San Luis Potosi

The Mining and Exploration News in Mexico: Highlights on the Third Week of July, 2025

/ gambusinoprospectormexico / Leave a comment

Barite crystals

By Miguel A Heredia

During the 29th week of the year (July 13th to July 20th 2025), at least 38 press releases were announced by companies working in Mexico, with fifteen disclosing deals and corporate issues, fifteen announcing financing rounds, three reporting resources and developments of their properties, two communicating production results, two informing on exploration results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Torex Gold and Minaurum Gold reported the best drilling intercepts in Mexico on the third week of July, 2025.  ON EXPLORATION, In Sonora, Minaurum Gold reported drill results from a new vein zone target at the Promontorio Sur within its Alamos project. In Zacatecas and San Luis Potosi, Silver Valley Metals re-initiated exploration at the Mexi-Can Potash-Lithium project.  ON MINING, Altius reported Q2, 2025 expected attributable royalty revenue of CAD $12M (Llano de Nogal project, Sonora). Bear Creek reported Q2, 2025 production results from its Mercedes mine in Sonora. ON FINANCING, Vizsla Silver announced that after it completed bought deal offering of 33,334,000 common shares at a price of USD $3 per share, the underwriters have purchased an additional 5,000,100 common shares for gross proceeds of USD $15,000,300 (Panuco project, Sinaloa).  Pinnacle arranged a non-brokered private placement for gross proceeds of USD $1.2M (El Potrero project, Durango). Sierra Madre entered into a best offer private placement for gross proceeds of up to USD $10M, which later on it upsized of up to USD $16.5M (La Guitarra mine, Estado de Mexico).  Southern Silver announced bought deal LIFE private placement for gross proceeds of CAD $8M, the same that later on it upsized to CAD $13M (Cerro Las Minitas project, Durango). Mammoth upsized its previously announced non-brokered private placement to up to CAD $980K (Tenoriba project, Chihuahua). Roberto Resources announced a non-brokered private placement for gross proceeds of CAD $1M (Claudia project, Durango).  Aura Minerals published that it priced and closed its US initial public offering of 8,100,510 common shares at a price of USD $24.25 per share (Aranzazu mine, Zacatecas). Colibri announced that it intends to amend terms of outstanding debentures, warrants, and finder’s options issued in 2023 (Gran Pilar project, Sonora). Capitan Silver generated CAD $6.6M through the accelerated exercise of warrants (Cruz de Plata project, Durango). Garibaldi closed a non-brokered private placement for gross proceeds of CAD $1M (Tonichi project, Sonora). Goldgroup announced a non-brokered private placement for gross proceeds of up to 15,000,000 units at a price of CAD $0.80 per unit for gross proceeds of up to CAD $12M (Pinos project, Zacatecas). Prismo Metals upsized and closed its previously announced private placement for gross proceeds of CAD $575K (Palos Verdes project, Sinaloa).  ON RESOURCES AND DEVELOPMENT, Starcore shared an update on its San Juan Nepomuceno or Tortilla project in Queretaro. Orla filed an updated NI 43-101 technical report on Camino Rojo mine in Zacatecas. Torex Gold reported drill results from its EPO deposit within the El Limon Guajes and Media Luna mine complex in Guerrero. ON DEALS AND CORPORATE ISSUES, Apollo Silver entered into an investor relations agreement with Matthews Investments (Cinco de Mayo project, Chihuahua). Vizsla Royalties announced its participation at the Emerging Growth Conference (Panuco project, Sinaloa). US Antimony provided an update on its antimony supply effort for its Madero smelter in Coahuila. GR Silver announced incentive plan grants to eligible persons in accordance with the Omnibus Long-Term Incentive Plan (Plomosas project, Sinaloa). Defiance Silver signed a definitive agreement to acquire all issued and outstanding common shares of Green Earth Metals (San Acacio project, Zacatecas). Almaden announces intention to migrate Canadian stock exchange listing from TSX to TSX Venture Exchange (Ixtaca project, Puebla).  Candelaria Mining reported voting results from its annual general meeting of shareholders. Roberto Resources completed the acquisition of the Claudia project in Durango and announced change of its name to Pacific Silver.  Pinnacle declared that it has engaged the services of an independent trading group to provide market-making services (Potrero project, Durango). Oroco entered into an option agreement to acquire a 100% interest in the Vainilla mineral concession located in the Choix mining district in Sinaloa. Starcore announced significant corporate developments (San Martin mine, Queretaro).  Minera Alamos reported voting results from its annual general meeting of shareholders (Santana mine, Sonora). Almadex announced completion of gold loan repayment by Almaden (El Cobre project, Veracruz).  ( ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Torex Gold Resources Inc., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the third week of July, 2025. Details are shown in the table below:

ON EXPLORATION

  • Silver Valley Metals Corp., re-initiated exploration at the Mexi-Can Potash-Lithium project in Zacatecas and San Luis Potosi. The company will be conducting metallurgical studies on potash extraction, focusing on the extraction of sulphate of potash from surface sediments across all salars within the project area; will undertake auger drilling to assess the depth and extents of sedimentary basins across the project´s salars; will initiate hydrological testing to gain a clear understanding of the geochemical and physical properties of near-surface brines across all salars; and will carry out a geophysical program to map subsurface structures and identify high-potential zones for deeper brine targets.
  • Minaurum Gold Inc., reported drill results from a new vein zone target at the Promontorio Sur within its Alamos project in Sonora. The 1.5 km-long vein zone is an unmined extension of a 3.5km long Promontorio-Quintera structural-grade vein system trend, with significant historical silver production nearby, which has produced over 70M Oz Ag at Promontorio mine and over 100M Oz Ag at La Quintera mine. Promontorio and Promontorio Sur also indicate a significant skarn/carbonate replacement (CRD) mineralization hosted by limestone in the footwall of the vein zones. The lead-zinc (gold) skarn/CRD event appears to have occurred later than the epithermal silver-copper mineralization and represents a large target. Drilling results are shown in the table below:

ON MINING

  • Altius Minerals Corporation reported Q2, 2025 expected attributable royalty revenue of CAD $12M (Llano de Nogal project, Sonora).
  • Bear Creek Mining Corporation reported Q2, 2025 production results from its Mercedes mine in Sonora. The company mined 91.945 tonnes and processed 89,488 tonnes of 2.88 g/t Au with a metallurgical recovery of 96% to produce 7,973 Oz Au and 33,932 Oz Ag.

ON FINANCING

  • Vizsla Silver Corp., announced that after it completed bought deal offering of 33,334,000 common shares at a price of USD $3 per share, the underwriters have purchased an additional 5,000,100 common shares for gross proceeds of USD $15,000,300. Gross proceeds will be used to advance the exploration and development of the Panuco project in Sinaloa, exploration of the Santa Fe project, which is adjacent to Panuco project, potential future acquisitions, as well as for working capital and general corporate purposes.
  • Pinnacle Silver and Gold Corp., arranged a non-brokered private placement of up to 20,000,000 units at a price of USD $0.06 per unit for gross proceeds of USD $1.2M. Net proceeds will be used to advance El Potrero project in Durango, and for general working capital.
  • Sierra Madre Gold and Silver Ltd., entered into a best offer private placement of up to 14,290,000 units at a price of USD $0.70 per unit for gross proceeds of up to USD $10M. Later on, the company upsized the previously announced private placement to up to 23,572,000 units at a price of usd $0.70 for gross proceeds of up to USD $16,500,400 Gross proceeds will be used to expand the capacity of the La Guitarra mine, Estado de Mexico, and for working capital and general corporate purposes. 
  • Southern Silver Exploration Corp., announced bought deal LIFE private placement with a sole underwriter and bookrunner which has agreed to purchase for resale 29,629,630 units at a price of CAD $0.27 for gross proceeds of CAD $8M. Later on, Southern Silver upsized the previously announced bought deal private placement to 48,148,149 units at a price of CAD $0.27 for gross proceeds of CAD $13M.  The company plans to use the net proceeds for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
  • Mammoth Resources Corp., upsized its previously announced non-brokered private placement of up to 30,000,000 units at an offering price of CAD $0.025 per unit for gross proceeds of up to CAD $750K to up to  39,000,000 units for gross proceeds of up to CAD $980K. Gross proceeds will be used to advance the Tenoriba project in Chihuahua, to evaluate potential project acquisitions and support working capital needs.
  • Roberto Resources Inc., announced a non-brokered private placement of 2,500,000 units at a price of CAD $0.40 per unit for gross proceeds of CAD $1M. Gross proceeds will be used for general working capital and future payables related to the acquisition of the Claudia project in Durango.
  • Aura Minerals Inc., published that it priced and closed its US initial public offering of 8,100,510 common shares at a price of USD $24.25 per share.  The principal purposes of this offering are to transfer Aura’s principal listing venue to a stock exchange in the US equity market, which the Company believes will increase the liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets. Aura plans to use the gross proceeds to continue strengthening its business, to provide incremental liquidity and financial flexibility to support the execution of its current strategic growth initiatives, to provide exploration initiatives to expand mineral reserves and resources of its portfolio, and for general corporate purposes (Aranzazu mine, Zacatecas).
  • Colibri Resource Corporation announced that it intends to amend terms of outstanding debentures, warrants, and finder’s options issued in 2023. The amendments include extending maturity dates for two years and reducing conversion/exercise prices from CAD $0.50 to CAD $0.25, with an alternative option to convert at CAD $0.15.  The amendments include an accelerated expiry clause if the company’s stock price exceeds CAD $0.30 for ten consecutive days, and insider holdings are exempt from certain regulatory requirements. These changes aim to strengthen Colibri’s balance sheet and support its Pilar project development in Sonora.
  • Capitan Silver Corp., generated CAD $6.6M through the accelerated exercise of 13,250,000 warrants, with an exercise price of CAD $0.50 (Cruz de Plata project, Durango).
  • Garibaldi Resources Corp., closed a non-brokered private placement of 14,401,988 units at a price of CAD $0.07 per unit for gross proceeds of CAD $1M. Gross proceeds will be used for exploration and working capital purposes.
  • Goldgroup Mining Inc., announced a non-brokered private placement for gross proceeds of up to 15,000,000 units at a price of CAD $0.80 per unit for gross proceeds of up to CAD $12M. Net proceeds will be primarily dedicated to the diligent assessment and strategic pursuit of acquisition opportunities (Pinos project, Zacatecas).
  • Prismo Metals Inc., upsized and closed its previously announced private placement of 5,000,000 to 11,500,000 units at an issue price of CAD $0.05 per unit for gross proceeds of CAD $575K. Prismo intends to use the gross proceeds for general corporate purposes  (Palos Verdes project, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Starcore International Mines Ltd., shared an update on its San Juan Nepomuceno or Tortilla project in Queretaro. The project comprises six mineral claims covering a historical mine with exploration potential. During  the due diligence process, Starcore conducted cyanidation tests on samples that averaged 2.15 g/t Au, 968 g/t Ag, 0.01% Cu, 0.4% Pb, and 0.1% Zn, showing gold and silver metallurgical recoveries of 79.85% and 84.75% respectively using the carbon-in-leach (CIL) process, demonstrating  effective processing of the mineralized ore. The project with historical mining activity remains open at-depth with substantial lateral extension potential.
  • Orla Mining Ltd., filed an updated NI 43-101 technical report on Camino Rojo mine in Zacatecas to include the initial Underground Mineral Resource Estimate.
  • Torex Gold Resources Inc., reported drill results from its EPO deposit within the El Limon Guajes and Media Luna mine complex in Guerrero. “Drilling in the northern area of EPO to date in 2025 has been focused on the northern block of the west-northwest La Avispa fault, which controls a dike swarm of an estimated width of 150 to 200 m that represents a discontinuity between the main EPO mineralized zone to the south and its northern extension within the hanging wall of the fault. The current mineralization footprint in the north extends approximately 500 x 200 m with a west-northwest strike that has a significant vertical continuity ranging between 15 m to over 100 m between the interpreted boundaries of the favourable alteration zone that vertically extends for ~200 m. The lateral continuity of the mineralization is defined by the spacing between the dikes that varies from approximately 5 to 35 m, defining several mineralized blocks. Mineralization remains open to the north following the favourable alteration zone “. Drilling highlight are shown in the table below:

ON DEALS AND CORPORATE ISSUES

  • Apollo Silver Corp., entered into an investor relations agreement with Matthews Investments to provide Investor Relations services to the company. In consideration, Matthews will receive CAD $7K per month, payable monthly in arrears, for an initial term of three months, with the option for the Company to renew on a quarterly basis thereafter (Cinco de Mayo project, Chihuahua)
  • Vizsla Royalties Corp., announced its participation at the Emerging Growth Conference on July 16, 2025, a live interactive online event which will give existing shareholders and the investment community the opportunity to interact with the company´s President and CEO (Panuco project, Sinaloa).
  • US Antimony Corporation (USAC) provided an update on its antimony supply effort for its Madero smelter in Coahuila. Last March, 2024, USAC decided to stop their own mining operations in Mexico due to economic and regulatory challenges but continues to build strategic relationships with other companies seeking access to Mexican antimony deposits. Recently, USAC restarted the Madero Smelter in April 2025, following a substantial increase in antimony prices (over 500%). The company is actively negotiating new supplies and contracts, including a definitive agreement with Bolivian suppliers for initial shipments of approximately 10 tonnes, ramping up to 150 tonnes per month by early 2026. Additionally, USAC is exploring other potential sources in Mexico and attracting foreign interest, particularly from Chinese entities, amid limited new concessions from the Mexican government. USAC owns significant assets, including a flotation facility and the only operating smelter in Mexico, which provide strong negotiating leverage.
  • GR Silver Mining Ltd., announced incentive plan grants to eligible persons in accordance with the Omnibus Long-Term Incentive Plan. GR Silver granted an aggregate 3,837,205 Performance Share Units (PSU) to certain executive officers of the company (Plomosas project, Sinaloa).
  • Defiance Silver Corp., signed a definitive agreement to acquire all issued and outstanding common shares of Green Earth Metals Inc (GEMS).  GEMS is a privately held company based on British Columbia with a portfolio of three copper-silver projects in Sonora. Defiance issued an aggregate of 4,954,613 common shares to the shareholders of GEMS at a deemed price of CAD $0.255 per Defiance share in exchange for all issued and outstanding GEMS shares, based on an exchange ratio of one Defiance share for every 4.52 GEMS shares, for a total consideration of CAD $1,263,426 (San Acacio project, Zacatecas).
  • Almaden Minerals Ltd., announces intention to migrate Canadian stock exchange listing from TSX to TSX Venture Exchange. In order to complete this migration, the company has applied to voluntarily delist its shares from the TSX, and has received conditional approval from the TSXV to list its shares as a Tier 2 Mining Issuer. Almaden expects the delisting from the TSX to occur at the close of business on August 12, and the listing on the TSXV to commence at the open of business on August 13, 2025 (Ixtaca project, Puebla).
  • Candelaria Mining Corp., reported voting results from its annual general meeting of shareholders. 
  • Roberto Resources Inc., completed the acquisition of the Claudia project in Durango, pursuant to the binding letter agreement previously announced on June 30, 2025. Roberto Resources also announced that it changed its name to Pacifica Silver Corp., “to better reflect its overall business strategy to acquire and advance highly prospective precious metals projects in the Americas”. It also plans to change the symbol of its common shares to “PSIL”.
  • Pinnacle Silver and Gold Corp., declared that it has engaged the services of an independent trading group (ITG) to provide market-making services. Under the agreement, ITG will receive compensation of CAD $5K per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms unless terminated (Potrero project, Durango).
  • Oroco Resources Corp., entered into an option agreement through its wholly-owned Mexican subsidiary Minera Xochipala S.A. de C.V., to acquire a 100% interest in the Vainilla mineral concession which surrounds their Santo Tomas Project in Sinaloa by paying an initial USD $75K and 100,000 common shares to Aztec Zinc de Mexico S.A. de C.V., with semi-annual payments of USD $25K and 100,000 common shares thereafter.  To exercise the option, Oroco must pay USD $500K and issue 2,000,000 shares. Upon completion, a 1.5% Net Smelter Returns royalty will be granted to third parties, and Xochipala will be responsible for concession duties during the option period.  Vainilla covers about 2,974 hectares and hosts multiple mineralized zones, including skarns and breccia pipes, situated along a promising porphyry copper belt. The acquisition enhances Oroco’s control over the region, offering immediate exploration opportunities for copper and related metals, and complements their existing Santo Tomás project both geologically and strategically, supported by local government initiatives.
  • Starcore International Mines Ltd., announced significant corporate developments. On July 8, 2025, shareholders will receive one share of EU Gold Mining Inc. for every two shares of Starcore upon approval of the spin-out of exploration interests in Côte d’Ivoire. On July 10, 2025, Starcore secured a ten-year lease for San Juan Nepomuceno, a historical silver mine in Queretaro, gaining access to minerals and surrounding claims in a promising area. On July 14, 2025, the company confirmed its use of carbon-in-leach (CIL) processing technology at the San Martin mine in Queretaro, enhancing mineral recovery, aiming to increase shareholders value, as shown by recent metallurgical tests.
  • Silver Storm Mining Ltd., completed its acquisition of Till Capital through a court-approved plan of arrangement, resulting in Till shareholders receiving 16.36 Silver Storm units, with each unit comprising a common share, a warrant, and a contingent value rights (CVRs) tied to a potential sale of a stake in IG Far East LLC (the CVR contingent event). Silver Storm issued 52,211,558 unit shares, 13,052,890 warrants, and 52,211,558 CVRs to former Till shareholders, resulting in a new total of outstanding shares and warrants for Silver Storm.  Following the deal, Silver Storm now holds a significantly expanded share structure, and Till’s previous directors and officers have resigned. This arrangement positions Silver Storm to potentially benefit from future asset sales and operational developments.
  • Minera Alamos Inc., reported voting results from its annual general meeting of shareholders (Santana mine, Sonora).
  • Almadex Minerals Ltd., announced completion of gold loan repayment by Almaden Minerals Ltd. The repayment involves the return to Almadex of 397 Oz Au plus the payment of USD $5,194,354 (El Cobre project, Veracruz).

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 below, large barite crystals in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ gambusinoprospectormexico / Leave a comment

Old mine working along a quartz vein

By Miguel A Heredia

During the 46th week of the year (November 13th to November 19th, 2023), at least 25 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, seven communicating production results, four announcing financing issues, three reporting resources and developments of their properties, one informing on exploration results, one commenting on Mexican issues, and one discussing social issues. ON MEXICO ISSUES, Torex Gold reported their best drilling intercepts in Mexico on the third week of November, 2023. ON EXPLORATION, In Sinaloa, Centenario initiated its first ever drilling program at its Eden project. ON MINING, Argonaut reported Q3, 2023 production and financial results from their Mexican mine operations. Sierra Metals announced Q3, 2023 production and financial results from its Bolivar Mine, Chihuahua. Orla reported Q3, 2023 production and financial results from its Camino Rojo Mine, Zacatecas. Discovery Silver reported Q3, 2023 financial results (Cordero project, Chihuahua). US Antimony will present Q3, 2023 financial results this November 17, 2023 (Los Juarez project, Queretaro). Starcore reported Q2, 2023 production results from its San Martin mine, Queretaro. Torex announced Q3, 2023 production and financial results from its El Limon-Guajes Mine Complex, Guerrero. ON FINANCING Sonoran Desert announced consolidation of its common shares (Cuatro Hermanos project, Sonora). GR Silver completed a non-brokered private placement for gross proceeds of $1.2M (Plomosas project, Sinaloa). Heliostar announced a warrant exercise incentive program to advance its Ana Paula project, Guerrero. Sierra Madre announced conversion of subscription receipts (La Guitarra mine, State of Mexico). ON RESOURCES AND DEVELOPMENT, Torex received approval from Mexico’s Secretariat of Environment and Natural Resources (SEMARNAT) for in-pit tailings deposition (Media Luna project, Guerrero). Discovery Silver provided a summary of key events for Q3, 2023 and subsequent to quarter-end (Cordero project, Chihuahua). Torex reported results from its 2023 El Limon-Guajes underground drilling program. ON DEALS AND CORPORATE ISSUES, Fortuna (San Jose mine, Oaxaca), Silver Storm (La Parrilla mine, Durango), and Vortex (Riqueza Marina project, Oaxaca) announced that they will be attending the 121 Mining Investment London Conference. Vizsla appointed Mr. Eduardo Luna to its Board of Directors (Panuco project, Sinaloa). Sierra Metals announced that it will start trading on the OTCQX Market in the United States (Bolivar mine, Chihuahua). Fresnillo completed a USD $171K payment to Radius for the development of Plata Verde property in Chihuahua. Monumental Minerals announced name change to Monumental Energy Corp. Silver Valley appointed new members to its Board of Directors (Mexi-Can Lithium-potash project in Zacatecas and San Luis Potosi). ON SOCIAL RESPONSIBILITY, Alamos Gold releases its annual Environmental, Social, and Governance (ESG) 2022 report (Mulatos Mine, Sonora).

ON MEXICO ISSUE

  • Torex Gold Resources Inc., reported their best drilling intercepts in Mexico on the third week of November, 2023. Details are shown in the table below:

ON EXPLORATION

  • Centenario Gold Corp., initiated its first ever drilling program at its Eden project in Sinaloa. This core drilling program will consists of 1.500m in 10-12 holes to test the strike and down-dip extensions of Eden’s Buenavista vein-breccia mineralized corridor E-NE and S-SW of the old mining workings area.

ON MINING

  • Argonaut Gold Inc., reported Q3, 2023 production and financial results from their Mexican mine operations (all dollar amounts are expressed in US dollars). At La Colorada, Sonora, the company reported that it sold 7,224 Oz Au; a cost of sales of $ 13,722,000; a cost of sales of $1,900 per Oz Au sold; a production cost of $10,883,000; a cash cost of $10,646,000; an AISC of $11,148,000; and cash cost and AISC of $1,474 and $1,543 per Oz Au sold respectively. At San Agustin, Durango, Argonaut reported that it sold 10,327 Oz Au; a cost of sales of $ 19,019,000; a cost of sales of $1,842 per Oz Au sold; a production cost of $17,011,000; a cash cost of $16,066,000; an AISC of $16,952,000; and cash cost and AISC of $1,550 and $1,642 per Oz Au sold respectively. At El Castillo, Durango, the company reported that it sold 4,111 Oz Au; a cost of sales of $ 6,559,000; a cost of sales of $1,595 per Oz Au sold; a production cost of $6,167,000; a cash cost of $6,091,000; an AISC of $6,229,000; and cash cost and AISC of $1,482 and $1,514 per Oz Au sold respectively.
  • Sierra Metals Inc., announced Q3, 2023 production and financial results from its Bolivar Mine, Chihuahua (all amounts are expressed in US dollars). The company processed 362,890 tonnes to produce 8.1M Lb CuEq at a cash cost and AISC of $2.15 and $3.57 per Lb CuEq payable respectively. Sierra Metals reported a cost of sales of $22,860,000; a total cash cost of $17,245,000; a total AISC of $30.874, 000; and a cash cost of $47.52 per tonne processed.
  • Orla Mining Ltd., reported Q3, 2023 production and financial results from its Camino Rojo Mine, Zacatecas (all amounts expressed in US dollars). The company produced 32,425 Oz Au and sold 31,061 Oz Au at a realized price of $1,921 per Oz Au. The company reported cost of sales of $16M, and a cash cost and AISC of $527 and $743 per Oz Au respectively. Orla announced revenue of $60.3M; a net income of $5.4; adjusted earnings of $6.6M; and earnings per share of $0.02; adjusted earnings per share of $0.02; a cash flow from operating activities before changes in non-cash working capital of $21.8M; and a free cash flow of $18.8M. Finally, it reported as of September 30, 2023, a cash and cash equivalent of $132.8M, and a net debt of $3.4M.
  • Discovery Silver Corp., announced Q3, 2023 financial results (all amounts expressed in Canadian dollars). The company reported a net loss of $2,207.479; a basic and diluted per share of $0.01; a net loss and total comprehensive loss of $3,059,766; and a total weighted average shares outstanding of $395,720,230. As of September 30, 2023 the company also reported a cash and cash equivalents of $59,931,068; total assets of $150,770,808; total current liabilities of $13,327,861; a working capital of $59,402,439; and total shareholders´ equity of $132,902,518. Subsequent to September 30, 2023, the Company received a refund for the cumulative IVA return filed of approximately $8.0M, including interest and inflationary adjustments (Cordero project, Chihuahua).
  • US Antimony Corporation will present Q3, 2023 financial results this November 17, 2023 (Los Juarez project, Queretaro).
  • Starcore International Mines Ltd., reported Q2, 2023 production results from its San Martin mine, Queretaro. The company milled 58,019 tonnes of 1.42 g/t Au and 15 g/t Ag with metallurgical recoveries of 85.23% and 48.81% respectively, to produce 2,420 Oz AuEq.
  • Torex Gold Resources Inc., announced Q3, 2023 production and financial results from its El Limon-Guajes Mine Complex, Guerrero (all amounts expressed in US dollars). The company produced 85,360 Oz Au and sold 81,752 Oz Au at a total cash of $1,086 per Oz Au, an AISC of $1,450 per Oz Au, at an average realized price of $1,944 per Oz Au. Torex reported revenues of $160.1M; cost of sales of $133M; earnings from mine operations of $27.1M; net income of $10.5M; adjusted net earnings of $11.1M; EBITDA of $79.4M; cash and cash equivalents of $209.4M; lease- related obligations of $21.1: and net cash of $188.3M. The company is confidence in achieving full year production guidance of 440,000 to 470,000 Oz Au.

ON FINANCING

  • Sonoran Desert Copper Corporation announced consolidation of its issued and outstanding common shares on a ratio of one post-consolidation share for four pre-consolidation shares. The shares of the company will trade on a post-consolidation basis under the new CUSIP 83569N207 (ISIN: CA83569N2077). “Company currently has 101,139,062 shares issued and outstanding. Following the consolidation, there will be approximately 25,284,766 shares issued and outstanding (Cuatro Hermanos project, Sonora).
  • GR Silver Mining Ltd., completed a non-brokered private placement for gross proceeds of $1.2M. Net proceeds will be used to pay outstanding amounts currently owing to persons who are arm’s length to the Company, to pay outstanding amounts owing to management and directors of the Company, and to fund general working capital (Plomosas project, Sinaloa).
  • Heliostar Metals Ltd., announced a warrant exercise incentive program designed to encourage the early exercise of up to 46,363,630 common share purchase warrants issued on March 16, 2023. “Each Incentive Warrant will allow the holder to acquire one Common Share at an exercise price of $0.40 for a period of two years following the date of the issuance of the Incentive Warrant. A holder may elect to exercise all, none, or a portion of their Outstanding Warrants. Each Warrant is currently exercisable to purchase one Common Share at $0.30 per Common Share until March 16, 2026. Any Outstanding Warrants remaining un-exercised after 12:00 p.m. PST on December 8, 2023 will remain outstanding and continue to be exercisable pursuant to their existing terms”. Net proceeds will be used to advance its Ana Paula project, Guerrero, and for general working capital.
  • Sierra Madre Gold and Silver Ltd., announced conversion of subscription receipts. “The escrow release conditions of all 5,123,092 subscription receipts have been satisfied and the proceeds from the purchase of the subscription receipts have been released from escrow. As a result, the subscription receipts have converted into a total of 5,123,092 common shares in the capital of the Company, and the Company now has access to the $3,330,010 in proceeds” (La Guitarra mine, State of Mexico).

