Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to advise that it has secured funding of approximately A$8.2 million (before costs) through a placement to institutional and sophisticated investors to enable the Company to continue development studies at its flagship Oposura project and to accelerate its exploration campaign to further define the high-grade, near-surface gold and cobalt mineralisation on the Sara Alicia project.
Cobalt
DRILLING TO RESUME AT SARA ALICIA HIGH GRADE GOLD & COBALT PROJECT
Azure Minerals Limited (ASX: AZS) (Azure or the Company) is pleased to advise that the Company will shortly commence a second diamond drilling campaign on its 100%-owned, highly prospective Sara Alicia gold-cobalt project in the northern Mexican state of Sonora. The drilling will follow up on the Company’s very successful 2017 maiden drilling program, in which all six drill holes intersected high grades of gold and cobalt mineralisation at shallow depths (refer ASX announcements dated 27 November and 7 December 2018).
STRONG GOLD AND COBALT ANOMALIES IDENTIFIED AT SARA ALICIA
Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to advise that results from a recent close-spaced soil sampling program have identified areas of strong gold, cobalt and zinc anomalism across the Sara Alicia property. Additionally, a ground magnetic survey has defined the highly magnetic zone which represents the skarn body hosting the high-grade gold and cobalt mineralisation.
Azure Minerals Drills 26.2 Metres of 9.5 g/t Gold at Sara Alicia Project
171207-Sara-Alicia-returns-more-Gold-and-Cobalt
GOLD GRADE IN DRILL HOLE DSA-03 INCREASES by >10%
HIGHLIGHTS:
• Re-assaying increases gold grade in DSA-03 intercept by more than 10%:
DSA-03: 26.2m @ 9.5g/t Au including 12.6m @ 16.8g/t Au
• Hole DSA-05 intersected high-grade cobalt mineralisation above and below a
2.75m mining void – final results include:
5.05m @ 1.40g/t Au from 12.00m
8.45m @ 1.24g/t Au from 25.15m
2.60m @ 0.33% Co from 8.95m surrounding 2.75m mining void
• Ground magnetic survey completed – results being evaluated
• Further exploration of high-grade gold-cobalt zone planned
Highlights on the Fifth Week of November, 2017. Mineral Exploration in Mexico
During the 48th week of the year (November 27th to December 3rd, 2017), at least 33 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). ON EXPLORATION: ten press releases from eight companies working in Mexico informed on exploration efforts during the week: In Sonora SilverCrest released high-grade results from drilling two different zones at its Las Chispas project; Azure Minerals released high-grade drilling results from its Sara Alicia Au-Co project, and updated on drilling progress at its Oposura property; Wolverine Minerals commenced exploration at Los Venados project; San Marco Resources is to complete an induced polarization survey at its 1068 porphyry copper project, updating also in the geological model of its Chunibas project. In Chihuahua, Evrim Resources completed phase I exploration at its Cerro Cascaron project, and is now in the drill targeting stage; Ethos gold optioned the Purisima property, and presented the project summary, which includes two previous drilling campaigns. ON MINING: Santacruz Silver presented its third quarter report; Marlin Gold presented financial results for the first nine months of the year, and an update on drilling on the Colinas target, at its La Trinidad property; U.S. Antimony informed that it now has the needed permits to construct a cyanidation plant at its mill in Guanajuato. ON FINANCING: Alix Resources, Canuc Resources and Millrock Resources are to conduct or closing non-brokered private placements of $750 K, $465 K and $1.6 M respectively; Mag Silver closed a non-brokered private placement for $48.16 M; SilverCrest is to raise C$6 M on a bought deal private placement; Primero Mining obtained an extension of its credit facility; Candelaria Mining is seeking a one year extension on the exercise period of over 12 M warrants. ON RESOURCES AND DEVELOPMENT: Consolidated Zinc recommenced extensional and infill resource definition drilling at its Plomosas mine. ON DEALS AND CORPORATE ISSUES: Argonaut Gold announced the closing of the acquisition of the Cerro del Gallo project in Guanajuato to Primero Mining for $15 M; GFM Resources entered into an exploration and evaluation agreement with Minera Auricup on the Baviacora concession in Sonora; Magellan Gold completed the purchase of the SDA Mill to Rose Petroleum in Nayarit; Ethos Gold entered into an option agreement with Coztic Recursos Minerales on the Purisima property in Chihuahua.
ON MEXICO ISSUES
- In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). The proposal aims to give transparency to the application of the funds, and also a mean to control the infrastructure projects generated in the municipalities that are to receive the participation generated by the mining activity (Note of editor.- This is a pressing problem in many other States, where the application of the funds of a mining royalty introduced by the current Federal government is nowhere to be seen).
ON EXPLORATION
- SilverCrest Metals Corp. released phase II drill results for the Babicanora vein at its Las Chispas property in Sonora. The latest results increase by 400 m the high-grade footprint of the Babicanora vein, which is now 1 km in length. True width (TW) intercepts: 3.2 m @ 27 g/t Au, 1,494 g/t Ag (including 0.7 m @ 137 g/t Au, 4,720 g/t Ag); 1.5 m @ 1.8 g/t Au, 101 g/t Ag; 3.8 m @ 5.6 g/t Au, 451 g/t Ag; 4.0 m @ 1.5 g/t Au, 101 g/t Ag; 3.1 m @ 5.1 g/t Au, 570 g/t Ag; 2.0 m @ 3.6 g/t Au, 452 g/t Ag; 3.6 m @ 4.2 g/t Au, 165 g/t Ag; 2.2 m @ 3.8 g/t Au, 388 g/t Ag.
