During the 47th week of the year (November 19th to November 25th, 2018), at least 14 press releases were announced by companies working in Mexico, with five informing on exploration results, three reporting on advances on their properties, three disclosing deals and corporate issues, two announcing financing issues, and one related to a law proposal to force miners to seek permission from the communities. ON MEXICO ISSUES, a law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. ON EXPLORATION, In Sonora, Aloro Mining mobilized a RC drill rig to its Los Venados project, Mexus Gold commenced a drilling program on its Santa Elena project, and Millrock announced a new drilling program at its La Navidad project. Millrock also reported results from its El Picacho project. In Coahuila, Silver Bull completed a VTEM and Magnetic geophysical survey on its Sierra Mojada project. In Veracruz, Azucar Minerals reported drilling results from its El Cobre project. ON MINING, no relevant news. ON FINANCING, Goldplay announced a private placement intended to raise up to CAD$ 1.5M. Mexican Gold closed the first tranche of a non-brokered private placement for $2.06M. ON RESOURCES AND DEVELOPMENT, Minera Alamos received a positive notification from SEMARNAT for the development of its la Fortuna project in Durango. SilverCrest filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. Torex reported in-fill and step-out drilling results from its El Limón-Guajes mine complex in Guerrero. ON DEALS AND CORPORATE ISSUES, Consolidated Zinc held its 2018 annual general meeting (Plomosas mine, Chihuahua), Avino announced management changes (Avino mine, Durango), and Kootenay entered in an option agreement to acquire a 100% of interest of the Columba property in Chihuahua.
ON MEXICO ISSUES
Communities’ consultation. A law proposal is being presented by a MORENA senator to force miners to seek permission from the communities around their mining projects. Proposed initiatives include empowering the Ministry of Economy to declare certain zones as not viable for mining, and revoke permits and existing concessions that had a negative social impact. They also contemplate charging Mexican agencies with overseeing the social and environmental impact of mining activities. The news caused the Grupo Mexico and Peñoles stocks to tumble 5.4% and 4.7% respectively on the Mexican Stock Exchange.
Aloro Mining Corp., mobilized a RC drill rig to its Los Venados project in Sonora while a bulldozer continues the construction of drill pads and access roads to other drill sites. This is the first time that the southern portion of the property is going to be drill-tested.
Mexus Gold US, commenced a drilling program on the Julio II zone within its Santa Elena project in Sonora.
Millrock Resources Inc., announced that a new drilling program is underway at its La Navidad project in Sonora, where the company has a JV option with Centerra Gold Inc. Seven holes totaling 1,500m were planned to test the northwest portion of the property, being 4 holes at the El Tigre prospect where Au has been detected by soil sampling in the vicinity of historic mine workings, and 3 holes at the El Chupadero prospect where decalcification and jasperoid replacement suggests the presence of intrusion-related gold mineralization. Millrock also reported that a 2,007.80m drilling program was completed at its El Picacho project in Sonora. Unfortunately, only narrow Au-bearing intersections were encountered. Highlights include 1m of 0.72 g/t Au in Hole P18-004D, 1m of 2 g/t Au in Hole P18-007D, and 0.5m of 5.7 g/t Au in Hole P18-008D.
Silver Bull Resources Inc., completed a 5,297line km helicopter-borne VTEM and Magnetic geophysical survey on its Sierra Mojada project in Coahuila. The airborne survey covered 4 main regional prospects including the main deposit at its Sierra Mojada property. It targeted over 50 km of the regional San Marcos Fault, due to this structure is considered to be the main control of the mineralization in the district. This survey is part of a work program conducted under a JV option with its partner South 32 Limited.
Azucar Minerals Ltd., announced results from its ongoing drilling program at the El Cobre project in Veracruz. Highlights from drilling at the Villa Rica target are 161.20m of 0.23 g/t Au and 0.15% Cu in Hole EC-18-052, including 18m of 0.51 g/t Au and 0.43% Cu, and another interval of 10m of 0.60 g/t Au and 0.48% Cu, and 116.30m of 0.21 g/t Au and 0.16% Cu in Hole EC-18-054, including 12.40m of 0.85 g/t Au and 0.39% Cu.
No relevant news.
Goldplay Exploration Ltd., announced a private placement intended to raise up to CAD$ 1.5M
Mexican Gold Corp., closed the first tranche of a non-brokered private placement for $2.06M. Net proceeds will be used to continue exploration on the Company’s Las Minas project located in the State of Veracruz, Mexico, to make the final property payment, and for general working capital purposes.
ON RESOURCES AND DEVELOPMENT
Minera Alamos Inc., received a positive notification from SEMARNAT regarding the Company´s permit applications (MIA / ETJ) for the development of its la Fortuna project in Durango. It allows Minera Alamos to initiate applications for other permits required in advance of any commercial mine production.
SilverCrest Metals Inc., filed a technical report and updated mineral resource estimate for its Las Chispas project in Sonora. There are no material differences in the mineral resources disclosed in the press release dated September 19, 2018.
Torex Gold Resources Inc., reported in-fill and step-out drilling results in the Sub-Sill Zone of its El Limón-Guajes mine complex in Guerrero. Highlights from the drilling program include 8.1m of 30.2 g/t Au, 38 g/t Ag, and 4.3% Cu in Hole SST-101, 3.6m of 48.9 g/t Au, 6 g/t Ag, and 0.1% Cu in Hole SST-118, and 4.6m of 34.4 g/t Au, 13 g/t Ag, and 0.9% Cu in Hole SSUG-059. The deposit remains open in several directions.
ON DEALS AND CORPORATE ISSUES
Consolidated Zinc Limited, held its 2018 annual general meeting and advised that the company increased 32% of the mineral resources and filed a bankable FS assessing the viability of its Plomosas mine in Chihuahua.
Avino Silver & Gold Mines Ltd., announced the retirement of its CFO and commenced a selection process to find a replacement. (Avino mine, Durango).
Kootenay Silver Inc., entered in an option agreement to acquire a 100% ownership of the Columba property in Chihuahua. This property covers a large high-grade silver epithermal system with several veins varying from 0.5 to up to 6.0m in width which have been mapped for over 200m up to 2Km in length. Sampling has returned grades of up to 692 g/t Ag. Kootenay can acquire a 100% of the property by making staged payments over a 4-year period totaling US$ 3.29 M with an initial payment of US$ 15K, first and second years payments totaling US$ 75K and US$ 150K respectively. The Agreement includes a work commitment of US$ 250K by the first anniversary and US$ 750K by the second anniversary of the Agreement. Upon earn-in the vendors retain a 2% NSR of which 1% can be purchased by the Company for US$ 750K.
During the 46th week of the year (November 12th to November 18th, 2018), at least 22 press releases were announced by companies working in Mexico. Radius, Prize Mining, Silver Viper, Riverside and Golden Minerals released advances in exploration. Sierra Metals, Mag Silver, Leagold and Starcore released quarterly reports. Telson released news on metallurgy. No financing was reported this week. Odyssey and Minera Alamos reported on advances at its properties, while Leagold presented an updated resource base. Pan American Silver and Tahoe agreed on Tahoe’s acquisition by PAS. Golden Minerals acquired a property. ON MEXICO ISSUES, CAMIMEX released figures on copper production in Mexico. ON EXPLORATION, In Sonora, Silver Viper released interesting results from the Virginia project in Sonora. Riverside informed on four new targets at its Cecilia project. In Chihuahua, Golden Minerals released rock sampling results from its Navegantes project. Radius finished drilling at the Amalia project, results pending. In Coahuila, Prize Mining released drill results from the Manto Negro project. ON MINING, Sierra Metals, Mag Silver, Leagold Mining and Starcore presented quarterly reports. Telson is investing on metallurgical studies at its Campo Morado mine in Guerrero. ON FINANCING, No relevant news. ON RESOURCES AND DEVELOPMENT, Odyssey Marine Exploration updated on the Don Diego project offshore Baja California Sur. Minera Alamos presented mapping and sampling results on the Divisadero zone of its Santana project in Sonora. Leagold announced a significant increase in open pit reserves at its Los Filos mine in Guerrero. ON DEALS AND CORPORATE ISSUES, Goldplay lost its director, Laura Diaz, as she has been appointed as General Director of Mines in Mexico. Pan American Silver entered into an agreement to acquire Tahoe Resources. Golden Minerals optioned the Navegantes property in Chihuahua.
ON MEXICO ISSUES
According to CAMIMEX (in a note from opportimes) copper production in Mexico has been stable. During 2017 the world´s copper production was 19.7 M tonnes, a 2% decrease from 2016. Mexico produced 742 K tonnes of copper in 2017, against 766 K tonnes produced in 2016, a 3.1% decrement. Sonora produces over 84% of the country’s total, with Zacatecas and San Luis Potosi following suit. Coming additions to production include El Boleo in Baja California Sur, which is to double its production to 28.5 tonnes; Media Luna in Guerrero is to add 21 K tonnes in 2022 and El Pilar project in Sonora could add 36 K tonnes in 2020.
Radius Gold Inc. completed drilling at its Amalia project in Chihuahua. Nine holes, for a total of 1,909 m were diamond drilled in a program funded by Pan American Silver under a JV. The Campamento, Guadalupe, San Pedro and Dulces Nombres targets were tested across a strike length of 1.8 Km “following the trace of a large regional fault and associated surficial epithermal gold and silver mineralization”. Results pending.
Prize Mining Corp. released results from the first four holes at the Manto Negro stratiform copper project in Coahuila. Core length drill intersections comprise 4.40 m @ 1.02% Cu, 28 g/t Ag; 3.55 m @ 1.69% Cu, 28 g/t Ag at El Granizo; 4.10 m @ 0.88% Cu, 49 g/t Ag; 3.40 m @ 1.58% Cu, 122 g/t Ag at El Pilar Grande. At El Rincon, 1.6 Km north from El Pilar Grande, rock channel sampling averaged 3.41 m @ 2.13% Cu, 63 g/t Ag.