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc., received approval from Mexico’s Secretariat of Environment and Natural Resources (SEMARNAT) regarding an amendment to the key environmental permit (MIA) for the Media Luna project in Guerrero, which will allow for the deposition of tailings into the mined-out Guajes open pit.
  • Discovery Silver Corp., provided a summary of key events for Q3, 2023 and subsequent to quarter-end. Highlights from the Q3, 2023 activities performed include: results reported from the Feasibility Study (FS) metallurgical test program demonstrating higher silver recoveries of up to 7% to the precious metals concentrate at significantly lower reagent consumption; formal submission for evaluation of the MIA to Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT), the federal government agency responsible for evaluating MIA submissions; completion of the reserve expansion and definition component of our FS program   consisting of an additional 35,000 m of drilling in over 100 drill holes completed since the cut-off for the Pre-Feasibility Study (PFS) with results demonstrating the potential to further grow reserves within and on the margins of the open pit; release of the Company’s 2022 Environmental, Social and Governance (“ESG”) report highlighting the Company’s current practices and priorities going forward (Cordero project, Chihuahua).
  • Torex Gold Resources Inc., reported results from its 2023 El Limon-Guajes (ELG) underground drilling program. As of the end of September, approximately 54,600 m across 235 holes had been drilled as part of the 2023 ELG brownfield and near-mine exploration and drilling programs, representing 96% of the planned metres for the year. Year to date, assay results have been received for 55% of the total holes drilled. Highlights at El Limon Trend Sur include holes LS-293 with 20.1 g/t Au, 12 g/t Ag, and 0.06% Cu (20.74 g/t AuEq) over 4.63M; hole LDUG-239 with 10.94 g/t Au, 12 g/t Ag, and 0.41% Cu (11.75 g/t AuEq) over 22.91m; hole LDUG-290 with 9.97 g/t Au, 8 g/t Ag, and 0.93% Cu (11.55 g/t AuEq) over 14.93m; hole LDUG-296 with 9.17 g/t Au, 9 g/t Ag, and 0.47% Cu (10.03 g/t AuEq) over 14.35m; and hole LDUG-289 with 5.26 g/t Au, 31 g/t Ag, and 1.56% Cu (8.13 g/t AuEq) over 12.43m. Highlights at El Limon Deep Trend include holes LDUG-256 with 32.95 g/t Au, 7 g/t Ag, and 0.54% Cu (33.91 g/t AuEq) over 9.08m; and hole LDUG-268 with 35.41 g/t Au, 12 g/t Ag, and 0.16% Cu (35.81 g/t AuEq) over 4.83m, plus 6.58 g/t Au, 4 g/t Ag, and 0.15% Cu (6.87 g/t AuEq) over 5.39m. Highlights at Sub-Sill Trend include hole SST-313 with 23.18 g/t Au, 9 g/t Ag, and 0.01% Cu (17.74 g/t AuEq) over 4.69m. Highlights at El Limon West Trend include holes LS-287 with 14.98 g/t Au, 73 g/t Ag, and 1.16% Cu (17.74 g/t AuEq) over 5.4m, plus 9.16 g/t Au, 10 g/t Ag, and 0.47% Cu (10.04 g/t AuEq) over 13.4m; and hole LS-229 with 2.36 g/t Au, 65 g/t Ag, and 2.33% Cu (6.9 g/t AuEq) over 3.38m.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Silver Mines Inc.(San Jose mine, Oaxaca), Silver Storm Mining Ltd., (La Parrilla mine, Durango), and Vortex Metals Inc., (Riqueza Marina project, Oaxaca)announced that they will be attending the 121 Mining Investment London Conference from November 20 to 21, 2023.  
  • Vizsla Silver Corp., appointed Mr. Eduardo Luna to its Board of Directors (Panuco project, Sinaloa). “Vizsla has granted 400,000 stock Options at an exercise price of $1.36 to a director and a consultant of the Company, pursuant to the Company’s Omnibus Equity Incentive Compensation Plan. The Options are exercisable for a period of five years and will vest over the next two years. The Options are subject to the approval and policies of the TSX Venture Exchange and the NYSE American”.
  • Sierra Metals Inc., announced that it will start trading on the OTCQX Market in the United States under the symbol “SMTSF”. Sierra Metals continues to trade on the Toronto Stock Exchange under the symbol “SMT” (Bolivar mine, Chihuahua).
  • Fresnillo plc completed a USD $171K payment to Radius Gold Inc., for the development of its Plata Verde property in Chihuahua, under the terms of an Exclusivity Agreement between the companies. A maiden drill program is anticipated at Plata Verde in Q1 2024. Minera San Julian, a wholly owned subsidiary of Fresnillo plc, has an Exclusivity Period to January 7, 2024 to negotiate a definitive agreement that would include an option agreement to earn a 70% interest in Plata Verde.  Minera San Julian has the right to extend its Exclusivity Period for 6 additional months beyond January 7, 2024, by providing Geonorte, a wholly owned subsidiary of Radius Gold, a minimum of USD $500K to commence drilling at Plata Verde.  Such drilling shall be initiated within 3 months following January 7, 2024.
  • Monumental Minerals Corp., announced name change to Monumental Energy Corp., effective on November 21, 2023.  The company’s common shares will trade on the TSX Venture Exchange under the new name. In connection with the name change, the Company’s trading symbol will be changed to “MNRG”.
  • Silver Valley Metals Corp., appointed new members to its Board of Directors (Mexi-Can Lithium-potash project in Zacatecas and San Luis Potosi).

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc., releases its annual Environmental, Social, and Governance (ESG) 2022 report, which outlines its performance across its operations, projects, and offices, and provides directions on planned initiatives for 2023. Highlights of the significant progress achieved by the company during the past year include: an 8% growth in its workforce, with 77% hired from local communities, and a 36% reduction in employee turnover rate; a company-wide target of a 30% reduction in absolute greenhouse gas (“GHG”) emissions by 2030, achieving a 6% reduction in total Scope 1 and 2 GHG emissions in 2022; zero significant environmental incidents during the year, including zero reportable tailings-related incidents; $1.8M invested in local community initiatives including donations, sponsorships, community programs and infrastructure; the Mulatos mine was awarded the Silver Helmet by the Mining Chamber of Mexico (CAMIMEX) in recognition of outstanding health and safety performance; the Mulatos mine was also awarded the Socially Responsible Company (Empresa Socialmente Responsible) Award by CEMEFI, the Mexican Center for Philanthropy, for the 14th consecutive year, and was the recipient for the Award for Corporate Ethics and Values in Industry for the third consecutive year; completed close to 1,700 training hours for occupational health and safety and emergency management; introduced the Island Gold Employee Wellness Program with licensed physical therapists on site; and three years in compliance with the World Gold Council’s Responsible Gold Mining Principles (RGMPs), and developed 12 new Alamos Sustainability Standards.

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, old mine working along a gold quartz vein hosted in rhyolites in a low-sulphidation epithermal vein system in a project in Zacatecas, Mexico. Photo by Miguel A Heredia.

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

/ gambusinoprospectormexico / Leave a comment

Galena-sphalerite-Ag sulfosalts in a quartz vein

By Miguel A Heredia

During the 38th week of the year (September 18th to September 24th, 2023), at least 18 press releases were announced by companies working in Mexico, and 4 news published by the media, with ten disclosing deals and corporate issues, three commenting on Mexican issues, three announcing financing issues, two reporting resources and development of their properties, two informing on exploration results, and two discussing social issues. ON MEXICO ISSUES, According to El Financiero, there has been a 69% increase in the number of suspended projects during the López Obrador administration. According to information from the US Geological Survey, there are 82 lithium deposits in 18 states of the Republic, which can represent 1.7 million tons. ON EXPLORATION, In Chihuahua, Southern Empire received permitting from the Mexico´s Ministry of Environment and Natural Resources (SEMARNAT) for 30 drill hole sites at its Centauro project.  In Zacatecas, Radius provided an update on drilling at its Tropico project.  ON MINING, no relevant news.  ON FINANCING, Equinox announced and completed a bought deal offering of convertible senior notes (Mina Los Filos, Guerrero). Excellon announced debenture restructuring to reduce the outstanding principal amount to CAD $7.5M (La Negra Mine, Queretaro). ON RESOURCES AND DEVELOPMENT, Golden Tag announced the commencement of a 7,000m drilling campaign at its La Parrilla Mine Complex in Durango. Tocvan provided an update on the acquisition of Pilar project in Sonora and outlined target areas for the next phase of drilling. Silver Valley provided a corporate update on its MexiCan lithium-potassium projects located in Zacatecas-San Luis Potosi. ON DEALS AND CORPORATE ISSUES, Luca Mining announced the appointment of its Director of Corporate Development (Tahuehueto project, Durango). Santacruz reported fatality at its Zimapan Mine, Hidalgo. GR Silver reported results from its annual general meeting of shareholders (Plomosas project, Sinaloa). Sierra Metals placed Cusi Mine in Chihuahua on care and maintenance and initiated sale process. Radius announced that it proposes to issue 500K common shares of the company to Bruce Smith (Tropico project, Zacatecas). Angel Wing announced the consolidation of its common shares (La Reyna project, Nayarit). Bear Creek announced results from its special meeting of shareholders (Mercedes Mine, Sonora). Colibri announced the retirement of its President and CEO, and its replacement (Evelyn project, Sonora). Orex announced a consolidation of its issued and outstanding common shares at a ratio of ten pre-consolidation shares to one post-consolidation share (Coneto project, Sonora). Pan American announced that it will host a conference call to discuss the company´s environmental, social, and governance efforts and development (La Colorada, Zacatecas). Silver Viper announced that it will present a live virtual corporate update hosted by Red Cloud Financial Services on September 28th, 2023 at 2:00 PM ET (La Virginia project, Sonora).  ON SOCIAL RESPONSIBILITY, MAG Silver published its second annual sustainability report (Juanicipio, Zacatecas).  Ternium completed the restoration of the Cerro Náhuatl Mine and Jala Station Closure Plan in Coquimatlán, Colima, which covers a period from 2012 to 2022 in which reforestation works and programs were implemented.

ON MEXICO ISSUE

  • According to El Financiero, the mining sector has experienced a series of obstacles set by the current administration. The number of suspended projects stood at 439 in 2018, while the current figure is 837, representing a 69% increase in the number of suspended projects during the López Obrador administration. Likewise, the Fraser Institute of Canada placed Mexico in 37th place out of 83 countries evaluated, a drop of three places compared to 2021 and 17 positions compared to 2010. The sector is worried that the USD $77.2M budget assigned to Mexican Geological Survey (SGM) for 2024 is 95.47% below the USD $1.7 B private companies invested just in exploration. “With this lack of budget for exploration, they are condemning the country and the mining sector, because mining will be halted for another six years. If the modifications to the Mining Law remain as they are, we will witness Mexico’s mining sector entering a clear decline,” said Alfredo Phillips, Vice President, Argonaut Gold, in an interview with El Financiero.  In an interview with Mexico Business News (MBN), Ramón Luna, Director General of Servicios y Proyectos Mineros de Mexico (SPM), acknowledged that SGM has talented geologists and manages the most comprehensive database in Mexico. However, the public body does not match the infrastructure of a private company. “(The reform) would either force the more than 100 exploration companies in the country to work with the SGM or make the latter the only operator. This is not feasible because it lacks the necessary infrastructure,” he added.  Similarly, Raúl García, President of College of Mining Engineers, Metallurgists and Geologists of Mexico (CIMMGM), said that we could see the first impacts of lacking exploration by 2025 and a drop in production within the next five years, if SGM does not maintain the current levels of exploration. According to data from the Secretariat of Economy (SE), in 1Q23, the total foreign direct Investment (FDI) in the mining sector amounted to USD $419M. In contrast, during the same period in 2013, this figure reached USD $2.036 B, reflecting a decline of 79.4%. During Enrique Peña Nieto’s initial five-year term, from 2012 to 2017, the country received mining FDI totaling USD $2.8 B and USD $1.9 B, respectively, representing a decrease of 32.1%. Meanwhile, during the first five years of López Obrador’s administration, covering the period from 2018 to 2023, FDI amounted to USD $1.9 B and USD $419M, marking a significant 78% decrease. However, it is important to note that data for 2023 is not fully available, which means that the percentages provided could vary.
  • According to information from the US Geological Survey, there are 82 lithium deposits in 18 states of the Republic, which can represent 1.7 million tons. A few days ago, Héctor Usla, Economist and Reporter of the El Financiero Newspaper, reported that the 2024 Expenditure Law project plans to allocate MXP $9.77M to Litio para México (LitioMx), the entity created in August 2022, for the exploration, exploitation, benefit and use of lithium found in national territory. This is an amount that allows the administrative operation of the decentralized organization, but that seems insufficient to reliably establish the total amount of probable lithium reserves and initiate exploration and production in the most promising deposits. (Note of the writer.- Are you serious?…Obviously, it would be vastly insufficient to have a budget like that reported above to carry out exploration, exploitation, etc.).

