During the 13th week of the year (March 28th to April 3rd, 2022), at least 32 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, three released quarterly and full year 2021 reports, one informed on the end of a strike and one declared commercial production. One announced the granting of stock options, three updated on project work, three reported drill results on their advanced properties, two released new resource estimates. ON MEXICO ISSUES, three of the top eight silver intercepts on the fifth week of March were obtained by companies working in Mexico. For the quarter, four of the top ten silver intercepts were from projects in Mexico. ON EXPLORATION, in Sonora, Tocvan Ventures provided drill results on the Pilar project; Infinitum Copper commenced drilling at Adelita; Silver Spruce had the preventive report approved for drilling at Jackie. In Zacatecas, Galore Resources informed on drilling at Dos Santos project. In Nayarit, Sierra Madre Gold and Silver released additional trenching results at La Tigra. ON MINING, SilverCrest Metals, Excellon Resources and Mag Silver released quarterly and full year 2021 reports. Excellon Resources informed the strike on its Platosa mine in Durango was terminated. Orla Mining initiated commercial production at Camino Rojo, in Zacatecas. ON FINANCING, Inomin Mines granted stock options to director and a contractor. ON RESOURCES AND DEVELOPMENT, Mexus Gold informed partner company Irmex is modelling the Mabel deposit in Sonora. Solaris Resources is preparing exploration work at La Verde, in Michoacan. Vizsla Silver reported drill results at Panuco, in Sinaloa. Prime Mining delivered drill results from Los Reyes, in Sinaloa. Discovery Silver released results from 17 holes at Cordero, Chihuahua. Torex Gold presented results of the updated technical report on the Morelos Complex in Guerrero. First Majestic Silver presented 2021 resource estimates for its properties. Silver Valley Metals updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. ON DEALS AND CORPORATE ISSUES, Tamino Minerals is triggering a securities fraud probe. Huntington Exploration acquired the El Grande project in Nayarit. Xali Gold ratified the agreement on the tailings with El Oro Municipality in Estado de Mexico. Prime Meridian Resource updated on the purchase of La Verde project in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
Of the top eight silver intersects released on the fifth week of March, three were by companies working in Mexico, according to Miner Deck. Discovery Silver was first with 45.6 m @ 125 gpt Ag at Cordero in Chihuahua, Vizsla Silver was sixth 2.75 m @ 322 gpt Ag at Panuco, in Sinaloa, and Prime Mining was eighth with 42.7 m @ 43 gpt Ag at Los Reyes, in Sinaloa.
According to Miner Deck, of the top ten silver intersects released on Q1 2022, four were by companies working in Mexico. Pan American Silver was fourth with 322.9 m @ 64 gpt Ag at La Colorada Skarn in Zacatecas, GoGold Resources was fifth with 25.7 m @ 776 gpt Ag at Los Ricos, in Jalisco; Silver Tiger was eight with 25.9 m @ 687 gpt Ag at El Tigre, in Sonora and Radius Gold was tenth with 96 m @ 167 gpt Ag at Amalia, in Chihuahua.
Sierra Madre Gold and Silver Ltd. announced additional results from the ongoing trenching program at La Tigra, in Nayarit. Highlighted intervals comprise 6.1 m @ 0.98 gpt Au; 24.2 m @ 1.59 gpt Au (including 4.7 m @ 5.58 gpt Au); 22.9 m @ 1.78 gpt Au, 6 gpt Ag; 6.6 m @ 3.42 gpt Au.
Galore Resources Inc. provided a drilling update of Los Gemelos, at its Dos Santos project in Zacatecas. Three holes have been finished on the San José area, showing recrystallized limestone, dikes and sills of intermediate composition with phyllic and argillic alteration, multiple bodies with hydroxides, hematite, calcite, and local sulfides and quartz, and hydrothermal breccia cemented by calcite and iron oxides. ”The mineralization is repetitive that is concentrated as veins, veins and stratabound bodies, hosted between the carbonate marine sedimentary sequence and the cupula of an unexhumed pluton….”.
Tocvan Ventures Corp. provided results for the three first holes of the phase III drilling campaign at Pilar, in Sonora. Highlighted drill-length intervals comprise 33.3 m @ 0.63 gpt Au (including 21.7 m @ 0.94 gpt Au) and 5.5 m @ 0.64 gpt Au, 10 gpt Ag in core holes and 6.1 m @ 0.51 gpt Au, 8 gpt Ag in a reverse circulation hole.
Infinitum Copper Corp. commenced diamond drilling at La Adelita project in Sonora and Sinaloa. The program envisages a total of 9,000 m of drilling in two phases, with phase I consisting of 3,000 m targeting areas within and adjacent to the existing mineralized zones, and some drilling on new zones like Cerro Grande footwall, Pericos and Las Trancas Sur. A magneto-telluric geophysical is underway, and is expected to aid in targeting.
Silver Spruce Resources Inc. informed the approval by SEMARNAT (environmental agency) of the preventive report for the 1,130 hectares Jackie project in Sonora. “Exploration plans were submitted for a 500-1,000-metre trenching program followed by an initial 1,000-2,000-metre reverse circulation drill program”.
SilverCrest Metals Inc. reported the financial results for the year 2021. At the end of the year construction progress at Las Chispas in Sonora was 86.2%, slightly ahead of schedule. Since 2019 over 17.5 km of underground development has been completed at Las Chispas, and during last year 114,143 m of drilling were completed, mostly as infill holes. At El Picacho, 40 km north of Las Chispas, 80,700 m of drilling were completed in 2021. At the end of the period the SilverCrest held cash and cash equivalents of $176.5 M, and $30 M remaining under a $120 M financing facility.
Excellon Resources Inc. posted financial results for Q4 and full year 2021. During the year, 85.5 K tonnes were mined, 86.0 K tonnes milled @ 494 gpt Ag, 5.01% Pb, 6.03% Zn, recovering 90.5% Ag, 78.5% Pb, 83.7% Zn, to produce 1.22 M Oz Ag, 7.61 M Lb Pb, 9.01 M Lb Zn (2.02 M Oz AgEq). Cash cost was $13.01 per Oz Ag and AISC $26.78 per Ag Oz. “current mining is entering an area of the deposit that steepens significantly, with fewer vertical-tonnes-per-metre than historically encountered…. the Company currently expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs” (Note by editor.- Although high-grade, Platosa seems to be at the end of its mine life due to a combination of deeper ores and high de-watering costs).
Excellon Resources Inc. announced on April 1, 2022 the resolution of the labor action initiated on March 7 by the Sindicato Nacional Minero Metalúrgico (Miner’s Union) at its Platosa mine in Durango.
Mag Silver Corp. presented its financial results for year 2021. The 4,000 tpd Juanicipio (56% Fresnillo PLC, 44% Mag Silver) plant was delivered to plant commissioning late in Q4, but due to regulatory approval commissioning was extended to Q2 2022. It is expected the plant to be working 85% to 90% of capacity by late 2022. Processing of mineralized headings from Juanicipio continues at the nearby Fresnillo plant and has begun to be processed at the Saucito facilities; Processing rates have increased from 38 K tonnes per month in Q4 to 45 K tonnes on the first two months of 2022. During 2021, 251.9 K tonnes from Juanicipio were processed, averaging 470 gpt Ag, to produce 2.97 M Oz Ag, 5,975 Oz Au, 1,065 tonnes Pb, 1,519 tonnes Zn. According to Juanicipio operator, Fresnillo PLC, the project construction is expected to be delivered on budget at $440 M. As of end of 2021 Mag held cash of $56.7 M.
Orla Mining Ltd. declared commercial production at the Camino Rojo Oxide mine in Zacatecas. “The declaration of commercial production at Camino Rojo comes after a successful commissioning period which included the ramp up of mining and processing to sustained throughput levels in excess of 75% of designed nameplate capacity of 18,000 tonnes per day”.
Inomin Mines Inc. informed 350 K stock options were granted to director and a contractor of the company (La Gitana, Oaxaca).
ON RESOURCES AND DEVELOPMENT
Mexus Gold US. informed that its partner at the Mabel project in Sonora, Irmex, “has been working on modelizing the Mexus data including the 611 core and RC holes previously carried out by Pacific Comox before acquisition by Mexus Gold”. To date Irmex has calculated a volume of 184.4 K tonnes @ 1.15 gpt Au, 76 gpt Ag, but work continues to increase the resource. Signature of the definitive agreement is planned for late April 2022.
Solaris Resources Inc. is planning more exploration work to advance its La Verde project (60% Solaris, 40% Teck) in Michoacan. The work envisaged includes the possible extensions of higher-grade ore. A spin-off company, Solaris Exploration, probably will continue with the work on La Verde, while Solaris Resources focus in Ecuador.
Vizsla Silver Corp. reported results from 53 holes on the Napoleon vein corridor at Panuco, in Sinaloa. The mineralized zone has been extended 350 m, which takes the total length of the corridor to 2,500 m. Highlighted true-width intervals comprise 4.00 m @ 55 gpt Ag, 20.38 gpt Au, 0.2% Pb, 3.0% Zn and 9.42 m @ 85 gpt Ag, 2.73 gpt Au, 0.9% Pb, 4.1% Zn (including 2.17 m @ 85 gpt Ag, 7.91 gpt Au, 1.2% Pb, 7.4% Zn) on the Napoleon vein, 2.7 m @ 746 gpt Ag, 6.27 gpt Au, 0.7% Pb, 2.9% Zn on the Napoleon hanging wall vein and 0.47 m @ 17 gpt Ag, 60.5 gpt Au, 0.4% Pb, 1.4% Zn at the Josephine vein.
Prime Mining Corp. released results from the phase II drill program on El Zapote Sur, one of eight ore deposits, at its Los Reyes project in Sinaloa. Highlighted true-width intervals comprise 27.4 m @ 2.38 gpt Au, 43 gpt Ag; 5.8 m @ 7.75 gpt Au, 57 gpt Ag; 3.9 m @ 2.68 gpt Au, 15 gpt Ag; 5.6 m @ 2.91 gpt Au, 41 gpt Ag; 4.3 m @ 2.73 gpt Au, 23 gpt Ag; 8.8 m @ 1.49 gpt Au, 20 gpt Ag; 2.3 m @ 7.10 gpt Au, 20 gpt Ag; 5.3 m @ 1.92 gpt Au, 42 gpt Ag; 18.2 m @ 1.09 gpt Au, 32 gpt Ag. Currently nine rigs are operating at Los Reyes, having completed 30,000 m (in 106 holes) of the planned 50,000 m program. “Mineralization at Zapote South consists primarily of white to grey crystalline to chalcedonic quartz, quartz breccia and stockwork ….. fault structures within or along the margins of rhyolite dykes …… Quartz is massive to crustiform, locally displaying colliform to bladed replacement textures. Higher-grade intervals are marked by finely banded green adularia”.
Discovery Silver Corp. informed on results from 17 holes from the phase 2 drilling program at Cordero, in Chihuahua. Highlighted core-length intervals comprise 45.6 m @ 125 gpt Ag, 0.54 gpt Au, 2.0% Pb, 2.7% Zn (328 gpt AgEq); 177.4 m @ 27 gpt Ag, 0.03 gpt Au, 0.1% Pb, 1.1% Zn (74 gpt AgEq); 44.5 m @ 20 gpt Ag, 0.03 gpt Au, 0.1% Pb, 2.2% Zn (106 gpt AgEq) outside the current resource, 38.6 m @ 91 gpt Ag, 0.11 gpt Au, 1.3% Pb, 1.3% Zn (189 gpt AgEq) beneath the PEA pit and 32.3 m @ 70 gpt Ag, 0.12 gpt Au, 0.8% Pb, 1.0% Zn (142 gpt AgEq); 17.7 m @ 68 gpt Au, 0.03 gpt Au, 0.3% Pb, 0.4% Zn on the margins of the PEA pit. “This current set of results was predominantly targeting the expansion of the open pit and the resource in the northeast of the deposit”.
Torex Gold Resources Inc. presented the results of the updated technical report on its Morelos Complex in Guerrero. The Morelos Complex has a baseline cumulative cash flow of $1,418 M and after-tax (NPV 5%) of $1,040 M, while the Media Luna (ML) projects presents an after-tax NPV(5%) of $458 M. Life of mine (LOM) estimated at 11.5 years, commencing in April 2022, with an annualized production of 374 K Oz AuEq at total cash cost $809 per Oz AuEq and AISC of $954 per Oz AuEq. Total mineral reserves of 5.123 M Oz AuEq @ 3.90 gpt AuEq.
First Majestic Silver Corp. announced its 2021 mineral reserve and mineral resource estimates for the company’s properties, including figures from its operations in Mexico. In its three Mexican mines (San Dimas in Durango, Santa Elena/Ermitaño in Sonora and La Encantada in Coahuila), the company holds 63 M Oz Ag, 879 K Oz Au in the proven and probable categories (included in resources), as well as 111 M Oz Ag, 1.28 M Oz Au in the measured and indicated resource categories and 75 M Oz Ag, 829 K Oz Au in the inferred resource category.
Silver Valley Metals Corp. updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. “it is in advanced discussions and under NDA’s with several well financed and highly technical groups ……… All options remain open for the Company, including a direct investment into the Company itself and the Company moving the project forward, to a joint venture, to a spin out of the asset, to a buy-out of the entire asset”. The inferred resource on the properties comprise 243 K tonnes of lithium carbonate equivalent and 12.3 M tonnes of sulphate potash in 120 M tonnes @ 4.6% K, 380 ppm Li.
ON DEALS AND CORPORATE ISSUES
Tamino Minerals Inc. informed it is planning to trigger a Securities Fraud Probe against whomever results responsible of highly unusual “market activity witnessed during the last several months” (El Volcan, Sonora).
Huntington Exploration Inc. completed the acquisition of Lago de Oro S.A. de C.V. and its 550 square km El Grande gold project in Nayarit. A definitive agreement was reached to purchase all shares of the holding company for a cash payment of US$500 K, issuing 4 M shares of the company, a 2% NSR to the vendor and milestone payments on resources above 500 K Oz Au backed by NI-43-101 technical reports, capped at 20 M shares.
Xali Gold Corp. announced the ratification of the tailings and tourism agreements with the El Oro Municipality on El Oro tailings project in Estado de Mexico. “Renewing the Tailings Agreement is the final item required for Sun River Gold Corp (“Sun River”), who have the option to acquire 100% of the Tailings Project from Xali’s subsidiary…. The Tailings Agreement provides Xali Gold with the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest”.
Prime Meridian Resources Corp. updated on the option to purchase La Verde project in Sonora. Prime Meridian (PMR) formed the Mexican subsidiary Sonoran Copper, S.A. de C.V. and reserved the new company’s new name Sonoran Desert Corporation. PMR has to make a US$200 K payment on Exchange approval, and a further US$200 K payment on late February 2023. Also, Cdn$3.75 M in shares of PMR prior to the first anniversary, and Cdn$2.5 M of PMR shares on the second anniversary. A 2% NSR on production from skarn mineralization will be retained by the vendor, and a 2% NSR on production from porphyry mineralization, with PMR having the right to buy 1% for US$1 M.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Epidote bearing porphyritic rock from a project in the Sonoran desert. Picture by Jorge Cirett.
During the 49th week of the year (December 6th to December 12th, 2021), at least 20 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, there were no mining related news, two released financing news, one more settled a debt with shares and one more qualified to trade on the OTCQB; two companies released resource estimates, one posted on drilling results from an advanced property and one more provided an update on ramping up mining activities. One company changed its name and one more is to create a spin-off company for its remaining exploration projects. ON MEXICO ISSUES, Sonora, Guerrero and Oaxaca can become poles of mining activity. Camimex asked the president to ease the grip on the issuance of mining concessions, as it is to strangle the industry. The Zacatecas Mining Cluster inaugurated Quantum City. The national employment service increased the jobs offered in the mining industry. ON EXPLORATION, In Sonora, Heliostar Metals commenced drilling at Cumaro; Tocvan Ventures is trenching at Pilar. In Sinaloa, Vizsla Silver released drilling results from the Napoleon deposit at Panuco. In Guerrero, Pantera Silver received a drill permit for Nuevo Taxco. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver and Prismo Metals announced or closed financing rounds for C$9.52 M and $2 M respectively. Aloro Mining is to settle a $211 K debt with shares. Sierra Madre Gold and Silver qualified for trading at the OTCQB in the USA. ON RESOURCES AND DEVELOPMENT, Discovery Silver filed the technical report with updated mineral resources at Cordero. Fabled Silver released drill results at Santa Maria. GoGold presented the initial mineral resource estimate on four deposits at Los Ricos North project, and current resources at Los Ricos Sur and the Parral tailings projects. Minera Alamos updated on ramping up of mining at Santana. Oroco Resources released its first drilling results from drilling the Santo Tomás deposit in Sinaloa. ON DEALS AND CORPORATE ISSUES, Advance Gold changed its name to Advance Lithium Corp., and Solaris Resources intends to transfer its non-core assets to a subsidiary company. Prime Meridian Resources optioned the La Verde Grande project in Sonora, for which is to forward US400 K in cash and US$8 M in shares in staged payments. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
According to a note by Mexico Business News, Sonora, Guerrero and Oaxaca are to be poles of mining exploration in the coming years.
Camimex (Cámara Minera de México) asked the AMLO presidency to grant new mining concessions, as the lack of issuance of titles is to result in a shortage of mines in the future due to the lack of exploration. Mexico has seen its standing on the Fraser Institute report to fall from the 29 to the 42 position from 2018 to 2020.
The Zacatecas Mining Cluster inaugurated its Mining Center in Quantum City, to forward research, innovation and technological development in the State’s mining industry.
The Servicio Nacional de Empleo (National Employment Service) increased its jobs offer in the mining industry.
Vizsla Silver Corp. released results from twenty one drill holes targeting the Napoleon vein resource area, at Panuco, Sinaloa. The Napoleon vein measures approximately 1,000 m by 3.86 m in width, to a depth of 400 m, averaging 148 gpt Ag, 2.90 gpt Au, 0.46% Pb, 1.44% Zn (453 gpt AgEq), while the greater Napoleon vein resource area (including the previous one) measures 1,820 m by an average of 3.36 m in width to a depth of 300 m, averaging 142 gpt Ag, 2.62 gpt Au, 0.46% Pb, 1.39% Zn (421 gpt AgEq). Highlighted true width intercepts comprise 5.76 m @ 0.81 gpt Au, 56 gpt Ag, 0.8% Pb, 2.5% Zn; 1.21 m @ 2.25 gpt Au, 26 gpt Ag; 10.69 m @ 1.21 gpt Au, 220 gpt Ag, 0.4% Pb, 0.8% Zn; 1.74 m @ 0.29 gpt Au, 206 gpt Ag; 1.63 m @ 2.69 gpt Au, 34 gpt Ag, 0.2% Pb, 2.2% Zn; 2.52 m @ 0.54 gpt Au, 156 gpt Ag; 1.14 m @ 4.75 gpt Au, 128 gpt Ag, 1.2% Pb, 2.5% Zn; 2.90 m @ 0.76 gpt Au, 210 gpt Ag, 2.2% Pb, 1.8% Zn.
Heliostar Metals Ltd. commenced a drill program at its Cumaro project in Sonora. The drill program will focus on the Verde, Basaitegui and Palmita vein corridors. The Verde target comprises three veins with 530 m strike length 0.5 to 5.0 m in width, where previous surface sampling has returned 5.0 m @ 10.3 gpt Au, 168 gpt Ag; 5.9 m @ 2.65 gpt Au, 105 gpt Ag; 3.0 m @ 4.68 gpt Au, 61 gpt Ag; 1.75 m @ 11.5 gpt Au, 125 gpt Ag. At the Basaitegui target vein textures indicate a shallower part of the system is exposed and the vein at depth is to be tested. At the 1.7 km long Palmita target the mineralization system is also interpreted as shallow and the aim is to intercept the vein at depth.
Pantera Silver Corp. received a drill permit from the government for its Nuevo Taxco project in Guerrero. The maiden drill program is focused on priority targets within 135 ha area historically prepared for drilling by Impact Silver. This area hosts over 21 veins with “substantial width” and mapped lengths of 150 to 350 m, remaining open along strike and depth.
