The Mining and Exploration News in Mexico; Highlights on the Third Week of March, 2021

By Jorge Cirett

During the 11h week of the year (March 15th to March 21st, 2021), at least 34 press releases were announced by companies working in Mexico. To note, eight companies posted exploration advances on their properties, four presented quarterly results, five posted on financing or share options (including C$12 M, $10.3 M, C$14.1 M and C$80.4M), eight more on project development and five on corporate issues. ON MEXICO ISSUES, 25 Mining projects in Mexico are in line for 2028. At PDAC, a minister from Canada asked for a stable and predictable business environment in Mexico. The president of Mexico, Andres Manuel Lopez Obrador, threatened mining companies with voiding their concessions if they break the law. ON EXPLORATION, in Baja California, One World Lithium announced the incoming drilling at its Salar del Diablo project. In Sonora, Kootenay Silver informed of excellent grades in trenching at its Maria Elena project; Tocvan Ventures updated on exploration at Pilar; Prismo Metals filed a technical report for Los Pavitos project. In Durango, Mithril Resources informed on a high-grade gold intercept at Copalquin. In Guerrero, Pantera Silver commenced exploration in Nuevo Taxco. In Zacatecas, Zacatecas Silver is preparing a resource estimate on the Panuco deposit.  ON MINING, Comet Resources Excellon Resources, Starcore International and Sierra Metals released quarterly and/or full year 2020 reports. Activities at McEwen’s El Gallo mine in Sinaloa, which is in residual leaching, were suspended by an illegal blockade. ON FINANCING, Empress Royalty, Southern Silver, Almaden Minerals, Santacruz Silver Mining and Premier Gold released news on financing. ON RESOURCES AND DEVELOPMENT, Almaden Minerals is resuming exploration at the Ixtaca property in Puebla. Discovery Metals released drilling results from Cordero in Chihuahua. Chesapeake Gold received approval for a bulk drilling program at Metates, Durango. GoGold Resources released drilling results from Los Ricos North in Jalisco. Southern Silver is doubling the size of its drilling program at Cerro Las Minitas in Durango. Consolidated Zinc released the updated mineral resource for the Plomosas mine in Chihuahua. Prime Mining released drilling results for Los Reyes in Sinaloa. Azucar Minerals released results from drilling at El Cobre, Veracruz. ON DEALS AND CORPORATE ISSUES, Radius Gold optioned the Maricela property in Sonora. Sailfish is to prepare an updated mineral resource for Gavilanes in Durango. VanGold Mining signed the definitive agreement with Endeavour Silver for the acquiring the El Cubo mine in Guanajuato. Tarachi Gold completed the acquisition of El Magistral tailings project. Prospero Silver is changing name to Keon Capital. ON SOCIAL RESPONSIBILITY, Grupo Mexico and Fresnillo PLC informed on actions related to social betterment of communities near its operations.

ON MEXICO ISSUES

  • 25 Mining projects in Mexico are in line for 2028 with a total of US$7.8 B (US$7,800 M in Mexican notation). El Arco in Baja California (US$2,900 M), Media Luna in Guerrero (US$496 M), Expansion Herradura (US$490 M), Orysivo in Chihuahua (US$465 M), Juanicipio in Zacatecas (US$440 M) and Sonora Lithium (US$420 M) are among the largest of these.   
  • At the virtual PDAC (Prospectors and Developers Association of Canada) 2021 conference Mary Ng, Minister of Small Business, Export Promotion and International Trade for Canada and Tatiana Clouthier, head of the Economy Secretariat in Mexico met and spoke about the strengthening of commercial ties between the two countries, particularly in the energy and mining sectors. Minister Ng stressed the need to keep a stable and predictable business environment for Canadian companies working in Mexico, especially in mining, and expressed its worries for the recently approved energy law and its possible negative impact.
  • In his press conference the president highlighted the cases of Americas Gold and Silver, with his view that it is trying to evade the law on unionized work, and that of First Majestic which he accused of trying to evade taxes (as in other industries, the president disregards any effect on investment and employment by his rigid stance). He suggested the Canadian government should help make the companies comply as in Canada.