ON EXPLORATION

  • Southern Empire Resources Corp., received permitting from the Mexico´s Ministry of Environment and Natural Resources (SEMARNAT) for 30 drill hole sites at its Centauro project in Chihuahua. “The Centauro Gold Project exhibits significant potential to host “Carlin-style” and/or epithermal precious metal mineralization based on extensive brecciation, silicification and argillization of the Tertiary-age Ahuichila Formation conglomerate, a strongly coincident gold (“Au”), arsenic (“As”), antimony (“Sb”), mercury (“Hg”), thallium, silver, barium soil geochemical signature associated with a silicified mesa “cap” covering 2.5 km along the strike of the main zone, outcrops containing arsenopyrite, realgar, orpiment and stibnite, and low to non- anomalous base metal values”. 
  • Radius Gold Inc., provided an update on drilling at its Tropico project in Zacatecas. The initial hole TDD-001 plan for 300m to intersect the Tropico breccia pipe encountered difficult ground conditions and was abandoned at 56m. “The hole from 19m to 56m is intensely altered with clay, silicification, variable zones of hydrothermal breccias and repeated sets of banded silica veins with fine sulphides and stockwork veining. Banded veining had not previously been seen on the property”. “The drill rig has been stepped back from the target an additional 25m and a new hole drilled deeper under hole TDD-001, this time using large diameter PQ sized core and casing which is expected to alleviate the drilling difficulties”.

ON MINING

  • No relevant news.

ON FINANCING

  • Equinox Gold Corp., announced that it has entered into an agreement to buy, on a bought deal basis, 4.75% unsecured convertible senior notes due 2028 in an aggregate principal amount of $150M.  The company has granted the initial purchasers up to an additional $22.5M aggregate principal amount of notes. The notes will be issued at par value.  Later on, the company announced that it had closed its previously announced bought deal offering of $172.5M aggregate principal amount of 4.75% unsecured convertible senior notes due 2028, which includes exercise of the full amount of the option to purchase an additional $22.5M aggregate principal amount of notes Net proceeds will be used for repayment of debt and for general corporate purposes (Mina Los Filos, Guerrero).
  • Excellon Resources Inc., announced debenture restructuring to reduce the outstanding principal amount to CAD $7.5M representing a reduction of CAD $10.4M (58% reduction), and to amend the terms of the remaining debentures to, among other things, further extend the maturity date to August 31, 2026. In exchange for CAD $10.4M aggregate principal amount of the debentures, Excellon to pay CAD $3.5M in equity, 25% interest in Silver City Project, plus additional non-dilutive contingency and royalty payments (La Negra Mine, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Golden Tag Resources Ltd., announced the commencement of a 7,000m drilling campaign at its La Parrilla Mine Complex in Durango. The 7,000m phase 1 drilling program will  focus on infill and step-out drilling in proximity to underground mining infrastructure and existing development in three key areas: a) Rosarios and Cuerpo 340 Veins (3,000 m of drilling to test the east, west and central down-dip extensions; b) Quebradillas Underground (3,000 m of drilling to test the strike and down-dip extensions of three key zones including Cuerpo 460, Norte-Sur, and San Nicolas; and c) San Marcos (1,000 m of drilling to test the extension of San Marcos and Cuerpo 1100 at depth.
  • Tocvan Ventures Corp., provided an update on the acquisition of the Pilar project in Sonora and outlined target areas for the next phase of drilling. The company has exercised notice to Colibri Resources Corp., to purchase the remaining 49%. It also is completing a due diligence expected to finalize in coming weeks to acquire over 21 square-kilometers of land surrounding the Pilar, which contain recent placer activity, historic workings, and prospective geology, indicative that the area is highly prospective for gold and silver. “Tocvan plans to restart field operations at the close of the expansion acquisition to advance new target areas already identified quickly towards drill targeting. Drilling at Pilar and within the new expansion area is planned to total 2,000-meters before year end”.
  • Silver Valley Metals provided a corporate update on its MexiCan lithium-potassium projects located in Zacatecas-San Luis Potosi. Highlights of this project include that significant grades of lithium, potassium sulphate, and boron are located on surface in unconsolidated sediments; the brine potential has not been tested to date; deep basin large aquifer brine potential defined by regional geophysics surveys, remains to be tested; he inferred resource has been tested from surface to an average 5 metres depth; the company anticipates the sediment basin could range from 40m to greater than 100m deep, so the prospect of expanding the sediment resource at depth is substantial; and 12.3M tonnes of Potassium Sulphate and 243K tonnes of Lithium Carbonate Equivalent defined thus far. The company declared that discussions are active and advancing with LitioMX and near-term plans are in place to come together to potentially finalize a partnership agreement.

ON DEALS AND CORPORATE ISSUES

  • Luca Mining Corp., announced the appointment of its Director of Corporate Development. The company also granted incentive stock options to its employees and consultants to purchase an aggregate 225K share in the capital stock of the company (Tahuehueto project, Durango).
  • Santacruz Silver Mining Ltd., reported that an employee was fatality injured at its Zimapan Mine, Hidalgo. The fatality was the result of rockfall from a stope face.
  • GR Silver Mining Ltd., reported results from its annual general meeting of shareholders.  Incumbent director Laura Diaz chose not to stand for re-election and was not a nominee (Plomosas project, Sinaloa).
  • Sierra Metals Inc., placed Cusi Mine in Chihuahua on care and maintenance and initiated a process to sell the mine. Ernesto Balarezo Valdez, Sierra Metals’ CEO, stated that “Sierra Metals is transitioning to become a copper-focused mining company, and the planned divestiture of Cusi will allow us to focus on our two key mines, Yauricocha in Peru and Bolivar in Mexico, where we have significant potential to continue growing our copper production”.
  • Radius Gold Inc., announced that it proposes, subject to TSX Venture Exchange approval, to issue 500K common shares of the company to Bruce Smith. The common shares will be issued at a deemed price of $0.24 per share, for a total deemed value of $120K (good for you Bruce!) (Tropico project, Zacatecas).
  • Angel Wing Metals Inc., announced the consolidation of its common shares on the basis of one post- consolidation common share for every two pre-consolidation shares issued and outstanding as of the close of business on September 20, 2023. (La Reyna project, Nayarit).
  • Bear Creek Mining Corporation announced results from its special meeting of shareholders (Mercedes Mine, Sonora).
  • Colibri Resource Corporation announced the retirement of its President and CEO, and its replacement (Evelyn project, Sonora).
  • Orex Minerals Inc., announced a consolidation of its issued and outstanding common shares at a ratio of ten pre-consolidation shares to one post-consolidation share. The reasons for the consolidation are to increase the company’s flexibility and competitiveness in the marketplace and to attract new equity investment in the company  (Coneto project, Sonora).
  • Pan American Silver Corp., announced that it will host a conference call to discuss the company ´s environmental, social, and governance efforts, and development on October 19, 2023 at 11:00 am ET (8:00 am PT) (La Colorada, Zacatecas).
  • Silver Viper Minerals Corp., announced that it will present a live virtual corporate update hosted by Red Cloud Financial Services on September 28th, 2023 at 2:00 PM ET (La Virginia project, Sonora).

ON SOCIAL RESPONSIBILITY

  • MAG Silver Corp., published its second annual sustainability report. , which provides a comprehensive overview of the company’s environmental, social and governance (“ESG”) commitments, practices, and performance for the 2022 year. Highlights of the 2022 sustainability report include zero fatalities at the Juanicipio project, Zacatecas or at MAG´s exploration projects; a lost time injury frequency rate of 1.92; over 62,000 hours dedicated to safety training; zero significant environmental incidents at the Juanicipio and other projects; 66% of MAG Silver´s workforce is hired from local communities; over 13 community engagement initiatives across 4 different project streams at the Juanicipio project: health, education, capacity buildings, and microenterprise projects; 38% of Board directors are female, surpassing the 30% target established in MAG´s Diversity, Equity and Inclusion Policy; and Code of Conduct and Social Responsibility Policy refreshed and updated to specifically articulate the importance of engaging with Indigenous communities through meaningful dialogue, cooperation, and deepening of the shared-value approach to local development activities to promote sustainable and lasting economic and social benefits.
  • Ternium completed the restoration of the Cerro Náhuatl Mine and Jala Station Closure Plan in Coquimatlán, Colima, which covers a period from 2012 to 2022 in which reforestation works and programs were implemented. With this project, the forest area was increased by 88 hectares and the area was repopulated with 180 species of native fauna. It is a component of the company’s commitment to sustainability in the communities where it operates, according to a statement.

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, galena, sphalerite, and silver sulfosalts in a quartz vein from an intermediate sulphidation epithermal vein system in Sonora, Mexico Photo by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of May 2023

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 19th week of the year (May 8th to May 14th, 2023), 19 companies working in Mexico posted news releases. Three companies informed on exploration on their properties, eight companies informed on Q1 2023 or full-year 2023 production/financial results, one company informed on the termination of an illegal blockade. One company announced the opening of a financing round. Assay results were released on an advanced property in Sinaloa, and a mill started  test work in Nayarit. ON MEXICO ISSUES, Fitch Ratings warned on the impact of the new mining law, specially in exploration activities. ON EXPLORATION, in Sinaloa, Vizsla Silver reported drilling results from Panuco; Prismo Metals started drilling at Palos Verdes. In Jalisco, Stroud Resources provided a summary of the 2021-2022 drilling at Santo Domingo Hostotipaquillo. ON MINING, Endeavour Silver, GoGold Resources, Mag Silver, Avino Silver, Torex Gold, Pan American Silver, Golden Minerals, SilverCrest Metals released Q1 2023 production reports. Fortuna Silver informed on the termination of the illegal blockade at its San José mine in Oaxaca. ON FINANCING, Stroud Resources is to raise up to C$1.5 M. ON RESOURCES AND DEVELOPMENT, Oroco Resource released assay results from its Santo Tomás project in Sinaloa. Xali Gold informed its optioned processing plant in Nayarit has begun test work. ON DEALS AND CORPORATE ISSUES, GR Silver updated on work at its Plomosas project in Sinaloa. Silver Valley informed on negotiations with the Mexican Lithium Agency pertaining a possible partnership involving the lithium component of its properties in Mexico. ON SOCIAL RESPONSIBILITY, Zacatecas Silver continues to build its relationship with the Tetlama community in Morelos.

ON MEXICO ISSUES

  • Fitch Ratings stressed that the new mining law is to have far-reach implications in the Mexican mining industry, as it is to slow the pace of exploration, shorten the concessions term and generate worries on the operational continuity, and also to revitalize community negotiations. Even as the details are still to be defined, exploration is the activity that will be hit the hardest, with exploration activities now to be conducted by the Servicio Geológico Mexicano (SGM) and later expanded by special collaboration agreements.

ON EXPLORATION

  • Stroud Resources Ltd. provided a summary of the 2021-2022 drilling program at its Santo Domingo property in Hostotipaquillo, Jalisco. The program consisted of 9,936 m in 32 holes to explore the extent of known vein-hosted epithermal mineralization and to define additional parallel systems. Highlighted core length intervals comprise 1.55 m @ 624 gpt Ag; 47.70 m @ 0.18 gpt Au, 42 gpt Ag, 0.1% Pb, 0.4% Zn; 48.90 m @ 0.42 gpt Au, 41 gpt Ag; 68.35 m @ 0.18 gpt Au 66 gpt Ag; 34.70 m @ 1.23 gpt Au, 60 gpt Ag; 32.15 m @ 0.55 gpt Au, 106 gpt Ag; 36.80 m @ 0.23 gpt Au, 141 gpt Ag, 0.2% Pb, 2.0% Zn; 24.00 m @ 0.13 gpt Au, 105 gpt Ag; 14.70 m @ 0.78 gpt Au, 165 gpt Ag; 34.70 m @ 1.23 gpt Au, 60 gpt Ag, 0.6% Pb, 1.8% Zn; 35.45 m @ 0.17 gpt Au, 47 gpt Ag. “To date, the Santo Domingo Project has approximately 85 drill holes totalling 18,184 metres”.
  • Vizsla Silver Corp. reported results from 16 expansion holes at its Panuco project in Sinaloa. These expansion holes targeted the Copala resource area, with highlighted true width intervals comprising 5.89 m @ 1,403 gpt Ag, 4.24 gpt Au (or 1,591 gpt AgEq); 4.90 m @ 345 gpt Ag, 1.12 gpt Au (or 396 gpt AgEq); 2.14 m @ 1,319 gpt Ag, 22.46 gpt Au (or 2,743 gpt AgEq); 1.45 m @ 789 gpt Ag, 5.13 gpt Au (or 1,080 gpt AgEq). “Ongoing drilling at Copala has now traced mineralization along ~1,250 metres of strike length and ~400 metres down dip…… Vizsla has to date completed 35,000 m of its planned 90,000 m 2023 drill program”.
  • Prismo Metals Inc. has started the drilling program at its Palos Verde project in Sinaloa. The at least 2.500 m drilling is to test the 65% of the Palos Verdes structure that has not been drilled, along with some other veins that have been mapped. The company is trying to intercept large ore shoots as in the adjacent Panuco project (See above).

