Once a popular destination for Canadian explorers, Mexico’s recent mining reforms are driving away investment — even as a looming Supreme Court decision is likely to toss out the new law, deemed by industry sources as unworkable.
The reforms introduced last May by President Andrés Manuel Lopez Obrador (known by his initials as AMLO) require pre-consultation with communities before exploration, impact studies and cash bonds in case of damage that junior explorers may find difficult to raise. Authorities can cancel exploration concessions after two years if no work is completed and critics say water allowances have become…..
The Mining Law changes of last year (likely to be soon rejected by the Supreme Court), the reluctance by the environmental agency (SEMARNAT) to reauthorize mining permits, the lack of permits for open pit mining, the unwillingness to end illegal blockades and the general anti-mining stance of the current federal government are working as expected, deterring mining investment and pushing the more disadvantaged players, junior foreign companies, out of the country.
Just this week USAntimony is closing operations in Mexico, CMC Metals is bailing out of a deal to option a property because of SEMARNAT’s failure to extend an exploration permit and Almaden Minerals informed on the international proceedings regarding its Ixtaca project in Puebla. Those companies are adding to the likes of Fortune Silver, Argonaut Gold, Riverside Resources and Golden Minerals, among others, that have made public during this quarter their reassessment of continuing operations in Mexico or have current arbitration cases, like Silver Bull Resources on its Sierra Mojada project in Coahuila.
How much the above scenery is to change depends on when/if the Mining Law changes are repealed by the Supreme Court and the open pit mining ban scraped.
Las Políticas sobre Minería del Gobierno Mexicano están Rindiendo Frutos
Los cambios a la Ley Minera del año pasado (que probablemente serán pronto rechazadas por la Suprema Corte), la negativa a reautorizar permisos de minado por SEMARNAT, la falta de permisos para minado a cielo abierto, la falta de disposición a terminar con bloqueos ilegales y la posición anti minera del actual gobierno federal están funcionando como se esperaba, ahuyentando la inversión en minería y empujando a los jugadores con más desventajas fuera del país.
Tan sólo esta semana USAntimony está cerrando operaciones en México, CMC Metals está saliendo del trato para opcionar una propiedad minera debido a la falta de extensión del permiso de exploración por parte de SEMARNAT, y Almaden Minerals informó sobre los procedimientos internacionales acerca de su proyecto Ixtaca, en Puebla. Esas compañía se asuman a las que, como Fortuna Silver, Argonaut Gold Riverside Resources y Golden Minerals entre otras, han hecho pública su reevaluación de continuar operando en México, o que tiene casos abiertos de arbitración internacional, como Silver Bull con su proyecto Sierra Mojada en Coahuila.
Que tanto puede cambiar el escenario arriba descrito depende de cuando y si los cambios a la Ley Minera son rechazados por la Suprema Corte y la prohibición de minado a cielo abierto abandonada.
El presidente Andrés Manuel López Obrador presentó 20 propuestas de reformas a la Constitución Mexicana, de las cuales, al menos, un par de ellas, están vinculadas con el sector energético mexicano.
Como propuesta número 15, el presidente Obrador puntualizó que se buscará devolver a la Comisión Federal de Electricidad (CFE) su carácter de empresa pública, estratégica y de interés nacional, con el objetivo de que genere beneficios para los consumidores domésticos.
“(Queremos regresarle ese) criterio que le quitaron durante el periodo neoliberal con el propósito de favorecer la privatización de la industria eléctrica”, indicó López Obrador.
Por Christopher Calderón diciembre 18, 2023 | 3:30 am hrs
La minería en México se enfrenta a críticas reveladoras: el 62 por ciento de la energía que usan proviene de combustibles fósiles y el 21 por ciento del agua que consume es subterránea. Sin embargo, ante este panorama, el sector se ha convertido en un actor clave para la transición energética, invirtiendo significativamente en acciones ambientales.
Según el Informe de Sostenibilidad 2023 de la Cámara Minera de México (Camimex), en 2022, el sector minero destinó 5 mil 881 millones de pesos a iniciativas para cuidar el medio ambiente. A pesar de que el 38 por ciento de su consumo de energía se ha migrado a fuentes limpias, persiste el reto de reducir la dependencia del 62 por ciento restante en combustibles fósiles.
