TORONTO, ONTARIO–(Marketwired – Oct. 12, 2017) – Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) (“Alamos” or the “Company”) today reported record third quarter 2017 gold production of 107,000 ounces. Quarterly revenues totaled $129 million from the sale of 100,551 ounces of gold at an average realized price of $1,281 per ounce.
“Operationally we delivered a strong third quarter with record production and significant milestones achieved at both our key operations. This included the completion of the MCM waste pass at Young- Davidson, contributing to higher underground mining rates in September, and initial production from our La Yaqui mine in the Mulatos district. We expect both will be key drivers of strong free cash flow growth in the fourth quarter and we remain well positioned to achieve full year guidance,” said John A. McCluskey, President and Chief Executive Officer.
Third Quarter 2017 Operating Highlights
- Record quarterly production of 107,000 ounces of gold including record production of 55,800 ounces from Young- Davidson, 36,300 ounces from Mulatos and 14,900 ounces from El Chanate
- Sold 100,551 ounces of gold at an average realized price of $1,281 per ounce, $3 above the London PM fix, for revenues of $129 million
- Completed development of the MCM waste pass in August following which underground mining rates increased to average 6,900 tonnes per day at Young-Davidson in September
- Declared initial production at La Yaqui Phase I in early September, ahead of schedule and on budget
- Production of 309,100 ounces of gold through the first three quarters of 2017, putting the Company on track to achieve full year guidance
- The Company remains debt free with cash and cash equivalents and equity securities increasing to approximately $165 million as at September 30, 2017
During the 40th week of the year (October 2nd to October 8th, 2017), at least 25 press releases were announced by companies working in Mexico, including two quarterly reports. ON MEXICO ISSUES: a blockade to Goldcorp’s Peñasquito mine entrance in Zacatecas was lifted by assembling a government sponsored round table to assess protesters arguments. ON EXPLORATION: Activity seems to be gaining pace, with ten companies presenting press releases on their properties. In Sonora, Silver Viper has commenced the first drilling campaign on its Clemente project; Aztec Minerals disclosed interesting Au-Cu values from trenches at its Cervantes project; Canuc Resources released drilling results from its San Javier property. In Chihuahua, Sierra Metals informed on thick high-grade intercepts from drill testing deep geophysical targets at its Bolivar mine; Radius Gold disclosed initial rock chip sampling from its Los Tarros property; Harvest Gold announced exploration results on the Cascaritas prospect within its Cerro Cascaron project. In Sinaloa, Santana Minerals released metallurgical results from its Cuitaboca property. In Zacatecas and San Luis Potosi Alset Minerals released lithium and potassium results from auger drilling on 13 additional salars. In Veracruz Almadex Minerals disclosed good assay results on a long interval of its last hole at El Cobre; Mexican Gold informed that the first hole of a new drill campaign at its Las Minas property intersected two mineralized intervals containing chalcopyrite and bornite. ON MINING: Telson announced that mill clean up and refurbishment is nearing completion at its Campo Morado mine in Guerrero. US Antimony is to increase production at three of its four mines in Mexico. Americas Silver produced its first lead and zinc concentrates from the San Rafael mine in Sinaloa. Alio Gold and Coeur Mining presented third quarter 2017 reports. ON FINANCING: Southern Silver closed the final tranche of its private placement, raising $502 K; Azure Minerals is to seek shareholder approval to share consolidation. ON RESOURCES AND DEVELOPMENT: Candelaria Mining retracted the environmental permit on its Caballo Blanco project in Veracruz. Kootenay Silver announced assay results from drilling by partner Pan American Silver on its La Negra prospect in Sonora. ON DEALS AND CORPORATE ISSUES: Magellan Resources announced that its purchase of the SDA mill in Nayarit remains on track to completion. Radius Gold signed a binding agreement with a private Mexican company on Los Tarros property in Chihuahua. Prospero Silver received authorization from the TSX on a related third party agreement.
ON MEXICO ISSUES
- Goldcorp suffered entrance blockades at Peñasquito, in Zacatecas. For a week the entrance to the Peñasquito mine in Zacatecas was blocked by protesters. The blockade was terminated by the establishment, aided by the federal government, of a round table to discuss the protesters grievances. The table is to be leaded by the Zacatecas State government.
