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Highlights on the First Week of August, 2018. Mining and Exploration News in Mexico

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Marble breccia cemented by FeOx

By Miguel A Heredia

During the 31st week of the year (July 30th to August 05th, 2018), at least 20 press releases were announced by companies working in Mexico, with six informing on exploration results, five announcing production results, five communicating deals and corporate issues, two reporting on resources and developments, and two  announcing financing issues.  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, In Chihuahua, Silver Spruce received approval to drill its Pino de Plata project, Radius Gold-Pan American Silver announced a JV agreement to explore and drill the Amalia project, and VVC reported drilling results from its Samalayuca property. In Sinaloa, Goldplay reported drilling results from its El Habal project. In Durango, First Mining signed an agreement to option its Las Margaritas gold project to Gainey.  ON MINING, Several companies reported Q2, 2018 results on its Mexican operations. In Sonora, Alamos Gold announced Q2, 2018 results from their Mulatos and Chanate mines. In Sinaloa, McEwen provided Q2, 2018 results from its El Gallo mine. In Durango, Excellon announced Q2, 2018 results from its La Platosa mine. Great Panther reported Q2, 2018 results from their mining operations in Mexico and Peru. In Guerrero, Telson presented Q2, 2018 results from its Campo Morado mine. ON FINANCING, VVC announced a non-brokered private placement for $CA 1.5M. Colibri Resource negotiated an agreement to provide debt financing in an amount up to CAD $400K.  ON RESOURCES AND DEVELOPMENT, Premier Gold provided an exploration update on its Mercedes mine in Sonora.  Sierra Metals filed a NI 43-101 technical report for its Cusi mine in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Goldplay secured eligibility for its shares and appointed its VP Corporate Development and Exploration. SilverCrest announced the resignation of one of its Directors. Equinox Gold announced court approval of the arrangement for the Solaris Copper spinout. VVC announced that its Annual General meeting for shareholders will be held on August 21. Radius Gold and Pan American silver entered in an agreement to explore the Amalia project in Chihuahua.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Spruce Resources Inc., received approval for drilling its Pino de Plata project in Chihuahua. The company plans to perform a first phase of 1,500m of diamond drilling to test high grade targets identified with surface sampling, with a follow-up phase 2 where results warrant. The first drill target is El Terrero, an area of 2 square km area showing disseminated epithermal mineralization in intrusive rocks, where surface sampling returned up to 557 g/t Ag along with anomalous Au, Cu, Pb and Zn values. Six holes are planned with targeted depths to 100m. A second target is the Teodora Vein, where surface sampling reported up to 553 g/t Ag with anomalous values of Au, Cu, Pb and Zn. Three holes are proposed with planned depths to 100m. The third target is the Santa Elena Gossan, an area of 20 square km where surface rock sampling on carbonate replacement mineralization in limestone/marble and sandstone/hornfels assayed up to 349 g/t Ag with anomalous base metal values. Three to five holes are proposed in this target area with planned depths to 100m.
  • Radius Gold Inc., and Pan American Silver Corp., entered in a JV agreement to explore the Amalia project in Chihuahua. This option agreement is to explore a corridor of 3.5km of strike length and 600m of vertical interval, where 3 high grade targets showing epithermal Ag-Au mineralization in veins, vein breccias, and disseminated have been identified following the trace of a large regional fault zone. The Campamento target is a 500m by 70m zone of intense silicification and brecciation with massive and stockwork veining. A chip channel sampling returned 62m of 0.43 g/t Au and 98 g/t Ag. High grade has been also identified in this target with the most significant result returning 4.5m of 10.3 g/t Au and 202 g/t Ag. Radius and Pan American plan to drill test 100m to 250m below surface. The Guadalupe target is a high grade andesite structurally controlled breccia zone located 450m south along strike from the Campamento target and 250m lower in the geological section. A continuous chip sampling on the Guadalupe target returned 7m of 3.62 g/t Au and 1,048 g/t Ag, and 4m of 3.92 g/t Au and 888 g/t Ag. The Dulces target is a vein located 800m NE of Campamento target at the same elevation and occurs within an extensive argillic-altered andesite and related gold in soil anomaly. Sampling has returned 1m of 34 g/t Au and 13 g/t Ag, and 1.5m of 114.5 g/t Au and 57 g/t Ag.
  • VVC Exploration Corporation, reported drill results from its Samalayuca project in Chihuahua. The phase 3 was planned to drill 3,000m and begun in May 2018 with 8 holes completed to date. Results of the three first holes were 30m of 0.34% Cu and 6 g/t Ag, including 14m of 0.54% Cu and 10 g/t Ag; 7m of 0.39% Cu and 7 g/t Ag; and 25m of 0.43% Cu and 7 g/t Ag. These results extend the copper mineralization at La Gloria zone previously drilled in 2017.
  • Goldplay Explorations Ltd., announced initial results of four drill holes from its El Habal project in Sinaloa. The most significant results are 77.5m of 0.43 g/t Au, including 9.45m of 2.05 g/t Au, and 15.4m of 1.35 g/t Au. The mineralization intersected consisted of a series of mineralized breccias, structures/zone faults present in a 6km long mineralized corridor which represent a high-level gold system hosted by a volcanic sequence with intrusives and related hydrothermal fluids.
  • First Mining Gold Corp., and Gainey Capital Corp., signed an option agreement in which Gainey can acquires 100% of the Las Margaritas Gold project in Durango. Under the terms of the four year option agreement, Gainey can elect to make either annual share or cash payments to First Mining in the following amounts:

 

 

 

 

  1. Upon completion, Gainey will obtain 100% ownership of the Las Margaritas project and First Mining will retain a 2% net smelter returns (“NSR”) royalty, with Gainey having the right to buy back 1% of the NSR royalty for USD$1,000,000 up until the first anniversary of the commencement of commercial production at the project.

ON MINING

  • Alamos Gold Inc., presented Q2 2018 results from their Mulatos and El Chanate mines in Sonora. At Mulatos, the company produced 50.6K Oz Au at an all-in sustaining cost (AISC) per ounce of gold sold of $854. At El Chanate, Alamos produced 10.1K Oz Au at an AISC per ounce of gold sold of $1,442.
  • McEwen Mining Inc., reported Q2 2018 results from its El Gallo Fenix mine in Sinaloa. The compnay produced 10.8K GEOs (Silver and gold production are presented as GEOs). Total cash costs and AISC per GEO were $783 and $816 respectively.
  • Excellon Resources Inc., announced Q2 2018 results from its La Platosa mine in Durango. In Q2, 2018, the company milled 16.1K tonnes of 507 g/t Ag, 5.7% Pb, and 8.4% Zn to produce 277.7K Oz Ag, 1.8M Lb Pb, and 2.8M Lb Zn. Metallurgical recoveries for Ag, Pb, and Zn were 89.6%, 80.2%, and 82.2% respectively.
  • Great Panther Silver Limited, reported results from their mining operations in Mexico and Peru for the Q2, 2018 period. The company did not release detail information from its Mexican operations (Topia mine in Durango and Guanajuato Mine Complex in Guanajuato).
  • Telson Mining Corporation, presented Q2, 2018 results from its Campo Morado mine in Guerrero. The company processed 162.5K tonnes to produce 19.3M Lb Zn, and 1.3M Lb Pb, with metallurgical recoveries of 73.3% and 31.2% respectively.

ON FINANCING

  • VVC Exploration Corporation, announced a non-brokered private placement for $CA 1.5M. VVC has raised to date $CA 1.15M and expects to complete the rest $CA 350K in August.
  • Colibri Resource Corporation, negotiated an agreement with two shareholders to provide debt financing in an amount of up to CAD$400K.

 ON RESOURCES AND DEVELOPMENT

  • Premier Gold Mines Limited, provided an exploration update on its Mercedes mine in Sonora. The company announced the extension of a high grade vein system on its El Rey de Oro deposit. Significant underground drilling results are 16.55m of 6.21 g/t Au and 102 g/t Ag, 21.95m of 36.65 g/t Au and 171 g/t Ag, 20.5m of 8.1 g/t Au and 121 g/t Ag, and 9.2m of 8.33 g/t Au and 67.7 g/t Ag. Additionally, the company is conducting an underground drilling program to define the high grade Aida target located to the west of the main Mercedes vein where previous drilling has intersected a broad zone of low-grade mineralization with assays of up to 0.64 g/t Au and 0.79 g/t Ag across 31.5 metres. Premier also has the plan to drill test the Marianas vein once the drift has been established in H2 2018, and will go on with the definition and step-out drilling at Diluvio and Lupita areas that were recently brought into production.
  • Sierra Metals Inc., filed a NI 43-101 technical report for its Cusi mine in Chihuahua. The company released results of the PEA study. Results from the PEA include an after-tax net present value (NPV) of US$92.2 Million at an 8% discount rate, an after-tax internal rate of return (IRR) of 75%, a plant processing rate of currently 650 tonnes per day (TPD) growing to 1,200 TPD by Q1 2019 and 2,700 TPD by mid-2021, and a mine life of 9 years based on existing Mineral Resource Estimate.

