The Mexican president, Andres Manuel Lopez Obrador announced this Sunday that under his government no more mining concessions are going to be delivered.
While on a political rally in Concepcion del Oro, Zacatecas, he stated that in 36 years 80 million hectares were concessioned, equivalent to 40 percent of the national territory.
He also accused business owners of using those permits only to speculate financially.
“To give concessions of the mining regions to national and foreign companies was a policy forwarded since the time of (Carlos) Salinas de Gortari and up to 80 million hectares were delivered for mining exploitation. To grasp it: let’s think in our territory. Mexico has 200 million hectares, and 80 million hectares, about 40 percent of the national territory. Never in History so much of our sovereign soil had been transferred”, he said.
He reiterated that current concessions are to continue, but no new ones are to be delivered.
“We are not to cancel (the concessions), but we are not to continue delivering new concessions for mining exploitation. Because it was too much what was delivered. If we analyze it, we are going to conclude that it wasn’t delivered to produce, but to speculate financially”, he said.
“With what has been delivered they have to produce. That’s the main purpose and not speculation. What we ask the mining companies is, first, take care of the environment, that no territory is destroyed, not to act as it is done in other countries”, he added.
He asked for Mexican miners to be paid as in the United States, or Canada, and that the same environmental rules be applied.
He made a call for the salaries of workers to be raised, with the same benefits.
As he has said in other rallies, Lopez Obrador warned that ONG’s are not to receive funds from the government budget.
“These realized intermediation work. It was supposed that these (ONG’s) delivered goods to the people and it wasn’t so. These kept the budget or a good amount of the budget and -hardly- purchased stocks of foods, distributed weevil bearing beans and kept must of the funds received”
A partir del 1 de junio de 2019, los trabajadores de confianza de todas las Subdirecciones Regionales de Minas de México deberán dejar sus cargos. Este recorte imprevisto de personal es fuente de gran consternación.
Según se les informó a los afectados, las plazas de confianza serán dadas de baja, de conformidad con el artículo 17 de la Ley Orgánica de la Administración Pública Federal.
Esta medida podría representar un mayor rezago en los trámites a cargo de la Dirección General de Minas (DGM) en materia de libertades de terrenos, concesiones, cambio de títulos, Información cartográfica… que surge principalmente de la falta de personal y recursos de dicho organismo, cuya titular es la Lic. Laura Díaz Nieves.
La destitución de trabajadores de la DGM que gozan de experiencia, dificulta cumplir la misión con que esta Dirección fue creada: “Garantizar la seguridad jurídica a la actividad minera nacional, mediante la aplicación trasparente y oportuna de la normatividad minera y la vigilancia de su cumplimiento, a fin de promover una mayor inversión que genere más y mejores empleos”.
En el caso de la Subdirección Regional de Minas de Durango, donde se atienden trámites de dicha entidad y de Sinaloa, únicamente permanecerá en funciones una empleada sindicalizada, por lo que parece imposible que se puedan realizar todos los trámites de la DGM en dichos estados.
Mundo Minero entrevistó a un par de afectados de distintas Subdirecciones, quienes manifestaron que se les pidió firmar un formato alusivo a un seguro de retiro, mas no les aclararon si recibirán una indemnización por este despido sorpresivo.
De igual modo nos comentan extraoficialmente que estas renuncias masivas obligadas se han hecho extensas a todo el personal de confianza de las delegaciones federales de la Secretaría de Economía en toda la República Mexicana.
During the 16th week of the year (April 15th to April 21st, 2019), at least 28 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a lower court in Puebla ruled Mexico’s mineral title system unconstitutional based on consultation not being required before issuing the title. Inhabitants of San Antonio, Baja California Sur, manifested in support for the construction of the San Antonio mine. ON EXPLORATION, In Sonora, Aztec Gold delineated several new targets using geophysics at Cervantes; San Marcos disclosed explorations plans for its properties in the year. In Jalisco, GoGold released interesting results from drilling at Los Ricos. ON MINING, Avino Silver, Sierra Metals, First Majestic, Gold Resource and Hecla disclosed production results for Q1 2019. Fresnillo PLC presented its annual report 2018. ON FINANCING, Ridgestone Mining, Oroco and Camrova raised $1.12 M; 800 K and 12 K respectively. Sonoro and Minaurum granted options to consultants and directors. Minaurum was named to the Venture 50tm. Sierra Metals entered into an automatic purchase plan. ON RESOURCES AND DEVELOPMENT, Goldplay reported channel sample results from a new zone at its San Marcial project in Sinaloa. SilverCrest Metals released good metallurgical results from its Las Chispas property in Sonora. ON DEALS AND CORPORATE ISSUES, Newmont Goldcorp Corp. has been delivered. Consolidated Zinc presented notice of its annual general meeting. Aura completed the sale of 80% interest of its Taviche project to Minaurum.
ON MEXICO ISSUES
Almaden Minerals Ltd. informed that “a lower court in
Puebla State has ruled that Mexico’s mineral title system is unconstitutional
because consultation is not required before the granting of mineral title………..This
ruling can be appealed by both the Government of Mexico and Almaden. The
Company believes that this lawsuit is part of a broad effort by special
interest groups to change the mining law and there are other similar actions
active across Mexico”. Almaden stated that no communities within the company’s
current mining concessions on its Ixtaca project in Puebla are party to this
lawsuit.
Fresnillo PLC. Presented its 2018 annual report.
It is here recommended to all interested in the mining business in Mexico to
take a look to the report (http://www.fresnilloplc.com/media/412015/fres-30452-annual-report-2018-web.pdf), especially on the section
“Managing our risks”. In the said section, the risks of participating in the
industry in Mexico are assessed, including those of metal prices, potential
actions by the government, access to land, security, public perception against
mining, safety, union relations, exploration, project performance, cyber
security, environmental incidents and human resources. Although the report had
in mind Fresnillo’s particular situation as one of the largest Mexican mining
conglomerates, many parts of the evaluation concern risks that affect all
mining enterprises in the country.
Some 500 inhabitants of San Antonio,
in Baja California Sur, gathered in support of Argonaut Gold’s San Antonio mining project in
their locality.
ON EXPLORATION
Aztec Minerals Corp. and Kootenay
Silver Inc. informed that interpretation of a recent magnetic and
radiometric survey produced multiple porphyry copper targets on the Cervantes
property in Sonora. “Cervantes has multiple porphyry cells aligned along a
northeast-southwest orientation, manifested as high-level alteration footprints
related to intrusive bodies. There are also prominent northwest-southeast
trending magnetic anomalies found to be associated with strong alteration, gold-copper
mineralization, and intrusive rocks.”
GoGold Resources Inc. disclosed the results from the
first two diamond holes on its Los Ricos property in Jalisco. The two diamond
drill holes twinned previous RC perforations, replicating the mineralized
zones, with 35.5 m @ 1.24 gpt Au, 285 gpt Ag and 27.6 m @ 1.56 gpt Au, 159 gpt
Ag. The holes are part of a 10,000 m diamond drill program focused on following
the high grade ore shoot down dip below the historical RC drilling.
San Marco Resources Inc. plans for 2019 in Sonora include
target delineation at Espiritu Santo and 1068 properties, follow-up of underexplored
areas at the Chunibas project, extensive participation on lotteries of released
ground by the government, evaluation of multiple property acquisitions and
ongoing partnership discussions of existing assets.
ON MINING
Avino Silver & Gold Mines Ltd. released production results from its Avino property in Durango for 2019’s first quarter. During the period production came from three sources: Avino mine, San Gonzalo mine and historic stockpiles. At Avino, 100.9 K tonnes were milled @ 41 g/t Ag, 0.48 gpt Au, 0.49% Cu, recovering 84% Ag, 71% Au, 87% Cu. At San Gonzalo (which is nearing the end of its mine life) 17.9 K tonnes were milled @ 188 gpt Ag, 0.54 gpt Au, recovering 65% Ag, 61% Au. From historic stockpiles 78.8 K tonnes were milled @ 61 gpt Ag, 0.40 gpt Au, 0.21% Cu, recovering 55%, Ag, 52% Au, 29% Cu. Total production was 1,813 Oz Au, 268.4 K Oz Ag, 1.06 M Lb Cu, or 615 K Oz AgEq.
