Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce the discovery of a substantial new mineralized silver zone within the Las Venadas target area of its La Cigarra silver project in Chihuahua State, Mexico. The strength and intensity of brecciation, veining and alteration is much stronger than anything observed within the La Cigarra resource itself.

Kootenay President and CEO James McDonald states, “The discovery of a mineralized zone of this magnitude and strength of veining in the world-class Parral mining district is a highly significant development for the company. The large-scale nature and intensity of the mineralized zone offers exceptional future growth potential and is characteristic of other major silver deposits in the district such as the San Francisco Del Oro and Santa Barbara mines located closely to the immediate south.”

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

During the 32nd week of the year (August 7th to August 13th, 2017), at least 22 press releases were announced by companies working in Mexico, including eight second quarter reports. ON MEXICO ISSUES, two companies reported the receipt of VAT recovery from the government for $1.3 M and $2.4 M respectively. ON EXPLORATION, in Sonora, Oceanus reported results from underground sampling at El Tigre, while Millrock presented an update on properties under its alliance with Centerra. In Zacatecas, Alset presented drilling results from its lithium property, La Salada. In Guanajuato, Golden Minerals informed on drilling by Electrum of its Celaya property.  ON MINING, Golden Minerals, Torex Gold, Premier Gold, Alio Gold, Pan American Silver, Americas Silver, Primero Mining and Argonaut Gold presented production and/or financial results for the second quarter of 2017. US Antimony reported cost reductions on its operations and Telson resources reported the first concentrates shipment from Tahehueto in Durango. ON FINANCING, no relevant news for the first time in the year.  ON RESOURCES AND DEVELOPMENT, Golden Minerals informed on the acquisition of three more claims and the incoming drilling campaign on its Santa Maria project in Chihuahua. ON DEALS AND CORPORATE ISSUES, Santacruz Silver completed the sale of the Gavilanes project in Durango to Marlin Gold. Colibri completed the acquisition of Canadian Gold, along with its properties in Sonora. McEwen Mining reported on the next semi-annual return of capital instalment.


  • On VAT recovery. The first company to announce a sizeable VAT recovery in years was Alio Gold, which received $1.3 M in cash before the end of the second quarter. Primero Mining received $2.4 M after the end of the second quarter.


  • Golden Minerals Co. announced that Electrum Global Holdings L.P. received results of drilling on Golden’s Celaya property in Guanajuato. Results from 5,600 m drilled in seven holes (800 m per hole?) show intercepts of epithermal quartz vein mineralization with Au, Ag, Zn grades that warrant further testing.
  • Alset Minerals Corp. reported partial results from phase one drilling at La Salada salar in Zacatecas, the first of 13 salars to be tested. At La Salada, one deep hole (51.35 m) and 40 auger holes (4.5 – 26.0 m in depth, average 14 m) were completed, both near surface brine samples and extensive lake sediment samples were recovered in the 1,800 m by 900 m salar. Results from five of the holes (the rest are pending) average 14.4 m @ 3.6% K, 975 ppm Li (up to,1860 pm) and 535 ppm B. Water samples average 1.3% K, 1.6% SO4, 258 ppm B, 9 ppm Li, 57 ppm Ca, 36 ppm Mg.
  • Oceanus Resources Corp. presented assay results from sampling at old underground exploration tunnels from the unmined Protectora, Aguilas, Fundadora and Caleigh veins on its El Tigre project in Sonora. The rock chip samples are said to be at least 0.5 m in width (no average width disclosed), and collected every 3-5 m along strike in 13 exploration tunnels. Average results include 3 samples on the Caleigh vein @ 19.9 g/t Au, 2,247 g/t Ag; On the Protectora vein: 20 samples @ 0.2 g/t Au, 437 g/t Ag; 18 samples @ 1.3 g/t Au, 290 g/t Ag; 4 samples @ 2.8 g/t Au, 337 g/t Ag; 16 samples @ 2.2 g/t Au, 473 g/t Ag; 5 samples @ 2.8 g/t Au, 680 g/t Ag; 19 samples @ 0.6 g/t Au, 480 g/t Ag. On the Fundadora vein: 5 samples @ 6.1 g/t Au, 307 g/t Ag; 12 samples @ 1.2 g/t Au, 254 g/t Ag.
  • Millrock Resources Inc. presented an update in exploration, including information on its three properties in Sonora. The La Navidad project was optioned on June, and immediately entered into a JV with Centerra Gold Inc. Presently underway are soil sampling, geological mapping, induced polarization and magnetic surveys. Also in June El Picacho project was optioned and made a “designated project” on the alliance between Centerra and Millrock. Soil sampling, geological mapping, induced polarization and mag surveys are currently being performed. Los Chinos and Los Cuarenta projects options were terminated by Centerra.


