Technical Report

The Mining and Exploration News in Mexico: Highlights on the Third Week of April, 2024

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Quartz Vein with Sulphides

By Miguel A Heredia

During the 16th week of the year (April 15th to April 21st, 2024), at least 31 press releases were announced by companies working in Mexico, with seven reporting resources and development of their properties, six  announcing financing rounds, six informing on exploration results, six communicating production results, five disclosing deals and corporate issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Fortuna Silver, Prime Mining, Silver Tiger, Goldgroup, and Impact Silver reported the best drilling intercepts in Mexico on the third week of April, 2024. ON EXPLORATION, In Sonora, Tocvanhas discovered an expansive set of mineralized trends of veining and epithermal style alteration with elevated Au, Ag, As, Sb, Pb and Zn in its Greater Pilar gold-silver project, and Silver Spruce along with its JV partner Colibri announced the commencement of the 2024 drilling program at Diamante project. In Chihuahua, Kingsmen has reported high-grade samples from the Soledad II vein structure on the Las Coloradas project. In Sinaloa, Vizsla entered into an agreement to acquire two large claims comprising 10,667 hectares. In Durango, Silver Dollar reported surface sampling results from its Nora property. In Zacatecas, Defiance announced that it has delineated a high grade polymetallic and precious metal systems at its Lucita project. ON MINING, Bear Creek, Impact Silver, First Majestic, Avino, Gold Resource, and Sierra Metals reported production and/or financial results from their Mexican mine operations. ON FINANCING, Infinitum Copper announced completion of share consolidation and provided an update on private placement (La Adelita project, Sonora). Minaurum reported a brokered private placement for gross proceeds of up to CAD $6M (Alamos Silver project, Sonora). Reyna Silver announced a non-brokered Listed Issuer Financing Exemption (LIFE) for gross proceeds of CAD $1M (Guigui and Batopilas projects, Chihuahua). Vortex increased its previously announced non-brokered private placement to up to $1.75M (Riqueza Marina and Zaachila projects, Oaxaca). Capitan Silver closed its private placement of common shares for gross proceeds of CAD $2M (Cruz de Plata project, Durango).  Tocvan filed an amendment and restated offering document in connection with its previously announced non-brokered private placement (Pilar project, Sonora). ON RESOURCES AND DEVELOPMENT, Fortuna Silver reported drill results on its Yessi exploration program at the San Jose mine in Oaxaca.  Minera Alamos provided an operations update on its Santana mine in Sonora. Prime Mining reported generative drilling results from its Los Reyes project in Sinaloa. Guanajuato Silver filed updated technical reports on SEDAR+ (Valenciana, San Ignacio, and El Cubo in Guanajuato and Topia in Durango). Silver Tiger provided an update on the pre-feasibility study drilling program on the Stockwork gold deposit on its El Tigre project in Sonora. Goldgroup reported drill results from its Cerro Prieto property, Sonora. Impact Silver reported results from its ongoing drilling program at the Tres Amigos Zone at its Plomosas mine, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Quetzal Copper announced the acquisition of Las Cristinas project, Chihuahua. Xali signed a letter of intent to enter a purchase agreement with Kappes, Cassiday & Associates on the Mexican Mine Tailings Reprocessing Project at El Oro in Mexico State. Solaris Resources received approval to list its common shares on the New York Stock Exchange (NYSE) (La Verde property, Michoacan). Silver Bull reported results from its annual general meeting of shareholders (Sierra Mojada project, Coahuila). Endeavour announced the appointment of a new member to its Board of Directors (Terronera, Jalisco).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Fortuna Silver, Prime Mining, Silver Tiger Metals Inc., Goldgroup, and Impact Silver reported the best drilling intercepts in Mexico on the third week of April, 2024. Details are shown in the table below:

ON EXPLORATION

  • Tocvan Ventures Corp., has discovered an expansive set of mineralized trends and an area of 1,500m by 800m of veining and epithermal style alteration with elevated Au, Ag, As, Sb, Pb and Zn in its Greater Pilar gold-silver project in Sonora. The sampling has identified the source rocks for placer mining activity and expanded the known footprint of mineralization of the Greater Pilar system. Highlights from sampling include 7.3 g/t Au with 177 g/t Ag; 5.5 g/t Au with 80 g/t Ag; and 1.8 g/t Au with 389 g/t Ag. The area has seen no previous systematic exploration and remains open to the east and the north. The company plans to evaluate these areas and prepare a drilling plan to test the targets. The Pilar property is interpreted as a structurally controlled low-sulfidation epithermal system hosted in andesite rocks that has returned some of the region’s best drill results.
  • Silver Spruce Resources Inc., along with its JV partner Colibri Resource Corporation announced the commencement of the 2024 drilling program at Diamante project in Sonora. It will test the Pillado polymetallic target and will consist of 1,050m in ten core holes.
  • Kingsmen Resources Ltd., has reported high-grade samples from the Soledad II vein structure on the Las Coloradas project in Chihuahua, detecting both gold and silver mineralization. A total of 32 residual mineralization samples were tested, with four areas of “high-grade silver mineralization” detected on the main Soledad II structure and one on a NE-cross structure. Highlights include 9 samples with > 300 g/t AgEq;  4 > 200 g/t AgEq;  3 > 100 g/t AgEq; and  8 > 0.58 g/t Au. The mineralization is likely to extend below a water table at a depth of around 125 metres, and blind extensions to the existing mineralized structures and new structures could be probable at depth.
  • Vizsla Silver Corp., entered into an agreement to acquire El Richard and San Enrique (San Enrique prospect), two large claims comprising 10,667 hectares located south and partially adjacent to the company’s Panuco project in Sinaloa. The area shows promising geological features such as dome complexes, quartz veining, and breccias. With preliminary geophysical surveys completed, Vizsla Silver plans to conduct further exploration activities to aid in drill targeting. This acquisition aligns with the company’s strategy to expand its presence in the Sinaloa Silver Belt and enhance its exploration portfolio. The San Enrique prospect offers significant upside potential and complements Vizsla Silver’s existing projects in the region, positioning the company as a key player in silver exploration and development in Mexico. Pursuant to the acquisition agreement, the company has agreed to issue an aggregate of USD $650K in common shares in the capital of the company, at the exchange rate and market price applicable on the effective date, plus any applicable value added tax to the seller.
  • Silver Dollar Resources Inc., reported surface sampling results from its Nora property in Durango. Highlights include twenty one samples grading over > 100 g/t Ag; ten samples > 200 g/t Ag; four samples > 500 g/t Ag; and two samples > 1,000 g/t Ag. Sample R-053 returned 29.61 g/t Au over 0.35m, confirming the presence of high-grade gold in the Candy vein structure. Sample RM-1009 returned 2,215 g/t Ag over 0.8m, and sample RM-1013 retuned 1,212 g/t Ag over 1m, confirming the presence of high-grade silver in the Candy vein structure. Five samples returned grades > 1% Cu, with two > 3% Cu. Elevated levels of Zn (seven samples > 1% Zn) and Pb (twenty samples > 1% Pb) are also encouraging as they seem to be the best pathfinders for geochemistry.
  • Defiance Silver Corp., announced that it has delineated a high grade polymetallic and precious metal systems at its Lucita project in Zacatecas. Lucita North showcases polymetallic mineralization with high-grade silver and anomalous to high-grade lead, zinc, gold, and copper. The Gloria-Aurora-Plomosa system is a key target due to its significant surface geochemical anomalies. Individual surface sampling highlights include Gloria Zone sample 430012 with 331 g/t Ag, 0.15 Au, 6.9% Pb, 14.7% Zn, and 0.35% Cu; sample 430009 with 552 g/t Ag and 1.34% Pb; Aurora Zone sample 430179 with 298 g/t Ag, 3.15% Pb, and 0.1% Zn; sample 430027 with 795 g/t Ag; Plomosa Zone sample 430106 with 652 g/t Ag, 0.32 g/t Au, 6.5% Pb, 2.3% Zn, and 0.0% Cu; Lucero Vein sample 110785: 460 g/t Ag, 4.76 g/t Au, 6.3% Pb, 31.5 % Zn, and 0.87% Cu. Lucita South features low-sulfidation epithermal vein systems with high-grade silver and gold. Individual surface sampling highlights include Paty Vein sample 4208 with 2,350 g/t Ag and 0.27 Au; Lucita Vein sample 110895 with 497 g/t Ag and 1.28 g/t Au; and Palenque Vein sample 110834 with 712 g/t Ag and 0.26 g/t Au.

ON MINING

  • Bear Creek Mining Corporation reported Q1, 2024 production results from its Mercedes mine in Sonora. The company mined 106,365 tonnes and processed 109,880 tonnes of 3.69 g/t Au with metallurgical recoveries of 94% to produce 12,128 Oz Au and 44,040 Oz Ag.
  • Impact Silver Corp., reported year-end 2023 production and financial results from its Zacualpan mining district, Mexico State and Plomosas mine, Chihuahua. At Zacualpan mining district, the company milled 147,444 tonnes of 160 g/t Ag to produce 637,514 Oz Ag and sold 636,655 Oz Ag and 780 Oz Au. It reported revenue of $136.62 per tonne sold and direct costs of $130.58 per production tonne. At Plomosas, the company reported 3,744 tonnes of 13.8% Zn during Q4, 2024 after acquiring the mine and reported revenue of $141.51 per tonne milled. Impact also reported 2023 consolidated results reporting $20-8M in revenue; an operation loss of 0.6M; after investing exploration expenditures of $8.5M; and net loss of $7.6M. The company has no long-term debt.
  • First Majestic Silver Corp., announced Q1, 2024 production results from their Mexican mines. The table below shows mine by mine production:

The company is planning to release its first quarter 2024 unaudited financial results and announce details regarding its first quarter dividend payment on May 8, 2024.

