Highlights on the First Week of August, 2018. Mining and Exploration News in Mexico

Marble breccia cemented by FeOx

By Miguel A Heredia

During the 31st week of the year (July 30th to August 05th, 2018), at least 20 press releases were announced by companies working in Mexico, with six informing on exploration results, five announcing production results, five communicating deals and corporate issues, two reporting on resources and developments, and two  announcing financing issues.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Chihuahua, Silver Spruce received approval to drill its Pino de Plata project, Radius Gold-Pan American Silver announced a JV agreement to explore and drill the Amalia project, and VVC reported drilling results from its Samalayuca property. In Sinaloa, Goldplay reported drilling results from its El Habal project. In Durango, First Mining signed an agreement to option its Las Margaritas gold project to Gainey.  ON MINING, Several companies reported Q2, 2018 results on its Mexican operations. In Sonora, Alamos Gold announced Q2, 2018 results from their Mulatos and Chanate mines. In Sinaloa, McEwen provided Q2, 2018 results from its El Gallo mine. In Durango, Excellon announced Q2, 2018 results from its La Platosa mine. Great Panther reported Q2, 2018 results from their mining operations in Mexico and Peru. In Guerrero, Telson presented Q2, 2018 results from its Campo Morado mine. ON FINANCING, VVC announced a non-brokered private placement for $CA 1.5M. Colibri Resource negotiated an agreement to provide debt financing in an amount up to CAD $400K.  ON RESOURCES AND DEVELOPMENT, Premier Gold provided an exploration update on its Mercedes mine in Sonora.  Sierra Metals filed a NI 43-101 technical report for its Cusi mine in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Goldplay secured eligibility for its shares and appointed its VP Corporate Development and Exploration. SilverCrest announced the resignation of one of its Directors. Equinox Gold announced court approval of the arrangement for the Solaris Copper spinout. VVC announced that its Annual General meeting for shareholders will be held on August 21. Radius Gold and Pan American silver entered in an agreement to explore the Amalia project in Chihuahua.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., received approval for drilling its Pino de Plata project in Chihuahua. The company plans to perform a first phase of 1,500m of diamond drilling to test high grade targets identified with surface sampling, with a follow-up phase 2 where results warrant. The first drill target is El Terrero, an area of 2 square km area showing disseminated epithermal mineralization in intrusive rocks, where surface sampling returned up to 557 g/t Ag along with anomalous Au, Cu, Pb and Zn values. Six holes are planned with targeted depths to 100m. A second target is the Teodora Vein, where surface sampling reported up to 553 g/t Ag with anomalous values of Au, Cu, Pb and Zn. Three holes are proposed with planned depths to 100m. The third target is the Santa Elena Gossan, an area of 20 square km where surface rock sampling on carbonate replacement mineralization in limestone/marble and sandstone/hornfels assayed up to 349 g/t Ag with anomalous base metal values. Three to five holes are proposed in this target area with planned depths to 100m.
  • Radius Gold Inc., and Pan American Silver Corp., entered in a JV agreement to explore the Amalia project in Chihuahua. This option agreement is to explore a corridor of 3.5km of strike length and 600m of vertical interval, where 3 high grade targets showing epithermal Ag-Au mineralization in veins, vein breccias, and disseminated have been identified following the trace of a large regional fault zone. The Campamento target is a 500m by 70m zone of intense silicification and brecciation with massive and stockwork veining. A chip channel sampling returned 62m of 0.43 g/t Au and 98 g/t Ag. High grade has been also identified in this target with the most significant result returning 4.5m of 10.3 g/t Au and 202 g/t Ag. Radius and Pan American plan to drill test 100m to 250m below surface. The Guadalupe target is a high grade andesite structurally controlled breccia zone located 450m south along strike from the Campamento target and 250m lower in the geological section. A continuous chip sampling on the Guadalupe target returned 7m of 3.62 g/t Au and 1,048 g/t Ag, and 4m of 3.92 g/t Au and 888 g/t Ag. The Dulces target is a vein located 800m NE of Campamento target at the same elevation and occurs within an extensive argillic-altered andesite and related gold in soil anomaly. Sampling has returned 1m of 34 g/t Au and 13 g/t Ag, and 1.5m of 114.5 g/t Au and 57 g/t Ag.
  • VVC Exploration Corporation, reported drill results from its Samalayuca project in Chihuahua. The phase 3 was planned to drill 3,000m and begun in May 2018 with 8 holes completed to date. Results of the three first holes were 30m of 0.34% Cu and 6 g/t Ag, including 14m of 0.54% Cu and 10 g/t Ag; 7m of 0.39% Cu and 7 g/t Ag; and 25m of 0.43% Cu and 7 g/t Ag. These results extend the copper mineralization at La Gloria zone previously drilled in 2017.
  • Goldplay Explorations Ltd., announced initial results of four drill holes from its El Habal project in Sinaloa. The most significant results are 77.5m of 0.43 g/t Au, including 9.45m of 2.05 g/t Au, and 15.4m of 1.35 g/t Au. The mineralization intersected consisted of a series of mineralized breccias, structures/zone faults present in a 6km long mineralized corridor which represent a high-level gold system hosted by a volcanic sequence with intrusives and related hydrothermal fluids.
  • First Mining Gold Corp., and Gainey Capital Corp., signed an option agreement in which Gainey can acquires 100% of the Las Margaritas Gold project in Durango. Under the terms of the four year option agreement, Gainey can elect to make either annual share or cash payments to First Mining in the following amounts:

 

 

 

 

  1. Upon completion, Gainey will obtain 100% ownership of the Las Margaritas project and First Mining will retain a 2% net smelter returns (“NSR”) royalty, with Gainey having the right to buy back 1% of the NSR royalty for USD$1,000,000 up until the first anniversary of the commencement of commercial production at the project.

ON MINING

  • Alamos Gold Inc., presented Q2 2018 results from their Mulatos and El Chanate mines in Sonora. At Mulatos, the company produced 50.6K Oz Au at an all-in sustaining cost (AISC) per ounce of gold sold of $854. At El Chanate, Alamos produced 10.1K Oz Au at an AISC per ounce of gold sold of $1,442.
  • McEwen Mining Inc., reported Q2 2018 results from its El Gallo Fenix mine in Sinaloa. The compnay produced 10.8K GEOs (Silver and gold production are presented as GEOs). Total cash costs and AISC per GEO were $783 and $816 respectively.
  • Excellon Resources Inc., announced Q2 2018 results from its La Platosa mine in Durango. In Q2, 2018, the company milled 16.1K tonnes of 507 g/t Ag, 5.7% Pb, and 8.4% Zn to produce 277.7K Oz Ag, 1.8M Lb Pb, and 2.8M Lb Zn. Metallurgical recoveries for Ag, Pb, and Zn were 89.6%, 80.2%, and 82.2% respectively.
  • Great Panther Silver Limited, reported results from their mining operations in Mexico and Peru for the Q2, 2018 period. The company did not release detail information from its Mexican operations (Topia mine in Durango and Guanajuato Mine Complex in Guanajuato).
  • Telson Mining Corporation, presented Q2, 2018 results from its Campo Morado mine in Guerrero. The company processed 162.5K tonnes to produce 19.3M Lb Zn, and 1.3M Lb Pb, with metallurgical recoveries of 73.3% and 31.2% respectively.

ON FINANCING

  • VVC Exploration Corporation, announced a non-brokered private placement for $CA 1.5M. VVC has raised to date $CA 1.15M and expects to complete the rest $CA 350K in August.
  • Colibri Resource Corporation, negotiated an agreement with two shareholders to provide debt financing in an amount of up to CAD$400K.

