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Highlights on the Fourth Week of August, 2018. Mining and Exploration News in Mexico

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naranjillo_gto 1 - copia

By Jorge Cirett

During the 34th week of the year (August 20th to August 26th, 2018), at least 17 press releases were announced by companies working in Mexico. Aztec Minerals, Discovery Metals, and SilverCrest Metals released advances in exploration. Grupo Mexico and Santacruz Silver Mining released its Q2 2018 results. SilverCrest Metals, Silver Bull, Avino Silver and Prize Mining reported news on financing. Azure Minerals reported advances on the PEA and new drilling of one of its projects. ON MEXICO ISSUES, The Mexican Core Shack now counts with displays from three properties in Chihuahua, two in Durango and two in Estado de Mexico. ON EXPLORATION, In Sonora, Aztec Minerals released results from surface sampling along drill roads on its Cervantes project. In Coahuila, Discovery Metals released results from underground sampling at its Puerto Rico project.   ON MINING Grupo Mexico and Santacruz Silver released its Q2 2018 reports. Grupo Mexico is to re-open its San Martin mine in Zacatecas.  ON FINANCING, Silver Bull and Prize Mining closed final tranches of financing for gross proceeds of US$3.79 M and $7.62 M respectively. ON RESOURCES AND DEVELOPMENT, Azure Minerals is advancing the PEA on its Oposura property in Sonora, and announcing a new drilling campaign. SilverCrest released more drilling results from its Las Chispas project in Sonora. ON DEALS AND CORPORATE ISSUES, Alio Gold announced several changes in senior management, as well as at its corporate head office in Vancouver, related to the recent focus on its operating mines.

ON MEXICO ISSUES

ON EXPLORATION

  • Aztec Minerals Corp. released surface sampling results from the California prospect within its Cervantes project in Sonora. The rock chip channel samples were collected along drill roads, returning 75 m @ 0.11 g/t Au; 222 m @ 0.47 g/t Au; 84 m @ 0.40 g/t Au; 183 m @ 0.32 g/t Au; 81 m @ 0.53 g/t Au; 33 m @ 0.26 g/t Au; 111 m @ 0.02 g/t Au. Aztec’s CAD$182 K phase 2 exploration program “of geological mapping, rock, soil and sediment sampling and airborne magnetic and radiometric surveys is focused on better defining additional drill targets” on the 3,649 hectares property. Soil surveys highlight strong gold anomalies at the California north, Purisima East, Purisima West and Jacob soil grids, with individual samples returning up to 3.3 g/t Au. The Cervantes property is held under an option to purchase agreement with Kootenay Silver Inc.
  • Discovery Metals Corp. reported the second batch of underground channel sampling results from the San Jose mine at its Puerto Rico project in Coahuila. “San Jose contains approximately 630m of underground drifts and stopes over four levels (from bottom to top: the Chuyon, Haulage, Rope and Upper levels) that span an approximate vertical extent of 50m and cover a horizontal extent of approximately 80m by 80m. All four levels host strongly mineralized mantos, chimneys and faults. Channel samples were collected at 3-5m intervals along both sides of the entire length of the developed workings”. Individual samples are as high as 1.2 m @ 10 g/t Ag, 46.2% Zn, 0.2% Pb, 0.2% Cu; 0.7 m @ 154 g/t Ag, 38.2% Zn, 0.6% Pb, 0.1% Cu; 1.0 m @ 18 g/t Ag, 30.2% Zn, 0.1% Pb, 2.6% Cu; 1.0 m @ 445 g/t Ag, 3.5% Zn, 26.3% Pb, 0.6% Cu.discoverymetals_nr-2018-08-2311

ON MINING

  • Santacruz Silver Mining Ltd. reported operating results from the Veta Grande project in Zacatecas and the Rosario project in San Luis Potosi, for the second quarter 2018. At Veta Grande, 52 K tonnes @ 70 g/t Ag, 0.17 g/t Au, 1.14% Zn, 0.41% Pb (161 g/t AgEq) were processed, with a 45% Ag recovery, to produce 36.7 K Oz Ag, 59 Oz Au, 111 tonnes Pb, 164 tonnes Zn. At Rosario, 15.4 K tonnes @ 44 g/t Ag, 0.26 g/t Au, 2.54% Zn, 0.23% Pb (212 g/t AgEq) were processed, with 89% Ag recovery, to produce 19.4 K Oz Ag, 84 Oz Au, 31 tonnes Pb, 344 tonnes Zn.
  • Grupo México is to re–open its San Martin mine in Zacatecas, with an investment of US$77 M. The mine was closed eleven years ago due to a labor dispute with the Sindicato Nacional de Trabajadores Mineros, led by Napoleon Gomez Urrutia. The mine workers have now changed to the Sindicato Nacional de Trabajadores de la Exploración, Explotación y Beneficio en Minas de la República Mexicana, ending the closure by strike of the mine. The mine is to have a 32 years life span, creating directly 600 jobs and indirectly 3,000 more.
  • Grupo México reported its second quarter 2018 results. During the period sales increased 19%, while the EBITDA rose to US$1,316 M, and capital investments rose to US$434 M.

