The Mining and Exploration News in Mexico: Highlights on the Fourth Week of April, 2022

By Jorge Cirett

During the 17th week of the year (April 25th to May 1st, 2022), at least 24 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, four released first quarter 2022 reports, one reported a temporary suspension of mining, one on a financing round, another one on an updated credit facility, eight reported either drill results or updated on work in their advanced properties. ON MEXICO ISSUES, according to Miner Deck, one company working in Mexico had the best gold intercept of the week, and five companies in Mexico participated in the best eight silver intercepts. The SGM stated that Ixtlilco el Grande in Tepalcingo, Morelos, is one of several sites favorable for lithium mineralization. Several institutions pointed out that Mexico can be involved in international litigations if proceeds to nullify mining concessions under the reform to the mining law recently approved. ON EXPLORATION, in Sonora, Tocvan Ventures provided drill results on the Pilar project; Silver Spruce received results from Diamante. In Durango, Commander Resources informed on drilling by Southern Empire Resources at Pedro. In Chihuahua, Mammoth Resources provide drilling results from Tenoriba. ON MINING, Guanajuato Silver reported 2021 production, Mag Silver, Alamos Gold and Agnico Eagle reported Q1 2022 production results. Gatos Silver temporarily suspended mining operations at Cerro Los Gatos in Chihuahua. ON FINANCING, Sonoro Gold is to raise up to C$3 M. Orla Mining informed on a project finance facility for US$150 M.  ON RESOURCES AND DEVELOPMENT, Barksdale Resources released the last results from its drilling campaign at San Javier, in Sonora. Endeavour Silver reported drilling results from its Parral project in Chihuahua. Altaley Mining filed an updated technical report on Tahuehueto, Durango. Sierra Madre Gold and Silver announced results from drilling at the Tepic project, in Nayarit. Chesapeake Gold released results from metallurgical infill holes at Metates, in Durango. SilverCrest Metals updated on construction work at Las Chispas, in Sonora. Discovery Silver updated on work at Cordero, in Chihuahua, GR Silver Mining released high-grade results from drilling at Plomosas, in Sinaloa. ON DEALS AND CORPORATE ISSUES, no relevant news.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to Miner Deck, one company working in Mexico, Chesapeake Gold, drilled the best gold drilling intercept of the week, with 405 m @ 0.90 gpt Au at Metates, in Durango.
  • According to Miner Deck, five of the top eight silver intervals were drilled by companies working in Mexico. Gr Silver Mining was first with 24.2 m @ 1,094 gpt Ag at Plomosas, in Sinaloa. Chesapeake Gold was third with 357 m @ 31.6 gpt Ag, at Metates, in Durango. Radius Gold was fifth, with 11.8 m @ 450 gpt Ag at Amalia, in Chihuahua. Endeavour Silver was sixth, with 5.7 m @ 392 gpt Ag at Guanaceví, in Durango. Sierra Madre was eighth, with 3.05 m 625 gpt Ag at Tepic, in Nayarit.
  • The Servicio Geológico Mexicano (SGM), stated that Ixtlilco el Grande in Tepalcingo, Morelos, is one of several sites favorable for lithium mineralization.
  • The Cámara de Comercio Internacional argued that if the Mexican government nullifies mining concessions as results of the recently approved reform to the mining law, will be obligated to indemnify investors. This as a result of modifying the regulatory framework, as also pointed the Comisión de Comercio y Políticas de Inversión y el Comité de Arbitraje de Inversión de la International Chamber of Commerce.

ON EXPLORATION

  • Radius Gold Inc. reported drilling results from El Cuervo target at its Amalia project in Chihuahua. Highlighted core length intercepts comprise 14.60 m @ 117 gpt Ag, 0.92 gpt Au (including 0.9 m @ 1,185 gpt Ag, 6.93 gpt Au); 17.35 m @ 253 gpt Ag, 1.11 gpt Au (Including 7.60 m @ 414 gpt Ag, 2.10 gpt Au); 11.80 m @ 450 gpt Ag, 1.31 gpt Au (including 2.10 m @ 1,577 gpt Ag, 2.27 gpt Au). These holes were drilled from two platforms testing 350 m of strike and 300 m of depth.
  • Tocvan Ventures Corp. announced results from one more drill hole at its Pilar project in Sonora. Highlighted core length intervals comprise 108.6 m @ 0.8 gpt Au, 3 gpt Ag (including 31.9 m @ 2.4 gpt Au, 2 gpt Ag, which includes 9.4 m @ 7.6 gpt Au, 5 gpt Ag). The drill hole intersected a silicified andesite, including the 9.4 m high-grade breccia zone.
  • Silver Spruce Resources Inc. received high-grade surface sample results from its Diamante project in Sonora. The results are part of the phase 1 geological mapping program on the main drill target areas. Intense silica, sericite, clay and propylitic alteration was confirmed peripheral to veins and breccias in andesitic tuff, rhyolite and granodiorite. Highlighted surface sample results comprise 51.5 gpt Au, 11 gpt Ag; 7.57 gpt Au, 186 gpt Ag, 114 ppm Bi, 6.3% Pb; 3.31 gpt Au, 191 gpt Ag, 0.5% Pb; 2.99 gpt Au, 2,270 gpt Ag, 422 gpt Bi, 0.29% Cu, 4.4% Pb; 2.08 gpt Au, 533 gpt Ag, 0.19% Cu, 3.8% Pb, 7.5% Zn; 1.80 gpt Au, 199 gpt Ag, 2.8% Pb, 0.2% Zn; 1.141 gpt Au, 140 gpt Ag, 0.17% Cu, 2.6 % Pb, 3.6% Zn; 1.38 gpt Au, 1,980 gpt Ag, 3,290 ppm Bi, 11.1% Pb; 1.34 gpt Au, 100 gpt Ag, 100 ppm Bi, >1000 ppm Cd, 3.2% Cu, 5.7% Pb, 16.7% Zn; 0.94 gpt Au, 223 gpt Ag, 0.27% Cu, 4.0% Pb, 6.5% Zn; 0.72 gpt Au, 226 gpt Ag, 375 ppm Bi, 2.4% Pb; 0.27 gpt Au, 82 gpt Ag, 44 ppm Bi, >1,000 ppm Cd, 3.6% Pb, 22.9% Zn; 0.20 gpt Au, 1,310 gpt Ag, 0.37% Cu, 42.3% Pb, 8.2% Zn.
  • Commander Resources Ltd. informed on work by partner Southern Empire Resources at the Pedro project in Durango. Southern Empire completed six core holes for a total of 856 m. Highlighted core length results comprise 9.26 m @ 0.087 gpt Au; 5.28 m @ 0.151 gpt Au; 19.82 m @ 0.311 gpt Au; 5.26 m @ 0.115 gpt Au; 15.23 m @ 0.577 gpt Au; 5.88 m @ 0.098 gpt Au; 14.75 m @ 0.230 gpt Au. “The Au-As-Sb-Hg-Tl-Te geochemical suite associated with strong orpiment (As S ) and realgar (AsS) mineralization observed in the Pedro drill core is, in part, indicative of Carlin-style gold deposits”.
  • Mammoth Resources Corp. provided results from three additional diamond drill holes at Tenoriba, in Chihuahua. Highlighted core length intervals comprise 6.0 m @ 0.20 gpt Au, 3 gpt Ag; 15.0 m @ 0.34 gpt Au, 2 gpt Ag; 6.0 m @ 0.59 gpt Au, 3 gpt Ag in one hole on the Moreno zone; 46.5 m @ 0.45 gpt Au, 5 gpt Ag in another hole on the Carneritos zone and 37.5 m @ 0.98 gpt Au, 15 gpt Ag (including 18.0 m @ 1.13 gpt Au, 21 gpt Ag, 0.55% Cu) and 12.0 m @ 0.08 gpt Au, 0.45% Cu in one other hole on the Moreno zone. To date, results for 1,914 m have been released from 13 holes on the current drilling program of 27 holes with 3,240 m drilled. The program has been halted for lack of water for drilling.

ON MINING

  • Guanajuato Silver Company Ltd. reported selected financial and production results for 2021. Production at El Cubo mine in Guanajuato commenced in October 2021. A total of 89.1 K tonnes were mined from El Cubo and existing stockpiles from El Pinguico, with 77.5 K tonnes milled, recovering 82.6% Ag, 78.8% Au to produce 124,7 K Oz Ag, 1,440 Oz Au at cash cost $20.36 per Oz AgEq mined. By the end of the period the company had $8.23 M in cash and an additional $1.6 M in bullion.
  • MAG Silver Corp. reported first quarter 2022 production of underground development and stope material at Juanicipio (56% Fresnillo/44% Mag Silver), in Zacatecas. On a 100% basis, 145.5 K tonnes were processed @ 597 gpt Ag, producing 2.4 M Oz Ag, 5,837 Oz Au. MAG Silver attributable production is 1.06 M Oz Ag, 2,568 Oz Au; the associated Pb and Zn production is to be reported with MAG’s first quarter filings.
  • Gatos Silver Inc. suspended temporarily mine operations at Cerro Los Gatos in Chihuahua. “The Mexican Ministry of Defense (“SEDENA”), who regulates all explosives permits in Mexico, temporarily suspended CLG’s explosive and blasting permit on April 21, 2022, following a blasting incident during underground development activities where two blasts were detonated prematurely”. No personnel were injured and no significant damage to equipment occurred. The company expects the resumption of mining activities next week.  
  • Alamos Gold Inc. reported Q1 2022 financial results, including figures from its Mexican operations. At Mulatos in Sonora, 613.8 K tonnes of ore were mined, 1.97 M tonnes of waste moved, stacking 1.74 M tonnes @ 0.73 gpt Au, for 40,852 Oz Au stacked. During the period 22,500 Oz Au were produced at cash cost $1,570 per Oz Au, and an AISC of $1,782 per Oz Au. “Mulatos produced 22,500 ounces in the first quarter, lower than the prior year period though consistent with first half 2022 guidance of between 45,000 and 50,000 ounces. Initial production from La Yaqui Grande in the third quarter and higher grades from El Salto are expected drive production substantially higher in the second half of the year to between 85,000 and 95,000 ounces”.
  • Agnico Eagle Mines Ltd. released first quarter 2022 results, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 384 K tonnes were processed at a rate of 4,267 tonnes per day (tpd), averaging 2.14 gpt Au, to produce 25,170 Oz Au at cash cost $1,078 per Oz Au. At Creston Mascota, residual recovery from the heap leach pad continued, producing 1,006 Oz Au at cash cost $407 per Oz Au with residual leaching to continue throughout the second quarter of 2022. At La India, in Sonora, 1.56 M tonnes were processed at a rate of 17.4 K tpd, averaging 0.57 gpt Au, to produce 21,702 Oz Au at cash cost $820 per Oz Au.

ON FINANCING

  • Sonoro Gold Corp. is to undertake a non-brokered private placement offering to raise up to C$3 M (Cerro Caliche, Sonora).
  • Orla Mining Ltd. announced the refinancing of its US$125 M project finance facility with a new US$150 M secured credit facility which includes a US$100 M term facility and a US$50 M revolving facility through the Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce (Camino Rojo, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Barksdale Resources Corp. announced additional drill results from its 5,000 m phase I drilling program at the Cerro Verde zone of the San Javier project in Sonora. Highlighted core length intervals in three holes comprise 21 m @ 0.14% Cu, 0.47 gpt Au; 21 m @ 0.61% Cu, 0.28 gpt Au; 6 m @ 0.04% Cu, 1.90 gpt Au; 6 m @ 0.19% Cu, 0.49 gpt Au; 15 m @ 1.48% Cu (including 9 m @ 2.22% Cu); 6 m @ 0.10% Cu, 0.49 gpt Au in one hole; 27 m @ 0.31% Cu; 18 m @ 0.36% Cu; 6 m @ 0.25% Cu; 12 m @ 0.80% Cu; 6 m @ 1.19% Cu; 66 m @ 0.33% Cu in a second hole, 33 m @ 0.29% Cu; 6 m @ 0.25% Cu in the third hole and 15 m @ 0.23% Cu; 3 m @ 0.10% Cu, 0.45 gpt Au; 3 m @ 0.17% Cu, 0.37 gpt Au; 6 m @ 0.29% Cu. “Two additional holes on the western flank of Cerro Verde have intercepted broad zones of mineralization further to the west, while hole SJ21-32 has confirmed copper mineralization in addition to further extending oxide gold”. Next in line is the completion of an initial resource estimate at Cerro Verde and planning of the next exploration phase, which is likely to include targets at La Trinidad and Mesa Grande prospects.
  • Endeavour Silver Corp. reported results from drilling at its Parral project in Chihuahua. Highlighted true width intercepts comprise 0.98 m @ 169 gpt Ag, 3.9% Pb, 2.3% Zn; 3.24 m @ 194 gpt Ag, 0.1% Pb, 0.2% Zn; 5.91 m @ 218 gpt Ag, 0.6% Pb, 1.1% Zn; 2.31 m @ 314 gpt Ag, 0.7% Pb, 0.3% Zn; 1.92 m @ 203 gpt Ag, 0.2% Pb; 1.13 m @ 439 gpt Ag, 0.23% Cu, 0.6% Pb, 0.1% Zn; 3.27 m @ 392 gpt Ag, 0.6% Pb, 2.1% Zn at Veta Colorada Sierra Plata Deep vein; 1.96 m @ 513 gpt Ag, 0.11% Cu, 2.0% Pb, 1.7% Zn; 4.23 m @ 0.14 gpt Au, 331 gpt Ag, 2.8% Pb, 2.2% Zn; 1.84 m @ 178 gpt Ag, 0.9% Pb, 1.0% Zn; 1.25 m @ 0.14 gpt Au, 310 gpt Ag, 1.8% Pb, 2.0% Zn; 3.49 m @ 395 gpt Ag, 0.14% Cu, 2.8% Pb, 2.7% Zn; 1.17 m @ 289 gpt Ag, 0.12% Cu, 3.0% Pb, 2.6% Zn; 1.18 m @ 191 gpt Ag, 0.8% Pb, 1.6% Zn; 2.48 m @ 0.12 gpt Au, 532 gpt Ag, 0.28% Cu, 3.1% Pb, 3.1% Zn at the Veta Colorada El Verde vein zone, and 2.09 m @ 0.61 gpt Au, 55 gpt Ag, 0.13% Cu, 3.0% Pb, 3.5% Zn; 0.48 m @ 0.49 gpt Au, 75 gpt Ag, 5.8% Pb, 4.7% Zn, at the Veta Colorada-San Joaquín vein. “Veta Colorada (including the Sierra Plata and El Verde mines) was a past producing mining operation owned by Grupo Mexico that closed in 1991 due to low silver prices. Mineralization, which occurs in a major silver vein structure that ranges from 1 to 30 metres thick, was mined seven levels down to 300-metre depths below surface in places and was traced for seven kilometres”.
  • Altaley Mining Corp. filed an updated technical report, including a preliminary feasibility study (PFS) for its Tahuehueto project in Durango. The previous report released in March 2021 “contained errors related to net smelter return calculations that under-estimated the PFS economics”, the updated disclosure increases “approximately 30% to the overall economics of the project”. The project envisages 1 K tpd operation with a mine life (LOM) of 10.9 years, to process a total of 3.55 M tonnes of ore @ 2.58 gpt Au, 50.5 gpt Ag, 0.3% Cu, 1.1% Pb, 1.9% Zn, with planned recovery of 87% Au, 85% Ag, 85% Cu, 85% Pb, 68% Zn to have a total net smelter return (NSR) of $645.4 M, LOM total capital cost of $56.9 M, an AISC of $855 per Oz AuEq, an EBITDA LOM of 357.7 M and an IRR of 65.5 with a payback period of 2 years. The project estimate of resources stands at 6.26 M tonnes @ 47 gpt Ag, 2.11 gpt Au, 0.27% Cu, 0.9% Pb, 1.98% Zn containing 9.45 M Oz Ag, 425 K Oz Au, 36.6 M Lb Cu, 123.9 M Lb Pb, 273.3 M Lb Zn in measures and indicated resources and 0.92 M tonnes @ 28.5 gpt Ag, 1.02 gpt Au, 0.15% Cu, 1.16% Pb, 1.96% Zn, containing 0.84 M Oz Ag, 30 K Oz Au, 3.K M Lb Cu, 23.6 M Lb Pb, 39.7 M Lb Zn.
  • Sierra Madre Gold and Silver Ltd. announced results from additional drill holes from the phase 2 program at its Tepic project in Nayarit. Highlighted core length intervals comprise 6.65 m @ 210 gpt Ag, 1.06 gpt Au (including 1.5 m @ 524 gpt Ag, 2.47 gpt Au); 4.5 m @ 264 gpt Ag, 1.85 gpt Au (including 1.5 m @ 740 gpt Ag, 2.37 gpt Au); 3.05 m @ 625 gpt Ag, 1.60 gpt Au; 1.5 m @ 185 gpt Ag, 0.26 gpt Au; 1.5 m @ 110 gpt Ag, 0.23 gpt Au. “Ten of the twelve holes were designed to test up dip or strike extensions of known structures outside of the volumes used in the historical resource estimations”.
  • Chesapeake Gold Corp. released results for the last 13 PQ size infill core drill holes at its Metates project in Durango. The 2021-2022 infill drill campaign totaled 7,485 m, returning 22% higher grades within intrusive hosted mineralization. Highlighted core-length intervals comprise 357 m @ 0.63 gpt Au, 20.5 gpt Ag; 357 m @ 1.00 gpt Au, 31.6 gpt Ag; 39 m @ 0.28 gpt Au, 30.9 gpt Ag; 118 m @ 1.24 gpt Au, 14.4 gpt Ag; 350 m @ 0.74 gpt Au, 23.2 gpt Ag (including 43 m @ 1.17 gpt Au, 8.6 gpt Ag); 69 m @ 0.50 gpt Au, 16.3 gpt Ag; 45 m @ 1.01 gpt Au, 11.5 gpt Ag; 226 m @ 0.95 gpt Au, 16.2 gpt Ag; 9 m @ 2.20 gpt Au, 6.8 gpt Ag; 405 m @ 0.90 gpt Au, 27.6 gpt Ag; 172 m @ 0.41 gpt Au, 25.4 gpt Ag; 45 m @ 0.82 gpt Au, 56.8 gpt Ag; 63 m @ 0.59 gpt Au, 10.6 gpt Ag; 138 m @ 1.38 gpt Au, 11.1 gpt Ag. “The infill drill holes targeted the intrusive-hosted mineralization and are spaced at approximately 50 metre intervals”.
  • SilverCrest Metals Inc. updated on construction at Las Chispas project in Sonora. At the end of Q1 construction at Las Chispas was 95.7%, with plant start-up on track for Q2 2022. Capital costs remain on budget, the power line is to be completed in Q2 and energized in Q3 while rental power generators were commissioned and are operational. A total of 19 .5 Km of underground development have been completed, 2.0 km in the last quarter. “The H1, 2022 exploration focus at Las Chispas is to map and sample unexplored areas and generate new drill targets”. At the end of Q1 2022 SilverCrest had cash and cash equivalents of $152 M, and $30 M available on a $120 M financing facility.
  • Discovery Silver Corp. updated on work at Cordero, in Chihuahua, to the Q4 2021. During the period a PEA on Cordero was completed, outlining a 16-year mine life producing 26 M Oz AgEq per year at an AISC of $12.35 per Oz AgEq. Work for this 2022 includes the pre-feasibility study (PFS), resource expansion and initial drill testing of five targets within the extensive land package owned by Discovery.
  • GR Silver Mining Ltd. announced results from its surface infill drill program at Plomosas, in Sinaloa. The results are part of the phase 1 program in the Plomosas mine area. Some of the highlighted true width results comprise 0.9 m @ 435 gpt Ag, 1.1% Pb, 5.1% Zn; 0.9 m @ 805 gpt Ag, 4.2% Pb, 5.6% Zn; 4.5 m @ 257 gpt Ag, 0.3% Pb, 0.4% Zn; 9.0 m @ 96 gpt Ag, 0.11 gpt Au, 0.2% Pb, 0.4% Zn; 2.8 m @ 176 gpt Ag, 0.3% Pb, 0.4% Zn; 8.5 m @ 410 gpt Ag, 0.30 gpt Au, 1.0% Pb, 1.0% Zn; 6.9 m @ 1,521 gpt Ag, 1.2% Pb, 1.6% Zn; 30.5 m @ 12 gpt Ag, 0.28 gpt Au, 1.0% Pb, 0.8% Zn; 16.0 m @ 289 gpt Ag, 0.1% Pb, 0.1% Zn; 15.7 m @ 238 gpt Ag, 0.1% Pb, 0.1% Zn; 9.5 m @ 372 gpt Ag, 0.1% Pb, 0.1% Zn.  

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz-barite-FeOx vein in the Sonoran Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of April, 2022. 

