MPACT Silver Corp. (“IMPACT” or the “Company”) announces its financial and production results for the year ended December 31, 2017.
Fred Davidson, President and CEO, stated, “Earlier in the year, IMPACT was named to the 2017 TSX Venture 50. We entered 2018 with a clean balance sheet and no debt. Currently working capital remains strong at $5.6 million. IMPACT continues to expand its in-mine exploration and development to provide additional tonnage throughput at the mill. We also have in place ongoing exploration plans for high potential targets and continue to evaluate strategic transactions to grow value for our shareholders.”
TORONTO, Ontario, February 26, 2018 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) issued a statement today in response to misinformation being circulated by external groups and the local media in Guerrero regarding the Company’s land access agreement (the “Lease Agreement”) with the Real Del Limon Ejido (the “Ejido”).
By Miguel A Heredia
During the 5th week of the year (January 29nd to February 4th, 2018), at least 24 press releases were announced by companies working in Mexico, with one reporting its full year 2017 results, one providing 2018 guidance for its mining operations, and six announcing financing rounds. ON MEXICO ISSUES, Torex announced that the illegal blockade by an external Union at its ELG Mine Complex in Guerrero has been removed. ON EXPLORATION, In Sonora, Aztec Minerals and Kootenay Silver released good drill results from its Cervantes project; SilverCrest Metals Inc released additional high-grade drill results for its Las Chispas project in Sonora, with ten to fifteen thousand meters of drilling planned for the first semester of 2018. In Chihuahua, Harvest Gold prepares to conduct a first phase drilling at its Cerro Cascaron Au-Ag project. ON MINING, Americas Silver presented annual production results for 2017, and Alio Gold provided 2018 guidance for its San Francisco Mine in Sonora. ON FINANCING, Bacanora Minerals announced equity offering with NextView Capital for CAD$ 53,5M. First Majestic completed the offering of $USD 150M of convertible senior notes due 2023. Orla Mining has agreed to increase the size of its previously announced CAD$ 25.48 M bought deal offering to CAD$ 26.75M. Palamina Corp. announced a non-brokered private placement for $2M. Torex Gold announced a CAD$55 M bought deal. Consolidated Zinc announced a fundraising for $1.96 M. San Marco announced proceeds of $208K by exercised of warrants. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc announced positive results from a Scope Study at its Plomosas project, in Chihuahua, and plans more drilling to increase resource tonnage during Q1 2018. Mexican Gold announced that a drill contract for 3,000m has been signed to expand resources at its Las Minas project in Veracruz. Premier Gold Mines Limited announced plans to define and expand mineralization at its Mercedes Mine in Sonora. ON DEALS AND CORPORATE ISSUES, Mexus Gold US acquired in Sonora the Mabel-Dana project from Pacific Comox. Minera Alamos and Corex Gold announced that have entered into a definitive agreement to combine the two companies. MX Gold announced that the British Columbia Securities Commission issued a Cease Trade Order against the company as a result of failing to disclose Mineral reserves under National Instrument 43-101 on its Magistral project in Durango. For the same reason, the company was suspended by TSX. Canuc released that it has completed a vertical amalgamation with its wholly-owned subsidiary Santa Rosa Silver Mining Corporation to simplify the corporate structure of Canuc. Vangold Mining granted stock options for 2.6M shares to officers, directors, consultants and employees. The company has received its Legal Identity Number to trade shares on the Stuttgart, Munich and Frankfurt Stock Exchanges.
ON MEXICO ISSUES
- Torex Gold announced that the illegal blockade at its ELG Complex Mine by an external Union has been peacefully removed by the Guerrero State authorities. Torex now has access to the entire mine facilities. Rule of law has finally been reestablished!
- Aztec Minerals / Kootenay Silver, released initial drill results of five of its phase 1, 15 holes, 3000m drill program at its Cervantes project in Sonora. The California and Jasper targets were drilled, where mineralization seems to be related to a porphyry gold (silver, copper) sulfide system. Drill highlights of the holes totaling 810m include 139m @71 g/t Au from surface, including 20m of 2.1g/t Au and 2m of 5.52 g/t Au; and 117m @ 0.63 g/t Au from 2-119m depth, including 43m of 1.18 g/t Au and 2m of 5.52 g/t Au, both in the California target. Two drill holes at the Jasper target intercepted anomalous but sub-economic copper-gold-molybdenum oxide mineralization from surface to bottom. The rest of the drilling program at Cervantes is underway.
- Harvest Gold, announced that a drill permit to conduct 14 diamond holes comprising 300-3500m in 5 out of 8 target areas on its Cerro Cascaron project in Chihuahua is expected to be received by Mid-February. Six holes will test Serpiente Dorada and Julieta targets, a 1.8km long Au-Ag soil anomaly that average 200 ppb Au with the peak being 1,380 ppb Au. Three holes more will test high grade Au-Ag veins at San Pedro target. Sampling results of the San Pedro vein returned 0.8m @ 19 g/t Au and 72 g/t Ag, within 2.6m @ of 6.5 g/t Au and 28 g/t Ag. The drill program also considers some holes in Carabina target to test two areas of high grade Au-Ag surface samples, and in Cascarita target to test 350m of strike length along a larger (900m) polymetallic Ag-Pb-Zn vein breccia system defined by both underground and surface sampling. Adit sampling returned five channel sample cuts with widths of 1.4 to 3.3m with grades between 231 and 542 g/t equivalent Ag. A phase two drill program consisting of an additional 3,700m in 12 holes have been planned to test Dolores, San Pedro, El Salto, Cascarita, La Puerta, Carabina and Julieta targets.
