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

During the 24th week of the year (June 12th to June 18th, 2017), at least 19 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Mexican government released ground for staking for the first time in over two years. ON EXPLORATION, in Sonora Millrock and Centerra are to explore the Navidad project, while Canuc released information on the San Javier project. In Chihuahua VVC Exploration obtained a coveted drilling permit, and Harvest Gold disclosed high-grade rock sampling results from Cerro Cascaron. In Guanajuato, Vangold released results from an extensive rockchip program at its Pinguico property.  ON MINING, no relevant news . ON FINANCING, Southern Silver closed the first tranche of a placement, raising $2.5 M. ON RESOURCES AND DEVELOPMENT, Mexus Gold announced the arrival of a secondary crusher and the installation of an atomic absorption lab at its Santa Elena mine in Sonora. ON DEALS AND CORPORATE ISSUES, Millrock and Western Mining. Entered into an agreement for the purchase of the Navidad property in Sonora. Nyrstar and Telson completed the transaction on the Campo Morado mine sale in Guerrero. San Marco sold to Goldcorp the La Pinta 06 concession in Zacatecas. Discovery Metals is to buy from private owners the La Kika concession in Coahuila.

ON MEXICO ISSUES

  • The Direccin General de Regulación Minera released the first liberty announcement in more than two and a half years, to liberate ground for staking. The release includes 104 concessions that have been reduced in size, and a new title issued, 43 concessions relinquished by the concessionaires and 40 concessions cancelled by payment defaults. It is hoped the agency now can liberate ground on a steady manner (A bigger release was promised on October of 2015).

ON EXPLORATION

  • Millrock Resources Inc. and Centerra Gold Inc. are to explore the recently optioned (see below) La Navidad gold project in Sonora. The 25 K hectares project presents gold mineralization hosted by low-angle faults related to the Magdalena Core Complex, with a zone of faults traced over 2.2 Km and 300-600 m surface width. Historic drill intercepts include 13.2 m @ 2.09 g/t Au; 6.6 m @ 1.34 g/t Au; 3.3 m @ 2.03 g/t Au; 19.5 m @ 0.84 g/t Au; 14.9 m @ 0.66 g/t Au; 8.3 m @ 1.03 g/t Au.
  • Mammoth Resources Corp. released results from its surface channel sampling at its Tenoriba project in Chihuahua. At the Moreno zone 11.5 m (true width, or TW) were cut @ 0.64 g/t Au, while at Carnertios (3 km to the ENE) the samples returned 15.5 m @ 0.99 g/t Au and 7.0 m @ 1.28 g/t Au.
  • Canasil Resources Inc. informed that the last drilling campaign at its Esperanza project in Zacatecas extends the known well-mineralized envelope on the Esperanza vein over 400 m of strike length and 350 m of depth, open in all directions. Based on alteration in volcanic rocks and geophysics, Canasil has outlined a 5 km long target for further exploration, as well as the presence of four other untested veins.
  • VVC Exploration Corp. announced that the SEMARNAT (Environmental Agency) has approved the application for advanced exploration drilling at its Salamayuca copper project in Chihuahua. The program envisages core drilling in up to 53 locations at the site.
  • Canuc Resources Corp. released compiled information from work done by the Santa Rosa Silver Mining Corp. on the San Javier project in Sonora, subsequent to 2012. Mineralization appears as vein and vein-breccia zones 1 to 4.5 m in width, alteration zones associated to the margins of felsic to intermediate dykes and quartz-stockwork breccia zones than can be much wider. At Colorado, the silica clay alteration is at least 11 m wide, with 11.2 m returning 284 g/t Ag, while the Carranza zone locally attains 31 m in width, with 11 m returning 283 g/t Ag. Nine prospects are located on a 2.4 km long corridor.
  • Harvest Gold Corp. disclosed rock sampling results at Cerro Cascaron project in Chihuahua. At La Cascarita two samples returned 3 m @ 1,170 g/t Ag, 2.7 g/t Au, 1.0% Zn; 1.3 m @ 331 g/t Ag, 0.07 g/t Au, 1.6% Pb. A select sample from the Serpiente Dorada vein returned 826 g/t Au, and six other samples from the main vein field returned between 0.25 and 38.0 g/t Au.
  • Vangold Mining Corp. released exploration results from its El Pinguico project in Guanajuato. To date 452 rock samples have been collected from surface and underground locations, results include (no widths provided) 3.4 g/t Au, 450 g/t Ag; 3.8 g/t Au, 331 g/t Ag; 4.1 g/t Au, 354 g/t Ag; 12.6 g/t Au, 1,490 g/t Ag; 5.5 g/t Au, 403 g/t Ag; 4.6 g/t Au, 350 g/t Ag; 9.2 g/t Au, 63 g/t Ag; 13.9 g/t Au, 278 g/t Ag. The program confirms the El Pinguico/El Carmen vein extends to the south, connecting with the La Joya, La Joyita and El Pirul vein systems, extending mineralization 1.5 km from the midpoint of the property.

ON MINING

  • No Relevant News.

ON FINANCING

  • Southern Silver Corp. closed the first tranche of the previously reported brokered private placement, for gross proceeds of $2.5 M (Cerro Las Minitas, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. announced the arrival of a secondary crusher to its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora), and reported assays for samples near the Don Julio vein system, reporting results of 8.3; 0.7; 1.9; 5.8; 5.0 ; 1.1; 1.3 g/t Au. The atomic absorption machine has been installed.
  • Consolidated Zinc Ltd. announced that two more drill holes at its Plomosas mine in Chihuahua have intersected 1.75 m and 0.80 m of massive and semi-massive sulphide mineralization. Furthermore, 33 rock chip samples were collected over 150 m strike in underground workings, with massive and semi-massive sphalerite and galena mineralization in the Las Espadas area.

ON DEALS AND CORPORATE ISSUES

  • Millrock Resources Inc. entered into an option agreement to purchase La Navidad project from a private Mexican firm, Western Mining S.A. de C.V.. To complete the 100% interest purchase, 2.5 M in option payments to Western may be made over a four-year period. An initial payment of 125 K has been made. Three further option payments of 125 K each may be made at annual intervals. A final option payment of $2 M could be made to complete the purchase of the mineral rights. Through its agreement with Millrock, Centerra has the option to earn an 80% interest in La Navidad by funding all the financial obligations in the underlying agreement between Millrock and Western.
  • Nyrstar NV. Announced the completion of the sale of its Campo Morado mine in Guerrero to Telson Resources Inc. for a total cash consideration of USD 20 M, and the potential for additional future proceeds through a variable price agreement linked to production from the mine. The Campo Morado poly-metallic mine can process 2,500 tonnes per day, with the mining concessions covering over 12 thousand hectares. During 2014 the mine processed 657 k tonnes @ 1.2 g/t Au, 115 g/t Ag, 4.6% Zn, 1.2% Cu, 0.9% Pb.
  • San Marco Resources Inc. entered into an agreement to sell its La Pinta 06 concession in Zacatecas to Goldcorp Inc. for US$225 K and a 1% NSR.
  • Discovery Metals Corp. (formerly Ayubowan Capital Ltd.) entered into a mineral exploration and option agreement to acquire the La Kika concession in Coahuila from private vendors. On closing US $45 K are to be paid, and the company is to incur in not less than US $2 M in exploration expenditures, half of which is a firm commitment, and the issuance of an aggregated 1 M shares to the vendors. A 30% royalty on the operating profit of direct shipping operations (for the first 450 K tonnes), or a 2%  NSR otherwise.

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, setting up a geophysical survey in northeastern Chihuahua, circa year 2000. Photo by Jorge Cirett.

Janos1

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

During the 23rd week of the year (May 5th to June 11th, 2017), at least 25 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Mexican government owes more than US$360 M on tax returns to Canadian mining companies. ON EXPLORATION, in Sonora Riverside released assays from recent sampling at Cecilia; Colibri received drill results from its partner at the Pitaya property; and Millrock is to explore the Picacho project. In Chihuahua Sierra Metals released high-grade drilling results from a new structure at its Cusi property; Golden Goliath is to start a field program at San Timoteo and Harvest Gold is to begin a field program at the recently optioned Cerro Cascaron property. In Sinaloa Santana commenced an RC drill program at its Cuitaboca project. Defiance released results from the first hole of the season at the San Acacio property. In Jalisco Plata Latina announced an incoming drill program at Vaquerias.  ON MINING, Pan American Silver continues the expansion at La Colorada and Dolores mines in Zacatecas and Chihuahua. ON FINANCING, New Gold announced the redemption of $200 M in senior notes, and Agnico Eagle made a $9.76 M strategic investment in Candelaria. ON RESOURCES AND DEVELOPMENT, US Antimony started pilot production at Los Juarez pit in Queretaro, and Oceanus disclosed high grade intercepts from a step-out hole in El Tigre, Sonora. ON DEALS AND CORPORATE ISSUES, Endeavour Silver bought the Calicanto and Veta Grande properties from Arian Silver and Impact Silver respectively. Candelaria issued 4.6 M shares to Minera Apolo as partial payment for 65 concessions in Zacatecas, Durango and San Luis Potosi. Mexican Gold made a definitive agreement to acquire three important concessions within its Las Minas project in Veracruz. Millrock optioned El Picacho project in Sonora, and the property has now become a “designated project” under its alliance with Centerra.

