SILVER BULL INTERSECTS 6 METERS OF SULPHIDE MINERALIZATION GRADING 802G/T SILVER, 5.87% ZINC, & 3.3% COPPER, ON THE SIERRA MOJADA PROJECT, COAHUILA, MEXICO

2018-02-21_NR_SVB_3DUkDGLW

Vancouver, British Columbia — Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) (“Silver Bull”) is pleased to provide results of 7 drill holes from its continued underground drill program targeting the newly discovered Sulphide Zone, which sits under the previously defined oxide zone on the Sierra Mojada Project in Coahuila, Northern Mexico.

Highlights from the seven holes announced in this news release include:

  • Hole T17022 — 6 meters @ 802g/t silver, 5.87% zinc, 3.3% copper, and 0.54% lead.
  • Hole T17019 — 2 meters @ 1,300g/t silver, 13.52% zinc, 3.87% copper, and 2.95% lead.
  • Hole T17021 — 6 meters @ 5.8% zinc, and 0.47% copper.

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

By Miguel A Heredia

During the 7th week of the year (February 12th to February 18th, 2018), at least 23 press releases were announced by companies working in Mexico, with five reporting its Q4 and annual 2017 results, six providing update on exploration at their projects, and six announcing financing rounds. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Azure commenced a regional exploration program within its Oposura project. It also reported results from soil and ground magnetic surveys at its Sara Alicia project. Riverside provided update on exploration and drilling at its Glor project in Sonora. In Chihuahua, Consolidated Zinc announced high-grade drill results from Tres Amigos area at its Plomosas property; Kootenay announced a drill program at its la Cigarra project. In Durango, Hecla discovered new high-grade zones between known veins on its San Sebastian project.  ON MINING, Telson announced the startup of pre­-production developing mining and processing at its Campo Morado Mine in Guerrero, and the results of pre-production mining and processing at its Tahuehueto Mine in Durango. Avino reported annual production results for 2017 and 2018 outlook for the Avino and San Gonzalo Mines in Durango.  GoGold reported the sale of 366.4K Oz Ag Eq produced at its Parral operation in Chihuahua.  Capstone, Hecla and Agnico presented Q4 and annual production results for 2017. Mexus announced sale of gold produced at its Santa Elena Mine in Caborca, Sonora. ON FINANCING, GoGold reported income of $42.9M and income of $30M for Q4 2017. Levon closed a non-brokered private placement for $900K. Orla closed bought deal financing for $30.77M.  First Majestic closed an over-allotment option for $150M. Agnico participated in Orla Mining financing acquiring $3M on shares. Alamos Gold announced a financing round of $CAD 3.3M.  ON RESOURCES AND DEVELOPMENT, Azure commenced a geological modelling and maiden resource estimation at its Oposura project in Sonora. Sierra Metals disclosed a new mineral resource estimate for its Cusi Mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Telson Resources announced a change of name to Telson Mining Corporation. San Marco Resources, Impact Silver, and Defiance Silver announced the appointments of Investor Relations, CFO and interim President & CEO respectively.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Azure Minerals Limited, announced positive results in two of its projects in Sonora. At Sara Alicia project, Azure reported a strong 200m by 100m Co-Au anomaly from a close-spaced soil sampling with highest values of 1.26 g/t Au and 0.15% Co, which show a close association with strongly magnetic skarn confirmed by magnetic surveys. A separate high-grade Zn anomaly exceeding 1,000 ppm Zn was also identified from the soil sampling. Average of 26 samples is 0.45% Zn with a maximum value of 3.54% Zn. A drill program to test these positive results is in preparation. Azure also announced that the resource definition drilling program comprising 76 holes for 4,196m at the east zone of its Oposura project has finished. It also reported good portable XRF analysis of samples returning high-grade rock chips up to 8.3% Pb and 2.3% Zn. A geological modelling and maiden resource estimation is expected to be completed in April 2018.
  • Riverside Resources Inc., completed a drilling program focused on its Puerto Alamo target within its Glor project in Sonora. The drill program comprised seven holes for a total length of 1,212m. Several narrow intervals were intersected from 1 to 4.7m in thickness @25 to 0.35 g/t Au. Stream sediment and soil sampling followed by mapping and rock sampling are planned for Q1 2018. Riverside also announced drill results from its Clemente project in Sonora where the best intersection returned 0.7m @ 827 g/t Ag, 0.23 g/t Au, and 2.1% combined Pb+Zn. Plans to explore undrilled potential areas of Au and Ag at the Santa Elena zone are in progress.
  • Consolidated Zinc Limited, announced drill results from the infill resource definition program at Tres Amigos Zone within its Plomosas Mine in Chihuahua. The most significant intersection comprise 5.65m @3% Zn, 7.6% Pb, and 24 g/t Ag; 4.50m @ 36.5% Zn, 0.76% Pb, and 9.3% Ag, including 1.0m @ 35% Zn, 0.97% Pb, and 7 g/t Ag. These high-grade results expand the Tres Amigos mineralized horizon up to 120m down dip.
  • Kootenay Silver Inc., is to commence a first phase 5,000m drill program on its La Cigarra project in Chihuahua. The goal is to test La Borracha Zone, the continuity of the high grade bearing structures such as the 104 vein, and the undrilled Nogalera Gold trend. A second phase drill program will be determined based on the results of this initial drilling.
  • Hecla Mining Company, discovered new high-grade zones expanding the polymetallic mineralization at San Sebastian in Durango, similar to the Huge Zone on the Middle and Francine veins. Drill results on the West Middle Vein include 317 g/t Ag, 3% Cu, 10% Pb, and 18% Zn over 1.34m and 385 g/t Ag, 4 % Cu, 6% Pb, and 9% Zn over 1.65m. On the Francine vein, drilling results include 295 g/t Ag, 2% Cu, 5% Pb, and 5% Zn over 1.92m to the east and 411 g/t Ag, 2% Cu, 4% Pb and 6% Zn over 1.1m to the west. Drilling continues to expand resources and evaluate polymetallic targets along the Middle and Francine veins and the plan is to also evaluate near-surface, oxide mineralization at the Professor, North and Esperanza veins.

