Vancouver, British Columbia–(Newsle Corp. – February 28, 2018) – Alset Minerals Corp. (TSXV:ION) (“Alset” or “the Company”) is pleased to announce that it is in the process of signing a collaboration agreement with the Center for Research and Advanced Studies of the National Polytechnic Institute (Cinvestav), in Saltillo, the capital of Coahuila, Mexico. Cinvestav has research labs focused on various areas of expertise throughout the country, the Saltillo lab is focused on metallurgy. This collaboration will include implementing the results from the advanced leaching analysis completed by Cinvestav over the last year on samples from Alset’s
salars. The ultimate aim is to move toward pilot plant testing of the salar material to determine the low-cost potential of recovering lithium and other minerals from these salars. All the salars are 100% owned by Alset.
San Luis Potosi
Highlights on the Fourth Week of February, 2018. Mining and Exploration News in Mexico
By Jorge Cirett
During the 8th week of the year (February 19th to February 25th, 2018), at least 26 press releases were announced by companies working in Mexico, with five companies reporting quarterly and/or full year 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Azure is to continue drilling its Sara Alicia Au-Co-Zn project; Evrim described the Sarape low sulfidation project. ON MINING, five companies, Starcore, Osisko Gold Royalties, Alio Gold, Argonaut Gold and Great Panther presented production results for the quarter and/or full year 2017. ON FINANCING, Torex Gold announced an over-allotment of shares, taking the gross proceeds of its last offering to C$63.32 M. Evrim is accelerating the exercise of warrants that could add to up to $2.94 M. ON RESOURCES AND DEVELOPMENT, Pan American, Avino Silver and Alamos Gold presented resource estimate updates for its operating units to the end of 2017. Southern Silver Exploration presented an updated mineral resource estimate for its Cerro Las Minitas property in Durango. Endeavour presented an update on development of its El Compas project in Zacatecas. Silver Bull disclosed drill results from its Sierra Mojada property in Coahuila. Almaden Minerals released more infill drill results from its Tuligtic project in Puebla. ON DEALS AND CORPORATE ISSUES, Leagold announced the proposed take-over of Brio Gold, which owns a mine in Brazil. Bacanora Minerals is in the paperwork to move from the Canadian TSX to the British AIM stock exchange. Coeur Mining signed a LOI with Evrim on the acquisition of the El Sarape project in Sonora. Oroco Resource acquired interest on three concessions surrounding the Santo Tomas deposit in Sinaloa.
ON MEXICO ISSUES
- No relevant news
ON EXPLORATION
- Azure Minerals Ltd. intends to resume drilling within two weeks at the Sara Alicia project in Sonora. The mineralized zone consists of carbonate rocks intruded by a porphyry, forming a skarn horizon hosting massive and semi-massive sulfides with Au-Co grades. The mineralized body has a strong magnetic signature, extending for 300 m by 150 m and modelling of the magnetic data indicates a considerable vertical extent. The best intercept from the previous drilling was 26.2 m @ 9.5 g/t Au, 1.26% Co.
- Evrim Resources Corp. described the Sarape project in Sonora, recently optioned to Coeur Mining Inc. There are two major veins, The Sarape vein is 6 km long and up to 12 m in width, while the Chiltepin vein measures 2.6 km in length and up to 3 m in width. The western part of both veins contains barren white quartz and calcite veins, whereas the eastern portion is composed by a separate phase of low temperature, tan green quartz that consistently assays from 0.10 to 0.36 g/t Au, peaking at 3.6 g/t Au. Neither vein has been drilled.
ON MINING
- Starcore International Mines Ltd. released production results for Q3 2018, ended on January 31, 2018. During the period 65.6 K tonnes were milled @ 1.23 g/t Au, 16 g/t Ag, producing 2,405 AuEq Oz at its San Martin mine in Queretaro. Recoveries stood at 83.7% Au, 53.3% Ag. The Altiplano facility in Matehuala, San Luis Potosi, received 176 tonnes of concentrate containing about 222 Oz Au, 35,634 Oz Ag, and sold 269 Oz Au, 23,561 Oz Ag.
- Osisko Gold Royalties Ltd. presented Q4 2017 and full year 2017 results. While not presenting numbers, it reports an offtake agreement on production from Gogold’s Parral project in Chihuahua.
- Alio Gold Inc. provided its fourth quarter and year end 2017 results. During the year the San Francisco mine in Sonora produced 83,211 Oz Au, 38,911 Oz Ag, with 16,067 Oz Au, 7,873 Oz Ag produced during the fourth quarter 2017. At the Ana Paula project in Guerrero, Alio invested $17.3 M, with work ongoing for the definitive feasibility study (FS). Cash and cash equivalents by the end of 2017 amounted to $51.6 M, while working capital was $61.7 M.
- Argonaut Gold Inc. announced its financial and operating results for the fourth quarter and full year 2017. At El Castillo in Durango, during the year 8.14 Mt (tonnes) of ore,10.4 Mt of waste were moved, for a 51 K tonnes per day (tpd) rate, with the ore grading 0.36 g/t Au to produce 59,000 Oz Au at cash cost $1,015 per sold Au Oz. At San Agustin in Durango, since starting commercial production in October 1, 939 Kt of ore @ 0.5 g/t Au and 404 Kt of waste were moved for a 15 K tpd operation, to produce 10,302 Oz Au, 45,100 Oz Ag at cash cost $385 per Au Oz sold. At La Colorada in Sonora 18.87 Mt of ore @ 0.54 g/t Au and 23.35 Mt of waste were moved at a 64 K tpd rate to produce 50,796 Oz Au, 174,330 Oz Ag at cash cost of $691 per Oz Au sold. During the fourth quarter $2.8 M of income tax was recovered. For 2018 the company expects to produce 165 K to 180 K AuEq Oz.
- Great Panther Silver Ltd. reported financial results for 2017. Without disclosing production by unit, the Topia (Durango), San Ignacio (Guanajuato) and Guanajuato mine complex produced 1.98 M Oz Ag, 22,501 Oz Au at cash cost $5.76 per Ag Oz, cash cost of $12.11 per AgEq Oz and AISC of $15.07. Cash and short-term deposits at year-end were $56.9 M.