Sierra Metals Inc. reported first quarter 2019 results, including figures from its Mexican mines. The Bolivar mine in Chihuahua processed 263.2 K tonnes (~3,008 tpd, targeting 3,600 tpd for Q2 2019)) grading 0.81% Cu, 19.5 gpt Ag, 0.19 gpt Au, recovering 82.2% Cu, 79.1% Ag, 67.9% Au to produce 3.87 M Lb Cu, 130 K Oz Ag, 1,100 Oz Au (or 5.08 MLb CuEq). At the Cusi mine, also in Chihuahua, 71.3 K tonnes were processed @ 105 gpt Ag, 0.15 gpt Au, 0.3% Pb, 0.3% Zn, recovering 79.5% Ag, 37.5% Au, 75.2% Pb to produce 192 K Oz Ag, 133 Au Oz, 349 K Lb Pb, no Zn.
Fresnillo PLC. Filed its annual report 2018. During the year Fresnillo produced 61.8 M Oz Ag, 922 K Oz Au, holding resources of 2.2 billion Oz Ag and 39.1 M Oz Au. At Fresnillo, in Zacatecas, 2.44 M tonnes were milled @ 214 gpt Ag to produce 15.1 M Oz Ag, 42,290 Oz Au, 19,619 tonnes Pb, 31,094 tonnes Zn. At Saucito, in Zacatecas, 2.79 M tonnes were milled @ 257 gpt Ag, 1.25 gpt Au to produce 19.78 M Oz Ag, 86,092 Oz Au, 22,662 tonnes Pb, 29,506 tonnes Zn, while the Pyrites Plant processed 131.8 K tonnes @ 393 gpt Ag, 2.8 gpt Au to produce 977 K Oz Ag, 3,556 Oz Au. At San Julian, in Chihuahua, 1.27 M tonnes were processed from the veins @144.1 gpt Ag, 2.0 gpt Au, to produce 5.43 M Oz Ag, 79,218 Oz Au. 2.22 M tonnes were processed from the disseminated orebody @ 154 gpt Ag, 0.1 gpt Au, 0.4% Pb, 1.4% Zn, to produce 9.2 M Oz Ag, 3,125 Oz Au, 6,101 tonnes Pb, 22,027 tonnes Zn. At Cienega, in Durango, 1.32 M tonnes were milled @ 164 gpt Ag, 1.65 g/t Au to produce 6 M Oz Ag, 66,869 Oz Au, 4,799 tonnes Pb, 5,892 tonnes Zn. At Herradura, in Sonora, 22.15 M tonnes @ 0.76 gpt Au were deposited on the heaps to produce 474,168 Oz Au, 1.52 M Oz Ag, at cash cost $504 per Au Oz (total volume hauled, 124 M tonnes). At Nochebuena, in Sonora, 18.2 M tonnes were deposited on the heaps @ 0.52 gpt Au to produce 167.2 K Oz Au, 52 K Oz Ag, at cash cost $735.4 per Oz Au (total volume hauled, 80.3 M tonnes). The company had $580.7 M as cash and cash equivalents by the end of the year.
First Majestic Silver Corp. produced 6.3 AgEq Oz during the first quarter of 2019. During the period 831.2 K tonnes of ore were milled @ 150 gpt Ag, 1.26 gpt Au, with recoveries of 83% Ag, 96% Au, to produce 3.33 M Oz Ag, 32,037 Oz Au, 2.66 M Lb Pb, 1.26 M Lb Zn. The ore had averages and recoveries of 287 gpt Ag, 4.18 gpt Au (93% Ag, 96% Au) at San Dimas, Durango; 121 gpt Ag, 1.87 gpt Au (89% Ag, 95% Au) at Santa Elena, Sonora; 126 gpt Ag (66% Ag) at La Encantada, Coahuila; 187 gpt Ag, 0.58 gpt Au (89% Ag, 93% Au)at San Martin, Jalisco; 54 gpt Ag, 1.8% Pb, 1.6% Zn (75% Ag by flotation, 62% Ag by cyanidation, 69% Pb, 48% Zn) at La Parrilla, Durango; 114 gpt Ag, 2.1% Pb (74% Ag, 0.7 M Lb Pb)at Del Toro, Zacatecas.
Gold Resource Corp. reported preliminary
production results for the first quarter 2019. The Oaxaca Mining Unit (El
Aguila, Arista, Switchback) produced 6,538 Au Oz, 364.6 K Oz Ag, 433 tonnes Cu,
2,153 tonnes Pb, 5,838 tonnes Zn. “The Company maintains its 2019 Oaxaca Mining Unit Annual Outlook of
27,000 gold ounces and 1,700,000 silver ounces, plus or minus 10%”.
Hecla Mining Co. announced preliminary production
results for the first quarter of 2019. At San Sebastian, in Durango, the mill
operated at 494 tpd to produce 0.4 M Oz Ag, 3,530 Oz Au. “A review of sulfide ore continues,
including a bulk sample to test the capabilities of the third-party plant and
the suitability of long-hole stoping for the ore body, with results expected by
the fourth quarter of 2019.”
ON FINANCING
Ridgestone Mining Inc. completed its previously announced private placement financing, for gross proceeds of $1.12 M. The company paid 6% ($43.2 K) cash and 309 K compensation warrants. Also, 72.2 K bonus shares were issued to a director of the company, under a loan agreement (Rebeico, Sonora).
Sierra Metals Inc. entered into an automatic purchase plan with its designated broker (Cusi and Bolivar, Chihuahua).
Sonoro Metals Corp. granted 100 K incentive options to a director of the company. These options vest immediately and are exercisable at a price of $0.18 per share (Cerro Caliche, Sonora).
Minaurum Gold Inc. has been named to the TSX Venture Exchange Venture 50tm , the annual ranking of Canada’s top 50 emerging publicly traded companies across five industry sectors. Minaurum also granted 3.35 M common share stock options to directors, officers and consultants. The options are exercisable at a price of $0.45 for a period of 10 years from the issue date. The company also granted consultants 275 k options exercisable at a price of $0.45 for a period of five years. Ten percent vest immediately, and another 15% each semiannually (Alamos, Sonora).
Oroco Resources Corp. closed a non-brokered private placement financing, raising $800 K in gross proceeds. No finder’s fee was paid (Santo Tomas, Sinaloa).
Camrova Resources Inc. closed the second tranche of the previously announced private placement, for proceeds of $12 K, bringing the total combined proceeds to $66 K. The third and final tranche of the Private Placement is expected to close in early May (Boleo, Baja California Sur).
ON RESOURCES AND
DEVELOPMENT
Goldplay Exploration Ltd. reported channel sample results from a new zone at its San Marcial project in Sinaloa. The Nava zone, 500 long by 100 m wide, is extensively altered and hosts low sulphidation quartz veining and stockwork mineralization. Channel samples from the zone returned assays ranging from 1.04 gpt Au to up to 10.0 gpt Au.
SilverCrest Metals Inc. announced positive metallurgical results for Las Chispas project, in Sonora. “A total of 445 kg was selected from 51 core holes and nine underground samples to compile 15 different samples, based on geo-metallurgical domains which were combined into three master composites. These composites utilized 210 kilograms of mass representing a variety of grades (low, medium and high) of 500 to 2000 gpt AgEq expected during conceptual operation”. The new metallurgical tests show estimated recoveries of 98.4% to 98.9% Au and 91.4% to 94.8% Ag, using conventional methods comprised of gravity concentration and intensive leaching followed by gravity tails standard leaching.
ON DEALS AND CORPORATE
ISSUES
Newmont Mining Corp. announced that
it has extended the previously announced offers to exchange all outstanding
notes issued by Goldcorp Inc.
for up to two billion dollars aggregate
principal amount of new notes to be issued by Newmont, as part of the proposed
arrangement on which Newmont acquires all outstaning shares of Goldcorp
(Peñasquito, Zacatecas).