- Silver Viper Minerals Corp. has mobilized a drill rig to its Clemente project in Sonora. The drill program envisages 2,000 m of diamond core drilling, focusing on the El Mundo and Nuevo Mundo areas, where Ag-Au-base metals mineralization is hosted by quartz shear veins, quartz stockworks and hematitic vein breccias. The best sample to date is from the El Mundo area is 0.5 m wide @ 1,895 g/t Ag, 4.46 g/t Au, 1.9% Pb, 1.6% Zn. The environmental permit for drilling has been approved, with land and access permit agreements in place.
- Kootenay Silver Inc. reported that Aztec Minerals Corp. disclosed attractive sampling results from trenching in the Jasper prospect at the Cervantes property in Sonora (which is under option from the former by the latter). The new manual trenching connected two previous trenches, extending Cu-Au-Mo mineralization for 92.3 m @ 0.52% Cu, 0.62 g/t Au, 76 ppm Mo, staying open in both directions. The rock is highly leached quartz feldspar porphyry with chrysocolla and neotocite as oxide copper minerals. A 50 by 50 m soil grid was completed over the Jasper project.
- Alset Minerals Corp. released results from auger sampling on 13 additional salars in Zacatecas and San Luis Potosi. “Of the 13 salars sampled, 9 had average lithium grades exceeding 200 ppm, with 4 salars averaging lithium grades of around 400 ppm and higher…”. Dry lake sediment samples were collected using a hand-held motorized auger, or a hammer and hollow-tube sampling method, and assaying the material collected between 0.5 and 1.0 m of depth. The Caliguey salar averaged 769 ppm Li and 3.4% K; the Hernandez salar averaged 556 ppm Li, 1.6% K; the Chapala salar averaged 416 ppm Li, 1.2% K.
- Almadex Minerals Ltd. disclosed assays for the last hole at the Norte area of its El Cobre property in Veracruz. Noteworthy intervals comprise 481.65 m @ 0.67 g/t Au, 0.27% Cu, including 187.25 m @ 1.02 g/t Au, 0.33% Cu (from 354.00 to 541.25 m). The hole was drilled to test for continuity of mineralization between two other holes within the area.
- Sierra Metals Inc. informed that the first four holes to test 22 high priority targets identified with the recently completed Titan 24 geophysical survey intersected wide high-grade copper bodies in three different zones with no previously known mineralization. The intercepts include 25.3 m @ 0.38 g/t Au, 31 g/t Ag, 1.55% Cu, 1.95% Zn; 28.65 m @ 0.34 g/t Au, 34 g/t Ag, 1.97% Cu, 0.91% Zn; 13.05 m @ 1.79 g/t Au, 37 g/t Ag, 2.05% Cu; 33.4 m @ 0.10 g/t Au, 32 g/t Ag, 1.04% Cu, 0.20% Zn. The four intercepts are deep seated, between 340 m and 492.90 m in the core, along length (Note of compiler.- This seems a significant discovery).
- Canuc Resources Corp. announced that the third hole at its San Javier project in Sonora intersected the Santa Rosa vein in two splays, the first with 0.37 m @ 156 g/t Ag, 0.39 g/t Au, 1.0% Pb, 5.6% Zn, and the second with 1.48 m @ 1,514 g/t Ag, 2.91 g/t Au, 4.2% Pb, 5.6% Zn. Canuc has concluded the agreement to acquire the Tule 1 concession, which envelops the property to the NE, adding considerable strike length to the Santa Rosa vein. In the NE land package is the Carranza breccia zone, with 11 m @ 274 g/t Ag on the surface, and the Cerro Colorado breccia zone, with 11.3 m @ 285 g/t Ag.
- Radius Gold Inc. has signed a binding agreement with a private Mexican company to option the 473 has Los Tarros project in Chihuahua. Several breccia bodies occur within a 3.5 km by 1 km area, with the largest breccia exceeding 250 m by 250 m. The volcanic hosted explosive breccias are cemented by silica and iron oxides. The average of 26 samples collected is 1.42 g/t Au, 66 g/t Ag. At the Rosario breccia (>150 m by 60 m) an old pit returned 10 m @ 2.95 g/t Au, 18 g/t Ag, staying open in all directions. Other significant breccia bodies include Regalito, La Bufa (the only one hosted in granodiorite), San Nicolas and San Miguel.