- San Marco Resources Inc., announced its plan for 2018 on its Mexican projects in Sonora. The company wants to drill the 1068 porphyry copper-gold-moly project; release assay results from the chip-channel sampling conducted at its new Chunibas Cu-Au discover; continue exploration at its Chunibas project and release metallurgical results.
- SilverCrest Metals Inc., released additional phase 2 drill results for its Las Chispas project in Sonora, expanding Babicanora high-grade footprint from 1km to 1.3Km along strike length. Potential is open along strike and to depth. Drilling returned significant intersections such as 3.5m of true width @05 g/t Au and 1,074.5 g/t Ag (4,153 g/t Ag equivalent), and 3.8m @ 12.3 g/t Au and 1,411 g/t Ag (2,321 g/t Ag equivalent). SilverCrest also expects to release a maiden resource estimate during the first quarter of 2018.
- Americas Silver Corporation announced annual 2017 production results from its Cosala, San Rafael and El Cajón mines in Sinaloa. During the year, 690.5K tonnes were milled @ 104 g/t Ag, to produce 2.05M Oz Ag, 25.4 M Lb Pb, 11.6 M Lb Zn, and 1.2M Lb Cu, with a cash cost of USD$ 9.37 per Ag Oz and an all-in sustaining cost of USD$ 13.12 per Ag Oz. Commercial production was declared at its San Rafael Mine on December 19, 2017. The company also drilled seven holes during the fourth quarter of 2017 at the Zone 120 deposit, which is part of its Cosala operation. Drill results include 23.4m of 259 g/t Ag, 0.40 g/t Au, and 0.5% Cu, and 7.2m of 335 g/t Ag, 0.23 g/t Au, and 0.55% Cu. A 20,000m drill program is to test extensions and in-filling drilling of the Zone 120, and explore the potential connection in the one km distance between El Cajón and Zone 120 areas.
- Alio Gold Inc., provided 2018 guidance for its San Francisco Mine in Sonora. Alio expects to increase production on the range of 90K to 100K Oz Au this year compared to 83.5K Oz Au produced in 2017. To meet this goal, Alio has increased mining flexibility and the ability to deliver consistent ore feed to the leach pad. The total capital expenditure for 2018 is expected to be in the order of $2.5 to $3.0 M and will be spent on mine site exploration drilling and expansion of the heap leach pad phase 6B.
- Bacanora Minerals Ltd., announced that the equity offering with NextView Capital, a leading Chinese institutional fund management group, is ongoing and worth CAD$ 53.5M (Sonora Lithium, Sonora).
- First Majestic Silver Corp., First Majestic completed its previously offering of $USD 150M of convertible senior notes due 2023. Net proceeds are intended to be used to fund cost and expenses associated with the acquisition of Primero Mining Corp., and for general corporate purposes (Six mines in Mexico).
- Orla Mining Ltd., has agreed to increase the size of its previously announced CAD$ 25.5M bought deal offering to CAD$ 26.75M, along with an over-allotment option to purchase additional units at the offering price. If the over-allotment option is exercised, the aggregate gross proceeds of the offering will be CAD$ 30.77M (Camino Rojo, Zacatecas). Palamina Corp., announced a non-brokered private placement offering for aggregate gross proceeds of $2M (Santuario, Hidalgo).
- Torex Gold announced that has entered in a bought deal with a syndicate of underwriters CAD$ 55M on gross proceeds. Part of the net proceeds will be used for its working capital obligations during the re-start of ELG Mine Complex in Guerrero. Torex also announced an extension of waiver on liquidity covenant with its lenders, lowering the liquidity covenant from USD$ 50M to USD$ 30M (El Limón-Guajes, Guerrero).
- Consolidated Zinc Ltd., announced the raising of $1.96M gross proceeds (Plomosas, Chihuahua).
ON RESOURCES AND DEVELOPMENT
- Consolidated Zinc Ltd., completed a scope study with positive results to recommencing mining at its Plomosas Mine in Chihuahua, and announced that a feasibility study (FS) is ongoing targeting larger scale production than that assessed in the scope study, which was focused on mining Tres Amigos resources in level 5, comprising 544K tonnes @2% Zn, 2.1% Pb, and 14 g/t Ag. A drill program is planned to increase resources tonnage during the first quarter of 2018. The company also released high-grade results up to 35% Zn+Pb at its Alfonsitos prospect within Plomosas property, and high-grade Zn assays up to 42.7% Zn+Pb from underground areas nearby Juarez Mine.
- Mexican Gold Corp., announced that a drill contract for 3,000 m has been signed to expand resources at the El Dorado / Juan Bran and the high-grade El Dorado Dike contact zones at its Las Minas project in Veracruz. The drill program also includes the Cinco Señores and Nopaltepec mineralized zones to test geophysical targets and extend known areas of mineralization.