ON FINANCING
- Torex Gold Resources Inc. issued as an over-allotment an additional 130,500 common shares on the previously announced offering, augmenting the aggregate gross proceeds to C$63.32 M.
- Evrim Resources Corp. is accelerating the exercise date of the company’s common share purchase warrants date December 16, 2015. If all the remaining outstanding warrants were exercised, these would raise cash proceeds of $2.94 M.
ON RESOURCES AND DEVELOPMENT
- Endeavour Silver Corp. reported an update on development progress at El Compas project in Zacatecas. The plant refurbishment is 90% complete, mine power and mine portal infrastructure completed and only 100 m of development to reach the ore body. The plant design has been modified to increase capacity from 250 tonnes per day (tpd) to 325 tpd, with the mine plan expanded from 200 tpd to 250 tpd, with potential to go to 500 tpd. The improved operating metrics would take production to 1.175 M AuEq Oz per year, and needs an increase of only 13% on Capex.
- Pan American Silver Corp. updated mineral reserves and resources, including figures for its properties in Mexico. Globally Pan American mined 30.6 M contained Ag Oz of its silver reserves, but replaced 33.2 M contained Ag Oz, to end 2017 with 288.4 M contained Ag Oz.
- Silver Bull Resources Inc. released results of seven drill holes targeting the Sulfide Zone under the oxide resource at its Sierra Mojada project in Coahuila. Significant results comprise 2 m @ 70 g/t Ag, 0.25% Cu; 2 m @ 1,300 g/t Ag, 13.5% Zn, 3.9% Cu, 2.9% Pb; 4 m @ 10 g/t Ag, 4.3% Zn; 6 m @ 5.8% Zn, 0.47% Cu; 6 m @ 802 g/t Ag, 5.9% Zn, 3.3% Cu, 0.5% Pb.
- Avino Silver & Mines Ltd. completed an updated mineral resource estimate for the Avino property in Durango. This updated mineral resource estimate includes 34 drill holes that were completed during the drill programs from 2016 to 2017.
- Alamos Gold Inc. reported updated mineral reserves and resources as Dec 31, 2017, including figures from its Mexican operations. The company has 5.07 M Oz Au in mineral reserves and resources in its Mexican projects, according to the table below. A total of $13 M and 41,500 m of drilling has been budgeted at Mulatos for exploration in 2018, with focus on Carricito.
- Almaden Minerals Ltd. released drill results from the infill program at its Tuligtic project in Puebla. The holes were drilled beneath the proposed pit, which stresses the potential for expansion. Highlighted intervals comprise: 101.45 m @ 1.94 g/t Au, 13 g/t Ag, including 46.20 m @ 3.87 g/t Au, 15 g/t Ag, and 28.95 m @ 5.61 g/t Au, 20 g/t Ag, and 13.10 m @ 9.35 g/t Au, 25 g/t Ag; 53.90 m @ 0.48 g/t Au, 38 g/t Ag, including 12.00 m @ 3.60 g/t Au, 27 g/t Ag, and 5.00 m @ 7.91 g/t Au, 38 g/t Ag; 57.55 m @ 1.29 g/t Au, 23 g/t Ag, including 3.00 m @ 16.87 g/t Au, 38 g/t Ag.
- Southern Silver Exploration Corp. filed a NI-43-101 compliant technical report on a mineral resource estimate for its Cerro Las Minitas project in Durango. The indicated resource on the Blind Zone, El Sol, Las Victorias and the Skarn Front zones add up to 10.13 Mt @ 102 g/t Ag, 0.10 g/t Au, 1.4% Pb, 3.6% Zn, 0.15% Cu, containing 33.35 M Oz Ag, 34 K Oz Au, 319 M Lb Pb, 813 M Lb Zn, 33 M Lb Cu. The inferred resource in the Blind, El Sol and Skarn Front zones add another 8.68 Mt @ 74 g/t Ag, 0.04 g/t Au, 0.7% Zn, 4.5% Zn, 0.15% Cu, containing 20.72 M Oz Ag, 12 K Oz Au, 131 M Lb Pb, 870 M Lb Zn, 29 M Lb Cu. The four separate mineral deposits form sets of sub-parallel steeply dipping mineralized zones extending more than 1,000 m along strike and up to 600 m depth.
ON DEALS AND CORPORATE ISSUES
- Leagold Mining Corp. announced the proposed take-over bid on Brio Gold Inc. by Leagold will now be completed on a Brio board supported basis. “The total consideration to be paid by Leagold in exchange for all of the issued and outstanding Brio shares is approximately US$279M….”. The combined entity is expected to produce between 420,000 and 475,000 oz of gold in 2018 Brio’s shareholder meeting is expected to be held in April 2018 (Los Filos, Guerrero).
- Bacanora Minerals Ltd. entered into an arrangement agreement to facilitate the Company’s proposed reorganization to effect a re-domicile to the United Kingdom as Bacanora UK on the AIM market of the London Stock Exchange. Upon listing Bacanora UK, Bacanora Canada intends to delist from the Toronto Stock Exchange.
- Evrim Resources Corp. signed a letter of intent (LOI) with Coeur Mining Inc. on the Sarape epithermal Au-Ag project in Sonora. The transaction involves a US$100 K in cash upon signing a definitive agreement, a first-year commitment of US$500 K in exploration. Once those terms are completed Coeur can earn-in a 51% interest by producing a NI-43-101 preliminary economic analysis (PEA) on a minimum inferred resource of 1 M Oz AuEq. Coeur can elect to earn-in an additional 39% by delivering a NI-43-101 feasibility study (FS) on a minimum measured and indicated resource of 1 M Oz AuEq. From this point Coeur will pay US$100K per year until mining and construction permits are received, at which point Evrim can elect to participate on the JV with a 20% interest, or convert that interest to a 3% NSR, of which one third can be purchased by Evrim for US$2.0 M. Evrim will be the operator up to completion of the PEA, after which Coeur shall be the operator.
