Highlights on the Second Week of July, 2018. Mining and Exploration News in Mexico

211 - copia

By Jorge Cirett

During the 28th week of the year (July 9th to July 15th, 2018), at least 23 press releases were announced by companies working in Mexico. Three companies updated on exploration advances. one company announced a financing round while another tries to extend the period for exercise of warrants. Seven companies released Q2 production results and two others a PEA on its properties. Seven companies released advances on the development or exploration of their resource base, and finally one company announced the appointment of its Vice-president Exploration and one other company the optioning of a property to a third party, and returning another to the underlying owner. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Ridgestone Mining completed an IP survey on its Rebeico property. In Chihuahua Golden Goliath resumed exploration on its San Timoteo project, and in Veracruz Mexican Gold released rock chip sampling results from its Las Minas project.  ON MINING Torex Gold, Endeavour Silver, Great Panther, Capstone, Excellon, Premier Gold and Hecla released second quarter results on production. Sierra Metals released a PEA on a projected production increment at its Bolivar mine in Chihuahua.  ON FINANCING, Prize Mining closed the first tranche of a non-brokered private placement. Candente Gold applied to extend the expiration period of warrants issued on a previous financing. ON RESOURCES AND DEVELOPMENT, Santacruz Silver, SilverCrest, Avino Silver, Kootenay Silver and Golden Minerals released drilling or exploration results on their properties with resources. Orla Mining released a PEA on its Camino Rojo Property in Zacatecas. ON DEALS AND CORPORATE ISSUES, Discovery Metals announced the appointment of Gernot Wober as VP Exploration. Riverside Resources optioned its La Silla property (in Sinaloa) to Sinaloa Resources, and returned the Glor property (in Sonora) to underlying owner Argonaut Gold, after two unsuccessful drill campaigns by Centerra Gold.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Golden Goliath Resources Ltd. reported the commencement of its summer exploration program at its San Timoteo property in the Uruachic district of Chihuahua. San Timoteo hosts the longest mining tunnel in the district, with mapping and sampling having defined three ore shoots and a manto horizon within it. No exploration has been carried below the level of the tunnel, and the workings are interpreted to be above the boiling zone of an epithermal system, hence the possibility of potential bonanza grades down dip.
  • Mexican Gold Corp. released high grade sampling results from the Pueblo Nuevo area of its Las Minas projects in Veracruz. Multiple new vein occurrences have been discovered in the Pueblo Nuevo Valley structural corridor. The veins “show characteristics of mesothermal quartz veins”, generally 20 to cm in width, sub-vertical dips and no post mineral deformation. The dioritic host rock displays argillic alteration and sulfides up to one meter on each side of the veins. Chip sampling results include 0.43 m @ 7.87 g/t Au, 74 g/t Ag, 3.5% Zn; 0.30 m @ 6.14 g/t Au, 60 g/t Ag, 5.3% Zn; 0.50 m @ 19.18 g/t Au, 229 g/t Ag, 2.25% Zn; 0.3 m @ 4.33 g/t Au, 30 g/t Ag, 1.1% Zn; 0.15 m @ 16.17 g/t Au, 101 g/t Ag, 0.6% Cu, 14.6% Zn; 0.60 m @ 3.18 g/t Au, 17 g/t Ag, 3.5% Zn; 0.40 m @ 4.11 g/t Au, 22 g/t Ag; 0.45 m @ 19.41 g/t Au, 148 g/t Ag, 1.5% Cu, 0.8% Zn; 0.60 m @ 19.26 g/t Au, 70 g/t Ag, 2.3% Zn; 0.75 m @ 10.12 g/t Au, 30 g/t Ag.
  • Ridgestone Mining Inc. completed an induced polarization (IP) geophysical survey at its Rebeico Au-Cu project in Sonora. The survey comprised nine lines of IP, each 2 km long, for a total of 18 line kilometers spaced 200 m apart, covering an area of 1.6 by 2.0 km. Ridgestone has an option to acquire 100% interest in the project (subject to a 2% NSR) from YQ Gold de Mexico S. de R.L. (a Mexican corporation). The property covers 167 hectares, and includes the Alaska mine, which has old workings of up to 70 m of depth.