ON MINING

  • Endeavour Silver Corp. announced its financial and operating results for Q1 2023. During the period 1.62 M Oz Ag, 9,342 Oz Au (or 2.4 M Oz AgEq) were produced at $11.12 per Oz Ag and an AISC of $20.16 per Oz Ag, net of gold credits. Cash position was $61.6 M at the end of the period, and working capital $92.8 M. The company is going ahead with the development of the Terronera project in Jalisco, with over $58 M invested to date
  • GoGold Resources Inc. announced the financial results for Q1 2023. The company produced 173.7 K Oz Ag, 2,016 Oz Au, 143 tonnes Cu, at adjusted cash cost of $14.00 per Oz AgEq and adjusted AISC of $19.76 per Oz AgEq. Revenue was $7.6 M on the sale of 355.7 K Oz AgEq. Cash on hand is US$100.9 M (Parral tailings, Chihuahua).
  • Mag Silver Corp.  released unaudited financial results for Q1 2023. Concentrate production has commenced at the Juanicipio mine in Zacatecas (Fresnillo 56%, MAG 44%), containing 2 M Oz Ag, 5,291 Oz Au, 1,281 tonnes Pb, 1,656 tonnes Zn. MAG reported net income of $4.7 M, and closed a $42.6 M offering of shares and a $17.1 M private placement during the period.
  • Fortuna Silver Mines Inc. reported that the illegal blockade at its San Jose Main in Oaxaca has been lifted. The company and union workers have reached an agreement to resume operations at the mine and processing plant which recommenced on May 10, 2023.
  • Avino Silver & Gold Mines Ltd. released its consolidated financial results for the first quarter of 2023. During the period, the company milled 159.8 K tonnes at Avino, in Durango, to produce 234.3 K Oz Ag, 2,286 Oz Au, 1.4 M Lb Cu (678.2 K Oz AgEq), at cash cost of $14.22 per Oz AgEq and an AISC of $20.17 per Oz AgEq. Revenues of $9.8 M were impacted by timing of concentrate shipments, EBITDA was $0.3 M, cash provided by operating activities of $0.4 M. The dry-stack tailings facility is now complete and fully operational. The company is assessing the continuity of mineralization to depth, with mineralization extending at least 800 m downdip … “it appears that the Avino vein is getting richer in copper as we go deeper with a grade of 1.63% copper over 16.66 metres” intercepted at depth.
  • Torex Gold Resources Inc. reported financial and operational results for Q1 2023. During the period the company produced 122,918 Oz Au at its El Limón-Guajes property in Guerrero, milling 13,073 tpd and mining form ELG underground. Cash cost was $709 per Oz Au and AISC of $1,079 per Oz Au. Reported income of $68.2 M and adjusted earnings of $50.3 M. The company has reserves of 38.6 M tonnes @ 2.91 gpt Au, 17.1 gpt Ag, 0.58% Cu at the Morelos Complex in Guerrero, 47.8 M tonnes @ 3.33 gpt Au, 22.6 gpt Ag, 0.80% Cu in measured and indicated resources and 15.8 M tonnes @ 2.49 gpt Au, 23 gpt Ag, 0.86% Cu in inferred resources. The quarter closed with net cash of $318.4 M.
  • Pan American Silver Corp. reported unaudited results for the Q1 2023, without figures or specific news on its Mexican properties.
  • Golden Minerals Co. released financial results for Q1 2023. Revenue was $4.2 M, net operating margin $0.2 M related to the Rodeo mine operations in Durango, where 2,081 Oz Au, 11,535 Oz Ag were produced. Golden is assessing the possibility of restarting the Velardeña property mining operations in Durango. During the period a maiden resource of 937 K tonnes @ 570 gpt Ag was announced on its Yoquivo property, in Chihuahua, and the return of the Santa Maria property, also in Chihuahua, by Fabled Silver. The company had $2.0 M in cash and cash equivalents by the end of the period.
  • SilverCrest Metals Inc. announced its financial and operational results for the first quarter 2023. Undeground mining rates at Las Chispas, in Sonora, averaged 707 tonnes per day (tpd), processing 1,160 tpd with an estimated 40% of production feed sources from stockpiles. Grades averaged 4.06 gpt Au, 419 gpt Ag, recovering 97.5% Au, 91.0% Ag, to produce 13,300 Oz Au, 1.29 M Oz Ag (2.45 M Oz AgEq), at cash cost $6.57 per Oz AgEq and AISC of $11.45 per Oz AgEq. The company had revenue of $58.0 M, resulting in mine operating income of $35.6 M with net free cash flow of $19.3 M, ending the quarter with cash of $45.8 M and net cash of $21.0 M.

ON FINANCING

  • Stroud Resources Ltd. announced a non-brokered private placement to raise up to C$1.5 M (Santo Domingo Hostotipaquillo, Jalisco).

ON RESOURCES AND DEVELOPMENT

  • Oroco Resources Corp. released assay results for the last two drill holes of the 2021-2023 program, which test the North Zone of its Santo Tomás project in Sinaloa. Highlighted core length results comprise 185.4 m @ 0.27% Cu, 0.013 gpt Au, 1.1 gpt Ag; 228.5 m @ 0.43% Cu, 0.035 gpt Au, 2.52 gpt Ag in one hole and 387.4 m @ 0.45% Cu, 0.043 gpt Au, 3.0 gpt Ag; 39.0 m @ 0.26%, 0.012 gpt Au, 1.68 gpt Ag in the other. “The North Zone program comprises 47 diamond drill holes and 30,909 m of drilling”.
  • Xali Gold Corp. advised that Minera Cinco Reales S.A. de C.V. has commenced work on the San Dieguito de Arriba plant in Nayarit. The company is planning to carry their first bulk sample test by the end of May. The company will be allowed to conduct the bulk test work while the environmental impact permit is authorized. “Xali Gold will have the right to receive 15% of the net profits from any mineral that is processed at the SDA Plant”.

ON DEALS AND CORPORATE ISSUES             

  • GR Silver Mining Ltd. updated on work and plans for 2023 at its 43,187 ha. Plomosas project in Sinaloa. The property hosts intermediate to low sulfidation epithermal mineralization on the Plomosas, San Marcial and San Juan-La Colorada areas, on which a new resource estimate was filed early this month, based in 60,020 m of drilling in 424 holes. Indicated resources stand at 15 M tonnes @ 117 gpt Ag containing 55 M Oz Ag, or 179 gpt AgEq, containing 85 M Oz AgEq. Inferred resources stand at 9 M tonnes @ 78 gpt Ag, containing 22 M Oz Ag, or 171 gpt AgEq, holding 49 M Oz AgEq. A drill rig has been mobilized to the SE Area in San Marcial and a 12,500 m drilling exploration program has been recommended. On the cost reduction initiative, staff has been reduced by 38% and vehicles by 50%, “with executives taking reduced cash salaries and directors waiving cash fees.”
  • Silver Valley Metals Corp. provided an update on its MexicCan Lithium-Potassium project in Zacatecas-San Luis Potosí. The company “has been in discussions with LitioMX, (the national lithium company of Mexico)” pertaining the possibility of forming a partnership for exploration and production on Silver Valley’s concessions. “The negotiation is focused solely on the lithium component of the multi-commodity deposit(s). This represents an inferred resource of 243,000 tonnes of lithium carbonate equivalent (LCE) defined to date at surface to an average depth of only 5 metres”.

ON SOCIAL RESPONSIBILITY

  • Zacatecas Silver Corp. continues to build on its relationship with the Tetlama community, on its Esperanza project in Morelos. “The Company continues to provide on-going social benefit support with programs currently implemented including: medical assistance, funerary compensation, educational scholarships, and the community forest fire fighting brigade”. The company is combining resources with the community nucleus for the construction of the first stage of a new community cemetery.

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

The Mining and Exploration News in Mexico: Highlights on the First Week of September, 2021

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 34th week of the year (August 30th to September 5th, 2021), at least 21 press releases were announced by companies working in Mexico. To note, four companies posted exploration advances on their properties, four posted on mining or quarterly reports, seven on financing or shares and four more on project development or resource definition. ON MEXICO ISSUES, Camimex informed on direct and indirect employment generated by the mining industry. In 2020, Mexico was the top silver producer in the world. Sixty percent of foreign held mining projects are idle. Mexico is the ninth top producer of gold in the world, with 41.3 tonnes produced in 2020. ON EXPLORATION, in Chihuahua, Monarca Minerals completed the first two RC holes at San Jose. In Sinaloa, Vizsla Silver released results from 19 holes on the Naploleon area of the Panuco project. Durango, Canasil Resources released results from two diamond holes at Nora. In Guanajuato, Guanajuato Silver informed drilling continues at Pinguico.  ON MINING, Altaley Mining and Santacruz Silver reported second quarter 2021 results. Torex Gold released its multi-year production outlook for el Limon Guajes complex, aiming to produce 1.59 to 1.75 M Oz Au in 2021-2024. Guanajuato Silver commenced infill drilling at El Cubo. ON FINANCING, Prime Mining reported the exercise of warrants for C$9.5 M; Silver Spruce announced a financing round for up to $1 M; Mithril plans to raise up to A$3.3 M. Silver Wolf shares are now eligible for electronic clearing in the USA. SilverCrest completed the second scheduled drawdown of US$30 M. Candelaria Mining announced a non-brokered private placement for $7.8 M, on which Agnico Eagle subscribed for a $6 M consideration. ON RESOURCES AND DEVELOPMENT, Cheasapeake Gold filed a NI43-101 report on the Metates heap leach project. Zacatecas Silver is to commence drilling at Panuco. Sonora Gold reported surface assay results from Cerro Caliche. GR Silver Mining commenced 1,500 m of underground resource expansion drilling at San Marcial. ON DEALS AND CORPORATE ISSUES, No relevant news. ON SOCIAL RESPONSIBILITY, Torex Gold, Autlán, Industrias Peñoles, Fortuna Silver and Almaden Minerals informed on social responsibility actions by the companies on communities and society.

ON MEXICO ISSUES

  • Camimex (Cámara Minera de México) informed that during the first half of 2021 the mining industry generated 40,895 new direct jobs and more than 2 million new indirect jobs, boasting salaries 36% higher than the national average.  Also, during 2020 the industry invested US$3,532 M (US$3.5 billion, in American notation) and is posed to invest further US$5,034 M (US$5 billion in American notation) in 2021 and a total of more than US$24,000 M (US$24 billion in American notation) in the next six years.  
  • Mexico was the top producer of silver in the world in 2020, with 5,541 tonnes, China and Peru stand in the second and third place producing 3,443 tonnes and 2,991 tonnes respectively.
  • There are 1,190 mining projects funded by foreign capital in Mexico, but 6 of each 10 are idle, regardless of the increase in metal prices. Of the 1,190 projects, 754 are idle, 307 in exploration, 78 in production, 43 in development and 8 have closed. One of the issues affecting the mining industry in Mexico is the fiscal load, with taxes on profit of 52.7%, same tax burden that in other countries is lower: USA 30.2%, Canada 34.6%, Chile 35.7%, Peru 39.9%.
  • Mexico is the ninth producer of gold in the world, tied with Uzbekistan. Gold production during the first half of 2021 was 41,325 kg, which is 30% higher than a year before. This is the first yearly increase in gold production since the historic high of 2015, when 60,325 kg were produced. Sonora produced 29.8% of the total amount, Zacatecas 18.8% and Chihuahua 16.1%. Five companies produced almost 60% of the total, Fresnillo PLC, Newmont (Peñasquito), Torex Gold, Agnico Eagle and Alamos Gold.

ON EXPLORATION

  • Monarca Minerals Inc. informed on the completion of the first two drill holes at the San Jose project in Chihuahua. Both RC holes intersected endoskarn and exoskarn mineralization with pyrite and fine grained sulfides (probably galena and sphalerite) and local chalcopyrite. Both holes targeted geophysical anomalies.
  • Canasil Resources Inc. released results from the second and third holes of the 2021 drill program at Nora, in Durango. Highlighted true-width intervals comprise 7.18 m @ 2.05 gpt Au, 344 gpt Ag, 0.4% Pb, 0.8% Zn (including 1.87 m @ 4.42 gpt Au, 541 gpt Ag, 0.9% Pb, 1.9% Zn and 0.94 m @ 2.92 gpt Au, 766 gpt Ag, 1.0% Pb, 2.1% Zn); 0.94 m @ 5.91 gpt Au, 316 gpt Ag, 0.8% Pb, 1.7% Zn; 0.94 m @ 7.0 gpt Au, 279 gpt Ag; 0.94 m @ 2.13 gpt, 203 gpt Ag; 5.33 m @ 1.14 gpt Au, 157 gpt Ag (including 1.85 m @ 2.45 gpt Au, 284 gpt Ag); 1.36 m @ 1.30 gpt Au, 302 gpt Ag; 3.29 m @ 6.44 gpt Au, 884 gpt Ag, 0.2% Zn; 0.90 m @ 1.65 gpt Au, 431 gpt Ag, 0.1% Zn; 1.53 m @ 20.59 gpt Au, 1,290 gpt Ag, 0.1% Pb, 0.3% Zn; 2.71 m @ 2.76 gpt Au, 250 gpt Ag, 0.1% Zn. “Gold-silver mineralization is hosted within two structurally-controlled epithermal veins, Candy and Nora… The fault structure hosting the Candy vein has been traced for a distance of over 3 km…. The second vein, Nora, is found 600 metres northeast of the Candy vein and can be traced for 230 metres with widths of over 9.0 metres”.
  • Vizsla Silver Corp. released the results from 19 new holes targeting the Napoleon vein resource area at its Panuco project in Sinaloa. Highlighted true-width results comprise 1.46 m @ 10.74 gpt Au, 188 gpt Ag, 1.3% Pb, 3.5% Zn; 3.01 m @ 3.62 gpt Au, 40 gpt Ag, 0.8% Pb, 4.0% Zn; 3.40 m @ 3.10 gpt Au, 110 gpt Ag, 1.2% Pb, 1.1% Zn; 1.40 m @ 6.49 gpt Au, 114 gpt Ag, 0.8% Pb, 8.0% Zn; 5.93 m @ 11.35 gpt Au, 185 gpt Ag, 0.5% Pb, 2.2% Zn; 6.33 m @ 1.79 gpt Au, 52 gpt Ag, 0.2% Pb, 1.1% Zn. To date 105 holes on the Napoleon resource area define an average vein width of 3.5 m @ 3.11 gpt Au, 161 gpt Ag, 0.45% Pb, 1.3% Zn. A maiden resource estimate is planned for Q1 2022.
  • Guanajuato Silver Company Ltd. informed that drilling continues at El Pinguico project in Guanajuato.

