Year end results

PREMIER REPORTS 2019 PRODUCTION RESULTS

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jan-23-pr-2019-production-results

Thunder Bay, January 23, 2020 – PREMIER GOLD MINES LIMITED (“Premier”, “the Company”) (TSX:PG) (OTCPK: PIRGF) is pleased to announce its fourth quarter and full year production results for 2019.

Production Highlights:

  • Total Q4 gold production of 16,880 ounces
  • Total 2019 gold production of 67,427 ounces
  • Total Q4 silver production of 45,500 ounces
  • Total 2019 silver production of 192,829 ounces

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of January, 2019

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Monzonite porphyry dike intrusive contact with andesitic tuff -note the flow banding- on a project in Jalisco. Picture by Jorge Cirett.

By Jorge Cirett

During the 4th week of the year (January 21st to January 27th, 2019), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, CAMIMEX expressed it is in contact with diverse actors of the public administration to consolidate the international competitivity of the mining industry. ON EXPLORATION, In Chihuahua, Radius Gold staked the 9,600 ha. Rambler project, covering a 9 km trend of epithermal mineralization. In Sinaloa, Kootenay Silver released interesting surface sample results from its Copalito project. In Durango, Orex is to perform a VTEM airborne survey on the San Luis Del Cordero property. In Hidalgo, Prospero Silver initiated drilling at the Pachuca SE project, with funding by Fortuna Silver. ON MINING, Pan American, Argonaut, Gold Resource, Fresnillo, Sierra Metals and Americas Silver presented Q4 and full year 2018 production results (by the way, anyone has heard from Frisco on this regard?). Endeavour presented its 2019 production guidance. ON FINANCING, Premier Gold signed a credit agreement with Investec Bank as administrative agent for the lenders for a US$50 M credit facility. ON RESOURCES AND DEVELOPMENT, Endeavour updated its reserve and resource base, for a consolidated grand total of 132 M Oz Ag, 1.042 M Oz Au. Premier Gold presented high-grade intercepts from drilling at Mercedes, Sonora, where over 40,000 m of drilling were completed in 2018. Leagold is to produce 200-220 K Oz Au in 2019 at Los Filos, Guerrero. Azure Minerals presented a favorable scoping study for its Oposura project in Sonora. Impact Silver is defining extensions on veins at its Zacualpan property in Estado de Mexico. Excellon released high-grade results from surface exploration at its Platosa mine in Durango. Capstone filed on Sedar a technical report for Cozamin, Zacatecas. ON DEALS AND CORPORATE ISSUES, Prospero Silver announced the signature of the option agreement with Fortuna Silver on the Pachuca SE project.

ON MEXICO ISSUES

  • CAMIMEX (Cámara Minera de México), in a response to El Financiero, expressed that any modification to the mining regulations has to take into account the wellbeing of the communities and its environment. The organization, of which leading companies like Peñoles, Grupo México and Minera Frisco are members, considers mining is one of the most supervised sectors in the country, with a modern and robust regulatory frame, following international standards, although areas of opportunity can always be identified.  “We have approached diverse authorities on the public administration and found openness to solve any pending issues and consolidate the international competitivity that benefits the country development”.

