VIZSLA SILVER INCREASES EXPLORATION, COMPLETES GEOPHYSICAL SURVEY HIGHLIGHTING NEW TARGETS PROXIMAL TO PANUCO PROJECT 1 & COMMENCES INITIAL FIELD WORK AT NEWLY ACQUIRED SANTA FÉ PROPERTY TO THE SOUTH OF PANUCO IN THE HUNT FOR PROJECT 2

July 29, 2025 / Gambusino Prospector / Leave a comment

2025-07-29 Vizsla Silver, Exploration. SEDAR07296004E00045314 Download

The Mining and Exploration News in Mexico: Highlights on the First Week of December, 2024

December 8, 2024 / gambusinoprospectormexico / Leave a comment

Pillow Lavas

By Miguel A Heredia

During the 49^thweek of the year (December 2^ndto December 8^th 2024), at least 24 press releases were announced by companies working in Mexico, and 3 news published by the media, with eleven disclosing deals and corporate issues, six reporting resources and development of their properties, three communicating production and financial results, three announcing financing rounds, three commenting on Mexican issues, and one informing on exploration results. ON MEXICO ISSUES, Mexican Senators approved the Federal Law of Rights 2025 in particular and now began the analysis and discussion of the Federal Income Law of the following year. Federal government proposed an increase in mining rights in the Federal Rights Law 2025. Impact Silver, Silver Storm, Heliostar, and Torex Gold reported the best drilling intercepts in Mexico on the first week of December, 2024. ON EXPLORATION, In Chihuahua, Kingsmen identified a significant new drill target called Saddle at its 100% owned Las Coloradas project in Chihuahua. ON MINING, Sierra Metals provided production and cost guidance for 2025 for its Bolivar mine in Chihuahua. Minera Alamos reported production results from its Santana mine in Sonora. Gold Resource provided an update on its operational and liquidity status as of December 2, 2024 (Don David Gold Mine, Oaxaca). ON FINANCING, Fortuna announced progress on its share buyback program (San Jose mine, Oaxaca). DynaResource announced the successful repayment of its temporary additional credit line with Ocean Partners Holdings Limited (San Jose de Gracia project, Sinaloa). Minera Alamos closed a bought deal private placement for gross proceeds of CADS $8,499,900 (Santana mine, Sonora). ON RESOURCES AND DEVELOPMENT, Silver Tiger commenced an underground drilling program at its El Tigre project in Sonora. Oroco provided a corporate update regarding its Santo Tomas project in Sinaloa. Impact Silver released results from its ongoing drill program on the Tres Amigos Zone at its Plomosas mine in Chihuahua. Silver Storm announced results from five holes drilled at its Parrilla mine in Durango. Heliostar released additional results from its 2024 drill program at its 100% owned Ana Paula project, Guerrero. Torex Gold reported results from its 2024 El Limon Guajes underground drilling program. ON DEALS AND CORPORATE ISSUES, Apolo Silver provided a corporate update (Cinco de Mayo project, Chihuahua). Regency Silver announced the appointment of a new member to its Board of Directors (Dios Padre project, Sonora). Chesapeake filed appeal upholding the cancellation of the San Vicente 3 mineral concession (Metates project, Durango). Heliostar announced the appointment of Ramon Tomas Dávila Flores to its Board of Directors (Ana Paula project, Guerrero). Oroco Resource provided an update regarding its upcoming annual general meeting scheduled for December 12, 2024 (Santo Tomas project, Sinaloa). Osisko Development announced the appointment of a new member to its Board of Directors (San Antonio Gold project, Sonora). Teck Resources reported the appointment of its Vice President, Investor Relations (San Nicolas project, Zacatecas). Torex communicated three fatalities at the El Limon Guajes underground mine, Guerrero. First Majestic announced the effectiveness of its Registration Statement on Form F-4 related to its acquisition of Gatos Silver, Inc. Gatos Silver communicated date of special meeting of stockholders and filing of definitive proxy statement (Cerro Los Gatos mine, Chihuahua). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

Mexican Senators approved the Federal Law of Rights 2025 in particular and now began the analysis and discussion of the Federal Income Law to increase its collection during 2025 in activities such as mining, immigration services and use of Protected Natural Areas, and also start charging aviation schools and cruise passengers. In the Federal Rights Law 2025, the rate of special mining rights is increased for the following year from 7.5 to 8.5% on the income obtained by the holders of mining concessions derived from the alienation or sale of the extractive activity. In addition, the rate of extraordinary mining rights is raised from 0.5 to 1.0% on the income obtained by mining concessionaires derived from the sale of gold, silver and platinum. The Morena senator, Ochoa Fernández, explained that these increases in mining rights rates are made to address the increase in international metal prices. The fees for the use or exploitation of the 181 Protected Natural Areas (ANP) at the federal level are also raised by 100%.
Federal government proposed an increase in mining rights in the Federal Rights Law 2025, which is about to be approved in the Senate of the Republic. It comes after in 2024 its collection has fallen by almost a third. In January-September 2024, the government collected MXP $6,205.60M (approx USD $305.7M) for special mining rights and extraordinary mining rights, according to the latest quarterly report from the Ministry of Finance and Public Credit (SHCP) to the Congress of the Union, while in the same period of 2023, the collection of said rights amounted to MXP $9,177.71M pesos (approx USD $452.1M), so this year collection has fallen 32% in real terms. The SHCP proposes to increase the special mining right rate from 7.5 to 8.5% on the income obtained by the holders of mining concessions derived from the alienation or sale of the extractive activity. In addition, it seeks to increase the rate of extraordinary mining rights from 0.5 to 1.0% on the income obtained by mining concessionaires derived from the sale of gold, silver and platinum. For the special right on mining, the federal government has collected MXP $5,422.70M (approx USD $267.1M) in the first nine months of 2024 (an annual drop of 34%), while for the extraordinary right on mining it has obtained MXP $782.9M (approx USD $38.6M) (17% less than in 2023). In addition to these rights, in Mexico two others are charged for this activity: the right for mining concessions and assignments, and also the additional right on mining. No increases are proposed for these two rights. In total for the four rights, the federal government has collected MXP $8,981.80M (approx USD $442.5M) at the end of September 2024, a drop of 26% annually. In the Federal Law of Rights 2025, which will be discussed today in the plenary session of the Senate of the Republic together with the Federal Income Law, the rights charged for immigration services, as well as for the use and use of Protected Natural Areas. The Morena deputy, Alfonso Ramírez Cuéllar, has assured that with these reforms to the Federal Rights Law, “a budget of more than MXP $140,000M (approx USD $6,896.6M)” will be obtained with respect to what is collected from rights in 2024.
Impact Silver Corp., Silver Storm Mining Ltd., Heliostar Metals Limited, and Torex Gold Resources Inc., reported the best drilling intercepts in Mexico on the first week of December, 2024. Details are shown in the table below:

ON EXPLORATION

Kingsmen Resources Ltd., identified a significant new drill target called Saddle at its 100% owned Las Coloradas project in Chihuahua. It is part of its ongoing field reconnaissance in preparation for an upcoming drill program. The Saddle target is situated between two magnetic highs, where a deep wedge of volcanics and sediments, along with veins and structures, are believed to underlie surface precious metal anomalies. The area revealed anomalous values of gold and silver, along with other metals such as copper, lead, and zinc, associated with quartz-carbonate veins. This geochemical anomaly is both within and adjacent to the targets indicated by geophysical surveys. The geophysical data suggests the potential for discovering significant blind mineralization in this area.

ON MINING

Sierra Metals Inc., provided production and cost guidance for 2025 for its Bolivar mine in Chihuahua. The company expects to produce between 25.1M-27.4M Lb Cu, 680K-740K Oz Ag, and 7.4K-8.1K Oz Au at cash and AISC of $2.64-$2.77 and $3.45-$3.62 per Lb CuEq respectively.
Minera Alamos Inc., reported production results from its Santana mine in Sonora (All currency reported is Canadian dollars). In Q3, 2024, the company staked 3,800 Oz Au on the leach pad. As of September 30, 2024, recoverable gold inventory on the leach pad totaled 8,199 Oz Au. Subsequent to the quarter end, mining and stacking activities continued to increase with a total of 1,788 Oz Au mined in the month of October, of which 1,585 Oz Au were stacked on the heap leach pad with the remainder stockpiled for crushing prior to placement on the heap leach pad. The average grade of mineralized material mined during Q3-2024 (and October) was 0.60 g/t. The company also reported deferred revenue of $3.45M in exchange for the sale of 1,000 Oz Au; loss from the re-start of mine operations of $436.2K; and cash and cash equivalents of $5.96M.
Gold Resource Corporation provided an update on its operational and liquidity status as of December 2, 2024. The company reported improvements in production at the Don David Gold Mine, Oaxaca during November, attributed to effective mine planning and resolution of previous operational issues. This led to slightly better than break-even cash flow for the month, aided by high metal prices and a favorable exchange rate. Despite these improvements, the company expressed concerns about its available cash balance and indicated that additional funding is necessary for mining equipment, mill upgrades, and working capital to support future production in the Three Sisters and Splay 31 areas. Without this capital, the company anticipates challenges in maintaining break-even cash flow beyond the first quarter of 2025. Additionally, Gold Resource Corporation identified an overpayment of approximately USD $3.8M in Mexican taxes for 2023 and has submitted a refund request, expected to be processed in 2025, although the timing remains uncertain.

ON FINANCING

Fortuna Mining Corp., announced progress on its share buyback program. It has repurchased an aggregate of 6,402,640 common shares on the open market of the New York Stock Exchange. Shares were repurchased at a weighted-average price of $4.77 per common share for a total gross amount of $30,529,066, excluding brokerage fees; these shares will be cancelled. To date, the Company has repurchased 41.88 percent of the 15,287,201 shares it is authorized to repurchase under the Normal Course Issuer Bid (San Jose mine, Oaxaca).
DynaResource Inc., announced the successful repayment of its temporary additional credit line (TACL) with Ocean Partners Holdings Limited. The company recently fulfilled its obligation to repay USD $4M TACL due November 30, 2024, payable alongside USD $5.85M outstanding balance of the revolving credit line (RCL). Upon full repayment of the TACL and RCL, the maximum principal amount under the RCL was increased to USD $12.5M. The company has drawn down USD $9.85M, with interest accruing at the same rate as the ongoing and outstanding RCL with Ocean Partner (San Jose de Gracia project, Sinaloa).
Minera Alamos Inc., closed a bought deal private placement for gross proceeds of CADS $8,499,900 by selling 28,333,000 common shares at a price of CAD $0.30 per common share. Net proceeds will be used to fund the expansion and development of its Santana open-pit, heap-leach mine in Sonora, to fund the exploration and development activities at its Cerro de Oro Project in northern Zacatecas and for working capital and general corporate purposes.

ON RESOURCES AND DEVELOPMENT

Silver Tiger Metals Inc., commenced an underground drilling program at its El Tire project in Sonora, focusing on high-grade vein, sulfide, and shale zones. The company aims to deliver a Preliminary Economic Assessment (PEA) for the underground component by the first half of 2025. This initiative follows the successful completion of the near-surface open pit portion of the project, highlighting the significant exploration potential in the area, which is estimated to contain 10 to 12M tonnes at 225 to 265 g/t AgEq, equating to 73 to 100M Oz AgEq.
Oroco Resources Corp., provided a corporate update regarding its Santo Tomas project in Sinaloa, highlighting ongoing preparations for Phase 2 technical work. The project has shown a compelling economic case with a 22.6-year Life of Mine and a post-tax NPV of USD $1.48 B. The company is closely monitoring legal and regulatory changes in Mexico, particularly under the new administration of President Claudia Sheinbaum, to ensure continued support for its mining activities. Key initiatives include defining community investment opportunities, expanding technical programs for updated resource estimates, specifically including elevated resource classifications and an expanded Indicated Resource at South Zone sufficient to support a PFS-level technical report, and enhancing shareholder engagement. The update emphasizes Oroco’s positive outlook for the project’s future development and its potential as a capital-efficient, large-scale copper project.
Impact Silver Corp., released results from its ongoing drill program on the Tres Amigos Zone at its Plomosas mine in Chihuahua. Drilling highlights are shown in the table below:

All these Tres Amigos area drillholes are beyond the current active mining area and lie outside the JORC mineral resource. The Tres Amigos Zone remains open for exploration and drilling is continuing.

Silver Storm Mining Ltd., announced results from five holes drilled at the Norte-Sur Zone, within the Quebradillas mine within its Parrilla mine in Durango. Drilling highlights are shown in the table below:

The current drill results, when combined with historical holes drilled by First Majestic, are expected to have a positive impact on future Mineral Resources.

Heliostar Metals Ltd., released additional results from its 2024 drill program at its 100% owned Ana Paula project, Guerrero. Drilling highlights are shown in the table below:

Results continue to expand the High Grade Panel (HGP) and locally increase grades.

Torex Gold Resources Inc., reported results from its 2024 El Limon Guajes (ELG) underground drilling program. Drilling highlights are shown in the table below:

The results to date support the company’s target of extending the mine life of ELG underground by identifying new zones of higher-grade mineralization, expanding resources, and replacing and growing reserves.