  • Avino Silver & Gold Mines Ltd., reported Q1, 2024 production results from its Avino mine, Durango. The company milled 169,595 tonnes of 52 g/t Ag, 0.47 g/t Au, and 0.43% Cu with metallurgical recoveries of 88%,70%, and 84% respectively, to produce 250.&K Oz Ag, 1,788 Oz Au, and 1.35M Lb Cu (629.3K Oz AgEq).
  • Gold Resource Corporation announced Q1, 2024 production results from its Arista mine, Oaxaca. The company milled 116,616 tonnes of 2.51 g/t Au, 109 g/t Ag, 0.45% Cu, 1.6% Pb, and 4.3% Zn to produce 7,676 Oz Au, 370,768 Oz Ag, 909,400 Lb Cu, 2,963,520 Lb Pb, and 9,403,520 Lb Zn and sold 3,557 Oz Au, 216,535 Oz Ag, 501,360 Lb Cu, 1,494,080 Lb Pb, and 3.767,680 Lb Zn at average metal prices realized of USD $2,094 per Oz Au, USD $23 per Oz Ag, USD $8,546 per tonne Cu, USD $1,977 per tonne Pb, and USD $2,482 per tonne Zn.
  • Sierra Metals Inc., reported Q1, 2024 production results from its Bolivar mine in Chihuahua. The company processed 398,230 tonnes of 0.98% Cu, 20 g/t Ag, and 0.47 g/t Au with metallurgical recoveries of 92.66%, 81.46%, and 66.54% respectively to produce 7.96M Lb Cu, 204K Oz Ag, and 4K Oz Au.

ON FINANCING

  • Infinitum Copper Corp., announced completion of share consolidation and provided an update on private placement. Infinitum Copper Corp. has successfully completed a share consolidation, with a ratio of two pre-consolidation common shares for one post-consolidation common share. This consolidation will reduce the total number of outstanding common shares from 74,563,040 to approximately 37,281,520. The move aims to enhance the company’s flexibility and attractiveness to a wider investor base. The company’s securities will trade under the symbol “INFI” on the TSX Venture Exchange, signifying increased market appeal. Additionally, the company will provide further updates on its private placement following the consolidation (La Adelita project, Sonora).
  • Minaurum Gold Inc., reported a brokered private placement for gross proceeds of up to CAD $6M from the sale of 24M units of the company at a price of CAD $0.25 per unit. Each unit will consist of one common share of the company and one half of one common share purchase warrant. The company intends to use the net proceeds from the offering to complete a National Instrument 43-101 resource at the Alamos Silver project, to continue exploration drilling and for working capital and general corporate purposes.
  • Reyna Silver Corp., announced a non-brokered Listed Issuer Financing Exemption (LIFE) for gross proceeds of up to CAD $1M from the sale of 6.25M units at a price of CAD $0.16 per unit. Each unit will consist of one common share of the company and one common share purchase warrant. Part of the gross proceeds will be used for the exploration of Guigui and Batopilas projects, Chihuahua. 
  • Vortex Metals Inc., increased its previously announced non-brokered private placement to up to $1.75M from the sale of 19,444,444 units at a price of $0.09 per unit. Each unit will be comprised of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant (Riqueza Marina and Zaachila projects, Oaxaca).
  • Capitan Silver Corp., closed its private placement of common shares for gross proceeds of CAD $2,020,000 from the sale of 13,466,667 shares at a price of CAD $0.15 per share. Gross proceeds will be used to continue to advance the Cruz de Plata gold-silver project in Durango, evaluate potential acquisitions as well as to fund working capital and general corporate expenses.
  • Tocvan Ventures Corp, filed an amendment and restated offering document in connection with its previously announced non-brokered private placement pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106. The amended document was redated after the company addressed regulatory comments regarding available working capital. The company expects to close the offering within the upcoming days, subject to obtaining all necessary corporate and regulatory approvals. 

