Chiapas

January 18, 2018 Minaurum Drills 8.25 m of 1,760 g/t (57 opt) Silver at Alamos Silver Project

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Minaurum Gold Inc – News Releases

Minaurum Gold, Inc, (“Minaurum”) is pleased to announce results from its on-going drill program in the historic Alamos Silver District in Sonora, Mexico (Fig. 1). Hole AL17-07, the first hole ever drilled into the Europa-Guadalupe Vein system, intersected 8.25 metres grading 1,760 g/t (57 opt) Silver, 1.6% Copper, 1.5% Lead, and 2.6% Zinc, including 2.2 metres grading 5,098 g/t (164 opt) Silver, 2.76% Copper, 0.5% Lead, and 1.18% Zinc. The vein was cut 325m below surface (Fig. 2) and its true width is estimated to be 90% of the intersection. Hole AL17-07 also cut two blind veins that have no surface exposure as well as the Nueva Europa vein (See Fig. 1), which returned 1.2m grading 542 g/t (17 opt) Silver.

Minaurum Receives $3.5 Million From Warrant Exercise

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http://www.minaurum.com/s/NewsReleases.asp?ReportID=794292&_Type=News-Releases&_Title=Minaurum-Receives-3.5-Million-From-Warrant-Exercise

Minaurum Gold, Inc. (“Minaurum”) is pleased to announce that it has received total proceeds of $3.5 million from the exercise of warrants. The warrants were originally issued in private placements undertaken between June 2015 and August 2015.

 “We are grateful for this expression of confidence from our long-term shareholders,” stated Darrell Rader, President and CEO. “This significant injection of capital enhances our ability to follow-up on the considerable success we have had at the Alamos Silver project in Southern Sonora State. We look forward to updating the market shortly on our drilling plans as we continue to identify targets on the four newly discovered high-grade vein systems.”

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

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During the 21st week of the year (May 22nd to May 28th, 2017), at least 25 press releases were announced by companies working in Mexico. ON EXPLORATION, Zenith announced sample results from its brine project in Zacatecas. The bulk of exploration press releases relate to work in Sonora, with San Marco commencing exploration of the Oregano project, Minaurum identifying two new structures at its Alamos Silver project (formerly La Quintera), Goldex presenting the exploration status of the Mingeo project, Oceanus presenting drilling results from El Tigre and Alix announcing metallurgical results for its Agua Fria project.  ON MINING, An illegal strike and union blockade paralyzed operations at First Majestic’s La Encantada mine in Coahuila, Fortuna Silver presented financial results for Q1 2017 and Torex reported a fatal accident at its Limon-Guajes mine in Guerrero. ON FINANCING, five companies announced some form of financing, with Evrim closing a private placement for $4.3 M, Arian raising £600 K, West Minster $678 K and Mexican Gold 1.8 M, Bacanora signing a subscription agreement for US$9.6 M and Coeur ending the purchase of 2021 tender notes for $117.9 M. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc has defined new geophysical targets in Plomosas, Chihuahua, Marlin released high grade results from drilling within the pit area in La Trinidad mine in Sinaloa and Almadex Mnerals reported new drill results from El Cobre in Veracruz. ON DEALS AND CORPORATE ISSUES, Goldex entered into a LOI to acquire the Mingeo property in Sonora.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Zenith Minerals Ltd. has released high grade lithium results from its Zacatecas brine project. Lithium is up to 1,046 ppm on the San Juan lagoon, where a 4 km x 2 km zone with sediment samples over 100 ppm was defined. A passive seismic survey confirmed the presence of a sedimentary basin beneath the surface salt lakes, with a layer 50 to 70 m thick recognized through the area and a yet unconfirmed deeper layer at 150-180 m of depth. A reservoir of brine has to exist to advance the project, with the next exploration steps involving an electrical based geophysical survey followed by drilling.
  • San Marco Resources Inc. commenced exploration at its Oregano project in Sonora. Within the 73 K hectares concession application there is a set of quartz veins interpreted as the shallow part of an epithermal system, with true widths of the veins appearing to be in the 5 to 15 m range. Vein textures include lattice, bladed and cockade features, with quartz varieties including chalcedony, opaline, silica replacing calcite and cryptocrystalline. Initial continuous diamond saw cut channel sampling has returned 23.5 m @ 0.33 g/t Au, 9 g/t Ag; 14.3 m @ 0.31 g/t Au, 5 g/t Ag; 31.4 m @ 0.12 g/t Au, 15 g/t Ag; 16.6 m @ 0.12 g/t Au, 10 g/t Ag.
  • Minaurum Gold Inc. identified two new well mineralized vein systems at its Alamos Silver project (La Quintera). The Europa-Palomas and El Tigre veins lie in a down-faulted block, and their structural model indicates a high level system. The Europa-Palomas vein system can be traced for 1.4 km, with Chips and dumps sampling returning up to 1,085 g/t Ag, 1.3% Cu, 3.1% Pb, 5.3% Zn. The El Tigre vein has been mapped for over 800 m, and chip sampling has returned up to 438 g/t Ag, 0.3% Cu, 1.6% Pb, 11.5% Zn.
  • Goldex Resources Corp. presented the exploration status of the Mingeo property, which it has under a letter of intent (LOI). The property “lies within the carbonate rocks of the Mural or Morita Formation Cretaceous siltstones and Paleozoic carbonate sedimentary rocks of the Sonoran Bisbee-Cananea rift basin. One of the main mineralized structures consists of a low angle dipping quartz epithermal vein/manto with approximately 15° to 20° dip to the NE and a thickness that ranges from 0.50 to approximately 3 metres. Mineralization has been observed to comprise medium grained disseminated pyrite, arsenopyrite, minor chalcopyrite and rare galena”.
  • Oceanus Resources Corp. reported recent drilling assay results from its El Tigre property in Sonora: 67.6 m @ 1.24 g/t Au, 19 g/t Ag (including 23.4 m @ 2.77 g/t Au, 40 g/t Ag); 37.7 m @ 0.62 g/t Au, 12 g/t Ag; 9.0 m @ 0.18 g/t Au, 125 g/t Ag.
  • Alix Resources Corp. announced metallurgical results from lithium bearing clays at its Agua Fria project in Sonora. The acid leach process achieved 99% extraction over four hours with no roasting or expensive reagents required.

ON MINING

  • First Majestic Silver Corp. announced “that a rogue group of union workers have halted activities and blocked the access at the La Encantada mine in Coahuila. The illegal blockade arose after some of the unionized individuals did not agree with the bonus that the company and the National Union of Miners, Metallurgists, Steelworkers and Similar Workers of Mexico (National Union), agreed to offer the miners in lieu of profit sharing.”
  • Fortuna Silver Mines Inc. reported financial results for the first quarter 2017. At San Jose in Oaxaca 267.3 K tonnes were milled (3,108 tonnes per day, or TPD) @ 226 g/t Ag, 1.67 g/t Au, recovering 92% and 91% respectively to produce 1.79 M Oz Ag, 13,116 Oz Au at cash cost $1.35 and AISC $6.61 per silver ounce net of by-product credits. Cash and cash equivalents stood at 191.2 M at the end of the period.
  • Torex Gold Resources Inc. reported a fatal accident at its El Limon-Guajes mine in Guerrero. An employee of a contractor was fatally injured when its truck rolled down a berm on El Limon Sur pit.