ON DEALS AND CORPORATE ISSUES

Apolo Silver Corp., provided a corporate update, highlighting significant developments in 2024. The company successfully optioned the high-grade Cinco de Mayo Silver Project in Chihuahua and completed a CAD $13.5M financing, bolstering its treasury. To satisfy the option, and acquire a 100% interest in Cinco de Mayo, the company must first obtain the necessary licensing and permits to access the property and conduct mining activities on Cinco de Mayo, followed by completing no less than 20,000m of exploration drilling within five years. New leadership was added to strengthen the board and management team. The company is focused on advancing its silver exploration and resource development projects while maintaining strong community relations and securing necessary permits for operations at Cinco de Mayo project.
Regency Silver Corp., announced the appointment of a new member to its Board of Directors (Dios Padre project, Sonora).
Chesapeake Gold Corp., filed an appeal with the Collegiate Court in Mexico against a decision by the North Center III and Auxiliary Regional Chamber of the Federal Court of Administrative Justice, which upheld the cancellation of the San Vicente 3 mineral concession by the Dirección General de Minas (DGM). The company argued that the Chamber incorrectly determined that the DGM followed the required cancellation procedures, claiming this violated their fundamental rights, including due process and effective judicial protection (Metates project, Durango).
Heliostar Metals Limited announced the appointment of Ramon Tomas Dávila Flores with immediate effect to its Board of Directors (Ana Paula project, Guerrero).
Oroco Resource Corp., provided an update regarding its upcoming annual general meeting (AGM) scheduled for December 12, 2024. Due to a Canada Post strike, the meeting materials have been made available online, and shareholders are encouraged to access them directly. Shareholders can vote by proxy, with a deadline set for December 10, 2024 (Santo Tomas project, Sinaloa).
Osisko Development Corp., announced the appointment of a new member to its Board of Directors (San Antonio Gold project, Sonora).
Teck Resources Limited reported the appointment of its Vice President, Investor Relations effective December 1, 2024 (San Nicolas project, Zacatecas).
Torex Gold Resources Inc., regretfully communicated three fatalities at the El Limon Guajes underground mine, Guerrero. During the day shift on December 5th, a fatal carbon monoxide gas exposure occurred, which claimed the lives of two employees and one contractor at the El Limón Guajes underground mine. A fourth contract employee was also in the area and is currently in hospital and expected to recover. Underground have been suspended and an investigation to determine the cause of the accident will commence shortly.
First Majestic Silver Corp., announced the effectiveness of its Registration Statement on Form F-4 related to its acquisition of Gatos Silver, Inc. A special meeting for First Majestic shareholders is scheduled for January 14, 2025, to approve the issuance of common shares to Gatos stockholders. The record date for this meeting is November 25, 2024, and meeting materials are expected to be sent out around December 9, 2024. However, some Canadian shareholders may experience delays due to a Canada Post labour dispute. Both First Majestic and Gatos require shareholder approvals for the transaction, which is anticipated to close in early 2025, subject to certain conditions. The announcement also includes important information for investors regarding the transaction and the necessary documentation that will be available for review.
Gatos Silver Inc., communicated a special meeting of stockholders scheduled for January 14, 2025, to discuss the proposed merger with First Majestic Silver Corp. and filing of definitive proxy statement. The Board of Directors of Gatos Silver recommends that stockholders vote in favor of the merger. First Majestic shareholders will also hold a meeting on the same day to approve the issuance of shares related to the transaction. The merger is expected to close in early 2025, pending necessary approvals. Additionally, Gatos Silver plans to send out meeting materials to stockholders around December 6, 2024, although some deliveries may be affected by a labor dispute in Canada. The announcement includes important information for investors regarding the transaction and encourages them to read the relevant documents filed with regulatory authorities (Cerro Los Gatos mine, Chihuahua).

ON SOCIAL RESPONSIBILITY

No relevant news.

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, pillow lavas from the Chilitos Formation in the famous mining district of Zacatecas, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of August, 2024

September 1, 2024 / gambusinoprospectormexico / Leave a comment

Gold-bearing orogenic quartz vein

By Miguel A Heredia

During the 35^thweek of the year (August 26^thto September 1^st 2024), at least 28 press releases were announced by companies working in Mexico, and 3 news published by the media, with thirteen disclosing deals and corporate issues, five communicating production and financial results, five reporting resources and development of their properties, four commenting on Mexican issues, two announcing financing rounds, one informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, Industrias Peñoles reported that its Tizapa mine in the State of Mexico suspended operations due to strike call promoted by the National Union of Mining, Metallurgical, Steel and Similar Workers of the Mexican Republic. In Mexico, the Constitutional Affairs Committee of the Chamber of Deputies agreed to discuss the initiative to ban open-pit mining, which set off alarms in the extractive industry. Mining companies in Mexico are concerned about their production is affected by the ban on open-pit in the country. Vizsla Silver and Silver Tiger reported the best drilling intercepts in Mexico on the fifth week of August, 2024. ON EXPLORATION, In Chihuahua, Quetzal Copper provided an update on its Cristinas project. ON MINING, Aura Minerals announcedan update to its long-term production guidance (Aranzazu mine, Zacatecas). Bear Creek reported Q2, 2024 production results from its Mercedes mine in Sonora. Guanajuato Silver announced Q2, 2024 consolidated production and financial results from their Mexican operations. Luca Mining presented its consolidated production and financial results for Q2, 2024 (Campo Morado mine in Guerrero and Tahuehueto mine in Durango). Minera Alamos provided an operations update and Q2, 2024 financial results. ON FINANCING, Alamos Gold declared quarterly dividend (Mulatos mine, Sonora). Southern Silver closed the third and final tranche of its previously announced non-brokered private placement for gross proceeds of $211,530 (Cerro Las Minitas project, Durango). ON RESOURCES AND DEVELOPMENT, Silver Tiger reported results from its Pre-Feasibility Study drilling program at its El Tigre project in Sonora. Guanajuato Silver provided an operations update of their Mexican properties (Topia mine in Durango, San Ignacio mine in Guanajuato, and El Horcon mine in Jalisco). Vizsla Silver filed a PEA technical report on its Panuco project in Sinaloa. Vizsla reported results of 22 infill drill holes from its Copala project in Sinaloa. Xali reported that now it has two active projects in the El Oro mining district, state of Mexico. ON DEALS AND CORPORATE ISSUES, Aztec Minerals announced the appointment of its strategic advisor (Cervantes project, Sonora). Torex reported that it will be hosting an analysis and investor day on September 5, 2024 (El Limon Guajes project, Guerrero). Goldgroup announced marketing agreement (Cerro Prieto mine, Sonora). Plata Latina granted stock options to its Directors, Officers, and Consultants (Naranjillo project, Guanajuato). Silver Storm announced that it is providing bi-weekly update on the status of its management cease trade order (MCTO) issued on July 30, 2024. Vizsla Royalties advised that it had elected to halt trading of its warrants but later on it announced that it had been advised by the TSX Venture Exchange (TSX-V) that the warrants of the company will resume trading on the TSX-V (Panuco project, Sinaloa). Regency Silver announced the appointment of a new member to its Advisory Committee (Dios Padre project, Sonora). Endeavour Silver is being investigated by The Schall Law Firm for securities fraud (Guanacevi mine, Durango). Galore provided a status report regarding its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission (Dos Santos project, Zacatecas). Torex reported a contractor fatality at it’s the Morelos Complex, Guerrero. Luca Mining clarified an early warning report issued by Trafigura regarding a debt restructuring agreement (Campo Morado mine, Guerrero). Royalties Inc., announced that it continues advancing in monetizing its Bilbao property in Zacatecas, and achieving success in lawsuit against Capstone Gold to properly recognize and pay a NSR as part of the Cozamine mine in Zacatecas. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2023 sustainability report (Camino Rojo mine, Zacatecas).

ON MEXICO ISSUE

Industrias Peñoles S.A.B de C.V., reported that its Tizapa mine in the State of Mexico, suspended operations due to strike call promoted by the National Union of Mining, Metallurgical, Steel and Similar Workers of the Mexican Republic. The facility was the subject of scrutiny by the authorities in recent months, due to a request from the United States to review a possible violation of labor rights, within the framework of the North American trade agreement, USMCA, which the company denied. The company stated that it “fully” complies with the obligations of the labor agreement and local labor laws, and noted that “it will adhere to the corresponding legal and administrative procedures to resolve this conflict”.
In Mexico, The Constitutional Affairs Committee of the Chamber of Deputies agreed to discuss the initiative to ban open-pit mining, which set off alarms in the extractive industry, which demands an open parliament before approving a reform that they warn will generate shortages of essential resources in North America, in addition to having a fiscal impact of around MXP $30 billion in contributions to the Treasury by companies. Pedro Rivero Gonzalez, President of the Mexican Mining Chamber (CAMIMEX) stated that open-pit mining is very important for the country, not only because 60% of production in Mexico comes from this extractive technique, but also because the prohibition of this activity compromises more than MXP $30 billion in various fiscal contributions for the federal government, as well as a possible economic contraction estimated at MXP $250 billion annually (-1% of the National GDP).
Mining companies in Mexico are concerned about their production is affected by the ban on open-pit in the country. The Mexican Mining Chamber (CAMIMEX) revealed that if this initiative is approved, the mineral that would be most affected is copper because so far there are few deposits in Mexico that can be exploited underground. Almost 70% of the copper produced in the country is by open-pit. In this regard, analysts stated that the losses for the country could be double, since it is estimated that the price of copper will increase by up to 40%, which means that the profitability of companies such as Grupo México, Minera Frisco, Nemisa and Capstone Copper will see their income affected. According to CAMIMEX, banning open-pit mining will generate an economic contraction of 250 billion pesos and it estimated that more than a million formal jobs will disappear, a fact that worries companies that have exploration projects in Mexican territory.
Vizsla Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the fifth week of August, 2024. Details are shown in the table below:

ON EXPLORATION

Quetzal Copper Corp., provided an update on its Cristinas project in Chihuahua. The company completed two drill holes and conducted a deep penetrating geophysical survey (InfiniTEM XL downhole) to better understand known electromagnetic anomalies. Drilling is set to resume soon, with the aim of completing the program by September 2024. Quetzal announced that it has completed the geophysical survey and are modelling the results to design the next phase of drilling, with plans to announce the results of the drill program in September 2024.

ON MINING

Aura Minerals Inc., announcedan update to its long-term production guidance with the recent acquisition of two mining rights. Aura plans to exceed 450K annual Oz AuEq consolidated production target in the coming years (Aranzazu mine, Zacatecas).
Bear Creek Mining Corporation reported Q2, 2024 production results from its Mercedes mine in Sonora (currency expressed in US dollars). The company mined 93,093 tonnes of 3.3 g/t Au with a metallurgical recovery of 94% and processed 95,727 tonnes of 3.23 with a metallurgical recovery of 94% to produce 9,304 Oz Au and 40,893 Oz Ag. Bear Creek sold 9,155 Oz Au at cash and AISC of $1,657 and $2,058 per Oz Au sold, at an average realized Au price of $2,318 per Oz. It also reported revenue of $22.1M; comprehensive loss after taxes of $11.2M; comprehensive loss per share of $0.05; adjusted loss after taxes of $8.6M; adjusted loss per share of $0.04; cash generated from operating activities of $4.8M; and cash used in investing activities of $5.4M.
Guanajuato Silver Company Ltd., announced Q2, 2024 consolidated production and financial results from their Mexican operations (El Cubo, Valenciana and San Ignacio Mine complexes in Guanajuato, and Topia mine in Durango). (All currency is expressed in US dollars). The company mined 171,354 tonnes and milled 161,457 tonnes to produce 398.7K Oz Ag, 4,255 Oz Au, 806.3K Lb Pb, and 1.1M Lb Zn (823.7K Oz AgEq). It sold 403.1K Oz Ag, 4,306 Oz Au, 787.6K Lb Pb, and 1.07M Lb Zn (833.2K Oz AgEq) at a realized price of $26.78/Oz Ag, $2,334.24/Oz Au, $0.98/Lb Pb, and $1.29/Lb Zn. Cash and AISC per Oz AgEq were $19.93 and $25.55 respectively. Guanajuato Silver also announced consolidated financial results. The company reported revenue of $20.55M; cost of sales of $19.6M; mine operating income of $947K; mine operating cash flow before taxes of $3.89M; net loss of $2.75M; EBITDA of $2M; and adjusted EBITDA of $1.9M.
Luca Mining Corp., presented its consolidated production and financial results for Q2, 2024 (Campo Morado mine in Guerrero and Tahuehueto mine in Durango). (All currency is expressed in US dollars). Luca mined 159,096 tonnes and milled 153,676 tonnes to produce 4,278 Oz Au, 188.3K Oz Ag, 7M Lb Zn, 1.58M Lb Cu, and 1.5M Lb Pb (13,947 Oz AuEq). The company sold 3,629 Oz Au, 131.7K Oz Ag, 4.43M Lb Zn, 1.24M Lb Cu, and 546.5K Lb Pb (10,186 Oz AuEq) at a realized price of $2,315.12/Oz Au, $28.57/Oz Ag, $2,812.65/Tonne of Zn, $9,619.32/Tonne of Cu, and $2,148/Tonne of Pb. Cash and AISC per Oz AuEq were $1,490 and $1,766 respectively. Luca also presented consolidated financial results. It reported revenue of $18.2M; cost of sales of $15.5M; mine operating earnings of $2.7M; mine operating cash flow before taxes of $3.3M; net expenses of $4.67M, EBITDA of $6.15M; and adjusted EBITDA of $4.2M.
Minera Alamos Inc., provided an operations update and announced Q2, 2024 results as well as some guidance regarding improved operations activity so far during Q3, indicating significant progress at its Santana gold mine in Sonora, where mining and stacking rates are approaching levels last seen in 2022. Through the end of August 2024 approximately 3,400 Oz Au will have been placed on the Santana leach pad since the restart of mining activities in June. The company anticipates a return to cash generation by Q4 2024. Additionally, the Cerro de Oro project in Zacatecas is advancing through the permitting process, with the company having completed final payments for full ownership. The focus remains on developing low-capital expenditure assets while expanding resources and pursuing strategic acquisitions. Minera Alamos also presented selected financial data (amounts expressed in Canadian dollars). The company reported revenue of $1.5M; cost of goods sold and depletion of $1.3M; mine operating income of $169.6K on sales of 505 Oz Au; net loss of $7M; cash and cash equivalents of $8.6M; and working capital of $14.48M.