ON EXPLORATION

  • Orex Minerals Inc. contracted Geotech Ltd. To perform a VTEM (Versatile Time Domain Electromagnetic) airborne survey over its San Luis del Cordero project in Durango. Old mine workings and mineralized showings wrap around a Tertiary quartz-feldspar-porphyry intrusive. The helicopter-borne survey, with accompanying horizontal gradiometer and radiometric surveys, is to identify discrete conductive anomalies, as well as mapping lateral and vertical variations in resistivity. The airborne survey will be conducted over a grid at 100 m line-spacing for approximately 275 line-km, with measurements every 2-3 m along survey lines.
  • Prospero Silver Corp. has started phase 2 drilling at its Pachuca Se project in Hidalgo. Fortuna Silver Mines Inc. has an option to acquire up to a 70% interest in the 6,699 hectares project (24 km SE from Pachuca) by spending a total of US$8 M and completing a preliminary economic assessment (PEA), spending more than US$1 M in the first year. A six-hole, 4,200 m program started to test a number of potential drill targets. In a Fortuna funded program in early 2018, 1,800 m of drilling tested three distinct targets, intercepting what is interpreted to be the upper parts of a mineralized epithermal system.
  • Radius Gold Inc. staked a 9,600 ha property called the Rambler project, in Chihuahua, some 20 km NW from Radius’s Amalia project. Regional prospecting discovered epithermal mineralization in veins, vein breccias and disseminated zones over a 9 km trend, where samples with up to 16.5 gpt Au, 2,030 gpt Ag, 3.8% Cu, 13.9% Zn, 3.4% Pb were collected. Saucito is the main target area, where a 500 x 70 m stockwork returned an average of 177 gpt Ag on 31 samples. Other target areas with interesting rock chip sample results include La Machomera (up to 7.3 gpt Au, 469 gpt Ag), La India (up to 10.3 gpt Au, 16 gpt Ag), El Gringo (4.8 gpt Au, 3.8% Cu).
  • Kootenay Silver Inc. released results from surface sampling and mapping at the Copalito Ag-Au project in Sinaloa, same that covers an epithermal system with numerous veins 0.5-15 m in width and up to 2 km in strike length. Sampling Highlights include 7.2 Gpt Au, 3,770 gpt Ag at the 5 Señores and Agua veins respectively; 8.2 gpt Au, 583 gpt Ag across 1.1 m on the 5 Señores vein; 401 gpt Ag across 5.3 m on 5 Señores vein; 532 gpt Ag over 3.0 m and 306 gpt Ag over 4.9 m across the Agua vein; 17.4% Zn, 9.9% Pb, 0.52 gpt Au, 76 gpt Ag on a grab sample at Pillar vein and 5.1%, 1.6% and 1.5 Cu along the Cobriza vein. Of 117 rock samples collected, 29 returned silver grades over 90 gpt, including 11 over 300 gpt and 6 over 500 gpt.