ON MEXICO ISSUES

  • The Mexican government plays deaf on tax returns to Canadian companies. The SAT (IRS equivalent) holds more than US$360 M on tax returns to six Canadian mining companies, including US$230 M to Goldcorp, which declined to comment. Other affected companies include Torex Gold (US$66.5 M), Alamos Gold (US$26 M), Agnico Eagle (US$18 M) Endeavour Silver (US$15.6 M) and McEwen Mining (US$6.2 M). The issue was raised by the mining companies with Canada’s Minister of Natural Resources, Jim Carr, who contacted the Secretaria de Economia regarding the VAT tax returns. The matter is to be “investigated”.

ON EXPLORATION

  • Sierra Metals Inc. completed the first phase of systematic drill campaign on the Santa Rosa de Lima structure at its Cusi mine in Chihuahua. The drilling encompassed 36 holes in an approximate grid covering an area 1,000 m long by 400 m depth, with average true width and grade of 4.1 m @ 371 g/t AgEq. Intercepts include 12.0 m @ 757 g/t Ag; 1.8 m @ 709 g/t Ag; 2.0 m @ 1,152 g/t Ag; 3.5 m @ 414 g/t Ag; 3.2 m @ 1,034 g/t Ag; 4.3 m @ 690 g/t Ag; 11.0 m @ 575 g/t Ag. A 24 hole, 13,200 m definition drilling program is to be completed during June. The 12 km long Santa Rosa de Lima structure presents no hydrothermal alteration on the surface, and presents a NW-SE orientation that contrasts with the NE-SW orientation of the structures currently being mined in the district.
  • Santana Minerals Ltd. has commenced a reverse circulation (RC) drilling program at its Cuitaboca property in Sinaloa. The 16 hole, ~2,500 m RC program is to test the vertical and horizontal continuity of mineralisation across the Las Animas and Evangelina zones of the Mojardino prospect.
  • Riverside Resources Inc. released assay results from the first phase exploration program at its Cecilia project in Sonora. The company is targeting epithermal Au-Ag mineralization hosted by a felsic flow-dome complex. The sampling to date has concentrated at the North Breccia and Central zones, where 36% of the samples assayed more than 0.5 g/t Au. Rock sample results are up to 113.7 g/t Au, 288 g/t Ag; 58 g/t Au, 207 g/t Ag; 8.42 g/t Au, 88 g/t Ag. More than 20% of the samples assayed more than 200 g/t Ag, with the highest one returning 310 g/t Ag.
  • Golden Goliath Resources Ltd. is about to start the 2017 field program at its San Timoteo project in Chihuahua, which is deemed to expand “the Terraspec coverage and acquire and incorporate geological, geochemical and structural data from other workings to select specific drill targets in areas further away from the San Martin mine targets”.
  • Colibri Resource Corp. announced drill results received from its JV partner Agnico Eagle Mines Ltd. from its Pitaya property in Sonora, on which Agnico currently holds a 66% interest. Drill results cover 1,543 m in six holes, with drilling on going and further 4,700 m of drilling to be completed. Results include 5.4 m @ 0.5% Cu; 3.6 m @ 0.81 g/t Au; 1.1 m @ 2.2 g/t Au; 3.3 m @ 0.48 g/t Au; 6.4 m @ 0.32 g/t Au; 2.2 m @ 21 g/t Au, 57 g/t Ag; 1.0 m @ 0.48 g/t Au, 34 g/t Ag, 3.1% Cu; 7.0 m @ 0.5 g/t Au; 1 m @ 2.4 g/t Au; 7 m @ 0.36 g/t Au; 4 m @ 0.94 g/t Au.
  • Defiance Silver Corp. released results from the first hole of the ongoing drill program at the San Acacio project in Zacatecas. The drill hole targeted the Esperanza zone and intersected high grade silver, with 27 .03 m of hydrothermal breccia and veins assaying 203 g/t AgEq. The 27.03 m intercept @ 148 g/t Ag, 0.29 g/t Au, 0.1% Pb, 0.7% Zn includes 7.58 m @ 213 g/t Ag, 0.3% Zn; 5.00 m @ 231 g/t Ag, 0.51 g/t Au, 0.4% Pb, 1.7% Zn and 6.05 m @ 122 g/t Ag, 0.74 g/t Au, 1% Zn.
  • Millrock Resources Inc. is to explore the El Picacho project as a designated project on its strategic alliance with Centerra Gold Inc. in Sonora. The project is an orogenic gold target, where Jurassic rocks are juxtaposed in a thrust fault relationship with much older Precambrian age rocks, being located 18 km W-SW from Alio Gold’s San Francisco mine.
  • Harvest Gold Corp. is to start a first phase two-month field program on the recently optioned Cerro Cascaron project with a budget of $225 K, including the opening of two historic adits, detailed mapping, sampling and prospecting of the main vein field, La Cascarita, and the eastern extension across a river valley.
  • Plata Latina Minerals Corp. announced that Fresnillo PLC has initiated drilling at the Naranjillo property in Guanajuato, which it optioned from Plata Latina. The focus of the company is now the Vaquerias project, where previous drilling intersected up to 727 g/t Ag, 0.24 g/t Au over 0.55 m. Drilling is to re-initiate at Vaquerias, Jalisco, in late summer of 2017.

ON MINING

  • Pan American Silver Corp. is continuing with the expansion at its La Colorada and Dolores mines. At La Colorada (Zacatecas) the goal is to rise mine production to 1,800 tonnes per day (tpd) and 7.7 M Oz Ag and significant Pb and Zn. At Dolores (Chihuahua), the goal is to load 17.6 – 18 K tpd on the heap leach pads to obtain 4 – 4.5 M Oz Ag and 109.1 – 115 K Oz Au.

ON FINANCING

  • New Gold Inc. completed the previously announced redemption of its outstanding $300 M 7.0% senior notes due 2010. “The redemption was funded from the net proceeds of its recent issue of $300 million aggregate principal amount of 6.375% Senior Notes due in 2025 and cash on hand.” (San Pedro, San Luis Potosi).
  • Candelaria Mining Corp. announced that Agnico Eagle Mines Ltd. is making a strategic investment of $9.76 M in Candelaria. “Upon completion of the Private Placement, Agnico will own approximately 9.95% of the common shares of Candelaria.”

ON RESOURCES AND DEVELOPMENT

  • United States Antimony Corp. started pilot production from the Los Juarez pit at it Los Juarez property in Queretaro. Approximately 400 metric tons were trucked to the Puerto Blanco mill in Guanajuato. “The permit for a cyanide leach circuit for the Puerto Blanco mill tailings has been reviewed by SEMARNAT (Mexican equivalent of EPA), and USAC is changing the location and design of the tailings pond to comply with their request.”
  • Oceanus Resources Corp. reported a high grade drill intercept from a step-out hole at its El Tigre property in Sonora. The hole in the Protectora vein intersected 3.15 m @ 10.1 g/t Au, 1,991 g/t Ag, including 0.85 m @ 37.2 g/t Au, 7,339 g/t Ag, and a deeper intercept of 1.5 m @ 1,107 g/t Ag. “The mineralized zone consists of several vuggy quartz veins and veinlets carrying galena, sphalerite, chalcopyrite, stromeyerite and pyrite.” This hole is collared some 800 m North of the El Tigre mine, from where the unmined Protectora vein extends for 1,500 m to the North.

ON DEALS AND CORPORATE ISSUES

  • Endeavour Silver Corp. has acquired 100% interest in the Calicanto and Veta Grande properties in Zacatecas. Calicanto was bought from Arian Silver Corp. for US$400 K, is subject to a 3% royalty and covers five >1 km long veins, 1-3 m thick and grades of 100-300 g/t Ag, 1-3 g/t Au, 1-3% Pb+Zn. The Veta Grande property (10 concessions, 152 hectares) was bought from Impact Silver Corp. for US$500 K in shares, covering six Ag-Au-Pb-Zn veins and 14 hectares of surface land on which an idle 200 tpd processing plant is located.
  • Candelaria Mining Corp. announced that it issued 4.6 M shares to Minera Apolo S.A. de C.V., meeting the obligations required to complete the acquisition of 60% of the shares of Minera Apolo. Candelaria holds a right of first refusal to purchase the remaining 40% of the shares of Minera Apolo, which are currently held by four individuals resident in Mexico. Minera Apolo holds 65 claims over 20,475 has in the states of Zacatecas, Durango and San Luis Potosi, including properties in the Pinos district, Lucifer, Km66, Guadalcazar, Cascabel, El Gato and the Noria tailings.
  • Mexican Gold Corp. entered into a definitive purchase and sale agreement to acquire 100% interest in the Pepe, Pepe Tres and San Jose concessions at its Las Minas project. The concessions form the core of the Las Minas property, encompassing six strongly mineralized zones. The agreement states a $433 K payment (plus VAT) upon execution, six monthly equal payments of $22 K (plus VAT) commencing on December 2017 and a final payment of $867 K (plus VAT) on December 2018. The vendors retain a 1.5% NSR, of which one third can be bought by US$500 K, with Mexican Gold having the right of first refusal on the rest.
  • Millrock Resources Inc. entered an option agreement to purchase the El Picacho project in Sonora. The project was identified to Centerra Gold Inc. by Millrock, and it is now to become a “designated project” under the strategic alliance between the companies. An initial payment of US$21,375 has been made on the US$1.723 M option payments due over a four year period. “Seven equal option payments of US$21,375 will be due at six-month intervals. A final option payment of US$1,552,000 would be made to complete the purchase of the mineral rights.”
  • Evrim Resources Corp. optioned its Cerro Cascaron project in Chihuahua to Harvest Gold Corp., which will have the right to earn up to 80% interest. Under the agreement Harvest can earn 70% by investing $6 M in the property, making a 900 K payment and issuing 2 M shares to Evrim over a four year period. Harvest can earn an additional 10% by paying $200 K (or 200 K shares, Evrim’s election), fund a 43-101 compliant feasibility study (FS) and make further $2 M expenditures.