During the 48th week of the year (November 27th to December 03rd, 2023), at least 29 press releases were announced by companies working in Mexico, and 1 news published by the media, with ten disclosing deals and corporate issues, eight reporting resources and developments, seven announcing financing issues, three communicating production results, and two commenting on Mexican issues. ON MEXICO ISSUES, President of the College of Mining Engineers, Metallurgists and Geologists of Mexico (CIMMGM), assured that, although there are promising geological signs in Chihuahua, Coahuila, Zacatecas, Oaxaca, Guerrero and Guanajuato, the Mining Law limits exploration of ‘rare earths’ in Mexico. Torex Gold, Endeavour Silver, and Vizsla reported the best drilling intercepts in Mexico on the fifth week of November, 2023. ON EXPLORATION, No relevant news. ON MINING, Orogen reported royalty revenue for Q3, 2023. Santacruz announced Q3, 2023 production results from its Zimapan mine in Hidalgo. Minera Alamos reported Q3, 2023 production and financial results from its Santana mine in Sonora. ON FINANCING Sailfish elected to settle and aggregate of USD $205K in interest accrued up to November 24, 2023 through the issuance of an aggregate of 219,397 common shares (Gavilanes project, Durango). Orex announced a non-brokered private placement for gross proceeds of up to $1M (Valenciana project, Zacatecas). Aura declared dividend of USD $0.25 per common share (Aranzazu mine, Zacatecas). Silver Viper announced a non-brokered private placement for gross proceeds of up to $5M (La Virginia project, Sonora). Tocvan closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $369K (Pilar project, Sonora). Oroco closed a non-brokered private placement for gross proceeds of $2,691,940 (Santo Tomas project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Vizsla released new drill results from 22 expansion and infill holes collared at its flagship Panuco project, Sinaloa. Endeavour presented results from its exploration drilling program at its Bolañitos mine, Guanajuato. Guanajuato Silver initiated processing of mineralized material from El Horcon mine, Guanajuato. Heliostar announced updated Mineral Resource Estimate for its Ana Paula project, Guerrero. Tocvan poured the first doré bar of gold and silver from bulk sample material processed at its Pilar project, Sonora. Torex released results from the 2023 exploration drilling program at its Media Luna West project in Guerrero. Mammoth announced results of an independent drill hole spacing analysis with recommendations to identify initial Mineral Resource Estimate at its Tenoriba project, Chihuahua. Oroco filed an independently prepared Preliminary Economic Assessment (PEA) for its Santo Tomas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Bear Creek entered into an agreement to amend the convertible promissory note in the amount of USD $26,632,458 issued to Equinox on October 19, 2023 (Mercedes mine, Sonora). Endeavour announced that it hosted an investor day at its Terronera project in Jalisco last November 19-21. Argonaut announced that it attended the Scotiabank Mining Conference in Toronto (El Castillo mine, Durango). Discovery announced the appointment of its new COO (Cordero project, Chih). Guanajuato Silver announced management changes (La Valenciana mine, Guanajuato). Bear Creek granted a total of 900K stock options to two recently appointed Directors and new Chief Operating Officer (Mercedes mine, Sonora). Mithril announced termination of scheme implementation deed under which Newrange would acquire 100% of the issued share capital of Mithril (Copalquin project, Durango). Pan American Silver acquired 5,083,780 common shares of New Pacific Metals Corp., for total investment value of approximately CAD $13.5M (La Colorada mine, Zacatecas). Prime Mining announced that it will be trading on the Toronto Stock Exchange on December 5, 2023 following its graduation from the TSX Venture Exchange (Los Reyes project, Sinaloa). Silver Storm announced that it will present live at the Clean Energy and Precious Metals Virtual Investor Conference on December 5, 2023 (La Parrilla mine, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUE
President of the College of Mining Engineers, Metallurgists and Geologists of Mexico (CIMMGM), assured that, although there are promising geological signs in Chihuahua, Coahuila, Zacatecas, Oaxaca, Guerrero and Guanajuato, the Mining Law limits exploration of ‘rare earths’ in Mexico. The lack of formal exploration work imposed by the new legislation leaves Mexico at risk of becoming dependent on China, which controls 90 percent of global rare earth production. This is because the only one that can carry out exploration in Mexico is the Mexican Geological Service (SGM), which has reduced the interest of private parties to search for these minerals. For next year, the Secretariat of Finance and Public Credit (SHCP) granted the SGM a budget of MXP $1,320M, just MXP $127M more in relation to the MXP $1,193M that were granted for 2023, a budget that, they assure, will be insufficient. SGM explained that, if they do not have more budget, it will be difficult for them to meet the new mandates assigned to them by the Ministry of Economy, so, until now, they said, the most viable thing will be to work hand in hand with private sector.
Torex Gold Resources Inc., Endeavour Silver Corp., and Vizsla Silver Corp., reported their best drilling intercepts in Mexico on the third week of November, 2023. Details are shown in the table below:
ON EXPLORATION
No relevant news.
ON MINING
Orogen Royalties Inc., reported royalty revenue for Q3, 2023. Production from Ermitaño mine, Sonora is operated by First Majestic Silver Corp., and Orogen holds a 2% net smelter return royalty. Ermitaño processed 226,292 tonnes containing average grades of 4.09 g/t Au and 75 g/t Ag to produce 28,367 Oz Au and 347,941 Oz Ag. The company recorded $1,628,409 in royalty revenue consisting of 614 gold equivalent ounces (GEOs), up 29% compared to the same period in 2022.
