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The Mining and Exploration News in Mexico: Highlights on the Fourth Week of May, 2024

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Quartz vein showing boiling texture

By Miguel A Heredia

During the 21st week of the year (May 20th to May 26th, 2024), at least 25 press releases were announced by companies working in Mexico, and 1 news published by the media, with twelve disclosing deals and corporate issues, six reporting resources and developments of their properties, three announcing financing rounds, two discussing social issues, two commenting on Mexican issues, and one informing on exploration results.  ON MEXICO ISSUES, AMLO denied that the government has expropriated a mine owned by the American firm Vulcan, in Quintana Roo, where the company extracts limestone, although he clarified that the company´s facilities remain closed. Silver Tiger, Tocvan/Colibri, Vizsla, and Kootenay Silver reported the best drilling intercepts in Mexico on the fourth week of May, 2024. ON EXPLORATION, In Sinaloa, Centenario Gold announced that it will host a webinar to provide investors with an update and the next phase exploration and drilling program on its Eden project.  ON MINING, no relevant news. ON FINANCING, Impact Silver closed its first tranche of the non-brokered private placement financing for gross proceeds of CAD $7.1M (Plomosas mine, Chihuahua). Centenario Gold announced a non-brokered private placement for gross proceeds of up to $1M (Eden project, Sinaloa). Guanajuato Silver announced the complete repayment of the USD $5M concentrate pre-payment facility (Cubo, San Ignacio, and Valenciana mines in Guanajuato and Topia mine, Durango).  ON RESOURCES AND DEVELOPMENT, Tocvan and its JV partner Colibri released results from its 2024 RC drilling program from its Pilar project in Sonora. Silver Tiger presented results from its ongoing PFS drilling program at its El Tigre project, Sonora. Luca Mining confirmed new high-grade gold zone with significant mining widths at its Tahuehueto mine, Durango. Vizsla released results from 16 new drillholes from its Panuco project, Sinaloa. Kootenay announced results from the first six holes targeting the eastern extension of the D-Vein target at its Columba project, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Monumental Energy announced the termination of its option agreement on the Jemi REE project, Coahuila. Goldgroup reported contractor fatality at its Cerro Prieto mine in Sonora. Mag Silver announced the planned retirement of Peter Megaw after 20 years of dedicated services to Mag. Avino reminded his shareholders to vote their shares in the 2024 upcoming annual general meeting of shareholders (Avino mine, Durango). Sierra Metals entered into a binding agreement with Silverco to sell its Cusi property in Chihuahua.  Vizsla Silver filed the management information circular in connection with special meeting to approve spinout of Vizsla Royalties. Alamos Gold reported results from its annual general and special meeting of shareholders (Mulatos mine, Sonora). First Majestic announced ticker symbol change on the Toronto Stock Exchange (TSX), and announced voting results of its annual general meeting of shareholders. Sierra Madre Gold and Silver announced the appointment of the General Manager of its La Guitarra Mine and Mill Complex in Mexico State, as well as announced the issuance of stock options to La Guitarra employees, advisors and consultants of the company. Chesapeake announced agreement to acquire intellectual property rights to a leaching technology which are currently held under license from Hycroft by Alderley (Metates, Durango).  Mexus provided an update to shareholders for its Santa Elena mine (Caborca), Sonora. ON SOCIAL RESPONSIBILITY, GoGold presented its 2023 sustainability report (Parral Tailings project, Chihuahua). Torex released its 2023 responsible gold mining report (El Limon-Guajes mine complex, Guerrero).

ON MEXICO ISSUE

  • AMLO denied that the government has expropriated a mine owned by the American firm Vulcan, in Quintana Roo, where the company extracts limestone, although he clarified that the company´s facilities remain closed. Secretary of State Anthony Blinken stated before a Senate committee that the action of the Mexican authorities is not a good way to attract investment. Mexican authorities ordered a halt to limestone extraction in the coastal state of Quintana Roo in 2022, alleging environmental damage by the company, which described the measure as “unexpected” and “arbitrary”. Since the, Vulcan Minerals has been unable to export its production and is demanding more than USD $1,500M in compensation through the International Center for Settlement of Investment Disputes (ICSID). Tensions increased in 2023, when the company announced that Mexican security forces took possession of its port terminal in southern Mexico. Last year, AMLO announced that he was offering USD $391M to buy the land where Vulcan Materials operates and resolve the dispute. “The site is closed and they will not be able to work”, he said Wednesday.
  • Silver Tiger Metals Inc., Tocvan Ventures Corp/Colibri Resources Corporation, Vizsla Silver Corp., and Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the fourth week of May, 2024. Details are shown in the table below:

ON EXPLORATION

  • Centenario Gold Corp., announced that it will host a webinar at 10:00 am PDT on Thursday May 30th, 2024, to provide investors with an update and the next phase exploration and drilling program on its Eden project in Sinaloa. 

