Metallurgy

The Mining and Exploration News in Mexico: Highlights on the Second Week of February, 2025

/ gambusinoprospectormexico / Leave a comment

Quartz-FeOx stockwork veining

By Miguel A Heredia

During the 7th week of the year (February 10th to February 16th 2025), at least 30 press releases were announced by companies working in Mexico, with ten reporting resources and development of their properties, seven announcing financing rounds, six disclosing deals and corporate issues, four communicating production results, two informing on exploration results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Silver Tiger, Impact Silver, and Kootenay the best drilling intercepts in Mexico on the second week of February, 2025. ON EXPLORATION, IN Sonora, Minaurum announced the latest drill results from its drill program at its Alamos Silver project. In Chihuahua, Kootenay released results from eleven holes drilled at its Columba project.  ON MINING, Sierra Madre reported record monthly production results from its Guitarra mine in Estado de Mexico for the month of January, 2025. First Majestic announced 2025 production and cost guidance for their Mexican mining operations. GoGold released Q1, 2025 production and financial results (Parral Tailing project, Chihuahua). Agnico reported Q4 and 2024 full year production results from their Mexican operations. ON FINANCING, Capitan Silver announces a revision to the warrant acceleration right related to its private placement financing warrants (Cruz de Plata project, Durango).  Defiance Silver closed first a second tranche and then a third and final tranche of its non-brokered private placement for gross proceeds of CAD $1,560,600 and CAD $975K respectively (San Acacio property, Zacatecas). Oroco announced that its previously announced non-brokered private placement is now oversubscribed (Santo Tomas project, Sinaloa). Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $140,400 (Pilar and EP project, Sonora). Reyna Silver closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,607,992.50 (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Sonora Desert completed the compilation of the geophysical dataset and outlined the results of geophysical analyses from its Cuatro Hermanos project in Sonora. Tocvan and its JV partner Colibri announced that a total of 1,122m has been drilled in ten drill holes at its Pilar project in Sonora. Hecla reported year-end mineral reserves and resources for its San Sebastian mine, Durango. Apollo provided an update of its recently acquired Cinco de Mayo project, Chihuahua. Silver Tiger released drilling results from its El Tigre project in Sonora.  Impact Silver reported underground drilling results from the Kena Vein South in its producing mine in the Zacualpan mining district, Estado de Mexico. Zacatecas Silver designed a new drill program for its silver projects in Zacatecas. Agnico Eagle provided and update on year-end 2024 mineral reserves and mineral resource, 2024 exploration results and 2025 exploration plans.  ON DEALS AND CORPORATE ISSUES, Guanajuato Silver announced the receipt from the TSX Venture Exchange (TSXV) of approval for graduation from Tier 2 Issuer Status to Tier 1 Issuer Status (El Cubo and Pinguico Mine Complex, Guanajuato). Infinitum Copper announced the resignation of a member of its Board of Directors (La Adelita project, Sonora). SilverCrest received court approval for arrangement with Coeur Mining (Las Chispas mine, Sonora). Tocvan granted stock options to officers, directors and consultants (Pilar project, Sonora). Heliostar announced that it has successfully repaid a USD $5M acquisition loan just three months after securing it to purchase gold assets in Mexico from Florida canyon. Coeur reported that it has completed the acquisition of SilverCrest (Las Chispas mine, Sonora). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUES

  • Silver Tiger Metals Inc., Impact Silver Corp., and Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the second week of February, 2025. Details are shown in the table below:

ON EXPLORATION

  • Minaurum Gold Inc., announced the latest drill results from its drill program at its Alamos Silver project in Sonora. This drilling campaign is targeting the highly prospective Promontorio vein. Drilling highlights are shown in the table below: 
  • Kootenay Silver Inc., released results from eleven holes drilled at its Columba project in Chihuahua. Drilling highlights are shown in the table below:

 ON MINING

  • Sierra Madre Gold and Silver Ltd., reported record monthly production results from its Guitarra mine in Estado de Mexico for the month of January, 2025.  The company shipped a total of 349.38 dry metric tonnes of concentrate with an additional 45.81 tonnes in inventory. Provisional weighted average Ag grade of concentrate shipments was 2,429 g/t, gold averaged 32.124 g/t.
  • First Majestic Silver Corp., announced 2025 production and cost guidance for their Mexican mining operations. Figures are shown in the table below:
  • GoGold Resources Inc., released Q1, 2025 production and financial results (Parral Tailing project, Chihuahua). The company produced 226.3K Oz Ag, 3.2K Oz Au, 271K Lb Cu, and 360.6K Lb Zn (551.4K Oz AgEq) at adjusted cash and AISC of USD $19.33 and USD $22.45 per Oz AgEq respectively. GoGold also announced financial results for the quarter ending December 31, 2024 with record revenue of USD $19.1M on the sale of 626K Oz AgEq at an average realized price of USD $30.51 per Oz Ag. It also reported cash of USD $76M and cash flow from operations of USD $7.9M.
  • Agnico Eagle Mines Ltd., reported Q4 and 2024 full year production and results from their Mexican operations (all currency is expressed in US dollars). At Pinos Altos, Chihuahua, in Q4, 2024 the company milled 381,000 tonnes of 1.58 g/t Au to produce 18.6K Oz Au at a production cost of  $2,435 per Oz Au and a total cash cost of $1,921 per Oz Au. For the 2024 dull year, Agnico milled 1,707,000 tonnes of 1.69 g/t Au to produce 88.4K Oz Au at a production cost of $1,902 per Oz Au and a total cash cost of $1,530 per Oz Au. At La India, Sonora, the company produced in Q4, 2024, over 3.4K Oz Au at a production cost of $3,045 per Oz Au and total cash cost of $1,835 per Oz Au. On the 2024 full year, it produced 24.6K Oz Au at a production cost of $2,025 per Oz Au and a total cash cost of $1,945 per Oz Au. The company reported revenue of $61.47M for Pinos Altos, Chihuahua and $9.26M for La India, Sonora.  Agnico provided three-year production guidance and expects to produce at Pinos Altos, Chihuahua between 75-85K Oz Au in 2025 and 2026, and between 85-95K Oz Au in 2027. Production guidance for 2025 is to mill 1,350,000 tonnes with an average grade of 1.96 g/t Au. 

ON FINANCING

  • Capitan Silver Corp., Mining announces a revision to the warrant acceleration right related to its private placement financing of up to 13,250,000 units at CAD $0.40 per unit, totaling up to CAD $5.3M. Each unit consists of one common share and one common share purchase warrant, exercisable for one share at CAD $0.50 for 12 months. The Company can accelerate the expiry of the warrants with a notice if the closing price exceeds CAD $0.50 and following a significant property acquisition announcement. Closing is set for February 17, 2025, pending regulatory approvals (Cruz de Plata project, Durango).
  • Defiance Silver Corp., closed first a second tranche and then a third and final tranche of its non-brokered private placement of 7,803,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $1,560,600 for the second tranche, followed 4,875,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $975K for the third and final tranche. In total, the company issued 16,339,000 units for aggregate gross proceeds of CAD $3,267,800. Gross proceeds will be used for exploration and general working capital purposes (San Acacio property, Zacatecas).
  • Oroco Resource Corp., announced that its previously announced non-brokered private placement is now oversubscribed due to strong investor demand. As a result, the company is no longer accepting new subscriptions and now intends to close the offering, subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (Santo Tomas project, Sinaloa).
  • Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 5,616,000 units at a price of $0.025 per unit for gross proceeds of $140,400.  Net proceeds are expected to be used as follow: approximately 20% for upcoming exploration expenses at Colibri’s highly prospective precious metals projects in Mexico, including the Pilar Gold Project & the EP Gold Project in Sonora, 65% for arm’s length creditors including payment of interest expenses on outstanding loans and up to 15% to non-arm’s length parties as reimbursement for expenses paid on behalf of the Company by the non arm’s length parties.
  • Reyna Silver Corp., closed a second tranche of its previously announced non-brokered private placement of 21,439,900 units at a price of CAD $0.075 per unit for gross proceeds of CAD $1,607,992.50. Gross proceeds will be used for ongoing exploration, maintenance and development of the company´s properties and general working capital and corporate purposes (Batopilas project, Chihuahua).
  • Barksdale Resources Corp., announced on February 14, 2024, the extension of its convertible debenture´s maturity date to December 31, 2025, with the conversion price reduced to $0.12 per share. The debentures have a remaining principal amount of $1.5M and all other terms of the debentures remain unchanged. The company issued 1,684,931 units to creditors to settle 151,644 in accrued interest, with each unit priced at $0.09 and including warrant for future purchase at $0.12. Additionally, Barksdale issued 8,000,000 share purchase warrants as an extension fee, valid until December 31, 2025. The company continues to advance its base metal projects in North America, including the San Javier project in Sonora, Mexico.