ON FINANCING

Alamos Gold Inc., declared quarterly dividend of USD $0.025 per common share. The dividend is payable on September 26, 2024 to shareholders of record as of the close of business on September 12, 2024 (Mulatos mine, Sonora).
Southern Silver Exploration Corp., closed the third and final tranche of its previously announced non-brokered private placement for gross proceeds of $211,530 by issuing 961,500 at a price of $0.22 per unit. Together with the ﬁrst two tranches, Southern Silver has raised a total of $3,604,035.16 by the issuance of 16,381,978 units. Gross proceeds will be used for the continued development of the Cerro Las Minitas project in Durango, and for working capital.

ON RESOURCES AND DEVELOPMENT

Silver Tiger Metals Inc., reported results from its Pre-Feasibility Study (PFS) drilling program at its El Tigre project in Sonora. The most significant drill intercepts were encountered in holes ET-23-531 (Stockwork Zone) with 0.47 g/t Au and 1 g/t Ag (0.48 g/t AuEq or 36 g/t AgEq) over 18.5m, plus 6.1 g/t Au and 9 g/t Ag (6.22 g/t AuEq or 466 g/t AgEq) over 1.5m, plus 0.29 g/t Au and 76 g/t Ag (1.3 g/t AuEq or 98 g/t AgEq) over 23.4m, including 1.2 g/t Au and 791 g/t Ag (11.75 g/t AuEq or 882 g/t AgEq) over 2.2m, plus 3.47 g/t Au and 29 g/t Ag (3.85 g/t AuEq or 289 g/t AgEq) over 1.6m, plus 1.59 g/t Au and 8 g/t Ag (1.7 g/t AuEq or 127 g/t AgEq) over 1.7m; hole ET-23-555 with 0.30 g/t Au and 16 g/t Ag (0.51 g/t AuEq or 39 g/t AgEq) over 8.8m (Stockwork Zone), plus 0.57 g/t Au and 12 g/t Ag (0.73 g/t AuEq or 55 g/t AgEq) over 69.1m, including 2.12 g/t Au and 1 g/t Ag (2.13 g(t AuEq or 160 g/t AgEq) over 7m, plus 4.16 g/t Au and 33 g/t Ag (4.59 g/t AuEq or 344 g/t AgEq) over 2.3m (Seitz Kelly Vein), plus 0.09 g/t Au and 7 g/t Ag (0.18 g/t AuEq or 13 g/t AgEq) over 1.3m; and hole ET-23-562 with 0.59 g/t Au and 1 g/t Ag (0.6 g/t AuEq or 45 g/t AgEq) over 5.7m (Stockwork Zone), plus 0.46 g/t Au and 3 g/t Ag (0.51 g/t AuEq or 38 g/t AgEq) over 118.7m, plus 0.80 g/t Au and 28 g/t Ag (1.18 g/t AuEq or 89 g/t AgEq) over 2.6m (Seitz Kelly Vein). “These results further de-risk the project and, coupled with the advantageous geotechnical and metallurgical results, increase the confidence and size of the El Tigre Project.”
Guanajuato Silver Company Ltd., provided an operations update of their Mexican properties, detailing advancements at its wholly owned mines in Mexico, including Topia mine in Durango, San Ignacio mine in Guanajuato, and El Horcon mine in Jalisco. At Topia, Durango, the company has successfully commissioned a new filter system to enhance the recovery of gold, silver, lead, and zinc, with expectations of a 2% increase in metal recoveries. At San Ignacio, Guanajuato, a new ore sorter is nearing commissioning, which is anticipated to improve processing efficiency. At Horcon, Jalisco, the company has recommenced the processing of surface stockpile material. To date, over 28,000 tonnes of mineralized material has been processed, generating over 125,159 Oz AgEq from mid-November 2023 to June of 2024. “Additionally, at Horcon the company has completed an underground sampling program that has mapped and surveyed over 5km of tunnels, adits, and old workings. The Company is now designing an underground drill campaign intended to expand geological knowledge in advance of a decision to potentially restart commercial underground operations at this satellite mine in the future”.
Vizsla Silver Corp., filed a Preliminary Economic Assessment (PEA) technical report on its Panuco project in Sinaloa with an effective date of July 24, 2024.
Vizsla Silver Corp., reported results of 22 infill drill holes from its Copala project in Sinaloa (true widths reported). Drilling highlights include holes CS-24-381A with 3,698 g/t Ag and 41.2 g/t Au (6,270 g/t AgEq) over 4.36m, including 6,304 g/t Ag and 69.47 g/t Au (10,634 g/t AgEq) over 3.22m; hole CS-24-375 with 978 g/t Ag and 4.56 g/t Au (12.12 g/t AgEq) over 4.56m, including 1,775 g/t Ag and 11.80 g/t Au (2,447 g/t AgEq) over 0.41m, including 1,500 g/t Ag and 7.74 g/t Ag (1,911 g/t AgEq) over 0.57 m, including 5,894 g/t Ag and 22.97 g/t Au (6,983 g/t AgEq) over 1.42m, including 1,580 g/t Ag and 5.85 g/t Au (1,850 g/t AgEq) over 0.37m; hole CS-24-377 with 895 g/t Ag and 3.81 g/t Au (1,083 g/t AgEq9 over 10m, including 3,915 g/t Ag and 15.69 g/t Au (4,669 g/t AgEq) over 2m; and hole CS-24-380 with 1,861 g/t Ag and 12.20 g/t Au (2,554 g/t AgEq9 over 13.3m, including 4,463 g/t Ag and 28.92 g/t Au (6,037 g/t AgEq) over 4.36m, including 3,190 g/t Ag and 27.80 g/t Au (4,863 g/t AgEq) over 1.14m. “The reported drilling, designed to infill near-surface Indicated Mineral Resources, has confirmed high-grade mineral continuity where initial mining is likely to occur during the first two years of production at Copala central”.
Xali Gold Corp., reported that now it has two active projects in the El Oro mining district, state of Mexico: El Oro Underground Project, and El Oro Tailings project. At El Oro Underground Project, Xali and its JV partner Remedioambiente S.A. de C.V., met to review the field work completed to date to discuss how the two company’s plans for work can benefit each other and the local community. The underground access that Remedioambiente plans to open would be invaluable for Xali Gold’s exploration efforts, particularly for drilling. At El Oro Tailings Project, samples from the drill program for metallurgical test work were shipped to lab. Metallurgical testing is underway and results are expected by the end of Q3, 2024.

ON DEALS AND CORPORATE ISSUES

Aztec Minerals Corp., announced that it has strengthened its technical advisory board with the appointment of its strategic advisor (Cervantes project, Sonora).
Torex Gold Resources Inc., reported that it will be hosting an analysis and investor day on September 5, 2024 to discuss an internal pre-feasibility study on developing the EPO deposit at the company’s Morelos Complex, along with an update on the wider business, including Torex’s recently released multi-year exploration strategy. (El Limon Guajes project, Guerrero).
Goldgroup Mining Inc., announced marketing agreement with Peak Investor Marketing Corp., to receive full-service marketing and consulting services focused on the junior mining sector. “The contract is for a 12-month term, with a fee of $12,000 per month and can be terminated after 6 months with 30-days written notice. As part of the agreement, Peak will receive 1,500,000 stock options with an exercise price of $0.075, valid for a period of 2 years from date of issuance. The options will vest over 12 months (as to one-quarter every 3 months) (Cerro Prieto mine, Sonora)”.
Plata Latina Minerals Corporation granted stock options to its Directors, Officers, and Consultants. The options are exercisable at CAD $0.01 per share for a period of five years, expiring on August 23, 2029 (Naranjillo project, Guanajuato).
Silver Storm Mining Ltd., announced that it is providing bi-weekly update on the status of its management cease trade order issued on July 30, 2024 by its principal regulator, the British Columbia Securities Commission, under National Policy 12-203 Management Cease Trade Orders (La Parrilla mine, Durango).
Vizsla Royalties Corp., advised that it had elected to halt trading of its warrants but soon after it announced that it had been advised by the TSX Venture Exchange (TSX-V) that the warrants of the company will resume trading on the TSX-V effective Wednesday September 4, 2024 at the opening of trading (Panuco project, Sinaloa).
Regency Silver Corp., announced the appointment of a new member to its Advisory Committee (Dios Padre project, Sonora).
Endeavour Silver Corp., is being investigated by The Schall Law Firm on behalf of the investors for securities fraud. The investigation focuses on whether the company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. “Endeavour issued a press release on August 12, 2024, informing investors that “the primary ball mill at the Guanacevi mill has failed and could take up to 12 weeks to replace” and that “as a result, processing of material at the Guanacevi mill has been suspended.” The Company further stated that “this downtime will impact Q3 production and is expected to impact annual production and cost guidance.”
Galore Resources Inc. provided a status report regarding its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission. The company confirmed no material changes since the last announcement, except for the engagement of Davidson & Company as the new auditor, replacing DeVisser Gray LLP. Galore expects to file its fiscal year-end financial statements, along with the Management Discussion and Analysis, by September 27, 2024. The report emphasizes that there are no further anticipated defaults and no undisclosed material information regarding the company’s affairs (Dos Santos project, Zacatecas).
Torex Gold Resources Inc., reported a contractor fatality within the Guajes Tunnel at it’s the Morelos Complex, Guerrero. “Media Luna construction activities in the Guajes Tunnel have been temporarily suspended. An investigation to determine the cause of the accident is expected to commence shortly”.
Luca Mining Corp., clarified an early warning report issued by Trafigura Beheer B.V., regarding a debt restructuring agreement. The agreement involved converting a USD $5.8M loan into a non-interest-bearing three-year term convertible debenture, which was conditionally issued to Trafigura´s subsidiary Union Holdings (Malta) Limited. The necessary amendments to security agreements were completed recently, allowing the debenture to be formally executed and released from escrow, maturing on January 11, 2027 (Campo Morado mine, Guerrero).
Royalties Inc., announced that it continues advancing in monetizing its Ag-Zn-Pb Bilbao property in Zacatecas, ideally by selling to an existing silver producer for cash and shares in order to generate further potential gains from the rise in the price of silver, and achieving success in lawsuit against Capstone Gold S.A. de C.V., a subsidiary of Capstone Copper Corp. , to properly recognize and pay the 2% NSR on the five Portree claims, which have been in production since 2020 and are part of the Cozamine mine in Zacatecas.

ON SOCIAL RESPONSIBILITY

Orla Mining Ltd., released its 2023 sustainability report to highlight the company’s commitment to environmental, social, and governance (ESG) initiatives. The company “achieved global leading metrics on emissions and water management at its Camino Rojo operations in Zacatecas with 0.19 tonnes of CO2 equivalent per ounce of gold produced, and 0.12 m3/t of processed ore water intensity, with zero water discharge (100% of water reused and recycled); increased female representation among contracted workforce from 3.6% to 14.6%; generated USD $10.7M in community economic contributions at Camino Rojo, including salaries, local procurement, land leases and investments in local infrastructure; Achieved a lost time injury frequency rate of 1.71 across our sites. Lost time injury frequency rate (LTIFR) is a measure used in workplace safety to quantify the number of injuries resulting in lost work time, per one million hours worked; 25% of Orla’s corporate goals were ESG-linked, all of which were achieved; and 100% of Orla executives and managerial-level employees were evaluated against ESG performance”.

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 gold-bearing orogenic quartz vein in an orogenic gold project in Oaxaca, Mexico. Photo taken by Miguel A Heredia.