ON EXPLORATION

  • Pantera Silver Corp. has mobilized its field personnel to the Nuevo Taxco Silver project in Guerrero. The 1,100 hectares project displays 21 veins 150-350 meters in length within a 135 hectares portion of the property. Of 395 historical samples, 119 grade over 100 gpt Ag, including 18 between 500-900 gpt Ag and three samples over 1,000 gpt Ag. An initial 1,600 meter program is to test the 21 veins area.
  • One World Lithium Inc. is to start phase three drilling on April 15, 2021 at is Salar del Diablo project in Baja California. “If the results of DDH-3 warrant, the DDH-4 will be drilled in the same area…. DDH-3 (diamond drill hole) is located approximately 50 kilometers to the south of DDH-2” completed on the previous campaign.
  • Zacatecas Silver Corp. is to prepare a current resource estimate for the Panuco silver deposit at the Zacatecas Silver project in Zacatecas. The historic inferred mineral resource hosts 3.95 M tonnes @ 136 gpt Ag, 0.14 gpt Au, 0.12% Pb, 0.11% Zn (153.2 gpt AgEq), containing 19.5 M Oz Ag. Re-assaying of 15% of the core intervals used in the historic resource calculation is being performed to assist in the new resource estimation, as well as bench scale metallurgical test of mineralized core material.    
  • Kootenay Silver Inc. informed on the discovery of significant gold at its Maria Elena project in Sonora. Highlighted results from sampling in 8 trenches comprise 33 m @ 2.67 gpt Au (including  9 m @ 5.29 gpt Au, 1 m @ 23.7 gpt Au) in trench 6; 24 m @ 1.81 gpt Au (including 8 m @ 3.98 gpt Au, 1 m @ 17.25 gpt Au) in trench 4; 9 m @ 2.01 gpt Au (including 1 m @ 15.45 gpt Au) in trench 2. “Gold mineralization is hosted by stock works of quartz and quartz carbonate veins formed by conjugate sets of veins …. Numerous conjugate vein sets and associated stock work zones occur within a 1.5 by 1.5-kilometer area hosted within a diorite intrusion and are the source of the placer gold historically mined on the property”.
  • Canasil Resources Inc. informed on drilling at La Esperanza project in Zacatecas. Three holes in the La Esperanza  vein have already intersected the vein as projected, while a fourth is in progress. While the vein outcrops for 150 m, it has now been intersected for 525 m along strike and 350 m to depth.
  • Tocvan Ventures Corp. updated on exploration at its Pilar project in Sonora. On the Main Zone Extension, a 350 m section presents “altered vein zones” 5 to 20 m in width, strong oxidation and 800 m of anomalous soil samples with up to 106 and 911 ppb Au, and rock grab samples with 9.3 gpt Au. At the 4-Trench there is a 600 m trend that presents veins for 400 m of strike untested by drilling, rock grab samples with up to 24 gpt Au and historical artisanal workings for 350 m of strike.
  • Mithril Resources Ltd. informed on the drilling at El Refugio target in the Copalquin project in Durango. An exceptional core length interval of 4.17 m @ 62.0 gpt Au, 445 gpt Ag was drilled, and is characterized by abundant black sulfide and kaolinite, as well as by the presence of visible gold.
  • Prismo Metals Inc. filed a NI 43-101 technical report for its Los Pavitos project in Sonora. The 5,289-hectare concession is west of the Alamos district, displaying epithermal low sulfidation veins and orogenic gold shears. Highlighted rock sample results include 0.30 m @ 40.8 gpt Au, 0.65 m @ 4.86 gpt Au, 0.20 m @ 1.57 gpt Au, 2.5 m @ 1.5 gpt Au, 2.5 m @ 2.41 gpt Au, grab samples of up to greater than 10.0 gpt Au and dump samples with up to 5.26 gpt Au.

ON MINING

  • Comet Resources Ltd. presented its second half 2020 financial report. In the period the company spent US$2.35 M in mineral exploration and administration, raised US$3 M, acquired the Santa Teresa project in Baja California with 88.6 K Oz Au JORC compliant inferred resources.
  • McEwen Mining Inc. informed that activities at the El Gallo project in Sinaloa (currently on residual leaching) have been suspended as results of an illegal blockade of the main access to the property by members of nearby communities. “El Gallo has operated harmoniously with the local communities since mining started in 2012, having demonstrated a long-standing track record of supporting local communities. In this context, the current situation is surprising. The site remains minimally staffed to maintain appropriate safety and security, and the environmental systems. McEwen Mining is negotiating for a peaceful resolution to the issues”.
  • Excellon Resources Inc. reported financial results for the Q4 and full year 2020. During the quarter silver production at the Platosa mine in Durango increased to 355.6 K Oz, the strongest production since 2014, at an all-sustaining cost of $21.19 per Oz Ag. For the year, the revenue of $26.2 M was impacted by the temporary suspension related to the Covid pandemic. On the second half of the year 43.3 K tonnes were mined, producing 1.08 M Oz Ag.
  • Starcore International Mines Ltd. reported results for the quarter ended in January 2021. At the San Martin mine in Queretaro, 57.3 K tonnes were milled @ 1.66 gpt Au, 23 gpt Ag, recovering 88.8% Au, 57.1% Ag, to produce 2.7 K Oz Au, 23.8 K Oz Ag or 3,063 Oz AuEq at cash cost US$1,042 per Oz AuEq and an AISC of US$1,361 per Oz AuEq.
  • Mexus Gold US. Informed it has received the necessary explosives permit to mine the high grade Mexus II and Julio vein structures at its Santa Elena mine in Sonora.
  • Sierra Metals Inc. reported financial results for 2020. At Bolivar in Chihuahua, cash cost per CuEq Lb was $1.35 and AISC per CuEqLb was $1.88. At Cusi in Chihuahua, cash cost per AgEqOz was $15.70 and AISC per AgEqOz was $28.18. The company hold cash and cash equivalents of $71.5 M at the end of the period.