ON DEALS AND CORPORATE ISSUES

  • Goldplay Exploration Ltd., appointed its VP Corporate Development and Exploration and secured eligibility by the Depositary Trusts Company for its shares on the OTC marketplace where the company trades under the symbol “GLYXF” (El Habal, Sinaloa).
  • SilverCrest Metals Inc., announced the resignation of one of its Directors. (Las Chispas, Sonora).
  • Equinox Gold Corp., announced final court approval of the arrangement for the Solaris Copper spinout (La Verde, Michoacan).
  • VVC Exploration Corporation, announced that its Annual General meeting of shareholders will be held on August 21 (Samalayuca, Chihuahua).
  • Radius Gold Inc., and Pan American Silver Corp., entered in a JV agreement to explore the Amalia project in Chihuahua. Pan American can earn an initial 65% of the property by making cash payments to Radius totaling $US 1.5M (of which $US 100K has been already paid), and expending $US 2M on exploration over four years, and can acquires an additional 10% by advancing the property to a FS.

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

On the picture above, a marble breccia cemented by FeOx in an Iron Mine in Coahuila, Mexico. Photo by Miguel A Heredia.

Levon Resources Announces the 2018 Updated Mineral Resource and Preliminary Economic Assessment, Cordero Project in Chihuahua, Mexico

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LevonResources_nr20180305

March 5, 2018 – VANCOUVER, BRITISH COLUMBIA: Levon Resources Ltd. (TSX:LVN) (“Levon” or “the Company”) is pleased to announce the 2018 updated NI 43-101 mineral resource estimate and a 2018 Preliminary Economic Assessment (“PEA“) for the Cordero silver, zinc, lead, and gold porphyry project, located 35 kilometers northeast of Hidalgo Del Parral, Chihuahua State, Mexico. Levon expects to continue its evaluation of the Cordero flagship project with the intent of advancing it to the prefeasibility or feasibility stage, and to seek a strategic partner. The timeline and estimated capital required to advance the project to the next stage are under review. The 2018 resource update includes the 2014 Cordero NI 43-101 resource (news release of October 20, 2014) and the results of 2017 infill resource drilling (news release of September 26, 2017).

Highlights on the Third Week of January, 2018. Mining and Exploration News in Mexico

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By Miguel A Heredia

During the 3rd week of the year (January 15th to January 21st, 2018), 20 press releases were announced by companies working in Mexico, most of them reporting their Q4 and full year 2017 results. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sinaloa, Auxico reported encouraging sampling results from the Aguamas area at its Zamora project, and Marlin Gold announced positive drill results from the Colinas target area at its La Trinidad Mine,  awaiting drill results for five additional holes from this area. In Sonora, Azure released drill results at its Oposura project, where near-surface, high-grade zinc-lead mineralization has been intersected, and Oceanus Resources reported the 2017 fall exploration drill results from its El Tigre project, and announced its intention to continue locating and defining other high-grade vein systems on the property.  In Jalisco, Evrim Resources announced trenching results from its Cuale project, where high-sulfidation mineralization has been identified. ON MINING, Nine companies: McEwen, Goldcorp, Avino, Argonaut, New Gold, Premier Gold, Fortuna Silver, Sierra Metals and Leagold presented Q4 and annual production results for 2017, and announced 2018 production and cost guidance. ON FINANCING, Orla Mining settled debt with shares to certain creditors. SilverCrest closed a non-brokered private placement for $749,988. ON RESOURCES AND DEVELOPMENT, Torex Gold announced maiden Sub-Sill mineral reserves for 180K Oz Au and 180K Oz Ag and updated its mineral resource estimate on El Limón-Guajes Mine Complex in Guerrero to over 3.9 M Oz Au and 6.1 M Oz Ag and mineral reserves estimate to 3.0 M Oz Au and 4.3 M Oz Ag. ON DEALS AND CORPORATE ISSUES, Tonogold Resources entered into an option agreement with a private Mexican company to acquire Claudia, Promontorio and Montoros gold-silver properties in Durango. Galore Resources entered into a 5-year agreement with a private Mexican company to begin mining Los Gemelos property in Zacatecas state.

