Altiplano

Highlights on the fourth week of June 2016, Mineral Exploration in Mexico

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During the third week of June, at least 20 press releases from companies working in Mexico were published. On exploration, Orex Mineral announced further drilling to commence by JV partner at a project in Durango, while Cyprium Mining  released sample results from its mine in Chihuahua. On mining, Starcore International and Great Panther reported accidents at its operations in Queretaro and Guanajuato respectively. Minera Alamos acquires used equipment for its project in Durango, while DynaResource continues with pilot milling in Sinaloa. Goldgroup Mining declared commercial production for a mine in Sonora and Grupo Mexico announces it will continue to invest in projects or facilities in Sonora. On financing, four companies announced the opening, tranche completion or the closing of financing rounds, for total gross proceeds of C$57.5 million and $4.15 million; one other companies changes country of residency  On deals and properties, Morro Bay terminates its interest in a property in Durango. On Resources.   Telson Resources announces the preparation of a new PFS on its Durango property.

On Exploration

  • Orex Mineral Inc. announced that project partner Fresnillo PLC will conduct a phase – V 5,000 m drilling campaign at its Coneto project in Durango.
  • Cyprium Mining Corp. presented results of nine samples on an oxidized body at its Potosí mine in Chihuahua; averaging 37% zinc over 1.5 m.

On Mining

  • Minera Alamos Inc. announced the acquisition of a previously operating grinding/flotation facility, to be used on the La Fortuna project, in the Durango Sierra Madre. The company is evaluating the use of different metallurgical alternatives to the previously envisaged heap leach operation considered by previous owners, to increase the gold recovery.
  • DynaResource Inc. continues with milling at its pilot plant in San Jose de Gracia, Sinaloa at a rate of 170 tons per day, and mining from the San Pablo mine.
  • Starcore International Mines Ltd. reports a fatality at its San Martín mine in Queretaro, during wall and ceiling ground support installation.
  • Goldgroup Mining Inc. declared commercial production at its Cerro Prieto mine in northern Sonora. Cerro Prieto is expected to produce approximately 15K Oz Au in 2016.
  • Grupo Mexico. Announced it will continue investing in Mexico, having in sight new projects like El Pilar and Buenavista zinc projects in Northern Sonora, as well as a smelter in the Guaymas-Empalme region.
  • Greath Panther Silver Ltd. reports a fatality by an isolated rock fall at its Guanajuato mine, in Guanajuato.

On Financing

  • Canasil Resources Inc. increased its non-brokered private placement from $2.4 million to $2.56 million (holds several properties in Durango and Zacatecas).
  • Geologix Explorations Inc. is to carry a non-brokered private financing, for expected gross proceeds of $1.1 million (Tepal Au-Cu project, Michoacan).
  • Oceanus Resources Corp. has closed its previously announced bought deal offering, for gross proceeds of C$5.75 million (El Tigre project, Sonora).
  • Canasil Resources Inc. closed the first tranche of it previously announced non-brokered private placement, for gross proceeds of $488 K (holds several properties in Durango and Zacatecas).
  • Bacanora Minerals Ltd. announced its plans to re-domicile its governing corporate jurisdiction from Canada to the UK (Sonora).
  • Primero Mining Corp. closed its previously announced bought deal financing for gross proceeds of C$ 51.752 million (San Dimas, Durango).

On Deals

  • Morro Bay Resources Ltd. announces that Morro Bay interests on the Riverside Resources Inc. Peñoles property in Durango will terminate, and a 0.75% royalty will be returned in exchange for debt forgiveness in the amount of $139 K.  

On Resources

  • Telson Resources Inc. will prepare a PFS report on its Tahuehueto property in the Durango Sierra Madre, for a 500 ton per day underground mining operation.

Content like what you have just read can be seen at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, geologist Guillermo Contreras inside the old workings at Cerro Hueco project, NE Durango.CerroHuecoHueco

Orex Minerals: 5,000 Metres Diamond Drilling Program will be Conducted on the Coneto Gold-Silver Project in Durango, Mexico

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Click to access article_06202016092103.pdf

VANCOUVER, June 20, 2016 /CNW/ – Orex Minerals Inc. – (TSX-V: REX) (“Orex“), is pleased to announce that project partner Fresnillo PLC (LSE: FRES) (“Fresnillo”), will be conducting a Phase-V diamond drilling program of approximately 5,000 metres in 11 holes on the Coneto Gold-Silver Project in Durango, Mexico.

The Coneto Project is a joint venture, with ownership of 55:45 % between Fresnillo and Orex. The mineral concessions of both parties in the Coneto Mining District have recently been combined (subject to final registration before the Public Registry of Mexico, which is expected to be obtained in the next few weeks) into a company named “Exploraciones y Desarrollos Mineros Coneto S.A.P.I.” in order to advance the project. A Technical Committee, with membership from both companies, guides the exploration programs.

 

Highlights on the third week of June 2016, Mineral Exploration in Mexico

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During the third week of June, at least 24 press releases from companies working in Mexico were published. On exploration, Southern Silver (in Durango), Cyprium Mining (in Chihuahua), Consolidated Zinc (in Chihuahua), Primero Mining (in Sinaloa), Azure Minerals (in Sonora) and Kootenay Silver (in Chihuahua) released exploration results or coming drilling campaigns on their properties. On mining, Argonaut Gold files an updated PEA (Durango), Avino Silver announces commissioning of a new electric line (Durango), Almaden Minerals continues engineering work (Puebla), Starcore International states production from its San Luis Potosi plant, Minera Alamos provides metallurgicalll update (Durango) and Met Mex Peñoles was the biggest refined zinc producer in Mexico in 2015. On financing, one company announced share consolidation; three companies announced the opening, tranche completion or the closing of financing rounds, for total gross proceeds of C$11.6 million and $18 million; two more companies released news related to re-negotiation or payment of previous loans.  On deals and properties, a company filed a response regarding legal issues with a minor part of its property in Veracruz.

