High-grade

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

/ Gambusino Prospector / Leave a comment

During the 35th week of the year (August 28th to September 3rd, 2017), at least 20 press releases were announced by companies working in Mexico, including three quarterly financial reports. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Alix released drilling results from its Electra property in Sonora. ON MINING, Maverix Metals and Santacruz Silver and Southern Silver reported second quarter 2017 financial results. Telson Resources initiated underground mining at Campo Morado in Guerrero. ON FINANCING, VVC Exploration, Colibri and Southern Silver announced the opening or closure of financing rounds for CA$1 M, $1.2 M and $468 K respectively. Marlin Gold withdrew $7 M from its loan facility with Wexford during July and August. Goldgroup Mining amended a credit line with Credipresto. ON RESOURCES AND DEVELOPMENT, VVC Resources initiated a drilling program in Samalayuca, Chihuahua. Sierra Metals released high-grade results from drilling at Cusi, in Chihuahua. Kootenay Silver released drilling results from La Cigarra, also in Chihuahua. Silver Bull is starting an underground drilling campaign at Sierra Mojada, Coahuila. Endeavour Silver released drilling results from Guanacevi, Durango. Mx Gold intends to begin processing of the Magistral del Oro tailings in Durango by the fourth quarter 2017. Geologix is working on the goal of expanding the resource at Tepal, Michoacan. ON DEALS AND CORPORATE ISSUES, VVC Exploration signed a LOI on the La Tuna property in Sinaloa.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Alix Resources Corp. completed, in partnership with Lithium Australia, 1,762 m of RC drilling on 16 holes on its Electra project in the Agua Fria property in Sonora. The program resulted in the discovery of the West Flank zone, which is 25-50 m thick and extends for nearly 2.5 km. Results include 82 m @ 938 ppm Li; 75.0 m @ 966 ppm Li; 30.0 m @ 917 ppm Li; 33.0 m @ 991 ppm Li; 57.0 m @ 719 ppm Li; 45.0 m @ 816 ppm Li; 90.0 m @ 904 ppm Li.

ON MINING

  • Telson Resources Inc. has commenced underground mining operations at Campo Morado in Guerrero. Plans are to accumulate up to 80,000 tons to support the initial start-up of the flotation mill. “The initial processing is planned to commence at approximately 1000 tons per day and will slowly be ramped up to the mill’s ultimate capacity of 2,500 tonnes per day.”
  • Maverix Metals Inc. announced financial results for the second quarter 2017. The royalty and streaming company, which has a NSR from gold production from Pan American Silver’s La Colorada mine in Zacatecas, had a revenue of CA$4 M, with average cash cost per attributable AuEq ounce of CA$187. The company has a current cash balance of CA$32 M.
  • Santacruz Silver Mining Ltd. reported financial and operating results for the second quarter of 2017. The company owns the Veta Grande and Rosario projects in Zacatecas and San Luis Potosi, respectively; producing 270.7 K AgEq Oz at cash cost $21.24 per AgEq Oz and all-in sustaining cost (AISC) of $24.62 per AgEq Oz during the period. Santacruz disposed of its interests in the Gavilanes, San Felipe and El Gachi projects for proceeds of $19.14 M, settling debt to JMET and LLC for $7.36 M and making payments to the underlying vendors of the properties for $3.48 M. The company also entered into the Membrillo property agreement to augment mineralized feed to the Rosario mill.
  • Marlin Gold Mining Ltd. announced its financial results for the second quarter 2017. During the period the company produced 8,785 Oz Au at its La Trinidad mine in Sinaloa, selling 9,825 Oz Au. Currently the company has cash and finished gold account for $2.6 M, $1.7 M of finished gold and $14.2 M of gold-in-process. “Investments in shares of Golden Reign Resources Ltd. stood at $8.7 million at quarter end”.

