paika of $3.55 M of land fee payments and accrued interest due, along with a potential finder’s fee related to the conditional payment.
  • Atacama Copper Corp. has changed its name to Fuerte Metals Corp., with its shares expected to commence trading under the new name on August 26, 2024 (Cristina, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • Discovery Silver Corp. released its 2023 environmental, social and governance (ESG) report, highlighting purchases for $19.2 M in goods and services from Mexican businesses, $5.0 M paid in salaries and benefits to 69 local employees, of which 85% are local; $195 K of direct community investments and 21.1 GJ of renewable solar energy (Cordero, Chihuahua).

On the image below: Strong chlorite-epidote alteration in intrusive rock with two parallel quartz veinlets, one bearing molybdenite, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of August, 2024

/ gambusinoprospectormexico / Leave a comment

Hydrothermal Quartz Breccia

By Miguel A Heredia

During the 31st week of the year (July 29th to August 04th 2024), at least 32 press releases were announced by companies working in Mexico, with ten communicating production and financial results, nine disclosing deals and corporate issues, five announcing financing rounds, five reporting resources and development of their properties, two informing on exploration results, and one commenting on Mexican issues.   ON MEXICO ISSUES, First Majestic and Silver Tiger reported the best drilling intercepts in Mexico on the first week of August, 2024. ON EXPLORATION, In Sonora, Reyna Gold released the final drill results from its La Gloria project.  In Sinaloa, Prismo announced that a man-portable drill is mobilizing for the upcoming drilling program at its Palos Verdes project.  ON MINING, Gold Resourceannounced that it will host a conference call on Wednesday, August 7 2024 to report Q2, 2024 results (Don David Gold mine, Oaxaca).Capstone announcedQ2, 2024 production results (Cozamin mine, Zacatecas).  First Majestic reported Q2, 2024 consolidated financial results from their Mexican operations. Sierra Madre announced the first silver-gold concentrate shipment from its La Guitarra mine, Mexico. Starcore reported Q3 and year end 2024 results for its San Martin mine in Queretaro. Gatos Silver announced that it will release its Q2, 2024 financial and operating on August 6, 2024 results (Cerro Los Gatos, Chihuahua). Agnico Eagle reported Q2, 2024 production and financial results from their Pinos Altos mine in Chihuahua and La India mine in Sonora.  Alamos Gold presented Q2, 2024 production and financial results from its Mulatos mine in Sonora. Endeavour reported Q2, 2024 operational and financial results from their Mexican operations. MAG Silver released (on a 100% basis), Q2, 2024 production and final results from its Juanicipio min in Zacatecas.  ON FINANCING, Defiance Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $608,715 (Zacatecas project, Zacatecas). Vizsla closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $4,967,498 (Panuco property, Sinaloa). Southern Silver extended closing of the second and final tranche of its previously announced non-brokered private placement for gross proceeds of up to $4.5M for a period of 30 days (Cerro Las Minitas, Durango). Vizsla Royalties closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $225K (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Silver Tiger reported results from its Pre-Feasibility Study drilling program at its El Tigre project in Sonora. Infinitum provided an update on progress at its Adelita project in Sonora. Orogen Royalties and operator First Majestic announced a new significant gold-silver discovery on the Ermitaño mine concession in Sonora, where Orogen holds a 2% net smelter return royalty. Torex provided an update on the development of its Media Luna project in Guerrero.   ON DEALS AND CORPORATE ISSUES, Candelaria announced changes to its Board of Directors (Pinos project, Zacatecas).  Florida Canyon announced incentive plan grants to certain employees, executive officers, directors, and consultants (El Castillo mine, Durango).  Plata Latina presented voting results of its annual general meeting of shareholders (Naranjillo project, Guanajuato).  Galore Resources announced that the British Columbia Securities Commission issued a management cease trade order that prohibits all trading by the CEO and CFO (Dos Santos project, Zacatecas).  Silver Storm reported that it delayed the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024 (La Parrilla mine, Durango).  Sonoro Gold corrected disclosures related to its Cerro Caliche project in Sonora. Bear Creek announces that its Board of Directors authorized and approved a grant of 200K to its VP Exploration and Geology (Mercedes mine, Sonora). Santacruz granted stock options to directors, officers, employees and consultants (Zimapan mine, Hidalgo).  Vizsla Royalties completed a consolidation of its issued and outstanding common shares (Panuco project, Sinaloa). Golden Minerals declared that the company does not have sufficient resources to meet its expected cash needs over the next twelve months (Velardeña project, Durango). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • First Majestic Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the first week of August, 2024. Details are shown in the table below:

ON EXPLORATION

  • Prismo Metals Inc., announced that a man-portable drill is mobilizing for the upcoming drilling program at its Palos Verdes project in Sinaloa. Drilling is planned to commence on August 5, 2024 and the goal is “trace the down dip extension of the mineralized shoot defined by previous drilling on the southwest portion of the vein, Seek continuation of the vein on the northeast extension of the vein across a cross-fault believed to have offset the vein downward, and test the extreme northeasterly extension of the Palos Verdes vein system near the concession limit adjacent to the historical Jesusita mine”.
  • Reyna Gold Corp., released the final drill results from its La Gloria project in Sonora. Drilling highlights in The Western Target include holes LG-23-58 with 0.29 g/t Au over 39.1m, including 0.99 g/t Au over 4.85m, including 7.16 g/t Au over 0.55m; hole LG-23-59 with 0.26 g/t Au over 14.2m, including 1.82 g/t Au over 0.4m and 1.06 g/t Au over 0.95m; hole LG-23-60 with 0.23 g/t Au over 12.7m, including 1.95 g/t Au over 0.65m, and 1.10 g/t Au over 0.50m, plus 0.92 g/t Au over 3.30m, including 5.16 g/t Au over 0.55m. Drilling highlights in the La Republica Target include holes LG-23-49 with 0.19 g/t Au over 13.7m, including 3.6 g/t Au over 0.5m, plus 0.23 g/t Au over 35.2m, including 0.65 g/t Au over 0.55m, 2.09 g/t Au over 0.50, 1.2 g/t Au over and 2.19 g/t Au over 1m; and hole LG-23-42 with 0.23 g/t Au over 25.35m, including 2.77 g/t Au over 0.60m, and 3.91 g/t Au over 0.5m, plus 72 g/t  Ag, 0.5% Cu and 0.55% Pb over 1.60m