On Exploration

  • Southern Silver Exploration Corp. released results of two holes from the ongoing drilling campaign at its Cerro Las Minitas project in Durango, highlighting the 29.5 m estimated true width (TW) @ 107 g/t Ag, 0.4% Cu, 1.1% Pb and 2.3% Zn and 0.6 m TW @ 96 g/t Ag, 2.8% Cu, 0.5% Pb and 4.9% Zn.
  • Cyprium Mining Corp. released results of nine channel samples collected on level 3.5 of its Potosí mine in the Santa Eulalia District, Chihuahua; the average of the samples is 1.18 m @ 214 g/t Ag, 7.2% Pb and 6.4% Zn.
  • Consolidated Zinc Ltd. released results on two drillholes drilled at Level 7 of its Plomosas project in Chihuahua, with 3.3 m @ 15.5% Zn, 10% Pb and 69 g/t Ag and 1.0 m @ 23.5% Zn, 1.6% Pb and 17 g/t Ag. Other four holes in the same level with assay results pending have intercepted massive sulfide mineralization at core lengths of up to 8.75 m.
  • Primero Mining Corp. acquired the 30,192 has “Expanded Lechugilla” concession, covering the land between its San Dimas and Ventanas properties. Much of the newly acquired concession is significantly covered by the regional upper volcanic sequence, which prevents surface expressions of the mineralized vein systems hosted in the lower volcanic sequence, but several “windows” of the lower volcanic sequence have been recognized, and multiple distinct outcropping veins identified.
  • Azure Minerals Ltd. released results of three more holes drilled at the Loma Bonita target in its El Alacrán project. Results include 25 m @ 0.78 g/t Au, 28 g/t Ag from surface, and 8.4 m @ 0.92% Cu deeper on the same hole, ending at 1.4 m running 2.4% Cu.
  • Kootenay Silver Inc. announced a coming 3,000 drill campaign at its La Cigarra project in Chihuahua, focusing on following several high-grade trends.

On Mining

  • Argonaut Gold Inc. announced the agreement to acquire the land necessary for development of its San Agustin project in Durango, and the filing of a new technical report for the updated preliminary economic assessment (PEA) on the same property.
  • Avino Silver and Gold Mines Ltd. announced the completion of a 5 megawatts power line, capacity that will be used for current operations, the planned expansion of mill operations and the future oxide tailings resource operation in Avino, Durango.
  • Almaden Minerals Ltd. continues with the engineering work to produce a prefeasibility study (PFS) on its Ixtaca project, in Puebla. Several near-by exploration targets are being assessed.
  • Starcore International Mines Ltd. has processed, at its Altiplano plant, located in Matehuala, San Luis Potosí, 90 tons of concentrates from three different suppliers, producing 2 kg of gold and 38.1 kg of silver.
  • Minera Alamos Inc. provided metallurgical results on its La Fortuna project in Durango, with recoveries “in excess of 90%”.
  • Met Mex Peñoles is the biggest producer of refined zinc, having produced 226 K tons in 2015. Sixty percent of that production is consumed in Mexico. By 2018 Its Torreón refinery is set to be able to produce 360 K. The mines sustaining this production are Velardeña (Durango), Francisco I Madero (Zacatecas), Bismark (Chihuahua) and Tizapa (Mexico State), with minor production coming from Saucito, Frenillo, Sabinas (the three in Zacatecas) and La Cienega (Durango).

 

On Financing

  • Torex Gold Resources Inc. announced ten for one share consolidation (Limón-Los Guajes mine, Guerrero).
  • Americas Silver Corp. announced the closing of the concurrent private placement, for total gross proceeds of approximately C$11.6 million (San Rafael, Cosalá District, Sinaloa).
  • Timmins Gold Corp. has repaid its $10.22 million credit facility with lenders Sprott Resource Lending Partnership and Goldcorp Inc (San Francisco mine in Sonora, Ana Paula project in Guerrero).
  • Impact Silver Corp. completed the fourth tranche of its private brokered placement, raising aggregate proceeds of $5 million (Zacualpan mine in Mexico State).
  • Santacruz Silver Mining Ltd. announced it has entered a memorandum of understanding to restructure the terms of its current Pre-Paid Forward Silver Purchase Agreement with JMET LLC and has concurrently entered into an agreement with Haywood Securities Inc., on behalf of a syndicate including M Partners Inc. to conduct an equity offering of units (Rosario mine, San Luis Potosi; Veta Grande property and mill, Zacatecas).
  • Santacruz Silver Mining Ltd. announced the increase of the previously announced offering to raise up to $13 million.

On Deals

  • Source Exploration Corp. “The Company has filed a response as a third party of interest after receiving notification of an appeal by a neighboring concession owner to an earlier decision by the General Bureau of Mining….regarding an overlapping area of its Las Minas property (in Veracruz). The overlapping area comprises approximately 11% of the Las Minas project.

On Resources

  • Telson Resources Inc. clarified a technical disclosure on its Tahuehueto property in Durango, by which the resource estimation of its 2010 technical report on the property remains current.

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, oxidized sulfide vein on the limestone scarp of Sierra La Morena, Coahuila.DSCN1255

Starcore Announces Pre-Production Results From Altiplano Plant

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/426-tsx/sam/21000-starcore-announces-pre-production-results-from-altiplano-plant.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 13, 2016) – Starcore International Mines Ltd. (TSX:SAM) (“Starcore” or the “Company”) reports its pre-production results from the Altiplano Plant located in Matehuala, Mexico. The Company previously reported on February 15th, 2016 that it had poured its first doré bar, weighing in at 21.131 kg., from purchased precipitates (see News Release dated February 29th, 2016). Since then, the plant has been receiving concentrate deliveries to test the full facilities of the plant and procedures. To date, the Company has processed over 90 tonnes of concentrate purchased from 3 different suppliers to produce 40.16 kg of metal doré bars, which included 2.01kg of gold and 38.15kg of silver.

Highlights on the second week of June 2016, Mineral Exploration in Mexico

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During the second week of June, at least 21 press releases from companies working in Mexico were published. On exploration, Evrim Resources and Silver Crest Metals reported exploration results on their properties in Chihuahua and Sonora respectively. On mining, Avino Silver, DynaResources, Torex Gold and Cyprium Mining reported production related news on their mines in Durango, Sinaloa, Guerrero and Chihuahua. On financing, eight companies announced either the opening, tranche completion or the closing of financing rounds, for total gross proceeds of C$76.5 million and $5.2 million. On deals, Riverside Resources seems to be getting back the Peñoles property in Durango, from JV partner Morro Bay. Centerra Gold terminated the option agreement on the Tajitos property in Sonora.

