During the 25th week of the year (June 20th to June 26th, 2022), at least 24 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, there were no relevant news in the mining section, four companies reported on the opening or closing f financing rounds for a total of US$6.4 M and C$5 M, five companies posted on work at its advanced properties. One company announced a LOI on a property, another is on a legal fight for its mining concessions and one more is suing the Mexican government on the cancellation of a project. ON MEXICO ISSUES, Congress released the reform on nationalization of lithium extraction. ON EXPLORATION, in Sonora, Silver Spruce collared the first hole at Diamante; Tocvan Ventures recommenced drilling at Pilar. In Zacatecas, Minera Alamos updated on regional exploration at Melchor Ocampo. In Veracruz, Azucar Minerals commenced a second hole on a new target at El Cobre. ON MINING, no relevant news. ON FINANCING, Sonoro Gold increased its financing round to $2.4 M; Fabled Silver it to raise up to $1 M; Heliostar Metals is carrying a financing round to raise $3 M; Reyna Silver closed its non-brokered placement raising C$5 M. ON RESOURCES AND DEVELOPMENT, Alamos Gold poured first bullion from La Yaqui Grande, in the Mulatos district, Sonora. Minera Alamos obtained surface access to Cerro de Oro in Zacatecas. Vizsla Resources reported drill results from Panuco, in Sinaloa. Guanajuato Silver reported high-grade tailings drilling results at El Cubo, in Guanajuato. GR Silver released drill results from Plomosas, in Sinaloa. Orex Minerals resumed drilling at Sandra, in Durango, within a JV with Pan American Silver. Oroco Resources released drilling results from the north part of the Santo Tomás project in Sinaloa. ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
The Economy Secretariat (Secretaría de Economía) is the government entity that is to run the Lithium State company. The reform sealed by Congress nationalized the extraction of the metal, and mandates the government has 90 days to create the organization.
Colibri Resources Corp. announced that its partner in the Diamante project in Sonora, Silver Spruce Resources Inc. has collared the first holes of a 2,000 m reverse circulation drilling program, starting on the Pillado zone and to continue at La Prieta.
Tocvan Ventures Corp. recommenced drilling at its Pilar project in Sonora. Drilling will focus on priority exploration targets as well as parallel trends and extensions.
Azucar Minerals Ltd. has commenced a second hole at the lithocap target at El Cobre, Veracruz. “the first hole passed through typical clay dominant lithocap alteration into phyllic alteration which transitioned to propylitic and at depth intense biotitic potassic alteration and is interpreted to have intersected a peripheral part of a porphyry system beneath the lithocap”. The target has been shown as likely to contain a medium to large sized porphyry systems based on mineral vectoring studies with chlorite and epidote.
Minera Alamos Inc. updated on regional exploration activities in the Melchor Ocampo area of Zacatecas. The company owns 6,405 ha of mining concessions in the area around its Cerro de Oro project, in development. A new mineralized trend has been identified 4.5 km southwest of the Cerro de Oro area, with 22 out of 40 samples running over 0.5 gpt Au “in a sedimentary sequence of interbedded siltstone, sandstones and limestones that have been intruded by granitic dikes and sills”. An internal historic report by Echo Bay calculated 2.8 M tonnes @ 0.75 gpt Au, and also pointed to the possibility of large tonnage Ag-Pb-Zn mineralization.
No Relevant News.
Sonoro Gold Corp. is increasing its previously announced non-brokered private placement to raise gross proceeds of up to $2.4 M. (Cerro Caliche, Sonora).
Fabled Silver Gold Corp. announced a non-brokered private placement for aggregate gross proceeds of up to $1 M (Santa Maria, Chihuahua).
Heliostar Metals Ltd. is carrying a non-brokered private placement for gross proceeds of up to $3 M (Cumaro, Oso Negro and La Lola, in Sonora).
Reyna Silver Corp. closed its previously announced “best efforts” private placement, for gross proceeds of C$5 M. The offering was upsized from its originally aimed C$3 M (Guigui, Chihuahua).
ON RESOURCES AND DEVELOPMENT
Alamos Gold Inc. announced initial gold production from the La Yaqui Grande mine in Sonora. Construction was completed ahead of schedule this month. A total of 991 Oz was poured, with production expected to reach 3,000 Oz Au in June. This large-scale construction project will extend the life of the Mulatos Complex for at least five years. “La Yaqui Grande was completed ahead of schedule generating more than 1,000 jobs during the construction phase and will continue to sustain 450 direct jobs”.
Minera Alamos Inc. presented executed surface rights agreements for its Cerro de Oro project in Zacatecas. These permits, which cover 816 ha in the Melchor Ocampo Municipality and 160 ha in the Ejido San Pedro de Ocampo, with allow the company to pursue the permit application for the project. Additional activities for 2022 include metallurgical test work, in-fill and local resource expansion drilling, ongoing regional exploration, equipment procurement, mine contractor discussions and project financing discussions.
Vizsla Resources Corp. reported results from 24 drill holes targeting the Tajitos-Copala resource area at its Panuco project in Sinaloa. The results are from the Copala structure, extending it to 600 meters along strike and 400 m downdip. Highlighted true width results comprise 20.45 m @ 780 gpt Ag, 4.23 gpt Au; 14.50 m @ 667 gpt Ag, 3.89 gpt Au; 9.35 m @ 1,010 gpt Ag, 5.44 gpt Au (including 1.30 m @ 3,548 gpt Ag, 17.78 gpt Au); 4.40 m @ 802 gpt Ag, 6.89 gpt Au; 3.40 m @ 1,642 gpt Ag, 6.67 gpt Au. “The Copala Vein is a shallow dipping structure …. on the hangingwall side of the Tajitos structure. Copala is marked by high precious metals grades …. hosted within a broader envelope of vein-breccia up to 82 metres thick…”.
Guanajuato Silver Company Ltd. reported the discovery of high-grade material in an historical tailings area of El Cubo Mine Complex in Guanajuato. The Mastranto tailings facility has material from El Cubo Santa Cecilia area, mined between 1986 and 2003, covering an area of 4.35 ha. with approximately 1.5 m of tailings material. Some of the highlighted hole length results comprise 1.3 m @ 4.14 gpt Au, 328 gpt Ag; 1.6 m @ 3.07 gpt Au, 169 gpt Ag; 0.8 m @ 3.42 gpt Au, 446 gpt Ag; 1.1 m @ 3.18 gpt Au, 405 gpt Ag; 1.2 m @ 3.17 gpt Au, 427 gpt Ag; 1.0 m @ 3.54 gpt Au, 405 gpt Ag; 1.2 m @ 3.65 gpt Au, 435 gpt Ag; 1.0 m @ 3.42 gpt Au, 437 gpt Ag; 1.2 m @ 3.03 gpt Au, 419 gpt Ag; 1.1 m @ 3.46 gpt Au, 40 gpt Ag; 1.1 m @ 3.32 gpt Au, 316 gpt Ag; 1.0 m @ 4.02 gpt Au, 220 gpt Ag. “the Company plans to extract the gold and silver content from Mastrantos IV using a gravity extraction circuit”.
GR Silver Mining Ltd. released results from drilling at the San Juan and Plomosas mine areas of its Plomosas project in Sinaloa. Highlighted true width results comprise 4.3 m @ 4.52 gpt Au, 56 gpt Ag (including 1.1 m @ 10.17 gpt Au, 340 gpt Ag); 0.5 m @ 30.09 gpt Au, 76 gpt Ag; 0.9 m @ 0.38 gpt Au, 459 gpt Ag. Channel sampling at Las Teresas returned 3.4 m @ 1.21 gpt Au, 67 gpt Ag (including 0.4 m @ 9.44 gpt Au, 394 gpt Ag).
Orex Minerals Inc. resumed diamond drilling on the Sandra project in Durango. This is a joint venture between Pan American Silver Corp. (60%) and Orex (40%) that aims to drill 2,500 to 3,000 meters in this new Phase-I program. “The Project covers almost 70 square kilometres of contiguous mineral concessions and includes multiple mineralized epithermal quartz veins, disseminated horizons and breccia structures”. The Sandra project has an inferred resource of 9.8 M tonnes @ 106 gpt hosting 33.3 M Oz Ag in the Boleras deposit.
Oroco Resources Corp. released results from the Brasiles area of the Santo Tomas project in Sinaloa. Core length highlighted results comprise 166 m @ 0.36 % Cu (including 59.0 m @ 0.46% Cu and 17.4 m @ 0.44% Cu); 33.5 m @ 0.14% Cu in one hole; 24.0 m @ 0.33% Cu; 14.0 m @ 0.17% Cu; 16.0 m @ 0.14% Cu in a second hole; 213.5 m @ 0.28% Cu (including 37.5 m @ 0.50% Cu) in a third hole. “Brasiles West Zone has strong geological similarities to the North Zone, if somewhat attenuated. Like the North Zone, monzonite dikes cutting the Cretaceous limestone (marble) are accompanied by skarn development and minor base metal mineralization”.
ON DEALS AND CORPORATE ISSUES
QNB Metals Inc. announced the execution of a binding letter of intent (LOI) with Analog Gold Inc. on the proposed acquisition of the Tres Oro property in Sinaloa. “The LOI provides for a business combination of QNB Metals and Analog, which would be implemented by way of a “Reverse Takeover” of QNB Metals by Analog”. The deal envisages consolidation of QNB Metals shares on a 2 to 1 basis, completion of a financing round, the payment of $38.3 M through the issuance of shares. The Tres Oros property is an active pilot mine exploiting a polymetallic structure open on strike and at depth, with access to a 600 tpd flotation plant.
Defiance Silver Corp. has “become aware that certain mineral concessions concerning its Tepal Project have been illegally and fraudulently transferred to a third-party individual without the Company’s knowledge or consent. These concessions are the property of Defiance and have consistently been kept in good standing by the Company, with all obligations and filings under applicable laws being systematically completed”. Defiance is pursuing all legal avenues to restore its rightful claim to the concessions (Tepal. Michoacan).
Odyssey Marine Exploration Inc. has gathered US$15 M to pursue legal actions against environmental authorities in Mexico, under the arbitration provided by NAFTA. The complaint asks for US$2 billion in damages on the cancellation of the offshore phosphate mining project.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Locally foliated intrusive rock, with minor quartz and specularite veining in the Sonora Desert. Picture by Jorge Cirett.
During the 21st week of the year (May 23rd to May 29th, 2022), at least 25 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, one released first quarter 2022 reports, one announced the commissioning commencement on its project, one updated on a merger, one on the significant ownership by one investor, one on the compliance to issue by-weekly reports until its management cease trade order is lifted, three released drilling results from their advanced projects and one commissioned a company to prepare a resource estimate for its property. ON MEXICO ISSUES, SEMARNAT, the Mexican environmental agency, voiced its support for anti-mining organizations in Morelos. A miner’s Union has taken legal steps to get back to previous profit-sharing schemes by mining companies. The president of Mexico expressed the likelihood of its government going to court to stop a company from mining limestone in Quintana Roo. ON EXPLORATION, in Sonora, Benjamin Hill Mining released results from drilling at its Sonora Gold property; Ranchero Gold updated on exploration at Santa Daniela; Silver Spruce Resources is preparing ground for drilling at Diamante; Tocavan Ventures released drill results from Pilar. In Nayarit, Sierra Madre Gold and Silver released results from drilling at La Tigra. In Veracruz, Azucar Minerals completed the first hole near the center of a large target at El Cobre. ON MINING, SilverCrest Metals announced the completion of construction of the processing plant at Las Chispas, in Sonora. Magna Gold presented its Q1 2022 operating and financial report. ON FINANCING, Sailfish Royalty received a lead order commitment in its path to create a silver exploration company starting with the Gavilanes project in Durango. Eric Sprott owns 26.2% of outstanding shares of Discovery Silver. Gatos Silver is providing a by-weekly default status report. ON RESOURCES AND DEVELOPMENT, Avino Silver & Gold Mines released drill results from the Oxide Tailings project at Avino, Durango. GR Silver released results from underground drilling at Plomosas, in Sinaloa. Sonoro Gold reported results from drilling at Cerro Caliche, in Sonora. Barksdale Resources engaged a company for the elaboration of the resource estimate at San Javier, in Sonora. ON DEALS AND CORPORATE ISSUES, Sierra Madre Gold and Silver signed an agreement with First Majestic to acquire La Guitarra, in Estado de Mexico. Bear Creek Mining has been placed on the default list by the British Columbia Securities Commission, on concerns regarding the credentials of consultants that signed a technical report on the Mercedes mine, in Sonora. Discovery Silver updated on activities at Cordero, in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
SEMARNAT, the Mexican environmental agency, pointed that it backs those against mining projects in Morelos. This statement was done regarding Alamos Gold’s Esperanza project near Temixco, in the process of acquisition by Zacatecas Silver Corp.. The agency stressed that the Mexican government maintains its commitment to not authorize any new open pit development in the country, based on ideological ideas (No mention was done whatsoever about the project complying or not with the law).
The Union “Sindicato Nacional Minero Metalúrgico FRENTE” informed on legal procedures taken by the organization to fight for the 10% of profits that previously were distributed among the workforce of mining companies in Mexico, same that were recently capped at three months of salary per worker.
The president of Mexico, Andrés M. López Obrador, stated that Mexico will take Vulcan Materials, a company mining limestone in Quintana Roo, to court if necessary. The company has stated in the past that it has all the needed permits for its operations.
Benjamin Hill Mining Corp. released results from diamond drilling at its Sonora Gold project in Sonora. A total of 34 holes were completed covering 5,800 m on seven targets in the 6,400 hectares property. Assays have been received for the first 20 holes. Highlighted intervals from the Sonora Copper area comprise 28.2 m @ 0.42% Cu (interval that includes 16 m @ 0.3 gpt Au; 3.5 m @ 26 gpt Ag; 1.44 m @ 2.99% Cu, 0.664 gpt Au, 103 gpt Ag) and 9.21 m @ 0.92% Cu (including 5.36 m @ 1.7% Cu, 1.95 gpt Au, 44 gpt Ag) in one hole; and 20.55 m @ 0.55% Cu (including 2 m @ 1.05% Cu, 0.379 gpt Au, 18 gpt Ag; 3.96 m @ 1.12%) in a second hole. Highlighted intervals from other areas comprise 1.2 m @ 0.43% Cu, 1.52 gpt Au; 0.90 m @ 0.14% Cu, 1.73 gpt Au; 0.60 m @ >10% Cu, 2.11 gpt Au, 52 gpt Ag).
Sierra Madre Gold and Silver Ltd. announced results from the three first holes of its drilling program at La Tigra project, Nayarit. Highlighted core length intervals (interpreted as 90% of the core interval) comprise 9.0 m @ 0.46 gpt Au, 9 gpt Ag; 6.60 m @ 0.49 gpt Au, 6 gpt Ag; 5.10 m @ 2.21 gpt Au, 24 gpt Ag; 32.0 m @ 1.00 gpt Au, 4 gpt Ag (including 4.0 m @ 3.03 gpt Au and 4.45 m @ 2.72 gpt Au, 7 gpt Ag). An application was filed for a new 1,653 ha claim to the west of La Tigra, named Sabra.
Ranchero Gold Corp. provided an update on exploration at its Santa Daniela concessions in Sonora. Machine-learning technology has been applied in the 2,220 hectares land package to identify 47 exploration targets, of which nine are high priority. Follow-up field visits are ongoing to Rincon, San Francisco and Yaqui Sur.
Silver Spruce Resources Inc. is preparing access trails and pads for its incoming 2,000 m reverse circulation drilling campaign at its 1,057 hectares Diamante project in Sonora. The drilling company it to mobilize to site next week.
Azucar Minerals Ltd. announced the completion of the first hole (1,280 m of depth) in a large lithocap target at El Cobre, in Veracurz. This area has been targeted for drilling based on a mineral vectoring study utilizing chlorite and epidote that indicates a fertile medium to large sized porphyry system, a coinciding deep IP geophysical anomaly, surface pyrophyllite, spectral mineral mapping and high crystallinity illite over the entire target. Drill hole results are pending. “The closest hole to this deep core IP anomaly, which did not test the anomaly, intersected intense quartz pyrite sericite (QSP) phyllic alteration which provides further support to this new target representing a possible porphyry centre”.
Tocvan Ventures Corp. released diamond drill results from its Pilar property in Sonora. An infill hole in the Main zone intercepted a core-length interval of 108.6 m @ 0.8 gpt Au, 3 gpt Ag (including 31.9 m @ 2.4 gpt Au, 2 gpt Ag and 9.4 m @ 7.6 gpt Au, 5 gpt Ag). As part of the Phase III program, nine drill holes totaling 1,562 m have been completed.
SilverCrest Metals Inc. announced that Ausenco Engineering Canada Inc. has completed the construction of the processing plant at Las Chispas in Sonora. The processing plant commissioning is now underway, and expected to reach commercial production in Q4, 2022.
Magna Gold Corp. released operating and financial results for the first quarter of 2022. At San Francisco, in Sonora, 7.3 M tonnes were mined with a strip ratio of 6.7:1, processing 1.4 M tonnes to produce 11,874 Oz Au at cash cost $1,675 per Oz Au and AISC at $2,467 per Oz Au. The San Francisco deposit has measured and indicated resources of 99.7 M tonnes @ 0.446 gpt Au, containing 1,430 K OZ Au and inferred resources of 11.4 M tonnes @ 0.446 gpt Au, containing 171 K Oz Au.
Sailfish Royalty Corp. has received a lead order commitment from Barnwell Investments LLC. in connection to the private placement contemplated as part of a combination transaction with Swordfish Silver. The proposed transaction includes a private placement of Swordfish shares for US$5 M. The goal of the proposed transaction is to create a silver focused exploration and development company, resulting in the transfer of Sailfish’s Gavilanes property in Durango.
Ontario Ltd., a company Eric Sprott owns, announced the exercise of warrants on Discovery Silver Corp. for an aggregate consideration of $7 M. As a result of the warrant exercise Mr. Sprott owns 26.2% of the outstanding Shares on a non-diluted basis and approximately 27.3% on a partially diluted basis.
Gatos Silver Inc. is providing a by-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders. “The Company believes that it will be able to file its annual report on Form 10-K for the year ended December 31, 2021, and its quarterly report on Form 10-Q for the quarter ended March 31, 2022 in the second half of 2022. The Company is also evaluating the material weaknesses in its internal controls over financial reporting related to the mineral reserve reporting errors”.
ON RESOURCES AND DEVELOPMENT
Avino Silver & Gold Mines Ltd. released results from 17 short holes drilled on its Oxide Tailings project at Avino, in Durango. “The 2022 drill program included 17 drill holes for a total of 209 metres of drilling”. The average of 90 m drilled on the sulphide zone of the tailings returned 0.34 gpt Au, 30 gpt Ag, whereas those from the oxide zone averaged 0.49 gpt Au, 41 gpt Ag on a total of 90 m.
GR Silver Mining Ltd. announced results from underground infill drilling at the Plomosas Project in Sinaloa. Highlighted apparent width intervals comprise 2.9 m @ 190 gpt Ag, 0.1% Pb, 0.1% Zn; 14.0 m @ 146 gpt Ag; 6.5 m @ 1,458 gpt Ag, 0.2% Pb, 0.2% Zn.
Sonoro Gold Corp. reported results from 10 holes completed at its Cerro Caliche project in Sonora. The highlighted core length results from the El Colorado and Buena Suerte zones comprise 21.34 m @ 0.557 gpt Au (including 3.04 m @ 1.52 gpt Au); 1.52 m @ 2.19 gpt Au; 7.62 m @ 0.72 gpt Au; 10.67 m @ 1.183 gpt Au; 4.57 m @ 1.09 gpt Au; 1.52 m @ 9.57 gpt Au; 28.95 m @ 1.021 gpt Au (including 3.05 m @ 2.706 gpt Au). Results from further seven drill holes at Las Abejas are pending.
Barksdale Resources Corp. engaged Independent Mining Consultants Inc. (IMC) to prepare a resource estimate and NI 43-101 Technical Report for the Cerro Verde copper zone on the San Javier project in Sonora. Approximately 30,000 m of drilling data will be utilized in the process to create the report. The resource estimate is expected to be delivered to Barksdale within the next 30 days.
