Sierra Madre

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

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During the third week of September, at least 10 press releases were published by companies working in Mexico. This is the smallest weekly number of news releases on the year to date. ON EXPLORATION, Three companies reported exploration updates on their properties, with high-grade drilling intercepts and the find of a new vein in Sinaloa, a ground mag survey in progress in a property in Sonora and the delivery of a study to process tailings in Mexico State. ON MINING, for the first time on the year, there was no news on mining.  ON FINANCING, Four companies announced the exercise of warrants (CDN$499 K), the extension on debenture payments for $1.75 M, the selling and buying of 4.5 M shares of one company, and the payment of an outstanding balance for $811 K. ON DEALS AND CORPORATE ISSUES, Two companies entered into an agreement to develop a process to treat tailings from a mine in Mexico State.

ON MEXICO NUMBERS

  • Gold production grew 14.4% from 2014 to 2015, reaching 4.3 million ounces, five times the amount mined on 2001. Goldcorp, Fresnillo and Frisco produce 53.2% of the yellow metal, and Sonora is the state with highest output, at 36.7%, followed by Zacatecas, with 27.6% and Chihuahua with 11.3%.
  • Silver production grew 3.3% on 2015, compared to 2014, achieving 191.5 M ounces. This is the sixth year on a row that Mexico is the biggest silver producer in the world, followed by China and Peru. Fresnillo, Goldcorp and Pan American Silver (in that order) produced 42.6% of the total. Zacatecas produces 42% of the silver in the country, followed by Durango with 16.6% and Chihuahua with 13%. Saucito has taken the place of Fresnillo as the largest silver producing mine in Mexico.
  • Largest silver mines. Of the fifteen largest silver producing mines in the world, four are located in Mexico. In 2015 Saucito in Zacatecas was the third largest producer, with 22 M Oz, only behind Dukat (Russia) and Cannignton (Australia), with 22.3 and 22.2 M Oz respectively. Fresnillo is in the fifth place, with 15 M Oz produced, whereas La Colorada (Zacatecas) and Palmarejo (Chihuahua) stand 14th and 15th, having produced 5.3 and 5.1 M Oz respectively in 2015.

ON EXPLORATION

  • Primero Mining Corp. released an exploration update on its San Dimas property in Durango. The high-grade Victoria vein continues to produce encouraging drilling results with true width (TW) intercepts like 1.3 m @ 208.7 g/t Au, 3,037 g/t Ag; 3.5 m @ 11.5 g/t Au, 590 g/t Ag; and 2.3 m @ 12.6 g/t Ag, 817 g/t Ag. On the Lechugilla concession the Causitas vein, located on a “window” in post-mineral cover, has been traced over 200 m length, with widths of up to 6 meters. Channel sampling includes 4.5 m @ 7.1 g/t AuEq and 3.5 m @ 5.0 g/t AuEq. Two other veins have been located in the proximity.
  • Riverside Resources Inc. announced further work is proceeding at its project Thor, in Sonora; Thor is being advanced as a “Designated Project” on the alliance for porphyry copper exploration with Antofagasta PLC in Sonora. A ground magnetic survey is underway, and an initial 1,200 m drill campaign is planned for this fall.
  • Candente Gold Corp. announced that Sun River Gold has delivered test results on a treatment process for the tailings of El Oro, in Mexico State.

ON FINANCING

  • Silver Bull Inc. announced the expiry of share purchase warrants and the exercise of warrants prior to expiry for gross proceeds of CDN$499 K.
  • Bacanora Minerals Ltd. announced Igneous Capital has agreed to sell 4.5 M shares in Bacanora, taking its stake in the company to 9.73%, whereas Rare Earth Minerals PLC has agreed to acquire 4.5 million shares in Bacanora, after which its interest in the company’s issued share capital will be 19.8%.
  • Cyprium Mining Corp. announced that the holders of $750 K in principal of unsecured debentures bearing interest at 12% approved the extension of the maturity date from February 2017 to February 2019, and to allow past due and future interest to be payable through the issuance of common shares. The company also extended the maturity of $1 M of 12.5% bonds from March 2018 to January 2019.
  • Oroco Resource Corp. received $811.7 K from Goldgroup Mining Inc. in settlement of the outstanding balance of all debts due being the remaining principal and accrued interest from a US$1.5 M promissory note, the VAT (IVA) refund due to Oroco and a break fee payable to Oroco. The company continues to hold a scalable royalty on gold production from the Cerro Prieto mine in Sonora.

ON DEALS AND CORPORATE ISSUES

  • Candente Gold Corp. announced it entered, on March 16th, into an agreement with Sun River Gold (private Nevada Company) granting Sun River the right and option to earn 51% interest in the tailings, upon developing and demonstrating at its own cost, an economically viable process to treat the tailings. SRG has made, and continues to make, all payments required as per the Agreement and has delivered to the Company certain test results and reports.

