Nayarit

Mexico’s Best Silver Drilling Intercepts on 2023

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Mexico has been historically a major silver producer, and the 2023 drilling intercepts attest to the shiny metal abundance in the country. Intercepts of more than 1,000 gpt*m silver were obtained from 39 ore deposits/targets across many states.

Results from just five projects surpassed the 10,000 gpt*m mark this year, with the best silver intercept by far being the one from GoGold’s Los Ricos South project in Jalisco, with 55 m averaging 2,153 gpt, or 118,399 gpt*m, more than doubling the second-best result of Pan American Silver from La Colorada, in Zacatecas. The three other projects to surpass the 10,000 gpt*m were El Tigre in Sonora from Silver Tiger, Panuco in Sinaloa from Vizsla and San Marcial from GR Silver, also in Sinaloa.

The historical silver production in Mexico has come mainly from low and intermediate sulfidation epithermal deposits, and that fact is represented in that two thirds of the projects (31 out of 49) on the table are examples of this type of mineralization, including nine of the ten top positions. If all nine of Torex Gold’s intercepts in the table are clumped together, this ratio would jump to three quarters for epithermal, or 76%, 12% for skarn, 5% for porphyry copper, and the remaining 7% to a mix of Orogenic gold, high sulfidation epithermal and complex ore deposits.

On spatial distribution, Chihuahua, Sonora and Sinaloa have the biggest number of projects producing good silver intercepts, with eight, seven and seven respectively, followed by Durango and Zacatecas with five each. Jalisco only has three, but includes the top performer Los Ricos South project. Guanajuato and Oaxaca both are twice on the table and Nayarit displays only one project in the table.

Mexico’s Best Gold Drilling Intercepts on 2023

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Even with the headwinds of a new law tightening mining regulations and the prospect of exploration disappearing altogether in the medium term, 2023 was not a bad year for drilling in Mexico, where, more than a handful of companies were able to produce striking intercepts from their projects.

The gold results from three projects in the Guerrero Gold Belt top the chart, with Ana Paula’s intercepts almost doubling the results from the next on the list. Thirteen companies had at least one intercept running over 100 gpt*m, which is a number we all would like to see on a project of ours:

  1. Heliostar Metals
  2. Torex Gold
  3. Alamos Gold
  4. GoGold Resources
  5. Bear Creek Mining
  6. Orla Mining
  7. Coeur Mining
  8. First Majestic Silver
  9. Regency Silver
  10. Chesapeake Gold
  11. Endeavour Silver
  12. Vizla Silver
  13. Prime Mining

This year results from deposits in the Guerrero Gold Belt are dominant, as Heliostar is trying to define a high-grade core for underground mining at Ana Paula, and Torex Gold is exploring and better defining the numerous deposits within its Morelos Complex package. The Guerrero Gold Belt is synonymous with skarn deposits, although Ana Paula’s high-grade mineralization is mostly within breccias. Other skarns in the table include Lucy (also in the short list), La Adelita, La Parrilla and Bolivar. Three deposits of high-sulfidation epithermal mineralization from Alamos Gold are in the short list, all in the Mulatos district. Many projects with low to intermediate sulfidation epithermal mineralization are in the table, and seven make it to the short list above, from top to bottom: Los Ricos South, Mercedes, Palmarejo, San Dimas, Bolañitos, Panuco and Los Reyes. Other deposit types in the short list include Camino Rojo, which has intermediate sulfidation mesothermal to epithermal mineralization associated to igneous intrusions in sedimentary rocks and Dios Padre, with Au-Cu-Ag mineralization in breccias associated to a porphyry copper environment.

Other ore deposit styles represented in the table include Evelyn, La Gloria and Los Pavitos projects classified as orogenic gold systems and Cordero, a complex deposit that includes skarn, replacement and intermediate sulfidation epithermal mineralization.

Mexico’s Best Silver Intercepts on Q3 2023

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More than 20 companies posted interesting silver intervals from properties in Mexico during Q3 2023, although not as high as those of the two previous quarters. GoGold Resources has occupied the pole position for three consecutive quarters this year with intercepts up to several tens of thousand gpt*m Ag from its Los Ricos South project in Jalisco.

The great majority of projects in this list correspond to intermediate to low sulfidation epithermal style mineralization, spread through Jalisco, Oaxaca, Sinaloa, Chihuahua, Sonora, Durango and Nayarit. The exceptions on this list include Cordero, a complex deposit with skarn, reemplacement and intermediate sulfidation epithermal variations, as well as the copper rich Bolivar skarn in Chihuahua and El Limón Guajes underground and EPO gold skarn deposits in Guerrero.