- Mexican Gold Corp. informed that step-out drilling at its Las Minas property in Veracruz intersected two intervals of chalcopyrite-bornite-magnetite mineralization in the first hole drilled beyond the current western limit of the El Dorado/Juan Bran zone. A 3.0 m interval contains magnetite and an estimated chalcopyrite content of up to 3% by volume. An 8.0 m interval further downhole is a mineralized exoskarn with up to an estimated 5% chalcopyrite by volume, and visible bornite and magnetite. Assays are pending on these core-length intervals.
- Santana Minerals Ltd. reported good results from initial metallurgical test work on composite samples from three drill holes from the Mojardina prospect at its Cuitaboca project in Sinaloa. A 75 micron, 48 hours, bottle-roll standard carbon in leach test on the three holes returned 93.1%, 95.3%, 98.4% silver recoveries respectively; the rougher flotation test achieved 93.6%, 88.2%, and 86.8% silver respectively.
- Harvest Gold Corp. identified six silver-rich polymetallic veins at the Cascarita prospect of its Cerro Cascaron Project in Chihuahua. High grade silver with strong Pb and Zn values were sampled in historic adits. The six veins are within a 900 m by 300 m corridor, attain up to 3.3 m in width and display colloform and drusiform quartz textures, as well as local amethyst quartz. Vein textures indicating boiling are preserved at one of the veins, as quartz pseudomorphs after bladed calcite. Results include 1.4 m @ 114 g/t Ag, 5.2% Pb, 1.3% Zn; 2.0 m @ 127 g/t Ag, 8.7% Pb, 0.5% Zn; 2.3 m @ 311 g/t Ag, 1.6% Pb, 0.3% Zn; 2.1 m @ 245 g/t Ag, 6.4% Pb, 0.5% Zn; 3.3 m @ 104 g/t Ag, 2.4% Pb, 0.5% Zn.
- Telson Resources Inc. announced that mill clean up and refurbishment is nearing completion at its Campo Morado mine in Guerrero. Underground mining is being ramped up, having delivered 25 K tonnes to the coarse ore patio. Ore crushing is operational, putting 5 K tonnes to the crushed ore stockpile. Commercial production at a 1,400 tonnes per day (tpd) is projected to be achieved during October, while production levels to the 2,500 tpd mill capacity is to take 6 to 12 months.
- United States Antimony Corp. plans to increase production at three of its four mines in Mexico. At Wadley, in San Luis Potosi, the gravity mill will process lower grade ore (not direct shipping ore), which could results in a 25-50% increase in production. At Soyatal in Queretaro, direct shipping ore is to be produced once new powder magazines are built. In Zacatecas a mine road to the Guadalupe mines is to be repaired, allowing mining to be resumed at the Santa Monica mine. The Los Juarez mine in Queretaro is awaiting a permit from SEMARNAT for the cyanide circuit at the Puerto Blanco mill.
- Americas Silver Corp. announced that the first lead and zinc concentrates produced from its San Rafael project at its Cosalá operation in Sinaloa were produced during the last week of September. Commercial production is expected to be reached before the end of the fourth quarter, when the Nuestra Señora mine is expected to enter in care and maintenance.
- Alio Gold Inc. released 3rd quarter preliminary production results from its San Francisco mine in Sonora. 1.9 M tonnes of ore @ 0.40 g/t Au and 5.2 M tonnes of waste were moved (3.15 waste to ore strip ratio) to produce 19,429 Oz Au, 8,808 Oz Ag. Production guidance stays on track to produce 88 -90 K Oz Au during 2017.
- Coeur Mining Inc. disclosed third quarter 2017 production results, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 413.1 K tonnes were milled @ 172 g/t Ag, 2.49 g/t Au, achieving recoveries of 83.6% Ag, 83.1% Au, to produce 1.91 M Oz Ag, 28,948 Oz Au
- Southern Silver Exploration Corp. closed the final tranche of its previously reported private placement, for gross proceeds of $502 K. The three tranches gathered total gross proceeds of $3.58 M (Cerro Las Minitas, Durango).