ON FINANCING

  • Empress Royalty Corp. entered into an agreement with Red Cloud Securities Inc. and Canaccord Genuity Corp. and a syndicate of underwriters that shall purchase shares of the company for gross proceeds of C$12 M. (Pinos, Zacatecas).
  • Endeavour Silver Corp. announced its common shares will be added to the S&P/TSX Composite and the NYSE Arca Gold Miners Index (Terronera, Jalisco).
  • Southern Silver Exploration Corp. raised $14.2 million in Summer of 2020. “Since the closing of the equity raise and the working interest purchase in September 2020, the Company has received a total of $2,428,228 from shareholder exercises of share purchase warrants, inclusive of the recent 6,000,000 share purchase warrant exercise by Electrum Global Holdings LP for proceeds of $480,000. Additionally, the Company has received $477,470 from the exercise of incentive stock options and finders’ warrants”.
  • Almaden Minerals Ltd. announced a US$10.3 M registered direct offering (Ixtaca, Puebla).
  • Santacruz Silver Mining Ltd. has increased the size of its previously announced non-brokered private placement offering, intending to raise now up to CDN$14.1 M (Zimapan, Hidalgo).
  • Premier Gold Mines Ltd. announced its wholly-owned subsidiary i-80 Gold Corp. closed its previously publicized private placement for aggregate gross proceeds of C80.4 M. “Premier remains focused on creating i-80 as a Nevada-focused mining company…” (Mercedes, Sonora).
  • Minera Alamos Inc. informed the board of directors approved the issuance of 7.25 M options to management, directors, employees and consultants, tied to production milestones (Santana, Sonora).
  • First Majestic Silver Corp. received regulatory consent to extend its share repurchase program to up to 10 M shares or 4.5% of the outstanding shares of the company (San Dimas, Durango).