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, reeds from a present day hot spring in Queretaro State.

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Silver Spruce Resources Announces Grant of Stock Options

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http://www.stockhouse.com/news/press-releases/2016/09/22/silver-spruce-resources-announces-grant-of-stock-options

BRIDGEWATER, NOVA SCOTIA–(Marketwired – Sept. 22, 2016) – Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to announce that it has granted 2,900,000 stock options with an exercise price of $0.15 per share to directors and consultants of Silver Spruce. These options shall expire on September 20, 2019 if not exercised prior to that date. The issuance of the options is subject to all necessary approvals by the TSX Venture Exchange.

Oceanus Resources Drills 121.1 Meters of 1.38 g/t Gold Equivalent at El Tigre Property in Sonora, Mexico

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1429-tsx-venture/ocn/24564-oceanus-resources-drills-121-1-meters-of-1-38-g-t-gold-equivalent-at-el-tigre-property-in-sonora-mexico.html

HALIFAX, NOVA SCOTIA / TheNewswire / September 14, 2016 – Oceanus Resources Corporation (TSXV:OCN) (“Oceanus” or the “Company”) reports assay results from the first seven HQ-size core holes drilled during July and August, 2016 on its 100% owned El Tigre Property in Sonora, Mexico. Highlights from the drilling include:

  • Hole ET-16-083 – 121.1 meters of 1.38 g/t gold equivalent consisting of 1.02 g/t gold and 27.0 g/t silver; including 57.8 meters of 1.90 g/t gold equivalent consisting of 1.51 g/t gold and 28.9 g/t silver.
  • Hole ET-16-085 – 89.7 meters of 1.02 g/t gold equivalent consisting of 0.62 g/t gold and 30.3 g/t silver; including 21.1 meters of 2.36 g/t gold equivalent consisting of 1.38 g/t gold and 73.6 g/t silver.
  • Hole ET-16-087 – 79.2 meters of 1.02 g/t gold equivalent consisting of 0.80 g/t gold and 16.7 g/t silver; including 27.5 meters of 1.66 g/t gold equivalent consisting of 1.14 g/t gold and 38.7 g/t silver.

For the seven drill holes true width has not been calculated for the intercepts, but true width is generally estimated at 75-90% of drilled width. Drill assays were composited by length-weighted averaging into intersections using a 0.2 g/t gold equivalent cut-off grade. The gold equivalent ratio is based on a gold to silver price ratio of 75:1.

Highlights on the First week of September 2016, Mineral Exploration in Mexico

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During the first week of September, at least 19 press releases were published by companies working in Mexico.  ON MEXICO NUMBERS, Six companies produced 69% of the silver in Mexico in 2015. Mexico accounted for 80% of the primary lead production of Latin America in 2015. ON EXPLORATION, In Sonora, one company released drilling results; another one started a drilling program and one more mobilized a second drill rig. In Durango a company started a soil sampling program, in Nayarit three holes have been completed and waiting for results, while in Zacatecas a company is waiting for the permit to begin drill pad construction. ON MINING, US Antimony is waiting for the environmental permit for a cyanide plant. Mexus Gold continues with the crushing of the leach pad filter. Corex Gold has received the environmental permit and has begun leach pad construction. Pan American Silver updated on the expansions of its mines in Chihuahua and Zacatecas.  ON FINANCING, Two companies announced non-brokered private financing rounds for gross proceeds of $3.6 M, and one company announced a ten to one consolidation of shares. ON DEALS AND CORPORATE ISSUES, Santacruz Mining acquired the right to work for 15 years the Cinco Minas mine in San Luis Potosi, Source Exploration extended an option payment on three concessions at its Las Minas property in Veracruz, and Goldcorp hired Bank of Nova Scotia to manage the sale of its Los Filos mine in Guerrero.

MEXICO NUMBERS

  • Fresnillo PLC produced 24% of the silver in the country during 2015, Goldcorp 14%, Pan American Silver 7%, First Majestic 7%, Peñoles 7%, Frisco 5% and Grupo Mexico 5%. Silver production was 191.5 million ounces, 3.3% less than in 2014.
  • Peñoles produced 100% of the Mexican production of primary lead at its Torreon refinery in Coahuila, and about 80% of Latin American production. Primary lead production represents 35% of lead production in Mexico, with 65% produced by recycling of scrap lead. In 2015 total production amounted to 212,900 tonnes, 8.2% higher than the prior year, and representing about 3% of world production.