Santacruz Silver Mining Ltd., announced Q3, 2023 production results from its Zimapan mine in Hidalgo. The company processed 192,158 tonnes of 80 g/t Ag, 1% Pb, 2.5% Zn, and 0.29% Cu to produce 378.7K Oz Ag, 3.42M Lb Pb, 8.36M Lb Zn, and 564.5K Lb Cu (1.2M Oz AgEq).
Minera Alamos Inc., reported Q3, 2023 production and financial results from its Santana mine in Sonora. The company announced that the total Oz Au recovered since the start of operations through until September 30, 2023 at Santana was 14,270 Oz Au with a recoverable gold inventory on the leach pad increasing to 6,337 ounces as at September 30, 2023. It also released financial results (all numbers in Canadian dollars) and reported revenue from the sale of 6,337 Oz Au of $1,790,245; good sold and depletion of $2,063,559 for gross loss from mining operations of $273,313; a net loss of $4,973,485; working capital as of September 30, 2023 of $19,668,154; and cash and cash equivalents of $6,573,453.
ON FINANCING
Sailfish Royalty Corp., elected to settle and aggregate of USD $205K in interest accrued up to November 24, 2023 through the issuance of an aggregate of 219,397 common shares in the capital of the company at a deemed price of CDN $1.28 per share to the holders of convertible debentures dated May 24, 2023. Each debenture accrues interest at a rate of 10% per annum payable semi-annually in arrears (Gavilanes project, Durango).
Orex Minerals Inc., announced a non-brokered private placement for gross proceeds of up to $1M from the sale of 6,666,667 units at a price of $0.15 per unit. Gross proceeds will be used for exploring its new Valenciana project in Zacatecas and for general working capital purposes.
Aura Minerals Inc., declared dividend of USD $0.25 per common share (Approximately USD $18M) based on the actual results from Q3, 2023 and the expected results for Q4, 2023, including expected production, cash costs and sustaining and exploration capex for Q4, 2023. The dividend will be paid to shareholders on December 19, 2023 (Aranzazu mine, Zacatecas).
Silver Viper Minerals Corp., announced a non-brokered private placement for gross proceeds of up to $5M from the sale of 45,454,546 units at a price of $0.11per unit. Silver Viper filed an amendment and restarted the offering document, suggesting prospective investors to read the offering document before making an investor decision. “The company intends to use the minimum net proceeds of $2M from the offering for working capital requirements and other general corporate purposes which includes legal and financing fees as part of this offering, and the final USD $200K option payment on its La Virginia Project due in 2024. Any additional net proceeds from the offering will be used to continue surface exploration including mapping and sampling as well as a drill campaign at the La Virginia Project in Sonora”.
Tocvan Ventures Corp., closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $369K from the sale of 820K units at a price of $0.45 per unit. Gross proceeds will be used to advance the Pilar project in Sonora.
Oroco Resource Corp., closed a non-brokered private placement for gross proceeds of $2,691,940 through the sale of 6,729,850 units at a price of $0.40 per unit. Gross proceeds will be used for working capital and corporate overhead and exploration and development activities (Santo Tomas project, Sinaloa).
ON RESOURCES AND DEVELOPMENT
Vizsla Silver Corp., released new drill results from 22 expansion and infill holes collared on the Copala resource area at its flagship Panuco project, Sinaloa. Drilling highlights (true widths reported) include holes CS-23-304 with 249 g/t Ag and 1.23 g/t Au (313 g/t AgEq) over 1.0m; and hole CS-23-300 with 247 g/t Ag and 2.28 g/t Au (385 g/t AgEq) over 1.73m, plus 519 g/t Ag and 3.57 g/t Au (724 g/t AgEq) over 3.10m, including 1,255 g/t Ag and 8.61 g/t Au (1,749 g/t AgEq) over 1m, plus 190 g/t Ag and 0.69 g/t Au (221 g/t AgEq) over 1.25m. “The reported results have successfully expanded Copala mineralization by ~100m to the southeast and identified new vein splays situated in-between Copala and the high-grade Cristiano structure”.
Endeavour Silver Corp., presented results from its exploration drilling program conducted on El Puertecito and Fortuna Veins at its Bolañitos mine, Guanajuato. Focus of this program is to increase resources, replace reserves, and extend mine life. Drilling highlights (true width reported) at Fortuna Vein include includes hole GOL-42 with 4.01 g/t Au and 135 g/t Ag (456 g/t AgEq) over 1.18m, including 8.04 g/t Au and 280 g/t Ag (923 g/t AgEq) over 0.56m. Drilling highlights (true widths reported) at El Puertecito Vein include holes GOL-11 with 8.78 g/t Au and 86 g/t Ag (788 g/t AgEq) over 2.09m, including 25.70 g/t Au and 59 g/t Ag (2,115 g/t AgEq) over 0.57m; and hole GOL-09 with 4.44 g/t Au and 94 g/t Ag (449 g/t AgEq) over 2.07m, including 11.35 g/t Au and 258 g/t Ag (1,166 g/t AgEq) over 0.56m.
