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

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During the second week of August, at least 30 press releases from companies working in Mexico were published, with several companies producing second quarter operational and financial reports, which provide a good glimpse on the improving conditions of the industry. ON EXPLORATION, Kootenay started a drilling campaign on its property in Chihuahua, while Alamadex, Southern Silver and Golden Minerals released results of its drilling in Veracruz, Durango and Chihuahua. Alamos Gold continues to show impressive results from its brownfield exploration in Sonora. ON MINING, Excellon, First Majestic, Alamos Gold, GoGold, Aura Minerals, Torex Gold, Golden Minerals, Americas Silver, Argonaut Gold and Pan American Silver presented second quarter 2016 operational and financial results. Mexus gold started blasting at its JV operation in Sonora and Avino Silver began the construction of a new tailings facility in Durango. ON FINANCING, five companies announced the closing, opening or oversubscription of financing rounds, for total gross proceeds of $47.9 million ON DEALS. Canuc and Santa Rosa Silver agreed to a reverse take-over, Electrum Holdings entered an earn-in agreement with Golden Minerals on a property in Guanajuato. Golden Tag Resources bought the remaining 50% of a project in Durango from Golden Minerals. ON PROJECT DEVELOPMENT. Almaden continues with PFS work in its property in Puebla, Peñoles is to invest a sizable amount in the development of a new mine in Guerrero and Timmins Gold has initiated preconstruction activities on its Guerrero property.

ON EXPLORATION

  • Almadex Minerals Ltd. reported partial results on the first hole drilled at the North Zone since 2008, at its El Cobre property in Veracruz. The intercepts include intense quartz stockwork veining, potassic alteration and copper-gold mineralization: 163.5 m @ 0.68 g/t Au, 0.29% Cu, including 67.5 m @ 1.12 g/t Au, 0.4% Cu.
  • Southern Silver Exploration Corp. reported results from the 2016 drilling campaign at its Cerro Las Minitas property in Durango. The drilling identified a new mineralized extension and continuity of the contact skarn. True width (TW) Intercepts include up to 9.4 m @ 30 g/t Ag, 0.7% Cu, 0.1% Pb, 0.2% Zn and 1.3m @ 41 g/t Ag, 1.18 g/t Au, 1.1% Cu, 7.7% Zn.
  • Kootenay Silver Inc. announced drilling is underway at its La Cigarra property in Chihuahua, aiming to test the RAM target and determining continuity of high-grade trends within the resource.
  • Alamos Gold Inc. continues brownfield exploration at Mulatos, Sonora, with a budget that was increased by 60% back in May. At La Yaqui over 17,500 meters have been drilled on 89 holes during the second quarter, with good intercepts expanding the known ore zones, still open for expansion. Good results include (~90% true width) 30.9 m @ 2.2 g/t Au and 35.6 m @ 2.63 g/t Au in the same hole, 65.5m @ 3.23 g/t Au, 67.5 m @ 2.83 g/t Au, 50.3 m @ 2.22 g/t Au, 47.3 m @ 3.79 g/t Au and more. An increase in mineral resources is expected. At Cerro Pelon 39 holes for 6,700 m of drilling were completed during the second quarter, results from these holes include 47.3 m @ 7.79 g/t Au and 41.2 m @ 0.92 g/t Au. Several other areas of alteration are being targeted with geophysics and drilling.
  • Golden Minerals Co. presented drilling results on its Santa Maria property in Chihuahua, with true width intervals including 4.2 m @ 0.96 g/t Au, 326 g/t Ag, 2.4 m @ 0.81 g/t Au, 456 g/t Ag, 1 m @ 5.79 g/t Au, 991 g/t Ag and 1.3 m @ 1.45 g/t Au, 1,221 g/t Ag. The program included 2,200 m of drilling in 24 holes. The company also started drilling during June its Rodeo property in Durango. At San Luis del Cordero, a 20 hole 4,600 m drilling program failed to expand the resource estimate, and the property is likely to be returned to the vendor.

ON MINING

  • Excellon Resources Inc. reported financial results for the second quarter 2016, with 13,929 tonnes mined, 14,453 tonnes milled @ 536 g/t Ag, 5.1% Pb and 6.3 % Zn. Recoveries stood at 90%, 81.2% and 78.7% for silver, lead and zinc respectively, producing 209 K Oz Ag, 1.26 M Lb lead and 1.32 M Lb zinc, at cash cost $9.81/ Oz Ag and adjusted all-in sustaining cost of $15.27, excluding capital expending on the mine optimization plan (Platosa, Durango). Cash, account receivables and marketable securities totaled $7.5 M, not including July’s bought deal financing CAD$15.2 M.
  • First Majestic Silver Corp. reported 2016 second quarter financial results, which include the processing of 798 K tonnes of ore (six mines in Mexico) to produce 2.84 M Oz Ag, or  68 M Oz AgEq at cash cost per ounce of $6.41 and all-in sustaining cost of $10.97 per silver ounce. Cash and cash equivalents totaled $108.2 million at the end of the quarter. Increased 2016 capital budget by $20.9 million to expand the underground development and exploration program, including over 46,000 meters of additional diamond drilling.
  • Mexus Gold US and Mar Mar Holdings started blasting at its JV project Santa Elena in Sonora.
  • Alamos Gold Inc. reports second quarter 2016 results, which include the production of 33 K Oz Au at Mulatos and 16.8 K Oz Au at El Chanate, both mines in Sonora. Cash cost per Au Oz was $757 and $907 and all-in sustaining cost $883 and $931 per gold ounce respectively for Mulatos and El Chanate. Reported cash and cash equivalents, and available-for-sale securities of $284.9 million.
  • Avino Silver & Gold Mines Ltd. has commenced the construction of a new tailings storage facility at its Avino mine in Durango.
  • GoGold Resources Inc. released financial results for the second quarter which includes the stacking of 631 K tonnes of tailings and production of 191.6 K Oz Ag and 2,218 Oz Au at all-in sustaining cost $10.14 per silver equivalent ounce (Parral tailings project, Chihuahua).
  • DynaResource Inc. processed 4.6 K tonnes @ 12.75 g/t Au at its San Jose de Gracia property in Sinaloa during July. The pilot mill is running at 164 tpd.
  • Aura Minerals Inc. announced second quarter results 2016, which include budgeting $1.4 M for care and maintenance of its Aranzazu mine in Zacatecas on the second half of 2016.
  • Torex Gold Resources Inc. released operational and financial results for the second quarter 2016. The Guajes-Limon plant in Guerrero operated at 10,168 tpd, gold recovery standing at 82%, with 8% more tonnes and 17% higher grade than the modelling provided. At an average grade of 3.15 g/t gold, 83.2 K Oz Au were produced at cash cost of $571 and all-in sustaining cost of $754 per gold ounce. Cash balance totaled $102 M.
  • Golden Minerals Co. reported second quarter results for 2016, with $3.9 million in cash. Budgeted for the second half of the year is the spending of $1.1 in exploration at Santa Maria and Rodeo projects, in Chihuahua and Durango respectively, and $0.7 M for care and maintenance on its Velardeña unit in Durango.
  • Great Panther Silver Ltd. resumed operations at its Topia mine in Durango, after last week’s untimely death of its mine manager.
  • Americas Silver Corp. reported second quarter 2016 financial and operational results. The company has operations in Cosalá, Sinaloa. Silver production was 16% lower than the same quarter of 2015, due to a ground movement at its Nuestra Señora mine, solved before the end of the quarter. The company raised C$31.6 M during June, having at the quarter’s end adjusted cash balance of $25.2 million and net working capital of $26.5 M.
  • Argonaut Gold Inc. announced operational and financial results for the second quarter 2016, which include 77 K tpd moved, with 2.77 M tonnes of ore @ 0.41 g/t Au to produce 15,195 Oz Au at El Castillo, Durango, and 52.3 K tpd moved, with 1.19 M tonnes of ore @ 0.52 g/t Au to produce 12,282 Oz Au and 38.8 K Oz Ag produced at La Colorada mine, Sonora. Cash balance at the end of the quarter was $54.1 M.
  • Pan American Silver Corp. reported results for the second quarter 2016, having produced 1.37 M Oz Ag and 670 K Oz Au at La Colorada, Zacatecas, 0.97 M Oz Ag and 25.26 K Oz Au at Dolores, Chihuahua and 0.53 M Oz Ag and 230 Oz Au at Alamo Dorado, Sonora. Cash costs stood at $7.66, ($0.64) and $13.54 per silver ounce at La Colorada, Dolores and Alamo Dorado respectively. At the end of June, cash and cash equivalents and short-term investment balances were $204.2 million.
  • SilverCrest Metals Inc. announced that CEO Eric Fier has taken a partial leave of absence due to a medical procedure which he is undergoing this week. Dunham L. Craig has been appointed interim CEO. We wish Eric Fier a fast recovery.