ON MINING

  • Telson Resources Inc., announced the successful startup of pre­-production developing mining and processing at its Campo Morado Mine in Guerrero. Telson milled 106.6K tonnes with average head grades of 3.57% Zn, 0.38% Cu, 0.85% Pb, 0.83 g/t Au, and 103 g/t Ag to produce 5,021 tonnes Zn concentrate and 2,013 tonnes of Pb concentrate. Telson also announced results of pre-production mining and processing at its Tahuehueto Mine in Durango, with 22,662 tonnes produced from El Creston Zone with average head grades of 6.94 g/t Au, 84.36 g/t Ag, 5.29% Zn, and 2.64% Pb, of which only 14,377 tonnes were milled.
  • Avino Silver & Gold Mines Ltd., reported annual 2017 production of 1.4M Oz Ag, 8K Oz Au, and 4.4M Lb Cu from its Avino and San Gonzalo Mines, and announced the completion of an updated PEA for the Oxide Tailings. Avino is working on a plant and mine expansion to increase capacity at the processing plant.
  • GoGold Resources Inc., generated revenue of $5.8M on the sale of 366.4K Oz Ag Eq. GoGold stacked 362K tonnes during Q4 2017, which were all reprocessed tailings. For Q4 2017, GoGold reported total comprehensive income of $42.9M and net income of $30M.
  • Capstone Mining Corp., reported Q4 and annual 2017 production results from its Cozamin Mine in Zacatecas. During the fourth quarter, 4,254 tonnes of Cu were produced at a cash cost of $1.04 per Lb Cu produced and all-in cost of $2.08 per Lb Cu produced. For the full year, 16,732 tonnes of Cu were produced at a cash cost of $1.16 per Lb Cu produced and all-in cost of $1.90 per Lb Cu produced.
  • Hecla Mining Company, reported production of 759K Oz Ag and 5,955 Oz Au in Q4 and 3.3M Oz Ag and 25,177 Oz Au for the full year of 2017 from its San Sebastian Mine in Durango. Hecla generated cash for $62.4M and spent $11.2M resulting in free cash flow of $51.2M.
  • Agnico Eagle Mines Limited, reported annual 2017 production of 330,400 Oz Au from its Mexican Mines, which include 180,860 Oz Au from Pinos Altos and 48,400 Oz Au from Creston Mascota Mines in Chihuahua, and 101,120 Oz Au from La India Mine in Sonora.
  • Mexus Gold, announced the sale of a small amount of gold produced in a test run at its Santa Elena (Caborca) Mine. The company as hired a new engineer to run the mine since the heap leach pad has shown recovery difficulties.

 ON FINANCING

  • Levon Resources Ltd., closed a brokered private placement of $900K. Net proceeds will be used for corporate cost and working capital (Cordero project, Chihuahua).
  • Orla Mining Ltd., closed a bought deal financing for gross proceeds of $30.77M. Net proceeds will be partially used for exploration and development activities in its Camino Rojo project in Zacatecas.
  • First Majestic Silver Corp., announced the issuance of $US 6.5M aggregate principal amount of 1.875% unsecured convertible senior notes due 2023 to the exercise in part of the over-allotment option granted in connection with the previously announced offering of $US 150M (Six Mines in Mexico).
  • Agnico Eagle Mines Limited, announced the acquisition of 1.74M units of Orla Mining for a total consideration of $3.05M (Pinos Altos, Chihuahua).
  • Alamos Gold Inc., announced the sale of 3M shares of Corex Gold Corp., by a private share purchase and sale agreement with Osisko Gold Royalties Ltd at a price of $CAD 0.13 for a gross proceeds of $CAD 3.3M. After this transaction, Alamos has not shares in Corex (Mulatos, Sonora).

 ON RESOURCES AND DEVELOPMENT

  • Azure Minerals Limited, commenced a geological modelling and maiden resource estimation at its Oposura project in Sonora, which is expected to be completed in April 2018. This resource estimation along with other project development studies will be used to prepare a scoping study (SS) / preliminary economic assessment (PEA) scheduled for the third quarter of 2018.
  • Sierra Metals Inc., filed a technical report to disclose the new mineral resource estimate on its Cusi Mine in Chihuahua. Total measured mineral resources are 362K tonnes @ 225g/t Ag, 0.55% Pb, 0.68% Zn, and 0.13g/t Au. Total indicated resources are 4.2M tonnes @ 217g/t Ag, 0.64% Pb, 0.66% Zn, and 0.21 g/t Au. Total inferred resources are 1.63M tonnes @ 158 g/t Ag, 0.54% Pb, 0.84% Zn, and 0.16 g/t Au. Sierra Metals reported that the total measured + indicated resources increased 129% to 4.56M tonnes from 2M tonnes, while total inferred resources increased 36% to 1.6M tonnes from 1.2M tonnes previously reported.

 ON DEALS AND CORPORATE ISSUES

  • Telson Resources Inc., announced a change of name from Telson Resources to Telson Mining Corporation (Campo Morado, Guerrero).
  • San Marco Resources Inc., announced the appointment of its Investor Relations Consultant (Chunibas, Sonora).
  • Impact Silver Corp., announced the appointment of its CFO (Guadalupe-Minas de Zacualpan, Estado de Mexico).
  • Defiance Silver Corp., announced the appointment of its interim President & CEO (San Acacio, 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, banded chalcedonic quartz with Ag sulphosalts from a project in Durango State. Photo by Miguel A Heredia.

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

By Jorge Cirett

Leisure is the mother of all vices, according to an old Mexican proverb, and having ample spare time during the worst part of the down cycle in the mining industry during 2015 led to creation of this weekly newsletter. First by fueling the creation of the Gambusino Prospector site to publish exploration and mining news, and then noticing that in mid-late 2015 there were news releases worth compiling and spreading, like the private raising of noticeable amounts of cash, and then by compiling the news releases by areas of interest. It was a matter of trial and error until a workable format was born. And remember, there was time available, as the downturn was not throwing much work in our way. The bottom of the downturn was felt in early 2016, with raising spirits in March after PDAC, spirits that continued high through May and Midyear. Things were looking brighter through the end of 2016, but it would take until 2017 for work to noticeably increase in Mexico.  The past year has brought relief to drillers and laboratories, as well as some work for geoscientists and other professionals of the exploration area, but full work is still to come. The expectations for this year are high, even if a swing to a full boom is not expected, but a clear optimistic mood can be perceived in the exploration industry. Having said that, compiling and publishing the news releases takes a two or three hours every week day, and compiling, writing and publishing this newsletter takes anything from four hours (a few times in the year) to up to 12 hours in the more extreme cases…… every week of the year. Believe me, we have learnt to dread the times of the year when the quarterly reports are released. Writing the highlights every week is both a pleasure and hard work that satisfies and exhausts. For the last two years Miguel Heredia was taking care of finding and publishing the press releases from companies working in Mexico and I was doing the compression of the information in a few pages. We now have the help of Laura Ramirez in the research and publishing phase, and starting next week Miguel Heredia and I are to start sharing the task of producing the newsletter in alternate weeks.

