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

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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.

ON EXPLORATION

  • 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.”

ON MINING

  • 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.

ON FINANCING

  • 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.

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, intense kaolinitization of felsic volcanic rocks on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

 

Highlights on the Fifth Week of May, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 22nd week of the year (May 28th to June 3rd, 2018), at least 20 press releases were announced by companies working in Mexico. Six companies updated on exploration advances, with two companies reporting quarterly reports. Four companies announced financing rounds for an aggregate of $9.8 M. Four companies disclosed news on drilling near resources and development while two reported on property deals. ON MEXICO ISSUES, the Dolores mines in Chihuahua saw its activities reduced due to security issues on access roads. ON EXPLORATION, In Sonora, Colibri released drill results from its Pilar project; Azure disclosed high-grade Au-Co drill intercepts from its Sara Alicia property. ON MINING, Impact Silver and Starcore International presented Q1 reports. ON FINANCING, Telson Mining graduated to Tier 1 issuer on the TSX. Four companies (Prime Meridian, Prospero Silver, Camrova and Minaurum) conducted financing rounds to raise up to $9.8M, with Minaurum heading the pack with $7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling a new vein on Las Chispas, in Sonora. Orla Mining released a PEA on Camino Rojo, in Zacatecas. Alio Gold released drill results from its Ana Paula project in Guerrero. Excellon Resources disclosed high-grade drill results from its Platosa mine in Durango. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acquired another claim for its Cerro Caliche project in Sonora. Prime Meridian signed a LOI on the Parral Mining project with Eclipse Mining.

ON MEXICO ISSUES

  • The Dolores mine in Chihuahua reduced its operations due to a security incident on its access roads. The state government later vowed to maintain free access.

ON EXPLORATION

  • Sonoro Metals Corp. optioned the 20 hectare Tres Amigos mining concession (see below), contiguous to its Cerro Caliche project in Sonora. The concession contains a quartz vein system commonly sheeted and stockwork quartz veining in the host rock that is part sedimentary rock and part rhyolitic intrusive rock.
  • Prospero Silver Corp. started drilling at the Buenavista project in Durango. This is the fourth project to be drilled under the terms of a second round of strategic investment from Fortuna Silver Mines Inc.. The 3,000 m program is to test at least four drill ready zones: Buenavista South Stockwork, Buenavista NE Dike/Vein, Camaleon Vein and the Pajaro Stockwork. These targets occur within the lower portion of a strong high-level argillic cap, and drilling is to test for a deeper preserved epithermal zone.
  • Colibri Resource Corp. released results from 16 reverse circulation holes from its Pilar project in Sonora. Highlighted results include 10.5 m @ 0.28 g/t Au; 22.5 m @ 0.31 g/t Au; 12.0 m @ 0.52 g/t Au; 6.0 m @ 0.79 g/t Au; 52.5 m @ 0.20 g/t Au; 19.50 m @ 0.27 g/t Au; 40.5 m @ 0.73 g/t Au. Colibri is now drilling the final 900 m of the 3,000 m phase 1 program.
  • Azure Minerals Ltd. disclosed results from stage 2 drilling at its Sara Alicia property in Sonora. The campaign comprised 1,127 m in 13 holes. Highlighted intervals comprise 3.75 m @ 8.08 g/t Au; 5.90 m @ 5.5 g/t Au; 3.65 m @ 8.41 g/t Au; 19.6 m @ 8.65 g/t Au; 8.8 m @ 6.2 g/t Au and 3.65 m @ 1.19% Co, 24.95 m @ 0.31% Co, 9.5 m @ 0.48% Co, 16.2 m @ 0.32% Co. “The high-grade cobalt mineralisation is hosted within a shoot of massive and semi-massive sulphides that outcrops near the top of the Sara Alicia hill and plunges at a shallow angle towards the northwest.”
  • Almaden Minerals Ltd. reported drilling results from the Tano zone, about 1.2 km SW from the pre-feasibility study pit of its Ixtaca project in Puebla. Highlighted core length intervals comprise 28.9 m @ 0.36 g/t Au, 23 g/t Ag (including 6.3 m @ 0.79 g/t Au, 29 g/t Ag; 17.5 m @ 0.43 g/t Au, 7 g/t Ag; 4.6 m @ 1.35 g/t Au, 72 g/t Ag; 89. 5 m @ 0.83 g/t Au, 2 g/t Ag (including 40.0 m @ 1.45 g/t Au, 3 g/t Ag; 26.0 m @ 1.93 g/t Au, 4 g/t Ag; 1.0 m @ 27.50 g/t Au, 58 g/t Ag).
  • Auxico Resources Canada Inc. discovered three historical mines on its Zamora property in Sinaloa. A 1982 government report included all the rehabilitation work done in the property, including a map recording all historic workings within a 1,000 by 600 m grid. Sampling in the El Tacomate, El Arroyito and La Campeona returned 0.2 m @ 0.7 g/t Au, 107 g/t Ag; 0.9 m @ 1.9 g/t Au, 413 g/t Ag; 0.30 m @ 10.1 g/t Au, 942 g/t Ag.

ON MINING

  • Pan American Silver Corp. Initiated steps to reduce activities at its Dolores mine in Chihuahua, following security incidents along access roads to the site. Ore stacking to the leach pads and the processing plant are operating at normal level, and the mine site remains secure. The company is to maintain personnel at levels necessary for site security and reduced operating activities.
  • Impact Silver Corp. released financial results for the quarter ending on March 2018. Silver production was 213.2 K Oz during the period, resulting from milling of 46.6 K tonnes milled @ 160 g/t Ag. The net loss for the quarter was $0.5 M, and the company has a $3.8 M cash position.
  • Santacruz Silver Mining Ltd. reported first quarter operating results from Veta Grande in Zacatecas and Rosario in San Luis Potosi. At Veta Grande 34.9 K tonnes were processed @ 142 g/t AgEq, to produce 32,413 Oz Ag (47% recovery), 56 Oz Au, 109 tonnes Pb, 118 tonnes Zn. At Rosario, 13,410 tonnes were processed @ 232 g/t AgEq to produce 15,689 Oz Ag, 79 Oz Au, 25 tonnes Pb, 331 tonnes Zn. A 6,000 m surface drilling program is ongoing in the Veta Grande vein, and a 3,000 underground drilling program on the Armados vein. At Rosario, the 350 tpd production rate is expected to be achieved by end of Q2.