Quartz-pyrite-FeOx stockwork veining

By Miguel A Heredia

During the 16th week of the year (April 18th to April 24th, 2022), at least 13 press releases were announced by companies working in Mexico, and three news published by the media, with four reporting resources and developments of their properties, three communicating production and financial results, three disclosing deals and corporate issues, three commenting on Mexican issues, two announcing financial issues, and one informing on exploration results. ON MEXICO ISSUES, Mexico Chamber of Deputies approved the initiative proposed by Andres Manuel López Obrador to reform the mining law on the nationalization of lithium. Fernando Alanís, Pro Secretary of the Confederation of the Industrial Chamber (CONCAMIN), declared that the project to reform the Mining Law to reserve the new concessions for the exploitation of lithium to the State is ambiguous and will add even more uncertainty and concern to investors. Armando Ortega, president of the Mining Task Force, of the Canadian Chamber of Commerce (CanCham) in Mexico, stated that the proposed reform of the Mining Law on lithium would violate Mexico’s commitments in international treaties.  ON EXPLORATION, In Sonora, Reyna Gold announced results from eight holes drilled at its flagship La Gloria project. ON MINING, Americas Gold and Silver reported Q1, 2022 production results from its Cosala mine in Sinaloa. First Majestic announced Q1, 2022 production results from their Mexican mine operations. Sierra Metals reported Q1, 2022 production results from their Bolivar and Cusi mines located in Chihuahua. ON FINANCING, Magna Gold announced completion of its debt settlement with PEAL de Mexico SA de CV (San Francisco mine, Sonora). Tarachi Gold amended the option agreement terms with Minerals de Tarachi (Magistral Mill and tailings project, Durango).  ON RESOURCES AND DEVELOPMENT, Magna Gold announced Maiden Resource Estimate for its Margarita project in Chihuahua. Bear Creek filed a NI 43-101 technical report for its Mercedes mine in Sonora, which includes the Mineral Reserves and Resources as of December 31, 2021. Oroco released results from its ongoing drilling program at its Santo Tomas project in Sinaloa. Sonoro announced results from 15 holes drilled at the Colorado and Guadalupe zones within its Cerro Caliche project in Sonora.  ON DEALS AND CORPORATE ISSUES, Benjamin Hill signed and investor relation agreement and granted incentive stock options to other contractors (Sonora Gold project, Sonora). Gatos Silver received a notice from the New York Stock Exchange as a result of its failure to timely file its annual report (Cerro Los Gatos mine, Chihuahua). Silver Wolf announced the appointment of a new member to its Technical Advisory Board (Ana Maria project, Durango).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Mexico Chamber of Deputies approved the initiative proposed by Andres Manuel López Obrador to reform the mining law on the nationalization of lithium, with 275 votes in favor, 24 against and 187 abstentions. The reform contemplates the authorization of mining concessions with the exception of lithium, which will be administered directly by the Mexican State. López Obrador reiterated that his government will not allow foreigners to exploit lithium even if they have previous concessions. Instead, there will be a State company “to exploit, explore, extract, process, industrialize and sell it”.
  • Fernando Alanís, Pro Secretary of the Confederation of the Industrial Chamber (CONCAMIN), declared that the project to reform the Mining Law to reserve the new concessions for the exploitation of lithium to the State is ambiguous and will add even more uncertainty and concern to investors. Despite the fact that Mexico is among the 10 largest producers worldwide of 17 minerals, being the first in silver and the eighth in gold, the mining industry has lost attractiveness for investment in recent years after the government suspension of mineral concessions, in addition to the high taxes paid by the sector in our country.
  • Armando Ortega, president of the Mining Task Force, of the Canadian Chamber of Commerce (CanCham) in Mexico, stated that the proposed reform of the Mining Law on lithium would violate Mexico’s commitments in international treaties. He argued that minerals cannot be reserved, in this case, for the exclusive exploration and exploitation by the State, without having made the aforementioned reservation in the Treaty between Mexico, the United States and Canada (T-MEC). From his point of view, reservations are areas of exclusion of obligations and commitments, and to do so without prior negotiation is arbitrary and prohibited. The CanCham argued that reserving lithium only for the exploration and exploitation of the Mexican State ex-post is in violation of both the provisions of the World Trade Organization (WTO), as well as those corresponding to all Free Trade Agreements (FTA). ) signed by Mexico.

ON EXPLORATION

  • Reyna Gold Corp., announced results from eight holes totalling 710m of its ongoing 10,000m drilling program conducted at its flagship La Gloria project, Sonora. Drilling highlights include hole LG-22-005 with 3.95 g/t Au over 7.85m, including 19.65 g/t Au over 1.3m; hole LG-22-001 with 0.51 g/t Au over 30.6m; hole LG-22-007 with 8.61g/t Au over 0.6m; and hole LG-22-008 with 4.13 g/t Au over 0.5m.

ON MINING

  • Americas Gold and Silver Corporation reported Q1, 2022 production results from its Cosala mine in Sinaloa. The company produced 127K Oz Ag, 3.9M Lb Pb, and 9.6M Lb Zn. Americas expects to produce 0.7-0.9M Oz Ag, 36-40M Lb Pb, and 13-15M Lb Zn in the full year 2022.
  • First Majestic Silver Corporation announced Q1, 2022 production results from their Mexican mine operations. Figures by  mine are shown in the table below:
  • Sierra Metals Inc., reported Q1, 2022 production results from their Bolivar and Cusi mines located in Chihuahua. At Bolivar mine, the company processed 187,556 tonnes of 0.58% Cu, 11 g/t Ag, and 0.16 g/t Au with metallurgical recoveries of 85.12%,  88.44%, and 63.53% respectively, to produce 2M Lb Cu, 58K Oz Ag, and 592 Oz Au (2,6M Lb CuEq). At Cusi mine, Sierra metals processed 87,924 tonnes of 174 g/t Ag, 0.19 g/t Au, and 0.3% Pb with metallurgical recoveries of 85.37%, 49.94%, and 76.96% respectively, to produce 420K Oz Ag, 274 Oz Au, and 388K Lb Pb (458K Oz AgEq).
  • Sonoro Gold Corp., announced results from 15 holes drilled at the Colorado and Guadalupe zones within its Cerro Caliche project in Sonora. Goal of this drill program is to increase the size and grade of the project´s oxide gold mineralization. Drilling highlights include hole SCR-289 with 0.56 g/t Au over 7.62m, including 1.38 g/t Au over 1.52m; hole SCR-293 with 0.87 g/t Au over 12.19m, including 3.62 g/t Au over 1.52m, plus 0.92 g/t Au over 6.10m, including 2.22 g/t Au over 1.53m, plus 2.26 g/t Au over 7.62m, including 10.25 g/t Au over 1.53m; hole SCR-296 with 0.67 g/t Au over 7.62m, including 1.83 g/t Au over 1.53m, plus 0.42 g/t Au over 6.1m, including 1 g/t Au over 1.52m; hole SCR-299 with 9.02 g/t Au over 10.67m, including 15.56 g/t Au over 6.10m; and hole SCR-301 with 0.49 g/t Au over 10.67m, including 1.79 g/t Au over 1.53m.

ON FINANCING

  • Magna Gold Corp., announced completion of its debt settlement with PEAL de Mexico SA de CV. the company has issued an aggregate of 1,660,132 common shares in the capital of the company at a deemed price of $0.76 per Common Share to PEAL de Mexico S.A. de C.V., in settlement of outstanding debt in the aggregate amount of USD 1M (San Francisco mine, Sonora).
  • Tarachi Gold Corp., amended the option agreement terms with Minerales de Tarachi , resulting in a significant reduction in future cash obligations. A comparison of the original and amended option terms can be found in the table below:

ON RESOURCES AND DEVELOPMENT

  • Magna Gold Corp., announced Maiden Resource Estimate for its Margarita project in Chihuahua. Indicated resources using a cut-off of 75 g/t Ag are 1.854M tonnes of 205 g/t Ag to contain 12.22M Oz Ag and inferred resources are 0.45M tonnes of 153 g/t Ag to contain 2.24M Oz Ag. The deposit includes a well defined high grade core of 0.78M tonnes of 332 g/t Ag for a total of 8.32M Oz Ag contained. Magna reported that mineralization at Margarita is open in all directions and at depth. It also informed that the drill program discovered and confirmed multiple parallel vein systems most notable of which were the Juliana and Caido veins. The company plans to conduct follow-up drilling to define additional resources in these parallel vein systems. The current resource estimate only includes mineralization in the main Margarita vein.
  • Bear Creek Mining Corporation filed a NI 43-101 technical report for its Mercedes mine in Sonora, which includes an independent audit of the Mineral Reserves and Mineral Resources as of December 31, 2021. Measured + Indicated Mineral Resources (exclusive of Mineral Reserves) are 2.98M tonnes of 4 g/t Au and 36 g/t Ag to contain 384K Oz Au and 3.5M Oz Ag; and Inferred Resources of 884K tonnes of 4.5 g/t Au and 41 g/t Ag to contain 128K Oz Au and 1.17M Oz Ag. Proven + Probable Mineral Reserves are 2.2M tonnes of 3.75 g/t Au and 29 g/t Ag to contain 267K Oz Au and 2.1M Oz Ag.
  • Oroco Resource Corp., released results from its ongoing drilling program conducted on the North Zone within its Santo Tomas project in Sinaloa. Drilling highlights include hole N010 with 0.36% Cu, 0.011% Mo, 0.03 g/t Au, and 2 g/t Ag (0.42% CuEq) over 311m; hole N011 with 0.39% Cu, 0.007% Mo, 0.04 g/t Au, and 3 g/t Ag (0.45% CuEq); and hole N012 with 0.35% Cu, 0.015% Mo, 0.02 g/t Au, and 3 g/t Ag (0.41% CuEq) over 296.9m. “The 2021-2022 drill program in the North Zone has now spanned 900 m of strike length along the core of the mineral deposit”. Holes N013 to N016 in the North Zone and B001 to B004 in the Brasiles Zone are completed and constitute an additional 6,205 m of drilling from which assays have yet to be generated.  To date, the 20 drill holes that have been completed at Santo Tomas (16 in the North Zone) total 14,838 m of diamond drilling, mainly in HQ core size.

ON DEALS AND CORPORATE ISSUES

  • Benjamin Hill Mining Corp., signed and investor relation agreement with Pacificquest Communications Corp., for a term of one year. In connection with the agreement, the company granted 200K options exercisable at $0.50 per common share having a term of 3 years and subject to vesting of 25% of the options each calendar quarter over a one-year period.   The company also granted 100K incentive stock options to other contractors exercisable at $0.50 per common share having a term of 3 years and subject to vesting of 25% of the options each calendar quarter over a one-year period.   (Sonora Gold project, Sonora).
  • Gatos Silver Inc., received a notice from the New York Stock Exchange (NYSE) as a result of its failure to timely file its annual report. “In accordance with Section 802.01E of the NYSE Listed Company Manual, the NYSE will closely monitor the status of the Company’s late filing and related public disclosures for up to six months from the date of the filing delinquency”  (Cerro Los Gatos mine, Chihuahua).
  • Silver Wolf Exploration Ltd., announced the appointment of a new member to its Technical Advisory Board (Ana Maria project, Durango).

ON SOCIAL RESPONSIBILITY

  • No relevant news

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

On the picture above, quartz-py-FeOx stockwork veining in an intrusive in Guanajuato, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of April, 2022. 

Flow banded rhyolite

By Miguel A Heredia

During the 14th week of the year (April 04th to April 10th, 2022), at least 22 press releases were announced by companies working in Mexico, and one news published by the media, with nine reporting resources and developments of their properties, seven informing on exploration results, five communicating production and financial results, one disclosing deals and corporate issues, and one discussing social issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Silver Spruce reported the approval of an Informe Preventivo for its second drilling permit at its Mezquite project, Ranchero Gold released results from its inaugural drilling program at its Santa Daniela project, and Starcore presented results from its drilling program conducted at its Opodepe project. In Chihuahua, Mammoth presented results from three holes drilled at its Tenoriba project, and Reyna Silver announced results from its 8,000m phase 2 drilling program conducted at its Guigui project. In Durango, Silver Wolf released results from 88 samples collected at its Ana Maria project. In Nayarit, Sierra Madre commenced a maiden drilling program at its La Tigra project. ON MINING, Gatos Silver reported Q1, 2022 production results from its 70%-owned Cerro Los Gatos mine, Chihuahua. GoGold announced Q1, 2022 production results from its Parral Tailings mine in Chihuahua. Mexus completed an open pit test heap leach Au recovery process that produced 278 Oz Au from 6 test pits at its Santa Elena mine in Sonora.  Minera Alamos announced Q1, 2022 production results from its Santana mine in Sonora. Orla presented Q1, 2022 production results from its Camino Rojo project in Zacatecas. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Vizsla reported that it filed on the System for Electronic Document Analysis and Retrieval (SEDAR) an independent technical report on its Panuco project in Sinaloa. Azucar Minerals commenced to drill test a large lithocap target discussed previously at its El Cobre project, Veracruz. GR Silver reported results from three underground drill holes collared at its San Marcial project, Sinaloa. Avino published results from 110 holes drilled on the oxide tailings project at its Avino property in Durango. Golden Tag released results from hole 22-64 drilled at its San Diego mine, Durango. Silver Dollar announced that phase 2 exploration drilling program is underway at its la Joya project in Durango. Silver Viper conducted a TITAN-MT deep-penetrating geophysical survey centered on the El Rubi deposit, Paredones, and El Molino target areas at its La Virginia project in Chihuahua. Starcore provided an update on the diamond drilling program conducted at its San Martin mine in Querétaro. Zacatecas Silver announced results from its ongoing diamond drilling program on the Panuco North and Panuco Central Veins at its Zacatecas project in Zacatecas state.   ON DEALS AND CORPORATE ISSUES, Sailfish provided an update on its previously announced Swordfish silver transaction (Gavilanes project, Durango).  ON SOCIAL RESPONSIBILITY, Esperanza Silver has a Community Engagement Plan to meet the objectives proposed by the New Socially and Environmentally Responsible Mining Model.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., reported the approval of an Informe Preventivo by the Mexican government Environmental Authority (SEMARNAT) for its second drilling permit at its Mezquite project in Sonora. The second drilling program will consists of 1,500-2,500m of Reverse Circulation (RC), which include twenty-four new pads on the northern, northwestern and southeastern sections of the property.
  • Ranchero Gold Corp., released results from its 16 holes, Phase 1 inaugural drilling program at the Maíz Azul prospect within its Santa Daniela project in Sonora. All of the 16 holes intersected Au mineralization and were planned to drill test shallow-near surface mineralization. Highlights include hole MA22-10 with 4 g/t Au over 31.5m; hole MA21-14 with 1.2 g/t Au over 21.2m; hole MA22-25 with 1.2 g/t Au over 15.6m, and hole MA21-11 with 1.1 g/t Au over 21m. Mineralization remains completely open at depth since it was only tested at depths of 100-150m below surface. The company is currently designing a second phase of drilling. The plan of this drilling program is to expand La Colmena zone eastward, initiate drill testing of the X-structure target, initiate drilling of new targets identified by the on-going modelling, and start definition drilling. In addition, Ranchero Gold is also advancing its regional reconnaissance program on the entire property. The company has identified from a previous Aster study, nine high-priority targets that warrant follow-up field work. “Ranchero Gold will continue its field investigation in parallel with the work conducted at Maíz Azul with the objective of identifying new drill targets by year-end.
  • Mammoth Resources Corp., presented results from three holes drilled at its Tenoriba project in Chihuahua. The most significant mineralized interval was encountered in hole TEN-21-13 on the Moreno Zone with 0.98 g/t Au and 15 g/t Ag (1.18 g/t AuEq) over 37.5m, including 1.13 g/t Au, 21 g/t Ag, and 0.55% Cu (2.34 g/t AuEq) over 18m.
  • Reyna Silver Corp., announced results from its 8,000m phase 2 drilling program conducted at its Guigui project in Chihuahua. Drilling highlights include hole GG21-31 with 130 g/t Ag, 0.2% Pb, and 0.2% Zn over 2.62m, including 338 g/t Ag, 0.4% Pb, and 0.4% Zn over 0.7m, including 1,040 g/t Ag, 1.5% Pb, and 0.5% Zn over 0.18m, plus 54 g/t Ag, 2.2% Pb, and 9.9% Zn over 3.15m, including 128 g/t Ag, 3.7% Pb, and 16% Zn over 1.85m; hole GG21-30 with 233 g/t Ag, 0.02% Pb, and 0.02% Zn over 2.11m; hole GG21-31 with 105 g/t Ag, 4.9% Pb, and 0.6% Zn over 1.20m; and hole GG21-33 with 106 g/t Ag, 0.9% Pb, and 0.1% Zn over 4.51m. The company reported that the mineralized skarn footprint now exceeds 0.5km2.
  • Silver Wolf Exploration Ltd., released results from 88 grab samples collected at its Ana Maria project in Durango. Highlights include 246 g/t Ag, 0.03% Cu, 4.5% Pb, and 1.7% Zn; 578 g/t Ag, 0.03% Cu, 11.9% Pb, and 0.3% Zn; 442 g/t Ag, 0.04% Cu, 11.4% Pb, and 1.5% Zn; 163 g/t Ag, 0.04% Cu, 6.2% Pb, and 0.5% Zn; 168 g/t Ag, 0.01% Cu, 4.1% Pb, and 0.2% Zn; 1,227 g/t Ag, 0.06% Cu, 25.7% Pb, and 0.6% Zn; 309 g/t Ag, 0.03% Cu, 2.3% Pb, and 4.8% Zn; 1,306 g/t Ag, 0.09% Cu, 20.4% Pb, and 7.4% Zn; and 792 g/t Ag, 0.04% Cu, 16.9% Pb, and 0.6% Zn. Silver Wolf is waiting for the final geophysical data interpretation to better define drill targets for later this year.
  • Sierra Madre Gold and Silver Ltd., commenced a maiden drilling program at its La Tigra project in Nayarit. This is the first ever drill program undertaken within the district and is focused primarily on areas defined by the ongoing trenching program. Trenching highlights include 1.22 g/t Au and 7 g/t Ag (1.3 g/t AuEq) over 11.6m, including 2.52 g/t Au and 10 g/t Ag (2.7 g/t AuEq) over 4.3m; 1.45 g/t Au and 9 g/t Ag (1.57 g/t AuEq) over 12.8m, including 3.22 g/t Au and 35 g/t Ag (3.69 g/t AuEq) over 5.3m; 1.59 g/t Au and 3 g/t Ag (1.63 g/t AuEq) over 24.2m, including 5.58 g/t Au and 4 g/t Ag (5.64 g/t AuEq) over 4.7m; and 1.78 g/t Au and 6 g/t Ag (1.85 g/t AuEq) over 22.9m, including 2.2 g/t Au and 7 g/t Ag (2.3 g/t AuEq) over 7.1m.
  • Starcore International Mines Ltd., presented results from its drilling program conducted at its Opodepe project in Sonora. The drill program consisted of 3,289.6 m in 25 short holes. Drilling highlights include hole OPDS-21-001 with 4.79 g/t AuEq over 6.73m; hole OPDS-21-018 with 2.3 g/t AuEq over 1.91m; and hole OPDS-21-021 with 1.96 g/t AuEq over 2.19m. The first stage of drilling was focused on the upper part of the veins and has been considered as recognition drilling. “However, in this year 2022, the drilling is focused on the zone of the veins which the geologists have considered as favorable zones to find economic reserves”.

