Mineros de Media Luna aceptan aumento y regresan a trabajar este viernes

http://www.elfinanciero.com.mx/empresas/mineros-de-media-luna-aceptan-aumento-y-manana-regresan-a-trabajar.html

Los trabajadores decidieron regresar a laborar y dar por terminado el bloqueo a las instalaciones de la empresa, el cual duró 40 días.

Chilpancingo. Luego de la propuesta del incremento del 8 por ciento a sus salarios, los trabajadores de la minera Media Luna decidieron regresar a laborar y dar por terminado el bloqueo a las instalaciones de la empresa que duró 40 días.

Los paristas tomaron la decisión por votación, de tal modo que el 99.2 por ciento de los 274 trabajadores paristas estuvieron a favor de concluir el paro e incorporarse a sus labores normales a partir de este viernes 15 de diciembre, fecha que la misma empresa Torex Gold, de la que depende la Media Luna, habría dado de plazo para tomar la decisión de continuar con sus operaciones o cerrar la tercer mina con mayor producción de oro del país.

La empresa con una inversión canadiense de mil 200 millones de pesos acordó incrementar el ocho por ciento el salario de sus empleados y el dos por ciento en los vales de despensa, aplicable a partir del primero de enero de 2018.

Majority Of Torex Workers At ELG Mine Vote To Return To Work

https://www.torexgold.com/news/majority-of-torex-workers-at-elg-mine-vote-to-return-to-work

TORONTO, Ontario, December 15, 2017 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is encouraged to report that a majority of its employees have voted to return to work immediately. The Company organized an off-site vote yesterday for its 520 employees that are eligible to join a union. The purpose of the vote was to give union eligible employees an opportunity to speak for themselves in a safe and independent environment.

Since early November, the ELG Mine site employees and the Company have been the victims of an illegal blockade by Los Mineros, the raiding union that doesn’t legally represent workers and has co-opted their voices. Despite not being able to operate for the past six weeks, the Company has continued to pay the salaries of all the employees, with the exception of the small minority that have participated in the blockade.

During the vote, unionized employees were asked if they wanted the illegal blockade lifted immediately so they can return to work. In the end, the vote was overwhelmingly (99%) in favour of lifting the blockade immediately. 274 of the 520 voters were able to attend and vote. The Company could not send buses to the communities that are behind the blockades. The Company believes the numbers able to attend the vote, would have been much higher if it were not for Los Mineros intimidation of local employees. An example of such intimidation, was the stopping of a vehicle that was taking employees from behind the blockade to the vote. Employees on the vehicle were told to get out of the vehicle. They did, and walked home.

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

During the 49th week of the year (December 4th to December 10th, 2017), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: No relevant news. ON EXPLORATION: four press releases from companies working in Mexico informed on exploration efforts during the week: In Sonora Azure Minerals informed on high-grade drilling results from its Au-Co Sara Alicia project. Silver Viper updated on work at its Clemente property in Sonora; In Veracruz, Almadex released results with long mineralized intervals from two holes at its El Cobre property.  ON MINING: First Majestic provided Q3 financial results; US Antimony reported receiving the government permit needed for a cyanide plant at its mill in Guanajuato; Firma Holdings provided an update on its Don Roman and Saucillo properties in Sinaloa and its Magistral project in Durango. ON FINANCING: Avino Silver received conditional approval to graduate into the TSX Exchange (from the TSX Venture Exchange). ON RESOURCES AND DEVELOPMENT: In Chihuahua Consolidated Zinc released high-grade results from rock chip sampling at its Plomosas mine; Endeavour Silver released high-grade drill results from the Calicanto property in Zacatecas; Alio Gold provided an update on its Ana Paula project, Guerrero; Marlin Gold informed of drill results at its La Trinidad property in Sinaloa; Silver One commenced a magneto-telluric geophysical survey at its Peñasco Quemado project in Sonora; Minera Alamos informed on compilation resulting in new drill targets at its La Fortuna project, Durango. ON DEALS AND CORPORATE ISSUES, Orex Silver signed a LOI to acquire the San Luis del Cordero project in Durango, from Exploraciones Altiplano; Alix Resources intends to change its name to Infinite Lithium; Ethos Gold announced the incorporation of Mel Herdrick to its board of directors.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Almadex Minerals Ltd. disclosed assay results from two holes at the Porvenir zone of its El Cobre property in Veracruz. The holes are the first drilled in this zone since 2013, returning 355 m @ 0.41 g/t Au, 0.16% Cu (including 108 m @ 0.88 g/t Au, 0.29% Cu; 80 m @ 1.11 g/t Au, 0.36% Cu); 78 m @ 0.11 g/t Au, 0.10% Cu.
  • Azure Minerals Ltd. informed on drilling results from its Sara Alicia gold and cobalt project in Sonora. The lab that assayed the core samples corrected the results of a high-grade sample from 2.86 g/t Au to 30.5 g/t Au. This change increased the grade of an already high-grade interval to 26.2 m @ 9.5 g/t Au (previously 8.60 g/t Au), including 12.6 m @ 16.80 g/t Au (previously 14.90 g/t Au). The results on one more hole were released, comprising (gold results) 5.05 m @ 1.40 g/t Au; 8.45 m @ 1.24 g/t Au and (cobalt results) 16.35 m @ 743 ppm Co (including 5.35 m @ 1,612 ppm Co). The ground magnetic survey has been completed, with data being currently processed.
  • Silver Viper Minerals Corp. has halted exploration activities for the duration of the local hunting season (land access agreement) at its Clemente project in Sonora. Work is to continue in February 2018. During 2017 reconnaissance mapping, soil sampling and diamond drilling of nine holes were completed. Full assays from the drilling are pending, and will be released once available.

ON MINING

  • First Majestic Silver Corp. announced third quarter 2017 financial results. During the period 730.6 K tonnes were processed to produce 2.42 M Oz Ag or 3.99 M Oz AgEq at cash cost $8.52 per AgEq Oz and AISC of $15.73 per AgEq Oz. Cash and cash equivalents were $120.8 M at the end of September.  First Majestic table1

 

 

 

  • U.S. Antimony. Reported that SEMARNAT (Mexico’s environmental agency) issued the permit for a cyanide plant for the Puerto Blanco mill in Guanajuato. The plant is designed to recover Au and Ag from the pilot mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. Construction of the leach circuit has commenced.
  • Firma Holdings Corp. provided an update on its activities. In the 10,000 hectares Don Roman project in Sinaloa, Firma entered into an agreement with a third party to refurbish the 360 tpd flotation mill and the development of the Rosario historic Zn-Pb-Ag mine. The agreement envisions a $250 K to $600 K investment to earn an expected 10% net cash flow interest. Firma also entered into an agreement with a third party to fund the acquisition of the 100 hectares Saucillo project in Sinaloa. An investment of $275 K is to earn a 10% net cash flow interest. All $275 K has been received, with $200 K used to be used to buy the property and the rest to produce a 300 tonne bulk sample. The Magistral tailings project in Durango is managed as a 50/50 joint venture with MX Gold is nearing completion on the construction of a 1,000 tpd Meryl Crow recovery plant.