ON FINANCING

  • Vista Gold Corp. closed its previously announced public offering for gross proceeds of US$17.3 million (non-core Mexico assets. Guadalupe de Los Reyes, Sinaloa).
  • First Mining Finance Corp. completed the previously announced non-brokered private placement, raising proceeds of $27 M (several properties, Sonora, Durango, Nayarit, Oaxaca).
  • Palamina Corp. has closed a non-brokered private placement, for gross proceeds of $1.2 million (Santuario, Hidalgo).
  • Prospero Silver Corp. announced the undertaking of a non-brokered private placement for gross proceeds of up to $1.65 M. Later in the week the financing was increased to $1.85 M (Baborigame, Chihuahua).
  • Silver Spruce Resources Inc. announces the closing of a non-brokered private placement, which raised $549.7 K (Pino de Plata, Chihuahua).

ON DEALS

  • Canuc Resources Corp. and Santa Rosa Silver Mining Corp. have entered a definitive business combination agreement, that if completed would constitute a reverse take-over transaction (Santa Rosa, Sonora).
  • Golden Minerals Co. entered in an agreement with Electrum Global Holdings LP., by which Electrum can earn-in participation on Golden’s Celaya property in Guanajuato. The deal involves a $200 K payment and $500 K investment during the first year.
  • Golden Minerals Co. sold on August 2nd its 50% interest on the San Diego property, Durango, to Golden Tag Resources Ltd., the party holding the other 50% interest in the property. Golden received $380 K in cash and 2.5 M shares of Golden Tag, and a 2% NSR.

ON PROJECT DEVELOPMENT

  • Almaden Minerals Ltd. continues to find mineralization outside the PEA limits on its Tuligtic project in Puebla. Drilling results include 70.43 m @ 0.44 g/t gold and 53 g/t Ag, including 1 m @ 6.2 g/t Au and 1,250 g/t Ag; 13 m @ 0.75 g/t Au, 68 g/t Ag and 4.3 m @ 0.64 g/t Au, 93 g/t Ag.
  • Industrias Peñoles SAB de CV. is to invest US$296 M in the development of its Rey de Plata mine in Guerrero, aiming to start production on the second half of 2018.
  • Timmins Gold Corp. announced work is in line to produce a pre-feasibility study (PFS) on its Ana Paula property in Guerrero. Pre-construction activities will commence immediately, and will include feasibility work, infill drilling, metallurgical test‐work, and environmental baseline and permitting activities. With a $9.2 million budget, the Company expects the PFS to be complete by Q3 2017 and have all permits required to start construction by Q1 2018.

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 sampling the low angle mineralized fault at La Casita Colorada prospect in Sonora.

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

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http://www.stockhouse.com/news/press-releases/2016/08/12/silver-spruce-resources-inc-announces-closing-of-non-brokered-private-placement

BRIDGEWATER, NOVA SCOTIA–(Marketwired – Aug. 12, 2016) – Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) announces that it has closed its previously announced non-brokered private placement and raised gross proceeds of $549,755.00 (the offering). The offering will consist of the issuance of 8,457,769 shares and 8,457,769 warrants.

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

/ Gambusino Prospector / Leave a comment

During the first week of August, at least 33 press releases from companies working in Mexico were published, with several companies producing second quarter financial reports. In our view, the most important news of the week is the announcement by the government of works in the creation of a much needed Mining Secretary. ON EXPLORATION, SilverCrest has hit bonanza grades on drilling its property in Sonora. Azure Minerals presented some more gold intercepts at its property in Sonora, and HECLA presented brownfield drilling results from Durango. ON MINING, Excellon, Gold Resource, Endeavour Silver, Great Panther, McEwen Mining, HECLA and Primero Mining presented second quarter results, while Starcore presented fiscal year end results. US Antimony continues mill testing in Guanajuato, and operations at Great Panther‘s mine in Durango were halted. ON FINANCING, three companies announced the closing or oversubscription of financing rounds, for total gross proceeds of $16.15 million. Goldgroup closed a right of sale consideration and Premier Gold entered in an agreement to secure the funding for paying a mine. ON DEALS. Arian Silver is selling a property in Zacatecas. ON PROJECT DEVELOPMENT. Mexus Gold is completing a leach pad in Sonora, Minera Alamos is performing environmental studies on its properties in Sonora and Durango, and Fresnillo PLC is to invest a sizeable amount from 2016 to 2018 on its development projects.

MEXICO GOVERNMENT NEWS

  • Taking advantage of his participation on the ceremony for the creation of a new Servicio Geológico Mexicano campus in Hidalgo, the head of the Secretaría de Economía, Ildefonso Guajardo Villareal announced works are underway for the creation of a dearly needed Subsecretaría de Minería in Mexico.

