After a grueling 55-day strike, nearly 3,000 workers at ArcelorMittal Mexico resumed work at the company’s steel plant in Lázaro Cárdenas, Michoacán, over the weekend.
An agreement brokered by the Labor and Social Welfare Ministry (STPS) led to the reactivation of the plant around midnight on Friday night, which is expected to positively impact related industries and the broader economy.
Workers from section 271 of the miners’ union had blocked the steel plant’s facilities….
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“El pasado 4 de julio se llegó a un acuerdo con el Sindicato Nacional Minero y la Empresa, que era muy positivo para los trabajadores y fue sometido a votación de estos este martes 9 de julio, siendo rechazado por la mayoría”, dijo en un comunicado la Secretaría de Trabajo.
Según el documento, el acuerdo incluía un pago de más de 2,000 dólares por trabajador y del 75% salarios caídos (no cobrados durante la huelga), y una auditoria de los ejercicios fiscales 2022 y 2023 de la firma para determinar si el cálculo del reparto anual de utilidades a los empleados, que en México es obligatorio por ley, se había hecho de forma correcta.
La siderúrgica y minera tiene inmovilizadas 300,000 toneladas de acero para ser procesadas, desde el 25 de mayo pasado, cuando los trabajadores de la minera se plantaron en huelga.
Tras 20 días de huelga en las instalaciones de la mayor productora de acero en Michoacán, México, ArcelorMittal, la Cámara Nacional de la Industria del Hierro y el Acero (Canacero) exigió al gobierno federal y local que intervenga para encontrar “una pronta solución al conflicto” laboral con el sindicato, ya que se tiene un impacto fuerte en toda la cadena de valor de Norteamérica.
“Hacemos un atento y respetuoso exhorto al Sindicato de Trabajadores Mineros, Metalúrgicos, Siderúrgicos y Similares de la República Mexicana, particularmente a su sección 271, así como a las autoridades de los tres niveles de gobierno para que, dentro de las facultades que las leyes le confieren, intervengan para encontrar una pronta solución al conflicto que se presenta, preservando el orden y el estado de derecho”, pugnó la industria nacional.
Quartz-goethite stockwork veining with malachite stains
By Miguel A Heredia
During the 23th week of the year (June 3rd to June 9th, 2024), at least 28 press releases were announced by companies working in Mexico, and 1 news published by the media, with eleven announcing financing rounds, ten disclosing deals and corporate issues, four reporting resources and developments of their properties, two commenting on Mexican issues, one informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, Claudia Sheinbaum won the election with a significant majority and is likely to maintain restrictions on mining. Tocvan/Colibri and Atacama Copper reported the best drilling intercepts in Mexico on the first week of June, 2024. ON EXPLORATION, In Nayarit, Angel Wings reported results for two recently completed geophysical surveys at its La Reyna project. ON MINING, no relevant news. ON FINANCING, Fortuna Silver declared that it is offering convertible senior notes due 2029 in an aggregate principal amount of USD $150M, and later on, it announced pricing of convertible senior Notes (San Jose mine, Oaxaca). Sierra Metals reported the refinancing of its $75M long-term debt facility and the entering into a new $95 million facility with new covenants, payment terms, and a 5-year term (Bolivar mine, Chihuahua). Solaris filed a final short form prospectus to qualify the distribution of 7,150,000 common shares of the company at a price of $4.90 per common share and an additional 1,072,500 common shares at the offering price pursuant to an over-allotment option (La Verde project, Michoacan). Aura declared and approved the payment of dividend for the six month ending June, 2024 (Aranzazu mine, Zacatecas). Infinitum Copper closed its previously announced non-brokered private placement for gross proceeds of CAD $450K (La Adelita project, Sonora). Silver Spruce announced that the TSX has granted an extension to the closing of the second tranche of its previously announced private placement (Pino de Plata project, Chihuahua). Orex closed the final tranche of its non-brokered private placement for gross proceeds of $662,992 (Sandra project, Durango). Starcore closed its non-brokered private placement, raising $500K in gross proceeds (San Martin mine, Queretaro). Oroco completed its previously announced non-brokered private placement for gross proceeds of $6.3M (Santo Tomás project, Sinaloa). Dyna Resource extended