ON MINING

  • Gold Resource Corporation announced that it will host a conference call on Wednesday, August 7 2024 to report Q2, 2024 results (Don David Gold mine, Oaxaca).
  • Capstone Copper Corp., announcedQ2, 2024 production results (Cozamin mine, Zacatecas). The company produced 13.78M Lb Cu at cash cost of USDS $1.74 per Lb Cu produced.
  • First Majestic Silver Corp., reported Q2, 2024 consolidated financial results from their Mexican operations (all numbers expressed in US dollars). The company announced a revenue of $136.2M; a mine operating earnings of $15.5M; operating cash flows before movements in working capital and taxes of $23.8M; consolidated cash cost and AISC of $15.29 and $21.64 per Oz AgEq respectively; and cash and restricted cash balance of $269.7M consisting of $152.2M cash and cash equivalents and $117.5M of restricted cash- First Majestic declared a cash dividend of $0.0046 per common share (Santa Elena mine in Sonora, San Dimas mine in Durango, and  La Encantada mine in Coahuila).
  • Sierra Madre Gold and Silver Ltd., announced the first silver-gold concentrate shipment from its La Guitarra mine, Mexico. The company shipped 90.68 dry metric tonnes (DMT) which contained approximately 3,000 grams of silver and 30 grams gold per DMT. The company has approximately 90 dry metric tonnes of additional concentrate that is expected to ship later this week.
  • Starcore International Mines Ltd., reported Q3 and year end 2024 results for its San Martin mine in Queretaro. In Q3, the company milled 55.9K tonnes of 1.91 g/t Au and 20 g/t Ag with metallurgical recoveries of 88.6% and 56.9% respectively to produce 3K Oz Au and 19.7K Oz Ag (3.2K Oz AuEq) at a operating cash cost of USD $1,411 per Oz AuEq.It also reported revenue of 9.3M; income from mining operations of $2.2M; total assets of $51.98M; and cash in hands of $5.7M. In the full year 2024, Starcore milled 224.3K tonnes of 1.50 g/t Au and 16 g/t Ag with metallurgical recoveries of 87% and 50.9% respectively to produce 9.4K Oz Au and 58K Oz Ag (10.1K Oz AuEq) at a operating cash cost of USD $1,686 per Oz AuEq. It also reported revenue of 28.3M; income from mining operations of $2.4M; total assets of $51.98M; and cash in hands of $5.3M.
  • Gatos Silver Inc., announced that it will release its Q2, 2024 financial and operating on August 6, 2024 results via conference call and webcast (Cerro Los Gatos, Chihuahua).
  • Agnico Eagle Mines Limited reported Q2, 2024 production and financial results from their Pinos Altos mine in Chihuahua and La India mine in Sonora (currency is expressed in US dollars). At Pinos Altos, Chihuahua the company milled 454K tonnes of 1.7 g/t Au to produce 23,754 Oz Au at production cost of $1,815 per Oz Au and total cash cost of $1,414 per Oz Au. Agnico also reported a sustaining capital expenditure of $6.1M; development capital expenditures of $806K; net income of $67.8M; payable metal sold of 25,510 Oz Au; total cash cost co-product of $1,793 per Oz Au, and total cash cost by-product of $1,414 per Oz Au. At La India, Sonora (residual leaching to continue through year-end 2024), the company produced 6,079 Oz Au at production cost of $2,146 per Oz Au and total cash cost of $2,171 per Oz Au. Agnico also reported net income of $16.55M; payable metal sold of 7,020 Oz Au; total cash cost co-product of $2,230 per Oz Au, and total cash cost by-product of $2,172 per Oz Au.
  • Alamos Gold Inc., presented Q2, 2024 production and financial results from its Mulatos mine in Sonora (currency is expressed in US dollars). The company produced 53,400 Oz Au and sold 56,100 Oz Au to generate cost of sales for $75.2M, at a cost of sale per Oz Au (includes amortization) of $1,340. Total cash cost and mine-site all in sustaining cost per Oz Au sold were $907 and $963 respectively. Alamos Gold also reported revenue of $133.4M; earnings from operations of $54.3M; cash provided by operations activities of $77.7M; and mine-site free cash flow of $69.9M.
  • Endeavour Silver Corp., reported Q2, 2024 operational and financial results from their Guanacevi mine in Durango and Bolañitos mine in Guanajuato (currency expressed in US dollars). At Guanacevi, Durango it mined 112,898 tonnes to produce 1.2M Oz Ag (1.5M Oz AgEq) at cash cost and all in sustaining cost of $17.17 and $24.53 per Oz Ag respectively. At Bolañitos, Guanajuato the company mined 106,092 tonnes to produce 111.3K Oz Ag (621.2M Oz AgEq) at cash cost and all in sustaining cost of $26.67 and $8.15 per Oz Ag respectively. Endeavour also presented consolidated financial results, reporting strong revenue of $ $58.3M from the sale of 1,217,569 Oz Ag and 9,887 Oz Au at average realized prices of $28.94 per Oz Ag and $2,374 per Oz Au; mine operating cash flow before taxes of $18.9M; a loss of $1M; and cash position of $68.1M, and working capital of $64.5M.
  • MAG Silver Corp., released (on a 100% basis), Q2, 2024 production and final results from its Juanicipio min in Zacatecas (currency is expressed in US dollars). The company mined 349,460 tonnes and processed 336,592 tonnes of 498 g/t Ag, 1.2 g/t Au, 1.6% Pb, and 3% Zn (746 g/t AgEq) to produce 4.27M Oz Ag, 7.2K Oz Au, 9.2M Lb Pb, and 15.2M Lb Zn at cash and all in sustaining costs of $8.86 and $11.31 per Oz AgEq sold respectively. MAG reported net income of $21.6M ($0.21 per share); adjusted EBITDA of $50.3M; strong operating cash flow of $92.8M and free cash flow of $88.6M.Juanicipio returned a total of $29.8M in interest and loan principal repayments to MAG further augmenting MAG’s liquidity position to $97.3M million at the end of the quarter.

ON FINANCING

  • Defiance Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $608,715, with the issuance of 3,043,575 units at a price of CAD $0.20 per unit. The aggregate gross proceeds of the first tranche and final tranche total CAD $3,222,615 representing 16,113,075 Units. The net proceeds of the offering will be used by the company for exploration and general working capital purposes (Zacatecas project, Zacatecas).
  • Vizsla Royalties Corp., closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $4,967,498 by the issuance of 82,791,636 units at a price of CAD $0.06 per share. Net proceeds from the offering are expected to be used for working capital and general corporate purposes (Panuco property, Sinaloa).
  • Southern Silver Exploration Corp. extended closing of the second and final tranche of its previously announced non-brokered private placement for gross proceeds of up to $4.5M for a period of 30 days. Net proceeds from the private placement will be used for the continued development of the Cerro Las Minitas property, Durango, Mexico and for working capital. “Specifically, the company plans to initiate a program of resource expansion of up to 6000m of drilling in 11 holes to test shallow targets along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in early September. Work continues to de-risk the project through the initiation of base-line studies and continued social engagement”.
  • Vizsla Royalties Corp., closed the final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $225K by the issuance of a further 3,750,000 shares at a price of CAD $0.06 per share. The total gross proceeds raised for the offering was CAD $5,192,498, issuing 86,541,636 common shares of the company at CAD $0.06 per share.  Net proceeds from the offering are expected to be used for working capital and general corporate purposes (Panuco project, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., reported results from its Pre-Feasibility Study (PFS) drilling program at its El Tigre project in Sonora. The most significant drill intercepts were encountered in hole ET-24-609 with 0.76 g/t Au and 1 g/t Ag (0.77 g/t AuEq or 58 g/t AgEq) over 24.2m (Stockwork Zone), plus 0.56 g/t Au and 3 g/t Ag (0.6 g/t AuEq or 45 g/t AgEq) over 53.8m (stockwork Zone), plus 0.09 g/t Au and 74 g/t Ag (1.08 g/t AuEq or 81 g/t AgEq) over 40m (El Tigre Vein Keel), including 0.12 g/t Au and 135 g/t Ag (1.92 g/t AuEq or 144 g/t AgEq) over 17.3m, plus 0.17 g/t Au and 142 g/t Ag (2.07 g/t AuEq or 155 g/t AgEq) over 50.7m (Seitz Kelly Vein Keel), including 0.2 g/t Au and 319 g/t Ag (4.46 g/t AuEq or 334 g/t AgEq) over 14.3m. To date, 138 holes for the PFS have been drilled at El Tigre and results are highlighting the expansion of stockwork mineralization in the Keel Zone, now projecting mineralization 100 metres below the PEA designed pit. “On May 20th, Silver Tiger has completed PFS Drilling, totalling 24,550 metres focused on expanding the Mineral Resource, upgrading the classification, completing metallurgical test work and geotechnical studies as it progresses from an exploration to a development project. The value-added PFS progress is on schedule for publication in H2-2024”.
  • Infinitum Copper Corp., provided an update on progress at its Adelita project in Sonora. The company mobilized equipment to provide access to the Cerro Grande adit to drive a 100m long, 3m wide x 3 m access tunnel to the mineralized body.
  • Orogen Royalties Inc., and operator First Majestic Silver Corp., announced a new significant gold-silver discovery (Navidad Vein) on the Ermitaño mine concessions in Sonora, where Orogen holds a 2% net smelter return royalty. Highlight drill holes include holes EW-24-364 with 8.15 g/t Au and 427 g/t Ag over 4.78m; hole EW-24-370 with 10.13 g/t Au and 86 g/t Ag over 4.42m and 5.65 g/t Au and 46 g/t Ag over 5.75m in the hanging wall vein; and hole EW-24-368 with 54.93 g/t Au and 399 g/t Ag over 1.82m.  “The Navidad vein system, that includes a hanging wall vein, has an apparent strike continuity of 750m and dip continuity of 250m. Vein thickness for both areas range from 1.5m to 6.0m. The zone is open in all directions”.
  • Torex Gold Resources Inc., provided an update on the development of its Media Luna project in Guerrero.  As of June 30, 2024, the Media Luna Project by Torex Gold is 78% complete and on schedule, with first copper concentrate production expected by the end of 2024 and commercial production anticipated in Q1, 2025. Remaining expenditures of the project’s budget have been reviewed and finalized at USD $950M, reflecting a USD $75M increase due to the stronger Mexican peso. Given the project capital increase, the Media Luna capital expenditures guidance for 2024 will be adjusted and the range narrowed to $430 – $450M, from $350 – $400M.Key construction activities include the installation of a mine-wide pumping system, progress in surface construction, and ongoing recruitment and training for operational readiness. Overall, the project is advancing steadily towards its goals.