- Azure Minerals Ltd. released high-grade results on the maiden drilling on its Sara Alicia property in Sonora. Six holes for 480 m tested around and beneath historical underground mine workings that exploited high-grade Au and Co shoots in the 1930’s. Cobalt results for the last hole are still pending. Significant gold results comprise: 11.4 m @ 3.3 g/t Au; 5.5 m @ 5.1 g/t Au; 26.2 m @ 8 .6 g/t Au (including 12.6 m @ 14.9 g/t Au); 19.65 m @ 4.95 g/t Au; 8.45 m @ 1.2 g/t Au; 13.7 m @ 3.6 g/t Au. Significant cobalt intercepts comprise: 5.5 m @ 0.13% Co; 1.0 m @ 0.14% Co; 26.2 m @ 1.26% Co (including 6.35 m @ 3.57% Co); 4.7 m @ 0.11% Co; 20.6 m @ 0.13% Co (including 1.9 m @ 1.11% Co). This garnet-magnetite-sulfide skarn developed in limestone intruded by a porphyry contains a zone several meters in width with disseminated cobaltite (CoAsS) associated with abundant magnetite, and a wider, overlapping zone of gold mineralization.
- Evrim Resources Corp. announced the completion of phase I exploration at its Cerro Cascaron project in Chihuahua. Highlights include: A 1.8 km long rich vein corridor defined by soil sampling, with up to 1.4 g/t Au; Soil sampling extended all veins by 600 m to 1.8 km in length, and two more veins were identified; Adit channel sampling results are 1.4 m to 3.3 m in width @ 231 to 542 g/t AgEq; Six subparallel veins were defined in an area 300 m x 900 m in the Ag-rich Cascarita zone. Drill targeting is underway.
- SilverCrest Metals Inc. released surface and underground results from the second phase of drilling of the Las Chispas and Giovanni veins at Las Chispas, in Sonora. Highlighted results contain (true thickness, or TW) 2.1 m @ 2.3 g/t Au, 469 g/t Ag; 1.6 m @ 2.4 g/t Au, 516 g/t Ag; 1.5 m @ 13.2 g/t Au, 2,007 g/t Ag; 2.0 m @ 5.8 g/t Au, 1,191 g/t Ag; 4.0 m @ 18.6 g/t Au, 696 g/t Ag (including 0.8 m @ 92.6 g/t Au, 2,890 g/t Ag); 2.2 m @ 9.4 g/t Au, 1,369 g/t Ag. SilverCrest intends to deliver a maiden resource estimate during Q1, 2018.
- Wolverine Minerals Corp. commenced an exploration program on the 1,500 hectares Los Venados property, in the Mulatos district, Sonora. Wolverine is to focus work on a felsic dome/silica breccia complex with intense alteration and brecciation accompanied by anomalous gold. Activities planned include rock and soil sampling, geological mapping and a 7.4 Km induced polarization survey.
- Almadex Minerals Ltd. released results from the three first holes on the Raya Membrillo area on its El Cobre property in Veracruz. This area is part of the Villa Rica zone, which is two kilometers south from the Norte zone (where previous drilling was done). The three holes intersected a chalcocite dominant enriched copper zone right from the surface which locally is up to 186 m down hole. Results comprise: 69.5 m @ 0.10 g/t Au, 0.41% Cu (including 14.5 m @ 0.14 g/t Au, 1.2% Cu); 139.0 m @ 0.49 g/t Au, 0.24% Cu; 41.0 m @ 0.91 g/t Au, 0.42% Cu in one hole; 117 m @ 0.13 g/t Au, 0.55% Cu (including 15.9 m @ 0.51 g/t Au, 1.74% Cu) in the second hole; 159.5 m @ 0.22 g/t Au, 0.22% Cu (including 36.0 m @ 0.86 g/t Au, 0.16% Cu and 111.5 m @ 0.03 g/t Au, 0.27% Cu) on the third hole.
- San Marco Resources Inc. provided the scope of exploration at its 1068 and Chunibas projects in Sonora. At the 1068 project, an undrilled porphyry Cu-Mo-Au system displays phyllically altered and veined zones which extend 1 Km to the east and 400 m to the south from previously identified porphyritic rock with potassic alteration and a coincidental geochemical footprint on a grid rock sampling survey. An induced polarization survey is to be conducted during December. At Chunibas a new larger model involving a porphyry related breccia with gold values has been generated. Field mapping and prospecting is mostly completed, with a mineralization corridor extending 1.2 km based on mapping and a soil survey. New outcrops with epidote-calcite-specularite alteration bearing copper oxides have been found.
- Azure Minerals Ltd. updated on the resource definition drilling at its Zn-Pb-Ag Oposura project in Sonora, where 51 of the planned 120 holes have been completed with 2,665 m. Many of Azure holes are either twinning or drilled close to historical holes, closely replicating the sulfide intercepts on those. Azure is aiming to conclude drilling by February 2018, and complete the maiden mineral resource estimate by March-April 2018.