ON DEALS AND CORPORATE ISSUES
Sierra Madre Gold and Silver Ltd. signed an arm’s length definitive agreement with First Majestic Silver Corp. to acquire the 39,714 hectare La Guitarra property in Estado de Mexico. La Guitarra is a past-producing underground mine with an on-site process facility that operated until 2018. Historical measured and indicated resources in the property amount to 7.45 M Oz AgEq and inferred resources to 10 M Oz AgEq. Sierra Madre will issue to First Majestic 69.06 M of its common shares, for an aggregate value of $35 M. Upon completion of the transaction First Majestic will become the largest shareholder of Sierra Madre.
Bear Creek Mining Corp. has been placed on the default list by the British Columbia Securities Commission. This as a result of the BCSC’s concerns regarding the credentials of certain independent third-party consultants to act as qualified persons under National Instrument 43-101 in respect of certain chapters of the Aprill 22 technical report on the Mercede mine, in Sonora. “Bear Creek estimates that the Amended Mercedes Report will be filed within approximately 30 days”.
Discovery Silver Corp.released its financial results for the first quarter 2022 and an update on activities. The Pre-Feasibility Study (PFS) work for the Cordero project in Chihuahua is to be delivered on the fourth quarter 2022, the metallurgical test work on sulfides is 60% complete, the reserve definition drilling is now complete, and the first of three open pit geotechnical drill holes is underway. More than 30,000 m of drilling are planned this year on resource expansion targets and the first ever drilling of five targets within 10 km of Cordero. Cash and cash equivalents by the end of the period was at $61.2 M
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Sampling of quartz-barite vein in the Sonora Desert. Picture by Jorge Cirett.
During the 9th week of the year (February 28th to March 06th, 2022), at least 26 press releases were announced by companies working in Mexico. To note, nine companies posted exploration advances on their properties, one released Q4 and full year 2021 reports, one has started to receive a royalty from mining, three announced the opening or closing of private placements, six reported on drilling results or resource estimations and three on deals and corporate issues. ON MEXICO ISSUES, the governor of Zacatecas is fostering the relationship with the Zacatecas Mining Cluster. ON EXPLORATION, in Sonora, Heliostar Metals informed on drilling at Cumaro; Aztec Minerals released RC drilling results at Cervantes; Minaurum Gold presented drilling results from Alamos Silver; Silver Spruce initiated exploration at Diamante; In Chihuahua, Golden Minerals reported results from the last seven holes at Yoquivo. In Estado de Mexico, Xali Gold defined drill targets at El Oro. In Nayarit, Sierra Madre Gold and Silver mobilized a second rig to its Tepic project. In Guerrero, Pantera Silver completed a drilling campaign at Nuevo Taxco. ON MINING, Argonaut Gold presented 2021 production figures for El Castillo-San Agustin and La Colorada. Maverix Metals commenced to receive NSR payments from the Camino Rojo mine. ON FINANCING, Golden Tag, Osisko Development and Zacatecas Silver opened or closed tranches of financing for $1.46 M (Total $3.25 M), $84.8 M and $15 M respectively. ON RESOURCES AND DEVELOPMENT, Torex Gold updated the mineral resource estimate at Media Luna in Guerrero. Osisko Development announced 2021 drilling results from Sapuchi and Golfo de Oro, at its San Antonio project in Sonora. Vizsla Silver presented, then retracted and corrected the maiden resource estimate for Panuco, in Sinaloa. Great Panther Mining updated the mineral resource estimate for San Ignacio and the Guanajuato Mine Complex in Guanajuato. Sonoro Gold reported RC drilling results on its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Zacatecas Silver is acquiring from Alamos Gold the Esperanza gold deposit in Morelos. Tocvan Ventures updated on exploration activities in Pilar and Picacho, in Sonora. Capstone Mining merge with Mantos Copper Bermuda has been approved in British Columbia. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
David Monreal, Zacatecas governor, offered the Zacatecas mining cluster a reinforcing relationship between the state government and the mining industry, for the development of local value chains.
Heliostar Metals Ltd. announced drill intercepts from its Cumaro project in Sonora. Highlighted core-length intervals from the Verde target comprise 1.10 m @ 1.12 gpt Au, 44 gpt Ag; 1.15 m @ 1.48 gpt Au, 29 gpt Ag; 7.0 m @ 0.47 gpt Au, 6 gpt Ag (including 1.50 m @ 1.20 gpt Au, 11 gpt Ag); 2.20 m @ 0.58 gpt Au, 20 gpt Ag; 8.10 m @ 0.71 gpt Au, 14 gpt Ag (including 3.00 m @ 1.42 gpt Au, 17 gpt Ag; 8.30 m @ 0.47 gpt Au, 1 gpt Ag (including 2.00 m @ 1.11 gpt Au, 1 gpt Ag). Assays are pending for five holes on the Verde target, and six holes at the Dos Amigos and Palmita vein corridors. “Drilling is ongoing on targets in the eastern half of the Cumaro property”.
Pantera Silver Corp. completed the first stage of exploration drilling at the Nuevo Taxco project, in Guerrero. A total of 692 m were drilled in six holes targeting two of the 21 veins known in the property. Three holes were drilled on each of La Negrilla and El Creston de Maria veins, targeting 100 m along strike and 40 m below La Negrilla mine workings in the first vein, and, disseminated sulfides vein and veinlets on the second one; two previously unknown structures were also intercepted on El Creston de Maria drilling. Results are pending.
Aztec Minerals Corp. released results from reverse circulation drilling at its Cervantes project in Sonora. Highlighted hole-length intervals comprise 88.1 m @ 1.1 gpt Au (including 54.88 m @ 1.56 gpt Au and 15.24 m @ 3.96 gpt Au); 108.2 m @ 0.37 gpt Au; 45.7 m @ 0.45 gpt Au; 167.2 m @ 1.00 gpt Au (including 24.4 m @ 4.25 gpt Au); 136.8 m @ 1.49 gpt Au (including 51.68 m @ 3.42 gpt Au); 100.32 m @ 0.75 gpt Au; 12.2 m @ 0.92 gpt Au; 7.6 m @ 0.68 gpt Au; 63.84 m @ 0.42 gpt Au. “The primary focus of the Phase 2 RC drill program at Cervantes is to expand the previously drilled California zone by completing two drill hole fences parallel to and on either side of the 2017-18” previous face.
Minaurum Gold Inc. presented drilling results from the final phase II holes drilled in 2021 at its Alamos Silver project in Sonora. At Minas Nuevas highlighted core-length intervals comprise 9.90 m @ 609 gpt Ag, 0.18% Cu, 0.3% Pb, 0.5% Zn (including 0.90 m @ 1,145 gpt Ag, 0.12% Cu, 1.2% Pb, 2.5% Zn), and 21.70 m @ 93 gpt Ag, 0.1% Cu, 0.2% Pb, 0.2% Zn (including 4.85 m @ 159 gpt Ag, 0.22% Cu, 0.4% Pb, 0.4% Zn); 7.35 m @ 184 gpt Ag, 0.22% Cu, 0.2% Pb, 0.3% Zn (including 4.05 m @ 289 gpt Ag, 0.38% Cu, 0.3% Pb, 0.4% Zn) at San José, and 2.95 m @ 232 gpt Ag, 0.16% Cu, 0.3% Pb, 1.1% Zn; 0.95 m @ 763 gpt Ag, 0.25 gpt Au, 2.14% Cu, 0.2% Pb, 0.2% Zn; 0.45 m @ 399 gpt Ag, 0.53% Cu, 0.9% Pb, 1.7% Zn. “In 2021, Minaurum drilled 9,386.50 m in 22 holes focusing on sizable step-outs at the Ana, Europa, San José, Alessandra, Cotera, and Minas Nuevas vein zones”.
Silver Spruce Resources Inc. initiated geological mapping on the main drilling targets of the Diamante project in Sonora. “Geological features of epithermal low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential porphyry style Au-Cu occur as disseminated, stockwork and vein styles accompanied by phyllic, argillic, advanced argillic and propylitic zones, with nearsurface overprinting by weathering with iron oxide and oxyhydroxide staining, jarosite and relict vuggy silica”.
Xali Gold Corp. finalized locations for drill pads at El Oro project in Estado de Mexico. “New drill targets have been identified by using a 3D Leapfrog model and drillholes have been designed to test potential extensions to high-grade gold and silver zones intersected by previous drilling … The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins”.
Golden Minerals Co. reported results from the final seven holes of the 21-holes campaign at the Yoquivo project in Chihuahua. Highlighted true width intervals comprise 1.4 m @ 7.14 gpt Au, 2,058 gpt Ag (including 0.5 m @ 19.50 gpt Au, 5,844 gpt Ag); 0.5 m @ 0.59 gpt Au, 89 gpt Ag; 1.2 m @ 1.26 gpt Au, 169 gpt Ag (including 0.10 m @ 10.20 gpt Au, 1,319 gpt Ag); 1.8 m @ 0.60 gpt Au, 64 gpt Ag; 1.1 m @ 0.26 gpt Au, 149 gpt Ag; 0.2 m @ 1.90 gpt Au, 148 gpt Ag. An environmental report has been submitted to carry out a 10,000 m drill program.
Mammoth Resources Corp. provided results from three holes drilled at its Tenoriba project in Chihuahua. Highlighted core length intervals comprise 16.5 m @ 0.27 gpt Au, 5 gpt Ag; 22.5 m @ 0.22 gpt Au, 3 gpt Ag; 18.0 m @ 1.21 gpt Au, 1 gpt Ag; 22.5 m @ 0.57 gpt Au, 1 gpt Ag; 13.5 m @ 0.30 gpt Au, 6 gpt Ag; 7.5 m @ 0.22 gpt Au, 1 gpt Ag. “In all holes the mineralization appears to be controlled by irregular sulphide enriched fractures-veinlets with minor quartz and/or alteration clay minerals typical to High Sulphidation mineral systems”.
Sierra Madre Gold and Silver Ltd. announced that a second drill rig has been mobilized to its Tepic project in Nayarit. “This second rig is smaller and more portable than the first while maintaining the depth capacity and large core diameter that the Company requires. The decision to mobilize a second rig is a result of the success of the trenching program which has identified several additional drill targets and the superior assay turnaround time at the current laboratory”.
Argonaut Gold Inc. presented its Q4 and full-year 2021 report, including figures from its Mexican operations. During the year, at El Castillo-San Agustin in Durango, 37.24 M tonnes were moved, of which 20.16 M tonnes were of ore grading 0.29 gpt Au, producing 116,263 Oz Au, 570.7 K Oz Ag produced at cash cost $991 per Oz AuEq. At La Colorada, in Sonora, 16.22 M tonnes were moved, of which 4.83 M tonnes were ore grading 0.63 gpt Au, producing 64,860 Oz Au, 178.8 K Oz Ag at cash cost $730 per Oz Au. Production guidance for 2022 is 38-45 K Oz Au at El Castillo, 62-70 K Oz Au at San Agustin and 48-55 K Oz Au at La Colorada at cash cost $1,100 to $1,190 per Oz Au.
Maverix Metals Inc. informed its expectations on attributable gold equivalent ounces from royalties in diverse projects it has a stake on, including figures from one project in Mexico. Orla Mining’s Camino Rojo mine in Zacatecas has already poured its first gold and declaration of commercial production is expected to be made during the first quarter 2022. Maverix has a 2% NSR on Camino Rojo production.
Golden Tag Resources Ltd. completed the second and second tranche of the previously announced non-brokered private placement, for aggregate proceeds of $1.46 M, which coupled with the proceeds of the first tranche amount to $3.25 M. The company paid $7 K and issued 28 K finder’s warrants in connection with the last tranche (San Diego, Durango).
Osisko Development Corp. closed the first tranche of its previously announced non-brokered private placement, for gross proceeds of US$84.8 M. No commission or finder’s fee will be paid by Osisko (San Antonio, Sonora).
Zacatecas Silver Corp. is to complete a brokered private placement for total proceeds of up to $15 M. “Zacatecas Silver intends to use the net proceeds of the offering for the acquisition, exploration and development of the Esperanza Gold Project, exploration of the Zacatecas Properties and for general working capital purposes”.
ON RESOURCES AND DEVELOPMENT
Torex Gold Resources Inc. updated the resource estimate on the Media Luna project in Guerrero. Indicated resources stand at 25.4 M tonnes grading 3.24 gpt Au, 32.5 gpt Ag, 1.08% Cu, containing 2.64 M Oz Au, 25.7 M Oz Ag, 602 M Lb Cu (or 4.39 M Oz AuEq), and inferred resources of 6.0 M tonnes @ 2.47 gpt Au, 20.8 gpt Ag, 0.81% Cu, containing 0.48 M Oz Au, 4.0 M Oz Ag, 106 M Lb Cu (or 0.78 M Oz AuEq). Not included in these resources are the 8.0 M tonnes @ 1.52 gpt Au, 34.6 gpt Ag, 1.27 % Cu, containing 0.39 M Oz Au, 8.9 M Oz Ag, 225 M Lb Cu (or 1.02 M Oz AuEq) of inferred resources the EPO mineralization zone, located north of the Media Luna deposit and south of the Balsas River. Exploration infill and step-out holes have been budgeted at $19 M for around 64,000 m of drilling.
Osisko Development Corp. announced the final drilling results from the 2021 exploration and category conversion drilling at its San Antonio project in Sonora. A total of 27,900 meters were drilled in 177 holes in 2021, with this news release covering 6,550 m in 33 holes at Golfo de Oro and 8,050 m at Sapuchi. Some of the highlighted core-length intervals comprise 19.5 m @ 0.81 gpt Au; 1.5 m @ 9.59 gpt Au; 21.2 m @ 2.47 gpt Au, 19 gpt Ag (including 1.5 m @ 18.00 gpt Au); 35.65 m @ 0.86 gpt Au; 31.25 m @ 1.45 gpt Au; 42.50 m @ 1.55 gpt Au at Golfo de Oro, and 5.30 m @ 3.58 gpt Au; 14.80 m @ 1.37 gpt Au; 26.65 m @ 0.93 gpt Au; 8.80 m @ 2.49 gpt Au; 40.8 m @ 1.00 gpt Au, 14 gpt Ag; 60.45 m @ 1.06 gpt Au; 22.95 m @ 1.07 gpt Au; 25.45 m @ 1.60 gpt Au; 10.50 m @ 2.39 gpt Au; 78.90 m @ 2.19 gpt Au (Including 3.20 m @ 21.30 gpt Au); 2.35 m @ 8.28 gpt Au; 18.30 m @ 1.41 gpt Au; 20.25 m @ 1.19 gpt Au; 17.90 m @ 1.75 gpt Au; 16.95 m @ 1.22 gpt Au; 13.80 m @ 1.31 gpt Au; 15.95 m @ 1.46 gpt Au; 18.60 m @ 1.18 gpt Au at Sapuchi. Most intervals run also 1 to 5 gpt Ag. “… gold mineralization is characterized by hydrothermal breccia that forms an approximately 3,000 m long east-northeast trending mineralization corridor with the Luz del Cobre copper deposit at the east. The gold mineralization is associated with intense chlorite and carbonate alteration and is intrusion related with host rock”.
Vizsla Silver Corp. presented the maiden resource estimate for its Panuco project in Sinaloa. Indicated mineral resources stand at 6.9 M tonnes grading 150 gpt Ag, 1.64 gpt Au, 0.27% Pb, 0.53% Zn (or 370 gpt AgEq), containing 33.2 M Oz Ag, 362.6 K Oz Au, 18 K tonnes Pb, 36 K tonnes Zn (81.6 M Oz AgEq). Inferred mineral resources stand at 5.3 M tonnes grading 156 gpt Ag, 1.51 gpt Au, 0.16% Pb, 0.35% Zn (or 334 gpt AgEq), containing 26.6 M Oz Ag, 256.6 K Oz Au, 8.5 K tonnes Pb, 18.8 K tonnes Zn (56.9 M Oz AgEq). A total of 124,915 m of drilling in 445 holes completed from 2019 to 2021 were utilized to calculate the resource estimate.
Vizsla Silver Corp. retracted the maiden resource estimate released on Feb 28, 2022 (see above) on its Panuco project in Sinaloa. “An internal review of the estimate identified a miscalculation made by an independent consultant in the conversion of lead and zinc grades into the silver equivalent calculation. This in-turn lifted lower grade zones above the economic cut-off, adding tonnes to the resource but lowering the overall grade”. The next restatement corrects this. Indicated mineral resources are estimated at 5.0 M tonnes @ 191 gpt Ag, 2.08 gpt Au, 0.26% Pb, 0.50% Zn, containing 30.5 M Oz Ag, 331.1 K Oz Au, 13 K tonnes Pb, 24.6 K tonnes Zn. Inferred resources are estimated at 4.1 M tonnes @ 187 gpt Ag, 1.79 gpt Au, 0.13% Pb, 0.30% Zn, containing 24.7 M Oz Ag, 235.8 K Oz Au.
Great Panther Mining Ltd. reported the filing of the technical report on updated mineral resourcesof the Guanajuato Mine Complex and San Ignacio operations in Guanajuato.
Sonoro Gold Corp. reported the results of the first 24 holes of its current 10,000 m reverse circulation drilling campaign at its Cerro Caliche project in Sonora. The goal of the program is to increase the size and grade of the oxide gold mineralization. The highlighted hole length intervals comprise 9.14 m @ 1.04 gpt Au; 22.86 m @ 1.55 gpt Au (Including 6 m @ 5.18 gpt Au); 3.05 m @ 19.56 gpt Au (including 1.53 m @ 37.90 gpt Au); 4.57 m @ 2.43 gpt Au; 27.43 m @ 5.36 gpt Au (including 4.57 m @ 7.16 gpt Au, and 4.57 m @ 22.09 gpt Au), 4.57 m @ 2.18 gpt Au.
ON DEALS AND CORPORATE ISSUES
Zacatecas Silver Corp. entered into a share purchase agreement on February 28, 2022 with Alamos Gold Inc. to acquire the Esperanza project in Morelos (previously known as Cerro Jumil). Esperanza is an advanced project with a measured and indicated resource of 34.35 M tonnes grading 0.98 gpt Au, 8.1 gpt Ag, containing 1,084,000 Oz Au, 8.93 M Oz Ag and inferred resources of 718 K tonnes @ 0.80 gpt Au, 15 gpt Ag, containing 18,000 Oz Au, 347 K Oz Ag. The project has 69,716 m of drilling in 389 holes. Zacatecas Silver is to pay Alamos Gold US$5 M and issue shares for US$10 M, a payment of US$5 M within two months of approval of an environmental impact assessment (MIA, in Spanish), further US$14 M within two months of either completion of a feasibility study (FS) or the announcement on decision of mine construction, and the payment of US$20 M within 6 months of commencement of commercial production. Also a $500 K finder’s fee is to be paid on closing of the transaction. “Alamos is entitled to receive 20% of the silver produced from Esperanza at a cash price of 20% of the prevailing spot silver price, subject to a maximum of 500,000 ounces of silver delivered to Alamos”.
Tocvan Ventures Corp. provided an update on its activities. At Pilar, in Sonora, the current phase III diamond drilling is in progress, with 1,200 m completed, results pending. Bulk samples for advanced metallurgy are at the lab, while the company moves towards a maiden resource estimate and bulk test mine. At Picacho, also in Sonora, exploration is commencing.
Capstone Mining Corp. announced the Supreme Court of British Columbia approved Capstone and Mantos Copper Bermuda Ltd. to proceed with their merge. Capstone owns the Cozamin mine in Zacatecas, the Pinto Valley mine in Arizona and the Santo Domingo project in Chile. Mantos Blancos owns the Mantos Blancos and Mantoverde (69.99%) mines in Chile.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Barite-quartz-hematite vein from a project in the Sonoran desert. Picture by Jorge Cirett.