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

Winding dirt road in the Sierra Madre, at Cañada del Güerachi, Chihuahua. Photo by Jorge Cirett.

DSCN7022 - copia Detail Extractor

Esto le debe el SAT a mineras canadienses

http://www.elfinanciero.com.mx/empresas/este-es-el-monto-que-el-sat-le-debe-a-mineras-canadienses.html

Goldcorp, McEwen Mining y Alamos Gold son algunas de las mineras canadienses a las que el órgano tributario no les ha devuelto impuestos, por lo que funcionarios de ese país presionan a México para que solucione el problema.

El Servicio de Administración Tributaria (SAT) retiene más de 360 millones de dólares en devoluciones de impuestos a seis mineras canadienses, incluyendo 230 millones de dólares a Goldcorp, según fuentes y documentos oficiales vistos por Reuters, un hecho que eleva la tensión entre el gobierno y las firmas que operan en el país.

En una serie de reuniones, funcionarios canadienses han presionado a México para que solucione el problema, que afecta la capacidad de inversión en operaciones y es particularmente difícil para las mineras y exploradores más pequeños con escasez de efectivo, dijeron personas familiarizadas con el asunto.

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

During the 22nd week of the year (May 28th to June 4th, 2017), at least 25 press releases were announced by companies working in Mexico. ON EXPLORATION, in Sonora Canuc signed an agreement with the San Javier ejido, Riverside regained control of the Thor copper project and San Marco Resources started drilling the Chunibas project. Prospero Silver is to drill test its Santa Maria project in Durango and the Petate and Pachuca Southeast projects in Hidalgo. Vangold is acquiring three properties in Guanajuato and Queretaro. Kootenay completed three holes at La Cigarra in Chihuahua. Mexican Gold is obtaining high grade gold results on the recently acquired properties in Las Minas, Veracruz.  ON MINING, Santacruz, Impact and Marlin reported Q1 2017 operating and financial results. Starcore presented Q4 2017. Great Panther commissioned the refurbished processing plant at Topia, in Durango. Mexus has a new crusher for its Santa Elena mine in Sonora. ON FINANCING, Osisko invested $3.3 M in Minera Alamos, Sonoro received the balance of the $4 M for the sale of La Chipriona in Sonora, and Torex signed a secured $400 M debt facility. ON RESOURCES AND DEVELOPMENT, Avino filed the PEA of its Avino property at SEDAR. Americas Silver is confirming and extending mineralization at its Cosala property in Sinaloa. Consolidated Zinc presented the over-limits results from drilling at Plomosas, Chihuahua. ON DEALS AND CORPORATE ISSUES, Vangold is acquiring seven claims in Guanajuato and Queretaro. Magellan made an extension payment on a MOU to acquire a flotation plant in Nayarit.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Canuc Resources Corp. announced the signing of a surface use agreement with the San Javier ejido at its San Javier project in Sonora. “The Agreement calls for exploration on 300 hectares of land and also provides binding terms for exploitation (mining) on an area of up to 1,000 hectares. The Agreement requires Canuc to pay $35,000 USD per year during exploration activities and up to $135,000 USD per year during the exploitation phase. The Agreement is binding and has a 25 year term with an additional 5 years provided under Agrarian Laws.”
  • Prospero Silver Corp. has appointed a drilling contractor for its 6,000 m program in late June, which is to cover three projects: Santa Maria del Oro, in Durango; Petate in Hidalgo; and Pachuca Southeast in Hidalgo.
  • Vangold Mining Corp. has entered into agreements to acquire seven mining claims that cover the Patitos, Analy and El Ruso prospects in Guanajuato and Queretaro. The sevcen claims totaling 2,798 hectares have high grade assay results on sampling by the vendors.
  • Kootenay Silver Inc. has completed the first three holes of a 7,500 m core drilling campaign at its La Cigarra property in Chihuahua. Drilling continues on the eastern part of Las Venadas zone, which currently is 400 x 200 m in size. Rock sample results have grade up to 482 g/t Ag in this area.
  • Mexican Gold Corp. reported rock sampling results on its recently acquired Pueblo Nuevo concession adjacent to its Las Minas project in Veracruz. The sampling was carried out on the Tamiagua 1 and 2 veins and on the Dos Rios vein. Results include 0.25 m @ 24.8 g/t Au, 0.22 m @ 23.4 g/t Au; 0.25 m @ 9.5 g/t Au; 0.2 m @ 13.5 g/t Au; 0.5 m @ 5.9 g/t Au; 0.4 m @ 4.9 g/t Au; 0.2 m @ 13.7 g/t Au; 0.2 m @ 13.6 g/t Au.
  • Riverside Resources Inc. has regained 100% interest on the Thor copper project in Sonora, as the company’s joint-venture partner Antofagasta PLC has elected not to continue with the required investment to advance the property. The first four diamond holes in the property confirmed the concept, with three intersecting quartz-sericite-pyrite stockworks.
  • San Marco Resources Inc. has started diamond drilling at its Chunibas project in Sonora, aiming to confirm high grade mineralization within shear veins and test the presence of broad haloes of lower grade Au-Ag within sericite-Fe carbonate altered wall rocks. The drill holes are to probe three targets over 1.5 Km of strike length.

ON MINING

  • Santacruz Silver Mining Inc. reported its Q1 operating and financial results for 2017. At Rosario in San Luis Potosi, 18,723 tonnes were processed @ 66 g/t Ag (226 g/t AgEq) with a silver recovery of 86%, to produce 34.5 K ounces Ag, 195 Oz Au, 45 tonnes Pb, 382 tonnes Zn. At Veta Grande in Zacatecas 26.7 K tonnes were processed @ 117 g/t Ag (209 g/t AgEq) with a silver recovery of 57% to produce 57.6 K Oz Ag, 131 Oz Au, 99 tonnes Pb, 177 tonnes Zn. Cash cost per AgEq Oz was $19.55 and AISC per AgEq Oz was $24.56. The Rosario mill in San Luis Potosi is to work during the next few months with ore from the Membrillo vein (optioned from Grupo Mexico), The Cinco Estrellas property and the Rosario mine. At Veta Grande, Zacatecas, the mill is to be fed by the Chorros, Veta Grande and the Garcia mines.
  • Starcore International Mines Ltd. presented production results for the fourth quarter 2017, period during which 65.8 K tonnes of ore were milled at its San Martin mine in Queretaro, during the first quarter 2017. The average grade was 1.82 g/t Au, 13.5 g/t Ag, with recoveries of 81.9% and 49.7% for gold and silver respectively, to produce 3,365 AuEq Oz.
  • Impact Silver Corp. released financial and production results for the first quarter 2017. The Guadalupe mill was fed ore from the San Ramon Deeps, Cuchara and Mirasol mines at its Zacualpan property in Estado de Mexico. The average mill feed was 177 g/t Ag, producing 230.3 K Oz Ag, while ore production stood at 542 tonnes per day (tpd). The cash position at the end of the quarter was $7.6 M.
  • Marlin Gold Ltd. announced financial results for the first quarter 2017. During the period the company had revenues of $32.6 M, producing 15,556 Oz Au and selling 20,401 Oz Au. Cash and finished gold amount to $5.8 M.
  • Great Panther Silver Ltd. completed the commissioning phase of the refurbished processing plant at its Topia mine, in Durango. The plant is now operating at planned capacity. The company continues to work with the government on the permitting of the phase II tailings storage facility. Run of mine ore is now being processed along with the stockpiled ore.
  • Mexus Gold US. Received a jaw crusher for its Santa Elena mine in Sonora (not to confuse with First Majestic’s Santa Elena mine, also in Sonora). The company intends increase its mining rate to 10,000 tonnes per day.