ON RESOURCES AND DEVELOPMENT

  • Fortuna Silver Mines Inc., reported drill results on its Yessi exploration program at the San Jose mine in Oaxaca. Drilling highlights (true width reported) include holes SJO-1444 with 6.68 g/t Au and 793 g/t Ag (1,327 g/t AgEq) over 3m, including 27.15 g/t Au and 2,963 g/t Ag (5,135 g/t AgEq) over 0.3m; hole SJO-1447 with 1.41 g/t Au and 182 g/t Ag (295 g/t AgEq) over 4.8m, including 1.62 g/t Au and 244 g/t Ag (374 g/t AgEq) over 0.65m, including 5.76 g/t Au and 880 g/t Ag (1,341 g/t AgEq) over 0.50m; hole SJO-1455A with 0.9 g/t Au and 107 g/t Ag (179 g/t AgEq) over 17.5m, including 1.25 g/t Au and 135 g/t Ag (236 g/t AgEq) over 7.7m, plus 1.73 g/t Au and 196 g/t Ag (335 g/t AgEq) over 2m, including 2.89 g/t Au and 335 g/t Ag (366 g/t AgEq) over 1m, plus 1.22 g/t Au and 162 g/t Ag (260 g/t AgEq) over 1.1m, including 7.21 g/t Au and 417 g/t Ag (1,494 g/t AgEq) over 0.1m; hole SJO-1458 with 2.11 g/t Au and 284 g/t g (453 g/t AgEq) over 4.8m, including 2.61 g/t Au and 285 g/t Ag (494 g/t AgEq) over 0.4m, including 4.32 g/t Au and 644 g/t Ag (990 g/t AgEq) over 0.7m, including 4.59 g/t Au and 508 g/t Ag (875 g/t AgEq) over 0.7m, including 3.19 g/t Au and 478 /t Ag (733 g/t AgEq) over 0.8m; and hole SJO-1460 with 1.16 g/t Au and 98 g/t Ag (191 g/t AgEq) over 1,3m, plus 6.29 g/t Au and 533 g/t Ag (1,036 g/t AgEq) over 8.10m, including 3.67 g/t Au and 531 g/t Ag (825 g/t AgEq) over 1m, including 18.41 g/t Au and 1,437 g/t Ag (2,910 g/t AgEq) over 2.4m. “Drilling on the Yessi vein has continued with the dual objectives of firstly testing for the limits of the Yessi vein and secondly infilling the drill spacing to support initial resource estimation and mining studies”.
  • Minera Alamos Inc., provided an operations update on its Santana mine in Sonora. The company is progressing with the operational ramp-up at its Santana gold mine in Sonora, Mexico. The contractor has mobilized at the mine site, preparing for mining activity at the Nicho Main zone. Equipment maintenance and road preparation are underway to enhance operational flexibility. New sampling procedures and controls are being implemented to optimize conditions for the Nicho Main zone, with a focus on maximizing gold recoveries. The company is also testing a new dust suppressant system to improve air quality and reduce water consumption. Overall, the mining plans at the Nicho Main zone aim to increase mining and stacking activities, with initial benefits expected in Q3 of 2024.
  • Prime Mining Corp., reported drilling results from its Los Reyes project in Sinaloa. These results are from 2024 drilling at the Las Primas generative target. Highlights include (true widths reported) holes 24LP-30 with 0.8 g/t Au and 75 g/t Ag (1.77 g/t AuEq) over 9.6m, including 1.73 g/t Au and 182 g/t Ag (4.08 g/t AuEq) over 2.8m, plus 1.09 g/t Au and 96 g/t Ag (2.33 g/t AuEq) over 2.2m, including 1.49 g/t Au and 129 g/t Ag (3.16 g/t AuEq) over 1.3m, plus 1.26 g/t Au and 75 g/t Ag (2.23 g/t AuEq) over 5.7m, including 4.99 g/t Au and 278 g/t Ag (8.59 g/t AuEq) over 1.2m, plus 2.22 g/t Au and 187 g/t Ag (4.64 g/t AuEq) over 3m, plus 4.07 g/t Au and 598 g/t Ag (11.81 g/t AuEq) over 3m, including 6.77 g/t Au and 1,007 g/t Ag (19.8 g/t AuEq) over 1.7m; hole 24LP-33 with 0.58 g/t Au and 53 g/t Ag (1.27 g/t AuEq) over 7m, including 1.6 g/t Au and 201 g/t Ag (4.2 g/t AuEq) over 1.6m, plus 1.44 g/t Au and 153 g/t Ag (3.42 g/t AuEq) over 9.4m, including 1.94 g/t Au and 196 g/t Ag (4.48 g/t AuEq) over 5m, and including 1.57 g/t Au and 201 g/t Ag (4.17 g/t AuEq) over 1.5m, plus 0.92 g/t Au and 80 g/t Ag (1.96 g/t AuEq) over 5.7m, including 2.63 g/t Au and 245 g/t Ag (5.8 g/t AuEq) over 1.6m, plus 0.68 g/t Au and 76 g/t Ag (1.67 g/t AuEq) over 3.8m, including 1.31 g/t Au and 148 g/t Ag (3.23 g/t AuEq) over 1.5; hole 24LP-24 with 0.83 g/t Au and 71 g/t Ag (1.75 g/t AuEq) over 3.7m; and hole 24LP-28 with 1.21 g/t Au and 42 g/t Ag (1.75 g/t AuEq) over 3.8m, including 1.78 g/t Au and 75 g/t Ag (2.75 g/t AuEq) over 2.1m.