QUETZAL COPPER MOBILIZES DRILL RIG TO THE CRISTINAS PROJECT, CHIHUAHUA MEXICO

June 26, 2024 / gambusinoprospectormexico / Leave a comment

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The Mining and Exploration News in Mexico: Highlights on the Second Week of January, 2024

January 14, 2024January 24, 2024 / gambusinoprospectormexico / Leave a comment

Hydrothermal Breccia

By Miguel A Heredia

During the 2^ndweek of the year (January 8^thto January 14^th, 2023), at least 31 press releases were announced by companies working in Mexico, and 4 news published by the media, with nine communicating production results, eight disclosing deals and corporate issues, six reporting resources and developments, five announcing financing issues, five commenting on Mexican issues, and two informing on exploration results. ON MEXICO ISSUES, German Larrea, owner of Grupo Mexico, announced that it is in a group of several companies interested in acquiring a copper mine of First Quantum Minerals in southern Spain. Grupo Mexico reported that it advances in the construction of three copper mining projects, with a combined production of 246,000 tons per year. The Mexican Mining Chamber (CAMIMEX) announced that Mexico will begin operations of four new gold mines in 2024. President of the Association of Mining Engineers, Metallurgists and Geologists of Mexico (AIMMGM) indicated that insecurity has affected the most important mining regions of Mexico such as Sonora, Chihuahua, Zacatecas, Guerrero and the State of Mexico, where companies have had to allocate between 5 and 10% more to their security budget to combat high insecurity rates. Prime Mining reported the best drilling intercepts in Mexico on the second week of January, 2024. ON EXPLORATION, In Sonora, Colibri and JV partner Silver Spruce filed an application to drill 10,000m on the Diamante project. In Sinaloa, Centenario announced that it completed 700m in 5 holes from its maiden drilling program at its Eden project in Sinaloa. ON MINING, Agnico reported Q3, 2023 production and financial results from their Pinos Altos Mine in Chihuahua and La India Mine in Sonora. Alamos Gold announced Q4, 2023 production results and guidance for 2024, 2025 and 2026 (Mulatos Mine, Sonora). Aura reported Q4, 2023 production results from its Aranzazu Mine in Zacatecas. GoGold announced Q4, 2023 production from its Parral Tailings project in Chihuahua. Torex reported Q4 and full year 2023 production results from its El Limon-Guajes mine complex in Guerrero. Gatos Silver provided Q4 and full year 2023 production results from its Cerro Los Gatos mine, Chihuahua. Guanajuato Silver announced Q4, 2023 production results from their Mexican operations. Endeavour reported Q4 and full year 2023 production results from its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively, and provided 2024 production and cost guidance. ON FINANCING Fortuna paid down an additional USD $41M debt (San Jose Mine, Oaxaca). Guanajuato Silver announced that it has arranged a debt settlement of CAD $455K (El Cubo Mine, Guanajuato). Atacama closed the second tranche of its previously announced brokered private placement for gross proceeds of CAD $5.5M (Cristina and Yécora projects in Chihuahua and Sonora states respectively). Orex closed one tranche of its non-brokered private placement for net proceeds of $183,750 (Sandra and Coneto projects, Durango). Centenario closed a non-brokered private placement for gross proceeds of $50K (Eden project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Prime Mining released expansion and generative drill results from its 2023 drilling program at Los Reyes project, Sinaloa. Sonoran Desert completed sampling program at Cuatro Hermanos project, Sonora. Vizsla announced an update mineral resource estimate for its flagship Panuco project in Sinaloa. Heliostar filed an updated mineral resource estimate for its Ana Paula project in Guerrero. Silver Tiger provided a 2023 summary of activities and outlook for 2024 (El Tigre project, Sonora). Tocvan presented a 2023 summary of activities at their Picacho and Pilar projects in Sonora and plans for 2024. ON DEALS AND CORPORATE ISSUES, Avino signed a long-term land-use agreement with a local community for the development of La Preciosa, Durango. Trident Royalties announced the acquisition of royalty assets from Avino on La Preciosa deposit in Durango by making a payment of USD $8.75M. CMC Metals entered into a share purchase agreement to acquire the mineral rights of the Gavilanes property in Durango. Defiance announced the acquisition of 100% interest in Lucita property in Zacatecas and also reported that the terms of the San Acacio property agreement in Zacatecas were successfully renegotiated with the vendor. Impact announced that it has entered into a managed services contract with Bell International de Mexico / TTN Energia to provide Tesla Battery Energy System with solar at its Plomosas mine in Chihuahua. Monumental retained Senergy Communications Capital Inc., to provide digital media and capital markets communications services to the company (Jemi HREE project, Coahuila). Ridgestone reported results from its annual general meeting of shareholders (Rebeico project, Sonora). Excellon provided a corporate update and outlook for 2024 (Platosa mine, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUE

German Larrea, owner of Grupo Mexico, announced that it is among several companies that are interested in acquiring a copper mine of First Quantum Minerals in southern Spain. First Quantum began a process to sell its Las Cruces mine in southern Spain in December after the sudden closure of the Panama copper mine left the company against financial uncertainty. The Las Cruces mine would give Grupo México, the conglomerate controlled by Mexican billionaire Germán Larrea, another opportunity to expand in Europe after he failed to acquire a different Spanish copper mining complex in 2021. Copper assets have attracted the interest of mining companies that expect demand to increase as a result of the energy transition, and the upward perspectives have already caused an increase in negotiations.
Grupo Mexico reported that it advances in the construction of three copper mining projects, with a combined production of 246,000 tons per year: a greenfield project located approximately 45Km from the Buenavista del Cobre mine containing estimated proven and probable reserves of 317M tonnes of 0.249% Cu, with an estimated production of 36K tonnes of Cu cathodes per year by 2024; El Pilar mine, and open pit with an annual production capacity of 36K tonnes of Cu cathodes, which is expected to begin production in 2024 with an expected useful life of 13 years; and El Arco, Baja California, a world-class deposit with mineral reserves of > 1,230M tonnes with an average grade of 0.4% and 141 M tonnes of leachable material with an ore grade of 0.27% Cu. El Arco includes an open pit mine with a estimated production of 190K tonnes of Cu and 105K Oz Au annually.
The Mexican Mining Chamber (CAMIMEX) announced that Mexico will begin operations of four new gold mines in 2024: Media Luna in Guerrero of Torex Gold Resource Inc.; Cerro de Oro in Zacatecas of Minera Alamos Inc., with an expected production within the first four years of 60K to 70K Oz Au and subsequent production of 58.4K Oz Au, a useful life of 8.2 years, a scheduled investment of USD $150.5M, and a start of operations expected in the second half of 2024; Terronera in Jalisco of Endeavour Silver Corp., located in Jalisco, with an investment of USD $175M and a production estimated at 33K Oz Au; and Cerro Caliche in Sonora of Sonoro Gold with an investment of USD $26M for a production of around 45K Oz Au. These projects will together produce 323,400 Oz Au annually and total an investment of USD $1,146M.
President of the Association of Mining Engineers, Metallurgists and Geologists of Mexico (AIMMGM) indicated that insecurity has affected the most important mining regions of Mexico such as Sonora, Chihuahua, Zacatecas, Guerrero and the State of Mexico, where companies have had to allocate between 5 and 10% more to their security budget to combat high insecurity rates. Under this panorama, the Fraser Institute of Canada placed Mexico as the fourth most unsafe country in Latin America to carry out mining activity, only below Venezuela, Colombia and Nicaragua. Globally, the Institute placed Mexico in 73rd place out of 84 jurisdictions evaluated in terms of investment attraction.

Prime Mining Corp., reported the best drilling intercepts in Mexico on the second week of January, 2024. Details are shown in the table below:

ON EXPLORATION

Colibri Resource Corporation and JV partner Silver Spruce Resources Inc., filed at SEMARNAT (The Mexico Environment Authority), an application to drill 10,000m on the Diamante project. The company expects to receive the authorization within the next three weeks and anticipates that the drilling program will begin soon after the receipt of the permit.
Centenario Gold Corp., announced that it completed 700m in 5 holes from its maiden drilling program at its Eden project in Sinaloa. Results from the first 3 holes are expected to be released prior to the end of January. All holes on this initial phase of the program target the strike and downdip extensions of the central portion of the ‘Buenavista’ mineralized structure.

ON MINING

Agnico Eagle Mines Limited reported Q3, 2023 production and financial results from their Pinos Altos Mine in Chihuahua and La India Mine in Sonora. At Pinos Altos Mine, Chihuahua, the company milled 450K tonnes of 1.84 g/t Au to produce 25,386 Oz Au, at a production costs per tonne of USD $89; minesite costs per tonne of USD $85; production costs of USD $1,581 per Oz Au produced; and total cash costs of USD $1,310 per Oz Au produced. At La India Mine, Sonora, the company milled 970K tonnes of 1.1 g/t Au to produce 22,269 Oz Au, at a production costs per tonne of USD $29; minesite costs per tonne of USD $27; production costs of USD $1,271 per Oz Au produced; and total cash costs of USD $1,156 per Oz Au produced.
Alamos Gold Inc., announced Q4, 2023 production results and guidance for the next three years 2024-2026. The company produced 48K Oz Au at Mulatos Mine, Sonora, and expects to produce in 2024 between 160K-170K Oz Au in 2024, at a total cash and all in sustaining cost per Oz Au of USD $825-875 and USD $1125-$1,175 respectively; to produce in 2025 between 120K-130K Oz Au at a total cash and all in sustaining cost per Oz Au of USD $700-800 and USD $1050-$1,150 respectively; and between 120K-130K Oz Au in 2026, at a total cash and all in sustaining cost per Oz Au of USD $675-775 and USD $975-$1,075 respectively.
Aura Minerals Inc., reported Q4, 2023 production results from its Aranzazu Mine in Zacatecas. It produced 7,061 Oz Au, 130,370 Oz Ag, and 9.6K Lb Cu for a total of 26,532 Oz AuEq.
GoGold Resources Inc., announced Q4, 2023 production from its Parral Tailings project in Chihuahua. The company produced 109,016 Oz Ag, 1,848 Oz Au, and 212.8K Lb Cu (300,260 Oz AgEq).
Torex Gold Resources Inc., reported Q4 and full year 2023 production results from its El Limon-Guajes mine complex in Guerrero. The company mined 19,404 tonnes per day in Q4, 2023 and 11,976 tonnes per day in the fiscal year 2023, with metallurgical recoveries of 89.5% and 88.6% respectively. Torex produced 137,993 Oz Au in Q4, 2023 for a total of 453,778 Oz Au in the full year of which sold 138,794 Oz Au in Q4, 2023 for a total of 444,750 Oz Au in the full year.
Gatos Silver Inc., provided Q4 and full year 2023 production results from its 70% owned Cerro Los Gatos mine, Chihuahua. On a 100% basis, the company milled during Q4, 2023 over 277,318 tonnes of 318 g/t Ag, 3.9% Zn, 1.9% Pb, and 0.3 g/t Au with metallurgical recoveries of 90.3%,61.8%, 89.8%, and 51.6% respectively, to produce 2.56M Oz Ag, 14.6M Lb Zn, 10.2M Lb Pb, and 1.4K Oz Au. During the full year 2023, the company milled over 1,071,400 tonnes of 299 g/t Ag, 3.9% Zn, 1.8% Pb, and 0.29 g/t Au with metallurgical recoveries of 89.4%,62.1%, 88.7%, and 52.4% respectively, to produce 9.21M Oz Ag, 57.3M Lb Zn, 38.9M Lb Pb, and 5.26K Oz Au.
Guanajuato Silver Company Ltd., announced Q4, 2023 consolidated production results from their Mexican operations (El Cubo, Valenciana and san Ignacio mines in Guanajuato, and Topia mine in Durango). The company mined 133,497 tonnes and milled 137,339 tonnes to produce 394,971 Oz Ag, 4,395 Oz Au, 837.2K Lb Pb, and 960.2K Lb Zn.
Endeavour Silver Corp., reported Q4 and full year 2023 production results from its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively, and provided 2024 production and cost guidance. During Q4, 2023, the company processed at Guanacevi mine, Durango over 110,781 tonnes of 419 g/t Ag and 1.2 g/t Au with metallurgical recoveries of 85.2% and 87% respectively to produce 1.27M Oz Ag and 3,771 Oz Au. Through the full 2023 year, the company processed 433,409 tonnes of 417 g/t Ag and 1.19 g/t Au with metallurgical recoveries of 88% and 90.5% respectively to produce 5.1M Oz Ag and 14.9K Oz Au. During Q4, 2023, the company processed at Bolañitos mine, Guanajuato over 109,683 tonnes of 45 g/t Ag and 1.86 g/t Au with metallurgical recoveries of 84.8% and 89.5% respectively to produce 134.7K Oz Ag and 5,887 Oz Au. Through the full 2023 year, the company processed 440,973 tonnes of 47 g/t Ag and 1.82 g/t Au with metallurgical recoveries of 85.1% and 88.6% respectively to produce 567.5K Oz Ag and 22.9K Oz Au. Endeavour also provided 2024 production and cost guidance and expects to produce between 4.9-5.2M Oz Ag and 13-15K Oz Au at Guanacevi mine, Durango, while at Bolañitos mine, Guanajuato it expects to produce between 0.5-0.6M Oz Ag and 34-38K Oz Au.

ON FINANCING

Fortuna Silver Inc., paid down an additional USD $41M debt of its revolving credit facility at the end of the fourth quarter of 2023, using cash on hand (San Jose Mine, Oaxaca).
Guanajuato Silver Company Ltd., announced that it has arranged to settle an aggregate of CAD $455K in outstanding liabilities of the Company by the issuance of an aggregate of 1,780,000 common shares in the capital of the Company at a deemed price of $0.25 per share. The debt settlement includes the issuance of shares to certain of the Company’s suppliers totaling approximately CAD $405K and to three members of senior management totaling approximately CAD $40K (El Cubo Mine, Guanajuato).
Atacama Copper Corporation closed the second tranche of its previously announced brokered private placement for 30,782,634 subscription receipts at a price of CAD $0.18 per subscription receipt for gross proceeds of CAD $5.5M. The net proceeds of the concurrent financing will be used to advance exploration programs across the combined portfolio, with particular focus on Cristina project in Chihuahua and Yécora project in Sonora, and for general corporate purposes.
Orex Minerals Inc., closed one tranche of its non-brokered private placement by issuing 1,225,000 units at a price of $$0.15 per unit for net proceeds of $183,750 (Sandra and Coneto projects, Durango).
Centenario Gold Corp., closed a non-brokered private placement for gross proceeds of $50K through the issuance of 333,333 units at a price of $0.15 per unit. Proceeds from this private placement will be used for exploration of the Eden project, Sinaloa and general working capital.