ON DEALS AND CORPORATE ISSUES

  • Candelaria Mining Corp., announced changes to its Board of Directors (Pinos project, Zacatecas).
  • Florida Canyon Gold Inc., announced incentive plan grants to certain employees, executive officers, directors, and consultants. The company granted an aggregate of 1,980,833 restricted share units and 498,659 deferred share units (El Castillo mine, Durango).
  • Plata Latina Minerals Corporation presented voting results of its annual general meeting of shareholders (Naranjillo project, Guanajuato).
  • Galore Resources Inc., announced that the British Columbia Securities Commission issued a management cease trade order (MCTO) that prohibits, effective immediately, all trading of the securities of the company by the CEO and CFO. The MCTO is being issued with respect to the Company’s delay in meeting the deadline for filing its annual financial statements, Management Discussion and Analysis and related CEO / CFO certifications due July 29, 2024 (Dos Santos project, Zacatecas).
  • Silver Storm Mining Ltd., reported that it delayed the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024. The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (La Parrilla mine, Durango).
  • Sonoro Gold Corp., corrected disclosures contained in corporate presentations posted on the Company’s website and emails distributed to an investor relations contact list, related to its Cerro Caliche project in Sonora.
  • Bear Creek Mining Corporation announces that its Board of Directors authorized and approved a grant of 200K to its VP Exploration and Geology at the strike price of CAD $0.325 per share (Mercedes mine, Sonora).
  • Santacruz Silver Mining Ltd., granted 675K deferred share units, 850K restricted share units, 2.5M performance share units and 2.47M stock options to directors, officers, employees and consultants (Zimapan mine, Hidalgo).
  • Vizsla Royalties Corp., completed a consolidation of its issued and outstanding common shares on the basis of one new common share for every existing ten common shares. The consolidation was approved by the Company’s Board of Directors on July 31, 2024 (Panuco project, Sinaloa).
  • Golden Minerals Company declared that the company does not have sufficient resources to meet its expected cash needs over the next twelve months. The company is facing financial challenges, with approximately USD $1.4M in cash and USD $4.8M in liabilities as of June 30, 2024. The company has ceased mining operations at the Velardeña mine and is exploring options to secure funding, including the sale of assets, such as the Velardeña and Yoquivo properties in Mexico, and the El Quevar project in Argentina. Golden Minerals has entered into agreements to sell certain assets for USD $5.5M but are experiencing delays in receiving full payments. Without additional cash inflows, the company anticipates exhausting its resources by September 2024, which could lead to a cessation of operations and potential liquidation.

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 quartz breccia in an epithermal vein system in a project in Zacatecas, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of July 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 30th week of the year (July 22nd to July 28th, 2024), companies working in Mexico posted at least 24 press releases. Two companies informed on exploration advances on their properties and four companies provided operational/financial results for Q2 2024. Three companies closed financing tranches and one filed a preliminary base shelf prospectus. A company commenced test mining and processing, another completed construction of a mine while one more updated on the construction advances at its property. Two companies presented PEA’s on their advanced properties and one more provided a drilling results update. One company completed the acquisition of key claims, and another one entered into a small-scale mining agreement on its property. ON MEXICO ISSUES, ArcelorMittal steelworks strike in Michoacan ended after 55 days. Tax on revenue from mining companies fell in the country by 24.5% on Q1 2024. ON EXPLORATION, In Sonora, Minaurum Gold commenced a drilling program; Tocvan Ventures released results from drilling at Pilar. ON MINING, Gold Royalty, Mag Silver, Santacruz Mining and Grupo Mexico presented Q2 2024results. ON FINANCING, Southern Silver Exploration closed the first tranche of financing (C$2.09), Guanajuato Silver company filed a short base shelf prospectus to offer up to US$65 M, Aztec Silver closed its non-brokered private placement (C$2.57 M), Barksdale Resources closed the final tranche of its non-brokered private placement for a total of C$6.3 M. ON RESOURCES AND DEVELOPMENT, Sierra Madre Gold and Silver commenced test mining and processing at the Guitarra mine in Estado de Mexico. Gatos Silver provided drilling results from the Cerro Los Gatos mine and brownfields exploration in Chihuahua. Vizsla Silver presented a PEA on Panuco, in Sinaloa. Southern Silver Exploration released a PEA study on Cerro Las Minitas, Durango. Endeavour Silver provided a Q2 2024 construction update for Terronera, in Jalisco. Luca Mining announced the completion of the Tahuehueto mine in Durango.  ON DEALS AND CORPORATE ISSUES, Silver Viper Minerals announced the completion of the purchase of three mining concessions at its Virgina project in Sonora. Xali Gold signed a LOI granting rights for small scale mining on five of its claims at El Oro, Estado de Mexico. US Antimony, Solaris Resources and DYNR-Dyna Resources made board appointments. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • ArcelorMittal steelworks strike in Michoacán ends after 55 days. Nearly 3,000 workers resumed work at the company’s steel plant in Lázaro Cárdenas, Michoacán. The agreement reached mandates an 8% wage increase, grocery vouchers worth 17,000 pesos (US$949 dollars) and full compensation for lost wages. Additionally, an external audit of the 2022 and 2023 fiscal years will be conducted to ensure the accuracy of PTU payments.
  • Tax on revenue from mining companies fell in Mexico 24.54% on Q1 2024 year on year, more than five times the national average of 4.83%. During the period mining companies paid $13,416 M pesos or 1.87% of the total income tax received by the government.

ON EXPLORATION

  • Minaurum Gold Inc. commenced an 8,000 m drill program designed to establish an inferred mineral resource at its Alamos silver project in Sonora. Drilling will focus initially on three of the 19 vein zones that have already returned high-grade silver results: The Europa vein, the historic Promontorio vein zone, and the Promontorio Sur vein zone. “Minaurum has drilled 42,317 m in 106 core holes on 19 of the 26 vein zones discovered at the Alamos silver project from 2017 – 2023”. Highlighted previously released core length intercepts comprise 8.25 m @ 1,760 gpt Ag, 1.6% Cu, 1.5% Pb, 2.6% Zn; 3.50 m @ 404 gpt Ag, 0.54% Cu,  1.3% Pb, 1.8% Zn; 3.85 m @ 342 gpt Ag, 0.76% Cu, 1.0% Zn at the Europa vein zone, and 20.2 m @ 154 gpt Ag, 0.5% Cu, 2.3% Pb, 6.8% Zn; 3.8 m @ 415 gpt Ag, 2.68 gpt Au, 1.37% Cu, 6.2% Pb, 9.2% Zn; 7.6 m @ 266 gpt Ag, 0.27 gpt Au, 0.57% Cu, 1.6% Pb, 3.2% Zn at the Promontorio and Promontorio Sur vein zones.
  • Tocvan Ventures Corp. announced results from the 2024 reverse circulation (RC) 3,700 m drill program at its Pilar property in Sonora. To date, 3,268 m across 26 holes have been drilled from such program. Highlighted drill length intercepts from three holes comprise 15.25 m @ 0.26 gpt Au, 14 gpt Ag (including 7.63 m @ 0.45 gpt Au, 22 gpt Ag, 0.1% Zn); 1.53 m @ 0.63 gpt Au, 46 gpt Ag, 0.2% Pb, 0.2% Zn; 3.05 m @ 0.33 gpt Au, 5 gpt Ag; 3.05 m @ 0.18 gpt Au, 45 gpt Ag; 22.88 m @ 0.19 gpt Au, 1 gpt Ag, 0.2% Zn (including 1.53 m @ 0.49 gpt Au, 7 gpt Ag, 1.9% Zn and 1.53 m @ 0.62 gpt Au and 1.53 m @ 0.68 gpt Au, 2 gpt Ag). “The North Hill and Main Zone Trends now extend over 900-meters defined by drilling, while the 4-T Trend extends over 700- meters….”  