ON FINANCING

  • VVC Exploration Corp. has opened a non-brokered private placement for up to CA$1 M (Samalayuca, Chihuahua).
  • Colibri Resource Corp. announced a non-brokered private placement intending to raise up $1.2 M (Pitaya and Pilar, Sonora).
  • Marlin Gold Mining Ltd. informed on its second quarter report that during July and August the company received US$2 M and US$5 M respectively from the Wexford loan facility, increasing the Wexford loan to US$37 M (La Trinidad, Sinaloa).
  • Goldgroup Mining Inc. announced the amendment of its outstanding loan facility from Credipresto SAPI de CV SOFOM ENR. Javier Reyes, a director of Goldgroup, is an executive officer and director at Credipresto. The aggregate outstanding balance (15% interest per annum) is now US$627 K, with the available credit set at US$1.5 M, of which US$1 M is intended to be drawn shortly. Three and a half million warrants (on Goldgroup shares) were issued to Credipresto (Cerro Prieto, Sonora).
  • Southern Silver Exploration Corp. closed the second tranche of its previously announced private placement, with gross proceeds of $468 K. The private placement was comprised of a brokered and non-brokered component. Gravitas Securities received a cash fee of $42.2 K and 105.6 K options. The proceeds are to be used on the continuing exploration of the Cerro Las Minitas property in Durango.

ON RESOURCES AND DEVELOPMENT

  • VVC Exploration Corp. started a diamond drilling program on its Samalayuca copper project in Chihuahua. The 3,000 m program is focusing on the area of the La Gloria open pit, mined by Gambusinos in the 1960’s. A recently completed magnetic survey is backing the location site for 15 inclined holes that are to be 100 to 300 m in length.
  • Sierra Metals Inc. presented results from the expanded 14,000 m drilling program on 22 holes completed at the Santa Rosa de Lima zone within its Cusi property in Chihuahua. Intercepts include >3.8 m @ 287 g/t Ag, 0.1% Pb, 0.1% Zn; >4.5 m @ 401 g/t Ag, 0.1% Pb, 0.2% Zn; >4.0 m @ 205 g/t Ag, 2.4% Pb, 3.1% Zn; >13.8 m @ 465 g/t Ag, 0.5% Pb, 0.3% Zn; >4.7 m @ 172 g/tAg, 5.3% Pb, 5.1% Zn. The average grade and true width of infill intercepts is 343 g/t AgEq over 3.63 m, with the step-out holes extending the known mineralization zone to 1.7 km along the 12 km long Santa Rosa de Lima structure.
  • Kootenay Silver Inc. disclosed results from the last drill hole to extend the recently discovered Las Venadas zone within its La Cigarra property in Chihuahua. The hole is 140 m northeast from the last hole, intercepting 7.0 m @ 169 g/t Ag; 12.0 m @ 121 g/t Ag; 24.2 m @ 93 g/t Ag. “The strength and intensity of brecciation, veining and alteration observed in hole CC-17-28 is consistent with discovery hole CC-17-26, which bottomed in veining. Textures are indicative of a variant of an epithermal hydrothermal breccia complex”.
  • Silver Bull Resources Inc. started a 2,000 m underground diamond drill program targeting the recently identified zone of high grade sulfide mineralization at its Sierra Mojada project in Coahuila. The program is to be carried out by the company owned Termite drill rig, capable of drilling up to 100 m of HQ size diamond core.
  • Endeavour Silver Corp. released drilling results extending high-grade mineralization along strike on the Santa Cruz vein and on a newly discovered splay named the La Negra vein, on its Guanaceví mine in Durango. Highlighted true width intercepts: 2.0 m @ 0.4 g/t Au, 259 g/t Ag (on La Negra vein); 2.9 m @ 0.5 g/t Au, 260 g/t Ag; 2.6 m @ 0.3 g/t Au, 334 g/t Ag; 1.9 m @ 0.5 g/t Au, 324 g/t Ag; 3.4 m @ 0.7 g/t Au, 786 g/t Ag; 1.3 m @ 0.4 g/t Au, 397 g/t Ag; 1.9 m @ 0.8 g/t Au, 357 g/t Ag; 1.2 m @ 1.7 g/t Au, 618 g/t Ag.
  • MX Gold Corp. announced in its JV with GracePoint Mining Corp. the project completion and production commencement by the fourth quarter of 2017 on its Magistral del Oro tailing s project in Durango. “…includes a fully permitted, 500 tonne-per-day dynamic cyanide countercurrent system plant constructed in 2013 and tailings containing a historic estimate of 1.25 million tonnes averaging 2.06 grams per tonne gold.”
  • Geologix Explorations Inc. is re-logging selected drill hole intersections on the South Pit of its Tepal property in Michoacan, trying to determine where the high grade structurally controlled ore lies. Rockchip samples are being collected for assay, and also for alteration and geophysical studies. The work is aimed to expand the economic resource base and make additional discoveries, enhancing the preliminary economic assessment (PEA).