During the 4th week of the year (January 24th to January 30th, 2022), at least 25 press releases were announced by companies working in Mexico, and 6 news published by the media, with ten informing on exploration results, nine reporting resources and developments of their properties, five communicating production results, four discussing social issues, two commenting on Mexican issues, and one disclosing deals and corporate issues. ON MEXICO ISSUES, Americas Gold hosted an official opening ceremony at its Cosalá operation in Sinaloa. Pablo Méndez Alvídrez, president of the Mining Cluster of Chihuahua stated that this sector is a mainstay of economic development since it represents 4% of the State gross domestic public (GDP). ON EXPLORATION, In Sonora, Silver Spruce announced that it has initiated an environmental report for a drill permit at its Diamante project and reported high grade results from historical sampling, Aztec–Kootenay JV completed first 14 holes totaling 2,810.6m of the current 5,000m, 22-hole Phase 2 RC drill program at the Cervantes property, Ranchero Gold released results from its ongoing drilling program at its Santa Daniela project, Orogen provided an update of the drilling exploration program funded by Hochschild on its Sarape project, and announced the termination of the option agreement by Hochschild, Tarachi Gold provided an overview of the exploration activities carried out in 2021 at its Jabali and San Javier mining concessions, and Colibri announced it has resumed the drilling program at its flagship Evelyn project. In Chihuahua, Golden Minerals released results from 5 holes drilled at its Yoquivo project. In Durango, Southern Empire started a drill program at its San Pedro project, Silverton announced that it completed a geophysical 3D modeling of airborne electromagnetic data and the commencement of a seismic survey at its Pluton project, and Canasil announced results of three holes drilled at its Nora project. ON MINING, Altaley reported Q4 2021 production and financial results from its Campo Morado mine in Guerrero. Equinox Gold provided 2022 production and cost guidance for its Los Filos mine in Guerrero. Sierra Metals announced Q4 and full year 2021 production results from their Bolivar and Cusi mines in Chihuahua. MAG Silver reported Q4 and full year 2021 production results from its Juanicipio project in Zacatecas. Magna Gold announced Q4 and full year 2021 production results from its San Francisco Mine in Sonora. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Capitan Mining reported results from its RC drilling program as well as from chip sampling on the Jesus Maria Silver deposit at its Peñoles project in Durango. Silver Tiger released results from its ongoing drilling program on the Sooy Vein at its El Tigre project, Sonora. SilverCrest provided an update on the construction of its Las Chispas mine in Sonora. GoGold released high grade results from nine holes collared at Mololoa-Tamara area within its Los Ricos North project in Jalisco. Southern Silver announced a new high grade mineral discovery on the El Sol concession at its Cerro Las Minitas project, Durango. Gatos Silver provided an update on the resource and reserve estimation process following recent reconciliation work at its Cerro Los Gatos, Chihuahua, and provided 2022 production and cost guidance. Vizsla provided a 2021 year end summary of its activities at its flagship Panuco project in Sinaloa. Tarachi Gold made significant progress in developing its Magistral tailing project in Durango towards a production decision. Mithril provided a Q4, 2021 on activities at its Copalquin project, Durango. ON DEALS AND CORPORATE ISSUES, Bear Creek provided an update of the acquisition from Equinox of Mercedes mine, Sonora. ON SOCIAL RESPONSIBILITY, Minera Penmont (Fresnillo plc) carried out in collaboration with the Urban Development and Ecology area of the Caborca City Council, the first Reforestation Day 2022. Four educational institutions that Grupo México supports in the Mexican Republic have obtained results above the national average in the most recent evaluations carried out by the Ministry of Public Education. Minera Media Luna (Torex Gold) invested over MXP $7M in seven public works in four communities. Minera San Xavier S.A de C.V. informed that, as of January 2022, it has made significant progress in the execution of its biophysical and social Closure Plan, which has been Responsible, Inclusive and Participatory.
ON MEXICO ISSUE
Americas Gold and Silver Corporation hosted an official opening ceremony at its Cosalá operation in Sinaloa with the participation of the Mexican Minister of Economy, the Governor of Sinaloa State, The Cosala Major, and the CEO of the company. All of them pointed the importance of the mine to the local community, the Sinaloa State and the country. All three government representatives thanked to the company for its perseverance during the illegal blockade and the commitment of capital to re-open the mine.
Pablo Méndez Alvídrez, president of the Mining Cluster of Chihuahua stated that this sector is a mainstay of economic development since it represents 4% of the State gross domestic public and has generated more than 20,000 direct jobs and more than 102,000 indirect jobs, which is a great contribution to the state.
Silver Spruce Resources Inc., announced that it has initiated an environmental report for a drill permit on its Diamante project and reported high grade results from historical sampling. The environmental report will be filed to SEMARNAT once it is completed and is expected within four to six weeks of submission. The company identified historical reports with maps, field sections and assays for 77 previously unreleased samples with precious and base metal values reporting up to 25.69 g/t Au, 1,360 g/t Ag, 18 % Pb, 33 % Zn and 1.47% Cu.
Aztec Minerals Corp.-Kootenay Silver Inc. JV completed first 14 holes totaling 2,810.6m of the current 5,000m, 22-hole Phase 2 RC drill program at the Cervantes property in Sonora. Samples have been submitted to the lab for analysis and results are expected to arrive in the next several weeks. Meanwhile, the company will continue the surface sampling and mapping on the property to continue the 2021 Phase 1 surface program.
Ranchero Gold Corp. released results from its ongoing drilling program at its Santa Daniela project in Sonora. Hole MA-21-013 intersected 1.11 g/t Au over 13.15m, and hole MA-21-14 intersected 1.18 g/t Au over 21.15m on La Colmena target. The company announced that further sampling was required both above and below the interval sampled in both holes, and results will be released shortly.
Orogen Royalties Inc., provided an update of the drilling exploration program funded by Hochschild Mining Plc., on its Sarape project in Sonora. Hochschild funded a 3,163 m drill program with eight holes testing the quartz-carbonate Sarape Vein. All holes intercepted weakly anomalous gold and silver, except hole SAR-21-12 which intersected 3.76 g/t Au and 15 g/t Ag over 2.4m, including 9.5 g/t Au and 29 g/t Ag over 0.7m. Hochschild terminated the option agreement and Orogen is seeking a new exploration partner for the project.
Tarachi Gold Corp., provided an overview of the exploration activities carried out in 2021 at its Jabali and San Javier mining concessions. At the Jabali concession, a Phase 2 underground drilling program at the La Dura mine returned the company´s best drill intersections to date in hole JAB-219-009 with 6.91 g/t Au over 63.4m, including 17.42 g/t Au over 9.3m and 17.37 g/t Au over 13.9m; and hole JAB-21-010 with 1.7 g/t Au over 42m, including 8 g/t Au over 3.4m. In addition, the company completed a short RC surface drilling program with hole JAB-21-14 returning 7.26 g/t Au over 12m. At the San Javier concession, a surface diamond drilling program encountered a mineralized breccia system in several holes. Hole SJA-20-005 intersected 11.9 g/t Au over 2m; hole SJA-20-006 encountered 5.39 g/t Au over 5.6m; and hole SJA-21-014 intersected 0.45 g/t Au over 52m, including 4.11 g/t Au over 1.5m. Tarachi also informed that “plans are underway to conduct field work in 2022 on some of the other concessions in Sonora including La Texana. The goal of the field program will be to identify potential drill targets for later in the year”.
Colibri Resource Corporation announced it has resumed the drilling program at its flagship Evelyn project in Sonora. The company will continue with its 10,000m RC drill program of which 3,122m have been completed in 22 holes before pausing for the holiday season on December 18, 2021. “The Company is planning on completing the 10,000 metres of RC drilling on the Evelyn property in two phases. Phase 1 which is now resuming is aimed at evaluating areas of anomalous and higher-grade Au assay results from surface and trench exposures coincident with magnetic gradients and lineaments and with structures identified through geological mapping. Phase 2 drilling will be planned to follow up positive results from Phase 1 as well as test numerous targets including chargeability anomalies derived from the Induced Polarization (“IP”) survey completed in 2021, targets derived from interpretation of the drone-borne magnetic survey completed in 2020, and targets derived from the on-going property wide geological/structural interpretation”.
Golden Minerals Company released results from 5 holes drilled of a 21 holes second phase drill program recently completed on the Pertenencia Vein at its Yoquivo project in Chihuahua. Highlights include hole YQ-021-002 with 0.51 g/t Au and 706 g/t Ag over 2.4m, plus 0.16 g/t Au, and 91 g/t Ag over 8.5m, including 0.18 g/t Au and 116 g/t Ag over 2.4m, including 0.67 g/t Au and 309 g/t Ag over 0.4m; hole YQ-021-004 with 4.02 g/t Au and 1,473 g/t Ag over 1.5m, plus 0.33 g/t Au and 110 g/t Ag over 1.6m, including 0.92 g/t Au and 313 g/t Ag over 0.3m, plus 0.49 g/t Au and 158 g/t Ag over 3.5m, including 1.67 g/t Au and 578 g/t Ag over 0.3m, plus 1.03 g/t Au and 267 g/t Ag over 2.4m, including 5.15 g/t Au and 1,320 g/t Ag over 0.4m, plus 0.04 g/t Au and 179 g/t Ag over .5m, including 0.11 g/t Au and 904 g/t Ag over 0.5m. The company is currently awaiting additional assay results that it expects to report in the coming months.
Southern Empire Resources Corp., started its first core drilling program at its San Pedro project in Durango. The drilling program will test the West Zone where sampling on a NW linear trending heterolithic breccia up to 300m in length returned Au values between 0.33 g/t Au and 2.2 g/t Au. This breccia is coincident with IP chargeability and resistivity geophysical anomalies. The drilling program will consist of 2,000 in 6 to 9 holes.
Silverton Metals Corp., completed a 3D modelling of airborne electromagnetic data (ZTEM) and the commencement of a seismic survey at its Pluton project in Durango. The company announced that the ZTEM processing and 3D modelling was successful in identifying significant anomalies potentially related to mineralization. These are coincident to six targets previously identified. In addition, “to supplement the ZTEM, the company has commenced work on a seismic line survey to better understand the sedimentary units and identify the contact between the overlying clastic rocks and the limestones which have the potential to host manto and chimney Carbonate Replacement Deposits”.
Canasil Resources Inc., announced results of three holes drilled on the Candy vein at its Nora project in Durango. Hole NRC-21-13 intersected 2.96 g/t Au, 241 g/t Ag, 0.15% Cu, 0.02% Pb, and 0.2% Zn (489 g/t AgEq) over a true width (TW) of 3.46m, including 5.49 g/t Au, 432 g/t Ag, 0.15% Cu, 0.01% Pb, and 0.2% Zn (876 g/t AgEq) over a TW of 1.69m, including 9.69 g/t Au, 530 g/t Ag, 0.33% Cu, 0.02% Pb, and 0.2% Zn (1,323 g/t AgEq) over a TW of 0.32m, plus 8,83 g/t Au, 706 g/t Ag, 0.17% Cu, 0.02% Pb, and 0.2% Zn (1,411 g/t AgEq) over a TW of 0.55m, and plus 2.12 g/t Au, 199 g/t Ag, 0.01% Pb, and 0.01% Zn (363 g/t AgEq) over a TW of 0.91m; hole NRC-21-14 intersected 2.13 g/t Au, 164 g/t Ag, 0.09% Cu, 0.1% Pb, and 0.1% Zn (340 g/t AgEq) over a TW of 1.43m, including 2.14 g/t Au, 207 g/t Ag, 0.06% Cu, 0.04% Pb, and 0.1% Zn (381 g/t AgEq) over a TW of 0.85m, plus 1.4 g/t Au, 181 g/t Ag, 0.01% Cu, 0.03% Pb, and 0.1% Zn (290 g/t AgEq) over a TW of 0.67m; and hole NCR-21-15 encountered 2.21 g/t Au, 211 g/t Ag, 0.06% Cu, 0.03% Pb, and 0.2% Zn (390 g/t AgEq) over a TW of 1.54m, including 2.34 g/t Au, 213 g/t Ag, 0.02% Cu, 0.03% Pb, and 0.2% Zn (394 g/t AgEq) over a TW of 0.75m, plus 2.73 g/t Au, 84 g/t Ag, 0.04% Pb, and 0.1% Zn (296 g/t AgEq) over a TW of 0.45m.” The Candy vein structure remains open in both directions along strike and to depth for continued drill testing, and the low base metal values in these drill intercepts suggest drilling to date is still in the higher levels of the system”.
Altaley Mining Corporation reported Q4 2021 production and financial results from its Campo Morado mine, Guerrero. The company milled 183.1K tonnes of 1 g/t Au, 118 g/t Ag, 1.1% Pb, and 4.3% Zn with metallurgical recoveries of 21%, 47%, 30%, and 71% respectively, to produce 12.2K tonnes of Zn concentrate and 2.7K tonnes of lead concentrate, at cash and AISC of $0.88 and USD $1.06 per Lb Zn respectively. The company reported revenue of CAD $17.07M from Zn concentrate and CAD $2.9M from Pb concentrate for total revenue of CAD $19.98M.
Equinox Gold Corp., provided 2022 production and cost guidance for its Los Filos mine in Guerrero. The production for 2022 is estimated at 160K-180K Oz Au at cash of USD $1,400 to 1,475 per Oz Au, with AISC of USD $1,625 to 1,750 per Oz Au. Equinox will invest USD $38M of sustaining capital and USD $62M of non-sustaining capital.
Sierra Metals Inc., announced Q4 and full year 2021 production results from their Bolivar and Cusi mines in Chihuahua. At Bolivar mine, during Q4, 2021, the company processed 227, 722 tonnes of 0.55% Cu, 9 g/t Ag and 0.11 g/t Au with metallurgical recoveries of 80.79%, 82.34%, and 78.32% respectively to produce 2.23M Lb Cu, 57K Oz Ag, and 634 Oz Au (2.8M Lb CuEq). For the full year 2021, the company processed 1,349,602 tonnes of 0.72% Cu, 15 g/t Ag, and 0.16 g/t Au with metallurgical recoveries of 79.28%, 81.95%, and 68.88% respectively, to produce 24.5M Lb Cu, 551K Oz Ag, and 4,751 Oz Au (35.8M Lb CuEq). At Cusi mine, during Q4, 2021, Sierra Metals processed 84,804 tonnes of 179 g/t Ag, 0.21 g/t Au and 0.4% Pb with metallurgical recoveries of 85.52%, 47.29%, and 80.69% respectively to produce 417K Oz Ag, 272 Oz Au and 581K Lb Pb (465K Oz AgEq). For the full year 2021, the company processed 295,771 tonnes of 160 g/t Ag, 0.18 g/t Au and 0.3% Pb with metallurgical recoveries of 82.98%, 45.05%, and 81.78% respectively to produce 1.26M Oz Ag, 762 Oz Au and 1.7M Lb Pb (1.38M Oz AgEq).
MAG Silver Corp., reported Q4 and full year 2021 production results from its Juanicipio project in Zacatecas. This project is a JV between Fresnillo plc and MAG Silver and reported that during Q4, 2021, 113,950 tonnes of mineralized material were processed to produce 1.6M Oz Ag and 9,385 Oz Au, of which 44% are attributable to MAG Silver (718K Oz Ag and 1,754 Oz Au). For the full year 2021, 251,907 tonnes were processed to produce 3.2M Oz Ag and 6,577 Oz Au, of which 44% are attributable to MAG Silver (1.4M Oz Ag and 2,894 Oz Au).
Magna Gold Corp., announced Q4 and full year 2021 production results from its San Francisco Mine in Sonora. During Q4, the company mined 1,456,000 tonnes of 0.44 g/t Au and processed 1,688,000 tonnes of 0.41 g/t Au, to produce 15.5K Oz Au and 5,712 Oz Ag at a cash cost of USD $1,123 per Oz Au. The company sold 16,305 Oz Au and 6,177 Oz Ag. The company reported that 57K Oz Au were produced in the full year 2021 at a cash cost of USD $1,299 per Oz Au. Magna Gold also provided a 2022 production guidance and estimates to produce 65K-71K Oz Au at a cash cost of USD $1250-USD $1,350 per Oz Au.
No relevant news.
ON RESOURCES AND DEVELOPMENT
Capitan Mining Inc., reported results from its RC drilling program on its Capitan project, as well as from chip sampling on the Jesus Maria Silver deposit at its Peñoles project in Durango. Hole 21-CARC-29 encountered a broad mineralized intersection on Capitan structure of 0.34 g/t Au and 2 g/t Ag (0.34 g/t AuEq) over 195.1m, including 0.35 g/t Au and 1 g/t Ag (0.37 g/t AuEq) over 149.4m, including 0.61 g/t Au and 2 g/t Ag (0.63 g/t AuEq) over 38.1m, including 0.92 g/t Au and 2 g/t Ag (0.95 g/t AuEq) over 100.7m, plus a 3m wide intersection of the Jesus Maria Vein which returned 0.26 g/t Au and 103 g/t Ag, 0.1% Pb, and 0.49% Zn. The mineralized intersection of Jesus Maria vein is significant as it represents a 350m step out down-dip, and to the south of the previous drill-defined extent of the Jesus Maria Silver Deposit. Capitan Mining also reported results from chip sampling conducted on outcrops north of the Jesus Maria Silver Deposit with values up to 410 g/t Ag, 0.9 g/t Au, 1.7% Pb, and 0.7% Zn over 0.6m. Trenching along the new Gully Fault target, between the Capitan Gold Deposit and the Jesus Maria Silver Deposit, has identified a wide zone of mineralization up to 54m wide with 0.14 g/t Au.
Silver Tiger Metals Inc., released results from its ongoing drilling program on the Sooy Vein at its El Tigre project, Sonora. Significant mineral intersections were encountered in hole ET-21-287 with 0.74 g/t Au, 60 g/t Ag, 0.01% Cu, 0.03% Pb, and 0.03% Zn (117 g/t AgEq) over 12.4m, including 5.99 g/t Au, 174 g/t Ag, 0.01% Cu, and 0.06% Pb (625 g/t AgEq) over 1.5m, plus 0.06 g/t Au, 273 g/t Ag, 0.21% Cu, 0.7% Pb, and 1% Zn ( g/t AgEq) over 6.6m, including 0.03 g/t Au, 2,393 g/t Ag, 1.81% Cu, 7.5% Pb, and 10% Zn (3,083 g/t AgEq) over 0.5m; and hole ET-21-263 with 0.09 g/t Au, 247 g/t Ag, 0.12% Cu, 0.6% Pb, and 1% Zn (314 g/t AgEq) over 3.1m, including 0.15 g/t Au, 421 g/t Ag, 0.18% Cu, 0.7% Pb, and 2.9% Zn (567 g/t AgEq) over 1m, plus 0.21 g/t Au, 180 g/t Ag, 0.13% Cu, 0.6% Pb, and 0.6% Zn (242 g/t AgEq) over 22.6m, including 1.05 g/t Au, 702g/t Ag, 0.54% Cu, 1.8% Pb, and 1.9% Zn (940 g/t AgEq) over 3m, including 0.06 g/t Au, 740 g/t Ag, 0.56% Cu, 0.3% Pb, and 0.6% Zn (826 g/t AgEq) over 1.5m.
SilverCrest Metals Inc., provided an update on the construction of its Las Chispas mine in Sonora. Construction progress was 86.2% complete. During 2021, the company committed 75.2% ($103.6M) of the $137.7M Feasibility Study (FS) capital cost estimate. Construction of the power line is expected to be complete in Q2, 2022. The company has completed a total of 17.5km of underground development since 2019. Approximately 1.8km of additional development occurred in 2021, beyond the FS life of mine. As at Dec 31, 2021, SilverCrest has cash and cash equivalents of $176.5M and $30M project remaining available under a $120M project financing facility.
GoGold Resources Inc., released high grade results from nine holes collared at Mololoa-Tamara area within its Los Ricos North project in Jalisco. The highest grades were encountered in hole LRGM-21-088 with 2.58 g/t Au and 684 g/t Ag (11.70 g/t AuEq or 877 g/t AgEq) over 14.6m, including 9.73 g/t Au and 2,577 g/t Ag (44.1 g/t AuEq or 3,307 g/t AgEq) over 3.8m; and hole LRGM-21-090, with 3.84 g/t Au and 999 g/t Ag (17.15 g/t AuEq or 1,286 g/t AgEq) over 5.3m, including 23.50 g/t Au and 6,310 g/t Ag (107.63 g/t AuEq or 8,072 g/t AgEq) over 0.6m, plus 0.49 g/t Au and 129 g/t Ag (2.22 g/t AuEq or 106 g/t AgEq) over 5.7m, including 3 g/t Au and 876 g/t Ag (14.68 g/t AuEq or 1,101 g/t AgEq) over 0.7m, plus 0.27 g/t Au and 85 g/t Ag (1.40 g/t AuEq or 105 g/t AgEq) over 2.5m.
