rock sampling

Highlights on the Third Week of June, 2017. Mineral Exploration in Mexico

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During the 24th week of the year (June 12th to June 18th, 2017), at least 19 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, the Mexican government released ground for staking for the first time in over two years. ON EXPLORATION, in Sonora Millrock and Centerra are to explore the Navidad project, while Canuc released information on the San Javier project. In Chihuahua VVC Exploration obtained a coveted drilling permit, and Harvest Gold disclosed high-grade rock sampling results from Cerro Cascaron. In Guanajuato, Vangold released results from an extensive rockchip program at its Pinguico property.  ON MINING, no relevant news . ON FINANCING, Southern Silver closed the first tranche of a placement, raising $2.5 M. ON RESOURCES AND DEVELOPMENT, Mexus Gold announced the arrival of a secondary crusher and the installation of an atomic absorption lab at its Santa Elena mine in Sonora. ON DEALS AND CORPORATE ISSUES, Millrock and Western Mining. Entered into an agreement for the purchase of the Navidad property in Sonora. Nyrstar and Telson completed the transaction on the Campo Morado mine sale in Guerrero. San Marco sold to Goldcorp the La Pinta 06 concession in Zacatecas. Discovery Metals is to buy from private owners the La Kika concession in Coahuila.

ON MEXICO ISSUES

  • The Direccin General de Regulación Minera released the first liberty announcement in more than two and a half years, to liberate ground for staking. The release includes 104 concessions that have been reduced in size, and a new title issued, 43 concessions relinquished by the concessionaires and 40 concessions cancelled by payment defaults. It is hoped the agency now can liberate ground on a steady manner (A bigger release was promised on October of 2015).

ON EXPLORATION

  • Millrock Resources Inc. and Centerra Gold Inc. are to explore the recently optioned (see below) La Navidad gold project in Sonora. The 25 K hectares project presents gold mineralization hosted by low-angle faults related to the Magdalena Core Complex, with a zone of faults traced over 2.2 Km and 300-600 m surface width. Historic drill intercepts include 13.2 m @ 2.09 g/t Au; 6.6 m @ 1.34 g/t Au; 3.3 m @ 2.03 g/t Au; 19.5 m @ 0.84 g/t Au; 14.9 m @ 0.66 g/t Au; 8.3 m @ 1.03 g/t Au.
  • Mammoth Resources Corp. released results from its surface channel sampling at its Tenoriba project in Chihuahua. At the Moreno zone 11.5 m (true width, or TW) were cut @ 0.64 g/t Au, while at Carnertios (3 km to the ENE) the samples returned 15.5 m @ 0.99 g/t Au and 7.0 m @ 1.28 g/t Au.
  • Canasil Resources Inc. informed that the last drilling campaign at its Esperanza project in Zacatecas extends the known well-mineralized envelope on the Esperanza vein over 400 m of strike length and 350 m of depth, open in all directions. Based on alteration in volcanic rocks and geophysics, Canasil has outlined a 5 km long target for further exploration, as well as the presence of four other untested veins.
  • VVC Exploration Corp. announced that the SEMARNAT (Environmental Agency) has approved the application for advanced exploration drilling at its Salamayuca copper project in Chihuahua. The program envisages core drilling in up to 53 locations at the site.
  • Canuc Resources Corp. released compiled information from work done by the Santa Rosa Silver Mining Corp. on the San Javier project in Sonora, subsequent to 2012. Mineralization appears as vein and vein-breccia zones 1 to 4.5 m in width, alteration zones associated to the margins of felsic to intermediate dykes and quartz-stockwork breccia zones than can be much wider. At Colorado, the silica clay alteration is at least 11 m wide, with 11.2 m returning 284 g/t Ag, while the Carranza zone locally attains 31 m in width, with 11 m returning 283 g/t Ag. Nine prospects are located on a 2.4 km long corridor.
  • Harvest Gold Corp. disclosed rock sampling results at Cerro Cascaron project in Chihuahua. At La Cascarita two samples returned 3 m @ 1,170 g/t Ag, 2.7 g/t Au, 1.0% Zn; 1.3 m @ 331 g/t Ag, 0.07 g/t Au, 1.6% Pb. A select sample from the Serpiente Dorada vein returned 826 g/t Au, and six other samples from the main vein field returned between 0.25 and 38.0 g/t Au.
  • Vangold Mining Corp. released exploration results from its El Pinguico project in Guanajuato. To date 452 rock samples have been collected from surface and underground locations, results include (no widths provided) 3.4 g/t Au, 450 g/t Ag; 3.8 g/t Au, 331 g/t Ag; 4.1 g/t Au, 354 g/t Ag; 12.6 g/t Au, 1,490 g/t Ag; 5.5 g/t Au, 403 g/t Ag; 4.6 g/t Au, 350 g/t Ag; 9.2 g/t Au, 63 g/t Ag; 13.9 g/t Au, 278 g/t Ag. The program confirms the El Pinguico/El Carmen vein extends to the south, connecting with the La Joya, La Joyita and El Pirul vein systems, extending mineralization 1.5 km from the midpoint of the property.

