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

By Miguel A Heredia

During the 27th week of the year (July 2nd to July 8th, 2018), at least 16 press releases were announced by companies working in Mexico, with five informing on exploration results, four communicating deals and corporate issues, four  announcing financing rounds, and two reporting on resources and development.  ON MEXICO ISSUES, Andres Manuel Lopez Obrador won the election for President with 53.5% of the vote.  ON EXPLORATION, In Baja California, One World Lithium announced exploration results from its Salar del Diablo project. In Sinaloa, Goldplay provided an exploration program update of their El Rosario, San Marcial, and El Habal properties. In Chihuahua, Sable resources reported exploration results from its Margarita project and Silver Spruce filed a drill permit for its Pino de Plata project. In Zacatecas-Durango, Canasil reported drilling results from its La Esperanza project. ON MINING, no relevant information. ON FINANCING, Alio Gold reported the restructuration of its existing debt. Bacanora Lithium announced a US$ 150M debt funding and Prize Mining a private placement for $ 4M.  Maverix acquired a royalty portfolio from Newmont. ON RESOURCES AND DEVELOPMENT, Azure released initial mineral resource estimate for its Oposura project in Sonora. Sierra Metals filed a NI 43-101 Technical Report on its Bolivar mine in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Mexus and MarMar holdings announced the termination of its JV agreement. Aztec Mining announced results of its annual general meeting. Golden Reign and Marlin Gold entered into further mutual extension to combine business.

ON MEXICO ISSUES

  • Andres Manuel Lopez Obrador was elected President of Mexico with 53.5% of the vote.

ON EXPLORATION

  • One World Lithium Inc., reported geochemical results from its Salar del Diablo project in Baja California. The average lithium value was calculated as 83.65 ppm with the median being 75.75 ppm. Sodium values as high as 3% and potassium as high as 1.9% confirm the distribution of anomalous lithium values. The company is expecting in this month a geophysical report that along with the geochemical results will be used to plan 4,000m of drilling to test coincidental targets.
  • Goldplay Exploration Ltd., provided an update of its exploration program at their El Habal and San Marcial properties in Sinaloa. At the target A, within El Habal property, the company identified a highly anomalous gold mineralized zone covering a 1 square km area that remains open along strike and down dip. Based on the geological mapping, underground and trenching sampling and a CSMAT / Mag surveys, Goldplay initiated a 2-phase diamond drilling program at Zone A.  The phase 1 drilling program includes 2,000m of drilling and is expected to be completed by mid-July. Once all the results are received and interpreted, the company will initiate the second phase. At San Marcial, the company completed a detail LIDAR topography survey on the property. It also is reviewing 52 drill holes and is currently sampling and re-sampling the core. Additionally, Goldplay received approval from the Ejido to commence a surface exploration program and is planning to initiate a drilling program in new target areas.
  • Sable Resources Ltd., identified two new epithermal veins at its Margarita project in Chihuahua. The Juliana vein crops out for over 650m along strike and seems to merge with the Margarita structure. Previous sampling on this structure returned 405 g/t Ag. The Marie vein crops out for over 650m along strike of which 400m are within Sable´s mining concession
  • Silver Spruce Resources inc., filed the Informe Preventivo at SEMARNAT to obtain the permits for up to 30 drill sites for its Pino de Plata project in Chihuahua.
  • Canasil Resources Inc., announced drilling results from its La Esperanza project in Zacatecas-Durango. A drill hole to intercept La Esperanza vein has been completed to a downhole depth of 347m, returning a vein intercept over a core length of 14m (12.15m true width) displaying banded quartz textures with disseminated sulphides. Assays results are pending.

ON MINING

No relevant news.

ON FINANCING

  •  Alio Gold Inc., reported that it has restructured its existing debt, which was scheduled to be repaid in December 2018. Its debt of $ 15M will be repaid in twelve quarterly payments of $ 1.25M with accrued interests, ending in June 2021 (San Francisco mine, Sonora).
  • Bacanora Lithium plc., announced a US$ 150M debt funding secured for the development of its Sonora lithium project.
  • Prize Mining Corp., announced a private placement for $ 4M. Net proceeds will be used on its manto Negro project in Coahuila.
  • Maverix Metals Inc., completed the acquisition of 50 royalties from Newmont. To complete the transaction, Maverix issued  to  Newmont 60M of common shares, 10M of common shares warrants and made a cash payment of $US 17M (La Colorada mine, Zacatecas).

 

ON RESOURCES AND DEVELOPMENT

  • Azure Minerals Limited, released the initial mineral resource estimate as at June 2018 for its Oposura project in Sonora. Total indicated mineral resources are 2.1M tonnes of 17.2 g/t Ag, 2.9% Pb and 5.3% Zn for a total of 1.2M Oz Ag, 135.7 M Lb Pb and 247.5M Lb Zn. Total inferred mineral resources are 0.8M tonnes of 16.5 g/t Ag, 2.5% Pb, and 4.3% Zn for a total of 0.4M Oz Ag, 47.3M Lb Pb, and 80.6M Lb Zn. The company also announced that mineral resource remains open for extensions with further drilling planned for 2018. A PEA is in progress, including an open pit and underground stope design studies, and is expected to complete it by September 2018.
  • Sierra Metals Inc., filed a NI 43-101 Technical Report on resources and reserves for its Bolivar mine in Chihuahua. Total probable reserves are 7.9M tonnes of 0.25 g/t Au, 19 g/t Ag, and 0.86% Cu. Total indicated resources are 13.3 M tonnes of 0.29 g/t Au, 22 g/t Ag, and 1.04% Cu, while total inferred resources are 8M tonnes of 0.42 g/t Au, 22 g/ Ag and 0.96% Cu.