ON FINANCING

  • Avino Silver & Gold Mines Ltd. received conditional approval to graduate from the TSX Venture Exchange (TSX-V) and list its common shares and warrants on the TSX. Final approval is subject to Avino meeting certain standard requirements before February 27, 2018 (Avino, Durango).
  • Corex Gold Corp. closed the final tranche of a non-brokered private placement. The initial tranche raised gross proceeds of $1.63 M, and the second tranche a further $700 K (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. released high grade rock chip results from systematic sampling at the Juarez mine, within its Plomosas property. Results include 1,0 m @ 28.5% Zn, 14.2% Pb, 53 g/t Ag; 1.0 m @ 26.8% Zn, 0.1% Pb; 0.5 m @ 9.9% Zn, 9.2% Pb, 29 g/t Ag; 1.0 m @ 16.1% Zn, 0.3% Pb, 5 g/t Ag; 0.5 m @ 14.1% Zn, 1.8% Pb, 15 g/t Ag; 0.5 m @ 14.3% Zn, 0.2% Pb, 62 g/t Ag. The Juarez mine is 550 m NW of the Plomosas plant site. Sampling at the Alfonsitos zone and the Mina Mexico prospect returned 28.7% Zn, and 23.5% Zn form dump samples and 23.3% Zn, 0.1% Pb; 13.5% Zn, 0.1% Pb, 10 g/t Ag from outcrops.
  • Endeavour Silver Corp. announced high-grade Ag-Au mineralization intersected on drilling of the Misie-Karla-Karla HW veins at its Calicanto property in Zactecas. The 29 drill hole program totaling 7,207 m of core reported: 0.9 m @ 0.14 g/t Au, 480 g/t Ag; 4.2 m @ 0.52 g/t Au, 396 g/t Ag; 1.0 m @ 0.05 g/t Au, 252 g/t Ag; 4.1 m @ 0.14 g/t Au, 155 g/t Ag; 1.1 m @ 0.21 g/t Au, 299 g/t Ag; 8 m @ 13.2 g/t Au, 2,043 g/t Ag; 1.2 m @ 0.24 g/t Au, 193 g/t Ag; 2.5 m @ 0.69 g/t Au, 335 g/t Ag; 4.3 m @ 0.18 g/t Au, 220 g/t Ag; 2.7 m @ 1.26 g/t Au, 932 g/t Ag; 1.5 m @ 1.2 g/t Au, 446 g/t Ag.
  • Alio Gold Inc. provided an update on work being conducted at its Ana Paula project in Guerrero. A 2,000 m drill program for metallurgical sampling and confirming grade and lithology of the resource was completed, with one hole returning 24.9 m @ 6.1 g/t Au (including 4.4 m @ 27.2 g/t Au). The construction of the portal site for the underground decline commenced, and underground equipment was mobilized to the site. A 4,000 m surface drilling program was initiated on the deeper high-grade breccia extension before the definitive feasibility study (DFS), and to test a priority target north of the current pre-feasibility pit.
  • Marlin Gold Mining Ltd. announced positive drill results from the Colinas target area,  less than 1 km from the Taunus pit at its La Trinidad mine in Sinaloa. “The drilling at Colinas has focused on an area that is amenable to open pit mining along a southeast trending structural corridor, which is interpreted to be an extension of the structure that controls gold mineralization in the Taunus pit”. Relevant core length intercepts include 7.20 m @ 4.65 g/t Au (starting 7 m below the surface); 34.65 m @ 0.65 g/t Au.
  • Silver One Resources Inc. commenced a geophysical survey at its Peñasco Quemado silver property in Sonora. The controlled-source audio-frequency magnetotellurics (CSAMT) being used will probe deeper with higher resolution than previous surveys, with the purpose of developing a 3-D map of lithology in areas with strong Zn-Pb responses in soil geochemistry. The Peñasco Quemado project has a measured and indicated resource of 10 M Oz Ag, recognized from drilling in 2008 and 2009.
  • Minera Alamos Inc. informed that data compilation and reviewing revealed La Pista zone 1,300 m SW of the La Fortuna gold resource, where shallow drill holes hint near surface disseminated Au-Ag mineralization with heap leach style intervals up to 50 m in width. Recent sampling in the area has returned up to 8 g/t Au, 30 g/t Ag over a mineralized area of 500 m x 300 m. The first phase of new exploration drilling is planned for early 2018, focusing on extensions of the La Fortuna main zone, the PN area and the La Pista area.
  • Orex Silver Inc. signed a letter of intent (“LOI”) with Exploraciones Altiplano S.A. de C.V. to acquire 100% of the San Luis del Cordero project in Durango (See below). The 2,825 hectares project is a skarn and epithermal vein hosted Ag-Cu-Zn deposit, with old workings and mineralized showings wrapping around a quartz-feldspar porphyry intrusive. “Diamond drilling of 62 holes from the period 2000 to 2016 total approximately 16,400 metres”. Indicated and inferred resources amount 29.5 M Oz AgEq.

ON DEALS AND CORPORATE ISSUES

  • Orex Silver Inc. signed a letter of intent (“LOI”) with Exploraciones Altiplano S.A. de C.V. to acquire 100% of the San Luis del Cordero project in Durango. The non-binding LOI includes $100 K and 100 K shares on signing, $150 K and 200 K shares on the first anniversary, $200 K and 300 K shares on the second anniversary, $550 K and 400 k shares on the third anniversary and $1.5 M on the fourth anniversary, of which 30% can be in shares. Work commitments amount $400 K in year one and $600 K in year 2, with no NSR.
  • Alix Resources Inc. intends to change its name to Infinite Lithium Corp. to better reflect its focused business strategy, effective on December 6, 2017 (Elektra, Sonora).
  • Ethos Gold Corp. announced that Melvin Herdrick joined its board of directors. Mel has over 35 years of experience in exploration in the United States and Mexico (Purisima, Chihuahua).

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, breccia sealed by silica and hematite, developed on quartzite along a structure in Durango. Photo by Jorge Cirett.

DCP00747

 

 

Highlights on the Fifth Week of November, 2017. Mineral Exploration in Mexico

During the 48th week of the year (November 27th to December 3rd, 2017), at least 33 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). ON EXPLORATION: ten press releases from eight companies working in Mexico informed on exploration efforts during the week: In Sonora SilverCrest released high-grade results from drilling two different zones at its Las Chispas project; Azure Minerals released high-grade drilling results from its Sara Alicia Au-Co project, and updated on drilling progress at its Oposura property; Wolverine Minerals commenced exploration at Los Venados project; San Marco Resources is to complete an induced polarization survey at its 1068 porphyry copper project, updating also in the geological model of its Chunibas project. In Chihuahua, Evrim Resources completed phase I exploration at its Cerro Cascaron project, and is now in the drill targeting stage; Ethos gold optioned the Purisima property, and presented the project summary, which includes two previous drilling campaigns. ON MINING: Santacruz Silver presented its third quarter report; Marlin Gold presented financial results for the first nine months of the year, and an update on drilling on the Colinas target, at its La Trinidad property; U.S. Antimony informed that it now has the needed permits to construct a cyanidation plant at its mill in Guanajuato. ON FINANCING: Alix Resources, Canuc Resources and Millrock Resources are to conduct or closing non-brokered private placements of $750 K, $465 K and $1.6 M respectively; Mag Silver closed a non-brokered private placement for $48.16 M; SilverCrest is to raise C$6 M on a bought deal private placement; Primero Mining obtained an extension of its credit facility; Candelaria Mining is seeking a one year extension on the exercise period of over 12 M warrants. ON RESOURCES AND DEVELOPMENT: Consolidated Zinc recommenced extensional and infill resource definition drilling at its Plomosas mine. ON DEALS AND CORPORATE ISSUES: Argonaut Gold announced the closing of the acquisition of the Cerro del Gallo project in Guanajuato to Primero Mining for $15 M;  GFM Resources entered into an exploration and evaluation agreement with Minera Auricup on the Baviacora concession in Sonora; Magellan Gold completed the purchase of the SDA Mill to Rose Petroleum in Nayarit; Ethos Gold entered into an option agreement with Coztic Recursos Minerales on the Purisima property in Chihuahua.

ON MEXICO ISSUES

  • In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). The proposal aims to give transparency to the application of the funds, and also a mean to control the infrastructure projects generated in the municipalities that are to receive the participation generated by the mining activity (Note of editor.- This is a pressing problem in many other States, where the application of the funds of a mining royalty introduced by the current Federal government is nowhere to be seen).