- Azure Minerals Ltd. is to seek shareholder approval for consolidation of the issued capital through the conversion of every twenty existing shares into one share.
ON RESOURCES AND DEVELOPMENT
- Candelaria Mining Corp. decided to retract the environmental permit for the Caballo Blanco project in Veracruz, citing the current political climate and upcoming state and federal elections. “…The postponing of the permit will allow Candelaria to optimize certain aspects of the project and improve upon existing and establish new relationships with our stakeholders. “
- Kootenay Silver Inc. announced the results of 13 infill drill holes completed by Pan American Silver Corp. on its La Negra property in Sonora. Highlighted intercepts are 34.3 m @ 159 g/t Ag (including 8.2 m @ 306 g/t Ag); 17.1 m @ 192 g/t Ag (including 3.55 m @ 597 g/t Ag); 48.7 m @ 281 g/t Ag (including 1.95 m @ 3,004 g/t Ag, 1.0 m @ 2,146 g/t Ag, 5.35 m @ 558 g/t Ag); 21.0 m @ 274 g/t Ag (including 1.1 m @ 3,018 g/t Ag); 31.8 m @ 403 g/t Ag (including 8.85 m @ 1,098 g/t Ag); 29.25 m @ 138 g/t Ag; 38.7 m @ 289 g/t Ag (including 7.6 m @ 674 g/t Ag); 76.35 m @ 236 g/t Ag; 53.8 m @ 174 g/t Ag (including 12.15 m @ 308 g/t Ag); 5.35 m @ 571 g/t Ag.
ON DEALS AND CORPORATE ISSUES
- Magellan Gold Corp. announced that its purchase of the SDA mill in Nayarit is on track to be closed by the end of October 2017.
- Radius Gold Inc. has signed a binding agreement with a private Mexican company to option the 473 has Los Tarros project in Chihuahua. Radius can earn a 100% interest in the project by making an immediate payment of US5 K, and staged payments over four years totaling US$1.68 M, of which US$1.2 M is a final payment at the end of the four year period. A 2% NSR can be bought by Radius for US$1 M for each 1%.
- Prospero Silver Corp. has received TSX approval of the option to own agreement with Exploraciones Altiplano S.A. de C.V. regarding Altiplano’s Buenavista claims in Durango. The agreement constitutes a “related party transaction” under the TSX policies.
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, the Peña Colorada mine pit in Colima. Photo by Jorge Cirett.
October 6, 2017, Vancouver, BC – Prospero Silver Corp. (TSXV: PSL) (“Prospero” or the “Company“) is pleased to announce that it has received final TSX Venture Exchange approval of the option to own agreement (the “Option Agreement“) between the Company, its Mexican subsidiary Minera Fumarola, S. A. de C. V., and Exploraciones del Altiplano, S.A. de C.V. (“Altiplano“). The Option Agreement provides the Company with an option to earn a 100% right, title and interest in and to Altiplano’s Buenavista claims located in Durango, Mexico, subject to the reservation by Altiplano of a 2% net smelter return royalty. For full particulars, please see the Company’s news release of August 1, 2017.
A director of the Company owns or controls, indirectly over 20% of the issued shares of Altiplano. Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“MI 61-101“), the Option Agreement constitutes a “related party transaction” as a result of the director’s relationship with Altiplano. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
VANCOUVER, Sept. 27, 2017 /CNW/ – Silver Viper Minerals Corp. (the “Company“) (TSX-V: VIPR) is pleased to announce that it has successfully completed its initial public offering (the “IPO“) of 12,262,500 common shares of the Company at a price of $0.25 per share for gross proceeds of $3,065,625 (the “Proceeds“), and has received approval of its application to list its common shares on the TSX Venture Exchange (“TSX-V“). The Company anticipates that its common shares will commence trading on the TSX-V on or about September 29, 2017 under the trading symbol “VIPR”.
The net proceeds of the IPO will be used to fund mineral exploration work on the Company’s Clemente Property, and for working capital purposes. Haywood Securities Inc. acted as agent in respect of the IPO.