ON DEALS AND CORPORATE ISSUES

  • VVC Exploration Corp. signed a letter of intent with Southern Fuels, Inc. to buy the La Tuna gold property in Sinaloa. To complete the acquisition, due diligence work is being carried out, and a formal purchase and sale agreement needs to be negotiated, with a first payment to be made during September 2017.

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, Cananea and the Buenavista del Cobre mine as seen from the North. Photo by Jorge Cirett.

 

Cananea Pano5

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

/ Gambusino Prospector / Leave a comment

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

DSCN5249 - copia

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

/ Gambusino Prospector / Leave a comment

During the 24th week of the year (June 12th to June 18th, 2017), at least 19 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Mexican government released ground for staking for the first time in over two years. ON EXPLORATION, in Sonora Millrock and Centerra are to explore the Navidad project, while Canuc released information on the San Javier project. In Chihuahua VVC Exploration obtained a coveted drilling permit, and Harvest Gold disclosed high-grade rock sampling results from Cerro Cascaron. In Guanajuato, Vangold released results from an extensive rockchip program at its Pinguico property.  ON MINING, no relevant news . ON FINANCING, Southern Silver closed the first tranche of a placement, raising $2.5 M. ON RESOURCES AND DEVELOPMENT, Mexus Gold announced the arrival of a secondary crusher and the installation of an atomic absorption lab at its Santa Elena mine in Sonora. ON DEALS AND CORPORATE ISSUES, Millrock and Western Mining. Entered into an agreement for the purchase of the Navidad property in Sonora. Nyrstar and Telson completed the transaction on the Campo Morado mine sale in Guerrero. San Marco sold to Goldcorp the La Pinta 06 concession in Zacatecas. Discovery Metals is to buy from private owners the La Kika concession in Coahuila.

ON MEXICO ISSUES

  • The Direccin General de Regulación Minera released the first liberty announcement in more than two and a half years, to liberate ground for staking. The release includes 104 concessions that have been reduced in size, and a new title issued, 43 concessions relinquished by the concessionaires and 40 concessions cancelled by payment defaults. It is hoped the agency now can liberate ground on a steady manner (A bigger release was promised on October of 2015).

ON EXPLORATION

  • Millrock Resources Inc. and Centerra Gold Inc. are to explore the recently optioned (see below) La Navidad gold project in Sonora. The 25 K hectares project presents gold mineralization hosted by low-angle faults related to the Magdalena Core Complex, with a zone of faults traced over 2.2 Km and 300-600 m surface width. Historic drill intercepts include 13.2 m @ 2.09 g/t Au; 6.6 m @ 1.34 g/t Au; 3.3 m @ 2.03 g/t Au; 19.5 m @ 0.84 g/t Au; 14.9 m @ 0.66 g/t Au; 8.3 m @ 1.03 g/t Au.
  • Mammoth Resources Corp. released results from its surface channel sampling at its Tenoriba project in Chihuahua. At the Moreno zone 11.5 m (true width, or TW) were cut @ 0.64 g/t Au, while at Carnertios (3 km to the ENE) the samples returned 15.5 m @ 0.99 g/t Au and 7.0 m @ 1.28 g/t Au.
  • Canasil Resources Inc. informed that the last drilling campaign at its Esperanza project in Zacatecas extends the known well-mineralized envelope on the Esperanza vein over 400 m of strike length and 350 m of depth, open in all directions. Based on alteration in volcanic rocks and geophysics, Canasil has outlined a 5 km long target for further exploration, as well as the presence of four other untested veins.
  • VVC Exploration Corp. announced that the SEMARNAT (Environmental Agency) has approved the application for advanced exploration drilling at its Salamayuca copper project in Chihuahua. The program envisages core drilling in up to 53 locations at the site.
  • Canuc Resources Corp. released compiled information from work done by the Santa Rosa Silver Mining Corp. on the San Javier project in Sonora, subsequent to 2012. Mineralization appears as vein and vein-breccia zones 1 to 4.5 m in width, alteration zones associated to the margins of felsic to intermediate dykes and quartz-stockwork breccia zones than can be much wider. At Colorado, the silica clay alteration is at least 11 m wide, with 11.2 m returning 284 g/t Ag, while the Carranza zone locally attains 31 m in width, with 11 m returning 283 g/t Ag. Nine prospects are located on a 2.4 km long corridor.
  • Harvest Gold Corp. disclosed rock sampling results at Cerro Cascaron project in Chihuahua. At La Cascarita two samples returned 3 m @ 1,170 g/t Ag, 2.7 g/t Au, 1.0% Zn; 1.3 m @ 331 g/t Ag, 0.07 g/t Au, 1.6% Pb. A select sample from the Serpiente Dorada vein returned 826 g/t Au, and six other samples from the main vein field returned between 0.25 and 38.0 g/t Au.
  • Vangold Mining Corp. released exploration results from its El Pinguico project in Guanajuato. To date 452 rock samples have been collected from surface and underground locations, results include (no widths provided) 3.4 g/t Au, 450 g/t Ag; 3.8 g/t Au, 331 g/t Ag; 4.1 g/t Au, 354 g/t Ag; 12.6 g/t Au, 1,490 g/t Ag; 5.5 g/t Au, 403 g/t Ag; 4.6 g/t Au, 350 g/t Ag; 9.2 g/t Au, 63 g/t Ag; 13.9 g/t Au, 278 g/t Ag. The program confirms the El Pinguico/El Carmen vein extends to the south, connecting with the La Joya, La Joyita and El Pirul vein systems, extending mineralization 1.5 km from the midpoint of the property.