- Oroco Resource Corp. acquired a 77.5% interest on La China II and Amp. Santo Tomás Reduccion 1 mineral concessions from Santo Tomas Metals S.A. de C.V., and a 77.5% interest in an application for the Papago 17 application from Ubaldo Trevizo Ledezma, in Sinaloa. The three properties add to 6,978 ha and abut and surround the Santo Tomás copper porphyry. Oroco acquired its interest on La China II by the payment of CDN$6,700 and its interest on AMP Santo Tomas Reduccion 1 with the payment of CDN$33,400. The latter concession has been cancelled, but it is deemed to be recoverable to good standing. The Papgo 17 concession interest was acquired by the payment of CDN$6,700 and the issuance of 2 M shares. All three concessions are subject to a 2% NSR. Oroco also holds a 13.6% and an option to acquire a further 6.4% equity interest in Altamura Copper Corp., a British company that acquired the Santo Tomas concessions, and is in negotiations to acquire the remaining Altamura shares (Note for clarity.-Altamura has an ownership legal dispute with a third party on the Santo Tomas concessions, where the known deposit is).
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, section on the San Rafael Mine, as seen at the museum of El Oro mining district in Estado de Mexico.
Highlights on the Fifth Week of November, 2017. Mineral Exploration in Mexico
During the 48th week of the year (November 27th to December 3rd, 2017), at least 33 press releases were announced by companies working in Mexico. ON MEXICO ISSUES: In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). ON EXPLORATION: ten press releases from eight companies working in Mexico informed on exploration efforts during the week: In Sonora SilverCrest released high-grade results from drilling two different zones at its Las Chispas project; Azure Minerals released high-grade drilling results from its Sara Alicia Au-Co project, and updated on drilling progress at its Oposura property; Wolverine Minerals commenced exploration at Los Venados project; San Marco Resources is to complete an induced polarization survey at its 1068 porphyry copper project, updating also in the geological model of its Chunibas project. In Chihuahua, Evrim Resources completed phase I exploration at its Cerro Cascaron project, and is now in the drill targeting stage; Ethos gold optioned the Purisima property, and presented the project summary, which includes two previous drilling campaigns. ON MINING: Santacruz Silver presented its third quarter report; Marlin Gold presented financial results for the first nine months of the year, and an update on drilling on the Colinas target, at its La Trinidad property; U.S. Antimony informed that it now has the needed permits to construct a cyanidation plant at its mill in Guanajuato. ON FINANCING: Alix Resources, Canuc Resources and Millrock Resources are to conduct or closing non-brokered private placements of $750 K, $465 K and $1.6 M respectively; Mag Silver closed a non-brokered private placement for $48.16 M; SilverCrest is to raise C$6 M on a bought deal private placement; Primero Mining obtained an extension of its credit facility; Candelaria Mining is seeking a one year extension on the exercise period of over 12 M warrants. ON RESOURCES AND DEVELOPMENT: Consolidated Zinc recommenced extensional and infill resource definition drilling at its Plomosas mine. ON DEALS AND CORPORATE ISSUES: Argonaut Gold announced the closing of the acquisition of the Cerro del Gallo project in Guanajuato to Primero Mining for $15 M; GFM Resources entered into an exploration and evaluation agreement with Minera Auricup on the Baviacora concession in Sonora; Magellan Gold completed the purchase of the SDA Mill to Rose Petroleum in Nayarit; Ethos Gold entered into an option agreement with Coztic Recursos Minerales on the Purisima property in Chihuahua.
ON MEXICO ISSUES
- In Sonora, representatives of the State Congress proposed to form citizen committees to supervise the application of the Mining Fund (Fondo Minero). The proposal aims to give transparency to the application of the funds, and also a mean to control the infrastructure projects generated in the municipalities that are to receive the participation generated by the mining activity (Note of editor.- This is a pressing problem in many other States, where the application of the funds of a mining royalty introduced by the current Federal government is nowhere to be seen).
ON EXPLORATION
- SilverCrest Metals Corp. released phase II drill results for the Babicanora vein at its Las Chispas property in Sonora. The latest results increase by 400 m the high-grade footprint of the Babicanora vein, which is now 1 km in length. True width (TW) intercepts: 3.2 m @ 27 g/t Au, 1,494 g/t Ag (including 0.7 m @ 137 g/t Au, 4,720 g/t Ag); 1.5 m @ 1.8 g/t Au, 101 g/t Ag; 3.8 m @ 5.6 g/t Au, 451 g/t Ag; 4.0 m @ 1.5 g/t Au, 101 g/t Ag; 3.1 m @ 5.1 g/t Au, 570 g/t Ag; 2.0 m @ 3.6 g/t Au, 452 g/t Ag; 3.6 m @ 4.2 g/t Au, 165 g/t Ag; 2.2 m @ 3.8 g/t Au, 388 g/t Ag.
- Azure Minerals Ltd. released high-grade results on the maiden drilling on its Sara Alicia property in Sonora. Six holes for 480 m tested around and beneath historical underground mine workings that exploited high-grade Au and Co shoots in the 1930’s. Cobalt results for the last hole are still pending. Significant gold results comprise: 11.4 m @ 3.3 g/t Au; 5.5 m @ 5.1 g/t Au; 26.2 m @ 8 .6 g/t Au (including 12.6 m @ 14.9 g/t Au); 19.65 m @ 4.95 g/t Au; 8.45 m @ 1.2 g/t Au; 13.7 m @ 3.6 g/t Au. Significant cobalt intercepts comprise: 5.5 m @ 0.13% Co; 1.0 m @ 0.14% Co; 26.2 m @ 1.26% Co (including 6.35 m @ 3.57% Co); 4.7 m @ 0.11% Co; 20.6 m @ 0.13% Co (including 1.9 m @ 1.11% Co). This garnet-magnetite-sulfide skarn developed in limestone intruded by a porphyry contains a zone several meters in width with disseminated cobaltite (CoAsS) associated with abundant magnetite, and a wider, overlapping zone of gold mineralization.