- Premier Gold Mines Limited announced a USD$ 10.8M exploration budget to define and expand mineralization at its Mercedes Mine in Sonora for 2018. The plan is to extend the underground workings in the Marianas deposit for detailed drilling and mine planning to establish reserves for mining in 2019. Full development of the Rey de Oro deposit is also a high priority and that is to include US$6.3 million in expansionary capital and US$6.8 million in sustaining capital. An updated mineral reserve and resource estimate for its Mercedes Mine during the first quarter of 2018.
ON DEALS AND CORPORATE ISSUES
- Mexus Gold US acquired in Sonora the Mabel-Dana project from Pacific Comox as a stock trade agreement. Historic reserve estimate are 41K Oz Au on 1.2M tonnes @7 g/t Au and 23 g/t Ag. A summary technical report is expected to be released in the next two weeks.
- Minera Alamos Inc. & Corex Gold Corporation entered into a definitive agreement to combine the two companies and become a Mexican gold development company with a market capitalization of about CAD$ 50M, CAD$ 6M in cash, and three high-quality Au-Ag projects: Santana-Los Verdes in Sonora, La Fortuna in Durango and Guadalupe de los Reyes in Sinaloa, each offering near-term production potential and low capital cost advantages.
- San Marco Resources Inc., announced the appointment of Christian Grijalva as its VP Exploration for San Marco and San Marco Resources Mexico S.A. de C.V. (Chunibas, Sonora).
- MX Gold Corp., announced that the British Columbia Securities Commission issued a Cease Trade Order after failing to disclose for first time mineral reserves under the national Instrument 43-101 on its Magistral project in Durango. Also, the TSX suspended the company to trade common shares as a result of the Cease Trade Order. MX Gold is working to address the deficiencies to get reinstatement of trading at TSX.
- Canuc Resource Corporation completed a vertical amalgamation with its wholly-owned subsidiary Santa Rosa Silver Mining Corporation to simplify the corporate structure of Canuc (San Javier Ag-Au project in Sonora). The shares of the subsidiary were cancelled without any repayment of capital in respect of them.
- Vangold Mining Corp., granted incentive stock options for 2.6M common shares at $0.20 per share for a five year term to officers, directors, consultants and employees. The company also announced that it has received its Legal Identity Number to trade shares on the Stuttgart, Munich and Frankfurt Exchanges (El Pinguino Mine in Guanajuato).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, vuggy silica texture with hematite staining from a prospect in Jalisco State. Photo by Miguel A Heredia.
THUNDER BAY, Ontario, Jan. 12, 2018 (GLOBE NEWSWIRE) — Mexican Gold Corp. (“Mexican Gold” or the “Company”) (TSX-V:MEX) (OTCMKTS:SRXLF) (FRA:4QW1) is pleased to announce its 2018 Phase 1 Exploration Program at the Las Minas property, Veracruz State, Mexico. The program will focus on resource expansion drilling to
increase the initial 43-101 mineral resource estimate as well as exploration drilling to expand known mineralized zones. Additionally, field work will be carried out to identify new mineralized zones.
Torex Gold Resources Inc
TORONTO, Ontario, January 8, 2018 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces that 241,000 ounces of gold were poured and 244,800 ounces of gold were sold in the 10 months of operations in 2017, the second ramp-up year at its El Limon-Guajes Mine located in southwest Mexico. The Company also provides a corporate update, including progress towards the re-start of operations at its mine site and a senior leadership change.
During the 51st week of the year (December 18th to December 24th, 2017), at least 17 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. ON EXPLORATION: two press releases from companies working in Mexico informed on exploration efforts during the week: In Chihuahua Radius Gold released good rock chip results from its Amalia project. In Sinaloa Gainey Capital is exploring the La Minita porphyry copper style property. ON MINING: Great Panther announced government authorization for the construction of a second tailings storage facility at its Topia mine in Durango. Mexus Gold produced gold with a Merrill Crowe system installed at its Santa Elena mine in Sonora. Americas Silver announced the San Rafael mine at its Cosala complex is now on commercial production. ON FINANCING: Telson Resources entered into a US$15 M loan with Trafigura. SilverCrest completed a bought deal private placement for $10 M. Primero Mining agreed on an extension to its revolving credit facility. Torex Gold received a waiver to lower the threshold in the credit agreement from $50 M to $30 M. ON RESOURCES AND DEVELOPMENT: In Sonora, Oceanus Resources presented an update on the drilling of its El Tigre property. In Chihuahua, Consolidated Zinc announced the interception of massive sulfides on the Tres Amigos zone of its Plomosas property. In Puebla, Almaden released new results from follow-up drilling at its Tuligtic property. In Guerrero, Alio Gold provided the final results of the confirmation drilling at its Ana Paula project. ON DEALS AND CORPORATE ISSUES, Torex Gold suspended its workforce employment contracts on the basis of the illegal blockade that has halted all operations since November 3rd at its El Limon-Guajes mine in Guerrero. The company has made a call to the relevant authorities to remove the illegal blockade (which seems to have fallen on deaf ears). Orex Minerals, Canasil Resources and Pan American Silver signed an agreement to advance the Sandra Escobar project in Durango, same that includes provisions for Pan American participation on the discovery. Gainey Capital signed a LOI to acquire the La Minita property in Sinaloa. Marlin Gold can now spin-off its subsidiary Sailfish Royalty. Vangold is acquiring the San Carlos claim in Guanajuato, adjacent to its Pinguico property. Americas Silver agreed with Hochschild to amend the payment schedule on the acquisition of the San Felipe project in Sonora.