 ON RESOURCES AND DEVELOPMENT

  • Premier Gold Mines Limited, provided an exploration update on its Mercedes mine in Sonora. The company announced the extension of a high grade vein system on its El Rey de Oro deposit. Significant underground drilling results are 16.55m of 6.21 g/t Au and 102 g/t Ag, 21.95m of 36.65 g/t Au and 171 g/t Ag, 20.5m of 8.1 g/t Au and 121 g/t Ag, and 9.2m of 8.33 g/t Au and 67.7 g/t Ag. Additionally, the company is conducting an underground drilling program to define the high grade Aida target located to the west of the main Mercedes vein where previous drilling has intersected a broad zone of low-grade mineralization with assays of up to 0.64 g/t Au and 0.79 g/t Ag across 31.5 metres. Premier also has the plan to drill test the Marianas vein once the drift has been established in H2 2018, and will go on with the definition and step-out drilling at Diluvio and Lupita areas that were recently brought into production.
  • Sierra Metals Inc., filed a NI 43-101 technical report for its Cusi mine in Chihuahua. The company released results of the PEA study. Results from the PEA include an after-tax net present value (NPV) of US$92.2 Million at an 8% discount rate, an after-tax internal rate of return (IRR) of 75%, a plant processing rate of currently 650 tonnes per day (TPD) growing to 1,200 TPD by Q1 2019 and 2,700 TPD by mid-2021, and a mine life of 9 years based on existing Mineral Resource Estimate.

ON DEALS AND CORPORATE ISSUES

  • Goldplay Exploration Ltd., appointed its VP Corporate Development and Exploration and secured eligibility by the Depositary Trusts Company for its shares on the OTC marketplace where the company trades under the symbol “GLYXF” (El Habal, Sinaloa).
  • SilverCrest Metals Inc., announced the resignation of one of its Directors. (Las Chispas, Sonora).
  • Equinox Gold Corp., announced final court approval of the arrangement for the Solaris Copper spinout (La Verde, Michoacan).
  • VVC Exploration Corporation, announced that its Annual General meeting of shareholders will be held on August 21 (Samalayuca, Chihuahua).
  • Radius Gold Inc., and Pan American Silver Corp., entered in a JV agreement to explore the Amalia project in Chihuahua. Pan American can earn an initial 65% of the property by making cash payments to Radius totaling $US 1.5M (of which $US 100K has been already paid), and expending $US 2M on exploration over four years, and can acquires an additional 10% by advancing the property to a FS.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, a marble breccia cemented by FeOx in an Iron Mine in Coahuila, Mexico. Photo by Miguel A Heredia.

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

 