ON MINING

  • Torex Gold Resources Inc. released second quarter production results for 2018, period during which 80 K Oz Au were produced at its Limon-Guajes mine in Guerrero. Production has been ramping up, with 9 K tones per day (tpd) on April, 11 K tpd on May and 13 K tpd on June. The SART plant produced its first copper precipitate, with the operations team now taking the plant to full production. The updated technical report on El Limon-Guajes and Media Luna project is to be completed in late July/early August.
  • Sierra Metals Inc. announced the results of a preliminary economic assessment (PEA) on its Bolivar mine in Chihuahua, with the report being filed within 45 days. The PEA includes a net present value (NPV) of US$214 M at 8% discount rate, a return on investment (ROI) of 550%, on 3-4 years payback period and a net after-tax cash flow of US$303 M. The plant is to process 5 K tpd at recovery rate of 85% Cu to produce 252.5 M Lb Cu on 11 years of mine life on the existing mineral resource estimate. The longhole stoping method is to be used for mining.
  • Endeavour Silver Corp. reported production results for the second quarter 2018. At Guanaceví, in Durango, 71.3 K tonnes were produced @ 225 g/t Ag, 0.67 g/t Au, recovering 90.2% Ag, 92.7% Au to obtain 464.9 K Oz Ag, 1,423 Oz Au. At Bolañitos, in Guanajuato, 108.5 K tonnes were milled @ 91 g/t Ag, 1.82 g/t Au, recovering 78.3% Ag, 82.3% Au, to obtain 248.6 K Oz Ag, 5,222 Oz Au. At El Cubo, in Guanajuato, 134.5 K tonnes were milled @ 171 g/t Ag, 1.92 g/t Au, recovering 86.8% Ag, 84.6% Au, to obtain 642.4 K Oz Ag, 7,029 Oz Au. Consolidated production was 1,355.9 K Oz Ag, 13,674 Oz Au. The El Compas mine in Zacatecas is on track to commence commercial production by the end of July at the target capacity of 250 tpd.
  • Great Panther Silver Mines Ltd. reported production results for the second quarter 2018. At the Guanajuato Mine Complex, in Guanajuato, 77 K tonnes were processed @ 127 g/t Ag, 2.40 g/t Au, recovering 87.7% Ag, 88.2% Au to obtain 276.6 K Oz Ag, 5,240 Oz Au. At Topia, in Durango, 18.1 K tonnes were milled @ 371 g/t Ag, 0.69 g/t Au, recovering 93.9% Ag, 63.1% Au, to obtain 203.1 K Oz Ag, 253 Oz Au. Consolidated production of 95.2 K tonnes milled produced 479.8 K Oz Ag, 5,492 Oz Au, 480 tonnes Pb, 528 tonnes Zn.
  • Capstone Mining Corp. released production results for the second quarter of 2018, including figures from its Mexican operations. At Cozamin, in Zacatecas, 227.6 K tonnes were mined, 224.2 K tonnes milled (4,464 tpd) @ 1.66 % Cu, 1.04% Zn, 0.29% Pb, 45.3 g/t Ag. Recovery was 94.6% Cu, 66.4% Zn, 48.1% Pb, 77.5% Ag, to produce 13,581 tonnes of copper concentrate @ 25.9% Cu, 517 g/t Ag; 3,529 tonnes of zinc concentrate @ 47.5% Zn and 494 tonnes of lead concentrate @ 62.3% Pb, 1,717 g/t Ag.
  • Excellon Resources Inc. announced second quarter 2018 production results from its Platosa mine in Durango. Silver equivalent (AgEq) production increased 120% to 637.2 K Oz AgEq on Q2 2017 figures. 16.1 K tonnes were mined, 22.9 K tonnes milled @ 415 g/t Ag, 4.6% Pb, 6.7% Zn with recoveries of 89.6% Ag, 80.2% Pb, 82.2% Zn to produce 277.7 K Oz Ag, 1.85 M Lb Pb, 2.81 M Lb Zn, or 637.2 K Oz AgEq. Low-grade historical stockpiles and sump material with minimal associated mining cost continued to be processed. An AISC of less than $10 per Ag Oz was achieved.
  • Premier Gold Mines Ltd. released second quarter 2018 production results, including figures from its operations in Mexico. At Mercedes, in Sonora, 13,780 Oz Au, 44,366 Oz Ag were produced during the period. Production was impacted through the first half of the year owing to delays in the development of the Diluvio and Rey de Oro deposits. “Reinterpretation of the Diluvio ore shapes required changes to the stope designs. Mining in Rey de Oro was delayed by permitting requirements for the ventilation system”.
  • Hecla Mining Co. released preliminary results for the second quarter of 2018, including figures from its Mexican operations. At San Sebastian in Durango, 0.6 M Oz Ag, 3,872 Oz Au were produced in the period. The mill operated at an average of 415 tpd.

ON FINANCING

  • Prize Mining Corp. closed the first tranche of its non-brokered private placement for gross proceeds of $6.5 M. No finder’s fees were paid as part of this transaction. (Mercedes, Sonora).
  • Candente Gold Corp. has applied to extend the exercise period of 5 M outstanding share purchase warrants issued at a private placement in August 2016. “The original expiry date was August 12, 2018 and if the extension is approved, the new expiration date will be August 12, 2020”.

