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Highlights on the Second Week of November 2016, Mineral Exploration in Mexico

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During the second week of November, at least 27 press releases were published by companies working in Mexico, including several quarterly financial reports. ON EXPLORATION, a new round of drilling started in two Durango projects, while another company published high-grade drilling results and the exploration for extensions to defined orebodies, also in Durango.  In Sonora one company is exploring a new porphyry copper target and also a new high sulfidation epithermal target. Assay results were disclosed for a drill hole in Veracruz, with continuous low-grade Cu-Au mineralization for hundreds of meters. In Sonora, step-out drilling exploration is finding extensions and peripheral mineralization in two high sulfidation epithermal projects. Also in Sonora, the resource conversion in a lithium property has been completed, and work focus in the Feasibility Study. A drill program is to start on another lithium property in Sonora. ON MINING, ten companies reported third quarter results, with operations in Baja California, Sonora, Sinaloa, Coahuila, Durango, Jalisco, San Luis Potosi, Mexico State, Oaxaca and Zacatecas. Pilot scale mining continues on a Sinaloa project, and a mine commenced commercial production in Zacatecas. ON FINANCING, one company issued shares for $150 K to settle debt; another closed a non-brokered private placement for $400 K; and one other received $642 K from the exercise of warrants. One company entered into an agreement with a syndicate of underwriters for $20 M. ON DEALS AND CORPORATE ISSUES, two companies entered into an option agreement for 50% of a property in Durango, while two other companies agreed an option and JV agreement for 49% of a lithium property in Sonora.

ON EXPLORATION

  • Orex Minerals Inc. has started a new round of diamond drilling on the Sandra Escobar project in Durango; two rigs will drill 4,000 m in 10 to 15 holes. Results from the last holes of the past campaign were released, and include 10.89 m true width (TW) @ 55 g/t Ag, on the Puma ridge zone, 250 m southwest from the Main Zone.
  • HECLA Mining Corp. updated exploration work at its San Sebastian mine in Durango, where focus was in defining extensions to the current Middle and North veins pits. Drilling of the West Middle vein, 350 m form the Middle vein pit has defined a high grade zone of mineralization more than 375 m in length, between 100 and 240 m below the surface. Intercepts include 2.6 m @ 7.4 g/t Au, 1,558 g/t Ag and 0.8 m @ 18.6 g/t Au, 4,643 g/t Ag. Drilling continues at extensions of the East Francine vein over 240 m of length at 1.2 – 4.5 m widths and the West Francine vein over 480 m of length and 0.6 – 4.8 m widths.
  • Orex Minerals Inc. announced that its project partner Fresnillo PLC has commenced a 5,000 m Phase-V diamond drill program in 11 holes at its Coneto property in Durango. The new drilling will cover La Bufa, Santo Niño, Reliz, Loma Verde, Descubridora, Durazno, Impulsora and Promontorio veins.
  • Minaurum Gold Inc. identified a new bulk-tonnage target at La Quintera silver property in Sonora. “The Minas Nuevas bulk-tonnage target has a strike length of 700 meters and is 25 meters wide…….. Mineralized stockwork quartz veining surrounding the old workings exhibits the potential for bulk-tonnage silver mineralization”.
  • San Marco Resources Inc. has found typical porphyry copper zoned alteration of a quartz diorite porphyry with copper and molybdenite mineralization in Sonora. Another target hosts a high sulfidation epithermal system in volcanic and volcanoclastic rocks with advanced argillic alteration. Dacite breccias and pyroclastics show quartz/alunite alteration and vuggy silica areas.
  • Almadex Minerals Ltd. disclosed results from its last hole on the Norte Zone at its El Cobre project in Veracruz, with 414 m @ 0.11% Cu and 0.16 g/t Au, including 74.5 m @ 0.19% Cu and 0.38 g/t Au. The company will now test a new zone interpreted as the intrusive core of the porphyry system, supported by a chargeability anomaly. The four copper-gold porphyry targets currently known are: Encinal, El Porvenir, Norte and Villa Rica. The largest target area is the Villa Rica zone which has not been drill tested.
  • Alamos Gold Inc. released results from its exploration in Sonora. At La Yaqui 9,055 m of drilling have been completed since the October interim resource update and additional 5,000 to 6,000 m is planned for the current quarter. New infill drilling intercepts include 76 m @ 4.37 g/t Au, 76.8 m @ 3.17 g/t Au and 61.8 m @ 1.1 g/t Au. At Cerro Pelon exploration now includes a much larger area to be systematically explored. Twenty holes were completed for 5,692 m of drilling, with structures, vuggy silica and advanced argillic alteration intersected over a broad area.
  • Bacanora Minerals Ltd. is realizing multiple activities with the aim to complete the definitive Feasibility Study (“FS”) on its Sonora lithium project. The infill drilling program to upgrade the resource classification has been completed. The average thickness for the Upper Clay Unit is 30.7 m @ 1,791 ppm Li, and for the Lower Clay Unit 20.7 m @ 4,345 ppm Li.
  • Alix Resources Corp. is to initiate a drill program with JV partner Lithium Australia NL in the Agua Fria site, at its Elektra project in Sonora (adjacent to Bacanora’s property).