ON EXPLORATION

  • SilverCrest Metals Corp. released phase II drill results for the Babicanora vein at its Las Chispas property in Sonora. The latest results increase by 400 m the high-grade footprint of the Babicanora vein, which is now 1 km in length. True width (TW) intercepts: 3.2 m @ 27 g/t Au, 1,494 g/t Ag (including 0.7 m @ 137 g/t Au, 4,720 g/t Ag); 1.5 m @ 1.8 g/t Au, 101 g/t Ag; 3.8 m @ 5.6 g/t Au, 451 g/t Ag; 4.0 m @ 1.5 g/t Au, 101 g/t Ag; 3.1 m @ 5.1 g/t Au, 570 g/t Ag; 2.0 m @ 3.6 g/t Au, 452 g/t Ag; 3.6 m @ 4.2 g/t Au, 165 g/t Ag; 2.2 m @ 3.8 g/t Au, 388 g/t Ag.
  • Azure Minerals Ltd. released high-grade results on the maiden drilling on its Sara Alicia property in Sonora. Six holes for 480 m tested around and beneath historical underground mine workings that exploited high-grade Au and Co shoots in the 1930’s. Cobalt results for the last hole are still pending. Significant gold results comprise: 11.4 m @ 3.3 g/t Au; 5.5 m @ 5.1 g/t Au; 26.2 m @ 8 .6 g/t Au (including 12.6 m @ 14.9 g/t Au); 19.65 m @ 4.95 g/t Au; 8.45 m @ 1.2 g/t Au; 13.7 m @ 3.6 g/t Au. Significant cobalt intercepts comprise: 5.5 m @ 0.13% Co; 1.0 m @ 0.14% Co; 26.2 m @ 1.26% Co (including 6.35 m @ 3.57% Co); 4.7 m @ 0.11% Co; 20.6 m @ 0.13% Co (including 1.9 m @ 1.11% Co). This garnet-magnetite-sulfide skarn developed in limestone intruded by a porphyry contains a zone several meters in width with disseminated cobaltite (CoAsS) associated with abundant magnetite, and a wider, overlapping zone of gold mineralization.
  • Evrim Resources Corp. announced the completion of phase I exploration at its Cerro Cascaron project in Chihuahua. Highlights include: A 1.8 km long rich vein corridor defined by soil sampling, with up to 1.4 g/t Au; Soil sampling extended all veins by 600 m to 1.8 km in length, and two more veins were identified; Adit channel sampling results are 1.4 m to 3.3 m in width @ 231 to 542 g/t AgEq; Six subparallel veins were defined in an area 300 m x 900 m in the Ag-rich Cascarita zone. Drill targeting is underway.
  • SilverCrest Metals Inc. released surface and underground results from the second phase of drilling of the Las Chispas and Giovanni veins at Las Chispas, in Sonora. Highlighted results contain (true thickness, or TW) 2.1 m @ 2.3 g/t Au, 469 g/t Ag; 1.6 m @ 2.4 g/t Au, 516 g/t Ag; 1.5 m @ 13.2 g/t Au, 2,007 g/t Ag; 2.0 m @ 5.8 g/t Au, 1,191 g/t Ag; 4.0 m @ 18.6 g/t Au, 696 g/t Ag (including 0.8 m @ 92.6 g/t Au, 2,890 g/t Ag); 2.2 m @ 9.4 g/t Au, 1,369 g/t Ag. SilverCrest intends to deliver a maiden resource estimate during Q1, 2018.
  • Wolverine Minerals Corp. commenced an exploration program on the 1,500 hectares Los Venados property, in the Mulatos district, Sonora. Wolverine is to focus work on a felsic dome/silica breccia complex with intense alteration and brecciation accompanied by anomalous gold. Activities planned include rock and soil sampling, geological mapping and a 7.4 Km induced polarization survey.
  • Almadex Minerals Ltd. released results from the three first holes on the Raya Membrillo area on its El Cobre property in Veracruz. This area is part of the Villa Rica zone, which is two kilometers south from the Norte zone (where previous drilling was done). The three holes intersected a chalcocite dominant enriched copper zone right from the surface which locally is up to 186 m down hole. Results comprise: 69.5 m @ 0.10 g/t Au, 0.41% Cu (including 14.5 m @ 0.14 g/t Au, 1.2% Cu); 139.0 m @ 0.49 g/t Au, 0.24% Cu; 41.0 m @ 0.91 g/t Au, 0.42% Cu in one hole; 117 m @ 0.13 g/t Au, 0.55% Cu (including 15.9 m @ 0.51 g/t Au, 1.74% Cu) in the second hole; 159.5 m @ 0.22 g/t Au, 0.22% Cu (including 36.0 m @ 0.86 g/t Au, 0.16% Cu and 111.5 m @ 0.03 g/t Au, 0.27% Cu) on the third hole.
  • San Marco Resources Inc. provided the scope of exploration at its 1068 and Chunibas projects in Sonora. At the 1068 project, an undrilled porphyry Cu-Mo-Au system displays  phyllically altered and veined zones which extend 1 Km to the east and 400 m to the south from previously identified porphyritic rock with potassic alteration and a coincidental geochemical footprint on a grid rock sampling survey. An induced polarization survey is to be conducted during December. At Chunibas a new larger model involving a porphyry related breccia with gold values has been generated. Field mapping and prospecting is mostly completed, with a mineralization corridor extending 1.2 km based on mapping and a soil survey. New outcrops with epidote-calcite-specularite alteration bearing copper oxides have been found.
  • Azure Minerals Ltd. updated on the resource definition drilling at its Zn-Pb-Ag Oposura project in Sonora, where 51 of the planned 120 holes have been completed with 2,665 m. Many of Azure holes are either twinning or drilled close to historical holes, closely replicating the sulfide intercepts on those. Azure is aiming to conclude drilling by February 2018, and complete the maiden mineral resource estimate by March-April 2018.
  • Ethos Gold Corp. optioned the Purisima property in Chihuahua (see note on the deals section). An epithermal low sulfidation vein system is present over 1.5 Km of strike length and 200 m of width exposure. The property saw some drilling in 1997 and 1997-98 by Teck Resources and the SGM (Servicio Geologico Mexicano, or Consejo de Recursos Minerales at the time). Gold-bearing intervals were obtained on both programs, with only minor parts of the core obtained by SGM drilling having been assayed, although many areas contained chalcedonic quartz veining.

ON MINING

  • Santacruz Silver Mining Ltd. reported third quarter 2017 production and financial results. At Rosario in San Luis Potosi 46.9 K tonnes were processed @ 51 g/t Ag (241 g/t AgEq), recovering 85% Ag, to produce 26,274 Oz Ag, 328 Oz Au, 49 tonnes Pb, 449 tonnes Zn. At Veta Grande in Zacatecas, 28 K tonnes were processed @ 107 g/t Ag (174 g/t AgEq), recovering 64.5% Ag to produce 61,960 Oz Ag; 66 Oz Au, 99 tonnes Pb, 146 tonnes Zn. Production cost per tonne was 62.91, and a cash cost of $23.65 per AgEq Oz, AISC of $28.14 per AgEq Oz.
  • United States Antimony Corp. announced that SEMARNAT (Mexico environmental authority) has issued the permit for the construction of a cyanide leach plant for the Puerto Blanco mill in Guanajuato. This plant is designed to recover Au and Ag from the flotation mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. The ore grade is 1.1 g/t Au, 102 g/t Ag, 0.65% Sb, and the expected recovery  90% Au, 90% Ag, 70% Sb.
  • Marlin Gold Mining Ltd. presented financial results for the first nine months of 2017, period on which the company produced 29,995 Oz Au, and acquired the Gavilanes property from Santacruz Silver Mining Ltd. for $3.6 M. Revenue to the end of September was $58.2 M, holding $1.9 M in cash and finished gold, and $14.4 M in gold-in-process. Investment on Golden Reign Resources Ltd. stood at $12.7 M at quarter end. Principal on the loan owed to Wexford Capital LP. (Controlling shareholder) stood at US$38.9 M, with the maturity of the loan extended to January 2019.
  • Marlin Gold Mining Ltd. disclosed drilling results from the Colinas area, less than 1 km from the Taunus pit within its La Trinidad mine in Sinaloa. The drilling tested a structurally complex zone with low and high angle faults, along a projected structural corridor under post mineral cover. The significant core intervals comprise 11.65 m @ 0.61 g/t Au in the first hole and 6.00 m @ 0.35 g/t Au; 7.03 m @ 0.82 g/t Au; 6.00 m @ 10.57 g/t Au in the second hole. “The anomalous zones appear to be associated with quartz carbonate veinlets and ferruginous argillic zones, which are likely fault zones within andesitic breccias and tuffs. All intervals are oxide.”

ON FINANCING

  • Alix Resources Corp. is to conduct a non-brokered private placement to raise up to $750 K in gross proceeds (Agua Fria, Sonora).
  • Canuc Resources Corp. closed a non-brokered private placement with gross proceeds of $465 K. Proceeds are to be used to continue exploration of newly discovered breccia zones on El Tule claim block and other high grade structures (San Javier, Sonora).
  • Mag Silver Corp. announced the closing of a non-brokered private placement for gross proceeds of US$48.16 M (Juanicipio, Zacatecas).
  • Millrock Resources Inc. plans to conduct a non-brokered private placement planning to raise up to $1.6 million. Finder’s fee of 6% cash may be paid in connection with this financing (La Navidad, Sonora).
  • SilverCrest Metals Inc. entered into an agreement with a syndicate of underwriters for a bought deal private placement to raise gross proceeds of up to C$6 M. SilverCrest will pay the underwriters a cash commission of up to 6% of the gross proceeds (Las Chispas, Sonora).
  • Primero Mining Corp. announced that the company agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. (San Dimas, Durango).
  • Candelaria Mining Corp. intends to make an application to the TSX to extend the exercise period of 12.6 M share purchase warrants by 12 months.

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. recommenced extensional and infill resource definition drilling at its Plomosas mine in Chihuahua. The first of two underground rigs was mobilized to Cuddy, level 5.4 to drill eight short holes before the Christmas break.

ON DEALS AND CORPORATE ISSUES

  • Argonaut Gold Inc. announced the closing of the acquisition of the 25,269 hectares Cerro del Gallo project in Guanajuato to Primero Mining Corp. for $15 M. Argonaut could recover up to $1.7 M of value added tax, and the companies acquired in this transaction include approximately $22 M in tax losses.
  • GFM Resources Ltd. entered into an exploration and evaluation agreement with Minera Auricup S. de R.L. on its Baviacora concession in Sonora. GFM has paid the outstanding mining duties of CAD$95 K for a six months right to explore the property and obtain a minimum 15% stake. If land access rights are not secured by Auricup on a four-month period, GFM has the right to demand full repayment, or to obtain a similar stake on in a different but equivalent mineral concession owned by Auricup. GFM drew on its facility with Metallorum Holding, S.A.P.I. de C.V., the corporation’s majority shareholder for this payment.
  • Magellan Gold Corp. completed the purchase of the SDA Mill to Rose Petroleum PLC. in Nayarit. Total consideration for the purchase was $1.5 M, with $1.0 M in cash and $500 K in Magellan stock, of which $100 K was paid in cash in June 2017. In August Magellan arranged $900 K in bridge loans to support the purchase.
  • Ethos Gold Corp. entered into an option agreement with Coztic Recursos Minerales S. de R.L. de C.V. to earn a 100% interest in the Purisima property in Chihuahua. Ethos Gold is to pay an aggregate of US$3.49 M and issue up to 3 M common shares to the property owner, in installments over 72 months, with the initial consideration of $45 K and 50 K shares due on signing. In addition, Ethos Gold is to pay outstanding mining duties of CAD$71 K and incur in exploration expenditures of not less than US$1 M within 72 months. The property owner is to retain a 2% NSR.