ON FINANCING

  • Telson Mining Corp. has been approved for graduation from Tier 2 issuer on the TSX Venture Exchange to Tier 1 issuer (Campo Morado, Guerrero).
  • Prime Meridian Resources Corp. is conducting a non-brokered private placement to raise proceeds of up to $1.5 M (Parral Mining project, Chihuahua).
  • Prospero Silver Corp. completed the second and final tranche of its previously announced private placement financing, raising aggregate gross proceeds of $1 M (Petate, Hidalgo; Buenavista, Durango).
  • Camrova Resources Inc. closed a non-brokered private placement, raising CAD$226 K (Boleo, Baja California Sur).
  • Minaurum Gold Inc. closed the final tranche of its previously announced oversubscribed private placement, raising $1.38 M, for total gross proceeds of $7.08 M (Alamos Silver, Sonora).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. announced drill results and discovery of the Babicanora Norte Vein on the Las Chispas property in Sonora. The vein is 300 m north of the parallel Babicanora vein. Highlighted true width (TW) results comprise 1.4 m @ 9.11 g/t Au, 1,033 g/t Ag; 1.3 m @ 5.19 g/t Au, 726 g/t Ag; 1.2 m @ 4.71 g/t Au, 593 g/t Ag; 1.5 m @ 23.96 g/t Au, 2,081 g/t Ag; 1.4 m @ 1.33 g/t Au, 141 g/t Ag. Mineralization consists of a 0.5 to 1.5 m wide banded quartz-argentite-pyrargyrite vein, proximal to a rhyolite dyke and measuring 200 m long by 100 m high, with an average width of 1.4 m @ 8.47 g/t Au, 879 g/t Ag, remaining open in most directions.
  • Orla Mining Ltd. released the results of a preliminary economic assessment (PEA) on its Camino Rojo property in Zacatecas. The new mineral resource estimate includes measured and indicated mineral resources of 9.65 M Oz Au, 102.4 M Oz Ag (354.9 M tonnes at 0.85 g/t gold and 9 g/t silver) and an inferred mineral resource of 1.82 M Oz Au and 16.2 million ounces of silver (65.2 M tonnes at 0.87 g/t gold and 8 g/t silver). The PEA is based on near-surface oxide and partly oxidized material that can be processed by heap leaching, on an 18 K tonnes per day operation (tpd), recovering 67% Au to produce 97.5 K Oz Au per year. The feasibility analysis is expected during the first half of 2019.
  • Alio Gold Inc. disclosed drilling results from its last four holes at its Ana Paula project in Guerrero. The highlighted intervals comprise 34.5 m @ 0.89 g/t Au; 53.7 m @ 1.03 g/t Au; 41.0 m @ 1.40 g/t Au; 64.5 m @ 1.24 g/t Au; 37.7 m @ 1.14 g/t Au; 19.8 m @ 1.49 g/t Au. Several of those intervals come from a hydrothermal breccia south of the proposed pit.
  • Excellon Resources Inc. released drilling results from its Platosa mine in Durango. Highlighted core length intervals from the 693, pierna and rodilla mantos include: 5.3 m @ 1,1153 g/t Ag, 8.2% Pb, 3.4% Zn; 5.4 m @ 649 g/t Ag, 3.3% Pb, 3.9% Zn; 7.9 m @ 594 g/t Ag, 0.9% Pb, 1.4% Zn; 2 m @ 2,148 g/t Ag, 19.2% Pb, 9.7% Zn; 6.7 m @ 870 g/t Ag; 13.3% Pb, 12.4% Zn.

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. optioned from two private owners the 20 hectare Tres Amigos mining concession, contiguous to its Cerro Caliche project in Sonora. The option increases the land holdings under option to 1,455 hectares. The $130 K option, which is payable on nine equal ($14.4 K) cash installments over 48 months, is to provide Sonoro with a 100% interest in the property.
  • Prime Meridian Resources Corp. signed a letter of intent (LOI) with Eclipse Mining Services Pty Ltd. for a 70% interest on in the Parral mining project in Chihuahua. PMR will earn a 30% interest by issuing CA$500 K in shares to Eclipse, US$200 K in shares to a shareholder of Eclipse, and cash payments of US$800 K as follows. A payment of up to US$185 K on completion of an initial 43-101 report, a further payment of up to US$750 K (plus 7% annual interest) for repayment of the loans made by Eclipse for development of the project and advance the balance of the required $US800 K cash payments toward the development capital of the project. PMR may earn a further 40% on the project by investing a further US4.0 M investment, or by financing the development of the processing plant input capacity to 500 tpd within 36 months of the date of the LOI.

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

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On the picture below, kaolin workings on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

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

 

By Miguel A Heredia

During the 19th week of the year (May 7th to May 13th, 2018), at least 40 press releases were announced by companies working in Mexico, with eight informing on exploration results, nine reporting Q1 2018 results, four announcing financing, sixteen communicating deals and corporate issues, and  seven reporting on resources & development. ON MEXICO ISSUES, Fernando Alanis Ortega was appointed President of CAMIMEX for the period 2018-2010. Investment in the mining sector reached $4,287 M USD in 2017, representing an increase of 14.3%. ON EXPLORATION, In Sonora, Colibri Resource reported drilling results at its El Pilar project, and Azure provided an update on its El Alacran project. In Chihuahua, Sable commenced a 4,000m diamond drill program on its Margarita project; Prospero and Fortuna revised its 2018 work program for Bermudez and Trias projects in Chihuahua, and Buenavista project in Durango.  In Zacatecas-Durango, Canasil announced plans to resume drilling at its La Esperanza project. In Guerrero, Alio announced that a regional exploration work is underway on its Ana Paula project. In Oaxaca, Megastar signed an option agreement to acquire a mining project. ON MINING, Alio Gold, Pan American Silver, Americas Silver, Excellon, GoGold, Hecla, Premier Gold, and Torex reported Q1 2018 results from their Mexican operations. Gainey completed upgrade of its Huajicori mill in Nayarit. ON FINANCING, Almaden announced a non-brokered private placement for $7M.  Minaurum raised $4.7M in its first tranche of a total $6M non-brokered private placement. Prize Mining announced a non-brokered private placement for $2M. Silver Spruce closed a non-brokered private placement for $287.7K. ON RESOURCES AND DEVELOPMENT, Alio initiated the construction of a 1,200m underground decline at its Ana Paula project in Guerrero. Hecla provided an exploration update on its San Sebastian Mine.  Leagold reported underground drilling results for its Los Filos mine in Guerrero. Premier Gold filed a technical report for its Mercedes mine in Sonora.  Sierra Metals reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1 2018 period. US Antimony reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. ON DEALS AND CORPORATE ISSUES, Alamos Gold, Endeavour, Excellon, and Fortuna reported results of its 2018 annual general meetings. Alamos also announced changes to its Board of Directors. Almadex approved spinout transaction. Great Panther announced the departure of its COO. Canuc announced the appointments of its CFO and Corporate Secretary. New Gold announced the appointment of its President and CEO. Candente reached an agreement with 3rd Eye Research to retain IR services. First Majestic completed the acquisition of Primero Mining. Goldplay received approval on the San Marcial option agreement in Sinaloa with SSR Mining. One World Lithium announced the granting of stock options. Primero announced receipt of Mexican antitrust clearance for arrangement with First Majestic. MX Gold signed a definitive agreement to sell interest at its Magistral project in Durango.

