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The Mining and Exploration News in Mexico: Highlights on the First Week of October 2025

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By Jorge Cirett

During the 40th week of the year (September 28th to October 5th, 2025), companies working in Mexico presented 36 press releases.  No companies presented exploration advances on early-stage properties or production figures. Nine companies presented news on financing rounds and share-related issues. Two companies updated on their advanced properties. Two companies commenced drilling on advanced projectsOne company announced mining developments. Nineteen companies informed on deals and corporate issues. ON MEXICO ISSUES, the government is cancelling a large number of mining concessions that overlap protected areas.  ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, six companies informed on financing rounds: Zacatecas Silver (C$3.75 M), Vortex Metals (C$700 K), Guanajuato Silver (C$30 M), Apollo Silver (C$20.9 M), Silver Tiger (C$25 M) and Sonoro Gold (C$3 M). Guanajuato Silver Company and GR Silver Mining granted stock options. Aura Minerals announced the conversion of receipts into shares. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. Capitan Silver updated on its Cruz de Plata project in Durango. Sierra Madre Gold and Silver announced that development has started at La Guitarra mine, in Estado de Mexico. Sonoro Gold provided an update on the Cerro Caliche and San Marcial projects in Sonora. Silver Viper Minerals commenced a drilling campaign at La Virginia, in Sonora. ON DEALS AND CORPORATE ISSUES, Royal Gold received government regulatory approvals for the acquisition of Sandstorm Gold. Prime Mining’s security holders approved its acquisition by Torex Gold. Fuerte Metals, GR Silver, Empress Royalty, Almaden Minerals and Altius Minerals announced appointments to the board. Empress Royalty announced senior appointments. Mexican Gold is to acquire the Tatatila project in Veracruz from Chesapeake Gold. Sierra Madre Gold and Silver engaged marketing services. Sonoro Gold is considering to spinout the San Marcial project in Sonora. Silver Bull reported dates for the hearings on its arbitration case against Mexico. Prismo Metals and Vizsla Silver held their AGM’s. Canasil is to review opportunities in its Mexican portfolio. Silver Storm Mining contracted investor relations services. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its third sustainability report.

ON MEXICO ISSUES

  • The Ministry of Economy (Secretaría de Economía) started the procedure to cancel 805 mining concessions that overlap protected natural areas (Áreas Naturales Protegidas, or ANP’s), on the base that these are not complying on certain obligations, like the payment of annual mining duties.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Zacatecas Silver Corp. announced the closing of its non-brokered private placement financing for total gross proceeds of C$3.75 M (Zacatecas Silver, Zacatecas).
  • Vortex Metals Inc. increased the size of its previously announced non-brokered private placement to C$700 K. “Vortex intends to allocate the gross proceeds raised from the sale of the Units as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes” (Riqueza Marina, Oaxaca).
  • Guanajuato Silver Company Ltd. entered into an agreement with Cannacord Genuity Corp. and Red Cloud Securities Inc. as co-lead underwriters and joint bookrunners to purchase on a “bought deal” basis units of the company for gross proceeds of C$30 M (El Cubo and Valenciana, Guanajuato).
  • GR Silver Mining Ltd. granted incentive stock options to certain eligible persons to purchase up to an aggregate of 600 K common shares (Plomosas, Sinaloa).
  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$20.88 M (Cinco de Mayo, Chihuahua).
  • Aura Minerals Inc. “Announces to the holders of the Company’s Brazilian Depositary Receipts (“BDRs”) the launch of the Incentive Program for the conversion of BDRs into common shares (“Incentive Program”), under which holders may request the conversion of their BDRs (“AURA33”) into the underlying common shares (“AUGO”) listed on Nasdaq (“common shares”), at a ratio of three to one, without being required to pay the applicable fees charged by Banco Bradesco. The Incentive Program will be available for a fixed period of 32 days, from October 6, 2025, to November 6, 2025” (Aranzazu, Zacatecas).
  • Silver Tiger Metals Inc. filed a short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares for aggregate gross proceeds of C$25 M (El Tigre, Sonora).
  • Sonoro Gold Corp. announced a fully subscribed non-brokered private placement offering for gross proceeds of C$3 M (Cerro Caliche, Sonora).
  • Prismo Metals Inc. granted 850 K stock options to certain directors and officers of the company, and 100 K options to a consultant of the company. Also, 725 K restricted share units were issued to certain directors and officers of the company (Palos Verdes, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. provided an update on its Cruz de Plata project in Durango. Since 2020 the company has consolidated its position in the district, more recently with the acquisition of 2,171 ha from Fresnillo plc. Capitan Silver has elaborated a geological model that includes annular structures to an elliptical intrusive body with silver mineralization in sedimentary rocks and gold mineralization in the contact of these rocks with overlying volcanic rocks. Six main targets are comprised by Casco Norte, Jesús María Northwest, Jesús María East, San Rafael, La Providencia, La Purísima, Jesús María North and El Tubo Hill. The 2025 drilling program is being expanded from 10,000 m to 15,000 m. Just over 8,000 m of drilling have been completed to date, with assays pending for 38 holes. A property-wide 385 line-km regional airborne magnetic and magnetotelluric survey has been contracted. The press release includes a table with grab and chip sample results of up to 62 gpt Au, 991 gpt Ag, 0.76% Cu, 6.25% Pb, 7% Zn.
  • Sierra Madre Gold and Silver Ltd. announced that development has started at the Nazareno mine in the La Guitarra complex in Estado de México. Over 700 tonnes of ore have been delivered to the La Guitarra processing plant, material that was not included in the mineral resource estimate. The company also announced the purchase of a new rig capable of drilling up to 150 m of NWL size and 250 m of BWL size core. The rig is capable of underground and surface drilling.
  • Sonoro Gold Corp. provided an update on the Cerro Caliche and San Marcial projects in Sonora. The company intends to commission an updated preliminary economic assessment (PEA) on Cerro Caliche by the first quarter of 2026. The current PEA contemplates a 9-year mining operation at a 12,000 tpd rate based on a gold price of US$1,800 per Oz Au. The updated PEA will include 55,360 m of drilling, trenching and the changes in the environmental report that covers the property. The project counts with a surface agreement access for the property.
  • Regency Silver Corp. commenced drilling at its Dios Padre project in Sonora. The company plans to drill approximately 4,500 m in 6 to 8 holes, focused on targeting along-strike extensions of high-grade Au-Cu-Ag mineralization previously intercepted.
  • Silver Viper Minerals Corp. commenced a 5,000 m diamond drill program at its advanced stage La Virgina project in Sonora, with the program being carried out by Globexplore Drilling Corp. Drilling will begin with 8-9 reconnaissance holes at El Molino area, the first drill testing of this area with high priority geophysical anomalies. The program will continue at El Rubi, aiming to expand mineralization along strike and at shallow depths.  

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Ltd. announced that Royal Gold Inc. has received all government regulatory approvals required for the previously announced acquisition of Sandstorm” (Royalty on Mercedes, Sonora).
  • Prime Mining Corp. announced that the company’s security holders have approved the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding common shares of Prime (Los Reyes, Sinaloa).
  • Fuerte Metals Corp. announced that CFO Martin Rip is retiring at the end of September 2025. “Mr. John Teo, Fuerte’s Vice President of Finance, has been appointed Interim CFO” (Cristina, Chihuahua).
  • Altius Minerals Corp. announced the retirement of Ben Lewis, chief financial officer (CFO) and Chad Wells, vice president corporate development. Stephanie Hussey, current vice president finance, has been appointed chief financial officer (Llano del Nogal royalty, Sonora).
  • Royal Gold Inc. received all governmental regulatory approvals required for the company’s previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. (Sandstorm Gold holds a royalty on Cuale, Jalisco and Llano del Nogal, Sonora).
  • Empress Royalty Corp. announced the appointment of Brad Breetzke as business development advisor, Africa and Christian Agarnaz as busines development analysts (Royalty on Tahuehueto, Durango).
  • GR Silver Mining Ltd. announced the nomination of Daniel Schieber as vice president of corporate development and corporate relations (Plomosas, Sinaloa).
  • Chesapeake Gold Corp. entered into a definitive agreement sell its Tatalila project in Veracruz to Mexican Gold Mining Corp. “in exchange for such number of common shares of Mexican Gold representing 14.99% of the outstanding common shares of Mexican Gold at closing” and a 1.5% net smelter royalty. Mexican Gold may repurchase 0.5% of the royalty  for US$500 K within ten years from the date of the agreement. “Tatatila is a gold-copper skarn district located in Veracruz State that Chesapeake identified in 2007. Tatatila surrounds Mexican Gold’s Las Minas Project, which has a reported NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment. Several skarn prospects were discovered on Tatatila by Chesapeake, including possible extensions of the Las Minas existing resource.”
  • Sierra Madre Gold and Silver Ltd. engaged “Triomphe Holdings Ltd., doing business as Capital Analytica, an arm’s length service provider, to provide certain marketing and social media services to the company” (La Guitarra, Estado de México).
  • Sonoro Gold Corp. is considering a spinout of its San Marcial project into its subsidiary Oronos Gold Corp. The property is in Santa Ana, Sonora, covering the historic San Marcial and Soledad mines that were subject to drilling programs in the last two decades of the past century.
  • Silver Bull Resources Inc. reported that the hearing for its arbitration case against Mexico  will commence on October 6, 2025, in Washington, D.C., and will conclude no later than October 11, 2025. The international arbitration proceedings under the United States–Mexico–Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) arised from Mexico’s refusal to take action with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing.
  • Starcore International Mines Ltd. acknowledges the current postal strike across Canada, which has created significant challenges in ensuring timely delivery of shareholder communications and proxy materials. The company took a number of measures to overcome these challenges, that can be seen on the press release at the company’s website (San Martin, Querétaro).
  • Mexican Gold Mining Corp. entered into a mining concession assignment agreement with Chesapeake Gold Corp. to acquire 100% interest on the 3,824 hectares Tatatila project in Veracruz. Mexican gold shall issue Chesapeake 4.45 M common shares of the company (a $222.6 K value), representing 14.99% of the total issues and outstanding common shares of the company. As further consideration for the interest, Mexican Gold shall grant to Chesapeake a 1.5% net smelter return (NSR) royalty, of which the company might purchase 0.5% of the royalty for US$500 K within 10 years of the execution of the agreement.
  • Prismo Metals Inc. held its annual general meeting (AGM) on October 2, 2025. A board of directors was elected, comprising Alain Lambert, Louis Doyle, Craig Gibson and Martin Dupuis, with DeVisser Gray LLP re-appointed as auditor. A new long-term incentive plan was approved. Finally, a possible new corporate name as determined by the directors of the company was reviewed (Palos Verde, Sinaloa).
  • Canasil Resources Inc. is to review opportunities in its portfolio in Durango and Zacatecas. “Of Canasil’s seven Mexican silver-gold projects, the Company’s interest in the Sandra and Nora projects have been sold to Pan American Silver and Silver Dollar Resources respectively. The Company retains a 2% NSR on its claims in each project with a 1% buyout for US$ 4 million on the Sandra NSR, and 1% buyout for $1 million on the Nora NSR. Canasil holds 100% interest in all the remaining projects. La Esperanza, Salamandra, and Colibri have had successful past drill programs which have returned high-grade silver-gold intercepts”. The company sees an improved positive environment for advancing mining projects under the current federal administration.
  • Vizsla Silver Corp. announced the results of its annual general and special meeting of shareholders held on October 2, 2025. Shareholders approved all motions put forth including its change of auditor from MNP LLP to Deloitte LLP (Panuco, Sinaloa).
  • Almaden Minerals Ltd. announced the appointment of Douglas McDonald as president and CEO. Morgan Poliquin has been appointed vice chair of the company (Ixtaca, Puebla).
  • Azucar Minerals Ltd. announced the resignation of Douglas McDonald from all his roles in the company, including as director and executive vice president, but will continue in an advisory role to support related succession initiatives and ongoing business activities El Cobre, Veracruz).
  • Silver Storm Mining Inc. retained the services of Renmark to provide investor relations services to the company for an initial term of twelve months, subject to monthly renewal and a consideration of C$9 K per month (La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp. released its third annual sustainability report which highlights its key initiatives on environmental, social and governance matters (Panuco, Sinaloa).

On the image below: Late specularite seams on quartz vein, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of February 2025

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By Jorge Cirett

During the 6th week of the year (February 3rd to February 9th, 2025), companies working in Mexico presented 27 press releases. Two companies informed on exploration on their properties, one company presented its quarterly report and one updated on 2024 achievements and 2025 plans. Six companies informed on financing rounds, one informed on the exercise of warrants and one more on the granting of stock options. A company reported drilling results from a satellite deposit, two companies informed on construction advance on their properties. Four companies informed on acquisitions and one more on the resignation of its CEO. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Riverside Resources announced Fortuna Mining continues with the earn-in option on Cecilia. In Chihuahua, Kingsmen Resources reported surface sampling results for its Las Coloradas project. ON MINING, Heliostar Metals announced Q4 2024 production results, Avino Silver shared 2024 achievements and its 2025 outlook. ON FINANCING, eight companies informed on financing rounds, including Discovery Silver (C$247.5 M), Silver Storm Mining (C$3.45 M), Reyna Silver (C$1.04 M), Oroco Resource (C$1.5 M), Goldgroup Mining (US$1.87 M), Capitan Silver (C$5.3 M) and Southern Silver Exploration (C$3 M). Minera Alamos granted stock options. ON RESOURCES AND DEVELOPMENT, First Majestic reported H2 2024 drilling results from the Navidad deposit, satellite to the Ermitaño mine within its Santa Elena property in Sonora. Torex Gold presented the development advance on the Media Luna mine construction within its Morelos property in Guerrero. Endeavour Silver provided the construction progress advance on its Terronera mine in Jalisco.  ON DEALS AND CORPORATE ISSUES, SilverCrest Metals received clearance from the authorities for its acquisition by Coeur Mining to proceed. Barksdale Resources announced the resignation of Rick Trotman as CEO. Minera Alamos closed the acquisition of a company with a property in USA. Southern Silver Exploration entered into a letter of agreement to acquire the Nazas property in Durango. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Riverside Resources Inc. announced Fortuna Mining Corp. continues to advance its earn-in option on the Cecilia project, in Sonora. The announcement comes after the completion of the Q4 2024 five-hole diamond drill program to test four different area to assess the size and the strength of the hydrothermal system. Highlighted core length intervals comprise 4.00 m @ 3.41 gpt Au; 5.25 m @ 0.39 gpt Au in the San Jose vein system, 1.75 m @ 0.38 gpt Au in the East Target and 2.00 m @ 0.21 gpt Au on the Mayra vein. “The drilling positively demonstrated scale and alterations consistent with a mineralized system worthy of more advanced drilling in addition to continued target testing”.
  • Kingsmen Resources Ltd. reported results from surface sampling at its Las Coloradas project in Chihuahua. The company has identified a new target area for drilling: DBD; This is in addition to the Mine, Aguilar and Leona targets. Highlighted surface rock samples comprise: 1.0 m @ 202 gpt Ag, 0.20 gpt Au, 1.7% Pb, 10.7% Zn; 0.8 m @ 82 gpt Ag, 2.0% Zn; 0.6 m @ 81 gpt Ag, 1.3% Pb, 3.0% Zn; 0.7 m @ 268 gpt Ag, 0.36 gpt Au, 4.1% Pb, 10.1% Zn; 1.1 m @ 243 gpt Ag, 4.4% Pb, 4.8% Zn; 1.1 m @ 94 gpt Ag, 1.9% Pb, 3.4% Zn; 0.9 m @ 308 gpt Ag, 0.24 gpt Au, 4.5% Pb, 21.0% Zn; 0.8 m @ 198 gpt Ag, 0.33 gpt Au, 5.0% Pb, 5.1% Zn; 0.9 m @ 187 gpt Ag, 0.73 gpt Au, 3.9% Pb, 6.6% Zn; 0.8 m @ 396 gpt Ag, 0.46 gpt Au, 4.6% Pb, 3.5% Zn; 0.5 m @ 335 gpt Ag, 0.27 gpt Au, 3.3% Pb, 10.6 % Zn; 0.8 m @ 169 gpt Ag, 0.45 gpt Au, 3.1% Pb, 1.6% Zn.

ON MINING

  • Heliostar Metals Ltd. announced Q4 2024 production results, adding to 20,795 Oz AuEq for the year. During the last quarter 3,052 Oz Au, 9.8 K Oz Ag (or 3,167 Oz AuEq) were sold from production at La Colorada mine in Sonora, and 7,104 Oz Au, 10.2 K Oz Ag (or 7,224 Oz AuEq) were sold from production at San Agustin, in Durango. La Colorada and San Agustin ceased mining operations in September 2023 and September 2024 respectively, and have been producing metals from re-leaching activities. For 2025 Heliostar aims to produce 17,000 to 23,300 Oz Au, 42.5 K to 51.5 K Oz Ag at La Colorada and 13,000 to 16,700 Oz Au, 34 K to 43 K Oz Ag at San Agustin in 2025 at a cash cost of $1,800 to $1,950 per Oz AuEq and an AISC of $1,950 to $2,100 per Oz AuEq. Mining operations restarted at La Colorada in January 2025 and are planned to continue through the year. At San Agustin a permit application has been submitted to expand the open pit that would allow mining operations to recommence in 2025. A feasibility study (FS) is to be completed on Ana Paula during 2025, aiming to a construction decision soon after.
  • Avino Silver & Gold Mines Ltd. shared 2024 achievements and the outlook for 2025. The company posted record revenues in Q2 and Q3 2024, with mill throughput increasing by 26% compared to Q4 2023, gold production increased 76% with improved grade feed and produced 2.65 M Oz AgEq during the year. A long-term use agreement was signed with a local community at La Preciosa (adjacent property to Avino), completed office and outbuildings, with critical stability reinforcements made at the mine entrance. For 2025 the company plans to process 700 to 750 K tonnes from both Avino and La Preciosa, expecting to produce 2.5 to 2.8 M Oz AgEq. Avino had US$26 M in cash at the end of 2024 and remains debt-free. Total exploration budget is between US$1 and US$2M to drill on the Avino and Guadalupe veins.