On Exploration

  • Evrim Resources Corp. announced work on its Cerro Cascaron project in Chihuahua. The project contains low and intermediate sulfidation style targets, as well as tourmaline breccias. The property exhibits textural and geochemical zonation on the different targets.
  • Silver Crest Metals Inc. has extended the current 3,000 m drilling program to 5,000 m. To date, 15 holes have been completed for a total of approximately 3,700 meters; all holes have intersected quartz stockwork and veining, results are pending. Furthermore, 87 continuous channel samples were collected as the rehabilitation of underground workings progresses. Results are as high as 7 m @ 7.8 g/t Au, 1,160 g/t Ag; 0.7 m @ 11.1 g/t Au and 222 g/t Ag; 1.2 m @ 8.4 g/t Au, 84.9 g/t Ag; 1.8 m @ 3.4 g/t Au, 245 g/t Ag and 2.0 m @ 2.1 g/t Au, 462 g/t Ag.

On Mining

  • Avino Silver & Gold Mining Ltd. announced commercial production at its Avino mine in the Avino District, Durango. Currently the plant is treating 1,400 tons/day of ore.
  • DynaResource Inc. reported the production from its San Jose de Gracia pilot mill in Sinaloa , with 3,371 tons processed during May, at a grade of 15.48 g/t Au.
  • Torex Gold Resources Inc. produced 29,995 ounces of gold during May at its Limon-Los Guajes mine in Guerrero, almost 1,000 Oz Au per day. The plant processed an average of 11.47 K tpd during May, with a peak of 16.43 K tpd, 17.4% above design capacity. The recovery rate for gold was 75%, lower than expected, due to some equipment failure.
  • Cyprium Mining Corp. announced results from 35 underground samples at its Potosi mine in the Santa Eulalia district, Chihuahua, averaging 578 g/t Ag, 5% Pb and 2.8% Zn over 1.65 m at level 4, and averaging 100 g/ Ag, 2.8 % Pb and 8.4 % Zn on level 3 over 1.45 m.

On Financing

  • Primero Mining Corp. announced the agreement with a syndicate of underwriters led by BMO Capital Markets to a bought deal financing for aggregate proceeds of C$45 million. Funds to be used to advance development at the Company’s San Dimas mine (in Sinaloa) and Black Fox mines as well as for exploration, working capital and general corporate purposes.
  • Minera Alamos Inc. has closed a non-brokered private placement for gross proceeds of $400 K (La Fortuna project, Durango; Los Verdes, Sonora).
  • Silver Bull Resources Inc. completed the second tranche of a non-brokered private placement for aggregate gross proceeds of CDN$434.5 K (Sierra Mojada, Coahuila).
  • Canasil Resources Inc. announced a non-brokered private placement aiming at total gross proceeds of $2.4 M (several properties in Durango and Zacatecas).
  • GoGold Resources Inc. completed the bought deal offering previously announced bought deal financing, for gross proceeds of C$11.12 M (Santa Gertrudis in Sonora; Parral tailings operations in Chihuahua).
  • VVC Exploration Corp. announced a convertible debenture private placement of up US$1 million (Samalayuca project in Chihuahua).
  • Americas Silver Corp. closed a private placement announced on May 20th, for gross proceeds of C$20 million. A concurrent private placement announced on May 24th, is aimed at additional gross proceeds of up to C$11.5 million (Tejamen project in Durango).
  • Impact Silver Corp. completed the third tranche of financing announced on May 20th, which raised $1.425 million (Zacualpan mine in Mexico State).

On Deals

  • Riverside Resources Inc. issued a note of default to Morro Bay Resources Inc., which has failed to incur the required $750 K in JV expenditures at the Peñoles (El Capitan) project in Durango.
  • Riverside Resources Inc. announced the termination of the option agreement with Centerra Gold Inc. on its Tajitos project in Sonora.

Content like what you have just read can be seen at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, looking NNE to Las Chispas from La Victoria area. Some dumps are visible on the dacitic dikes intruding the volcanic sequence. Las Chispas District, Sonora.Dscn0511

Oremex Silver Inc. Announces Proposed Consolidation and Name Change

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http://www.thenewswire.ca/archives?tnwcatalyst2=release_id%3D19280

Toronto, / TheNewswire / June 9, 2016 – Oremex Silver Inc. (TSXV:OAG) (“Oremex” or the “Company”) is pleased to announce that it is proposing to consolidate its issued and outstanding common shares (the “Common Shares”) and to change the name of the Company from “Oremex Silver Inc.” to “Monarca Minerals Inc.”. Additional information relating to the proposed consolidation and name change is included in the management information circular of the Company dated May 17, 2016 for the annual general and special meeting of shareholders scheduled for July 7, 2016 (the “Meeting”) and which is available on the Company’s SEDAR profile at www.sedar.com.

Highlights on the first week of June 2016, Mineral Exploration in Mexico

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During the first week of June, at least 28 press releases from companies working in Mexico were published. On exploration, Orex Minerals, Gold Resources and Almadex Minerals presented drilling results on their properties. Millrrock Resources and Centerra Gold are exploring their JV properties in Sonora. On mining, Red Tiger Mining reported 2015 year results, as well as the results for the first quarter of 2016; also Impact Silver presented first quarter results for 2016. Cyprium Mining completed a shaft rehabilitation in Chihuahua and Mexus Gold continued the permitting and development of its mine in Sonora. On financing, four companies announced completion of financing rounds for over $11 million (Millrock, Oceanus and Impact Silver), and one more company announced an opening financing for $1 million (Silver Bull). On deals, Endeavour Silver completed the acquisition of Oro Silver Resources, McMillan Minerals announced a coming plan of arrangement involving Pan American Silver and Maverix Metals; and Morro Bay Resources recognized not complying with investment compromises on its JV with Riverside Resources.

