Guidance

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

/ gambusinoprospectormexico / Leave a comment

Quartz-barite-specularite vein

By Miguel A Heredia

During the 10th week of the year (March 4th to March 10th, 2024), at least 24 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, five communicating production results, four announcing financing issues, four informing on exploration results, and three reporting resources and developments of their projects.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Tocvan reported surface exploration results from areas located over 6km north of the El Pilar Main Zone at its Pilar project, and Aztec reported final results from the 2023 RC drilling from its Cervantes project. In Chihuahua, Radius secured funding to commence drilling at the Plata Verde project. In Durango, Centenario Gold announced results from the first drill program on its Eden project. ON MINING, SilverCrest announced that it will file its audited annual financial statement and management discussion and analysis for the fiscal year ended December 31, 2023 on March 11th, 2024 (Las Chispas mine, Sonora). Argonaut reported Q3 and year-end 2023 production and financial results from their Mexican operations. Fortuna released Q3 and end-year production results from its San Jose mine in Oaxaca. Luca Mining reported production results from its Tahuehueto, Durango and provided an update on its Campo Morado, Guerrero mine operation. MAG Silver reported a preliminary 2024 Juanicipio, Zacatecas guidance. ON FINANCING, Capitan Silver announced that it intends to rise CAD $1.5M by way of a non-brokered private placement (Cruz de Plata project, Durango). Infinitum Copper announced a private placement (amended later on) for gross proceeds of up to CAD $450K (Adelita project, Sonora). Reyna Silver increased the size of its non-brokered private placement and announced the second closing of the life offering and the first closing of the concurrent private placement (Guigui and Batopilas projects, Chihuahua).  ON RESOURCES AND DEVELOPMENT, Tocvan reported that a RC drilling is to commence at its Pilar project in Sonora. Kootenay filed a NI 43-101 Technical Report on its La Cigarra project, Chihuahua.  GR Silver provided an operational update and announced the start of a small bulk sampling and test mining at its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, US Antimony announced executive management changes. Golden Minerals announced that one member of its Board of Director has passed away (Velardeña property, Durango).  Sierra Metals announced the appointment of its Vice President, Health, & Safety, effective March 1, 2024 (Bolivar mine, Chihuahua). Pan American announced that the Toronto Stock Exchange (TSX) accepted its intention to purchase up to 5% of Pan American´s issued and outstanding shares (La Colorada, Zacatecas-Durango). Goldgroup reported a contractor fatality at its Cerro Prieto mine in Sonora. Kootenay granted stock options to officers, directors, employees, and consultants (Columba project, Chihuahua). Defiance Silver confirmed ownership of the Tepal project in Michoacan.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Tocvan Ventures Corp., reported surface exploration results from areas located over 6km north of Pilar´s Main Zone within its Pilar project in Sonora. Sampling returned very high-grade silver with gold values.. Two samples yielded 1,225 g/t Ag with 3.2 g/t Au and 744 g/t Ag with 0.2 g/t Au from sample material next to historical artisanal workings. One of the samples also show higher polymetallic association returning 0.42% Cu, 3.4% Zn, and over 20% Pb (assay over limit was reached).
  • Aztec Minerals Corp., reported final results from the 2023 RC drilling from its Cervantes project.  The RC drilling program consisted of 1,646m in 13 holes testing the California porphyry gold target. All drill holes intersected oxidized Au mineralization; the California target continues to be open; the California target now has an area of 1,000m by 300m drill demonstrated; and the California target was found to continue on strike to the east at least another 400m. The multi-element ICP results show good, positive relationships between Au, Cu, Bi, Ag, As, W and K (potassic alteration), negative relationships with Mo, Sb and Ca.  The multi-element grades support the potential for an Au-Cu porphyry deposit at depth.
  • Radius Gold Inc., secured funding to commence drilling at the Plata Verde project in Chihuahua, Mexico, through an option agreement with Minera San Julian and Geometales del Norte-Geonorte. The initial investment for mobilizing drilling and field teams is USD $250K, with additional funding to follow as approved by technical committee. The project has shown significant silver mineralization and historical production potential. Minera San Julian aims to spend a minimum of USD $4,762,000 over four years on exploration activities at Plata Verde and has the right to earn a 70% interest in the project.
  • Centenario Gold Corp., announced results from the first drill program on its Eden project in Durango. The company completed 1,506m in 11 core holes “testing the strike and downdip extensions of the mineralized structure along a section of the ‘Buenavista’ corridor”. All holes intersected the ‘Buenavista’ vein-breccia structure at depths ranging between 50 to 110 m. Assay results have been received on 9 of the 11 holes. Assays are pending for holes ED24-09 and ED24-11 and will be released when received.

