The Mining and Exploration News in Mexico: Highlights on the Second Week of June, 2022

By Jorge Cirett

During the 23rd week of the year (June 6th to June 12th, 2022), at least 11 press releases were announced by companies working in Mexico. This number reflects the summer decrease in press releases with one of the lowest numbers recorded since 2015 (the lowest being 9); notably, news in shares/financing were more than half of the total. There was no relevant news in the Mining and Resources and Development sections. To note, two companies posted exploration advances on their properties, two companies are to undertake financing rounds for up to $3 M and C$2 M, two companies increased/closed oversubscribed financing rounds to C$3.4 M and C$4 M, one company was upgraded to the OTCQX Best Market, one other cashed in a warrants exercise for C$18 M. A royalties company already with business in Mexico made an agreement on one other property. One company posted on metallurgical results on its property.  ON MEXICO ISSUES, The Instituto Politecnico Nacional celebrated the careers of five of its graduates on the Mexican mining industry. The Sonora Mining Cluster is hosting the Fifth International Forum on Full Safety. ON EXPLORATION, in Sonora, Tocvan Ventures presented drill results from Pilar; Benjamin Hill Mining released drilling results from the Sonora Copper zone at its Sonora Gold project. ON MINING, no relevant news. ON FINANCING, Silver Viper and Sonoro Gold are to undertake non-brokered private placements to raise up to $3 M and C$2 M respectively. Aztec Minerals closed a non-brokered oversubscribed private placement for CAD$3.4 M. Reyna Silver increased the size of its private placement from C$3 M to C$4 M. Prime Mining informed on its upgrading to the OTCQX Best Market. Discovery Silver informed that the exercise of warrants resulted in C$18 M in gross proceeds. Orogen Royalties reported positive metallurgical results from tests at its San Javier project in Sonora.  ON RESOURCES AND DEVELOPMENT, Barksdale Resources released positive metallurgical results from its San Javier project in Sonora. ON DEALS AND CORPORATE ISSUES, no relevant news.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Instituto Politecnico Nacional (IPN) recognized the professional lifework on the Mexican mining industry of five of its graduates: Sergio Almazan Esqueda (current AIMMGM president),  Jaime Gutiérrez (current Camimex president), Karina Neri (Mining concession manager at Peñoles), Marco Gustavo Monroy (Centro de Estudios, Servicios y Consultorías Ambientales) and Armando Alatorre (current Colegio de Ingenieros de Minas, Metalurgistas y Geólogos de México president).
  • The Sonora Mining Cluster is hosting in Hermosillo, Sonora, the Fifth International Forum on Full Safety in Mining (Quinto Foro Internacional de Seguridad Integral en Minería), during June 23 and 24, 2022.

ON EXPLORATION

  • Tocvan Ventures Corp. presented drill results for two more reverse circulation holes at its Pilar project in Sonora. Both holes targeted parallel trends to the Main zone. Highlighted hole-length intervals on one hole comprise 54.9 m @ 0.3 gpt Au, 5 gpt Ag (including 13.7 m @ 0.6 gpt Au, 13 gpt Ag and 9.2 m @ 0.6 gpt Au, 3 gpt Ag). The other hole did not intercept relevant gold mineralization. ”Three zones of mineralization have been identified ….. the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 24,200 m of drilling have been completed to date”. 
  • Benjamin Hill Mining Corp. released further drilling results from the Sonora Copper zone at its Sonora Gold project in Sonora. “The Sonora Copper quartz breccia vein system consists of two major sub-parallel veins …… Outcrops of the Sonora Copper vein system have been mapped over a surface length of approximately 850 m ….. The vein structures are composed of quartz with barite, sulfides and primary oxides …. The veins are hosted in granitoids and volcano-sedimentary rocks, with a close relationship to porphyry dikes”. Highlighted core length intervals comprise 1.45 m @ 0.62% Cu, 4.2 m @ 0.52% Cu (including 1.7 m @ 0.5% Cu, 1.08 gpt Au); 8.7 m @ 0.58% Cu (including 1.85 m @ 1.77% Cu, 0.25 gpt Au and 1.25 m @ 0.4% Cu, 0.49 gpt Au). The presence of a porphyry copper system at depth is suggested by historical magnetometry surveys by the SGM, induced polarization anomalies along wide structures kilometers in length on a geophysical survey completed this year and the high copper, gold, molybdenum and bismuth numbers on geochemical samples and core.

ON MINING

  • No Relevant News.

ON FINANCING

  • Silver Viper Minerals Corp. intends to undertake a non-brokered private placement financing to raise up to $3 M in gross proceeds (La Virginia, Sonora).
  • Sonoro Gold Corp. is to undertake a non-brokered private placement to raise up to C$2 M (Cerro Caliche, Sonora).
  • Aztec Minerals Corp. closed an oversubscribed CAD$3.4 M non-brokered private placement equity financing. Alamos Gold Inc. participated with CAD$2.4 M, after which Alamos holds a security percentage of 9.9% of shares on an undiluted basis, and 18% on a partially diluted basis, assuming the exercise of warrants (Cervantes, Sonora).
  • Reyna Silver Corp. increased the size of its previously announced private placement from C$3 M to C$4 M (Guigui and Batopilas, Chihuahua).
  • Prime Mining Corp. reported that the company has been upgraded and qualified to trade on the OTCQX Best Market from the OTCQB Venture Market (Los Reyes, Sinaloa).
  • Discovery Silver Corp. announced that exercise of purchase warrants resulted in gross proceeds of C$18 M. Mr. Eric Sprott owns, through 2176423 Ontario Ltd., 26.2% of outstanding shares on a non-diluted basis and 27.3.% on a partially diluted basis (Cordero, Chihuahua).
  • Orogen Royalties Inc. signed an agreement with Advanced Lithium Corp. to purchase 3% net smelter royalties on three prospective mineral licences in the Lake Victoria gold fields in western Kenya. “Upon closing of the Agreement, Orogen will pay Advance US$120,000 for the Royalties and transfer its interest in the Sarape Gold project to Advance. Orogen will retain a 1.5% net smelter return royalty on the Sarape project” (Sarape, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Barksdale Resources Corp. reported positive results from the first phase of metallurgical test work at the San Javier project in Sonora. The study by McClelland Labs Inc. envisaged eight column tests on one inch material from four large diameter diamond core holes drilled on late summer of 2021. Oxide dominant samples had recoveries between 77% and 93% of acid soluble copper and between 72% and 89% for acid and cyanide soluble copper, with recovery still increasing after the 120 days of column tests. Significantly, acid agglomeration does not increase copper recovery, pointing to a favorable net acid consumption of approximately 2 to 3 kg per tonne.  

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz-specularite-barite vein in the Sonora Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of May, 2022

By Jorge Cirett

During the 21st week of the year (May 23rd to May 29th, 2022), at least 25 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, one released first quarter 2022 reports, one announced the commissioning commencement on its project, one updated on a merger, one on the significant ownership by one investor, one on the compliance to issue by-weekly reports until its management cease trade order is lifted, three released drilling results from their advanced projects and one commissioned a company to prepare a resource estimate for its property.  ON MEXICO ISSUES, SEMARNAT, the Mexican environmental agency, voiced its support for anti-mining organizations in Morelos. A miner’s Union has taken legal steps to get back to previous profit-sharing schemes by mining companies. The president of Mexico expressed the likelihood of its government going to court to stop a company from mining limestone in Quintana Roo. ON EXPLORATION, in Sonora, Benjamin Hill Mining released results from drilling at its Sonora Gold property; Ranchero Gold updated on exploration at Santa Daniela; Silver Spruce Resources is preparing ground for drilling at Diamante; Tocavan Ventures released drill results from Pilar. In Nayarit, Sierra Madre Gold and Silver released results from drilling at La Tigra. In Veracruz, Azucar Minerals completed the first hole near the center of a large target at El Cobre. ON MINING, SilverCrest Metals announced the completion of construction of the processing plant at Las Chispas, in Sonora. Magna Gold presented its Q1 2022 operating and financial report. ON FINANCING, Sailfish Royalty received a lead order commitment in its path to create a silver exploration company starting with the Gavilanes project in Durango.  Eric Sprott owns 26.2% of outstanding shares of Discovery Silver. Gatos Silver is providing a by-weekly default status report.  ON RESOURCES AND DEVELOPMENT, Avino Silver & Gold Mines released drill results from the Oxide Tailings project at Avino, Durango. GR Silver released results from underground drilling at Plomosas, in Sinaloa. Sonoro Gold reported results from drilling at Cerro Caliche, in Sonora. Barksdale Resources engaged a company for the elaboration of the resource estimate at San Javier, in Sonora. ON DEALS AND CORPORATE ISSUES, Sierra Madre Gold and Silver signed an agreement with First Majestic to acquire La Guitarra, in Estado de Mexico. Bear Creek Mining has been placed on the default list by the British Columbia Securities Commission, on concerns regarding the credentials of consultants that signed a technical report on the Mercedes mine, in Sonora. Discovery Silver updated on activities at Cordero, in Chihuahua.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • SEMARNAT, the Mexican environmental agency, pointed that it backs those against mining projects in Morelos. This statement was done regarding Alamos Gold’s Esperanza project near Temixco, in the process of acquisition by Zacatecas Silver Corp.. The agency stressed that the Mexican government maintains its commitment to not authorize any new open pit development in the country, based on ideological ideas (No mention was done whatsoever about the project complying or not with the law).
  • The Union “Sindicato Nacional Minero Metalúrgico FRENTE” informed on legal procedures taken by the organization to fight for the 10% of profits that previously were distributed among the workforce of mining companies in Mexico, same that were recently capped at three months of salary per worker.
  • The president of Mexico, Andrés M. López Obrador, stated that Mexico will take Vulcan Materials, a company mining limestone in Quintana Roo, to court if necessary. The company has stated in the past that it has all the needed permits for its operations.

ON EXPLORATION

  • Benjamin Hill Mining Corp. released results from diamond drilling at its Sonora Gold project in Sonora. A total of 34 holes were completed covering 5,800 m on seven targets in the 6,400 hectares property. Assays have been received for the first 20 holes. Highlighted intervals from the Sonora Copper area comprise 28.2 m @ 0.42% Cu (interval that includes 16 m @ 0.3 gpt Au; 3.5 m @ 26 gpt Ag; 1.44 m @ 2.99% Cu, 0.664 gpt Au, 103 gpt Ag) and 9.21 m @ 0.92% Cu (including 5.36 m @ 1.7% Cu, 1.95 gpt Au, 44 gpt Ag) in one hole; and 20.55 m @ 0.55% Cu (including 2 m @ 1.05% Cu, 0.379 gpt Au, 18 gpt Ag; 3.96 m @ 1.12%) in a second hole. Highlighted intervals from other areas comprise 1.2 m @ 0.43% Cu, 1.52 gpt Au; 0.90 m @ 0.14% Cu, 1.73 gpt Au; 0.60 m @ >10% Cu, 2.11 gpt Au, 52 gpt Ag).
  • Sierra Madre Gold and Silver Ltd. announced results from the three first holes of its drilling program at La Tigra project, Nayarit. Highlighted core length intervals (interpreted as 90% of the core interval) comprise 9.0 m @ 0.46 gpt Au, 9 gpt Ag; 6.60 m @ 0.49 gpt Au, 6 gpt Ag; 5.10 m @ 2.21 gpt Au, 24 gpt Ag; 32.0 m @ 1.00 gpt Au, 4 gpt Ag (including 4.0 m @ 3.03 gpt Au and 4.45 m @ 2.72 gpt Au, 7 gpt Ag). An application was filed for a new 1,653 ha claim to the west of La Tigra, named Sabra.
  • Ranchero Gold Corp. provided an update on exploration at its Santa Daniela concessions in Sonora. Machine-learning technology has been applied in the 2,220 hectares land package to identify 47 exploration targets, of which nine are high priority. Follow-up field visits are ongoing to Rincon, San Francisco and Yaqui Sur.
  • Silver Spruce Resources Inc. is preparing access trails and pads for its incoming 2,000 m reverse circulation drilling campaign at its 1,057 hectares Diamante project in Sonora. The drilling company it to mobilize to site next week.
  • Azucar Minerals Ltd. announced the completion of the first hole (1,280 m of depth) in a large lithocap target at El Cobre, in Veracurz. This area has been targeted for drilling based on a mineral vectoring study utilizing chlorite and epidote that indicates a fertile medium to large sized porphyry system, a coinciding deep IP geophysical anomaly, surface pyrophyllite, spectral mineral mapping and high crystallinity illite over the entire target. Drill hole results are pending. “The closest hole to this deep core IP anomaly, which did not test the anomaly, intersected intense quartz pyrite sericite (QSP) phyllic alteration which provides further support to this new target representing a possible porphyry centre”.
  • Tocvan Ventures Corp. released diamond drill results from its Pilar property in Sonora. An infill hole in the Main zone intercepted a core-length interval of 108.6 m @ 0.8 gpt Au, 3 gpt Ag (including 31.9 m @ 2.4 gpt Au, 2 gpt Ag and 9.4 m @ 7.6 gpt Au, 5 gpt Ag). As part of the Phase III program, nine drill holes totaling 1,562 m have been completed.

ON MINING

  • SilverCrest Metals Inc. announced that Ausenco Engineering Canada Inc. has completed the construction of the processing plant at Las Chispas in Sonora. The processing plant commissioning is now underway, and expected to reach commercial production in Q4, 2022.
  • Magna Gold Corp. released operating and financial results for the first quarter of 2022. At San Francisco, in Sonora, 7.3 M tonnes were mined with a strip ratio of 6.7:1, processing 1.4  M tonnes to produce 11,874 Oz Au at cash cost $1,675 per Oz Au and AISC at $2,467 per Oz Au. The San Francisco deposit has measured and indicated resources of 99.7 M tonnes @ 0.446 gpt Au, containing 1,430 K OZ Au and inferred resources of 11.4 M tonnes @ 0.446 gpt Au, containing 171 K Oz Au.

ON FINANCING

  • Sailfish Royalty Corp. has received a lead order commitment from Barnwell Investments LLC. in connection to the private placement contemplated as part of a combination transaction with Swordfish Silver. The proposed transaction includes a private placement of Swordfish shares for US$5 M. The goal of the proposed transaction is to create a silver focused exploration and development company, resulting in the transfer of Sailfish’s Gavilanes property in Durango.
  • Ontario Ltd., a company Eric Sprott owns, announced the exercise of warrants on Discovery Silver Corp. for an aggregate consideration of $7 M. As a result of the warrant exercise Mr. Sprott owns 26.2% of the outstanding Shares on a non-diluted basis and approximately 27.3% on a partially diluted basis.
  • Gatos Silver Inc. is providing a by-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders. “The Company believes that it will be able to file its annual report on Form 10-K for the year ended December 31, 2021, and its quarterly report on Form 10-Q for the quarter ended March 31, 2022 in the second half of 2022. The Company is also evaluating the material weaknesses in its internal controls over financial reporting related to the mineral reserve reporting errors”.

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. released results from 17 short holes drilled on its Oxide Tailings project at Avino, in Durango. “The 2022 drill program included 17 drill holes for a total of 209 metres of drilling”. The average of 90 m drilled on the sulphide zone of the tailings returned 0.34 gpt Au, 30 gpt Ag, whereas those from the oxide zone averaged 0.49 gpt Au, 41 gpt Ag on a total of 90 m.
  • GR Silver Mining Ltd. announced results from underground infill drilling at the Plomosas Project in Sinaloa. Highlighted apparent width intervals comprise 2.9 m @ 190 gpt Ag, 0.1% Pb, 0.1% Zn; 14.0 m @ 146 gpt Ag; 6.5 m @ 1,458 gpt Ag, 0.2% Pb, 0.2% Zn.
  • Sonoro Gold Corp. reported results from 10 holes completed at its Cerro Caliche project in Sonora. The highlighted core length results from the El Colorado and Buena Suerte zones comprise 21.34 m @ 0.557 gpt Au (including 3.04 m @ 1.52 gpt Au); 1.52 m @ 2.19 gpt Au; 7.62 m @ 0.72 gpt Au; 10.67 m @ 1.183 gpt Au; 4.57 m @ 1.09 gpt Au; 1.52 m @ 9.57 gpt Au; 28.95 m @ 1.021 gpt Au (including 3.05 m @ 2.706 gpt Au). Results from further seven drill holes at Las Abejas are pending.
  • Barksdale Resources Corp. engaged Independent Mining Consultants Inc. (IMC) to prepare a resource estimate and NI 43-101 Technical Report for the Cerro Verde copper zone on the San Javier project in Sonora. Approximately 30,000 m of drilling data will be utilized in the process to create the report. The resource estimate is expected to be delivered to Barksdale within the next 30 days.

ON DEALS AND CORPORATE ISSUES

  • Sierra Madre Gold and Silver Ltd. signed an arm’s length definitive agreement with First Majestic Silver Corp. to acquire the 39,714 hectare La Guitarra property in Estado de Mexico. La Guitarra is a past-producing underground mine with an on-site process facility that operated until 2018. Historical measured and indicated resources in the property amount to 7.45 M Oz AgEq and inferred resources to 10 M Oz AgEq. Sierra Madre will issue to First Majestic 69.06 M of its common shares, for an aggregate value of $35 M. Upon completion of the transaction First Majestic will become the largest shareholder of Sierra Madre.
  • Bear Creek Mining Corp. has been placed on the default list by the British Columbia Securities Commission. This as a result of the BCSC’s concerns regarding the credentials of certain independent third-party consultants to act as qualified persons under National Instrument 43-101 in respect of certain chapters of the Aprill 22 technical report on the Mercede mine, in Sonora. “Bear Creek estimates that the Amended Mercedes Report will be filed within approximately 30 days”.
  • Discovery Silver Corp.released its financial results for the first quarter 2022 and an update on activities. The Pre-Feasibility Study (PFS) work for the Cordero project in Chihuahua is to be delivered on the fourth quarter 2022, the metallurgical test work on sulfides is 60% complete, the reserve definition drilling is now complete, and the first of three open pit geotechnical drill holes is underway. More than 30,000 m of drilling are planned this year on resource expansion targets and the first ever drilling of five targets within 10 km of Cordero. Cash and cash equivalents by the end of the period was at $61.2 M

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Sampling of quartz-barite vein in the Sonora Desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of April, 2022

By Jorge Cirett

During the 15th week of the year (April 11th to April 17th, 2022), at least 30 press releases were announced by companies working in Mexico. To note, nine companies posted exploration advances on their properties, six released first quarter 2022 reports, one updated on project work, six reported drill results on their advanced properties and one signed an exploitation agreement on a small scale mine. ON MEXICO ISSUES, Mexico’s president Andrés M. López Obrador warned he will change the mining law to make a government’s monopoly on lithium, if his Energy bill is not approved. According to Miner Deck, three of the top ten gold intercepts on the second week of April were drilled by companies working in Mexico. Six of the top ten silver intercepts were by companies in Mexico. ON EXPLORATION, in Sonora, Tocvan Ventures provided drill results on the Pilar project; Infinitum Copper released trench results at La Adelita; Silver Spruce had the preventive report approved for drilling at Diamante; Reyna Gold started drilling at La Gloria; Aztec Minerals finished the phase 2 RC drill campaign at Cervantes. In Chihuahua, Reyna Silver released drill results from Batopilas. In Nayarit, Sierra Madre Gold and Silver released drilling results from Tepic. In Guerrero, Pantera Silver reported drill results from Nuevo Taxco. In Zacatecas, Defiance Silver completed drilling at the Lucita prospect in its Zacatecas Silver project. ON MINING, Endeavour Silver, Fortuna Silver, Avino Silver, Golden Minerals, Great Panther and Torex Gold released first quarter 2022 reports. ON FINANCING, No Relevant News.  ON RESOURCES AND DEVELOPMENT, Prime Mining released drill results from Los Reyes, in Sinaloa. Silver Tiger Metals provided drilling results for El Tigre, in Sonora. Silverton Metals released RC drilling results from Peñasco Quemado, in Sonora. Vizsla Silver reported drilling results from the Animas vein corridor at Panuco, in Sinaloa. Endeavour Silver informed on drill results from the El Curso property at its Guanaceví mine in Durango. Fabled Silver Gold is planning phase 2 drilling at Santa Maria, in Chihuahua. SilverCrest Metals announced drill results from Picacho, in Sonora. ON DEALS AND CORPORATE ISSUES, Galore Resources entered into an exploitation agreement with Oztoc Metal Corp for mining at the Duraznillo mine in Zacatecas.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Mexico’s president Andrés M. López Obrador, warned that, “if Congress does not approve a constitutional reform on electrical matters next week….. he will push for a rewrite of the country’s Mining Law”. He stated that modifying the Mining Law requires simple majority (which he has), “to make lithium a mineral that belongs to the nation, to the Mexicans”.
  • According to Miner Deck, three of the top ten gold intercepts on the second week of April were from companies working in Mexico: Prime Mining (fifth) with 4.23 m @ 52.08 gpt Au at Los Reyes, in Sinaloa; Tocvan Ventures (eighth) with 116.9 m @ 1.2 gpt Au at Pilar, in Sonora, and Silver Crest Metals (tenth) with 4.7 m @ 20.86 gpt Au at Picacho, in Sonora.
  • According to Miner Deck, six of the top ten silver intercepts on the second week of April were by companies in Mexico: Endeavour Silver (third) with 7.46 m @ 2,067 gpt Ag at Guanaceví, in Durango; Prime Mining (fourth) with 4.3 m @ 1,008 gpt Ag at Los Reyes in Sinaloa; Defiance Silver (sixth) with 3.33 m @ 709 gpt Ag, Vizsla Silver (seventh) with 2.4 m @ 959 gpt Ag at Panuco, in Sinaloa; Silver Tiger Metals (nineth) with 23.8 m @ 95 gpt Ag at El Tigre in Sonora; Sierra Madre Gold and Silver (tenth) with 2.55 m @ 878 gpt Ag at Tepic.

