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

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

Tentadura from the El Molino zone

 

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

During the 6th week of the year (6th to 12th February, 2017) at least 25 press releases were announced by companies working in Mexico, including the completion or starting of financing rounds by seven companies. ON EXPLORATION, in Sonora, Riverside presented drilling results from a porphyry copper target. In Zacatecas, Canasil presented results from the first hole of the present drilling campaign. Prospero Silver presented an exploration update of its properties in Chihuahua and Hidalgo. ON MINING, Marlin Gold released production figures for January, and US Antimony presented production estimates for 2016.  ON FINANCING, Six companies reported the opening or closing of financing rounds for a consolidated total of $529 M. The large majority of this amount is by Alamos Gold, Leagold and Fortuna Silver.  ON RESOURCES AND DEVELOPMENT, Leagold filed a technical report, Coeur presented resources estimates to 2016, Consolidated Zinc and Alamden presented drilling results and Mexus Gold an update on mine development.  ON DEALS AND CORPORATE ISSUES, Excellon made a deal on concentrate sales, Plata Latina closed the deal on one of its Guanajuato properties and Colibri confirmed its shares are still suspended.

ON MEXICO ISSUES

  • Silver Production. Six of the main silver producers anticipate a 15% increase of production on the metal for 2017 over 2016, from 88.6 to 102 M Oz Ag. The companies surveyed by Bnamericas include Fresnillo PLC, First Majestic Silver, Pan American Silver, Fortuna Silver, Coeur Mining and Endeavour Silver.

ON EXPLORATION

  • Prospero Silver Corp. provided an update on recent exploration work on its projects. At Petate (Hidalgo) has secured surface access and drill permits for 27 drill sites, with JV negotiations underway. At Pachuca Southeast (Hidalgo) Prospero is to present permit applications for four drill sites, after being cleared by the INAH (Mexican archeology agency). At Bermudez (Chihuahua) additional mapping and sampling has been completed, assay results are pending for 51 samples that will aid in drill site selection. Prospero has been field reviewing several sites for the past three months, and has two projects advancing to the staking stage.
  • Canasil Resources Inc. released results from its first drill hole on the current drilling campaign at its Esperanza project in Zacatecas. “This drill hole intersected an extended interval of banded quartz veins, veinlets and breccias hosted within fractured and brecciated volcanic rocks… ”. Results in this hole include true width (TW) intervals: 1.36 m @ 0.08 g/t Au, 23 g/t Ag, 2.0% Zn, 1.3% Pb; 1.67 m @ 0.11 g/t Au, 5 g/t Ag, 3.6% Zn, 0.5% Pb and 3.08 m @ 0.14 g/t Au, 21 g/t Ag, 2.6% Zn, 0.8% Pb. “The La Esperanza vein system has now been traced by drilling to a depth of 375 metres below surface and over a strike length of 245 metres and remains open for further expansion.”
  • Riverside Resources Inc. reported drill results with Antofagasta at Thor, Sonora. The four diamond holes totaled 1,335 m, with no Cu or Au intercepts over material widths; however,a large Laramide age porphyry style quartz-sericite-pyrite stockwork zone was encountered. The results of this program “justify additional exploration work… ”. Riverside and Antofagasta have reviewed the results and now plan to progress the project with Riverside as the operator.

ON MINING

  • Marlin Gold Mining Ltd. stacked 7,447 Oz Au during January at a grade of 1.87 g/t Au, in addition to a 485 K tonne stockpile @ 1.37 g/t. Gold recoveries during January averaged 231 ounces per day, at an expected cost below $290 per ounce. The company is accelerating mining to reach the southern part of the high grade HS zone by the third quarter of 2017.
  • United States Antimony Corp. reported production estimates for 2016 and 2015, which includes undisclosed figures from its Mexican operations. During 2016 the company benefited of the 46% antimony price increase from a low of $2.40 to $3.52 per pound by year end. During January 2017, 90 K Lb of Sb were shipped from two of its Mexican mines to the company’s Madero smelter. The alkaline leach plant has been tested, and the flotation mill is to begin test runs during February.