ON MINING

  • Gold Royalty Corp. announced second quarter 2024 revenue and total revenue, land agreement proceeds and interests of $2.2 M, of which a minor part comes from its Mexican operations (Coazamin, Zacatecas).
  • Mag Silver Corp. reported production from Juanicipio (56%/44% Fresnillo plc, Mag Silver) in Zacatecas. During the quarter 336.6 K tonnes were processed at the Juanicipio plant, averaging 1.2 gpt Au, 498 gpt Ag, 1.56% Pb, 2.99% Zn, to produce 9,259 Oz Au, 5.0 M Oz Ag, 9.9 M Lb Pb, 18.9 M Lb Zn. Also in the period commenced commercial production of pyrite concentrate, delivering incremental Ag and Au recovery.
  • Santacruz Silver Mining Ltd. reported Q2 production results, including figures from its operations in Mexico. At Zimapan, in Hidalgo, the company processed 209.7 K tonnes averaging 80 gpt Ag, 0.30% Cu, 0.73% Pb, 2.46% Zn, recovering 76% Ag, 45% Cu, 86% Pb, 80% Zn, to produce 409.3 K Oz Ag, 284 tonnes Cu, 1,312 tonnes Pb, 4,127 tonnes Zn (or 1.09 M Oz AgEq).
  • Grupo México SAB de CV. presented its Q2 2024 results. The company has operations in several countries and did not specify production by mining unit. During the period Grupo México produced 270,747 tonnes Cu, 8,201 Oz Au, 2.95 M Oz Ag, 7,655 tonnes Mo, 29,419 tonnes Zn, 615.8 K tonnes H2SO4, with a cash cost of US$1.03 per Lb Cu after by products.

ON FINANCING

  • Southern Silver Exploration Corp. closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $2.09 M. “In connection with the Offering, the Company paid finders’ fees totalling $101,745.31 and issued an aggregate 457,029 non-transferable finder warrants, with each finder warrant exercisable to purchase one common share for a period of 3 years.”  (Cerro Las Minitas, Durango).
  • Guanajuato Silver Company Ltd. filed a preliminary short base shelf form prospectus in each of the provinces and territories of Canada. Upon issuance of a receipt for the final short form base shelf prospectus the company will be permitted to offer up US$65 M of common shares, debt securities, warrants, subscriptions receipts, share purchase warrants and units during the 25-month that the prospectus is effective (El Cubo, Valenciana, Guanajuato).
  • Aztec Minerals Corp. closed the previously announced non-brokered private placement for gross proceeds of C$2.57 M (Cervantes, Sonora).
  • Barksdale Resources Corp. closed the second and final tranche of its previously announced non-brokered private placement offering for gross proceeds of $4.1 M, which together with the proceeds from the first tranche add up to $6.3 M (San Javier, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Sierra Madre Gold and Silver Ltd. commenced test mining and processing at the Guitarra mine complex in Estado de Mexico. The flotation plant has processed 5.7 K tonnes of mineralized material from the Guitarra mine and is currently processing 259 tpd in the path to full commercial production of 500 tpd.
  • Gatos Silver Inc. provided an update on drilling at the South-East Deeps zone and the recently initiated regional exploration program at its Los Gatos property (70% owned) in Chihuahua. “Resource definition drilling in the SE Deeps zone of CLG intercepted additional mineralization along strike and down-plunge, continuing to extend the known mineralized zone.” Highlighted core length intercepts comprise 2.9 m @ 0.18 gpt Au, 214 gpt Ag, 0.25% Cu, 12.2% Pb, 19.0% Zn; 2.7 m @ 0.81 gpt Au, 81 gpt Ag, 0.15% Cu, 3.9% Pb, 9.9% Zn; 1.6 m @ 0.02 gpt Au, 181 gpt Ag, 0.42% Cu, 0.9% Pb, 2.0% Zn; 1.6 m @ 0.79 gpt Au, 108 gpt Ag, 0.44% Cu, 3.2% Pb, 5.6% Zn; 6.5 m @ 0.14 gpt Au, 43 gpt Ag, 0.28% Cu, 1.8% Pb, 4.5% Zn at SE Deeps and 0.6 m @ 3.11 gpt Au; 1.2 m @ 0.09 gpt Au, 0.02% Cu, 0.23% Mo, 0.3% Pb, 1.7% Zn; 1.9 m @ 2.59 gpt Au, 15 gpt Ag, 0.02% Cu, 0.8% Pb, 1.6% Zn at Portigueño and 8.9 m @ 0.17 gpt Au, 66 gpt Ag; 4.2 m @ 0.07 gpt Au, 51 gpt Ag, 0.14% Cu, 0.9% Pb, 5.6% Zn at San Luis.
  • Vizsla Silver Corp. released the results of the preliminary economic assessment (PEA) on its Panuco project in Sinaloa. The study envisions a 3,300 tpd production rate expanding to 4,000 tpd in year 4, with an initial mine life (LOM) of 10.6  years. The 5.3 M tonnes deposit averaging 316 gpt Ag, 1.97 gpt Au would produce 15.2 M Oz AgEq (9.3 M Oz Ag, 78 K Oz Au) per year at cash cost US$7.98 per Oz AgEq and a LOM AISC of US$9.40 per Oz AgEq. The initial cash expenditures are estimated at US$224 M with an After-tax NPV (5%) of US$1,137 M and 85.7% IRR at US$26 per Oz Ag and US$1,975 per Oz Au, and an After-tax payback period of 9 months. Two adjacent underground mines, Copala and Napoleon, with on-site treatment with a three-stage grinding circuit, a leach and Merril Crowe circuit to produce doré bars. “The mines will be contractor operated utilizing ramp-access and a combination of long-hole stoping and drift-and-fill mining methods.”
  • Endeavour Silver Corp. provided Q2 2024 construction progress update for its Terronera project in Jalisco. Concrete and structural steel work are nearing completion on the upper plant platform for areas including crushing, coarse-ore storage, grinding, flotation, and thickening, with overall mine development and surface construction reaching 64.5% advance. More than US$204 M have been spent to date of the total project commitment of US$260 M, with mine development totaling nearly 4,500 m. The project remains on track for commissioning in Q4 2024.
  • Luca Mining Corp. completed construction of its Tahuehueto mine in Durango. The mine was constructed within budget, has a nameplate 1,000 tpd processing capacity and has been on pre-production for several months. Commercial levels of 800 tpd or 25 K tonnes per month are expected to be achieved by the end of September. “Tahuehueto is a large property (121 square kilometres) that hosts an extensive epithermal gold vein system with less than 10% of the prospective ground explored so far….. Resource drilling from underground is expected to commence in the coming weeks.”
  • Southern Silver Exploration Corp. filed on SEDAR a preliminary economic assessment (PEA) 43-101 technical report on its Cerro Las Minitas project in Durango. Highlights from the study include after-tax NPV5% of US$501 M, an IRR of 21.2% with a 48-month payback on a large-scale underground mining operation with a 17-year mine life (LOM) with an anual average plant feed of 14.3 M Oz AgEq (inc. 5.8 M Oz Ag) and total sales of 194.3 M Oz AgEq at an AISC of $13.23 per Oz AgEq. The project envisages gross revenues totalling US$4.47 B, with Au and Ag representing 45% of revenue and zinc 35%. Updated PEA increases production by 5 M tonnes, production rate to 5,300 tpd, extends the LOM by 2.6 years and the total revenue by US$765 M. “The company plans to initiate a core drilling program of up to 6000m in 11 holes to test shallow targets along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in early September. The work is the first stage of a larger 25,000 metre exploration program on the property with the goal of adding an additional 4 million to 8 million tonnes of mineralization to the resource base.” 