Guanajuato Silver Company Ltd., initiated processing of mineralized material from an existing stock pile at its El Horcon mine, Guanajuato. The company has shipped and processed 350 tonnes of material from the historical stockpile. Head grades from different batches of this material were approximately 30-50 g/t Ag and 1.6 to 3.0 g/t Au, with initial processing runs given recoveries of approximately 70% for Ag and 82% for Au. “The Horcon stockpile is expected to add approximately 4,000 tonnes of mineralized material per month over a six-to-ten-month period. Metallurgical testing of the mineralized material at Horcon has been demonstrated compatible with the Cata mill processing circuit and is currently being blended with mineralized production from the Valenciana Mines Complex”.
Heliostar Metals Ltd., announced updated Mineral Resource Estimate for its Ana Paula project, Guerrero. Highlights of the Mineral Resource Estimate include a total measured and indicated mineral resources of 710,920 Oz Au grading 6.6 g/t Au; a total of inferred mineral resource of 447,512 Oz Au grading 4.21 g/t Au; a mineral resource estimation cutoff grade of 2.5 g/t Au increased from previous estimate; a connected zone of greater than 2ooK Oz Au grading greater than 10 g/t Au within the measured resource in the High Grade Panel that can be targeted in the initial years of mining; a 58% increase in measured and 30% increase in indicated gold grade relative to the previous resource estimate at same 2.5 g/t cutoff grades. On the other hand, a tighter spaced drilling has led to resource grade growth which is a positive indication for additional grade increases during conversation of the inferred resources to higher classifications; has increased in inferred ounces due to stricter estimation with a view to underground mining; the High Grade Panel at core of the resource is now 280m long, 100m high, and 60m thick; and this new resource has been delivered at an all-in discovery cost of USD $16 per new Oz Au, inclusive of all exploration and project costs.
Tocvan Ventures Corp., poured the first doré bar of gold and silver from bulk sample material processed at its Pilar project, Sonora. The bar weighs 1.487 kilograms in total, with assays from local certified laboratory LTM returning 18% of gold and 69% of silver.
Torex Gold Resources Inc., released results from the 2023 exploration drilling program at its Media Luna West project in Guerrero, which consisted of 7 holes totalling 9.722m. Drilling highlights include holes ML23-965 with 1.63 g/t Au, 13 g/t Ag, and 0.48% Cu (2.55 g/t AuEq) over 6.85m, plus 4.42 g/t Au, 1 g/t Ag, and 0.04% Cu (4.50 g/t AuEq) over 2.96m; hole ML23-970A with 2.81 g/t Au, 27 g/t Ag, and 0.31% Cu (3.62 g/t AuEq) over 5m; and hole ML23-986A with 27.50 g/t Au, 28 g/t Ag, and 1.2% Cu (29.76 g/t AuEq) over 14.1m. “The current distribution of the multiple intercepts confirms a north-south extension of more than 600 m with a width similar to the EPO deposit, which suggests Media Luna West could have a similar mineralized potential to that of EPO. The exploration potential of this structural corridor is open to the north and is likely favored by intersecting with the swarm of east-west dykes that define the best mineralization trap within both the nearby Media Luna and EPO deposits”.
Mammoth Resources Corp., announced results of an independent drill hole spacing analysis with recommendations to identify initial Mineral Resource Estimate (MRE) at its Tenoriba project, Chihuahua. The independent analysis recommended drill hole spacing for the El Moreno, Masuparia, and Los Carneritos targets of 80m, 40m, and 80m respectively, for an Inferred MRE.
Oroco Resource Corp., filed an independently prepared Preliminary Economic Assessment (PEA) for its Santo Tomas project in Sinaloa. The report dated October 11, 2023 and titled “Santo Tomas Copper Project NI 43-101 Technical Report and Preliminary Economic Assessment”, has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure of Mineral Projects. Results of the PEA were previously announced in the Company’s news release dated October 17, 2023. There are no differences in the Report from those results previously reported.
ON DEALS AND CORPORATE ISSUES
Bear Creek Mining Corporation entered into an agreement to amend the convertible promissory note in the amount of USD $26,632,458 issued to Equinox Gold Corp., on October 19, 2023 (Mercedes mine, Sonora).
Endeavour Silver Corp., announced that it hosted an investor day at its Terronera project in Jalisco last November 19-21, to showcase the project and construction progress to date.
Argonaut Gold Inc., announced that it attended the Scotiabank Mining Conference held in Toronto last November 28th and 29th (El Castillo mine, Durango).
Discovery Silver Corp., announced the appointment of its new COO (Cordero project, Chih).
Guanajuato Silver Company Ltd., announced management changes, announcing the appointment of its new COO. The company also signed an agreement with the court appointed insolvency trustee of the Great Panther Estate to terminate all obligations of the company to make contingency payments totalling USD $2M in exchange for the offset of a working capital adjustment receivable owed to the company by Great Panther (La Valenciana mine, Guanajuato).