ON DEALS AND CORPORATE ISSUES

  • Mexus Gold US and MarMar Holdings S.A. de C.V., announced the termination of its JV agreement. It has been certified by both Sonora and Coahuila´s attesting officials (Santa Elena mine, Caborca, 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, potassic alteration in a porphyry copper system in Jalisco, Mexico. Photo by Miguel A Heredia.

 

Silver Spruce Resources Submits Definitive Drill Plan Declaration to Mexican Government for Pino de Plata Project

Silver Spruce Resources Inc. – News – S..

July 5, 2017 – Bridgewater, NS – (TSXV:SSE) (Frankfurt–S6Q) — Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is pleased to announce that it has filed the Informe Preventivo which is required in the permitting process for initiating the drill program at its Pino de Plata silver project. The 397-hectare (Ha) project is located in the Sierra Madre Occidental of Western Chihuahua State, Mexico, (see location map http://www.silverspruceresources.com/s/Pino-de-Plata.asp) approximately 15 kilometres west from Coeur Mining’s Palmarejo silver project and approximately 12 kilometres due south of the town of Chinipas, Chihuahua State, Mexico.

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

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By Jorge Cirett

During the 26th week of the year (June 25th to July 1st, 2018), at least 20 press releases were announced by companies working in Mexico. Five companies updated on exploration advances. Three companies announced financing exercises that could accrue over US$14 M, and one company proceeded with a 10:1 consolidation. ON MEXICO ISSUES, Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. ON EXPLORATION, In Sonora, Aztec Minerals reported drilling results from the Cervantes property; Kootenay described its La Mina property and Aloro Mining obtained the drilling permit for the Los Venados project. ON MINING Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. Frisco and Goldcorp are to jointly explore the Mazapil valley in Zacatecas. ON FINANCING, Silver Bull, Prize Mining and One World Lithium announced private placements for up to $3 M, $10.75 M and CND$2 M respectively. ON RESOURCES AND DEVELOPMENT, Endeavour Silver released results from infill drilling at Terroneras, Jalisco. Sierra Metals informed of a stockwork zone on the Santa Rosa de Lima structure of its Cusi mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Geologix finalized its name change to ValOro. Defiance Silver acquired a land package from Mag Silver in Zacatecas. Aloro Mining received title to land contiguous to its Venados project in Sonora. Arian Silver presented its financial report for 2017. Kootenay Silver optioned La Mina property in Sonora to Capstone Mining.

ON MEXICO ISSUES

  • No Relevant News..

ON EXPLORATION

  • Kootenay Silver Inc. reported drilling results by partner Aztec Minerals Corp. on its Cervantes project in Sonora. The final six core holes of 17 on the phase 1 campaign encountered porphyry-type gold-copper mineralization. Highlighted intervals comprise 16.0 m @ 0.25 g/t Au, 0.12% Cu; 100.5 m @ 0.22 g/t Au, 0.12% Cu; 98.5 m @ 0.41 g/t Au, 0.13% Cu (including 33 m @ 0.60 g/t Au, 0.02% Cu); 85.2 m @ 0.48 g/t Au; 0.07% Cu; 90.5 m @ 0.29 g/t Au, 0.06% Cu (including 34.5 m @ 0.55 g/t Au); 116 m @ 0.35 g/t Au, 0.06% Cu (including 62 m @ 0.5 g/t Au). The drilling extended the strike length to more than 800 m at the California and Jasper prospect areas.
  • Kootenay Silver Inc. optioned the La Mina property in Sonora to Capstone Mining Corp. (see below). The property covers “the upper levels of a zoned copper porphyry mineral system exposed over a 2 by 2 Kilometer area”, containing a large leached argillized pyritic zone where surface grab and chip samples averaged about 300 ppm Cu. Another area in the property displays a 100 x 700 m exotica copper zone where sampling averaged 0.49% Cu on 40 rock chip samples.
  • Aloro Mining Corp. informed the permit for road construction and drilling at its Los Venados property in Sonora has been granted by SEMARNAT (Environmental bureau). The permit allows for drilling 12 reverse circulation (RC) holes and the construction of 3,693 m of access roads.
  • Minera Frisco and Goldcorp Inc. entered into an agreement for exploration and mining in the Mazapil valley, Zacatecas. The information was presented by Frisco to the Bolsa Mexicana de Valores (BMV).
  • One World Lithium Inc. conducted a geophysical survey at its Salar del Diablo project in Baja California. The Volterra TEM in-loop sounding survey was carried on the northern third of the Salar del Diablo. The survey totaled 79.7 line kilometers on seven lines nine to twelve Km long and spaced two Km apart, covering 150 square Km. A six square Km part of the salar is highly conductive and with a calculated thickness in excess of 100 m. A probably thinner and less conductive part of the salar covers 24 square Km and is open ended. The company intends to launch a 15 hole 4,000 m drilling campaign in three months time.

ON MINING

  • Argonaut Gold Inc. announced that the Collegiate Tribunal (an arm of the State Supreme court that is tasked with overseeing the Judiciary court) unanimously ruled to lift the suspension of the explosives permit at its La Colorada mine in Sonora. “The ruling directs that the Secretary of National Defense (“SEDENA”) reinstate the explosives permit”. “With this successful appeal, the Company will now have the ability to continue full operations during the balance of the Judiciary legal process”. Ramp up of full operations is expected to be re-established by mid-July.

