Goldplay Outlines Five New Exploration Targets at the San Marcial Project in Mexico

goldplay outlines five new exploration targets at the san marcial project in mexico

VANCOUVERJan. 18, 2019 /PRNewswire/ – Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce that the exploratory program carried out in the December quarter of 2018 at the San Marcial Project, located in the Rosario Mining District, Sinaloa, Mexico, has expanded the Ag-Zn-Pb-Au mineralized trend beyond the historic NI 43-101 resource area (“historic resource”), with five new exploration targets identified.

SilverCrest Announces Additional High-Grade Results at Las Chispas, Including Record Drill Hole Intercept; 9.3 Metres (True Width) at 6,336 gpt AgEq

silvercrest_09012019_nr

VANCOUVER, BC – January 9, 2019 – SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce further Phase III in-fill drill results for the Las Chispas Property (the “Property”) located in Sonora, Mexico. The current drill program is designed to increase resources through expansion drilling and improve confidence in the resource with closely spaced in-fill drilling in the Babicanora Vein.

KOOTENAY REPORTS SAMPLING RESULTS AT HIGH-GRADE COLUMBA SILVER PROJECT, MEXICO

kootenay_nr-2018-01-07

Kootenay Silver Inc. (TSXV: KTN)(the “Company” or “Kootenay”) is pleased to announce that additional assay results from outcropping quartz veins continue to support the potential for the discovery of a high-grade silver deposit at the Company’s newly acquired Columba silver project (“Columba” or “Property”) located in Chihuahua State, Mexico.

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

Upper levels of an epithermal vein system

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

On the picture above, upper levels of an epithermal vein system in a prospect in Zacatecas, Mexico.  Photo by Miguel A Heredia.

 

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

Mesothermal quartz vein.

By Miguel A Heredia

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

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

  • No relevant news.

 ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

Radius Gold and Pan American Silver intercept significant gold/silver mineralization at Amalia Project, Mexico

Radius Gold_04122018

Vancouver, Canada: Radius Gold Inc. (TSX-V: RDU) is pleased to announce results from the Company’s initial drill program at the Amalia Gold-Silver Project in Chihuahua, Mexico.   Five drill holes tested the Campamento – San Pedro structural corridor, intercepting gold mineralization in all holes with the deepest hole cutting 26m at 7.08g/t Au and 517 g/t Ag.

Drilling completed at Mexus Gold US’s Santa Elena mine

Drilling completed at Mexus Gold US_s Santa Elena mine

CABORCA, Mexico, Dec. 03, 2018 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG)(“Mexus” or the “Company”) announced that the first stage of exploration drilling has finished at the Santa Elena Project with 736 meters of core in 9 holes.  The purpose of this initial drilling program is to study a major area of geologic interest where a high-grade gold quartz vein merges with a tectonic shear zone with gold/silver values.  In the area, the shear zone outcrops with 8 to 10 meters width with a low angle dip to the East and it is cut by a steeper 0.75 to 1.5 meter wide quartz vein which has previously assayed high grades of gold.  200 core samples were collected from drilling and are being sent to ALS-Chemex labs for assays.

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


Plagioclase lined epidote patches and veinlets in andesitic volcanic rocks in  Jalisco. Picture by Jorge Cirett.