Consolidated Zinc Ltd. presented its notice of annual general meeting for the annual general
meeting of shareholders to be held on 23 May 2019 (Plomosas, Chihuahua).
Aura Resources Inc. announced the completion of the sale of an 80% interest in its East
Taviche project in Oaxaca, to Minaurum
Gold Inc.. Minaurum issued 100 K common shares to Aura and paid 39.4 K
on closing; additionally, Minaurum is to issue further 100 K shares on receipt
of the pertinent drilling permits. The remaining 20% can be acquired by
Minaurum paying CDN$1 M.
Newmont Goldcorp Corp. announced the successful conclusion of its transaction combining Newmont Mining Corp. and Goldcorp Inc. to form the world’s
leading gold business. The company targets six to seven million ounces of steady gold
production over a decades-long time horizon (Peñasquito, 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 image below, glory hole developed on Inguaran,
Michoacan. Picture by Jorge Cirett.
During the 14th week of
the year (April 1st to April 7th, 2019), at least 24
press releases were announced by companies working in Mexico. ON MEXICO ISSUES, an initiative with anti-mining tones was
discarded by the Senate. The undersecretary of mining stated that no
changes to the mining law, or tax increases in mining are envisaged by AMLO’s
administration, and that the focus is to be in decreasing the regulatory load
to incentivize the sector. On the other hand, he stated that regulations have
to be actualized, highlighting community consultations. ON EXPLORATION, In Sonora, Minaurum presented drilling
results from several vein systems at its Alamos Silver property; Aloro
submitted a new environmental permit for its Venados project. In Chihuahua,
Sable Resources released a thick, good grade intercept from one hole at its
Margarita project. In Veracruz, Azucar Metals disclosed good Au-Cu results from
one more hole at its El Cobre property. ON MINING, Consolidated Zinc has
a new toll agreement for its Plomosas mine in Chihuahua. Endeavour Silver
achieved commercial production at its El Compas mine in Zacatecas. Telson
Mining released historic metallurgical test results that support higher precious
metal recoveries for its Campo Morado mine in Guerrero. Alamos Gold has
produced 2 M Oz Au at the Mulatos mine in Sonora. Torex Gold produced 77.8 K Oz
Au during the last quarter at its Limon-Guajes mine in Guerrero. GoGold produced
288.7 K Oz Ag in Parral, Chihuahua. Arcelor Mittal invested over US$1 B on its Michoacan
plant in 2018. ON
FINANCING, Sonoro Metals raised $650K. Defiance Silver closed the
second tranche of its financing, raising $1.06 M. Sable Resources announced an
offering to raise up to $1.5 M. ON RESOURCES AND DEVELOPMENT, Mag
Silver disclosed development advances at Juanicipio, Zacatecas. Sierra Metals
disclosed positive drill results from testing of a geophysical anomaly at
Bolivar, Chihuahua. Evrim informed on the increase in resources by First
Majestic at the Ermitaño project in Sonora. ON
DEALS AND CORPORATE ISSUES, Alamos Gold sold a portfolio of non-core
royalties. Bacanora Lithium continues to negotiate with Oman for funding of the
Sonora Lithium project. Premier Gold divested of several properties, including
the Santa Teresa property in Baja California. American Silver and Pershing Gold
continue on its path to business combination. GoldCorp’s shareholders support
the business combination with Newmont.
ON MEXICO ISSUES
An initiative with anti-mining tones was discarded by the senate. The initiative presented on November
2018 by the now deceased senator Angelica Garcia, caused a fall in the value of
mining companies in the Mexican stock market at the time of its presentation. The Comisiones
Unidas de Mineria y Desarrollo Regional y de Estudios Legislativos discarded
the proposal on March 27th, based on multiple deficiencies regarding
operational overlapping of several government organisms and the lack of
well-defined procedures on environmental and negative social impact issues.
Francisco Quiroga, undersecretary of mining, in an
interview with El Financiero Bloomberg, stated that the Federal Government is
not to realize changes to the Mining Law, nor to impose a tax increase in the mining
industry. The priority, he said, is to reduce the regulatory load and to augment
the financing of projects. He added that regulations have to be actualized in
maters like community consults, but that there is no need to change the Mining
Law. He also pointed that there are not going to be legal changes on the direct
foreign investment in mining.
ON EXPLORATION
Minaurum Gold Inc. informed that three of the new vein
systems at its Alamos Silver project host significant mineralisation at depth,
and drilling has intersected five previously unknown blind veins. To date, 9 of
the 15 vein systems identified have been drilled, and Minaurum plans to put at
least one hole on each of these before turning to follow-up phase III drilling.
Highlighted results from phase II drilling of new veins comprise: 9.6 m @ 198
gpt Ag, 0.17% Cu, 0.2% Pb, 0.9% Zn (or 269 gpt AgEq); 0.9 m @ 302 gpt Ag, 0.21%
Cu, 0.5% Pb, 0.8% Zn (or 383 gpt AgEq); 2.05 m @ 181 gpt Ag, 0.15% Cu, 1.6% Pb,
1.5% Zn (or 338 gpt AgEq); 2.85 m @ 25 gpt Ag, 2.3% Pb, 10.6% Zn (or 618 gpt
AgEq); 0.9 m @ 391 gpt Ag; 0.11% Cu, 0.4% Pb, 0.3% Zn (or 548 gpt AgEq). Good drill
core mineralised intercepts have been obtained from the Minas Nuevas,
Promontorio, San Jose, Europa-Guadalupe, Nueva Europa, Amalia, Tigre, Ana, Travesia
and El Creston vein systems.
Sable Resources Ltd. announced results from one more
drill hole at its Margarita project in Chihuahua. This drill hole is on the
same section line than a deep hole from the previous drilling campaign, and
extends mineralisation 350 m NW from other holes. Highlighted intervals
comprise 37.35 m @ 117 gpt Ag, 0.7% Zn, 0.2% Pb, 0.17 gpt Au (or 177 gpt AgEq),
including 0.90 m @ 353 gpt Ag, 0.6% Zn, 0.1% Pb (391 gpt AgEq) and 5.50 m @ 400
gpt Ag, 3.0% Zn, 1.1% Pb, 1.07 gpt Au (or 689 gpt AgEq), including 1.65 m @ 790
gpt Ag, 0.4% Zn, 2.0% Pb, 2.92 gpt Au (or 1,122 gpt AgEq). “This hole was
intended to test close to surface mineralisation above low-grade mineralisation
intercepted at depth in Hole 3 and we are delighted at hitting such strong,
thick mineralisation.”
Aloro Mining Corp. submitted to SEMARNAT a new
environmental permit for approval of drilling and road construction at its Los
Venados property in Sonora. “Aloro was able to apply for the new permit after
recently negotiating a new 3 year – 50 drill hole surface access agreement with
the Mulatos Ejido.” The new permit is focused on the blind target in the SE
corner of the concession, where a drill hole from the last campaign intersected
32 m of strong silicic alteration with brecciated vuggy quartz and sulfides,
and 4.5 m @ 1.57 gpt Au.
Azucar Minerals Ltd. released results from one more
drill hole at its El Cobre project in Veracruz. The hole, drilled on the Raya
Tembrillo target in the northern edge of the Villa Rica zone, intercepted hypogene
porphyry mineralisation from surface, with 168.1 m @ 0.56 gpt Au, 0.29% Cu,
including 77.5 m @ 0.78 gpt Au, 0.35% Cu, which in turn include 27.95 m @ 1.53
gpt Au, 0.43% Cu and 12.1 m @ 2.04 gpt Au, 0.58% Cu.