ON RESOURCES AND DEVELOPMENT

  • Sierra Metals Inc. released a new mineral reserve estimate on the new PEA on its Bolivar mine in Chihuahua. The Cu-Zn skarn (with Ag and Au credits). “Mineralization exhibits strong stratigraphic control and two stratigraphic horizons host the bulk of the mineralization: an upper calcic horizon, which predominantly hosts Zn-rich mineralization, and a lower dolomitic horizon, which predominantly hosts Cu-rich mineralization”. The indicated resources display 13.26 Mt @ 22.5 g/t Ag, 0.29 g/t Au, 1.04% Cu containing 9.6 M Oz Ag, 124 K Oz Au, 137.5 K tonnes Cu, and the inferred resources 8 M tonnes @ 22.4 g/t Ag, 0.42 g/t Au, 0.96% Cu containing 5.8 M Oz Ag, 109 Oz Au, 76.8 K tonnes Cu.
  • Santacruz Silver Mining Ltd. Reported initial phase I drill results from the Garcia and Armado veins on its Veta Grande project in Zacatecas. Ten drill holes totaling 3,323 m of core drilling have been completed, having received results on the first six holes. Some highlighted true width intervals: 1.0 m @ 0.05 g/t Au, 209 g/t Ag; 0.32 m @ 0.37 g/t Au, 312 g/t Ag; 4 m @ 0.06 g/t Au, 168 g/t Ag; 0.95 m @ 1.36 g/t Au, 235 g/t Ag, 7.5% Pb, 8.7% Zn, 0.2% Cu; 0.65 m @ 292 g/t Ag; 0.88 m @ 1.73 g/t Au, 34 g/t Ag.
  • SilverCrest Metals Inc. released further phase III drill results for the Las Chispas property in Sonora. Highlighted intervals on the Babicanora vein: 2.0 m @ 0.87 g/t Au, 269 g/t Ag; 2.5 m @ 6.04 g/t Au, 369 g/t Ag (including (0.8 m @ 14.95 g/t Au, 742 g/t Ag); 0.6 m @ 2.19 g/t Au, 63 g/t Ag. Highlighted intervals on the Babicanora footwall vein include: 5 m @ 54.59 g7t Au 6,535 g/t Ag (including 0.5 m @ 183.50 g/t Au, 21,858 g/t Ag); 2.3 m @ 4.07 g/t Au, 436 g/t Ag; 0.9 m @ 1.15 g/t Au, 151 g/t Ag. The sub parallel Babicanora FW vein high-grade footprint has now been traced for 250 m on strike.
  • Avino Silver Gold Mines Ltd. released drill results from the Chirumbo and Guadalupe areas of the Avino property in Durango. Avino vein highlighted core length intersects include 15.4 m @ 0.20 g/t Au, 129 g/t Ag, 0.64% Cu; 42.75 m @ 0.45 g/t Au, 46 g/t Ag, 0.44% Cu; 15.85 m @ 4.13 g/t Au, 20 g/t Ag, 0.07% Cu; 7.35 m @ 0.36 g/t Au, 47 g/t Ag, 0.33% Cu; 6.0 m @ 0.09 g/t Au, 202 g/t Ag, 0.64% Cu. Highlighted Guadalupe vein results include 0.60 m @ 1.38 g/t Au, 90 g/t Ag, 0.76% Cu; 1.50 m @ 4.79 g/t Au, 11 g/t Ag, 0.05% Cu; 3.75 m @ 0.32 g/t Au, 171 g/t Ag, 0.1% Cu; 1.60 m @ 0.23 g/t Au, 84 g/t Ag, 0.28% Cu; 5.20 m @ 0.07 g/t Au, 26 g/t Ag, 0.34% Cu; 3.90 m @ 0.33 g/t Au, 129 g/t Ag, 0.75% Cu. The Guadalupe vein has shown to extend along 800 m and to a depth of 250 m. Avino is planning a new drill program targeting the Aguila Mexicana vein system, which is one of the strongest and widest structures on the property.
  • Kootenay Silver Inc. released the results of eight core holes from its La Cigarra property in Chihuahua. The holes tested parts of the Las Carolinas, La Borracha and La Nogalera zones, returning medium to high grade silver intercepts in all areas. Highlighted results include: At La Borracha 12.37 m @ 33 g/t Ag, 0.05 g/t Au, 0.2% Pb, 0.2% Zn; At La Nogalera 1.78 m @ 48 g/t Ag, 0.72 g/t Au; 4.0 m @ 736 g/t Ag, 0.09 g/t Au, 0.3% Pb, 0.1% Zn; At Las Carolinas 14.0 m @ 79 g/t Ag, 0.03 g/t Au (including 6.79 m @ 144 g/t Ag, 0.05 g/t Au; 41.38 m @ 45 g/t Ag, 0.03 g/t Au.
  • Golden Minerals Co. disclosed that surface mapping and sampling identified the eastern extension to the Santa Maria vein at the Santa Maria project in Chihuahua. Several other veins were also discovered in the adjacent Cervantes concessions in an exploration exercise on which 542 rock chip samples were collected. The Santa Maria vein occurs as a series of quartz-calcite veins up to 4.5 m in width, returning assays as high as 0.6 g/t Au, 347 g/t Ag, 1.2% Zn. The Cervantes quartz-calcite vein system occurs 800 m east of the current resource area, for 700 m of strike length, returning up to 1.6 g/t Au, 207 g/t Ag, 0.24% Cu, 5.6% Pb, 19.5% Zn over widths of up to 1.3 m. Golden estimates completing the PEA during the third quarter of 2018.
  • Orla Mining Ltd. filed a preliminary economic assessment (PEA) on its Camino Rojo property, Zacatecas. The PEA visualizes a technically simple open pit mine and heap-leach operation with low capital and operating costs, “rapid payback and strong financial performance”. The project envisages a 3.3 payback period, working at a 18 K tpd rate that would place 42.5 M tonnes of material on the heaps @ 0.71 g/t Au, 13.6 g/t Ag (966 K Oz Au, 18.5 M Oz Ag), with a recovery rate of 67% Au and 15% Ag, producing 97,500 Oz/year at an All-in sustaining cost of $555 Oz/Au.

ON DEALS AND CORPORATE ISSUES

  • Discovery Metals Corp. announced the appointment of Gernot Wober as its Vice-President Exploration (Puerto Rico, Coahuila).
  • Riverside Resources Inc. and Sinaloa Resources Inc. signed a letter of intent (LOI) whereby Sinaloa Resources can earn up to 100% interest in Riverside’s La Silla project in Sinaloa. The initial option to earn 70% lies on Sinaloa issuing shares for $1 M, $60K in cash payments and exploration work commitments of $3 M over 36 months. To earn an additional 30% Sinaloa must spend a further $1 M in exploration and issue Riverside $500 K in shares. Riverside is to retain a 2.5% NSR if Riverside’s interest reduces to less than 10%. Previous work in the 2,071 hectares project includes 6 drill holes on the El Roble system, with intersects of up to 15 m @ 6.9 g/t Au.
  • Riverside Resources Inc. announced that drilling assays from two campaigns funded by Centerra Gold Inc. returned insufficient mineralized thickness and continuity to justify further exploration on the Glor project in Sonora. Riverside believes it has tested the best targets on the property and has terminated the underlying option earn-in agreement with Argonaut Gold.