By Jorge Cirett

During the 48th week of the year (November 26th to December 2nd, 2018), at least 16 press releases were announced by companies working in Mexico. Minaurum, Mexus Gold and Harvest Gold released news on exploration. Impact Silver and Santacruz Silver released third quarter results; America Silver increased production and Goldcorp is commissioning a new plant. Silver Spruce and SilverCrest announced news on financing. Endeavour Silver presented results from drilling. Americas Silver, Telson Mining, Candente Gold, Aura Silver and Firma Holding presented news on deals and corporate issues. ON MEXICO ISSUES, Andrés Manuel López Obrador was sworn as Mexico’s president for the next six years. ON EXPLORATION, In Sonora, Minaurum Gold released high grade gold results from surface sampling of a new vein at its Alamos property; Mexus Gold continues drilling at its Santa Elena project. In Chihuahua, Harvest Gold informed on drilling at its Cerro Cascaron project in Chihuahua. ON MINING, Impact Silver and Santacruz Silver presented quarterly reports. Americas Silver increased production rates at Cosalá, in Sinaloa, and Goldcorp produced first gold on its pyrites plant in Peñasquito, Zacatecas. ON FINANCING, Silver Spruce was granted an extension on its financing round. SilverCrest is securing a $30.6 M investment by SSR Mining. ON RESOURCES AND DEVELOPMENT, Endeavour Silver reported high-grade intersections from Bolañitos, in Zacatecas.  ON DEALS AND CORPORATE ISSUES, Americas Silver and Pershing Gold are to complete a business combination. Telson Mining announced the amending of a loan agreement with Nyrstar. Candente Gold and Sun River signed an agreement on El Oro tailings in Estado de Mexico. Aura Silver is to change name to Aura Resources Inc. Grace Point Mining owns now the Magistral project in Sinaloa.

ON MEXICO ISSUES

  • On December 1st 2018, Andrés Manuel López Obrador, a life-long left wing politician, took charge as Mexico’s president for the next six years (2018-2024).

ON EXPLORATION

  • Minaurum Gold Inc. released high grade gold assays from rock chip sampling on the Alessandra vein at its Alamos project in Sonora.The new vein is the first showing high grade gold in the project, measures more than 4 m in width, can be clearly traced for 1.1 km and topography suggest it might extend for another kilometer. Highlighted rock chip samples include: 0.4 m @ 17 ppb Au, <1 g/t Ag, 2.22% Cu, 0.98% Pb, 2.04% Zn; 1.0 m @ 9 ppb Au, 16 g/t Ag, 0.04% Pb, 0.06% Zn; 1.0 m @ 8 ppb Au, 6 g/t Ag, 1.55% Cu; 0.3 m @ 102,000 ppb Au (102 g/t Au), 29 g/t Ag, 1.94% Cu, 0.07% Pb, 0.25% Zn; 1.0 m @ 619 ppb Au, 4.63% Cu; 0.5 m @ 65 ppb Au, 4 g/t Ag, 2.97% Cu, 0.64% Pb, 4.90% Zn.
  • Mexus Gold US. continues drilling at its Santa Elena project in Sonora (not to be mistaken with First Majestic’s Santa Elena mine, also in Sonora), and is now on its 7th hole. “Drill holes proved the continuity at depth of the main quartz vein varying in width from 0.75 m up to 2.0 meters at 25 to 35 meters deep with a dip angle of 45 degrees to the East”. A shallow dipping shear-fault zone consisting of fault-gouge-mylonite with siderite, hematite and quartz fragments has also consistently being intercepted with 7 to 12 m widths. Holes onward from hole 5 are targeting deeper parts of the Julio vein.
  • Harvest Gold Corp. informed three holes at the Cascarita high grade prospect at its Cerro Cascaron project in Chihuahua have been completed, after delays by unexpected heavy rains at the start of the drilling campaign. The rig is being moved by helicopter to drill the Serpiente Dorada and San Pedro targets.