ON FINANCING

  • Minera Alamos Inc. announced Osisko Gold Royalties Ltd. has purchased on a private placement basis Minera Alamos shares for gross proceeds of $3.3 M. Osisko now owns 19.9 % of Minera Alamos shares. An additional private placement has been announced, same that is intended to raise up to $3.5 M in gross proceeds (La Fortuna, Durango).
  • Sonoro Metals Corp. has received the balance of the $4 M proceeds from Agnico Eagle Mines Ltd., for the sale of the Chipriona project in Sonora. Sonoro has now no further interest in the Chipriona concessions, save for the retention of a 1% NSR, same that can be purchased for $1.5 M.
  • Torex Gold Resources Corp. announced the signing of a binding commitment letter with various lenders in connection with a secured US$400 M debt facility. The Loan facility will be available by way of a US$300 M term loan and a US$310 M revolving loan facility (El Limon-Los Guajes, Guerrero)

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. has filed the technical report on the Avino property (in Durango) with SEDAR. The report covers the preliminary economic assessment for the re-treating of the Avino mine tailings, including the resource estimates up to the end of 2016.
  • Americas Silver Corp. reported that infill drilling at its Cosalá operations in Sinaloa confirmed the San Rafael Main Zone model, with mineralization extending for further 350 m. Drilling has started at Los Manueles zone.
  • Consolidated Zinc Ltd. confirmed the final assay results of the high grade Zn and Pb mineralization on the initial six holes on the Tres Amigos target at its Plomosas property in Chihuahua. The intervals with over-limits in Zn returned 1.5 m @ 26.3% Zn, 0.6% Pb, 52 g/t Ag; 1.85 m @ 32.6 % Zn, 0.3% Pb, 3 g/t Ag.

ON DEALS AND CORPORATE ISSUES

  • Vangold Mining Corp. has entered into agreements to acquire seven mining claims totaling 2,798 hectares in Guanajuato and Queretaro. A 100% interest on the claims is to be acquired for an aggregate C$10 K and 3,375,000 Vangold shares, with the vendors keeping a 2.5% net smelter return, of which half can be re-purchased for C$500 K.
  • Magellan Gold Corp. has made a further $100 K option payment for a 60 day extension on its memorandum of understanding (MOU) with Rose Petroleum PLC. The MOU gives Magellan the right to purchase an operating flotation plant in Nayarit for a total consideration of $1.5 M. The $100 extension payment will be credited against the purchase price if the transaction closes.

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

On the center of the picture below, a felsic dike protruding from the lower volcanic group andesites on the Cañada del Güerachi in Chihuahua. The ignimbrites of the upper volcanic group rest on top of the andesites. Photo by Jorge Cirett.

Guerachi

Wealth Announces USD 15 Million Private Placement and Initial Application to Oslo Stock Exchange

http://www.wealthminerals.com/news/2017/06/02/wealth-announces-usd-15-million-private-placement-and-initial-application-to-oslo-stock-exchange

FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces a private placement of common shares of the Company (the “Shares”) for gross proceeds of up to USD 15 million (the “Placement”) at the price of CAD 1.50 per Share.

The Placement will consist of a brokered portion in the amount of up to USD 10 million and a non-brokered portion in the amount of up to USD 5 million. Advisory fees and/or finder’s fees will be payable on the Placement. Wealth has formed a consortium of Norwegian investment banks to conduct the brokered portion of the Placement.

All Shares issued in the Placement will have a hold period in Canada of four months from the closing of the Placement. All Shares issued in the non-brokered portion of the Placement are expected to be listed on the Oslo OTC or Merkur Market operated by the Oslo Stock Exchange.

The completion of the Placement is subject to the customary conditions, including, receipt of the requisite corporate and regulatory approvals, completion of due diligence by the agents in connection with the brokered portion of the Placement, and acceptance for filing of the Placement by the TSX Venture Exchange.

Highlights on the Fourth Week of May, 2017. Mineral Exploration in Mexico

During the 21st week of the year (May 22nd to May 28th, 2017), at least 25 press releases were announced by companies working in Mexico. ON EXPLORATION, Zenith announced sample results from its brine project in Zacatecas. The bulk of exploration press releases relate to work in Sonora, with San Marco commencing exploration of the Oregano project, Minaurum identifying two new structures at its Alamos Silver project (formerly La Quintera), Goldex presenting the exploration status of the Mingeo project, Oceanus presenting drilling results from El Tigre and Alix announcing metallurgical results for its Agua Fria project.  ON MINING, An illegal strike and union blockade paralyzed operations at First Majestic’s La Encantada mine in Coahuila, Fortuna Silver presented financial results for Q1 2017 and Torex reported a fatal accident at its Limon-Guajes mine in Guerrero. ON FINANCING, five companies announced some form of financing, with Evrim closing a private placement for $4.3 M, Arian raising £600 K, West Minster $678 K and Mexican Gold 1.8 M, Bacanora signing a subscription agreement for US$9.6 M and Coeur ending the purchase of 2021 tender notes for $117.9 M. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc has defined new geophysical targets in Plomosas, Chihuahua, Marlin released high grade results from drilling within the pit area in La Trinidad mine in Sinaloa and Almadex Mnerals reported new drill results from El Cobre in Veracruz. ON DEALS AND CORPORATE ISSUES, Goldex entered into a LOI to acquire the Mingeo property in Sonora.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Zenith Minerals Ltd. has released high grade lithium results from its Zacatecas brine project. Lithium is up to 1,046 ppm on the San Juan lagoon, where a 4 km x 2 km zone with sediment samples over 100 ppm was defined. A passive seismic survey confirmed the presence of a sedimentary basin beneath the surface salt lakes, with a layer 50 to 70 m thick recognized through the area and a yet unconfirmed deeper layer at 150-180 m of depth. A reservoir of brine has to exist to advance the project, with the next exploration steps involving an electrical based geophysical survey followed by drilling.
  • San Marco Resources Inc. commenced exploration at its Oregano project in Sonora. Within the 73 K hectares concession application there is a set of quartz veins interpreted as the shallow part of an epithermal system, with true widths of the veins appearing to be in the 5 to 15 m range. Vein textures include lattice, bladed and cockade features, with quartz varieties including chalcedony, opaline, silica replacing calcite and cryptocrystalline. Initial continuous diamond saw cut channel sampling has returned 23.5 m @ 0.33 g/t Au, 9 g/t Ag; 14.3 m @ 0.31 g/t Au, 5 g/t Ag; 31.4 m @ 0.12 g/t Au, 15 g/t Ag; 16.6 m @ 0.12 g/t Au, 10 g/t Ag.
  • Minaurum Gold Inc. identified two new well mineralized vein systems at its Alamos Silver project (La Quintera). The Europa-Palomas and El Tigre veins lie in a down-faulted block, and their structural model indicates a high level system. The Europa-Palomas vein system can be traced for 1.4 km, with Chips and dumps sampling returning up to 1,085 g/t Ag, 1.3% Cu, 3.1% Pb, 5.3% Zn. The El Tigre vein has been mapped for over 800 m, and chip sampling has returned up to 438 g/t Ag, 0.3% Cu, 1.6% Pb, 11.5% Zn.
  • Goldex Resources Corp. presented the exploration status of the Mingeo property, which it has under a letter of intent (LOI). The property “lies within the carbonate rocks of the Mural or Morita Formation Cretaceous siltstones and Paleozoic carbonate sedimentary rocks of the Sonoran Bisbee-Cananea rift basin. One of the main mineralized structures consists of a low angle dipping quartz epithermal vein/manto with approximately 15° to 20° dip to the NE and a thickness that ranges from 0.50 to approximately 3 metres. Mineralization has been observed to comprise medium grained disseminated pyrite, arsenopyrite, minor chalcopyrite and rare galena”.
  • Oceanus Resources Corp. reported recent drilling assay results from its El Tigre property in Sonora: 67.6 m @ 1.24 g/t Au, 19 g/t Ag (including 23.4 m @ 2.77 g/t Au, 40 g/t Ag); 37.7 m @ 0.62 g/t Au, 12 g/t Ag; 9.0 m @ 0.18 g/t Au, 125 g/t Ag.
  • Alix Resources Corp. announced metallurgical results from lithium bearing clays at its Agua Fria project in Sonora. The acid leach process achieved 99% extraction over four hours with no roasting or expensive reagents required.

ON MINING

  • First Majestic Silver Corp. announced “that a rogue group of union workers have halted activities and blocked the access at the La Encantada mine in Coahuila. The illegal blockade arose after some of the unionized individuals did not agree with the bonus that the company and the National Union of Miners, Metallurgists, Steelworkers and Similar Workers of Mexico (National Union), agreed to offer the miners in lieu of profit sharing.”
  • Fortuna Silver Mines Inc. reported financial results for the first quarter 2017. At San Jose in Oaxaca 267.3 K tonnes were milled (3,108 tonnes per day, or TPD) @ 226 g/t Ag, 1.67 g/t Au, recovering 92% and 91% respectively to produce 1.79 M Oz Ag, 13,116 Oz Au at cash cost $1.35 and AISC $6.61 per silver ounce net of by-product credits. Cash and cash equivalents stood at 191.2 M at the end of the period.
  • Torex Gold Resources Inc. reported a fatal accident at its El Limon-Guajes mine in Guerrero. An employee of a contractor was fatally injured when its truck rolled down a berm on El Limon Sur pit.

