By Jorge Cirett
During the 33rd week of the year (August 14th to August 20th, 2023), 18 companies working in Mexico posted news releases. Two companies informed on exploration work at its properties, three reported second quarter 2023 results and one more of a fatality on an underground mine. One company informed on a private placement and one more on incentive option granting to directors, employees and consultants. Four companies informed on technical reports, updated mineral resources, drilling results and metallurgical testing on their projects. The closing on the transfer of a property in Durango was announced. ON MEXICO ISSUES, Camimex ask for the government intervention to reach an end to the Peñasquito mine strike, which begun in early June, and also for speedier action on environmental permitting. ON EXPLORATION, in Sonora, Colibri Resource received the permit to drill at Evelyn. In Coahuila, Monumental Minerals updated on its drilling program at Jemi. ON MINING, Guanajuato Silver reported a fatality on one of its mines. Sierra Metals, Discovery Silver and Americas Gold and Silver released production results for Q2 2023. ON FINANCING, Barksdale granted options to directors, employees and consultants. Oroco Resource raised $1.75 M. ON RESOURCES AND DEVELOPMENT, Golden Tag updated the mineral resource estimate for La Parrilla, in Durango. GR Silver Mining released drilling results from the San Marcial deposit on its Plomosas project in Sinaloa. Sierra Madre Gold and Silver released drilling results from the Tepic project in Nayarit. Silver Tiger Metals released drilling results from El Tigre, in Sonora. Vizsla Silver announced positive metallurgical test results for the Copala resource area on its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, First Majestic Silver and Golden Tag Resources closed the transaction on La Parrilla mine in Durango. ON SOCIAL RESPONSIBILITY, no relevant news. ON MEXICO ISSUES
- Camimex (Cámara Minera de México) asks relevant authorities to contribute in the solution to the Peñasquito strike in Zacatecas, and to act more speedily on the granting of environmental permits needed.
ON EXPLORATION
- Colibri Resource Corp. received the necessary permit to drill up to 2,000 m on the Evelyn property in Sonora. The program is focusing on the Main Zone and West El Sahuaro areas.
- Monumental Minerals Corp. provided an update on the current drill program at the Jemi project in Coahuila. To date 1,800 m have been drilled targeting rare earth mineralization, with 12 holes completed and a final one underway, with results expected in about three weeks. “Numerous intrusive peralkaline dykes, sills, and veins, with identifiable eudialyte … were intersected in the completed holes … These peralkaline dykes and sills tend to occur in structural zones that appear to be adjacent to larger bodies of syenitic intrusions and are associated with irregular skarn mineralization at the contacts with the host carbonate sedimentary rocks. These zones are as much as several tens of meters in width downhole. The syenite may be the feeders for the peralkaline features (parental rocks) and pegmatitic intrusive rocks. Light rare earth element (LREE) bearing minerals such as monazite and xenotime have also been identified by visual inspection.”
ON MINING
- Guanajuato Silver Co. reported an employee fatality on August 12 due to an accident at the San Ignacio mine in Guanajuato.
- Sierra Metals Inc. reported results for the quarter, including figures from its Mexican operations. At Bolivar, in Chihuahua, 4,640 tonnes were milled per day for a total of 406 K tonnes in the period, to produce 10.7 M Lb CuEq at cash cost $1.62 and an AISC of $3.02 per Lb CuEq. The Cusi mine in Chihuahua (a non-core asset) operated at 596 tpd and processed 51.7 K tonnes during the period to produce 241 K Oz AgEq.
- Americas Gold and Silver Corp. reported consolidated financial and operational results for the quarter ended June 30, 2023, including figures from its Mexican operations. At Cosalá, in Sinaloa, 335 K Oz Ag, 3.2 M Lb Pb, 9.6 M Lb Zn were produced at cash cost $4.51 and an AISC of $11.10 per Oz AgEq.
- Discovery Silver Corp. announced its financial results for the second quarter 2023 and provided an update on the quarter and subsequent events. The 2022 Environmental, Social and Governance (ESG) report was released. A marketed public offering raised C$51.75 M, “Completion of the reserve expansion and definition component of our Feasibility Study program consisting of an additional 35,000 m of drilling in over 100 drill holes completed since the cut-off for the Pre-Feasibility Study”. As of June 30, 2023, Discovery had cash and cash equivalents of $68 M.
ON FINANCING
- Barksdale Resources Inc. announced the granting of incentive stock options to its directors, employees and consultants for up 1.3 M shares at a price of $0.59 per share. (San Javier, Sonora).
- Oroco Resource Corp. closed a non-brokered private placement, raising $1.75 M (Santo Tomás, Sinaloa).
ON RESOURCES AND DEVELOPMENT
- Golden Tag Resources Ltd. completed an updated mineral resource estimate for La Parrilla Silver Mine Complex in Durango. The resource includes 22 veins within the Rosarios, San Marcos and Quebradillas underground mines, currently on care and maintenance. Indicated resources are estimated at 615 K tonnes @ 176 gpt Ag, 0.08 gpt Au, 1.55% Pb, 1.39% Zn (or 263 gpt AgEq), containing 3.48 M Oz Ag, 1,700 Oz Au, 9.6 K tonnes Pb, 8.5 tonnes Zn, or 5.19 M Oz AgEq. Inferred resources stand at 1.26 M tonnes @ 191 gpt Ag, 0.12 gpt Au, 0.99% Pb, 1.01% Zn (or 256 gpt AgEq), containing 7.73 M Oz Ag, 5,000 Oz Au, 12.4 K tonnes Pb, 12.7 K tonnes Zn, or 10.33 M Oz AgEq.