Tocvan Ventures Corp. updated on the trenching program at the Pilar project in Sonora. “Trenching is currently underway with four trenches completed to date at 4-Trench, North Hill and Main Zone targets”. At the Main zone the plan is to test an area where surface sampling has returned 10 m @ 2.5 gpt Au, 27 gpt Ag.
No relevant news.
Guanajuato Silver Company Ltd. closed the second and final tranche of its non-brokered private placement offering, for gross proceeds of C$9.52 M (El Cubo, Guanajuato).
Prismo Metals Inc. announced a non-brokered private placement intended to raise gross proceeds of up to $2 M (Los Pavitos, Sonora).
Aloro Mining Corp. intends to settle a debt for $211.2 K to various insiders of the company with 3.84 M shares (Los Venados, Sonora).
Sierra Madre Gold and Silver Ltd. announced it has qualified for trading on the OTCQB Venture Market in the United States operated by the OTC Markets Group Inc. (Tepic and La Tigra projects, Nayarit).
ON RESOURCES AND DEVELOPMENT
Discovery Silver Corp. filed the technical report with the update of mineral resources for the Cordero project in Chihuahua. The NI-43-101 report for the preliminary economic assessment (PEA) for Cordero will be filed within 45 days of November 30, 2021.
Fabled Silver Gold Corp. released results from one more hole at Santa Maria in Chihuahua. Nine core length intervals 1.5 to 3.0 m in width returned up to 0.16 gpt Au, 66 gpt Ag.
GoGold Resources Inc. released its initial mineral resource estimate for the Los Ricos North project in Jalisco, and updated the mineral reserve at the Parral tailings operation. Oxide indicated mineral from the El Favor, Casados, La Trini and Mololoa deposits adds up to 14.5 M tonnes @ 0.37 gpt Au, 100 gpt Ag, and inferred mineral resources of 15.0 m tonnes @ 0.28 gpt Au, 95 gpt Ag, containing 171 K Oz Au, 46.5 M Oz Ag and 136 K Oz Au, 44.1 M Oz Ag respectively. At El Orito sulfide zone there are 7.8 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.11% Cu, 0.88% Pb, 1.33% Zn as indicated resources, and 5.5 M tonnes @ 0.06 gpt Au, 28 gpt Ag, 0.12% Cu, 0.74% Pb, 1.20% Zn as inferred resources, containing 15 K Oz Au, 7 M Oz Ag, 19 M Lb Cu, 151 M Lb, Pb, 229 M Lb Zn and 11 K Oz Au, 4.9 M Oz Ag, 15 M Lb Cu, 90 M Lb Pb, 146 M Lb Zn respectively, for a grand total of 334 K Oz Au, 93.5 M Oz Ag, 34 M Lb Cu, 241 M Lb Pb, 375 M Lb Zn. At the neighboring Los Ricos Sur project, the company holds 385 K Oz Au, 49.9 M Oz Ag in measured, indicated and inferred resources. At the Parral tailing project proven and probable mineral reserves are 12.8 M tonnes @ 0.35 gpt Au, 32.6 gpt Ag, containing 144 K Oz Au, 13.4 M Oz Ag.
Minera Alamos Inc. provided an update on the ramping-up of mining at Santana, in Sonora. Over 7,300 Oz Au have been placed on the leach pad, while cumulative gold recovery from ore under leach for more than 30 days his approaching 70%. “Mining and crushing activities at the project site continue to progress as operating experience is gained and the available Nicho Norte starter pit operating areas increase”.
Oroco Resources Corp. released results from drilling at its Santo Tomas project in Sinaloa. The eight holes completed so far in the North zone and drilling continues, whilst results for the first three holes have been received. Copper grades are comparable to historical grades and confirm the 2009 gradeshell model of Cu > 0.3%, with chalcopyrite and bornite disseminations and veinlets with sparse pyrite. “Sulphide mineralization in the main intersections on the North Zone are hosted in strongly potassic-altered volcanic and intrusive rocks with an overprint of phyllic alteration”. Highlighted core-length intervals comprise 255.0 m @ 0.39% Cu, 100 ppm Mo, 45 ppb Au; 280.1 m @ 0.38% Cu, 120 ppm Mo, 25 ppb Au; 25.5 m @ 0.29% Cu, 150 ppm Mo, 20 ppb Au; 14.3 m @ 0.50 % Cu, 80 ppm Mo, 26 ppb Au; 207.7 m @ 0.39% Cu, 140 ppm Mo, 19 ppb Au; 76.2 m @ 0.18% Cu, 20 ppm Mo, 7 ppb Au.
Prime Mining Corp. updated on exploration at its Los Reyes project in Sinaloa. Exploration results during the Q3 2021 include the discovery of Au-Ag mineralization in San Miguel East pit-constrained resource, in addition to near surface mineralization at Las Primas, additional high-grade results at Guadalupe East and strike and depth potential of the Zapote-Tahonitas mineralized structure. The planned phase two drilling program is to comprise 250 new holes and a minimum of 50,000 m.
ON DEALS AND CORPORATE ISSUES
Advance Gold Corp. changed its name to Advance Lithium Corp. (Tabasqueña, Zacatecas).
Solaris Resources Inc. intends to transfer its non-core assets in Ecuador, Peru, Chile and Mexico, into a newly incorporated subsidiary named Solaris Exploration Inc., while Solaris Resources focuses on the Warintza project in Ecuador (La Verde (60%), Michoacan).
Prime Meridian Resources Corp. executed a letter of intent (LOI) to purchase up to 100% interest in La Verde Grande 2,493 ha project in Sonora. “The Company’s plan is to fast-track the exploration and development of the seven currently known Cu-Zn-Ag-Au skarn zones, while evaluating in parallel, the significant opportunity for the discovery of copper porphyry mineralization proximal to those skarn zones”. PMR will make cash payments of US$400 K and payments in shares of US$8 M to acquire up to 100% indirect ownership of the La Verde project, subject to a 2% royalty. Upon completing the US$400 K payment, PMR will have earned 5% indirect ownership of the La Verde project, and further 45% indirect ownership upon issuance of 25 M shares @ CA$0.15 per share. PMR will acquire further 25% indirect interest by issuing an additional US$3 M in shares before the first anniversary. A final 25% indirect interest will be earned by issuing US$2 M in shares before the second anniversary. Of the 2% royalty, 1% can be bought by US$1.0 M.
ON SOCIAL RESPONSIBILITY
No relevant news.
On the image below: X marks the spot. Mafic dike on granitic intrusive rock in Sonora. Picture by Jorge Cirett.
During the 33rd week of the year (August 16th to August 22nd, 2021), at least 22 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, four posted on mining/quarterly reports, two on mining issues, four on financing or shares and five more on project development or resource definition and one more on a property acquisition. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, in Sonora, Aloro Mining informed on continuation of drilling at Los Venados. In Chihuahua, Radius Gold announced one more drilling campaign at Amalia. In Sinaloa, Vizsla Silver updated on exploration at Panuco. In Nayarit, Xali Gold submitted drilling applications for El Dorado. ON MINING, Americas Gold and Silver, Prime Mining, First Majestic Silver, and Impact Silver presented second quarter 2021 reports. Mexus Gold shipped its first activated carbon. Gold Resource halted activities due to increase in COVID cases among its workforce. ON FINANCING, Candelaria Mining will not complete the proposed private placement. Galore Resources is to extend the expiry date of some warrants. Kootenay Silver is to spin-out its Canadian assets into another company. Magna Gold closed the previously announced private placement for C$10 M. ON RESOURCES AND DEVELOPMENT, Sierra Metals announced a 10,000 tpd PEA for its Bolivar mine in Chihuahua. Fabled Silver Gold released more results from drilling at Santa Maria. Excellon Resources released high grade Ag-Pb-Zn drilling results from Platosa. GoGold Resources informed on results of drilling at the Casados deposit at Los Ricos project. Sonoro Gold reported results of metallurgical tests at Cerro Caliche. ON DEALS AND CORPORATE ISSUES, Starcore International Mines acquired the Tecouitla claims in Sonora. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
No relevant news.
Xali Gold Corp. informed exploration permit applications have been submitted for El Dorado project in Nayarit. The plus 2,000 m program envisaged will test potential lateral extensions to high-grade zones to better define plunging mineralization shoots, and collection of a bulk sample from El Hundido mine.
Radius Gold Inc. announced that the phase five drilling campaign has commenced at its Amalia project in Chihuahua. Pan American Silver Corp., the project operator plans to deploy a second rig to test El Cuervo target.
Aloro Mining Corp. informed that Alamos Gold Inc. is to resume the reconnaissance drill program on the Los Venados claims in Sonora. Alamos has already exceeded its first year exploration commitment; the current program is focused on outcropping low sulfidation epithermal mineralization.
Vizsla Silver Corp. provided an update on its Panuco project in Sinaloa. Due to the current rise in Covid cases in Sinaloa, Vizsla will keep the current pause in activities at the property until the end of the month, and then gradually increase activities through September. Resource drilling is being done at Napoleon (950 x 350 m area) and Tajitos (550 m x 300 m area), exploration drilling is testing the Napoleon, Cinco Señores, Cordon de Oro and Animas Corridors. Preliminary metallurgical testing is being done on Napoleon vein material, and geotechnical and hydrogeological studies are being conducted. Drilling programmed for the remainder of 2021 comprises 35,000 m.
Americas Gold and Silver Corp. reported second quarter 2021 consolidated financial and operational results. For Mexico, the company reported that it “signed an agreement with the Mexican Ministries of Economy, Interior and Labour along with union representatives committing to a re‐opening at the Cosalá Operations. The agreement contemplates immediate right to possession of the property with joint inspections coordinated by the Ministry of Labor, so that the mine and mill can re‐start operations in a safe and sustainable manner”. (Note from writer. – The mine was paralyzed by a dispute between two unions over a year ago, with strong political connotations).
Prime Mining Corp. reported its operational and financial results for the fourth quarter of fiscal year 2021, end in April 2021. During April the company completed a private placement for gross proceeds of CAN$28.75 M. Also in the period, drilling at Los Reyes in Sinaloa intersected up to 20.1 m @ 3.25 gpt Au, 389 gpt Ag, 3.8 m @ 3.69 gpt Au, 305 gpt Ag, 4.5 m @ 8.95 gpt Au, 74 gpt Ag; 18.7 m @ 1.96 gpt Au, 63 gpt Ag; 39.0 m @ 0.7 gpt Au, 29 gpt Ag. Cash at the end of the period stood at Can$32 M.
First Majestic Silver Corp. announced the consolidated financial results for the second quarter 2021. During the period the company processed 826.2 K tonnes, to produce 3.27 M Oz Ag, or 6.43 Oz AgEq at $13.89 per Oz AgEq and an AISC of $19.42 per Oz AgEq. In Mexico, the production came from San Dimas, in Durango, La Encantada, in Coahuila, and Santa Elena, in Sonora.
Mexus Gold US. confirmed the first shipment of activated carbon from its Santa Elena mining operation in Sonora (Not to mistake with First Majestic’s Santa Elena mine, also in Sonora).
Gold Resource Corp. informed that as result of a steep climb in COVID-19 infections, the company is reducing its activities at the Don David mine in Oaxaca. The measure is to last for at least ten days. “The operations will continue with those employees and contractors who have agreed to stay in the camp for periods longer than the usual rotation to create a bubble”.
Impact Silver Corp. announced its financial and operational results for the second quarter 2021. The cash balance at the end of the quarter was $22.4 M. The mill processed 37.8 K tonnes @ 147 gpt Ag to produce 150.3 K Oz Ag. Some results of its ongoing 10,000 m drilling campaign include 9.8 m @ 211 gpt Ag and 13.85 m @ 186 gpt Ag.
Candelaria Mining Corp. informed that the company will not be proceeding with the proposed brokered private placement previously announced (Pinos, Zacatecas, Guerrero).
Galore Resources Inc. proposed to extend the expiry date of 5.6 M share purchase warrants from September 2021 to September 2024 (Dos Santos, Zacatecas).
Kootenay Silver Inc. board approved a spin-out of 80% of its Canadian exploration assets. Once the arrangement becomes effective, Kootenay shareholders will own shares in two public companies, one focusing in Mexico and the other in Canada (Columba, Chihuahua).
Magna Gold Corp. closed the previously announced private placement of C$10 M convertible debentures (San Francisco, Sonora).
ON RESOURCES AND DEVELOPMENT
Sierra Metals Inc. announced a 10 K tonnes per day positive preliminary economic assessment (PEA) to include iron ore production at its Bolivar mine in Chihuahua. The report envisages an updated after-tax net present value (NPV) of US$361 M at an 8% discount rate, an IRR of 27.9%, net after-tax cash flow of US$650 M with a life of mine (LOM) copper grade of 0.72% and iron ore at 13.5%, an operating cost of US$25.62/tonne and US$1.50 per Lb CuEq, to produce 55 M Lb Cu in 14 years. Current indicated resources stand at 19.4 M tonnes @ 0.77% Cu, 15.1 gpt Ag, 0.21 gpt Au, 13.8% Fe, containing 149.1 K tonnes Cu, 9.4 M Oz Ag, 127.8 K Oz Au, and inferred resources at 21.4 M tonnes @ 0.78% Cu, 14.2 gpt Ag, 0.21 gpt Au, containing 167.1 K tonnes Cu, 9.8 M Oz Ag, 145.6 K Oz Au.
Fabled Silver Gold Corp. announced more results from surface drilling at its Santa Maria project in Chihuahua. Highlighted core length intervals comprise 0.85 m @ 0.98 gpt Au, 10 gpt Ag; 0.80 m @ 0.09 gpt Au, 63 gpt Ag, 0.3% Pb, 0.6% Zn; 20.10 m @ 0.18 gpt Au, 35 gpt Ag, 1.1% Pb, 0.7% Zn, 0.09% Cu (including 5.90 m @ 0.30 gpt Au, 97 gpt Ag, 3.3% Pb, 1.5% Zn, 0.25% Cu).
Excellon Resources Inc. released results from underground drilling at Platosa, in Durango. Some of the highlighted core length intervals: 3.0 m @ 227 gpt Ag, 2.3% Pb, 2.0% Zn, 0.1 gpt Au; 1.3 m @ 360 gpt Ag, 10.1% Pb, 10.2% Zn; 1.3 m @ 692 gpt Ag, 9.3% Pb, 6.3% Zn; 1.2 m @ 544 gpt Ag, 5.9% Pb, 3.9% Zn; 1.6 m @ 1,647 gpt Ag, 12.3% Pb, 11.6% Zn, 0.1gpt Au; 5.2 m @ 1,051 gpt Ag, 12.1% Pb, 13.1% Zn, 0.2 gpt Au (including 2.3 m @ 1,985 gpt Ag, 22.8% Pb, 17.2% Zn); 2.5 m @ 784 gpt Ag, 7.7% Pb, 13.9% Zn, 0.3 gpt Au; 3.1 m @ 581 gpt Ag, 5.7% Pb, 11.4% Zn, 0.1 gpt Au; 1.4 m @ 1,050 gpt Ag, 3.4 % Pb, 2.0% Zn; 3.1 m @ 289 gpt Ag, 2.2% Pb, 3.7% Zn. “Drilling from underground continues to define and expand known mineralization ahead of production at the 623, NE-1 and NE-1S Mantos. Most significantly, drilling into the 623 and NE-1 Mantos continues to improve understanding and confidence, and extend mineralization in these areas”.
GoGold Resources Inc. informed on results from seven drill holes at the Casados deposit at the Los Ricos North project in Jalisco. Highlighted core length intervals: 19.0 m @ 0.54 gpt Au, 131 gpt Ag (including 1.3 m @ 5.16 gpt Au, 1,319 gpt Ag); 9.5 m @ 0.50 gpt Au, 233 gpt Ag; 41.6 m @ 1.25 gpt Au, 218 gpt Ag (including 8.9 m @ 4.71 gpt Au, 698 gpt Ag); 19.2 m @ 0.53 gpt Au, 185 gpt Ag (including 8.5 m @ 1.14 gpt Au, 594 gpt Ag); 8.2 m @ 0.26 gpt Au, 82 gpt Ag. “The Casados Veins strike nearly E-W, dips 45o to the north and is hosted in andesitic tuffs and is exposed on surface for about 400 metres along strike…… A zone of silicification up to 50 metres wide envelopes the vein and this resistant outcrop forms a steep ridge along the strike of the vein, particularly on the north or hanging wall side”.
Sonoro Gold Corp. reported results from metallurgical tests on mineralized material from Cerro Caliche in Sonora. The column metallurgical test returned an average of 74% recovery of gold for the 80% minus 12.5 mm feed material. The 4.7 tonnes sample was obtained from ten PQ (8.5 cm diameter) holes totaling 428 lineal meters. Little to no sulfur and organic carbon were observed on the testing. “There were no obvious variations in gold recovery related to ore zone or material type (vein breccia vs. stock work)”.
ON DEALS AND CORPORATE ISSUES
Starcore International Mines Ltd. informed on the acquisition of the 3,088 hectares Tecoutila claims from Minera Tecouitla, S.A. de C.V.. Previous exploration in the property reported nine veins with lengths of up to 2.1 Km, widths of 0.5 to 1.1 m and grades of up to 10.30 gpt Au, 241 gpt Ag.
ON SOCIAL RESPONSIBILITY
No relevant news.
On the image below: Workings and vein trace on a project in northern Sonora. Picture by Jorge Cirett.
During the 27th week of the year (July 5th to July 11th, 2021), at least 22 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, four on quarterly production and one about the end of an illegal blockade 17 months long, one posted on financing, five more on project development or resource definition and one posted an update on a law suite. ON MEXICO ISSUES, the illegal blockade on Americas Gold and Silver Cosalá operations in Sinaloa was terminated. Mexico has fallen 13 places on the Fraser’s Index on Mining Attractiveness, affected by perceptions on security and rule of law. ON EXPLORATION, in Sonora, Benjamin Hill Mining released surface assay results high in Cu and Au; Tocvan Ventures released results from RC drilling at Pilar. In Sinaloa, Brigadier Gold released drilling and underground sampling results from Picachos. In Durango, Canasil started drilling at Nora. In Zacatecas, Zacatecas Silver signed surface access agreements to the San Gill zone at its Zacatecas Silver project. In Oaxaca, Madoro Metals updated on exploration at Yautepec. ON MINING, GoGold Resources, Gatos Silver, Endeavour Silver and Torex Gold presented second quarter 2021 production results. Americas Gold and Silver signed an agreement with several ministries to reopen Its Cosalá operations in Sinaloa. ON FINANCING, Gold79 Mines commenced trading on the OTCQB Venture Market in USA. Minaurum Gold closed a financing round for C$9.2 M. ON RESOURCES AND DEVELOPMENT, Southern Silver released drilling results from Cerro Las Minitas in Durango. GR Silver Mining, reported drill hole results from Plomosas in Sinaloa. Capitan Mining reported RC holes results from Peñoles, Durango. Guanajuato Silver provided drilling results from Pinguico, Guanajuato. Fabled Silver reported underground drilling results from Santa Maria, Chihuahua. ON DEALS AND CORPORATE ISSUES, Excellon Resources informed on a legal suite regarding the Miguel Auza mine in Zacatecas. ON SOCIAL RESPONSIBILITY, Fresnillo PLC, Minera Autlán and Newmont Peñasquito informed on activities supporting sports, the environment and community equipment in different localities.
ON MEXICO ISSUES
Mexico has fallen 13 places in the Fraser’s Index of Mining attractiveness from 2008 to 2020. Investment also saw a 42.8% reduction in the same period, including some effect by the pandemic. Security, labor regulations, political instability, lack of mining concessions and a nationalization streak in the current government were cited as deterrents to investment in the country. Those viewpoints are reflected in less investment, less employment and fewer opportunities to find new orebodies, factors that will lead to reductions in production and taxes to be paid in the coming years.