ON MINING

  • No relevant news.

ON FINANCING

  • Impact Silver Corp., closed its first tranche of the non-brokered private placement financing for gross proceeds of CAD $7.1M from the issuance of 15,526,190 units at a price of CAD $0.27 per standard unit. Net proceeds will be used to accelerate exploration activity at its Plomosas high-grade zinc-lead-silver property located in Chihuahua, Mexico, as well as to develop its prolific silver assets at its legacy Royal Mines of Zacualpan district, in Mexico State.
  • Centenario Gold Corp., announced a non-brokered private placement for gross proceeds of up to $1M through the issuance of up to 20M units at a price of $0.05 per unit (Eden project, Sinaloa).
  • Guanajuato Silver Company Ltd., announced the complete repayment of the USD $5M concentrate pre-payment facility owed to Ocean Partners UK Limited, , a metal off-take and trading firm (Cubo, San Ignacio, and Valenciana mines in Guanajuato and Topia mine, Durango).

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., and its JV partner Colibri Resource Corporation released results from its 2024 RC drilling program from its Pilar project in Sonora. The best drill intercepts were encountered in hole JES-24-79 with 0.82 g/t Au and 0.5 g/t Ag over 50.32m, including 0.96 g/t Au and 0.6 g/t Ag over 42.7m, including 10.9 g/t Au and 2 g/t Ag over 3.05m, including 21.4 g/t Au and 3 g/t Ag over 1.52m. “Like the Main Zone, the North Hill trend is exposed at surface along a rounded ridge top, allowing the potential for a low strip ratio during early development. The hole tested near-surface mineralization and was stopped at 125.1m, mineralization at North Hill remains open along trend and to the east. 
  • Silver Tiger Metals Inc., presented results from its ongoing PFS drilling program at its El Tigre project, Sonora. Hole ET-24-568 collared at the Keel Zone intercepted 6.21 g/t Au and 410 g/t Ag (11.67 g/t AuEq or 876 g/t AgEq) over 16m, including 90.9 g/t Au and 6,034 g/t Ag (171.35 g/t Au or 12,852 g/t Ag( over 1m. The hole passed through the El Tigre vein located some 15m beneath the floor of the PEA Open Pit and is referred to as the Keel Zone.  Other new intersections through the Stockwork deposit include holes ET-24-570 with 1.63 g/t Au and 22 g/t Ag (1.92 g/t AuEq or 144 g/t AgEq) over 59.3m; hole ET-23-563 with 0.7 g/t Au and 35 g/t Ag (1.17 g/t AuEq or 88 g/t AgEq) over 45m, including 1.01 g/t Au and 89 g/t Ag (2.2 g/t AuEq or 165 g/t AgEq) over 15m, including 1.43 g/t Au and 634 g/t Ag (9.89 g/t AuEq or 742 g/t AgEq) over 2m, plus 0.68 g/t Au and 2 g/t Ag (0.71 g/t AuEq or 53 g/t AgEq) over 6m; and hole ET-23-552 with 0.83 g/t Au and 6 g/t Ag (0.92 g/t AuEq or 69 g/t AgEq9 over 35.5m, including 2.1m mining void, plus 1.66 g/t Au and 2 g/t Ag (1.68 g/t AuEq or 126 g/t AgEq) over 7m, plus 0.44 g/t Au and 0.5 g/t Ag (0.45 g/t AgEq or 33 g/t AgEq9 over 19.5m. “The results may increase the updated MRE associated with the PFS-level study which we expect to deliver by September 2024, which will also further de-risk the project.”  Mr. Jessome (Silver Tiger CEO) continued, “We contemplate being able to make a build decision based on our upcoming PFS.”
  • Luca Mining Corp., confirmed new high-grade gold zone with significant mining widths at its Tahuehueto mine, Durango. New geological mapping and sampling at the Main Creston Vein at underground Level 23 confirmed the presence of breccia ore shoots up to 20m wide with some internally assayed channel samples returning greater than 20 g/t Au. These wide and higher-grade Au mineralization zones at depth confirm the enormous upside potential of the mine.