ON MEXICO ISSUES

  • Fernando Alanis Ortega, was appointed President of the Mexican National Chamber of Mines (CAMIMEX) for the period 2018-2010, replacing the outgoing Daniel Chavez Carreon.
  • CAMIMEX, reported that the investment in the mining sector reached $4,287 M USD in 2017. Although this represents an increase of 14.3% over the previous year, it is still 48.5% lesser that the invested record in 2012 which reached $8,043M USD.

ON EXPLORATION

  • Colibri Resource Corporation, reported drilling results from its El Pilar project in Sonora. Highlights are 9m of 8.16 g/t Au, including 1.5m of 33.4 g/t Au. The company has completed 2,117m in 20 RC holes “aimed to test for continuity within previously interpreted zones of mineralization, test for extensions to the known mineralization, and explore locally for new zones of gold mineralization”.
  • Azure Minerals Limited, provided an update on results from its El Alacrán project in Sonora, currently operated by Minera Teck S.A. de C.V. Teck drilled 14 holes to test extensions of Au mineralized zones at Loma Bonita area. Results suggest potential expansion of the Loma Bonita epithermal Au-Ag mineralized system at depth south towards Cerro San Simon, where four holes were drilled to test resistivity anomalies. Teck also drilled four holes at Cerro Colorado Zone to test mapped targets and geophysical anomalies generated by IP surveys and airborne magnetics, confirming potential for porphyry copper mineralization. Geological, geochemical and geophysical surveys are being carried out in H1, 2018 and will be followed by further drilling in H2, 2018.
  • Sable Resources Ltd., commenced a 4,000m diamond drill program to test 1.7km of Ag-bearing epithermal quartz veins at its margarita project in Chihuahua. The aim is to test for high-grade precious metal horizon 200m below mineralized surface samples.
  • Prospero Silver Corp., and Fortuna Silver Mines Inc., revised its 2018 exploration program, deciding to conduct a 6,000m drill program to test targets at its Buenavista, project in Durango, as well as at its Bermudez and Trias projects in Chihuahua.
  • Canasil Resources Inc., announced plans to resume drilling at its La Esperanza project in Zacatecas-Durango. The drill program was designed to test the northwestern and southeastern extension of the La Esperanza vein 50m below of the high grade found in hole ES-17-16.
  • Alio Gold Inc., announced that a regional exploration work is underway on its Ana Paula project in Guerrero which includes an airborne magnetic survey targeting further breccia or skarn targets.
  • Megastar Development Corporation, signed an option agreement with Paradex Inc., and Minera ZalameraA. de C.V., to acquire 100% of the Rama de Oro project in Oaxaca. “The Project is hosted by caldera-related Tertiary volcanic rocks (e.g. El Aguila model) crosscut by hydrothermal veining inferred to be related to late-stage granitic magmatism locally exposed as dikes and underlying the adjacent ‘Nueve Puntos’ mountain”. Exploration work on the property has identified a 4 square-Km zone of quartz veining, silicification, and clay alteration of volcanic rocks. Sampling on this altered zones have returned anomalous values of Au, Ag, As, Hg, and Sb, suggesting the upper part of a precious metal epithermal system.
  • Prize Mining Corporation, reported sampling results at its Manto Negro Copper project in Coahuila. Significant results include 6m of 2.73% Cu and 58 g/t Ag, 5.2m of 1.78% Cu and 40 g/t Ag, and 7m of 1.65% Cu and 36 g/t Ag.

ON MINING

  • Alio Gold Inc., announced Q1 results from its san Francisco mine in Sonora, Alio produced 17.6K Oz Au and ~9K Oz Ag at an AISC of $1,262 per Oz Au.
  • Pan American Silver Corp., reported results from its Dolores and La Colorada mines in Chihuahua and Zacatecas states respectively. Au and Ag production during the period of Q1, 2018 was 34.4K Oz Au and 1.2M Oz Ag at Dolores mine and 1K Oz Au and 1.65M Oz Ag at La Colorada mine.
  • Americas Silver Corporation, reported Q1 2018 results from its Cosala operations in Sinaloa. Americas processed 163.8K tonnes to produce 397K Oz Ag, 7.6 M Lb Pb, and 7.3M Lb Zn.
  • Excellon Resources Inc., reported Q1 2018 results from its La Platosa mine in Durango. The company processed 18.9K tonnes (including 5.9K tonnes of historical stockpile) at average grades of 359 g/t Ag, 3.8% Pb, and 6.4% Zn to produce 194.5K Oz Ag, 1.3M Lb Pb, and 1.8M Lb Zn.
  • Gainey Capital Corp., completed upgrade of its Huajicori mill in Nayarit to process 300 tonnes per day.
  • GoGold Resources Inc., announced Q1 2018 results from its Parral Tailings project in Chihuahua. The company stacked 439.3K tonnes on the leach pad to produce 265.6K Oz Ag and 1908 Oz Au.
  • Hecla Mining Company, reported Q1 2018 results from its San Sebastian mine in Durango. The mine produced 512K Oz Ag and 4,500 Oz Au.
  • Premier Gold Mines Limited, announced Q1 2018 results from its Mercedes mine in Sonora. The company milled 168.3K tonnes of 2.91 g/t Au and 31.8 g/t Ag to produce 15K Oz Au and 57.4K Oz Ag.
  • Torex Gold Resources Inc., reported Q1 2018 results from its El Limón-Guajes Mine Complex in Guerrero. Torex processed 785K tonnes of 3.29 g/t Au to produce 67.2K Oz Au at an AISC of $954 per ounce.