During the 38th week of the year (September 18th to September 24th, 2017), at least 26 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Primero Mining acknowledged the receipt of US$4.6 M of VAT refunds. ON EXPLORATION, in Sonora, Azure is to begin a 5,000 m drill program at Oposura, and San Marco is re-shaping its exploration strategy in Chunibas, to reflect the new porphyry model for the mineralization. In Chihuahua, Radius is giving shape to a coherent epithermal target at its Amalia project, and Mammoth released trench results from its Tenoriba property. In Hidalgo, Prospero is to start drilling at El Petate. ON MINING, Argonaut poured the first gold from its San Agustin project in Durango. Primero Mining is struggling while ramping up production at San Dimas, in Durango. ON FINANCING, Telson Resources entered into a loan facility for US5 M with Trafigura. McEwen Mining entered into a bought deal financing for US$46.6 M. Alamos Gold increased its revolving credit facility to US$400 M ON RESOURCES AND DEVELOPMENT; Americas Silver released a new resource estimate for its Cosalá operations in Sinaloa. Torex Gold released high-grade intercepts from the sub-sill zone at its El Limon-Guajes mine in Guerrero. Argonaut Gold updated mineral the mineral resource estimate for its La Colorada and El Castillo mines in Sonora and Durango, respectively. Alio Gold received an important permit on its Ana Paula project in Guerrero, and is working on the definitive feasibility study (DFS). ON DEALS AND CORPORATE ISSUES, Rose Petroleum presented an update on its operations in Sinaloa, and some notes on the transferal of its San Dieguito mill in Nayarit to Magellan Gold. Alio Gold is to commence the construction of a 1,200 m long decline at its Ana Paula project in Guerrero. Primero Mining provided an update on its operations, along with a description of its financial struggle. Soleil Capital and Goldplay Exploration are to create a TSX listed company. Goldgroup Mining provided its side of the story on the legal battle with DynaResource Inc.
ON MEXICO ISSUES
- Primero Mining Inc. acknowledged having received US$4.6 M in VAT refunds from the Mexican authorities in two installments over July and August, and is working closely with the SAT to recover in due time the outstanding US$32 M.
- Azure Minerals Ltd. plans to start a 100 diamond hole, 5,000 m drill program at its Oposura property in Sonora during October, once the permits have been received. “Drilling by previous explorers of 85 surface holes tested the mineralised zone over an area of approximately 1,400m (east-west) x 400m (north-south) (see Figure 1). Early drilling by Azure will twin some of these historical holes to assess whether they can be used in defining the deposit and estimating the mineral resource”. With all the historical and recent work compiled Azure has derived an exploration target of 2.5 M tonnes @ 10% – 12% Zn+Pb.
- Prospero Silver Corp. has received from SEMARNAT the permit to drill the Petate property in Hidalgo. Drilling is to start on September 17th, 2017, with 12 holes to test four targets: Apartadero SE, Apartadero Central, Tajo and Petate #3. “High-level epithermal alteration is exposed over a 5×4 km area with highly anomalous gold and silver hosted in extensive outcrops and float of steep to strata-bound jasperoid.”
- Radius Gold Inc. released high-grade channel sampling results from the recently optioned Amalia property in Chihuahua. At the Campamento zone, where a 150 m by 300 m zone of intense silicification, brecciation and stockwork veining has been mapped, results include 62 m @ 0.43 g/t Au, 98 g/t Ag; 14 m @ 1.47 g/t Au, 167 g/t Ag; including 7 m @ 2.37 g/t Au, 239 g/t Ag. At the Guadalupe target, a quartz sulfide vein breccia hosted in andesites returned 7 m @ 3.62 g/t Au, 1,048 g/t Ag; 7 m @ 2.4 g/t Au, 188 g/t Ag; 4 m @ 3.92 g/t Au, 888 g/t Ag. At Dulces Nombres the vein in a short tunnel returned 1 m @ 34 g/t Au, 13 g/t Ag; 1 m @ 20.3 g/t Au, 44 g/t Ag; 1.5 m @ 114.5 g/t Au, 57 g/t Ag. Au-Ag mineralization occurs over a vertical interval of 600 m, at multiple targets over 3.5 km of strike length.
