Feasibility Study

Highlights on the Third Week of July, 2018. Mining and Exploration News in Mexico

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By Miguel A Heredia

During the 29th week of the year (July 16th to July 22th, 2018), at least 30 press releases were announced by companies working in Mexico, with twelve informing on exploration results, nine announcing production results, four reporting on resources and developments, three communicating deals and corporate issues, and two  announcing financing issues.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Baja California Norte, One World Lithium presented geophysical results from its Salar del Diablo project. In Sonora, Colibri reported drill results from its El Pilar project, Minaurum reported exploration results from its Promontorio-Quintera project, San Marco announced exploration results from its Chunibas exploration program, and Millrock and Azure provided an exploration update on their Mexican properties. In Chihuahua, Mammoth Resources announced drill results from its Tenoriba project. In Coahuila, Discovery Metals reported exploration results from its Puerto Rico project. In Sinaloa, Kootenay presented exploration results from its Copalito project. In Durango, Southern Silver announced an expansion of the exploration program at its Cerro Las Minitas project. In Zacatecas, Advance Gold reported drill results from its Tabasquena project.  In the Estado de México, Impact discovered new zones at its San Ramon mine.  ON MINING, Several companies reported Q2, 2018 results on its Mexican operations. In Sonora, Mexus provided an update on its 370-8 Brothers property in Sonora. In Chihuahua, Sierra Metals announced Q2 results from its Bolivar and Cusi mines while GoGold reported results from its Parral property. In Sinaloa, Americas Silver presented Q2 results from its Cosala operation. In Durango, Avino reported Q2 results from its Avino mine. In Oaxaca, Fortuna Silver announced Q2 2018 results from its San Jose mine. First Majestic presented Q2 2018 results from its Mexican operations in Sonora, Sinaloa, Chihuahua, Durango, Zacatecas, Jalisco and Estado de Mexico. In Puebla, Almaden announced an increase of the average mill feed grades for its Ixtaca property.  ON FINANCING, Bacanora Minerals dropped a $100M placing for its Sonora Lithium project in Sonora. Candente announced the approval to extend the purchase of 5M of share warrants. ON RESOURCES AND DEVELOPMENT, Aranzazu filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas and updated the resource estimate. Starcore filed updated 43-101 technical report on its San Martin mine. Capstone filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. Gold Resource announced an expansion of its Arista Mine in Oaxaca. ON DEALS AND CORPORATE ISSUES, Evrim announced results of its annual and special general meeting of shareholders.  Silver Spruce executed an offtake agreement for potential future production from its Pino de Plata project in Chihuahua.

ON MEXICO ISSUES

  • No relevant news.

 ON EXPLORATION

  • One World Lithium Inc., presented results from a geophysical survey conducted on its Salar del Diablo project in Baja California Norte. Three very large and highly conductive zones were identified by a Volterra TEM in loop survey. Zone 1 is > 100m thick and covers six square km. Zone 2 surrounds Zone 1 and is < 100m thick and covers 24 square km. Zone 3 is estimated to be approximately 200m thick and covers > 30 square km.
  • Colibri Resources Corporation, reported RC drilling results from its Pilar project in Sonora. Significant results are 61m of 0.75 g/t Au, including 1.5m of 17.3 g/t Au; 6m of 0.68 g/t Au; 3m of 5.40 g/t Au; and 34.5m of 0.32 g/t Au. The drill results extend the Main Zone´s mineralized envelope to the northwest and southeast by upwards of a total of 145m. It represents an increase of 52% in the length of the Main Zone. Potential is open in both directions of the mineralized zone.
  • Minaurum Gold Inc., discovered the extension of the Promontorio-Quintera and Nueva Europa veins at its Alamos Silver project in Sonora. The Promontorio-Quintera vein was mapped and extends for 1km and is cut-off and down-dropped by a northwest trending fault while the Nueva Europa vein was mapped for over 600m. The extensions have the potential to host virgin mineralization at depth. Surface sampling on Promontorio South vein returned 1.1m of 181 g/t Ag and 1.06% Cu, while at Nueva Europa South vein, a 0.8m long chip rock sample returned 52 g/t Ag and 0.54% Cu, and a dump sample returned 91 g/t Ag and 1% Cu.
  • San Marco Resources Inc., identified many new significant Cu-Ag occurrences at its Chunibas property in Sonora; conducted a portable X-ray fluorescence rock analysis on an area of 300m by 1,400m, indicating anomalous to significant copper values, and received assays from ninety six rock chip samples ranging from 0.1% to 1.34% Cu. The company also carried out a saw-cut continuous channel sampling returning 30m of 0.16% Cu and 3 g/t Ag, and 22m of 0.17% Cu and 2 g/t Ag. Now, the mineralized NW-SE corridor is 1.7Km long by 300m wide, and remains open along strike and down dip. San Marco has begun preparations to perform a drill program at its Chunibas property.
  • Millrock Resources Inc., provided and exploration update on their Mexican properties in Sonora and San Luis Potosi. In Sonora, at La Navidad project, a 2,900m drilling program has been recently completed to test the El Cobre and the Crossover targets. Complete results are anticipated in early August. At El Picacho project (Orogenic gold), drill targets are emerging from the exploration work conducted in the first half of 2018. The company has authorized a drill program to begin later in the summer. At Batamote, good geological signs of a porphyry copper deposit have been identified and a major company is currently evaluating the property. At Los Cuarenta project (low-sulphidation epithermal Au-Ag), Millrock has acquired an option to purchase a key internal claim called Santa Rosalia. Drilling targets have been developed and drilling permit is in place. In San Luis Potosi, the Guadalcazar project hosts a high-grade Ag-Pb-Zn skarn with good drill intersections and historic mine workings, with potential to expand the known deposit. Millrock has received an offer to form an option agreement.
  • Azure Minerals Limited., provided an exploration update on its Sara Alicia and El Alacran properties in Sonora. At the Sara Alicia project, the stage 2 drilling campaign confirmed near-surface, high-grade Au-Co mineralization with maximum grade returning 53.8 g/t Au over 0.90m and 2.82% Co over 0.80m. The best Au interception was 19.6m of 8.6 g/t Au, including 15.3m of 10.6 g/t Au, while the best Co interception was 3.65m of 1.19% Co, including 1.5m of 2.66% Co. At the El Alacran project, the drilling campaign indicated the southern expansion of Loma Bonita epithermal Au-Ag system based on the presence of silicified zones covered by fresh-rock and high-resistivity geophysical anomalies extending to depth. At Cerro Colorado the company geologists identified the presence of porphyry-type alteration and veining with trace copper and molybdenum mineralization, warranting follow-up work. Teck will continue exploring the property with drilling planned to restart in Q3 2018.
  • Mammoth Resources Inc., announced drill results from its Tenoriba project in Chihuahua. Results are from the Masuparia area, in the central portion of the 6 km long trend of gold mineralization on the property. Significant results are 3m of 0.19 g/t Au and 10 g/t Ag in hole TEN 17-09 and multiple intersections in hole TEN 17-10 such as 4.5m of 0.42 g/t Au and 8 g/t Ag; 4.5m of 0.45 g/t Au and 3 g/t Ag, 22.5m of 0.35 g/t Au and 4 g/t Ag, 3m of 1.31 g/t Au and 50 g/t Ag, 3m of 0.65 g/t Au and 5 g/t Ag, and 24m of 0.31 g/t Au and 4 g/t Ag.
  • Discovery Metals Inc., reported underground channel sample results from the San Jose mine within its Puerto Rico project in Coahuila. Assay results represent 140m of workings and were collected at 3-5m intervals along both sides of the entire length of the developed workings. Mineralization is related to mantos, chimneys and faults. Mantos range from 0.5m to 1.5m in width (restricted by dimensions of workings) and are open in all directions laterally along strike and dip. Fourteen samples from mantos returned an average of 229 g/t Ag, 9.3% Pb, 17.6% Zn, and 0.3% Cu. Chimney widths range from 1m to 6m, with the main part of the chimney having a width of 5-6m, while the mineralized faults widths range from 0.4m to 1.4m, and are open along strike and at depth. Thirty three samples from chimneys and faults returned an average grade of 50 g/t Ag, 3.5% Pb, 4% Zn, and 0.8% Cu. The company is currently carrying out a detail structural study on the entire property to identify controls on mineralization. Additionally, it is planning to conduct a magnetic survey in preparation for drilling later in 2H 2018.
  • Kootenay Silver Inc., presented sampling results from its Copalito project in Sinaloa. Copalito is a low-sulphidation epithermal vein system. At least 4 main veins and numerous smaller veins have been identified, with individual veins found to be up to 15m wide and at least 2km long along strike. Eleven samples (5 chips and 6 grabs) on Cobriza vein returned grades from 47 to 2.5 kg/t Ag and 0.03 to 2.7 g/t Au, while twenty two samples on El Pilar vein returned grades from 2 to 166 g/t Ag and 0.04 to 1.05 g/t Au. Mapping and sampling on the La Chiva and Cinco Señores veins in the southern area of Copalito is ongoing. All the results will be used to determine grade distribution along the veins for drill targeting.
  • Sothern Silver Exploration Corp., announced an expansion of the exploration program at its Cerro Las Minitas project in Durango, with the mobilization of a second drill rig. The objective is to drill 2,000m of core to test multiple Ag-Au quartz veins within the recently acquired CLM West claim. Drill targets were identified by mapping and ground geophysics, and a sampling program of over 6000 float and rock chip samples throughout a >10km by 5km N-S corridor underlying the 207 square km CLM West claim package.
  • Advance Gold Corp., reported phase 1 drill results from its Tabasquena project in Zacatecas. Significant results are 10.5m of Au-Ag mineralization including 1.7m of 9.46 g/t Au and 37 g/t Ag, 0.55m of 12.65 g/t Au and 28 g/t Ag, and 0.55m of 6.31 g/t Au and 42 g/t Ag. The company is planning a second phase drill program to test the recently discovered veins and explore for new ones, as well as to follow-up on the high-grade gold intersections.
  • Impact Silver Corp., discovered new zones at its San Ramon mine through an underground drill program. Significant results with intersections 100m south of the current levels of the San Ramon mine are 2.04m of 0.23 g/t Au, 661 g/t Ag, 1.28% Pb, and 3.28% Zn; 4.97m of 0.12 g/t Au, 354 g/t Ag, 0.57% Pb and 1.48% Zn; and 1.25m of 0.1 g/t Au, 259 g/t Ag, 0.34% Pb and 1.14% Zn. The zone remains open for further extension vertically above for nearly 300m and to the south.