  • Guanajuato Silver Company Ltd., filed updated National Instrument 43-101 technical reports on SEDAR+. The updated technical reports cover the Valenciana, San Ignacio, and El Cubo in Guanajuato, and Topia in Durango.
  • Silver Tiger Metals Inc., provided an update on the pre-feasibility study drilling program on the Stockwork gold deposit on its El Tigre project in Sonora. Drilling highlights include holes ET-23-527 with 0.55 g/t Au and 17 g/t Ag (0.78 g/t AuEq or 58 g/t AgEq) over 74m, including 0.90 g/t Au and 96 g/t Ag (2.19 g/t AuEq or 164 g/t AgEq) over 9.2m, including 1.04 g/t Au and 5 g/t Ag (1.11 g/t AuEq or 83 g/t AgEq) over 25.2m; hole ET-23-529 with 0.91 g/t Au and 6 g/t Ag (0.99 g/t AuEq or 74 g/t AgEq) over 42.5m, including 1.09 g/t Au and 7 g/t Ag (1.18 g/t AuEq or 89 g/t AgEq) over 33m, including 1.57 g/t Au and 1 g/t Ag (1.58 g/t AuEq or 119 g/t AgEq) over 8m, including 1.27 g/t Au and 11 g/t Ag (1.42 g/t AuEq or 106 g/t AgEq) over 18m; hole ET-23-530 with 0.51 g/t Au and 2 g/t Ag (0.54 g/t AuEq or 41 g/t AgEq) over 10.9m, plus 0.68 g/t Au and 4 g/t Ag (0.73 g/t AuEq or 55 g/t AgEq) over 56.9m, including 0.86 g/t Au and 5 g/t Ag (0.92 g/t AuEq or 69 g/t AgEq) over 27.7m, including 0.93 g/t Au and 6 g/t Ag (1.01 g/t AuEq or 76 g/t AgEq) over 18.7m; and hole ET-23-18 with 0.69 g/t Au and 5 g/t Ag (0.76 g/t AuEq or 57 g/t AgEq) over 19m, plus 0.40 g/t Au and 2 g/t Ag (0.43 g/t AuEq or 32 g/t AgEq) over 35m, plus 0.07 g/t Au and 67 g/t Ag (0.96 g/t AuEq or 72 g/t AgEq) over 16.9m, including 0.2 g/t Au and 487 g/t Ag (6.7 g/t AuEq or 502 g/t AgEq) over 2m, and 0.08 g/t Au and 102 g/t Ag (1.44 g/t AuEq or 108 g/t AgEq) over 3m. Silver Tiger has completed 23,000m of a 25,000m drilling program focused on expanding the Mineral Resource, up-grading the classification, completing metallurgical test work and geotechnical studies as it progresses from an exploration to a development project. The pre-feasibility study progress is on schedule for publication in H2-2024.
  • Goldgroup Mining Inc., reported drill results from its Cerro Prieto property in Sonora. To date there are 17 core holes in Nueva Esperanza Zone, of which 8 core holes have no economic value. Drilling highlights are shown in the table below:
  • Impact Silver Corp., reported results from its ongoing drilling program at the Tres Amigos Zone at its Plomosas mine, Chihuahua. Drilling highlights include holes TASC-24-28 with 10.2% Zn, 0.5% Pb, and 8 g/t Ag over 8.6m, including 14.7% Zn, 0.7% Pb, and 11 g/t Ag over 5.5m, including 23.6% Zn, 0.8% Pb, and 15 g/t Ag over 2.6m, including 30.1% Zn, 0.9% Pb, and 14 g/t Ag over 1.1m; hole TASC-24-29 with 10.5% Zn, 5.5% Pb, and 32 g/t Ag over 1.85m, including 17.9% Zn, 10.2% Pb and 5 g/t Ag over 1.5m; and hole TASC-24-32 with 4.2% Zn, 2.4% Pb, and 13 g/t Ag over 11.7m, including 30.1% Zn, 18% Pb, and 84 g/t Ag over 0.8m. “The Tres Amigos Zone remains open for expansion and drilling is continuing. High priority targets have been identified for drilling elsewhere on the property”.