  • United States Antimony Corp. reported major cost reductions at its Mexican antimony smelter, as a result of metallurgical changes while increasing production rates. Production at Wadley, San Luis Potosi, is growing with more miners. USAC intends to use its Los Juarez explosives license at Soyatal, Queretaro, which will save money and time. Guadalupe is undergoing road work to re-establish the production of high-grade concentrates. The application for the cyanide permit for the Los Juarez project was resubmitted to SEMARNAT (EPA equivalent) at the end of July, after one item change requested by the agency.
  • Telson Resources Inc. announced that the first shipment of lead and zinc concentrates processed at the Atocha mill has been delivered to Mercuria Commodities Trading, S.A. de C.V.. As of August 1, 2017, the Company has processed approximately 1600 tonnes of ore through the Atocha toll mill producing approximately 66.1 dry tonnes of lead concentrate and 94.5 dry tonnes of zinc concentrate which have been delivered to Mercuria.
  • Golden Minerals Co. presented financial results for Q2 2017. Approximately $1.7 M revenue was received from the oxide plant lease to Hecla, and costs of $0.5 M to the services provided under the lease, for a net operating margin of $1.1 M. The company spent $0.5 M in exploration related primarily to work at the Santa Maria (Chihuahua), Rodeo (Durango) and other properties, as well as holding costs. Cash and cash equivalents balance of $2.7 M at the end of the period.
  • Torex Gold Resources Inc. reported financial and operational results. At El Limón Guajes mine in Guerrero 74,487 Oz Au were produced, as ramp-up continues, with design throughput achieved in June. Plant throughput was 1.2 M tonnes, or 13,063 tonnes per day (tpd), while mine production was 8.4 M tonnes, or 92,044 tpd. The gold recovery rate was 86% on a 2.37 g/t Au average grade, at cash cost $709 per Oz Au and AISC $991. Cash balance of $77.2 M including restricted cash of $15.7 M at the end of the period.
  • Premier Gold Mines Ltd. announced its operational and financial results for the second quarter of 2017. At Mercedes in Sonora 177.9 K tones were milled (1,954 tpd) @ 4.03 g/t Au, 36 g/t Ag; with recoveries at 94.9% Au, 43% Ag, to produce 21,893 Oz Au, 89.5 K Oz Ag. By-product cash cost per Oz Au was CAD$550 and by-product AISC per Oz Au of CAD$688. Quarter end cash balance of $156.8 M (US$120.9 M).
  • Alio Gold Inc. reported second quarter 2017 results. Production at the San Francisco gold mine was 22,011 ounces during the period, at AISC $954 per Oz Au. The San Francisco mine revitalization plan was initiated and the definitive feasibility study (DFS) after the positive pre-feasibility study (PFS) was released and a CAD$50.4 M bought deal financing was completed. The pre-stripping campaign envisions moving 22 M tonnes of waste from the Main and La Chicharra pits over the next 20 months. Cash and cash equivalents at the end of the period were $35.9 M.
  • Pan American Silver Corp. announced Q2 2017 results, including figures from its operations in Mexico. At Dolores in Chihuahua the construction of the agglomeration plant was completed and development for underground mining advanced, with initial stope ore mining expected to initiate before the end of 2017. At La Colorada mine in Zacatecas production achieved 1,800 tpd rates during the last month of the quarter. At La Colorada 1.73 M Oz Ag, 0.94 K Oz Au were produced at cash cost $3.38 per Ag Oz. At Dolores 1.04 M Oz Ag, 22.44 K Oz Au were produced at cash cost $0.12 and at Alamo Dorado in Sonora 0.26 M Oz Ag, 0.69 K Oz Au were produced at cash cost $11.18. Cash and short-term investments of $198.2 M at the end of the period.
  • Americas Silver Corp. disclosed consolidated financial and operational results for the second quarter of 2017. The figures of its operations in Mexico were informed in a previous release. San Rafael in Sinaloa remains on budget and on time to start production by the end of Q3, 2017. Cash balance at the end of the period was $12.8 M.
  • Primero Mining Corp. reported operating and financial results for the second quarter, 2017, including figures form its Mexican operations. At San Dimas 11,903 Oz Au, 0.97 Oz Ag were produced at cash cost $1,144 per AuEq Oz, and AISC $1,650 per AuEq Oz, with operations being impacted by bad relations with unionized employees. “…the Company believes that labour disruptions may continue to adversely affect the Company’s ability to profitably operate the San Dimas…” and “Primero highlights the significant liquidity risk imposed by the pending RFC maturity date of November 23, 2017, and notes that it may not be able to fully repay its debt obligations…”. Cash stood at $12.1 M and $10.0 M available under its existing revolving credit facility (RFC) at the end of the period, with a $33.5 in VAT and $22.8 M income taxes receivable outstanding.
  • Argonaut Gold Inc. announced its financial and operating results for the second quarter of 2017. The consolidated production was 29,730 AuEq Oz at cash cost $785 and AISC $906 per AuEq ounce. At El Castillo in Durango 2.0 M tonnes of ore @ 0.39 g/t Au and 2.65 M tonnes of waste were moved (51 K tpd) to produce 16,927 Oz Au at cash cost $893 per ounce. At La Colorada in Sonora 1.22 M tonnes of ore @ 0.64 g/t Au and 4.77 M tonnes of waste were moved (66 K tpd) to produce 12,098 Oz Au and 38.2 K Oz Ag at cash cost $590 per AuEq ounce. At San Agustin (10 km from El Castillo) mining commenced during the quarter, leach pad and pond construction was completed and the crushers installed, with ore beginning to be staked on the pad in late June. Construction was 75% complete by the end of July. Cash and cash equivalents stood at $53.8 M at the end of the quarter.


