During the 10th week of the year (March 6th to March 12nd, 2023), at least 9 press releases were announced by companies working in Mexico, and 4 news published by the media with five commenting on Mexican Issues, three informing on exploration results, two reporting resources and developments, two disclosing deals and corporate issues, and one discussing social issues. ON MEXICO ISSUES, Peñoles and Fresnillo plc recognized the role of women in mining, commemorating his legacy from the beginning of his participation in this sector. In Mexico, women in mining have access to salaries up to 30% higher than the national average. According to figures from the Mexican Social Security Institute (IMSS), more than 66,000 women work in the mining-metallurgical industry, which is equivalent to 16.3% of the total workforce. Proposals to modify the Mining Law lack support, say experts, since the industry complies with at least 4,000 legal obligations, before starting operations of a mining unit. GoGold and Torex reported the best drilling intercepts in Mexico on the second week of March, 2023. ON EXPLORATION, In Sonora, Aztec Minerals reported that it has commenced the 2023 exploration program at its Cervantes project. In Sinaloa, Prismo announced that it has received authorization for drilling its Palos Verdes project. In Oaxaca, Vortex Metals provided an update on the environmental works it has conducted at its flagship Riqueza Marina project. ON MINING, no relevant news. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, GoGold reported additional drilling results from Los Ricos South, within the Eagle and Main Deposits in Jalisco. Torex released results from the drilling program conducted at its Media Luna project in Guerrero. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver announced that a new shareholder has acquired a significant equity position in the company (El Cubo, Valenciana, and San Ignacio Mines in Guanajuato). Bear Creek provided an update on the USD $25M payment to Equinox Gold for the Mercedes mine in Sonora. ON SOCIAL RESPONSIBILITY, Endeavour published its inaugural climate strategic report (Guanacevi mine, Durango).
ON MEXICO ISSUE
Servicios Industriales Peñoles S.A.B. de C.V., and Fresnillo plc recognized the role of women in mining, commemorating his legacy from the beginning of his participation in this sector. Both companies have maintained a strong gender agenda that offers equal opportunities to women and men, equal salaries that depend on the responsibilities of each employee, programs to prevent harassment and to reinforce female leadership.
In Mexico, women in mining have access to salaries up to 30% higher than the national average, with remunerations that exceed MXP $11K a month, above the MXP $5K and up to MXP $7K received by workers in the agricultural and construction sectors, textile employees, drivers and merchants, according to sector estimates. The mining industry has made progress on issues of diversity and inclusion, since in the last 13 years the participation of women has increased, going from 33,260 at the end of 2008 to 66,037 by 2022, according to data from Mining Chamber of Mexico (CAMIMEX).
According to figures from the Mexican Social Security Institute (IMSS), more than 66,000 women work in the mining-metallurgical industry, which is equivalent to 16.3% of the total workforce. The number of women who are entering careers in mining engineering, metallurgy and geology is increasing and therefore their presence in the productive field and in the management of the operation of mining units is increasing. Of the total number of women who participate in the industry, 10% hold directive positions and 14% hold management positions.
Proposals to modify the Mining Law lack support, say experts, since the industry complies with at least 4,000 legal obligations, before starting operations of a mining unit. The reform initiatives to the Mining Law that have been presented in the Congress of the Union lack support in the real circumstances of this industry or refer to issues that should be the subject of other legal regulations, as uncertainty for this activity. The experts explained that issues such as creating or increasing taxes and/or rights must be ruled out in the legislative drafts, since mining entrepreneurs pay, like any other taxpayer, the Income Tax, the Special Tax on Production and Services, in addition to they also pay mining rights and some local contributions, such as payroll and property taxes, as well as some of the so-called ecological taxes. They added that it is estimated that the tax burden of mining in Mexico is high, compared to other countries with mining activity. Mining is an industry misunderstood and unknown by many, even by those who promote changes to its legislation, for which they trusted that the voice of those who know and participate directly in the industry will be heard.
GoGold Resources Inc., and Torex Gold Resources Inc., reported the best drilling intercepts in Mexico on the second week of March, 2023. Details are shown in the table below:
ON EXPLORATION
Aztec Minerals Corp., reported that it has commenced the 2023 exploration program at its Cervantes project in Sonora. The plan of the company is to conduct a surface exploration program which will consist of road cut, reconnaissance outcrop, and soil sampling, Terraspec SWIR data collection, and geological mapping. It will comprise collecting over 1,300 geochemical samples, including 950 roads cut, 120 soils, and 250 outcrop chips.
Prismo Metals Inc., announced that it has received authorization for drilling its Palos Verdes project, located in the historic Panuco-Copala mining district in Sinaloa. The company plan is to complete a 2,500m drilling program to test the strike length of the Palos Verdes Vein that was not previously accessible until now.
Vortex Metals Inc., provided an update on the environmental works it has conducted at its flagship Riqueza Marina project in Oaxaca. Vortex has completed the environmental work activities and has interpreted and organized the information according to predetermined formats required for the Secretariat of Environment and Natural Resources (SEMARNAT). Additionally, the company is working closely with the community looking that a beneficial relationship is established and the general assembly confirms and seals the agreements.
ON MINING
No relevant news.
ON FINANCING
No relevant news.
ON RESOURCES AND DEVELOPMENT
GoGold Resources Inc., reported additional drilling results from Los Ricos South, within the Eagle and Main Deposits in Jalisco. Drilling highlights include hole LRGAG-22-117 on Eagle Deposit with 1.09 g/t Au and 133 g/t Ag (2.87 g/t AuEq or 215 g/t AgEq) over25m, including 1.96 g/t Au and 307 g/t Ag (6.06 g/t AuEq or 454 g/t AgEq) over 9m, including 8.08 g/t Au and 1,460 g/t Ag (27.75 g/t AuEq or 2,066 g/t AgEq) over 1m; hole LR-GAG-22-125 on Eagle Deposit with 2.14 g/t Au and 128 g/t Ag (3.84 g/t AuEq or 288 g/t AgEq) over 42.3m, including 9.66 g/t Au and 486 g/t Ag (16.13 g/t AuEq or 1,210 g/t AgEq) over 7.3m; including 15.35 g/t Au and 866 g/t Ag (26.89 g/t AuEq or 2,017 g/t AgEq) over 2.8m; and hole LRGG-22-232 on Main Deposit with 2.60 g/t Au and 61 g/t Ag (3.41 g/t AuEq or 256 g/t AgEq) over 10.2m, including 24.60 g/t Au and 238 g/t Ag (27.77 g/t AuEq or 2,083 g/t AgEq) over 0.8m. The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource Estimate in the Los Ricos South PEA.
Torex Gold Resources Inc., released results from the drilling program conducted at its Media Luna project in Guerrero. This program was focused on upgrading Indicated Resources to the Measured category and targeting spatial gaps in prior drilling to expand Inferred Mineral Resources. Drilling highlights include hole ML22-823D with 40.48 g/t Au, 87 g/t Ag, and 2.76% Cu (46.05 g/t AuEq) over 28.40m; hole ML22-804D with 10.79 g/t Au, 101 g/t Ag, and 3.09% Cu (17.08 g/t AuEq) over 58.08m; hole ML22-768D with 13.98 g/t Au, 112 g/t Ag, and 3.69% Cu (21.39 g/t AuEq) over 26.39m; hole ML22-762A with 13.27 g/t Au, 17 g/t Ag, and 0.46% Cu (14.23 g/t AuEQ9 over 22.43m; hole ML22-835D with 6.72 g/t Au, 29 g/t Ag, and 0.92% Cu (8.58 g/t AuEq) over 34.75m; hole ML22-767D with 4.57 g/t Au, 80 g/t Ag, and 2.50% Cu (9.63 g/t AuEq) over 26.15m; hole ML22-913 with 4.75 g/t Au, 29 g/t Ag, and 1.76% Cu (8 g/t AuEq) over 25.43 g/t AuEq over 25.43m; hole ML22-910 with 1.06 g/t Au, 54 g/t Ag, and 1.25% Cu (3.78 g/t AuEq) over 48.05m; hole ML22-877A with 1.53 g/t Au, 25 g/t Ag, and 0.73% Cu (3.03 g/t AuEq) over 26.77m; and hole ML22-915 with 1.94 g/t Au, 6 g/t Ag, and 0.34% Cu (2.56 g/t AuEq) over 18.05m.
ON DEALS AND CORPORATE ISSUES
Guanajuato Silver Company Ltd., announced that a leading US based institutional investor has acquired a significant equity position in the company through the purchase of 24M common shares representing the majority of the equity position previously held by Great Panther Mining Ltd. (El Cubo, Valenciana, and San Ignacio Mines in Guanajuato).
Bear Creek Mining Corporation provided an update on the USD $25M payment to Equinox Gold Corp., for the Mercedes mine in Sonora. Bear Creek has revised the terms of the heads of agreement with Equinox to amortize over a two-year period payment of the final USD $25M purchase price installment. “The Revised Terms provide for converting the Deferred Payment into a secured interest bearing promissory note (the “Note”). The Note bears a nominal rate of interest equal to 12.5% per annum plus the greater of (i) 90-day average Secured Overnight Financing Rate and (ii) 2.50% per annum, and matures after a term of two years on October 21, 2024 (the “Maturity Date”). Commencing March 3, 2023, the Note will amortize at a fixed rate of USD $700K per month during the first year until March 3, 2024 and thereafter at an amount per month equal to the greater of (i) USD $700K and (ii) 50% of the free cash flow generated from Mercedes”. In addition to the Note, the Company will issue to Equinox Gold 2,750,000 common shares of the Company.
ON SOCIAL RESPONSIBILITY
Endeavour Silver Corp., published its inaugural climate strategic report in which provided specific information in four areas: governance, strategy, risk management, and metrics and targets (Guanacevi mine, Durango).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, quartz-sericite-pyrite (phyllic alteration) in a porphyry copper project in Sonora, Mexico. Photo by Miguel A Heredia.
During the 8th week of the year (February 20th to February 26th, 2023), at least 23 press releases were announced by companies working in Mexico, with ten reporting resources and developments of their properties, six communicating production and financial results, two informing on exploration results, two commenting on Mexican issues, one disclosing deals and corporate issues, one announcing financing issues, and one discussing social issues. ON MEXICO ISSUES, Almaden regretted the decision of Mexico´s Ministry of Economy to deny the two mineral title applications which were first made by Almaden in 2002 and 2008, and which in turn led to the grant of mineral titles in 2003 and 2009, respectively. GoGold, Bear Creek, GR Silver, and Guanajuato Silver reported the best drilling intercepts in Mexico on the fourth week of February, 2023. ON EXPLORATION, In Sonora, Tocvan released results from surface channel sampling of selected area for a bulk sample at its Pilar project. In Coahuila, Monumental Minerals provided an update and defined drill targets at its Jemi Heavy Earth Rare Element project. ON MINING, Coeur reported Q4 and full year 2022 production and financial results from its Palmarejo mine in Chihuahua. Starcore announced Q3, 2023 production results from its San Martin mine in Queretaro. Equinox provided 2023 guidance for its Los Filos mine in Guerrero. Bear Creek announced 2023 production guidance for its Mercedes mine in Mexico. Gatos Silver released 2023 production and cost guidance for its Cerro Los Gatos mine in Chihuahua. First Majestic reported Q4 and full year 2022 production and financial results from their Mexican mine operations. ON FINANCING, Silver Tiger closed its previously announced bought deal offering for gross proceeds of approximately CAD $18M (El Tigre project, Sonora). ON RESOURCES AND DEVELOPMENT, GoGold reported additional drilling results from Los Ricos South, within the Eagle and Main Deposits in Jalisco. Guanajuato Silver announced drill results from its San Ignacio mine in Guanajuato. Alamos Gold reported Mineral Reserves and Resources for the year-ended 2022 at its Mulatos project, Sonora. Bear Creek released results of recent drilling from its Marianas and Rey de Oro deposits at its Mercedes mine in Sonora. Chesapeake announced updated Minera Resource Estimate for its world class Metates deposit in Durango. Minera Alamos informed the commencement of drilling at its Santana project in Sonora. GR Silver reported underground drilling results from 35 holes drilled as part of the 2022 infill and exploratory drilling program conducted at its Plomosas project in Sinaloa. Silver Dollar identified five new mineralized target areas at its la Joya project in Durango. Regency Silver announced that two follow-up holes down-dip were completed at its Dios Padre project in Sonora. Vizsla provided a year-end 2022 summary of its activities carried out at its flagship Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Minera Alamos granted stock options to its management team, Board of Directors, and certain consultants (Santana project, Sonora). ON SOCIAL RESPONSIBILITY, Almaden signed a cooperation agreement with the Ejido Santa Maria Zotoltepec, the ejido located closest to its Ixtaca project in Puebla.
ON MEXICO ISSUE
Almaden Minerals Ltd., regretted the decision of Mexico´s Ministry of Economy to deny the two mineral title applications which were first made by Almaden in 2002 and 2008, and which in turn led to the grant of mineral titles in 2003 and 2009, respectively. These mineral titles underpin the Ixtaca deposit which was discovered by Almaden in 2010. As previously reported, these mineral titles were reduced to application status as a result of an early 2022 decision of Mexico’s Supreme Court of Justice (SCJN). Almaden believes that this action by the Secretariat of Economy is inconsistent with the Mexican Mining Law, the SCJN decision, and international law. The Company expects to submit arguments challenging the Secretariat of Economy’s submissions to the District Court within the next few days.
GoGold Resources Inc., Bear Creek Mining Corporation, GR Silver Mining Ltd, and Guanajuato Silver Company Ltd reported the best drilling intercepts in Mexico on the fourth week of February, 2023. Details are shown in the table below:
ON EXPLORATION
Tocvan Ventures Corp., released results from surface channel sampling of selected area from an up to 1,000 tonnes of oxide-gold bulk sample at its Pilar project in Sonora. Channel sampling was completed every 5m perpendicular to exposed mineralization and alteration at surface along the Main Zone and 4-T trends. Eight locations were sampled to test varying levels of exposed mineralization, all eight trench locations returned anomalous gold and silver values. Highlights include TR-2023-001 where seven samples over a 35m trend returned an average grade of 2.2 g/t Au and 14 g/t Ag, ranging from 8.3 g/t Au to 0.1 g/t Au; TR-2023-002 where five samples over a 20m trend returned an average grade of 2.8 g/t Au and 9 g/t Ag, ranging from 7.1 g/t Au to 0.7 g/t Au; and TR-23-007 where five samples along a 25m trend returned an average grade of 2.2 g/t Au and 30 g/t Ag ranging from 7.3 g/t Au to 0.1 g/t Au. “Bulk Sample material will be extracted and prepared for processing by heap-leach method at a private mining operation less than 25km to the west of Pilar”.
Monumental Minerals Corp., provided an update and defined drill targets at its Jemi heavy earth rare element project, located in Coahuila State. The exploration program carried out by the exploration team of the company consisted of detailed mapping and rock sampling, regional stream sediment sampling, ground radiometric geophysical surveys, and lithogeochemical sampling. The exploration effort has been focused on the Jemi dikes and Veladora Norte areas, which host peralkaline intrusion related REE mineralization. “Of the 188 samples with assay results, over one third (76 samples) returned values greater than 0.15% total rare earth oxide (TREO), including 5 samples that returned values greater than 1.0% TREO to a maximum value of 2.4% TREO. The average TREO for all samples is 0.21%, and a minimum value of 9 parts per million (ppm), which was returned in an iron-oxide/calcite vein”. This rock sampling has defined a series of high priority drill targets.
ON MINING
Coeur Mining Inc., reported Q4 and full year 2022 production and financial results from its Palmarejo mine in Chihuahua. On Q4, 2022 the company milled 554,247 tonnes of 1.59 g/t Au and 98 g/t Ag with metallurgical recoveries of 92.4% and 85% respectively to produce approximately 26K Oz Au and 1.49M Oz Ag. It sold 25.2K Oz Au and 1.49M Oz Ag at an average realized price of USD $1,519 per Oz Au and USD $21.10 per Oz Ag. Coeur reported metal sales of USD $69.5.4M; cost applicable to sales (CAS) of USD $47.1M; adjusted CAS per Oz Au of USD $1,027 and adjusted CAS per Oz Ag of USD $14.23; exploration expense of USD $1.5M; cash flow from operating activities of USD $18.9M; total capital expenditures of USD $8.1M; and free cash flow of USD $10.8M. On the full year 2022, Coeur milled approximately 2.2M tonnes of 1.65 g/t Au and 113 g/t Ag with metallurgical recoveries of 92.1% and 84.2% respectively to produce approximately 106.8K Oz Au and 6.71M Oz Ag. It sold 107.1K Oz Au and 6.7M Oz Ag at an average realized price of USD $1,471 per Oz Au and USD $21.78 per Oz Ag. Coeur reported metal sales of USD $303.4M; cost applicable to sales (CAS) of USD $1822.6M; adjusted CAS per Oz Au of USD $883 and adjusted CAS per Oz Ag of USD $13.05; exploration expense of USD $6.6M; cash flow from operating activities of USD $88.4M; total capital expenditures of USD $42.6M; and free cash flow of USD $45.8M.
Starcore International Mines Ltd., announced Q3, 2023 production results from its san martin mine in Queretaro. The company milled 58,562 tonnes of 1.29 g/t Au and 9 g/t Ag with metallurgical recoveries of 85.24% and 48.95% respectively to produce 2,182 Oz AuEq.
Equinox Gold Corp., provided 2023 guidance for its Los Filos mine in Guerrero. The company expects to produce between 160K-180K Oz Au at cash and all includes sustaining cost of USD $1,460-USD $1,620 and USD $1,680-USD $1,865 per Oz Au produced respectively; and a sustaining cost of USD $40M.
Bear Creek Mining Corporation announced 2023 production guidance for its Mercedes mine in Mexico. The company expects to produce 65K-75K Oz Au and 210K-243K Oz Ag during 2023 at an average cash cost per Oz Au in the range of $830-$890 , and all in sustaining cost of $1,120-$1,290 per Oz Au.
Gatos Silver Inc., released 2023 production and cost guidance for its Cerro Los Gatos mine in Chihuahua. The company expects to produce between 7.4-8.2M Oz Ag, 57-63M Lb Zn in Zn concentrates, 36-40M Lb Pb in Pb concentrates, and 5.4-6.2K Oz Au in Pb concentrates (or 12.4-13.8M Oz AgEq). All in sustaining cost for silver production and silver equivalent production has been estimated in USD $11-13 and USD $15.50-17.50 per Oz payable respectively. Gatos Silver also estimated sustaining capital expenditures at USD $45M; and exploration and definition drilling expenditures at USD $13M, including drilling of the south-east deep zone and district exploration.
First Majestic Silver Corp., reported Q4 and full year 2022 production and financial results from their Mexican mine operations. The tables below show figures by mine for the period Q4 and full year 2022:
ON FINANCING
Silver Tiger Metals Inc., closed its previously announced bought deal offering of 58.1M of common shares at a price of CADS $0.31 per share for gross proceeds of approximately CAD $18M. Gross proceeds will be used to continue advancement of its El Tigre mine in Sonora, and for general corporate purposes.
ON RESOURCES AND DEVELOPMENT
GoGold Resources Inc., reported additional drilling results from Los Ricos South, within the Eagle and Main Deposits in Jalisco. Drilling highlights include hole LRGAG-22-110 on the Eagle Deposits with 1.43 g/t Au and 43 g/t Ag (2 g/t AuEq or 150 g/t AgEq) over 62.4m, including 4.57 g/t Au and 71 g/t Ag (5.52 g/t AuEq or 414 g/t AgEq) over 16m, including 17.05 g/t Au and 189 g/t Ag (19.57 g/t AuEq or 1,468 g/t AgEq) over 1.4m; hole LRGAG-22-113 on the Eagle Deposit with 3.29 g/t Au and 358 g/t Ag (8.06 g/t AuEq or 605 g/t AgEq), including 20.05 g/t Au and 2,000 g/t Ag (46.72 g/t AuEq or 3,504 g/t AgEq) over 1.8m, including 40 g/t Au and 3,490 g/t Ag (86.53 g/t AuEq or 6,490 g/t AgEq) over 0.8m, plus 2.32 g/t Au and 58 g/t Ag (3.09 g/t AuEq or 232 g/t AgEq) over 29.5m, including 5.20 g/t Au and 72 g/t Ag (6.16 g/t AuEq or 462 g/t AgEq) over 12.3m, including 21.10 g/t Au and 170 g/t Ag (23.37 g/t AuEq or 1,752 g/t AgEq) over 1m; hole LRGAG-22-115 on the Eagle Deposit with 1.44 g/t Au and 75 g/t Ag (2.45 g/t AuEq or 183 g/t AgEq) over 31.5m, including 3.38 g/t Au and 147 g/t Ag (5.34 g/t AuEq or 400 g/t AgEq) over 11m, including 12.85 g/t Au and 64 g/t Ag (13.70 g/t AuEq or 1,028 g/t AgEq) over 1; and hole LRGAG-22-227 on the Main Deposit with 1.28 g/t Au and 105 g/t Ag (2.68 g/t AuEq or 201 g/t AgEq) over 29m, including 4.84 g/t Au and 352 g/t Ag (9.54 g/t AuEq or 715 g/t AgEq) over 6.3m, including 24 g/t Au and 335 g/t Ag (28.47 g/t AuEq or 2,135 g/t AgEq) over 0.7m. The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource Estimate in the Los Ricos South PEA.