ON MINING

  • SilverCrest Metals Inc., announced that it will file its audited annual financial statement and management discussion and analysis for the fiscal year ended December 31, 2023 on March 11th, 2024 (Las Chispas mine, Sonora).
  • Argonaut Gold Inc., reported Q3 and year-end 2023 production and financial results from their Mexican operations (all dollar amounts are expressed in USD). In Q3, 2023, the company sold at La Colorada, Sonora, 7,967 Oz Au; reported cost of sales for $13,998,000; a cost of sales per Oz Au sold of $1,757; production costs of $10,353,000; a cash cost of $10,066,000; a cash cost per Oz Au sold of $1,263; and all in sustaining cost (AISC) of $1,316. For the year-end, it sold 25,957 Oz Au; reported cost of sales for $48,556,000; a cost of sales per Oz Au sold of $1,871; production costs of $39,057,000; a cash cost of $38,065,000; a cash cost per Oz Au sold of $1,466; and AISC of $1,532. At San Agustin, Durango, the company sold in Q3, 2023 9,556 Oz Au; reported cost of sales for $17,624,000; a cost of sales per Oz Au sold of $1,844; production costs of $16,000,000; a cash cost of $15,249,000; a cash cost per Oz Au sold of $1,596; and AISC of $1,631. For the year-end, it sold 44,148 Oz Au; reported cost of sales for $81,324,000; a cost of sales per Oz Au sold of $1,842; production costs of $71,263,000; a cash cost of $66,867,000; a cash cost per Oz Au sold of $1,515; and AISC of $1,552. At El Castillo, Durango, the company sold in Q3, 2023 4,353 Oz Au; reported cost of sales for $6,362,000; a cost of sales per Oz Au sold of $1,462; production costs of $6,009,000; a cash cost of $5,972,000; a cash cost per Oz Au sold of $1,372; and AISC of $1,402. For the year-end, it sold 21,325 Oz Au; reported cost of sales for $36,005,000; a cost of sales per Oz Au sold of $1,688; production costs of $32,252,000; a cash cost of $31,837,000; a cash cost per Oz Au sold of $1,493; and AISC of $1,518.
  • Fortuna Silver Mines Inc., released Q3 and end-year production results from its San Jose mine in Oaxaca. In Q3, 2023, the company milled 241,035 tonnes of 145 g/t Ag and 0.91 g/t Au with metallurgical recoveries of 91% and 90% respectively, to produce 1,023,325 Oz Ag and 6,345 Oz Au of which sold 1,040,888 Oz Ag and 6,046 Oz Au at an average realized price of USD $23.35 per Oz Ag and USD $1,983 per Oz Au. Fortuna reported a production cash and AISC of USD $17.57 and USD $21.98 per Oz AgEq respectively. In the full year 2023, the company milled 930,200 tonnes of 171 g/t Ag and 1.06 g/t Au with metallurgical recoveries of 91% and 90% respectively, to produce 4,656,631 Oz Ag and 28,559 Oz Au of which sold 4,659,611 Oz Ag and 28,524 Oz Au at an average realized price of USD $23.36 per Oz Ag and USD $1,942 per Oz Au. Fortuna reported a production cash and AISC of USD $14.40 and USD $19.40 per Oz AgEq respectively.
  • Luca Mining Corp. reported production results from its Tahuehueto, Durango and provided an update on its Campo Morado, Guerrero mine operation. At Tahuehueto, Durango, the mine achieved a new daily production record of 655 tonnes last week. The mine plan calls for the ramp-up to an approximate 1,000 tonne per day operation during 2H 2024 which is rapidly being achieved. At Campo Morado, Guerrero, “the optimization program has to date developed fundamental improvements in productivity, operational efficiency and cashflow. Key features of the program include effective mine-to-mill planning, new procedures for ore blending, increased metallurgical test work, optimized grinding and reagent dosing for improved recoveries, and phased equipment upgrades for mine and mill”.
  • MAG Silver Corp., reported a preliminary 2024 Juanicipio, Zacatecas guidance. MAG Silver reported preliminary guidance for the production potential of the high-grade Juanicipio Mine jointly owned by Fresnillo and MAG. The silver head grade is expected to range between 380 g/t and 420 g/t for 2024, with the plant anticipated to operate at nameplate capacity per operating day with an effective utilization of 91%. MAG remains on schedule to publish its updated technical report by the end of Q1 2024, providing more definitive guidance and solidifying the outlook for the Juanicipio Mine.