- Ethos Gold Corp. optioned the Purisima property in Chihuahua (see note on the deals section). An epithermal low sulfidation vein system is present over 1.5 Km of strike length and 200 m of width exposure. The property saw some drilling in 1997 and 1997-98 by Teck Resources and the SGM (Servicio Geologico Mexicano, or Consejo de Recursos Minerales at the time). Gold-bearing intervals were obtained on both programs, with only minor parts of the core obtained by SGM drilling having been assayed, although many areas contained chalcedonic quartz veining.
ON MINING
- Santacruz Silver Mining Ltd. reported third quarter 2017 production and financial results. At Rosario in San Luis Potosi 46.9 K tonnes were processed @ 51 g/t Ag (241 g/t AgEq), recovering 85% Ag, to produce 26,274 Oz Ag, 328 Oz Au, 49 tonnes Pb, 449 tonnes Zn. At Veta Grande in Zacatecas, 28 K tonnes were processed @ 107 g/t Ag (174 g/t AgEq), recovering 64.5% Ag to produce 61,960 Oz Ag; 66 Oz Au, 99 tonnes Pb, 146 tonnes Zn. Production cost per tonne was 62.91, and a cash cost of $23.65 per AgEq Oz, AISC of $28.14 per AgEq Oz.
- United States Antimony Corp. announced that SEMARNAT (Mexico environmental authority) has issued the permit for the construction of a cyanide leach plant for the Puerto Blanco mill in Guanajuato. This plant is designed to recover Au and Ag from the flotation mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. The ore grade is 1.1 g/t Au, 102 g/t Ag, 0.65% Sb, and the expected recovery 90% Au, 90% Ag, 70% Sb.
- Marlin Gold Mining Ltd. presented financial results for the first nine months of 2017, period on which the company produced 29,995 Oz Au, and acquired the Gavilanes property from Santacruz Silver Mining Ltd. for $3.6 M. Revenue to the end of September was $58.2 M, holding $1.9 M in cash and finished gold, and $14.4 M in gold-in-process. Investment on Golden Reign Resources Ltd. stood at $12.7 M at quarter end. Principal on the loan owed to Wexford Capital LP. (Controlling shareholder) stood at US$38.9 M, with the maturity of the loan extended to January 2019.
- Marlin Gold Mining Ltd. disclosed drilling results from the Colinas area, less than 1 km from the Taunus pit within its La Trinidad mine in Sinaloa. The drilling tested a structurally complex zone with low and high angle faults, along a projected structural corridor under post mineral cover. The significant core intervals comprise 11.65 m @ 0.61 g/t Au in the first hole and 6.00 m @ 0.35 g/t Au; 7.03 m @ 0.82 g/t Au; 6.00 m @ 10.57 g/t Au in the second hole. “The anomalous zones appear to be associated with quartz carbonate veinlets and ferruginous argillic zones, which are likely fault zones within andesitic breccias and tuffs. All intervals are oxide.”
ON FINANCING
- Alix Resources Corp. is to conduct a non-brokered private placement to raise up to $750 K in gross proceeds (Agua Fria, Sonora).
- Canuc Resources Corp. closed a non-brokered private placement with gross proceeds of $465 K. Proceeds are to be used to continue exploration of newly discovered breccia zones on El Tule claim block and other high grade structures (San Javier, Sonora).
- Mag Silver Corp. announced the closing of a non-brokered private placement for gross proceeds of US$48.16 M (Juanicipio, Zacatecas).
- Millrock Resources Inc. plans to conduct a non-brokered private placement planning to raise up to $1.6 million. Finder’s fee of 6% cash may be paid in connection with this financing (La Navidad, Sonora).
- SilverCrest Metals Inc. entered into an agreement with a syndicate of underwriters for a bought deal private placement to raise gross proceeds of up to C$6 M. SilverCrest will pay the underwriters a cash commission of up to 6% of the gross proceeds (Las Chispas, Sonora).
- Primero Mining Corp. announced that the company agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. (San Dimas, Durango).
- Candelaria Mining Corp. intends to make an application to the TSX to extend the exercise period of 12.6 M share purchase warrants by 12 months.
ON RESOURCES AND DEVELOPMENT
- Consolidated Zinc Ltd. recommenced extensional and infill resource definition drilling at its Plomosas mine in Chihuahua. The first of two underground rigs was mobilized to Cuddy, level 5.4 to drill eight short holes before the Christmas break.
ON DEALS AND CORPORATE ISSUES
- Argonaut Gold Inc. announced the closing of the acquisition of the 25,269 hectares Cerro del Gallo project in Guanajuato to Primero Mining Corp. for $15 M. Argonaut could recover up to $1.7 M of value added tax, and the companies acquired in this transaction include approximately $22 M in tax losses.
- GFM Resources Ltd. entered into an exploration and evaluation agreement with Minera Auricup S. de R.L. on its Baviacora concession in Sonora. GFM has paid the outstanding mining duties of CAD$95 K for a six months right to explore the property and obtain a minimum 15% stake. If land access rights are not secured by Auricup on a four-month period, GFM has the right to demand full repayment, or to obtain a similar stake on in a different but equivalent mineral concession owned by Auricup. GFM drew on its facility with Metallorum Holding, S.A.P.I. de C.V., the corporation’s majority shareholder for this payment.