- Evrim Resources Corp. announced the completion of phase I exploration at its Cerro Cascaron project in Chihuahua. Highlights include: A 1.8 km long rich vein corridor defined by soil sampling, with up to 1.4 g/t Au; Soil sampling extended all veins by 600 m to 1.8 km in length, and two more veins were identified; Adit channel sampling results are 1.4 m to 3.3 m in width @ 231 to 542 g/t AgEq; Six subparallel veins were defined in an area 300 m x 900 m in the Ag-rich Cascarita zone. Drill targeting is underway.
- SilverCrest Metals Inc. released surface and underground results from the second phase of drilling of the Las Chispas and Giovanni veins at Las Chispas, in Sonora. Highlighted results contain (true thickness, or TW) 2.1 m @ 2.3 g/t Au, 469 g/t Ag; 1.6 m @ 2.4 g/t Au, 516 g/t Ag; 1.5 m @ 13.2 g/t Au, 2,007 g/t Ag; 2.0 m @ 5.8 g/t Au, 1,191 g/t Ag; 4.0 m @ 18.6 g/t Au, 696 g/t Ag (including 0.8 m @ 92.6 g/t Au, 2,890 g/t Ag); 2.2 m @ 9.4 g/t Au, 1,369 g/t Ag. SilverCrest intends to deliver a maiden resource estimate during Q1, 2018.
- Wolverine Minerals Corp. commenced an exploration program on the 1,500 hectares Los Venados property, in the Mulatos district, Sonora. Wolverine is to focus work on a felsic dome/silica breccia complex with intense alteration and brecciation accompanied by anomalous gold. Activities planned include rock and soil sampling, geological mapping and a 7.4 Km induced polarization survey.
- Almadex Minerals Ltd. released results from the three first holes on the Raya Membrillo area on its El Cobre property in Veracruz. This area is part of the Villa Rica zone, which is two kilometers south from the Norte zone (where previous drilling was done). The three holes intersected a chalcocite dominant enriched copper zone right from the surface which locally is up to 186 m down hole. Results comprise: 69.5 m @ 0.10 g/t Au, 0.41% Cu (including 14.5 m @ 0.14 g/t Au, 1.2% Cu); 139.0 m @ 0.49 g/t Au, 0.24% Cu; 41.0 m @ 0.91 g/t Au, 0.42% Cu in one hole; 117 m @ 0.13 g/t Au, 0.55% Cu (including 15.9 m @ 0.51 g/t Au, 1.74% Cu) in the second hole; 159.5 m @ 0.22 g/t Au, 0.22% Cu (including 36.0 m @ 0.86 g/t Au, 0.16% Cu and 111.5 m @ 0.03 g/t Au, 0.27% Cu) on the third hole.
- San Marco Resources Inc. provided the scope of exploration at its 1068 and Chunibas projects in Sonora. At the 1068 project, an undrilled porphyry Cu-Mo-Au system displays phyllically altered and veined zones which extend 1 Km to the east and 400 m to the south from previously identified porphyritic rock with potassic alteration and a coincidental geochemical footprint on a grid rock sampling survey. An induced polarization survey is to be conducted during December. At Chunibas a new larger model involving a porphyry related breccia with gold values has been generated. Field mapping and prospecting is mostly completed, with a mineralization corridor extending 1.2 km based on mapping and a soil survey. New outcrops with epidote-calcite-specularite alteration bearing copper oxides have been found.
- Azure Minerals Ltd. updated on the resource definition drilling at its Zn-Pb-Ag Oposura project in Sonora, where 51 of the planned 120 holes have been completed with 2,665 m. Many of Azure holes are either twinning or drilled close to historical holes, closely replicating the sulfide intercepts on those. Azure is aiming to conclude drilling by February 2018, and complete the maiden mineral resource estimate by March-April 2018.
- Ethos Gold Corp. optioned the Purisima property in Chihuahua (see note on the deals section). An epithermal low sulfidation vein system is present over 1.5 Km of strike length and 200 m of width exposure. The property saw some drilling in 1997 and 1997-98 by Teck Resources and the SGM (Servicio Geologico Mexicano, or Consejo de Recursos Minerales at the time). Gold-bearing intervals were obtained on both programs, with only minor parts of the core obtained by SGM drilling having been assayed, although many areas contained chalcedonic quartz veining.
ON MINING
- Santacruz Silver Mining Ltd. reported third quarter 2017 production and financial results. At Rosario in San Luis Potosi 46.9 K tonnes were processed @ 51 g/t Ag (241 g/t AgEq), recovering 85% Ag, to produce 26,274 Oz Ag, 328 Oz Au, 49 tonnes Pb, 449 tonnes Zn. At Veta Grande in Zacatecas, 28 K tonnes were processed @ 107 g/t Ag (174 g/t AgEq), recovering 64.5% Ag to produce 61,960 Oz Ag; 66 Oz Au, 99 tonnes Pb, 146 tonnes Zn. Production cost per tonne was 62.91, and a cash cost of $23.65 per AgEq Oz, AISC of $28.14 per AgEq Oz.
- United States Antimony Corp. announced that SEMARNAT (Mexico environmental authority) has issued the permit for the construction of a cyanide leach plant for the Puerto Blanco mill in Guanajuato. This plant is designed to recover Au and Ag from the flotation mill tailings of the Los Juarez Au-Ag-Sb deposit in Queretaro. The ore grade is 1.1 g/t Au, 102 g/t Ag, 0.65% Sb, and the expected recovery 90% Au, 90% Ag, 70% Sb.
- Marlin Gold Mining Ltd. presented financial results for the first nine months of 2017, period on which the company produced 29,995 Oz Au, and acquired the Gavilanes property from Santacruz Silver Mining Ltd. for $3.6 M. Revenue to the end of September was $58.2 M, holding $1.9 M in cash and finished gold, and $14.4 M in gold-in-process. Investment on Golden Reign Resources Ltd. stood at $12.7 M at quarter end. Principal on the loan owed to Wexford Capital LP. (Controlling shareholder) stood at US$38.9 M, with the maturity of the loan extended to January 2019.