ON MEXICO ISSUES

  • No relevant news

ON EXPLORATION

  • Auxico Resources Canada Inc. provided results from an exploration campaign carried out on the Aguamas area at its Zamora project in Sinaloa. The Aguamas area contains brecciated material with quartz veins and stockworks carrying gold and silver values over an area of 150 m long and 70 m wide. Trenching sampling and grabs samples collected near old adits returned encouraging gold and silver values. Trench sampling results include 50m of 0.85 g/ Au, including 3m of 13.07 g/t Au; 14.4m of 0.79 g/t Au, including 2.9m of 3.44 g/t Au. Grab samples results include 34.05 g/t Au & 99 g/t Ag, and 14.87 g/t Au & 292 g/t Ag. Auxico plans to conduct a diamond drilling program at Aguamas as well as carry out more detail exploration work in the entire property which contains brecciated material over a strike length of 8 km across the Zamora project to evaluate its potential.
  • Marlin Gold Mining Ltd. announced positive drill results from the Colinas target area, less than 1 km from the Taunus pit within its La Trinidad Mine. The drilling tested a low angle faulted vein zone interpreted to be a thrust fault which has been identified over a strike of approximately 180 m and a dip of approximately 40 m. This target is amenable to open pit mining. Three holes returned grades of 2.66, 8.42, and 7.17 g/t Au, respectively over a true width that varies from 2.37-3.65 m, and a single hole intersected 18.35m of 0.44 g/t Au. Marlin is awaiting drill results of five additional holes drilled on this target area.
  • Azure Minerals Limited continued intersecting near-surface, high-grade Zn-Pb mineralization at its flagship Oposura project in Sonora. Drilling results include 2.0m @ 21.33% Pb and 21.23% Zn from 37.5m; 2.9m @ 9.68% Pb and 6.45% Zn from 18.9m; 2.1m @ 9.14% Pb and 6.24% Zn from 27.9m, and 2.2m @ 8.73% Pb and 5.47% Zn from 15.2m. The latest round of drill results has extended the high-grade mineralized zone to the south and west of previously reported near-surface, high-grade mineralisation in the East Zone. Mineralization remains open and drilling is planned for this area. Azure plans to deliver an initial mineral resource estimate by April 2018.
  • Oceanus Resources Corporation reported drill results from the 2017 fall program at its El Tigre project in Sonora, which consisted of 600m to define the strike and dip of the high-grade Caleigh vein and the low-grade alteration zone in the hanging wall. Significant drill intersections include 0.75m @ 91 g/t Au & 2,830 g/t Ag from 28.50 to 29.25 m depth, and 0.50m @ 10.0 g/t Au & 2,247 g/t Ag. Oceanus announced its intention to continue locating and defining other high-grade vein systems on the property and plans, for the first time, to explore with mapping and geochemical sampling over a distance of 5 km to the south between Golden Hill and Lluvia de Oro prospects.
  • Evrim Resources Corp. released the first trenching results from the La Gloria high sulfidation prospect within its Cuale project in Jalisco. Three trenches dug over a distance of 600m were sampled and returned results of 25.4 m @ 0.53 g/t Au; 9.4 m @ 7.4 g/t Au, and 20m @ 0.61 g/t Au. Evrim is planning a follow-up program that includes more trenching and geophysics.