ON MINING

  • Unitated States Antimony Corp. produced 274.5 K pounds of antimony during October. “Testing of the Los Juarez caustic leach circuit in Coahuila that is designed to recover contaminants from the floatation concentrates has proven successful and is ready for Los Juarez concentrates when the cyanide leach circuit has been approved at Puerto Blanco, Guanajuato”.
  • Fortuna Silver Mines Ltd. reported financial results for the third quarter of 2016, during which 1.78 M Oz Ag and 13,951 Oz Au were produced at its San Jose mine in Oaxaca. During the period 268.2 K tonnes of ore were milled at a 3,056 tpd rate, and average grade of 224 g/t Ag and 1.76 g/t Au; obtaining recoveries of 92% for both. The all-in sustaining cost was $6.94 per silver ounce, net of by-product credits from gold, lead and zinc. Cash and cash equivalents stood at $103.2 M.
  • HECLA Mining Co. released third quarter 2016 results, which include 40 K tonnes of ore processed at a grade of 801 g/T Ag, 6.7 g/t Au, for a total production of 975.6 K Oz Ag and 8,189 Oz Au at its San Sebastian mine in Durango. Total cash cost, net of by-product credits was $(4.03) per silver ounce.
  • First Majestic Silver Corp. released third quarter 2016 results from its six mines in Mexico: Santa Elena in Sonora, La Encantada in Coahuila, La Parrilla in Durango, Del Toro in Zacatecas, San Martin in Jalisco and La Guitarra in Mexico State. Over 838 K tonnes of ore were processed to produce 3.1 M Oz Ag , or 4.5 M Oz AgEq at cash cost of $5.84 per ounce and all-in sustaining cost of $10.52 per ounce.
  • Primero Mining Corp. reported third quarter 2016 results, which include information on its Mexican operations. The San Dimas mine in Durango produced 28,454 Oz AuEq Oz (22,162 Oz Au, 1.37 M Oz Ag) during the period (almost half of Q3 2015) at a cash cost of $887 per AuEq Oz. Production was impacted by labor disruptions and lower than planned grades. Mine output was 2,012 tpd with grades averaging 3.69 g/t Au, 232 g/t Ag.
  • Avino Silver & Gold Mines Ltd. announced third quarter 2016 financial results, which includes production numbers from its Avino mine, cash and cash equivalents stood at $15 M.
  • Dyna Resource Inc. processed 4,550 tons at its San Jose de Gracia pilot mill in Sinaloa, at an average grade of 11.39 g/t Au, and a rate of 177 tonnes per day.
  • Alamos Gold Inc. reported its financial results for the third quarter 2016, including numbers from its Mexican operations. At Mulatos and El Chanate mines in Sonora, 38,500 Oz Au and 16,942 Oz Au were produced respectively, with cash cost of $888 per Oz and AISC of $965 per Au Oz in Mulatos; and cash cost of $1,045 per Oz and AISC of $1,062 per Au Oz at El Chante. At Mulatos 2.05 M tonnes of ore were mined, and 2.04 M tonnes of waste moved (strip ratio 0.99), and 1.57 M tonnes were placed on the heap @ 0.82 g/t Au; 28 K tonnes were mined from underground, and 38.3 K tonnes milled @ 9.8 g/t Au, operating at 17,500 tpd, and overall recovery rates of 72%. At El Chanate 1.75 M tonnes of ore were mined, 5.75 M tonnes of waste moved (strip ratio 3.27), 1.7 M tonnes of ore @ 0.61 g/t Au staked on the heap, operating at 18,400 tpd and recovery rates of 51%. Cash and cash equivalents totaled $287 M at the end of the period.
  • Sandstorm Gold Ltd. released results for the third quarter 2016. The streaming royalty company receives revenue from 21 producing assets, including from First Majestic’s Santa Elena mine in Sonora. Total revenue was $16.8 M, or 12,588 Oz AuEq.
  • Santacruz Silver Mining Ltd. reported operating results from its Rosario mine in San Luis Potosi, and commencement of operations at its Veta Grande mine in Zacatecas. At the Rosario mine, 24.7 K tonnes of ore from several veins averaged 252 g/t AgEq (0.16 g/t Au, 101 g/t Ag, 0.5% Pb, 3.5% Zn), with recovery rates of 66.4%, 94.2%, 88.5% and 72.9% respectively for gold, silver, lead and zinc, to produce 164.9 K Oz AgEq. At Veta Grande mine, commercial production was declared after achieving 395 tpd in the mill, which is 80% of capacity, with 80% recoveries.  
  • Mag Silver Corp. announced third quarter 2016 financial results. At the end of the period the company had working capital of $140.9 M.
  • Aura Minerals Inc. released financial and operational results (standstill Aranzazu mine in Zacatecas).
  • Oddisey Marine ExplorationInc. reported third quarter 2016 results. The company is waiting the environmental permit to be approved, performing offshore services in the meantime to obtain total revenue of $2.9 M for the period.

ON FINANCING

  • Alset Energy Corp. announced it will be settling up to $153.2 K of debt by issuing shares to a company’s creditor (various lithium properties, San Luis Potosi and Zacatecas).
  • Colibri Resource Corp. closed a private non-brokered private placement for gross proceeds of $400 K (Evelyn property, Sonora).
  • San Marco Resources Inc. received $642 K from the exercise of warrants.
  • Timmins Gold Corp. entered into an agreement with a syndicate of underwriters for gross proceeds of approximately C$20 M (Ana Paula project, Guerrero).

ON DEALS AND CORPORATE ISSUES

  • Firma Holdings Corp. announced that through its subsidiary GracePoint Mining Corp. it has entered into a binding option agreement with Hawkeye Gold and Diamond Inc. to acquire a 50% interest in its Cobriza Grouping project, in Durango. The terms include payments of US $4.5 M, with US$3.8 M going to the project and US $700 K going to GracePoint.
  • Alix Resources Corp. and Lithium Australia NL (LIT). Entered into an option and JV agreement under which LIT can earn 49% interest in the Elektra project by issuing 500 K shares to Alix, issuing 500 K partly paid shares and expending further A$250 K within 12 months of signing.

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, advanced argillic alteration on a high sulfidation prospect in the Trans-Mexican Volcanic Belt. Geologist Ruben Padilla checking the outcrop.

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Highlights on the First Week of November 2016, Mineral Exploration in Mexico

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During the first week of November, at least 32 press releases were published by companies working in Mexico, including a fair amount of quarterly financial reports. ON MEXICO NUMBERS AND NEWS, a letter was delivered to the Mexican president by CANCHEM, suggesting points to be addressed by the government to make the country more competitive for attracting foreign investment. Canadian corporations and the Canadian ambassador ask for surface access conditions akin to those of the energy sector in Mexico. ON EXPLORATION, a technical report was filed from a property in Sonora. A project in Chihuahua is seeing drilling at several targets, while other in the same state reported mapping, prospecting and geophysical surveys. A property was drilled in Zacatecas, showing somewhat narrow but high grade gold intercepts. In Sonora, an agreement has been reached to allow access for drilling, while in a Durango property the drilling continues. A project in Puebla is to see a PFS by early 2017. ON MINING, nine companies reported third quarter production results for its operations in Sonora, Sinaloa, Chihuahua, Durango, Guanajuato, Guerrero and Oaxaca. A fatality was reported on a mine in Guerrero, and a pit in Sinaloa reached the high grade part of the orebody. In Durango, the construction of a new mine has been announced. ON FINANCING, one company filed documents for a private placement for $460 K, and one other sold shares in another junior company for $650 K. ON RESOURCES, a maiden silver resource was announced for a property in the foothills of the Sierra Madre in Durango. ON DEALS AND CORPORATE ISSUES, the closing of the acquisition of three properties in Chihuahua was announced, the lease of a mill was extended in Durango, and the farm-out agreement of another property in Guanajuato was completed.