Bear Creek Mining Corporation granted a total of 900K stock options to two recently appointed Directors and new Chief Operating Officer (Mercedes mine, Sonora).
Mithril Resources Limited announced termination of scheme implementation deed under which Newrange would acquire 100% of the issued share capital of Mithril and pursuant to which the existing options to acquire shares in Mithril would be cancelled (Copalquin project, Durango).
Pan American Silver Corp., acquired 5,083,780 common shares of New Pacific Metals Corp., for total investment value of approximately CAD $13.5M. “Upon completion of the offering, which occurred on September 29, 2023, Pan American owns, directly and indirectly, 19,807,848 common shares representing approximately 11.6% of the outstanding common shares. Immediately prior to the acquisition, Pan American held 14,724,068 common shares, representing approximately 9.34% of the issued and outstanding common shares” (La Colorada mine, Zacatecas).
Prime Mining Corp., announced that it will be trading on the Toronto Stock Exchange on December 5, 2023 following its graduation from the TSX Venture Exchange. The trading symbol for the common shares of Prime on the TSX will remain unchanged as “PRYM” (Los Reyes project, Sinaloa).
Silver Storm Mining Ltd., announced that it will present live at the Clean Energy and Precious Metals Virtual Investor Conference on December 5, 2023 (La Parrilla mine, Durango).
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, brecciated banded quartz vein in an epithermal vein system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.
During the 44th week of the year (October 30th to November 5th, 2023), at least 26 press releases were announced by companies working in Mexico, and 1 news published by the media, with nine reporting resources and developments of their properties, five disclosing deals and corporate issues, four communicating production results, three, announcing financing issues, three informing on exploration results, two commenting on Mexican issues, and one discussing social issues. ON MEXICO ISSUES, The Tax Administration Service (SAT) has collected MXP $65,981M (about USD $3,665M) in this six-year term from the mining companies. Regency Silver reported their best drilling intercepts in Mexico on the first week of November, 2023. ON EXPLORATION, In Sonora, Aztec commenced a RC drilling program at its Cervantes project. In Chihuahua, Kingsmen reported results from its ongoing surface sampling program in the southeast part of the Las Coloradas project. Durango, Silver Wolf received the exploration diamond drilling permit for its Ana Maria project. ON MINING, Americas Gold and Silver reported Q3, 2023 production results from its Cosala Mine Complex, Sinaloa. Avino announced that it will be reporting Q3, 2023 production and financial results from its Avino Mine, Durango on November 8, 2023. Sierra Metals also notified that it will be presenting Q3, 2023 results from its Bolivar Mine in Chihuahua on November 13, 2023. First Majestic reported Q3, 2023 production and financial results from their Mexican operations. ON FINANCING Minera Alamos signed definitive documentation for its Cerro de Oro construction financing package for up to USD $25M. Silver Bull announced non-brokered private placement for gross proceeds of CAD $1,285,350 (Sierra Mojada project, Coahuila). First Majestic declared a cash dividend payment in the amount of $0.0046 per common share for the third quarter of 2023.Minaurum closed a non-brokered private placement for gross proceeds of CAD $800,250 (Alamos Silver project, Sonora). ON RESOURCES AND DEVELOPMENT, Atacama Copper and TCP1 announced a maiden resource estimate for theirs Cristina and Yécora projects located in Chihuahua and Sonora respectively. Torex provided a Q3, 2023 update on its Media Luna project, Guerrero. Silver Tiger filed a technical report to announce an updated mineral resource estimate at its El Tigre project, Sonora. Silver Tiger announced a Preliminary Economic Assessment (PEA) on its El Tigre project, Sonora. Golden Tag released first results from its drill program at its La Parrilla Mine, Durango. Regency Silver announced results from hole REG-23-21 collared at its Dios Padre project, Sonora. Sierra Madre presented its first project-wide resource estimate for its La Guitarra Mine, State of Mexico. Guanajuato Silver filed a National Instrument 43-101 Technical Report for a new Mineral Resource Estimate (MRE) for its San Ignacio Mine, Guanajuato. ON DEALS AND CORPORATE ISSUES, Fortuna Silver reported that the Mexican Federal Administrative Court has ruled in favour of Minera Cuzcatlan, Fortuna’s Mexican subsidiary, and re-instated the 12-year environmental impact authorization (EIA) for the San Jose Mine, Oaxaca. Monumental Minerals announced the resignation of its CEO, effective October 30, 2023 (Jemi rare Earth Element project, Coahuila). Golden Tag announced name change to Silver Storm Mining Ltd, being approved later on by shareholders, its Board of Directors and the Toronto Stock Exchange (TSX) (La Parrilla Mine, Durango). Sonoran Desert filed documents with the TSX seeking approval for consolidation of common shares (Cuatro Hermanos project, Sonora). ON SOCIAL RESPONSIBILITY, Fernando Alanís, general director of Baluarte Minero, a unit within Industrias Peñoles, the world’s largest producer of refined silver, stated that the investment funds prioritize the ESG criteria of mining companies, because their implementation creates certainty.
