Debt

Colibri Settles $10,000 Debt

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http://www.newsfilecorp.com/release/29568/Colibri-Settles-10000-Debt#.Wd4wC2jWzIU

Dieppe, New Brunswick–(Newsfile Corp. – October 10, 2017) – Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company’) announces that, subject to regulatory consent, it has agreed to issue 66,666 common shares at a deemed price of $0.15 per common share to settle an outstanding indebtedness of $10,000 due to Ed Stringer, a director of the Company, in connection with services rendered as an officer of the Company during the period January 2017 to June 2017.

Due to its size, the transaction is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

The common shares issuable pursuant to this transaction will be subject to resale restrictions for a period of four months and one day from the closing date under applicable securities legislation.

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

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During the 16th week of the year (April 17th to April 23rd, 2017), at least 23 press releases were announced by companies working in Mexico. ON EXPLORATION, Riverside and Centerra commenced a drilling program in Sonora, while Evrim provided an update on work by First Majestic on its property, also in Sonora. In Chihuahua Kootenay announced its incoming drilling program is to focus on the expansion of the current resource. With three newly acquired projects in Guerrero and Oaxaca, Oz Minerals is to start exploration in Mexico. In Zacatecas Alset has started a drilling program for lithium, whereas in Sinaloa Santana Minerals released diamond saw trench results from two prospects. ON MINING, Fortuna Silver, Premier Gold, Sierra Metals, McEwen Mining, First Majestic and Hecla Mining presented first quarter 2017 production results. ON FINANCING, Prospero Silver secured a C$1.5 M strategic investment from Fortuna Silver, and Capstone Mining amended its senior secured corporate revolving credit facility. ON RESOURCES AND DEVELOPMENT, No relevant news this week. ON DEALS AND CORPORATE ISSUES, Fortuna Silver still is under a management cease trade order (MCTO), Timmins Gold is to change name to Alio Gold, Oz Minerals entered into an earn-in agreement for three properties with Acapulco Gold, and Source Exploration is to change name to Mexican Gold Corp.

ON EXPLORATION

  • Riverside Resources Inc. and partner Centerra Gold Inc. have commenced a 2,000 m diamond drilling program at its Glor gold project in Sonora. The first hole is collared between two trenches that yielded 105 m @ 0.49 g/t Au and 84 m @ 0.53 g/t Au. To date 3.4 km of trenches have been excavated at the project. New trench sampling results include 9 m @ 0.57 g/t Au, 12 m @ 0.47 g/t Au, 18 m @ 0.45 g/t Au, 6 m @ 0.47 g/t Au, 9 m @ 0.64 g/t Au.
  • Evrim Resources Corp. provided an update on recent activity at its Ermitaño project in Sonora, under option to First Majestic Silver Corp. Six additional holes have been completed by First Majestic, although the assays still have to be disclosed awaiting the completion of the company’s community engagement program. Holes 05, 06 and 07 intersected 9.0 to 19.8 m of vein stockwork, veins and healed milled breccia. Vein material and textures include colloform banded, chalcedonic and minor crystalline quartz, common adularia bands and quartz replacing bladed calcite, iron oxide after sulphide, manganese oxide and rare native silver.
  • Kootenay Silver Inc. announced the incoming drill program at its La Cigarra property in Chihuahua is to begin in two weeks. The program will focus on the expansion of the resource by first targeting an 800 m gap between Las Venadas zone and the south end of the resource on Las Carolinas zone.
  • OZ Minerals entered into an earn-in agreement with Acapulco Gold Corp. to explore three projects in southern Mexico: Zaachila, Riqueza Marina and Zapotitlán in Oaxaca. Under the agreement Oz is to make a first-year in-ground expenditure of US$450 K on detailed geological mapping, geochemistry and geophysics. Exploration is to commence immediately and drilling is expected to commence in the second half of 2017.
  • Alset Energy Corp. started drilling at its lithium property La Salada salar in Zacatecas. Two deep holes will test for brine horizons, sediment composition and depth to basement, followed by a shallow subsurface sampling.
  • Santana Minerals Ltd. released diamond saw trenching results at the La Plata prospect and diamond saw trenching results at the Santa Eduviges prospect, both within its Cuitaboca project in Sinaloa. Results include 2 m @ 78 g/t Ag; 1 m @ 1,995 g/t Ag; 5 m @ 242 g/t Ag; 7 m @ 131 g/t Ag at La Plata, and 3 m @ 2.9 g/t Au; 5 m @ 95 g/t Ag; 2 m @ 176 g/t Ag; 4 m @ 178 g/t Ag at Santa Eduviges.