On Exploration

  • Orex Minerals Inc. announced more drilling results at its Sandra Escobar project, in Durango. Such results include step out drilling 350 m west of the main zone, with 26 m (TW) @ 156 g/t Ag and 13.5 m @ 101 g/t Ag in two holes.
  • Gold Resource Corp. released further results of its confirmation drilling of the Switchback system near its El Aguila’s project Arista mine. High grade results include 9.5 m @ 8.8 g/t Au, 669 g/t Ag, 0.6% Cu, 1.8% Pb and 6.8% Zn; and 18.27 m @ 2.2 g/t Au, 191 g/t Ag, 0.6 % Cu, 2.6% Pb, 6.2 % Zn and 3.29 m@ 5.9 g/t Au, 554 g/t Ag, 0.5% Cu, 0.8 % Pb, 3.3 % Zn, these three intervals in the same hole intercepting several veins. A second drift is being developed to access Switchback, and targets to crosscut and mine this mineral in the second half of 2016; in December of 2015 the company reported 630 K tonnes of mineralized material at this site.
  • Almadex Minerals Ltd. received assays for the first holes on the current drilling campaign on the Encinal target of its El Cobre property in Veracruz. Those results include 1.5 m @ 109.5 g/t Au and 0.15% Cu and 53 m @ 0.27 g/t Au and 0.11% Cu. The project has three main zones, El Porvenir, Encinal and Norte, all with porphyry style alteration and mineralization over hundreds of meters.
  • Millrrock Resources Inc. and Centerra Gold Inc. are initiating exploration at Los Chinos and Los Cuarentas gold projects in Sonora. At Los Chinos mapping, soil sampling and rock sampling, magnetometric and IP surveys ae being conducted over an orogenic gold style target, El Camino. At Los Cuarentas a stream sediment sampling program was initiated.

On Mining

  • Impact Silver Corp. presented first 2016 quarter results, which include production of 229.8 K Oz Ag from its mines in the Zacualpan and Capire districts, in Mexico State.
  • Cyprium Mining Corp. completed the rehabilitation of shaft #3 of the company’s Potosi silver mine in the Santa Eulalia district, Chihuahua. Other activities at the site are the changing of 1.5 km of rail track, and the installation of new air and water tubing. The company plans to process the ore at the Aldama plant, 42 km by road.
  • Mexus Gold US and JV partner MarMar Holdings continue with the development and permitting of its Santa Elena property in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). They expect a 4-6 weeks period to obtain a blasting permit.
  • Red Tiger Mining Inc. reported 2015 year end results, same that include the mining of 18.2 K tonnes at a grade of 0.97% copper, at its Luz del Cobre mine in Sonora, and the production of 1,581 tonnes of copper cathodes at a total cash cost of $4.62 (due to write-down of inventory).
  • Red Tiger Mining Inc. presented 2016 first quarter results, which include the mining at its Luz del Cobre mine in Sonora, of 131.5 K tonnes at a grade of 1.81 % Cu, and the production of 412 tonnes of copper cathodes, at a cash cost of $1.71 per copper pound.

On Financing

  • Silver Bull Resources Inc. announced the intention to complete the second tranche of the non-brokered private placement, expecting to net gross proceeds of CDN$1 million. Silver Bull owns the Sierra Mojada silver-zinc deposit in Coahuila.
  • Millrock Resources Inc. reported that the final portion of the non-brokered private placement has closed, for gross proceeds of $3.09 million, and a total of 3.59 million in this financing.
  • Oceanus Resources Corp. entered in an agreement for a $5 million bought deal financing, proceeds that will be used in part for the advancement of its El Tigre property in Sonora.
  • Impact Silver Corp. closes the second tranche of private placement which raised $795 K, for total gross proceeds of $3.3 million; funds to be used on the exploration and development of its silver assets in Mexico.

On Deals

  • Endeavour Silver Corp. has completed the acquisition of Oro Silver Resources Ltd, which holds the El Compas gold-silver property in Zacatecas. Canarc Resources Corp. sold its Oro Silver subsidiary for C$10.5 million and 165 troy ounces of gold.
  • McMillan Minerals Inc. announced a coming meeting in June to approve the proposed plan of arrangement involving MacMillan, Pan American Silver Corp. and Maverix Metals Inc. pursuant to which MacMillan will acquire a portfolio of thirteen royalties and precious metals streams (In Mexico, Peru, Argentina and Canada) from Pan American and all of the issued and outstanding common shares in the capital of Maverix.
  • Morro Bay Resources Ltd. has received a note of default from JV partner Riverside Resources Inc, stating that Morro Bay failed to incur $750 K JV expenditures at the Peñoles project in Durango.

 

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, a quartz vein in a strongly silicified-sericitzed granitic rock, part of a mineralized zone in a core complex. La Puerta del Sol project, NW of Ures, Sonora.

DSCN4112

Highlights on the fourth week of May 2016, Mineral Exploration in Mexico

/ Gambusino Prospector / Leave a comment

During the fourth week of May at least 19 press releases from companies working in Mexico were published. On exploration, Consolidated Zinc, Orex Minerals and Gayney Capital presented drilling results, or announced new drilling campaigns. On mining, Santacruz Silver released its first quarter results, and Americas Silver renewed mining operations. On financing, Mexico saw a 31% drop in exploration investment during 2015. Four companies announced results for various stages of their financing rounds: Azure Minerals, Americas Silver, Almaden Minerals and Golden Tag, with gross proceeds of A$15 M, C$20 M and $5.4 M. On deals, Mexus Gold US, Lithium Australia and Alset Energy entered in agreements for exploration of properties in Sonora and Zacatecas.

On Exploration

  • Consolidated Zinc Ltd. announced more underground drilling results at its Plomosas mine in Chihuahua, with a high grade intercept of 3.3 m true width @ 33.7% Zn, 14.3 % Pb and 82 g/t Ag.
  • Orex Minerals Inc. released more drilling results from the ongoing campaign at its Sandra Escobar property in Durango, including true thickness intervals like 40.5 m @ 218 g/t Ag, 38.5 m @ 143 g/ Ag and 19 m@ 133 g/t Ag. Two holes drilled on the Cerro Chato zone, another hillside where prospecting has identified the favorable horizon returned favorable results: 25.4 m @ 39 g/t Ag and 23 m @ 32 g/t Ag.
  • Gainey Capital Corp. is starting a 2,000 meters to 5,800 meters drill program to test at least four targets at its El Colom project in Nayarit. The four zones to be tested have highlighted assays of up to 33 g/t Au and 1,500 g/t Ag.