ON EXPLORATION

  • Silver Spruce Resources Inc. announced the approval by SEMARNAT (Environmental authority) of the preventive report for drilling at the 1,057 ha Diamante property in Sonora. The program envisages 2,000 m of reverse circulation drilling starting in May, on the La Prieta, Aguaje, El Chon, El Chon Oeste, La Olla, Calton, El Cumbro, and Mezquite-Raizudo targets.
  • Sierra Madre Gold and Silver Ltd. released results from seven drill holes of the phase II drilling program at the Tepic project in Nayarit. “Four of the holes are up-dip extensions from the previously defined historic resource area while three are strike extensions”. Highlighted core-length intercepts comprise 7.05 m @ 125 gpt Ag, 0.90 gpt Au; 3.2 m @ 194 gpt Ag, 1.36 gpt Au; 12.1 m @ 146 gpt Ag, 0.64 gpt Au (including 1.5 m @ 489 gpt Ag, 0.77 gpt Au); 2.25 m @ 48 gpt Ag, 0.90 gpt Au; 1.5 m @ 7 gpt Ag, 1.89 gpt Au; 4.6 m @ 156 gpt Ag, 1.20 gpt Au; 4.8 m @ 106 gpt Ag, 1.48 gpt Au; 2.55 m @ 878 gpt Ag, 3.04 gpt Au; 1.05 m @ 11 gpt Ag, 2.66 gpt Au. True widths estimated at 90% of core-length intervals.
  • Reyna Gold Corp. reported channel and dump sample results from the Sombrero target at its La Gloria property in Sonora. Highlighted results comprise 8.68 gpt Au, 0.56% Cu, 64 gpt Ag, 0.4% Pb, 0.1% Zn; 8.17 gpt Au, 0.34% Cu, 49 gpt Ag, 0.1% Pb; 2.84 gpt Au, 0.17% Cu, 36 gpt Ag, 0.3% Pb, 0.2% Zn. “Reyna has started drilling at El Sombrero and expanded the number of planned holes from an initial 10 to now 22 holes in the El Sombrero target as part of its ongoing 10,000-meter drill program, which now comprises of a total of 36 holes”.
  • Pantera Silver Corp. reported initial drill results from the Nuevo Taxco project in Guerrero. Highlighted true width (tw) results comprise 0.55 m @ 98 gpt Ag; 1.15 m @ 0.10 gpt Au, 48 gpt Ag; 1.6 m @ 98 gpt Ag; 1.3 m @ 96 gpt Ag; 0.8 m @ 82 gpt Ag; 1.85 m @ 0.09 gpt Au, 225 gpt Ag on the Negrilla vein and 5.05 m @ 0.30 gpt Au, 108 gpt Ag; 1.75 m @ 0.42 gpt Au, 7 gpt Ag; 1.00 m @ 0.41 gpt Au, 14 gpt Ag; 0.86 m @ 1.86 gpt Au, 35 gpt Ag; 1.25 m @ 0.51 gpt Au, 9 gpt Ag; 4.29 m @ 0.78 gpt Au, 9 gpt Ag on the Creston de Maria vein. This drilling campaign tested 630 m along strike on two veins of 21 in the property, with a combined longitude of more than 11 km.
  • Tocvan Ventures Corp. announced results from one core hole at its Pilar property in Sonora. Highlighted core length intervals comprise 116.85 m @ 1.19 gpt Au, 7 gpt Ag (including 48.05 m @ 2.81 gpt Au, 9 gpt Ag, which includes 10.20 m @ 12.04 gpt Au, 23 gpt Ag). This core hole is a twin form a reverse circulation hole that returned 94.6 m @ 1.6 gpt Au. Nine holes totalling 1,562 m have been completed of phase III drilling.
  • Reyna Silver Corp. released results from 19 holes totalling 7,964 m of its 10,000 m stage 1 drill program at Batopilas, in Chihuahua. Highlighted core length intervals comprise 9.35 m @ 3.38 gpt Au (including 3.65 m @ 8.18 gpt Au, which includes 1.65 m @ 12.75 gpt Au); 1.45 m @ 6.87 gpt Au (including 0.35 m @ 18.95 gpt Au); 5.40 m @ 5.68 gpt Au (including 3.65 m @ 8.18 gpt Au); 0.75 m @ 9.55 gpt Au; 1.8 m @ 4.06 gpt Au. Reyna Silver is doing more exploration work to define the extent of gold rich versus silver rich mineralization, and their relationship.
  • Aztec Minerals Corp. and JV partner Kootenay finished the phase 2 reverse circulation program with 26 holes totaling 4,649 m at Cervantes, in Sonora. Highlighted hole length intervals comprise 88.41 m @ 1.10 gpt Au (including 15.24 m @ 3.96 gpt Au); 108.2 m @ 0.37 gpt Au; 45.7 m @ 0.45 gpt Au, 167.20 m @ 1.00 gpt Au, (including 24.4 m @ 4.25 gpt Au); 136.8 m @ 1.49 gpt Au (including 51.68 m @ 3.42 gpt Au); 100.32 m @ 0.75 gpt Au; 12.2 m @ 0.92 gpt Au; 7.6 m @ 0.68 gpt Au; 54.72 m @ 0.88 gpt Au; 7.6 m @ 0.74 gpt Au; 86.64 m @ 0.50 gpt Au; 138.32 m @ 0.53 gpt Au; 132.2 m @ 0.43 gpt Au; 9.1 m @ 0.46 gpt Au; 152.4 m @ 0.97 gpt Au (including 33.5 m @ 2.05 gpt Au); 54.9 m @ 0.48 gpt Au.  The focus of the program was to “better define the open pit, heap leach gold potential of the porphyry oxide cap at California, evaluate the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, test for north and west extensions of the California mineralization at California North and Jasper, and assess the breccia potential of Purisima East”.
  • Infinitum Copper Corp. released trenching results from La Adelita project in Sonora-Sinaloa. Trench 2 returned a true thickness of 9.15 m @ 16.45 gpt Au, 1.90% Cu, 3 gpt Ag. Three magneto-telluric lines have been completed at Las Trancas, with interpreted results pending. Surface samples from Andalucia and Cerro Potreritos have returned up to 5.49 gpt Au, 1.34% Cu, 139 gpt Ag. “Additional surface sampling at Pericos confirmed the presence of skarn mineralization on the west limb of the Cerro Grande anticline, 800 m to the west of the Cerro Grande zone” with samples up to 1.38% Cu, 77 gpt Ag, 1.31 gpt Au.
  • Defiance Silver Corp. informed in the completed 4,750 m drill program at the 2,674 ha Lucita property, on Defiance’s Zacatecas project in Zacatecas. This is the first drilling in the central Lucita asset currently under option from Pan American Silver Corp.. Highlighted core length intervals comprise 3.33 m @ 0.06 gpt Au, 709 gpt Ag (including 1.15 m @ 0.11 gpt Au, 1,604 gpt Ag); 0.94 m @ 0.11 gpt Au, 107 gpt Ag; 2.73 m @ 0.16 gpt Au, 102 gpt Ag; 3.48 m @ 514 gpt Ag (including 1.9 m @ 940 gpt Ag); 1.05 m @ 0.19 gpt Au, 317 gpt Ag; 4.09 m @ 0.10 gpt Au, 137 gpt Ag (including 0.6 m @ 0.28 gpt Au, 618 gpt Ag); 1.51 m @ 0.76 gpt Au, 192 gpt Ag. “The dominant silver mineralization consists of pyrargyrite-proustite, acanthite, and argentite hosted in polyphase quartz and calcite veins, breccias, and stockwork veinlet zones”.

ON MINING

  • Endeavour Silver Corp. reported first quarter 2022 production. At Guanceví, in Durango, 101.2 K tonnes were produced at 1,125 tonnes per day (tpd) grading 407 gpt Ag, 1.19 gpt Au, recovering 85.6% Ag, 89.8% Au to produce 1.13 M Oz Ag, 3,477 Oz Au. At Bolañitos, in Guanajuato, 104.9 K tonnes were produced @ 61 gpt Ag, 1.73 gpt Au, recovering 85.9% Ag, 89.6% Au to produce 181.1 K Oz Ag, 5,218 Oz Au.
  • Fortuna Silver Mines Inc. released production results for the first quarter 2022, including figures from its operations in Mexico. In San Jose, in Oaxaca, 250.9 K tonnes were milled at a rate of 2,918 tpd, grading 185 gpt Ag, 1.13 gpt Au, recovering 91% Ag, 90% Au to recover 1.36 M Oz Ag, 8,239 Oz Au.
  • Avino Silver & Gold Mines Ltd. reported first quarter 2022 production results. At Avino, in Durango, 111.1 K tonnes were milled, averaging 50 gpt Ag, 0.29 gpt Au, 0.56% Cu, recovering 92% Ag, 77% Au, 89% Cu, to produce 164.4 K Oz Ag, 801 Oz Au, 1.22 M Lb Cu (457.8 K Oz AgEq). During the quarter the acquisition of La Preciosa project was completed, and drill results from La Potosina of up to 2.95 m @ 668 gpt AgEq were released. “Avino is completing its conversion to dry stack tailings”.
  • Golden Minerals Co. reported production for the first quarter 2022. At Rodeo, in Durango, 203.6 K tonnes were mined, 10.9 K tonnes stockpiled awaiting process, 88.6 K tonnes in low grade stockpiles 47.4 K tonnes processed at a rate of 527 tpd, grading 3.1 gpt Au, 11.6 gpt Ag, recovering 75.4% Au, 82.8% Ag, to produce 3,608 Oz Au, 13.9 K Oz Ag (3,787 Oz AuEq).
  • Great Panther Mining Ltd. reported production first quarter 2022 results, including figures from its Mexican operations. At Topia, in Durango, 16.3 K tonnes were mined, 16.2 K tonnes milled, averaging 362 gpt Ag, 0.84 gpt Au, recovering 92% Ag, 64% Au, to produce 173.7 K Oz Ag, 282 Oz Au, 365 tonnes Pb, 525 tonnes Zn (3,876 Oz Au Eq). The Guanajuato Mine Complex is currently in care and maintenance, while waiting for the CONAGUA (water use authority) tailings dam permit.
  • Torex Gold Resources Inc. released production results for Q1 2022. At its Limon-Guajes mine in Guerrero, 12,600 tpd were processed, 1,260 tpd mined from underground, 11,780 tpd mined by open pit, to produce 112,440 Oz Au during the period.  

ON FINANCING

  • No Relevant News.

ON RESOURCES AND DEVELOPMENT

  • Prime Mining Corp. released drill results for 26 holes at its Los Reyes project in Sinaloa. A second high-grade ore shoot and the deepest mineralization to date was identified in Guadalupe East, with bonanza-grades found in 550 m step out from the inferred open pit boundary. True width highlighted results comprise 4.0 m @ 52.0 gpt Au, 1,008 gpt Ag; 0.6 m @ 7.62 gpt Au, 1,970 gpt Ag; 18.3 m @ 1.38 gpt Au, 39 gpt Ag; 14.1 m @ 1.12 gpt Au, 38 gpt Ag; 2.5 m @ 4.09 gpt Au, 103 gpt Ag; 7.5 m @ 1.47 gpt Au, 40 gpt Ag; 1.9 m @ 3.72 gpt Au, 370 gpt Ag; 1.0 m @ 1.57 gpt Au; 0.6 m @ 1.19 gpt Au, 9 gpt Ag; 2.8 m @ 1.38 gpt Au, 63 gpt Ag.
  • Silver Tiger Metals Inc. provided drilling results from its El Tigre project in Sonora. The seven drill holes targeted down dip under El Tigre historic workings at the North end, highlighted core-length intervals comprise 27.8 m @ 0.08 gpt Au, 18 gpt Ag; 1.0 m @ 0.09 gpt Au, 158 gpt Ag; 26 m @ 0.06 gpt Au, 25 gpt Ag; 2.1 m @ 0.23 gpt Au, 250 gpt Ag; 10.2 m @ 1.63 gpt Au, 6 gpt Ag (including 1.5 m @ 10.7 gpt Au, 23 gpt Ag); 1.2 m @ 0.04 gpt Au, 104 gpt Ag; 0.5 m @ 1.69 gpt Au, 101 gpt Ag; 23.8 m @ 0.19 gpt Au, 95 gpt Ag (including 2.3 m @ 0.94 gpt Au, 542 gpt Ag); 0.5 m @ 2.21 gpt Au, 1,200 gpt Ag. Underground rehabilitation is progressing at the historic El Tigre mine, with 215 m completed to date.
  • Silverton Metals Corp. released results from its step-out reverse circulation drilling at Peñasco Quemado, in Sonora. Highlighted hole-length intervals comprise 6.75 m @ 0.10 gpt Au, 46 gpt Ag; 1.00 m @ 75 gpt Ag, 0.37% Cu; 0.97 m @ 69 gpt Ag, 0.42% Cu; 5.10 m @ 27 gpt Ag; 11.30 m @ 54 gpt Ag (including 0.95 m @ 438 gpt Ag, 0.62% Cu); 3.74 m @ 47 gpt Ag; 11.85 m @ 17 gpt Ag; 19.70 m @ 27 gpt Ag; 5.30 m @ 46 gpt Ag; 54.10 m @ 23 gpt Ag; 6.45 m @ 73 gpt Ag; 7.45 m @ 26 gpt Ag; 10.30 m @ 31 gpt Ag; 5.60 m @ 42 gpt Ag. A total of 2,105 meters were drilled in nine holes.
  • Vizsla Silver Corp. reported results for 19 holes targeting the Animas vein corridor at its Panuco project in Sinaloa. Highlighted true width intercepts comprise 5.84 m @ 39 gpt Ag, 0.48 gpt Au, 0.2% Pb, 1.9% Zn; 3.09 m @ 84 gpt Ag, 1.30 gpt Au, 0.2% Pb, 0.3% Zn; 5.25 m @ 85 gpt Ag, 0.50 gpt Au; 1.14 m @ 121 gpt Ag, 2.21 gpt Au, 1.9% Pb, 3.2% Zn; 4.71 m @ 391 gpt Ag, 2.23 gpt Au, 1.5% Pb, 1.1% Zn; 7.13 m @ 39 gpt Ag, 1.16 gpt Au, 0.1% Pb, 0.8% Zn; 4.62 m @ 29 gpt Ag, 1.24 gpt Au, 0.2% Zn; 1.10 m @ 195 gpt Ag, 1.17 gpt Au; 5.66 m @ 124 gpt Ag, 0.98 gpt Au, 0.4% Pb, 1.3% Zn; 1.14 m @ 312 gpt Ag, 1.23 gpt Au, 0.1% Pb, 0.2% Zn; 1.00 m @ 622 gpt Ag, 2.75 gpt Au; 1.26 m @ 787 gpt Ag, 3.65 gpt Au, 0.2% Zn. Highlighted core length intervals comprise 2.40 m @ 959 gpt Ag, 5.97 gpt Au; 2.10 m @ 486 gpt Ag, 2.68 gpt Au; 0.95 m @ 113 gpt Ag, 4.85 gpt Au, 0.1% Pb, 0.3% Zn.
  • Endeavour Silver Corp. informed on high-grade underground drill results from El Curso property at its Guanceví mine in Durango. Highlighted true width results from the underground program comprise 2.09 m @ 0.92 gpt Au, 296 gpt Ag; 4.22 m @ 0.93 gpt Au, 428 gpt Ag; 7.26 m @ 0.84 gpt Au, 324 gpt Ag; 7.23 m @ 0.63 gpt Au, 323 gpt Ag; 1.34 m @ 1.30 gpt Au, 498 gpt Ag; 4.18 m @ 2.63 gpt Au, 857 gpt Ag; 7.46 m @ 5.83 gpt Au, 2,067 gpt Ag (including 0.47 m @ 56.50 gpt Au, 22,562 gpt Ag); 7.57 m @ 1.89 gpt Au, 975 gpt Ag; 6.26 m @ 0.60 gpt Au, 354 gpt Ag; 1.80 m @ 1.33 gpt Au, 814 gpt Ag; 13.12 m @ 0.74 gpt Au, 214 gpt Ag; 7.99 m @ 1.52 gpt Au, 262 gpt Ag; 1.87 m @ 2.36 gpt Au, 807 gpt Ag. El Curso property, covers the Santa Cruz vein “between Endeavour’s previously mined Porvenir Cuatro orebody and the Milache orebody currently being mined”.
  • Fabled Silver Gold Corp. is currently planning the phase 2 diamond drill program at Santa Maria, in Chihuahua. The Santa Maria veins were found in phase 1 drilling to be “mineralized breccias at the contacts or within diorite dikes”, which has led to the definition of five mineral/structural trends to pursue.
  • SilverCrest Metals Inc. announced results from drilling at El Picacho property in Sonora. This release covers 56,780 m in 247 holes (of a total to date of 68,200 m in 289 holes by SilverCrest). The focus of this campaign was to redefine and expand the Picacho Main vein historical resource of 364.4 K tonnes @ 8.54 gpt Au, 40 gpt Ag, containing 100 K Oz Au, 473 K Oz Ag defined in 2010 with only 14 holes and underground workings. The Picacho Main vein is 550 m long, 300 min depth, with an estimated true width of 2.4 m @ 5.42 gpt Au, 24 gpt Ag (Best tw intercept: 3.7 m @ 20.86 gpt Au, 73 gpt Ag); The Picacho Hanging Wall vein is 500 m long, 200 m in depth, 1.5 m in width @ 4.38 gpt Au, 38 gpt Ag (Best tw intercept: 1.3 m @ 42.3 gpt Au, 542 gpt Ag); The Picacho Hanging Wall 2 vein is 200 m long, 135 m in depth, 0.8 m in width @ 6.32 gpt Au, 46 gpt Ag (Best tw intercept: 2.8 m @ 11.9 gpt Au, 21 gpt Ag); The Picacho Hanging Wall 3 vein is 80 m long, 100 m in depth, 0.5 m in width @ 8.7 gpt Au, 450 gpt Ag (Best tw intercept: 0.8 m @ 10.71 gpt Au, 7 gpt Ag); The Picacho Footwall vein is 100 m long, 175 m in depth, 1.3 m in width @ 9.45 gpt Au, 16.1 gpt Ag (Best tw intercept: 1.7 m @ 37.09 gpt Au, 32 gpt Ag).  

ON DEALS AND CORPORATE ISSUES

  • Galore Resources Inc. entered into an exploitation agreement between Oztoc Metal Corp. S. de R.L. de C.V. to reengage the mining activities that the previous tenant, URBYASA was conducting at the Duraznillo ranch in Zacatecas. The five-year contract includes the Los Gemelos I and Duende 7 mining concessions. Galore will receive 30% of gross revenues and OZTOC is to keep 70% for development, production and profit from the Duraznillo mine.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Banded quartz-barite vein in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of April, 2022. 