ON RESOURCES AND DEVELOPMENT

Prime Mining Corp., released expansion and generative drill results from its 2023 drilling program at Los Reyes project, Sinaloa. Drilling highlights (reported in true widths) include holes 23LP-18 collared at Las Primas Area with 11.60 g/t Au and 311 g/t Ag (15.63 g/t AuEq) over 4.50m, including 20.39 g/t Au and 551 g/t Ag (27.52 g/t AuEq) over 2.50m, including 41.90 g/t Au and 1,111 g/t Ag (56.28 g/t AuEq) over 1.05m; and hole 23GE-147 collared at Guadalupe East Area with 9.69 g/t Au and 639 g/t Ag (17.95 g/t AuEq) over 31.25m, including 29.41 g/t Au and 1,797 g/t Ag (52.67 g/t AuEq) over 6.45m, including 45.34 g/t Au and 2,723 g/t Ag (80.57 g/t AuEq) over 3.90m. “The incredibly high-grade intercepts at Guadalupe East are exciting from a resource expansion perspective. 23GE-147 lies almost entirely within the 2023 Economic Resource Pit”.
Sonoran Desert Copper Corporation completed sampling program at Cuatro Hermanos project, Sonora. A total of 82 rock samples were collected. At Noemi Zone, 10 samples collected returned Cu values ranging from 37.7 ppm to 1,915 ppm with an average value of 336.5 ppm Cu; Mo from 2.57 ppm to 67 ppm with an average value of 18 ppm Mo; Ag values from 1 ppm to 173 ppm with an average value of 45 ppm; and Au values from 0.02 ppm to 5.21 ppm with an average value of 1 ppm. At South Conglomerate Zone, 20 samples collected returned Cu values ranging from 102 ppm to 162,500 ppm with an average value of 17,363 ppm Cu; Mo values from 1.68 ppm to 49.8 ppm with an average value of 22.1 ppm Mo; Ag values from 0.21 ppm to 1.5 ppm with an average value of 0.9 ppm Ag. At Maine Zone, 6 samples collected returned Cu values ranging from 93.1 ppm to 274 ppm with an average value of 196.6 ppm Cu; Mo values from 4.13 ppm to 215 ppm with an average value of 100.1 ppm Mo; and Ag values from 0.05 ppm to 6.45 ppm with an average value of 1.7 ppm Ag. At West Zone, 6 samples collected returned Cu values ranging from 37.8 ppm to 2,750 ppm with an average value of 1,204.8 ppm Cu; Mo values from 17.25 ppm to 391 ppm with an average grade of 131.3 ppm Mo; and Ag values from 0.23 ppm to 3.6 ppm with an average value of 1.44 ppm Ag. At Cactus Zone, 3 samples collected returned Cu values ranging from 1,840 ppm to 67,900 ppm with an average value of 35.980 ppm Cu, Mo values from 132 ppm to 336 ppm with an average value of 217.5 ppm Mo; and Ag values from 8.17 ppm to 13.9 ppm with an average value of 10.6 ppm Ag. At San Lorenzo Zone, 37 samples collected returned Cu values ranging from 4 ppm to 22,500 ppm with an average value of 705 ppm Cu; Mo values from 0.14 ppm to 96.70 ppm with an average grade of 8.22 ppm; and Ag values from 0.01 ppm to 60 ppm with an average value of 2.46 ppm.
Vizsla Silver Corp., announced an update mineral resource estimate for its flagship Panuco project in Sinaloa. “Indicated Mineral Resources are estimated at 9.5 M tonnes grading 289 g/t Ag, 2.41 g/t Au, 0.27% Pb, and 0.84% Zn (511 g/t AgEq). The Updated Mineral Resource Estimate includes indicated mineral resources of 88.2M Oz Ag, 736K Oz Au, 56.9M Lb Pb, and 178.9M Lb Zn (155.8M Oz AgEq). Highlights of the Updated Mineral Resource Estimate include 48.7% increase in indicated mineral resources from 104.8 to 155.8M Oz AgEq; 48.7% increase in inferred mineral resources from 114.1 to 169.6Moz AgEq; 17% increase in average indicated mineral resource grade from 437 to 511 g/t AgEq; and new addition of La Luisa containing 4.0 M Oz AgEq indicated and 25.3M Oz AgEq of Inferred Resources. The Updated Mineral Resource represents less than 10% of the known vein strike of the newly consolidated district.
Heliostar Metals Ltd., filed an updated mineral resource estimate for its Ana Paula project in Guerrero. Results were press released last November 27, 2023.
Silver Tiger Metals Inc., provided a 2023 summary of activities and outlook for 2024 (El Tigre project, Sonora). 2023 highlights include the closing of a $18M bought deal financing with a syndicate of underwriters led by BMO Capital Markets; 30,000m of drilling completed at El Tigre project in Sonora; the delivery of an updated mineral resource estimate for El Tigre at September 18, 2023; and the delivery of a Preliminary Economic Assessment in November 2023 with an NPV of USD $287M. The company also plans in 2024 to complete 25,000m of drilling during H1, 2024 with the $20.1M it has in cash as of September 30,2023; to deliver a Prefeasibility Study and an updated Mineral Resource Estimate during Q2-2024; and to deliver a Preliminary Economic Assessment for the permitted underground resource during Q3-2024.
Tocvan Ventures Corp., presented a 2023 summary of activities at their Picacho and Pilar projects in Sonora and plans for 2024. At Picacho project, Sonora, the company made a discovery in first 1,000m, intercepting 0.6 g/t Au over 44.2m including 2 g/t Au and 7 g/t Ag over 12.2m, approximately 200m to the north where a hole intersected 0.5 g/t Au over 27.5m, including 1.1 g/t Au over 12.2m. At Pilar project, Sonora, Tocvan conducted a successful bulk sample of 1,400 tonnes with head grades of 1.9 g/t Au and 7 g/t Ag with an initial recovery of 62% for gold. Agitated bottle roll test of the bulk sample material returned 80% recovery of gold and 94% recovery of silver after a rapid 24-hour retention time. Additional surface and core composites from across Pilar returned 95 to 99% recovery of gold and between 73 to 97% recovery of silver through combined gravity and agitated leach processing. An initial doré bar was later poured from the bulk sample material totalling 1.487 kilograms, containing 18% gold and 69% silver. A second gold-rich doré bar is scheduled to be poured this month. The company also consolidated the project area covering 22 square-kilometers and reported a trench sample results highlighted by 1.9 g/t Au and 9 g/t Ag over 20m. Plans for 2024 include a Resource infill and expansion drilling; a Maiden Resource Estimate in Q4, 2023; a Mine planning and design; submit applications for a MIA or Environmental Impact Statement, and an EJT or technical justification study; continue metallurgical testing; continue mapping and sampling on new expansion areas; conduct trenching and channel sampling of new targets; run geophysical surveys, including magnetics; and perform discovery drilling.

ON DEALS AND CORPORATE ISSUES

Avino Silver & Gold Mines Limited signed a long-term land-use agreement with a local community for the development of La Preciosa in Durango, which is located approximately 19Km from the current Avino Mine production operation.
Trident Royalties Plc., announced the acquisition of royalty assets from Avino Silver & Gold Mines Limited, comprising1.25% NSR covering La Gloria and Abundancia Veins at La Preciosa deposit in Durango, and a 2% gross value return royalty covering all other areas of La Preciosa by making a payment of USD $8.75M within 12 months of first silver production at La Preciosa.
CMC Metals Ltd., entered into a share purchase agreement to acquire all the issued and outstanding shares of Swordfish Silver Corp. , who, through Sailfish de Mexico S.A. de C.V., holds the mineral rights of the Gavilanes property in Durango. The deal is subject to the TSX approval.
Defiance Silver Corp., announced the acquisition of 100% interest in Lucita property, Zacatecas from Pan American Silver Corp., by completing payments for USD $1.5M and Pan American retaining a 2% NSR. It also reported that the terms of the San Acacio property agreement in Zacatecas were successfully renegotiated with the vendor. “The project vendor has agreed to extend the option agreement terms by one year from September 27, 2023 to September, 27, 2024. Defiance will now be making quarterly payments, over the year, to the property vendor totaling USD $539,721.51, with the final option payment of USD $2,300,000 due September27, 2024. In accordance with the original agreement, the vendor retains a 2.5% NSR which may be purchased for USD $2,500,000”.
Impact Silver Corp., announced that it has entered into a managed services contract with Bell International de Mexico / TTN Energia for the planning, design, construction, and operation of Tesla commercial battery with solar at its Plomosas mine in Chihuahua.
Monumental Energy Corp., retained Senergy Communications Capital Inc., to provide digital media and capital markets communications services to the company by paying CAD$ 5K and up to maximum of CAD $30K towards direct expenses and costs for a 2-month period (Jemi HREE project, Coahuila).
Ridgestone Mining Inc., reported results from its annual general meeting of shareholders (Rebeico project, Sonora).
Excellon Resources Inc., provided a corporate update and outlook for 2024 (Platosa mine, Durango). The company eliminated the USD $22M litigation liability overhang, through the deconsolidation of San Pedro Resources, and completed the strategic review of prior Mexico operations to allow Excellon to focus energies on key assets. Excellon is pursuing acquisition opportunities where it can unlock further value for shareholders.

ON SOCIAL RESPONSIBILITY

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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 hydrothermal breccia in an intermediate sulphidation epithermal vein system in a project in Chihuahua. Photo by Miguel A Heredia

Colibri Discovers New Zone of Gold Mineralization on the EP property in Sonora, Mexico

December 19, 2023 / gambusinoprospectormexico / Leave a comment

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The Mining and Exploration News in Mexico: Highlights on the Second Week of February, 2021.

February 15, 2021February 15, 2021 / gambusinoprospectormexico / Leave a comment

Hydrothermal breccia

By Miguel A Heredia

During the second week of the year (February 08^th to February 14^th, 2021), at least 28 press releases were announced by companies working in Mexico and 11 news published by the media, with nine disclosing deals and corporate issues, six announcing financial rounds, six reporting on resources and development of their mine operations, six commenting on Mexican issues, five informing on exploration results, five discussing social issues, and two communicating production and financial results. ON MEXICO ISSUES, Environmental, social and corporate governance (ESG) criteria are a key factor in Accendo Banco’s investments in Mexico’s mining sector, according to its CEO, Javier Reyes. Mining in Mexico registered a 19.5% rebound during October, 2020, according to the Monthly Indicator of Industrial Activity by Federal Entity (IMAIEF) released by the Institute National Statistics and Geography (INEGI). Tatiana Clouthier, head of the Secretariat of Economy declared that mining in Mexico must become a sustainable activity that prioritizes three issues: economic, human and nature. The energy policies that the federal government is following are already affecting the development of projects for the self-supply of energy by the mining sector. Experts detailed the main challenges that the Mexican mining sector will face in 2021, the year in which the industry is expected to play a leading role in the economic reactivation after confinements. Almost a year of delay accumulates the USD $60M of Chinese investment to construct the industrial park at Guadalupe, Zacatecas. ON EXPLORATION, In Sonora, Canuc commenced a drill program at its San Javier project, Carlyle and Riverside initiated a phase one drilling program at its Cecilia project, Tocvan and Colibri reported drill results from its El Pilar project, and Minaurum released results from its phase II drilling program conducted at its Alamo Silver project. ON MINING, Equinox provided 2021 guidance and outlined growth and investment plan (Los Filos mine, Guerrero). GoGold reported Q4, 2020 production and financial results from its Parral Tailings project in Chihuahua. ON FINANCING, Bacanora announced that 106,995,885 New Ordinary Shares were admitted to trading on London Stock Exchange market (Sonora Lithium project, Sonora). Silver Tiger announced that it entered into a CAD $20M bought deal financing (El Tigre, Sonora). Comet raised $1M in strategic investor placement (Santa Teresa project, Baja California). Orogen announced a private placement for gross proceeds of $2.7M (Ermitaño property, Sonora). Prospero Silver announced a consolidation of its common shares (Pachuca SE property, Hidalgo). SilverCrest entered into a bought deal financing agreement for aggregate gross proceeds of USD $120M (Las Chispas project, Sonora). ON RESOURCES AND DEVELOPMENT, Bacanora commenced initial site activities at its Sonora Lithium project in Sonora. Excellon provided an update on ongoing exploration at its Platosa mine in Durango. GR Silver released underground and surface drilling results from its Plomosas project in Sinaloa. Newmont reported 2020 mineral reserves and resources for its Peñasquito mine in Zacatecas. Orla filed updated FS on its Camino Rojo Oxide project in Zacatecas. Southern Silver released drill results from its Cerro Las Minitas project in Durango. ON DEALS AND CORPORATE ISSUES, Carlyle announced that it has now met its first-year exploration commitments of its option agreement with Riverside Resources to acquire 100% of the Cecilia Gold-Silver project. Fabled granted an aggregate of 350K stock options to certain consultants, to acquire one common share of Fabled at an exercise price of $0.22 per common share until September 1, 2021 (Santa Maria project, Chihuahua). Fortuna announced management changes (San Jose mine, Oaxaca). Gold Resource announced the appointment of a new member to its Board of Directors (Arista mine, Oaxaca). Gold79announced the appointment of a new member to its Board of Directors and granted him with 500K common shares at a price of $0.10 per share and expire on February 12, 2031 (Taviche project, Oaxaca). Orogen announced that its current President and Chief Executive Officer has been appointed to the Board of Directors (Ermitaño project, Sonora). Premier announced that two independent adviser firms have recommended that holders of Premier´s common shares and options approve the proposed acquisition of Equinox (Mercedes mine, Sonora). Tarachi Gold signed a purchase agreement with Manto Resources to acquire the Magistral del Oro mill and tailings project in Durango. Vizsla announced it will change its name to Vizsla Silver Corp (Panuco project, Sinaloa). ON SOCIAL RESPONSIBILITY, Coanzamex (GoGold) supported the Municipal Shelter of Parral, Chihuahua with blankets. Fresnillo plc organized literary caravan and delivered books to children from rural communities. Peñoles signed an alliance with the UNAM Foundation so that medical fellows serve the communities near its operating units in Durango, State of Mexico, Guerrero and Zacatecas. Peñoles encourages the presence of women in the areas of science, innovation and technological development. Santa Elena Mine (First Majestic) in connection with the Sonora A.C. Mining Cluster are carrying out a support program for merchants in the Banámichi and Río Sonora region.