- Magellan Gold Corp. completed the purchase of the SDA Mill to Rose Petroleum PLC. in Nayarit. Total consideration for the purchase was $1.5 M, with $1.0 M in cash and $500 K in Magellan stock, of which $100 K was paid in cash in June 2017. In August Magellan arranged $900 K in bridge loans to support the purchase.
- Ethos Gold Corp. entered into an option agreement with Coztic Recursos Minerales S. de R.L. de C.V. to earn a 100% interest in the Purisima property in Chihuahua. Ethos Gold is to pay an aggregate of US$3.49 M and issue up to 3 M common shares to the property owner, in installments over 72 months, with the initial consideration of $45 K and 50 K shares due on signing. In addition, Ethos Gold is to pay outstanding mining duties of CAD$71 K and incur in exploration expenditures of not less than US$1 M within 72 months. The property owner is to retain a 2% NSR.
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, fine grained silica on boulders extracted from a farming field in Durango. Photo by Jorge Cirett.
SPECTACULAR 6.6% COBALT & 66g/t GOLD DRILLED AT SARA ALICIA
Azure Minerals Limited (ASX: AZSDA) (“Azure” or “the Company”) is very pleased to advise that significant high-grade gold and cobalt mineralisation has been intersected in the Company’s first drilling program on its 100%-owned Sara Alicia project, located in Sonora State, Mexico.
Camrova Resources Reports MMB Ownership Dilution
Camrova Resources Reports MMB Ownership Dilution
VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) — Camrova Resources Inc. (“Camrova” or the “Company”) (TSX-V:CAV) (OTC:BAJFF) announces that its ownership in Minera y Metalurgica del Boleo S.A. P.I de C.V (“MMB”) is being diluted pursuant to the New Shareholders’ Agreement described in the Company’s News Release #2 / 2017 dated 2017-01-26.
As at June 30, 2017 MMB had issued cash calls amounting to $429.0 million. These cash calls were funded by way of shareholders loans. The Company did not contribute any amount to these cash calls and Korea Resource Corporation (“KORES”) funded the Company’s pro rata portion (10% or $42.9 million). In accordance with the New Shareholders’ Agreement, KORES now has elected to convert the entire amount it contributed on behalf of the Company to equity in MMB thereby reducing the Company’s interest in MMB from 10% to 7.3%.
Highlights on the Fourth Week of October, 2017. Mineral Exploration in Mexico
During the 43rd week of the year (October 23rd to October 29th, 2017), at least 30 press releases were announced by companies working in Mexico, including five quarterly reports. ON MEXICO ISSUES: Almost 70% of the silver production in Mexico comes from Zacatecas, Durango and Chihuahua. ON EXPLORATION: eight companies disclosed exploration efforts during the week: In Sonora Azure updated work on Oposura, Sara Alicia and Alacrán projects; SilverCrest released high-grade assays from sampling rehabilitated workings on Las Chispas. In Chihuahua Endeavour confirmed high–grade silver mineralization within an historical resource at Veta Colorada; Golden Minerals released high-grade intercepts from at its Santa Maria property; Mammoth Resources plans to commence a drill program at its Tenoriba property. In Sinaloa, Auxico provided sampling results from a trench at its Zamora project. In Zacatecas Defiance Silver provided results from drilling at San Acacio. In Oaxaca, Gold Resource disclosed drill results from Altagracia. ON MINING: Agnico Eagle, New Gold, Coeur Mining, Goldcorp and Capstone reported third quarter results. In Chihuahua Sierra Metals announced increased recoveries from its mills at Cusi and Bolivar; Consolidated Zinc presented a Scoping Study on its Plomosas property. In Durango, Argonaut reached commercial production at San Agustin. In Guerrero, Telson reached 1,400 tpd processing at Campo Morado; Alio Gold presented drilling results of two confirmation holes at Ana Paula, and granted the development contract for the 1,200 m decline. ON FINANCING: Azure is proposing a 20 to 1 share consolidation program. ON RESOURCES AND DEVELOPMENT: Bacanora presented its yearly report. Goldcorp announced an update on mineral reserves and resources. Agnico informed that 16,800 m of drilling were performed during the last quarter at its El Barqueño property in Jalisco. Oceanus filed at SEDAR the technical report on the new resource estimate on El Tigre property in Sonora. ON DEALS AND CORPORATE ISSUES: Alamos Gold and Richmont Mines have been granted an interim order from the Quebec Superior Court. Canuc Resources acquired an important concession on its San Javier project in Sonora. Colibri Resources is to retain the investor relations contractor and marketing services on a deal involving a cash payment and shares. Minera Alamos and Vista Gold entered into an acquisition agreement on Vista’s Guadalupe de Los Reyes project in Sinaloa.
ON MEXICO ISSUES
- On Mexican Silver Production, Zacatecas has 40.8% participation, Durango 14.0% and Chihuahua 13.9%. Located in Zacatecas the Saucito mine is the largest primary silver producer in the world, generating 13% of the Mexican production. Silver production in Zacatecas decreased 11.5% in 2016, due mainly to lower grades at Peñasquito. In Durango, production decreased 23.7% by work interruptions at San Dimas and lesser output from Guanaceví. Construction of the La Preciosa (Durango), Pitarrilla (Durango), El Gallo II (Sinaloa), Cordero (Chihuahua) and Cerro del Gallo (Guanajuato) projects still await better market conditions to go ahead.