ON MINING

  • McEwen Mining Inc. announced fourth quarter and annual production in 2017 from its El Gallo Mine in Sinaloa, where 19,893 Au Eq. Oz were produced in the fourth quarter for a total annual production of 46,694 Au Eq. Oz during 2017.
  • Goldcorp Inc. reported its preliminary gold production for the fourth quarter and full year 2017 of 646,000 Oz Au and 2’569,000 Oz Au respectively. No figures for its Mexican operations were released. Goldcorp also informed about its complete production and cost guidance to 2021 on their mines and projects.
  • Avino Silver & Gold Mines Ltd. Informed about its fourth quarter and full year 2017 production. At Avino Mine, in Durango, 109,088 tonnes were milled @ 50 g/t Ag, 0.32 g/t Au and 0.52 % Cu with a recovery rate of 87% Ag, 69% Au and 88% Cu to produce over 320K Oz Ag, 1,472 Oz Au and 1.1 M lb Cu. During the full year, 460,890 tonnes were milled @ 64 g/t Ag, 0.52 g/t Au and 0.48 % Cu with recovery rates of 85% Ag, 69% Au and 89% Cu to produce over 1.4MOz Ag, 7,355 Oz Au and 4.4 M Lb Cu. At San Gonzalo Mine, 20,467 tonnes were milled @ 290 g/t Ag and 1.36 g/t Au with a recovery rate of 87% Ag and 77% Au to produce over166.7K Oz Ag and 69 Oz Au. During the full year, 81,045 tonnes were milled @ 269 g/t Ag and 1.32 g/t Au with a recovery rate of 84% Ag and 78% Au to produce over 591K Oz Ag and 2,675 Oz Au.
  • Argonaut Gold Inc. reported fourth quarter and full year 2017 production from its Mexican operations. At El Castillo Mine Complex in Durango (El Castillo & San Agustín Mines), a total of 19,653 Oz Eq. Au (GEOs) were produced including 8,707 GEOs from El Castillo Mine and 10,946 GEOs from San Agustin Mine. La Colorada Mine in Sonora produced in the fourth quarter 15,334 GEOs. During the full year, 73,418 GEOs were produced at El Castillo Mine Complex and 53,286 GEOs from La Colorada Mine. Argonaut also provided 2018 cost guidance and three-year production outlook and plans to invest $50-$55 M USD in capital expenditures during 2018. The company also announced the hiring of Brian Arkel as VP Exploration.
  • New Gold Inc. announced fourth quarter and full year 2017 production from its Cerro San Pedro Mine in San Luis Potosi, which finished active mining during the second quarter of 2016 and transitioned to residual leaching. During the fourth quarter, 7,177 Oz Au and 100K Oz Ag were produced for a full year 2017 of 34.3K Oz Au and 600K Oz Ag produced. New Gold also provided Production and Cost Guidance for 2018.
  • Premier Gold Mines Limited Mercedes Mine in Sonora produced during the fourth quarter of 2017 over20K Oz Au and 77K Oz Ag for a full year 2017 production of 82.5K Oz Au and 338K Oz Ag. Premier announced that < 45K m of drilling was completed and a revised mineral resource and reserves estimate is planned to release in February 2018. Premier provided a consolidated production and cost guidance for 2018.
  • Fortuna Silver The San Jose Mine in Oaxaca produced over 2M Oz Ag and 15K Oz Au in the fourth quarter of 2017 from 271,370 tonnes with average grades of 259 g/t Ag and 1.89 g/t Au and recovery rates of 91.86% Ag and 91.82 % Au respectively. Silver and gold production for 2017 totalized  5 M Oz Ag and 55.5K Oz Au from 1.1 M tonnes with average grades of 238 g/t Ag and 1.77 g/t Au and recovery grades of 91.82% and 91.62% respectively. Fortuna issued guidance for 2018 for its San Jose Mine in Oaxaca.
  • Sierra Metals Inc. announced fourth quarter and full year 2017 production of its Bolivar and Cusi Mines in Chihuahua. The Bolivar Mine processed in the fourth quarter 226,980 tonnes @94% Cu, 14.67 g/t Ag and 0.16 g/t Au with recovery rates of 83.3% Cu, 80.42%Ag and 55.62% Au to produce over 3.9M lb Cu, 84K Oz Ag and 791 Oz Au. During the full year, Bolivar Mine processed 887,237 tonnes @ 0.96% Cu, 14.93 g/t Ag, and 0.17 g/t Au with recovery rates of 79.82% Cu, 76.88% Ag and 59.5% Au to produce over 15 M lb Cu, 327K Oz g and 2,88 Oz Au. At Cusi Mine, Sierra Metals processed 16,280 tonnes in the fourth quarter @ 178.6 g/t Ag, 0.25g/t Au, 0.97% Pb and 1.0% Zn with recovery rates of 88.15% Ag, 58.09% Au, 87.65% Pb and 42.50 Zn to produce 82K Oz Ag, 77 Oz Au, 305K Lb Pb and 152K Lb Zn. During the full year, Cusi Mine processed 88,011 tonnes @ 165 g/t Ag, 0.26 g/t Au, 1.12% Pb and 1.3% Zn with recovery rates of 72.17% Ag, 58.4% Au, 81.26% Pb and 42.56% Zn to produce 337K Oz Ag, 423 Oz Au, 1.7M Lb Pb and 937K Lb Zn. Sierra Metals also provided Production and Cost Guidance 2018 for its Bolivar and Cusi Mines.
  • Leagold Mining Corporation provided 2018 Production and Cost guidance for Los Filos Mine in Guerrero. The company expects to produce 215,000 to 240,000 ounces at an all-in sustaining cost (AISC) of $875 to $925 per ounce. Within the same Mine Complex, the Bermejal Underground expansion project is underway with the decline having advanced to over 320m. It is projected to test mining stopes in mid-2018.