ON FINANCING

  • SilverCrest Metals Inc. has been approved to list its common shares on the New York Stock Exchange (Las Chispas, Sonora).
  • Silver Bull Resources Inc. completed the second and final tranche of its previously announced private placement, for aggregate gross proceeds of USD$957.5 K. Under the first tranche of the private placement Silver Bull accrued USD$2.831 M (Sierra Mojada, Coahuila).
  • Avino Silver & Gold Mines Ltd- filed a shelf registration statement on Form F-3 with the Securities and Exchange Commission (SEC), that is to allow the company to raise up to US$25 M (Avino, Durango).
  • Prize Mining Corp. closed the third and final tranche of the recently announced non-brokered private placement, raising $500 K and taking the total aggregate of gross proceeds to $7.62 M (Manto Negro, Coahuila).

ON RESOURCES AND DEVELOPMENT

  • Azure Minerals Ltd. announced that the preliminary economic assessment (PEA) on its Oposura project in Sonora remains on track to be reported in the third quarter of 2018. The study envisions open pit and room and pillar underground extraction. The resource includes 2.1 Mt (tonnes) @5.3% Zn, 2.9% Pb, 17.2 g/t Ag in the indicated category and 0.8 Mt @ 4.3% Zn, 2.5% Pb, 16.5 g/t Ag in the inferred category.
  • SilverCrest Metals Inc. announced new drill results from the Granaditas vein and the new Granaditas Dos vein at its Las Chispas property in Sonora. These veins are approximately 40 m apart and may intersect to the southeast. Highlighted true width (TW) intercepts include 1.2 m @ 5.6 g/t Au, 15 g/t Ag; 1.3 m @ 4.2 g/t Au, 229 g/t Ag; 1.2 m @ 3.10 g/t Au, 4.0 g/t Ag in the Granaditas vein, 0.5 m @ 1.8 g/t Au, 149 g/t Ag; 0.4 m @ 2.4 g/t Au, 421 g/t Ag; 2.9 m @ 294 g/t Ag; 1.2 m @ 1.2 g/t Au, 162 g/t Ag in the Granaditas Dos vein and 0.9 m @ 1.0 g/t Au, 82 g/t Ag; 1.4 m @ 2.5 g/t Au, 799 g/t Ag in an unnamed vein. The high-grade footprint in the Granaditas Vein currently measures approximately 200 m long by 200 m high and is open in most directions. The high-grade footprint in the Granaditas Dos (2) Vein currently measures approximately 100 m long by 100 m high and is open in most directions.
  • Azure Minerals Ltd. recommenced drilling at its Oposura project in Sonora. This campaign is focused on infill drilling and more widely spaced resource extensional drilling.

ON DEALS AND CORPORATE ISSUES

  • Alio Gold Inc. announced changes related to the recent focus on its operating mines San Francisco in Sonora and Florida Canyon in Nevada, which include the previously announced temporary suspension of exploration and development at its Ana Paula project in Guerrero, and the here stated termination of the Vice-president of project development Project Manager and the Chief Executive Officer. “The Company has also taken steps to reduce costs at the Ana Paula project site in Mexico while maintaining a level of local employment and community engagement…..the Company has also implemented a number of changes at its corporate office in Vancouver which in total are expected to reduce the corporate overhead by approximately $1.2 million over the next 12 months.“
  • Defiance Silver Corp. renegotiated and extended the terms of its San Acacio Project option agreement. “The project vendor has agreed to postpone a substantial amount of the payments due in 2018 to September 27, 2020. As a result, Defiance will be making four quarterly payments of US$226,900 totaling US$907,600 in year one and four quarterly payments of US$250,000 totaling US$1,000,000 in year two with the final option payment due September 2020.”