On Mining

  • Santacruz Silver Mining Ltd. presented first 2016 quarter results, which include the milling of 24 K tonnes for producing 290 K Oz AgEq from its Rosario mine in San Luis Potosi. Cash cost for the period was $10.93 per AgEq ounce and All-in sustaining cost of $14.10
  • Americas Silver Corp. has recommenced ore production at Nuestra Señora mine in Sinaloa, which was affected last April by ground movement.

On Financing

  • Azure Minerals Ltd. advised that it has secured funding for approximately A$15 million through a placement to institutional and  sophisticated  investors, to  enable  the  Company  to  accelerate  its  development  studies  and  to  continue its aggressive exploration campaign at its Alacrán Project in northern Mexico.
  • Americas Silver Co. announced a supplementary concurrent private placement of subscription receipts to the one announced last week, for estimated gross proceeds of C$10 million. These proceeds, along with those of the original private placement (C$20 M) will be used at their Galena property (USA) and its San Rafael mine in Sinaloa, among other corporate purposes.
  • Almaden Minerals Ltd. closed a non-brokered private placement for gross proceeds of $4.4 million. These funds are to be used on the advancement of pre-feasibility studies, permitting work and some exploration drilling at its Ixtaca property in Puebla.
  • Golden Tag Resources Ltd. will try to raise up to $900 K, part of which is to be used to secure ownership of the remaining 50% of the San Diego silver project in Durango.
  • Investment in mining exploration in 2015 was US $552 M, a 31 % drop, which is the biggest in Latin America. Capital investment in the search of new deposits was reduced 3.2 % in Peru and 19.3 % in Chile.

On Deals

  • Mexus Gold US. Entered in a Joint Venture agreement with MarMar Holdings of Mexico at its Julio/Santa Elena property in Sonora. Under the 50/50 joint venture agreement, MarMar will operate the mine and carry all costs. Also, the Julio/Santa Elena property will now will be known as the Santa Elena mine (not to be mistaken with First Majestic’s Santa Elena mine, also in Sonora).
  • Lithium Australia NL. earns 25% ownership at Alix Resources Corp’s Elektra lithium project in Sonora.
  • Alset Energy Corp. is preparing for the exploration of salars (salt plains) in Zacatecas, under the agreement they have with Litio Mex, S.A. de C.V.

Content like what you have just read can be seen at DSCN5452LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, Copper oxides on a conglomerate bearing copper-silver mineralization. El Cobrizo project, NW of Ures, Sonora.

Highlights on the third week of May 2016, Mineral Exploration in Mexico

/ Gambusino Prospector / Leave a comment

During the third week of May at least 23 press releases from companies working in Mexico were published. On exploration, Oceanus, Azure, Riverside and Santacruz Silver presented exploration results related to their mines/properties. On mining, Avino Silver released its first quarter results, Marlin Gold provided information on the mining of a higher grade part of the pit and Southern Silver acquired some land. On financing, eight companies announced results for various stages of their financing rounds: Minera Alamos, Impact Silver, Silver Bull, GoGold, Marlin Gold, Americas Silver, Bacanora Minerals and Avino Silver, with gross proceeds of over $60 million. (not a bad week). On deals, Telferscot signed a LOI to acquire Auxico, which owns a property in Sinaloa.

On Exploration

  • Oceanus Resources Co. Continues to assay previously unsampled drill core on its El Tigre property in Sonora. With these results incorporated to the prior ones, several good looking intervals appear, like: 97.7 m @ 0.9 g/t Au and 67 g/t Ag; 104.0 m @ 0.53 g/t Au and 36 g/t Ag; 113.5 m @ 0.61 g/t Au and 20 g/t Ag; 71.5 m @ 0.64 g/t Au and 15 g/t Ag and 56.1 m @ 0.61 g/t Au and 129 g/t Ag. Re-sampling of previous high grade intercepts also returned high grades on El Tigre Vein, with 1.4 m @ 5.4 g/t Au and 4,143 g/t Ag; 3.5 m @ 16 g/t Au and 1,375 g/t Ag and 4 m @ 0.32 g/t Au and 594 g/t Ag. Sampling of the wall on Johnny crosscut returned 92.6 m of 0.76 g/t Au and 31 g/t Ag.
  • Azure Minerals Ltd. released results from prospecting at the Palo Seco target area in its Alacaran property in Sonora. Seven of 12 rock samples returned high values of silver, gold, lead and zinc (215 to 1,119 g/t Ag; 0.07 to 1.26 g/t Au; up to 1.5 % Pb and up to 1.8 % Zn)  in 0.4 to 1 m widths, collected in a zone 150 m long by 60 m wide.
  • Azure Minerals Ltd. announced it has acquired 100 % of a 201 hectares claim, named San Agustin, which is 3 km southwest of Argonaut’s San Agustin Project in Durango.
  • Riverside Resources Inc. provided drill results from its Tajitos project in Sonora, where Riverside and partner Centerra Gold Inc. completed eight diamond core holes totaling 1,832 metres. Highlights are 11.1 m @ 0.78 g/t Au, 3 m @ 6.12 g/t Au and 1.5 m @ 6.03 g/t Au.
  • Santacruz Silver Mining Ltd. filed a NI 43-101 report at SEDAR on the Veta Grande project in Zacatecas. The Veta Grande Project includes the Veta Grande Properties and Mine, and Minillas property, held under the agreement with Contracuña, and the Zacatecas Properties held under option from Golden Minerals Co.. “veins within the La Cantera and Veta Grande vein systems strike northwest-southeast, ……. and are characterized as low-sulphidation epithermal silver (+lead+zinc+gold) veins. They range in thickness from less than 1 m to over 30 m, average between 2-10 m, and in some instances have been traced along surface for several kilometres”.