ON FINANCING

  • Almaden Minerals Ltd. closed a non-brokered private placement amounting $3.4 M. The proceeds are to be used to advance the Ixtaca deposit towards the completion of pre-feasibility studies, continue permitting work, continue exploration drilling, and for general working capital (Tuligtic, Puebla).
  • Galore Resources Inc. informed the company’s board of directors authorized management to proceed with a loan arrangement with a senior officer / director of the Company, whereby the Company will borrow USD$150 K. The Company is to settle also a CDN$51 K debt with a former related party by the issuance of shares (Dos Santos, Zacatecas).
  • Mammoth Resources Corp. is to proceed with a non-brokered private placement with the aim to accruing $150K to advance exploration activities on its Tenoriba property in Chihuahua.
  • Alix Resources Corp. announced the completion of the first tranche of a non-brokered flow through private placement for gross proceeds of $180.9 K, and additionally completed a non-brokered non-flow through private placement for gross proceeds of $395.7 K (Elektra, Sonora).
  • Alamos Gold Inc. has closed its previously announced deal offering for gross proceeds of US$250 M (Mulatos, Sonora; Esperanza, Morelos).
  • Fortuna Silver Mines Inc. completed a previously announced bought deal financing for gross proceeds of US$74.8 M (San José, Oaxaca).
  • Leagold Mining Corp. filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec, in connection with its proposed distribution of subscription receipts (to be converted into shares). The cash required for the $279 M payment for Los Filos mine purchase (in Guerrero) is expected to be raised from the net proceeds from the Offering and the net proceeds from up to $200 M of term loan credit facilities.

ON RESOURCES AND DEVELOPMENT.

  • Mexus Gold US. continues to place mined material on the heap, with the first three meter lift nearing completion. Cyanide leach is expected to begin by the end of March.
  • Almaden Minerals Ltd. released drilling results within and immediately outside the amended PEA pit, including potential new zones of veining, at its Tuligtic property in Puebla. Intersects include 41.45 m @ 1.52 g/t Au, 117 g/t Ag; 11.3 m @ 1.56 g/t Au, 132 g/t Ag, 32.55 m @ 0.72 g/t Au, 17 g/t Ag; 18.45 m @ 1.66 g/t Au, 59 g/t Ag; 8.05 m @ 3.59 g/t Au, 329 g/t Ag; 0.75 m @ 17.7 g/t Au, 1,350 g/t Ag; 17.9 m @ 1.62 g/t Au, 162 g/t Ag; 61 m @ 0.53 g/t Au, 82 g/t Ag. Some of the high grade intervals included within those broader intercepts are: 4.6 m @ 6.68 g/t Au, 565 g/t Ag; 5.15 m @ 3.16 g/t Au, 273 g/t Ag; 1.10 m @ 17.2 g/t Au, 920 g/t Ag; 0.5 m @ 16.85 g/t Au, 3,120 g/t Ag; 2.0 m @ 12.8 g/t Au, 1,136 g/t Ag).
  • Consolidated Zinc Ltd. presented definition drilling results on its Plomosas mine in Chihuahua. True width intercepts include 1.65 m @ 25.7% Zn, 10.5% Pb, 64 g/t Ag; 0.45 m @ 18% Zn, 16.7% Zn, 104 g/t Ag; 2.98 m @ 3.7% Zn, 1.9% Pb, 19 g/t Ag. Three tenement applications were filed to protect adjoining ground to the Plomosas operations.
  • Coeur Mining Inc. announced year-end 2016 reserves and resources, which includes figures on its Palmarejo mine in Chihuahua and the La Preciosa project in Durango. At Palmarejo and La Preciosa consolidated reserves and resources amount to 78.6 M Oz Ag, 1.087 M Oz Au and 118.6 M Oz Ag, 202 K Oz Au respectively.coeur-reserves-and-resources-20161-copia
  • Leagold Mining Corp. filed a NI 43-101 technical report on its Los Filos gold mine in Guerrero. The report describes the Los Filos mine operations, mineral reserves and resources, and a financial evaluation of the current mine. The M&I resources (inclusive of mineral reserves) stand at 422.5 M tonnes @ 0.85 g/t Au (11.479 M Oz Au) and 162 .6 M tonnes @ 0.76 g/t Au on the inferred resources category (3.995 M Oz Au). To the end of the third quarter 2016, the mine had produced 194 K Oz Au at AISC US$854 per ounce. “The Mine currently consists of two open pit mines, Los Filos and El Bermejal, an underground mine at Los Filos and the opportunity to develop an underground mine at El Bermejal as an expansion project. The open pit operation began commercial production in 2008. Gold is recovered from crushed and run-of-mine ore via a conventional, low cost heap leach process.”