Southern Silver Exploration Corp., announced drill results and reported a new high grade mineral discovery on the El Sol concession at its Cerro Las Minitas project, Durango. Hole 21SOL-003 intersected 549 g/t Ag, 0.2 g/t Au, 8.6% Pb, and 3.6% Zn (982 g/t AgEq or 24.9% ZnEq) over 3.5m, including 1,760 g/t Ag, 0.9 g/t Au, 0.1% Cu, 23.6% Pb, and 1.2% Zn (2,622 g/t AgEq or 66.5% ZnEq) over 0.8m, plus 129 g/t Ag, 0.6 g/t Au, 3.9% Pb, and 6.2% Zn (547 g/t AgEq or 13.9% ZnEq) over 0.4m. Drill crews have mobilized back to the El Sol concession to complete an additional three core holes.
Gatos Silver Inc., provided an update on the resource and reserve estimation process following recent reconciliation work at its Cerro Los Gatos, Chihuahua, and provided 2022 production and cost guidance. “The company concluded that there were errors in the technical report entitled “Los Gatos Project, Chihuahua, Mexico” with an eﬀective date of July 1, 2020, as well as indications that there is an overestimation in the existing resource model. On a preliminary basis, the company estimates a potential reduction of the metal content of Cero Los Gatos mineral reserve ranging from 30% to 50% of the metal content remaining after depletion. The company is working with independent engineering consultants to better understand the magnitude of the overestimation, including conducting a detailed reconciliation of production to previous models and reserve calculation estimates, as well as creating a new Life of Mine (“LOM”) plan. The Company is working expeditiously to complete this reconciliation”. Los Gatos produced in 2021 over 7.6M Oz Ag, 50 M Lb Zn, 40M Lb Pb and 5K Oz Au. It also provided a 2022 production and cost guidance. It estimates to produce 8.5-9M Oz Ag, 49-54M Lb Zn, -M Lb Pb, and 4-4.5K Oz Au at AISC of USD $16.50-18.50/Oz (co-product basis) and USD $13-15/Oz (by product basis).
Vizsla Silver Corp., provided a 2021 year end summary of its activities at its flagship Panuco project in Sinaloa. In 2021, the company drilled 99,783m in 319 holes at Panuco, focused on the western portion of the district at both Napoleon and Tajitos targets. Now, the company has drilled 127,756 m in 449 holes on the property. The most relevant results are at the Napoleon target where drilling has delineated a 1,920m by 300m resource area defined by 148 holes, suggesting an estimated weighted average true width of 3.36m at an average grade of 421 g/t AgEq. High grade remains open along strike and down dip to the south. Vizsla also contracted ALS Canada to conduct preliminary metallurgical testing on representative composited material sourced from the Napoleon vein, and has initiated data capture of standard geotechnical parameters on all resource/exploration drilling. Vizsla has contracted SRK Consulting to design and lead the preliminary data collection program, with most of the work being carried out by Vizsla geologists. “Focus for 2022 is exploration and growth. With +120,000 meter fully funded drill program designed to 1) further expand the Project’s maiden resource base on the western portion of the property and 2) test high priority targets on the central and eastern portions of the district, Vizsla aims to identify new centers of mineralization from which to delineate additional resources while simultaneously investigating accelerated development opportunities”.
Tarachi Gold Corp., made significant progress in developing its Magistral tailing project in Durango towards a production decision, including an auger drill program to provide assay data for a resource estimate and bulk material for metallurgical testing, which demonstrated that >80% Au recoveries without the need for re-grinding the feed. The company completed a PEA study, including a resource estimate of 1.26 M tonnes of 1.93 g/t Au with approximately 87% of the resource in the measured category, outlining a potentially high-margin, low capex gold mining scenario. Highlights of the PEA include an average annual production of 16K Oz Au plus Cu concentrate by-product, AISC of $705/OZ net of Ag and Cu credits, and after-tax IRR of 85%.
Mithril Resources Ltd., provided a Q4, 2021 on activities at its Copalquin project, Durango. Highlights include the delivery of its high-grade maiden JORC indicated and inferred mineral resource estimate of El Refugio-La Soledad in the Copalquin district in Durango, with 2,416,000 tonnes of 4.8 g/t Au and 141 g/t Ag (6.81 g/t AuEq), for a total of 373K Oz Au and 10.95M Oz Ag (529K Oz Au) contained using a cut-off of 2 g/t Au; commencement of a metallurgical and mining study work for El Refugio resource; expansion of targets for the district scale Copalquin for 2022 exploration program; and progress on the acquisition of the Copalquin mining district mining concessions via its purchase option agreement to 25% by completing USD $4M direct expenditure.
ON DEALS AND CORPORATE ISSUES
Bear Creek Mining Corporation provided an update of the acquisition from Equinox Gold Corp., of the Mercedes mine, located in Sonora. TSX has approved the acquisition as well as of for (i) the company´s gold purchase agreement with Sandstorm Gold Ltd. “Sandstorm will provide the company with USD$37.5M and in exchange Bear Creek will sell to Sandstorm 600 ounces of reﬁned gold per month for 42 months (a total of 25,200 ounces) at a price equal to 7.5% of the spot gold price at the time of delivery and thereafter the company will sell to Sandstorm 4.4% of gold produced by Mercedes at a price equal to 25% of the spot price at the time of delivery; and (ii) the private placement by the Company to Sandstorm of a 6%, three-year Convertible Debentures having a principal amount of USD $22.5M. Proceeds from the Gold Purchase Agreement and the Convertible Debentures will be applied to partially fund the purchase price of the acquisition”.
ON SOCIAL RESPONSIBILITY
Minera Penmont (Fresnillo plc) carried out in collaboration with the Urban Development and Ecology area of the Caborca City Council, the first Reforestation Day 2022. During the day, 400 regional trees of the Mezquite and Neem species, as well as a hose and accessories for their installation, were delivered to representatives of 13 schools in Pitiquito and Caborca to inform about the importance of reforestation and of having an environmental culture for the benefit of all the inhabitants.
Four educational institutions that Grupo México supports in the Mexican Republic have obtained results above the national average in the most recent evaluations carried out by the Ministry of Public Education. In addition, education also focuses on the teaching of English as a second language
Minera Media Luna (Torex Gold) invested over MXP $7M in seven public works in four communities. These works in the towns of Atzcala, Real del Limón, La Fundición and Nuevo Balsas are part of the Minera Media Luna program as a Socially Responsible Company, whose objective is to take advantage of the money in infrastructure works that allow social development.
Minera San Xavier S.A de C.V. (Cerro San Pedro, San Luis Potosi), informed that, as of January 2022, it has made significant progress in the execution of its biophysical and social Closure Plan, which has been Responsible, Inclusive and Participatory.
During the 49th week of the year (December 6th to December 12th, 2021), at least 20 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, there were no mining related news, two released financing news, one more settled a debt with shares and one more qualified to trade on the OTCQB; two companies released resource estimates, one posted on drilling results from an advanced property and one more provided an update on ramping up mining activities. One company changed its name and one more is to create a spin-off company for its remaining exploration projects. ON MEXICO ISSUES, Sonora, Guerrero and Oaxaca can become poles of mining activity. Camimex asked the president to ease the grip on the issuance of mining concessions, as it is to strangle the industry. The Zacatecas Mining Cluster inaugurated Quantum City. The national employment service increased the jobs offered in the mining industry. ON EXPLORATION, In Sonora, Heliostar Metals commenced drilling at Cumaro; Tocvan Ventures is trenching at Pilar. In Sinaloa, Vizsla Silver released drilling results from the Napoleon deposit at Panuco. In Guerrero, Pantera Silver received a drill permit for Nuevo Taxco. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver and Prismo Metals announced or closed financing rounds for C$9.52 M and $2 M respectively. Aloro Mining is to settle a $211 K debt with shares. Sierra Madre Gold and Silver qualified for trading at the OTCQB in the USA. ON RESOURCES AND DEVELOPMENT, Discovery Silver filed the technical report with updated mineral resources at Cordero. Fabled Silver released drill results at Santa Maria. GoGold presented the initial mineral resource estimate on four deposits at Los Ricos North project, and current resources at Los Ricos Sur and the Parral tailings projects. Minera Alamos updated on ramping up of mining at Santana. Oroco Resources released its first drilling results from drilling the Santo Tomás deposit in Sinaloa. ON DEALS AND CORPORATE ISSUES, Advance Gold changed its name to Advance Lithium Corp., and Solaris Resources intends to transfer its non-core assets to a subsidiary company. Prime Meridian Resources optioned the La Verde Grande project in Sonora, for which is to forward US400 K in cash and US$8 M in shares in staged payments. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
According to a note by Mexico Business News, Sonora, Guerrero and Oaxaca are to be poles of mining exploration in the coming years.
Camimex (Cámara Minera de México) asked the AMLO presidency to grant new mining concessions, as the lack of issuance of titles is to result in a shortage of mines in the future due to the lack of exploration. Mexico has seen its standing on the Fraser Institute report to fall from the 29 to the 42 position from 2018 to 2020.
The Zacatecas Mining Cluster inaugurated its Mining Center in Quantum City, to forward research, innovation and technological development in the State’s mining industry.
The Servicio Nacional de Empleo (National Employment Service) increased its jobs offer in the mining industry.
Vizsla Silver Corp. released results from twenty one drill holes targeting the Napoleon vein resource area, at Panuco, Sinaloa. The Napoleon vein measures approximately 1,000 m by 3.86 m in width, to a depth of 400 m, averaging 148 gpt Ag, 2.90 gpt Au, 0.46% Pb, 1.44% Zn (453 gpt AgEq), while the greater Napoleon vein resource area (including the previous one) measures 1,820 m by an average of 3.36 m in width to a depth of 300 m, averaging 142 gpt Ag, 2.62 gpt Au, 0.46% Pb, 1.39% Zn (421 gpt AgEq). Highlighted true width intercepts comprise 5.76 m @ 0.81 gpt Au, 56 gpt Ag, 0.8% Pb, 2.5% Zn; 1.21 m @ 2.25 gpt Au, 26 gpt Ag; 10.69 m @ 1.21 gpt Au, 220 gpt Ag, 0.4% Pb, 0.8% Zn; 1.74 m @ 0.29 gpt Au, 206 gpt Ag; 1.63 m @ 2.69 gpt Au, 34 gpt Ag, 0.2% Pb, 2.2% Zn; 2.52 m @ 0.54 gpt Au, 156 gpt Ag; 1.14 m @ 4.75 gpt Au, 128 gpt Ag, 1.2% Pb, 2.5% Zn; 2.90 m @ 0.76 gpt Au, 210 gpt Ag, 2.2% Pb, 1.8% Zn.
Heliostar Metals Ltd. commenced a drill program at its Cumaro project in Sonora. The drill program will focus on the Verde, Basaitegui and Palmita vein corridors. The Verde target comprises three veins with 530 m strike length 0.5 to 5.0 m in width, where previous surface sampling has returned 5.0 m @ 10.3 gpt Au, 168 gpt Ag; 5.9 m @ 2.65 gpt Au, 105 gpt Ag; 3.0 m @ 4.68 gpt Au, 61 gpt Ag; 1.75 m @ 11.5 gpt Au, 125 gpt Ag. At the Basaitegui target vein textures indicate a shallower part of the system is exposed and the vein at depth is to be tested. At the 1.7 km long Palmita target the mineralization system is also interpreted as shallow and the aim is to intercept the vein at depth.
Pantera Silver Corp. received a drill permit from the government for its Nuevo Taxco project in Guerrero. The maiden drill program is focused on priority targets within 135 ha area historically prepared for drilling by Impact Silver. This area hosts over 21 veins with “substantial width” and mapped lengths of 150 to 350 m, remaining open along strike and depth.
Tocvan Ventures Corp. updated on the trenching program at the Pilar project in Sonora. “Trenching is currently underway with four trenches completed to date at 4-Trench, North Hill and Main Zone targets”. At the Main zone the plan is to test an area where surface sampling has returned 10 m @ 2.5 gpt Au, 27 gpt Ag.
No relevant news.
Guanajuato Silver Company Ltd. closed the second and final tranche of its non-brokered private placement offering, for gross proceeds of C$9.52 M (El Cubo, Guanajuato).
Prismo Metals Inc. announced a non-brokered private placement intended to raise gross proceeds of up to $2 M (Los Pavitos, Sonora).
Aloro Mining Corp. intends to settle a debt for $211.2 K to various insiders of the company with 3.84 M shares (Los Venados, Sonora).
Sierra Madre Gold and Silver Ltd. announced it has qualified for trading on the OTCQB Venture Market in the United States operated by the OTC Markets Group Inc. (Tepic and La Tigra projects, Nayarit).
ON RESOURCES AND DEVELOPMENT
Discovery Silver Corp. filed the technical report with the update of mineral resources for the Cordero project in Chihuahua. The NI-43-101 report for the preliminary economic assessment (PEA) for Cordero will be filed within 45 days of November 30, 2021.
Fabled Silver Gold Corp. released results from one more hole at Santa Maria in Chihuahua. Nine core length intervals 1.5 to 3.0 m in width returned up to 0.16 gpt Au, 66 gpt Ag.
GoGold Resources Inc. released its initial mineral resource estimate for the Los Ricos North project in Jalisco, and updated the mineral reserve at the Parral tailings operation. Oxide indicated mineral from the El Favor, Casados, La Trini and Mololoa deposits adds up to 14.5 M tonnes @ 0.37 gpt Au, 100 gpt Ag, and inferred mineral resources of 15.0 m tonnes @ 0.28 gpt Au, 95 gpt Ag, containing 171 K Oz Au, 46.5 M Oz Ag and 136 K Oz Au, 44.1 M Oz Ag respectively. At El Orito sulfide zone there are 7.8 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.11% Cu, 0.88% Pb, 1.33% Zn as indicated resources, and 5.5 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.12% Cu, 0.74% Pb, 1.20% Zn as inferred resources, containing 15 K Oz Au, 7 M Oz Ag, 19 M Lb Cu, 151 M Lb, Pb, 229 M Lb Zn and 11 K Oz Au, 4.9 M Oz Ag, 15 M Lb Cu, 90 M Lb Pb, 146 M Lb Zn respectively, for a grand total of 334 K Oz Au, 93.5 M Oz Ag, 34 M Lb Cu, 241 M Lb Pb, 375 M Lb Zn. At the neighboring Los Ricos Sur project, the company holds 385 K Oz Au, 49.9 M Oz Ag in measured, indicated and inferred resources. At the Parral tailing project proven and probable mineral reserves are 12.8 M tonnes @ 0.35 gpt Au, 32.6 gpt Ag, containing 144 K Oz Au, 13.4 M Oz Ag.
Minera Alamos Inc. provided an update on the ramping-up of mining at Santana, in Sonora. Over 7,300 Oz Au have been placed on the leach pad, while cumulative gold recovery from ore under leach for more than 30 days his approaching 70%. “Mining and crushing activities at the project site continue to progress as operating experience is gained and the available Nicho Norte starter pit operating areas increase”.
Oroco Resources Corp. released results from drilling at its Santo Tomas project in Sinaloa. The eight holes completed so far in the North zone and drilling continues, whilst results for the first three holes have been received. Copper grades are comparable to historical grades and confirm the 2009 gradeshell model of Cu > 0.3%, with chalcopyrite and bornite disseminations and veinlets with sparse pyrite. “Sulphide mineralization in the main intersections on the North Zone are hosted in strongly potassic-altered volcanic and intrusive rocks with an overprint of phyllic alteration”. Highlighted core-length intervals comprise 255.0 m @ 0.39% Cu, 100 ppm Mo, 45 ppb Au; 280.1 m @ 0.38% Cu, 120 ppm Mo, 25 ppb Au; 25.5 m @ 0.29% Cu, 150 ppm Mo, 20 ppb Au; 14.3 m @ 0.50 % Cu, 80 ppm Mo, 26 ppb Au; 207.7 m @ 0.39% Cu, 140 ppm Mo, 19 ppb Au; 76.2 m @ 0.18% Cu, 20 ppm Mo, 7 ppb Au.
Prime Mining Corp. updated on exploration at its Los Reyes project in Sinaloa. Exploration results during the Q3 2021 include the discovery of Au-Ag mineralization in San Miguel East pit-constrained resource, in addition to near surface mineralization at Las Primas, additional high-grade results at Guadalupe East and strike and depth potential of the Zapote-Tahonitas mineralized structure. The planned phase two drilling program is to comprise 250 new holes and a minimum of 50,000 m.
ON DEALS AND CORPORATE ISSUES
Advance Gold Corp. changed its name to Advance Lithium Corp. (Tabasqueña, Zacatecas).
Solaris Resources Inc. intends to transfer its non-core assets in Ecuador, Peru, Chile and Mexico, into a newly incorporated subsidiary named Solaris Exploration Inc., while Solaris Resources focuses on the Warintza project in Ecuador (La Verde (60%), Michoacan).
Prime Meridian Resources Corp. executed a letter of intent (LOI) to purchase up to 100% interest in La Verde Grande 2,493 ha project in Sonora. “The Company’s plan is to fast-track the exploration and development of the seven currently known Cu-Zn-Ag-Au skarn zones, while evaluating in parallel, the significant opportunity for the discovery of copper porphyry mineralization proximal to those skarn zones”. PMR will make cash payments of US$400 K and payments in shares of US$8 M to acquire up to 100% indirect ownership of the La Verde project, subject to a 2% royalty. Upon completing the US$400 K payment, PMR will have earned 5% indirect ownership of the La Verde project, and further 45% indirect ownership upon issuance of 25 M shares @ CA$0.15 per share. PMR will acquire further 25% indirect interest by issuing an additional US$3 M in shares before the first anniversary. A final 25% indirect interest will be earned by issuing US$2 M in shares before the second anniversary. Of the 2% royalty, 1% can be bought by US$1.0 M.
ON SOCIAL RESPONSIBILITY
No relevant news.
On the image below: X marks the spot. Mafic dike on granitic intrusive rock in Sonora. Picture by Jorge Cirett.
During the 45th week of the year (November 8th to November 14th, 2021), at least 22 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, five released Q3 reports, two on financing related news and one on marketing services contracting, while five companies posted on project development or resource definition and one more on a project acquisition. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Starcore International is exploring its Tecouitla and Meztli 4 concessions; Colibri Resources started RC drilling at Evelyn; Minaurum Gold informed on drilling at Alamos Silver; Silver Tiger reported high-grade results from drilling at El Tigre; Tocvan Ventures commenced field operations at Pilar. In Durango, Canasil Resources is to resume drilling at Nora. ON MINING, Gatos Silver, Avino Silver, Pan American Silver, Fortuna Silver and Endeavour Silver (all silver companies) presented their Q3 2021 reports. ON FINANCING, Candelaria Mining contracted the service of two marketing companies. Heliostar Metals closed a financing round for $4 M. Great Panther announced the underwriting of $20 M in shares. ON RESOURCES AND DEVELOPMENT, Fabled Silver released results from underground drilling at Santa Maria, Chihuahua. GoGold Resources reported drilling results from Los Ricos North in Jalisco. Pan American Silver disclosed further impressive drilling results from La Colorada Skarn in Zacatecas. Golden Minerals released RC drilling results from Rodeo, Durango. Osisko Development disclosed drilling results from the Sapuchi deposit at San Antonio in Sonora. ON DEALS AND CORPORATE ISSUES, Millrock Resources singed an agreement with Mine Discovery Fund on El Batamote property in Sonora. ON SOCIAL RESPONSIBILITY, Coanzamex, Industrias Peñoles and Fresnillo PLC informed on its support for communities, science and education.
ON MEXICO ISSUES
No Relevant News.
Starcore International Mines Ltd. is to start drilling at it “Meztli 4” and “Tecouilta” mining concessions in Sonora. The first stage drilling is to explore five veins that have more than eight months of reconnaissance work and 2,000 surface samples. Starcore holds 14,451 hectares in the area, which includes the Creston molybdenum deposit. The veins range from 0.55 to 1.07 m in width at the surface, with grades of up to 4.19 gpt Au and 250 gpt Ag.