Flow banded rhyolite

By Miguel A Heredia

During the 14th week of the year (April 04th to April 10th, 2022), at least 22 press releases were announced by companies working in Mexico, and one news published by the media, with nine reporting resources and developments of their properties, seven informing on exploration results, five communicating production and financial results, one disclosing deals and corporate issues, and one discussing social issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Silver Spruce reported the approval of an Informe Preventivo for its second drilling permit at its Mezquite project, Ranchero Gold released results from its inaugural drilling program at its Santa Daniela project, and Starcore presented results from its drilling program conducted at its Opodepe project. In Chihuahua, Mammoth presented results from three holes drilled at its Tenoriba project, and Reyna Silver announced results from its 8,000m phase 2 drilling program conducted at its Guigui project. In Durango, Silver Wolf released results from 88 samples collected at its Ana Maria project. In Nayarit, Sierra Madre commenced a maiden drilling program at its La Tigra project. ON MINING, Gatos Silver reported Q1, 2022 production results from its 70%-owned Cerro Los Gatos mine, Chihuahua. GoGold announced Q1, 2022 production results from its Parral Tailings mine in Chihuahua. Mexus completed an open pit test heap leach Au recovery process that produced 278 Oz Au from 6 test pits at its Santa Elena mine in Sonora.  Minera Alamos announced Q1, 2022 production results from its Santana mine in Sonora. Orla presented Q1, 2022 production results from its Camino Rojo project in Zacatecas. ON FINANCING, no relevant news. ON RESOURCES AND DEVELOPMENT, Vizsla reported that it filed on the System for Electronic Document Analysis and Retrieval (SEDAR) an independent technical report on its Panuco project in Sinaloa. Azucar Minerals commenced to drill test a large lithocap target discussed previously at its El Cobre project, Veracruz. GR Silver reported results from three underground drill holes collared at its San Marcial project, Sinaloa. Avino published results from 110 holes drilled on the oxide tailings project at its Avino property in Durango. Golden Tag released results from hole 22-64 drilled at its San Diego mine, Durango. Silver Dollar announced that phase 2 exploration drilling program is underway at its la Joya project in Durango. Silver Viper conducted a TITAN-MT deep-penetrating geophysical survey centered on the El Rubi deposit, Paredones, and El Molino target areas at its La Virginia project in Chihuahua. Starcore provided an update on the diamond drilling program conducted at its San Martin mine in Querétaro. Zacatecas Silver announced results from its ongoing diamond drilling program on the Panuco North and Panuco Central Veins at its Zacatecas project in Zacatecas state.   ON DEALS AND CORPORATE ISSUES, Sailfish provided an update on its previously announced Swordfish silver transaction (Gavilanes project, Durango).  ON SOCIAL RESPONSIBILITY, Esperanza Silver has a Community Engagement Plan to meet the objectives proposed by the New Socially and Environmentally Responsible Mining Model.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., reported the approval of an Informe Preventivo by the Mexican government Environmental Authority (SEMARNAT) for its second drilling permit at its Mezquite project in Sonora. The second drilling program will consists of 1,500-2,500m of Reverse Circulation (RC), which include twenty-four new pads on the northern, northwestern and southeastern sections of the property.
  • Ranchero Gold Corp., released results from its 16 holes, Phase 1 inaugural drilling program at the Maíz Azul prospect within its Santa Daniela project in Sonora. All of the 16 holes intersected Au mineralization and were planned to drill test shallow-near surface mineralization. Highlights include hole MA22-10 with 4 g/t Au over 31.5m; hole MA21-14 with 1.2 g/t Au over 21.2m; hole MA22-25 with 1.2 g/t Au over 15.6m, and hole MA21-11 with 1.1 g/t Au over 21m. Mineralization remains completely open at depth since it was only tested at depths of 100-150m below surface. The company is currently designing a second phase of drilling. The plan of this drilling program is to expand La Colmena zone eastward, initiate drill testing of the X-structure target, initiate drilling of new targets identified by the on-going modelling, and start definition drilling. In addition, Ranchero Gold is also advancing its regional reconnaissance program on the entire property. The company has identified from a previous Aster study, nine high-priority targets that warrant follow-up field work. “Ranchero Gold will continue its field investigation in parallel with the work conducted at Maíz Azul with the objective of identifying new drill targets by year-end.
  • Mammoth Resources Corp., presented results from three holes drilled at its Tenoriba project in Chihuahua. The most significant mineralized interval was encountered in hole TEN-21-13 on the Moreno Zone with 0.98 g/t Au and 15 g/t Ag (1.18 g/t AuEq) over 37.5m, including 1.13 g/t Au, 21 g/t Ag, and 0.55% Cu (2.34 g/t AuEq) over 18m.
  • Reyna Silver Corp., announced results from its 8,000m phase 2 drilling program conducted at its Guigui project in Chihuahua. Drilling highlights include hole GG21-31 with 130 g/t Ag, 0.2% Pb, and 0.2% Zn over 2.62m, including 338 g/t Ag, 0.4% Pb, and 0.4% Zn over 0.7m, including 1,040 g/t Ag, 1.5% Pb, and 0.5% Zn over 0.18m, plus 54 g/t Ag, 2.2% Pb, and 9.9% Zn over 3.15m, including 128 g/t Ag, 3.7% Pb, and 16% Zn over 1.85m; hole GG21-30 with 233 g/t Ag, 0.02% Pb, and 0.02% Zn over 2.11m; hole GG21-31 with 105 g/t Ag, 4.9% Pb, and 0.6% Zn over 1.20m; and hole GG21-33 with 106 g/t Ag, 0.9% Pb, and 0.1% Zn over 4.51m. The company reported that the mineralized skarn footprint now exceeds 0.5km2.
  • Silver Wolf Exploration Ltd., released results from 88 grab samples collected at its Ana Maria project in Durango. Highlights include 246 g/t Ag, 0.03% Cu, 4.5% Pb, and 1.7% Zn; 578 g/t Ag, 0.03% Cu, 11.9% Pb, and 0.3% Zn; 442 g/t Ag, 0.04% Cu, 11.4% Pb, and 1.5% Zn; 163 g/t Ag, 0.04% Cu, 6.2% Pb, and 0.5% Zn; 168 g/t Ag, 0.01% Cu, 4.1% Pb, and 0.2% Zn; 1,227 g/t Ag, 0.06% Cu, 25.7% Pb, and 0.6% Zn; 309 g/t Ag, 0.03% Cu, 2.3% Pb, and 4.8% Zn; 1,306 g/t Ag, 0.09% Cu, 20.4% Pb, and 7.4% Zn; and 792 g/t Ag, 0.04% Cu, 16.9% Pb, and 0.6% Zn. Silver Wolf is waiting for the final geophysical data interpretation to better define drill targets for later this year.
  • Sierra Madre Gold and Silver Ltd., commenced a maiden drilling program at its La Tigra project in Nayarit. This is the first ever drill program undertaken within the district and is focused primarily on areas defined by the ongoing trenching program. Trenching highlights include 1.22 g/t Au and 7 g/t Ag (1.3 g/t AuEq) over 11.6m, including 2.52 g/t Au and 10 g/t Ag (2.7 g/t AuEq) over 4.3m; 1.45 g/t Au and 9 g/t Ag (1.57 g/t AuEq) over 12.8m, including 3.22 g/t Au and 35 g/t Ag (3.69 g/t AuEq) over 5.3m; 1.59 g/t Au and 3 g/t Ag (1.63 g/t AuEq) over 24.2m, including 5.58 g/t Au and 4 g/t Ag (5.64 g/t AuEq) over 4.7m; and 1.78 g/t Au and 6 g/t Ag (1.85 g/t AuEq) over 22.9m, including 2.2 g/t Au and 7 g/t Ag (2.3 g/t AuEq) over 7.1m.
  • Starcore International Mines Ltd., presented results from its drilling program conducted at its Opodepe project in Sonora. The drill program consisted of 3,289.6 m in 25 short holes. Drilling highlights include hole OPDS-21-001 with 4.79 g/t AuEq over 6.73m; hole OPDS-21-018 with 2.3 g/t AuEq over 1.91m; and hole OPDS-21-021 with 1.96 g/t AuEq over 2.19m. The first stage of drilling was focused on the upper part of the veins and has been considered as recognition drilling. “However, in this year 2022, the drilling is focused on the zone of the veins which the geologists have considered as favorable zones to find economic reserves”.

ON MINING

  • Gatos Silver Inc., reported Q1, 2022 production results from its 70%-owned Cerro Los Gatos mine, Chihuahua. The company milled 234,985 tonnes of 353 g/t Ag, 0.3 g/t Au, 2.2% Pb, and 4.1% Zn at metallurgical recoveries of 89.7%, 57.1% , 89.2%, and 64.3% respectively, to produce 2.39M Oz Ag, 1.3K Oz Au, 10.3M Lb Pb, and 13.8M Lb Zn. Gatos reported over USD $40M in cash as of March 31, 2022.
  • GoGold Resources Inc., announced Q1, 2022 production results from its Parral Tailings mine in Chihuahua. The company produced 186,655 Oz Ag, 2,791 Oz Au, and 280K Lb Cu (455,991 Oz AgEq).
  • Mexus Gold US completed an open pit test heap leach Au recovery process that produced 278 Oz Au from 6 test pits at its Santa Elena mine in Sonora.  The company is looking for a mining company to joint venture with at its Santa Elena mine. Mexus believes that the property contains > 1M Oz Au. It stated that is open to also JV its Ures Au-Ag-Cu property in Sonora.
  • Minera Alamos Inc., announced Q1, 2022 production results from its Santana mine in Sonora. It mined 600K tonnes to produce 3,390 Oz Au. Cumulative Au recovery from mineralization under leach for more that 30 days is now approximately 75% with additional recovery ongoing. The company reported that the total of Au inventory moved to leach pad to date is 14K Oz. In addition, the company announced that site preparation activities were initiated at the Nicho Main Zone with a goal to start mining activities at that deposit later in Q2-2022.
  • Orla Mining Ltd., presented Q1, 2022 production results from its Camino Rojo project in Zacatecas. The company mined 684,255 tonnes and processed 539,379 tonnes of 0.8 g/t Au to produce 23,031 Oz Au. Gold guidance for the full year 2022 is maintained by Orla at 90-100 Oz Au.

ON FINANCING

  • No relevant news.

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp., reported that it filed on the System for Electronic Document Analysis and Retrieval (SEDAR), an independent technical report containing a maiden mineral resource estimate on its Panuco project in Sinaloa.
  • Azucar Minerals Ltd., commenced to drill test a large lithocap target discussed previously at its El Cobre project, Veracruz. The lithocap target was outlined by several exploration techniques, including geophysics, mineralogy, geochemistry and past drilling campaigns at the property.
  • GR Silver Mining Ltd., reported results from three underground drill holes collared at its San Marcial project, Sinaloa. The most significant drill intercepts were encountered in holes SM121-07 with 201 g/t Ag, 0.02 g/t Au, 0.2% Pb, and 0.3% Zn over a true width (TW) of 3.7m, including 1,413 g/t Ag, 0.11 g/t Au, 0.9% Pb, and 1.3% Zn over a TW of 0.2m, plus 124 g/t Ag, 0.01 g/t Au, 0.1% Pb, and 0.1% Zn over a TW of 8.5m, including, 223 g/t Ag, 0.01 g/t Au, 0.1% Pb, and 0.1% Zn over a TW of 2.4m, including 553 g/t Ag, 0.03 g/t Au, 0.2% Pb, and 0.4% Zn over a TW of 0.5m. Results confirmed a significant expansion of high-grade Ag mineralization approximately 300m down dip below the lower limit of the pit-constrained San Marcial mineral resource. A two phase 4,500m drilling program is planned for 2022 at San Marcial to support future resource expansion and an updated NI 43-101 mineral resource estimate.
  • Avino Silver & Gold Mines Ltd., published results from 110 holes drilled on the oxide tailings project at its Avino property in Durango. The drilling program consisted of 3,645m. The drill density of the current program should be sufficient to upgrade most of the existing inferred mineral resources to the measured and indicated categories, and to potentially expand the resources. Selected highlights are shown below:
·        Golden Tag Resources Ltd., released results from hole 22-64 drilled at its San Diego mine, Durango. This hole is part of an exploration program targeting bulk-tonnage mineralization and encountered several mineralized intervals. Key highlights include 0.07 g/t Au, 45 g/t Ag, 0.1% Pb, 0.1% Zn, and 0.02% Cu (60 g/t AgEq) over 73.5m, including 0.45 g/t Au, 882 g/t Ag, 0.7% Pb, 0.8% Zn, and 0.17% Cu (980 g/t AgEq) over 0.91m, 0.31 g/t Au, 371 g/t Ag, 0.7% Pb, 0.4% Zn, and 0.07% Cu (441 g/t AgEq) over 2.80m, plus 0.24 g/t Au, 385 g/t Ag, 0.5% Pb, 1.4% Zn, and 0.05% Cu (482 g/t AgEq) over 1.80m, plus  0.2 g/t Au, 475 g/t Ag, 1% Pb, 4.9% Zn, and 0.15% Cu (734 g/t AgEq) over 0.53m (all in the 57 target zone); plus 3.64 g/t Au, 18 g/t Ag, 0.04% Pb, 0.1% Zn, and 0.01% Cu (317 g/t AgEq) over 0.60m (on the Montanez zone), plus 0.18 g/t Au, 212 g/t Ag, 1.8% Pb, 2.9% Zn, and 0.07% Cu (405 g/t AgEq) over 0.70m (on the Canta target area), plus 0.32 g/t Au, 355 g/t Ag, 0.5% Pb, 0.5% Zn, and 0.08% Cu (422 g/t AgEq) over 0.63, and plus 0.08 g/t Au, 286 g/t Ag, 0.2% Pb, 0.6% Zn, and 0.06% Cu (331 g/t AgEq) over 1.04m (On the Rata target area). This result extends the open pit mineralization for over 290m vertical.
·        Silver Dollar Resources Inc., announced that phase 2 exploration drilling program is underway at its la Joya project in Durango. Phase 2 drilling will remain focused on the underexplored Noria portion of the Property and new targets that were identified in the results received to date from the Phase 1 drilling program, which consisted of 11 holes for a total of 2,424 m of drilling. Assays for the first seven holes were reported and results for the remaining holes are expected shortly.
·        Silver Viper Minerals Corp., conducted a TITAN-MT deep-penetrating geophysical survey centered on the El Rubi deposit, Paredones, and El Molino target areas at its La Virginia project in Chihuahua, to assist in targeting for deeper portions of the mineralized system. The TITAN Magnetotelluric (MT) survey is capable of acquiring information from depths in excess of 1,500m below surface. Geologist of the company have reviewed preliminary 2D imaging from the first of the MT survey lines and believe the method will be very effective at La Virginia property. Silver Viper expects to receive final deliverables in the coming weeks.
·        Starcore International Mines Ltd., provided an update on the diamond drilling program conducted at its San Martin mine in Querétaro. A total of 9,410m were drilled in 2021 until the end of March, 2022 which focused on two areas of the mine:  the first focusing on the northwest part of the operating mine, and the second searching for the extension of the orebodies of high – grade discovered during the 30 years of the mine’s life.  Highlights on the area 33 include hole DC3221-10 with 7.36 g/t Au and 28 g/t Ag over 3m; hole DC3221-11 with 2.21 g/t Au and 26 g/t Ag over 8m; hole DC3221-12 with 16.27 g/t Au and 7 g/t Ag over 0.5m; and hole DC3221-15 with 12.2 g/t Au and 10 g/t Ag over 0.60m. Highlights on the area 28 include hole DC2820-214 with 2.14 g/t Au and 57 g/t Ag over 2.4m; hole DC2820-215 with 2.42 g7t Au and 21 g/t Ag over 2.95m; and hole DC2821-217 with 8.08 g/t Au and 15 g/t Ag over 2.15m.
·        Zacatecas Silver Corp., announced results from its ongoing diamond drilling program on the Panuco North and Panuco Central Veins at its Zacatecas project in Zacatecas state. Drilling highlights include hole PAN2022-042 with 1,423 g/t Ag and 0.28 g/t Au (1,440 g/t AgEq) over 1.25m; hole  PAN2022-044 with 353 g/t Ag and 0.29 g/t Au (379 g/t AgEq) over 4.35m; hole PAN2022-043 with 358 g/t Ag and 0.28 g/t Au (379 g/t AgEq) over 1.55m; hole PAN2022-046 with 201 g/t Ag and 0.28 g/t Au (222 g/t AgEq) over 1.05m; and hole PAN2022-045 with 115 g/t Ag and 0.85 g/t Au (179 g/t AgEq) over 5.96m. “Following the recent grant of 27 additional drill pads, Zacatecas Silver will be able to test the depth extension of mineralization at south-eastern Panuco North over a strike length of 600 m and to complete a maiden drill program along the central part of the Panuco North vein over a strike length of 1.4 km”.

ON DEALS AND CORPORATE ISSUES

·        Sailfish Royalty Corp., provided an update on its previously announced Swordfish silver transaction. The proposed transaction is expected to result in the transfer of the Company’s wholly owned Gavilanes silver property located in Durango, Mexico. Closing of the Gavilanes Acquisition is subject to, among other things, Swordfish acquiring the Commonwealth Silver-Gold Project in exchange for shares of Swordfish, a concurrent private placement financing for proceeds of USD $5M.

ON SOCIAL RESPONSIBILITY

·        Esperanza Silver has a Community Engagement Plan to meet the objectives proposed by the New Socially and Environmentally Responsible Mining Model. It has the objective of developing a gold and silver mine in the lands of common use of the community of San Agustín Tetlamam, located in the municipality of Temixco in the state of Morelos. “This new way of developing mining, prioritizing social bonding and the use of techniques that allow avoiding, minimizing, mitigating and compensating for environmental impacts, is due to the genuine interest of Esperanza Silver de México and Alamos Gold Inc. in responding to the demands of a society interested in caring for the environment and the social environment.”

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, flow banded rhyolite in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of March, 2022

By Jorge Cirett

During the 13th week of the year (March 28th to April 3rd, 2022), at least 32 press releases were announced by companies working in Mexico. To note, five companies posted exploration advances on their properties, three released quarterly and full year 2021 reports, one informed on the end of a strike and one declared commercial production. One announced the granting of stock options, three updated on project work, three reported drill results on their advanced properties, two released new resource estimates. ON MEXICO ISSUES, three of the top eight silver intercepts on the fifth week of March were obtained by companies working in Mexico. For the quarter, four of the top ten silver intercepts were from projects in Mexico. ON EXPLORATION, in Sonora, Tocvan Ventures provided drill results on the Pilar project; Infinitum Copper commenced drilling at Adelita; Silver Spruce had the preventive report approved for drilling at Jackie. In Zacatecas, Galore Resources informed on drilling at Dos Santos project. In Nayarit, Sierra Madre Gold and Silver released additional trenching results at La Tigra. ON MINING, SilverCrest Metals, Excellon Resources and Mag Silver released quarterly and full year 2021 reports. Excellon Resources informed the strike on its Platosa mine in Durango was terminated. Orla Mining initiated commercial production at Camino Rojo, in Zacatecas. ON FINANCING, Inomin Mines granted stock options to director and a contractor.  ON RESOURCES AND DEVELOPMENT, Mexus Gold informed partner company Irmex is modelling the Mabel deposit in Sonora. Solaris Resources is preparing exploration work at La Verde, in Michoacan. Vizsla Silver reported drill results at Panuco, in Sinaloa. Prime Mining delivered drill results from Los Reyes, in Sinaloa. Discovery Silver released results from 17 holes at Cordero, Chihuahua. Torex Gold presented results of the updated technical report on the Morelos Complex in Guerrero. First Majestic Silver presented 2021 resource estimates for its properties. Silver Valley Metals updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. ON DEALS AND CORPORATE ISSUES, Tamino Minerals is triggering a securities fraud probe. Huntington Exploration acquired the El Grande project in Nayarit. Xali Gold ratified the agreement on the tailings with El Oro Municipality in Estado de Mexico. Prime Meridian Resource updated on the purchase of La Verde project in Sonora.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Of the top eight silver intersects released on the fifth week of March, three were by companies working in Mexico, according to Miner Deck. Discovery Silver was first with 45.6 m @ 125 gpt Ag at Cordero in Chihuahua, Vizsla Silver was sixth 2.75 m @ 322 gpt Ag at Panuco, in Sinaloa, and Prime Mining was eighth with 42.7 m @ 43 gpt Ag at Los Reyes, in Sinaloa.
  • According to Miner Deck, of the top ten silver intersects released on Q1 2022, four were by companies working in Mexico. Pan American Silver was fourth with 322.9 m @ 64 gpt Ag at La Colorada Skarn in Zacatecas, GoGold Resources was fifth with 25.7 m @ 776 gpt Ag at Los Ricos, in Jalisco; Silver Tiger was eight with 25.9 m @ 687 gpt Ag at El Tigre, in Sonora and Radius Gold was tenth with 96 m @ 167 gpt Ag at Amalia, in Chihuahua.