- Mammoth Resources Corp. released channel sample results from 14 trenches at its Tenoriba project in Chihuahua. Results include (true width) 11.5 m @ 0.64 g/t Au, 2 g/t Ag; 16.0 m @ 0.38 g/t Au, 4 g/t Ag; 15.5 m @ 0.99 g/t Au, 6 g/t Ag in the Moreno zone; 7.0 m @ 1.28 g/t Au, 8 g/t Ag; 13.5 m @ 1.50 g/t Au, 3 g/t Ag; 10.0 m @ 0.42 g/t Au, 7 g/t Ag; 6.2 m @ 0.88 g/t Au, 4 g/t Ag at the Carneritos zone; 13.1 m @ 0.66 g/t Au, 1 g/t Ag; 6.4 m @ 0.47 g/t Au, 10 g/t Ag in the Masuparia zone and 6.4 m @ 0.54 g/t Au, 2 g/t Ag in the Cerro Colorado zone.
- San Marco Resources Inc. is readjusting its exploration strategy to accommodate an evolving geologic model on its Chunibas project in Sonora. The discovery of breccias in the recent core drilling program led to re-mapping and re-logging of the core, and the generation of a larger porphyry related breccia gold model with over printing epithermal quartz-carbonate veining. The surface mineralized footprint is 3 km x 1.5, and still open. The gold mineralization occurs disseminated and vein controlled. The re-logging of the core highlighted an 88 m breccia interval @ 0.37 g/t Au, and several drill holes present magnetite bearing potassic alteration associated with elevated gold grades. To test the property under the new model a magnetic survey is to be undertaken, along with the extension of some soil lines and deeper drill holes.
- Argonaut Gold Inc. announced the first pour of gold at San Agustin, Durango, as scheduled. Impressive is the claim by the company of having had no lost time accidents during the 10 months construction period.
- Primero Mining Corp. informed that the expected ramp-up production following successful negotiations with unionized workers has been significantly delayed due to persistent issues with underground equipment reliability, which has impacted development rates and stoping activities. As a result the production guidance has been lowered to 75 K to 85 K Oz AuEq at total cash costs of between $800 and $900 per AuEq Oz and all-in sustaining cost (AISC) of $1,050 to $1,150 per Au Oz.
- Telson Resources Inc. has entered into a loan facility and offtake agreements with Trafigura Mexico, S.A. de C.V., to sell 100% of the lead and zinc concentrate produced at its Campo Morado mine in Guerrero. The US$5 M loan has a three-year term with a six-month grace period followed with 30 repayment installments. The loan facility matures on September 2010 and bears interest at rate equal to LIBOR (3M) plus 5%.
- McEwen Mining Inc. has entered into an agreement on a bought deal basis under which up to 9 M shares are to be purchased, for gross proceeds of $46.6 M, before deducting underwriting commissions and estimated offering expenses. If all the associated warrants are exercised before the two year expiration date aggregate proceeds are to reach US$74 M. (El Gallo, Sinaloa).
- Alamos Gold Inc. has secured amendments to its existing undrawn revolving credit facility, including an increase of the facility from US$150 M to US$400 M on more favourable terms (Mulatos, La Yaqui; Sonora).
ON RESOURCES AND DEVELOPMENT
- Americas Silver Corp. released an updated mineral reserve and resource estimate for its Cosalá operations in Sinaloa. Proven and probable mineral reserves stand at 4.0 M tonnes @ 100 g/t Ag, 0.02% Cu, 1.6% Pb, 3.9% Zn; Measures and indicated resources include 8.0 M tonnes @ 128 g/t Ag, 0.24% Cu, 0.5% Pb, 1.2% Zn; Inferred mineral resources include 4.1 M tonnes @ 147 g/t Ag, 0.33% Cu, 0.6% Pb, 1.0% Zn. The updated estimate reflects the drilling programs conducted at the property between January 2016 and the end of June 2017.