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, fine grained silica on boulders extracted from a farming field in Durango. Photo by Jorge Cirett.

Sta Catalina

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

During the 47th week of the year (November 20th to November 26th, 2017), at least 32 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: No relevant news. ON EXPLORATION: six companies informed on exploration efforts during the week: In Sonora Azure Minerals reported favorable metallurgical results from its Oposura project. In Chihuahua Monarca is to acquire the San Jose project; Mammoth Resources mobilized equipment to drill its Tenoriba property. In Sinaloa Starcore is to acquire the Santa Fe project, with an historical Au-Ag resource. Silver Bull released drill results from the sulfide zone at Sierra Mojada; Prize Mining is to acquire the Manto Negro stratabound copper project. Evrim Resources announced the acquisition of the Cuale high sulfidation property. In Veracruz Mexican Gold announced step-out drilling mineralization intercepts at Las Minas. ON MINING: Impact Silver presented its quarterly report. Marlin Gold informed on the mining program at La Trinidad in Sinaloa.  In Zacatecas, operations recommenced at the Santacruz Silver’s Veta Grande mill after the PROFEPA suspension. MX Gold informed on advance at the Magistral tailings project in Durango. Americas Silver informed the San Rafael mine is sourcing all ore treated in Cosalá. ON FINANCING: Telson Resources received $1 M from the exercise of warrants. Aztec Minerals is now trading on the USA. Primero Mining obtained an extension on its revolving credit facility. ON RESOURCES AND DEVELOPMENT: Leagold Mining reported more high-grade results from drilling at Bermejal Underground on its Los Filos property in Guerrero. Stroud Resources announced an updated resource estimate for its Santo Domingo Hostotipaquillo deposit in Jalisco. Almaden Resources released more drill results from the Ixtaca deposit in Puebla.  ON DEALS AND CORPORATE ISSUES: Soleil Capital and Goldplay Exploration are to amalgamate to create a precious metals exploration company focused in Mexico. Monarca Minerals signed a LOI to acquire the San Jose property in Chihuahua. Starcore entered into a LOI to acquire the Santa Fe property in Sinaloa. Camrova Minerals (Baja Mining) has seen its interest on El Boleo property (in Baja California) reduced to 7.3%. Bacanora Minerals is involved in a lawsuit over a 3% royalty on its Sonora lithium project. Golden Goliath has received the fifth payment on the option of its Uruachic properties. Prize mining is to acquire the Manto Negro project in Coahuila from Scion Mines.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Azure Minerals Ltd. reported metallurgical results from its Oposura project in Sonora. The test returned over 70% and 80% recoveries respectively for Pb and Zn, producing a lead concentrate (>55% Pb, 360 g/t Ag) and a zinc concentrate (>55% Zn) with low levels of deleterious elements. More metallurgical studies will be undertaken on core material from the present drill campaign.
  • Monarca Minerals Inc. entered into a letter of intent (LOI) to acquire the San Jose property in Chihuahua. The 5,580 hectares project shows disseminations, stockwork and veins of skarn, gossan and altered intrusive rocks, with assays of up to 26.8 g/t Au, 161 g/t Ag, 6.5% Pb, 0.9% Zn, 4.2% Cu.
  • Starcore International Mines Ltd. entered into a letter of intent (LOI) with Eduardo de la Peña Gaitan and other owners, to acquire the 21,000 hectare Santa Fe project in Sinaloa. Previous exploration included 13,000 m of drilling in 2013, establishing an historical (Non 43-101 compliant) open pit resource of 285 K AuEq Oz in 5 M tonnes @ 89 g/t Ag, 0.56 g/t Au; or an underground resource of 225 K AuEq Oz in 1.28 M tonnes @ 266 g/t Ag, 1.83 g/t Au.
  • Mammoth Resources Corp. has mobilized a drill rig and a bulldozer to its Tenoriba property in Chihuahua. The company is to begin a 3,000 m drill program in 8 to 24 holes to test gold-silver targets on a 5 km strike length within a 15 square Km area of ubiquitous high sulfidation gold mineralization. The company announced the release of a technical report on the drill selection criteria.
  • Silver Bull Resources Inc. released results from four drill holes testing the sulfide zone below the previously defined oxide zone on its Sierra Mojada project in Coahuila. Highlighted results comprise 9 m @ 20.7% Zn, 1.0% Pb, 98 g/t Ag, 0.26% Cu, including 3.65 m @ 47.8% Zn, 2.5% Pb, 105 g/t Ag, 0.26% Cu; 3 m @ 537 g/t Ag, 3.9% Zn, 1.1% Cu, including 1 m @ 1,280 g/t Ag, 14.8% Zn, 2.3% Cu.
  • Prize Mining Corp. entered into an agreement (see the appropriate section below) to acquire the Manto Negro copper project in Coahuila. The project consists of seven mining concession covering 17,959 hectares. “The Project is identified as a stratabound Cu-Ag (+/- Pb-Zn) oxidized “Red Bed type” copper deposit… The Project area is hosted by Cretaceous carbonates and sandstones with exposures of mineralization being identified in numerous locations occurring in concordant layers ranging from 2 to 23 metres thick that are referred to as “Mantos”. Exposures of this mineralization have been identified over the 50-kilometre length of the Project.” The grades of historical sampling, trenching and drilling range from 0.73% to 5.55% Cu, 19 to 793 g/t Ag, 1.5 to 15% Pb and 0.3 to 3.64% Zn.
  • Mexican Gold Corp. announced that drilling to expand the high-grade dike contact mineralization previously encountered at its Las Minas project in Veracruz has successfully intersected long intervals of chalcopyrite-magnetite mineralization in five additional holes. Core length intervals include: 0 m; Cumulative 48.0 m; 20.3 m; cumulative 28.0 m, 28.0 m of chalcopyrite-magnetite mineralization.
  • Evrim Resources Corp. announced the acquisition and early exploration results of the 97 square kilometer Cuale gold project in Jalisco. The Cuale project was initially staked under the Callinan Royalties generative alliance (now owned by Altius Minerals Corp.) with formal title granted to Evrim for 100% ownership in November 2017. “Mineralization is found in moderately to strongly silicified rhyolite that contains up to 10% specular hematite in boxworks, interpreted to have formed after pyrite. Zones of pervasive silicification with strong clay alteration of phenocrysts trending to vuggy silica are observed..” Seven rock chip samples collected on a 500 m by 250 m zone returned from 0.19 to 4.56 g/t Au.

ON MINING

  • Impact Silver Corp. released its financial and production third quarter 2017 report. Production at the Guadalupe mill came primarily from the San Ramon Deeps, Cuchara and San Patricio mines. Highly variable ore from the San Ramon Deeps mine contributed to the lower grade mill feed @ 175 g/t Ag. Total silver production was 229.9 K Oz. Exploration work is focused on the Alacran, Alacran North, San Ramon North and El Paso vein. The company had a $6.0 M cash position at the end of the period.
  • Marlin Gold Mining Ltd. informed that most of the mining during the year at La Trinidad, in Sinaloa, focused on expanding and deepening the north side of the Taunus pit, while waste removal continues on the southern part of the pit. Up to the end of October, 35,500 Oz Au have been shipped. Drilling commenced at the Colinas target, 1.2 km south of the pit.
  • Santacruz Silver Mining Ltd. recommenced operations at its Veta Grande mill in Zacatecas, following the authorization by PROFEPA and SEMARNAT (Environmental agencies in Mexico).
  • MX Gold Corp. informed all major tankage at the Magistral tailings project in Durango has been installed, with the grinding mill scheduled for completion in Early December 2017, and the installation of the Merrul-Crowe circuit underway.
  • Americas Silver Corp. informed production from the San Rafael mine at the company’s Cosalá operations in Sinaloa is now the sole source of mill feed. The mine is currently producing over 1,000 tonnes per day (tpd) of the targeted 1,500 tpd, with a stockpile of over 25 k tonnes from San Rafael and further 50 K tonnes of ore from Nuestra Señora.

ON FINANCING

  • Telson Resources Inc. reported that all the warrants issued as part of a private placement on November 2015 have been exercised, resulting in CAD$1 M in proceeds (Tahuehueto, Durango; Campo Morado, Guerrero).
  • Aztec Minerals Corp. has been approved to commence trading in the USA as of Nov 20th 2017, on the OTCQB under the symbol AZZTF (Cervantes, Sonora).
  • Primero Mining Corp. has agreed in principle with its lenders to an extension to its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp., previously maturing on November 23, 2017. The facility has been extended to December 1, 2017, providing the company to continue negotiations on its strategic review process and the possible divestiture of its San Dimas mine in Durango.

ON RESOURCES AND DEVELOPMENT

  • Leagold Mining Corp. reported additional high-grade results from the Bermejal Underground drill program at the Los Filos mine in Guerrero. “Bermejal Underground is at the northern end of a large intrusive body which has a total circumference of at least 15 kilometres…” The area being drilled extends 1,600 m along the strike of the intrusive contact and has a vertical depth extent of over 800 m. The drilling shows consistent oxide mineralization at carbonate/intrusive contacts either along the intrusive contact or below the intersection between the sill and the Bermejal intrusive contact. An updated resource estimate is expected before year end.