ON MINING

  • No Relevant News.

ON FINANCING

  • Southern Silver Corp. closed the first tranche of the previously reported brokered private placement, for gross proceeds of $2.5 M (Cerro Las Minitas, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mexus Gold US. announced the arrival of a secondary crusher to its Santa Elena mine in Sonora (not to mistake with First Majestic’s Santa Elena mine, also in Sonora), and reported assays for samples near the Don Julio vein system, reporting results of 8.3; 0.7; 1.9; 5.8; 5.0 ; 1.1; 1.3 g/t Au. The atomic absorption machine has been installed.
  • Consolidated Zinc Ltd. announced that two more drill holes at its Plomosas mine in Chihuahua have intersected 1.75 m and 0.80 m of massive and semi-massive sulphide mineralization. Furthermore, 33 rock chip samples were collected over 150 m strike in underground workings, with massive and semi-massive sphalerite and galena mineralization in the Las Espadas area.

ON DEALS AND CORPORATE ISSUES

  • Millrock Resources Inc. entered into an option agreement to purchase La Navidad project from a private Mexican firm, Western Mining S.A. de C.V.. To complete the 100% interest purchase, 2.5 M in option payments to Western may be made over a four-year period. An initial payment of 125 K has been made. Three further option payments of 125 K each may be made at annual intervals. A final option payment of $2 M could be made to complete the purchase of the mineral rights. Through its agreement with Millrock, Centerra has the option to earn an 80% interest in La Navidad by funding all the financial obligations in the underlying agreement between Millrock and Western.
  • Nyrstar NV. Announced the completion of the sale of its Campo Morado mine in Guerrero to Telson Resources Inc. for a total cash consideration of USD 20 M, and the potential for additional future proceeds through a variable price agreement linked to production from the mine. The Campo Morado poly-metallic mine can process 2,500 tonnes per day, with the mining concessions covering over 12 thousand hectares. During 2014 the mine processed 657 k tonnes @ 1.2 g/t Au, 115 g/t Ag, 4.6% Zn, 1.2% Cu, 0.9% Pb.
  • San Marco Resources Inc. entered into an agreement to sell its La Pinta 06 concession in Zacatecas to Goldcorp Inc. for US$225 K and a 1% NSR.
  • Discovery Metals Corp. (formerly Ayubowan Capital Ltd.) entered into a mineral exploration and option agreement to acquire the La Kika concession in Coahuila from private vendors. On closing US $45 K are to be paid, and the company is to incur in not less than US $2 M in exploration expenditures, half of which is a firm commitment, and the issuance of an aggregated 1 M shares to the vendors. A 30% royalty on the operating profit of direct shipping operations (for the first 450 K tonnes), or a 2%  NSR otherwise.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, setting up a geophysical survey in northeastern Chihuahua, circa year 2000. Photo by Jorge Cirett.