ON EXPLORATION

  • Sierra Madre Gold and Silver Ltd. announced additional results from the ongoing trenching program at La Tigra, in Nayarit. Highlighted intervals comprise 6.1 m @ 0.98 gpt Au; 24.2 m @ 1.59 gpt Au (including 4.7 m @ 5.58 gpt Au); 22.9 m @ 1.78 gpt Au, 6 gpt Ag; 6.6 m @ 3.42 gpt Au.
  • Galore Resources Inc. provided a drilling update of Los Gemelos, at its Dos Santos project in Zacatecas. Three holes have been finished on the San José area, showing recrystallized limestone, dikes and sills of intermediate composition with phyllic and argillic alteration, multiple bodies with hydroxides, hematite, calcite, and local sulfides and quartz, and hydrothermal breccia cemented by calcite and iron oxides. ”The mineralization is repetitive that is concentrated as veins, veins and stratabound bodies, hosted between the carbonate marine sedimentary sequence and the cupula of an unexhumed pluton….”.
  • Tocvan Ventures Corp. provided results for the three first holes of the phase III drilling campaign at Pilar, in Sonora. Highlighted drill-length intervals comprise 33.3 m @ 0.63 gpt Au (including 21.7 m @ 0.94 gpt Au) and 5.5 m @ 0.64 gpt Au, 10 gpt Ag in core holes and 6.1 m @ 0.51 gpt Au, 8 gpt Ag in a reverse circulation hole.
  • Infinitum Copper Corp. commenced diamond drilling at La Adelita project in Sonora and Sinaloa. The program envisages a total of 9,000 m of drilling in two phases, with phase I consisting of 3,000 m targeting areas within and adjacent to the existing mineralized zones, and some drilling on new zones like Cerro Grande footwall, Pericos and Las Trancas Sur. A magneto-telluric geophysical is underway, and is expected to aid in targeting.
  • Silver Spruce Resources Inc. informed the approval by SEMARNAT (environmental agency) of the preventive report for the 1,130 hectares Jackie project in Sonora. “Exploration plans were submitted for a 500-1,000-metre trenching program followed by an initial 1,000-2,000-metre reverse circulation drill program”.

ON MINING

  • SilverCrest Metals Inc. reported the financial results for the year 2021. At the end of the year construction progress at Las Chispas in Sonora was 86.2%, slightly ahead of schedule. Since 2019 over 17.5 km of underground development has been completed at Las Chispas, and during last year 114,143 m of drilling were completed, mostly as infill holes. At El Picacho, 40 km north of Las Chispas, 80,700 m of drilling were completed in 2021. At the end of the period the SilverCrest held cash and cash equivalents of $176.5 M, and $30 M remaining under a $120 M financing facility.
  • Excellon Resources Inc. posted financial results for Q4 and full year 2021. During the year, 85.5 K tonnes were mined, 86.0 K tonnes milled @ 494 gpt Ag, 5.01% Pb, 6.03% Zn, recovering 90.5% Ag, 78.5% Pb, 83.7% Zn, to produce 1.22 M Oz Ag, 7.61 M Lb Pb, 9.01 M Lb Zn (2.02 M Oz AgEq). Cash cost was $13.01 per Oz Ag and AISC $26.78 per Ag Oz. “current mining is entering an area of the deposit that steepens significantly, with fewer vertical-tonnes-per-metre than historically encountered…. the Company currently expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs” (Note by editor.- Although high-grade, Platosa seems to be at the end of its mine life due to a combination of deeper ores and high de-watering costs).
  • Excellon Resources Inc. announced on April 1, 2022 the resolution of the labor action initiated on March 7 by the Sindicato Nacional Minero Metalúrgico (Miner’s Union) at its Platosa mine in Durango.
  • Mag Silver Corp. presented its financial results for year 2021. The 4,000 tpd Juanicipio (56% Fresnillo PLC, 44% Mag Silver) plant was delivered to plant commissioning late in Q4, but due to regulatory approval commissioning was extended to Q2 2022. It is expected the plant to be working 85% to 90% of capacity by late 2022. Processing of mineralized headings from Juanicipio continues at the nearby Fresnillo plant and has begun to be processed at the Saucito facilities; Processing rates have increased from 38 K tonnes per month in Q4 to 45 K tonnes on the first two months of 2022. During 2021, 251.9 K tonnes from Juanicipio were processed, averaging 470 gpt Ag, to produce 2.97 M Oz Ag, 5,975 Oz Au, 1,065 tonnes Pb, 1,519 tonnes Zn. According to Juanicipio operator, Fresnillo PLC, the project construction is expected to be delivered on budget at $440 M. As of end of 2021 Mag held cash of $56.7 M.
  • Orla Mining Ltd. declared commercial production at the Camino Rojo Oxide mine in Zacatecas. “The declaration of commercial production at Camino Rojo comes after a successful commissioning period which included the ramp up of mining and processing to sustained throughput levels in excess of 75% of designed nameplate capacity of 18,000 tonnes per day”.

ON FINANCING

  • Inomin Mines Inc. informed 350 K stock options were granted to director and a contractor of the company (La Gitana, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. informed that its partner at the Mabel project in Sonora, Irmex, “has been working on modelizing the Mexus data including the 611 core and RC holes previously carried out by Pacific Comox before acquisition by Mexus Gold”. To date Irmex has calculated a volume of 184.4 K tonnes @ 1.15 gpt Au, 76 gpt Ag, but work continues to increase the resource. Signature of the definitive agreement is planned for late April 2022.
  • Solaris Resources Inc. is planning more exploration work to advance its La Verde project (60% Solaris, 40% Teck) in Michoacan. The work envisaged includes the possible extensions of higher-grade ore. A spin-off company, Solaris Exploration, probably will continue with the work on La Verde, while Solaris Resources focus in Ecuador.
  • Vizsla Silver Corp. reported results from 53 holes on the Napoleon vein corridor at Panuco, in Sinaloa. The mineralized zone has been extended 350 m, which takes the total length of the corridor to 2,500 m. Highlighted true-width intervals comprise 4.00 m @ 55 gpt Ag, 20.38 gpt Au, 0.2% Pb, 3.0% Zn and 9.42 m @ 85 gpt Ag, 2.73 gpt Au, 0.9% Pb, 4.1% Zn (including 2.17 m @ 85 gpt Ag, 7.91 gpt Au, 1.2% Pb, 7.4% Zn) on the Napoleon vein, 2.7 m @ 746 gpt Ag, 6.27 gpt Au, 0.7% Pb, 2.9% Zn on the Napoleon hanging wall vein and 0.47 m @ 17 gpt Ag, 60.5 gpt Au, 0.4% Pb, 1.4% Zn at the Josephine vein.
  • Prime Mining Corp. released results from the phase II drill program on El Zapote Sur, one of eight ore deposits, at its Los Reyes project in Sinaloa. Highlighted true-width intervals comprise 27.4 m @ 2.38 gpt Au, 43 gpt Ag; 5.8 m @ 7.75 gpt Au, 57 gpt Ag; 3.9 m @ 2.68 gpt Au, 15 gpt Ag; 5.6 m @ 2.91 gpt Au, 41 gpt Ag; 4.3 m @ 2.73 gpt Au, 23 gpt Ag; 8.8 m @ 1.49 gpt Au, 20 gpt Ag; 2.3 m @ 7.10 gpt Au, 20 gpt Ag; 5.3 m @ 1.92 gpt Au, 42 gpt Ag; 18.2 m @ 1.09 gpt Au, 32 gpt Ag. Currently nine rigs are operating at Los Reyes, having completed 30,000 m (in 106 holes) of the planned 50,000 m program. “Mineralization at Zapote South consists primarily of white to grey crystalline to chalcedonic quartz, quartz breccia and stockwork ….. fault structures within or along the margins of rhyolite dykes …… Quartz is massive to crustiform, locally displaying colliform to bladed replacement textures. Higher-grade intervals are marked by finely banded green adularia”.
  • Discovery Silver Corp. informed on results from 17 holes from the phase 2 drilling program at Cordero, in Chihuahua. Highlighted core-length intervals comprise 45.6 m @ 125 gpt Ag, 0.54 gpt Au, 2.0% Pb, 2.7% Zn (328 gpt AgEq); 177.4 m @ 27 gpt Ag, 0.03 gpt Au, 0.1% Pb, 1.1% Zn (74 gpt AgEq); 44.5 m @ 20 gpt Ag, 0.03 gpt Au, 0.1% Pb, 2.2% Zn (106 gpt AgEq) outside the current resource, 38.6 m @ 91 gpt Ag, 0.11 gpt Au, 1.3% Pb, 1.3% Zn (189 gpt AgEq) beneath the PEA pit and 32.3 m @ 70 gpt Ag, 0.12 gpt Au, 0.8% Pb, 1.0% Zn (142 gpt AgEq); 17.7 m @ 68 gpt Au, 0.03 gpt Au, 0.3% Pb, 0.4% Zn on the margins of the PEA pit. “This current set of results was predominantly targeting the expansion of the open pit and the resource in the northeast of the deposit”.
  • Torex Gold Resources Inc. presented the results of the updated technical report on its Morelos Complex in Guerrero. The Morelos Complex has a baseline cumulative cash flow of $1,418 M and after-tax (NPV 5%) of $1,040 M, while the Media Luna (ML) projects presents an after-tax NPV(5%) of $458 M. Life of mine (LOM) estimated at 11.5 years, commencing in April 2022, with an annualized production of 374 K Oz AuEq at total cash cost $809 per Oz AuEq and AISC of $954 per Oz AuEq. Total mineral reserves of 5.123 M Oz AuEq @ 3.90 gpt AuEq.
  • First Majestic Silver Corp. announced its 2021 mineral reserve and mineral resource estimates for the company’s properties, including figures from its operations in Mexico. In its three Mexican mines (San Dimas in Durango, Santa Elena/Ermitaño in Sonora and La Encantada in Coahuila), the company holds 63 M Oz Ag, 879 K Oz Au in the proven and probable categories (included in resources), as well as 111 M Oz Ag, 1.28 M Oz Au in the measured and indicated resource categories and 75 M Oz Ag, 829 K Oz Au in the inferred resource category.
  • Silver Valley Metals Corp. updated on its potassium-lithium salars in Zacatecas and San Luis Potosi. “it is in advanced discussions and under NDA’s with several well financed and highly technical groups ……… All options remain open for the Company, including a direct investment into the Company itself and the Company moving the project forward, to a joint venture, to a spin out of the asset, to a buy-out of the entire asset”. The inferred resource on the properties comprise 243 K tonnes of lithium carbonate equivalent and 12.3 M tonnes of sulphate potash in 120 M tonnes @ 4.6% K, 380 ppm Li.

ON DEALS AND CORPORATE ISSUES

  • Tamino Minerals Inc. informed it is planning to trigger a Securities Fraud Probe against whomever results responsible of highly unusual “market activity witnessed during the last several months” (El Volcan, Sonora).
  • Huntington Exploration Inc. completed the acquisition of Lago de Oro S.A. de C.V. and its 550 square km El Grande gold project in Nayarit. A definitive agreement was reached to purchase all shares of the holding company for a cash payment of US$500 K, issuing 4 M shares of the company, a 2% NSR to the vendor and milestone payments on resources above 500 K Oz Au backed by NI-43-101 technical reports, capped at 20 M shares.
  • Xali Gold Corp. announced the ratification of the tailings and tourism agreements with the El Oro Municipality on El Oro tailings project in Estado de Mexico. “Renewing the Tailings Agreement is the final item required for Sun River Gold Corp (“Sun River”), who have the option to acquire 100% of the Tailings Project from Xali’s subsidiary…. The Tailings Agreement provides Xali Gold with the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest”.
  • Prime Meridian Resources Corp. updated on the option to purchase La Verde project in Sonora. Prime Meridian (PMR) formed the Mexican subsidiary Sonoran Copper, S.A. de C.V. and reserved the new company’s new name Sonoran Desert Corporation. PMR has to make a US$200 K payment on Exchange approval, and a further US$200 K payment on late February 2023. Also, Cdn$3.75 M in shares of PMR prior to the first anniversary, and Cdn$2.5 M of PMR shares on the second anniversary. A 2% NSR on production from skarn mineralization will be retained by the vendor, and a 2% NSR on production from porphyry mineralization, with PMR having the right to buy 1% for US$1 M.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Epidote bearing porphyritic rock from a project in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of March, 2022. 

Sheetd quartz veins

By Miguel A Heredia

During the 12th week of the year (March 21st to March 27th, 2022), at least 28 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, seven reporting resources and developments of their properties, seven informing on exploration results, four communicating production and financial results, and two announcing financial issues,   ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Infinitum Copper commenced a geophysical survey at its Adelita project, Tocvan completed 1,540m of its phase III drilling program at its Pilar project and provided an update on its Picachos project, the Aztec Minerals-Kootenay JV released results from the ongoing 2022 RC program on its Cervantes project, and Benjamin Hill announced results of the recently completed induce polarization survey and provided an update on the ongoing drill program at its Sonora project. In Chihuahua, Radius announced drill results from its ongoing drilling program at its Amalia project. In Coahuila, Monumental announced that it will be visiting its Jemi heavy rare earth element property during the month of May. ON MINING, Fortuna Silver reported Q4 and full year 2021 production results from its San Jose Mine in Oaxaca. Golden Minerals announced full year 2021 financial results and provided a 2022 forecast for its Rodeo production in Durango. Impact Silver reported full year 2021 production and financial results from its Zacualpan mining district in the State of México. SilverCrest presented full year 2021 financial results. ON FINANCING, Endeavour closed a bought deal financing for gross proceeds of USD $46M, including the exercise of the over-allotment option in full (Pitarrilla project, Durango). Zacatecas Silver announced the closing of a $19.15M offering of subscription receipts (Esperanza Gold project, Morelos) ON RESOURCES AND DEVELOPMENT, Zacatecas Silver received the approval from the Mexican Federal Environmental Permitting Agency (SEMARNAT) for 27 new drill pads at its Panuco project, Zacatecas. Silver Tiger reported results from its ongoing drill program from its El Tigre project in Sonora. Torex announced it will release an updated technical report for the Morelos Complex by March 31, 2022. Silver Dollar reported results from the drilling program recently completed at its La Joya project in Durango. Golden Minerals completed technical reports for their Rodeo and Velardeña properties in Durango, including updated mineral resources. Golden Tag released results from 2 holes drilled at its San Diego project in Durango. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver announced the appointment of Ramón Dávila to the position of President (Cubo and Pinguico projects, Guanajuato). Avino closed the acquisition of La Preciosa project in Durango with Coeur Mining. Aztec Minerals informed that its common shares traded in USA under the symbol AZZTF are now Depository Trust Company (Cervantes project, Sonora). Gold Resource announced its 2022 annual meeting of shareholders (Don David Gold Mine, Oaxaca). Magna entered into an amending agreement with Peal de México on the acquisition of the San Francisco mine, Sonora. Tarachi announced the appointment of its VP of Operation, and signed a new land and water rights agreement with the local Magistral Ejido Community (Magistral Tailings project, Durango). Bear Creek provided an update on the acquisition of Mercedes mine in Sonora. GoGold reported results of six holes from its Los Ricos North project in Jalisco.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Infinitum Copper Corp., commenced a magneto-telluric geophysical survey at its Adelita project in Sonora. It will consist of 10 lines totaling 14.8km and is expected to be completed in three weeks.
  • Tocvan Ventures Corp., completed nine holes for a total of 1,540m of its phase III drilling program at its Pilar project in Sonora, looking to expand the Main Zone. All samples have been submitted to lab and results will be released once they are available. At Picachos project, the company is doing site visits to determine the best use of exploration funds in the near term. Currently, Tocvan has already obtained drill and trenching fully permits for 15km and 2km respectively. Drilling will take place once assessment of key target areas by mapping, geochemistry and geophysics are complete.
  • The Aztec Minerals Corp –Kootenay Silver Inc JV released results from the ongoing 2022 RC program on its Cervantes project in Sonora. Drilling highlights include hole CAL22-008 with 0.88 g/t Au over 54.72m, including 1.96 g/t Au over 13.72m, plus 0.74 g/t Au over 7.6m; hole CAL22-009 with 0.5 g/t Au over 86.64m; and hole CAL22-010 with 0.53 g/t Au over 138.82m, including 1.62 g/t Au over 10.67m. The Aztec-Kootenay JV has now completed its Phase 2 RC program with 26 holes for a total of 4,649m drilled. “It covers an area now measuring approximately 900m long by 250 to 500m wide, with demonstrated, continuous mineralization up to 265 metres depth vertically. The porphyry gold-copper mineralization is still open in all directions”. 
  • Benjamin Hill Mining Corp., announced results of the recently completed induce polarization (IP) survey and provided an update on the ongoing drill program at its Sonora project in Sonora. The IP survey consisted of eight lines for a total of 11,200m over known zones of mineralization. Multiple geophysical anomalies were detected including seven high chargeability and six medium chargeability anomalies, and three high priority resistivity anomalies, and one medium priority resistivity anomaly. “The affinity of the geophysical anomalies with positive surface sampling results has provided the geological team with prime drill targets in each exploration area”. On the other hand, the company has completed 13 of the planned 32 holes for a total of 3,310.85m out of the 8,500m planned. Assays are still pending.
  • Radius Gold Inc., announced drill results from its ongoing drilling program on El Cuervo target at its Amalia project in Chihuahua. Drilling highlights include hole AMDD21-49 with 144 g/t Ag and 0.92 g/t Au over a true width (TW) of 15.3m, including 190 g/t Ag and 1.01 g/t Au over a TW of 9.1m, including 469 g/t Ag and 0.97 g/t Au over a TW of 0.9m, including 483 g/t Ag and 3.94 g/t Au over a TW of 1m; and hole AMDD21-48 with 116 g/t Ag and 1.39 g/t Au over a TW of 1.5m, plus 32 g/t Ag and 0.56 g/t Au over a TW of 1.3m, plus 77 g/t Ag and 0.61 g/t Au over a TW of 6.1m, including 125 g/t Ag and 0.68 g/t Au over a TW of 2.1m, and 54 g/t Ag and 0.34 g/t Au over a TW of 36.6m, including 84 g/t Ag and 0.75 g/t Au over a TW of 10.1m, including 139 g/t Ag and 4.02 g/t Au over a TW of 1.65m.
  • Monumental Minerals Corp., announced that it will be visiting its Jemi heavy rare earth element property during the month of May to field review airborne radiometric and magnetic geophysical features that relate to peralkaline rocks and associated ore-grade concentrations of rare earth elements, with the aim of defining drill targets.

ON MINING

  • Fortuna Silver Mines Inc., reported Q4 and full year 2021 production results from its San Jose Mine in Oaxaca. In Q4, 2021 the company milled 262,282 tonnes of 219 g/t Ag and 1.27 g/t Au with metallurgical recoveries of 93% and 92% respectively, to produce 1.72 M Oz Ag and 9.9K Oz Au. It sold 1.73M Oz Ag and 9,983 Oz Au at a realized price of USD $23.35 per Oz Ag and USD $1,797 per Oz Au. Fortuna reported a cash and all in sustaining cost (AISC) of USD $9.15 and USD $14.52 per Oz AgEq respectively, and a net smelting royalty (NSR) of USD $207.57 per tonne. For the full year 2021, the company reported that it milled 1,041,154 tonnes of 209 g/t Ag and 1.29 g/t Au with metallurgical recoveries of 92% and 91% respectively, to produce 6.62M Oz Ag and 39.4K Oz Au. Fortuna sold 6.43M Oz Ag and 34.4K Oz Au at a realized price of USD $25.15 per Oz Ag and USD $1,798 per Oz Au. The company reported a cash and AISC of USD $9.30 and USD $14.38 per Oz AgEq respectively, and a NSR of USD $210.95 per tonne.
  • Golden Minerals Company announced full year 2021 production and financial results and provided a 2022 forecast for its Rodeo production in Durango. The company processed from Rodeo mine, Durango the amount of 149K tonnes of 4.1g/t Au and 12 g/t Ag with metallurgical recoveries of 75% and 90% respectively to produce 14.4K Oz Au and 59.9K Oz Ag at a cash cost of USD $937 per payable Oz Au. In addition, Golden reported revenues of USD $25.6M, a net operating margin of USD $12.3M, a cost of metals sold of USD $13.3M, cash and equivalents balance of USD $12.2M and a cash inflow of USD $16.6M. The company also provided a 2022 forecast for its Rodeo mine. It expects to process between 175K-180K tonnes of 2.9g/t Au and 9 g/t Ag, with metallurgical recoveries of approximately 80% for both Au and Ag to produce between 12K-14K Oz Au and 42K-47K Oz Ag at a cash cost of USD $1,100-USD$ 1,200 per Oz Au.
  • Impact Silver Corp., reported full year 2021 production and financial results from its Zacualpan mining district in the State of México. The company milled 145,458 tonnes of 172 g/t Ag to produce 617.7K Oz Ag. It sold 633.9K Oz Ag. Impact reported revenue of $17.7M, a mine operating earnings before amortization and depreciation of $4.7M,  earnings before interests, taxes, depreciation and amortization of $1.5M, cash flow from operations of $3M, cash position of $21.1M, and working capital of $21.5M.
  • SilverCrest Metals Inc., presented full year 2021 financial results. The company reported cash and cash equivalents for USD $176.5M and USD $30M remains under a USD $120M project financing facility. It also reported a cash inflow offset by USD $32.9M. During 2021, SilverCrest committed 7.2% (USD $103.6M) of the USD $137.7M feasibility study capital cost estimate. Of the remaining capital to be incurred in 2022, 20.7% (USD $8.9M) is related to the Ausenco fixed price engineering, procurement and construction contract for process plant construction and 14.7% (USD $6.3M) is unused contingency. 