ON RESOURCES AND DEVELOPMENT

  • Sonoran Desert Copper Corporation completed the compilation of the geophysical dataset and outlined the results of geophysical analyses from its Cuatro Hermanos project in Sonora, focusing on resistivity and induced polarization (IP) data. Key findings include the identification of deep shear zones that may serve as channels for sulphide-rich mineralizing fluids, enhancing the potential for copper and molybdenum mineralization. The updated geophysical profiles suggest the presence of mineralization linked to these shear structures, with nearby drillholes indicating increasing copper grades toward these anomalies.
  • Tocvan Ventures Corp., and its JV partner Colibri Resource Corporation announced that a total of 1,122m has been drilled in ten drill holes at its Pilar project in Sonora. It was reported that samples for first three drill holes have been sent to lab for analysis and that an initial review of drill core indicates key structures and favourable rock characterization has been encountered. Tocvan and Colibri are advancing plans for up to 50,000 tonnes bulk sample/pilot facility.
  • Hecla Mining Company reported year-end mineral reserves and resources for its San Sebastian mine, Durango. The company reported indicated resources for San Sebastian-Oxide of 1,233,000 tonnes with grades of 205 g/t Ag and 3.11 g/t Au for a total of 8.15M Oz Ag and 121K Oz Au contained, while for San Sebastian-Sulfide it reported 1,164,000 tonnes with grades of 165 g/t Ag, 0.31 g/t Au, 2% Pb, 3.1% Zn, and 1.3% Cu for a total of 6.2M Oz Ag, 15K Oz Au, 52.64M Lb Pb, 80.42M Lb Zn, and 34.14M Lb Cu contained. Hecla reported inferred resources for San Sebastian-Oxide of 2,163,000 with grades of 221 g/t Ag and 1.87 g/t Au for a total of 15.36M Oz Ag and 134K Oz Au contained, while for San Sebastian-Sulfide the company reported 326, 000 tonnes with grades of 134 g/t Ag, 0.31 g/t Au, 1.7% Pb, 2.6% Zn, and 0.9% Cu for a total of 1.39M Oz Ag, 4K Oz Au, 12.7M Lb Pb, 18.86M Lb Zn, and 6.92M Lb Cu contained.
  • Apollo Silver Corp., provided an update of its recently acquired Cinco de Mayo project, Chihuahua. Recently, on February 3, 2025, a new pro-development executive for the Ejido Benito Juarez, owner of the surface rights covering the Cinco de Mayo claims, was officially certified after winning an election by majority and an approximate margin of 2:1. This change is significant as it opens opportunities for economic proposals regarding the project’s continued development, which aims to include community investments aligned with Apollo´s plans for the site. The company is keen to restore social license and build relationships in the region, which has not been feasible for the past decade due to local governance challenges.
  • Silver Tiger Metals Inc., released the first assays from the drilling program being conducted from underground drill pads targeting the high-grade Vein, Sulfide and Shale results at its El Tigre project in Sonora. Drilling highlights includes holes ET-24-627 and ET-24-626, whose results are shown in the table below:
  • Impact Silver Corp., reported underground drilling results from the Kena Vein South in its producing mine in the Zacualpan mining district, Estado de Mexico. Drilling highlights include holes MPZ-UG-005-24 with 597 g/t Ag, 1.15 g/t Au, 0.8% Pb, and 0.6% Zn over 2.77m, plus 338 g/t Ag, 0.87 g/t Au, 0.4% Pb, and 1.7% Zn over 0.35m, plus 1,460 g/t Ag, 0.04 g/t Au, 0.3% Pb, and 0.7% Zn over 0.55m,and  plus 298 g/t Ag, 0.03 g/t Au, 0.1% Pb, and 0.04% Zn over 1.35m; hole MPZ-UG-006-24 with 195 g/t Ag, 0.05 g/t Au, 0.2% Pb, and 0.5% Zn over 3.70m, including 611 g/t Ag, 0.17 g/t Au, 0.6% Pb, and 1.3% Zn over 0.90m; and hole MZP-UG-007-24 with 519 g/t Ag, 0.54 g/t Au, 0.2% Pb, and 0.4% Zn over 0.75m.