ON MINING

  • Mexus Gold US, provided and update on its 370-8 Brothers property in Sonora. VAT leaching test of oxidized sulphide ore reported that 50% of the sulphides remain as encapsulated Au and Ag bearing mineralization, with As, Pb and Zn, making difficult its extraction by simple gravity and/or cyanide leaching, unless they are pretreated via roasting to eliminate the sulphur. “About 80 tons of this oxidized ore was crushed to < 3 inches and put in a steel tank and leached for a period of 25 days.  Eight head assay samples were taken averaging 1g/t Au and 50 g/t Ag with one sample showing 30 g/t Au and another sample with 800 g/t Ag.  Solution was assayed daily for a week showing recoveries of 1.25% in gold and 13% in silver with a slow increase after a week and large cyanide consumption.  The solution was assayed after 3 weeks and turned out to have minimum increase up to 26% in silver and gold remaining the same”.
  • Sierra Metals Inc., reported Q2 results from its Bolivar and Cusi mines in Chihuahua. At Bolivar mine, a total of 272K tonnes were processed at grades of 0.15 g/t Au, 17 g/t Ag, and 0.97% Cu to produce 911 OZ Au, 110K Oz Ag, and 4.7M Lb Cu, with metallurgical recoveries of 71.81%, 75.53% and 81.33% respectively. At Cusi mine, a total of 46.4K tonnes were processed at grades of 0.16 g/t Au, 156 g/t Ag, 0.4% Pb, and 0.3% Zn, to produce 96 Oz Au, 190K Oz Ag, and 287K Lb Pb, with metallurgical recoveries of 39.8% Au, 81.66% Ag, 77.22% Pb and 0% Zn.
  • GoGold Resources Inc., presented Q2 2018 results from its Parral operation in Chihuahua. GoGold processed 447K tonnes of tailings material to produce 164K Oz Ag and 1,630 Oz Au.
  • Americas Silver Corporation, announced results from its Cosala operation in Sinaloa. On Q2, 2018, the company milled 139K tonnes of 42 g/t Ag to produce 94K Oz Ag, 2.9M Lb Pb, and 8.7M Lb Zn
  • Avino Silver & Gold Mines Ltd., presented Q2 2018 results from its Avino mine in Durango. The company processed 184.7K tonnes of 0.42 g/t Au, 70 g/t Ag, and 0.45% Cu to produce 1,734 Oz Au, 323 Oz Ag, and 1.48M Lb Cu, with metallurgical recoveries of 75%, 81% and 90% respectively.
  • Fortuna Silver Mines Inc., reported Q2 2018 results from its San Jose mine in Oaxaca. Fortuna milled 134K tonnes of 1. 86 g/t Au and 268 g/t Ag to produce 14.4K Oz Au and 2M Oz Ag with metallurgical recoveries of 91.54% and 91.67% respectively.
  • First Majestic Silver Corp., announced Q2, 2018 production results from its Mexican operations. At Santa Elena mine in Sonora, a total of 228K tonnes of 2.3 g/t Au and 120 g/t Ag were milled to produce 11K Oz Au and 535K Oz Ag. At San Dimas mine in Sinaloa, a total of 85.7K tonnes of 4.3 g/t Au and 307 g/t Ag were processed to produce 11.3K Oz Au and 809K Oz Ag. At La Encantada mine in Chihuahua, a total of 238K tonnes of 83 g/t Ag were processed to produce 23 Oz Au and 325K Oz Ag. At La Parrilla mine in Durango, a total of 123.6K tonnes of 131 g/t Ag, 1.4% Pb and 1.5% Zn were milled to produce 235 Oz Au and 361K Oz Ag, 1.6M Lb Pb, and 1.4M Lb Zn. At Del Toro mine in Zacatecas, a total of 65.8K tonnes of 117 g/t Ag and 2.7% Pb were processed to produce 73 Oz Au, 167.6K Oz Ag, and 2.3M Lb Pb. At San Martin mine in Jalisco, a total of 74.4K tonnes of 0.6 g/t Au and 203 g/t Ag were milled to produce 1,331 Oz Au and 138.4K Oz Ag. At La Guitarra mine in Estado de Mexico, a total of 35.7K tonnes of 1.5 g/t Au and 154 g/t Ag were milled to produce 1400 Oz Au and 138.4K Oz Ag. Unfortunately, First Majestic announced the temporary suspension of work at its la Guitarra mine scheduled to start on August 1st. It is until economic conditions improve or the property is sold.
  • Almaden Minerals Ltd., announced an increase of the average feed mill grades of 39% for Au and 47% for Ag from bulk ore sort test for its Ixtaca project in Puebla. Applying the ore sort process, the metallurgical recovery is 88% for Au and 93% for Ag and reduces the environmental footprint over the life of mine by reducing process tailings, water usage and energy requirements and CO2 “The detailed impact of the ore sorting results on the Ixtaca project will be evaluated as part of the ongoing Feasibility Study, which is anticipated to be completed in 2018”.