  • Vizsla Silver Corp., released results from 16 new drillholes from its Panuco project, Sinaloa. Drilling highlights (true widths reported) include holes NP-24-431 (Napoleon and HW 4 Structures) with 362 g/t Ag, 0.44 g/t Au, 0.3% Pb, and 0.8% Zn (405 g/t AgEq) over 0.73m, plus 1,551 g/t Ag, 14.08 g/t Au, 1% Pb, and 3.8% Zn (2,561 g/t AgEq) over 2.40m, including 2,460 g/t Ag, 23.2 g/t Au, 1.6% Pb, and 6.1% Zn (4,121 g/t AgEq) over 1.24m, plus 62 g/t Ag, 1.18 g/t Au, 0.1% Pb, and 0.7% Zn (165 g/t AgEq) over 0.75m, plus 132 g/t Ag, 1.1 g/t Au, 0.3% Pb, and 0.9% Zn (236 g/t AgEq) over 0.70m; hole NAP-23-004 (Napoleon Structure) with 939 g/t Ag, 6.26 g/t Au, 0.5% Pb, and 1.9% Zn (1,503 g/t AgEq) over 0.40m, plus 328 g/t Ag, 4.32 g/t Au, 0.8% Pb, and 2.1% Zn (696 g/t AgEq) over 6.5m, including 505 g/t Ag, 6.33 g/t Au, 2.9% Pb, and 0.1% Zn (1,038 g/t AgEq) over 3.65m; hole NP-24-429 (Molino, Napoleon and HW Structures) with 105 g/t Au, 0.46 g/t Au, 0.1% Pb, and 0.3% Zn (145 g/t AgEq) over 1.55m, plus 2,390 g/t Ag, 28.1 g/t Au, 2.2% Pb, and 9.6% Zn (4,533 g/t AgEq) over 1.30m, plus 144 g/t Ag, 1.06 g/t Au, 0.1% Pb, and 0.2% Zn (217 g/t AgEq) over 0.75m, plus 2,508 g/t Ag, 26.04 g/t Au, 1.8% Pb, and 6.8% Zn (4,525 g/t AgEq) over 0.8m, including 2,380 g/t Ag, 35.1 g/t Au, 2% Pb, and 8.8% Zn (4,959 g/t AgEq) over 0.42m; and hole NP-24-435 (HW and Napoleon Structures) with 1,429 g/t Ag, 11.76 g/t Au, 0.3% Pb, and 0.7% Zn (2,156 g/t AgEq) over 1.4m, plus 53 g/t Ag, 0.13 g/t Au, 0.3% Pb, and 7.3% Zn (330 g/t AgEq9 over 0.40m. “New drilling along the central and southern portions of the Napoleon resource area has successfully expanded known zones of high-grade mineralization, proximal to potential development. Additionally, expansion drilling targeting the Hanging Wall 4 structure and the recently discovered El Molino Vein, returned significant gold and silver values outboard of the current resource boundary. We are very pleased with how Luisa, Napoleon and Copala are responding to tighter spaced drilling. This supports increased potential for resource conversion as we de-risk the project ahead of the preliminary economic assessment planned for early Q3.”
  • Kootenay Silver Inc., announced results from the first six holes targeting the eastern extension of the D-Vein target at its Columba project, Chihuahua. Drilling highlights (true widths reported) include holes CDH-24-153 with 183 g/t Ag, 0.01% Pb, and 0.2% Zn over 12.95m, including 481 g/t Ag, 0.02% Pb, and 0.7% Zn over 3.52m, including 920 g/t Ag, 0.8% Pb, and 3.3% Zn over 0.43m; and hole CDH-24-152 with 83 g/t Ag, 0.05% Pb, and 0.2% Zn over 18m, including 240 g/t Ag, 0.1% Pb, and 0.4% Zn over 5.40m, including 347 g/t Ag, 0.2% Pb, and 0.6% Zn over 3.36m, including 492 g/t Ag, 0.4% Pb, and 1% Zn over 1.59m, including 539 g/t Ag, 0.3% Pb, and 1.6% Zn over 0.60m. “The company has completed over 30,000m of diamond drilling in 153 holes at Columba since 2019 and intercepted numerous veins with high silver grades and widths indicating excellent resource potential. Prospective veins on the project are hosted within a volcanic caldera setting; the surface extent of mapped veins measuring roughly 4km by 3km. Management believes that Columba may be a newly recognized vein district that is nearly entirely preserved from erosion.