Monarca Minerals Inc. released results from reverse circulation drilling at San Jose, in Chihuahua. “Large volumes of skarn and altered intrusive rocks have been intersected in the drilling …….. Mineralization is hosted in both exoskarn and endoskarn and in silicified intrusive rocks, which are locally potassically altered”. Some of the highlighted hole-length intervals comprise 3 m @ 4.07 gpt Au, 6 gpt Ag, 0.2% Pb, 0.5% Zn; 1.5 m @ 79 gpt Ag, 0.34% cu, 0.4% Pb, 1.5% Zn; 6.1 m @ 0.36 gpt Au, 3 gpt Ag, 1% Cu; 3 m @ 3.11 gpt Au, 32 gpt Ag, 0.13 % Cu; 1.5 m @ 0.92 gpt Au, 2 gpt Ag; 4.6 m @ 0.13 gpt Au, 0.33% Cu.
Colibri Resources Corp. started reverse circulation drilling at its Evelyn project in Sonora. The first 5,000 m phase of drilling will take approximately two months, focusing on targets generated by high-grade surface and trench sample results coincident with magnetic gradients and lineaments and mapped structures.
Minaurum Gold Inc. informed on drilling results at its Alamos Silver project in Sonora. “. Drilling at the Alessandra vein recently discovered a blind Ag-Cu-Pb-Zn skarn that is open in all directions while ongoing drilling at Europa-Guadalupe continues to delineate a high-grade mineralized vein system which is now been extended by 40% to at least 800 meters in length. Europa-Guadalupe remains open at depth and along strike”. Highlighted core-length results comprise 1.60 m @ 174 gpt Ag, 1.3% Cu; 1.20 m @ 0.3% Pb, 2.4% Zn; 5.05 m @ 106 gpt Ag, 0.2% Pb, 0.5% Zn; 2.25 m @ 228 gpt Ag, 0.1 gpt Au, 0.17% Cu, 0.5% Pb, 1.3% Zn; 1.55 m @ 139 gpt Ag, 0.13% Cu, 0.1% Pb, 0.2% Zn; 1.65 m @ 240 gpt Ag, 0.4% Cu, 0.5% Pb, 0.6% Zn; 1.10 m @ 1.2% Pb, 7.6% Zn; 0.90 m @ 57 gpt Ag, 0.24 gpt Au, 1.0% Pb, 3.0% Zn; 3.85 m @ 57 gpt Ag, 0.56 gpt Au, 0.8% Pb, 2.1% Zn; 11.05 m @ 120 gpt Ag, 0.25 gpt Au, 1.12% Cu, 0.4% Pb, 1.8% Zn; 6.40 m @ 147 gpt Ag, 0.13% Cu, 0.3% Pb, 0.6% Zn; 0.95 m @ 435 gpt Ag, 0.35 gpt Au, 0.43% Cu, 1.4% Pb, 3.6% Zn; 0.70 m @ 513 gpt Ag, 0.26% Cu, 0.2% Pb, 0.3% Zn; 1.50 m @ 1.1 gpt Au; 2.85 m @ 91 gpt Ag, 0.24% Cu, 0.3% Pb, 0.5% Zn; 21.85 m @ 62 gpt Ag, 0.14% Cu, 0.2% Pb, 0.4% Zn.
Silver Tiger Metals Inc. reported high-grade results from drilling on the Seitz Kelley vein at El Tigre project in Sonora. Highlighted core-length intervals comprise 17.5 m @ 31.53 gpt Au, 139 gpt Ag, 0.11% Cu, 0.9% Pb, 2.2% Zn, including 1.6 m @ 343.12 gpt Au, 238 gpt Ag, 0.1% Cu, 1.6% Pb, 2.6% Zn (which includes 0.5 m @ 1,097.8 gpt Au, 255 gpt Ag), and 7.1 m @ 0.21 gpt Au, 277 gpt Ag, 0.24% Cu, 1.8% Pb, 4.7% Zn. “The historical underground workings on the Seitz Kelly vein extended over a strike length of 1,000 meters on 11 working levels. Geological and assay plan maps from the original operations were recovered from the Anaconda Collection archives at the University of Wyoming. A total of 5,301 underground channel samples with gold and silver assays in the Seitz Kelly workings (levels, raises, winzes, crosscuts) were digitized and plotted. Mining on the upper levels of the Seitz Kelly vein was advanced to Section 5500N but only to 5100N on Level 6 and 5000N on Level 7 below the Espuelas Canyon (see Sooy and Seitz Kelly Vein Plan Map) when the mine shut down in 1930. Both drifts were advancing to the north in high grade ore”.
Tocvan Ventures Corp. commenced field operations at Pilar, in Sonora. The company intends to evaluate surface mineralization with trenching and channel sampling, metallurgical studies and additional 5,000 to 8,000 m of drilling.
Canasil Resources Inc. is planning to resume core drilling at the Nora project in Durango. The work is set to start on the third week of November, and is to focus on testing below and along strike extensions of the Candy vein high-grade already defined. Ten holes have tested the Candy vein for 500 m of the 3 Km traced strike on the surface, to a depth of 175 below, returning up to 11.29 true-width @ 5.31 gpt Au, 336 gpt Ag.
Gatos Silver Inc. reported third quarter 2021 operational and financial results. At Cerro Los Gatos in Chihuahua, 242.9 K tonnes were mined, 234 K tonnes milled at 2,544 tpd, averaging 256 gpt Ag, 0.30 gpt Au, 2.35% Pb, 4.10% Zn, containing 1.7 M Oz Ag, 1.3 K Oz Au, 10.8 M Lb Pb, 13.5 M Lb Zn, having recovered 89% Ag, 63% Au, 91% Pb, 74% Zn. By-product cash cost was $3.58 per AgEq Oz and By-product AISC $19.57 per AgEq Oz.
Avino Silver & Gold Mines Ltd. presented its consolidated financial results for the third quarter 2021. During the period at the Avino mine in Durango, 58.2 K tonnes were milled to produce 77.9 K Oz Ag, 1,183 Oz Au, 685.5 K Lb Cu, at cash cost $6.75 per AgEq and AISC of $25.60. Currently mining and milling are proceeding at between 1,000 and 1,500 tpd, below the 2,500 tpd plant capacity. As announced before, the La Preciosa property was acquired and plans are being prepared to integrate production into the Avino operations.
Pan American Silver Corp. reported unaudited results for the third quarter 2021, including some figures from its Mexican operations. At La Colorada, in Zacatecas, 1.4 M Oz Ag, 700 Oz Au were produced at cash cost $12.65 and AISC $18.48 per Ag Oz. At Dolores, in Chihuahua, 484 K Oz Ag, 39.6 K Oz Au were produced at cash cost $767 and AISC $951 per Au Oz.
Fortuna Silver Mines Inc. reported third quarter 2021 financial results, including figures from its Mexican operations. At San Jose, in Oaxaca, 250 K tonnes were milled at an average rate of 2,862 tonnes per day (tpd), grading 185 gpt Ag, 1.22 gpt Au, with recoveries of 92% and 91% respectively, to produce 1.43 M Oz Ag, 8,910 Oz Au at cash cost $9.99 per Oz AgEq and an AISC of $15.51 per Oz AgEq.
Endeavour Silver Corp. released its financial results for the Q3 2021. The company operates the Guanaceví mine in Durango and the Bolañitos mine in Guanajuato, having suspended recently operations at the El Compas mine in Zacatecas. During the period 1.3 M Oz Ag, 10,541 Oz Au were produced at $8.16 per Oz Ag and AISC of $17.46 per Oz AgEq, net of gold credits.
Candelaria Mining Corp. has contracted the services of two marketing companies, Adelaide Capital Markets Inc. and Investor News Network (Caballo Blanco, Veracruz).
Heliostar Metals Ltd. closed the second and final tranche of its non-brokered private placement offering for gross proceeds of $2.713.6 K, which combined with the first tranche amount to aggregate gross proceeds of $4 M (Cumaro, Sonora).
Great Panther Mining Ltd. announced an agreement under which the underwriters are to buy shares of the company for aggregate gross proceeds of $20 M (Guanajuato Mine Complex, Guanajuato and Topia, Durango).
ON RESOURCES AND DEVELOPMENT
Fabled Silver Gold Corp. released results from underground diamond drilling on its Santa Maria property in Chihuahua. The highlighted core-length interval is 16.50 m @ 0.04 gpt Au, 20 gpt Ag, including 3.0 m @ 0.11 gpt Au, 42 gpt Ag, and 1.50 m @ 0.11 gpt Au, 50 gpt Ag, and 1.50 m @ 0.12 gpt Au, 33 gpt Ag. The interval is in a dike with 1 mm stockwork quartz/oxidized pyrite veining.
GoGold Resources Inc. reported results form 11 holes at Mololoa and 19 holes at El Nayar at its Los Ricos North project in Jalisco. Some of the highlighted core-length intervals at Mololoa comprise 8.5 m @ 0.12 gpt Au, 50 gpt Ag; 23.5 m @ 0.25 gpt Au, 78 gpt Ag; 1.4 m @ 1.87 gpt Au, 798 gpt Ag; 5.0 m @ 0.23 gpt Au, 75 gpt Ag; 19.9 m @ 0.39 gpt Au, 90 gpt Ag; 6.8 m @ 0.12 gpt Au, 51 gpt Ag; 9.7 m @ 0.35 gpt Au, 97 gpt Ag, and 8.0 m @ 0.21 gpt Au, 70 gpt Ag; 7.1 m @ 0.33 gpt Au, 126 gpt Ag; 3.9 m @ 1.73 gpt Au, 288 gpt Ag; 16.6 m @ 0.50 gpt Au, 116 gpt Ag; 5.6 m @ 0.27 gpt Au, 81 gpt Ag; 5.5 m @ 157 gpt Ag; 1.5 m @ 0.36 gpt Au, 335 gpt Ag; 3.8 m @ 0.87 gpt Au, 161 gpt Ag; 14.1 m @ 0.12 gpt Au, 92 gpt Ag; 3.1 m @ 3.20 gpt Au, 67 gpt Ag at El Nayar.
Pan American Silver Corp. provided results from 39 infill and step-out holes at La Colorada Skarn in Zacatecas. During the current year 36,000 m of infill drilling and 14,000 m of exploration drilling have been completed, and 18,000 m are planned before the year ends and a further 60,000 m in 2022. Highlighted core length intervals comprise 31.9 m @ 48 gpt Ag, 0.13% Cu, 3.5% Pb, 5.2% Zn; 77.1 m @ 119 gpt Ag, 0.26% Cu, 7.7% Pb, 13.6% Zn; 114.6 m @ 133 gpt Ag, 3.6% Pb, 4.8% Zn; 70.3 m @ 82 gpt Ag, 4.2% Pb, 10.0% Zn; 204.5 m @ 48 gpt Ag, 0.19% Cu, 3.2% Pb, 5.3% Zn; 181.7 m @ 60 gpt Ag, 0.13% Cu, 3.8% Pb, 4.3% Zn; 96.3 m @ 19 gpt Ag, 2.4% Pb, 3.1% Zn; 89.0 m @ 65 gpt Ag, 0.19% Cu, 3.3% Pb, 6.6% Zn; 264.1 m @ 60 gpt Ag, 0.23% Cu, 3.4% Pb, 6.8% Zn; 314.1 m @ 35 gpt Ag, 0.17% Cu, 0.17% Cu, 1.6% Pb, 2.8% Zn; 64.5 m @ 69 gpt Ag, 0.15% Cu, 2.1% Pb, 4.7% Zn; 111.0 m @ 41 gpt Ag, 0.22% Cu, 1.3% Pb, 4.3% Zn.
Golden Minerals Co. released assays from its reverse circulation and diamond drill programs at Rodeo, in Durango. Highlighted drilled-length intervals comprise 28 m @ 2.0 gpt Au, 18 gpt Ag; 34 m @ 2.3 gpt Au, 9 gpt Ag; 20 m @ 8.2 gpt Au, 23 gpt Ag; 26 m @ 2.4 gpt Au, 23 gpt Ag; 24 m @ 3.7 gpt Au, 14 gpt Ag. “The 2021 drilling programs conducted at Rodeo consisted of 47 RC holes totaling 3,187m, plus 35 diamond holes totaling 2461m”.
Osisko Development Corp. announced drilling results from its exploration and category conversion drill program at its San Antonio project in Sonora. Mineralization at Sapuchi, Golfo de Oro and California is in a hydrothermal breccia 3,000 m long with intense sericite-chlorite alteration in sedimentary rocks, related to an intrusion and interpreted as of iron oxide gold style affinity (IOCG). A total of 27,000 m on 156 holes have been drilled in 2021, of which results for the first 41 holes at Sapuchi were presented on this press release. Core length results comprise 12.50 m @ 2.16 gpt Au; 10.25 m @ 2.37 gpt Au; 17.70 m @ 1.01 gpt Au, 12 gpt Ag; 13.85 m @ 1.50 gpt Au; 9.45 m @ 1.58 gpt Au, 32 gpt Ag; 20.45 m @ 1.08 gpt Au; 22.15 m @ 1.59 gpt Au; 12.65 m @ 2.94 gpt Au; 9.00 m @ 2.24 gpt Au, 14 gpt Ag; 39.90 m @ 1.02 gpt Au; 19.30 m @ 1.60 gpt Au; 22.00 m @ 1.30 gpt Au; 21.65 m @ 2.14 gpt Au; 29.20 m @ 1.52 gpt Au, 14 gpt Ag; 11.85 m @ 1.80 gpt Au; 9.10 m @ 2.19 gpt Au.
ON DEALS AND CORPORATE ISSUES
Millrock Resources inc. signed a binding letter agreement (and received a US$50 K payment) with Mine Discovery Fund Pty. Ltd. on its El Batamote property in Sonora. A definitive agreement will be signed once MDF incorporates a subsidiary company in Mexico. To earn a 100% interest in the concessions, cash payments for a total of US$1 M over five years should be made, execute US$6 M in exploration and pay Millrock US$250 K in shares. If the purchase option is exercised, annual advanced minimum royalty payments will have to be made, the first of US$50 K, and then increasing annually until a US$500 K is reached, remaining capped at that level until commercial production is achieved, when a 1% NSR on production enters into effect. The Batamote property hosts porphyry copper mineralization in the Cananea – La Caridad trend.
ON SOCIAL RESPONSIBILITY
Coanzamex informed on its sponsorship of the fire department in Parral, Chihuahua.
Industrias Peñoles and Fresnillo PLC informed on their support for basic science and education.
Grupo Mexico announced the donation of tree saplings to the Chihuahua government.
On the image below: Porphyritic dike on a porphyry copper project in the Sonoran Desert. Picture by Jorge Cirett.
During the 43rd week of the year (October 25th to October 31st, 2021), at least 34 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six released Q3 reports, one on commencement of mining and one other in red tape issues, there were no financing related news, while ten companies posted on project development or resource definition and one more on a project acquisition. ON MEXICO ISSUES, a leftist senator asked for the Mining Fund to be reinstated for the benefit of communities. The head of the Energy Secretariat confirmed plans to create a lithium State company, and the government’s drive to monopolize the electricity market. Mixed market results for Mexican companies in 2021. ON EXPLORATION, In Sonora, Colibri Resources updated on drilling preparations. In Chihuahua, Reyna Silver has drilled the first skarn intervals in the Guigui project, rising the stakes and probing that pursuing geological models can pay off. Radius Gold released good drill results from the California target in the Amalia project. In Durango, Silverton updated on exploration activities at Pluton. In Sinaloa, Brigadier Gold released trench results from El Placer vein system at its Picachos property. In Nayarit, Sierra Madre Gold and Silver released surface sample results. ON MINING, Fortuna Silver is awaiting a resolution on an application to continue mining at San José, in Oaxaca. Agnico Eagle, Altaley Mining, Guanajuato Silver, Alamos Gold, Coeur Mining, Gold Resource and Fresnillo PLC presented their Q3 2021 reports. Guanajuato Silver shipped its first concentrate from El Cubo mill. ON FINANCING, for the first time in a long period, no relevant news on this matter. ON RESOURCES AND DEVELOPMENT, Sonoro Gold plans a 10,000 m RC drilling campaign alongside the development of a 15 K tpd leach mining operation at Cerro Caliche in Sonora. A PEA has been filed. Barksdale Resources released good drilling results from San Javier, in Sonora. SilverCrest Metals continues construction on budget and on schedule at Las Chispas, Sonora. Excellon Resources presented high-grade drilling results from Platosa, in Durango. Silver Dollar is preparing for drilling at La Joya, Durango. Southern Silver Exploration updated the resource estimate at Cerro Las Minitas, Durango. GoGold Resources released drilling results from Los Ricos North project in Jalisco. Orex Minerals pointed that Fresnillo PLC, its JV partner at the Coneto project in Durango, released a maiden resource estimation. Mag Silver reported production from development at Juanicipio, Zacatecas by its JV partner Fresnillo PLC. ON DEALS AND CORPORATE ISSUES, Avino silver & Gold Mines acquired the La Preciosa project, neighboring its Avino mine in Durango. Advance Gold filed a patent for lithium extraction from clays and fine sands. ON SOCIAL RESPONSIBILITY, Fresnillo PLC informed on health campaigns in Zacatecas.
ON MEXICO ISSUES
Geovanna Bañuelos, senator by the Partido del Trabajo (PT) asked for the Mining Fund to be reinstated in benefit to communities and municipalities where mining takes place.
Rocío Nahle, head of the Energy Secretariat, confirmed plans to create a lithium State company, as part of a wider reform in the electricity industry, same that is seen as containing expropriation streaks. The private sector is overwhelmingly against this reform, that is seen to conduct to higher energy prices and pollution, as well to scare other investments from the country.
Mixed results for Mexican Mining companies reflect changes in metal prices. Companies that have seen their stock tumble during 2021 include Fresnillo (-20.7% in Mexico, -18.3% in London). Peñoles (-11.4%) and Frisco (-4.2%) by their exposure to precious metals that have contracted by 5% in the case of gold and 7.4% for silver. Companies that have seen their stock appreciate include Autlán (+23.5%) and Grupo Mexico (+13.5%), the latter due to the 26.7% increase in the copper price.
Silverton Metals Corp. updated on the exploration activities at the Pluton project in Durango. The company’s processing and 3-D modelling of geophysical data is showing features not previously identified and defined new target areas. “Magnetometry reprocessing has been completed while ZTEM and gravity modelling are in progress. Permitting is underway for a seismic test line scheduled to be surveyed before year end. The seismic profile is expected to determine the depth to carbonate rocks” which might determine the depth to the favorable carbonate rocks.
Brigadier Gold Ltd. released results from additional trenches at El Placer Sur vein system at its 3,954-hectare Picachos project in Sinaloa. The property shows a porphyry Cu-Mo in an intrusive complex and Au-Ag-Cu-Pb-Zn veins. Intrusion hosted bulk tonnage coppers is exposed on the lower elevations, with sericitic breccias bearing Mo-rich stockworks a little bit above and peripheral to these, Au-Cu-Pb-Zn veins occur with propylitic, argillic and sericitic alteration on host rocks. At EL Placer Sur, veins historically mined on narrow widths are showing wider spans in trenches, like 10.65 m @ 2.08 gpt Au, 38 gpt Ag, 638 ppm Cu, 2.9% Pb, 3.5% Zn; 5 m @ 3.37 gpt Au, 3 gpt Ag.
Radius Gold Inc. released high-grade results from drilling by Pan American Silver Corp. of the California target at the Amalia project in Chihuahua. “The California vein breccia system has been mapped for 2.8km” with 3,814 m of drilling limited to 1km. Reported intervals include 6.20 m @ 93 gpt Ag, 0.43 gpt Au; 27.30 m @ 90 gpt Ag, 0.26 gpt Au; 50.40 m @ 50 gpt Ag, 0.05 gpt Au; 3.95 m @ 487 gpt Ag, 2.15 gpt Au; 17.15 m @ 35 gpt Ag, 0.07 gpt Au; 1.75 m @ 578 gpt Ag, 0.27 gpt Au; 11.20 m @ 379 gpt Ag, 1.26 gpt Au; 26.90 m @ 353 gpt Ag, 2.59 gpt Au (including 7.50 m @ 976 gpt Ag, 7.38 gpt Au); 11.15 m @ 99 gpt Ag, 0.64 gpt Au.