ON MEXICO ISSUE
The Tax Administration Service (SAT) has collected MXP $65,981M (about USD $3,665M) in this six-year term from the mining companies. It is 11 times more than with the former government. The Tax Administration Service has explained that the MXP $65,981M is the result of the 2023 Master Plan and 307 audits completed.
Regency Silver Corp., reported their best drilling intercepts in Mexico on the first week of November, 2023. Details are shown in the table below:
ON EXPLORATION
Aztec Minerals Corp., commenced a RC drilling program at its Cervantes project in Sonora. “The drill program has been optimized to focus on expanding the California zone oxide mineralization, which remains open laterally in every direction, with a minimum 11 holes and 1,600m RC drilling in this current stage of exploration”.
Kingsmen Resources Ltd., reported results from its ongoing surface sampling program of old workings along the Soledad and Soledad II structures and their subsidiary structures in the southeast part of the Las Coloradas project, in Chihuahua. Twenty samples were collected with one returning > 400 g/t Ag; one returning > 300 g/t Ag; one returning >200 g/t Ag; and one returning > 100 g/t Ag. Three areas with high grade have been identified. Prospecting and sampling continues.
Silver Wolf Exploration Ltd., received from the Secretariat of Environment and Natural Resources (SEMARNAT), the exploration diamond drilling permit for the southern El Soldado claim at its Ana Maria project, Durango. The company has designed a drilling program for up to 4,800m over 16 holes.
ON MINING
Americas Gold and Silver Corporation reported Q3, 2023 production results from its Cosala Mine Complex, Sinaloa. The company produced 178K Oz Ag, 2.8M Lb Pb, and 9M Lb Zn.
Avino Silver and Gold Mines Ltd., announced that it will be reporting Q3, 2023 production and financial results from its Avino Mine, Durango on November 8, 2023.
Sierra Metals Inc., also notified that it will be presenting Q3, 2023 results from its Bolivar Mine in Chihuahua on November 13, 2023.
First Majestic Silver Corp., reported Q3, 2023 production and financial results from their Mexican operations. Table below shows results by mine:
ON FINANCING
Minera Alamos Inc., signed definitive documentation for its Cerro de Oro construction financing package for up to USD $25M with Auramet International Inc., and Auramet Capital Partners LP which is comprised of a loan facility for up to USD $15M and a USD $10M royalty. Upon execution of the Cerro de Oro Financing Documents, the company also completed a drawdown of an initial USD $5M under the loan facility to advance certain pre-construction work related to the Cerro de Oro project, Zacatecas.
Silver Bull Resources Inc., announced non-brokered private placement issuing a fully subscribed 11,685,000 units at a price of CADS $0.11 per unit for gross proceeds of CAD $1,285,350. Gross proceeds will be used for general working capital and corporate purposes, including investigation and potential acquisition of additional exploration projects (Sierra Mojada project, Coahuila).
First Majestic Silver Corp., declared a cash dividend payment in the amount of $0.0046 per common share for the third quarter of 2023. The third quarter cash dividend will be paid to holders of record of First Majestic’s common shares as of the close of business on November 15, 2023, and will be distributed on or about November 30, 2023.
Minaurum Gold Inc., closed a non-brokered private placement for gross proceeds of CAD $800,250. The company will use the net proceeds for exploration of the Alamos Silver project, Sonora, and for general working capital purposes.
ON RESOURCES AND DEVELOPMENT
Atacama Copper Corporation and TCP1 Corporation announced a maiden resource estimate for theirs Cristina and Yécora projects located in Chihuahua and Sonora respectively. At Cristina project, Chihuahua, the companies estimated indicated resources of 17.5M tonnes of 0.51g/t Au, 34 g/t Ag, 0.5% Zn, 0.2% Pb, and 0.04% Cu (1.33 g/t AuEq) for a contained 752K Oz AuEq, and Inferred resources of 19M tonnes of 0.51 g/t Au, 27 g(/t Ag, 0.5% Zn, 0.2% Pb, and 0.05% Cu (1.27 g/t AuEq) for a contained 777K Oz AuEq. The resource estimate is based on 220 diamond drill holes completed between 2010 and 2022 for approximately 70,000 m of drilling in total. Preliminary metallurgical test work suggests recoveries into concentrate of 75-85% for gold, 85-95% for silver, 80-90% for zinc and lead, and 70-80% for Cu. At Yécora project, Sonora, the companies estimated indicated resources of 25M tonnes of 0.30% Cu, 28 g/t Ag, and 749ppm Mo (0.79% CuEq9 for a contained 444M Lb CuEq, and inferred resources of 11.2M tonnes of 0.30% Cu, 24 g/t Ag, and 831 ppm Mo (0.78% CuEq for a contained 193M Lb CuEq. The resource estimate is based on 34 diamond drill holes and 8 reverse circulation drill holes completed between 2014 and 2022 for 14,006 m of drilling in total. Preliminary metallurgical test work projected a copper concentrate grade of 20-25% with a recovery of approximately 90% and containing 75 to 85% of the silver. The molybdenum concentrate grade was projected to be 50-55% with a recovery of 80 to 90%. Future testing will determine the feasibility of recovering lead and zinc to a separate concentrate, and thus zinc and lead were not included in the current resource estimate.