ON RESOURCES AND DEVELOPMENT

  • Almaden Minerals Ltd. has resumed exploration in the area of the Ixtaca project in Puebla. Initial work is to focus in identifying drill targets in the SE Alteration Zone, 1 km SE from the Ixtaca deposit. Argillic alteration with hyperspectral signatures for kaolinite, alunite and buddingtonite is present, along with several areas of veining with anomalous pathfinder elements.
  • Discovery Metals Corp. announced results from 14 diamond drill holes targeting high-grade veins at its Cordero project in Chihuahua. Highlighted intercepts comprise 1.3 m @ 1,581 gpt Ag, 0.15 gpt Au, 9.9% Pb, 5.4% Zn; 8.9 m @ 267 gpt Ag, 0.91 gpt Au, 0.9% Pb, 0.8% Zn (including 1.0 m @ 1,280 gpt Ag, 4.24 gpt Au, 1.6% Pb, 3.4% Zn); 1.3 m @ 1,607 gpt Ag, 2.06 gpt Au, 5.2% Pb, 8.0% Zn; 10.0 m @ 92 gpt Ag, 0.09 gpt Au, 2.4% Pb, 3.4% Zn in the Josefina vein; 2.9 m @ 992 gpt Ag, 0.73 gpt Au, 12.9% Pb, 2.4% Zn in the South corridor and 4.0m @ 377 gpt Ag, 0.28 gpt Au, 7.1% Pb, 2.7% Zn (including 1.4 m @ 552 gpt Ag, 0.33 gpt Au, 11.0% Pb, 3.4% Zn); 1.2 m @ 241 gpt Ag, 0.52 gpt Au, 4.6% Pb, 10.4% Zn; 2.8 m @ 207 gpt Ag, 0.15 gpt Au, 3.7% Pb, 7.7% Zn on the Todos Santos vein. “The Company has completed 58,600 m (148 holes) as part of its expanded 65,000 m Phase 1 drill program. Assays from 24 holes are pending”.
  • Chesapeake Gold Corp. has received the final permits to commence a bulk drilling program at the Metates project in Durango. The company plans to drill 2,500 meters to recover 10 tonnes of large diameter (PQ) core for metallurgical testing to support a potential sulfide heap leach mine operation.
  • GoGold Resources Inc. released results from four more drill holes on the Casados area of the Los Ricos North project in Jalisco. Highlighted core length results comprise 10.3 m @ 0.43 gpt Au, 116 gpt Ag; 21.4 m @ 0.44 gpt Au, 98 gpt Ag; 49.1 m @ 0.54 gpt Au, 250 gpt Ag; 13.3 m @ 0.67 gpt Au, 204 gpt Ag; 5.1 m @ 1.94 gpt Au, 1,270 gpt Ag (including 0.8 m @ 10.31 gpt Au, 6,842 gpt Ag; 52.0 m @ 0.47 gpt Au, 127 gpt Ag; 8.3 m @ 0.94 gpt Au, 279 gpt Ag; 23.6 m @ 0.58 gpt Au, 156 gpt Ag (including 10.9 m @ 1.05 gpt Au, 307 gpt Ag); 33.6 m @ 0.23 gpt Au, 95 gpt Ag. The Casados vein dips 45 degrees, is hosted in andesitic tuffs and is exposed for 400 m in the surface.
  • Southern Silver Exploration Corp. is doubling the size of the current drilling program from 10,000 m to 20,000 m on the Cerro Las Minitas project in Durango. The current program has completed 28 core holes totaling 12,040 m since September 2020. “Drilling will continue with two drills targeting the east side of the Cerro where to date three near-surface sulphide lenses with Bonanza-grades of silver have been identified”. Assays from 11 drill holes are pending.
  • Consolidated Zinc Ltd. announced its updated mineral resource for the Plomosas project in Chihuahua. The resource estimate is JORC compliant and contains indicated mineral resources of 152 K tonnes @ 13.3% Zn, 6.0% Pb, 33.6 gpt Ag containing 20.2 K tonnes Zn, 9.1 K tonnes Pb, 164.6 K Oz Ag and inferred resources of 788 K tonnes @ 13.0% Zn, 2.9% Pb, 17.2 gpt Ag containing 102.1 K tonnes Zn, 22.7 K tonnes Pb, 435.5 K Oz Ag.
  • Prime Mining Corp. reported initial results from its 15,000 m drilling program at Los Reyes, in Sinaloa. The first hole at Guadalupe East intersected 20.1 m @ 3.25 gpt Au, 380 gpt Ag (including 6.5 m @ 6.51 gpt Au, 587 gpt Ag), this intercept is 150 m below any previous drilling; 3.8 m @ 3.69 gpt Au, 305 gpt Ag (including 2.1 m @ 6.18 gpt Au, 507 gpt Ag). Chip sampling of adularia bearing banded quartz veins in a new area returned several mineralized intervals, including 3 m @ 29.8 gpt Au, 1,132 gpt Ag.
  • Azucar Minerals Ltd. released results from drilling at the Porvenir zone at the El Cobre project in Veracruz. Some of the highlighted results comprise 77.65 m @ 0.26 gpt Au, 0.16% Cu (including 43.55 m @ 0.37 gpt Au, 0.21% Cu and 25.55 m @ 0.45 gpt Au, 0.23% Cu) in one hole and 16.70 m @ 0.10 gpt Au, 0.09% Cu; 37.00 m @ 0.12 gpt Au, 0.08% Cu.