its USD $4M commercial offtake agreement with Ocean Partners, increased a revolving credit line to USD $12.5M, and announced that a major shareholder is set to purchase USD $2.5M shares of common stock of Dyna Resource (San Jose de Gracia mine, Sinaloa). ON RESOURCESAND DEVELOPMENT, Tocvan and its JV partner Colibri released results from its 2024 RC drilling program from its Pilar project in Sonora. Silver Storm added a second drill rig to commence a phase 2 drill program at its La Parrilla mine, Durango. Atacama Copper released results from five holes of a 10,000m diamond drilling program at its Cristina project, Chihuahua. ON DEALS AND CORPORATE ISSUES, Colibri announced the listing of its common shares on the Frankfurt Stock Exchange (Pilar project, Sonora). Discovery Silver notified the appointment of its Vice President, Investor Relations (Cordero project, Chihuahua). Sierra Metals filed its management information circular in connection with the company´s upcoming annual meeting of shareholders (Bolivar mine, Chihuahua). Sonoran Desert reported that it has been delayed in filing its audited annual financial statement for its financial year ended December 31, 2023, and the related Management’s Discussion and Analysis and Certifications by the Chief Executive Officer and Chief Financial Officer (Cuatro Hermanos project, Sonora). Bear Creek reported voting results from its annual general meeting of shareholders and announced the appointment of officers (Mercedes mine, Sonora). Chesapeake reported that that it and Alderley Gold Corp., the Company’s wholly-owned subsidiary, have completed the acquisition of the patents, patent applications and certain other technology rights and assets for the sulphide leaching technology from Hycroft Mining Holding Corporation and its wholly-owned subsidiaries (Metates project, Durango). Angel Wing granted stock options to employees and consultants of the company (La Reyna, Nayarit). Gatos Silver presented voting results from its annual general meeting of shareholders (Cerro Los Gatos mine, Chihuahua). DynaResource announced the appointment of its President, CEO, Interim CFO and Director (San Jose de Gracia mine, Sinaloa). Vizsla Silver announced that the independent proxy advisory firms ISS and Glass Lewis recommended that Vizsla Silver shareholders vote for the proposed arrangement with Vizsla Royalties Corp at the upcoming special meeting of shareholders. ON SOCIAL RESPONSIBILITY, Gold Royalty published its 2023 Sustainability Report an Asset Handbook (Cozamin mine, Zacatecas).
ON MEXICO ISSUE
Claudia Sheinbaum won the Mexican election with a significant majority and is likely to maintain restrictions on mining, including a de facto ban on new open pit mines. Sheinbaum secured the most ballots on Sunday in the nation’s 200-year democratic history, as much as 61% of the vote, according to a sample count by the country’s electoral authority. Challenges for her presidency include Mexico’s security situation, fiscal deficit, and strengthening currency. Sheinbaum’s technocratic approach and alignment with her mentor, outgoing President López Obrador, raise questions about her independence and ability to address key issues facing Mexico.
Tocvan Ventures Corp/Colibri Resources Corporation and Atacama Copper Corporation reported the best drilling intercepts in Mexico on the first week of June, 2024. Details are shown in the table below:
ON EXPLORATION
Angel Wing Metals Inc., reported results for two recently completed geophysical surveys at its La Reyna project, Nayarit. Results from the initial Induced Polarization (IP) survey and Hybrid Controlled Source Audio Magneto-Telluric (HSAMT) survey have provided valuable information to improve the company’s understanding of this priority target area. “Multiple anomalies were identified by the IP survey for follow up drilling, the strongest of which underlies outcrop exposures of mineralized and altered rocks that host anomalous disseminated gold. IP has also identified or confirmed several new prospects for drilling that correlate well with noted mineralization along structural trends at surface including La Feña, El Zorillo, San Ramon, Dolorosa, El Polo, Celeste, and La Reyna 2. The HSAMT survey has successfully refined the location and attitude of several important structural controls to mineralization that were observed at surface. In addition, it has identified several buried anomalies between a depth of 50 to 300m and has identified the location of a potential intrusion and feeder zone that may be of importance to the district scale mineralization”.
