During the 40th week of the year (September 30th to October 6th,2024), companies working in Mexico posted at least 12 press releases. One company informed on exploration advances on its property, one other company updated on mining operations, one company notified on the extension of a financing round, two companies granted stock options/deferred-share-units, two companies announced share consolidation programs, two companies reported drilling results on its advanced property/mine, another reported AGM results, one informed on appointments to the board and two more on their merger. ON MEXICO ISSUES,an illegal mining operation was terminated in Sonora. Vulcan Materials warned on the intensification of its legal dispute with the Mexican government.ON EXPLORATION, in Nayarit, Angel Wings Metals provided an exploration update on La Reyna project. ON MINING, Luca Mining updated on planned activities at its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. ON RESOURCES AND DEVELOPMENT, Vizsla Silver reported drilling results from Panuco, in Sinaloa. Gatos Silver released drilling results from two areas of the Cerro Los Gatos mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Vizsla Silver presented results of its AGM. Apollo Silver made directors appointments. Coeur Mining and SilverCrest Metals announced their merger. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
An illegal gold mining operation was closed down in Sonora. The mining operation was being conducted without permits on La Cienega area in the Sonoran Desert, which is an historically active dry placer mining area. Eight persons were detained and diverse equipment sequestered.
Vulcan Materials warned that it is to intensify its legal dispute with the government of Mexico, under which the company demands the payment of US$1.5 billion.
ON EXPLORATION
Angel Wing Metals Inc. provided an exploration update on La Reyna project, in Nayarit. The exploration focus is on the El Polo-Dolorosa target area, where historic trench results include 21 m grading 5.01 gpt Au, 12.7 m grading 1.21 gpt Au and 15.52 m grading 0.92 gpt Au. “Principal prospects include the former El Polo open pit mine, and the Dolorosa, San Ramon, La Feña, and El Zorillo shallow workings. The Company intends on commencing a diamond drill program in Q4 of this year”. Exploration is focused on bulk tonnage size potential in altered and brecciated volcanic rocks with stockwork quartz veining. The first 2,500 m drill phase is to test five widely spaced prospects from near surface depths to 175 m.
ON MINING
Luca Mining Corp. updated on planned activities at its two mines in Mexico. At Campo Morado, in Guerrero, a mining contractor was hired to increase performance and exceed 2,000 tpd rates, improvements to metallurgy processes have been made and the first drilling program in over a decade is commencing. At Tahuehueto, in Durango, construction has been completed and commercial production is expected to be declared during Q4. A significant drilling campaign is to commence during the quarter. “Luca will commence repayments of its debt owed to Trafigura, from cashflow, in October 2024 under the terms of the restructured debt agreement”.
ON FINANCING
Aztec Minerals Corp. granted 1.57 M stock options to directors, management, and consultants of the company (Cervantes, Sonora).
GRSilver Mining Ltd. granted 97.5 K deferred share units (DSU) to non-executive directors for director’s fees to Q3 2024. eligible persons in accordance with the Omnibus Long-Term Incentive Plan. “Once vested, each DSU entitles the holder thereof to receive either one common share of the Company, the cash equivalent of one common share or a combination of cash and common shares, as determined by the Company, net of applicable withholdings” (Plomosas, Sinaloa).
Silver Spruce Resources Inc. proposed to consolidate its common shares on a 1:15 basis on its annual and special meeting on October 29, 2024 (Pino de Plata, Chihuahua).
Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$10 M. Following the closing of the offering, the company intends to consolidated its issued and outstanding shares on a five to one basis. (Cinco de Mayo, Chihuahua).
Colibri Resource Corp. announced the extension of its non-brokered private placement to raise up to C$450 K, to close on or before November 3, 2024 (EP project, Sonora)
ON RESOURCES AND DEVELOPMENT
Vizsla Silver Corp. reported results from 11 holes targeting the Copala resource area at its Panuco project in Sinaloa. Highlighted true width intercepts comprise 2.88 m @ 0.45 gpt Au, 92 gpt Ag; 1.46 m @ 15.47 gpt Au, 1,935 gpt Ag; 0.55 m @ 6.26 gpt Au, 437 gpt Ag; 2.30 m @ 37.30 gpt Au, 2,851 gpt Ag; (including 1.05 m @ 73.10 gpt Au, 5,410 gpt Ag); 1.70 m @ 1.35 gpt Au, 238 gpt Ag; 5.80 m @ 14.85 gpt Au, 2,551, gpt Ag (including 0.46 m @ 146.50 gpt Au, 21,953 gpt Ag); 2.30 m @ 0.98 gpt Au, 79 gpt Ag; 4.15 m @ 3.29 gpt Au, 732 gpt Ag (including 1.37 m @ 7.56 gpt Au, 1,634 gpt Ag); 5.65 m @ 26.06 gpt Au, 3,007 gpt Ag (including 1.48 m @ 96.11 gpt Au, 10,869 gpt Ag); 0.65 m @ 1.99 gpt Au, 384 gpt Ag; 7.50 m @ 1.23 gpt Au, 222 gpt Ag; 4.90 m @ 1.06 gpt Au, 145 gpt Ag; 1.00 m @ 5.39 gpt Au, 874 gpt Ag; 0.90 m @ 12.05 gpt Au, 1,830 gpt Ag; 4.35 m @ 3.00 gpt Au, 781 gpt Ag (including 0.73 m @ 12.45 gpt Au, 2,990 gpt Ag). “Exploration and resource focused drilling at Copala has traced mineralization along ~1,770 metres of strike length and ~400 metres down dip”.
Gatos Silver Inc. updated on the drilling exploration programs in the 70%-owned Los Gatos district in Chihuahua. Positive results have been obtained on the Central Deeps target and the South-East Deeps zone at the Cerro Los Gatos mine, as well as key developments on the regional exploration program. Highlighted true width intercepts comprise 7.5 m @ 0.20 gpt Au, 101 gpt Ag, 0.17% Cu, 5.5% Pb, 11.1% Zn; 3.3 m @ 0.28 gpt Au, 153 gpt Ag, 0.08% Cu, 6.6% Pb, 17.5% Zn; 2.8 m @ 0.03 gpt Au, 40 gpt Ag, 0.22% Cu, 0.7% Pb, 3.0% Zn; 1.3 m @ 0.57 gpt Au, 151 gpt Ag, 0.09% Cu, 3.0% Pb, 3.8% Zn; 6.5 m @ 0.04 gpt Au, 47 gpt Ag, 0.26% Cu, 1.1% Pb, 2.4% Zn; 4.5 m @ 0.09 gpt Au, 88 gpt Ag, 0.52% Cu,1.8% Pb, 3.2% Zn; 7.8 m @ 0.17 gpt Au, 90 gpt Ag, 0.14% Cu, 4.9% Pb, 5.8% Zn; 4.4 m @ 0.20 gpt Au, 55 gpt Ag, 0.37% Cu, 3.4% Pb, 1.6% Zn, 2.8 m @ 0.07 gpt Au,122 gpt Ag, 0.56% Cu, 3.4% Pb, 9.5% Zn; 5.0 m 0.14 gpt Au, @ 126 gpt Ag, 0.35% Cu, 5.5% Pb, 15.8% Zn; 1.1 m @ 2.03 gpt Au. Drilling below the Central Zone has intercepted a new zone of mineralization, and the “latest results in the South-East Deeps zone show further extension potential to the south-east of the current mineral reserves in this area. Moreover, we continue to pursue the longer term potential across the broader Los Gatos district”.