ON MINING

  • Gatos Silver Inc., reported Q1, 2022 production results from its 70%-owned Cerro Los Gatos mine, Chihuahua. The company milled 234,985 tonnes of 353 g/t Ag, 0.3 g/t Au, 2.2% Pb, and 4.1% Zn at metallurgical recoveries of 89.7%, 57.1% , 89.2%, and 64.3% respectively, to produce 2.39M Oz Ag, 1.3K Oz Au, 10.3M Lb Pb, and 13.8M Lb Zn. Gatos reported over USD $40M in cash as of March 31, 2022.
  • GoGold Resources Inc., announced Q1, 2022 production results from its Parral Tailings mine in Chihuahua. The company produced 186,655 Oz Ag, 2,791 Oz Au, and 280K Lb Cu (455,991 Oz AgEq).
  • Mexus Gold US completed an open pit test heap leach Au recovery process that produced 278 Oz Au from 6 test pits at its Santa Elena mine in Sonora.  The company is looking for a mining company to joint venture with at its Santa Elena mine. Mexus believes that the property contains > 1M Oz Au. It stated that is open to also JV its Ures Au-Ag-Cu property in Sonora.
  • Minera Alamos Inc., announced Q1, 2022 production results from its Santana mine in Sonora. It mined 600K tonnes to produce 3,390 Oz Au. Cumulative Au recovery from mineralization under leach for more that 30 days is now approximately 75% with additional recovery ongoing. The company reported that the total of Au inventory moved to leach pad to date is 14K Oz. In addition, the company announced that site preparation activities were initiated at the Nicho Main Zone with a goal to start mining activities at that deposit later in Q2-2022.
  • Orla Mining Ltd., presented Q1, 2022 production results from its Camino Rojo project in Zacatecas. The company mined 684,255 tonnes and processed 539,379 tonnes of 0.8 g/t Au to produce 23,031 Oz Au. Gold guidance for the full year 2022 is maintained by Orla at 90-100 Oz Au.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp., reported that it filed on the System for Electronic Document Analysis and Retrieval (SEDAR), an independent technical report containing a maiden mineral resource estimate on its Panuco project in Sinaloa.
  • Azucar Minerals Ltd., commenced to drill test a large lithocap target discussed previously at its El Cobre project, Veracruz. The lithocap target was outlined by several exploration techniques, including geophysics, mineralogy, geochemistry and past drilling campaigns at the property.
  • GR Silver Mining Ltd., reported results from three underground drill holes collared at its San Marcial project, Sinaloa. The most significant drill intercepts were encountered in holes SM121-07 with 201 g/t Ag, 0.02 g/t Au, 0.2% Pb, and 0.3% Zn over a true width (TW) of 3.7m, including 1,413 g/t Ag, 0.11 g/t Au, 0.9% Pb, and 1.3% Zn over a TW of 0.2m, plus 124 g/t Ag, 0.01 g/t Au, 0.1% Pb, and 0.1% Zn over a TW of 8.5m, including, 223 g/t Ag, 0.01 g/t Au, 0.1% Pb, and 0.1% Zn over a TW of 2.4m, including 553 g/t Ag, 0.03 g/t Au, 0.2% Pb, and 0.4% Zn over a TW of 0.5m. Results confirmed a significant expansion of high-grade Ag mineralization approximately 300m down dip below the lower limit of the pit-constrained San Marcial mineral resource. A two phase 4,500m drilling program is planned for 2022 at San Marcial to support future resource expansion and an updated NI 43-101 mineral resource estimate.
  • Avino Silver & Gold Mines Ltd., published results from 110 holes drilled on the oxide tailings project at its Avino property in Durango. The drilling program consisted of 3,645m. The drill density of the current program should be sufficient to upgrade most of the existing inferred mineral resources to the measured and indicated categories, and to potentially expand the resources. Selected highlights are shown below:
·        Golden Tag Resources Ltd., released results from hole 22-64 drilled at its San Diego mine, Durango. This hole is part of an exploration program targeting bulk-tonnage mineralization and encountered several mineralized intervals. Key highlights include 0.07 g/t Au, 45 g/t Ag, 0.1% Pb, 0.1% Zn, and 0.02% Cu (60 g/t AgEq) over 73.5m, including 0.45 g/t Au, 882 g/t Ag, 0.7% Pb, 0.8% Zn, and 0.17% Cu (980 g/t AgEq) over 0.91m, 0.31 g/t Au, 371 g/t Ag, 0.7% Pb, 0.4% Zn, and 0.07% Cu (441 g/t AgEq) over 2.80m, plus 0.24 g/t Au, 385 g/t Ag, 0.5% Pb, 1.4% Zn, and 0.05% Cu (482 g/t AgEq) over 1.80m, plus  0.2 g/t Au, 475 g/t Ag, 1% Pb, 4.9% Zn, and 0.15% Cu (734 g/t AgEq) over 0.53m (all in the 57 target zone); plus 3.64 g/t Au, 18 g/t Ag, 0.04% Pb, 0.1% Zn, and 0.01% Cu (317 g/t AgEq) over 0.60m (on the Montanez zone), plus 0.18 g/t Au, 212 g/t Ag, 1.8% Pb, 2.9% Zn, and 0.07% Cu (405 g/t AgEq) over 0.70m (on the Canta target area), plus 0.32 g/t Au, 355 g/t Ag, 0.5% Pb, 0.5% Zn, and 0.08% Cu (422 g/t AgEq) over 0.63, and plus 0.08 g/t Au, 286 g/t Ag, 0.2% Pb, 0.6% Zn, and 0.06% Cu (331 g/t AgEq) over 1.04m (On the Rata target area). This result extends the open pit mineralization for over 290m vertical.
·        Silver Dollar Resources Inc., announced that phase 2 exploration drilling program is underway at its la Joya project in Durango. Phase 2 drilling will remain focused on the underexplored Noria portion of the Property and new targets that were identified in the results received to date from the Phase 1 drilling program, which consisted of 11 holes for a total of 2,424 m of drilling. Assays for the first seven holes were reported and results for the remaining holes are expected shortly.
·        Silver Viper Minerals Corp., conducted a TITAN-MT deep-penetrating geophysical survey centered on the El Rubi deposit, Paredones, and El Molino target areas at its La Virginia project in Chihuahua, to assist in targeting for deeper portions of the mineralized system. The TITAN Magnetotelluric (MT) survey is capable of acquiring information from depths in excess of 1,500m below surface. Geologist of the company have reviewed preliminary 2D imaging from the first of the MT survey lines and believe the method will be very effective at La Virginia property. Silver Viper expects to receive final deliverables in the coming weeks.
·        Starcore International Mines Ltd., provided an update on the diamond drilling program conducted at its San Martin mine in Querétaro. A total of 9,410m were drilled in 2021 until the end of March, 2022 which focused on two areas of the mine:  the first focusing on the northwest part of the operating mine, and the second searching for the extension of the orebodies of high – grade discovered during the 30 years of the mine’s life.  Highlights on the area 33 include hole DC3221-10 with 7.36 g/t Au and 28 g/t Ag over 3m; hole DC3221-11 with 2.21 g/t Au and 26 g/t Ag over 8m; hole DC3221-12 with 16.27 g/t Au and 7 g/t Ag over 0.5m; and hole DC3221-15 with 12.2 g/t Au and 10 g/t Ag over 0.60m. Highlights on the area 28 include hole DC2820-214 with 2.14 g/t Au and 57 g/t Ag over 2.4m; hole DC2820-215 with 2.42 g7t Au and 21 g/t Ag over 2.95m; and hole DC2821-217 with 8.08 g/t Au and 15 g/t Ag over 2.15m.
·        Zacatecas Silver Corp., announced results from its ongoing diamond drilling program on the Panuco North and Panuco Central Veins at its Zacatecas project in Zacatecas state. Drilling highlights include hole PAN2022-042 with 1,423 g/t Ag and 0.28 g/t Au (1,440 g/t AgEq) over 1.25m; hole  PAN2022-044 with 353 g/t Ag and 0.29 g/t Au (379 g/t AgEq) over 4.35m; hole PAN2022-043 with 358 g/t Ag and 0.28 g/t Au (379 g/t AgEq) over 1.55m; hole PAN2022-046 with 201 g/t Ag and 0.28 g/t Au (222 g/t AgEq) over 1.05m; and hole PAN2022-045 with 115 g/t Ag and 0.85 g/t Au (179 g/t AgEq) over 5.96m. “Following the recent grant of 27 additional drill pads, Zacatecas Silver will be able to test the depth extension of mineralization at south-eastern Panuco North over a strike length of 600 m and to complete a maiden drill program along the central part of the Panuco North vein over a strike length of 1.4 km”.

ON DEALS AND CORPORATE ISSUES

·        Sailfish Royalty Corp., provided an update on its previously announced Swordfish silver transaction. The proposed transaction is expected to result in the transfer of the Company’s wholly owned Gavilanes silver property located in Durango, Mexico. Closing of the Gavilanes Acquisition is subject to, among other things, Swordfish acquiring the Commonwealth Silver-Gold Project in exchange for shares of Swordfish, a concurrent private placement financing for proceeds of USD $5M.

ON SOCIAL RESPONSIBILITY

·        Esperanza Silver has a Community Engagement Plan to meet the objectives proposed by the New Socially and Environmentally Responsible Mining Model. It has the objective of developing a gold and silver mine in the lands of common use of the community of San Agustín Tetlamam, located in the municipality of Temixco in the state of Morelos. “This new way of developing mining, prioritizing social bonding and the use of techniques that allow avoiding, minimizing, mitigating and compensating for environmental impacts, is due to the genuine interest of Esperanza Silver de México and Alamos Gold Inc. in responding to the demands of a society interested in caring for the environment and the social environment.”

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, flow banded rhyolite in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of March, 2022

By Jorge Cirett

During the 13th week of the year (March 28th to April 3rd, 2022), at least 32 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, three released quarterly and full year 2021 reports, one informed on the end of a strike and one declared commercial production. One announced the granting of stock options, three updated on project work, three reported drill results on their advanced properties, two released new resource estimates. ON MEXICO ISSUES, three of the top eight silver intercepts on the fifth week of March were obtained by companies working in Mexico. For the quarter, four of the top ten silver intercepts were from projects in Mexico. ON EXPLORATION, in Sonora, Tocvan Ventures provided drill results on the Pilar project; Infinitum Copper commenced drilling at Adelita; Silver Spruce had the preventive report approved for drilling at Jackie. In Zacatecas, Galore Resources informed on drilling at Dos Santos project. In Nayarit, Sierra Madre Gold and Silver released additional trenching results at La Tigra. ON MINING, SilverCrest Metals, Excellon Resources and Mag Silver released quarterly and full year 2021 reports. Excellon Resources informed the strike on its Platosa mine in Durango was terminated. Orla Mining initiated commercial production at Camino Rojo, in Zacatecas. ON FINANCING, Inomin Mines granted stock options to director and a contractor.  ON RESOURCES AND DEVELOPMENT, Mexus Gold informed partner company Irmex is modelling the Mabel deposit in Sonora. Solaris Resources is preparing exploration work at La Verde, in Michoacan. Vizsla Silver reported drill results at Panuco, in Sinaloa. Prime Mining delivered drill results from Los Reyes, in Sinaloa. Discovery Silver released results from 17 holes at Cordero, Chihuahua. Torex Gold presented results of the updated technical report on the Morelos Complex in Guerrero. First Majestic Silver presented 2021 resource estimates for its properties. Silver Valley Metals updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. ON DEALS AND CORPORATE ISSUES, Tamino Minerals is triggering a securities fraud probe. Huntington Exploration acquired the El Grande project in Nayarit. Xali Gold ratified the agreement on the tailings with El Oro Municipality in Estado de Mexico. Prime Meridian Resource updated on the purchase of La Verde project in Sonora.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Of the top eight silver intersects released on the fifth week of March, three were by companies working in Mexico, according to Miner Deck. Discovery Silver was first with 45.6 m @ 125 gpt Ag at Cordero in Chihuahua, Vizsla Silver was sixth 2.75 m @ 322 gpt Ag at Panuco, in Sinaloa, and Prime Mining was eighth with 42.7 m @ 43 gpt Ag at Los Reyes, in Sinaloa.
  • According to Miner Deck, of the top ten silver intersects released on Q1 2022, four were by companies working in Mexico. Pan American Silver was fourth with 322.9 m @ 64 gpt Ag at La Colorada Skarn in Zacatecas, GoGold Resources was fifth with 25.7 m @ 776 gpt Ag at Los Ricos, in Jalisco; Silver Tiger was eight with 25.9 m @ 687 gpt Ag at El Tigre, in Sonora and Radius Gold was tenth with 96 m @ 167 gpt Ag at Amalia, in Chihuahua.

ON EXPLORATION

  • Sierra Madre Gold and Silver Ltd. announced additional results from the ongoing trenching program at La Tigra, in Nayarit. Highlighted intervals comprise 6.1 m @ 0.98 gpt Au; 24.2 m @ 1.59 gpt Au (including 4.7 m @ 5.58 gpt Au); 22.9 m @ 1.78 gpt Au, 6 gpt Ag; 6.6 m @ 3.42 gpt Au.
  • Galore Resources Inc. provided a drilling update of Los Gemelos, at its Dos Santos project in Zacatecas. Three holes have been finished on the San José area, showing recrystallized limestone, dikes and sills of intermediate composition with phyllic and argillic alteration, multiple bodies with hydroxides, hematite, calcite, and local sulfides and quartz, and hydrothermal breccia cemented by calcite and iron oxides. ”The mineralization is repetitive that is concentrated as veins, veins and stratabound bodies, hosted between the carbonate marine sedimentary sequence and the cupula of an unexhumed pluton….”.
  • Tocvan Ventures Corp. provided results for the three first holes of the phase III drilling campaign at Pilar, in Sonora. Highlighted drill-length intervals comprise 33.3 m @ 0.63 gpt Au (including 21.7 m @ 0.94 gpt Au) and 5.5 m @ 0.64 gpt Au, 10 gpt Ag in core holes and 6.1 m @ 0.51 gpt Au, 8 gpt Ag in a reverse circulation hole.
  • Infinitum Copper Corp. commenced diamond drilling at La Adelita project in Sonora and Sinaloa. The program envisages a total of 9,000 m of drilling in two phases, with phase I consisting of 3,000 m targeting areas within and adjacent to the existing mineralized zones, and some drilling on new zones like Cerro Grande footwall, Pericos and Las Trancas Sur. A magneto-telluric geophysical is underway, and is expected to aid in targeting.
  • Silver Spruce Resources Inc. informed the approval by SEMARNAT (environmental agency) of the preventive report for the 1,130 hectares Jackie project in Sonora. “Exploration plans were submitted for a 500-1,000-metre trenching program followed by an initial 1,000-2,000-metre reverse circulation drill program”.

ON MINING

  • SilverCrest Metals Inc. reported the financial results for the year 2021. At the end of the year construction progress at Las Chispas in Sonora was 86.2%, slightly ahead of schedule. Since 2019 over 17.5 km of underground development has been completed at Las Chispas, and during last year 114,143 m of drilling were completed, mostly as infill holes. At El Picacho, 40 km north of Las Chispas, 80,700 m of drilling were completed in 2021. At the end of the period the SilverCrest held cash and cash equivalents of $176.5 M, and $30 M remaining under a $120 M financing facility.
  • Excellon Resources Inc. posted financial results for Q4 and full year 2021. During the year, 85.5 K tonnes were mined, 86.0 K tonnes milled @ 494 gpt Ag, 5.01% Pb, 6.03% Zn, recovering 90.5% Ag, 78.5% Pb, 83.7% Zn, to produce 1.22 M Oz Ag, 7.61 M Lb Pb, 9.01 M Lb Zn (2.02 M Oz AgEq). Cash cost was $13.01 per Oz Ag and AISC $26.78 per Ag Oz. “current mining is entering an area of the deposit that steepens significantly, with fewer vertical-tonnes-per-metre than historically encountered…. the Company currently expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs” (Note by editor.- Although high-grade, Platosa seems to be at the end of its mine life due to a combination of deeper ores and high de-watering costs).
  • Excellon Resources Inc. announced on April 1, 2022 the resolution of the labor action initiated on March 7 by the Sindicato Nacional Minero Metalúrgico (Miner’s Union) at its Platosa mine in Durango.
  • Mag Silver Corp. presented its financial results for year 2021. The 4,000 tpd Juanicipio (56% Fresnillo PLC, 44% Mag Silver) plant was delivered to plant commissioning late in Q4, but due to regulatory approval commissioning was extended to Q2 2022. It is expected the plant to be working 85% to 90% of capacity by late 2022. Processing of mineralized headings from Juanicipio continues at the nearby Fresnillo plant and has begun to be processed at the Saucito facilities; Processing rates have increased from 38 K tonnes per month in Q4 to 45 K tonnes on the first two months of 2022. During 2021, 251.9 K tonnes from Juanicipio were processed, averaging 470 gpt Ag, to produce 2.97 M Oz Ag, 5,975 Oz Au, 1,065 tonnes Pb, 1,519 tonnes Zn. According to Juanicipio operator, Fresnillo PLC, the project construction is expected to be delivered on budget at $440 M. As of end of 2021 Mag held cash of $56.7 M.
  • Orla Mining Ltd. declared commercial production at the Camino Rojo Oxide mine in Zacatecas. “The declaration of commercial production at Camino Rojo comes after a successful commissioning period which included the ramp up of mining and processing to sustained throughput levels in excess of 75% of designed nameplate capacity of 18,000 tonnes per day”.

ON FINANCING

  • Inomin Mines Inc. informed 350 K stock options were granted to director and a contractor of the company (La Gitana, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. informed that its partner at the Mabel project in Sonora, Irmex, “has been working on modelizing the Mexus data including the 611 core and RC holes previously carried out by Pacific Comox before acquisition by Mexus Gold”. To date Irmex has calculated a volume of 184.4 K tonnes @ 1.15 gpt Au, 76 gpt Ag, but work continues to increase the resource. Signature of the definitive agreement is planned for late April 2022.
  • Solaris Resources Inc. is planning more exploration work to advance its La Verde project (60% Solaris, 40% Teck) in Michoacan. The work envisaged includes the possible extensions of higher-grade ore. A spin-off company, Solaris Exploration, probably will continue with the work on La Verde, while Solaris Resources focus in Ecuador.
  • Vizsla Silver Corp. reported results from 53 holes on the Napoleon vein corridor at Panuco, in Sinaloa. The mineralized zone has been extended 350 m, which takes the total length of the corridor to 2,500 m. Highlighted true-width intervals comprise 4.00 m @ 55 gpt Ag, 20.38 gpt Au, 0.2% Pb, 3.0% Zn and 9.42 m @ 85 gpt Ag, 2.73 gpt Au, 0.9% Pb, 4.1% Zn (including 2.17 m @ 85 gpt Ag, 7.91 gpt Au, 1.2% Pb, 7.4% Zn) on the Napoleon vein, 2.7 m @ 746 gpt Ag, 6.27 gpt Au, 0.7% Pb, 2.9% Zn on the Napoleon hanging wall vein and 0.47 m @ 17 gpt Ag, 60.5 gpt Au, 0.4% Pb, 1.4% Zn at the Josephine vein.
  • Prime Mining Corp. released results from the phase II drill program on El Zapote Sur, one of eight ore deposits, at its Los Reyes project in Sinaloa. Highlighted true-width intervals comprise 27.4 m @ 2.38 gpt Au, 43 gpt Ag; 5.8 m @ 7.75 gpt Au, 57 gpt Ag; 3.9 m @ 2.68 gpt Au, 15 gpt Ag; 5.6 m @ 2.91 gpt Au, 41 gpt Ag; 4.3 m @ 2.73 gpt Au, 23 gpt Ag; 8.8 m @ 1.49 gpt Au, 20 gpt Ag; 2.3 m @ 7.10 gpt Au, 20 gpt Ag; 5.3 m @ 1.92 gpt Au, 42 gpt Ag; 18.2 m @ 1.09 gpt Au, 32 gpt Ag. Currently nine rigs are operating at Los Reyes, having completed 30,000 m (in 106 holes) of the planned 50,000 m program. “Mineralization at Zapote South consists primarily of white to grey crystalline to chalcedonic quartz, quartz breccia and stockwork ….. fault structures within or along the margins of rhyolite dykes …… Quartz is massive to crustiform, locally displaying colliform to bladed replacement textures. Higher-grade intervals are marked by finely banded green adularia”.
  • Discovery Silver Corp. informed on results from 17 holes from the phase 2 drilling program at Cordero, in Chihuahua. Highlighted core-length intervals comprise 45.6 m @ 125 gpt Ag, 0.54 gpt Au, 2.0% Pb, 2.7% Zn (328 gpt AgEq); 177.4 m @ 27 gpt Ag, 0.03 gpt Au, 0.1% Pb, 1.1% Zn (74 gpt AgEq); 44.5 m @ 20 gpt Ag, 0.03 gpt Au, 0.1% Pb, 2.2% Zn (106 gpt AgEq) outside the current resource, 38.6 m @ 91 gpt Ag, 0.11 gpt Au, 1.3% Pb, 1.3% Zn (189 gpt AgEq) beneath the PEA pit and 32.3 m @ 70 gpt Ag, 0.12 gpt Au, 0.8% Pb, 1.0% Zn (142 gpt AgEq); 17.7 m @ 68 gpt Au, 0.03 gpt Au, 0.3% Pb, 0.4% Zn on the margins of the PEA pit. “This current set of results was predominantly targeting the expansion of the open pit and the resource in the northeast of the deposit”.
  • Torex Gold Resources Inc. presented the results of the updated technical report on its Morelos Complex in Guerrero. The Morelos Complex has a baseline cumulative cash flow of $1,418 M and after-tax (NPV 5%) of $1,040 M, while the Media Luna (ML) projects presents an after-tax NPV(5%) of $458 M. Life of mine (LOM) estimated at 11.5 years, commencing in April 2022, with an annualized production of 374 K Oz AuEq at total cash cost $809 per Oz AuEq and AISC of $954 per Oz AuEq. Total mineral reserves of 5.123 M Oz AuEq @ 3.90 gpt AuEq.
  • First Majestic Silver Corp. announced its 2021 mineral reserve and mineral resource estimates for the company’s properties, including figures from its operations in Mexico. In its three Mexican mines (San Dimas in Durango, Santa Elena/Ermitaño in Sonora and La Encantada in Coahuila), the company holds 63 M Oz Ag, 879 K Oz Au in the proven and probable categories (included in resources), as well as 111 M Oz Ag, 1.28 M Oz Au in the measured and indicated resource categories and 75 M Oz Ag, 829 K Oz Au in the inferred resource category.
  • Silver Valley Metals Corp. updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. “it is in advanced discussions and under NDA’s with several well financed and highly technical groups ……… All options remain open for the Company, including a direct investment into the Company itself and the Company moving the project forward, to a joint venture, to a spin out of the asset, to a buy-out of the entire asset”. The inferred resource on the properties comprise 243 K tonnes of lithium carbonate equivalent and 12.3 M tonnes of sulphate potash in 120 M tonnes @ 4.6% K, 380 ppm Li.

ON DEALS AND CORPORATE ISSUES

  • Tamino Minerals Inc. informed it is planning to trigger a Securities Fraud Probe against whomever results responsible of highly unusual “market activity witnessed during the last several months” (El Volcan, Sonora).
  • Huntington Exploration Inc. completed the acquisition of Lago de Oro S.A. de C.V. and its 550 square km El Grande gold project in Nayarit. A definitive agreement was reached to purchase all shares of the holding company for a cash payment of US$500 K, issuing 4 M shares of the company, a 2% NSR to the vendor and milestone payments on resources above 500 K Oz Au backed by NI-43-101 technical reports, capped at 20 M shares.
  • Xali Gold Corp. announced the ratification of the tailings and tourism agreements with the El Oro Municipality on El Oro tailings project in Estado de Mexico. “Renewing the Tailings Agreement is the final item required for Sun River Gold Corp (“Sun River”), who have the option to acquire 100% of the Tailings Project from Xali’s subsidiary…. The Tailings Agreement provides Xali Gold with the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest”.
  • Prime Meridian Resources Corp. updated on the option to purchase La Verde project in Sonora. Prime Meridian (PMR) formed the Mexican subsidiary Sonoran Copper, S.A. de C.V. and reserved the new company’s new name Sonoran Desert Corporation. PMR has to make a US$200 K payment on Exchange approval, and a further US$200 K payment on late February 2023. Also, Cdn$3.75 M in shares of PMR prior to the first anniversary, and Cdn$2.5 M of PMR shares on the second anniversary. A 2% NSR on production from skarn mineralization will be retained by the vendor, and a 2% NSR on production from porphyry mineralization, with PMR having the right to buy 1% for US$1 M.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Epidote bearing porphyritic rock from a project in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of March, 2022. 