On Mining

  • Southern Silver Exploration Co. has completed the purchase and obtained legal title to land at the Cerro Las Minitas project formerly held by the vendor of the mineral concessions. As part of the July, 2015 agreement, the Company negotiated the cessation of mining rights on the property by the vendor, the acquisition of all mining equipment on the claims and the purchase of a 5.9 hectare surface lot which partially overlies the Blind and El Sol mineral deposits. With this acquisition, Southern Silver now owns a total of 10.9 hectares of land which may be utilized for mining, milling and production facilities on the property in the future.
  • Avino Silver & Gold Mines Ltd. released its first quarter 2016 results, which include milling 140 K tonnes of ore to produce 403 K Oz Ag, 1,497 Oz Au, and 1.35 M Lb Cu at its Avino and San Gonzalo mines in Durango. Cash cost was $5.64 OZ AgEq and the All-in sustaining cost $11.29 Oz AgEq.
  • Marlin Gold Mining Ltd. announced that it has commenced mining at the high grade HS Zone at its La Trinidad mine in Sinaloa. It also released drill results from the south part of the Taunus pit, which include 11 m @ 6.9 g/t Au, 20.8 m @ 3.5 g/t Au, 6.9 m @ 4 g/t Au and 26.9 m @ 1.2 g/t Au.

On Financing

  • Minera Alamos Inc. closed the second tranche of its previously announced private placement for gross proceeds of $1,980,000. Together with the first two tranches of the private placement closed in May and April, the Company has raised, in aggregate, $4,000,000.
  • GoGold Resources Inc. entered into a bought deal agreement with Cantor Fitzgerald Canada Corporation and BMO Capital Markets for gross proceeds of approximately C$10 million.
  • Marlin Gold Mining Ltd. completed the rights offering to shareholders, for gross proceeds of $13 million.
  • Americas Silver Co. announced a private placement financing aiming to accrue gross proceeds of up to C$20 million, to be used on its Galena (USA) and San Rafael (Sinaloa) properties.
  • Impact Silver Corp. announced a brokered private placement aimed to get gross proceeds of up to $1.71 million, for funding continued exploration and development of its silver assets in Mexico.
  • Silver Bull Resources Inc. completed the initial tranche of its previously announced non-brokered private placement for gross proceeds of C$0.565 million.
  • Bacanora Minerals Ltd. announced that it has raised $11.2 million (7.7 million pounds). The funds raised will be invested in the Company’s Sonora Lithium Project.
  • Avino Silver & Gold Mines Ltd. raised through its previously announced At-the-Market offering gross proceeds of USD$3,985,891. The funds have been and will be used to advance the development of the Company’s Avino mine property and its mining operations in Mexico, to develop the Bralorne mine, and for general working capital.

On Deals

  • Telferscot Resources Inc. signed a letter of intention with Auxico Resources Canada Inc. to acquire the issued and outstanding shares of the latter. Auxico’s main project is Zamora, in Sinaloa, a 3,376 hectares silver-gold play

Content like what you have just read can be seen at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, Los Alisos porphyry copper prospect near La Caridad District in Sonora.

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Highlights on the second week of May 2016, Mineral Exploration in Mexico

/ Gambusino Prospector / 1 Comment

The second week of May saw a lot of press release activity, fueled by the announcement of first quarter results, with some of these providing insights in exploration and financing. Information from 31 press releases in the week, and nine more from the previous week, was consulted to provide this summary of activities. On exploration, Azure, HECLA, Starcore, Orex and Gold Resources presented good drilling results, while Alamos Gold, Torex Gold and Mag Silver presented exploration results related to their mines/properties. Without knowing the details, the bad news is that Telson Resources made an expensive land-access deal, the kind of deal that if permeates in the country will make exploration almost impossible. On mining, Mexico leads for fifth year in a row silver production in the world. Twelve companies presented their financial results for the first quarter of 2016. To note is the range of production costs, same that are generally considerably lower this year compared with a year ago. AISC range from $8.71 to $16.98 per Ag Eq ounce, and from $848 to $1,095 for Au ounce, in these reports. On financing, seven companies announced getting some cash by share placement or debt subscription, with First Majestic’s closing of its 57.5 million bought deal financing being the most relevant. On deals, two companies joined efforts for exploration in northwestern Mexico, Timmins Gold sold the Caballo Blanco project and Endeavour Silver closed the acquisition of El Compas mine in Zacatecas.

On Exploration

  • HECLA Mining Co. continues exploration activities in, and around its San Sebastian mine in Durango. Recent shallow drillholes intersected up 2 m @ 597 g/t Ag and 0.3 g/t Au on the western extension of the Middle Vein, approximately 485 m away from the pit where the vein is currently being mined, and showing continuity for 120 meters. On the West Francine Vein a continuous structure has been defined for at least 270 meters, having widths between 0.6 and 4.8 meters, and recent intercepts as high as 416 g/t Ag and 1.5 g/t Au over 0.75 m and 68 g/t Ag and 2.2 g/t Au over 1.5 meters. Recent trenching has confirmed new veins associated to geochemical anomalies and RAB drilling from last year program. To the southeast of the East Francine pit a series of trenches have cut a 1.8 to 4 meter wide vein/breccia zone that can be traced for 240 meters along strike (announced on the first week of May).
  • Orex Minerals Inc. released drill results from its recent discovery in the Sandra Escobar project in Durango. All six holes present good numbers which include up to 49 m @ 205 g/t Ag and 32m @ 119 g/t Ag, but even the lowest grade hole presented 24 m @ 70 g/t Ag (All intervals are calculated true widths).
  • Telson Resources Inc. has renewed and extended a 30 years temporary land use agreement with La Bufa community, which includes the yearly payment of US $46,540, to be increased by 5% every year.
  • Gold Resource Corp. announced additional drill results from the Switchback system, located 500 to the NW of its Arista mine in El Aguila District, Oaxaca. For brevity, only one hole results will be displayed here, as several veins were intersected: 1 m @ 4.1 g/t Au, 51 g/t Ag, 0.7 % Cu 2.7 % Pb and 7.9 % Zn; 28.9 m @ 1.9 g/t Au, 104 g/t Ag, 0.4 % Cu, 3.2 % Pb and 13.4 % Zn; 24.5 m @ 1.4 g/t Au, 143 g/t Ag, 0.6 % Cu, 3.5 % Pb and 11.9 % Zn; and 8 m @6.8 g/t Au, 462 g/t Ag, 0.5 % Cu, 2 % Pb and 5.2 % Zn. Individual assays can be as high as 26.5 g/t gold, or 1,192 g/t Ag, over intervals ranging from 0.7 to 2.3 m.
  • Starcore International Mines Ltd. announced the highest grade intercept to date in its San Martin mine in Queretaro. “This hole intercepted a zone of limestone breccia followed by manto mineralization. High grade manto mineralization with visible gold was recovered between 48.65 and 58.9 meters. The weighted average grade of this 10.25 meter wide intercept is 65.17 g/t gold with 128.26 g/t silver”. The intercept is within 15 meters of existing workings.
  • Azure Minerals Ltd. presented drilling results from two holes at the Loma Bonita target, part of its Alacran project in Sonora, and adjacent to Azure’s Loma de Plata recent silver discovery. Results include 18.4 m @ 1.6 g/t Au and 40 g/t Ag, and 48 m @ 2.7 g/t Au, 32 g/t Ag, which includes 27 m @ 4 g/t Au.
  • Alamos Gold Inc. has increased its exploration budget to $16 million at Mulatos, specially for La Yaqui area, and with lesser priority at Cerro Pelon area. Over 5 K meters of drilling were completed at La Yaqui during the first quarter of 2016, in 24 holes. Alteration at La Yaqui is evident over an area approximately 1 km by 0.9 km in size. The 2016 program has focused on exploration drilling along the northwest trending ridge and to the northeast on the downslope side of the ridge, as well as delineation, definition and infill drilling on all new zones. At Cerro Pelon “drilling activities have been mainly focused on engineering support for mine development. A total of 2,770m of geotechnical and condemnation drilling were undertaken. Exploration drilling re-started towards the end of the quarter. The main objectives of the 2016 exploration program are conversion of the recently discovered mineral resources to mineral reserves and exploration beneath the large silica cap (approximately 800m by 300m) to the north of the current reserve pit. Mapping and sampling undertaken in 2015 indicate positive signs for mineralization beneath this silica cap”.
  • Torex Gold Resources Inc. reported that the El Limón deposits sits on top of an intrusive sill. “The chemical conditions that allowed the gold to deposit above the Sill also exist below the Sill. Four of six holes that pierced the Sill produced grades and thicknesses that have the potential to be economic. This area will be investigated with a drill program in the near future and has upside potential for the operation.”
  • Mag Silver Corp. and Fresnillo PLC are targeting the deep part of the Valdecañas vein system with 10 K meters of drilling, with surface and underground stations currently operating. “The holes range from 850 to over 1,200 metres in depth. Seven of the planned nine deep holes in the program are now complete and three additional deep holes have been drilled from underground from within the ramp. The final two deep holes being drilled from surface are currently in progress and are expected to be completed by mid-June. All assays are currently pending”.