ON DEALS AND CORPORATE ISSUES
Vizsla Silver Corp.held its annual general meeting, fixing the number of directors at seven persons, elected the directors for the ensuing year, re-appointed the auditor of the company and approved the company’s omnibus equity incentive compensation plan. (Panuco, Sinaloa).
Apollo Silver Corp. announced the appointment of Alex Tsakumis to its board of directors and of Amandip Singh as vice president, corporate development (Cinco de Mayo, Chihuahua).
Coeur Mining Inc. and SilverCrest Metals Inc. entered into a definitive agreement in which Coeur is to acquire all issued and outstanding shares of SilverCrest. All SilverCrest shareholders will receive 1.6022 Coeur common shares. The exchange ratio implies $11.34 per SilverCrest shares, representing an 18% premium and a total equity value of $1.7 billion based on SilverCrest’s shares outstanding. “Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively” (Palmarjo, Chihuahua; Las Chispas, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Drilling under the scarp in Sonora. Picture by Jorge Cirett.
By Jorge Cirett During the 34th week of the year (August 19th to August 25th,2024), companies working in Mexico posted at least 20 press releases. Three companies informed on exploration advances on their properties, three companies provided operational/financial results for the quarter, one informed on a major mill repair and one more on a mandated suspension of activities. One company granted stock options, one drew a final loan, one informed on its TSX listing and one more on a short base prospectus. One company released a revised PEA on its property and one more informed on district wide exploration and regional exploration plays. ON MEXICO ISSUES, the ambassadors of USA and Canada made clear their opposition to the judicial reform proposed by the sitting Mexican president. ON EXPLORATION, In Sonora, Colibri Resource reported on exploration at its El Plomo property in Sonora. In Chihuahua, Radius Gold informed on drilling results at Plata Verde. In Guerrero, Pantera Silver is evaluating options to restart exploration at its Nuevo Taxco project.ON MINING, Endeavour Silver informed on the repair of a mill and temporary measures to keep production ongoing at Guanaceví, in Durango. Starcore International, Sailfish Royalty and Impact Silver informed on quarterly production/financial details. Starcore International suspend mining operations at San Martin in Queretaro on safety grounds after a government inspection. ON FINANCING, Barksdale Resources granted stock options. Bear Creek Mining drew a final US$750 K from a promissory note. Vizsla Royalties is now listing in the TSX. Guanajuato Silver Company filed a final short base prospectus to offer up to US$65 M. ON RESOURCES AND DEVELOPMENT, Oroco Resources released a revised PEA on Santo Tomás, in Sinaloa. Vizsla Silver provided an update on its exploration plans at its Panuco project and two more regional plays in Sinaloa. ON DEALS AND CORPORATE ISSUES, Barksdale Resources appointed Dr. Quinton Hennigh to its board. Ranchero Gold signed a LOI on the sale of the Santa Daniela project in Sonora. Atacama Copper is changing its name to Fuerte Metals. ON SOCIAL RESPONSIBILITY, Discovery Silver released its 2023 ESG report.
ON MEXICO ISSUES
Ken Salazar, USA ambassador in Mexico released a letter on which criticizes the Mexican president’s proposal for reform of the Judicial system. The ambassador pointed out the problems that will arise if the proposal is passed as is, bringing a major risk to democracy in Mexico and threaten the historic trade relationships with USA. (Note by editor. – The proposal envisages the selection system for federal judges and magistrates changing from one based on professional examinations to one based on the popular vote, among other bizarre directives aimed to control the judiciary system by the executive branch).
Graeme Clark, Canada ambassador in Mexico stated that Canadian investors are at crossroads before the probable passing in Congress of the Judicial Reform proposed by the sitting president AMLO. According to CanCham (Cámara de Comercio de Canadá en México) 40% of Canada’s investments in Mexico are on the mining sector.
ON EXPLORATION
Pantera Silver Corp. is currently evaluating options to restart exploration at the Nuevo Taxco project in Guerrero. “…work will likely focus on initial sampling and mapping in the “Southwest Zone” of the Nuevo Taxco concession”. Pantera Silver is pursuing potential acquisitions, aiming to build a portfolio of 2-3 high-quality projects, focused on silver.
Colibri Resource Corp. reported results of geological mapping and outcrop sampling on 4,766 ha El Plomo property at the EP project, located 25 km east of Fresnillo plc´s La Herradura mine. At the San Perfecto target mineralization is hosted by a silicified and sericitized moderately to strongly foliated diorite with quartz micro-veinlets in higher-grade samples. Of 29 rock samples recently collected, 14 returned more than 0.1 gpt Au, 9 greater than 0.5 gpt Au and 6 with more than 1.0 gpt Au. More than 616 historical samples yielded results with over 50% above 0.1 gpt Au and 15% with more than 1 gpt Au, peaking at 58.9 gpt Au. “The footprint of mineralization at San Perfecto is now approximately 1,250 m by 700m”. At La Culebra target 34 grab samples were collected, with 14 returning more than 0.1 gpt Au and five more than 1.0 gpt Au peaking at 4.64 gpt Au. “Mineralization is hosted by rusty zones which were mapped over a 650 m strike length in a northeast direction and coincident with an andesite-rhyolite contact”.
Radius Gold Inc. announced initial results on the exploration program at Plata Verde, in Chihuahua. The first four holes cut several zones of low-grade Ag mineralization “and indicate limited potential for an economic discovery in the eastern extension of silver mantos”. Assays are pending on four holes in the western side of the valley, with thicker favorable basaltic rock and improved visual mineralization. The most recent hole located further northwest “intersected visually improved results, cutting through greater width of basaltic host and encountering visibly the most attractive mineralization seen so far in this drilling program”. The JV partnership is extending the planned program, adding three additional drill holes.
