polymetallic

Highlights on the Second Week of May, 2018. Mining and Exploration News in Mexico

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By Miguel A Heredia

During the 19th week of the year (May 7th to May 13th, 2018), at least 40 press releases were announced by companies working in Mexico, with eight informing on exploration results, nine reporting Q1 2018 results, four announcing financing, sixteen communicating deals and corporate issues, and  seven reporting on resources & development. ON MEXICO ISSUES, Fernando Alanis Ortega was appointed President of CAMIMEX for the period 2018-2010. Investment in the mining sector reached $4,287 M USD in 2017, representing an increase of 14.3%. ON EXPLORATION, In Sonora, Colibri Resource reported drilling results at its El Pilar project, and Azure provided an update on its El Alacran project. In Chihuahua, Sable commenced a 4,000m diamond drill program on its Margarita project; Prospero and Fortuna revised its 2018 work program for Bermudez and Trias projects in Chihuahua, and Buenavista project in Durango.  In Zacatecas-Durango, Canasil announced plans to resume drilling at its La Esperanza project. In Guerrero, Alio announced that a regional exploration work is underway on its Ana Paula project. In Oaxaca, Megastar signed an option agreement to acquire a mining project. ON MINING, Alio Gold, Pan American Silver, Americas Silver, Excellon, GoGold, Hecla, Premier Gold, and Torex reported Q1 2018 results from their Mexican operations. Gainey completed upgrade of its Huajicori mill in Nayarit. ON FINANCING, Almaden announced a non-brokered private placement for $7M.  Minaurum raised $4.7M in its first tranche of a total $6M non-brokered private placement. Prize Mining announced a non-brokered private placement for $2M. Silver Spruce closed a non-brokered private placement for $287.7K. ON RESOURCES AND DEVELOPMENT, Alio initiated the construction of a 1,200m underground decline at its Ana Paula project in Guerrero. Hecla provided an exploration update on its San Sebastian Mine.  Leagold reported underground drilling results for its Los Filos mine in Guerrero. Premier Gold filed a technical report for its Mercedes mine in Sonora.  Sierra Metals reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1 2018 period. US Antimony reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. ON DEALS AND CORPORATE ISSUES, Alamos Gold, Endeavour, Excellon, and Fortuna reported results of its 2018 annual general meetings. Alamos also announced changes to its Board of Directors. Almadex approved spinout transaction. Great Panther announced the departure of its COO. Canuc announced the appointments of its CFO and Corporate Secretary. New Gold announced the appointment of its President and CEO. Candente reached an agreement with 3rd Eye Research to retain IR services. First Majestic completed the acquisition of Primero Mining. Goldplay received approval on the San Marcial option agreement in Sinaloa with SSR Mining. One World Lithium announced the granting of stock options. Primero announced receipt of Mexican antitrust clearance for arrangement with First Majestic. MX Gold signed a definitive agreement to sell interest at its Magistral project in Durango.

ON MEXICO ISSUES

  • Fernando Alanis Ortega, was appointed President of the Mexican National Chamber of Mines (CAMIMEX) for the period 2018-2010, replacing the outgoing Daniel Chavez Carreon.
  • CAMIMEX, reported that the investment in the mining sector reached $4,287 M USD in 2017. Although this represents an increase of 14.3% over the previous year, it is still 48.5% lesser that the invested record in 2012 which reached $8,043M USD.

ON EXPLORATION

  • Colibri Resource Corporation, reported drilling results from its El Pilar project in Sonora. Highlights are 9m of 8.16 g/t Au, including 1.5m of 33.4 g/t Au. The company has completed 2,117m in 20 RC holes “aimed to test for continuity within previously interpreted zones of mineralization, test for extensions to the known mineralization, and explore locally for new zones of gold mineralization”.
  • Azure Minerals Limited, provided an update on results from its El Alacrán project in Sonora, currently operated by Minera Teck S.A. de C.V. Teck drilled 14 holes to test extensions of Au mineralized zones at Loma Bonita area. Results suggest potential expansion of the Loma Bonita epithermal Au-Ag mineralized system at depth south towards Cerro San Simon, where four holes were drilled to test resistivity anomalies. Teck also drilled four holes at Cerro Colorado Zone to test mapped targets and geophysical anomalies generated by IP surveys and airborne magnetics, confirming potential for porphyry copper mineralization. Geological, geochemical and geophysical surveys are being carried out in H1, 2018 and will be followed by further drilling in H2, 2018.
  • Sable Resources Ltd., commenced a 4,000m diamond drill program to test 1.7km of Ag-bearing epithermal quartz veins at its margarita project in Chihuahua. The aim is to test for high-grade precious metal horizon 200m below mineralized surface samples.
  • Prospero Silver Corp., and Fortuna Silver Mines Inc., revised its 2018 exploration program, deciding to conduct a 6,000m drill program to test targets at its Buenavista, project in Durango, as well as at its Bermudez and Trias projects in Chihuahua.
  • Canasil Resources Inc., announced plans to resume drilling at its La Esperanza project in Zacatecas-Durango. The drill program was designed to test the northwestern and southeastern extension of the La Esperanza vein 50m below of the high grade found in hole ES-17-16.
  • Alio Gold Inc., announced that a regional exploration work is underway on its Ana Paula project in Guerrero which includes an airborne magnetic survey targeting further breccia or skarn targets.
  • Megastar Development Corporation, signed an option agreement with Paradex Inc., and Minera ZalameraA. de C.V., to acquire 100% of the Rama de Oro project in Oaxaca. “The Project is hosted by caldera-related Tertiary volcanic rocks (e.g. El Aguila model) crosscut by hydrothermal veining inferred to be related to late-stage granitic magmatism locally exposed as dikes and underlying the adjacent ‘Nueve Puntos’ mountain”. Exploration work on the property has identified a 4 square-Km zone of quartz veining, silicification, and clay alteration of volcanic rocks. Sampling on this altered zones have returned anomalous values of Au, Ag, As, Hg, and Sb, suggesting the upper part of a precious metal epithermal system.
  • Prize Mining Corporation, reported sampling results at its Manto Negro Copper project in Coahuila. Significant results include 6m of 2.73% Cu and 58 g/t Ag, 5.2m of 1.78% Cu and 40 g/t Ag, and 7m of 1.65% Cu and 36 g/t Ag.

ON MINING

  • Alio Gold Inc., announced Q1 results from its san Francisco mine in Sonora, Alio produced 17.6K Oz Au and ~9K Oz Ag at an AISC of $1,262 per Oz Au.
  • Pan American Silver Corp., reported results from its Dolores and La Colorada mines in Chihuahua and Zacatecas states respectively. Au and Ag production during the period of Q1, 2018 was 34.4K Oz Au and 1.2M Oz Ag at Dolores mine and 1K Oz Au and 1.65M Oz Ag at La Colorada mine.
  • Americas Silver Corporation, reported Q1 2018 results from its Cosala operations in Sinaloa. Americas processed 163.8K tonnes to produce 397K Oz Ag, 7.6 M Lb Pb, and 7.3M Lb Zn.
  • Excellon Resources Inc., reported Q1 2018 results from its La Platosa mine in Durango. The company processed 18.9K tonnes (including 5.9K tonnes of historical stockpile) at average grades of 359 g/t Ag, 3.8% Pb, and 6.4% Zn to produce 194.5K Oz Ag, 1.3M Lb Pb, and 1.8M Lb Zn.
  • Gainey Capital Corp., completed upgrade of its Huajicori mill in Nayarit to process 300 tonnes per day.
  • GoGold Resources Inc., announced Q1 2018 results from its Parral Tailings project in Chihuahua. The company stacked 439.3K tonnes on the leach pad to produce 265.6K Oz Ag and 1908 Oz Au.
  • Hecla Mining Company, reported Q1 2018 results from its San Sebastian mine in Durango. The mine produced 512K Oz Ag and 4,500 Oz Au.
  • Premier Gold Mines Limited, announced Q1 2018 results from its Mercedes mine in Sonora. The company milled 168.3K tonnes of 2.91 g/t Au and 31.8 g/t Ag to produce 15K Oz Au and 57.4K Oz Ag.
  • Torex Gold Resources Inc., reported Q1 2018 results from its El Limón-Guajes Mine Complex in Guerrero. Torex processed 785K tonnes of 3.29 g/t Au to produce 67.2K Oz Au at an AISC of $954 per ounce.