ON MINING

  • Impact Silver Corp. released third quarter 2018 results. Mill throughput was 42.23 K tonnes @ 165 g/t Ag, to produce 179.5 K Oz Ag. Revenues for the quarter were $3.1 M, EBITDA -$1.5 M, a net loss of $1.4 M, of which $0.4 M was amortization and depletion.The focus now is on development of areas of higher grade ore. Impact is currently raising a non-brokered financing, the fourth capital raise in company history (San Ramón, Estado de México).  
  • Americas Silver Corp. informed production was increased to over 1,700 tonnes per day (tpd) during October at its San Rafael mine in the Cosalá district in Sinaloa.
  • GoldCorp Inc. announced first gold has been achieved at its Peñasquito’s Pyrite Leach Project (PLP) in Zacatecas, Mexico. “Commissioning commenced in the third quarter of 2018 and the PLP is now processing 100% of the existing plant tailings. The PLP plant is operating 24 hours a day and is continuing the planned ramp-up process”. Commercial production is now expected by the end of 2018.
  • Santacruz Silver Mining Ltd. reported third quarter 2018 financial results. At Veta Grande in Zacatecas, and Rosario in San Luis Potosi, 58 K tonnes were processed to produce 249.4 K Oz Ag at cash cost $27.40 and AISC of $31.07 per AgEq Oz. Santacruz recorded a net loss of $2.9 M during the period and a negative EBITDA of $2.74 M.  

ON FINANCING

  • Silver Spruce Resources Inc. was granted an extension by the TSX Venture Exchange to complete the previously announced non-brokered private placement to raise up to $1.5 M (Pino de Plata, Chihuahua).
  • SilverCrest Metals Inc. announced SSR Mining Inc. has agreed to invest $30.66 M (C$40 M) in a non-brokered private placement financing. As long as SSR hold more than 5% of SilverCrest outstanding shares,it is entitled to acquire up to a maximum of 9.9% of the shares, participation rights to maintain pro rata share ownership interest, a right of first refusal on any proposed royalty, stream of off take agreement and certain information rights to Las Chispas technical and scientific data.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. reported high-grade intersections from the drilling program at the Bolañitos mine in Guanajuato. “A total of 55 drill holes from surface and 11,000 metres were completed by the end of October on seven different vein targets, all of which are located within four kilometres of the Bolanitos plant”. Some true width (TW)  highlighted intervals: 8.0 m @ 2.68 g/t Au, 6 g/t Ag; 1.2 m @ 13.17 g/t Au, 138 g/t Ag; 2.2 m @ 2.19 g/t Au, 53 g/t Ag; 2.2 m@ 2.05 g/t Au, 121 g/t Ag; 1.5 m @ 3.74 g/t Au, 49 g/t Ag; 1.3 m @ 2.92 g/t Au, 51 g/t Ag; 1.9 m @ 2.62 g/t Au, 18 g/t Ag; 1.5 m @ 8.66 g/t Au, 89 g/t Ag; 1.1 m @ 2.25 g/t Au, 1,415 g/t Ag; 1.6 m @ 6.79 g/t Au, 420 g/t Ag; 1.9 m @ 3.42 g/t Au, 102 g/t Ag; 1.4 m @ 2.38 g/t Au, 635 g/t Ag.

ON DEALS AND CORPORATE ISSUES

  • Americas Silver Corp. entered last September into a definitive agreement to complete a business combination with Pershing Gold, which owns the Relief Canyon project in Nevada. Relief Canyon is expected to produce 75-90 K Oz Au annually for at least seven years of mine life. Both Americas Silver and Pershing Gold shareholders have to vote on the transaction prior to a meeting on January (Cosalá, Sinaloa).
  • Telson Mining Corp. reached an agreement with Nyrstar Holdings Ltd. to amend the terms of its loan agreement. Among the main terms, Telson paid US$500 K plus interest and agreed to pay monthly installments of US$500 K plus interest until October 2019, at 10% per annum. Along with these payments, Telson will also pay 70% of any monthly cash flow, plus any monthly excess cash balance above US$500 K plus 50% of the monthly free cash flow generated by Telson’s Tahehueto project, once it declares commercial production (Campo Morado,Guerrero).
  • Candente Gold Corp. signed a definitive agreement with Sun River Gold Corp. in which Sun River has the option to further test and, if proven economic, develop and operate the Candente’s tailings project in El Oro, Estado de México. Besides an already made payment of US$170 K, Sun River has to make staged payments to complete US$300 K within 15 months from the signing on November 2017 and grant Candente a 10% of net profits life of mine royalty. The tailings contain an inferred resource of 1.27 K tonnes containing 119.9 K Oz Au, 3 M Oz Ag (El Oro, Estado de México).
  • Aura Silver Resources. Announced its shareholders approved the name change to Aura Resources Inc., and a five to one consolidation of the shares, on a meeting held on November 15th, 2018 (Taviche, Oaxaca).
  • Firma Holdings Corp. announced “that its subsidiary GracePoint Mining Corp. and MX Gold Corp., signed a confidential mutual release”. As a result, MX Gold no longer has any rights,ownership interests, liabilities, or obligations associated with the Magistral Project, and GracePoint Mining Corp. owns 100% of the Magistral project in Sinaloa.  