On Mining

  • HECLA Mining Co. presented first quarter results of its operations, which include its San Sebastian mine in Durango, where 1.2 M Oz Ag and 9.3 K Oz Au were produced at a negative cash cost of $3.26 per silver ounce after by-product credits. 31 K tons of ore were milled at a grade of 1,282 g/t Ag and 10 g/t gold (announced on the first week of May).
  • In 2015 the country achieved a record production of 189.5 million ounces of silver, the highest global production for the metal in history, according to the Silver Institute. The record was attained by production increases from Fresnillo’s Saucito mines and Endeavour’s El Cubo mine in Guanajuato. The second place went to Peru, with a production of 135.9 million ounces. This is the fifth year on a row that Mexico leads the silver production ranks, on a world that saw last year production of the metal decrease by 2% (published on the first week of May).
  • Fortuna Silver Mines Inc. released first quarter 2016 results, which include the processing of 179 K tonnes of ore at a grade of 240 g/t Ag and 1.73 g/t Au at recovery rates of 93 and 92 % respectively, for a production of 1.28 M Oz Ag and 9.1 K Oz Au. The cash cost per silver ounce was $2.36, whereas the All-in sustaining cash cost amounted $8.71 per silver ounce, net of by-product credits from gold.
  • First Majestic Silver Corp. reported 2016 first quarter results, which include the production of 5.1 M Oz AgEq from its 6 mines in Mexico: Santa Elena in Sonora, La Encantada in Coahuila, La Parrilla in Durango, Del Toro in Zacatecas, San Martin (de Bolaños) in Jalisco and La Guitarra in Mexico State. Taken all together processed 789 K tonnes of ore and produced 3,074 K Oz Ag, or 5,083 K Oz AgEq, at cash cost of $5 per silver ounce or All-in sustaining cost of $8.97 per silver ounce.
  • Excellon Resources Inc. reported financial results for the first quarter of 2016, which include the processing of 14.7 K tonnes of ore at 483 g/t Ag, 4.8 % Pb and 6.1 % Zn, for a total production of 211 K Oz Ag, 1.3 M Lb Pb and 1.6 M Lb Zn. Recovery rates were 91, 83 and 79 percent respectively for silver, lead and zinc. Highlighted is the improved access to previously flooded mantos, which will provide high grade feed for the plant. Cash cost per silver ounce was $10.38/oz and AISC of $16.98 per silver ounce.
  • Starcore International Mines Ltd. reported production results for the quarter ending on April 2016, with 74 K tonnes milled at 1.66 g/t gold and 13 g/t silver, resulting in 3,476 AuEq ounces produced.
  • Pan American Silver Corp. reported 2016 first quarter results, having produced 1.37 M Oz Ag and 0.7 K Oz Au at La Colorada mine in Zacatecas, 1.07 M Oz Ag and 21.4 K Oz Au at the Dolores mine in Chihuahua, and 0.56 M Oz Ag and 3.3 K Oz Au at the Alamo Dorado mine in Sonora. Cash cost was $8.03 per silver ounce sold, and all-in sustaining cost was $13.12 per silver ounce sold.
  • Alamos Gold Inc. released first quarter 2016 results, which include 37.6 K Oz Au from Mulatos and 17.9 K Oz Au from El Chanate, both mines in Sonora, at cash cost of $811 and $1,086 per gold ounce, and All-in sustaining cost of $878 and $1,095 per gold ounce respectively. At Mulatos, 1.6 M tonnes of ore were mined by open pit, at a grade of 0.82 g/t Au, while 38.9 K tonnes of ore from the underground operations were milled, at a grade of 14.94 g/t Au, the recovery rate was 62%. At El Chanate, 1.2 M tonnes of ore were open-pit mined at an average grade of 0.6 g/t Au, and a recovery ratio of 73%.
  • Torex Gold Resources Inc. announced results for the first quarter 2016. On March 30 El Limon-Guajes mine achieved commercial production, reporting 38 K Oz Au in the quarter, with recovery rates of 80%.The life of mine (LOM) has been reduced from 10 to 8.5 years, consequence of re-interpretation of the geology of the deposit.
  • DynaResource Inc. reported 1,546 tons processed at an average grade of 12.9 g/t gold during April in its pilot plant in the San Jose de Gracia project, Sinaloa.
  • MAG Silver Corp. reported first quarter 2016 financial results. The ramp development has reached 2,800 of the 3,500m needed to reach the Valdecañas Vein.
  • Americas Silver Corp. Presented first quarter report 2016, which includes the PEA presented at the end of April for the San Rafael property at the Cosalá operations in Sinaloa. The mine is expected to produce 5.5 M Oz Ag, 100 M Lb Pb and 250 M Lb Zn over a mine life of 5.5 years.
  • Timmins Gold Corp. reported first quarter 2016 financial results. Production was at a cash cost on a by-product basis of US$761 per gold ounce, and an all-sustaining cost on by-product basis of US$848.
  • Sierra Metals Inc. reported 2016 first quarter results, which include its Bolívar and Cusi mines in Chihuahua.  At Cusi 42 K tons of ore mined from three veins at grades of 0.29 g/t Au, 174 g/t Ag, 1.4 % Pb and 1.4 % Zinc; with a total production for the quarter of 326 K  Oz AgEq. Mine development at Bolívar during the quarter totaled 1,422 m. Bolivar’s cash cost per copper equivalent payable pound was $1.32 and AISC per copper equivalent payable pound was $2.21 for Q1 2016. Cusi’s cash cost per silver equivalent payable ounce was $3.77 and AISC per silver equivalent payable ounce was $12.50 for Q1 2016.
  • GoGold Resources Inc. released financial results for 2016 first quarter, having produced 222 K Oz Ag and 1,382 Oz Au, or 335 K AgEq ounces. The cash cost per AgEq ounce was $6.78, and All-in sustaining cost per AgEq ounce was $9.44.