ON EXPLORATION
- Endeavour Silver Corp. informed that drilling has confirmed high grade silver mineralization within the Argentina-Remedios area of the Veta Colorada project. IMMSA operated the Veta Colorada mine until 1990, and left a 32.1 M Oz Ag historical resource contained in 4.0 M tonnes @ 248 g/t Ag. “Twenty-one drill holes totaling 6,928 metres (m) of core were drilled to test the portion of the historic resource located within the Argentina-Remedios area of the Veta Colorada…. The drill holes were spaced at approximately 100 m centres over an area 400 m long by 400 m deep”. True width intercepts highlighted contain 2.2 m @ 213 g/t Ag; 3.0 m @ 1,562 g/t Ag (including 0.5 m @ 8,070 g/t Ag); 2.3 m @ 248 g/t Ag; 9.3 m @ 457 g/t Ag; 7.0 m @ 344 g/t Ag; 2.3 m @ 4,641 g/t Ag (including 0.6 m @ 13,117 g/t Ag); 7.5 m @ 448 g/t Ag; 1.5 m @ 230 g/t Ag; 4.6 m @ 521 g/t Ag; 6.4 m @ 239 g/t Ag; 1.1 m @ 200 g/t Ag; 1.0 m @ 230 g/t Ag. A new resource estimate is to be released on the first quarter of 2018.
- Auxico Resources Canada Inc. provided sampling results from a single trench on the Aguamas zone of its Zamora project in Sinaloa. The trench returned 50 m @ 0.85 g/t Au, including 3 m @ 13.07 g/t Au. The trench is within 100 m of the Aguamas mine historical workings, where recent sampling returned 14.9 g/t Au, 192 g/t Ag; 34.0 g/t Au, 98 g/t Ag. On these workings a series of quartz veins at multiple angles cut a silicified volcanic breccia.
- Golden Minerals Co. released high-grade intercepts from the first six holes of a drill campaign on its Santa Maria property in Chihuahua. Intercepts include true width results of 1.06 m @ 604 g/t Ag, 0.84 g/t Au, 0.2% Pb, 0.1% Zn; 0.80 m @ 255 g/t Ag, 0.77 g/t Au, 1.6% Pb, 1.5% Zn; 2.50 m @ 431 g/t Ag, 0.29 g/t Au, 0.5% Pb, 1.0% Zn; 2.50 m @ 217 g/t Ag, 0.49 g/t Au, 0.6% Pb, 0.2% Zn; 0.40 m @ 164 g/t Ag, 0.40 g/t Au, 0.6% Pb, 3.8% Zn; 2.36 m @ 310 g/t Ag, 0.77 g/t Au, 0.4% Pb, 0.9% Zn. These holes potentially extend the strike dimension of the vein resource 110 m to the east, with the remaining drill holes to test an additional 250 m on the same direction.
- Defiance Silver Corp. provided results from its phase 1 drill program at its San Acacio project in Zacatecas. Highlighted intercept results: 17.0 m @ 110 g/t Ag, 0.13 g/t Au, 0.1% Pb, 0.3% Zn (including 8.1 m @ 222 g/t Ag, 0.22 g/t Au 0.2% Pb, 0.5% Zn); 16.7 m @ 101 g/t Ag, 0.75 g/t Au, 0.1% Pb, 1.8% Zn (including 3.2 m @ 419 g/t Ag, 0.82 g/t Au, 0.1% Pb 0.3% Zn); 6.1 m @ 138 g/t Ag, 0.80 g/t Au, 0.2% Cu, 1.3% Pb, 1.9% Zn; 3.6 m @ 211 g/t Ag, 0.14 g/t Au, 0.1% Pb, 0.2% Zn; 7.4 m @ 159 g/t Ag, 0.52 g/t Au, 0.8% Pb, 1.8% Zn; 7.25 m @ 631 g/t Ag, 0.43 g/t Au, 0.1% Pb, 0.2% Zn; 0.7 m @ 432 g/t Ag, 0.24 g/t Au, 0.2% Pb, 0.6% Zn; 0.75 m @ 331 g/t Ag, 0.10 g/t Au, 0.1% Pb, 0.3% Zn; 2.1 m @ 283 g/t Ag, 0.17 g/t Au, 0.4% Pb, 0.7% Zn; 0 m @ 231 g/t Ag, 0.51 g/t Au, 0.4% Pb, 1.7% Zn; 3.0 m @ 372 g/t Ag, 0.10 g/t Au, 0.2% Pb, 0.4% Zn. The Veta Grande system pinch and swells along strike, with 4.4 km of the 5.6 km Defiance holdings having not seen production or modern exploration in a vein system that has produced close to 200 M Oz Ag.