ON MINING

  • Pan American Silver Corp. announced preliminary operating results for the fourth quarter and full year 2018, including information from its operations in Mexico. At La Colorada in Zacatecas, 7.6 M Oz Ag, 4,400 Oz Au were produced during the year, at cash cost $2.02 per Ag Oz, whereas at Dolores in Chihuahua, 4.1 M Oz Ag and 136,600 Oz Au were produced at cash cost ($1.87) per Ag Oz. Pan American is planning to sustain 2,000 tonnes per day  (tpd) throughput at La Colorada during 2019, and continue to explore and define the potential of the “significant skarn deposit discovered in 2018”.  At Dolores the company plans to ramp-up underground production rates to 1,500 tpd and sustain the 20 K tpd throughput rate to the heap leach from the pit.
  • Argonaut Gold Inc. informed on Q4 production and yearly results for 2018, including numbers from its Mexican operations. At El Castillo Complex, in Durango, 37,977 GEOs (Gold equivalent ounces) were produced during the quarter, 18,984 from El Castillo mine and 18,993 from the San Agustin mine. At La Colorada, in Sonora, 13,681 Oz Au were produced during the same period. For the year, El Castillo Complex produced 117,126 GEOs and La Colorada 47,991 GEOs. Argonaut plans to invest $50-$60 M in capital expenditures during 2019, with $15 M allocated to the expansion of crushing and leaching facilities at San Agustin to increase the rate of production from 20K tpd to 30 K tpd.
  • Gold Resource Corp. reported 2018 year-end and fourth quarter production results from their El Aguila mining operations in Oaxaca. During the year Gold Resource produced 26,838 Oz Au, 1.67 M Oz Ag, 1,652 tonnes Cu, 7,280 tonnes Pb and 19,808 tonnes Zn. During the fourth quarter 7,974 Oz Au and 330.6 K Oz Ag were produced.
  • Fresnillo PLC. released 4Q and full year 2018 results, with a consolidated production of 61.8 M Oz Ag and 923 K Oz Au for the year and 15.5 M Oz Ag, 232 K Oz Au for the quarter. Lead (53,181 tonnes) and Zinc (88,520 tonnes) production amounted to 19.9 M Oz AgEq. “The cumulative drilling for the year at our operating mines and exploration projects was 579,000 and 346,000 metres respectively. Resources and reserves (in the case of the operating mines) are presently in audit by SRK and the results of which will be disclosed in the first quarter of 2019 with our Preliminary results. Resources were increased at the Guanajuato and San Juan projects, while mapping identified new targets at the Fresnillo and Herradura districts, and a geophysical survey detected areas for follow up in the San Julián district. Further to this, and for the first time in the Company’s history, drilling began in Chile. Exploration teams are working out of the Hermosillo, Chihuahua, Zacatecas, Toluca, Lima-Peru and Santiago de Chile offices in selected areas of favorable silver-gold belts in Mexico, Peru, Chile and Argentina”. (Note from editor: the mining community is waiting for Frisco to produce reports like this one).
  • Endeavour Silver Corp. announced its consolidated silver and gold production guidance for 2019, to be 4.4-5.2 M Oz Ag, 46.2-52.2 K Oz Au, or 8.1-9.4 M Oz AgEq. “Cash costs, net of gold by-product credits, are expected to be $8.50-$9.50 per oz of silver produced in 2019. Consolidated cash costs on a co-product basis are anticipated to be $11.50-$12.50 per oz silver and $900-$1,000 per oz gold”. The final dumps and tailings permit at Terronera is needed to make a development decision. The company plans to drill 24,500 m during 2019 in Guanaceví, Bolañitos, El Cubo, El Compas, Terronera, Parral and Guadalupe y Calvo.
  • Sierra Metals Inc. Disclosed Q4 and full year 2018 results, including figures from its Mexican operations. The Bolivar mine in Chihuahua processed (at 2,948 tonnes per day, or tpd) in the year 1 M tonnes of ore @ 0.95% Cu, 18 gpt Ag, 0.17 gpt Au, with recoveries of 79.9% Cu, 77.1% Ag, 68.5% Au, to produce 17.23 M Lb Cu, 452 K Oz Ag, 3,968 Oz Au. For the quarter, 272.6 K tonnes were processed (3,116 tpd) @ 0.94% Cu, 15 gpt Ag, 0.15 gpt Au, to produce 4.23 M Lb Cu, 128 K Oz Ag, 1,163 Oz Au. At Cusi, also in Chihuahua, 186.9 K tonnes were processed (534 tpd) during the year at a grade of 140 gpt Ag, 0.16 gpt Au, 0.36% Pb, 0.40% Zn, recovering 83.1% Ag, 39.1% Au, 79.9% Pb, 4.3% Zn, to produce 700 K Oz Ag, 372 Oz Au, 1.19 M Lb Pb, 937 K Lb Zn. During the last quarter Cusi processed 58.3 K tonnes (666 tpd) @ 111 gpt Ag, 0.16 gpt Au, 0.41% Pb, 0.49% Zn, to produce 171 K Oz Ag, 124 Oz Au, 421 K Lb Pb, no Zn.
  • Americas Silver Corp. announced production and operating results for 2018, including figures from its Mexican operations. At Cosalá, in Sinaloa, 544.5 K tonnes were milled @ 47 gpt Ag, to produce 448.1 K Oz Ag, 34.22 M Lb Pb, 12.86 M Lb Zn, or 4.16 M Oz AgEq at cash cost ($37.95) and AISC ($19.69).