ON EXPLORATION

  • SilverCrest Metals Inc. reported the first drill results from its Las Chispas property in Sonora. To date drilling has focused in three of fourteen known veins of the project, this release covering the results of the Las Chispas vein. The results include up to 4.6 m true width (TW) @ 4.5 g/t Au, 621 g/t Ag (including 0.8 m @ 18.5 g/t Au, 2,460 g/t Ag) , 7.2 m TW @2.4 g/t Au, 311 g/t Ag and 0.7 m TW @ 14.4 g/t Au, 1,900 g/t Ag. Drilling has encountered mineralization intervals considerably wider than what has been encountered in the underground workings.
  • Azure Minerals Ltd. continues the infill drilling at its Mesa de Plata discovery in Sonora, to take the Resource from the Indicated to the Measured category. More than three tonnes of mineral have been collected for metallurgical testing. At Loma Bonita (adjacent to Mesa de Plata) good drilling results include (previously reported) 18.4 m @ 1.6 g/t Au, 40 g/t Ag, 48 m @ 2.7 g/t Au, 48 g/t Ag and 25 m @ 0.78 g/t Au, 52 g/t Ag. Metallurgy tests show excellent recoveries for ground material, averaging 94%, and 71% for crushed material. At Promontorio, Chihuahua, core drilling begun last march with its JV partner Kennecott Exploration. To date 5,515 m have been completed, to depths of 600 to 1,507 m, showing veining and mineralogical and alteration patterns coincident with the upper parts of a porphyry copper system.
  • HECLA Mining Co. Presented brownfield drilling results on its San Sebastian property in Durango, which include true width assays of up to 3m @ 290 g/t Ag, 3.7 g/t Au, 1.3 m @830 g/t Ag, 8.1 g/t Au, 2.4 m @ 2,023 g/t Ag, 21.1 g/t Au and 1.8 m @ 1,794 g/t Ag, 8.7 g/t Au. Exploration continues on extensions of the Middle vein, the East Francine Vein and the West Francine vein.

ON MINING

  • United States Antimony Corp. reported continuing test milling at its Puerto Blanco test mill in Guanajuato. Estimated recoveries from ore of its Reynaldo pit in Queretaro are 75% Sb, 95% Au and 90% Ag.
  • Starcore International Mines Ltd. presented its year end results to April 30, which in this case entails a nine month period due to a change of its fiscal end year from July to April. During such period 229.6 K tonnes of ore were milled at its San Martin mine in Queretaro, at a grade of 1.96 g/t Au and 18.4 g/t Ag, producing 12.3 K Oz Au and 70.2 K Oz Ag, with recoveries of 84.9% gold and 51.5% silver, at an operating cost of $846 per AuEq Oz. Cash and short term investment stands at $10 M.
  • Excellon Resources Inc. announced second quarter 2016 results for its Platosa mine in Durango. With 13.9 K tonnes mined and 14.4 K tonnes milled @ 536 g/t Ag, 5.1% Pb and 6.3% Zn, with recoveries at 90%, 81.2% and 78.7% for silver, lead and zinc respectively. Production for the period was 227.8 K Oz silver, 1.3 M Lb lead and 1.5 M Lb zinc.
  • Gold Resource Corp. reported second quarter 2016 results, milling 104 K tonnes of ore at a rate of 1,228 tpd, averaging 3.27 g/t Au, 182 g/t Ag, 0.4% Cu, 1.4% Pb and 4.4% Zn. Recoveries were 92% gold, 94% silver, 77% copper, 71% lead and 84% zinc, for a total production of 10 K Oz Au, 572.5 K Oz Ag, 320 tonnes Cu, 1 K tonnes Pb and 3.8 K tonnes Zn. Total cash cost after by-product credits per AuEq ounces sold was $317, and total all-in sustaining cost per AuEq ounce sold was $649. Cash at quarter end totaled $13.3 M (El Aguila, Oaxaca).
  • Endeavour Silver Corp. presented its financial results for the second quarter of 2016, including the production of 1.55 M Oz Ag and 15.6 K Oz Au at cash cost of $5.37 and all-in sustaining cost of $10.53 per silver ounce. Cash stands at $56.8 M and working capital at $72.1 M (Guanaceví, Durango; Bolañitos and El Cubo, Guanajuato).
  • Great Panther Silver Ltd. presented second quarter 2016 financial results, including 99.9 K tonnes milled to produce 536.7 K Oz Ag and 6 K Oz Au at cash cost $1.72 and AISC $7.19. Cash and working capital stand at $28.8 M and $49.4 M (before a $29 M bought deal offering in July). (Guanajuato Mine Complex, Guanajuato; Topia, Durango).
  • Great Panther Silver Ltd. informed of the death of the general manager of the Topia mine in Durango. The company temporarily suspended operations at the site.
  • HECLA Mining Co. announced second quarter results 2016, which include numbers from its San Sebastian mine in Durango. 37.4 K tonnes of ore were processed at a 411 tpd rate, and a grade of 1,114 g/t Ag and 8.4 g/t Au, for the production of 1.26 M Oz Ag and 9,482 Oz Au. Cash and cash equivalents and short-term investments stand at $159 million.
  • McEwen Mining Inc. presented financial results for the second quarter of 2016, which include the production of 15.5 K Oz Au and 7.8 K Oz Ag from its El Gallo mine in Sinaloa, at a cash cost of $719 per AuEq Oz and all-in cost $1,201 per AuEq Oz. The company has liquid assets of $55.7 M, of which cash stands at $36.7 M. The exploration budget at El Gallo is $2.8 M.
  • Primero Mining Corp. reported second quarter 2016 financial results, on which there is a note regarding the current litigation with the federal government regarding a tax arrangement, stressing that the issue will be taken to international arbitration under the NAFTA. The San Dimas mine in Durango produced 29 K Oz Au and 1.6 M Oz Ag, at cash cost $843 and AISC $1,063 per gold ounce. The company liquidity totals $79.5 million, of which cash stands at $54.5 million.
  • Candente Gold Corp. announced its non-brokered private financing has been fully subscribed, raising gross proceeds of $500 K (El Oro, Mexico State).

ON FINANCING

  • Golden Tag Resources Ltd. completed its previously announced financing, which raised $900 K. Of the proceeds raised, $500 K will be used to purchase the remaining 50% interest in the San Diego silver project in Durango, and the remaining funds will be used for general working capital.
  • Vista Gold Corp. announced a US$15 million bought deal with a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation and Rodman & Renshaw a unit of C. Wainwright & Co., LLC. (non-core Mexico assets. Guadalupe de Los Reyes, Sinaloa).
  • Goldgroup Mining Inc. closed the sale of rights to the contingent consideration on the Caballo Blanco project in Veracruz. The consideration for the right is US$2.5 M, of which US$1.9 M was paid at execution and an additional US$600 K will be paid in the event the owner of Caballo Blanco receives the approval of the project’s environmental impact statement from SEMARNAT (Cerro Prieto, Sonora).
  • Premier Gold Mines Ltd. announced it has entered into a letter of agreement with Orion Mine Finance to fully-fund the cash component of the recently announced acquisition of the Mercedes Mine from Yamana Gold Inc. for a total purchase price of US$140.0 million.
  • Silver Spruce Resources Inc. increased its non-brokered placement to $550 K due to an oversubscription.

ON DEALS

  • Arian Silver Corp. announced a binding agreement with Endeavour Silver Corp. to sell the 75 has Calicanto project in Zacatecas for US$400 K.

ON PROJECT DEVELOPMENT

  • Mexus Gold Us. and JV partner MarMar Holdings are building a 250 K tonnes leach pad at its Santa Elena mine in Sonora.
  • Minera Alamos Inc. hired a contractor to perform environmental studies and compile information necessary for the application of permits at Los Verdes in Sonora and at La Fortuna in Durango.
  • Fresnillo PLC. announced that the company will invest US$1,900 million in the 2016-2018 period, starting with $600 million on 2016 and almost 800 million on 2017, of which 68% is to be spent on new projects.