ON MINING
Consolidated Zinc Ltd. announced the execution of a new
toll agreement for its Plomosas mine in Chihuahua, whilst still negotiating new
offtake agreements for the concentrates. On March 22, CZL received the
notification of termination of its toll agreement with Grupo Mexico (60-day termination notice), and by March 29 a
toll agreement was executed with Triturado
y Minerales La Piedrera S.A. de C.V. for processing of the ore at its
Aldama concentrator facility. The Aldama plant has a
300 tonnes per day (or tpd) capacity that Plomosas can fully utilize. The
contract is for 18 months with 6 months extension for CZL. “CZL will process Plomosas ore at
both the Aldama Plant and Grupo Mexico Santa Eulalia concentrators for
approximately a month under its contracts”. Negotiations are ongoing with a
number of parties, “including Industrias Penoles S.A.B. de C.V. and Trafigura
Beheer BV, to sell the Plomosas Zinc and Lead Concentrates”.
Endeavour Silver Corp. informed that commercial production was achieved in mid-March at El
Compas mine in Zacatecas, its fourth mine in Mexico. “El Compas has a nominal plant capacity of 250
tonnes per day (tpd) at estimated recovery rates of 83% gold and 50% silver.
From February 18 to March 17, the operation processed development ore from
stockpile at an average production rate of 232 tpd (93% of design rate) and
recovery rates of 73.5% gold (88% of design rate) and 45.5% silver (63% of
design rate but only 13% of revenue)”.
Telson Mining Corp. released results of historic Leachox Process testing to try to increase
Au and Ag recoveries on its Campo Morado mine tailings material, in Guerrero. The
2013 report by Maelgwyn Mineral Services for Nyrstar (then the mine operator)
stated a maximum recovery of 65% Au, 75% Ag for 20 microns grinded material,
and 45% Au, 81% Ag for 40 microns grinded material. “We could improve recoveries from current levels of
gold at 15-20% and silver 30-40%, which would significantly increase the mines
profitability by increasing the ounces of gold and silver produced at Campo
Morado.”
Alamos Gold Inc. announced that its Mulatos
mine in Sonora produced its two millionth ounce of gold in March 2019. “This milestone also marks the end of
the 5% NSR royalty that the operation has been paying since the start of
production in 2005. At the current gold price, this represents a savings of
approximately $65 per ounce, which has already been incorporated into
previously disclosed guidance…… The Mulatos operation has been an incredible
success story. It started producing gold in 2005 with approximately a
seven-year mine life and 14 years later, the mine still has six years of
reserves ahead of it.”
Torex Gold Resources Inc. reported that in Q1, 2019, a total of 77,800 Oz Au were produced at its
El Limon-Guajes mine in Guerrero. “Debt principal was reduced by $18.6 million, and cash balances at the
end of the quarter were $119 million, including $26.8 million of restricted
cash.” Field trials are underway for the first piece of equipment for the
proprietary Muckahi mining system.
Gogold Resources Corp. announced record
production of 288.7 K Oz Ag and 1,613 Oz Au
(or 424.2 K Oz AgEq) from its Parral tailings operation in Chihuahua.
Arcelor Mittal. invested $1,635 M during
2018 in Michoacan, while looking to expand its production capacity in Mexico,
including a new line of sheeted steel plate, mining, and the modernization of
its production plant. The new installations are located in Lazaro Cardenas,
Michoacan, to take advantage of the Economic Special Zones to produce 5.3 M
tonnes of steel, focusing on the higher aggregate value of sheet steel plate in
the automotive and aerospace industries.
ON FINANCING
Sonoro Metals Corp. completed a non-brokered private
placement, for gross proceeds of $650 K (Cerro Caliche, Sonora).
Defiance Silver Corp. closed the second tranche of its
previously announced private placement, for gross proceeds of $1.06 M, paying
$21.3 K finder’s fees and emitting 106.5 K non-transferable broker warrants
(San Acacio, Zacatecas).
Sable Resources Ltd. announced a non-brokered offering
that could raise up to $1.5 M (Margarita, Chihuahua).
ON RESOURCES AND
DEVELOPMENT
Mag Silver Corp. disclosed audited consolidated
results for 2018. At Juanicipio, in Zacatecas, operated by partner Fresnillo PLC, mine construction
continues with “developing the three internal spiral footwall ramps at depth to
access the full strike length of the Valdecañas Vein system; excavating and
constructing the underground crushing chamber; advancing the conveyor ramp from
both ends to and from the planned mill site….. integrating additional ventilation
and other associated underground infrastructure, and progressing the
construction of surface infrastructure facilities”. During 2018, 6,636 m of
underground development were completed, taking the total to date to over 18.5
km. Some highlighted intersections of the 46,060 m of drilling during the year comprise:
11.6 m (true width, or TW) @ 783 gpt Ag, 2.57 gpt Au, 6.5% Pb, 9.5% Zn (Deep
Zone West); 6.3 m @ 246 gpt Ag, 1.78 gpt Au, 7.2% Pb, 11.6% Zn, 0.4% Cu (Deep
Zone East); 3.2 m @ 472 gpt Ag, 0.31 gpt Au, 0.4% Pb, 0.4% Zn (New
Pre-Anticipada vein); 3.0 m (core length) @ 392 gpt Ag, 5.6 gpt Au. Mag remains
well funded, with cash and cash equivalents of $130 M by the end of the year.
Sierra Metals Inc. reported positive results
from drill testing a geophysical anomaly at the Bolivar West zone of their Bolivar
mine in Chihuahua. Drilling of the Titan 24 chargeability target identified and defined a new zone named
West Extension to the Bolivar West zone, which is an extension of the Bolivar
West structure. Highlighted drill intercepts comprise: 4 m @ 140 gpt Ag, 2.29%
Cu, 7.6% Zn, 0.09 gpt Au (or 6.56% CuEq); 20 m @ 15 gpt Ag, 1.32% Cu, 1.16 gpt
Au (or 2.42% ZnEq); 3 m @ 36 gpt Ag, 0.87% Cu, 8.5% Zn (or 4.63% CuEq).
Evrim Resources Corp. informed that First Majestic Silver Corp.
announced a 20% increase in inferred resources over the maiden resource
estimation of 2018 at the Ermitaño property in Sonora. A total of 8.81 M AgEq
Oz (or 119 K AuEq Oz) were upgraded to indicated status, while 48.98 M AgEq Oz (or
659 K AuEq Oz) are defined as inferred resources. First Majestic is planning to
complete 16,000 m of drilling during 2019.
ON DEALS AND CORPORATE
ISSUES
Alamos Gold Inc. reported entering into an agreement for the sale of a portfolio of
non-core royalties to Metalla Royalty
& Streaming Ltd., for proceeds of USD$8.0 M in Metalla common
shares with the right to receive additional an additional USD$0.6 M upon
Metalla’s exercise of the La Fortuna option. The portfolio of 18 royalties
being sold is all on assets not owned by Alamos in several countries. This
includes a 2% NSR royalty on the El Realito property, adjacent to the La India
mine in Sonora.
Bacanora Lithium PLC. Announced “that it remains in active
discussions with the State General
Reserve Fund of Oman (“SGRF”), the sovereign wealth fund of
the Sultanate of Oman, to conclude the proposed US$65M Strategic Investment
Agreement and Offtake Agreement for Bacanora’s flagship Sonora Lithium Project
in Mexico……. the Company remains focused on completing the funding package in
Q2 2019 with a view to commissioning a chemical processing plant and commencing
first production at Sonora in H2 2021”.
Premier Gold Mines Ltd. announced the divestment
of several properties in Canada, and the Santa Teresa property in Baja
California. The divestment of the properties is the result of four transactions
that accrued US$1.23 M to Premier. No information was provided on the parties
involved on the transactions.
Americas Silver Corp. and Pershing Gold Corp. announced that the Committee on Foreign Investment in the United States
(CFIUS) has completed its review of
the companies’ previously announced business
combination and that they expect their business combination
transaction to be completed by April 3rd.
GoldCorp Inc. informed that GoldCorp’s
shareholders have voted overwhelmingly in favour of the combination with Newmont Mining Corp.
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 above, quartz druse from a breccia in a Michoacan project. Picture by Jorge Cirett.