Janos1

Highlights on the First Week of June, 2017. Mineral Exploration in Mexico

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During the 22nd week of the year (May 28th to June 4th, 2017), at least 25 press releases were announced by companies working in Mexico. ON EXPLORATION, in Sonora Canuc signed an agreement with the San Javier ejido, Riverside regained control of the Thor copper project and San Marco Resources started drilling the Chunibas project. Prospero Silver is to drill test its Santa Maria project in Durango and the Petate and Pachuca Southeast projects in Hidalgo. Vangold is acquiring three properties in Guanajuato and Queretaro. Kootenay completed three holes at La Cigarra in Chihuahua. Mexican Gold is obtaining high grade gold results on the recently acquired properties in Las Minas, Veracruz.  ON MINING, Santacruz, Impact and Marlin reported Q1 2017 operating and financial results. Starcore presented Q4 2017. Great Panther commissioned the refurbished processing plant at Topia, in Durango. Mexus has a new crusher for its Santa Elena mine in Sonora. ON FINANCING, Osisko invested $3.3 M in Minera Alamos, Sonoro received the balance of the $4 M for the sale of La Chipriona in Sonora, and Torex signed a secured $400 M debt facility. ON RESOURCES AND DEVELOPMENT, Avino filed the PEA of its Avino property at SEDAR. Americas Silver is confirming and extending mineralization at its Cosala property in Sinaloa. Consolidated Zinc presented the over-limits results from drilling at Plomosas, Chihuahua. ON DEALS AND CORPORATE ISSUES, Vangold is acquiring seven claims in Guanajuato and Queretaro. Magellan made an extension payment on a MOU to acquire a flotation plant in Nayarit.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Canuc Resources Corp. announced the signing of a surface use agreement with the San Javier ejido at its San Javier project in Sonora. “The Agreement calls for exploration on 300 hectares of land and also provides binding terms for exploitation (mining) on an area of up to 1,000 hectares. The Agreement requires Canuc to pay $35,000 USD per year during exploration activities and up to $135,000 USD per year during the exploitation phase. The Agreement is binding and has a 25 year term with an additional 5 years provided under Agrarian Laws.”
  • Prospero Silver Corp. has appointed a drilling contractor for its 6,000 m program in late June, which is to cover three projects: Santa Maria del Oro, in Durango; Petate in Hidalgo; and Pachuca Southeast in Hidalgo.
  • Vangold Mining Corp. has entered into agreements to acquire seven mining claims that cover the Patitos, Analy and El Ruso prospects in Guanajuato and Queretaro. The sevcen claims totaling 2,798 hectares have high grade assay results on sampling by the vendors.
  • Kootenay Silver Inc. has completed the first three holes of a 7,500 m core drilling campaign at its La Cigarra property in Chihuahua. Drilling continues on the eastern part of Las Venadas zone, which currently is 400 x 200 m in size. Rock sample results have grade up to 482 g/t Ag in this area.
  • Mexican Gold Corp. reported rock sampling results on its recently acquired Pueblo Nuevo concession adjacent to its Las Minas project in Veracruz. The sampling was carried out on the Tamiagua 1 and 2 veins and on the Dos Rios vein. Results include 0.25 m @ 24.8 g/t Au, 0.22 m @ 23.4 g/t Au; 0.25 m @ 9.5 g/t Au; 0.2 m @ 13.5 g/t Au; 0.5 m @ 5.9 g/t Au; 0.4 m @ 4.9 g/t Au; 0.2 m @ 13.7 g/t Au; 0.2 m @ 13.6 g/t Au.
  • Riverside Resources Inc. has regained 100% interest on the Thor copper project in Sonora, as the company’s joint-venture partner Antofagasta PLC has elected not to continue with the required investment to advance the property. The first four diamond holes in the property confirmed the concept, with three intersecting quartz-sericite-pyrite stockworks.
  • San Marco Resources Inc. has started diamond drilling at its Chunibas project in Sonora, aiming to confirm high grade mineralization within shear veins and test the presence of broad haloes of lower grade Au-Ag within sericite-Fe carbonate altered wall rocks. The drill holes are to probe three targets over 1.5 Km of strike length.

ON MINING

  • Santacruz Silver Mining Inc. reported its Q1 operating and financial results for 2017. At Rosario in San Luis Potosi, 18,723 tonnes were processed @ 66 g/t Ag (226 g/t AgEq) with a silver recovery of 86%, to produce 34.5 K ounces Ag, 195 Oz Au, 45 tonnes Pb, 382 tonnes Zn. At Veta Grande in Zacatecas 26.7 K tonnes were processed @ 117 g/t Ag (209 g/t AgEq) with a silver recovery of 57% to produce 57.6 K Oz Ag, 131 Oz Au, 99 tonnes Pb, 177 tonnes Zn. Cash cost per AgEq Oz was $19.55 and AISC per AgEq Oz was $24.56. The Rosario mill in San Luis Potosi is to work during the next few months with ore from the Membrillo vein (optioned from Grupo Mexico), The Cinco Estrellas property and the Rosario mine. At Veta Grande, Zacatecas, the mill is to be fed by the Chorros, Veta Grande and the Garcia mines.
  • Starcore International Mines Ltd. presented production results for the fourth quarter 2017, period during which 65.8 K tonnes of ore were milled at its San Martin mine in Queretaro, during the first quarter 2017. The average grade was 1.82 g/t Au, 13.5 g/t Ag, with recoveries of 81.9% and 49.7% for gold and silver respectively, to produce 3,365 AuEq Oz.
  • Impact Silver Corp. released financial and production results for the first quarter 2017. The Guadalupe mill was fed ore from the San Ramon Deeps, Cuchara and Mirasol mines at its Zacualpan property in Estado de Mexico. The average mill feed was 177 g/t Ag, producing 230.3 K Oz Ag, while ore production stood at 542 tonnes per day (tpd). The cash position at the end of the quarter was $7.6 M.
  • Marlin Gold Ltd. announced financial results for the first quarter 2017. During the period the company had revenues of $32.6 M, producing 15,556 Oz Au and selling 20,401 Oz Au. Cash and finished gold amount to $5.8 M.
  • Great Panther Silver Ltd. completed the commissioning phase of the refurbished processing plant at its Topia mine, in Durango. The plant is now operating at planned capacity. The company continues to work with the government on the permitting of the phase II tailings storage facility. Run of mine ore is now being processed along with the stockpiled ore.
  • Mexus Gold US. Received a jaw crusher for its Santa Elena mine in Sonora (not to confuse with First Majestic’s Santa Elena mine, also in Sonora). The company intends increase its mining rate to 10,000 tonnes per day.