ON FINANCING

  • Capitan Silver Corp., announced that it intends to rise CAD $1.5M by way of a non-brokered private placement of 10M common shares at a price of CAD $0.15 per share. Gross proceeds will be used to advance Cruz de Plata project in Durango, to evaluate potential acquisitions, as well as to fund working capital and general corporate expenses.
  • Infinitum Copper Corp., announced a private placement (amended later on) for gross proceeds of up to CAD $450K through the issue of up to 22.5M units of the company at a price of CAD $0.02 per unit. Each unit will be comprised of one common share of the company and one common share purchase warrant. Net proceeds will be used for the establishment of mining operations at La Adelita project in Sonora, and for general corporate purposes. 
  • Reyna Silver Corp., increased the size of its non-brokered private placement from $2.5M to $2.9M, and announced the second closing of the listed issuer financing exemption (LIFE) offering of 8,240,666 units for gross proceeds of approximately $988,880, and the first closing of the concurrent private placement of 12,401,610 units for gross proceeds of approximately 1,488,193. The company plans to use part of the net proceeds for the exploration of Guigui and Batopilas projects, Chihuahua. 

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., reported that a RC drilling is to commence at its Pilar project in Sonora for resource definition and expansion, as well as evaluation of new discoveries and targets. “The initial focus will be on infill and step-out targeting within and adjacent to the Pilar Main Zone including where previous drill campaigns successfully discovered the southern extension of the Main Zone, returning 108.6 meters of 0.8 g/t Au, including 9.4 meters of 7.6 g/t Au and 5 g/t Ag”.
  • Kootenay Silver Inc., filed a NI 43-101 Technical Report titled “Mineral Resource Estimate Update for the La Cigarra Ag-Pb-Zn Project, Chihuahua State, Mexico” with an effective date of November 29, 2023.
  • GR Silver Mining Ltd., provided an operational update and announced the start of a small bulk sampling and test mining at its Plomosas project in Sinaloa. GR Silver Mining has entered commercial agreements with private local operators to explore opportunities related to the Plomosas Project. The company has started the Bulk Sampling Test Mining (BSTM) program for future use in engineering and metallurgical reports at the San Juan and La Colorada sites, which has the potential to unveil valuable geological information related to high-grade modeling & targeting, grade reconciliation, and mineral deposit modeling to define new drill targets in the vicinities of the existing historical mines. The BSTM program will allow low-cost preparation of sites for future drilling, aiming to continue resource expansion in the project.

ON DEALS AND CORPORATE ISSUES

  • US Antimony Corporation announced executive management changes. Its previous CEO was appointed as President of the Company’s Antimony Division after relinquished his title as a CEO of US Antimony Corporation (Los Juarez project, Queretaro).
  • Golden Minerals Company announced that one member of its Board of Director has passed away (Velardeña property, Durango).
  • Sierra Metals Inc., announced the appointment of its Vice President, Health, & Safety, effective March 1, 2024 (Bolivar mine, Chihuahua).
  • Pan American Silver Corp., has announced a normal course issuer bid to purchase up to 5% of its issued and outstanding shares starting on March 6, 2024. The purchases will be made on the open market through various trading platforms. The company believes that its shares may not fully reflect its underlying value, making them an attractive investment. The bid will be funded from the company’s working capital, and purchases will be made at market prices. Pan American has established an automatic securities purchase plan to facilitate share repurchases. (La Colorada, Zacatecas-Durango).
  • Goldgroup Mining Inc., reported a contractor fatality at its Cerro Prieto mine in Sonora. Relevant regulatory authorities were notified and attended the site to investigate.
  • Kootenay Silver Inc., granted stock options to officers, directors, employees, and consultants to purchase up to an aggregate of 1,310,000 million shares and issued restricted share and deferred units totalling 905,000 common shares.  The stock options have been granted at a price of $0.90 per common share for a period of five years.
  • Defiance Silver Corp., confirmed ownership of the Tepal project in Michoacan. The Mexican Court restored the Company’s rightful ownership to the mining concessions forming part of the Tepal project. As a result, the judgement is now fully enforceable, and Geologix Explorations Mexico, S.V de C.A, a subsidiary of the Company, is now confirmed as the legitimate and rightful owner of the concessions.