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

On the picture above, structure in fine grained sedimentary rocks with iron oxides and minor quartz veining, greenish clays on the walls. From a shallow epithermal system in Guanajuato. Picture by Jorge Cirett

Highlights on the Fourth Week of June, 2018. Mining and Exploration News in Mexico

117 - copia

By Jorge Cirett

During the 26th week of the year (June 25th to July 1st, 2018), at least 20 press releases were announced by companies working in Mexico. Five companies updated on exploration advances. Three companies announced financing exercises that could accrue over US$14 M, and one company proceeded with a 10:1 consolidation. ON MEXICO ISSUES, Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. ON EXPLORATION, In Sonora, Aztec Minerals reported drilling results from the Cervantes property; Kootenay described its La Mina property and Aloro Mining obtained the drilling permit for the Los Venados project. ON MINING Argonaut Gold announced a ruling by the Collegiate Tribunal to reinstate its explosives permit at La Colorada in Sonora. Frisco and Goldcorp are to jointly explore the Mazapil valley in Zacatecas. ON FINANCING, Silver Bull, Prize Mining and One World Lithium announced private placements for up to $3 M, $10.75 M and CND$2 M respectively. ON RESOURCES AND DEVELOPMENT, Endeavour Silver released results from infill drilling at Terroneras, Jalisco. Sierra Metals informed of a stockwork zone on the Santa Rosa de Lima structure of its Cusi mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Geologix finalized its name change to ValOro. Defiance Silver acquired a land package from Mag Silver in Zacatecas. Aloro Mining received title to land contiguous to its Venados project in Sonora. Arian Silver presented its financial report for 2017. Kootenay Silver optioned La Mina property in Sonora to Capstone Mining.

ON MEXICO ISSUES

  • No Relevant News..

ON EXPLORATION

  • Kootenay Silver Inc. reported drilling results by partner Aztec Minerals Corp. on its Cervantes project in Sonora. The final six core holes of 17 on the phase 1 campaign encountered porphyry-type gold-copper mineralization. Highlighted intervals comprise 16.0 m @ 0.25 g/t Au, 0.12% Cu; 100.5 m @ 0.22 g/t Au, 0.12% Cu; 98.5 m @ 0.41 g/t Au, 0.13% Cu (including 33 m @ 0.60 g/t Au, 0.02% Cu); 85.2 m @ 0.48 g/t Au; 0.07% Cu; 90.5 m @ 0.29 g/t Au, 0.06% Cu (including 34.5 m @ 0.55 g/t Au); 116 m @ 0.35 g/t Au, 0.06% Cu (including 62 m @ 0.5 g/t Au). The drilling extended the strike length to more than 800 m at the California and Jasper prospect areas.
  • Kootenay Silver Inc. optioned the La Mina property in Sonora to Capstone Mining Corp. (see below). The property covers “the upper levels of a zoned copper porphyry mineral system exposed over a 2 by 2 Kilometer area”, containing a large leached argillized pyritic zone where surface grab and chip samples averaged about 300 ppm Cu. Another area in the property displays a 100 x 700 m exotica copper zone where sampling averaged 0.49% Cu on 40 rock chip samples.
  • Aloro Mining Corp. informed the permit for road construction and drilling at its Los Venados property in Sonora has been granted by SEMARNAT (Environmental bureau). The permit allows for drilling 12 reverse circulation (RC) holes and the construction of 3,693 m of access roads.
  • Minera Frisco and Goldcorp Inc. entered into an agreement for exploration and mining in the Mazapil valley, Zacatecas. The information was presented by Frisco to the Bolsa Mexicana de Valores (BMV).
  • One World Lithium Inc. conducted a geophysical survey at its Salar del Diablo project in Baja California. The Volterra TEM in-loop sounding survey was carried on the northern third of the Salar del Diablo. The survey totaled 79.7 line kilometers on seven lines nine to twelve Km long and spaced two Km apart, covering 150 square Km. A six square Km part of the salar is highly conductive and with a calculated thickness in excess of 100 m. A probably thinner and less conductive part of the salar covers 24 square Km and is open ended. The company intends to launch a 15 hole 4,000 m drilling campaign in three months time.

ON MINING

  • Argonaut Gold Inc. announced that the Collegiate Tribunal (an arm of the State Supreme court that is tasked with overseeing the Judiciary court) unanimously ruled to lift the suspension of the explosives permit at its La Colorada mine in Sonora. “The ruling directs that the Secretary of National Defense (“SEDENA”) reinstate the explosives permit”. “With this successful appeal, the Company will now have the ability to continue full operations during the balance of the Judiciary legal process”. Ramp up of full operations is expected to be re-established by mid-July.

ON FINANCING

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Silver Bull Resources Inc. intends to complete a private placement aiming for gross proceeds of US$3 M (Sierra Mojada, Coahuila).
  • Prize Mining Corp. is to make a private placement aiming to raise up to $4 M in gross proceeds. The company is to pay 7.0% of the gross proceeds as cash commission, and a cash work fee of $40 K to the agent. The maximum aggregate gross proceeds of the offering and the non-brokered private placement is $10.75 M. (Manto Negro, Coahuila).
  • One World Lithium Inc. announced that the previous non-brokered private placement announced on May 25, 2018 will be replaced with a non-brokered private placement aiming to raise gross proceeds of up to CND$2 M.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. released results from infill drilling at its Terroneras property in Jalisco. Highlighted true width (TW) intervals from these nine holes comprise: 2.8 m @ 2.0 g/t Au, 54 g/t Ag; 1.3 m @ 1.3 g/t Au, 467 g/t Ag; 2.3 m @ 4.8 g/t Au, 222 g/t Ag; 21.2 m @ 3.2 g/t Au, 618 g/t Ag; 6.0 m @ 2.6 g/t Au, 507 g/t Ag; 1.5 m @ 7.1 g/t Au, 181 g/t Ag; 1.6 m @ 4.2 g/t Au, 120 g/t Ag; 4.4 m @ 4.7 g/t Au, 121 g/t Ag; 4.6 m @ 4.3 g/t Au, 146 g/t Ag; 5.7 m @ 1.3 g/t Au, 164 g/t Au. “The infill drill program is now 60% complete, with 5,990 m drilled out of 10,000 m planned”.
  • Sierra Metals Inc. confirmed the existence of a wide high-grade silver stockwork within the Santa Rosa de Lima vein complex, at its Cusi property in Chihuahua. The stockwork zone measures 100 m in length, 40 m in width and 70 m in height, and is open at depth and width. Mine development so far has resulted in 4,437 tonnes @ 205 g/t Au, 0.07 g/t Au, 0.12% Pb, 0.15% Zn.