ON FINANCING

  • Premier Gold Mines Ltd. Announced the signing of a definitive credit agreement with Investec Bank PLC, as administrative agent for the lenders of a US$50 M secured term credit facility. Premier also announced financing arrangements with OMF Fund II SO Ltd. and Orion Mine Finance Fund II LP for aggregate gross proceeds of US$18.2 M. (Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp. updated its reserve and resource base for its mines and projects for 2018. Consolidated reserves and resources, including inferred resources for its seven units comprise 132 M Oz Ag and 1.042 M Oz Au, as displayed on the following table:
  • Premier Gold Mines Ltd. provided an update on its exploration programs, including information from its Mexican operations. At Mercedes in Sonora, positive exploration results include 18.3 m @ 38.3 gpt Au, 26 gpt Ag on the Aida vein, and 22.0 m @ 36.6 gpt Au, 171 gpt Ag at Rey de Oro. During the past year 280 brownfield and greenfield holes were completed representing 40,720 m of drilling.
  • Leagold Mining Corp. announced its intention to produce 200 K to 220 K Oz Au during 2019, at an AISC of $925 to $925-975 at Los Filos, in Guerrero. The proven and probable reserves at the property stand at 111.33 M tonnes @ 1.22 gpt Au, containing 4.363 M Oz Au, and 114 K Oz Au on the leach pad inventory.
  • Azure Minerals Ltd. Presented its quarterly report for the period ended on December 2018. The company highlighted the Scoping Study for the Oposura project in Sonora, with an EBITDA of A$237 M, pre-tax NPV of A$112 M, pre-tax IRR of 76%, average life of mine cash cost US$0.42 per Zn Lb and a pre-production CAPEX of A$69.9 M. At the Alacrán project in Sonora, Teck completed its Phase 2 drilling program comprising 10.537 m in 21 holes, with focus on testing porphyry copper potential at Cerro Alacrán, with assays pending. At Oso Negro, also in Sonora, sampling returned more high-grade mineralization, with the best sample returning 15.5 gpt Au, 1,935 gpt Ag, 5.9% Zn, 4.6% Pb. At Sara Alicia, also in Sonora, the company has been showing the property to potential partners or buyers.
  •  Impact Silver Corp. hired a consultant to define extensions to the vein systems on its Zacaualpan property in Estado de Mexico. Work to date has defined on strike extensions to the San Ramon silver vein system through geological work and soil sampling, and better characterizing the potential for bulk mineable ore in the Santa Teresa area.
  • Excellon Resources Inc. released high-grade results from ongoing surface exploration at its Platosa mine in Durango. Highlighted intervals comprise 0.9 m @ 283 gpt Ag, 9.8% Pb, 0.3% Zn; 5.6 m @ 383 gpt Ag, 8.0% Pb, 0.2% Zn; 2.5 m @ 406 gpt Ag, 3.7% Pb, 0.2% Zn; 0.6 m @ 2,060 gpt Ag, 7.8% Pb, 9.1% Zn; 5.0 m @ 0.28 gpt Au, 968 gpt Ag, 9.4% Pb, 20.2% Zn; 4.8 m @ 1,127 gpt Ag, 8.4% Pb, 10.5% Zn.
  • Capstone Mining Corp. filed on SEDAR a NI-43-101 compliant report titled “NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico”.

ON DEALS AND CORPORATE ISSUES

  • Prospero Silver Corp. announced the signature of the previously disclosed option agreement with Fortuna Silver Mines Inc. on the Pachuca SE project. “On December 10, 2018 Prospero announced that Fortuna Silver Mines Inc. (“Fortuna”) exercised its right to be granted an option to acquire up to a 70-per-cent interest in the Pachuca Southeast project located close to the historic mining city of Pachuca in Hidalgo state, Mexico, by spending a total of $8-million (U.S.) in qualifying expenditures and completing a preliminary economic assessment, with a minimum spend of $1-million in the first year” (Pachuca SE, Hidalgo).

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

On the image below, monzonite porphyry dike intrusive contact with andesitic tuff -note the flow banding- on a project in Jalisco. Picture by Jorge Cirett.

Highlights on the Second Week of March, 2017. Mineral Exploration in Mexico

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During the 10th week of the year (March 6th to March 12th, 2017), at least 22 press releases were announced by companies working in Mexico. ON EXPLORATION, Chesapeake presented an update on regional exploration in Durango and Sinaloa. ON MINING, McEwen, Timmins Gold, US Antimony and Odyssey Marine Exploration presented 2016 results. Consolidated Zinc presented drilling and rockchip sample results ON FINANCING, Four companies announced financial news, with Leagold raising C$175 M; Telson obtaining a US$2 M credit line; Alix raising $248.5 K and McEwen on a share repurchase plan. ON RESOURCES AND DEVELOPMENT, McEwen announced a well-funded exploration budget for its properties in Sinaloa; Mag Silver disclosed a probable increase on the projected processing plant at Valdecañas by its JV partner, Mexus advances toward production in Sonora and Sierra Metals informed of fairly good drilling results from a brownfield zone in Chihuahua.   ON DEALS AND CORPORATE ISSUES, Avino Silver announced the death of founder and CEO for more than 30 years, Louis Wolfin, a pioneer of Canadian mining investments in Mexico; Radius Silver sold a property in Oaxaca; Santacruz Silver amended an agreement with Hochschild; finally, Colibri shares on the TSX remain halted.