ON FINANCING

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Silver Bull Resources Inc. intends to complete a private placement aiming for gross proceeds of US$3 M (Sierra Mojada, Coahuila).
  • Prize Mining Corp. is to make a private placement aiming to raise up to $4 M in gross proceeds. The company is to pay 7.0% of the gross proceeds as cash commission, and a cash work fee of $40 K to the agent. The maximum aggregate gross proceeds of the offering and the non-brokered private placement is $10.75 M. (Manto Negro, Coahuila).
  • One World Lithium Inc. announced that the previous non-brokered private placement announced on May 25, 2018 will be replaced with a non-brokered private placement aiming to raise gross proceeds of up to CND$2 M.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. released results from infill drilling at its Terroneras property in Jalisco. Highlighted true width (TW) intervals from these nine holes comprise: 2.8 m @ 2.0 g/t Au, 54 g/t Ag; 1.3 m @ 1.3 g/t Au, 467 g/t Ag; 2.3 m @ 4.8 g/t Au, 222 g/t Ag; 21.2 m @ 3.2 g/t Au, 618 g/t Ag; 6.0 m @ 2.6 g/t Au, 507 g/t Ag; 1.5 m @ 7.1 g/t Au, 181 g/t Ag; 1.6 m @ 4.2 g/t Au, 120 g/t Ag; 4.4 m @ 4.7 g/t Au, 121 g/t Ag; 4.6 m @ 4.3 g/t Au, 146 g/t Ag; 5.7 m @ 1.3 g/t Au, 164 g/t Au. “The infill drill program is now 60% complete, with 5,990 m drilled out of 10,000 m planned”.
  • Sierra Metals Inc. confirmed the existence of a wide high-grade silver stockwork within the Santa Rosa de Lima vein complex, at its Cusi property in Chihuahua. The stockwork zone measures 100 m in length, 40 m in width and 70 m in height, and is open at depth and width. Mine development so far has resulted in 4,437 tonnes @ 205 g/t Au, 0.07 g/t Au, 0.12% Pb, 0.15% Zn.

ON DEALS AND CORPORATE ISSUES

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Defiance Gold Corp. completed the acquisition of Mag Silver’s Corp.’s Zacatecas silver district holdings, including its regional exploration database. Defiance is to pay 5 M shares to Mag for as consideration for the sale. The Lagartos project consists of 14 concessions covering 800 hectares (San Acacio, Zacatecas).
  • Aloro Mining Corp. received the title from a 1,675 has concession contiguous to its 1,524 has Los Venados project in Sonora. The claim was staked on July 2017 (Los Venados, Sonora).
  • Arian Silver Corp. presented financial results for 2017. The company owns 12 mining concessions covering 1,500 hectares, some of which encompass the Los Campos, San Celso, Los Africanos and Calicanto projects in Zacatecas. At the end of the period the company had 0.9 M in cash and cash equivalents.
  • Kootenay Silver Inc. entered into an option agreement with Capstone Mining Corp. on La Mina project in Sonora. Capstone can earn-in an initial 60% by making staged payments of US$600 K and spending US$4 M on exploration over 4 years. “Capstone may earn up to a 100% interest in La Mina in stages by completing certain milestones including preparation of a preliminary economic assessment, a pre feasibility study and paying an additional aggregate total of US$8.4 million to Kootenay in stages at each of the various milestones”. The property is subject to an underlying information agreement with a 2.5% royalty, of which up to 2.0% can be bought. “If Capstone Mining earns 100% interest, Kootenay will retain a 1% net smelter return with no buy out option of which 0.5% will be held by the third party after giving effect to the Buydown”.
  • Minera Frisco and Goldcorp Inc. entered into an exploration/mining agreement on the Mazapil Valley. No further details were released.

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, intensely silicified tuff, interpreted as alteration at the paleo water table of an epithermal low sulfidation system in Guanajuato. Picture by Jorge Cirett.

Drilling Has Commenced on Margarita Project- Sable Resources Ltd.

Sable Resources Ltd__090518

TORONTO, May 9, 2018 /CNW/ – Sable Resources Ltd (“Sable”) (TSXV: SAE) is pleased to announce that drilling has begun on the Margarita Project after the Company received permits from the government of Mexico and access agreements from the surface rights holder. The initial program consists of over 4,000 m of core drilling to test the 1.7 km of silver bearing epithermal quartz veins. This Phase 1 drill program will be expanded should positive results warrant additional drilling.

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

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By Jorge Cirett

During the 18th week of the year (April 30th to May 6th, 2018), at least 21 press releases were announced by companies working in Mexico, with news on the exploration of eight properties, eight more companies releasing Q1 2018 results, and Primero Mining extending its revolving credit facility. ON MEXICO ISSUES, production statistics for the mining sector on February 2018 were published. ON EXPLORATION, In Sonora, Azure updated on exploration efforts at its Oposura, Alacrán and Sara Alicia projects; Alamos Gold presented exploration plans on the Mulatos district; San Marco Resources obtained the Suanse property by lottery. In Coahuila, Discovery Metals disclosed underground channel sample results from its Puerto Rico property; Silver Bull acquired a 60 ha claim within its large land package in Sierra Mojada. In Veracruz, Mexican Gold released channel sampling results from the Changaro zone at its Las Minas project. ON MINING, Argonaut Gold, Santacruz Silver, Gold Resource, Alamos Gold, Golden Minerals, Leagold, Great Panther and Telson Mining presented Q1 2018 production reports. ON FINANCING, Primero Mining agreed on the extension of its revolving credit facility. ON RESOURCES AND DEVELOPMENT, Golden Minerals released drill results from its Santa Maria property in Chihuahua. Argonaut updated on exploration in properties in Guanajuato and Baja. Minera Alamos announced drilling plans on the now combined Santana/Los Verdes properties.  ON DEALS AND CORPORATE ISSUES, Endeavour Silver released its annual review and sustainability report. Advance Gold contracted a third party to assist with investors relations.