Leagold Bermejal Underground drilling1

  • Stroud Resources Ltd. updated the resource estimate in a new technical report on its Santo Domingo Hostotipaquillo project in Jalisco. The reports confirms the presence of 6.1 M tonnes @ 0.47 g/t Au, 101 g/t Ag and 3.48 M tones @ 0.39 g/t Au which contain 91.6 K Oz Au, 19 M Oz Ag as measured and indicated resources and 43.2 K Oz Au, 10 M Oz Ag as inferred resources. La Raya vein has a mineralized zone 35 m wide over 700 m along strike and 300 m of depth; and the Guadalupe vein is typically 15 to 30 m wide. Five additional veins have been identified for further exploration.
  • Almaden Minerals Ltd. released drill results from its ongoing exploration and development program for the feasibility study (FS) of the Ixtaca deposit at its Tuligtic project in Puebla. Two holes confirmed the discovery of an ore zone within a portion of the pit considered waste in the prefeasibility study (PFS). The holes intersected 23 m @ 0.45 g/t Au; 38.6 m @ 7.92 g/t Au, 15 g/t Ag (including 1 m @ 237 g/t Au, 232 g/t Ag); 20.4 m @ 0.89 g/t Au, 12 g/t Ag (including 7.0 m @ 2.07 g/t Au, 20 g/t Ag).

ON DEALS AND CORPORATE ISSUES

  • Soleil Capital Corp. entered into an amalgamation agreement with Goldplay Exploration Ltd. on a business combination transaction. “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..” in Sinaloa. Upon completion of the transaction the resulting issuer will be named Goldplay Exploration Ltd. and will be listed as a Tier 2 Mining Issuer on the Exchange.
  • Monarca Minerals Inc. entered into a letter of intent (LOI) to acquire the San Jose property in Chihuahua. The 5,580 hectares project shows disseminations, stockwork and veins of skarn, gossan and altered intrusive rocks. The terms of the LOI include a US$20 K payment on execution of the LOI (paid), US$20 K on execution of the definitive agreement, US$50 K on the first anniversary, and US100 K on the second anniversary, with the owners retaining a 2% NSR, of which one percent can be purchased by Monarca for US$100 k. Back taxes on the property of US$390 K will be paid over a period of time. Concession taxes per year are approximately US$46 K.
  • Starcore International Mines Ltd. entered into a letter of intent (LOI) with Eduardo de la Peña Gaitan and other owners, to acquire the 21,000 hectare Santa Fe project in Sinaloa. Starcore has up to 120 days to conduct due diligence work, and 30 days to complete the acquisition. Starcore is to issue 5 M shares to the owners upon signing, and will be released on four installments, and pay US$6 M as follows: US$2 M on execution; US$1 M on 18 months; US$1 M on 36 months; US$1 M on 48 months; US$1 M on 60 months.
  • Camrova Resources Inc. (Baja Mining Corp.) informed that its interest in Minera y Metalurgica del Boleo S.A. P.I, de C.V. has been reduced from 10% to 7.3%. This is a result of Korea Resource Corporation funding Camrova’s pro rata ($42.9 M) on cash calls amounting $429 M. The Boleo project is to annually produce 30 K tonnes Cu, 700 tonnes Co, 10,500 K tonnes Zn sulfate (Boleo, Baja California).
  • Bacanora Minerals Ltd. announced that it filed a statement of claim seeking to void ab initio, a 3% gross over-riding royalty held by the Estate of Colin Orr-Ewing over certain of Bacanora assets in Sonora. The company also announced amendments to the employment arrangements of certain members of the executive management firm.
  • Bacanora Minerals Ltd. has been served by the estate of the late Ian Colin Orr-Ewing with legal proceedings filed on September 20th September 2017, on a dispute regarding the ownership of 3% gross overriding royalties over Bacanora’s Sonora Lithium project and Magdalena Borates project. The Estate currently owns 8.15% of the common shares of Bacanora.
  • Golden Goliath Resources Ltd. has now received the fifth in a series of seven optional payments from Fresnillo PLC for the properties optioned to them in the Uruachic mining district in Chihuahua. This $100 K payment is to be followed by another $100 k due on May 2018 and a final US$2.3 M payment on November 2018, if Fresnillo is to keep the property. Golden Goliath plans to use the final payment to pay for the drill program on its 100% owned San Timoteo property in Chihuahua.
  • Prize Mining Corp. entered into an agreement with Scion Mines S.A. de C.V. to acquire 100% interest in the Manto Negro copper project in Coahuila, by issuing 6 M shares with a restricted lock-up and restricted resale period. Six million shares more are to be issued if the next milestones are met on a 43-101 technical report: 2 M bonus shares if the estimated copper resource is over 500 M Lb; 2 M bonus shares if the estimated copper resource is over 750 M Lb; 2 M bonus shares if the estimated copper resource is over 1 B Lb.

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, magnetite-chalcopyrite mineralization on drill core from Las Minas, Veracruz. Photo by Mexican Gold Corp. on its Nov 23rd, 2017 press release.

Core from Las Minas, Veracruz, photo from press release in Nov 2017

Alix Amends Private Placement

Alix Nov 23, 2017

Vancouver, British Columbia (FSCwire) – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) announces that further to its news releases of November 8th, 2017 and November 15, 2017 the non-brokered private placement is being increased to up to 34,000,000 units (the “Units”) at a price of $0.12 per Unit for aggregate gross proceeds of $4,080,000. All other terms of the private placement remain unchanged.

 

The private placement is subject to the acceptance of the TSX Venture Exchange.

 

Alix Resources is a junior mining exploration company focussed on seeking and acquiring world class lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company.

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

During the 46th week of the year (November 13th to November 19th, 2017), at least 33 press releases were announced by companies working in Mexico, including four quarterly reports. ON MEXICO ISSUES: The Mexican environmental agency (PROFEPA) suspended Santacruz Silver Mining Ltd. operations at the Veta Grande mill in Zacatecas. ON EXPLORATION: six companies informed on exploration efforts during the week: In Sonora Aztec Minerals announced drilling is underway at the Cervantes project; Colibri has new drill targets at El Pilar project. In Chihuahua, Silver Spruce is on the drill permitting process stage for its Pino de Plata property; Endeavour released drill results with bulk mining potential at its Parral project. In Coahuila Alset Minerals  applied for over 400 K hectares of ground in mining concessions, looking for lithium brines. In Sinaloa, Santana Minerals disclosed high-grade historical assays from the Lupita prospect, in its Cuitaboca project.  ON MINING: Mag Silver, Leagold Mining, Primero Mining and Starcore International presented quarterly results. Vangold Mining informed of a sampling program to measure the backfill resource at the Pinguico property in Guanajuato. Telson Resources delivered the first concentrates from Campo Morado, in Guerrero. In Zacatecas, operations at Santacruz Silver’s mill in Vetagrande, Zacatecas were suspended by PROFEPA. ON FINANCING: This was definitely a good week, with six companies reporting the opening or closing of financing rounds: VVC Exploration, Over CA$2.6 M; MAG Silver, $48.16 M; Kootenay Silver, $4 M; Gainey Capital, $717.8 K (for a total of $1.96 M). ON RESOURCES AND DEVELOPMENT: Mexican Gold Corp released high grade results from four step out holes at its Las Minas property in Veracruz. Consolidated Zinc is modifying its plans to mill over 250 K tonnes per annum at its Plomosas property in Chihuahua. Silver Bull released high-grade Ag-Cu drill results from drilling the sulfide zone at its Sierra Mojada property in Coahuila. Oceanus disclosed high-grade results from the first hole on its new drill campaign at El Tigre, in Sonora.  ON DEALS AND CORPORATE ISSUES: Argonaut Gold is to acquire the Cerro del Gallo property in Guanajuato, from Primero mining, for US$15 M, including VAT.

ON MEXICO ISSUES

  • PROFEPA (Mexico’s environmental enforcement agency) temporarily suspended operations at the Vetagrande mill in Zacatecas, citing inadequate atmospheric emission controls. Santacruz Silver Mining Ltd. failed to present an environmental permit, equipment maintenance registers or an inventory of atmospheric emissions. Primero Mining received VAT refunds from the SAT (Servicio de Administracion Tributaria) of $4.6 M during Q3, and $10.6 M during October.