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

On the image above, plagioclase lined epidote patches and veinlets in andesitic volcanic rocks in  Jalisco. Picture by Jorge Cirett.

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

Advanced argillic alteration

By Miguel A Heredia

During the 47th week of the year (November 19th to November 25th, 2018), at least 14 press releases were announced by companies working in Mexico, with five informing on exploration results, three reporting on advances on their properties, three disclosing deals and corporate issues, two announcing financing issues, and one related to a law proposal to force miners to seek permission from the communities. ON MEXICO ISSUES, a law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. ON EXPLORATION, In Sonora, Aloro Mining mobilized a RC drill rig to its Los Venados project, Mexus Gold commenced a drilling program on its Santa Elena project, and Millrock announced a new drilling program at its La Navidad project. Millrock also reported results from its El Picacho project.  In Coahuila, Silver Bull completed a VTEM and Magnetic geophysical survey on its Sierra Mojada project. In Veracruz, Azucar Minerals reported drilling results from its El Cobre project.  ON MINING, no relevant news. ON FINANCING, Goldplay announced a private placement intended to raise up to CAD$ 1.5M. Mexican Gold closed the first tranche of a non-brokered private placement for $2.06M. ON RESOURCES AND DEVELOPMENT, Minera Alamos received a positive notification from SEMARNAT for the development of its la Fortuna project in Durango.  SilverCrest filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. Torex reported in-fill and step-out drilling results from its El Limón-Guajes mine complex in Guerrero.  ON DEALS AND CORPORATE ISSUES, Consolidated Zinc held its 2018 annual general meeting (Plomosas mine, Chihuahua), Avino announced management changes (Avino mine, Durango), and Kootenay entered in an option agreement to acquire a 100% of interest of the Columba property in Chihuahua.

ON MEXICO ISSUES

  • Communities’ consultation. A law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. Proposed initiatives include empowering the Ministry of Economy to declare certain zones as not viable for mining, and revoke permits and existing concessions that had a negative social impact. They also contemplate charging Mexican agencies with overseeing the social and environmental impact of mining activities. The news caused the Grupo Mexico and Peñoles stocks to tumble 5.4% and 4.7% respectively on the Mexican Stock Exchange.