ON FINANCING

  • Bacanora Lithium plc., dropped a $100M placing for its Sonora Lithium project in Sonora, citing “difficult market conditions”.
  • Candente Gold Corp., announced the approval to extend the exercise period of 5M of share purchase warrants from August 12, 2018 to August 12, 2020.

 ON RESOURCES AND DEVELOPMENT

  • Aura Minerals Inc., filed a NI 43-101 FS for the restart of operations at its Aranzazu mine in Zacatecas. The company also updated the mineral resource and reserve estimates. Measured + indicated resources are 12.5M tonnes of 1.08 g/t Au, 20 g/t Ag, and 1.61% Cu for a total of 435K Oz Au, 8M Oz Ag and 444.4M Lb Cu. Proven and probable reserves are 4.6M tonnes of 1.17 g/t Au, 19 g/t Ag, and 1.72% Cu, for a total of 174K Oz Au, 2.8M Oz Ag, and 176.4M Lb Cu. (Mineral reserves are inclusive of mineral resources). The orebody consists of seven mineralized domains and has a strike length of 1.5km, width up to 250m and 600m depth. The mineral resource estimate is based on 1,336 holes for a total of 219,586m.
  • Starcore International Mines Ltd., filed an updated 43-101 technical report for its San Martin mine in Queretaro in which reported mineral resources and reserves as of April 30, 2018. Total proven + probable reserves are 1.65M tonnes of 2.11 g/t Au and 33 g/t Ag for a total of 154.4K Oz Au Eq. Total indicated + inferred resources are 1.5M tonnes of 1.94 g/t Au and 25 g/t Ag for a total of 113K Oz Au Eq. The total mineral reserves and resources are 3.1M tonnes of 2.03 g/t Au and 29 g/t Ag for a total of 267.3K Oz Au Eq.
  • Capstone Mining Corp., filed a NI 43-101 technical report for its Cozamin mine in Zacatecas. In this TR, Capstone reported a mineral resource estimate which was announced on the past June 05, 2018.
  • Gold Resource Corporation, announced significant drill interceptions of 23.39m @ 2 g/t Au, 200 g/t Ag, 0.58% Cu, 3.1% Pb, and 9% Zn, including 1.66m of 8.92g/t Au, 1.3Kg/t Ag, 0.93% Cu, 6.3% Pb and 8.8%Zn, and 9.94m @ 2.16 g/t Au, 95 g/t Ag, 0.82% Cu, 4.1% Pb and 12% Zn, including 3.1m @ 3.99 g/t Au, 177 g/t Ag, 1.01% Cu, 7% Pb, and 14.5% Zn to expands the Switchback´s strike length by approximately 100m, and discovered a new structure in the Arista vein system intercepting 2.08m @ 1.98 g/t Au, 1.6Kg Ag/ton, 0.25% Cu, 1% Pb, and 2.2% Zn, including 0.9m of 3.31 g/t Au, 2.7Kg/t Ag, 0.45% Cu, 2% Pb, and 4.1% Zn.

ON DEALS AND CORPORATE ISSUES

  • Evrim Resources Corp., announced results of its annual and special general meeting of shareholders. (Cuale project, Jalisco).
  • Silver Spruce Resources Inc., executed an offtake agreement with IBB International Holdings Limited for potential future production from its Pino de Plata project in Chihuahua. “The Company has agreed to deliver any and all future production from the Pino de Plata project for a period of at least ten years, commencing with the first delivery. The ten-year term of the agreement will automatically extend by successive one-year terms, unless either party expresses written desire o terminate the agreement. The purchase price of the delivered production will be at a three percent (3%) discount to the London Metals Exchange metals pricing on the dates of delivery to the buyer”.

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, a diatreme breccia in a prospect in Durango, Mexico. Photo by Miguel A Heredia.

 

 

 

Almaden Achieves 39% Gold And 47% Silver Mill Feed Grade Increase From Bulk Ore Sort Tests for Ixtaca

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almaden increases au-ag mill grades at ixtaca_pue

VANCOUVER (July 16, 2018) — Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) is pleased to announce that it has achieved positive results from ore sorting trials carried out on ore samples from the Ixtaca gold-silver project located in Puebla State, Mexico. The ore sorting tests were carried out on a commercial XRT sorter using a bulk sample from the limestone host rock in the Ixtaca Main zone. The limestone host rock comprised 82% of the metal produced in the Pre-Feasibility Study which was filed on SEDAR on May 17, 2017 (“2017 PFS”).

Aura Minerals Announces the Results of the NI 43-101 Feasibility Study for the Restart of Operations at the Aranzazu Mine in Zacatecas, Mexico

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AuraMinerals_16072018

BRITISH VIRGIN ISLANDS, Caribbean, July 16, 2018 — Aura Minerals Inc. (TSX:ORA) (“Aura”, the “Company”) is pleased to announce results of the positive National Instrument 43-101 Feasibility Study (“FS”) for the restart of operations at Aura’s wholly owned Aranzazu Mine (“Aranzazu”, the “Project”) in Zacatecas State, Mexico. The FS was prepared by Aura in collaboration with other external consultants and specialists in different areas such as geology, mining, geotechnical,
infrastructure, environment and mineral processing.

ALMADEN EXPLORATION DRILLING HITS 10.00 METERS OF 2.11 G/T GOLD INCLUDING 2.00 M OF 8.17 G/T GOLD APPROXIMATELY 1.2 KM SOUTHWEST OF PFS PIT AT THE IXTACA PROJECT MEXICO

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Almaden-02-28-18

Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) is pleased to announce new assay results from Almaden’s ongoing exploration and development program at the Company’s Tuligtic project, Mexico. Today’s results are from the Tano Zone which is located about 1.2 kilometres southwest,
along strike from the Main Ixtaca Zone and the 2017 Pre-Feasibility Study (“PFS”) pit. The Tano zone covers an area of exposed volcanic and breccia hosted alteration and elevated gold in soil samples. Previous drilling in this area identified veining and mineralisation. Further interpretation of these past results led to the drilling of the holes released today which now confirm significant mineralisation in this part of the property. There is no drilling between the holes announced today and the PFS pit area, along the 060 Azimuth trend of the Main Ixtaca Zone, and this gap is considered highly prospective.

ALMADEN APPOINTS LAURENCE MORRIS VICE PRESIDENT, PROJECTS AND OPERATIONS, TO OVERSEE DEVELOPMENT AND CONSTRUCTION OF THE IXTACA GOLD SILVER DEPOSIT, MEXICO

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Click to access AAU-01-07-18.pdf

Vancouver, B.C. Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) is pleased to announce the appointment of Mr. Laurence Morris to the position of Vice President Projects and Operations. In this role as an officer of the Company Mr. Morris will be responsible for ongoing predevelopment
engineering and oversight of the Feasibility Study, through construction and production at the Ixtaca gold-silver precious metals project located in Puebla State Mexico. This work will include detailed engineering, mine and strategic planning, project scheduling, contract management, cost control, mining team
assembly and training, supporting early works and permitting with utmost importance placed on safety, environmental management and community engagement and development.