ON DEALS AND CORPORATE ISSUES

  • Quetzal Copper Corp., announced the acquisition of Las Cristinas project, Chihuahua. The company entered into an agreement with Polaris Resources S.A. de C.V. (Property Vendors), to acquire all the issued and outstanding shares of Polaris and must make a USD $50K payment to Polaris by April 9, 2025. Quetzal will also assume the responsibility to make the underlying option payments on the Cristinas Project to the Property Vendors as follows: (i) cash payments of USD $100K on each of May 12, 2024, May 12, 2025, and May 12, 2026, to the Vendors; (ii) the issuance of USD $500K worth of common shares of Quetzal on each of May 12, 2025, May 12, 2026, and May 12, 2027, to the Vendors; and (iii) complete USD $1M in exploration on the Cristinas Project on or before December 31, 2025. 
  • Xali Gold Corp., signed a letter of intent (LOI) to enter a purchase agreement with Kappes, Cassiday & Associates (KCA) on the Mexican Mine Tailings Reprocessing Project at El Oro in Mexico State. In order to earn 100% interest in the El Oro Tailings Project, KCA has agreed to pay Xali Gold USD $25K on signing; an additional USD $25K three months after signing the LOI agreement; and USD $!00K six months after signing the LOI agreement. This agreement entails royalty payments, with KCA paying Xali Gold a gross royalty of 4% of sales income from gold and silver produced, with the option to buy a 1% royalty for USD $1M. KCA will also make minimum royalty payments until a total of USD $1M has been paid to Xali Gold. Additionally, KCA will pay the Municipality of El Oro an 8% Net Profits Interest on production. The project contains significant inferred resources of gold and silver. The agreement allows Xali Gold to pay outstanding mineral rights fees and fund exploration at the El Oro Project.
  • Solaris Resources Inc., received approval to list its common shares on the New York Stock Exchange (NYSE) under the symbol “SLSR”. Concurrent with the start of trading on the NYSE, the company’s common shares will cease trading on the OTCQB Venture Market (La Verde property, Michoacan).
  • Silver Bull Resources Inc., reported results from its annual general meeting of shareholders (Sierra Mojada project, Coahuila).
  • Endeavour Silver Corp., announced the nomination of a new member to its Board of Directors (Terronera, Jalisco).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture above, quartz vein in an intermediate sulphidation epithermal vein system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of March, 2024

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Quartz-barite-specularite vein

By Miguel A Heredia

During the 10th week of the year (March 4th to March 10th, 2024), at least 24 press releases were announced by companies working in Mexico, with eight disclosing deals and corporate issues, five communicating production results, four announcing financing issues, four informing on exploration results, and three reporting resources and developments of their projects.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Tocvan reported surface exploration results from areas located over 6km north of the El Pilar Main Zone at its Pilar project, and Aztec reported final results from the 2023 RC drilling from its Cervantes project. In Chihuahua, Radius secured funding to commence drilling at the Plata Verde project. In Durango, Centenario Gold announced results from the first drill program on its Eden project. ON MINING, SilverCrest announced that it will file its audited annual financial statement and management discussion and analysis for the fiscal year ended December 31, 2023 on March 11th, 2024 (Las Chispas mine, Sonora). Argonaut reported Q3 and year-end 2023 production and financial results from their Mexican operations. Fortuna released Q3 and end-year production results from its San Jose mine in Oaxaca. Luca Mining reported production results from its Tahuehueto, Durango and provided an update on its Campo Morado, Guerrero mine operation. MAG Silver reported a preliminary 2024 Juanicipio, Zacatecas guidance. ON FINANCING, Capitan Silver announced that it intends to rise CAD $1.5M by way of a non-brokered private placement (Cruz de Plata project, Durango). Infinitum Copper announced a private placement (amended later on) for gross proceeds of up to CAD $450K (Adelita project, Sonora). Reyna Silver increased the size of its non-brokered private placement and announced the second closing of the life offering and the first closing of the concurrent private placement (Guigui and Batopilas projects, Chihuahua).  ON RESOURCES AND DEVELOPMENT, Tocvan reported that a RC drilling is to commence at its Pilar project in Sonora. Kootenay filed a NI 43-101 Technical Report on its La Cigarra project, Chihuahua.  GR Silver provided an operational update and announced the start of a small bulk sampling and test mining at its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, US Antimony announced executive management changes. Golden Minerals announced that one member of its Board of Director has passed away (Velardeña property, Durango).  Sierra Metals announced the appointment of its Vice President, Health, & Safety, effective March 1, 2024 (Bolivar mine, Chihuahua). Pan American announced that the Toronto Stock Exchange (TSX) accepted its intention to purchase up to 5% of Pan American´s issued and outstanding shares (La Colorada, Zacatecas-Durango). Goldgroup reported a contractor fatality at its Cerro Prieto mine in Sonora. Kootenay granted stock options to officers, directors, employees, and consultants (Columba project, Chihuahua). Defiance Silver confirmed ownership of the Tepal project in Michoacan.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • Tocvan Ventures Corp., reported surface exploration results from areas located over 6km north of Pilar´s Main Zone within its Pilar project in Sonora. Sampling returned very high-grade silver with gold values.. Two samples yielded 1,225 g/t Ag with 3.2 g/t Au and 744 g/t Ag with 0.2 g/t Au from sample material next to historical artisanal workings. One of the samples also show higher polymetallic association returning 0.42% Cu, 3.4% Zn, and over 20% Pb (assay over limit was reached).
  • Aztec Minerals Corp., reported final results from the 2023 RC drilling from its Cervantes project.  The RC drilling program consisted of 1,646m in 13 holes testing the California porphyry gold target. All drill holes intersected oxidized Au mineralization; the California target continues to be open; the California target now has an area of 1,000m by 300m drill demonstrated; and the California target was found to continue on strike to the east at least another 400m. The multi-element ICP results show good, positive relationships between Au, Cu, Bi, Ag, As, W and K (potassic alteration), negative relationships with Mo, Sb and Ca.  The multi-element grades support the potential for an Au-Cu porphyry deposit at depth.
  • Radius Gold Inc., secured funding to commence drilling at the Plata Verde project in Chihuahua, Mexico, through an option agreement with Minera San Julian and Geometales del Norte-Geonorte. The initial investment for mobilizing drilling and field teams is USD $250K, with additional funding to follow as approved by technical committee. The project has shown significant silver mineralization and historical production potential. Minera San Julian aims to spend a minimum of USD $4,762,000 over four years on exploration activities at Plata Verde and has the right to earn a 70% interest in the project.
  • Centenario Gold Corp., announced results from the first drill program on its Eden project in Durango. The company completed 1,506m in 11 core holes “testing the strike and downdip extensions of the mineralized structure along a section of the ‘Buenavista’ corridor”. All holes intersected the ‘Buenavista’ vein-breccia structure at depths ranging between 50 to 110 m. Assay results have been received on 9 of the 11 holes. Assays are pending for holes ED24-09 and ED24-11 and will be released when received.