ON FINANCING

  • Orla Mining Ltd. Orla Mining settled a debt of $206,783 to certain creditors after approval by the TSX Venture Exchange, through the issuance of 147,702 common shares of the Company at an issue price of $1.40 per common share. The issued common shares are subject to a four (4) month hold period ending on May 18, 2018. (Camino Rojo, Zacatecas).
  • SilverCrest Metals Inc. closed a non-brokered private placement with Christopher Ritchie of 451,800 units at a price of Cdn $1.66 per unit for gross proceeds of $749,988. No finder’s fee was paid in this placement. In connection with this private placement, Mr. Ritchie was appointed President. (Las Chispas, Sonora)

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc. announced maiden Sub-Sill mineral reserves for 180K Oz Au and 180K Oz Ag and updated its mineral resource estimate on El Limón-Guajes Mine Complex in Guerrero to over 3.9 M Oz Au and 6.1 M Oz Ag and mineral reserves estimate to 3.0 M Oz Au and 4.3 M Oz Ag. The mineral resources remain open in three directions. A total Cash Cost of $479 Oz/Au and All Sustaining Cost (AISC) of $512 Oz/Au was estimated. Total capital required is $23M, of which, $22M will be spent in the first year. Figures of the mineral resources and reserves are shown in the next tables below:

There are 6 mining areas in the Sub-Sill mine plan, that range in size from 40 to 100m length on strike, 40 to 200m on plunge, and 3.5 to 25m in thickness dipping at an average of 24°.

ON DEALS AND CORPORATE ISSUES

  • Tonogold Resources Inc. entered into an option agreement with a private Mexican company to acquire 100% interest in the Claudia, Promontorio and Montoros gold-silver properties in Durango, for a total payment of $7.3 M $USD in cash. Grupo Minero Bacis calculated historical resources estimates (not NI 43-101 compliant) for each of the properties. Historic Measured and Indicated Resource for Claudia are 130K tonnes @80 g/t Au, 199 g/t Ag for a total contained metal of 15,891 Oz Au and 832,191 Oz Ag. Historic Inferred Resources are over 12M tonnes @ 3 g/t Au and 193 g/t Ag, for a total contained metal of 1.2 M Oz Au and 74.5 M Oz Ag. On Promontorio, Historic Measured and Indicated Resource are 37,800 tonnes @ 1.20 g/t Au, 382 g/t Ag, for a total contained metal of 1,500 Oz Au and 464K Oz Ag. Historical Inferred Resources are 1.1M tonnes @ 1.2 g/t Au and 370 g/t Ag for a total  contained metal of 42.5K Oz Au and 13M Oz Ag. On Montoros,  Historic Measured and Indicated Resource are 112.7K tonnes @ 2.90 g/t Au, 40 g/t Ag, for a total contained metal of 10.5K  Oz Au and 145K Oz Ag. Historical Inferred Resources are 8.8M tonnes @ 3.5 g/t Au and 34 g/t Ag for a total  contained metal of 990K  Oz Au and 9.6M Oz Ag. Total Historic Measured and Indicated Resource for the three properties are 280.5K tonnes @ 3.9 g/t Au and 160 g/t Ag, for a total contained metal of 227.8K Oz Au and  1.4M Oz Ag. Historical Inferred Resources for the three properties are 21.9M tonnes @ 3.11 g/t Au and 138 g/t Ag for a total contained metal of 2.2M Oz Au and 97M Oz Ag.

A brief description of each property is as follow:

“Claudia covers a 10-kilometer hosting NNW trend of WSW and ENE dipping intermediate sulphidation gold-silver vein systems”.

“The Promontorio Property covers several gold-silver bearing veins with the main Promontorio and Pericos veins reported to have produced ~250,000 tonnes of 3,500 g/t silver and 20 g/t gold during the 1930’s. The narrow, high-grade veins have been traced for more than 2 kilometres but previous exploration has mainly been conducted in a small area of the project”.