ON DEALS AND CORPORATE ISSUES

  • Silver Viper Minerals Corp. announced the completion of the purchase of the three mineral claims covering 2,102 hectares at the La Virgina project in Sonora. The company made the last cash payment of US$200 K. “Silver Viper has completed a total of 141 drill holes at La Virginia for a combined 44,687 metres. Exploration drilling has paused awaiting the processing of the geophysical survey data along with the interpretation of mapping and sampling data.”
  • Xali Gold Corp. signed a legally binding letter of intent (LOI) with Rio Verde Resources on portions of five mining concessions at El Oro project in Estado de Mexico. Rio Verde has been granted the exclusive right to explore and extract minerals above the 2,400 m level in the historic workings, in exchange for a 3% net smelter return (NSR) royalty. Rio Verde has advised that their production will initially focus on the target identified by LuisMin-Hillsborough, in which they estimated a potential of 762 K Oz Au and 9.8 M Oz Ag (6.89 M tonnes @ 3.44 gpt Au, 44 gpt Ag, Not NI-43-101 compliant) after studying mine level plans with grades, sections and eight new drill holes.
  • United States Antimony Corp. announced the appointment of Jonathan Miller as vice president of investor relations and global sales director (Juarez, Queretaro).
  • Solaris Resources Inc. appointed Mr. Arun Lamba as vice president, corporate development (La Verde, Michoacán).
  • DYNR-Dyna Resource Inc. appointed Mr. Alonso Sotomayor as chief financial officer (San José de Gracia, Sinaloa).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Chloritized biotite (?) lining a quartz veinlet in a Sonoran Desert project, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of July, 2024

/ gambusinoprospectormexico / Leave a comment

Vuggy Quartz

By Miguel A Heredia

During the 29th week of the year (July 15th to July 21st 2024), at least 28 press releases were announced by companies working in Mexico, and 2 news published by the media, with ten disclosing deals and corporate issues, five announcing financing rounds, five communicating production and financial results, three commenting on Mexican issues, three reporting resources and development of their properties, two informing on exploration results, and two discussing social issues.   ON MEXICO ISSUES, Rafael Rebollar, general director of Industrias Peñoles, declared that the mining industry in Mexico has been affected due it awaits response on environmental permits. The Government of Mexico is preparing a preliminary report with arguments to declare that Vulcan Materials’ Calica mine in Quintana Roo is located within a “protected natural area”, which represents a possible expropriation of its land. Tocvan /Colibri reported the best drilling intercepts in Mexico on the third week of July, 2024. ON EXPLORATION, In Chihuahua, Kingsmen announced that it has completed an evaluation and interpretation of the ground magnetic data covering the entire Las Coloradas project area. In Durango, Silver Wolf provided an update on its Ana Maria project.  ON MINING, Americas Gold and Silver reported Q2, 2024 production results at its Cosalá operation mine in Sinaloa.Avino Silver & Gold Mines released production results for the Q2, 2024 at their Avino and La Preciosa mines in Durango. First Majestic announced Q2, 2024 production results from their Mexican operations, and provided an updated guidance for H2 and full year 2024. Bear Creek reported Q2, 2024 production results at its Mercedes mine in Sonora.  ON FINANCING, Aztec Minerals announced a non-brokered private placement financing for gross proceeds of up to CAD $1.5M (Cervantes project, Sonora). Garibaldi applied to the TSX Venture Exchange to extend warrant expiry dates (Tonichi project, Sonora). Regency Silver announced a non-brokered private placement financing for gross proceeds of up to CAD $2.5M (Dios Padre project, Sonora). Sailfish reported that the TSX Venture Exchange has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid to be transacted through the facilities of the Exchange (Gavilanes project, Durango). Vizsla Royalties entered into a debt settlement agreement dated July 3, 2024 with Vizsla Silver Corp to settle outstanding debt of CAD $1,609,312 owing from Vizsla Royalties to Vizsla Silver (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Tocvan and its JV Colibri reported results of five RC drill holes from its El Pilar project in Sonora. Bendito Resources acquired a flotation plan and is finalizing economic studies for critical minerals production from its Oposura project, Sonora. ON DEALS AND CORPORATE ISSUES, Alamos Gold entered into a gold sale prepayment agreement for total consideration of USD $116 million in exchange for the delivery of 49,384 ounces in 2025 (Mulatos mine, Sonora). Golden Minerals announced that it has received payment in full of $2.5M plus VAT for the sale of its Velardeña Mine and associated facilities. Sierra Madre announced that it has secured a binding off-take agreement for 100% of concentrate sales from its La Guitarra mine, Mexico. US Antimony reported the appointment of its Vice President of the company´s Antimony Division (Los Juarez project, Queretaro). GR Silver closed the transaction to acquire 100% of the issued and outstanding shares of Marlin Gold Mining Ltd (Plomosas, Sinaloa).  Florida Canyon entered into a binding agreement to sell its interests in the San Agustin mine, El Castillo mine, La Colorada mine, Cerro del Gallo project and San Antonio project (collectively the “Mexican Business Unit”) to Heliostar Metals Ltd. Florida Canyon advised the market that processes are underway to review strategic alternatives to maximize shareholder value on the Mexican business unit (El Castillo mine, Durango). Florida Canyon announced it has commenced trading on the TSX Venture Exchange (El Castillo mine, Durango). Heliostar entered into a binding agreement with Florida Canyon Gold Inc (FCGI) to acquire a 100% interest in all of FCGI’s mining assets in Mexico for consideration of USD $5M. Sierra Metals announced the completion of the sale of the Cusi mine and surrounding mineral concessions located in Chihuahua. ON SOCIAL RESPONSIBILITY, SilverCrest and Alamos Gold released their 2023 ESG report (Las Chispas mine, Sonora and Mulatos mine, Sonora respectively).

ON MEXICO ISSUE

  • Rafael Rebollar, general director of Industrias Peñoles, declared that the mining industry in Mexico has been affected due it awaits response on environmental permits that must be granted by the federal government for tailings deposits, a system that collects all the waste from the mining process, once the waste has been separated from minerals. Failure to grant it could lead to the suspension of operations of some mining units. For his part, Carlos Pavón Campos, general secretary of the Mining Metallurgical Union FRENTE, said that mines throughout the country face restrictions on tailings dams, which represents a risk. He cited the case of Fresnillo and Velardeña as an example. He commented that in Velardeña, there are around 600 unionized workers and that a fundamental part of the mines are the tailings dams.
  • The Government of Mexico is preparing a preliminary report with arguments to declare that Vulcan Materials’ Calica mine in Quintana Roo is located within a “protected natural area”, which represents a possible expropriation of its land. The report will be evaluated for 30 days by the governments of the state of Quintana Roo, as well as by social organizations, indigenous communities and universities, reported the Secretariat of Environment and Natural Resources (Semarnat) in a statement sent on Thursday. Vulcan Materials said in May that it received an offer from the Government of Mexico that “substantially undervalues” its property. According to Andres Manuel Lopez Obrador, the Administration offered to buy the firm’s assets on the Caribbean coast for USD $2B.  Last May, U.S. senators warned that Mexico’s expropriation of Vulcan land would force them to consider “all available resources” to prevent “the theft of this property,” according to a letter officials sent to the Mexican Foreign Minister Alicia Bárcena.
  • Tocvan Ventures Corp., and JV Colibri Resource Corp., reported the best drilling intercepts in Mexico on the third week of July, 2024. Details are shown in the table below:

ON EXPLORATION

  • Kingsmen Resources Ltd., announced that it has completed an evaluation and interpretation of the ground magnetic data covering the entire Las Coloradas project area in Chihuahua. It has identified two prominent magnetic bodies within a halo of weaker magnetics, and are interpreted to be shallow and probably linked to intrusives. Very positively, the structural picture appears to define a cymoid loop, a feature that generates multiple dilation zones that may host mineralization in both NW- and NE-trending zones along strike and at depth.  These will be targets for drill testing. The project is prospective for epithermal precious metal, skarn and porphyry mineralization.
  • Silver Wolf Exploration Ltd., provided an update on its Ana Maria project in Durango. The company has been planning the upcoming drill program at the El Soldado Claim at the Ana Maria project. “Activities that have been completed to date include: preparing and fine tuning the drill targets, finalizing drilling and QA/QC procedures, selecting a drill contractor to conduct the drilling work, updating and revising the drill budget to reflect the change in Mexican Peso and inflationary costs, finalizing access agreements with the local communities for drilling activities, staffing the appropriate positions to conduct the program with contractors and employees”.