ON MINING

  • SilverCrest Metals Inc., announced that it will file its audited annual financial statement and management discussion and analysis for the fiscal year ended December 31, 2023 on March 11th, 2024 (Las Chispas mine, Sonora).
  • Argonaut Gold Inc., reported Q3 and year-end 2023 production and financial results from their Mexican operations (all dollar amounts are expressed in USD). In Q3, 2023, the company sold at La Colorada, Sonora, 7,967 Oz Au; reported cost of sales for $13,998,000; a cost of sales per Oz Au sold of $1,757; production costs of $10,353,000; a cash cost of $10,066,000; a cash cost per Oz Au sold of $1,263; and all in sustaining cost (AISC) of $1,316. For the year-end, it sold 25,957 Oz Au; reported cost of sales for $48,556,000; a cost of sales per Oz Au sold of $1,871; production costs of $39,057,000; a cash cost of $38,065,000; a cash cost per Oz Au sold of $1,466; and AISC of $1,532. At San Agustin, Durango, the company sold in Q3, 2023 9,556 Oz Au; reported cost of sales for $17,624,000; a cost of sales per Oz Au sold of $1,844; production costs of $16,000,000; a cash cost of $15,249,000; a cash cost per Oz Au sold of $1,596; and AISC of $1,631. For the year-end, it sold 44,148 Oz Au; reported cost of sales for $81,324,000; a cost of sales per Oz Au sold of $1,842; production costs of $71,263,000; a cash cost of $66,867,000; a cash cost per Oz Au sold of $1,515; and AISC of $1,552. At El Castillo, Durango, the company sold in Q3, 2023 4,353 Oz Au; reported cost of sales for $6,362,000; a cost of sales per Oz Au sold of $1,462; production costs of $6,009,000; a cash cost of $5,972,000; a cash cost per Oz Au sold of $1,372; and AISC of $1,402. For the year-end, it sold 21,325 Oz Au; reported cost of sales for $36,005,000; a cost of sales per Oz Au sold of $1,688; production costs of $32,252,000; a cash cost of $31,837,000; a cash cost per Oz Au sold of $1,493; and AISC of $1,518.
  • Fortuna Silver Mines Inc., released Q3 and end-year production results from its San Jose mine in Oaxaca. In Q3, 2023, the company milled 241,035 tonnes of 145 g/t Ag and 0.91 g/t Au with metallurgical recoveries of 91% and 90% respectively, to produce 1,023,325 Oz Ag and 6,345 Oz Au of which sold 1,040,888 Oz Ag and 6,046 Oz Au at an average realized price of USD $23.35 per Oz Ag and USD $1,983 per Oz Au. Fortuna reported a production cash and AISC of USD $17.57 and USD $21.98 per Oz AgEq respectively. In the full year 2023, the company milled 930,200 tonnes of 171 g/t Ag and 1.06 g/t Au with metallurgical recoveries of 91% and 90% respectively, to produce 4,656,631 Oz Ag and 28,559 Oz Au of which sold 4,659,611 Oz Ag and 28,524 Oz Au at an average realized price of USD $23.36 per Oz Ag and USD $1,942 per Oz Au. Fortuna reported a production cash and AISC of USD $14.40 and USD $19.40 per Oz AgEq respectively.
  • Luca Mining Corp. reported production results from its Tahuehueto, Durango and provided an update on its Campo Morado, Guerrero mine operation. At Tahuehueto, Durango, the mine achieved a new daily production record of 655 tonnes last week. The mine plan calls for the ramp-up to an approximate 1,000 tonne per day operation during 2H 2024 which is rapidly being achieved. At Campo Morado, Guerrero, “the optimization program has to date developed fundamental improvements in productivity, operational efficiency and cashflow. Key features of the program include effective mine-to-mill planning, new procedures for ore blending, increased metallurgical test work, optimized grinding and reagent dosing for improved recoveries, and phased equipment upgrades for mine and mill”.
  • MAG Silver Corp., reported a preliminary 2024 Juanicipio, Zacatecas guidance. MAG Silver reported preliminary guidance for the production potential of the high-grade Juanicipio Mine jointly owned by Fresnillo and MAG. The silver head grade is expected to range between 380 g/t and 420 g/t for 2024, with the plant anticipated to operate at nameplate capacity per operating day with an effective utilization of 91%. MAG remains on schedule to publish its updated technical report by the end of Q1 2024, providing more definitive guidance and solidifying the outlook for the Juanicipio Mine.