ON EXPLORATION

  • Southern Silver Exploration is to start a new soil sampling program at its Cerro Las Minitas property in Durango. The work adds to previous geochemical and geophysical work by southern, and aims to produce drilling targets on a zone 4 km SW of the areas with defined resources.
  • Millrock Resources Inc. announced it has initiated, along Centerra Gold Inc. partner, a drilling program at its Los Chinos gold project in Sonora. The drilling program is planned to consist of at least ten holes totaling approximately 2,000 meters, and will test the El Camino zone, where anomalous gold, lead and arsenic has been sampled on an area 700 m long and up to 500 m wide, coupled with soil and geophysical anomalies.
  • Defiance Silver Corp. is expecting the issuing of the environmental permit, which was applied for in mid-July. Once granted, the company will be able to build 39 drill pads that will allow for the drilling below of the Guadalupe and Esperanza shoots, and on the extension to the Veta Grande system in Zacatecas.
  • SilverCrest Metals Inc. announced additional drill hole results from the William Tell vein within its Las Chispas project in Sonora. The drilling defines a new area some 300 m long, still open on strike and at depth with >400 g/t AgEq over estimated true widths (TW) of 0.8 to 1.5 meters. Results include (TW) 1.5 m @ 2 g/t Au, 683 g/t Ag; 0.9 m @ 2.4 g/t Au, 229 g/t Ag; 3.2 m @ 1.1 g/t Au, 141 g/t Ag and 1.3 m @ 1.9 g/t Au, 352 g/t Ag. Two newly identified veins adjacent to the William Tell vein run 0.8 m @ 4.8 g/t Au, 364 g/t Ag and 0.9 m @ 6.5 g/t Au, 395 g/t Ag.
  • Gainey Capital Corp. announced that the first three holes at its El Colomo property in Nayarit have been completed on the La Nueva Victoria zone, and the samples of the first hole sent for assaying. The drilling continues on the La Higuerita/El Arrayan zones.
  • Oceanus Resources Corp. has mobilized a second drill rig to its El Tigre property in Sonora.

ON MINING

  • US Antimony Corp. announced the environmental permit for the cyanide leach plant at the Puerto Blanco mill site in Guanajuato is being reviewed by SEMERNAT, expecting an initial response by mid-September. When the permit is issued, the facility will recover gold and silver from the tailings of the flotation mill. The Company has an inventory of Los Juarez concentrates from the flotation tests.
  • Mexus Gold US. continues with the crushing of the heap leach pad filter material, which should be completed soon, at its Santa Elena mine in Sonora. After some delays due to heavy rains at the site, the company expects to start production in October.
  • Corex Gold Corp. has received the final permit required for the heap leach gold operations at its Santana project in Sonora. Heavy equipment was mobilized and begun ground preparation and construction of its initial heap leach pad that will allow for the pilot testing of the Santana deposit.
  • Pan American Silver Corp. has commissioned a 618 m deep shaft at its La Colorada mine in Zacatecas, with zero lost-time accidents in its construction. The work remaining to complete includes a new filter plant, power line and underground development. At Dolores mine in Chihuahua, a new 98 kilometer, 115 KV power line connects the mine to the national power grid. The La Colorada expansion project commenced in 2014 at an estimated cost of $163.8M, and the Dolores expansion has an estimated investment of $112.4, both projects to be completed by the end of 2017.

ON FINANCING

  • Source Exploration Corp. announces its intention to proceed with a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (Las Minas, Veracruz).
  • Wealth Minerals Ltd. arranged a non-brokered private placement for gross proceeds of up to $2.17 M (Coronado and Valsequillo, Chihuahuha).
  • Oceanus Resources Corp. announced a non-brokered private placement for $1.5 M (El Tigre, Sonora).

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. acquired the right to explore, develop and mine the Cinco Estrellas gold-silver mine in San Luis Potosi for the next 15 years. The company plans to soon begin mining and send the mineralized material to the company’s Rosario mine milling facility, which is in close proximity to Cinco Estrellas.
  • Source Exploration Corp. has signed a letter of intent (LOI) to extend the Pepe, Pepe Tres and San Jose concessions (at its Las Minas property, Veracruz) purchase agreement. The LOI provides for an extension to the term of the option agreement by an additional one year to December 2017.
  • Goldcorp Inc. has hired Bank of Nova Scotia to lead the sales process of Los Filos mine, in Guerrero. Its net asset value was estimated at $617 M in an August RBC Capital Markets report.

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, felsic tuffs near Villa de Reyes, San Luis Potosi.

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Highlights on the fifth week of August 2016, Mineral Exploration in Mexico

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During the fifth week of August, at least 17 press releases from companies working in Mexico were published.  ON MEXICO NUMBERS, Mexico stands as one of the main refined silver producers of the world. On gold, Mexico was just shy from 4 million ounces produced during 2015. ON EXPLORATION.  Two companies released drilling results from its properties in Durango, whilst a third one announced the commencement of a maiden RC campaign in Chihuahua. ON MINING, Red Tiger and Santacruz Silver released their second quarter 2016 financial and operational results. ON FINANCING, Two companies completed a private financing and a sophisticated investors placement, for gross proceeds of $3 M. ON DEALS AND CORPORATE ISSUES, Canuc Resources and Santa Rosa Mining completed an amalgamation agreement, Goldgroup announced a favorable ruling from an arbitration process on its legal battle with Dyna USA, and Alset Energy informed of the assembly of a team to manage its recently acquired lithium properties package in Mexico.