ON FINANCING

  • Discovery Silver Corp.  closed the bought deal public offering for gross proceeds of C$247.5 M, which includes 25 M subscription receipts issued pursuant to the exercise, in full, of the over-allotment option granted to the underwriters (Porcupine Complex, Canada; Cordero, Chihuahua).
  • Silver Storm Mining Ltd. closed an additional tranche of the non-brokered private placement offering previously announced. Under this tranche of the offering share units were issued for aggregate gross proceeds of C$2.16 M, including a C$1.5 M investment from current significant shareholder First Majestic Silver Corp. In total gross proceeds of C$3.45 M were raised (La Parrilla, Durango).
  • Reyna Silver Corp. announced the first closing of the previously announced private placement offering, for gross proceeds of C$1.12 M. Certain insiders of the company subscribed for a total consideration of C$1.04 M (Guigui, Chihuahua).
  • Oroco Resource Corp. amended the terms of a non-brokered private placement to up to C$1.5 M in gross proceeds (Santo Tomás, Sinaloa).
  • Goldgroup Mining Inc. announced that all shareholders holding share purchase warrants issued on September 2024 have exercised all the outstanding warrants, for gross proceeds of US$1.87 M (Cerro Prieto, Sonora).
  • Capitan Silver Corp. intends to increase the size of its previously announced private placement to up to C$5.3 M (Cruz de Plata, Durango).
  • Minera Alamos Inc. granted 6.2 M incentive options to new and existing employees, management, directors and consultants (Santana, Sonora).
  • Southern Silver Exploration Corp. announced the increase of its previously announced non-brokered private placement to up to C$3 M in gross proceeds (Cerro Las Minitas, Durango).

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp. reported drilling results from the Navidad zone of the Santa Elena property in Sonora. The results from the second half of 2024 drilling program with 20,809 m in 17 holes are from the Navidad and Winter veins. Highlighted true width intercepts comprise 4.30 m @ 5.12 gpt Au, 43 gpt Ag; 1.22 m @ 9.22 gpt Au, 76 gpt Ag; 4.83 m @ 8.60 gpt Au, 77 gpt Ag; 6.06 m @ 5.64 gpt Au, 104 gpt Ag; 3.30 m @ 7.09 gpt Au, 1,253 gpt Ag; 3.07 m @ 4.27 gpt Au, 57 gpt Ag; 2.66 m @ 13.93 gpt Au, 99 gpt Ag; 1.38 m @ 0.42 gpt Au, 1,064 gpt Ag; 1.26 m @ 0.32 gpt Au, 462 gpt Ag; 1.59 m @ 6.40 gpt Au, 110 gpt Ag; 5.62 m @ 2.89 gpt Au, 50 gpt Ag in the Winter vein, 3.24 m @ 13.06 gpt Au, 205 gpt Ag; 2.32 m @ 7.09 gpt Au, 38 gpt Ag; 1.27 m @ 2.08 gpt Au, 120 gpt Ag; 2.58 m @ 1.44 gpt Au, 139 gpt Ag; 1.35 m @ 2.90 gpt Au, 354 gpt Ag; 4.78 m @ 1.36 gpt Au, 115 gpt Ag in the Navidad vein. Significant mineralization has been recognized for 600 m along strike and 350 on dip, with 0.65 m to 6.6 m in thickness on the Winter vein, and 1,000 m along strike and 300 downdip on the Navidad vein, which is 0.5 to 5.0 m in thickness. Exploration is being conducted in favorable host rocks concealed under extensive overlying volcanic rocks.
  • Torex Gold Resources Inc. provided an update on development of its Media Luna project to the end of 2024. Media Luna is part of the company’s Morelos property in Guerrero. The project was at 94% completion, with procurement 99% complete, underground and surface development/construction at 90% and 85% respectively. The start of the four-week tie-in of the copper and iron sulphide flotation circuits is scheduled for late February, with first concentrate production expected by the end of Q1 and commercial production shortly thereafter. “At the end of 2024, 83% of the total planned workforce at Media Luna was in place, which involved the recruitment of 136 people and transfer of 197 employees over the course of the year”.
  • Orogen Royalties Inc. announced the expansion of the Navidad target within the Ermitaño mine concession (on which Orogen has a 2% NSR) on First Majestic’s Santa Elena property in Sonora (see above for details).
  • Endeavour Silver Corp. provided a Q4 2024 construction progress update for its Terronera project in Jalisco. Project progress reached 89.4% completion, with US$302 M spent of the US$332 M budget. During Q4 1,700 m of underground development were completed, much of the upper plant platform site was finished, whereas the lower platform facilities and tailings storage facility – lower platform area was 42% complete, the laboratory building was complete and the plant maintenance building presented 80% advance. “At the end of Q4, the Terronera workforce included 297 Endeavour Silver employees and 821 contract workers”. The 2024 budget has been revised for 2025 from US$271 M to US$332 M. Full system commissioning is anticipated for early Q2 2025.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc. received the clearance decision from the from COFECE (Comisión Federal de Competencia Económica) with respect to the company’s plan of arrangement with Coeur Mining Inc., whereby Coeur will indirectly acquire all of the issued and outstanding shares of SilverCrest (Las Chispas, Sonora).
  • Agnico Eagle Mines Ltd. and O3 Mining Inc. announced that Agnico owns now 96.5% of the issued and outstanding shares of O3 Mining (Pinos Altos, Chihuahua).
  • Barksdale Resources Corp. announced the resignation of Rick Trotman from his position as president and CEO of the company. William Wulftange, a current member of the board of directors, will assume in an interim basis all related duties (San Javier, Sonora).
  • Minera Alamos Inc. and Sabre Gold Mines Corp. announced the closing of the previously announced acquisition by Minera Alamos of Sabre and its Copperstone gold project in Arizona (Santana, Sonora).
  • SilverCrest Metals Inc. announced that the company’s securityholders have approved the plan of arrangement with Coeur Mining, Inc., whereby Coeur will acquire all of the issued and outstanding SilverCrest shares (Las Chispas, Sonora).
  • Southern Silver Exploration Corp. entered into a letter agreement with La Cuesta International, S.A. de C.V. to acquire the Nazas project in Durango. Southern Silver can earn 100% interest in Nazas by “making pre-production cash payments totalling US$130,000 over a 36 month period with a preproduction payment of US$25,000 payable every 6 months thereafter; and (ii) completing a minimum aggregate 8,000 metres of drilling on the project over a 4 year period. The Company will also pay US$25,000 in reimbursement of concession rights taxes”. The project is subject to a 2% NSR on the current claims, 1% NSR on any new claims and 0.5% NSR on third party owned lands acquired. The property comprises five claims covering 2,189 ha and has a comprehensive database that includes several thousand rock and soil samples, channel samples clay alteration studies, magnetic, gravimetric and magneto telluric surveys over selected areas and results of 18 holes totaling over 4,000 m (12 RC and 6 DDH).
  • Heliostar Metals Ltd. appointed Ms. Vitalina Lyssoun as chief financial officer (Ana Paula, Guerrero).

ON SOCIAL RESPONSIBILITY

  • No Relevant news.

On the image below: Silicifed ridge on a project in the Sonora Desert. Drone picture by Jorge Cirett.

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

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By Jorge Cirett                                             

During the 38th week of the year (September 16th to September 22nd, 2024), companies working in Mexico posted at least 15 press releases. Three companies informed on exploration advances on its properties, one company reported quarterly results, three companies notified on financing rounds, two companies granted stock options, one paid a loan facility, one commenced a drilling program on an advanced property, another announced appointments to the board and one more notified of its AGM results. ON MEXICO ISSUES, the Supreme Court is to review the case on the US$55 M fund paid by Grupo Mexico to unionized miners on the sale of the Cananea mine. ON EXPLORATION, in Sonora, Minaurum Gold released drilling results from its Alamos project. In Chihuahua, Radius Gold reported drilling results from Plata Verde. In Durango, Mithril Silver and Gold published results from drilling at Coplaquin. ON MINING, Starcore International Mines reported quarterly results. ON FINANCING, Vizsla Silver completed a bought deal public offering for C$65 M. Heliostar Metals granted stock options. GR Silver is increasing it private placement offering to $2.4 M. Orex Minerals granted incentive options. Sierra Madre Gold and Silver closed a private placement for US$500 K. Guanajuato Silver repaid a US$7.5 M loan facility to OCIM Metals & Minerals. ON RESOURCES AND DEVELOPMENT, Heliostar Metals commenced a 5,000 m drilling program at Ana Paula. ON DEALS AND CORPORATE ISSUES, Orex Minerals announced board changes. Santacruz Mining reported on its AGM. ON SOCIAL RESPONSIBILITY, Alamos Gold contributed to a health program and Mithril Gold and Silver on community support work.

ON MEXICO ISSUES

  • The Supreme Court is to review on October 9th, 2024 the demand by workers of the Sindicato Nacional de Trabajadores Mineros, Metalúrgicos, Siderúrgicos y Similares de la República Méxicana (a miners Union) on the return of a US$55 M fund created in 2005 on the sale of the Cananea mine to Grupo Mexico. If successful, the Union and its leader Napoleón Gómez Urrutia would have to source the amount to the workers. At the time, the Union leader informed that the money was owned by the Union, and was not to be distributed among the workers.

ON EXPLORATION

  • Minaurum Gold Inc. released the results of the first five holes of the 2024 program intended to establish an initial mineral resource at its Alamos silver project in Sonora. These holes totaled 1,286 m on two fences across the Promontorio vein zone, which includes the Veta Grande, Veta del 100 and Veta Las Guijas veins. “The West Promontorio vein zone is an underexplored vein zone located 100 m west of the Veta del 100 that was intersected in the 2024 drill program. The Promontorio Sur is the faulted-off, down-dropped, and underexplored southern extension of the Las Guijas vein”. Highlighted core length intervals comprise 1.25 m @ 151 gpt Ag, 0.03 gpt Au, 0.91% Cu, 1.6% Pb, 0.6% Zn (or 309 gpt AgEq); 0.70 m @ 2,431 gpt Ag, 0.26 gpt Au, 1.29% Cu, 7.4% Pb, 6.1% Zn (or 2,976 gpt AgEq); 1.05 m @ 196 gpt Ag, 0.37 gpt Au, 0.47% Cu, 0.2% Pb, 1.9% Zn (or 342 gpt AgEq); 5.60 m @ 200 gpt Ag, 0.48 gpt Au, 0.35% Cu, 1.5% Pb, 1.6% Zn (or 368 gpt AgEq); 2.55 m @ 350 gpt Ag, 0.78 gpt Au, 0.52% Cu, 3.1% Pb, 2.2% Zn (or 621 gpt AgEq); 8.45 m @ 78 gpt Ag, 0.37 gpt Au, 0.24% Cu, 2.6% Pb, 4.1% Zn (including 1.75 m @ 211 gpt Ag, 0.61 gpt Au, 0.53% Cu, 7.4% Pb, 10.9% Zn).
  • Radius Gold Inc. reported final drill results by its partner Fresnillo plc for the Plata Verde silver project in Chihuahua. The drill program comprised 13 holes for a total of 2,400 m, intersecting several zones of low-grade Ag mineralization, but no zones of significant mineralization.
  • Mithril Silver and Gold Ltd. announced results from drilling at its Copalquin District project in Durango. Highlighted core length intervals comprise 33.00 m @ 31.8 gtp Au, 274 gpt Ag (including 7.00 m @ 144 gpt Au, 1,162 gpt Ag, which includes 2.00 m @ 495 gpt Au, 3,765 gpt Ag); 1.00 m @ 12.65 gpt Au, 13 gpt Ag; 2.45 m @ 0.87 gpt Au, 53 gpt Ag; 9.60 m @ 0.23 gpt Au, 7 gpt Ag. The company also completed a 70 square Km LIDAR survey covering the project area, identifying a number of previously unknown mine workings.

ON MINING

  • Starcore International Mines Ltd. reported results for Q1, ended July 31, 2024. At San Martin, in Queretaro, Starcore milled 49.5 K tonnes grading 1.92 gpt Au, 20 gpt Ag, recovering 85.2% Au, 56.9% Ag, to produce 2,600 Oz Au, 18.3 K Oz Ag (or 2.8 K Oz AuEq) at cash cost US$1,608 per Oz AuEq.

ON FINANCING

  • Vizsla Silver Corp. completed the previously announced bought deal public offering for aggregate gross proceeds of C$65 M. The offering was led by Canaccord Genuity as sole bookrunner on behalf of itself and a syndicate of underwriters, including CIBC Capital Markets, Ventum Financial Corp., Raymond James Ltd., Stifel Nicolaus Canada Inc., National Bank Financial Inc., and BMO Capital Market (Panuco, Sinaloa).
  • Heliostar Metals Ltd. granted 4.67 M stock options and 1.18 M restricted share units to directors, officers, employees and consultants. Heliostar also entered into two advisory agreements with TSCG Capital Group and 3L Capital Inc. for financial advisory services (Ana Paula, Guerrero).
  • GRSilver Mining Ltd. is increasing its private placement offering to $2.4 M in gross proceeds (Plomosas, Sinaloa).
  • Orex Minerals Inc.  granted 909 K incentive stock options to directors and officers. (Coneto, Durango).
  • Sierra Madre Gold and Silver Ltd. closed its previously announced non-brokered private placement for aggregate gross proceeds of US$500 K (La Guitarra, Estado de Mexico).
  • Guanajuato Silver Corp. announced the complete repayment of its US$7.5 M Ag and Au pre-payment facility to Swiss-based OCIM Metals & Mining S.A., leaving the gold loan credit facility with Ocean Partners UK Ltd. as the only loan outstanding. This “facility is repayable in equal fixed monthly installments of gold totalling approximately 338 troy ounces per month for a period of 30 months which commenced in June 2024. Notably, Guanajuato Silver averaged monthly production of over 1600 ounces of gold and over 137,000 ounces of silver during the first half of 2024” (El Cubo, Guanajuato).   

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. commenced a 5,000 m diamond drill program at Ana Paula, in Guerrero. The 2,600 m seven holes Phase 1 program focus on extending the High Grade Panel and Parallel Panel to the west, testing also the downdip extension of the High Grade Panel. Phase 2 consists of eight holes totaling 2,400 m, targeting the eastern and western extensions of the High Grade Panel.

ON DEALS AND CORPORATE ISSUES

  • Orex Minerals Inc. announced the resignation of Ben Whiting as President, CEO and Director of the company, and of Art Freeze as director. Later during the week Orex announced the appointment of John Eren as CEO and member of the board, and the appointment of Chris Beltgens as a member of the board (Coneto, Durango).
  • Santacruz Silver Mining Ltd. reported that all matters were approved at the company’s AGM held on September 16, 2024 (Zimapan, Hidalgo).

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc. announced a significant contribution to The Princess Margaret Cancer Foundation to create the new Alamos Gold Chair in Gastrointestinal Surgical Oncology.
  • Mithril Gold and Silver Ltd. stated that part of its ESG commitment includes “the municipal access road, connecting to the township of El Durazno 12 km east of the Copalquin District, with support for the municipal upgrade works scheduled for commencement in Q3 2024.

On the image below: Chloritized porphyritic diorite, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of April 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 15th week of the year (April 8th to April 14th, 2024), companies working in Mexico posted at least 29 press releases. Two companies released exploration results in their properties, while eight companies released production results for Q1 2024. Seven companies announced financing rounds for a total of C$18.4 M, one granted stock options, one more made a significant draw on its debt facility and one more is listing in the FSE. Three companies released drilling results from their advanced properties, one on new technical reports needed for its properties, and one more on the incoming drilling program. One company announced the appointment of a director. ON MEXICO ISSUES, the Northern Miner wrote that Mexico’s Supreme Court is likely to strike down the mining reforms by the current government. A federal court rejected the legal defense on the cancellation of the Sonora Lithium project concessions. ON EXPLORATION, Minaurum Gold reported metallurgical test results on Alamos; Silver Spruce obtained the drilling permit for the second round of drilling at Diamante. ON MINING, Fortuna Silver, Aura Minerals, Guanajuato Silver Company, Endeavour Silver, Orla Mining, GoGold Resources, Torex gold and Gatos Silver presented production results for Q1 2024. ON FINANCING, Kootenay Silver launched a “best efforts” public offering to raise up to C$5 M. Oroco Resource granted stock options. Silver Spruce announced a private placement to raise C$500 K. Silver Storm raised C$6.1 M. Endeavour Silver drew US$60 M from its US$120 M senior secured debt facility. Vortex Metals is to complete a non-brokered private placement to raise C$1.45 M. Prismo Metals listed its shares in the FSE. Tocvan Ventures is to raise C$2.25 M. Regency Silver upsized its non-brokered private placement to C$993.7 K. Silver Viper raised C$2.1 M on the closing of the first tranche of its financing round. ON RESOURCES AND DEVELOPMENT, Pan American Silver presented drilling results from La Colorada Skarn infill drilling in Zacatecas. Prime Mining released drilling results from Los Reyes, in Sinaloa. Defiance Silver is to prepare new technical reports for Tepal and San Acacio projects, in Jalisco and Zacatecas respectively. Goldgroup presented the first update on its operations and drilling results at Cerro Prieto, in Sonora. Centenario Gold is preparing to drill Eden, in Sinaloa. ON DEALS AND CORPORATE ISSUES, Vizsla Silver announced an appointment to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Henry Lazenby on the Northern Miner wrote that Mexico’s Supreme Court could strike down the president’s mining reforms next week. Here is the link to read on the nightmarish situation in Mexico under the current government for the mining industry: https://www.northernminer.com/news/mexicos-supreme-court-could-strike-down-presidents-mining-reforms-next-week/1003866150/
  • The federal court rejected an amparo filed by Bacanora Lithium owned by the Chinese company Ganfeng Lithium to reverse the cancellation of its mining concessions in Sonora by the Ministry of Economy’s (SE) General Mining Directorate in September 2023.