During the 2nd week of the year (January 8th to January 14th, 2018), things come back to normal with at least 30 press releases being announced by companies working in Mexico. ON MEXICO ISSUES, the illegal blockade at El Limon-Guajes mine in Guerrero continues. A government sanctioned process to set a date to clear the issue will be held at the end of the month (the end of the month!). ON EXPLORATION, in Sonora, Riverside is awaiting drill results from its Glor and Clemente projects and announced its intention to drill during 2018 its Cecilia project; Canuc informed the delineation of several breccia bodies at its San Javier project; San Marco released high-grade copper results from a new zone at its Chunibas project. In Chihuahua Golden Goliath is in the process to select drill targets at its San Timoteo project. In Coahuila, Silver Bull announced high-grade channel sample results from underground workings at its Sierra Mojada project. In Durango, Riverside announced its intention to drill the El Capitan project during 2018. In Guanajuato, Vangold is to measure the underground stockpile (backfill) at its Pinguico mine. In Estado de Mexico Impact Silver updated on exploration on the Zacualpan district. In Hidalgo, Prospero released interesting results on the first drill campaign at the El Petate project. ON MINING, Seven companies: Torex Gold, Coeur Mining, Hecla Mining, Endeavour Silver, Capstone Mining, Alio Gold and Alamos presented preliminary Q4 and annual production results for 2017. Santacruz Silver announced the commencement of construction work to expand the mill capacity at Veta Grande, Zacatecas. ON FINANCING, Avino Silver is now formally on the TSX.  ON RESOURCES AND DEVELOPMENT, Southern Silver updated its resource estimate on Cerro Las Minitas in Durango to over 50 M Oz Ag, 400 M Lb Pb, 1,600 M Lb Zn. Leagold released the high-grade results of the last 15 holes of its 2017 infill and expansion drill program at the Bermejal underground deposit in Guerrero. First Majestic drilled over 800 holes and 156,000 m on its six operating mines and one prospect during 2017. For 2018 its plan is to drill 183,000 m on the same properties and prospect. Minera Alamos has completed the geotechnical reports on the La Fortuna project in Durango, to submit for approval to SEMARNAT. Kootenay Silver is to focus work in 2018 in the expansion of resources and increasing grade on its La Cigarra project in Chihuahua. Mexican Gold plans to focus exploration work in expanding the resource and finding more orebodies at its Las Minas property in Veracruz. Starcore International is to prepare a PEA on the La Fe property in Sinaloa. ON DEALS AND CORPORATE ISSUES, Torex Gold informed two of the largest communities near its El Limon-Guajes mine in Guerrero, Nuevo Balsas and Salvador Trujano, have publicly supported the company and have asked the state government to intervene to lift the illegal blockade. First Majestic has entered into an agreement to acquire Primero Mining in a deal valued in $320 M.

ON MEXICO ISSUES

  • The illegal blockade at El Limon-Guajes mine in Guerrero continues. Torex Gold informed that two communities, Nuevo Balsas and Valerio Trujano have publicly supported the company and have asked the state government to intervene to lift the illegal blockade. The company is using an alternate route to enter and inspect the facilities while a government sanctioned process for selecting the workers union by vote is underway with a meeting scheduled for January 30, 2018, at which time the parties are expected to agree to a timeline for a vote (vote that the blockading union is expected to try to delay).

ON EXPLORATION

  • Impact Silver Corp. updated on exploration work at the Santa Teresa target, located on the Royal mines of Zacualpan district in Estado de Mexico. Numerous north-south and northeast striking veins transect the Santa Teresa area, with 197 assays greater than 1 g/t Au and up to 114.5 g/t Au. Half of the veins have extremely low sulfide content. The presence of a feldspar porphyry is considered to enhance the prospectivity of the area.
  • Riverside Resources Corp. informed on its exploration plans for 2018, which include the reception of drill results from the Glor and Clemente projects in Sonora, the drilling of the El Capitan project in Durango and Cecilia in Sonora. New partnerships will be explored to advance the Tajitos, (Sonora), La Silla (Sinaloa), Thor (Sonora) and Ariel (Sonora) projects.
  • Vangold Mining Corp. is to star underground drilling at its Pinguico property in Guanajuato on January 15, 2018. The drilling is to focus on grade definition of the underground stockpile (backfill) which is thought to amount 500 K tonnes, to define grade and metallurgical properties. The phase 2 program is to target the Pinguico vein to depth and on strike.
  • Canuc Resources Corp. announced that several breccia targets have been exposed and sampled at its San Javier project in Sonora. Recent mapping has shown that the Carranza breccia could extend over an area roughly 400 m by 100 m. Select zones of this breccia have previously assayed 238 g/t Ag, 0.7 g/t Au over 11 m and 133 g/t Ag, 1.1 g/t Au over 6.5 m. Another breccia has been mapped on the Jazmin workings, with local high grade silver-gold results. Over 400 samples have been sent to the lab, assays are pending.
  • San Marco Resources Inc. released assay results from the newly discovered Cu-Ag mineralization on its Chunibas project in Sonora. The rock chip sampling followed the recognition of a geochemical anomaly in a soil survey, resulting in the discovery of isolated outcrops on otherwise covered terrain of presumably intermediate volcanic rocks strongly altered by an assemblage of epidote>chlorite>quartz>calcite>specularite. Results of 16 samples include 0.1%, 5.9%, 0.87%, 0.76%, 1.38%, 0.97% 1.8%, 0.41%, 3.72%, 0.25% Cu; 1, 51, 6, 8, 19, 4, 17, 4, 66, 4 g/t Ag.
  • Silver Bull Resources Inc. informed on high-grade results from channel samples in newly opened and reconditioned historic workings at its Sierra Mojada project in Coahuila. The new zone comprises 350 m of old working, where 39 channel samples up to 2 m in length were collected, with 21 samples returning over 10% Zn and a peak value of 30.7% Zn; 21 samples over 100 g/t Ag and a peak value of 606 g/t Ag; nine samples over 5% Pb and a peak value of 17.6% Pb. “Our underground geological mapping shows a number of high angle structures up to 2 meters wide containing sulphide mineralization grading up to 1,300 grams per ton silver, 42% zinc, 18% lead, and 13% copper that appear to feed into the overlying oxide zone.”
  • Golden Goliath Resources Ltd. is to complete early in 2018 the drill targeting that was commenced on 2017 at its San Timoteo property in Chihuahua. Past work included a review of past data, including geology, geochemistry, structural geology, geophysics and drilling. Final drafting and final drill target selection remain to be completed. The company anticipates receiving a US$100 K option payment in 2018, and a final payment of US$2.8 M in November 2018. This would provide more than enough funding required for drilling without the need for any further dilution that a private placement would create.
  • Prospero Silver Corp. released drill results from its EL Petate prospect in Hidalgo. Highlights include 24.9 m @ 0.76 g/t Au, 22 g/t Ag; 12.6 m @ 0.51 g/t Au; 16.0 m @ 0.75 g/t Au, 2 g/t Ag; 3.9 m @ 1.18 g/t Au, 4 g/t Ag; 14.7 m @ 0.19 g/t Au, 2 g/t Ag; 1.1 m @ 10 g/t Ag, 1.5% Zn; 10.0 m @ 0.49 g/t Au, 24 g/t Ag; 3.2 m @ 1.96 g/t Au, 34 g/t Ag, 0.1% Zn; 19.3 m @ 0.32 g/t Au, 1 g/t Ag; 12.8 m @ 0.28 g/t Au, 6 g/t Ag. These holes were drilled on the El Tajo and Apartadero SE targets. Prospero is now planning to drill the Pachuca SE prospect, with funding being provided by partner Fortuna Silver.