By Miguel A Heredia

During the 25th week of the year (June 18th to June 24th, 2018), at least 23 press releases were announced by companies working in Mexico, with eight informing on exploration results, eight communicating deals and corporate issues, five  announcing financing rounds, one reporting on resources and development, and one running leaching tests.  ON MEXICO ISSUES, no relevant news.   ON EXPLORATION, In Sonora, Millrock reported trench results from its La Navidad project. In Chihuahua, Ethos Gold filed a draft NI 43-101 technical report for its la Purisima project. In Coahuila, Discovery Metals reported sampling results from its Puerto Rico project. In Sinaloa, Chesapeake released exploration results from its Yarely project and Riverside reported exploration results from its La Silla project. In Zacatecas, Excellon commenced a drill program at its Miguel Auza project while Defiance defined a significant anomaly at its San Acacio project.  ON MINING, Mexus Gold provided and update on progress from its 8 Brothers/370 gold project in Sonora.  ON FINANCING, Aura Silver announced the extension of 3.5M warrants. Harvest Gold closed a second tranche of a non-brokered private placement for CDN$149,600. Maverix entered in a revolving credit agreement to borrow up to US$50M. Prize amended terms of a non-brokered private placement to raise money for $6.5M. Starcore completed a private placement for CDN$3M. ON RESOURCES AND DEVELOPMENT, Sierra Metals announced PEA results for its Cusi Mine in Chihuahua. Minera Alamos provided an update on its Guadalupe de Los Reyes project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Coeur signed a definitive agreement with Evrim to option the Sarape property in Sonora.  Avino and Consolidated Zinc announced management changes, and Colibri and Torex reported results from its annual general meeting of shareholders. Marlin, Gold Reign, and Sailfish entered in a definite arrangement agreement regarding a combination business. Equinox announced a spin-out of its copper assets to create Solaris Copper. Valterra entered into an option agreement to acquire the Los Reyes Cu-Au project in Chihuahua.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Millrock Resources Inc., reported trench results from its La Navidad project in Sonora. Significant results are 7m of 0.64 g/t Au; 8m of 0.5 g/t Au, 16m of 0.59 g/t Au; 4.5m of 1.63 g/t Au; 2m of 6.5 g/t Au, 1.3m of 5.26 g/t Au; and 1.5m of 4.5 g/t Au. Its partner Centerra Gold is funding the exploration program at La Navidad and has authorized an extension of the drilling program from 1,650m in 7 holes to 2,900m in 17 holes.
  • Ethos Gold Corp., filed a draft NI 43-101 technical report for its la Purisima project in Chihuahua. The mineralization target consists of low sulphidation epithermal veins which have been traced for over a N-S strike length of over 1.5km in length. The company signed a property access agreement to commence mapping and sampling work with 389 samples collected to date of which 189 have been already submitted to the lab for assays.
  • Discovery Metals Corp., reported sampling results from its Puerto Rico project in Coahuila. 293 channel samples were collected at the Zaragoza mine, of which 83 were from manto mineralization and returned an average grade of 129 g/t Ag, 4.3% Pb, 7.6% Zn, and 0.12% Cu.
  • Riverside Resources Inc., presented geochemical results of 52 samples collected at its La Silla project in Sinaloa. Significant results from the rock chip and channel samples are 1m of 2.1 g/t Au and 27 g/t Ag; 1m of 9.4 g/t Au and 196 g/t Ag; and 1m of 19.9 g/t Au and 200 g/t Ag.
  • Chesapeake Gold Corp., released exploration results, including phase 1 drilling from its Yarely project in Sinaloa. At Loretos prospect, the drill target is a blind skarn-porphyry system indicated by a significant chargeability anomaly. Significant results are 213m of 0.11% Cu, including 64m of 0.17% Cu. At the Central prospect, one of the two holes drilled intersected several 3 to 6m wide structures returning silver values ranging from 11 to 30 g/t. At Lucy prospect, two holes tested skarn/carbonate replacement manto mineralization. Drilling results returned 22m of 0.33 g/t Au and 1.5 % Zn; and 25m of 0.6 g/t Au, 22 g/t Ag, 0.25% Cu, and 1.6% Zn. At Sundae prospect, the company has identified a 3km long high level-low sulphidation epithermal system that runs for over 3km along strike, with individual structures varying from 1-5m in width. A preliminary geophysical survey showed a continuity of the vein host structures to over 500m depth. At Los Mimbres prospect, skarn and hornfels boulders with Cu and Pb sulphide mineralization were recently discovered adding a new target within the Yarely project. Mineralization identified at Los Mimbres is similar to that encountered at Metates. Stream sediment, soil, rock geochemistry and geological mapping are underway to advance this target to the drill stage.
  • Excellon Resources Inc., commenced a 3,000m drill program at its Miguel Auza project in Zacatecas to test targets generated from surface mapping, IP surveying, and structural work conducted since mid-2017 at El Cobre, Abejas, Carmen-Lechuzas, and Lomo de Las Minas prospects. Highlights from the surface sampling are 2.3 g/t Au and 667 g/t Ag at Lomo de Las Minas. Results up to 2.9 g/t Au and 300 g/t Ag were sampled at Carmen and El Cobre confirming mineralization in veins at both targets. Mineralization at Miguel Auza is hosted in epithermal quartz veins similar to those found at Fresnillo mining district.
  • Defiance Silver Corp., defined a significant geophysical anomaly at its San Acacio project in Zacatecas employing Atomic Energy Resonance Imaging (AERI) technology. The AERI identified a pipe shaped anomaly which measures 400m in width, 300m in length, and is open at depth. The AERI anomaly is coincident with a recently delineated IP target, and will be drill tested in the near future.