ON MINING
No relevant news.
ON FINANCING
Fortuna Silver Mines Inc., announced that it is offering convertible senior notes due 2029 in an aggregate principal amount of USD $150M. The Company expects to grant the initial purchasers of the Notes an option for a period of 15 days to purchase up to an additional USD $22.5M aggregate principal amount of Notes. Net proceeds will be used to repay bank indebtedness, to fund working capital requirements, for general corporate purposes and to fund the repayment of its existing 4.65% senior subordinated unsecured convertible debentures, to the extent that such debentures are not converted into shares prior to the redemption date. Later on, the company notified that it has priced its previously announced offering of convertible senior notes due 2029. The company has granted the initial purchasers of the Notes an option for a period of 15 days to purchase up to an additional USD $22.5 million aggregate principal amount of Notes. The Notes will be issued at par value. The Notes will bear cash interest semi-annually at a rate of 3.75% per annum. The initial conversion rate for the Notes will be 151.7220 common shares of Fortuna per USD $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately USD $6.59 per share. The initial conversion rate represents a premium of approximately 30% relative to today’s closing sale price of the shares and is subject to adjustment in certain events (San Jose mine, Oaxaca).
Sierra Metals Inc., reported the refinancing of its $75M long-term debt facility and the entering into a new $95 million facility with new covenants, payment terms, and a 5-year term. The New Facility of $95M will be used to repay the existing $75M loan and the additional $20M will be earmarked for high-return capital projects as well as for transaction fees and expenses. Capital expenditures include the development below the 1120 level and the completion of the shaft at the Yauricocha mine in Peru, as well as for mine developments of over 8,000 meters, a new ore pass, and the initial engineering works on a new tailings dam facility at the Bolivar mine in Chihuahua, Mexico.
Solaris Resources Inc., filed a final short form prospectus dated June 3, 2024 to qualify the distribution of 7,150,000 common shares of the company at a price of $4.90 per common share and an additional 1,072,500 common shares at the offering price pursuant to an over-allotment option (La Verde property, Michoacan).
Aura Minerals Inc., declared and approved the payment of a dividend of USD $0.35 per common share (approximately USD $25.4M in total) for the six month ending June, 2024. The dividend will be paid in dividend in US dollars on June 28, 2024, to shareholders of record as of the close of business on June 20, 2024 (Aranzazu mine, Zacatecas).
Infinitum Copper Corp., closed its previously announced non-brokered private placement for gross proceeds of CAD $450K for the sale of 11,250,000 units at a price of CAD $0.04 per unit. Gross proceeds will be used to re-commencing operations at La Adelita project, Sonora. The company plans to clear a path to the existing adit at Cerro Grande and commence the construction of a short 3m x 3m drive to access the mineralized body identified in earlier drilling campaigns.
Silver Spruce Resources Inc., announced that the TSX has granted an extension to the closing of the second tranche of its previously announced private placement. The company is now required to close the second tranche of the private placement on or before June 14, 2024, but expects to do so in advance thereof (Pino de Plata project, Chihuahua).
Orex Minerals Inc., closed the final tranche of its non-brokered private placement for gross proceeds of $662,992. The final tranche was comprised of 4,419,951 units of the company issued at a price of $0.15 per unit. In total, the company raised $1M pursuant to the offering, having previously closed a tranche on May 10, 2024, that raised an aggregate of $337K. The company intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes, which includes legal and financing fees as part of this offering (Sandra project, Durango).
Starcore International Mines Ltd., closed its non-brokered private placement, raising $500K in gross proceeds through the issuance of 3,333,333 units at a price of $0.15 per unit. Gross proceeds will be used primarily to conduct metallurgical testing of the carbonaceous ore at Starcore’s San Martin Mine operations in Queretaro.
Oroco Resources Corp., completed its previously announced non-brokered private placement for gross proceeds of $6.3M by the issuance of 14,051,127 units of the company at a price of $0.45 per unit. Oroco will use the net proceeds to advance its Santo Tomás project in Sinaloa, as well as working capital and other general corporate purposes.