ON MINING

  • Torex Gold Resources Inc. informed that 241 K Oz Au were poured during 2017 at its El Limon-Guajes mine in Guerrero (The production is for the first 10 months of the year, before the illegal blockade by a union trying to grab a contract that continues to date).
  • Coeur Mining Corp. announced fourth quarter and annual production, including figures from its Mexican operations. At Palmarejo, in Chihuahua, during the fourth quarter 389.5 K tonnes were milled @ 215 g/t Ag, 3.1 g/t Au, with a recovery rate of 87% Ag, 92% Au, to produce 2.35 M Oz Ag, 37,537 Oz Au. During the year 1.5 M tonnes were milled @ 175 g/t Ag, 2.8 g/t Au.
  • Hecla Mining Co. released preliminary silver and gold production results for the fourth quarter and full year 2018, including figures from its operations in Mexico. At San Sebastian in Durango, during the fourth quarter 759.1 K Oz Ag, 5,955 Oz Au were produced, while 3.26 M Oz Ag, 25,177 Oz Au were produced during 2017. Cash and cash equivalents stood at $219 M at the end of the year.
  • Endeavour Silver Corp. produced 4.9 M Oz Ag, 53,007 Oz Au on its three operating mines in Mexico during 2017. During the fourth quarter 1.39 M Oz Ag, 14,577 Oz Au were produced from its Guanaceví mine in Durango, and the Bolañitos and El Cubo mines in Guanajuato. At El Compas in Zacatecas, initial production is targeted on March 2018, At Terronera in Jalisco permits have been received to build the mine and the plant, while receipt of the dumps and tailings permit is awaited.endeavour_Tables January 20181
  • Santacruz Silver Mining Ltd. reports that abiding by the terms of the LOI signed with Carrizal Mining S.A. de C.V., Carrizal has commenced construction works to expand the Veta Grande mill to 750 tonnes per day (tpd). In addition Santacruz has received permit for a surface drill program at the Veta Grande project which includes 6,000 m in 15 drill holes on the first phase, funded by Carrizal.Capstone Mining Corp. released Q4 and full year 2017 production results, including figures from its Mexican operations. At Cozamin in Zacatecas, 219.9 K tonnes were mined in the fourth quarter, 223.5 K tonnes were milled (2,430 tpd) @ 1.98% Cu, 0.71% Zn, 0.06% Pb, 46 g/t Ag, recovering 96.2% Cu, 64.2% Zn, 0.9% Pb, 79.7% Ag, to produce 4,254 tonnes Cu, 1,015 tonnes Zn, 3 tonnes Pb, 263.3 K Oz Ag. During the year, 912 K tonnes were mined and milled (2,499 tpd) @ 1.91% Cu, 0.71% Zn, 0.07% Pb, 43 g/t Ag, with recoveries of 96.1% Cu, 65.5% Zn, 8.0% Pb, 78.7% Ag, to produce 16,732 tonnes Cu, 4,232 tonnes Zn, 50 tonnes Pb, 1.0 M Oz Ag.
  • Alio Gold Inc. informed on preliminary production results from its San Francisco mine in Sonora for the fourth quarter and full year 2017. During the fourth quarter 1.72 M tonnes were processed @ 0.46 g/t Au, 6.23 M tonnes of waste were moved for a total of 7.99 M tonnes mined, to produce 16,070 Oz Au and 7,873 Oz Ag.
  • Alamos Gold Inc. reported fourth quarter and annual 2017 production, including figures from its operations in Mexico. During the fourth quarter Mulatos and El Chanate produced 42,700 and 12,100 Oz Au respectively, and 160,000 and 60,400 Oz Au on the whole year. The budget for development of La Yaqui Grande and Cerro Pelon is $13 M, focusing on engineering, permitting and early stage construction. During 2018 open pit grades mined and stacked on the heap leach pad are expected to range between 0.75 and 0.95 g/t Au. “A total of $13 million and 41,500 m has been budgeted at Mulatos for exploration in 2018 with the main areas of focus being El Carricito, La Yaqui Norte – Halcon, El Refugio, San Carlos and the near mine area”. At El Chanate mining activities are expected to cease mid-2018. Total crushed and run of mine ore is expected to average 9,700 tpd @ 0.69 g/t Au.

 

  • ON FINANCING
  • Avino Silver & Gold Mines Ltd. has received final approval from the Toronto Stock Exchange (TSX) to list its common shares and warrants on January 8th, 2018. Concurrently with the TSX listing, the Shares and Warrants will be delisted from the TSX Venture Exchange (TSX-V) (Avino, Durango).

 