Silver Viper Minerals Corp. released the first batch of analyses from its initial drilling program at La Virginia project, in Sonora. Results have been received for five of the eight holes from which samples were submitted, with relevant intervals comprising: 9.70 m @ 1.20 g/t Au, 58 g/t Ag (2.03 g/t AuEq), including 2.72 m @ 3.34 g/t Au, 133 g/t Ag (5.24 g/t AuEq); 12.6 m @ 1.04 g/t Au, 79 g/t Ag (2.17 g/t AuEq), including 3.85 m @ 1.88 g/t Au, 152 g/t Ag (4.05 g/t AuEq); 0.7 m @ 2.25 g/t Au, 49 g/t Ag (2.95 g/t AuEq); 8.50 m @ 1.26 g/t Au, 55 g/t Ag (2.05 g/t AuEq) including 1.89 m @ 2.43 g/t Au, 81 g/t Ag (3.58 g/t AuEq); 0.94 m @ 0.96 g/t Au, 49 g/t Ag (1.66 g/t AuEq). The reported holes were collared on Las Huatas zone, with the first two testing parallel veins to the main trend, whereas the last three tested the previously identified main trend, generally intercepting mineralization at expected depths, widths and grades. “The intercepts are characteristic of previous hits on the project, where gold and silver bearing quartz veining/stockwork/breccia fill is often hosted in close proximity to the fractured contact between andesites of the lower volcanic succession and pre-mineral dacite dykes. Mineralization is hosted by both lithologies with the intervals often exhibiting strong silica overprint”.
Riverside Resources Inc. informed rock sampling and mapping defined four new targets at its Cecilia project in Sonora. The recent work was conducted on a 50 square km area, checking on previous soil sampling results. The Casa de Piedra, Los Llanos, Cruz and Cruz II targets were outlined, forming structural corridors up to 2 km long of quartz veins (locally banded, locally bearing calcite), anastomosing quartz veins, veins and quartz stockworks that can be up to 30 m in width and locally up 100 m in width. Alteration assemblages in these zones include sericite, silica, kaolinite and buddingtonite. All these areas display anomalous gold values, of up to 2.6 g/t Au.
Golden Minerals Co. released rock sampling results from its recently optioned Navegantes project in Chihuahua. Navegantes covers two vein systems, Navegantes and San Pedro‐San Francisco) as well as a number of smaller subsidiary veins, with mineralization occurring as iron oxides within quartz veins ranging up to 2 m in width and 800 m in length. Highlighted samples comprise 1.0 m @ 1,585 g/t Ag; 1.45 m @ 759 g/t Ag; 1.1 m @ 639 g/t Au; 2.1 m @ 472 g/t Ag.
Sierra Metals Inc. presented its third quarter 2018 financial report. The company, that has two mines in Mexico and one in Peru, saw its EBITDA reduced 3% in a yearly basis to $18.8 M, due to the decrease in metal prices. At the end of the period, Sierra’s net debt was $30.7 M, and its cash and cash equivalents $30.7 M. At Bolivar in Chihuahua, quarter on quarter production was affected by heavy rains, but year on year production was still increased, with the goal of achieving 3,600 tonnes per day (tpd) in Q1 2019. At Cusi, in Chihuahua, the mill continues to run at the 650 tpd capacity. The additional mill being installed will increase capacity to 1,200 tpd early in 2019. Cash cost per CuEq Lb was $1.68 and AISC $2.35 per CuEq Lb at Bolivar, while at Cusi cash cost was $14.11 per AgEq Oz and AISC $19.08 per AgEq Oz. Surface drilling at Bolivar was 8,332 m, while 2,176 m were drilled from the underground mine. At Cusi, 6,569 m were drilled from the surface.
Mag Silver Corp. released its Q3 2018 financial results. At Juanicipio, in Zacatecas, over 16 km of underground development have been achieved, 32% of which was realized on the last nine months. Mag advanced $8.47 M to Minera Juanicipio to fund its 44% share of ongoing development. Fresnillo has reiterated production is to start by mid-2020. Exploration during the quarter completed 48 holes, for 46,060 m of drilling focused to convert inferred resources to indicated, and to trace the Deep Zone laterally and to depth. The company ended the period with cash and cash equivalents of $141.8 M.
Leagold Mining Corp. reported 2018 third quarter operating and financial results. At Los Filos in Guerrero, production totaled 42,617 Oz at AISC of $1,060 per AuOz by mining 7.4 M tonnes from the open pit at a grade of 0.65 g/t Au, and 172 K tonnes @ 6.26 g/t Au.
Starcore International Mines Ltd. reported production results for its second quarter of fiscal 2019 at its San Martin mine in Queretaro. During the quarter (ended October 31st), 81.4 K tonnes were milled @ 1.4 g/t Au, 43.5 g/t Ag, recovering 86.9% Au, 58.7% Ag, to produce 4,050 AuEq Oz. The Altiplano processing facility was put on maintenance and the sale of the asset is being considered.
Telson Mining Corp. announced its intention to retain Glencore Technology to test its patented metallurgical approach to increase zinc recoveries and zinc concentrate grade at its Campo Morado mine in Guerrero.
No Relevant News.
ON RESOURCES AND DEVELOPMENT
Odyssey Marine Exploration Inc. commented on its Q3 2018 report that a plea has been presented at the Tribunal Federal de Justicia Administrativa to oblige SEMERANAT (the Mexican environmental agency) to produce the requested environmental permit on the Don Diego offshore phosphate project in Baja California Sur.
Minera Alamos Inc. reported that mapping and surface sampling on the new Divisadero porphyry discovery at its Santana project, in Sonora. The work delineated a 200 x 300 m surface expression (still open) of the 95.7 m @ 0.85 g/t Au, 9.8 g/t Ag, 0.33% Cu drill intercept of porphyry style mineralization of a previous press release. Over 50% of 66 rock samples collected assayed between 0.1 and 2.2 g/t Au, with mineralization appearing to remain open under thin soil cover to the north and south. The Divisadero zone is 200 m north of the Nicho Norte breccia pipe.
Leagold Mining Corp. announced a significant increase in open pit mineral reserves at its Los Filos mine in Guerrero. Proven and probable reserves grew 122% compared with the 351 K Oz Au of December 2017, to reach 780 K Oz Au, contained in 40.5 M tonnes @ 0.60 g/t Au.
ON DEALS AND CORPORATE ISSUES
Goldplay Exploration Ltd. congratulated “its director, Ms. Laura Cristina Diaz Nieves, on her appointment as the next General Director of Mines in Mexico. As a result of this appointment, Ms. Diaz Nieves is required to relinquish her position as director of the Company at the end of this month” (San Marcial, Sinaloa).
Pan American Silver Corp. and Tahoe Resources Inc. entered into a definitive agreement for Pan American to acquire all of the outstanding shares of Tahoe, creating the world’s premier silver mining company. “Tahoe shareholders may elect to receive US$3.40 in cash or 0.2403 Pan American shares for each Tahoe share, subject in each case to pro-ration based on a maximum cash consideration of US$275 million and a maximum number of Pan American shares issued of 56.0 million, totaling US$1,067 million (the “Base Purchase Price”). The Base Purchase Price represents a premium of 34.9% to Tahoe’s volume weighted average price (“VWAP”) for the 20-day period ending on November 13, 2018……. At closing, existing Pan American and Tahoe shareholders will own approximately 73% and 27% of Pan American, respectively” (La Colorada, Zacatecas; El Escobal, Guatemala).
Golden Minerals Co. announced the acquisition of the 521 hectares, covered by six concessions, Navegantes property in Chihuahua. Golden holds an option to purchase six concessions totaling 521 hectares by paying $0.4M over three years.
Tamino Minerals, Inc. ( OTC PINK : TINO ) is pleased to update its shareholders and followers on the exploration program and direct investment funding initiatives.
Tamino Minerals is actively working with its geologists to start the exploration program on 2 of our Mining Exploration Projects. The programs are expected to begin during Q3 2018 and last approximately 6 months.
During the 42nd week of the year (October 15th to October 21st, 2018), at least 31 press releases were announced by companies working in Mexico. San Marco and Odyssey released advances in exploration. Galore Resources and Aura Minerals released news on mining, while Avino Silver, First Majestic, Premier Gold and Gold Resource reported Q3 production results. Sonoro Metals, First Majestic, Azucar Minerals and Plata Latina reported news related to financing. Telson, Azure, Candelaria and Goldplay reported on advances on its properties. Santacruz, Prize Mining, Azucar Minerals, Alio Gold, Canuc Resources, Minera Alamos and Excellon presented information on deals or corporate issues. ON MEXICO ISSUES, CAMIMEX stated there are 19 ongoing projects to augment gold production in Mexico. ON EXPLORATION, In Baja California Sur, Odyssey informed on SEMARNAT’s refusal for permitting the Don Diego project. In Sonora, San Marco is to start mapping and sampling the Espiritu project. In Coahuila, Prize Mining continues drilling at its Manto Negro project. ON MINING, Avino Silver, First Majestic, Premier Gold, and Gold Resource reported on Q3 2018 production. Galore begun mining at Los Gemelos, Zacatecas. Aura Minerals completed the first copper concentrate shipment from Aranzazu, also in Zacatecas. ON FINANCING, Sonoro is undertaking a private placement to raise up to $500 K. First Majestic filed a shelf prospectus that enables the raising of up to US$300 M in 25 months. Newcrest is exercising its top up rights to maintain 19.9% ownership of Azucar Minerals. Plata Latina settled C$231 K of indebtedness by share issuing. ON RESOURCES AND DEVELOPMENT, Telson released high grade results from development sampling at Tahuehueto, Durango. Azure Minerals announced a positive scoping study on its Oposura project in Sonora. Candelaria Mining filed a NI-43-101 report on its Pinos project in Zacatecas. Goldplay was approved the drilling permit by SEMARNAT for drilling at its San Marcial project in Sinaloa. Azure Minerals released a positive scoping study on its Oposura project in Sonora, for an open pit/underground operation. Newcrest is to maintain its 19.9% ownership of Azucar Minerals (see above). Minera Alamos reported second round drill results on its Santana property in Sonora. ON DEALS AND CORPORATE ISSUES, Santacruz Silver made the final payment to acquire a considerable land package in the Zacatecas district. Newcrest is to maintain its participation in Azucar Minerals. Canuc received conditional approval for its acquisition of Circle Energy. Alio Gold is disposing of some assets in Nevada and reducing its debt levels. Excellon is to sell the Beschefer project in Canada.