Sheetd quartz veins

By Miguel A Heredia

During the 12th week of the year (March 21st to March 27th, 2022), at least 28 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, seven reporting resources and developments of their properties, seven informing on exploration results, four communicating production and financial results, and two announcing financial issues,   ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Infinitum Copper commenced a geophysical survey at its Adelita project, Tocvan completed 1,540m of its phase III drilling program at its Pilar project and provided an update on its Picachos project, the Aztec Minerals-Kootenay JV released results from the ongoing 2022 RC program on its Cervantes project, and Benjamin Hill announced results of the recently completed induce polarization survey and provided an update on the ongoing drill program at its Sonora project. In Chihuahua, Radius announced drill results from its ongoing drilling program at its Amalia project. In Coahuila, Monumental announced that it will be visiting its Jemi heavy rare earth element property during the month of May. ON MINING, Fortuna Silver reported Q4 and full year 2021 production results from its San Jose Mine in Oaxaca. Golden Minerals announced full year 2021 financial results and provided a 2022 forecast for its Rodeo production in Durango. Impact Silver reported full year 2021 production and financial results from its Zacualpan mining district in the State of México. SilverCrest presented full year 2021 financial results. ON FINANCING, Endeavour closed a bought deal financing for gross proceeds of USD $46M, including the exercise of the over-allotment option in full (Pitarrilla project, Durango). Zacatecas Silver announced the closing of a $19.15M offering of subscription receipts (Esperanza Gold project, Morelos) ON RESOURCES AND DEVELOPMENT, Zacatecas Silver received the approval from the Mexican Federal Environmental Permitting Agency (SEMARNAT) for 27 new drill pads at its Panuco project, Zacatecas. Silver Tiger reported results from its ongoing drill program from its El Tigre project in Sonora. Torex announced it will release an updated technical report for the Morelos Complex by March 31, 2022. Silver Dollar reported results from the drilling program recently completed at its La Joya project in Durango. Golden Minerals completed technical reports for their Rodeo and Velardeña properties in Durango, including updated mineral resources. Golden Tag released results from 2 holes drilled at its San Diego project in Durango. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver announced the appointment of Ramón Dávila to the position of President (Cubo and Pinguico projects, Guanajuato). Avino closed the acquisition of La Preciosa project in Durango with Coeur Mining. Aztec Minerals informed that its common shares traded in USA under the symbol AZZTF are now Depository Trust Company (Cervantes project, Sonora). Gold Resource announced its 2022 annual meeting of shareholders (Don David Gold Mine, Oaxaca). Magna entered into an amending agreement with Peal de México on the acquisition of the San Francisco mine, Sonora. Tarachi announced the appointment of its VP of Operation, and signed a new land and water rights agreement with the local Magistral Ejido Community (Magistral Tailings project, Durango). Bear Creek provided an update on the acquisition of Mercedes mine in Sonora. GoGold reported results of six holes from its Los Ricos North project in Jalisco.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Infinitum Copper Corp., commenced a magneto-telluric geophysical survey at its Adelita project in Sonora. It will consist of 10 lines totaling 14.8km and is expected to be completed in three weeks.
  • Tocvan Ventures Corp., completed nine holes for a total of 1,540m of its phase III drilling program at its Pilar project in Sonora, looking to expand the Main Zone. All samples have been submitted to lab and results will be released once they are available. At Picachos project, the company is doing site visits to determine the best use of exploration funds in the near term. Currently, Tocvan has already obtained drill and trenching fully permits for 15km and 2km respectively. Drilling will take place once assessment of key target areas by mapping, geochemistry and geophysics are complete.
  • The Aztec Minerals Corp –Kootenay Silver Inc JV released results from the ongoing 2022 RC program on its Cervantes project in Sonora. Drilling highlights include hole CAL22-008 with 0.88 g/t Au over 54.72m, including 1.96 g/t Au over 13.72m, plus 0.74 g/t Au over 7.6m; hole CAL22-009 with 0.5 g/t Au over 86.64m; and hole CAL22-010 with 0.53 g/t Au over 138.82m, including 1.62 g/t Au over 10.67m. The Aztec-Kootenay JV has now completed its Phase 2 RC program with 26 holes for a total of 4,649m drilled. “It covers an area now measuring approximately 900m long by 250 to 500m wide, with demonstrated, continuous mineralization up to 265 metres depth vertically. The porphyry gold-copper mineralization is still open in all directions”. 
  • Benjamin Hill Mining Corp., announced results of the recently completed induce polarization (IP) survey and provided an update on the ongoing drill program at its Sonora project in Sonora. The IP survey consisted of eight lines for a total of 11,200m over known zones of mineralization. Multiple geophysical anomalies were detected including seven high chargeability and six medium chargeability anomalies, and three high priority resistivity anomalies, and one medium priority resistivity anomaly. “The affinity of the geophysical anomalies with positive surface sampling results has provided the geological team with prime drill targets in each exploration area”. On the other hand, the company has completed 13 of the planned 32 holes for a total of 3,310.85m out of the 8,500m planned. Assays are still pending.
  • Radius Gold Inc., announced drill results from its ongoing drilling program on El Cuervo target at its Amalia project in Chihuahua. Drilling highlights include hole AMDD21-49 with 144 g/t Ag and 0.92 g/t Au over a true width (TW) of 15.3m, including 190 g/t Ag and 1.01 g/t Au over a TW of 9.1m, including 469 g/t Ag and 0.97 g/t Au over a TW of 0.9m, including 483 g/t Ag and 3.94 g/t Au over a TW of 1m; and hole AMDD21-48 with 116 g/t Ag and 1.39 g/t Au over a TW of 1.5m, plus 32 g/t Ag and 0.56 g/t Au over a TW of 1.3m, plus 77 g/t Ag and 0.61 g/t Au over a TW of 6.1m, including 125 g/t Ag and 0.68 g/t Au over a TW of 2.1m, and 54 g/t Ag and 0.34 g/t Au over a TW of 36.6m, including 84 g/t Ag and 0.75 g/t Au over a TW of 10.1m, including 139 g/t Ag and 4.02 g/t Au over a TW of 1.65m.
  • Monumental Minerals Corp., announced that it will be visiting its Jemi heavy rare earth element property during the month of May to field review airborne radiometric and magnetic geophysical features that relate to peralkaline rocks and associated ore-grade concentrations of rare earth elements, with the aim of defining drill targets.

ON MINING

  • Fortuna Silver Mines Inc., reported Q4 and full year 2021 production results from its San Jose Mine in Oaxaca. In Q4, 2021 the company milled 262,282 tonnes of 219 g/t Ag and 1.27 g/t Au with metallurgical recoveries of 93% and 92% respectively, to produce 1.72 M Oz Ag and 9.9K Oz Au. It sold 1.73M Oz Ag and 9,983 Oz Au at a realized price of USD $23.35 per Oz Ag and USD $1,797 per Oz Au. Fortuna reported a cash and all in sustaining cost (AISC) of USD $9.15 and USD $14.52 per Oz AgEq respectively, and a net smelting royalty (NSR) of USD $207.57 per tonne. For the full year 2021, the company reported that it milled 1,041,154 tonnes of 209 g/t Ag and 1.29 g/t Au with metallurgical recoveries of 92% and 91% respectively, to produce 6.62M Oz Ag and 39.4K Oz Au. Fortuna sold 6.43M Oz Ag and 34.4K Oz Au at a realized price of USD $25.15 per Oz Ag and USD $1,798 per Oz Au. The company reported a cash and AISC of USD $9.30 and USD $14.38 per Oz AgEq respectively, and a NSR of USD $210.95 per tonne.
  • Golden Minerals Company announced full year 2021 production and financial results and provided a 2022 forecast for its Rodeo production in Durango. The company processed from Rodeo mine, Durango the amount of 149K tonnes of 4.1g/t Au and 12 g/t Ag with metallurgical recoveries of 75% and 90% respectively to produce 14.4K Oz Au and 59.9K Oz Ag at a cash cost of USD $937 per payable Oz Au. In addition, Golden reported revenues of USD $25.6M, a net operating margin of USD $12.3M, a cost of metals sold of USD $13.3M, cash and equivalents balance of USD $12.2M and a cash inflow of USD $16.6M. The company also provided a 2022 forecast for its Rodeo mine. It expects to process between 175K-180K tonnes of 2.9g/t Au and 9 g/t Ag, with metallurgical recoveries of approximately 80% for both Au and Ag to produce between 12K-14K Oz Au and 42K-47K Oz Ag at a cash cost of USD $1,100-USD$ 1,200 per Oz Au.
  • Impact Silver Corp., reported full year 2021 production and financial results from its Zacualpan mining district in the State of México. The company milled 145,458 tonnes of 172 g/t Ag to produce 617.7K Oz Ag. It sold 633.9K Oz Ag. Impact reported revenue of $17.7M, a mine operating earnings before amortization and depreciation of $4.7M,  earnings before interests, taxes, depreciation and amortization of $1.5M, cash flow from operations of $3M, cash position of $21.1M, and working capital of $21.5M.
  • SilverCrest Metals Inc., presented full year 2021 financial results. The company reported cash and cash equivalents for USD $176.5M and USD $30M remains under a USD $120M project financing facility. It also reported a cash inflow offset by USD $32.9M. During 2021, SilverCrest committed 7.2% (USD $103.6M) of the USD $137.7M feasibility study capital cost estimate. Of the remaining capital to be incurred in 2022, 20.7% (USD $8.9M) is related to the Ausenco fixed price engineering, procurement and construction contract for process plant construction and 14.7% (USD $6.3M) is unused contingency. 

ON FINANCING

  • Endeavour Silver Corp., closed a bought deal financing for gross proceeds of USD $46M, including the exercise of the over-allotment option in full. Gross proceeds will be used by the company to pay the USD $35M cash consideration payable to SSR Mining Inc., for the acquisition of Pitarrilla project in Durango, as well as for general corporate purposes and working capital.
  • Zacatecas Silver Corp., announced the closing of a $19.15M offering of subscription receipts. Net proceeds will be used to pay the USD $5M cash consideration for the acquisition of the Esperanza Gold project to Alamos Gold, begin the advancing the Esperanza project towards production, fund the ongoing drill program at the company´s existing project and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Zacatecas Silver Corp., received the approval from the Mexican Federal Environmental Permitting Agency (SEMARNAT) for 27 new drill pads at its Panuco project, Zacatecas. The company is presently completing environmental studies at Muleros and San Manuel ahead of drill pad applications.
  • Silver Tiger Metals Inc., reported results from its ongoing drill program from its El Tigre project in Sonora. Drilling highlights include hole ET-21-296 on Sooy Vein with 1.73 g/t Au, 687 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.01% Zn (822 g/t AgEq) over 25.9m, including 2.30 g/t Au, 921 g/t Ag, 0.02% Cu, 0.2% Pb, and 0.01% Zn (1,101 g/t AgEq) over 19m, including 4.65 g/t Au, 1,877 g/t Ag, 0.03% Cu, 0.4% Pb, and 0.02% Zn (2,239 g/t AgEq) over 9.2m, including 0.39 g/t Au, 2,450 g/t Ag, 0.03% Cu, 0.3% Pb, and 0.01% Zn (2,489 g/t AgEq) over 2.9m; and hole ET-22-319 on Sooy Vein with 0.24 g/t Au, 160 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.01% Zn (186 g/t AgEq) over 17.3m, including 0.56 g/t Au, 362 g/t Ag, 0.02% Cu, 0.6% Pb, and 0.02% Zn (420 g/t AgEq) over 6.5m, including 1.15 g/t Au, 690 g/t Ag, 0.04% Cu, 0.9% Pb, and 0.01% Zn (804 g/t AgEq) over 2.5m, including 1.44 g/t Au, 887 g/t Ag, 0.07% Cu, 1% Pb, and 0.01% Zn (1,024 g/t AgEq) over 1.5m.
  • Torex Gold Resources Inc., announced it will release an updated technical report for the Morelos Complex by March 31, 2022.
  • Silver Dollar Resources Inc., reported results from the drilling program recently completed at its La Joya project in Durango. Drilling highlights include holes NOR-21-002 with 110 g/t Ag, 0.19 g/t Au, 0.04% Cu, 0.2% Pb, and 0.3% Zn (131 g/t AgEq) over 5.37m, including 141.3 g/t Ag, 0.06 g/t Au, 0.04% Cu, 0.4% Pb, and 0.4% Zn (161 g/t AgEq); and hole NOR-21-004 with 49 g/t Ag, 19.2 g/t Au, 0.48% Cu, and 0.03% Zn (1,590 g/t AgEq) over 3m, plus 17 g/t Ag, 4.3 g/t Au, 0.1% Cu, and 0.01% Zn (363 g/t AgEq) over 8.37m, including 58 g/t Ag, 29 g/t Au, 0.15% Cu, and 0.01% Zn (2,369 g/t AgEq) over 1.01m. “Drilling focused on the underexplored Noria portion of the Property and was successful in identifying possible structural extensions of the known mineralized zones as well as the discovery of a new shallow high-grade gold zone. The next phase of drilling will focus on these new targets and is expected to commence before month-end”.
  • GoGold Resources Inc., reported results of six holes drilled at the Mololoa deposit within its Los Ricos North project in Jalisco. Significant mineralization was encountered in hole LRGM-21-093 with 0.19 g/t Au and 111 g/t Ag (1.68 g/t AuEq or 126 g/t AgEq) over 1.7m, plus 0.16 g/t Au and 213 g/t Ag (3.01 g/t AuEq or 226 g/t AgEq) over 2.3m, including 0.59 g/t Au and 912 g/t Ag (12.75 g/t AuEq or 956 g/t AgEq) over 0.5m, plus 0.28 g/t Au and 100 g/t Ag (1.62 g/t AuEq or 122 g/t AgEq) over 31.9m, including 3.33 g/t Au and 827 g/t Ag (14.36 g/t AuEq or 1,077 g/t AgEq) over 0.6m; and hole LRGM-21-104 with 1.09 g/t Au and 235 g/t Ag (4.22 g/t AuEq or 317 g/t AgEq) over 33.4m, including 3.56 g/t Au and 765 g/t Ag (13.76 g/t AuEq or 1,032 g/t AgEq) over 9.8m, including 8.48 g/t Au and 1,682 g/t Ag (30.9 g/t AuEq or 2,317 g/t AgEq) over 3.5m, including 17.15 g/t Au and 3,080 g/t Ag (58.22 g/t AuEq or 4,366 g/t AgEq) over 1.1m.
  • Golden Minerals Company completed technical reports for their Rodeo and Velardeña properties in Durango, including updated mineral resources. At Rodeo, Durango, Mineral Resources were calculated having an effective date of October 31, 2021, assuming prices of USD $1,800/ Oz Au and USD $25/Oz Ag.  For the low-grade material (stockpile), a cutoff of 1.0 g/t Au was considered to estimate measured resources of 208,500 tonnes grading 1.24 g/t Au and 10 g/t Ag for a total of 8.3K Oz Au and 67.2K Oz Ag contained; indicated resources of 86,400 tonnes of 1.58 g/t Au and 5 g/t Ag for a total of 2.1K Oz Au and 9.4K Oz Ag contained. Measured + Indicated resources are 264,900 tonnes of 1.23 g/t Au and 9 g/t Ag for a total of 10.5K Oz Au and 76.6K Oz Ag contained. Inferred resources are 1,500 tonnes of 1.2 g/t Au and 4 g/t Ag for a total of 58 Oz Au and 198 Oz Ag contained. For the high-grade material a cutoff of 1.6 g/t Au was considered to estimate measured resources of 10,700 tonnes grading 3.11 g/t Au and 13 g/t Ag for a total of 31.1K Oz Au and 131K Oz Ag contained; indicated resources of 43,700 tonnes grading 3.17 g/t Au and 11 g/t Ag for a total of 4.5K Oz Au and 15K Oz Ag contained. Measured + Indicated resources are 954,400 tonnes of 3.12 g/t Au and 13 g/t Ag for a total of 35.6K Oz Au and 146K Oz Ag contained. The Life of Mine is 24 months of operation and assumes 12 months to perform closure and reclamation.  The company reported a pre-tax net present value (NPV) of USD $22.9M using a discount rate of 8%. At Velardeña, Durango, Mineral Resources were calculated having an effective date of February 28, 2022, assuming prices of USD $1,744/Oz Au, USD $23.70/Oz Ag, USD $0.97/Lb Pb, and USD $1.15/Lb Zn. Mineral resources are reported at a Net Smelting Royalty of USD $175. Measured resources estimated are 385K tonnes of 327 g/t Ag, 5.58 g/t Au, 1.6% Pb, and 1.8% Zn for a total of 4M Oz Ag, 69K Oz Au, 13.75M Lb Pb, and 15.1M Lb Zn contained; Indicated resources estimated are 883.8K tonnes of 316 g/t Ag, 4.88 g/t Au, 1.5% Pb, and 1.8% Zn for a total of 8.98M Oz Ag, 138.5K Oz Au, 30.16M Lb Pb, and 34.34M Lb Zn contained. Measured + Indicated resources are 1,268,800 tonnes of 319 g/t Ag, 5.09 g/t Au, 1.6% Pb, and 1.8% Zn for a total of 13.03M Oz Ag, 207.5K Oz Au, 43.9M Lb Pb, and 49.94M Lb Zn contained. Inferred resources estimated are 1,709,200 tonnes of 362 g/t Ag, 4.8 g/t Au, 1.7% Pb, and 1.9% Zn for a total of 19.89M Oz Ag, 263.8K Oz Au, 65.26M Lb Pb, and 70.2M Lb Zn. The Life of Mine is 11 years, with a pre-tax NVP of USD $119M using a discount rate of 8%.
  • Golden Tag Resources Ltd., released results from 2 holes drilled at its San Diego project in Durango. Hole 21-62 intersected several structures. This hole encountered 0.04 g/t Au, 214 g/t Ag, 0.2% Pb, 0.5% Zn ,and 0.03% Cu (244 g/t AgEq) over 1.75m, plus 0.06 g/t Au, 107 g/t Ag, 0.1% Pb, 0.08% Zn, and 0.03% Cu (122 g/t AgEq) over 0.50m (in the San Jose Zone), plus 1.29 g/t Au, 72 g/t Ag, 0.04% Pb, 0.07% Zn, and 0.02% Cu (182 g/t AgEq) over 2m (on the 57 NE A Zone), plus 0.1 g/t Au, 305 g/t Ag, 2% Pb,3% Zn, and 0.09% Cu (504 g/t AgEq) over 1.2m, plus 0.12 g/t Au, 137 g/t Ag, 0.4% Pb, 0.6% Zn, and 0.05% Cu (187 g/t AgEq) over 0.65m (in the 57 NE B zone). Hole 21-63 also intersected several mineralized intervals. Highlights include 0.48 g/t Au, 142 g/t Ag, 1.3% Pb, 1.6% Zn, and 0.12% Cu (295 g/t AgEq) over 2.10m, plus 0.11 g/t Au, 147 g/t Ag, 0.6% Pb, 0.8% Zn, and 0.04% Cu (211 g/t AgEq) over 0.60m (in the 57 NE B zone), plus 0.16 g/t Au, 284 g/t Ag, 4.4% Pb, 1.4% Zn, and 0.04% Cu (491 g/t AgEq) over 0.50m (in the Montanez zone), plus 0.11 g/t Au, 76 g/t Ag, 0.6% Pb, 1.4% Zn, and 0.05% Cu (166 g/t AgEq) over 10.15m, including 0.15 g/t Au, 229 g/t Ag, 2.2% Pb, 5.6% Zn, and 0.09% Cu (541 g/t AgEq) over 1.66m, plus 0.11 g/t Au, 146 g/t Ag, 1.2% Pb, 1.5% Zn, and 0.1% Cu (260 g/t AgEq) over 1m, plus 0.28 g/t Au, 730 g/t Ag, 4% Pb, 4.6% Zn, and 0.4% Cu (1,095 g/t AgEq) over 0.57m (in the Canta Zone).