ON EXPLORATION

  • Chesapeake Gold Corp. has identified four precious and base metals projects with district scale potential in the more than 85,000 hectares held by the company. At Yarely, Sinaloa, three target areas have been defined on a 70,000 hectare land package assembled by staking and acquisition. At Yarely North 12 veins ranging up to 12 m in width have been traced for an average length of 650 m, with rock samples returning 2 m @ 19.5 g/t Au, 505 g/t Ag; 11 m @ 1.1 g/t Au, 42, g/t Ag, 8 m @ 1.6 g/t Au, 33 g/t Ag; 3 m @ 1.1 g/t Au, 805 g/t Ag. At Yarely Central the mineralized zone measures 1.5 by 2.0 Km, with several wide zones of quartz stockwork and disseminated polymetallic mineralization, with trench samples returning 14 m @ 1.5 g/t Au, 143 g/t Ag; 93 m @ 17 g/t Ag; 36 m @ 0.7 g/t Au, 26 g/t Ag. At Yarely South preliminary sampling has returned up to 83 g/t Ag, 2.9% Cu, 0.12% Mo. At El Paso in Sinaloa, extensive exoskarn and intrusive hosted quartz stockworks are present, with channel samples returning 69 m @ 2.2 g/t Au, 8 g/t Ag, 1.1% Zn; 50 m @ 0.6 g/t Au, 12 g/t Ag. At Nicole, in Durango, quartz breccia veins transition at depth to dissemination and stockwork. On the veins, channel samples returned 7 m @ 3.1 g/t Au, 238 g/t Ag, 0.3% Zn; 3 m @ 12 g/t Au, 450 g/t Ag; while lower in the system sampling has returned 30 m @ 1.2 g/t Au, 29 g/t Ag, 1.5% Zn; 30 m @ 0.7 g/t Au, 19 g/t Ag, 0.7% Zn. At San Javier, in Durango, sampling on a 4 km long quartz stockwork has returned 60 m @71 g/t Ag, 0.6% Pb; 28 m @ 158 g/t Ag, 0.3% Pb; while another 3 km long structurally associated breccia has returned 48 m @ 1.0 g/t Au.

ON MINING

  • McEwen Mining Inc. reported financial results for 2016, including figures for its El Gallo mine in Sinaloa, where 54,929 Oz Au, 25,336 Oz Ag were produced at an average grade for the ore of 2.14 g/t Au. The 2017 guidance for the unit is 49,700 Oz Au, 24,000 Oz Ag, at cash cost $760 and AISC $900 per AuEq Oz. As of the end of 2016 the company had 58.8 M in cash, investments and precious metals, and no debt.
  • United States Antimony Corp. announced that it has successfully transitioned from custom smelting antimony concentrates at the Madero, Coahuila, plant to its own mine production. Antimony production in January was 159 K pounds and 185.8 K pounds in February. The company expects to ramp up production form Wadley (San Luis Potosi), Soyatal (Queretaro) and Guadalupe. During 2016 US Antimony produced 2.9 M pounds Sb, 604 Oz Au, 38.1 K Oz Ag.
  • Timmins Gold Corp. announced financial results 2016, producing 100,322 Oz Au at cash cost $734 and all-in sustaining cost of $853 per gold ounce. The company ended the year with $33.9 M in cash and working capital of $37.8 M.
  • Consolidated Zinc Ltd. released rock sample results from the Tres Amigos North zone, and resource drilling results at its Plomosas project in Chihuahua. The results from seven continuous rock samples range from  21.4% to 24.8% Zn+Pb, including up to 19.2% Zn, 11.6% Pb and 38 g/t Ag. Resource definition drilling results include 1.3 m @ 4.5% Zn, 1.7% Pb, 15 g/t Ag; 4.7 m @ 11.6% Zn, 6.7% Pb, 31 g/t Ag; 3.95 m @ 3.8% Zn, 0.1% Pb, 1 g/t Ag.
  • Odyssey Marine Exploration Inc. reported full year results for 2016, with a net loss of $6.3 M. Its seabed phosphate San Diego Project off the coast of Baja California has not yet been awarded the environmental permit needed, Odyssey expects to obtain the said permit in 2017.