ON MEXICO NUMBERS AND NEWS

  • Cámara de Comercio de Canadá en México (CANCHAM). In a letter to the president of Mexico, Enrique Peña Nieto, this organization established five points on which the effort to attract foreign investment on the Mexican mining industry is failing. 1) The weakness on the rule of law. The recent illegal blockade at the Peñasquito mine in Zacatecas is an example. 2) Judicial uncertainty. Surface access delays and conflicts are common, and radical rules change a hindrance. 3) Increasingly unfavorable fiscal rules that maim competition on a global market. 4) An aggressive SAT (Mexican IRS) tax collection policy, increasing audits and lengthy delays to recover VAT. 5) Security, evidence of which is found on the gold and silver robberies at mining sites. CANCHAM MÉXICO calls for effective action pairing the internal efforts with the international promotional messages to attract investment, so Mexico can recover the lost positions against other investment recipients in the hemisphere, and expecting an effective coordination among the different government levels in mining.
  • Canada has participated with 45.2% of the direct foreign investment in Mexico in the period 1999-2015, and 42% of that amount was on the mining industry, mostly on the extraction of precious metals. According to Canadian corporations, the Mexican government offered to equalize the scheme to facilitate the access to the surface from the Energy sector (approved on the energy reform two years ago) to the mining sector. As stated by the Canadian ambassador, the Canadian corporations are eager to establish forums with all the involved to promote a better understanding and improve communications.

ON EXPLORATION

  • Almaden Minerals Ltd. expects to complete ongoing studies in 2016, and complete a Pre-Feasibility Study early in 2017, for its Ixtaca property in Puebla. Continued metallurgical work backs the amended Preliminary Economic Assessment (PEA) recovery projections of 90% for gold and silver for the limestone domain, which in turn represents about 90% of the metal to be produced under the amended PEA. Gravity concentration and flotation are to be used to obtain those recovery levels.
  • Kootenay Silver Inc. reported that 11 core drill holes totaling 2,100 m have been completed and submitted for assaying on the Ram Zone as part of its initial 3,000 m drill program on its La Cigarra project in Chihuahua. The drill rig is to test now the La Soledad zone, 1 km south from the La Cigarra defined resource. An extended multi-phase drill program is expected to be executed on the next 12-18 months, focusing on several new prospective targets on the property.
  • Candelaria Mining Corp. announced the results of the completed diamond drill program at its Pinos project in Zacatecas. The program initiated last May and was carried out on the Cinco Estrellas vein, over a strike length of 2.2 km. Significant intercepts include 1.95 m @ 5.88 g/t Au, 28 g/t Ag (including 0.8 m @ 14.2 g/t Au, 40 g/t Ag); 0.9 m @ 4.84 g/t Au; 6.4 m @ 1.65 g/t Au, 18 g/t Ag (including 0.75 m @ 5 g/t Au, 17 g/t Ag); 1.8 m @ 2.87 g/t Au, 71 g/t Ag (including 0.32 m @ 11.05 g/t Au, 275 g/t Ag); 6.9 m @ 2.52 g/t Au; 4.25 m @ 4.32 g/t Au.
  • SilverCrest Metals Inc. has filed a technical report on its Las Chispas property in Sonora, which is available on SEDAR (sedar.com).
  • San Marco Resources Inc. has reached surface right access with the local ejido at its Chunibas project in Sonora. San Marco is now to advance the permitting process for trenching and drilling. Past drilling on the property include 42.6 m @ 1.04 g/t Au, 22.9 m @ 2.04 g/t Au and 15.2 m @ 2.8 g/t Au. “Mineralized shear/veins are generally 1 – 2 metres in width, but are surrounded by haloes of lower grade stockworks, breccias and fractures that constitute broader targets. This disseminated style of mineralization occurs in intrusive host rock without visible vein or shear development”.
  • Consolidated Zinc Ltd. has identified several new mineralization occurrences while realizing regional geological, geochemical and geophysical exploration work around its Plomosas project in Chihuahua. Geological mapping and prospecting was followed by gravity and helicopter-borne magnetic surveys. Prospecting identified two main gossanous occurrences: El Fenomino area is 2.5 km NW from the Plomosas mine, where a manto outcrops over a 100 m,  and 5 – 7 m in thickness, with anomalous Pb (up to 4.4%) and Zn (up to 1%). At Los Alfonsitos mine several gossanous outcrops were noted while mapping, with samples away from the workings returning 8 – 39 g/t Ag, 0.4% – 1.9% Pb and 0.6% – 1.1% Zn. The magnetic survey identified similar magnetic signatures to the mine sequence, and confirmed structures detected by the gravity survey.
  • Golden Minerals Co. announced that the Santa Maria underground drilling results will be used to update the resource estimate, and a 2,000 m drilling program in the Rodeo property in Durango is to be finished by the final quarter of 2016.