- Gold Resource Corp. disclosed drill hole results from the Alta Gracia drill program in Oaxaca. Alta Gracia hosts the Mirador mine, being 16 km NW from Gold Resource’s El Aguila project. This drill program tested four vein structures that do outcrop at the surface. Highlighted drill results: 0.23 m @ 5.17 g/t Au, 2,990 g/t Ag; 1.06 m @ 1.36 g/t Au, 453 g/t Ag; 1.47 m @ 2.29 g/t Au, 708 g/t Ag; 3.83 m @ 1.13 g/t Au, 194 g/t Ag; 0.98 m @ 0.69 g/t Au, 1,030 g/t Ag; 1.29 m @ 4.33 g/t Au, 1,710 g/t Ag; 1.72 m @ 1.40 g/t Au, 820 g/t Ag; 0.77 m @ 1.13 g/t Au, 690 g/t Ag.
- Azure Minerals Ltd. announced its quarterly activity report. Oposura in Sonora was acquired, with drill results confirming the potential to host a high grade Zn-Pb-Ag deposit and a 7,000 m resource definition drill program in progress with two drill rigs currently in the property. The Sara Alicia project was acquired in Sonora, with rock chip sampling returning high grade gold and cobalt grades. An exploration 450 m drilling program is in progress. At Alacrán project, also in Sonora, a 5,000 m drilling campaign undertaken by earn-in partner Teck, commenced with three drill rigs operating, targeting epithermal and porphyry copper mineralisation at Loma Bonita, Cerro San Simon and Cerro Colorado areas.
- Mammoth Resources Corp. plans to commence a diamond drill program from 8 to 24 holes at its Tenoriba project in Chihuahua. The drill targets were selected on a combination of surface geology, trace element geochemistry, gold bearing samples, PIMA sampling results, ground mag and induced polarization surveys and previous drilling by another company. Petrographic work has showed the mineralization to occur as free gold, and metallurgical testing on core material has shown gold recoveries to attain up to 100% on shallow intervals (dominated by oxides), and recoveries of 65% to 72% on the deeper intervals. To note is that the drill contractor accepted to be paid up to 60% of the cost of the program in shares of Mammoth. Core length mineralized intervals on previous drilling include 39.7 m @ 0.44 g/t Au; 34.4 m @ 1.03 g/t Au; 12.0 m @ 0.64 g/t Au.
- SilverCrest Metals Inc. released additional underground channel sample results from its Las Chispas project in Sonora, where the company is currently exploring nine of the nineteen known veins. The channel sampling in the newly rehabilitated historic underground workings on Las Chispas vein, defining continuous unmined areas with bonanza grades. Composited intervals include an average of 2.9 m @ 5.8 g/t Au, 1,024 g/t Ag over 20 m of length; 3.0 m @ 2.2 g/t Au, 286 g/t Ag over 50 m of length; 3.0 m @ 4.0 g/t Au, 551 g/t Ag over 20 m of length; 5.0 m @ 1.8 g/t Au, 246 g/t Ag over 40 m of length; 4.9 m @ 4.9 g/t Au, 632 g/t Ag over 35.5 m of length. Individual samples as high as 1.1 m @ 15.8 g/t Au, 1,860 g/t Ag; 1.0 m @ 20.6 g/t Au, 2,082 g/t Ag; 0.8 m @ 31.7 g/t Au, 4,390 g/t Ag; 0.8 m @ 28.0 g/t Au, 2,930 g/t Ag are included in those intervals. So far SilverCrest has drilled 35,000 m in 141 holes in the project.
ON MINING
- Telson Resources Inc. initiated ore processing at Campo Morado in Guerrero, at an approximate rate of 1,400 tonnes per day (tpd). “The first two years of production are planned to be mined from the G9 and El Largo ore bodies in areas of elevated gold and silver values within polymetallic base metal zones having average grades of 1.8 g gold/t, 142.7 g silver/t, 3.99% zinc, 0.62% copper and 1.07% lead”. Metallurgy tests have resulted in new processes added, including the removing of carbon organic matter and new types of reagents. The plan is to increase the production rate to the mill’s capacity of 2,500 tpd over the next six to twelve months.
- Alio Gold Inc. released results from the first two confirmation holes on its Ana Paula project in Guerrero. The 2,000 m drill program is to twin 11 holes to confirm previous drilling and to obtain samples for metallurgical testing. The holes intercepted 99.4 m @ 10.8 g/t Au; 74.0 m @ 6.2 g/t Au.
- Argonaut Gold Inc. announced commencement of commercial production on October 1, 2017, on its San Agustin mine in Durango. The project was delivered on schedule and more than 20% under budget, on the initial capital estimate of $43 M.
- Sierra Metals Inc. informed an increase on recoveries from its mills in Mexico, to an average level of 82% at its Piedras Verdes mill in the Bolivar mine and to 83% at its Malpaso mill in the Cusi mine, both in Chihuahua. Production at Bolivar is expected to reach 3,000 tonnes per day (tpd) in Q1 2018 through the commissioning of 13 new pieces of equipment. At Cusi, the focus in on completing access, development and production of the Santa Rosa de Lima zone, with wider structures and grades than the narrow veins being mined now. Currently selected higher grade material from the old mine and development ore from Santa Rosa de Lima is being sent to the mill. Tonnage from the Santa Rosa de Lima structure is to be gradually increased until the mill operates at its 650 tpd capacity. A geological reinterpretation led to the discovery of the Santa Rosa de Lima zone, which averages 3.8m @ 372 g/t AgEq after two drill campaigns totaling 29,500 m. (Note of compiler.- There are two very informative graphics on how the metallurgical recoveries were improved within the press release).