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, a quartz-barite-specularite vein on a project of the Sonoran Desert. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

During the 7th week of the year (13th to 19th February, 2017) at least 21 press releases were announced by companies working in Mexico, including a financing round by one company. ON EXPLORATION, in Sonora, Riverside presented 2016 exploration results for an orogenic gold target, and Kootenay informed of drilling results by a partner on a silver property. In Zacatecas Goldcorp informed of exploration results and coming work on several targets and regional exploration. ON MINING, GoGold released financial results for the fourth quarter 2016, Pan American, Capstone, New Gold, Agnico Eagle and Goldpcorp presented 2016 results. Argonaut Gold and Agnico Eagle presented their three-year outlook on production. Primero Mining halted operations due to a strike.  ON FINANCING, One company reported the opening of a non-brokered private placement for 1.85 M. ON RESOURCES AND DEVELOPMENT, Torex Gold reported high grade drill intercepts at its Limon-Guajes mine; Mag silver released high grade results from drilling in the Valdecañas vein; Pan American Silver presented reserve and resource estimates for its operations in Zacatecas, Chihuahua and Sonora. Agnico Eagle present drilling results on a program aimed at increasing resources at its El Barqueño property in Jalisco; Peñoles is to invest US$1,100 M mainly in developing a mine in Guerrero and upgrading a zinc plant in Coahuila.   ON DEALS AND CORPORATE ISSUES, Firma Holdings and MX Gold closed a deal on a smelter in Durango.

ON EXPLORATION

  • Kootenay Silver Inc. announced high-grade silver intercepts from the drill program operated by Pan American Silver Corp. at its La Negra property in Sonora. Intercepts include 30.95 m @ 66 g/t Ag; 44.15 m @ 149 g/t Ag, including 9.15 m @ 449 g/t Ag; 8.7 m @ 352 g/t Ag; 32.15 m @ 237 g/t Ag; 14.4 m @ 98 g/t Ag; 28.55 m @ 145 g/t Ag, including 8.15 m @ 460 g/t Ag.
  • Riverside Resources Inc. reported progress on work funded by its partner Centerra Gold Inc. on the Glor project in Sonora. “The 2016 exploration programs included geological mapping at a 1:5,000 scale, a 37.7 line- kilometre induced polarization survey and a 136 line-kilometre ground magnetics survey.” More than 2,500 geochemical samples were collected, including rockchip, soil and channels on trenches. Results include a 2,200 m by 900 m soil anomaly, broadly coincident induced polarization anomalies, and trench sampling results like 9 m @ 0.42 g/t Au, 27 m @ 0.37 g/t Au and 12 m @ 0.50 g/t Au.
  • Goldcorp Inc. provided an exploration update, including work in Mexico, where three projects accrued almost 14,000 m of drilling on the fourth quarter 2016. At La Palma target (adjacent to the boundary of the final Peñasquito pit) 8,203 m were drilled on 17 holes, with some mineralization intersected. At Saltillito (80 km E from Peñasquito), 1,964 m of drilling in four holes failed to intersect economic mineralization. At Los Lobos, 50 km south from Peñasquito, reconnaissance work is to start on the first quarter 2017. Regional exploration has started on a 50 x 30 km block in the Peñasquito region, and targets are expected to be generated.