ON FINANCING

  • Almaden Minerals Ltd., announced a non-brokered private placement for $7M. Net proceeds will be used for exploration and development of its Ixtaca project in Puebla.
  • Minaurum Gold Inc., raised $4.7M in its first tranche of a total $6M non-brokered private placement. Net proceeds will be used for its ongoing exploration program at the Alamos Silver project in Sonora.
  • Prize Mining Corporation, announced a non-brokered private placement for $2M. Net proceeds will be used to conduct a geological, diamond drill and engineering assessment on its Manto Negro Copper project in Coahuila The aim is to produce a 43-101 compliant mineral resource.
  • Silver Spruce Resources Inc., closed a non-brokered private placement for $287.7K. Net proceeds will be used at Its Pino de Plata project in Chihuahua, aimed to drill target sites on the property.

ON RESOURCES AND DEVELOPMENT

  • Alio Gold Inc., initiated the construction of a 1,200m underground decline at its Ana Paula project, which is expected to be completed in Q3 2018. It will enable commencement of the first phase of the proposed underground diamond drill program, which will consist of 12,000 m in 55 holes. The company completed a six-hole 3,800m drill program below the proposed open pit to better define the geometry of the complex high-grade breccia and know the mineralization extent. Alio is also currently carrying out a drilling program on a high priority surface target 150m north of the proposed open pit, on which a detailed geological mapping at a scale 1:2,000 will be conducted.
  • Hecla Mining Company, provided and exploration update on its San Sebastian mine in Durango. An Infill drill program is been conducted to expand high-grade polymetallic zones similar to the Hugh Zone on the Middle and Francine veins, as well as oxide mineralization along the Professor and Francine veins. Significant results are 1.34m of 135 g/t Ag, 23.5% Pb, 18.5% Zn, and 7.9% Cu on the polymetallic zone, and 1.58m of 1,200 g/t Ag and 4.98 g/t Au on the oxide mineralization. At West Middle vein, the most significant intercepts are 1.34m of 317 g/t Ag, 10.1% Pb, 18% Zn, and 3% Cu, and 0.85m of 304 g/t Ag, 8.5% Pb, 9.4% Zn, and 3.8% Cu.
  • Mexican Gold Corp., reported step-out drilling results from the El Dorado / Juan Bran and Santa Cruz zones within its Las Minas projects in Veracruz. Significant interceptions are 8m of 1.06 g/t Au and 6 g/t Ag, including 6m of 1.36 g/t Au and 8 g/t Ag; 6m of 2.52 g/t Au and 10 g/t Ag; 14m of 1.96 g/t Au and 0.3 g/t Ag, including 6m of 3.49 g/t Au and 0.5 g/t Ag; and 24m of 1.24 g/t Au and 3 g/t Ag, including 10m of 2.12 g/t Au and 4 g/t Ag. The drill results tested the continuity of mineralization at El Dorado / Juan Bran zone and extended the mineralized zone to depth as well as cutting multiple mineralized intervals in the upward extension of the Santa Cruz zone.
  • Leagold Mining Corporation, reported underground drilling results for its Los Filos mine in Guerrero. Highlights are 4.1m of 24.2 g/t Au, 6.95m of 23.6 g/t Au, and 9.1m of 8.7 g/t Au from the Nukay, Conchita and Creston Rojo deposits respectively. The aim of the drilling program which comprises over 12,000m to date from 62,000m planned for 2018 is to identify additional resources along the contact of the circular intrusive orebodies.
  • Premier Gold Mines Limited, filed a technical report to release  updated mineral reserves for its Mercedes Mine in Sonora, with 3.3M tonnes of 3.94 g/t Au containing 417K Oz Au, and measured and indicated mineral resources for 3.68M tonnes of 4.32 g/t Au containing 511K Oz Au.
  • Sierra Metals Inc., reported mine development at its Cusi and Bolivar mines in Chihuahua during Q1, 2018. At Cusi, mine development totaled 676m. The company also carried out 1,448m of underground infill drilling, and 7,398m from surface. At Bolivar, mine development totaled 1,177m, with 650m to prepare stops for mine production, 466m to deepening ramps and developing service ramps for ventilation and pumping, and 61m of raises.
  • US Antimony Corporation, reported progress on the construction of the leach plant for the Los Juarez Au-Ag-Sb deposit in Queretaro. Testing and shake-down of the plant is anticipated in Q4 2018.

ON DEALS AND CORPORATE ISSUES

  • Almadex Minerals Limited., approved a spinout transaction of its early stage exploration projects, royalties interests, and certain other assets. Almadex will be re-named Azucar Minerals Ltd., upon closing of the transaction.
  • Candente Gold Corp., reached an agreement with 3rd Eye Research to retain IR services.
  • First Majestic Silver Corp., completed the acquisition of Primero Mining Corp. With the arrangement now completed the Primero´s shares will be delisted from the TSX. The company also announced the termination of the silver purchase agreement with Wheaton

Precious Metals Corp., relating to the San Dimas mine.

  • Goldplay Exploration Ltd., received the approval to acquire the 100% of the San Marcial, Sinaloa option agreement with SRR Mining. Goldplay will pay, over a three year option period, $2.6 M in cash, issue 3.5M common shares, and incur in exploration expenses for $3M.
  • Primero Mining Corp., announced receipt of Mexican antitrust clearance for the arrangement with First Majestic.
  • MX Gold Corp., signed a definitive agreement to sell its 50% interest on its Magistral project in Durango for a purchase price of US$4.5M.

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, an oxidized quartz vein with a high content of disseminated pyrite in a prospect in Oaxaca, Mexico. Photo by Miguel A Heredia.

 

Highlights on the Fourth Week of October 2016, Mineral Exploration in Mexico

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During the fourth week of October, at least 25 press releases were published by companies working in Mexico, including eight third quarter production releases. ON MEXICO NUMBERS AND NEWS Mexico’s mining sector is to reach $17.8 billion by 2020, backed by Ag, Zn prices. Gold, copper and silver represent 31%, 19% and 17% respectively of the value (%) by commodity in 2016. ON EXPLORATION, nine companies reported exploration updates on their properties, which include drilling results from properties in Jalisco (2), Veracruz, Sonora, Chihuahua and Durango, as well as the announcement of incoming drilling programs in Sonora and Durango. A company released exploration updates for its projects in Hidalgo, Durango and Chihuahua. ON MINING, nine companies reported third quarter production results for its operations in Aguascalientes, Sonora, Sinaloa, Chihuahua, Durango, Zacatecas, San Luis Potosi, Guerrero and Oaxaca. ON FINANCING, one company opened a non-brokered private placement of up to $300 K, augmenting it later on the week to $400 k. ON DEALS AND CORPORATE ISSUES, two companies announced a binding agreement on a tailings project in Durango, two others a definitive agreement on an exploration property in Chihuahua.