ON DEALS AND CORPORATE ISSUES

  • Monumental Energy Corp., announced the termination of its option agreement on the Jemi REE project, Coahuila. Following its assessment of exploration results, the company has elected to discontinue its activities under the Jemi Option Agreement in which they had the right to acquire a 100% interest in six mineral concessions comprising approximately 3,560 hectares located in the Ocampo municipality of Coahuila State.
  • Goldgroup Mining Inc., reported contractor fatality at its Cerro Prieto mine in Sonora. The contractor’s employee was fatally injured while working in the Esperanza pit when recently blasted rock dislodged striking the worker during inspection of the blasted area.
  • Mag Silver Corp., announced the planned retirement of Peter Megaw, Co-Founder and Chief Exploration Officer, after 20 years of dedicated services to Mag. Peter will continue as a consultant to the Company following his retirement from executive duties at Mag. “My admiration and deep respect to Peter for his brilliant work in the mining exploration in Mexico”.
  • Avino Silver & Gold Mines Ltd., reminded his shareholders to vote their shares in the upcoming 2024 annual general meeting of shareholders, to be held on Thursday, May 30, 2024, at 10:00 AM PT (Avino mine, Durango).
  • Sierra Metals Inc., entered into a binding agreement with Silverco Mining Corp., to sell its Cusi property in Chihuahua, and related assets including, among other things, land and land agreements, equipment and environmental permits. Terms of the agreement include a cash payment of USD $2.5M at closing, and a 2.0% net smelter royalty in respect of the Cusi Mine granted in favour of Sierra Metals. Silverco will have the right to purchase half of the royalty (being 1.0%) at any time in exchange for a cash payment to Sierra Metals of USD $5M.
  • Vizsla Silver Corp., filed the management information circular in connection with special meeting to be held on June 17, 2024 at 10:00 AM (PST), to approve spinout of Vizsla Royalties Corp. “The purpose of the meeting is to seek approval of the previously announced spinout by way of a plan of arrangement between Vizsla Silver and Vizsla Royalties Corp. (Spinco), whereby the owners of common shares of Vizsla Silver are entitled to receive one-third of a common share of Spinco and one-third of a common share purchase warrant of Spinco for each Vizsla Silver share held immediately prior to the closing of the Arrangement. Each full Spinco warrant will entitle the holder thereof to purchase one Spinco share at an exercise price of $0.05 per share for a period expiring on the earlier of: (i) 120 days after the date the Spinco shares and Spinco warrants are listed on the TSX Venture Exchange; and (ii) December 31, 2025”.
  • Alamos Gold Inc., reported results from its annual general and special meeting of shareholders virtually held on Thursday, May 23, 2024 (Mulatos mine, Sonora).
  • First Majestic Silver Corp., announced ticker symbol change on the Toronto Stock Exchange (TSX), effective as of market opens Monday, May 27, 2024. First Majestic symbol will change from “FR” to “AG”. As a result of this change, “AG” will now be the ticker symbol for First Majestic’s common shares listed in Canada on the TSX, and in the United States on the New York Stock Exchange (NYSE), allowing for enhanced, harmonized brand alignment within the Canadian and United States capital markets. The company’s ticker symbol on the Frankfurt Stock Exchange remains “FMV”. The company also announced voting results of its annual general meeting of shareholders held on Thursday, May 23, 2024 in Vancouver, BC, Canada.
  • Sierra Madre Gold and Silver Ltd., announced the appointment of the General Manager of its La Guitarra Mine and Mill Complex in Mexico State, as well as announced the issuance of stock options to La Guitarra employees, advisors and consultants of the company.
  • Chesapeake Gold Corp., announced agreement to acquire intellectual property rights to a leaching technology which are currently held under license from Hycroft Mining Holding Corporation by Alderley Gold Corp. Pursuant to the purchase agreement, Chesapeake has agreed to pay CAD $2M in cash and to issue 1,026,518 common shares of the company for the Intellectual Property Rights. The common shares will be subject to a hold period of four months and one day (Metates, Durango).  
  • Mexus Gold US provided an update to shareholders for its Santa Elena mine (Caborca), Sonora. The company continues to negotiate for a favorable deal with multiple companies vying for the right to team with Mexus. There are currently two companies doing due diligence on 2 of the 3 properties Mexus has rights to in Sonora State, Mexico.