  • Zacatecas Silver Corp., designed a new drilling program for its silver projects in Zacatecas, aimed at expanding existing mineral resources and following up on previously identified high-grade silver intercepts. Key areas of focus include the Panuco Deposit, which has shown high-grade silver results, and the El Cristo Vein System, which has many unexplored targets. In addition, the company has identified two additional high-priority exploration targets: San Gil Breccia and Muleros zones. San Gill Breccia Zone, located in the southern part of the main Zacatecas concessions, about two kilometers southwest of the Veta Grande vein. It features intense brecciation and quartz veining, along with abundant iron oxides after sulfides, and  Muleros Zone, situated south of Panuco and north of El Cristo, this vein system extends over a three-kilometer strike length and consists of three main veins: the South Vein, North Vein, and El Rosario Vein.
  • Silver Storm Mining Ltd., announced a significant update to its mineral resource estimate at its La Parrilla mine in Durango. Key highlights include a 107% increase in indicated mineral resources, growing from 5.2M Oz AgEq to 10.8M Oz AgEq; a 58% increase in inferred mineral resources, from 10.3M Oz AgEq to 16.3M Oz AgEq; approximately 90% of the indicated and 85% of the inferred resources comprise sulphide mineralization, 10% of the indicated and 15% of the inferred mineral resource tonnage is oxide mineralization, with silver accounting for 66% of the indicated and 69% of the inferred gross metal value; the modeling of 23 additional mineralized structures, indicative of further potential; and the total exploration cost was recorded at USD $0.22 per Oz AgEq discovered. Silver Storm is optimistic about future drilling results and its strategic position to potentially resume operations, given the substantial increase in mineral resources and a fully permitted processing plant.
  • Agnico Eagle Mines Limited provided and update on year-end 2024 mineral reserves and mineral resources, 2024 exploration results and 2025 exploration plans. The company reported proven + probable reserves for their Mexican operations. For Pinos Altos, Chihuahua, it reported 433K Oz Au @ 1.94 g/t Au and 8.5M Oz Ag @ 38 g/t Ag, and for San Nicolas, Zacatecas (50%) 672K Oz Au @ 0.4 g/t Au and 37.7m Oz Ag, 1.32 B Lb Cu @ 1.12% Cu, and 1.74 B Lb Zn @ 1.5% Zn.  Agnico also reported mineral resources for their operations. Measured + Indicated (M+I) resources reported for Pinos Altos, Chihuahua were 741K Oz Au @ 2.09 g/t Au and 16M Oz Ag @ 47 g/t Ag, and Inferred resources were 58K Oz Au @1.67 g/t Au and 1.33M Oz Ag @ 39 g/t Ag; for San Nicolas, Zacatecas (50%), 20K Oz Au @ 0.19 g/t Au, 1.2M Oz Ag @ 11 g/t Ag, 87.4M Lb Cu @ 1.18% Cu, and 48.4M Lb Cu @ 0.8% Zn (M+I), and 10K Oz Au @ 0.13 g/t Au, 7.35M Oz Ag @ 9 g/t Ag, 51.8 B Lb Cu @ 0.94% Cu, 34.4M Lb Zn @ 0.6% Zn (Inferred); for La India, Sonora, 89K Oz Au @ 0.52 g/t Au and  464K Oz Ag @ 3 g/t Ag (M+I resources); for Tarachi, Sonora, 361K Oz Au @ 0.58 g/t Au (M+I) and 4K Oz Au @ 0.52 g/t Au (Inferred); for Chipriona, Sonora, 326K Oz Au @ 0.92 g/t Au, 35.6M Oz Ag @ 101 g/t Ag, 38.7M Lb Cu @ 0.16% Cu, and 205.3M Lb Zn @ 0.8% Zn (M+I) and 21K Oz Au @ 0.66 g/t Au, 2.7M Oz Ag @ 87 g/t Ag, 2.63M Lb Cu @  0.12% Cu, and 15.8M Lb Zn @ 0.7% Zn (Inferred); for El Barqueño, Jalisco, 331K Oz Au @1.16 g/t Au, 1.34M Oz Ag @ 5 g/t Ag, 36.7M Lb Cu @ 0.19% Cu (M+I) and 351K Oz Au @ 1.13 g/t Au, 22.7M Oz Ag @ 99 g/t Ag, 51.5M Lb Cu @ 0.2% Cu (Inferred); and for Santa Gertrudis, Sonora, 563K Oz Au @ 0.91 g/t Au (M+I) and 1.43M Oz Au @ 2.36 g/t Au. Agnico also provided its 2025 exploration program and corporate development guidance. At Pinos Altos, Chihuahua, the company expects to spend USD $3.8M for 19,600m of capitalized and expensed exploration drilling. On Mexico Regional, it expects to spend USD $17.6M.