ON DEALS AND CORPORATE ISSUES

  • Radius Gold Inc. has optioned the Maricela group of properties (155 ha) in Sonora. Radius can earn 100% interest in the property by paying US$1.25 M over three years. A total of US$30 K has been paid to date. The owner retains a 1% NSR which can be bought back for US$1 M. Mineralization is of low sulfidation epithermal style with 1-3 m massive quartz veins and stockworks over 10 meters in width hosted in andesitic volcanic rocks and felsic dykes emplaced sub-parallel to mineralized structures.
  • Sailfish Royalty Corp. announced on early February “that Mine Development Associates (“MDA”), a division of RESPEC, out of Reno, Nevada, was hired to prepare an updated mineral resource estimate on Gavilanes. The updated mineral resource estimate is a key milestone for the planned spinout of Gavilanes and the Company is pleased to report that MDA is expecting to complete their work in early Q2 2021”.
  • VanGold Mining Corp. signed a definitive purchase agreement with Endeavour Silver Corp. to acquire El Cubo mine and mill complex located 8 km from its El Pinguico project in Guanajuato. “According to the Company’s recently announced PEA from Behre Dolbear and Company (USA) Inc., (“Behre”) the Combined Project contains total indicated resources of 718,655 tonnes grading 160 gpt Ag and 1.90 gpt Au, or 306 gpt AgEq, which equates to 7.2 M oz AgEq; and total inferred resources of 1,453,000 tonnes grading 214 gpt Ag and 2.78 gpt Au, or 435 gpt AgEq, which equates to 20.4 M oz AgEq”. VanGold will pay $15 M as follows: $500 K (paid), $7 M on closing, anticipated to by the end of March 2021, $5 M on VanGold shares on closing and $2.5 M in promissory notes due 12 months from closing.
  • Tarachi Gold Corp. completed the acquisition from Manto Resources S.A. de C.V. of the Magistral mill and tailings project in Durango. A PEA is to be conducted to determine if modifications are needed on the mill’s flowsheet prior to commissioning. The tailings basin is to be tested with an auger drill rig, with six confirmation holes and eleven in-fill holes. Underground diamond core drilling has been progressing on the Jabali concession at its Tarachi project in Sonora.
  • Prospero Silver Corp. board of directors has approved the name change of the company to Keon Capital Inc., subject to the acceptance of the TSX Venture Exchange (Bermudez, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • Fundación Grupo México and Granjas Carroll delivered fruit bearing trees to producers in Puebla.
  • Minera San Julian donated medical equipment in Chihuahua.

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

On the image below:  Core from Azure Mineral’s Oposura project in Sonora. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of November, 2020.