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

On the picture below, quartz veining on quartz-tourmaline flooded porphyry associated to a quartz-tourmaline breccia, the orange hue is characteristic of tourmaline oxidation. La Lamosa project, Sonora.

Quartz tourmaline breccia detail

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

/ Gambusino Prospector / Leave a comment

During the fourth week of July, at least 27 press releases from companies working in Mexico were published, with several majors producing second quarter reports. ON EXPLORATION, Oremex is trying to resolve community issues on its Durango project, Agnico Eagle released drilling updates on its Chihuahua and Jalisco properties and Coeur increases its exploration budget for 2016.  ON MINING, Goldcorp, Agnico Eagle, McEwen Mining, Capstone, Americas Silver, New Gold Coeur and Yamana presented second quarter results for 2016. ON FINANCING, four companies announced the closing of financing rounds, for total gross proceeds of $28.8 million. One company is changing name and possibly consolidating shares, one other is looking for financing with concentrate buyers and a last one has received a loan facility from its main stakeholder.  ON DEALS. Yamana is handing a mine in Sonora to Premier, while Goldcorp announced it will sell one of the biggest gold producing mines in Mexico. Riverside optioned a property in Sonora to Centerra. ON PROJECT DEVELOPMENT.  Telson is to start a commercial production test from its property in Chihuahua, Argonaut Gold received a favorable court ruling on its property in Baja, while Goldcorp announced the commencement of construction of a process plant in Zacatecas.

ON EXPLORATION

  • Oremex Silver Inc. has done two property visits on the las 18 months to its Tejamen property in Durango, gaining insight on the community issues, and the needs of government agencies, with the aim to obtain the surface rights at the site. On February of 2016 a new technical report on the property was issued.
  • Sediment Hosted Copper Deposits (SHCD) occur in Mexico. Cuatro Cienegas in Coahuila and Las Vigas and Salamayuca in Chihuahua are the best examples in northern Mexico.
  • Agnico Eagle Mines Ltd. announced that it has drilled 44,985 meters year to date in its Barqueño project in Jalisco. The drilling focused on the Angostura and Azteca-Zapoteca areas, and testing the new target areas Olmeca and Peña Blanca.  Significant high-grade intercepts are reported at Olmeca, which has been traced over 700 meters of strike length, with results including up to 4.5 g/t gold (capped) and 4.7 g/t silver over 11.0 meters estimated true width at 85 meters depth, and 9.4 g/t gold (capped) and 14.1 g/t silver over 5.1 meters estimated true width at 67 meters depth.
  • Agnico Mines Ltd. released recent exploration drill results from its Madroño prospect, within the Pinos Altos area in Chihuahua, including multiple mineralized intercepts in some holes, like 4 m @ 2.3 g/t Au and 28 g/t Ag; 8.5 m @ 2.4 g/t Au, 28 g/t Ag and 2.3 g/t Au, 5 g/t Ag in one hole.
  • Coeur Mining Inc. is increasing its exploration budget for 2016 from $11-$13 million to $13-$16 million, with an additional $16-$18 million of capital allocated to resource conversion (from $13-$13 million).

ON MINING

  • McEwen Mining Inc. reported production on the second quarter of 2016, which includes 15,640 AuEq ounces from its el Gallo mine in Sinaloa. The production guidance for 2016 stands at 55K AuEq ounces.
  • Capstone Mining Corp. released its second quarter financial results, which include the production of 3,288 tonnes of copper in concentrates at a Cash Cost of $1.52. Production continued to be challenged by a shortfall in mine development.
  • Americas Silver Corp. provided its second quarter 2016 results, which include the processing of 120K tonnes of ore running 88 g/t Ag with significant Cu, Pb and Zn credits, for a total production of 244 K Oz Ag, 2 M Lb Zn, 574 K Lb Pb and 245 K Lb Cu at its Cosalá operations in Sinaloa.
  • Goldcorp Inc. reported second quarter 2016 results, which include numbers from its properties in Mexico. At Peñasquito, Zacatecas, 9 M tonnes of ore were mined, 38.4 M tonnes of waste moved, 6.6 M tonnes of ore milled at a head grade of 0.39 g/t Au, 21.76 g/t Ag, 0.22% Pb and 0.48% Zn, for production of 36 K Oz Au, 3.1 M Oz Ag, 17.1 M Lb Pb and 38.3 M Lb Zn, at an AISC of $3,094 per gold ounce. At Los Filos, Guerrero, 2.3 M tonnes were mined, 2.7 M tonnes of waste moved, 2.437 M tonnes milled at a grade of 0.8 g/t Au, for a quarterly production of 66 K Oz Au at Cash Cost of $704 and AISC of $1071.
  • Agnico Eagle Mines Ltd. reported second quarter 2016 results, including figures from its Mexican operations. Pinos Altos in Chihuahua produced 49.4 K Oz Au and 633 K Oz Ag,, Creston Mascota (at Pinos Altos) 12.4 K Oz Au and 50 K Oz Ag, and La India in Sonora 27.4 K Oz Au and 105 K Oz Ag (Total 89.3 K Oz Au, 788 K Oz Ag). Total cash costs per ounce of gold produced – co-product basis is said to be $583 for Pinos Altos, 542 for Creston Mascota and 451 for La India.
  • New Gold Inc. presented second quarter 2016 results, including 17.3 K Oz Au and 0.2 K Oz Ag from its Cerro San Pedro mine in San Luis Potosi. Total Cash Cost per gold ounce was $898, and AISC $941 per Au Oz. Cerro San Pedro finished active mining in late June and has now transitioned to residual leaching.
  • Coeur Mining Inc. reported second quarter 2016 results, including numbers from its operations in Mexico. At Palmarejo, Chihuahua, 284 K tonnes were mined from U/G operations @ 168 g/t Ag and 2.49 g/t Au, while from the surface 1.7 K tonnes were mined @ 241.7 g/t Ag and 2.17 g/t Au. 270 K tonnes were milled to produce 1.3 M Oz Ag and 18.7 K Oz Au. The full 2016 guidance remains at 3.9 – 4.4 M Oz Ag and 67-72 K Oz Au.
  • Yamana Gold Inc. provided second quarter 2016 results, including 22,948 Oz Au and 103,262 Oz Ag from its Mercedes mine in Sonora. Cash costs were $720 per ounce of gold and $9.05 per ounce of silver.