ON MEXICO ISSUES
According to CAMIMEX (Cámara Minera de México) there are 19 investment projects to be developed during the 2018-2019 period, five in Durango (Camino Rojo, Piritas in Peñasquito, El Compás, Fresnillo’s Piritas project and Juanicipio), four in Guerrero (Ana Paula, Bermejal underground, Media Luna, and Rey de Plata), four in Durango (Tahuehueto, Pitarrilla, Metates and San Agustin), Two in Sonora (Santa Gertrudis and a second leach plant at La Herradura), one in Puebla (Ixtaca) and one in Chihuahua (San Julian). Gold production in 2017 was 4,080,000 ounces, decreasing by 4% on the prior year, but considerably larger than the 848,000 ounces produced in year 2000.
San Marco Resources Inc. is to start exploration at its Espiritu porphyry copper project in Sonora. Work in the property will consist of geological mapping, surface rock sampling and assessment of past drill hole and surface data. San Marco’s first pass review suggest the system is open in most directions. Past drill hole intercepts include 48.0 m @ 0.19 g/t Au, 0.10 % Cu and 220.5 m @ 0.14 g/t Au, 0.15% Cu.
Odyssey Marine Exploration Inc. received notification that SEMARNAT repeated their refusal to issue an environmental permit for the phosphate deposit, “in direct contravention of the Order of the Federal Administrative Court”. SEMARNAT did not inform of any new environmental information used as a basis their decision, as was required in the Court’s Order. Odyssey “expects its legal team to file a new action before the Superior Section of the Federal Administrative Court demonstrating that SEMARNAT is in contempt of the Court’s Order with a request for sanctions and notification to Mexico’s Internal Control Unit” (Don Diego, Baja California Sur).
Prize Mining Corp. continues with the 30-hole 3,000 m drill program at its Manto Negro project in Coahuila. “Core is being logged and sampled and sent out for assay, with first results expected in November”.
Avino Silver & Gold Mines Ltd. announced its third quarter production results for 2018. In the Avino mine. during the period 81.5 K dry tonnes were milled @ 58 g/t Ag, 0.52 g/t Au, 0.54% Cu; with 84% Ag, 67% Au, 88% Cu recoveries to produce 112.6 K Oz Ag, 882 Oz Au, 865 K Lb Cu (or 3,935 Kg Ag, 28.31 Kg Au, 392.36 Tonnes Cu). In the San Gonzalo mine (which is nearing the end of its mine life) 19.7 K dry tonnes were milled @ 226 g/t Ag, 1.15 g/t Au; with 78% Ag, 75% Au to produce 107.8 K Oz Ag, 532 Oz Au (or 3,461 Kg Ag, 17,086 g Au). From the above ground stockpile 88.7 K tonnes were milled @ 62 g/t Ag, 0.45 g/t Au, 0.15% Cu; with 57% Ag, 52% Au, 37% Cu recoveries, to produce 97.4 K Oz Ag, 652 Oz Au, 112.8 K Lb Cu (or 3,127 Kg Ag, 20,931 g Au). An additional 8,212 Oz Ag were produced by a test program to recover precious metals and zinc from the San Gonzalo mine tailings. To counter significantly lower metal prices, Avino is reducing costs by postponing exploration, as well as reducing general and administrative costs in Mexico and British Columbia.
First Majestic Silver Corp. announced production results for Q3 2018. Consolidated results include the milling of 864 K tonnes of ore to produce 3.5 M Oz Ag, 35,260 Oz Au, 4.44 M Lb Pb, 1.23 M Lb Zn (or 6.74 M Oz AgEq). A 20% cost reduction program across all areas is being implemented to deal with the prolonged low silver prices. AgEq year on year production grew by 69%, mainly by the addition of the San Dimas operations. The mine by mine production table is below.
Galore Resources Inc. Has begun mining at Los Gemelos, in Zacatecas. Mining has begun without a feasibility study at Galore’s owned Duraznillo ranch, which includes the Los Gemelos and Duende 7 claims, within the Concepción del Oro district. The mining contractor has installed a gold processing plant with initial capacity of 90 tons per week. The proceeds, net of costs, are to be allocated with 40% to Galore and 60% to the contractor, URBYASA.
Aura Minerals Inc. completed the first shipment of copper concentrate since the reopening of its Aranzau mine in Zacatecas. Aura “continues to further progress on the underground mine development and operational improvements to the plant. Construction of the new tailings disposal system (TD5) is expected to be completed this year”.
Premier Gold Mines Ltd. released Q3 2018 production results, including figures from its Mercedes mine in Sonora, where 17,465 Oz Au; 88,390 Oz Ag were produced. “The Mercedes Mine remains focused on cost reduction and the development of new deposits to increase flexibility and productivity……. construction to expand tailings capacity began. Additionally, development continued on a drift from the Lagunas mine to access the higher-grade Marianas deposit located along the main Mercedes mine trend”.
Gold Resource Corp. reported preliminary production results for the third quarter 2018. During the period production totaled 434 tonnes Cu, 2,119 tonnes Pb, 4,970 tonnes Zn, and no details were disclosed on precious metals. For the first three quarters of 2018, 18,864 Oz Au, 1.34 M Oz Ag, 1,206 tonnes Cu, 5,274 tonnes Pb, 14,236 tonnes Zn were produced.
Sonoro Metals Corp. proposes to undertake a non-brokered private placement, aiming to raise up to $500K (Cerro Caliche, Sonora).
First Majestic Silver Corp. filed a preliminary short form base shelf prospectus that will allow First Majestic to raise up to US$300 M during the next 25 months (Six producing mines in Mexico).
Azucar Minerals Ltd. announced Newcrest Canada Holdings Inc. exercised its top-up rights pursuant to the May 2018 investor rights agreement with Azucar, acquiring additional shares for a total of $124.4 K, and maintaining its 19.9% ownership.
Plata Latina Minerals Corp. has agreed to settle indebtedness of C$201 K owing to its directors and indebtedness of C$30 K owing to its former CEO, by issuing common shares.
ON RESOURCES AND DEVELOPMENT
Telson Mining Corp. reported assay results from veins exposed during underground development at its Tahuehueto mine in Durango. Highlighted results comprise 3.25 m @ 7.10 g/t Au, 37 g/t Ag, 0.22% Cu, 0.9% Pb, 5.4% Zn; 6.10 m @ 5.04 g/t Au, 36 g/t Ag, 0.16% Cu, 1.8% Pb, 3.9% Zn; 8.05 m @ 2.52 g/t Au, 28 g/t Ag, 0.19% Cu, 0.8% Pb, 2.9% Zn; 4.20 m @ 8.02 g/t Au, 96 g/t Ag, 2.93% Cu, 5.0% Pb, 8.2% Zn; 4.40 m @ 2.62 g/t Au, 19 g/t Ag, 1.3% Cu, 3.8% Pb, 3.7% Zn.
Candelaria Mining Corp. filed a NI-43-01 preliminary feasibility assessment (PEA) report on its Pinos project, Zacatecas. The resources stand at: 85,847 tonnes @1.6 g/t Au, 83 g/t Ag measured; 175.7 K tonnes @ 3.6 g/t Au, 47 g/t Ag indicated; 529.6 K tonnes @ 3.6 g/t Au, 48 g/t Ag as inferred. The measured resources are in dumps, whereas the indicated and inferred resources are contained in veins 1.3 to 2.1 m in average widths. Production costs were evaluated for a range of 200 to 400 tonnes per day (tpd) operation. The capital cost is estimated at $13.5 M and the sustaining capital at $9.15 M.
Goldplay Exploration Ltd. received approval from SEMARNAT (Mexican environmental agency) for its upcoming drill programs at San Marcial, Sinaloa. Up to 69 drill holes can be completed within a two year window. A NI-43-101 resource estimate is to be completed before the end of 2018., and a PEA is expected to be undertaken in 2019.
Azure Minerals Ltd. announced a positive scoping study (SS) completed at its Oposura project in Sonora. “The Study delivers a Life of Mine (LOM) EBITDA of A$237 million, NPV(8%) (pre-tax) of A$112 million and an IRR (pre-tax) of 76%….. ”. The study calls for mining by open pit and underground methods 2.5 M tonnes @ 4.6% Zn, 2.6% Pb, 15.9 g/t Ag. The initial mine life is 5.3 years, with average annual production of 19 Kt Zn, 10 Kt Pb, 145 K Oz Ag. The total capital expenditure needed to achieve production is A$ 69.9 M (US$ 52.4 M).
Minera Alamos Inc. reported results on the second round of its phase 1 drilling program at its Santana property in Sonora. Highlighted results comprise 80.4 m @ 1.05 g/t Au; and 8.0 m @ 1.0 g/t Au and 24.5 m @ 0.81 g/t Au on a second hole. “Planning of the Phase 2 drill program will begin once the remaining drilling results have been received and interpreted”.
ON DEALS AND CORPORATE ISSUES
Santacruz Silver Mining Ltd. has made the final option payment to acquire 149 concessions covering 7,800 ha in the Zacatecas district. Santacruz now controls 8,900 ha in the district.
Azucar Minerals Ltd. informed Newcrest Canada Holdings Inc. has confirmed its intention to exercise its top-up rights on their last May signed agreement. Under the scheme, Newcrest is to maintain its 19.9% ownership of Azucar (El Cobre, Veracruz).