The illegal blockade on Americas Gold and Silver Cosalá operations is off. After 17 months of illegal blockade, the negotiations aided by the federal government can hardly be called a success. Events like this one add to the deterioration on the global perception of Mexico as a good place for mining investment.
The AIMMGM (Asociación de Ingenieros de Minas, Metalurgista y Geólogos de México) stated through its president Sergio Almazán, that investment in the Mexican mining sector has been affect by the lack of certitude.
Benjamin Hill Mining Corp. released assay results from surface sampling at the Caracahui, Caracahui Norte and Sonora Copper areas from its Sonora Gold property in Sonora. Some of the highlighted comprise: 0.1 gpt Au, 12.2% Cu, 80 gpt Ag; 1.7 gpt Au, 10.2% Cu, 15 gpt Ag; 4.4% Cu, 8 gpt Ag; 0.2 gpt Au, 4.3% Cu, 25 gpt Ag; 1.2 gpt Au, 2.4% Cu, 98 gpt Ag; 0.1 gpt Au, 1.9% Cu, 3 gpt Ag; 0.6 gpt Au, 1.5% Cu, 24 gpt Ag; 2.2 gpt Au, 0.9% Cu, 17 gpt Ag; 15.9 gpt Au, 0.4% Cu, 3 gpt Ag; 3.3 gpt Au, 0.1% Cu, 47 gpt Ag; 2.5 gpt Au, 0.1% Cu, 65 gpt Ag; 2.4 gpt Au, 0.5% Cu, 7 gpt Ag; 2.2 gpt Au, 0.9% Cu, 17 gpt Ag; 2.0 gpt Au, 0.3% Cu, 53 gpt Ag. “The recent advancement of exploration on the Sonora Gold concession has identified expansive copper mineralization along broadly continuous structural trends which have not yet been fully explored”.
Canasil Resources Inc. announced the start of the 2021 drill program at the Nora project in Durango. The initial focus is to test below, between and on strike extensions from high-grade Au and Ag intercepts from the 2020 program. Highlighted true width intercepts from the previous campaign include 2.40 m @ 4.78 gpt Au, 351 gpt Ag; 1.49 m @ 11.86 gpt Au, 378 gpt Ag and 3.05 m @ 3.71 gpt Au, 489 gpt Ag, with Pb, Zn, Cu credits.
Brigadier Gold Ltd. released drilling and underground sampling results from its Picachos project in Sinaloa. Highlighted underground sampling results comprise 0.3 m @ 31.4 gpt Au, 11 gpt Ag, 0.2% Cu, 0.5% Pb, 2% Zn; 3.2 m @ 7.43 gpt Au, 0.1% Pb, 0.2% Zn; 0.9 m @ 4.64 gpt Au, 0.1% Pb, 0.1% Zn; 0.5 m @ 38.88 gpt Au, 22 gpt Ag, 0.4% Cu, 1.7% Pb, 1.5% Zn; 1.0 m @ 12.79 gpt Au, 8 gpt Ag, 0.1% Cu, 0.9% Pb, 0.9% Zn. A surface trench returned 8 m @ 2.14 gpt Au, 0.1% Pb. Highlighted core length intervals comprise 6.5 m @ 0.26 gpt Au, 6 gpt Ag; 60.3 m @ 0.41 gpt Au, 0.2% Zn (including 4.5 m @ 0.56 gpt Au, 0.1% Pb, 0.1% Zn and 7.5 m @ 0.98 gpt Au, 0.1% Zn); 113 m @ 0.19 gpt Au, 0.1% Pb, 0.2% Zn (including 1 m @ 6.89 gpt Au, 0.1% Zn; 4 m @ 1.85 gpt Au; 1 m @ 5.51 gpt Au, 0.1% Zn); 123 m @ 0.27 gpt Au, 0.1% Pb, 0.2% Zn (including 4 m @ 1.08 gpt Au; 4 m @ 1.10 gpt Au, 0.4% Pb, 1.7% Zn; 1 m @ 3.51 gpt Au, 0.1% Pb).
Madoro Metals Corp. provided an update on recent exploration results from its Yautepec project in Oaxaca. A previously unknown 7 km long trend of epithermal alteration was found in the southern part of the project by company geologists. Highlighted results comprise 0.10 m @ 12.35 gpt Au, 1,250 gpt Ag in a quartz vein grab sample within a stockwork complex 400 by 200 m in the Tecolote zone; 0.10 m vein @ 0.54 gpt Au, 0.16% Cu, 1.3% Zn on the Southern Dike zone.
Zacatecas Silver Corp. completed access agreements with landowners at the San Gill breccia zone and San Gill vein system at its Zacatecas Silver project in Zacatecas. Environmental reports have been sent to SEMARNAT for the drilling of the Panuco and San Gill systems, and a third one is being prepared for El Cristo zone.
Tocvan Ventures Corp. released results from six reverse circulation drill holes at its Pilar project in Sonora. The phase II program sunk over 3,500 m in 20 holes, highlighted core length intervals comprise 44.22 m @ 0.41 gpt Au, 4 gpt Ag (including 7.63 m @ 1.66 gpt Au, 7 gpt Ag); 47.27 m @ 0.75 gpt Au, 5 gpt Ag (including 12.20 m @ 1.12 gpt Au and 19.82 m @ 1.06 gpt Au).
GoGold Resources Inc. reported production of 315.6 K Oz Ag, 3,170 Oz Au, 120 tonnes Cu during the second quarter of 2021 at its Parral tailings project in Chihuahua.
Americas Gold and Silver Corp. signed an agreement with the Mexican Ministries of Economy, Interior and Labour committing to a reopening of its Cosalá operations in Sinaloa, shut by an illegal blockade spanning 17 months. “After the long period of denied access, the agreement contemplates immediate right to possession of the property with a joint inspection coordinated by the Ministry of Labor this Thursday, so that the mine can restart operations in a safe and sustainable manner”.
Gatos Silver Inc. released its production report for the second quarter of 2021, which constitute a record for the company. A total of 240 K tonnes were mined, 230.6 K tonnes were milled at a daily rate of 2,535 tonnes, with an average grade of 322 gpt Ag, 0.35 gpt Au, 2.51% Pb, 4.41% Zn, with recoveries of 89% Ag, 63% Au, 90% Pb, 75% Zn, to produce 2.1 M Oz Ag, 1.5 K Oz Au, 11.2 M lb Pb, 14.5 M Lb Zn in Pb and Zn concentrates.
Endeavour Silver Corp. reported production results for the second quarter 2021. During the period 1.07 M Oz Ag, 11,166 Oz Au were produced. The El Cubo mine in Guanajuato was sold to Guanajuato Silver Corp..
Torex Gold Resources Inc. released production results for Q2 2021. At its El Limón-Guajes mine in Guerrero, a total of 118,050 Oz Au was produced, with an average plant throughput of 11,980 tpd, average underground ore mined of 1,420 tpd and an average open pit ore mined of 12,430 tpd.
Gold 79 Mines Ltd. commenced trading on the OTCQB Venture Market in the United States, operated by the OTC Markets Group Inc., under the stock symbol AUSVF (Taviche , Oaxaca).
Minaurum Gold Inc. closed a previously announced bought deal public offering, for gross proceeds of C$9.2 M. Due to the demand, the offering was upsized from the original gross proceeds of C$7 M. The offering included an investment from Crescat Capital (Alamos Silver, Sonora).
ON RESOURCES AND DEVELOPMENT
Southern Silver Exploration Corp. released drilling results that extend mineralization at the South Skarn and La Bocona areas at its Cerro Las Minitas project in Durango. True width core intervals comprise 1.8 m @ 161 gpt Ag, 0.1 gpt Au, 4.9% Pb, 3.0% Zn (including 0.4 m @ 422 gpt Ag, 0.4 gpt Au, 13.2% Pb, 9.1% Zn); 2.6 m @ 159 gpt Ag, 0.1 gpt Au, 2.4% Pb, 3.5% Zn; 14.0 m @ 162 gpt Ag, 0.2 gpt Au, 1.4% Pb, 0.5% Zn; 1.1 m @ 227 gpt Ag, 0.1 gpt Au, 3.7% Pb, 1.9% Zn. As of May 2019, the indicated resources stood at 37.5 M Oz Ag, 40 M Lb Cu, 303 M Lb Pb, 897 M Lb Zn; and inferred resources at 45.7 M Oz Ag, 76 M Lb Cu, 253 M Lb Pb, 796 M Lb Zn.
GR Silver Mining Ltd. reported results from the final drill holes to be incorporated in to the incoming resource estimation on the Plomosas mine area of the Plomosas project in Sinaloa. True width highlighted intervals comprise 29.5 m @ 1.13 gpt Au, 0.1% Zn (including 9.1 m @ 2.12 gpt Au, 0.1% Pb, 0.1% Zn); 6.4 m @ 0.81 gpt Au, 0.1% Zn; 3.6 m @ 163 gpt Ag, 0.05 gpt Au, 6.4% Pb, 3.7% Zn, 0.2% Cu; 6.1 m @ 120 gpt Ag, 0.48 gpt Au, 2.8% Pb, 0.7% Zn, 0.1% Cu; 0.9 m @ 5.24 gpt Au, 0.2% Pb, 0.2% Zn; 11.8 m @ 328 gpt Ag, 0.19 gpt Au, 0.5% Pb, 1.2% Zn; 1.0 m @ 680 gpt Ag, 0.04 gpt Au, 0.6% Pb, 2.4% Zn; 4.9 m @ 143 gpt Ag, 1.2% Pb, 4.3% Zn.
Capitan Mining Inc. reported results for four reverse circulation drill holes from the Capitan deposit at its Peñoles project in Durango. Highlighted intervals comprise 56.4 m @ 0.58 gpt Au, 14 gpt Ag (including 10.7 m @ 0.99 gpt Au, 16 gpt Ag); 38.1 m @ 0.26 gpt Au; 6.1 m @ 0.28 gpt Au, 5 gpt Ag; 187.5 m @ 0.23 gpt Au, 1 gpt Ag (including 29.0 m @ 0.51 gpt Au, 3 gpt Ag); 10.7 m @ 0.25 gpt Au, 4 gpt Ag; 41.1 m @ 0.24 gpt Au, 5 gpt Ag. Capitan Mining expects to complete a 6,000 m reverse circulation program during the summer whilst continuing exploration work on additional targets.
Guanajuato Silver Company Ltd. provided drilling results from El Pinguico, Guanajuato. Highlighted core length results comprise 1.65 m @ 2.45 gpt Au, 125 gpt Ag; 7.95 m @ 1.35 gpt Au, 39 gpt Ag (including 0.75 m @ 8.81 gpt Au, 208 gpt Ag); 8.10 m @ 1.00 gpt Au, 93 gpt Ag (including 0.90 m @ 5.96 gpt Au, 476 gpt Ag). GS Silver is planning a 3,800 m 18-hole strong drill program, with the aim of estimating resources.
Fabled Silver Gold Corp. announced results from underground drilling at the Santa Maria property in Chihuahua. Results comprise 9.90 m @ 0.08 gpt Au, 17 gpt Ag, minor (<0.1%) Pb-Zn-Cu; 1.20 m @ 0.08 gpt Au, 13 gpt Ag, minor Pb-Zn-Cu; 18.0 m @ 0.24 gpt Au, 20 gpt Ag, minor Pb-Zn-Cu; 2.40 m @ 0.06 gpt Au, 36 gpt Ag, minor Pb-Zn-Cu; 0.80 m @ 0.24 gpt Au, 302 gpt Ag, 0.1% Pb, 0.25% Zn; 6.30 m @ 0.04 gpt Au, 17 gpt Ag, minor Pb-Zn-Cu.
ON DEALS AND CORPORATE ISSUES
Excellon Resources Inc. informed on the legal action regarding the Antigua concession within its Evolution project in Durango. A subsidiary of Excellon, San Pedro Resources SA de CV has been mandated in court to pay US$23 M in damages for not having in operation the Miguel Auza mine. “Excellon understands from an initial electronic notice that San Pedro’s appeal of this decision to the federal courts of Mexico was dismissed on July 1, 2021, despite the decision not being supported by the evidence, facts or law”.
ON SOCIAL RESPONSIBILITY
Fresnillo PLC informed on the re-activation of sports programs in Coahuila.
Minera Autlán supports an environmental project in Hidalgo.
Fresnillo PLC backs the environment in Durango, aiding the El Porvenir sustainable forest.
Newmont Peñasquito installed a solar powered pumping system at El Nuevo Vergel, Zacatecas.
On the image below: Structure in andesitic rocks exposed on a road cut in Sonora. Picture by Jorge Cirett.
During the 23rd week of the year (June 7th to June 13th, 2021), at least 25 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, three posted on financing ($2.6M, $1.43 M, C$11.5 M) and one on a debt settlement with shares, six more on project development or resource definition and three posted on deals or corporate issues. ON MEXICO ISSUES, The bodies of seven miners killed on a coal mine collapse in Coahuila have been recovered. ON EXPLORATION, in Baja, Comet Resources commenced a drill program at Santa Teresa. In Sonora, Minaurum is re-commencing drilling at its Alamos Silver project; Silver Spruce commenced phase II ground exploration at Jackie; Tarachi Gold released RC drilling results from La Dura mine at its Tarachi project. Radius gold released ground exploration results from Maricela. In Sinaloa, Kootenay Silver released good drilling results at Copalito. ON MINING, no relevant news. ON FINANCING, Santacruz Silver settled a C$4.5 M debt by issuing shares to debtors. Three companies informed on financing rounds: Silver Viper Minerals ($1.4 M, aggregate $6 M), Mammoth Resources ($2.6 M) and Defiance Silver (C$11.5 M). ON RESOURCES AND DEVELOPMENT, GR Silver Mining reported drill results from Plomosas, in Sinaloa. Endeavour Silver released high-grade intercepts at Terronera, Jalisco. Advance Gold released (low) lithium drilling results from the Saldivar Salar in San Luis Potosi. GoGold Resources reported drilling results from Los Ricos North in Jalisco. Golden Tag Resources released drilling results from a bulk tonnage target at San Diego, Durango. Golden Minerals reported assay results from expansion drilling at Rodeo, Durango. ON DEALS AND CORPORATE ISSUES, Millrock Resources and Tocvan Ventures signed a letter of commitment in relation to El Picacho project in Sonora. Telson Mining completed its change name to Altaley Mining. VanGold Mining announced its name change to Guanajuato Mining. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on actions the companies realize to help the environment. Mazapil inhabitants evaluated the water quality they receive with Minera Peñasquito support.
ON MEXICO ISSUES
The bodies of six of seven miners have been recovered after the collapse of a coal mine in Coahuila.
Luisa María Alcalde, head of the Secretariat of Work and Social Prevision informed the mine collapse in Coahuila that caused several fatalities was due to strong rains in the region.
Kootenay Silver Inc. released results from five holes at its Copalito project in Sinaloa. The holes are from the 5 Señores vein, which has now been tested on 600 m of its 1 km known extension. Highlighted core length results comprise 35 m @ 75 gpt Ag, 0.6 gpt Au, 0.1% Pb+Zn (126 gpt AgEq) which include 1.70 m @ 43 gpt Ag, 2.56 gpt Au, 0.8% Pb+Zn (218 gpt Ag) and 1.31 m @ 264 gpt Ag, 0.23 gpt Au, 2.3% Pb+Zn (326 gpt AgEq); 19.43 m @ 218 gpt Ag, 0.83 gpt Au, 1.5% Pb+Zn (306 gpt AgEq) including 7.97 m @ 330 gpt Ag, 1.23 gpt Au, 2.0% Pb+Zn (456 gpt AgEq); 15.0 m @ 61 gpt Ag, 0.75 gpt Au, 0.4% Pb+Zn (119 gpt Ag) including 2.0 m @ 220 gpt Ag, 3.79 gpt Au, 0.4% Pb+Zn (475 gpt AgEq); 12.0 m @ 66 gpt Ag, 0.17 gpt Au, 0.8% Pb+Zn (96 gpt AgEq) including 2.20 m @ 241 gpt Ag, 0.42 gpt Au, 0.8% Pb+Zn (289 gpt AgEq); 10.0 m @ 65 gpt Ag, 0.11 gpt Au, 0.3% Pb+Zn (79 gpt AgEq) including 1.68 m @ 210 gpt Ag, 0.45 gpt Au, 0.4% Pb+Zn (248 gpt AgEq).
Minaurum Gold Inc. informed on rig mobilization to its Alamos silver property in Sonora. “Drilling will focus on defining emerging silver shoots in previously explored veins as well as discovering new shoots in underexplored veins. Drill targets will be 100- to 150-metre step-outs of, up- and down-dip, and along-strike of mineralized vein zones, with allowances made for plunging shoots. Minaurum is also continuing reconnaissance work to the south and west in the Alamos project to develop new target veins for later drilling”. Some of the zones to be tested include the Europa-Guadalupe, San José, Minas Nuevas, Alessandra, Ana, Promontorio, Púlpito and Cotera.
Comet Resources Ltd. Commenced a 2,000 m diamond drilling program at Santa Teresa, in Baja California. This is the first drilling program since Premier Gold tested the property in 2008.
Radius Gold Inc. defined high grade and bulk tonnage targets at its Maricela project in Sonora. Rock chip sampling returned up to 3 m @ 4.46 gpt Au, 1,335 gpt Ag; 22.0 m @ 0.15 gpt Au, 39 gpt Ag; 4 m @ 1.23 gpt Au, 111 gpt Ag at Baby Gloria, 25.3 m @0.31 gpt Au, 62 gpt Ag; 10 m @ 0.62 gpt Au, 142 gpt Ag at Virgen de Plata, 4 m @ 0.45 gpt Au, 98 gpt Ag; 10.5 m @ 0.50 gpt Au, 105 gpt Ag at EL Arco; 6 m @ 1.03 gpt Au, 417 gpt Ag at Central. “The project hosts an epithermal silver & gold mineralized vein system extending approximately 1.5km long by 300m wide, within which occurs multiple veins, stockworks and breccias which at intersections have exposed widths +25 meters. Recent mapping and sampling (273 rock chips) identified 6 major veins with combined strike approximately of 5km”.
Silver Spruce Resources Inc. commenced phase II ground exploration at the 1,130 ha Jackie property in Sonora. “The work will be performed on a 100-hectare section of the Property with grid-controlled detailed geological mapping and rock sampling focused on a 25-hectare central block covering the core of the gold and silver discovery area with additional wider spaced grid mapping of the surrounding area”.
Tarachi Gold Corp. released results from surface reverse circulation holes drilled on La Dura mine within the Jabali concession at the Tarachi project in Sonora. Highlighted hole-length intervals comprise 3.0 m @ 0.63 gpt Au, 9.0 m @ 0.22 gpt Au, 3.0 m @ 0.37 gpt Au, 3.0 m @ 2.35 gpt Au; 1.50 m @ 1.56 GPT Au; 12.0 m @ 7.26 gpt Au (including 6.0 m @ 12.2 gpt Au); 3.0 m @ 1.68 gpt Au, 12.0 m @ 0.23 gpt Au. “The drill program tested the down-dip and potential southern plunge in areas of known gold bearing structures”.
No relevant news.
Santacruz Silver Mining Ltd. announced the settling of a debt of C$4.47 M by issuing 10.3 M shares to Empresa Minera Manquiri S.A. and Minas Guilloyna S.A. de C.V. (Zimapan, Hidalgo).
Mammoth Resources Corp. closed its previously announced oversubscribed non-brokered private placement financing to raise up to $2.6 M in gross proceeds (Tenoriba, Chihuahua).
Silver Viper Minerals Corp. closed the final tranche of its non-brokered private placement for aggregate proceeds of $1.43 M. Aggregate profits under the offering were $6 M (La Virginia, Sonora).
Defiance Silver Corp. closed the previously announced brokered private placement for Gross proceeds of C$11.5 M (San Acacio, Zacatecas; Tepal, Michoacan).