ON MINING

  • Torex Gold Resources Inc. announced a fatality at its Guajes mine in Guerrero, where a contractor employee suffered a rock fall fatal accident on the pit.
  • Excellon Resources Inc. reported third quarter 2016 financial results. The company sold 228,172 AgEq Oz, the production cost per mined tonne was $298, the cash cost $17.95 and the all-in sustaining cost per silver ounce was $40.85. The quarter numbers were negatively affected by the optimization effort that reduced output while increasing development costs. Production is to increase as the water table is lowered, and the bulk of the optimization has already being paid for. Net working capital totaled $14.7 M by the end of the period (Platosa, Durango).
  • Marlin Gold Mining Ltd. provided an update on its La Trinidad mine in Sinaloa. Reflecting the mining of the higher grade part of the deposit, 17 K, 25.7 K and 130.7 k tonnes were crushed in August, September and October respectively, with grades of 0.82, 1.8 and 4.3 g/t Au. 450 Oz Au were stacked in the heap in August, 1,484 in September and 18,052 in October. Daily recovered ounces went from 14 in August and September to 210 in October.
  • Argonaut Gold Inc. is to proceed with the construction of the San Agustin mine in Durango, with an estimated capital expenditure of $42.6 M and average annual production of 80 K Oz Au during 6.5 years of mining, for a total production of 488 K Oz Au and 3.8 M Oz Ag. Production is expected to start during the third quarter of 2017.
  • Gold Resource Corp. reported production results for the third quarter 2016, of 6,066 Oz Au, 431.3 K Oz Ag, 213 tonnes copper, 1 K tonnes lead and 3.2 K tonnes zinc. 113.9 k tonnes of ore were milled (1,278 tpd) @ 1.86 g/t Au, 128 g/t Ag, 0.24% Cu, 1.18% Pb, 3.45% Zn, with recovery rates of 89% and 92% for gold and silver, and 78%, 74% and 82% respectively for copper, lead and zinc. Cash cost stood at $623 and all-in sustaining cost at $1,021 per Au Oz on a by-product basis. Cash and cash equivalents stand at $17.1 M. (El Aguila mine, Oaxaca)
  • Torex Gold Resources Inc. announced its financial and operational results for the third quarter 2016. At its El Guaje mine in Guerrero 869 K tonnes were mined, 5.65 tonnes of waste moved with a waste/ore strip ratio of 6.5, and a 10.1 K tpd plant throughput. The average grade was 3.08 g/t Au, for a quarterly production of 77.9 K Oz Au at a total cash cost of $517 per Au Oz and all-in sustaining cost of $699 per gold ounce. Cash and cash equivalents stand at $93.6 M.
  • Timmins Gold Corp. reported its financial results for the third quarter 2016, period during which the company produced 24,052 Oz Au at a cash cost of $785 per Oz Au and all-in sustaining cost of $846 per gold ounce on a by-product basis. Cash and cash equivalents stand at $18.5 M. During the period a new 43-101 report was produced for the San Francisco mine in Sonora, The Caballo Blanco property in Veracruz was sold and the pre-construction phase of the Ana Paula project started.
  • McEwen Mining Inc. released its production figures for the third quarter 2016, which include numbers from its El Gallo mine in Sinaloa, where 11,754 Oz Au and 7,151 Oz Ag were produced at a $598 per AuEq Oz, and all-in sustaining cost of $680 per AuEq Oz on a co-product basis. The company ended the quarter with $62.5 M on liquid assets.
  • Greath Panther Silver Ltd. reported financial results for the third quarter 2016. 95.2 K tonnes were milled, producing 510.5 K Oz Ag and 5,432 Oz Au at a cash cost of $10.99 per AgEq Oz and all-in sustaining cost of $15.43 per AgEq Oz. Cash and cash equivalents stand at $52.9 M.
  • Golden Minerals Co. reported third quarter 2016 results. The Celaya property in Guanajuato was optioned (see below), excess mine equipment was sold for $0.7 M, and the 50% stake in the San Diego Property was sold, Cash and cash equivalents were $3.4 M, and debt balance of zero at the end of the period.
  • Endeavour Silver Corp. reported Q3 2016 financial results. The company produced 1.284 M Oz Ag and 14,364 Oz Au. At Guanaceví in Durango, plant throughput was 892 tpd, at Bolañitos and El Cubo, in Guanajuato, plant throughput was 1,442 and 1,531 tpd respectively. Capital investment for the fourth quarter is planned at $2.8 M in Guanaceví, $1.7 M at Bolañitos and $1.6 M at El Cubo. Cash costs were $5.27 per Ag Oz, and all-in sustaining costs were $11.47 per silver ounce, net of gold by-product credits. Cash increased to $83.2 M and working capital increased to $91.9 M, $13.9 M were raised during the quarter.

ON FINANCING

  • Riverside Resources Inc. sold 3 M common shares on privately held Croesus Gold Corp. for total proceeds of $650 K CAD. Riverside continues to hold 3 M common shares as part of the sale of the Sugarloaf Peak project.
  • Alset Energy Corp. filed with the TSX documents for its private placement financing, aiming to $460 K in gross proceeds.

ON RESOURCES

  • Orex Minerals Inc. and Canasil Resources Inc. announced a maiden resource estimate for its Boleras Silver deposit on the Sandra Escobar project in Durango, which is being advanced by Orex under an option agreement with Canasil.  At a “Base Case” of 45 g/t Ag cut-off, the Inferred Resource Estimate yields 9.8 M tonnes @ 106 g/t Ag, for a total of 33.3 M Oz Ag. “The resource is not pit constrained as this is an initial resource and the deposit limits are not fully constrained”.

ON DEALS AND CORPORATE ISSUES

  • Endeavour Silver Corp. closed the acquisition of a 100% interest on the Parral properties (in Chihuahua) from Silver Standard Resources Inc. The properties cover 3,432 hectares, and contain large veins traceable for eight km. Endeavour has issued 1,198,083 common shares to Silver Standard, and is to spend US$2 million on exploration on two years, after which will have a year to deliver a NI-43-101 report including a resource estimate, and issue US$200 k in common shares to Silver Standard for each million Oz Ag in M&I resources defined on the San Patricio and La Palmilla properties.
  • Oceanus Resources Corp. and Mackie Research Capital Corp. signed an agreement under which Mackie will provide market making services to Oceanus, providing market stabilization and liquidity services.
  • Golden Minerals Co. reported that the lease to HECLA of the Velardeña plant in Durango was extended to the end of the second quarter 2017, and can be extended to the end of 2018. The farm-out agreement of the Celaya property in Guanajuato to Electrum Global Holdings LTD. was completed. To earn a 60% interest Electrum paid $200 K, and has to invest $2.5 M on the property over three years. Electrum can gain another 20% interest by investing additional $2.5M. Golden sold its 50% interest on the San Diego property to Golden Tag Resources for $0.4 M, 2.5 M shares of Golden and 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, epithermal quartz vein fragment with lattice calcite textures. El Geyser area, Queretaro.

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Oceanus Signs Agreement with Mackie Research Capital

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http://www.stockhouse.com/news/press-releases/2016/10/31/oceanus-signs-agreement-with-mackie-research-capital

Halifax, Nova Scotia / TheNewswire / October 31, 2016 – Oceanus Resources Corporation (TSXV:OCN) (“Oceanus” or the “Company”) is pleased to announce an agreement (the “Agreement”) with Mackie Research Capital Corporation (“Mackie”) to provide market making services to Oceanus in compliance with regulatory guidelines.  Mackie will provide market stabilization and liquidity services of the Oceanus shares on the TSX Venture Exchange.