Highlights on the Fourth Week of January, 2018. Mining and Exploration News in Mexico

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By Jorge Cirett

During the 4th week of the year (January 22nd to January 28th, 2018), at least 20 press releases were announced by companies working in Mexico, with two reporting their Q4 and full year 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Minaurum released drill results from its Alamos silver project, including one high-grade intercept over 8 m with grades as those mined in the past; Aztec Minerals is awaiting results from five drill holes at its Cervantes property; Silvercrest Metals presented an annual review on work done at its Las Chispas project. In Chihuahua, Sable Resources announced its intention to drill the Margarita project; Mammoth Resources released good gold results from its first two holes on the Tenoriba project. In Hidalgo,  Prospero Silver and Fortuna Silver are to drill the Pachuca SE project. ON MINING, Two companies, Excellon and Gold Resource presented Q4 and annual production results for 2017. Endeavour issued production and cost guidance for 2018. ON FINANCING, Torex Gold filed a short form base shelf prospectus with the Securities Commissions to make offerings of up to $500 M of shares, debt securities, subscription receipts and units. First Majestic announced the offering of US$150 M of unsecured convertible senior notes due 2023. ON RESOURCES AND DEVELOPMENT, Mexican Gold released drill results that increase mineralization extent on the dike zone at its Las Minas project in Veracruz. Kootenay Silver released drill results on La Cigarra project in Chihuahua, with favorable results on La Borracha zone. Santacruz Silver initiated drilling at Veta Grande in Zacatecas. Bacanora Minerals filed the FS on its Sonora Lithium project in Sonora. ON DEALS AND CORPORATE ISSUES, Leagold (Los Filos, Guerrero) intends to acquire Briogold, with operations In Brazil. Sonoro Metals optioned the Cerro Caliche project in Sonora. Orex Minerals optioned the San Luis del Cordero project in Durango, from Exploraciones del Altiplano.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Minaurum Gold Inc. released results from its on-going drill program at its Alamos silver project in Sonora. The first hole ever drilled in the Europa-Guadalupe vein system intersected 8.25 m (core length) @ 1,760 g/t Ag (57 opt), 1.6% Cu, 1.5% Pb, 2.6% Zn. Other results comprise 16.75 m @ 0.13% Cu; 0.5 m @ 0.92% Cu, 0.1% Pb, 0.18% Zn; 1.2 m @ 541 g/t Ag, 0.28% Cu, 0.44% Pb, 0.88% Zn; 3.05 m @ 0.19% Cu; 0.35 m @ 185 g/t Ag, 1.05% Cu, 2.37% Pb, 1.44% Zn; 9.60 m @ 88 g/t Ag, 0.24% Cu, 0.37% Pb, 0.33% Zn (including 2.65 m @ 147 g/t Ag, 0.25% Cu, 0.21% Pb, 0.28% Zn).
  • Sable Resources Ltd. announced its intention to conduct a two-phase drill program on the 1.7 km long structure at its Margarita project in Chihuahua. Twenty nine out of forty four surface samples collected returned over 100 g/t Ag, peaking at 909 g/t Ag, with high anomalies in gold, lead, zinc, arsenic and antimony. The 125 has property is surrounded by Sunshine’s Los Gatos project, same that hosts a 178 M AgEq Oz resource (which is under development). The initial drill program will consist of a two-phase, 11 diamond drill hole program totaling 4,025 m to test the vein structures at depths between 200 and 400 m. Considering the silica textures on the veins, the company believes they are at the upper levels of an epithermal system.
  • Aztec Minerals Corp. announced it expects to receive the assays for the first five holes drilled at the Cervantes Au-Cu porphyry property in Sonora. These five holes were drilled in December, and part of the 3,000 m, 14 to 17 holes, phase 1 drill program that is currently underway.
  • Mammoth Resources Corp. released results from the first two holes drilled by the company at its Tenoriba project in Chihuahua. The El Moreno area is 1.4 km west from previously drilled holes, with two drill holes completed of three planned. Results comprise (core length intervals) 30.0 m @ 0.77 g/t Au (including 5.9 m @ 3.41 g/t Au); 80.0 m @ 0.17 g/t Au (including (9.0 m @ 0.51 g/t Au; 15.5 m @ 0.35 g/t Au). The presence of a feldspar porphyry moderately to weakly silicified and argillitized, which is locally strongly silicified and bearing a strong pyrite (up to 15%) and tourmaline (up to 10%) content in one hole is regarded as an indication of a good high sulfidation system, as well as the identification of dickite, kaolinite and illite in the other hole.
  • Prospero Silver Corp. has begun drilling at its Pachuca SE project in Hidalgo. The drilling is to be conducted under the terms of a strategic investment with Fortuna Silver Mines Ltd. A three to four drill hole, 1,800 m program is planned to test two targets in the 7,250 has land package. Epithermal style argillic alteration is associated with anomalous Au-Ag-Zn geochemistry into an andesitic and felsic volcanic pile. The first hole is to test an actively mined clay pit on a structurally controlled illite alteration zone.
  • Silvercrest Metals Inc. presented a summary of 2017 exploration results at its Las Chispas property in Sonora. During 2017 the company drilled 32,822 m in 125 holes, bringing the total to 41,418 m in 157 holes. To date nine of nineteen epithermal veins have been drilled. The most remarkable is the Babicanora vein, with an estimated width of 3.0 to 3.5 m, a high grade footprint of over 1.0 km and a precious metal zone of 125 to 175 m high, with the vein remaining open along strike and to depth. The best hole in this vein intersected 3.1 m @ 40.4 g/t Au, 5,375 g/t Ag. Other veins with high grade intercepts include the Babicanora Footwall, La Blanquita, Las Chispas, Granaditas, Amethyst and Tajo Chico. Initial metallurgical test have indicated recoveries of 98.9% Au and 86.6% Ag. Securing land access has included the purchase of a 2,500 has. ranch and 20 year lease contracts. For 2018 the company is planning to release a maiden resource estimate on the first quarter, with ore from the Babicanora, Babicanora FW, Giovanni, Las Chispas and William Tell veins, and from the old dumps. Further drilling will continue to focus on the 3.2 km long Babicanora vein, extending to the SE and to depth; other areas of drilling will include the Amethyst, Babi Sur, La Victoria and Las Chispas vein extensions. During the first half of 2018 Silvercrest plans to drill an additional 10,000 to 15,000 m, focusing on a planned updated resource and completed PEA in the second half of the year.

ON MINING

  • Excellon Resources Inc. announced fourth quarter and annual 2017 production results from its Platosa mine in Durango. During the quarter 16,114 tonnes were mined and 17,978 tonnes were milled @ 424 g/t Ag, 3.81% Pb, 5.81% Zn, recovering 90.3% Ag, 80.0% Pb, 82.2% Zn to produce 223.3 K Oz Ag, 1.2 M Lb Pb, 1.9 M Lb Zn. During the year 57,165 tonnes were mined and 63,742 tonnes were milled @ 393 g/t Ag, 3.75% Pb, 5.3% Zn, recovering 89.3% Ag, 80.9% Pb, 81.4% Zn to produce 718.5 K Oz Ag, 4.24 M Lb Pb, 6.06 M Lb Zn. The company has removed a major bottleneck by improving dry-mine conditions and is now working to achieve a 300 tonnes per day (tpd) production rate. A second tailings management facility has been commissioned in Miguel Auza, Zacatecas, with 19 years of capacity at the planned 300 tpd rate.
  • Gold Resource Corp. released Q4 and annual 2017 results for its Oaxaca mining unit (El Aguila, Arista mines). During the fourth quarter 9,209 Oz Au and 555.5 K Oz Ag were produced, while on a yearly basis 28,117 Oz Au, 1.77 M Oz Ag, 1,141 tonnes Cu, 5,365 tonnes Pb, 16,301 tonnes Zn. The company expects to begin first stoping operations on the Switchback mine (500 m from the Arista mine) on the first quarter of 2018.
  • Endeavour Silver Corp. issued the 2018 production and cost guidance for its three mines in Mexico. Cash cost net of Au by-product credits are expected to be $6.00-$7.00 per Oz Ag, while consolidated cash costs on a co-product basis are anticipated to be $10.00 – $11.00 per Oz Ag and $750-$800 per Oz Au. All-in sustaining costs (AISC) net of gold by-product credits is estimated to be $15.00-$16.00 per Ag Oz. Endeavour plans to invest $48.4 M on capital projects, including $7.3 M in the construction of the El Compas mine in Zacatecas. The company plans to drill 44,000 m and spend $11.1 M on brownfield and greenfield exploration.Endeavour production guidance 20181