ON FINANCING

  • Minera Alamos Inc. announced Osisko Gold Royalties Ltd. has purchased on a private placement basis Minera Alamos shares for gross proceeds of $3.3 M. Osisko now owns 19.9 % of Minera Alamos shares. An additional private placement has been announced, same that is intended to raise up to $3.5 M in gross proceeds (La Fortuna, Durango).
  • Sonoro Metals Corp. has received the balance of the $4 M proceeds from Agnico Eagle Mines Ltd., for the sale of the Chipriona project in Sonora. Sonoro has now no further interest in the Chipriona concessions, save for the retention of a 1% NSR, same that can be purchased for $1.5 M.
  • Torex Gold Resources Corp. announced the signing of a binding commitment letter with various lenders in connection with a secured US$400 M debt facility. The Loan facility will be available by way of a US$300 M term loan and a US$310 M revolving loan facility (El Limon-Los Guajes, Guerrero)

ON RESOURCES AND DEVELOPMENT

  • Avino Silver & Gold Mines Ltd. has filed the technical report on the Avino property (in Durango) with SEDAR. The report covers the preliminary economic assessment for the re-treating of the Avino mine tailings, including the resource estimates up to the end of 2016.
  • Americas Silver Corp. reported that infill drilling at its Cosalá operations in Sinaloa confirmed the San Rafael Main Zone model, with mineralization extending for further 350 m. Drilling has started at Los Manueles zone.
  • Consolidated Zinc Ltd. confirmed the final assay results of the high grade Zn and Pb mineralization on the initial six holes on the Tres Amigos target at its Plomosas property in Chihuahua. The intervals with over-limits in Zn returned 1.5 m @ 26.3% Zn, 0.6% Pb, 52 g/t Ag; 1.85 m @ 32.6 % Zn, 0.3% Pb, 3 g/t Ag.

ON DEALS AND CORPORATE ISSUES

  • Vangold Mining Corp. has entered into agreements to acquire seven mining claims totaling 2,798 hectares in Guanajuato and Queretaro. A 100% interest on the claims is to be acquired for an aggregate C$10 K and 3,375,000 Vangold shares, with the vendors keeping a 2.5% net smelter return, of which half can be re-purchased for C$500 K.
  • Magellan Gold Corp. has made a further $100 K option payment for a 60 day extension on its memorandum of understanding (MOU) with Rose Petroleum PLC. The MOU gives Magellan the right to purchase an operating flotation plant in Nayarit for a total consideration of $1.5 M. The $100 extension payment will be credited against the purchase price if the transaction closes.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the center of the picture below, a felsic dike protruding from the lower volcanic group andesites on the Cañada del Güerachi in Chihuahua. The ignimbrites of the upper volcanic group rest on top of the andesites. Photo by Jorge Cirett.

Guerachi

NEW SILVER ZONE IDENTIFIED AT LA PLATA PROSPECT + SILVER-GOLD RICH FLEXURE IDENTIFIED AT SANTA EDUVIGES PROSPECT CUITABOCA PROJECT, MEXICO

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Click to access 170421_La-Plata-Santa-Eduviges-Final-1.pdf

21 April 2017. Santana Minerals Limited (“Santana”) is pleased to announce recent diamond saw trenching results at the La Plata prospect some 2km north of the Jesus Maria prospect plus rock chip and diamond saw trenching results at the Santa Eduviges prospect south of the Mojardina prospect, all of which sit within the Company’s Cuitaboca Project in Sinaloa, Mexico