ON MINING

  • Americas Gold and Silver Corporation reported Q2, 2024 production results at its Cosalá operation mine in Sinaloa. It focused on mining the Main Zone at the San Rafael Mine and produced approximately 170K Oz Ag, 8.9M Lb Zn, and 2.6M Lb Pb. Silver production from the Cosalá Operations is expected to increase quarter-over-quarter.
  • Avino Silver & Gold Mines Ltd., released production results for the Q2, 2024 at their Avino and La Preciosa mines in Durango. At Avino, the company processed 130,983 tonnes of 71 g/t Ag, 0.49 g/t Au, and 0.51% Cu with metallurgical recoveries of 88%, 70%, and 88% respectively, to produce 262.9K Oz Ag, 1,456 Oz Au, and 1.3M Lb Cu. At La Preciosa, it processed 9.951 tonnes of 133 g/t Ag and 0.28 g/t Au with metallurgical recoveries of 71% and 63% respectively, to produce 30.1K Oz Ag and 58 Oz Au.
  • First Majestic Silver Corp., announced Q2, 2024 production results from their Mexican operations. Table below shows mine by mine results:

The Company’s financial results for the second quarter of 2024 are scheduled to be released on Thursday, August 1, 2024. The company also provided an updated guidance for H2 and full year 2024. Tables below show mine by mine details:

  • Bear Creek Mining Corporation reported Q2, 2024 production results at its Mercedes mine in Sonora. The company processed 95,727 tonnes of 3.23 g/t Au, with a metallurgical recovery of 93% to produce 9,304 Oz Au and 40,893 Oz Ag.
  • Minera Alamos Inc., provided a brief operations update for its Santana gold mine in Sonora. The company initiated mining and stacking operations at the Nicho Main Zone of its Santana mine. As of the end of June, approximately 900 Oz Au have been stacked on the leach pad, with expectations to increase output to 1,300-1,500 ounces in the coming month. The company is improving access to the mineralization and plans to activate additional trucks to enhance operational efficiency. The average gold grade is around 0.9 g/t, and optimization efforts are underway to improve blasting and crushing processes. Overall, the operations are progressing well, with a focus on returning to a steady state of production as gold prices strengthen.

ON FINANCING

  • Aztec Minerals Corp., announced a non-brokered private placement financing of up to 8,333,334 units of the Company at a price of CAD $0.18 per unit for gross proceeds of up to CAD $1.5M. Part of the gross proceeds will be used to fund ongoing expenses at the Cervantes Project in Sonora, and for general working capital and corporate expenses.  
  • Garibaldi Resources Corp., applied to the TSX Venture Exchange to extend warrant expiry dates. The original term of the Warrants was two years, of which 2,664,472 warrants (the “FT Warrants”) currently expire on July 22, 2024 and 181,250 warrants (the “NFT Warrants”) currently expire on September 16, 2024.  The Company proposes to extend the expiry date for a one year period to July 22, 2025 for the FT Warrants and to September 16, 2025 for the NFT Warrants. None of the Warrants to be amended were issued to finders or agents.  No other terms of the Warrants are to be amended and the exercise price remains at $0.55 (Tonichi project, Sonora).
  • Regency Silver Corp., announced a non-brokered private placement financing for gross proceeds of up to CAD $2.5M, consisting of 16.6M units at a price of CAD $0.15 per unit. Gross proceeds will be used for the upcoming drill program on the company´s Dios Padre project in Sonora, and for general working capital.
  • Sailfish Royalty Corp., reported that the TSX Venture Exchange has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid to be transacted through the facilities of the Exchange. The notice provides that the company may, during the 12-month period commencing July 22, 2024 and ending July 21, 2025, purchase up to 3,539,756 common shares of the company in total, being approximately 5% of the total number of shares outstanding as at July 16, 2024 (Gavilanes project, Durango).
  • Vizsla Royalties Corp., entered into a debt settlement agreement dated July 3, 2024 with Vizsla Silver Corp to settle outstanding debt of CAD $1,609,312 owing from Vizsla Royalties to Vizsla Silver by issuing 32,186,240 common shares of the company to Vizsla Silver at a deemed price of CAD $0.05 per common share (Panuco project, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., and its JV Colibri Resource Corp., reported results of five RC drill holes from its El Pilar project in Sonora.  Drilling highlights include hole JES-24-95 with 0.15 g/t Au, 1 g/t Ag, and 0.4% Zn over 76.25m, including 0.19 g/t Au, 2 g/t Ag, and 1.49% Zn over 16.78m, including 0.16 g/t Au, 3 g/t Ag, and 2.78% Zn over 7.63m, plus 0.83 g/t Au,  1g/t Ag, and 0.12% Z over 5.09m, and hole JES-24-94 with 0.06 g/t Au and 2 g/t Ag over 120.48m, including 0.09 g/t Au, 3 g/t Ag, and 0.15% Zn over 64.05m, including 0.17 g/t Au, 5 g/t Ag, and 0.22% Zn over 24.04m, including 1.26 g(/t Au, 37 g/t Ag, 0.55% Pb, and 1.16% Zn over 1.53m, plus 0.46 g/t Au, 26 g/t Ag, 0.12% Pb, and 0.57% Zn over 1.52m, plus 0.37 g/t Au, 5 g/t Ag, 0.6% Pb, and 3.05% Zn over 3.05m. Results for three drillholes are currently pending analysis.
  • Bendito Resources Inc., acquired a flotation plan and is finalizing economic studies for critical minerals production from its Oposura project, Sonora. The company also acquired stationary and mobile equipment, including laboratory equipment, primary and secondary mining equipment, blast hole and exploration drills, and other necessary support equipment typically used at mine sites. “The general arrangement of the mine site and related agency approvals are ongoing ahead of anticipated earth and civil works later this year. It is expected that the plant will be operational at the Oposura site in the second half of 2025”.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc., entered into a gold sale prepayment agreement for total consideration of USD $116 million in exchange for the delivery of 49,384 ounces in 2025. The proceeds of the gold prepayment were used to eliminate gold forward purchase contracts, previously entered into by Argonaut Gold, totalling 179,417 ounces in 2024 and 2025 with an average price of USD $1,838 per ounce. As part of the recently closed acquisition of Argonaut, Alamos inherited Argonaut’s hedge book which included gold forward purchase contracts totaling 329,417 ounces between 2024 and 2027. The average forward prices on the contracts ranged between USD $1,821 and USD $1,860 per ounce (Mulatos mine, Sonora).
  • Golden Minerals Company announced that it has received payment in full of $2.5M plus VAT for the sale of its Velardeña Mine and associated facilities and title has been transferred to a privately held Mexican company. Further and in connection with the Agreements, there has been a delay in the closing of the Minera William agreement entered into to sell the oxide processing plant and the water wells, located in Durango State, Mexico. To date, the Company has received partial payments in the amount of $373,000 for these assets. The remaining $2,627,000, plus VAT on the full sale price, was due on July 1.
  • Sierra Madre Gold and Silver Ltd., announced that it has secured a binding off-take agreement with Swiss-based global minerals trader MRI Trading AG for 100% of concentrate sales from its La Guitarra mine, Mexico.
  • US Antimony Corporation reported the appointment of its Vice President of the company´s Antimony Division (Los Juarez project, Queretaro).
  • GR Silver Mining Ltd., closed the transaction to acquire 100% of the issued and outstanding shares of Marlin Gold Mining Ltd. Marlin is a private British Columbia company which owns, amongst other assets, Oro Gold de Mexico, S.A. de C.V., a private Mexican company that owns 100% of nine concessions, including the past producing La Trinidad mine, located adjacent to the Company’s core Plomosas project, Sinaloa.
  • Florida Canyon Gold Inc., entered into a binding agreement to sell its interests in the San Agustin mine, El Castillo mine, La Colorada mine, Cerro del Gallo project and San Antonio project (collectively the “Mexican Business Unit”) to Heliostar Metals Ltd. At closing, Heliostar will pay cash consideration of USD $5M to the Corporation. In addition, the Corporation is entitled to cash generated by the Mexican Business Unit prior to July 11, 2024 and cash of USD $5M generated from operating cash flow after July 16, 2024, subject to a minimum of USD $2M of net working capital being left in the Mexican Business Unit on closing.
  • Florida Canyon Gold Inc., advised the market that processes are underway to review strategic alternatives to maximize shareholder value on the Mexican business unit (El Castillo mine, Durango).
  • Florida Canyon Gold Inc., announced it has commenced trading on the TSX Venture Exchange. Common shares of the company will commence trading on the TSXV at the opening of the market on July 16, 2024, under the symbol “FCGV” (El Castillo mine, Durango).
  • Heliostar Metals Ltd., entered into a binding agreement with Florida Canyon Gold Inc (FCGI) to acquire a 100% interest in all of FCGI’s mining assets in Mexico for consideration of USD $5M. The projects being acquired were recently spun out from Argonaut Gold Inc. Pursuant to the transaction, Heliostar will acquire those FCGI subsidiaries which collectively own 100% of the following properties: La Colorada Mine, located in Sonora, producing gold from residual leaching of gold while on care and maintenance; San Agustin Mine (formerly the El Castillo Complex), an open pit heap leach gold mine, San Agustin, and a closed open pit heap leach gold mine, El Castillo, located in Durango; Cerro del Gallo, an advanced gold development project located in Guanajuato; and San Antonio, an advanced gold development project located in Baja California Sur. The transaction is expected to close in October 2024.  “As a condition to closing of the transaction, Heliostar and FCGI will enter into an agreement eliminating (a) up to USD $20M in contingent payments, which become payable to FCGI pursuant to the agreement under which Heliostar acquired the Ana Paula Project, and (b) up to USD $150M in conditional option payments and the issuance of a 2% net smelter returns royalty on the San Antonio Project, which might have become payable pursuant to the agreement under which Heliostar acquired an option on the San Antonio Project”. 
  • Sierra Metals Inc., announced the completion of the sale of the Cusi mine and surrounding mineral concessions located in Chihuahua to Minera San Bernabé, S.A. de C.V., a subsidiary of Silverco Mining Corp. (SMC). The company sold the Cusi Mine for USD $2.5M in cash and a 2.0% net smelter royalty in respect of the Cusi Mine granted in favour of Sierra Metals. SMC has the right to purchase one-half of the royalty at any time in exchange for a cash payment to Sierra Metals of USD $5.0M.