ON FINANCING

  • Almaden Minerals Ltd., announced a non-brokered private placement for $7M. Net proceeds will be used for exploration and development of its Ixtaca project in Puebla.
  • Minaurum Gold Inc., raised $4.7M in its first tranche of a total $6M non-brokered private placement. Net proceeds will be used for its ongoing exploration program at the Alamos Silver project in Sonora.
  • Prize Mining Corporation, announced a non-brokered private placement for $2M. Net proceeds will be used to conduct a geological, diamond drill and engineering assessment on its Manto Negro Copper project in Coahuila The aim is to produce a 43-101 compliant mineral resource.
  • Silver Spruce Resources Inc., closed a non-brokered private placement for $287.7K. Net proceeds will be used at Its Pino de Plata project in Chihuahua, aimed to drill target sites on the property.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc., initiated the construction of a 1,200m underground decline at its Ana Paula project, which is expected to be completed in Q3 2018. It will enable commencement of the first phase of the proposed underground diamond drill program, which will consist of 12,000 m in 55 holes. The company completed a six-hole 3,800m drill program below the proposed open pit to better define the geometry of the complex high-grade breccia and know the mineralization extent. Alio is also currently carrying out a drilling program on a high priority surface target 150m north of the proposed open pit, on which a detailed geological mapping at a scale 1:2,000 will be conducted.
  • Hecla Mining Company, provided and exploration update on its San Sebastian mine in Durango. An Infill drill program is been conducted to expand high-grade polymetallic zones similar to the Hugh Zone on the Middle and Francine veins, as well as oxide mineralization along the Professor and Francine veins. Significant results are 1.34m of 135 g/t Ag, 23.5% Pb, 18.5% Zn, and 7.9% Cu on the polymetallic zone, and 1.58m of 1,200 g/t Ag and 4.98 g/t Au on the oxide mineralization. At West Middle vein, the most significant intercepts are 1.34m of 317 g/t Ag, 10.1% Pb, 18% Zn, and 3% Cu, and 0.85m of 304 g/t Ag, 8.5% Pb, 9.4% Zn, and 3.8% Cu.
  • Mexican Gold Corp., reported step-out drilling results from the El Dorado / Juan Bran and Santa Cruz zones within its Las Minas projects in Veracruz. Significant interceptions are 8m of 1.06 g/t Au and 6 g/t Ag, including 6m of 1.36 g/t Au and 8 g/t Ag; 6m of 2.52 g/t Au and 10 g/t Ag; 14m of 1.96 g/t Au and 0.3 g/t Ag, including 6m of 3.49 g/t Au and 0.5 g/t Ag; and 24m of 1.24 g/t Au and 3 g/t Ag, including 10m of 2.12 g/t Au and 4 g/t Ag. The drill results tested the continuity of mineralization at El Dorado / Juan Bran zone and extended the mineralized zone to depth as well as cutting multiple mineralized intervals in the upward extension of the Santa Cruz zone.
  • Leagold Mining Corporation, reported underground drilling results for its Los Filos mine in Guerrero. Highlights are 4.1m of 24.2 g/t Au, 6.95m of 23.6 g/t Au, and 9.1m of 8.7 g/t Au from the Nukay, Conchita and Creston Rojo deposits respectively. The aim of the drilling program which comprises over 12,000m to date from 62,000m planned for 2018 is to identify additional resources along the contact of the circular intrusive orebodies.
  • Premier Gold Mines Limited, filed a technical report to release  updated mineral reserves for its Mercedes Mine in Sonora, with 3.3M tonnes of 3.94 g/t Au containing 417K Oz Au, and measured and indicated mineral resources for 3.68M tonnes of 4.32 g/t Au containing 511K Oz Au.
  • Sierra Metals Inc., reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1, 2018. At Cusi, mine development totaled 676m. The company also carried out 1,448m of underground infill drilling, and 7,398m from surface. At Bolivar, mine development totaled 1,177m, with 650m to prepare stops for mine production, 466m to deepening ramps and developing service ramps for ventilation and pumping, and 61m of raises.
  • US Antimony Corporation, reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. Testing and shake-down of the plant is anticipated in Q4 2018.

ON DEALS AND CORPORATE ISSUES

  • Almadex Minerals Limited., approved a spinout transaction of its early stage exploration projects, royalties interests, and certain other assets. Almadex will be re-named Azucar Minerals Ltd., upon closing of the transaction.
  • Candente Gold Corp., reached an agreement with 3rd Eye Research to retain IR services.
  • First Majestic Silver Corp., completed the acquisition of Primero Mining Corp. With the arrangement now completed the Primero´s shares will be delisted from the TSX. The company also announced the termination of the silver purchase agreement with Wheaton

Precious Metals Corp., relating to the San Dimas mine.

  • Goldplay Exploration Ltd., received the approval to acquire the 100% of the San Marcial, Sinaloa option agreement with SRR Mining. Goldplay will pay, over a three year option period, $2.6 M in cash, issue 3.5M common shares, and incur in exploration expenses for $3M.
  • Primero Mining Corp., announced receipt of Mexican antitrust clearance for the arrangement with First Majestic.
  • MX Gold Corp., signed a definitive agreement to sell its 50% interest on its Magistral project in Durango for a purchase price of US$4.5M.

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

On the picture above, an oxidized quartz vein with a high content of disseminated pyrite in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.

 

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

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On the picture above, pervasive kaolinization of volcanic rocks in the vadose zone of an epithermal system in Guanajuato. Geologist Miguel Heredia for scale.

By Jorge Cirett

During the 14th week of the year (April 1st to April 8th, 2018), at least 12 press releases were announced by companies working in Mexico, of which three had information on exploration, one in mining, one in financing, five on resources and development and two in corporate issues. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Riverside informed on exploration of its Ariel copper project. In Sinaloa, Goldplay completed a geophysical survey at El Habal. In Durango, Southern Silver announced its exploration program for 2018 at Cerro Las Minitas. ON MINING, Torex Gold announced all access to its projects in Guerrero has been restored.  ON FINANCING, Palamina granted options to officers, directors and consultants.  ON RESOURCES AND DEVELOPMENT, Alio Gold released drill results on two more holes on its Ana Paula project in Guerrero. Telson Resources disclosed PEA figures for its Campo Morado project in Guerrero. Evrim announced a maiden resource on its Ermitaño project in Sonora. Americas Silver released drill results from the 120 zone of its Cosalá project in Sinaloa. Bacanora Lithium announced that a recent feasibility study demonstrated good economics for its Sonora project.  ON DEALS AND CORPORATE ISSUES, Evrim announced First Majestic commenced arbitration proceedings on its Ermitaño project in Sonora. Bacanora Lithium announced the termination of a “placing letter” with NextView New Energy Bull HongKong Limited, regarding funding for its Sonora lithium project.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Goldplay Exploration Ltd. completed a ground CSMAT (Controlled source audio frequency magnetotellurics) and magnetics survey at its El Habal property in Sinaloa, delineating 15 new drill targets. Goldplay completed a 27-line survey consisting of 100 m line spacing and 409 total stations over the 1.5 km of mineralized known length at El Habal. “Results confirm anomalous zones previously identified by historical drilling results and nearby shallow historical underground workings”. Several resistive geophysical anomalies were identified that correlate with anomalous surface trenching results and structural trends mapped previously.
  • Riverside Resources Inc. identified through mapping altered porphyritic intrusive rocks in the western part of its Ariel porphyry copper project in Sonora. The hydrothermal alteration measures 2.8 km in length by up to 1.9 km in width.
  • Southern Silver Exploration Corp. announced that a 2018 budget totaling US$3 M has been approved by the joint venture partners for exploration work at the Cerro Las Minitas project in Durango. “The program comprises 13,000 metres of drilling in two phases which will target both the systematic resource expansion in the Area of the Cerro containing the existing Mineral Resource Estimate and continued surface sampling and reverse circulation drilling on new discoveries in the recently staked CLM West claim group.”