ON DEALS AND CORPORATE ISSUES

  • Guanajuato Silver Company Ltd., announced the receipt from the TSX Venture Exchange (TSXV) of approval for graduation from Tier 2 Issuer Status to Tier 1 Issuer Status. The company will commence trading as a Tier 1 Issuer on February 14, 2025 (El Cubo and Pinguico Mine Complex, Guanajuato).
  • Infinitum Copper Corp., announced the resignation of a member of its Board of Directors (La Adelita project, Sonora).
  • SilverCrest Metals Inc., received court approval for arrangement with Coeur Mining Inc., whereby Coeur will, among other things, indirectly acquires all of the issued and outstanding SilverCrest shares.  (Las Chispas mine, Sonora).
  • Tocvan Ventures Corp., granted 1,675,000 stock options at an exercise price of $0.50 per share to officers, directors and consultants. All options issued will expire February 11, 2030 (Pilar project, Sonora).
  • Heliostar Metals Inc., announced that it has successfully repaid a USD $5M acquisition loan just three months after securing it to purchase gold assets in Mexico from Florida Canyon Gold Inc. Being debt-free will enable Heliostar to reinvest all profits from operations into growth initiatives, focusing on increasing production and developing new resources in 2025 (La Colorada mine, Sonora).
  • Coeur Mining Inc., reported that it has completed the acquisition of SilverCrest Metals Inc. Coeur acquired all the outstanding common shares of SilverCrest, with SilverCrest shareholders receiving 1.6022 Coeur common shares for each SilverCrest common share (Las Chispas mine, Sonora)

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-FeOx stockwork veining with chrysocolla stains from an IOCG system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of June, 2024