ON RESOURCES AND DEVELOPMENT
GR Silver Mining Ltd. reported drill results from the Plomosas project in Sinaloa. Highlighted true width (TW) intercepts on the northern portion of the Plomosas mine area of polymetallic hydrothermal breccia comprise 16.2 m @ 75 gpt Ag, 0.25 Au, 0.7% Pb, 0.8% Zn, 0.1% Cu (including 5.8 m @ 171 gpt Ag, 0.41 gpt Au, 1.1% Pb, 0.7% Zn, 0.2% Cu); 7.6 m @ 227 gpt Ag, 0.27 gpt Au, 1.7% Pb, 1.4% Zn, 0.1% Cu; 10.7 m @ 12 gpt Ag, 2.48 gpt Au, 1.1% Pb, 1.5% Zn (including 1.5 m @ 17 gpt Ag, 15.81 gpt Au, 1.1% Pb, 3.9% Zn); 3.6 m @ 100 gpt Ag, 0.14 gpt Au, 0.2% Pb, 1.1% Zn, 0.5% Cu; 21.0 m @ 25 gpt Ag, 0.67 gpt Au, 1.6% Pb, 2.4% Zn, 0.1% Cu).
Endeavour Silver Corp. announced high-grade intercepts in a number of structures near the Terronera vein at Terronera, Jalisco. True width intercepts comprise 1.12 m @ 0.32 gpt Au, 170 gpt Ag; 2.14 m @ 3.97 gpt Au, 73 gpt Ag; 5.59 m @ 2.17 gpt Au, 177 gpt Ag; 1.35 m @ 9.78 gpt Au, 214 gpt Ag at San Simón, 1.41 m @ 2.20 gpt Au, 54 gpt Ag; 2.88 m @ 6.05 gpt Au, 1,056 gpt Ag; 1.98 m @ 3.38 gpt Au, 347 gpt Ag; 1.39 m @ 2.04 gpt Au, 66 gpt Ag at Fresno, 1.08 m @ 2.63 gpt Au, 25 gpt Ag at Lindero, 1.08 m @ 1.09 gpt Au, 445 gpt Ag at Pendencia, and 1.95 m @ 9.52 gpt Au, 148 gpt Ag; 1.07 m @ 2.81 gpt Au, 54 gpt Ag at Los Cuates.
Advance Gold Corp. announced results from four core holes at its Saldivar Salar in San Luis Potosí. One hole averaged 84 m @ 136 ppm Li (232 ppm peak value), 225 ppm B, 1.3 % K; a second hole averaged 77 m @ 142 ppm Li (229 ppm peak value), 213 ppm B, 1.3% K; a third hole averaged 53 m @ 130 ppm Li (214 ppm peak value), 230 ppm B, 1.2% K; a fourth hole returned 50 m @ 137 ppm Li (231 ppm peak value), 226 ppm B, 1.4% K.
GoGold Resources Inc. released results from drilling on El Orito prospect at it Los Ricos North project in Jalisco. Highlighted core length intersections comprise 9.5 m @ 20 gpt Ag, 0.03 gpt Au, 0.10% Cu, 0.3% Pb, 0.7% Zn; 12.4 m @ 38 gpt Ag, 0.08 gpt Au, 0.23% Cu, 2.1% Pb, 3.8% Zn (including 2.6 m @ 93 gpt Ag, 0.09 gpt Au, 0.61% Cu, 5.3% Pb, 9.9% Zn); 3.0 m @ 222 gpt Ag, 1.93 gpt Au, 0.29% Cu, 2.7% Pb, 0.1% Zn; 44.3 m @ 23 gpt Ag, 0.04 gpt Au, 0.08% Cu, 0.7% Pb, 1.2% Zn (including 4.9 m @ 44 gpt Ag, 0.16 gpt Au, 0.16% Cu, 2.5% Pb, 3.5% Zn); 26.6 m @ 14 gpt Ag, 0.04 gpt Au, 0.07% Cu, 1.1% Pb, 1.3% Zn (including 5.1 m @ 38 gpt Ag, 0.17 gpt Au, 0.20% Cu, 4.5% Pb, 1.9% Zn); 29.4 m @ 36 gpt Ag, 0.06 gpt Au, 0.23% Cu, 2.2% Pb, 4.1% Zn; (including 6.3 m @ 90 gpt Ag, 0.09 gpt Au, 0.65% Cu, 5.2% Pb, 9.5% Zn); 23.0 m @ 61 gpt Ag, 0.08 gpt Au, 0.40% Cu, 2.4% Pb, 4.9% Zn; 58.0 m @ 31 gpt Ag, 0.04 gpt Au, 0.19% Cu, 1.2% Pb, 2.6% Zn. “mineralization averaging approximately 30m in width for more than 700m in strike length and up to approximately 300m in vertical depth from surface and is open in all directions….. The known strike length of the El Orito – El Favor structure is now approaching 2,500 meters and is still open in both directions”.
Golden Tag Resources Ltd. released results from a diamond hole at the Trovador zone of its San Diego project in Durango. Highlighted results comprise 8.40 m @ 0.58 gpt Au, 30 gpt Ag, 0.3% Pb, 0.4% Zn, 0.09% Cu; 86.64 m @ 0.03 gpt Au, 39 gpt Ag, 0.9% Pb, 0.6% Zn; 169.83 m @ 0.04 gpt Au, 32 gpt Ag, 0.6% Pb, 0.8% Zn, 0.05% Cu (including 14.47 m @ 0.03 gpt Au, 81 gpt Ag, 1.9% Pb, 2.2% Zn, 0.12% Cu); 116.45 m @ 0.03 gpt Au, 42 gpt Ag, 0.6% Pb, 0.7% Zn; 2.71 m @ 0.05 gpt Au, 97 gpt Ag, 0.5% Pb, 3.1% Zn, 0.35% Cu.
Golden Minerals Co. released initial results from its expansion drill program at its Rodeo open pit mine in Durango. Highlighted results comprise 14.65 m @ 3.94 gpt Au, 8 gpt Ag; 9.30 m @ 5.38 gpt Au, 10 gpt Ag; 3.70 m @ 7.02 gpt Au, 21 gpt Ag (including 0.90 m @ 21.09 gpt Au, 50 gpt Ag); 13.75 m @ 2.64 gpt Au, 10 gpt Ag, 6.35 m @ 1.41 gpt Au, 36 gpt Ag; 3.80 m @ 2.69 gpt Au, 26 gpt Ag.
GR Silver Mining Ltd. reported drill results from high-grade epithermal veining from La Colorada and San Juan veins at Plomosas, Sinaloa. Highlighted core length intervals comprise 9.0 m @ 710 gpt Ag, 1.82 gpt Au, 1.1% Pb, 0.3% Zn, 0.1% Cu (including 0.7 m @ 8,519 gpt Ag, 18.77 gpt Au, 8.9% Pb, 0.7% Zn, 0.2% Cu); 33.0 m @ 20 gpt Ag, 0.11 gpt Au, 0.5% Pb, 0.3% Zn; 11.1 m @ 139 gpt Ag, 0.69 gpt Au, 0.1% Pb, 0.2% Zn; 7.0 m @ 341 gpt Ag, 1.00 gpt Au, 0.2% Pb, p.6% Zn; 2.1 m @ 480 gpt Ag, 0.05 gpt Au, 0.2% Pb, 0.2% Zn. “The La Colorada vein is a hydrothermal breccia that contains Au-Ag-Pb-Zn values in a mineralized quartz and hematite matrix. It is hosted in andesite and ignimbrite country rock. Sphalerite, galena and acanthite (Ag-bearing mineral) are found in the quartz veins.”.
ON DEALS AND CORPORATE ISSUES
Millrock Resources Inc. signed a letter of commitment with Tocvan Ventures Corp. in relation to 2,414 ha El Picacho gold project in Sonora, west of the San Francisco mine. Tocvan must make make cash payments of US$2 M to the underlying concession owners over a five-year term to acquire 100% interest in the project, pay back taxes and Millrock is to retain a 2% NSR, of Which Tocvan may purchase back 1% for US$1 M.
Telson Mining Corp. is completing its name change to Altaley Mining Corp. on June 11, 2021 (Campo Morado, Guerrero).
VanGold Mining Corp. announced the name change to Guanajuato Mining Corp. to be effective from June 10, 2021 (El Cubo and El Pinguico, Guanajuato).
ON SOCIAL RESPONSIBILITY
Peñoles and Fresnillo PLC informed on actions the companies realize to help the environment.
Mesas Mazapil inhabitants informed on the supervision they do on the water source delivered by Minera Peñasquito.
On the image below: Felsic volcanic rocks autobreccia with hematite rich matrix in Sinaloa. Picture by Jorge Cirett.
During the 21st week of the year (May 24th to May 30th, 2021), at least 33 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, three presented mining related news, seven posted on financing (C$6M, $60 M, C$5 M, C$10 M, $2.6 M, $C$11.5 M) and one on share distribution, six more on project development or resource definition and two posted on corporate issues. ON MEXICO ISSUES, CanCham complained on the lack of clear policies and opacity on the rule of law that are affecting Canadian investments in Mexico. The push from the Mexican government to create an institution to manage the lithium industry from the optics of sovereignty sees opposition from the mining industry, and reality. Camimex released a list of mining investments to be realized in the next few years, amounting to several billion dollars. ON EXPLORATION, in Sonora, Ridgestone Mining applied for drilling permits at Rebeico. Tocvan Ventures released results from drilling at Pilar. In Chihuahua, Kootenay Silver released high-grade results from drilling at Columba. In Durango, Mithril Resources, updated on drilling at Copalquin. In Sinaloa, Riverside Resources released surface sample results; Vizsla Silver informed on geophysical results supported by drilling, and more surveys to come; Brigadier Gold discovered bulk tonnage copper mineralization in trenching of soil anomalies. ON MINING, Impact Silver and Telson Mining presented Q1 2021 results. Magna Gold informed it has exceeded 3 M man-hours of work without lost-time incidents. ON FINANCING, Silver Bull Resources is to distribute 34.2 M shares of Arras Minerals among its shareholders. Six companies informed on financing rounds: Silver Viper Minerals (C$6 M), Vizsla Silver ($60 M), Reyna Silver (C$5 M), Sable Resources (C$10M, Defiance Silver (C$11.5 M) and Mammoth Resources ($2.58 M). ON RESOURCES AND DEVELOPMENT, Prime Mining released drilling results from Los Reyes. GR Silver Mining reported near surface drill results from Plomosas. GoGold Resources released drilling results from the Casados deposit at Los Ricos North. Discovery Silver released results from 12 drill holes targeting high-grade vein trends at Cordero. Sailfish Royalty filed a technical report with a new resource estimate for Gavilanes. Discovery Silver updated on exploration at Cordero, with 75,000 m of drilling completed on 178 holes, and four drills continuing the phase 2 program. Golden Tag announced the discovery of a shallow zone of epithermal mineralization at San Diego. ON DEALS AND CORPORATE ISSUES, Mexus Gold informed Fresnillo PLC is reviewing its Santa Elena mine. Riverside Resources announced BHP is funding a third year of generative work in Sonora. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on their policies and programs to aid in education on a wide range of communities. Minera San Xavier informed Cerro San Pedro in San Luis Potosi has been declared as “Cyanide Free Site” by the International Cyanide Management Institute.
ON MEXICO ISSUES
CanCham (Cámara de Comercio de Canadá en México) pointed out that the lack of clear policies and the opacity on rule of law is affecting Canadian investments, which show an 18% decrement in the last year, holding the investment of thousands of millions (Mexican number notation) of dollars in the energy, mining, pharmaceutical and agricultural sectors. These remarks were expressed by Enrique Zorrilla, Cancham’s president, in the meeting between the Commerce ministers of Mexico, Canada and the United States.
Mexico is preparing its strategy to develop the lithium market. The federal government intends to become a lithium producer by controlling several deposits, Bolivia’s advice and a commerce treatise to facilitate establishing an electric battery factory. The current government senate fraction is preparing a proposal to create the Instituto Nacional del Litio. (Lithium National Institute) and to declare lithium as Nation’s exclusive property (Note. – This federal initiative push misses the point that so far there is not a single lithium mine in Mexico, that its lithium in brines potential is limited at best, and that the economics of lithium extraction from clays -like in the Bacanora Lithium’s deposit in Sonora- is not yet clear).
Fernando Alanís, president of Camimex (Cámara Minera de México) informed that lithium deposits in Mexico have a very low grade, and lack the technology for its extraction, reason for which the country is far from becoming a world power in lithium production. Lithium presents in three kind of deposits: hard rock (pegmatites), brines (from salt lakes) and clays. Rock and brine lithium extraction accounts for 100% of the world production, whereas the extraction of lithium from clays is very energy intensive and expensive, not having a single producing mine in the entire planet.
Camimex released a table with the Mexican Mining Developments programmed for the next few years, same that reach US$7,820 Million in investment (Mexican number notation, equivalent to US$7.8 billion).
Mithril Resources Ltd. provided an update on drilling at its Copalquin project in Durango. The current program main focus is to extend the Refugio ore shoot down dip (presently 600 m along strike, 200 m down dip, 5 m in width), maiden drilling at Los Pinos target, extend three holes and deep exploration drilling at La Soledad and extend near-surface intercepts at El Cometa.
Ridgestone Mining Inc. commenced permitting for drill programs at Guadalupe y Calvo, Chihuahua, and Rebeico, Sonora.
Riverside Resources Inc. reported surface sample results from its La Silla project in Sinaloa. The highlighted samples from the El Ciruelo and El Roble targets returned 6.1 gpt Au, 80 gpt Ag; 5.6 gpt Au, 81 gpt Ag; 4.4 gpt Au, 35 gpt Ag; 3.5 gpt Au, 26 gpt Ag; 3.3 gpt Au, 20 gpt Ag; 2.6 gpt Au, 41 gpt Ag, on quartz veining, gossanous breccia and strongly oxidized andesite. El Ciruelo target extends for at least 1 km with a 1-5 m wide chalcedonic vein zone. El Roble vein extends for at least 300 m, reaching up to 2 m in width, with mineralization occurring also in the host rock.
Vizsla Silver Corp. provided an update on the recently completed geophysical survey completed at Panuco, in Sinaloa. A fixed loop electromagnetics (FLEM, or EM) was trialed and detected massive sulfide mineralization on the Napoleon and Josephine veins, proved with three massive sulfide intercepts in the latter. The Josephine vein has no known surface expression and runs parallel to the west of the main Napoleon trend. Mineralization at Tajitos is not related to massive sulfides and was not detected with EM. Vizsla is planning a property wide airborne EM-magnetic survey at Panuco.
Kootenay Silver Inc. announced high-grade results from the 5,000 m core drill program currently underway at Columba, Chihuahua. Highlighted core length intervals in the Hanging-Wall, F, and Footwall veins comprise 1.55 m @ 189 gpt Ag, 0.1%Pb, 0.2% Zn; 1.0 m @ 104 gpt Ag, 0.1% Zn; 2.44 m @ 217 gpt Ag, 0.1% Pb, 0.1% Zn; 2.94 m @ 321 gpt Ag, 0.2% Pb, 0.6% Zn (including 1.94 m @ 428 gpt Ag, 0.3% Pb, 0.7% Zn); 8.0 m @ 130 gpt Ag, 0.1% Pb, 0.2% Zn (including 2.9 m @ 265 gpt Ag, 0.1% Pb, 0.5% Zn); 1.95 m @ 104 gpt Ag, 0.1% Pb, 0.1% Zn; 9.0 m @ 354 gpt Ag, 0.1% Pb, 0.4% Zn (including 2.63 m @ 809 gpt Ag, 0.3% Pb, 0.4% Zn); 30.0 m @ 86 gpt Ag (including 2.37 m @ 425 gpt Ag, 0.2% Zn).
Brigadier Gold Ltd. announced the discovery of bulk tonnage type copper mineralization at its Picachos project in Sinaloa. Fifty meters on trenching of historic copper anomalies has returned XRF copper values ranging from 0.05 to 1.34% Cu and 20 to 284 ppm Ag. Brigadier has also completed mapping and sampling of the historic La Gloria mine, where a drill hole intercepted 1.0 m @ 6.26 gpt Au.
Tocvan Ventures Corp. released results for the first three holes of its phase-II drill program at Pilar, in Sonora. The drill program consists of 2,900 m of reverse circulation drilling in 17 holes, of which 14 are pending results. Highlighted down-hole intercepts comprise 29 m @ 0.71 gpt Au (including 6.1 m @ 1.9 gpt Au); 24.4 m @ 0.56 gpt Au (including 9.2 m @ 1.3 gpt Au, 14 gpt Ag); 6.1 m @ 0.48 gpt Au, 4 gpt Ag; 4.6 m @ 0.50 gpt Au, 11 gpt Ag.
Impact Silver Corp. presented its financial and operating results of Q1 2021. During the period 36.4 K tonnes were processed @ 162 gpt Ag to produce 156.9 K Oz Ag. “continued exploration on the north and south extensions of the Veta Negra Mine, trenching on the bulk tonnage gold target at Manto America in the central part of the district and exploration on the northwest (Pachuqueno) extensions of the Guadalupe Mine”.
Magna Gold Corp. has exceeded 3 M man-hours of work without lost-time incidents within all its operations, including contractors and suppliers. The last lost-time incident was in 2018, and the mine has not had a fatal accident in its 11 years history.
Telson Mining Corp. presented its first quarter 2021 financial and operating results. At Campo Morado in Guerrero, 174.4 K tonnes were processed to produce 11,013 tonnes Zn (74% Zn recovery), 1,908 tonnes Pb at cash cost $0.70 per Lb Zn and AISC of $0.90 per Lb Zn. During the period gross revenue was $21.2 M (Q1 2020: $19.0 M) and mine operating profit $5.25 M (Q1 2020: $0.26 M loss).
Silver Bull Resources Inc. announced its intent to distribute 34.2 M shares of Arras Minerals Corp. to Silver Bull shareholders. Silver Bull transferred mineral properties in Kazakhstan and received 36 M shares of Arras in return, making Arras an approximately 88%-owned subsidiary of Silver Bull (Sierra Mojada, Coahuila).
Silver Viper Minerals Corp. intends to undertake a non-brokered private placement financing to raise aggregate gross proceeds of up to C$6 M (La Virginia, Sonora).
Vizsla Silver Corp. entered into an agreement with Canaccord Genuity Corp.on behalf of a syndicate of underwriters to buy units of the company for gross proceeds of $60 M (Panuco, Sinaloa).
Reyna Silver Corp. entered into an agreement with Eight Capital and Red Cloud Securities Inc. in connection with a private placement intended to raise up to C$5 M (Guigui and Batopilas, Chihuahua).
Sable Resources Ltd. entered into an agreement with Sprott Capital Partners LP and Eight Capital in connection with a bought deal private placement financing to raise up to C$10 M (Vinata, Chihuahua).
Mammoth Resources Corp. Announced a non-brokered private placement financing aiming to raise up to $2 M, same that by the next day had been increased to $2.58 M (Tenoriba, Chihuahua).
Defiance Silver Corp. has increased the size of its previously announced private placement with Red Cloud Securities Inc. for gross proceeds of up to C$11.5 M (Bolañitos and Pinguico, Guanajuato).
ON RESOURCES AND DEVELOPMENT
Prime Mining Corp. released additional results from its ongoing 15,000 m drill program at Los Reyes, Sinaloa. The Highlighted true width intercepts are from the Guadalupe East, Zapote South and the Estaca vein: 11.6 m @ 8.12 gpt Au, 725 gpt Ag; 5.6 m @ 11.95 gpt Au, 1,221 gpt Ag; 2.1 m @ 21.63 gpt Au, 1,960 gpt Ag; 2.0 m @ 11.17 gpt Au, 909 gpt Ag; 2.4 m @ 2.00 gpt Au, 121 gpt Ag; 1.4 m @ 10.50 gpt Au, 300 gpt Ag; 3.9 m @ 0.45 gpt Au, 37 gpt Ag; 0.6 m @ 93.80 gpt Au, 829 gpt Ag.