ON MEXICO NUMBERS AND NEWS

  • According to Mining.com, and based on information from BMI, and sources from industry leaders, Mexico’s mining sector values is to reach $17.8 billion by 2020, backed by Ag, Zn prices. Gold, copper and silver represent 31%, 19% and 17% respectively of the value (%) by commodity in 2016, while zinc, Iron ore and lead represent 9%, 5% and 3% respectively, and 16% on other commodities. BMI forecasts a 3.3% increase of the mining industry value for 2016, with most of that expansion fueled by gold, silver and zinc production increases. Over the first seven months of 2016, the copper and zinc output increased by 22.3% and 4.5% with respect to a year ago. Mexico is seen as a solid market with low production costs.

ON EXPLORATION

  • Endeavour Silver Corp. released in-fill drilling results from its Terronera property in Jalisco, with high grade silver-gold mineralization. True width (TW) intervals include 6.56 m @ 717 g/t Ag, 2.94 g/t Au; 4.78 m @ 109 g/t Ag, 3.91 g/t Au; 2.1 m @ 737 g/t Ag, 1.22 g/t Au; 5.28 m @ 53 g/t Ag, 3.48 g/t Au; 13.22 m @ 145 g/t Ag, 1.55 g/t Au and 10.32 m @ 82 g/t Ag, 1.96 g/t.
  • Prospero Silver Corp. provided an update of exploration, which includes recent focus on evaluating properties for staking in Central Mexico. The company also released rock chip sampling results on its Baborigame property in Chihuahua and is preparing an environmental permit application to drill its Santa Maria del Oro property, in Durango. At El Petate, in Hidalgo, drill permits were obtained to cover 27 drill sites, while at the Pachuca Southeast property the company initiated the permit applications for four drill sites. At San Luis del Cordero, Durango, Prospero is to terminate an underlying option with Altiplano, as the property was returned by Golden Minerals after completing a 5,000 m drilling program.
  • Almadex Minerals Ltd. announced that it has completed the second diamond hole on the Norte Zone of its El Cobre property in Veracruz. This hole intersected 9.9 m @ 0.24 g/t Au, 0.16% Cu, 27.5 m @ 0.12 g/t Au, 0.19% Cu and 432.5 m @ 0.42 g/t Au, 0.19% Cu. This last interval includes 218 m @ 0.7 g/t Au, 0.28% Cu; which includes 156 m @ 0.9 g/t Au, 0.34% Cu; which includes 80.5 m @ 1.34 g/t Au, 0.46% Cu, which includes 35.5 m @ 1.82 g/t Au and 0.59% Cu. Results for a third hole are pending.
  • Premier Gold Mines Ltd. disclosed exploration work realized by the previous operator of its recently acquired Alto Guadalupe property in Chihuahua. Between 2013 and 2015, 60 holes were drilled, discovering 2 high grade polymetallic veins. Mineralized intercepts include 2.8 m @ 10.9 g/t Au, 155 g/t Ag, 0.7% Cu, 1.2% Pb, 6.5%Zn; 1.85 m @ 10 g/t Au, 192 g/t Ag, 1.9% Cu, 1.5% Pb, 15.2% Zn; 1.45 m @ 1.6 g/t Au, 353 g/t Ag, 2.1% Cu, 1.4% Pb, 1.3% Zn. Individual vein zones have been traced for up to 2 km.
  • Southern Silver Exploration Corp. announced an upcoming 16 hole drilling program to total approximately 10.000 m of core drilling. The program is to measure the Blind Shoulder target and to confirm the continuity of mineralization at La Bocona target, with the aim to increase the current resource estimate.
  • Kootenay Silver Inc. announced results for the first 11 holes of the 3,400 m drill program being conducted by Pan American Silver on La Negra property in Sonora. These deeper infill drill holes confirm the results from previous holes and the presence of a second breccia further to the south, which remains open at depth and to the east. Intercepts include 122.15 m @ 124 g/t Ag, 38 m @ 235 g/t Ag (including 6.15 m @ 1,246 g/t Ag), 44.5 m @ 363 g/t Ag, 54.4 m @ 137 g/t Ag, 60.7 m @ 76 g/t Ag, 28 m @ 97 g/t Ag and 27.1 m @ 74 g/t Ag. These intervals also carry gold values of 0.01 – 0.39 g/t Au and nil – 3.7% Pb (peak of 6.6% Pb). Three phases of hydrothermal breccias are overprinted by an epithermal Ag-Pb-Zn mineralization associated with illite and silicification. Acanthite-tetrahedryte, galena, sphalerite and pyrite occur as veinlets, matrix fill in breccia and dissemination.
  • Agnico Eagle Mines Ltd. released exploration results from its El Barqueño property in Jalisco. 64 holes were drilled (17,443 m) using six rigs to test the Olmeca, Peña Blanca, Peña de Oro, San Diego and Angostura areas. True width (TW) drilling results include 9.2 m @ 7.3 g/t Au, 13 g/t Ag; 37.9 m @ 51 g/t Ag; 4.1 m @ 4.1 g/t Au, 49 g/t Ag; 40 m @ 73 g/t Ag; 10 m @ 1.7 g/t Au; 3.6 m @ 5.3 g/t Au; 13.7 m @ 5.8 g/t Au. In the Olmeca area the 1,000 m long Socorro vein has received the most drilling with good gold grades, the 300 m long Mortero vein shows wide intercepts of low grade silver near-surface, and it is interpreted that higher gold grades might be found at depth. Drilling in the Peña Blanca area seems to link the different structures into one mineralized system. Another 10,000 m of drilling is expected to be completed by the end of 2016, when exploration expenditures in the project will approach $16 million for the year.
  • Excellon Resources Inc. commenced a 25,000 m diamond drill campaign during the third quarter 2016, focused in defining additional shallow mineralization. 13 holes have been completed, for 2,090 m drilled from surface and underground locations. Relevant intercepts include 13 m @ 0.57 g/t Au, 662 g/t Ag, 4.9% Pb, 25.5% Zn; 2.77 m @ 773 g/t Ag, 11.8% Pb, 6.3% Zn; 0.37 m @ 2,991 g/t Ag, 5% Pb, 4.8% Zn. The program will also evaluate other CRD style mineralization, like the Rincon del Caido zone, where in 2012-2013 drilling intersected 55.5 m @ 132 g/t Ag, 3.1% Zn, 1.7% Pb and 0.075 g/t Au; 43.4 m @ 146 g/t Ag, 2.8% Pb, 1.9% Zn and 0.22 g/t Au and 7.3 m @ 13.1 g/t Au, 21 g/t Ag, 0.7% Pb and 3.6% Zn.
  • Riverside Resources Inc. has initiated a drilling program at the Thor “designated project” in Sonora, as part of the company’s Alliance with Antofagasta PLC. A ground magnetic survey covering 18 square km was recently finished, and the data combined with previous geological and geochemical information. Several porphyry copper targets were defined.