ON FINANCING

  • McEwen Mining Inc. plans to repurchase up to 5.4% of its outstanding common stock (up to $15 M). During 2015 and 2016 $1.8 M and 0.6 M were repurchased respectively.
  • Alix Resources Corp. completed the second and final tranche of a non-brokered flow through private placement, for gross proceeds of $248.5 K.
  • Telson Resources Inc. has secured a $2 M line of credit for leasing underground and surface mining equipment for mine development at its Tahuehueto project in Durango. The surface area rights to install the processing plant in Tepehuanes have been secured.
  • Leagold Mining Corp. completed its previously announced offering for aggregate gross proceeds of C$175 M. The net proceeds from the offering will be used to fund a portion of the purchase price of the Los Filos mine in Guerrero from Goldcorp Inc.

ON RESOURCES AND DEVELOPMENT

  • McEwen Inc. has budgeted $6 M for El Gallo silver project in Sinaloa, $3 M in exploration and $3 M in development.
  • Mag Silver Corp. disclosed that its JV partner (Fresnillo PLC) in the Valdecañas project in Zacatecas is considering to increase the planned processing plant capacity from 2,650 tonnes per day (tpd) to 4,000 tpd, reflecting the latest drill intercepts in the deeper zone. Permitting on the new design has already commenced, and formal approval by Frenillo’s Board is to come on the next three to four months. A 20,000 meters drill program for 2017 has still to be approved by the JV Technical Committee.
  • Mexus Gold US. has completed the testing of the leach circuit. Testing and calibration of chemical treatment equipment is underway before the leaching process begins.
  • Sierra Metals Inc. delivered drilling results from La Sidra vein and Bolivar West, at its Bolivar mine site in Chihuahua. At La Sidra Ag-Au mineralization currently extends over 500 m in length and 300 m in depth, and is open along strike and depth, while at Bolivar drilling proceeds at the skarn ore area and geophysics targets. At La Sidra, drill length intercepts include 3.75 m @ 0.7 g/t Au, 717 g/t Ag, 0.4% Pb, 1.3% Zn; 9.75 m @ 4.0 g/t Au, 390 g/t Ag, 1.9% Pb, 5.0% Zn; 5.7 m @ 1.8 g/t Au, 91 g/t Ag, 0.7% Pb, 1.8% Zn; 1.75 m @ 3.9 g/t Au, 537 g/t Ag, 1.2% Pb, 1.7% Zn. At Bolivar intercepts include 9.15 m @ 69 g/t Ag, 2.3% Cu, 2% Zn; 7.35 m @ 42 g/t Ag, 1.3% Cu, 1.4% Zn; 12.6 m @ 133 g/t Ag, 1.4% Cu, 0.7% Zn; 6.0 m @ 1.4 g/t Au, 42 g/t Ag, 1.4% Cu.

ON DEALS AND CORPORATE ISSUES

  • Avino Silver & Golod Mines Ltd. announced the death of founder and CEO for more than 30 years, Louis Wolfin, at the age of 85. Mister Wolfin founded Avino in 1968, and the Avino mine went into production in 1974. Avino Silver Gold Mines Ltd. was one of the first Canadian companies to invest in the mining industry in Mexico, more than 20 years before the opening of the industry for full foreign investment in the country.
  • Radius Gold Inc. reached an agreement for the sale of its Tlacolula property in Oaxaca to Fortuna Silver Mines Inc. As an amendment to a previous contract, Fortuna acquires 100% interest in the property by issuing Radius 250 K shares of Fortuna and granting a 2% NSR royalty. Fortuna will retain the right to purchase 1% of the royalty by paying Radius US$1.5 M.
  • Santacruz Silver Mining Ltd. completed the amended agreement with Hochschild by issuing 13.4 M shares of the company, in consideration for the restructuring of the payment there-under.
  • Colibri Resource Corp. announced trading in its shares remains halted pending filing and review of documentation by Investment Industry Regulatory Organization of Canada, regarding the acquisition of Canadian Gold Resources.

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, Cerro Lanza in Chiapas, a Tertiary volcanic neck poking through Mesozoic sedimentary rocks. Photo by Jorge Cirett.