ON MINING

  • No Relevant News.

ON FINANCING

  • Southern Silver Corp. closed the first tranche of the previously reported brokered private placement, for gross proceeds of $2.5 M (Cerro Las Minitas, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. announced the arrival of a secondary crusher to its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora), and reported assays for samples near the Don Julio vein system, reporting results of 8.3; 0.7; 1.9; 5.8; 5.0 ; 1.1; 1.3 g/t Au. The atomic absorption machine has been installed.
  • Consolidated Zinc Ltd. announced that two more drill holes at its Plomosas mine in Chihuahua have intersected 1.75 m and 0.80 m of massive and semi-massive sulphide mineralization. Furthermore, 33 rock chip samples were collected over 150 m strike in underground workings, with massive and semi-massive sphalerite and galena mineralization in the Las Espadas area.

ON DEALS AND CORPORATE ISSUES

  • Millrock Resources Inc. entered into an option agreement to purchase La Navidad project from a private Mexican firm, Western Mining S.A. de C.V.. To complete the 100% interest purchase, 2.5 M in option payments to Western may be made over a four-year period. An initial payment of 125 K has been made. Three further option payments of 125 K each may be made at annual intervals. A final option payment of $2 M could be made to complete the purchase of the mineral rights. Through its agreement with Millrock, Centerra has the option to earn an 80% interest in La Navidad by funding all the financial obligations in the underlying agreement between Millrock and Western.
  • Nyrstar NV. Announced the completion of the sale of its Campo Morado mine in Guerrero to Telson Resources Inc. for a total cash consideration of USD 20 M, and the potential for additional future proceeds through a variable price agreement linked to production from the mine. The Campo Morado poly-metallic mine can process 2,500 tonnes per day, with the mining concessions covering over 12 thousand hectares. During 2014 the mine processed 657 k tonnes @ 1.2 g/t Au, 115 g/t Ag, 4.6% Zn, 1.2% Cu, 0.9% Pb.
  • San Marco Resources Inc. entered into an agreement to sell its La Pinta 06 concession in Zacatecas to Goldcorp Inc. for US$225 K and a 1% NSR.
  • Discovery Metals Corp. (formerly Ayubowan Capital Ltd.) entered into a mineral exploration and option agreement to acquire the La Kika concession in Coahuila from private vendors. On closing US $45 K are to be paid, and the company is to incur in not less than US $2 M in exploration expenditures, half of which is a firm commitment, and the issuance of an aggregated 1 M shares to the vendors. A 30% royalty on the operating profit of direct shipping operations (for the first 450 K tonnes), or a 2%  NSR otherwise.

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, setting up a geophysical survey in northeastern Chihuahua, circa year 2000. Photo by Jorge Cirett.