MEXICO NUMBERS

  • Mexico stands as one of the main refined silver producers of the world, with an output of 80 M Oz refined silver in 2015. In the world the total production for the year was 1,014 million ounces, including secondary sources like scrap silver. Peñoles and Grupo Mexico are the only companies in Mexico to produce refined silver.
  • Mexico produced 3.98 million ounces of gold in 2015, of which 28% was delivered by Goldcorp, 19% by Fresnillo, 10% by Frisco, 9% by Agnico Eagle, 6% by Alamos Gold, 4% by Primero Mining and 3% by Argonaut Gold.

ON EXPLORATION

  • Orex Minerals Inc. reported results on the phase III drilling campaign on its optioned property from Canasi,l Sandra Escobar, in Durango. In-fill holes report up to 58 m true width @ 192 g/t Ag, 48.5 m @ 129 g/t Ag and 47.6 m @ 56 g/t Ag, while two other step out holes reported 7.2 m @ 67 g/t Ag and 45.3 m @ 90 g/t Ag.
  • Silver Spruce Resources Inc. announced a maiden RC drill program at its property Pino de Plata in Chihuahua. Three target areas are to be tested: El Terrero, with assays up to 557 g/t Ag (up to 6 holes planned); Theodora vein, in several areas, with up to 553 g/t Ag (up to 3 holes planned); and Santa Elena – Gossan, aiming to encounter replacement Ag-Pb-Zn-Cu deposits (3 to 5 holes planned).
  • Golden Minerals Co. provided results from the ongoing drilling campaign at its Rodeo project in Durango. The first five holes of the 12 hole program show true width intervals of up to 50.7 m @ 0.46 g/t Au, 13 g/t Ag; 74.7 m @ 0.63 g/t Au, 20 g/t Ag; 69.2 m @ 0.44 g/t Au, 16 g/t Ag; 58.6 m @ 0.69 g/t Au, 19 g/t Ag and 52.2 m @ 0.78 g/t Au, 15 g/t Ag, including 12.9 m @ 2.58 g/t Au, 7 g/t Ag. The “results show a gold and silver bearing epithermal vein and breccia system with encouraging gold and silver values over an approximate 50 to 70 meter true width”.
  • Alset Energy Corp. announced the translation of a 1992 study by the Consejo de Recursos Minerales (now Servicio Geologico Mexicano, SGM) in which the process of brines extracted from beneath the salars produced accumulations of lithium of up to 2.1% Li on the brines, and up to 0.14% Li on precipitated salts.

ON MINING

  • Red Tiger Mining Inc. reported its financial and operational results for the second quarter 2016. Mined 70.6 K tonnes of ore, and moved 420 K tonnes of waste at a waste/ore strip ratio of 5.9, with an average ore grade @ 1.16% Cu, for the production of 579 tonnes of copper cathode at its Luz del Cobre mine in Sonora. Cash cost per Cu pound stood at $1.29.
  • Santacruz Silver Mining Ltd. reported its financial and operational results for the second quarter of 2016. The company milled 26.4 K tonnes of ore to produce 272 K AgEq ounces at a cash cost of $11.57 per AgEq ounce and an all-in sustaining cost of $14.60 per AgEq ounce. The Veta Grande mill is operating at 400 tpd, mining from the La Flor, Armados, San José and Veta Grande veins. New equipment delivered during the period is increasing the mining rate, aiming to exit 2016 with a 800 tpd rate, while expansion of the milling and crushing circuits will take plant capacity to 1,500 tpd.

ON FINANCING

  • Santana Minerals Ltd. announces the completion of placement to sophisticated and professional investors to raise $2 M (Namiquipa, Chihuahua; Cuitaboca, Sinaloa).
  • Argentum Silver Corp. closed its private placement with Sprott Mining Inc. for 15 M units at a price of $0.07 per unit (to gross $1,050,000?). SMI now owns 56.9% of issued and outstanding shares on a non-diluted basis.

ON DEALS AND CORPORATE ISSUES

  • Canuc Resources Corp Corp. and Santa Rosa Mining Corp. completed the agreement to combine Canuc and Santa Rosa by way of an amalgamation of Santa Rosa and a wholly-owned subsidiary of Canuc, to form one company as a wholly-owned subsidiary of Canuc .
  • Goldgroup Mining Inc. announced a favorable ruling from a process at the American Arbitration Association regarding the long time legal dispute with Dyna USA Inc. on its participation on the San Jose de Gracia project in Sinaloa.
  • Alset Energy Corp. announced the assembly of a technical and business team for the exploration and advancement of the Mexican lithium salars recently acquired by the company in Zacatecas and San Luis Potosi.

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, Chalcopyrite crystals on quartz, from the Esmeralda breccia in the Inguarán District, Michoacán.