ON EXPLORATION

  • Alset Minerals Corp. staked and filed mineral claims for over 400 K hectares of prospective lithium-rich salars in Coahuila. The claims contain the dry lagoons of Mayran (one of the biggest dry lakes in Mexico), Viesca and Los Remedios, in an area of 150 km (N-S) by 125 km (E-W). At Viesca there is history of commercial brine extraction by Sulfatos de Viesca.
  • Aztec Minerals Corp. along with partner Kootenay Silver Inc. announced that phase one of the drilling program is underway at its Cervantes project in Sonora. The program consists of 3,000 m on 14 to 17 holes to test: 1) A gold anomaly in soil and rock chip surveys 600 m by 900 m over quartz-feldspar porphyry and intrusive breccias at the California prospect. 2) Au-Cu mineralization on the Jasper target. 3) A geophysical chargeability/resistivity anomaly.
  • Colibri Resource Corp. is changing the mineralization model at its El Pilar project in Sonora. The mineralization is hosted in andesites along the contact with a granodiorite, but recent drilling confirmed that a supposed strike slip fault is not present, increasing the potential for gold carrying pyrite rich zones associated to two structures in the andesites. New drill targets have been defined, with chargeability anomalies also to be tested.
  • Silver Spruce Resources Inc. has restarted the permitting process for initiating a drill program at its Pino de Plata project in Chihuahua. Drill companies have visited the 397 hectares property and are to submit bids on the drilling program that is to test three zones. The El Terrero target consists of disseminated epithermal mineralization in intrusive rocks, with grab samples of up to 557 g/t Ag. The Teodora vein targets have verification samples with up to 553 g/t Ag. The Santa Elena target area shows replacement Ag-Pb-Zn-Cu mineralization.
  • Endeavour Silver Corp. discovered additional potential bulk tonnage silver mineralization in the Palmilla area of its Parral project in Chihuahua. “ Endeavour drilling has outlined lower grade, bulk tonnage mineralization above and along strike of the old workings that may be amenable to open pit mining”. The true width mineralized intervals averaged 10.1 m @ 92 g/t Ag, 0.2% Pb, 0.4% Zn (Each mineralized interval on one of the Capuzaya, Palmilla and La Luz veins). Endeavour has already an historic resource at the Veta Colorada vein, and is continuing with drilling at the San Patricio vein. A new resource for the Parral property is to be released by Q1, 2018.
  • Santana Minerals Ltd. disclosed a review of historic data that shows high-grade silver mineralization in the La Lupita prospect, part of its Cuitaboca project in Sinaloa. Of a total of 24 samples collected by Peñoles in a 130 m long stretch, nine returned values between 200 g/t Ag and 786 g/t Ag, with an average (on the 24 samples) of 220 g/t Ag, 0.3 g/t Au. Previously reported saw channel sampling by Santana on the same zone returned 7 m @ 161 g/t Ag, 1.1 m @ 158 g/t Ag, 2.9 m @ 281 g/t Ag, 1.65 m @ 514 g/t Ag.

ON MINING

  • Vangold Mining Corp. started a grading and sampling campaign on the surface 200 K stockpile at its Pinguico property in Guanajuato. The company also intends to clean the underground workings in order to access and sample the mine back fill, which they estimate to have the potential to reach 500 K tonnes. The back fill comprises material that did not reach the 15 g/t Au cut off that was being mined in 1913. Both above ground and underground material is to be tested metallurgicaly to define processing methods.
  • Mag Silver Corp. released its third quarter 2017 financial results. During the quarter underground development has been intensified to allow for a planned increase to 4,000 tpd in mining rate, permitting is in process for the planned production increase, and a 20,000 m exploration drill program commenced in July, with three rigs on the surface and one underground. An independent feasibility study (FS) is due by early 2018. The company had $121.6 M in cash and cash equivalents at the end of the period. A new expanded resource estimate was presented on November 7, 2017.
  • Telson Resources Inc. delivered the first zinc concentrates produced at its Campo Morado mine in Guerrero, to Trafigura’s warehouse in Manzanillo, Colima. Up to the first week of November, Telson has produced more than 800 tonnes of zinc concentrate and more than 250 tonnes of lead concentrate.
  • Leagold Mining Corp. reported Q3 2017 production from Los Filos in Guerrero. During the quarter 7,6 M tonnes were moved and 2.1 M tonnes of ore mined @ 0.67 g/t Au, 98 K tonnes were mined from underground @ 7.43 g/t Au, with a recovery rate of 70% (estimated at 80% from underground material) to produce 47,766 Oz Au at an all-sustaining cost (AISC) of $993. An expanded resource estimate for the Bermejal underground deposit was released, and 38,581 m of a 56,000 m drilling campaign were also completed. The company held $52.9 M of cash and cash equivalents at the end of the period.
  • Primero Mining Corp. reported operating and financial results for the third quarter 2017. At San Dimas in Durango, 110.2 K tonnes were mined and 114.7 K tonnes milled (1,246 tpd) @ 4.78 g/t Au, 301 g/t Ag, recovering 97% Au, 94% Ag, to produce 17,070 Oz Au, 1.1 M Oz Ag (or 20,537 Oz AuEq), at cash cost $884 AuEq and AISC of $1,117 per ounce. Production at San Dimas was affected by persistent issues with underground equipment reliability which impacted development and stoping, and a strike by unionized workers over the negotiation of the 2016 annual workers’ bonus. Cash at end of period was $14,9 M, which increased to $22 M by the end of October.
  • Starcore International Mines Ltd. announced production results for the second quarter of fiscal 2018, ended on October 31st, 2017. During the quarter 69.7 K tonnes were milled @ 1.56 g/t Au, 13.6 g/t Ag, recovering 80.9% Au and 54% Ag, to produce 2,739 AuEq Oz. the Altiplano Facility received 137.2 K tonnes of concentrate and 311 Kg of precipitates containing 197 Oz Au, 13,650 Oz Ag. Also during the quarter 94 Oz Au and 20.3 K Oz Ag were sold.
  • Santacruz Silver Mining Ltd. reported that the Mexican Environmental Protection Agency (PROFEPA) requested that the subsidiary operating the Veta Grande mill hold the environmental license directly on its name. The documents were submitted on November 8th, and the company expects the imminent resumption of operations at the mill. The mining operations and mill maintenance have continued through this time period.

ON FINANCING

  • VVC Exploration Corp. issued last week shares and warrants for CA$1.4 M, pursuant to the first closing, shares and warrants were issued for gross proceeds of CA$1.26 M. Insiders of the company subscribed for an aggregate of CA$200 K (Samalayuca, Chihuahua).
  • MAG Silver Corp. announced a non-brokered private placement with some shareholders for up to $44 M in gross proceeds. Later on the week MAG informed that the offering was increased for total gross proceeds of $ $48.16 M. MAG intends to use the net proceeds of the offering to fund exploration and development of the Juanicipio Project, in Zacatecas, and for working capital and general corporate purposes (Juanicipio, Zacatecas).
  • Kootenay Silver Inc. announced the opening of a non-brokered private placement of up to $4 M (La Cigarra, Chihuahua).
  • Gainey Capital Corp. closed the second and final tranche of its previously announced private placement, for gross proceeds of $ 717.8 K. Total gross proceeds for the offering are $1.96 M (El Colomo, Nayarit).
  • Mexican Gold Corp. informed its largest share holder, Palisade Global Investments Ltd. exercised warrants for gross proceeds of $833 K (Las Minas, Veracruz).

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Corp. released results from four step-out holes at its Las Minas project in Veracruz. The highlighted intervals include: 54.0 m @ 3.9 g/t Au, 13 g/t Ag, 1.7% Cu (including 38 m @ 5.4 g/t Au, 17 g/t Ag, 2.2% Cu); 19.0 m @ 2.1 g/t Au, 0.2% Cu (including 5.0 m @ 4.6 g/t Au, 0.4% Cu); 21.35 m @ 1.3 g/t Au, 0.7% Cu (including 11.35 m @ 2.2 g/t Au, 1.0% Cu) in one hole, and 9.0 m @ 0.9 g/t Au, 11 g/t Ag, 1.4% Cu; 8.0 m @ 1.3 g/t Au, 0.4% Cu; 12.80 m @ 0.8 g/t Au, 8 g/t Ag, 1.2% Cu. The drilling increased the strike width of the initial resource to 365 m (a 65 m increase) by 395 m. The rig is back to this zone to commence infill and resource expansion drilling near the drill intercept outlined above.
  • Consolidated Zinc Ltd. is expanding the plans outlined in the recent scoping study on its Plomosas property in Chihuahua. The company is now evaluating the opportunity targeting over 250 K tonnes per annum over a mine life of 7 to 10 years.
  • Silver Bull Resources Inc. released results from the sulfide zone at its Sierra Mojada property in Coahuila. Highlighted drill intercepts comprise: 16 m @ 396 g/t Ag, 1.6% Cu (including 5 m @ 379 g/t Ag, 3.2% Cu; 6 m @ 610 g/t Ag, 1.1% Cu); 7 m @ 370 g/t Ag, 0.8% Cu; 4.8 m @ 352 g/t Ag, 0.6% Cu. The sulfide zone sits below the current Sierra Mojada’s oxide resource, along a steeply dipping fault, remaining open to depth and over 3 km along strike.
  • Oceanus Resources Corp. reported results from the first hole of the current drill campaign in the Caleigh vein at its El Tigre property in Sonora. The hole returned 0.75 m @ 10.9 g/t Au, 2,830 g/t Ag, encountering also the low grade hanging wall alteration zone adjacent to the vein, with 25.75 m @ 0.65 g/t Au, 92 g/t Ag. “The true width has not been calculated for the intercepts, however true width is generally estimated at 75% to 90% of drilled width.”