  • No relevant news.


  • Golden Minerals Co. entered into an agreement to acquire three additional claims at the Santa Maria project in Chihuahua for $0.7 M over four years, with an initial payment of $50 K and $30 K in six months. The targets in these claims are to be tested in an upcoming 2,000 m drill program in the third quarter of 2017, while the environmental study to obtain the permit to perform the 200 tpd underground mining envisaged on the preliminary economic assessment (PEA) has been completed.


  • Santacruz Silver Mining Ltd. entered into a definitive agreement to sell 100% interest in the Gavilanes property in Durango to Marlin Gold Mining Ltd. Santacruz is to settle the outstanding balance on some of the claims by making a $500 k payment and issuing 1.25 M Santacruz shares to the property vendor. Gavilanes is a low sulphidation epithermal deposit in the San Dimas mining district with NI-43-101 compliant 6.1 M AgEq indicated ounces (953 K tonnes @ 200 g/t AgEq), and 28.2 M AgEq inferred ounces (5.4 M tonnes @ 163 g/t AgEq).
  • Santacruz Silver Mining Ltd. settled the outstanding balance owing on certain of the claims included in the Gavilanes project (in Sinaloa) by making a cash payment of US$500 K and 1.25 M Santacruz shares.
  • Colibri Resource Corp. completed the acquisition of Canadian Gold Resources Ltd. Colibri acquired all outstanding shares of Canadian Gold for $4 M, paid by way of issuance of 24.2 M shares to the vendor. Colibri now owns 100% interest in Minera Bestep S.A. de C.V., a private Mexican company that holds 100% (no NSR’s) of the Pilar and the Sun properties near Suaqui, in Sonora.
  • McEwen Mining Inc. reported a revised record date for the next semi-annual return of capital instalment of a ½ cent per share which will be distributed to shareholders of record on August 14, 2017. The distribution will be paid on August 17, 2017.

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

On the picture below, vuggy silica fragment within a felsic tuff in Chihuahua. Photo by Jorge Cirett.

Vuggy quartz at Moreno

Colibri Completes Acquisition of Canadian Gold Resources Ltd.


DIEPPE, NBAug. 9, 2017 /CNW/ – (CBI: TSX-V) Colibri Resource Corporation (“Colibri” or the “Company”) has completed its previously announced acquisition of Canadian Gold Resources Ltd. (“CGR”) from ONTOP Capital Limited (the “Vendor”).  In accordance with the terms of the Share Purchase Agreement, Colibri acquired all the outstanding shares of CGR for an aggregate acquisition cost of $4,000,000, paid by way of issuance of 24,242,425 common shares (the “Consideration Shares”) at a price of $0.165 per share to the Vendor.