ON MINING

  • Mexus Gold US., provided and update on progress from its 8 Brothers /370 gold project in Sonora. The company has completed the crushing and loading of ore into the VAT leaching tank to run tests and expects to commence the leaching when tests are completed in the next days.

ON FINANCING

  • Aura Silver Resources, announced its intentions to extend the expiration date of 3.5M warrants from July 9, 2018 to July 9, 2020. The exercise price remains unchanged at $0.05 (Taviche, Oaxaca)
  • Harvest Gold Corporation, closed a second tranche for CDN$149,600 for a total of CAD$479,600 gross proceeds raised in the non-brokered private placement. Gross proceeds will be used to explore its Cerro Cascaron project in Chihuahua.
  • Maverix Metals Inc., entered into a 3 years revolving credit agreement with two bank institutions to borrow up to US$50M. The credit can be extendable through mutual agreement between the involved parties (La Colorada, Zacatecas)
  • Prize Mining Corporation, amended terms of a non-brokered private placement to raise money for $6.5M (Manto Negro, Coahuila).
  • Starcore International Mines Ltd., completed a private placement of secured bonds for CAD$3M (San Martin, Queretaro)

 ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc., announced PEA results for its Cusi Mine in Chihuahua. Highlights include an after-tax NPV of $92.2M USD at an 8% discount rate, a 9 years mine life based on existing mineral resource estimate, and a life of mine silver production of 30 M Oz. The company also reported Mineral Resource Estimate as at February 12, 2018. 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.
  • Minera Alamos Inc., provided an update on its Guadalupe de los Reyes project in Sinaloa. The company commenced the mapping of the Mariposa- Zapote structure to evaluate extensions that have not been drilled and could be target areas to expand the resource. The company also collected metallurgical samples and are being prepared for Au leaching studies. It also commenced engineering studies to establish locations and preliminary designs for Au heap leaching facilities.

ON DEALS AND CORPORATE ISSUES

  • Coeur Mining Inc., signed a definitive agreement with Evrim Resources Corp., to option the Sarape property in Sonora. Coeur will have the exclusive right to acquire up to an 80% interest in the property by spending up to $16M USD on exploration, making staged cash payments of up to $2.5M USD, and completing a NI 43-101 compliant FS on a minimum measured and indicated resource estimate of 1M Oz AuEq, all within a ten-year period.
  • Marlin Gold Mining Ltd., Golden Reign Resources Ltd., and Sailfish Royalty Corp., have extended the previously announced LOI to June 29, 2018 to enter in a definitive arrangement agreement regarding a business combination of the Golden´s San Albino-Murra property in Nicaragua and Marlin´s La Trinidad property, México.
  • Equinox Gold Corp., announced plans to transfer all of its copper assets into a newly incorporated company named Solaris Copper Inc. (La Verde, Michoacan).
  • Valterra Resource Corporation, entered into an agreement to acquire the Los Reyes Cu-Au project in Chihuahua. Valterra may acquire a 100% interest, subject to a 2% royalty to a third party, by making staged payments totaling US$4M over a period of 5 years. Target consists of a +800m long Cu-Au rich skarn developed in the contact between a Tertiary-age granodiorite intrusive and Cretaceous-age limestones and shales.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, phyllic alteration in a porphyry copper system in Jalisco, Mexico. Photo by Miguel A Heredia.

Equinox Gold Announces Spin-out of Copper Assets to Create Solaris Copper

equinox announces spin-out of copper assets to create solaris copper

June21,2018–Vancouver, BC–Equinox Gold Corp.(TSX-V:EQX, OTC:EQXGF) (“Equinox Gold”or the“Company”) today announces plans to transfer all of its copper assets into a newly incorporated company named Solaris Copper Inc. (“Solaris Copper”).Equinox Gold will continue to focus on advancing theAurizona Gold Mine and the Castle Mountain Gold Mine to production while Solaris Copper explores and develops the copper projects tounlock the value of the copper portfolio.