Guanajuato Silver Company Ltd., announced drill results from its San Ignacio mine in Guanajuato. Drilling highlights include hole UGSI22-005, the best drill hole the company has drilled at any of its mines acquired from Great Panther, with 5.11 g/t Au and 810 g/t Ag (1,219 g/t AgEq) over a true width (TW) of 4.92m, including 25.84 g/t Au and 4,914 g/t Ag (6,981 g/t AgEq) over a TW of 0.42m, including 28.23 g/t Au and 1,693 g/t Ag (3,951 g/t AgEq) over a TW of 0.42m. This significant drill result on the Melladito vein will be followed up with additional drill holes attempting to follow the down dip extension of the vein within the Company’s 2023 drill campaign. In addition, the company is in the midst of driving a 400m access ramp from Melladito to the analogous Purisima vein, which offers the potential for expanded production at San Ignacio mine. Guanajuato Silver also confirmed that it will provide an updated mineral resource estimate which is expected to be completed by Q3, 2023.
Alamos Gold Inc., reported Mineral Reserves and Resources for the year-ended 2022 at its Mulatos project, Sonora. The company reported Proven + Probable Mineral Reserves of 26,734,000 tons with an average grade of 1.95 g/t Au for a total of 1,679,000 Oz Au contained. Alamos Gold also announced Measured + Indicated Mineral Resources (exclusive of Mineral Reserves) for 10,302,000 tonnes of 2.52 g/t Au for a total of 502K Oz Au contained, and Inferred Resources for 1,774,000 tonnes of 1.27 g/t Au for a total of 72K Oz Au contained. In addition, the company has budgeted a total of USD $17M for exploration in 2023. This budget comprises 16,000m of surface exploration drilling at Puerto del Aire, Gap Victor, and Estrella Zones, and 34,000m for regional exploration on high priority targets, including Halcon, Halcon West, Carricito, Bajios, and Jaspe.
Bear Creek Mining Corporation released results of recent underground drilling from its Marianas and Rey de Oro deposits at its Mercedes mine in Sonora. Drilling highlights (reported in true widths) include hole UG-MR22-105 collared on Marianas Deposit with 5.68 g/t Au and 6 g/t Ag over 2.8m, plus 12.43 g/t Au and 12 g/t Ag over 2.8m; hole UG- MR22-106 on Mariana Deposit with 41 g/t Au and 24 g/t Ag over 0.8m; hole UG-MAR22-113 on Mariana Deposit with 8.47 g/t Au and 32 g/t Ag over 3m, plus 5.02 g/t Au and 7 g/t Ag over 3m; hole UG-RDO23-075 collared on Rey de Oro Deposit with 10.23 g/t Au and 182 g/t Ag over 3.5m; hole UG-RDO22-077 on Rey de Oro Deposit with 15.35 g/t Au and 109 g/t Ag over 1.03m; and hole M22-934D on GAP Deposit with 6.47 g/t Au and 58 g/t Ag over 2.2m. “The Marianas and GAP drilling represent step-outs from the existing underground mining operations along the main Mercedes vein zone. The Rey de Oro drilling represents extensions downdip and along strike of the existing reserves and underground operations”.
Chesapeake Gold Corp., announced updated Minera Resource Estimate (MRE) for its world class Metates deposit in Durango. The updated MRE incorporates an additional 23 holes drilled by Chesapeake and has an effective date of January 28, 2023. It include Measured + Indicated Resources for 921.2M tonnes with average grades of 0.57 g/t Au and 14 g/t Ag for a total of 16.77M Oz Au and 423.2M Oz Ag contained, and Inferred Resources for 139.5M tonnes with average grades of 0.47 g/t Au and 13 g/t Ag for a total of 2.13M Oz Au and 59 M Oz Ag contained. “This updated MRE together with on-going metallurgical work will form the basis of a new Pre-Feasibility Study”.
Minera Alamos Inc., informed the commencement of drilling at its Santana project in Sonora. The company plans to drill a number of gold bearing breccia pipes in the cluster that comprise the Santana project. Some of these priority targets such as Zata and Benjamin Hill have never been drilled before. Over 10,000m of drilling in up to 80 holes have been planned by the company`s exploration team to drill-test the targets.
GR Silver Mining Ltd., reported underground drilling results from 35 holes drilled as part of the 2022 infill and exploratory drilling program conducted at its Plomosas project in Sinaloa. Drilling highlights ( reported in true widths) include hole PLIP22-30 with 69 g/t Ag, 2.67 g/t Au, 0.1% Pb, 0.2% Zn, and 0.2% Cu (353 g/t AgEq) over 14.1m, including 227 g/t Ag, 5.39 g/t Au, 0.3% Pb, 0.6% Zn, and 0.4% Cu (808 g/t AgEq) over 1.6m, including 219 g/t Ag, 40.18 g/t Au, 0.3% Pb, and 1% Cu (4,075 g/t AgEq) over 0.6m; hole PLIP22-52 with 2 g/t Ag and 1.91 g/t Au (182 g/t AgEq) over 8.1m, including 33 g/t Ag and 64.5 g/t Au (6,033 g/t AgEq) over 0.2M; hole PLIP22-29 with 55 g/t Ag, 1.01 g/t Au, 3.1% Pb, 4.8% Zn, and 0.2% Cu (441 g/t AgEq) over 21.7m, including 299 g/t Ag, 5.42 g/t Au, 1.8% Pb, 9.7% Zn, and 0.6% Cu (1,291 g/t AgEq) over 2.8m; hole PLIP22-35 with 20 g/t Ag, 1.8 g/t Au, 0.5% Pb, 1.5% Zn, and 0.3% Cu (221 g/t AgEq) over 14.2m, including 44 g/t Ag, 1.1 g/t Au, 10.4% Pb, 15.3% Pb, and 0.3% Cu (1,059 g/t AgEq) over 0.2m, including 46 g/t Ag, 6.09 g/t Au, 2.7% Pb, 8.4% Pb, and 0.8% Cu (1,105 g/t AgEq) over 0.8m; and hole PLIP22-42 with 30 g/t Ag, 0.76 g/t Au, 7.9% Pb, 7.9% Zn, and 0.3% Cu (669 g/t AgEq) over 8.3m, including 49 g/t Ag, 0.41 g/t Au, 7.8% Pb, 10.9% Zn, and 1.1% Cu (846 g/t AgEq) over 0.9m, including 50 g/t Ag, 1.97 g/t Au, 19.7 g/t Pb, 15.6% Zn, and 0.3% Cu (1,422 g/t AgEq) over 2.7m.
Silver Dollar Resources Inc., identified five new mineralized target areas at its la Joya project in Durango. These areas are located in the unexplored portion of the property and were outlined during the last exploration campaign which consisted of geological mapping and sampling. The Verde and Hueco Areas were partially drilled by a previous operator, while Dyke North, Dyke South, and South-East Areas never have been drill tested before.
Regency Silver Corp., announced that two follow-up holes down-dip from REG-22-01 were completed at its Dios Padre project in Sonora. Hole REG-22-01 intersected 6.84 g/t Au, 22 g/t Ag, and 0.88% Cu over 35.8m, including 13.97 g/t Au, 50 g/t Ag, and 1.11% Cu over 9.8m. Hole REG-23-14 encountered 32m of pyrite-specularite-chalcopyrite supported breccia from approximately 454-486m within a broader zone of disseminated and vein hosted mineralization approximately 25m down dip from REG-22-01, while hole REG-23-15 intersected 120m of specularite-pyrite-chalcopyrite supported breccia from approximately 400-520m within a broader zone of disseminated and vein hosted mineralization approximately 85m down-dip from REG-22-01 and about 62m down-dip from REG-23-14.
Vizsla Silver Corp., provided a year-end 2022 summary of its activities carried out at its flagship Panuco project in Sinaloa, and outlined the goals for 2023. During Q1, 2022 the company announced its initial mineral resource estimate (MRE) centered on the western portion of the Panuco district. In 2022, Vizsla completed over 121,000m of additional drilling to conclude in an updated MRE on January 2023, with a significant increase in gold and silver as well as in the overall grade. The company also discovered other near-surface, high-grade structures, demonstrating the growth potential outboard of the known resource boundaries. “For 2023, our focus is on incremental expansion and de-risking of the current resource base. With a fully funded +90,000m drill program utilizing seven drill rigs, we plan to update the current Panuco resource estimate in the second half of 2023, which will be followed in due course by an initial Preliminary Economic Assessment”.
ON DEALS AND CORPORATE ISSUES
Minera Alamos Inc., granted stock options to its management team, Board of Directors, and certain consultants. The Board of Directors approved the issuance of a total of 2.25M options at an exercise price of $0.51, and 6.9M at an exercise price of $0.45. All the options will expire in 5 years and vest 50% on the first anniversary of their grant and 50% on the second anniversary (Santana project, Sonora).
ON SOCIAL RESPONSIBILITY
Almaden Minerals Ltd., signed a cooperation agreement with the Ejido Santa Maria Zotoltepec, the ejido located closest to its Ixtaca project in Puebla, to support an agro-technological package aimed at sustainable plan nutrition and soil enrichment.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, an outcrop of a flow banded rhyolite in a low-sulphidation epithermal veins prospect in Sonora Mexico. Photo by Miguel A Heredia.
During the 6th week of the year (February 6th to February 12th, 2023), at least 14 press releases were announced by companies working in Mexico, with five disclosing deals and corporate issues, three reporting resources and developments of their properties, three announcing financing issues, two informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Golden Minerals Corporation was the only mining company reporting drilling results on the second week of February, 2023. ON EXPLORATION, In Sonora, Prismo filed a drilling permit application for its Pavito project. In Chihuahua, Golden Minerals reported results from the final 10 holes of the third drill program conducted at its Yoquivo project. ON MINING, no relevant news. ON FINANCING, Barksdale announced that 8,050,287 common share purchase warrants were exercised prior to their expiration (San Javier project, Sonora). GoGold closed its previously announced bought deal offering for gross proceed of CAD $65M (Los Ricos North and South projects, Jalisco). MAG Silver completed its previously announced bought deal public offering for gross proceeds of USD $42,558,250 (Juanicipio project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Sonoro Gold announced an updated Mineral Resource Estimate for its Cerro Caliche project in Sonora. Prime Mining announced the details of its 2023 work program objectives and strategy at its Los Reyes project in Sinaloa and will provide a 2022 progress report in February, 2023. Torex provided an inaugural quarterly update on its Media Luna project in Guerrero. ON DEALS AND CORPORATE ISSUES, Colibri and its partner Silver Spruce declared that have earned 50% ownership interest in the Diamante property in Sonora. Discovery Silver announced that its shares will be listed and commence trading on the Toronto Stock Exchange (Cordero project, Chihuahua). Consolidated Zinc entered into a binding conditional share sale agreement with Impact to sell its Plomosas project in Chihuahua. Vizsla, as part of its incentive compensation plan, granted stock options to directors, officers, employees and consultants of the company (Panuco project, Sinaloa). Heliostar announced that their shares remain in a trading halt due to the acquisition of the Ana Paula project in Guerrero from Argonaut Gold. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
Golden Minerals was the only mining company reporting drilling results on the second week of February, 2023. Details are shown in the table below:
ON EXPLORATION
Prismo Metals Inc., filed a drilling permit application for its Pavito project in Sonora. The company anticipates the drilling permit will be approved in early March, 2023. Prismo plans to conduct an initial 2,500m drill program in the first half of 2023.
Golden Minerals Company reported results from the final 10 holes of the third drill program conducted at its Yoquivo project. Drilling highlights (widths reported are true widths) include hole YQ-22-028 with 3.81 g/t Au and 1,585 g/t Ag over 0.76m on the New Vein, plus 1.16 g/t Au and 105 g/t Ag over 0.80m on the Pertenencia Hangingwall Vein, plus 4.25 g/t Au and 449 g/t Ag over 1.16m on the Camila Hangingwall Vein, plus 1.45 g/t Au and 510 g/t Ag over 4.80m on the Camila Vein; hole YQ-22-031 with 3.86 g/t Au and 668 g/t Ag over 2.29m on the Pertenencia Vein; and hole YQ-22-034 with 1.3 g/t Au and 545 g/t Ag on the San Francisco Hangingwall Vein.
ON MINING
No relevant news.
ON FINANCING
Barksdale Resources Corp., announced that 8,050,287 common share purchase warrants, with an exercise price of $0.55 were exercised prior to their January 31, 2023 expiry. “The warrant exercises generated gross proceeds of approximately $4.4M, with approximately $3.8M coming from warrant exercises in January 2023. As of February 3, the Company’s unaudited cash position is approximately $6.6M with issued capital of 80,239,886 common shares. (San Javier project, Sonora).
GoGold Resources Inc., closed its previously announced bought deal offering of 28.9M common shares at a price of CAD $2.25 for gross proceed of approximately CAD $65M. Net proceeds will be used to advance the Los Ricos North and South projects in Jalisco. A syndicate of underwriters hold an option to purchase up to an additional 4,335,000 common shares at a price of CAD $2.25 per common share, exercisable in whole or in part, on or before March 10, 2023.
MAG Silver Corp., completed its previously announced bought deal public offering of 2,905,000 common shares, including 170,000 common shares issued upon the partial exercise of the over-allotment option, at a price of USD $14.65 per common share for gross proceeds of USD $42,558,250. Net proceeds will be used to fund exploration on the Juanicipio and MAG´s other projects, certain sustaining capital requirements at the Juanicipio project, and for working capital and general corporate purposes.
ON RESOURCES AND DEVELOPMENT
Sonoro Gold Corp., announced an updated Mineral Resource Estimate (MRE) for its Cerro Caliche project in Sonora, in accordance with the requirements of NI 43-101. The MRE, with an effective date of January 26, 2023 is based on 59,500m of drilled data including 544 drill holes, 17 trenches and assays for 57,500m of the drilled data. The pit constrained MRE include an indicated resource of 19.9M tonnes with grades of 0.44 g/t Au and 3 g/t Ag (0.46 g/t AuEq) for a total of 280K Oz Au and 2.23M Oz Ag (290K Oz AuEq) contained, and inferred resources of 10.55M tonnes with grades of 0.42 g/t Au and 4 g/t Ag (0.44 g/t AuEq) for a total of 140K Oz Au and 1.34M Oz Ag (150K Oz AuEq).
Prime Mining Corp., announced the details of its 2023 work program objectives and strategy at its Los Reyes project in Sinaloa and will provide a 2022 progress report in February, 2023. The company has completed 110,000m of drilling in 2021 – 2022 to contribute to an updated NI 43-101 Mineral Resource Estimate (MRE) which is expected to be released in Q2, 2023. For 2023, Prime has budgeted initial 35,000m in step-out drilling along the three known deposits (Guadalupe, Z-T, and Central), as well as in generative exploration drilling at key targets in the Los Reyes mining district. Additionally, Prime plans to continue metallurgical test work and metallurgical domain classification of the deposits; to complete preliminary geotechnical analysis of the resource areas; and further mining assessment to advance the property to a potential future development. The company also will continue with the environmental base line work as well as the work dialogue with the community with strong emphasis on water programs and education. All these programs are fully funded for 2023 with the completion of an over-subscribed $21M private placement on December 22, 2023.
Torex Gold Resources Inc., provided an inaugural quarterly update on its Media Luna project in Guerrero. Development of Media Luna is well underway with the project tracking to schedule and to budget. Capital expenditures related to the development of Media Luna are unchanged at USD $874.5M. As at year-end, Torex had commitments in place for USD $229.7M of project expenditures, including USD $124.7M of expenditures incurred. Torex expects to incur USD $390M to USD $440M of capital expenditures at Media Luna in 2023, which is forecasted to be the peak year of investment. All critical path engineering is on track, focused on finalization of key process equipment sizing and specifications as well as continued detailing of the new flotation plant. The Guajes Tunnel and South Portals advanced steady. Breakthrough of the Guajes Tunnel on the south side of the Balsas River remains on track for Q1 2024. The tunnel has successfully crossed under the Balsas River with no issues related to ground conditions or water. Additionally, multiple surface constructions have advanced steady. The company anticipates first production in late 2024.
ON DEALS AND CORPORATE ISSUES
Colibri Resource Corporation and its partner Silver Spruce Resources declared that have earned 50% ownership interest in the Diamante property in Sonora. The vendor, Bimsa Minera S.A. de C.V. , retains the remainder 50% ownership interest in the property.
Discovery Silver Corp., announced that its shares will be listed and commence trading on the Toronto Stock Exchange (TSX) under the symbol “DSV”, effective as February 3, 2023 (Cordero project, Chihuahua).
Consolidated Zinc Limited entered into a binding conditional share sale agreement with Impact Silver Corp., to sell its 100% legal and beneficial interest in Minera Latin American Zinc S.A.P.I. de C.V., a subsidiary of the company that owns the Plomosas project in Chihuahua for USD $6M. The sale agreement for the proposed transaction consist of USD $3M in cash and USD $3M in Impact Silver shares, and the payment of a 12% net profit interest royalty.
Vizsla Silver Corp., as part of its incentive compensation plan, granted 2,130,000 stock options at an exercise price of $1.60 and 1,133,572 restricted share units to directors, officers, employees and consultants of the company (Panuco project, Sinaloa).
Heliostar Metals Inc., announced that their shares remain in a trading halt due to the acquisition of the Ana Paula project in Guerrero from Argonaut Gold, since this kind of transactions require a number of key documents for the security exchange.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, an old adit driven along low-angle sheeted quartz veins in an orogenic gold prospect in Sonora Mexico. Photo by Miguel A Heredia.
During the 2nd week of the year (January 09th to January 15th, 2023), at least 30 press releases were announced by companies working in Mexico, and 4 news published by the media with nine communicating production and financial results, seven reporting resources and developments of their properties, five disclosing deals and corporate issues, five informing on exploration results, four announcing financing issues, and four commenting on Mexican issues. ON MEXICO ISSUES, The Ministry of the Environment and Natural Resources (SEMARNAT) withdrew the permit to Fortuna Silver Mines, which operates the San José mine in Oaxaca through the company Minera Cuzcatlán. Compañía Minera Cuzcatlán (Fortuna Silver) responded to SEMARNAT that it is operating normally at its San José mine in Oaxaca under complete legality. Mining companies shine at the beginning of the year on the Mexican Stock Exchange. The governments of Mexico and Canada have agreed to strengthen resilience in the supply chain in which both countries participate, reported Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada. Prime Mining, Tocvan Ventures, Oroco, and Silver Tiger reported the best drilling intercepts in Mexico on the second week of January, 2023. ON EXPLORATION, In Sonora, Aztec Minerals presented a summary of the results from its recently completed 2022 drilling program at its Cervantes project, Colibri completed additional drilling on its Evelyn project, Tocvan drill intersected a broad zone of gold at its El Picacho project, and Riverside provided a corporate outlook for 2023. In Sinaloa, Prismo Metals released results from the remaining holes from its now completed 2022 drill program at its Palos Verdes project. ON MINING, Aura, Alamos Gold, Americas, Endeavour, Gatos Silver, GoGold, Golden Minerals, and Torex announced Q4 and full-year 2022 production from their Mexican operations, and Altaley reported pre-production results during mill commissioning at its Tahuehueto property in Durango. ON FINANCING, Canuc closed a non-brokered private placement for gross proceeds of CAD $680K (San Javier project, Sonora). Guanajuato Silver closed the second and final tranche of its non-brokered private placement offering totaling CAD $8.5M (El Cubo, San Ignacio, and Valenciana mines, Guanajuato). Fabled announced that it plans to complete a non-brokered private placement for gross proceeds of up to CAD $1.5M (Santa Maria property, Chihuahua). Altaley entered into a debt settlement agreement with an arms’ length mining contractor to settle CAD $1,176,297 which is owing to the contractor as a result of underground mine development work (Tahuehueto mine, Durango). ON RESOURCES AND DEVELOPMENT, Regency Silver announced recommencement of the 2023 drilling program at its Dios Padre property in Sonora, as well as the commencement of an IP survey. Discovery outlined its 2023 work program and budget for its Cordero property in Chihuahua. Oroco released further assay results from the North Zone drilling program at its Santo Tomas project in Sinaloa. Prime Mining presented results from 48 drill holes collared in the Z-T area at its Los Reyes project, Sinaloa. Silver Tiger released results from its ongoing drilling program being conducted at its El Tigre project, Sonora. Sailfish announced results from its recently drilling program conducted at its Gavilanes property in Durango. Silver Viper reported positive geophysical and geochemical survey results at its Virginia project, Sonora. ON DEALS AND CORPORATE ISSUES, Santacruz announced the appointment of its new CFO (Zimapan property, Hidalgo). Excellon announced that its Board of Directors has approved the voluntary delisting of its common shares from the New York Stock Exchange (La Platosa mine, Durango). Fabled´s shareholders approved a share consolidation of the outstanding securities of the Company on an up to ten for one basis (Santa Maria property, Chihuahua). Vizsla completed strategic investment in the acquisition of Palos Verdes project, Sinaloa from Prismo Metals. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
The Ministry of the Environment and Natural Resources (SEMARNAT) withdrew the permit to Fortuna Silver Mines, which operates the San Jose mine in Oaxaca through the company Minera Cuzcatlán since, according to SEMARNAT, it incurred in several irregularities. Such permit had been previously granted by some servants of SEMARNAT. In 2022, SEMARNAT said that it had been a misspelling to have issued a permit for 12 more years for the operation of this company. SEMARNAT was even questioned for providing legal advice to the company in order to obtain the environmental impact authorization and the regularization of construction of works for which it did not have authorization. With the suspension of the permit, SEMARNAT said that the company can appeal and resort to its influence peddling as it has done since its settlement in Oaxaca. However, if the judges confirm the resolution, it must withdraw and return the land to its owners, in addition to repairing the damage caused by the excessive pollution it has generated in the area.