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Highlights on the First Week of March, 2017. Mineral Exploration in Mexico

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During the 9th week of the year (February 27th to March 5th, 2017), on the eve of PDAC, at least 39 press releases were announced by companies working in Mexico, the greatest weekly figure on the year. ON EXPLORATION, Arian Silver presented results from exploration in Zacatecas, Sierra Metals announced high grade results from a brownfield area in Chihuahua, Source Exploration commenced a drill program in Veracruz, San Marco Resources and Silver One announced soil sampling results from properties in Sonora and Nayarit, and Kootenay Silver announced exploration work in 2017 by partner in Sonora. ON MINING, Primero Mining informed reduction of operations in Durango; Autlan informed on its mine in Sonora, Gold Resource, Golden Minerals and Great Panther presented financial, operational and or production results for 2016. ON FINANCING, Six companies announced financing rounds for $1.85 M, exercise of warrants for $717 K, a re-purchase of shares, a $150 M loan, a private placement for $50 M and the re-negotiation of terms on a loan. ON RESOURCES AND DEVELOPMENT, Fortuna Silver and Primero mining updated resources to 2016, Mexus Gold continues mine construction in Sonora, Marlin gold evaluates a pit layback in Sinaloa and Fortuna Silver signs a surface rights agreement in Durango.   ON DEALS AND CORPORATE ISSUES, Santacruz Silver and First Majestic signed an agreement on a property in Sonora, and Red Tiger informed it is in violation of a loan covenants.

ON MEXICO ISSUES

  • First Majestic Silver’s, El Pilon mine in San Martin de Bolaños, Jalisco, suffered a robbery, with 57 silver bars (25 Kg each) extracted and transported in company’s trucks. One of the vehicles was recovered nearby, with part of the bounty.

ON EXPLORATION

  • Arian Silver Corp. presented sample results from its La Africana project in Zacatecas. Assay results from 11 grab samples, of which seven are between 196 and 842 g/t Ag, and up to 4.9% Zn.
  • Sierra Metals Inc. announced high-grade silver intercepts in the Santa Rosa de Lima complex at its Cusi mine in Chihuahua. The 15,000 m program has an 80% advance to date (10,200 m). True width (TW) Intercepts include 3.2 m 332 g/t Ag; 2.5 m @ 200 g/t Ag; 1.5 m @ 292 g/t Ag; 1.5 m @ 1,152 g/t Ag; 3.1 m @ 1,037 g/t Ag, with up to 5.2% Pb and 3.5% Zn. The Santa Rosa de Lima complex has an anticipated extension of 12 km within Sierra Metals concessions; with mineralization located 100 m below the surface, and occasionally observed at the intersections of other veins. The drilling covers about one kilometer of the structure.
  • Source Exploration Corp. commenced a diamond drill program for the Las Minas copper-gold skarn project in Veracruz. An initial 2,000 – 3,000 metres infill and step out at the El Dorado – Juan Bran zone, with the aim of completing a maiden NI-43-10 resource estimate on early 2017. Further mapping, trenching and sampling will be carried out on the Pueblo Nuevo concession. Previous drilling has outlined a mineralized zone 420 m in width, 6.0 to 82 m in thickness, and extending more than 600 m in depth; the zone remains open on strike and down-dip.
  • San Marco Resources Inc. announced that soil sampling results from its Chunibas property in Sonora have confirmed a 600 x 800 m target. Drilling is expected to probe deeper and on-strike mineralized zones.
  • Kootenay Silver Inc. informed Pan American Silver Corp. is to proceed in 2017 with a US$2.0 M budget on La Negra property in Sonora, with 6,500 m of diamond drilling, geological mapping and reconnaissance work to define additional prospective targets proximal to La Negra within the Promontorio project.
  • Silver One Resource Inc. completed geochemical soil surveys at its Peñasco Quemado and La Frazada properties in Sonora and Nayarit respectively. At Peñasco Quemado a 3,000 m long, 300 m wide linear anomaly overlaps with the area of the current resource, with high manganese (0.17% – 1.1%) and barium (0.15% – 0.88%), and more localized zinc (400 – 3,500 ppm) and lead (135 – 800 ppm); a second anomaly 2,000 m long by 1,000 m wide is a new target. The survey consisted of 1,925 soil samples, XRF assayed, with 320 quality control samples sent for assaying to a US lab, with a very good correlation. At La Frazada the 222 soil samples were not that successful to highlight some of the veins, the reason forwarded being the probable leaching of metals in the subtropical environment.