ON MINING

  • GoGold Resources Inc. released financial results for the fourth quarter 2016, with $6.9 M revenue from the sale of 413, 941 AgEq ounces, at cash cost $6.70 per AgEq ounce. During the quarter 4,249 Oz Au and 102,371 Oz Ag were produced, for a total of 403,545 Oz AgEq. The Parral tailings project in Chihuahua produced 1,539 Oz Au and 91,022 Oz Ag, while at Santa Gertrudis in Sonora 2,710 Oz Au and 11,349 Oz Ag were produced.
  • Pan American Silver Corp. presented unaudited results for 2016, including figures from its Mexican operations. At La Colorada in Zacatecas, 5.80 M Oz Ag and 2.93 K Oz Au were produced at cash cost $6.15; at Dolores in Chihuahua, production was 3.84 M Oz Ag, 102.76 K Oz Au; at Alamo Dorado in Sonora, 1.86 M Oz Ag, 8.38 K Oz Au were produced. Lead zinc and copper production was not reported by mining unit. Development and mining investments are expected to result in significant production increments in Dolores and La Colorada for 2017.
  • Capstone Mining Corp. presented its financial results for 2016, including production figures for its Mexican operation. At Cozamin in Zacatecas, 14,307 tonnes of copper were produced during 2016 at a cash cost of $1.48 per Lb Cu and all-in cost of $1.88 per Lb Cu. Lower production was a result of a mine development shortfall on the first half of the year, with mine development increasing on the second half.
  • New Gold Inc. presented its 2016 financial results, including figures from its Cerro San Pedro mine in San Luis Potosi. For Cerro San Pedro the 2017 guidance is to produce (from stockpiles, mining has ceased) 35 – 45 K Oz Au at cash cost $1,080 – $1,120 and AISC $1,090 – $1,130. The company had 135.7 M in cash and 50.2 M in short term money market instruments at the end of 2016.
  • Goldcorp Inc. reported full year 2016 results, including figures from its operations in Mexico. At Peñasquito 183 K Oz Au were produced during the fourth quarter 2016. During 2017 gold production is expected to total 410 K Oz, at an AISC of $825 per ounce. The pyrite leach project is to treat Zn tailings and is expected to add 110 to 140 K Oz Au and 4-6 M Oz Ag annually, with production starting on 2019.
  • Argonaut Gold Inc. provided three-year production outlook and updated mineral reserves and resources. First gold production at San Agustin is expected during the third quarter 2017, with the project expected to produce an average of 80 K AuEq Oz per year at cash cost of $650 per gold ounce.

argonaut-gold-reserves-and-resources-20161 argonaut-3-year-outlook11

  • Agnico Eagle Mines Ltd. reported results for 2016 and production estimates for the next few years, including figures from its operations in Mexico. The Exploration budget for Mexico is $26.8 M, with 119,000 m of drilling, of which 65,000 m are in the mine areas and the rest in exploration projects. At Pinos Altos 2.26 M tonnes of ore were processed in 2016 at 6,175 tonnes per day (tpd) grading 2.78 g/t Au to produce 192,772 Oz Au. At the Creston Mascota satellite operation 2.1 M tonnes of ore were processed (5,790 tpd) at a grade of 1.12 g/t Au, to produce 47,296 Oz Au. At La India 5.84 M tonnes of ore were processed (15,948 tpd) @ 0.81 g/t Au, to produce 115,162 Oz Au.agnico-eagle-reserves-and-resources-20161agnico-3-year-outlook11
  • Primero Mining Corp. halted production at its San Dimas mine in Durango due to unionized workers initiating a strike action. “Primero’s key focus in these negotiations has been to better align the short-term bonus structure with overall mine-site performance and profitability, and to move the labour force onto a more continuous shift cycle to improve productivity.”

ON FINANCING

  • Source Exploration Corp. arranged a non-brokered private placement for gross proceeds of $1.85 M, to replace the second tranche of the previously announced non-brokered private placement.

ON RESOURCES AND DEVELOPMENT.

  • Torex Gold Resources Inc. released results from the first round of its step out drilling program for its Sub-Sill target at its Limon-Guajes operations in Guerrero. High grade intercepts (core length) in skarn mineralization include: 2.9 m @ 33.7 g/t Au, 0.3% Cu; 7.4 m @ 23.0 g/t Au, 1.2% Cu; 16 m @ 19.4 g/t Au, 1.0% Cu; 4.1 m @ 23.2 g/t Au, 1.2% Cu; 15.5 m @ 14.9 g/t Au, nil Cu; 5.8 m @ 23.9 g/t Au, 0.1% Cu; 3.9 m @ 112.7 g/t Au, 1.3% Cu; 10.6 m @ 9.1 g/t Au, 3.4% Cu. The 34 hole, 7,727 meter program tested an area roughly 350 m by 150 m, with the system remaining open in several directions. “Gold occurs in low and high sulfidized pyrrhotite rich skarns, while silver and copper mineralization is primarily determined by the degree of sulfidation of the host skarn. Mineralization is strongly associated with a late stage retrograde alteration characterized by amphiboles, chlorite, calcite ± quartz ± epidote, affecting pyroxene-garnet marble related exoskarn and granodiorite porphyry related endoskarn. Locally mineralization occurs in narrow lenses of massive sulfides.”
  • Mag Silver Corp. reported results for 13 exploration and infill holes that extend the high-grade mineralization on the Deep Zones of the Valdecañas vein system on their Minera Juanicipio JV with Fresnillo PLC in Zacatecas. The Deep Zone West has now been traced over 550 m, with vein widths from 11.4 m to 26.5 m and a minimum vertical height of 200 m. The Deep Zone East is continuous over 750 m, 5.6 m to 29.9 m in width, with up to 300 m of vertical extent. Underground development and mining infrastructure continue to be progressed, the ramp reached the uppermost part of the Valdecañas vein in December 2016 and footwall development has commenced.Drill highlights, Feb 20171.jpg