ON MINING

  • Minera Frisco increased its sales 6% on the third quarter of 2016 to $3,551 M pesos (approximately US $188.4 M). Gold production declined 3% on the same period due to a decrease on processed tonnage and recoveries on the El Coronel mine in Aguascalientes, as the pit deepens.
  • Americas Silver Corp. released consolidated production and operating costs for the third quarter of 2016. Production at Cosalá was 245 K Oz Ag, while AgEq production increased to 450 K Oz, an 85% rise compared to a year earlier. Cash cost decreased 20% to $10.10 per Ag Oz and all-in sustaining cost decreased to $13.63 per Ag Oz. Construction work has commenced at the initial portal and ramp access at the new and nearby San Rafael mine.
  • Capstone Mining Corp. announced its financial results for the third quarter 2016, which includes information from its Cozamin mine in Zacatecas, where 3,359 tonnes of copper in concentrates were produced at a C1 (internal measurement) cash cost of $1.50 per copper pound. Daily development rates continue to improve.
  • Coeur Mining Inc. reported third quarter results, which include numbers on its Palmarejo mine in Chihuahua, where 253.7 K tons were mined @ 123 g/t Ag, 2.2 g/t Au. 274.6 K tons were milled, to produce 933 K Oz Ag and 16,608 Oz Au, with recovery rates of 85.5% and 77.7% for silver and gold respectively. The Guadalupe area was mined at 2,300 tpd rate, and development of the Independencia area is on track to reach 1,000 tpd by year’s end.
  • Goldcorp Inc. released third quarter 2016 results, which include numbers from its Mexico operations. At Peñasquito (in Zacatecas) gold production totaled 122 K Oz at an AISC of $777 per ounce. The mined gold grade will improve as the pit has reached the upper part of a higher grade zone. The Pyrite Leach project, with an expected capital investment of $420 M, is expected to increase Au and Ag recoveries by treating the zinc tailings before discharge. The pre-feasibility study on the nearby (50 km) Camino Rojo property continues to advance. At Los Filos in Guerrero, 2.27 M tonnes were mined, 2.98 M tonnes of waste moved, 2.219 M tonnes of ore processed @ 0.75 g/t Au, producing 47 K Oz Au at cash cost of $782 and AISC $938.
  • Agnico Eagle Mines Ltd. reported third quarter 2016 results, which includes record 30,779 Oz Au production at La India in Sonora, and record 825 K Oz Ag at its Mexican mines. At Pinos Altos in Chihuahua the mill processed 5,415 tpd, with 98 K tonnes staked, for a payable production of 48,512 Oz Au. At Crestón Mascota (satellite to Pinos Altos) 506 K tonnes of ore were staked on the leach pad for a payable production of 12,134 Oz Au at a total cash cost of $493 per gold ounce on a by-product basis. At La India in Sonora 1.366 M tonnes of ore was staked on the leach pad to produce the record 30.8 K Oz Au mentioned above, at a cash cost of $400 per gold ounce on a by-product basis.
  • GoGold Resources Inc. has started construction of the first phase of a vat leach plant at its Santa Gertrudis property in Sonora. This phase of the plant is designed to treat 2,000 tpd, and is expected to be completed by the end of March 2017.
  • Excellon Resources Inc. reported third quarter 2016 results, with 11.2 K tonnes mined, 12 K tonnes milled @ 427 g/t Ag, 4.14% Pb and 5.4% Zn, with recoveries of 90.4, 82.1 and 81.3% for silver, lead and zinc respectively, to produce 153,783 Oz Ag, 891 K Lb Pb and 1.17 M Lb Zn. An optimization water management plan is underway, to maintain a depression cone below the lower most orebodies while mining. Several pumping stations and over 14 wells with 250 hp pumps and several 600 hp booster pumps are being completed.
  • New Gold Inc. released third quarter 2016 results, including numbers from its San Pedro mine in San Luis Potosi, where it produced 14.9 K Oz Au and 200 K Oz Ag at cash cost $897 and all-in sustaining coast $912 per gold ounce. The mine terminated mining on the second quarter and is now on residual leaching.
  • Yamana Gold Inc. reported financial and operational results for the third quarter 2016. The report includes numbers from its recently sold mine, Mercedes in Sonora, where 23 K Oz Au and 99 K Oz Ag were produced.

ON FINANCING

  • Colibri Resource Corp. opened a non-brokered private placement of up to $300 K of gross proceeds (several projects in Sonora). The private placement was increased later on the week to raise total gross proceeds of $400 K.

ON DEALS AND CORPORATE ISSUES

  • Mx Gold Corp. announced a binding agreement with Gracepoint Mining Corp. a subsidiary of Firma Holdings Corp. to acquire a 50% interest in the Magistral del Oro tailings project in Durango. An historical estimate on the tailings defines a resource of 1.25 M tonnes @ 2.06 g/t Au, based on 58 auger samples from 24 drillholes. The project includes a fully permitted, 500 tpd dynamic cyanide counter current system plant. The agreement calls for an initial cash payment of US$250 k and an investment of $2.22 M over 90 days.
  • Premier Gold Mines Ltd. entered into a definitive agreement with Goldcorp Inc. to acquire the Alto-Cristina project in Chihuahua. Premier can acquire up to 100% interest by making payments each of US$1.5 M at execution, 12 month anniversary and on resource estimate, a US$2.5 M on production and a 2% NSR .

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, breccia development in fine grained marbleized limestone at La Morena project, Coahuila.

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Southern Silver Reports Progress on Cerro Las Minitas and Oro Projects

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/441-tsx-venture/ssv/25070-southern-silver-reports-progress-on-cerro-las-minitas-and-oro-projects.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 28, 2016) – Southern Silver Exploration Corp. (TSX VENTURE:SSV)(OTCQB:SSVFF)(FRANKFURT:SEG1)(SSE:SSVCL) (“Southern Silver”) reports on continuing exploration programs on both of the Company’s projects; the Ag-Pb-Zn, Cerro Las Minitas project, Mexico and the Au-Ag-Cu project, Oro Stockpond, New Mexico.

A total of 91 drill holes for 35,955 metres have now been completed on the Cerro Las Minitas project with exploration expenditures of approximately US$8.35 million spent on the property since 2011.

Highlights on the fourth week of August 2016, Mineral Exploration in Mexico

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During the fourth week of August, at least 17 press releases from companies working in Mexico were published, with one company producing second quarter financial reports, and one other reporting its first quarter. ON MEXICO NUMBERS, funds from the 2014 introduced mining tax commence to flow in Michoacan, Mexico continues as the top silver producer of the world, and gold production is decreasing during the first six months of 2016. ON EXPLORATION, Two companies presented exploration updates: Gold Resource reported more high-grade results of its brownfield exploration in Oaxaca, while Azure Minerals significantly extended by drilling the gold mineralized zone at its property in Sonora. ON MINING, Starcore presented second quarter 2016 production results for its first quarter, and Impact Silver presented its financial results for the second quarter. Cyprium released high-grade channel sample results from an oxide ore body. Timmins Gold presented a new mining plan for its Sonora property that would see operations until 2023. Defiance Silver assured land access in Zacatecas and Telson Resources started a bulk sampling program in Durango. ON FINANCING, One company completed a private placement for gross proceeds of $1.2 M and an additional non-brokered subscription for $300 K.  ON RESOURCES, Timmins Gold advanced numbers on a technical report still to be presented on its mine in Sonora. ON DEALS AND CORPORATE ISSUES, First Mining sold three properties to BRS Ventures. DYNA issued some statements regarding its legal battle with Goldgroup over ownership participation levels in a property in Sinaloa. Oremex changed name and Arian Silver extended a LOI on a tailings project in Zacatecas.