ON MEXICO ISSUES

Environmental, social and corporate governance (ESG) criteria are a key factor in Accendo Banco’s investments in Mexico’s mining sector, according to its CEO, Javier Reyes. Investment deals recently advanced by the bank include a proposed USD $12M loan to finance construction of Telson Mining’s Tahuehueto gold mine in Durango. Candelaria Mining also signed a USD $9M loan agreement with Accendo in June 2020 for the construction of its Pinos gold project in Zacatecas. Lastly, Accendo signed a strategic alliance with Vancouver-based Empress Royalty in August last year. The agreement aims to acquire royalties, cash flows and other investments in Mexico’s mining sector.
Mining in Mexico, registered a 19.5% rebound during October, 2020 according to the Monthly Indicator of Industrial Activity by Federal Entity (IMAIEF), released by the Institute National Statistics and Geography (INEGI).
Tatiana Clouthier, head of the Secretariat of Economy declared that mining in Mexico must become a sustainable activity that prioritizes three issues: economic, human and nature. On the other hand, Clouthier highlighted the work that mining companies of all levels have done to accelerate the economic reactivation of the country. “The Gross Domestic Product (GDP) that is generated through mining is about 3.2% and we are pleased to see that these numbers can continue to move in favor of the economy and Mexican families,” she said. “In the Ministry of Economy we have already invited large, medium and small companies and associations that are linked to this issue to be able to find solutions, to be able, within the framework of the law, to activate what we have to activate for this task it can be managed better and it can yield better results in favor of our country”, she assured.
The energy policies that the federal government is following are already affecting the development of projects for the self-supply of energy by the mining sector. According to data from the Mexico Mining Chamber (CAMIMEX), electricity for this industry is 33% and up to 350% more expensive compared to other countries, which increases its production costs. That is why the mining companies have decided to invest and develop electricity generation projects, which range from combined cycle plants to solar or wind farms. Despite this, many of these plans have been affected by current policies on energy and the action of regulatory bodies, such as the Energy Regulatory Commission (CRE), which reduced the granting of permits to a minimum. President of CAMIMEX assured in recent days that half of the energy consumed by the mining industry is under the self-supply model.
Experts detailed the main challenges that the Mexican mining sector will face in 2021, the year in which the industry is expected to play a leading role in the economic reactivation after confinements. The main problems for the sector are the current health complications associated with the COVID-19 pandemic, a series of directly or indirectly legislative proposals with potential negative impacts on the mining sector such as the direct initiatives to try to raise taxes at the state of federal level or indirect initiatives as the elimination of the outsourcing or initiatives of the electricity industry. Deputies of Mexico received in January a proposal from a legislator of the ruling party Morena aimed at reviewing the fees paid for mining concessions. It proposed replacing per hectare fees with potentially much higher charges linked to production. Another problem is the “profound ignorance” of the importance of the mining industry.
Almost a year of delay accumulates the USD $60M of Chinese investment to construct the industrial park at Guadalupe, Zacatecas. This delay has been caused by the COVID-19 pandemic.

ON EXPLORATION

Canuc Resources Corporation, commenced a drill program at its San Javier project. The program will be focused on testing geophysical anomalies and mineralized breccia and stockwork zones as reported previously.
Carlyle Commodities Corp. and Riverside Resources Inc., initiated a six drill holes, phase one program at its Cecilia project designed to test down to roughly 250m in depth over the Cerro Magallanes rhyolitic dome. The drill program will commence to test the San Jose structure where sampling returned values up to 48.3 g/t Au over 0.75m at surface.
Tocvan Ventures Corp. and Colibri Resource Corporation reported drill results from its phase one drilling program performed at its El Pilar project in Sonora, which consisted of nine RC holes for a total of 1,505m. Significant drill intercepts were encountered in hole JES-20-32 with 1.6 g/t Au over 94.6m, including 10.8 g/t Au and 38 g/t Ag over 9.2m; hole JES-20-33 with 1.1 g/t Au over 41.2m, including 6 g/t Au and 12 g/t Ag over 3.1m; and hole JES-20-36 with 2.5 g/t Au and 73 g/t Ag over 24.4m, including 6.3 g/t Au and 192 g/t Ag over 9.2m, including 33.4 g/t Au and 1,090 g/t Ag over 1.5m.
Minaurum Gold Inc., released results from its phase II drilling program conducted at its Alamo Silver project. “Drilling at the Europa-Guadalupe target outlined a prospective south-west (“SW”) plunging silver shoot along with the potential for additional high-grade mineralization to the north and south of the area drilled. At the Promontorio target, drilling returned high-grade mineralization in excess of 100m below historical workings, indicating the potential for two SW-plunging silver shoots”. At Europa-Guadalupe Zone, Significant drill intercepts were encountered in hole AL20-054 with 342 g/t Ag, 0.76% Cu, and 1% Zn over 3.85m, including 1,185 g/t Ag, 2.19% Cu, and 1.2% Zn over 0.8m; and hole AL20-050 with 196 g/t Ag, 0.26% Cu, 0.35% Pb, and 1.1% Zn over 3.25m, including 784 g/t Ag, 1.05% Cu, and 2.5% Zn over 0.55m. At Promontorio Zone, hole AL20-064 intersected 528 g/t Ag, 0.8 g/t Au, 0.83% Cu, 2.4% Pb, and 1.5% Zn over 3.7m, including 1,203 g/t Ag, 2.45 g/t Au, 1.4% Cu, 5.1% Pb, and 2.8% Zn over 1.05m; and hole AL20-069 with 161 g/t Ag, 0.5 g/t Au, 0.24% Cu, 2.15% Pb, and 5.9% Zn over 4m, including 327 g/t Ag, 0.9 g/t Au, 0.23% Cu, 2.5% Pb, and 6.6% Zn over 1m. At San Jose Zone, hole AL20-066 encountered 314 g/t Ag, 0.27% Cu, 0.2% Pb, and 0.2% Zn over 4.45m, and hole AL20-075 with 460 g/t Ag, 0.15% Cu, 0.5% Pb, and 0.85% Zn over 2.15m. At Travesia Zone, hole AL20-077 intersected 210 g/t Ag, 0.59% Cu, 1.3% Pb, and 1.3% Zn over 4.4m, including 355 g/t Ag, 0.7 g/t Au, 1.02% Cu, 4.6% Pb, and 3.2% Zn over 0.9m.

ON MINING

Equinox Gold Corp., provided 2021 guidance and outlined growth and investment plan. It expects to produce 170K-190K Oz Au from its Los Filos mine in Guerrero at cash and AISC of USD $1,125-1,200 and USD $1,330-1,390 respectively. The company has planned a total sustaining and non-sustaining capital spend of USD $133M for the year.
GoGold Resources Inc., reported Q4, 2020 production and financial results from its Parral Tailings project in Chihuahua. The company produced 298.6KOz Ag, 3,632 Oz Au and 280K Lb Cu (614.15K Oz AgEq) at cash and AISC of USD $12.27 and USD $15.19 per Oz Ag sold. GoGold reported revenue of USD $14,078M, a net income of USD $4.23M, and a cash flow from operation of USD $5.86M.

ON FINANCING

Bacanora Lithium plc., announced that 106,995,885 New Ordinary Shares were admitted to trading on the London Stock Exchange market (Sonora Lithium project, Sonora).
Silver Tiger Metals Inc., announced that it entered into a CAD $20M bought deal financing with Sprott Capital Partners LP. Net proceeds will be used to fund continued exploration at its El Tigre project in Sonora, as well as for general working capital and business development purposes.
Comet Resources Ltd., announced that it raised $1M in strategic investor placement. Part of the raised funds will be used to support exploration activities at its (Santa Teresa project in Baja California.
Orogen Royalties Inc., announced a private placement for gross proceeds of $2.7M (Ermitaño property, Sonora).
Prospero Silver Corp., announced a consolidation of its common shares on the basis of one new post-consolidation common share for every three pre-consolidation common shares effective as of February 11, 2021. There will be no name change or trading symbol change in conjunction with the consolidation (Pachuca SE property, Hidalgo).
SilverCrest Metals Inc., entered into a bought deal financing agreement for aggregate gross proceeds of USD $120M. Net proceeds of the offering will be used to expand resources and reserves at its Las Chispas project in Sonora through further drilling, to optimize the mine and processing plant design, to explore regional targets, and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

Bacanora Lithium plc., commenced initial site activities at its Sonora Lithium project in Sonora. Bacanora engaged a local specialist ecological service company to rescue and remove surface vegetation and topsoil in the area proposed for the construction of the processing plant. The company is also upgrading the main access road for providing access to heavy equipment to commence the bulk site earthworks later in the year.
Excellon Resources Inc., provided an update on ongoing exploration at its Platosa mine in Durango. The company is drilling regional targets such as Jaboncillo and the PDN areas, as well as drilling the Platosa extensions and Platosa Underground to support resource definition and expansion. At Jaboncillo zone, located 11 km north of Platosa mine, Excellon identified in a previous drilling campaign a 1.2km length gossans mineralization. The current drilling program is targeting the source of these gossans and the existence of massive sulphides. At PDN zone, located 2 km north of Platosa mine, it is testing a large 800m by 60m target generated with multiple sets of geophysical data, surface mapping and sampling. This target is interpreted as a deeper skarn related to the Rincon del Caido skarn discovered in 2012 where a previous drill intercept encountered 132 g/t Ag, 3.1% Pb, 1.7% Zn, and 0.075 g/t Au (278 g/t AgEq) over 55.5m. At the 10-20 target, the company has been conducting drilling surface to add mineralization over approximately 300m of strike with a vertical extent of 30-40m. This zone has potential to significantly increase the current 800m by 600m mineralized footprint of the Platosa mine. At Platosa mine, Excellon is conducting underground drilling to define mineralization ahead of mine development and add mineralized inventory in areas not adequately tested by surface drilling. This underground drilling program follows up on previous drilling of the Pierna and NE-1 mantos and depth extensions of the 623 and NE-1S mantos.
GR Silver Mining Ltd., released underground and surface drilling results from its Plomosas project in Sinaloa. Significant mineralization was encountered in hole PLI-20-05 with 2.63 g/t Au, 39 g/t Ag, 0.2% Cu, 0.2% Pb, and 0.1% Zn over 4m, including 8.95 g/t Au, 136 g/t Ag,0.4% Cu, 0.6% Pb, and 0.1% Zn (1,101 g/t AgEq) over 1.0m, and other deeper intersection of 2.77 g/t Au, 25 g/t Ag, 0.2% Cu, 0.2% Pb, and 0.6% Zn over 9.2m, including 19.95 g/t Au, 227 g/t Ag, 1% Cu, 1.3% Pb, and 4.7% Zn (2,507 g/t AgEq) over 0.20m; and hole PLI17-32 with 1.37 g/t Au, 68 g/t Ag, 0.1% Cu, 0.4% Pb, and 0.1% Zn (245 g/t AgEq) over 10.6m. “The underground drilling program is targeting high-grade Ag-Au epithermal mineralization and bulk tonnage-style polymetallic mineralization in the Plomosas Mine Area, with the objective to delineate high margin precious and base metals mineralization for planned resource estimation”.
Newmont Corporation reported 2020 mineral reserves and resources for its Peñasquito and Noche Buena mines. Figures are shown in the tables below:

(Resources are reported exclusive of reserves)

Orla Mining Ltd., filed updated FS on its Camino Rojo Oxide project in Zacatecas. Highlights include a total ore to leach pad of 67.4M tonnes of 0.73 g/t Au and 14 g/t Ag for a total of 1.59M Oz Au and 31.5M Oz Ag at metallurgical recoveries of 62% and 20% respectively to recover 980K Oz Au and 6.19M Oz Ag. The mine life of Camino Rojo has been estimated in 10.4 years with a throughput rate of 18,000 tonnes per day for an annual production of 94K Oz Au, at a cash and AISC cost of USD $490 and USD $543 per Oz Au respectively. The FS reported a Pre-Tax and NVP (5% discount rate) of USD $668M, Pre-Tax IRR of 82%, an After-Tax and NVP (5% discount rate) of USD $542M,and an After-Tax IRR of %62%, for a payback time of 1.5 years.
Southern Silver Exploration Corp., released drill results from its Cerro Las Minitas project in Durango. The company intersected bonanza grades at La Bocona Chimney in hole 20CLM-131 with 1,072 g/t Ag, 18.8% Pb, and 7.5% Zn (2,040 g/t AgEq or 51.7% ZnEq) over a true width (TW) of 8m, which includes subintervals of 3,180 g/t Ag, 58.8% Pb, and 2.3% Zn over a TW of 0.6m, and 2,340 g/t Ag, 35.9% Pb, and 1.6% Zn over a TW of 0.8m. Additional mineralized intervals intersected further down-hole include 121 g/t Ag, 2.5% Pb, and 2.5% Zn (311 g/t AgEq or 7.9% ZnEq) over a TW of 8.5m, including 413 g/t Ag, 8.7% Pb, and 9.3% Zn (1,103 g/t AgEq or 28% ZnEq) over a TW of 1.6m, including 59 g/t Ag, 0.6 g/t Au, an 3.7% Cu (489 g/t AgEq) over a TW of 0.5m. Additional assays results were also received from the Muralla and the South Skarn targets located 500m away of the Mina La Bocona. Significant drill intercepts were encountered in hole 20CLM-134 with 205 g/t Ag, 0.16 g/t Au, 4% Pb, and 0.9% Zn (377 g/t AgEq or 9.5% ZnEq) over a TW of 4.1m, including 575 g/t Ag, 0.05 g/t Au, 9.9% Pb, and 2.2% Zn (972 g/t AgEq or 24.7% ZnEq) over a TW of 0.6m in the Muralla target; hole 20CLM-126 with 95 g/t Ag, 0.7% Pb, and 1.2% Zn (174 g/t AgEq or 4.4% ZnEq), including 398 g/t Ag, 0.16 g/t Au, 2.7% Pb, and 4% Zn (679 g/t AgEq or 17.2% ZnEq) over a TW of 0.7min the South Target Zone, and hole 20CLM-130 with 327 g/t Ag, 5.6% Pb, and 11.5% Zn (960 g/t AgEq or 24.4% ZnEq) over a TW of 1m in the South Target Zone.