- Marlin Gold Mining Ltd. disclosed drilling results from the Colinas area, less than 1 km from the Taunus pit within its La Trinidad mine in Sinaloa. The drilling tested a structurally complex zone with low and high angle faults, along a projected structural corridor under post mineral cover. The significant core intervals comprise 11.65 m @ 0.61 g/t Au in the first hole and 6.00 m @ 0.35 g/t Au; 7.03 m @ 0.82 g/t Au; 6.00 m @ 10.57 g/t Au in the second hole. “The anomalous zones appear to be associated with quartz carbonate veinlets and ferruginous argillic zones, which are likely fault zones within andesitic breccias and tuffs. All intervals are oxide.”
ON FINANCING
- Alix Resources Corp. is to conduct a non-brokered private placement to raise up to $750 K in gross proceeds (Agua Fria, Sonora).
- Canuc Resources Corp. closed a non-brokered private placement with gross proceeds of $465 K. Proceeds are to be used to continue exploration of newly discovered breccia zones on El Tule claim block and other high grade structures (San Javier, Sonora).
- Mag Silver Corp. announced the closing of a non-brokered private placement for gross proceeds of US$48.16 M (Juanicipio, Zacatecas).
- Millrock Resources Inc. plans to conduct a non-brokered private placement planning to raise up to $1.6 million. Finder’s fee of 6% cash may be paid in connection with this financing (La Navidad, Sonora).
- SilverCrest Metals Inc. entered into an agreement with a syndicate of underwriters for a bought deal private placement to raise gross proceeds of up to C$6 M. SilverCrest will pay the underwriters a cash commission of up to 6% of the gross proceeds (Las Chispas, Sonora).
- Primero Mining Corp. announced that the company agreed with its lenders to an extension of its revolving credit facility and guarantee provided by Wheaton Precious Metals Corp. (San Dimas, Durango).
- Candelaria Mining Corp. intends to make an application to the TSX to extend the exercise period of 12.6 M share purchase warrants by 12 months.
ON RESOURCES AND DEVELOPMENT
- Consolidated Zinc Ltd. recommenced extensional and infill resource definition drilling at its Plomosas mine in Chihuahua. The first of two underground rigs was mobilized to Cuddy, level 5.4 to drill eight short holes before the Christmas break.
ON DEALS AND CORPORATE ISSUES
- Argonaut Gold Inc. announced the closing of the acquisition of the 25,269 hectares Cerro del Gallo project in Guanajuato to Primero Mining Corp. for $15 M. Argonaut could recover up to $1.7 M of value added tax, and the companies acquired in this transaction include approximately $22 M in tax losses.
- GFM Resources Ltd. entered into an exploration and evaluation agreement with Minera Auricup S. de R.L. on its Baviacora concession in Sonora. GFM has paid the outstanding mining duties of CAD$95 K for a six months right to explore the property and obtain a minimum 15% stake. If land access rights are not secured by Auricup on a four-month period, GFM has the right to demand full repayment, or to obtain a similar stake on in a different but equivalent mineral concession owned by Auricup. GFM drew on its facility with Metallorum Holding, S.A.P.I. de C.V., the corporation’s majority shareholder for this payment.
- Magellan Gold Corp. completed the purchase of the SDA Mill to Rose Petroleum PLC. in Nayarit. Total consideration for the purchase was $1.5 M, with $1.0 M in cash and $500 K in Magellan stock, of which $100 K was paid in cash in June 2017. In August Magellan arranged $900 K in bridge loans to support the purchase.
- Ethos Gold Corp. entered into an option agreement with Coztic Recursos Minerales S. de R.L. de C.V. to earn a 100% interest in the Purisima property in Chihuahua. Ethos Gold is to pay an aggregate of US$3.49 M and issue up to 3 M common shares to the property owner, in installments over 72 months, with the initial consideration of $45 K and 50 K shares due on signing. In addition, Ethos Gold is to pay outstanding mining duties of CAD$71 K and incur in exploration expenditures of not less than US$1 M within 72 months. The property owner is to retain a 2% NSR.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, fine grained silica on boulders extracted from a farming field in Durango. Photo by Jorge Cirett.
Santacruz Silver Reports Third Quarter 2017 Production and Financial Results
VANCOUVER, Nov. 28, 2017 /CNW/ – Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the “Company” or “Santacruz”) reports on the operating and financial results from the Rosario Project in San Luis Potosi, Mexico and the Veta Grande Project in Zacatecas, Mexico for the third quarter of 2017. The full version of the financial statements and accompanying management’s discussion and analysis can be viewed on the Company’s website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All amounts are in thousands of US dollars unless otherwise indicated.
Q3 Highlights:
- Silver equivalent produced ounces of 231,162;
- Head grade of 201 Ag Eqv. g/t;
- In situ Veta Grande vein material developed at Level 6 of the Garcia Mine with higher head grades than the mineralized material from the Chorros.
Mexico suspends Santacruz Silver asset
http://www.bnamericas.com/en/news/miningandmetals/mexico-suspends-santcruz-silver-asset/
Mexico’s environmental enforcement agency Profepa suspended operations at a property in Zacatecas state.
Profepa announced a temporary closure order at the plant in Vetagrande municipality, citing inadequate atmospheric emission controls.
The company also failed to present an environmental permit, equipment maintenance registers or an inventory of atmospheric emissions, Profepa said.
ALSET ACQUIRES JUST UNDER ONE MILLION ACRES OF PROSPECTIVE LITHIUM SALARS IN COAHUILA STATE, MEXICO
Vancouver, British Columbia: Alset Minerals Corp. (TSXV: ION) (“Alset” or “the Company”) is pleased to report the staking and filing of mineral claims for nearly 1 million acres of prospective lithium-rich salars in the State of Coahuila, Mexico. Alset has a 100-per-cent interest in these properties and they are free of all royalties. The three project areas are located in the infrastructure rich region of La Laguna, and include Yaki 1 (98,307 hectares), Yaki 2 (266,422 hectares), and Yaki 3 (36,929 hectares). The new salars are hosted in a classic closed-basin, and formed through the evaporation of a series of paleo-lakes. Information on the location and geology of these new salars will be available on the Company’s website shortly.