Dyna Resource extended its commercial offtake agreement of USD $4M with Ocean Partners through December 2028 with revised terms including a temporary additional credit line and to increase revolving credit line to USD $12.5M. Additionally, major shareholder Golden Post LLC is set to purchase USD $2.5M shares at a price of USD $1.61 per share. These developments are expected to provide financial support and opportunities for DynaResource´s growth and operations.
ON RESOURCES AND DEVELOPMENT
Tocvan Ventures Corp., and its JV partner Colibri Resource Corporation released results from its 2024 RC drilling program from its Pilar project in Sonora. Drilling highlights are shown in the table below:
Over 2,700 meters have been drilled to date for the 2024 program. Results for eight drill holes are currently pending analysis. Drilling is ongoing at Pilar project in Sonora.
Silver Storm Mining Ltd., added a second drill rig to commence a phase 2 drill program at its La Parrilla mine, Durango. The Phase 2 diamond drill program will consist of 7,500m and will be completed over the next three months following up on the initial holes drilled with the aim of converting inferred mineralization to indicated resources.
Atacama Copper Corporation released results from five holes of a 10,000m diamond drilling program at its Cristina project in Chihuahua. Drilling highlights (true widths reported) , all from the eastern portion of the Main Guadalupe Vein System include holes ACD24-226 with 0.63 g/t Au, 60 g/t Ag, 1.4% Zn, 0.6% Pb, and 0.04% Cu (2.5 g/t AuEq) over 22m, including 1.08 g/t Au, 283 g/t Ag, 3.8% Zn, 1.5% Pb, and 0.17% Cu (7.87 g/t AuEq) over 1.3m, plus 1.36 g/t Au, 87 g/t Ag, 3.3% Zn, 1.8% Pb, and 0.06% Cu (5.09 g/t AuEq) over 2.7m; hole ACD24-229 with 0.93 g/t Au, 114 g/t Ag, 2.6% Zn, 1.4% Pb, and 0.23% Cu (4.76 g/t AuEq) over 3.8m, including 0.77 g/t Au, 214 g/t Ag, 5.2% Zn, 2.4% Pb, and 0.45% Cu (8.1% AuEq) over 1.8m, plus 1.49 g/t Au, 31 g/t Ag, 0.8% Zn, 0.2% Pb, and 0.02% Cu (2.49 g/t AuEq) over 14.5m, including 3.32 g/t Au, 46 g/t Ag, 0.9% Zn, 0.3% Pb, and 0.01% Cu (14.88 g/t AuEq) over 5m, including 13.8 g/t Au, 30 g/t Ag, 1% Zn, 0.4% Pb, and 0.01% Cu (5.54 g/t AuEq) over 0.8m; and hole ACD24-230 with 0.62 g/t Au, 300 g/t Ag, 1.1% Zn, 0.4% Pb, and 0.01% Cu (5.54 g/t AuEq) over 2.4m, including 0.76 g/t Au, 867 g/t Ag, 2.1% Zn, 0.6% Pb, and 0.01% Cu (14.13 g/t AuEq) over 0.8m, plus 0.53 g/t Au, 13 g/t Ag, 0.9% Zn, 0.3% Pb, and 0.04% Cu (1.32 g/t AuEq) over 49m, including 4.11 g/t Au, 49 g/t Ag, 1.1% Zn, 0.2% Pb, and 0.03% Cu (5.48 g/t AuEq) over 2.70m, including 11.05 g/t Au, 65 g/t Ag, 1.2% Zn, 0.3% Pb, and 0.03% Cu (12.73 g/t AuEq) over 0.8m, and including 1.65 g/t Au, 50 g/t Ag, 5.7% Zn, 0.9% Pb, and 0.26% Cu (6.11 g/t AuEq) over 2.6m. “These latest holes continue to support our goal of delineating and expanding the known higher-grade zones within the Guadalupe vein system to define a robust underground resource at Cristina. Not only are we seeing the expected higher-grade zones, but these are frequently set within broader intervals of lower grade material that may be amenable to bulk underground mining as is carried out successfully at Fresnillo’s nearby San Julian mine.”
ON DEALS AND CORPORATE ISSUES
Colibri Resource Corporation announces the listing of its common shares on the Frankfurt Stock Exchange (FSE) under the trading symbol “2CO1” (Pilar project, Sonora).