ON DEALS AND CORPORATE ISSUES

  • Argonaut Gold Inc. reached an agreement with Primero Mining Corp. regarding the acquisition of the Cerro del Gallo project in Guanajuato. Under the deal Argonaut is to purchase all the shares of the Primero Mining subsidiary that holds the property for a cash consideration of $15 M (including VAT), payable on closing.

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, beautifully banded epithermal quartz vein from a prospect on the Durango Altiplano. Photo by Jorge Cirett.

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

During the 45th week of the year (November 6th to November 12th, 2017), at least 31 press releases were announced by companies working in Mexico, including nine quarterly reports. ON MEXICO ISSUES: No relevant news. ON EXPLORATION: seven companies informed on exploration efforts during the week: In Sonora Millrock finalized the first phase of exploration at its Navidad project with rock chip sampling and geophysical surveys; Sonoro provided an initial description and work plan at the newly optioned Calera property. In Chihuahua Consolidated Zinc released high-grade Zn-Pb rock chip results 2.5 km from its resource area at Plomosas. In Coahuila Discovery Metals presented high-grade Ag-Pb-Zn rock chip and channel results from its Puerto Rico and La Kika properties. Southern Silver informed on exploration work at its Creston del Oro, Biznagas and Los Lenchos concessions. In Hidalgo, Prospero Silver reported drilling results from the first drill testing ever of the Petate project. ON MINING: Fortuna Silver, Golden Minerals, Avino Silver, Pan American Silver, Premier Gold, Alio Gold, Torex Gold and Sierra Metals presented third quarter results. Torex Gold informed in three press releases on the work stoppage at its  El Limon – Guajes mine in Guerrero, resulting from the dispute between two unions. ON FINANCING: Advance Gold and Mammoth Resources are going ahead with non-brokered private placements for up to $200 K and $720 K respectively; Excellon closed a public bought deal offering, raising $14.8 M. ON RESOURCES AND DEVELOPMENT: Southern Silver released results from its last hole of the 2017 campaign, with two high-grade Zn intercepts.  ON DEALS AND CORPORATE ISSUES: Discovery Metals informed of the sudden death of its Vice-president Exploration, Peter Drobeck. Goldcorp informed that the sale of the Camino Rojo project in Zacatecas to Orla Mining has been completed. Sierra Metals informed of the appointment to the board of Jose Vizquerra. Magellan Gold informed the purchase of the SDA mill in Nayarit is approaching completion. Sable Resources announced the signing of definitive agreements on the acquisition of BlueJoint Resources, which has an extensive land position in Mexico. Sonoro Resources optioned the Calera property in Sonora.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Southern Silver Exploration Corp. disclosed exploration work on its Creston del Oro, Biznagas and Los Lenchos claims, which are contiguous to its Cerro Las Minitas property in Durango. Over 1400 rock chip and float samples have been collected, revealing a NW-SE corridor greater than 12 km in length, anomalous in precious metals and pathfinder elements. Targeting for an early 2018 RC drill campaign is to base on the multiple distinct clusters and trends seen.
  • Discovery Metals Corp. released results from 32 channel samples at its Puerto Rico project in Coahuila. The samples were collected on the southern part of the project, from the Puerto Rico, San Jose and Zaragoza mines, in manto style mineralization, as well as high-angle breccias, fracture zones and chimney features. Results include 0.8 m @ 202 g/t Ag, 22.3% Pb, 0.7% Zn, 0.16% Cu; 2.0 m @ 242 g/t Ag, 25.2% Pb, 6.3% Zn, 0.19% Cu; 3.5 m @ 506 g/t Ag, 3.5% Pb, 21.9% Zn, 0.11% Cu at Zaragoza; 10.5 m @ 25 g/t Ag, 1.6% Pb, 18% Zn, 0.15% Cu; 4.0 m @ 519 g/t Ag, 29.7% Pb, 17.3% Zn, 0.44% Cu; 3.0 m @ 1,480 g/t Ag, 31.9% Pb, 0.1% Zn, 0.41% Cu at San Jose; and 4.0 m @ 230 g/t Ag, 15.0% Pb, 26.3% Zn; 1.5 m @ 316 g/t Ag, 23.0% Pb, 15.0% Zn; 5.0 m @ 25 g/t Ag, 1.8% Pb, 31.1% Zn; 6.0 m @ 615 g/t Ag, 20.8% Pb, 24.3% Zn; 1.6 m @ 477 g/t Ag, 11.8% Pb, 2.4% Zn, 11.2% Cu at Puerto Rico.
  • Discovery Metals Corp. released panel and channel sampling results from its La Kika project in Coahuila. Numerous prospect pits are scattered over a 200 by 200 m area, showing high-grade Ag-Pb-Zn carbonate replacement mineralization as subhorizontal mantos and subvertical chimney-like structures with massive oxides of Zn-Pb-Ag-Cu. Results include 0.7 m @ 600 g/t Ag, 30.1% Pb, 8.3% Zn, 0.44% Cu; 0.5 x 1.0 m panel @ 35.5% Zn, 1.2% Cu; 1.0 x 0.5 m panel @ 160 g/t Ag, 10.0% Pb, 16.7% Zn, 0.24% Cu; 0.6 m @ 258 g/t Ag, 11.2% Pb, 12.4% Zn; 1.0 x 0.5 m panel @ 420 g/t Ag, 18.9% Pb, 1.2% Zn.
  • Consolidated Zn Ltd. announced results of first pass rock chip sampling at the Alfonsitos prospect, 2.5 km NW from its Plomosas mine in Chihuahua. Grades of up to 18.5% and 24.3% Zn+Pb were obtained from workings and outcrops respectively. Alfonsitos is the first of several prospects identified by reconnaissance exploration and geophysical surveys.
  • Millrock Resources Inc. reported that its first phase of exploration at La Navidad project, targeting orogenic style mineralization, is now complete. A 1,082 samples soil survey has returned 248 samples with values greater than 50 ppb Au, while 83 rock chip samples of a total of 575 returned greater than 0.5 g/t Au. A ground magnetic survey covering 82 line-km and a 20 km induced polarization survey were also carried out in the property. Three prospects have been identified, Anchor, Horseshoe and Cobre, with rock sampling returning 24 m @ 0.9 g/t Au; 12 m @ 1.1 g/t Au; 14 m @ 0.8 g/t Au. A 2,000 m drill program on nine holes is in progress.
  • Prospero Silver Corp. provided a preliminary update on the first stage reconnaissance drilling at its Petate property in Hidalgo. Eight shallow holes have been completed with the aim to establish structure and better aiming at deeper targets. The initial holes were drilled at the Apartadero zone, which shows multiple jasperoid outcrops in limestone. Mineralized intercepts include 18.5 m @ 0.8 g/t Au, 5 g/t Ag; 3.4 m @ 3.5 g/t Au, 2 g/t Ag.
  • Sonoro Metals Corp. provided an initial description of its newly optioned Calera project in Sonora (see below on the deals section). “Large zones of disseminated pyrite replacement in the shallow dipping calcareous shale units are extensive with coincident regolith gold placer within the concessions. Local altered felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization”.  Initial work is to surface sample the concession area, where multiple old prospect pits are located, and a soil sample program on east-west lines to identify targets for further exploration.