ON FINANCING

  • Torex Gold Resources Inc. announced the filing of a final short form base shelf prospectus with the Securities Commissions (except Québec). The base shelf prospectus will allow Torex to make offerings of up to $500 M of shares, debt securities, subscription receipts and units. The company filed this base shelf prospectus to maintain financial flexibility but has no immediate intentions to undertake an offering.
  • First Majestic Silver Corp. announced the offering of US$150 M aggregate principal amount of unsecured convertible senior notes due 2023 pursuant to private placement exemptions. First Majestic “intends to use the net proceeds of the offering to fund certain costs and expenses associated with the recently announced acquisition of Primero Mining Corp. and ….. The notes will bear cash interest semi-annually at a rate of 1.875% per annum. The initial conversion rate for the Notes will be 104.3297 common shares (“shares”) per U$1,000 principal amount of Notes…”

ON RESOURCES AND DEVELOPMENT

  • Mexican Gold Corp. announced positive drill results extending the dike mineralized zone at its Las Minas property in Veracruz. Drilling to date has outlined mineralization (locally high-grade) along strike for 360 m on the west contact and for 140 m on the east contact, remaining open along strike. Significant core length results comprise 32.3 m @ 0.91 g/t Au, 0.85% Cu (including 4.3 m @ 3.55 g/t Au, 3.74% Cu); 10.0 m @ 0.60 g/t Au, 0.66% Cu (including 4.0 m @ 1.18 g/t Au, 1.3% Cu); 6.0 m @ 0.44 g/t Au, 0.71% Cu; 10.2 m @ 1.90 g/t Au, 1.61% Cu; 18.0 m @ 3.91 g/t Au, 2.36% Cu; 36.0 m @ 2.86 g/t Au, 1.16% Cu; 18.0 m @ 1.57 g/t Au, 0.32% Cu; 10.0 m @ 2.68 g/t Au, 0.79% Cu (including 4.0 m @ 5.87 g/t Au, 1.21% Cu); 10 m @ 0.83 g/t Au, 0.25% Cu; 4.0 m @ 3.48 g/t Au, 0.05% Cu.
  • Kootenay Silver Inc. released the results of the remaining nine core holes of the 2017 drill program at La Cigarra, in Chihuahua. Holes at La Navidad and Las Venadas intersected wide low grade intercepts, as 46 m @ 12 g/t Ag (including 16 m @ 20 g/t Ag); 73 m @ 14 g/t Ag (including 18.5 m @ 21 g/t Ag); 29 m @ 18 g/t Ag. At La Borracha higher grade intercept’s comprise 15 m @ 42 g/t Ag; 31 m @ 46 g/t Ag (including 8 m @ 107 g/t Ag). La Borracha zone has seen limited amounts of drilling is about 500 m from the current resource and can be traced for at least 1,100 m.
  • Santacruz Silver Mining Ltd. reported that Carrizal Mining S.A. de C.V. has initiated a 6,000 m drilling campaign at the Veta Grande project in Zacatecas. The 15 hole campaign is to focus on the Veta Grande vein at depth below the current level being mined, expecting to intersect the parallel La Flor, San Jose and Armados veins.
  • Bacanora Minerals Ltd. filed on SEDAR the feasibility study (FS) for the Sonora lithium project in Sonora. The study confirms the positive economics of a 35,000 tonnes per annum battery grade Li2CO3 (lithium carbonate) operation, estimating a pre-tax net present value (NPV) of US$1.253 billion at an 8% discount rate and an internal rate of return (IRR) of 26.1%, and life of mine (LOM) of 19 years at operating costs of US$3,910/t of lithium carbonate, estimated on a flat US$11,000/t price over LOM. Measured resources amount to 103 Mt @ 3,480 ppm Li, indicated resources to 188 Mt @ 3,120 ppm Li and 268 Mt @ 2,650 ppm Li as indicated resources.
  • Great Panther Silver Ltd. updated its mineral resource estimate for the Guanajuato mine Complex in Guanajuato. The new estimate covers the operating San Ignacio and Guanajuato mines, comprising 1.21 M tonnes @ 156 g/t Ag, 2.74 g/t Au as measured and indicated resources hosting 6.16 M Oz Ag, 107,070 Oz Au; and 732.3 K tonnes @ 131 g/t Ag, 2.35 g/t Au as inferred resources hosting 3.09 M Oz Ag, 55,343 Oz Au.

ON DEALS AND CORPORATE ISSUES

  • Leagold Mining Corp. announced its intention to make an offer to acquire all shares of Brio Gold Inc. on or before February 28, 2018. “The all-stock offer results in Brio shareholders owning approximately 42% of the combined company. The combined operations are expected to produce approximately 450,000 ounces in 2018”. This combination reduces overall business risk for Leagold by having four operating mines in Mexico and Brazil (Los Filos-Bermejal, Guerrero).
  • Sonoro Metals Corp. entered into an option agreement with a resident of Hermosillo to acquire 100% interest in the Cerro Caliche group of properties in Sonora. Cerro Caliche consists of ten concessions over 900 has, and has 10,118 m in 101 holes of previous drilling by Cambior Gold Corp. and Corex Gold Corp. Total consideration for the property is US$2.98 M payable in escalating cash installments over 72 months, with the initial first year installment of US$127 K having been completed. In addition Sonoro has paid US$23 K of outstanding mining duties. The vendor is to retain a 2% NSR, with Sonoro having an option to purchase the NSR at any time for US$1 M for each percent point.
  • Orex Minerals Inc. entered into an option agreement with Exploraciones del Altiplano S.A. de C.V. to acquire a 100% interest in the San Luis del Cordero project in Durango. Orex is required to make the following annual cash and share payments to Altiplano. On signing, issue 100 K Orex shares and pay US$100 K; on the first anniversary, issue 200 K shares and pay US$150 K; on the second anniversary, issue 300 K shares and pay US$200 K; on the third anniversary, issue 400 K shares and pay US$550 K; on the fourth anniversary, pay $US1.5 M (of which 30% can be issued in Orex shares). Orex also will have to satisfy work commitments of US$400 K and US$600 K in years 1 and 2. The property extends over 2,825 has, where old mine workings and mineralized showings wrap around a quartz-feldspar porphyry intrusive. Approximately 16,400 m were drilled in 62 holes from year 2000 to year 2016.

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

On the picture below, banded epithermal quartz vein from the famous El Oro mining district in Estado de Mexico. Photo by Jorge Cirett.