ON DEALS AND CORPORATE ISSUES

Carlyle Commodities Corp., announced that it has now met its first-year exploration commitments of its Option Agreement with Riverside Resources to acquire 100% of the Cecilia Gold-Silver project, by having advanced at least CAD $750K for exploration expenditures.
Fabled Silver Gold Corp., granted an aggregate of 350K stock options to certain consultants, to acquire one common share of Fabled at an exercise price of $0.22 per common share until September 1, 2021 (Santa Maria project, Chihuahua).
Fortuna Silver Mines Inc., announced the resignation of its Director and Chair of the Board, and the appointment of its replacement (San Jose mine, Oaxaca).
Gold Resource Corporation announced the appointment of a new member to its Board of Directors (Arista mine, Oaxaca).
Gold79 Mines Ltd., announced the appointment of a new member to its Board of Directors and granted him 500K common shares at a price of $0.10 per share and expires on February 12, 2031 (Taviche project, Oaxaca).
Orogen Royalties Inc., announced that its current President and Chief Executive Officer has been appointed to the Board of Directors (Ermitaño project, Sonora).
Premier Gold Mines Limited announced that two independent adviser firms have recommended that holders of Premier´s common shares and options approve the proposed acquisition of Equinox Gold Corp. (Mercedes mine, Sonora).
Tarachi Gold Corp., signed a purchase agreement with Manto Resources SA de CV to acquire the Magistral del Oro mill and tailings project in Durango. Magistral project consists of a 1,000 tons per day (TPD) Merrill-Crow tailings reprocessing plant and tailing disposal facility, and access to an estimated 1.3M tonnes of tailings with a historic average grade of between 2.06 g/t Au and 2.11 g/t Au. In order to acquire the property, Tarachi has to issue 4M of its common shares, grant Manto with a 15% net profits royalty on the estimated 1.3M tonnes of tailings material expected to be processed and reimburse Manto for USD $1,179,500 of cash outlays, and will satisfy certain obligations of Manto by paying a total of USD $1,111,000 plus any Mexican value add tax (IVA) and issuing 1,685,916 common shares within 90 days of closing. Manto will be entitled to the following staged bonus payments: an additional 4M common shares 60 days after the closing date, 4M common shares 180 days after the closing date, 4M of common shares 365 days after the closing date, USD $500K in cash following 6 months of commercial production at Magistral, USD $500K in cash following 12 months of commercial production at Magistral, upon the company earning USD $15M in revenue from Magistral, the company will pay Manto USD $1M. Finally, a finder´s fee of 1M common shares will be issued to Spirit Exploration Corp.
Vizsla Resources Corp., announced it will change its name to Vizsla Silver Corp. The name change is expected to be effective on February 9, 2021 (Panuco project, Sinaloa).

ON SOCIAL RESPONSIBILITY

Coanzamex (GoGold Resources Inc.) delivered blankets to the Parral Municipality Shelter. Major of Parral thanked the spirit of solidarity that has characterized the mining company that has operated in Parral, Chihuahua for several years.
Fresnillo plc organized literary caravan and delivered 10,000 books to children and adolescents from 23 communities in Caborca, Sonora. It should be mentioned that Fresnillo plc, in alliance with the IBBY México organization, encourages children’s reading through the “Picando Letras” program, which has been implemented for some time more than 8 years and, to date, approximately more than 2,500 infants and adolescents have participated in the various actions.
Industrias Peñoles SAB de CV signed an alliance with the UNAM Foundation so that medical fellows serve the communities near its operating units Durango, State of Mexico, Guerrero and Zacatecas. For more than 10 years, Peñoles has carried out Health Days to the communities near its operations, to provide free medical care to its neighbors. To give continuity to preventive health programs among the population with fewer resources, Peñoles ratified an agreement with the UNAM Foundation whereby eight social service providers of the University will provide medical care to the communities surrounding the Velardeña, Sabinas, Tizapa, and Capela mines.
Industrias Peñoles SAB de CV encourages the presence of women in the areas of science, innovation and technological development. Its General Director, Rafael Rebollar, points out that, fortunately, more women are joining the different mining processes, contributing their talent and skills. The Central Laboratory and the Center for Research and Technological Development (CIDT) of Peñoles stand out, with 35 women who carry out functions key to mining and metallurgical processes. Thus, Peñoles reiterates its commitment to society by integrating more women scientists in the industry, through programs that expand their knowledge and allow them to innovate in the processes, which contributes to strengthening the activity mining and make it more sustainable.
Santa Elena Mine (First Majestic) in connection with the Sonora A.C. Mining Cluster are carrying out a support program for local merchants in the Banámichi and Río Sonora region. Through a workshop, they seek to provide the necessary tools to promote the economic reactivation of businesses and overcome the barriers of the pandemic using new digital marketing tool to offer its products and services. This training was offered in virtual mode where the last session was completed in person, ending with the delivery of recognitions to the participants.

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 quartz hydrothermal breccia in a low sulphidation epithermal system in a prospect in Durango, Mexico. Photo by Miguel A Heredia., Mexico.

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

October 11, 2020October 11, 2020 / gambusinoprospectormexico / Leave a comment

Rich-Mn jasperoid

By Miguel A Heredia

During the forty one week of the year (October 5^th to October 11^th, 2020), at least 27 press releases were announced by companies working in Mexico and 10 news published by the media, with seven informing on exploration results, seven announcing financial rounds, seven commenting on Mexican issues, six disclosing deals and corporate issues, six communicating production and financial results, three discussing social issues, and one reporting on resources and development of their mine operations ON MEXICO ISSUES, The Mining Chamber of Mexico (CAMIMEX) and other organizations in the mining sector urged the federal government to maintain the operations of the Mining Fund, which has counted, until now, with an amount of MXP $22,000M (about $1B). The fate of the Fund for the Development of Mining Production Zones (Mining Fund), which had drastically changed its distribution in the last two years, is now more uncertain. Alvaro Burgos Barrera, the State Secretary of Economic Development of Guerrero, stated that Mining fund distributed MXP $300M for urban infrastructure in seven municipalities of the state, but now this support won´t arrive anymore at the entity after the disappearance of such program, at the initiative of the current federal government. Mining companies operating in Mexico demanded to guarantee the resources of the Mining Fund to the mining communities. The mining sector of Zimapan, Hidalgo spoke against the extinction of the Mining Fund. Mexico loses shine to attract mining investment. President Andrés Manuel López Obrador plans to take a decision on how to manage Mexico’s lithium resources soon. ON EXPLORATION, In Sonora, Riverside reported assay results from 55 channel samples and 181 soil samples taken at its Cuarentas property and announced it is preparing a drill program. In Chihuahua, Kootenay released drilling results from its Columba project and announced the discovery of a broad area of Ag mineralization. In Sinaloa, Brigadier reported exploration results from the El Placer vein system within its Picachos project, Prismo received environmental permit from SEMARNAT to drill 5 holes at its Palos Verdes project, and Vizsla reported drill results from its Panuco property. In Zacatecas, Advance Gold reported drill results from two holes collared at its Tabasquena project. In Guanajuato, VanGold released assays from underground channel sampling carried out at its Pinguico property. ON MINING, Aura reported preliminary Q3, 2020 production results from its Aranzazu mine in Zacatecas. GoGold reported Q3, 2020 production activities from its Parral Tailings project in Chihuahua. Endeavour announced Q3, 2020 production results from their Mexican operations. Great Panther released production results from their Topia mine in Durango and Guanajuato Mine Complex in Guanajuato for the period Q3, 2020. Hecla announced production results from its San Sebastian mine in Durango for the period Q3, 2020.Torex reported Q3, 2020 production results from its El Limon-Guajes mine complex in Guerrero. ON FINANCING, Almadex announced a proposed non-brokered private placement for gross proceeds of approximately $1.35M (El Chato project, Puebla). Barksdale granted stock options to its directors, employees and consultants (San Javier project, Sonora). Comet raised $1M under its share purchase plane with approximately 180 shareholders participating (Santa Teresa project, Baja California). Golden Tag announced that it has initiated the process to have its common shares trading on the OTCQB Venture Market and the repricing of 9.9M incentive stock options. Inomin closed a non-brokered private placement for gross proceeds of $400,500 (La Gitana project, Oaxaca). Santacruzclosed the first tranche of its previously announced non-brokered private placement for gross proceeds of $7,629,279.02. Mexus announced that it has completed a 1 for 20 reverse split of its stock (Santa Elena mine, Sonora). ON RESOURCES AND DEVELOPMENT, Mexus announced that its ball mill gravity gold recovery system is now operational, allowing the company to run high grade material from the Julio quartz vein at its Santa Elena mine located in Caborca, Sonora. ON DEALS AND CORPORATE ISSUES, Avino announced that it achieved a successful resolution to the strike at its Avino mine in Durango. Gold Resource announced its intent to spin-off in two separate companies its Nevada and Oaxaca Mining Unit (Arista Mine, Oaxaca). Gray Rock announced the change of its name to Silver Wolf Exploration Ltd (Ana Maria project, Durango). Impact Silver executed a letter of intent to option the Nuevo Taxco project in Guerrero to Road Oak Mining Corp. Osisko announced spin-out of mining assets and creation of a premier North American Gold Development Company (San Antonio project, Sonora). Silver Dollar reported that it is evaluating to transfer its Canadian exploration projects to a new subsidiary with the aim of position the company to be focus on the exploration and development of its advanced stage la Joya property in Durango. ON SOCIAL RESPONSIBILITY, Minera Cuzcatlán (Fortuna Silver) fulfilled an agreement with the Oaxaca community to extend the hours of attention to patients at the Health Center of the Municipal Headquarters. In the Municipality of Guadalupe y Calvo, Chihuahua, 11 school domes were inaugurated, of which 6 were made with resources from the Mining Fund and five in coordination with the Municipality and the State. Industrias Peñoles SAB de CV faces firmly the new challenges posed by the pandemic.

ON MEXICO ISSUES

The Mining Chamber of Mexico (CAMIMEX) and other organizations in the sector urged the federal government to maintain the operations of the Mining Fund, which has counted, until now, with an amount of MXP $22,000M (about $1.04B), with an impact on 690 communities. The Mining Fund was created with the objective of benefiting the populations where the resources were generated.
The fate of the Fund for the Development of Mining Production Zones (Mining Fund), which had drastically changed its distribution in the last two years, is now more uncertain. The resources collected between 2014 and 2018 have been used for the installation and maintenance of public lighting, sanitary landfills, water treatment plants, drainage works. Public jets and environmental projects such as reforestation, etc. In 2019, it was decreed that these resources be distributed in a general way in the country through the Ministry of Public Education (SEP), which reduces the possibility of continuing with the development of mining communities. It goes against the principles by which it was generated: to distribute the Mining Fund among mining states and municipalities to promote high-impact infrastructure works.
Alvaro Burgos Barrera, the State Secretary of Economic Development of Guerrero, stated that Mining fund distributed MXP $300M for urban infrastructure in seven municipalities, but now this support won´t arrive anymore at the entity after the disappearance of such program, at the initiative of the current federal government.
Mining companies operating in Mexico demanded to guarantee the resources of the Mining Fund to the mining communities claiming that is was created with the spirit of benefiting the populations where the resources are generated. The Mexican Mining Chamber (CAMIMEX) asked the federal government to guarantee the application of resources from the Fund for the Development of Mining Production Zones for the benefit of the more than 690 mining communities in the country located in 212 municipalities in 24 states of the Mexican Republic. That is the commitment 27 made by President Andrés Manuel López Obrador during his protest, which states: “The tax charged to companies for the extraction of the mineral will be transferred to the mining communities.”
The mining sector of Zimapan, Hidalgo spoke against the extinction of the Mining Fund. The federal initiative to disappear 109 trusts with an economic sum of almost MXP $68.5 would cause Hidalgo to stop receiving part of those funds, in different lines, including the one focused on Science and Technology as well as the extractive mineral industry. One of the first impacts would be the cancellation of economic resources for the urban infrastructure of the municipality.
Mexico loses shine to attract mining investment. After disagreements between the federal government and the mining industry, last year Mexico fell nine places in investment attractiveness for the mining industry, going from 29th place in 2018 to 38th in 2019. The federal government has been clear that no mining concessions will be granted during this administration. President Andrés Manuel López Obrador has declared that 40 percent of the national territory was concessioned and it is about stopping them “because with what has been granted, it is enough for millions of years.” Karen Flores, general director of the Mining Chamber of Mexico (CAMIMEX), refuted this statement and points out that 24 thousand 66 mining concession titles are in force in Mexico, representing 16.83 million hectares, equivalent to 8.59 percent of the national territory, for which is a myth to affirm that practically the entire national territory is concessioned to mining. At least 84 projects were postponed in 2019 due to different factors that affect their competitiveness, such as the price of metals, a higher tax burden, delays or rejections of permits, and uncertainty regarding possible changes in existing regulations, as well as in mining public policies, according to CAMIMEX.
President Andrés Manuel López Obrador plans to take a decision on how to manage Mexico’s lithium resources soon. As is known, the government considers nationalizing the metal for batteries, whose demand is expected to increase in the coming decades to meet the growing manufacture of electric vehicles. What will be analyzed is to see if the country will opt for a total nationalization or to count with stricter controls on concessions, since all minerals belong to the State under Mexican law. While Mexico is not yet a lithium-producing country, this is expected to change in 2023 when project production begins in Sonora. Sonora is home to one of the largest lithium deposits in the world.