New Gold Announces 2017 Third Quarter Results; Rainy River Mine Achieves Commercial Production Ahead of Schedule
TORONTO, Oct. 25, 2017 /CNW/ – New Gold Inc. (“New Gold”) (TSX:NGD) (NYSE American:NGD) today announces its 2017 third quarter results and provides an update on the start-up of the company’s Rainy River Mine.
As the company began a process for the sale of its Peak Mines located in Australia, and expects a sale of the asset within the next few months, Peak Mines has been classified as a discontinued operation. The below operational and financial results are disclosed on a continuing basis and thus exclude Peak Mines (unless otherwise noted).
2017 Third Quarter Highlights
- Rainy River successfully achieved start-up on September 14, 2017 with the first gold pour announced on October 6, 2017
- Commercial production successfully achieved in mid-October, ahead of plan
- Amendment to Schedule 2 of the Metal Mining Effluent Regulations required to close two small creeks and deposit tailings, became effective on September 27, 2017
- Gold production of 82,027 ounces and copper production of 26.0 million pounds (includes Peak Mines)
- Operating expense from continuing operations of $601 per gold ounce and $1.30 per copper pound
- All-in sustaining costs(1) of $792 per ounce, including total cash costs(2) of $339 per ounce
- Cash generated from operations of $66 million, or $0.11 per share
- Cash generated from operations before changes in non-cash operating working capital(3) of $61 million
- Net earnings of $27 million, or $0.05 per share
- Adjusted net earnings(4) of $4 million, or $0.01 per share
- September 30, 2017 cash and cash equivalents of $207 million
- Entered into copper price option contracts covering approximately 60 million pounds of 2018 production ensuring a guaranteed floor price of $3.00 per pound while providing continued exposure to increases in the copper price up to $3.37 per pound
Highlights on the First Week of October, 2017. Mineral Exploration in Mexico
During the 40th week of the year (October 2nd to October 8th, 2017), at least 25 press releases were announced by companies working in Mexico, including two quarterly reports. ON MEXICO ISSUES: a blockade to Goldcorp’s Peñasquito mine entrance in Zacatecas was lifted by assembling a government sponsored round table to assess protesters arguments. ON EXPLORATION: Activity seems to be gaining pace, with ten companies presenting press releases on their properties. In Sonora, Silver Viper has commenced the first drilling campaign on its Clemente project; Aztec Minerals disclosed interesting Au-Cu values from trenches at its Cervantes project; Canuc Resources released drilling results from its San Javier property. In Chihuahua, Sierra Metals informed on thick high-grade intercepts from drill testing deep geophysical targets at its Bolivar mine; Radius Gold disclosed initial rock chip sampling from its Los Tarros property; Harvest Gold announced exploration results on the Cascaritas prospect within its Cerro Cascaron project. In Sinaloa, Santana Minerals released metallurgical results from its Cuitaboca property. In Zacatecas and San Luis Potosi Alset Minerals released lithium and potassium results from auger drilling on 13 additional salars. In Veracruz Almadex Minerals disclosed good assay results on a long interval of its last hole at El Cobre; Mexican Gold informed that the first hole of a new drill campaign at its Las Minas property intersected two mineralized intervals containing chalcopyrite and bornite. ON MINING: Telson announced that mill clean up and refurbishment is nearing completion at its Campo Morado mine in Guerrero. US Antimony is to increase production at three of its four mines in Mexico. Americas Silver produced its first lead and zinc concentrates from the San Rafael mine in Sinaloa. Alio Gold and Coeur Mining presented third quarter 2017 reports. ON FINANCING: Southern Silver closed the final tranche of its private placement, raising $502 K; Azure Minerals is to seek shareholder approval to share consolidation. ON RESOURCES AND DEVELOPMENT: Candelaria Mining retracted the environmental permit on its Caballo Blanco project in Veracruz. Kootenay Silver announced assay results from drilling by partner Pan American Silver on its La Negra prospect in Sonora. ON DEALS AND CORPORATE ISSUES: Magellan Resources announced that its purchase of the SDA mill in Nayarit remains on track to completion. Radius Gold signed a binding agreement with a private Mexican company on Los Tarros property in Chihuahua. Prospero Silver received authorization from the TSX on a related third party agreement.
ON MEXICO ISSUES
- Goldcorp suffered entrance blockades at Peñasquito, in Zacatecas. For a week the entrance to the Peñasquito mine in Zacatecas was blocked by protesters. The blockade was terminated by the establishment, aided by the federal government, of a round table to discuss the protesters grievances. The table is to be leaded by the Zacatecas State government.
ON EXPLORATION
- Silver Viper Minerals Corp. has mobilized a drill rig to its Clemente project in Sonora. The drill program envisages 2,000 m of diamond core drilling, focusing on the El Mundo and Nuevo Mundo areas, where Ag-Au-base metals mineralization is hosted by quartz shear veins, quartz stockworks and hematitic vein breccias. The best sample to date is from the El Mundo area is 0.5 m wide @ 1,895 g/t Ag, 4.46 g/t Au, 1.9% Pb, 1.6% Zn. The environmental permit for drilling has been approved, with land and access permit agreements in place.
- Kootenay Silver Inc. reported that Aztec Minerals Corp. disclosed attractive sampling results from trenching in the Jasper prospect at the Cervantes property in Sonora (which is under option from the former by the latter). The new manual trenching connected two previous trenches, extending Cu-Au-Mo mineralization for 92.3 m @ 0.52% Cu, 0.62 g/t Au, 76 ppm Mo, staying open in both directions. The rock is highly leached quartz feldspar porphyry with chrysocolla and neotocite as oxide copper minerals. A 50 by 50 m soil grid was completed over the Jasper project.
- Alset Minerals Corp. released results from auger sampling on 13 additional salars in Zacatecas and San Luis Potosi. “Of the 13 salars sampled, 9 had average lithium grades exceeding 200 ppm, with 4 salars averaging lithium grades of around 400 ppm and higher…”. Dry lake sediment samples were collected using a hand-held motorized auger, or a hammer and hollow-tube sampling method, and assaying the material collected between 0.5 and 1.0 m of depth. The Caliguey salar averaged 769 ppm Li and 3.4% K; the Hernandez salar averaged 556 ppm Li, 1.6% K; the Chapala salar averaged 416 ppm Li, 1.2% K.