ON EXPLORATION

  • Aloro Mining Corp., mobilized a RC drill rig to its Los Venados project in Sonora while a bulldozer continues the construction of drill pads and access roads to other drill sites. This is the first time that the southern portion of the property is going to be drill-tested.
  • Mexus Gold US, commenced a drilling program on the Julio II zone within its Santa Elena project in Sonora.
  • Millrock Resources Inc., announced that a new drilling program is underway at its La Navidad project in Sonora, where the company has a JV option with Centerra Gold Inc. Seven holes totaling 1,500m were planned to test the northwest portion of the property, being 4 holes at the El Tigre prospect where Au has been detected by soil sampling in the vicinity of historic mine workings, and 3 holes at the El Chupadero prospect where decalcification and jasperoid replacement suggests the presence of intrusion-related gold mineralization. Millrock also reported that a 2,007.80m drilling program was completed at its El Picacho project in Sonora. Unfortunately, only narrow Au-bearing intersections were encountered. Highlights include 1m of 0.72 g/t Au in Hole P18-004D, 1m of 2 g/t Au in Hole P18-007D, and 0.5m of 5.7 g/t Au in Hole P18-008D.
  • Silver Bull Resources Inc., completed a 5,297line km helicopter-borne VTEM and Magnetic geophysical survey on its Sierra Mojada project in Coahuila. The airborne survey covered 4 main regional prospects including the main deposit at its Sierra Mojada property. It targeted over 50 km of the regional San Marcos Fault, due to this structure is considered to be the main control of the mineralization in the district. This survey is part of a work program conducted under a JV option with its partner South 32 Limited.
  • Azucar Minerals Ltd., announced results from its ongoing drilling program at the El Cobre project in Veracruz. Highlights from drilling at the Villa Rica target are 161.20m of 0.23 g/t Au and 0.15% Cu in Hole EC-18-052, including 18m of 0.51 g/t Au and 0.43% Cu, and another interval of 10m of 0.60 g/t Au and 0.48% Cu, and 116.30m of 0.21 g/t Au and 0.16% Cu in Hole EC-18-054, including 12.40m of 0.85 g/t Au and 0.39% Cu.

ON MINING

  • No relevant news.

ON FINANCING

  • Goldplay Exploration Ltd., announced a private placement intended to raise up to CAD$ 1.5M
  • Mexican Gold Corp., closed the first tranche of a non-brokered private placement for $2.06M. Net proceeds will be used to continue exploration on the Company’s Las Minas project located in the State of Veracruz, Mexico, to make the final property payment, and for general working capital purposes.

 ON RESOURCES AND DEVELOPMENT

  • Minera Alamos Inc., received a positive notification from SEMARNAT regarding the Company´s permit applications (MIA / ETJ) for the development of its la Fortuna project in Durango. It allows Minera Alamos to initiate applications for other permits required in advance of any commercial mine production.
  • SilverCrest Metals Inc., filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. There are no material differences in the mineral resources disclosed in the press release dated September 19, 2018.
  • Torex Gold Resources Inc., reported in-fill and step-out drilling results in the Sub-Sill Zone of its El Limón-Guajes mine complex in Guerrero. Highlights from the drilling program include 8.1m of 30.2 g/t Au, 38 g/t Ag, and 4.3% Cu in Hole SST-101, 3.6m of 48.9 g/t Au, 6 g/t Ag, and 0.1% Cu in Hole SST-118, and 4.6m of 34.4 g/t Au, 13 g/t Ag, and 0.9% Cu in Hole SSUG-059. The deposit remains open in several directions.

ON DEALS AND CORPORATE ISSUES

  • Consolidated Zinc Limited, held its 2018 annual general meeting and advised that the company increased 32% of the mineral resources and filed a bankable FS assessing the viability of its Plomosas mine in Chihuahua.
  • Avino Silver & Gold Mines Ltd., announced the retirement of its CFO and commenced a selection process to find a replacement. (Avino mine, Durango).
  • Kootenay Silver Inc., entered in an option agreement to acquire a 100% ownership of the Columba property in Chihuahua. This property covers a large high-grade silver epithermal system with several veins varying from 0.5 to up to 6.0m in width which have been mapped for over 200m up to 2Km in length. Sampling has returned grades of up to 692 g/t Ag. Kootenay can acquire a 100% of the property by making staged payments over a 4-year period totaling US$ 3.29 M with an initial payment of US$ 15K, first and second years payments totaling US$ 75K and US$ 150K respectively. The Agreement includes a work commitment of US$ 250K by the first anniversary and US$ 750K by the second anniversary of the Agreement. Upon earn-in the vendors retain a 2% NSR of which 1% can be purchased by the Company for US$ 750K.