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

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During the 38th week of the year (September 18th to September 24th, 2017), at least 26 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Primero Mining acknowledged the receipt of US$4.6 M of VAT refunds. ON EXPLORATION, in Sonora, Azure is to begin a 5,000 m drill program at Oposura, and San Marco is re-shaping its exploration strategy in Chunibas, to reflect the new porphyry model for the mineralization. In Chihuahua, Radius is giving shape to a coherent epithermal target at its Amalia project, and Mammoth released trench results from its Tenoriba property. In Hidalgo, Prospero is to start drilling at El Petate. ON MINING, Argonaut poured the first gold from its San Agustin project in Durango. Primero Mining is struggling while ramping up production at San Dimas, in Durango. ON FINANCING, Telson Resources entered into a loan facility for US5 M with Trafigura. McEwen Mining entered into a bought deal financing for US$46.6 M. Alamos Gold increased its revolving credit facility to US$400 M ON RESOURCES AND DEVELOPMENT; Americas Silver released a new resource estimate for its Cosalá operations in Sinaloa. Torex Gold released high-grade intercepts from the sub-sill zone at its El Limon-Guajes mine in Guerrero. Argonaut Gold updated mineral the mineral resource estimate for its La Colorada and El Castillo mines in Sonora and Durango, respectively. Alio Gold received an important permit on its Ana Paula project in Guerrero, and is working on the definitive feasibility study (DFS). ON DEALS AND CORPORATE ISSUES, Rose Petroleum presented an update on its operations in Sinaloa, and some notes on the transferal of its San Dieguito mill in Nayarit to Magellan Gold. Alio Gold is to commence the construction of a 1,200 m long decline at its Ana Paula project in Guerrero. Primero Mining provided an update on its operations, along with a description of its financial struggle. Soleil Capital and Goldplay Exploration are to create a TSX listed company. Goldgroup Mining provided its side of the story on the legal battle with DynaResource Inc.

ON MEXICO ISSUES

  • Primero Mining Inc. acknowledged having received US$4.6 M in VAT refunds from the Mexican authorities in two installments over July and August, and is working closely with the SAT to recover in due time the outstanding US$32 M.

ON EXPLORATION

  • Azure Minerals Ltd. plans to start a 100 diamond hole, 5,000 m drill program at its Oposura property in Sonora during October, once the permits have been received. “Drilling by previous explorers of 85 surface holes tested the mineralised zone over an area of approximately 1,400m (east-west) x 400m (north-south) (see Figure 1). Early drilling by Azure will twin some of these historical holes to assess whether they can be used in defining the deposit and estimating the mineral resource”. With all the historical and recent work compiled Azure has derived an exploration target of 2.5 M tonnes @ 10% – 12% Zn+Pb.
  • Prospero Silver Corp. has received from SEMARNAT the permit to drill the Petate property in Hidalgo. Drilling is to start on September 17th, 2017, with 12 holes to test four targets: Apartadero SE, Apartadero Central, Tajo and Petate #3. “High-level epithermal alteration is exposed over a 5×4 km area with highly anomalous gold and silver hosted in extensive outcrops and float of steep to strata-bound jasperoid.”
  • Radius Gold Inc. released high-grade channel sampling results from the recently optioned Amalia property in Chihuahua. At the Campamento zone, where a 150 m by 300 m zone of intense silicification, brecciation and stockwork veining has been mapped, results include 62 m @ 0.43 g/t Au, 98 g/t Ag; 14 m @ 1.47 g/t Au, 167 g/t Ag; including 7 m @ 2.37 g/t Au, 239 g/t Ag. At the Guadalupe target, a quartz sulfide vein breccia hosted in andesites returned 7 m @ 3.62 g/t Au, 1,048 g/t Ag; 7 m @ 2.4 g/t Au, 188 g/t Ag; 4 m @ 3.92 g/t Au, 888 g/t Ag. At Dulces Nombres the vein in a short tunnel returned 1 m @ 34 g/t Au, 13 g/t Ag; 1 m @ 20.3 g/t Au, 44 g/t Ag; 1.5 m @ 114.5 g/t Au, 57 g/t Ag. Au-Ag mineralization occurs over a vertical interval of 600 m, at multiple targets over 3.5 km of strike length.
  • Mammoth Resources Corp. released channel sample results from 14 trenches at its Tenoriba project in Chihuahua. Results include (true width) 11.5 m @ 0.64 g/t Au, 2 g/t Ag; 16.0 m @ 0.38 g/t Au, 4 g/t Ag; 15.5 m @ 0.99 g/t Au, 6 g/t Ag in the Moreno zone; 7.0 m @ 1.28 g/t Au, 8 g/t Ag; 13.5 m @ 1.50 g/t Au, 3 g/t Ag; 10.0 m @ 0.42 g/t Au, 7 g/t Ag; 6.2 m @ 0.88 g/t Au, 4 g/t Ag at the Carneritos zone; 13.1 m @ 0.66 g/t Au, 1 g/t Ag; 6.4 m @ 0.47 g/t Au, 10 g/t Ag in the Masuparia zone and 6.4 m @ 0.54 g/t Au, 2 g/t Ag in the Cerro Colorado zone.
  • San Marco Resources Inc. is readjusting its exploration strategy to accommodate an evolving geologic model on its Chunibas project in Sonora. The discovery of breccias in the recent core drilling program led to re-mapping and re-logging of the core, and the generation of a larger porphyry related breccia gold model with over printing epithermal quartz-carbonate veining. The surface mineralized footprint is 3 km x 1.5, and still open. The gold mineralization occurs disseminated and vein controlled. The re-logging of the core highlighted an 88 m breccia interval @ 0.37 g/t Au, and several drill holes present magnetite bearing potassic alteration associated with elevated gold grades. To test the property under the new model a magnetic survey is to be undertaken, along with the extension of some soil lines and deeper drill holes.

ON MINING

  • Argonaut Gold Inc. announced the first pour of gold at San Agustin, Durango, as scheduled. Impressive is the claim by the company of having had no lost time accidents during the 10 months construction period.
  • Primero Mining Corp. informed that the expected ramp-up production following successful negotiations with unionized workers has been significantly delayed due to persistent issues with underground equipment reliability, which has impacted development rates and stoping activities. As a result the production guidance has been lowered to 75 K to 85 K Oz AuEq at total cash costs of between $800 and $900 per AuEq Oz and all-in sustaining cost (AISC) of $1,050 to $1,150 per Au Oz.

ON FINANCING

  • Telson Resources Inc. has entered into a loan facility and offtake agreements with Trafigura Mexico, S.A. de C.V., to sell 100% of the lead and zinc concentrate produced at its Campo Morado mine in Guerrero. The US$5 M loan has a three-year term with a six-month grace period followed with 30 repayment installments. The loan facility matures on September 2010 and bears interest at rate equal to LIBOR (3M) plus 5%.
  • McEwen Mining Inc. has entered into an agreement on a bought deal basis under which up to 9 M shares are to be purchased, for gross proceeds of $46.6 M, before deducting underwriting commissions and estimated offering expenses. If all the associated warrants are exercised before the two year expiration date aggregate proceeds are to reach US$74 M.  (El Gallo, Sinaloa).
  • Alamos Gold Inc. has secured amendments to its existing undrawn revolving credit facility, including an increase of the facility from US$150 M to US$400 M on more favourable terms (Mulatos, La Yaqui; Sonora).