“The Montoros Project consists of four vein systems and the alteration consists of propylitization (chloriteepidote- calcite-pyrite) that is more common in the Lower Volcanic Group rocks of the Sierra Made Volcanic Plateau and clay alteration near the vein tops. Mineralization occurs as argentite, native gold, electrum, and base metals. The Periquitos vein contained about 10% chalcopyrite in semi-massive sulphide at the portal. The Montoros vein systems were sampled on surface and by underground workings between 1992 to mid-1993.

  • Galore Resources Inc. entered into a 5-year agreement with a private Mexican company to begin mining Los Gemelos property in Zacatecas state. Urbiaza, a private Mexican company will install a gold processing plant  and will be responsible to mine and sell concentrated gold on a monthly basis,  with any proceeds, net of costs, as reported by URBYASA, being allocated forty percent (40%) to Galore and sixty percent (60%) to URBYASA.

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, quartz vein showing lattice calcite replaced by silica in a prospect in Hidalgo, Mexico. Photo by Miguel A Heredia.

Starcore Enters into Letter of Intent to Acquire the Santa Fe Project

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Starcorenov212017

Vancouver, British Columbia – Starcore International Mines Ltd.  (TSX:SAM) (“Starcore” or the “Company”) is pleased to announce that it  has entered into a Letter of Intent (“LOI”) with Eduardo de la Peña Gaitan and other property owners represented by him (the “Owners”), for Starcore to acquire approximately 21,000 hectares located in the state of Sinaloa, Mexico,  more commonly known as the Santa Fe Project (“Santa Fe” or the “Property”).

Under the terms of the LOI, Starcore will have an exclusive period of up to 120 days to conduct its due diligence on Santa Fe.  Upon satisfactory due diligence, a Definitive Agreement must be executed within 30 days in order for Starcore to complete the acquisition.

Oceanus Intersects 10.9 g/t Gold and 2,830.4 g/t Silver Over 0.75 Meters at its El Tigre Property in Sonora, Mexico

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https://www.oceanusresources.ca/news/2017/oceanus-intersects-10.9-g-t-gold-and-2-830.4-g-t-silver-over-0.75-meters-at-its-el-tigre-property-in-sonora-mexico/

HALIFAX, NOVA SCOTIA – November 16, 2017 – Oceanus Resources Corporation (TSXV:OCN and OTCQB:OCNSF) (“Oceanus” or the “Company”) has intersected the high grade Caleigh vein in the first hole of the Fall 2017 drilling program at its 100% owned El Tigre Property in Sonora, Mexico.

Hole ET-17-145 returned 0.75 meters of 48.7 grams per tonne (“g/t”) gold equivalent from a depth of 28.50 meters to 29.25 meters consisting of 10.91 g/t gold and 2,830.4 g/t silver.

The hole also encountered the low grade hanging wall alteration zone adjacent to the Caleigh Vein. The overall intersection returned 25.75 meters of 1.88 g/t gold equivalent from a depth of 3.50 to 29.25 metersconsisting of 0.65 g/t gold and 91.9 g/t silver. The true width has not been calculated for the intercepts, however true width is generally estimated at 75% to 90% of drilled width. The gold equivalent ratio is based on a gold-to-silver price ratio of 1:75.

Silver Spruce Provides Update on Pino de Plata Project Plans for Maiden Drill Program

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http://www.silverspruceresources.com/s/NewsReleases.asp?ReportID=807666&_Type=News&_Title=Silver-Spruce-Provides-Update-on-Pino-de-Plata-Project-Plans-for-Maiden-Dri&#8230;

November 15, 2017 – Bridgewater, NS – (TSXV:SSE)(Frankfort-S6Q) – Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is pleased to announce that it has restarted the permitting process for initiating the drill program at its Pino de Plata silver project. The 397-hectare (Ha) project is located in the Sierra Madre Occidental of Western Chihuahua State, Mexico, approximately 15 kilometres west from Coeur Mining’s Palmarejo silver project and approximately 12 kilometres due south of the town of Chinipas, Chihuahua State, Mexico.

The Company has obtained assurance from the surface land owners that they will sign the formal permitting applications necessary to submit to the Department of Mines and SEMARNAT in order to obtain the permits for constructing road access to some drill locations and new drill pads. Silver Spruce has contracted PRODEMIN, SA de CV to manage the environmental permit applications, and a local contractor will be hired to complete the required earthworks for access road rehabilitation and creation of drill pads where needed.