- Almadex Minerals Ltd. disclosed assays for the last hole at the Norte area of its El Cobre property in Veracruz. Noteworthy intervals comprise 481.65 m @ 0.67 g/t Au, 0.27% Cu, including 187.25 m @ 1.02 g/t Au, 0.33% Cu (from 354.00 to 541.25 m). The hole was drilled to test for continuity of mineralization between two other holes within the area.
- Sierra Metals Inc. informed that the first four holes to test 22 high priority targets identified with the recently completed Titan 24 geophysical survey intersected wide high-grade copper bodies in three different zones with no previously known mineralization. The intercepts include 25.3 m @ 0.38 g/t Au, 31 g/t Ag, 1.55% Cu, 1.95% Zn; 28.65 m @ 0.34 g/t Au, 34 g/t Ag, 1.97% Cu, 0.91% Zn; 13.05 m @ 1.79 g/t Au, 37 g/t Ag, 2.05% Cu; 33.4 m @ 0.10 g/t Au, 32 g/t Ag, 1.04% Cu, 0.20% Zn. The four intercepts are deep seated, between 340 m and 492.90 m in the core, along length (Note of compiler.- This seems a significant discovery).
- Canuc Resources Corp. announced that the third hole at its San Javier project in Sonora intersected the Santa Rosa vein in two splays, the first with 0.37 m @ 156 g/t Ag, 0.39 g/t Au, 1.0% Pb, 5.6% Zn, and the second with 1.48 m @ 1,514 g/t Ag, 2.91 g/t Au, 4.2% Pb, 5.6% Zn. Canuc has concluded the agreement to acquire the Tule 1 concession, which envelops the property to the NE, adding considerable strike length to the Santa Rosa vein. In the NE land package is the Carranza breccia zone, with 11 m @ 274 g/t Ag on the surface, and the Cerro Colorado breccia zone, with 11.3 m @ 285 g/t Ag.
- Radius Gold Inc. has signed a binding agreement with a private Mexican company to option the 473 has Los Tarros project in Chihuahua. Several breccia bodies occur within a 3.5 km by 1 km area, with the largest breccia exceeding 250 m by 250 m. The volcanic hosted explosive breccias are cemented by silica and iron oxides. The average of 26 samples collected is 1.42 g/t Au, 66 g/t Ag. At the Rosario breccia (>150 m by 60 m) an old pit returned 10 m @ 2.95 g/t Au, 18 g/t Ag, staying open in all directions. Other significant breccia bodies include Regalito, La Bufa (the only one hosted in granodiorite), San Nicolas and San Miguel.
- Mexican Gold Corp. informed that step-out drilling at its Las Minas property in Veracruz intersected two intervals of chalcopyrite-bornite-magnetite mineralization in the first hole drilled beyond the current western limit of the El Dorado/Juan Bran zone. A 3.0 m interval contains magnetite and an estimated chalcopyrite content of up to 3% by volume. An 8.0 m interval further downhole is a mineralized exoskarn with up to an estimated 5% chalcopyrite by volume, and visible bornite and magnetite. Assays are pending on these core-length intervals.
- Santana Minerals Ltd. reported good results from initial metallurgical test work on composite samples from three drill holes from the Mojardina prospect at its Cuitaboca project in Sinaloa. A 75 micron, 48 hours, bottle-roll standard carbon in leach test on the three holes returned 93.1%, 95.3%, 98.4% silver recoveries respectively; the rougher flotation test achieved 93.6%, 88.2%, and 86.8% silver respectively.
- Harvest Gold Corp. identified six silver-rich polymetallic veins at the Cascarita prospect of its Cerro Cascaron Project in Chihuahua. High grade silver with strong Pb and Zn values were sampled in historic adits. The six veins are within a 900 m by 300 m corridor, attain up to 3.3 m in width and display colloform and drusiform quartz textures, as well as local amethyst quartz. Vein textures indicating boiling are preserved at one of the veins, as quartz pseudomorphs after bladed calcite. Results include 1.4 m @ 114 g/t Ag, 5.2% Pb, 1.3% Zn; 2.0 m @ 127 g/t Ag, 8.7% Pb, 0.5% Zn; 2.3 m @ 311 g/t Ag, 1.6% Pb, 0.3% Zn; 2.1 m @ 245 g/t Ag, 6.4% Pb, 0.5% Zn; 3.3 m @ 104 g/t Ag, 2.4% Pb, 0.5% Zn.
ON MINING
- Telson Resources Inc. announced that mill clean up and refurbishment is nearing completion at its Campo Morado mine in Guerrero. Underground mining is being ramped up, having delivered 25 K tonnes to the coarse ore patio. Ore crushing is operational, putting 5 K tonnes to the crushed ore stockpile. Commercial production at a 1,400 tonnes per day (tpd) is projected to be achieved during October, while production levels to the 2,500 tpd mill capacity is to take 6 to 12 months.
- United States Antimony Corp. plans to increase production at three of its four mines in Mexico. At Wadley, in San Luis Potosi, the gravity mill will process lower grade ore (not direct shipping ore), which could results in a 25-50% increase in production. At Soyatal in Queretaro, direct shipping ore is to be produced once new powder magazines are built. In Zacatecas a mine road to the Guadalupe mines is to be repaired, allowing mining to be resumed at the Santa Monica mine. The Los Juarez mine in Queretaro is awaiting a permit from SEMARNAT for the cyanide circuit at the Puerto Blanco mill.
- Americas Silver Corp. announced that the first lead and zinc concentrates produced from its San Rafael project at its Cosalá operation in Sinaloa were produced during the last week of September. Commercial production is expected to be reached before the end of the fourth quarter, when the Nuestra Señora mine is expected to enter in care and maintenance.
- Alio Gold Inc. released 3rd quarter preliminary production results from its San Francisco mine in Sonora. 1.9 M tonnes of ore @ 0.40 g/t Au and 5.2 M tonnes of waste were moved (3.15 waste to ore strip ratio) to produce 19,429 Oz Au, 8,808 Oz Ag. Production guidance stays on track to produce 88 -90 K Oz Au during 2017.