ON FINANCING

  • Marlin Gold Mining Ltd. announced the completion of its non-brokered private placement, raising gross proceeds of approximately $6.5 million (La Trinidad mine, Sinaloa).
  • Geologix Explorations Inc. closed its non-brokered private placement for gross proceeds of $1.1 million (Tepal, Michoacan).
  • Oremex Silver Inc. is in course of changing name to Monarch Minerals Inc. in the next few weeks, with a seven for one share consolidation probably coming (Tejamen, Durango).
  • Excellon Resources Inc. closed its previously announced bought deal public offering, for aggregate gross proceeds of $15.2 million (Platosa, Durango).
  • Americas Silver Corp. continues to advance the San Rafael brownfield development project at its Cosalá Operations in Sinaloa. “The Company also began soliciting financing proposals from a number of concentrate off-takers and metals trading companies, in addition to traditional and non-traditional funding sources… The Company expects the Project to start construction before the end of the third quarter of 2016”.
  • Telson Resources Inc. entered into an agreement with its largest shareholder, Estratégica Corporativa en Finanzas, S.A.P.I. de C.V. that provides Telson access to a line of credit of approximately $10.5 million over a period of five years commencing on Jul 22, 2016 (Tahuehueto, Durango).
  • Kootenay Silver Inc. closed its previously announced brokered private placement, for total gross proceeds of $5.17 million. The company also closed an additional concurrent non-brokered private placement for additional gross proceeds of $854 K, for a total of $6.02 million (La Cigarra, Chihuahua).

ON DEALS

  • Riverside Resources Inc. optioned its Glor gold project in Sonora to Centerra Gold Inc. Centerra will have the opportunity to earn a 70% interest in the Project by funding US$3.5 million in exploration work over the next four years.
  • Yamana Gold Inc. announced the entering on a definitive share purchase agreement to sell 100% of the Mercedes mine in Sonora to Premier Gold Mines Ltd., for a total of cash and equity securities at a value of $140 million at the time of negotiations. The deal involves $122.5 million in cash, ~6 million shares of Premier and ~3 million shares warrants.
  • Goldcorp Inc. announced that its Los Filos mine in Guerrero is in a list of properties to be sold.

ON PROJECT DEVELOPMENT

  • Telson Resources Inc. is to start underground development to collect a minimum 2,000 tonnes bulk sample from the El Creston Zone in its Tahuehueto property in Durango, to conduct an industrial scale production test of the mineralization. Bulk sample materials will be transported and processed at a mill located about 120 km from the mine.
  • Goldcorp Inc. is to begin in August the construction of the Pyrite Leach Project at the Peñasquito mine in Zacatecas, which aims to recover 40% of the gold and 48% of the silver currently going to the tailings. The project is to commence commercial production on Q1 2019, adding 100-140 K Au Oz and 4-6 M Oz Ag per year.
  • Argonaut Gold Inc. announced “that the federal court of appeals has issued a favourable ruling regarding its Federal lawsuit arising from the denial of the Environmental Impact Assessment (Manifiesto de Impacto or MIA) for its San Antonio project in Baja California Sur, Mexico.”. SEMERANT had denied in 2012 the permit due in part to a local zoning plan that seems not to be validly constituted.

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, strong folding and faulting on layers of the Chilillos Formation, as seen at El Salvador pit, above the San Nicolas VMS deposit in Zacatecas.

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Agnico Eagle. Mid-Year 2016 Exploration Update

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http://ir.agnicoeagle.com/English/investor-relations/news-releases/news-release-details/2016/Mid-Year-2016-Exploration-Update-Expansion-of-Whale-Tail-and-V-Zones-at-Amaruq-Initial-Results-Reported-from-the-Odyssey-Zone-New-Zones-of-Mineralization-Outlined-at-Madrono-and-El-Barqueno-in-Mexico-Sisar-Zone-Continues-to-Expand-at-Kittila/default.aspx

TORONTO, July 27, 2016 /PRNewswire/ – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) is pleased to provide an update on its 2016 exploration activities at the Amaruq project in Nunavut, the Sisar Zone at Kittila, the Barsele project in Sweden, the 50% owned Odyssey prospect adjoining the Canadian Malartic mine, the Madrono prospect adjoining the Pinos Altos and Creston Mascota operations and the El Barqueno project in Mexico.  Highlights include:

 

  • New zones of mineralization outlined at the Madrono prospect – Agnico Eagle has undertaken a first campaign of drilling on this recently acquired property surrounded by its Pinos Altos mine property, just 0.5 kilometres from the Creston Mascota pit.  Mapping and sampling of historical mine workings have quickly identified high-potential targets.  The initial drilling has returned up to 4.1 g/t gold and 64.5 g/t silver (both grades uncapped) over 6.2 metres estimated true width at 45 metres depth in hole MAD16-005, confirming the potential to outline additional high-grade satellite zones close to the existing mines.
  • El Barqueno Project – Drilling outlines new, 700-metre-long Olmeca structure and extends existing deposits – Drilling is currently moving beyond the deposits that host the mineral resources.  Significant high-grade intercepts are reported at the new Olmeca prospect, which has been traced over 700 metres of strike length.  Results from Olmeca include up to 4.5 g/t gold (capped) and 4.7 g/t silver (uncapped) over 11.0 metres estimated true width at 85 metres depth in drill hole OLM16-010, and 9.4 g/t gold (capped) and 14.1 g/t silver (uncapped) over 5.1 metres estimated true width at 67 metres depth in drill hole in OLM16-003.

 

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

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During the third week of July, at least 20 press releases from companies working in Mexico were published, down from 34 the prior week, although more national news were available in the press. ON EXPLORATION, SilverCrest continues with the underground rehabilitation activities at its  property in Sonora. Cyprium Mining announced more channel assays from its mine in Chihuahua and Kootenay Silver announced a drill program is about to start in its property in Chihuahua.  ON MINING, Three companies presented second quarter results for 2016 and Fresnillo increased gold and silver production on the same lapse and FRSICO obtained environmental permits for one of its mining units. ON FINANCING, six companies announced cash calls and the opening, tranche completion or the closing of financing rounds and warrants exercise, for total gross proceeds of $34.9 million and CDN$12.25 million. Southern Silver is to trade on the OTCQB. ON DEALS. Timmins Gold and Candelaria completed the transaction on a property in Veracruz. ON MEXICO NEWS.  2015 was a year of mergers and acquisitions in Mexico, and production records were set for eight metals and minerals. Several silver projects are in the pipeline to production and growth records are analyzed for three Mexican majors. Fresnillo PLC has half of sizeable development projects in Mexico

ON EXPLORATION

  • SilverCrest Metals Inc. Announced an update on the underground rehabilitation program with additional assay results at its Las Chispas project in Sonora. SilverCrest’s initial focus is on the three veins with known production: the Las Chispas, William Tell and Babicanora. Channel sample results include multiple samples grading 1-11 g/t Au and 600-2,230 g/t Ag over 0.6 to 2.2 m widths. Composited samples average up to 2.4 g/t Au and 331 g/t Ag on 1.55 m width over continuous 35 m strike length and 1.1 m wide @ 1.5 g/t Au and 335 g/t Ag over a semi-continuous 90 meters strike length. Of 43 samples of backfill material being removed, the average is 2.45 g/t Au and 239 g/t Ag. Historic underground workings now stand at 11.5 km. To date 19 core holes have been drilled, to total approximately 5,600 meters, drilling results are planned to start coming during next August.
  • Cyprium Mining Corp. announced results of 71 more underground samples from the Tunel body. 26 samples of a 1.2 m wide flat lying manto averaged 238 g/t Ag, 5.3% Pb and 8% Zn. Samples from backfill material (muck, or rezaga) average 173 g/t Ag, 4.8% Pb and 3.9% Zn.
  •   Kootenay Silver Inc. announced drilling is to begin on early August on its La Cigarra Property in Chihuahua.