ON SOCIAL RESPONSIBILITY

  • GoGold Resources Inc., presented its 2023 sustainability report, which sets out the company’s performance and achievements with respect to its environmental, social and governance (ESG) practices. Highlights of the reports include energy consumption decrease of 44% compared to prior year, including a 25% decrease at Parral; decreased carbon dioxide emissions by 38% compared to the previous year; 0.006 tCO2e per oz of silver equivalent produced at Parral; 0.006 tCO2e per tonne of ore processed; increase of over 8% in safety and professional development training to over 12,000 hours; awarded the ESR distinction (Empresa Socialmente Responsables – Corporate Social Responsibility); USD $17.2M spent in local purchases, including USD $422K in community investment; donation of 600 machine hours to nearby towns in order to help with local infrastructure; and social impacts in nearby communities include providing food packages to elderly, educational and sports supplies to local children and medical attention to residents.
  • Torex Gold Resources inc., released its 2023 responsible gold mining report, titled At the Heart of Who we Are, the Company’s ninth annual disclosure of its Environmental, Social and Governance (ESG) performance (El Limon-Guajes mine complex, Guerrero). Highlights include “industry-leading safety performance, ending 2023 with a lost-time injury frequency of 0.31 per million hours worked for our employees and contractors; the company also achieved 10 million hours worked without a lost-time injury at El Limón Guajes (ELG) for the third time since 2020;  zero reportable environmental incidents or spills; continued implementation of our Community Development Agreements (CODECOPs) in partnership with 11 host communities, with $3.1M directly invested in community development and infrastructure projects;  released an Economic Impact Study demonstrating direct, indirect, and induced benefits in Mexico at the state and national levels, including a 3% annual contribution to Guerrero State’s annual gross domestic product;  66% water usage recycled; 63% non-mineral waste recycled;  108.5 hectares reforested, with 70,560 native trees planted from two on-site greenhouses;  99% employees from Mexico with ~69% from Guerrero State; 9% overall turnover rate in 2023 down from 14% in 2022;  90% of procurement spend in Mexico; $158M spent on procurement within Guerrero State, almost a 50% increase relative to 2022; continued progress on implementation of the requirements of the World Gold Council’s Responsible Gold Mining Principles, International Cyanide Management Code, and the Global Industry Standard on Tailings Management; continued improvement in scoring from key ESG ratings agencies including MSCI, Sustainalytics, and CDP”.

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

On the picture above, boiling texture in an epithermal vein system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of November, 2023

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Old mine working along a quartz vein

By Miguel A Heredia

During the 46th week of the year (November 13th to November 19th, 2023), at least 25 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, seven communicating production results, four announcing financing issues, three reporting resources and developments of their properties, one informing on exploration results, one commenting on Mexican issues, and one discussing social issues. ON MEXICO ISSUES, Torex Gold reported their best drilling intercepts in Mexico on the third week of November, 2023. ON EXPLORATION, In Sinaloa, Centenario initiated its first ever drilling program at its Eden project. ON MINING, Argonaut reported Q3, 2023 production and financial results from their Mexican mine operations. Sierra Metals announced Q3, 2023 production and financial results from its Bolivar Mine, Chihuahua. Orla reported Q3, 2023 production and financial results from its Camino Rojo Mine, Zacatecas. Discovery Silver reported Q3, 2023 financial results (Cordero project, Chihuahua). US Antimony will present Q3, 2023 financial results this November 17, 2023 (Los Juarez project, Queretaro). Starcore reported Q2, 2023 production results from its San Martin mine, Queretaro. Torex announced Q3, 2023 production and financial results from its El Limon-Guajes Mine Complex, Guerrero. ON FINANCING Sonoran Desert announced consolidation of its common shares (Cuatro Hermanos project, Sonora). GR Silver completed a non-brokered private placement for gross proceeds of $1.2M (Plomosas project, Sinaloa). Heliostar announced a warrant exercise incentive program to advance its Ana Paula project, Guerrero. Sierra Madre announced conversion of subscription receipts (La Guitarra mine, State of Mexico). ON RESOURCES AND DEVELOPMENT, Torex received approval from Mexico’s Secretariat of Environment and Natural Resources (SEMARNAT) for in-pit tailings deposition (Media Luna project, Guerrero). Discovery Silver provided a summary of key events for Q3, 2023 and subsequent to quarter-end (Cordero project, Chihuahua). Torex reported results from its 2023 El Limon-Guajes underground drilling program. ON DEALS AND CORPORATE ISSUES, Fortuna (San Jose mine, Oaxaca), Silver Storm (La Parrilla mine, Durango), and Vortex (Riqueza Marina project, Oaxaca) announced that they will be attending the 121 Mining Investment London Conference. Vizsla appointed Mr. Eduardo Luna to its Board of Directors (Panuco project, Sinaloa). Sierra Metals announced that it will start trading on the OTCQX Market in the United States (Bolivar mine, Chihuahua). Fresnillo completed a USD $171K payment to Radius for the development of Plata Verde property in Chihuahua. Monumental Minerals announced name change to Monumental Energy Corp. Silver Valley appointed new members to its Board of Directors (Mexi-Can Lithium-potash project in Zacatecas and San Luis Potosi). ON SOCIAL RESPONSIBILITY, Alamos Gold releases its annual Environmental, Social, and Governance (ESG) 2022 report (Mulatos Mine, Sonora).