ON MEXICO ISSUES

  • The mining and metallurgic production in Mexico grew 4% in February, which is the best result since April 2016, although in a yearly basis a 1.3% decrement was recorded. During February, the production of lead (-34.6%), sulphur (-12.2%), silver (-11.3%), copper (-8.2%) and coke (-5.7%) decreased, while that of iron pellets (1.1%), fluorite (1.7%) zinc (4.6%), gold (5.8%), coal (18.8%) and gypsum (19.2%) showed an increment. Sonora was the leader in gold production during February, with 3,710 Kg (119,720 Oz), while Zacatecas  kept the title in silver with 171,903 Kg (5,526,806 Oz).

ON EXPLORATION

  • Azure Minerals Ltd. completed the mineral resource drill-out of the Oposura project, in Sonora. The program included 157 holes totaling 10,112 m (assays for 27 holes still awaited), confirming good height (width) and grade continuity of the horizontal mineralization. Metallurgical studies show 85.6% Zn and 84.0% Pb recoveries. The initial mineral resource estimate is expected in June 2018.
  • Azure Minerals Ltd. completed the stage 2 drilling program at its Sara Alicia Au-Co project in Sonora. Results awaited.
  • Azure Minerals Ltd. informed the operator of its Alacrán project in Sonora, Minera Teck, S.A., completed an 11 hole drill program in December 2017, with final results awaited. Teck has informed it will continue with the year 2 work program “comprising further geological, geochemical and geophysical surveys in the first half of 2018, which will be followed by more drilling in the second half of the year”.
  • Discovery Metals Corp. disclosed assay results from continuous underground channel sampling at its Puerto Rico project in Coahuila. Results on 100 samples out of 600 samples collected on the Zaragoza mine have been received. Select significant channel samples include: 2.1 m @ 822 g/t Ag, 2.1% Zn, 2.5% Pb, 0.7% Cu; 1.8 m @ 55 g/t Ag, 27.9% Zn, 2.9% Pb, 0.1% Cu; 3.3 m @ 175 g/t Ag, 2.1% Zn, 15.2% Pb, 0.2% Cu; 2.3 m @ 62 g/t Ag, 9.2% Zn, 6.5% Pb, 0.1% Cu; 1.3 m @ 75 g/t Ag, 16.8% Zn, 3.2% Pb, 0.1% Cu. Average manto grades 157 g/t Ag, 6.2% Zn, 5.5% Pb, 0.1% Cu.
  • Mexican Gold Corp. released channel sampling results from the La Perdida mine in the Changaro zone at its Las Minas project in Veracruz. At La Perdida adit, four 2.0 m samples returned 7.85 g/t Au, 3 g/t Ag, 0.14% Cu; 0.30 g/t Au, 1 g/t Ag, 0.05% Cu; 16.70 g/t Au, 12 g/t Ag, 0.49% Cu; 27.30 g/t Au, 12 g/t Ag, 0.17% Cu, averaging 8.0 m @ 13.04 g/t Au, 7 g/t Ag, 0.21% Cu.
  • Alamos Gold Inc. informed exploration in its 28,777 ha land package at Mulatos, Sonora, is to focus in 2018 outside the Mulatos mine, including the El Carricito, El Halcon, and El Jaspe areas. During the first quarter Alamos invested $4.5 M in exploration activities within the Mulatos district, including 14,792 m of diamond drilling and 1,059 m of RC drilling.
  • Silver Bull Resources Inc. acquired a 68 ha mineral license nine kilometers NW from its main Sierra Mojada deposit in Coahuila. The application “covers 13 historical mine shafts in the Palomas Negros area including a 120 meter long x 25 meter wide x 25 meter deep historical open pit”. Select sampling on the open pit returned up to 542 g/t Ag, 36.5% Zn, 9.3% Pb, 0.14% Cu on 2 m channel sampling.
  • San Marco Resources Inc. obtained the Suanse property in Sonora through the recent mineral concession lottery by the Mexican government. The property is located between two mineral concessions within Evrim’s LLano del Nogal porphyry copper moly play.