Colibri now owns 100% of the right, title and interest in Minera Bestep S.A. de C.V. (“Bestep”), a private Mexican company. Bestep holds 100% of the right, title and interest in the Pilar Gold Project (“Pilar Property”) and the Sun Project. Both properties are located near Suaqui Grande, Sonora, Mexico and neither property is subject to any royalties or encumbrances. The Pilar Property is 105 hectares in size and the Sun Property is 110 hectares in size. A report on the Pilar Gold Project prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (the “NI 43-101 Report”) has been prepared by Jamie Lavigne M.Sc., P.Geo, a Qualified Person under NI 43-101 and independent of the Pilar Gold Project. The Sun Project has been subject to preliminary exploration work. The NI 43-101 Report is available on SEDAR.

Immediately after closing, the Vendor distributed the Consideration Shares to its shareholders by way of a return of capital dividend.  As a result of such distribution, a new Control Person will be created as one of the shareholders of the Vendor, John Schiavi, will be holding or controlling Consideration Shares equal to more than 20% of the issued and outstanding common shares of the Company after giving effect to the Transaction.

Alio Gold Provides Second Quarter 2017 Update


August 10, 2017, Vancouver, BC – Alio Gold Inc. (TSX, NYSE AMERICAN: ALO) (“Alio Gold” or the “Company”), today reported its second quarter 2017 results. Production results were previously released on July 6, 2017.  The Company will host a conference call at 11:00am EST today, refer to the end of the release for further details.
Second Quarter Highlights and Recent Developments

  • Gold production of 22,011 ounces at an all-in sustaining cost1 (“AISC”) of $954 per ounce, in line with guidance.
  • Maintained 2017 guidance of 86,000 to 92,000 ounces of gold at AISC less than $1,000 per ounce with 20,000 to 22,000 ounces of production expected in Q3 2017.
  • Initiated Revitalization Plan for the San Francisco Mine following updated NI 43-101 technical report filed in May 2017.
  • Commenced the Definitive Feasibility Study (“DFS”) for the high-grade, high-margin Ana Paula project after positive Pre-Feasibility Study (“PFS”) released.
  • Completed CAD$50.4 million bought deal financing.

Highlights on the First Week of August, 2017. Mineral Exploration in Mexico

During the 31st week of the year (July 31st to August 6th, 2017), at least 27 press releases were announced by companies working in Mexico, including nine second quarter reports. ON MEXICO ISSUES, gold and silver production decreased during the first five months in the Bajío region. ON EXPLORATION, in Sonora Evrim acquired the low sulfidation epithermal Sarape project,  Minaurum is to commence drilling at the Alamos project and SilverCrest released high-grade intercepts from drilling at Las Chispas. In Veracruz Almadex released drilling results from El Cobre project. ON MINING, Capstone, Leagold, Excellon, Gold Resource, Alamos Gold, Avino, McEwen Mining, Endeavour Silver, Hecla and First Majestic presented production and/or financial results for the second quarter of 2017. Telson sent some ore from Tahuehueto for processing. Leagold received the environmental permit of the portal and ramp for the Bermejal underground deposit in Guerrero. ON FINANCING, Four companies announced the opening/closing of financing rounds:  Oceanus ($3 M), Westminster ($750 K), Silver Bull (CDN$ 1.46 M) and Avino ($25 M). Coeur is to exchange up to $250 M in notes. Avino extended a concentrate prepayment agreement.  ON RESOURCES AND DEVELOPMENT, Mexican Gold released a maiden resource for Las Minitas, Veracruz, comprising 304 K AuEq Oz M&I and 719 K AuEq Oz Inferred, in underground and open pit constrained gold-copper mineralization. ON DEALS AND CORPORATE ISSUES, Prospero Silver and Exploraciones Altiplano reached an agreement on the Buenavista claims in Durango. Radius Gold completed the sale of the Talcolula property to Fortuna Silver. Golden granted Hecla the right to use Golden’s oxide plant in Durango for two more years.


  • INEGI (Instituto Nacional de Estadistica y Geografía) informed that mining production decreased in the Bajio region, with 28.2% less silver produced in Guanajuato, 3.3% in San Luis Potosi and 1% in Queretaro, from January to May 2017. On gold, production was reduced by 15.2% in Guanajuato, 28.8% in San Luis Potosi and 7% in Queretaro.