Solaris Copper will hold a 100% interest in the resource-bearing Warintza copper-molybdenum project in Ecuador, a 60% interest in the La Verde preliminary economic assessment stage copper-silver-gold project in Mexico, a 100% interest in the Ricardo early-stage copper property in Chile, has negotiated earn-in agreements for two early-stage copper prospects in Peru, and is continuing to evaluate additional properties that fit the portfolio. Collectively, the projects host 3.7 billion pounds of copper in the measured and indicated category with an additional 4.6 billion pounds of copper in the inferred category, with significant exploration potential at all of the projects.

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

During the 51st week of the year (December 18th to December 24th, 2017), at least 17 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. ON EXPLORATION: two press releases from companies working in Mexico informed on exploration efforts during the week: In Chihuahua Radius Gold released good rock chip results from its Amalia project. In Sinaloa Gainey Capital is exploring the La Minita porphyry copper style property.  ON MINING: Great Panther announced government authorization for the construction of a second tailings storage facility at its Topia mine in Durango. Mexus Gold produced gold with a Merrill Crowe system installed at its Santa Elena mine in Sonora. Americas Silver announced the San Rafael mine at its Cosala complex is now on commercial production. ON FINANCING: Telson Resources entered into a US$15 M loan with Trafigura. SilverCrest completed a bought deal private placement for $10 M. Primero Mining agreed on an extension to its revolving credit facility. Torex Gold received a waiver to lower the threshold in the credit agreement from $50 M to $30 M. ON RESOURCES AND DEVELOPMENT: In Sonora, Oceanus Resources presented an update on the drilling of its El Tigre property. In Chihuahua, Consolidated Zinc announced the interception of massive sulfides on the Tres Amigos zone of its Plomosas property. In Puebla, Almaden released new results from follow-up  drilling at its Tuligtic property.  In Guerrero, Alio Gold provided the final results of the confirmation drilling at its Ana Paula project. ON DEALS AND CORPORATE ISSUES, Torex Gold suspended its workforce employment contracts on the basis of the illegal blockade that has halted all operations since November 3rd at its El Limon-Guajes mine in Guerrero. The company has made a call to the relevant authorities to remove the illegal blockade (which seems to have fallen on deaf ears). Orex Minerals, Canasil Resources and Pan American Silver signed an agreement to advance the Sandra Escobar project in Durango, same that includes provisions for Pan American participation on the discovery. Gainey Capital signed a LOI to acquire the La Minita property in Sinaloa. Marlin Gold can now spin-off its subsidiary Sailfish Royalty. Vangold is acquiring the San Carlos claim in Guanajuato, adjacent to its Pinguico property. Americas Silver agreed with Hochschild to amend the payment schedule on the acquisition of the San Felipe project in Sonora.

ON MEXICO ISSUES

  • On the Torex Gold El Limon – Guajes mine illegal blockade in Guerrero (Editor’s comment). The illegal blockade promoted by the Los Mineros Union since November 3, 2017 is showing how far the government is willing to go, or not, to establish the rule of law. The Los Mineros Union is clearly trying to extortionate Torex with an illegal blockade to obtain the Union contract at the site, and delaying the date for a formal voting process that the company has vowed to respect.

ON EXPLORATION

  • Radius Gold Inc. released rock sampling results from its Amalia project in Chihuahua. A new discovery in the San Pedro area returned 13 m @ 2.51 g/t Au, 164 g/t Ag in a continuous chip sample (10 individual samples), while new sampling 50 m above and along strike the Guadalupe zone returned 8 m @ 0.21 g/t Au, 264 g/t Ag. At the Campamento zone a 500×700 m zone of intense silicification and brecciation with massive and stockwork veining is interpreted as high level mineralization. On lower parts of the property sulfide rich fault breccias are hosted in andesites, where mineralization is narrower and higher grade. Epithermal Au-Ag mineralization occurs along 3.5 Km on strike and 600 m of vertical interval. Drill permitting documentation has been submitted.
  • Gainey Capital Corp. signed a LOI to acquire the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa. A series of NW trending shears host porphyry mineralization associated with intermediate and felsic dikes, which are more than 300 m in length and up to 10 m in width. Fine grained sericitic alteration, silicification, quartz stockworks and copper sulfides (bornite, chalcopyrite) as disseminations and veins occur in prospect pits by gambusinos.