Alio Gold Inc. entered into a definitive agreement to sell the Lincoln Hill, Wilco and Gold Ridge projects in Nevada to Coeur Mining Inc.. Alio is to receive $19 M upon the closing of the transaction. Recently, Alio has also reduced its outstanding debt with Macquarie Bank Ltd. from $15 million in past June, to $5 million now. The Company expects to fully extinguish the MBL debt during the fourth quarter. Alio also settled a $5 M contingent liability that the Company acquired with its acquisition of Rye Patch Gold Corp. and the Florida Canyon Mine earlier this year. The Company has also updated its surety bond for the Florida Canyon Mine in Nevada, releasing an additional $5.1 million in cash (San Francisco, Sonora).
Canuc Resources Corp. received conditional approval from the TSX Venture Exchange for the previously announced acquisition of Circle Energy Ltd., a company with six oil prospective sections in Saskatchewan (San Javier, Sonora).
Excellon Resources Inc. entered into an option agreement with Wallbridge Mining Co. to sell the Beschefer project in Canada (Platosa, Durango).
VANCOUVER, BRITISH COLUMBIA, October 5, 2018 – Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock”) is pleased to report that drilling is in progress at the El Picacho gold project in Sonora State, Mexico. A series of ten holes totaling 2,000 meters has been approved and is being funded by Centerra Gold Inc. (“Centerra”) under an option to joint venture agreement. The program has been designed to test geological targets identified through soil and rock sampling, geophysical surveys, and trenching. The drill holes will test the Placeres prospect, one of several prospect areas identified by the joint technical teams over the past year. The project targets orogenic gold deposits, similar in nature to the nearby San Francisco gold mine, which is operated by Alio Gold Inc. The El Picacho project, located in Sonora State, Mexico, is located approximately 80 km north of the City of Hermosillo, and is accessible by paved highway and gravel roads.
During the 37th week of the year (September 10th to September 16th, 2018), at least 22 press releases were announced by companies working in Mexico, with ten informing on exploration results, six reporting on resources and developments, four communicating deals and corporate issues, and two announcing production results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Riverside and Kootenay announced exploration results from its Cecilia and La Mina projects respectively. In Chihuahua, Harvest Gold began preparations to drill test its Cerro Cascaron project and Sable Resources released drilling results from its Margarita project. In Sinaloa, Auxico reported sampling results from its Zamora project In Durango, Gainey announced a 1st phase of exploration at its Las Margaritas project, Orex commenced fieldwork exploration on its San Luis del Cordero project, and Prospero reported drilling results from its Buenavista project. In Zacatecas, Advance Gold started a phase 2 drilling program at its Tabasquena project. In Jalisco, Evrim announced trench and soil results from its Cuale project. ON MINING, Starcore reported Q1 2018 results from its San Martin mine in Queretaro. US Antimony announced plans to increase its production of Sb, Au and Ag in Mexico. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, In Sonora, SilverCrest and Premier Gold released drilling results from its Las Chispas and Mercedes projects respectively. Aura provided an update at its Aranzazu mine in Zacatecas. Candelaria announced a PEA for its Pinos Gold project in Zacatecas. McEwen reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa. ON DEALS AND CORPORATE ISSUES, Evrim and First Majestic agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. New Gold announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi). Levon announced results from its annual general meeting (Cordero project, Chihuahua). Vangold withdrew its submission to acquire the San Carlos property in Guanajuato (El Pinguico mine, Guanajuato).
ON MEXICO ISSUES
No relevant news.
Riverside Resources Inc., completed 11 N-S lines for soil sampling which returned strong multi-elements anomalies with Au, Pb, Cu, and other key elements. These results along with previous exploration work have outlined four new target areas on its Cecilia project in Sonora. Target 1 is a 4km long by 300m wide target where previous rock sampling has found up to 2 g/t Au in silicified conglomerates , but the soil anomaly is open in both directions beyond the 4 Km and more than 800m wide. Target 2 is a NE trending Ag, Pb, Au, Zn, Sb, Hg and Cu soil anomaly over 2km long and 600m wide in rock cracks with faults and host veining displaying a series of NW striking feeder dikes. Target 3 is a 1km long by 500m wide Au-Zn with minor Ag, Cu, Pb and Bi soil anomaly associated to a N-S trending fault system intersecting Paleozoic limestones. This target is also along the border edge of a magnetic high reported in a regional government geophysics survey likely associated with Pre Cambrian granitic basement. Target 4 contains “high-grade gold samples in soils and alteration with jasperoid, silicification, and carbonate veining of the Paleozoic limestone that gives a potential limestone hosted Au with anomalous soil assays of Zn, Pb, Ag and Mn”.
Kootenay Silver Inc., announced that its partner Capstone Mining Corp., has commenced an exploration program on its la Mina project in Sonora. The exploration program will consists of detailed mapping and rock chip / stream sediment sampling to generate potential drill targets.
Harvest Gold Corporation, reported that Evrim Resources, its JV partner and operator on its Cerro Cascaron project in Chihuahua, has mobilized an advance team to the site to start preparations to drill test the property. The drill program, expected to commence at the end of September, will consist of 3,000 m to test the Cascaron Gold targets and the Cascarita Silver targets.
Sable Resources, released drilling results from its Margarita project in Chihuahua. Significant intersections are from hole M-DDH-18-09 with 6.5m of 111 g/t Ag Eq, including 3.5m of 153 g/t Ag; hole M-DDH-18-11 with 11.3m of 252 g/t Ag Eq, including 1.3m of 889 g/t Ag Eq; hole M-DDH-18-12 with 12.7m of 98 g/t Ag Eq, including 1.8m of 244 g/t Ag Eq. Additionally, Sable identified a low-grade stockwork style of mineralization evident in numerous holes. The most significant results are hole M-DDH-18-03 with 44.13m of 50 g/t Ag Eq, including 6.95m of 142 g/t Ag Eq; hole M-DDH-18-07 with 7.6m of 54 g/t Ag Eq, and hole M-DDH-18-12 with 21.35m of 37 g/t Ag Eq. “With the first stage of drilling now complete we will evaluate our results and formulate a plan for stage 2 drilling targeting further extensions of Margarita and the other adjacent parallel veins”.
Auxico Resources Canada Inc., reported high-grade sampling results from its Zamora project in Sinaloa. Significant results are 0.80m of 4Kg Ag and 29.2 g/t Au at La Franca claim, 600m southwest of the Campanillas mine along a structure that can be followed by at least 600m along strike. Mineralization consists of breccia-stockwork veining containing galena, sphalerite and possible silver sulphosalts, malachite and chalcopyrite. Other significant results are from Aguamas area where some channel samples returned 0.65m of 6.38 g/t Au and 23 g/t Ag; 0.70m of 14.7 g/t Au and 34 g/t Ag; 0.50m of 3.55 g/t Au and 108.7 g/t Ag; and 1.60m of 6.64 g/t Au and 220 g/t Ag.
Gainey Capital Corp., announced a phase 1 exploration program on its Las Margaritas project in Durango. Las Margaritas is a mineralized vein system that extends at least 1.5Km along strike and averages 1-2m in width. The 1st phase exploration program will consists of detailed mapping and sampling with the objective to identify prospective areas to generate the best drill targets.
Orex Minerals Inc., commenced an exploration program on its San Luis del Cordero project in Durango, where the company has an option to acquire 100% interest in the property from Exploraciones del Altiplano S.A. de C.V. Mineralization at San Luis del Cordero is characterized by skarn and epithermal vein Ag-Cu-Zn as a result of Tertiary-quartz-feldspar-porphyry intrusions affecting Jurassic and Cretaceous limestones, calcareous sandstones and shales. The project has seen several phases of exploration from different mining companies, including 16,400m drilled in 62 holes in the period 2000-2016. The property contains indicated resources of 662.6K tonnes of 121 g/t Ag, 0.78 % Cu and 1.1 % Zn for a total of 5.1M Oz Ag Eq, and inferred resources of 2, 785,300 tonnes of 144 g/t Ag, 0.75 % Cu and 1.45 % Zn, for a total of 24.4 M Oz Ag Eq.
Prospero Silver Corp., reported core drilling results from eleven holes totaling 2, 811m drilled at its Buenavista project in Durango. Mineralization drilled-tested at Buenavista consists of structurally controlled epithermal veins centered on a rhyolite dome complex. “All holes cut anomalous silver mineralization, with a best interval of 1.6m @ 353g/t Ag from 185.6m downhole, within a broader interval of 49m @ 43g/t Ag in hole BVF-18-05”.
Advance Gold Corp., started a second phase drilling program at its Tabasquena project in Zacatecas to test the La Tabasquena epithermal vein at a depth of 1,800m. Phase 2 will test below the gold discovery hole of phase 1. It also will test some of the potential feeder type targets and all of the veins below the oxide zone which goes down to an estimated 175 metres below surface.
Evrim Resources Corp., announced new trench and soil results from its Cuale project in Jalisco. Highlight results include the trench 2 which was extended from 29.4m to 184.1m with an average grade of 0.85 g/t Au, including 59.1m of 1.79 g/t Au, and including 21.6m of 4.18 g/t Au; Trench 4 , extended from 106.2m to 156.2m with an average grade of 9.57 g/t Au, including 64.6m of 20.85 g/t Au, and including 7.5m of 163.31 g/t Au; and Trench 5 which contains 174m of 0.62 g/t Au, including 70m of 1.16 g/t Au, and including 40m of 1.45 g/t Au. A soil grid with 200 metre spacing outlined a Au anomaly over the entire La Gloria prospect with grades >0.01 g/t Au of 2,300m by 800m with a central corridor of 1,700m by 300m >0.1 g/t Au extending north of the trenched area. “The soil anomaly at higher elevation correlates with elevated silver, antimony, molybdenum, arsenic and low contents of manganese and zinc. At lower elevations gold correlates with elevated copper, tellurium, arsenic, bismuth and iron”. “The new trench results expand the La Gloria zone to the northwest and the east with consistent gold mineralization. Soil sampling indicates the La Gloria system footprint is measurably larger with the potential to host a significant deposit and/or additional mineralized centers within the La Gloria prospect”. “The soil survey has a distinctive high sulphidation signature centred on a large gold in soil anomaly that is approximately 2,300 metres by 800 metres. The results indicate a potential major system with significant upside for additional mineralized centers within the La Gloria prospect.”