ON MINING
Endeavour Silver Corp. informed processing resumed at the Guanacevi mine in Durango, after the primary ball mill trunnion failure. Temporary modifications re-purposed one of the re-grind mills as the primary ball mill, which is running at 400 tpd (name plate capacity 1,200 tpd) during this temporary phase. “Contract mining activities and local third-party material purchases will cease until the process plant operations have returned to full capacity”. Initial quotes obtained point to a 16-weeks fabrication and installation period. During this period Guanacevi production is estimated to decrease by 0.9 M to 1.1 M Oz Ag and by 2,000 to 3,000 Oz Au.
Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2024. At San Martin, in Zacatecas, 49.5 K tonnes were milled, averaging 1.92 gpt Au, 20 gpt Ag, recovering 85.2% Au, 56.9% Ag, to produce 2,841 Oz AuEq. Starcore expects to start industrial testing of carbonaceous ore in September.
Impact Silver Corp. announced financial and operating results for the second quarter of 2024. The company’s revenue in the quarter was C$7.7 M, also during the period a non-brokered “LIFE” and a private placement of C$8.6 M were completed, holding C$9.9 M in cash by the end of the quarter. At Zacualpan, in Estado de Mexico, 35.1 K tonnes averaging 161 gpt Ag were processed to produce 152.2 K Oz Ag. Over the last six months 5,243 m of drilling have been completed at Zacualpan. At Plomosas, in Chihuahua, 9.26 K tonnes were milled during the period, and the company expects to end the third quarter with a production rate in the 150-170 tpd range. Over the first half of the year the average grade has been 14% Zn, 8.7% Pb, 43.7 gpt Ag; during the same period 14,377 m of drilling have been completed.
Sailfish Royalty Corp. announced its operating and financial results for the second quarter 2024, from its operations outside Mexico (Gavilanes, Durango).
Starcore International Mines Ltd. suspended temporarily mining operations at its San Martin mine in Queretaro. “An unscheduled inspection at the mine conducted by the Mexican Labor Department identified safety standards that need to be met before resuming operations. The inspection followed a recent singular fatality at the mine, the first one in 18-1/2 years of Starcore’s record of zero fatalities in its mining operations at San Martin”.
ON FINANCING
Barksdale Resources Corp. granted stock options to certain directors, officers, employees and consultants of the company to acquire 5 M common shares (San Javier, Sonora).
Bear Creek Mining Corp. announced the drawn down of US$750 K in funds related to the promissory note issued to the company to Sandstorm Gold Ltd., and under which Sandstorm can elect convert the amounts drawn into common shares of Bear Creek. An aggregate of US$2.62 M has been drawn down under the additional credit for a total principal amount of US$21.64 M (Mercedes, Sonora).
Vizsla Royalties Corp. is now listing on the TSX Venture Exchange as a Tier 2 issuer and its shares are expected to commence trading on August 26, 2024 (Panuco, Sinaloa).
Guanajuato Silver Company Ltd. filed and received a receipt for a final short base prospectus that allows the company to offer up to US$65 M of common shares, debt securities, warrants, subscription receipts, share purchase contracts and units during the 25-months period that the prospectus is effective (El Cubo, Guananjuato).
ON RESOURCES AND DEVELOPMENT
Oroco Resources Corp. announced a revised preliminary economic assessment (PEA) and updated mineral resource estimate for the North and South zones of its Santo Tomas project in Sinaloa. The study envisages a NPV (8%) of US$2.64 B pre-tax and US$1.48 B post-tax, an internal rate of return of 30.3% pre-tax, and 22.2% post-tax, total LOM (life on mine) production of 4.8 B Lb Cu, a pre-tax payback of 2.9 years, post-tax payback of 3.8 years from first concentrate production. Estimated initial capital costs of US$1.1 B and sustaining and expansion capital costs at US$1.73 B. producing at cash cost US$1.54 per Lb Cu on by-product basis, with average CuEq grade of 0.51% on the first 7 years of production. The Santo Tomas deposit has 540.6 M tonnes @ 0.33% Cu, 0.008% Mo, 0.028 gpt Au, 2.1 gpt Ag as indicated resources containing 3.98 B Lb Cu, 95.4 M Lb Mo, 483.4 K Oz Au, 36.5 M Oz Ag and 530.8 M tonnes @ 0.31% Cu, 0.007% Mo, 0.023 gpt Au, 1.9 gpt Ag as inferred resources, containing 3.67 B Lb Cu, 84.4 M Lb Mo, 387.1 K Oz au, 33.2 M Oz Ag.
Vyzsla Silver Corp. provided an update on resource potential expansion potential and outline its exploration plans at its Panuco project in Sinaloa. The key exploration objectives for 2024 include 10,000 m of exploration drilling in the central-east area of the district, completing +5,000 m of resource expansion drilling in Copala Central, complete VTEM, airborne mag and radiometric surveys on 950 line-km, advance mapping coverage to 70% of the district and finish an updated resource estimate in Q4 2024. Exploration in the district central and east areas already has a handful of targets with outcropping silver mineralized veins. Two greenfields projects to explored include La Garra-Metates district, covering 16,962 ha, located 32 km NW from Panuco and San Enrique, adjacent to the south of Panuco and covering 10,667 ha.
ON DEALS AND CORPORATE ISSUES
Barksdale Resources Corp. appointed Dr. Quinton Hennigh to its board of directors (San Javier, Sonora).
Ranchero Gold Corp. entered into a letter of intent (LOI) to sell its Mexican subsidiary Minera y Metalurgica Paika, S.A. de C.V. to an arm’s length party purchaser for nil consideration. The sale includes water rights and four mining concessions covering 16,876 ha on the Santa Daniela project, in Sonora, and a conditional payment of US$2.5 M that will offset liabilities in Paika of $3.55 M of land fee payments and accrued interest due, along with a potential finder’s fee related to the conditional payment.
Atacama Copper Corp. has changed its name to Fuerte Metals Corp., with its shares expected to commence trading under the new name on August 26, 2024 (Cristina, Chihuahua).
ON SOCIAL RESPONSIBILITY
Discovery Silver Corp. released its 2023 environmental, social and governance (ESG) report, highlighting purchases for $19.2 M in goods and services from Mexican businesses, $5.0 M paid in salaries and benefits to 69 local employees, of which 85% are local; $195 K of direct community investments and 21.1 GJ of renewable solar energy (Cordero, Chihuahua).
On the image below: Strong chlorite-epidote alteration in intrusive rock with two parallel quartz veinlets, one bearing molybdenite, HQ core. Picture by Jorge Cirett.