ON RESOURCES AND DEVELOPMENT

  • Americas Silver Corp. released an updated mineral reserve and resource estimate for its Cosalá operations in Sinaloa. Proven and probable mineral reserves stand at 4.0 M tonnes @ 100 g/t Ag, 0.02% Cu, 1.6% Pb, 3.9% Zn; Measures and indicated resources include 8.0 M tonnes @ 128 g/t Ag, 0.24% Cu, 0.5% Pb, 1.2% Zn; Inferred mineral resources include 4.1 M tonnes @ 147 g/t Ag, 0.33% Cu, 0.6% Pb, 1.0% Zn. The updated estimate reflects the drilling programs conducted at the property between January 2016 and the end of June 2017.
  • Torex Gold Resources Inc. released high-grade intercepts in the step-out drilling to the NW of the current Sub-Sill resource area, at its El Limon-Guajes mine in Guerrero. Some highlighted core length intercepts comprise 19.3 m @ 41.4 g/t Au, 43 g/t Ag, 2.1% Cu; including 5.6 m @ 69.8 g/t Au, 57 g/t Ag, 1.7% Cu; 35.9 m @ 5.7 g/t Au, including 3.5 m @ 32.2 g/t Au and 3.5 m @ 14.1 g/t Au; 4.8 m @ 8.5 g/t Au, 20 g/t Ag, 1.2% Cu; 6.1 m @ 15.7 g/t Au. A 240 m step-out drill hole intercepted 3.6 m @ 11.6 g/t Au. These results confirm the potential for extending the current resource, already defined in an area of 250 m x 150 m. “The Sub-Sill area is located between the El Limon and El Limon Sur ore deposits and under the El Limon Sill. The Sub-Sill area occurs in the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite stocks, sills and dikes. Skarn-hosted gold mineralization is developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks”.
  • Argonaut Gold Inc. provided updated pit-constrained mineral resource estimates for its El Castillo and La Colorada mines in Durango and Sonora respectively. At El Castillo measured and indicated resources stand at 63.97 M tonnes @ 0.36 g/t Au, and inferred resources at 1.57 M tonnes @ 0.36 g/t Au, for contained 751 K Oz Au and 18 K Oz Au respectively. At La Colorada indicated resources stand at 29.87 M tonnes @ 0.61 g/t Au, 10 g/t Ag and inferred resources of 1.24 M tonnes @ 0.80 g/t Au, 12 g/t Ag, for contained 596 K OZ Au, 9.9 M Oz Ag and 32 K Oz Au, 488 K Oz Ag respectively.
  • Alio Gold Inc. received approval for its change of land use application from SEMARNAT on its Ana Paula project in Guerrero. A definitive feasibility study (DFS) was initiated on July 2017 and is expected to be completed on the second quarter of 2018. The Pre-feasibility study (PFS) contemplated $137 M in capital for construction of the mine, Alio has $64 M of cash on hand and is looking to raise between $90 and $100 M in project financing.

ON DEALS AND CORPORATE ISSUES

  • Rose Petroleum PLC. Entered into a memorandum of understanding with Magellan Gold Corp. for transferring 100% interest on the San Dieguito de Arriba mill in Nayarit. Magellan is to pay Rose a total consideration of US$1.5 M, with US$1.0 M in cash and US$0.5 M in Magellan restricted common shares. Rose operated the mill for 10 years with ore from its Charay mine in Sinaloa. The company continues to hold the 3,954 has Tango property in Sinaloa, with permitting for drilling Cu-Mo porphyry targets and the Au-Ag vein structure.
  • Alio Gold Inc. has approved the construction of a $16 M, 1,200 m long decline and exploration program at its Ana Paula project in Guerrero. The decline permitting has been approved by SEMARNAT, and mobilization of the contractor is expected to begin in October 2017. In about nine months, once the decline has reached its target, A 20,000 m underground drilling program with 80 holes is to test the high-grade mineralization below the planned pit.
  • Primero Mining Corp. “continues to operate in a cash conservation mode as management works on possible alternatives to refinance or repay its upcoming debt obligation. The Company continues with negotiations on the potential sale of San Dimas or potential renegotiation of its silver stream. Primero had approximately $12 million in cash at August 31st and has fully-drawn its $75 million revolving credit facility (“RCF”). The Company expects to use the proceeds from Black Fox transaction to reduce its total debt position.” “Primero has recently received approximately $4.6 million in Mexican VAT refunds over two instalments in July and August, and is working closely with SAT to arrange for the remaining eligible outstanding VAT amounts totalling $32 million to be refunded in due course.”
  • Soleil Capital Corp. signed a letter of intent (LOI) with Goldplay Exploration Ltd. to create a public TSX listed precious metals exploration company utilizing Goldplay’s exploration strategy and experience in the Rosario district, in Sinaloa. The resulting issuer will be named Goldplay Exploration Ltd.
  • Goldgroup Mining Inc. states that the company was never notified of the court case where DynaResource Inc. was awarded US$48 M (See last week Highlights), and does not recognize any of the claims therein “and is of the belief that such claims are entirely without merit.”

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

On the picture below, high-grade gold milky quartz vein with pyrrothite in Chihuahua, near Batopilas. Photo by Jorge Cirett.

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Highlights on the Fourth Week of August, 2017. Mineral Exploration in Mexico

/ Gambusino Prospector / Leave a comment

During the 34th week of the year (August 20th to August 26th, 2017), at least 20 press releases were announced by companies working in Mexico, including two quarterly reports. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Azure is soon to release drilling results from the Oposura project, while Colibri is planning to drill the Pilar property near Suaqui. In Hidalgo Prospero intends to drill the El Petate property. In Zacatecas Arian Silver completed the drilling of three lithium salars. ON MINING, Impact Silver and Santacruz Silver reported second quarter production results for 2017. ON FINANCING, no relevant news for the first time in the year.  ON RESOURCES AND DEVELOPMENT, Monarca is trying to secure surface rights at its Tejamen property in Durango. Mexican Gold is to realize a geophysical survey at Las Minas in Veracruz. Telson Resources has received permits for tailings facilities in Durango. Silver Bull identified a new zone of sulfide mineralization at Sierra Mojada, Coahuila. Almaden released drilling results from inside the planned pit at Tuligtic, Puebla. Consolidated Zinc released high-grade drilling intercepts at Plomosas, Chihuahua. Bacanora Minerals provided an update on the FS of the Sonora Lithium project. Americas Silver released drilling results from the Cosalá mine complex in Sinaloa. ON DEALS AND CORPORATE ISSUES, Sonora Metals started trading on the OTCQB Venture Market.  Azure Minerals acquired the gold-cobalt Sara Alicia property in Sonora.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Azure Minerals Ltd. is advancing on the planning and approval process of an upcoming drilling campaign at its newly-acquired Oposura Zn-Pb-Ag project in Sonora. The previous owner drilled 994 m in 16 diamond drill holes, assay results for which are expected shortly. “Significant sulphide mineralisation, including massive, banded and disseminated, was observed in most holes.”
  • Azure Minerals Ltd. acquired the Sara Alicia property in Sonora (see note below). The 9 hectares concession covers all the historical mine workings and observed Au-Co and Cu-Zn-Ag manto mineralization exposures related to the intrusion of a granodiorite porphyry into a thick limestone sequence. Sampling on the Au-Co zone returned 2.5 m @ 39.0 g/t Au, 6.1% Co; 2.5 m @ 12.5 g/t Au, 6.9% Co; 3.0 m @ 5.7 g/t Au, 2.4% Co; 2.1 g/t Au, 3.2% Co; while sampling at the Cu-Zn-Ag zone returned 2.4 m @ 2.2% Cu, 2.4% Zn, 84 g/t Ag; 1.0 m @ 3.4% Cu, 3.1% Zn, 124 g/t Ag; 3.5 m @ 2.1% Cu, 4.2% Zn, 54 g/t Ag; 2.5 m @ 5.2% Cu, 2.5% Zn, 170 g/t Ag; 1.5 m @ 2.1%Cu, 3.2% Zn, 133 g/t Ag.
  • Prospero Silver Corp. intends to begin drilling in September at the El Petate project in Hidalgo, funded by strategic partner Fortuna Silver Mines Inc. High level epithermal alteration is exposed over a 5×4 km area, showing a robust mineralized system with additional potential to host a carbonate replacement deposit at depth. Surface sampling returned a continuous channel sample of 67.5 m @ 0.93 g/t Au. A total of 2,800 m on 29 holes has been proposed to Fortuna.
  • Colibri Resources Corp. is planning three tranches of RC drilling (10,000 m) at its recently acquired Pilar gold project in Sonora. The surface rights agreement has been signed on friendly terms.
  • Arian Silver Corp. completed the first phase of auger drilling on its three lithium projects in Zacatecas. The drilling of 28 holes resulted in 214 samples that have been sent for assay at ALS Global. The results are expected in about three or four weeks.