  • Evrim Resources Corp. has defined two major veins in the recently acquired Sarape project in Sonora. The Sarape vein trends NW and is 6 km long and up to 12 m in width, whereas the Chiltepin vein trends W and is 2.6 km long and up to 3 m in width. The western portion of the veins presents barren chalcedonic white quartz with bladed calcite, while the eastern part presents low-temperature, tan-green quartz consistently assaying 0.1 to 0.36 g/t Au across sampled widths, with individual samples assaying up to 3.6 g/t Au.
  • Minaurum Gold Inc. is to commence a 5,000 m diamond drilling campaign at its Alamos Silver project in Sonora. The drilling will focus on seven major veins identified by Minaurum, three of which were the source of the historic 200 M Oz silver production. The three other veins are in down-dropped blocks and are exposed at a high level. Areas to be tested include La Quintera, Promontorio, Gap and Minas Nuevas.
  • Almadex Minerals Ltd. reported assay results from the last drill hole on the Norte zone at its El Cobre project in Veracruz. Drill intercepts include 276.80 m @ 0.67 g/t Au, 0.23% Cu (including 103.85 m @ 1.33 g/t Au, 0.41% Cu); 94.40 m @ 0.73 g/t Au, 0.25% Cu (including 62.0 m @0.97 g/t Au, 0.31% Cu). The hole intersected multiple zones of intense stockwork veining and potassic alteration.
  • SilverCrest Metals Inc. announced additional Phase II drill results for Las Chispas property in Sonora. The new results indicate continued expansion of unmined high-grade mineralization in the Giovanni and William Tell veins, initial high-grade intercepts in the Varela vein and newly discovered Blanquita vein. The most relevant drill intercepts are: 1.9 m 6 g/t Au, 5,018 g/t Ag (including 0.7 m @ 137.5 g/t Au, 13,560 g/t Ag); 0.4 m @ 3.7 g/t Au, 506 g/t Ag; 0.7 @ 2.0 g/t Au, 255 g/t Ag; 4.1 m @ 1.7 g/t Au, 232 g/t Ag; 1.0 m @ 2.0 g/t Au, 313 g/t Ag; 1.9 m @ 0.4 g/t Au, 428 g/t Ag; 0.5 m @ 3.1 g/t Au, 595 g/t Ag; 1 m @ 1.2 g/t Au, 362 g/t Ag.