ON MINING

  • Fortuna Silver Mines Inc. announced first quarter 2017 production results, including figures from its San Jose mine in Oaxaca. During the period 267.3 K tonnes were milled at 3,108 tonnes per day (tpd) rate, with an average grade 226 g/t Ag, 1.67 g/t Au and a recovery rate of 92.2% Ag, 91.3% Au, to produce 1.79 M Oz Ag.
  • Premier Gold Mines Ltd. presented production results for the first quarter 2017, including figures from its Mercedes mine in Sonora, where 22,164 Oz Au and 88,572 Oz Ag were produced in the period.
  • Sierra Metals Inc. reported first quarter 2017 production results, including figures from its Mexican operations. At Bolivar in Chihuahua, 243.9 K tonnes were processed (2,788 tpd) @ 1.03% Cu, 15 g/t Ag, 0.20 g/t Au, recovering 81.5% Cu, 78.5% Ag, 52.5% Au to produce 4.5 M Lb Cu, 94 K Oz Ag, 840 Oz Au. At Cusi, also in Chihuahua, 34.5 K tonnes were processed (395 tpd) @ 146 g/t Ag, 0.25 g/t Au, 1.2% Pb, 1.2% Zn, recovering 64.2% Ag, 57.9% Pb, 37.9% Zn to produce 104 K Oz Ag, 150 Oz Au, 761 K Lb Pb.
  • McEwen Mining Inc. reported production for the first quarter 2017, including figures from its El Gallo mine in Sinaloa, where 9,808 Oz Au were produced. The gold grade at the mine is projected to increase on the second half of 2017. At the end of the period the company was debt-free, with $28 M in cash, $8 M of precious metals and $16 M of marketable securities.
  • First Majestic Silver Corp. announced first quarter 2017 production results for its six mines in Mexico: Santa Elena in Sonora, La Encantada in Coahuila, La Parrilla in Durango, Del Toro in Zacatecas, San Martin in Jalisco and La Guitarra in Estado de Mexico. Figures on the next table:

First Majestic Q1 2017 production1

  • Hecla Mining Co. disclosed preliminary production for the first quarter of 2017, including figures from its operation at San Sebastian in Durango, where 750.8 K Oz Ag and 6,284 Oz Au were produced, with the mill working at 407 tpd. The mill is leased for 2018 and transition from open pit to underground mining is expected by the end of 2017. “Recent definition drilling on the Middle Vein has shown better continuity of high-grade within the reserve area and exploration drilling continues to define new high-grade material in the vicinity of the mine along the Middle and East Francine veins.” Cash, cash equivalents and short-term investments amount to $213 M.

ON FINANCING

  • Prospero Silver Corp. secured a C$1.5 M strategic investment from Fortuna Silver Mines Inc. Fortuna is to purchase Prospero shares for the amount cited (via private placement), and Prospero will allocate C$1.2 M to drilling selected projects and C$300 K to generative efforts in Mexico. By spending US$3 M in exploration of a selected property, Fortuna can a) Form a 51:49 joint venture on the selected property, b) Earn in a further 19% by spending further US$5 M in exploration on the selected property.
  • Capstone Mining Corp. amended its senior secured corporate revolving credit facility, reducing the credit limit to $350 M, and a staged reduction to $275 M by 2019. Capstone repaid $10 M on April 19, 2017, reducing drawn debt to $298 M while the cash balance is over $100 M..

ON RESOURCES AND DEVELOPMENT

  • No relevant news during the period.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Silver Mines Inc. reports that the SEC’s review of the company’s 2015 annual filings is ongoing and it continues to work diligently and devote all necessary resources to address the SEC comments. The company is under a management cease trade order (MCTO), and expects to be able to complete the filing by May 5, 2017.
  • Timmins Gold Corp. is proposing to change its name to Alio Gold Inc. If the change is approved, it expects to begin trading on both the TSX and the NYSE MKT under the ticker ALO on May 16, 2017 (“The word Alio in Latin means ‘to go in a different direction’”).
  • OZ Minerals entered into an earn-in agreement with Acapulco Gold Corp. to explore three projects in southern Mexico: Zaachila, Riqueza Marina and Zapotitlán in Oaxaca. Under the agreement Oz is to make a first-year in-ground expenditure of US$450 K on detailed geological mapping, geochemistry and geophysics. Exploration is to commence immediately and drilling is expected to commence in the second half of 2017.
  • Source Exploration Corp. has filed documents to change its name to Mexican Gold Corp.