Starcore International Mines Ltd., reported Q21 2018 results from its San Martin mine in Queretaro. Starcore milled 77,400 tonnes of 1.53 g/t Au and 49 g/t Ag to produce 3.3K Oz Au and 72.7K Oz Ag, with an all-in sustaining cost of US$ 1,215 for Eq Oz. Metallurgical recoveries were 88.1% for Au and 59.6% for Ag.
US Antimony Corporation, produced 131,184 Lb Sb and 1,244 short tonnes of zeolites in August 2018 and announced plans to increase its production of Sb, Au and Ag in Mexico. At its Wadley mine in San Luis Potosi, the general level will be reactivated by cleaning up the waste to provide access and transportation of the lower grade for the mill. At Sierra Guadalupe in Zacatecas, the Santa Monica drift will be restarted. The ore is primarily sulphides and can be upgraded to 60-70% Sb flotation concentrate at its Puerto Blanco Mill to make antimony tri-sulphide. At the Soyatal district in Queretaro, a buying program will be started to purchase direct shipping ore for its Madero smelter. The construction of the cyanide leach plant for the Los Juarez Au-Ag-Sb should allow pilot testing to commence during Q4 2018. The company also closed an agreement purchase, dismantle and transport an antimony plant from Reynosa, Tamaulipas. When installed, the equipment from the Reynosa plant will increase the capacity of the Madero Smelter in Coahuila to approximately 30,000,000 Lb per year of antimony oxide.
No relevant news.
ON RESOURCES AND DEVELOPMENT
SilverCrest Metals Inc., released drilling results from its Las Chispas project in Sonora and expanded the high grade at Babicanora Norte vein. Drill holes have intersected additional high-grade Ag-Au mineralization at Babicanora Norte vein which is located about 300m NE of Babicanora vein and apparently is connected with the Granaditas area which contains multiple veins to the southeast. The most significant results are 1.8 m of 15.11 g/t Au and 1,718 g/t Ag or 2,851 g/t Ag Eq, 1.6 m of 8.96 g/t Au and 1,078 g/t Ag or 1,750 g/t Ag Eq and 1.5 m of 4.22 g/t Au and 687 g/t Ag or 1 Kg Ag Eq. The drilling results of Babicanora Norte vein will be part of the upcoming updated resource which will include 8 of the 30 identified veins in the district.
Premier Gold Mines Limited, reported drilling results from the Rey de Oro deposit at its Mercedes mine in Sonora. Highlights results include hole UG-R018-013 which returned 12.64 g/t Au and 240.1 g/t Ag across 29.65 m (TW of 13.5 m), hole UG-R018-015 with 0.41 g/t Au and 3120.0 g/t Ag (91.0 oz/ton) across 1.52 m (TW of 1.06 m), and hole UG-R018-012 with 17.00 g/t Au and 321.0 g/t Ag across 1.1 m (TW of 0.8 m) and 4.47 g/t Au and 138.5 g/t Ag across 8.25 m (TW of 6.1 m). “Underground drilling at Rey de Oro consists of step-out and delineation drilling of this recently developed horizon. This drilling continues to intersect some of the widest vein intercepts on the property and demonstrate the potential to continue to extend the mine life at Mercedes”.
Aura Minerals Inc., provided an update at its Aranzazu mine in Zacatecas. Aura has obtained all the necessary permits and initiated the construction of the new tailings disposal system. “The Company expects the Aranzazu mine to achieve commercial production later this year and to achieve the average processing of 2,600 tonnes per day shortly thereafter”.
Candelaria Mining Corp., announced a PEA for its Pinos Gold project in Zacatecas. Highlight results from the PEA indicate an after tax net present value (NPV) of US$ 12M using a 5% discount rate, an after tax internal rate return (IRR) of 25%, and a 7 years life of mine with projected gold equivalent ounce (“GEO”) production of 89,000. The PEA includes a mineral resource estimate as of September 13, 2018. Measured resources (Dump) are 85,847 tonnes of 1.6 g/t Au and 83 g/t Ag for a total of 4,444 Oz Au and 229K Oz Ag. Indicated resources are 175,697 tonnes of 3.6 g/t Au and 47 g/t Ag for a total of 20.6K Oz Au and 268K Oz Ag. Inferred resources are 529,267 tonnes of 3.6 g/t Au and 48 g/t Ag for a total of 60.7K Oz Au and 811K Oz Ag. Average recovery for Au and Ag are 90 and 80% respectively. The company plans to have an annual production of 12,700 GEO with an overall average direct cash cost of %US 666 per GEO.
McEwen Mining Inc., reported that hopes to add 12 years of mine life at its El Gallo Complex in Sinaloa, combining mineralized sources from five locations that will be developed in two distinct process plant construction phases. McEwen plans to produce 47K Oz Au Eq per year.
Bacanora Lithium plc., announced plans to start the mine construction on its Sonora Lithium project in Sonora. $US 420M will be invested in the first phase and is expected to begin to operate in 2020.
ON DEALS AND CORPORATE ISSUES
Evrim Resources Corp., and First Majestic Silver Corp., agreed to exercise the Ermitaño and Cumobabi option agreements in Sonora. First Majestic has completed its 100% earn-in for both projects. First Majestic has paid $1.5M in cash to Evrim and has granted a 2% NSR in the case of Ermitaño project and 1.5% NSR in the case of Cumobabi project.
New Gold Inc., announced the appointment of its new President and CEO (Cerro San Pedro mine, San Luis Potosi).
Levon Resources Ltd., released results from its annual general meeting (Cordero project, Chihuahua).
Vangold Mining Corp., withdrew its submission to the TSX Venture Exchange to acquire the San Carlos property in Guanajuato.
During the 35th week of the year (August 27th to September 2nd, 2018), at least 18 press releases were announced by companies working in Mexico, with seven informing on exploration results, five announcing financing issues, four communicating deals and corporate issues, one reporting production results, and one reporting on resources and developments. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Azure reported that project operator Teck Resources commenced its second drilling campaign on the El Alacrán project; Minaurum acquired two additional mineral concessions at its Alamos Silver project and discovered three new veins; Ridgestone commenced a 1,400m drilling program at its Rebeico project; and Riverside provided an exploration update of its Mexican projects portfolio. In Chihuahua, Harvest approved the budget to drill its Cerro Cascaron project, and Radius mobilized a drill team to explore its Amalia project. In Sinaloa, Goldplay reported historical core sampling results from its San Marcial project. ON MINING, Santacruz reported Q2 2018 results from their Veta Grande project in Zacatecas and the El Rosario project in San Luis Potosi. ON FINANCING, Evrim closed a private placement for $7,272,601.50. Prize closed the first tranche of a private placement for $1,530.000. Vangold announced a non-brokered private placement for up to $500,000. Sable launched an early warrant exercise incentive program to exercise warrants exercisable for common shares. ON RESOURCES AND DEVELOPMENT, Endeavour updated mineral reserves and resource estimates and a PFS on its Terronera project in Jalisco. ON DEALS AND CORPORATE ISSUES, Silver Viper terminated its option agreement on the Clemente project in Sonora with Riverside. Ethos Gold entered into an option agreement to acquire a contiguous claim to its la Purisima project in Chihuahua. Santacruz amended the Contracuña option and a short-term loan agreement. Endeavour announced an initiative to reduce capital and operating costs.
ON MEXICO ISSUES
No relevant news.
Azure Minerals Limited, announced that Teck Resources commenced its second drilling campaign on the El Alacrán project in Sonora. Two diamond drill rigs have been mobilized to carry out a 5,000m program with the objective to test high priority drill targets including Cerro Alacrán (porphyry Cu target) and Cerro Simon (epithermal Au-Ag target).
Minaurum Gold Inc., acquired the 10,159 Ha La Quintera claim and the 400 Ha Yoreme claim to expand its land package to 16,134 Ha at its Alamos Silver project in Sonora. Three new veins have been discovered on the Yoreme concession measuring between 900m to 1,800m long. Vein sampling returned from anomalous up to 250 g/t Ag, 1.29% Cu, 4.74% Pb, and 1.99% Zn. “With the newly found Yoreme veins, we have outlined a vein swarm of 12 prominent and separate veins within an overall corridor measuring 10 km long and 2.7 km wide at Alamos.” stated Darrell Rader, President and CEO of Minaurum. “The new claims not only triple the size of our holdings but also ensure that we control the strike of all known veins, greatly expanding the impressive untested exploration potential at Alamos.”
Ridgestone Mining Inc., commenced a 1,400m diamond drill program at its Rebeico Au-Cu project in Sonora. The drilling program has the aim to test for Au-Cu mineralization below historical workings along the Alaska vein which has a strike length of over 1km and is open at depth.
Riverside Resources Inc., provided an exploration update of its projects portfolio. At its Cecilia project in Sonora, the company is conducting a soil survey sampling covering the larger surrounding concession acquired through the Mexican lottery system last year. Riverside also announced that Silver Viper Minerals Corp terminated its option on the Clemente project in Sonora and is currently compiling all the new information. It is also refining targets on its three copper assets in Sonora: Thor, Ariel and El Teco.
Harvest Gold Corporation, approved the drill program budget submitted by Evrim Resources Corp., for the diamond drill program at its Cerro Cascaron project in Chihuahua. The drill program will consists of 3,000m in 15 holes to cover seven target areas and is expected to initiate in late September.