ON EXPLORATION

  • Minaurum Gold Inc. reported preliminary metallurgical testing results from composite core samples taken at the Promontorio and Europa targets at its Alamos silver project in Sonora. “Six separate composites were prepared including 3 from core samples at the Europa vein zone and 3 from core samples at the Promontorio vein zone. For each vein zone, the 3 composites were comprised of 1/4 cores corresponding from sample intervals with silver assays in ranges 150-250 g/t silver (low grade), 250-450 g/t silver (medium grade), and >450 g/t silver (high grade)”. Reported Au recoveries ranged from 46% to 96.5%, averaging 77.4%; Ag recoveries ranged between 68.2% to 94.3%, averaging 85.4%; Pb recoveries ranged from 21.3% to 82.2%, averaging 63.7%; Cu recoveries ranged between 43.5% and 81.87%, averaging 61.2%. Samples were processed at the Tecnológico de Metalurgia in Hermosillo and the Servicio Geológico Mexicano (SGM) lab in Chihuahua.
  • Silver Spruce Resources Inc. along with partner Colibri Resource Corp. announced the approval of its Informe Preventivo by SEMARNAT (Environmental authority) for the second drill program at the Diamante project in Sonora. “Colibri will manage the planned 1,000 metre diamond drilling program from a select group of the permitted drill targets”.

ON MINING

  • Fortuna Silver Mines Inc. reported production for the first quarter of 2024, including figures from its Mexican operations. At San Jose, in Oaxaca, 181.1 K tonnes were milled at an average rate of 2,182 tpd, grading 147 gpt Ag, 0.90 gpt Au, recovering 88.73% Ag, 86.76% Au, to produce 4,533 Oz Au, 759.1 K Oz Ag during the period. “The San Jose Mine has less operational flexibility in 2024 compared to 2023 due to the reduced and more dispersed Mineral Reserves associated with the Trinidad deposit. Production areas contain lower head grades and a higher presence of ferrous oxides in the upper levels, which impacted recoveries by approximately 2 percent in the quarter. The operation is experiencing cost pressures, mainly driven by a continued appreciation of the Mexican peso. The Company conducts regular assessments and trade-offs between maintaining operations and a care and maintenance option”.
  • Aura Minerals Inc. announced preliminary production results from its mines, including figures from Aranzazu, in Zacatecas. During the period Aranzazu produced 25,001 Oz AuEq. “Production was 5% lower compared to Q4 2023 and 5% above Q1 2023 at constant metal prices, due to mine sequencing…”
  • Guanajuato Silver Company Ltd. announced selected financial information and consolidated production results for 2023. During the year the company mined 600.3 K tonnes, milling 593.8 K tonnes to produce 1.76 M Oz Ag, 16,967 Oz Au, 3.55 M Lb Pb, 3.87 M Lb Zn, at cash cost $18.22 per Oz AgEq and an AISC of $22.91. Guanajuato Silver produced 74% more Ag, 52% more Au, 164% more Pb and 100% more Zn than in 2022. At the end of the period the company had cash and cash equivalents of $1.96 M and negative working capital of $18.44 M (El Cubo, Valenciana Complex, San Ignacio in Guanajuato; Topia in Durango).
  • Endeavour Silver Corp. reported Q1 2024 production of 1.46 M Oz Ag, 10,133 Oz Au, or 2.3 M Oz AgEq. At Guanaceví, in Durango, 115 K tonnes were processed at a rate of 1,263 tpd, grading 402 gpt Ag, 1.25 gpt Au, recovering 89.9% Ag, 89.2% Au, to produce 1.33 M Oz Ag, 4,124 Oz Au. At Bolañitos, in Guanajuato, 106.8 K tonnes were processed at a rate of 1,174 tpd, grading 42 gpt Ag, 1.94 gpt Au, recovering 86.2% Ag, 90.2% Au, to produce 124.3 K Oz Ag, 6,010 Oz Au.
  • Orla Mining Ltd. provided an interim operational update for Q1 2024. During the period 1.94 M tonnes of ore were mined and 872.6 K tonnes of waste moved at its Camino Rojo Oxide mine in Zacatecas, with a strip ratio of 0.45, stacking 1.8 M tonnes at an average rate of 19,597 tpd, grading 0.82 gpt Au, to produce 33,223 Oz Au. At the end of the period Orla had a $118.1 M cash position, with a total debt of $88.4 M, resulting in a net cash position of $29.7 M.
  • GoGold Resources Inc. reported production for Q1 2024 of 138.7 K Oz Ag, 2,184 Oz Au, 93 tonnes Cu, 92 tonnes Zn, or 375.7 K Oz AgEq at its Parral tailings operations. “With the SART Zinc circuit commissioning completed, this marks the first quarter where Parral produced a saleable zinc product.”
  • Torex Gold Resources Inc. reported Q1 2024 gold production of 115,494 Oz at its El Limón Guajes surface and underground operations in Guerrero. Average gold recovery at the processing plant was 90.7%, the highest to date. Throughput averaged 13,118 tpd.
  • Gatos Silver Inc. announced production results for Q1 2024 at its Cerro Los Gatos mine in Chihuahua. During the period 292.1 K tonnes were processed at a rate of 3,210 tpd, grading 284 gpt Ag, 3.99% Zn, 1.77% Pb, 0.28 gpt Au, recovering 88.8% Ag, 61.4% Zn, 89.2% Pb, 52% Au, to produce 2.37 M Oz Ag, 15.8 M Lb Zn, 10.1 M Lb Pb, 1,390 Oz Au (or 3.7 M Oz AgEq) in lead and zinc concentrates.

ON FINANCING

  • Kootenay Silver Inc. entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner in connection with a “best efforts” public offering for gross proceeds of up to C$5 M (Columba, Chihuahua).
  • Oroco Resource Corp. granted 6.23 M stock options to 33 directors, officers, employees and consultants at an exercise price of $0.75 per share (Santo Tomás, Sinaloa).
  • Silver Spruce Resources Inc. announced a private placement to gather gross proceeds of up to C$500 K (Pino de Plata, Chihuahua).
  • Silver Storm Mining Ltd. closed the second and final tranche of its oversubscribed non-brokered private placement offering for gross proceeds of C$4.63 M, including C$3 M investment from current significant shareholder Eric Sprott.  In aggregate the total gross proceeds in the two tranches added to C$6.1 M (La Parrila, Durango).
  • Endeavour Silver Corp. announced the first drawdown of $60 M of the $120 M senior secured debt facility for the development of the Terronera mine in Jalisco. The key terms of the contracts include forward sales amounting to 68,000 Oz Au that have been executed at $2,325 per Oz, representing 55% of planned gold production on the first three years of operations, no silver hedge requirements and forward purchases of US$45 M equivalent Mexican peso over the remaining construction period at $16.56 per US dollar.
  • Vortex Metals Inc. intends to complete a non-brokered private placement for total gross proceeds of C$1.45 M (Riqueza Marina, Oaxaca).
  • Prismo Metals Inc. announced the listing of its shares on the Frankfurt Stock Exchange (FSE). Prismo Metals shares are also cross listed on the Canadian Securities Exchange and on the OTCQB in the United States (Los Pavitos, Sonora).
  • Tocvan Ventures Corp. arranged a non-brokered private placement with a lead order from an institutional investor for C$1.5 M. The company will complete a concurrent private placement for up to C$750 K to other eligible investors for aggregate gross proceeds of C$2.25 M (Pilar, Sonora).
  • Regency Silver Corp. announced that it has closed a further C$215.2 K of a previously announced non-brokered private placement of $C800 K, upsizing it to a total of C$993.7 K (Dios Padre, Sonora).
  • Silver Viper Minerals Corp. announced the closing of the first tranche of its non-brokered private placement financing pursuant to the Listed Issuer Financing Exemption (LIFE) previously announced. Under the first tranche the company raised C$2.11 M in gross proceeds (La Virginia, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Pan American Silver Corp. released results from the ongoing infill and geotechnical drill program at its La Colorada Skarn project, in Zacatecas. The results from eight drill holes (8,101 m) returned some of the highest-grade intercepts in the project. Highlighted core length intervals comprise 26.85 m @ 127 gpt Ag, 7.2% Pb, 11.1% Zn; 77.85 m @ 568 gpt Ag, 12.4% Pb, 9.6% Zn; 22.50 m @ 1,435 gpt Ag, 31.9% Pb, 20.5% Zn; 372.10 m @ 77 gpt Ag, 3.9% Pb, 5.8% Zn (including 83.85 m @ 172 gpt Ag, 8.5% Pb, 10.5% Zn); 60.00 m @ 80 gpt Ag, 4.0% Pb, 7.0% Zn (including 29.00 m @ 136 gpt Ag, 7.5% Pb, 12.8% Zn); 91.20 m @ 31 gpt Ag, 2.6% Pb, 5.0% Zn; 87.25 m @ 32 gpt Ag, 1.4% Pb, 3.9% Zn; 134.55 m @ 29 gpt Ag, 0.1% Pb, 6.6% Zn; 23.15 m @ 57 gpt Ag, 3.3% Pb, 5.6% Zn.
  • Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. Highlighted true width intervals from 15 holes at the Tahonitas area comprise 7.7 m @ 5.83 gpt Au, 143 gpt Ag (including 1.8 m @ 24.31 gpt Au, 555 gpt Ag; 16.9 m @ 1.21 gpt Au, 60 gpt Ag (including 4.5 m @ 2.41 gpt Au, 122 gpt Ag); 0.8 m @ 7.66 gpt Au, 1,260 gpt Ag. These intercepts may support pit expansion to the southeast near surface, and show that the Tahonitas structure mineralization continues for 350 m along strike from the southeast pit crest and enhances the potential to continue discovering high-grade ore shoots within the southeast strike extension and potential high-margin underground feed. Five drill rigs are currently active, and the company is targeting 40,000 m of drilling in 2024.
  • Defiance Silver Corp. announced that the amendment needed on the Tepal project technical report cannot be done, as some of the sections requiring amendments were prepared by persons who are no longer qualified persons. Defiance will be working to prepare a new technical report to replace the current Tepal report. “As for its San Acacio project, work on the preparation of the new technical report is progressing well but has been delayed, notably, due to the site visit availability. The Company now expects to file this new technical report by the mid-May 2024” (Tepal, Jalisco; San Acacio, Zacatecas).
  • Goldgroup Mining Inc. updated on its operations at its Cerro Prieto open pit, heap leach mine in Sonora. Goldgroup commenced mining operations at Cerro Prieto in 2013 with a resource of 8.22 M tonnes @ 0.81 gpt Au, 17.2 gpt Ag, 0.21% Pb, 0.54% Zn, which were mined by mid 2023. Additional mineralization has been mined during subsequent exploration, but not yet included in a published resource calculation. To date Cerro Prieto has produced 117,033 Oz Au, and production continues at a rate of 1,000 to 1,200 Oz Au per month. Mining was focused over a strike length of 1.6 Km in several pits, on a near vertical shear zone up to 65 m wide. Highlighted core length intercepts in 2023 include 19.70 m @ 1.03 gpt Au; 5.5 m @ 0.75 gpt Au; 20.98 m @ 1.02 gpt Au; 13.20 m @ 2.05 gpt Au; 4.50 m @ 1.16 gpt Au; 1.55 m @ 4.78 gpt Au; 24.96 m @ 0.69 gpt Au; 7.70 m @ 1.35 gpt Au; 17.97 m @ 1.13 gpt Au; 11.80 m @ 0.61 gpt Au; 4.25 m @ 1.07 gpt Au; 7.78 m @ 0.98 gpt Au; 11.67 m @ 1.16 gpt Au; 13.70 m @ 1.15 gpt Au; 13.70 m @ 1.15 gpt Au; 13.20 m @ 1.20 gpt Au; 43.89 m @ 0.43 gpt Au; 9.05 m @ 0.093 gpt Au. The company recently brought back into full service its 2,500 tpd crushing circuit, with an improvement in recoveries to 60% expected. Funding is being sought for a second full crushing circuit to double its current gold production.
  • Centenario Gold Corp. announced the next phase of exploration on the Eden property in Sinaloa. The geological team lead by Alain Charest and Hermilo Mendoza outlined several new targets to drill-test across the Eden property, including the northern extension, the upper and deeper portions of the Buenavista epithermal vein system and other sub-parallel mineralized structures, especially the La Proveedora prospect 1.5 Km east of Buenavista. “The upper 100 meter portion of the Buenavista structure extends directly down dip from where the high grade Au and Ag surface sample as high as 239.9 g/t Au and 1390 g/t Ag were obtained”. Quartz textures and alteration minerals at 250 m depth are interpreted as part of the upper level of the epithermal systema, enhancing the probability of further mineralized zones at depth.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp. announced the appointment of Ms. Suki Gill as an independent director of the company effective immediately (Panuco, Sinaloa).  

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz-barite-specularite vein on a project in the Sonoran Desert. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 13th week of the year (March 25th to March 31st, 2024), companies working in Mexico posted at least 21 press releases. Five companies released results for the last quarter/full-year 2023. Two companies announced financing rounds for a total of C$9.8 M, while one more filed a short form base shelf prospectus to raise up to C$40 M. Two companies released updated reserve and resource estimates for its operations. Three companies announced appointments to their boards, one is informing on a royalty spinout, one company announced the agreement to acquire another company with two operating mines in Mexico and one more announced the acquisition of a significant property in Sinaloa. A company with three precious metal mines in Mexico is commissioning a mint in Nevada. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Prime Mining, Alamos Gold, Discovery Silver, Fortuna Silver, Gold Royalty Corp and Americas Gold and Silver presented results for Q4 and full year 2023. ON FINANCING, Americas Gold and Silver raised C$7.8 M, and Capitan Silver increased its offering to C$2 M. Kootenay Silver filed a short form base shelf prospectus to make offering for up to C$40 M in 25 months. ON RESOURCES AND DEVELOPMENT, Mag Silver and Torex Gold released new reserve and resource estimates for Juanicipio (in Zacatecas) and the Morelos Complex (in Guerrero) respectively. ON DEALS AND CORPORATE ISSUES, Vizsla Silver is arranging the distribution of Vizsla Silver Royalties shares to its shareholders. Orex Minerals, GoGold Resources and Fresnillo plc announced resignations and appointments to their boards. Alamos Gold is acquiring Argonaut Gold. Vizsla Silver is acquiring the large La Garra-San Dimas project in Sinaloa. First Majestic Silver commissioned a mint in Nevada. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Prime Mining Corp. reported its operating and financial results for 2023. A federal judge has granted its applications for Federal protection (Amparos) to conduct its activities under the previous (1994) mining law. By the end of 2023 the company held $33.8 M in cash. Prime is to drill 40,000 m in 2024, focusing in resource development and discovery potential. Five drills are currently active at the site (Los Reyes, Sinaloa).
  • Alamos Gold Inc. filed its annual information form and 2023 annual report, including its audited financial statements for 2023, with the SEC on EDGAR as well as on SEDAR+ (Mulatos, Sonora).
  • Discovery Silver Corp. announced financial results for 2023, and updated on work at its Cordero project in Chihuahua since Q4 2023. The release highlighted the feasibility study (FS) results on Cordero, which include a 19-year mine life producing 33 M Oz AgEq in concentrate per year over the life of mine (LOM), at an AISC of US$13.50 per Oz AgEq over the LOM, with a reserve base of 302 M Oz Ag, 840 K Oz Au, 3.0 B Lb Pb, 5.2 B Lb Zn, not including 240 M tonnes of resources outside the feasibility pit. The company had cash and cash equivalents of $58.9 M by the end of 2023.
  • Fortuna Silver Mines Inc. filed its fiscal 2023 annual report on Form 40-F with the U.S. Securities and Exchange Commission (San José, Oaxaca).
  • Gold Royalty Corp. filed its operating and financial results for Q4 and full year 2023. During the year the company received $3.05 M in revenue, with an adjusted net earning loss of $3.9 M while receiving 2,703 Oz AuEq. For 2024 Gold Royalty, which owns 340 royalties, including five producing projects, expects to receive between 5 K and 5.6 K Oz AuEq, roughly US$10 to US$11.2 M (Royalty on Cozamin, Zacatecas).
  • Americas Gold and Silver Corp. reported consolidated financial and operational results for 2023, including figures for its Mexican operations. At Cosalá, in Sinaloa, 1.1 M Oz Ag, 11.5 M Lb Pb and 34.1 M Lb Zn were produced at cash cost $8.47 per Oz Ag. “The Company is in the final stages of negotiation with a global metal trader to provide concentrate prepayment financing for the capital requirements at its 100%-owned El Cajón and Zone 120 silver-copper project (“EC120 Project”) at the Cosalá Operations.  The Company expects to close this financing in Q2-2024 with the goal to be producing higher-grade silver-copper concentrates by the end of 2024”.

ON FINANCING

  • Americas Gold and Silver Corp. closed its offering for total aggregate gross proceeds of C$7.8 M (Cosalá, Sinaloa).
  • Capitan Silver Corp. increased its non-brokered private placement from C$1.5 M to C$2 M (Cruz de Plata, Durango).
  • Kootenay Silver Inc. obtained receipt for a final short form base shelf prospectus with the securities regulators in each province and territory of Canada. The filing allows Kootenay to make offerings for up to a maximum of C$40 M during the 25-month period over which the base shelf prospectus is effective (Columba, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Mag Silver Corp. filed on SEDAR the mineral resource and mineral reserves NI-43-101 compliant technical report for the Juanicipio mine in Zacatecas (44% MAG, 56% Fresnillo plc, mine operator). Juanicipio holds 17 M tonnes @1.86 gpt Au, 310 gpt Ag, 2.89% Pb, 5.32% Zn, containing 1.02 M Oz Au, 169.2 M Oz Ag, 492 K tonnes Pb, 904 K tonnes Zn in measured and indicated resources, and 14 M tonnes @ 1.06 gpt Au, 236 gpt Ag, 2.41% Pb, 6.12% Zn, containing 480 K Oz Au, 106.7 M Oz Ag, 339 K tonnes Pb, 860 K tonnes Zn in inferred resources. The Juanicipio plant achieved the designed 4,000 tpd throughput on September 2023.
  • Torex Gold Resources Inc. reported year-end 2023 mineral reserves and resources for the Morelos Complex in Guerrero. The complex includes the El Limón Guajes (ELG) mine open pits and underground, advanced development phase Media Luna deposit, pre-development phase EPO deposit and surface stockpiles. As can be seen on the table below, the total resources (measured and indicated resources plus inferred resources) add up to almost 10 M Oz AuEq. “Since releasing the March 2022 Technical Report, we have increased our Measured and Indicated resource 1 base by 1,979 koz AuEq (prior to mined depletion) over the last two years and strengthened the production profile by increasing our Proven and Probable reserves by 719 koz AuEq (prior to processed depletion) over the same period.”