Torex Gold Resources Inc., provided a Q3, 2023 update on its Media Luna project, Guerrero. “Development of Media Luna continues to track well to plan, with first concentrate production remaining on track for late 2024 and commercial production in early 2025. At quarter-end, the Media Luna Project was 49% complete across engineering, procurement, underground development/construction, and surface construction. With 68% of upfront expenditures committed (including 42% incurred), expenditures to date have tracked reasonably well to the initial budget of $875 million, noting the stronger Mexican peso remains a headwind to manage. With $242 million incurred on the project year-to-date, project spending in 2023 is tracking toward the lower end of the annual guided range of $390 million to $440 million. Solid progress was made with respect to underground development and construction, which included another notable quarter of advance in the schedule-critical Guajes Tunnel and mobilization of the underground construction contractor. Breakthrough of the Guajes Tunnel is expected by year-end, three months ahead of schedule. Significant progress was also made on the engineering front, which is expected to drive increased procurement activity through year-end. Surface construction continued with pad and foundation preparation for several key areas advanced during the quarter. The pace of construction is set to pick up in Q4 as concrete works ramp up, larger equipment deliveries to the south side commence with the completion of the Mazapa bypass road, and steel erection at the flotation plant begins before year-end. The Media Luna Project is now soundly at the halfway mark and tracking to schedule and budget. With solid ongoing cash flow from El Limón Guajes and a healthy balance sheet with strong liquidity, we remain well positioned to execute on the remainder of the development plan over the next 15 months.”
Silver Tiger Metals Inc., filed a technical report to announce an updated mineral resource estimate (MRE) at its El Tigre project, Sonora. Table below shows the updated MRE for El Tigre project, Sonora:
In addition to the exploration work completed at El Tigre project, an exploration target was established as follows: 7 to 9M tonnes at 3.0 to 3.5 g/t AuEq for 675K Oz to 1M Oz AuEq.
Silver Tiger Metals Inc., announced a Preliminary Economic Assessment (PEA) on its El Tigre project, Sonora. Highlights of the PEA, with a base case silver price of $23.75/Oz and gold price of $1,850/Oz include an after-tax net present value (NPV) (using a discount rate of 5%) of USD $287M with an after-tax IRR of 55.8% and payback period of 1.7 years (base case); 13-year mine life recovering a total of 60M payable AgEq or 776K Oz AuEq, consisting of 16M Oz Ag and 571K Oz Au; total project undiscounted after tax cash flow of USD $445M; initial capital costs of USD $59M, including USD $7.7M in contingency costs, over an expected 12-month build, expansion capital of USD $33M and sustaining capital costs of USD $31M over the life of mine (LOM); average LOM operating cash costs of USD $803/Oz AuEq, and all in sustaining costs (AISC) of USD $843/Oz AuEq or average LOM operating cash costs of USD $10/Oz AgEq, and AISC of USD $11/Oz AgEq; and average annual production of approximately 4.6MOz AgEq or 59,000 Oz AuEq.
Golden Tag Resources Ltd., released first results from its diamond drilling program at its La Parrilla Mine, Durango. Drilling highlights include hole Q-23-001 with 65 g/t Ag, 0.16 g/t Au, 1.3% Pb, 3.5% Zn, and 0.05% Cu (206 g/t AgEq) over 5.20m, including 145 g/t Ag, 0.11 g/t Au, 2.4% Pb, 2.9% Zn, and 0.08% Cu (299 g/t AgEq) over 1.64m, including 51 g/t Ag, 0.39 g/t Au, 1.4% Pb, 7.6% Zn, and 0.06% Cu (328 g/t AgEq) over 1.60m; hole Q-23-003 with 125 g/t Ag, 0.25 g/t Au, 3% Pb, 5.7% Zn, and 0.08% Cu (381 g/t AgEq) over 0.88m, plus 43 g/t Ag, 0.03g/t Au, 0.8% Pb, 8.6% Zn, and 0.18% Cu (300 g/t AgEq) over 0.32, plus 90 g/t Ag, 0.3 g/t Au, 0.7% Pb, 10.3% Zn, and 0.07% Cu (414 g/t AgEq) over 0.84m; and hole Q-23-005 with 124 g/t Ag, 0.61 g/t Au, 0.6% Pb, 0.3% Zn, and 0.27% Cu (198 g/t AgEq) over 1.87m, plus 76 g/t Ag, 0.32 g/t Au, 0.3% Pb, 4.2% Zn, and 0.18% Cu (225 g/t AgEq) over 1.52m, plus 29 g/t Ag, 0.08 g/t Au, 0.1% Pb, 4.9% Zn, and 0.11% Cu (172 g/t AgEq) over 0.97m. With these drill results Golden Tag extended the C460B Zone 110m at depth in La Parrilla Mine Complex, Durango.