ON DEALS AND CORPORATE ISSUES

  • Geologix Explorations Inc. announced the name change to ValOro Resources Inc. along with a share consolidation on a 1:10 ratio will take effect as market opens on June 28th (Tepal, Michoacan).
  • Defiance Gold Corp. completed the acquisition of Mag Silver’s Corp.’s Zacatecas silver district holdings, including its regional exploration database. Defiance is to pay 5 M shares to Mag for as consideration for the sale. The Lagartos project consists of 14 concessions covering 800 hectares (San Acacio, Zacatecas).
  • Aloro Mining Corp. received the title from a 1,675 has concession contiguous to its 1,524 has Los Venados project in Sonora. The claim was staked on July 2017 (Los Venados, Sonora).
  • Arian Silver Corp. presented financial results for 2017. The company owns 12 mining concessions covering 1,500 hectares, some of which encompass the Los Campos, San Celso, Los Africanos and Calicanto projects in Zacatecas. At the end of the period the company had 0.9 M in cash and cash equivalents.
  • Kootenay Silver Inc. entered into an option agreement with Capstone Mining Corp. on La Mina project in Sonora. Capstone can earn-in an initial 60% by making staged payments of US$600 K and spending US$4 M on exploration over 4 years. “Capstone may earn up to a 100% interest in La Mina in stages by completing certain milestones including preparation of a preliminary economic assessment, a pre feasibility study and paying an additional aggregate total of US$8.4 million to Kootenay in stages at each of the various milestones”. The property is subject to an underlying information agreement with a 2.5% royalty, of which up to 2.0% can be bought. “If Capstone Mining earns 100% interest, Kootenay will retain a 1% net smelter return with no buy out option of which 0.5% will be held by the third party after giving effect to the Buydown”.
  • Minera Frisco and Goldcorp Inc. entered into an exploration/mining agreement on the Mazapil Valley. No further details were released.

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

On the picture above, intensely silicified tuff, interpreted as alteration at the paleo water table of an epithermal low sulfidation system in Guanajuato. Picture by Jorge Cirett.

ONE WORLD LITHIUM ANNOUNCES PRIVATE PLACEMENT

https://oneworldlithium.com/press-release/one-world-lithium-inc-announces-private-placement/

Vancouver, BC, June 29, 2018 – One World Lithium Inc. (CSE:OWLI) (the “Company”) today announces that the previous non-brokered private placement it announced on May 25, 2018 will be replaced with a non-brokered private placement of up to 13,333,334 units (the “Units”) at a price of $0.15 per Unit for gross proceeds of up to $2,000,000 (the “Offering”). All funds are stated in Canadian dollars.

ONE WORLD LITHIUM REPORTS ON GEOPHYSICAL RESULTS THE SALAR DEL DIABLO LITHIUM PROPERTY

https://oneworldlithium.com/press-release/one-world-lithium-reports-geophysical-results-salar-del-diablo-lithium-property/

VANCOUVER, BC – JUNE 26, 2018 – One World Lithium Inc. (CSE:OWLI) (the “Company”) announces that SJ Geophysics has completed the field work by conducting a regional Volterra TEM in-loop sounding survey in the northern third of the Salar del Diablo lithium property (the “Salar”) which is located in Baja California Norte, Mexico. The survey totaled 79.5 line kilometers that consisted of seven lines spaced two kilometers apart with the line lengths varying between nine and 12 kilometers covering 150 square kilometers.

ARGONAUT GOLD ANNOUNCES THE COLLEGIATE TRIBUNAL HAS RULED TO REINSTATE THE EXPLOSIVES PERMIT AT THE LA COLORADA MINE

Argonaut_nr_20180629

Toronto, Ontario – (June 29, 2018) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce that the Collegiate Tribunal (an arm of the State Supreme court that is tasked with overseeing the Judiciary court) has unanimously ruled to lift the suspension of the explosives permit at the La Colorada mine (see press releases dated April 12, 2018, April 17, 2018, April 27, 2018, May 17, 2018 and June 5, 2018).  The ruling directs that the Secretary of National Defense (“SEDENA”) reinstate the explosives permit.

Mexus gives an update on progress at the 8 Brothers/370 gold project

Mexus_18062018

CABORCA, Mexico, June 18, 2018 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB:MXSG)(“Mexus” or the “Company”) gave an update on progress at its 8 Brothers/370 gold project. The company has completed the crushing and loading of ore into the VAT leaching tank. Mexus is currently running tests on the crushed ore to assure the proper leaching solution is used. It is expected that this work will be done in the next few days with leaching commencing upon completion of these tests.

Highlights on the Second Week of June, 2018. Mining and Exploration News in Mexico

116 - copia

By Jorge Cirett

During the 24th week of the year (June 11th to June 17th, 2018), at least 16 press releases were announced by companies working in Mexico. Four companies updated on exploration advances, and one the commencement of mining activities. Four companies announced financing rounds, loans and bonds for an aggregate of over $55 M. One company disclosed news on drilling near resources and development while one other released metallurgical test results. ON MEXICO ISSUES, mining companies are awaiting a Supreme Court resolution on a Zacatecas State tax imposition on mining. ON EXPLORATION, In Sonora, Aloro updated on exploration work at Los Venados; Colibri finished drilling at El Pilar, and released results from a soil survey; Colibri disclosed drilling results by Agnico at its Pitaya project. In Veracruz, Azucar Minerals started a drilling campaign on the Norte zone and the north part of the Villa Rica zone at its El Cobre porject. ON MINING, Mexus started pilot mining at its 8 Hermanos property in Sonora. ON FINANCING, Alamaden raised $9.4 M; Starcore launched a private placement for CDN$3 M; Telson paid US$8 M and obtained a loan for US$8.5 M; Endeavour Silver is to sell common shares for an aggregate of up to $35.7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling of the Granaditas vein on Las Chispas project, in Sonora. Azure Minerals released metallurgical test results from Oposura, also in Sonora. ON DEALS AND CORPORATE ISSUES, Starcore decided not to go ahead with the acquisition of the Santa Fe property in Sinaloa. Defiance Silver entered into an agreement to acquire Mag Silver’s properties in the Zacatecas District.