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp. announced an arrangement agreement with Vizsla Silver Royalties Corp. under which Vizsla Silver shareholders will vote on a special meeting where the distribution of common shares and warrants from Vizsla Royalties are to be arranged on a 1/3 basis. Vizsla Silver also entered into an equity distribution agreement with Canaccord Genuity Corp. in respect of an at-the-market equity program, which allows the company to issue up to C$50 M of Vizsla Silver shares from treasury to the public. “The ATM Program is intended to provide the Company with additional financing flexibility should it be required in the future. The volume and timing of distributions under the ATM Program, if any, will be determined in the Company’s sole discretion” (Panuco, Sinaloa).
  • Orex Minerals Inc. announced the resignation of David Gunning from the board, and the appointment of Adam Cegielski as independent chair of the company’s board of directors (Valenciana, Zacatecas).
  • GoGold Resources Inc. announced the re-election of members of the board on the annual and special meeting of shareholders held on March 26, 2024 (Los Ricos South, Jalisco).
  • Alamos Gold Inc. entered into a definitive agreement on which Alamos is to acquire all of the issued and outstanding shares of Argonaut Gold Inc. By this agreement Alamos is acquiring the Magino mine, located adjacent to its Island Gold mine in Ontario. Concurrently, Argonaut’s assets in USA and Mexico will be spun out to its existing shareholders as a newly created junior gold producer (“SpinCo”), which will own the Florida Canyon mine in USA, and the El Castillo Complex in Durango, La Colorada in Sonora, and Cerro del Gallo in Guanajuato. “Upon SpinCo going public, Alamos has agreed to subscribe for a further US$10 million to obtain a 19.9% interest in SpinCo”.
  • Vizsla Silver Corp. entered into an agreement to acquire the past-producing La Garra-Metates district in Sinaloa. The 16,962 Ha land package is between the San Dimas and Vizsla’s Panuco district, and exhibits low sufidation epithermal vein systems that have returned high grades over kilometers of strike. Vizsla entered into a share purchase agreement in March 27, 2024, with Exploradora Minera La Hacienda SA de CV and Manuel de Jesus Hernandez Tovar, with a cash payment of non-binding LOI of US$100 K, 258 K shares on signing; US$150 K cash and 476.2 K shares at three months; US$275 K cash, 535.7 K shares at six months; US$225 K, 595.2 K shares at nine months; US$350 K cash, 714.3 K shares at 12 months; US$300 K cash, 833.3 K shares at 15 months; US$375 K cash, 962.4 K shares at 18 months and US$1.3 M in cash, 1.19 M shares at 24 months. Vizsla is to pay back taxes on the concessions and the sellers will retain a 1% royalty that can be bought back for US$750 K at any time. “The finder’s fees is 2% NSR of the project payable to an arm’s length Mexican Company”.
  • Fresnillo plc. announced that Ms Bárbara Garza Lagüera and Mr Juan Bordes intend to stand down from the board at the next annual general meeting in May of 2024. “The Board has, therefore, invited Mr Charlie Jacobs to continue on the Board as a Non-Independent NonExecutive Director” (Fresnillo, Zacatecas).
  • First Majestic Silver Corp. completed the commissioning and commencement of bullion sales from its minting facility, First Mint LLC., located in Nevada. “The inaugural production run of bullion bars will be commemorated and sold as collectibles, complete with certificates of authenticity and exclusive packaging. These limited edition “First Strike” products will include 1,000 one-kilogram bars, 2,500 ten-ounce bars, and 5,000 five-ounce bars” (San Dimas, Durango).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Specularite-quartz matrix breccia in a project in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of February 2023

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 7th week of the year (February 12th to February 18th, 2024), companies working in Mexico posted at least 27 news releases. Two companies reported exploration advances on their properties, two published their outlook for 2024, one released production results for January and one more applied for a mining permit. Five companies announced financing rounds for a total of C$7.25 M, and two more for another $1.6 M. Two companies informed on work at their advanced properties and two more released reserve and resource estimates for their deposits. One company is spinning a royalty to its shareholders, one more informed on the completion of a business combination, another on the signing of an option agreement on a property, one more on the signing of a waiver agreement, another on a director’s appointment and one other about a favorable ruling on its mining concessions. ON MEXICO ISSUES, at least 80% of copper production in Mexico is at stake with the new proposal of the president to forbid open pit mining. ON EXPLORATION, in Sonora, Minaurum updated on its 2024 program for Alamos, Aurifero and Adelita. In Sinaloa, Chesapeake Gold released metallurgical results for its Lucy project. In Guerrero, Minaurum updated on its program for 2024 at its Guerrero Gold Belt and Aurena properties. In Oaxaca, Minaurum updated on its 2024 program at Santa Marta. ON MINING, Avino provided its outlook for 2024 at Avino and La Preciosa. Guanajuato Silver updated on production during January 2024. Infinitum Copper submitted a mining permit for La Adelita. Agnico Eagle released 2023 production figures and its outlook for 2024. ON FINANCING, seven companies informed on the opening or closing of financing rounds: GR Silver (C$670 K), Sonora Desert (C$1 M), Sonoro Gold (C$1 M), Reyna Silver ($1.5 M), Goldgroup Mining (US$100 K), Aztec Minerals (C$1 M), Kootenay Silver (C$3.5 M).  ON RESOURCES AND DEVELOPMENT, Endeavour Silver informed on the construction advance at Terronera. Vizsla Silver reported drilling results from Panuco. Silver Dollar informed on exploration advances at La Joya. Fortuna Silver updated mineral reserves and resources at San Jose. Agnico Eagle released reserves ad resources estimates to the end of 2023 for several projects in Mexico. ON DEALS AND CORPORATE ISSUES, Vizsla Silver is spinning royalties from Panuco to its shareholders. Atacama Copper completed its business combination with TCP1. Orex Minerals signed an option to acquire the Valenciana project in Zacatecas. Silver Viper appointed an independent chair to the board of directors. GR Silver signed a waiver and release agreement with Mako Mining. Defiance Silver reported a favorable ruling involving the ownership of several mining concessions. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Luis H. Vázquez, president of the AIMMGM (Asociación de Ingenieros de Minas, Metalurgistas, y Geólogos de México) stated that the new proposal by the Mexican president to forbid open pit mining in the country endangers at least 80% of copper production in Mexico.  

ON EXPLORATION

  • Chesapeake Gold Corp. released initial metallurgical results from the Lucy project in Sinaloa. Unique composites from four holes underwent CN bottle roll test for 72 hours, with recoveries of 91-97% Au, 40-70% Ag. Assays from core drilling released in October of 2023 returned up to 24 m @ 6.11 gpt Au; 24 m @ 3.95 gpt Au; 30 m @ 2.57 gpt Au. The phase 2 exploration program is underway at the 483 ha Lucy project, program that includes 10 HQ holes totaling 900 m, to extend the identified mineralization along the 500 m skarn corridor.
  • Minaurum Gold Inc. outlined key objectives for its Alamos, Aurifero and Adelita projects in Sonora, Santa Marta in Oaxaca and Guerrero Gold Belt and Aurena in Guerrero. At Alamos, the company will continue underground rehabilitation, conduct metallurgical testing of primary targets, generate new exploration targets adjacent to the Promontorio and Quintera mines. At Aurifero, a drill program to test targets at depth has been submitted for permitting. At Adelita Infinitum has applied for permits to remove and sale high-grade Cu ore. At Santa Marta a permit application for 3,000 m of drilling has been submitted. At Guerrero Gold Belt and Aurena Minaurum Expects to advance the projects through joint ventures.

ON MINING

  • Avino Silver & Gold Mines Ltd. provided its outlook for 2024 and a summary of major milestones in 2023. For 2024 the company plans to process 700-750 K tonnes from the Avino mine and stockpiles from La Preciosa, both in Durango, to produce 2.5-2.8 M Oz AgEq. Having most of the mining and development equipment at Avino, minimal upfront capital is expected to be needed to begin mine development at La Preciosa, where the environmental permit has been submitted to the authorities. No drilling is planned for 2024. During 2023 the production from the Avino mine was within the 2.4-2.7 M Oz AgEq estimate, the PFS on the Oxide Tailings project was completed, the dry-stack tailings facility was operational for a year, 7,545 m of drilling were completed at Avino and the company received the ESR (Empresa Socialmente Responsible) award for the second year.
  • Guanajuato Silver Company Ltd. provided a production update for the month of January 2023. During the month the company mined 56.7 K tonnes and milled 56.7 K tonnes from Topia in Durango, El Cubo, and Cata in Guanajuato and Horcon in Jalisco, with recoveries of 88.7% Au, 88.2% Ag, 89.9% Pb, 81.4% Zn, to produce 1,843 Oz Au, 141.8 K Oz Ag, 279.7 K Lb Pb, 269.3 K Lb Zn (or 329.9 K Oz AgEq). Processing of third-party material added 40.9 K Oz AgEq to total production on the first month of the agreement. Topia produced 85.1 K Oz AgEq, and Horcon 10,183 Oz AgEq. Dewatering of the Villapando area of the El Cubo is opening zones with historical grades of over 350 gpt AgEq.
  • Infinitum Copper Corp. has applied for a mining permit, at La Adelita in Sonora, to the environmental agency (SEMARNAT). “As mining has traditionally taken place in the Cerro Grande area and the Company expects to access the mineralised body through the existing adit the permitting process is not expected to be overly complex”. A metallurgical test conducted by the SGM (Servicio Geológico Mexicano) through conventional flotation recovered 77% Au, 86.1% Ag, 85.2% Cu.
  • Agnico Eagle Mines Ltd. released production on 2023 and its outlook for 2024, including figures for its Mexican operations. During 2023 the Pinos Altos mine in Chihuahua produced 98,280 Oz Au at cash cost of $1,495 per Oz Au and $1,229 per Oz Au on a by-product basis. At La India, in Sonora, 75,904 Oz Au were produced at cash cost of $1,271 per Oz Au and $1,241 per Oz Au on a by-product basis. For 2024 Agnico’s forecast is to produce 100-105 K Oz Au at $1,268 cash cost per Oz Au at Pinos Altos and 25-30 K Oz Au at La India, at cash cost $1,365 per Oz Au. For 2025 and 2026 the envisaged production at Pinos Altos is 125-135 K at Pinos Altos and 115-125 k Oz Au respectively. To achieve that production Pinos Altos is expected to process 1.8 M tonnes averaging 1.86 gpt Au, 47.2 gpt Ag, recovering 94.7% Au, 46.9% Ag in 2024. In the case of La India, the production will come from residual leaching.

ON FINANCING

  • GR Silver Mining Ltd. closed the non-brokered private placement previously announced issuing shares for gross proceeds of C$670 K (Plomosas, Sinaloa).
  • Sonoran Desert Corp. is reducing the price and increasing the amount of its private placement offering. The company is now offering shares at $0.10 per unit intending to raise proceeds of up to C$1 M (Cuatro Hermanos, Sonora).
  • Sonoro Gold Corp. revised the pricing of its previously announced non-brokered placement offering to C$0.05 per share to raise up to C$1 M (Cerro Caliche, Sonora).
  • Reyna Silver Corp. announced a non-brokered listed issuer financing exemption (LIFE) private placement for gross proceeds of up to $1.5 M. “In addition to the Offering, the Company may, at its discretion, complete a concurrent non-brokered private placement of up to 4,166,667 Units for gross proceeds of up to approximately $500,000” (Guigui, Chihuahua).
  • Goldgroup Mining Inc. closed US$100 K of the previously announced convertible debt financing. “The Convertible Debt is unsecured, bears interest at 12% per annum, will be repayable on June 15, 2025 and is convertible into units of the Company at CAD $0.10 per unit at a fixed FX rate of 0.76 USD to CAD at the election of the holder.” (Cerro Prieto, Sonora).
  • Aztec Minerals Corp. closed a non-brokered private placement for aggregate gross proceeds of C$1.1 M (Cervantes, Sonora).
  • Kootenay Silver Inc. closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$3.48 M. The second tranche of the financing is expected to close next week, for aggregate gross proceeds of C$237 K, upon which the aggregate gross proceeds will be C$3.72 M (Columba, Chihuahua).  

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. released a Q3 2024 update on the construction advance at the Terronera project, in Jalisco. Overall project progress has reached 43%, with over 2,200 m of underground development completed in 2023, concrete foundation for the jaw crusher was finished, concrete for the grinding area is nearly complete, as well as the concrete for the flotation cell pedestals. The company remains focused for initial production on Q4 2024, to process at a rate of 2,000 tonnes per day to produce 38,000 Oz Au, 4 M Oz Ag annually over its 10-year mine life.
  • Vizsla Silver Corp. reported results from seven drill holes targeting La Luisa vein at its Panuco project in Sinaloa. Highlighted true width intercepts comprise 1.30 m @ 6.76 gpt Au, 42 gpt Ag; 4.60 m @ 2.64 gpt Au, 73 gpt Ag, 0.1% Pb, 0.4% Zn; 0.85 m @ 7.78 gpt Au, 78 gpt Ag, 0.1% Pb, 1.4% Zn; 1.00 m @ 2.95 gpt Au, 37 gpt Ag, 0.7% Pb, 3.1% Zn. The Luisa vein is in the southwest part of the Panuco district, and has been mapped for 1,500 m on surface and defined by drilling for 1,670 m of longitude, 450 m downdip and 2.93 m of width averaging 3.53 gpt Au, 84 gpt Ag, 0.4% Pb, 1.4% Zn. Recent work by Vizsla points to a tilted mineralization corridor. The vein currently holds 4 M Oz AgEq averaging 459 gpt AgEq in indicated resources and 25.3 M Oz AgEq averaging 386 gpt AgEq in the inferred category.
  • Silver Dollar Resources Inc. provided an update on drill target development work on the Coloradito-Noria portion of the La Joya project in Durango. The company has highlighted three parallel zones supported by a ground magnetic survey anomalies. The S-1 zone is mostly covered by caliche and has not yielded significant results yet. The S-2 zone is also known as the Central dyke zone, with mineralization associated to a dyke. The S-3 zone is coincident with the Brazo zone, where previous drilling intersected unmineralized intense and extensive alteration. Sampling at the Dyke zone has returned 134 of 170 samples with values over 100 gpt Ag, peaking at 4,311 gpt Ag.
  • Fortuna Silver Mines Inc. update mineral reserves and mineral resources, including figures for its Mexican operations. At San Jose, in Oaxaca, proven and probable reserves stand at 733 K tonnes @ 156 gpt Ag, 0.98 gpt Au, containing 3.7 M Oz Ag, 23 K Oz Au; measured and indicated resources of 1.05 M tonnes @ 147 gpt Ag, 1.11 gpt Au, containing 5.0 M Oz Ag, 37 K Oz Au; inferred resources of 5.55 M tonnes @ 108 gpt Ag, 0.55 gpt Au, containing 19.3 M Oz Ag, 97 K Oz Au. “The Brownfields exploration program budget for 2024 at San Jose is $4.9 million, which includes 13,900 meters of diamond drilling, focused on testing and extending the Yessi vein as well as exploring additional targets within the mine area”.
  • Agnico Eagle Mines Ltd. released mineral reserves and resources estimates to the end of 2023, including figures from its Mexican operations. The company holds in Mexico, across two operating mines and several projects, 1.22 M Oz Au, 49.9 M Oz Ag, 591.5 K tonnes Cu, 777.4 K tonnes Zn in the proven and probable reserves category, 2.37 M Oz Au, 58.8 M Oz Ag, 72.7 K tonnes Cu, 114.3 K tonnes Zn in the measured and indicated resources category and 1.92 M Oz Au, 35.7 M Oz Ag, 47.3 K tonnes Cu, 22.4 K tonnes Zn as inferred resources.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp. intends to enter into an agreement with its subsidiary Vizsla Royalties Corp. (Spinco) “within 45 days of this news release in respect of the spinout of the shares of Spinco to the Company’s shareholders….. Spinco currently holds, indirectly, a net smelter royalty on any future mineral production at Vizsla Silver’s flagship, 100% owned Panuco silver-gold project located in Mexico. The Company further announces that holders of its common shares (the “Vizsla Silver Shares”) will be entitled to 1/3 of a common share of Spinco and 1/3 of a common share purchase warrant of Spinco for each Vizsla Silver Share held on the share distribution record date.” (Panuco, Sinaloa).
  • Atacama Copper Corp. announced the completion of its business combination with TCP1 Corp., pursuant to which the resulting issuer has acquired all the issued and outstanding common shares of TCP1 in exchange for common shares of the resulting issuer, resulting in the reverse takeover of the resulting issuer by TCP1. A 10,000 m drilling program will commence at Cristina, in Chihuahua, in the next two weeks, aimed at better delineating and expanding within the main Guadalupe vein and other high-grade veins.
  • Orex Minerals Inc. signed an option agreement with Exploraciones El Cairo S.R.L, to acquire the Valenciana project in Zacatecas. Orex has paid US$15 K on signing, and further payments comprise US$10 K at 6 months, US$35 K at 12 months, US$15 K at 18 months, US$15 K at 24 months, US$20 K at 30 months, US$20 K at 36 months, there after US$25 K every six months. The vendor retains a 2% NSR on the property, 1% on staking around the concession and 0.5% on acquisition of properties within the defined area of influence. When the NSR payments reach US$10 M, the NSR values drop by 50%.
  • Silver Viper Minerals Corp. appointed Taj Singh as independent chair of the company’s board of directors, succeeding Mr. Gary Cope, who will be stepping into retirement (La Virginia, Sonora).
  • GR Silver Mining Ltd. signed a waiver and release agreement with Mako Mining Corp. under which “the parties were mutually released from outstanding undertakings, covenants, indemnities and obligations set out in, arising from, or related to GR Silver Mining’s acquisition of Marlin Gold Mining Ltd.” Mako retains 1% NSR royalty on the concessions owned by Oro Gold de Mexico SA de CV. In consideration for the waiver and release Mako paid GR Silver US$960 K, of which US$500 K were in cash, and the issued to GR Silver of 296.7 K shares of Mako (Plomosas, Sinaloa).
  • Defiance Silver Corp. reported the favorable ruling of the Mexican Court to restore its rightful ownership to the mining concessions at the Tepal project in Michoacan. In June 2022 the company contested an illegal transfer of certain mining concessions to a third-party individual. The Court confirmed the nullity of the transfer, and ordered the cancellation of such transfer. “The judgement will be fully enforceable at the expiration of a 9-day appeal process expiring on February 27, 2024”.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Banded, locally brecciated quartz-barite-specularite vein on a project of the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of November 2023