/ gambusinoprospectormexico / Leave a comment

Quartz vein hosted in volcanic rocks

By Miguel A Heredia

During the 25th week of the year (June 17th to June 23th, 2024), at least 26 press releases were announced by companies working in Mexico, and 2 news published by the media, with eleven disclosing deals and corporate issues, six announcing financing rounds, six commenting on Mexican issues, and five reporting resources and development of their properties.  ON MEXICO ISSUES, Almadex and Almaden confirmed that they have commenced international arbitration proceedings against Mexico (Ixtaca project, Puebla). Silver Bull provided an update on its international arbitration claim against Mexico (Sierra Mojada project, Coahuila). Arcelor Mittal declared that it has immobilized 300K tones of steel to be processed since last May 25, when the mining workers went on strike.  José Jaime Gutiérrez Núñez, president of the Mining Chamber of Mexico (Camimex), denounced that insecurity continues to be one of the main problems affecting mining. Pan American Silver and Silver Tiger reported the best drilling intercepts in Mexico on the third week of June, 2024. ON EXPLORATION, no relevant news.  ON MINING, no relevant news. ON FINANCING, Prismo closed its previously announced non-brokered private placement for gross proceeds of $1,147,500 (Palos Verdes project, Sinaloa). Vizsla closed its previously announced brokered private placement for gross proceeds of CAD $5.46M (Copala project, Sinaloa). Southern Silver announced a non-brokered private placement for gross proceeds of $3,510,000 (Cerro Las Minitas project, Durango). Guanajuato Silver settled $805K in outstanding liabilities by the issuance of 2,683,333 common shares at a price of $0.30 per share (Cubo, Valenciana, San Ignacio Mine Complexes, Guanajuato).  Heliostar closed the initial tranche of its previously announced non-brokered private placement offering for gross proceeds of approximately $4,479,715 (Ana Paula project, Guerrero). Silver Storm entered into a debt settlement agreement letter to settle the company´s outstanding debt for past services in the amount of $286,760.95 (La Parrilla mine, Durango).   ON RESOURCES AND DEVELOPMENT, Silver Tiger presented results from its ongoing drilling program at El Tigre property, Sonora. Tocvan provided a progress update from its 2024 RC drilling program at its Pilar project, Sonora. Pan American Silver released drill results from its la Colorada property in Zacatecas. Starcore along with Xali Gold and Kappes, Cassiday & Associates (KCA) have commenced drilling at El Oro Mine Tailings project in Mexico as well as an environmental rehabilitation project to    clean up tailings from the Municipality of El Oro in Mexico. ON DEALS AND CORPORATE ISSUES, Vizsla shareholders approved the plan of arrangement with Vizsla Royalties Corp at the special meeting of shareholders (Copala project, Sinaloa). Mag Silver announced voting results of its annual general meeting of shareholders (Juanicipio project, Zacatecas). Riverside announced the acquisition of the Maria Luisa Copper property, immediately north of its Ariel property in Sonora. Candelaria announced voting results of its annual general meeting of shareholders (Caballo Blanco project, Veracruz). Ranchero Gold announced it has closed the sale of its Santa Daniela project in Sonora. Prime announced voting results of its annual general meeting of shareholders (Los Reyes project, Sinaloa). Vizsla Silver revealed that the Supreme Court of British Columbia has issued its final order approving the plan of arrangement with Vizsla Royalties (Panuco project, Sinaloa). Aura announced results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Orla reported voting results for the election of its Board of Directors which took place at its annual general meeting of shareholders (Camino Rojo mine, Zacatecas). Fortuna Silver announced voting results of its annual general meeting of shareholders, including the change of the company´s name to Fortuna Mining Corp (San Jose mine, Oaxaca).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Almadex Minerals Ltd., and Almaden Minerals Ltd., confirmed hat that they have commenced international arbitration proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Almadex alleges that Mexico has breached its obligations under the CPTPP through actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Ixtaca project mineral concessions, causing the loss of the Company’s investment in Mexico. Almadex is pursuing this arbitration together with Almaden Minerals Ltd., on behalf of themselves and their Mexican subsidiaries, and based on a preliminary estimate will be seeking damages of no less than USD $200M, in the aggregate. Almadex would be entitled to damages relating to its 2.0% NSR royalty on the Ixtaca project in Puebla, if such damages were to be awarded.
  • Silver Bull Resources Inc., provided an update on its international arbitration claim against Mexico, setting out a damage claim of USD $408M under the agreement between the United States of America, Mexico, and Canada (the “USMCA”) and the North American Free Trade Agreement (“NAFTA”). The arbitration arises from Mexico’s unlawful expropriation and other unlawful treatment of Silver Bull by the Mexican Government resulting in a total loss of its investment due to an illegal blockade of Silver Bull’s Sierra Mojada project, Coahuila that began in September 2019 and continues to this day. 
  • Arcelor Mittal declared that it has immobilized 300K tones of steel to be processed since last May 25, when the mining workers went on strike. After 20 days of strike at the facilities of the largest steel producer in Michoacán, Mexico, Arcelor Mittal, the National Chamber of the Iron and Steel Industry (Canacero) demanded that the federal and local governments intervene to find “a prompt solution to the labor conflict with the union, since it has a strong impact on the entire North American value chain. The miners’ petition demands payment of 10% of profits, given Arcelor Mittal’s refusal to present the production sheet for the year 2023. Arcelor Mittal is the largest steel company in the country, headquartered in Lázaro Cardenas, Michoacán, with 3.98M tonnes of steel at the end of 2023, concentrating the largest production of rod, wire rod, billet, slab and steel rolls, for national consumption as export. The governor of Michoacán, Alfredo Ramírez Bedolla, hoped that this week there will be a reparation agreement that will end the strike of section 271 of the Mining Union at the Arcelor Mittal plant.
  • José Jaime Gutiérrez Núñez, president of the Mining Chamber of Mexico (Camimex), denounced that insecurity continues to be one of the main problems affecting mining. He pointed out that robberies, kidnapping, extortion and the collection of land rights are situations that the industry that operates in the country faces daily. According to the Fraser Institute of Canada, Mexico is the fourth most unsafe country in Latin America to carry out mining activity, only below Venezuela, Colombia and Nicaragua. Globally, the Institute placed Mexico in 73rd place out of 84 jurisdictions evaluated in terms of investment attraction. The president of the Mining Chamber of Mexico assured that although they had already presented this panorama to the head of the Secretariat of Security and Citizen Protection, Rosa Icela Rodríguez, it has not been possible to put a stop to the insecurity situation that faces the mining industry.
  • Pan American Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the third week of June, 2024. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • No relevant news.