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, orogenic style quartz veining in sandstones, Central Chiapas. Photo by Jorge Cirett.

Quartz stockwork in sstones2, Cerro La Cotorra, near to sample 24216

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

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During the 15th week of the year (April 10th to April 16th, 2017), at least 22 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Goldcorp and Fresnillo PLC presented a year-on-year reduction on their silver reserves.  ON EXPLORATION, Source Exploration released high-grade drilling results from its property in Veracruz, while Canuc presented a description of mineralization styles present on its property in Sonora. ON MINING, Great Panther, Endeavour Silver, Capstone Mining, Avino Silver and GoGold presented operating and/or financial results for Q1, 2017. Primero Mining resolved the union stoppage at its mine in Durango.  ON FINANCING, Starcore repaid outstanding secured bonds for CDN$4.5 M. ON RESOURCES AND DEVELOPMENT, Timmins Gold announced advance in paperwork filing to obtain the mining permit at Ana Paula, Guerrero. Sierra Metals presented updated mineral reserve and mineral resource estimates on its Bolivar and Cusi mines in Chihuahua. Gold Resource presented additional high-grade drilling results from the Switchback system at its El Aguila operations in Oaxaca. Marlin Gold disclosed more high-grade drilling results on La Trinidad mine in Sinaloa. Avino completed a new PEA on the reprocessing of mine tailings at its Avino mine in Durango.  Leagold presented high-grade drilling results from the oxide zone from the Bermejal deposit at its Los Filos mine in Guerrero. ON DEALS AND CORPORATE ISSUES, Colibri shares remain halted. Bacanora Minerals and Hawa entered into a strategic partnership in which the latter is to hold 10% of Bacanora, and have the right to buy up to 100% of the lithium carbonate production. Arian Silver optioned three lithium properties in Zacatecas.

ON MEXICO ISSUES

  • Silver reserves decreased for the two main producers in Mexico. Goldcorp and Fresnillo ended 2016 with fewer reserves than in 2015. Goldcorp reserves moved down from 625 M Oz in 2015, to 611 M Oz in 2016. The decrease was mainly due to the sale of Los Filos (in Guerrero), with 9.73 M Oz Ag. Fresnillo PLC reported 548 M Oz Ag in 2015, and 530 M Oz Ag in 2016. The reduction came from San Julian (in Chihuahua), with 11.7 M Oz, Saucito (in Zacatecas) with 7.49 M Oz and Cienega (in Durango) with 2.93 M Oz.

ON EXPLORATION

  • Source Exploration Corp. released high-grade Au-Cu-Ag drilling results from El Dorado – Juan Bran zone at its Las Minas project in Veracruz. Results from nine infill and extension holes were disclosed, including 24 m @ 1.6 g/t Au, 10 g/t Ag, 1.64% Cu; 44 m @ 0.8 g/t Au, 3 g/t Ag, 0.93% Cu; 26 m @ 0.8 g/t Au, 3 g/t Ag, 0.59% Cu; 36 m @ 2.1 g/t Au, 2 g/t Ag, 0.84% Cu; 8 m @ 0.7 g/t Au, 3 g/t Ag, 0.36% Cu; 14 m @ 1.2 g/t Au, 7 g/t Ag, 1.01% Cu.
  • Canuc Resources Corp. disclosed work done by the previous operator at its San Javier project in Sonora, during 2012. A total of nine prospects were identified in a mineral corridor greater than 3 Km in length and 200 m in width. Three styles of mineralization occur: vein and vein-breccia zones up to 4.5 m in width, alteration zones associated to the margins of felsic to intermediate dykes (up to 11 m in width), and quartz stockwork breccia zones that attain widths of up to 31 m.