ON MINING

  • Sierra Metals Inc. reported production on the second quarter of 2016, which includes data from Bolivar and Cusi mines in Chihuahua. At Bolivar 236 K tonnes were processed at a rate of 2,700 tpd, running 1% Cu, 18.5 g/t Ag and 0.2 g/t Au, recoveries were 82.5% for Cu, 75.7% for Ag and 48% for Au, producing 4.28 M Lb copper, 106 K Oz silver and 743 Oz gold. At Cusi 52 K tonnes were processed, at a daily rate of 597 tonnes with grades of 181 g/t Ag, 0.23 g/t Ag, 1.2% Pb and 1.1% Zn, with recoveries of 69%, 57%, 81% and 38.5% for Ag, Au, Pb and Zn respectively, producing 211 K Oz silver, 217 Oz gold, 1.1 M Lb lead and 510 K Lb Zn.
  • Avino Silver & Gold Mines Ltd. reports 2016 second quarter results from its Avino and San Gonzalo mines in Durango. At Avino 1,242 meters of mine were developed, 97.7 K tonnes processed @ 64 g/t Ag, 0.26 g/t Au and 0.55% Cu, with recoveries of 85%, 60% and 90% respectively for silver, gold and copper. Producing 168.8 K Oz Ag, 492 Oz Au and 1 M Lb Cu. At San Gonzalo 24.8 K tonnes were mined, 33.9 K tonnes processed @ 237 g/t Ag and 1.3 g/t Au with recoveries of 82% and 71% respectively for silver and gold, producing 221.8 K Oz Ag and 1,017 Oz Au.
  • Santacruz Silver Mining Ltd. reported the second quarter 2016 operation results from the Rosario mine in San Luis Potosi, processing 26.4 K tonnes @ 0.18 g/t Au, 194 g/t Ag, 1% Pb and 3.5% Zn with recoveries of 66.7%, 89%, 92.1% and 89.2% Zn respectively. At Veta Grande, Zacatecas, development work is advancing at several veins, reaching a production of up to 400 tpd by the end of the quarter.
  • Fesnillo PLC. Produced 14.5% more silver and 19.6% more gold on the second quarter, and raised its gold production guidance form 775-790 K to 850-870 K Oz Au for 2016.
  • Minera Real de Angeles, part of FRISCO Group Obtained the environmental permits for placing tailing dams on its Porvenir mine in Aguascalientes.

 

ON FINANCING

  • Southern silver Exploration Corp. has been accepted for trading at the OTCQB.
  • Almaden Minerals Ltd. reports raising a total of $6.9 million by the exercise of warrants (Ixtaca, Puebla).
  • Mammoth Resources Corp. Reminds stake holders it still is under a Management Cease Trade Order (MCTO), for failing to file in time its year-end audited financial statements and accompanying Management Discussion and Analysis (Tenoriba, Chihuahua).
  • Cyprium Mining Corp. completed a private placement for gross proceeds of up to $195 K and the extension of the maturity date of various loans totaling US $813,750 (Potosi mine, Chihuahua).
  • Americas Silver Corp. announced the approbation for the conversion of “subscription receipts”. The Subscription Receipts were issued as part of a private placement for total gross proceeds of approximately C$11.6 million (San Rafael-Cosala, Sinaloa).
  • First Mining Finance Corp. increased its non-brokered private placement to raise gross proceeds of up to $27 million (six mines in Mexico).
  • Silver Bull Resources Inc. completed the previously announced private placement for aggregate gross proceeds of CDN$651 K (Sierra Mojada, Coahuila).
  • Minera Alamos Inc. approved the issuance of 4.35 million options at a price of $0.19 (Mulatos, Sonora).
  • Highvista Gold Inc. Entered an unsecured loan facility in an amount of up to $150 K. Highvista is involved in a reverse takeover and the change of business activities, exiting the mining business (Canasta Dorada, Sonora).

ON DEALS

  • Timmins Gold Corp. and Candelaria Mining Inc. announce the completion of the sale of the Caballo Blanco gold project in Veracruz. Candelaria has made a final payment of US$3.154 million and deferred a US$2.5 million payment to be made at the earlier occurrence of the Company receiving permits or June 24, 2017. Candelaria has also assumed US$5 million in liabilities in exchange for the project and all related rights and assets.

 

ON MEXICO NEWS

  • CAMIMEX (Camara Minera de Mexico). Reported several mergers and acquisitions that took place during 2015. Alamos Gold took Aurico Gold, Coeur Mining bought Paramount Gold & Silver, First Majestic Silver acquired SilverCrest Mines, Timmins took Newstrike and Capital and Southern Copper Corp. bought El Pilar project in Sonora. CAMIMEX (Camara Minera de Mexico). Reported that 7 out of 14 projects to initiate or expand gold production in Mexico are to be funded by Fresnillo PLC, in the period 2016 to 2021 (Source: Opportimes.com).
  • CAMIMEX (Camara Minera de Mexico). Silver production in Mexico grew 3.7% in 2015, but 84% if measured against 2008 production. In 2015 5,955 tonnes of silver (191.45 million Oz Ag) were produced, against 3,236 tonnes (104 million Oz Ag) in 2008. Three of the biggest developments in the pipline of silver production are San Julian in Chihuahua, Juanicipio in Zacatecas and Rey de Plata, Guerrero. Projects awaiting better commodity prices are La Preciosa and Pitarrila in Durango, El Gallo II in Sinaloa and Cordero in Chihuahua (Source: El Economista).
  • On the Mexican Stock Exchange (Bolsa Mexicana de Valores). During the second quarter of 2016 Peñoles, obtained an annual growth of 28.8% in income, 29.4% in EBITDA and 23% net profit; while FRISCO growth was 0.5% in revenue, 23% in EBITDA and 10.5% in profits; Grupo Mexico obtained a 28.8% growth in revenue, 2.5% in EBITDA, and (18.4%) in profits, while Minera Autlan registered a (10.3%), and (33.6%) fall in revenue and EBITDA, and a net loss of 28 million pesos (about US$1.5 million). A good part of these results for the companies can be attributed to recent changes in commodity prices (Source: Expansión).
  • Commodities production record. Mexico registered record production for eight metals and minerals in 2015, including gold, silver, copper, lead, zinc, wollastonite, magnesium sulfate and sodium sulfate. Although the production was greater in volume, the value fell 9.1% in dollar terms, reaching US$13,469 million, of which 34.1% was accrued by gold, 19.7% by copper and 18.5% by silver. (Source: El Economista).

 

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

On the table below, taken from on-line publication at Opportimes ( http://www.opportimes.com/inversiones/fresnillo-plc-posee-50-de-los-proyectos-de-mineria-de-oro-en-mexico/ ), the new gold operations or mine expansions to come in Mexico.