- Torex Gold Resources Inc. released high-grade intercepts in the step-out drilling to the NW of the current Sub-Sill resource area, at its El Limon-Guajes mine in Guerrero. Some highlighted core length intercepts comprise 19.3 m @ 41.4 g/t Au, 43 g/t Ag, 2.1% Cu; including 5.6 m @ 69.8 g/t Au, 57 g/t Ag, 1.7% Cu; 35.9 m @ 5.7 g/t Au, including 3.5 m @ 32.2 g/t Au and 3.5 m @ 14.1 g/t Au; 4.8 m @ 8.5 g/t Au, 20 g/t Ag, 1.2% Cu; 6.1 m @ 15.7 g/t Au. A 240 m step-out drill hole intercepted 3.6 m @ 11.6 g/t Au. These results confirm the potential for extending the current resource, already defined in an area of 250 m x 150 m. “The Sub-Sill area is located between the El Limon and El Limon Sur ore deposits and under the El Limon Sill. The Sub-Sill area occurs in the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite stocks, sills and dikes. Skarn-hosted gold mineralization is developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks”.
- Argonaut Gold Inc. provided updated pit-constrained mineral resource estimates for its El Castillo and La Colorada mines in Durango and Sonora respectively. At El Castillo measured and indicated resources stand at 63.97 M tonnes @ 0.36 g/t Au, and inferred resources at 1.57 M tonnes @ 0.36 g/t Au, for contained 751 K Oz Au and 18 K Oz Au respectively. At La Colorada indicated resources stand at 29.87 M tonnes @ 0.61 g/t Au, 10 g/t Ag and inferred resources of 1.24 M tonnes @ 0.80 g/t Au, 12 g/t Ag, for contained 596 K OZ Au, 9.9 M Oz Ag and 32 K Oz Au, 488 K Oz Ag respectively.
- Alio Gold Inc. received approval for its change of land use application from SEMARNAT on its Ana Paula project in Guerrero. A definitive feasibility study (DFS) was initiated on July 2017 and is expected to be completed on the second quarter of 2018. The Pre-feasibility study (PFS) contemplated $137 M in capital for construction of the mine, Alio has $64 M of cash on hand and is looking to raise between $90 and $100 M in project financing.
ON DEALS AND CORPORATE ISSUES
- Rose Petroleum PLC. Entered into a memorandum of understanding with Magellan Gold Corp. for transferring 100% interest on the San Dieguito de Arriba mill in Nayarit. Magellan is to pay Rose a total consideration of US$1.5 M, with US$1.0 M in cash and US$0.5 M in Magellan restricted common shares. Rose operated the mill for 10 years with ore from its Charay mine in Sinaloa. The company continues to hold the 3,954 has Tango property in Sinaloa, with permitting for drilling Cu-Mo porphyry targets and the Au-Ag vein structure.
- Alio Gold Inc. has approved the construction of a $16 M, 1,200 m long decline and exploration program at its Ana Paula project in Guerrero. The decline permitting has been approved by SEMARNAT, and mobilization of the contractor is expected to begin in October 2017. In about nine months, once the decline has reached its target, A 20,000 m underground drilling program with 80 holes is to test the high-grade mineralization below the planned pit.
- Primero Mining Corp. “continues to operate in a cash conservation mode as management works on possible alternatives to refinance or repay its upcoming debt obligation. The Company continues with negotiations on the potential sale of San Dimas or potential renegotiation of its silver stream. Primero had approximately $12 million in cash at August 31st and has fully-drawn its $75 million revolving credit facility (“RCF”). The Company expects to use the proceeds from Black Fox transaction to reduce its total debt position.” “Primero has recently received approximately $4.6 million in Mexican VAT refunds over two instalments in July and August, and is working closely with SAT to arrange for the remaining eligible outstanding VAT amounts totalling $32 million to be refunded in due course.”
- Soleil Capital Corp. signed a letter of intent (LOI) with Goldplay Exploration Ltd. to create a public TSX listed precious metals exploration company utilizing Goldplay’s exploration strategy and experience in the Rosario district, in Sinaloa. The resulting issuer will be named Goldplay Exploration Ltd.
- Goldgroup Mining Inc. states that the company was never notified of the court case where DynaResource Inc. was awarded US$48 M (See last week Highlights), and does not recognize any of the claims therein “and is of the belief that such claims are entirely without merit.”
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, high-grade gold milky quartz vein with pyrrothite in Chihuahua, near Batopilas. Photo by Jorge Cirett.