ON MINING

  • Torex Gold Resources. Reported that negotiations between community leaders have resulted in an end to the illegal blockades of the El Limon-Guajes mine complex, supporting infrastructure and the Media Luna project in Guerrero. “The official government-regulated process for selecting between the two competing unions, continues. Since midMarch, there have been two public hearings at the Federal Labour Board, regarding the timing of a union selection vote. It is Torex’s understanding that the public hearing stage of the process is now complete, and that the next stage is a decision as to when and where the vote will occur. As Torex has said since the beginning, the Company will work with whichever union the workers democratically select.” Cash reserves at the end of Q1 were US$124 million, including US$14 million set aside for reclamation obligations. Also during Q1 a US$9.3 million principal repayment was made to reduce the term loan under the debt facility to US$290.7 million.

ON FINANCING

  • Palamina Corp. granted 950 K stock options to certain officers, directors and consultants of the company under its stock options plan. The options granted at $0.39 per common share expire in five years for officers and directors and in three years for consultants (Santuario, Hidalgo).

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. released drill results for the last two holes at its Ana Paula project in Guerrero. The 3,800 m program targets the complex breccia extension below the proposed open pit. On the first hole a hydrothermal breccia south of the proposed pit returned 0.94 g/t Au over 44.2 m, while the complex breccia below assayed 1.91 g/t Au over 40.90 m. The second hole returned 0.90 g/t Au over 32.4 m on the hydrothermal breccia south of the proposed pit and 2.03 g/t Au over 48.2 m on the complex breccia below. The fourth and fifth holes of the program have been completed and the last hole is in progress.
  • Telson Mining Corp. informed a positive result of a 43-101 compliant independent preliminary economic assessment (PEA) on its Campo Morado project in Guerrero. The current resource contains five mineral volcanogenic massive sulfide zones (G9, El Largo, Naranjo, Reforma and El Rey) containing zinc, copper, silver, gold and lead. The 2017 mineral resource estimate using a 5.5% ZnEq cut-off holds 16.6 M tonnes @ 1.70 g/t Au, 123 g/t Ag, 0.80% Cu, 0.93% Pb, 4.01% Zn (or 8.68% ZnEq) as measured and indicated resources, and 988 K tonnes @ 1.32 g/t Au, 116 g/t Ag, 0.64% Cu, 0.92% Pb, 3.20% Zn (or 7.27% ZnEq)as inferred resources.
  • Evrim Resources Corp. announced a maiden resource was disclosed by its partner First Majestic Silver Corp. on its Ermitaño project in Sonora. The inferred resource was calculated on the Ermitaño West vein, holding 3.36 M tonnes @ 3.99 g/t Au, 68 g/t Ag (or 377 g/t AgEq), containing 432 K Oz Au, 7.38 M Oz Ag.
  • Americas Silver Corp. released results of step-out holes on its Cosalá operations in Sinaloa. Highlighted true width (TW) intervals comprise 4.94 m @ 33 g/t Ag, 7.2 g/t Au, 0.13% Cu; 41.68 m @ 148 g/t Ag, 0.25 g/t Au, 0.32% Cu; 26.24 m @ 181 g/t Ag, 0.11 g/t Au, 0.51% Cu; 12.32 m @ 84 g/t Ag, 0.17 g/t Au, 0.23% Cu. “The zone 120 deposit is characterized by steeply dipping parallel lenses of Ag-Cu-Au skarn mineralization developed in volcanically derived calcareous sediments adjacent to intermediate intrusive dykes and sills. Skarn mineralization is characterized by disseminated chalcopyrite and tetrahedrite….. Mineralization at area 120 has been found over an area greater than 500 meters in length, 300 meters in width and down to a depth of 550 meters. Individual lenses have widths of up to 60 meters.”
  • Bacanora Lithium plc. Informed a recently completed feasibility study (FS) demonstrated economics of US$1.25 billion NPV; 26.1% IRR; and life of mine gross operating costs of US$3,910/t Li2CO3 comparable to those of the low cost brine producers of South America. Design of both the roaster/kiln FEED and the crystalliser/evaporation/IX FEED has commenced. “The current FEED schedule is to have designs, cost estimates and process guarantee scopes completed in Q2 2018 with orders for long lead items being placed at the end of the FEED process. The current ­time table is based on commissioning and lithium carbonate production commencing in Q1 2020” Currently advance is being made on water licenses, natural gas supplies and land surface access.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp. announced “that First Majestic has initiated arbitration proceedings in connection with its purported exercise of the option pursuant to which First Majestic can earn a 100% interest in the Ermitaño property, subject to the retention by Evrim of a 2% net smelter return royalty interest. It is expected that the arbitration will deal with the requirements under the option agreement for First Majestic to exercise the option and not the relative interests of the parties in the Ermitaño property.” (Ermitaño, Sonora).
  • Bacanora Lithium plc. “As previously announced, the Company entered into a binding placing letter (the “Placing Letter”) with NextView New Energy Bull HongKong Limited (“NextView”) in December 2017 and as announced on 28 February 2018, although the Company had fulfilled all of its obligations in respect of the Placing as of that ­me, NextView failed to forward the Placing proceeds to the Company, leaving it in default under the terms of the Placing Letter. In spite of repeated efforts on the part of the Company requesting that NextView remedy its continuing default, NextView has continued to fail to complete the Placing as contemplated under the Placing Letter. Accordingly, the Company has terminated the Placing Letter and has reserved its rights to pursue any available legal remedies against NextView.”

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, pervasive kaolinization of volcanic rocks in the vadose zone of an epithermal system in Guanajuato. Geologist Miguel Heredia as scale.