Janos1

Highlights on the Second Week of April, 2017. Mineral Exploration in Mexico

/ Gambusino Prospector / Leave a comment

During the 15th week of the year (April 10th to April 16th, 2017), at least 22 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, Goldcorp and Fresnillo PLC presented a year-on-year reduction on their silver reserves.  ON EXPLORATION, Source Exploration released high-grade drilling results from its property in Veracruz, while Canuc presented a description of mineralization styles present on its property in Sonora. ON MINING, Great Panther, Endeavour Silver, Capstone Mining, Avino Silver and GoGold presented operating and/or financial results for Q1, 2017. Primero Mining resolved the union stoppage at its mine in Durango.  ON FINANCING, Starcore repaid outstanding secured bonds for CDN$4.5 M. ON RESOURCES AND DEVELOPMENT, Timmins Gold announced advance in paperwork filing to obtain the mining permit at Ana Paula, Guerrero. Sierra Metals presented updated mineral reserve and mineral resource estimates on its Bolivar and Cusi mines in Chihuahua. Gold Resource presented additional high-grade drilling results from the Switchback system at its El Aguila operations in Oaxaca. Marlin Gold disclosed more high-grade drilling results on La Trinidad mine in Sinaloa. Avino completed a new PEA on the reprocessing of mine tailings at its Avino mine in Durango.  Leagold presented high-grade drilling results from the oxide zone from the Bermejal deposit at its Los Filos mine in Guerrero. ON DEALS AND CORPORATE ISSUES, Colibri shares remain halted. Bacanora Minerals and Hawa entered into a strategic partnership in which the latter is to hold 10% of Bacanora, and have the right to buy up to 100% of the lithium carbonate production. Arian Silver optioned three lithium properties in Zacatecas.

ON MEXICO ISSUES

  • Silver reserves decreased for the two main producers in Mexico. Goldcorp and Fresnillo ended 2016 with fewer reserves than in 2015. Goldcorp reserves moved down from 625 M Oz in 2015, to 611 M Oz in 2016. The decrease was mainly due to the sale of Los Filos (in Guerrero), with 9.73 M Oz Ag. Fresnillo PLC reported 548 M Oz Ag in 2015, and 530 M Oz Ag in 2016. The reduction came from San Julian (in Chihuahua), with 11.7 M Oz, Saucito (in Zacatecas) with 7.49 M Oz and Cienega (in Durango) with 2.93 M Oz.

ON EXPLORATION

  • Source Exploration Corp. released high-grade Au-Cu-Ag drilling results from El Dorado – Juan Bran zone at its Las Minas project in Veracruz. Results from nine infill and extension holes were disclosed, including 24 m @ 1.6 g/t Au, 10 g/t Ag, 1.64% Cu; 44 m @ 0.8 g/t Au, 3 g/t Ag, 0.93% Cu; 26 m @ 0.8 g/t Au, 3 g/t Ag, 0.59% Cu; 36 m @ 2.1 g/t Au, 2 g/t Ag, 0.84% Cu; 8 m @ 0.7 g/t Au, 3 g/t Ag, 0.36% Cu; 14 m @ 1.2 g/t Au, 7 g/t Ag, 1.01% Cu.
  • Canuc Resources Corp. disclosed work done by the previous operator at its San Javier project in Sonora, during 2012. A total of nine prospects were identified in a mineral corridor greater than 3 Km in length and 200 m in width. Three styles of mineralization occur: vein and vein-breccia zones up to 4.5 m in width, alteration zones associated to the margins of felsic to intermediate dykes (up to 11 m in width), and quartz stockwork breccia zones that attain widths of up to 31 m.