ON FINANCING

  • Evrim Resources Corp. has closed its private placement for gross proceeds of $4.3 M (Ermitaño, Sonora; Cerro Cascaron, Chihuahua).
  • Bacanora Minerals Ltd. has entered into a subscription agreement with Capital Research and Management Co. under which Capital will subscribe Bacanora shares for US$9.6 M (Sonora, Lithium project, Sonora).
  • Coeur Mining Inc. announced the expiration date of the previously announced cash tender offer to purchase its 7.85% senior notes due 2021, with $117.9 M of the notes validly tendered, or 66.2% of the 2021 outstanding notes (Palmarejo, Chihuahua).
  • Arian Silver Corp. has raised £600 K before expenses (lithium properties, Zacatecas).
  • Westminster Resources Ltd. closed the first tranche of a private placement, raising gross proceeds of $978 K, and expects to close a second tranche of up to an additional $462 K (El Cobre, Sonora).
  • Mexican Gold Corp. closed a non-brokered private placement for gross proceeds of 1.8 M (Las Minas, Veracruz)

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. has defined new geophysical targets by reprocessing the magnetic and gravity data collected during the 2016 survey on its Plomosas project in Chihuahua. One of the main points is the interpretation of an intrusive body at depth that could explain the origins of mineralization in the Plomosas mine area. Geochemical vectoring is also being evaluated to assist in determining the presence of such intrusive body.
  • Marlin Gold Mining Ltd. released high grade drill results from the south part of the Taunas pit on its Trinidad mine in Sinaloa. Intercepts include 63.35 m @ 7.57 g/t Au (including 10.0 m @ 29.3 g/t Au); 11.90 m @ 2.53 g/t Au; 10.0 m @ 1.12 g/t Au.
  • Almadex Minerals Ltd. released assay results from drilling at the Norte zone in its El Cobre project in Veracruz. Intercepts results comprise 45.0 m @ 0.65 g/t Au, 0.28% Cu in one hole, and 378 m @ 0.65 g/t Au, 0.28% Cu (including 74.8 m @ 0.65 g/t Au, 0.25% Cu; 28.6 m @ 1.31 g/t Au, 0.57% Cu; 96 m @ 0.76 g/t Au, 0.28% Cu; 59.4 m @ 0.95 g/t Au, 0.33% Cu) in another hole.

ON DEALS AND CORPORATE ISSUES

  • Goldex Resources Corp. has entered into a Letter of Intent (LOI) for an option to acquire a 51% interest in the Mingeo property with Mingeo International S.A. de C.V. by spending US$500 K by April 2020, and another US$500 K by 2022. The Property consists of six concessions totaling approximately 1947 hectares and is located within the major porphyry belt of Sonora.

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, irregular oxidized sulfide veining in a felsic volcanic rock, Central Chiapas. Photo by Jorge Cirett.

Oxidized sulfide veinlet, La Javia SE, 2m from sample 18595

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

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During the 20th week of the year (May 15th to May 21st, 2017), at least 27 press releases were announced by companies working in Mexico. ON EXPLORATION, In Chihuahua Kootenay has begun drilling at La Cigarra, whereas Levon started drilling at Cordero. In Zacatecas Alset has sent the first drill samples for assay and Defiance commenced a drill program at San Acacio. In Veracruz Mexican Gold announced one high grade gold drill intercept  at Las Minas.  ON MINING, Fortuna presented financial results 2016. Mexus keeps advancing to production at Santa Elena in Sonora. ON FINANCING, three companies announced private placements, or increased placements for $7.8 M. One company completed and offering to reduce paid interest on outstanding notes for 300 M. ON RESOURCES AND DEVELOPMENT, Alio announced a PFS on its Ana Paula project in Guerrero, while Almaden Minerals presented a PFS, on Ixtaca, in Puebla. Consolidated Zinc continues drilling to get a resource on its Plomosas mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, SilverCrest Metals began trading at the OTCQX® Best Market, Fortuna is getting up to date with its SEC filings, Mexican Gold has bought two more concessions at its Las Minas project in Veracruz and Colibri received confirmation that it is to resume trading on May 18th.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Kootenay Silver Inc. has initiated a 7,500 m drill program at its La Cigarra project in Chihuahua. The program is to focus on the expansion of the current mineral resource by first targeting an 800 m expanse between Las Venadas and Las Carolinas zones.
  • Levon Resources Ltd. starts a 5,000 m core drilling campaign at its Cordero project in Chihuahua. The holes are being drilled in the Cordero felsic dome complex in the central portion of the resource, looking for better grades near the surface.
  • Alset Minerals Corp. has completed one drill hole and five auger holes at La Salada, the first of seven salars to be drilled in Zacatecas. Soil and brine samples were collected and sent for assay.
  • Mexican Gold Corp. announced that step-out drilling at the Cinco Señores zone, in its Las Minas project in Durango, has indicated a potential parallel mineralized zone. One hole intersected 2.0 m @ 10.8 g/t Au, 42 g/t Ag, 2.8% Cu.
  • Defiance Silver Corp. commenced a drill program at its San Acacio property in Zacatecas, with the aim to expand the current deposit. Previous drilling at Esperanza intersected 12.7 m grading 297 g/t AgEq, and at Almaden 8.3 m @ 278 AgEq. A third target to be tested is the Quartz-Pyrite Breccia. Previous drilling includes intercepts of 17.0 m @ 110 g/t Ag, 0.1 g/t Au (including 8.1 m @ 222 g/t Ag, 0.2 g/t Au); 16.7 m @ 101 g/t Ag, 0.75 g/t Au (including 3.2 m @ 419 g/t Ag, 0.8 g/t Au); 10.1 m @ 100 g/t Ag, 0.56 g/t Au. These intercepts display lead and zinc values of up to 1.9% and 4.6% respectively.

ON MINING

  • Fortuna Silver Mines Ltd. presented full year 2016 financial results, with a net income of $17.8 M on revenue of $213 M. At San Jose in Oaxaca 273 K tonnes were milled (3,103 tonnes per day, TPD) @ 225 g/t Ag, 1.69 g/t Au, recovering 92% Ag, 92% Au, to produce 1.82 M Oz Ag, 13,660 Oz Au at cash cost $1.85 and all-in sustaining cost $6.73 per silver ounce, net of by-product Au credits.
  • Mexus Gold US. has completed two holding ponds and a heap leach pad, commenced a cyanide drip system on the heap and started the Merryl Crowe recovery system at its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora). Smelting the first 250 pounds of precipitate is the next step to be accomplished in May.

ON FINANCING

  • Geologix Explorations Inc. intends to carry a private placement for proceeds of up to $1 M (Tepal, Michoacan).
  • Mexican Gold Corp. announced an increase on its private placement, from $1.5 M to $1.8 M (Las Minas, Veracruz).
  • New Gold Inc. announced that it has completed its offering of $300 million aggregate principal amount of 6.375% Senior Notes due 2025, intending to use the net proceeds to fund the redemption of its outstanding $300 million 7.00% Senior Notes due 2020 on or about June 3, 2017.
  • Southern Silver Exploration Corp. announced a private non-brokered placement intended to raise $5 M (Cerro Las Minitas, Durango).
  • Fortuna Silver Mines Ltd. announced that “The Company will not be proceeding with the brokered private placement announced on April 4, 2017 and April 27, 2017”.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc. announced the pre-feasibility study (PFS) results on its Ana Paula project in Guerrero. The report defines 13.4 M tonnes @ 2.36 g/t Au as proven and probable mineral reserves, containing 1.02 M Oz Au. The scope of the PFS involves an open-pit with a mine life of 7.5 years to produce 868 K Oz Au on an 85% recovery rate. A capital cost of $137.2 M and an NPV of $223 M and IRR of 34% after tax at $1,250/oz Au. “Mineralization occurs in the complex breccia, granodiorite, monolithic breccia, hornfels and limestoneshale. The bulk of the high grade mineralization at Ana Paula is centered on the complex breccia domain which is surrounded by a high-grade mineralized halo, mainly granodiorite. “
  • Almaden Minerals Ltd. has filed the pre-feasibility study (PFS) on its Ixtaca project in Puebla.
  • Consolidated Zinc Ltd. is drilling to determine the full scope and geometry of the Carola South and Tres Amigos zones, both with high-grade zinc recent results, as both areas are to be included in the upcoming resource update.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc. has begun trading on the OTCQX® Best Market under its existing ticker symbol “SVCMF”, operated by OTC Markets Group, providing a better platform to reach U.S. investors (Las Chispas, Sonora).
  • Fortuna Silver Mines Inc. has filed its 2016 annual financial documents, complying with SEC requirements. The company still has to file the Q1 2017 financial statements, and is planning to comply by May 24th, 2017.
  • Mexican Gold Corp. Acquired two mining concessions at its Las Minas project in Veracruz. The company paid $150 K plus VAT for 100% interest on the properties, while the previous private owner is to retain 1.5% NSR, of which 0.5% can be purchased by $500 K. The Pueblo Nuevo concession covers 97.5 has with several historical underground mines, including one with 21 levels. The veins in marble and diorite are 100 to 300 m in length, and 0.50 to 3.0 m in width. Of three samples collected, one returned 11.99 g/t Au, 41 g/t Ag, 1.3% Cu over 1 m and one other 0.2 m @ 28 g/t Au, 14 g/t Ag. The 43 hectares La Luz concession covers an area prospective for skarn mineralization akin to the adjacent Las Minas area.
  • Colibri Resources Corp. has received confirmation from the TSX Venture Exchange that its shares will resume trading on May 18th.