Compañia Minera Cuzcatlán (Fortuna Silver) responded to SEMARNAT that it is operating normally at its San Jose mine in Oaxaca under complete legality. Derived from the notification received by the Ministry of the Environment and Natural Resources (SEMARNAT) at the beginning of 2023, regarding the intention of evaluating the MIA (Environmental Impact Statement) granted legally and correctly in December 2021, it is notified that this new procedure does not affect the daily activities of the Company, thus confirming that the San José Mining Unit, located in San José del Progreso, Oaxaca, is operating normally. Fortuna Silver Mines, communicated on January 5 of this year, that its San José Mining Unit, which operates through its subsidiary Compañía Minera Cuzcatlán, fully complies with all current environmental laws, for which it has expressed its disagreement and is taking legal measures to protect its more than 1,200 employees, a value chain made up of more than 600 companies, 150 of them from the area, as well as an annual income of more than MXP $600M that benefits more than 30,000 people in the Central Valleys of Oaxaca. “Likewise, the Company highlights that, in 11 years of operation, it has been inspected 15 times by the Federal Attorney for Environmental Protection (PROFEPA), in turn it has registered two inspections by the National Water Commission (CONAGUA), who in none of their proceedings have ruled on facts and/or indications of contamination at the site or derived from the operation of the San José Mine. Finally, Compañía Minera Cuzcatlán reiterates its commitment to continue working together with neighboring communities to improve and expand the social benefits of its operation, through sustainable development initiatives”.
Mining companies shine at the beginning of the year on the Mexican Stock Exchange. The increase in the price of metals such as gold, silver and copper, supported the rebound in the price of the shares of companies in the Mexican market these days. Industrias Peñoles and Grupo México are framed as the first and third issuers in the S&P/BMV IPC index, which brings together the 36 largest firms in the Mexican stock market, which have accumulated the most performance in these first days of 2023. In the first case its shares maintain gains of 21.55%, at a price of 291.30 pesos per unit, in the first six business days of January. For the second, the return has been 18.35%, at 80.96 pesos.
The governments of Mexico and Canada have agreed to strengthen resilience in the supply chain in which both countries participate, reported Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada. Mexico, Canada, and the United States have agreed to joint actions to strengthen their supply chains both regionally and globally. In 2021, the Joe Biden Administration launched its Bailout for America, under the Bailout for America Act of 2021, signed into law in March.
Prime Mining Corp., Tocvan Ventures Corp., Oroco Resource Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the second week of January, 2023. Details are shown in the table below:
ON EXPLORATION
Aztec Minerals Corp., presented a summary of the results from its recently completed RC and oriented core holes 2022 drilling program at its Cervantes project in Sonora. It consisted of 26 RC holes totalling 5,248.6m, and 11 oriented core holes totalling 2,588m. Combined 2022 drilling program totaled 37 holes and 7,836.6m on California, California Norte, Purisima East and Jasper targets. All the holes collared in 2022 at California and California Norte targets, except one, encountered near surface, oxidized gold mineralization with minor copper values. Now, California target has been expanded to approximately 900m long E-W by 730m wide N-S, and with continuous mineralization of up to 170m depth. “The porphyry gold-copper mineralization is still open in all directions with anomalous mineralization and alteration up to 265m depth vertically. The California and California Norte targets appear to be merging from drilling and surface exposures”. At Jasper target, step out 600m west of the California Zone, the drilling program intercepted broad alteration and strongly oxidized, argillically altered, and brecciated siltstone-quartzite sediments. “Strong copper oxide mineralization is found on outcrops and in the drilling. Sulfides have not yet been found in drilling to 209 m depth, suggesting the there is a possibility to encounter a secondary sulfide enrichment blanket”. “At the Purisima Este target drilling found anomalous Au and multi-element mineralization related to the edges of its diatreme-breccia pipe related to quartz feldspar intrusive and follow-up work is planned”. Drilling highlights of the 2022 program include hole CAL22-001 with 1.04 g/t Au over 94m, including 3.96 g/t Au over 55m, and 0.36% over 55m; hole CAL 22-004 with 1.0 g/t Au over 65m, including 4.25 g/t Au over 24.4m, and 0.065% Cu over 160m; hole CAL 22-005 with 1.49 g/t Au, including 3.42 g/t Au over 51.7m, and 0.091% Cu over 119m; hole CAL 22-006 with 0.75 g/t Au, including 3.08 g/t Au over 9.14m, and 0.1% Cu over 138m; hole 0.87 g/t Au over 152m, including 2.05 g/t Au over 33.5m, and 0.095% Cu over 123m; hole CAL 22-027 with 0.68 g/t Au over 120m, including 1.46 g/t Au over 27m; and hole CAL 22-031 with 0.56 g/t Au over 135m, including 2.29 g/t Au over 12m.
Colibri Resource Corporation completed additional drilling on its Evelyn project in Sonora, which included 3 diamond holes totaling 1,063m, 5 reverse circulation holes totaling 1,205m, and 130 short RC holes totaling 1,548 m to penetrate alluvium and sample the top of bedrock.
Tocvan Ventures Corp., announced results from 3 out of 10 holes drilled at its Picacho project in Sonora. The company reported that hole SRA-22-003 intersected a broad zone of gold, returning 0.3 g/t Au and 0.5 g/t Ag over 48.8m, including 0.51 g/t Au and 0.8 g/t Ag over 27.5m, including 0.71 g/t Au and 1 g/t Ag over 19.8m, including 1.14 g/t Au and 1 g/t Ag over 12.2m, and including 4.73 g/t Au and 2 g/t Ag over 1.5m. Results for the remaining seven drillholes are pending.
Riverside Resources Inc., provided a corporate outlook for 2023 of the company´s growth plans. Highlights include look for a new strategic alliance with a major base metal producer; to drill-test with partner funds at least one project in H1, 2023 (BHP); look for new partnership to advance its La Union property in Sonora after high-grade results in 2022; and farm-out its Cecilia project in Sonora, which has a proposed drilling program to be executed at the property.
Prismo Metals Inc., released results from the remaining holes from its now completed 2022 drill program at its Palos Verdes project, Sinaloa, which consisted of eight holes totalling 2,100m. The best drill intercept was encountered in hole PV-22-17 with 0.43 g/t Au, 115 g/t Ag, 0.28% Cu, 0.47% Pb, and 0.81% Zn (200 g/t AgEq) over a true width (TW) of 3m, including 1.18 g/t Au, 297 g/t Ag, 0.56% Pb, 1.18% Pb, and 1.97% Zn (516 g/t AgEq) over a TW of 1.05m.
ON MINING
Aura Minerals Inc., reported that it produced 28,591 gold equivalent ounces during Q4, 2022 from its Aranzazu mine, Zacatecas.
Alamos Gold Inc., reported Q4 and annual 2022 production results from its Mulatos mine in Sonora, and provided updated three-year production and operating guidance. In Q4, 2022 the company produced 49,100 Oz Au at an average grade of 0.78 g/t Au. Alamos expects to produce over 175K-185K Oz Au at an average grade of 0.73 g/t Au in 2023 with a total cash cost in te range of USD $900-USD $950 per Oz Au; an all included sustaining cost of USD $950-1,000 per Oz Au; a sustaining capital of USD $10M; grow capital of USD $5-10M (a total sustaining and grow capital of USD $19-24M); capitalized exploration of USD $4M; an a total capital expenditures and capitalized exploration of USD $19-24M. Production for 2024 and 2025 is expected to be in the range of 140-150K Oz Au and 110-120K Oz Au respectively.
Altaley Mining Corporation reported pre-production results during mill commissioning at its Tahuehueto property in Durango. Tahuehueto is currently operating one ball mill in a commissioning phase, as part of the initial 500 tonnes per day project, producing precious metals-rich, commercial grade lead and zinc concentrates. The company produced in Q4, 2022 862 tonnes of Pb concentrate with grades of 26.31% Pb, 76.72 g/t Au, and 643 g/t Ag with metallurgical recoveries of 76.68%, 76.72%, and 68.115 respectively; and 878 tonnes of Zn concentrate with grades of 47.51% Zn, 7.5 g/t Au, and 145 g/t Ag with metallurgical recoveries of 54.31%, 13.23%, and 15.12% respectively.
Americas Gold and Silver Corporation reported Q4 and annual year 2022 production from its Cosala mine operation in Sinaloa. It produced 196K Oz Ag, 3.8M Lb Pb, and 10.4M Lb Zn during Q4, 2022, and 636K Oz Ag, 15.3M Lb Pb, and 39.3M Lb Zn in the full-year 2022.
Endeavour Silver Corp., released Q4 and full-year 2022 production results from their Mexican mine operations. Consolidated figures for Q4 and annual 2022, compared to the year 2021 are shown in the table below:
Figures by mine for the period Q4, and full year 2022 are shown in the tables below:
Gatos Silver Inc., announced guidance and Q4 and full year 2022 production results from its 70% owned Cerro Los Gatos, Chihuahua. On te period Q4, 2022 (100% Basis), the company milled 261,929 tonnes of 387 g/t Ag, 3.7% Zn, 1.9% Pb, and 0.3 g/t Au with metallurgical recoveries of 89.6%, 62.7%, 86.3%, and 53.9% respectively, to produce 2.9M Oz Ag, 13.5M Lb Zn, 9.7M Lb Pb, and 1.4K Oz Au. For the full-year 2022, the company reported production of 10.3M Oz Ag, 60.7M Lb Zn, 45.9M Lb Pb, and 5.3K Oz Au. 2022 guidance announced by Gatos Silver was 9.35-9.65M Oz Ag, 58-61M Lb Zn, 43-45M Lb Pb, and 5.0-5.3K Oz Au. Zinc, lead and gold production increased during 2022, with zinc and gold near the high end of guidance, and lead near the guidance midpoint. Compared with 2021, zinc production increased by 22%, lead production by 10%, and gold production by 2%. As of December 2022, the company reported a cash balance of $17M and outstanding balance of the company´s credit facility of $9M.
GoGold Resources Inc., reported Q4, 2022 production results from its Parral Tailings project, Chihuahua. The company produced 159,838 Oz Ag, 2,399 Oz Au, and 497.3K Lb Cu (441,217 Oz AgEq).
Golden Minerals Company announced Q4, and full-year 2022 production and financial results from its Rodeo project, Durango. The company in Q4, 2022 mined 161,244 tonnes and processed 52,736 tonnes of 2 g/t Au and 10 g/t Ag with metallurgical recoveries of 73.3% and 82% respectively, to produce 2,398 payable Oz Au (in doré) and 13,560 payable Oz Ag (in doré) or 2,568 payable Oz AuEq (in doré). Golden sold 2,518 Oz Au and 14,217 Oz Ag (2,696 Oz AuEq), at realized prices, before refining and selling costs of USD $1,729.40 and USD $21.69 respectively. For the full year 2022, Golden mined 771,485 tonnes and processed 195,599 tonnes of 2.6 g/t Au and 11 g/t Ag with metallurgical recoveries of 74.7% and 81.2% respectively, to produce 11,982 payable Oz Au (in doré) and 52,179 payable Oz Ag (in doré) or 12,616 payable Oz AuEq (in doré). Golden sold 12,451 Oz Au and 53,486 Oz Ag (13,101 Oz AuEq), at realized prices, before refining and selling costs of USD $1,805.34 and USD $21.93 respectively.
Torex Gold Resources Inc., reported Q4 and full-year 2022 production results from El Limón-Guajes mine complex, Guerrero. The company produced 116,196 Oz Au in Q4 to total 474,035 Oz Au in the full-year 2022. It surpassed the upper end of the guided range of 430K-470K Oz Au. Torex sold in Q4, 2022 121,913 Oz Au for a total of 473,122 Oz Au in the full-year 2022.
ON FINANCING
Canuc Resources Corporation issued 8.5M of common shares at a price of CAD $0.08 per common share to close a non-brokered private placement for gross proceeds of CAD $680K. Most of the gross proceeds will be used for exploration on the San Javier project, Sonora.
Guanajuato Silver Company Ltd., closed the second and final tranche of its non-brokered private placement offering. The company issued 4,080,486 common shares for gross proceeds of CAD $1,734,206.55 in the second tranche for a total offering of CAD $20,032,682 for gross proceeds of CAD $ 8,513,889.85. The net proceeds of the offering will be used to, among other things, ramp up production at the Company’s existing mines in and about Guanajuato, Mexico including El Cubo, San Ignacio and Valenciana, expand and modernize the processing facilities at the Topia mine in Durango, Mexico, increase brownfields’ exploration programs, and fund general and administrative expenses.
Fabled Silver Gold Corp., announced that it plans to complete a non-brokered private placement for gross proceeds of up to CAD $1.5M at a price of CAD $0.10 per common share. Net proceeds will be used to make required property payments, to further explore the Santa Maria Property, and for general working capital.
Altaley Mining Corporation entered into a debt settlement agreement with an arms’ length mining contractor to settle CAD $1,176,297 which is owing to the contractor as a result of underground mine development work. The Company and the contractor have agreed that the issuance to the contractor of 735,186 common shares of the company at a deemed price of CAD $1.60 per common share will extinguish and settle the debt.
ON RESOURCES AND DEVELOPMENT
Regency Silver Corp., announced recommencement of the 2023 drilling program at its Dios Padre property in Sonora, as well as the commencement of an IP survey. The company plans to drill a minimum of 3,000m as an initial follow up to the successful drilling program completed in August, 2022. It also will commence an IP survey to provide 3D information to a depth of 800m. “The current drill and IP program is designed to determine more specifically what type of broad, mineralizing system is present at Dios Padre”.
Discovery Silver Corp., outlined its 2023 work program and budget for its Cordero property in Chihuahua. The goal is to complete the Pre-Feasibility Study (PFS) later this month and will be focused on optimization opportunities including improved mining and processing efficiencies, as well as complete a Feasibility Study (FS) in Q1, 2023.. Alongside this work, Cordero has allocated drill metres to the exploration potential on the large, highly-prospective land package owned by the company. “Construction permitting for Cordero will be undertaken in-parallel with the FS work, with the submission of the Environmental Impact Statement (MIA) expected to be made to the Mexican Federal Environmental Department (SEMARNAT) in the first half of 2023. Assuming a 12 to 18 month permitting timeline, this would position the Company to make a construction decision in the second half of 2024. The 2023 work programs are budgeted at $26 million. The Company is well positioned to fund this work with a cash balance of over $45 million and no debt at the end of 2022.
Oroco Resource Corp., released further assay results from the North Zone drilling program at its Santo Tomas project in Sinaloa. Holes N039 to N043 totalled 2,668 m of drilling which demonstrated continuity of good grade mineralization. Highlights include hole NO39 with 0.14% Cu, 0.002% Mo, 0.01 g/t Au and 1 g/t Ag (0.15% CuEq) over 58m, plus 0.46% Cu, 0.005% Mo, 0.016 g/t Au, and 4 g/t Ag (0.49% CuEq) over 21.4m, plus 0.31% Cu, 0.01% Mo, 0.02 g/t Au and 2 g/t Ag (0.36% CuEq) over 265m; hole NO40 with 0.21% Cu, 0.007% Mo, 0.012 g/t Au, and 2 g/t Ag (0.24% CuEq) over 41m, plus 0.29% Cu, 0.009% Mo, 0.013 g/t Au, and 3 g/t Ag (0.33% CuEq) over 152.1m; hole N041 with 0.3% Cu, 0.002% Mo, 0.003 g/t Au, and 1 g/t Ag (0.35% CuEq) over 20.6m, plus 0.47% Cu, 0.006% Mo, 0.038 g/t Au, and 2 g/t Ag (0.52% CuEq) over 96m; and hole N042 with 0.53% Cu, 0.005% Mo, 0.075 g/t Au, and 3 g/t Ag (0.60% CuEq) over 135m.
Prime Mining Corp., presented results from 48 drill holes collared in the Z-T area at its Los Reyes project, Sinaloa. Drilling highlights include holes 22TA-51 with 2.5 g/t Au and 278 g/t Ag (6.1 g/t AuEq) over a true width (TW) of 3,1m, plus 10 g/t Au and 131 g/t Ag (11.6g/t AuEq) over a TW of 3.1m, including 28.5 g/t Au and 310 g/t Ag (32.5 g/t AuEq) over a TW of 1.1m; hole 22ZAP-87 with 4.7 g/t Au and 103 g/t Ag (6 g/t AuEq) over a TW of 8.7m, including 39.6 g/t Au and 174 g/t Ag (41.9 g/t AuEq) over a TW of 0.7m, and 8.6 g/t Au and 163 g/t Ag (10.7g/t AuEq) over a TW of 1.0m; hole 22TA-44 with 2.7 g/t Au and 451 g/t Ag (8.6 g/t AuEq) over a TW of 4.8m, including 4.8 g/t Au and 821 g/t Ag (15.4 g/t AuEq) over a TW of 2.3m; hole 22 ZAP-82 with 1.3 g/t Au and 22 g/t Ag (1.6 g/t AuEq) over a TW of 13m, including 13 g/t Au and 48 g/t Ag (13.6 g/t AuEq) over a TW of 0.8m, plus 3.6 g/t Au and 20 g/t Ag (3.8 g/t AuEq) over a TW of 13.8m,including 22.2 g/t Au and 41 g/t Ag (22.8 g/t AuEq) over a TW of 1.9m; hole 22TA-43 with 4.2 g/t Au and 59 g/t Ag (4.9 g/t AuEq) over a TW of 5.4m, including 23.6 g/t Au and 103 g/t Ag (24.9 g/t AuEq) over a TW of 0.8m; and hole 22SMW-12 with 6.9 g/t Au and 33 g/t Ag (7.3 g/t AuEq) over a TW of 14.8m, including 9.1 g/t Au and 31 g/t Ag (9.5 g/t AuEq) over a TW of 8.9m, including 21 g/t Au and 55 g/t Ag (21.7 g/t AuEq) over a TW of 1.5m.
Silver Tiger Metals Inc., released results from its ongoing drilling program being conducted at its El Tigre project, Sonora. Drilling highlights include hole ET-22-333with 0.46 g/t Au, 429 g/t Ag, 0.07% Cu, 0.04% Pb, and 0.06% Zn (474 g/t AgEq) over 10.1m on Seitz Kelly Shale Zone, including 0.83 g/t Au, 3,639 g/t Ag, 0.61% Cu, 0.14% Pb, and 0.14% Zn (3,767 g/t AgEq) over 1.2m, including 0.22 g/t Au, 6,063 g/t Ag, 1% Cu, 0.14% Pb, and 0.09% Zn (6,182 g/t AgEq) over 0.7m; hole ET-22-333 with 0.14 g/t Au, 307 g/t Ag, 0.07% Cu, 0.2% Pb, and 0.2% Zn (337 g/t AgEq) over 2.4m on El Tigre Vein, including 0.32 g/t Au, 778 g/t Ag, 0.17% Cu, 0.4% Pb, and 0.6% Zn (849 g/t AgEq) over 0.9m, plus 0.25 g/t Au, 69 g/t Ag, 0.13% Cu, 0.5% Pb, and 1% Zn over 18.6m on the Seitz Kelly Shale Zone, including 0.25 g/t Au, 778 g/t Ag, 1.69% Cu, 7.1% Zn, and 15% Zn (1,633 g/t AgEq) over 1.1m on the Seitz Kelly Vein; and hole ET-22-335 with 0.15 g/t Au, 331 g/t Ag, 0.24% Cu, 0.2% Pb, and 0.5% Zn (386 g/t AgEq) over 4.3m on Seitz Kelly Vein, including 0.15 g/t Au, 2,343 g/t Ag, 1.67% Cu, 1.36% Pb, and 3.32% Zn (2,658 g/t AgEq) over 0.6m.
