By Miguel A Heredia
During the 23th week of the year (June 04th to June 10th, 2018), at least 17 press releases were announced by companies working in Mexico, with five informing on exploration results, five communicating deals and corporate issues, three reporting on resources and development, one reporting the commissioning of a new mill circuit, and one announcing financing. ON MEXICO ISSUES, Argonaut reported that the explosive permit for its La Colorada Mine in Sonora has been postponed. Pan American provided an update on its Dolores Mine in Chihuahua. ON EXPLORATION, In Sonora, Azure reported final drill results from its Oposura project, and Minaurum reported exploration results from its Alamos project. In Sinaloa, Goldplay announced exploration results from its El Habal project. In Coahuila, Discovery Metals reported exploration results from its Monclova project. In Oaxaca, Megastar acquired two new projects. ON MINING, Avino commissioned the mill circuit 4 on its Avino Mine in Durango. ON FINANCING, Almaden closed a non-brokered private placement for $9.4M. ON RESOURCES AND DEVELOPMENT, Sierra Metals extended the NW Bolivar orebody at its Bolivar Mine in Chihuahua. Capstone announced an updated mineral resource estimate for its Cozamine mine in Zacatecas. Bacanora provided an update on the ongoing development of its Sonora Lithium project in Sonora. ON DEALS AND CORPORATE ISSUES, Silver Bull and South 32 Ltd formed a JV in the Sierra Mojada project in Coahuila. Sonoro appointed Mel Hendricks as VP Exploration. Sierra Metals announced results of its annual general meeting. Monarca announced management restructuring. San Marco named Christian Grijalva as the CEO of the company
ON MEXICO ISSUES
- Argonaut Gold Inc., reported that the hearing on the explosives permit for its La Colorada Mine in Sonora has been postponed and is awaiting court scheduling.
- Pan American Silver Corp., announced that the security situation has improved at its Dolores Mine in Chihuahua, and the access is now better following increased patrol and enforcement by the Mexican authorities. The company also will make use of its private airstrip to transport people to and from the mine site until the situation normalizes.
- Azure Minerals Ltd., reported final drill results from the West Zone at its Oposura project in Sonora. Significant results are 10.85m of 40 g/t Ag, 5.8% Pb and 8.6% Zn; 4.1m of 48 g/t Ag, 8.5% Pb and 8.8% Zn; 4.95m of 15 g/t Ag, 5.9% Pb and 7.2% Zn; and 3.6m of 25 g/t Ag, 0.2% Pb and 15.4% Zn. The company also announced that the mineral resource estimate is ongoing and is expected to be completed in June 2018.
- Minaurum Gold Inc., announced the discovery of three new veins (Pulpito, Cotera, and Ana) at its Alamos Silver project in Sonora. “The Pulpito vein, located 1 km west of the Minas Nuevas target, has been traced for over 800 m and measures up to 2 m wide; outcrop and dump samples along it ranged from 67 to 1,495 g/t Ag and 400 ppm to 3.81% Cu. The nearby Cotera vein has been traced for more than 200 m and a topographic linear suggests it extends another 800 m to the north. Sampling along the Cotera vein returned values between 32 and 1,370 g/t Ag and 200 ppm to 3.4% Cu. The Ana vein is located 750 m east of the Tigre vein and has been mapped for over 2km; samples results are pending”.
- Goldplay Exploration Ltd., announced trenching results from its El Habal project in Sinaloa. Significant results are 130m of 1.86 g/t Au, 100m of 1.2 g/t Au and 90m of 0.84 g/t Au. These results have identified oxidized Au mineralization along a 1,000m-long mineralized zone. The geochemical sampling results along with a ground CSAMT survey will be used to define targets to be drill-tested.