ON MEXICO ISSUES
- On the Torex Gold El Limon – Guajes mine illegal blockade in Guerrero (Editor’s comment). The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. The Los Mineros Union is clearly trying to extortionate Torex with an illegal blockade to obtain the Union contract at the site, and delaying the date for a formal voting process that the company has vowed to respect.
- Radius Gold Inc. released rock sampling results from its Amalia project in Chihuahua. A new discovery in the San Pedro area returned 13 m @ 2.51 g/t Au, 164 g/t Ag in a continuous chip sample (10 individual samples), while new sampling 50 m above and along strike the Guadalupe zone returned 8 m @ 0.21 g/t Au, 264 g/t Ag. At the Campamento zone a 500×700 m zone of intense silicification and brecciation with massive and stockwork veining is interpreted as high level mineralization. On lower parts of the property sulfide rich fault breccias are hosted in andesites, where mineralization is narrower and higher grade. Epithermal Au-Ag mineralization occurs along 3.5 Km on strike and 600 m of vertical interval. Drill permitting documentation has been submitted.
- Gainey Capital Corp. signed a LOI to acquire the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa. A series of NW trending shears host porphyry mineralization associated with intermediate and felsic dikes, which are more than 300 m in length and up to 10 m in width. Fine grained sericitic alteration, silicification, quartz stockworks and copper sulfides (bornite, chalcopyrite) as disseminations and veins occur in prospect pits by gambusinos.
- Great Panther Silver Ltd. announced that SEMARNAT granted all permits for construction and operation of the new phase II tailings storage facility at its Topia mine in Durango.
- Mexus Gold US informed that it has produced gold with the installed Merrill Crowe system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). The Merrill Crowe system will continue to be tested until the end of the year, as mine site security is upgraded before full production begins.
- Americas Silver Corp. announced that the San Rafael mine at the company’s Cosalá operations in Sinaloa is now in commercial production, as of December 19, 2017. Mine production is currently averaging 1,200 tonnes per day (tpd) and increasing.
- Telson Resources Inc. entered into a loan facility and offtake agreement with Trafigura Mexico, S.A. de C.V., to sell 100% of the Pb-Zn concentrate produced at the Tahuehueto mine from January 2018 to December 2022. Trafigura provided Telson with with a US$15 M credit facility deliverable on three tranches: First tranche of US$7.5 M already received; Second tranche of US$5 M, 4 – 6 Months from signing; Third tranche US$2.5 M, 6 – 9 months of signing.
- SilverCrest Metals Inc. completed the bought deal private placement previously announced, for gross proceeds of $10 M. The company paid a cash commission of $568 K on the proceeds of the offering.
- Primero Mining Corp. agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. to January 11, 2018. Primero is considering the divestiture of its San Dimas mine in Durango.
- Torex Gold Resources Inc. has received a waiver by BNP Paribas on behalf of the lenders to lower the covenant threshold in the credit agreement from $50 M to $30 M until January 31, 2018.
ON RESOURCES AND DEVELOPMENT
- Alio Gold Inc. provided the final results from the 2,000 m drill program to twin previous drill holes within the pre-feasibility pit for metallurgical test at its Ana Paula project in Guerrero. Highlighted intervals comprise: 112.0 m @ 3.85 g/t Au; 33.1 m @ 7.07 g/t Au; 54.6 m @ 7.19 g/t Au. Alio is now to test the extension of the breccia zone below the proposed pit, with a 4,000 m program, commencing in January.
- Almaden Minerals Ltd. provided assay results from a follow-up drilling in an upper portion of the pre-feasibility pit on its Tuligtic property in Puebla. Highlighted drill intercepts comprise: 46.0 m @ 0.74 g/t Au, 26 g/t Ag; 24.0 m @ 0.62 g/t Au, 15 g/t Ag; 16.5 m @ 0.56 g/t Au, 10 g/t Ag; 50.5 m @ 0.73 g/t Au, 11 g/t Ag (including 10.5 m @ 2.45 g/t Au, 24 g/t Ag); 13.15 m @ 0.70 g/t Au, 8 g/t Ag; 32.0 m 0.82 g/t Au, 25 g/t Ag; 14.7 m @ 0.91 g/t Au, 27 g/t Ag; 10.25 m @ 1.16 g/t Au, 26 g/t Ag.
- Consolidated Zinc Ltd. announced that drilling on the Tres Amigos North zone intersected 5.60 m and 4.35 m respectively of massive sulfides. “Assays are pending but visual analysis shows mineralisation comprises banded textured massive sulphides with very fine to fine-grained pyrite overprinted by coarse-grained yellow to reddish sphalerite and minor galena associated with carbonates”. Results are pending.
- Oceanus Resources Corp. completed the fall 2017 drill program which comprised 600 m of diamond drilling to define the strike and dip of the high-grade Caleigh vein and the low-grade alteration zone in the hanging wall. Assays for the last six holes are pending, and expected to be released in January 2018. Work during Q1 2018 is to focus in locating and defining other high-grade vein systems in the property, and begin to look for mineralization on the favorable El Tigre formation over a distance of 5 km.