Reyna Silver Corp. reported initial results for its 13-hole drilling program at Guigui, in Chihuahua. “The program was designed to narrow down the location of the probable source intrusion for the Santa Eulalia District- Mexico’s largest known Carbonate Replacement Deposit (CRD)”. Two holes cut a 200 m thick rhyolitic intrusion, starting at 1,309 m of depth, previously unknown in the district, with extensive high-grade mineralization at its base. The highlighted interval comprises 54.90 m @ 23 gpt Ag, 0.67% Pb, 1.86% Zn, including 15.80 m @ 60 gpt Ag, 2.19% Pb, 5.85% Zn. The epidote skarn present shows textural evidence for multiple stages of formation that point to repeated pulses of mineralization related to a possible multi-phase intrusive center (Note by Editor.- Congratulations to Peter Megaw, who has been relentlessly pursuing this beast for several
Sierra Madre Gold and Silver Ltd. released results from assaying of 319 reconnaissance surface samples at La Tigra, Nayarit. The samples average 0.48 gpt Au, with 10% of the total returning more than 1 gpt Au and a peak of 18.2 gpt Au.
Colibri Resource Corp. updated on preparations for drilling at Evelyn in Sonora. Current work includes geological mapping and sampling, as well as construction of drill access roads and pads. The incoming reverse circulation program of up to 10,000 m will be based on the surface distribution of higher-grade assay results coincident with magnetic gradients and lineaments, as well as mapped structures.
Fortuna Silver Mines Inc. informed the company filed with SEMARNAT (Environmental regulator) an application to extend by ten years the term of the environmental impact authorization (EIA) on its San Jose mine in Oaxaca. SEMARNAT has failed to resolve timely on the application, and Fortuna has obtained a provisional injunction from a federal court that allows the continued operation of the San Jose mine beyond the expiry date of the EIA. The company is seeking “an additional injunction to permit the continued operation of the San Jose Mine until the extension to the EIA is granted”.
Agnico Eagle Mines Ltd. presented Q3 2021 results, including figures from its Mexican operations. At Pinos Altos, in Chihuahua, 444 K tonnes were processed at a rate of 4,826 tonnes per day (tpd), averaging 2.40 gpt Au, to produce 32,402 Oz Au at production cash cost $1,156 per Oz Au and total cash cost of $854 per Oz Au. At Creston Mascota, residual leaching produced 2,988 Oz Au at $593 per Oz Au and total cost of $486 per Oz Au. At La India, in Sonora, 1.23 M tonnes were processed at a rate of 13,402 tpd and a grade of 0.62 gpt Au, to produce 17,124 Oz Au at a production cost of $931 per Oz Au and a total cash cost of $971 pr Oz Au.
Altaley Mining Corp. provided preliminary production results for the quarter ending on September 30, 2021. At Campo Morado in Guerrero, 163.7 K tonnes were milled @ 1.2 gpt Au, 129 gpt Ag, 1.1% Pb, 4.5% Zn, recovering 22% Au, 46% Ag, 31% Pb, 74% Zn to produce 11.8 K tonnes of Zn concentrate and 2.7 K tonnes of Pb concentrate.
Guanajuato Silver Company Ltd. announced the first shipment of Au-Ag concentrate from El Cubo mill in Guanajuato. Approximately 75 tonnes of concentrate produced on the recently refurbished processing plant, averaging 200 Oz Ag per tonne and 2 Oz Au per tonne.
Alamos Gold Inc. presented its third quarter 2021 production report, including figures from its Mexican operations. At Mulatos, in Sonora, 744.8 K tonnes of ore and 1.675 M tonnes of waste were moved, with 1.58 M tonnes stacked @ 1.08 gpt Au, containing 54,999 Oz Au with a recovery rate of 49% Au to produce 26,700 Oz Au. A further 6.3 M tonnes of waste were moved at La Yaqui Grande pit, as part of pre-stripping. Production was significantly impacted by an above-average rainy season.
Coeur Mining Inc. reported third quarter financial results including figures from its operation in Mexico. At Palmarejo in Chihuahua, 517.4 K tonnes were milled @ 1.55 gpt Au, 120 gpt Ag, recovering 93.7% Au, 85.5% Ag to produce 24,254 Oz Au, 1.7 M Oz Ag. La Preciosa deposit in Durango was sold to Avino Silver & Gold Mines Ltd. for a total potential consideration between 58.8 M and $93.4 M plus two royalties.
Gold Resource Corp. reported Q3 2021 results. At the Don David mine in Oaxaca, 155.5 K tonnes were milled @ 1.26 gpt Au, 68 gpt Ag, 0.40% Cu, 1.9% Pb, 5.0% Zn, to produce 4,728 Oz Au, 324.6 K Oz Ag, 428 tonnes Cu, 2,157 tonnes Pb, 5,538 tonnes Zn.
Fresnillo PLC reported production of 12.7 M Oz Ag in the third quarter of 2021. The company maintains the 2021 guidance between 53.5 M Oz Ag and 59.5 M Oz Ag.
No Relevant News.
ON RESOURCES AND DEVELOPMENT
Sonoro Gold Corp. intends to resume drilling at the Cerro Caliche project in Sonora, with a 10,000 m reverse circulation (RC) drilling campaign. The drilling is to proceed alongside the proposed development of 15,000 tonnes per day (tpd) heap leach mining operation. The six-month program is to focus in expanding oxide gold mineralization and some potential high-grade targets in a total of 12 zones, with holes averaging 100-110 m in depth.
Barksdale Resources Corp. released good drill results from the current 5,000m program at its San Javier project in Sonora. Results from the Cerro Verde zone testing gaps between historically known mineralization intercepted 38.5 m @ 0.38% Cu, 0.38 gpt Au and 51 m @ 0.32% Cu, 0.29 gpt Au in one hole, with a 27 m 1.97 gpt Au interval partially overlapping with these two zones. Another hole intercepted 105 m @ 0.63% Cu, 0.40 gpt Au, including 15 m @ 1.01% Cu; 9 m @ 1.57% Cu, 2.20 gpt Au; with a 18 m @ 1.77 gpt Au, 0.97% Cu interval partially overlapping and an independent 21 m @ 0.55 gpt Au interval. To date 24 diamond drill holes have been completed, of which the first four were drilled partially or completely in PQ size (for metallurgical studies), and the rest as HQ size.
SilverCrest Metals Inc. advised project construction continues on schedule and budget at its Las Chispas property in Sonora. Well-advanced or completed areas comprise the plant detailed engineering, process plant construction, electrical powerline (81 Km) construction, bridge construction, confined camp construction, access road construction, underground development, underground infrastructure and stockpile growth, dry stack tailings facility and assay lab construction.
Excellon Resources Inc. presented results from underground drilling at Platosa, in Durango. Highlighted core-length intervals comprise 7.5 m @ 648 gpt Ag, 2.6% Pb, 1.4% Zn; 2.2 m @ 2,160 gpt Ag, 24.6% Pb, 7.2% Zn; 0.5 m @ 4,451 gpt Ag, 8.8% Pb, 12.2% Zn, 0.2 gpt Au; 3.4 m @ 501 gpt Ag, 5.8% Pb, 4.4% Zn; 0.9 m @ 1,310 gpt Ag, 9.8% Pb, 4.2% Zn, 0.1 gpt Au; 1.4 m @ 585 gpt Ag, 4.5% Pb, 3.0% Zn; 3.4 m @ 766 gpt Ag, 4.7% Pb, 3.5% Zn; 1.5 m @ 445 gpt Ag, 3.9% Pb, 7.4% Zn; 2.7 m @ 523 gpt Ag, 3.5% Pb, 8.5% Zn; 1.9 m @ 748 gpt Ag, 4.0% Pb, 12.8% Zn.
Silver Dollar Resources Inc. is relogging and resampling select historical drill core, along with targeted surface sampling and mapping to refine drill locations for its incoming drilling program at La Joya, Durango.
Southern Silver Exploration Corp. updated its mineral resource estimate on Cerro Las Minitas project in Durango. Indicated sulfide mineral resources stand at 12.32 M tonnes @ 106 gpt Ag, 0.07 gpt Au, 1.3 % Pb, 3.3% Zn, 0.16% Cu (347 gpt AgEq) containing 42.1 M Oz Ag, 28 K Oz Au, 358 M Lb Pb, 895 M Lb Zn, 44 M Lb Cu (137.3 M Oz AgEq) and inferred sulfide resources at 19.6 M tonnes @ 117 gpt Ag, 0.12 gpt Au, 1.2% Pb, 2.3% Zn, 0.23% Cu (314 gpt AgEq), containing 73.6 M Oz Ag, 78 K Oz Au, 500 M Lb Pb, 1,009 M Lb Zn, 98 M Lb Cu (197.7 M Oz AgEq).
GoGold Resources Inc. released the results of four drill holes from the El Favor East zone at its Los Ricos North project in Jalisco. Highlighted core-length results comprise 10.1 m @ 0.14 gpt Au, 42 gpt Ag; 27.5 m @ 0.04 gpt Au, 40 gpt Ag; 22.0 m @ 0.45 gpt Au, 151 gpt Ag (including 1.3 m @ 4.16 gpt Au, 827 gpt Ag); 20.0 m @ 0.37 gpt Au, 122 gpt Ag; 4.8 m @ 0.28 gpt Au, 107 gpt Ag; 1.4 m @ 0.40 gpt Au, 29 gpt Ag; 1.3 m @ 0.15 gpt Au, 60 gpt Ag; 12.1 m @ 0.32 gpt Au, 89 gpt Ag (including 1.3 m @ 1.94 gpt Au, 348 gpt Ag). The new drilling extended El Favor East for another 150 m.
Orex Minerals Inc. announced that the joint venture company which is 55% Fresnillo and 45% Orex received results from the first mineral resource estimate at the Coneto project in Durango. A total of 38,515 m of drilling in 106 diamond holes were used to calculate 5.32 M tonnes @ 1.67 gpt Au, 112 gpt Ag (3.15 gpt AuEq) containing 286 K Oz Au, 19.1 M Oz Ag (538 K Oz AuEq) in inferred resources.
Mag Silver Corp. reported 2021 third quarter production of underground development material from the Juanicipio project (56% Fresnillo PLC/44% Mag Silver). During the period 57.1 K tonnes were processed to produce 667.5 K Oz Ag, 1,107 Oz Au. “Construction of the Juanicipio processing plant continues to make good progress, with the focus now on transitioning from construction to commissioning activities”.
Sonoro Gold Corp. filed a preliminary economic assessment (PEA) of the Cerro Caliche project in Sonora. The report envisages a Pre-Tax NPV (5%) of US$6.7 M and an IRR of 52.7% with a price of US$1,750 per Oz Au; 7 years of life of mine producing an average of 45.7 K Oz Au for a total of 325 K Oz Au; recoveries of 74% Au and 27% Ag; AISC of US$1,351 per Oz Au; 349 K Oz Au measured and indicated resources at 0.41 gpt Au and 71 K Oz Au of inferred resources at 0.40 gpt Au.
ON DEALS AND CORPORATE ISSUES
Advance Gold Corp. filed a patent application to extract lithium and potassium from clay and fine sand salars. The company intends to use this environmentally friendly method from its properties in central Mexico. The method uses water and an electrical process to obtain a solution of Li and K that can produce a high-grade concentrate from which Li and K extracted using organic compounds.
Avino Silver & Gold Mines Ltd. acquired the La Preciosa project in Durango from Coeur Mining Inc. through the purchase of the shares of holding companies. La Preciosa is neighboring to the Avino mine, with operational synergies due to its location. Furthermore, metallurgical testing of ore achieved 80% Au and 60% gold recovery using flotation methods currently used at Avino’s mill facilities. La Preciosa holds 99 Moz Ag, 189 K Oz Au in indicated resources and 21 M Oz Ag, 35 K Oz Au in inferred resources. Avino agreed to pay a cash consideration of $15 M on closing and $5 M a year after closing, and issue 14 M shares (~12% of Avino stock will be owned by Coeur). A contingent cash consideration of $8.75 M will be paid within one year of commencement of mining. “Coeur will retain ownership of a 1.25% net smelter return royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all areas of La Preciosa other than the Gloria and Abundancia areas”.
ON SOCIAL RESPONSIBILITY
Fresnillo PLC informed on health campaigns in Zacatecas.
On the image below: Calc-sodic alteration along epidote veinlets in intrusive rocks on a project in the Sonoran Desert. Picture by Jorge Cirett.
During the 34th week of the year (August 23th to August 29th, 2021), at least 14 press releases were announced by companies working in Mexico and 2 news published by the media, with six reporting resources and developments of their properties, five informing on exploration results, two discussing social issues, one communicating production and financial results, one announcing financial topics, and one disclosing deal and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Benjamin Hill confirmed the presence of gold and copper mineralization at depth at its Sonora Gold project, and Tocvan provided an update of its phase II drilling program at El Pilar project. In Chihuahua, Kootenay informed about the discovery of a potential new high-grade zone at its Columba project. In Sinaloa, Vizsla announced that it has resumed drilling at its flagship Panuco project and released new exploration drill results from the step-out drilling at the Napoleon Corridor. ON MINING, Mexus Gold announced that the activated carbon system at its Santa Elena mine in Sonora is working as planned to produce gold. ON FINANCING, Alamos Gold declared quarterly dividends of USD $0.025 per common share and announced it repurchased 600K shares at a cost of USD $4.5M (Mulatos mine, Sonora). ON RESOURCES AND DEVELOPMENT, Discovery presented Q2, 2021 financial results and provided an update of key activities for its flagship Cordero project in Chihuahua. Fabled reported drill results from its newly upgraded 14,200m drilling program at its Santa Maria project in Chihuahua and informed that one hole intersected multiple mineralized sheeted vein structure over a true width of 150m. GoGold released results from six holes drilled at El Orito Zone at its Los Ricos North project in Jalisco and reported the completion of an IP survey to map out the sulphide rich zone along strike and dip. Golden Tag finished a geological interpretation program in partnership with Orix Geoscience at its San Diego project located in Durango. GR Silver completed an initial resource estimate at its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Bacanora Lithium provided an update on the litigation with the Estate of Colin Orr-Ewing in regard to its challenge to the validity of the lithium royalty over the Sonora Lithium Project. ON SOCIAL RESPONSIBILITY, Grupo Mexico Foundation supports reforestation of protected natural areas in the country. La Cantera Desarrollos Mineros provided financial support for the construction of a medical appointment center in the community of Ojo de Agua in Guanajuato.
ON MEXICO ISSUES
No relevant news.
Benjamin Hill Mining Corp (BHM), confirmed the presence of gold and copper mineralization at depth from channel samples collected underground in the Guadalupe and Cascabel adits at its Sonora Gold project. Highlights of the underground samples collected over 2m intervals in the Guadalupe adit include 9.6 g/t Au and 0.5% Cu; 8.4 g/t Au and 0.3% Cu; 0.4 g/t Au and 4.3% Cu; 0.3 g/t Au and 3.5% Cu; and 0.2 g/t Au and 2.1% Cu. Highlights of the underground samples collected over 1.5m interval in the Cascabel adit include 7.7 g/t Au and 0.4% Cu; 2.2 g/t Au and 0.4% Cu; 2.2 g/t Au and 0.7% Cu; 1.5 g/t Au and 2.9% Cu ; 1.3 g/t Au and 2.5% Cu; and 0.8 g/t Au and 2.4% Cu. Highlights of composites of channel samples from the underground sampling were calculated and include 1.54 g/t Au, 0.41% Cu, and 27 g/t Ag over 14m; 1.82 g/t Au, 0.88% Cu, and 44 g/t Ag over 7.5m; and 0.83 g/t Au, 0.38% Cu, and 19 g/t Ag over 7.5m. “The results of the underground sampling program proves that surface gold and copper mineralization extends to depth and supports BHM´s model of a copper-gold epithermal system. BHM geologists have previously mapped copper-gold mineralized structures over 8km cumulative length often attaining widths of 10´s of meters. The results of the adits sampling work supports the rational that the mineralized structures are drill ready targets”.
Tocvan Ventures Corp., provided an update from its phase II drilling program at El Pilar project in Sonora. The company drilled 3,500m in 20 RC holes and reported that it was successful in three key target areas: The Main Zone expansion with 30m to the northwest and a total of 150m to the southeast. The most significant results was encountered in hole JES-21-38 which intersected 0.71 g/t Au and 2 g/t Ag (0.73 g/t AuEq) over 29m, including 2.6 g/t Au over 3.1m, including 1.9 g/t Au over 6.1m, and 0.56 g/t Au over 24.4m; the4 Trench Zone, where it defined a new mineralized trend over 500m strike, parallel to the Main Zone. The most significant drill intersect was encountered in hole JES-21-53 with 1.1 g/t Au and 2 g/t Ag, including 2.4 g/t Au and 3 g/t Ag over 4.6m, including 4.6 g7t Au and 3 g7t Ag over 1.5m; and theTriple Vein Zone where one hole drilled intersected a narrow silver-rich zone with gold. Hole JES-21-56 intersected 0.57 g/t Au and 139 g/t Ag over 1.5m.
Kootenay Silver Inc., informed that it has completed its Phase 3 drilling program which consisted of 12 holes and announced the discovery of a potential new high-grade zone at its Columba project in Chihuahua. Hole CDH-21-101 intersected 459 g/t Ag over 1.6m, including 1,190 g/t Ag over 0.5m and 127 g/t Ag over 1.1m. The company is planning to design a drill program to drill test this new area with high grade silver potential.
Vizsla Silver Corp., announced that it has resumed drilling at its flagship Panuco project in Sinaloa due to an increase of COVID-19 risk in the local community. The company expects to return to full capacity with ten rigs running at the project. Vizsla also reported new exploration drill results from the ongoing step-out drilling at the Napoleon Vein Corridor. Highlights of the ongoing drilling on Napoleon North and South include hole NP-21-170 collared at Papayo Zone with 825 g/t Ag, 7.95 g/t Au, 0.6% Pb, and 1.4% Zn (1,564 g/t AgEq) over 11.4m including 11,431 g/t Ag, 100.5 g/ t Au, 3.6% Pb, and 9.9% Zn (20,413 g/t AgEq) over 0.7m on Josephine Vein, and 104 g/t Ag, 1.25 g/t Au, 2.2% Pb, and 5% Zn (382 g/t AgEq) over 3.3m on Napoleon Vein; hole NP-21-150 collared at Ojo de Agua Zone with 34 g/t Ag and 3.95 g/t Au, (401 g/t AgEq) over 2.9m; and hole NP-21-153 with 55 g/t Ag and 6.87 g/t Au (697 g/t AgEq) over 1.7m. Drilling has currently extended the mineralized footprint for over 2.5Km along the Napoleon Vein Corridor.
Mexus Gold US announced that the activated carbon system at its Santa Elena mine in Sonora is working as planned to produce gold. “Mexus is enlarging the heap leach pad and has purchased the liner and seaming equipment to complete the job. Increasing the pad will allow Mexus to run 24 hours a day 7 days a week at 12 liters per second representing a 110% increase over current flows”.
Alamos Gold Inc., declared quarterly dividends of USD $0.025 per common share and announced it repurchased 600K shares at a cost of USD $4.5M or USD $7.50 per share, under its Normal Course Issuer Bid thus far in August. The dividend is payable on September 30, 2021 to shareholders of record as of the close of business on September 16, 2021. (Mulatos mine, Sonora).