ON FINANCING

  • Endeavour Silver Corp., closed a bought deal financing for gross proceeds of USD $46M, including the exercise of the over-allotment option in full. Gross proceeds will be used by the company to pay the USD $35M cash consideration payable to SSR Mining Inc., for the acquisition of Pitarrilla project in Durango, as well as for general corporate purposes and working capital.
  • Zacatecas Silver Corp., announced the closing of a $19.15M offering of subscription receipts. Net proceeds will be used to pay the USD $5M cash consideration for the acquisition of the Esperanza Gold project to Alamos Gold, begin the advancing the Esperanza project towards production, fund the ongoing drill program at the company´s existing project and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Zacatecas Silver Corp., received the approval from the Mexican Federal Environmental Permitting Agency (SEMARNAT) for 27 new drill pads at its Panuco project, Zacatecas. The company is presently completing environmental studies at Muleros and San Manuel ahead of drill pad applications.
  • Silver Tiger Metals Inc., reported results from its ongoing drill program from its El Tigre project in Sonora. Drilling highlights include hole ET-21-296 on Sooy Vein with 1.73 g/t Au, 687 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.01% Zn (822 g/t AgEq) over 25.9m, including 2.30 g/t Au, 921 g/t Ag, 0.02% Cu, 0.2% Pb, and 0.01% Zn (1,101 g/t AgEq) over 19m, including 4.65 g/t Au, 1,877 g/t Ag, 0.03% Cu, 0.4% Pb, and 0.02% Zn (2,239 g/t AgEq) over 9.2m, including 0.39 g/t Au, 2,450 g/t Ag, 0.03% Cu, 0.3% Pb, and 0.01% Zn (2,489 g/t AgEq) over 2.9m; and hole ET-22-319 on Sooy Vein with 0.24 g/t Au, 160 g/t Ag, 0.01% Cu, 0.2% Pb, and 0.01% Zn (186 g/t AgEq) over 17.3m, including 0.56 g/t Au, 362 g/t Ag, 0.02% Cu, 0.6% Pb, and 0.02% Zn (420 g/t AgEq) over 6.5m, including 1.15 g/t Au, 690 g/t Ag, 0.04% Cu, 0.9% Pb, and 0.01% Zn (804 g/t AgEq) over 2.5m, including 1.44 g/t Au, 887 g/t Ag, 0.07% Cu, 1% Pb, and 0.01% Zn (1,024 g/t AgEq) over 1.5m.
  • Torex Gold Resources Inc., announced it will release an updated technical report for the Morelos Complex by March 31, 2022.
  • Silver Dollar Resources Inc., reported results from the drilling program recently completed at its La Joya project in Durango. Drilling highlights include holes NOR-21-002 with 110 g/t Ag, 0.19 g/t Au, 0.04% Cu, 0.2% Pb, and 0.3% Zn (131 g/t AgEq) over 5.37m, including 141.3 g/t Ag, 0.06 g/t Au, 0.04% Cu, 0.4% Pb, and 0.4% Zn (161 g/t AgEq); and hole NOR-21-004 with 49 g/t Ag, 19.2 g/t Au, 0.48% Cu, and 0.03% Zn (1,590 g/t AgEq) over 3m, plus 17 g/t Ag, 4.3 g/t Au, 0.1% Cu, and 0.01% Zn (363 g/t AgEq) over 8.37m, including 58 g/t Ag, 29 g/t Au, 0.15% Cu, and 0.01% Zn (2,369 g/t AgEq) over 1.01m. “Drilling focused on the underexplored Noria portion of the Property and was successful in identifying possible structural extensions of the known mineralized zones as well as the discovery of a new shallow high-grade gold zone. The next phase of drilling will focus on these new targets and is expected to commence before month-end”.
  • GoGold Resources Inc., reported results of six holes drilled at the Mololoa deposit within its Los Ricos North project in Jalisco. Significant mineralization was encountered in hole LRGM-21-093 with 0.19 g/t Au and 111 g/t Ag (1.68 g/t AuEq or 126 g/t AgEq) over 1.7m, plus 0.16 g/t Au and 213 g/t Ag (3.01 g/t AuEq or 226 g/t AgEq) over 2.3m, including 0.59 g/t Au and 912 g/t Ag (12.75 g/t AuEq or 956 g/t AgEq) over 0.5m, plus 0.28 g/t Au and 100 g/t Ag (1.62 g/t AuEq or 122 g/t AgEq) over 31.9m, including 3.33 g/t Au and 827 g/t Ag (14.36 g/t AuEq or 1,077 g/t AgEq) over 0.6m; and hole LRGM-21-104 with 1.09 g/t Au and 235 g/t Ag (4.22 g/t AuEq or 317 g/t AgEq) over 33.4m, including 3.56 g/t Au and 765 g/t Ag (13.76 g/t AuEq or 1,032 g/t AgEq) over 9.8m, including 8.48 g/t Au and 1,682 g/t Ag (30.9 g/t AuEq or 2,317 g/t AgEq) over 3.5m, including 17.15 g/t Au and 3,080 g/t Ag (58.22 g/t AuEq or 4,366 g/t AgEq) over 1.1m.
  • Golden Minerals Company completed technical reports for their Rodeo and Velardeña properties in Durango, including updated mineral resources. At Rodeo, Durango, Mineral Resources were calculated having an effective date of October 31, 2021, assuming prices of USD $1,800/ Oz Au and USD $25/Oz Ag.  For the low-grade material (stockpile), a cutoff of 1.0 g/t Au was considered to estimate measured resources of 208,500 tonnes grading 1.24 g/t Au and 10 g/t Ag for a total of 8.3K Oz Au and 67.2K Oz Ag contained; indicated resources of 86,400 tonnes of 1.58 g/t Au and 5 g/t Ag for a total of 2.1K Oz Au and 9.4K Oz Ag contained. Measured + Indicated resources are 264,900 tonnes of 1.23 g/t Au and 9 g/t Ag for a total of 10.5K Oz Au and 76.6K Oz Ag contained. Inferred resources are 1,500 tonnes of 1.2 g/t Au and 4 g/t Ag for a total of 58 Oz Au and 198 Oz Ag contained. For the high-grade material a cutoff of 1.6 g/t Au was considered to estimate measured resources of 10,700 tonnes grading 3.11 g/t Au and 13 g/t Ag for a total of 31.1K Oz Au and 131K Oz Ag contained; indicated resources of 43,700 tonnes grading 3.17 g/t Au and 11 g/t Ag for a total of 4.5K Oz Au and 15K Oz Ag contained. Measured + Indicated resources are 954,400 tonnes of 3.12 g/t Au and 13 g/t Ag for a total of 35.6K Oz Au and 146K Oz Ag contained. The Life of Mine is 24 months of operation and assumes 12 months to perform closure and reclamation.  The company reported a pre-tax net present value (NPV) of USD $22.9M using a discount rate of 8%. At Velardeña, Durango, Mineral Resources were calculated having an effective date of February 28, 2022, assuming prices of USD $1,744/Oz Au, USD $23.70/Oz Ag, USD $0.97/Lb Pb, and USD $1.15/Lb Zn. Mineral resources are reported at a Net Smelting Royalty of USD $175. Measured resources estimated are 385K tonnes of 327 g/t Ag, 5.58 g/t Au, 1.6% Pb, and 1.8% Zn for a total of 4M Oz Ag, 69K Oz Au, 13.75M Lb Pb, and 15.1M Lb Zn contained; Indicated resources estimated are 883.8K tonnes of 316 g/t Ag, 4.88 g/t Au, 1.5% Pb, and 1.8% Zn for a total of 8.98M Oz Ag, 138.5K Oz Au, 30.16M Lb Pb, and 34.34M Lb Zn contained. Measured + Indicated resources are 1,268,800 tonnes of 319 g/t Ag, 5.09 g/t Au, 1.6% Pb, and 1.8% Zn for a total of 13.03M Oz Ag, 207.5K Oz Au, 43.9M Lb Pb, and 49.94M Lb Zn contained. Inferred resources estimated are 1,709,200 tonnes of 362 g/t Ag, 4.8 g/t Au, 1.7% Pb, and 1.9% Zn for a total of 19.89M Oz Ag, 263.8K Oz Au, 65.26M Lb Pb, and 70.2M Lb Zn. The Life of Mine is 11 years, with a pre-tax NVP of USD $119M using a discount rate of 8%.
  • Golden Tag Resources Ltd., released results from 2 holes drilled at its San Diego project in Durango. Hole 21-62 intersected several structures. This hole encountered 0.04 g/t Au, 214 g/t Ag, 0.2% Pb, 0.5% Zn ,and 0.03% Cu (244 g/t AgEq) over 1.75m, plus 0.06 g/t Au, 107 g/t Ag, 0.1% Pb, 0.08% Zn, and 0.03% Cu (122 g/t AgEq) over 0.50m (in the San Jose Zone), plus 1.29 g/t Au, 72 g/t Ag, 0.04% Pb, 0.07% Zn, and 0.02% Cu (182 g/t AgEq) over 2m (on the 57 NE A Zone), plus 0.1 g/t Au, 305 g/t Ag, 2% Pb,3% Zn, and 0.09% Cu (504 g/t AgEq) over 1.2m, plus 0.12 g/t Au, 137 g/t Ag, 0.4% Pb, 0.6% Zn, and 0.05% Cu (187 g/t AgEq) over 0.65m (in the 57 NE B zone). Hole 21-63 also intersected several mineralized intervals. Highlights include 0.48 g/t Au, 142 g/t Ag, 1.3% Pb, 1.6% Zn, and 0.12% Cu (295 g/t AgEq) over 2.10m, plus 0.11 g/t Au, 147 g/t Ag, 0.6% Pb, 0.8% Zn, and 0.04% Cu (211 g/t AgEq) over 0.60m (in the 57 NE B zone), plus 0.16 g/t Au, 284 g/t Ag, 4.4% Pb, 1.4% Zn, and 0.04% Cu (491 g/t AgEq) over 0.50m (in the Montanez zone), plus 0.11 g/t Au, 76 g/t Ag, 0.6% Pb, 1.4% Zn, and 0.05% Cu (166 g/t AgEq) over 10.15m, including 0.15 g/t Au, 229 g/t Ag, 2.2% Pb, 5.6% Zn, and 0.09% Cu (541 g/t AgEq) over 1.66m, plus 0.11 g/t Au, 146 g/t Ag, 1.2% Pb, 1.5% Zn, and 0.1% Cu (260 g/t AgEq) over 1m, plus 0.28 g/t Au, 730 g/t Ag, 4% Pb, 4.6% Zn, and 0.4% Cu (1,095 g/t AgEq) over 0.57m (in the Canta Zone).

ON DEALS AND CORPORATE ISSUES

  • Avino Silver & Gold Mines Ltd., closed the acquisition of La Preciosa project in Durango with Coeur Mining Inc., by paying USD $15.3M in cash; a promissory note for USD $5M in favour of Coeur, payable without interest on or before March 21. 2023;  the issuance of 14M common shares of Avino to Coeur; the issuance of 7M share purchase warrants exercisable at USD $1.09 per share until September 21, 2023; an additional cash payment of USD $8.75M, to be paid no later than 12 months after initial production at La Preciosa; a 1.25% NSR on the La Gloria and Abundancia areas of La Preciosa and 2% gross value royalty on all of other areas of La Preciosa; and a payment of USD $0.25 per silver equivalent ounce of new mineral reserves discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of USD $50M.
  • Aztec Minerals Corp., informed that its common shares traded in USA under the symbol AZZTF are now Depository Trust Company. It will increase the visibility and accessibility of the Aztec common shares for current and potential shareholders in USA (Cervantes project, Sonora).
  • Gold Resource Corporation announced its 2022 annual meeting of shareholders (Don David Gold Mine, Oaxaca).
  • Guanajuato Silver Company Ltd., announced the appointment of Ramón Dávila to the position of President (Cubo and Pinguico projects, Guanajuato).
  • Magna Gold Corp., entered into an amending agreement with Peal de México on the acquisition of the San Francisco mine, Sonora. Magna amended the agreement to settle outstanding amounts owing in exchange for the issuance of common shares of the company with a value of USD $1M, which reduced the company´s amount owing by USD $1M from USD $4,054,351 to USD $3,054,351.
  • Tarachi Gold Corp., announced the appointment of its VP of Operation, and signed a new land and water rights agreement with the local Magistral Ejido Community. “The Land Lease Agreement is for a 30-year term, granting Tarachi and its Mexican subsidiary’s use of 63.9 hectares of land for mining, processing, and tailings disposal purposes. The Company will pay to the Ejido an amount of MXP $5K (approximately USD $250) per month to maintain the right to retrieve water from within the Ejido’s territory and use of the Ejido’s water related infrastructure. The company and the Ejido have also amended their existing exclusive agreement to purchase mine and process certain tailings materials belonging to the Ejido. The amendment will result in an increase of USD $0.25 per tonne in the purchase fee paid by the Company for Ejido tailings material when gold prices are above USD $1475/Oz, compared to the previous agreement terms.
  • Bear Creek Mining Corporation provided an update on the acquisition of the Mercedes mine in Sonora. The completion of the acquisition remains subject to anti-trust approval which the company expects to receive in April 2022. On March 24, 2022, the company and Equinox Gold agreed to extend the outside date for the completion of the Acquisition to April 30, 2022. “The Company has become aware that on March 23, 2022, TRR Offtakes LLC (“Trident”) – a subsidiary of Trident Royalties Plc which in January 2022 acquired a non-material offtake agreement with subsidiaries of Equinox Gold – brought an application for an order of an arbitrator restraining and enjoining the closing of the Acquisition (the “Application”). Bear Creek believes the Application is without merit. The Company intends to hold Trident fully responsible for all loss and damage Bear Creek may suffer as a consequence of Trident’s interfering conduct”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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, sheeted quartz veins in an intermediate sulphidation epithermal vein system in Chihuahua, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of March, 2022

By Jorge Cirett

During the 11th week of the year (March 14th to March 20th, 2022), at least 21 press releases were announced by companies working in Mexico. To note, only three companies posted exploration advances on their properties, four released quarterly and full year 2021 reports, four informed on financing rounds, three on share granting, repurchase or new market trading, two released new resource estimates, three posted drill results on properties with resources and one informed on the repossession of a property and mining concessions. ON MEXICO ISSUES, five of the top ten silver intercepts on the second week of March were obtained by companies working in Mexico. ON EXPLORATION, in Sonora, Rockland Resources recommenced exploration at its Elektra lithium project; Infinitum Copper discovered three new mineralization zones at Adelita. In Zacatecas, Orla Mining is to begin brownfield exploration around Camino Rojo. ON MINING, Avino Silver, Sierra Metals, American Gold and Silver, Orla Mining and Starcore International released quarterly and full year 2021 reports. ON FINANCING, Golden Tag granted stock options to directors, officers employees and consultants. Reyna Gold started trading at the OTCQB Market Exchange in USA. Oroco Resource announced the oversubscription of its previously announced private placement. Silver Tiger closed its financing for gross proceeds of C$23 M. Altaley Mining is to conduct a financing round for up to C$5 M. Minaurum Gold informed on the acquisition of 16% of Infinitum copper shares. First Majestic Silver was approved to extend its share repurchase program to up to 10 M shares.  ON RESOURCES AND DEVELOPMENT, GoGold Resources released drilling results from El Favor East, at Los Ricos North in Jalisco. Torex Gold Resources released the 2021 resource estimate (4.47 M Oz Au) for El Limon Guajes Complex in Guerrero. Fortuna Silver Mines updated the resource estimate (46.6 M Oz Ag, 296 K Oz Au) to the end of 2021 on its San José mine in Oaxaca. Vizsla Silver reported results from drilling the Cruz Negra vein at Panuco, in Sinaloa. Mithril Resources provided drilling results from Copalquin, in Durango. ON DEALS AND CORPORATE ISSUES, Galore Resources regained control of the Duraznillo ranch and the mining concessions on its Dos Santos project in Zacatecas. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Of the top ten silver intersects released on the second week of March, five were from companies working in Mexico, according to Miner Deck. Vizsla Silver was first with 9.45 m @ 1,559 gpt Ag at Panuco, in Sinaloa, whilst Magna Gold was second with 55.95 m @ 156 gpt Ag at Margarita, in Chihuahua. Prime Mining, Capitan Mining and Avino Silver were also in the list, with their project in Sinaloa and Durango.

ON EXPLORATION

  • Rockland Resources Ltd. announced exploration is to initiate at its Elektra project in Sonora. The company is to review the surface and drill information generated in 2017, when 1,762 m were drilled in 16 holes. Best intercepts of that campaign include 33 m @ 1,058 ppm Li and 24 m @ 1,050 ppm Li. The target is a lithium in clays deposit akin to the nearby “Sonora Lithium” property owned by Bacanora Lithium PLC.
  • Orla Mining Ltd. is to begin exploration in and around its Camino Rojo mine in Zacatecas. The company is planning to invest $10 M in exploration in Mexico during 2022. The current year drilling program is to infill drill the deposit and reduce the spacing to 50-125m  in the sulfide zone. Last year program returned up to 108 m @ 2.38 gpt Au; 111 m @ 2.63 gpt Au; 58.5 m @ 2.51 gpt Au; 115.5 m @ 2.11 gpt Au; 64.6 m @ 3.04 gpt Au; 55.5 m @ 4.47 gpt Au; 55.5 m @ 4.95 gpt Au. The 2021 regional exploration program included an airborne magnetic survey, an IP survey, soil sampling and direct exploration under cover with 9,146 m of RAB drilling on 284 holes (holes 500 m apart, with 1,000 m line spacing) to sample the bedrock under shallow cover (up to 3 m @ 1.94 gpt Au, 7 km from Camino Rojo). That effort produced several targets that are to be followed-up this year, while target generation still continues.
  • Infinitum Copper Corp. announced the discovery of new zones of high-grade copper mineralization on the surface at its Adelita project in Sonora-Sinaloa. Mapping, prospecting and sampling (1,024 channel samples) program identified the Cerro Grande Footwall, Las Trancas and Pericos zones. At Cerro Grande, sampling on a garnet skarn alteration zone returned 7.50 m @ 1.88% Cu, 0.89 gpt Au, 127 gpt Ag, 0.9% Zn. Skarn hosted mineralization is also present at Pericos, estimated at 12 m in width, with results pending. At Las Trancas an oxidized breccia returned 0.5 m @ 3.67% Cu, 1.14 gpt Au, 4.2% Zn, with the structure having been traced for 780 m, and pending results in trench samples. A 14.8 line-km magneto-telluric geophysical survey is to be conducted over the Cerro Grande, Cerro Grande Footwall, Pericos and Las Trancas zones. Drilling is to start in late March.

ON MINING

  • Avino Silver & Gold Mines Ltd. released financial results for Q4 and year 2021. At Avino, in Durango, in 2021 the company milled 165.3 K tonnes (103.5 K tonnes on Q4, after normalization of operations) to produce 245.4 K Oz Ag, 3,386 Oz Au, 1.87 M Lb Cu (842.4 K Oz AgEq). Over 15,500 m of drilling were completed in 124 holes during the year. In October of 2021 Avino entered into a definitive agreement with Coeur Mining Inc. to acquire the La Preciosa project, close to the Avino mine “for upfront consideration of $29.7 million on closing and $5 million due within 12 months of closing. Further contingent consideration including cash, royalties and a mineral reserve discovery payment. The transaction is expected to close during Q1 2022”. At the year’s end the company held US$22.3 M in cash.
  • Sierra Metals Inc. reported 2021 financial results and 2022 guidance, without specifying figures of production by mine. At Bolivar, in Chihuahua, cash cost was $2.18 per Lb CuEq and the AISC was $4.22 per Lb CuEq. At Cusi, in Chihuahua, cash cost was $16.71 per Oz  AgEq, and the AISC was $28.59. At Bolivar, 13,072 m of drilling were completed, as well as 21,059 m of infill drilling and 4,703 m of brownfield drilling at Cusi. The company held cash and cash equivalents of $34.9 M by the end of the year. “In Q4 2021, the Company announced its increased focus on copper and other steel-making products, including the strategic review process for the silver-producing Cusi Mine in Mexico. As part of this process, the carrying value of Cusi was reviewed. As a result, a non-cash impairment charge of $35 million was recognized for the year”.
  • Americas Gold and Silver Corp. reported consolidated financial and operational results for the year 2021. At Cosalá, in Sinaloa, re-started operations in September after a long struggle with an illegal blockade “after reaching an agreement with union representatives and certain Mexican government ministries in July 2021…. Production from the San Rafael mine increased during Q4‐2021 as the normal mining cycle was re‐established.  The Los Braceros processing plant was fed with a combination of over 20,000 tonnes of existing stockpiled ore and new production from the mine.  The milling rate ramped up in tandem with mine production, averaging approximately 1,700 tonnes per day during December 2021 and continuing into 2022”. During the Q4 61 K Oz Ag, 4.2 M Lb Zn, 1.7 M Lb Pb were produced.
  • Orla Mining Ltd. announced results for the Q4 and year 2021. During its commissioning year, at Camino Rojo in Zacatecas, 2.06 M tonnes were mined, of which 1.71 M tonnes were processed, 349.4 K placed on the low grade stockpile and further 2.05 M tonnes of waste were moved. The stacked ore grade was 0.74 gpt Au, and the gold produced was 2,422 Oz. “Orla continues to evaluate multiple development scenarios on the Camino Rojo Sulphide Project. The development scenarios being considered to potentially form the basis of a Preliminary Economic Assessment (“PEA”) currently include: (1) an underground mining option, (2) an open pit mining option with processing at a to-be-constructed sulphide facility at Camino Rojo, and (3) an open pit mining option with processing at Newmont’s Peñasquito plant. Based on the additional drilling and testwork to date, all development options remain possible”.
  • Starcore International Mines Ltd. filed the results for the third quarter ended January 2022. At San Martin, in Queretaro, 56.7 K tonnes were milled @ 1.46 gpt Au, 21.2 gpt Ag, recovering 88.1% Au, 45.8% Ag, to produce 2.4 K Oz Au, 17.8 K Oz Ag (2,588 Oz AuEq), at an AISC of $1,623 per Oz AuEq.