Sailfish Royalty Corp., announced results from its recently exploration work conducted at its Gavilanes property in Durango. Gavilanes comprises multiple high-grade polymetallic silver veins located approximately 30 km away from First Majestic’s San Dimas mine operation. Sailfish has drilled 47 shallow diamond drill holes on three of these veins which host mineralization in veins and stockworks of an intermediate sulphidation epithermal system. Sailfish geologists have collected representative chip channel samples across veins or structures, which returned encourages high-grade values. Highlights include 12.80 g/t Au and 48 g/t Ag over 2.5m and 0.87 g/t Au and 40 g/t Ag over 18m on Descubridora Vein; 30 g/t Au and 190 g/t Ag over 1m and 0.84 g/t Au and 754 g/t Ag over 2m on San Nicolas Vein; 0.02 g/t Au and 1,867 g/t Ag over 1m on San Nicolas-Veta del Pueblo; 10.12 g/t Au and 16 g/t Ag over 2.2m on Forasteros Vein; and 0.51 g/t Au and 1,546 g/t Ag over 0.51m pon La Cruz Vein. Gavilanes currently has an inferred mineral resource of 2.833M tonnes at an average grade of 246 g/t AgEq (22.4M Oz AgEq). This inferred mineral resource is highlighted by having 18.9M Oz Ag at an average grade of 207 g/t Ag.
Silver Viper Minerals Corp., reported positive geophysical and geochemical survey results at its Virginia project, Sonora. Detailed mapping and geochemical sampling following a TITAN MT deep penetrating Geophysical survey conducted in Q2, 2022 identified new targets at El Molino, along the Macho trend. “Geological mapping and rock and chip-channel sampling has outlined new targets at Los Cantiles, El Oriental and the eastern and southern sectors of Macho Libre. The new prospecting area, Los Cantiles, garnered surface chip channel sample results up to 5.7 g/t Au and 148 g/t Ag. Dump samples up to 17.8 g/t Au and 1,001 g/t Ag, and chip-channel samples up to 4.2 g/t Au and 310 g/t Ag, have been located at the El Oriental Target. Hydrothermal silicified breccia with up to 2.36 g/t Au and 71 g/t Ag has been outlined at the Macho Libre Target. At El Molino, several new structures have been outlined, containing breccias with quartz boiling type textures, with initial results up to 1.6 g/t Au and most analytical results pending. At El Molino, ongoing soil sampling reveals continuous gold and silver anomalies, with supportive infill results from north-west to south-east along the trend”.
ON DEALS AND CORPORATE ISSUES
Santacruz Silver Mining Ltd., announced the appointment of its new CFO and Corporate Secretary of the Company effective January 9, 2023 (Zimapan property, Hidalgo).
Excellon Resources Inc., announced that its Board of Directors has approved the voluntary delisting of its common shares from the New York Stock Exchange (NYSE)and the deregistration with the U.S. Securities and Exchange Commission (SEC) (La Platosa mine, Durango).
Fabled Silver Gold Corp´s shareholders approved a share consolidation of the outstanding securities of the Company on an up to ten for one basis. The board of directors of the company has now determined to proceed with the consolidation on a five to one basis. As of today’s date, the company has 215,446,649 common shares issued and outstanding. Following the completion of the consolidation (but before giving effect to the offering), the number of issued and outstanding common shares of the company will be approximately 43,089,330. (Santa Maria property, Chihuahua).
Vizsla Silver Corp., completed strategic investment in the acquisition of Palos Verdes project, Sinaloa from Prismo Metals Inc. Vizsla acquired a right of first refusal to purchase the Palos Verdes project from Prismo, and 4M units of Prismo at a price of $0.50 per Prismo unit, for aggregate consideration of $2M. Each Prismo unit consist of one common share of Prismo and one-half of one common share purchase warrant. Each Prismo Warrant entitles Vizsla to purchase one additional Prismo Share for a period of two years from the closing date at a price of $0.75.The consideration for the Strategic Investment consisted of a cash payment of $500K and the issuance to Prismo of 1M common shares of Vizsla. The Consideration Shares are subject to a statutory hold period of four months and one day, and a voluntary escrow period of 24 months with 25% of the securities released every six months.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, a fault-plane displaying slickensides in a Mn-Fe hydrothermal breccia in a project in Chihuahua, Mexico. Photo by Miguel A Heredia.
During the 52nd week of the year (December 26th to January 1st, 2022), at least 9 press releases were announced by companies working in Mexico, and 1 news published by the media with three disclosing deals and corporate issues, two informing on exploration results, two reporting resources and developments of their properties, and two announcing financing issues. ON MEXICO ISSUES, Mining in Mexico closed 2022 with more expenses in exploration due to lack of mining concessions. ON EXPLORATION, In Sonora, Tocvan provided an annual summary of the activities carried out in 2022 at its Pilar and Picacho properties. In Chihuahua, Mammoth provided a year-end update on activities developed at its Tenoriba project. Zacatecas Silver provided a summary of the 2022 exploration activities developed at its Zacatecas Silver and Esperanza projects located in Zacatecas and Morelos States respectively. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver closed the first tranche of its non-brokered private placement for gross proceeds of CAD $6.8M (El Cubo, San Ignacio, and Valenciana mines, Guanajuato). Regency completed a non-brokered private placement for gross proceeds of CAD $2,159,000 (Dios Padre Project, Sonora). ON RESOURCES AND DEVELOPMENT, MAG Silver reported that final testing of the downstream power distribution and control systems at its Juanicipio project in Zacatecas is now complete. Zacatecas Silver provided a summary of the 2022 exploration activities developed at its Zacatecas Silver and Esperanza projects located in Zacatecas and Morelos States respectively. ON DEALS AND CORPORATE ISSUES, Sierra Madre provided an update on its proposed acquisition of the La Guitarra mine in the State of Mexico. Gatos Silver provided a bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders (Cerro Los Gatos mine, Chihuahua). Mammoth announced the issuance of 2,206,000 common share stock options to directors, officers, and contract employees, exercisable at a price of $0.05 per common share (Tenoriba project, Chihuahua). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
Mining in Mexico closed 2022 with more expenses in exploration due to lack of mining concessions. The current administration of President Andres Manuel Lopez Obrador has not approved new mining concessions, which has led mining companies to invest more in exploration, with a view of finding new deposits in previously granted ground. In 2018, the concessioned area for mining activities in Mexico was of 10.64%, a figure that by the end of this 2022 stands at 8.59%, according to data from the Ministry of Economy.
ON EXPLORATION
Tocvan Ventures Corp., provided an annual summary of the activities carried out in 2022 at its Pilar and Picacho properties in Sonora. At Pilar project, the company executed the first core drilling program which was successful in intersecting broad gold mineralization across the Main Zone with one hole returning 1.2 g/t Au over 116.9m, including 12 g/t Au over 10.2m, an a second hole returning 0.8 g/t Au over 108.9m, including 7.6 g/t Au over 9.4m. “Infill and recognizing drilling at Pilar has confirmed that gold mineralization occurs in at least three parallel zones to the Main Zone across a 600m wide area and so far defined along 600m of strike, the same that based on surface indications and historic workings seems to continue for another 600m towards the southeast”. Column Leach studies from surface material at Pilar returned above regional average recovery for gold, reporting over 85% recovery from initial metallurgical testing. At El Picacho property, surface work outlined key target areas across the large 24 square-km project area. An initial drill program was completed at its San Ramon Prospect, but results are pending to be released.
Mammoth Resources Corp., provided a year-end update on activities developed at its Tenoriba project, Chihuahua. Highlights include the report of the final six drill holes of a 27-hole diamond drill program for a total of 3,244.25m. To date, Mammoth has drill-tested five targets zones within three project areas: El Moreno, Masuparia, and Carneritos, with 55 holes totalling 8,158.25m. “These project areas measure from hundreds of meters to over 1 km in strike length, along a 4km, east-west trend of gold-silver mineralization identified in 3-D modelling incorporating data from over 3,000 soil, chip and channel samples, 26 prior diamond drill holes, geological and structural mapping, and the potential continuity at depth of surface mineralization as indicated by an Induced Polarization/Magnetometer (IP/Mag) geophysical survey”. The company is currently conducting additional studies on the results of the 27 holes, including metallurgical testing, as well as the assessment by a third party resource modelling expert to recommend drill spacing to estimate a maiden mineral resource at the Tenoriba project. The company is also working on a technical report to communicate findings, conclusions, and recommendation for future work.
ON MINING
No relevant news.
ON FINANCING
Guanajuato Silver Company Ltd.,issued a total of 15,952,196 units at a price of CAD $0.425 per unit to close the first tranche of its non-brokered private placement for gross proceeds of CAD $6.8M. Net proceeds will be used to ramp up production at the Company’s existing mines in and about Guanajuato, Mexico including El Cubo, San Ignacio and Valenciana, expand and modernize the processing facilities at the Topia mine in Durango, Mexico, increase brownfields’ exploration programs, and fund general and administrative expenses. The closing of a second tranche of the Offering is expected to occur on or about January 12, 2023.
Regency Silver Corp., completed a non-brokered private placement of 10,795,000 common shares at a price of CAD $0.20 per share for gross proceeds of CAD $2,159,000. The company paid a finder´s fee of CAD $16K in cash in connection with part of the closing of the private placement. Net proceeds will be used for work programs on the properties of Regency Silver including drilling and geophysics in early January 2023 on our flagship Dios Padre property, for property payments on other properties of the Company and for general working capital.
ON RESOURCES AND DEVELOPMENT
MAG Silver Corp., received confirmation from Fresnillo plc that final testing of the downstream power distribution and control systems at its Juanicipio project in Zacatecas is now complete. The entire system has now been energized and Juanicipio has been connected to the national power grid.
Zacatecas Silver Corp., provided a summary of the 2022 exploration activities developed at its Zacatecas Silver project in Zacatecas State, and Esperanza project in Morelos State. At Zacatecas project, the company filed a NI 43-101 technical report to support its initial Mineral Resource Estimate on the Panuco Vein located within the Zacatecas Silver project. After filing the technical report, the company reported multiple high grade silver intercepts from drilling in an area north of the resource, named Panuco North and in an area of the property named El Cristo, which is an extension of the prolific Veta Grande Silver Vein on the Zacatecas Silver Property. At Esperanza project, the company completed an initial Mineral Resource Estimate outlining a high grade oxide gold deposit with significant exploration potential, and reported that a Pre-Feasibility Study is underway to support high margin, high grade, low capex, and low cost production. In addition, the company announced that multiple community programs continue to function and grow, including projects relating to health, education, and environment.
ON DEALS AND CORPORATE ISSUES
Sierra Madre Gold and Silver ltd., entered an arm´s length definitive agreement with First Majestic on May 25, 2022 to acquire a 100% interest in the 39,714-hectare La Guitarra mine in the State of Mexico and provided an update on its proposed acquisition. Earlier this month, shareholders voted in favour of a resolution to approve the proposed acquisition of all the issued and outstanding shares of La Guitarra Compañia Minera S.A. de C.V from Corporacion First Majestic, S.A. de C.V., in exchange for 69,063,076 common shares of the company at a deemed price of CAD $0.65 per Consideration Share, having an aggregate value of CAD $44,890,999 (USD $35M). The ordinary resolution with respect to the transaction was approved by 99.99% of the votes cast by shareholders. The transaction has been conditionally accepted by the TSX Venture Exchange.
Gatos Silver Inc., provided a bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders (MCTO). Pursuant to National Policy 12-203, the company must file bi-weekly status reports in the form of further news releases during the period from the Notice until the MCTO is revoked. “The company reports that since the Notice: (i) there have been no material changes regarding the information contained in the Notice that have not been disclosed in a bi-weekly default status report or in a news release referenced therein; (ii) there have been no failures by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203; and (iii) there has not been any specified default subsequent to the defaults announced in the Notice and the news releases dated May 13, 2022, August 5, 2022 and November 11, 2022”. (Cerro Los Gatos mine, Chihuahua).
Mammoth Resources Corp., announced the issuance of 2,206,000 common share stock options to directors, officers, and contract employees, exercisable at a price of $0.05 per common share (Tenoriba project, Chihuahua).
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, ginguro texture in a banded quartz vein-breccia from an intermediate sulphidation epithermal system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.
During the 50th week of the year (December 12th to December 18th, 2022), at least 20 press releases were announced by companies working in Mexico with six informing on exploration results, five reporting resources and developments of their properties, five announcing financing issues, two commenting on Mexican issues, and two disclosing deals and corporate issues. ON MEXICO ISSUES, Trafigura announced that along with eFactor Network and a number of financing institutions are piloting a Sustainable Supply Chain Finance Program for mining companies in Mexico. GR Silver, Vizsla, Mammoth, GoGold, and Almadex reported the best drilling intercepts in Mexico on the third week of December, 2022. ON EXPLORATION, In Sonora, Aztec released final results from its 2021-2022 drilling program at its Cervantes project, and Minaurum provided an update on its optioned Adelita project. In Chihuahua, Mammoth presented results from six holes from its 27 holes diamond drilling program at its Tenoriba project, and Southern Empire has initiated the field exploration program work on its recently optioned Centauro property. In Coahuila, Monumental completed reconnaissance exploration program and defined drill targets at its Jemi Rare Earth Element project. In Jalisco, Almadex released results from the second hole drilled in 2022 at its San Pedro project. Minaurum provided and update on its optioned Taviche mining property. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver announced a non-brokered listed issuer financing exemption private placement for gross proceeds of CAD $7.5M, subject to a minimum offering for gross proceeds of CAD $3M (El Cubo, San Ignacio, and Valenciana mines, Guanajuato). Prismo Metals closed its previously announced brokered private placement for gross proceeds of $3,016,000 (Palos Verdes project, Sinaloa). Tarachi announced a non-brokered private placement for gross proceeds of up to CAD $500K (Magistral Mill and tailings project, Durango). Fortuna announced that it has amendment its existing senior secured revolving credit facility to increase the maximum facility amount by USD $50M to USD $250M (San Jose Mine, Oaxaca). Regency Silver announced a non-brokered private placement for gross proceeds of CAD $2M (Dios Padre Project, Sonora). ON RESOURCES AND DEVELOPMENT, GoGold presented results of nine holes from its ongoing drilling program at its Los Ricos North project, Jalisco. GR Silver announced additional results from its 2022 underground infill drilling program at its Plomosas mine area in Sinaloa. Vizsla Silver Corp., released results from nineteen new drill holes targeting the Tajitos-Copala resource area at its Panuco project, Sinaloa. Tocvan announced plan to collect a bulk sample from its El Pilar project in Sonora. Silver Dollar reported progress on its new underexplored Noria target at its La Joya project, Durango. ON DEALS AND CORPORATE ISSUES, Osisko Development strengthened its Board of Directors with the appointment of a new Non-Executive Director, effective December 14, 2022 (San Antonio Gold project, Sonora). Sierra Metals completed voluntary delisting from the Lima Stock Exchange (Cusi and Bolivar mines, Chihuahua). Southern Empire entered into an option agreement to acquire 100% interest in the Centauro property in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
Trafigura Pte Ltd., announced that along with eFactor Network and a number of financial institutions are piloting a Sustainable Supply Chain Finance Program for mining companies in Mexico. The Program, the first of its type and providing a model that can be scaled across the region, is structured to improve mining companies’ working capital whilst driving responsible sourcing practices along the metals value chain.
GR Silver Mining Ltd., Vizsla Silver Corp., Mammoth Resources Corp., GoGold Resources Inc., and Almadex Minerals Ltd., reported the best drilling intercepts in Mexico on the third week of December, 2022. Details are shown in the table below:
ON EXPLORATION
Aztec Minerals Corp., released final results from its 2021-2022 drilling program at its Cervantes project. The 2022-2022 drilling program consisted of 27 RC totaling 5,249m, and 11 oriented core totaling 2,558.5m for a total combined amount drilled of 7,837.5m in 37 drill holes on the California Zone, California Norte, Jasper, and Purisima Este targets. It was successful in intercepting strong mineralization, as well as in expanding the targets. “The multi-element ICP values support the exploration model of the California zone being at the highest portion of a porphyry system, where an overlying high sulfidation zone has been eroded away”. Results of this drilling program are currently being analyzed in order to refine future targeting.
Minaurum Gold Inc., provided an updated on its Adelita project in Sonora, which is under an option agreement with Infinitum Copper Corp. Infinitum has identified five main target areas of which Cerro Grande is being drilled and plans to drill Las Trancas target soon. Significant mineralization has been intersected at Cerro Grande target in hole AD-22-0018 with 1.91% Cu, 2 g/t Au, and 41 g/t Ag over a true width (TW) of 20.6m; and hole AD-22-0019 with 1.01% Cu, 0.52 g/t Au, and 40 g/t Ag over a TW of 32.25m, including 1.68% Cu, 0.83 g/t Au, and 59 g/t Ag over a TW of 17.05m. Cerro Grand Target is a mineralized zone of up to 36m thick, over 250m deep and has a strike 200m.
Mammoth Resources Corp., presented results from six holes for a total of 620.7m from its 27 holes diamond drilling program at its Tenoriba project in Chihuahua. Highlights of the drilling include hole TEN21-22 collared on Carneritos Zone with 0.98 g/t Au and 10 g/t Ag (1.12 g/t AuEq) over 3m, and 0.57 g/t Au and 8 g/t Ag (0.68 g/t AuEq) over 10.5m; and hole TEN21 -24 with 1.14 g/t Au and 75 g/t Ag (1.13 g/t AuEq) over 39m, including 5.28 g/t Au and 13 g/t Ag (5.45 g/t AuEq) over 3m, including 1.45 g/t Au and 11 g/t Ag (1.60 g/t AuEq) over 9m, plus 0.46 g/t Au and 2 g/t Ag (0.48 g/t AuEq) over 42m, including 1.21 g/t Au and 5 g/t Ag (1.28 g/t AuEq) over 12m. These six holes bring the total meters drilled in the recent phase to 3,244.25m in twenty seven holes.
Southern Empire Resources Corp., has initiated the field exploration program work on its recently optioned Centauro property. The company contracted PhotoSat Information Ltd to provide maps of alteration mineral suites typically associated with epithermal precious metal deposits, using their proprietary processing methods for16 band WorldView-3 and high-resolution ASTER satellite optical spectral data. Results of the PhotoSat studies show significant trends highlighting argillic, sericite, and chlorite alteration. Southern also collected 396 soil samples at 50m spacing along E-W lines, spaced 100-200m apart to cover a zone of prospective alteration and mineralization over 4km strike length. Assays are pending.
Monumental Minerals Corp., completed reconnaissance exploration program, which consisted of detailed geological mapping, regional stream sediment sampling, ground radiometric geophysical surveys, and lithogeochemical sampling to delineate discreet drill targets at its Jemi Rare Earth Element project. To date, 37 whole-rock analytic results from rocks collected at the Jemi project of which 11 have returned values greater than 0.15% total Rare Earth Oxide (TREO), including six samples that returned values greater than 0.23% TREO and up to 0.43% TREO. Results for 269 samples are still pending to arrive. Heavy rare earth oxide (HREO) values (include dysprosium (Dy) and terbium (Tb)), ranged between 1614 ppm and 39 ppm in peralkaline pegmatites, averaging 447 ppm. Six samples exceeded 680 ppm, including three that exceeded 830 ppm. Light rare earth oxides (LREO) values including neodymium (Nd) and praseodymium (Pr), returned values up to 0.26% and 0.23%, with values in trend with HREO concentrations suggesting similar REE-hosting phases in the peralkaline rock samples. “Geological mapping has confirmed that samples with the highest TREO and HREO values are from pegmatitic bodies. Three-dimensional airborne magnetics modeling show that surface pegmatite bodies are spatially associated with a numerous larger magnetic anomalies at depth that may represent potential source intrusions. Specific drill locations will target these pegmatites”.
Almadex Minerals Ltd., released results from the second hole drilled in 2022 at its San Pedro project in Jalisco. Hole SP-22-004 intersected 846 /t Au over 1.3m. The current drilling program intends to better understand the orientation and distribution of the breccia zone so that further, more focused drilling can eventually be carried out.