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 45th week of the year (November 6th to November 12th, 2023), companies working in Mexico posted 29 news releases. Two companies reported exploration advances on their properties and twelve companies released Q3 2023 reports. Two companies informed on financing rounds, one on the granting of share options and one more on its share consolidation process. One company amended the terms on a property acquisition, one is reviewing its strategic options forward, one more is waiting for mining permits and two announced director’s appointments. ON MEXICO ISSUES, Ganfeng Lithium Company is trying to negotiate with the Mexican government the recent cancellation of its mining concessions in Sonora. ON EXPLORATION, In Chihuahua, Mammoth Resources presented metallurgical results from Tenoriba. In Zacatecas, Radius Gold presented drilling results from Tropico. ON MINING, Capstone Copper, Endeavour Silver, Gold Resource, Pan American Silver, Aura Minerals, Gatos Silver, Fortuna Silver, SilverCrest Metals, Coeur Mining, Avino Silver, Golden Minerals and MAG Silver presented Q3 2023 production results. ON FINANCING, Tocvan Ventures is to close a CAD$500 K financing round. Golden Minerals closed a US$4.2 M public offering. Minaurum Gold granted stock options to directors, officers and consultants. Kootenay Silver announced the consolidation of its shares.  ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from its Ana Paula project in Guerrero. Prime Mining reported on drilling at its Los Reyes project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Pantera Silver amended the terms on the acquisition of the Nuevo Taxco project in Guerrero. Bear Creek Mining announced the appointment of directors of the company. Gold Resource is reviewing its strategic alternatives, including the potential sale of the company. Minaurum Gold announced the appointment of Rubén Padilla to the board of directors. Osisko Development is waiting for mining permits at San Antonio, in Sonora.  ON SOCIAL RESPONSIBILITY, Argonaut Gold, SilverCrest Metals and Avino Silver presented information on their impact on communities.

ON MEXICO ISSUES

  • Ganfeng Lithium Company is trying to negotiate with the Mexican government the recent cancellation of its mining concessions in Sonora.

ON EXPLORATION

  • Radius Gold Inc. provided an update of drilling at its Tropico project in Zacatecas. The company completed an initial 1,300 m diamond drill program in eight holes, with assays received for the first seven holes. Drilling is planned to resume upon the receipt of remaining assays. Highlighted core length results comprise 29.18 m @ 0.34 gpt Au, 4 gpt Ag; 30.10 m @ 0.35 gpt Au, 3 gpt Ag; 44.20 m @ 0.28 gpt Au, 2 gpt Ag; 28.52 m @ 0.28 gpt Au, 3 gpt Ag; 36.25 m @ 0.55 gpt Au, 9 gpt Ag (including 7.52 m @ 1.40 gpt Au, 29 gpt Ag); 12.30 m @ 0.44 gpt Au, 3 gpt Ag. “The expected hydrothermal breccia pipe was not found vertically below the sinter as predicted by the geophysics, instead is rather un-expectedly dipping at 45o east and has now been defined under soil cover 200m to the east of the outcropping target”.
  • Mammoth Resources Corp. announced results from bottle roll tests performed on three composite samples of assay reject sample material of drill holes from the Carneritos area of its Tenoriba property in Chihuahua. Results from oxide material reached 92% and 88% dissolution Au and 55% Ag in 12 hours and 94% and 91% Au, 59% Ag after 96 hours. Results for the oxidized-sulfide transition material reached 72% Au, 61% Ag in 12 hours and 75% Au, 64% Ag in 96 hours. “Based on the success from these initial bottle roll tests, Mammoth has commenced testing a coarser fraction of the oxidized and mixed oxidized-sulfide zone material and preliminary tests of a sulfide sample and looks forward to reporting on these results in the near future”.   

ON MINING

  • Capstone Copper Corp. reported financial results for Q3 2023, including figures from its Mexican operations. Of a consolidated production of 40.3 K tonnes Cu during the quarter, 5.9 K tonnes were produced at Cozamin, in Zacatecas, at $1.85 cash cost per Lb Cu. “Q3 2023 infill drilling at the Mala Noche Main Vein West Target was on hold while the development of the lower elevation mine cross-cut was completed. Infill drilling will recommence in early Q4 2023 to support an updated mineral resource estimate in 2024”.
  • Endeavour Silver Corp. announced financial and operating results for Q3 2023. Consolidated production at the Bolañitos (Guanajuato) and Guanaceví (Durango) mines during the quarter of 1.46 M Oz Ag, 9,089 Oz Au (1.87 M Oz AgEq) at cash cost $17.94 per Oz Ag and ASIC of $24.10 per Oz Ag. “Cost metrics were significantly impacted by lower production at the Guanaceví mine and increased operating development resulting from mine sequencing changes required to focus on improved access and ventilation as well as plant maintenance required during the last week of September”. Cash position of $41 M and working capital of $75.9 M by the end of the period. During the quarter $23.4 M were raised, primarily to fund the Terronera mine construction.
  • Gold Resource Corp. presented operational results for the year to date from its Don David mine in Oaxaca. A total of 14,777 Oz Au, 778 K Oz Ag, 8,772 tonnes Zn, 904 tonnes Cu, 3,681 tonnes Pb were produced on the year to date at total cash cost after co-product credits of $1,389 per Oz AuEq on the last quarter. At the quarters end the company had a cash balance of $6.7 M with no debt and working capital of $13.8 M.
  • Pan American Silver Corp. reported results for the third quarter 2023, without disclosing production figures by project. The company produced 5.7 M Oz Ag, 244.2 K Oz Au, with a silver segment cash cost of $13.13 and an AISC of $18.19, to end the period with $832.1 M, inclusive of cash and investments of $386 M, a $750 M revolving line of credit and $809 M of total debt primarily related to the acquisition of Yamana. At La Colorada, in Zacatecas, “the Company invested $14.0 million of project capital in Q3 2023 to advance the La Colorada Skarn project, largely for exploration and the preliminary economic study underway, as well as advancing the excavation of the concrete-lined ventilation shaft”. The preliminary economic study for the project is to be released by year-end 2023.
  • Aura Minerals Inc. filed consolidated financial statements for the period ended on September 30th 2023. Consolidated production from all its mines reached 64,875 Oz AuEq, of which 27,933 Oz AuEq were produced at Aranzazu, in Zacatecas. The AISC of consolidated production was $1,437 per Oz Au. Aura Minerals ended the quarter with a cash balance of $179 M and a net debt of $112.1 M.
  • Gatos Silver Inc. announced third quarter 2023 financial and operating results. The company has a 70% interest in the Cerro Los Gatos mine in Chihuahua, which processed 268.3 K tonnes at a rate of 2,916 tpd, averaging 0.30 gpt Au, 285 gpt Ag, 1.84% Pb, 3.82% Zn, to produce 1.28 K Oz Au, 2.22 M Oz Ag, 9.5 M Lb Pb, 13.8 M Lb Zn, or 3.46 M Oz AgEq at co-product cash cost of $14.42 and a co-product AISC of $17.64 per Oz AgEq. As of October 31, 2023, the company had $57.7 M in cash, no debt and a $50 M revolving credit facility available.
  • Fortuna Silver Mines Inc. reported financial and operating results for the third quarter 2023. The company consolidated production from its operations in several countries was 94,821 Oz Au, 1.68 M Oz Ag. At the San Jose mine in Oaxaca, 247.5 K tonnes were processed at a rate of 2,845 tpd, grading 189 gpt Ag, 1.14 gpt Au, recovering 91% Ag, 91% Au, to produce 1.37 M Oz Ag, 8,205 Oz Au, at a cash cost of $13.84 per Oz AgEq and an AISC of $18.04 per Oz AgEq. Infill drilling led to the discovery of the Yessi vein, a blind structure 200 m horizontally from existing underground infrastructure, with highlighted true width intercepts of 9.9 m @ 1,299 gpt AgEq and 5 m @ 621 gpt AgEq.
  • SilverCrest Metals Inc. released its financial results for the third quarter of 2023 and expanded on October 2023 operational results from Las Chispas mine, in Sonora. During the period the company mined 83,800 tonnes, processing 114,500 tonnes at a daily rate of 1,245 tpd, averaging 4.35 gpt Au, 413 gpt Ag, recovering 98.3% Au, 98.1% Ag to produce 15,700 Oz Au, 1.49 M Oz Ag at cash cost $6.53 per Oz AgEq and an AISC of $12.23 per Oz AgEq. During the quarter 14,183 m of exploration drilling was completed, 83% in resource conversion and the rest in new vein targets, at a cost of $2.8 M. By the end of the Period SilverCrest held 70.0 M in cash and 11.7 M in bullion.
  • Coeur Mining Inc. reported third quarter 2023 financial results including figures from its operations in Mexico. At Palmarejo, in Chihuahua, 501.7 K tonnes were milled, averaging 1.71 gpt Au, 114.1 gpt Ag, recovering 97.6% Au, 86.9% Ag to produce 26,870 Oz Au, 1.60 M Oz Ag at CAS of $917 per Oz Au and CAS of $15.56 per Oz Ag. “The focus of exploration has transitioned from primarily mapping and sampling to more intensive drilling from four rigs during the quarter compared to one rig in the previous quarter…. focused on finding the intersection of structures where there is potential for a higher-grade shoot”. During the period Palmarejo apported 34% of the gold and 69% of the silver produced by Coeur, at the lowest costs per ounce. Full-year production is expected be 100 to 112.5 K Oz Au, 6.5 to 7.5 M Oz Ag at Palmarejo. Coeur ended the quarter with $53 M in cash and $220 M available capacity under its $390 M revolving credit facility and $7 M of marketable securities.
  • Avino Silver & Gold Mines Ltd. released consolidated financial results for the third quarter 2023. At the Avino mine in Durango, 154.5 K tonnes were milled to produce 237 K Oz Ag, 2,077 Oz Au, 1.14 M Lb Cu, or 591.2 K Oz AgEq at cash cost $16.90 per Oz AgEq. Recent deep drilling indicates that “The vein system continues to be open along strike and at depth”.  At the end of the period Avino had $1.85 M in cash and $7.44 M in working capital.
  • Golden Minerals Co. released financial results and business summary for the quarter ending on September 30, 2023. The company is working on “permitting, equipment readiness, arrangements with union staff, contract miners, plant operators and support personnel. The Velardeña mines last operated in November 2015”. Also during the period a PEA report for the Velardeña properties in Durango was filed. Mining activities were concluded at Rodeo, in Durango in June 2023, and continued processing stockpiled material until August, with the pouring of the last doré in September. At the end of the period Golden Minerals held $1.6 M in cash and no debt.
  • MAG Silver Corp. announced unaudited financial results for Q3 2023. At Juanicipio (Fresnillo PLC 56% / MAG Silver 44%) in Zacatecas, 313.1 K tonnes were mined, 322.2 K tonnes processed @ 523 gpt Ag, 1.32 gpt Au, 1.33% Pb, 2.25% Zn, to produce 4.29 M Oz Ag, 7.76 K Oz Au, 7.69 M Lb Pb, 9.59 M Lb Zn at cash cost $4.68 per Oz Ag and an AISC of $9.19 per Oz Ag. The Juanicipio processing facility has achieved nameplate capacity, with Ag recovery above 88%. By the end of the period MAG held working capital of $55.1 M, including cash of $58.5 M and no long-term debt.

ON FINANCING

  • Tocvan Ventures Corp. announced the incoming closing a non-brokered private placement for gross proceeds of up to CAD$500 K (Pilar, Sonora).
  • Golden Minerals Co. announced and closed during the week a public offering, raising US$4.2 M (Velardeña, Durango).
  • Minaurum Gold Inc. granted 1.75 M common share stock options to directors, officers and consultants (Alamos Silver, Sonora).
  • Kootenay Silver Inc. announced that the 10 to 1 consolidation of the outstanding common shares of the company will be made effective on November 14, 2023 (Columba, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. reported results from two diamond drill holes at the Parallel Panel target at the Ana Paula project in Guerrero. This target is 50 m north of the High Grade Panel, and was identified over the last few months. Highlighted core length intervals comprise 14.75 m @ 5.06 gpt Au (including 5.3 m @ 11.7 gpt Au); 18.1 m @ 2.3 gpt Au; 147.05 m @ 4.13 gpt Au (including 16 m @ 11.2 gpt Au and 7.0 m @ 14.5 gpt Au and 8.6 m @ 8.70 gpt Au). “The new holes demonstrate good continuity of width and grade within the Parallel Panel”.
  • Prime Mining Corp. reported expansion drilling results from Los Reyes project in Sinaloa. Highlighted true width intervals comprise 20.10 m @ 2.11 gpt Au, 29 gpt Ag (including 6.30 m @ 5.74 gpt Au, 43 gpt Ag); 5.50 m @ 1.06 gpt Au, 73 gpt Ag (including 1.80 m @ 2.57 gpt Au, 79 gpt Ag); 4.45 m @ 1.04 gpt Au, 8 gpt Ag (including 1.00 m @ 3.26 gpt Au, 20 gpt Ag). “Today’s results, along with previously released holes in this area, have extended mineralization approximately 250m down-dip from the May 2023 resource pits”. There are now six rigs operating at Los Reyes, extending the high-grade Z-T area shoots at depth and along strike, expanding the two other resource areas and exploring new generative targets. “Prime has completed over 48,000 m of its planned 60,000 m 2023 drill program”.

ON DEALS AND CORPORATE ISSUES

  • Pantera Silver Corp. amended the terms of the Nuevo Taxco option agreement to acquire the 1,100-ha project in Guerrero. Under the new terms Pantera is to issue 1.5 M shares in lieu of making a final cash $150 K payment. A final 2 M shares payment will be due on October 30th, 2024 and under the amended terms the vendor has the option to accept the 2 M shares or $150 K cash plus 500 K shares. The final $800 K work commitment has been extended to be competed before the end of 2025.
  • Bear Creek Mining Corp. announced the appointment of Ms. Sandra Daycock Ms. Susan Toews as directors of the company, and Mr. Brian Peer to the position of Chief Operating Officer (Mercedes, Sonora).
  • Gold Resource Corp. presented a review of strategic alternatives. “Notwithstanding the technical successes …… in light of the continued challenges facing the Company, the Company’s Board of Directors has decided to initiate a formal review process, with the assistance of outside financial and legal advisors, to evaluate strategic alternatives for the Company. The comprehensive process will begin immediately and will evaluate a broad range of options to maximize shareholder value, including a potential sale of the Company”.
  • Minaurum Gold Inc. announced the appointment of Dr. Ruben Padilla, PhD to the board of directors (Alamos Silver, Sonora).
  • Osisko Development Corp. presented its third quarter 2023 report, with a few lines on the San Antonio project in Sonora. The company produced 13,591 Oz Au from the San Antonio heap leach since commencing processing of stockpiled inventory in Q1 2022. During Q3 production from the remaining stockpile inventory was completed, with no further production envisaged. “The Company awaits next steps from the government of Mexico with respect to the permitting process”.

ON SOCIAL RESPONSIBILITY

  • Argonaut Gold Inc. released its 2022 Environmental, Social, and Governance (ESG) Report and ESG strategy. For the first time released detailed energy and climate, water management, and biodiversity, with a water recycling rate of 91% on all its mines. Company-wide the Lost Time Injury Rate was lowered from 0.32 in 2021 to 0.07 in 2022. Zero operational disruptions due to labor or community issues.
  • Silver Crest Metals Inc. signed “a collaboration agreement with Comisión Estatal del Agua (CEA) and the municipality of Arizpe to work on agriculture infrastructure, sewage system and water concessions for agricultural use for the local communities”.
  • Avino Silver & Gold Mines Ltd. currently holds “448 direct jobs at the mine, which has increased substantially since the restart of operations in 2021, which typically translates to 3 times the number of indirect jobs for services, consultants and suppliers in the surrounding communities and the Durango area”.  