ON MEXICO ISSUE

  • Torex Gold Resources Inc., reported their best drilling intercepts in Mexico on the third week of November, 2023. Details are shown in the table below:

ON EXPLORATION

  • Centenario Gold Corp., initiated its first ever drilling program at its Eden project in Sinaloa. This core drilling program will consists of 1.500m in 10-12 holes to test the strike and down-dip extensions of Eden’s Buenavista vein-breccia mineralized corridor E-NE and S-SW of the old mining workings area.

ON MINING

  • Argonaut Gold Inc., reported Q3, 2023 production and financial results from their Mexican mine operations (all dollar amounts are expressed in US dollars). At La Colorada, Sonora, the company reported that it sold 7,224 Oz Au; a cost of sales of $ 13,722,000; a cost of sales of $1,900 per Oz Au sold; a production cost of $10,883,000; a cash cost of $10,646,000; an AISC of $11,148,000; and cash cost and AISC of $1,474 and $1,543 per Oz Au sold respectively. At San Agustin, Durango, Argonaut reported that it sold 10,327 Oz Au; a cost of sales of $ 19,019,000; a cost of sales of $1,842 per Oz Au sold; a production cost of $17,011,000; a cash cost of $16,066,000; an AISC of $16,952,000; and cash cost and AISC of $1,550 and $1,642 per Oz Au sold respectively. At El Castillo, Durango, the company reported that it sold 4,111 Oz Au; a cost of sales of $ 6,559,000; a cost of sales of $1,595 per Oz Au sold; a production cost of $6,167,000; a cash cost of $6,091,000; an AISC of $6,229,000; and cash cost and AISC of $1,482 and $1,514 per Oz Au sold respectively.
  • Sierra Metals Inc., announced Q3, 2023 production and financial results from its Bolivar Mine, Chihuahua (all amounts are expressed in US dollars). The company processed 362,890 tonnes to produce 8.1M Lb CuEq at a cash cost and AISC of $2.15 and $3.57 per Lb CuEq payable respectively. Sierra Metals reported a cost of sales of $22,860,000; a total cash cost of $17,245,000; a total AISC of $30.874, 000; and a cash cost of $47.52 per tonne processed.
  • Orla Mining Ltd., reported Q3, 2023 production and financial results from its Camino Rojo Mine, Zacatecas (all amounts expressed in US dollars). The company produced 32,425 Oz Au and sold 31,061 Oz Au at a realized price of $1,921 per Oz Au. The company reported cost of sales of $16M, and a cash cost and AISC of $527 and $743 per Oz Au respectively. Orla announced revenue of $60.3M; a net income of $5.4; adjusted earnings of $6.6M; and earnings per share of $0.02; adjusted earnings per share of $0.02; a cash flow from operating activities before changes in non-cash working capital of $21.8M; and a free cash flow of $18.8M. Finally, it reported as of September 30, 2023, a cash and cash equivalent of $132.8M, and a net debt of $3.4M.
  • Discovery Silver Corp., announced Q3, 2023 financial results (all amounts expressed in Canadian dollars). The company reported a net loss of $2,207.479; a basic and diluted per share of $0.01; a net loss and total comprehensive loss of $3,059,766; and a total weighted average shares outstanding of $395,720,230. As of September 30, 2023 the company also reported a cash and cash equivalents of $59,931,068; total assets of $150,770,808; total current liabilities of $13,327,861; a working capital of $59,402,439; and total shareholders´ equity of $132,902,518. Subsequent to September 30, 2023, the Company received a refund for the cumulative IVA return filed of approximately $8.0M, including interest and inflationary adjustments (Cordero project, Chihuahua).
  • US Antimony Corporation will present Q3, 2023 financial results this November 17, 2023 (Los Juarez project, Queretaro).
  • Starcore International Mines Ltd., reported Q2, 2023 production results from its San Martin mine, Queretaro. The company milled 58,019 tonnes of 1.42 g/t Au and 15 g/t Ag with metallurgical recoveries of 85.23% and 48.81% respectively, to produce 2,420 Oz AuEq.
  • Torex Gold Resources Inc., announced Q3, 2023 production and financial results from its El Limon-Guajes Mine Complex, Guerrero (all amounts expressed in US dollars). The company produced 85,360 Oz Au and sold 81,752 Oz Au at a total cash of $1,086 per Oz Au, an AISC of $1,450 per Oz Au, at an average realized price of $1,944 per Oz Au. Torex reported revenues of $160.1M; cost of sales of $133M; earnings from mine operations of $27.1M; net income of $10.5M; adjusted net earnings of $11.1M; EBITDA of $79.4M; cash and cash equivalents of $209.4M; lease- related obligations of $21.1: and net cash of $188.3M. The company is confidence in achieving full year production guidance of 440,000 to 470,000 Oz Au.