- Discovery Metals Corp. reported assay results of 311 surface samples from the Real Viejo and the La Soledad Zones within its Monclova project in Coahuila. Mineralization at Real Viejo consists of Ag-Pb-Zn skarn and is contained in breccia veins and mantos. The average grade of 69 samples was 148 g/t Ag and 5.5% Zn+Pb. At La Soledad, the mineralization style consists of Cu-Au skarn. Results from the best ten channel samples returned and average of 1.5 g/t Au and 1.5% Cu with high values of 7.9 g/t Au and 6.9% Cu. The company plans to obtain detailed hyperspectral imagery of the property and conduct an IP and ground magnetic survey on Q2 to perform an initial drill program on Q3.
- Megastar Development Corp., signed a definite option agreement to acquire 100% of the Yautepec and Magdalena epithermal Au-Ag projects in Oaxaca from Paradex and Minera Zalamera. “The Yautepec property comprises 4,861 hectares of Tertiary volcanic rocks highly prospective for hosting epithermal precious metal mineralization similar to that in the nearby producing Arista and Switchback mines at God Resources El Aguila project and Chesapeake Gold´s La Gitana project”. “The Magdalena Project comprises a single 480-hectare property centered on highly altered volcanic rocks approximately 20 kilometers ENE of Gold Resource Corporation’s (GRC) producing Au-Ag-base metal deposits”.
- Avino Silver & Gold Mines Ltd., has commissioned the mill circuit 4 to add it to the production profile of its Avino Mine in Durango. It has increased the production capacity by 70% and is expected to be online full time in early January 2019.
Almaden Minerals Ltd., closed a non-brokered private placement for $9.4M. Net proceeds will be used for exploration and development activities at its Ixtaca project in Puebla.
ON RESOURCES AND DEVELOPMENT
- Sierra Metals Inc., announced infill drilling results and extended the NW Bolivar orebody by additional 400m at its Bolivar Mine in Chihuahua. Drill significant results are 18m of 0.46 g/t Au, 38 g/t Ag, 2.1% Cu, and 0.4% Zn; 14m of 17 g/t Ag and 2.4% Cu; and 8m of 25 g/t Ag and 1.4% Cu. The extension contains an average grade of 1.37% Cu over an average true width of 8.1m.
- Capstone Mining Corp., announced an updated mineral resource estimate as at March 31, 2018 for its Cozamine mine in Zacatecas. Total measured and indicated resource are 13M tonnes of 43 g/t Ag, 1.67% Cu, 0.2% Pb, and 0.8% Zn for a total of 18M Oz Ag, 486M Lb Cu, 44.8M Lb Pb, and 240M Lb Zn. Total inferred resources are 9.9M tonnes of 40 g/t Ag, 1.15% Cu, 0.39% Pb, and 1.2% Zn for a total of 12.8M Oz Ag, 255.4M Lb Cu, 62.7M Lb Pb, and 275.5M Lb Zn. Subsequent to this updated resource, a further 31 holes have been drilled in the Mala Noche Footwall Zone remaining open up dip and to the southwest. The company is currently conducting a 40,000m of step-out and infill drilling this year on the inferred class resource.
- Bacanora Lithium plc., provided an update on the ongoing development of its Sonora Lithium project in Sonora. The company prepares to commission a fully integrated lithium carbonate operation of a 17,500 tonnes per year plant before upgrading to 35,000 tonnes per year within 20 months subject to project financing.
ON DEALS AND CORPORATE ISSUES
- Silver Bull Resources Inc., and South 32 Ltd., formed a 70/30 JV in the Sierra Mojada project in Coahuila with an investment of US $100M. To keep the JV on, South 32 must spend in exploration a minimum of US $10M over the next four years, with minimum exploration funding of US $3M, US $ 6M, and US $8M by the end of the years 1, 2, and 3 of the option period respectively.
- Sonoro Metals Corp., appointed Mel Hendricks as VP Exploration.
- San Marco Resources Inc., announced results of its annual general meeting and appointed Christian Grijalva as the CEO of the company.
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, an open void “boxwork” texture of goethite-jarosite after sulphides in a prospect in Chiapas, Mexico. Photo by Miguel A Heredia.