On the image below: Geologist Julio Carcamo in a Sonoran Desert project. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of May, 2020

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By Jorge Cirett

During the 22nd week of the year (May 24th to May 31st, 2020), at least 36 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Francisco Quiroga, subsecretary of mining had a very active week by reviewing personally the health protocols put in place by mining companies in several states, as well as being present on the installation of regional mining committees in a handful of states, before the full re-start of mining operations allowed by the government. BNamericas presented a list of 24 mining projects going ahead in Mexico from 2020 to 2026, with a capital investment of US$7,450 M. Mining companies scrambled on the restart of operations permitted by the government with the inclusion of the industry in the category of essential activities that can operate during the Coronavirus emergency. ON EXPLORATION, in Sonora, Ridgestone Mining resumed activities at its Rebeico project. In Chihuahua, Kootenay Silver released results from drilling at its Columba project; Mammoth Resources announced Centerra is returning for exploration work at its Tenoriba project. In Nayarit, Candente Gold is to rehabilitate underground workings to advance its El Dorado project. In Zacatecas, Defiance Silver delineated several targets at the San Acacio property. ON MINING, Sierra Metals, Impact Silver, Mexus Gold, Fortuna Silver, Gold Resource, Endeavour Silver and Aura Minerals announced the recommencement of activities, following the government easing of restrictions on mining. Impact Silver and Discovery Metals reported first quarter 2020 results. GR Silver Mining is postponing the filing of first quarter 2020 results, under the blanket relief granted by the regulatory authorities in Canada. ON FINANCING, in a pretty busy week, 16 companies made announcements related to their financing.  Canasil Resources granted 1.75 M options. Orex Minerals intends to raise up $2 M. Silver Tiger Metals is now trading on the OTCQB quotation system in the US. Vangold Mining accelerated a warrant bonus program in connection with its 2019 private placement. Equinox Gold saw warrants exercised for $145 M. Southern Silver Exploration extended the expiry date of some warrants for two years. Ridgestone Mining is now listed in the Frankfurt Stock Exchange. Aztec Mining engaged a Swiss investor relations firm for European exposure. Vizsla Resources is pursuing a financing round for C$4 M. DynaResources closed a financing agreement for $3.9 M. Minaurum Gold closed its private placement grossing $5 M. Telson closed the second tranche of its private placement for $196.6 K. Golden Tag Announced a non-brokered private placement for up to $1.12 M. Solaris Resources raised C$20 M. Mammoth Resources announced a private placement for up to $131 K. Consolidated Zn intends to raise up to $1.73 M.   ON RESOURCES AND DEVELOPMENT, Mexican Gold Mining is working on the PEA for its Las Minas project in Veracruz. Golden Minerals filed the PEA on Rodeo, Durango. Bacanora Lithium updated on activities to further advance its Sonora Lithium project. Discovery Metals has completed 15,000 m of its 30,000 m phase 1 drill program at its Cordero project in Chihuahua. ON DEALS AND CORPORATE ISSUES, Mithril completed the acquisition of Sun Minerals, obtaining thus the Copalquin project in Durango. Candente Gold amended the memorandum of understanding to acquire the El Dorado property and the SDA mill in Nayarit. Sonora Metals published and filed a new version of the Cerro Caliche development report, as requested by the British Columbia Securities Commission. ON SOCIAL RESPONSIBILITY. Minera Peña Colorada, Grupo Mexico, Fresnillo PLC, Minera Real Bonanza and the mining industry in Sonora  informed on donations and work realized to aid communities, mainly on subjects related to the Coronavirus emergency, like medical supplies and equipment, comprising also a large array of investments and measures that benefit the mining communities.

ON MEXICO ISSUES

  • Francisco Quiroga, subsecretary of Mining, personally verified the application of safety protocols to re-start operations in mines. Quiroga visited Agnico Eagle’s Pinos Altos, Grupo Mexico’s Santa Barbara and Frisco’s Concheño mines in Chihuahua. He will also review protocols in Durango, Zacatecas and Coahuila.
  • The fourth virtual personnel hiring session was held by La Cantera Desarrollos Mineros in Zacatecas.
  • The silver price has seen its strongest monthly growth in almost seven years. Prices have reached up to $17.69 per ounce.
  • The Regional Committee for the Development of Mining Zones was constituted in Durango.
  • Mining Companies are to re-start operations on June 1, 2020. Dozens of mining companies prepare to re-commence mining and processing activities, reviewing its health and work protocols.
  • The Regional Committee for the Development of Mining Zones was installed in Zacatecas. The governor Alejandro Tello, the Camimex president, Fernando Alanís and the Mining subsecretary Francisco Quiroga were in the event that also saw the presence of representatives of Fresnillo PLC, Industrias Peñoles, Minera Frsico, Capstone Gold, Excellon Resources, Newmont, Aura Minerals, Arian Silver, Grupo Mexico, Impulsora Minera Santacruz, First Majestic, Grupo Minera Candelaria, Minera Camino Rojo, and Minas de San Nicolás.
  • The subsecretary of Mining Francisco Quiroga reviewed the sanitary procedures of Minera El Roble.
  • Peñasquito restarted operations in Zacatecas, after the review of the health protocol by Francisco Quiroga, subsecretary of mining.
  • Bnamericas presented a list of mining projects going forward in 2020-2026 with a capital investment of US$7,450 M, notwithstanding the pandemic induced stoppages. A total of 24 projects would increase the annual production by 1.5 M Oz Au, 33 M Oz Ag and 247 K tonnes Cu to 2026.Bnamericas table, Mining Projects 2020-2026

ON EXPLORATION

  • Kootenay Silver Inc. released results from four more drill holes at its Columba project in Chihuahua. Highlighted core length intervals comprise: 1.06 m @ 259 gpt Ag; 7.0 m @ 124 gpt Ag (including 3.6 m @ 197 gpt Ag); 2.8 m @ 762 gpt Ag (including, 1.0 m @ 2,010 gpt Ag); 10.2 m @ 68 gpt Ag (including 0.65 m @ 368 gpt Ag); 4.4 m @ 209 gpt Ag (including 1.4 m @ 484 gpt Ag); 38 m @ 50 gpt Ag (including 0.45 m @ 486 gpt Ag); 6.0 m @ 317 gpt Ag (including 2.0 m @ 865 gpt Ag); 36 m @ 72 gpt Ag (including 1.1 m @ 769 gpt Ag and 4.36 m @ 317 gpt Ag). Drill results show continuity and high grades along nearly 600 meters of strike on the F Vein at depths from 15 to 200 meters.
  • Ridgestone Mining Inc. has resumed activities at its Rebeico project in Sonora. “Core samples from the first three drill holes at the New Year Zone, which encountered abundant sulphides, have been sent to ALS Chemex in Hermosillo for assaying”.
  • Mammoth Resources Corp. announced the return of Centerra Gold Inc. personnel to Mammoth’s Tenoriba project in Chihuahua.
  • Candente Gold Corp. is planning underground work on the El Dorado project in Las Minitas, Nayarit. Rehabilitation of underground workings is to aid in the construction of a 3-D model of unmined blocks and vein structure, to guide potential mining/extraction operations. Drill data from the 2010-2011 campaign would be also incorporated.
  • Defiance Silver Corp. announced the delineation of multiple targets at is San Acacio project in Zacatecas, which include a 1.3 Km by 300 m corridor where a hanging wall mineralizing event has been identified, deep targets along the Veta Grande strike to the SE, and the El Mirador part of the multi-km long La Veta Morada fault. Re-logging and sampling of historical drill holes is to continue, with a 5,000 m drilling program planned on existing targets. Defiance is preparing additional drill permit applications that will test some of the targets that lie outside of the current drill permit.

ON MINING

  • Sierra Metals Inc. informed the Mexican government issued a communication stating “that the effective date for Mining to be deemed an essential service was June 1, 2020. The Company is currently recalling employees from the Bolivar Mine (Chihuahua) to begin a COVID-19 screening process, including a quarantine period, allowing the Company to be ready to commence mining activities on June 1, 2020. The Cusi Mine (Chihuahua), as previously discussed in the May 13, 2020 press release, remains in care and maintenance”.
  • Aura Minerals Inc. announced that the Company filed its interim financial statements for the first quarter of 2020 (Aranzazu, Zacatecas).
  • Impact Silver Corp. announced its financial and operational results for the first quarter of 2020. Silver production was 179 K Oz Ag, with mill feeds from the Guadalupe, San Ramon, Cuchara and Veta Negra mines. At the end of the period the company cash and working capital stood at $3.9 M and $3.4 M respectively. Mining is to resume on June 1st, 2020, following government directions (Zacualpan, Estado de Mexico).
  • Mexus Gold US. Resumed full operational production after the Coronavirus emergency slowdown at its Santa Elena mine in Sonora (not to be mistaken with First Majestic’s Santa Elena mine, also in Sonora).
  • Fortuna Silver Mines Inc. resumed production activities at its San José mine in Oaxaca.
  • Gold Resource Corp. received written government approval to restart its Oaxaca Mining Unit in Oaxaca. “After reviewing Gold Resource Corporation’s safety protocol documentation, the Instituto Mexicano del Seguro Social (IMMS) approved in writing the restart of the Company’s OMU operations on May 25, 2020”.
  • Endeavour Silver Corp. has restarted operations at its three underground mines in Mexico. “The Company filed its mine operating and health plans with, and received approvals from, the Secretariat of Health in Mexico to recommence mining operations”. Guanaceví in Durango, Bolanitos in Durango and El Compa in Zacatecas are ramping up activities to achieve normal operations.
  • Discovery Metals Corp. announced its operating and financial results for the first quarter 2020. By the end of the period Discovery had cash and cash equivalents of $20 M (Cordero, Chihuahua).
  • Minera Capela (Industrias Peñoles) reported a rock-fall that resulted in two deaths and three more casualties in Tehuixtla, Teloloapan, Guerrero.
  • GR Silver Mining Ltd. Informed that due to international logistics and delays caused by the COVID-19 pandemic, the Company is relying on the blanket relief granted by the securities regulatory authorities in Canada to postpone the filing of its Q1 2020 reports. (Plomosas, Sinaloa).
  • Aura Minerals Inc. expects it will be able to gradually and safely resume activities at Aranzazu, Zacatecas, over the next few weeks.

ON FINANCING

  • Canasil Resources Inc. granted 1.75 M incentive stock options to directors, officers, consultants and employees. David Terry has agreed to act as an advisor to Canasil’s board of directors (La Esperanza, Zacatecas).
  • Orex Minerals Inc. intends to undertake a private placement financing to raise gross proceeds of up to $2 M. “Orex intends to use the net proceeds of the Offering to maintain its 40% share of the Sandra-Escobar Project in good standing and fund its 40% share of the upcoming work program, and for general corporate and working capital purposes”.
  • Silver Tiger Metals Inc. (formerly Oceanus Resources) announced it is now trading on the OTCQB, a US interdealer quotation system. Silver Tiger’s common shares also trade on the TSX Venture Exchange under its trading symbol SLVR (El Tigre, Sonora).
  • VanGold Mining Corp. adopted a warrant acceleration bonus program for its outstanding share purchase warrants granted in connection with the company’s 2019 private placement financing (El Pinguico, Zacatecas).
  • Equinox Gold Corp. reports that from April 1 to May 25, 2020, warrants s held by various security holders have been exercised for net proceeds of approximately $145 M. “As at May 26, 2020, the Company’s cash balance is more than $480 million” (Los Filos, Guerrero).
  • Southern Silver Exploration Corp. announced that the TSX Venture Exchange has approved the extension of the expiry date of certain of the company’s outstanding common share purchase warrants for an additional two years, with the expiration date now from June 2022 to September 2022 (Cerro Las Minitas, Durango).
  • Ridgestone Mining Inc. common shares are now listed on the Frankfurt Stock Exchange, broadening the corporation’s shareholders base in Europe (Rebeico, Sonora).
  • Aztec Minerals Corp. has engaged “Commodity-TV and Rohstoff-TV for an initial three month period to assist with Aztec’s investor relations activities. Pursuant to an agreement dated May 20, 2020, Aztec will pay C&R-TV €9000 plus expenses. C&R-TV is based in Switzerland and will introduce Aztec to its European investor network” (Cerro Cervantes, Sonora).
  • Vizsla Resources Corp. entered into an agreement with Canaccord Genuity Corp. for a bought deal purchase of shares for C$4 M in gross profits (Panuco, Sinaloa).
  • DynaResources Inc. closed a financing agreement with Golden Post Rail, LLC. and with certain individual shareholders of DynaUSA. Golden Post acquired a convertible promissory note of $2.5 M, bearing interest at 10% and maturing two years from the execution date. The other purchaser acquired convertible security notes in the amount of $1.4 M, bearing interest at 10% and maturing two years from the date of issuance (San Jose de Gracia, Sinaloa).
  • Minaurum Gold Inc. closed its previously announced brokered private placement offering, for aggregate gross proceeds of $5 M (Alamos Silver, Sonora).
  • Telson Mining Corp. closed a second and final tranche of the non-brokered private placement announced on December 27, 2019, for gross proceeds of $196.6 K (Tahuehueto, Durango).
  • Golden Tag Resources Ltd. Announced a non-brokered private placement for gross proceeds of up to $1.12 M. “Subsequent to closing of the Financing, the Company will have cash balances of approximately $2.1 million, and no debt” (San Diego, Durango).
  • Solaris Resources Inc. completed a non-brokered private placement financing raising gross proceeds of C$20 M (La Verde, Michoacan).
  • Mammoth Resources Corp. announced a non brokered private placement for gross proceeds of up to $131 K (Tenoriba, Chihuahua).
  • Consolidated Zinc Ltd. announced that the fully underwritten pro-rata non-renounceable entitlements offer to raise $1.73 M on the basis on 1 new share for every 3 shares held at the record date has closed (Plomosas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Mining Corp. announced the company will resume activities at Las Minas, Veracruz, in July of 2020, with the goal of having all the necessary inputs for a preliminary economic assessment (PEA) study completed by the end of the year. A 3,000 m drilling program has been designed to expand and upgrade the current resource at El Dorado and continue exploration at the Cinco Señores and Changarro areas. A comprehensive metallurgical study is to be elaborated, as well as an airborne LIDAR on 50 square Km to map the ground surface to 10 Cm resolution.
  • Golden Minerals Co. announced the filing on SEDAR of a preliminary Economic assessment (PEA) for its Rodeo property in Durango.
  • Bacanora Lithium PLC. updated on activities at its Sonora Lithium project in Sonora. The pilot plant in Hermosillo is to remain closed until authorities lift the Coronavirus pandemic restrictions. Completion of the flow sheet engineering will provide an engineering, procurement and construction style engineering proposal to produce downstream battery grade lithium products, is now scheduled for end of Q4, 2020. from Sonora.
  • Discovery Metals Corp. informed that to date the company has completed 17,500 m (48 holes) of its planned 30,000 to 35,000 phase 1 drill program, demonstrating near-surface higher-grade potential over a strike length of 1,250 m, intercepting multiple sulfide veins with grades over 1 kilogram silver per tonne at its Cordero project, Chihuahua.

ON DEALS AND CORPORATE ISSUES

  • Mithril Resources Ltd. has completed the acquisition of Sun Minerals Pty Ltd., which holds and exclusive option to acquire the high-grade Copalquin project in Durango. The company issued 673.85 M ordinary shares for the acquisition of all the issued capital of Sun Minerals. Mithril also issued 10 M ordinary shares and paid US$200 K to Compañía Minera Copalquin, S.A. de C.V., and issued 225 M performance rights.
  • Candente Gold Corp. informed the memorandum of understanding (MOU) the company signed with Magellan Acquisition Corp. giving Candente the right to earn up to a 100% interest in both the SDA plant and the El Dorado property, in Nayarit, has been amended such that a payment of US$5 K is being paid upon signing the revised MOU and the payment of shares upon completion of due diligence and a definitive agreement to earn 10% interest has been increased from 4 M shares to 5 M shares, all other terms remain the same. The MOU is subject to TSX Venture approval as well as due diligence and execution of a definitive agreement.
  • Sonoro Metals Corp. has published a revised version of its Cerro Caliche project development report dated May 22, 2020. As a result of a review by the British Columbia Securities Commission, Sonoro withdrew an April 28, 2020 version of this project development report as it contained certain technical disclosures that did not comply with National Instrument 43-101 standards of disclosure for mineral projects. The revised report is not a technical report as defined by NI 43-101 and has been updated to address those disclosure issues and is now available on the Cerro Caliche project page of the Company’s website.

ON SOCIAL RESPONSIBILITY

  • Minera Peña Colorada donated 1000 sets of groceries to aid the most needed families in Cuatitlán de García Barragán, Jalisco.
  • Grupo Mexico donated 23 respiratory ventilators to the State of Sonora, to be distributed mainly in the capital hospitals.
  • Fresnillo PLC donated personal medical protection equipment in Caborca, Sonora.
  • Minera Real Bonanza supports the fight against the Covid-19 menace through the Hacienda Santa Ana museum in Real de Catorce, San Luis Potosi.
  • Grupo Mexico Foundation and Fechac delivered health protection kits to hospitals in Ciudad Juárez, Chihuahua.
  • Fresnillo PLC donated a respiratory ventilator to health authorities in Durango.
  • Fresnillo PLC donated medical protection equipment to a hospital in Fresnillo, Zacatecas.
  • The mining industry in Sonora has contributed with sanitizing kits, grocery kits, medical protection sets, hospital equipment, office equipment and public spaces sanitizing. These have benefited 125,813 people with an investment of $64.6 M pesos during April and May 2020, in communities like Cananea, Caborca, La Colorada, Nacozari, Cumpas, Fronteras, Magdalena, San Javier and Esqueda.

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 below: White, granular quartz-graphite vein, Hermosillo District, Sonora. Picture by Jorge Cirett.