- Agnico Eagle Mines Ltd. reported third quarter 2017 results, including figures from its Mexican operations, on which 15.9 M were spent in sustaining capital and 2.0 M in development. At Pinos altos in Chihuahua, 587 K tonnes were processed at a rate of 6,380 tpd @ 2.65 g/t Au, and total cash cost of $376 K per Oz Au. Exploration focused at the Madroño zone, immediately SE from the Creston Mascota pit. Selected results: 15.8 m @ 4.3 g/t Au, 23 g/t Ag (including 4.2 m @ 10.6 g/t Au, 55 g/t Ag); 6.7 m @ 1.0 g/t Au, 11 g/t Ag; 11.3 m @ 1.7 g/t Au, 11 g/t Ag; 9.8 m @ 1.0 g/t Au, 14 g/t Ag; 10.9 m @ 0.9 g/t Au, 12 g/t Ag; 5.8 m @ 3.0 g/t Au; 16.5 m @ 5.8 g/t Au, 68 g/t Ag; 22 m @ 1.3 g/t Au, 24 g/t Ag. At La India in Sonora, 1.54 M tonnes were processed at a rate of 16,762 tpd @ 0.69 g/t Au and total cash cost per Au ounce of $657. Drilling is ongoing at the Main Zone, El Realito, Cerro del Oro and El Cochi zones. Promising results from ongoing exploration have led to the search of location options to construct additional pad capacity.
- New Gold Inc. released third quarter 2017 results, which includes the production of 7,951 Oz Au, 0.1 M Oz Ag from the residual leaching of the closed San Pedro mine in San Luis Potosi, at an All-in sustaining cost of $1,532 per Au Oz.
- Coeur Mining Inc. reported third quarter 2017 results, including figures from its Palmarejo mine in Chihuahua, where 413.1 K tonnes @ 172 g/t Ag, 2.49 g/t Au were milled. Average recoveries were 83.6% for Ag and 83.1% for Au to produce 1.91 M Oz Ag, 28,948 Oz Au. Production reached the end of year target of 4,500 tpd during the period. As many as nine rigs were operating at Palmarejo, focused on resource expansion at the Nación–Dana deposit.
- Alio gold Inc. has awarded the contract for developing the underground decline at the Ana Paula project JDS Energy and Mining to manage the contract and underground mining operation. The 1,200 m decline is expected to take seven months to complete, at a rate of 5-7 m per day, and cost of approximately $10 M. A definitive feasibility study (DFS) is currently under way, and expected to be completed in the second quarter of 2018.
- Goldcorp Inc. presented the third quarter report for 2017, without including figures by project. The company produced 633 k Oz Au at an AISC of $827 per gold ounce.
- Capstone Mining Corp. announced third quarter financial results, including figures from its Cozamin operation in Zacatecas, where 4,242 tonnes of copper were produced during the period, at all-in cost of $1.86 per Lb Cu. The signing of an agreement that provides access to Capstone to the lower depths of the adjoining Endeavour Silver claim to the south is providing access to a zone with higher grades and greater widths, some 580 m away from the current indicated resource of the Mala Noche Footwall Zone.
- Consolidated Zinc Ltd. completed the Scoping Study on its Plomosas property in Chihuahua with positive results at a base case level. The study focused on mining the Tres Amigos resource (544 K tonnes @ 11.2% Zn, 2.1% Pb, 14 g/t Ag) on level 5 using existing infrastructure. Contractor mining is to be used with a cut and fill method on mineralization on which 90% to 95% Zn and up to 70% Pb recoveries have been achieved, to produce a concentrate free of penalized elements. The process is to include crushing, grinding, bulk flotation roughing and cleaning stages to produce a concentrate.
ON FINANCING
- Azure minerals Ltd. has proposed a 20 to 1 consolidation, reducing the current shares on issue from 1.67 billion to 83.6 million. Shareholder approval is to be sought at the AGM on 20 November 2017. Cash balance at quarter end is $5.9 M (Oposura and Sara Alicia, Sonora).
ON RESOURCES AND DEVELOPMENT
- Bacanora Minerals Ltd. presented its annual financial results for the year ended on 30 June 2017. During the period Bacanora secured a strategic partnership with Hanwa Co. Ltd.; a feasibility study (FS) is to be completed in Q4 2017; lithium carbonate has been produced at the Pilot Plant since May 2016, enabling optimization of the beneficiation process; 4,000 m of infill drilling was completed to upgrade resources; acquired 50% interest on the Zinnwald Lithium project in Germany.
- Goldcorp Inc. presented an update on its mineral reserve and mineral resource estimates to the end of June 2017, including figures from its Mexican operations. At Peñasquito in Zacatecas, proven and probable gold mineral reserves totaled 9.0 M Oz Au, compared with 10.0 M Oz Au in 2016. Mine depletion accounted for 0.7 M Oz Au, while higher input costs and updated metallurgical recoveries led to a change in cut-off grade, resulting in the reclassification of 0.4 M Oz Au into the measured and indicated mineral resource category. 0.22 M Oz Au stand in the inferred category. Reserves also include 545.6 M Oz Ag, 3,684 M Lb Pb, 8,927 M Lb Zn; Measured and Indicated resources (M&I) of 5 M Oz Ag, 1,270 M Lb Pb, 2,858 M Lb Zn; Inferred resources of 14.2 M Oz Ag, 85 M Lb Pb, 307 M Lb Zn.