ON FINANCING

  • Capitan Silver Corp., announced that it intends to rise CAD $1.5M by way of a non-brokered private placement of 10M common shares at a price of CAD $0.15 per share. Gross proceeds will be used to advance Cruz de Plata project in Durango, to evaluate potential acquisitions, as well as to fund working capital and general corporate expenses.
  • Infinitum Copper Corp., announced a private placement (amended later on) for gross proceeds of up to CAD $450K through the issue of up to 22.5M units of the company at a price of CAD $0.02 per unit. Each unit will be comprised of one common share of the company and one common share purchase warrant. Net proceeds will be used for the establishment of mining operations at La Adelita project in Sonora, and for general corporate purposes. 
  • Reyna Silver Corp., increased the size of its non-brokered private placement from $2.5M to $2.9M, and announced the second closing of the listed issuer financing exemption (LIFE) offering of 8,240,666 units for gross proceeds of approximately $988,880, and the first closing of the concurrent private placement of 12,401,610 units for gross proceeds of approximately 1,488,193. The company plans to use part of the net proceeds for the exploration of Guigui and Batopilas projects, Chihuahua. 

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., reported that a RC drilling is to commence at its Pilar project in Sonora for resource definition and expansion, as well as evaluation of new discoveries and targets. “The initial focus will be on infill and step-out targeting within and adjacent to the Pilar Main Zone including where previous drill campaigns successfully discovered the southern extension of the Main Zone, returning 108.6 meters of 0.8 g/t Au, including 9.4 meters of 7.6 g/t Au and 5 g/t Ag”.
  • Kootenay Silver Inc., filed a NI 43-101 Technical Report titled “Mineral Resource Estimate Update for the La Cigarra Ag-Pb-Zn Project, Chihuahua State, Mexico” with an effective date of November 29, 2023.
  • GR Silver Mining Ltd., provided an operational update and announced the start of a small bulk sampling and test mining at its Plomosas project in Sinaloa. GR Silver Mining has entered commercial agreements with private local operators to explore opportunities related to the Plomosas Project. The company has started the Bulk Sampling Test Mining (BSTM) program for future use in engineering and metallurgical reports at the San Juan and La Colorada sites, which has the potential to unveil valuable geological information related to high-grade modeling & targeting, grade reconciliation, and mineral deposit modeling to define new drill targets in the vicinities of the existing historical mines. The BSTM program will allow low-cost preparation of sites for future drilling, aiming to continue resource expansion in the project.

ON DEALS AND CORPORATE ISSUES

  • US Antimony Corporation announced executive management changes. Its previous CEO was appointed as President of the Company’s Antimony Division after relinquished his title as a CEO of US Antimony Corporation (Los Juarez project, Queretaro).
  • Golden Minerals Company announced that one member of its Board of Director has passed away (Velardeña property, Durango).
  • Sierra Metals Inc., announced the appointment of its Vice President, Health, & Safety, effective March 1, 2024 (Bolivar mine, Chihuahua).
  • Pan American Silver Corp., has announced a normal course issuer bid to purchase up to 5% of its issued and outstanding shares starting on March 6, 2024. The purchases will be made on the open market through various trading platforms. The company believes that its shares may not fully reflect its underlying value, making them an attractive investment. The bid will be funded from the company’s working capital, and purchases will be made at market prices. Pan American has established an automatic securities purchase plan to facilitate share repurchases. (La Colorada, Zacatecas-Durango).
  • Goldgroup Mining Inc., reported a contractor fatality at its Cerro Prieto mine in Sonora. Relevant regulatory authorities were notified and attended the site to investigate.
  • Kootenay Silver Inc., granted stock options to officers, directors, employees, and consultants to purchase up to an aggregate of 1,310,000 million shares and issued restricted share and deferred units totalling 905,000 common shares.  The stock options have been granted at a price of $0.90 per common share for a period of five years.
  • Defiance Silver Corp., confirmed ownership of the Tepal project in Michoacan. The Mexican Court restored the Company’s rightful ownership to the mining concessions forming part of the Tepal project. As a result, the judgement is now fully enforceable, and Geologix Explorations Mexico, S.V de C.A, a subsidiary of the Company, is now confirmed as the legitimate and rightful owner of the concessions.

ON SOCIAL RESPONSIBILITY

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On the picture above, a quartz-barite-specularite vein on a project of the Sonoran Desert. Photo taken by Miguel A Heredia.