ON MEXICO ISSUES

  • Fresnillo PLC and Mag Silver Corp. are awaiting a Supreme Court (Suprema Corte de la Nación) resolution on a mining duty attached to environmental impact, set by the state of Zacatecas. The federal government challenged the State’s right to impose such a duty back in 2017.

ON EXPLORATION

  • Aloro Mining Corp. updated on its exploration of the Los Venados project in Sonora. Mapping and sampling have defined a rhyodacitic volcanic dome associated with high sulfidation style alteration with Au-Bi-Mo anomalies. Several felsic dome/silica breccia complexes have been located, with the highest priority target on the dome at the southeast part of the property, where gold in soil anomalies and IP anomalies coincide. A new environmental report is being submitted to the authorities, seeking permit for 12 reverse circulation holes.
  • Colibri Resource Corp. completed the final 900 m of its 3,000 m phase 1 drilling program on its Pilar project in Sonora. Samples have been taken to the lab and results are pending. A 56 sample soil survey returned 10 samples greater than 0.1 g/t Au, and 3 samples over 1 g/t Au.
  • Colibri Resource Corp. released results from drilling on its Pitaya project in Sonora, by joint venture partner Agnico Eagle. Highlighted results from the last four holes comprise 9 m @ 0.26 g/t Au; 26 m @ 0.19 g/t Au; 34 m @ 0.22 g/t Au. During 2016-2017, Agnico drilled 7,641 m in 27 drill holes.
  • Azucar Minerals Ltd. has begun drilling the North zone and the north end of the Villa Rica zone of its El Cobre project in Veracruz. Preparations for this drilling campaign include surface and soil geologic and alteration focused mapping and sampling. “The current drilling at Villa Rica is focused on the Naranjo zone, a new area of exposed porphyry alteration and mineralisation located approximately 500 metres north of the previous Villa Rica drilling and about 1.2 kilometres south of the Norte Zone.”

ON MINING

  • Mexus Gold US begun mining at the 8 Brothers/370 project in Sonora. “The company has mined 1000 tons of material containing an average of 9 grams Au and 50 grams Ag per ton. This material is currently being run through a crushing system and placed into an aerated VAT holding tank”. Its portable Merril Crowe system has been installed and tested.

ON FINANCING

  • Almaden Minerals Ltd. closed its previously announced non-brokered private placement, raising gross proceeds of $9.44 M. Finders fees of $384.9 K cash and finder warrants of 192,450 shares at $1.35 until June 7, 2020 were paid to arms-length, licensed securities dealers on a portion of the offering (Ixtaca, Puebla).
  • Starcore International Mines Ltd. launched a private placement of secured bonds for CDN$3 M. “The Bonds will bear interest at 8% per annum, payable on maturity, and will mature 24 months from the date of closing” (San Martin mine, Queretaro).
  • Telson Mining Corp. announced the payment of US$8 M to Nyrstar Mining Ltd. as partial payment, and entered into a loan agreement with Nyrstar Canada (Holdings) Ltd. that converts the final US$8.5 M due on the Campo Morado acquisition agreement into a loan that extends the payment terms for eight months. The principal due is US$8.5 M that are to be paid starting July 13, 2018 with a monthly minimum of US$1 M plus interest, plus 70% of the free cash flow generated by Telson and any monthly excess cash balance above US$500 K.
  • Endeavour Silver Corp. is to sell from time to time and its discretion common shares for an aggregate of up to US$35.7 M, through “at the market” distributions (Terronera, Jalisco).

ON RESOURCES AND DEVELOPMENT

  •  SilverCrest Metals Inc. announced new drill results for the Granaditas vein at its Las Chispas property in Sonora. Highlighted true width (TW) intervals comprise 1.5 m @ 3.63 g/t Au, 190 g/t Ag; 1.8 m @ 12.14 g/t Au, 1,440 g/t Ag (including 0.40 m @ 47.50 g/t Au, 5,620 g/t Au); 1.3 m @ 3.24 g/t Au, 339 g/t Ag; 1.2 m @ 1.23 g/t Au, 114 g/t Ag. The vein has a high-grade footprint currently at 150 m long by 100 m high and 1.5 m average true width, grading 5.69 g/t Au, 596 g/t Ag.
  • Azure Minerals Ltd. released metallurgical test work results on its Oposura project in Sonora. Azure highlights a 34% overall increase in the recovery of Pb and Zn using a dense media separation technique.

ON DEALS AND CORPORATE ISSUES

  • Starcore International Mines Ltd. completed its due diligence and review of the Santa Fe project in Sinaloa, under a previously signed LOI (letter of intent). Starcore will not be proceeding with the acquisition.
  • Defiance Silver Corp. entered into an agreement to acquire Mag Silver’s Zacatecas silver district holdings. Mag Silver is to receive 5 M common shares of Defiance, approximately a 5% investment position. Defiance is to receive a 100% interest in the Lagartos project, along with a regional database. The company is to control 1,506 ha, including 65% of the Veta Grande vein and the San Acacio silver deposit.

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

On the picture above, intense kaolinitization of felsic volcanic rocks on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.