Inguaran Feb 2011 044

Highlights on the fourth week of August 2016, Mineral Exploration in Mexico

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During the fourth week of August, at least 17 press releases from companies working in Mexico were published, with one company producing second quarter financial reports, and one other reporting its first quarter. ON MEXICO NUMBERS, funds from the 2014 introduced mining tax commence to flow in Michoacan, Mexico continues as the top silver producer of the world, and gold production is decreasing during the first six months of 2016. ON EXPLORATION, Two companies presented exploration updates: Gold Resource reported more high-grade results of its brownfield exploration in Oaxaca, while Azure Minerals significantly extended by drilling the gold mineralized zone at its property in Sonora. ON MINING, Starcore presented second quarter 2016 production results for its first quarter, and Impact Silver presented its financial results for the second quarter. Cyprium released high-grade channel sample results from an oxide ore body. Timmins Gold presented a new mining plan for its Sonora property that would see operations until 2023. Defiance Silver assured land access in Zacatecas and Telson Resources started a bulk sampling program in Durango. ON FINANCING, One company completed a private placement for gross proceeds of $1.2 M and an additional non-brokered subscription for $300 K.  ON RESOURCES, Timmins Gold advanced numbers on a technical report still to be presented on its mine in Sonora. ON DEALS AND CORPORATE ISSUES, First Mining sold three properties to BRS Ventures. DYNA issued some statements regarding its legal battle with Goldgroup over ownership participation levels in a property in Sinaloa. Oremex changed name and Arian Silver extended a LOI on a tailings project in Zacatecas.

MEXICO NUMBERS

  •  Michoacan. Seven municipalities with mining activities will soon receive the approximately US$3.55 M dollars on mining taxes collected by the federal government during 2014 from the State: Lazaro Cardenas, Churumuco, Aquila, La Huacana, Arteaga, Chinicuila and Morelia. The resources are set to be applied mainly on infrastructure projects in the communities.
  • CAMIMEX (Camara Minera de Mexico). Mexico is the world leader in silver production for sixth year in a row, producing 191.5 M Oz of silver, 3.3% more than in 2014. The investment expected in the next few years in new mines and processing capacity expansion amounts to $854 M dollars.
  • Gold production by the main mining companies in Mexico decreased 15% in the first half of 2016. Goldcorp’s Peñasquito in Zacatecas presented a 65% production reduction, mainly due to an expected ore grade decline. Frisco produced 9% less gold, due to recovery issues at its El Coronel mine in Zacatecas. Other enterprises with decreased production include Primero Mining (36.7%), New Gold (28.8%), Argonaut Gold (22.6%) and Alamos Gold (4.3%). Companies that presented increased gold production during the first half of 2016 include Peñoles (22%), Grupo Mexico (36%), Pan American Silver (18%) and Agnico Eagle (0.1%).

ON EXPLORATION

  • Gold Resource Corp. reported more high-grade results from infill drilling of the Altagracia vein at the El Aguila project in Oaxaca. The drillholes intercepted multiple parallel veins, with results up to 8.2 m @ 9.1 g/t Au, 75 g/t Ag, 1.8% Cu, 3.4% Pb, 8.8% Zn; 4.9 m @ 3.65 g/t Au, 42 g/t Ag, 0.59% Cu, 1.2% Pb, 9.3% Zn; 7.9 m @ 6.9 g/t Au, 618 g/t Ag, 0.8% Cu, 1.7% Pb and 3.4% Zn; and 5 m @ 1.47 g/t Au, 105 g/t Ag, 1% Cu, 1% Pb and 6.4% Zn. The Switchback system contains multiple parallel high-grade polymetallic veins with more than 630 K tonnes of mineralized material, and is still open in all directions.
  • Azure Minerals Ltd. significantly extends the gold mineralized zone at the Loma Bonita target at its Alacran property in Sonora. Gold mineralization commences at or near surface, and is hosted in the oxide zone, over a length of 400 m and up to 150 m in width, with mineralization remaining open in all directions. Best drill intercepts include (core) 49.5 m @ 1.59 g/t Au, 29 g/t Ag; 111 m @ 0.81 g/t Au, 18 g/t Ag; (RC) 7.1 m @ 0.99 g/t Au, 50 g/t Ag; 33.9 m @ 0.41 g/t Au, 12 g/t Ag; and 14 m @ 1.59 g/t Au, 36 g/t Ag. Drilling at Mesa de Plata Norte has not produced encouraging mineralization and alteration intervals, and drilling has shifted to the Cerro San Simon and Cerro de Enmedio targets.