  • ON RESOURCES AND DEVELOPMENT
  • Southern Silver Exploration Corp. updated the mineral resource estimate at its Cerro Las Minitas JV project in Durango (SSV 40%, Electrum Global Holdings LP 60%). The resource was calculated on four deposits: Blind zone, El Sol, Las Victorias and Skarn Front, with 10.1 M tonnes @ 102 g/t Ag, 0.10 g/t Au, 1.4% Pb, 3.6% Zn, 0.15% Cu as indicated resources, holding 33.4 M Oz Ag, 34 K Oz Au, 319 M Lb Pb, 813 M Lb Zn and 8.7 M tonnes @ 74 g/t Ag, 0.04 g/t Au, 0.7% Pb, 4.5% Zn as inferred resources containing 20.7 M Oz Ag, 12 k Oz Au, 131 M Lb Pb, 870 M Lb Zn.
  • Leagold Mining Corp. reported results for the final 15 drill holes at the Bermejal Underground project at the Los Filos mine in Guerrero. These infill and step-out holes intersected high grade intervals like (true width): 4.16 m @ 9.2 g/t Au; 3.05 m @ 8.8 g/t Au; 1.77 m @ 10.1 g/t Au; 1.77 m @ 61.3 g/t Au; 7.43 m @ 12.4 g/t Au; 5.12 m @ 8.1 g/t Au; 3.89 m @ 7.0 g/t Au; 8.08 m @ 5.9 g/t Au; 13.59 m @ 4.75 g/t Au; 6.89 m @ 12.3 g/t Au; 14.08 m @ 20.2 g/t Au; 7.34 m @ 35.6 g/t Au; 10.49 m @ 8.79 g/t Au; 14.33 m @ 8.0 g/t Au; 23.57 m @ 6.1 g/t Au. A total of 111 holes comprising 56,280 m were drilled in this program, from April to December. To date the Bermejal Underground deposit contains 2.1 M Oz Au contained on 10.8 M tonnes @ 6.0 g/t Au. Los Filos currently operates two open pits, Los Filos and Bermejal, and the Los Filos underground mine.
  • First Majestic Silver Corp. disclosed a year-end review of its 2017 exploration program, which includes over 156,500 m of diamond drilling on 807 holes across its six operating mines and the Plomosas project. Highlights include a new discovery at Ermitaño West (in Sonora) with drill TW intersects of 37 m @ 3.0 g/t Au, 50 g/t Ag; 12.9 m @ 4.7 g7t Au, 277 g/t Ag; identification of the Main Vein extension to the west at Santa Elena in Sonora; discovery of the La Fe replacement orebody at La Encantada in Coahuila; discovery of the Cerro de Santiago vein at La Parrilla, in Durango; the extension of the Santa Teresa vein to the south at Del Toro mine in Zacatecas; the continuation of the Hedionda vein in the San Martin mine in Jalisco; the Nazareno northwest extension and the Nazareno de Ancas finding at La Guitarra in Estado de Mexico; the extension of the Plomosas vein and finding a new stockwork system at Plomosas in Sinaloa. For 2018, a 183,000 m drilling program is envisaged across the six operating mines and the Plomosas project.
  • Minera Alamos Inc. has completed the geotechnical studies for the approval of its mine development permits for the La Fortuna gold project in Durango. The study that includes the design of the containment facilities comprise the final data package to be submitted to the environmental authorities (SEMARNAT).
  • Kootenay Silver Inc. informed on 2017 activities at La Cigarra in Chihuahua. The drilling of 37 core holes resulted on significant discoveries In the RAM and Las Venadas zones. Other activities include the re-logging of the entire La Cigarra deposit, mapping and sampling of seven other prospective zones. Work in 2018 is to focus in increasing the current resource and grade at La Cigarra. At La Negra, in Sonora, partner Pan American Silver announced the results of 26 holes from an infill program, including 7.5 m @ 529 g/t Ag within 40.8 m @ 194 g/t Ag.
  • Mexican Gold Corp. informed on work completed during 2017 at its Las Minas property in Veracruz, which includes the completion of an initial 43-100 resources estimate for two of eight known mineralized zones, the completion of 5,873 m of drilling at El Dorado/Juan Bran and Cinco Señores zones, the extension of several zones, the identification of a parallel mineralized zone at Cinco Señores, the completion of geophysical surveys and the purchase agreements on several claims. For 2018 the focus is to expand the initial resource on El Dorado/Juan Bran and the Santa Cruz zone; exploration drilling of the Cinco Señores and Las Minillas zone; the field exploration at the Santa Cruz, Pueblo Nuevo and Changaro zone.
  • Starcore International Mines Ltd. has engaged Global Kompas to undertake a preliminary economic assessment (PEA) of the Santa Fe project in Sinaloa. The property was previously optioned by another company, completing two explorations programs up to 2014 which concluded with no mineral resource, but that discovered multiple veins and mineral ore shoots.
  • ON DEALS AND CORPORATE ISSUES
  • Torex Gold Resources Inc. informed on the state of affairs on the illegal blockade at its El Limon-Guajes mine in Guerrero, announcing that two of the larger communities, Nuevo Balsas and Valerio Trujano have publicly supported the company and have asked the state government to intervene to lift the illegal blockade. Access to the mine site has been gained through a road used during construction on the Rio Balsas Ejido land, allowing crews to inspect the site, make maintenance plans and plans to re-start operations if the security of the site can be assured. The government sanctioned process for a workers’ vote to select the union they want to represent them is underway with a meeting scheduled for January 30, 2018, at which time the parties are expected to agree to a timeline for a vote (date that the blockading union is expected to try to delay).
  • First Majestic Silver Corp. has entered into a definitive agreement to acquire all issued and outstanding shares of Primero Mining Corp. by exchanging Primero’s shares for First Majestic shares on the basis of 0.03325 of a First Majestic common share for each Primero common share. Concurrently First Majestic has entered into agreement with Wheaton Precious Metals International Ltd. (WPM) whereby the current silver streaming interest at Primero’s San Dimas Ag-Au mine in Durango will be terminated. First Majestic and WPM are to enter into a new stream arrangement based on 25% of the gold equivalent production at San Dimas, with ongoing payments of $600 per AuEq Oz delivered under the agreement. As part of the transaction WPM will receive 20.9 M common shares of First Majestic, valued at $151 M. The total transaction values is estimated at $320 M.
  • 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, argillitized porphyritic intrusive with quartz veining and minor sericite alteration still visible, in a prospect of the Durango Altiplano. Photo by Jorge Cirett.

 

  • SD intrusive4 - copia

 

Highlights on the First Week of January, 2018. Mineral Exploration in Mexico

During the 1st week of the year (January 1st to January 8th, 2018), at least nine press releases were announced by companies working in Mexico. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Azure informed Teck drilled 11 holes on a 4,905 m drill program on the El Alacrán project; Colibri is planning a drilling program at its El Pilat project. In Sinaloa, Santana released drill results on its Cuitaboca project. ON MINING, Leagold informed the production of 191.2 K Oz Au during 2017 at Los Filos mine in Guerrero. ON FINANCING, Mammoth settled debt with shares and granted options to management and directors; SilverCrest Metals granted options to directors, officers, employees and consultants, while its president entered into a private placement with the company.  ON RESOURCES AND DEVELOPMENT; Sierra Metals updated its resource estimate on El Cusi mine, Chihuahua, with over 40 M Oz Ag, 38 K Oz Au, 83 M Lb Pb, 96 M Lb Zn in measured, indicated and inferred resource categories. Premier Gold updated on exploration realized during 2017 on its Mercedes property in Sonora, boasting several wide high-grade drill intervals on several prospects. ON DEALS AND CORPORATE ISSUES, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Santana Minerals Ltd. provided an update on the exploration of its Cuitaboca project in Sinaloa. Three reverse circulation (RC) holes were drilled on the Las Animas/Evangelina structures, returning 11 m @ 32 g/t Ag; 2 m @ 44 g/t Ag; 2 m @ 52 g/t Ag in one hole, 2 m @ 51 g/t Ag; 29 m @ 34 g/t Ag; 13 m @ 23 g/t Ag in other hole and 10 m @ 23 g/t Ag. At Mojardina South five holes were drilled, returning 66 m @ 36 g/t Ag; 7 m @ 110 g/t Ag; 53 m @ 47 g/t Ag; 8 m @ 157 g/t Ag; 15 m @ 100 g/t Ag; 12 m @ 102 g/t Ag. Current drilling at La Plata prospect is testing a 2 km strike length of high grade mineralization previously identified by trenching.
  • Azure Minerals Ltd. informed that Teck Resources Ltd. completed their first drilling campaign at the El Alacrán property on Sonora. After exercising the back-in clause to earn an ownership interest in the project, Teck carried during 2017 geological mapping, surface geochemical sampling and geophysical (IP and CSAMT) surveys, confirming two high priority targets, on which 11 holes totaling 4,905 m were completed. Teck is expected to deliver the results in February 2018.
  • Colibri Resource Corp. has plans for a two-phase drilling program on the Main Zone of its El Pilar gold project in Sonora. To date, Colibri has defined an in-house resource on the Main Zone deposit of 700 K tonnes @ 1.9 g/t Au (Non 43-101 compliant). The new program is designed to expand this resource and define it by NI-43-101 standards.

ON MINING

  • Leagold Mining Corp. achieved mid-point of guidance of production at it Los Filos mine in Guerrero, with 191,195 Oz Au. Since the Los Filos acquisition on April 7, 2017, the mine has produced 145,192 oz of gold.