 

In consideration for their services provided pursuant to the Agreement, Oceanus agrees to pay Mackie $3,000 per month.  The Agreement will continue in effect unless terminated by either party with a written notice of 30 days.  There are no performance factors contained in the Agreement and Mackie will not receive any shares or options from Oceanus as compensation for services it will render.  Oceanus and Mackie are unrelated and unaffiliated entities, but Mackie may provide investment banking services to Oceanus and Mackie and/or its clients may have an interest, directly or indirectly, in the securities of Oceanus.  The Agreement is subject to regulatory approval.

 

Highlights on the Third Week of October 2016, Mineral Exploration in Mexico

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During the third week of October, at least 23 press releases were published by companies working in Mexico, including five third quarter production releases. ON MEXICO NUMBERS AND NEWS, a member of the Special Commission on Mining is to be present in forums to be held in all mining States to generate a favorable investment climate. A mine started operation in Sinaloa. ON EXPLORATION, eight companies reported exploration updates on their properties, which include drilling results from a property in Sonora and another in Durango, as well as the announcement of incoming drilling programs at properties in Sinaloa, Chihuahua and Sonora. A company commenced a PIMA study program to integrate into its drill targeting in Chihuahua, another announced  the high grade gold results from trenching in Sonora, and one more is to produce an environmental report prior to drilling in Chihuahua. One more company disclosed the assay results of lithium rich clays in Sonora.  ON MINING, five companies reported third quarter production results for its operations in Sonora, Durango, Oaxaca and Chihuahua. A company has completed development work to start mining a new ore body in Oaxaca, another company reached the high grade part of the resource on its property in Sinaloa , a third one commenced bulk sample processing in Durango and a fifth reported production from mine and processing facilities in Sinaloa for September. ON FINANCING, one company issued 34.4 M shares @ C$0.10.  ON DEALS AND CORPORATE ISSUES, one company gained the right to appoint officials in another’s company board.

ON MEXICO NUMBERS AND NEWS

  • The Special Commission on Mining has Deputy Ms. Guadalupe Chavez Acosta as General Secretary. She is to visit all the state with mining activities, where forums are to be held to learn the needs of the industry and base the legislative agenda. She assured that the Environmental laws, the fiscal situation and the mining concessions regime will be reviewed, in order to generate a favorable business climate for national and international investments in the industry.
  • The Sinaloa Economic Development Bureau (Secretaría de Desarrollo Económico) announced the inauguration of the San Rafael mine in Cosala municipality, by Americas Silver Corp. The estimated annual production is to be 1 M Oz Ag, 50 M Lb Zn and 20 M Lb Pb.

ON EXPLORATION

  • Oceanus Resources Corp. released results from nine new diamond drill holes at its El Tigre property in Sonora. The purpose of the drill campaign is to determine the extent and continuity of mineralization test the oxide zone to 200 m depth and collect core for metallurgical work. Significant intervals include 95.6 m @ 1.17 g/t Au, 13 g/t Ag (including 42.1 m @ 2.4 g/t Au); 74.2 m @ 0.8 g/t Au, 11 g/t; 95.5 m @ 0.42 g/t Au, 26 g/t Ag. Oceanus has now completed 3,127 m on 19 holes.
  • Santana Minerals Ltd. will commence a 22 hole, 2,800 m RC drill program at its Cuitaboca project in Sinaloa. The objectives include to extend drilled high grade zones on the Mojardina structure and to test other targets on the same structure,the Jesus Maria breccia and the Carajuca splay. Significant intercepts from the first drill campaign include near-surface intercepts like 10 m @ 64 g/t Ag; 14 m @ 76 g/t Ag; 83 m @ 97 g/t Ag; 67 m @ 66 g/t Ag and 51 m @ 42 g/t Ag.
  • Orex Minerals Inc. and partner Canasil Resources Inc. announced assay results for seven out of eleven holes of the third phase of drilling at its Sandra Escobar project in Durango. True width (TW) intervals include 12.26 m @ 36 g/t Ag (and a lower interval of 6.9 m @ 46 g/t Ag); 7.6 m @ 32 g/t Ag on the Cerro Chato Zone and 33.6 m @ 108 g/t Ag; 11.5 m @ 28 g/t Ag; 32.7 m @ 55 g/t Ag on the southern part of the Main Zone. An aeromagnetic and radiometric survey is being flown over the property, and an initial resource estimate is under preparation and due for completion by the end of October.
  • Mammoth Resources Corp. has commenced a PIMA x-ray diffraction ground survey at its Tenoriba property in Chihuahua. The company is collecting samples every 100 m along lines spaced 500 m apart, same that will be analyzed for the presence of clays associated to high sulfidation epithermal systems. The results of this survey are to be integrated with the previous studies, which include geological mapping, rock chip and channel sampling and surface geophysics to aid in the selection of targets for a planned drilling campaign early next year.
  • GoGold Resources Inc. has uncovered additional zones of high grade gold on surface at the Greta project in its Santa Gertrudis mine in Sonora. Trenching results over three sub-parallel zones of mineralization, dipping 20 degrees and extending for 660 meters and 370 m down dip have been released. Assay results from trenching include the following intervals: 18 m @ 32.7 g/t Au, 14 g/t Ag; 30 m @ 1.6 g/t Au, 4 g/t Ag; 18 m @ 2.4 g/t Au, 3 g/t Ag; 24 m @ 4.6 g/t Au, 20 g/t Ag and 12 m @ 6.8 g/t Au, 25 g/t Ag. A total of 7,800 tonnes @ 14 g/t Au have been shipped to a custom mill for grinding, cyanidation and zinc precipitation. Gold recoveries are expected to reach > 85%.
  • Silver Spruce Resources Inc. is working to produce an environmental report to file at SEMERNAT, regarding the incoming drill 1,000 – 1,500 m diamond drill program at its Pino de Plata property in Chihuahua.
  • SilverCrest Metals Inc. has drilled ~6,400 m in 22 core holes testing the Las Chispas and Guillermo Tell veins, as well as the La Victoria structure. Approximately 6.5 km of 11.5 Km of underground workings have been rehabilitated. Average backfill sampling averages 2.45 g/t Au, 226 g/t Ag for the Las Chispas vein; 1.24 g/t Au, 212 g/t Ag for the Guillermo Tell vein and 1.88 g/t Au, 126 g/t Ag for the Babicanora vein. Average dump grades are 1.04 g/t Au, 78 g/t Ag. A 2,000 m underground drilling program and minimum 6,000 m surface drill core program is to start in November.
  • Alix Resources Corp. disclosed exploration information on the Agua Fria zone of its Electra project in Sonora. The lithium bearing clays have been defined in a zone 4,500 m by up to 800 m, with 35 additional samples grading 235 – 1,190 ppm Li (averaging 625 ppm Li).