  • Telson Resources Inc. reported that 4,600 tonnes of ore have been sent from the Tahuehueto mine in Durango to the Atocha toll mill, where it is to be processed at a 300 tonnes per day (tpd) rate. Underground mining from the Level 10 ore shoot, estimated to contain at least 50 K tonnes.
  • Capstone Mining Corp. announced its financial results for Q2 2017, including figures from its operations in Mexico. At Cozamin in Zacatecas produced 4,106 tonnes of copper at cash cost of $1.19 per Cu pound and all-in cost of $1.73 per Cu pound produced. The precious metal streaming arrangement with Wheaton Precious Metal Corp. expired on April 4th; this is to result in an increase to by-product credits of $0.23 per copper pound.
  • Leagold Mining Corp. received the environmental permit for development of the portal and ramp for the Bermejal Underground deposit at Los Filos mine in Guerrero. Six tunneling contractors have completed site visits. Contractor selection is to be completed in August. The location of the portal is at the northern end of the Bermejal open pit, site that offers a deeper starting point, shortest distance to access an initial test stoping area and commencement of the portal within competent carbonate wallrock. The 5 x 5 m ramp is to extend 1,600 m to the central, high grade portion of the mineralization. Portal preparation is expected to commence in Q3 2017, with access to the first stoping area early in 2018 and completion of the ramp to the Central Sector by Q4 2018.
  • Excellon Resources Inc. reported financial results for the second quarter 2017. Dry mining conditions were achieved at the Platosa mine in Durango. Mine production increased to 215 tpd, with access to high-grade ore. The goal is to further increase production to 300 tpd by year end. The Miguel Auza mill was awarded Certification of Clean Industry, Level 1 from the environmental regulator. Net working capital totaled $4.0 M at the end of June, increasing to $6.1 M to the end of July. During the quarter 10,840 tonnes were produced and 13,877 tonnes processed @ 394 g/t 3.5% Pb, 4.5% Zn, recovering 89.8% Ag, 80.4% Pb, 80.7% Zn to produce 160.8 K Oz Ag, 850 K Lb Pb, 1.1 M Lb Zn.
  • Gold Resource Corp. disclosed production results for Q2 2017. At its Aguila property in Oaxaca 113.8 K tonnes were milled (1,293 tpd) @ 1.82 g/t Au, 118 g/t Ag, 0.33% Cu, 1.4% Pb, 4.3% Zn with recoveries of 85% Au, 92% Ag, 78% Cu, 77% Pb, 85% Zn to produce 5,696 Oz Au, 397.7 K Oz Ag, 294 tonnes Cu, 1,207 tonnes Pb, 4,176 tonnes Zn. Cash and cash equivalents by the end of period stood at $16.41 M.
  • Alamos Gold Inc. reported financial results for the second quarter 2017, including figures from its operations in Mexico. At Mulatos 1.76 M tonnes of ore and 1.37 M tonnes of waste were moved (waste-to-ore ratio 0.78), with 1.65 M tonnes @ 0.78 g/t Au stacked on the heap (51,564 Oz Au contained) and 35.3 K tonnes of high-grade ore @ 10.56 g/t Au milled (11,998 Oz Au contained). Mulatos produced 41,000 Oz Au during the period, with a recovery rate of 65% and cash cost of $735 per Au ounce. The San Carlos underground operation is expected to end its current mineral reserve in the third quarter of 2017. At El Chanate 1.05 M tonnes of ore were mined (12,000 tpd) @ 0.41 g/t Au and 4.69 M tonnes of waste moved (Waste to ore ratio of 4.47) producing 17,600 Oz Au. Production at La Yaqui is expected in the third quarter of 2017.
  • Avino Silver & Gold Mines Ltd. presented the financial results for the second quarter 2017. During the period 386 K Oz Ag, 1,954 Oz Au, and 1.1 M Lb Cu were produced at cash cost $8.90 per AgEq Oz and AISC of $10.42 per AgEq Oz. At the end of the quarter Avino held $5.9 M in cash and short term investments for $7.5 M.
  • McEwen Mining Inc. disclosed financial results for the second quarter 2017, including figures from its operations in Mexico. At El Gallo 9,714 Oz Au, 4,966 Oz Ag were produced at cash cost $706 and AISC $843 AuEq co-product. At the end of the period debt free McEwen had $44 M in cash, investments and precious metals.
  • Endeavour Silver Corp. released Q2 2017 consolidated financial results. 1.14 M Oz Ag, 13,058 Oz Au were produced at cash cost $ 8.36 and AISC $20.46 per Oz Ag net of Au credits. The Bolañitos and El Cubo mines in Guanajuato produced higher tonnes and/or grades, while Guancevi in Durango continues to lag behind. The Calicanto and Veta Grande properties were acquired near El Compas, in Zacatecas. The working capital stood at $75 M at the period’s end.
  • Hecla Mining Co. reported second quarter 2017 results, including figures from its operations in Mexico. At San Sebastian in Durango, 867 K Oz Ag, 6,596 Oz Au were produced at cash cost $(3.31) per AgEq Oz and AISC of $0.06 per AgEq Oz. The mill operated at 423 tpd during the period. The mine is transitioning from open pit to underground mining, which is expected by the end of 2017. “It now appears that sufficient material has been identified underground, in open pits and in stockpiles to extend the life of the project through 2020…” Cash and cash equivalents stand at $202 M at the end of the period.
  • First Majestic Silver Corp. presented its Q2 2017 financial results. During the period First Majestic produced 2.29 M Oz Ag, or 3.89 M Oz AgEq from its six mines in Mexico, at cash cost $7.41 per Ag Oz and AISC $14.58. The company maintains $126.9 M in cash and cash equivalents at the end of the period. Three illegal blockades affected production at La Parrilla (4 days), Santa Elena (2 days) and La Encantada (42 days). The company expects 64,500 m of underground development to be completed during 2017, as well as 145,000 m of exploration drilling.First Majestic Q2 2017 operating cost11


  • Oceanus Resources Corp. closed a non-brokered private placement raising $3 M. Oceanus intends to begin drilling the unmined Protectora vein, north of El Tigre mine in Sonora.
  • Avino Silver & Gold Mines Ltd. Extended the concentrates prepayment agreement with Samsung C&T UK Ltd. for one year. According to the new amending agreement Avino will sell silver concentrate on exclusive basis to Samsung until December 31, 2021 (Avino, Durango).
  • Westminster Resources Ltd. has received conditional approval from the TSX for its previously announced non-brokered private placement, and announces the closing of the first tranche of said placement, for gross proceeds of $764 K (El Cobre, Sonora).
  • Silver Bull Resources Inc. completed the second and final tranche of the private placement for aggregate gross proceeds of CDN$250 K. Under the initial tranche of the private placement, which closed on July 10th, CDN$1.46 M was raised (Sierra Mojada, Coahuila).
  • Coeur Mining Inc. offered to exchange up to $250 M aggregate principal amount of its 5.875% senior notes due 2024 (Palmarejo, Chihuahua).
  • Avino Silver & Gold Mines Ltd. is to offer shares in the US up to the aggregate amount of US$25 M (Avino, Durango).