ON MINING

  • Starcore International Mines Ltd. reported production results for its first quarter 2016 (ended on July 13th), milling 66 K tonnes of ore @ 2.17 g/t Au and 16 g/t Ag, for the production of 4,207 Au Eq ounces at a recovery rate of 86.4% for gold and 45.7% for silver.
  • Cyprium Mining Corp. released results from 36 channel samples collected from an oxidized part of the Santo Domingo orebody (underground). The samples average 3 m @ 30.2% zinc, mainly as hemimorfite.
  • Timmins Gold Corp. presented an updated technical report in which mining is to proceed at its gold San Francisco mine in Sonora until 2023, with decreasing production from 90-100 K Oz/year to 45-50 K Oz gold per year by 2022.
  • Defiance Silver Corp. has signed a land access agreement for its San Acacio project in Zacatecas.
  • Telson Resources Inc. has initiated the collecting of a 2 K tonnes bulk sample from the El Creston area on its Tahuehueto property in Durango.
  • Impact Silver Inc. announced its financial results for the second quarter of 2016. Total tonnes milled were 45.1 K tonnes at an average mill feed of 180 g/t Ag, producing 236 K Oz silver. The company focus is in developing high grade ore shoots in a number of targets.

ON FINANCING

  • Marlin Gold Ltd. Completed its previously announced bought deal brokered private placement, for gross proceeds of $1.2 M. and an additional non-brokered subscription for $300 K.

ON RESOURCES

  • Timmins Gold Corp. advanced numbers on a new technical report (still to be filed) which includes updated mineral reserves and resources to the end of July for its San Francisco mine in Sonora. Reserves stand at 32.1 M tonnes @ 0.59 g/t Au, containing 635 K Oz Au, (or 76 M tonnes @ 0.65 g/t Au as resources, including reserves, for 1.1 M Oz Au), using a gold price of $1,250 per ounce. If a $1,350 price per ounce is utilized, the resources increase by almost 70%.

ON DEALS AND CORPORATE ISSUES

  • First Mining Finance Corp. signed an agreement with BRS Ventures Ltd. under which First Mining will sell all the issued and outstanding shares of Minera Terra Plata SA de CV. a subsidiary of First Mining, which owns the Peñasco Quemado (Sonora), La Frazada (Nayarit) and Pluton (Durango) properties.
  • Oremex Silver Inc. changed its name to Monarca Minerals (Tejamen, Durango).
  • Dyna Resource de Mexico SA de CV. Issued some statements regarding its San Jose de Gracia property in Sinaloa, and the legal dispute with Goldgroup on ownership participation levels. According to the release, DynaResource Inc. owns 80% of the outstanding share capital of Dyna Mexico, while Goldgroup is entitled to 20%.
  • Arian Silver Corp. Announced it has secured an extension on its exclusive right to evaluate the gold and silver tailings Noche Buena project in Zacatecas, held by Tierra Nueva Mining Ltd., to October 26th, 2016. A 2012 technical report on the tailings outlined an indicated mineral resource of 1 M tonnes @ 3 g/t Au and 55 g/t Ag, or about 100 K Oz Au and 1.7 M Oz Ag.

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, geologist Guillermo Contreras looking at rocks on a pillar of the quartz veinlet swarm mined at the Cerro Hueco workings in Durango.

Pilar3

Silver Spruce Provides Pino de Plata Project Site Visit Update and Plans for Maiden Drill Program

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1140-tsx-venture/sse/23985-silver-spruce-provides-pino-de-plata-project-site-visit-update-and-plans-for-maiden-drill-program.html

BRIDGEWATER, NOVA SCOTIA–(Marketwired – Aug. 29, 2016) – Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to announce that its field crew has completed a successful site visit to the 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.

Telson Initiates Work at Tahuehueto – Collection of 2,000 Tonne Bulk Sample

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http://www.stockhouse.com/news/press-releases/2016/08/23/telson-initiates-work-at-tahuehueto-collection-of-2-000-tonne-bulk-sample

VANCOUVER, BRITISH COLUMBIA, August 23, 2016 – Telson Resources Inc. (TSX Venture – TSN) (“Telson” or the “Company”) is pleased to announce that it has initiated the process of collecting a 2,000 tonne bulk sample from the El Creston area on its Tahuehueto Project.

Portal construction on El Creston at level 10, 1,597 elevation was initiated August 22, 2016 and will be advanced northward a minimum of 100 meters to develop and prepare the mine to produce the 2,000 tonne bulk sample. The sample will be shipped in conventional dump trucks for processing to a new 120 tonne/day flotation mill facility named Andes, located approximately 85 Km northwest of the project. The underground development work, collection, transport and processing of the bulk sample is estimated to be completed late October 2016.  