GR Silver Mining Ltd. reported near surface drill results from the Plomosas mine area in Sinaloa. Highlighted true width intervals comprise 11.9 m @ 84 gpt Ag, 2.3% Pb, 2.7% Zn, 0.1% Cu; 16.7 m @ 7 gpt Ag, 0.22 gpt Au, 0.1% Pb, 0.3% Zn; 10.8 m @ 3 gpt Ag, 0.20 gpt Au, 0.1% Pb, 0.4% Zn; 4.2 m @ 10 gpt Ag, 0.09 gpt Au, 0.1%Pb, 0.6% Zn, 0.1% Cu; 2.1 m @ 350 gpt Ag, 1.0% Pb, 0.4% Zn; 1.9 m @ 348 gpt Ag, 0.3% Pb, 0.3% Zn; 1.3 m @ 26 gpt Ag, 0.19 gpt Au, 3.3% Pb, 3.3% Zn; 1.0 m @ 128 gpt Ag, 1.00 gpt Au, 9.0% Pb, 9.7% Zn, 0.2% Cu; 2.6 m @ 45 gpt Ag, 0.60 gpt Au, 3.0% Pb, 0.9% Zn; 4.7 m @ 187 gpt Ag, 0.18 gpt Au, 2.2% Pb, 1.2% Zn, 0.1% Cu; 2.0 m @ 277 gpt Ag, 0.22 gpt Au, 0.2% Pb, 0.4% Zn; 1.9 m @ 283 gpt Ag, 0.82 gpt Au, 0.3% Pb, 1.0% Zn, 0.1% Cu.
GoGold Resources Inc. released results of nine holes on the Casados deposit at the Los Ricos North project in Jalisco. Highlighted core length intersects comprise 29.9 m @ 0.25 gpt Au, 70 gpt Ag; 15.5 m @ 0.27 gpt Au, 67 gpt Ag; 34.4 m @ 0.17 gpt Au, 67 gpt Ag; 5.3 m @ 0.65 gpt Au, 305 gpt Ag; 9.2 m @ 0.24 gpt Au, 109 gpt Ag (including 1.9 m @ 0.61 gpt Au, 442 gpt Ag); 60.5 m @ 0.21 gpt Au, 44 gpt Ag; 2.1 m @ 0.57 gpt Au, 322 gpt Ag; 54.1 m @ 0.37 gpt Au, 92 gpt Ag; 28.5 m @ 0.43 gpt Au, 100 gpt Ag (including 1.8 m @ 2.09 gpt Au, 418 gpt Ag); 14.0 m @ 0.46 gpt Au, 134 gpt Ag (including 5.3 m @ 1.04 gpt Au, 304 gpt Ag); 2.6 m @ 2.93 gpt Au, 610 gpt Ag.
Discovery Silver Corp. released results from 12 diamond drill holes testing the Josefina and Todos Santos high-grade vein trends at the Cordero project in Chihuahua. Highlighted intercepts on the Josefina vein trend comprise 41.5 m @ 97 gpt Ag, 0.04 gpt Au, 1.0% Pb, 2.5% Zn (including 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn and 3.3 m @ 182 gpt Ag, 0.09 gpt Au, 3.4% Pb, 7.1% Zn); 13.1 m @ 112 gpt Ag, 0.13 gpt Au, 1.3% Pb, 2.2% Zn; 36.4 m @ 66 gpt Ag, 0.10 gpt Au, 0.3% Pb, 1.0% Zn; 87.4 m @ 38 gpt Ag, 0.06 gpt Au, 0.2% Pb, 1.0% Zn; 3.6 m @ 343 gpt Ag, 0.11 gpt Au, 1.7% Pb, 2.7% Zn; 19.3 m @ 40 gpt Ag, 0.06 gpt Au, 0.7% Pb, 1.4% Zn); 22.4 m @ 156 gpt Ag, 0.10 gpt Au, 1.7% Pb, 2.3% Zn (including 3.7 m @ 299 gpt Ag, 0.16 gpt Au, 3.9% Pb, 5.7% Zn). The Josefina vein trend includes two subparallel veins that run for 1.5 km, and has been tested to 370 m depth and remains open. The Todos Santos vein trend consists of two closely spaced veins, extends for at least 1.5 km along strike and 400 m of depth in old workings and drill holes. Highlighted intercepts comprise 62.0 m @ 19 gpt Ag, 0.28 gpt Au, 0.1% Pb, 2.0% Zn; 21.4 m @ 46 gpt Ag, 0.07 gpt Au, 0.8% Pb, 1.3% Zn; 1.9 m @ 113 gpt Ag, 0.04 gpt Au, 2.4% Pb, 3.2% Zn; 3.7 m @ 96 gpt Ag, 0.07 gpt Au, 1.8% Pb, 3.0% Zn; 2.1 m @ 160 gpt Ag, 0.27 gpt Au, 3.3% Pb, 3.6% Zn.
Sailfish Royalty Corp. filed a NI-43-101 technical report and estimate of mineral resources for the Gavilanes project in Durango.
Discovery Silver Corp. updated on its Cordero project in Chihuahua and informed that by the end of the first quarter 2021 had cash and cash equivalents for $94.7 M. At Cordero 75,000 m of drilling were completed in 178 holes in phase 1 drilling, providing information to be used in the bulk-tonnage preliminary economic assessment (PEA) underway. Phase 2 drilling continues with four rigs, focused on reserve definition, resource expansion and high-grade vein delineation. Bulk tonnage targeted drilling has returned up to 128.2 m @ 65 gpt Ag, 0.05 gpt Au, 1.2% Pb, 1.3% Zn; 131.6 m @ 48 gpt Ag, 0.09 gpt Au, 0.5% Pb, 1.1% Zn (including 37.1 m @ 119 gpt Ag, 0.22 gpt Au, 1.0% Pb, 1.2% Zn); 110.0 m @ 37 gpt Ag, 0.04 gpt Au, 0.8% Pb, 1.0% Zn; 85.6 m @ 53 gpt Ag, 0.05 gpt Au, 1.4% Pb, 1.7% Zn. Drilling on high-grade veins has returned up to 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn in the Josefina vein; 4.0 m @ 377 gpt Ag, 0.28 gpt Au, 7.1% Pb, 3.4% Zn in the Todos Santos vein and 4.4 m @ 246 gpt Ag, 0.39 gpt Au, 6.5% Pb, 0.4% Zn on the Parcionera vein.
Golden Tag Resources Ltd. discovered a new zone of epithermal mineralization at the San Diego project in Durango. The new drill hole intercepted 10.0 m @ 0.55 gpt Au, 628 gpt Ag, 1.1% Pb, 3.6% Zn, 0.12% Cu, in a zone where previous drilling had returned 2.0 m @ 0.33 gpt Au, 161 gpt Ag, 0.3% Pb, 0.2% Zn, 0.04% Cu; 3.75 m @ 0.32 gpt Au, 125 gpt Ag, 1.5% Pb, 4.0% Zn, 0.12% Cu. “The hole intersected a series of epithermal breccias and quartz-carbonate veins within the Central Diorite intrusion from 73.0 to 92.70 m which are characterized by cavity filling banded quartz and carbonate veins with fluorite and associated sulfides comprised primarily of pyrite, sphalerite, galena, boulangerite, and arsenopyrite”.
ON DEALS AND CORPORATE ISSUES
Mexus Gold US. informed personnel from Fresnillo PLC is reviewing its Santa Elena mine in Sonora. The geologists are checking the potential for a disseminated deposit, as well as the quartz vein currently worked by Mexus.
Riverside Resources Inc. announced BHP and Riverside “have agreed on moving forward with a third year of generative funding for copper exploration in Sonora. The new budget is US$1.3 M for generative exploration work.
ON SOCIAL RESPONSIBILITY
Peñoles and Fresnillo PLC informed on their policies and programs to aid on education in a widespread communities.
Minera San Xavier has been declared as “Cyanide Free Site” by the International Cyanide Management Institute. Cerro San Pedro is the first mine in the world that has realized the dismantling process of the 110 m high heap that covers 102 hectares (1 square kilometer).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group. On the image below: Quartz-tourmaline breccia from a project in Sinaloa. Picture by Jorge Cirett.
During the 19th week of the year (May 10th to May 16th, 2021), at least 38 press releases were announced by companies working in Mexico. To note, nine companies posted exploration advances on their properties, nine presented mining related news, two posted on financing or share options, eight more on project development or resource definition and three posted on corporate issues. ON MEXICO ISSUES, Camimex reported investment of US$88 M on social development by mining companies. SEGOB has been involved in the resolution of six mining conflicts. The commodity prices have made mining companies values swing in the Mexican Exchange. ON EXPLORATION, in Baja California, Comet Resources received the environmental permit for drilling at Santa Teresa. In Sonora, Tocvan Ventures informed on exploration at Pilar; Tarachi Gold reported visible gold in RC drilling chips at Tarachi. In Chihuahua, Kootenay Silver released drilling results from Columba; Mammoth Resources is drill targeting using 3D modelling of geophysics at Tenoriba. In Sinaloa, Brigadier Gold informed on exploration at Picachos; Vizsla Silver released drilling results on the Napoleon trend of the Panuco project. In Nayarit, Sierra Madre Gold and Silver has begun drilling at Tepic. ON MINING, Fortuna Silver, Endeavour Silver, Torex Resources, Santacruz Silver , Pan American Silver, Avino Silver, SilverCrest Metals, Starcore International and GoGold Resources released Q1 2021 production results. ON FINANCING, Capitan Mining has 8 M shares bought by Mr. Michael Gentile; Magna Gold had a non-brokered private placement of CA$10 M secured convertible debentures. ON RESOURCES AND DEVELOPMENT, Ridgestone announced a new mineral resource estimate for Guadalupe y Calvo. Discovery Silver is planning a PEA for its Cordero property. GR Silver Mining reported drilling results from Plomosas. Impact Silver is targeting using 3D modelling of geophysical surveys at Capire. Grupo Mexico unveiled plans to invest several billion dollars on projects in Mexico. Orla Mining updated on construction of the Camino Rojo Oxide project. Excellon Resources presented an updated mineral resource estimate for Platosa. Gatos Silver released results from infill and extension drilling. ON DEALS AND CORPORATE ISSUES, Telson Mining is changing name to Altaley Mining Corp.. Coeur Mining is to acquire 17.8% of Victoria Gold. Barksdale Resources is gaining 100% of the Sunnyside project in Arizona. ON SOCIAL RESPONSIBILITY, Endeavour Silver and Hecla Mining released their sustainability 2020 report. Pan American Silver, Equinox Gold and Torex Gold presented plans to reduce their carbon footprint. Newmont Peñasquito and Peña Colorada informed on their actions to support community development.
ON MEXICO ISSUES
Camimex (Cámara Minera de México) informed that the companies part of the organization invested on social development $1,756 M pesos (approximately US$88 M at current exchange rates). Those funds are in addition to the $3,496 M pesos (US$197 M) provided to the Mining Fund (previously intended for bettering mining communities, now siphoned to the black hole the federal government is). The Centro Social para la Filantropía (CEMEFI) granted the Empresa Socialmente Responsable Award to 29 companies affiliated to Camimex.
SEGOB (Secretaría de Gobernación) has been part of the resolution of six mining conflicts in Sinaloa, Baja California, Guerrero, Zacatecas and Queretaro, informed Olga Sánchez Cordero, head of the secretariat. The pending case is the one that involves Americas Gold and Silver’s San Rafael mine in Sinaloa, which was paralyzed by a Union dispute over a year ago.
Several business leaders expressed their optimism on future silver prices, which can be very good for Mexico, as the number one producer of the metal.
Grupo Mexico, the biggest mining conglomerate in Mexico saw its shares rise 8.7% in one day, translating to a 67,885 M pesos gain in value. This as a result of the strong increase in the copper price in 2021.
Mining companies in the BMV have had a mixed results 2021. Grupo Mexico has seen its shares increase 30.5%, Minera Autlán 22.3% and Minera Frisco 6.9%, while Industrias Peñoles and Fresnillo have had reductions of 15.3% and 20.05% respectively.
Comet Resources Ltd. Informed the drilling permit for its Santa Teresa project in Baja California has been received. The program consists of 2,000 m of diamond drilling to test extensions of zones of known gold mineralization along strike and at depth, as well of other identified zones of interest.
Sierra Madre Gold and Silver Ltd. Has begun drilling at its 2,600 hectare Tepic project in Nayarit. The company intends to drill 21 reverse circulation (RC) holes, as poor recoveries plagued previous diamond drill campaigns by previous operators.
Colibri Resources Corp. informed of exploration progress by its partner Tocvan Ventures Corp. on the Pilar project in Sonora. Tocvan is in year two of a five-year option agreement to earn an initial 51% ownership of the Pilar Project. To date, eleven RC drill holes have been completed for a total of 1,811 m, focusing on extensions of the Main zone. Samples for the first five holes have been sent for assaying, and the rest will be sent soon.
Sierra Madre Gold and Silver Ltd. updated on exploration activities at the Tepic property in Nayarit. “Work for the last 6 months has focused on geologic mapping and reconnaissance sampling with approximately 50% of the project covered at a 1:5000 scale level of detail or better. This has resulted in the recognition of more than 10 kilometres of hydrothermally altered and mineralized structures..”. Reconnaissance sampling has returned up to 648 gpt Ag, and 7.43 gpt Au. A 2,700 m trenching has been initiated to explore the multiple structures present in the area.
Brigadier Gold Ltd. informed on exploration work at its Picachos project in Sinaloa. The recent drilling intercepted up to 7 m @ 7.45 gpt Au, 51 gpt Ag in the San Agustín vein; 0.8 m @ 12.62 gpt Au, 78 gpt Ag, 4.5% Cu in the San Antonio vein and 1 m @ 10.65 gpt Au with 8 m @ 2.29 gpt Au, with assays still pending for 518 m of drilling. A trench across the El Placer trend returned 65 m 0.5 gpt Au, and a porphyry copper target was localized, with strong sericitic alteration and values of molybdenum above 240 ppm in almost all the 350 m trench, peaking at 2,200 ppm (0.22%) Mo over 6 m.
Tarachi Gold Corp. reported visible gold in chips from the recently finished reverse circulation (RC) program at its Tarachi property in Sonora. The visible gold was observed in a 10 m interval of one drill hole cuttings, approximately on a 10 m interval. The RC drill holes were sunk south of La Dura mine on the Jabali concession.
Kootenay Silver Inc. released drill results for the first four holes of 2021 at its Copalito project in Sinaloa. Highlighted core length intervals comprise 5.75 m @ 0.049 gpt Au, 75 gpt Ag, 0.3% Pb+Zn (including (1.0 m @ 0.09 gpt Au, 303 gpt Ag, 0.6% Pb+Zn); 8.61 m @ 0.456 gpt Au, 12 gpt Ag, 0.4% Pb+Zn (including 2 m @ 1.10 gpt Au, 13 gpt Ag, 0.3% Pb+Zn); 21 m @ 0.187 gpt Au, 178 gpt Ag, 0.8% Pb+Zn (including 1.18 m @ 0.575 gpt Au, 1,965 gpt Ag, 6.3% Pb+Zn.
Vizsla Silver Corp. released results from 23 holes at the Napoleon prospect in the Panuco project in Sinaloa. The released holes extend mineralization by 230 m along strike and 65 m to depth. Highlighted true width intercepts comprise 3.45 m @ 1,275 gpt Ag, 25.97 gpt Au, 0.7% Pb, 3.0% Zn (including 0.66 m @ 5,410 gpt Ag, 88.2 gpt Au, 1.0% Pb, 1.9% Zn); 10.30 m @ 356 gpt Ag, 3.13 gpt Au, 0.8% Pb, 1.2% Zn; 4.22 m @ 392 gpt Ag, 3.89 gpt Au, 0.3% Pb, 1.2% Zn; 1.27 m @ 6.47 gpt Au, 158 gpt Ag, 0.5% Pb, 2.2% Zn; 4.22 m @ 3.89 gpt Au, 392 gpt Ag, 0.3% Pb, 1.2% Zn; 1.09 m @ 2.09 gpt Au, 85 gpt Ag, 0.1% Pb, 0.4% Zn; 6.15 m @ 5.14 gpt Au, 87 gpt Ag, 0.4% Pb, 1.4% Zn; 3.93 m @ 1.93 gpt Au, 41 gpt Ag, 0.8% Pb, 3.1% Zn; 1.61 m @ 2.16 gpt Au, 354 gpt Ag, 0.4% Pb, 2.35% Zn.
Mammoth Resources Corp. informed on drill targeting activities at its Tenoriba project in Chihuahua. A 3D modelling exercise was conducted including its infill induced polarization/magnetometric (IP/Mag) geophysical survey recently completed. Four target areas were identified as TA-1, TA-2, TA-3 and TA-4, each showing some of the next attributes: silicified volcanic breccia rocks, High IP-resistivity features, artisanal mine workings, previous ore-grade intercepts in drilling and good geochemistry in rock and soil samples.
Fortuna Silver Mines Inc. reported first quarter 2021 financial results. At the San José mine, in Oaxaca, 259.8 K tonnes were milled at an average rate of 3,040 tonnes per day (tpd), grading 217 gpt Ag, 1.36 gpt Au, recovering 91% Ag, 91% Au, to produce 1.6 M Oz Ag, 10,301 Oz Au at a production cash cost of $8.40 per Oz AgEq and an AISC of $13.40 per Oz AgEq. To note, realized silver and gold prices were $26.17 and $1,783 per ounce in Q1 2021, against $16.09 and $1,571 respectively in Q1 2020.
Endeavour Silver Corp. presented financial results for the first quarter 2021. During the period 1.4 M Oz Ag, 10,894 Oz Au were produced at cash cost of $7.86 per Oz Ag and an AISC of $19.94 per Oz Ag, generating a cash flow of $5.2 M. Cash at the end of the period was $86 M, with a working capital of $113.1 M and a debt of $8.7 M.
Torex Gold Resources Inc. reported financial and operational results for the first quarter 2021. During the period 129,509 Oz Au were produced at its El Limon Guajes mine in Guerrero, at total cash cost of $580 per Oz Au, and an AISC of $854 per Oz Au. The adjusted EBITDA was $144.9 M, with $9.3 M of free cash flow. The company is now debt free, after repaying $40 M. By the end of the period Torex had cash of $167.3 M including $172.0 M in cash and $4.7 M of lease obligations.
Santacruz Silver Mining Ltd. reported production on Q1 2021 of 707 K Oz AgEq from its Zimapan and Rosario mines, in Hidalgo and San Luis Potosi respectively. At Zimapan, 156.4 K tonnes were milled @ 85 gpt Ag, 0.63% Pb, 1.99% Zn, 0.31% Cu (182 gpt Ag), recovering 69% Ag to produce 294.1 K Oz Ag, 892 tonnes Pb, 2,067 tonnes Zn, 354 tonnes Cu. At Rosario 19.8 K tonnes were processed @ 61 gpt Ag, 0.19 gpt Au, 0.34% Pb, 1.51% Zn (72 gpt AgEq), recovering 80.3% Zn to produce 31.3 K Oz Ag, 59.4 Oz Au, 78 tonnes lead, 73 tonnes Zn.
Pan American Silver Corp. presented results for Q1 2021, including figures from its Mexican operations. Of a total 4.6 M Oz Ag, 137.6 K Oz Au produced in the period, 1.06 M Oz Ag, 0.5 K Oz Au were produced at La Colorada (Zacatecas) and 0.63 M Oz Ag, 37 K Oz Au at Dolores (Chihuahua). Cash cost per Oz Ag at La Colorada was $15.62 and AISC $42.44, whereas at Dolores cash cost per Oz Au was $718 with no AISC reported.
Avino Silver Gold Mines Ltd. released consolidated financial results for the first quarter of 2021. During the period 164 K tonnes were milled to produce 266.7 K Oz Ag, 1,531 Oz Au, 1.8 M Lb Cu (684 K Oz AgEq). “During Q1 2021, no production mining activities took place due to the work stoppage at the Avino Mine. Transitional efforts are underway to restart production and mining operations”. By the end of the period tha company had $27 M in cash and a working capital of $31.2 M.