During the 31st week of the year (July 29th to August 04th 2024), at least 32 press releases were announced by companies working in Mexico, with ten communicating production and financial results, nine disclosing deals and corporate issues, five announcing financing rounds, five reporting resources and development of their properties, two informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, First Majestic and Silver Tiger reported the best drilling intercepts in Mexico on the first week of August, 2024. ON EXPLORATION, In Sonora, Reyna Gold released the final drill results from its La Gloria project. In Sinaloa, Prismo announced that a man-portable drill is mobilizing for the upcoming drilling program at its Palos Verdes project. ON MINING, Gold Resourceannounced that it will host a conference call on Wednesday, August 7 2024 to report Q2, 2024 results (Don David Gold mine, Oaxaca).Capstone announcedQ2, 2024 production results (Cozamin mine, Zacatecas).First Majestic reported Q2, 2024 consolidated financial results from their Mexican operations. Sierra Madre announced the first silver-gold concentrate shipment from its La Guitarra mine, Mexico. Starcore reported Q3 and year end 2024 results for its San Martin mine in Queretaro. Gatos Silver announced that it will release its Q2, 2024 financial and operating on August 6, 2024 results (Cerro Los Gatos, Chihuahua). Agnico Eagle reported Q2, 2024 production and financial results from their Pinos Altos mine in Chihuahua and La India mine in Sonora. Alamos Gold presented Q2, 2024 production and financial results from its Mulatos mine in Sonora. Endeavour reported Q2, 2024 operational and financial results from their Mexican operations. MAG Silver released (on a 100% basis), Q2, 2024 production and final results from its Juanicipio min in Zacatecas. ON FINANCING, Defiance Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $608,715 (Zacatecas project, Zacatecas). Vizsla closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $4,967,498 (Panuco property, Sinaloa). Southern Silver extended closing of the second and final tranche of its previously announced non-brokered private placement for gross proceeds of up to $4.5M for a period of 30 days (Cerro Las Minitas, Durango). Vizsla Royalties closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $225K (Panuco project, Sinaloa). ON RESOURCESAND DEVELOPMENT, Silver Tiger reported results from its Pre-Feasibility Study drilling program at its El Tigre project in Sonora. Infinitum provided an update on progress at its Adelita project in Sonora. Orogen Royalties and operator First Majestic announced a new significant gold-silver discovery on the Ermitaño mine concession in Sonora, where Orogen holds a 2% net smelter return royalty. Torex provided an update on the development of its Media Luna project in Guerrero. ON DEALS AND CORPORATE ISSUES, Candelaria announced changes to its Board of Directors (Pinos project, Zacatecas). Florida Canyon announced incentive plan grants to certain employees, executive officers, directors, and consultants (El Castillo mine, Durango). Plata Latina presented voting results of its annual general meeting of shareholders (Naranjillo project, Guanajuato). Galore Resources announced that the British Columbia Securities Commission issued a management cease trade order that prohibits all trading by the CEO and CFO (Dos Santos project, Zacatecas). Silver Storm reported that it delayed the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024 (La Parrilla mine, Durango). Sonoro Gold corrected disclosures related to its Cerro Caliche project in Sonora. Bear Creek announces that its Board of Directors authorized and approved a grant of 200K to its VP Exploration and Geology (Mercedes mine, Sonora). Santacruz granted stock options to directors, officers, employees and consultants (Zimapan mine, Hidalgo). Vizsla Royalties completed a consolidation of its issued and outstanding common shares (Panuco project, Sinaloa). Golden Minerals declared that the company does not have sufficient resources to meet its expected cash needs over the next twelve months (Velardeña project, Durango). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
First Majestic Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the first week of August, 2024. Details are shown in the table below:
ON EXPLORATION
Prismo Metals Inc., announced that a man-portable drill is mobilizing for the upcoming drilling program at its Palos Verdes project in Sinaloa. Drilling is planned to commence on August 5, 2024 and the goal is “trace the down dip extension of the mineralized shoot defined by previous drilling on the southwest portion of the vein, Seek continuation of the vein on the northeast extension of the vein across a cross-fault believed to have offset the vein downward, and test the extreme northeasterly extension of the Palos Verdes vein system near the concession limit adjacent to the historical Jesusita mine”.
Reyna Gold Corp., released the final drill results from its La Gloria project in Sonora. Drilling highlights in The Western Target include holes LG-23-58 with 0.29 g/t Au over 39.1m, including 0.99 g/t Au over 4.85m, including 7.16 g/t Au over 0.55m; hole LG-23-59 with 0.26 g/t Au over 14.2m, including 1.82 g/t Au over 0.4m and 1.06 g/t Au over 0.95m; hole LG-23-60 with 0.23 g/t Au over 12.7m, including 1.95 g/t Au over 0.65m, and 1.10 g/t Au over 0.50m, plus 0.92 g/t Au over 3.30m, including 5.16 g/t Au over 0.55m. Drilling highlights in the La Republica Target include holes LG-23-49 with 0.19 g/t Au over 13.7m, including 3.6 g/t Au over 0.5m, plus 0.23 g/t Au over 35.2m, including 0.65 g/t Au over 0.55m, 2.09 g/t Au over 0.50, 1.2 g/t Au over and 2.19 g/t Au over 1m; and hole LG-23-42 with 0.23 g/t Au over 25.35m, including 2.77 g/t Au over 0.60m, and 3.91 g/t Au over 0.5m, plus 72 g/t Ag, 0.5% Cu and 0.55% Pb over 1.60m
ON MINING
Gold Resource Corporationannounced that it will host a conference call on Wednesday, August 7 2024 to report Q2, 2024 results (Don David Gold mine, Oaxaca).
Capstone Copper Corp., announcedQ2, 2024 production results (Cozamin mine, Zacatecas). The company produced 13.78M Lb Cu at cash cost of USDS $1.74 per Lb Cu produced.
First Majestic Silver Corp., reported Q2, 2024 consolidated financial results from their Mexican operations (all numbers expressed in US dollars). The company announced a revenue of $136.2M; a mine operating earnings of $15.5M; operating cash flows before movements in working capital and taxes of $23.8M; consolidated cash cost and AISC of $15.29 and $21.64 per Oz AgEq respectively; and cash and restricted cash balance of $269.7M consisting of $152.2M cash and cash equivalents and $117.5M of restricted cash- First Majestic declared a cash dividend of $0.0046 per common share (Santa Elena mine in Sonora, San Dimas mine in Durango, and La Encantada mine in Coahuila).