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, the silicified and alunite bearing ridge beyond the farming fields is interpreted as the water table interface in a shallow epithermal system, in Guanajuato. Picture by Jorge Cirett.

Grupo México reabrirá mina en Zacatecas cerrada 11 años por conflicto laboral

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http://www.elfinanciero.com.mx/empresas/grupo-mexico-reabrira-mina-en-zacatecas-cerrada-11-anos-por-conflicto-laboral

Grupo México reabrirá su mina San Martín, ubicada en Sombrerete, Zacatecas, que estuvo cerrada por 11 años debido a un conflicto laboral con el Sindicato Nacional de Trabajadores Mineros liderado por Napoleón Gómez Urrutia.

En un comunicado, los trabajadores de la mina anunciaron su cambio al Sindicato Nacional de Trabajadores de la Exploración, Explotación y Beneficio en Minas en la República Mexicana, con lo cual ponen fin al cierre por huelga. 

Con la reapertura de la mina se generarán 600 empleos directos y 3 mil indirectos.

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

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

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

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

 

Cananea Pano5

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

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During the 30th week of the year (July 24th to July 30th, 2017), with the presentation of second quarter reports, at least 26 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, gold production decreased 1.7% in 2016 to 4.26 M Oz, but US$2,846 M is to be invested in gold projects between 2017 and 2020. ON EXPLORATION, in Sonora Riverside released first phase exploration results at Cecilia; Aztec released historical drilling results on its Cervantes property. In Durango Southern Silver released drilling results from its Cerro Las Minitas project. In Zacatecas Arian Silver commenced an auger drilling program on its lithium projects; Goldcorp updated exploration efforts in the Altiplano; Zenith completed drilling for lithium in the San Juan salt pan, results pending. In Veracruz Almadex released high grade gold-copper results from continuing drilling at El Cobre. ON MINING, Avino Silver, Americas Silver, Coeur, Goldcorp and Agnico Eagle presented production results for the second quarter of 2017. Great Panther applied for a permit on its tailings facility at Topia, in Durango. ON FINANCING, Torex Gold signed an amended agreement on a credit facility for US$400 M; Santacruz closed the first tranche of a non-brokered private placement for $935 K ON RESOURCES AND DEVELOPMENT, Candelaria submitted a MIA (environmental application) on its Caballo Blanco property in Veracruz. Excellon reported high-grade drilling results from its Platosa mine in Durango. ON DEALS AND CORPORATE ISSUES, Goldcorp and Evrim reached an agreement on La Pinta 6 concession in Zacatecas.

ON MEXICO ISSUES

  • Camimex (Cámara Minera de México) informed 12 companies are to invest US$2,846 M in gold projects between 2017 and 2020 in Mexico, with Torex Gold, Goldcorp and Fresnillo PLC leading the list. Present and coming projects include the expansion of Pan American’s Dolores mine expansion (Durango, 112 M), Argonaut’s San Agustin (Durango, 43 M), Alamos Gold’s La Yaqui (Sonora, 12 M), Torex’s Media Luna (Guerrero, 482 M), Goldcorp’s sulfide leach plant at Peñasquito (Zacatecas, 420 M), Fresnillo’s Orisyvo (Chihuahua, 350 M) and the Fresnillo and Mag Silver’s JV on Juanicipio (Zacatecas, 305 M). In 2016, Mexico produced 4.26 M Oz, a 1.7% reduction on the previous year.