ON MINING

  • Argonaut Gold Inc. presented first quarter 2018 operating and financial results. At El Castillo in Durango, 4.72 M tonnes of waste were moved, 1.62 M tonnes of ore were mined (52 K tonnes per day, or tpd) @ 0.44 g/t Au, producing 8,657 Oz Au, 7,528 Oz Ag. At San Agustin in Durango, 356 K tonnes of waste were moved 1.72 M tonnes of ore mined (23 K tpd) @ 0.50 g/t Au, producing 15,824 Oz Au, 80,331 Oz Ag. Cash cost was $1,020 for El Castillo and $365 for San Agustín. At La Colorada in Sonora, 6.13 M tonnes of waste were moved, 1.1 tonnes of ore mined (80 K tpd) @ 0.43 g/t Au, producing 14,291 Oz Au, 57,767 Oz Ag at cash cost $726. Cash and cash equivalents of $21.3 M at the end of the period.
  • Santacruz Silver Mining Ltd. reported financial and operating results for Q4 2018. During the period 181 K tonnes were processed, producing 865.5 K Oz AgEq at cash cost $23.07 and AISC $27.56 per AgEq Oz.
  • Gold Resource Corp. reported first quarter 2018 production results. During the period the company produced from three different orebodies on its El Aguila property in Oaxaca. At Arista 130.8 K tonnes were milled @ 1.92 g/t Au, 106 g/t Ag, 0.39% Cu, 1.63% Pb, 4.41% Zn, with recoveries of 78% Au, 91% Ag, 75% Cu, 76% Pb, 83% Zn. At the El Aguila open pit, 5.1 K tonnes were milled @ 2.16 g/t Au, 45 g/t Ag, and recoveries of 84% Ag, 86% Ag. At Altagracia 3.2 k tonnes were milled @ 1.16 g/t Au, 182 g/t Ag, and recoveries of 60% Au, 82% Ag. Production amounted to 6,647 Oz Au, 425.9 K Oz Ag, 385 tonnes Cu, 1,615 tonnes Pb, 4,793 tonnes Zn. Cash cost was ($316) per AuEq Oz after by-product credits, and AISC $347 per precious metal gold equivalent ounce sold. Cash and cash equivalents at quarter end totaled $28.6 M.
  • Alamos Gold Inc. reported its financial results for the first quarter 2018, including figures from its Mexican operations. At Mulatos in Sonora, 2.2 M tonnes were mined and 2 M tonnes of waste moved. Average grade of 1.75 M tonnes stacked was 0.84 g/t Au. As for high grade, 30.4 k tonnes were milled @ 8.11 g/t Au, for the production of 46,000 Oz Au at cash cost $786 per OZ Au, and AISC $842 per Oz Au. At El Chanate in Sonora, 1 M tonnes of ore were mined @ 0.60 g/t Au, with recoveries of 71% Au, to produce 13,800 Oz Au.
  • Golden Minerals Co. provided business and financial results for the first quarter 2018. During the period Golden received $1 M from Electrum Global Holdings, LP. in exchange for an amendment to the Electrum farm-out agreement providing Electrum an additional 20% interest in the Celaya project. Also 4,800 m in 22 holes were drilled on the Santa Maria property in Chihuahua. Cash and cash equivalents of $2.7 M at the end of the period.
  • Leagold Mining Corp. reported Q1 2018 production. During the period 7.7 M tonnes were moved on the open pit at Los Filos, Guerrero, of which 2.0 M tonnes were from ore @ 0.57 g/t Au. From underground 101 k tonnes were mined @ 5.47 g/t Au. In total 1.6 M tonnes were processed @ 0.97 g/t Au to produce 51,003 Oz Au at cash cost $880 per Au Oz and AISC of 1,039 per Au Oz. Test mining at the Bermejal underground deposit is to begin in Q2 2018. Leagold’s goal is to raise quarterly production from 50 K to almost 70 K by the end of the year.
  • Great Panther Silver Ltd. presented first quarter 2018 financial results, including figures from its operations in Mexico (Topia, Durango; Guanajuato mine complex, Guanajuato). Consolidated production came from 96.9 K tonnes milled, to obtain 491 K Oz Ag, 5,831 Oz Au at cash cost $12.76 per AgEq Oz and AISC $16.16 per AgEq Oz. For 2018 14,000 m of underground drilling are planned at the Guanajuato mines, and 5,000 m of surface drilling and 5,000 of underground drilling in the San Ignacio mine (part of the mine complex). Cash and cash equivalents were $60.9 M at the end of the period.
  • Telson Mining Corp. informed on first quarter 2018 pre-production toll milling at its Tahuehueto property in Durango. During the period 9,503 tonnes of ore were milled @ 5.44 g/t Au, 62 g/t Ag, 4.5% Zn, 2.2% Pb, recovering 79.4% Au, 85.7% Pb, 84.4% Pb, 76.4% Zn to produce 360 tonnes of lead concentrate (50.2% Pb), 99.25 g/t Au, 1,185 g/t Ag, 12.2% Zn) and 713 tonnes of zinc concentrate (46.3% Zn, 7.41 g/t Au, 105 g/t Ag, 0.93% Pb).

ON FINANCING

  • Primero Mining Corp. agreed to the extension of its revolving credit facility and the related guarantee provided by Wheaton Precious Metals Corp., to May 15th, 2018 or the closing of the business combination with First Majestic Silver Corp. (San Dimas, Durango).