ON DEALS AND CORPORATE ISSUES

  • Avino Silver & Gold Mines Ltd., closed the acquisition of La Preciosa project in Durango with Coeur Mining Inc., by paying USD $15.3M in cash; a promissory note for USD $5M in favour of Coeur, payable without interest on or before March 21. 2023;  the issuance of 14M common shares of Avino to Coeur; the issuance of 7M share purchase warrants exercisable at USD $1.09 per share until September 21, 2023; an additional cash payment of USD $8.75M, to be paid no later than 12 months after initial production at La Preciosa; a 1.25% NSR on the La Gloria and Abundancia areas of La Preciosa and 2% gross value royalty on all of other areas of La Preciosa; and a payment of USD $0.25 per silver equivalent ounce of new mineral reserves discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of USD $50M.
  • Aztec Minerals Corp., informed that its common shares traded in USA under the symbol AZZTF are now Depository Trust Company. It will increase the visibility and accessibility of the Aztec common shares for current and potential shareholders in USA (Cervantes project, Sonora).
  • Gold Resource Corporation announced its 2022 annual meeting of shareholders (Don David Gold Mine, Oaxaca).
  • Guanajuato Silver Company Ltd., announced the appointment of Ramón Dávila to the position of President (Cubo and Pinguico projects, Guanajuato).
  • Magna Gold Corp., entered into an amending agreement with Peal de México on the acquisition of the San Francisco mine, Sonora. Magna amended the agreement to settle outstanding amounts owing in exchange for the issuance of common shares of the company with a value of USD $1M, which reduced the company´s amount owing by USD $1M from USD $4,054,351 to USD $3,054,351.
  • Tarachi Gold Corp., announced the appointment of its VP of Operation, and signed a new land and water rights agreement with the local Magistral Ejido Community. “The Land Lease Agreement is for a 30-year term, granting Tarachi and its Mexican subsidiary’s use of 63.9 hectares of land for mining, processing, and tailings disposal purposes. The Company will pay to the Ejido an amount of MXP $5K (approximately USD $250) per month to maintain the right to retrieve water from within the Ejido’s territory and use of the Ejido’s water related infrastructure. The company and the Ejido have also amended their existing exclusive agreement to purchase mine and process certain tailings materials belonging to the Ejido. The amendment will result in an increase of USD $0.25 per tonne in the purchase fee paid by the Company for Ejido tailings material when gold prices are above USD $1475/Oz, compared to the previous agreement terms.
  • Bear Creek Mining Corporation provided an update on the acquisition of the Mercedes mine in Sonora. The completion of the acquisition remains subject to anti-trust approval which the company expects to receive in April 2022. On March 24, 2022, the company and Equinox Gold agreed to extend the outside date for the completion of the Acquisition to April 30, 2022. “The Company has become aware that on March 23, 2022, TRR Offtakes LLC (“Trident”) – a subsidiary of Trident Royalties Plc which in January 2022 acquired a non-material offtake agreement with subsidiaries of Equinox Gold – brought an application for an order of an arbitrator restraining and enjoining the closing of the Acquisition (the “Application”). Bear Creek believes the Application is without merit. The Company intends to hold Trident fully responsible for all loss and damage Bear Creek may suffer as a consequence of Trident’s interfering conduct”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture above, sheeted quartz veins in an intermediate sulphidation epithermal vein system in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of March, 2022

By Jorge Cirett

During the 11th week of the year (March 14th to March 20th, 2022), at least 21 press releases were announced by companies working in Mexico. To note, only three companies posted exploration advances on their properties, four released quarterly and full year 2021 reports, four informed on financing rounds, three on share granting, repurchase or new market trading, two released new resource estimates, three posted drill results on properties with resources and one informed on the repossession of a property and mining concessions. ON MEXICO ISSUES, five of the top ten silver intercepts on the second week of March were obtained by companies working in Mexico. ON EXPLORATION, in Sonora, Rockland Resources recommenced exploration at its Elektra lithium project; Infinitum Copper discovered three new mineralization zones at Adelita. In Zacatecas, Orla Mining is to begin brownfield exploration around Camino Rojo. ON MINING, Avino Silver, Sierra Metals, American Gold and Silver, Orla Mining and Starcore International released quarterly and full year 2021 reports. ON FINANCING, Golden Tag granted stock options to directors, officers employees and consultants. Reyna Gold started trading at the OTCQB Market Exchange in USA. Oroco Resource announced the oversubscription of its previously announced private placement. Silver Tiger closed its financing for gross proceeds of C$23 M. Altaley Mining is to conduct a financing round for up to C$5 M. Minaurum Gold informed on the acquisition of 16% of Infinitum copper shares. First Majestic Silver was approved to extend its share repurchase program to up to 10 M shares.  ON RESOURCES AND DEVELOPMENT, GoGold Resources released drilling results from El Favor East, at Los Ricos North in Jalisco. Torex Gold Resources released the 2021 resource estimate (4.47 M Oz Au) for El Limon Guajes Complex in Guerrero. Fortuna Silver Mines updated the resource estimate (46.6 M Oz Ag, 296 K Oz Au) to the end of 2021 on its San José mine in Oaxaca. Vizsla Silver reported results from drilling the Cruz Negra vein at Panuco, in Sinaloa. Mithril Resources provided drilling results from Copalquin, in Durango. ON DEALS AND CORPORATE ISSUES, Galore Resources regained control of the Duraznillo ranch and the mining concessions on its Dos Santos project in Zacatecas. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Of the top ten silver intersects released on the second week of March, five were from companies working in Mexico, according to Miner Deck. Vizsla Silver was first with 9.45 m @ 1,559 gpt Ag at Panuco, in Sinaloa, whilst Magna Gold was second with 55.95 m @ 156 gpt Ag at Margarita, in Chihuahua. Prime Mining, Capitan Mining and Avino Silver were also in the list, with their project in Sinaloa and Durango.

ON EXPLORATION

  • Rockland Resources Ltd. announced exploration is to initiate at its Elektra project in Sonora. The company is to review the surface and drill information generated in 2017, when 1,762 m were drilled in 16 holes. Best intercepts of that campaign include 33 m @ 1,058 ppm Li and 24 m @ 1,050 ppm Li. The target is a lithium in clays deposit akin to the nearby “Sonora Lithium” property owned by Bacanora Lithium PLC.
  • Orla Mining Ltd. is to begin exploration in and around its Camino Rojo mine in Zacatecas. The company is planning to invest $10 M in exploration in Mexico during 2022. The current year drilling program is to infill drill the deposit and reduce the spacing to 50-125m  in the sulfide zone. Last year program returned up to 108 m @ 2.38 gpt Au; 111 m @ 2.63 gpt Au; 58.5 m @ 2.51 gpt Au; 115.5 m @ 2.11 gpt Au; 64.6 m @ 3.04 gpt Au; 55.5 m @ 4.47 gpt Au; 55.5 m @ 4.95 gpt Au. The 2021 regional exploration program included an airborne magnetic survey, an IP survey, soil sampling and direct exploration under cover with 9,146 m of RAB drilling on 284 holes (holes 500 m apart, with 1,000 m line spacing) to sample the bedrock under shallow cover (up to 3 m @ 1.94 gpt Au, 7 km from Camino Rojo). That effort produced several targets that are to be followed-up this year, while target generation still continues.
  • Infinitum Copper Corp. announced the discovery of new zones of high-grade copper mineralization on the surface at its Adelita project in Sonora-Sinaloa. Mapping, prospecting and sampling (1,024 channel samples) program identified the Cerro Grande Footwall, Las Trancas and Pericos zones. At Cerro Grande, sampling on a garnet skarn alteration zone returned 7.50 m @ 1.88% Cu, 0.89 gpt Au, 127 gpt Ag, 0.9% Zn. Skarn hosted mineralization is also present at Pericos, estimated at 12 m in width, with results pending. At Las Trancas an oxidized breccia returned 0.5 m @ 3.67% Cu, 1.14 gpt Au, 4.2% Zn, with the structure having been traced for 780 m, and pending results in trench samples. A 14.8 line-km magneto-telluric geophysical survey is to be conducted over the Cerro Grande, Cerro Grande Footwall, Pericos and Las Trancas zones. Drilling is to start in late March.

ON MINING

  • Avino Silver & Gold Mines Ltd. released financial results for Q4 and year 2021. At Avino, in Durango, in 2021 the company milled 165.3 K tonnes (103.5 K tonnes on Q4, after normalization of operations) to produce 245.4 K Oz Ag, 3,386 Oz Au, 1.87 M Lb Cu (842.4 K Oz AgEq). Over 15,500 m of drilling were completed in 124 holes during the year. In October of 2021 Avino entered into a definitive agreement with Coeur Mining Inc. to acquire the La Preciosa project, close to the Avino mine “for upfront consideration of $29.7 million on closing and $5 million due within 12 months of closing. Further contingent consideration including cash, royalties and a mineral reserve discovery payment. The transaction is expected to close during Q1 2022”. At the year’s end the company held US$22.3 M in cash.
  • Sierra Metals Inc. reported 2021 financial results and 2022 guidance, without specifying figures of production by mine. At Bolivar, in Chihuahua, cash cost was $2.18 per Lb CuEq and the AISC was $4.22 per Lb CuEq. At Cusi, in Chihuahua, cash cost was $16.71 per Oz  AgEq, and the AISC was $28.59. At Bolivar, 13,072 m of drilling were completed, as well as 21,059 m of infill drilling and 4,703 m of brownfield drilling at Cusi. The company held cash and cash equivalents of $34.9 M by the end of the year. “In Q4 2021, the Company announced its increased focus on copper and other steel-making products, including the strategic review process for the silver-producing Cusi Mine in Mexico. As part of this process, the carrying value of Cusi was reviewed. As a result, a non-cash impairment charge of $35 million was recognized for the year”.
  • Americas Gold and Silver Corp. reported consolidated financial and operational results for the year 2021. At Cosalá, in Sinaloa, re-started operations in September after a long struggle with an illegal blockade “after reaching an agreement with union representatives and certain Mexican government ministries in July 2021…. Production from the San Rafael mine increased during Q4‐2021 as the normal mining cycle was re‐established.  The Los Braceros processing plant was fed with a combination of over 20,000 tonnes of existing stockpiled ore and new production from the mine.  The milling rate ramped up in tandem with mine production, averaging approximately 1,700 tonnes per day during December 2021 and continuing into 2022”. During the Q4 61 K Oz Ag, 4.2 M Lb Zn, 1.7 M Lb Pb were produced.
  • Orla Mining Ltd. announced results for the Q4 and year 2021. During its commissioning year, at Camino Rojo in Zacatecas, 2.06 M tonnes were mined, of which 1.71 M tonnes were processed, 349.4 K placed on the low grade stockpile and further 2.05 M tonnes of waste were moved. The stacked ore grade was 0.74 gpt Au, and the gold produced was 2,422 Oz. “Orla continues to evaluate multiple development scenarios on the Camino Rojo Sulphide Project. The development scenarios being considered to potentially form the basis of a Preliminary Economic Assessment (“PEA”) currently include: (1) an underground mining option, (2) an open pit mining option with processing at a to-be-constructed sulphide facility at Camino Rojo, and (3) an open pit mining option with processing at Newmont’s Peñasquito plant. Based on the additional drilling and testwork to date, all development options remain possible”.
  • Starcore International Mines Ltd. filed the results for the third quarter ended January 2022. At San Martin, in Queretaro, 56.7 K tonnes were milled @ 1.46 gpt Au, 21.2 gpt Ag, recovering 88.1% Au, 45.8% Ag, to produce 2.4 K Oz Au, 17.8 K Oz Ag (2,588 Oz AuEq), at an AISC of $1,623 per Oz AuEq.

ON FINANCING

  • Silver Bull Resources Inc. granted 3.3 M stock options to various directors, officers, employees and consultants (Sierra Mojada, Coahuila).
  • Reyna Gold Corp. announced its common shares started trading on the OTCQB Market Exchange in USA (La Gloria, Sonora).
  • Oroco Resource Corp. announced the over subscription of the previously announced private placement (Santo Tomás, Sinaloa).
  • Silver Tiger Metals Inc. closed the previously announced bought deal offering of common shares of the company, for gross proceeds of C$23 M (El Tigre, Sonora).
  • Altaley Mining Corp. intends to conduct a non-brokered private placement financing, to raise gross proceeds of up to C$5 M. The net proceeds will be used for working capital expenses related to the beginning of mining and milling operations at Tahuehueto, in Durango.
  • Minaurum Gold Inc. informed on the acquisition of 6.1 M shares of Infinitum Copper Corp., which represents 16% of Infinitum (Alamos Silver, Sonora; Adelita, Sonora).
  • First Majestic Silver Corp. received regulatory consent to extend its share repurchase program, with the ability now to repurchase up to 10 M shares, or 3.8% of the issued and outstanding shares (San Dimas, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • GoGold Resources Inc. released results from five drill holes at El Favor East, within Los Ricos North project in Jalisco. Highlighted core length intervals comprise 1.0 m @ 0.15 gpt Au, 73 gpt Ag; 1.2 m @ 0.24 gpt Au, 82 gpt Au; 6.0 m @ 0.18 gpt Au, 100 gpt Ag (including 1.1 m @ 0.09 gpt Au, 210 gpt Ag); 1.2 m @ 0.50 gpt Au, 152 gpt Ag; 1.7 m @ 0.90 gpt Au, 257 gpt Ag; 45.5 m @ 0.52 gpt Au, 97 gpt Ag (including 0.9 m @ 13.05 gpt Au, 716 gpt Ag); 5.0 m @ 0.42 gpt Au, 93 gpt Ag; 7.4 m @ 0.36 gpt Au, 107 gpt Ag.
  • Torex Gold Resources Inc. reported mineral reserves and resources for the El Limón Guajes Complex in Guerrero, to the end of 2021. Proven and probable reserves of 17.5 M tonnes @ 3.03 gpt Au, containing 1.74 M Oz Au; measured and indicated resources of 21.31 M tonnes @ 3.61 gpt Au containing 2.47 M Oz Au; inferred resources of 2.19 M tonnes @ 3.74 gpt Au containing 264 K Oz Au. During 2021, 529 K Oz Au were processed.
  • Fortuna Silver Mines Inc. updated mineral reserve and resource estimates for its San José mine in Oaxaca. Proven and probable reserves stand at 6.16 M tonnes @ 131 gpt Ag, 0.67 gpt Au, containing 17.3 M Oz Ag, 113 K Oz Au; measured and indicated resources stand at 940 K tonnes @ 99 gpt Ag, 0.66 gpt Au, containing 3.0 M Oz Ag, 20 K Oz Ag; inferred resources stand at 6.82 M tonnes @ 120 gpt Ag, 0.74 gpt Au, containing 26.3 M Oz Ag, 163 K Oz Au.  
  • Vizsla Silver Corp. reported results from five holes targeting the Cruz Negra vein, at its Panuco project in Sinaloa. Highlighted core-length intervals comprise 0.70 m @ 1,795 gpt Ag, 21.00 gpt Au, 0.2% Pb, 0.5% Zn; 4.45 m @ 34 gpt Ag, 3.26 gpt Au, 0.1% Pb, 1.0% Zn; 1.65 m @ 1,066 gpt Au, 9.85 gpt Au, 0.4% Pb, 0.7% Zn; 3.70 m @ 440 gpt Ag, 3.74 gpt Au, 0.5% Pb, 2.2% Zn; 3.20 m @ 160 gpt Ag, 10.40 gpt Au, 0.5% Pb, 4.3% Zn.
  • Mithril Resources Ltd. provided drilling results from its Copalquin project in Durango. Highlighted core-length intervals comprise 6.00 m @ 1.84 gpt Au, 23 gpt Ag; 1.00 m @ 1.79 gpt Au, 25 gpt Ag; 1.70 m @ 1.77 gpt Au, 117 gpt Ag; 2.14 m @ 0.89 gpt Au, 64 gpt Ag in one hole, 4.80 m @ 0.91 gpt Au, 57 gpt Ag; 2.30 m @ 1.75 gpt Au, 135 gpt Ag; 0.55 m @ 5.89 gpt Au, 474 gpt Ag in a second hole, 8.10 m @ 1.64 gpt Au, 106 gpt Ag in a third hole. Exploration work has defined over 7 km of veins in the project, with a major target area identified at La Montura, on strike with El Refugio, whereas Los Pinos area displays strong alteration, gold in soils and early stage drilling results of 0.60 m @ 9.91 gpt Au, 161 gpt Ag.

ON DEALS AND CORPORATE ISSUES

  • Galore Resources Inc. announced that “has legally and safely regained possession and control of the Duraznillo Ranch mining operation” at its Dos Santos project in Zacatecas. In January 2018 Galore entered into a mining exploitation agreement with Urbanizaciones y Acabados, S.A. de C.V., but due to a breach in the agreement Galore asked and had to file a demand to recover the Duraznillo ranch and the mining properties. On March 8, 2022, the ranch and the mining properties were peaceful and smoothly repossessed by Galore

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Barite-quartz-hematite vein from a project in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2022. 

Malachite after chalcopyrite in a hydrothermal breccia.

By Miguel A Heredia

During the 10th week of the year (March 7th to March 13th, 2022), at least 20 press releases were announced by companies working in Mexico, and 3 news published by the media, with nine reporting resources and developments of their properties, four informing on exploration results, four communicating production and financial results, three discussing social issues, two announcing financial issues, and one disclosing deals and corporate issues.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Silver Spruce filed environmental permits to drill at their the Diamante, Mezquite and Jackie projects. In Durango, Canasil provided a review of the results from its 2020-21 drill program on the Candy Vein at its Nora project and Silver Wolf provided a 2021 year in review and 2022 outlook on its Ana Maria property. ON MINING, Endeavour reported consolidated full year 2021 production and financial results from their mining operations in México. First Majestic announced Q4 and full year 2021 production and financial results from their Mexican mine operations. Gatos Silver presented Q4 and 2021 year-end production and financial results from its 70% owned Cerro Los Gatos operation in Chihuahua, and provided a corporate update. Gold Resource provided Q4 and year-end 2021 production and financial results from its Don David Gold mine in Oaxaca.  ON FINANCING, Argonaut sold 9.74M of common shares of Magna Gold for aggregate gross proceeds of CAD $6.82M. Kootenay closed a brokered private placement for gross proceeds of $4.78M and a non-brokered portion of the offering for gross proceeds of approximately $1.47M, for total aggregate gross proceeds to the company of $6.25M (Columba project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Altaley announced positive Pre-Feasibility Study and updated Mineral Resources and Reserves at its Tahuehueto project, Durango. Capitan Mining released results from its ongoing RC drilling program at its Cruz de Plata project (former referred as Peñoles) in Durango.  Magna Gold released results from the first 22 of 43 drill holes completed at its Margarita project in Chihuahua. Prime Mining reported results from its ongoing drilling program at its Los Reyes project, Sinaloa. Avino announced drill results from the La Potosina area at its Avino project, Durango. Azucar Minerals reported that it will commence to drill test a new large lithocap alteration at its El Cobre project, Veracruz.  Barksdale released results from its phase I, 5,000m drilling program at the Cerro Verde zone on its San Javier project, Sonora. Vizsla reported results from seven new drill holes collared on the Copala and Christiano veins within its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Ranchero Gold announced the appointments of two new members to its Board of Directors (Santa Daniela project, Sonora). Fabled announced that it has completed the planning of its phase 2 definition diamond drill program at its Santa Maria project in Chihuahua. ON SOCIAL RESPONSIBILITY, Fresnillo plc reported the return to face-to-face work in the state, and the opening of its outdoor activities. Grupo Mexico, within the framework of the International Mother Language Day, held activities related to the preservation and promotion of indigenous languages in the communities where it has a presence. Media Luna Mining Company (Torex Gold) ratified for the sixth consecutive year the collaboration agreement with fishing cooperatives in the Balsas River Basin in Guerrero.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., filed environmental permits with the Secretariat of Natural Resources and Environment (SEMARNAT) to drill at their the Diamante, Mezquite and Jackie projects in Sonora. Approvals from SEMARNAT are expected to be obtained by late March, 2022.
  • Canasil Resources Inc., provided a review of the results from its 2020-21 drill program on the Candy Vein at its Nora project. 13 drill holes were completed for a total of 3,296m to test the Candy vein over a strike distance of 500m and to a vertical depth of 250m below surface. All the holes encountered the mineralized vein with the highest true width x grade value on hole NRE-21-11 with 5.31 g/t Au and 336 g/t Ag (748 g/t AgEq) over a true width (TW) of 11.29m, giving a TW x grade value of 8,445 g/t AgEq x m. The drill results show that the Candy vein hosts consistently high grade gold and silver mineralization over appreciable widths. The Candy vein is known over 3km long but only 500m have been drill tested. Additionally, Canasil reported that systematic grid soil sampling over a 2km east-west and 3km north-south area covering the central zone of the project returned widespread silver, gold, copper, zinc and lead geochemical anomalies. “The gold and silver anomalies are particularly strong over the 3-Km strike extent of the Candy vein structure on the western side of the project area, as well as to the southwest and east of the Candy vein structure. A strong silver and gold anomaly also extends for 1.5 Km southwest from the location of the above high grade drill intercepts on the Candy vein and a breccia target has been identified to the south with potential for hosting bulk tonnage disseminated silver-gold mineralization”.
  • Silver Wolf Exploration Ltd., provided a 2021 year in review and 2022 outlook on its Ana Maria property in Durango. The accomplished goals on 2021 include the completion of a NI-43-101 compliant technical report on the properties; an Aster satellite imaging survey, an airborne LiDAR and Hyperspectral imaging survey, an Airborne geophysical data survey, the application to expand the land package by 3x, and the completion of the 2021 mapping and sampling program to identify prospective areas and uncover previous historical workings. The company also provided a 2022 outlook that include the completion of the geophysical data interpretation, to define drill targets for the initial drill program, to apply and receive drill permits, to mobilize drilling equipment to execute an initial drill program, and to receive approval from the Mexican authorities on the expanded land application.

ON MINING

  • Endeavour Silver Corp., reported consolidated full year 2021 production and financial results from their mining operations in México. The company mined 887,424 tonnes to produce 4.87M Oz Ag, and 42.3K Oz Au at a cash cost of USD $9.31 per Oz Ag, a total production cost of USD $14.70 per Oz Ag, and all-in sustaining cost (AISC) of USD $20.34 per Oz Ag. Endeavor sold 3.86 M Oz Ag and 39.1K Oz Au and reported revenues of USD $165.3M, adjust net earnings of USD $(-8.6M), mine operating earnings of USD $36.4M, EBIDTA of USD $54.9M, and working capital of USD $121.2M.
  • First Majestic Silver Corp., announced Q4 and full year 2021 production and financial results from their Mexican mine operations. The below tables show the figures per separate mine for Q4, and full year 2021.

First Majestic reported consolidated financial results (including Jerritt Canyon mine in USA). It reported revenues of USD $204.9M and USD $584.1M respectively for the periods Q4, and full year 2021; mine operating earnings of USD $40.4M and USD $101.4M respectively; loss earnings of USD $4M and USD $4.9M respectively; operating cash flows before working capital and taxes of USD $71.8M and USD $176.8M respectively; cash and cash equivalents of USD $237.9M in each period; working capital of USD $224.4M in each period; and free cash flow of USD $66.4M and USD ($16.9M) for Q4 and full year 2021 respectively.