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, incipient brecciation sealed by oxidized sulfide in a volcanic rock, Central Chiapas. Photo by Jorge Cirett.

Breccia, La Javia SE 2

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

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During the 18th week of the year (May 1st to May 7th, 2017), at least 29 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, no relevant news this week. ON EXPLORATION, In Sonora Alix released metallurgical tests results from its Elektra lithium property, San Marco is preparing to drill Chunibas, while confirming the presence of a porphyry copper system at project 1068, and Aztec informed that is likely to drill its Cervantes property on the same State. In Zacatecas Canasil disclosed high grade drill results from La Esperanza, Galore commenced a drill program at Dos Santos and Zenith disclosed advance on its lithium properties. ON MINING, Ten companies presented first quarter 2017 financial results: Marlin Gold, Santacruz Silver, Primero Mining, Gold Resource, Torex Gold, Endeavour Silver, McEwen Mining, Alamos Gold, Great Panther and First Majestic. ON FINANCING, Three companies, Evrim Resources, Aztec Minerals and Almaden Minerals presented information on financing rounds for $4.2 M, C$4.02 M and $15 M respectively. ON RESOURCES AND DEVELOPMENT, Consolidated Zinc presented an activities report on its Plomosas property in Chihuahua, and Alamos Gold released information on exploration on the Mulatos district in Sonora, with a hefty budget. ON DEALS AND CORPORATE ISSUES, Fortuna Silver presented an update on its MTCO and disclosed it is soon to comply with the regulatory agencies requested paperwork. Southern Silver entered into an agreement with La Cuesta to buy two properties adjacent to its Cerro Las Minas property in Durango.

ON MEXICO ISSUES

  • No relevant news this week

ON EXPLORATION

  • Alix Resources Corp. announced preliminary metallurgical tests released by its JV partner Lithium Australia ML, from the Agua Fria prospect, part of its Elektra project in Sonora. Preliminary sulphuric acid shaker tests were carried out at room temperature for a period of four hours, with Lithium extraction attaining up to 85%.
  • Zenith Minerals Ltd. is exploring its three lithium properties in Zacatecas, funded by partner Bradda Head Ltd. Surface sampling has been completed, with results pending, on the Zacatecas Li brine properties.
  • San Marco Resources Inc. informed that field work on its 1068 project has confirmed and expanded the size potential of a porphyry copper system. The work that included geological and alteration mapping, stream sediment and rock chip sampling, and petrographic samples increased the phyllic alteration zone to 1,000 x 450 m, with an internal zone of strong phyllic stockwork in the volcanic rock lithocap. The drilling application is in process and surface rights access have been secured over the main targets.
  • Canasil Resources Inc. disclosed assay results for three drill holes at its La Esperanza project in Zacatecas. True width (TW) intercepts include 1,87 m @ 231 g/t Ag, 1.2% Zn, 1.4% Pb; 11.23 m @ 0.74 g/t Au, 219 g/t Ag, 0.9% Zn, 0.4% Pb; 2.07 m @ 261 g/t Ag, 2.1% Zn, 0.9% Pb; 2.75 m @ 2.76 g/t Au, 552 g/t Ag, 1.1% Zn, 0.6% Pb; 1.51 m @ 0.39 g/t Au, 256 g/t Ag, 1.7% Zn, 0.7% Pb. The vein system is open in all directions, and the mineralization intercepted is interpreted as part of the upper part of the system.
  • Aztec Minerals Corp. expects to drill test the California target of its Cervantes property in Sonora, after the rainy season late this summer.
  • San Marco Resources Inc. is preparing to drill its Chunibas project in Sonora. The Chunibas targets are a series of high-grade gold bearing veins hosted in intrusive rocks. There are five main vein zones: Santa Rosa, Argentina, Santa Fe, Guasima, and Western, which comprise a corridor 750 m wide and 1.5 km long. Grades of up to 46 g/t Au have been obtained from the one to two metre-wide structures.
  • Galore Resources Inc. commenced a 3,500 m diamond drill program at its Dos Santos property in Zacatecas. The first drill hole began testing the main fault/vein system prevalent on Galore’s San Jose claim.

ON MINING

  • Marlin Gold Mining Ltd. presented financial results for 2016, which include total assets for C$102.2 M, and total liabilities of C$73.3 M for a total of 28.83 M Equity.
  • Santacruz Silver Mining Ltd. reported financial and operating results for 2016. During the year Santacruz restructured its silver loan agreement with JMET LLC and divested from the San Felipe and El Gachi projects in Sonora, in order to reduce debt obligations. The company processed 42,746 tonnes of ore to produce 200.1 K Oz AgEq, at cash cost $23.97 per AgEq Oz, and AISC $26.15 per AgEq Oz. The company continues with its operations at Veta Grande, Zacatecas, working on the Guadalupana, Garcia and the Choros mines, while the Rosario mill in San Luis Potosi is processing ore from the Cinco Estrellas mine.
  • Primero Mining Corp. reported first quarter 2017 results, including figures from its San Dimas property in Durango. The San Dimas mine was subject to an unionized strike that left only 45 working days on the quarter, but the new work agreement sets better terms for more competitive operations. Total production was 10,118 Oz Au, 0.62 M Oz Ag, at cash cost $827 and AISC of $1,335. The mine expects to produce between 90 K and 100 K Oz AuEq during 2017. At March 31, 2017, the company had $30.6 M in cash and $15 M available under its line of credit.
  • Gold Resource Corp. presented Q1 2017 results. At its El Aguila operations in Oaxaca 101.3 K tonnes were milled at a rate of 1,206 tpd, and an average grade of 2.42 g/t Au, 143 g/t Ag, 0.28% Cu, 1.16 % Pb, 3.07% Zn. Recoveries were 86% Au; 92% Ag, 78% Cu, 76% Pb, 85% Zn, to achieve the production of 6,747 Oz Au, 427.9 K Oz Ag, 220 tonnes Cu, 927 tonnes Pb, 2,149 tonnes Zn. Total cash cost was $980 per Au-AgEq Oz before by-product credits, $263 Au-AgEq Oz after by-product credits and all-in sustaining cost of $920 per “precious metal gold equivalent ounce sold” (??).
  • Torex Gold Resources Inc. disclosed production and financial results for Q1 2017. 941 K tonnes were processed @ 2.49 g/t Au, and a recovery rate of 85% to produce 70,887 Oz Au at $671 cash cost and AISC $923 per Au Oz. During the period a maiden underground resource was announced, containing 324 K inferred and 89 K indicated Au Oz. The cash balance at the end of March was $108.5 M (of which $14.6 M is restricted).
  • Endeavour Silver released Q1 2017 financial results, with the production of 1.08 M Oz Ag, 11,724 Oz Au at cash cost $7.81 per Ag Oz and all-in sustaining cost of $18.24 per Ag Oz net of gold credits. During the period high grade results were disclosed for Terronera, in Jalisco, the decision to develop the El Cubo mine in Guanajuato was taken and announced a robust PFS on the Terronera project. Cash and cash equivalents stand at $70.5 M at the end of the period (Guanacevi, Durango; El Cubo and Bolañitos, Guanajuato).
  • McEwen Mining Inc. reported financial results for Q1 2017, including figures from its El Gallo property in Sinaloa, where 9,730 Oz Au, 722.8 K Oz Ag were produced at cash cost $564 per AuEq Oz and AISC $668 per AuEq Oz co-product. At the end of the period cash and cash equivalents stood at $55.1 M.
  • Alamos Gold Inc. presented its financial and operational results for the first quarter of 2017, including figures from its Mexican operations. At Mulatos and El Chanate in Sonora 40 K and 15.8 K Oz Au were produced at cash cost $920 and $1,144 per Au Oz, and all-in sustaining cost $920, $1,187 per Au Oz respectively. At Mulatos 1.8 M tonnes of ore were mined in the open pit, 1.89 M tonnes of waste were moved (Waste to ore ratio 1.04), 1.69 M tonnes were crushed and stacked @ 0.86 g/t Au, while 35.7 K tonnes @ 8.88 g/t Au were mined from underground operations and milled. The recovery rate stood at 70%. At El Chanate 906 K tonnes of ore were mined, 7.56 M tonnes of waste moved (Waste to ore ratio 7.34), 747.9 K tonnes @ 0.53 g/t Au were crushed and staked on the heaps. The waste to ore ratio is higher than usual due to a scheduled pit pushback that will extend into the second quarter. Cash and cash equivalents stand at $479.2 M at the end of the period.
  • Great Panther Silver Ltd. reported first quarter 2017 financial results. From its operations at Topia, Durango, and San Ignacio and the Guanajuato mine complex in Guanajuato, 82.6 K tonnes were milled, producing 366.4 K Oz Ag, 5,178 Oz Au at cash cost $10.99 per AgEq Oz, and AISC $19.10 per AgEq Oz. At Topia, the company is struggling to comply with one of the SEMERANT (environmental agency) requirements, with the continuity of operations at risk. Cash and short-term deposits stand at $53.2 M at the end of the period.
  • First Majestic Silver Corp. announced Q1 2017 financial results. During the period 822.3 K tonnes were milled, to produce 2.7 M Oz Ag, or 4.27 M Oz AgEq at cash cost $6.68 and all-in sustaining cost $12.21. At the end of such period cash and cash equivalents stood at $127.6 M.First Majestic Q1 2017 operating cost1