 

Starcore Completes Review Period on Santa Fe Project

Starcore_2018-06-11_nr

Vancouver, B.C. – Starcore International Mines Ltd. (TSX:SAM) (“Starcore” or the “ Company”) announces that it has completed its due diligence and review of the Santa Fe Project in Sinaloa, Mexico and will not be proceeding with the proposed acquisition, subject of the Letter of Intent entered into in November, 2017 (see press releases of November 21, 2017, January 11, 2018 and March 26, 2018). The Company has given notice to the property owners of its disengagement from the project and Starcore has no further obligations on Santa Fe.

Highlights on the Fifth Week of May, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 22nd week of the year (May 28th to June 3rd, 2018), at least 20 press releases were announced by companies working in Mexico. Six companies updated on exploration advances, with two companies reporting quarterly reports. Four companies announced financing rounds for an aggregate of $9.8 M. Four companies disclosed news on drilling near resources and development while two reported on property deals. ON MEXICO ISSUES, the Dolores mines in Chihuahua saw its activities reduced due to security issues on access roads. ON EXPLORATION, In Sonora, Colibri released drill results from its Pilar project; Azure disclosed high-grade Au-Co drill intercepts from its Sara Alicia property. ON MINING, Impact Silver and Starcore International presented Q1 reports. ON FINANCING, Telson Mining graduated to Tier 1 issuer on the TSX. Four companies (Prime Meridian, Prospero Silver, Camrova and Minaurum) conducted financing rounds to raise up to $9.8M, with Minaurum heading the pack with $7 M. ON RESOURCES AND DEVELOPMENT, SilverCrest Metals released high-grade results from drilling a new vein on Las Chispas, in Sonora. Orla Mining released a PEA on Camino Rojo, in Zacatecas. Alio Gold released drill results from its Ana Paula project in Guerrero. Excellon Resources disclosed high-grade drill results from its Platosa mine in Durango. ON DEALS AND CORPORATE ISSUES, Sonoro Metals acquired another claim for its Cerro Caliche project in Sonora. Prime Meridian signed a LOI on the Parral Mining project with Eclipse Mining.

ON MEXICO ISSUES

  • The Dolores mine in Chihuahua reduced its operations due to a security incident on its access roads. The state government later vowed to maintain free access.

ON EXPLORATION

  • Sonoro Metals Corp. optioned the 20 hectare Tres Amigos mining concession (see below), contiguous to its Cerro Caliche project in Sonora. The concession contains a quartz vein system commonly sheeted and stockwork quartz veining in the host rock that is part sedimentary rock and part rhyolitic intrusive rock.
  • Prospero Silver Corp. started drilling at the Buenavista project in Durango. This is the fourth project to be drilled under the terms of a second round of strategic investment from Fortuna Silver Mines Inc.. The 3,000 m program is to test at least four drill ready zones: Buenavista South Stockwork, Buenavista NE Dike/Vein, Camaleon Vein and the Pajaro Stockwork. These targets occur within the lower portion of a strong high-level argillic cap, and drilling is to test for a deeper preserved epithermal zone.
  • Colibri Resource Corp. released results from 16 reverse circulation holes from its Pilar project in Sonora. Highlighted results include 10.5 m @ 0.28 g/t Au; 22.5 m @ 0.31 g/t Au; 12.0 m @ 0.52 g/t Au; 6.0 m @ 0.79 g/t Au; 52.5 m @ 0.20 g/t Au; 19.50 m @ 0.27 g/t Au; 40.5 m @ 0.73 g/t Au. Colibri is now drilling the final 900 m of the 3,000 m phase 1 program.
  • Azure Minerals Ltd. disclosed results from stage 2 drilling at its Sara Alicia property in Sonora. The campaign comprised 1,127 m in 13 holes. Highlighted intervals comprise 3.75 m @ 8.08 g/t Au; 5.90 m @ 5.5 g/t Au; 3.65 m @ 8.41 g/t Au; 19.6 m @ 8.65 g/t Au; 8.8 m @ 6.2 g/t Au and 3.65 m @ 1.19% Co, 24.95 m @ 0.31% Co, 9.5 m @ 0.48% Co, 16.2 m @ 0.32% Co. “The high-grade cobalt mineralisation is hosted within a shoot of massive and semi-massive sulphides that outcrops near the top of the Sara Alicia hill and plunges at a shallow angle towards the northwest.”
  • Almaden Minerals Ltd. reported drilling results from the Tano zone, about 1.2 km SW from the pre-feasibility study pit of its Ixtaca project in Puebla. Highlighted core length intervals comprise 28.9 m @ 0.36 g/t Au, 23 g/t Ag (including 6.3 m @ 0.79 g/t Au, 29 g/t Ag; 17.5 m @ 0.43 g/t Au, 7 g/t Ag; 4.6 m @ 1.35 g/t Au, 72 g/t Ag; 89. 5 m @ 0.83 g/t Au, 2 g/t Ag (including 40.0 m @ 1.45 g/t Au, 3 g/t Ag; 26.0 m @ 1.93 g/t Au, 4 g/t Ag; 1.0 m @ 27.50 g/t Au, 58 g/t Ag).
  • Auxico Resources Canada Inc. discovered three historical mines on its Zamora property in Sinaloa. A 1982 government report included all the rehabilitation work done in the property, including a map recording all historic workings within a 1,000 by 600 m grid. Sampling in the El Tacomate, El Arroyito and La Campeona returned 0.2 m @ 0.7 g/t Au, 107 g/t Ag; 0.9 m @ 1.9 g/t Au, 413 g/t Ag; 0.30 m @ 10.1 g/t Au, 942 g/t Ag.