ON SOCIAL RESPONSIBILITY

  • SilverCrest Metals Inc., released its 2023 ESG report, which primarily focuses on its Las Chispas mine in Sonora, and also encompasses the surrounding communities in which it operates.
  • Alamos Gold Inc., released its 2023 ESG report, which outlines the company’s progress on its ESG performance in 2023 across its operations, projects and offices (Mulatos mine, Sonora).

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

On the picture above, vuggy silica in a high sulphidation epithermal system in a project in Jalisco, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of May 2024

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By Jorge Cirett

During the 22nd week of the year (May 27th to June 2nd,2024), companies working in Mexico posted at least 29 press releases. One company informed of drilling on its property and six companies released financial results for Q1 2024. Two companies announced the opening/closing of financing rounds for C$10.28 M and one filed a prospectus to raise up to US$250 M. Two companies informed on drilling results from their advanced projects, one on the approval of key mining permits, another on an updated technical report and one more a clarification on a previous news release. Two companies reported on held AGM’s, another one on the date for a merger-voting AGM, one on plans for a copper spinout, one on an annual report and one more on a board member retirement. ON MEXICO ISSUES, presidential polls in Mexico are to define a centralized power government or a checks and balances political system. The mining industry will be strongly affected if the officialism candidate wins. Nearshoring and EV’s present an opportunity to copper producing Sonora. The New Mining Law has stalled the investment of more than US$4.5 billion in the country. ON EXPLORATION, In Sonora, Tocvan Ventures informed on drilling progress at Pilar. ON MINING, Impact Silver, Orogen Royalties, Bear Creek Mining, Minera Alamos, Santacruz Silver Mining and Luca Mining presented financial/operational results for Q1 2024. ON FINANCING, Impact Silver increased again its non-brokered private placement to C$10.2 M, Sailfish and Alamos Gold declared quarterly dividends. Inomin raised $80 K on the first tranche of financing. Mag Silver filed the base shelf prospectus to raise up to C$250 M in 25 months. ON RESOURCES AND DEVELOPMENT, Silver Storm and Prime Minig released drilling results from La Parrilla, in Durango, and Los Reyes, in Sinaloa, respectively. ON DEALS AND CORPORATE ISSUES, Argonaut Gold is to held a special meeting of shareholders to vote on the merger with Alamos Gold. First Majestic Silver released its 2023 annual report. Avino Silver and Guanajuato Silver released AGMS’s results. Minera Alamos informed on its purpose to create a copper developer/producer spinout in Central Sonora. Capstone Copper announced the retirement of Bob Gallagher. ON SOCIAL RESPONSIBILITY, First Majestic Silver and Fortuna Silver Mines published their 2023 ESG reports.

ON MEXICO ISSUES

  • This Sunday June 2nd presidential polls are to be held in Mexico, same that will define the bearing the country is to follow in the next six years and probably beyond that. At stake are the centralized government system with unrestricted power to the presidency sought by the current incumbent Andres Manuel Lopez Obrador, and the checks and balances system between the different government branches (executive, legislative and judicial) sought by the coalition opposition parties. Besides the obvious influence on the economy, if the officialism party´s Claudia Sheinbaum candidate wins, expect a tight grip on the mining industry from the open supporter of socialist economies, like Cuba and Venezuela.
  • Nearshoring and electrical vehicles present an opportunity for copper producing Sonora, according to David Ramos Félix, president of the local AIMMGM chapter in the State that produces more than 70% of the red metal in the country
  • Restrictions brought by the new Mining Law approved by Fast Track procedures in May of 2023 have delayed the investment of more than US$4.5 billion, according to Karen Flores, president of the Cámara Minera de México (CAMIMEX). The freezing of at least 220 environmental permits is hindering the investments that could generate employment to close to 50 thousand families, with salaries in the metallic mining sector that are 85% above the national average.

ON EXPLORATION

  • Tocvan Ventures Corp. informed 2,200 m have been completed on the reverse circulation (RC) drill program at its Pilar property in Sonora. Results for nine holes have been released so far.

ON MINING

  • Impact Silver Corp. announced financial and operating results for Q1 2024. The company reported revenue of $4.3 M from the Guadalupe mine in Estado de Mexico and $1 M from the start-up operations at Plomosas in Chihuahua. There was a net loss during the period of $3.1 M, primarily on upgrading facilities at the Plomosas mine. At the Zacualpan/Guadalupe mine in Estado de Mexico 31.7 K tonnes were milled @ 161 gpt AgEq. The Plomosas mine continued gradual start-up of operations, processing 3.6 K tonnes @ 15.3% Zn. The mine is expected to reach design capacity of 200 tpd later in 2024.
  • Orogen Royalties Inc. reported Q1 results, including $1.48 M in royalty revenue generated from First Majestic’s Ermitaño mine in Sonora, representing 508 Oz AuEq. “During the current quarter, the mill processed 224,394 tonnes of ore compared to 233,601 tonnes processed last quarter. Average silver and gold head grades during the current quarter were 72 grams per tonne (“g/t”) and 3.16 g/t, respectively, compared to average silver and gold head grades of 106 g/t and 3.88 g/t, respectively, of the previous quarter. Silver and gold recoveries averaged 69% and 95%, respectively, compared to recoveries of 73% and 96% from the previous quarter”.
  • Bear Creek Mining Corp. reported interim consolidated financial results for Q1 2024. During the period, 106.4 K tonnes were mined at the Mercedes mine in Sonora, averaging 3.83 gpt Au, 109.3 K tonnes milled averaging 3.69 gpt Au, recovering 94% Au to produce 12,228 Oz Au, 44 K Oz Ag at cash cost $1,183 per Oz Au and an AISC of $1,588 per Oz Au. Total revenue in the period was $27.5 K M. “Updates to estimates of mineral reserves and mineral resources are tentatively expected before year end, pending completion of the first phase of the exploration and infill drilling campaign”.
  • Minera Alamos Inc. provided select financial highlights from its Q1 2024 and an operational update for the first five months of the year. Updated plans call for 20 K Oz Au averaging 0.63 gpt Au and mined at a 1.6:1 ratio and staked over a 12-month period. Further stockpiled 4.5 K Oz Au @ 1.0 gpt Au are to be processed during the same period. Mining and stacking operations are expected to commence in June and continue through H2 2024 and H1 2025. Total gold recovered and sold during the first quarter was 907 Oz Au, with inventory on the leach pad of 5,383 Oz Au. Cash and cash equivalents at the end of the period was $11.8 M, with a positive working capital of $18.2 M.
  • Santacruz Silver Mining Ltd. reported its financial and operating results for the first quarter 2024, including figures from its operations in Mexico. At Zimapan, in Hidalgo, 205.4 K tonnes were processed @ 82 gpt Ag, 0.29% Cu, 0.83% Pb, 2.29% Zn, recovering 74% Ag, 43% Cu, 79% Pb, 77% Zn, to produce 399.9 K Oz Ag, 256 tonnes Cu, 1,352 tonnes Pb, 3,643 tonnes Zn. During the period the company had US$52.6 M in revenue, 463 K in gross profit, cash and cash equivalents of US$4 M and working capital of US$7.1 M.
  • Luca Mining Corp. announced financial results for Q1 2024. During the period the company produced 4,297 Oz Au, 207.5 K Oz Ag, 791 tonnes Cu, 661 tonnes Pb, 3,068 tonnes Zn. The company achieved its first positive operating earnings with C$4.8 M in operating income and C$7.3 M in net income. Cash flow was C$4 M, with an AISC of US$1,325 and US$1,690 per Oz AuEq, expected to decrease at Tahuehueto and Campo Morado respectively, as ramp up production continues with the completion of construction at the former and completion of the improvement project at the latter (Tahuehueto, Durango; Campo Morado, Guerrero).