ON FINANCING

  • Evrim Resources Corp. has further increased its private placement to raise gross proceeds of $4.2 M (Ermitaño, Sonora, Cerro Cascaron, Chihuahua).
  • Aztec Minerals Corp. completed its IPO, for total gross proceeds of C$4.02 M (Cervantes, Sonora).
  • Almaden Minerals Ltd. entered into an agreement to raise, in a private placement basis, up to $15 M (Ixtaca, Puebla).

ON RESOURCES AND DEVELOPMENT

  • Consolidated Zinc Ltd. presented a quarterly update on activities at its Plomosas property in Chihuahua. A scoping study is in progress, which includes the assessment on the possibility to re-start the mine, targeting a 200-400 tonnes per day (tpd) operation. Exploration efforts have shown new areas of mineralization, as the underground Tres Amigos South, and Carola South areas, with 40 samples averaging 20% combined Pb-Zn, and surface exploration includes the drilling of the Tres Amigos North zone.
  • Alamos Gold Inc. presented exploration and development activities for the first quarter 2017, including information from its Mexican properties. In Sonora, development continues at La Yaqui, where $5.3 M were spent during the period and further $7.0 are to be spent to complete construction of the mine that is expected to produce 25 K Oz Au per year. At La Yaqui Grande also 9,227 m of drilling in 46 holes were collared, with many results still pending. The exploration budget for the Mulatos district is of $17 M, now focusing beyond La Yaqui and Cerro Pelon, as new targets emerge, including Los Bajios, La Yaqui Norte, El Refugio, El Halcon and El Carricito.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Silver Mines Inc. provided an update on the ongoing regulatory review of the Company’s 2015 annual filings by the United States Securities and Exchange Commission (SEC), and the management cease trade order (MCTO) it is subject to. Fortuna reported that the “SEC has verbally communicated it will accept the Company’s use of inferred resources for the calculation of depletion expense, provided that the Company includes additional disclosure regarding these calculations”. It anticipates it will file the needed documents in the coming weeks, not later than May 30, 2017.
  • Southern Silver Exploration Corp. acquired claims adjacent to the SW of its Cerro Las Minitas project in Durango. The claim package comprises two concessions, Biznagas and Los Lenchos, contiguous to the SW to Southern Silver’s concessions. Southern Silver has agreed to make to La Cuesta International Inc. “periodic payments on a semi-annual basis accelerating from $5,000 to $25,000 over a ninety-six month period and a 1% NSR with such periodic payments being credited to NSR payments. Subsequent to payment of $5,000,000 in NSR payments the royalty is reduced to 0.5%. All monetary references are to U. S. dollars.”

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, Potassic feldspar alteration in diorite with quartz-barite veinlets, Central Chiapas. Photo by Jorge Cirett.

Diorite, strong potassic alteration, chlorite in fracures and barite veinlets

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

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During the 13th week of the year (March 27th to April 2nd, 2017), at least 24 press releases were announced by companies working in Mexico. ON EXPLORATION, Alix Resources commenced a lithium drilling program in Sonora, and One World announced an exploration second phase that is to include drilling in Baja California. Canuc presented historical rockchip results from its Santa Rosa property in Sonora, while Almadex resumed drilling at El Cobre in Veracruz, also presenting surface assays supporting a gold copper porphyry target on an undrilled area, and Gainey is finishing a drilling campaign in Nayarit. ON MINING, Americas Silver, Mag Silver and Sierra Metals presented operating and/or financial results for 2016, while First Majestic presented production results from its six mines in Mexico. ON FINANCING, Agnico Eagle announced a US $220 M offering, Wealth Minerals raised $4.86 M and Primero Mining closed an extension on a revolving credit facility for $75 M. ON RESOURCES AND DEVELOPMENT, Endeavour Silver presented a resource estimate for its El Compas mine in Zacatecas. Torex Gold announced a high-grade resource for its sub-sill deposit at its El Limon-Guajes property in Guerrero. Corex Gold continues mine construction at its Santana property in Sonora and Golden Minerals disclosed a corrected resource estimate for its Santa Maria property in Chihuahua. First Majestic presented resource estimates for its six operating mines in Mexico.  ON DEALS AND CORPORATE ISSUES, Santacruz Silver finalized the sale of El Gachi property in Sonora to First Majestic. HECLA exercised the right to lease Golden Minerals mill in Durango until the end of 2018.

ON EXPLORATION

  • Alix Resources Corp. commenced a 3,000 m drilling program at its Agua Fria lithium project in Sonora. The reverse circulation program is to test 5 km of prospective length of sedimentary units hosting Li-enriched clay horizons. Laser induced breakdown spectroscopy is to be used for real-time field analysis of drill cuttings.
  • One World Minerals Inc. announced a second phase program at is Rico Litio project in Baja California. This phase is to include a geophysical survey, geochemical sampling and a 4,000 m drill program to be completed before the end of June 2017. A third phase program will include pump test work to determine aquifer capacity, draw down flow rates and concentrations of lithium and potassium.
  • Canuc Resources Corp. provided a summary of previously compiled information on the Santa Rosa mine in the San Javier district, Sonora. The Santa Rosa mine consists of five levels spanning a strike length of 490 m and 135 down dip, ranging from 0.3 to 5.0 m in width and staying open along strike and to depth. The average of 341 samples of vein material is 1.45 m @ 388 g/t Ag, 2.02 g/t Au, 1.6% Pb, 1.3% Zn. Two subparallel veins, El Capulin and Las Norias, are virtually unexplored.
  • Almadex Minerals Ltd. informed that drilling recommenced in February on the Norte zone of its El Cobre project in Veracruz, and that a second rig has started coring at the site. Two kilometres south of the Norte zone is the undrilled Villa Rica target area, where 18 subcrop and outcrop samples collected in a 150 x 150 meters area (now called Raya Tembrillo). Once the mapping is complete, drilling is planned for the Villa Rica zone later in 2017.
  • Gainey Capital Corp. is currently finishing its phase 1 drill program on its Colomo property in Nayarit, focused on La Higuerita and La Nueva Victoria zones, with results for La Nueva Victoria already released and those of La Higuerita still pending.