Leagold production 20171

ON FINANCING

  • Mammoth Resources Corp. settled debts totaling $21 K owed to certain insiders by issuing shares, and granted 783 K stock options to management and directors of the company (Tenoriba, Chihuahua).
  • SilverCrest Metals Inc. entered into a private placement agreement with its new president, Christopher Ritchie, for CAD$750 K. Also 955 K stock options were granted to directors, officers, employees and consultants of the company (Las Chispas, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc. updated its mineral resource estimate for the Cusi mine in Chihuahua. The resource estimate includes drilling from 2014 to August 2017, and a further 48,684 m drilled afterwards on the Santa Rosa de Lima structure. The resource estimate includes 362 K tonnes @ 225 g/t Ag, 0.13 g/t Au, 0.55% Pb, 0.68% Zn as Measured; 4.2 M tonnes @ 217 g/t Ag, 0.21 g/t Au, 0.64% Pb, 0.66% Zn as indicated and 1.6 M tonne @ 158 g/t Ag, 0.16 g/t Au, 0.54% Pb, 0.84% Zn as inferred; containing 31.8 M Oz Ag, 30.2 K Oz Au, 63.4 M Lb Pb, 66.2 M Lb Zn in the measured and indicated category, and 8.3 M Oz Ag, 8.3 K Oz Au, 19.6 M Lb Pb, 30.4 M Lb Zn in the inferred category.
  • Premier Gold Mines Ltd. updated on exploration at its Mercedes mine in Sonora, where 349 core holes were drilled during 2017. On the Mercedes vein trend, highlighted results in the Barrancas, Brecha Hill and CasaBlanca comprise 12.20 m @ 69.5 g/t Au, 112 g/t Ag (including 3.05 m @ 226 g/t Au, 63 g/t Ag); 15.25 m @ 22.9 g/t Au, 73 g/t Ag; 17.0 m @ 12.0 g/t Au, 50 g/t Ag; 3.45 m @ 58.3 g/t Au; 74 g/t Ag; 3.05 m @ 23.9 g/t Au, 151 g/t Ag; 7.65 m @ 13.7 g/t Au, 132 g/t Ag; 3.75 m @ 12.2 g/t Au, 231 g/t Ag. At Diluvio-Lupita highlighted results comprise 6.0 m @ 19.6 g/t Au, 11 g/t Ag; 19.0 m @ 7.35 g/t Au, 1.9 m @ 14 g/t Au, 131 g/t Ag. At Rey de Oro highlighted results comprise 6.0 m @ 70.5 g/t Au (including 1.0 m @ 413 g/t Au, 16 g/t Ag). The newly discovered Axis vein as well as several other target areas is to be tested systematically during 2018.

ON DEALS AND CORPORATE ISSUES

  • 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 below, argillitized porphyritic intrusive with minor quartz veining, in a prospect of the Durango Altiplano. Photo by Jorge Cirett.

SD intrusive3 - copia

IMPACT Silver provides Exploration Update on Santa Teresa gold target, Royal Mines of Zacualpan, Central Mexico

Impact Silver Corp

MPACT Silver Corp. (“IMPACT” or the “Company”) is pleased to provide an exploration update on a new and developing gold target within the Royal Mines of Zacualpan Silver District in central Mexico. Although work will be continuing on the silver-gold veins that have provided five centuries of historical production at the Zacualpan District, the work at Santa Teresa represents a new initiative for IMPACT’s exploration team to explore different sorts of mine making targets.

Summary
As a result of technical interpretation and additional field work, a new, possible bulk tonnage, gold target named Santa Teresa is being advanced by the IMPACT exploration team. Channel, chip and grab samples of bedrock have returned grades ranging up to 114.5 g/t gold, with 17 samples having more than 10 g/t gold and 197 greater than 1 g/t gold. Additional rock sampling and geological mapping has been initiated to designate drill targets.

Santa Teresa is located in the Valle de Oro sub-district of dominantly gold veins located four kilometers southwest of IMPACT’s producing Guadalupe mill and immediately to the south of IMPACT’s past producing Nochebuena (silver) and Carlos Pacheco (gold) mines. To the northeast is the large Coronas mine, one of the oldest and better known past producers of the Zacualpan district.

Highlights on the Second Week of December, 2017. Mineral Exploration in Mexico

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

  • No relevant news.

ON EXPLORATION

  • 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.

ON MINING

  • 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.”

ON FINANCING

  • 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.

DCP00745

Alio Gold Intersects 6.1 g/t Au Over 24.9 Metres at Ana Paula; Initiates Surface Drill Program to Target High-Grade Breccia

AlioGold_2017_12_04

December 4, 2017, Vancouver, BC – Alio Gold Inc (TSX, NYSE MKT: ALO) (“Alio Gold” or the “Company”), is pleased to provide an exploration update from its 100% owned Ana Paula project in Guerrero, Mexico, including the completion of the 2,000 metre drill program to twin previous drill holes within the pre-feasibility pit for metallurgical test work samples. The Company has also initiated a surface drill program to target the high-grade breccia below the pre-feasibility pit that will commence in the first quarter of 2018.

Endeavour Silver Drilling Discovers High Grade Silver-Gold Mineralization in the Misie and Calicanto Vein Systems on the Calicanto Property, Zacatecas, Mexico

EndeavourSilver20171204

VANCOUVER, British Columbia, Dec. 04, 2017 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (NYSE:EXK) (TSX:EDR) announces that exploration drilling on the Calicanto property in Zacatecas State, Mexico has discovered high grade silver-gold mineralization assaying up to 2,043 grams per tonne (gpt) silver and 13.2 gpt gold over 2.8 m true width within the Calicanto and Misie vein systems.

 

Highlights on the Fifth Week of November, 2017. Mineral Exploration in Mexico

During the 48th week of the year (November 27th to December 3rd, 2017), at least 33 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). ON EXPLORATION: ten press releases from eight companies working in Mexico informed on exploration efforts during the week: In Sonora SilverCrest released high-grade results from drilling two different zones at its Las Chispas project; Azure Minerals released high-grade drilling results from its Sara Alicia Au-Co project, and updated on drilling progress at its Oposura property; Wolverine Minerals commenced exploration at Los Venados project; San Marco Resources is to complete an induced polarization survey at its 1068 porphyry copper project, updating also in the geological model of its Chunibas project. In Chihuahua, Evrim Resources completed phase I exploration at its Cerro Cascaron project, and is now in the drill targeting stage; Ethos gold optioned the Purisima property, and presented the project summary, which includes two previous drilling campaigns. ON MINING: Santacruz Silver presented its third quarter report; Marlin Gold presented financial results for the first nine months of the year, and an update on drilling on the Colinas target, at its La Trinidad property; U.S. Antimony informed that it now has the needed permits to construct a cyanidation plant at its mill in Guanajuato. ON FINANCING: Alix Resources, Canuc Resources and Millrock Resources are to conduct or closing non-brokered private placements of $750 K, $465 K and $1.6 M respectively; Mag Silver closed a non-brokered private placement for $48.16 M; SilverCrest is to raise C$6 M on a bought deal private placement; Primero Mining obtained an extension of its credit facility; Candelaria Mining is seeking a one year extension on the exercise period of over 12 M warrants. ON RESOURCES AND DEVELOPMENT: Consolidated Zinc recommenced extensional and infill resource definition drilling at its Plomosas mine. ON DEALS AND CORPORATE ISSUES: Argonaut Gold announced the closing of the acquisition of the Cerro del Gallo project in Guanajuato to Primero Mining for $15 M;  GFM Resources entered into an exploration and evaluation agreement with Minera Auricup on the Baviacora concession in Sonora; Magellan Gold completed the purchase of the SDA Mill to Rose Petroleum in Nayarit; Ethos Gold entered into an option agreement with Coztic Recursos Minerales on the Purisima property in Chihuahua.