  • Mexican Gold Corp. announced an initial mineral resource estimate fir the El Dorado/Juan Bran and Santa Cruz zones at its Las Minas project in Veracruz. The total measured and indicated (M&I) resource of 304 K AuEq Oz is contained within 4.97 M tonnes grading 1.90 g/t AuEq. The total inferred resource of 719 K AuEq Oz is contained within 10.3 M tonnes grading 2.17 g/t AuEq. The El Dorado/Juan Bran zone occurs as a sub-horizontal body measuring approximately 650 m N-S by 250 m E-W, varying in thickness from 6.0 to 28.0 m. The Santa Cruz zone is comprised of a series of high-grade stacked lenses of skarn mineralization dipping 50 degrees to the west, measuring about 220 m x 100 m. The initial mineral resource estimate is based on 140 diamond drill holes totaling 19,636 m at El Dorado/Juan Bran and Santa Cruz zones. “The Mineral Resource was estimated using 2.0 metre composites of assay values with “zero grade” inserted into intervals that were not sampled.”Table Las Minas1


  • Prospero Silver Corp. entered into an option to own agreement with Exploraciones del Altiplano, S.A. de C.V. to earn a 100% right, title and interest in and to Altiplano’s Buenavista claims in Durango, subject to a 2% NSR. The option agreement constitutes a related party transaction. To earn its 100% interest in the Property, Prospero must issue a total of 750 K common shares to Altiplano on a scheduled calendar over 48 months.
  • Radius Gold Inc. completed the sale of its Talcolula property to Fortuna Silver Mines In. On closing Radius received US$150K cash and 239 K common shares of Fortuna, keeping a 2% NSR royalty. Fortuna retains the right to purchase one-half of the royalty by paying Radius US$1.5 M.
  • Golden Minerals Co. has granted Hecla Mining Co. an option to secure the use of Golden’s oxide plant in Durango fro and additional two years for US$2 M.

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

On the picture below, gold grains on a “tentadura” or ore assaying in a cow’s horn in Chihuahua. Photo by Jorge Cirett.

Tentadura from the El Molino zone


Oceanus Mobilizes Team to Evaluate and Drill the High Grade Protectora Vein at the El Tigre Property in Sonora, Mexico


HALIFAX, NOVA SCOTIA – June 29, 2017 – Oceanus Resources Corporation (TSXV:OCN and OTCQB:OCNSF) (“Oceanus” or the “Company”) reports it has received the final assay results for step-out drill hole ET-17-144. As previously released, this hole returned 0.85 meters of 135.1 g/t gold equivalentconsisting of 37.2 g/t gold and7,338.9 g/t silver. Oceanus now reports the base metal results for drill hole 144. Drill hole ET-17-144 returned 0.85 meters of 2.84% copper, 4.06% zinc and 1.38% lead. The mineralized zone consists of several vuggy quartz veins and veinlets carrying galena, sphalerite, chalcopyrite, stromeyerite and pyrite within a strongly silicified and kaolinized alteration zone. The true width of the vein is estimated to be 0.80 meters and the gold equivalent ratio is based on a gold-to-silver ratio of 75:1.

Orla Mining Ltd. to Acquire Camino Rojo Project from Goldcorp Inc.


VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 21, 2017) – Orla Mining Ltd. (TSX VENTURE:OLA) (the “Company” or “Orla”) is pleased to announce that it has entered into an asset purchase agreement dated June 20, 2017 (the “Agreement”) with Goldcorp Inc. (“Goldcorp”) to acquire the Camino Rojo Project (“Camino Rojo”), a gold and silver oxide heap leach project containing 1.7 million ozs of gold reserves* located in Zacatecas State, Central Mexico for consideration to Goldcorp consisting of 31.9 million common shares (“Consideration Securities”) of Orla and a 2.0% NSR (the “Acquisition”). All of the mineral reserves and resources estimates herein are historical estimates and Orla is not treating such estimates as current. In addition, Orla and Goldcorp have agreed to enter into an option agreement regarding the potential future development of a sulphide operation at Camino Rojo whereby Goldcorp will, subject to the sulphide project meeting certain thresholds, have an option to acquire a 60% to 70% interest in such sulphide project at Camino Rojo (the “Sulphide Option”, as described below).