- GRSilver Mining Ltd. announced results from one step-out drill hole outside the mineral resource boundary in the San Marcial area of its Plomosas project in Sinaloa. Highlighted core length intervals comprise 20.2 m @ 187 gpt Ag, 0.05 gpt Au, 0.3% Pb, 0.7% Zn (including 5.7 m @ 513 gpt Ag, 0.05 gpt Au, 0.4% Pb, 0.8% Zn, which includes 0.8 m @ 2,041 gpt Ag, 0.14 gpt Au, 0.8% Pb, 1.9% Zn). The hole “intersected a multistage quartz-calcite-sulfide zone composed of irregular veins and breccias crosscutting other hydrothermal breccias …”.
- Sierra Madre Gold and Silver Ltd. announced results from six additional diamond drill holes of the current program at its Tepic project in Nayarit. The holes targeted the Taunas and Veta Tomas structures, with highlighted intercepts comprising 2.50 m @ 296 gpt Ag, 1.15 gpt Au; 0.60 m @ 111 gpt Ag, 2.06 gpt Au; 4.85 m @ 84 gpt Ag, 0.24 gpt Au; 10.05 m @ 158 gpt Ag, 0.46 gpt Au; 4.35 @ 258 gpt Ag, 0.68 gpt Au; 1.0 m @ 92 gpt Ag, 0.36 gpt Au. “The Tepic Project is a +2,600-hectare project where the previous operator completed 149 core holes totaling more than 31,000 meters. “
- Silver Tiger Metals Inc. released results from drilling at El Tigre project in Sonora. Highlighted core length results from the Sooy vein and Sulfide Zone comprise 1.0 m @ 0.01 gpt Au, 178 gpt Ag, 0.22% Cu, 1.0% Pb, 1.7% Zn; 10.7 m @ 0.06 gpt Au, 74 gpt Ag, 0.08% Cu, 0.5% Pb, 0.5% Zn (including 2.3 m @ 0.06 gpt Au, 191 gpt Ag, 0.22% Cu, 1.4% Pb, 1.6% Zn); 4.7 m @ 0.15 gpt Au, 344 gpt Ag, 0.44% Cu, 0.6% Pb, 1.0% Zn; 0.5 m @ 0.26 gpt Au, 1,294 gpt Ag, 0.62% Cu, 3.8% Pb, 6.3% Zn; 3.4 m @ 1.57 gpt Au, 592 gpt Ag, 0.08% Cu, 0.4% Pb, 0.7% Zn; 10.5 m @ 1.98 gpt Au, 151 gpt Ag, 0.14% Cu, 1.4% Pb, 2.9% Zn (including 5.3 m @ 3.87 gpt Au, 249 gpt Ag, 0.22% Cu, 2.2% Pb, 4.4% Zn); 4.0 m @ 0.11 gpt Au, 786 gpt Ag, 0.68% Cu, 0.6% Pb, 1.3% Zn; 0.8 m @ 0.16 gpt Au, 1,549 gpt Ag, 1.73% Cu, 0.2% Pb, 0.7% Zn.
- Vizsla Silver Corp. announced positive preliminary metallurgical test results for the Copala resource area at its Panuco project in Sinaloa. Drill core was first crushed and the subject to simple bulk flotation. Flotation + regrind + Cyanide Leach on flotation concentrate, coupled with Cyanide Leach of Rougher Tails recovered 90.6% Au, 93.7% Ag. “Further test work of material from the Napoleon, Tajitos and Copala deposits is planned to better understand and optimise grind size, cyanide consumption, leach kinetics, residence times and recoveries.”
ON DEALS AND CORPORATE ISSUES
- First Majestic Silver Corp. and Golden Tag Resources Ltd. closed the transaction on the La Parrilla past producing mine in Durango. First Majestic received 143.7 M shares of Golden Tag (US$20 M), and is to receive up to US$13.5 M in the form of three milestone payments either in cash or shares. The first repayment of US$2.7 M is due 18 months on the closing, the second US$7.75 M payment upon receipt of a resource estimate of 5 M Oz AgEq in reserves or 22 M Oz AgEq in measured and indicated resources and the third US$5.05 M payment upon receiving a resource estimate of 12.5 M Oz Ag Eq measured and indicated resources in a new zone on La Parrilla. In addition, First Majestic purchased 18 M shares of Golden Tag and 9 M warrants. Following the closing First Majestic owns 40.8% of Golden Tag shares, and if the warrants are exercised will own 42.2% on a partially diluted basis.
ON SOCIAL RESPONSIBILITY
- No relevan news.
On the image below: Silicified vein ridge on a project in the Sonoran Desert. Picture by Jorge Cirett.