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The Mining and Exploration News in Mexico: Highlights on the Third Week of February, 2020

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IMG_1740 (2)

By Jorge Cirett

During the 8th week of the year (February 17th to February 23rd, 2020), at least 35 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Sonora Economy Secretariat remarked that several investments are to strengthen the mining industry in 2020. Camimex pointed that mining companies are to invest more than US$200 M in exploration during 2020. Grupo Mexico is to return to the government the mining concession on which the disaster struck Pasta de Conchos mine is located. Camimex is to pursue its “zero accidents” goal. ON EXPLORATION, in Sonora, Colibri Resources has received the permit to drill at the Evelyn project; Riverside Resources reported on field work and sampling at Los Cuarentas; Aloro received a new drilling permit for its Los Venados project. In Chihuahua, Kootenay Silver commenced the phase II drilling program at its Columba project. In Durango, Commander Resources reported on a geophysical survey at Pedro’s project. In Zacatecas, Excellon Resources informed on the exploration status of its Evolución project. In Guanajuato, Vangold secured land access and land use permits on its El Pinguico project. In Jalisco, GoGold Resources launched a second exploration project at Los Ricos District in Jalisco: Monte El Favor.  ON MINING, Starcore International, Americas Gold and Silver,  Torex Gold, First Majestic Silver, Pan American Silver and Fortuna Silver reported Q4 and full year 2019 financial and/or production results. ON FINANCING, Hecla Mining is to redeem $475 M of 7.25% senior notes. Canuc Resources, San Marco Resources and Ridgestone Mining closed various stages of non-brokered private placements for $850 K, C$784.8 K and $715.2 K, respectively. Kootenay Silver is now on the 2020 TSX Venture 50tm. ON RESOURCES AND DEVELOPMENT, Golden Minerals announced promising results from metallurgical test work on concentrates from its Velardeña property. Excellon informed on exploration results on its Platosa mine in Durango. SilverCrest Metals announced a new discovery of a high-grade zone on another vein of the Babicanora area of its Las Chispas property in Sonora. Coeur Mining and Alamos Gold reported mineral reserves and resources to the end of 2019, including figures from Palmarejo (Chihuahua) and the Mulatos District (Sonora), respectively. Goldplay Exploration provided an update on drilling at San Marcial, Sinaloa. ON DEALS AND CORPORATE ISSUES, Tamino Minerals filed a law suit against an individual, in Sonora. Telson informed on the resignation of its CEO, Jose Antonio Berlanga, and the appointment of Ralph Shearing as interim CEO. Sonoro financing discussions were interrupted by the Coronavirus outbreak in China. Mexican Gold and New Found Gold terminated their binding agreement for the acquisition of New Found Gold. GoGold entered into an agreement to acquire The Monte del Favor project in the Los Ricos District in Jalisco. ON SOCIAL RESPONSIBILITY. Fresnillo PLC supports three teams in a robotic regional fair. Grupo Mexico supports social and infrastructure projects in Sombrerete, Zacatecas, with over 300 activities that benefit 3,00 inhabitants. Fresnillo PLC and Frisco are among the companies that integrate the Environmental Protection Club in Zacatecas.).

ON MEXICO ISSUES

  • Jorge Vidal, head of Sonora’s Secretaría de Economía (Economy Secretariat), stated that several investments are to strengthen the mining industry during 2020 in Sonora. He pointed that the investment by Bacanora minerals in the lithium project in Bacadehuachi is one of these, and another one is the investment of the Buenavista zinc project in Cananea, which is to generate 500 jobs with the investment of MXN$350 M pesos (US$18.8 M).
  • Mining companies are to invest more than US$200 M in exploration in 2020. Fresnillo is to reduce its exploration budget to US$135.1 M, from US$150 M on 2019, with about half of those funds to be used in the conversion of resources to reserves. Pan American Silver focuses on brownfield exploration with a budget of US$20 M for the year, on which La Colorada Skarn is to see a 44,000 m drilling program. First Majestic has an exploration budget of US$28.2 M, to be spent in San Dimas (Durango), Santa Elena (Sonora), La Encantada(Coahuila), La Parrilla (Durango) and Del Toro (Zacatecas). Torex Gold is to conduct an infill drilling program that will cost US$13 M on its Media Luna project (Guerrero). Agnico Eagle is to spend US$33.9 M in exploration during 2020, highlighting the funding of the Santa Gertrudis project in Sonora with US$10.4 M and a 42,000 m drilling program at its Pinos Altos mine in Chihuahua.
  • Grupo Mexico is to return to the government the mining concession on which the Pasta de Conchos mine is located. The move is in response to the presidential request to facilitate the retrieval of the remains of over 65 miners deceased in 2006 on the mine located in Coahuila.
  • The Cámara Minera de México (Camimex) vowed to pursue the “zero accidents” goal, pointing that in 2018 the associated companies reported an accident rate of 1.63, which is 3.7% lower than in 2017, and below the national average of 2.04 registered by the Instituto Mexicano del Seguro Social (IMSS).

ON EXPLORATION

  • Excellon Resources Inc. informed on exploration of its 45,000 hectares Evolución property in Zacatecas. Highlights include the expansion of the Lechuzas zone along strike and down dip, and broad intersections of Ag-Pb-Zn, like: 18.7 m @ 27 gpt Ag, 0.8% Pb, 1.1% Zn, 0.1 gpt Au (103 gpt AgEq), including 2.0 m @ 105 gpt Ag, 3.5% Pb, 4.2% Zn, 0.3 gpt Au (416 gpt AgEq); 1.5 m @ 290 gpt Ag, 6.9% Pb, 5.9% Zn, 0.2 gpt Au (779 gpt AgEq); 4.5 m @ 51 gpt Ag, 1.9% Pb, 2.9% Zn, 0.1 gpt Au (244 gpt AgEq); 3.3 m @ 55 gpt Ag, 1.1% Pb, 1.9% Zn (172 gpt Ag). Excellon plans to incorporate all recent work into an updated mineral resource estimate for the project.
  • Kootenay Silver Inc. has commenced a 7,000 m phase II core drilling program at its Columba project in Chihuahua. The follow up drilling will focus on the results of last year’s 41-hole, 6,853 m program which targeted six different veins on the property. Highlighted results from that program comprise: 1.15 m @ 775 gpt Ag; 4.83 m @ 230 gpt Ag; 2.90 m @ 519 gpt Ag; 11.0 m @ 133 gpt Ag (including 5.0 m @ 245 gpt Ag); 2.1 m @ 699 gpt Ag; 1.75 m @ 755 gpt Ag, 1.16 gpt Au; 6.25 m @ 244 gpt Ag; 11.5 m @ 415 gpt Ag (including 4.0 m @ 721 gpt Ag); 4.63 m @ 301 gpt Ag; 39.9 m @ 159 gpt Ag (including 7.45 m @ 650 gpt Ag).
  • Colibri Resource Corp. informed it has received the required drilling permits for its Evelyn project in Sonora. Drill pad construction and other required infrastructure are to commence immediately, followed by drilling.
  • Commander Resources Ltd. reported results from a 70 line-km induced polarization survey (IP) at the Pedro’s project in Durango. The 1,750 ha project was acquired in 2006 from Bearing Resources Ltd. Hematite stained silica rich ridges of angular chalcedony fragments and silicified sedimentary rocks within an angular coarse breccia comprise the outcrops within the Ahuichila conglomerate, within a soil anomaly 4 Km by 1 km and rock chip samples of up to 2.3 gpt Au. Past drilling focused on a Carlin target intercepted up to 10.5 m @ 0.51 gpt Au in oxidized silicified conglomerate.
  • Vangold Mining Corp. has secured a surface land access agreement, and a surface land use agreement for its El Pinguico mine in Guanajuato. The 15-year land access agreement was signed with the Ejido Calderones, providing a short access route to the project, whereas the land use permit was signed with a local land owner for 89.6 hectares.
  • Riverside Resources Inc. reported on field work and sampling at its Los Cuarentas project in Sonora. Selective rock sampling from dumps, float, channel and rock chips returned five of sixteen samples with more than 5 gpt Au: 25.7 gpt Au, 4 gpt Ag; 10.2 gpt Au, 9 gpt Ag; 6.8 gpt Au, 65.1 gpt Ag, 6.27 gpt Au, 120 gpt Ag; 5.3 gpt Au, 6 gpt Ag; 5.1 gpt Au, 75 gpt Ag. Three primary targets have been identified for a prospective drill program in 2020: Santa Rosalia, Santa Rosalia Sur and El Sombrero.
  • GoGold Resources Inc. launched a second exploration project located on the Los Ricos District, called Monte del Favor, in Jalisco. Gogold now owns 35 concessions covering 22,493 hectares in a 35 km trend. The new concessions come with a legacy database of 50 drill holes with highlighted intercepts of: 24.4 m @ 6.4 gpt Au, 1,629 gpt Ag; 28.3 m @ 3.1 gpt Au, 150 gpt Ag; 6.1 m @ 1.1 gpt Au, 201 gpt Ag; 6.1 m @ 2.8 gpt Au, 174 gpt Ag; 20.3 m @ 0.4 gpt Au, 225 gpt Ag.
  • Aloro Mining Corp. informed a new drilling permit has been granted by SEMARANT (The Secretariat of Environment and Natural Resources) for its Los Venados project in Sonora. The permit granted the drilling of 15 holes and the construction of up to 3.38 Km of drill roads. Drilling is to focus in the south area of the project, where a hole cut 32 m of blind strong silicic alteration with brecciated vuggy silica an sulfides, with 7.6 m @ 1.13 gpt Au, 32 gpt Ag.

ON MINING

  • Starcore International Mines Ltd. released production results for the quarter ending on January 31, 2020. In its San Martin mine in Queretaro, 58.3 K tonnes were milled @ 1.84 gpt Au, 30 gpt Ag, recovering 90.1% Au, 50.9% Ag, to produce 3,425 Oz AuEq.
  • Americas Gold and Silver Corp. presented production figures from 2019 and guidance for 2020 of its mining operations, including figures from its Cosalá property in Sinaloa. At Cosalá, 613.8 K tonnes were processed @ 50 gpt Ag, to produce 572 K Oz Ag, 43.3 M Lb Zn and 16.4 M Lb Pb, or 4.68 M Oz AgEq, at cash cost ($18.31) and AISC ($10.90) per Oz Ag produced. Improved access to the Upper Zone at the San Rafael mine will tap higher silver grades in 2020.
  • Torex Gold Resources Inc. reported fourth quarter and fill year 2019 financial and operating results. For the last quarter of 2019, Torex Gold produced 121,151 Oz Au at its El Limón-Guajes mine in Guerrero, at cash cost $617 per Oz and all-in sustaining cost of $767 per Oz, generating EBITDA of $102.2 M and repaying $82.5 M of debt during the period. For the year, Torex produced 454,811 Oz Au at cash cost of $619 per Oz and an AISC of $805 per Oz Au, generating EBITDA of $330.3 M and repaying $164.4 M of debt. Total debt now stands at $174.9 M, while cash at hand is $161.8 M. The Media Luna project resource estimate was updated to 2.24 M Oz AuEq at a grade of 5.5 gpt Au in the indicated category and 4.23 M Oz AuEq at 4.23 gpt Au in the inferred category.
  • First Majestic Silver Corp. announced financial results for the Q4 and year 2019. During the quarter 626.6 K tonnes were processed to produce 3.35 M Oz Ag, 33,176 Oz Au, 0.9 M Lb Pb, or 6.23 M Oz AgEq at cash cost $3.37 per Oz and an AISC of $12.25 per Oz. The production figures for the year are in the table below. The company ended 2019 with cash and cash equivalents of $169 M. First Majestic production 20191
  • Pan American Silver Corp. reported financial results for the year 2019, including figures from its Mexican operations. At La Colorada mine in Zacatecas 768.7 K tonnes were milled @ 361 gpt Ag, 3.10% Zn, 1.65% Pb to produce 8.2 M Oz Ag, 4.61 K Oz Au, 20.97 K tonnes Zn, 11.15 K tonnes Pb, at cash cost $4.30 and AISC of $5.00 (net of by-products). At Dolores, in Chihuahua, 6.78 M tonnes were place on the heaps @ 38 gpt Ag, 0.60 gpt Au, to produce 5.1 M Oz Ag, 117.6 K Oz Au at a cash cost of $3.09 and an AISC of $15.45.
  • Fortuna Silver Mines, Inc. provided 2020 production, cost and capital expenditure guidance for 2020, including figures for its Mexican operations. At San Jose, in Oaxaca, the company aims to produce between 6.6 and 7.3 M Oz Ag, and between 41 and 45 K Oz Au, at a cash cost of US$65.6 to US$72.5 per tonne, and an AISC between US$9.6 to US$11,7 per Oz AgEq. The plan is to process 1.06 M tonnes @ 223 gpt Ag, 1.39 gpt Au, with a capital investment of US$17.1 M, including US$12.2 M for sustaining capital expenditures and US$4.9 M for brownfields exploration programs which include 17,600 m of drilling.

ON FINANCING

  • Hecla Mining Co. announced its agreement to sell $475 M aggregate principal amount of 7.25% senior notes. The notes will mature in February 2028, with the company intending to use the net proceeds together with cash on hand to redeem all of its outstanding 6.875% senior notes due 2021. (San Sebastián, Durango).
  • Canuc Resources Corp. closed a non-brokered private placement for gross proceeds of $850 K, with three officers of the company participating (San Javier, Sonora).
  • San Marco Resources Inc. closed its over-subscribed non-brokered placement, raising C$784.8 K (Espiritu, Sonora).
  • Ridgestone Mining Inc. closed the first tranche of the non-brokered private placement to raise $715.2 K on gross proceeds (Rebeico, Sonora).
  • Kootenay Silver Inc. has been recognized in the 2020 TSX Venture 50tm as one of the top 50 performing companies on the TSX Venture Exchange (Columba, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Golden Minerals Co. announced promising results of metallurgical test work on pyrite-arsenopyrite flotation concentrates from its Velardeña properties in Durango. “Gold and silver recoveries of 91% and 92%, respectively, were obtained from cyanide leaching of the bio-oxidized concentrate samples. BIOX* achieved 93% oxidation on the concentrate sample in batch tests, which the Company believes should translate to a 5 to 6-day retention time in a commercial bio-oxidation plant”.
  • Excellon Resources Inc. informed on exploration results at its Platosa mine in Durango. Surface drilling of the NE-1S manto returned high-grade intersections, like 6.6 m @ 1,178 gpt Ag, 6.7% Pb, 8.4% Zn, 0.2 gpt Au. A large hydrothermal system was discovered 11 km from the Platosa mine at the Jaboncillo target, where drilling is aimed to start in the first half of 2020.
  • SilverCrest Metals Inc. announced a new discovery and additional drill results from the Babicanora Norte vein at its Las Chispas property in Sonora. The discovery drill hole intercepted 2.0 m (tw) @ 6,418 gpt AgEq on a faulted extension that received the name of Area 200, on the Babicanora Norte vein, which is now the highest-grade vein in the project. The initial high-grade footprint of this zone is 500 long by 125 m in height, on the vein that is now known for more than 2.0 km. The area 200 shows an average estimated true width (tw) of 1.5 m @ 16.11 gpt Au, 2,166 gpt Ag (3,375 gpt AgEq). Highlighted results for this press release comprise 1.4 m @ 90.22 gpt Au, 9,422 gpt Ag (16,189 gpt AgEq); 2.4 m @ 45.71 gpt Au, 5,577 gpt Ag (9,006 gpt AgEq); 1.6 m @ 75.78 gpt Au, 7,662 gpt Ag (13,345 gpt AgEq).
  • Coeur Mining Inc. reported 2019 mineral reserves and resources, including figures from its Mexican operations. At Palmarejo, in Chihuahua, infill drilling helped replace mining depletion. Proven and probable reserves stand at 11.67 M short tonnes (st) @ 1.83 gpt Au, 135 gpt Ag; measured and indicated resources stand at 8.76 M st @ 1.49 gpt Au, 122 gpt Ag and inferred resources of 6.47 M st @ 1.77 gpt Au, 127 gpt Ag. These amount to 693 K Oz Au, 5.6 M Oz Ag as reserves, 425 K Oz Au, 34.5 M Oz Ag as measured and indicated resources and 367 K Oz Au, 26.3 M Oz Ag as inferred resources.
  • Minera Peña Colorada informed that the Peña Colorada mine in Colima received the visit of PROFEPA (Procuraduría Federal de Protección al Ambiente) and SEMARNAT (Secretaría de Medio Ambiente y Recursos Naturales) personnel to review the compliance of the company on the different permits it has received.
  • Alamos Gold Inc. Reported mineral reserves and resources to year end 2019, including figures from its Mexican Operations. Mineral reserves at Mulatos decreased by 154 K Oz to 1.56 M Oz, with mining depletion partially offset by an 81 K Oz increase at La Yaqui Grande. The exploration budget was increased to $7 M with 14,000 m of drilling planned around near mine targets as well as at La Yaqui Grande and El Carricito. A number of regional exploration targets were identified with the aid of a VTEM survey carried out in 2018.Alamos Gold Mineral Resources to 201911
  • Goldplay Exploration Ltd. provided an update on exploration and drilling of its San Marcial project in Sinaloa. The last holes of 2019 returned 28.7 m @ 92 gpt Ag, including 13.75 m @ 154 gpt Ag in the Faisanes target. At the Guacamayo target 0.60 m @ 138 gpt Ag, 0.56 gpt Au, confirm mineralization 30 m east of the current resource area. Due diligence has commenced on the potential acquisitions of the Plomosas (First Majestic Silver Corp.) and La Trinidad (Mako Mining Corp.).

ON DEALS AND CORPORATE ISSUES

  • Tamino Minerals Inc. has filed a law suit against an individual in Sonora. (El Volcán, Sonora).
  • Newmont Corp. appointed Jim Cooper as General Manager of the Peñasquito unit in Zacatecas.
  • Telson Mining Corp. informed its Chief Executive Officer and member of the Board of Directors, Jose Antonio Berlanga, has resigned due to personal reasons. Mr. Ralph Shearing has been appointed as Interim Chief Executive Officer for the company (Campo Morado, Guerrero).
  • Sonoro Metals Corp. informed discussions regarding debt finance and engineering, procurement and construction contracts with China-based EPC companies has been postponed due to the COVID-19 outbreak (Cerro Caliche, Sonora).
  • Mexican Gold Mining Corp. announced, along New Found Gold Corp., that they have mutually terminated the binding agreement to acquire all of the issued and outstanding shares of NFGC (Las Minas, Veracruz).
  • GoGold Resources Inc. entered into an agreement to acquire a second project located on the Los Ricos District, called Monte del Favor, in Jalisco. The agreement is to acquire 49% of 5 concessions in consideration for US$225 K, and an option to acquire the remaining 51% by paying US$210 K on the second anniversary. The seller will retain 1% NSR on the property, which the company may repurchase by paying US$1 M.

ON SOCIAL RESPONSIBILITY

  • Fresnillo PLC supports science, technology and youthful innovation. As part of the regional robotic fair “FIRST” on the La Laguna region, Fresnillo is to support three teams. The sponsored teams are from Turuachi, Chihuahua, Ciénega de Nuestra Señora, Durango and Fresnillo, Zacatecas. One other team from Caborca, Sonora, is to participates in an international competition in Arizona.
  • Grupo Mexico supports social and infrastructure projects in Sombrerete, Zacatecas. Every year the company performs 300 activities that benefit 3,000 inhabitants. The social programs and productive activities take place in Sombrerete, San Martin, Villa Insurgentes, Ojo de Agua, Charco Blanco, Santa Rita and José de Félix communities. Also, a seed-capital program has financed 29 projects to benefit 20 schools.
  • Peñoles, Fresnillo PLC, and Grupo Frisco among the companies to integrate the Environment Protection Club in Zacatecas. More than 25 companies are to be members of this club, promoted by the State governor, and that will also have universities (Benemérita Universidad Autónoma de Zacatecas and Instituto Politécnico Nacional), the Secretaría de Agua y Medio Ambiente and federal authorities as its memebers.