SilverCrest Metals Inc. reported unaudited financial results of Q1 2021. During the period the company released results form a feasibility study (FS) for Las Chispas project in Sonora, with an estimated initial capital cost of $137.7 M. By the end of March the construction advance was 14.3%, with an aggregate cost of $27.7 M. Also, 33,382 m were completed of in-fill and expansion drilling and 2.0 Km of underground decline and development including in-vein drifting. SilverCrest also completed 18,237 m of drilling at Picacho (Sonora), where it has drilled 24,059 m since its acquisition in 2020. At the end of the period the company had $226 M in cash and cash equivalents.
Starcore International Mines Ltd. announced production results for the fourth quarter, ended April 30, 2021, at its San Martin mine in Queretaro. During the period 54.4 K tonnes were milled @ 1.52 gpt Au, 24.6 gpt Ag, recovering 87.3% and 57.5% Ag, to recover 2,603 Oz AuEq.
GoGold Resources Inc. released its financial results for the first quarter 2021. The company stacked 417.5 K tonnes to sell 541.6 K Oz AgEq at cash cost $12.81 and AISC $16.27 at its Parral tailing property in Chihuahua.
Capitan Mining Inc. had 8 M shares bought by Mr. Michael Gentile, same that coupled with 1.16 M previously held shares amount to 17.02% of Capitan Mining issued shares. Mr. Gentile filed an early warning report. (Capitan, Durango).
Magna Gold Corp. announced a non-brokered private placement of CAS$10 M secured convertible debentures with Delbrook Capital Advisors Inc.. The debentures mature in 24 month’s from issuance and bear interest at a rate of 6.5% per year. “The principal amount of the Debentures is convertible, at the election of Delbrook, into common shares of the Company at a conversion price of CAD$1.25 per common share, representing a 35.5% premium to the 10-day VWAP”. Magna plans exploration activities at its Margarita project (Chihuahua), Mercedes (Sonora), San Judas (Sonora), Veta Tierra (Sonora) and Los Muertos (Sonora).
ON RESOURCES AND DEVELOPMENT
Ridgestone Mining Inc. announced a mineral resource estimate for its Guadalupe y Calvo project in Chihuahua. The estimate was done on two main structures, the Rosario and Nankin veins, combining pit constrained and underground resources. Indicated resources contain 216.8 K Oz Au, 10.4 M Oz Ag and inferred resources amount to 335.6 K Oz Au, 9.3 M Oz Ag, as displayed on the table below.
Discovery Silver Corp. is planning a preliminary economic study (PEA) scheduled to be completed in 4Q 2021 on its Cordero property in Chihuahua. The company recently finished a 75,000 m drilling campaign on which a new resource estimate is to be based and delivered in the 3Q 2021. Phase two of drilling has four rigs operating on Cordero, aiming to upgrade inferred resources to the indicated category, resource expansion of bulk-tonnage mineralization and testing the high-grade vein systems that cut through the deposit. Other teams are working in the metallurgy, mining strategies, geotechnical issues, hydrogeology, environment and all the needed studies to prepare the PEA, which preliminarily aims to an initial 10,000 to 20,000 tonnes per day (tpd) of mill throughput and expansion to 20,000 to 40,000 tpd.
GR Silver Mining Ltd. Reported near surface drill results of narrow high-grade mineralization at its Plomosas property in Sinaloa. Highlighted true width intervals comprise 4.0 m @ 80 gpt Ag, 0.19 gpt Au, 0.5% Pb, 0.6% Zn; 8.5 m @ 46 gpt Ag, 0.16 gpt Au, 1.3% Pb, 1.2% Zn; 0.5 m @ 13.05 gpt Au, 0.5% Pb, 1.0% Zn; 14.8 m @ 0.21 gpt Au, 0.6% Pb, 1.6% Zn; 1.7 m @ 8 gpt Ag, 9.67 gpt Au; 9.0 m @ 141 gpt Ag, 0.31 gpt Au, 0.7% Zn, 0.7% Cu; 0.9 m @ 1,000 gpt Ag; 6.3 m @ 80 gpt Ag, 0.01 gpt Au, 0.1% Pb, 13.0% Zn; 5.0 m @ 234 gpt Ag, 0.01 gpt Au, 0.2% Pb, 0.3% Zn; 1.3 m @ 530 gpt Ag, 0.01 gpt Au, 0.1% Pb, 0.1% Zn; 2.5 m @ 173 gpt Ag, 0.01 gpt Au, 2.3% Pb, 1.9% Zn; 8.7 m @ 57 gpt Ag, 0.01 gpt Au, 4.1% Pb, 1.9% Zn; 9.1 m @ 5 gpt Ag, 1.53 gpt Au, 1.2% Pb, 1.4% Zn.
Impact Silver Corp. has received a report by a contractor with the analysis and interpretation of the geophysical surveys performed in the property since the 1990’s on the Capire area (Guerrero) of the Royal mines of Zacualpan (Estado de Mexico). “Condor utilized leading edge Inversion processing to produce 3D models of the IP and Magnetometer surveys and combined with the EM surveys has outlined a series of massive sulphide and vein hosted target areas”.
Grupo Mexico unveiled plans for the next few years, which include an investment of US$3,100 M (Mexican number notation) for refining metals in Sonora and electric infrastructure for El Arco in Baja California, and a US$2,300 M investment for expansion of smelter capacity in Sonora. Those projects are part of the US$9,000 M that Grupo Mexico plans to invest from 2021 to 2027.
Orla Mining Ltd. updated on the construction of the Camino Rojo Oxide project in Zacatecas. Construction is 22% complete, with $15.3 M spent in the quarter, $64.3 M total to date of an estimated total capital expenditure of $134 M. Of 826 workers currently on the project, 15% are from local communities, 30% from Zacatecas State and 55% from other States. “… activities now focused on earth moving, concrete pouring, and structural and mechanical installations in the areas of the crushing circuit, MerrillCrowe plant, heap leachPR and process pond, camp, and administration offices”.
Excellon Resources Inc. provided an update on the mineral resource estimate for its Platosa mine in Durango. The new resource includes information from 187 exploration drill holes from surface and underground locations, or 21,400 m. Indicated resources now stand at 317 K tonnes @ 485 gpt Ag, 5.3% Pb, 5.5% Zn, containing 4.95 M Oz Ag, 36.8 M Lb Pb, 38.8 M Lb Zn and inferred resources at 42 K tonnes @ 749 gpt Ag, 4.3% Pb, 5.4% Zn, containing 1 M Oz Ag, 4 K tonnes Pb, 4 K tonnes Zn. At the Evolución project in Zacatecas, indicated resources stand at 6.4 M tonnes @ 64 gpt Ag, 0.1 gpt Au, 1.2% Pb, 1.3% Zn, containing 13.1 M Oz Ag, 19 K Oz Au, 140.7 M Lb Pb, 161.5 M Lb Zn, and inferred resources at 15 M tonnes @ 39 gpt Ag, 0.1 gpt Au, 0.8% Pb, 1.2% Zn, containing 18.5 M Oz Ag, 49 K Oz Au, 247.5 K tonnes Pb, 377.7 K tonnes Zn.
Gatos Silver Inc. released results from infill and extension drilling at its Los Gatos project in Chihuahua, and the commencement of drilling at the Esther zone. The drilling continues to identify mineralization beyond both ends of the deposit. Below the drill results table:
ON DEALS AND CORPORATE ISSUES
Telson Mining Corp. announced the restructuring of its board of directors and a corporate name change. Telson’s Board of Directors now consists of seven members as follows: David Rhodes, Natascha Kiernan, Tom Kelly, Mark Bailey, Roberto Guzman Garcia, Ruben Alvidrez Ortega and Ralph Shearing. Telson intends to change its corporate name to Altaley Mining Corp. to complement the board restructuring. Telson also reported the execution of a Financial Advisory Services Agreement with Endeavour Financial Ltd., to provide Telson with general corporate financial advice with respect to its strategic direction and corporate development (Tahuehueto, Durango).
Coeur Mining Inc. entered into an agreement to acquire 11.07 M shares (17.8%) of Victoria Gold Corp. from Orion COVI Ltd. on a transaction expected to close on May 11 subject to closing conditions.
Barksdale Resources Corp. entered into an agreement with Regal Resources to consolidate a 100% interest in the Sunnyside project in Arizona (also owns San Javier, Sonora).
ON SOCIAL RESPONSIBILITY
Endeavour Silver released its 2020 sustainability report, which informs on safety and health, training, community, environment and economic value activities during the period.
Pan American Silver, Equinox Gold and Torex Gold presented plans to reduce their carbon footprint.
Hecla Mining released its 2020 sustainability report the steps the company take to reduce its environmental footprint. Health, safety, green energies, greenhouse emission reduction, reclamation work, human rights and diversity are some of the subjects covered.
Newmont Peñasquito informed on the work realized to better the water resources at El Verge, Zacatecas.
Peña Colorada is granting professional internships to 12 students from five universities.
During the 17th week of the year (April 26th to May 2nd, 2021), at least 34 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, six presented mining related news, four posted on financing or share options (including $11.5 M, and $28.7 M), seven more on project development or resource definition and five posted on corporate issues. ON MEXICO ISSUES, no relevant news were published. ON EXPLORATION, In Baja California, Comet Resources informed on mapping and sampling advances at Santa Teresa. In Sonora, Silver Spruce released results from due diligence work at El Diamante; Tarachi Gold updated on work at the Tarachi project; Riverside reported drilling results from Cecilia. In Chihuahua, Radius Gold released results from drilling at Amalia. In Zacatecas, Defiance Silver provided drilling results from San Acacio. ON MINING, Gold Resource, Mag Silver, Alamos Gold, Fresnillo PLC, Coeur Mining and Agnico Eagle released Q1 2021 production results. To note, Fresnillo produced over 12 M Oz Ag and 216 K Oz Au during the period. ON FINANCING, Telson Mining restructured US$3 M in debt. Tarachi granted options to directors, officers and consultants, GR Silver and Prime Mining completed their previously announced placements for $11.5 M and $28.7 M respectively. ON RESOURCES AND DEVELOPMENT, Argonaut Gold released high-grade drilling results from below the pit plan at La Colorada. Telson Mining informed of accelerated construction at Tahuehueto. Sonora Gold released results from 25 RC holes at Cerro Caliche. Southern Silver reported extension of mineralization discovered by recent drilling. Ridgestone Mining is to prepare a new resource estimate on Guadalupe y Calvo. Fabled Silver reported drill results from Santa Maria. Golden Tag is reinterpreting geology at San Diego. ON DEALS AND CORPORATE ISSUES, Santacruz Silver Mining completed the acquisition of the Zimapan mine. Telson Mining closed the Campo Morado variable purchase price royalty. Fortuna Silver entered into a definitive agreement to purchase Roxgold shares (Africa oriented). Silver Spruce signed the definitive agreement on the Diamante properties in Sonora. Empress Royalty has funded an initial $2 M on the silver stream agreement with Tahuehueto. ON SOCIAL RESPONSIBILITY, Peñoles donated tree saplings in Coahuila.
ON MEXICO ISSUES
No Relevant News.
Silver Spruce Resources Inc. released surface rock sample results from El Diamante concessions in Sonora. The assays range from 0.127 gpt Au to 1.195 gpt Au, with up to 837 gpt Ag, 1.2% Pb, 6.9% Zn for the five samples collected as part of the due diligence work in the properties under a LOI. “The Property exhibits geological features of epithermal low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential transition to porphyry style Au-Cu”.
Tarachi Gold Corp. informed past drilling at La Dura mine area at the Tarachi project in Sonora returned high-grade intercepts like 20.75 m @ at 5.05 gpt Au and 20.1 m @ 4.54 gpt Au. High grade intercepts seem to be related to sulfide rich zones by the side of breccia pipes.
Riverside Resources Inc. and Carlyle Commodities Corp. released further drill results from the Cecilia project in Sonora. Highlighted down hole intercepts comprise 5.65 m @ 0.39 gpt Au; 2.0 m @ 0.78 gpt Au; 1.5 m @ 0.60 gpt Au; 2.3 m @ 0.19 gpt Au; 3.15 m @ 0.31 gpt Au and true width intercepts (tw) of 3.3 m @ 3.70 gpt Au (including 1.3 m @ 8.82 gpt Au); 3.05 m @ 0.67 gpt Au, 1.5 m @ 1.18 gpt Au.
Radius Gold Inc. reported final results for phase 4 drilling at the Amalia project in SW Chihuahua. A total of 10,558 m in 31 holes have been completed, with 4,385 m in 10 holes in this phase. Highlighted true width intervals comprise: 14.5 m @ 6.8 gpt Au, 321 gpt Ag; 3.9 m @ 18.34 gpt Au, 813 gpt Ag; 6.5 m @ 0.59 gpt Au, 151 gpt Ag; 13.25 m @ 0.9 gpt Au, 116 gpt Ag. The next targets comprise El Cuervo and California areas, with the first being 3 to 7 m wide and 1.5 km long, while the latter vein is up to 4 m in width, outcropping discontinuously for 3 km.
Comet Resources Ltd. informed field mapping and sampling has been completed at its Santa Teresa project in Baja California. Assay results from re-sampling of historical core are awaited and the environmental permit for drilling has been filed.
Defiance Silver Corp. provided results from drilling the Veta Grande vein system at San Acacio in Zacatecas. Highlighted intervals comprise 3.64 m @ 0.2 gpt Au, 191 gpt Ag (including 0.92 m @ 0.74 gpt Au, 705 gpt Ag, 0.34% Pb, 0.70% Zn); 18.55 m @ 0.39 gpt Au, 99 gpt Ag (including 1.57 m @ 2.27 gpt Au, 1,090 gpt Ag, 0.72% Pb, 2.33% Zn); 8.35 m @ 0.07 gpt Au, 97 gpt Ag; 23.50 m @ 0.47 gpt Au, 52 gpt Ag, 0.93% Pb, 1.36% Zn (including 4.73 m @ 1.31 gpt Au, 144 gpt Ag, 2.8% Pb, 3.60% Zn); 5.87 m @ 0.17 gpt Au, 125 gpt Ag, 0.22% Pb, 0.61% Zn; 2.65 m @ 0.05 gpt Au, 307 gpt Ag, 0.27% Zn; 8.22 m @ 0.32 gpt Au, 262 gpt Ag, 0.36% Pb, 1.26% Zn.
Gold Resource Corp. presented its Q1 2021 production report. During the period 6,097 Oz Au, 307.6 K Oz Ag (10,750 Oz AuEq) at cash cost of $408 per Oz at the Don David mine in Oaxaca.
MAG Silver Corp. reported first quarter 2021 production from the Juanicipio project (56% / 44% joint venture with Fresnillo Plc) in Zacatecas. During the period 36.4 K tonnes of development material were processed to produce 462.3 K Oz Ag, 697 Oz Au, of which 203.4 K Oz Ag, 307 Oz Au were attributable to MAG Silver.
Alamos Gold Inc. released its first quarter 2021 production report, with figures from its Mexican operations. At Mulatos, in Sonora, 910.9 K tonnes were mined, 2.46 M tonnes of waste moved, stacking 1.83 M tonnes of ore @ 0.93 gpt Au containing 54,723 Oz Au. During the period 35,600 Oz Au were produced at cash cost $915 per Oz Au and mine-site AISC of $1,039 per Oz Au. The nearby La Yaqui Grande project is being developed with independent heap leach and crushing circuits, with commercial production expected in Q3 2022. Production is expected to reach 123 K Oz Au per year at an AISC of $578 per Oz Au.
Fresnillo PLC. released its first quarter 2021 production report, which amounted to 12.63 M Oz Ag (including silver stream), 228,193 Oz Au, 15,340 tonnes Pb, 25,881 tonnes Zn.
Coeur Mining Inc. reported first quarter 2021 financial results, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 484.4 K tonnes were milled @ 1.87 gpt Au, 127 gpt Ag, recovering 95.7% Au, 81.3% Ag to produce 28,605 Oz Au, 1.6 M Oz Ag. A total of 16,525 m were drilled in the period, in which $3 M were spent in exploration.
Agnico Eagle Mines Ltd. disclosed Q1 2021 results, including figures from its operations in Mexico. At Pinos Altos, in Chihuahua, 493 K tonnes were processed at a rate of 5,478 tonnes per day and a grade of 1.91 gpt Au, to produce 29,175 Oz Au at cash cost $838 per Oz. At La India, in Sonora, 1.64 M tonnes were processes at a rate of 18.244 tpd and a grade of 0.43 gpt Au, to produce 17,033 Oz Au at cash cost $936. At Santa Gertrudis, exploration in the period included 8,970 m in 22 holes. Additional drilling and metallurgical testing are planned to continue
Telson Mining Corp. has restructured debt owed to Estrategias Corporativas en Finanzas, S.A.P.I de C.V.. The MXP $64.7 M debt has been converted to USD$3.1 M at 10% interest on a 36 month term and 12 month grace period. “In consideration of the loan restructuring of this debt, the Company has agreed to issue to Escorfin, 500,000 bonus shares and 1,500,000 bonus warrants” (Tahuehueto, Durango).
Tarachi Gold Corp. granted 1.2 M options to directors, officers and consultants (Tarachi, Sonora).
GR Silver Mining Ltd. completed its previously announced bought deal private placement for gross proceeds of $11.53 M, which was oversubscribed (Plomosas, Sinaloa).
Prime Mining Corp. completed its previously announced bought deal private placement, for gross proceeds of $28.75 M (Los Reyes, Sinaloa).
ON RESOURCES AND DEVELOPMENT
Argonaut Gold Inc. announced the discovery of high grade gold veins below the El Crestón open pit at its La Colorada mine in Sonora. Selected true width (TW) drill results comprise 16.3 m @ 3.88 gpt Au, 10 gpt Ag (including 5.8 m @ 9.28 gpt Au, 24 gpt Ag); 29.3 m @ 3.71 gpt Au, 7 gpt Ag; 16.5 m @ 44.59 gpt Au, 275 gpt Ag (including 2.4 m @ 283.10 gpt Au, 858 gpt Ag; 14.8 m @ 1.45 gpt Au, 3 gpt Ag; 17.0 m @ 3.92 gpt Au, 3 gpt Ag; 10.8 m @ 4.86 gpt Au, 188 gpt Ag (including 2.8 m @ 18.39 gpt Au, 686 gpt Ag); 16.1 m @ 5.45 gpt Au, 111 gpt Ag (including 2.8 m @ 31.09 gpt Au, 515 gpt Ag); 48.6 m @ 0.77 gpt Au 22 gpt Ag; 9.9 m @ 98.85 gpt Au, 30 gpt Ag (including 2.5 m @ 383.00 gpt Au, 113 gpt Ag); 4.8 m @ 18.39 gpt Au, 5 gpt Ag (including 1.2 m @ 60.20 gpt Au, 6 gpt Ag); 40.2 m @ 5.22 gpt Au, 44 gpt Ag. “The high-grade zones are deep extensions of the gold rich veins now being mined within the El Crestón open pit and display good lateral continuity along strike”.
Telson Mining Corp. informed construction work was accelerated at the Tahuehueto project in Durango, where a 1,000 tpd mining operation is being developed. Construction and commissioning is estimated at US$15.4 M, of which C$10.1 M were raised in March and in mid-April a silver stream agreement was signed with Empress that will provide US$5 M in two tranches. “The final US $12 million Accendo Banco loan facility is in the late stages of documentation and expected to close in the coming weeks along with the restructuring of Telson outstanding loans with Trafigura and Nyrstar“.
Sonoro Gold Corp. reported assay results from 25 RC holes drilled at its Cerro Caliche project in Sonora. Highlighted drill-length intervals comprise 16.77 m @ 1.84 gpt Au (including 4.57 m @ 5.63 gpt Au); 7.62 m @ 2.42 gpt Au (including 1.52 m @ 10.6 gpt Au); 12.19 m @ 1.07 gpt Au, 25.91 m 0.58 gpt Au. El Colorado zone was expanded in three directions, the Cabeza Blanca vein zone was extended ant drilling at Buena Vista-Japoneses suggest potential coalescence with the Buena Suerte zone.