ON RESOURCES AND DEVELOPMENT

  • Golden Minerals Co. released results from the 2,400 m, 22-hole drilling program at its Santa Maria property in Chihuahua. Some of the highlighted true width (TW) results comprise: 0.6 m @ 593 g/t Ag, 0.79 g/t Au, 0.4% Pb+Zn; 0.8 m @ 183 g/t Ag, 0.33 g/t Au, 0.1% Pb+Zn; 2.5 m @ 415 g/t Ag, 0.29 g/t Au, 1.5% Pb+Zn; 3.8 m @ 213 g/t Ag, 0.47 g/t Au, 0.8% Pb+Zn; 1.2 m @ 200 g/t Ag, 0.22 g/t Au, 0.15% Pb+Zn; 3.5 m @ 310 g/t Ag, 0.77 g/t Au, 1.3% Pb+Zn; 1.3 m @ 1,322 g/t Ag, 2.06 g/t Au, 1.4% Pb+Zn; 0.9 m @ 148 g/t Ag, 2.0 g/t Au, 1.5% Pb+Zn; 6.5 m @ 1,094 g/t Ag, 3.64 g/t Au, 1.3% Pb+Zn. The mineralization comprised oxide, mixed and sulfide materials in different intersects.
  • Argonaut Gold Inc. informed the re-logging of drill core and the development of a geological model at Cerro del Gallo, in Guanajuato. On its San Antonio project in Baja California Sur, technical sessions were held with the Mexican Environmental Authority DGIRA in preparation of new future Environmental Assessment application submittal.
  • Minera Alamos Inc. released its plans for a drilling campaign at the now combined Santana/Los Verdes property in Sonora. The phase one is to include 20 holes in 3,000 m of drilling, focusing on the Nicho extensions and Nicho Norte, into the contiguous Los Verdes claims. Previous drilling at the Santana project outlined significant mineralization associated to hydrothermal breccias hosted by stocks and batholithic intrusions. Heap leaching tests are being conducted on the Nicho Norte zone.

ON DEALS AND CORPORATE ISSUES

  • Endeavour Silver Corp. released its annual review and sustainability report. Sections of the report include: Safety and Health, Our People, Community, Environment, Economic. In words of its CEO, Bradford Cooke: “..is intended to show that sustainability relies on the connectedness between people, communities and the environment” (La Colorada, Sonora, El Castillo, Durango).
  • Advance Gold Corp. engaged Nicosia Capital to assist on Investor Relations. “Advance will pay Nicosia a fee of $3,500 per month and issue 100,000 stock options at a price of $0.12 per share. The initial agreement with Nicosia has a term of two months to commence May.1st, 2018” (Tabasqueña, Zacatecas).

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

On the picture below, Very strong silicification and minor silicification on structures from a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

Explotación minera en el mar, opción o pesadilla

https://www.eleconomista.com.mx/opinion/Explotacion-minera-en-el-mar-opcion-o-pesadilla-20180504-0041.html

La explotación minera de fondos oceánicos será pronto una realidad. Sus impactos ambientales están siendo intensamente evaluados por instituciones académicas y agencias internacionales, mientras la ingeniería avanza lo suficiente para colocarla como opción viable y rentable, en muchos casos, superior a la minería en tierra. Crece la escasez de minerales metálicos y no metálicos en yacimientos terrestres accesibles y de costo aceptable, mientras el reciclaje es insuficiente y la demanda aumenta exponencialmente por la industria electrónica y la fabricación de baterías para vehículos eléctricos. Níquel, cobalto, tungsteno, platino, rodio, manganeso y otros metales son indispensables para nuevas tecnologías electrónicas, y el fósforo es insumo vital para la manufactura de fertilizantes esenciales en la agricultura. El impacto ambiental de actividades mineras en tierra llega a ser devastador en cuanto a ecosistemas y paisajes, deforestación, y contaminación de aguas, suelos y atmósfera.

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

By Jorge Cirett

During the 10th week of the year (March 5th to March 11th, 2018), at least 24 press releases were announced by companies working in Mexico, and three articles on mining matters in Mexico published by newspapers. ON MEXICO ISSUES, the Fraser Institute released the results of the 2017 survey on Mining Attractiveness by Jurisdiction, with Mexico stagnant at mid table due to low results on taxation regime, labor disruptions and security perception. The Sonora government is supporting the mining industry with the signature of a collaboration agreement with the Economy Bureau. The governors of Chihuahua and Oaxaca attended the PDAC in Toronto for promoting mining investment in their respective states. Other delegations present were from Durango and Zacatecas. ON EXPLORATION, In Sonora Riverside announced a bigger land position at its Cecilia project; Oceanus has mapped the favorable El Tigre Formation rock package for 5 km in strike length at its El Tigre property; Mexus Gold updated on exploration of its 8 Hermanos property; Millrock disclosed interesting low grade drilling results from its Navidad property; Azure has started the second drill campaign at its Sara Alicia Au-Co property. In Chihuahua VVC Minerals received the permit for drilling its Samalayuca property; Radius updated on exploration at its Amalia project. In Guanajuato, Vangold started the phase two of drilling at its Pinguico property. ON MINING, two companies, Americas Silver and Santacruz Silver presented production results for the quarter and/or full year 2017. Magellan Gold announced the restart of its mill in Nayarit.  ON FINANCING, Canuc Resources closed a $1.1 M financing round, Colibri closed the first tranche of a financing round netting $1.08 M. Vangold announced the opening of a financing round for raising up to $2 M. Santacruz Silver obtained a US$2.3 M private loan. Starcore closed a financing round for $125 K with an insider.  ON RESOURCES AND DEVELOPMENT, Levon Resources released an updated mineral resource report for its Cordero project in Chihuahua. Alio Gold provided an exploration update at its Ana Paula project in Guerrero. Leagold updated its mineral resource estimate for its Los Filos mine and the Bermejal Underground deposits in Guerrero. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acted on the LOI to option a group of properties adjacent to its Cerro Caliche property in Sonora. Autlan is to acquire all shares from Metallorum (it already controls an undisclosed percentage), which owns the Lluvia de Oro mine in Sonora.