Banded quartz vein

By Miguel A Heredia

During the forty five week of the year (November 2nd to October 8th, 2020), at least 28 press releases were announced by companies working in Mexico and 1 news published by the media, with ten communicating production and financial results, eight informing on exploration results, five reporting on resources and development of their mine operations, three announcing financial rounds, two disclosing deals and corporate issues and one discussing social issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Carlyle and its JV partner Riverside received results from the geophysical survey carried out at its Cecilia project. In Chihuahua, Mammoth provided an update of the current activities it is performing at its Tenoriba project and Consolidated revealed exploration plans for its La Chona-Enrique and Potreros gold prospects. In Sinaloa, Brigadier announced that the first five core drill holes collared at its Picachos property have intersected the San Agustin Vein and Oroco announced progress of a 3D IP geophysical survey on its Santo Tomas project.  In Durango, Mithril presented drill results from its Copalquin project. In Jalisco, GoGold released drill results from its Los Ricos Norte project.  ON MINING, Gold Resource, Torex, Premier, Magna Gold, Endeavour Great Panther, First Majestic, Golden Minerals, and Pan American Silver reported Q3, 2020 production and / or financial results from their Mexican operations while Consolidated Zinc announced October 2020 production from its Plomosas mine in Chihuahua.   ON FINANCING, Gatos Silver completed its initial public offering and commencement of trading on the New York Stock Exchange and the Toronto Stock Exchange (Los Gatos mine, Chihuahua). Orla Mining completed the second tranche drawdown of USD $50M (Camino Rojo project, Zacatecas). Candente announced its intention to complete a non-brokered private placement for gross proceeds of up to $200K (El Oro project, State of Mexico).  ON RESOURCES AND DEVELOPMENT, SilverCrest announced new high grade discovery at its Las Chispas project in Sonora. Golden Minerals provided a business summary for the Q3, 2020 period (Rodeo property, Durango). Sonoro Gold announced drill results from its Cerro Caliche project in Sonora. Consolidated Zinc provided an update of its Plomosas operation in Chihuahua. Magna Gold provided a mine performance and operational update from its San Francisco mine in Sonora.  ON DEALS AND CORPORATE ISSUES, Aura announced results from its annual general and special meeting of shareholders (Aranzazu mine, Zacatecas). Defiance announced several appointments to its executive and management team (San Acacio project, Zacatecas). Mammoth reached agreement to extend surface access for two years with one of the two communities at its Tenoriba project in Chihuahua. ON SOCIAL RESPONSIBILITY, Minera Peñasquito continues supporting the communities in their fight against the COVID-19 pandemic.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Carlyle Commodities Corp. and it JV partner Riverside Resources Inc., received results from the 3.8 Km-line IP survey in five lines carried out across the Cerro Magallanes at its Cecilia project in Sonora. The IP survey defined resistive anomalies in an area where previous operators drilled 30m of 1.41 g/t Au. Carlyle has refined and detailed drill targets with the IP survey using 50-m dipole spacing. Carlyle and Riverside are expecting results in the upcoming weeks including a drone aeromagnetic survey and a batch of channel samples covering the E-W extension between The San Jose and Central targets.
  • Mammoth Resources Corp., provided an update of the current activities it is performing at its Tenoriba project in Chihuahua. Mammoth is advancing the 3D interpretation of its 2015 IP-Mag survey to enhance the understanding of features that appear to control mineralization intersected in previous drilling campaigns. It is also planning to conduct an additional up to 72 line-km IP-Mag to cover gap areas at El Moreno target where coarse gold nuggets were reported to occur. This additional survey is also planning to cover east and west of the eastern and western most areas covered by the past survey where the trend of the mineralization remains open.
  • Consolidated Zinc Limited revealed exploration plans for its La Chona-Enrique and Potreros gold prospects in Chihuahua. The company has engaged an experienced senior geologist to develop a deeper understanding of the gold mineralization within the regional concessions.
  • Brigadier Gold Limited announced that the first five core drill holes collared at its Picachos property in Sinaloa have intersected the San Agustin Vein up to 180 m below surface. The company has already sent the core samples of the five holes to the lab. Assays will be released upon completion of the analytical work.
  • Oroco Resource Corp., announced that approximately 40% of a 3D IP geophysical survey has been completed on its Santo Tomas project in Sinaloa. The IP survey was designed to cover an area of approximately 10 square kilometers of the property which will encompass the mineralized South Zone, North Zone and exploration targets in the Brasiles Zone. Results to date have shown a strong correlation between chargeability features and the historical drill results in the known sulphide mineralization at the South Zone, represented by a chargeability high and resistivity low response that spans 1Km wide by 1.2km long located below the volcanic and limestone units and above contact with an inferred Laramide batholiths exposed to the south and west of the South Zone. The responses are open at depth and to the east.
  • Mithril Resources Ltd., presented drill results from El Refugio target at its Copalquin project in Durango. The company also has drilled the Cometa target but assays are pending. At El Refugio target, significant drill intercepts were encountered in hole CDH-015 with 4.48 g/t Au and 119 g/t Ag (5.97 g/t AuEq) over 3.85m, including 6.32 g/t Au and 187 g/t Ag (8.66 g/t AuEq over 2.15m; hole CDH-019 with 2.05 g/t Au and 52 g/t Ag (2.71 g/t AuEq) over 3m; hole CDH-020 with 3.07 g/t Au and 94 g/t Ag (4.24 g/t AuEq) over 8.7m, including 7.52 g/t Au and 184 g/t Ag (9.82 g/t AuEq) over 2.9m, including 5.08 g/t Au and 117 g/t Ag (6.55 g/t AuEq) over 1.5m. Holes CDH-022 to 025 also intersected the Refugio Breccia but assay are pending. Mithril also announced that the drill will be moved to test the Los Pinos, Reyes, Constancia and Apolonia targets.
  • GoGold Resources Inc., released drill results from La Trini at its Los Ricos Norte project in Jalisco. Significant drill intercepts were encountered in hole LRGT-20-046 with 1.55 g/t Au and 70 g/t Ag (2.48 g/t AuEq or 186 g/t AgEq) over 17.2m, including 2.1 g/t Au and 109 g/t Ag (3.56 g/t AuEq or 267 g/t AgEq) over 11m; and hole LRGT-20-048 with 0.48 g/t Au and 54 g/t Ag (1.2 g/t AuEq or 90 g/t Ag) over 29.8m, including 1.96 g/t Au and 141 g/t Ag (3.84 g/t AuEq or 288 g/t AgEq) over 4.9m.  