Mexico’s Best Gold Intercepts on Q3 2023

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Many companies announced drilling results with good gold intercepts during the third quarter, including Helisotar’s release from Ana Paula, in Guerrero, with the highest record so far in the year, 241.95 m averaging 9.06 gpt Au, or 2,192 gpt*m Au.

The highest results, running in the thousands of gpt*m Au, come for gold skarn deposits in the Guerrero Gold Belt, Heliostar Metals’s Ana Paula project and Torex Gold’s El Limón Guajes. With results over 100 gpt*m are the Alamos Gold’s high sulfidation epithermal exploration targets of Capulin and Puerto del Aire in the Mulatos district in Sonora, and the intermediate to low sulfidation epithermal deposits of Mercedes (Sonora), Palmarejo (Chihuahua) and San Dimas (Durango), belonging to Bear Creek Mining, Coeur Mining, and First Majestic Silver.

Most of the rest of deposits with interesting gold results belong to intermediate to low sulfidation epithermal systems, with the exception of Bolivar (copper skarn), La Gloria (orogenic gold), and Cordero (complex skarn/reemplacement/intermediate sulfidation epithermal).

The Mining and Exploration News in Mexico: Highlights on the Third Week of August 2023

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By Jorge Cirett                                            

During the 33rd week of the year (August 14th to August 20th, 2023), 18 companies working in Mexico posted news releases. Two companies informed on exploration work at its properties, three reported second quarter 2023 results and one more of a fatality on an underground mine. One company informed on a private placement and one more on incentive option granting to directors, employees and consultants. Four companies informed on technical reports, updated mineral resources, drilling results and metallurgical testing on their projects. The closing on the transfer of a property in Durango was announced. ON MEXICO ISSUES, Camimex ask for the government intervention to reach an end to the Peñasquito mine strike, which begun in early June, and also for speedier action on environmental permitting. ON EXPLORATION, in Sonora, Colibri Resource received the permit to drill at Evelyn. In Coahuila, Monumental Minerals updated on its drilling program at Jemi. ON MINING, Guanajuato Silver reported a fatality on one of its mines. Sierra Metals, Discovery Silver and Americas Gold and Silver released production results for Q2 2023. ON FINANCING, Barksdale granted options to directors, employees and consultants. Oroco Resource raised $1.75 M. ON RESOURCES AND DEVELOPMENT, Golden Tag updated the mineral resource estimate for La Parrilla, in Durango. GR Silver Mining released drilling results from the San Marcial deposit on its Plomosas project in Sinaloa. Sierra Madre Gold and Silver released drilling results from the Tepic project in Nayarit. Silver Tiger Metals released drilling results from El Tigre, in Sonora. Vizsla Silver announced positive metallurgical test results for the Copala resource area on its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, First Majestic Silver and Golden Tag Resources closed the transaction on La Parrilla mine in Durango. ON SOCIAL RESPONSIBILITY, no relevant news. ON MEXICO ISSUES

  • Camimex (Cámara Minera de México) asks relevant authorities to contribute in the solution to the Peñasquito strike in Zacatecas, and to act more speedily on the granting of environmental permits needed.

ON EXPLORATION

  • Colibri Resource Corp. received the necessary permit to drill up to 2,000 m on the Evelyn property in Sonora. The program is focusing on the Main Zone and West El Sahuaro areas.
  • Monumental Minerals Corp. provided an update on the current drill program at the Jemi project in Coahuila. To date 1,800 m have been drilled targeting rare earth mineralization, with 12 holes completed and a final one underway, with results expected in about three weeks. “Numerous intrusive peralkaline dykes, sills, and veins, with identifiable eudialyte … were intersected in the completed holes … These peralkaline dykes and sills tend to occur in structural zones that appear to be adjacent to larger bodies of syenitic intrusions and are associated with irregular skarn mineralization at the contacts with the host carbonate sedimentary rocks. These zones are as much as several tens of meters in width downhole. The syenite may be the feeders for the peralkaline features (parental rocks) and pegmatitic intrusive rocks. Light rare earth element (LREE) bearing minerals such as monazite and xenotime have also been identified by visual inspection.”