Key Highlights

  • Acquisition of a second high quality advanced oxide heap leach project: The Acquisition leverages management’s and the board’s extensive exploration, development and operating experience in Mexico
  • Significant mineral reserves and resources: 1.7 million ozs of oxide gold reserves and 4.0 million ozs of attributable Measured & Indicated gold resources1along with significant silver, lead, and zinc by-products*
  • Highly attractive acquisition cost: Based on the last closing price of Orla common shares, Orla is paying approximately US$16/oz for oxide gold reserves, with the sulphide resource providing long term optionality to create additional shareholder value
  • Large prospective land package: Over 200,000 hectares, potential to find additional oxide and sulphide mineral resources
  • Ejido agreements and strong community relationships in place

Vangold samples 34.11 g/t AuEq at El Pinguico


Vangold Mining Corp. has provided results from its current exploration program on the El Pinguico mine property, located 15 kilometres from Guanajuato, Mexico. For the past four months, the company has engaged FindOre SA de CV, a geological exploration services company, to conduct extensive surface and underground mapping, surveying, rock sampling, and trenching. The results of the geological exploration program have provided extensive information about the structure and geological origins of the epithermal vein systems across the property. The results of the four-month sampling and mapping program will be used to identify grid spacing and drill locations, increasing the highest probability of achieving an inferred resource.

Exploration highlights:

  • Collected a total of 452 rock samples taken from surface grab samples and outcrops, historical workings, and adits;
  • Consistent assays over 10 grams per tonne gold equivalent at surface and underground, proving extensive multivein mineralization;
  • Underground samples total 310, from exposed veins, hangingwall and footwall locations;
  • Confirmation of extending mineralization over 1.5 kilometres from underground stockpile location to southern claim limit;
  • Completion of detailed mapping illustrates multiple parallel and perpendicular vein systems across the property;
  • Significantly derisked drill site locations.

Evrim’s Partner Harvest Gold Supports Presence of High-Grade Gold and Silver Values at Cerro Cascaron


Vancouver B.C. — June 15, 2017. Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce sample results from Harvest Gold Corp.’s (“Harvest”) (TSX.V:HVG) due diligence visit to the Cerro Cascaron gold-silver project (“Project”) in Chihuahua, Mexico. Harvest will have the right to earn up to an 80% interest in the Project by incurring certain exploration expenditures, making cash and share payments and delivering a 43-101 compliant feasibility study.

Harvest’s geological consultant, Mr. David Bent, P. Geo. visited a large area of the Project and took nine rock samples from both the main vein field and the recently discovered La Cascarita target, a silver-rich breccia structure located five kilometres west of the currently defined main gold field. The rock sample results support previous sample values taken by Evrim.

Telson Resources Inc. Announces Closing of the Purchase of the Campo Morado Mine, Guerrero State, Mexico from Nyrstar Mining Ltd.


Jun 14, 2017 (TheNewswire.ca via COMTEX) — (via TheNewswire)

Vancouver, British Columbia / TheNewswire / June 14, 2017 – Telson Resources Inc. (“Telson” or the “Company”) (TSX Venture – TSN.V) is pleased to announce that it has received final TSX Venture Exchange (“TSXV”) approval for and has closed its acquisition of the Campo Morado mine, located in Guerrero State, Mexico (the “Campo Morado Mine”). Further to its news release of April 27, 2017, Telson has closed the Share Purchase Agreement, as amended (the “Agreement”) with Nyrstar Mining Ltd. and Nyrstar Mexico Resources Corp. (collectively “Nyrstar”) and has purchased all of the shares of Nyrstar’s Mexican subsidiary companies that make up and own 100% of the Campo Morado Mine, such that these subsidiary companies are now wholly-owned subsidiaries of Telson.

Under the terms of the Agreement, Telson will pay a total purchase price of US$20 million plus any Variable Purchase Price. US $800,000 was paid at signing of the Agreement, US $2.0 million was paid immediately before today’s closing, US $700,000 is due by June 30, 2017 and US $16.5 million is due by June 13, 2018, as the anniversary of closing.