Discovery Silver Corp., notified the appointment of its Vice President, Investor Relations effective immediately (Cordero project, Chihuahua).
Sierra Metals Inc., filed its management information circular in connection with the company´s upcoming annual meeting of shareholders. The Meeting will be held on Tuesday, June 25, 2024 at 10:00 a.m. Eastern Time (Bolivar mine, Chihuahua).
Sonoran Desert Copper Corporation reported that it has been delayed in filing its audited annual financial statement for its financial year ended December 31, 2023, and the related Management’s Discussion and Analysis and Certifications by the Chief Executive Officer and Chief Financial Officer. The Issuer therefore applied to the British Columbia Securities Commission, the Alberta Securities Commission, and the Autorite des marches financiers (Quebec) pursuant to Part 4 of the National Policy 12-203 for a Management Cease Trade Order as an alternative to a general Cease Trade Order in connection with the Default of the Required Filings. (Cuatro Hermanos project, Sonora).
Bear Creek Mining Corporation reported voting results from its annual general meeting of shareholders and announced the appointment of officers (Mercedes mine, Sonora).
Chesapeake Gold Corp., reported that that it and Alderley Gold Corp., the Company’s wholly-owned subsidiary, have completed the acquisition of the patents, patent applications and certain other technology rights and assets for the sulphide leaching technology from Hycroft Mining Holding Corporation and its wholly-owned subsidiaries. On closing, Chesapeake paid $2M in cash and issued 1,026,518 common shares of the company at a deemed share price of $2.92 per share (Metates project, Durango).
Angel Wing Metals Inc., granted stock options to employees and consultants of the company. It granted 1,055,000 stock options at an exercise price of $0.15 (La Reyna, Nayarit).
Gatos Silver Inc., presented voting results from its annual general meeting of shareholders (Cerro Los Gatos mine, Chihuahua).
DynaResource Inc., announced the appointment of its President, CEO, Interim CFO and Director. It also announced that the former President and CEO resigned and will continue to assume the role of Chairman of the Board of Directors (San Jose de Gracia mine, Sinaloa).
Vizsla Silver Corp., announced that the independent proxy advisory firms ISS and Glass Lewis recommended that Vizsla Silver shareholders vote for the proposed arrangement with Vizsla Royalties Corp at the upcoming special meeting of shareholders. This spinout by way of a plan of arrangement is seen as a valuable opportunity for shareholders to create additional exposure to the Panuco district and potential new discoveries. The meeting is scheduled for June 17, 2024, in Vancouver, British Columbia.
ON SOCIAL RESPONSIBILITY
Gold Royalty Corp., published its 2023 Sustainability Report an Asset Handbook. Highlights include an announced inaugural sustainability-linked-co-investment of $300K provided to enhance the sustainability impact in one their mines; its portfolio had a carbon intensity of 0.25 T CO2E/GEO, representing one of the lowest carbon intensities in the royalty and streaming sector; its contribution to diverse communities causes, including arts, culture, scholarships, and mental health; and the 100% review of new royalty and streaming agreements and opportunities through their enhanced ESG due diligence process (Cozamine mine., Zacatecas).