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

By Miguel A Heredia

During the 11th week of the year (March 12th to March 18th, 2018), at least 17 press releases were announced by companies working in Mexico, with seven announcing exploration results, seven reporting deals and corporate issues, and two providing Q4 and annual 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Azure provided an update of exploration results at its Alacran project. In Coahuila, Discovery Metals announced drill results from its La Kika project in Coahuila, Prize Mining reported sampling results at its manto Negro copper project, and Silver Bull presented drill results on its Sierra Mojada project. In Hidalgo, Prospero announced drill results at its Pachuca SE project.  In Michoacan, Geologix presented 2017 exploration results from its Tepal project. In Guerrero, Alio reported drill results on its Ana Paula project.  ON MINING, Impact reported Q4 and 2017 annual financial and production results at its Zacualpan Mine in Mexico State. Fortuna announced Q4 and 2017 production results at its San Jose Mine in Oaxaca.   ON FINANCING, Colibri closed a second tranche of a private placement for $135K.  ON RESOURCES AND DEVELOPMENT, no relevant news. ON DEALS AND CORPORATE ISSUES, Evrim issued a remainder to holders to exercise their warrants on March 19, otherwise they will expire. Geologix granted incentive stock options to its personnel. Plata Latina announced debt restructuring. Primero reported shareholders voted in favour of the First Majestic transaction. Southern Silver announced initial analyst coverage report on its Cerro Las Minitas project in Durango. Rock Teck announced its intention to the vendors to proceed with the acquisition of the Nogalito lithium property in Sonora. Orla Mining announced the appointment of its CFO.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Azure Minerals Limited, Azure announced that Minera Teck S.A. de C.V. has already logged and sampled all drill core from the eleven hole diamond drilling program completed in December 2017 at its Alacran project in Sonora. All samples were submitted to lab and results are expected to arrive next month. Teck also has informed Azure that it will be continuing its planned geological, geochemical and geophysics surveys in the first half of 2018, to be followed by more drilling in the second half of the year.
  • Discovery Metals Corp., reported 1st phase drill results at its la Kika project in Coahuila. Significant results were 1.1m of 10.4% Zn, including 16.7% Pb over 0.6m, 7m from surface, and 1.5m of 12.8% Zn, including 30.6% Pb over 0.4m, 7m from surface. A property-wide geochemical survey identified a 1.5km by 0.8km coincident Zn-Pb anomaly. This result opens the potential to the north of the property. Detail mapping, property-wide geophysics, and trenching work are currently underway. The company also announced that a mapping and sampling program is ongoing at its Monclova and Puerto Rico projects to generate drill targets.
  • Prize Mining Corporation, announced sampling results at its manto Negro copper project in Coahuila. Highlights comprises 7m of 2.6% Cu & 212 g/t Ag, including 1.25m of 5.46% Cu and 404 g/t Ag at Pilar Grande mine, 0.3m of 5.5% Cu and 711 g/t Ag at level 4 of Pilar Grande Mine, and 0.25m of 45.5% Cu and >1.5K Ag at Los Ojitos. Other significant results are 1.85m of 3% Cu and 275 g/t Ag, including 0.65m of 4.44%Cu and 565 g/t Ag, and 1.35m of 1.73% Cu and 332 g/t Ag, including 0.3m of 4.9%Cu and 1,140 g/t Ag.
  • Silver Bull Resources Inc., presented drill results of the final three drill holes collared in the newly discovered Sulphide Zone, which sits under the previously defined Oxide Zone at its Sierra Mojada project in Coahuila. Highlights include 10m @ 347 g/t Ag, 20.7% Zn, 1.25% Cu, and 1.35% Pb; 3m @ 303 g/t Ag, 20.1% Zn, 1.53% Cu, and 1.18% Pb; and 1m @ 127 g/t Ag, 21.1% Zn, 0.29% Cu, and 3.14% Pb. The recent drilling has extended the Oxide and Sulphide Zones to over 150m each along strike with high grade silver and copper to the north, and high grade silver, copper, and zinc to the south.
  • Prospero Silver Corp., announced results of the 3 holes comprised in the initial drilling program at its Pachuca SE project in Hidalgo. The intercepts were 1.35m of 227 g/t Ag, 12m of 0.39 g/t Au and 33 g/t Ag (8-10m true thickness), and 0.75m of 6.4 g/t Au and 75 g/t Ag.
  • Geologix Explorations Inc., presented results of the 2017 exploration program at its Tepal project in Michoacan. Company geologists developed a new structurally controlled exploration model for both property and regional scale and identified undrilled areas within and surrounding the three proposed PEA pits. They also discovered an unknown and untested high-sulphidation epithermal system underlying the Tepal property, which is now being prepared for drilling later this year.
  • Alio Gold Inc, reported drill results at its Ana Paula project in Guerrero. These holes were collared south of the proposed pit and on the southern edge of the alteration halo. Highlights include 19m of 6.45 g/t Au from 367m to 386m, and 55.70m of 1.3 g/t Au from 57.60m to 113.30m. IN addition, Alio has commenced a regional exploration work including an airborne magnetic survey targeting further breccia or skarn mineralization.

ON MINING

  • Impact Silver Corp., reported Q4 and year-end 2017 production results at its mine in Zacualpan, Estado de Mexico. Impact milled 194,266 tonnes in 2017 to produce 907.8K Oz Ag with a mill grade of 172 g/t Ag from.
  • Fortuna SilverMines Inc., announced Q4 and annual 2017 production results at its San Jose Mine in Oaxaca. On Q4, Fortuna milled 271.3K tonnes to produce 2M Oz Ag & 15K Oz Au, milling 1M tonnes during 2017 for a total annual production of 7.5M Oz Ag & 56K Oz Au.

ON FINANCING

  • Colibri Resources Corporation, closed a second tranche of over-subscribed private placement for $135K. Total gross proceeds raised between the first and second tranche were $1,212,098.

ON RESOURCES AND DEVELOPMENT

  • No relevant news.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., issued a remainder to holders to exercise their warrants by March 19, 2018 before their expiration date (Cerro Cascaron, Chihuahua).
  • Plata Latina Minerals Corporation, entered into a debt settlement agreement with the major shareholder of the company. The debt related to a promissory note of $CAD 250K, bearing interest at 10% per annum (Naranjillo, Guanajuato).
  • Primero Mining Corp., reported shareholders voted in favour of the transaction with First Majestic. With the acquisition of Primero, First Majestic adds to its portfolio one of the largest and richest precious metals mine in Mexico (Tayoltita-San Dimas, Durango).
  • Southern Silver Exploration Corp., announced initial analyst coverage report by Fundamental Research Corp., entitled “Significant resource expansion in Durango” (Cerro Las Minitas, Durango).
  • Rock Teck Lithium Inc., announced to the vendors its intention to proceed with the acquisition of the Nogalito lithium property in Sonora.
  • Geologix Explorations Inc., granted incentive stock options to its employees, directors, officers, and consultants (Tepal, Michoacan).
  • Orla Mining Ltd., announced the appointment of its CFO (Camino Rojo, Zacatecas).

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

On the picture below, a moly-copper manto in a prospect in Coahuila State, Mexico. Photo by Miguel A Heredia.