ON EXPLORATION

Riverside Resources Inc., reported assay results from 55 channel samples and 181 soil samples taken at its Cuarentas property in Sonora and announced it is preparing a drill program to test some outlined targets. Highlights of the channel sampling include 9.1 g/t Au over 3.4m, including 32.9 g/t Au over 0.8m; 21.7 g/t Au over 1.6m; and 6.3 g/t Au over 1.2m. The soil program was done using a grid of 50 meter spaced lines and 25 meter spacing between samples. The soil sampling has defined a continuous 550 m long high-grade gold-in-soil anomaly which merges the Santa Rosalia and Santa Rosalia Sur as Centro de Rosalia and cumulates more than 1.7 km with higher-grade gold mineralization. Highlights include results of up to 0.9 g/t Au.
Kootenay Silver Inc., released drilling results from the J-Z zone within its Columba project in Chihuahua, and announced the discovery of a broad area of at least 320m long, 460m deep, and an average width of 60m with high grade Ag mineralization in hydrothermal breccias. The mineralized system is open laterally on strike and at depth. Significant drill intercepts were encountered in hole CDH-20-061 with 43 g/t Ag over 30.85m, including 164 g/t Ag over 1m and 63 g/t Ag over 8m, as well as 54 g/t Ag over 7.85m, including 144 g/t Ag over 2m; hole CDH-20-062 with 93 g/t Ag over 11.6m including 115 g/t Ag over 8.3m and including 161 g/t Ag over 1m; hole CDH-20-063 with 91 g/t Ag over 9m, including 187 g/t Ag over 2.49m, including 762 g/t Ag over 0.49m; hole CDH-20-065 with 106 g/t Ag over 7m; hole 69 g/t Ag over 25.5m, including 154 g/t Ag over 9m, including 773 hg/t Ag over 1.5m; hole CDH-20-030 with 76 g/t Ag over 8.9m, including 173 g/t Ag over 3.3m, as well as 200 g/t Ag over 25.85m, including 415 g/t Ag over 11.15m, including 721 g(t Ag over 4.07m, and including 982 g/t Ag over 1.9m; and hole CDH-20-060 with 132 g/t Ag over 64m, including 226 g/t Ag over 9m, including 1,025 g/t Ag over 1m, as well as 229 g/t Ag over 22m, including 608 g/t Ag over 5m, including 1,160 g/t Ag over 1m.
Brigadier Gold Limited, reported exploration results from the El Placer vein system within its Picachos project in Sinaloa. This vein system has been traced now for at least 4km along strike and comprises multiple parallel veins over a trend width ranging from 60 to 160 metres. Sample assay highlights include 7.4 g/t Au over 3.2m; 12.8 g/t Au, 54 g/t Ag, 0.1% Cu, 7.7% Pb, and 6.73% Zn over 0.5m; and 101 g/t Ag, 0.3% Cu, 2% Pb, and 11.6% Zn over 1m.
Prismo Metals Inc., received environmental permit from SEMARNAT for its Palos Verdes project in Sinaloa. “The Palos Verdes drilling program will consist of about five holes, with the longest hole planned at 150-175m, designed to test the vein on strike and below the high-grade intercepts from a previous drill program carried out in May 2018. The best intercept from that program was 8.42 g/t Au and 2,336 g/t Ag, over an estimated 0.8m true width”.
Vizsla Resources Corp., reported results from its current drill program at its Panuco property in Sinaloa. Significant drill intersects were encountered at hole NP-20-25 with 2.02 g/t Au, 255 g/t Ag, 0.3% Pb, and 0.6% Zn (449 g/t AgEq) over a true width (TW) of 15.3m; and hole NP-20-27 with 8.7 g/t Au, 870 g/t Ag, 0.8% Pb, and 2% Zn (1,696 g/t AgEq) over a TW of 2.58m.
Advance Gold Corp., reported drill results from two holes collared at its Tabasquena project in Zacatecas, to test a 3,500m long continuous high chargeability Induced Polarization (IP) anomaly. Hole AGT-15 intercepted 122 g/t over a narrow interval of 0.33m, 198 g/t Ag over 2.23m, and 664 g/t Ag over 2.15m; and hole AGT-16 intercepted 0.7% Pb and 2.6% Zn over 6.5m, including 2.27% Pb and 5.45% Zn over 1.3m. A new geophysical survey will be underway within days to determine east to west dimensions of the geophysical anomaly at the northern end.
VanGold Mining Corp., released assays from channel sampling carried out at its Pinguico property in Guanajuato. “El Pinguico vein system between the 4th and 6th levels (from approximately 130m to 185m below surface), covering an area approximately 55 meters in height, by 60 meters in width and where the stopped out area, plus remaining vein material, ranges from 1.5 meters to 5.5 meters wide. This exposure is adjacent to the El Pinguico shaft where crews continue to remove material blocking access to the #7 adit level”. Significant assays are 1.72 g/t Au and 630 g/t Ag (9.59 g/t AuEq or 767 g/t AgEq) over 1.6m; 4 g/t Au and 404 g/t Ag (9.05 g/t AuEq or 724 g/t AgEq) over 1.3m; and 4.59 g/t Au and 4566 g/t Ag (10.41 g/t AuEq or 833 g/t AgEq) over 1.2m. A weighted average grade of the underground sampling was 2.5 g/t Au and 363 g/t Ag (6.71 g/t AuEq or 537 g/t AgEq). Additionally, VanGold announced that a drill program will commence in the third week of November. It will consist of 14 holes for a total of 2,230m of HQ and/or NQ drilling.

ON MINING

Aura Minerals Inc., reported preliminary Q3, 2020 production results from its Aranzazu mine in Zacatecas. It produced 5,881 Oz Au, 101, 379 Oz Ag, and 6,921 Lb Cu (17,909 Oz AuEq).
GoGold Resources Inc., reported Q3, 2020 production activities from its Parral Tailings project in Chihuahua. The company produced 300,740 Oz Ag, 3,414 Oz Au, and 282.2K Lb Cu (a total of 605,287 Oz AgEq).
Endeavour Silver Corp., announced Q3, 2020 production results from their Mexican mine operations: Guanacevi in Durango, Bolañitos in Guanajuato, and El Compas in Zacatecas. Figures are summarized in the below table:

Great Panther Mining Limited, released production results from their Topia mine in Durango and Guanajuato Mine Complex in Guanajuato for the period Q3, 2020. At Topia, Durango, the company processed 20,292 tonnes of 0.85 g/t Au and 353 g/t Ag, at metallurgical recoveries of 55.5% and 92.5% respectively to produce 308 Oz Au, 213,320 Oz Ag, 1M Lb Pb, and 1.25M Lb Zn (383,897 Oz AgEq). At Guanajuato Mine Complex, Great Panther processed 45,101 tonnes of 1.59 g/t Au, and 131 g/t Ag at metallurgical recoveries of 83.4% and 85.5% respectively to produce 1,919 Oz Au and 161,927 Oz Ag (334,675 Oz AgEq).
Hecla Mining Company, announced production results from its San Sebastian mine in Durango for the period Q3, 2020.The company produced 1,931 Oz Au and 0.3M Oz Ag, for a total production of 6K Oz Au and 0.8M Oz Ag during the first 9 months of 2020.
Torex Gold Resources Inc., reported Q3, 2020 production results from its El Limon-Guajes mine complex in Guerrero. The company produced 131,790 Oz Au and sold 133,030 Oz Au at an average realized price of $1,880 per Oz. Torex has produced 299,830 Oz Au and sold 304,230 Oz Au through the first nine months of 2020, at an average realized gold price of $1,735 per Oz.

ON FINANCING

Almadex Minerals Ltd., announced a proposed non-brokered private placement for gross proceeds of approximately $1.35M. The company intends to use the proceeds for general corporate purposes (El Chato project, Puebla).
Barksdale Resources Corp., granted stock options to its directors, employees and consultants to purchase up to 925K common shares at an exercise price of $0.50 per share (San Javier project, Sonora).
Comet Resources Limited, raised $1M under its share purchase plane with approximately 180 shareholders participating. These funds are in addition to the $2M raised under the previous placement completed in September 2020. Part of the proceeds raised will be used to fund activities at its Santa Teresa project in Baja California.
Golden Tag Resources Ltd., announced that it has initiated the process to have its common shares trading on the OTCQB Venture Market and the repricing of 9.9M incentive stock options from $0.325 to $0.33 (San Diego property, Durango).
Inomin Mines Ltd., closed a non-brokered private placement for gross proceeds of $400,500. The company will use the gross proceeds to establish operations in Mexico to move forward with the La Gitana project in Oaxaca.
Santacruz Silver Mining Ltd., closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $7,629,279.02. Gross proceeds will be used to purchase underground equipment for its Zimapan property in Hidalgo and for general working capital and corporate purposes. Santacruz also announced that due to the strong demand it has further increased the size of the private placement to up to $10M. Closing of remain tranche(s) of the private placement is expected to occur on or before October 14, 2020.
Mexus Gold US, announced that it has completed a 1 for 20 reverse split of its stock. The stock will began trading at its new price allowing the stock price to move up and accurately to reflect the value of the company. An increased stock price will also give Mexus the opportunity to uplist the stock once all parameters for doing so have been met. (Santa Elena mine, Sonora).

ON RESOURCES AND DEVELOPMENT

Mexus Gold US recently announced the discovery of a significant amount of gold trapped in silver chloride at the bottom of the heap leach pad located at its Santa Elena mine. As stated in its recent press release the company noted that its ball mill gravity recovery system would be used to recover this gold, allowing the company to run high grade material from the Julio quartz vein at its Santa Elena mine located in Caborca, Sonora.

ON DEALS AND CORPORATE ISSUES

Avino Silver & Gold Mines Ltd., announced that it reached an agreement with the Mexican Mining Union and the strike at the mine has ended (Avino mine, Durango).
Gold Resource Corporation, announced its intent to spin-off in two separate companies its Nevada and Oaxaca Mining Unit. The company wants to spin-off its Nevada Mining Unit to shareholders as a separate publicly-traded company. The transaction is targeted to be completed by year-end 2020 or the first quarter of 2021. With this transaction, the Oaxaca Mining Unit would be focused on expanding and discovering new vein systems since it has only drilled 2% of its 560 square kilometer land package in Oaxaca (Arista Mine, Oaxaca).
Gray Rock Resources Ltd., announced the change of its name to Silver Wolf Exploration Ltd., effective October 8, 2020. The company shares will commence trading on the TSX Venture Exchange under the new trading symbol “SWLF” (Ana Maria project, Durango).
Impact Silver Corp., executed a letter of intent to option the Nuevo Taxco project in Guerrero to Road Oak Mining Corp. , under which Red Oak will carry exploration of a portion of Impact´s very large land position in Mexico. The Nuevo Taxco project comprises 1,100 hectares and is located on the NW extension of the famous Taxco Silver Mining District, and the area is prospective for high grade Ag-Au mineralization. Red Oak may earn a 100% interest by making staged payments and incurring exploration expenditures over a 3-year period as follow: a) $50K in cash and 500K Red Oak common shares upon TSXV approval of the transaction and closing of their financing, b) $200K in exploration expenditures on or before September 30, 2021, c) $100K in cash, 1M common shares, and $400K in exploration expenditures before September, 2022, and d) $150K in cash, 2M common shares, and $800K in exploration expenditures on or before September, 2023. IN addition, Impact will retain a 1% NSR that Red Oak may buy back for CAD $1M.
Osisko Gold Royalties Ltd., announced spin-out of mining assets and creation of a premier North American Gold Development company (San Antonio project, Sonora). Osisko and Barolo Ventures Corp., entered into a binding letter agreement outlining the terms upon which Osisko Royalties will transfer certain mining properties (or securities of the entities that directly or indirectly own such mining properties), including the San Antonio Gold property in Sonora and Guerrero properties in Guerrero state as well as a portfolio of marketable mining properties in Canada valued at approximately CDN $116M, to Barolo in exchange for common shares of Barolo which will result in a “Reverse Take-Over” of Barolo under the policies of the TSX Venture Exchange.
Silver Dollar Resources Inc., reported that it is evaluating to transfer its Canadian exploration projects to a new subsidiary that would be spun out to Silver Dollar shareholders. It allows Silver Dollar to be focused on the exploration and development of its advanced stage la Joya property in Durango.

ON SOCIAL RESPONSIBILITY

Minera Cuzcatlán (Fortuna Silver Mines Inc.), fulfilled an agreement with the Oaxaca community to extend the hours of attention to patients at the Health Center of the Municipal Headquarters, benefiting the inhabitants of the municipality, agencies and ranches. In addition, two specialized spaces were enabled for general medicine and emergency care, and the two municipal ambulances were maintained, one of them equipped for the transfer of patients with COVID-19 symptoms. It is worth mentioning that the agreement will be in force until the health emergency due to COVID-19 is lifted by the Federal Government through the General Health Council.
In the Municipality of Guadalupe y Calvo, Chihuahua, 11 school domes were inaugurated, of which 6 were made with resources from the Mining Fund and five in coordination with the Municipality and the State.
Industrias Peñoles SAB de CV faces firmly the new challenges posed by the pandemic and continues to prepare to create the health conditions required to protect its thousands of workers, highlighting that this has undoubtedly been an extremely complicated year. In addition to the fact that during this 2020 none of its workers will be left without employment. Peñoles today applies the highest standards of health protection to continue operating as a company and also as an industry despite all the circumstances.

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 rich-Mn jasperoid from an epithermal system in a prospect in Chihuahua, Mexico. Photo by Miguel A Heredia.

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