En noviembre pasado, la Senadora Angélica García (†) presentó una iniciativa que buscaba modificar la Ley Minera para crear nuevos impuestos e imponer una serie de causas para cancelar concesiones; propuesta que golpeó profundamente al sector y que finalmente ha sido desechada.
El anuncio derivó en que las mineras Grupo México e Industrias Peñoles, por citar a las principales afectadas, perdieran en conjunto 32,000 millones de pesos de valor en el mercado en un plazo de tres días.
Entre los cambios propuestos figuraba facultar al Servicio Geológico Mexicano para que pudiera realizar estudios de impacto social; facultar a la Secretaría de Economía para que pudiera declarar zonas inviables de explotación o en conflicto por impacto social negativo, y en este marco cancelar concesiones; y obligar a los titulares de concesiones a destinar “un monto para el desarrollo humano y sustentable de las comunidades o localidades en las que realicen sus actividades de exploración y explotación”.
Si bien la iniciativa fue congelada a los pocos días de su presentación, no dejaba de ser una amenaza latente para el sector, mas hoy las Comisiones Unidas de Minería y Desarrollo Regional y de Estudios Legislativos han desechado y archivado como concluida dicha propuesta.
La instancia referida declaró: “En materia presupuestaria se encontró que la iniciativa es incompleta, ya que no se define el costo fiscal que implican tanto las nuevas funciones asignadas a la Secretaría de Economía y al Servicio Geológico Mexicano, así como las posibles cancelaciones mineras por el impacto de las medidas añadidas”.
De igual forma, las Comisiones Unidas señalan que la propuesta no establece procedimientos precisos para declarar zonas inviables o de conflicto por impacto social negativo, y añade que la NOM-120-SEMARNAT-2011 ya se encarga de los cuidados ambientales obligatorios, las mineras ya pagan impuestos adicionales destinados al Fondo Minero, y el SGM no cuenta con la capacidad técnica para realizar estudios de impacto social, entre otros puntos
Notimex.- El presidente Andrés Manuel López Obrador aseguró que se respetarán las concesiones mineras, no se revocarán, subrayó; sin embargo, ya no se otorgarán más.
En conferencia de prensa matutina en Palacio Nacional, dijo que los únicos requisitos son: que las empresas mineras, en particular las canadienses, lleven a cabo una explotación limpia, que se pague bien a los mineros, que se cubra la misma cantidad de impuestos que erogan allá en Canadá y, sobre todo, que no contaminen.
Dijo que las concesiones que entregaron en los últimos 36 años los gobiernos pasados fueron del orden de 40 a 50 millones de hectáreas, y el país tiene 200 millones de hectáreas, es decir, 30% del territorio nacional, y “no se lo acabarían ni en mil años”
Detalló que sólo en la administración del expresidente Felipe Calderón Hinojosa se entregaron 20 millones de hectáreas para la explotación minera a un puñado de empresas, mientras que el exmandatario Lázaro Cárdenas entregó a un millón de familias campesinas 18 millones de hectáreas para conformar ejidos entre 1934 a 1940.
During the 10th week of the year (March 4th to
March 10th, 2019), at least 16 press releases were announced by
companies working in Mexico. ON
MEXICO ISSUES, The cancellation of the Los Cardones project in Baja
California Sur was announced by the president of Mexico. According to the
Fraser Institute, Mexico climbed several positions on its ranking, although
security and taxation remain dragging down its overall ranking. On PDAC’s
Mexico Mining Day, the participation of Francisco Quiroga, Pedro Haces and the
governors of Durango and Sinaloa left a bittersweet message, as an invitation
for investment was mixed with the government impulse for community
consultations, the reviewing of mining concessions, labor issues and
environmental revisions. ON
EXPLORATION, In Sonora, Sonoro Metals commenced a second phase of RC drilling
at its Cerro Caliche property. In Chihuahua, Radius Gold informed is working on
a revised geological model of the previous drilling campaign as it prepares for
the next at the Amalia project. In Durango and Veracruz. Chesapeake Gold is to
focus its 2019 exploration program in properties near its flagship Metates
project, and in the Tatatila project in Veracruz. ON MINING, Americas Silver, Avino Silver and Premier gold
reported operating and/or financial results for the Q4 and full year 2018. ON FINANCING, Minera Alamos
corrected a previous financing press release, Kootenay Silver increased the size
of its placement to $7 M. McEwen Mining suspended distribution of its dividend.
Mako Mining raised CAD$4.5 M. ON
RESOURCES AND DEVELOPMENT, Mag Silver reported on 46,000 m of drilling and
the discovery of a new vein trend at Juanicipio, in Zacatecas. ON DEALS AND CORPORATE ISSUES, Oroco
informed on the status of legal actions regarding its intention to acquire the
Santo Tomás project in Sinaloa. Alio Gold changed CEO and Great Panther Silver Ltd.
changed its name to Great Panther Mining Ltd. as it diversifies into gold
mining.
ON MEXICO ISSUES
The Durango and Sinaloa governors, Jose Rosas Aispuro and Quirino
Ordaz, respectively, attended the PDAC
convention in Toronto, looking to strengthen the ties with Canadian companies
and promote investment in the local mining sector.
The president of Mexico, Andres Manuel Lopez Obrador, announced the cancellation of the Los Cardones open pit
mining project in Baja California Sur (on the bright side, the cancellation could
be the result of negotiations with the project owner, which has multiple government
contracts in other industries. On the other hand, the president said he took
the decision because he has the authority to do so).
The Fraser institute released its annual survey on mining jurisdictions
of the World, Mexico climbed several positions
to reach the 29th on the ranking, from the 44th on the
previous year. Our Latin American competitors on the foreign investment race,
Chile and Peru, also raised to the 6th (from the 8th) and
14th (from the 91th) position respectively. The categories
on which Mexico can improve significantly are: “Disputed Land Claims” (58th
position), “Socioeconomic Agreements/Community Development” (59th
position), “Labor Regulations” (58th position), Security (80th
position, regrettably) and “Taxation Regime” (71st position, just 13th
places from the bottom). To download the report: https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2018.pdf.
In PDAC, Francisco Quiroga, undersecretary of Mining on the Secretaría
de Economía (Ministry of Economy) asked
Canadian mining companies to accept public consultations to avoid harmful
effects on society and the environment. He also solicited fiscal observance,
environmental protection and human rights respect by the companies to avoid the
closure of mines. He offered an administrative simplification to miners by the
implementation of a sole attention desk to reduce paperwork.
Also in PDAC, and during the Mexico Mining Day, Pedro Haces Barba
(Morena senator) stated that Canada is a
strategic partner on the mining sector. He expressed the Congress and Senate support
to stimulate the development of the industry, giving form to a legal framework in
the leading edge, with the participation of experts, producers,
environmentalists, workers and all other involved. Haces also stressed the
compromise to impulse significant changes to the mining law to benefit from the
sustainable exploitation of natural resources in pace with the regional dynamics
and global challenges.
ON EXPLORATION
Radius Gold Inc. informed on the review
and re-logging of five holes drilled to test the Campamento structural corridor
(now called San Pedro) at its Amalia project in Chihuahua. Only the deepest
hole intercepted the structure within the lower volcanic group andesitic rocks,
returning 26 m @7.1 gpt Au, 517 gpt Ag, including 5 m @ 14.7 gpt Au, 517 gpt Ag.
Access agreements with landowners have been secured, and a new environmental permit
has been applied for the second drill stage. Pan American Silver is funding the
project with Radius as the operator.
Sonoro Metals Corp. commenced the
phase two drilling campaign at its Cerro Caliche property in Sonora. This 4-month
program is to consist of approximately 5,000 m of reverse circulation drilling.
The goal is to enlarge the gold mineralization inventory, test deeper zones and
extend the high-grade gold intercept at El Colorado zone, which returned 12.2 m
@ 11.21 gpt Au. If results support it, a phase 3 drilling campaign of
approximately 7,000 m of infill drilling will follow. “The Company anticipates
that it will commission and publish an NI 43-101 technical report, including an
initial resource estimate, within two months”.