ON DEALS AND CORPORATE ISSUES
- Torex Gold Resources Inc. informed it has suspended the employment contracts of its workforce in Mexico, a direct result of an illegal blockade at its El Limon-Guajes mine in Guerrero. The blockade by the Los Mineros Union, “an outside union that wants to take over representation of the employees who already have a union. Since the blockade began, on November 3, 2017, the Company has continued to pay its workforce, except for the minority that have participated in the illegal blockade”. Torex has made a call to the relevant authorities to remove the illegal blockade, as they have committed to do, and restore the rule of law. The company is willing to work with the Union the employees select, but it is essential the illegal blockade is lifted to resume work after Christmas. The company stresses that “The risk of violent confrontation continues to escalate and we urge the authorities to restore law and order and diffuse the tensions, so that employees of the Company, contractors, and suppliers, can go back to work and provide for their families.”
- Orex Minerals Inc. signed a non-binding agreement with Canasil Resources Inc. and Pan American Silver Corp. to advance exploration in the Sandra Escobar mining camp in Durango. Under the terms of the LOI (Letter of Intention) the Orex (55%)-Canasil (45%) JV is to grant Pan American a 10% interest in the Sandra property, with the opportunity for Pan American in the next four years to earn-in an additional 41% in the Sandra property by contributing US$5 M toward the operations of both properties, with US$2 M required during the first two years. If Pan American elects not to continue during the earn-in period, the initial 10% will revert back to the Orex-Cansil JV. If Pan American chooses to further advance the properties by completing a pre-feasibility study, it will retain a 60% interest and the Orex-Canasil JV 40%.
- Gainey Capital Corp. signed a LOI with Asteria Mining Services S.A.P.I. de C.V. to acquire 100% of the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa.
- Marlin Gold Mining Ltd. obtained a final order from the Supreme Court of British Columbia to implement the company’s previously announced plan of arrangement to reorganize its business, including the spin-off of its subsidiary Sailfish Royalty Corp.
- Vangold Mining Corp. entered into an acquisition agreement for a 100% interest on the San Carlos claim, in Guanajuato. The aggregate purchase price of $CDN425 K is to be paid through the issuance of CDN$350 K in Vangold shares and the remaining CDN$75 K will be paid in cash. The San Carlos property is close to Vangold’s El Pinguico and Patito I & II mineral claims.
- Americas Silver Corp. agreed with Minera Hochschild to amend the timing of payment under its option agreement on the San Felipe project in Sonora. The total consideration for a 100% interest in the property is US$15 M in cash (plus VAT), of which US$7 M were paid in March, US$500 K are to be paid on January 2018, US$500 K on April 2018, US$1 M on July 2018 and US$6 M on December 2018.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, Fault slickensides on quartzite, Durango. Photo by Jorge Cirett.
TORONTO, Ontario, December 22, 2017 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces that its wholly owned subsidiary, Minera Media Luna, S.A. de C.V. (MML), has received a waiver signed by BNP Paribas, as Administrative Agent, on behalf of the Lenders to lower the liquidity covenant threshold in the credit agreement of July 21, 2017, from $50 million to $30 million until January 31, 2018, with the proviso that the remaining $25 million available under the credit agreement, and not yet drawn, is counted toward meeting the liquidity covenant threshold but it may not be drawn by MML. In addition, the Company provided an update on the current situation at the ELG site.
TORONTO, Ontario, December 18, 2017 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces, with great regret, that it has suspended the employment contracts of its workforce in Mexico. This suspension is the direct result of an illegal blockade of its ELG Mine, by the Los Mineros Union, an outside union that wants to take over representation of the employees who already have a union. Since the blockade began, on November 3, 2017, the Company has continued to pay its workforce, except for the minority that have participated in the illegal blockade. The suspension of the employment contracts was effective on December 16, 2017, and will affect all employees in Mexico, with the exception of a small number that will manage the Company’s ongoing responsibilities.
During the 50th week of the year (December 11th to December 17th, 2017), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: The workers of the El Limon-Guajes mine in Guerrero voted for returning to work, in a poll sponsored by the company to show the government the worker’s support. The Federal and State authorities keep dragging their feet to end the illegal blockade that has lasted for six weeks now. ON EXPLORATION: six press releases from companies working in Mexico informed on exploration efforts during the week: In Sonora Riverside informed partner Centerra Gold commenced a drill program on its Glor project. Colibri Resource released drill intercepts by Agnico Eagle in its JV Pitaya project. Azure Minerals confirmed extensive high-grade Zn-Pb intersections on its drilling at Oposura; In Chihuahua, Harvest Gold is seeking the permit for drilling at Cerro Cascaron; In Sinaloa, Chesapeake Gold informed on drill results at its Yareli project; In Veracruz, Almadex presented high-grade Cu-Au intersection on its El Cobre project. ON MINING: Torex Gold informed that a majority of its workers voted to end the illegal blockade to its Limon-Guajes mine in Guerrero. ON FINANCING: Silver Spruce is conducting a financing round in Hong Kong aiming to raise up to US $1.8 M (Pino de Plata, Chihuahua); Kootenay Silver closed the first tranche of its private non-brokered placement, for gross proceeds of $3.8 M; Mammoth Resources closed its private non-brokered placement for gross proceeds of $720 K; Bacanora Minerals informed that Next View Capital acquired 19.9% of the company, raising $C53.5 M; Primero Mining agreed on another revolving credit facility extension; Consolidated Zinc announced the commitment by investors to a placement for $1.96 M. ON RESOURCES AND DEVELOPMENT: In Veracruz, Mexican Gold presented further high-grade results from its drilling at Las Minas; In Puebla, Almaden Minerals completed a social impact assessment at its Ixtaca project. In Durango, Excellon commenced an extensive exploration program at its Platosa mine property. ON DEALS AND CORPORATE ISSUES, Silver Viper signed a LOI on the three core claims of the La Virginia project in Sonora; In Zacatecas, Santacruz Silver and the Contracuña companies amended the agreement on the purchase of the Veta Grande properties. Concurrently, Santacruz Silver and Carrizal Mining signed an agreement upon which Carrizal can obtain a 20% interest on the Veta Grande and other Zacatecas properties.