ON MINING

  • Gold Resource Corp. reported production results for the third quarter 2016, from its Aguila project in Oaxaca. Preliminary numbers are 6,066 Oz Au, 431.3 K Oz Ag, 213 tonnes Cu, 1,000 tonnes Pb and 3,232 tonnes Zn.
  • Argonaut Gold Inc. reported third quarter 2016 production results. At El Castillo in Durango, 2.625 M tonnes of ore were mined at 70 K tpd rate and a grade of 0.33 g/t for a production of 13,049 Oz Au; 3.8 M tonnes of waste were moved for a waste/ore ratio of 1.45. At La Colorada 1.06 M tonnes of ore were mined @ 0.52 g/t, to produce 12,610 Oz Au and 35,863 Oz Ag; 4.16 M tonnes of waste were moved, for a waste/ore ratio of 3.91.
  • Sierra Metals Inc. reported third quarter production results, including numbers from its operations in Mexico. At Bolivar in Chihuahua, 250 K tonnes of ore were processed (2,860 tpd) @ 0.96% Cu, 14.8 g/t Ag, 0.13 g/t Au; recoveries were 83.5%, 80.3% and 55.3% for copper, silver and gold respectively, to produce 4.4 M Lb Cu, 95 K Oz Ag and 583 Oz Au. At Cusi in Chihuahua, 48.8 K tonnes of ore were processed (558 tpd) @ 158.1 g/t Ag, 0.27 g/t Au, 1.1% Pb, 1% Zn; recoveries were 69.1%, 62.8%, 83.8% and 35.3% respectively for Ag, Au Pb and Zn, to produce 172 K Oz Ag, 265 Oz Au, 999 K Lb Pb and 394 K Lb Zn.
  • Avino Silver & Gold Mines Ltd. reported production results for the third quarter 2016, from its Avino property in Durango. At the Avino mine 116 K tonnes were mined, 111 K tonnes were milled @ 71 g/t Ag, 0.47 g/t Au, 0.48% Cu; recoveries stood at 85%, 58%, 89% respectively for silver, gold and copper, to produce 214.8 K Oz Ag, 973 Oz Au and 1.04 M tonnes Cu. At the San Gonzalo vein 30 K tonnes were mined, of which 27 K tonnes were milled, @ 272 g/t Ag, 1.3 g/t Au. The recovery was 83% for silver and 78% for gold, for the production of 196 K Oz Ag and 841 Oz Au.
  • HECLA Mining Co. released preliminary gold and silver production results for the third quarter 2016, which includes numbers from its San Sebastian mine in Durango. San Sebastian produced 975.6 K Oz Ag and 8,189 Oz Au during the period.
  • Gold Resource Corp. has reached the Susana vein of the Switchback vein system with a development ramp from the Arista mine, part of its Aguila project in Oaxaca. The company expects to pull development ore during the fourth quarter 2016.
  • Marlin Gold Mining Ltd. announced it is now mining high grade ore from its La Trinidad mine pit in Sinaloa.
  • Telson Resources Inc. informed that metal recovery testing operations commenced on the 2 K tonne bulk sample collected from the El Creston zone at its Tahuehueto project in Durango. The material is being processed at the Andes mill, near Guanacevi.
  • Dyna Resource Inc. reported production from its San Jose de Gracia mine in Sinaloa, where 3,740 tons of ore @ 11.14 g/t Au head grade was processed at a 174 tpd rate.

ON FINANCING

  • Alamos Gold Inc. announced the purchase of 25.3 M shares of Corex Gold Corp. at C$0.10 per share. This amount represents 19.07% of the outstanding common shares of Corex.
  • Corex Gold Corp. announced that apart from issuing 25.3 M shares to Alamos Gold Inc., 3 M shares were issued to management, and another 6.1 M shares were issued to H Morgan & Company (HMC), all at a price of $0.10 per share. As a result of these transactions, Alamos owns 19.07%, HMC 17.75% and management owns 8% of the issued and outstanding shares of the company.

ON DEALS AND CORPORATE ISSUES

  • Corex Gold Corp. granted Alamos Gold Inc. (in connection with the issuance of Corex shares to Alamos) the right to nominate up to two directors of Corex. Alamos has elected not to exercise such right at this time but retains the right to do so in the future (Santana in Sonora).

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, a strongly argillitized, moderately silicified felsic tuff, representing probably a paleo water table in the vicinity of the Las Chispas district in Sonora.

dscn0577-copia

Silver Spruce Provides Updates on Preparations for Pino de Plata Project Maiden Drill Program

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http://www.marketwired.com/press-release/silver-spruce-provides-updates-on-preparations-pino-de-plata-project-maiden-drill-program-tsx-venture-sse-2168172.htm

BRIDGEWATER, NOVA SCOTIA–(Marketwired – Oct. 19, 2016) – Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) (“Silver Spruce” or the “Company”) is pleased to provide updates on the progress to conduct the first drill program at its Pino de Plata project. The 397 hectare (Ha) project is located in the Sierra Madre Occidental of Western Chihuahua State, Mexico, approximately 15 kilometres from Coeur Mining’s Palmarejo silver project and approximately 12 kilometres due south of the town of Chinipas, Chihuahua State, Mexico.

The following actions have been accomplished to date:

  • Drill hole locations have been pinpointed and marked on site,
  • Drilling company bids were received and analyzed; selected company formal contract to be executed,
  • Environmental engineers have toured the site and completed necessary field work required to submit “Informe Preventivo”, environmental declaration for any impact resulting from the drill program,
  • Second semester 2016 “derechos” (mining taxes) have been paid in full.