ON MINING

  • Great Panther Silver Ltd. announced production results from its operations for the first quarter of 2017. At the Guanajuato Mine Complex 82.45 K tonnes were milled @ 155 g/t Ag, 2.3 g/t Au, for the production of 365 K Oz Ag and 5,177 Oz Au, having recoveries of 88.8% for silver and 85.0% for gold. The Topia operations in Durango have been suspended during the quarter for plant upgrades and installation of the tailings handling equipment. SEMERNAT’s response for the phase II TSF permit is expected before the end of April. Mining has continued since the mill was shut down in early December 2016.
  • Endeavour Silver Corp. reported first quarter 2017 production results from its three mines in Mexico. At Guanceví in Durango, 87.6 K tonnes were processed (973 tonnes per day, or tpd) @ 213 g/t Ag, 0.49 g/t Au to produce 530.7 K Oz Ag, 1,192 Oz Au. At Bolañitos in Jalisco 94.3 K tonnes of ore were processed (1,048 tpd) @ 66 g/t Ag, 2.4 g/t Au, to render 168.7 K Oz Ag, 6,218 Oz Au. At El Cubo in Guanajuato, 121.3 K tonnes processed (1,347 tpd) @ 111 g/t Ag, 1.31 g/t Au, producing 377.6 K Oz Ag, 4,314 Oz Au. Recoveries stood between 84.5% to 88.5% for Ag and 84.4% to 86.4% for Au at the three sites.
  • Capstone Mining Corp. disclosed production results for the three months ended March 31, 2017, including figures from its operations in Mexico. At Cozamin, in Zacatecas, 236.8 K tonnes were mined, 234.2 K tonnes milled (2,602 tpd) @ 1.84% Cu, 0.78% Zn, 0.07% Pb, 46 g/t Ag, for the production of 4,064 tonnes of copper. Recoveries stood at 95.9% Cu, 68.8% Zn, 12.3% Pb, 76% Ag.
  • Avino Silver & Gold Mines Ltd. announced production results from its Avino property in Durango for the first quarter 2017. At the Avino mine 102 K tonnes were mined, 116.5 K tonnes were milled @ 61 g/t Ag, 0.5 g/t Au, 0.44% Cu to produce 195.5 K Oz Ag, 1,252 Oz Au, 1.02 M Lb Cu, achieving recoveries of 86.1% Ag, 67.4% Au, 90.9% Cu. At the nearby San Gonzalo mine 23.2 K tonnes were mined, 20.1 K tonnes were milled @ 229 g/t Ag, 1.19 g/t Au, to produce 124.5 K Oz Ag, 585 Oz Au, with metal recoveries at 84% for silver and 76% for gold.
  • GoGold Resources Inc. reported production for the quarter ended March 31, 2017. At Parral, Chihuahua, 278.2 K Oz AgEq were produced (39% increase on the previous quarter), while production at Santa Gertrudis in Sonora was 114.5 K Oz AgEq, a 29% reduction on the last quarter, as mining transitioned from very high grade toll milling process to a toll heap leach.
  • Primero Mining Corp. resolved the work stoppage of unionized employees that began on February 15th, 2017. Operations are to resume on its San Dimas mine in Durango on Tuesday April 18th, 2017. The new work contract with the Union includes a 7.5% pay raise, adjustments to short term production bonuses and the change from three 8-hour daily shifts to two 10.5-hours daily shifts.