ON MINING

  • Gold Resource Corporation reported Q3, 2020 production results from its Oaxaca Mining Unit in Oaxaca. The company processed 153,531 tonnes to produce 4,728 Oz Au, 324.6K Oz Ag, 943.6K Lb Cu, 4.76M Lb Pb, and 12.2M Lb Zn during Q3, 2020. Through the first three quarters, Gold Resource has processed 415,584 tonnes to produce 13,619 Oz Au, 912.5K Oz Ag, 2.56M Lb Cu, 12.8M Lb Pb, and 31.7M Lb Zn.
  • Torex Gold Resources Inc., announced Q3, 2020 production and financial results from its El Limon-Guajes Mining Complex in Guerrero. The company mined 1.52M of 3.15 g/t Au and processed 1.18M tonnes of 3.83 g/t Au at a metallurgical recovery of 89%. Torex produced 131.8K Oz Au at a cash cost and AISC of USD $633 and USD $877 per Oz respectively, and sold 133K Oz Au. The company reported revenues of USD $256.5M, cost of sales of USD $153.5M for a net income of USD $60.3M. It also reported adjusted net earnings of USD $51.3M, an EBIDTA and adjusted EBIDTA of USD $162.9M and USD $156.2M respectively. As at the end of September, cash position totaled USD $204M.
  • Premier Gold Mines Limited, released Q3, 2020 production and financial results from its Mercedes mine in Sonora. The company milled 117,751 tonnes of 3.37 g/t Au and 32 g/t Ag at metallurgical recoveries of 95.6% and 40.8% respectively to produce 12,183 Oz Au and 49,975 Oz Ag. Cash cost and AISC were USD $608 and USD $885 per Oz Au sold respectively. The company reported gold revenue of USD $20.3M and silver revenue of USD $1.2M (USD $21.5M total).
  • Magna Gold Corp., presented Q3, 2020 production results from its San Francisco mine in Sonora. The company sold 7,473 Oz Au.
  • Endeavour Silver Corp., reported Q3, 2020 consolidated production and financial results from its Mexican operations. The company produced 932.8K Oz Ag and 10K Oz Au at a cash and AISC of USD $3.69 and USD $17.48 per Oz payable Ag respectively. Endeavour reported revenue of USD $35.6M from the sale of 741.3K Oz Ag and 8,997 Oz Au, a cash flow of USD $10.3M before working capital changes, and a net income of USD $0.5M for a cash position of USD $44.9M and working capital of USD $53.8M.
  • Great Panther Mining Limited, released consolidated production results from their Mexican operation in Durango and Guanajuato for the period Q3, 2020. Great Panther mined 65,393 tonnes and milled 65,393 tonnes with a grade of 1.31 g/t Au or 311 g/t AgEq. 
  • First Majestic Silver Corp., announced Q3, 2020 production results from their Mexican operations. Figures for each operation are shown in the table below:

Cash and AISC were USD $2.49 and USD $9.94 per Oz Ag produced respectively. The company reported revenues of USD $125.9M, mine operating earnings of USD $48M, net earnings of USD $30.9M, cash and cash equivalents of USD $232.4M and working capital of USD $266.7M.

  • Golden Minerals Company announced consolidated financial results for the Q3, 2020 period. Golden reported revenue of USD $2.1M and a net operating margin of USD $1.6M related to the lease of its oxide´s plant to Hecla Mining Co., as well as a cash and cash equivalents balance of USD $8.7M.
  • Pan American Silver Corp., presented production and financial results for the period Q3, 2020 from its La Colorada mine in Zacatecas and Dolores mine in Chihuahua. At La Colorada mine in Zacatecas, Pan American produced 1.44M Oz Ag at a cash and AISC cost of USD $6.54 and USD $10.07 per Oz Ag produced respectively. At Dolores mine in Chihuahua, the company produced 871K Oz Ag at a cash and AISC of USD $5.12 and USD $22.92 per Oz Ag produced respectively.
  • Consolidated Zinc Limited reported October 2020 production from its Plomosas mine in Chihuahua. The company produced 216K Lb Pb and 584.2K Lb Zn resulting in sales of approximately USD $820K. Metallurgical recoveries were 72%Zn to Zn concentrates and 39% Pb to Pb concentrates.