- Agnico Eagle Mines Ltd. reported approximately 16,800 m of drilling at El Barqueño, in Jalisco, during the last quarter. The focus has been on extending known deposits and testing other areas as Tecolote, El Rayo and Camino. Drilling has now extended the mineral resources over one km to the W of the Azteca-Zapoteca zone. Six rigs are operating on El Rayo, Cuauhtemoc, Pilarica, Zateca-Zapoteca and Socorro. Agnico believes in the potential to develop a series of open pits utilizing heap leach and/or mill processing similar to its Pinos Altos mine in Chihuahua.
- Oceanus Resources Corp. has filed a 43-101 compliant Technical Report disclosing the mineral resource estimate announced in September on its El Tigre property in Sonora. The resource includes two open pit and two underground operations at the El Tigre and Fundadora veins. The total hard rock resource is 25.9 M tonnes @ 0.52 g/t Au, 19 g/t Ag, containing 436 K Oz Au, 15.7 M Oz Ag and 6.6 M tonnes @ 0.52 g/t Au, 89 g/t Ag as indicated and inferred resources respectively. The tailings resource is 939 K tonnes @ 0.27 g/t Au, 78 g/t Ag, containing 8 K Oz Au, 2.3 M Oz Ag and 1 K Oz Au, 254 K Oz Ag, as indicated and inferred resources respectively.
ON DEALS AND CORPORATE ISSUES
- Alamos Gold Inc. and Richmont Mines Inc. have been granted an interim order from the Quebec Superior Court (Commercial Division) authorizing various matters, including the holding of special meetings of Alamos and Richmont shareholders to consider the proposed plan of arrangement whereby Alamos will acquire all of the issued and outstanding shares of Richmont, and the mailing of the joint information circular.
- Canuc Resources Corp. entered into a definitive agreement to acquire the Carobens 151 hectares concession from Minerales y Carbones de Mexico S.A. de C.V. by issuing 150 K common shares (valued at US$50 K) and US$50 K in cash. “The newly acquired mining concession envelops existing land holdings to the northeast. Early exploration has determined that silver-gold mineralization strengthens to the northeast.”
- Colibri Resources Corp. announced the retention of FronTier Consulting Ltd. to provide investor relations and marketing services. Under the 12-month period Colibri is to pay $110 K plus out-of-pocket-expenses, and grant 150 K stock options at an exercise price of $0.15. FronTier and its related companies currently own 1.34 M share purchase warrants of Colibri.
- Minera Alamos Inc. entered into an option agreement with Vista Gold Corp. to acquire Vista’s subsidiary Minera Gold Stake S.A. de C.V., which owns the Guadalupe de Los Reyes project in Sinaloa. Guadalupe de Los Reyes has an indicated resource of 380 K Oz Au and 155 K Oz Au of inferred resources. The agreement includes US$6 M in staged payments: US$1.5 M on closing, US$1.5 M on each of the 12 and 24 month anniversary and a final purchase price of US$1.5 M on or before the 48 anniversary. A minimum 1% NSR will apply to gold production from a heap leach open pit, which could increase to 2% if gold prices exceed US$1,600 per ounce. The royalty is capped at a cumulative amount of US$2 M. Vista Gold retains the right to acquire a 49% non-carried interest in the development of underground gold resources, if Vista’s interest is diluted below 10% interest, an NSR like the one used to open pit mining is to apply.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, collage of mineralized rock fragments from a prospect on the Durango Altiplano. Photo by Jorge Cirett.
AZURE MINERALS – QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 30 SEPTEMBER 2017
Click to access Quarterly-Report-September-2017.pdf
Throughout 2017, Azure has had the clear focus to acquire the right project for the right deal and more than 70 projects were reviewed as part of this process. The Oposura acquisition delivers on this strategic approach and provides the Company with the high-quality, flagship project that it sought. Azure is a now a company with a diversified portfolio of highly prospective projects.
RESOURCE DRILL-OUT STARTS AT OPOSURA
Two rigs currently drilling on 120 hole, 7,000m resource drill-out of Oposura
zinc-lead-silver deposit
• Additional exploration drilling will test for extensions and repetitions
• Mineral resource estimate aimed for early 2018
• Six rigs now operating across three projects, delivering continual news flow
over coming months Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to advise that two diamond core rigs are drilling on its 100%-owned Oposura zinc-lead-silver project, located in the northern Mexican state of Sonora.
Azure’s first drilling program at its flagship project is designed to enable the Company to complete a Mineral Resource estimate by the end of March 2018.
Commenting on the drilling, Azure Managing Director, Mr Tony Rovira, said, “This is a very exciting time for Azure. With drilling underway at Oposura, the Company now has six rigs turning on three different projects, delivering a continual news flow over the next few months.
“Programs range from first-pass drilling on the exciting Sara Alicia gold-cobalt prospect to the resource drill-out program at Oposura, as well as deep exploration drilling being undertaken at Alacrán by our partner Teck Resources.”