ON MINING

  • Americas Silver Corp. presented financial and operational results for 2016. Cash and cash equivalents were $24.1 M by the end of the 2016, with net working capital of $20.1 M. “A low interest rate $15.0 million concentrate pre-payment facility was entered in January 2017 after year end with a subsidiary of Glencore PLC (“Glencore”) to fund a portion of the development costs for San Rafael” (Cosala and San Rafael, Sinaloa).
  • First Majestic Silver Corp. released 2016 production results for its six operating mines in Mexico: La Encantada in Coahuila, La Parrilla in Durango, Del Toro in Zacatecas, San Martin in Jalisco, La Guitarra in Estado de Mexico and Santa Elena in Sonora, according to the following table:

First Majestic 20161

  • Sierra Metals Inc. presented financial results for 2016, which include $42.1 M of cash and cash equivalents by the end of the period, and a net debt of $36.5 M (Cusi and Bolivar, Chihuahua).
  • Mag Silver Corp. presented the financial results for 2016, with working capital of US$139.1 M including cash, cash equivalents and term deposits of $138.3 M. In March 2016, the company closed a $65 M bought deal financing with an over-allotment option that took the total gross proceeds to $74.7 M. During 2016 the company funded $7.36 M on the Juanicipio project (under JV, Fresnillo PLC 56%, Mag Silver 44%). A 20,000 metre exploration drill program is expected to be approved for 2017 for Juanicipio (Juanicipio, Zacatecas; Cinco de Mayo, Chihuahua).

ON FINANCING

  • Agnico Eagle Mines Ltd. announced an offering to an institutional investor in the United States for total consideration of approximately US$220 M (La India, Sonora; Pinos Altos, Chihuahua).
  • Wealth Minerals Ltd. arranged a non-brokered private placement for gross proceeds of up to $4.86 M (Coronado and Valsequillo, Chihuahua).
  • Primero Mining Corp. has closed the extension of the maturity of its $75 M revolving credit facility with its syndicate of lenders.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. reported its initial NI-43-101 mineral resource estimate and a preliminary economic assessment (PEA) for its El Compas mine project in Zacatecas. The indicated resource stands at 184.4 K tonnes @ 104 g/t Ag, 7.31 g/t Au, for 495 K Oz Ag, 34.9 K OZ Au, and the inferred resource is 216.8 K tonnes @ 76 g/t Ag, 5.38 g/t Au, for 527 K Oz Ag, 37.5 K Oz Au. The process is expected to recover 73% and 83.5% of the silver and gold contained in the ore at an estimated cash cost of $9.09 and AISC $9.64 per AgEq Oz. The company has made a production decision subject to receiving an explosives permit and further clarity from the Zacatecas government regarding an exemption from the new Zacatecas state environmental tax.
  • Torex Gold Resources Inc. announced a high-grade CIM compliant resource for the Sub-Sill deposit at its El Limon-Guajes property in Guerrero. Indicated resources include 0.35 M tonnes @ 7.82 g/t Au, 6 g/t Ag, 0.27% Cu, containing 89 K Oz Au, 71 K Oz Ag, and inferred resources include 1.33 M tonnes @ 7.58 g/t Au, 11.5 g/t Ag, 0.6% Cu, containing 324 K Oz Au, 490 K Oz Ag. Near term production is expected from the deposit, as the access ramp is now less than 170 m from the skarn rocks that host it.
  • Corex Gold Corp. is continuing construction and mining activities at its Santana project in Sonora. To date over 23 K tonnes have been placed on the first leach pad, and metal leaching is expected to start later in April. A second leach pad will be supplied with finer crush material, with the results from the two heaps aiding to optimize the process.
  • Golden Minerals Co. released a new resource estimate for its Santa Maria property in Chihuahua. “Due to an adjustment in the precise location of the claim, the updated property position results in an approximate 25 percent reduction to the previously announced inferred resource estimate…”. Indicated resources stand at 180 k tonnes @ 304 g/t Ag, 1.4 g/t Au, for 1.73 M Oz Ag, 8.1 K Oz Au, and inferred resources at 120 k tonnes @ 343 g/t Ag, 1.0 g/t Au, for 1.37 M Oz Ag, 1.64 K Oz Au, with an expected dilution of 10% and 19% respectively.
  • First Majestic Silver Corp. disclosed mineral resource estimates for its six mining units in Mexico and one advanced project: La Encantada in Coahuila, La Parrilla in Durango, Del Toro in Zacatecas, San Martin in Jalisco, La Guitarra in Estado de Mexico, Santa Elena in Sonora, and La Joya in Durango, with the consolidated figures on the following table:

First Majestic Resources to Dec 20161

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. announced the completion of the sale of its interest on the El Gachi property in Sonora, to First Majestic Silver Corp. for total consideration of US$2.5 M plus VAT. The company made payments to JMET LLC (US$0.75 M) and Minera Hochschild Mexico (US$0.5 M + VAT), leaving a non-interest balance of US$1.5 M owing to JMET related to previous restructuring fees. Having divested El Gachi to First Majestic and the San Felipe project to Americas Silver, the company is now to focus on its production assets, The Veta Grande project in Zacatecas and the Rosario project in San Luis Potosi.
  • Golden Minerals Co. announced that Minera Hecla S.A. has exercised its right to extend the lease of Golden’s oxide mill in Durango, through December 2018. At HECLA’s anticipated average 400 tonnes per day production rate, Golden anticipates net cash of approximately $0.4 M per month.

 

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 hydrothermal breccia hosted in intrusive rocks stands out in a stream polished face, located in the Soconusco region of Chiapas. Photo by Jorge Cirett.

Coatan 093 - copia

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

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During the 12th week of the year (March 20th to March 26th, 2017), at least 21 press releases were announced by companies working in Mexico. ON EXPLORATION, Southern Silver and Orex Minerals reported drilling results from their respective projects in Durango. Riverside disclosed interesting trench assay results from its project in Sonora, Silver Bull presented the results from deep drilling in Coahuila, Canasil reported drilling results from a project in Zacatecas/Durango and Alset received needed drilling permits in Zacatecas. ON MINING, Argonaut gold, Excellon, Premier Gold and Santacruz presented operating and/or financial results for 2016. ON FINANCING, Starcore closed the sale of a surface land package, and Primero Mining obtained an extension on a loan. ON RESOURCES AND DEVELOPMENT, Argonaut presented drilling results that support a potential pit expansion in Sonora, Consolidated Zinc disclosed assay results from underground sampling on its Chihuahua property, Pan American Silver filed a technical report on SEDAR regarding its mine in Chihuahua and Mexus US informed of advances on the commissioning of its Sonora mine.  ON DEALS AND CORPORATE ISSUES, Lithium Australia increased its stake on a lithium property in Sonora.

ON EXPLORATION

  • Southern Silver Exploration Corp. reported drilling results for two holes at its Cerro Las Minitas project in Durango. Results include 9.9 m (True width) @ 48 g/t Ag, 0.3% Pb, 3.6% Zn; 2.9 m @ 26 g/t Ag, 0.5% Pb, 3.0% Zn; 9 m @ 601 g/t Ag, 7.1% Pb, 17.9% Zn. The results table mentions “dilution” ranging from 38% to 61%, meaning perhaps poor core recovery.
  • Riverside Resources Inc. reported assays from trench sampling at its Glor project in Sonora, funded by partner Centerra Gold Inc. Results from the Pitaya target area include 105 m @ 0.49 g/t Au, 84 m @ 0.53 g/t Au, 12 m @ 0.64, 36 m @ 0.34 g/t Au. A first-phase drill program is being planned, with 2,000 m to test the Pitaya zone and previously reported induced polarization anomalies.
  • Silver Bull Resources Inc. disclosed assay and geologic results from five deep holes (515-833 m depth) targeting high grade feeder structures at its Sierra Mojada property in Coahuila. Assay results include 50 m @ 0.15% Cu, 27 g/t Ag, 115 m @ 0.25% Zn, 81 m @ 0.64% Zn, with this last interval including 17 m @ 65 g/t Ag and 41 m @ 1.4% Pb. The holes intercepted 180, 360 and 460 m of intense silica alteration resulting in total replacement of the original country rock in places. The company interprets these results as the proximal halo to an intrusive rock source, thus providing a vectoring for future drill holes.
  • Canasil Resources Inc. has received assay results for three more holes at its La Esperanza project in Durango/Zacatecas. Intercepts include 0.7 m @ 0.3 g/t Au, 131 g/t Ag, 0.64% Zn, 0.23% Pb, 0.84% Cu; 2.1 m @ 38 g/t Ag, 0.5% Zn, 0.14% Pb; 2.5 m @ 63 g/t Ag, 0.5% Zn, 0.15% Pb; 4.1 m @ 33 g/t Ag, 1.0% Zn, 0.6% Pb; 1.5 m @ 51 g/t Ag, 1.9% Zn, 1.4% Pb. A further drill hole is in progress, increasing the current program to 2,00 m in seven holes.
  • Alset Energy Corp. has received the necessary environmental permits for drilling its La Salada lithium property in Zacatecas. The company intends to drill two holes, and make a 100-meter grid for subsurface sampling of the salar.
  • Orex Minerals Inc. informed that project partner Fresnillo PLC completed a phase-V exploration diamond drilling program with 11 holes in 5,214.9 m. Results include 1.22 m @ 1.5 g/t Au, 28 g/t Ag; 0.65 m @ 2.3 g/t Au, 42 g/t Ag; 31.6 m @ 0.42 g/t Au; 14.5 m @ 0.56 g/t Au; 1.0 m @ 1.31 g/t Au; 1.0 m @ 2.12 g/t Au; 0.9 m @ 0.40 g/t Au, 402 g/t Ag; 0.4 m @ 0.48 g/t Au, 812 g/t Ag; 0.9 m @ 1.01 g/t Au, 67 g/t Ag.