ON FINANCING

  • Sonoran Desert Copper Corporation announced consolidation of its issued and outstanding common shares on a ratio of one post-consolidation share for four pre-consolidation shares. The shares of the company will trade on a post-consolidation basis under the new CUSIP 83569N207 (ISIN: CA83569N2077). “Company currently has 101,139,062 shares issued and outstanding. Following the consolidation, there will be approximately 25,284,766 shares issued and outstanding (Cuatro Hermanos project, Sonora).
  • GR Silver Mining Ltd., completed a non-brokered private placement for gross proceeds of $1.2M. Net proceeds will be used to pay outstanding amounts currently owing to persons who are arm’s length to the Company, to pay outstanding amounts owing to management and directors of the Company, and to fund general working capital (Plomosas project, Sinaloa).
  • Heliostar Metals Ltd., announced a warrant exercise incentive program designed to encourage the early exercise of up to 46,363,630 common share purchase warrants issued on March 16, 2023. “Each Incentive Warrant will allow the holder to acquire one Common Share at an exercise price of $0.40 for a period of two years following the date of the issuance of the Incentive Warrant. A holder may elect to exercise all, none, or a portion of their Outstanding Warrants. Each Warrant is currently exercisable to purchase one Common Share at $0.30 per Common Share until March 16, 2026. Any Outstanding Warrants remaining un-exercised after 12:00 p.m. PST on December 8, 2023 will remain outstanding and continue to be exercisable pursuant to their existing terms”. Net proceeds will be used to advance its Ana Paula project, Guerrero, and for general working capital.
  • Sierra Madre Gold and Silver Ltd., announced conversion of subscription receipts. “The escrow release conditions of all 5,123,092 subscription receipts have been satisfied and the proceeds from the purchase of the subscription receipts have been released from escrow. As a result, the subscription receipts have converted into a total of 5,123,092 common shares in the capital of the Company, and the Company now has access to the $3,330,010 in proceeds” (La Guitarra mine, State of Mexico).