Radius Gold Inc., mobilized a drill team to explore its Amalia project in Chihuahua. The 2,000m drill program will be conducted by Pan American Silver and is expected to commence in September on multiple drill targets, including Campamento target, a 500m by 70m zone of intense silicification and brecciation with massive and stockwork veining; Guadalupe target, a high-grade andesite hosted structurally controlled breccia zone, and Dulces target, a poorly exposed vein within an extensive area of argillic altered andesite volcanics and related Au in soil anomaly.
Goldplay Exploration Ltd., reported sampling results of the historical core from its San Marcial project in Sinaloa and confirms open pit target near surface with 46m of 129 g/t Ag Eq, including 7.5m of 379 g/t Ag Eq, and 1.5m of 1,079 g/t Ag Eq.
Santacruz Silver Mining Ltd., reported Q2 2018 results from its Veta Grande project in Zacatecas and the El Rosario project in San Luis Potosi. 52,025 tones were processed during Q2 2018 to produce 52K Oz Ag at a production cost of $66.12 per tonne.
Evrim Resources Corp., closed a private placement with Newmont Canada Corporation for $7,272,601.50. Proceeds from the private placement will provide funding for the Cuale high sulphidation epithermal gold project in Jalisco, Mexico and for general corporate purposes.
Prize Mining Corporation, closed the first tranche of a brokered private placement for $1,530,000. Net proceeds will be used on its Manto Negro project in Coahuila.
Vangold Mining Corp., announced a non-brokered private placement financing for up to $500,000. Net proceeds will be used to advance its Pinguino mine project in Guanajuato.
Sable Resources Ltd., launched an early warrant exercise incentive program to encourage the early exercise of up to 27,205,500 of its outstanding unlisted warrants exercisable for common shares at a price of $0.25.
ON RESOURCES AND DEVELOPMENT
Endeavour Silver Corp., updated mineral reserves and resource estimates and a PFS on its Terronera project in Jalisco. Indicated resources are 4,363,000 tonnes of 239 g/t Ag and 2.53 g/t Au for a total of 33.4M Oz Ag and 354K oz Au. Inferred resources are 1,073,000 tonnes of 252 g/t Ag and 2.38 g/t Au for a total of 8.8M Oz Ag and 82K Oz Au. Probable reserves are 4,701,000 tonnes of 226 g/t Ag and 2.28 g/t Au for a total of 33.8M Oz Ag and 342K Oz Au. The company also disclosed results of the PFS. Highlights include a mine life of 9.5 years with average annual production of 5.1M Oz Ag Eq in phase 2 (year 3 and onwards); a cash cost of $0.15 per Oz Ag, net of Au by-product credits and all in sustaining cost of $1.36 per Oz Ag, net of Au by-product credits, and a robust economics including an after-tax 5% NPV of $117.8M (51% increase from 2017 PFS), an Internal Rate of Return of 23.5% and Payback period of 5.4 years.
ON DEALS AND CORPORATE ISSUES
Silver Viper Minerals Corp., terminated its option agreement on the Clemente project in Sonora with Riverside Resources Inc.
Ethos Gold Corp., entered into an option agreement to acquire an 897 Ha contiguous claim to its la Purisima project in Chihuahua. The company can acquire the 100% interest of the property at any time during the 10 years following closing of the option agreement by paying the property owner staged payments for US$550,000 and granting a 2% NSR royalty on the property of which the company can purchase 50% at any time by paying US$ 1M.
Santacruz Silver Mining Ltd., amended the option agreement with the Contracuña group of companies to acquire 100% ownership of the Veta Grande mine and milling facilities as well as the Minillas project in Zacatecas. Santacruz also amended the repayment terms of the US$2.3M short-term loan it has with a private Bolivian mining company. Pursuant to the amended terms the principal balance of US$2.3 million is now to be repaid in October 1, 2018
Endeavour Silver Corp., announced an initiative to reduce capital and operating costs due to the drop in precious metal prices this quarter. The exploration group will cease all drilling activities and will be focused on preparing new resource estimates and planning for 2019 to resume their drilling programs. The development group working on Terronera project in Jalisco has delayed hiring for certain positions and will not commence already permitted earthworks on the roads and plant site until receipt of final government permits for the mine dumps and plant tailings. It also conducted a review of possible short-term improvements to increase revenue and decrease costs at each of their mines to year-end.
During the 34th week of the year (August 20th to August 26th, 2018), at least 17 press releases were announced by companies working in Mexico. Aztec Minerals, Discovery Metals, and SilverCrest Metals released advances in exploration. Grupo Mexico and Santacruz Silver Mining released its Q2 2018 results. SilverCrest Metals, Silver Bull, Avino Silver and Prize Mining reported news on financing. Azure Minerals reported advances on the PEA and new drilling of one of its projects. ON MEXICO ISSUES, The Mexican Core Shack now counts with displays from three properties in Chihuahua, two in Durango and two in Estado de Mexico. ON EXPLORATION, In Sonora, Aztec Minerals released results from surface sampling along drill roads on its Cervantes project. In Coahuila, Discovery Metals released results from underground sampling at its Puerto Rico project. ON MINING Grupo Mexico and Santacruz Silver released its Q2 2018 reports. Grupo Mexico is to re-open its San Martin mine in Zacatecas. ON FINANCING, Silver Bull and Prize Mining closed final tranches of financing for gross proceeds of US$3.79 M and $7.62 M respectively. ON RESOURCES AND DEVELOPMENT, Azure Minerals is advancing the PEA on its Oposura property in Sonora, and announcing a new drilling campaign. SilverCrest released more drilling results from its Las Chispas project in Sonora. ON DEALS AND CORPORATE ISSUES, Alio Gold announced several changes in senior management, as well as at its corporate head office in Vancouver, related to the recent focus on its operating mines.
Aztec Minerals Corp. released surface sampling results from the California prospect within its Cervantes project in Sonora. The rock chip channel samples were collected along drill roads, returning 75 m @ 0.11 g/t Au; 222 m @ 0.47 g/t Au; 84 m @ 0.40 g/t Au; 183 m @ 0.32 g/t Au; 81 m @ 0.53 g/t Au; 33 m @ 0.26 g/t Au; 111 m @ 0.02 g/t Au. Aztec’s CAD$182 K phase 2 exploration program “of geological mapping, rock, soil and sediment sampling and airborne magnetic and radiometric surveys is focused on better defining additional drill targets” on the 3,649 hectares property. Soil surveys highlight strong gold anomalies at the California north, Purisima East, Purisima West and Jacob soil grids, with individual samples returning up to 3.3 g/t Au. The Cervantes property is held under an option to purchase agreement with Kootenay Silver Inc.
Discovery Metals Corp. reported the second batch of underground channel sampling results from the San Jose mine at its Puerto Rico project in Coahuila. “San Jose contains approximately 630m of underground drifts and stopes over four levels (from bottom to top: the Chuyon, Haulage, Rope and Upper levels) that span an approximate vertical extent of 50m and cover a horizontal extent of approximately 80m by 80m. All four levels host strongly mineralized mantos, chimneys and faults. Channel samples were collected at 3-5m intervals along both sides of the entire length of the developed workings”. Individual samples are as high as 1.2 m @ 10 g/t Ag, 46.2% Zn, 0.2% Pb, 0.2% Cu; 0.7 m @ 154 g/t Ag, 38.2% Zn, 0.6% Pb, 0.1% Cu; 1.0 m @ 18 g/t Ag, 30.2% Zn, 0.1% Pb, 2.6% Cu; 1.0 m @ 445 g/t Ag, 3.5% Zn, 26.3% Pb, 0.6% Cu.
Santacruz Silver Mining Ltd. reported operating results from the Veta Grande project in Zacatecas and the Rosario project in San Luis Potosi, for the second quarter 2018. At Veta Grande, 52 K tonnes @ 70 g/t Ag, 0.17 g/t Au, 1.14% Zn, 0.41% Pb (161 g/t AgEq) were processed, with a 45% Ag recovery, to produce 36.7 K Oz Ag, 59 Oz Au, 111 tonnes Pb, 164 tonnes Zn. At Rosario, 15.4 K tonnes @ 44 g/t Ag, 0.26 g/t Au, 2.54% Zn, 0.23% Pb (212 g/t AgEq) were processed, with 89% Ag recovery, to produce 19.4 K Oz Ag, 84 Oz Au, 31 tonnes Pb, 344 tonnes Zn.
Grupo México is to re–open its San Martin mine in Zacatecas, with an investment of US$77 M. The mine was closed eleven years ago due to a labor dispute with the Sindicato Nacional de Trabajadores Mineros, led by Napoleon Gomez Urrutia. The mine workers have now changed to the Sindicato Nacional de Trabajadores de la Exploración, Explotación y Beneficio en Minas de la República Mexicana, ending the closure by strike of the mine. The mine is to have a 32 years life span, creating directly 600 jobs and indirectly 3,000 more.
Grupo México reported its second quarter 2018 results. During the period sales increased 19%, while the EBITDA rose to US$1,316 M, and capital investments rose to US$434 M.
SilverCrest Metals Inc. has been approved to list its common shares on the New York Stock Exchange (Las Chispas, Sonora).
Silver Bull Resources Inc. completed the second and final tranche of its previously announced private placement, for aggregate gross proceeds of USD$957.5 K. Under the first tranche of the private placement Silver Bull accrued USD$2.831 M (Sierra Mojada, Coahuila).
Avino Silver & Gold Mines Ltd- filed a shelf registration statement on Form F-3 with the Securities and Exchange Commission (SEC), that is to allow the company to raise up to US$25 M (Avino, Durango).
Prize Mining Corp. closed the third and final tranche of the recently announced non-brokered private placement, raising $500 K and taking the total aggregate of gross proceeds to $7.62 M (Manto Negro, Coahuila).