Fresnillo plc posee 50 de los proyectos de minería de oro en Mé3 - copia

Mammoth Resources Provides Update on MCTO

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http://www.mammothresources.ca/s/NewsReleases.asp?ReportID=756506&_Type=News-Releases&_Title=MAMMOTH-RESOURCES-PROVIDES-UPDATE-ON-MCTO

Toronto, Canada (July 18, 2016) – Mammoth Resources Corp. (TSX-V: MTH) would like to take this opportunity to remind shareholders of the granting of a Management Cease Trade Order (“MCTO”) previously announced on June 2, 2016, such MCTO being a result of the Company having exceeded the timing for filing its year-end audited financial statements and accompanying Management Discussion and Analysis, such default of which were due to have been completed and filed on May 30, 2016 for the Company’s fiscal year end dated January 31, 2016 and that the Company continues to work on completing these statements and as a result is continuing to adhere to the MCTO. It is expected that the Company will continue to advise shareholders and regulators of the status of the default, via press releases, on a bi-weekly basis until such time as this default is rectified. As previously announced, it is anticipated that the Company will complete the year-end audit before the end of July 2016.

Highlights on the second week of July 2016, Mineral Exploration in Mexico

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During the second week of July, at least 34 press releases from companies working in Mexico were published, bolstered by the publication of second quarter results. ON EXPLORATION, Endeavour Silver is to drill 9,000 m in its properties on an increased exploration budget; Orex Gold and Evrim announced new drilling campaigns on its projects in Durango and Sonora respectively, while Consolidated Zinc presented high grade drilling results in Chihuahua. Golden Goliath and Minera Alamos presented exploration results on its properties in Chihuahua and Durango, whereas Azure minerals presented metallurgical results from its property in Sonora. ON MINING, May 2015 to May 2016 mining production in Mexico fell 4.5%. Nine companies presented second quarter results for 2016. Baja Mining presented an update of activities on El Boleo mine, a description of mining hurdles encountered, and production results to last May. Endeavour Silver is going for more development investment than previously envisaged. Great Panther reported a fatality in Durango. Pan American Silver commissioned a new plant in Zacatecas. ON FINANCING, six companies announced cash calls and the opening, tranche completion or the closing of financing rounds, for total gross proceeds of $85.9 million and CDN$ 16.34 million (not a bad week). ON DEALS. Plata Latina and Fresnillo signed a LOI on a property in Guanajuato, and ALSET signed an agreement to acquire lithium concessions in Zacatecas and San Luis Potosí. Maverix Metals Inc. completed the acquisition of a royalty agreement from Pan American Silver.

ON EXPLORATION

  • Endeavour Silver Corp. The exploration budget for 2016 has been increased from the $2.5 million minimum to $10.8 million, to fund 9 k m of drilling at Terronera (Jalisco), 6.4 K m at Guanceví (Durango), 3 K m at El Compas (Zacatecas), 3 K m at Guadalupe y Calvo (Chihuahua) and 2 K m at El Cubo (Guanajuato).
  • Orex Minerals Inc. has commenced a new round of diamond drilling on the Sandra Escobar property in Durango. This Phase-III drilling program will consist of approximately 3,000 meters in 20 to 25 drill holes. To date, Orex has drilled 4,500 meters in 38 diamond drill holes. Thirty three of these holes are being utilized for a soon to be announced initial resource estimate.
  • Evrim Resources Corp. announced that its partner First Majestic Silver Corp. plans to perform a 2,000 m drill program at the Ermitaño property in Sonora, just South from FMS Santa Elena mine. The property is said to have a more than 500 m long vein, 2 – 3.5 m in width.
  • Golden Goliath Resources Ltd. reported exploration at its San Timoteo property in Chihuahua (Uruachic camp). Integration of Terraspec studies of clays on underground, surface and past drillholes was used to construct a 3D model to target future drillholes.
  • Consolidated Zinc Ltd. presented results of its on-going underground program, confirming the extension of massive sulfide mineralization with deeper drilling below Level 7 mine development. Drill results include True-width (TW) intercepts of 3.02 m @ 35% Zn, 15.4% Pb and 158 g/t Ag; 5.02 m TW 25.8% Zn, 11.8% Pb and 53 g/t Ag; and 1.87 m TW @ 32.1% Zn, 16.7% Pb and 108 g/t Ag. Underground development continues, now under a mining contractor.
  • Azure Minerals Ltd. reported metallurgical test results from its Loma Bonita discovery at its Alacran project in Sonora. Test work on oxide mineralization shows gold is amenable to cyanide leaching with recoveries averaging 93% on ground samples (simulating conventional milling) and 73% on crushed samples (simulating heap leach processing).
  • Minera Alamos Inc. presented information on exploration targets on its La Fortuna project in Durango. Extension to La Fortuna mineralization is found south of the main zone, and is some 200 m long. The Ramada zone is on a 600 m long parallel fault structure (to the main zone) with grades up to 15-40 g/t Au, and the PN zone is an epithermal Au-Ag system in a shear zone at least 1.5 km long, with “widespread” grades of 1-10 g/t Au and 50-400 g/t Ag (no mention to width).