ON MEXICO ISSUES

  • In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). The proposal aims to give transparency to the application of the funds, and also a mean to control the infrastructure projects generated in the municipalities that are to receive the participation generated by the mining activity (Note of editor.- This is a pressing problem in many other States, where the application of the funds of a mining royalty introduced by the current Federal government is nowhere to be seen).

ON EXPLORATION

  • SilverCrest Metals Corp. released phase II drill results for the Babicanora vein at its Las Chispas property in Sonora. The latest results increase by 400 m the high-grade footprint of the Babicanora vein, which is now 1 km in length. True width (TW) intercepts: 3.2 m @ 27 g/t Au, 1,494 g/t Ag (including 0.7 m @ 137 g/t Au, 4,720 g/t Ag); 1.5 m @ 1.8 g/t Au, 101 g/t Ag; 3.8 m @ 5.6 g/t Au, 451 g/t Ag; 4.0 m @ 1.5 g/t Au, 101 g/t Ag; 3.1 m @ 5.1 g/t Au, 570 g/t Ag; 2.0 m @ 3.6 g/t Au, 452 g/t Ag; 3.6 m @ 4.2 g/t Au, 165 g/t Ag; 2.2 m @ 3.8 g/t Au, 388 g/t Ag.
  • Azure Minerals Ltd. released high-grade results on the maiden drilling on its Sara Alicia property in Sonora. Six holes for 480 m tested around and beneath historical underground mine workings that exploited high-grade Au and Co shoots in the 1930’s. Cobalt results for the last hole are still pending. Significant gold results comprise: 11.4 m @ 3.3 g/t Au; 5.5 m @ 5.1 g/t Au; 26.2 m @ 8 .6 g/t Au (including 12.6 m @ 14.9 g/t Au); 19.65 m @ 4.95 g/t Au; 8.45 m @ 1.2 g/t Au; 13.7 m @ 3.6 g/t Au. Significant cobalt intercepts comprise: 5.5 m @ 0.13% Co; 1.0 m @ 0.14% Co; 26.2 m @ 1.26% Co (including 6.35 m @ 3.57% Co); 4.7 m @ 0.11% Co; 20.6 m @ 0.13% Co (including 1.9 m @ 1.11% Co). This garnet-magnetite-sulfide skarn developed in limestone intruded by a porphyry contains a zone several meters in width with disseminated cobaltite (CoAsS) associated with abundant magnetite, and a wider, overlapping zone of gold mineralization.
  • Evrim Resources Corp. announced the completion of phase I exploration at its Cerro Cascaron project in Chihuahua. Highlights include: A 1.8 km long rich vein corridor defined by soil sampling, with up to 1.4 g/t Au; Soil sampling extended all veins by 600 m to 1.8 km in length, and two more veins were identified; Adit channel sampling results are 1.4 m to 3.3 m in width @ 231 to 542 g/t AgEq; Six subparallel veins were defined in an area 300 m x 900 m in the Ag-rich Cascarita zone. Drill targeting is underway.
  • SilverCrest Metals Inc. released surface and underground results from the second phase of drilling of the Las Chispas and Giovanni veins at Las Chispas, in Sonora. Highlighted results contain (true thickness, or TW) 2.1 m @ 2.3 g/t Au, 469 g/t Ag; 1.6 m @ 2.4 g/t Au, 516 g/t Ag; 1.5 m @ 13.2 g/t Au, 2,007 g/t Ag; 2.0 m @ 5.8 g/t Au, 1,191 g/t Ag; 4.0 m @ 18.6 g/t Au, 696 g/t Ag (including 0.8 m @ 92.6 g/t Au, 2,890 g/t Ag); 2.2 m @ 9.4 g/t Au, 1,369 g/t Ag. SilverCrest intends to deliver a maiden resource estimate during Q1, 2018.
  • Wolverine Minerals Corp. commenced an exploration program on the 1,500 hectares Los Venados property, in the Mulatos district, Sonora. Wolverine is to focus work on a felsic dome/silica breccia complex with intense alteration and brecciation accompanied by anomalous gold. Activities planned include rock and soil sampling, geological mapping and a 7.4 Km induced polarization survey.
  • Almadex Minerals Ltd. released results from the three first holes on the Raya Membrillo area on its El Cobre property in Veracruz. This area is part of the Villa Rica zone, which is two kilometers south from the Norte zone (where previous drilling was done). The three holes intersected a chalcocite dominant enriched copper zone right from the surface which locally is up to 186 m down hole. Results comprise: 69.5 m @ 0.10 g/t Au, 0.41% Cu (including 14.5 m @ 0.14 g/t Au, 1.2% Cu); 139.0 m @ 0.49 g/t Au, 0.24% Cu; 41.0 m @ 0.91 g/t Au, 0.42% Cu in one hole; 117 m @ 0.13 g/t Au, 0.55% Cu (including 15.9 m @ 0.51 g/t Au, 1.74% Cu) in the second hole; 159.5 m @ 0.22 g/t Au, 0.22% Cu (including 36.0 m @ 0.86 g/t Au, 0.16% Cu and 111.5 m @ 0.03 g/t Au, 0.27% Cu) on the third hole.
  • San Marco Resources Inc. provided the scope of exploration at its 1068 and Chunibas projects in Sonora. At the 1068 project, an undrilled porphyry Cu-Mo-Au system displays  phyllically altered and veined zones which extend 1 Km to the east and 400 m to the south from previously identified porphyritic rock with potassic alteration and a coincidental geochemical footprint on a grid rock sampling survey. An induced polarization survey is to be conducted during December. At Chunibas a new larger model involving a porphyry related breccia with gold values has been generated. Field mapping and prospecting is mostly completed, with a mineralization corridor extending 1.2 km based on mapping and a soil survey. New outcrops with epidote-calcite-specularite alteration bearing copper oxides have been found.
  • Azure Minerals Ltd. updated on the resource definition drilling at its Zn-Pb-Ag Oposura project in Sonora, where 51 of the planned 120 holes have been completed with 2,665 m. Many of Azure holes are either twinning or drilled close to historical holes, closely replicating the sulfide intercepts on those. Azure is aiming to conclude drilling by February 2018, and complete the maiden mineral resource estimate by March-April 2018.
  • Ethos Gold Corp. optioned the Purisima property in Chihuahua (see note on the deals section). An epithermal low sulfidation vein system is present over 1.5 Km of strike length and 200 m of width exposure. The property saw some drilling in 1997 and 1997-98 by Teck Resources and the SGM (Servicio Geologico Mexicano, or Consejo de Recursos Minerales at the time). Gold-bearing intervals were obtained on both programs, with only minor parts of the core obtained by SGM drilling having been assayed, although many areas contained chalcedonic quartz veining.