ON FINANCING

  • Evrim Resources Corp. has closed its private placement for gross proceeds of $4.3 M (Ermitaño, Sonora; Cerro Cascaron, Chihuahua).
  • Bacanora Minerals Ltd. has entered into a subscription agreement with Capital Research and Management Co. under which Capital will subscribe Bacanora shares for US$9.6 M (Sonora, Lithium project, Sonora).
  • Coeur Mining Inc. announced the expiration date of the previously announced cash tender offer to purchase its 7.85% senior notes due 2021, with $117.9 M of the notes validly tendered, or 66.2% of the 2021 outstanding notes (Palmarejo, Chihuahua).
  • Arian Silver Corp. has raised £600 K before expenses (lithium properties, Zacatecas).
  • Westminster Resources Ltd. closed the first tranche of a private placement, raising gross proceeds of $978 K, and expects to close a second tranche of up to an additional $462 K (El Cobre, Sonora).
  • Mexican Gold Corp. closed a non-brokered private placement for gross proceeds of 1.8 M (Las Minas, Veracruz)

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. has defined new geophysical targets by reprocessing the magnetic and gravity data collected during the 2016 survey on its Plomosas project in Chihuahua. One of the main points is the interpretation of an intrusive body at depth that could explain the origins of mineralization in the Plomosas mine area. Geochemical vectoring is also being evaluated to assist in determining the presence of such intrusive body.
  • Marlin Gold Mining Ltd. released high grade drill results from the south part of the Taunas pit on its Trinidad mine in Sinaloa. Intercepts include 63.35 m @ 7.57 g/t Au (including 10.0 m @ 29.3 g/t Au); 11.90 m @ 2.53 g/t Au; 10.0 m @ 1.12 g/t Au.
  • Almadex Minerals Ltd. released assay results from drilling at the Norte zone in its El Cobre project in Veracruz. Intercepts results comprise 45.0 m @ 0.65 g/t Au, 0.28% Cu in one hole, and 378 m @ 0.65 g/t Au, 0.28% Cu (including 74.8 m @ 0.65 g/t Au, 0.25% Cu; 28.6 m @ 1.31 g/t Au, 0.57% Cu; 96 m @ 0.76 g/t Au, 0.28% Cu; 59.4 m @ 0.95 g/t Au, 0.33% Cu) in another hole.

ON DEALS AND CORPORATE ISSUES

  • Goldex Resources Corp. has entered into a Letter of Intent (LOI) for an option to acquire a 51% interest in the Mingeo property with Mingeo International S.A. de C.V. by spending US$500 K by April 2020, and another US$500 K by 2022. The Property consists of six concessions totaling approximately 1947 hectares and is located within the major porphyry belt of Sonora.

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, irregular oxidized sulfide veining in a felsic volcanic rock, Central Chiapas. Photo by Jorge Cirett.

Oxidized sulfide veinlet, La Javia SE, 2m from sample 18595

Coeur Mining, Inc. Announces Expiration of Tender Offer for its Outstanding 7.875% Senior Notes Due 2021

http://investors.coeur.com/Cache/1500100134.PDF?Y=&O=PDF&D=&FID=1500100134&T=&IID=4349317

Chicago, Illinois – May 25, 2017 – Coeur Mining, Inc. (NYSE: CDE) (the “Company”) announced today that its previously announced cash tender offer (the “Tender Offer”) to purchase any and all of its 7.875% senior notes due 2021 (the “2021 Notes”) expired at 5:00 p.m., New York City time, on May 25, 2017 (the “Expiration Time”). As of the Expiration Time, $117,946,000 aggregate principal amount of the 2021 Notes (or 66.26% of the total aggregate principal amount of the 2021 Notes outstanding) were validly tendered, which excludes $282,000 aggregate principal amount of the 2021 Notes (or 0.16% of the total aggregate principal amount of the 2021 Notes outstanding) that remain subject to the guaranteed delivery procedures set forth in the Company’s Offer to Purchase, dated May 19, 2017 (the “Offer to Purchase”). The Company expects to accept for payment all such 2021 Notes validly tendered and not validly withdrawn in the Tender Offer and expects to make payment for the 2021 Notes on May 31, 2017, subject to the closing of the Company’s previously announced debt financing transaction and the satisfaction or waiver by the Company of the other conditions listed in the Offer to Purchase. Following the consummation of the Tender Offer, the Company intends to redeem any 2021 Notes not validly tendered and purchased in the Tender Offer, at a redemption price equal to 103.938% of the principal amount redeemed, plus any accrued and unpaid interest to the redemption date.

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

During the 20th week of the year (May 15th to May 21st, 2017), at least 27 press releases were announced by companies working in Mexico. ON EXPLORATION, In Chihuahua Kootenay has begun drilling at La Cigarra, whereas Levon started drilling at Cordero. In Zacatecas Alset has sent the first drill samples for assay and Defiance commenced a drill program at San Acacio. In Veracruz Mexican Gold announced one high grade gold drill intercept  at Las Minas.  ON MINING, Fortuna presented financial results 2016. Mexus keeps advancing to production at Santa Elena in Sonora. ON FINANCING, three companies announced private placements, or increased placements for $7.8 M. One company completed and offering to reduce paid interest on outstanding notes for 300 M. ON RESOURCES AND DEVELOPMENT, Alio announced a PFS on its Ana Paula project in Guerrero, while Almaden Minerals presented a PFS, on Ixtaca, in Puebla. Consolidated Zinc continues drilling to get a resource on its Plomosas mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, SilverCrest Metals began trading at the OTCQX® Best Market, Fortuna is getting up to date with its SEC filings, Mexican Gold has bought two more concessions at its Las Minas project in Veracruz and Colibri received confirmation that it is to resume trading on May 18th.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Kootenay Silver Inc. has initiated a 7,500 m drill program at its La Cigarra project in Chihuahua. The program is to focus on the expansion of the current mineral resource by first targeting an 800 m expanse between Las Venadas and Las Carolinas zones.
  • Levon Resources Ltd. starts a 5,000 m core drilling campaign at its Cordero project in Chihuahua. The holes are being drilled in the Cordero felsic dome complex in the central portion of the resource, looking for better grades near the surface.
  • Alset Minerals Corp. has completed one drill hole and five auger holes at La Salada, the first of seven salars to be drilled in Zacatecas. Soil and brine samples were collected and sent for assay.
  • Mexican Gold Corp. announced that step-out drilling at the Cinco Señores zone, in its Las Minas project in Durango, has indicated a potential parallel mineralized zone. One hole intersected 2.0 m @ 10.8 g/t Au, 42 g/t Ag, 2.8% Cu.
  • Defiance Silver Corp. commenced a drill program at its San Acacio property in Zacatecas, with the aim to expand the current deposit. Previous drilling at Esperanza intersected 12.7 m grading 297 g/t AgEq, and at Almaden 8.3 m @ 278 AgEq. A third target to be tested is the Quartz-Pyrite Breccia. Previous drilling includes intercepts of 17.0 m @ 110 g/t Ag, 0.1 g/t Au (including 8.1 m @ 222 g/t Ag, 0.2 g/t Au); 16.7 m @ 101 g/t Ag, 0.75 g/t Au (including 3.2 m @ 419 g/t Ag, 0.8 g/t Au); 10.1 m @ 100 g/t Ag, 0.56 g/t Au. These intercepts display lead and zinc values of up to 1.9% and 4.6% respectively.

ON MINING

  • Fortuna Silver Mines Ltd. presented full year 2016 financial results, with a net income of $17.8 M on revenue of $213 M. At San Jose in Oaxaca 273 K tonnes were milled (3,103 tonnes per day, TPD) @ 225 g/t Ag, 1.69 g/t Au, recovering 92% Ag, 92% Au, to produce 1.82 M Oz Ag, 13,660 Oz Au at cash cost $1.85 and all-in sustaining cost $6.73 per silver ounce, net of by-product Au credits.
  • Mexus Gold US. has completed two holding ponds and a heap leach pad, commenced a cyanide drip system on the heap and started the Merryl Crowe recovery system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). Smelting the first 250 pounds of precipitate is the next step to be accomplished in May.