ON EXPLORATION

  • Arian Silver Corp. commenced an auger drill program on its lithium projects in Zacatecas. The properties to be auger drilled down to a vertical depth of 20 m are Pozo Hondo, Columpio and Abundancia, to test lithium grades and volumes.
  • Almadex Minerals Ltd. released results from its more recent drill hole at the Norte zone of its El Cobre property in Veracruz. From 204.1 m an interval of 431.9 m @ 0.86 g/t Au, 0.27% Cu was intercepted, including 40.45 m @ 1.38 g/t Au, 0.43% Cu; 46.2 m @ 1.04 g/t Au, 0.29% Cu; 70.45 m @ 2.32 g/t Au, 0.59% Cu.
  • Aztec Minerals Corp. pretends to drill test its Cervantes property in Sonora by September or October. Results of past drilling by Peñoles on the California target in 1996 include 22.1 m @ 0.21 g/t Au; 23.0 m @ 0.40 g/t Au; 99.4 m @ 0.40 g/t Au (including 29.5 m @ 0.74 g/t Au; 88.1 m @ 0.42 g/t Au (including 16.8 m @ 1.16 g/t Au; 141.1 m @ 0.41 g/t Au (including 40.9 m @ 0.96 g/t Au); 42.6 m @ 0.47 g/t Au. A 50 x 50 m soil survey was completed the previous week on the Jasper copper target, where the IP anomaly of the California target continues. A total of 60 rock chip samples were recently collected at two additional copper oxide locations, and a channel sampling program across the gold soil anomaly will commence shortly on the California target.
  • Goldcorp Inc. released an exploration update on the Altiplano around its Peñasquito mine in Zacatecas. Exploration was focused on ground validation of 13 targets identified on the first quarter, as well as regional rock chip and selective leach soil sampling at a 1 km grid spacing near the mine. Biogeochemical sampling of creosote plants is also to be used. A 15,000 m program of reverse circulation (RC) holes to the top of bedrock is to evaluate targets overlain by Tertiary cover in several valleys. Detailed mapping and re-logging of core from the Noche Buena and Santa Rosa projects was carried out.
  • Riverside Resources Corp. released results from the first phase of exploration at its Cecilia project in Sonora. The second batch of samples include 8.0 and 9.7 m wide zones at the North Breccia zone averaging 3.90 g/t Au and 1.2 g/t Au respectively. About 400 m SW from the North Breccia zone a fault zone assayed 5.4 g/t Au over 3.0 m. Several priority drill targets have been selected and the process for drill permitting has started. The target is a low sulfidation epithermal mineralization system within and beneath a felsic volcanic flow-dome complex which has been defined in an area of 1,200 x 400 m, and over 400 m of vertical span.
  • Southern Silver Exploration Corp. released recent results from its current drilling campaign at Cerro Las Minitas, Durango. The last hole intersected 12.5 m true width (TW) @ 154 g/t Ag, 2.0 g/t Au, 3.2% Pb, 3.9% Zn (including 3.0 m TW @ 329 g/t Ag, 4.6 g/t Au, 7.4% Pb, 7.3% Zn); 9.2 m @ 220 g/t Ag, 0.3% Cu, 3.6% Pb, 5.4% Zn.
  • Zenith Minerals Ltd. completed a shallow drilling program at the Zacatecas Lithium project. The 11 auger holes reached a maximum of 27 m of depth at the San Juan salt pans, recovering sediment and brine samples. The brines were within 5 to 15 m of the surface. Drilling results are expected within four weeks.