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, advanced argillic alteration in a skarn-epithermal mineralized system in Durango, Mexico.  Photo by Miguel A Heredia.

 

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

IMG_5042 - copia

By Jorge Cirett

During the 46th week of the year (November 12th to November 18th, 2018), at least 22 press releases were announced by companies working in Mexico. Radius, Prize Mining, Silver Viper, Riverside and Golden Minerals released advances in exploration. Sierra Metals, Mag Silver, Leagold and Starcore released quarterly reports. Telson released news on metallurgy. No financing was reported this week. Odyssey and Minera Alamos reported on advances at its properties, while Leagold presented an updated resource base. Pan American Silver and Tahoe agreed on Tahoe’s acquisition by PAS. Golden Minerals acquired a property. ON MEXICO ISSUES, CAMIMEX released figures on copper production in Mexico. ON EXPLORATION, In Sonora, Silver Viper released interesting results from the Virginia project in Sonora. Riverside informed on four new targets at its Cecilia project. In Chihuahua, Golden Minerals released rock sampling results from its Navegantes project. Radius finished drilling at the Amalia project, results pending. In Coahuila, Prize Mining released drill results from the Manto Negro project. ON MINING, Sierra Metals, Mag Silver, Leagold Mining and Starcore presented quarterly reports. Telson is investing on metallurgical studies at its Campo Morado mine in Guerrero. ON FINANCING, No relevant news. ON RESOURCES AND DEVELOPMENT, Odyssey Marine Exploration updated on the Don Diego project offshore Baja California Sur. Minera Alamos presented mapping and sampling results on the Divisadero zone of its Santana project in Sonora. Leagold announced a significant increase in open pit reserves at its Los Filos mine in Guerrero.  ON DEALS AND CORPORATE ISSUES, Goldplay lost its director, Laura Diaz, as she has been appointed as General Director of Mines in Mexico. Pan American Silver entered into an agreement to acquire Tahoe Resources. Golden Minerals optioned the Navegantes property in Chihuahua.

ON MEXICO ISSUES

  • According to CAMIMEX (in a note from opportimes) copper production in Mexico has been stable. During 2017 the world´s copper production was 19.7 M tonnes, a 2% decrease from 2016. Mexico produced 742 K tonnes of copper in 2017, against 766 K tonnes produced in 2016, a 3.1% decrement. Sonora produces over 84% of the country’s total, with Zacatecas and San Luis Potosi following suit. Coming additions to production include El Boleo in Baja California Sur, which is to double its production to 28.5 tonnes; Media Luna in Guerrero is to add 21 K tonnes in 2022 and El Pilar project in Sonora could add 36 K tonnes in 2020.