Minaurum Gold Inc., provided an updated on its Taviche project in Oaxaca, which is under an option agreement with Fortuna Silver Corp. Fortuna is currently focused on the re-negotiation of surface rights to be followed by drill permits. “Review of historic data and field mapping over the last year identified the possible continuation of the Mezcal Fault for 3km to the northwest. Drill targeting is in progress along the Mezcal Fault to test for both Mezcal-style gold mineralization and silver bonanza style mineralization associated with jasperoid-related mantos”. Another goal is to develop additional concepts to test the potential at depth at the Cerro La Mina Zone where a drill hole encountered 235 g/t Ag and 0.19 g/t Au over 46.3m.
ON MINING
No relevant news.
ON FINANCING
Guanajuato Silver Company Ltd., announced a non-brokered listed issuer financing exemption private placement of up to 17,647,059 units at CAD $0.425 for gross proceeds of CADS $7.5M, subject to a minimum offering of 7,058,824 units for gross proceeds of CAD $3M. Gross proceeds will be used to ramp up production at El Cubo, San Ignacio, and Valenciana mines in Guanajuato; expand and modernize the processing facilities at the Topia mine in Durango; increase brownfield exploration programs across all company´s projects; and fund general working capital expenses and strengthen Guanajuato Silver’s balance sheet.
Prismo Metals Inc., closed its previously announced brokered private placement for gross proceeds of $3,016,000. The gross proceeds will be used to continue drilling at its Palos Verdes project in Sinaloa, and to continue the mapping and sampling at its Pavitos project in Sonora, as well as to conduct an initial diamond drilling program.
Tarachi Gold Corp., announced a non-brokered private placement of up to 10M units at a price of CAD $0.05 per unit for gross proceeds of up to CAD $500K. The gross proceeds will be used for exploration, working capital purposes, and for the ongoing development of the Company’s Magistral project in Mexico including, but not limited to, metallurgical test work, final design and permitting.
Fortuna Silver Mines Inc., announced that it has amendment its existing senior secured revolving credit facility to increase the maximum facility amount by USD $50M to USD $250M (San Jose Mine, Oaxaca).
Regency Silver Corp., announced a non-brokered private placement of 10M common shares at a price of CAD $0.20 per share for gross proceeds of CAD $2M. Net proceeds will be used for work programs including drilling and geophysics in its flagship Dios Padre project, Sonora, as well as for general working capital.
ON RESOURCES AND DEVELOPMENT
GoGold Resources Inc., presented results of nine holes from its ongoing drilling program collared at El Favor East deposit within its Los Ricos North project, Jalisco. Highlights of the drilling include hole LRGF-22-140 with 1.39 g/t Au and 139 g/t Ag (3.24 g/t AuEq or 243 g/t AgEq) over 2.5m, plus 0.48 g/t Au and 257 g/t Ag (3.92 g/t AuEq or 294 g/t AgEq) over 13.9m, including 1.84 g/t Au and 960 g/t Ag (14.65 g/t AuEq or 1,099 g/t AgEq) over 3.2m, including 2.96 g/t Au and 2,307 g/t Ag (33.72 g/t AuEq or 2,529 g/t AgEq) over 0.7m; and hole LRGF-22-137 with 0.29 g/t Au and 143 g/t Ag (2.2 g/t AuEq or 165 g/t AgEq) over 61.5m, including 0.66 g/t Au and 300 g/t Ag (4.66 g/t AuEq or 350 g/t AgEq) over 24.3m, including 1.71 g/t Au and 881 g/t Ag (13.46 g/t AuEq or 1,009 g/t AuEq) over 0.7m.
GR Silver Mining Ltd., announced additional results from its 2022 underground infill drilling program at its Plomosas Mine Area in Sinaloa. Highlights of the drilling include hole PLIP22-28 with 55 g/t Ag, 8.66 g/t Au, 2.7% Pb, 6.6% Zn, and 0.5% Cu (1,242 g/t AgEq) over a true width (TW) of 6.9m; hole PLI17-26 with 3 g/t Ag, 2.64 g/t Au, 0.1% Pb, and 0.1% Zn (257 g/t AgEq) over a TW of 10.7m; hole PLI22-42 with 43 g/t Ag, 1.96 g/t Au, 1.2% Pb, 2.1% Zn, and 0.3% Cu (369 g/t AgEq) over a TW of 20.9m, including 61 g/t Ag, 4.52 g/t Au, 2.9% Pb, 5.5% Zn, and 0.3% Cu (802 g/t AgEq) over a TW of 7.5m, plus 28 g/t Ag, 3.6 g/t Au, 0.6% Pb, 2.3% Zn, and 0.2% Cu (489 g/t AgEq) over a TW of 10.6m, including 46 g/t Ag, 11.5 g/t Au, 0.2% Pb, 3.7% Zn, and 0.4% Cu (1,263 g/t AgEq) over a TW of 2m, plus 87 g/t Ag, 7.13 g/t Au, 4.4% Pb, 8.3% Zn, and 0.2% Cu (1,184 g/t AgEq) over a TW of 0.8m, plus 42 g/t Ag, 3.90 g/t Au, 0.3% Pb, 1.2% Zn, and 0.2% Cu (479 g/t AgEq) over a TW of 1.7m, plus 28 g/t Ag, 6.05 g/t Au, 0.7% Pb, 1.9% Zn, and 0.1% Cu (695 g/t AgEq) over a TW of 1.5m; hole PLI22-47 with 281 g/t Ag, 2.15 g/t Au, 8.9% Pb, and 6% Zn (970 g/t AgEq) over a TW of 2.4m; and hole PLI22-46 with 44 g/t Ag, 1.9 g/t Au, 11.2% Pb, 10% Zn, and 0.1% Cu (940 g/t AgEq) over a TW of 4.9m, including 64 g/t Ag, 4.02 g/t Au, 19.5% Pb, 17% Zn, and 0.1% Cu (1,659 g/t AgEq) over a TW of 1.9m. “The infill drilling program at the Plomosas Mine Area continues to provide information for the Company to enhance the geological model and confirm the presence of high-grade structures on the hanging wall and footwall of the main mineralized breccia. Gold mineralized zones exceeding 20 m down hole width have been drilled in the current program in both the hanging wall and footwall”.
Vizsla Silver Corp., released results from nineteen new drill holes targeting the Tajitos-Copala resource area at its Panuco project, Sinaloa. Highlights of the drilling include hole CS-22-205 with 2,101 g/t Ag and 9.54 g/t Au (2,640 g/t AgEq) over a true width (TW) of 5.30m, including 3,080 g/t Ag and 23.60 g/t Au (4,563 g/t AgEq) over a TW of 0.58m, plus 85 g/t Ag and 0.24 g/t Au (96 g/t AgEq) over a TW of 0.16m; hole CS-22-210 with 425 g/t Ag and 2.31 g/t Au (561 g/t AgEq) over a TW of 15.50m, including 2,710 g/t Ag and 22.30 g/t Au (4,125 g/t AgEq) over a TW of 0.41m, including 1,285 g/t Ag and 7.24 g/t Au (1,716 g/t AgEq) over a TW of 0.54m, including 1,800 g/t Ag and 9.69 g/t Au (2,371 g/t AgEq) over a TW of 0.41m, including 1,630 g/t Ag and 7.34 g/t Au (2,044 g/t AgEq) over a TW of 1.01m; hole CS-22-216 with 626 g/t Ag and 4.48 g/t Au (905 g/t AgEq) over a TW of 8.09m, including 1,250 g/t Ag and 14 g/t Au (2,170 g/t AgEq) over a TW of 0.81m, including 2,230 g/t Ag and 18.1 g/t Au (3,376 g/t AgEq) over a TW of 0.57m, including 1,170 g/t Ag and 7.54 g/t Au (1,631 g/t AgEq) over a TW of 0.75m; hole CS-22-201 with 237 g/t Ag and 1.74 g/t Au (346 g/t AgEq) over a TW of 2.18m, including 427 g/t Ag and 3.22 g/t Au (629 g/t AgEq) over a TW of 1.11m, plus 2,536 g/t Ag and 13.65 g/t Au (3,340 g/t AgEq) over a TW of 1.86m, including 7,740 g/t Ag and 57.6 g/t Au (11,343 g/t AgEq) over a TW of 0.19m, including 6,220 g/t Ag and 27.20 g/t Au (7,742 g/t AgEq) over a TW of 0.43m; and hole CS-22-217 with 1,496 g/t Ag and 6.56 g/t Au (1,862 g/t AgEq) over a TW of 2.71m, including 1,295 g/t Ag and 4.59 g/t Au (1,535 g/t AgEq) over a TW of 0.64m, including 13,118 g/t Ag and 63.7 g/t Au (16,783 g/t AgEq) over a TW of 0.20m. “The infill results support grade continuity in the south-central portion of Copala structure, while resource expansion drilling to the north and southeast continue to highlight mineralization remains open”.
Tocvan Ventures Corp., entered into an agreement with a neighboring private mining company for the completion of its first bulk sampling for processing by heap-leach method from its El Pilar project in Sonora. The plan is to process up to 1,000 tonnes of material at a private mining operation less than 25km to the west of Pilar with the aim of providing a more detail account of expected head-grade and recovery percentage of gold. Processing and analysis of this bulk sample is expected to span three to four months. Other goals to accomplish are to continue drilling, update reporting and maiden resource estimate, and permitting for full-scale on-site mine facilities and processing.
Silver Dollar Resources Inc., reported progress on its new underexplored Noria target at its La Joya project, Durango. The company recently completed a ground magnetic survey on the Coloradito area within the Noria portion of the property, which consisted of 14 lines spaced 50-100m and ranging over 1.3km in length for a total of approximately 19.8km of magnetic data. The geophysics contractor identified 3 relatively well-contrasted and thin magnetic beds striking N150°/N330°, which may underscore, sulphide and ferromagnesian horizons hosted along shear zones. In addition, a total of 125 rock samples have been collected and submitted to the lab of which 79 samples have been received to date. In one of the targets sample assays returned values up to 291 g/t Ag, 0.8 g/t Au, and 1.2% Zn, while in another one 7 samples returned elevated Zn and Pb, ranging from 0.3-1% and 1.4-6.2% respectively. Further follow-up work is being conducted in the areas where both geophysical and geochemical anomalies have been identified to develop new drill targets.
ON DEALS AND CORPORATE ISSUES
Osisko Development Corporation strengthened its Board of Directors with the appointment of a new Non-Executive Director, effective December 14, 2022 (San Antonio Gold project, Sonora).
Sierra Metals Inc., completed voluntary delisting from the Lima Stock Exchange, effective December 15, 2022. Sierra Metals’ common shares will continue to trade on the Toronto Stock Exchange (Cusi and Bolivar mines, Chihuahua).
Southern Empire Resources Corp., entered into an option agreement to acquire 100% interest in the Centauro property in Chihuahua. Southern can earn 100% interest by making cash payments totalling USD $750K, issuing 1.5M common shares of Southern Empire and completing work commitment of USD $800K over a five years period. The option agreement include a 3% Net Smelter Return (NSR) and Southern Empire has the right to buy 2% of the NSR for USD $2M.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, panning gold in a cow´s horn in a low sulphidation epithermal vein system project in Zacatecas, Mexico. Photo by Miguel A Heredia.
During the 48th week of the year (November 28th to December 04th, 2022), at least 20 press releases were announced by companies working in Mexico, and 7 news published by the media with seven reporting resources and developments of their properties, seven commenting on Mexican issues, five disclosing deals and corporate issues, three communicating production and financial results, three announcing financing issues, one informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, Altos Hornos de Mexico assured that the power outage at its plants is an act of bad faith derived from charging millions of dollars to Federal Electricity Commission (CFE) for illegal cancellation of coal supply. The Secretariat of Economy identified 159 mining companies with foreign capital operating in 26 states of Mexico (mostly juniors and exploration) in 2021. According to the Mexican Mining Chamber (CAMIMEX), Newmont, Industrias Peñoles and Fresnillo operated the main zinc mines in Mexico in 2021. Maria Luisa Albores, the Secretary of the Environment and Natural Resources (SEMARNAT) informed deputies, in a very unfortunate statement, that the federal government will not grant more authorizations for open-pit mining due to the negative impacts on the environment and human health. Grupo Mexico maintained its position as the largest copper producer in Mexico, adding a total of 1.25 B Lb Cu in 2021. Prime Mining, Aztec Minerals, GoGold, Vizsla, and Oroco reported the best drilling intercepts in Mexico on the first week of December, 2022. ON EXPLORATION, In Sonora, Aztec Minerals reported results for the last three holes from the recently completed phase 3 drill program at its Cervantes project. ON MINING, Bear Creek reported Q3, 2022 production and financial results from its Mercedes mine in Sonora. Guanajuato Silver reported Q3, 2022 production and financial results from their Mexican operations. Orogen reported Q3 operating and financial results. ON FINANCING, SilverCrest announced that it has refinanced its USD $120M secured project financing facility (Las Chispas project, Sonora). Prime Mining announced a CAD $16.5M bought deal private placement financing, the same that later on was upsized to CAD $18.3M (Los Reyes project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Barksdale reported an initial Resource Estimate at Cerro Verde within its San Javier project, Sonora. GoGold presented results from its ongoing drilling program at its Los Ricos South property in Jalisco. Oroco released results from seven holes collared in the North Zone at its Santo Tomas project in Sinaloa. Prime Mining announced results from seven holes from its recently completed phase 2 drill program at its Los Reyes project, Sinaloa. SilverCrest announced the completion and final permanent connection to power line for its Las Chispas mine in Sonora. Starcore released its Mineral Resource Estimate and NI 43-101 compliant technical report for its El Creston project in Sonora. Vizsla announced results from seven drill holes targeting the southern extension of the Napoleon Vein at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Canuc signed a comprehensive agreement with the Ejido of San Javier, located in the Municipality of San Javier, Sonora. First Majestic announced the proposed sale of its royalty portfolio to Metalla Royalty for a total consideration of USD $20M. Kootenay announced the appointment of Dale Brittliffe as its new VP Exploration (Columba project, Chihuahua). Riverside received USD $2.5M in cash and 2% royalty from Fresnillo plc for the sale of the Tajitos project, Sonora. ON SOCIAL RESPONSIBILITY, Ricardo Sierra Oteiza, spokesman for the mining company Esperanza Silver de Mexico, stated that gold and silver mining is an activity that has the capacity to accelerate economic processes at the local level, generating employment, encouraging local supply networks, contributing tax revenue to the treasury and contributing to the social and economic development of the communities hosting mining projects, among other benefits.
ON MEXICO ISSUE
Altos Hornos de Mexico S.A.B. de C.V. (AHMSA), assured that the power outage at its plants is an act of bad faith derived from charging millions of dollars to Federal Electricity Commission (CFE) for illegal cancellation of coal supply. AHMSA is owned by Mexican businessman Alonso Ancira, who assured that CFE’s actions are unjustifiable because they represented the loss of 4,000 direct jobs and more than 8,000 indirect ones, in addition to having generated disorder in the general coal industry. “These aggressive actions began after the Judiciary accepted a claim for damages for USD $700M for the unilateral and illegal cancellation of the supply of coal for the two generating plants located in Nava, Coahuila,” accused the company. “AHMSA stated that the actions taken by the management of the CFE show that it does not care about harming Coahuila and the people of Coahuila, since our plants located in that entity represent a direct source of livelihood for 17,000 Coahuila families.
Karen Flores, General Director of the Mining Chamber of Mexico (CAMIMEX), declared that the Federal Government stops additionally collecting up to MXP $25 B after the suspension of mining concessions and the paralysis of new permits. She explained that the policy of President Andres Manuel Lopez Obrador has halted more than 800 mining projects that only await federal authorization to start operations. “If the projects that are stopped were to start up, we would be talking about MXP $20 to 25 B per year to the federal treasury,” she said. She maintained that only in terms of taxes, the industry entered the public coffers in 2021 more than MXP $60 B and in seven years, MXP $240 B, an amount that could be higher if there were no obstacles in the current legislation.
The Secretariat of Economy identified 159 mining companies with foreign capital operating in 26 states of Mexico (mostly juniors and exploration) in 2021. These companies operate 1,209 projects, of which 822 were halted and nine operations reported closing at the end of last year. The mining GDP in Mexico was MXP $865.2 B in 2021, a growth of 1.6% year-on-year, in real terms (based on GDP calculated in constant MXP $ with purchasing power as of December 31, 2013). For their part, mining-metallurgical exports amounted to USD $23,579M in 2021, a figure that meant an increase of 28.1% compared to the previous year. The significant increase in exports allowed that, despite the increase that was also reported in imports, an increase in the positive balance of the mining-metallurgical trade balance of 29.6% was registered and reached a value of USD $11,904M. The positive results in foreign trade in minerals consolidated the mining-metallurgical industry as the fifth source of foreign exchange, surpassing tourism and the agricultural sector, and only behind the automotive industry, the electrical and electronic equipment and machinery industry, remittances and oil exports. The mining sector presented an increase in the contribution to the National GDP, going from 2.3% in 2020 to 2.5% in 2021, and in the Industrial GDP the record went from 8.3% to 8.6% in the study period, according to data from the Mining Chamber of Mexico. Gold remained the main product of the national mining-metallurgical industry in 2021, with a share of 28.4% in the total value of production, followed by copper with 27.7% and silver with 20.4%.
According to the Mexican Mining Chamber (CAMIMEX), Newmont, Industrias Peñoles and Fresnillo operated the main zinc mines in Mexico in 2021. Peñasquito, owned by Newmont and located in the state of Zacatecas, leads the ranking, with 245.84K tonnes Zn, then follow two mines of Industrias Peñoles: Velardeña, Durango with 909.68K tonnes Zn, and Tizapa State of Mexico with 40.13K tonnes Zn. The table below shows the Zn production by mine for the year 2021:
The Buenavista Zinc project, in Sonora, is located within the Buenavista facilities and includes the development of a new concentrator to produce approximately 100K tonnes Zn and 20K tonnes Cu per year.
While the project has all the necessary permits, the project budget is USD $413M and is expected to start operations in 2023. As of December 31, 2021, Grupo México had invested USD $217M in this project. When completed, Grupo México anticipates that this new facility will double the company’s zinc production capacity and provide 490 direct and 1,470 indirect jobs. Other notable companies are: Gatos Silver, Minera Frisco and Gold Resource.
Maria Luisa Albores, the Secretary of the Environment and Natural Resources (SEMARNAT) informed deputies, in a very unfortunate statement, that the federal government will not grant more authorizations for open-pit mining due to the negative impacts on the environment and human health. When appearing before the joint commissions for the Environment and Natural Resources, and Climate Change and Sustainability of the Chamber of Deputies, the federal official also announced that mining concessions were detected in 68 Protected Natural Areas, “which contravenes the conservation and protection of the territory and its natural resources”. Opposition legislators such as the PAN members questioned the programs of this administration such as “Sembrando Vida”, pointing out that they do not have operating rules that allow their transparency and the energy transition has been aborted, in addition, environmental deforestation is not punished.
Grupo Mexico maintained its position as the largest copper producer in Mexico, adding a total of 559.83K tonnes Cu in 2021. The company maintains copper production operations in Sonora, Chihuahua, San Luis Potosí and Zacatecas. With this, the company registered a coverage of 76.3% of the national copper production in 2021. The table below shows the Cu production by mine during 2021:
Prime Mining Corp., Aztec Minerals Corp., GoGold Resources Inc., Vizsla Silver Corp., and Oroco Resources Corp., reported the best drilling intercepts in Mexico on the first week of December, 2022. Details are shown in the table below:
ON EXPLORATION
Aztec Minerals Corp., reported results for the last three holes from the recently completed phase 3 drill program at its Cervantes project in Sonora. The most significant drill intercept was encountered in hole CAL22-031, which was collared in the California Zone with 0.87 g/t Au over 28.5m, plus 0.58 g/t Au over 85.5m, including 2.3 g/t Au over 12m. “This drill hole confirms the footwall of the main California Zone mineralization at depth and fills a large gap in the drilling pattern”.
ON MINING
Bear Creek Mining Corporation reported Q3, 2022 production and financial results from its Mercedes mine in Sonora. The company mined 126,420 tonnes of 2.92 g/t Au and processed 148,211 tonnes of 2.45 g/t Au with a metallurgical recovery of 95.53% to produce 11,170 Oz Au. Bear Creek sold 14,445 Oz Au at a cash and all-in-sustaining cost per Oz Au sold of USD $995 and USD $1,364 respectively at a realized price of USD $1,729 per Oz Au. The company reported revenues of USD $26.54M from the sale of gold and silver; a net loss of USD $7.7M; cash and cash equivalents and short-term investments as September 30, 2022 for USD $9.6M. Bear Creek plans to mine approximately 600K tonnes of 3.7 g/t Au to produce between 60K and 73K Oz Au in 2023.