ON FINANCING

  • Silver Bull Resources Inc. granted 3.3 M stock options to various directors, officers, employees and consultants (Sierra Mojada, Coahuila).
  • Reyna Gold Corp. announced its common shares started trading on the OTCQB Market Exchange in USA (La Gloria, Sonora).
  • Oroco Resource Corp. announced the over subscription of the previously announced private placement (Santo Tomás, Sinaloa).
  • Silver Tiger Metals Inc. closed the previously announced bought deal offering of common shares of the company, for gross proceeds of C$23 M (El Tigre, Sonora).
  • Altaley Mining Corp. intends to conduct a non-brokered private placement financing, to raise gross proceeds of up to C$5 M. The net proceeds will be used for working capital expenses related to the beginning of mining and milling operations at Tahuehueto, in Durango.
  • Minaurum Gold Inc. informed on the acquisition of 6.1 M shares of Infinitum Copper Corp., which represents 16% of Infinitum (Alamos Silver, Sonora; Adelita, Sonora).
  • First Majestic Silver Corp. received regulatory consent to extend its share repurchase program, with the ability now to repurchase up to 10 M shares, or 3.8% of the issued and outstanding shares (San Dimas, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • GoGold Resources Inc. released results from five drill holes at El Favor East, within Los Ricos North project in Jalisco. Highlighted core length intervals comprise 1.0 m @ 0.15 gpt Au, 73 gpt Ag; 1.2 m @ 0.24 gpt Au, 82 gpt Au; 6.0 m @ 0.18 gpt Au, 100 gpt Ag (including 1.1 m @ 0.09 gpt Au, 210 gpt Ag); 1.2 m @ 0.50 gpt Au, 152 gpt Ag; 1.7 m @ 0.90 gpt Au, 257 gpt Ag; 45.5 m @ 0.52 gpt Au, 97 gpt Ag (including 0.9 m @ 13.05 gpt Au, 716 gpt Ag); 5.0 m @ 0.42 gpt Au, 93 gpt Ag; 7.4 m @ 0.36 gpt Au, 107 gpt Ag.
  • Torex Gold Resources Inc. reported mineral reserves and resources for the El Limón Guajes Complex in Guerrero, to the end of 2021. Proven and probable reserves of 17.5 M tonnes @ 3.03 gpt Au, containing 1.74 M Oz Au; measured and indicated resources of 21.31 M tonnes @ 3.61 gpt Au containing 2.47 M Oz Au; inferred resources of 2.19 M tonnes @ 3.74 gpt Au containing 264 K Oz Au. During 2021, 529 K Oz Au were processed.
  • Fortuna Silver Mines Inc. updated mineral reserve and resource estimates for its San José mine in Oaxaca. Proven and probable reserves stand at 6.16 M tonnes @ 131 gpt Ag, 0.67 gpt Au, containing 17.3 M Oz Ag, 113 K Oz Au; measured and indicated resources stand at 940 K tonnes @ 99 gpt Ag, 0.66 gpt Au, containing 3.0 M Oz Ag, 20 K Oz Ag; inferred resources stand at 6.82 M tonnes @ 120 gpt Ag, 0.74 gpt Au, containing 26.3 M Oz Ag, 163 K Oz Au.  
  • Vizsla Silver Corp. reported results from five holes targeting the Cruz Negra vein, at its Panuco project in Sinaloa. Highlighted core-length intervals comprise 0.70 m @ 1,795 gpt Ag, 21.00 gpt Au, 0.2% Pb, 0.5% Zn; 4.45 m @ 34 gpt Ag, 3.26 gpt Au, 0.1% Pb, 1.0% Zn; 1.65 m @ 1,066 gpt Au, 9.85 gpt Au, 0.4% Pb, 0.7% Zn; 3.70 m @ 440 gpt Ag, 3.74 gpt Au, 0.5% Pb, 2.2% Zn; 3.20 m @ 160 gpt Ag, 10.40 gpt Au, 0.5% Pb, 4.3% Zn.
  • Mithril Resources Ltd. provided drilling results from its Copalquin project in Durango. Highlighted core-length intervals comprise 6.00 m @ 1.84 gpt Au, 23 gpt Ag; 1.00 m @ 1.79 gpt Au, 25 gpt Ag; 1.70 m @ 1.77 gpt Au, 117 gpt Ag; 2.14 m @ 0.89 gpt Au, 64 gpt Ag in one hole, 4.80 m @ 0.91 gpt Au, 57 gpt Ag; 2.30 m @ 1.75 gpt Au, 135 gpt Ag; 0.55 m @ 5.89 gpt Au, 474 gpt Ag in a second hole, 8.10 m @ 1.64 gpt Au, 106 gpt Ag in a third hole. Exploration work has defined over 7 km of veins in the project, with a major target area identified at La Montura, on strike with El Refugio, whereas Los Pinos area displays strong alteration, gold in soils and early stage drilling results of 0.60 m @ 9.91 gpt Au, 161 gpt Ag.

ON DEALS AND CORPORATE ISSUES

  • Galore Resources Inc. announced that “has legally and safely regained possession and control of the Duraznillo Ranch mining operation” at its Dos Santos project in Zacatecas. In January 2018 Galore entered into a mining exploitation agreement with Urbanizaciones y Acabados, S.A. de C.V., but due to a breach in the agreement Galore asked and had to file a demand to recover the Duraznillo ranch and the mining properties. On March 8, 2022, the ranch and the mining properties were peaceful and smoothly repossessed by Galore

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Barite-quartz-hematite vein from a project in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2022. 

Malachite after chalcopyrite in a hydrothermal breccia.

By Miguel A Heredia

During the 10th week of the year (March 7th to March 13th, 2022), at least 20 press releases were announced by companies working in Mexico, and 3 news published by the media, with nine reporting resources and developments of their properties, four informing on exploration results, four communicating production and financial results, three discussing social issues, two announcing financial issues, and one disclosing deals and corporate issues.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Sonora, Silver Spruce filed environmental permits to drill at their the Diamante, Mezquite and Jackie projects. In Durango, Canasil provided a review of the results from its 2020-21 drill program on the Candy Vein at its Nora project and Silver Wolf provided a 2021 year in review and 2022 outlook on its Ana Maria property. ON MINING, Endeavour reported consolidated full year 2021 production and financial results from their mining operations in México. First Majestic announced Q4 and full year 2021 production and financial results from their Mexican mine operations. Gatos Silver presented Q4 and 2021 year-end production and financial results from its 70% owned Cerro Los Gatos operation in Chihuahua, and provided a corporate update. Gold Resource provided Q4 and year-end 2021 production and financial results from its Don David Gold mine in Oaxaca.  ON FINANCING, Argonaut sold 9.74M of common shares of Magna Gold for aggregate gross proceeds of CAD $6.82M. Kootenay closed a brokered private placement for gross proceeds of $4.78M and a non-brokered portion of the offering for gross proceeds of approximately $1.47M, for total aggregate gross proceeds to the company of $6.25M (Columba project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Altaley announced positive Pre-Feasibility Study and updated Mineral Resources and Reserves at its Tahuehueto project, Durango. Capitan Mining released results from its ongoing RC drilling program at its Cruz de Plata project (former referred as Peñoles) in Durango.  Magna Gold released results from the first 22 of 43 drill holes completed at its Margarita project in Chihuahua. Prime Mining reported results from its ongoing drilling program at its Los Reyes project, Sinaloa. Avino announced drill results from the La Potosina area at its Avino project, Durango. Azucar Minerals reported that it will commence to drill test a new large lithocap alteration at its El Cobre project, Veracruz.  Barksdale released results from its phase I, 5,000m drilling program at the Cerro Verde zone on its San Javier project, Sonora. Vizsla reported results from seven new drill holes collared on the Copala and Christiano veins within its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Ranchero Gold announced the appointments of two new members to its Board of Directors (Santa Daniela project, Sonora). Fabled announced that it has completed the planning of its phase 2 definition diamond drill program at its Santa Maria project in Chihuahua. ON SOCIAL RESPONSIBILITY, Fresnillo plc reported the return to face-to-face work in the state, and the opening of its outdoor activities. Grupo Mexico, within the framework of the International Mother Language Day, held activities related to the preservation and promotion of indigenous languages in the communities where it has a presence. Media Luna Mining Company (Torex Gold) ratified for the sixth consecutive year the collaboration agreement with fishing cooperatives in the Balsas River Basin in Guerrero.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., filed environmental permits with the Secretariat of Natural Resources and Environment (SEMARNAT) to drill at their the Diamante, Mezquite and Jackie projects in Sonora. Approvals from SEMARNAT are expected to be obtained by late March, 2022.
  • Canasil Resources Inc., provided a review of the results from its 2020-21 drill program on the Candy Vein at its Nora project. 13 drill holes were completed for a total of 3,296m to test the Candy vein over a strike distance of 500m and to a vertical depth of 250m below surface. All the holes encountered the mineralized vein with the highest true width x grade value on hole NRE-21-11 with 5.31 g/t Au and 336 g/t Ag (748 g/t AgEq) over a true width (TW) of 11.29m, giving a TW x grade value of 8,445 g/t AgEq x m. The drill results show that the Candy vein hosts consistently high grade gold and silver mineralization over appreciable widths. The Candy vein is known over 3km long but only 500m have been drill tested. Additionally, Canasil reported that systematic grid soil sampling over a 2km east-west and 3km north-south area covering the central zone of the project returned widespread silver, gold, copper, zinc and lead geochemical anomalies. “The gold and silver anomalies are particularly strong over the 3-Km strike extent of the Candy vein structure on the western side of the project area, as well as to the southwest and east of the Candy vein structure. A strong silver and gold anomaly also extends for 1.5 Km southwest from the location of the above high grade drill intercepts on the Candy vein and a breccia target has been identified to the south with potential for hosting bulk tonnage disseminated silver-gold mineralization”.
  • Silver Wolf Exploration Ltd., provided a 2021 year in review and 2022 outlook on its Ana Maria property in Durango. The accomplished goals on 2021 include the completion of a NI-43-101 compliant technical report on the properties; an Aster satellite imaging survey, an airborne LiDAR and Hyperspectral imaging survey, an Airborne geophysical data survey, the application to expand the land package by 3x, and the completion of the 2021 mapping and sampling program to identify prospective areas and uncover previous historical workings. The company also provided a 2022 outlook that include the completion of the geophysical data interpretation, to define drill targets for the initial drill program, to apply and receive drill permits, to mobilize drilling equipment to execute an initial drill program, and to receive approval from the Mexican authorities on the expanded land application.

ON MINING

  • Endeavour Silver Corp., reported consolidated full year 2021 production and financial results from their mining operations in México. The company mined 887,424 tonnes to produce 4.87M Oz Ag, and 42.3K Oz Au at a cash cost of USD $9.31 per Oz Ag, a total production cost of USD $14.70 per Oz Ag, and all-in sustaining cost (AISC) of USD $20.34 per Oz Ag. Endeavor sold 3.86 M Oz Ag and 39.1K Oz Au and reported revenues of USD $165.3M, adjust net earnings of USD $(-8.6M), mine operating earnings of USD $36.4M, EBIDTA of USD $54.9M, and working capital of USD $121.2M.
  • First Majestic Silver Corp., announced Q4 and full year 2021 production and financial results from their Mexican mine operations. The below tables show the figures per separate mine for Q4, and full year 2021.

First Majestic reported consolidated financial results (including Jerritt Canyon mine in USA). It reported revenues of USD $204.9M and USD $584.1M respectively for the periods Q4, and full year 2021; mine operating earnings of USD $40.4M and USD $101.4M respectively; loss earnings of USD $4M and USD $4.9M respectively; operating cash flows before working capital and taxes of USD $71.8M and USD $176.8M respectively; cash and cash equivalents of USD $237.9M in each period; working capital of USD $224.4M in each period; and free cash flow of USD $66.4M and USD ($16.9M) for Q4 and full year 2021 respectively.

  • Gatos Silver Inc., presented Q4 and 2021 year-end production and financial results from its 70% owned Cerro Los Gatos operation in Chihuahua, and provided a corporate update. On Q4, 2021, the company milled 241,397 tonnes of 331 g/t Ag, 0.3 g/t Au, 2.2% Pb, and 3.9% Zn with metallurgical recoveries of 90%, 63%, 91% and 73% respectively, to produce 2.3M Oz Ag, 1.3K Oz Au, 10.2M Lb Pb, and 12.9M Lb Zn. Average realized price per Oz Ag, Oz Au, Lb Pb, and Lb Zn were USD $23.08, USD $1,804, USD $1.04, and USD $1.58 respectively. For the full year, Gatos milled 909,886 tonnes of 295 g/t Ag, 0.32 g/t Au, 2.3% Pb, and 3.9% Zn with metallurgical recoveries of 88%, 63%, 90% and 73% respectively, to produce 7.6M Oz Ag, 5.2K Oz Au, 39.8M Lb Pb, and 49.6M Lb Zn. Average realized price per Oz Ag, Oz Au, Lb Pb, and Lb Zn were USD $24.51, USD $1,804, USD $0.99, and USD $1.36 respectively. The company reported exploration expenses, operating costs and sales  for the period Q4, 2021 of USD $0.3 , USD $3.8M, and USD &72.9M respectively, while for the full year 2021 of USD $1.7, USD $19.3M, and USD $251.2M respectively. Gatos provided its 2022 guidance and expects to produce between 8.5- 9M Oz Ag, 4-4.5K Oz Au, 36-40M Lb Pb, and 49-54M Lb Zn at AISC of USD $16.5-18.5 per payable silver on Co-product basis and USD $13-15 per payable silver on by-product basis.
  • Gold Resource Corporation provided Q4 and year-end 2021 production and financial results from its Don David Gold mine in Oaxaca. On Q4, 2021 the company milled 135,398 tonnes of 1.93 g/t Au, 82 g/t Ag, 0.38% Cu, 2.2% Pb, and 4.8% Zn to produce 1.8K Oz Au, 287.8K Oz Ag, 907.2K Lb Cu, 4.6M Lb Pb, and 9.33M Lb Zn at average metal prices realized of USD $1,811 per Oz Au, USD $23.51 per Oz Ag, USD $9,768 per tonne of Cu, usd $2,339 per tonne of Pb, and USD $3,446 per tonne of Zn. On the full year 2021, Gatos milled 501,978 tonnes of 2.01 g/t Au, 80 g/t Ag, 0.39% Cu, 1.9% Pb, and 4.4% Zn to produce 22.6K Oz Au, 1.06M Oz Ag, 3.18M Lb Cu, 13-4M Lb Pb, and 30.3M Lb Zn at average metal prices realized of USD $1,796 per Oz Au, USD $25.06 per Oz Ag, USD $9,553 per tonne of Cu, USD $2,268 per tonne of Pb, and USD $3,091 per tonne of Zn. On Q4, 2021, the company reported sales for USD $38.6M, EBIDTA of USD $10.3M, and operating cost of USD $12.9M, while on the full year 2021 it reported USD $125.2M, USD $33.64M, and USD $34.78M respectively.