MEXICO NUMBERS

  •  Michoacan. Seven municipalities with mining activities will soon receive the approximately US$3.55 M dollars on mining taxes collected by the federal government during 2014 from the State: Lazaro Cardenas, Churumuco, Aquila, La Huacana, Arteaga, Chinicuila and Morelia. The resources are set to be applied mainly on infrastructure projects in the communities.
  • CAMIMEX (Camara Minera de Mexico). Mexico is the world leader in silver production for sixth year in a row, producing 191.5 M Oz of silver, 3.3% more than in 2014. The investment expected in the next few years in new mines and processing capacity expansion amounts to $854 M dollars.
  • Gold production by the main mining companies in Mexico decreased 15% in the first half of 2016. Goldcorp’s Peñasquito in Zacatecas presented a 65% production reduction, mainly due to an expected ore grade decline. Frisco produced 9% less gold, due to recovery issues at its El Coronel mine in Zacatecas. Other enterprises with decreased production include Primero Mining (36.7%), New Gold (28.8%), Argonaut Gold (22.6%) and Alamos Gold (4.3%). Companies that presented increased gold production during the first half of 2016 include Peñoles (22%), Grupo Mexico (36%), Pan American Silver (18%) and Agnico Eagle (0.1%).

ON EXPLORATION

  • Gold Resource Corp. reported more high-grade results from infill drilling of the Altagracia vein at the El Aguila project in Oaxaca. The drillholes intercepted multiple parallel veins, with results up to 8.2 m @ 9.1 g/t Au, 75 g/t Ag, 1.8% Cu, 3.4% Pb, 8.8% Zn; 4.9 m @ 3.65 g/t Au, 42 g/t Ag, 0.59% Cu, 1.2% Pb, 9.3% Zn; 7.9 m @ 6.9 g/t Au, 618 g/t Ag, 0.8% Cu, 1.7% Pb and 3.4% Zn; and 5 m @ 1.47 g/t Au, 105 g/t Ag, 1% Cu, 1% Pb and 6.4% Zn. The Switchback system contains multiple parallel high-grade polymetallic veins with more than 630 K tonnes of mineralized material, and is still open in all directions.
  • Azure Minerals Ltd. significantly extends the gold mineralized zone at the Loma Bonita target at its Alacran property in Sonora. Gold mineralization commences at or near surface, and is hosted in the oxide zone, over a length of 400 m and up to 150 m in width, with mineralization remaining open in all directions. Best drill intercepts include (core) 49.5 m @ 1.59 g/t Au, 29 g/t Ag; 111 m @ 0.81 g/t Au, 18 g/t Ag; (RC) 7.1 m @ 0.99 g/t Au, 50 g/t Ag; 33.9 m @ 0.41 g/t Au, 12 g/t Ag; and 14 m @ 1.59 g/t Au, 36 g/t Ag. Drilling at Mesa de Plata Norte has not produced encouraging mineralization and alteration intervals, and drilling has shifted to the Cerro San Simon and Cerro de Enmedio targets.

ON MINING

  • Starcore International Mines Ltd. reported production results for its first quarter 2016 (ended on July 13th), milling 66 K tonnes of ore @ 2.17 g/t Au and 16 g/t Ag, for the production of 4,207 Au Eq ounces at a recovery rate of 86.4% for gold and 45.7% for silver.
  • Cyprium Mining Corp. released results from 36 channel samples collected from an oxidized part of the Santo Domingo orebody (underground). The samples average 3 m @ 30.2% zinc, mainly as hemimorfite.
  • Timmins Gold Corp. presented an updated technical report in which mining is to proceed at its gold San Francisco mine in Sonora until 2023, with decreasing production from 90-100 K Oz/year to 45-50 K Oz gold per year by 2022.
  • Defiance Silver Corp. has signed a land access agreement for its San Acacio project in Zacatecas.
  • Telson Resources Inc. has initiated the collecting of a 2 K tonnes bulk sample from the El Creston area on its Tahuehueto property in Durango.
  • Impact Silver Inc. announced its financial results for the second quarter of 2016. Total tonnes milled were 45.1 K tonnes at an average mill feed of 180 g/t Ag, producing 236 K Oz silver. The company focus is in developing high grade ore shoots in a number of targets.

ON FINANCING

  • Marlin Gold Ltd. Completed its previously announced bought deal brokered private placement, for gross proceeds of $1.2 M. and an additional non-brokered subscription for $300 K.

ON RESOURCES

  • Timmins Gold Corp. advanced numbers on a new technical report (still to be filed) which includes updated mineral reserves and resources to the end of July for its San Francisco mine in Sonora. Reserves stand at 32.1 M tonnes @ 0.59 g/t Au, containing 635 K Oz Au, (or 76 M tonnes @ 0.65 g/t Au as resources, including reserves, for 1.1 M Oz Au), using a gold price of $1,250 per ounce. If a $1,350 price per ounce is utilized, the resources increase by almost 70%.

ON DEALS AND CORPORATE ISSUES

  • First Mining Finance Corp. signed an agreement with BRS Ventures Ltd. under which First Mining will sell all the issued and outstanding shares of Minera Terra Plata SA de CV. a subsidiary of First Mining, which owns the Peñasco Quemado (Sonora), La Frazada (Nayarit) and Pluton (Durango) properties.
  • Oremex Silver Inc. changed its name to Monarca Minerals (Tejamen, Durango).
  • Dyna Resource de Mexico SA de CV. Issued some statements regarding its San Jose de Gracia property in Sinaloa, and the legal dispute with Goldgroup on ownership participation levels. According to the release, DynaResource Inc. owns 80% of the outstanding share capital of Dyna Mexico, while Goldgroup is entitled to 20%.
  • Arian Silver Corp. Announced it has secured an extension on its exclusive right to evaluate the gold and silver tailings Noche Buena project in Zacatecas, held by Tierra Nueva Mining Ltd., to October 26th, 2016. A 2012 technical report on the tailings outlined an indicated mineral resource of 1 M tonnes @ 3 g/t Au and 55 g/t Ag, or about 100 K Oz Au and 1.7 M Oz Ag.

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, geologist Guillermo Contreras looking at rocks on a pillar of the quartz veinlet swarm mined at the Cerro Hueco workings in Durango.

Pilar3

Highlights on the second week of May 2016, Mineral Exploration in Mexico

/ Gambusino Prospector / 1 Comment

The second week of May saw a lot of press release activity, fueled by the announcement of first quarter results, with some of these providing insights in exploration and financing. Information from 31 press releases in the week, and nine more from the previous week, was consulted to provide this summary of activities. On exploration, Azure, HECLA, Starcore, Orex and Gold Resources presented good drilling results, while Alamos Gold, Torex Gold and Mag Silver presented exploration results related to their mines/properties. Without knowing the details, the bad news is that Telson Resources made an expensive land-access deal, the kind of deal that if permeates in the country will make exploration almost impossible. On mining, Mexico leads for fifth year in a row silver production in the world. Twelve companies presented their financial results for the first quarter of 2016. To note is the range of production costs, same that are generally considerably lower this year compared with a year ago. AISC range from $8.71 to $16.98 per Ag Eq ounce, and from $848 to $1,095 for Au ounce, in these reports. On financing, seven companies announced getting some cash by share placement or debt subscription, with First Majestic’s closing of its 57.5 million bought deal financing being the most relevant. On deals, two companies joined efforts for exploration in northwestern Mexico, Timmins Gold sold the Caballo Blanco project and Endeavour Silver closed the acquisition of El Compas mine in Zacatecas.