Sierra Madre Gold and Silver Ltd., announced the first silver-gold concentrate shipment from its La Guitarra mine, Mexico. The company shipped 90.68 dry metric tonnes (DMT) which contained approximately 3,000 grams of silver and 30 grams gold per DMT. The company has approximately 90 dry metric tonnes of additional concentrate that is expected to ship later this week.
Starcore International Mines Ltd., reported Q3 and year end 2024 results for its San Martin mine in Queretaro. In Q3, the company milled 55.9K tonnes of 1.91 g/t Au and 20 g/t Ag with metallurgical recoveries of 88.6% and 56.9% respectively to produce 3K Oz Au and 19.7K Oz Ag (3.2K Oz AuEq) at a operating cash cost of USD $1,411 per Oz AuEq.It also reported revenue of 9.3M; income from mining operations of $2.2M; total assets of $51.98M; and cash in hands of $5.7M. In the full year 2024, Starcore milled 224.3K tonnes of 1.50 g/t Au and 16 g/t Ag with metallurgical recoveries of 87% and 50.9% respectively to produce 9.4K Oz Au and 58K Oz Ag (10.1K Oz AuEq) at a operating cash cost of USD $1,686 per Oz AuEq. It also reported revenue of 28.3M; income from mining operations of $2.4M; total assets of $51.98M; and cash in hands of $5.3M.
Gatos Silver Inc., announced that it will release its Q2, 2024 financial and operating on August 6, 2024 results via conference call and webcast (Cerro Los Gatos, Chihuahua).
Agnico Eagle Mines Limited reported Q2, 2024 production and financial results from their Pinos Altos mine in Chihuahua and La India mine in Sonora (currency is expressed in US dollars). AtPinos Altos, Chihuahua the company milled 454K tonnes of 1.7 g/t Au to produce 23,754 Oz Au at production cost of $1,815 per Oz Au and total cash cost of $1,414 per Oz Au. Agnico also reported a sustaining capital expenditure of $6.1M; development capital expenditures of $806K; net income of $67.8M; payable metal sold of 25,510 Oz Au; total cash cost co-product of $1,793 per Oz Au, and total cash cost by-product of $1,414 per Oz Au. At La India, Sonora (residual leaching to continue through year-end 2024), the company produced 6,079 Oz Au at production cost of $2,146 per Oz Au and total cash cost of $2,171 per Oz Au. Agnico also reported net income of $16.55M; payable metal sold of 7,020 Oz Au; total cash cost co-product of $2,230 per Oz Au, and total cash cost by-product of $2,172 per Oz Au.
Alamos Gold Inc., presented Q2, 2024 production and financial results from its Mulatos mine in Sonora (currency is expressed in US dollars). The company produced 53,400 Oz Au and sold 56,100 Oz Au to generate cost of sales for $75.2M, at a cost of sale per Oz Au (includes amortization) of $1,340. Total cash cost and mine-site all in sustaining cost per Oz Au sold were $907 and $963 respectively. Alamos Gold also reported revenue of $133.4M; earnings from operations of $54.3M; cash provided by operations activities of $77.7M; and mine-site free cash flow of $69.9M.
Endeavour Silver Corp., reported Q2, 2024 operational and financial results from their Guanacevi mine in Durango and Bolañitos mine in Guanajuato (currency expressed in US dollars). At Guanacevi, Durango it mined 112,898 tonnes to produce 1.2M Oz Ag (1.5M Oz AgEq) at cash cost and all in sustaining cost of $17.17 and $24.53 per Oz Ag respectively. At Bolañitos, Guanajuato the company mined 106,092 tonnes to produce 111.3K Oz Ag (621.2M Oz AgEq) at cash cost and all in sustaining cost of $26.67 and $8.15 per Oz Ag respectively. Endeavour also presented consolidated financial results, reporting strong revenue of $ $58.3M from the sale of 1,217,569 Oz Ag and 9,887 Oz Au at average realized prices of $28.94 per Oz Ag and $2,374 per Oz Au; mine operating cash flow before taxes of $18.9M; a loss of $1M; and cash position of $68.1M, and working capital of $64.5M.
MAG Silver Corp., released (on a 100% basis), Q2, 2024 production and final results from its Juanicipio min in Zacatecas (currency is expressed in US dollars). The company mined 349,460 tonnes and processed 336,592 tonnes of 498 g/t Ag, 1.2 g/t Au, 1.6% Pb, and 3% Zn (746 g/t AgEq) to produce 4.27M Oz Ag, 7.2K Oz Au, 9.2M Lb Pb, and 15.2M Lb Zn at cash and all in sustaining costs of $8.86 and $11.31 per Oz AgEq sold respectively. MAG reported net income of $21.6M ($0.21 per share); adjusted EBITDA of $50.3M; strong operating cash flow of $92.8M and free cash flow of $88.6M.Juanicipio returned a total of $29.8M in interest and loan principal repayments to MAG further augmenting MAG’s liquidity position to $97.3M million at the end of the quarter.
ON FINANCING
Defiance Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $608,715, with the issuance of 3,043,575 units at a price of CAD $0.20 per unit. The aggregate gross proceeds of the first tranche and final tranche total CAD $3,222,615 representing 16,113,075 Units. The net proceeds of the offering will be used by the company for exploration and general working capital purposes (Zacatecas project, Zacatecas).
Vizsla Royalties Corp., closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $4,967,498 by the issuance of 82,791,636 units at a price of CAD $0.06 per share. Net proceeds from the offering are expected to be used for working capital and general corporate purposes (Panuco property, Sinaloa).
Southern Silver Exploration Corp. extended closing of the second and final tranche of its previously announced non-brokered private placement for gross proceeds of up to $4.5M for a period of 30 days. Net proceeds from the private placement will be used for the continued development of the Cerro Las Minitas property, Durango, Mexico and for working capital. “Specifically, the company plans to initiate a program of resource expansion of up to 6000m of drilling in 11 holes to test shallow targets along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in early September. Work continues to de-risk the project through the initiation of base-line studies and continued social engagement”.
Vizsla Royalties Corp., closed the final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $225K by the issuance of a further 3,750,000 shares at a price of CAD $0.06 per share. The total gross proceeds raised for the offering was CAD $5,192,498, issuing 86,541,636 common shares of the company at CAD $0.06 per share. Net proceeds from the offering are expected to be used for working capital and general corporate purposes (Panuco project, Sinaloa).