Silver Spruce Resources Inc. Announces Closing of Non – Brokered Private Placement

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http://www.silverspruceresources.com/s/NewsReleases.asp?ReportID=806280&_Type=News&_Title=Silver-Spruce-Resources-Inc.-Announces-Closing-of-Non-Brokered-Private-Plac&#8230;

Bridgewater NS, Canada- October 31, 2017- Silver Spruce Resources Inc. (TSXV: SSE) announces that it has closed its current non-brokered private placement and raised gross proceeds of $132,500.00 (the offering). The offering will consist of the issuance of 2,650.000 shares and 2,650,000 warrants.

Units at $0.05 were offered which consisted of one common share in the capital of Silver Spruce and one purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Silver Spruce for 7.5 cents ($0.075) at any time prior to the date which is twenty- four months (2 years) from a particular closing date at which time the warrants will expire. All units acquired pursuant to the private placement, and shares which may be acquired upon the exercise of the warrants, are subject to a four month hold period in accordance with applicable securities legislation.

Oceanus Files Technical Report on the El Tigre Project

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https://www.oceanusresources.ca/news/2017/oceanus-files-technical-report-on-the-el-tigre-project/

HALIFAX, NOVA SCOTIA – October 26, 2017 – Oceanus Resources Corporation (TSXV:OCN and OTCQB:OCNSF) (“Oceanus” or the “Company”) announces the filing of a Technical Report pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in respect to the Company’s El Tigre Project located in Sonora, Mexico (“Technical Report”). The Technical Report supports the scientific and technical disclosure in the Company’s news release dated September 13, 2017, announcing the results of a Mineral Resource Estimate on the El Tigre Project. The Technical Report is available at www.sedar.com under the Company’s profile.

GAINEY ANNOUNCES THE APPOINTMENT OF BRIAN METZENHEIM TO VICE PRESIDENT EXPLORATION

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http://www.gaineycapital.com/8-news/94-gainey-announces-the-appointment-of-brian-metzenheim-to-vice-president-of-exploration.html

Vancouver, British Columbia – Gainey Capital Corp. (TSXV: GNC) (OTC: GNYPF) (“Gainey” or the “Company”) is pleased to announce the appointment of Brian Metzenheim as Vice President Exploration, effective immediately.

Brian Metzenheim has over 20 years experience in mineral exploration with a focus on precious metals.  Most recently, Mr. Metzenheim spent 15 years with Minefinders Corporation managing generative reconnaissance programs and project exploration across Northern Mexico including the advanced stage La Bolsa property.  Following the acquisition of Minefinders by Pan American Silver Corp.  Mr. Metzenheim assumed the position of Manager, US Exploration with Pan American Silver, managing the drill confirmation of a 100+ million ounce silver deposit and evaluation of potential acquisition targets. Mr. Metzenheim holds a BSc in Geology from the University of Nevada, Reno, is a Qualified Person as defined by NI 43-101 and is fluent in Spanish.  

“I am excited to join Gainey Capital as VP Exploration and look forward to leading the team that will take the El Colomo project to the next level,” said Brian Metzenheim. “Given the geological similarities of the project to many of the mineral occurrences I have successfully advanced elsewhere in Mexico, I am confident we can unlock the maximum value from El Colomo.”

Chesapeake Updates Yarely Regional Exploration Program

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Click to access ChesapeakeGold_2017_09_07_147.pdf

Chesapeake Gold Corp. (“Chesapeake”) is pleased to provide an exploration update for its regional Yarely project (“Yarely”) near the proposed El Paso (Metates) plant site in Sinaloa State, Mexico. Chesapeake owns a 100% interest in Metates which hosts one of the largest undeveloped gold, silver and zinc reserves in the world. During the past year, Chesapeake has assembled a land position of 68,000 contiguous hectares at Yarely. The district is strategically located 10 kilometres from a paved highway and within 25 kilometres of the El Paso plant site.
Yarely is situated in a prolifically mineralized belt that parallels the Pacific Coast and lies along the western margin of the Sierra Madre Occidental within Sinaloa state. The Yarely district is very prospective for precious and base metal mineralization hosted within several different deposit types including skarns, epithermal veins, disseminated stockwork zones and breccias. A systematic program of geological mapping, rock chip channel sampling and trenching supplemented by IP geophysics has defined six  significant prospects.