ON MEXICO ISSUES

  • Mexico stays about the same on the investment attractiveness index published yearly by the Fraser Institute. Mexico fell to the 50 (of 91 jurisdictions surveyed) position from the 44 (of 104) on the 2016 survey, affected mainly by low rankings in security, taxation regime and labor regulations/work disruptions. In 2014 Mexico was on the 24 position of 122 surveyed. Chile ranked 8 and Peru 19 on the 2017 survey. Below is the table for the perception of the taxation regime (which presents the effect of the recently imposed royalties as a hard fact). The security perception ranking, along the other rankings can be seen at the following link: (https://www.fraserinstitute.org/sites/default/files/survey-of-mining-companies-2017.pdf).Taxation Regime Index, Fraser Institute 20171
  • The Sonora government is supporting the development of the mining industry in the state with the signature of a collaboration agreement with the Economy Bureau (Secretaría de Economía). The agreement looks to promote investment, better technical assessments, training and cut red tape. The mining industry represents 17% of the state’s GDP, with the state providing 31% of Mexico’s mining production. Sonora’s Governor Claudia Pavlovich has been pushing a proposal on the Deputies Chamber to install a 100% deduction of exploration expenses on the year these are incurred.
  • The governors of Chihuahua and Oaxaca attended the PDAC in Toronto Canada to promote mining investment on their states. Both Javier Corral (Chihuahua) and Alejandro Murat (Oaxaca) attended the Mexico Mining Day 2018 and had personal interviews with companies doing business in their states or trying to set a foothold there. Other delegations present were from Durango and Zacatecas.

ON EXPLORATION

  • VVC Minerals Corp. received the permit for drilling at its Samalayuca property in Chihuahua. The SEMARNAT permit approved 22 new drilling sites, in addition to 13 already approved. The drilling is to focus on La Gloria Extension area, La Concha pit area, La Zorra zone and the Julianna, Suerte and Trinidad areas. The completed and proposed drilling cover 7 Km of strike length on the property.
  • Vangold Mining Corp. concludes phase 1 drilling, starts phase 2 drilling at El Pinguico property in Guanajuato. Vangold completed five of 15 drill holes targeting the underground stockpiles (backfill) on the El Pinguico vein, with poor recoveries and grades. While a better method of assessing these stockpiles is researched, the company has initiated the phase 2 drilling campaign targeting the lower El Pinguico vein extension below the old workings, 300 m below the surface.
  • Riverside Resources Inc. announced that it has been granted the mineral rights to the Cecilia 1 concession, increasing the ground held on the Cecilia project in Sonora to almost 6,000 hectares. Epithermal Au-Ag mineralization is associated to a rhyolite flow-dome setting.
  • Oceanus Resources Corp. updated on its exploration efforts on El Tigre property in Sonora. The El Tigre Formation is the rock package that host the historic El Tigre mine, which operated from 1903 to 1938, producing 353 K Oz Au and 67.4 M Oz Ag; the favorable El Tigre Formation has been now traced for 5 km.
  • Mexus Gold US. presented an update on exploration of its 8 Hermanos and Scorpio_370 claims in Sonora. Mexus controls 2,800 hectares in an area with sedimentary rocks intruded by granodiorite, dioritic dikes and a diorite porphyry, all covered in turn by Tertiary volcanic tuffs and flows. Three samples from the 370 concession returned 9 g/t Au, 41 g/t Ag; 47 g/t Au, 33 g/t Ag; 10 g/t Au, 8 g/t Ag. Porphyry copper potential is highlighted on a report (no alteration is described).
  • Radius Gold Inc. provided an update on exploration at the Amalia project in Chihuahua. The 10,380 ha project has Au-Ag mineralization defined over 2 km of strike length in high level chalcedonic veins, stockworks and breccias and deeper level structurally controlled higher grade mineralization. “Radius continues to advance the Amalia project and is currently permitting drilling and bulldozer trenching.” Recent channel sampling returned 4.5 m @ 10.3 g/t Au, 202 g/t Ag, extending the total strike length of the high-level epithermal mineralization of the Campamento zone to 500 m.
  • Millrock Resources Inc. reported on first phase core drilling at its La Navidad project in Sonora, funded by earn-in partner Centerra Gold. In total, 2,130 m were drilled in 12 holes, with several anomalous intersections, like: 17.2 m @ 0.75 g/t Au (including 1 m @ 9.05 g/t Au); 15.65 m @ 0.60 g/t Au; 18.30 m @ 0.33 g/t Au; 18.0 m @ 0.12 g/t Au; 6.00 m @ 0.26 g/t Au; 5.90 m @ 0.45 g/t Au; 57.0 m @ 0.29 g/t Au; 16.6 m @ 0.35 g/t Au.
  • Azure Minerals Ltd. announced the start of the second drilling campaign on its Sara Alicia project in Sonora. “The Sara Alicia mineralised zone consists of carbonate rocks intruded by a porphyry. This intrusive event caused strong alteration and mineralising reactions in the limestones to form a skarn body which hosts massive and semi-massive sulphides containing the cobalt and gold mineralisation”. The first phase of this drilling campaign is to comprise 1,000 m in 10-12 holes, targeting along-strike and down-dip extensions. The second phase is planned to complete a 50 x 50 m drill pattern over the mineralized body.