ON RESOURCES AND DEVELOPMENT
Silver Tiger Metals Inc., reported results from its Pre-Feasibility Study (PFS) drilling program at its El Tigre project in Sonora. The most significant drill intercepts were encountered in hole ET-24-609 with 0.76 g/t Au and 1 g/t Ag (0.77 g/t AuEq or 58 g/t AgEq) over 24.2m (Stockwork Zone), plus 0.56 g/t Au and 3 g/t Ag (0.6 g/t AuEq or 45 g/t AgEq) over 53.8m (stockwork Zone), plus 0.09 g/t Au and 74 g/t Ag (1.08 g/t AuEq or 81 g/t AgEq) over 40m (El Tigre Vein Keel), including 0.12 g/t Au and 135 g/t Ag (1.92 g/t AuEq or 144 g/t AgEq) over 17.3m, plus 0.17 g/t Au and 142 g/t Ag (2.07 g/t AuEq or 155 g/t AgEq) over 50.7m (Seitz Kelly Vein Keel), including 0.2 g/t Au and 319 g/t Ag (4.46 g/t AuEq or 334 g/t AgEq) over 14.3m. To date, 138 holes for the PFS have been drilled at El Tigre and results are highlighting the expansion of stockwork mineralization in the Keel Zone, now projecting mineralization 100 metres below the PEA designed pit. “On May 20th, Silver Tiger has completed PFS Drilling, totalling 24,550 metres focused on expanding the Mineral Resource, upgrading the classification, completing metallurgical test work and geotechnical studies as it progresses from an exploration to a development project. The value-added PFS progress is on schedule for publication in H2-2024”.
Infinitum Copper Corp., provided an update on progress at its Adelita project in Sonora. The company mobilized equipment to provide access to the Cerro Grande adit to drive a 100m long, 3m wide x 3 m access tunnel to the mineralized body.
Orogen Royalties Inc., and operator First Majestic Silver Corp., announced a new significant gold-silver discovery (Navidad Vein) on the Ermitaño mine concessions in Sonora, where Orogen holds a 2% net smelter return royalty. Highlight drill holes include holes EW-24-364 with 8.15 g/t Au and 427 g/t Ag over 4.78m; hole EW-24-370 with 10.13 g/t Au and 86 g/t Ag over 4.42m and 5.65 g/t Au and 46 g/t Ag over 5.75m in the hanging wall vein; and hole EW-24-368 with 54.93 g/t Au and 399 g/t Ag over 1.82m. “The Navidad vein system, that includes a hanging wall vein, has an apparent strike continuity of 750m and dip continuity of 250m. Vein thickness for both areas range from 1.5m to 6.0m. The zone is open in all directions”.
Torex Gold Resources Inc., provided an update on the development of its Media Luna project in Guerrero. As of June 30, 2024, the Media Luna Project by Torex Gold is 78% complete and on schedule, with first copper concentrate production expected by the end of 2024 and commercial production anticipated in Q1, 2025. Remaining expenditures of the project’s budget have been reviewed and finalized at USD $950M, reflecting a USD $75M increase due to the stronger Mexican peso. Given the project capital increase, the Media Luna capital expenditures guidance for 2024 will be adjusted and the range narrowed to $430 – $450M, from $350 – $400M.Key construction activities include the installation of a mine-wide pumping system, progress in surface construction, and ongoing recruitment and training for operational readiness. Overall, the project is advancing steadily towards its goals.
ON DEALS AND CORPORATE ISSUES
Candelaria Mining Corp., announced changes to its Board of Directors (Pinos project, Zacatecas).
Florida Canyon Gold Inc., announced incentive plan grants to certain employees, executive officers, directors, and consultants. The company granted an aggregate of 1,980,833 restricted share units and 498,659 deferred share units (El Castillo mine, Durango).
Plata Latina Minerals Corporation presented voting results of its annual general meeting of shareholders (Naranjillo project, Guanajuato).
Galore Resources Inc., announced that the British Columbia Securities Commission issued a management cease trade order (MCTO) that prohibits, effective immediately, all trading of the securities of the company by the CEO and CFO. The MCTO is being issued with respect to the Company’s delay in meeting the deadline for filing its annual financial statements, Management Discussion and Analysis and related CEO / CFO certifications due July 29, 2024 (Dos Santos project, Zacatecas).
Silver Storm Mining Ltd., reported that it delayed the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024. The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (La Parrilla mine, Durango).
Sonoro Gold Corp., corrected disclosures contained in corporate presentations posted on the Company’s website and emails distributed to an investor relations contact list, related to its Cerro Caliche project in Sonora.
Bear Creek Mining Corporation announces that its Board of Directors authorized and approved a grant of 200K to its VP Exploration and Geology at the strike price of CAD $0.325 per share (Mercedes mine, Sonora).
Santacruz Silver Mining Ltd., granted 675K deferred share units, 850K restricted share units, 2.5M performance share units and 2.47M stock options to directors, officers, employees and consultants (Zimapan mine, Hidalgo).
Vizsla Royalties Corp., completed a consolidation of its issued and outstanding common shares on the basis of one new common share for every existing ten common shares. The consolidation was approved by the Company’s Board of Directors on July 31, 2024 (Panuco project, Sinaloa).
Golden Minerals Company declared that the company does not have sufficient resources to meet its expected cash needs over the next twelve months. The company is facing financial challenges, with approximately USD $1.4M in cash and USD $4.8M in liabilities as of June 30, 2024. The company has ceased mining operations at the Velardeña mine and is exploring options to secure funding, including the sale of assets, such as the Velardeña and Yoquivo properties in Mexico, and the El Quevar project in Argentina. Golden Minerals has entered into agreements to sell certain assets for USD $5.5M but are experiencing delays in receiving full payments. Without additional cash inflows, the company anticipates exhausting its resources by September 2024, which could lead to a cessation of operations and potential liquidation.
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, a hydrothermal quartz breccia in an epithermal vein system in a project in Zacatecas, Mexico. Photo taken by Miguel A Heredia.