ON MINING

  • During May the mining production fell 4.5%, compared with May 2015.
  • Baja Mining Corp. The process plant has achieved 86% availability, copper recovery is over 81% and grade of ore processed was 1.04%. To May 2016, 5 K tonnes of copper cathode, 35 tonnes of cobalt and 153 tonnes of zinc sulfate has been produced (the last two on the cobalt-zinc circuit). Copper production for the year is forecast at 20 K tonnes. Underground production has reached up to 1,000 tpd, averaging 400 tpd.
  • HECLA Mining Co. announced production results for the second quarter of 2016, which include 1.258 M Oz Ag and 9,483 Oz Au from its San Sebastian mine in Durango.
  • Endeavour Silver Corp. reported production results for the Second Quarter, 2016 from the Guanaceví mine in Durango, and Bolañitos and El Cubo mines in Guanajuato. Guanceví processed 98.7 K tonnes (1,085 tpd) @ 232 g/t Ag and 0.49 g/t Au with recoveries of 85.4% Ag and 87.7% Au, for 629K Oz Ag and 1,365 Oz Au. Bolañitos produced 136 K tonnes (1,498 tpd) @ 80 g/t Ag and 2.38 g/t Au with recoveries of 79 % Ag and 81.2 % Au, for 276 K Oz Ag and 8,470 Oz Au. El Cubo produced 142 K tonnes (1,562 tpd) @ 156 g/t Ag and 1.56 g/t Au, with recoveries of 90.6% Ag and 81.9% Au, for 645 K Oz Ag and 5,814 Oz Au.  Of importance is decision to not ramp down production at El Cubo, and new development investment at Bolañitos, El Cubo and Guanceví.
  • Fortuna Silver Mines Inc. disclosed production figures for the second quarter of 2016, including the San Jose mine in Oaxaca. 185 K tonnes were processed @ 226 g/t Ag and 1.7 g/t Au, with recoveries at 92% and 91.6 for silver and gold respectively.
  • Capstone Mining Corp. announced production results for the second quarter of 2016, including figures from its Cozamin mine in Zacatecas. At Cozamin 243 K tonnes of ore were processed (2,678 tpd) @ 1.42% Cu, 0.63% Zn, 0.08% Pb and 41 g/t Ag, with recoveries of 94.8% Cu, 60.3% Zn, 18.9% Pb and 72.8% Ag, for the production of 12.3 tonnes of copper concentrate, 1,959 tonnes of zinc concentrate and 64 tonnes of lead concentrate. Payable copper shipped was 3,236 tonnes.
  • Gold Resource Corp. reported second quarter 2016 production from its Aguila mine in Oaxaca, with 10 K Oz Au, 572 K Oz Ag, 320 t Cu, 1,009 t Pb and 3,813 t Zn.
  • Timmins Gold Corp. processed 1.9 Mt of ore at 0.6 g/t Au to produced 25,863 Oz Au and 14,884 Oz Ag at its San Franciso mine in Sonora, during the second quarter of 2016.
  • Great Panther Silver Ltd. reported a fatal accident at its Topia mine in Durango.
  • Great Panther Silver Ltd. announced production results for the second quarter of 2016, which include: Guanajuato Mine Complex, 84 K tonnes milled @ 159 g/t Ag, 2.52 g/t Au. With recoveries at 85.3% Ag and 85.2% Au, producing 367 K Oz Ag and 5,174 Oz Au; Topia, Durango, processed 15.7K tonnes @ 367 g/t Ag, 0.59 g/t Au, with recoveries at 91.3% Ag and 64% Au, to produce 169,783 Oz Ag and 192 Oz Au, 290 tonnes lead and 433 tonnes zinc.
  • GoGold Resources Inc. reported production on the second quarter of 2016. The company stacked 631 K tonnes of tailings, and produced 2,218 Oz Au and 191,618 Oz Ag, at a cash cost per AgEq ounce of $6.91.
  • Pan American Silver Corp. commissioned the new sulphide ore processing plant at La Colorada mine in Zacatecas, achieving production rates of up to 1,400 tpd. The expansion at La Colorada includes construction of a new 618-metre-deep mine shaft, additional underground development to sustain production at 1,800 tpd, and the installation of a new 115 kV power line. Additionally, the La Colorada mine was conferred the “Casco de Plata” award by CAMIMEX, as the safest underground mine with over 500 employees in 2015.
  • Argonaut Gold Inc. announced production results for the second quarter of 2016, which include: El Castillo (Durango), 76.7 K tpd mined, 2.7 M tonnes @ 0.41 g/t Au placed on the leach pads, 35.2 K AuEq Oz produced; La Colorada (Sonora), 56.3 K tpd mined, 1.2 M tonnes @ 0.52 g/t Au placed on the leach pads, 13,282 Oz Au, 38,819 Ag Oz produced; San Agustin (Durango) filed updated PEA, filed change of Use of Soil permit.
  • The Zacatecas State government announced that Aura Minerals Aranzazu mine in Zacatecas is to re-start production in September of this year. No confirmation has been made by the company.

ON FINANCING

  • Baja Mining Corp. The company is a minority holder (10%), and not the operator of the Boleo Project. As Minera y Metalúrgica del Boleo S.A. P.I. de C.V. (MMB) issued in May a cash call for US$40 million for funding planned operations through Q3 2016, Baja Mining has informed MMB that it would not contribute its 10% share of the cash call. This may result in a further decrease in Baja’s ownership of the Boleo Project (El Boleo, Baja California Sur).
  • First Mining Finance Corp. intends to complete a non-brokered private placement aiming to raise gross proceeds of up to $16 million (Several mines in Sonora, Coahuila, Durango, Zacatecas, Mexico State and San Luis Potosi).
  • Pan American Silver Corp. has filed a preliminary short form base shelf prospectus with the securities commissions in each province and territory of Canada and a corresponding shelf registration statement with the United States Securities and Exchange Commission (the “SEC”), filing that when accepted will allow the company to make offerings of common shares (La Colorada, Zacatecas; Alamo Dorado, Sonora; Dolores, Chihuahua).
  • Great Panther Silver Ltd. closed its previously announced public offering, for gross proceeds of $29.9 million (Topia, Durango; San Ignacio and Guanajuato, in Guanajuato).
  • Orex Minerals Inc. has begun trading on the OTCQX market in the United States (Coneto, Sandra Escobar, both in Durango).
  • Silver Spruce Resources Inc. announced a non-brokered private placement to raise total proceeds of up to CDN $500 K (Pino de Plata, Chihuahua).
  • Silver Bull Resources Inc. intends to complete a private placement to raise up to CDN $651 K.
  • Santacruz Silver Mining Ltd. has closed its previously announced public offering for total gross proceeds of C$15.19 million. Additionally, its obligations to JMET LLC were restructured, amending a Silver Prepayment Agreement between the two, which involved a payment of US$ 7.77 million and further staged payments.

ON DEALS

  • Maverix Metals Inc. completes acquisition of royalty, stream and payment agreement portfolio from Pan American Silver Corp. and Commences Trading. Pan American holds now 54% of the shares of Maverix on a non-diluted basis, and approximately 63% on a fully-diluted basis.
  • Plata Latina Minerals Corp. and Fresnillo PLC signed a “Letter of Intent” (LOI) under which Fresnillo has the option to acquire its Naranjillo property in Guanajuato by means of a cash commitment of $2.15 million, the expenditure of $3 million and a 3% NSR.
  • Alset Energy Corp. signed a final agreement to acquire the Caliguey, La Doncella, Colorada, La Salada, Santa Clara, Saldivar and Chapala concessions in Zacatecas and San Luis Potosí.

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, One of many Au-Ag bearing low sulfidation epithermal veins at Cerro El Caliche, Sonora.

DSCN5406

San Timoteo Report Positive

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News Release – July 12, 2016

Vancouver, Canada, July 12, 2016  Golden Goliath Resources Ltd. (TSX.V  GNG ) (US: GGTH-F)

The Company is pleased to announce the completion of its recent exploration program on its 100% owned San Timoteo property in Chihuahua, Mexico. The 2016 program involved using the Company’s Terraspec machine to analyze clay minerals from existing, property wide, drill core and other samples including samples from the area of the 500 level San Martin adit. The aim of this work was to allow the company to build a 3D model of clay mineralogy to aid in the planning of future drill holes. Because different clay minerals form at different temperatures they can be used to differentiate different levels in the epithermal system that deposited the mineralization. Different metals are deposited at various paleo depths as the mineralized solutions rise and cool. Base metals are deposited first in the deepest levels and are sometimes related to porphyry style mineralization. Porphyritic rocks have been encountered at San Timoteo and that potential may exist on the property at greater depth.

2016 Shines for Silver Explorers and Miners in Mexico

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http://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/2016-shines-for-silver-explorers-and-miners-in-mexico/

Vancouver B.C. July 12, 2016 – After dropping below $14 USD per ounce in January following a five-year decline, silver prices have been going from strength to strength in 2016, nudging $20.40 USD per ounce as of July 11. Whether you call it tenacity or just plain stubborn, the silver explorers and miners who have stuck it out in Mexico, the number one silver-producing country in the world, are emerging from the dark days of the downturn with renewed enthusiasm.

This market turnaround means that Mexico is buzzing with new exploration activity, resource definition, mine development and expansion, along with a number of funding announcements, mergers and acquisitions and company changes. Good news has been pouring out of Mexico in the second quarter of 2016.