ON MINING

  • Americas Silver Corp. reported 4Q and year-end financial results for 2017, including some figures from its operations in Mexico. The San Rafael mine in Sinaloa declared commercial production on December 19, 2017, and was constructed for $16.3 M, 32% lower than the initial project guidance. For 2018 the company plans to produce 1.6 to 2.0 M Oz Ag and 7.2 to 8.0 M Oz AgEq. Cash balance at the end of December was $9.3 M, with net working capital of $11.8 M.
  • Santacruz Silver Mining Ltd. reported operating results for the fourth quarter and full year 2017. Santacruz produced 865.4 K Oz AgEq during the year, including 139.7 K Oz AgEq during the fourth quarter. At Veta Grande in Zacatecas 102.1 K tonnes were milled @ 100 g/t Ag (127 g/t AgEq) and Ag recovery of 61% to produce 201.3 K Oz Ag, 424 Oz Au, 466 tonnes Pb, 803 tonnes Zn during the year. At Rosario in San Luis Potosi, 78.9 K tonnes were milled @ 52 g/t Ag (205 g/t AgEq) and a recovery of 85% Ag to produce 112.6 K Oz Ag, 1,007 Oz Au, 157 tonnes Pb, 1,489 tonnes Zn during the same period.
  • Magellan Gold Corp. announced it has rehired employees and is restarting its 100% owned SDA mill in Nayarit. Operations are initially to reprocess tailing located at the site, with recovery of precious metals expected to defray holding costs of the mill while new ore sources are acquired. The mill last operated in November 2017 and processed third-party ore on a toll basis.

ON FINANCING

  • Canuc Resources Corp. closed a non-brokered private placement financing with gross proceeds of $1.1 M (San Javier, Sonora).
  • Colibri Resource Corp. has closed an over-subscribed first tranche on its previously announced $1 M financing, raising gross proceeds of $1.077 M. Total gross proceeds to be raised between the two tranches is expected to be $1.2 M (Pilar, Sonora).
  • Vangold Mining Corp. announced a non-brokered private placement financing to raise up to $2 M, and fund the phase 2 drill program targeting the lower El Pinguico vein extension, and general working capital.
  • Santacruz Silver Mining Ltd. has arranged a loan from a private Bolivian mining company, for US$2.3 M. The loan bears interest at 9% per annum, is repayable July 1st, 2018, and is unsecured (Veta Grande, Zacatecas; Rosario, San Luis Potosi).
  • Starcore International Mines Ltd. announced the closing of its non-brokered private placement to an insider, for gross proceeds of $125 K (San Martin, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Levon Resources Ltd. announced an updated NI-43-101 mineral resource estimate and a 2018 preliminary economic assessment (PEA) for the Cordero project in Chihuahua. The new estimate includes 990 M tonnes of ore @ 12.8 g/t Ag, 0.37% Zn, 0.17% Pb, 0.04 g/t Au as indicated resources and 282.2 M tonnes @ 20.7 g/t Ag, 0.75% Zn, 0.30% Pb, 0.04 g/t Au as inferred resources. The said resource contains 595 M Oz Ag, 1.63 M Oz Au, 12.7 B Lb Zn, 5.6 B Lb Pb in the indicated and inferred categories. The PEA includes an open pit mining rate of 40 K tpd (tonnes per day) to produce mineral concentrate, an annual production of 8 M Oz Ag, 44.8 K tonnes Zn, 31.1 K tonnes Pb, 11,900 Oz Au. Over the 29 year mine life on the PEA, 231 M Oz Ag, 2,863 M Lb Zn, 1,992 M Lb Pb would be produced.” Metallurgy is simple (side by side lead and zinc conventional flotation mills) with 88% overall recoveries after three rounds of bench-scale testing”.
  • Alio Gold Inc. provided an update on exploration of its Ana Paula project in Guerrero. To date 1,300 m of the planned 3,800 m of surface drilling have been completed (two of six diamond drill holes), intersecting breccia mineralization as expected and awaiting assay results. Two new breccia targets were discovered by mapping within 1.5 km of the limit of the proposed pit, showing magmatic and hydrothermal breccia mineralization with traces of pyrite and arsenopyrite.
  • Leagold Mining Corp. has filed a NI-43-101 technical report for the Los Filos mine in Guerrero. For Los Filos and Bermejal Underground deposits, measured and indicated resources amount to 13.53 M Oz Au, while inferred resources stand at 6.28 M Oz Au (Almost 20 million ounces of gold!).  Los Filos Resources1Los Filos Resources1 - copia

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. has executed on the letter of intent (LOI) of an option agreement on the Rosario group of properties in Sonora. The Rosario concessions are adjacent to Sonoro’s Cerro Caliche property, covering 403.5 hectares, thereby increasing Sonoro’s land holdings in the area to 1,455 hectares. Sonoro is to acquire 100% interest on the property by paying the vendor (a Tucson resident) US$1.6 M payable in escalating cash installments over 72 months, with the initial installment of US$60 K payable on execution. The vendor is to retain 2% NSR, same that can be bought by Sonoro by US1 M for each one percent.
  • Compañía Minera Autlán SAB de CV. is to acquire all the shares of Metallorum Holding, which owns the Lluvia de Oro mine in Sonora. The company is to invest US$25 M in the next three years to increase its manganese and ferroalloys production capacity.

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

On the picture below, beautiful quartz vein with bladed calcite pseudomorphs at the museum of El Oro mining district in Estado de Mexico.

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VC Exploration Receives Approval for Drilling on 22 Additional sites on the Samalayuca Copper Property, Chihuahua State, MX

VVC Exploration 050218

TORONTO, March 05, 2018 (GLOBE NEWSWIRE) — VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) today announces that it has received approval from SEMARNAT for 22 new drilling sites, in addition to 13 already approved, on its Samalayuca Property in northern Chihuahua State, Mexico.  The results of the drilling will be used to dene copper mineralized zones intersected in the rst 2 drilling phases and test other ar tisanal pits on the property.   The Phase 3 drilling program is planned to start in late April.