Chesapeake Gold Corp. informed this
year its exploration programs will focus on the under-explored region of its
Metates project in Durango. At Crisy, close to Metates, a quartz breccia and
stockwork that runs for over 2 km hosted in shales, produced 24 m @ 1.5 gpt Au;
13 m @ 1.1 gpt Au, 14 gpt Ag; 4 m @ 2.5 gpt Au, 49 gpt Ag, in channel samples.
At Cerro Pelon, Durango, a 3 km long, 750 m wide zone of epithermal veins and
stockworks returned 40 m @ 42 gpt, 0.2 gpt Au; 25 m @ 57 gpt Ag; 15 m @ 1.0 gpt
Au in surface sampling. At San Javier, Durango, “Silver mineralization is
hosted within clay altered sandstone, mudstone and local intrusive dikes and
has been traced continuously on surface for over 500 meters. Previous samples
returned 60 meters of 71 g/t silver and 0.6% lead. In January, a trench channel
sample collected 200 meters further along strike returned 25 meters of 46 g/t
silver and 0.5% lead”. At Yarely, Sinaloa, A channel sample returned 30 m @ 1.6
gpt Au, 38 gpt Ag, on quartz breccias and stockworks associated to a rhyolite
flow-dome complex. At Tatatila, in Veracruz, skarn bodies developed along the
contact of intrusive dikes and sills and older limestones returned 2 m @ 28.9
gpt Au, 0.5% Zn; 6 m @ 0.4 gpt Au, 5.6% Zn; 2 m @ 0.14 gpt Au, 65 gpt Ag, 2.3%
Pb, 3.1% Zn.
ON MINING
Americas Silver Corp. reported consolidated
financial and operational results for the fourth quarter and full year 2018. The
company had a revenue of $68.4 M from its operations in Mexico and the USA, without
entering in details by unit (Cosalá Complex, Sinaloa).
Avino Silver & Gold Mines Ltd.
announced consolidated financial results for the fourth quarter and year 2018. During
the year revenues were $34.1 M from 708.8 K tonnes milled to produce 1.28 M Oz
Ag, 8,092 Oz Au, 4.81 M Lb Cu or 2.86 M Oz AgEq, at cash cost $9.63 and AISC $10.67
(Avino, San Gonzalo mines, Durango).
Premier Gold Mines Ltd. released
operating results for Q4 and full year 2018, including figures from its
operations in Mexico. At Mercedes, in Sonora, during the last three months of the
year 183.1 K tonnes were milled @ 3.96 gpt Au, 44.8 gpt Ag, recovering 96.3% Au
and 45.2% Ag, to produce 22,465 Oz Au, 119 K Oz Ag. For the year, 665.5 K
tonnes were milled @ 3.34 gpt Au, 35.3 gpt Ag, recovering 96% Au, 40.9% Ag to
produce 68,719 Oz Au, 309.2 K Oz Ag. By product cash cost and AISC were $609
and $795 per Au Oz, respectively. “Exploration drilling continued during the
fourth quarter with 1,972 meters completed for a total drilling of 40,721
meters for the year”.
ON FINANCING
Minera Alamos Inc. issued a
correction to its previous press release, where it stated $4.93 M of gross
proceeds on a non-brokered placement. In fact, Minera Alamos raised aggregate
proceeds of $4.99 M, paying $280 K in commissions (La Fortuna, Durango;
Santana, Sonora).
Kootenay Silver Inc. increased the
size of its non-brokered private placement, originally for gross proceeds of
$2.5 M, to $7 M (La Negra, Sonora; La Cigarra, Chihuahua).
McEwen Mining Inc. suspended the
distribution of its dividend, stating lower revenues from operating issues at a
couple of mines as the cause (El Gallo, Sinaloa).
Mako Mining Corp. closed its
non-brokered private placement for gross proceeds of CAD$4.5 M (Trinidad,
Sinaloa)
ON RESOURCES AND DEVELOPMENT
Mag Silver Corp. reported on results from a 48-hole diamond
drilling program with a total of 46,060 m completed in late 2018 at the Juanicipio
JV property (Fresnillo PLC 56% / Mag Silver 44%), designed to expand and infill
the wide high-grade deep zone mineral resource. The program confirmed
continuity to depth of high-grade mineralization in the East and West
Valdecañas vein deep zones and in the Anticipada vein, discovering the new
Pre-Anticipada vein in the hangingwall above the system. Highlighted intercepts
include 11.6 m @ 783 gpt Ag, 2.57 gpt Au, 6.5% Pb, 9.5% Zn, 0.32% Cu at the
deep west zone; 6.3 m @ 246 gpt Ag, 1.78 gpt Au, 7.2% Pb, 11.6% Zn, 0.40% Cu at
the deep zone east; 6.2 m @ 275 gpt Ag, 4.02 gpt Au, 7.3% Pb, 9.2% Zn at the
Anticipada vein; 3.2 m @ 472 gpt Ag, 0.31 gpt Au, 0.4% Pb, 0.4% Zn, 0.03% Cu at
the Pre-Anticipada vein.
Mag Silver Corp. announced the discovery of the northeast trending
Venadas vein at the Juanicipio property in Zacatecas. The vein was inferred
from the alignment of fifteen previously unconnected intercepts before being
cut in an underground development working as a 1.1 m vein @ 116 gpt Ag, 3.16
gpt Au. The first hole designed to test the Venadas vein cut 3.0 m (core
length) @ 392 gpt Ag, 5.54 gpt Au. “Venadas is the
first ever mineralized vein in the overall Fresnillo District oriented at a
high angle to the historically mined NW oriented veins. Notably, other much
larger NE structures with intense surface alteration are known farther afield
within the Juanicipio property and are now priority exploration targets. None
have ever been directly drilled.”
ON DEALS AND CORPORATE ISSUES
Oroco Resource Corp. informed on the
legal actions being taken to acquire interest in the Santo Tomás project in Sinaloa.
“At present, the following initiatives, amongst others, are expected to
validate and maintain the status quo of the titles and eventually remove any
unwarranted ownership claims to the Santo Tomas Concessions as are currently
being made by Aztec Copper Inc., an Arizona company, and its Mexican
subsidiary, Prime Aztec Mexicana S.A de C.V.” (Santo Tomas, Sinaloa).
Alio Gold Inc. informed its chief executive officer, Greg McCunn
is resigning to pursue other opportunities. The board of directors appointed
Mark Backens as CEO, position which he has served previously on an interim
basis (San Francisco, Sonora).
Great Panther Silver Ltd. completed the
acquisition of Beadell Resources Ltd., owner of the
Tucano mine in Brazil, with 1.3 M Oz Au in reserves. As part of the evolution
in strategy, the company name has been changed to Great Panther Mining Ltd (Topia, Durango).
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 above, weathered intrusive rock with oxidized quartz-sulphide veinlets in a Michoacán project. Picture by Jorge Cirett.
VANCOUVER, British Columbia – (March 5, 2019) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) wishes to provide an update on the legal status of its interests in those mineral concessions in Sinaloa State, Mexico known as the Santo Tomas Concessions. This update is provided in furtherance of the Company’s news release of October 9, 2018, wherein Oroco announced that it had entered into a definitive option agreement with Altamura Copper Corp. and its shareholders to acquire, indirectly, certain interests in those concessions.
Monzonite porphyry dike intrusive contact with andesitic tuff -note the flow banding- on a project in Jalisco. Picture by Jorge Cirett.