 

Highlights on the third week of August 2016, Mineral Exploration in Mexico

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During the third week of August, at least 19 press releases from companies working in Mexico were published, with several companies producing second quarter operational and/or financial reports. ON EXPLORATION, Eight companies presented exploration updates: SilverCrest reported high-grade underground channel sample results from its property in Sonora, while Mag Silver reported impressive drill results from its JV property in Zacatecas. Prospero Silver announced more work on its properties in Durango, Chihuahua and Hidalgo, and Evrim released sampling results at its property in Chihuahua. Almadex presented results from a second interval of a deep drillhole that is still ongoing, at its property in Veracruz. Sierra Metals presented brownfield exploration around its mines in Chihuahua, Excellon initiated a large drilling campaign at its mine in Durango and Minera Alamos staked more ground around its property in Durango. ON MINING, Sierra Metals. Mag Silver, Avino Silver and Goldgroup presented second quarter 2016 operational and/or financial results. Mexus completed liner installation on the leach pad at its JV operation in Sonora, Cyprium Mining began to extract mineralized back fill material from its mine in Chihuahua. Mexico produced 785 K tonnes of zinc during 2015, with 3/4 of that production realized on 12 mines.  ON FINANCING, two companies announced the closing of financing rounds, for total gross proceeds of $0.8 million.

MEXICO

  • CAMIMEX (Camara Minera de Mexico). According to this mining industry organization, Mexico produced 4.3 million ounces of gold in 2015, 14.4% more than in the previous year, and more than five times the 756 K Oz Au produced in 2001.

ON EXPLORATION

  • SilverCrest Metals Inc. reported more underground sampling results from its Las Chispas property in Sonora. New channel sample results from the 650 Level on the William Tell vein average 1.1m @ 3.2 g/t Au and 518 g/t Ag over continuous strike length of 21 m, and on the 450 Level 2.1 m @ 5.7 g/t Au, 257 g/t Ag average over continuous strike length of 30 m. Individual samples include 0.93 m @ 10.8 g/t Au, 1,895 g/t Ag; 1.12 m @ 9.4 g/t Au, 1,910 g/t Ag; 4.2 m @ 14.1 g/t Au, 225 g/t Ag and 2 m @ 14.2 g/t Au, 293 g/t Ag. Approximately 4 km of underground workings have been accessed with an additional 7.5 km to be opened and explored over the next several months.
  • Mag Silver Corp. reported the confirmation and extension of wide high-grade mineralization from the Deep Zone discovery on the Minera Juanicipio JV property (Fresnillo plc 56%; MAG 44%) previously announced. “Mineralization is traceable over a strike length exceeding 800 metres and to a depth of 200 to 300 metres beneath the current resource estimate. Mineralization widths range from approximately 5 metres to over 29 metres…”. On the East Vein the best intercept is 29.85m true width (TW) @235 g/t Ag, 0.5 g/t Au, 4.76% Pb, 5.79% Zn and 2.38% Cu; on the West Vein the best new hole cut 22.9 m TW @ @119 g/t Ag, 1.1 g/t Au, 4.2% Pb, 11.9% Zn and 0.27% Cu. The drilling also discovered the Anticipada Vein, which has been cut in five holes, of up to 6.68 m TW @ 105 g/t Ag, 2.69 g/t Au, 3.59% Pb, 10.79% Zn and 0.23% Cu. Five rigs on the surface and one underground continue with the drilling program. The impressive Fresnillo district continues to deliver extraordinary drill results.
  • Prospero Silver Corp. announced more exploration to follow at its projects Petate (Hidalgo), Pachuca Southeast (Hidalgo), Matorral (Durango), Bermudez (Chihuahua) and San Luis del Cordero (Durango).
  • Evrim Resources Corp. released exploration results from its Cerro Cascaron property in Chihuahua. Channel sample results include 2.6 m @ 6 g/t Au, 28 g/t Ag; 4.3 m @2.2 g/t Au, 11 g/t Ag and grab samples @ 982 g/t Ag at La Cascarita and up to 9.2 g/t Au and up to 599 g/t Ag at Divisadero.
  • Almadex Minerals Ltd. reports a second mineralized interval on the same hole that saw a shallower interval reported last week, on its El Cobre property North Zone, in Veracruz. This week release includes a 150.9 m interval at 0.55 g/t Au and 0.22% Cu (including 62 m @ 0.86 g/t Au, 0.33% Cu), which adds to the previous release of 163.5m @ 0.68 g/t Au and 0.29% Cu. The deeper interval released ends at 542.7 m, but porphyry style alteration continues to the end of the hole, currently at ~890 m depth and advancing.
  • Sierra Metals Inc. provided an exploration update on its Bolivar and Cusi properties in Chihuahua. Bolivar is currently producing at 3,000 tpd, and has four mineralized zones: El Gallo, Bolivar NW, West Bolivar and La Sidra Vein. Mineralization is hosted in breccias, replacement deposits, skarns and an epithermal vein. Cusi is producing at a 600 tpd rate, and reports four key brownfield areas: San Nicolas Vein, San Ignacio Vein, Moctezuma Vein and the San Antonio Vein. The veins are epithermal, galena, sphalerite and chalcopyrite bearing (intermediate sulfidation), can be up to 1,300 m in length and up to 3 m in thickness.
  • Excellon Resources Inc. has initiated a 25,000 m drilling campaign at its Platosa mine in Durango, with focus in targets near mine infrastructure, near-surface manto exploration and carbonate replacement deposits. The Platosa Mine exploits a series of very high-grade, closely-spaced, CRD silver, lead, zinc manto deposits. Work is underway on compilation and reinterpretation of a large portion of the company’s geophysical data, particularly the gravity, airborne magnetics and ZTEM airborne survey previously completed.
  • Minera Alamos Inc. staked 5,200 has surrounding its La Fortuna property in Durango. The ground had come recently open for staking, and the company took advantage of the opportunity to get the ground, increasing its land holdings to 6,200 has. Besides the Main Zone, the company now has the Los Cajones zone, the Ramada zone and the PN zone, which host gold mineralization in structures that are up to 1,500 m in length and have assays as high as 10.1 g/t Au and up to 400 g/t Ag.