ON FINANCING

  • Gatos Silver Inc., completed its initial public offering and commencement of trading on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol “GATO”. Net proceeds will be used to increase Gatos Silver´s ownership in the Los Gatos District, explore and define further mineral resources within the 103,000 Ha of mineral concessions in the Los Gatos District, fund a future production expansion study at Cerro Los Gatos, retire high-cost debt, and for general corporate purposes.
  • Orla Mining Ltd., completed the second tranche drawdown of USD $50M on its previously announced project finance facility (credit facility). The funds will be used to develop its Camino Rojo project in Zacatecas.    To date, USD $75M of the USD $125M credit facility has been drawn. The third and final tranche of US$50 million must be drawn within six months of the second tranche and remains subject to meeting certain conditions precedent.
  • Candente Gold Corp., announced its intention to complete a non-brokered private placement for gross proceeds of up to $200K. Gross proceeds will be used to advance drill targets on its El Oro property in the State of Mexico, build a cash flowing business platform and gain access to properties with near surface exploration potential and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • SilverCrest Metals Inc., announced the discovery of the El Muerto zone, a new high grade discovery in the northwest part of the Babicanora Vein at its Las Chispas project in Sonora. The company has drilled 11,350m in 45 holes within El Muerto to expand high grade deeper in the Babicanora area. Highlights include hole EM20-37 with 12.68 g/t Au and 1,724 g/t Ag (2,675 g/t AgEq) over a true width (TW) of 1.5m, and hole EM20-35 with 9.46 g/t Au and 720 g/t Ag (1,430 g/t AgEq) over a TW of 1m. El Muerto has an estimated high-grade footprint of 500m along strike and 100-200m below the current resource in the Babicanora Vein. A weighted average of these drill results is 5.27 g/t Au and 389 g/t Ag (784 g/t AgEq) over a TW of 1.1m. El Muerto will be included in the updated resource that will be issued with the ongoing FS.
  • Golden Minerals Company provided a business summary for the Q3, 2020 period and announced planes for the development of its Rodeo property in Durango. Golden has completed the infill/definition drilling in preparation for projected production in Q1, 2021. It also commenced the installation of a new regrind mill circuit at its Velardeña´s oxide mill to improve recoveries and throughput of ore material projected to come from Rodeo project in 2021.
  • Sonoro Gold Corp., released results from 12 RC holes collared at its Cerro Caliche project in Sonora. Highlights include holes SCR-104 and SCR-106 collared at Japoneses with 1.28 g/t Au over 15.24m and 0.85 g/t Au over 16.76m respectively; holes SCR-096 and SCR-097 collared at Buena Suerte with 0.84 g/t Au over 16.76m and 0.51 g/t Au over 12.19m respectively. The company expects that these results will add ounces to the Cerro Caliche´s existing 201K Oz AuEq inferred resource estimate. Sonoro also drilled PQ core holes to obtain ore material to run metallurgical tests. “Management is expanding its development plans from the previously announced pilot level project to assess the economic viability of a proposed 8,000 ton per day mining operation”.
  • Consolidated Zinc Limited provided an update of its Plomosas operation in Chihuahua. Consolidated has commenced the reimbursement of its processing plant. A ball mill with capacity for 200 tonnes per day was identified, inspected and purchased. It also identified a flotation cells which plans to purchase.
  • Magna Gold Corp., provided a mine performance and operational update from its San Francisco mine in Sonora. The company is focused on establishing its San Francisco mine as a stable and profitable operation. Magna is advancing an underground decline to reach a higher grade vein system by the end of 2020. It also is conducting exploration drilling around its existing pits to expand the mineralized envelope as well as to indentify higher-grade underground mineral resource. Additionally, Magna has been pre-stripping both the San Francisco and La Chicharra open pits, and has been processing lower grade stockpile material and, more recently, fresh ore from the open pits. It has generated operating profit that has been re-invested into the mine. Magna remains on track to bring the San Francisco mine to full-scale operations in 2021.

ON DEALS AND CORPORATE ISSUES

  • Aura Minerals Inc., announced results from its annual general and special meeting of shareholders (Aranzazu mine, Zacatecas).
  • Defiance Silver Corp., announced several appointments to its executive and management team including its VP Exploration, VP of Corporate Development and Senior Technical Advisor, and Principal Geologist. The company also granted incentive stock options to certain directors, officers, employees, and consultants.
  • Mammoth Resources Corp., reached agreement to extend surface access for two years with one of the two communities at its Tenoriba project in Chihuahua. The company plans to meet with members of the second community and expects to obtain a similar two years extension agreement enabling Mammoth to advance exploration activities on its Tenoriba project. Meanwhile, the company awaits approval of a drill permit for up to 139 drill sites submitted in August, 2020.

ON SOCIAL RESPONSIBILITY

  • Minera Peñasquito continues supporting the communities in the fight against the COVID-19 pandemic. The company donated 10,000 one-liter gel bottles, 25,000 three-layer face masks, 500 KN95 face masks, and 1,500 plastic face mask.

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, banded quartz from a low sulphidation epithermal vein system in a prospect in Chihuahua, Mexico.  Photo by Miguel A Heredia.

Bacanora Announces Corporate Updates

https://www.fscwire.com/newsrelease/bacanora-announces-corporate-updates

Calgary, Alberta (FSCwire) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX-V: BCN and AIM: BCN), the Canadian and London listed lithium exploration and development company, announces that it has filed a statement of claim with the Court of Queen’s Bench (Alberta) seeking to void ab initio, a 3% gross over-riding royalty held by the Estate of Colin Orr-Ewing over certain of the Company’s lithium assets in Sonora, Mexico (the “Royalty”). In addition, ahead of the completion of the Feasibility Study for the Sonora Lithium Project in Q4 2017 and Bacanora’s transition from an exploration to a development company, the Company announces amendments to the employment arrangements of certain members of the executive management team.