ON MEXICO ISSUES
- Colibri Resource Corp. announced drill results provided by its JV partner Agnico Eagle on its Pitaya project in Sonora. Highlighted intervals comprise 2.2 m @ 20.96 g/t Au, 57 g/t Ag; 20 m @ 0.42 g/t Au; 19.0 m @ 0.50 g/t Au; 32.1 m @ 0.45 g/t Au; 27.0 m @ 0.37 g/t Au, 65.0 m @ 0.30 g/t Au; 25.0 m @ 0.80 g/t Au; 37.1 m @ 0.55 g/t Au; 29.30 m @ 0.57 g/t Au. A total of 7,286 m in 26 drill holes have been sunk, drilling is still in progress.
- Riverside Resources Inc. announced that partner, Centerra Gold Inc., commenced a 1,200 m drill program at the Glor project in Sonora. The diamond drill campaign is focusing on targets developed by detailed mapping, soil geochemistry, two ground magnetic surveys and an induced polarization survey.
- Azure Minerals Ltd. confirmed extensive high-grade Zn-Pb at its Oposura project in Sonora. Highlights include intercepts of 17.35 m @ 3.7% Zn, 4.0 % Pb, 18 g/t Ag; 2.30 m @ 5.3% Zn, 3.9% Pb, 15 g/t Ag; 6.85 m @ 9.0% Zn, 4.0% Pb, 39 g/t Ag; 4.30 m @ 2.3% Zn, 1.1% Pb, 5 g/t Ag; 6.15 m @ 2.9% Zn, 2.6% Pb, 19 g/t Ag; 4.32 m @ 6.4% Zn, 5.0% Pb, 26 g/t Ag; 16.62 m @ 12.7% Zn, 5.5% Pb, 27 g/t Ag; 5.2 m @ 4.9% Zn, 3.1% Pb, 11 g/t Ag; 6.95 m @ 4.3% Zn, 1.2% Pb, 15 g/t Ag; 3.95 m @ 4.7% Zn, 5.3% Pb, 26 g/t Ag; 5.35 m @ 8.1% Zn, 4.7% Pb, 27 g/t Ag; 6.40 m @ 10.4% Zn, 5.9% Pb, 42 g/t Ag; 3.95 m @ 8.8% Zn, 5.9% Pb, 49 g/t Ag. Samples for 43 holes have been sent for analysis, with assays received for 19 of these holes. To date 62 holes have been drilled, for 3,661 m, with the second-half of the resource drill-out program progressing well.
- Almadex Minerals Ltd. presented results from two more holes from the Raya Tembrillo area, which is the northern part of the Villa Rica zone of its El Cobre project in Veracruz. Drill core intercepts comprise 100.0 m @ 0.15 g/t Au, 0.67% Cu (including 48.0 m@ 0.29 g/t Au, 1.23% Cu) of chalcocite dominant enriched zone and 205.40 m @ 0.18 g/t Au, 0.20% Cu (including 82.0 m @ 0.20 g/t Au, 0.28% Cu) of hypogene mineralization in one hole; 20.0 m @ 0.34 g/t Au, 0.04% Cu in the gold zone, 94.0 m @ 0.07 g/t Au, 1.36% Cu (including 43.0 m @ 0.09 g/t Au, 2.45% Cu) in the enriched zone, and 58.0 m @ 0.18 g/t Au, 0.22% Cu in the hypogene zone.
- Chesapeake Gold Corp. provided an update of phase 1 drilling and district wide exploration at its 72,000 hectare Yareli project in Sinaloa. At the Central prospect five core holes have been drilled with 1,200 m testing stockwork zones over one Km in length and quartz-calcite veins. Three holes demonstrated a zonation of shallow zinc (0.3%) to copper at depth (40-189 m of > 400 ppm Cu) in disseminated pyrite and veinlets with trace chalcopyrite. At the Central-Spaniard zone two holes intersected veins running 1.0 m @ 6.3 g/t Au, 969 g/t Ag, 0.5% Pb, 0.6% Zn and 5.1 m @ 0.6 g/t Au, 58 g/t Ag. At Loretos an ongoing drill hole has intersected over 100 m of feld-K alteration and silica flooded breccias cut by quartz veinlets with sulfides. At the Yasmin prospect geochemical sampling over an IP anomaly has returned 0.1 to 0.7 g/t Au in zones 5 to 30 m wide, while quartz veins returned 3.3 m @ 5.0 g/t Au, 179 g/t Ag; 3.0 m @ 4.2 g/t Au. At the Lucy prospect, channel sampling has returned 30 m @ 0.4 g/t Au, 12 g/t Ag, 3.7% Zn; 3 m @ 0.5 g/t Au, 24 g/t Ag, 5.5% Zn, 0.3% Cu.