  • Gatos Silver Inc., presented Q4 and 2021 year-end production and financial results from its 70% owned Cerro Los Gatos operation in Chihuahua, and provided a corporate update. On Q4, 2021, the company milled 241,397 tonnes of 331 g/t Ag, 0.3 g/t Au, 2.2% Pb, and 3.9% Zn with metallurgical recoveries of 90%, 63%, 91% and 73% respectively, to produce 2.3M Oz Ag, 1.3K Oz Au, 10.2M Lb Pb, and 12.9M Lb Zn. Average realized price per Oz Ag, Oz Au, Lb Pb, and Lb Zn were USD $23.08, USD $1,804, USD $1.04, and USD $1.58 respectively. For the full year, Gatos milled 909,886 tonnes of 295 g/t Ag, 0.32 g/t Au, 2.3% Pb, and 3.9% Zn with metallurgical recoveries of 88%, 63%, 90% and 73% respectively, to produce 7.6M Oz Ag, 5.2K Oz Au, 39.8M Lb Pb, and 49.6M Lb Zn. Average realized price per Oz Ag, Oz Au, Lb Pb, and Lb Zn were USD $24.51, USD $1,804, USD $0.99, and USD $1.36 respectively. The company reported exploration expenses, operating costs and sales  for the period Q4, 2021 of USD $0.3 , USD $3.8M, and USD &72.9M respectively, while for the full year 2021 of USD $1.7, USD $19.3M, and USD $251.2M respectively. Gatos provided its 2022 guidance and expects to produce between 8.5- 9M Oz Ag, 4-4.5K Oz Au, 36-40M Lb Pb, and 49-54M Lb Zn at AISC of USD $16.5-18.5 per payable silver on Co-product basis and USD $13-15 per payable silver on by-product basis.
  • Gold Resource Corporation provided Q4 and year-end 2021 production and financial results from its Don David Gold mine in Oaxaca. On Q4, 2021 the company milled 135,398 tonnes of 1.93 g/t Au, 82 g/t Ag, 0.38% Cu, 2.2% Pb, and 4.8% Zn to produce 1.8K Oz Au, 287.8K Oz Ag, 907.2K Lb Cu, 4.6M Lb Pb, and 9.33M Lb Zn at average metal prices realized of USD $1,811 per Oz Au, USD $23.51 per Oz Ag, USD $9,768 per tonne of Cu, usd $2,339 per tonne of Pb, and USD $3,446 per tonne of Zn. On the full year 2021, Gatos milled 501,978 tonnes of 2.01 g/t Au, 80 g/t Ag, 0.39% Cu, 1.9% Pb, and 4.4% Zn to produce 22.6K Oz Au, 1.06M Oz Ag, 3.18M Lb Cu, 13-4M Lb Pb, and 30.3M Lb Zn at average metal prices realized of USD $1,796 per Oz Au, USD $25.06 per Oz Ag, USD $9,553 per tonne of Cu, USD $2,268 per tonne of Pb, and USD $3,091 per tonne of Zn. On Q4, 2021, the company reported sales for USD $38.6M, EBIDTA of USD $10.3M, and operating cost of USD $12.9M, while on the full year 2021 it reported USD $125.2M, USD $33.64M, and USD $34.78M respectively.

ON FINANCING

  • Argonaut Gold Inc., sold 9.74M of common shares of Magna Gold at a price of CAD $0.70 per common share for aggregate gross proceeds of CAD $6.82M.
  • Kootenay Silver Inc., closed a brokered private placement for gross proceeds of $4.78M and a non-brokered portion of the offering for gross proceeds of approximately $1.47M, for total aggregate gross proceeds to the company of $6.25M. Gross proceeds will be used for exploration activities, working capital and other general corporate purposes (Columba project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Altaley Mining Corporation announced positive Pre-Feasibility Study (PFS) and updated Mineral Resources and Reserves at its Tahuehueto project, Durango. Highlights of the PFS include a throughput of 1,000 tonnes per day; a mine life of 10.9 years; a pre-tax net cash flow of USD $240.9M; a total capital cost of USD $56.9M; an all in sustaining cost (AISC) of USD $844 per Oz AuEq; a pre-tax Net Present Value (VNP) of USD $152.8M at 5% discount rate; an EBIDTA of USD $246.1M, and an internal rate of return (IRR) of 45%. The company also updated Mineral Resources and Reserves. It reported Proven+ Probable Reserves of 3.58M tonnes grading 2.55 g/t Au, 50 g/t Ag, 0.26% Cu, 1.1% Pb, and 1.9% Zn with metallurgical recoveries of 87%, 85%, 85%, 85% and 68& respectively to contain 294K Oz Au, 5.7M Oz Ag, 20.55M Lb Cu, 87.36M Lb Pb, and 151.6M Lb Zn. Altaley also reported Measured +Indicated Resources of 6.26M tonnes grading 2.11 g/t Au, 47 g/t Ag, 0.27% Cu, 0.9% Pb, and 2% Zn (4.47 g/t AuEq) to contain 415K Oz Au, 9.4M Oz Ag, 36.6M Lb Cu, 123.9M Lb Pb, and 273.3M Lb Zn (900K Oz AuEq); and Indicated Resources of 918K tonnes grading 1.02 g/t Au, 29 g/t Ag, 0.15% Cu, 1.2% Pb, and 2% Zn (3.05 g/t AuEq) to contain 30K Oz Au, 840K Oz Ag, 3M Lb Cu, 23.5M Lb Pb, and 39.7M Lb Zn (90K Oz AuEq).
  • Capitan Mining Inc., released results from its ongoing RC drilling program at its Cruz de Plata project (former referred as Peñoles) in Durango. Hole 21-JMRC03 drilled on Jesus Maria Vein system returned 0.37 g/t Au, 177 g/t Ag, 3.2% Pb, and 3.6% Zn (435 g/t AgEq) over 10.7m, including 0.71 g/t Au, 290 g/t Ag, 6.8% Pb, 6.6% Zn (798 g/t AgEq) over 11.5m, including 0.45 g/t Au, 258 g/t Ag, 4.7% Pb, and 5% Zn (620 g/t AgEq) over 1.5m, including 0.27 g/t Au, 370 g/t Ag, 5.6% Pb, and 8% Zn (860 g/t AgEq) over 1.5m, including 0.55 g/t Au, 122 g/t Ag, 2.6% Pb, and 3% Zn (358 g/t AgEq) over 1.5m, including 0.51 g/t Au, 281 g/t Ag, 5.9% Pb, and 3.8% Zn (641 g/t AgEq) over 1.5m. Assays are still pending for 11 RC holes out of 15 completed.
  • Magna Gold Corp., released results from the first 22 of 43 drill holes completed at its Margarita project in Chihuahua. Drill highlights include hole MAR-21-002 with 139 g/t Ag, 0.1% Pb and 0.6% Zn over 46.8m, including 801 g/t Ag, 0.5% Pb, and 0.8% Zn over 2.85m; hole MAR-21-004 with 113 g/t Ag, 0.03% Pb, and 0.1% Zn over 32.55m, including 300 g/t Ag, 0.6% Pb, and 0.2% Zn over 6m; hole MAR-21-005 with 133 g/t Ag, 0.05% Pb and 0.2% Zn over 39.5m, including 540 g/t Ag, 0.01% Pb, and 0.4% Zn over 1.85m, and 301 g/t Ag, 0.06% Pb, and 0.1% Zn over 5.1m; hole MAR-21-016 with 157 g/t Ag, 0.5% Pb, and 1.1% Zn over 29.5m, including 0.31 g/t Au, 821 g/t Ag, 2.4% Pb, and 5.6% Zn over 3.9m; hole MAR-21-020 with 156 g/t Ag, 0.1% Pb, and 0.5% Zn over 55.95m, including 498 g/t Ag, 0.4% Pb, and 1.6% Zn over 12.8m;and hole MAR-21-022 with 127 g/t Ag, 0.1% Pb, and 0.3% Zn over 19.2m, including 0.3 g/t Au, 567 g/t Ag, 0.4% Pb, and 1.4% Zn over 3.55m, and 110 g/t Ag, 0.4% Pb, and 0.6% Zn over 16.55m, including 0.18 g/t Au, 440 g/t Ag, 1.6% Pb, and 1.8% Zn over 3m. Magna plans to release a maiden resource toward the end of the Q1, 2022. This resource estimate will lead to the completion of the first ever preliminary economic assessment (PEA) shortly thereafter.
  • Prime Mining Corp., reported results from its ongoing drilling program at Guadalupe East on its Los Reyes project, Sinaloa. Hole 22GE-33 intersected multiple mineralized intervals. This hole intersected 11.60 g/t Au and 219 g/t Ag over a true width (TW) of 1.20m, then a 3.7m stope, to continue with 3.33 g/t Au and 115 g/t Ag over a TW of 29.29m, including 2.68 g/t Au, and 93 g/t Ag over a TW of 6.10m, and including 6.57 g/t Au and 137 g/t Ag over a TW of 9m, including 30.9 g/t Au and 605 g/t Ag over a TW of 1.20m, and including 3.67 g/t Au and 204 g/t Ag over a TW of 10.40m, including 8.39 g/t Au and 321 g/t Ag over a TW of 2.10m. This hole is located on the west side of the Guadalupe East conceptual open pit. There are currently 15 pending drill holes at Guadalupe East out of a total of 49 completed.
  • Avino Silver & Gold Mines Ltd., announced drill results from its 2,400m drilling program conducted in 2021 on the La Potosina area at its Avino project, Durango. Highlights include hole LP-21-06 with 0.09 g/t Au, 270 g/t Ag, 0.25% Cu, 0.9% Pb, and 2.5% Zn (463 g/t AgEq) over a true width (TW) of 1.7m, including 0.09 g/t Au, 1,257 g/t Ag, 0.48% Cu, 2.8% Pb, and 4.4% Zn (1,641 g/t AgEq) over a TW of 0.20m, including 0.08 g/t Au, 510 g/t Ag, 0.6% Cu, 2.2% Pb, and 5% Zn (918 g/t AgEq) over a TW of 0.35m, including 0.07 g/t Au, 406 g/t Ag, 0.44% Cu, 1.3% Pb, and 4.2% Zn (717 g/t AgEq) over a TW of 0.45m; and hole LP-21-007 with 0.4 g/t Au, 617 g/t Ag, 0.1% Pb, and 0.2% Zn (668 g/t AgEq) over a TW of 2.87m. On 2022, Avino plans include an additional 40 holes with 6,000m of drilling to test the continuity of the vein at elevations above 2,100m while looking for favorable dilation structures in the northwest.
  • Azucar Minerals Ltd., reported that it will commence to drill test a new large lithocap alteration at its El Cobre project, Veracruz. A mineral mapping study conducted on this area defined a strong alteration signature interpreted to reflect the surface zoning of an underlying porphyry body.
  • Barksdale Resources Corp., released results from its phase I, 5,000m drilling program at the Cerro Verde zone on its San Javier project, Sonora. Drilling highlights include hole SJ21-31 with 0.05% Cu and 1.11 g/t Au over 36m, including 0.03% Cu and 1.71 g/t Au over 15m, and 0.06% Cu and 1.89 g/t Au over 3m, plus 0.54% Cu over 48m, including 1.35% Cu over 6m; and hole SJ21-35 with 0.24% Cu over 6m, plus 0.22% Cu over 12m, plus 0.35% Cu over 15m. Drilling results confirmed and expanded the footprint of the Cerro Verde Zone.
  • Fabled Silver Gold Corp., announced that it has completed the planning of its phase 2 definition diamond drill program at its Santa Maria project in Chihuahua as well as a plan to drill test other structures in the property. This second phase will consist of a minimum of 5,000m for definition drilling, and drill test possible structural dilation zones on the Northeast and secondary mineralized structures, identified after performing a property wide mapping & sampling as well as an structural interpretation. “Once the field work and observations have been completed the phase 2 exploration first priority drill targets will be defined in the coming weeks”.
  • Vizsla Silver Corp., reported results from seven new drill holes collared on the Copala and Christiano veins within its Panuco project in Sinaloa. Drill highlights include hole CS-21-116 with 97 g/t Ag and 0.55 g/t Au (141 g/t AgEq) over a true width (TW) of 2.4m, and 1,559 g/t Ag and 7.29  g/t Au (2,142 g/t AgEq) over a TW of 7.81m, including 2,728 g/t Ag and 13.10 g/t Au (3,775 g/t AgEq) over a TW of 2.60m, and 1,531 g/t Ag and 6.94 g/t Au (2,086 g/t AgEq) over a TW of 3.14m; hole CS-21-123 with 248 g/t Ag and 2.03 g/t Au (410 g/t AgEq) over a TW of 14.45m, including 1,237 g/t Ag and 10.53 g/t Au (2,078 g/t AgEq) over a TW of 2.09m, and including 197 g/t Ag and 1.45 g/t Au (312 g/t AgEq) over a TW of 2.68m; hole CS-21-115 with 1,900 g/t Ag and 11.09 g/t Au (2,787 g/t AgEq) over a TW of 1.21m; and hole CS-21-112 with 682 g/t Ag and 5.51 g/t Au (1,122 g/t AgEq) over a TW of 1.73m, including 973 g/t Ag and 7.97 g/t Au (1,610 g/t AgEq) over a TW of 1.1m. The Copala Vein has now been tested with 17 holes with mineralization open in all directions.

ON DEALS AND CORPORATE ISSUES

  • Ranchero Gold Corp., announced the appointments of two new members to its Board of Directors, and the addition of Ken Balleweg to its Technical Advisory team (Santa Daniela project, Sonora).

ON SOCIAL RESPONSIBILITY

  • Fresnillo plc reported the return to face-to-face work in the state, and the opening of its outdoor activities, taking into account the hygiene and healthy distance measures promoted by the health authorities, as well as the presentation of the vaccination certificate for access the corresponding facilities. For Fresnillo plc, physical activation represents one of the stronger pillars for the people development.
  • Grupo Mexico, within the framework of the International Mother Language Day, held activities related to the preservation and promotion of indigenous languages in the communities where it has a presence.
  • Media Luna Mining Company (Torex Gold) ratified for the sixth consecutive year the collaboration agreement with fishing cooperatives in the Balsas River Basin in Guerrero. F is the second most important economic activity in the mining corridor, so the commitment is to help to consolidate economic activities in the communities.

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, malachite after chalcopyrite in a hydrothermal breccia from an intermediate sulphidation epithermal vein system in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of March, 2022

By Jorge Cirett

During the 9th week of the year (February 28th to March 06th, 2022), at least 26 press releases were announced by companies working in Mexico. To note, nine companies posted exploration advances on their properties, one released Q4 and full year 2021 reports, one has started to receive a royalty from mining, three announced the opening or closing of private placements, six reported on drilling results or resource estimations and three on deals and corporate issues. ON MEXICO ISSUES, the governor of Zacatecas is fostering the relationship with the Zacatecas Mining Cluster. ON EXPLORATION, in Sonora, Heliostar Metals informed on drilling at Cumaro; Aztec Minerals released RC drilling results at Cervantes; Minaurum Gold presented drilling results from Alamos Silver; Silver Spruce initiated exploration at Diamante; In Chihuahua, Golden Minerals reported results from the last seven holes at Yoquivo. In Estado de Mexico, Xali Gold defined drill targets at El Oro. In Nayarit, Sierra Madre Gold and Silver mobilized a second rig to its Tepic project. In Guerrero, Pantera Silver completed a drilling campaign at Nuevo Taxco. ON MINING, Argonaut Gold presented 2021 production figures for El Castillo-San Agustin and La Colorada. Maverix Metals commenced to receive NSR payments from the Camino Rojo mine. ON FINANCING, Golden Tag, Osisko Development and Zacatecas Silver opened or closed tranches of financing for $1.46 M (Total $3.25 M), $84.8 M and $15 M respectively. ON RESOURCES AND DEVELOPMENT, Torex Gold updated the mineral resource estimate at Media Luna in Guerrero. Osisko Development announced 2021 drilling results from Sapuchi and Golfo de Oro, at its San Antonio project in Sonora. Vizsla Silver presented, then retracted and corrected the maiden resource estimate for Panuco, in Sinaloa. Great Panther Mining updated the mineral resource estimate for San Ignacio and the Guanajuato Mine Complex in Guanajuato. Sonoro Gold reported RC drilling results on its Cerro Caliche project in Sonora.  ON DEALS AND CORPORATE ISSUES, Zacatecas Silver is acquiring from Alamos Gold the Esperanza gold deposit in Morelos. Tocvan Ventures updated on exploration activities in Pilar and Picacho, in Sonora. Capstone Mining merge with Mantos Copper Bermuda has been approved in British Columbia. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • David Monreal, Zacatecas governor, offered the Zacatecas mining cluster a reinforcing relationship between the state government and the mining industry, for the development of local value chains.

ON EXPLORATION

  • Heliostar Metals Ltd. announced drill intercepts from its Cumaro project in Sonora. Highlighted core-length intervals from the Verde target comprise 1.10 m @ 1.12 gpt Au, 44 gpt Ag; 1.15 m @ 1.48 gpt Au, 29 gpt Ag; 7.0 m @ 0.47 gpt Au, 6 gpt Ag (including 1.50 m @ 1.20 gpt Au, 11 gpt Ag); 2.20 m @ 0.58 gpt Au, 20 gpt Ag; 8.10 m @ 0.71 gpt Au, 14 gpt Ag (including 3.00 m @ 1.42 gpt Au, 17 gpt Ag; 8.30 m @ 0.47 gpt Au, 1 gpt Ag (including 2.00 m @ 1.11 gpt Au, 1 gpt Ag). Assays are pending for five holes on the Verde target, and six holes at the Dos Amigos and Palmita vein corridors. “Drilling is ongoing on targets in the eastern half of the Cumaro property”.
  • Pantera Silver Corp. completed the first stage of exploration drilling at the Nuevo Taxco project, in Guerrero. A total of 692 m were drilled in six holes targeting two of the 21 veins known in the property. Three holes were drilled on each of La Negrilla and El Creston de Maria veins, targeting 100 m along strike and 40 m below La Negrilla mine workings in the first vein, and, disseminated sulfides vein and veinlets on the second one; two previously unknown structures were also intercepted on El Creston de Maria drilling. Results are pending.
  • Aztec Minerals Corp. released results from reverse circulation drilling at its Cervantes project in Sonora. Highlighted hole-length intervals comprise 88.1 m @ 1.1 gpt Au (including 54.88 m @ 1.56 gpt Au and 15.24 m @ 3.96 gpt Au); 108.2 m @ 0.37 gpt Au; 45.7 m @ 0.45 gpt Au; 167.2 m @ 1.00 gpt Au (including 24.4 m @ 4.25 gpt Au); 136.8 m @ 1.49 gpt Au (including 51.68 m @ 3.42 gpt Au); 100.32 m @ 0.75 gpt Au; 12.2 m @ 0.92 gpt Au; 7.6 m @ 0.68 gpt Au; 63.84 m @ 0.42 gpt Au. “The primary focus of the Phase 2 RC drill program at Cervantes is to expand the previously drilled California zone by completing two drill hole fences parallel to and on either side of the 2017-18” previous face.
  • Minaurum Gold Inc. presented drilling results from the final phase II holes drilled in 2021 at its Alamos Silver project in Sonora.  At Minas Nuevas highlighted core-length intervals comprise 9.90 m @ 609 gpt Ag, 0.18% Cu, 0.3% Pb, 0.5% Zn (including 0.90 m @ 1,145 gpt Ag, 0.12% Cu, 1.2% Pb, 2.5% Zn), and 21.70 m @ 93 gpt Ag, 0.1% Cu, 0.2% Pb, 0.2% Zn (including 4.85 m @ 159 gpt Ag, 0.22% Cu, 0.4% Pb, 0.4% Zn); 7.35 m @ 184 gpt Ag, 0.22% Cu, 0.2% Pb, 0.3% Zn (including 4.05 m @ 289 gpt Ag, 0.38% Cu, 0.3% Pb, 0.4% Zn) at San José, and 2.95 m @ 232 gpt Ag, 0.16% Cu, 0.3% Pb, 1.1% Zn; 0.95 m @ 763 gpt Ag, 0.25 gpt Au, 2.14% Cu, 0.2% Pb, 0.2% Zn; 0.45 m @ 399 gpt Ag, 0.53% Cu, 0.9% Pb, 1.7% Zn. “In 2021, Minaurum drilled 9,386.50 m in 22 holes focusing on sizable step-outs at the Ana, Europa, San José, Alessandra, Cotera, and Minas Nuevas vein zones”.  
  • Silver Spruce Resources Inc. initiated geological mapping on the main drilling targets of the Diamante project in Sonora. “Geological features of epithermal low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential porphyry style Au-Cu occur as disseminated, stockwork and vein styles accompanied by phyllic, argillic, advanced argillic and propylitic zones, with nearsurface overprinting by weathering with iron oxide and oxyhydroxide staining, jarosite and relict vuggy silica”.
  • Xali Gold Corp. finalized locations for drill pads at El Oro project in Estado de Mexico. “New drill targets have been identified by using a 3D Leapfrog model and drillholes have been designed to test potential extensions to high-grade gold and silver zones intersected by previous drilling … The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins”.
  • Golden Minerals Co. reported results from the final seven holes of the 21-holes campaign at the Yoquivo project in Chihuahua. Highlighted true width intervals comprise 1.4 m @ 7.14 gpt Au, 2,058 gpt Ag (including 0.5 m @ 19.50 gpt Au, 5,844 gpt Ag); 0.5 m @ 0.59 gpt Au, 89 gpt Ag; 1.2 m @ 1.26 gpt Au, 169 gpt Ag (including 0.10 m @ 10.20 gpt Au, 1,319 gpt Ag); 1.8 m @ 0.60 gpt Au, 64 gpt Ag; 1.1 m @ 0.26 gpt Au, 149 gpt Ag; 0.2 m @ 1.90 gpt Au, 148 gpt Ag. An environmental report has been submitted to carry out a 10,000 m drill program.
  • Mammoth Resources Corp. provided results from three holes drilled at its Tenoriba project in Chihuahua. Highlighted core length intervals comprise 16.5 m @ 0.27 gpt Au, 5 gpt Ag; 22.5 m @ 0.22 gpt Au, 3 gpt Ag; 18.0 m @ 1.21 gpt Au, 1 gpt Ag; 22.5 m @ 0.57 gpt Au, 1 gpt Ag; 13.5 m @ 0.30 gpt Au, 6 gpt Ag; 7.5 m @ 0.22 gpt Au, 1 gpt Ag. “In all holes the mineralization appears to be controlled by irregular sulphide enriched fractures-veinlets with minor quartz and/or alteration clay minerals typical to High Sulphidation mineral systems”.
  • Sierra Madre Gold and Silver Ltd. announced that a second drill rig has been mobilized to its Tepic project in Nayarit. “This second rig is smaller and more portable than the first while maintaining the depth capacity and large core diameter that the Company requires. The decision to mobilize a second rig is a result of the success of the trenching program which has identified several additional drill targets and the superior assay turnaround time at the current laboratory”.