On Exploration

  • HECLA Mining Co. continues exploration activities in, and around its San Sebastian mine in Durango. Recent shallow drillholes intersected up 2 m @ 597 g/t Ag and 0.3 g/t Au on the western extension of the Middle Vein, approximately 485 m away from the pit where the vein is currently being mined, and showing continuity for 120 meters. On the West Francine Vein a continuous structure has been defined for at least 270 meters, having widths between 0.6 and 4.8 meters, and recent intercepts as high as 416 g/t Ag and 1.5 g/t Au over 0.75 m and 68 g/t Ag and 2.2 g/t Au over 1.5 meters. Recent trenching has confirmed new veins associated to geochemical anomalies and RAB drilling from last year program. To the southeast of the East Francine pit a series of trenches have cut a 1.8 to 4 meter wide vein/breccia zone that can be traced for 240 meters along strike (announced on the first week of May).
  • Orex Minerals Inc. released drill results from its recent discovery in the Sandra Escobar project in Durango. All six holes present good numbers which include up to 49 m @ 205 g/t Ag and 32m @ 119 g/t Ag, but even the lowest grade hole presented 24 m @ 70 g/t Ag (All intervals are calculated true widths).
  • Telson Resources Inc. has renewed and extended a 30 years temporary land use agreement with La Bufa community, which includes the yearly payment of US $46,540, to be increased by 5% every year.
  • Gold Resource Corp. announced additional drill results from the Switchback system, located 500 to the NW of its Arista mine in El Aguila District, Oaxaca. For brevity, only one hole results will be displayed here, as several veins were intersected: 1 m @ 4.1 g/t Au, 51 g/t Ag, 0.7 % Cu 2.7 % Pb and 7.9 % Zn; 28.9 m @ 1.9 g/t Au, 104 g/t Ag, 0.4 % Cu, 3.2 % Pb and 13.4 % Zn; 24.5 m @ 1.4 g/t Au, 143 g/t Ag, 0.6 % Cu, 3.5 % Pb and 11.9 % Zn; and 8 m @6.8 g/t Au, 462 g/t Ag, 0.5 % Cu, 2 % Pb and 5.2 % Zn. Individual assays can be as high as 26.5 g/t gold, or 1,192 g/t Ag, over intervals ranging from 0.7 to 2.3 m.
  • Starcore International Mines Ltd. announced the highest grade intercept to date in its San Martin mine in Queretaro. “This hole intercepted a zone of limestone breccia followed by manto mineralization. High grade manto mineralization with visible gold was recovered between 48.65 and 58.9 meters. The weighted average grade of this 10.25 meter wide intercept is 65.17 g/t gold with 128.26 g/t silver”. The intercept is within 15 meters of existing workings.
  • Azure Minerals Ltd. presented drilling results from two holes at the Loma Bonita target, part of its Alacran project in Sonora, and adjacent to Azure’s Loma de Plata recent silver discovery. Results include 18.4 m @ 1.6 g/t Au and 40 g/t Ag, and 48 m @ 2.7 g/t Au, 32 g/t Ag, which includes 27 m @ 4 g/t Au.
  • Alamos Gold Inc. has increased its exploration budget to $16 million at Mulatos, specially for La Yaqui area, and with lesser priority at Cerro Pelon area. Over 5 K meters of drilling were completed at La Yaqui during the first quarter of 2016, in 24 holes. Alteration at La Yaqui is evident over an area approximately 1 km by 0.9 km in size. The 2016 program has focused on exploration drilling along the northwest trending ridge and to the northeast on the downslope side of the ridge, as well as delineation, definition and infill drilling on all new zones. At Cerro Pelon “drilling activities have been mainly focused on engineering support for mine development. A total of 2,770m of geotechnical and condemnation drilling were undertaken. Exploration drilling re-started towards the end of the quarter. The main objectives of the 2016 exploration program are conversion of the recently discovered mineral resources to mineral reserves and exploration beneath the large silica cap (approximately 800m by 300m) to the north of the current reserve pit. Mapping and sampling undertaken in 2015 indicate positive signs for mineralization beneath this silica cap”.
  • Torex Gold Resources Inc. reported that the El Limón deposits sits on top of an intrusive sill. “The chemical conditions that allowed the gold to deposit above the Sill also exist below the Sill. Four of six holes that pierced the Sill produced grades and thicknesses that have the potential to be economic. This area will be investigated with a drill program in the near future and has upside potential for the operation.”
  • Mag Silver Corp. and Fresnillo PLC are targeting the deep part of the Valdecañas vein system with 10 K meters of drilling, with surface and underground stations currently operating. “The holes range from 850 to over 1,200 metres in depth. Seven of the planned nine deep holes in the program are now complete and three additional deep holes have been drilled from underground from within the ramp. The final two deep holes being drilled from surface are currently in progress and are expected to be completed by mid-June. All assays are currently pending”.