ON MINING

  • Great Panther Silver Ltd. announced production results from its operations for the first quarter of 2017. At the Guanajuato Mine Complex 82.45 K tonnes were milled @ 155 g/t Ag, 2.3 g/t Au, for the production of 365 K Oz Ag and 5,177 Oz Au, having recoveries of 88.8% for silver and 85.0% for gold. The Topia operations in Durango have been suspended during the quarter for plant upgrades and installation of the tailings handling equipment. SEMERNAT’s response for the phase II TSF permit is expected before the end of April. Mining has continued since the mill was shut down in early December 2016.
  • Endeavour Silver Corp. reported first quarter 2017 production results from its three mines in Mexico. At Guanceví in Durango, 87.6 K tonnes were processed (973 tonnes per day, or tpd) @ 213 g/t Ag, 0.49 g/t Au to produce 530.7 K Oz Ag, 1,192 Oz Au. At Bolañitos in Jalisco 94.3 K tonnes of ore were processed (1,048 tpd) @ 66 g/t Ag, 2.4 g/t Au, to render 168.7 K Oz Ag, 6,218 Oz Au. At El Cubo in Guanajuato, 121.3 K tonnes processed (1,347 tpd) @ 111 g/t Ag, 1.31 g/t Au, producing 377.6 K Oz Ag, 4,314 Oz Au. Recoveries stood between 84.5% to 88.5% for Ag and 84.4% to 86.4% for Au at the three sites.
  • Capstone Mining Corp. disclosed production results for the three months ended March 31, 2017, including figures from its operations in Mexico. At Cozamin, in Zacatecas, 236.8 K tonnes were mined, 234.2 K tonnes milled (2,602 tpd) @ 1.84% Cu, 0.78% Zn, 0.07% Pb, 46 g/t Ag, for the production of 4,064 tonnes of copper. Recoveries stood at 95.9% Cu, 68.8% Zn, 12.3% Pb, 76% Ag.
  • Avino Silver & Gold Mines Ltd. announced production results from its Avino property in Durango for the first quarter 2017. At the Avino mine 102 K tonnes were mined, 116.5 K tonnes were milled @ 61 g/t Ag, 0.5 g/t Au, 0.44% Cu to produce 195.5 K Oz Ag, 1,252 Oz Au, 1.02 M Lb Cu, achieving recoveries of 86.1% Ag, 67.4% Au, 90.9% Cu. At the nearby San Gonzalo mine 23.2 K tonnes were mined, 20.1 K tonnes were milled @ 229 g/t Ag, 1.19 g/t Au, to produce 124.5 K Oz Ag, 585 Oz Au, with metal recoveries at 84% for silver and 76% for gold.
  • GoGold Resources Inc. reported production for the quarter ended March 31, 2017. At Parral, Chihuahua, 278.2 K Oz AgEq were produced (39% increase on the previous quarter), while production at Santa Gertrudis in Sonora was 114.5 K Oz AgEq, a 29% reduction on the last quarter, as mining transitioned from very high grade toll milling process to a toll heap leach.
  • Primero Mining Corp. resolved the work stoppage of unionized employees that began on February 15th, 2017. Operations are to resume on its San Dimas mine in Durango on Tuesday April 18th, 2017. The new work contract with the Union includes a 7.5% pay raise, adjustments to short term production bonuses and the change from three 8-hour daily shifts to two 10.5-hours daily shifts.