Guanajuato Silver Company Ltd., reported consolidated Q3, 2022 production and financial results from their Mexican operations (El Cubo and San Ignacio mines in Guanajuato, and Topia mine in Durango). The company mined 107,379 tonnes and milled 107,009 tonnes to produce 329.3K Oz Ag, 3,226 Oz Au, 537.6K Lb Pb, and 677.1 Lb Zn (700.3K Oz AgEq) at cash and all-in-sustaining cost of USD $13.86 and USD $19.53 per Oz AgEq respectively. It sold 311.7K Oz Ag, 2,997 Oz Au, 504.4K Lb Pb, and 273.3K Lb Zn (628.3K Oz AgEq). Guanajuato Silver reported revenue of USD $8.87M; cost of sales of USD $12.2M; mine operating loss of USD $3.34M; net loss of USD $8.4M; and cash on hand of USD $6.36M.
Orogen Royalties Inc., reported Q3 operating and financial results. The company reported a net gain from operations of CAD $123.4K or CAD $0.001 per share; revenue of CAD $1.16M from the Ermitaño royalty with 478 attributable Oz AuEq sold at average price of USD $1,728 per Oz Au; net income of CAD $203K from prospect generation activities and recognized an impairment of CAD $262.1K for projects that have been dropped during the period; general and administrative expenses of CAD $802.1K and a loss of CAD $468K on fair value adjustments of marketable securities due to capital markets volatility. It also reported cash flow from operating activities of CAD $188.5K; cash flow from operating activities excluding changes in non-cash working capital of CAD $10.7M including CAD $3.3M in cash and cash equivalents, and CAD $5.2M in short term investments and no long-term debt.
ON FINANCING
SilverCrest Metal Inc., announced that it has refinanced its USD $120M secured project financing facility, of which only USD $90M was drawn with a new USD $120M senior secured credit facility through a syndicate of lenders comprised of The Bank of Nova Scotia and Bank of Montreal (Las Chispas project, Sonora).
Prime Mining Corp., announced a CAD $16.5M bought deal private placement financing consisting of 11M units at a price of CAD $1.5 per unit, the same that later on was upsized to CAD $18.3M for the sale of 12.2M units at a price of CAD $1.5 per unit. Gross proceeds will be used to develop and explore its Los Reyes project in Sinaloa and for general corporate purposes.
ON RESOURCES AND DEVELOPMENT
Barksdale Resources Corporation reported an initial Mineral Resource Estimate (MRE) at Cerro Verde within its San Javier project, Sonora. The Resource is pit-constrained and considered a base case of USD $4/Lb copper. The table below shows the MRE effective as of October 31, 2022:
Cerro Verde remains open for expansion in most directions and the Mesa Grande and La Trinidad prospects both have historic drilling that indicates the presence of copper mineralization. Barksdale plans to initiate a Preliminary Economic Assessment (PEA) at Cerro Verde that envisions a low-strip copper heap operation to produce cathode copper on site.
GoGold Resources Inc., presented results from its ongoing drilling program at its Los Ricos South property in Jalisco. Highlights of the drilling include hole LRGG-22-218 with 3.98 g/t Au and 529 g/t Ag (11.04 g/t AuEq or 828 g/t AgEq) over 15m, including 12.43 g/t Au and 1,626 g/t Ag (34.1 g/t AuEq or 2,558 g/t AgEq) over 4.8m, including 20.32 g/t Au and 2,774 g/t Ag (57.31 g/t AuEq or 4,298 g/t AgEq) over 2.8m, including 37.90 g/t Au and 4,250 g/t Ag (94.57 g/t AuEq or 7,093 g/t AgEq) over 0.9m. Drilling results continue to confirm high grade wide intercepts in the Main deposit on Los Ricos South property.
Oroco Resource Corp., released results from seven holes collared in the North Zone at its Santo Tomas project in Sinaloa. Highlights of the drilling include hole NO32 with 0.34% Cu, 0.005% Mo, 0.021 g/t Au, and 2 g/t Ag (0.37% CuEq) over 88.7m; hole NO34 with 0.34% Cu, 0.011% Mo, 0.029 g/t Au, and 3 g/t Ag (0.40% CuEq) over 267m; hole NO35 with 0.37% Cu, 0.006% Mo, 0.042 g/t Au, and 2 g/t Ag (0.42% CuEq) over 220.5m; and hole NO36 with 0.43% Cu, 0.002% Mo, 0.092 g/t Au, and 2 g/t Ag (0.51% CuEq) over 139.6m. “The company has now completed 43 drill holes (28,119 m of drilling) in its 2021-2022 North Zone drilling confirming good grade mineralization along 1,700 m of strike, demonstrating a westward dipping panel with consistent grades down-dip to about 400-500 m depth below the ridge, bottoming about sea level. The program is nearing completion with the remainder of the program focused on expanding the shallow seated mineralized zone on the hanging wall along the south-west side of the Gradeshell with the continued goal of increasing the resource in this newly identified zone”.
Prime Mining Corp., announced results from seven holes from its recently completed phase 2 drill program at its Los Reyes project, Sinaloa. Highlights of the drilling include hole 22GE-118 with 3 g/t Au and 215 g/t Ag over a true width (TW)of 5.5m, including 6.8 g/t Au and 469 g/t Ag over a TW of 1m, plus 6.8 g/t Au and 166 g/t Ag over a TW of 18.3m, including 11.6 g/t Au and 262 g/t Ag over a TW of 9.1m, plus 4.8 g/t Au and 144 g/t Ag over a TW of 2.8m, plus 2.9 g/t Au and 89 g/t Ag over a TW of 7.2m, including 9.9 g/t Au and 231 g/t Ag over a TW of 1.4m, including 2.9 g/t Au and 101 g/t Ag over a TW of 7.2m, including 7 g/t Au and 327 g/t Ag over a TW of 1.4m, plus 2 g/t Au and 72 g/t Ag over a TW of 7.4m, including 2.8 g/t Au and 90 g/t Ag over a TW of 4.4m: hole 22GE-121 with 12.8 g/t Au and 646 g/t Ag over a TW of 1.1m, plus 4.2 g/t Au and 212 g/t Ag over a TW of 12.7m, including 10.2 g/t Au and 547 g/t Ag over a TW of 0.5m, plus 10.9 g/t Au and 765 g/t Ag over a TW of 0.4m, plus 21 g/t Au and 413 g/t Ag over a TW of 0.3m; hole 22GE-122 with 2.2 g/t Au and 54 g/t Ag over a TW of 13.8m, including 9.1 g/t Au and 141 g/t Ag over a TW of 1.1m, plus 8.8 g/t Au and 289 g/t Ag over a TW of 5.6m, including 33.2 g/t Au and 1,072 g/t Ag over a TW of 1.4m; and hole 22GE-120 with 6.8 g/t Au and 207 g/t Ag over a TW of 6.8m, including 12.2 g/t Au and 337 g/t Ag over a TW of 1.5m, plus 23 g/t Au and 495 g/t Ag over a TW of 0.9m, plus 3.5 g/t Au and 75 g/t Ag over 6.7m, including 11.3 g/t Au and 245 g/t Ag over a TW of 0.8m, plus 9.9 g/t Au and 149 g/t Ag over a TW of 0.8m.
SilverCrest Metals Inc., announced the completion and final permanent connection of its 33 kilovolt electrical power line for its Las Chispas mine in Sonora. The company also released its inaugural Task Force for Climate Related Financial Disclosure (TCFD) report and a corresponding Water Stewardship report based on conclusions from the TCFD report.
Starcore International Mines Ltd., released its pit-constraint Mineral Resource Estimate and NI 43-101 compliant technical report for its El Creston project in Sonora. Measured resources as of September 30, 2022 are 56.3M tonnes of 0.076% Mo and 0.04% Cu for a total of 94.3M Lb Mo and 49.7M Lb Cu and Indicated resources of 142.2M tonnes of 0.067% Mo and 0.08% Cu for a total of 210M Lb Mo and 250.8M Lb Cu. Measured + Indicated resources are 198.5M tonnes of 0.069% Mo and 0.07% Cu for a total of 304.4M Lb Mo and 300.5M Lb Cu.
Vizsla Silver Corp., announced results from seven drill holes targeting the southern extension of the Napoleon Vein at its Panuco project in Sinaloa. Highlights of the drilling include hole NP-22-320 with 279 g/t Au, 24.01 g/t Au, 1.8% Pb, and 7.6% Zn (2,305 g/t AgEq) over a TW of 1.55m, including 267 g/t Ag, 29.1 g/t Au, 1.3% Pb, and 7.2% Zn (2,631 g/t AgEq) over a TW of 1.18m, plus 113 g/t Ag, 0.69 g/t Au, 0.6% Pb, and 6.2% Zn (390 g/t AgEq) over a TW of 0.8m, plus 143 g/t Ag, 0.87 g/t Au, 0.6% Pb, and 3.7% Zn (344 g/t AgEq) over a TW of 0.45m; hole NP-22-329 with 886 g/t Ag, 7.44 g/t Au, 2.2% Pb, and 6.8% Zn (1,660 g/t AgEq) over a TW of 0.88m, plus 222 g/t Ag, 2.64 g/t Au, 0.3% Pb, and 1.2% Zn (446 g/t AgEq) over a TW of 6.70m, including 668 g/t Ag, 2.22 g/t Au, 0.5% Pb, and 2.3% Zn (875 g/t AgEq) over a TW of 0.78m, including 159 g/t Ag, 9.14 g/t Au, 0.1% Pb, and 0.2% Zn (815 g/t AgEq) over a TW of 0.78m; and hole NP-22-333 with 54 g/t Ag, 1.22 g/t Au, 0.3% Pb, and 1.6% Zn (203 g/t AgEq) over a TW of 2.1m, plus 378 g/t Ag, 2.53 g/t Au, 0.4% Pb, and 4.3% Zn (696 g/t AgEq) over a TW of 1.50m.
ON DEALS AND CORPORATE ISSUES
Canuc Resources Corporation signed a comprehensive agreement for a period of 10 years with rights for renewal for a further 10 year period thereafter, with the Ejido of San Javier, located in the Municipality of San Javier, Sonora. The Agreement covers the Company’s 27 currently held claims and is contemplated to cover any further claims the Company may acquire in the San Javier area. The Ejido leadership at San Javier requested assistance from Canuc to implement controls against disruptive artisanal mining activities taking place locally by artisanal miners who have come to San Javier, but who are not from the area.
First Majestic Silver Corp., announced the proposed sale of its royalty portfolio to Metalla Royalty & Streaming Ltd for a total consideration of USD $20M in common shares of Metalla. Total consideration consists of 4,168,056 Metalla shares at a deemed price of USD $4.7984 per share based on a 25-day volume-weighted average price on the NYSE American Exchange having an aggregate value of approximately USD $20.0M. The consideration will be paid upon Closing of the Transaction.
Kootenay Silver Inc., announced the appointment of Dale Brittliffe as its new VP Exploration (Columba project, Chihuahua).
Riverside Resources Inc., received USD $2.5M in cash and 2% NSR royalty from Fresnillo plc for the sale of the Tajitos project in Sonora. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of USD $1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remaining 1% NSR for another USD $1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.
ON SOCIAL RESPONSIBILITY
Ricardo Sierra Oteiza, spokesman for the mining company Esperanza Silver de México, stated that gold and silver mining is an activity that has the capacity to accelerate economic processes at the local level, generating employment, encouraging local supply networks, contributing tax revenue to the treasury and contributing to the social and economic development of the communities hosting mining projects, among other benefits. In the case of the state of Morelos, in the community of San Agustín Tetlama in the municipality of Temixco, the company Esperanza Silver de México carries out scientific and technical prospecting and exploration studies to prepare the Environmental Impact Statement in search of the due authorizations from the federal government, so that, where appropriate, start the construction phase. If this mining project is consolidated, the Morelos community of San Agustín Tetlama would be expected to become a pole of economic and social development that joins the economic reactivation actions promoted by the government of the state of Morelos and the federal government.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, drill core displaying ginguro texture in a banded quartz vein from an intermediate sulphidation epithermal vein system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.
During the 46th week of the year (November 14th to November 20th, 2022), at least 15 press releases were announced by companies working in Mexico, and 3 news published by the media with five reporting resources and developments of their properties, four communicating production and financial results, three informing on exploration results, three commenting on Mexican issues, one disclosing deals and corporate issues, one discussing social issues, and one announcing financing issues. ON MEXICO ISSUES, The mining industry is one of the industries that consumes the least vital liquid and, at the same time, the one that acquires it at the highest cost, refuting the myth about water consumption in mining. Alamos Gold, GoGold, Aztec Minerals, Silver Tiger, and Minaurum Gold reported the best drilling intercepts in Mexico on the third week of November, 2022. ON EXPLORATION, In Sonora, Aztec Minerals reported results for five drill holes from the recently completed phase 3 drill program at its Cervantes project, Tocvan announced that initial drilling is ongoing at its El Picacho project, and Minaurum provided an update on the underground rehabilitation work at the historical Promontorio mine within its Alamos Silver project. ON MINING, Starcore reported Q2, 2022 production and financial results from its San Martin mine in Queretaro. MAG Silver announced Q3, 2022 production and financial results from its Juanicipio project in Zacatecas. US Antimony reported September-October production results. SilverCrest reported Q3, 2022 production and financial results from its Las Chispas project in Sonora. ON FINANCING, Vizsla closed its previously announced bought deal financing for gross proceeds of $CAD 34.5M (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Silver Tiger released results from its on-going drilling program at its El Tigre project in Sonora, and provided an update on the underground rehabilitation of the El Tigre Mine. Gatos Silver announced that it has filed a NI 43-101 technical report to disclose a Mineral Resource and Mineral Reserve update for its Los Gatos project, Chihuahua. Alamos Gold extended high-grade mineralization at its Puerto del Aire Deposit within Mulatos district, Sonora. GoGold released strong results from the new drilling program at its Los Ricos South Main Area and at the newly acquired Eagle concession in Jalisco. Zacatecas Silver announced its initial Mineral Resource Estimate (MRE) at its Esperanza Gold project in Morelos. ON DEALS AND CORPORATE ISSUES, Zacatecas Silver entered into an agreement with Gold Standard Media and with Future Monet Trends to raise awareness of the company`s shares among investors (Esperanza Gold project, Morelos). ON SOCIAL RESPONSIBILITY, Fundación Grupo México in alliance with the Government of Jalisco, promoted the forest recovery in the Municipalities of Sayula, Encarnación de Díaz and Ocotlán through the Ministry of Environment and Territorial Development (SEMADET) in coordination with the Intermunicipal Boards of the Environment (JIMA) and the Jalisco Solidarity Volunteers.
ON MEXICO ISSUE
The mining industry is one of the industries that consumes the least vital liquid and, at the same time, the one that acquires it at the highest cost, while agricultural use, which represents 77% of national water consumption, does not contribute any payment for it to the public treasury. Despite the fact that it only consumes 1.4% of the country`s water, the authorization of concessions for the use of this resource for mining constitutes the main source of income for this concept of the Ministry of Environment and Natural Resources (SEMARNAT) and the National Water Commission (CONAGUA). According to data from the Mining Chamber of Mexico (CAMIMEX), around 50% of government incomes from payment of rights for the use of water in the country are those contributed by mining companies. The Mexican territory is divided in four availability zones and, depending on the zone in which it operates, is the amount that concessionaires must pay for each cubic meter. Mexican mining pays up to MXP $26 for each cubic meter of water, while the average for the different industries is MXP $14. Municipalities pay only MXP $0.58. Meanwhile, the agricultural and livestock sectors, which are the main consumers in the country, do not pay rights for concessions for the use of water and despite this, these users tend to blame mining for the shortage. In Mexico, there are two types of concessions for the use of water: groundwater (located in subsoil aquifers) and surface water (found in rivers and lakes). According to CONAGUA, the main uses of this water resource are agricultural and livestock, which together consume approximately 76.7%; It is followed by urban public use, which is equivalent to 14.1%; the use for electricity generation with 5.1% and industries, whose consumption amounts to 4.1%. Of this amount, 0.9% corresponds to the mining sector. It refutes the myth about water consumption in mining.
Alamos Gold Inc, GoGold Inc, Aztec Minerals Corp, Silver Tiger Metals Inc, and Minaurum Gold Inc reported the best drilling intercepts in Mexico on the third week of November, 2022. Details are shown in the table below:
ON EXPLORATION
Aztec Minerals Corp., reported results for five drill holes from the recently completed phase 3 drill program at its Cervantes project in Sonora. Highlights of the drilling include hole CAL22-027 in the West-Central area of the California Zone with 0.68 g/t Au over 120m; and hole CAL22-029, a step out extending the California Zone to the North, with 0.77 g/t Au over 57m. These results have expanded the footprint of the known extents of the mineralized and altered California quartz feldspar intrusive complex to the North. “The area currently being drilled measures approximately 900 meters long E – W by 730 meters wide, with demonstrated, continuous mineralization of up to 170 meters in depth. The porphyry gold-copper mineralization is still open in all directions”.
Tocvan Ventures Corp., announced that initial drilling is ongoing at its El Picacho project in Sonora. The drilling program is focused on two primary areas within the San Ramon prospect: Las Guijas where underground chip samples range from 0.5 to 8.2 g/t Au, with an average of 3.6 g/t Au, and San Ramon where underground samples range from 0.3 to 22 g/t Au, with an average of 5 g/t Au. The property is currently permitted for 14 drill pads. El Picacho is host to several other target areas permitted for drilling that span across the 24 km2 project area.
Minaurum Gold Inc., provided an update on the underground rehabilitation work at the historical Promontorio mine within its Alamos Silver project. It informed that has successfully accessed and is dewatering the main haulage level along with clearing crosscuts in the El Tirito area of the mine, which lies approximately 300m from the Promontorio adit entrance. Approximately 200 tonnes of ballast and 50 tonnes of backfill have been removed from the first 300 m of the haulage level and stockpiled outside the mine entrance. Three of the five service holes that were drilled to provide air, water, and electricity to facilitate underground rehabilitation efforts intercepted the Promontorio Vein. The most significant drill intercept encountered 98 g/t Ag, 3.6% Pb, and 7.9% Zn over 5.8m. In addition, sampling and mapping of dumps at Promontorio revealed a boulder of massive sulfide vein assaying 3,320 g/t Ag, 54.7 g/t Au, 25% Cu, 6.5% Pb, and 1.1% Zn. “The boulder, measuring roughly a meter across, is an indication of the type of grades exploited by early miners at Promontorio”.
ON MINING
Starcore International Mines Ltd., reported Q2, 2022 production and financial results from its San Martin mine in Queretaro. The company milled 57,165 tonnes of 1.46 g/t Au and 13 g/t Ag with metallurgical recoveries of 87.14% and 47.86% respectively, to produce 2,452 Oz AuEq.
MAG Silver Corp., announced Q3, 2022 production and financial results from its Juanicipio project in Zacatecas, where it owns 44% of the property and Fresnillo plc owns the remainder 56%. The company reported on a 100% basis, that 180,808 tonnes of 513 g/t Ag were processed through the Fresnillo and Saucito plants to produce 2.42M Oz Ag, 4,901 Oz Au, 3M Lb Pb, and 4.56M Lb Zn. MAG reported a net income of USD $8.23M and cash of $USD 39.5M (Juanicipio had cash on hands of $USD 18.2M). Pre-commercial production sales totaled USD $49.7M, less USD $18.1 in mining and transportation costs and USD $6.4M in depreciation and amortization charges, netting USD $25.2M in gross profit by Juanicipio. The company also reported a cash balance at the end of the quarter of USD $18.2M down from USD $37.5M at the end of Q2, 2022.
US Antimony Corporation reported September-October production results. The company milled 1,116 tonnes of 0.87 g/t Au and 96 g/t Ag from its Los Juarez Mine in Querétaro. In addition, the company announced that assay results from the previously announced soil sampling and rock chip programs on the 1km x 3 km grid at Los Juarez have been received with analysis values for Sb, Au, Ag, and trace elements. These results are being tabulated and assessed. Geologist and Geophysicist in Mexico have just completed the Geophysical Survey and are in the process of interpreting the results and generating a report. This report may be available prior to Q4 but most likely will be published early in Q1 of 2023.
SilverCrest Metals Inc., reported Q3, 2022 production and financial results from its Las Chispas project in Sonora. The company produced 4,121 Oz Au and 373.5K Oz Ag (731.6K Oz AgEq) and had its first metal sales of 140.3K Oz Ag at an average price of USD $19.38 per Oz Ag, generating USD $2.7M in revenue. As of September 30, 2022 the company remains well-funded with cash and cash equivalents of USD $88.6M, and a debt balance of USD $90M.
ON FINANCING
Vizsla Silver Corp., closed its previously announced bought deal financing of 23.8M units of the company at a price of CAD $1.45 per unit for gross proceeds of $CAD 34.5M. Net proceeds will be used to advance the exploration and development of its Panuco project in Sinaloa, including the delivery of an updated mineral resource estimate in Q4, 2022, as well as for working capital and general corporate purposes.