ON RESOURCES AND DEVELOPMENT
Azure Minerals Ltd. announced that the preliminary economic assessment (PEA) on its Oposura project in Sonora remains on track to be reported in the third quarter of 2018. The study envisions open pit and room and pillar underground extraction. The resource includes 2.1 Mt (tonnes) @5.3% Zn, 2.9% Pb, 17.2 g/t Ag in the indicated category and 0.8 Mt @ 4.3% Zn, 2.5% Pb, 16.5 g/t Ag in the inferred category.
SilverCrest Metals Inc. announced new drill results from the Granaditas vein and the new Granaditas Dos vein at its Las Chispas property in Sonora. These veins are approximately 40 m apart and may intersect to the southeast. Highlighted true width (TW) intercepts include 1.2 m @ 5.6 g/t Au, 15 g/t Ag; 1.3 m @ 4.2 g/t Au, 229 g/t Ag; 1.2 m @ 3.10 g/t Au, 4.0 g/t Ag in the Granaditas vein, 0.5 m @ 1.8 g/t Au, 149 g/t Ag; 0.4 m @ 2.4 g/t Au, 421 g/t Ag; 2.9 m @ 294 g/t Ag; 1.2 m @ 1.2 g/t Au, 162 g/t Ag in the Granaditas Dos vein and 0.9 m @ 1.0 g/t Au, 82 g/t Ag; 1.4 m @ 2.5 g/t Au, 799 g/t Ag in an unnamed vein. The high-grade footprint in the Granaditas Vein currently measures approximately 200 m long by 200 m high and is open in most directions. The high-grade footprint in the Granaditas Dos (2) Vein currently measures approximately 100 m long by 100 m high and is open in most directions.
Azure Minerals Ltd. recommenced drilling at its Oposura project in Sonora. This campaign is focused on infill drilling and more widely spaced resource extensional drilling.
ON DEALS AND CORPORATE ISSUES
Alio Gold Inc. announced changes related to the recent focus on its operating mines San Francisco in Sonora and Florida Canyon in Nevada, which include the previously announced temporary suspension of exploration and development at its Ana Paula project in Guerrero, and the here stated termination of the Vice-president of project development Project Manager and the Chief Executive Officer. “The Company has also taken steps to reduce costs at the Ana Paula project site in Mexico while maintaining a level of local employment and community engagement…..the Company has also implemented a number of changes at its corporate office in Vancouver which in total are expected to reduce the corporate overhead by approximately $1.2 million over the next 12 months.“
Defiance Silver Corp. renegotiated and extended the terms of its San Acacio Project option agreement. “The project vendor has agreed to postpone a substantial amount of the payments due in 2018 to September 27, 2020. As a result, Defiance will be making four quarterly payments of US$226,900 totaling US$907,600 in year one and four quarterly payments of US$250,000 totaling US$1,000,000 in year two with the final option payment due September 2020.”
On the picture above, the silicified and alunite bearing ridge beyond the farming fields is interpreted as the water table interface in a shallow epithermal system, in Guanajuato. Picture by Jorge Cirett.
During the 24th week of the year (June 11th to June 17th, 2018), at least 16 press releases were announced by companies working in Mexico. Four companies updated on exploration advances, and one the commencement of mining activities. Four companies announced financing rounds, loans and bonds for an aggregate of over $55 M. One company disclosed news on drilling near resources and development while one other released metallurgical test results. ON MEXICO ISSUES, mining companies are awaiting a Supreme Court resolution on a Zacatecas State tax imposition on mining. ON EXPLORATION, In Sonora, Aloro updated on exploration work at Los Venados; Colibri finished drilling at El Pilar, and released results from a soil survey; Colibri disclosed drilling results by Agnico at its Pitaya project. In Veracruz, Azucar Minerals started a drilling campaign on the Norte zone and the north part of the Villa Rica zone at its El Cobre porject. ON MINING, Mexus started pilot mining at its 8 Hermanos property in Sonora. ON FINANCING, Alamaden raised $9.4 M; Starcore launched a private placement for CDN$3 M; Telson paid US$8 M and obtained a loan for US$8.5 M; Endeavour Silver is to sell common shares for an aggregate of up to $35.7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling of the Granaditas vein on Las Chispas project, in Sonora. Azure Minerals released metallurgical test results from Oposura, also in Sonora. ON DEALS AND CORPORATE ISSUES, Starcore decided not to go ahead with the acquisition of the Santa Fe property in Sinaloa. Defiance Silver entered into an agreement to acquire Mag Silver’s properties in the Zacatecas District.
ON MEXICO ISSUES
Fresnillo PLC and Mag Silver Corp. are awaiting a Supreme Court (Suprema Corte de la Nación) resolution on a mining duty attached to environmental impact, set by the state of Zacatecas. The federal government challenged the State’s right to impose such a duty back in 2017.
Aloro Mining Corp. updated on its exploration of the Los Venados project in Sonora. Mapping and sampling have defined a rhyodacitic volcanic dome associated with high sulfidation style alteration with Au-Bi-Mo anomalies. Several felsic dome/silica breccia complexes have been located, with the highest priority target on the dome at the southeast part of the property, where gold in soil anomalies and IP anomalies coincide. A new environmental report is being submitted to the authorities, seeking permit for 12 reverse circulation holes.
Colibri Resource Corp. completed the final 900 m of its 3,000 m phase 1 drilling program on its Pilar project in Sonora. Samples have been taken to the lab and results are pending. A 56 sample soil survey returned 10 samples greater than 0.1 g/t Au, and 3 samples over 1 g/t Au.
Colibri Resource Corp. released results from drilling on its Pitaya project in Sonora, by joint venture partner Agnico Eagle. Highlighted results from the last four holes comprise 9 m @ 0.26 g/t Au; 26 m @ 0.19 g/t Au; 34 m @ 0.22 g/t Au. During 2016-2017, Agnico drilled 7,641 m in 27 drill holes.
Azucar Minerals Ltd. has begun drilling the North zone and the north end of the Villa Rica zone of its El Cobre project in Veracruz. Preparations for this drilling campaign include surface and soil geologic and alteration focused mapping and sampling. “The current drilling at Villa Rica is focused on the Naranjo zone, a new area of exposed porphyry alteration and mineralisation located approximately 500 metres north of the previous Villa Rica drilling and about 1.2 kilometres south of the Norte Zone.”
Mexus Gold US begun mining at the 8 Brothers/370 project in Sonora. “The company has mined 1000 tons of material containing an average of 9 grams Au and 50 grams Ag per ton. This material is currently being run through a crushing system and placed into an aerated VAT holding tank”. Its portable Merril Crowe system has been installed and tested.
Almaden Minerals Ltd. closed its previously announced non-brokered private placement, raising gross proceeds of $9.44 M. Finders fees of $384.9 K cash and finder warrants of 192,450 shares at $1.35 until June 7, 2020 were paid to arms-length, licensed securities dealers on a portion of the offering (Ixtaca, Puebla).
Starcore International Mines Ltd. launched a private placement of secured bonds for CDN$3 M. “The Bonds will bear interest at 8% per annum, payable on maturity, and will mature 24 months from the date of closing” (San Martin mine, Queretaro).
Telson Mining Corp. announced the payment of US$8 M to Nyrstar Mining Ltd. as partial payment, and entered into a loan agreement with Nyrstar Canada (Holdings) Ltd. that converts the final US$8.5 M due on the Campo Morado acquisition agreement into a loan that extends the payment terms for eight months. The principal due is US$8.5 M that are to be paid starting July 13, 2018 with a monthly minimum of US$1 M plus interest, plus 70% of the free cash flow generated by Telson and any monthly excess cash balance above US$500 K.
Endeavour Silver Corp. is to sell from time to time and its discretion common shares for an aggregate of up to US$35.7 M, through “at the market” distributions (Terronera, Jalisco).
ON RESOURCES AND DEVELOPMENT
SilverCrest Metals Inc. announced new drill results for the Granaditas vein at its Las Chispas property in Sonora. Highlighted true width (TW) intervals comprise 1.5 m @ 3.63 g/t Au, 190 g/t Ag; 1.8 m @ 12.14 g/t Au, 1,440 g/t Ag (including 0.40 m @ 47.50 g/t Au, 5,620 g/t Au); 1.3 m @ 3.24 g/t Au, 339 g/t Ag; 1.2 m @ 1.23 g/t Au, 114 g/t Ag. The vein has a high-grade footprint currently at 150 m long by 100 m high and 1.5 m average true width, grading 5.69 g/t Au, 596 g/t Ag.
Azure Minerals Ltd. released metallurgical test work results on its Oposura project in Sonora. Azure highlights a 34% overall increase in the recovery of Pb and Zn using a dense media separation technique.
ON DEALS AND CORPORATE ISSUES
Starcore International Mines Ltd. completed its due diligence and review of the Santa Fe project in Sinaloa, under a previously signed LOI (letter of intent). Starcore will not be proceeding with the acquisition.
Defiance Silver Corp. entered into an agreement to acquire Mag Silver’s Zacatecas silver district holdings. Mag Silver is to receive 5 M common shares of Defiance, approximately a 5% investment position. Defiance is to receive a 100% interest in the Lagartos project, along with a regional database. The company is to control 1,506 ha, including 65% of the Veta Grande vein and the San Acacio silver deposit.
During the 20th week of the year (May 14th to May 20th, 2018), at least 17 press releases were announced by companies working in Mexico. Seven companies updated exploration advances, with only one company reporting a quarterly report and one other a round of financing. Two companies disclosed news on resources and development while four reported on deals and company issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, San Marco was awarded the Espiritu concession, and Millrock begun a new drilling campaign at La Navidad. In Chihuahua, Endeavour Silver released drill results from its Parral properties; VVC Exploration commenced a new drill campaign at its Samalayuca project. In Coahuila, Discovery Metals presented rock sample results from three prospects within its Minerva project. In Sinaloa, Kootenay optioned the Copalito property. In Jalisco, Evrim commenced a third phase exploration campaign at Cuale. ON MINING, Starcore International presented a quarterly report. ON FINANCING, SilverCrest Metals announced the closing of a $17.25 M financing. Mexus Gold paid a $183 K debt. ON RESOURCES AND DEVELOPMENT, Mag Silver presented an advance on development of the Juanicipio project in Zacatecas. Minera Alamos completed the second phase of bulk leach testing at its Santana property in Sonora. ON DEALS AND CORPORATE ISSUES, Marlin Gold and Golden Reign signed a LOI pursuing a business combination. Kootenay Silver optioned the Copalito property in Sinaloa. Argonaut Gold informed on the state of affairs of the legal battle to resume blasting at its La Colorada mine in Sonora. Leagold received clearance from the Mexican government to complete a business combination with Brio Gold.