ON MINING

  • Argonaut Gold Inc. presented its Q4 and full-year 2021 report, including figures from its Mexican operations. During the year, at El Castillo-San Agustin in Durango, 37.24 M tonnes were moved, of which 20.16 M tonnes were of ore grading 0.29 gpt Au, producing 116,263 Oz Au, 570.7 K Oz Ag produced at cash cost $991 per Oz AuEq. At La Colorada, in Sonora, 16.22 M tonnes were moved, of which 4.83 M tonnes were ore grading 0.63 gpt Au, producing 64,860 Oz Au, 178.8 K Oz Ag at cash cost $730 per Oz Au. Production guidance for 2022 is 38-45 K Oz Au at El Castillo, 62-70 K Oz Au at San Agustin and 48-55 K Oz Au at La Colorada at cash cost $1,100 to $1,190 per Oz Au.
  • Maverix Metals Inc. informed its expectations on attributable gold equivalent ounces from royalties in diverse projects it has a stake on, including figures from one project in Mexico. Orla Mining’s Camino Rojo mine in Zacatecas has already poured its first gold and declaration of commercial production is expected to be made during the first quarter 2022. Maverix has a 2% NSR on Camino Rojo production.

ON FINANCING

  • Golden Tag Resources Ltd. completed the second and second tranche of the previously announced non-brokered private placement, for aggregate proceeds of $1.46 M, which coupled with the proceeds of the first tranche amount to $3.25 M. The company paid $7 K and issued 28 K finder’s warrants in connection with the last tranche (San Diego, Durango).
  • Osisko Development Corp. closed the first tranche of its previously announced non-brokered private placement, for gross proceeds of US$84.8 M. No commission or finder’s fee will be paid by Osisko (San Antonio, Sonora).
  • Zacatecas Silver Corp. is to complete a brokered private placement for total proceeds of up to $15 M. “Zacatecas Silver intends to use the net proceeds of the offering for the acquisition, exploration and development of the Esperanza Gold Project, exploration of the Zacatecas Properties and for general working capital purposes”.

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc. updated the resource estimate on the Media Luna project in Guerrero. Indicated resources stand at 25.4 M tonnes grading 3.24 gpt Au, 32.5 gpt Ag, 1.08% Cu, containing 2.64 M Oz Au, 25.7 M Oz Ag, 602 M Lb Cu (or 4.39 M Oz AuEq), and inferred resources of 6.0 M tonnes @ 2.47 gpt Au, 20.8 gpt Ag, 0.81% Cu, containing 0.48 M Oz Au, 4.0 M Oz Ag, 106 M Lb Cu (or 0.78 M Oz AuEq). Not included in these resources are the 8.0 M tonnes @ 1.52 gpt Au, 34.6 gpt Ag, 1.27 % Cu, containing 0.39 M Oz Au, 8.9 M Oz Ag, 225 M Lb Cu (or 1.02 M Oz AuEq) of inferred resources the EPO mineralization zone, located north of the Media Luna deposit and south of the Balsas River. Exploration infill and step-out holes have been budgeted at $19 M for around 64,000 m of drilling.
  • Osisko Development Corp. announced the final drilling results from the 2021 exploration and category conversion drilling at its San Antonio project in Sonora. A total of 27,900 meters were drilled in 177 holes in 2021, with this news release covering 6,550 m in 33 holes at Golfo de Oro and 8,050 m at Sapuchi. Some of the highlighted core-length intervals comprise 19.5 m @ 0.81 gpt Au; 1.5 m @ 9.59 gpt Au; 21.2 m @ 2.47 gpt Au, 19 gpt Ag (including 1.5 m @ 18.00 gpt Au); 35.65 m @ 0.86 gpt Au; 31.25 m @ 1.45 gpt Au; 42.50 m @ 1.55 gpt Au at Golfo de Oro, and  5.30 m @ 3.58 gpt Au; 14.80 m @ 1.37 gpt Au; 26.65 m @ 0.93 gpt Au; 8.80 m @ 2.49 gpt Au; 40.8 m @ 1.00 gpt Au, 14 gpt Ag; 60.45 m @ 1.06 gpt Au; 22.95 m @ 1.07 gpt Au; 25.45 m @ 1.60 gpt Au; 10.50 m @ 2.39 gpt Au; 78.90 m @ 2.19 gpt Au (Including 3.20 m @ 21.30 gpt Au); 2.35 m @ 8.28 gpt Au; 18.30 m @ 1.41 gpt Au; 20.25 m @ 1.19 gpt Au; 17.90 m @ 1.75 gpt Au; 16.95 m @ 1.22 gpt Au; 13.80 m @ 1.31 gpt Au; 15.95 m @ 1.46 gpt Au; 18.60 m @ 1.18 gpt Au at Sapuchi. Most intervals run also 1 to 5 gpt Ag. “… gold mineralization is characterized by hydrothermal breccia that forms an approximately 3,000 m long east-northeast trending mineralization corridor with the Luz del Cobre copper deposit at the east. The gold mineralization is associated with intense chlorite and carbonate alteration and is intrusion related with host rock”.
  • Vizsla Silver Corp. presented the maiden resource estimate for its Panuco project in Sinaloa. Indicated mineral resources stand at 6.9 M tonnes grading 150 gpt Ag, 1.64 gpt Au, 0.27% Pb, 0.53% Zn (or 370 gpt AgEq), containing 33.2 M Oz Ag, 362.6 K Oz Au, 18 K tonnes Pb, 36 K tonnes Zn (81.6 M Oz AgEq). Inferred mineral resources stand at 5.3 M tonnes grading 156 gpt Ag, 1.51 gpt Au, 0.16% Pb, 0.35% Zn (or 334 gpt AgEq), containing 26.6 M Oz Ag, 256.6 K Oz Au, 8.5 K tonnes Pb, 18.8 K tonnes Zn (56.9 M Oz AgEq). A total of 124,915 m of drilling in 445 holes completed from 2019 to 2021 were utilized to calculate the resource estimate.
  • Vizsla Silver Corp. retracted the maiden resource estimate released on Feb 28, 2022 (see above) on its Panuco project in Sinaloa. “An internal review of the estimate identified a miscalculation made by an independent consultant in the conversion of lead and zinc grades into the silver equivalent calculation. This in-turn lifted lower grade zones above the economic cut-off, adding tonnes to the resource but lowering the overall grade”. The next restatement corrects this. Indicated mineral resources are estimated at 5.0 M tonnes @ 191 gpt Ag, 2.08 gpt Au, 0.26% Pb, 0.50% Zn, containing 30.5 M Oz Ag, 331.1 K Oz Au, 13 K tonnes Pb, 24.6 K tonnes Zn. Inferred resources are estimated at 4.1 M tonnes @ 187 gpt Ag, 1.79 gpt Au, 0.13% Pb, 0.30% Zn, containing 24.7 M Oz Ag, 235.8 K Oz Au.
  • Great Panther Mining Ltd. reported the filing of the technical report on updated mineral resourcesof the Guanajuato Mine Complex and San Ignacio operations in Guanajuato.
  • Sonoro Gold Corp. reported the results of the first 24 holes of its current 10,000 m reverse circulation drilling campaign at its Cerro Caliche project in Sonora. The goal of the program is to increase the size and grade of the oxide gold mineralization. The highlighted hole length intervals comprise 9.14 m @ 1.04 gpt Au; 22.86 m @ 1.55 gpt Au (Including 6 m @ 5.18 gpt Au); 3.05 m @ 19.56 gpt Au (including 1.53 m @ 37.90 gpt Au); 4.57 m @ 2.43 gpt Au; 27.43 m @ 5.36 gpt Au (including 4.57 m @ 7.16 gpt Au, and 4.57 m @ 22.09 gpt Au), 4.57 m @ 2.18 gpt Au.

ON DEALS AND CORPORATE ISSUES

  • Zacatecas Silver Corp. entered into a share purchase agreement on February 28, 2022 with Alamos Gold Inc. to acquire the Esperanza project in Morelos (previously known as Cerro Jumil). Esperanza is an advanced project with a measured and indicated resource of 34.35 M tonnes grading 0.98 gpt Au, 8.1 gpt Ag, containing 1,084,000 Oz Au, 8.93 M Oz Ag and inferred resources of 718 K tonnes @ 0.80 gpt Au, 15 gpt Ag, containing 18,000 Oz Au, 347 K Oz Ag. The project has 69,716 m of drilling in 389 holes. Zacatecas Silver is to pay Alamos Gold US$5 M and issue shares for US$10 M, a payment of US$5 M within two months of approval of an environmental impact assessment (MIA, in Spanish), further US$14 M within two months of either completion of a feasibility study (FS) or the announcement on decision of mine construction, and the payment of US$20 M within 6 months of commencement of commercial production. Also a $500 K finder’s fee is to be paid on closing of the transaction. “Alamos is entitled to receive 20% of the silver produced from Esperanza at a cash price of 20% of the prevailing spot silver price, subject to a maximum of 500,000 ounces of silver delivered to Alamos”.
  • Tocvan Ventures Corp. provided an update on its activities. At Pilar, in Sonora, the current phase III diamond drilling is in progress, with 1,200 m completed, results pending. Bulk samples for advanced metallurgy are at the lab, while the company moves towards a maiden resource estimate and bulk test mine. At Picacho, also in Sonora, exploration is commencing.
  • Capstone Mining Corp. announced the Supreme Court of British Columbia approved Capstone and Mantos Copper Bermuda Ltd. to proceed with their merge. Capstone owns the Cozamin mine in Zacatecas, the Pinto Valley mine in Arizona and the Santo Domingo project in Chile. Mantos Blancos owns the Mantos Blancos and Mantoverde (69.99%) mines in Chile.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Barite-quartz-hematite vein from a project in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of January, 2022

By Jorge Cirett

During the 3rd week of the year (January 17th to January 23rd, 2022), at least 34 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, two announced listings on the OTCQB and OTCQX, nine presented quarterly and full year 2021 reports, five reported their 2022 production guidance, one filed the PEA on a tailings project, two filed technical reports on resource estimates and six posted on project development. ON MEXICO ISSUES, BNamericas listed eight properties to be commissioned in 2022-2023 for an investment of US$1.5 billion. ON EXPLORATION, in Sonora, Ranchero Gold released drill results from the Maíz Azul target on the Santa Daniela project; Tocvan Ventures announced trench results from Pilar; Prismo Metals mobilized a crew to explore El Pavito. In Durango, Silver Wolf presented results from surface sampling at Ana Maria. In Sinaloa, Vizsla Silver discovered a fat and juicy low angle vein in the Tajitos zone of its Panuco project. In Zacatecas, Galore resources received the drilling permit for Dos Santos.  In Estado de Mexico, Xali Gold started a drilling application for El Oro. ON MINING, Excellon Resources, Alamos Gold, Avino Silver, First Majestic Silver, Fortuna Silver, McEwen Mining, Capstone Mining, Great Panther, Pan American Silver and Gold Resource presented Q4 and full year 2021 production results. Alamos Gold, Endeavour Silver, Capstone Mining and Torex Gold announced 2022 production guidelines. Tarachi Gold filed the PEA on the Magistral tailings project.   ON FINANCING, Southern Empire and Silver Dollar announced their listings on the OTCQB and OTCQX venture markets respectively. ON RESOURCES AND DEVELOPMENT, GR Silver released drilling results from San Marcial in Sinaloa. Mithril Resources presented metallurgic, surface sampling and drilling results from Copalquin in Durango. Fabled Silver announced results from drilling at its Santa Maria property in Chihuahua. GoGold released results from drilling at El Favor at its Los Ricos North project in Jalisco. Golden Tag announced results from one long hole at San Diego, in Durango. Endeavour Silver filed resource estimates on its Guanaceví and Bolañitos properties in Durango and Jalisco respectively. GoGold Resources filed the resource estimate on Los Ricos North. Barksdale Resources announced assay results from drilling at its San Javier project in Sonora. ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Mining projects in development in Mexico for US$1.5 billion (US$1,500 million in Mexican notation). BNamericas listed the following projects: 1.-) Juanicipio in Zacatecas (US$440 M, Fresnillo-Mag Silver) with a six-month delay, is to produce 11.7 M Oz Ag, 43.5 K Oz Au per year. 2.-) Buenavista Zinc in Sonora (US$413 M, Southern Copper) is to start operation in 2023, to produce 100 K tonnes Zinc and 20 K tonnes Cu per year. 3.-) Los Filos expansion in Guerrero (US$213 M, Equinox Gold) is to increase production to 350-400 K Oz Au per year. 4.-) Pilares in Sonora (US$159 M, Southern Copper) is to augment production at La Caridad in 35 K tonnes per year. 5.-) Las Chispas in Sonora (US$138 M, SilverCrest Metals) is to produce 5.2 M Oz Ag, 56 K Oz Au per year. 6.-) La Yaqui Grande in Sonora (US$137 M, Alamos Gold) production is to report 123 K Oz Au per year. 7.-) Tahuehueto in Durango (US$32.2 M, Altaley Mining) aims to produce 16.1 K Oz Au per year, with Pb, Cu, Zn, Ag credits. 8.-) Santana in Sonora (US$7.55 M, Minera Alamos) plans to produce around 30 K Oz Au per year.

ON EXPLORATION

  • Ranchero Gold Corp. released drilling results from the Maíz Azul prospect within its 22,300 ha Santa Daniela project in Sonora. Highlighted core-length intervals on three holes comprise 31.50 m @ 4.0 gpt Au (including 12.00 m @ 9.93 gpt Au); 12.00 m @ 0.32 gpt Au; 3.40 m @ 0.27 gpt Au, 21.00 m @ 1.08 gpt Au (including 10.50 m @ 1.68 gpt Au); 1.75 m @ 0.15 gpt Au, 5.90 m @ 0.47 gpt Au, 5.95 m @ 0.28 gpt Au. “Results and analysis are pending for drill hole samples testing the La Cascada target as well as expanding known mineralization at La Colmena. The final holes of the 3000-meter drill program will focus on extending the La Colmena zone eastward …”.
  • Silver Wolf Exploration Ltd. presented assay results from 114 surface grab/chip samples on its 2,549 hectares Ana Maria property in Durango. Some of the highlighted grab sample results comprise 74 gpt Ag, 3.4% Pb; 120 gpt Ag, 11.6% Pb; 169 gpt Ag, 11.5% Pb; 150 gpt Ag, 6.0% Pb; 54 gpt Ag, 1.9% Pb, 12.3% Zn; 56 gpt Ag, 1.6% Pb, 21.3% Zn; 53 gpt Ag, 1.9% Pb, 7.8% Zn; 40 gpt Ag, 1.2% Pb, 16.6% Zn; 199 gpt Ag, 20.1% Pb, 1.7% Zn; 247 gpt Ag, 7.3% Pb; 339 gpt Ag, 10.0% Pb, 7.9% Zn; 319 gpt Ag, 8.3% Pb, 5.8% Zn. “In the southern claim, the extremely high-grade zinc and lead mineralization along with the high-grade silver values as well as the recently discovered historical workings indicate the potential for a carbonate replacement deposit”.
  • Tocvan Ventures Corp.  announced trench results from its Pilar project in Sonora. Four trenches were dug totaling 80 m in length, with highlighted results comprising 4.9 m @ 0.55 gpt Au, 11 gpt Ag in one trench; 19.5 m @ 0.61 gpt Au, 6 gpt Ag (including 2.7 m @ 3.01 gpt Au, 20 gpt Ag) in the second; 19.8 m @ 0.73 gpt Au, 8 gpt Ag (including 8.6 m @ 1.27 gpt Au, 12 gpt Ag) in the third; 7.0 m @ 0.54 gpt Au, 5 gpt Ag in the fourth trench. “Follow-up metallurgical studies will utilize the surface material extracted from the other three trenches”.
  • Galore Resources Inc. received acceptance of its drill permit applications for a 4,000 m diamond drill program at its Dos Santos property in Zacatecas. Crews have been mobilized to start the program that is to test El Alamo and San Jose prospects.
  • Prismo Metals Inc. mobilized a crew of geologists to the 5,289 ha El Pavito project in Sonora. “The Company has planned a four to five-month exploration program that will include comprehensive mapping and extensive sampling of the concession to define drill targets”. Two of the three known main targets in the district are within Prismo concessions, with potential for epithermal and orogenic shear-hosted gold mineralization.
  • Vizsla Silver Corp. announced the discovery of a new vein with high-grade results from drilling the Tajitos zone at its Panuco project in Sinaloa. The vein with a 35 degree dip returned highlighted true-width intervals of 83.10 m @ 0.78 gpt Au, 117 gpt Ag (including 10.46 m @ 4.06 gpt Au, 452 gpt Ag); 24.34 m @ 2.02 gpt Au, 230 gpt Ag (including 1.80 m @ 17.75 gpt Au, 1,523 gpt Ag); 81.91 m @ 1.00 gpt Au, 142 gpt Ag (including 2.31 m @ 18.04 gpt Au, 2,147 gpt Ag); 1.56 m @ 4.70 gpt Au, 599 gpt Ag; 3.81 m @ 0.59 gpt Au, 158 gpt Ag. “The Copala Vein marks the first discovery of this vein orientation and style made by Vizsla that has not been previously exploited by historical mining”.
  • Xali Gold Corp. started a drilling application process for the El Oro project in Estado de México. New drill targets have been delineated by 3D modelling looking for extensions of previous high-grade intercepts in previous drilling. “Some of the higher grades were found in several veins with overlying lower grade disseminated gold near the Mexico-Esperanza Mines border area of the San Rafael vein”.