ON EXPLORATION

  • Radius Gold Inc. completed drilling at its Amalia project in Chihuahua. Nine holes, for a total of 1,909 m were diamond drilled in a program funded by Pan American Silver under a JV. The Campamento, Guadalupe, San Pedro and Dulces Nombres targets were tested across a strike length of 1.8 Km “following the trace of a large regional fault and associated surficial epithermal gold and silver mineralization”. Results pending.
  • Prize Mining Corp. released results from the first four holes at the Manto Negro stratiform copper project in Coahuila. Core length drill intersections comprise 4.40 m @ 1.02% Cu, 28 g/t Ag; 3.55 m @ 1.69% Cu, 28 g/t Ag at El Granizo; 4.10 m @ 0.88% Cu, 49 g/t Ag; 3.40 m @ 1.58% Cu, 122 g/t Ag at El Pilar Grande. At El Rincon, 1.6 Km north from El Pilar Grande, rock channel sampling averaged 3.41 m @ 2.13% Cu, 63 g/t Ag.
  • Silver Viper Minerals Corp. released the first batch of analyses from its initial drilling program at La Virginia project, in Sonora. Results have been received for five of the eight holes from which samples were submitted, with relevant intervals comprising: 9.70 m @ 1.20 g/t Au, 58 g/t Ag (2.03 g/t AuEq), including 2.72 m @ 3.34 g/t Au, 133 g/t Ag (5.24 g/t AuEq); 12.6 m @ 1.04 g/t Au, 79 g/t Ag (2.17 g/t AuEq), including 3.85 m @ 1.88 g/t Au, 152 g/t Ag (4.05 g/t AuEq); 0.7 m @ 2.25 g/t Au, 49 g/t Ag (2.95 g/t AuEq); 8.50 m @ 1.26 g/t Au, 55 g/t Ag (2.05 g/t AuEq) including 1.89 m @ 2.43 g/t Au, 81 g/t Ag (3.58 g/t AuEq); 0.94 m @ 0.96 g/t Au, 49 g/t Ag (1.66 g/t AuEq). The reported holes were collared on Las Huatas zone, with the first two testing parallel veins to the main trend, whereas the last three tested the previously identified main trend, generally intercepting mineralization at expected depths, widths and grades. “The intercepts are characteristic of previous hits on the project, where gold and silver bearing quartz veining/stockwork/breccia fill is often hosted in close proximity to the fractured contact between andesites of the lower volcanic succession and pre-mineral dacite dykes. Mineralization is hosted by both lithologies with the intervals often exhibiting strong silica overprint”.
  • Riverside Resources Inc. informed rock sampling and mapping defined four new targets at its Cecilia project in Sonora. The recent work was conducted on a 50 square km area, checking on previous soil sampling results. The Casa de Piedra, Los Llanos, Cruz and Cruz II targets were outlined, forming structural corridors up to 2 km long of quartz veins (locally banded, locally bearing calcite), anastomosing quartz veins, veins and quartz stockworks that can be up to 30 m in width and locally up 100 m in width. Alteration assemblages in these zones include sericite, silica, kaolinite and buddingtonite. All these areas display anomalous gold values, of up to 2.6 g/t Au.
  • Golden Minerals Co. released rock sampling results from its recently optioned Navegantes project in Chihuahua. Navegantes covers two vein systems, Navegantes and San Pedro‐San Francisco) as well as a number of smaller subsidiary veins, with mineralization occurring as iron oxides within quartz veins ranging up to 2 m in width and 800 m in length. Highlighted samples comprise 1.0 m @ 1,585 g/t Ag; 1.45 m @ 759 g/t Ag; 1.1 m @ 639 g/t Au; 2.1 m @ 472 g/t Ag.

ON MINING

  • Sierra Metals Inc. presented its third quarter 2018 financial report. The company, that has two mines in Mexico and one in Peru, saw its EBITDA reduced 3% in a yearly basis to $18.8 M, due to the decrease in metal prices. At the end of the period, Sierra’s net debt was $30.7 M, and its cash and cash equivalents $30.7 M. At Bolivar in Chihuahua, quarter on quarter production was affected by heavy rains, but year on year production was still increased, with the goal of achieving 3,600 tonnes per day (tpd) in Q1 2019. At Cusi, in Chihuahua, the mill continues to run at the 650 tpd capacity. The additional mill being installed will increase capacity to 1,200 tpd early in 2019. Cash cost per CuEq Lb was $1.68 and AISC $2.35 per CuEq Lb at Bolivar, while at Cusi cash cost was $14.11 per AgEq Oz and AISC $19.08 per AgEq Oz. Surface drilling at Bolivar was 8,332 m, while 2,176 m were drilled from the underground mine. At Cusi, 6,569 m were drilled from the surface.
  • Mag Silver Corp. released its Q3 2018 financial results. At Juanicipio, in Zacatecas, over 16 km of underground development have been achieved, 32% of which was realized on the last nine months. Mag advanced $8.47 M to Minera Juanicipio to fund its 44% share of ongoing development. Fresnillo has reiterated production is to start by mid-2020. Exploration during the quarter completed 48 holes, for 46,060 m of drilling focused to convert inferred resources to indicated, and to trace the Deep Zone laterally and to depth. The company ended the period with cash and cash equivalents of $141.8 M.
  • Leagold Mining Corp. reported 2018 third quarter operating and financial results. At Los Filos in Guerrero, production totaled 42,617 Oz at AISC of $1,060 per AuOz by mining 7.4 M tonnes from the open pit at a grade of 0.65 g/t Au, and 172 K tonnes @ 6.26 g/t Au.
  • Starcore International Mines Ltd. reported production results for its second quarter of fiscal 2019 at its San Martin mine in Queretaro. During the quarter (ended October 31st), 81.4 K tonnes were milled @ 1.4 g/t Au, 43.5 g/t Ag, recovering 86.9% Au, 58.7% Ag, to produce 4,050 AuEq Oz. The Altiplano processing facility was put on maintenance and the sale of the asset is being considered.
  • Telson Mining Corp. announced its intention to retain Glencore Technology to test its patented metallurgical approach to increase zinc recoveries and zinc concentrate grade at its Campo Morado mine in Guerrero.