On Mining

  • HECLA Mining Co. presented first quarter results of its operations, which include its San Sebastian mine in Durango, where 1.2 M Oz Ag and 9.3 K Oz Au were produced at a negative cash cost of $3.26 per silver ounce after by-product credits. 31 K tons of ore were milled at a grade of 1,282 g/t Ag and 10 g/t gold (announced on the first week of May).
  • In 2015 the country achieved a record production of 189.5 million ounces of silver, the highest global production for the metal in history, according to the Silver Institute. The record was attained by production increases from Fresnillo’s Saucito mines and Endeavour’s El Cubo mine in Guanajuato. The second place went to Peru, with a production of 135.9 million ounces. This is the fifth year on a row that Mexico leads the silver production ranks, on a world that saw last year production of the metal decrease by 2% (published on the first week of May).
  • Fortuna Silver Mines Inc. released first quarter 2016 results, which include the processing of 179 K tonnes of ore at a grade of 240 g/t Ag and 1.73 g/t Au at recovery rates of 93 and 92 % respectively, for a production of 1.28 M Oz Ag and 9.1 K Oz Au. The cash cost per silver ounce was $2.36, whereas the All-in sustaining cash cost amounted $8.71 per silver ounce, net of by-product credits from gold.
  • First Majestic Silver Corp. reported 2016 first quarter results, which include the production of 5.1 M Oz AgEq from its 6 mines in Mexico: Santa Elena in Sonora, La Encantada in Coahuila, La Parrilla in Durango, Del Toro in Zacatecas, San Martin (de Bolaños) in Jalisco and La Guitarra in Mexico State. Taken all together processed 789 K tonnes of ore and produced 3,074 K Oz Ag, or 5,083 K Oz AgEq, at cash cost of $5 per silver ounce or All-in sustaining cost of $8.97 per silver ounce.
  • Excellon Resources Inc. reported financial results for the first quarter of 2016, which include the processing of 14.7 K tonnes of ore at 483 g/t Ag, 4.8 % Pb and 6.1 % Zn, for a total production of 211 K Oz Ag, 1.3 M Lb Pb and 1.6 M Lb Zn. Recovery rates were 91, 83 and 79 percent respectively for silver, lead and zinc. Highlighted is the improved access to previously flooded mantos, which will provide high grade feed for the plant. Cash cost per silver ounce was $10.38/oz and AISC of $16.98 per silver ounce.
  • Starcore International Mines Ltd. reported production results for the quarter ending on April 2016, with 74 K tonnes milled at 1.66 g/t gold and 13 g/t silver, resulting in 3,476 AuEq ounces produced.
  • Pan American Silver Corp. reported 2016 first quarter results, having produced 1.37 M Oz Ag and 0.7 K Oz Au at La Colorada mine in Zacatecas, 1.07 M Oz Ag and 21.4 K Oz Au at the Dolores mine in Chihuahua, and 0.56 M Oz Ag and 3.3 K Oz Au at the Alamo Dorado mine in Sonora. Cash cost was $8.03 per silver ounce sold, and all-in sustaining cost was $13.12 per silver ounce sold.
  • Alamos Gold Inc. released first quarter 2016 results, which include 37.6 K Oz Au from Mulatos and 17.9 K Oz Au from El Chanate, both mines in Sonora, at cash cost of $811 and $1,086 per gold ounce, and All-in sustaining cost of $878 and $1,095 per gold ounce respectively. At Mulatos, 1.6 M tonnes of ore were mined by open pit, at a grade of 0.82 g/t Au, while 38.9 K tonnes of ore from the underground operations were milled, at a grade of 14.94 g/t Au, the recovery rate was 62%. At El Chanate, 1.2 M tonnes of ore were open-pit mined at an average grade of 0.6 g/t Au, and a recovery ratio of 73%.
  • Torex Gold Resources Inc. announced results for the first quarter 2016. On March 30 El Limon-Guajes mine achieved commercial production, reporting 38 K Oz Au in the quarter, with recovery rates of 80%.The life of mine (LOM) has been reduced from 10 to 8.5 years, consequence of re-interpretation of the geology of the deposit.
  • DynaResource Inc. reported 1,546 tons processed at an average grade of 12.9 g/t gold during April in its pilot plant in the San Jose de Gracia project, Sinaloa.
  • MAG Silver Corp. reported first quarter 2016 financial results. The ramp development has reached 2,800 of the 3,500m needed to reach the Valdecañas Vein.
  • Americas Silver Corp. Presented first quarter report 2016, which includes the PEA presented at the end of April for the San Rafael property at the Cosalá operations in Sinaloa. The mine is expected to produce 5.5 M Oz Ag, 100 M Lb Pb and 250 M Lb Zn over a mine life of 5.5 years.
  • Timmins Gold Corp. reported first quarter 2016 financial results. Production was at a cash cost on a by-product basis of US$761 per gold ounce, and an all-sustaining cost on by-product basis of US$848.
  • Sierra Metals Inc. reported 2016 first quarter results, which include its Bolívar and Cusi mines in Chihuahua.  At Cusi 42 K tons of ore mined from three veins at grades of 0.29 g/t Au, 174 g/t Ag, 1.4 % Pb and 1.4 % Zinc; with a total production for the quarter of 326 K  Oz AgEq. Mine development at Bolívar during the quarter totaled 1,422 m. Bolivar’s cash cost per copper equivalent payable pound was $1.32 and AISC per copper equivalent payable pound was $2.21 for Q1 2016. Cusi’s cash cost per silver equivalent payable ounce was $3.77 and AISC per silver equivalent payable ounce was $12.50 for Q1 2016.
  • GoGold Resources Inc. released financial results for 2016 first quarter, having produced 222 K Oz Ag and 1,382 Oz Au, or 335 K AgEq ounces. The cash cost per AgEq ounce was $6.78, and All-in sustaining cost per AgEq ounce was $9.44.

On Financing

  • Minera Alamos Inc. announced the closing of the second tranche of its previously announced private placement for aggregate proceeds of $500,000 (announced on the first week of May).
  • Consolidated Zinc Ltd. has announced commitments by which expects to raise AUD 6.5 million. The funds raised will be used to accelerate the resource drilling at the Plomosas Zinc Project in Chihuahua, focusing on the Cuevitas and Tres Amigos zones (announced on the first week of May).
  • Norvista Capital Co. announced the increase in equity interest in Minera Alamos Inc. from 11.7% to 18.3 %, by means of a non-brokered private placement of $500 K (announced on the first week of May).
  • Millrock Resources Inc. closed the first tranche of a non-brokered private placement, for gross proceeds of$501 K.
  • Silver Bull Resources Inc. announces its intention to complete a non-brokered private placement, which might net gross proceeds of up to CDN $1.5 million.
  • First Majestic Silver Corp. announced the closing of C$50 million bought deal financing, for gross proceeds of $57.5 million. “The Company intends to use the net proceeds of the Offering towards the mill and mine expansion at La Guitarra mine to 1,000 tpd, to further advance the roasting analysis and testing at La Encantada mine, and to allow the Company to increase the amount of development and exploration across the Company’s six operating mines as well as for general corporate and working capital purposes”.
  • Odyssey Marine Exploration Inc. reported first quarter results, which include two loan agreements for 1.825 and 3 million respectively.

On Deals

  • San Marco Resources Inc. and Globe Trotters Resource Inc. signed an alliance to generate and acquire mineral targets in northern Mexico, focused in Sonora (announced on the first week of May).
  • Endeavour Silver Corp. entered a definitive agreement with Canarc Resource Corp. to acquire 100% interest in Oro silver Resources Ltd. Oro Silver holds the El Compas gold-silver mine property and a five-year renewable lease on the 500 tonne per day (tpd) La Plata ore processing plant in Zacatecas, Mexico. Pursuant to the agreement, Endeavour will pay Canarc CAD$10.5 million and assume Canarc’s obligation to pay an aggregate of 165 troy ounces of gold from production to Marlin Gold Mining Ltd.
  • Timmins Gold Corp. entered into a definitive agreement with Candelaria Mining Corp. to sell 100% of its interest in the Caballo Blanco gold project, in Veracruz, for US$12.5 million and the assumption of US$5.0 million contingent payment to previous owner Goldgroup Mining Inc.

On Resources

  • Southern Silver Exploration Corp. released a technical report on its Cerro Las Minitas property in Durango. The resource estimate provides initial grade and tonnage for three mineral deposits, the Blind, El Sol and Santo Niño zones. The report establishes 3.7 M tonnes of ore as indicated resources, at 90 g/t Ag, 0.05 g/ Au, 2.3 % Pb 2.5 % Zn and 0.09 % Cu for a total of 10.8 M Oz Ag, 6 K Oz Au, 189 M Lbs Pb, 207 M Lb Zn and 8 M Lb Cu. For inferred resources, the numbers are: 6.6 M Tonnes at 82 g/t Ag, 0.17 g/t Au, 1.6 % Pb, 4.3 % Zn and 0.2 % Cu, for a total of 17.5 M Oz Ag, 35 K Oz Au, 237 M Lb Pb, 626 M Lb Zn and 29 M Lb Cu.
  • Azure Minerals Ltd. delivered a JORC compliant mineral resource for its Mesa de Plata deposit in Sonora. The report states a high-grade indicated resource of 2.2 M tonnes at 219 g/t Ag and a mid-grade indicated resource of 7.4 M tonnes at 44 g/t Ag. The total indicated resource is 9.6 M tonnes @ 83.9 g/t Ag, for 25.9 M ounces of silver.
  • Torex Gold Inc. presented its resource estimate to the end of 2015, With El Limón-Guajes deposit having 48.3 M tonnes at 2.65 g/t Au and 4.37 g/t Ag in the Measured and Indicated categories, for 4.4 M Oz Au and 4.1 M Oz Ag, as well as 6 M tonnes at 1.86 g/t Au and 3.45 g/t Ag in the Inferred category, or 0.36 M Oz Au and 0.66 M Oz Ag.