ON MINING

  • Excellon Resources Inc. announced Q4 and annual 2021 production results from the Platosa mine in Durango. During the Q4 period 20,954  tonnes were mined, 21,309 tonnes milled grading 438 gpt Ag, 4.65% Pb, 5.50% Zn, recovering 90.5% Ag, 78.5% Pb, 83.7% Zn, to produce 271.5 K Oz Ag, 1.72 M Lb Pb, 2.17 M Lb Zn (492 K Oz AgEq). For the year, 85,530 tonnes were mined, 86,021 tonnes were milled @ 494 gpt Ag, 5.01% Pb, 6.03% Zn, recovering 89.5% Ag, 80.0% Pb, 79.0% Zn, to produce 1.22 M Oz Ag, 7.61 M Lb Pb, 9.01 M Lb Zn (2.06 M Oz AgEq).
  • Alamos Gold Inc. reported fourth quarter and full year 2021 production, including figures from its operations in Mexico. At Mulatos, in Sonora, 23,100 Oz Au were produced in Q4 to complete 121,300 Oz Au during the year. “Combined gold production from the Mulatos District (including La Yaqui Grande) is expected to be between 130,000 and 145,000 ounces in 2022”.
  • Avino Silver & Gold Mines Ltd. released its fourth quarter and full year 2021 results from the Avino mine in Durango. During the fourth quarter 103.5 K tonnes were processed @ 56 gpt Ag, 0.86 gpt Au, 0.55% Cu, recovering 89% Ag, 75% Au, 90% Cu, to produce 163.9 K Oz Ag, 2,158 Oz Au, 1.13 M Lb Cu (541.4 K Oz AgEq). For the full year 165.3 K tonnes were processed @ 53 gpt Ag, 0.84 gpt Au, 0.57% Cu, recovering 87% Ag, 75% Au, 88% Cu, to produce 245.4 K Oz Ag, 3,386 Oz Au, 1.87 M Lb Cu (842.4 K Oz AgEq).
  • First Majestic Silver Corp. presented its quarterly and full year 2021 production, including figures from its Mexican operations. For the quarter, at San Dimas in Durango 206.7 K tonnes were processed at a rate of 2,247 tonnes per day (tpd) and a grade of 347 gpt Ag, 3.71 gpt Au, recovering 94% Ag, 96% Au to produce 2.17 M Oz Ag, 23,795 Oz Au (4.01 M Oz AgEq);  at Santa Elena in Sonora, 224.5 K tonnes were processed at 2,440 tpd averaging 72 gpt Ag, 2.97 gpt Au, recovering 82% Ag, 92% Au, to produce 426.9 K Oz Ag, 19,810 Oz Au (1.95 M Oz AgEq); at La Encantada in Coahuila, 268.2 K tonnes were processed at 2,916 tpd averaging 117 gpt Ag, 0.02 gpt Au, recovering 75% Ag, 90% Au, to produce 757.6 K Oz Ag, 146 Oz Au. On the year, San Dimas produced 7.65 M Oz Ag, 81,237 Oz Au (13.52 M Oz AgEq); Santa Elena produced 1.95 M Oz Ag, 42,088 Oz Au (5.04 M Oz AgEq), La Encantada produced 3.24 M Oz Ag, 460 Oz Au (3.27 M Oz AgEq).
  • Fortuna Silver Mines Inc. reported production results for the fourth quarter and full year 2021, including figures from its operations in Mexico. At San Jose, in Oaxaca, 262.8 K tonnes were milled at a rate of 2,920 tpd, at a grade of 219 gpt Ag, 1.27 gpt Au, recovering 92.8% Ag, 92.2% Au, to produce 1.72 M Oz Ag, 9,929 Oz Au during the quarter, and processing 1.04 M tonnes at a 2964 tpd, averaging 209 gpt Ag, 1.29 gpt Au, with recoveries of 91.7% Ag, 91.3% Au, to produce 6.42 M Oz Ag, 39,406 Oz Au in the year. For 2022 Fortuna aims to produce 5.2-5.8 M Oz Ag, 32-36 K Oz Au at an AISC of $13.7-$16.1 per Oz AgEq. “The Brownfields exploration program budget for 2022 at the San Jose Mine is US$7.4 million, which includes 26,200 meters of diamond drilling …”.
  • McEwen Mining Inc. reported production for year 2021, including 540 AuEq Oz Au from residual leaching at El Gallo, in Sinaloa.
  • Endeavour Silver Corp. announced its consolidated production guidance for 2022. At Guanaceví in Durango guidance is a mining at a rate of 1,100 to 1,200 tpd to produce 3.8-4.2 M Oz Ag, 4.6-5.2 K Oz Au, whereas at Bolañitos the sought mining rate is 1,000-1,200 tpd to produce 0.4-0.6 M Oz Ag, 21-23 K Oz Au, for a consolidated production of 6.7-7-6 M Oz AgEq at cash cost $9.00-$10.00 and an AISC of $20.00-21.00 per Oz AgEq. Exploration drilling planned in 2022 at Guanceví, Bolañitos, Terronera, Parral and Pitarrilla amounts to 44,000 m with a budget of US$8.7 M.
  • Capstone Mining Corp. provided a corporate update and 2022 guidance, including figures from its Mexican operations. During 2021 the Cozamin mine in Zacatecas produced 24.5 K tonnes Cu, for 2022 the guidance is 23-26 K tonnes at a cash cost of $1.10-$1.25 Lb Cu. “Construction of the new paste backfill plant and dry stack tailings facility at Cozamin started in Q4 2021 and completion is expected at year-end 2022”. This facility will allow pumping half of the filtered tailings with cement to be used as backfill, and might permit the extraction of pillars from historic areas of the mine.
  • Tarachi Gold Corp. filed the preliminary economic assessment (PEA) for the Magistral tailings project in Durango.
  • Great Panther Mining Ltd. reported Q4 and full year 2021 production results, including figures from its Mexican operations. At Topia, in Durango, 14.6 K tonnes were processed @ 301 gpt Ag, 0.74 gpt Au, recovering 91% Ag, 63% Au to produce 128.6 K Oz Ag, 218 Oz Au, 235 tonnes Pb, 406 K tonnes Zn (2,494 Oz AuEq). At the Guanajuato Mine Complex  (GMC) in Guanajuato, 27.8 K tonnes were processed @ 127 gpt Ag, 1.70 gpt Au, recovering 87% Ag, 86% Au, to produce 98.4 K Oz Ag, 1,302 Oz Au (2,460 Oz AuEq). On the year Topia produced 716.5 K Oz Ag, 1,047 Oz Au, 1,385 tonnes Pb, 1,849 tonnes Zn (13,290 Oz AuEq) and the GMC 485.3 K Oz Ag, 6,659 Oz Au (12,369 Oz AuEq). The company is awaiting “ the permits from CONAGUA necessary to extend the tailings dam. Mining activity at the San Ignacio mine has also been suspended while Great Panther continues to proactively engage with CONAGUA in regards of the tailings dam permit and to explore other alternatives to maximize value from the GMC”.
  • Pan American Silver Corp. presented preliminary production results for Q4 and full year 2021, including figures from its Mexican operations. At La Colorada in Zacatecas 1.58 M Oz Ag, 800 Oz Au were produced in Q4, and 5.17 M Oz Ag, 2,700 Oz Au in the year. At Dolores in Chihuahua 507 K Oz Ag, 40,100 Oz Au were produced in Q4, and 2.24 M Oz Ag, 160,100 Oz Au in the year.
  • Torex Gold Resources Inc. provided 2022 operational guidance for its El Limon Guajes mine in Guerrero. Torex aims to produce $430-470 K Oz Au at total cash cost $695-$735 per Oz Au. The company is to invest $39 M min exploration at Media Luna, ELG Underground, near mine and regional and definition and grade control drilling.
  • Gold Resource Corp. presented Q4 and full year 2021 production results for its Don David project in Oaxaca. During the fourth quarter at the Arista mine 135.4 K tonnes were milled @ 1.93 gpt Au, 82 gpt Ag, 0.38% Cu, 2.2% Pb, 4.8% Zn, to produce 6,854 Oz Au, 330.9 K Oz Ag, 413 tonnes Cu, 2,345 tonnes Pb, 5,350 tonnes Zn. During the year 487 K tonnes were milled @ 2.01 gpt Au, 82 gpt Ag, 0.39% Cu, 1.93 % Pb, 4.36% Zn, to produce 26,438 Oz Au, 1.2 M Oz Ag, 1,506 tonnes Cu, 7,544 tonnes Pb, 17,329 tonnes Zn.  

ON FINANCING

  • Southern Empire Resources Corp. received approval from its shareholders to be listed on the OTCQB in the United States, and granted 900 K shares to directors, officers and consultants (Pedro, Durango).
  • Silver Dollar Resources Inc. reported its shares have qualified to be upgraded from the OTCQB Venture Market to the OTCQX Best Market (La Joya, Durango).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. released wide, high-grade results from diamond drilling at the San Marcial area of the Plomosas project in Sinaloa. The drilling focus was to test high-grade mineralization extensions along strike and down-dip from the current mineral resource. Highlighted true-width (TW) intercepts comprise 13.5 m @ 773 gpt Ag, 0.3% Pb, 0.4% Zn (including 4.1 m @ 1,792 gpt Ag, and 5.8 m @ 516 gpt Ag); 2.6 m @ 1 gpt Ag, 1.08 gpt Au; 24.5 m @ 97 gpt Ag, 0.2% Pb, 0.2% Zn (including 1.9 m @ 881 gpt Ag); 17.5 m @ 53 gpt Ag, 0.3% Pb, 0.5% Zn.
  • Mithril Resources Ltd. presented metallurgic, surface sampling and drilling results from its Copalquin project in Durango. Metallurgical test work for the El Refugio resource using flotation recovered 94% Au, 88% Ag. High-grade results from samples from workings at Las Brujas, El Peru and Dios Hijo returned up to 0.65 m @ 49.0 gpt Au, 665 gpt Ag; 1.0 m @ 7.93 gpt Au, 366 gpt Ag; 0.8 m @ 10.4 gpt Au, 422 gpt Ag. Highlighted core-length intervals comprise 6.00 m @ 0.84 gpt Au, 117 gpt Ag; 2.00 m @ 5.57 gpt Au, 162 gpt Ag at El Refugio, 4.55 m @ 8.29 gpt Au, 138 gpt Ag; 1.70 m @ 20.2 gpt Au, 298 gpt Ag at El Cometa, 2.0 m @ 1.02 gpt Au, 44 gpt Ag; 1.0 m @ 4.29 gpt Au, 17 gpt Ag; 1.0 m @ 4.47 gpt Au, 7 gpt Ag; 2.0 m @ 1.33 gpt Au, 60 gpt Ag; 1.0 m @ 1.18 gpt Au, 11 gpt Ag; 0.50 m  @ 6.50 gpt Au, 95 gpt Ag; 1.0 m @ 3.61 gpt Au, 22 gpt Ag on the eastern side of El Refugio.
  • Fabled Silver Gold Corp. announced results from surface diamond drilling of the upgraded 14,400 m program at its Santa Maria property in Chihuahua. Highlighted core-length intercepts comprise 0.90 m @ 90 gpt Ag, 0.16 gpt Au; 7.80 m @ 164 gpt Ag, 0.51 gpt Au, 0.1% Pb, 0.2% Zn (including 3.90 m @ 295 gpt Ag, 0.65 gpt Au, 0.1% Pb, 0.5% Zn).
  • GoGold Resources Inc. announced results for nine holes at El Favor East zone on its Los Ricos North project in Jalisco. Highlighted core-length intercepts comprise 54.0 m @ 0.15 gpt Au, 64 gpt Ag (including 5.3 m @ 0.44 gpt Au, 162 gpt Ag); 11.7 m @ 0.41 gpt Au, 129 gpt Ag; 25.5 m @ 0.07 gpt Au, 60 gpt Ag (including 2.0 m @ 0.24 gpt Au, 499 gpt Ag); 28.3 m @ 0.46 gpt Au, 154 gpt Ag (including 1.4 m @ 5.24 gpt Au, 1,310 gpt Ag); 3.3 m @ 0.70 gpt Au, 262 gpt Ag; 8.3 m @ 0.61 gpt Au, 201 gpt Ag; 10.6 m @ 0.95 gpt Au, 202 gpt Ag; 7.2 m @ 0.27 gpt Au, 61 gpt Ag; 52.0 m @ 0.18 gpt Au, 61 gpt Ag. To date approximately 800 m of El Favor East have been drilled, showing strong mineralization. The holes on this release were not included in the resource estimate released past December.
  • Golden Tag Resources Ltd. announced complete results for one drill hole at its San Diego project in Durango. Highlighted core-length intervals comprise 0.50 m @ 329 gpt Ag, 3.7% Pb, 2.7% Zn; 0.95 m @ 623 gpt Ag, 2.2% Pb, 2.5% Zn, 0.17% Cu in the Csplay zone, 0.56 m @ 1,460 gpt Ag, 12.5% Pb, 2.9% Zn, 0.27% Cu; 2.44 m @ 0.13 gpt Au, 104 gpt Ag, 0.7% Pb, 1.2% Zn in the Canta zone, 35.74 m @ 40 gpt Ag, 1.0% Pb, 1.0% Zn (including 7.78 m @ 86 gpt Ag, 2.4% Pb, 2.4% Zn); 322.90 m @ 0.03 gpt Au, 40 gpt Ag, 0.6% Pb, 0.7% Zn (including 27.70 m @ 72 gpt Ag, 1.5% Pb, 1.3% Zn, 0.1% Cu) and 91.60 m @ 60 gpt Ag, 0.7% Pb, 1.1% Zn, 0.13% Cu in the Fernandez zone. “The Fernandez Zone is steeply plunging cigar-shaped structure characterized by green and brown garnet exoskarn and red garnet endoskarn sulphide mineralization (pyrite-pyrrhotite-sphalerite-galena) contained within quartz-sulphide stockwork veins, breccias, and massive sulphide zones which are spatially associated with the contacts of diorite intrusive bodies”.
  • Endeavour Silver Corp. filed the technical reports on Guanaceví, in Durango, and Bolañitos, in Guanajuato. The reports cover the updated mineral resources on the properties, which add up to 312.9 K tonnes @ 49 gpt Ag, 2.53 gpt Au, containing 488.2 K Oz Ag, 25,500 Oz Au in mineral reserves, 468. 1 K tonnes @ 159 gpt Ag, 2.27 gpt Au, containing 2.4 M Oz Ag, 34,218 Oz Au in the measured and indicated category and  625.3 K tonnes @ 120 gpt Ag, 2.52 gpt Au, containing 2.41 M Oz Ag, 50,733 Oz Au in inferred resources at Bolañitos; and mineral reserves  of 1.09 M tonnes @ 343 gpt Ag, 0.93 gpt Au, containing 12 M Oz Ag, 32,527 Oz Au (32.53 M Oz AgEq) with measured, indicated and inferred resources of 1.53 M tonnes @ 440 gpt Ag, 1.03 gpt Au, containing 21.6 M Oz Ag, 50,349 Oz Au (25.64 M Oz AgEq) at Guanaceví.
  • GoGold Resources Inc. filed the technical report with the resource estimate for Los Ricos North in Jalisco. The resources comprises five deposits with indicated resources of 53.5 M Oz Ag, 186 K Oz Au in oxides and 49 M Oz Ag, 148 K Oz Au, 15 M Lb Cu, 90 M Lb Pb, 258 M Lb Zn in sulfides.
  • Barksdale Resources Corp. announced assay results from eight holes from its phase I drilling program at San Javier, in Sonora. Highlighted core-length intervals comprise 6 m @ 0.90% Cu; 18 m @ 0.38% Cu; 39 m @ 0.61% Cu, 27 m @ 0.26% Cu; 12 m @ 0.48% Cu, 33 m @ 0.28% Cu; 12 m @ 0.52% Cu; 27 m @ 0.33% Cu; 13,5 m @ 0.35% Cu; 47 m @ 0.75% Cu; 15 m @ 0.07% Cu, 0.73 gpt Au; 9 m @ 0.02% Cu, 0.41 gpt Au; 9 m @ 0.02% Cu, 0.84 gpt Au; 3 m @ 0.01% Cu, 0.58 gpt Au. “The final results from the drilling program, which are primarily step-out holes to the west and south, are expected to be released within the next few weeks, at which point we can complete our resource estimation for Cerro Verde”.

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Coarsely banded multi-stage quartz-barite epithermal vein in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of December, 2021

By Jorge Cirett

During the 51st week of the year (December 20th to December 26th, 2021), at least 16 press releases were announced by companies working in Mexico. To note, three companies posted exploration advances on their properties, one obtained an environmental permit to keep operating, three released financing/shares/stock exchange related news, while five companies posted on project development or resource definition and one more on a property sale. ON MEXICO ISSUES, the environmental permit needed to keep Fortuna Silver’s San José mine in operation was finally granted by SEMARNAT. ON EXPLORATION, In Sonora, Colibri Resources completed a 3,122 m RC drilling campaign at Evelyn; Silver Spruce is preparing to submit the environmental permit for El Mezquite. Southern Empire Resources initiated an air-borne magnetic and radiometric geophysical survey. ON MINING, Fortuna Silver Mines was granted the environmental permit to continue its operations at the San Jose mine in Oaxaca. The company had to sue SEMARNAT because the organism was not granting the permit although complaining with all regulations. In the end, not-public negotiations and technical reviews resulted in the permit being granted. ON FINANCING, Alamos Gold is to repurchase up to 30 M of its public shares. Prime Mining was added to the MVIS Global Junior Miners Index. Sonoro Gold closed its non-brokered placement for $3 M. ON RESOURCES AND DEVELOPMENT, Almaden Minerals updated on its 2022 plans at Ixtaca; The environmental permit is being prepared for re-submittal as well as the human rights impact assessment (HRIA) report; A favorable outcome on a Supreme Court lawsuit is expected for H2 2022. Guanajuato Silver Co. provided drilling results for El Cubo and Pinguico in Guanajuato. Avino Silver & Gold Mines filed the mineral resource estimate for La Preciosa, in Durango. Silver Dollar Resources informed on the drilling of 1,134 m at its La Joya project in Durango. Azucar Minerals defined a large lithocap at a new target zone on its El Cobre project, Veracruz. ON DEALS AND CORPORATE ISSUES, GR Silver Mining sold El Salto and El Salto Sur mining concessions (covering 56,910 ha) to Grupo Minero Venturex, for past taxes and a 0.5% NSR. ON SOCIAL RESPONSIBILITY, SilverCrest Metals, Peña Colorada and Industrias Peñoles informed on social measures for the betterment of communities near its operations.

ON MEXICO ISSUES

  • The Mexican environmental regulator (SEMARNAT) finally approved the environmental permit needed to keep Fortuna Silver’s San José mine (in Oaxaca) in operation. Thousands of workers and inhabitants of communities near the mine to be affected by the impending closure appreciate the outcome.

ON EXPLORATION

  • Colibri Resource Corp. completed 3,122 m of reverse circulation (RC) drilling in 22 holes at its Evelyin project in Sonora. The drill program, geological mapping and outcrop sampling were paused for the holidays.  “The Company will resume Phase I drilling at the El Sahuaro and Cerro Rojo targets, as well as other prioritized targets on the property in January, upon receipt and interpretation drill assay results”.
  • Southern Empire Resources Corp. initiated a high-resolution airborne magnetic and radiometric geophysical surveys at its Pedro project in Durango. The geophysical program comprises 384 line-km in 96 flight lines at 50 m spacing. In addition, a nine-hole 2,000 m drill core program is expected to start in January of 2022 in the 1,750 hectares mineral concession.
  • Silver Spruce Resources Inc. informed it is in the reviewing process for submission of the environmental report (Informe Preventivo) on its El Mezquite project in Sonora. The company intends to carry an additional phase of reverse circulation drilling with up to fourteen holes comprising 1,500 to 2,500 m in the 180 hectares project.

ON MINING

  • Fortuna Silver Mines Inc. informed the Secretaría de Medio Ambiente y Recursos Naturales (SEMERNAT) granted a 12 year extension of the environmental impact authorization (abbreviated as MIA, in Spanish) at the San Jose mine in Oaxaca. SEMERNAT had previously denied the extension application and Fortuna had to appeal the decision. “After continued dialogue and technical evaluation, SEMARNAT confirmed operations at the San Jose Mine are conducted in accordance with all environmental obligations” and granted the extension on the existing MIA.

ON FINANCING

  • Alamos Gold Inc. filed for a normal course issuer bid permitting Alamos to purchase for cancellation up to 30 M class A common shares, representing 10% of the company’s public float of the common shares to date. “The price for any repurchased Common Shares will be the prevailing market price at the time of the purchase. All Common Shares purchased by Alamos will be cancelled“ (Mulatos, Sonora).
  • Prime Mining Corp. has been added to the MVIS Global Junior Miners Index as of December 17, 2021 (Los Reyes, Sinaloa).
  • Sonoro Gold Corp. announced the closing of its previously announced non-brokered placement for aggregate proceeds of $3 M. In total the company paid $47.4 K in finder’s fees and 263.4 K in non-transferable Finder’s warrants.

ON RESOURCES AND DEVELOPMENT

  • Almaden Minerals Ltd. presented its plans for 2022. The company is preparing the resubmittal of the environmental permit for the Ixtaca project in Puebla, documenting well beyond the legal and regulatory framework in Mexico for filing in H1 2022, as well as the human rights impact assessment (HRIA) report. Almaden expects a lawsuit at the Supreme Court of Justice of Mexico being used to dispute the constitutionality of the Mexican mineral title regime to be solved favorably, optimistically in H2 2022. Since the last press release in October 2021, three more drill holes have been completed in the South East Alteration zone target near Ixtaca, and “The geologic observations and complete assay data will be analysed and additional mineral studies will be conducted on the core in order to identify any geochemical or mineral vectors in order to plan follow-up work in this area”.
  • Guanajuato Silver Company Ltd. provided drilling results from the El Cubo and Pinguico in Guanajuato. At the Cebolletas and 1850 Stope true width (TW) highlighted intervals comprise 2.00 m @ 1.10 gpt Au, 85 gpt Ag; 0.45 m @ 4.33 gpt Au, 192 gpt Ag; 3.87 m @ 1.38 gpt Au, 124 gpt Ag; 1.40 m @ 0.37 gpt Au, 99 gpt Ag in drilling by GR Silver and 1.62 m @ 2.85 gpt Au, 179 gpt Ag; 2.60 m @ 1.12 gpt Au, 131 gpt Ag; 1.71 m @ 0.46 gpt Au, 152 gpt Ag in drilling by Endeavour Silver. At El Cubo Villapando highlighted TW intervals comprise 6.35 m @ 0.69 gpt Au, 65 gpt Ag; 1.57 m @ 0.88 gpt Au, 98 gpt Ag. At El Pinguico, highlighted TW intervals comprise 4.05 m @ 0.68 gpt Au, 62 gpt Ag; 1.00 m @ 1.50 gpt Au, 122 gpt Ag; 0.55 m @ 2.11 gpt Au, 505 gpt Ag; 1.65 m @ 2.45 gpt Au, 125 gpt Ag; 7.95 m @ 1.35 gpt Au, 39 gpt Ag; 0.75 m @ 8.81 gpt Au, 208 gpt Ag; 8.10 m @ 1.00 gpt Au, 93 gpt Ag; 0.55 m @ 1.91 gpt Au, 75 gpt Ag.
  • Avino Silver & Gold Mines Ltd. filed the mineral resource estimate report on the La Preciosa project in Durango, which the company is proposing to acquire. The indicated mineral resource estimate comprises 17.4 M tonnes @ 176 gpt Ag, 0.34 gpt Au (202 gpt AgEq), containing 99 M Oz Ag, 189 K Oz Au (113 M Oz AgEq), whereas the inferred mineral resource includes 4.4 M tonnes @ 151 gpt Ag, 0.25 gpt Au (170 gpt AgEq), containing 21 M Oz Ag, 35 K Oz Au (24 M Oz AgEq).
  • Silver Dollar Resources Inc. informed 1,134 m of drilling have been completed in five holes at its La Joya project in Durango. “The initial drilling program is focused on target development on the Noria portion of the La Joya property with an emphasis on testing for possible structural extensions of known mineralized zones”.
  • Azucar Minerals Ltd. defined a large area of lithocap alteration in a newly outlined target at El Cobre project in Veracruz.” The new spectral mineral mapping in this area ….. has further defined a strong alteration signature with clear zoning including a central diaspore-pyrophyllite-shallow alunite/dickite and concentric halos of paragonitic and muscovitic white mica and inner propylitic epidote halo”. A soil sampling program is being completed for spectral and geochemical analysis intending to identify vectors to focus a drill program.

ON DEALS AND CORPORATE ISSUES

  • GR Silver Mining Ltd. announced the sale of El Salto and El Salto Sur non-core concessions, acquired from Mako Mining Corp. on March 2021, to the private Mexican company Grupo Minero Venturex S.A. de C.V.. The company received US$1 K, retaining a 0.5% NSR, and leaving Venturex responsible to pay all outstanding concession fees and related fines (Note by editor.- holding large titled mining concessions in Mexico is very expensive). In June GR Silver applied for the reduction of the surface of the 56,910 ha claims, but still has to receive the approval from the Dirección General de Minas (DGM).

ON SOCIAL RESPONSIBILITY

  • SilverCrest Metals inaugurated the Tetuachi bridge across the Sonora River in Arizpe, Sonora.
  • Peña Colorada donated material and equipment to the Biosfera Sierra de Manantlán.
  • Industrias Peñoles invested seven million pesos in the park Bosque Venustiano Carranza in Torreon, Coahuila.

On the image below: epidote filled fractures with calc-sodic halo and late quartz veinlet in a copper project in the Sonoran Desert. Picture by Jorge Cirett.