ON FINANCING

  • Geologix Explorations Inc. intends to carry a private placement for proceeds of up to $1 M (Tepal, Michoacan).
  • Mexican Gold Corp. announced an increase on its private placement, from $1.5 M to $1.8 M (Las Minas, Veracruz).
  • New Gold Inc. announced that it has completed its offering of $300 million aggregate principal amount of 6.375% Senior Notes due 2025, intending to use the net proceeds to fund the redemption of its outstanding $300 million 7.00% Senior Notes due 2020 on or about June 3, 2017.
  • Southern Silver Exploration Corp. announced a private non-brokered placement intended to raise $5 M (Cerro Las Minitas, Durango).
  • Fortuna Silver Mines Ltd. announced that “The Company will not be proceeding with the brokered private placement announced on April 4, 2017 and April 27, 2017”.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. announced the pre-feasibility study (PFS) results on its Ana Paula project in Guerrero. The report defines 13.4 M tonnes @ 2.36 g/t Au as proven and probable mineral reserves, containing 1.02 M Oz Au. The scope of the PFS involves an open-pit with a mine life of 7.5 years to produce 868 K Oz Au on an 85% recovery rate. A capital cost of $137.2 M and an NPV of $223 M and IRR of 34% after tax at $1,250/oz Au. “Mineralization occurs in the complex breccia, granodiorite, monolithic breccia, hornfels and limestoneshale. The bulk of the high grade mineralization at Ana Paula is centered on the complex breccia domain which is surrounded by a high-grade mineralized halo, mainly granodiorite. “
  • Almaden Minerals Ltd. has filed the pre-feasibility study (PFS) on its Ixtaca project in Puebla.
  • Consolidated Zinc Ltd. is drilling to determine the full scope and geometry of the Carola South and Tres Amigos zones, both with high-grade zinc recent results, as both areas are to be included in the upcoming resource update.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc. has begun trading on the OTCQX® Best Market under its existing ticker symbol “SVCMF”, operated by OTC Markets Group, providing a better platform to reach U.S. investors (Las Chispas, Sonora).
  • Fortuna Silver Mines Inc. has filed its 2016 annual financial documents, complying with SEC requirements. The company still has to file the Q1 2017 financial statements, and is planning to comply by May 24th, 2017.
  • Mexican Gold Corp. Acquired two mining concessions at its Las Minas project in Veracruz. The company paid $150 K plus VAT for 100% interest on the properties, while the previous private owner is to retain 1.5% NSR, of which 0.5% can be purchased by $500 K. The Pueblo Nuevo concession covers 97.5 has with several historical underground mines, including one with 21 levels. The veins in marble and diorite are 100 to 300 m in length, and 0.50 to 3.0 m in width. Of three samples collected, one returned 11.99 g/t Au, 41 g/t Ag, 1.3% Cu over 1 m and one other 0.2 m @ 28 g/t Au, 14 g/t Ag. The 43 hectares La Luz concession covers an area prospective for skarn mineralization akin to the adjacent Las Minas area.
  • Colibri Resources Corp. has received confirmation from the TSX Venture Exchange that its shares will resume trading on May 18th.

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, incipient brecciation sealed by oxidized sulfide in a volcanic rock, Central Chiapas. Photo by Jorge Cirett.

Breccia, La Javia SE 2

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

During the 19th week of the year (May 8th to May 14th, 2017), at least 31 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Mexico was in 2016 the major producer of silver in the world for the seventh year in a row. ON EXPLORATION, In Sonora Riverside Resources initiated exploration on its Cecilia project and SilverCrest reported the discovery of a new high-grade silver vein at its Las Chispas project. Arian Silver presented lithium results from its projects in Zacatecas.  ON MINING, Eleven companies presented first quarter 2017 financial results: Hecla, Golden Minerals, Pan American, Excellon, GoGold, Premier Gold, Avino, Americas Silver, Sierra Metals, Aura Minerals and Mag Silver. ON FINANCING, Only one company, Alset Minerals, presented a press release relating to a $369 K financing round. ON RESOURCES AND DEVELOPMENT, Avino Silver presented an update in exploration and the expansion project on the process facilities, and a PEA on the tailings project. Hecla presented an update on exploration activities at San Sebastian. Argonaut presented an exploration update on its recently acquired property adjacent to El Castillo mine. Candelaria presented an updated technical report on the Caballo Blanco property. Consolidated Zinc presented more high-grade zinc results from Plomosas, and Timmins/Alio presented an optimization plan on the San Francisco mine. ON DEALS AND CORPORATE ISSUES, Red Tiger received failure-to-file cease trade orders from the Ontario securities Commission. Prospero closed a deal with Fortuna for $1.5 M. Mexico Gold closed a debt with shares. Timmins Gold is now formally Alio Gold.

ON MEXICO ISSUES

  • Mexico kept during 2016 the title as the major silver producer of the world for the seventh year in a row, producing 182.6 M Oz, even with a small drop in production relative to 2015. For this year the Mexican production is expected to rise by 2.5 M Oz of silver, aided by the production of the San Julian and Palmarejo mines in Chihuahua. On a world basis the silver production fell by 32.6 M Oz, or 0.6%, to 885.8 M Oz.

ON EXPLORATION

  • Riverside Resources Inc. has initiated an extensive rock-chip sampling campaign at its Cecila project in Sonora, with the aim of increasing the extent of the known zones of gold mineralization. Surface access agreements are in place.
  • Arian Silver Corp. reported assay results from sampling from its three recently optioned lithium properties in Zacatecas. Results are up to 120 ppm Li at Columpio, 88 ppm Li at Pozo Hondo and 158 ppm Li at La Abundancia.
  • SilverCrest Metals Inc. discovered an unmined high grade vein immediately adjacent to Las Chis0pas main vein. The new vein has been named Giovvani, appears to be continuous for 400 to 500 m and 150 to 200 m along dip, averaging 2.0 m in thickness. Giovvani vein intercepts include 1.0 m @ 0.05 g/t Au, 306 g/t Ag; 2.3 m @ 0.7 g/t Au, 125 g/t Ag; 2.1 m @ 1.7 g/t Au, 215 g/t Ag; 2.1 m @ 3.4 g/t Au; 330 g/t Ag (including 0.6 m @ 10.8 g/t Au, 890 g/t Ag); 0.5 m @ 7.5 g/t Au, 1,095 g/t Ag; 2.3 m @ 3.6 g/t Au, 578 g/t Ag; 0.9 m @ 4.4 g/t Au, 564 g/t Ag.

ON MINING

  • Hecla Mining Co. presented first quarter 2017 financial and operating results, including figures from its operations in Mexico. At San Sebastian in Durango, 750.8 K Oz Ag, 6,284 Oz Au were produced, operating at 407 tpd. The cash cost after by-product credits was negative $3.27 per Ag Oz, the AISC after by-product credits was $0.43 per Ag Oz. Cash and cash equivalents stand at 176.8 M. Recent drill intercepts include 1.86 m @ 124 g/t Au, 12,420 g/t Ag; 1.92 m @ 25.5 g/t Au, 3,866 g/t Ag; 0.73 m @ 1.5 g/t Au, 572 g/t Ag; 0.94 m @ 3.7 g/t Au, 379 g/t Ag; 1.10 m @ 24 g/t Au, 6,118 g/t Ag; 2.13 m @ 0.9 g/t Au, 385 g/t Ag.
  • Golden Minerals Co. provided financial results for the first quarter 2017. During March the lease on the Velardeña oxide mill to Hecla Mining Co. was further lengthened until December 2018. During January 2017 was released an estimate of mineralized material for the Rodeo property in Durango. In February 2017 a preliminary economic assessment (PEA) was completed for the company’s Santa Maria property in Chihuahua. Electrum Global Holdings L.P. has been drilling the Celaya property in Guanajuato, as part of an earn-in agreement. Cash and cash equivalents stand at $2.1 M at the end of 2017, with no debt.
  • Pan American Silver Corp. presented first quarter results 2017, including figures from its operations in Mexico. Production was 1.63 M Oz Ag, 870 Oz Au; 0.96 M Oz Ag, 24,390 Oz Au, and 0.35 M Oz Ag, 1,330 Oz Au respectively at La Colorada in Zacatecas, Dolores in Chihuahua and Alamo Dorado in Sonora.
  • Excellon Resources Inc. reported Q1 2017 financial results. During the period the company processed 11.9 K tonnes @ 317 g/t Ag, 2.9% Pb, 4.1% Zn, with recoveries of 89.8% Ag, 81.3% Pb, 81.8% Zn to produce 108 K Oz Ag, 610 K Lb Pb, 838 K Lb Zn. The mine dewatering optimization plan has now 6 of 12 pumps working, with the water level droping by more than 2.8 m. Cash and cash equivalents of $5.7 M at the end of the period, and net working capital totaled $6.2 M.
  • GoGold Resources Inc. released financial results for Q1 2017. During the period the company sold 413 K Oz AgEq Oz for revenue of $7.1 M, operating at cash cost $9.80 per AgEq Oz and AISC $11.76 per AgEq Oz (Parral tailings, Chihuahua; Santa Gertrudis, Sonora).
  • Premier Gold Mines Ltd. announced operational and financial results, including figures from its Mercedes mine in Sonora, where 166.8 K tonnes were milled @ 4.34 g/t Au, 44 g/t Ag, to produce 22,164 Oz Au, 88.6 K Oz Ag. Recoveries were 95.4% Au and 37.3% Ag. And cash in co-product basis was $675 per Au Oz sold, and all-in sustaining cost of $785 per Au Oz. The 2017 drilling program has been increased to 50,000 m, with currently five rigs working from the surface and four from underground. Cash and cash equivalents stood at $110.7 M at the end of March.
  • Avino Silver & Gold Mines Ltd. presented the financial results for Q1 2017, period during which revenue was $8.1 M and net income after taxes $0.7 M. At the end of March the company had $17.7 M of cash and cash equivalents (Avino and San Gonzalo, Durango).
  • Americas Silver Corp. reported operational and financial results for the first quarter of 2017, period during which revenues of $15.2 M and a net loss of ($0.2) were obtained. The company purchased an option on the San Felipe project in Sonora for total payments of $7.0 M plus VAT. The cash balance at the end of March was $17.6 M (San Rafael, Cosalá, Sinaloa).
  • Sierra Metals Inc. reported Q1 2017 financial results, with revenue of $54.5 M. At Bolivar in Chihuahua, cash cost was $1.14 per CuEq pound, and AISC was $ 1.89 per CuEq pound. At Cusi, in Chihuahua, cash cost per AgEq Oz was $10.82, and AISC per AgEq Oz was $22.72. The company had $38.0 M in cash and cash equivalents at the end of the period.
  • Aura Minerals Inc. presented financial results for Q1, 2017, which include $34.9 M in revenue, and a net loss of ($5.02 M), (Aranzazu, Zacatecas)
  • Mag Silver Corp. disclosed financial results for the first quarter of 2017. A new resource estimate and design upgrades for the Juanicipio (Zacatecas) JV project with Fresnillo is to be completed on the second quarter. A 20,000 m 2017 exploration drill program was initiated after the quarter end. The company had cash and cash equivalents totaling $132.4 M at the end of the period.