ON DEALS AND CORPORATE ISSUES

  • Excellon Resources Inc. negotiated offtake arrangements for 2017 with two purchasers for its lead-silver and zinc concentrates, with material reduction (60%) in treatment and refining charges.
  • Plata Latina Minerals Corp. has formally entered into the option agreement with Fresnillo PLC respect the Naranjillo property in Guanajuato. Terms include an initial payment of US$400 K (paid), an aggregate US$1.65 M in five 6 month installments and US$500 K at the end of the term to acquire the property. Fresnillo must incur US$3.0 M in exploration expenditures over the term, and Plata Latina will retain a 3% NSR, of which 2% can be bought by US$1 M and the remaining 1% by US$5 M.
  • Colibri Resources Corp. announced that “trading in the shares of the company remains halted pending receipt and review of acceptable documentation regarding the Fundamental Acquisition of Canadian Gold Resources pursuant to Listing Policy 5.6 (d) of Exchange Policy 5.3.

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, quartz vein float on a rock fence in central Chihuahua, displaying silica banding, brecciation and re-sealing.

056

Highlights on the First Week of December, 2016. Mineral Exploration in Mexico

During the first week of December at least twenty press releases were announced by companies working in Mexico, including two third quarter reports. ON MEXICO ISSUES, China is already the third biggest foreign player in Mexico. ON EXPLORATION, a PFS was completed on a property in Durango, while in Chihuahua a drilling campaign continues and another one is on the planning stage. In Sonora results from a drilling campaign on a gold property were released, as were surface rock chip results from one Li property. In Hidalgo a property was staked, showing interesting initial rock chip sample results, whereas in San Luis Potosi and Zacatecas assay results were released for a Li property.  ON MINING, construction of a heap leach processing plant has begun in a project in Sonora, while in Sinaloa the high grade output was increased in one property, and development work continues in another one. In Queretaro a flotation mill continues with production tests. ON FINANCING, A C$10 M bought deal financing was completed by a company. ON RESOURCES, a technical report with a maiden resource was filed at SEDAR, and a PFS was completed on another, both from properties in Durango. ON DEALS AND CORPORATE ISSUES, the saga for the control of a property in Sinaloa continues, a property was optioned and one more sold, both in Sonora. A company is applying to be listed in USA and a second payment has been made on the option to earn interest on a tailings property in Durango.

ON MEXICO ISSUES

  • Mexico sets its eyes in China for investment in mineral resources. China is already the third most active foreign player in the Mexican mining sector, according to Mario Cantu, General Coordinator of Mining at the Ministry of Economy. The Ministry of Economy is currently setting up a taskforce in a bid to streamline the process of permit approvals that clarify the requirements for purchasing and renting mining concessions.