Content like what you have just read can also be seen at at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, geologist Jorge Cirett trying to obtain a good GPS signal while looking at a rockface in the La Caridad District in Sonora.

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Highlights on the third week of April 2016, Mineral Exploration in Mexico

/ Gambusino Prospector / Leave a comment

The third week of April was deal time for companies, with Alix Resources and Lithium Australia; Pan American Silver, MacMillan Minerals and Maverix Metals; and Kootenay Silver and Northair Silver formalizing agreements, Mc Ewen Mining buying a NSR and Defiance Silver renegotiating a property payments schedule. Several companies presented results for the first quarter of 2016; these include Primero Mining, Excellon Resources, Gold Resources, Mc Ewen Mining and Sierra Metals. On financing, five companies raised funds during the past week: Minera Alamos, Silver Spruce, Great Panther Silver, Wealth Minerals and First Majestic Silver. First Mexican Gold announced that a 2014 technical report from one of its properties is not to be relied upon.

On Mining

  • Primero Mining Corp. reported first quarter results for its San Dimas operation in Durango, processing 149 Kt of ore at a grade of 4.1 g/t Au and 198 g/t Ag (1,639 t/day), for a total production of 19.5 K Oz Au and 920 K Oz Ag. Recovery rates were 99% for gold and 97 % for silver, at cash cost of $998 Oz/AuEq or AISC of $1,362 Oz Au. Production levels took a hit by the implementation of tougher safety procedures.
  • Excellon Resources Inc. reported first quarter results for its Platosa mine in Durango, with 14.7 Kt of ore milled at a grade of 483 g/t Ag, 4.8 % Pb and 6.1 % Zn, for a total production of 211.5 K Oz Ag, 1.3 M Lb Pb and 1.5 M Lb Zn. Recovery rates were 91.1 % for silver, 86.4 % lead and 79 % zinc. Mining operations are being facilitated by the long-term de-watering efforts by the company.
  • Gold Resources Corp. reports preliminary first quarter production of 6.4 K Oz Au, 434 K Oz Ag, 244 t Cu, 838 t Pb and 3,261 t Zn.
  • Mc Ewen Mining Inc. announced production highlights for the first quarter, which include 20.1 K Oz AuEq.
  • Sierra Metals Inc. announced results for the first quarter of 2016, which include production from El Cusi and Bolivar mines in Chihuahua. Bolívar processed 219 K tonnes of ore at a rate of 2,500 tonnes/day, at a grade of 1 % Cu, 18 g/t Ag and 0.27 g/t Au, with recoveries of 77%, 75% and 45% respectively, for a total production of 3.97 M Lb Cu, 97.4 K Oz Ag and 859 Oz Au. At the Cusi mine, 49.7 K tonnes of ore were processed, at a rate of 569 tonnes/day, running 174 g/t Ag, 0.29 g/t Au, 1.4% Pb and 1.4% Zn, and recoveries of 74% Ag, 66% Au, 85% Pb and 42% Zn. The total production was 206.8 K Oz Ag, 314 Oz Au, 1.3 M Lb of lead and 638 K Lb of zinc. This quarter was the first in which a zinc concentrate was produced at Cusi.

On Financing

  • Minera Alamos Inc. has closed the first tranche of its previously announced private placement for aggregate proceeds of $1.5 M, for use in the completion of the acquisition of the La Fortuna project in Durango.
  • Silver Spruce Resources Inc. announced the closing of a non-brokered private placement, raising total proceedings of $410 K.
  • Great Panther Silver Ltd. announced the at-the-market offering of up to US$10 Million.
  • Wealth Minerals Ltd. closed a non-brokered private placement for total proceeds of $1 M.
  • First Majestic Silver Corp. announced a C$50 Million bought deal financing.

On Resources

  • First Mexican Gold Corp. is giving notice that the technical report and the resource estimate on its Guadalupe property in Sinaloa, dated October 28, 2014, is not compliant with NI-43-101 guidelines, and should not be relied upon.

On Deals

  • Alix Resources Corp. and Lithium Australia announce the definitive agreement to jointly explore and develop the Elektra lithium project in Sonora.
  • Pan American Silver Corp., MacMillan Minerals Inc and Maverix Metals Inc. have made an arrangement to form a new company focused on metal royalties and streaming. The 13 property portfolio includes the gold production from the La Colorada mine in Zacatecas, 1.5 % NSR from the San José mine in Oaxaca, 5 % of gold production from La Bolsa and 2 % NSR from La Jojoba project, both in Sonora, and 1.5 % NSR from the Taviche project in Oaxaca.
  • Mc Ewen Mining Inc. announced the acquisition of the 3.5 % royalty on the El Gallo mine for a total of $ 6.25 million.
  • Kootenay Silver Inc. and Northair Silver Corp. completed their business combination.
  • Defiance Silver Corp. has renegotiated its San Acacio silver project purchase agreement, postponing payments that were due in 2016, to September 2017, for a total of US$300 K.

Content like what you have just read can be seen at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, texture in a quartz vein, interpreted as evidence for seismic pumping at this orogenic gold style property, Tajitos, Sonora.

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Southern Silver Announces Equity Financing

/ gambusinoprospectormexico / Leave a comment

http://www.marketwired.com/press-release/southern-silver-announces-equity-financing-tsx-venture-ssv-2097029.htm

Southern Silver Exploration Corp. (“Southern Silver”) (TSX VENTURE:SSV)(FRANKFURT:SEG1)(SSE:SSVCL) plans to issue up to 12,000,000 units (“Units”) in a non-brokered private placement at a price of $0.05 per Unit to raise $600,000. Each Unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.08 per share.

Southern Silver has arranged an initial subscription from Electrum Global Holdings L.P. (“Electrum”) to purchase 6,000,000 units.

Exploration on the company’s flagship Cerro Las Minitas property, Durango Mexico is funded by Electrum through a US$5.0M option on the property, with Southern Silver acting as operator.

Sierra Metals Announces Favourable Federal Court Ruling on Litigation Pertaining to its Bolivar Property in Mexico

/ gambusinoprospectormexico / Leave a comment

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/963-tsx/smt/16475-sierra-metals-announces-favourable-federal-court-ruling-on-litigation-pertaining-to-its-bolivar-property-in-mexico.html#.Vr310-TrvIU

TORONTO, Feb. 12, 2016 /CNW/ – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (“Sierra Metals” or “the Company”) is pleased to report a positive outcome in the legal dispute between Polo & Ron Minerals (“P&R”) and Dia Bras Exploration Inc., (the Company’s previous name) and Dia Bras Mexicana a subsidiary of Sierra Metals, that holds its Bolivar and Cusi properties in Mexico.

Kootenay Silver and Northair Silver Sign Definitive Agreement

/ gambusinoprospectormexico / Leave a comment

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/621-tsx-venture/ktn/16294-kootenay-silver-and-northair-silver-sign-definitive-agreement.html#.VriuL-TrvIU

VANCOUVER, Feb. 8, 2016 /CNW/ – Kootenay Silver Inc. (TSX-V: KTN) (“Kootenay”) and Northair Silver Corp. (TSX-V: INM) (“Northair”) are pleased to announce that the companies have entered into  a definitive arrangement agreement (the “Agreement“) pursuant to which Kootenay has agreed to acquire all of the issued and outstanding common shares of Northair (the “Transaction“).   The Agreement replaces the binding letter agreement previously announced on January 13, 2016.