ON MINING

  • Avino Silver & Gold Mines Ltd. reported second quarter 2017 production results from its Avino property in Durango. At the Avino mine 115.5 K tonnes were mined, 117.4 K tonnes milled @ 76 g/t Ag, 0.53 g/t Au, 0.49% Cu, recovering 84% Ag, 69% Au, 89% Cu to produce 241.7 K Oz Ag, 1,384 Oz Au, 1.13 M Lb Cu. At the San Gonzalo mine 21.2 K tonnes were mined, 20.1 K tonne milled @ 277 g/t Ag, 1.19 g/t Au, recovering 81% Ag, 74% Au to produce 144.3 K Oz Ag, 570 Oz Au.
  • Americas Silver Corp. provided second quarter 2017 production results, including figures from its Cosalá operations in Sinaloa. At Cosalá 134.8 K tonnes of ore were milled @ 66 g/t Ag to produce 242.5 K Oz Ag, 273.5 K Lb Cu, 1.35 M Lb Pb, 2.9 M Lb Zn, or 564.1 K Oz AgEq at cash cost ($2.43) and AISC ($2.43).
  • Coeur Mining Inc. reported second quarter 2017 financial results, including figures from its operations in Mexico. At Palmarejo in Chihuahua 335.8 K tons were mined @ 155 g/t Ag, 2.49 g/t Au, with 335.4 K tons milled and a recovery rate of 87.3% Ag, 91.1% Au to produce 1.45 M Oz Ag, 24,292 Oz Au. Mining rates were 2,600 tons per day (tpd) at Guadalupe and 1,000 tpd at Independencia. Exploration expenses during the quarter were $3.1 M, to accelerate resource expansion and new target definition efforts.
  • Goldcorp Inc. released its second quarter 2017 results, without detail on figures from its various operations in several countries, including Mexico. The by-product cash cost per gold ounce was $510 and all-in sustaining cost (AISC) $800 per gold ounce.
  • Agnico Eagle Mines Ltd. reported second quarter 2017 results, including information on its Mexican operations. At Pinos Altos in Chihuahua 620 K tonnes were processed (6,811 tpd) @ 2.65 g/t Au, to produce 48,196 Oz Au at cash cost $595 per Oz Au and total cash cost of $373 per Oz Au. In late June a new silver flotation circuit was commissioned, and a 10-12% increase in silver recovery is expected. At Creston Mascota, which operates as a satellite operation to Pinos Altos, 596 K tonnes were processed (6,554 tpd) @ 1.17 g/t Au, to produce 12,074 Oz Au at cash cost $610 per Oz Au and total cash cost $550 per Oz Au. Recent drilling of the Bravo and Madrono zones at Creston Mascota has intersected 18.2 m (TW) @ 1.6 g/t Au; 5.4 m @ 10.9 g/t Au; 12.3 m @ 1.7 g/t Au; 10 m @ 1.4 g/t Au; 13.6 m @ 1.4 g/t Au; 13.6 m @ 1.9 g/t Au; 3.5 m @ 4.2 g/t Au; 8.2 m @ 2.5 g/t Au; 5.4 m @ 3.3 g/t Au. At La India in Sonora, 1.33 M tonnes were processed (14,605 tpd) @ 0.65 g/t Au, to produce 24,211 Oz Au at cash cost $617 per Oz Au and total cash cost $552 per Oz Au. The company is evaluating location options to construct additional pad capacity. At the El Barqueño project in Jalisco, 18,200 m of drilling were completed in 55 holes, focusing on the extension of the Azteca-Zapoteca zone, as well as at the Tecolote, San Diego and Olmeca prospects.
  • Great Panther Silver Ltd. has resubmitted the permit application in connection with the Phase II Tailings Storage Facility (TSF) at Topia, Durango, and expects a response with 60 days from SEMARNAT. Normal operations will continue using the existing Phase I TSF, although the deposition of dry tailings cannot continue indefinitely and avoidance of disruption cannot be assured.

ON FINANCING

  • Torex Gold Resources Inc. signed an amended and restated credit agreement with BNP Paribas, Commonwealth Bank of Australia, ING Capital LLC and SG Americas Securities, in connection with the previously announced secured US$400 M debt facility (Los Guajes-El Limon).
  • Santacruz Silver Mining Ltd. closed the first tranche of the previously announced non-brokered private placement for gross proceeds of $935 K (Rosario, Cinco Estrellas in San Luis Potosi).

ON RESOURCES AND DEVELOPMENT

  • Candelaria Mining Corp. submitted the environmental Impact assessment report (MIA) to SEMARNAT (Mexican environmental authority). The company has already received an exploration permit for a 2,000 m program at the La Paila zone, which holds the current resource. Exploration permits for 7,500 m of drilling on several other areas are under preparation. Additional metallurgical test work, re-design of the conceptual pit, resource update, water supply studies and ore and waste rock characteristic studies are to be advanced.
  • Excellon Resources Inc. reported high-grade drilling results from the current program at the Platosa mine in Durango, of which 15,000 m have been completed on 120 drill holes from surface and underground. Relevant intersections include 2.19 m @ 104 g/t Ag, 2.6% Pb, 1.2% Zn; 3.45 m @ 124 g/t Ag, 5.2% Pb, 5.2% Zn; 6.76 m @ 886 g/t Ag, 8.8% Pb, 20.5% Zn; 1.45 m @ 2,995 g/t Ag, 16.4% Pb, 0.9% Zn; 1.06 m @ 1,171 g/t Ag, 9.3% Pb, 2.9% Zn; 3.70 m @ 1,600 g/t Ag, 6.4% Pb, 8.7% Zn; 1.80 m @ 316 g/t Ag, 3.2% Pb, 0.9% Zn; 1.30 m @ 287 g/t Ag, 6.3% Pb, 0.6% Zn; 1.27 m @ 3,574 g/t Ag, 28.2% Pb, 18.7% Zn; 2,10 m @ 1,238 g/t Ag, 5.3% Pb, 2.9% Zn.

ON DEALS AND CORPORATE ISSUES

  • Goldcorp Inc. reached an agreement with San Marco Resources Inc. to acquire the La Pinta 6 concession, adding 80 Km2 contiguous to Noche Buena, providing early stage targets.

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

On the picture below, kaolin mine in argillitized tuffs in eastern Chihuahua. Photo by Jorge Cirett.

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