During the 22nd week of the year (May 27th to June 2nd,2024), companies working in Mexico posted at least 29 press releases. One company informed of drilling on its property and six companies released financial results for Q1 2024. Two companies announced the opening/closing of financing rounds for C$10.28 M and one filed a prospectus to raise up to US$250 M. Two companies informed on drilling results from their advanced projects, one on the approval of key mining permits, another on an updated technical report and one more a clarification on a previous news release. Two companies reported on held AGM’s, another one on the date for a merger-voting AGM, one on plans for a copper spinout, one on an annual report and one more on a board member retirement. ON MEXICO ISSUES, presidential polls in Mexico are to define a centralized power government or a checks and balances political system. The mining industry will be strongly affected if the officialism candidate wins. Nearshoring and EV’s present an opportunity to copper producing Sonora. The New Mining Law has stalled the investment of more than US$4.5 billion in the country. ON EXPLORATION, In Sonora, Tocvan Ventures informed on drilling progress at Pilar.ON MINING, Impact Silver, Orogen Royalties, Bear Creek Mining, Minera Alamos, Santacruz Silver Mining and Luca Mining presented financial/operational results for Q1 2024. ON FINANCING, Impact Silver increased again its non-brokered private placement to C$10.2 M, Sailfish and Alamos Gold declared quarterly dividends. Inomin raised $80 K on the first tranche of financing. Mag Silver filed the base shelf prospectus to raise up to C$250 M in 25 months. ON RESOURCES AND DEVELOPMENT, Silver Storm and Prime Minig released drilling results from La Parrilla, in Durango, and Los Reyes, in Sinaloa, respectively. ON DEALS AND CORPORATE ISSUES, Argonaut Gold is to held a special meeting of shareholders to vote on the merger with Alamos Gold. First Majestic Silver released its 2023 annual report. Avino Silver and Guanajuato Silver released AGMS’s results. Minera Alamos informed on its purpose to create a copper developer/producer spinout in Central Sonora. Capstone Copper announced the retirement of Bob Gallagher. ON SOCIAL RESPONSIBILITY, First Majestic Silver and Fortuna Silver Mines published their 2023 ESG reports.
ON MEXICO ISSUES
This Sunday June 2nd presidential polls are to be held in Mexico, same that will define the bearing the country is to follow in the next six years and probably beyond that. At stake are the centralized government system with unrestricted power to the presidency sought by the current incumbent Andres Manuel Lopez Obrador, and the checks and balances system between the different government branches (executive, legislative and judicial) sought by the coalition opposition parties. Besides the obvious influence on the economy, if the officialism party´s Claudia Sheinbaum candidate wins, expect a tight grip on the mining industry from the open supporter of socialist economies, like Cuba and Venezuela.
Nearshoring and electrical vehicles present an opportunity for copper producing Sonora, according to David Ramos Félix, president of the local AIMMGM chapter in the State that produces more than 70% of the red metal in the country
Restrictions brought by the new Mining Law approved by Fast Track procedures in May of 2023 have delayed the investment of more than US$4.5 billion, according to Karen Flores, president of the Cámara Minera de México (CAMIMEX). The freezing of at least 220 environmental permits is hindering the investments that could generate employment to close to 50 thousand families, with salaries in the metallic mining sector that are 85% above the national average.
ON EXPLORATION
Tocvan Ventures Corp. informed 2,200 m have been completed on the reverse circulation (RC) drill program at its Pilar property in Sonora. Results for nine holes have been released so far.
ON MINING
Impact Silver Corp. announced financial and operating results for Q1 2024. The company reported revenue of $4.3 M from the Guadalupe mine in Estado de Mexico and $1 M from the start-up operations at Plomosas in Chihuahua. There was a net loss during the period of $3.1 M, primarily on upgrading facilities at the Plomosas mine. At the Zacualpan/Guadalupe mine in Estado de Mexico 31.7 K tonnes were milled @ 161 gpt AgEq. The Plomosas mine continued gradual start-up of operations, processing 3.6 K tonnes @ 15.3% Zn. The mine is expected to reach design capacity of 200 tpd later in 2024.
Orogen Royalties Inc. reported Q1 results, including $1.48 M in royalty revenue generated from First Majestic’s Ermitaño mine in Sonora, representing 508 Oz AuEq. “During the current quarter, the mill processed 224,394 tonnes of ore compared to 233,601 tonnes processed last quarter. Average silver and gold head grades during the current quarter were 72 grams per tonne (“g/t”) and 3.16 g/t, respectively, compared to average silver and gold head grades of 106 g/t and 3.88 g/t, respectively, of the previous quarter. Silver and gold recoveries averaged 69% and 95%, respectively, compared to recoveries of 73% and 96% from the previous quarter”.
Bear Creek Mining Corp. reported interim consolidated financial results for Q1 2024. During the period, 106.4 K tonnes were mined at the Mercedes mine in Sonora, averaging 3.83 gpt Au, 109.3 K tonnes milled averaging 3.69 gpt Au, recovering 94% Au to produce 12,228 Oz Au, 44 K Oz Ag at cash cost $1,183 per Oz Au and an AISC of $1,588 per Oz Au. Total revenue in the period was $27.5 K M. “Updates to estimates of mineral reserves and mineral resources are tentatively expected before year end, pending completion of the first phase of the exploration and infill drilling campaign”.
Minera Alamos Inc. provided select financial highlights from its Q1 2024 and an operational update for the first five months of the year. Updated plans call for 20 K Oz Au averaging 0.63 gpt Au and mined at a 1.6:1 ratio and staked over a 12-month period. Further stockpiled 4.5 K Oz Au @ 1.0 gpt Au are to be processed during the same period. Mining and stacking operations are expected to commence in June and continue through H2 2024 and H1 2025. Total gold recovered and sold during the first quarter was 907 Oz Au, with inventory on the leach pad of 5,383 Oz Au. Cash and cash equivalents at the end of the period was $11.8 M, with a positive working capital of $18.2 M.
Santacruz Silver Mining Ltd. reported its financial and operating results for the first quarter 2024, including figures from its operations in Mexico. At Zimapan, in Hidalgo, 205.4 K tonnes were processed @ 82 gpt Ag, 0.29% Cu, 0.83% Pb, 2.29% Zn, recovering 74% Ag, 43% Cu, 79% Pb, 77% Zn, to produce 399.9 K Oz Ag, 256 tonnes Cu, 1,352 tonnes Pb, 3,643 tonnes Zn. During the period the company had US$52.6 M in revenue, 463 K in gross profit, cash and cash equivalents of US$4 M and working capital of US$7.1 M.
Luca Mining Corp. announced financial results for Q1 2024. During the period the company produced 4,297 Oz Au, 207.5 K Oz Ag, 791 tonnes Cu, 661 tonnes Pb, 3,068 tonnes Zn. The company achieved its first positive operating earnings with C$4.8 M in operating income and C$7.3 M in net income. Cash flow was C$4 M, with an AISC of US$1,325 and US$1,690 per Oz AuEq, expected to decrease at Tahuehueto and Campo Morado respectively, as ramp up production continues with the completion of construction at the former and completion of the improvement project at the latter (Tahuehueto, Durango; Campo Morado, Guerrero).
ON FINANCING
Impact Silver Corp. is amending and increasing its previously announced non-brokered private placement from C$8.2 M to C$10.2 M (Plomosas, Chihuahua).
Sailfish Royalty Corp. declared the second quarterly dividend for 2024, in the amount of US$0.0125 per common share (Gavilanes, Durango).