CALGARY, Sept. 21, 2017 /CNW/ – Soleil Capital Corp. (TSX.V: SOLE.P – the “Company” or “Soleil“), a capital pool company (a “CPC“), is pleased to announce it has entered into a letter of intent dated September 21, 2017 (the “LOI“) to enter into an arm’s length business combination transaction (the “Proposed Transaction“) with Goldplay Exploration Ltd. (“Goldplay“). Goldplay is a private mineral exploration company incorporated under the laws of British Columbia and active in gold exploration in the Rosario Gold District, Sinaloa, Mexico (the “Rosario District“).
The purpose of the Proposed Transaction is the creation of a public, TSX Venture Exchange-listed, Mexico-focused, precious metals exploration company utilizing Goldplay’s mineral exploration strategy and experience related to the Rosario District. The working capital of the combined entity (the “Resulting Issuer“), upon successful closing of the Proposed Transaction and the Concurrent Financing (as defined herein) will be approximately CDN$2,000,000, sufficient to support Goldplay’s current 12 month exploration strategy, and the ongoing evaluation of new opportunities.
Soleil intends that the Proposed Transaction will constitute its Qualifying Transaction, as such term is defined in the policies of the TSX Venture Exchange (the “Exchange“). Upon completion of the Proposed Transaction, the Company expects that the Resulting Issuer will be named Goldplay Exploration Ltd. and will be listed as a Tier 2 Mining Issuer on the Exchange.
Bacanora Minerals Ltd. has implemented a restricted share unit plan along with the grant of an aggregate of 1,192,277 restricted share units thereunder and the grant of an aggregate of 2,227,410 options to acquire common shares in the capital of Bacanora at a price of pounds sterling 0.80 (approximately $1.32) pursuant to the stock option plan of the company.
In order to further align the interests of the company’s senior executives, key employees, consultants and directors with those of the shareholders of the company, the board of directors has approved the implementation of the RSU Plan, subject to receipt of final approval by the TSX Venture Exchange and ratification by the company’s shareholders at the next annual meeting thereof. The TSX-V has granted conditional acceptance of the RSU Plan, subject to confirmation of shareholder ratification. Under the RSU Plan, eligible persons may (at the discretion of the board) be allocated a number of RSUs as the board deems appropriate, with vesting provisions also to be determined by the board, subject to a maximum vesting term of three years from the end of the calendar year in which RSUs were granted. Upon vesting, eligible participants shall be entitled to a cash payment equal to the number of RSUs granted, multiplied by the fair market value of the Company’s common shares on the redemption date. The company shall also have the option (at the discretion of the board) to settle amounts owing to eligible persons via the issuance of common shares of the company.
VANCOUVER, Sept. 15, 2017 /CNW/ – Leagold Mining Corporation (TSX:LMC) (OTCQX:LMCNF) (“Leagold” or the “Company”) is pleased to announce that, effective September 15, 2017, the Company’s common shares will commence trading on the OTCQX® Best Market in the United States, under the symbol “LMCNF”. Leagold’s common shares will continue to trade on the Toronto Stock Exchange under the symbol “LMC”.
DIEPPE, N.B., Sept. 7, 2017 /CNW/ – (CBI: TSX-V) – Colibri Resource Corp.(“Colibri” or the “Company”) is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement (see the Company’s news release dated August 29, 2017). The Company has issued 4,265,000 units at a price of $0.15 per Unit for gross proceeds of $639,750.00. Each unit consists of one common share and one warrant. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.25 per share for a period of 24 months following closing. The Units are subject to resale restrictions until January 7, 2018 under applicable securities legislation.
A CONFIRMED 70 per cent increase in zinc resource means Consolidated Zinc has moved significantly closer to achieving a million tonnes at the Plomosas Project in northern Mexico.
The revised high-grade JORC Resource of 968,000 tonnes at 15.9 per cent Zn+Pb for 154,000 tonnes of contained metal (see ASX release) remains open in almost all target zones.
“The increase in resource will underpin our plans to fast-track initial production for short-term cash flow,” Consolidated Zinc Managing Director Will Dix said.
“Combined with the outstanding metallurgical results from Tres Amigos, these results suggest there may be sufficient tonnage to support initial mining at Plomosas – and will form the basis of the Scoping Study.”