ON FINANCING

  • Argonaut Gold Inc., sold 9.74M of common shares of Magna Gold at a price of CAD $0.70 per common share for aggregate gross proceeds of CAD $6.82M.
  • Kootenay Silver Inc., closed a brokered private placement for gross proceeds of $4.78M and a non-brokered portion of the offering for gross proceeds of approximately $1.47M, for total aggregate gross proceeds to the company of $6.25M. Gross proceeds will be used for exploration activities, working capital and other general corporate purposes (Columba project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Altaley Mining Corporation announced positive Pre-Feasibility Study (PFS) and updated Mineral Resources and Reserves at its Tahuehueto project, Durango. Highlights of the PFS include a throughput of 1,000 tonnes per day; a mine life of 10.9 years; a pre-tax net cash flow of USD $240.9M; a total capital cost of USD $56.9M; an all in sustaining cost (AISC) of USD $844 per Oz AuEq; a pre-tax Net Present Value (VNP) of USD $152.8M at 5% discount rate; an EBIDTA of USD $246.1M, and an internal rate of return (IRR) of 45%. The company also updated Mineral Resources and Reserves. It reported Proven+ Probable Reserves of 3.58M tonnes grading 2.55 g/t Au, 50 g/t Ag, 0.26% Cu, 1.1% Pb, and 1.9% Zn with metallurgical recoveries of 87%, 85%, 85%, 85% and 68& respectively to contain 294K Oz Au, 5.7M Oz Ag, 20.55M Lb Cu, 87.36M Lb Pb, and 151.6M Lb Zn. Altaley also reported Measured +Indicated Resources of 6.26M tonnes grading 2.11 g/t Au, 47 g/t Ag, 0.27% Cu, 0.9% Pb, and 2% Zn (4.47 g/t AuEq) to contain 415K Oz Au, 9.4M Oz Ag, 36.6M Lb Cu, 123.9M Lb Pb, and 273.3M Lb Zn (900K Oz AuEq); and Indicated Resources of 918K tonnes grading 1.02 g/t Au, 29 g/t Ag, 0.15% Cu, 1.2% Pb, and 2% Zn (3.05 g/t AuEq) to contain 30K Oz Au, 840K Oz Ag, 3M Lb Cu, 23.5M Lb Pb, and 39.7M Lb Zn (90K Oz AuEq).
  • Capitan Mining Inc., released results from its ongoing RC drilling program at its Cruz de Plata project (former referred as Peñoles) in Durango. Hole 21-JMRC03 drilled on Jesus Maria Vein system returned 0.37 g/t Au, 177 g/t Ag, 3.2% Pb, and 3.6% Zn (435 g/t AgEq) over 10.7m, including 0.71 g/t Au, 290 g/t Ag, 6.8% Pb, 6.6% Zn (798 g/t AgEq) over 11.5m, including 0.45 g/t Au, 258 g/t Ag, 4.7% Pb, and 5% Zn (620 g/t AgEq) over 1.5m, including 0.27 g/t Au, 370 g/t Ag, 5.6% Pb, and 8% Zn (860 g/t AgEq) over 1.5m, including 0.55 g/t Au, 122 g/t Ag, 2.6% Pb, and 3% Zn (358 g/t AgEq) over 1.5m, including 0.51 g/t Au, 281 g/t Ag, 5.9% Pb, and 3.8% Zn (641 g/t AgEq) over 1.5m. Assays are still pending for 11 RC holes out of 15 completed.
  • Magna Gold Corp., released results from the first 22 of 43 drill holes completed at its Margarita project in Chihuahua. Drill highlights include hole MAR-21-002 with 139 g/t Ag, 0.1% Pb and 0.6% Zn over 46.8m, including 801 g/t Ag, 0.5% Pb, and 0.8% Zn over 2.85m; hole MAR-21-004 with 113 g/t Ag, 0.03% Pb, and 0.1% Zn over 32.55m, including 300 g/t Ag, 0.6% Pb, and 0.2% Zn over 6m; hole MAR-21-005 with 133 g/t Ag, 0.05% Pb and 0.2% Zn over 39.5m, including 540 g/t Ag, 0.01% Pb, and 0.4% Zn over 1.85m, and 301 g/t Ag, 0.06% Pb, and 0.1% Zn over 5.1m; hole MAR-21-016 with 157 g/t Ag, 0.5% Pb, and 1.1% Zn over 29.5m, including 0.31 g/t Au, 821 g/t Ag, 2.4% Pb, and 5.6% Zn over 3.9m; hole MAR-21-020 with 156 g/t Ag, 0.1% Pb, and 0.5% Zn over 55.95m, including 498 g/t Ag, 0.4% Pb, and 1.6% Zn over 12.8m;and hole MAR-21-022 with 127 g/t Ag, 0.1% Pb, and 0.3% Zn over 19.2m, including 0.3 g/t Au, 567 g/t Ag, 0.4% Pb, and 1.4% Zn over 3.55m, and 110 g/t Ag, 0.4% Pb, and 0.6% Zn over 16.55m, including 0.18 g/t Au, 440 g/t Ag, 1.6% Pb, and 1.8% Zn over 3m. Magna plans to release a maiden resource toward the end of the Q1, 2022. This resource estimate will lead to the completion of the first ever preliminary economic assessment (PEA) shortly thereafter.
  • Prime Mining Corp., reported results from its ongoing drilling program at Guadalupe East on its Los Reyes project, Sinaloa. Hole 22GE-33 intersected multiple mineralized intervals. This hole intersected 11.60 g/t Au and 219 g/t Ag over a true width (TW) of 1.20m, then a 3.7m stope, to continue with 3.33 g/t Au and 115 g/t Ag over a TW of 29.29m, including 2.68 g/t Au, and 93 g/t Ag over a TW of 6.10m, and including 6.57 g/t Au and 137 g/t Ag over a TW of 9m, including 30.9 g/t Au and 605 g/t Ag over a TW of 1.20m, and including 3.67 g/t Au and 204 g/t Ag over a TW of 10.40m, including 8.39 g/t Au and 321 g/t Ag over a TW of 2.10m. This hole is located on the west side of the Guadalupe East conceptual open pit. There are currently 15 pending drill holes at Guadalupe East out of a total of 49 completed.
  • Avino Silver & Gold Mines Ltd., announced drill results from its 2,400m drilling program conducted in 2021 on the La Potosina area at its Avino project, Durango. Highlights include hole LP-21-06 with 0.09 g/t Au, 270 g/t Ag, 0.25% Cu, 0.9% Pb, and 2.5% Zn (463 g/t AgEq) over a true width (TW) of 1.7m, including 0.09 g/t Au, 1,257 g/t Ag, 0.48% Cu, 2.8% Pb, and 4.4% Zn (1,641 g/t AgEq) over a TW of 0.20m, including 0.08 g/t Au, 510 g/t Ag, 0.6% Cu, 2.2% Pb, and 5% Zn (918 g/t AgEq) over a TW of 0.35m, including 0.07 g/t Au, 406 g/t Ag, 0.44% Cu, 1.3% Pb, and 4.2% Zn (717 g/t AgEq) over a TW of 0.45m; and hole LP-21-007 with 0.4 g/t Au, 617 g/t Ag, 0.1% Pb, and 0.2% Zn (668 g/t AgEq) over a TW of 2.87m. On 2022, Avino plans include an additional 40 holes with 6,000m of drilling to test the continuity of the vein at elevations above 2,100m while looking for favorable dilation structures in the northwest.
  • Azucar Minerals Ltd., reported that it will commence to drill test a new large lithocap alteration at its El Cobre project, Veracruz. A mineral mapping study conducted on this area defined a strong alteration signature interpreted to reflect the surface zoning of an underlying porphyry body.
  • Barksdale Resources Corp., released results from its phase I, 5,000m drilling program at the Cerro Verde zone on its San Javier project, Sonora. Drilling highlights include hole SJ21-31 with 0.05% Cu and 1.11 g/t Au over 36m, including 0.03% Cu and 1.71 g/t Au over 15m, and 0.06% Cu and 1.89 g/t Au over 3m, plus 0.54% Cu over 48m, including 1.35% Cu over 6m; and hole SJ21-35 with 0.24% Cu over 6m, plus 0.22% Cu over 12m, plus 0.35% Cu over 15m. Drilling results confirmed and expanded the footprint of the Cerro Verde Zone.
  • Fabled Silver Gold Corp., announced that it has completed the planning of its phase 2 definition diamond drill program at its Santa Maria project in Chihuahua as well as a plan to drill test other structures in the property. This second phase will consist of a minimum of 5,000m for definition drilling, and drill test possible structural dilation zones on the Northeast and secondary mineralized structures, identified after performing a property wide mapping & sampling as well as an structural interpretation. “Once the field work and observations have been completed the phase 2 exploration first priority drill targets will be defined in the coming weeks”.
  • Vizsla Silver Corp., reported results from seven new drill holes collared on the Copala and Christiano veins within its Panuco project in Sinaloa. Drill highlights include hole CS-21-116 with 97 g/t Ag and 0.55 g/t Au (141 g/t AgEq) over a true width (TW) of 2.4m, and 1,559 g/t Ag and 7.29  g/t Au (2,142 g/t AgEq) over a TW of 7.81m, including 2,728 g/t Ag and 13.10 g/t Au (3,775 g/t AgEq) over a TW of 2.60m, and 1,531 g/t Ag and 6.94 g/t Au (2,086 g/t AgEq) over a TW of 3.14m; hole CS-21-123 with 248 g/t Ag and 2.03 g/t Au (410 g/t AgEq) over a TW of 14.45m, including 1,237 g/t Ag and 10.53 g/t Au (2,078 g/t AgEq) over a TW of 2.09m, and including 197 g/t Ag and 1.45 g/t Au (312 g/t AgEq) over a TW of 2.68m; hole CS-21-115 with 1,900 g/t Ag and 11.09 g/t Au (2,787 g/t AgEq) over a TW of 1.21m; and hole CS-21-112 with 682 g/t Ag and 5.51 g/t Au (1,122 g/t AgEq) over a TW of 1.73m, including 973 g/t Ag and 7.97 g/t Au (1,610 g/t AgEq) over a TW of 1.1m. The Copala Vein has now been tested with 17 holes with mineralization open in all directions.

ON DEALS AND CORPORATE ISSUES

  • Ranchero Gold Corp., announced the appointments of two new members to its Board of Directors, and the addition of Ken Balleweg to its Technical Advisory team (Santa Daniela project, Sonora).

ON SOCIAL RESPONSIBILITY

  • Fresnillo plc reported the return to face-to-face work in the state, and the opening of its outdoor activities, taking into account the hygiene and healthy distance measures promoted by the health authorities, as well as the presentation of the vaccination certificate for access the corresponding facilities. For Fresnillo plc, physical activation represents one of the stronger pillars for the people development.
  • Grupo Mexico, within the framework of the International Mother Language Day, held activities related to the preservation and promotion of indigenous languages in the communities where it has a presence.
  • Media Luna Mining Company (Torex Gold) ratified for the sixth consecutive year the collaboration agreement with fishing cooperatives in the Balsas River Basin in Guerrero. F is the second most important economic activity in the mining corridor, so the commitment is to help to consolidate economic activities in the communities.

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, malachite after chalcopyrite in a hydrothermal breccia from an intermediate sulphidation epithermal vein system in Durango, Mexico.  Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of February, 2022

By Jorge Cirett

During the 5th week of the year (January 31st to February 6th, 2022), at least 16 press releases were announced by companies working in Mexico. To note, three companies posted exploration advances on their properties, three released Q4 and full year 2021 reports, one granted share options and two completed private placements, six reported on project development and one on a property deal. ON MEXICO ISSUES, Mexico’s president said that a state controlled company is to be the sole lithium miner in the country. Fortuna Silver is demanding from the government to respect and confirm an already issued environmental permit for the San Jose mine in Oaxaca. ON EXPLORATION, in Sonora, Benjamin Hill Mining commenced a maiden drill program at its Sonora Gold property; Tocvan Ventures released surface sample results. In Durango, Southern Empire Resources updated on drilling at the Pedro project. ON MINING, Consolidated Zinc and Santacruz Silver Mining presented operating results for Q4 and full year 2021. Guanajuato Silver Company presented results for November and December 2021. ON FINANCING, Defiance Silver granted options to directors and officers. Benjamin Hill Mining and Barksdale Resources closed their private placements for $2.1 M and US$1.75 M respectively. ON RESOURCES AND DEVELOPMENT, Defiance Silver continues drilling at its Zacatecas project. GR Silver Mining released drill results from San Marcial, on its Plomosas project in Sinaloa. Discovery Silver is to drill 55,000 m during 2022 at its Cordero project in Chihuahua. GoGold Resources released drill results from El Favor East at Los Ricos North in Jalisco. Candelaria Mining received the drilling permit for Pinos, Zacatecas, and submitted the dilling permit for Caballo Blanco, in Veracruz.  ON DEALS AND CORPORATE ISSUES, Commander Resources presented the deal on which its Pedro property in Durango was optioned to Southern Empire Resources. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Mexico’s president Andres Manuel Lopez Obrador, on his daily conference while speaking on the proposed energy bill that includes the nationalization of the (non-existent) lithium industry, said that the Mexican government is to create a company for lithium extraction. With an anti-neoliberalist overtone and speaking of sovereignty, he affirmed lithium is owned by the Mexican people, and that no foreign countries are to have it.
  • Fortuna Silver Mines Inc. received in December 17, 2021, a 12 year extension on its environmental impact authorization for the San Jose Mine in Oaxaca. On January 28, 2022 received a notice form SEMARNAT stating a typographical mistake, by which the term of the permit would be reduced from twelve to two years. Minera Cuzcatan (Fortuna’s subsidiary) “has initiated legal proceedings in the Federal Court to challenge and revoke said typographical error and to reconfirm the 12 year extension period granted by SEMARNAT in December 2021”.

ON EXPLORATION

  • Benjamin Hill Mining Corp. announced the commencement of the maiden drill program at its Sonora Gold property in Sonora. The drill rig is currently working on the fourth of 34 planned holes on the Sonora Copper, Caracahui, El Fierro and La Salada areas. A 10,000 m induced polarization and resistivity geophysical survey covers the Sonora Copper, El Fierro, Caracahui, El Crestado, El Tanque, Las Antenas and La Salada areas. Benjamin Hill Mining paid a posthumous tribute to its Special Advisor David Jones: “He shared his knowledge and experience freely to the profession and to society, with honest exuberance to advance the development of economic projects, boosting local economies in the Americas and the around the world. Some of his projects have become mines that have positively impacted our world, socially and economically, proving himself one of the best economic geologists of modern times”.
  • Tocvan Ventures Corp. released surface sample results from its Pilar project in Sonora. Of 59 samples, 21 returned over 0.5 gpt Au, defining several new areas to be drilled. The Main Zone was expanded with up to 9.2 gpt Au, 279 gpt Ag in a silicified quartz vein breccia, the 4-T Trend was extended to the southeast with values of up to 6.6 gpt Au, 433 gpt Ag and a new vein corridor over 200 m long is highlighted by samples of up to 523 gpt Ag, 1.3 gpt Au and additional mineralization 300 m to the south returned up to 3.1 gpt Au, 27 gpt Ag.
  • Southern Empire Resources Corp. updated on drilling of the Pedro project in Durango. Three holes have been completed totaling 421 m, and a fourth is in progress. Core review “suggests zones of up to 70 m of moderately silicified, limestone dominated conglomerate with zones of up to 20 m (core length) exhibiting disseminated and vein controlled arsenical minerals including orpiment and realgar”. Historical drilling by Newmont produced intervals of up to 5.55 m @ 0.59 gpt Au.

ON MINING

  • Consolidated Zinc Ltd. presented its Q4 2021 report. At its Plomosas mine in Chihuahua, 3,140 tonnes were mined, 5,099 tonnes brought to the surface and 4,592 tonnes processed, grading 13.4% Zn, 7.1% Pb, 41 gpt Ag, recovering 77.1 % Zn, 37.8% Pb, to produce 377 tonnes Zn, 112 tonnes Pb in concentrate. The mining rate was affected by the flooding of stopes related to failures on pumping and generator equipments. “Access to the under-water stopes should be re-established during February 2022”. The company continues with the exploration of the Mina Mexico and the Juarez mine prospects within the project area.
  • Guanajuato Silver Company Ltd. presented production numbers on the last two months of 2021 and exploration highlights at El Cubo and Pinguico properties in Guanajuato. During November and December 2021, 238 K Oz AgEq were produced, resulting from the mining of 76 K tonnes from El Cubo and the El Pinguico above ground stockpile, of which 33 K tonnes were milled in December. Metallurgical recoveries for material from Pinguico averaged 74% Au, 72% Ag. The company completed 6,800 m of drilling at El Pinguico and El Cubo, and plans to complete over 22,000 m in 2022.
  • Santacruz Silver Mining Ltd. reported operating results for Q4, 2021. At Zimapan, in Hidalgo, 192.9 K tonnes were processed @ 76 gpt Ag, 0.6% Pb, 2.26% Zn, 0.35% Cu (or 184 gpt AgEq), recovering 67.2% Ag, to produce 318.4 K Oz Ag, 1,012 tonnes Pb, 3,442 tonnes Zn, 488 tonnes Cu (or 842 K Oz AgEq), to reach 691.4 K Oz Ag, 3,659 tonnes Pb, 12,101 tonnes Zn, 1,820 tonnes Cu (or 3.11 M Oz AgEq) in the year. At the Rosario mine in San Luis Potosi, operations were suspended in Q3, 2021, resulting on an annual processing of 39 K tonnes @ 53 gpt Ag, 0.17 gpt Au, 0.29% Pb, 1.46% Zn, recovering 79% Ag, to produce 52.3 K Oz Ag, 132 Oz Au, 88 tonnes Pb, 417 tonnes Zn (or 107.7 K Oz AgEq).

ON FINANCING

  • Defiance Silver Corp. granted incentive stock options to certain directors and officers covering 1.76 M common shares (Zacatecas project, Zacatecas).
  • Benjamin Hill Mining Corp. completed the over-subscribed private placement announced on December 17, 2021, for gross proceeds of $2.1 M (Sonora Gold project, Sonora).
  • Barksdale Resources Corp. closed the previously announced non-brokered private placement of US$1.75 M.

ON RESOURCES AND DEVELOPMENT

  • Defiance Silver Corp. has recommenced drilling at the Zacatecas project in Zacatecas. The general exploration program in 2022 will focus on testing prospective regional targets at Lucita, Tahuares, and Veta Grande. Over 3,000 m of drilling have been completed on the Lucita land package, and 4,500 m of drilling are planned on Tahuares and the central Lucita land package. “Results from the 2020-2021 phase of drilling in the Veta Grande resource area successfully demonstrated the down-dip and lateral continuity of the mineralized Veta Grande vein system below the current resource estimate”.
  • GR Silver Mining Ltd. released good drilling results from the San Marcial area of the Plomosas project in Sinaloa. Highlighted true width intercepts comprise 29.1 m @ 299 gpt Ag, 0.04 gpt Ag, 0.2% Pb, 0.4% Zn (including 5.0 m @ 614 gpt Ag, 0.02 gpt Au, 0.2% Pb, 0.2% Zn); 1.6 m @ 1,091 gpt Ag, 0.06 gpt Au, 1.4% Pb, 1.8% Zn; 13.0 m @ 58 gpt Ag, 0.08 gpt Au, 0.1% Pb, 0.3% Zn. “Large sections of the mineralized body are hosted by brecciated rock units above the main San Marcial Breccia body …….. related to late-stage quartz-calcite-sulphide veining which post-dates the San Marcial Breccia”.  These intercepts are 420 m below the surface and 170 m down dip from the current resource.
  • Discovery Silver Corp. outlined the 2022 work program and budget for its Cordero project in Chihuahua. The company plans to drill 55,000 meters in 2022, of which 25,000 m are to be in the reserve-resource definition and engineering of the prefeasibility study, 14,000 m on resource growth and 16,000 m in the initial drill testing of five new targets within the property: Sanson, Dos Mil Diez, Molina del Viento, Porfido Norte and La Perla.
  • GoGold Resources Corp. released results from six holes sunk at El Favor East within the Los Ricos North project in Jalisco. Highlighted core-length intervals comprise 10.5 m @ 0.05 gpt Au, 72.3 gpt Ag; 3.4 m @ 0.68 gpt Au, 101 gpt Ag; 26.3 m @ 0.43 gpt Au, 107 gpt Ag (including 12.4 m @ 0.79 gpt Au, 184 gpt Ag); 25.7 m @ 1.55 gpt Au, 776 gpt Ag (including 4.3 m @ 8.65 gpt Au, 4,164 gpt Ag); 5.1 m @ 0.17 gpt Au, 69 gpt Ag; 8.1 m @ 0.46 gpt Au, 90 gpt Ag; 3.7 m @ 0.34 gpt Au, 158 gpt Ag; 63.6 m @ 0.23 gpt Au, 109 gpt Ag (including 2.9 m @ 2.36 gpt Au, 1,109 gpt Ag.

  • Candelaria Mining Corp. received the permit for its infill drilling program at Pinos, Zacatecas. “The drilling will seek to validate recently updated structural interpretations of the distribution of higher-grade mineralization, together with some additional holes in other high-grade veins in different parts of the mineralized system”.
  • Candelaria Mining Corp. submitted in late December 2021 a drill permit application for its Caballo Blanco project in Veracruz. “This initial Phase 1 drilling program will comprise approximately 7,000m and provide the first tests of each of the high priority targets within the highly prospective gold-copper epithermal / porphyry district. A second phase will then build upon these results, and also include resource expansion drilling at the most advanced PEA-level project within the region, La Paila”. Candelaria expects to drill between 14,000 and 15,000 m during 2022.

ON DEALS AND CORPORATE ISSUES

  • Commander Resources Ltd. provided an update on drilling (above, on the exploration bullets) of the Pedro project which is being explored by partner Southern Empire Resources Corp. in Durango. Southern Empire is earning a 100% interest for $700 K staged over four payments in three years and 100 K shares, with work expenditures of $1.5 M. Commander is to retain a 2% NSR royalty with no buy-back clause.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Quartz veining in deformed intrusive rocks in the Sonoran desert. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of January, 2022

By Jorge Cirett

During the 3rd week of the year (January 17th to January 23rd, 2022), at least 34 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, two announced listings on the OTCQB and OTCQX, nine presented quarterly and full year 2021 reports, five reported their 2022 production guidance, one filed the PEA on a tailings project, two filed technical reports on resource estimates and six posted on project development. ON MEXICO ISSUES, BNamericas listed eight properties to be commissioned in 2022-2023 for an investment of US$1.5 billion. ON EXPLORATION, in Sonora, Ranchero Gold released drill results from the Maíz Azul target on the Santa Daniela project; Tocvan Ventures announced trench results from Pilar; Prismo Metals mobilized a crew to explore El Pavito. In Durango, Silver Wolf presented results from surface sampling at Ana Maria. In Sinaloa, Vizsla Silver discovered a fat and juicy low angle vein in the Tajitos zone of its Panuco project. In Zacatecas, Galore resources received the drilling permit for Dos Santos.  In Estado de Mexico, Xali Gold started a drilling application for El Oro. ON MINING, Excellon Resources, Alamos Gold, Avino Silver, First Majestic Silver, Fortuna Silver, McEwen Mining, Capstone Mining, Great Panther, Pan American Silver and Gold Resource presented Q4 and full year 2021 production results. Alamos Gold, Endeavour Silver, Capstone Mining and Torex Gold announced 2022 production guidelines. Tarachi Gold filed the PEA on the Magistral tailings project.   ON FINANCING, Southern Empire and Silver Dollar announced their listings on the OTCQB and OTCQX venture markets respectively. ON RESOURCES AND DEVELOPMENT, GR Silver released drilling results from San Marcial in Sinaloa. Mithril Resources presented metallurgic, surface sampling and drilling results from Copalquin in Durango. Fabled Silver announced results from drilling at its Santa Maria property in Chihuahua. GoGold released results from drilling at El Favor at its Los Ricos North project in Jalisco. Golden Tag announced results from one long hole at San Diego, in Durango. Endeavour Silver filed resource estimates on its Guanaceví and Bolañitos properties in Durango and Jalisco respectively. GoGold Resources filed the resource estimate on Los Ricos North. Barksdale Resources announced assay results from drilling at its San Javier project in Sonora. ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Mining projects in development in Mexico for US$1.5 billion (US$1,500 million in Mexican notation). BNamericas listed the following projects: 1.-) Juanicipio in Zacatecas (US$440 M, Fresnillo-Mag Silver) with a six-month delay, is to produce 11.7 M Oz Ag, 43.5 K Oz Au per year. 2.-) Buenavista Zinc in Sonora (US$413 M, Southern Copper) is to start operation in 2023, to produce 100 K tonnes Zinc and 20 K tonnes Cu per year. 3.-) Los Filos expansion in Guerrero (US$213 M, Equinox Gold) is to increase production to 350-400 K Oz Au per year. 4.-) Pilares in Sonora (US$159 M, Southern Copper) is to augment production at La Caridad in 35 K tonnes per year. 5.-) Las Chispas in Sonora (US$138 M, SilverCrest Metals) is to produce 5.2 M Oz Ag, 56 K Oz Au per year. 6.-) La Yaqui Grande in Sonora (US$137 M, Alamos Gold) production is to report 123 K Oz Au per year. 7.-) Tahuehueto in Durango (US$32.2 M, Altaley Mining) aims to produce 16.1 K Oz Au per year, with Pb, Cu, Zn, Ag credits. 8.-) Santana in Sonora (US$7.55 M, Minera Alamos) plans to produce around 30 K Oz Au per year.