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc., received approval from Mexico’s Secretariat of Environment and Natural Resources (SEMARNAT) regarding an amendment to the key environmental permit (MIA) for the Media Luna project in Guerrero, which will allow for the deposition of tailings into the mined-out Guajes open pit.
  • Discovery Silver Corp., provided a summary of key events for Q3, 2023 and subsequent to quarter-end. Highlights from the Q3, 2023 activities performed include: results reported from the Feasibility Study (FS) metallurgical test program demonstrating higher silver recoveries of up to 7% to the precious metals concentrate at significantly lower reagent consumption; formal submission for evaluation of the MIA to Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT), the federal government agency responsible for evaluating MIA submissions; completion of the reserve expansion and definition component of our FS program   consisting of an additional 35,000 m of drilling in over 100 drill holes completed since the cut-off for the Pre-Feasibility Study (PFS) with results demonstrating the potential to further grow reserves within and on the margins of the open pit; release of the Company’s 2022 Environmental, Social and Governance (“ESG”) report highlighting the Company’s current practices and priorities going forward (Cordero project, Chihuahua).
  • Torex Gold Resources Inc., reported results from its 2023 El Limon-Guajes (ELG) underground drilling program. As of the end of September, approximately 54,600 m across 235 holes had been drilled as part of the 2023 ELG brownfield and near-mine exploration and drilling programs, representing 96% of the planned metres for the year. Year to date, assay results have been received for 55% of the total holes drilled. Highlights at El Limon Trend Sur include holes LS-293 with 20.1 g/t Au, 12 g/t Ag, and 0.06% Cu (20.74 g/t AuEq) over 4.63M; hole LDUG-239 with 10.94 g/t Au, 12 g/t Ag, and 0.41% Cu (11.75 g/t AuEq) over 22.91m; hole LDUG-290 with 9.97 g/t Au, 8 g/t Ag, and 0.93% Cu (11.55 g/t AuEq) over 14.93m; hole LDUG-296 with 9.17 g/t Au, 9 g/t Ag, and 0.47% Cu (10.03 g/t AuEq) over 14.35m; and hole LDUG-289 with 5.26 g/t Au, 31 g/t Ag, and 1.56% Cu (8.13 g/t AuEq) over 12.43m. Highlights at El Limon Deep Trend include holes LDUG-256 with 32.95 g/t Au, 7 g/t Ag, and 0.54% Cu (33.91 g/t AuEq) over 9.08m; and hole LDUG-268 with 35.41 g/t Au, 12 g/t Ag, and 0.16% Cu (35.81 g/t AuEq) over 4.83m, plus 6.58 g/t Au, 4 g/t Ag, and 0.15% Cu (6.87 g/t AuEq) over 5.39m. Highlights at Sub-Sill Trend include hole SST-313 with 23.18 g/t Au, 9 g/t Ag, and 0.01% Cu (17.74 g/t AuEq) over 4.69m. Highlights at El Limon West Trend include holes LS-287 with 14.98 g/t Au, 73 g/t Ag, and 1.16% Cu (17.74 g/t AuEq) over 5.4m, plus 9.16 g/t Au, 10 g/t Ag, and 0.47% Cu (10.04 g/t AuEq) over 13.4m; and hole LS-229 with 2.36 g/t Au, 65 g/t Ag, and 2.33% Cu (6.9 g/t AuEq) over 3.38m.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Silver Mines Inc.(San Jose mine, Oaxaca), Silver Storm Mining Ltd., (La Parrilla mine, Durango), and Vortex Metals Inc., (Riqueza Marina project, Oaxaca)announced that they will be attending the 121 Mining Investment London Conference from November 20 to 21, 2023.  
  • Vizsla Silver Corp., appointed Mr. Eduardo Luna to its Board of Directors (Panuco project, Sinaloa). “Vizsla has granted 400,000 stock Options at an exercise price of $1.36 to a director and a consultant of the Company, pursuant to the Company’s Omnibus Equity Incentive Compensation Plan. The Options are exercisable for a period of five years and will vest over the next two years. The Options are subject to the approval and policies of the TSX Venture Exchange and the NYSE American”.
  • Sierra Metals Inc., announced that it will start trading on the OTCQX Market in the United States under the symbol “SMTSF”. Sierra Metals continues to trade on the Toronto Stock Exchange under the symbol “SMT” (Bolivar mine, Chihuahua).
  • Fresnillo plc completed a USD $171K payment to Radius Gold Inc., for the development of its Plata Verde property in Chihuahua, under the terms of an Exclusivity Agreement between the companies. A maiden drill program is anticipated at Plata Verde in Q1 2024. Minera San Julian, a wholly owned subsidiary of Fresnillo plc, has an Exclusivity Period to January 7, 2024 to negotiate a definitive agreement that would include an option agreement to earn a 70% interest in Plata Verde.  Minera San Julian has the right to extend its Exclusivity Period for 6 additional months beyond January 7, 2024, by providing Geonorte, a wholly owned subsidiary of Radius Gold, a minimum of USD $500K to commence drilling at Plata Verde.  Such drilling shall be initiated within 3 months following January 7, 2024.
  • Monumental Minerals Corp., announced name change to Monumental Energy Corp., effective on November 21, 2023.  The company’s common shares will trade on the TSX Venture Exchange under the new name. In connection with the name change, the Company’s trading symbol will be changed to “MNRG”.
  • Silver Valley Metals Corp., appointed new members to its Board of Directors (Mexi-Can Lithium-potash project in Zacatecas and San Luis Potosi).

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc., releases its annual Environmental, Social, and Governance (ESG) 2022 report, which outlines its performance across its operations, projects, and offices, and provides directions on planned initiatives for 2023. Highlights of the significant progress achieved by the company during the past year include: an 8% growth in its workforce, with 77% hired from local communities, and a 36% reduction in employee turnover rate; a company-wide target of a 30% reduction in absolute greenhouse gas (“GHG”) emissions by 2030, achieving a 6% reduction in total Scope 1 and 2 GHG emissions in 2022; zero significant environmental incidents during the year, including zero reportable tailings-related incidents; $1.8M invested in local community initiatives including donations, sponsorships, community programs and infrastructure; the Mulatos mine was awarded the Silver Helmet by the Mining Chamber of Mexico (CAMIMEX) in recognition of outstanding health and safety performance; the Mulatos mine was also awarded the Socially Responsible Company (Empresa Socialmente Responsible) Award by CEMEFI, the Mexican Center for Philanthropy, for the 14th consecutive year, and was the recipient for the Award for Corporate Ethics and Values in Industry for the third consecutive year; completed close to 1,700 training hours for occupational health and safety and emergency management; introduced the Island Gold Employee Wellness Program with licensed physical therapists on site; and three years in compliance with the World Gold Council’s Responsible Gold Mining Principles (RGMPs), and developed 12 new Alamos Sustainability Standards.

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

On the picture above, old mine working along a gold quartz vein hosted in rhyolites in a low-sulphidation epithermal vein system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.