ON FINANCING

  • Prismo Metals Inc., closed its previously announced non-brokered private placement for gross proceeds of $1,147,500 through the issuance of 6,750,000 units. Gross proceeds will be used to fund drilling at its Palos Verdes project, Sinaloa, and for general working capital purposes.
  • Vizsla Silver Corp., closed its previously announced brokered private placement for gross proceeds of CAD $5.46M through the issuance of 9,379,088 units of the company at a price of CADS $0.11 per Unit and 36,923,800 flow-through units of the company, and together with the units at a price of CAD $0.12 per flow-through unit. The company plans to use the gross proceeds for working capital and general corporate purposes (Copala project, Sinaloa).
  • Southern Silver Exploration Corp., announced a non-brokered private placement for gross proceeds of $3,510,000, consisting of 13,000,000 units at a price of $0.27 per unit. Net proceeds will be used for the continued development of its Cerro Las Minitas project, Durango, as well as for working capital.
  • Guanajuato Silver Company Ltd., settled $805K in outstanding liabilities by the issuance of 2,683,333 common shares at a price of $0.30 per share (Cubo, Valenciana, San Ignacio Mine Complexes, Guanajuato).
  • Heliostar Metals Ltd., closed the initial tranche of its previously announced non-brokered private placement offering. Pursuant to the offering, Heliostar issued 16,904,585 common shares at a price of $0.265, for gross proceeds of approximately $4,479,715. The company expects to close a final tranche of the offering upon receipt of TSX Venture Exchange approval for the creation of a new insider of the company.  Assuming such approval is obtained, the final tranche is expected to close on or around June 28, 2024, for gross proceeds of approximately $499,790. Gross proceeds will be used for the commencement of drilling at Ana Paula project, Guerrero, and general working capital.
  • Silver Storm Mining Ltd., entered into a debt settlement agreement letter with a legal service provider (creditor) to the company to settle the company´s outstanding debt for past services performed by the creditor in the amount of $286,760.95 by issuing 972,200 common shares at a price of $0.18 per share, in addition to the payment to the creditor of $111,760.95 (La Parrilla mine, Durango). 