ON EXPLORATION

  • Ranchero Gold Corp. released drilling results from the Maíz Azul prospect within its 22,300 ha Santa Daniela project in Sonora. Highlighted core-length intervals on three holes comprise 31.50 m @ 4.0 gpt Au (including 12.00 m @ 9.93 gpt Au); 12.00 m @ 0.32 gpt Au; 3.40 m @ 0.27 gpt Au, 21.00 m @ 1.08 gpt Au (including 10.50 m @ 1.68 gpt Au); 1.75 m @ 0.15 gpt Au, 5.90 m @ 0.47 gpt Au, 5.95 m @ 0.28 gpt Au. “Results and analysis are pending for drill hole samples testing the La Cascada target as well as expanding known mineralization at La Colmena. The final holes of the 3000-meter drill program will focus on extending the La Colmena zone eastward …”.
  • Silver Wolf Exploration Ltd. presented assay results from 114 surface grab/chip samples on its 2,549 hectares Ana Maria property in Durango. Some of the highlighted grab sample results comprise 74 gpt Ag, 3.4% Pb; 120 gpt Ag, 11.6% Pb; 169 gpt Ag, 11.5% Pb; 150 gpt Ag, 6.0% Pb; 54 gpt Ag, 1.9% Pb, 12.3% Zn; 56 gpt Ag, 1.6% Pb, 21.3% Zn; 53 gpt Ag, 1.9% Pb, 7.8% Zn; 40 gpt Ag, 1.2% Pb, 16.6% Zn; 199 gpt Ag, 20.1% Pb, 1.7% Zn; 247 gpt Ag, 7.3% Pb; 339 gpt Ag, 10.0% Pb, 7.9% Zn; 319 gpt Ag, 8.3% Pb, 5.8% Zn. “In the southern claim, the extremely high-grade zinc and lead mineralization along with the high-grade silver values as well as the recently discovered historical workings indicate the potential for a carbonate replacement deposit”.
  • Tocvan Ventures Corp.  announced trench results from its Pilar project in Sonora. Four trenches were dug totaling 80 m in length, with highlighted results comprising 4.9 m @ 0.55 gpt Au, 11 gpt Ag in one trench; 19.5 m @ 0.61 gpt Au, 6 gpt Ag (including 2.7 m @ 3.01 gpt Au, 20 gpt Ag) in the second; 19.8 m @ 0.73 gpt Au, 8 gpt Ag (including 8.6 m @ 1.27 gpt Au, 12 gpt Ag) in the third; 7.0 m @ 0.54 gpt Au, 5 gpt Ag in the fourth trench. “Follow-up metallurgical studies will utilize the surface material extracted from the other three trenches”.
  • Galore Resources Inc. received acceptance of its drill permit applications for a 4,000 m diamond drill program at its Dos Santos property in Zacatecas. Crews have been mobilized to start the program that is to test El Alamo and San Jose prospects.
  • Prismo Metals Inc. mobilized a crew of geologists to the 5,289 ha El Pavito project in Sonora. “The Company has planned a four to five-month exploration program that will include comprehensive mapping and extensive sampling of the concession to define drill targets”. Two of the three known main targets in the district are within Prismo concessions, with potential for epithermal and orogenic shear-hosted gold mineralization.
  • Vizsla Silver Corp. announced the discovery of a new vein with high-grade results from drilling the Tajitos zone at its Panuco project in Sinaloa. The vein with a 35 degree dip returned highlighted true-width intervals of 83.10 m @ 0.78 gpt Au, 117 gpt Ag (including 10.46 m @ 4.06 gpt Au, 452 gpt Ag); 24.34 m @ 2.02 gpt Au, 230 gpt Ag (including 1.80 m @ 17.75 gpt Au, 1,523 gpt Ag); 81.91 m @ 1.00 gpt Au, 142 gpt Ag (including 2.31 m @ 18.04 gpt Au, 2,147 gpt Ag); 1.56 m @ 4.70 gpt Au, 599 gpt Ag; 3.81 m @ 0.59 gpt Au, 158 gpt Ag. “The Copala Vein marks the first discovery of this vein orientation and style made by Vizsla that has not been previously exploited by historical mining”.
  • Xali Gold Corp. started a drilling application process for the El Oro project in Estado de México. New drill targets have been delineated by 3D modelling looking for extensions of previous high-grade intercepts in previous drilling. “Some of the higher grades were found in several veins with overlying lower grade disseminated gold near the Mexico-Esperanza Mines border area of the San Rafael vein”.

ON MINING

  • Excellon Resources Inc. announced Q4 and annual 2021 production results from the Platosa mine in Durango. During the Q4 period 20,954  tonnes were mined, 21,309 tonnes milled grading 438 gpt Ag, 4.65% Pb, 5.50% Zn, recovering 90.5% Ag, 78.5% Pb, 83.7% Zn, to produce 271.5 K Oz Ag, 1.72 M Lb Pb, 2.17 M Lb Zn (492 K Oz AgEq). For the year, 85,530 tonnes were mined, 86,021 tonnes were milled @ 494 gpt Ag, 5.01% Pb, 6.03% Zn, recovering 89.5% Ag, 80.0% Pb, 79.0% Zn, to produce 1.22 M Oz Ag, 7.61 M Lb Pb, 9.01 M Lb Zn (2.06 M Oz AgEq).
  • Alamos Gold Inc. reported fourth quarter and full year 2021 production, including figures from its operations in Mexico. At Mulatos, in Sonora, 23,100 Oz Au were produced in Q4 to complete 121,300 Oz Au during the year. “Combined gold production from the Mulatos District (including La Yaqui Grande) is expected to be between 130,000 and 145,000 ounces in 2022”.
  • Avino Silver & Gold Mines Ltd. released its fourth quarter and full year 2021 results from the Avino mine in Durango. During the fourth quarter 103.5 K tonnes were processed @ 56 gpt Ag, 0.86 gpt Au, 0.55% Cu, recovering 89% Ag, 75% Au, 90% Cu, to produce 163.9 K Oz Ag, 2,158 Oz Au, 1.13 M Lb Cu (541.4 K Oz AgEq). For the full year 165.3 K tonnes were processed @ 53 gpt Ag, 0.84 gpt Au, 0.57% Cu, recovering 87% Ag, 75% Au, 88% Cu, to produce 245.4 K Oz Ag, 3,386 Oz Au, 1.87 M Lb Cu (842.4 K Oz AgEq).
  • First Majestic Silver Corp. presented its quarterly and full year 2021 production, including figures from its Mexican operations. For the quarter, at San Dimas in Durango 206.7 K tonnes were processed at a rate of 2,247 tonnes per day (tpd) and a grade of 347 gpt Ag, 3.71 gpt Au, recovering 94% Ag, 96% Au to produce 2.17 M Oz Ag, 23,795 Oz Au (4.01 M Oz AgEq);  at Santa Elena in Sonora, 224.5 K tonnes were processed at 2,440 tpd averaging 72 gpt Ag, 2.97 gpt Au, recovering 82% Ag, 92% Au, to produce 426.9 K Oz Ag, 19,810 Oz Au (1.95 M Oz AgEq); at La Encantada in Coahuila, 268.2 K tonnes were processed at 2,916 tpd averaging 117 gpt Ag, 0.02 gpt Au, recovering 75% Ag, 90% Au, to produce 757.6 K Oz Ag, 146 Oz Au. On the year, San Dimas produced 7.65 M Oz Ag, 81,237 Oz Au (13.52 M Oz AgEq); Santa Elena produced 1.95 M Oz Ag, 42,088 Oz Au (5.04 M Oz AgEq), La Encantada produced 3.24 M Oz Ag, 460 Oz Au (3.27 M Oz AgEq).
  • Fortuna Silver Mines Inc. reported production results for the fourth quarter and full year 2021, including figures from its operations in Mexico. At San Jose, in Oaxaca, 262.8 K tonnes were milled at a rate of 2,920 tpd, at a grade of 219 gpt Ag, 1.27 gpt Au, recovering 92.8% Ag, 92.2% Au, to produce 1.72 M Oz Ag, 9,929 Oz Au during the quarter, and processing 1.04 M tonnes at a 2964 tpd, averaging 209 gpt Ag, 1.29 gpt Au, with recoveries of 91.7% Ag, 91.3% Au, to produce 6.42 M Oz Ag, 39,406 Oz Au in the year. For 2022 Fortuna aims to produce 5.2-5.8 M Oz Ag, 32-36 K Oz Au at an AISC of $13.7-$16.1 per Oz AgEq. “The Brownfields exploration program budget for 2022 at the San Jose Mine is US$7.4 million, which includes 26,200 meters of diamond drilling …”.
  • McEwen Mining Inc. reported production for year 2021, including 540 AuEq Oz Au from residual leaching at El Gallo, in Sinaloa.
  • Endeavour Silver Corp. announced its consolidated production guidance for 2022. At Guanaceví in Durango guidance is a mining at a rate of 1,100 to 1,200 tpd to produce 3.8-4.2 M Oz Ag, 4.6-5.2 K Oz Au, whereas at Bolañitos the sought mining rate is 1,000-1,200 tpd to produce 0.4-0.6 M Oz Ag, 21-23 K Oz Au, for a consolidated production of 6.7-7-6 M Oz AgEq at cash cost $9.00-$10.00 and an AISC of $20.00-21.00 per Oz AgEq. Exploration drilling planned in 2022 at Guanceví, Bolañitos, Terronera, Parral and Pitarrilla amounts to 44,000 m with a budget of US$8.7 M.
  • Capstone Mining Corp. provided a corporate update and 2022 guidance, including figures from its Mexican operations. During 2021 the Cozamin mine in Zacatecas produced 24.5 K tonnes Cu, for 2022 the guidance is 23-26 K tonnes at a cash cost of $1.10-$1.25 Lb Cu. “Construction of the new paste backfill plant and dry stack tailings facility at Cozamin started in Q4 2021 and completion is expected at year-end 2022”. This facility will allow pumping half of the filtered tailings with cement to be used as backfill, and might permit the extraction of pillars from historic areas of the mine.
  • Tarachi Gold Corp. filed the preliminary economic assessment (PEA) for the Magistral tailings project in Durango.
  • Great Panther Mining Ltd. reported Q4 and full year 2021 production results, including figures from its Mexican operations. At Topia, in Durango, 14.6 K tonnes were processed @ 301 gpt Ag, 0.74 gpt Au, recovering 91% Ag, 63% Au to produce 128.6 K Oz Ag, 218 Oz Au, 235 tonnes Pb, 406 K tonnes Zn (2,494 Oz AuEq). At the Guanajuato Mine Complex  (GMC) in Guanajuato, 27.8 K tonnes were processed @ 127 gpt Ag, 1.70 gpt Au, recovering 87% Ag, 86% Au, to produce 98.4 K Oz Ag, 1,302 Oz Au (2,460 Oz AuEq). On the year Topia produced 716.5 K Oz Ag, 1,047 Oz Au, 1,385 tonnes Pb, 1,849 tonnes Zn (13,290 Oz AuEq) and the GMC 485.3 K Oz Ag, 6,659 Oz Au (12,369 Oz AuEq). The company is awaiting “ the permits from CONAGUA necessary to extend the tailings dam. Mining activity at the San Ignacio mine has also been suspended while Great Panther continues to proactively engage with CONAGUA in regards of the tailings dam permit and to explore other alternatives to maximize value from the GMC”.
  • Pan American Silver Corp. presented preliminary production results for Q4 and full year 2021, including figures from its Mexican operations. At La Colorada in Zacatecas 1.58 M Oz Ag, 800 Oz Au were produced in Q4, and 5.17 M Oz Ag, 2,700 Oz Au in the year. At Dolores in Chihuahua 507 K Oz Ag, 40,100 Oz Au were produced in Q4, and 2.24 M Oz Ag, 160,100 Oz Au in the year.
  • Torex Gold Resources Inc. provided 2022 operational guidance for its El Limon Guajes mine in Guerrero. Torex aims to produce $430-470 K Oz Au at total cash cost $695-$735 per Oz Au. The company is to invest $39 M min exploration at Media Luna, ELG Underground, near mine and regional and definition and grade control drilling.
  • Gold Resource Corp. presented Q4 and full year 2021 production results for its Don David project in Oaxaca. During the fourth quarter at the Arista mine 135.4 K tonnes were milled @ 1.93 gpt Au, 82 gpt Ag, 0.38% Cu, 2.2% Pb, 4.8% Zn, to produce 6,854 Oz Au, 330.9 K Oz Ag, 413 tonnes Cu, 2,345 tonnes Pb, 5,350 tonnes Zn. During the year 487 K tonnes were milled @ 2.01 gpt Au, 82 gpt Ag, 0.39% Cu, 1.93 % Pb, 4.36% Zn, to produce 26,438 Oz Au, 1.2 M Oz Ag, 1,506 tonnes Cu, 7,544 tonnes Pb, 17,329 tonnes Zn.  

ON FINANCING

  • Southern Empire Resources Corp. received approval from its shareholders to be listed on the OTCQB in the United States, and granted 900 K shares to directors, officers and consultants (Pedro, Durango).
  • Silver Dollar Resources Inc. reported its shares have qualified to be upgraded from the OTCQB Venture Market to the OTCQX Best Market (La Joya, Durango).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. released wide, high-grade results from diamond drilling at the San Marcial area of the Plomosas project in Sinaloa. The drilling focus was to test high-grade mineralization extensions along strike and down-dip from the current mineral resource. Highlighted true-width (TW) intercepts comprise 13.5 m @ 773 gpt Ag, 0.3% Pb, 0.4% Zn (including 4.1 m @ 1,792 gpt Ag, and 5.8 m @ 516 gpt Ag); 2.6 m @ 1 gpt Ag, 1.08 gpt Au; 24.5 m @ 97 gpt Ag, 0.2% Pb, 0.2% Zn (including 1.9 m @ 881 gpt Ag); 17.5 m @ 53 gpt Ag, 0.3% Pb, 0.5% Zn.
  • Mithril Resources Ltd. presented metallurgic, surface sampling and drilling results from its Copalquin project in Durango. Metallurgical test work for the El Refugio resource using flotation recovered 94% Au, 88% Ag. High-grade results from samples from workings at Las Brujas, El Peru and Dios Hijo returned up to 0.65 m @ 49.0 gpt Au, 665 gpt Ag; 1.0 m @ 7.93 gpt Au, 366 gpt Ag; 0.8 m @ 10.4 gpt Au, 422 gpt Ag. Highlighted core-length intervals comprise 6.00 m @ 0.84 gpt Au, 117 gpt Ag; 2.00 m @ 5.57 gpt Au, 162 gpt Ag at El Refugio, 4.55 m @ 8.29 gpt Au, 138 gpt Ag; 1.70 m @ 20.2 gpt Au, 298 gpt Ag at El Cometa, 2.0 m @ 1.02 gpt Au, 44 gpt Ag; 1.0 m @ 4.29 gpt Au, 17 gpt Ag; 1.0 m @ 4.47 gpt Au, 7 gpt Ag; 2.0 m @ 1.33 gpt Au, 60 gpt Ag; 1.0 m @ 1.18 gpt Au, 11 gpt Ag; 0.50 m  @ 6.50 gpt Au, 95 gpt Ag; 1.0 m @ 3.61 gpt Au, 22 gpt Ag on the eastern side of El Refugio.
  • Fabled Silver Gold Corp. announced results from surface diamond drilling of the upgraded 14,400 m program at its Santa Maria property in Chihuahua. Highlighted core-length intercepts comprise 0.90 m @ 90 gpt Ag, 0.16 gpt Au; 7.80 m @ 164 gpt Ag, 0.51 gpt Au, 0.1% Pb, 0.2% Zn (including 3.90 m @ 295 gpt Ag, 0.65 gpt Au, 0.1% Pb, 0.5% Zn).
  • GoGold Resources Inc. announced results for nine holes at El Favor East zone on its Los Ricos North project in Jalisco. Highlighted core-length intercepts comprise 54.0 m @ 0.15 gpt Au, 64 gpt Ag (including 5.3 m @ 0.44 gpt Au, 162 gpt Ag); 11.7 m @ 0.41 gpt Au, 129 gpt Ag; 25.5 m @ 0.07 gpt Au, 60 gpt Ag (including 2.0 m @ 0.24 gpt Au, 499 gpt Ag); 28.3 m @ 0.46 gpt Au, 154 gpt Ag (including 1.4 m @ 5.24 gpt Au, 1,310 gpt Ag); 3.3 m @ 0.70 gpt Au, 262 gpt Ag; 8.3 m @ 0.61 gpt Au, 201 gpt Ag; 10.6 m @ 0.95 gpt Au, 202 gpt Ag; 7.2 m @ 0.27 gpt Au, 61 gpt Ag; 52.0 m @ 0.18 gpt Au, 61 gpt Ag. To date approximately 800 m of El Favor East have been drilled, showing strong mineralization. The holes on this release were not included in the resource estimate released past December.
  • Golden Tag Resources Ltd. announced complete results for one drill hole at its San Diego project in Durango. Highlighted core-length intervals comprise 0.50 m @ 329 gpt Ag, 3.7% Pb, 2.7% Zn; 0.95 m @ 623 gpt Ag, 2.2% Pb, 2.5% Zn, 0.17% Cu in the Csplay zone, 0.56 m @ 1,460 gpt Ag, 12.5% Pb, 2.9% Zn, 0.27% Cu; 2.44 m @ 0.13 gpt Au, 104 gpt Ag, 0.7% Pb, 1.2% Zn in the Canta zone, 35.74 m @ 40 gpt Ag, 1.0% Pb, 1.0% Zn (including 7.78 m @ 86 gpt Ag, 2.4% Pb, 2.4% Zn); 322.90 m @ 0.03 gpt Au, 40 gpt Ag, 0.6% Pb, 0.7% Zn (including 27.70 m @ 72 gpt Ag, 1.5% Pb, 1.3% Zn, 0.1% Cu) and 91.60 m @ 60 gpt Ag, 0.7% Pb, 1.1% Zn, 0.13% Cu in the Fernandez zone. “The Fernandez Zone is steeply plunging cigar-shaped structure characterized by green and brown garnet exoskarn and red garnet endoskarn sulphide mineralization (pyrite-pyrrhotite-sphalerite-galena) contained within quartz-sulphide stockwork veins, breccias, and massive sulphide zones which are spatially associated with the contacts of diorite intrusive bodies”.
  • Endeavour Silver Corp. filed the technical reports on Guanaceví, in Durango, and Bolañitos, in Guanajuato. The reports cover the updated mineral resources on the properties, which add up to 312.9 K tonnes @ 49 gpt Ag, 2.53 gpt Au, containing 488.2 K Oz Ag, 25,500 Oz Au in mineral reserves, 468. 1 K tonnes @ 159 gpt Ag, 2.27 gpt Au, containing 2.4 M Oz Ag, 34,218 Oz Au in the measured and indicated category and  625.3 K tonnes @ 120 gpt Ag, 2.52 gpt Au, containing 2.41 M Oz Ag, 50,733 Oz Au in inferred resources at Bolañitos; and mineral reserves  of 1.09 M tonnes @ 343 gpt Ag, 0.93 gpt Au, containing 12 M Oz Ag, 32,527 Oz Au (32.53 M Oz AgEq) with measured, indicated and inferred resources of 1.53 M tonnes @ 440 gpt Ag, 1.03 gpt Au, containing 21.6 M Oz Ag, 50,349 Oz Au (25.64 M Oz AgEq) at Guanaceví.
  • GoGold Resources Inc. filed the technical report with the resource estimate for Los Ricos North in Jalisco. The resources comprises five deposits with indicated resources of 53.5 M Oz Ag, 186 K Oz Au in oxides and 49 M Oz Ag, 148 K Oz Au, 15 M Lb Cu, 90 M Lb Pb, 258 M Lb Zn in sulfides.
  • Barksdale Resources Corp. announced assay results from eight holes from its phase I drilling program at San Javier, in Sonora. Highlighted core-length intervals comprise 6 m @ 0.90% Cu; 18 m @ 0.38% Cu; 39 m @ 0.61% Cu, 27 m @ 0.26% Cu; 12 m @ 0.48% Cu, 33 m @ 0.28% Cu; 12 m @ 0.52% Cu; 27 m @ 0.33% Cu; 13,5 m @ 0.35% Cu; 47 m @ 0.75% Cu; 15 m @ 0.07% Cu, 0.73 gpt Au; 9 m @ 0.02% Cu, 0.41 gpt Au; 9 m @ 0.02% Cu, 0.84 gpt Au; 3 m @ 0.01% Cu, 0.58 gpt Au. “The final results from the drilling program, which are primarily step-out holes to the west and south, are expected to be released within the next few weeks, at which point we can complete our resource estimation for Cerro Verde”.

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Coarsely banded multi-stage quartz-barite epithermal vein in the Sonoran desert. Picture by Jorge Cirett.