ON MINING

  • Torex Gold Resources Inc. Informed that on November 3rd , a group of approximately 20 local unionized workers illegally blockaded the entrance to the El Limon – Guajes mine in Guerrero. The group of workers demands a change of union, same that can only be accomplished through a government sanctioned process validated by the majority of unionized workers in an assembly. The company shut down the processing plant in an orderly manner, and stated that during the stoppage there will be a focus on maintaining environmental protections.
  • Torex Gold Resources Inc. reported that on November 6th a group of approximately 35 persons entered the El Limon – Guajes mine site in Guerrero and threatened the site staff. Care and maintenance activities resumed on November 8th. The Company has requested to the appropriate authorities that they take action to restore law and order that has been disrupted by a conflict between two unions. “Excellent political support has been received from State and Federal governments to advance the legal charges and to find a negotiated resolution to the dispute between the two syndicates.”
  • Fortuna Silver Mines Inc. reported its financial results for the third quarter 2017. During the period 263.7 K tonnes were milled (3,038 tonnes per day, or tpd) @ 229 g/t Ag, 1.71 g/t Au, recovering 91% Ag, 91% Au to produce 1.77 M Oz Ag, 13,248 Oz Au at all-in sustaining cost of $7.75 per Oz Ag. At the end of September the company had cash and cash equivalents for $195.8 M.
  • Golden Minerals Co. presented its third quarter 2017 results. During the period Golden expanded the Santa Maria project in Chihuahua by acquiring adjacent claims, and begun two 1,500 m drill programs on Santa Maria and the Velardeña properties in Durango. The lease on its oxide mill to Hecla was extended to 2020. The company spent $6.2 M and received $8.6 M during the first nine months of the year, ending the third quarter with $5.0 M in cash and cash equivalents.
  • Avino Silver Gold Mines Ltd. announced the consolidated financial results for the third quarter 2017. During the period 138.2 K tonnes were milled to produce 368.4 K Oz Ag, 2,673 Oz Au, 1.1 M Lb Cu at cash cost $9.74 per AgEq Oz, and AISC $11.25 per AgEq Oz. The company had revenues of US$8.4 M during the period, with US$3.8 M in cash and US$4.0 M in short term investments by the end of September.
  • Pan American Silver Corp. reported unaudited net earnings for Q3 2017, including figures from its Mexican operations. During the period the company produced 1.83 M OzAg, 1,210 Oz Au at La Colorada, in Zacatecas, and 0.97 M OzAg, 24,960 OzAu at Dolores in Chihuahua, at cash cost of $1.71 and ($0.57) per AgOz, net of by-product credits, respectively. At Dolores, ramp-up of the new pulp agglomeration plant started in August, with the plant processing 120 K tonnes of high grade ore in Q3. Heap leach stacking rates reached 20 K tpd, and underground mining is to commence before the end of 2017. At La Colorada mining and processing rates averaged 1,906 tpd, exceeding design rates of 1,800 tpd.
  • Premier Gold Mines Ltd. disclosed third quarter 2017 results, including figures from its Mercedes mine in Sonora. At Mercedes 156.4 K tonnes were milled @ 3.88 g/t Au, 36 g/t Ag, to produce 18,564 Oz Au, 82.8 K Oz Ag. Recovery rates were 95.4% Au 45.2% Ag, with co-product cash cost of $793 per OzAu, co-product AISC of $998 per Oz Au, co-product cash cost of $10.35 per OzAg, co-product AISC of $13.49 per OzAg. Up to ten underground and surface drill rigs were operating during the period. At the end of the period the company held $171.8 M in cash and cash equivalents.
  • Alio Gold Inc. provided third quarter 2017 results. At its San Francisco mine in Sonora, Alio produced 19,429 Oz Au at cash cost $884 and all-in sustaining cost of $1,104 per OzAu. The revitalization plan of the pit includes moving 22 M tonnes of waste from the San Francisco Main and La Chicharra pits. Also during the period the company completed a bought deal financing for C$50.4 M, received the land use permit for its Ana Paula project in Guerrero, where a decline was permitted and contracts awarded. At the end of September the company had $68.5 M in cash and short term investments.
  • Torex Gold Resources Inc. presented financial results for the third quarter 2017. During the quarter the El Limon-Guajes mine moved 8.7 M tonnes, averaging 94.4 K tpd, with the plant processing 1.15 Mt (12,522 tpd) @ 2.35 g/t Au to produce 67,333 Oz Au at a gold recovery rate of 87%. Total cash cost was $728 per OzAu and AISC of $1,035 per OzAu.
  • Sierra Metals Inc. reported consolidated results for the third quarter 2017, including information from its Mexican operations. At Bolivar in Chihuahua, mine development totaled 942 m, while at Cusi, also in Chihuahua, mine development totaled 1,033 m, and 1,164 m of infill drilling were carried out. Cash cost per CuEq Lb was $1.69 and an AISC per CuEq Lb of $3.32 at Bolivar; At Cusi cash cost per AgEq Oz was $21.95 and AISC per AgEq Oz was $51.93. On exploration, 14,082 m were drilled atBolivar (992 m at El Gallo; 7,168 m at Bolivar NW; 418 m at Chimney 2; 5,504 m at Bolivar W). At the end of the period Sierra Metals had $28.6 M in cash and cash equivalents, and a net debt of $39.9 M.
  • Fortuna Silver Mines Inc. disclosed consolidated results for the third quarter 2017, including figures from its San Jose mine in Oaxaca. At San Jose 263.7 K tonnes were milled (3,038 tpd) @ 229 g/t Ag, 1.71 g/t Au, with recoveries of 91% Ag, 91% Au, to produce 1.77 M Oz Ag, 13,248 Oz Au. Cash cost was $1.53 per OzAg and AISC was $7.75. The company had $195.8 M in cash, cash equivalents and short term investments by the end of the period.

ON FINANCING

  • Advance Gold Corp. is to undertake a non-brokered private placement to raise up to $200 K in gross proceeds (Tabasqueña, Zacatecas).
  • Excellon Resources Inc. closed the previously announced bought deal public offering, for aggregate gross proceeds of $14.8 M. With the purchase of $2.5 M in shares, Eric Sprott now owns a 19.2% interest in the company on a non-diluted basis (Platosa, Durango).
  • Mammoth Resources Corp. announced a non-brokered private placement, intending to raise up to $720 K to drill its Tenoriba property in Chihuahua.

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp. released results from the last hole drilled in 2017 on its Cerro Las Minitas project in Durango. The hole intersected 2.1 m (estimated true width, TW) @ 88 g/t Ag, 0.2% Pb, 10.3% Zn and 1.5 m @ 30 g/t Ag, 0.1% Cu, 20.7% Zn. Southern Silver is in the process of reviewing, modelling and compiling the 2017 drill results aiming to produce an updated mineral resource estimate in the coming weeks.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. informed the sudden passing away of Peter Drobeck, its vice president of exploration. Peter Drobeck had a career of over 35 years in exploration, having worked for companies like Silver Standard, AuRico Gold, Electrum USA and Newcrest, before joining Discovery Metals earlier in 2017 (Note of compiler.- Peter worked for decades in Mexico for different companies, leaving many friends in the industry. He will be missed greatly).
  • Goldcorp Inc. announced the completion of the sale of the Camino Rojo project in Zacatecas to Orla Mining Ltd., following the receipt of Mexican anti-trust approval. Goldcorp acquired 19.9% of Orla’s shares. The Camino Rojo project has 1.7 M Oz Au in reserves and 7.5 M Oz Au in measured and indicated resources.
  • Sierra Metals Inc. appointed Jose Alberto Vizquerra-Benavides to its board of directors, and Sierra Metals Audit Committee. Mr. Jose Vizquerra is currently executive vicepresident of strategic development and a director at Osisko Mining Inc. (Cusi and Bolivar, Chihuahua).
  • Magellan Gold Corp. informed that the purchase of the SDA mill in Nayarit from Rose Petroleum PLC is nearing conclusion. The parties anticipate the closing to occur during November 2017.
  • Sable Resources Ltd. announced that it has entered into definitive agreements for the acquisition of BlueJoint Resources Inc. and Western Canada Greenfields Group Inc. “the Acquisitions will be structured in the form of a three-cornered amalgamation, pursuant to which each of BlueJoint and WCG will amalgamate with a wholly-owned subsidiary of Sable”. BlueJoint systematically explored 1.74 million hectares in 10 target areas considered highly prospective and underexplored for precious metal epithermal mineralization in Mexico (Vinata, Chihuahua; Escarpe, Queretaro).
  • Sonoro Metals Corp. entered into an option agreement with a private Mexican resident to acquire the 144 hectares Calera project in Sonora. The deal portrays the payment in six years of $1 M in six installments of increasing cost, and a 2% NSR that can be bought by Sonoro for $650 K at any time

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, beautifully banded epithermal quartz vein from a prospect on the Durango Altiplano. Photo by Jorge Cirett.

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Sable Resources Ltd – Announces Proposed Acquisitions of BlueJoint Resources Inc. and Western Canada Greenfields Group Inc.

sable announces proposed acquisition of blue joint resources

November 2, 2017 (Toronto, Ontario): Sable Resources Ltd. (“Sable” or the “Company”) (TSXV: SAE) is pleased to announce that it has entered into definitive agreements dated as of October 31, 2017 (the “Master Agreements”) providing for the acquisitions (the “Acquisitions”) by Sable of BlueJoint Resources Inc. (“BlueJoint”) and Western Canada Greenfields Group Inc. (“WCG”). Each of BlueJoint and WCG are private companies engaged in mineral exploration activities. The Acquisitions are subject to the satisfaction or waiver of certain customary closing conditions, including the approval of the TSX Venture Exchange (“TSXV”) and approval by shareholders of each of BlueJoint and WCG.

BlueJoint systematically explored 1.74 million hectares in 10 target areas considered highly prospective and underexplored for precious metal epithermal mineralization in Mexico. This systematic exploration consisted of 10,623 high-density stream sediment samples, 1636 rock samples and 1,122 soil samples as well as geologic mapping and mineral occurrence reviews. This work generated 143 new, previously unknown targets of which 96 await evaluation, 26 have been recommended for further work and two targets; Vinata and El Escarpe are drill ready and have completed independent technical reports prepared in compliance with National Instrument 43-101 (“NI 43-101”). Sable will acquire 100% of the mineral rights that cover these targets consisting of five mineral applications and one mineral title.

Discovery Metals Announces Passing Of Peter Drobeck

https://www.dsvmetals.com/site/assets/files/5146/nov_06_2017.pdf

November 6, 2017, Toronto, Ontario – Discovery Metals Corp. (TSX-V: DSV) (“Discovery” or the “Company”) is saddened to announce the sudden passing of Peter Drobeck, its Vice President of Exploration, at home in Colorado. Mr. Drobeck had a long and illustrious career working for such companies as Silver Standard Resources Inc., AuRico Gold Inc., Electrum USA Ltd., and Newcrest Resources Inc., before joining Discovery earlier this year.