ON MINING

  • Argonaut Gold Inc. presented financial and operating results for 2016, which includes figures from its operations in Mexico. At El Castillo in Durango, 11.1 M tonnes of ore and 16.4 M tonnes of waste were extracted, while moving 75 K tonnes per day (tpd), at a grade of 0.37 g/t Au, producing 62,235 Oz Au at cash cost $884 per Au Oz. At La Colorada in Sonora, 11.1 M tonnes of ore and 16.4 M tonnes of waste were moved, with the ore grading 0.55 g/t Au to produce 56,492 Oz Au and 184.5 K Oz Au. The first pour of gold at San Agustin (10 km from El Castillo) is expected during the third quarter of 2017.
  • Excellon Resources Inc. reported operational and financial results for 2016, period during which 55,593 tonnes of ore were processed at a grade of 456 g/t Ag, 4.4% Pb, 5.7% Zn, to produce 752.7 K Oz Ag, 4.44 M Lb Pb, 5.58 M Lb Zn (with recoveries at 90.5% Ag, 82.1% Pb, 80.1% Zn). Cash cost per Ag Oz was $13.42 and all-in sustaining cost (AISC) of $33.04 per Ag Oz. An optimization plan to enable dry mining on Platosa is set to double productivity and halving costs by the second quarter of 2017. Cash, current accounts receivable and marketable securities totaled $7.7 M at the end of 2016.
  • Premier Gold Mines Ltd. presented operational and financial results for 2016, including figures for its Mexico operations. At Mercedes in Sonora (which was bought at the end of the third quarter) production during the fourth quarter included the milling of 175 K tonnes of ore @ 4.27 g/t Au, 44.5 g/t Ag to produce 22,481 Oz Au and 98.4 K Oz Ag, on recoveries of 94.8% Au, 39.1% Ag. Cash cost was $690 per Au Oz and AISC  $811 per Au Oz including co-products. Also during the quarter 8,532 m of drilling were completed in 44 holes. Premier aims to produce 85-90 K Oz Au at Mercedes during 2017.
  • Santacruz Silver Mining Ltd. reported operating results from the Rosario project in San Luis Potosi and the Veta Grande project in Zacatecas, for 2016. At Rosario 93.2 k tonnes of ore were milled @ 163 g/t Ag, to produce 456.3 K Oz Ag, 454 Oz Au, 759 tonnes Pb, 2,657 tonnes Zn (Ag recovery @ 94%). At Veta Grande 28.5 K tonnes @ 56 g/t Ag were milled to produce 29,843 Oz Ag, 115 Oz Au, 232 tonnes Pb, 382 tonnes Zn (Ag recovery 58%). The Rosario mill has been processing ore from the nearby Cinco Estrellas mine, where the company has completed development work in three levels and expects to mine at a 250 tpd rate. At Veta Grande more than 2,000 m of development have been completed on two mines, furthermore, back-fill mineralized material was identified and is to be a primary source of millfeed combined with material from other mine working faces.

ON FINANCING

  • Starcore International Mines Ltd. announced the closing of the sale of its San Pedrito surface property in Queretaro. The property is near the Santiago de Queretaro city limits, and has gained value in recent years. The total amount paid was C$10,171,415 dollars for 55 hectares of the land package, with payments amounting over C$3 M pending for the remaining 17 hectares.
  • Primero Mining Corp. announced that it has agreed in principle with its lenders to an extension of its $75 M revolving credit facility, extending it for six months to November 2017.

ON RESOURCES AND DEVELOPMENT

  • Argonaut gold Inc. has completed a 5,139 m, 22 holes RC drill program at its La Colorada mine in Sonora, aiming to confirm resources for a pit expansion at the Creston deposit. Results include 15.2 m @ 0.62 g/t Au, 5 g/t Ag; 19.8 m @ 0.72 g/t Au, 10 g/t Ag; 12 m @ 0.44 g/t Au, 5 g/t Ag; 41.1 m @ 1.15 g/t Au, 6 g/t Ag; 27.4 m @ 0.96 g/t Au, 5 g/t Ag; 16.8 m @ 2.69 g/t Au, 3 g/t Ag; 59.4 m @ 1.24 g/t Au, 6 g/t Ag; 51.8 m @ 0.52 g/t Au, 4 g/t Ag; 48.8 m @ 0.97 g/t Au, 12 g/t Ag; 54.9 m @ 0.89 g/t Au, 5 g/t Ag; 36.6 m @ 1.22 g/t Au, 12 g/t Ag; 57.9 m @ 1.0 g/t Au, 4 g/t Ag; 132.6 m @ 1.29 g/t Au, 24 g/t Ag. These results are not included on the mineral resource estimate prepared on December 2016, which includes 13.1 M tonnes of indicated resources @ 0.63 g/t Au, 16.5 g/t Ag, for 264 K Oz Au, 6.9 M Oz Ag and 2.38 M tonnes of inferred resources @ 0.82 g/t Au, 12.1 g/t Ag, for 63 K Oz Au, 0.9 M Oz Ag.
  • Mexus Gold US announced that cyanide solution assays on its Santa Elena mine in Sonora (not to mistake for First Majetic’s Santa Elena mine, also in Sonora) are better than expected at this early stage, before heap saturation.
  • Consolidated Zinc Ltd. presented assay results for 40 underground samples collected on the Carola South zone of its Plomosas property in Chihuahua, which extends the mineralized zone for other 800 m. The average for all the samples is 20.4% Zn+Pb, with a high of 56.3% Zn+Pb.
  • Pan American Silver Corp. filed on SEDAR an updated technical report on its Dolores property in Chihuahua. The reports provides current information on mineral resource and reserve drilling, updated mineral resource and reserve estimates and the current expansion on the Dolores mine to include a pulp agglomeration treatment option and an underground mine to extract ore beneath the planned pit limits.

ON DEALS AND CORPORATE ISSUES

  • Lithium Australia increased its interest in the Electra lithium clays joint venture with Alix Resources, ahead of a 3,000 m drilling program to begin this week. Lithium Australia has boosted its stake in the Electra project, in Sonora, from 25% to 49%.

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, Agglomerate fragment within a more recent agglomerate, Soconusco area in Chiapas. Photo by Jorge Cirett.

Coatan 062 - copia

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

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During the 11th week of the year (March 13th to March 19th, 2017), at least 13 press releases were announced by companies working in Mexico. ON EXPLORATION, Minaurum identified two more vein targets on its Quintera property in Sonora. ON MINING, Primero mining and Impact Silver presented 2016 financial results, while Starcore presented last quarter results. ON FINANCING, Five companies announced financial news, with Argonaut Gold closing a bought deal for C$40M and Silver Spruce raising $459 K. Source Exploration has a new largest shareholder, Riverside announced a $416 K oversubscription and VVC Exploration informed of errors on its last two debentures. ON RESOURCES AND DEVELOPMENT, Kootenay Silver started a second phase metallurgical testing at its La Cigarra property in Chihuahua,  Endeavour Silver reported high grade results at its Terroneras property in Jalisco and VVC Exploration applied for and exploration permit at its Salamayuca copper property in Chihuahua.  ON DEALS AND CORPORATE ISSUES, no relevant news.