- Harvest Gold Corp. announced that the permitting process to drill its Cerro Cascaron project in Chihuahua is underway. The drill program includes up to 30 holes from 50 to 300 m in length in the 6,900 hectare project.
- Torex Gold Resources Inc. reported that a majority of its employees have voted to return to work immediately. Torex organized an off-site vote on December 14 2017, for its 520 employees that are eligible to join a union. The purpose of the vote was to give union eligible employees an opportunity to speak for themselves in a safe and independent environment. “During the vote, unionized employees were asked if they wanted the illegal blockade lifted immediately so they can return to work. In the end, the vote was overwhelmingly (99%) in favour of lifting the blockade immediately. 274 of the 520 voters were able to attend and vote. The Company could not send buses to the communities that are behind the blockades. The Company believes the numbers able to attend the vote, would have been much higher if it were not for Los Mineros intimidation of local employees. An example of such intimidation was the stopping of a vehicle that was taking employees from behind the blockade to the vote. Employees on the vehicle were told to get out of the vehicle. They did, and walked home.”
- Silver Spruce Resources Inc. received a financing mandate letter from Securities Ltd. a brokerage firm from Hong Kong, to provide up to US$1.8 M in gross proceeds. The agent will receive 10% of the capital raised by the agent and 1% of the capital raised by the company. Proceeds are to be used to fund the drill program at Pino de Plata, in Chihuahua, and for other ends.
- Kootenay Silver Inc. has closed the initial tranche of its non-brokered private placement for gross proceeds of $3.9 M. Cash finder’s fee of $154.6 K have been paid (La Cigarra, Chihuhahua).
- Mammoth Resources Corp. closed its previously announced non-brokered private placement, for gross proceeds of $720 K. The proceeds are to be used on drilling up to 3,000 m testing up to 24 targets along a 5 km trend of gold-silver mineralization on its Tenoriba project in Chihuahua.
- Bacanora Minerals Ltd. announced that NextView Capital, a Chinese institutional fund management group focused on new technologies and energy, agreed to acquire 19.89% equity interest in Bacanora. The C$53.5 M raised by the placement will be used for the continued development of the Sonora Lithium project. Bacanora has agreed to supply 5 K tpa (tonnes per annum) of Li carbonate, with a firm commitment to supply 8 K tpa lithium carbonate during stage 2 and to supply a further 7 K tpa Li carbonate during stage 2.
- Primero Mining Corp. agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp, from December 15 to December 22, 2017. This agreement provides the ability to continue negotiations surrounding its previously announced strategic review process and the possible divestiture of its San Dimas mine in Durango.
- Consolidated Zinc Ltd. received commitments for a placement of $1.96 M from new and existing investors. The funds raised will be used to accelerate resource drilling that is currently underway in the Plomosas mine and several new areas (Plomosas, Chihuahua).
ON RESOURCES AND DEVELOPMENT
- Mexican Gold Corp. presented drill results from four more holes at its Las Minas project in Veracruz. The holes were testing the dike contact mineralized zones, intersecting 38.0 m @ 3.53 g/t Au, 6 g/t Ag, 1.5% Cu (including 14.0 m @ 2.00 g/t Au, 13 g/t Ag, 3.0% Cu); 44.0 m @ 1.71 g/t Au, 4 g/t Ag, 1.2% Cu (including 22.0 m @ 2.85 g/t Ag, 5 g/t Ag, 1.4% Cu); 30.0 m @ 0.72 g/t Au, 6 g/t Ag, 1.2% Cu (including 0.82 g/t Au, 7 g/t Ag, 1.6% Cu); 22.0 m @ 1.14 g/t Au, 6 g/t Ag, 1.2% Cu (including 4.0 m @ 4.2 g/t Au, 23 g/t Ag, 4.8% Cu).
- Leagold Mining Corp. completed the Bermejal Underground drill program at the Los Filos mine in Guerrero. The program totaled 56,191 m in 111 holes. Highlights of 10 new holes comprise true width intercepts of 8.83 m @ 3.74 g/t Au, 16.02 m @ 7.25 g/t Au, 2.80 m @ 3.42 g/t Au in one hole; 2.22 m @ 5.90 g/t Au, 3.89 m @ 4.98 g/t Au, 0.94 m @ 19.55 g/t Au, 4.04 m @ 8.68 g/t Au in a second hole; 4.11 m @ 4.04 g/t Au, 8.02 m @ 3.53 g/t Au, 5.80 m @ 3.92 g/t Au, 2.46 m @ 23 .63 g/t Au in other hole; 7.44 m @ 9.96 g/t Au; 10.58 m @ 8.36 g/t Au; 3.29 m @ 14.73 g/t Au, 8.57 m @ 11.00 g/t Au, etc. “The Bermejal Underground deposit is at the northern end of a large intrusive body which has a total circumference of at least 15 kilometres, ….. mineralization extends approximately 1,600 metres along the strike of the intrusive contact and has a vertical depth extent of over 800 metres.”