ON FINANCING

  • Alset Minerals Corp. has filed documents with the TSX seeking final approval on their previously announced non-brokered private placement for gross proceeds of $369 K (Lithium properties, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. informed the installation of a fourth mill and flotation circuit on its San Avino mine is on progress, a positive PEA (Preliminmary Economic Assessment) was presented last April on the re-treating of the Avino mine tailings, a study is in progress to weight the different options to tailings management (backfill on underground, pit or new tailings dam). A 3,000 m, 18 holes, infill drill program has been expanded to include further 20 holes to test the gap zone between San Luis and Elena Tolosa, aiming to update the category of the resource. A small scale test pilot project is underway to test the reduction of bismuth content (to avoid smelter penalties) from the concentrate. At San Gonzalo testing of the zinc circuit continues in the effort to improve gold and silver recoveries.
  • Hecla Mining Co. updated development and exploration work at its San Sebastian mine in Durango. The company expects to transition from open pit to underground by the end of 2017. A ramp is under construction to connect the new portal with the existing workings. Drilling has focused on resource definition along the Middle and Francine veins, recently defining more than 9.6 km of mineralized strike length.
  • Argonaut Gold Inc. completed 11,540 m in 75 reverse-circulation (RC) holes at the North Target of its El Castillo mine in Durango. The North Target lies within the 420 hectare San Juan mineral concession recently acquired from Fresnillo PLC., and the drilling is part of an ongoing infill RC drill program outward from El Castillo open pit. Results include 99.1 m @ 0.64 g/t Au; 141.7 m @ 0.49 g/t Au; 153.9 m @ 0.53 g/t Au; 138.7 m @ 0.58 g/t Au, 111.3 m @ 0.54 g/t Au; 141.7 m @ 0.68 g/t Au.
  • Candelaria Mining Corp. announced an updated NI 43-101 technical report for the Caballo Blanco property in Veracruz. The report incorporates the results of 55 drill holes collared in 2012, which were not included in the last resource calculation. The new report includes 31.2 M tonnes @ 0.52 g/t Au as an indicated resource containing 521 K Oz Au, and 8.6 M tonnes grading 0.34 g/t Au containing 95 K Oz Au as an inferred resource.
  • Consolidated Zinc Ltd. confirmed the presence of high grade zinc on the Tres Amigos North zone, at its Plomosas property in Chihuahua. Six initial drill holes completed returned intervals as high as 1.5 m @ >30% Zn, 0.6% Pb, 52 g/t Ag; 1.85 m @ >30% Zn, 0.2% Pb, 11 g/t Ag; 0.5 m @ >30% Zn, 0.6% Pb; 0.5 m @ >30% Zn, 0.3% Pb. Other results include 2.2 m @ 2.8% Zn, 1.1% Pb; 0.6 m @ 6.6% Zn, 1.4% Pb; 0.5 m @ 5.9% Zn, 0.3% Pb; 0.6 m @ 8.5% Zn, 0.3% Pb; 0.6 m @ 5.3% Zn, 2.2% Pb.
  • Timmins Gold Corp. (in process to change name to Alio Gold Corp.) informed of a revitalization plan (i.e. pit push back) for its San Francisco mine in Sonora. Under this plan the production guidance is increased to 86 – 92 K Oz Au for 2017, and an average of 103 K Oz Au for a further six years at cash cost of $900 and AISC $935 per Au Oz. The updated reserves at San Francisco stand at 54.8 M tonnes @ 0.53 g/t Au containing 928.7 K Oz Au, measured and inferred resources of 74.8 M tonnes @ 0.54 g/t Au that contain 1.3 M Oz Au and 0.7 M tonnes of inferred resources containing 13 K Oz Au. The expansion capital adds up to $ 44.9 M from 2017 to 2019.

ON DEALS AND CORPORATE ISSUES

  • Red Tiger Mining Inc. has received failure-to-file cease trade orders from the Ontario securities Commission. The company aims to file the required 2016 annual filings by July 17, 2017 (La Luz, Sonora).
  • Prospero Silver Corp. closed the previously announced C$1.5 M strategic investment from Fortuna Silver Mines Inc. “Prospero will allocate C$1.2 million to drill testing selected projects and C$300k will be allocated towards Prospero’s generative efforts in Mexico. Fortuna will have the right to select one of the projects within 18 months from signing of the definitive agreement to joint venture with Prospero, potentially earning in to a 70% interest by spending US$8 million over 6 years and completing a Preliminary Economic Analysis on the selected property” (El Petate, Hidalgo)
  • Mexican Gold Corp. has issued an aggregate of 1.66 M shares to settle a debt of $478.9 K to certain officers and directors of the company (Las Minas, Veracruz).
  • Timmins Gold Corp. has formally changed name to Alio Gold Corp., expecting to be listed under the new name and ticker symbol on the Toronto Stock Exchange on March 16th.

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, shear zone within a granodioritic protolith, Central Chiapas. Photo by Jorge Cirett.

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

During the 18th week of the year (May 1st to May 7th, 2017), at least 29 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, no relevant news this week. ON EXPLORATION, In Sonora Alix released metallurgical tests results from its Elektra lithium property, San Marco is preparing to drill Chunibas, while confirming the presence of a porphyry copper system at project 1068, and Aztec informed that is likely to drill its Cervantes property on the same State. In Zacatecas Canasil disclosed high grade drill results from La Esperanza, Galore commenced a drill program at Dos Santos and Zenith disclosed advance on its lithium properties. ON MINING, Ten companies presented first quarter 2017 financial results: Marlin Gold, Santacruz Silver, Primero Mining, Gold Resource, Torex Gold, Endeavour Silver, McEwen Mining, Alamos Gold, Great Panther and First Majestic. ON FINANCING, Three companies, Evrim Resources, Aztec Minerals and Almaden Minerals presented information on financing rounds for $4.2 M, C$4.02 M and $15 M respectively. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc presented an activities report on its Plomosas property in Chihuahua, and Alamos Gold released information on exploration on the Mulatos district in Sonora, with a hefty budget. ON DEALS AND CORPORATE ISSUES, Fortuna Silver presented an update on its MTCO and disclosed it is soon to comply with the regulatory agencies requested paperwork. Southern Silver entered into an agreement with La Cuesta to buy two properties adjacent to its Cerro Las Minas property in Durango.

ON MEXICO ISSUES

  • No relevant news this week

ON EXPLORATION

  • Alix Resources Corp. announced preliminary metallurgical tests released by its JV partner Lithium Australia ML, from the Agua Fria prospect, part of its Elektra project in Sonora. Preliminary sulphuric acid shaker tests were carried out at room temperature for a period of four hours, with Lithium extraction attaining up to 85%.
  • Zenith Minerals Ltd. is exploring its three lithium properties in Zacatecas, funded by partner Bradda Head Ltd. Surface sampling has been completed, with results pending, on the Zacatecas Li brine properties.
  • San Marco Resources Inc. informed that field work on its 1068 project has confirmed and expanded the size potential of a porphyry copper system. The work that included geological and alteration mapping, stream sediment and rock chip sampling, and petrographic samples increased the phyllic alteration zone to 1,000 x 450 m, with an internal zone of strong phyllic stockwork in the volcanic rock lithocap. The drilling application is in process and surface rights access have been secured over the main targets.
  • Canasil Resources Inc. disclosed assay results for three drill holes at its La Esperanza project in Zacatecas. True width (TW) intercepts include 1,87 m @ 231 g/t Ag, 1.2% Zn, 1.4% Pb; 11.23 m @ 0.74 g/t Au, 219 g/t Ag, 0.9% Zn, 0.4% Pb; 2.07 m @ 261 g/t Ag, 2.1% Zn, 0.9% Pb; 2.75 m @ 2.76 g/t Au, 552 g/t Ag, 1.1% Zn, 0.6% Pb; 1.51 m @ 0.39 g/t Au, 256 g/t Ag, 1.7% Zn, 0.7% Pb. The vein system is open in all directions, and the mineralization intercepted is interpreted as part of the upper part of the system.
  • Aztec Minerals Corp. expects to drill test the California target of its Cervantes property in Sonora, after the rainy season late this summer.
  • San Marco Resources Inc. is preparing to drill its Chunibas project in Sonora. The Chunibas targets are a series of high-grade gold bearing veins hosted in intrusive rocks. There are five main vein zones: Santa Rosa, Argentina, Santa Fe, Guasima, and Western, which comprise a corridor 750 m wide and 1.5 km long. Grades of up to 46 g/t Au have been obtained from the one to two metre-wide structures.
  • Galore Resources Inc. commenced a 3,500 m diamond drill program at its Dos Santos property in Zacatecas. The first drill hole began testing the main fault/vein system prevalent on Galore’s San Jose claim.