ON MINING

  • Guanajuato Silver Co. reported an employee fatality on August 12 due to an accident at the San Ignacio mine in Guanajuato.
  • Sierra Metals Inc. reported results for the quarter, including figures from its Mexican operations. At Bolivar, in Chihuahua, 4,640 tonnes were milled per day for a total of 406 K tonnes in the period, to produce 10.7 M Lb CuEq at cash cost $1.62 and an AISC of $3.02 per Lb CuEq. The Cusi mine in Chihuahua (a non-core asset) operated at 596 tpd and processed 51.7 K tonnes during the period to produce 241 K Oz AgEq.
  • Americas Gold and Silver Corp. reported consolidated financial and operational results for the quarter ended June 30, 2023, including figures from its Mexican operations. At Cosalá, in Sinaloa, 335 K Oz Ag, 3.2 M Lb Pb, 9.6 M Lb Zn were produced at cash cost $4.51 and an AISC of $11.10 per Oz AgEq.
  • Discovery Silver Corp. announced its financial results for the second quarter 2023 and provided an update on the quarter and subsequent events. The 2022 Environmental, Social and Governance (ESG) report was released. A marketed public offering raised C$51.75 M, “Completion of the reserve expansion and definition component of our Feasibility Study program consisting of an additional 35,000 m of drilling in over 100 drill holes completed since the cut-off for the Pre-Feasibility Study”. As of June 30, 2023, Discovery had cash and cash equivalents of $68 M.

ON FINANCING

  • Barksdale Resources Inc. announced the granting of incentive stock options to its directors, employees and consultants for up 1.3 M shares at a price of $0.59 per share. (San Javier, Sonora).
  • Oroco Resource Corp. closed a non-brokered private placement, raising $1.75 M (Santo Tomás, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Golden Tag Resources Ltd. completed an updated mineral resource estimate for La Parrilla Silver Mine Complex in Durango. The resource includes 22 veins within the Rosarios, San Marcos and Quebradillas underground mines, currently on care and maintenance. Indicated resources are estimated at 615 K tonnes @ 176 gpt Ag, 0.08 gpt Au, 1.55% Pb, 1.39% Zn (or 263 gpt AgEq), containing 3.48 M Oz Ag, 1,700 Oz Au, 9.6 K tonnes Pb, 8.5 tonnes Zn, or 5.19 M Oz AgEq. Inferred resources stand at 1.26 M tonnes @ 191 gpt Ag, 0.12 gpt Au, 0.99% Pb, 1.01% Zn (or 256 gpt AgEq), containing 7.73 M Oz Ag, 5,000 Oz Au, 12.4 K tonnes Pb, 12.7 K tonnes Zn, or 10.33 M Oz AgEq.
  • GRSilver Mining Ltd. announced results from one step-out drill hole outside the mineral resource boundary in the San Marcial area of its Plomosas project in Sinaloa. Highlighted core length intervals comprise 20.2 m @ 187 gpt Ag, 0.05 gpt Au, 0.3% Pb, 0.7% Zn (including 5.7 m @ 513 gpt Ag, 0.05 gpt Au, 0.4% Pb, 0.8% Zn, which includes 0.8 m @ 2,041 gpt Ag, 0.14 gpt Au, 0.8% Pb, 1.9% Zn). The hole “intersected a multistage quartz-calcite-sulfide zone composed of irregular veins and breccias crosscutting other hydrothermal breccias …”.
  • Sierra Madre Gold and Silver Ltd. announced results from six additional diamond drill holes of the current program at its Tepic project in Nayarit. The holes targeted the Taunas and Veta Tomas structures, with highlighted intercepts comprising 2.50 m @ 296 gpt Ag, 1.15 gpt Au; 0.60 m @ 111 gpt Ag, 2.06 gpt Au; 4.85 m @ 84 gpt Ag, 0.24 gpt Au; 10.05 m @ 158 gpt Ag, 0.46 gpt Au; 4.35 @ 258 gpt Ag, 0.68 gpt Au; 1.0 m @ 92 gpt Ag, 0.36 gpt Au. “The Tepic Project is a +2,600-hectare project where the previous operator completed 149 core holes totaling more than 31,000 meters. “
  • Silver Tiger Metals Inc. released results from drilling at El Tigre project in Sonora. Highlighted core length results from the Sooy vein and Sulfide Zone comprise 1.0 m @ 0.01 gpt Au, 178 gpt Ag, 0.22% Cu, 1.0% Pb, 1.7% Zn; 10.7 m @ 0.06 gpt Au, 74 gpt Ag, 0.08% Cu, 0.5% Pb, 0.5% Zn (including 2.3 m @ 0.06 gpt Au, 191 gpt Ag, 0.22% Cu, 1.4% Pb, 1.6% Zn); 4.7 m @ 0.15 gpt Au, 344 gpt Ag, 0.44% Cu, 0.6% Pb, 1.0% Zn; 0.5 m @ 0.26 gpt Au, 1,294 gpt Ag, 0.62% Cu, 3.8% Pb, 6.3% Zn; 3.4 m @ 1.57 gpt Au, 592 gpt Ag, 0.08% Cu, 0.4% Pb, 0.7% Zn; 10.5 m @ 1.98 gpt Au, 151 gpt Ag, 0.14% Cu, 1.4% Pb, 2.9% Zn (including 5.3 m @ 3.87 gpt Au, 249 gpt Ag, 0.22% Cu, 2.2% Pb, 4.4% Zn); 4.0 m @ 0.11 gpt Au, 786 gpt Ag, 0.68% Cu, 0.6% Pb, 1.3% Zn; 0.8 m @ 0.16 gpt Au, 1,549 gpt Ag, 1.73% Cu, 0.2% Pb, 0.7% Zn.
  • Vizsla Silver Corp. announced positive preliminary metallurgical test results for the Copala resource area at its Panuco project in Sinaloa. Drill core was first crushed and the subject to simple bulk flotation. Flotation + regrind + Cyanide Leach on flotation concentrate, coupled with Cyanide Leach of Rougher Tails recovered 90.6% Au, 93.7% Ag. “Further test work of material from the Napoleon, Tajitos and Copala deposits is planned to better understand and optimise grind size, cyanide consumption, leach kinetics, residence times and recoveries.”