ON FINANCING

  • Starcore International Mines Ltd. has repaid outstanding secured bonds in the aggregate principal amount of CDN$4.5 M. After the payment the company has an approximate cash balance of CDN$10.1 M (San Martin, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Timmins Gold Corp. received the environmental impact assessment (MIA) for its Ana Paula Project in Guerrero. “Following the acceptance of the MIA, the Company anticipates beginning a series of applications for the Change of Land Use (ETJ) Permits which are the final permits required for the construction of the mine.  The Company expects to complete the permitting and feasibility study work over the next 12 months in advance of construction starting in Q2 2018.”
  • Gold Resource Corp. released additional high-grade drill intercepts on the Switchback ore body at its El Aguila operations in Oaxaca. The Switchback system is comprised of multiple high-grade polymetallic epithermal veins, and remains open in all directions. Intercepts include 6.3 m @ 2.47 g/t Au, 126 g/t Ag, 0.7% Cu, 2.4% Pb, 7.5% Zn; 5.8 m @ 4.87 g/t Au, 34 g/t Ag, 0.3% Cu, 2.1% Pb, 7.2% Zn; 7.7 m @ 3.87 g/t Au, 301 g/t Ag, 0.5% Cu, 2.1% Pb, 2.8% Zn; 4.3 m @ 9.97 g/t Au, 51 g/t Ag, 1.2% Cu, 1.7% Pb, 4.5% Zn; 8.0 m @ 1.82 g/t Au, 69 g/t Ag, 0.4% Cu, 0.7% Pb, 5.0% Zn; 21.9 m @ 0.78 g/t Au, 85 g/t Ag, 0.5% Cu, 2.1% Pb, 5.6% Zn.
  • Marlin Gold Mining Ltd. reported that a recent drill hole in the southern part of the high-grade HS zone intercepted 15.45 m @ 15.55 g/t Au, and a second interval of 12.55 m @ 5.81 g/t Au. The second interval confirms a mineralized zone outside the current pit limit.
  • Avino Silver & Gold Mines Ltd. has completed an updated preliminary economic assessment (PEA) of reprocessing the Avino mine tailings in Durango. The PEA highlights include a pre-tax NPV(8%) of US$40.5 M, pre-tax IRR of 48.4%, a two-year pay-back period, a total expenditure of US$28.5 M and a seven-year mine life by processing 3.12 M tonnes of oxide tailing materials.
  • Sierra Metals Inc. updated mineral reserve and mineral resource estimates at its Bolivar mine in Chihuahua, to September 2016. Mineral reserves stand at 4.3 M tonnes @ 17.5 g/t Ag, 0.85% Cu, 0.31 g/t Au; Indicated mineral resources (which include mineral reserves) stand at 9.3 M tonnes @ 18.1 g/t Ag, 0.90% Cu, 0.30 g/t Au; Inferred mineral resources stand at 9.05 M tonnes @ 17.9 g/t Ag, 0.86% Cu, 0.33 g/t Au. The contained metal is 5.4 M Oz Ag, 184.9 M Lb Cu, 91.0 K Oz Au in indicated resources and 5.2 M Oz Ag, 171.6 M Lb Cu, 97.0 K Oz Au in inferred resources. A 20,000 meter drilling program is ongoing, focusing in the addition of resources in several areas.
  • Leagold Mining Corp. reported high-grade drilling results from the oxide zone at the Bermejal deposit, where gold iron-oxide skarn mineralization is located along contacts between intrusive and carbonate host rocks. True width (TW) intercepts include 11.25 m @ 8.0 g/t Au, 7.98 m @ 19.5 g/t Au, 21.55 m @ 13.0 g/t Au, 8.63 m @ 15.1 g/t Au; 11.45 m @ 10.8 g/t Au.
  • Sierra Metals Inc. updated its mineral resource estimate at the Cusi mine, in Chihuahua. The indicated resources stand now at 1.99 M tonnes @ 237 g/t Ag, 0.53% Pb, 0.53% Zn, 0.16 g/t Au, for a total contained metal of 15.2 M Oz Ag, 23.3 M Lb Pb, 23.3 M Lb Zn, 10.1 K Oz Au, while the inferred resources stand at 1.2 M tonnes @ 305 g/t Ag, 0.51% Pb, 0.64% Zn, 0.14 g/t Au, for a total metal content of 11.8 M Oz Ag, 13.5 M Lb Pb, 17.1 M Lb Zn, 5.6 K Oz Au. This update does not include any data from a 15,000 metre drilling program focused on the Santa Rosa de Lima structure.

ON DEALS AND CORPORATE ISSUES

  • Colibri Resources Corp. announced that its shares remain halted pending receipt and review of acceptable documentation regarding the acquisition of Canadian Gold Resources.
  • Bacanora Minerals Ltd. entered into a strategic partnership with Hawa Co, Ltd. (one of the largest traders of battery chemicals in the Asian region). “The Agreement is comprised of both an initial 10% equity investment in Bacanora and an Off-take Agreement for up to 100% of the battery grade lithium carbonate (“Li2CO3”) produced at the Sonora Lithium Project (“Sonora” or the “Project”). The Company is targeting to produce 17,500 tonnes of Li2CO3 per annum (“Stage 1”), commencing in 2019. After two years of producing at this level, the Company plans to lift production to 35,000 tonnes per annum (“Stage 2”)1.”
  • Arian silver Corp. has entered into an option agreement with Comercializadora Gacu S.A. de C.V. (privately held) to acquire three lithium exploration projects in Zacatecas for an aggregate consideration of up to US$200 K payable in instalments over the next 12 months.

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, strong phyllic alteration in a boulder (probably an intrusive rock) collected during stream sediment sampling in Chiapas. The scale below is on centimeters. Photo by Jorge Cirett.

Porphryry phyllic altn