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., presented results from its ongoing drilling program at El Tigre property, Sonora. Drilling highlights at the Stockwork Zone include holes ET-24-583 with 0.97 g/t Au and 12 g/t Ag (1.13 g/t AuEq or 85 g/t AgEq) over 79.5m, including 1.79 g/t Au and 21 g/t Ag (2.07 g/t AuEq or 155 g/t AgEq) over 35.4m, plus 0.67 g/t Au and 4 g/t Ag (0.72 g/t AuEq or 54 g/t AgEq) over 26m; hole ET-24-571 with 0.49 g/t Au and 38 g/t Ag (1 g/t AuEq or 75 g/t AgEq) over 44.2m, including 0.89 g/t Au and 84 g/t Ag (2.01 g/T AuEq or 151 g/t AgEq) over 12.7m, plus 0.31 g/t Au and 1 g/t Ag (0.32 g/t AuEq or 24 g/t AgEq9 over 57m, plus 1.55 g/t Au and 62 g/t Ag (2.37 g/t AuEq or 178 g/t AgEq)over 4.5m; hole ET-24-576 with 0.43 g/t Au and 0.5 g/t Ag (0.44 g/t AuEq or 83 g/t AgEq) over 7.5m, plus 0.92 g/t Au and 9 g/t Ag (1.03 g/t AuEq or 78 g/t AgEq) over 41.1m, including 1.52 g/t Au and 8 g/t Ag (1.62 g/t AuEq or 122 g/t AgEq) over 14.2m; and hole ET-24-580 with 0.68 g/t Au and 5 g/t Ag (0.74 g/t AuEq or 56 g/t AgEq) over 27.1m, plus 1.6 g/t Au and 12 g/t Ag (1.75 g/t AuEq or 131 g/t AgEq) over 9m. These new results are highlighting the expansion of the mineralization along the Footwall of the PEA “Starter Pit”. “The results may increase the updated MRE associated with the PFS-level study, as well as further de-risk the project.”
  • Tocvan Ventures Corp., provided a progress update from its 2024 RC drilling program at its Pilar project, Sonora. During the current year, the company has completed 3,268m in 26 drill holes of which 11 holes are still pending of results. “Drilling at Pilar has been paused to allow for the review of results and assess the summer weather conditions. A second drilling rig for core is being contemplated for later this year to expedite the build out of a robust geological model and accompany the remaining infill and step out drill holes for resource estimation.” The company plans to complete a grid soils sampling along with mapping and rock chip sampling across the area to better define the extents of the mineralization. In addition, Tocvan will also evaluate a UAV based magnetics survey to further assist in the definition of fault structures and alteration.
  • Pan American Silver Corp., released drill results from its la Colorada property in Zacatecas, where the company discovered an entirely new set of vein structures with high silver grades to the east and southeast of the main NC2 Vein. A total of 75 holes for 15,705m of infill drilling was completed, focusing on the vein targets NC2, Mariana, Intermedia, Veta 3, SE system, and Liz, from both surface and underground. 15 surface exploration holes successfully extended the NC2 Vein to the east and intercepted two new structures (Mariana and Intermedia). Drilling highlights include holes S-102-23 with 1,131 g/t Ag, 3% Pb, and 5.5% Zn over 1.42m (NC2 Vein) and 760 g/t Ag, 0.5% Pb, and 0.9% Zn over 0.95m (Mariana Vein); hole S-27-24 with 5,991 g/t Ag, 4.1% Pb, and 8.7% Zn over 1.04m (NC2 Vein), 2,291 g/t Ag, 3.3% Pb, and 6.1 % Zn over 0.59m (Intermediate East), and 426 g/t Ag, 1.2% Pb, and 3.6% Zn over 2.51m (Mariana Vein); hole S-05-24 at Colorada Skarn Zone with 825 g/t Ag, 4.5% Pb, and 9.3% Zn over 1.41m (San Geronimo Vein), a splay vein with 1,755 g/t Ag, 2.7% Pb, and 5.8% Zn over 1.95m, and a second structure with 1,190 g/t Ag, 1.2% Pb, and 2.2% Zn over 2.16m; hole S-20-24 with 614 g/t Ag, 2.1% Pb, and 5.9% Zn over 5.67m (Cristina Vein), a new splay veins with 2,336 g/t Ag, 2.2% Pb, and 4.5% Zn over 0.36m, and 1,212 g/t Ag, 2.3% Pb, and 2.6% Zn over 1.12m, and 1,551 g/t Ag, 5.3% Pb, and 7.9% Zn over 0.65m; and hole S-71-24 with 3,342 g/t Ag, 1% Pb, and 4.6% Zn over 1.89m (Cristina Vein), and a second vein with 128 g/t Ag, 0.8% Pb, and 5.8% Zn over 29.5m.
  • Starcore International Mines Ltd., along with Xali Gold Corporation and Kappes, Cassiday & Associates (KCA) have commenced a 20 hole sonic drilling program at El Oro Mine Tailings project in Mexico with the purpose of taking a representative sample, which will be used in metallurgical test work to confirm the process flowsheet. Additionally, Starcore and KCA will also commence an environmental rehabilitation project to clean up tailings from the Municipality of El Oro in Mexico.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp., shareholders approved the plan of arrangement with Vizsla Royalties Corp. at the special meeting of shareholders. Under the arrangement, the owners of common shares of Vizsla Silver are entitled to receive one-third of a common share of Spinco and one-third of a common share purchase warrant of Spinco for each Vizsla share held immediately prior to the closing of the arrangement. Following the arrangement, Spinco will no longer be a wholly owned subsidiary of Vizsla Silver (Copala project, Sinaloa).
  • Mag Silver Corp., announced voting results of its annual general meeting of shareholders (Juanicipio project, Zacatecas).
  • Riverside Resources Inc., announced the acquisition of the Maria Luisa Copper property, immediately north of its Ariel property in Sonora. Riverside resolved outstanding tax issues for the previously private owner, completed required filings and then reimbursed the property owner minus those costs with a total payment of USD $200K with no royalty or retained interest, giving Riverside100% control. All concessions are now in good standing with data available.
  • Candelaria Mining Corporation announced voting results of its annual general meeting of shareholders (Caballo Blanco project, Veracruz).
  • Ranchero Gold Corp., announced that its wholly-owned subsidiary Minera y Metalurgia Paikas SA de CV, has closed the sale of its Santa Daniela project in Sonora to Minas de Oro Nacional SA de CV, a wholly-owned subsidiary of Alamos Gold Inc. Ranchero Gold received a total of USD $2, 550,000 of which USD $658,000 was paid on signing a letter of intent, and a further USD $1,892,000 on closing, following official transfer of the licenses to Minas de Oro.  Additionally, in the event that Minas de Oro declares a Mineral Reserve of, or mines, greater than 500K Oz Au within the Licenses, a further payment of USD $2,500,000 will be due to Paika from Minas de Oro.
  • Prime Mining Corp., announced voting results of its annual general meeting of shareholders (Los Reyes project, Sinaloa).
  • Vizsla Silver Corp., revealed that the Supreme Court of British Columbia has issued its final order approving the plan of arrangement with Vizsla Royalties Corp. The closing of the arrangement was approved by TSX and will occur on 12:01 a.m. on June 24, 2024, being the effective Date (Panuco project, Sinaloa).
  • Aura Minerals Inc., announced results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
  • Orla Mining Ltd., reported voting results for the election of its Board of Directors which took place at its annual general meeting of shareholders (Camino Rojo mine, Zacatecas).

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, quartz veins hosted in volcanic rocks in an epithermal vein system in a project in Oaxaca, Mexico. Photo taken by Miguel A Heredia.