Regency Silver Corp., announced results from hole REG-23-21 collared at its Dios Padre project, Sonora. It intersected 0.61 g/t Au over 9.5m, plus 5.34 g/t Au over 54.65m, including 7.36 g/t Au over 38m, including 8.7 g/t Au over 28.9m, and plus 0.95 g/t Au over 7.9m. “The 2023 drill campaign consisted of 6105.25m in 10 holes. 8 of the 9 holes targeting the lower Dios Padre breccia zone intersected mineralized pyrite-specularite breccia and confirm the mineralized breccia zone has a strike of at least 180m and depth extent of at least 150m while the breccia remains open both along strike, up-dip towards the old silver mine, and at depth”.
Sierra Madre Gold and Silver Ltd., presented its first project-wide resource estimate for its La Guitarra Mine, State of Mexico. The company reported indicated resource of 3,482,000 tonnes of 146 g/t Ag and 0.96 g/t Au (220 g/t AgEq) for a total of 18,073,000 Oz Ag and 118K Oz Au (27,207,000 Oz AgEq) contained and inferred resources of 4,105,000 tonnes of 113 g/t Ag and 0.52 g/t Au (153 g/t AgEq) for a total of 14,937,000 Oz Ag and 68,000 Oz Au (20,199,000 Oz AgEq) contained.
Guanajuato Silver Company Ltd., filed a National Instrument 43-101 Technical Report for a new Mineral Resource Estimate (MRE) for its San Ignacio Mine, Guanajuato. Table below shows the new MRE for San Ignacio Mine, Guanajuato (Effective date September 21, 2023):
ON DEALS AND CORPORATE ISSUES
Fortuna Silver Mines Ltd., reported that the Mexican Federal Administrative Court has ruled in favour of Minera Cuzcatlan, Fortuna’s Mexican subsidiary, and re-instated the 12-year environmental impact authorization (EIA) for the San Jose Mine, Oaxaca. “The San Jose Mine is in full compliance with all material environmental laws and continues to operate under the terms of the EIA. The decision of the Court is subject to appeal by the Secretaria de Medio Ambiente y Recursos Naturales (SEMARNAT), and if appealed, the permanent injunction that the company already has will remain in effect”.
Monumental Minerals Corp., announced the resignation of its CEO, effective October 30, 2023 (Jemi rare Earth Element project, Coahuila).
Golden Tag Resources Ltd., announced name change to Silver Storm Mining Ltd, being approved later on by shareholders, its Board of Directors and the Toronto Stock Exchange (TSX). the Company’s shares will commence trading on the TSXV, the OTCQB Exchange, and Frankfurt Stock Exchange under Silver Storm Mining Ltd. effective at the opening of trading on or about November 7,2023, and will trade on the TSXV under the new symbol (TSXV: SVRS) on the OTCQB under the symbol (OTCQB: SVRSF) and on the FSE under the symbol (FSE: SVR) (La Parrilla Mine, Durango).
Sonoran Desert Copper Corporation filed documents with the TSX seeking approval for consolidation of the outstanding common shares of the company, on the basis of one post-consolidation common share for every four pre-consolidation common shares. The common shares will continue trading on the TSX Venture Exchange on a post-consolidation basis under the name Sonoran Desert Copper Corporation and the trading symbol SDCU (Cuatro Hermanos project, Sonora).
ON SOCIAL RESPONSIBILITY
Fernando Alanís, general director of Baluarte Minero, a unit within Industrias Peñoles, the world’s largest producer of refined silver, stated that the investment funds prioritize the ESG criteria of mining companies, because their implementation creates certainty. He gave three examples of this: the payment of taxes, the accident rate and development in mining communities. More and more investors and financial institutions are using ESG or sustainability scores, ratings and benchmarking studies provided by various organizations that evaluate corporate performance and governance related to environmental and social issues, including climate change, when making their financing and voting decisions.
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 fault plane showing slickensides in an epithermal vein system in a prospect in Chihuahua, Mexico. Photo by Miguel A Heredia.
Las instituciones financieras valoran cada vez más las prácticas medioambientales, sociales y de gobernanza porque su ejecución genera certidumbre, afirma.
Acapulco, Gro.- La minería requiere más transparencia y mejor comunicación en México, insta Fernando Alanís, director general de Baluarte Minero, una unidad dentro de Industrias Peñoles, el mayor productor mundial de plata afinada.
Expresidente de la Cámara Minera de México (Camimex, 2018-2020), Alanís pone tres ejemplos sobre ello: el pago de impuestos, la tasa de accidentabilidad y el desarrollo en las comunidades mineras.