ON MINING

  • Altaley Mining Corp. released its financial and operating results for Q2 2021. At Campo Morado, Guerrero, the company processed 164 K tonnes at 1,803 tonnes per day, grading 4.5% Zn, 0.34% Cu, 129 gpt Ag, 1.16 gpt Au, recovering 74% Zn, 31% Pb, at cash cost $0.48per Lb Zn and an AISC of $0.77 per Lb Zn.
  • Santacruz Silver Mining Ltd. reported its financial and operating results for the second quarter 2021. The company operating the Zimapan and Rosario mines in Hidalgo and San Lusi Potosi respectively, processed 172.3 K tonnes to produce 799 K Oz Ag at cash cost $55.48 per tonne, cash cost $19.87 per Oz Ag, an AISC of $23.74 per Oz Ag. Revenue increased to $13.7 M and gross profits to $3.8 M.
  • Torex Gold Resources Inc. informed on the multi-year outlook for production at its El Limon Guajes mining complex in Guerrero. Torex plans to produce at El Limon Guajes 430-470 K Oz Au in 2021, 430-470 K Oz Au in 2021, 400-450 K Oz Au in 2023 and 330-350 K Oz Au in 2024 (1.59-1.74 M Oz Au, total). “The current production outlook assumes production from the ELG open pits through mid-2024, and stable production from the ELG Underground through to at least the end of 2024 and likely longer based on exploration results”.
  • Guanajuato Silver Company Ltd. announced that infill and expansion drilling has commenced at its El Cubo mine in Guanajuato.

ON FINANCING

  • Prime Mining Corp.  reports the exercising of warrants for gross proceeds of C$9.52 M, resulting in a cash position of C$31.9 M. “From the 15,000 metre (“m”) Phase 1 diamond drill program at Los Reyes completed in June 2021, 29 unreported holes are expected to be released in the coming weeks” (Los Reyes, Sinaloa).
  • Silver Wolf Exploration Ltd. announced its shares are now eligible for electronic clearing and settlement in the United States (Ana Maria, Durango).
  • SilverCrest Metals Inc. announced the completion of the second scheduled drawdown of US$30 M on its previously announced US$120 Million project financing facility with an affiliate of RK Mine Finance (Las Chispas, Sonora).
  • Silver Spruce Resources Inc. announced a private placement to gather up to $1 M (El Mezquite, Sonora).
  • Candelaria Mining Corp. announced a non-brokered private placement geared to raise up to $7.8 M in gross proceeds (Caballo Blanco, Veracruz).
  • Agnico Eagle Mines Ltd. is subscribing 13.333 M units of Candelaria Mining Corp., for a total consideration of $6 M. On closing of the private placement, Agnico is to own 15.94% of the issued and outstanding shares of Candelaria (Pinos Altos, Chihuahua).
  • Mithril Resources Ltd. Is planning to raise up to A$3.3 M through a share placement (Coplaquin, Durango).

ON RESOURCES AND DEVELOPMENT

  • Chesapeake Gold Corp. filed a NI-43-101 technical report on the Metates sulfide heap leach project in Durango. The company has shipped selected drill core samples for metallurgical testing in Vancouver. “The Company will prioritize the intrusive and intrusive breccia portions of the Metates orebody with results of the testwork to be released on an ongoing basis. First results are expected in earlyQ1 2022”.
  • Zacatecas Silver Corp. informed drilling to commence at the Panuco deposit and San Gill breccia zone on its Zacatecas Silver project. The Phase One program is to include 10,000 m of drilling. “A total of three veins will be drilled — Panuco NW, Panuco Central and Tres Cruces — which remain open at depth and along strike. These are high-priority drill targets”.
  • Sonoro Gold Corp. reported assay results from surface sampling at its Cerro Caliche project in Sonora. “Surface rock samples were collected from several well-defined vein and gold mineralized structures by channel sampling perpendicular across measured veins and wall rocks with sample lengths ranging from 0.4 to 2.0 meters. Assay results from 17 samples returned grades between 2.5 and 14.3 grams of gold per tonne”. These assays are from extensions to significant structural corridors at the Buena Suerte and El Colorado zones.
  • GR Silver Mining Ltd. commenced the initial 1,500 m underground resource expansion diamond drill program at San Marcial, in Sinaloa. The program will test down-dip and along strike extensions to the existing NI-43-101 resource and new targets defined by a recent geophysical program.

ON DEALS AND CORPORATE ISSUES

  • No Relevant News.

ON SOCIAL RESPONSIBILITY

  • Minera Media Luna (Torex Gold) informed on medical supplies to some communities in Guerrero.
  • Autlán received for second consecutive year the Ethics and Values award granted by CONCAMIN (Confederación de Cámaras Industriales).
  • Peñoles received the Ethics and Values, and the Health and Wellbeing awards granted by CONCAMIN (Confederación de Cámaras Industriales).
  • Minera Cuzcatlán (Fortuna Silver) informed on aid to local communities near its San José mine in Oaxaca.
  • Fresnillo and Industrias Peñoles informed on aid to communities and organizations thorough the country.
  • Minera Gorrión (Alamaden Minerals informed on the way it is letting the communities know about its current drilling program in Puebla.

On the image below:  Low sulfidation epithermal quartz veining from a project in northern Sonora. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of June, 2021

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 23rd week of the year (June 7th to June 13th, 2021), at least 25 press releases were announced by companies working in Mexico. To note, six companies posted exploration advances on their properties, three posted on financing ($2.6M, $1.43 M, C$11.5 M) and one on a debt settlement with shares, six more on project development or resource definition and three posted on deals or corporate issues. ON MEXICO ISSUES, The bodies of seven miners killed on a coal mine collapse in Coahuila have been recovered. ON EXPLORATION, in Baja, Comet Resources commenced a drill program at Santa Teresa. In Sonora, Minaurum is re-commencing drilling at its Alamos Silver project; Silver Spruce commenced phase II ground exploration at Jackie; Tarachi Gold released RC drilling results from La Dura mine at its Tarachi project. Radius gold released ground exploration results from Maricela. In Sinaloa, Kootenay Silver released good drilling results at Copalito.  ON MINING, no relevant news. ON FINANCING, Santacruz Silver settled a C$4.5 M debt by issuing shares to debtors. Three companies informed on financing rounds: Silver Viper Minerals ($1.4 M, aggregate $6 M), Mammoth Resources ($2.6 M) and Defiance Silver (C$11.5 M). ON RESOURCES AND DEVELOPMENT, GR Silver Mining reported drill results from Plomosas, in Sinaloa. Endeavour Silver released high-grade intercepts at Terronera, Jalisco. Advance Gold released (low) lithium drilling results from the Saldivar Salar in San Luis Potosi. GoGold Resources reported drilling results from Los Ricos North in Jalisco. Golden Tag Resources released drilling results from a bulk tonnage target at San Diego, Durango. Golden Minerals reported assay results from expansion drilling at Rodeo, Durango.  ON DEALS AND CORPORATE ISSUES, Millrock Resources and Tocvan Ventures signed a letter of commitment in relation to El Picacho project in Sonora. Telson Mining completed its change name to Altaley Mining. VanGold Mining announced its name change to Guanajuato Mining. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on actions the companies realize to help the environment. Mazapil inhabitants evaluated the water quality they receive with Minera Peñasquito support.

ON MEXICO ISSUES

  • The bodies of six of seven miners have been recovered after the collapse of a coal mine in Coahuila.
  • Luisa María Alcalde, head of the Secretariat of Work and Social Prevision informed the mine collapse in Coahuila that caused several fatalities was due to strong rains in the region.

ON EXPLORATION

  • Kootenay Silver Inc. released results from five holes at its Copalito project in Sinaloa. The holes are from the 5 Señores vein, which has now been tested on 600 m of its 1 km known extension. Highlighted core length results comprise 35 m @ 75 gpt Ag, 0.6 gpt Au, 0.1% Pb+Zn (126 gpt AgEq) which include 1.70 m @ 43 gpt Ag, 2.56 gpt Au, 0.8% Pb+Zn (218 gpt Ag) and 1.31 m @ 264 gpt Ag, 0.23 gpt Au, 2.3% Pb+Zn (326 gpt AgEq); 19.43 m @ 218 gpt Ag, 0.83 gpt Au, 1.5% Pb+Zn (306 gpt AgEq) including 7.97 m @ 330 gpt Ag, 1.23 gpt Au, 2.0% Pb+Zn (456 gpt AgEq); 15.0 m @ 61 gpt Ag, 0.75 gpt Au, 0.4% Pb+Zn (119 gpt Ag) including 2.0 m @ 220 gpt Ag, 3.79 gpt Au, 0.4% Pb+Zn (475 gpt AgEq); 12.0 m @ 66 gpt Ag, 0.17 gpt Au, 0.8% Pb+Zn (96 gpt AgEq) including 2.20 m @ 241 gpt Ag, 0.42 gpt Au, 0.8% Pb+Zn (289 gpt AgEq); 10.0 m @ 65 gpt Ag, 0.11 gpt Au, 0.3% Pb+Zn (79 gpt AgEq) including 1.68 m @ 210 gpt Ag, 0.45 gpt Au, 0.4% Pb+Zn (248 gpt AgEq).
  • Minaurum Gold Inc. informed on rig mobilization to its Alamos silver property in Sonora. “Drilling will focus on defining emerging silver shoots in previously explored veins as well as discovering new shoots in underexplored veins. Drill targets will be 100- to 150-metre step-outs of, up- and down-dip, and along-strike of mineralized vein zones, with allowances made for plunging shoots. Minaurum is also continuing reconnaissance work to the south and west in the Alamos project to develop new target veins for later drilling”. Some of the zones to be tested include the Europa-Guadalupe, San José, Minas Nuevas, Alessandra, Ana, Promontorio, Púlpito and Cotera.
  • Comet Resources Ltd. Commenced a 2,000 m diamond drilling program at Santa Teresa, in Baja California. This is the first drilling program since Premier Gold tested the property in 2008.
  • Radius Gold Inc. defined high grade and bulk tonnage targets at its Maricela project in Sonora. Rock chip sampling returned up to 3 m @ 4.46 gpt Au, 1,335 gpt Ag; 22.0 m @ 0.15 gpt Au, 39 gpt Ag; 4 m @ 1.23 gpt Au, 111 gpt Ag at Baby Gloria, 25.3 m @0.31 gpt Au, 62 gpt Ag; 10 m @ 0.62 gpt Au, 142 gpt Ag at Virgen de Plata, 4 m @ 0.45 gpt Au, 98 gpt Ag; 10.5 m @ 0.50 gpt Au, 105 gpt Ag at EL Arco; 6 m @ 1.03 gpt Au, 417 gpt Ag at Central. “The project hosts an epithermal silver & gold mineralized vein system extending approximately 1.5km long by 300m wide, within which occurs multiple veins, stockworks and breccias which at intersections have exposed widths +25 meters. Recent mapping and sampling (273 rock chips) identified 6 major veins with combined strike approximately of 5km”.
  • Silver Spruce Resources Inc. commenced phase II ground exploration at the 1,130 ha Jackie property in Sonora. “The work will be performed on a 100-hectare section of the Property with grid-controlled detailed geological mapping and rock sampling focused on a 25-hectare central block covering the core of the gold and silver discovery area with additional wider spaced grid mapping of the surrounding area”.
  • Tarachi Gold Corp. released results from surface reverse circulation holes drilled on La Dura mine within the Jabali concession at the Tarachi project in Sonora. Highlighted hole-length intervals comprise 3.0 m @ 0.63 gpt Au, 9.0 m @ 0.22 gpt Au, 3.0 m @ 0.37 gpt Au, 3.0 m @ 2.35 gpt Au; 1.50 m @ 1.56 GPT Au; 12.0 m @ 7.26 gpt Au (including 6.0 m @ 12.2 gpt Au); 3.0 m @ 1.68 gpt Au, 12.0 m @ 0.23 gpt Au. “The drill program tested the down-dip and potential southern plunge in areas of known gold bearing structures”. 

ON MINING

  • No relevant news.