On Financing

  • Minera Alamos Inc. announced the closing of the second tranche of its previously announced private placement for aggregate proceeds of $500,000 (announced on the first week of May).
  • Consolidated Zinc Ltd. has announced commitments by which expects to raise AUD 6.5 million. The funds raised will be used to accelerate the resource drilling at the Plomosas Zinc Project in Chihuahua, focusing on the Cuevitas and Tres Amigos zones (announced on the first week of May).
  • Norvista Capital Co. announced the increase in equity interest in Minera Alamos Inc. from 11.7% to 18.3 %, by means of a non-brokered private placement of $500 K (announced on the first week of May).
  • Millrock Resources Inc. closed the first tranche of a non-brokered private placement, for gross proceeds of$501 K.
  • Silver Bull Resources Inc. announces its intention to complete a non-brokered private placement, which might net gross proceeds of up to CDN $1.5 million.
  • First Majestic Silver Corp. announced the closing of C$50 million bought deal financing, for gross proceeds of $57.5 million. “The Company intends to use the net proceeds of the Offering towards the mill and mine expansion at La Guitarra mine to 1,000 tpd, to further advance the roasting analysis and testing at La Encantada mine, and to allow the Company to increase the amount of development and exploration across the Company’s six operating mines as well as for general corporate and working capital purposes”.
  • Odyssey Marine Exploration Inc. reported first quarter results, which include two loan agreements for 1.825 and 3 million respectively.

On Deals

  • San Marco Resources Inc. and Globe Trotters Resource Inc. signed an alliance to generate and acquire mineral targets in northern Mexico, focused in Sonora (announced on the first week of May).
  • Endeavour Silver Corp. entered a definitive agreement with Canarc Resource Corp. to acquire 100% interest in Oro silver Resources Ltd. Oro Silver holds the El Compas gold-silver mine property and a five-year renewable lease on the 500 tonne per day (tpd) La Plata ore processing plant in Zacatecas, Mexico. Pursuant to the agreement, Endeavour will pay Canarc CAD$10.5 million and assume Canarc’s obligation to pay an aggregate of 165 troy ounces of gold from production to Marlin Gold Mining Ltd.
  • Timmins Gold Corp. entered into a definitive agreement with Candelaria Mining Corp. to sell 100% of its interest in the Caballo Blanco gold project, in Veracruz, for US$12.5 million and the assumption of US$5.0 million contingent payment to previous owner Goldgroup Mining Inc.

On Resources

  • Southern Silver Exploration Corp. released a technical report on its Cerro Las Minitas property in Durango. The resource estimate provides initial grade and tonnage for three mineral deposits, the Blind, El Sol and Santo Niño zones. The report establishes 3.7 M tonnes of ore as indicated resources, at 90 g/t Ag, 0.05 g/ Au, 2.3 % Pb 2.5 % Zn and 0.09 % Cu for a total of 10.8 M Oz Ag, 6 K Oz Au, 189 M Lbs Pb, 207 M Lb Zn and 8 M Lb Cu. For inferred resources, the numbers are: 6.6 M Tonnes at 82 g/t Ag, 0.17 g/t Au, 1.6 % Pb, 4.3 % Zn and 0.2 % Cu, for a total of 17.5 M Oz Ag, 35 K Oz Au, 237 M Lb Pb, 626 M Lb Zn and 29 M Lb Cu.
  • Azure Minerals Ltd. delivered a JORC compliant mineral resource for its Mesa de Plata deposit in Sonora. The report states a high-grade indicated resource of 2.2 M tonnes at 219 g/t Ag and a mid-grade indicated resource of 7.4 M tonnes at 44 g/t Ag. The total indicated resource is 9.6 M tonnes @ 83.9 g/t Ag, for 25.9 M ounces of silver.
  • Torex Gold Inc. presented its resource estimate to the end of 2015, With El Limón-Guajes deposit having 48.3 M tonnes at 2.65 g/t Au and 4.37 g/t Ag in the Measured and Indicated categories, for 4.4 M Oz Au and 4.1 M Oz Ag, as well as 6 M tonnes at 1.86 g/t Au and 3.45 g/t Ag in the Inferred category, or 0.36 M Oz Au and 0.66 M Oz Ag.

Content like what you have just read can also be seen at at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, geologist Jorge Cirett trying to obtain a good GPS signal while looking at a rockface in the La Caridad District in Sonora.

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