By Jorge Cirett
During the 4th week of the year (January 21st to January 27th, 2019), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, CAMIMEX expressed it is in contact with diverse actors of the public administration to consolidate the international competitivity of the mining industry. ON EXPLORATION, In Chihuahua, Radius Gold staked the 9,600 ha. Rambler project, covering a 9 km trend of epithermal mineralization. In Sinaloa, Kootenay Silver released interesting surface sample results from its Copalito project. In Durango, Orex is to perform a VTEM airborne survey on the San Luis Del Cordero property. In Hidalgo, Prospero Silver initiated drilling at the Pachuca SE project, with funding by Fortuna Silver. ON MINING, Pan American, Argonaut, Gold Resource, Fresnillo, Sierra Metals and Americas Silver presented Q4 and full year 2018 production results (by the way, anyone has heard from Frisco on this regard?). Endeavour presented its 2019 production guidance. ON FINANCING, Premier Gold signed a credit agreement with Investec Bank as administrative agent for the lenders for a US$50 M credit facility. ON RESOURCES AND DEVELOPMENT, Endeavour updated its reserve and resource base, for a consolidated grand total of 132 M Oz Ag, 1.042 M Oz Au. Premier Gold presented high-grade intercepts from drilling at Mercedes, Sonora, where over 40,000 m of drilling were completed in 2018. Leagold is to produce 200-220 K Oz Au in 2019 at Los Filos, Guerrero. Azure Minerals presented a favorable scoping study for its Oposura project in Sonora. Impact Silver is defining extensions on veins at its Zacualpan property in Estado de Mexico. Excellon released high-grade results from surface exploration at its Platosa mine in Durango. Capstone filed on Sedar a technical report for Cozamin, Zacatecas. ON DEALS AND CORPORATE ISSUES, Prospero Silver announced the signature of the option agreement with Fortuna Silver on the Pachuca SE project.
ON MEXICO ISSUES
CAMIMEX (Cámara Minera de México), in a response to El Financiero, expressed that any modification to
the mining regulations has to take into account the wellbeing of the
communities and its environment. The organization, of which leading companies
like Peñoles, Grupo México and Minera Frisco are members, considers mining is
one of the most supervised sectors in the country, with a modern and robust
regulatory frame, following international standards, although areas of
opportunity can always be identified. “We
have approached diverse authorities on the public administration and found openness
to solve any pending issues and consolidate the international competitivity
that benefits the country development”.
ON EXPLORATION
Orex Minerals Inc. contracted Geotech Ltd. To perform a VTEM (Versatile
Time Domain Electromagnetic) airborne survey over its San Luis del Cordero
project in Durango. Old mine workings and mineralized showings wrap around a
Tertiary quartz-feldspar-porphyry intrusive. The helicopter-borne survey, with
accompanying horizontal gradiometer and radiometric surveys, is to identify
discrete conductive anomalies, as well as mapping lateral and vertical
variations in resistivity. The airborne survey will be conducted over a grid at
100 m line-spacing for approximately 275 line-km, with measurements every 2-3 m
along survey lines.
Prospero Silver Corp. has started
phase 2 drilling at its Pachuca Se project in Hidalgo. Fortuna Silver Mines
Inc. has an option to acquire up to a 70% interest in the 6,699 hectares project
(24 km SE from Pachuca) by spending a total of US$8 M and completing a
preliminary economic assessment (PEA), spending more than US$1 M in the first
year. A six-hole, 4,200 m program started to test a number of potential drill
targets. In a Fortuna funded program in early 2018, 1,800 m of drilling tested
three distinct targets, intercepting what is interpreted to be the upper parts
of a mineralized epithermal system.
Radius Gold Inc. staked a 9,600 ha
property called the Rambler project, in Chihuahua, some 20 km NW from Radius’s
Amalia project. Regional prospecting discovered epithermal mineralization in
veins, vein breccias and disseminated zones over a 9 km trend, where samples
with up to 16.5 gpt Au, 2,030 gpt Ag, 3.8% Cu, 13.9% Zn, 3.4% Pb were collected.
Saucito is the main target area, where a 500 x 70 m stockwork returned an
average of 177 gpt Ag on 31 samples. Other target areas with interesting rock
chip sample results include La Machomera (up to 7.3 gpt Au, 469 gpt Ag), La
India (up to 10.3 gpt Au, 16 gpt Ag), El Gringo (4.8 gpt Au, 3.8% Cu).
Kootenay Silver Inc. released
results from surface sampling and mapping at the Copalito Ag-Au project in
Sinaloa, same that covers an epithermal system with numerous veins 0.5-15 m in
width and up to 2 km in strike length. Sampling Highlights include 7.2 Gpt Au, 3,770
gpt Ag at the 5 Señores and Agua veins respectively; 8.2 gpt Au, 583 gpt Ag across
1.1 m on the 5 Señores vein; 401 gpt Ag across 5.3 m on 5 Señores vein; 532 gpt
Ag over 3.0 m and 306 gpt Ag over 4.9 m across the Agua vein; 17.4% Zn, 9.9% Pb,
0.52 gpt Au, 76 gpt Ag on a grab sample at Pillar vein and 5.1%, 1.6% and 1.5
Cu along the Cobriza vein. Of 117 rock samples collected, 29 returned silver
grades over 90 gpt, including 11 over 300 gpt and 6 over 500 gpt.
ON MINING
Pan American Silver Corp. announced preliminary operating results for the fourth quarter and full year 2018, including information from its operations in Mexico. At La Colorada in Zacatecas, 7.6 M Oz Ag, 4,400 Oz Au were produced during the year, at cash cost $2.02 per Ag Oz, whereas at Dolores in Chihuahua, 4.1 M Oz Ag and 136,600 Oz Au were produced at cash cost ($1.87) per Ag Oz. Pan American is planning to sustain 2,000 tonnes per day (tpd) throughput at La Colorada during 2019, and continue to explore and define the potential of the “significant skarn deposit discovered in 2018”. At Dolores the company plans to ramp-up underground production rates to 1,500 tpd and sustain the 20 K tpd throughput rate to the heap leach from the pit.
Argonaut Gold Inc. informed on Q4 production and yearly results for 2018, including numbers from its Mexican operations. At El Castillo Complex, in Durango, 37,977 GEOs (Gold equivalent ounces) were produced during the quarter, 18,984 from El Castillo mine and 18,993 from the San Agustin mine. At La Colorada, in Sonora, 13,681 Oz Au were produced during the same period. For the year, El Castillo Complex produced 117,126 GEOs and La Colorada 47,991 GEOs. Argonaut plans to invest $50-$60 M in capital expenditures during 2019, with $15 M allocated to the expansion of crushing and leaching facilities at San Agustin to increase the rate of production from 20K tpd to 30 K tpd.
Gold Resource Corp. reported 2018 year-end and fourth quarter production results from their El Aguila mining operations in Oaxaca. During the year Gold Resource produced 26,838 Oz Au, 1.67 M Oz Ag, 1,652 tonnes Cu, 7,280 tonnes Pb and 19,808 tonnes Zn. During the fourth quarter 7,974 Oz Au and 330.6 K Oz Ag were produced.
Fresnillo PLC. released 4Q and full year 2018 results, with a consolidated production of 61.8 M Oz Ag and 923 K Oz Au for the year and 15.5 M Oz Ag, 232 K Oz Au for the quarter. Lead (53,181 tonnes) and Zinc (88,520 tonnes) production amounted to 19.9 M Oz AgEq. “The cumulative drilling for the year at our operating mines and exploration projects was 579,000 and 346,000 metres respectively. Resources and reserves (in the case of the operating mines) are presently in audit by SRK and the results of which will be disclosed in the first quarter of 2019 with our Preliminary results. Resources were increased at the Guanajuato and San Juan projects, while mapping identified new targets at the Fresnillo and Herradura districts, and a geophysical survey detected areas for follow up in the San Julián district. Further to this, and for the first time in the Company’s history, drilling began in Chile. Exploration teams are working out of the Hermosillo, Chihuahua, Zacatecas, Toluca, Lima-Peru and Santiago de Chile offices in selected areas of favorable silver-gold belts in Mexico, Peru, Chile and Argentina”. (Note from editor: the mining community is waiting for Frisco to produce reports like this one).