Southern Silver Exploration Corp. reported further drilling results that extend mineralization at its Cerro Las Minas project in Durango. At Mina La Bocona area, polymetallic sulfide true width intercepts comprise 7.5 m @ 262 gpt Ag, 0.1 gpt Au, 7.0% Pb, 1.7% Zn (559 gpt AgEq); 4.0 m @ 161 gpt Ag, 0.2 gpt Au, 8.8% Pb, 2.4% Zn (293 gpt AgEq); 2.4 m @ 335 gpt Ag, 0.2 gpt Au, 0.3% Cu, 5.3% Pb, 2.4% Zn (638 gpt AgEq).
Ridgestone Mining Inc. engaged an independent consultant to prepare a NI 43-101 mineral resource estimate for the Guadalupe y Calvo project in Chihuahua.
Fabled Silver Gold Corp. reported drill results on the North Vein Structure at its Santa Maria project in Chihuahua. Highlighting intercepts of 26.90 m @ 0.047 gpt Au, 29 gpt Ag, 0.17% Zn (including 1.20 m @ 0.041 gpt Au, 108 gpt Ag, 0.27% Zn and 4.40 m @ 0.062 gpt Au, 83 gpt Ag and 2.20 m @ 0.017 gpt Au, 118 gpt Ag).
Golden Tag Resources Ltd. initiated a geologic interpretation of the San Diego deposit in Durango. The lithology, alteration, structure and assay datasets will be reviewed and incorporated on a 3 D platform. The focus of the program is to evaluate the recently identified potential for near surface skarn mineralization.
ON DEALS AND CORPORATE ISSUES
Santacruz Silver Mining Ltd. completed the previously announced acquisition of the Zimapan mine assets from Grupo Peñoles, with the transaction facilitated by Trafigura with a US$17.6 M loan facility.
Telson Mining Corp. closed the purchase of the Nyrstar Campo Morado variable purchase price royalty by issuing 14.6 M shares to Nyrstar.
Fortuna Silver Mines Inc. and Roxgold Inc. entered into a definitive agreement for Fortuna to acquire all Roxgold shares. “Upon completion of the Transaction, existing Fortuna and Roxgold shareholders will own approximately 64.3% and 35.7% of the pro forma company, respectively……. Roxgold owns and operates the high-grade Yaramoko Gold Mine located on the Houndé greenstone belt in Burkina Faso and is also advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire”.
Silver Spruce Resources Inc. signed the definitive agreement with Colibri Resources on the Diamante 1 and Diamante 2 concessions in Sonora. Silver Spruce can acquire up to 50% interest on the 1,057 hectares spanning both projects. The deal involves a third Mexican private company.
Empress Royalty Corp. has funded the initial payment of $2 M of the $5 M silver stream agreement on the Tahuehueto project, Durango, owned by Telson Mining Corp.. The Stream is part of a US$25M full financing solution being provided to Telson by Empress and its partners, Accendo Banco and Endeavour Financial.
ON SOCIAL RESPONSIBILITY
Peñoles donated 5,000 tree saplings to San Pedro de Las Colonias, Coahuila.
During the 15th week of the year (April 12th to April 18th, 2021), as a sign of the strong current activity, at least 43 press releases were announced by companies working in Mexico. To note, ten companies posted exploration advances on their properties, seven presented mining related news, six posted on financing or share options (including C$2.35 M, $3 M, C$14.1 M, C$5.6 M and $25 M), eight more on project development or resource definition and three posted on corporate issues. ON MEXICO ISSUES, Francisco Quiroga, the ex-secretary of Mining has been appointed ambassador in Germany. The Sonora Mining Cluster has two new female counselors. Napoleon Gomez Urrutia and its SNTMMS Union have been condemned to pay US$54 M to some of its affiliates. A new Coordination has been created in the Economy Secretariat to promote mining. The CTM Union opposes the outsourcing reform that would decrease the participation of workers in the profits of mining companies. ON EXPLORATION, In Sonora, Silver Spruce signed a LOI on the Diamante 1 and Diamante 2 projects; Ridgestone announced its exploration plan for the Rebeico property; Tocvan Ventures commenced phase II RC drilling at Pilar; Carlyle Commodities released good drilling results from Cecilia; Orogen informed its Lola and Sarape properties are being drilled by partners; Canuc Resources released information on the first drill hole on the present campaign at its San Javier Au-Ag project. In Chihuahua, Monarca Minerals signed a surface access agreement for its San Jose project; Kootenay Silver updated on drilling of its Columba project. In Sinaloa, Viszla Silver released drilling results from the Napoleon zone at its Panuco project. In San Luis Potosi and Zacatecas Advance Gold released results from auger sampling at several salars. ON MINING, Magna Gold, Fortuna Silver Mines, Sierra Metals, Excellon and First Majestic Silver released Q1 2021 production results. Consolidated Zinc announced the commencement of concentrate production from the recently refurbished plant at Plomosas in Chihuahua. ON FINANCING, Colibri Resources, Sonoro Gold, Santacruz Silver Mining, Heliostar Metals and Candelaria Mining released news on financing (with C$2.35 M, $3 M; $14.1 M, C$4 M and up to $25 M respectively). Defiance Silver completed its uplisting to the OTCQX Best Market ON RESOURCES AND DEVELOPMENT, Equinox Gold commenced the development of the Bermejal underground mine in Guerrero. Xali Gold submitted permit applications for the Mexico Mines Tailings project in El Oro, Estado de Mexico. Gatos Silver presented good drilling results from both extensions of the Cerro Los Gatos deposit in Chihuahua. Fabled Silver Gold released results from drilling at Santa Maria, Chihuahua. SilverCrest Metals released high-grade drilling results from several veins at Las Chispas, Sonora. Almaden Minerals is conducting an induced polarization survey at the Ixtaca deposit in Puebla. GoGold Resources released drilling results from El Favor zone at its Los Ricos North project in Jalisco. Golden Tag Resources released results from drilling at its San Diego property in Durango. ON DEALS AND CORPORATE ISSUES, VanGold Mining closed with Endeavour Silver the acquisition of the El Cubo mine and mill complex in Guanajuato. Silver Spruce Resources signed a LOI with Colibri Resource on the Diamante 1 and Diamante 2 properties in Sonora. Empress Royalty executed a $5 M Silver Stream agreement with Telson Mining. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
Francisco Quiroga Fernández, Mining ex-subsecretary was appointed ambassador of Mexico in Germany. Rare in the present administration, he’s a competent professional with experience in the private industry, and more than capable to develop and strengthen political and economic ties between the two countries.
The Sonora Mining Cluster named Silvia Álvarez and Maria López Rosas as new counselors to the organism.
The Sindicato Nacional de Trabajadores Mineros, Metalúrgicos y Similares de La República Mexicana (a strong Mining Union) and its leader Napoleón Gómez Urrutia have lost a legal law suit and have been condemned by the Junta Federal de Conciliación y Arbitraje to pay US$54 M. The Union received these funds from the sale of the Cananea mine 15 years ago, and was supposed to deliver that money to the at the time workers of the company in charge. The union failed to deliver the funds to the miners.
The Mexican president ordered by decree the creation of the Coordination of Extractive Activities on the Economy Secretariat. Said unit is to coordinate the mining activities of the State and actions to promote national and foreign investments in mining, among other activities.
The CTM Union (Confederación de Trabajadores de México) opposes the reform on outsourcing that would lower the amount the miners receive as participation on the company’s annual profits.
Silver Spruce Resources Inc. signed a letter of intention (LOI) on two properties in Sonora, Diamante 1 and Diamante 2 covering 1,057 hectares. Historical assays from samples in the Diamante 1 and Diamante 2 properties, which display epithermal intermediate sulfidation mineralization have returned up to 39.8 gpt Au, 3,460 gpt Ag, 7.3% Pb, 5.6% Zn. Diamante 1 has already six main targets, including the La Prieta-El Aguaje vein system, which runs for 2,000 m averaging 1 m in width. At Diamante 2 The Calton area displays two vein 900 m and 1,100 m in length, ranging from 0.30 m to 1.70 m in width. The El Cumbro-Mezquite Raizudo veins follow a structural trend 900 m long, displaying an average width of 1 meter.
Advance Gold Corp. released results from auger drilling sampling at all the salars it recently acquired in Zacatecas and San Luis Potosí. The 0.5 m to 1 m of depth samples returned highlighted results of up to 650 ppm boron (B), 1.91% Potassium (K) and 620 ppm Lithium (Li). The average grade of the samples was 247 ppm B, 1.17% K and 215 ppm Li.
Monarca Minerals Inc. executed and ratified by a Notary Public the surface access agreement with both the Ejido and Colonia on its San Jose silver project in Chihuahua. The company is now to apply for the environmental permit that will allow it to conduct its planned 5,000 m drilling campaign.
Ridgestone Mining Inc. announced an exploration plan for its 3,459 hectares Rebeico project in Sonora. The current phase will comprise geologic mapping, sampling and prospecting, with focus on the New Year zone, the Santa Elena outcrop and El Cobre mine.
Tocvan Ventures Corp. announced the start of phase II of its drilling program at the Pilar project in Sonora. The two-stage 4,000 m reverse circulation (RC) drill program will focus first on the “definition and expansion of the Main Zone, which during Phase I returned 94.6-meters at 1.6 g/t Au including 9.2m at 10.8 g/t Au and 38 g/t Ag”, and then to test the new targets across the property.
Kootenay Silver Inc. reported it has completed 12 core drill holes totalling 1,800 m as part of its 5,000 m campaign at its Columba project in Chihuahua. Kootenay has tested the F vein and is now testing an area east of the J-Z zone.
Carlyle Commodities Corp. released the first batch of drill results from the Cecilia project in Sonora. The program consisted of seven holes, of which results have been received for five. The best intercept was 24.2 m @ 1.51 gpt Au. Other core-length highlighted intervals comprise 1.30 m @ 0.69 gpt Au; 5.95 m @ 0.20 gpt Au, 3.10 m @ 0.52 gpt Au; 9.45 m @ 0.23 gpt Au; 1.00 m @ 0.55 gpt Au; 3.45 m @ 0.35 gpt Au; 4.30 m @ 0.29 gpt Au; 6.10 m @ 0.43 gpt Au; 3.00 m @ 0.87 gpt Au. “The first drill program from Carlyle and Riverside was focused on targeting the hydrothermal system identified at two principal elevations: 2,200 m and 1,900 m, respectively corresponding to the San Jose Target and the North Breccia Target…… to test the continuity of the mineralized structures at shallow depth”.
Orogen Royalties Inc. announced the commencement of drilling programs on two of its properties in Sonora. At La Lola, partner Heliostar Metals Ltd. has initiated a 1,500 m drilling program. At the 57.8 square km Sarape project, Orogen and partner Hochschild PLC commenced a planned 3,000 m program. Eight holes will be drilled on 2.5 km of the Sarape vein. “In 2019, nine holes drilled within a 380-metre-long segment of the vein defined a structural dilation zone at 100-350 metres depth (Figure 2). In this zone the vein thickens to 23.6 metres in width..…. A deeper horizon will also be drilled to identify if the grade of the vein improves with depth”.
Canuc Resources Corp. informed on drilling advance at its San Javier Ag-Au project in Sonora. The first hole of a planned 6,000 m program was ended at 89.5 m in a fault zone. It intersected brecciated sedimentary rocks with stockwork veining and three intervals of massive magnetite breccia. “The 20-hole program is designed to test at least 4 magnetic features that underlie areas where a 2020 mapping and rock sampling program identified silver, gold and copper mineralization. At surface, the host rocks for three of these features are found to be magnetite breccia”. The program is focused on magnetic anomalies identified by a previous survey.
Viszla Silver Corp. released drilling results from step out drilling at the southern extension of the Napoleon prospect at its Panuco project in Sinaloa. The Napoleon vein has been mapped for more than 2.5 km and has four rigs drilling at the time. Highlighted true width intercepts comprise 4.46 m @ 890 gpt Ag, 19.99 gpt Au, 0.7% Pb, 1.8% Zn (including 0.92 m @ 3,804 gpt Ag, 91.91 gpt Au, 1.5% Pb, 3.5% Zn); 1.92 m @ 105.9 gpt Ag, 7.28 gpt Au, 0.7% Pb, 2.9% Zn (including 1.45 m @ 131 gpt Ag, 9.39 gpt Au, 0.8% Pb, 3.1% Zn)
Fortuna Silver Mines Inc. released production results for the first quarter 2021, including figures from its Mexican operations. At San José, in Oaxaca, 259.8 K tonnes @ 217 gpt Ag, 1.36 gpt Au were milled, recovering 90.8% Ag, 90.5% Au to produce 1.65 M Oz Ag, 10,301 Oz Au.
Consolidated Zinc Ltd. announced the 2021 zinc concentrate “benchmark treatment charge (TC) has been agreed between the major miners and smelters at US$159.00/t of concentrate, a reduction of 47% from last year’s benchmark treatment charge of US$299.75/t”. Treatment charges in 2020 represented 33% of total operating costs (before by-product credits) being the single largest operating cost (Plomosas, Chihuahua).
Magna Gold Corp. informed production levels have benefited from the accelerated stripping program, resulting in month to month growth in gold production, with 3,085 ounces in January, 2,670 ounces in February and 4,030 ounces in March. Magna anticipates the mine will return to full scale commercial production by June of this year, with 2021 guidance in the range of 55,000 to 65,000 Oz Au. During the Q1 2021, 619 K tonnes were mined @ 0.34 gpt Au, with 5.2 M tonnes of waste moved (8.40 strip ratio) to produce 9,785 Oz Au, 8.1 K Oz Ag.
Sierra Metals Inc. reported first quarter 2021 production reports, including figures from its Mexican properties. At Bolivar, in Chihuahua, 371.6 K tonnes were processed @ 0.77% Cu, 19.7 gpt Ag, 0.19 gpt Au, recovering 82.8% Cu, 83.6% Ag, 69.6% Au, to produce 5.2 M Lb Cu, 197 K Oz Ag, 1,591 Oz Au (7.3 M Lb CuEq). At Cusi, also in Chihuahua, 76.6 K tonnes were processed @ 15.2 gpt Ag, 0.16 gpt Au, 0.22% Pb, recovering 80.9% Ag, 39.6% Au, 81.5% Pb, to produce 313 K Oz Ag, 155 Oz Au, 298 K Lb Pb (334 K AgEq Oz Ag).
Consolidated Zinc Ltd. announced the first concentrate from the newly refurbished plant at its Plomosas property in Chihuahua has been produced.
Excellon Resources Inc. released Q1 2021 production results from the Platosa mine in Durango. At the site 21,212 tonnes were mined, 21,764 tonnes were milled @ 524 gpt Ag, 5.35% Pb, 6.73% Zn, recovering 89.7% Ag, 81.8% Pb, 74.7% Zn to produce 328.7 K Oz Ag, 2.1 M Lb Pb, 2.4 M Lb Zn, or 516.7 K Oz AgEq.
First Majestic Silver Corp. produced during the Q1 2021 2.9 M Oz Ag, 23,873 Oz Au, or 4.5 M Oz AgEq from its three mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. The company completed 39,552 m in exploration drilling during the quarter, with 10 rigs at San Dimas, seven rigs at Santa Elena and two rigs at La Encantada.
Colibri Resource Corp. has closed a non-brokered private placement for CAD$2.35 M in gross profits. (Evelyn, Sonora).
Sonoro Gold Corp. has increased its non-brokered private placement to raise an aggregate of $3 M thorough the exercise of over allotment options (Cerro Caliche, Sonora).
Santacruz Silver Mining Ltd. closed its non-brokered private placement offering, for gross proceeds of CDN$14.1 M (Carrizales, Hidalgo).
Defiance Silver Corp. successfully completed an uplisting to the OTCQX Best Market (San Acacio, Zacatecas).
Heliostar Metals Ltd. is increasing the size of its C$4 M marketed private placement to raise up to C$5.6 M (La Lola, Sonora).
Candelaria Mining Corp. intends to raise up to $25 M to fund exploration activities at the Caballo Blanco district in Veracruz, and the Pinos project in Zacatecas.
ON RESOURCES AND DEVELOPMENT
Equinox Gold Corp. is commencing development of the Bermejal underground mine at its Los Filos project in Guerrero.
Xali Gold Corp. submitted permit applications for the Mexico Mines Tailings project in El Oro, Estado de México. The permits are to allow both the transportation and re-processing of the tailings at a new 25 hectares plant site located 5 Km from the current location. Xali’s is to pay the El Oro municipality an 8% net profit interest (NPI). The project has an inferred resource of 1.27 M Tonnes grading 2.94 Au g/t, 75.12 Ag g/t, containing 119,900 Oz Au and 3.06 M Oz Ag.
Gatos Silver Inc. reported drilling results of delineation drilling at Cerro Los Gatos in Chihuahua. The program has demonstrated continuity in both the southeast and northwest projections of the current reserve. Highlighted true width drill results include: 9.5 m @ 0.11 gpt Au, 51 gpt Ag, 2.1% Pb, 3.1% Zn; 3.4 m @ 0.12 gpt Au, 122 gpt Ag, 5.0% Pb, 9.8% Zn, 0.2% Cu; 5.4 m @ 0.25 gpt Au, 121 gpt Ag, 1.5% Pb, 2.9% Zn; 7.2 m @ 0.14 gpt Au, 106 gpt Ag, 3.5% Pb, 3.4% Zn, 0.1% Cu; 2.6 m @ 0.21 gpt Au, 327 gpt Ag, 9.2% Pb, 3.8% Zn, 0.14% Cu; 12.0 m @ 0.15 gpt Au, 44 gpt Ag, 1.1% Pb, 4.0% Zn, 0.15% Cu; 2.8 m @ 0.20 gpt Au, 111 gpt Ag, 1.6% Pb, 3.9% Zn, 1.3% Cu; 1.9 m @ 0.12 gpt Au, 132 gpt Ag, 3.2% Pb, 9.9% Zn, 0.4% Cu; 7.2 m @ 0.06 gpt Au, 25 gpt Ag, 1.0% Pb, 10.3% Zn, 0.2% Cu; 5.7 m @ 0.17 gpt Au, 152 gpt Ag, 3.0% Pb, 4.4% Zn, 0.30% Cu.
Fabled Silver Gold Corp. released drilling results from its Santa Maria property in Chihuahua. The last sample on the last drill hole returned 75.9 gpt Ag, with 6.4 m of similar material awaiting results. Fabled is making a reinterpretation of previous work and testing the new targets identified. The ongoing 8,000 m drill program has been increased to at least 9,200 m. “This program will be focused underground to delineate the Santa Maria Central Structure with multi underground drill stations being prepared”.
SilverCrest Metals Inc. released additional in-fill and expansion drill results s from the Babi Vista vein splay, Babi Vista vein, Granaditas 1 vein, Granaditas 2 vein, and adjacent hangingwall and footwall veins in the Babicanora Area of its Las Chispas Project in Sonora. The results are from 78 holes totaling 29,308 m completed since the last news release for these veins, in areas with mineral resources or in close proximity. Average results for the Babi Vista vein splay comprise 0.91 true width @ 16.12 gpt Au, 1,351 gpt Ag, with individual intercepts of up to 1.04 m @ 185.65 gpt Au, 13,959 gpt Ag. Babi Vista Footwall and Granaditas 1 average 1.04 m @ 12.89 gpt Au, 1,884 gpt Ag, with the highest intercept running 0.40 m @ 114.0 gpt Au, 78,872 gpt Ag (7.89% Ag). The Babi Vista and Granaditas 2 vein average 0.67 m @ 4.56 gpt Au, 414 gpt Ag, while the Babi Vista Hangingwall averages 0.43 m @ 2.55 gpt Au, 249 gpt Ag.
Almaden Minerals Ltd. is conducting an induced polarization geophysical survey at the Ixtaca deposit in Puebla. “The work is designed to help define drill targets beneath the area of hydrothermal alteration called the Southeast Alteration (SE) zone and at depth beneath the Ixtaca deposit (“Ixtaca Deeps”). It is hoped that this geophysical survey, along with past survey results, will identify potential zones of veining like those in the Ixtaca deposit. The discovery drill hole in the original Ixtaca deposit area was planned in part based on high resistivity and chargeability results obtained in an earlier IP geophysical survey”.