ON MINING

  • Great Panther Silver Ltd. announced that SEMARNAT granted all permits for construction and operation of the new phase II tailings storage facility at its Topia mine in Durango.
  • Mexus Gold US informed that it has produced gold with the installed Merrill Crowe system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). The Merrill Crowe system will continue to be tested until the end of the year, as mine site security is upgraded before full production begins.
  • Americas Silver Corp. announced that the San Rafael mine at the company’s Cosalá operations in Sinaloa is now in commercial production, as of December 19, 2017. Mine production is currently averaging 1,200 tonnes per day (tpd) and increasing.

ON FINANCING

  • Telson Resources Inc. entered into a loan facility and offtake agreement with Trafigura Mexico, S.A. de C.V., to sell 100% of the Pb-Zn concentrate produced at the Tahuehueto mine from January 2018 to December 2022. Trafigura provided Telson with with a US$15 M credit facility deliverable on three tranches: First tranche of US$7.5 M already received; Second tranche of US$5 M, 4 – 6 Months from signing; Third tranche US$2.5 M, 6 – 9 months of signing.
  • SilverCrest Metals Inc. completed the bought deal private placement previously announced, for gross proceeds of $10 M. The company paid a cash commission of $568 K on the proceeds of the offering.
  • Primero Mining Corp. agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. to January 11, 2018. Primero is considering the divestiture of its San Dimas mine in Durango.
  • Torex Gold Resources Inc. has received a waiver by BNP Paribas on behalf of the lenders to lower the covenant threshold in the credit agreement from $50 M to $30 M until January 31, 2018.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. provided the final results from the 2,000 m drill program to twin previous drill holes within the pre-feasibility pit for metallurgical test at its Ana Paula project in Guerrero. Highlighted intervals comprise: 112.0 m @ 3.85 g/t Au; 33.1 m @ 7.07 g/t Au; 54.6 m @ 7.19 g/t Au. Alio is now to test the extension of the breccia zone below the proposed pit, with a 4,000 m program, commencing in January.
  • Almaden Minerals Ltd. provided assay results from a follow-up drilling in an upper portion of the pre-feasibility pit on its Tuligtic property in Puebla. Highlighted drill intercepts comprise: 46.0 m @ 0.74 g/t Au, 26 g/t Ag; 24.0 m @ 0.62 g/t Au, 15 g/t Ag; 16.5 m @ 0.56 g/t Au, 10 g/t Ag; 50.5 m @ 0.73 g/t Au, 11 g/t Ag (including 10.5 m @ 2.45 g/t Au, 24 g/t Ag); 13.15 m @ 0.70 g/t Au, 8 g/t Ag; 32.0 m 0.82 g/t Au, 25 g/t Ag; 14.7 m @ 0.91 g/t Au, 27 g/t Ag; 10.25 m @ 1.16 g/t Au, 26 g/t Ag.
  • Consolidated Zinc Ltd. announced that drilling on the Tres Amigos North zone intersected 5.60 m and 4.35 m respectively of massive sulfides. “Assays are pending but visual analysis shows mineralisation comprises banded textured massive sulphides with very fine to fine-grained pyrite overprinted by coarse-grained yellow to reddish sphalerite and minor galena associated with carbonates”. Results are pending.
  • Oceanus Resources Corp. completed the fall 2017 drill program which comprised 600 m of diamond drilling to define the strike and dip of the high-grade Caleigh vein and the low-grade alteration zone in the hanging wall. Assays for the last six holes are pending, and expected to be released in January 2018. Work during Q1 2018 is to focus in locating and defining other high-grade vein systems in the property, and begin to look for mineralization on the favorable El Tigre formation over a distance of 5 km.