ON FINANCING

  • Starcore International Mines Ltd. has repaid outstanding secured bonds in the aggregate principal amount of CDN$4.5 M. After the payment the company has an approximate cash balance of CDN$10.1 M (San Martin, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Timmins Gold Corp. received the environmental impact assessment (MIA) for its Ana Paula Project in Guerrero. “Following the acceptance of the MIA, the Company anticipates beginning a series of applications for the Change of Land Use (ETJ) Permits which are the final permits required for the construction of the mine.  The Company expects to complete the permitting and feasibility study work over the next 12 months in advance of construction starting in Q2 2018.”
  • Gold Resource Corp. released additional high-grade drill intercepts on the Switchback ore body at its El Aguila operations in Oaxaca. The Switchback system is comprised of multiple high-grade polymetallic epithermal veins, and remains open in all directions. Intercepts include 6.3 m @ 2.47 g/t Au, 126 g/t Ag, 0.7% Cu, 2.4% Pb, 7.5% Zn; 5.8 m @ 4.87 g/t Au, 34 g/t Ag, 0.3% Cu, 2.1% Pb, 7.2% Zn; 7.7 m @ 3.87 g/t Au, 301 g/t Ag, 0.5% Cu, 2.1% Pb, 2.8% Zn; 4.3 m @ 9.97 g/t Au, 51 g/t Ag, 1.2% Cu, 1.7% Pb, 4.5% Zn; 8.0 m @ 1.82 g/t Au, 69 g/t Ag, 0.4% Cu, 0.7% Pb, 5.0% Zn; 21.9 m @ 0.78 g/t Au, 85 g/t Ag, 0.5% Cu, 2.1% Pb, 5.6% Zn.
  • Marlin Gold Mining Ltd. reported that a recent drill hole in the southern part of the high-grade HS zone intercepted 15.45 m @ 15.55 g/t Au, and a second interval of 12.55 m @ 5.81 g/t Au. The second interval confirms a mineralized zone outside the current pit limit.
  • Avino Silver & Gold Mines Ltd. has completed an updated preliminary economic assessment (PEA) of reprocessing the Avino mine tailings in Durango. The PEA highlights include a pre-tax NPV(8%) of US$40.5 M, pre-tax IRR of 48.4%, a two-year pay-back period, a total expenditure of US$28.5 M and a seven-year mine life by processing 3.12 M tonnes of oxide tailing materials.
  • Sierra Metals Inc. updated mineral reserve and mineral resource estimates at its Bolivar mine in Chihuahua, to September 2016. Mineral reserves stand at 4.3 M tonnes @ 17.5 g/t Ag, 0.85% Cu, 0.31 g/t Au; Indicated mineral resources (which include mineral reserves) stand at 9.3 M tonnes @ 18.1 g/t Ag, 0.90% Cu, 0.30 g/t Au; Inferred mineral resources stand at 9.05 M tonnes @ 17.9 g/t Ag, 0.86% Cu, 0.33 g/t Au. The contained metal is 5.4 M Oz Ag, 184.9 M Lb Cu, 91.0 K Oz Au in indicated resources and 5.2 M Oz Ag, 171.6 M Lb Cu, 97.0 K Oz Au in inferred resources. A 20,000 meter drilling program is ongoing, focusing in the addition of resources in several areas.
  • Leagold Mining Corp. reported high-grade drilling results from the oxide zone at the Bermejal deposit, where gold iron-oxide skarn mineralization is located along contacts between intrusive and carbonate host rocks. True width (TW) intercepts include 11.25 m @ 8.0 g/t Au, 7.98 m @ 19.5 g/t Au, 21.55 m @ 13.0 g/t Au, 8.63 m @ 15.1 g/t Au; 11.45 m @ 10.8 g/t Au.
  • Sierra Metals Inc. updated its mineral resource estimate at the Cusi mine, in Chihuahua. The indicated resources stand now at 1.99 M tonnes @ 237 g/t Ag, 0.53% Pb, 0.53% Zn, 0.16 g/t Au, for a total contained metal of 15.2 M Oz Ag, 23.3 M Lb Pb, 23.3 M Lb Zn, 10.1 K Oz Au, while the inferred resources stand at 1.2 M tonnes @ 305 g/t Ag, 0.51% Pb, 0.64% Zn, 0.14 g/t Au, for a total metal content of 11.8 M Oz Ag, 13.5 M Lb Pb, 17.1 M Lb Zn, 5.6 K Oz Au. This update does not include any data from a 15,000 metre drilling program focused on the Santa Rosa de Lima structure.

ON DEALS AND CORPORATE ISSUES

  • Colibri Resources Corp. announced that its shares remain halted pending receipt and review of acceptable documentation regarding the acquisition of Canadian Gold Resources.
  • Bacanora Minerals Ltd. entered into a strategic partnership with Hawa Co, Ltd. (one of the largest traders of battery chemicals in the Asian region). “The Agreement is comprised of both an initial 10% equity investment in Bacanora and an Off-take Agreement for up to 100% of the battery grade lithium carbonate (“Li2CO3”) produced at the Sonora Lithium Project (“Sonora” or the “Project”). The Company is targeting to produce 17,500 tonnes of Li2CO3 per annum (“Stage 1”), commencing in 2019. After two years of producing at this level, the Company plans to lift production to 35,000 tonnes per annum (“Stage 2”)1.”
  • Arian silver Corp. has entered into an option agreement with Comercializadora Gacu S.A. de C.V. (privately held) to acquire three lithium exploration projects in Zacatecas for an aggregate consideration of up to US$200 K payable in instalments over the next 12 months.

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, strong phyllic alteration in a boulder (probably an intrusive rock) collected during stream sediment sampling in Chiapas. The scale below is on centimeters. Photo by Jorge Cirett.

Porphryry phyllic altn