ON MINING

  • Santacruz Silver Mining Ltd. reported third quarter 2017 production and financial results. At Rosario in San Luis Potosi 46.9 K tonnes were processed @ 51 g/t Ag (241 g/t AgEq), recovering 85% Ag, to produce 26,274 Oz Ag, 328 Oz Au, 49 tonnes Pb, 449 tonnes Zn. At Veta Grande in Zacatecas, 28 K tonnes were processed @ 107 g/t Ag (174 g/t AgEq), recovering 64.5% Ag to produce 61,960 Oz Ag; 66 Oz Au, 99 tonnes Pb, 146 tonnes Zn. Production cost per tonne was 62.91, and a cash cost of $23.65 per AgEq Oz, AISC of $28.14 per AgEq Oz.
  • United States Antimony Corp. announced that SEMARNAT (Mexico environmental authority) has issued the permit for the construction of a cyanide leach plant for the Puerto Blanco mill in Guanajuato. This plant is designed to recover Au and Ag from the flotation mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. The ore grade is 1.1 g/t Au, 102 g/t Ag, 0.65% Sb, and the expected recovery  90% Au, 90% Ag, 70% Sb.
  • Marlin Gold Mining Ltd. presented financial results for the first nine months of 2017, period on which the company produced 29,995 Oz Au, and acquired the Gavilanes property from Santacruz Silver Mining Ltd. for $3.6 M. Revenue to the end of September was $58.2 M, holding $1.9 M in cash and finished gold, and $14.4 M in gold-in-process. Investment on Golden Reign Resources Ltd. stood at $12.7 M at quarter end. Principal on the loan owed to Wexford Capital LP. (Controlling shareholder) stood at US$38.9 M, with the maturity of the loan extended to January 2019.
  • Marlin Gold Mining Ltd. disclosed drilling results from the Colinas area, less than 1 km from the Taunus pit within its La Trinidad mine in Sinaloa. The drilling tested a structurally complex zone with low and high angle faults, along a projected structural corridor under post mineral cover. The significant core intervals comprise 11.65 m @ 0.61 g/t Au in the first hole and 6.00 m @ 0.35 g/t Au; 7.03 m @ 0.82 g/t Au; 6.00 m @ 10.57 g/t Au in the second hole. “The anomalous zones appear to be associated with quartz carbonate veinlets and ferruginous argillic zones, which are likely fault zones within andesitic breccias and tuffs. All intervals are oxide.”

ON FINANCING

  • Alix Resources Corp. is to conduct a non-brokered private placement to raise up to $750 K in gross proceeds (Agua Fria, Sonora).
  • Canuc Resources Corp. closed a non-brokered private placement with gross proceeds of $465 K. Proceeds are to be used to continue exploration of newly discovered breccia zones on El Tule claim block and other high grade structures (San Javier, Sonora).
  • Mag Silver Corp. announced the closing of a non-brokered private placement for gross proceeds of US$48.16 M (Juanicipio, Zacatecas).
  • Millrock Resources Inc. plans to conduct a non-brokered private placement planning to raise up to $1.6 million. Finder’s fee of 6% cash may be paid in connection with this financing (La Navidad, Sonora).
  • SilverCrest Metals Inc. entered into an agreement with a syndicate of underwriters for a bought deal private placement to raise gross proceeds of up to C$6 M. SilverCrest will pay the underwriters a cash commission of up to 6% of the gross proceeds (Las Chispas, Sonora).
  • Primero Mining Corp. announced that the company agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. (San Dimas, Durango).
  • Candelaria Mining Corp. intends to make an application to the TSX to extend the exercise period of 12.6 M share purchase warrants by 12 months.

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. recommenced extensional and infill resource definition drilling at its Plomosas mine in Chihuahua. The first of two underground rigs was mobilized to Cuddy, level 5.4 to drill eight short holes before the Christmas break.

ON DEALS AND CORPORATE ISSUES

  • Argonaut Gold Inc. announced the closing of the acquisition of the 25,269 hectares Cerro del Gallo project in Guanajuato to Primero Mining Corp. for $15 M. Argonaut could recover up to $1.7 M of value added tax, and the companies acquired in this transaction include approximately $22 M in tax losses.
  • GFM Resources Ltd. entered into an exploration and evaluation agreement with Minera Auricup S. de R.L. on its Baviacora concession in Sonora. GFM has paid the outstanding mining duties of CAD$95 K for a six months right to explore the property and obtain a minimum 15% stake. If land access rights are not secured by Auricup on a four-month period, GFM has the right to demand full repayment, or to obtain a similar stake on in a different but equivalent mineral concession owned by Auricup. GFM drew on its facility with Metallorum Holding, S.A.P.I. de C.V., the corporation’s majority shareholder for this payment.
  • Magellan Gold Corp. completed the purchase of the SDA Mill to Rose Petroleum PLC. in Nayarit. Total consideration for the purchase was $1.5 M, with $1.0 M in cash and $500 K in Magellan stock, of which $100 K was paid in cash in June 2017. In August Magellan arranged $900 K in bridge loans to support the purchase.
  • Ethos Gold Corp. entered into an option agreement with Coztic Recursos Minerales S. de R.L. de C.V. to earn a 100% interest in the Purisima property in Chihuahua. Ethos Gold is to pay an aggregate of US$3.49 M and issue up to 3 M common shares to the property owner, in installments over 72 months, with the initial consideration of $45 K and 50 K shares due on signing. In addition, Ethos Gold is to pay outstanding mining duties of CAD$71 K and incur in exploration expenditures of not less than US$1 M within 72 months. The property owner is to retain a 2% NSR.

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, fine grained silica on boulders extracted from a farming field in Durango. Photo by Jorge Cirett.

Sta Catalina

Phase 1 at Cerro Cascaron Complete; Drill Targeting Underway

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Vancouver, British Columbia / TheNewswire / November 27, 2017 – Harvest Gold Corporation (TSX.V:HVG) (“HarvestGold” or the “Company“) and Evrim Resources Corp. (“Evrim”) (TSX.V:EVM) are pleased to announce the completion of the phase one exploration program at the high-grade Cerro Cascaron gold-silver project in Mexico. The combined Evrim/Harvest geological teams have begun the work to define drill targets and will meet in Vancouver next week to finalize and prioritize these targets.