ON EXPLORATION

  • Telson Resources Inc. announced the completion of a pre-feasibility study (PFS) on its Tahuehueto property in Durango. The report states a proven mineral reserve of 3.3 M tonnes @ 3.4 g/t Au, 41 g/t Ag, 0.31% Cu, 1.1% Pb and 2.0% Zn, to be mined mainly by underground cut and fill method at a 790 tpd rate, with a mine life of 21 years. The reserves contain 356 K Oz Au, 4.38 M Oz Ag, 25 M Lbs Cu, 85.7 M Lbs Pb, and 161.3 M Lbs Zn.
  • Levon Resources Ltd. intends to proceed next year with a drilling program on its Cordero project in Chihuahua, once the silver price moves up in a “sustained and positive way.” The program will target the center of the pit resource, in a claim acquired after the resource was delineated.
  • Alix Resources Corp. reported more lithium-rich clay layers identified at its Electra project in Sonora. Assays from 31 samples returned 10 samples over 1,000 ppm Li. Clay layers are traced for approximately 4.5 km, over a surface up to 800 m in width.
  • Kootenay Silver Inc. continues the drilling campaign on its La Cigarra project, in Chihuahua. Samples from six more holes have been sent for assaying, and drilling is now continuing on the La Soledad structure, where a breccia zone can attain eight meters in width.
  • Prospero Silver Corp. staked a 4,690 ha mining concession in a high level epithermal vein system 85 km NW from Pachuca, in Hidalgo. The La Florida vein system is over 3.5 km long, with eight out of 22 samples returning 0.1 – 0.5 g/t Au and 1.4 – 11.1 g/t Ag, up to 525 ppm As, up to 6 ppm Hg and up to 6,860 ppm Sb. An additional structure, at least one kilometer long, returned on the only two samples 0.6, 0.61 g/t Au; 2, 2, g/t Ag; 1,595, 1,945 ppm As; and 1.7, 2.1 ppm Hg.
  • Alset Energy Corp. released assay results for 30 samples collected by the previous owner of the company, for three of the salars: La Salada, Santa Clara and Caligüey. The results run from 340 to 1,680 ppm Li, a bit lower than the previous assay results of 411 to 2,590 ppm Li. Potassium values range from 1.57% to 4.78%. Studies on x-ray diffraction show none to very small amounts of smectite, which points to Li not being inside the clay structure and an easier extraction.
  • Millrock Resources Inc. completed a ten hole 1,990 m drilling program at Los Chinos project in Sonora. The property is under a JV with Centerra, where the company can earn a 70% interest by funding US$5 M. Three target areas were tested; El Camino, La Tinaja and Pitalla zones. The best intersections were 4 m @ 0.69 g/t Au and 6.3 m @ 0.18 g/t Au.

ON MINING

  • Corex Gold Corp. has begun construction of its heap-leach Santana project in Sonora. The initial step involves forming two heaps, one with jaw-crushed material and the other with fine crushed, to test metallurgical recoveries.
  • Marlin Gold Mining Ltd. crushed 127.5 K tonnes of ore @ 5.26 g/t Au during November at its La Trinidad mine in Sinaloa. During the same period 21,567 Oz Au were stacked on the heaps, and 279 Oz Au recovered daily. Cash cost is estimated to be below $400 per gold ounce for the month.
  • United States Antimony Corp. continues production testing with an alkaline leach plant in Guanajuato, to process material from its Los Juarez mine in Queretaro. The two options under consideration are to use the flotation mill and the alkaline leach circuit, or to use the flotation mill, alkaline leach circuit, and the cyanide leach plant for the mill tailings. To date tests have shown recoveries of 50%, 70% and 70% for Au, Ag and Sb respectively under the first option, and 90%, 90% and 70% for Au, Ag and Sb respectively under the second option.
  • Americas Silver Corp. continues with the primary ramp development at its San Rafael project in Sinaloa, which is expected to reach commercial production in Q3 2017. The ramp is now 25 % complete, the electrical substation has been energized and water storage facilities have been constructed.
  • DynaResource Inc. processed 5,075 tons of feed material @ 11.38 g/t Au grade at its pilot mill in its San Jose de Gracia property in Sinaloa. The pilot mill facility averaged 182 tpd output.