ON RESOURCES AND DEVELOPMENT
Discovery Silver Corp., presented Q2, 2021 financial results and provided an update of key activities for its flagship Cordero project in Chihuahua. The company reported cash and cash equivalents and short term investment balance of CAD $88M. The Company’s cash position as of the date of this release is approximately CAD $84M. Discovery also reported results from its ongoing Phase 2 drilling campaign focused on reserve definition, resource expansion and high-grade vein delineation. Highlights of the reserve definition and resource expansion program include hole C21-481 with 75 g/t Ag, 0.45 g/t Au, 1.1% Pb, and 1% Zn (194 g/t AgEq) over 217.3m, including 99 g/t Ag, 0.54 g/t Au, 1.5% Pb, and 1.4% Zn (260 g/t AgEq) over 81.9m; hole C21-479 with 78 g/t Ag, 0.11 g/t Au, 1.7% Pb, and 2.8% Zn (260 g/t AgEq) over 132.6m, including 110 g/t Ag, 0.1 g/t Au, 2.4% Pb, and 5.9% Zn (448 g/t AgEq) over 46.3m, and 194 g/t Ag, 0.12 g/t Au, 4.2% Pb, and 9.6% Zn (748 g/t AgEq) over 21.5m; hole C21-476 with 51 g/t Ag, 0.09 g/t Au, 1.2% Pb, and 2.2% Zn (192 g/t AgEq) over 86.2m, including 97 g7t Ag, 0.16 g7t Au, 2.3% Pb, and 4.3% Zn (372 g/t AgEq) over 36.5m; hole C21-417 with 69 g/t Ag, 0.11 g/t Au, 0.7% Pb, and 3.7% Zn (258 g/t AgEq) over 65.9m; and hole C20-405 with 65 g/t Ag, 0.05 g/t Au, 1.2% Pb, and 1.3% Zn (165 g/t AgEq) over 128.2m, including 109 g/t Ag, 0.06% Au, 2% Pb, and 1.9% Zn (263 g/t AgEq) over 26.1m. Results from this bulk-tonnage drilling “has expanded the higher-grade bulk-tonnage domain by more than 250 m northeast, along strike in the South Corridor. This domain has now been defined over a strike length of approximately 1.4 km and drilled to a depth of 500 m and remains open below this”. Highlights from the high grade vein drilling on Josefina Vein Trend include hole C21-421 with 520 g/t Ag, 0.11 g/t Au, 3% Pb, and 9.8% Zn (1,043 g/t AgEq) over 4.1m; hole C21-457 with 1,570 g/t Ag, 16.25 g/t Au, 7% Pb, and 19% Zn (3,934 g/t AgEq) over 1.1m; and hole C21-435 with 1,960 g/t Ag, 0.32 g/t Au, 15.4% Pb, and 21.6% Zn (3,424 g/t AgEq) over 1.1m. Highlights from the high grade vein drilling on Todos Santos Vein Trend include hole C20-404 with 163 g/t Ag, 0.17 g/t Au, 2.8% Pb, and 3.1% Zn (403 g/t AgEq) over 2.2m; hole C21-409 with 160 g/t Ag, 0.39 g/t Au, 3.8% Pb, and 6.4% Zn (589 g/t AgEq) over 1m; and hole C21-418 with 160 g/t Ag, 0.27 g/t Au, 3.3% Pb, and 6.3% Zn (558 g/t AgEq) over 2.5m. The company also reported that its PEA study, which aimed to deliver a technically robust study that outlines one of the largest producing primary silver operations in the industry, is progressing well and announced that it is expected to be completed and delivered in Q4, 2021.
Fabled Silver Gold Corp., reported drill results from its newly upgraded 14,200m drilling program at its Santa Maria project in Chihuahua and informed that one of these holes intersected multiple mineralized sheeted vein structure over a true width of 150m. The table below shows the assay results from drill hole SM-20-25:
In addition, hole SM20-26 encountered 9 gold bearing veins and veinlets varying from 0.2 to 6m wide which returned grades greater than 0.5 g/t Au, while hole SM20-27 encountered only 3 veins and veinlets grading greater than 0.5 g/t Au.
GoGold Resources inc., released results from six holes drilled at El Orito Zone in its Los Ricos North project in Jalisco. The most significant drill intersect was from hole LRGO-21-062 which intersected 22 g/t Ag, 0.04 g/t Au, 0.09% Cu, 0.91% Pb, and 1.37% Zn (101 g/t AgEq) over 73.7m, including 73 g/t Ag, 0.07 g/t Au, 0.3% Cu, 5.5% Pb, and 3.1% Zn (339 g/t AgEq) over 5m, including 132 g/t Ag, 0.08 g/t Au, 1.08% Cu, 22.5% Pb, and 13% Zn (1,197 g/t AgEq) over 1.2m. The company also completed an IP survey aimed to map out the sulphide rich zone along strike and down dip. Drill results at El Orito Zone indicate that mineralization averages 30m in width for more than 700m in strike length and up to approximately 300 m in vertical depth from surface and is open in all directions.
Golden Tag Resources Ltd., finished a geological interpretation program in partnership with Orix Geoscience 2018 Inc., at its San Diego project located in Durango. This geological interpretation included a review of the lithology, alteration, structure and assays database to develop a current 3D geological model to better define locations of broad zones of skarn mineralization. The study determined that mineralization is concentrated at the Central Diorite contact and is associated with the development of both brown and green garnet skarns. “These broad zones of mineralized skarn are open to the north and at depth within the diorite and marble, as well as to the northwest and southeast of the currently modeled Fernandez Zone. Future drilling will be planned to drill these target areas.
GR Silver Mining Ltd., completed an initial resource estimate at its Plomosas project in Sinaloa. GR Silver reported indicated resources of 2.4M tonnes of 0.68 g/t Au, 44 g/t Ag, 0.9% Pb, and 1.2% Zn (133 g/t AgEq) for a total of 53K Oz Au, 3.4M Oz Ag, 48.1M Lb Pb, and 72.8M Lb Zn, and inferred resources of 5.8M tonnes of 0.46 g/t Au, 46 g/t Ag, 0.9% Pb, and 1.2% Zn (113 g/t AgEq) for a total of 85K Oz Au, 8.6M Oz Ag, 115.7M Lb Pb, and 148.6M Lb Zn.
ON DEALS AND CORPORATE ISSUES
Bacanora Lithium plc., provided an update on the litigation with the Estate of Colin Orr-Ewing in regard to its challenge to the validity of the lithium royalty over the Sonora Lithium Project. The Alberta Court has now issued its judgement that found in favor of the Estate of Colin Orr-Ewing. Bacanora intends to appeal this judgement on a point of law and maintains that the royalty is invalid on the grounds of misrepresentation and lack of consideration and intends to exhaust all legal avenues on behalf of all its shareholders.
ON SOCIAL RESPONSIBILITY
Grupo Mexico Foundation supports reforestation of protected natural areas in the country. The company has planted 82,340 trees and shrubs of 25 species in 10 Protected Natural Areas of Mexico City.
La Cantera Desarrollos Mineros provided financial support to the community of Ojo de Agua, Guanajuato for the construction of a medical appointment center in benefit of approximately 60 inhabitants.
During the 33rd week of the year (August 16th to August 22nd, 2021), at least 22 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, four posted on mining/quarterly reports, two on mining issues, four on financing or shares and five more on project development or resource definition and one more on a property acquisition. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, in Sonora, Aloro Mining informed on continuation of drilling at Los Venados. In Chihuahua, Radius Gold announced one more drilling campaign at Amalia. In Sinaloa, Vizsla Silver updated on exploration at Panuco. In Nayarit, Xali Gold submitted drilling applications for El Dorado. ON MINING, Americas Gold and Silver, Prime Mining, First Majestic Silver, and Impact Silver presented second quarter 2021 reports. Mexus Gold shipped its first activated carbon. Gold Resource halted activities due to increase in COVID cases among its workforce. ON FINANCING, Candelaria Mining will not complete the proposed private placement. Galore Resources is to extend the expiry date of some warrants. Kootenay Silver is to spin-out its Canadian assets into another company. Magna Gold closed the previously announced private placement for C$10 M. ON RESOURCES AND DEVELOPMENT, Sierra Metals announced a 10,000 tpd PEA for its Bolivar mine in Chihuahua. Fabled Silver Gold released more results from drilling at Santa Maria. Excellon Resources released high grade Ag-Pb-Zn drilling results from Platosa. GoGold Resources informed on results of drilling at the Casados deposit at Los Ricos project. Sonoro Gold reported results of metallurgical tests at Cerro Caliche. ON DEALS AND CORPORATE ISSUES, Starcore International Mines acquired the Tecouitla claims in Sonora. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
No relevant news.
Xali Gold Corp. informed exploration permit applications have been submitted for El Dorado project in Nayarit. The plus 2,000 m program envisaged will test potential lateral extensions to high-grade zones to better define plunging mineralization shoots, and collection of a bulk sample from El Hundido mine.
Radius Gold Inc. announced that the phase five drilling campaign has commenced at its Amalia project in Chihuahua. Pan American Silver Corp., the project operator plans to deploy a second rig to test El Cuervo target.
Aloro Mining Corp. informed that Alamos Gold Inc. is to resume the reconnaissance drill program on the Los Venados claims in Sonora. Alamos has already exceeded its first year exploration commitment; the current program is focused on outcropping low sulfidation epithermal mineralization.
Vizsla Silver Corp. provided an update on its Panuco project in Sinaloa. Due to the current rise in Covid cases in Sinaloa, Vizsla will keep the current pause in activities at the property until the end of the month, and then gradually increase activities through September. Resource drilling is being done at Napoleon (950 x 350 m area) and Tajitos (550 m x 300 m area), exploration drilling is testing the Napoleon, Cinco Señores, Cordon de Oro and Animas Corridors. Preliminary metallurgical testing is being done on Napoleon vein material, and geotechnical and hydrogeological studies are being conducted. Drilling programmed for the remainder of 2021 comprises 35,000 m.
Americas Gold and Silver Corp. reported second quarter 2021 consolidated financial and operational results. For Mexico, the company reported that it “signed an agreement with the Mexican Ministries of Economy, Interior and Labour along with union representatives committing to a re‐opening at the Cosalá Operations. The agreement contemplates immediate right to possession of the property with joint inspections coordinated by the Ministry of Labor, so that the mine and mill can re‐start operations in a safe and sustainable manner”. (Note from writer. – The mine was paralyzed by a dispute between two unions over a year ago, with strong political connotations).
Prime Mining Corp. reported its operational and financial results for the fourth quarter of fiscal year 2021, end in April 2021. During April the company completed a private placement for gross proceeds of CAN$28.75 M. Also in the period, drilling at Los Reyes in Sinaloa intersected up to 20.1 m @ 3.25 gpt Au, 389 gpt Ag, 3.8 m @ 3.69 gpt Au, 305 gpt Ag, 4.5 m @ 8.95 gpt Au, 74 gpt Ag; 18.7 m @ 1.96 gpt Au, 63 gpt Ag; 39.0 m @ 0.7 gpt Au, 29 gpt Ag. Cash at the end of the period stood at Can$32 M.
First Majestic Silver Corp. announced the consolidated financial results for the second quarter 2021. During the period the company processed 826.2 K tonnes, to produce 3.27 M Oz Ag, or 6.43 Oz AgEq at $13.89 per Oz AgEq and an AISC of $19.42 per Oz AgEq. In Mexico, the production came from San Dimas, in Durango, La Encantada, in Coahuila, and Santa Elena, in Sonora.
Mexus Gold US. confirmed the first shipment of activated carbon from its Santa Elena mining operation in Sonora (Not to mistake with First Majestic’s Santa Elena mine, also in Sonora).
Gold Resource Corp. informed that as result of a steep climb in COVID-19 infections, the company is reducing its activities at the Don David mine in Oaxaca. The measure is to last for at least ten days. “The operations will continue with those employees and contractors who have agreed to stay in the camp for periods longer than the usual rotation to create a bubble”.
Impact Silver Corp. announced its financial and operational results for the second quarter 2021. The cash balance at the end of the quarter was $22.4 M. The mill processed 37.8 K tonnes @ 147 gpt Ag to produce 150.3 K Oz Ag. Some results of its ongoing 10,000 m drilling campaign include 9.8 m @ 211 gpt Ag and 13.85 m @ 186 gpt Ag.
Candelaria Mining Corp. informed that the company will not be proceeding with the proposed brokered private placement previously announced (Pinos, Zacatecas, Guerrero).
Galore Resources Inc. proposed to extend the expiry date of 5.6 M share purchase warrants from September 2021 to September 2024 (Dos Santos, Zacatecas).
Kootenay Silver Inc. board approved a spin-out of 80% of its Canadian exploration assets. Once the arrangement becomes effective, Kootenay shareholders will own shares in two public companies, one focusing in Mexico and the other in Canada (Columba, Chihuahua).
Magna Gold Corp. closed the previously announced private placement of C$10 M convertible debentures (San Francisco, Sonora).
ON RESOURCES AND DEVELOPMENT
Sierra Metals Inc. announced a 10 K tonnes per day positive preliminary economic assessment (PEA) to include iron ore production at its Bolivar mine in Chihuahua. The report envisages an updated after-tax net present value (NPV) of US$361 M at an 8% discount rate, an IRR of 27.9%, net after-tax cash flow of US$650 M with a life of mine (LOM) copper grade of 0.72% and iron ore at 13.5%, an operating cost of US$25.62/tonne and US$1.50 per Lb CuEq, to produce 55 M Lb Cu in 14 years. Current indicated resources stand at 19.4 M tonnes @ 0.77% Cu, 15.1 gpt Ag, 0.21 gpt Au, 13.8% Fe, containing 149.1 K tonnes Cu, 9.4 M Oz Ag, 127.8 K Oz Au, and inferred resources at 21.4 M tonnes @ 0.78% Cu, 14.2 gpt Ag, 0.21 gpt Au, containing 167.1 K tonnes Cu, 9.8 M Oz Ag, 145.6 K Oz Au.
Fabled Silver Gold Corp. announced more results from surface drilling at its Santa Maria project in Chihuahua. Highlighted core length intervals comprise 0.85 m @ 0.98 gpt Au, 10 gpt Ag; 0.80 m @ 0.09 gpt Au, 63 gpt Ag, 0.3% Pb, 0.6% Zn; 20.10 m @ 0.18 gpt Au, 35 gpt Ag, 1.1% Pb, 0.7% Zn, 0.09% Cu (including 5.90 m @ 0.30 gpt Au, 97 gpt Ag, 3.3% Pb, 1.5% Zn, 0.25% Cu).
Excellon Resources Inc. released results from underground drilling at Platosa, in Durango. Some of the highlighted core length intervals: 3.0 m @ 227 gpt Ag, 2.3% Pb, 2.0% Zn, 0.1 gpt Au; 1.3 m @ 360 gpt Ag, 10.1% Pb, 10.2% Zn; 1.3 m @ 692 gpt Ag, 9.3% Pb, 6.3% Zn; 1.2 m @ 544 gpt Ag, 5.9% Pb, 3.9% Zn; 1.6 m @ 1,647 gpt Ag, 12.3% Pb, 11.6% Zn, 0.1gpt Au; 5.2 m @ 1,051 gpt Ag, 12.1% Pb, 13.1% Zn, 0.2 gpt Au (including 2.3 m @ 1,985 gpt Ag, 22.8% Pb, 17.2% Zn); 2.5 m @ 784 gpt Ag, 7.7% Pb, 13.9% Zn, 0.3 gpt Au; 3.1 m @ 581 gpt Ag, 5.7% Pb, 11.4% Zn, 0.1 gpt Au; 1.4 m @ 1,050 gpt Ag, 3.4 % Pb, 2.0% Zn; 3.1 m @ 289 gpt Ag, 2.2% Pb, 3.7% Zn. “Drilling from underground continues to define and expand known mineralization ahead of production at the 623, NE-1 and NE-1S Mantos. Most significantly, drilling into the 623 and NE-1 Mantos continues to improve understanding and confidence, and extend mineralization in these areas”.
GoGold Resources Inc. informed on results from seven drill holes at the Casados deposit at the Los Ricos North project in Jalisco. Highlighted core length intervals: 19.0 m @ 0.54 gpt Au, 131 gpt Ag (including 1.3 m @ 5.16 gpt Au, 1,319 gpt Ag); 9.5 m @ 0.50 gpt Au, 233 gpt Ag; 41.6 m @ 1.25 gpt Au, 218 gpt Ag (including 8.9 m @ 4.71 gpt Au, 698 gpt Ag); 19.2 m @ 0.53 gpt Au, 185 gpt Ag (including 8.5 m @ 1.14 gpt Au, 594 gpt Ag); 8.2 m @ 0.26 gpt Au, 82 gpt Ag. “The Casados Veins strike nearly E-W, dips 45o to the north and is hosted in andesitic tuffs and is exposed on surface for about 400 metres along strike…… A zone of silicification up to 50 metres wide envelopes the vein and this resistant outcrop forms a steep ridge along the strike of the vein, particularly on the north or hanging wall side”.
Sonoro Gold Corp. reported results from metallurgical tests on mineralized material from Cerro Caliche in Sonora. The column metallurgical test returned an average of 74% recovery of gold for the 80% minus 12.5 mm feed material. The 4.7 tonnes sample was obtained from ten PQ (8.5 cm diameter) holes totaling 428 lineal meters. Little to no sulfur and organic carbon were observed on the testing. “There were no obvious variations in gold recovery related to ore zone or material type (vein breccia vs. stock work)”.
ON DEALS AND CORPORATE ISSUES
Starcore International Mines Ltd. informed on the acquisition of the 3,088 hectares Tecoutila claims from Minera Tecouitla, S.A. de C.V.. Previous exploration in the property reported nine veins with lengths of up to 2.1 Km, widths of 0.5 to 1.1 m and grades of up to 10.30 gpt Au, 241 gpt Ag.
ON SOCIAL RESPONSIBILITY
No relevant news.
On the image below: Workings and vein trace on a project in northern Sonora. Picture by Jorge Cirett.
During the 28th week of the year (July 12th to July 18th, 2021), at least 29 press releases were announced by companies working in Mexico and 4 news published by the media, with nine communicating production and financial results, nine reporting on resources and developments of their properties, seven announcing financial rounds, four informing on exploration results, two commenting on Mexican issues and two discussing social issues. ON MEXICO ISSUES, The Ministry of Economy of Mexico alerted the public about false information that is being disseminated on behalf of the “Undersecretariat of Mining” and recalled that it no longer exists. The Mexican Geological Service (SGM) and the Government of Hidalgo signed an agreement to join efforts on research and science to integrate a knowledge-creating system. ON EXPLORATION, In Sinaloa, Vizsla presented results from the first four holes collared at the Josephine Vein within its Panuco project. In Durango, Mithril released drilling result from its Copalquin property. In Zacatecas, Alien provided an update on the review and planning for the next phase of exploration on its Donovan 2 project. In Oaxaca, Inomin filed a NI43-101 technical report for its la Gitana project. ON MINING, Aura reported Q2, 2021 production from its Aranzazu mine in Zacatecas. First Majestic reported Q2, 2021 production results from their Mexican mine operations. Altaley presented Q2, 2021 production and financial results from its Campo Morado mine in Guerrero. Golden Minerals reported Q2, 2021 production results from its Rodeo mine in Durango. Gold Resource released Q2, 2021 production results from its Arista mine in Oaxaca. Magna Gold presented Q2, 2021 production results from its San Francisco mine in Sonora. McEwen reported Q2, 2021 production results from its El Gallo project, Sinaloa. Mexus announced that the company will be shipping approximately 1 tonne of activated carbon to USA for processing. ON FINANCING, Almadex and Azucar Minerals granted stock options to certain directors, employees and consultants. Gatos Silver signed a definitive agreement to retire its portion of the Los Gatos JV term loan and announced a public offering to sell shares of its common stock (Los Gatos mine, Chihuahua). One World Lithium announced a non-brokered private placement for gross proceeds of up to CAD $2,025,000 (Salar del Diablo project, Baja California). Riverside informed that it is to receive USD $5.4M in exploration funding from BHP to advance four copper projects in Sonora. Orla Mining closed a non-broker prospectus financing for gross proceeds of USD $35M (Camino Rojo project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Discovery Silver released results from 13 drill holes collared at its Cordero project in Chihuahua. Fabled announced results from its ongoing drilling program at Santa Maria project in Chihuahua. Avino presented results from Phase 1 of the drill campaign conducted at its Avino mine in Durango. GoGold released results from eleven drill holes collared at its Los Ricos North project in Jalisco. Golden Tag presented results from a drill hole collared at the Fernandez Zone within its San Diego property in Durango. Great Panther announced Q2, 2021 production results from their Topia and Guanajuato Mine Complex located in Durango and Guanajuato respectively. IMPACT informed that it has completed phase 1 of the Veta Negra drilling program in the Zacualpan mining district, State of Mexico. Kootenay hired Blue Coast Research to conduct metallurgical testing on its la Negra property in Sonora. Prime Mining released drill results from its Los Reyes project in Sinaloa. Silver Tiger announced that it continue intersecting high grade mineralization at its El Tigre project in Sonora. ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, Grupo México donated 8,000 native trees to Hermosillo, Sonora. The Government of Zacatecas along with representatives of the mining companies Fresnillo plc and Capstone Gold began with the Tree Donation Program.