- Coeur Mining Inc. disclosed third quarter 2017 production results, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 413.1 K tonnes were milled @ 172 g/t Ag, 2.49 g/t Au, achieving recoveries of 83.6% Ag, 83.1% Au, to produce 1.91 M Oz Ag, 28,948 Oz Au
ON FINANCING
- Southern Silver Exploration Corp. closed the final tranche of its previously reported private placement, for gross proceeds of $502 K. The three tranches gathered total gross proceeds of $3.58 M (Cerro Las Minitas, Durango).
- Azure Minerals Ltd. is to seek shareholder approval for consolidation of the issued capital through the conversion of every twenty existing shares into one share.
ON RESOURCES AND DEVELOPMENT
- Candelaria Mining Corp. decided to retract the environmental permit for the Caballo Blanco project in Veracruz, citing the current political climate and upcoming state and federal elections. “…The postponing of the permit will allow Candelaria to optimize certain aspects of the project and improve upon existing and establish new relationships with our stakeholders. “
- Kootenay Silver Inc. announced the results of 13 infill drill holes completed by Pan American Silver Corp. on its La Negra property in Sonora. Highlighted intercepts are 34.3 m @ 159 g/t Ag (including 8.2 m @ 306 g/t Ag); 17.1 m @ 192 g/t Ag (including 3.55 m @ 597 g/t Ag); 48.7 m @ 281 g/t Ag (including 1.95 m @ 3,004 g/t Ag, 1.0 m @ 2,146 g/t Ag, 5.35 m @ 558 g/t Ag); 21.0 m @ 274 g/t Ag (including 1.1 m @ 3,018 g/t Ag); 31.8 m @ 403 g/t Ag (including 8.85 m @ 1,098 g/t Ag); 29.25 m @ 138 g/t Ag; 38.7 m @ 289 g/t Ag (including 7.6 m @ 674 g/t Ag); 76.35 m @ 236 g/t Ag; 53.8 m @ 174 g/t Ag (including 12.15 m @ 308 g/t Ag); 5.35 m @ 571 g/t Ag.
ON DEALS AND CORPORATE ISSUES
- Magellan Gold Corp. announced that its purchase of the SDA mill in Nayarit is on track to be closed by the end of October 2017.
- Radius Gold Inc. has signed a binding agreement with a private Mexican company to option the 473 has Los Tarros project in Chihuahua. Radius can earn a 100% interest in the project by making an immediate payment of US5 K, and staged payments over four years totaling US$1.68 M, of which US$1.2 M is a final payment at the end of the four year period. A 2% NSR can be bought by Radius for US$1 M for each 1%.
- Prospero Silver Corp. has received TSX approval of the option to own agreement with Exploraciones Altiplano S.A. de C.V. regarding Altiplano’s Buenavista claims in Durango. The agreement constitutes a “related party transaction” under the TSX policies.
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, the Peña Colorada mine pit in Colima. Photo by Jorge Cirett.
U.S. Antimony Reports Plans to Increase Mexican Mine Production
THOMPSON FALLS, MT / ACCESSWIRE / October 4, 2017 / United States Antimony Corporation (“USAC,” NYSE American: UAMY) reported plans to increase Mexican mine production at three of its four mines in the next 30 days. USAC production is in a “sold out condition” and additional raw material is needed for the USAC smelter at Madero, Coahuila, Mexico.
In San Luis Potosi at the Wadley Mine, the gravity mill will be started on lower grade ore that has accrued during the mining of direct shipping ore (DSO) for the smelter. Typically, this ore will make a 35-45% antimony concentrate that is also shipped to Madero. This could increase production by 25-50% at the Wadley mine. In Queretaro, the Soyatal District mines are awaiting new powder magazines to start production of DSO and mill feed for the mill at Puerto Blanco. Grades similar to the Wadley are expected. In Zacatecas, the Guadalupe Mines access road will be repaired and mining will be resumed at the Santa Monica mine for DSO and mill feed for the Puerto Blanco flotation and gravity mill circuits.
In Queretaro, a fourth mine, the Los Juarez gold/silver/antimony mine, awaits a permit from SEMARNAT (Mexican equivalent of the EPA) for the cyanide circuit at the Puerto Blanco mill, which is in the final stages of approval.
Alset Reports Positive Lithium Results from 13 Salars in Zacatecas and San Luis Potosi, Mexico
Vancouver, British Columbia–(Newsfile Corp. – October 2, 2017) – Alset Minerals Corp. (TSXV: ION) (“Alset” or “the Company”) is pleased to report further results from sampling of the Company’s 100% owned salars located in the states of Zacatecas and San Luis Potosi, Mexico. All of these salars returned positive lithium and potassium results. Upon completing the drilling at the La Salada salar (see Company news release dated: 2017-08-09), a reconnaissance auger sampling program was initiated on 13 additional salars to investigate mineralization of soils in the first 1 metre layer. The Company is very encouraged by the results with all the salars being mineralized including some with very promising grades of lithium and potassium.
Discussion of Analytical Results
Of the 13 salars sampled, 9 had average lithium grades exceeding 200ppm, with 4 salars averaging lithium grades of around 400ppm and higher (Table 1). Santa Clara, the largest salar, had an average lithium grade of 392ppm with a high of 890ppm. At Chapala salar, lithium grades reached a high of 530ppm with an average of 416ppm. Hernandez salar returned a high of 670ppm and average of 556ppm. The highest maximum and average lithium grades came from the Caliguey salar with a high of 1820ppm and an average of 769ppm.
Sampling also returned encouraging results for potassium (K). The average potassium grade for all 13 salars range from 1.20% to 3.38% K, with 9 of the salars exceeding an average grade of 2.00% K. At Caliguey, Santa Clara and El Salitral the average grade exceeded 3.38% K. Caliguey returned a maximum grade of 5.29% K, with an average grade of 3.38% K. Santa Clara, returned a maximum grade of 4.60% K. El Salitral returned a maximum grade of 4.28% K and an average grade of 3.78% K.