 

  • Golden Minerals Co. presented a preliminary economic assessment (PEA) for its Santa Maria project in Chihuahua. Indicated resources stand at 180 K tonnes @ 304 g/t Ag, 1.4 g/t Au and 160 K tonnes of inferred resources @ 321 g/t Ag, 0.9 g/t Au. Life of mine (LOM) of 3.2 years, for production of 2.1 M Oz Ag, 7.2K Oz Au at cash cost $12 per silver ounce (net of Au credits).
  • Pan American Silver Corp. reported reserves and mineral resources as of the end of 2016, which includes figures on its La Colorada mine in Zacatecas, Dolores mine in Chihuahua and La Bolsa project in Sonora.pan-american-silver-reserves-and-resources1
  • Telson Resources Inc. completed an agreement for the acquisition of a sulfide flotation mineral processing facility for CDN$1.3 M, 50% to be paid immediately and the balance when the plant is transported. “Equipment purchased is estimated to make up approximately 80% of the total milling equipment required to construct a fully functioning mill facility at Tahuehueto.”
  • Agnico Eagle Mines Ltd. presented advances on its exploration program at El Barqueño, Jalisco. During 2016 40 holes were drilled in the Olmeca area, in the Socorro and Mortero veins. The Socorro vein has been defined for 1.6 km, and remains open. Results include 5.2 m (true width) @ 19.1 g/t Au, 14 g/t Ag; 4.3 m @ 2.8 g/t Au; 12.1 m @ 7.0 g/t Au, 5 g/t Ag; 6.9 m @ 7.3 g/t Au. The Mortero vein has been delineated for 300 m in length and 300 m in depth, and remains open in all directions. At the Mortero vein results include 39.6 m @ 51 g/t Ag; 41 m @ 73 g/t Ag; 16.4 m @ 1,111 g/t Ag . “Approximately 45,000 metres of additional drilling is expected to be completed by the end of 2017 at the El Barqueno project, principally at the Socorro, Mortero, Tierra Blanca, Cuauhtémoc, Peña de Oro, Peña Blanca, San Diego, and El Rayo prospects and in the Tecolote-Tortuga areas, within the south area of the El Barqueno project. Exploration expenditures in 2017 are expected to total approximately $16.8 million”.
  • Industrias Peñoles is to invest US$1,100 M in Mexico. The Rey de Plata mine (Au-Ag-Cu-Pb-Zn) in Guerrero is in construction, and production is expected by the end of 2017 at a rate of 4,500 tonnes per day; the price tag is estimated at $450 M. The zinc processing plant in Torreon, Coahuila, is also being upgraded to produce 50% more than the current output by early 2018.

ON DEALS AND CORPORATE ISSUES

  • Firma Holdings Corp. which has a JV with MX Gold Corp. regarding its Durango Smelter Project, has now completed the purchase of 100% interest in Inversiones Durango San Luis, S.A. de C.V.. “The acquisition includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day (TPD). The smelter was built to receive and process high-grade direct ship ores and concentrates from small-scale miners…”.
  • MX Gold Corp. entered into a binding option agreement with American Metal Mining S.A. de C.V. whereby, upon certain scheduled payments totaling US$1.525 M, will acquire 50% of the shares of a private Mexican corporation that holds the IDS project, which includes a past producing gold smelter in Durango.

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

On the picture below, breccia-vein float in central Chihuahua, displaying quartz vein and minor volcanic rock fragments in a silicified reddish matrix.