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

  • Odyssey Marine Exploration Inc. commented on its Q3 2018 report that a plea has been presented at the Tribunal Federal de Justicia Administrativa to oblige SEMERANAT (the Mexican environmental agency) to produce the requested environmental permit on the Don Diego offshore phosphate project in Baja California Sur.
  • Minera Alamos Inc. reported that mapping and surface sampling on the new Divisadero porphyry discovery at its Santana project, in Sonora. The work delineated a 200 x 300 m surface expression (still open) of the 95.7 m @ 0.85 g/t Au, 9.8 g/t Ag, 0.33% Cu drill intercept of porphyry style mineralization of a previous press release. Over 50% of 66 rock samples collected assayed between 0.1 and 2.2 g/t Au, with mineralization appearing to remain open under thin soil cover to the north and south. The Divisadero zone is 200 m north of the Nicho Norte breccia pipe.
  • Leagold Mining Corp. announced a significant increase in open pit mineral reserves at its Los Filos mine in Guerrero. Proven and probable reserves grew 122% compared with the 351 K Oz Au of December 2017, to reach 780 K Oz Au, contained in 40.5 M tonnes @ 0.60 g/t Au.

ON DEALS AND CORPORATE ISSUES

  • Goldplay Exploration Ltd. congratulated “its director, Ms. Laura Cristina Diaz Nieves, on her appointment as the next General Director of Mines in Mexico. As a result of this appointment, Ms. Diaz Nieves is required to relinquish her position as director of the Company at the end of this month” (San Marcial, Sinaloa).
  • Pan American Silver Corp. and Tahoe Resources Inc. entered into a definitive agreement for Pan American to acquire all of the outstanding shares of Tahoe, creating the world’s premier silver mining company. “Tahoe shareholders may elect to receive US$3.40 in cash or 0.2403 Pan American shares for each Tahoe share, subject in each case to pro-ration based on a maximum cash consideration of US$275 million and a maximum number of Pan American shares issued of 56.0 million, totaling US$1,067 million (the “Base Purchase Price”). The Base Purchase Price represents a premium of 34.9% to Tahoe’s volume weighted average price (“VWAP”) for the 20-day period ending on November 13, 2018……. At closing, existing Pan American and Tahoe shareholders will own approximately 73% and 27% of Pan American, respectively” (La Colorada, Zacatecas; El Escobal, Guatemala).
  • Golden Minerals Co. announced the acquisition of the 521 hectares, covered by six concessions, Navegantes property in Chihuahua. Golden holds an option to purchase six concessions totaling 521 hectares by paying $0.4M over three years.

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

On the image above, magnetic biotite book from a porphyritic intrusive rock, attached to a field magnet in Jalisco. Picture by Jorge Cirett.