ON FINANCING

  • Santacruz Silver Mining Ltd. announced the settling of a debt of C$4.47 M by issuing 10.3 M shares to Empresa Minera Manquiri S.A. and Minas Guilloyna S.A. de C.V. (Zimapan, Hidalgo).
  • Mammoth Resources Corp. closed its previously announced oversubscribed non-brokered private placement financing to raise up to $2.6 M in gross proceeds (Tenoriba, Chihuahua).
  • Silver Viper Minerals Corp. closed the final tranche of its non-brokered private placement for aggregate proceeds of $1.43 M. Aggregate profits under the offering were $6 M (La Virginia, Sonora).
  • Defiance Silver Corp. closed the previously announced brokered private placement for Gross proceeds of C$11.5 M (San Acacio, Zacatecas; Tepal, Michoacan).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. reported drill results from the Plomosas project in Sinaloa. Highlighted true width (TW) intercepts on the northern portion of the Plomosas mine area of polymetallic hydrothermal breccia comprise 16.2 m @ 75 gpt Ag, 0.25 Au, 0.7% Pb, 0.8% Zn, 0.1% Cu (including 5.8 m @ 171 gpt Ag, 0.41 gpt Au, 1.1% Pb, 0.7% Zn, 0.2% Cu); 7.6 m @ 227 gpt Ag, 0.27 gpt Au, 1.7% Pb, 1.4% Zn, 0.1% Cu; 10.7 m @ 12 gpt Ag, 2.48 gpt Au, 1.1% Pb, 1.5% Zn (including 1.5 m @ 17 gpt Ag, 15.81 gpt Au, 1.1% Pb, 3.9% Zn); 3.6 m @ 100 gpt Ag, 0.14 gpt Au, 0.2% Pb, 1.1% Zn, 0.5% Cu; 21.0 m @ 25 gpt Ag, 0.67 gpt Au, 1.6% Pb, 2.4% Zn, 0.1% Cu).
  • Endeavour Silver Corp. announced high-grade intercepts in a number of structures near the Terronera vein at Terronera, Jalisco. True width intercepts comprise 1.12 m @ 0.32 gpt Au, 170 gpt Ag; 2.14 m @ 3.97 gpt Au, 73 gpt Ag; 5.59 m @ 2.17 gpt Au, 177 gpt Ag; 1.35 m @ 9.78 gpt Au, 214 gpt Ag at San Simón, 1.41 m @ 2.20 gpt Au, 54 gpt Ag; 2.88 m @ 6.05 gpt Au, 1,056 gpt Ag; 1.98 m @ 3.38 gpt Au, 347 gpt Ag; 1.39 m @ 2.04 gpt Au, 66 gpt Ag at Fresno, 1.08 m @ 2.63 gpt Au, 25 gpt Ag at Lindero, 1.08 m @ 1.09 gpt Au, 445 gpt Ag at Pendencia, and 1.95 m @ 9.52 gpt Au, 148 gpt Ag; 1.07 m @ 2.81 gpt Au, 54 gpt Ag at Los Cuates.
  • Advance Gold Corp. announced results from four core holes at its Saldivar Salar in San Luis Potosí. One hole averaged 84 m @ 136 ppm Li (232 ppm peak value), 225 ppm B, 1.3 % K; a second hole averaged 77 m @ 142 ppm Li (229 ppm peak value), 213 ppm B, 1.3% K; a third hole averaged 53 m @ 130 ppm Li (214 ppm peak value), 230 ppm B, 1.2% K; a fourth hole returned 50 m @ 137 ppm Li (231 ppm peak value), 226 ppm B, 1.4% K. 
  • GoGold Resources Inc. released results from drilling on El Orito prospect at it Los Ricos North project in Jalisco. Highlighted core length intersections comprise 9.5 m @ 20 gpt Ag, 0.03 gpt Au, 0.10% Cu, 0.3% Pb, 0.7% Zn; 12.4 m @ 38 gpt Ag, 0.08 gpt Au, 0.23% Cu, 2.1% Pb, 3.8% Zn (including 2.6 m @ 93 gpt Ag, 0.09 gpt Au, 0.61% Cu, 5.3% Pb, 9.9% Zn); 3.0 m @ 222 gpt Ag, 1.93 gpt Au, 0.29% Cu, 2.7% Pb, 0.1% Zn; 44.3 m @ 23 gpt Ag, 0.04 gpt Au, 0.08% Cu, 0.7% Pb, 1.2% Zn (including 4.9 m @ 44 gpt Ag, 0.16 gpt Au, 0.16% Cu, 2.5% Pb, 3.5% Zn); 26.6 m @ 14 gpt Ag, 0.04 gpt Au, 0.07% Cu, 1.1% Pb, 1.3% Zn (including 5.1 m @ 38 gpt Ag, 0.17 gpt Au, 0.20% Cu, 4.5% Pb, 1.9% Zn); 29.4 m @ 36 gpt Ag, 0.06 gpt Au, 0.23% Cu, 2.2% Pb, 4.1% Zn; (including 6.3 m @ 90 gpt Ag, 0.09 gpt Au, 0.65% Cu, 5.2% Pb, 9.5% Zn); 23.0 m @ 61 gpt Ag, 0.08 gpt Au, 0.40% Cu, 2.4% Pb, 4.9% Zn; 58.0 m @ 31 gpt Ag, 0.04 gpt Au, 0.19% Cu, 1.2% Pb, 2.6% Zn. “mineralization averaging approximately 30m in width for more than 700m in strike length and up to approximately 300m in vertical depth from surface and is open in all directions….. The known strike length of the El Orito – El Favor structure is now approaching 2,500 meters and is still open in both directions”.
  • Golden Tag Resources Ltd. released results from a diamond hole at the Trovador zone of its San Diego project in Durango. Highlighted results comprise 8.40 m @ 0.58 gpt Au, 30 gpt Ag, 0.3% Pb, 0.4% Zn, 0.09% Cu; 86.64 m @ 0.03 gpt Au, 39 gpt Ag, 0.9% Pb, 0.6% Zn; 169.83 m @ 0.04 gpt Au, 32 gpt Ag, 0.6% Pb, 0.8% Zn, 0.05% Cu (including 14.47 m @ 0.03 gpt Au, 81 gpt Ag, 1.9% Pb, 2.2% Zn, 0.12% Cu); 116.45 m @ 0.03 gpt Au, 42 gpt Ag, 0.6% Pb, 0.7% Zn; 2.71 m @ 0.05 gpt Au, 97 gpt Ag, 0.5% Pb, 3.1% Zn, 0.35% Cu.
  • Golden Minerals Co. released initial results from its expansion drill program at its Rodeo open pit mine in Durango. Highlighted results comprise 14.65 m @ 3.94 gpt Au, 8 gpt Ag; 9.30 m @ 5.38 gpt Au, 10 gpt Ag; 3.70 m @ 7.02 gpt Au, 21 gpt Ag (including 0.90 m @ 21.09 gpt Au, 50 gpt Ag); 13.75 m @ 2.64 gpt Au, 10 gpt Ag, 6.35 m @ 1.41 gpt Au, 36 gpt Ag; 3.80 m @ 2.69 gpt Au, 26 gpt Ag.
  • GR Silver Mining Ltd. reported drill results from high-grade epithermal veining from La Colorada and San Juan veins at Plomosas, Sinaloa. Highlighted core length intervals comprise 9.0 m @ 710 gpt Ag, 1.82 gpt Au, 1.1% Pb, 0.3% Zn, 0.1% Cu (including 0.7 m @ 8,519 gpt Ag, 18.77 gpt Au, 8.9% Pb, 0.7% Zn, 0.2% Cu); 33.0 m @ 20 gpt Ag, 0.11 gpt Au, 0.5% Pb, 0.3% Zn; 11.1 m @ 139 gpt Ag, 0.69 gpt Au, 0.1% Pb, 0.2% Zn; 7.0 m @ 341 gpt Ag, 1.00 gpt Au, 0.2% Pb, p.6% Zn; 2.1 m @ 480 gpt Ag, 0.05 gpt Au, 0.2% Pb, 0.2% Zn. “The La Colorada vein is a hydrothermal breccia that contains Au-Ag-Pb-Zn values in a mineralized quartz and hematite matrix. It is hosted in andesite and ignimbrite country rock. Sphalerite, galena and acanthite (Ag-bearing mineral) are found in the quartz veins.”.

ON DEALS AND CORPORATE ISSUES

  • Millrock Resources Inc. signed a letter of commitment with Tocvan Ventures Corp. in relation to 2,414 ha El Picacho gold project in Sonora, west of the San Francisco mine. Tocvan must make make cash payments of US$2 M to the underlying concession owners over a five-year term to acquire 100% interest in the project, pay back taxes and Millrock is to retain a 2% NSR, of Which Tocvan may purchase back 1% for US$1 M.
  • Telson Mining Corp. is completing its name change to Altaley Mining Corp. on June 11, 2021 (Campo Morado, Guerrero).
  • VanGold Mining Corp. announced the name change to Guanajuato Mining Corp. to be effective from June 10, 2021 (El Cubo and El Pinguico, Guanajuato).

ON SOCIAL RESPONSIBILITY

  • Peñoles and Fresnillo PLC informed on actions the companies realize to help the environment.
  • Mesas Mazapil inhabitants informed on the supervision they do on the water source delivered by Minera Peñasquito.

On the image below:  Felsic volcanic rocks autobreccia with hematite rich matrix in Sinaloa. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of May, 2021

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 21st week of the year (May 24th to May 30th, 2021), at least 33 press releases were announced by companies working in Mexico. To note, seven companies posted exploration advances on their properties, three presented mining related news, seven posted on financing (C$6M, $60 M, C$5 M, C$10 M, $2.6 M, $C$11.5 M) and one on share distribution, six more on project development or resource definition and two posted on corporate issues. ON MEXICO ISSUES, CanCham complained on the lack of clear policies and opacity on the rule of law that are affecting Canadian investments in Mexico.  The push from the Mexican government to create an institution to manage the lithium industry from the optics of sovereignty sees opposition from the mining industry, and reality. Camimex released a list of mining investments to be realized in the next few years, amounting to several billion dollars. ON EXPLORATION, in Sonora, Ridgestone Mining applied for drilling permits at Rebeico. Tocvan Ventures released results from drilling at Pilar. In Chihuahua, Kootenay Silver released high-grade results from drilling at Columba. In Durango, Mithril Resources, updated on drilling at Copalquin. In Sinaloa, Riverside Resources released surface sample results; Vizsla Silver informed on geophysical results supported by drilling, and more surveys to come; Brigadier Gold discovered bulk tonnage copper mineralization in trenching of soil anomalies. ON MINING, Impact Silver and Telson Mining presented Q1 2021 results. Magna Gold informed it has exceeded 3 M man-hours of work without lost-time incidents. ON FINANCING, Silver Bull Resources is to distribute 34.2 M shares of Arras Minerals among its shareholders. Six companies informed on financing rounds: Silver Viper Minerals (C$6 M), Vizsla Silver ($60 M), Reyna Silver (C$5 M), Sable Resources (C$10M, Defiance Silver (C$11.5 M) and Mammoth Resources ($2.58 M). ON RESOURCES AND DEVELOPMENT, Prime Mining released drilling results from Los Reyes. GR Silver Mining reported near surface drill results from Plomosas. GoGold Resources released drilling results from the Casados deposit at Los Ricos North. Discovery Silver released results from 12 drill holes targeting high-grade vein trends at Cordero. Sailfish Royalty filed a technical report with a new resource estimate for Gavilanes. Discovery Silver updated on exploration at Cordero, with 75,000 m of drilling completed on 178 holes, and four drills continuing the phase 2 program. Golden Tag announced the discovery of a shallow zone of epithermal mineralization at San Diego.   ON DEALS AND CORPORATE ISSUES, Mexus Gold informed Fresnillo PLC is reviewing its Santa Elena mine. Riverside Resources announced BHP is funding a third year of generative work in Sonora. ON SOCIAL RESPONSIBILITY, Peñoles and Fresnillo PLC informed on their policies and programs to aid in education on a wide range of communities. Minera San Xavier informed Cerro San Pedro in San Luis Potosi has been declared as “Cyanide Free Site” by the International Cyanide Management Institute.

ON MEXICO ISSUES

  • CanCham (Cámara de Comercio de Canadá en México) pointed out that the lack of clear policies and the opacity on rule of law is affecting Canadian investments, which show an 18% decrement in the last year, holding the investment of thousands of millions (Mexican number notation) of dollars in the energy, mining, pharmaceutical and agricultural sectors. These remarks were expressed by Enrique Zorrilla, Cancham’s president, in the meeting between the Commerce ministers of Mexico, Canada and the United States.
  • Mexico is preparing its strategy to develop the lithium market. The federal government intends to become a lithium producer by controlling several deposits, Bolivia’s advice and a commerce treatise to facilitate establishing an electric battery factory. The current government senate fraction is preparing a proposal to create the Instituto Nacional del Litio. (Lithium National Institute) and to declare lithium as Nation’s exclusive property (Note. – This federal initiative push misses the point that so far there is not a single lithium mine in Mexico, that its lithium in brines potential is limited at best, and that the economics of lithium extraction from clays -like in the Bacanora Lithium’s deposit in Sonora- is not yet clear).
  • Fernando Alanís, president of Camimex (Cámara Minera de México) informed that lithium deposits in Mexico have a very low grade, and lack the technology for its extraction, reason for which the country is far from becoming a world power in lithium production. Lithium presents in three kind of deposits: hard rock (pegmatites), brines (from salt lakes) and clays. Rock and brine lithium extraction accounts for 100% of the world production, whereas the extraction of lithium from clays is very energy intensive and expensive, not having a single producing mine in the entire planet.
  • Camimex released a table with the Mexican Mining Developments programmed for the next few years, same that reach US$7,820 Million in investment (Mexican number notation, equivalent to US$7.8 billion).