Oceanus Intersects 95.6 Meters of 1.35 g/t Gold Equivalent Consisting of 1.17 g/t Gold and 13.2 g/t Silver at its El Tigre Property in Sonora, Mexico

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Click to access article_10182016112607.pdf

HALIFAX, NOVA SCOTIA – October 18, 2016 – Oceanus Resources Corporation (TSXV:OCN) (“Oceanus” or the “Company”) reports additional assay results from the ongoing diamond drilling program on its 100% owned El Tigre Property in Sonora, Mexico. Highlights from the drilling include the following: • Hole ET-16-092 – 95.6 meters of 1.35 g/t gold equivalent consisting of 1.17 g/t gold and 13.2 g/t silver; including 42.1 meters of 2.62 g/t gold equivalent consisting of 2.40 g/t gold and 17.1 g/t silver. • Hole ET-16-096 – 74.2 meters of 0.96 g/t gold equivalent consisting of 0.80 g/t gold and 11.6 g/t silver; including 28.7 meters of 1.26 g/t gold equivalent consisting of 1.06 g/t gold and 15.1 g/t silver. • Hole ET-16-095 – 95.5 meters of 0.77 g/t gold equivalent consisting of 0.42 g/t gold and 26.3 g/t silver; including 8.3 meters of 1.70 g/t gold equivalent consisting of 1.59 g/t gold and 8.0 g/t silver.

Gainey Continues to Drill New Zones at La Higuerita within The ‘El Colomo Gold-Silver Project’ in Mexico

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http://www.gaineycapital.com/8-news/85-gainey-continues-to-drill-new-zones-at-la-higuerita-within-the-el-colomo-gold-silver-project-in-mexico.html

VANCOUVER, BC / ACCESSWIRE / October 13, 2016 / Gainey Capital Corp. (TSXV: GNC) (OTC PINK: GNYPF) (“Gainey” or the “Company”) is pleased to announce the continuation of the Company’s Phase 1 drilling program of an additional three holes at the ‘La Higuerita Gold-Silver mineralized zone’ (“La Higuerita”) located in the Sierra Madre Occidental Trend in Western Mexico.

Highlights on the First Week of October 2016, Mineral Exploration in Mexico

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During the first week of October, at least 25 press releases were published by companies working in Mexico. ON MEXICO ISSUES, An illegal blockade was terminated by the authorities in Zacatecas. ON EXPLORATION, five companies reported exploration updates on their properties, which include drilling permitting of a property in Sonora, results of two drill holes from a project in Nayarit, massive sulfide and semi-massive sulfide intercepts from underground stations in Chihuahua, drilling to advance a lithium resource estimation in Sonora and the granting of an Environmental Impact Assessment for a new mine in Sonora. ON MINING, one company reported third quarter production results, another one had a shutdown due to an illegal blockade in Zacatecas, while in Queretaro a permit is being sought for the installation of a mill. One other company completed the collection of a 2 k tonne bulk sample in Durango, the controlled remediation and shutdown of a mine in San Luis Potosi is to take three years, and a mine in Sonora will send high grade material to a contract mill.  ON FINANCING, two companies announced the raising of capital, one for CAD$4.29 M, through warrants and the other for $1 M through the amendment of a previous private placement. ON DEALS AND CORPORATE ISSUES, two companies closed the transfer of a producing mine in Sonora, and one other company is to change name and consolidate shares on a 20 to 1 ratio.

ON MEXICO ISSUES

  • Peñasquito mine, Zacatecas. State officers cleared the entrance from an illegal blockade that had been on site for eight days. The State governor, Alejandro Tello, said that he would not bend to meritless claims and announced that the blockade leaders will be investigated.

ON EXPLORATION

  • Mexus Gold US. is performing advance work to obtain the drilling permit at the Scorpio project in Sonora.
  • Gainey Capital Corp. released results from the second and third holes from La Nueva Victoria mineralized zone at its El Colomo property in Nayarit. Significant intercepts include 72.2 m @ 0.41 g/t Au, 20 g/t Ag and 34.2 m @ 1.19 g/t Au, 86 g/t Ag.
  • Consolidated Zinc Ltd. released geologic information on the first seven holes from two new underground drill stations at its Plomosas mine in Chihuahua. While the assays are still awaited, intercepts include 0.35, 0.7, 0.8, 1.25 and 1.8 meters of massive sulfides, as well as a 4 m interband of massive to semi-massive sulfide.
  • Bacanora Minerals Ltd. completed a 4,000 m drilling campaign to upgrade a resource to the measured category on its Sonora property. Ongoing refinement and optimization of the lithium carbonate flow sheet, developed at the pilot plant operations will continue over the next 18 months.
  • Alamos Gold Inc. received final approval of the Environmental Impact Assessment report for phase I of its La Yaqui project in Sonora. Construction activities for the phase I development of the La Yaqui mineral reserve are expected to commence later this year with initial production on track for mid-2017.

ON MINING

  • Goldcorp Inc. announced a controlled shutdown of operations at its Peñasquito mine in Zacatecas, following an illegal blockade by a trucking contractor that began on Sept 26, 2016. The Company has taken all necessary legal steps, including filing criminal charges against the protest leaders and awaits legal enforcement to ensure a swift and orderly end to the illegal blockade.
  • United States Antimony Corp. announced that production from the Wadley and Soyatal mines is being ramped up to replace Australian concentrates by the end of 2016. The company will answer SEMERNAT inquiries on the Puerto Blanco mill site in October, and wait for the response. Pilot-scale production is expected from the Los Juarez caustic leach circuit on the 4Q 2016.
  • Telson Resources Inc. completed the collection of its 2 K tonne industrial scale bulk sample from the El Creston zone on its Tahuehueto project in Durango. The material is being transported to the Andes mill, where processing will take place.
  • New Gold Inc. will continue for three years with the remediation work and closure of its Cerro San Pedro mine in San Luis Potosi.
  • Minera Alamos Inc. is finalizing the Environmental Impact Study and the Environmental Risk Study on La Fortuna project, in Durango. The files will be submitted as soon as the surface use agreement contracts are in place.
  • GoGold Resources Inc. has secured a 150 tonne per day mill to continue milling the high grade material on surface at its Santa Gertrudis mine in Sonora. To date, the Company has mined in excess of 6,000 tonnes of material at an average grade of 13.5 g/t with 3,700 tons already processed at the mill. To the end of September 383 Oz of gold have been poured.
  • Coeur Mining Inc. reported third quarter 2016 production numbers, which include its Palmarejo mine in Chihuahua (their highest production unit). 253.6 K tonnes were mined from underground, at a grade of 123 g/t Ag and 0.08 g/t Au. 274.6 K tonnes were processed, with recoveries of 85.5% Ag and 77.7% Au, producing 933 k Oz Ag and 16.6 K Oz Au. The recoveries were affected by the installation of a new Merril-Crowe processing circuit. The Guadalupe vein is being mined at 2,300 tpd , while the Independencia vein is on track to achieve 1,000 tpd.