ON RESOURCES AND DEVELOPMENT
Silver Tiger Metals Inc., released results from its on-going drilling program at its El Tigre project in Sonora, and provided an update on the underground rehabilitation of the El Tigre Mine. The most significant drill intercept was encountered in hole ET-22-378 with 0.12 g/t Au, 469 g/t Ag, 0.66% Cu, 0.5% Pb, and 0.6% Zn (525 g/t AgEq) over 6.5m, including 0.25 g/t Au, 1,002 g/t Ag, 0.39% Cu, 0.6% Pb, and 0.7% Zn (1,096 g/t AgEq) over 1m at the Benjamin Vein Zone, plus 0.15 g/t Au, 212 g/t Ag, 0.12% Cu, 2.5% Pb, and 6.9% Zn (524 g/t AgEq) over 6.9m, including 0.28 g/t Au, 940 g/t Ag, 0.6% Cu, 6.9% Pb, and 16.2% Zn (1,720 g/t AgEq) over 0.8m at the Shale Zone. The company also reported that the underground rehabilitation of the historic El Tigre mine is progressing well. Silver Tiger reported that to date it has rehabilitated over 450m in level 7, which was the main portal to the mine. “Silver Tiger is still on schedule to reach the Sooy Vein and then begin underground drilling of this new discovery under the Northern end of the unmined portion of the Historic El Tigre Mine”.
Gatos Silver Inc., announced that it has filed a NI 43-101 technical report to disclose a Mineral Resource and Mineral Reserve update for its Los Gatos project, Chihuahua.
Alamos Gold Inc. reported new results from its ongoing drilling program and extended high-grade mineralization at its Puerto del Aire Deposit within Mulatos district, Sonora. Puerto Del Aire is a higher-grade underground deposit, adjacent to the main Mulatos pit, and is comprised of five zones including PDA1, PDA2, Gap, Victor and Estrella. Highlights of the drilling at PDA1 Zone include hole 21MUL051 with 32.24 g/t Au uncut ( 20.78 g/t Au cut) over a true width (TW) of 5.30m; hole 21MUL019 with 4.26 g/t Au over a TW of 2.25m, plus 26.28 g/t Au uncut (20.44 g/t Au cut) over a TW of 4.60m; hole 21MUL014 with 4.43 g/t Au over a TW of 4.50m, plus 18.01 g/t Au uncut (15.27 g/t Au cut) over a TW of 6.15m; hole 21MUL016 with 3.64 g/t Au over a TW of 6m, plus 3.02 g/t Au over a TW of 1.50m, plus 3.12 g/t Au over a TW of 11.50m, plus 3.63 g/t Au over a TW of 26.05m; hole MUL21021 with 10.66 g/t Au over a TW of 5.90m, plus 4.20 g/t Au over a TW of 12.25m, plus 14.57 g/t Au over a TW of 2.75m, plus 10.86 g/t Au over a TW of 8.35m; and hole 21MUL015 with 4.90 g/t Au over a TW of 1.15m, plus 6.78 g/t Au over a TW of 10.50m, plus 4.99 g/t Au over a TW of 1.40m. Highlights of the drilling at PDA2 Zone include hole 22MUL039 with 4.06 g/t Au over a TW of 0.85m, plus 13.89 g/t Au uncut (9.26 g/t Au cut) over a TW of 10.35m; hole 22MUL053 with 8.75 g/t Au over a TW of 13.15m, plus 7.7 g/t Au over a TW of 6m, plus 8.90 g/t Au over a TW of 3m, plus 4.20 g/t Au over a TW of 12.95m; hole 22MUL058 with 7.62 g/t Au over a TW of 14.65m; hole 22MUL052 with 3.07 g/t Au over a TW of 1.50m, plus 32.60 g/t Au over a TW of 2.35m, plus 10.90 g/t Au over a TW of 1.50m, plus 11.40 g/t Au over a TW of 1.50m; and hole 22MUL046 with 4.01 g/t Au over 1.70m, plus 13.22 g/t Au over 4.50m. Highlights of the drilling at Victor-Gap Zone include hole 21MUL011 with 31.97 g/t Au uncut (11.80 g/t Au cut) over a TW of 12.90m. “Drilling to date has demonstrated the significant potential to further expand high-grade mineralization at Puerto Del Aire with the deposit open in multiple directions”.
GoGold Resources Inc., released strong results from the new drilling program at its Los Ricos South Main Area and at the newly acquired Eagle concession in Jalisco. Highlights of the drilling include hole LRGG-22-209 collared at Los Ricos South Main Area with 3.15 g/t Au and 276 g/t Ag (6.84 g/t AuEq or 513 g/t AgEq) over 33.2m, including 30.19 g/t Au and 2,588 g/t Ag (64.69 g/t AuEq or 4,852 g/t AgEq) over 3m, including 73.10 g/t Au and 5,620 g/t Ag (148.03 g/t AuEq or 11,103 g/t AgEq) over 1m; and hole LRGG-22-043 collared at the Eagle Concession with 0.67 g/t Au and 78 g/t Ag (1.72 g/t AuEq or 129 g/t AgEq) over 8.2m, plus 1.32 g/t Au and 216 g/t Ag (4.20 g/t AuEq or 315 g/t AgEq) over 20.7m, including 2.73 g/t Au and 428 g/t Ag (8.44 g/t AuEq or 633 g/t AgEq) over 9.3m, including 7.89 g/t Au and 999 g/t Ag (21.21 g/t AuEq or 1,591 g/t AgEq) over 2.5m, including 17.20 g/t Au and 2,130 g/t Ag (45.80 g/t AuEq or 3,420 g/t AgEq) over 0.70m. The purpose of the program is to better define the very high grade portions of the current deposit that may be amenable to bulk underground mining. “The Company exploration team has been completing detailed mapping and sampling at Jamaica over the last year and sees the same structure that was drilled in the main zone at Los Ricos South extending for several kilometers over the Jamaica concessions. This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle”.
Zacatecas Silver Corp., announced its initial Mineral Resource Estimate (MRE) at its Esperanza Gold project in Morelos. A summary of the MRE is shown in the table below:
ON DEALS AND CORPORATE ISSUES
Zacatecas Silver Corp., entered into an agreement with Gold Standard Media and with Future Money Trends LLC to raise awareness of the Company’s shares among investors. The engagement is for 12 months of services, with amounts payable as follows: USD $100K on acceptance of the TSX Venture Exchange, USD $100K within 3 months, USD $100K within 6 months and USD $100K within 9 months. Subject to TSX Venture Exchange acceptance, the activities will commence late November, 2022 and are for a period of one year.
ON SOCIAL RESPONSIBILITY
Fundación Grupo México in alliance with the Government of Jalisco, promoted the forest recovery in the Municipalities of Sayula, Encarnación de Díaz and Ocotlán through the Ministry of Environment and Territorial Development (SEMADET) in coordination with the Intermunicipal Boards of the Environment (JIMA) and the Jalisco Solidarity Volunteers.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, quartz stockwork veining from a low sulphidation epithermal vein system in a project in Sonora, Mexico. Photo by Miguel A Heredia.
During the 44th week of the year (October 31st to November 06th, 2022), at least 21 press releases were announced by companies working in Mexico, and 2 news published by the media with six reporting resources and developments of their properties, six disclosing deals and corporate issues, five informing on exploration results, three commenting on Mexican issues, two announcing financing issues, and one communicating production and financial issues. ON MEXICO ISSUES, The Canadian government has told its Mexican counterpart that it is concerned about the investment climate in Mexico’s energy and mining sectors. The President of Mexico, Andres Manuel López Obrador stated that the rescue efforts of the bodies of 10 miners who were trapped in the El Pinabete mine, in Sabinas, Coahuila, were suspended due to a change of supplier. GoGold, GR Silver, Pan American Silver, and Southern Silver reported the best drilling intercepts in Mexico on the first week of November, 2022. ON EXPLORATION, In Sonora, Ranchero Gold provided an exploration update on its Daniela project, and Reyna Gold announced results from its on-going, district-scale exploration program at its La Gloria property. In Sinaloa, Prismo signed a definitive surface agreement with the Francisco Villa Ejido and commenced drill permitting for its Los Pavitos project. In Jalisco, Almadex mobilised an exploration team to commence a follow-up drill program at its San Pedro project. In Coahuila, Monumental provided an update of its currently on-going exploration program at its Jemi project. ON MINING, Capstone reported Q3, 2022 production and financial results from its Cozamine mine in Zacatecas. ON FINANCING, Kootenay increased its previously announced private placement from $4M to $4.35M, and granted an option to Red Cloud Securities Inc, to offer for sale an additional 15% of the number of units of the company at a price of $0.09 per unit (Columba project, Chihuahua). Xali Gold received advance net profits interest payment from Sun River Gold for the El Orito Tailings project in the State of Mexico. ON RESOURCES AND DEVELOPMENT, Sonoro Gold announced that it has engaged SRK to prepare an NI43-101 compliant updated Mineral Resource Estimate for its Cerro Caliche project in Sonora. GoGold reported results from the second set of drill holes collared at the newly acquired Eagle concession on the Los Ricos South property in Jalisco. GR Silver released results from 38 infill drill holes in the resource update program underway at its Plomosas mine area in Sinaloa. Osisko provided an operational update on its San Antonio Gold project in Sonora. Pan American release results from 45 new infill and exploration drill holes collared at its La Colorada Skarn project in Zacatecas. Southern Silver announced results from its final 4 drill holes at its Cerro Las Minitas, Durango. ON DEALS AND CORPORATE ISSUES, Silverton Metals announced that its Board of Directors approved a change of the company’s name to Lodestar Battery Metals Corp (Peñasco Quemado project, Sonora). Ranchero Gold appointed its interim CEO and CFO (Santa Daniela project, Sonora). Pan American and Agnico delivered definitive binding offer to acquire Yamana. Sierra Madre entered into an amendment and restated the share purchase agreement with First Majestic in respect of the previously announced acquisition of La Guitarra mine in the State of Mexico. Sierra Metals received letter of intent from Compañía Minera Kolpa for a proposed business combination. Xali Gold increased its ownership in the San Dieguito de Arriba plant in Nayarit from 30% to 50% by issuing 4,125,758 shares at a price of $0.066 to Magellan. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
The Canadian government has told its Mexican counterpart that it is concerned about the investment climate in Mexico’s energy and mining sectors. Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada, expressed this position to Raquel Buenrostro, Secretary of the Economy of Mexico. Minister Ng reaffirmed Canada’s commitment to advance in the implementation of the Treaty between Mexico, the United States and Canada (T-MEC) and to continue with the work carried out within the framework of initiatives such as the Economic Dialogue of Canada-Mexico High Level to deepen bilateral business, trade and investment ties and support inclusive and resilient economic growth. Two-way merchandise trade between the two countries was USD $41.7 billion in 2021. Mexico is Canada’s third-largest merchandise trading partner in a single country (after the United States and China).
The President of Mexico, Andres Manuel López Obrador stated that the rescue efforts of the bodies of 10 miners who were trapped in the El Pinabete mine, in Sabinas, Coahuila, were suspended due to a change of supplier, but will be resumed.
GoGold Resources Inc., , GR Silver Mining Ltd., Pan American Silver Corp., and Southern Silver Exploration Corp., reported the best drilling intercepts in Mexico on the first week of November. Details are shown in the table below:
ON EXPLORATION
Ranchero Gold Corp., provided an exploration update on its Daniela project in Sonora. The company reported that it has completed the follow-up work of the nine priority targets previously identified at the property. Ranchero Gold stated that the San Francisco, Carboneras Sur, Carboneras Este, Rincón, and Moritas Este targets have shown evidence of gold mineralization, related alteration and lithologies known to host significant gold deposits in the district. “Subsequent field efforts currently underway will include detailed mapping, systematic sampling and drone-based magnetic surveys designed to identify potential mineralized host rocks below surface”.
Reyna Gold Corp., announced results from its on-going, district-scale exploration program at its La Gloria property in Sonora. The company identified multiple mineralized zones with high grade gold, silver, and copper that align with major geophysical anomalies, silica alterations, and structural controls on the property. Highlights of the 8 rock sampling collected at La Republicana Zone returned values from 4.03 g/t Au up to 56.90 g/t Au; 7 samples ranging from 13 g/t Ag up to 47 g/t Ag; and 2 samples with 0.2% Pb and 0.5% Pb, with a single assay of 2.41% Cu. At Las Carmelitas zone, 7 rock samples returned 3 values of 0.11 g/t Au, 0.33 g/t Au, and 10.52 g/t Au; 5 samples ranging from 67 g/t Ag up to 116 g/t Ag; and 6 samples ranging from 1.53% up to 2.25% Cu. At Western Zone, 7 rock samples returned values from 2.51 g/t Au up to 16.60 g/t Au; 2 samples with values of 21g/t Ag and 249 g/t Ag; and a single sample with 1.15% Cu, 3.4% Zn, 1.3% Pb, 0.1 g/t Au, and 27 g/t Ag. At El Sombrero Zone, 7 samples returned gold values ranging from 1.1 g/t Au up to 23.6 g/t Au; 4 samples ranging from 149 g/t Ag up to 733 g/t Ag; 4 samples ranging from 0.68% up to 3.60% Cu; 4 samples ranging from 0.2% Pb up to 1.4% Pb, and 4 samples ranging from 0.1%Zn to 0.2% Zn. The company is presently conducting an IP survey at four target zones: La Republicana, Western, Las Carmelitas, and Main Zone. After completion of the IP geophysical survey, drilling will recommence in this area focused on La Republicana, Western, Las Carmelitas and Main Zone targets.
Prismo Metals Inc., signed a definitive surface agreement with the Francisco Villa Ejido, the surface owners over the Los Pavitos project in Sinaloa. This agreement is for two years and allows Prismo to carry out exploration work including drilling. The company has commenced drill permitting planned to begin in early 2023. Meanwhile, Prismo will continue with the geological mapping and sampling program to cover the remaining area to identify drill targets.
Almadex Minerals Ltd., mobilised an exploration team to commence a follow-up drill program at its San Pedro project in Jalisco. The drill program will target a recently identified structural trend associated with float rock of vein material, soil anomalies and old mining workings, where channel sampling has encountered 0.02 g/t Au and 138 g/t Ag over an interval of 6.8m, and 3.7 g/t Au and 168 g/t Ag over an interval of 4.2m. A total of 14 grab and chip samples collected on this trend averaged 0.6 g/t Au and 180 g/t Ag.
Monumental Minerals Corp., provided an update of its currently on-going exploration program at its Jemi project in Coahuila, which consists of detailed geological mapping, regional stream sediment sampling, ground radiometric geophysical surveys, and litho geochemistry. To date, the stream sediment sampling program, consisting of 47 samples has been completed. It returned 5 samples with values greater than 7.8 ppm dysprosium (Dy), 65.3 ppm neodymium (Nd); and up to 14.1 ppm Dy and 160 ppm Nd, defining four general areas of interest along the west and south portions of the company’s concessions, of which two are associated with known HREE mineralized (eudialyte bearing) peralkaline rock (Jemi Dyke Area and Veladora North). The remaining two areas with anomalous Dy and Nd concentrations were previously unrecognized as being prospective (Zone 2 and Zone 4). Follow-up exploration work to identify the source of the high REEs at these two areas will be undertaken during the current field program for quick delineation.
ON MINING
Capstone Copper Corp., reported Q3, 2022 production and financial results from its Cozamine mine in Zacatecas. The company mined 3,829 tonnes per day with an average grade of 1.86% and metallurgical recovery of 96.8%, to produce 36.74 M Lb Cu at a cash cost of USD $1.20 per Lb produced.
ON FINANCING
Kootenay Silver Inc., increased its previously announced private placement from $4M to $4.35M, and granted an option to Red Cloud Securities Inc, to offer for sale an additional 15% of the number of units of the company at a price of $0.09 per unit. If the offer for sale from Red Cloud is exercised in full, the total gross proceeds to the company will be $5M (Columba project, Chihuahua).
Xali Gold Corp., received advance net profits interest (NPI) payment from Sun River Gold, LLC for the El Orito Tailings project in the State of Mexico. Sun River has started making advance NPI payments of USD $15K per month to Xali Gold as part of the second extension agreement on the El Oro Tailings project, in El Oro, State of Mexico. Advanced NPI payments of USD $50K per month will be paid by Sun River once commercial production is reached (or first concentrate is produced or dore gold is poured) and during the first year of operation, after which normal 5% NPI payments are to be made.
ON RESOURCES AND DEVELOPMENT
Sonoro Gold Corp., announced that it has engaged SRK Consulting Inc., to prepare an NI43-101 compliant updated Mineral Resource Estimate for its Cerro Caliche project in Sonora. This updated Mineral Resource Estimate is to include an additional 7,200m of drilling completed in May 2022 which returned multiple higher grade gold intercepts and expanded several known mineralized gold zones within the concession.
GoGold Resources Inc., reported results from the second set of drill holes collared at the newly acquired Eagle concession on the Los Ricos South property in Jalisco. Highlights of the drilling include hole LRGAG-22-035 with 1.64 g/t Au and 265 g/t Ag (5.17 g/t AuEq or 387 g/t AgEq) over 110.6m, including 11.31 g/t Au and 2,198 g/t Ag (40.62 g/t AuEq or 3,047 g/t AgEq) over 11.5m, including 30.24 g/t Au and 6,392 g/t Ag (115.48 g/t AuEq or 8,661 g/t AgEq) over 3.5m, including 63.24 g/t Au and 12,729 g/t Ag (232.96 g/t AuEq or 17,472 g/t AgEq) over 1.5m, including 104.50 g/t Au and 13,742 g/t Ag (287.73 g/t AuEq or 21,580 g/t AgEq) over 0.90m; and hole LRGAG-22-032 with 1.36 g/t Au and 108 g/t Ag (2.79 g/t AuEq or 210 g/t AgEq) over 65.8m, including 2.96 g/t Au and 217 g/t Ag (5.85 g/t AuEq or 439 g/t AgEq) over 28.1m, including 7.17 g/t Au and 1,013 g/t Ag (20.68 g/t AuEq or 1,551 g/t AgEq) over 4.3m, including 25 g/t Au and 3,020 g/t Ag (65.27 g/t AuEq or 4,895 g/t AgEq) over 0.6m. “Mapping and geophysics indicate the Eagle structure extending in excess of 2.5km to the northwest, at which point it continues onto the Company’s previously owned Jamaica concessions”. “The Eagle concession connects the Company’s concessions held in the southern portion of its Los Ricos South project, including the Main area where the Initial Resource was released, to its northern concessions in Los Ricos South, which includes the Jamaica exploration target. As a result, all of the concessions in Los Ricos South are now contiguous”. This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle.