- Almaden Minerals Ltd. completed a social impact assessment (SIA) at its Ixtaca project in Puebla. The study was completed by GMI Consulting, a firm with extensive Mexican and International experience in human rights, environment and economics. This is the first time that such a study has been completed in the minerals industry in Mexico, as only the energy industry requires its filing for permitting. The report key points include: that Almaden Minerals consultation process complies with the Equator principles and international best practices and that Almaden has consulted widely within the Focus area communities, the Ixtaca project was understood, and that the SIA itself was successful in providing people with an opportunity to express their views on the impacts of the project.
- Excellon Resources Inc. commenced an extensive surface exploration program on the 21,000 hectare Platosa property in Durango, targeting extensions to the Platosa mine and new manto and skarn discoveries. The program comprises an extensive soil program and induced polarization survey at developing targets, including Saltillera, Jaboncillo and San Gilberto as well as 30,000 m of diamond drilling. The drilling is focused on defining additional tonnage at the Platosa mine, finding new mineralization manto targets on the Platosa corridor, south of the Guadalupe South manto, and north of the Guadalupe North manto, manto targets defined by IP and gravity geophysics and skarn targets similar to Rincon (43.4 m @ 146 g/t Ag, 2.8% Pb, 1.9% zn, 0.22 g/t Au), which have been defined through reprocessing of IP, magnetics (ZTEM) and gravity geophysics,
ON DEALS AND CORPORATE ISSUES
- Silver Viper Minerals Corp. signed a non-binding 120 days letter of intent (LOI) on three mineral concessions forming the core of the La Virginia gold-silver project in Sonora. Silver Viper can earn 100% ownership of the 2,102 hectare project by making cash payments totaling US$4.5 M in staged payments over a four year period as follows: First anniversary US$200 K, second anniversary US$500K, third anniversary US$1 M, fourth anniversary US$2.8 M. The company is to assume the claim taxes and maintenance costs, while owners retain a 2% NSR which might be purchased for US$2.0 M within 5 years of the effective date, or for US$3.0 M after that period. “La Virginia is characterized by laterally extensive epithermal style gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes….The largest historical workings, “La Virginia” and “Con Virginia” are still accessible and host mineralization ranging between one metre to greater than twenty metres in thickness.”
- Santacruz Silver Mining Ltd. reached an agreement with the Contracuña group of companies to amend the terms of the option agreement to acquire 100% ownership of the Veta Grande project, including the Veta Grande mine and mill facilities as well as the Minillas property in Zacatecas. The amended payment schedule is as follows: US$500 K paid on December 13, 2017; US$500 K on December 2018; US$2.5 M on December 2019; US$2.5 M on December 2020; US$5 M on December 2021; US$4.5 M on December 2022. Contracuña keeps a 1% NSR that commences on December 2022, same that can be bought by US$ 1.5M.
- Santacruz Silver Mining Ltd. concurrently with the above entered into a binding LOI with Carrizal Mining S.A. de C.V., pursuant to which Carrizal will acquire 20% working interest in the Veta Grande project, as well as the Zacatecas properties under option by Santacruz from Golden Minerals Company. Carrizal can earn in its 20% by funding 100% of the cost of the increase in capacity of the Veta Grande mill to 750 tpd, as well as providing drill rig and drilling materials to conduct exploration drill campaigns at the Veta Grande mine and Panuco deposit. In addition, Carrizal is providing a short-term working capital advance of US$500 K. Upon completion of the required earn-in expenditures a (20%) Carrizal and (80%) Santacruz joint venture will be formed.
- Canasil Resources Inc.’s have approved a plan of arrangement to segregate its British Columbia properties (Esperanza, Zacatecas).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, Fault scarp on quartzite, Durango. Photo by Jorge Cirett.
TORONTO, Ontario, December 15, 2017 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is encouraged to report that a majority of its employees have voted to return to work immediately. The Company organized an off-site vote yesterday for its 520 employees that are eligible to join a union. The purpose of the vote was to give union eligible employees an opportunity to speak for themselves in a safe and independent environment.
Since early November, the ELG Mine site employees and the Company have been the victims of an illegal blockade by Los Mineros, the raiding union that doesn’t legally represent workers and has co-opted their voices. Despite not being able to operate for the past six weeks, the Company has continued to pay the salaries of all the employees, with the exception of the small minority that have participated in the blockade.
During the vote, unionized employees were asked if they wanted the illegal blockade lifted immediately so they can return to work. In the end, the vote was overwhelmingly (99%) in favour of lifting the blockade immediately. 274 of the 520 voters were able to attend and vote. The Company could not send buses to the communities that are behind the blockades. The Company believes the numbers able to attend the vote, would have been much higher if it were not for Los Mineros intimidation of local employees. An example of such intimidation, was the stopping of a vehicle that was taking employees from behind the blockade to the vote. Employees on the vehicle were told to get out of the vehicle. They did, and walked home.