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

By Miguel A Heredia

During the 5th week of the year (January 29nd to February 4th, 2018), at least 24 press releases were announced by companies working in Mexico, with one reporting its full year 2017 results, one providing 2018 guidance for its mining operations, and six announcing financing rounds. ON MEXICO ISSUES, Torex announced that the illegal blockade by an external Union at its ELG Mine Complex in Guerrero has been removed. ON EXPLORATION, In Sonora, Aztec Minerals and Kootenay Silver released good drill results from its Cervantes project; SilverCrest Metals Inc released additional high-grade drill results for its Las Chispas project in Sonora, with ten to fifteen thousand meters of drilling planned for the first semester of 2018. In Chihuahua, Harvest Gold prepares to conduct a first phase drilling at its Cerro Cascaron Au-Ag project. ON MINING, Americas Silver presented annual production results for 2017, and Alio Gold provided 2018 guidance for its San Francisco Mine in Sonora. ON FINANCING, Bacanora Minerals announced equity offering with NextView Capital for CAD$ 53,5M. First Majestic completed the offering of $USD 150M of convertible senior notes due 2023. Orla Mining has agreed to increase the size of its previously announced CAD$ 25.48 M bought deal offering to CAD$ 26.75M. Palamina Corp. announced a non-brokered private placement for $2M. Torex Gold announced a CAD$55 M bought deal. Consolidated Zinc announced a fundraising for $1.96 M. San Marco announced proceeds of $208K by exercised of warrants.  ON RESOURCES AND DEVELOPMENT, Consolidated Zinc announced positive results from a Scope Study at its Plomosas project, in Chihuahua, and plans more drilling to increase resource tonnage during Q1 2018. Mexican Gold announced that a drill contract for 3,000m has been signed to expand resources at its Las Minas project in Veracruz. Premier Gold Mines Limited announced plans to define and expand mineralization at its Mercedes Mine in Sonora. ON DEALS AND CORPORATE ISSUES, Mexus Gold US acquired in Sonora the Mabel-Dana project from Pacific Comox. Minera Alamos and Corex Gold announced that have entered into a definitive agreement to combine the two companies. MX Gold announced that the British Columbia Securities Commission issued a Cease Trade Order against the company as a result of failing to disclose Mineral reserves under National Instrument 43-101 on its Magistral project in Durango. For the same reason, the company was suspended by TSX. Canuc released that it has completed a vertical amalgamation with its wholly-owned subsidiary Santa Rosa Silver Mining Corporation to simplify the corporate structure of Canuc.  Vangold Mining granted stock options for 2.6M shares to officers, directors, consultants and employees. The company has received its Legal Identity Number to trade shares on the Stuttgart, Munich and Frankfurt Stock Exchanges.

ON MEXICO ISSUES

  • Torex Gold announced that the illegal blockade at its ELG Complex Mine by an external Union has been peacefully removed by the Guerrero State authorities. Torex now has access to the entire mine facilities. Rule of law has finally been reestablished!

ON EXPLORATION

  • Aztec Minerals / Kootenay Silver, released initial drill results of five of its phase 1, 15 holes, 3000m drill program at its Cervantes project in Sonora. The California and Jasper targets were drilled, where mineralization seems to be related to a porphyry gold (silver, copper) sulfide system. Drill highlights of the holes totaling 810m include 139m @71 g/t Au from surface, including 20m of 2.1g/t Au and 2m of 5.52 g/t Au; and 117m @ 0.63 g/t Au from 2-119m depth, including 43m of 1.18 g/t Au and 2m of 5.52 g/t Au, both in the California target. Two drill holes at the Jasper target intercepted anomalous but sub-economic copper-gold-molybdenum oxide mineralization from surface to bottom. The rest of the drilling program at Cervantes is underway.
  • Harvest Gold, announced that a drill permit to conduct 14 diamond holes comprising 300-3500m in 5 out of 8 target areas on its Cerro Cascaron project in Chihuahua is expected to be received by Mid-February. Six holes will test Serpiente Dorada and Julieta targets, a 1.8km long Au-Ag soil anomaly that average 200 ppb Au with the peak being 1,380 ppb Au. Three holes more will test high grade Au-Ag veins at San Pedro target. Sampling results of the San Pedro vein returned 0.8m @ 19 g/t Au and 72 g/t Ag, within 2.6m @ of 6.5 g/t Au and 28 g/t Ag.  The drill program also considers some holes in Carabina target to test two areas of high grade Au-Ag surface samples, and in Cascarita target to test 350m of strike length along a larger (900m) polymetallic Ag-Pb-Zn vein breccia system defined by both underground and surface sampling. Adit sampling returned five channel sample cuts with widths of 1.4 to 3.3m with grades between 231 and 542 g/t equivalent Ag.  A phase two drill program consisting of an additional 3,700m in 12 holes have been planned to test Dolores, San Pedro, El Salto, Cascarita, La Puerta, Carabina and Julieta targets.
  • San Marco Resources Inc., announced its plan for 2018 on its Mexican projects in Sonora. The company wants to drill the 1068 porphyry copper-gold-moly project; release assay results from the chip-channel sampling conducted at its new Chunibas Cu-Au discover; continue exploration at its Chunibas project and release metallurgical results.
  • SilverCrest Metals Inc., released additional phase 2 drill results for its Las Chispas project in Sonora, expanding Babicanora high-grade footprint from 1km to 1.3Km along strike length. Potential is open along strike and to depth. Drilling returned significant intersections such as 3.5m of true width @05 g/t Au and 1,074.5 g/t Ag (4,153 g/t Ag equivalent), and 3.8m @ 12.3 g/t Au and 1,411 g/t Ag (2,321 g/t Ag equivalent). SilverCrest also expects to release a maiden resource estimate during the first quarter of 2018.

ON MINING

  • Americas Silver Corporation announced annual 2017 production results from its Cosala, San Rafael and El Cajón mines in Sinaloa. During the year, 690.5K tonnes were milled @ 104 g/t Ag, to produce 2.05M Oz Ag, 25.4 M Lb Pb, 11.6 M Lb Zn, and 1.2M Lb Cu, with a cash cost of USD$ 9.37 per Ag Oz and an all-in sustaining cost of USD$ 13.12 per Ag Oz. Commercial production was declared at its San Rafael Mine on December 19, 2017. The company also drilled seven holes during the fourth quarter of 2017 at the Zone 120 deposit, which is part of its Cosala operation. Drill results include 23.4m of 259 g/t Ag, 0.40 g/t Au, and 0.5% Cu, and 7.2m of 335 g/t Ag, 0.23 g/t Au, and 0.55% Cu.  A 20,000m drill program is to test extensions and in-filling drilling of the Zone 120, and explore the potential connection in the one km distance between El Cajón and Zone 120 areas.
  • Alio Gold Inc., provided 2018 guidance for its San Francisco Mine in Sonora. Alio expects to increase production on the range of 90K to 100K Oz Au this year compared to 83.5K Oz Au produced in 2017. To meet this goal, Alio has increased mining flexibility and the ability to deliver consistent ore feed to the leach pad. The total capital expenditure for 2018 is expected to be in the order of $2.5 to $3.0 M and will be spent on mine site exploration drilling and expansion of the heap leach pad phase 6B.