ON MINING

  • Marlin Gold Mining Ltd. presented financial results for 2016, which include total assets for C$102.2 M, and total liabilities of C$73.3 M for a total of 28.83 M Equity.
  • Santacruz Silver Mining Ltd. reported financial and operating results for 2016. During the year Santacruz restructured its silver loan agreement with JMET LLC and divested from the San Felipe and El Gachi projects in Sonora, in order to reduce debt obligations. The company processed 42,746 tonnes of ore to produce 200.1 K Oz AgEq, at cash cost $23.97 per AgEq Oz, and AISC $26.15 per AgEq Oz. The company continues with its operations at Veta Grande, Zacatecas, working on the Guadalupana, Garcia and the Choros mines, while the Rosario mill in San Luis Potosi is processing ore from the Cinco Estrellas mine.
  • Primero Mining Corp. reported first quarter 2017 results, including figures from its San Dimas property in Durango. The San Dimas mine was subject to an unionized strike that left only 45 working days on the quarter, but the new work agreement sets better terms for more competitive operations. Total production was 10,118 Oz Au, 0.62 M Oz Ag, at cash cost $827 and AISC of $1,335. The mine expects to produce between 90 K and 100 K Oz AuEq during 2017. At March 31, 2017, the company had $30.6 M in cash and $15 M available under its line of credit.
  • Gold Resource Corp. presented Q1 2017 results. At its El Aguila operations in Oaxaca 101.3 K tonnes were milled at a rate of 1,206 tpd, and an average grade of 2.42 g/t Au, 143 g/t Ag, 0.28% Cu, 1.16 % Pb, 3.07% Zn. Recoveries were 86% Au; 92% Ag, 78% Cu, 76% Pb, 85% Zn, to achieve the production of 6,747 Oz Au, 427.9 K Oz Ag, 220 tonnes Cu, 927 tonnes Pb, 2,149 tonnes Zn. Total cash cost was $980 per Au-AgEq Oz before by-product credits, $263 Au-AgEq Oz after by-product credits and all-in sustaining cost of $920 per “precious metal gold equivalent ounce sold” (??).
  • Torex Gold Resources Inc. disclosed production and financial results for Q1 2017. 941 K tonnes were processed @ 2.49 g/t Au, and a recovery rate of 85% to produce 70,887 Oz Au at $671 cash cost and AISC $923 per Au Oz. During the period a maiden underground resource was announced, containing 324 K inferred and 89 K indicated Au Oz. The cash balance at the end of March was $108.5 M (of which $14.6 M is restricted).
  • Endeavour Silver released Q1 2017 financial results, with the production of 1.08 M Oz Ag, 11,724 Oz Au at cash cost $7.81 per Ag Oz and all-in sustaining cost of $18.24 per Ag Oz net of gold credits. During the period high grade results were disclosed for Terronera, in Jalisco, the decision to develop the El Cubo mine in Guanajuato was taken and announced a robust PFS on the Terronera project. Cash and cash equivalents stand at $70.5 M at the end of the period (Guanacevi, Durango; El Cubo and Bolañitos, Guanajuato).
  • McEwen Mining Inc. reported financial results for Q1 2017, including figures from its El Gallo property in Sinaloa, where 9,730 Oz Au, 722.8 K Oz Ag were produced at cash cost $564 per AuEq Oz and AISC $668 per AuEq Oz co-product. At the end of the period cash and cash equivalents stood at $55.1 M.
  • Alamos Gold Inc. presented its financial and operational results for the first quarter of 2017, including figures from its Mexican operations. At Mulatos and El Chanate in Sonora 40 K and 15.8 K Oz Au were produced at cash cost $920 and $1,144 per Au Oz, and all-in sustaining cost $920, $1,187 per Au Oz respectively. At Mulatos 1.8 M tonnes of ore were mined in the open pit, 1.89 M tonnes of waste were moved (Waste to ore ratio 1.04), 1.69 M tonnes were crushed and stacked @ 0.86 g/t Au, while 35.7 K tonnes @ 8.88 g/t Au were mined from underground operations and milled. The recovery rate stood at 70%. At El Chanate 906 K tonnes of ore were mined, 7.56 M tonnes of waste moved (Waste to ore ratio 7.34), 747.9 K tonnes @ 0.53 g/t Au were crushed and staked on the heaps. The waste to ore ratio is higher than usual due to a scheduled pit pushback that will extend into the second quarter. Cash and cash equivalents stand at $479.2 M at the end of the period.
  • Great Panther Silver Ltd. reported first quarter 2017 financial results. From its operations at Topia, Durango, and San Ignacio and the Guanajuato mine complex in Guanajuato, 82.6 K tonnes were milled, producing 366.4 K Oz Ag, 5,178 Oz Au at cash cost $10.99 per AgEq Oz, and AISC $19.10 per AgEq Oz. At Topia, the company is struggling to comply with one of the SEMERANT (environmental agency) requirements, with the continuity of operations at risk. Cash and short-term deposits stand at $53.2 M at the end of the period.
  • First Majestic Silver Corp. announced Q1 2017 financial results. During the period 822.3 K tonnes were milled, to produce 2.7 M Oz Ag, or 4.27 M Oz AgEq at cash cost $6.68 and all-in sustaining cost $12.21. At the end of such period cash and cash equivalents stood at $127.6 M.First Majestic Q1 2017 operating cost1

ON FINANCING

  • Evrim Resources Corp. has further increased its private placement to raise gross proceeds of $4.2 M (Ermitaño, Sonora, Cerro Cascaron, Chihuahua).
  • Aztec Minerals Corp. completed its IPO, for total gross proceeds of C$4.02 M (Cervantes, Sonora).
  • Almaden Minerals Ltd. entered into an agreement to raise, in a private placement basis, up to $15 M (Ixtaca, Puebla).

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. presented a quarterly update on activities at its Plomosas property in Chihuahua. A scoping study is in progress, which includes the assessment on the possibility to re-start the mine, targeting a 200-400 tonnes per day (tpd) operation. Exploration efforts have shown new areas of mineralization, as the underground Tres Amigos South, and Carola South areas, with 40 samples averaging 20% combined Pb-Zn, and surface exploration includes the drilling of the Tres Amigos North zone.
  • Alamos Gold Inc. presented exploration and development activities for the first quarter 2017, including information from its Mexican properties. In Sonora, development continues at La Yaqui, where $5.3 M were spent during the period and further $7.0 are to be spent to complete construction of the mine that is expected to produce 25 K Oz Au per year. At La Yaqui Grande also 9,227 m of drilling in 46 holes were collared, with many results still pending. The exploration budget for the Mulatos district is of $17 M, now focusing beyond La Yaqui and Cerro Pelon, as new targets emerge, including Los Bajios, La Yaqui Norte, El Refugio, El Halcon and El Carricito.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Silver Mines Inc. provided an update on the ongoing regulatory review of the Company’s 2015 annual filings by the United States Securities and Exchange Commission (SEC), and the management cease trade order (MCTO) it is subject to. Fortuna reported that the “SEC has verbally communicated it will accept the Company’s use of inferred resources for the calculation of depletion expense, provided that the Company includes additional disclosure regarding these calculations”. It anticipates it will file the needed documents in the coming weeks, not later than May 30, 2017.
  • Southern Silver Exploration Corp. acquired claims adjacent to the SW of its Cerro Las Minitas project in Durango. The claim package comprises two concessions, Biznagas and Los Lenchos, contiguous to the SW to Southern Silver’s concessions. Southern Silver has agreed to make to La Cuesta International Inc. “periodic payments on a semi-annual basis accelerating from $5,000 to $25,000 over a ninety-six month period and a 1% NSR with such periodic payments being credited to NSR payments. Subsequent to payment of $5,000,000 in NSR payments the royalty is reduced to 0.5%. All monetary references are to U. S. dollars.”

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, Potassic feldspar alteration in diorite with quartz-barite veinlets, Central Chiapas. Photo by Jorge Cirett.

Diorite, strong potassic alteration, chlorite in fracures and barite veinlets