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, quartz-goethite stockwork veining with malachite stains in an IOCG system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 10th week of the year (March 4th to March 10th, 2024), at least 24 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, five communicating production results, four announcing financing issues, four informing on exploration results, and three reporting resources and developments of their projects. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Tocvan reported surface exploration results from areas located over 6km north of the El Pilar Main Zone at its Pilar project, and Aztec reported final results from the 2023 RC drilling from its Cervantes project. In Chihuahua, Radius secured funding to commence drilling at the Plata Verde project. In Durango, Centenario Gold announced results from the first drill program on its Eden project. ON MINING, SilverCrest announced that it will file its audited annual financial statement and management discussion and analysis for the fiscal year ended December 31, 2023 on March 11th, 2024 (Las Chispas mine, Sonora). Argonaut reported Q3 and year-end 2023 production and financial results from their Mexican operations. Fortuna released Q3 and end-year production results from its San Jose mine in Oaxaca. Luca Mining reported production results from its Tahuehueto, Durango and provided an update on its Campo Morado, Guerrero mine operation. MAG Silver reported a preliminary 2024 Juanicipio, Zacatecas guidance. ON FINANCING, Capitan Silver announced that it intends to rise CAD $1.5M by way of a non-brokered private placement (Cruz de Plata project, Durango). Infinitum Copper announced a private placement (amended later on) for gross proceeds of up to CAD $450K (Adelita project, Sonora). Reyna Silver increased the size of its non-brokered private placement and announced the second closing of the life offering and the first closing of the concurrent private placement (Guigui and Batopilas projects, Chihuahua). ON RESOURCESAND DEVELOPMENT, Tocvan reported that a RC drilling is to commence at its Pilar project in Sonora. Kootenay filed a NI 43-101 Technical Report on its La Cigarra project, Chihuahua. GR Silver provided an operational update and announced the start of a small bulk sampling and test mining at its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, US Antimony announced executive management changes. Golden Minerals announced that one member of its Board of Director has passed away (Velardeña property, Durango). Sierra Metals announced the appointment of its Vice President, Health, & Safety, effective March 1, 2024 (Bolivar mine, Chihuahua). Pan American announced that the Toronto Stock Exchange (TSX) accepted its intention to purchase up to 5% of Pan American´s issued and outstanding shares (La Colorada, Zacatecas-Durango). Goldgroup reported a contractor fatality at its Cerro Prieto mine in Sonora. Kootenay granted stock options to officers, directors, employees, and consultants (Columba project, Chihuahua). Defiance Silver confirmed ownership of the Tepal project in Michoacan. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
No relevant news.
ON EXPLORATION
Tocvan Ventures Corp., reported surface exploration results from areas located over 6km north of Pilar´s Main Zone within its Pilar project in Sonora. Sampling returned very high-grade silver with gold values.. Two samples yielded 1,225 g/t Ag with 3.2 g/t Au and 744 g/t Ag with 0.2 g/t Au from sample material next to historical artisanal workings. One of the samples also show higher polymetallic association returning 0.42% Cu, 3.4% Zn, and over 20% Pb (assay over limit was reached).
Aztec Minerals Corp., reported final results from the 2023 RC drilling from its Cervantes project. The RC drilling program consisted of 1,646m in 13 holes testing the California porphyry gold target. All drill holes intersected oxidized Au mineralization; the California target continues to be open; the California target now has an area of 1,000m by 300m drill demonstrated; and the California target was found to continue on strike to the east at least another 400m. The multi-element ICP results show good, positive relationships between Au, Cu, Bi, Ag, As, W and K (potassic alteration), negative relationships with Mo, Sb and Ca. The multi-element grades support the potential for an Au-Cu porphyry deposit at depth.
Radius Gold Inc., secured funding to commence drilling at the Plata Verde project in Chihuahua, Mexico, through an option agreement with Minera San Julian and Geometales del Norte-Geonorte. The initial investment for mobilizing drilling and field teams is USD $250K, with additional funding to follow as approved by technical committee. The project has shown significant silver mineralization and historical production potential. Minera San Julian aims to spend a minimum of USD $4,762,000 over four years on exploration activities at Plata Verde and has the right to earn a 70% interest in the project.
Centenario Gold Corp., announced results from the first drill program on its Eden project in Durango. The company completed 1,506m in 11 core holes “testing the strike and downdip extensions of the mineralized structure along a section of the ‘Buenavista’ corridor”. All holes intersected the ‘Buenavista’ vein-breccia structure at depths ranging between 50 to 110 m. Assay results have been received on 9 of the 11 holes. Assays are pending for holes ED24-09 and ED24-11 and will be released when received.
ON MINING
SilverCrest Metals Inc.,announced that it will file its audited annual financial statement and management discussion and analysis for the fiscal year ended December 31, 2023 on March 11th, 2024 (Las Chispas mine, Sonora).