ON MINING

  • Pan American Silver Corp. Initiated steps to reduce activities at its Dolores mine in Chihuahua, following security incidents along access roads to the site. Ore stacking to the leach pads and the processing plant are operating at normal level, and the mine site remains secure. The company is to maintain personnel at levels necessary for site security and reduced operating activities.
  • Impact Silver Corp. released financial results for the quarter ending on March 2018. Silver production was 213.2 K Oz during the period, resulting from milling of 46.6 K tonnes milled @ 160 g/t Ag. The net loss for the quarter was $0.5 M, and the company has a $3.8 M cash position.
  • Santacruz Silver Mining Ltd. reported first quarter operating results from Veta Grande in Zacatecas and Rosario in San Luis Potosi. At Veta Grande 34.9 K tonnes were processed @ 142 g/t AgEq, to produce 32,413 Oz Ag (47% recovery), 56 Oz Au, 109 tonnes Pb, 118 tonnes Zn. At Rosario, 13,410 tonnes were processed @ 232 g/t AgEq to produce 15,689 Oz Ag, 79 Oz Au, 25 tonnes Pb, 331 tonnes Zn. A 6,000 m surface drilling program is ongoing in the Veta Grande vein, and a 3,000 underground drilling program on the Armados vein. At Rosario, the 350 tpd production rate is expected to be achieved by end of Q2.

ON FINANCING

  • Telson Mining Corp. has been approved for graduation from Tier 2 issuer on the TSX Venture Exchange to Tier 1 issuer (Campo Morado, Guerrero).
  • Prime Meridian Resources Corp. is conducting a non-brokered private placement to raise proceeds of up to $1.5 M (Parral Mining project, Chihuahua).
  • Prospero Silver Corp. completed the second and final tranche of its previously announced private placement financing, raising aggregate gross proceeds of $1 M (Petate, Hidalgo; Buenavista, Durango).
  • Camrova Resources Inc. closed a non-brokered private placement, raising CAD$226 K (Boleo, Baja California Sur).
  • Minaurum Gold Inc. closed the final tranche of its previously announced oversubscribed private placement, raising $1.38 M, for total gross proceeds of $7.08 M (Alamos Silver, Sonora).

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc. announced drill results and discovery of the Babicanora Norte Vein on the Las Chispas property in Sonora. The vein is 300 m north of the parallel Babicanora vein. Highlighted true width (TW) results comprise 1.4 m @ 9.11 g/t Au, 1,033 g/t Ag; 1.3 m @ 5.19 g/t Au, 726 g/t Ag; 1.2 m @ 4.71 g/t Au, 593 g/t Ag; 1.5 m @ 23.96 g/t Au, 2,081 g/t Ag; 1.4 m @ 1.33 g/t Au, 141 g/t Ag. Mineralization consists of a 0.5 to 1.5 m wide banded quartz-argentite-pyrargyrite vein, proximal to a rhyolite dyke and measuring 200 m long by 100 m high, with an average width of 1.4 m @ 8.47 g/t Au, 879 g/t Ag, remaining open in most directions.
  • Orla Mining Ltd. released the results of a preliminary economic assessment (PEA) on its Camino Rojo property in Zacatecas. The new mineral resource estimate includes measured and indicated mineral resources of 9.65 M Oz Au, 102.4 M Oz Ag (354.9 M tonnes at 0.85 g/t gold and 9 g/t silver) and an inferred mineral resource of 1.82 M Oz Au and 16.2 million ounces of silver (65.2 M tonnes at 0.87 g/t gold and 8 g/t silver). The PEA is based on near-surface oxide and partly oxidized material that can be processed by heap leaching, on an 18 K tonnes per day operation (tpd), recovering 67% Au to produce 97.5 K Oz Au per year. The feasibility analysis is expected during the first half of 2019.
  • Alio Gold Inc. disclosed drilling results from its last four holes at its Ana Paula project in Guerrero. The highlighted intervals comprise 34.5 m @ 0.89 g/t Au; 53.7 m @ 1.03 g/t Au; 41.0 m @ 1.40 g/t Au; 64.5 m @ 1.24 g/t Au; 37.7 m @ 1.14 g/t Au; 19.8 m @ 1.49 g/t Au. Several of those intervals come from a hydrothermal breccia south of the proposed pit.
  • Excellon Resources Inc. released drilling results from its Platosa mine in Durango. Highlighted core length intervals from the 693, pierna and rodilla mantos include: 5.3 m @ 1,1153 g/t Ag, 8.2% Pb, 3.4% Zn; 5.4 m @ 649 g/t Ag, 3.3% Pb, 3.9% Zn; 7.9 m @ 594 g/t Ag, 0.9% Pb, 1.4% Zn; 2 m @ 2,148 g/t Ag, 19.2% Pb, 9.7% Zn; 6.7 m @ 870 g/t Ag; 13.3% Pb, 12.4% Zn.

ON DEALS AND CORPORATE ISSUES

  • Sonoro Metals Corp. optioned from two private owners the 20 hectare Tres Amigos mining concession, contiguous to its Cerro Caliche project in Sonora. The option increases the land holdings under option to 1,455 hectares. The $130 K option, which is payable on nine equal ($14.4 K) cash installments over 48 months, is to provide Sonoro with a 100% interest in the property.
  • Prime Meridian Resources Corp. signed a letter of intent (LOI) with Eclipse Mining Services Pty Ltd. for a 70% interest on in the Parral mining project in Chihuahua. PMR will earn a 30% interest by issuing CA$500 K in shares to Eclipse, US$200 K in shares to a shareholder of Eclipse, and cash payments of US$800 K as follows. A payment of up to US$185 K on completion of an initial 43-101 report, a further payment of up to US$750 K (plus 7% annual interest) for repayment of the loans made by Eclipse for development of the project and advance the balance of the required $US800 K cash payments toward the development capital of the project. PMR may earn a further 40% on the project by investing a further US4.0 M investment, or by financing the development of the processing plant input capacity to 500 tpd within 36 months of the date of the LOI.

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

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On the picture below, kaolin workings on a shallow epithermal system in Guanajuato. Picture by Jorge Cirett.