ON EXPLORATION

  • Mithril Resources Ltd. provided an update on drilling at its Copalquin project in Durango. The current program main focus is to extend the Refugio ore shoot down dip (presently 600 m along strike, 200 m down dip, 5 m in width), maiden drilling at Los Pinos target, extend three holes and deep exploration drilling at La Soledad and extend near-surface intercepts at El Cometa.
  • Ridgestone Mining Inc. commenced permitting for drill programs at Guadalupe y Calvo, Chihuahua, and Rebeico, Sonora.
  • Riverside Resources Inc. reported surface sample results from its La Silla project in Sinaloa. The highlighted samples from the El Ciruelo and El Roble targets returned 6.1 gpt Au, 80 gpt Ag; 5.6 gpt Au, 81 gpt Ag; 4.4 gpt Au, 35 gpt Ag; 3.5 gpt Au, 26 gpt Ag; 3.3 gpt Au, 20 gpt Ag; 2.6 gpt Au, 41 gpt Ag, on quartz veining, gossanous breccia and strongly oxidized andesite. El Ciruelo target extends for at least 1 km with a 1-5 m wide chalcedonic vein zone. El Roble vein extends for at least 300 m, reaching up to 2 m in width, with mineralization occurring also in the host rock.
  • Vizsla Silver Corp. provided an update on the recently completed geophysical survey completed at Panuco, in Sinaloa. A fixed loop electromagnetics (FLEM, or EM) was trialed and detected massive sulfide mineralization on the Napoleon and Josephine veins, proved with three massive sulfide intercepts in the latter. The Josephine vein has no known surface expression and runs parallel to the west of the main Napoleon trend. Mineralization at Tajitos is not related to massive sulfides and was not detected with EM. Vizsla is planning a property wide airborne EM-magnetic survey at Panuco.
  • Kootenay Silver Inc. announced high-grade results from the 5,000 m core drill program currently underway at Columba, Chihuahua. Highlighted core length intervals in the Hanging-Wall, F, and Footwall veins comprise 1.55 m @ 189 gpt Ag, 0.1%Pb, 0.2% Zn; 1.0 m @ 104 gpt Ag, 0.1% Zn; 2.44 m @ 217 gpt Ag, 0.1% Pb, 0.1% Zn; 2.94 m @ 321 gpt Ag, 0.2% Pb, 0.6% Zn (including 1.94 m @ 428 gpt Ag, 0.3% Pb, 0.7% Zn); 8.0 m @ 130 gpt Ag, 0.1% Pb, 0.2% Zn (including 2.9 m @ 265 gpt Ag, 0.1% Pb, 0.5% Zn); 1.95 m @ 104 gpt Ag, 0.1% Pb, 0.1% Zn; 9.0 m @ 354 gpt Ag, 0.1% Pb, 0.4% Zn (including 2.63 m @ 809 gpt Ag, 0.3% Pb, 0.4% Zn); 30.0 m @ 86 gpt Ag (including 2.37 m @ 425 gpt Ag, 0.2% Zn).
  • Brigadier Gold Ltd. announced the discovery of bulk tonnage type copper mineralization at its Picachos project in Sinaloa. Fifty meters on trenching of historic copper anomalies has returned XRF copper values ranging from 0.05 to 1.34% Cu and 20 to 284 ppm Ag. Brigadier has also completed mapping and sampling of the historic La Gloria mine, where a drill hole intercepted 1.0 m @ 6.26 gpt Au.
  • Tocvan Ventures Corp. released results for the first three holes of its phase-II drill program at Pilar, in Sonora. The drill program consists of 2,900 m of reverse circulation drilling in 17 holes, of which 14 are pending results. Highlighted down-hole intercepts comprise 29 m @ 0.71 gpt Au (including 6.1 m @ 1.9 gpt Au); 24.4 m @ 0.56 gpt Au (including 9.2 m @ 1.3 gpt Au, 14 gpt Ag); 6.1 m @ 0.48 gpt Au, 4 gpt Ag; 4.6 m @ 0.50 gpt Au, 11 gpt Ag.

ON MINING

  • Impact Silver Corp. presented its financial and operating results of Q1 2021. During the period 36.4 K tonnes were processed @ 162 gpt Ag to produce 156.9 K Oz Ag. “continued exploration on the north and south extensions of the Veta Negra Mine, trenching on the bulk tonnage gold target at Manto America in the central part of the district and exploration on the northwest (Pachuqueno) extensions of the Guadalupe Mine”.
  • Magna Gold Corp. has exceeded 3 M man-hours of work without lost-time incidents within all its operations, including contractors and suppliers. The last lost-time incident was in 2018, and the mine has not had a fatal accident in its 11 years history.
  • Telson Mining Corp. presented its first quarter 2021 financial and operating results. At Campo Morado in Guerrero, 174.4 K tonnes were processed to produce 11,013 tonnes Zn (74% Zn recovery), 1,908 tonnes Pb at cash cost $0.70 per Lb Zn and AISC of $0.90 per Lb Zn. During the period gross revenue was $21.2 M (Q1 2020: $19.0 M) and mine operating profit $5.25 M (Q1 2020: $0.26 M loss).

ON FINANCING

  • Silver Bull Resources Inc. announced its intent to distribute 34.2 M shares of Arras Minerals Corp. to Silver Bull shareholders. Silver Bull transferred mineral properties in Kazakhstan and received 36 M shares of Arras in return, making Arras an approximately 88%-owned subsidiary of Silver Bull (Sierra Mojada, Coahuila).
  • Silver Viper Minerals Corp. intends to undertake a non-brokered private placement financing to raise aggregate gross proceeds of up to C$6 M (La Virginia, Sonora).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters to buy units of the company for gross proceeds of $60 M (Panuco, Sinaloa).
  • Reyna Silver Corp. entered into an agreement with Eight Capital and Red Cloud Securities Inc. in connection with a private placement intended to raise up to C$5 M (Guigui and Batopilas, Chihuahua).
  • Sable Resources Ltd. entered into an agreement with Sprott Capital Partners LP and Eight Capital in connection with a bought deal private placement financing to raise up to C$10 M (Vinata, Chihuahua).
  • Mammoth Resources Corp. Announced a non-brokered private placement financing aiming to raise up to $2 M, same that by the next day had been increased to $2.58 M (Tenoriba, Chihuahua).
  • Defiance Silver Corp. has increased the size of its previously announced private placement with Red Cloud Securities Inc. for gross proceeds of up to C$11.5 M (Bolañitos and Pinguico, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Prime Mining Corp. released additional results from its ongoing 15,000 m drill program at Los Reyes, Sinaloa. The Highlighted true width intercepts are from the Guadalupe East, Zapote South and the Estaca vein: 11.6 m @ 8.12 gpt Au, 725 gpt Ag; 5.6 m @ 11.95 gpt Au, 1,221 gpt Ag; 2.1 m @ 21.63 gpt Au, 1,960 gpt Ag; 2.0 m @ 11.17 gpt Au, 909 gpt Ag; 2.4 m @ 2.00 gpt Au, 121 gpt Ag; 1.4 m @ 10.50 gpt Au, 300 gpt Ag; 3.9 m @ 0.45 gpt Au, 37 gpt Ag; 0.6 m @ 93.80 gpt Au, 829 gpt Ag.
  • GR Silver Mining Ltd. reported near surface drill results from the Plomosas mine area in Sinaloa. Highlighted true width intervals comprise 11.9 m @ 84 gpt Ag, 2.3% Pb, 2.7% Zn, 0.1% Cu; 16.7 m @ 7 gpt Ag, 0.22 gpt Au, 0.1% Pb, 0.3% Zn; 10.8 m @ 3 gpt Ag, 0.20 gpt Au, 0.1% Pb, 0.4% Zn; 4.2 m @ 10 gpt Ag, 0.09 gpt Au, 0.1%Pb, 0.6% Zn, 0.1% Cu; 2.1 m @ 350 gpt Ag, 1.0% Pb, 0.4% Zn; 1.9 m @ 348 gpt Ag, 0.3% Pb, 0.3% Zn; 1.3 m @ 26 gpt Ag, 0.19 gpt Au, 3.3% Pb, 3.3% Zn; 1.0 m @ 128 gpt Ag, 1.00 gpt Au, 9.0% Pb, 9.7% Zn, 0.2% Cu; 2.6 m @ 45 gpt Ag, 0.60 gpt Au, 3.0% Pb, 0.9% Zn; 4.7 m @ 187 gpt Ag, 0.18 gpt Au, 2.2% Pb, 1.2% Zn, 0.1% Cu; 2.0 m @ 277 gpt Ag, 0.22 gpt Au, 0.2% Pb, 0.4% Zn; 1.9 m @ 283 gpt Ag, 0.82 gpt Au, 0.3% Pb, 1.0% Zn, 0.1% Cu.
  • GoGold Resources Inc. released results of nine holes on the Casados deposit at the Los Ricos North project in Jalisco. Highlighted core length intersects comprise 29.9 m @ 0.25 gpt Au, 70 gpt Ag; 15.5 m @ 0.27 gpt Au, 67 gpt Ag; 34.4 m @ 0.17 gpt Au, 67 gpt Ag; 5.3 m @ 0.65 gpt Au, 305 gpt Ag; 9.2 m @ 0.24 gpt Au, 109 gpt Ag (including 1.9 m @ 0.61 gpt Au, 442 gpt Ag); 60.5 m @ 0.21 gpt Au, 44 gpt Ag; 2.1 m @ 0.57 gpt Au, 322 gpt Ag; 54.1 m @ 0.37 gpt Au, 92 gpt Ag; 28.5 m @ 0.43 gpt Au, 100 gpt Ag (including 1.8 m @ 2.09 gpt Au, 418 gpt Ag); 14.0 m @ 0.46 gpt Au, 134 gpt Ag (including 5.3 m @ 1.04 gpt Au, 304 gpt Ag); 2.6 m @ 2.93 gpt Au, 610 gpt Ag.
  • Discovery Silver Corp. released results from 12 diamond drill holes testing the Josefina and Todos Santos high-grade vein trends at the Cordero project in Chihuahua. Highlighted intercepts on the Josefina vein trend comprise 41.5 m @ 97 gpt Ag, 0.04 gpt Au, 1.0% Pb, 2.5% Zn (including 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn and 3.3 m @ 182 gpt Ag, 0.09 gpt Au, 3.4% Pb, 7.1% Zn); 13.1 m @ 112 gpt Ag, 0.13 gpt Au, 1.3% Pb, 2.2% Zn; 36.4 m @ 66 gpt Ag, 0.10 gpt Au, 0.3% Pb, 1.0% Zn; 87.4 m @ 38 gpt Ag, 0.06 gpt Au, 0.2% Pb, 1.0% Zn; 3.6 m @ 343 gpt Ag, 0.11 gpt Au, 1.7% Pb, 2.7% Zn; 19.3 m @ 40 gpt Ag, 0.06 gpt Au, 0.7% Pb, 1.4% Zn); 22.4 m @ 156 gpt Ag, 0.10 gpt Au, 1.7% Pb, 2.3% Zn (including 3.7 m @ 299 gpt Ag, 0.16 gpt Au, 3.9% Pb, 5.7% Zn). The Josefina vein trend includes two subparallel veins that run for 1.5 km, and has been tested to 370 m depth and remains open. The Todos Santos vein trend consists of two closely spaced veins, extends for at least 1.5 km along strike and 400 m of depth in old workings and drill holes. Highlighted intercepts comprise 62.0 m @ 19 gpt Ag, 0.28 gpt Au, 0.1% Pb, 2.0% Zn; 21.4 m @ 46 gpt Ag, 0.07 gpt Au, 0.8% Pb, 1.3% Zn; 1.9 m @ 113 gpt Ag, 0.04 gpt Au, 2.4% Pb, 3.2% Zn; 3.7 m @ 96 gpt Ag, 0.07 gpt Au, 1.8% Pb, 3.0% Zn; 2.1 m @ 160 gpt Ag, 0.27 gpt Au, 3.3% Pb, 3.6% Zn.
  • Sailfish Royalty Corp. filed a NI-43-101 technical report and estimate of mineral resources for the Gavilanes project in Durango.
  • Discovery Silver Corp. updated on its Cordero project in Chihuahua and informed that by the end of the first quarter 2021 had cash and cash equivalents for $94.7 M. At Cordero 75,000 m of drilling were completed in 178 holes in phase 1 drilling, providing information to be used in the bulk-tonnage preliminary economic assessment (PEA) underway. Phase 2 drilling continues with four rigs, focused on reserve definition, resource expansion and high-grade vein delineation. Bulk tonnage targeted drilling has returned up to 128.2 m @ 65 gpt Ag, 0.05 gpt Au, 1.2% Pb, 1.3% Zn; 131.6 m @ 48 gpt Ag, 0.09 gpt Au, 0.5% Pb, 1.1% Zn (including 37.1 m @ 119 gpt Ag, 0.22 gpt Au, 1.0% Pb, 1.2% Zn); 110.0 m @ 37 gpt Ag, 0.04 gpt Au, 0.8% Pb, 1.0% Zn; 85.6 m @ 53 gpt Ag, 0.05 gpt Au, 1.4% Pb, 1.7% Zn. Drilling on high-grade veins has returned up to 4.1 m @ 520 gpt Ag, 0.11 gpt Au, 3.0% Pb, 9.8% Zn in the Josefina vein; 4.0 m @ 377 gpt Ag, 0.28 gpt Au, 7.1% Pb, 3.4% Zn in the Todos Santos vein and 4.4 m @ 246 gpt Ag, 0.39 gpt Au, 6.5% Pb, 0.4% Zn on the Parcionera vein.
  • Golden Tag Resources Ltd. discovered a new zone of epithermal mineralization at the San Diego project in Durango. The new drill hole intercepted 10.0 m @ 0.55 gpt Au, 628 gpt Ag, 1.1% Pb, 3.6% Zn, 0.12% Cu, in a zone where previous drilling had returned 2.0 m @ 0.33 gpt Au, 161 gpt Ag, 0.3% Pb, 0.2% Zn, 0.04% Cu; 3.75 m @ 0.32 gpt Au, 125 gpt Ag, 1.5% Pb, 4.0% Zn, 0.12% Cu. “The hole intersected a series of epithermal breccias and quartz-carbonate veins within the Central Diorite intrusion from 73.0 to 92.70 m which are characterized by cavity filling banded quartz and carbonate veins with fluorite and associated sulfides comprised primarily of pyrite, sphalerite, galena, boulangerite, and arsenopyrite”.

ON DEALS AND CORPORATE ISSUES

  • Mexus Gold US. informed personnel from Fresnillo PLC is reviewing its Santa Elena mine in Sonora. The geologists are checking the potential for a disseminated deposit, as well as the quartz vein currently worked by Mexus.
  • Riverside Resources Inc. announced BHP and Riverside “have agreed on moving forward with a third year of generative funding for copper exploration in Sonora. The new budget is US$1.3 M for generative exploration work.

ON SOCIAL RESPONSIBILITY

  • Peñoles and Fresnillo PLC informed on their policies and programs to aid on education in a widespread communities.
  • Minera San Xavier has been declared as “Cyanide Free Site” by the International Cyanide Management Institute. Cerro San Pedro is the first mine in the world that has realized the dismantling process of the 110 m high heap that covers 102 hectares (1 square kilometer).

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group. On the image below:  Quartz-tourmaline breccia from a project in Sinaloa. Picture by Jorge Cirett.