ON EXPLORATION

  • Minaurum Gold Inc. identified two new vein targets, Amalia and Nueva Europa, at its La Quintera project in Sonora. At Amalia dump samples returned values of up to 256 g/t Ag, 14.7 g/t Au, 2.1% Cu, 1.3% Pb, 2.0% Zn, on a positive topographic feature 500 m long. At Las Europas two vein zones, Nueva Europa and Europa, traced for 1,500 and 400 m respectively. “Vein widths range from stringers to vein/breccia zone measuring more than one metre wide.” Selected samples from Las Europas returned 155; 211; 213; 235; 263; 308; 2,500; 3,120 g/t Ag, with Cu, Pb and Zn credits.

ON MINING

  • Primero Mining Corp. reported financial results for 2016, including figures from its San Dimas operations in Durango. During the year 113,968 AuEq Oz were produced at the unit, at cash cost $856 per AuEq Oz and AISC of $1,117 per Au Oz. On 2016 the San Dimas operations suffered reduced underground development rates and ventilation restrictions that reduced mine productivity, averaging 2,074 tpd. The San Dimas operation remains halted by a unionized strike opposed to changes on labor reduction, the short-term bonus structure and a more continuous shift cycle needed to return to profitability. At the end of the year the company held a $20 M cash position, and has signed a binding agreement for a $75 M three-year term loan with Sprout Resource Lending Partnership.
  • Impact Silver Corp. announced its 2016 financial and production results. Production at the Guadalupe mill during 2016 came mainly from the Cuchara (42%), San Ramon Deeps (38%) and Mirasol (17%) mines. The average grade was 180 g/t Ag, to produce 952,768 Oz Ag. The company’s cash position at the end of the year was $8.1 M.
  • Starcore Interantional Mines Ltd. filed the results for the quarter ended January 31, 2017. The San Martin mine in Queretaro produced 3,000 Oz Au and 15,500 Oz Ag during the period, milling 69,700 tonnes @ 1.91 g/t Au, 14.7 g/t Ag, recovering 70.7% Au and 47.1% Ag. Cash cost per AuEq Oz stood at $1,105. The Altiplano concentrate processing plant at Matehuala, San Luis Potosi is now fully operational, and the CIL plant at San Martin is complete, allowing the process of higher grade carbonaceous ore. Cash and short-term investments stand at $4.7 M.

ON FINANCING

  • Source Exploration Corp. announced that Palisade Global Investments Ltd. has become the largest shareholder, with 12.68% of the issued common and outstanding shares, percentage that might grow if the warrants of the units purchased on the last issuance are exercised (Las Minas, Veracruz).
  • Riverside Resources Inc. announced an oversubscription by $416 K on its previously announced private placement, for total proceeds of $3.441 M (El Capitan in Durango, Glor in Sonora).
  • Silver Spruce Resources Inc. closed its current non-brokered private placement, raising gross proceeds of $459 K (Pino de Plata and Encino de Oro in Chihuahua).
  • Argonaut Gold Inc. closed its previously announced bought deal for aggregate proceeds of C$40 M (La Colorada, Sonora; El Castillo, Durango).
  • VVC Exploration Corp. informed of errors committed on the last 2 debentures issuances, on December 2, 2016 and June 4, 2015.

ON RESOURCES AND DEVELOPMENT

  • Kootenay silver Inc. has begun the second phase of leach testing of oxide and sulfide mineralization (the latter not previously tested) on its La Cigarra silver project in Chihuahua, applying the proprietary SILVOX Technologies Inc. Previous testing demonstrated higher Ag recoveries by this method against standard leaching. Previous metallurgical testing using conventional flotation achieved recoveries of up to 88%, but the method entails higher capital and operating costs.
  • Endeavour Silver Corp. continues to expand high grade mineralization zones to greater depths within the Terronera vein and at shallow depths within the La Luz vein at the Terronera project in Jalisco. At Terronera vein high grade mineralization was extended to 400 m depth and remaining open in that direction. New intercepts include 16.3 m @ 1.8 m @ 1.8 g/t Au, 230 g/t Ag; 1.7 m @ 6.9 g/t Au, 82 g/t Ag; 7.7 m @ 1.8 g/t Au, 116 g/t Ag; 3.5 m @ 2.1 g/t Au, 192 g/t Ag; 7.1 m @ 3.0 g/t Au, 118 g/t Ag; 7.5 m @ 0.7 g/t Au, 307 g/t Ag. At La Luz vein, 2.2 km NE of the Terronera vein, results include 1.0 m @ 19 g/t Au, 407 g/t Ag; 1.5 m @ 29.5 g/t Au, 651 g/t Ag; 1.4 m @ 23.1 g/t Au, 245 g/t Ag; 2.0 m @ 12.8 g/t Au, 21 g/t Ag; 2.2 m @ 57 g/t Au, 63 g/t Ag. None of these results are to be included on the upcoming resource estimate for the property.
  • VVC Exploration Corp. has filed a request for a permit for exploration drilling on its Samalayuca copper project in Chihuahua. Drilling is to be concentrated on the Kaity concession, seeking further understanding of the project, with up to 53 drillholes using previously constructed roads and historically disturbed areas to avoid any damage to the environment, and producing an updated resource by the second or third quarter of 2017.

ON DEALS AND CORPORATE ISSUES

  • No relevant news this week.

 

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, Tacaná volcano on the left (Mexico) and Tajumulco volcano on the right (Guatemala), as seen from the plane approaching Tapachula, Chiapas. Photo by Jorge Cirett.

Tacana-Tajomulco detail extractor

 

 

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

/ Gambusino Prospector / Leave a comment

During the 10th week of the year (March 6th to March 12th, 2017), at least 22 press releases were announced by companies working in Mexico. ON EXPLORATION, Chesapeake presented an update on regional exploration in Durango and Sinaloa. ON MINING, McEwen, Timmins Gold, US Antimony and Odyssey Marine Exploration presented 2016 results. Consolidated Zinc presented drilling and rockchip sample results ON FINANCING, Four companies announced financial news, with Leagold raising C$175 M; Telson obtaining a US$2 M credit line; Alix raising $248.5 K and McEwen on a share repurchase plan. ON RESOURCES AND DEVELOPMENT, McEwen announced a well-funded exploration budget for its properties in Sinaloa; Mag Silver disclosed a probable increase on the projected processing plant at Valdecañas by its JV partner, Mexus advances toward production in Sonora and Sierra Metals informed of fairly good drilling results from a brownfield zone in Chihuahua.   ON DEALS AND CORPORATE ISSUES, Avino Silver announced the death of founder and CEO for more than 30 years, Louis Wolfin, a pioneer of Canadian mining investments in Mexico; Radius Silver sold a property in Oaxaca; Santacruz Silver amended an agreement with Hochschild; finally, Colibri shares on the TSX remain halted.

ON EXPLORATION

  • Chesapeake Gold Corp. has identified four precious and base metals projects with district scale potential in the more than 85,000 hectares held by the company. At Yarely, Sinaloa, three target areas have been defined on a 70,000 hectare land package assembled by staking and acquisition. At Yarely North 12 veins ranging up to 12 m in width have been traced for an average length of 650 m, with rock samples returning 2 m @ 19.5 g/t Au, 505 g/t Ag; 11 m @ 1.1 g/t Au, 42, g/t Ag, 8 m @ 1.6 g/t Au, 33 g/t Ag; 3 m @ 1.1 g/t Au, 805 g/t Ag. At Yarely Central the mineralized zone measures 1.5 by 2.0 Km, with several wide zones of quartz stockwork and disseminated polymetallic mineralization, with trench samples returning 14 m @ 1.5 g/t Au, 143 g/t Ag; 93 m @ 17 g/t Ag; 36 m @ 0.7 g/t Au, 26 g/t Ag. At Yarely South preliminary sampling has returned up to 83 g/t Ag, 2.9% Cu, 0.12% Mo. At El Paso in Sinaloa, extensive exoskarn and intrusive hosted quartz stockworks are present, with channel samples returning 69 m @ 2.2 g/t Au, 8 g/t Ag, 1.1% Zn; 50 m @ 0.6 g/t Au, 12 g/t Ag. At Nicole, in Durango, quartz breccia veins transition at depth to dissemination and stockwork. On the veins, channel samples returned 7 m @ 3.1 g/t Au, 238 g/t Ag, 0.3% Zn; 3 m @ 12 g/t Au, 450 g/t Ag; while lower in the system sampling has returned 30 m @ 1.2 g/t Au, 29 g/t Ag, 1.5% Zn; 30 m @ 0.7 g/t Au, 19 g/t Ag, 0.7% Zn. At San Javier, in Durango, sampling on a 4 km long quartz stockwork has returned 60 m @71 g/t Ag, 0.6% Pb; 28 m @ 158 g/t Ag, 0.3% Pb; while another 3 km long structurally associated breccia has returned 48 m @ 1.0 g/t Au.