ON MEXICO ISSUES
The Ministry of Economy of Mexico alerted the public about false information that is being disseminated on behalf of the “Undersecretariat of Mining” and recalled that it no longer exists. Through a press release, the agency indicated that it has no relationship with the “Commission National Mining Reactivation and Sustainable Production Mexico 2021”, nor with the “Project for Reactivation and Sustainable Production”, nor with the “Guide to Good Operating Practices”, which is supposedly being prepared by the “Undersecretary of Mining of the Government of Mexico”. According to Article 243 of the Federal Criminal Code, the crime of falsifying public documents will be punishable by imprisonment from four to eight years.
The Mexican Geological Service (SGM) and the Government of Hidalgo signed an agreement to join efforts on research and scienceto integrate a knowledge-creating system, for the benefit of future generations. Objectives are established to work together on two projects: Comarca Minera Geopark and LABChico: Mineral del Chico Underground Laboratory.
Vizsla Silver Corp., presented results from the first four holes collared at the Josephine Vein within its Panuco project. Highlights include hole NP-21-132 with 2.16 g/t Au, 599 g/t Ag, 0.4% Pb, and 1% Zn (797 g/t AgEq) over 2.5m, including 12.4 g/t Au, 3,320 g/t Ag, 1.8% Pb, and 4.9% Zn (4,431 g/t AgEq) over 0.3m; and hole NP-21-139 with 3.4 g/t Au, 426 g/t Ag, 1% Pb, and 5.5% Zn (869 g/t AgEq) over 1.45m, including 3.91 g/t Au, 502 g/t Ag, 1.2% Pb, and 6.8% Zn (1,020 g/t AgEq) over 1.15m. “Drilling intersected veining of 90m strike, 190m depth where it remains open. Ground Electromagnetic (EM) has mapped the vein over 1.7 km”.
Mithril Resources Ltd., released drilling result from its Copalquin property in Durango. Bonanza grade was intersected in hole CDH-077 collared at El Refugio Area with 80.3 g/t Au and 705 g/t Ag over 8.26m, including 106 g/t Au and 913 g/t Ag over 6.26m, including 837 g/t Au and 6,680 g/t Ag over 0.77m. Other high grade intercepts were encountered in hole CDH-075 with 13.8 g/t Au and 83 g/t Ag over 2.7m, plus 10.9 g/t Au and 364 g/t Ag over 4.25m, including 16.3 g/t Au and 414 g/t Ag over 2.65m, plus 1.02 g/t Au and 17 g/t Ag over 2m, plus 0.84 g/t Au and 35 g/t Ag over 4.5m; and hole CDH-076 with 0.93 g/t Au and 16 g/t Ag over 2.4m, plus 2.06 g/t Au and 95 g/t Ag over 5m, plus 0.86 g/t Au and 39 g/t Ag over 1m. Drilling results continue expanding the El Refugio structure down dip with high-grade and bonanza grade gold-silver intercepts.
Alien Metals Ltd., provided an update on the review and planning for the next phase of exploration on its Donovan 2 project in Zacatecas. Alien has received this property back from Capstone after ceasing their agreement. After reviewing all the exploration work carried out at Donovan 2, Alien concluded that the original high-priority targets identified by Alien prior to Capstone’s involvement remain untested. In the eastern area of Donovan 2 property, a north-south grid to collect 55 Metal Mobile Ion (MMI) surface geochemical samples has been designed and work has commenced. “The Company is finalizing an initial 4-to-6 hole program for about 800m to target the Los Alamos and Cerro de la Cruz targets once a review of the current drilling permit status is completed, the MMI results are received and reprocessing of the geophysics are completed to ensure the Company has used every available piece of data to maximize confidence in the drilling program”.
Inomin Mines Inc., filed a NI43-101 technical report for its la Gitana project located in Oaxaca. La Gitana is an advance property where a substantial near-surface, low-sulphidation, epithermal gold-silver mineral system has been outlined. “Previous drilling programs at La Gitana in 2004 – 2006 by Chesapeake Gold Corp., intersected gold-silver mineralization in a core zone 400 to 500m long, 50 to 150m wide and 50 to 300m depth, with grades ranging from 0.25 to 27.8 g/t gold and 5 to 2,330 g/t silver”. The gold-silver mineralization is open to expansion to the southeast and at depth from drill-tested areas. Inomine plans to conduct a phase 2 drilling campaign and complete a preliminary resource estimation.
Aura Minerals inc., reported Q2, 2021 production from its Aranzazu mine in Zacatecas. It produced 5,120 Oz Au, 84,263 Oz Ag, and 6.78M Lb Cu for a total of 22,590 GEO (Oz AuEq).
First Majestic Silver Corp., reported Q2, 2021 production and financial results from their Mexican mine operations. The table below, shows mine by mine figures:
Tonnes per Day
Ag Grade (g/t)
Au Grade (g/t)
Ag Oz Produced
Au Oz Produced
AgEq Oz produced
Altaley Mining Corporation presented Q2, 2021 production and financial results from its Campo Morado mine in Guerrero. The company milled 164.1K tonnes of 1.2 g/t Au, 129 g/t Ag, 1.1% Pb, and 4.5% Zn with metallurgical recoveries of 22%, 46%, 31%, and 74% respectively to produce 11.9K tonnes of Zn concentrate and 2.7K tonnes of Pb concentrate. Altaley reported revenues of USD $13.9M from the sale of Zn concentrates and USD $2.27M for the Pb concentrates for total revenue of USD $16.2M.
Golden Minerals Company reported Q2, 2021 production results from its Rodeo mine in Durango. The company mined 164,954 tonnes from which it processed 49,552 tonnes of 3.6 g/t Au and 10 g/t Ag with metallurgical recoveries of 78% and 83.9% respectively to produce 3,452 Oz Au and 11,225 Oz Ag (3,230 Oz AuEq).
Great Panther Mining Limited announced Q2, 2021 production results from their Topia and Guanajuato Mine Complex located in Durango and Guanajuato respectively. At Topia, Durango, the company processed 15,520 tonnes of 432 g/t Ag, 1.07 g/t Au with metallurgical recoveries of 93.5% and 60.3% respectively, to produce 201,339 Oz Ag, 321 Oz Au, 799.7K Lb Pb, and 1.07M Lb Zn (3123K Oz AgEq or 3,674 Oz AuEq. At the Guanajuato Mine Complex, the company processed 40,477 tonnes of 118 g/t Ag and 1.58 g/t Au with metallurgical recoveries of 87.4% and 87.6% respectively, to produce 133K Oz Ag and 1,786 Oz Au (284.9K Oz AgEq or 3,352 Oz AuEq).
Gold Resource Corporation released Q2, 2021 production results from its Arista mine in Oaxaca. The company milled 129,590 tonnes from Arista and El Aguila mines with grades of 1.91 g/t Au, 79 g/t Ag, 0.36% Cu, 1.6% Pb, and 3.6% Zn at Arista mine and 2.58 g/t Au and 47 g/t Ag at El Aguila to produced 5.7K Oz Au, 270.3K Oz Ag, 817.6K Lb Cu, 2.7M Lb Pb, and 7.15M Lb Zn.
Magna Gold Corp., presented Q2, 2021 production results from its San Francisco mine in Sonora. It mined 1.23M tonnes of 0.43 g/t Au and processed 1.35M tonnes (all sources) of 0.49 g/t Au to produce 11.7K Oz Au and 8.4K Oz Ag. The company sold 11.8K Oz Au and 8.4K Oz Ag.
McEwen Mining Inc., reported that it produced 1,300 Gold Equivalent Oz (GEOs) during Q2, 2021 at its El Gallo project, Sinaloa from residual leaching of the heap leach pad.
Mexus Gold US announced that the company will be shipping approximately 1 tonne of activated carbon to USA for processing which is believed to contain 4K grams of Au.
Almadex Minerals Ltd., granted stock options to certain directors, employees and consultants to purchase 757,800 common shares at an exercise price of $0.30 per share which expire on July 8, 2023 (El Chato project, Puebla).
Azucar Minerals Ltd., granted stock options to certain directors, employees and consultants to purchase 793,800 common shares at an exercise price of $0.11 per share which expire on July 8, 2023 (El Cobre project, Veracruz).
Gatos Silver Inc., signed a definitive agreement to retire its attributable portion of the los Gatos JV term loan which is approximately $154.8M, and announced a public offering to sell shares of its common stock to raise funds to achieve a more cost-efficient capital structure, including the potential extinguishment of the Los Gatos Joint Venture’s term loan, and to create additional liquidity in Gatos Silver’s common stock. The company plans to offer 6,500,000 shares of common stock and for certain selling stockholders to offer 1.82M shares of common stock. In addition, Gatos Silver and the selling stockholders intend to grant the underwriters a 30-day option to purchase up to 975K and 273K additional shares of common stock, respectively, at the public offering price, less underwriting discounts and commissions (Los Gatos mine, Chihuahua).
One World Lithium announced a non-brokered private placement for gross proceeds of up to CAD $2,025,000. It will allocate the net proceeds as follows: Salar del Diablo Lithium property southern and possible middle portion of the property drilling program CAD $750K; initial lab tests, design of and completing engineer design work for a pilot plant for the company’s critical fluid separation technology CAD $750K and CAD $525K for working capital.
Riverside Resources Inc., informed that it is to receive USD $5.4M in exploration funding from BHP to advance four copper projects as part of the expanding copper exploration program with BHP in Sonora. The properties to advance are Chuin, Palofierro, Sinoquipe, and Peñitas. Chuin and Palofierro are drill-ready properties, and drilling permits are underway, while Sinoquipe and Peñitas will be subject to Magneto-Telluric surveys which are expected to commence after contractors are secured. This new funding of at least USD 5.4M is in addition to the USD $1.3M allocated for the next generative phase of exploration work, which began two months ago.
Orla Mining Ltd., closed a non-broker prospectus financing for gross proceeds of USD $35M consisting of 9,085,263 common shares priced at CAD $4.75 per common share. Part of the net proceeds will be used for development activities and at its Camino Rojo Oxide Gold Project in Zacatecas, and for general corporate purposes.
ON RESOURCES AND DEVELOPMENT
Discovery Silver Corp., released results from 13 drill holes collared at its flagship Cordero project in Chihuahua. These results are part of the recently completed phase 1 drill program and are going to be incorporated in a new resource estimate in Q3, 2021 and PEA in Q4, 2021. Highlights include hole C21-457 with 1,570 g/t Ag, 16.25 g/t Au, 7% Pb, and 19% Zn (3,934 g/t AgEq) over 1.1m; hole C21-435 with 122 g/t Ag, 0.06 g/t Au, 1.1% Pb, and 1.9% Zn (245 g/t AgEq) over 28.5m, including 1,960 g/t Ag, 0.32 g/t Au, 15.4% Pb, and 21.6% Zn (3,424 g/t AgEq) over 1.1m; hole C21-437 with 87 g/t Ag, 0.05 g/t Au, 0.9% Pb, and 0.8% Zn (157 g/t AgEq) over 58.8m, including 1,480 g/t Ag, 0.22 g/t Au, 13.1% Pb, and 20% Zn (2,789 g/t AgEq) over 1.2m; hole C21-436 with 1,385 g/t Ag, 0.49 g/t Ag, 7.5% Pb, and 10.9% Zn (2,139 g/t AgEq) over 1.4m; hole C21-435 with 385 g/t Ag, 1.15 g/t Au, 5.9% Pb, and 11.9% Zn (1,179 g/t AgEq) over 4.5m; and hole C21-459 with 420 g/t Ag, 0.32 g/t Au, 8.8% Pb, and 14.9% Zn (1,374 g/t AgEq) over 1.3m. In addition, “the company has completed 17,200 m (47 holes) as part of its Phase 2 drill program which will be ongoing through the remainder of the year. Phase 2 drilling will be focused on three key areas: (1) upgrading inferred resources for inclusion in a prefeasibility study; (2) resource expansion of bulk-tonnage mineralization; and (3) testing of the width, grade and continuity of the extensive high-grade vein systems that transect the deposit. There are currently four drill rigs operating on site”.
Fabled Silver Gold Corp., announced results from the current ongoing drilling program at its Santa Maria project in Chihuahua. The most significant drill intercept was encountered in hole SM20-20 with 2.5 g/t Au, 32 g/t Ag, 0.6% Pb, 0.5% Zn, and 0.03% Cu (161 g/t AgEq) over 30.7m, including 3.33 g/t Au, 41 g/t Ag, 0.8% Pb, 0.5% Zn, and 0.04% Cu (213 g/t AgEq) over 22.70m, including 5.61 g/t Au, 64 g/t Ag, 1.4% Pb, 0.9% Zn, and 0.06% Cu (353 g7t AgEq) over 11.60m, including 7.24 g/t Au, 80 g/t Ag, 1.9% Pb, 1.1% Zn, and 0.07% Cu (453 g/t AgEq) over 7.24m. “The Company has now completed drill holes SM20-01 to SM20-24 for a total of approximately 6,500 meters of the increased 9,200 meter drill program drilled to date. Hole SM20-25 is currently in progress”.
Avino Silver & Gold Mines Ltd., presented results from Phase 1 of the drill campaign, which is looking to add measured and indicated resources to its Avino mine in Durango. The most significant drill intersects on El Trompo Vein were encountered in holes TR-21-01 with 0.56 g/t Au, 177 g/t Ag, 0.5% Pb, and .7% Zn (577 g/t AgEq) over 0.95m; and hole TR-21-03 with 0.42 g/t Au, 276 g/t Ag, 0.1% Cu, 0.3% Pb, and 0.1% Zn (322 g/t AgEq) over 2.75m. On the Santiago Vein, the most significant drill intercepts was encountered in hole ST-21-04 with 2.62 g/t Au, 643 g/t Ag, 0.25% Cu, 0.3% Pb, and 0.3% Zn (865 g/t AgEq) over 0.8m. On the La Malinche Vein, the best drill intersects were encountered in hole LM-21-04 with 1.68 g/t Au, 252 g/t Ag, 1.17% Cu, 0.9% Pb, and 10.3% Zn (820 g/t AgEq) over 1.4m; and hole LM-21-06 with 1.56 g/t Au, 364 g/t Ag, 2.9% Cu, 0.7% Pb, and 0.06% Zn (786 g/t AgEq) over 0.90m.
GoGold Resources Inc., released results from eleven drill holes collared at its Los Ricos North project in Jalisco. Drilling highlights include hole LRGCS-21-047 collared at Casados Area with 0.76 g/t Au and 145 g/t Ag (2.71 g/t AuEq or 203 g/t AgEq) over 22.6m, including 4.31 g/t Au and 864 g/t Ag (15.84 g/t AuEq or 1,188 g/t AgEq) over 2m; and hole LRGCS-21-056 also collared at Casados Area with 0.96 g/t Au and 187 g/t Ag (3.45 g/t AuEq or 259 g/t AgEq) over 45.9m, including 6.17 g/t Au and 1,050 g/t Ag (20.17 g/t AuEq or 1,513 g/t AgEq) over 4.5m, including 13.01 g/t Au and 2,034 g/t Ag (40.12 g/t AuEq or 3,009 g/t AgEq) over 2m, including 19.87 g/t Au and 2,877 g/t Ag (58.23 g/t AuEq or 4,367 g/t AgEq).
Golden Tag Resources Ltd., presented results from hole 21-58 drilled at a steep angle toward the southwest to test the top of the Fernandez Zone resource envelope within its San Diego property in Durango. This hole intersected 0.13 g/t Au, 151 g/t Ag, 1.4% Pb, 1.7% Zn and 0.12% Cu (306 g/t AgEq) over a length of 6.55m, plus 0.14 g/t Au, 96 g/t Ag, 1.9% Pb, 1.6% Zn, and 0.07% Cu (258 g/t AgEq) over 16.34 g/t AgEq, plus 0.04 g/t Au, 0.8% Pb, 0.8% Zn, and 0.06% Cu (111 g/t AgEq) over 191.57m. Future drilling will be designed to determine if the grade improvement can be extended to the west and at depth below hole 21-58.
IMPACT Silver Corp., informed that it has completed phase 1 of the Veta Negra drilling program in the Zacualpan mining district, State of Mexico. The most significant drill intercept was encountered in hole Z21-05 with 187 g/t Ag0.98 g/t Au, 1.2% Pb, and 2.5% Zn over 13.85m. “The Veta Negra vein system was mined historically as both an open pit and from underground. Two north-northwest trending parallel veins enclosed by stockwork mineralized host rock are currently being mined by IMPACT over widths averaging 14 metres in the open pit”.
Kootenay Silver Inc., hired Blue Coast Research to conduct metallurgical testing on its la Negra property in Sonora with the aim to further investigate the best recovery process for La Negra along the path towards an initial mineral resource estimate and a preliminary economic assessment (PEA).
Prime Mining Corp., released drill results from the Noche Buena deposit within its Los Reyes project in Sinaloa. Highlights include hole 21NB-06 with 1.29 g/t Au and 61 g/t Ag over a true width (TW) of 28.9m , including5.74 g/t Au and 108 g/t Ag over a TW of 3.6m; hole 21NB-09 with 2.89 g/t Au and 62 g/t Ag over a TW of 8.4m, including 18 g/t Au and 209 g/t Ag over a TW of 1.2m; hole 21NB-08 with 1.23 g/t Au and 28 g/t Ag over a TW of 8.9m, including 6.08 g/t Au and 91 g/t Ag over a TW of 0.9m; hole 21NB-10 with 0.7 g/t Au and 28 g/t Ag over a TW of 15.6m, including 3.73 g/t Au and 109 g/t Ag over a TW of 0.9m; hole 21NB-05 with 0.77 g/t Au and 48 g/t Ag over a TW of 2.9m, including 2.67 g/t Au and 140 g/t Ag over a TW of 0.4m; hole 21NB-11 with 1 g/t Au and 18 g/t Ag over a TW of 5.2m;and hole 21NB-07 with 0.65 g/t Au and 21 g/t Ag over 10.4m. “The Noche Buena deposit remains open at depth and further along strike”.
Silver Tiger Metals Inc., announced that it continue intersecting high grade mineralization at its El Tigre project in Sonora. Highlights from the ongoing drilling program include hole ET-21-231, collared at the Sooy Vein with 303 g/t Ag, 0.11 g/t Au, 0.13% Cu, 0.8% Pb, and 0.7% Zn (369 g/t AgEq) over 10.8m, including 801 g/t Ag, 0.35 g/t Au, 0.71% Cu, 3.1% Pb, and 2.8% Zn (2,063 g/t AgEq) over 0.5m, and 125 g/t Ag, 0.17 g/t Au, 0.06% Cu, 0.5% Pb, and 0.7% Zn (180 g/t AgEq) over 21.9m, including 534 g/t Ag, 0.09 g/t Au, 0.2% Cu, 2.4% Pb, and 4% Zn (749 g/t AgEq) over 1.5m; and hole ET-21-235 collared at the Benjamin Vein with 89 g/t Ag, 0.1 g/t Au, 0.12% Cu, 0.8% Pb, and 1.1% Zn (161 g/t AgEq) over 6.3m, including 391 g/t Ag, 0.13 g/t Au, 0.56% Cu, 3.6% Pb, and 4.4% Zn (686 g/t AgEq) over 1m.
ON DEALS AND CORPORATE ISSUES
No relevant news.
ON SOCIAL RESPONSIBILITY
Grupo México donated 8,000 native trees to Hermosillo, Sonora. The procedures to request the specimens began six months ago through the civil association Actions for a Better World by Karina López Ivich, who is the director and also climate leader of Climate Reality.
The Government of Zacatecas along with representatives of the mining companies Fresnillo plc and Capstone Gold began with the Tree Donation Program. Mining companies settled in the entity, has set a goal of delivering 10 thousand trees with the commitment to plant them in suitable places, carry out the necessary care and maintenance and guarantee their survival.