Alamos Gold Inc. declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
Inomin Mines Inc. announced the closing of the first tranche of its non-brokered private placement for gross proceeds of $80K (La Gitana, Oaxaca).
Mag Silver Corp. obtained receipt for the final short form base shelf prospectus filed with the securities commissions in all Canada and filed a registration statement with the United States Securities and Exchange Commission (SEC). The final shelf prospectus and registration statement will allow the company to offer up to US$250 M in common shares during the 25-month period of validity (Juanicipio, Zacatecas).
ON RESOURCES AND DEVELOPMENT
Silver Storm Mining Ltd. announced further results from 3,039 m in 23 holes of its diamond drill program at La Parrilla mine in Durango. The results are from the Rosario mine, underneath and in proximity to previously mined stopes. The Rosario zone is “characterized by a sulphide-bearing quartz-carbonate vein hosted within a fault zone that extend down dip for 900 m, with a strike length of 2 km and true widths of up to 14 m”. Highlighted core length results comprise 3.84 m @ 73 gpt Ag, 2.2% Pb, 5.4% Zn (including 1.19 m @ 0.15 gpt Au, 123 gpt Ag, 3.7% Pb, 11.3% Zn); 4.83 m @ 0.16 gpt Au, 113 gpt Ag, 0.2% Cu, 1.4% Pb, 0.7% Zn; 5.23 m @ 0.25 gpt Au, 70 gpt Ag, 1.6% Pb, 1.8% Zn; 2.50 m @ 0.64 gpt Au, 68 gpt Ag, 0.6% Pb; 4.54 m @ 176 gpt Ag, 0.2% Pb (including 1.97 m @ 0.09 gpt Au, 176 gpt Ag, 0.2% Pb); 0.35 m @ 842 gpt Ag, 0.94% Cu, 24.8% Pb, 10.1% Zn; 3.91 m @ 0.38 gpt Au, 501 gpt Ag, 1.2% Pb, 1.2% Zn; 3.52 m @ 0.11 gpt Au, 48 gpt Ag, 2.1% Pb, 2.4% Zn; 1.47 m @ 469 gpt Ag, 1.89% Cu, 5.0% Pb, 2.7% Zn; 5.9 m @ 225 gpt Ag, 0.9% Pb, 0.7% Zn; 3.20 m @ 0.47 gpt Au, 111 gpt Ag, 1.5% Pb, 2.0% Zn; 6.25 m @ 532 gpt Ag, 18.1% Pb, 5.4% Zn.
Prime Mining Corp. reported expansion drilling results from the Guadalupe East area at Los Reyes project, in Sinaloa. Highlighted true width intercepts comprise 3.5 m @ 2.67 gpt Au, 327 gpt Ag; 1.1 m @ 4.06 gpt Au, 664 gpt Ag; 0.3 m @ 6.88 gpt Au, 5 gpt Ag; 1.5 m @ 2.38 gpt Au, 419 gpt Ag; 1.0 m @ 3.71 gpt Au, 475 gpt Ag; 0.7 m @ 20.50 gpt Au, 2,620 gpt Ag; and core length intervals comprising 2.4 m @ 1.29 gpt Au, 180 gpt Ag (including 1.3 m @ 2.13 gpt Au, 302 gpt Ag). “The target of this drilling at Guadalupe East was high-grade antithetic veins stepping out to the west. Antithetic veins are footwall and hanging wall splays that intersect the main Estaca vein at Guadalupe East”.
Sierra Madre Gold and Silver Ltd. announced the approval by SEMARNAT (Environmental Agency) of the modifications to the existing operating permit for the Guitarra mine and mill complex in Estado de Mexico. The permit allows for dry stack tailings deposition at the active tailings facility site, construction of a tailings filter plant, paste backfill using tailings in the underground mine and 58 surface drilling pad locations.
Argonaut Gold Inc. filed an updated technical report for the San Agustin property in Durango, which commenced operations in 2017. Reports highlights include gold production of 89 K Oz Au from April 2024 to 2026 at cash cost US$1,702 per Oz Au and a pre-tax and after-tax net present value (5%) of US$30M.
Luca Mining Corp. issued a clarification on its May 21, 2024 news release regarding the high-grade gold mineralization over significant widths at the Tahuehueto mine in Durango. “The mineralization occurs in shoots branching off the main Creston vein at Underground Level 23. Creston is one is one of two main structures currently being mined. Regular geological mapping, as part of mining activities, and channel sampling at this level confirmed the presence of breccia ore shoots up to 20 meters wide”. Channel sampling of 494 channel samples on Level 23 average 3.30 gpt Au, 27 gpt Ag, 0.22% Cu, 0.8% Pb, 1.4% Zn,
ON DEALS AND CORPORATE ISSUES
Argonaut Gold Inc. has filed its management information circular for its annual general and special meeting of the holders of common shares to be held on June 28, 2024. At the meeting Argonaut Shareholders will be asked to vote on the statutory plan of arrangement under which Argonaut will become a wholly-owned subsidiary of Alamos Gold Inc. (La Colorada, Sonora).
First Majestic Silver Corp. released its 2023 Annual report titled “20 Years. The Silver Evolution”. The report covers the company’s “vision and mission, its values, its commitment to achieving its goals, and its 20-year evolution to becoming one of the world’s largest silver producers”.
Avino Silver & Gold Mines Ltd. reported voting results from its annual general meeting (AGM) held on May 30. 2024. The company also announced the retirement of Jasman Yee from the board of directors (Avino, Durango).
Guanajuato Silver Company Ltd. announced its 2024 annual general meeting (AGM) is to be held on June 28, 2024 (El Cubo, Guanajuato).
Minera Alamos Inc. informed its plans to advance the creation of a “separate copper developer/producer focused on low capital intensity copper development projects”. The company considers the combination of Los Verdes and Suaqui Verde projects allow for further consolidation of similar assets in the region.
Capstone Copper Corp. announced Mr. Robert Gallagher has retired from the board of the directors (Cozamin, Zacatecas).
ON SOCIAL RESPONSIBILITY
First Majestic Silver Corp. released its 2023 Sustainability Report summarizing the company’s environmental, social and governance (ESG). Highlighted in the report are the safety performance, diversity and inclusion, carbon reduction, community involvement, ESG recognition and community investments (San Dimas, Durango).
Fortuna Silver Mines Inc. published its sixth annual sustainability report detailing the company’s performance on key environmental, social and governance (ESG) indicators during 2023 (San Jose, Oaxaca).
On the image below: Potassic feldspar alteration on rim of dark veinlet on intrusive rock in HQ core (6.3 cm across) from a project in the Sonoran Desert. Picture by Jorge Cirett.