ON FINANCING

  • SilverCrest Metals Inc. completed a CA$10 M bought deal financing (Las Chispas, Sonora).

ON RESOURCES

  • Orex Minerals Inc. filed on SEDAR a technical report for the first inferred resource estimate of the Sandra Escobar project in Durango. Utilizing 59 drill holes and a 45 g/t Ag cut-off base case, the inferred resource estimate yielded 9.8 M tonnes @ 106 g/t Ag, for a total of 33.3 M Oz Ag.
  • Telson Resources Inc. announced the completion of a pre-feasibility study (PFS) on its Tahuehueto property in Durango. The reserves contain 356 K Oz Au, 4.38 M Oz Ag, 25 M Lbs Cu, 85.7 M Lbs Pb, and 161.3 M Lbs Zn. The total resource (inclusive of mineral reserves) includes 6.1 M tonnes @ 2.1 g/t Au, 48 g/t Ag, 0.375 Cu, 1.36% Pb, 2.25% Zn on the measured and indicated categories, and 3.5 M tonnes @ 1.5 g/t Au, 41.6 g/t Ag, 0.32% Cu, 1.33% Pb, 2.21% Zn on the inferred category, for total contained metal amounts of 634 K Oz Au, 12.6 M Oz Ag, 61.8 M Lb Cu, 265.3 M Lb Pb and 483.9 M Lb Zn.

ON DEALS AND CORPORATE ISSUES

  • Dyna Resource de Mexico S.A. de C.V. has seized assets of Goldgroup Resources Inc. as part of a US$48 M damages award. A lien was approved upon stock certificates in the name of Goldgroup Resources Inc.
  • Riverside Resources Inc. signed an option agreement with Silver Viper Minerals Corp. on its Clemente project in Sonora. Silver Viper can earn a 100% on the project by staged payments on five years to sum $750 K, delivering 2 M shares and investing $4 M during the life of the option, Riverside will retain a 2% NSR, same that can be bought for $4 M.
  • Americas Silver Corp. has initiated the process to become listed on the NYSE MKT, and is to undergo a voting for a needed share consolidation in the procedure.
  • Santacruz Silver Mining Ltd. has entered into an agreement with a private Mexican company based in Hermosillo (the “Hermosillo Group”) to sell 100% of its interest in the San Felipe project in Sonora. The deal involves a cash consideration of US$15 M, in three installments, with the final one on February 15, 2017.
  • MX Gold Corp. has paid the second installment of $750 K in its agreement to gain 50% interest on the Magistral del Oro tailings project in Durango. Two more $750 K payments are to be made before January 19, 2017, to earn that 50% interest. The tailings have an historical (non 43-101 compliant) estimate of 1.25 M tonnes @ 2.06 g/t Au.

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, flow banding on a rhyodacitic dome, Zacatecas Altiplano. The flow bands are a few millimeters thick.

062-copia

Riverside Receives $650,000 in Proceeds From Private Sale of 3,000,000 Croesus Gold Corp Shares

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/866-tsx-venture/rri/26159-riverside-receives-650-000-in-proceeds-from-private-sale-of-3-000-000-croesus-gold-corp-shares.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 31, 2016) – Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) has sold 3,000,000 common shares in privately held Croesus Gold Corp (“Croesus”) for total proceeds of $650,000 CAD. The Company received 6,000,000 Croesus common shares as part of the Sugarloaf Peak Project sale (see Riverside press releases dated December 21, 2015 and March 28, 2016). Riverside continues to hold 3,000,000 Croesus common shares and retains a 2% net smelter return royalty (NSR) on the Project.