ON FINANCING

  • Bacanora Minerals Ltd., announced that the equity offering with NextView Capital, a leading Chinese institutional fund management group, is ongoing and worth CAD$ 53.5M (Sonora Lithium, Sonora).
  • First Majestic Silver Corp., First Majestic completed its previously offering of $USD 150M of convertible senior notes due 2023. Net proceeds are intended to be used to fund cost and expenses associated with the acquisition of Primero Mining Corp., and for general corporate purposes (Six mines in Mexico).
  • Orla Mining Ltd., has agreed to increase the size of its previously announced CAD$ 25.5M bought deal offering to CAD$ 26.75M, along with an over-allotment option to purchase additional units at the offering price. If the over-allotment option is exercised, the aggregate gross proceeds of the offering will be CAD$ 30.77M (Camino Rojo, Zacatecas). Palamina Corp., announced a non-brokered private placement offering for aggregate gross proceeds of $2M (Santuario, Hidalgo).
  • Torex Gold announced that has entered in a bought deal with a syndicate of underwriters CAD$ 55M on gross proceeds. Part of the net proceeds will be used for its working capital obligations during the re-start of ELG Mine Complex in Guerrero. Torex also announced an extension of waiver on liquidity covenant with its lenders, lowering the liquidity covenant from USD$ 50M to USD$ 30M (El Limón-Guajes, Guerrero).
  • Consolidated Zinc Ltd., announced the raising of $1.96M gross proceeds (Plomosas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd., completed a scope study with positive results to recommencing mining at its Plomosas Mine in Chihuahua, and announced that a feasibility study (FS) is ongoing targeting larger scale production than that assessed in the scope study, which was focused on mining Tres Amigos resources in level 5, comprising 544K tonnes @2% Zn, 2.1% Pb, and 14 g/t Ag. A drill program is planned to increase resources tonnage during the first quarter of 2018. The company also released high-grade results up to 35% Zn+Pb at its Alfonsitos prospect within Plomosas property, and high-grade Zn assays up to 42.7% Zn+Pb from underground areas nearby Juarez Mine.
  • Mexican Gold Corp., announced that a drill contract for 3,000 m has been signed to expand resources at the El Dorado / Juan Bran and the high-grade El Dorado Dike contact zones at its Las Minas project in Veracruz. The drill program also includes the Cinco Señores and Nopaltepec mineralized zones to test geophysical targets and extend known areas of mineralization.
  • Premier Gold Mines Limited announced a USD$ 10.8M exploration budget to define and expand mineralization at its Mercedes Mine in Sonora for 2018. The plan is to extend the underground workings in the Marianas deposit for detailed drilling and mine planning to establish reserves for mining in 2019. Full development of the Rey de Oro deposit is also a high priority and that is to include US$6.3 million in expansionary capital and US$6.8 million in sustaining capital. An updated mineral reserve and resource estimate for its Mercedes Mine during the first quarter of 2018.

ON DEALS AND CORPORATE ISSUES

  • Mexus Gold US acquired in Sonora the Mabel-Dana project from Pacific Comox as a stock trade agreement. Historic reserve estimate are 41K Oz Au on 1.2M tonnes @7 g/t Au and 23 g/t Ag. A summary technical report is expected to be released in the next two weeks.
  • Minera Alamos Inc. & Corex Gold Corporation entered into a definitive agreement to combine the two companies and become a Mexican gold development company with a market capitalization of about CAD$ 50M, CAD$ 6M in cash, and three high-quality Au-Ag projects: Santana-Los Verdes in Sonora, La Fortuna in Durango and Guadalupe de los Reyes in Sinaloa, each offering near-term production potential and low capital cost advantages.
  • San Marco Resources Inc., announced the appointment of Christian Grijalva as its VP Exploration for San Marco and San Marco Resources Mexico S.A. de C.V. (Chunibas, Sonora).
  • MX Gold Corp., announced that the British Columbia Securities Commission issued a Cease Trade Order after failing to disclose for first time mineral reserves under the national Instrument 43-101 on its Magistral project in Durango. Also, the TSX suspended the company to trade common shares as a result of the Cease Trade Order. MX Gold is working to address the deficiencies to get reinstatement of trading at TSX.
  • Canuc Resource Corporation completed a vertical amalgamation with its wholly-owned subsidiary Santa Rosa Silver Mining Corporation to simplify the corporate structure of Canuc (San Javier Ag-Au project in Sonora). The shares of the subsidiary were cancelled without any repayment of capital in respect of them.
  • Vangold Mining Corp., granted incentive stock options for 2.6M common shares at $0.20 per share for a five year term to officers, directors, consultants and employees. The company also announced that it has received its Legal Identity Number to trade shares on the Stuttgart, Munich and Frankfurt Exchanges (El Pinguino Mine in Guanajuato).

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

On the picture below, vuggy silica texture with hematite staining from a prospect in Jalisco State. Photo by Miguel A Heredia.

Vangold Grants Options Confirms LEI Registration

vangold grants options

Vancouver, British Columbia–(Newsfile Corp. – February 1, 2018) – Vangold Mining Corp. (TSX: VAN) (OTC: VGLDF) (“Vangold” or “the Company”) has granted, subject to regulatory approval, incentive stock options to officers, directors, consultants and employees to acquire up to 2,600,000 common shares at $0.20 per share for a five year term, in accordance with its Stock Option Plan.

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

By Jorge Cirett

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

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

 

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

 

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

 

  • SD intrusive4 - copia

 

Highlights on the 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

Evrim Announces Adoption of New Stock Option Plan

http://www.newsfilecorp.com/release/30419/Evrim-Announces-Adoption-of-New-Stock-Option-Plan#.WgnDtWjWzIU

Vancouver, British Columbia–(Newsfile Corp. – November 10, 2017) – Evrim Resources Corp. (TSXV: EVM) (“Evrim” or the “Company”) announced that its board of directors and the TSX Venture Exchange has approved a new fixed incentive stock option plan (the “Fixed Plan”). Upon adoption of the Fixed Plan the Company cancelled its long-term cash bonus plan.

The Fixed Plan allows the board of directors to grant up to an aggregate of 6,000,000 stock options of the Company to encourage equity participation among senior officers, employees, consultants and directors through the acquisition of Common shares of the Company. The Fixed Plan will enable the Company to attract and retain highly qualified personnel in an increasingly competitive marketplace. The Company has 100,000 options currently outstanding under its previous stock option plan which will be rolled into and be governed by the Fixed Plan.

The board of directors has approved the grant of 5,825,000 stock options to officers and employees of the Company at a price of $0.25 per share for a period of five years. The options vest over a five year period for senior executives and three years for other employees. The grant of these stock options is subject to approval of the TSX Venture Exchange.