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. informed it has suspended the employment contracts of its workforce in Mexico, a direct result of an illegal blockade at its El Limon-Guajes mine in Guerrero. The blockade by the Los Mineros Union, “an outside union that wants to take over representation of the employees who already have a union. Since the blockade began, on November 3, 2017, the Company has continued to pay its workforce, except for the minority that have participated in the illegal blockade”. Torex has made a call to the relevant authorities to remove the illegal blockade, as they have committed to do, and restore the rule of law. The company is willing to work with the Union the employees select, but it is essential the illegal blockade is lifted to resume work after Christmas. The company stresses that “The risk of violent confrontation continues to escalate and we urge the authorities to restore law and order and diffuse the tensions, so that employees of the Company, contractors, and suppliers, can go back to work and provide for their families.”
  • Orex Minerals Inc. signed a non-binding agreement with Canasil Resources Inc. and Pan American Silver Corp. to advance exploration in the Sandra Escobar mining camp in Durango. Under the terms of the LOI (Letter of Intention) the Orex (55%)-Canasil (45%) JV is to grant Pan American a 10% interest in the Sandra property, with the opportunity for Pan American in the next four years to earn-in an additional 41% in the Sandra property by contributing US$5 M toward the operations of both properties, with US$2 M required during the first two years. If Pan American elects not to continue during the earn-in period, the initial 10% will revert back to the Orex-Cansil JV. If Pan American chooses to further advance the properties by completing a pre-feasibility study, it will retain a 60% interest and the Orex-Canasil JV 40%.
  • Gainey Capital Corp. signed a LOI with Asteria Mining Services S.A.P.I. de C.V. to acquire 100% of the 9,200 hectares La Minita Cu-Au-Ag property in Sinaloa.
  • Marlin Gold Mining Ltd. obtained a final order from the Supreme Court of British Columbia to implement the company’s previously announced plan of arrangement to reorganize its business, including the spin-off of its subsidiary Sailfish Royalty Corp.
  • Vangold Mining Corp. entered into an acquisition agreement for a 100% interest on the San Carlos claim, in Guanajuato. The aggregate purchase price of $CDN425 K is to be paid through the issuance of CDN$350 K in Vangold shares and the remaining CDN$75 K will be paid in cash. The San Carlos property is close to Vangold’s El Pinguico and Patito I & II mineral claims.
  • Americas Silver Corp. agreed with Minera Hochschild to amend the timing of payment under its option agreement on the San Felipe project in Sonora. The total consideration for a 100% interest in the property is US$15 M in cash (plus VAT), of which US$7 M were paid in March, US$500 K are to be paid on January 2018, US$500 K on April 2018, US$1 M on July 2018 and US$6 M on December 2018.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, Fault slickensides on quartzite, Durango. Photo by Jorge Cirett.

DCP00749

Canasil Shareholders Approve Proposed Spin-off of B.C. Properties to Canmine Minerals Inc. At Special Meeting of Shareholders held on December 12, 2017

canasil_dec 14, 2017

Vancouver, December 14, 2017 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that the Company’s shareholders have approved the Plan of Arrangement to segregate its British Columbia properties into a separate company, Canmine Minerals Inc. (“Canmine”), at the Special Meeting of Shareholders held on December 12, 2017. The details of votes cast at the Special Meeting are summarized in the table below:

Resolution Votes Shares Voted % Voted % of O/S Shares
PLAN OF ARRANGEMENT For
Against
43,184,652
50,422
99.88
0.12
42.38
0.05
CANMINE STOCK OPTION PLAN For
Against
43,106,652
128,422
99.70
0.30
42.30
0.13

The Company will now apply for the Final Court Order to approve the arrangement, following which the Directors of Canasil and Canmine will proceed with the arrangements for meeting the initial listing requirements for the listing of Canmine on the TSX Venture Exchange (“the “Exchange”). Assuming that the Court Order is granted, the Directors of Canasil and Canmine will determine the timing for the remaining steps for the completion of the Arrangement.