GR Silver Mining Ltd., released results from 38 infill drill holes in the resource update program underway at its Plomosas mine area in Sinaloa. Highlights of the drilling include hole PLI22-38 with 301 g/t Ag, 0.41 g/t Au, 1.6% Pb, and 2.1% Zn (471 g/t AgEq) over a true width (TW) of 15.9m, including 856 g/t Ag, 0.70 g/t Au, 1.3% Pb, and 2.3% Zn (1,052 g/t AgEq) over a TW of 3.9m; hole PL!22-23 with 268 g/t Ag, 1 g/t Au, 2.4% Pb, 1.7% Zn, and 0.2% Cu (518 g/t AgEq) over a TW of 36.5m, including 626 g/t Ag, 0.03 g/t Au, 1% Pb, 0.6% Zn, and 0.1% Cu (684 g/t AgEq) over a TW of 4.9m, plus 1028 g/t Ag, 5.11g/t Au, 8.3% Pb, 7% Zn, and 0.9% Cu (2,101 g/t AgEq) over a TW of 5.9m, including 2,667 g/t Ag, 1.27 g/t Au, 12.2% Pb, 6.9% Zn, and 0.3% Cu (3,431 g/t AgEq) over a TW of 2.2m; hole PLI22-24 with 1,159 g/t Ag, 0.53 g/t Au, 1.4% Pb, 1% Zn, and 0.8% Cu (1,354 g/t AgEq) over a TW of 0.20m, plus 135 g/t Ag, 0.39 g/t Au, 4% Pb, 1.7% Zn, and 0.2% Cu (365 g/t AgEq) over a TW of 7.1m, including 292 g/t Ag, 0.13 g/t Au, 3.1% Pb, 1.3% Zn, and 0.1% Cu (453 g/t AgEq) over a TW of 2m; hole PLI22-25 with 629 g/t Ag, 0.56 g/t Au, 9.2% Pb, 4% Zn, and 0.4% Cu (1,146 g/t AgEq) over a TW of 11.4m, including 1,791 g/t Ag, 0.23 g/t Au, 1.3% Pb, 1.4% Zn, and 0.1% Cu (1,917 g/t AgEq) over a TW of 1.4m; hole LP122-27 with 109 g/t Ag, 0.91 g/t Au, 3.5% Pb, 1.7% Zn, and 0.1% Cu (371 g/t AgEq) over a TW of 7.2m, including 212 g/t Ag, 2.74 g/t Au, 10.9% Pb, 4.1% Zn, and 0.22 % Cu (961 g/t AgEq) over a TW of 2.1; hole PLI22-30 with 344 g/t Ag, 0.04 g/t Au, 0.2% Pb, 0.3% Zn, and 0.1% Cu (370 g/t AgEq) over a TW of 1m, plus 2,251 g/t Ag, 0.12 g/t Au, 1.1% Pb, 0.1% Zn, and 0.6% Cu (2,365 g/t AgEq) over a TW of 0.5m, plus 1,697 g/t Ag, 0.21 g/t Au, 0.2% Pb, 0.2% Zn, and 0.6% Cu (1,792 g/t AgEq) over a TW of 0.1m, plus 134 g/t Ag, 0.05 g/t Au, 0.6% Pb, 2.7% Zn, and 0.1% Cu (273 g/t AgEq) over a TW of 3m, including 328 g/t Ag, 0.08 g/t Au, 1.1% Pb, 5% Zn, and 0.2% Cu (576 g/t AgEq) over a TW of 0.9m; hole PLIP22-30 with 69 g/t Ag, 2.67 g/t Au, 0.1% b, 0.2% Zn, and 0.2% Cu (353 g/t AgEq) over a TW of 10.8m, including 227 g/t Ag, 5.39 g/t Au, 0.3% Pb, 0.6% Zn, and 0.4% Cu (809 g/t AgEq) over a TW of 1.2m, plus 219 g/t Ag, 40.18 g/t Au, 0.3% Pb, and 1% Cu (4,074 g/t AgEq) over a TW of 0.5m; and hole PLIP22-42 with 40 g/t Ag, 0.9 g/t Au, 10.5% Pb, 9.8% Zn, and 0.4% Cu (852 g/t AgEq) over a TW of 6.5m. “GR Silver Mining’s infill drilling program is continuing in the Plomosas Mine Area, and to date has added 105 holes (7,330 m) of new drilling inside the historic Plomosas Mine since completion of the Company’s 2021 NI 43-101 mineral resource estimation”.
Osisko Development Corp., provided an operational update on its San Antonio Gold project in Sonora. The company reported that 1.1M tonnes of 0.58 g/t Au and 0.25 g/t Ag have been placed on the heap leach pad for an estimated total of 20,090 oz of Au and 8,818 oz of Ag. Osisko also reported that 10,149 Oz Au and 3,516 Oz Ag at recoveries to the end of the third quarter of 2022 of 50.5% for gold and 39.9% for silver total production have been produced from the heap leach pad as of October 27, 2022, of which 7,350 Oz Au were sold.
Pan American Silver Corp., release results from 45 new infill and exploration drill holes collared at its La Colorada Skarn project in Zacatecas. Highlights of the drilling are shown in the table below:
With the inclusion of these new drill holes, this area has been expanded to measure approximately 200 metres in diameter and up to 250 metres vertically.
Southern Silver Exploration Corp., announced results from its final 4 drill holes on the North Felsite-North Skarn targets at its Cerro Las Minitas, Durango. Highlights of the drilling include hole 22CLM-194 with 140 g/t Ag, 0.04 g/t Au, 0.01% Cu, 1.9% Pb, and 0.1% Zn (212 g/t AgEq or 5.2% ZnEq) over a true width (TW) of 2.3m, plus 386 g/t Ag, 0.17 g/t Au, 0.25% Cu, 6% Pb, and 4.7% Zn (827 g/t AgEq or 20.1% ZnEq) over a TW of 0.7m, plus 336 g/t Ag, 0.14 g/t Au, 0.16% Cu, 6.5% Pb, and 4.7% Zn (780 g/t AgEq or 18.9% ZnEq) over a TW of 2.6m, including 746 g/t Ag, 0.09 g/t Au, 0.12% Cu, 17.1% Pb, and 13.2% Zn (1,904 g/t AgEq or 46.3% ZnEq) over a TW of 0.6m; and hole 22CLM-193 with 124 g/t Ag, 0.02 g/t Au, 0.03% Cu, 1.4% Pb, and 0.4% Zn (195 g/t AgEq or 4.7% ZnEq) over a TW of 5.6m, including 219 g/t Ag, 0.02 g/t Au, 0.04% Cu, 2.5% Pb, and 0.6% Zn (333 g/t AgEq or 8.1% ZnEq) over a TW of 3m. “Drilling on these targets, which started in September 2021, has now tested a 400 metre strike-length of mineralization which wraps around the eastern and northern perimeter of the Central Intrusion and links previously identified mineralization in the Mina La Bocona and Skarn Front deposits. Twenty-five holes totaling 11,275 metres were completed in the two target areas to depths of up to 450 metres below surface”.
ON DEALS AND CORPORATE ISSUES
Silverton Metals Corp., announced that its Board of Directors approved a change of the company’s name to Lodestar Battery Metals Corp., to better reflects the company’s focus on exploration and development of lithium and silver projects (Peñasco Quemado project, Sonora).
Ranchero Gold Corp., made the appointments of its interim CEO and CFO (Santa Daniela project, Sonora).
Pan American Silver Corp. and Agnico Eagle Limited delivered definitive binding offer to acquire Yamana Gold Inc. Pan American would acquire all of the issued and outstanding common shares of Yamana, and Yamana would sell certain subsidiaries and partnerships which hold Yamana´s interest in its Canadian assets to Agnico Eagle, including the Canadian Malartic mine. “The consideration consists of 153,539,579 common shares in the capital of Pan American (“Pan American Shares”); USD$1.0 billion in cash contributed by Agnico Eagle; and 36,089,907 common shares in the capital of Agnico Eagle (“Agnico Eagle Shares”). Under the Binding Offer, each Yamana Share would be exchanged for approximately USD$1.04 in cash, 0.1598 Pan American Shares and 0.0376 Agnico Eagle Shares, for an aggregate value of USD$5.02 per Yamana Share based on the closing price of each Pan American Share and Agnico Eagle Share on November 3, 2022. The Binding Offer is not subject to any financing condition or additional due diligence”.
Sierra Madre Gold and Silver Ltd., entered into an amendment and restated the share purchase agreement with First Majestic Silver Corp., in respect of the previously announced acquisition of La Guitarra mine in the State of Mexico. The amendment states that (a) the 2% net smelter return royalty on La Guitarra will now be granted by Compañía Minera La Guitarra S.A. de C.V., to First Majestic prior to closing of the transaction, rather than rather than concurrently with closing as previously anticipated; and (b) certain governmental approvals will be required prior to closing of the transaction. All other material terms of the transaction remain unchanged. The company expects to complete the transaction by the end of 2022.
Sierra Metals Inc., received letter of intent from Compañía Minera Kolpa S.A. for a proposed business combination. A Special Committee of the independent members of Sierra Metals´ Board of Directors is exploring, reviewing and considering financing, restructuring and strategic options in the best interest of Sierra Metals.
Xali Gold Corp., increased its ownership in the San Dieguito de Arriba (SDA) plant in Nayarit from 30% to 50% by issuing 4,125,758 shares at a price of $0.066 to Magellan. The company also informed that has received interest from third parties desiring to enter into JV in the SDA plant and near-surface high grade mineralization near the plant.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, a fault plane from an intermediate-sulphidation epithermal Au-Ag-Pb-Zn vein system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.
During the 42nd week of the year (October 17th to October 23th, 2022), at least 15 press releases were announced by companies working in Mexico, and 4 news published by the media with six communicating production and financial issues, four reporting resources and developments of their properties, four commenting on Mexican issues, two announcing financing issues, one discussing social issues, one discussing deals and corporate issues, and one informing on exploration results. ON MEXICO ISSUES, Hermosillo, the capital city of the Sonora State, hosted the 14th International Mining Congress in October 18-21, 2022 with the participation of over 5,000 people. The Mexican Mining Chamber (CAMIMEX) warned that thefts of output and goods like explosives in the mining industry continue to increase despite the support provided by the Secretary of National Defense (SEDENA). According to data from the Ministry of Economy, the Mining Chamber of Mexico (Camimex) and experts, there is a mining collapse in Mexico since 822 mining projects were postponed, 180 foreign capital firms have left the country and there are 25 concessions stopped. GoGold and GR Silver reported the best drilling intercepts in Mexico on the third week of October, 2022. ON EXPLORATION, In Sinaloa, Prismo provided an update on its ongoing drill program conducted at its Palos Verdes project located in the historic Panuco-Copala mining district. ON MINING, Avino, Santacruz, Golden Minerals, American Gold and Silver, and First Majestic reported Q3, 2022 production results from their Mexican mining operations, while Guanajuato Silver announced that it has recommenced mining at its Valenciana Mines Complex in Guanajuato, and provided a 6-month production estimate. ON FINANCING, Sierra Metals announced that it has commenced a process to evaluate and consider the company´s current financial and liquidity position, operational challenges and possible financing and restructuring alternatives that may be available to the company. Barksdale closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $264K, and completed an extension of financial instruments (San Javier project in Sonora). ON RESOURCES AND DEVELOPMENT, Avino announced that the installation and commissioning of the dry-stack tailings at its Avino mine in Durango has been completed. GoGold reported the acquisition of the 1,107 Ha Eagle concession covering the northern strike of the Main Deposit on the Los Ricos South property in Jalisco. Equinox released an updated feasibility study (FS) for its Los Filos mine expansion located in Guerrero State. GR Silver presented drilling results and announced the extension of the SE Area Silver Discovery at its Plomosas deposit in Sinaloa. ON DEALS AND CORPORATE ISSUES, Avinois conducting community agreements in the nearby towns adjacent to its la Preciosa property in Durango as it is committed to moving this project forward as part of the company´s 5-year growth strategy. ON SOCIAL RESPONSIBILITY, Industrias Peñoles and Fresnillo plc mining companies reiterated their commitment in saving and energy efficiency to continue implementing actions that contribute to the fight against global warming in order to build the mining of the 21st century.
ON MEXICO ISSUES
Hermosillo, the capital city of the Sonora State, hosted the 14th International Mining Congress during October 18-21, 2022, with the participation of over 5,000 people.
The Mexican Mining Chamber (CAMIMEX) warned that thefts of output and goods like explosives in the mining industry continue to increase despite the support provided by the Secretary of National Defense (SEDENA). The General Director of CAMIMEX, Karen Flores, said that thefts remain a recurrent issue in the sector and highlighted that these crimes are probably perpetrated by organized crime.
According to data from the Ministry of Economy, the Mining Chamber of Mexico (Camimex) and experts, there is a mining collapse in Mexico since 822 mining projects were postponed, 180 foreign capital firms have left the country and there are 25 concessions stopped. If the policy were to change, 30% more jobs would be created and the contribution to Mexico’s GDP would increase by 0.5%, according to estimates. Mining and metallurgical activity exceeded tourism by 19% in foreign exchange generation. The president of the Association of Mining Engineers, Metallurgists and Geologists of Mexico (AIMMGM), indicated that the uncertainty generated by this administration in the sector has caused a slowdown, which has left investments far from the more than USD $8 billion that were reached in previous years. GoGold Resources Inc., and GR Silver Mining Ltd., reported the best drilling intercepts in Mexico on the third week of October, 2022. Details are shown in the table below:
ON EXPLORATION
Prismo Metals Inc., provided an update on its ongoing drill program conducted at its Palos Verdes project located in the historic Panuco-Copala mining district in the state of Sinaloa. A total of 1,203m in 4 holes have been drilled to date out of a planned minimum of 2,000m. Drilling has intersected wide structural zones at depth where the Palos Verdes vein is branching into several strands measuring from about 0.5m to 9m in width in andesitic rocks. Core sampling is being completed on the entire structural zone including wall rock with veinlets. Assay results are expected to arrive in early November, 2022.
ON MINING
Avino Silver & Gold Mines Ltd., reported Q3, 2022 production results from its Avino mine in Durango. The company milled 162.1K tonnes of 59 g/t Ag, 0.31 g/t Au, and 0.66% Cu with metallurgical recoveries of 92%, 74%, and 89% respectively to produce 285.4K Oz Ag, 1.2K Oz Au and 2.1M Lb Cu (778K Oz AgEq).
Santacruz Silver Mining Ltd., announced Q3, 2022 production results from its Zimapan mine in Hidalgo. It milled 215,765 tonnes of 79 g/t Ag, 2% Zn, 0.7% Pb, and 0.39% Cu to produce 368.6K Oz Ag, 6.8M Lb Zn, 2.6M Lb Pb, and 1.4M Lb Cu (988.6K Oz AgEq).
Guanajuato Silver Company Ltd., has recommenced mining at its Valenciana Mines Complex (VMC) in Guanajuato. Cut & fill mining of high-grade epithermal veins at Valenciana is currently focused on the Los Pozos mine area where several mineralized blocks had been previously defined. Mineralized material from Valenciana is currently being transported to El Cubo for processing. The company expects to mine 5,000 tonnes per month at Valenciana throughout the remainder of 2022. “The Cata processing facility is centrally located within the Valenciana Mines Complex and has a production capacity of 36,000 tonnes per month. In November 2021 Cata was placed on care & maintenance by its previous owner. Guanajuato Silver had initially anticipated restarting the Cata mill in 2023, but with the rapid recommencement of mining at San Ignacio and the VMC, the company now expects to restart mineral processing at Cata before the end of 2022. The company also provided a 6-month production estimate. Guanajuato Silver expects to mine 125K-140K tonnes in Q4, 2022 to produce over 760K-985K and over 140K-160K tonnes in Q1, 2023 to produce over 910K-1.15M Oz AgEq.
Golden Minerals Company announced Q3, 2022 production and financial results from its Rodeo mine in Durango. The company mined 192,545 tonnes and reported that 23,618 tonnes were placed in stockpiles awaiting processing and 121,202 tonnes were placed in low grade stockpiles. Golden processed 47,947 tonnes of 2.6 g/t Au and 10 g/t Ag with metallurgical recoveries of 74.6% and 77.6% respectively., to produce 2,972 payable Oz Au in Dore and 11,907 payable Oz Ag in Dore (3,103 payable Oz AuEq in Dore). The company sold 3,108 Oz Au and 11,609 Oz Ag (3,145 Oz AuEq) at an average realized price before refining and selling costs of USD $1,703.10 per Oz Au and USD $18.72 per Oz Ag.
Americas Gold and Silver Corporation reported Q3, 2022 production results from its Cosalá operations in Sinaloa. It produced 186K Oz Ag, 3.8M Lb Pb, and 9.4M Lb Zn and announced that silver production from the Cosalá operations for the full year 2022 is expected to be at the lower end of the projected range of 0.7-0.9M Oz Ag, while zinc and lead production are expected to be towards the upper end of the projected ranges of 36 to 40M Lb Zn and 13 to 15M Lb Pb.
First Majestic Silver Corp., reported Q3, 2022 production results from their Mexican Mining operations (San Dimas in Durango, Santa Elena in Sonora, and La Encantada in Coahuila). Figures by mine are shown in the table below:
ON FINANCING
Sierra Metals Inc., announced that it has commenced a process to evaluate and consider the company´s current financial and liquidity position, operational challenges and possible financing and restructuring alternatives that may be available to the company. “The company faces liquidity challenges as a result of the recent previously announced suspension of operations at the Yauricocha Mine in Peru, and operating losses and negative cash flows that have accumulated, primarily from the Bolivar and Cusi operations in Mexico”.
Barksdale Resources Corp., closed the final tranche of its previously announced non-brokered private placement with Teck Resources Limited for gross proceeds of $264K. The net proceeds will be used for general corporate and working capital purposes. Barksdale also completed an extension of the maturity date of the secured convertible debentures administered by Delbrook Capital Advisors Inc. by one year until December31, 2023. The debentures have a remaining principal amount of $1.5M and all other terms of the debentures remain unchanged except for the conversion price, which has increased to $0.55 per share from $0.45 per share (San Javier project in Sonora).
ON RESOURCES AND DEVELOPMENT
Avino Silver & Gold Mines Ltd., announced that the installation and commissioning of the dry-stack tailings at its Avino mine in Durango has been completed. The company chose dry-stack tailings for its environmental, safety and economic advantages, as well as because it reduces the need to extract water from local sources by recycling the water removed from tailings.
GoGold Resources Inc., reported the acquisition of the 1,107 Ha Eagle concession covering the northern strike of the Main Deposit on the Los Ricos South property in Jalisco by USD $2.1M to be paid over 4 years. As a result of this acquisition, all of the concessions in Los Ricos South are now contiguous. “This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle”.
Equinox Gold Corp., released an updated feasibility study (FS) for its Los Filos mine expansion located in Guerrero State. Highlights of the FS include an after-tax NVP at 5% discount rate of USD $625M at base case of USD $1,675 per Oz Au; after-tax IRR of 26% at USD $1,675 per Oz Au; 5.4M Oz Au of Proven + Probable Mineral Reserves with grades of 0.65 g/t Au for open pit ore material and 3.94 g/t Au for underground ore material (average grade of 0.86 g/t Au); 7.9M Oz Au of Measured and Indicated Resources (exclusive of Reserves) with grades of 0.71 g/t Au for open pit ore material and 3.65 g/t Au for underground ore material (average grade of 0.75 g/t Au); 3.97M Oz life-of-mine (LOM) Au production, with 360K Oz peak average annual gold production (2025-2030), 280K Oz average annual gold production LOM (2023-2036), 1.22M Oz Au produced from the heap leach with average recovery of 55%, 2.75M Oz Au produced from the CIL plant with average recovery of 88%; 11.83M Oz LOM silver production; USD $993M after-tax LOM cumulative net cash flow; USD $981/ Oz average LOM cash cost; USD $1,081/Oz average LOM AISC; USD $318M initial capital cost to build the CIL plant and associated infrastructure; and 14.5-year mine life with extension potential from Mineral Resources conversion and exploitation success.
GR Silver Mining Ltd., presented drilling results and announced the extension of the SE Area Silver Discovery at its Plomosas deposit in Sinaloa. Drilling highlights include hole SMS22-16 which identified a wide hydrothermal breccia and stockwork system with multiple high grade Ag intervals such as 112 g/t Ag, 0.06 g/t Au, and 0.1% Zn over 123.1m, including 289 g/t Ag, 0.05 g/t Au, and 0.1% Zn over 13.1m, including 4,680 g/t Ag, 0.57 g/t Au, 0.1% Pb, and 0.1% Zn over 0.4m, and 250 g/t Ag, 0.1 g/t Au, 0.1% Pb, and 0.3% Zn over 27.3m, including 1,351 g/t Ag, 0.3 g/t Au, 0.1% Pb, and 0.2% Zn over 0.3m, and 635 g/t Ag, 0.08 g/t Au, 0.2% Pb, and 0.3% Zn over 6.4m, including 2,203 g/t Ag, 0.17 g/t Au, 0.8% Pb, and 1.4% Zn over 0.5m, and 102 g/t Ag and 2.6 g/t Au over 1.5m; and hole SMS22-14 with 23 g/t Au and 0.06 g/t Au over 10.5m, and 118 g/t Ag, 0.02 g/t Au, and 0.1% Zn over 3.5m, including 1,790 g/t Ag, 0.03 g/t Au, 0.7% Pb, and 2.9% Zn over 0.2m, and 22 g/t Ag, 0.08 g/t Au over 10.9m. The drilling program continues at the SE Area to define the geometry and lateral extents of the mineralization. “The occurrence of Ag anomalous zones on surface along the 1.5km target contact, further SE from the SE Area, provides new targets for the company to continue drilling, aimed at expanding the footprint of mineralization and potentially for incorporation into the planned resource estimation update in Q1, 2023”.
ON DEALS AND CORPORATE ISSUES
Avino Silver & Gold Mines Ltd is conducting community agreements in the nearby towns adjacent to its la Preciosa property in Durango as it is committed to moving this project forward as part of the company´s 5-year growth strategy.
ON SOCIAL RESPONSIBILITY
Industrias Peñoles S.A.B. de C.V. and Fresnillo plc mining companies reiterated their commitment in saving and energy efficiency to continue implementing actions that contribute to the fight against global warming in order to build the mining of the 21st century. In accordance with their sustainable development policies, both companies have programs to reduce greenhouse gas emissions, such as those from transportation, for which they implemented a strategy to save energy and use clean sources. Peñoles and Fresnillo plc are committed to caring for the environment and seek to achieve, in the near future, the objective of zero significant environmental impacts.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, cockade texture from a low-sulphidation epithermal Au-Ag vein system in a project in Sinaloa, Mexico. Photo by Miguel A Heredia.