Argonaut Gold Inc., reported Q3 and year-end 2023 production and financial results from their Mexican operations (all dollar amounts are expressed in USD). In Q3, 2023, the company sold at La Colorada, Sonora, 7,967 Oz Au; reported cost of sales for $13,998,000; a cost of sales per Oz Au sold of $1,757; production costs of $10,353,000; a cash cost of $10,066,000; a cash cost per Oz Au sold of $1,263; and all in sustaining cost (AISC) of $1,316. For the year-end, it sold 25,957 Oz Au; reported cost of sales for $48,556,000; a cost of sales per Oz Au sold of $1,871; production costs of $39,057,000; a cash cost of $38,065,000; a cash cost per Oz Au sold of $1,466; and AISC of $1,532. At San Agustin, Durango, the company sold in Q3, 2023 9,556 Oz Au; reported cost of sales for $17,624,000; a cost of sales per Oz Au sold of $1,844; production costs of $16,000,000; a cash cost of $15,249,000; a cash cost per Oz Au sold of $1,596; and AISC of $1,631. For the year-end, it sold 44,148 Oz Au; reported cost of sales for $81,324,000; a cost of sales per Oz Au sold of $1,842; production costs of $71,263,000; a cash cost of $66,867,000; a cash cost per Oz Au sold of $1,515; and AISC of $1,552. At El Castillo, Durango, the company sold in Q3, 2023 4,353 Oz Au; reported cost of sales for $6,362,000; a cost of sales per Oz Au sold of $1,462; production costs of $6,009,000; a cash cost of $5,972,000; a cash cost per Oz Au sold of $1,372; and AISC of $1,402. For the year-end, it sold 21,325 Oz Au; reported cost of sales for $36,005,000; a cost of sales per Oz Au sold of $1,688; production costs of $32,252,000; a cash cost of $31,837,000; a cash cost per Oz Au sold of $1,493; and AISC of $1,518.
Fortuna Silver Mines Inc., released Q3 and end-year production results from its San Jose mine in Oaxaca. In Q3, 2023, the company milled 241,035 tonnes of 145 g/t Ag and 0.91 g/t Au with metallurgical recoveries of 91% and 90% respectively, to produce 1,023,325 Oz Ag and 6,345 Oz Au of which sold 1,040,888 Oz Ag and 6,046 Oz Au at an average realized price of USD $23.35 per Oz Ag and USD $1,983 per Oz Au. Fortuna reported a production cash and AISC of USD $17.57 and USD $21.98 per Oz AgEq respectively. In the full year 2023, the company milled 930,200 tonnes of 171 g/t Ag and 1.06 g/t Au with metallurgical recoveries of 91% and 90% respectively, to produce 4,656,631 Oz Ag and 28,559 Oz Au of which sold 4,659,611 Oz Ag and 28,524 Oz Au at an average realized price of USD $23.36 per Oz Ag and USD $1,942 per Oz Au. Fortuna reported a production cash and AISC of USD $14.40 and USD $19.40 per Oz AgEq respectively.
Luca Mining Corp. reported production results from its Tahuehueto, Durango and provided an update on its Campo Morado, Guerrero mine operation. At Tahuehueto, Durango, the mine achieved a new daily production record of 655 tonnes last week. The mine plan calls for the ramp-up to an approximate 1,000 tonne per day operation during 2H 2024 which is rapidly being achieved. At Campo Morado, Guerrero, “the optimization program has to date developed fundamental improvements in productivity, operational efficiency and cashflow. Key features of the program include effective mine-to-mill planning, new procedures for ore blending, increased metallurgical test work, optimized grinding and reagent dosing for improved recoveries, and phased equipment upgrades for mine and mill”.
MAG Silver Corp., reported a preliminary 2024 Juanicipio, Zacatecas guidance. MAG Silver reported preliminary guidance for the production potential of the high-grade Juanicipio Mine jointly owned by Fresnillo and MAG. The silver head grade is expected to range between 380 g/t and 420 g/t for 2024, with the plant anticipated to operate at nameplate capacity per operating day with an effective utilization of 91%. MAG remains on schedule to publish its updated technical report by the end of Q1 2024, providing more definitive guidance and solidifying the outlook for the Juanicipio Mine.
ON FINANCING
Capitan Silver Corp., announced that it intends to rise CAD $1.5M by way of a non-brokered private placement of 10M common shares at a price of CAD $0.15 per share. Gross proceeds will be used to advance Cruz de Plata project in Durango, to evaluate potential acquisitions, as well as to fund working capital and general corporate expenses.