ON MINING

  • McEwen Mining Inc. reported financial results for 2016, including figures for its El Gallo mine in Sinaloa, where 54,929 Oz Au, 25,336 Oz Ag were produced at an average grade for the ore of 2.14 g/t Au. The 2017 guidance for the unit is 49,700 Oz Au, 24,000 Oz Ag, at cash cost $760 and AISC $900 per AuEq Oz. As of the end of 2016 the company had 58.8 M in cash, investments and precious metals, and no debt.
  • United States Antimony Corp. announced that it has successfully transitioned from custom smelting antimony concentrates at the Madero, Coahuila, plant to its own mine production. Antimony production in January was 159 K pounds and 185.8 K pounds in February. The company expects to ramp up production form Wadley (San Luis Potosi), Soyatal (Queretaro) and Guadalupe. During 2016 US Antimony produced 2.9 M pounds Sb, 604 Oz Au, 38.1 K Oz Ag.
  • Timmins Gold Corp. announced financial results 2016, producing 100,322 Oz Au at cash cost $734 and all-in sustaining cost of $853 per gold ounce. The company ended the year with $33.9 M in cash and working capital of $37.8 M.
  • Consolidated Zinc Ltd. released rock sample results from the Tres Amigos North zone, and resource drilling results at its Plomosas project in Chihuahua. The results from seven continuous rock samples range from  21.4% to 24.8% Zn+Pb, including up to 19.2% Zn, 11.6% Pb and 38 g/t Ag. Resource definition drilling results include 1.3 m @ 4.5% Zn, 1.7% Pb, 15 g/t Ag; 4.7 m @ 11.6% Zn, 6.7% Pb, 31 g/t Ag; 3.95 m @ 3.8% Zn, 0.1% Pb, 1 g/t Ag.
  • Odyssey Marine Exploration Inc. reported full year results for 2016, with a net loss of $6.3 M. Its seabed phosphate San Diego Project off the coast of Baja California has not yet been awarded the environmental permit needed, Odyssey expects to obtain the said permit in 2017.

ON FINANCING

  • McEwen Mining Inc. plans to repurchase up to 5.4% of its outstanding common stock (up to $15 M). During 2015 and 2016 $1.8 M and 0.6 M were repurchased respectively.
  • Alix Resources Corp. completed the second and final tranche of a non-brokered flow through private placement, for gross proceeds of $248.5 K.
  • Telson Resources Inc. has secured a $2 M line of credit for leasing underground and surface mining equipment for mine development at its Tahuehueto project in Durango. The surface area rights to install the processing plant in Tepehuanes have been secured.
  • Leagold Mining Corp. completed its previously announced offering for aggregate gross proceeds of C$175 M. The net proceeds from the offering will be used to fund a portion of the purchase price of the Los Filos mine in Guerrero from Goldcorp Inc.

ON RESOURCES AND DEVELOPMENT

  • McEwen Inc. has budgeted $6 M for El Gallo silver project in Sinaloa, $3 M in exploration and $3 M in development.
  • Mag Silver Corp. disclosed that its JV partner (Fresnillo PLC) in the Valdecañas project in Zacatecas is considering to increase the planned processing plant capacity from 2,650 tonnes per day (tpd) to 4,000 tpd, reflecting the latest drill intercepts in the deeper zone. Permitting on the new design has already commenced, and formal approval by Frenillo’s Board is to come on the next three to four months. A 20,000 meters drill program for 2017 has still to be approved by the JV Technical Committee.
  • Mexus Gold US. has completed the testing of the leach circuit. Testing and calibration of chemical treatment equipment is underway before the leaching process begins.
  • Sierra Metals Inc. delivered drilling results from La Sidra vein and Bolivar West, at its Bolivar mine site in Chihuahua. At La Sidra Ag-Au mineralization currently extends over 500 m in length and 300 m in depth, and is open along strike and depth, while at Bolivar drilling proceeds at the skarn ore area and geophysics targets. At La Sidra, drill length intercepts include 3.75 m @ 0.7 g/t Au, 717 g/t Ag, 0.4% Pb, 1.3% Zn; 9.75 m @ 4.0 g/t Au, 390 g/t Ag, 1.9% Pb, 5.0% Zn; 5.7 m @ 1.8 g/t Au, 91 g/t Ag, 0.7% Pb, 1.8% Zn; 1.75 m @ 3.9 g/t Au, 537 g/t Ag, 1.2% Pb, 1.7% Zn. At Bolivar intercepts include 9.15 m @ 69 g/t Ag, 2.3% Cu, 2% Zn; 7.35 m @ 42 g/t Ag, 1.3% Cu, 1.4% Zn; 12.6 m @ 133 g/t Ag, 1.4% Cu, 0.7% Zn; 6.0 m @ 1.4 g/t Au, 42 g/t Ag, 1.4% Cu.

ON DEALS AND CORPORATE ISSUES

  • Avino Silver & Golod Mines Ltd. announced the death of founder and CEO for more than 30 years, Louis Wolfin, at the age of 85. Mister Wolfin founded Avino in 1968, and the Avino mine went into production in 1974. Avino Silver Gold Mines Ltd. was one of the first Canadian companies to invest in the mining industry in Mexico, more than 20 years before the opening of the industry for full foreign investment in the country.
  • Radius Gold Inc. reached an agreement for the sale of its Tlacolula property in Oaxaca to Fortuna Silver Mines Inc. As an amendment to a previous contract, Fortuna acquires 100% interest in the property by issuing Radius 250 K shares of Fortuna and granting a 2% NSR royalty. Fortuna will retain the right to purchase 1% of the royalty by paying Radius US$1.5 M.
  • Santacruz Silver Mining Ltd. completed the amended agreement with Hochschild by issuing 13.4 M shares of the company, in consideration for the restructuring of the payment there-under.
  • Colibri Resource Corp. announced trading in its shares remains halted pending filing and review of documentation by Investment Industry Regulatory Organization of Canada, regarding the acquisition of Canadian Gold Resources.

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, Cerro Lanza in Chiapas, a Tertiary volcanic neck poking through Mesozoic sedimentary rocks. Photo by Jorge Cirett.

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Minaurum Identifies New Bulk-Tonnage Silver Target at La Quintera

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http://www.newsfilecorp.com/release/23447/Minaurum-Identifies-New-BulkTonnage-Silver-Target-at-La-Quintera#.WCNuHvrhDIU

Vancouver, British Columbia–(Newsfile Corp. – November 9, 2016) – Minaurum Gold, Inc. (TSXV: MGG) (“Minaurum”) is pleased to announce that its ongoing mapping and sampling program along with the reinterpretation of historical data has identified a new bulk-tonnage silver target at the La Quintera Silver Project in Southern Sonora State, Mexico.

The Minas Nuevas bulk-tonnage target has a strike length of 700 meters and is 25 meters wide. It includes the Zambona and Purísima historical mines which produced approximately 35 million ounces of silver from small open pits and underground workings between 1860 to about 1910. Mineralized stockwork quartz veining surrounding the old workings exhibits the potential for bulk-tonnage silver mineralization. The depth of the workings indicates that the stockwork veining extends to depths greater than 100 meters.  In addition, 101 historical rock samples from outcrops and veining in old mine workings at Minas Nuevas averaged 128 g/t Ag with a high of 875 g/t Ag. Minaurum’s sampling work confirmed the previous results and returned from old mine workings; 236 g/t Ag, 178 g/t Ag and from surface; 112 g/t Ag, 134 g/t Ag and 176 g/t Ag.