ON MINING

  • Impact Silver Corp. released its financial and production results for the second quarter of 2017. Most of the production was from the San Ramon Deeps, Cuchara, Mirasol and San Patricio mines at its Zacualpan property in Mexico State. The average silver feed to the mill was 173 g/t Ag, to produce 227.5 K ounces of silver. Exploration work is focused on larger and higher-grade targets at Alacran and Alacran North. The cash position at the end of the period was $6.8 M, with net working capital of $8.6 M.
  • Santacruz Silver Mining Ltd. reported second quarter 2017 production results. At the Rosario project in San Luis Potosi 28 k tonnes were milled @ 42 g/t Ag (172 g/t AgEq), recovering 87% Ag, to produce 33.2 K Oz Ag, 298 Oz Au, 40 tonnes Pb, 408 tonnes Zn (124.7 K Oz AgEq). At Veta Grande in Zacatecas 29.7 k tonnes were milled @ 102 g/t Ag (218 g/t AgEq), recovering 64% Ag, to produce 56.1 K Oz Ag, 174 Oz Au, 198 tonnes Pb, 317 tonnes Zn (145.9 K Oz AgEq). At Rosario the focus has been on increasing the input from the Membrillo vein and the Cinco Estrellas property. At Veta Grande the focus is in through-put maximization and grade control.

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

  • Monarca Minerals Inc. is trying to secure the surface rights at Tejamen, Durango. To date Monarca has met with senior government officials at the Federal, State and Municipal level, earning full support for the project, and contact with the leaders of the community has been initiated aiming to become a responsible Community partner. A new deeper drilling program is being planned to follow high grade feeder veins and test the base of the volcanic rocks over sedimentary rocks where manto and carbonate replacement mineralization might occur; initial work is to involve re-logging all drilling samples of the previous campaigns.
  • Mexican Gold Corp. has commenced field work preparation for ground magnetic and time domain electromagnetic surveys at its Las Minas project in Veracruz. The surveys aim to identify targets for the upcoming 3,000 m diamond drill program by contractor K.D.L. Mexico S.A. de C.V. at the Cinco Señores, Las Minillas and El Dorado/Juan Bran zones.
  • Telson Resources Inc. has received permits from Semarnat for reactivation of the existing tailings disposal facility and for the construction of a new larger tailings facility for the Tahuehueto project in Durango. The permitted capacity of over 13 M cubic meters can accommodate more than 30 years of production at the planned 1,000 tonnes per day mining rate.
  • Silver Bull Resources Inc. identified a new massive sulfide zone at its Sierra Mojada project in Coahuila. This zone lies within a 1.4 km long chargeability anomaly within which other two zones of sulfide mineralization that present high grade Zn-Pb-Cu. Approximately 280 m of previously non-accessible workings were opened and 19 samples collected with results like: 2.34 m @ 1,315 g/t Ag, 9.0% Cu; 2.32 m @ 392 g/t Ag, 0.4% Zn, 1.8% Cu; 1.4 m @ 329 g/t Ag, 42% Zn, 3.2% Cu; 1.52 m @ 713 g/t Ag, 3.4% Zn, 0.1% Pb, 1.1% Cu; 1.13 m @ 1,130 g/t Ag, 22.2% Zn, 3.3% Pb, 12.9% Cu; 2.00 m @ 495 g/t Ag, 7.1% Zn, 2.7% Pb, 1.1% Cu; 2.00 m @ 33 g/t Ag, 8.1% Zn, 3.4% Pb, 0.1% Cu; 2.0 m @ 42 g/t Ag, 1.5% Zn, 2.4% Pb, 0.2% Cu; 2.0 m @ 73 g/t Ag, 19.2% Zn, 4.8% Pb, 0.3% Cu: 2.0 m @ 491 g/t Ag, 24.7% Zn, 0.4% Pb, 1.6% Cu; 2.0 m @ 277 g/t Ag, 19.6% Zn, 18.3% Pb, 0.7% Cu.
  • Almaden Minerals Ltd. released high-grade drilling results from a previously undrilled area inside the planned pit at its Tuligtic project in Puebla. The hole reported intersected 74.5 m @ 0.66 g/t Au, 45 g/t Ag; 64.30 m @ 0.79 g/t Au, 74 g/t Ag; 46.85 m @ 0.49 g/t Au, 68 g/t Ag.
  • Consolidated Zinc Ltd. reported new high-grade results from underground sampling from the Las Espadas West stope area. Significant assays include 1.0 m @ 22.2% Zn, 3.5% Pb, 20 g/t Ag; 1.5 m @ 28.8% Zn, 13.2% Pb, 41 g/t Ag; 1.2 m @ 36.3% Zn, 12.8% Pb, 50 g/t Ag; 1.5 m @ 37.9% Zn, 12.3% Pb, 36 g/t Ag; 1.0 m @ 33.2% Zn, 6.9% Pb, 32 g/t Ag; 1.0 m @ 20.4% Zn, 10.8% Pb, 25 g/t Ag. Mineralization is coarse grained massive sulfides, comprising low iron sphalerite and galena at a ratio of around 2 to 3:1.
  • Bacanora Minerals Ltd. provided an update on the feasibility study (FS) for a 35,000 tonnes per year lithium carbonate operation that is to be completed in late 2017. A sodium sulfate (Na2SO4) roast has been developed over the more expensive gypsum (Ca2SO4) roast previously contemplated. “Ausenco Engineers is currently undertaking final plant layout, capital equipment tenders and flow sheet optimization work.” Mechanical and metallurgical optimization of the Hermosillo plant is underway, while the mine plan optimization continues. On the energy supply side five independent proposals have been received, including gas and electrical sources. Long term debt funding is being sought for the construction phase, which should take 18 months.
  • Americas Silver Corp. released results from drilling at the Zone 120 deposit, adjacent to the San Rafael development project, part of the Cosalá property in Sinaloa. Highlighted true width (TW) recent intercepts include 61.4 m @ 306 g/t Ag, 0.23 g/t Au, 0.8% Cu (including 9.4 m @ 932 g/t Ag, 0.82 g/t Au, 1.9% Cu and 9.4 m @ 479 g/t Ag, 0.29 g/t Au, 1.1% Cu); 39.6 m @ 205 g/t Ag, 0.28 g/t Au, 0.5% Cu; 22.8 m @ 138 g/t Ag, 0.22 g/t Au, 0.37% Cu; 18.1 m @ 113 g/t Ag, 0.08 g/t Au, 0.2% Cu.

ON DEALS AND CORPORATE ISSUES

  • Sonora Metals Corp. has started trading on the OTCQB Venture Market. The company owns the over 1,000 ha San Marcial property in Sonora, which contains the old Soledad and San Marcial mines.
  • Azure Minerals Ltd. has acquired the Sara-Alicia gold-cobalt project in southern Sonora. The property saw limited underground mining of gold and cobalt in the 1930’s. To get hold of the property the company successfully obtained the revocation of the recently cancelled mining concession, and a further payment of US$125,000 will be made to the family once commercial production is achieved, no NSR to be paid. The company is to wait for the liberation of a recently expired surrounding 22,000 has tenement to apply for further terrain.

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

On the picture below, artisanal rock mill, or “tauna”, in the Sierra Madre of Chihuahua. Photo by Jorge Cirett.

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