ON DEALS AND CORPORATE ISSUES             

  • First Majestic Silver Corp. and Golden Tag Resources Ltd. closed the transaction on the La Parrilla past producing mine in Durango. First Majestic received 143.7 M shares of Golden Tag (US$20 M), and is to receive up to US$13.5 M in the form of three milestone payments either in cash or shares. The first repayment of US$2.7 M is due 18 months on the closing, the second US$7.75 M payment upon receipt of a resource estimate of 5 M Oz AgEq in reserves or 22 M Oz AgEq in measured and indicated resources and the third US$5.05 M payment upon receiving a resource estimate of 12.5 M Oz Ag Eq measured and indicated resources in a new zone on La Parrilla. In addition, First Majestic purchased 18 M shares of Golden Tag and 9 M warrants. Following the closing First Majestic owns 40.8% of Golden Tag shares, and if the warrants are exercised will own 42.2% on a partially diluted basis.

ON SOCIAL RESPONSIBILITY

  • No relevan news.

On the image below: Silicified vein ridge on a project in the Sonoran Desert. Picture by Jorge Cirett.

Mexico’s Best Drilling Intercepts, Second Week of July 2023

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Four companies reported assays from drilling at their properties in Mexico. Torex Gold results from El Limón Guajes underground stole the show with its striking high gold values over lengthily intercepts on infill and step-out holes. Over 34,000 m of drilling have been performed to the end of May on the 2023 program. The press release included a good description of the mineralization at the property: “Gold mineralization at ELG occurs in association with a skarn body that was developed along a 2-kilometre long corridor following the northeast contact of the ELG granodiorite stock. The skarn zone that occurs at the marble stratigraphic level of the Morelos Formation is in contact with hornfels developed in the Mezcala Formation. At El Limón, skarn mineralization is also structurally controlled by NE-SW and WNW-ESE trending faults and fracture zones. Skarn alteration and mineralization at ELG are fairly typical of calcic gold-skarn systems. Zones of coarse, massive, garnet-dominant skarn appear within and along the stock margin, with finegrained pyroxene-dominant skarn more common at greater distances from the contact with the stock. Significant gold mineralization at ELG is associated with the skarn, preferentially occurring in pyroxene-rich exoskarn but also hosted in garnet-rich endoskarn that has been affected by retrograde alteration. Pre- and post-mineralization dykes and sills are found to crosscut the hornfels and marble, along the structural trends mentioned above, and are spatially associated with the skarn formation. The style of mineralization at El Limón Sur Deep is like Sub-Sill and ELD, and is characterized by gold, with locally high silver and copper grades. Gold occurs in variably sulfidized, pyrrhotite-rich skarn, while silver and copper mineralization is controlled primarily by the degree of sulfidation of the host skarn. Mineralization is mainly associated with retrograde alteration characterized by the occurrence of phlogopite, amphibole, chlorite, calcite and lesser amounts of quartz and epidote, and local magnetite”.

The three other press releases are from low to intermediate sulfidation epithermal systems, namely Vizsla Silver’s Panuco project in Sinaloa, Sierra Madre Gold and Silver’s La tigra project in Nayarit and Prime Mining’s Los Reyes property in Sinaloa.