Pan American Silver Achieves Milestones at Mine Expansions in Mexico

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/888-tsx/paa/24380-pan-american-silver-achieves-milestones-at-mine-expansions-in-mexico.html

VANCOUVER, Sept. 8, 2016 /CNW/ – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAA) (the “Company”, or “Pan American”) today announced that it has achieved important milestones at its two mine expansion projects currently underway in Mexico. At the Company’s La Colorada mine, the new 618-metre deep shaft was commissioned in fully automatic mode in early September, ahead of schedule. The shaft was constructed with a world-class safety performance of zero lost-time accidents incurred and using industry-leading raise boring and shaft automation technologies. The work remaining to complete the La Colorada expansion project includes a new filter plant, power line and underground development. The project is now expected to be completed approximately 5 to 10 percent under budget.

At the Company’s Dolores mine, the new 98 kilometre, 115 kV power line that connects the mine to the national power grid was energized in early September. The new power line was completed on budget and is expected to result in annual savings of about $9 million.

Canarc Provides Update on Strategic Plans

http://www.fscwire.com/newsrelease/canarc-provides-update-strategic-plans

Vancouver, British Columbia (FSCwire)Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) is pleased to provide an update on its strategic plans going forward.

With the closing of the sale of Oro Silver in the 2nd quarter to Endeavour Silver (“Endeavour”), Canarc is now in its strongest financial position in twenty years, with approximately $6 million in cash and $6.5 million in Endeavour shares (based on the recent Endeavour share price). The enhanced treasury allows the Company to expand its growth strategies and pursue larger M&A opportunities in order to create additional value for shareholders.

Pan American Silver Corp. – Early Warning Report

http://www.stockhouse.com/news/press-releases/2016/07/11/pan-american-silver-corp-early-warning-report

VANCOUVER, July 11, 2016 /CNW/ – Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) (“Pan American” or the “Company”), and Maverix Metals Inc. (formerly MacMillan Minerals Inc.) (TSXV: MMX) (“Maverix”), announced today that the Company and Maverix have completed a statutory plan of arrangement (the “Arrangement”) under Section 192 of the Canada Business Corporations Act.

Pursuant to the Arrangement, the Company acquired 42,850,000 common shares of Maverix (the “Common Shares”) for consideration of CAD$52,823,048 (US$40,240,000), based on the Bank of Canada noon exchange rate of 1.3127 on July 11, 2016, representing payment by the Company of approximately CAD$1.23 per Common Share, and 20,000,000 common share purchase warrants (“Warrants”) for consideration of CAD$2,625,400 (US$2,000,000), based on the Bank of Canada noon exchange rate of 1.3127 on July 11, 2016, representing cash consideration by the Company of approximately CAD$0.13 per Warrant.

 

Pan American Silver to announce its unaudited 2016 second quarter results on August 11

http://www.stockhouse.com/news/press-releases/2016/07/06/pan-american-silver-to-announce-its-unaudited-2016-second-quarter-results-on

ANCOUVER, July 6, 2016 /CNW/ – Pan American Silver Corp. (the “Company”) (NASDAQ: PAAS) (TSX: PAA) will announce its unaudited 2016 second quarter results on Thursday, August 11, after market close. A conference call and webcast to discuss the results will be held on Friday, August 12 at 1:00 pm ET (10:00 am PT).

 

Hecla to Hold Annual Meeting of Shareholders in Spokane, Washington to Celebrate Its 125th Anniversary

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1104-nyse/hl/19938-hecla-to-hold-annual-meeting-of-shareholders-in-spokane-washington-to-celebrate-its-125th-anniversary.html

COEUR D’ALENE, Idaho–(BUSINESS WIRE)–Hecla Mining Company (NYSE:HL) is marking its 125th anniversary as a mining company in 2016. One event recognizing this achievement will be Hecla’s Annual Meeting of Shareholders being held in Spokane, Washington, the home of its original founders Patsy Clark, Amasa Campbell, and John Finch.

The Annual Meeting of Shareholders will be held at the Northwest Museum of Arts & Culture (MAC) located at 2316 W. 1st Avenue in Spokane on Thursday, May 19, 2016, at 10:00 a.m. Pacific Time. The MAC is located next door to the Campbell House, the home of Amasa Campbell.