GoGold Resources Inc. released results from six diamond drill holes from El Favor area at its Los Ricos North project in Jalisco. Highlighted core-length intervals comprise 69.3 m @ 108 gpt Ag, 0.49 gpt Au (including 15.3 m @ 392 gpt Ag, 1.76 gpt Au); 9.6 m @ 112 gpt Ag, 0.39 gpt Au; 59.0 m @ 119 gpt Ag, 0.32 gpt Au (including 5.0 m @ 361 gpt Ag, 0.90 gpt Au); 2.8 m @ 110 gpt Ag, 0.16 gpt Au; 16.1 m @ 97 gpt Ag, 0.21 gpt Au; 12.0 m @ 86 gpt Ag, 0.09 gpt Au; 3.2 m @ 204 gpt Ag, 0.15 gpt Au; 7.2 m @ 135 gpt Ag, 0.76 gpt Au; 23.3 m @ 92 gpt Ag, 0.22 gpt Au; 12.9 m @ 254 gpt Ag, 0.81 gpt Au (including 8.2 m @ 392 gpt Ag, 1.25 gpt Au).
Golden Tag Resources Ltd. released results from the first three holes of a 4,500 m campaign at its San Diego project in Durango. A hole in the Fernandez zone returned 50.17 m @ 105 gpt AgEq; Another hole intersected 127.3 m of skarn/Fernandez style mineralization, intersecting 35.46 m @ 0.06 gpt Au, 30 gpt Ag, 0.14% Pb, 0.24% Zn, 0.01% Cu (52 gpt AgEq) and 91.84 m @ 0.07 gpt Au, 15 gpt Ag, 0.31% Pb, 0.34% Zn, 0.01% Cu (49 gpt AgEq). Other holes intercepted 1.11 m @ 0.90 gpt Au, 142 gpt Ag, 0.13% Pb, 0.21% Zn, 0.02% Cu; 3.25 m @ 0.02 gpt Au, 237 gpt Ag, 0.41% Pb, 0.82% Zn, 0.08% Cu; 1.10 m @ 0.28 gpt Au, 195 gpt Ag, 1.70% Pb, 1.92% Zn, 0.07% Cu; 2.69 m @ 0.05 gpt Au, 355 gpt Ag, 0.30 % Pb, 0.41% Zn, 0.02% Cu; 8.41 m @ 0.02 gpt Au, 24 gpt Ag, 0.61% Pb, 0.49% Zn, 0.06% Cu.
ON DEALS AND CORPORATE ISSUES
VanGold Mining Corp. closed the acquisition of El Cubo mine and mill complex in Guanajuato with Endeavour Silver Corp.. The deal involved the payment of US$7 M in cash plus VAT and the delivery of 21.33 M shares of VanGold and a promissory note for $2.5 M a year from closing. El Cubo has 508 K tonnes grading 194 gpt Ag, 2.44 gpt Au containing 3.17 M Oz Ag, 39,860 Oz Au as indicated resources and 1.45 M tonnes @ 214 gpt Ag, 2.78 gpt Au containing 10 M Oz Ag, 129,900 Oz Au as inferred resources.
Silver Spruce Resources Inc. signed a letter of intention (LOI) with Colibri Resource Corp. to acquire up to 50% interest in four concessions in Sonora, comprising two properties, Diamante 1 and Diamante 2 covering 1,057 hectares. The projects are separated by 700 meters, and in close proximity to other Colibri properties. The initial cash payment by Silver Spruce is to be of $75 K (Note.- The details of the deal are lengthy and involve a third party, please take a look to the appropriate press release if interested in it).
Empress Royalty Corp. executed the US$5 M silver stream agreement on the Telson Mining Corp. owned Tahuehueto project in Durango. “Empress has now executed the US$5M silver stream agreement on production from Telson’s Tahuehueto project in Mexico. The US$5M Stream is on 100% of the payable silver production from Tahuehueto for the first 1,250,000 payable ounces; thereafter, the percentage will stepdown to 20% of the payable silver production to a maximum of 10 years from first production after which the Stream terminates”.
During the 13th week of the year (March 29th to April 4th, 2021), at least 38 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, three presented mining related news, six posted on financing or share options (including C$2.2 M, C$2 M, C$10.8 M and C$82.5 M), ten more on project development or resource definition and three posted on corporate issues. ON MEXICO ISSUES, listed mining companies in Mexico paid US$1.29 B in taxes during 2020. Americas Silver and the Mexican government are in talks to solve the company’s union issues after the president of Mexico threatened with concession cancellation. Fortuna Silver denied environmental damage by its mining unit in Oaxaca. ON EXPLORATION, In Sonora, Heliostar Metals released drilling results from La Lola. In Sinaloa, Vizsla Silver released drilling results from Panuco; Brigadier Gold continues drilling at Picachos. In Durango, Silver Wolf released grab sample results from its Ana Maria project; Commander Resources reported results from a soil survey at the Pedro project. ON MINING, McEwen Mining negotiated the end of an illegal blockade at El Gallo in Sinaloa. Prime Mining reported financial results for its Q3, 2021. Mag Silver released financial results for 2020. ON FINANCING, Colibri Resource, Sonoro Gold, Telson Mining and Equinox Gold released news on financing (C$2.2 M, C$2 M; $10.8 M and C$82.5 M respectively. Torex Gold announced the early repayment of $40 M. Reyna Silver is to issue $699.3 K in shares to consultors and advisors. ON RESOURCES AND DEVELOPMENT, Fortuna Silver released results from step out drilling at its San José mine in Oaxaca. Argonaut Gold released consolidated mineral resources estimates of more than 11.5 M Oz Au, 174.9 M Oz Ag on its properties. SilverCrest Metals updated on construction and exploration activities. Southern Silver reported high-grade drill intercepts at Cerro Las Minitas, Durango. Torex Gold presented a resource estimate of 5 M Oz Au for Los Filos in Guerrero. Ridgestone Mining updated on work at Guadalupe y Calvo (Chihuahua) and Rebeico (Sonora). Minera Alamos selected mining contractor for its Santana project in Sonora. GoGold Resources released results from drilling at Los Ricos North in Jalisco. First Majestic updated mineral resources for its mines and projects, for 340 M Oz Ag, 3.2 M Oz Au. Fabled Silver informed on drilling at Santa Maria, Chihuahua. ON DEALS AND CORPORATE ISSUES, GR Silver Mining completed the acquisition of Marlin Gold Mining and its land holdings in Sinaloa. Silver Bull informed it has won a definitive decision on a lawsuit related to an illegal blockade at its Sierra Mojada project in Coahuila. Argonaut Gold announced the cancellation of the agreement to sell the Ana Paula project in Guerrero. ON SOCIAL RESPONSIBILITY, Fresnillo PLC informed on cultural activities aimed at helping local communities and improving the environment.
ON MEXICO ISSUES
Listed mining companies in Mexico paid US$1.13 B ($1,1293 M in Mexican notation) in taxes on profits, or 9.2% on total earnings, in 2020. This amount is 44.6% higher year on year, influenced by the raise in precious metals. All companies in mining paid US$9.9 B (US$9,888 million in Mexican notation) in 2020 and provided work to 9,600 suppliers.
Americas Gold and Silver director and high-level government executives met to try to find a solution to the union conflict affecting the company at its Cosalá operations in Sinaloa. Last week the president of Mexico threatened with legal action to invalidate the company’s mining concession (there is no legal basis to revoke the concession).
Minera Cuzcatlán (Fortuna Silver) informed there is no environmental damage produced by a spill of tailings during a storm in 2018 at its San José mine in Oaxaca.
Heliostar Metals Ltd. released results from the first two holes ever drilled at the 6,360 hectare La Lola project in Sonora. The company is testing the main La Barra quartz-calcite-fluorite vein, which is up to 40 meters in width and runs for 5 kilometers and shows textures typical of shallow low sulfidation epithermal systems. A massive to crystalline quartz-calcite-fluorite subparallel vein to La Barra vein returned a core length interval of 2.5 m @ 0.01 gpt Au, 92 gpt Ag.
Silver Wolf Exploration Ltd. released results from surface grab samples from its 2,549 ha Ana Maria project in Durango. Initial work includes ASTER image analysis followed by a drone Lidar and hyperspectral data acquisition and analysis. Results from the 22 grab samples include up to 0.96 gpt Au, 12 gpt Ag, 3,770 ppm Cu, 1,440 ppm Pb, 278 ppm Zn, 50% Fe, 4.5% Ba, 2,450 ppm W. CRD mineralization is the target in a sedimentary package affected by an intrusive igneous stock.
Commander Resources Ltd. reported results from a soil survey program at its 1,750 ha Pedro project in Durango. The epithermal gold target is 4 km long by 1 km in width, as defined by gold and arsenic in soils, rocks and IP geophysics. “Outcrop exposure comprises prominent hematite-stained silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within an angular course breccia. The mineralization extends beneath post-mineral volcanic rocks, colluvium … and alluvium”.
Vizsla Silver Corp. released results from 16 holes on the Tajitos zone of the Panuco project in Sinaloa. These holes expand the length of Tajitos to over 525 m, while nine other completed holes are awaiting results. Highlighted true width intervals comprise 2.5 m @ 1,586 gpt Ag, 7.72 gpt Au; 4.48 m 351 gpt Ag, 4.52 gpt Au; 7.94 m @ 387 gpt Ag, 2.25 gpt Au (including 1.44 m @ 1,365 gpt Ag, 8.35 gpt Au).
Brigadier Gold Ltd. continues drilling at its Picachos property in Sinaloa. To date 4,538 m of the planned 5,000 m on phase-1 diamond drilling program has been completed in 43 holes that mainly targeted the more than 7 km long Colcomeca vein system. “Several stages of mineralization are apparent from inspection of the drill core: (i) pervasive silicification with disseminated sulfide that is oxidized to hematite, (ii) crustiform quartz veining with sulfides, and (iii) cockade breccias in the central part of the structure. These breccias consist of angular rock fragments that are altered to a soft black mica on fragment margins”.
McEwen Mining Inc. informed activities at El Gallo project in Sinaloa have been restored after the illegal blockade. A new 10-year agreement was reached providing additional support to the communities and greater long-term certainty for El Gallo operation.
Prime Mining Corp. reported its operating and financial results for third quarter of fiscal year 2021, ended on January 2021. In January Prime paid Vista Gold Corp. US$1.1 M in accordance with terms on the Los Reyes project (Sinaloa) agreement; a final payment of $1 M is due in July 2021. Before the end of the quarter 1,053 m of drilling were completed in 5 holes. Two more drill rigs have been mobilized to the project for expansion of known in-pit resources along strike and dip, and infill drill areas to increase measured and indicated resources and target other structures for resource expansion and discovery.
Mag Silver Corp. released its audited consolidated financial results for 2020. Processing at the nearby Fresnillo mine plant of mineralized material from development headings began in August, with 71,859 tonnes milled @ 328 gpt Ag, producing 616.3 K Oz Ag, 1,029 Oz Au, 163 tonnes Pb, 224 tonnes Zn, netting $11.46 M as gross profit. Construction of the 4,000 tpd Juanicipio plant continues and the underground development now exceeds 35 km. The plant is now expected to commence commissioning in Q4-2021 and to reach 90-95% capacity in 2022. By the end of the period the company had cash and cash equivalents of $94 M.
Colibri Resource Corp. is to conduct a non-brokered private placement for gross proceeds of up to CAD$2.2 M. (Evelyn, Sonora).
Sonoro Gold Corp. will undertake a non-brokered private placement offering to raise up to C$2 M (Cerro Caliche, Sonora).
Telson Mining Corp. closed the non-brokered private placement announced in February, for aggregate gross proceeds of $10.08 M (Tahuehueto, Durango).
Equinox Gold Corp. announced that in response to a request from Solaris Resources Inc. the company has agreed to sell 10 M shares of Solaris for gross proceeds of C$82.5 M (Los Filos, Guerrero).
Torex Gold Resources Inc. announced the early repayment of the $40 M of debt in relation to the 2019 Debt Facility and is now debt free other than approximately $5 M of finance leases. Torex has signed a Third Amended and Restated Credit Agreement in connection with a two-year senior secured $150 M revolving debt facility (Limón Guajes, Guerrero).
Reyna Silver Corp. will make an application to the TSX Venture Exchange for issuing $699.3 K in common shares as compensation to technical consultors and advisors advancing the portfolio properties of Reyna Silver (Guigui, Chihuahua).
ON RESOURCES AND DEVELOPMENT
Fortuna Silver Mines Ltd. released results from step-out drilling at the San Jose mine in Oaxaca. The 4,670 m program in 22 holes established continuity of high-grade mineralization in the upper levels of the La Trinidad footwall structures. Highlighted true width intercepts comprise 4.1 m @ 699 gpt Ag, 3.57 gpt Au; 5.4 m @ 1,931 gpt Ag, 6.76 gpt Au; 9.5 m @ 306 gpt Ag, 1.38 gpt Au; 3.4 m @ 760 gpt Ag, 3.24 gpt Au; 8.4 m @ 967 gpt Ag, 4.25 gpt Au; 1.4 m @ 809 gpt Ag, 2.78 gpt Au; 14.9 m @ 473 gpt Ag, 1.25 gpt Au. “The Brownfields exploration program budget for 2021 at the San Jose Mine is US$10.9 million, which includes 33,800 meters of diamond drilling and 1,770 meters of underground development for drilling access, platforms, and services”.
Argonaut Gold Inc. released a new mineral resource estimate to the end of 2020, including figures for its projects in Mexico. The table below includes figures for El Castillo and San Agustin in Durango, La Colorada in Sonora, Ana Paula in Guerrero and San Antonio in Baja California Sur.
SilverCrest Metals Inc. released financial results for 2020 and updated on construction and exploration activities. At Las Chispas, in Sonora, 173,000 m of in-fill and expansion drilling and 6.1 km of underground development and in-vein drifting were completed in 2020. At the end of the year SilverCrest entered into a $76.5 M construction contract for a 1,250 tonnes per day process plant at Las Chispas. In February 2021 a feasibility study (FS) was completed, at an estimated cost of $137.7 M; also in February the company completed a bought deal offering for gross proceeds of $138.1 M. The Picacho property, 40 km from Las Chispas, was acquired in mid 2020, and 5,800 m were drilled before the end of the period. For 2021, 356,000 m of drilling are planned, mostly at Las Chispas; currently there are six core rigs at Las Chispas and three at Picacho, with 22,000 m and 10,000 m already drilled during 2021 respectively. At the end of 2020 the company held $135.1 M as cash and cash equivalents.
Southern Silver Exploration Corp. reported high-grade Cu-Au-Ag intercepts at its Cerro Las Minitas project in Durango. At Mina La Bocona target, highlighted true-width intervals comprise: 6.3 m @ 134 gpt Ag, 0.5 gpt Au, 2.3% Cu (including 1.1 m @ 567 gpt Ag, 2.3 gpt Au, 11.2% Cu in the Bocona Chimney, and 3.8 m @ 217 gpt Ag, 0.3 gpt Au, 3.3% Pb, 0.7% Zn in the Muralla Chimney.
Torex gold Resources Inc. reported that in 2020 total reserves for El Limón Guajes complex in Guerrero declined 15% due to depletion. The table below shows total reserves and resources to the end of 2020.
Ridgestone Mining Inc. provided an update on activities at its Rebeico and Guadalupe y Calvo projects. At Guadalupe y Calvo in Chihuahua, Ridgestone is working to review all the historical data in the project, which includes over 78,000 m of drilling since the early 2000’s. “The Company anticipates a phased exploration drill program which will serve to confirm the continuity within the historical resource area, in addition to targeting a significant expansion of known mineralization”. At Rebeico, in Sonora, “The Company is currently recompiling and reinterpreting the results from prior exploration campaigns and anticipates providing an update in the near-term”.
Minera Alamos Inc. selected TRIGUSA as mining contractor for its Santa mine in Sonora. “Trigusa’s mining experience includes open pit mining, crushing, tailings dam construction and heap leach pads and ponds at projects in multiple states including Sonora”. The major construction activities related to the gold recovery (carbon) plant are now complete and the initial heap leach pad area has also been completed.
GoGold Resources Inc. released the results from 7 drill holes from El Orito area at its Los Ricos North project in Jalisco. Highlighted core length intercepts comprise 25.9 m @ 9 gpt Ag, 0.25%Pb, 0.85% Zn; 20.0 m @ 10 gpt Ag, 0.27% Pb, 1.08% Zn; 28.2 m @ 45 gpt Ag, 0.10 gpt Au, 0.58% Pb, 1.26% Zn; 11.4 m @ 27 gpt Ag, 0.24% Cu, 2.04% Pb, 5.20% Zn; 48.6 m @ 35 gpt Ag, 0.19% Cu, 1.24% Pb, 2.36% Zn (including 6.4 m @ 139 gpt Ag, 0.17 gpt Au, 0.82% Cu, 3.76% Pb, 6.70% Zn); 31.4 m @ 44 gpt Ag, 0.10 gpt Au, 0.13% Cu, 0.89% Pb, 0.86% Zn; 31.4 m @ 35 gpt Ag, 0.20 gpt Au, 0.14% Cu, 0.36% Pb, 0.28% Zn. “The El Orito deposit is unique in the Los Ricos district as it is the deeper part of the system where silver and base metals are present, while the other targets in the system to date have shown only silver and gold”.
First Majestic Silver Corp. filed updated technical reports for its three operating mines: San Dimas in Sinaloa, Santa Elena in Sonora and La Encantada in Coahuila. Below is a table that also includes the resources for San Martín in Jalisco, La Parrilla in Durango, Del Toro in Zacatecas and La Guitarra in Estado de Mexico.
Fabled Silver Gold Corp. informed on the currently ongoing 8,000 m drilling program at its Santa Maria project in Chihuahua. “We are heading into areas never explored before, with new ideas to test our structure-on-structure theory over the Property. Hole SM20-07 intercepted two broad zones of northwest trending, never seen before, semi-massive marcasite, (pyrite) in hornfels, and to the east 225 meters, we tried to cross the major C1 regional north – south fault in the center of the Property.”
ON DEALS AND CORPORATE ISSUES
GR Silver Mining Ltd. completed the acquisition of Marlin Gold Mining Ltd., which owns La Trinidad mine in Sinaloa and 12 concessions totaling 107,392 ha adjacent to GR Silver’s existing portfolio of properties. The properties come with a database that includes 700 stream sediment samples, 500 rock samples and over 9,000 soil samples. A total of 40,500 m of diamond, RC and sonic drilling were completed by previous operators. GR Silver will pay CDN$50 K to Mako, and “Oro Gold will grant Mako a 1% net smelter return (“NSR”) royalty on the concessions owned by Oro Gold. GR Silver Mining and/or Oro Gold will be granted the right to purchase the NSR at any time upon making a one-time payment of US$2,000,000. Mako shall be responsible for and shall pay all costs related to the Closure Plan Activities at La Trinidad….”.
Silver Bull Resources Inc. announced “it has won a definitive and conclusive decision in its favor in a lawsuit filed by a local mining co-operative called Minera Norteños in relation to the Sierra Mojada project” (Coahuila). “Despite the fact that the Company has at all times proceeded in accordance with the law, the Sierra Mojada project remains under an illegal blockade manned by a small group of radical members from within Minera Norteños. We believe their actions do not represent the view of the vast majority of the Minera Norteños members and wider local community, and we are working with authorities to resolve the situation in a safe, fair, and timely manner. We remain committed to good faith dialogue with selected members from Minera Norteños to find a solution….”
Argonaut Gold Inc. informed that the previously announced definitive agreement to sell its Ana Paula project in Guerrero expired in March 31, 2021. “The acquiring company did not fulfill its obligations in relation to financing and receipt of certain regulatory and other approvals”.
ON SOCIAL RESPONSIBILITY
Fresnillo PLC informed on cultural activities aimed at helping local communities and improving the environment.