Endeavour
Silver Corp. announced its consolidated silver and gold
production guidance for 2019, to be 4.4-5.2 M Oz Ag, 46.2-52.2 K Oz Au, or
8.1-9.4 M Oz AgEq. “Cash costs, net of gold by-product
credits, are expected to be $8.50-$9.50 per oz of silver produced in 2019.
Consolidated cash costs on a co-product basis are anticipated to be $11.50-$12.50
per oz silver and $900-$1,000 per oz gold”. The final dumps
and tailings permit at Terronera is needed to make a development decision. The
company plans to drill 24,500 m during 2019 in Guanaceví, Bolañitos, El Cubo,
El Compas, Terronera, Parral and Guadalupe y Calvo.
Sierra
Metals Inc. Disclosed Q4 and full year 2018 results, including figures from its
Mexican operations. The Bolivar mine in Chihuahua processed (at 2,948 tonnes
per day, or tpd) in the year 1 M tonnes of ore @ 0.95% Cu, 18 gpt Ag, 0.17 gpt
Au, with recoveries of 79.9% Cu, 77.1% Ag, 68.5% Au, to produce 17.23 M Lb Cu,
452 K Oz Ag, 3,968 Oz Au. For the quarter, 272.6 K tonnes were processed (3,116
tpd) @ 0.94% Cu, 15 gpt Ag, 0.15 gpt Au, to produce 4.23 M Lb Cu, 128 K Oz Ag,
1,163 Oz Au. At Cusi, also in Chihuahua, 186.9 K tonnes were processed (534
tpd) during the year at a grade of 140 gpt Ag, 0.16 gpt Au, 0.36% Pb, 0.40% Zn,
recovering 83.1% Ag, 39.1% Au, 79.9% Pb, 4.3% Zn, to produce 700 K Oz Ag, 372
Oz Au, 1.19 M Lb Pb, 937 K Lb Zn. During the last quarter Cusi processed 58.3 K
tonnes (666 tpd) @ 111 gpt Ag, 0.16 gpt Au, 0.41% Pb, 0.49% Zn, to produce 171
K Oz Ag, 124 Oz Au, 421 K Lb Pb, no Zn.
Americas
Silver Corp. announced production and operating results for
2018, including figures from its Mexican operations. At Cosalá, in Sinaloa,
544.5 K tonnes were milled @ 47 gpt Ag, to produce 448.1 K Oz Ag, 34.22 M Lb Pb,
12.86 M Lb Zn, or 4.16 M Oz AgEq at cash cost ($37.95) and AISC ($19.69).
ON FINANCING
Premier Gold Mines Ltd. Announced the
signing of a definitive credit agreement with Investec Bank PLC, as administrative agent for the lenders of
a US$50 M secured term credit facility. Premier also announced financing
arrangements with OMF Fund II SO Ltd.
and Orion MineFinance Fund II LP for aggregate
gross proceeds of US$18.2 M. (Mercedes, Sonora).
ON RESOURCES AND DEVELOPMENT
Endeavour Silver Corp. updated its reserve and resource base for its mines and projects for 2018. Consolidated reserves and resources, including inferred resources for its seven units comprise 132 M Oz Ag and 1.042 M Oz Au, as displayed on the following table:
Premier Gold Mines Ltd. provided an
update on its exploration programs, including information from its Mexican
operations. At Mercedes in Sonora, positive exploration results include 18.3 m
@ 38.3 gpt Au, 26 gpt Ag on the Aida vein, and 22.0 m @ 36.6 gpt Au, 171 gpt Ag
at Rey de Oro. During the past year 280 brownfield and greenfield holes were
completed representing 40,720 m of drilling.
Leagold Mining Corp. announced its
intention to produce 200 K to 220 K Oz Au during 2019, at an AISC of $925 to $925-975
at Los Filos, in Guerrero. The proven and probable reserves at the property
stand at 111.33 M tonnes @ 1.22 gpt Au, containing 4.363 M Oz Au, and 114 K Oz
Au on the leach pad inventory.
Azure
Minerals Ltd. Presented its quarterly report for the period
ended on December 2018. The company highlighted the Scoping Study for the Oposura
project in Sonora, with an EBITDA of A$237 M, pre-tax NPV of A$112 M, pre-tax
IRR of 76%, average life of mine cash cost US$0.42 per Zn Lb and a
pre-production CAPEX of A$69.9 M. At the Alacrán project in Sonora, Teck
completed its Phase 2 drilling program comprising 10.537 m in 21 holes, with
focus on testing porphyry copper potential at Cerro Alacrán, with assays
pending. At Oso Negro, also in Sonora, sampling returned more high-grade
mineralization, with the best sample returning 15.5 gpt Au, 1,935 gpt Ag, 5.9% Zn,
4.6% Pb. At Sara Alicia, also in Sonora, the company has been showing the
property to potential partners or buyers.
Impact Silver Corp. hired a
consultant to define extensions to the vein systems on its Zacaualpan property
in Estado de Mexico. Work to date has defined on strike extensions to the San
Ramon silver vein system through geological work and soil sampling, and better
characterizing the potential for bulk mineable ore in the Santa Teresa area.
Excellon
Resources Inc. released high-grade results from ongoing surface
exploration at its Platosa mine in Durango. Highlighted intervals comprise 0.9
m @ 283 gpt Ag, 9.8% Pb, 0.3% Zn; 5.6 m @ 383 gpt Ag, 8.0% Pb, 0.2% Zn; 2.5 m @
406 gpt Ag, 3.7% Pb, 0.2% Zn; 0.6 m @ 2,060 gpt Ag, 7.8% Pb, 9.1% Zn; 5.0 m @ 0.28 gpt Au, 968 gpt Ag, 9.4% Pb,
20.2% Zn; 4.8 m @ 1,127 gpt Ag, 8.4% Pb, 10.5% Zn.
Capstone
Mining Corp. filed on SEDAR a NI-43-101 compliant report titled
“NI 43-101 Technical Report on the Cozamin Mine,
Zacatecas, Mexico”.
ON DEALS AND CORPORATE ISSUES
Prospero Silver Corp. announced the
signature of the previously disclosed option agreement with Fortuna Silver Mines Inc. on the
Pachuca SE project. “On December 10, 2018 Prospero
announced that Fortuna Silver Mines Inc. (“Fortuna”) exercised its
right to be granted an option to acquire up to a 70-per-cent interest in the
Pachuca Southeast project located close to the historic mining city of Pachuca
in Hidalgo state, Mexico, by spending a total of $8-million (U.S.) in
qualifying expenditures and completing a preliminary economic assessment, with
a minimum spend of $1-million in the first year” (Pachuca SE, Hidalgo).
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, monzonite porphyry dike
intrusive contact with andesitic tuff -note the flow banding- on a project in
Jalisco. Picture by Jorge Cirett.
Cualquier modificación a la Ley minera, como lo pretenden proponer algunos legisladores, debe considerar el cuidado de las comunidades y su entorno, además de certeza jurídica, respondió la Cámara Minera de México (Camimex) en un correo.
La cámara, que agrupa a las principales empresas extractivas de minerales del país como Peñoles, Grupo México y Minera Frisco, consideró que actualmente el sector es uno de los más vigilados del país, su marco regulatorio es robusto, moderno y apegado a los estándares internacionales; sin embargo, destacó que siempre podrán existir áreas de oportunidad.
“Hemos tenido acercamiento con diversas autoridades de la Administración Pública y encontrado apertura para impulsar a la industria. Queremos trabajar con el gobierno para atender aquellos temas pendientes y fortalecer la competitividad internacional que tanto beneficia al desarrollo del país”, dijo la Camimex.
Según la cámara, en reiteradas ocasiones el equipo del presidente de México, Andrés Manuel López Obrador, ha señalado que el sector minero es pieza clave del desarrollo del país.
La Camimex no quiso pronunciarse sobre los comentarios realizados por el senador y líder del sindicato minero Napoleón Gómez Urrutia.
“En la Camimex siempre hemos respetado las decisiones y los derechos de los trabajadores mineros estipulados en la Constitución, en la Ley Federal del Trabajo”, respondieron.