Infinitum Copper Corp., announced a private placement (amended later on) for gross proceeds of up to CAD $450K through the issue of up to 22.5M units of the company at a price of CAD $0.02 per unit. Each unit will be comprised of one common share of the company and one common share purchase warrant. Net proceeds will be used for the establishment of mining operations at La Adelita project in Sonora, and for general corporate purposes.
Reyna Silver Corp., increased the size of its non-brokered private placement from $2.5M to $2.9M, and announced the second closing of the listed issuer financing exemption (LIFE) offering of 8,240,666 units for gross proceeds of approximately $988,880, and the first closing of the concurrent private placement of 12,401,610 units for gross proceeds of approximately 1,488,193. The company plans to use part of the net proceeds for the exploration of Guigui and Batopilas projects, Chihuahua.
ON RESOURCES AND DEVELOPMENT
Tocvan Ventures Corp., reported that a RC drilling is to commence at its Pilar project in Sonora for resource definition and expansion, as well as evaluation of new discoveries and targets. “The initial focus will be on infill and step-out targeting within and adjacent to the Pilar Main Zone including where previous drill campaigns successfully discovered the southern extension of the Main Zone, returning 108.6 meters of 0.8 g/t Au, including 9.4 meters of 7.6 g/t Au and 5 g/t Ag”.
Kootenay Silver Inc., filed a NI 43-101 Technical Report titled “Mineral Resource Estimate Update for the La Cigarra Ag-Pb-Zn Project, Chihuahua State, Mexico” with an effective date of November 29, 2023.
GR Silver Mining Ltd., provided an operational update and announced the start of a small bulk sampling and test mining at its Plomosas project in Sinaloa. GR Silver Mining has entered commercial agreements with private local operators to explore opportunities related to the Plomosas Project. The company has started the Bulk Sampling Test Mining (BSTM) program for future use in engineering and metallurgical reports at the San Juan and La Colorada sites, which has the potential to unveil valuable geological information related to high-grade modeling & targeting, grade reconciliation, and mineral deposit modeling to define new drill targets in the vicinities of the existing historical mines. The BSTM program will allow low-cost preparation of sites for future drilling, aiming to continue resource expansion in the project.
ON DEALS AND CORPORATE ISSUES
US Antimony Corporation announced executive management changes. Its previous CEO was appointed as President of the Company’s Antimony Division after relinquished his title as a CEO of US Antimony Corporation (Los Juarez project, Queretaro).
Golden Minerals Company announced that one member of its Board of Director has passed away (Velardeña property, Durango).
Sierra Metals Inc., announced the appointment of its Vice President, Health, & Safety, effective March 1, 2024 (Bolivar mine, Chihuahua).
Pan American Silver Corp., has announced a normal course issuer bid to purchase up to 5% of its issued and outstanding shares starting on March 6, 2024. The purchases will be made on the open market through various trading platforms. The company believes that its shares may not fully reflect its underlying value, making them an attractive investment. The bid will be funded from the company’s working capital, and purchases will be made at market prices. Pan American has established an automatic securities purchase plan to facilitate share repurchases. (La Colorada, Zacatecas-Durango).
Goldgroup Mining Inc., reported a contractor fatality at its Cerro Prieto mine in Sonora. Relevant regulatory authorities were notified and attended the site to investigate.
Kootenay Silver Inc., granted stock options to officers, directors, employees, and consultants to purchase up to an aggregate of 1,310,000 million shares and issued restricted share and deferred units totalling 905,000 common shares. The stock options have been granted at a price of $0.90 per common share for a period of five years.
Defiance Silver Corp., confirmed ownership of the Tepal project in Michoacan. The Mexican Court restored the Company’s rightful ownership to the mining concessions forming part of the Tepal project. As a result, the judgement is now fully enforceable, and Geologix Explorations Mexico, S.V de C.A, a subsidiary of the Company, is now confirmed as the legitimate and rightful owner of the concessions.
ON SOCIAL RESPONSIBILITY
No relevant news.
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On the picture above, a quartz-barite-specularite vein on a project of the Sonoran Desert. Photo taken by Miguel A Heredia.