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 below: The old train bridge between Nacozari and the Pilares mine, in Sonora, picture by Jorge Cirett

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The Mining and Exploration News in Mexico: Highlights on the Fifth Week of October, 2019

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By Jorge Cirett

During the 44th week of the year (October 28th to November 3rd, 2019), at least 33 press releases were forwarde by companies working in Mexico. ON MEXICO ISSUES, The Morena party reassigned the Mining Fund, taking it away from its intended purpose of helping and developing mining communities. All big organizations related to mining in Mexico presented a petition to the president to rebuke the channelling of the Mining Fund away from its intended goal of helping mining communities. The governors of Sonora, Durango, Zacatecas and Guerrero sent a letter to the president of Mexico asking not to affect the communities by withdrawing the Mining Fund. On other matters, the AIMMGM informed mining companies expect to invest more than US$26 billion in six years. The illegal blockade on the Peñasquito mine in Zacatecas was lifted, with negotiations to continue shortly. The El Castillo mine access in Durango was illegally blocked for a few days, and then released, while negotiations proceed with community involved. ON EXPLORATION, in Sonora, Magna Gold informed it has two projects in the state, Mercedes near Yecora and San Judas, near Trincheras. In Chihuahua, Wealth Minerals negotiated surface access to its Valsequillo project. In Durango, Gainey Capital halted drilling activities while discussions with the local indigenous groups proceed.  ON MINING, Gold Resource, Consolidated Zinc, McEwen Mining, Santacruz Silver, Premier Gold, Torex Gold, Americas Silver and sierra Metals released third quarter 2019 production results. Telson Mining is to re-commence mining at Campo Morado in Guerrero. ON FINANCING, Goldplay Exploration filed an amended and restated condensed interim consolidated financial statement. Oroco Resource informed the exercising of warrants for $720 K. Starcore Interantional has resumed trading on the OTC Pink market. ON RESOURCES AND DEVELOPMENT, Pan American Silver released impressive results from 14,300 m of drilling at its La Colorada mine in Zacatecas. Mexican Gold Corp updated on its current drilling program at Las Minas, Veracruz. ON DEALS AND CORPORATE ISSUES, Telson Mining is to re-start mining at Campo Morado, in Guerrero, under a notice of default and demand for payment by Nyrstar. Prime Mining signed a public relations contract with Brisco Capital Partners. Oceanus is using now a service for virtual tours on remote locations. Santacruz and Peñoles extended a lease agreement on the Zimapan mine in Hidalgo. Almaden Minerals was informed by SEMARNAT that the permitting process for its Ixtaca mine in Puebla is suspended until a judicial resolution is reached (the head of the institution is openly against open pit mining).  ON SOCIAL RESPONSIBILITY. Alamos Gold reunited all the students under its scholarship program in three venues, Matarachi, Sahuaripa and Hermosillo.

ON MEXICO ISSUES

  • Last week the Morena party majority reassigned the Mining Fund (Fondo para el Desarrollo Regional Sustentable de Estados y Municipios Mineros) to education spending.  The fund is gathered on a 7% (increased to 7.5% in gold and silver) royalties on extracted minerals implemented in 2014 to aid with the infrastructure, health, education and sustainability of mining communities.
  • The Asociación de Ingenieros de Minas, Metalurgistas y Geólogos de México (AIMMGM) informed that mining companies expect to invest more than US$26 billion in six years. If such investments come to be realized, 50 thousand direct jobs and 274 thousand indirect jobs could be generated, and mining companies would pay an additional 23,500 million in taxes. Just last year the industry paid 46,159 million pesos on income tax (Impuesto sobre la renta, ISR).
  • On October 26th, the Zacatecas governor Alejandro Tello informed that security forces are inviting the group that (illegally) blocks the entrance to the Peñasquito mine to leave the site. The governor also informed that a number of the blockers might be pursued judicially, some by the state and some by the federal government. He stated that he’s is been in contact with the sub secretary of the interior (Subsecretario de Gobernación), with whom also the company executives, communal farmers (ejidatarios) and the state government have been in dialogue rounds.
  • The Cámara Minera de México (CAMIMEX), the Grupo de Minería de la Cámara de Comercio de Canadá, the Asociación de Ingenieros de Minas, Metalurgistas y Geológos de México, the organization in mining Mujeres WIM de México and the Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México received with great worry de Senate decision to approve an unjust redistribution of the Mining Fund (Fondo Minero), braking the spirit on which the fund was created to benefit mining communities. The priority for the sector is that the resources reach the communities and municipalities where they were generated, contributing with independent actions by mining companies to the social welfare and community development in areas away from urban centers, aiding to reach greater life quality, development and wellbeing. Miners are appalled by the Congress decision, same that dismissed petitions by state governors, municipality presidents, from the industry and mining communities to guarantee the return of funds to these localities. A strong and respectful call is made to the authorities to reconsider the distribution methodology for the resources and operational rules of the fund, where it should be clearly established that these funds are to be funnelled exclusively to mining communities, municipalities and states. The mining industry refresh its compromise to continue to be an agent of change, a block that forwards sustainability practices and is and active player that contributes to a greater well-being for thousands of miner families and millions of Mexicans. We consider ourselves as the best federal government ally to achieve the more valuable social objectives sought by new government project. The Camara Minera de Mexico is the first camera of industries formed in the country, representing the interests of the mining-metallurgical industry in the country.
  • Argonaut Gold Inc. informed on an illegal blockade at its El Castillo mine in Durango. The Company has a legal and binding agreement in place with Atotonilco ejido that was signed and recognized by both the Atotonilco ejido and the Mexican government in 2012 and runs through 2022. The blockade lifting was announced on October 30, with an agreement with the ejido pending to be ratified on November 11.
  • Newmont Goldcorp confirmed that free access to its Peñasquito installations in  Zacatecas is complete as of last Sunday (Oct. 27). Access to the mine had been blocked by a small group of communal agriculture workers (ejidatarios) and truckdrivers. The company is to restart the social investment programmes in the next few days, and expects to initiate on November 19 the new program “Juntos Dejamos Legado”, which aims to support schools and sport activities in 25 nearby communities. The ending of the blockade was achieved with government executives having dialog with the blockers, with the presence of the national guard (Guardia Nacional) and the state police (Policía Estatal Preventiva), stressing that further negotiations were to proceed only without the blockade in place.
  • The governors of Sonora, Claudia Pavlovich; Zacatecas, Alejandro Tello; Durango, José Rosas, and Guerrero, Héctor Astudillo, sent a letter to the president of México asking not to affect the communities by withdrawing the mining fund.

ON EXPLORATION

  • Gainey Capital Corp. temporarily halted all drilling activities at its Las Margaritas property in Durango, following discussions with the local indigenous groups (Las Margaritas, Durango).
  • Magna Gold Corp. informed it has two projects in Sonora. The flagship 1,239 ha Mercedes project in Yecora, and the recently acquired San Judas project in Trincheras.
  • Wealth Minerals Ltd. successfully negotiated surface access rights to its Valsequillo property in Chihuahua. The company has an option to acquire 100% interest in the 2,840 ha property. Past artisanal mining activity concentrated on a number of epithermal, Zn-Pb-Cu-Ag veins, stockworks and silicified zones concentrated within two NW trending corridors. Rock sample results of up to 2.68 gpt Au, 629 gpt Ag, 9.5% Cu, 16.5% Pb, 6.4% Zn have been obtained.

ON MINING

  • Telson Mining Corp. announced the recommence of mining operations at its Campo Morado mine in Guerrero. This is the result of improved relations with the local community and a better zinc price. The company anticipates initiating full mining activities and processing operations near the beginning of December 2019.
  • Argonaut Gold Inc. informed on an illegal blockade at its El Castillo mine in Durango. The Company has a legal and binding agreement in place with Atotonilco ejido that was signed and recognized by both the Atotonilco ejido and the Mexican government in 2012 and runs through 2022.
  • Gold Resource Corp. reported gold production for the third quarter of 2019, including figures from its Oaxaca Mining Unit. The Arista mine milled 163.3 K tonnes @ 1.76 gpt Au, 85 gpt Ag, 0.39% Cu, 1.9% Pb, 4.7% Zn; the Aguila open pit mine milled 3.6 K tonnes @ 1.49 gpt Au, 58 gpt Ag; the Mirador mine milled 11.7 K tonnes @ 0.76 gpt Au, 197 gpt Ag. In total, 178.6 K tonnes were milled at a rate of 2,007 tonnes per day, to produce 7,462 Oz Au, 473.8 K Oz Ag, 492 tonnes Cu, 2,459 tonnes Pb, 6,057 tonnes Zn. Total cash cost after by-product credits was $197 per AuEq ounce and total all-in sustaining cost was $520 per AuEq ounce for the period.
  • Consolidated Zinc Ltd. released its third quarter 2019 activities report. The acquisition of the Plomosas mine in Chihuahua was completed, getting the remaining 10% ownership in exchange for a 1% NSR royalty. During the quarter 7,511 tonnes were mined @ 13.5% Zn, 8.2% Pb, and 9,120 tonnes were processed @ 12.5% Zn, 7.9% Pb.
  • McEwen Mining Inc. presented its third quarter 2019 report, including activities at its El Gallo mine in Mexico. During the third quarter the mine produced 3,057 Oz AuEq from residual leaching, at cash cost $1,153 and $1,177 AISC per Oz AuEq. Work on the Fenix Project feasibility study and permitting is progressing.
  • Pan American Silver Corp. released results from 14,300 m of drilling during the third quarter 2019 on its La Colorada mine in Zacatecas (see Resources and Development section) .
  • Santacruz Silver Mining Ltd. reported its third quarter 2019 production. Consolidated production was 956.5 K Oz AgEq. At Zimapan, in Hidalgo, 82.2 K tonnes were processed @ 75 gpt Ag, 0.59% Pb, 2.28% Zn, 0.48% Cu to produce 151.5 K Oz Ag (75% recovery), 463 tonnes Pb, 1,492 tonnes Zn, 316 tonnes Cu. At Veta Grande, in Zacatecas, 44 K tonnes were processed @ 99 gpt Ag, 0.24 gpt Au, 1.45% Pb, 2.11% Zn to produce 62.4 K Oz Ag (45% recovery), 139 Oz Au, 370 tonnes Pb, 519 tonnes Zn. At Rosario, in San Luis Potosi, 22 K tonnes were processed @ 65 gpt Ag, 0.25 gpt Au, 0.40% Pb, 2.04% Zn to produce 43 K Oz Ag (93% recovery).
  • Premier Gold Mines Ltd. announced Q3 2019 production results, including 14,481 Oz Au and 37.5 K Oz Ag from its Mexican operations at Mercedes, in Sonora.
  • Torex Gold Resources Inc. reported third quarter 2019 results. At its El Limon-Guajes mine in Guerrero, the company produced 138,145 Oz Au, mine production averaged 144,989 tonnes per day (tpd), mine ore production averaged 15,391 tpd @ 3.19 gpt Au, with a plant throughput of 12,380 tpd @ 4.11 gpt Au, recovering 89% Au at cash cost $561 and AISC of $675.
  • Americas Gold and Silver Corp. released third quarter 2019 production results, including figures from its Cosalá operations in Sinaloa. At the site 151.2 K tonnes were milled to produce 128.8 K Oz Ag, 10.1 M Lb Zn, 3.7 M Lb Pb (or 1 M Oz AgEq), at cash cost -$10.82 per Oz Ag, and an AISC of -$1.49 per Oz Ag after sub-product credits.
  • Sierra Metals Inc. reported its Q3-2019 financial results, not including figures from its operations in Mexico. The company had $29.0 M of cash and cash equivalents at the end of the period (Bolivar, Chihuahua).

ON FINANCING

  • Goldplay Exploration Ltd. filed an amended and restated condensed interim consolidated financial statement and management discussion and analysis for the six months ended June 30, 2019, adding the following disclosure “in Note 11 – Related Party Transactions; The Company issued 480,000 common shares valued at $60,000 as debt settlement with officers and a director of the Company and in Note 12 – Share Capital and Reserves; the Company issued 600,000 common shares valued at $75,000 as debt settlement including $60,000 to related parties” (San Marcial, Sinaloa).
  • Oroco Resource Corp. informed that warrant holders from a unit offering completed on April 2018 have fully exercised the purchase warrants providing the company $720 K (Santo Tomás, Sinaloa).
  • Starcore International Mines Ltd. announced it has resumed trading on the OTC Pink markets in USA under the symbol “SHVLF” (San Martin, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Pan American Silver Corp. released results (impressive) from 14,300 m of drilling during the third quarter on the La Colorada skarn discovery in Zacatecas. Drill highlights comprise 250.9 m @ 40 gpt Ag, 0.08% Cu, 2.6% Pb, 3.4% Zn (including 78.9 m @ 60 gpt Ag, 0.09% Cu, 3.9% Pb, 4.8% Zn); 72.3 m @ 37 gpt Ag, 0.16% Cu, 3.8% Pb, 6.3% Zn and 56.6 m @ 39 gpt Ag, 0.10% Cu, 3.3% Pb, 6.6% Zn; 124.8 m @ 42 gpt Ag, 0.08% Cu, 2.4% Pb, 3.1% Zn; 252.9 m @ 67 gpt Ag, 0.19% Cu, 3.8% Pb, 6.6% Zn (including 27.3 m @ 108 gpt Ag, 0.20% Cu, 8.1% Pb, 13.7% Zn and 148.6 m @ 81 gpt Ag, 0.23% Cu, 4.4% Pb, 7.7% Zn); 132.5 m @ 56 gpt Ag, 0.19% Cu, 3.8% Pb, 6.3% Zn and 139.2 m @ 54 gpt Ag, 0.15% Cu, 1.8% Pb, 5.9% Zn; 379.0 m @ 54 gpt Ag, 0.50% Cu, 2.0% Pb, 3.7% Zn (including 66.7 m @ 154 gpt Ag, 2.07% Cu, 1.0% Pb, 1.6% Zn).
  • Mexican Gold Corp. updated on its current drill program at its Las Minas project in Veracruz. To date 655 m have been drilled on five holes, with three holes testing El Dorado zone, another 261 m hole tested an electromagnetic anomaly, while the hole currently being drilled is also testing a 350 m extension of the same anomaly.

ON DEALS AND CORPORATE ISSUES

  • Telson Mining Corp. informed that as a result of suspending operations at Campo Morado in August 2019 under force majeur conditions, Telson has been without cash flows resulting in non-payment under the loan agreement with Nyrstar Holdings Ltd. This has resulted in Nyrstar issuing a notice of default and demand for payment. Telson’s outstanding debt under this loan agreement including principal and interest is approximately US$6 M. Telson expects to be able to recommence outstanding payments to Nyrstar while exploring other financing alternatives.
  • Prime Mining Corp. entered into contractual agreements for marketing, advertising, shareholder engagement and social media communications with Brisco Capital Partners Corp. for a monthly retainer for a minimum of a CDN$10 K and a maximum of CDN$50 K (Guadalupe de Los Reyes, Sinaloa).
  • Oceanus Resources Corp. announced that is now live on VRIFY, a platform being used by companies to communicate with investors using virtual tours of remote mining assets, 3D models and interactive presentations (El Tigre, Sonora).
  • Santacruz Silver Mining Ltd. and Peñoles, each by mean of a subsidiary, extended the Zimapan mine lease agreement from December 31,2019 to December 31, 2020. Santacruz must make monthly payments to Peñoles based on a 4% NSR, subject to a minimum US$45 K and a maximum of US$60 K per month. The extension provides more time for the negotiation of terms of a potential acquisition of the Zimapan mine in Hidalgo.
  • Almaden Minerals Ltd. was notified by SEMARNAT (Mexico’s environmental authority) that the permitting process for the Ixtaca project in Puebla has been suspended pending resolution of a mineral title lawsuit previously reported. “Under the Lawsuit, certain organisations have supported legal challenges against the Government of Mexico and the Mexican mineral title regime using the Company’s mineral claims as a basis for their challenges. The Lawsuit contends that the issuance of Almaden’s original mineral titles violated human rights and did not respect Mexico’s commitment to indigenous consultation under United Nations Instrument ILO 169…… o. In April, 2019, a Lower Court in Puebla State ruled that the Mexican mineral title system is unconstitutional and as a result these original mineral claims should be held exclusively for Almaden until such time as consultation can be completed. This Lower Court decision has now been appealed by the Mexican Congress, Senate, Secretary of Economy and Mining authorities, as well as Almaden as an affected party. The Lawsuit remains before the Courts”. SEMARNAT was informed on October 24 that the company completed the necessary steps to abandon its mineral claims in the area of the complaint in 2017.
  • Bacanora Lithium is using Veolia Water Technologies Division with its HPD evaporation and crystallisation technologies to validate Bacanora Lithium’s product purity requirements at the Sonor lithium project, while removing potassium and converting it into a sub-product. Veolia engineered and designed the production process that recovers lithium carbonate and sulphate of potash from clay deposits.

ON SOCIAL RESPONSIBILITY

  • Minas de Oro Nacional (Alamos Gold) reunited in Matarachi, Sahuaripa and Hermosillo (Sonora) all the 185 students currently receiving scholarships to study in Matarachi, Sahuaripa, Arivechi, Chihuahua, Cuahutémoc and San Luis Rio Colorado. The ceremony in Hermosillo was held with company and state executives, including the state governor, the Mining Director, the director of DIF, the director of the Sonora Mining Cluster, the director of the Miners Association of Sonora and the SEC sub-secretary of Basic Education.

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 below: Gneiss hosted quartz veinlet from a project in Oaxaca. Picture by Jorge Cirett.

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