ON MINING

  • Sierra Metals Inc. reported financial results for the second quarter 2016, with 52.2 K tonnes mined @ 197 g/t Ag, 1.55% Pb and 2.61 % Zn and 0.25 g/t Au at the Cusi mine in Chihuahua, producing also the first zinc concentrate. Mine development at Bolivar, Chihuahua totaled 2,733 m, and 2,402 m at Cusi. Cusi’s cash cost per AgEq ounce was $10.63 and AISC per AgEq ounce was $18.49. At Bolivar, cash cost per CuEq pound was $1.25 and AISC per CuEq pound was $2.41. Cash and cash equivalents stood at $20.6 M, restricted cash of $4.7 M, and working capital of $7.9 M.
  • Mag Silver Corp. presented its financial results for the second quarter 2016, with working capital of $141.29 M, including cash and term deposits of $140.85 M. The company expended cash to fund advances on its Juanicipio´s property JV with Fresnillo PLC , which combined with MAG’s Juanicipio expenditures totaled $2.1 and $5.1 M.
  • Mexus Gold US. has completed the installation of liners on the leach pad at its Santa Elena mine in Sonora.
  • Avino Silver & Gold Mines Ltd. presented the financial results for 2016 second quarter, period in which the Avino mine was commissioned, milling 131.6 K tonnes to produce 380.6 K Oz Ag, 1.5 K Oz Au and 1.05 M pounds Cu, at cash cost US$9.89 per AgEq ounce and all-in sustaining cost of US$11.27 per AgEq ounce. Cash and cash equivalents stood at $10.7 M at the end of the quarter (Avino and San Gonzalo mines, Durango).
  • Cyprium Mining Corp. announced it has begun mining mineralized back fill material from the Santo Domingo ore shoot at its El Potosi mine in the Santa Eulalia district in Chihuahua, and is awaiting the explosives permit to begin blasting. A technical report was submitted to SEDAR.
  •  Mexico. Produced 786 K tons of zinc in 2015, of which 176 K tons were produced by Goldcorp’s Peñasquito mine in Zacatecas, while Peñoles owned Velardeña (Durango) produced 80 K tonnes, Francisco I Madero (Zacatecas) 42 K tonnes, Bismark (Chihuahua) 41 K tonnes, Tizapa (Mexico State) 41 K tonnes. Grupo Mexico’s Santa Barbara (Chihuahua) produced 32 K tonnes, Frisco’s Asientos (Aguascalientes) 30 K tonnes, Grupo Mexico’s Charcas (San Luis Potosi) 26 K tonnes, Carrizal Mining’s Zimapan (Hidalgo) 24 k tonnes and Frisco’s San Francisco del Oro (Chihuahua) 22 k tonnes.
  • Goldgroup Mining Inc. mined 174.8 K tonnes of ore @ 1.34 g/t Au at its Cerro Prieto mine in Sonora during the second quarter 2016, moved 1.17 M tonnes of waste, placed 196 K tonnes of ore at the leach pad @ 1.26 g/t to produce 4,270 Oz Au during the quarter, at a recovery rate of 58%, and all-in cash cost of $1,182. The company aims to reduce the all-in cost to $900 per gold ounce for the year.

ON FINANCING

  • Candente Gold Corp. closed its previously announced private non-brokered financing, for total gross proceeds of $500 K (El Oro, Mexico State).
  • NSX Silver Inc. closed a non-brokered private placement to raise $300 K (had Oso Blanco, 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, prospector Miguel Ayala in the Moreno workings, Tenoriba project, San Juan Nepomuceno, Chihuahuhua.

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Telson Resources Retains Renmark Financial Communications

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1592-tsx-venture/tsn/23500-telson-resources-retains-renmark-financial-communications.html

VANCOUVER, BRITISH COLUMBIA / TheNewswire / August 15, 2016 – Telson Resources Inc. (TSX Venture – TSN) (“Telson” or the “Company“) is pleased to announce that it has retained the services of Renmark Financial Communications Inc. (“Renmark“) to support Telson’s investor relations activities. Renmark is one of the largest retail investor relations firms in Canada, offering a wide range of integrated investor and financial communications services.