ON FINANCING

  • Bacanora Minerals Inc. raised CAD$4.29 M from the exercising of warrants. Bacanora’s last reported cash position was circa CAD$30 M.
  • Alset Energy Corp. announced an amendment to the terms of a previously announced private placement. The company will now raise up to $1 M.

ON RESOURCES

  • Premier Gold Mines Ltd. confirmed a current NI-43-101 Mineral Reserve and Resource estimate for its 100% owned Mercedes mine in Sonora. Reserves stand at 2.9 Mt @ 4.31 g/t Au, 35.7 g/t Ag; measured plus indicated resources (exclusive of reserves) of 2.87 Mt @ 4.14 g/t Au, 48 g/t Ag and 1.2 Mt @ 4.6 g/t Au, 33 g/t Ag of inferred resources. The total reserve and resource base is 7 Mt @ 4.29 g/t Au, 40.2 g/t Ag, for 964 K Oz Au and 9.08 M Oz Ag.
  • Argonaut Gold Inc. completed a 70 hole RC drill program (~10,600 m) to confirm historical gold-silver resource estimates for El Creston deposit at La Colorada mine, in Sonora. The confirmed indicated resource is 14.4 M tonnes @ 0.62 g/t Au and 12.1 g/t Ag and the inferred resources 2.2 M tonnes @ 0.89 g/t Au, 13.3 g/t Ag. Some of the better intercepts include: 32 m @ 1.74 g/t Au, 74 g/t Ag; 39.6 m @ 0.8 g/t Au, 4 g/t Ag: 44.2 m @ 0.86 g/t Au, 5 g/t Ag; 86.9 m @ 0.8 g/t Au, 7 g/t Ag; 27.4 m @ 1.3 g/t Au, 15 g/t Ag; 44.2 m @ 2.1 g/t Au, 16 g/t Ag, 21.3 m @ 2.87 g/t Au, 182 g/t Ag; 73.2 m @ 1.4 g/t Au, 15 g/t Ag.
  • Timmins Gold Corp. announced that it has filed at SEDAR the NI-43-101 technical report of its San Francisco mine in Sonora.

ON DEALS AND CORPORATE ISSUES

  • Premier Gold Mines Ltd. closed the acquisition of the Mercedes mine in Sonora, from Yamana Gold Inc., by buying all shares of Yamana’s subsidiaries that own 100% interest on the mine. The deal involved the payment of US$122.5 M in cash, 6 M common shares from Premier to Yamana and 3 M warrants to obtain Premier shares @ $4.75before the end of September 2018. A 1% NSR applies on the production beyond 450 K Oz Au or after four years since the closing of the deal. Two other properties, La Espera in Sonora, and La Silla in Sinaloa, convey a 2% NSR.
  • Alset Energy Corp. has realized that two of the concessions recently acquired in Mexico convey a considerable amount of annual work expenditures. The recently appointed CEO resigned as results of these new challenges.
  • Alset Energy Corp. Clarified the past news release by stating that two of the concessions optioned require $1.8 M of yearly spending to be probed to the government. The company is taking steps to split the large claims in several smaller concessions to reduce the amount of investment to incur.
  • Baja Mining Corp. is changing its name to Camrova Resources Inc., and consolidating its shares in a 20 to one ratio, going from 340 million common shares to 17 million post-consolidation shares. Baja currently owns a 10% interest in the Boleo copper-cobalt-zinc mine in Baja California.

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, strongly silicified, bleached, and locally brecciated rock with fine grained quartz veinlets and micro-veinlets with minor pyrite.  Part of a low angle fault zone mined for silica. Spotty gold and silver values are present.

img_3123-copia

Gainey Intersects Further Near-Surface Mineralization of 34.2 Meters of 2.39 g/t Au Eq at La Nueva Victoria, Mexico

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http://www.stockhouse.com/news/press-releases/2016/10/04/gainey-intersects-further-near-surface-mineralization-of-34-2-meters-of-2-39-g

VANCOUVER, BC / ACCESSWIRE / October 4, 2016 / Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) (“Gainey” or the “Company”) is pleased to announce assay results from the second and third holes of the Company’s Phase 1 drill program at the near surface, La Nueva Victoria Mineralized Zone (“La Nueva Victoria”) of the El Colomo property in Sierra Madre Golden Belt, Mexico.

The mineralization encountered in hole DHEC160002 (“Hole 2”) commenced at 19.40 meters from surface for 72.20 meters of 0.41 g/t Au and 20.21 g/t Ag (0.69 g/t Au Eq) and for hole DHEC160003 (“Hole 3”) commenced at 10.50 meters from surface for 34.20 meters of 1.19 g/t Au and 86.57 g/t Ag (2.39 g/t Au Eq).

 

Gainey Intersects Near-Surface Mineralization Over 70 Meters of 1.14 g/t Au Eq at La Nueva Victoria, Mexico

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http://www.stockhouse.com/news/press-releases/2016/09/29/gainey-intersects-near-surface-mineralization-over-70-meters-of-1-14-g-t-au-eq

VANCOUVER, BC / ACCESSWIRE / September 29, 2016 / Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) (“Gainey” or the “Company”) is pleased to announce assay results from the first hole of the Company’s ongoing, Phase 1 drill program at the near surface, La Nueva Victoria Mineralized Zone (“La Nueva Victoria”) of the El Colomo property in Sierra Madre Golden Belt, Mexico. The mineralized interval commences at 5.15 meters from surface for 70.85 meters of 0.65 g/t Au and 35.31 g/t Ag (1.14 g/t Au Eq).