ON FINANCING

  • Impact Silver Corp. is amending and increasing its previously announced non-brokered private placement from C$8.2 M to C$10.2 M (Plomosas, Chihuahua).
  • Sailfish Royalty Corp. declared the second quarterly dividend for 2024, in the amount of US$0.0125 per common share (Gavilanes, Durango).
  • Alamos Gold Inc. declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
  • Inomin Mines Inc. announced the closing of the first tranche of its non-brokered private placement for gross proceeds of $80K (La Gitana, Oaxaca).
  • Mag Silver Corp. obtained receipt for the final short form base shelf prospectus filed with the securities commissions in all Canada and filed a registration statement with the United States Securities and Exchange Commission (SEC). The final shelf prospectus and registration statement will allow the company to offer up to US$250 M in common shares during the 25-month period of validity (Juanicipio, Zacatecas).  

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd. announced further results from 3,039 m in 23 holes of its diamond drill program at La Parrilla mine in Durango. The results are from the Rosario mine, underneath and in proximity to previously mined stopes. The Rosario zone is “characterized by a sulphide-bearing quartz-carbonate vein hosted within a fault zone that extend down dip for 900 m, with a strike length of 2 km and true widths of up to 14 m”. Highlighted core length results comprise 3.84 m @ 73 gpt Ag, 2.2% Pb, 5.4% Zn (including 1.19 m @ 0.15 gpt Au, 123 gpt Ag, 3.7% Pb, 11.3% Zn); 4.83 m @ 0.16 gpt Au, 113 gpt Ag, 0.2% Cu, 1.4% Pb, 0.7% Zn; 5.23 m @ 0.25 gpt Au, 70 gpt Ag, 1.6% Pb, 1.8% Zn; 2.50 m @ 0.64 gpt Au, 68 gpt Ag, 0.6% Pb; 4.54 m @ 176 gpt Ag, 0.2% Pb (including 1.97 m @ 0.09 gpt Au, 176 gpt Ag, 0.2% Pb); 0.35 m @ 842 gpt Ag, 0.94% Cu, 24.8% Pb, 10.1% Zn; 3.91 m @ 0.38 gpt Au, 501 gpt Ag, 1.2% Pb, 1.2% Zn; 3.52 m @ 0.11 gpt Au, 48 gpt Ag, 2.1% Pb, 2.4% Zn; 1.47 m @ 469 gpt Ag, 1.89% Cu, 5.0% Pb, 2.7% Zn; 5.9 m @ 225 gpt Ag, 0.9% Pb, 0.7% Zn; 3.20 m @ 0.47 gpt Au, 111 gpt Ag, 1.5% Pb, 2.0% Zn; 6.25 m @ 532 gpt Ag, 18.1% Pb, 5.4% Zn.
  • Prime Mining Corp. reported expansion drilling results from the Guadalupe East area at Los Reyes project, in Sinaloa. Highlighted true width intercepts comprise 3.5 m @ 2.67 gpt Au, 327 gpt Ag; 1.1 m @ 4.06 gpt Au, 664 gpt Ag; 0.3 m @ 6.88 gpt Au, 5 gpt Ag; 1.5 m @ 2.38 gpt Au, 419 gpt Ag; 1.0 m @ 3.71 gpt Au, 475 gpt Ag; 0.7 m @ 20.50 gpt Au, 2,620 gpt Ag; and core length intervals comprising 2.4 m @ 1.29 gpt Au, 180 gpt Ag (including 1.3 m @ 2.13 gpt Au, 302 gpt Ag). “The target of this drilling at Guadalupe East was high-grade antithetic veins stepping out to the west. Antithetic veins are footwall and hanging wall splays that intersect the main Estaca vein at Guadalupe East”.
  • Sierra Madre Gold and Silver Ltd. announced the approval by SEMARNAT (Environmental Agency) of the modifications to the existing operating permit for the Guitarra mine and mill complex in Estado de Mexico. The permit allows for dry stack tailings deposition at the active tailings facility site, construction of a tailings filter plant, paste backfill using tailings in the underground mine and 58 surface drilling pad locations.
  • Argonaut Gold Inc. filed an updated technical report for the San Agustin property in Durango, which commenced operations in 2017. Reports highlights include gold production of 89 K Oz Au from April 2024 to 2026 at cash cost US$1,702 per Oz Au and a pre-tax and after-tax net present value (5%) of US$30M.
  • Luca Mining Corp. issued a clarification on its May 21, 2024 news release regarding the high-grade gold mineralization over significant widths at the Tahuehueto mine in Durango. “The mineralization occurs in shoots branching off the main Creston vein at Underground Level 23. Creston is one is one of two main structures currently being mined. Regular geological mapping, as part of mining activities, and channel sampling at this level confirmed the presence of breccia ore shoots up to 20 meters wide”. Channel sampling of 494 channel samples on Level 23 average 3.30 gpt Au, 27 gpt Ag, 0.22% Cu, 0.8% Pb, 1.4% Zn,

ON DEALS AND CORPORATE ISSUES

  • Argonaut Gold Inc. has filed its management information circular for its annual general and special meeting of the holders of common shares to be held on June 28, 2024. At the meeting Argonaut Shareholders will be asked to vote on the statutory plan of arrangement under which Argonaut will become a wholly-owned subsidiary of Alamos Gold Inc. (La Colorada, Sonora).
  • First Majestic Silver Corp. released its 2023 Annual report titled “20 Years. The Silver Evolution”. The report covers the company’s “vision and mission, its values, its commitment to achieving its goals, and its 20-year evolution to becoming one of the world’s largest silver producers”.
  • Avino Silver & Gold Mines Ltd. reported voting results from its annual general meeting (AGM) held on May 30. 2024. The company also announced the retirement of Jasman Yee from the board of directors (Avino, Durango).
  • Guanajuato Silver Company Ltd. announced its 2024 annual general meeting (AGM) is to be held on June 28, 2024 (El Cubo, Guanajuato).
  • Minera Alamos Inc. informed its plans to advance the creation of a “separate copper developer/producer focused on low capital intensity copper development projects”. The company considers the combination of Los Verdes and Suaqui Verde projects allow for further consolidation of similar assets in the region.
  • Capstone Copper Corp. announced Mr. Robert Gallagher has retired from the board of the directors (Cozamin, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • First Majestic Silver Corp. released its 2023 Sustainability Report summarizing the company’s environmental, social and governance (ESG). Highlighted in the report are the safety performance, diversity and inclusion, carbon reduction, community involvement, ESG recognition and community investments (San Dimas, Durango).
  • Fortuna Silver Mines Inc. published its sixth annual sustainability report detailing the company’s performance on key environmental, social and governance (ESG) indicators during 2023 (San Jose, Oaxaca).

On the image below: Potassic feldspar alteration on rim of dark veinlet on intrusive rock in HQ core (6.3 cm across) from a project in the Sonoran Desert. Picture by Jorge Cirett.