ON MEXICO ISSUES
No Relevant News.
Endeavour Silver Corp. disclosed drilling results from its Parral properties in Chihuahua. At the San Patricio vein system 8,846 m of core drilling have been completed over 1400 m of strike length. “Three mineralized areas were intersected, of which the largest and central zone now measures 600 m long by 250 m vertical (starting 150 m deep) by 1-3 m true thickness, still open to the south and at depth”. Highlighted true width (TW) intercepts include 2.1 m @ 303 g/t Ag, 0.05 g/t Au, 0.4% Pb, 0.5% Zn; 1.0 m @ 678 g/t Ag, 0.22 g/t Au, 3.5% Pb, 0.9% Zn; 3.0 m @ 689 g/t Ag, 0.24 g/t Ag, 1.6% Pb, 1.1% Zn; 1.6 m @ 293 g/t Ag, 0.27 g/t Au, 3.5% Pb, 7.6% Zn; 2.3 m @ 1,660 g/t Ag, 0.72 g/t Au, 6.5% Pb, 14.4% Zn. Metallurgical recoveries from core samples with flotation and leaching tests include 47% Ag from Sierra Plata (oxide), 98% Ag on El Verde (mixed), 95% Ag on Remedios-Argentina (mixed), 94% Ag and 93% Au on Palmilla (oxide) and 91% Ag and 86% Au in Cometa-San Juanico (mixed).
San Marco Resources Inc. announced it was awarded the Espiritu 2,712 ha SMR concession in the recent mineral concession lottery by the Mexican government. The property is less than 30 km SE from San Marco’s Chunibas and 1068 projects in the Sahuaripa district. “Espiritu SMR overlies a window of pre-mineral cretaceous volcanic and sedimentary rocks intruded by Laramide age granitoids”. Previous operator in the area, Kootenay Silver Inc. stated: “An extensive area of polymetallic vein, stockwork, breccia and gold-copper porphyry mineralization”. A porphyry copper setting and a vein and stockwork zone of precious and base metal mineralization are separated by a major fault. Selected drill hole intercepts include 48.0 m @ 0.19 g/t Au, 0.1% Cu; 220.5 m @ 0.14 g/t Au, 0.15% Cu. San Marco is preparing to do a first-pass ground validation and prospecting.
VVC Exploration Corp. commenced the third phase of diamond drilling at its Samalayuca copper project in Chihuahua. VVC expects to drill about 3,000 m in the next 180 days.
Kootenay Silver Inc. optioned the Copalito project in Sinaloa (See below). “The Copalito Project covers a gold and silver epithermal vein system comprised of numerous veins, with individual veins currently traced over strike lengths up to 2 kilometres. Veins vary in width from 0.5 to 10 meters at surface and grade from background to highs of 7.2 gpt gold and 1,620 gpt silver in grab samples”. Vein textures indicate a low or intermediate sulfidation vein system.
Millrock Resources Inc. is beginning a second round of drilling at its La Navidad project in Sonora. The target in the project is orogenic gold mineralization, bulk mineable run-of-mine oxidized deposit. The 1,650 m program aims to drill 150 – 250 m in depth in seven holes, testing areas of gold soil anomalies that now are supported by gold anomalies in trenches. The strongest anomalies occur in folded, faulted metasedimentary rocks of Jurassic age, in close proximity to diorite and monzonite dikes. An induced polarization survey has identified low angle structures conducive of orogenic gold deposits. A 1.4 km of trenching on 16 trenches has been completed, with multiple intervals of anomalous gold, like 18.0 m @ 0.56 g/t Au, 24.9 m @ 0.32 g/t Au, 18.2 m @ 0.20 g/t Au, 10.9 m @ 0.38 g/t Au.
Evrim Resources Corp. commenced a third phase exploration at its Cuale high sulfidation project in Jalisco. The program includes 3,000 m of drilling, following on discovery trenches 1 to 4 from La Gloria zone, where trench 1 returned 1.67 g/t Au over 263.7 m and trench 4 returned 13.61 g/t Au over 106.2 m. “The soil survey has already commenced and will be followed with up to 650 metres of trenching at La Gloria and surrounding targets to extend the known footprint of outcropping gold mineralization”. A 40 line-km controlled source audio-magnetotellurics (CSMAT) is planned on potential mineralization under shallow cover. A 3,000 m program is expected to commence on July.
Discovery Metals Corp. disclosed assay results of 152 samples from its Minerva project in Coahuila. “Minerva encompasses Ag-Pb-Zn mineralization hosted in skarns, mantos, chimneys and breccias”, similar to La Encantada mine 30 km to the East. The mineralization is located along the margin of a polyphase granitoid intrusive body, with ample zone of shallow gravel cover. At La Tercia prospect, channel samples returned 0.8 m @ 30 g/t Ag, 2.3% Pb, 4.6% Zn; 2.0 m @ 249 g/t Ag, 6.9% Pb, 0.1% Zn; 4.0 m @ 37 g/t Ag, 1.6% Pb, 0.2% Zn; 0.6 m @ 3.8% Pb, 0.4% Zn; 0.6 m @ 84 g/t Ag, 5.8% Pb, 0.2% Zn. At Concordia samples returned 0.8 m @ 1,775 g/t Ag, 14.5% Pb, 40.3% Zn; 0.7 m @ 51 g/t Ag, 2.6% Pb, 0.4% Zn; 0.4 m @ 11 g/t Ag, 0.4% Pb, 25.8% Zn. At Mina Minerva results include 5.1 m @ 39 g/t Ag, 0.4% Pb, 2.0% Zn; dump @ 229 g/t Ag, 30.5% Pb, 5.7% Zn; 0.8 m @ 143 g/t Ag, 9.7% Pb, 5.3% Zn; 1.0 m @ 41 g/t Ag, 2.0% Pb, 16.4% Zn.
Starcore International Mines Ltd. announced production results for the fourth quarter of its fiscal year 2018. During the quarter 71.9 K tonnes of ore @ 1.69 g/t Au, 40.6 g/t Ag were processed on its San Martin mine in Queretaro, resulting in the production of 4,140 Oz AuEq. Mill recoveries averaged 88.4% Au, 57.4% Ag. Also during the quarter the Altiplano facility received 373 tonnes of concentrate containing approximately 805 Oz Au and 26,813 Oz Ag.
SilverCrest Metals Inc. completed its prospectus offering for gross proceeds of $17.25 M, including the exercise of the over-allotment option in full. The company paid the underwriters a cash commission of up to 6% of the gross proceeds of the offering. The proceeds are to be used on the preparation of a preliminary economic assessment (PEA) at the Las Chispas property in Sonora, as well as continuing exploration in the several targets it contains.
Mexus Gold US. announced the payment of $183.3 K due to JMJ Financial, closing the current outstanding debt agreement prior to the expiration date (8 Hermanos, Sonora).
ON RESOURCES AND DEVELOPMENT
Mag Silver Corp. presented financial results for the first quarter of 2018. Underground development rate has intensified, and exploration drilling is now utilizing directional drilling to infill and expand the Deep Zone, which remains open to depth and on strike. The company funded advances on the Juanicipio project in Zacatecas, mainly by “cash calls” by the operator (Fresnillo PLC). At the end of the period the company had $152.7 M in cash and cash equivalents.
Minera Alamos Inc. has completed the second phase of its bulk testing heap-leach activities at its Santana project in Sonora. The initial phase used coarse crushing (<3”) and the second phase involved fine crushing (<1.2-5/8”) and agglomeration of the same mineralized material prior to leaching. The recoveries from the second phase were faster and consistent with those of the first phase of leaching, with 190 Oz Au recovered from 9,000 tonnes of material over a three month period, representing 0.65 g/t of recovered gold.
ON DEALS AND CORPORATE ISSUES
Marlin Gold Mining Ltd. and Golden Reign Resources Ltd. entered into a non-binding letter of intent (LOI) together with Wexford Capital LP, pursuing a business combination of Golden Reign’s San Albino-Murra property in Nicaragua, and Marlin’s La Trinidad mine in Sinaloa. Golden reign plans to acquire all Marlin shares. Upon completion of the transaction Marlin shareholders will own approximately 45% of Golden Reign shares, while Golden Reign shareholders will own 55% of the shares.
Kootenay Silver Inc. entered into an option agreement to acquire a 100% interest on the Copalito Ag-Au project in Sinaloa. The seven concessions 3,700 ha project can be acquired by making staged payments over a 4-year period, totaling US$985 K, with the vendors retaining a 0.5% NSR. A finders fee of C$10 K and 100 K common shares have to be paid.
Argonaut Gold Inc. reported that the Judiciary court hearing with respect to the company’s explosives permit for its La Colorada mine has been rescheduled to June 4, 2018. The company also appealed the Judiciary court’s original decision to temporarily suspend the explosives permit to the Collegiate Tribunal, requesting to re-instate the explosives permit so the company can blast material while the judiciary legal process continue. Argonaut estimates it has sufficient ore to continue operations until the end of July, at the present rate of 12,000 tonnes per day (tpd).
Leagold Mining Corp. received clearance from the Comisión Federal de Competencia Económica (COFECE) with respect to Leagold’s acquisition of Brio Gold Inc. “COFECE approval was the final government agency approval required before completing the acquisition, which is anticipated to occur on or around May 24, 2018”