 

ON MINING

  • Grupo Autlan announced its Lluvia de Oro property in Sonora has a mine life of 15 years, and that its cash flow increased with the operation of its first gold mine.
  • Primero Mining Corp. is reducing the complexity and scale of operations at its San Dimas mine in Durango, with significant decreases to the workforce.
  • Gold Resource Corp. presented 2016 production figures, having milled 450.2 K tonnes at a rate of 1,295 tonnes per day (tpd) and grade of 2.13 g/t Au, 139 g/t Ag, 0.29% Cu, 1.21% Pb, 3.78% Zn; with recoveries standing at 89% Au, 92% Ag, 78% Cu, 74% Pb, 84% Zn. Yearly production amounted to 27,628 Oz Au, 1.86 M Oz Ag, 1,035 tonnes Cu, 4,049 tonnes Pb, 14,302 tonnes Zn. The company is targeting 2017 annual production of 27,500 Oz Au, 1.85 M Oz Ag.
  • Golden Minerals Co. presented operational results for 2016, which include a profit on the lease of an oxide plant, granting the right to operate such plant until the end of 2018; obtained an additional $1.8 M in other operating income related to sales and farm-outs of non-strategic property and spent $3.7 M in exploration of the Santa Maria and Rodeo properties in Chihuahua and Durango respectively.
  • Great Panther Silver Ltd. reported fiscal year 2016 financial results. During the period 376.7 K tonnes were milled to produce 2.05 M Oz Ag, 22,238 Oz Au, at cash cost $10.35 per AgEq Oz and AISC $14.29. The company ended the year with $67 M in net working capital and no debt (Topia, Durango, Guanajuato mine complex, Guanajuato).

ON FINANCING

  • Impact Silver Corp. was ranked on the 2017 TSX Venture 50, among the top performers on the TSX Venture Exchange over the last year, when a 442% increase in share price was achieved, compared with the all-time low during the period.
  • Primero Mining Corp. entered into a binding term sheet with Sprott Resource Lending Partnership for a $75 M revolving credit three year term loan.
  • Leagold Mining Corp. announced the execution of a non-binding term sheet with Orion Resources Partners to provide the company US$20 M in cash through a senior secured loan facility in the principal amount of US$150 M and an equity private placement of US$50 M (Los Filos, Guerrero).
  • Marlin Gold Mining Ltd. announced its intention to purchase, from time to time, an aggregate of 2.48 M common shares in the capital of the company (La Trinidad, Sinaloa).
  • San Marco Resources Inc. announced the exercise of warrants for gross proceeds of $717 K during the period Nov 1st, 2016 to February 15th, 2017 (several properties, Sonora).
  • Source Exploration Corp. closed a non-brokered private placement for gross proceeds of $1.85 M (Las Minas, Veracruz)

ON RESOURCES AND DEVELOPMENT

  • Fortuna Silver Mines Inc. updated mineral reserves and resources to the last day of 2016. Figures on its San Jose mine in Oaxaca include proven and probable reserves of 5.0 M tonnes @ 249 g/t Ag, 1.72 g/t Au, for 40.2 M Oz Ag, 278 K Oz Au; measured and indicated resources of 2.86 M tonnes @ 84 g/t Ag, 0.42 g/t Au for 7.8 M Oz Ag, 39 K Oz Au; and inferred resources of 3.1 M tonnes @ 252 g/t Ag, 1.66 g/t Au for 25.1 M Oz Ag, 165 K Oz Au.
  • Mexus Gold US finished a 4.5 m lift on the leach pad at its Santa Elena mine in Sonora (do not mistake with First Majestic’s Santa Elena mine, also in Sonora). The leaching system started testing on the last week of February. The mining plan goal is to increase ore production to 10 K tons per day by the end of 2017.
  • Primero Mining Corp. updated mineral reserves and resources to December 31st, 2016, including figures for its San Dimas and Ventanas properties in Durango, and Cerro del Gallo in Guanajuato. At San Dimas proven and probable reserves stand at 4.0 M tonnes @ 4.0 g/t Au, 322 g/t Ag, for 517 K Oz Au, 41.2 M Oz Ag; the measured and indicated resources (which include reserves) stand at 5.0 M tonnes @ 5.0 g/t Au, 387 g/t Ag, for 832 K Oz Au, 61.9 M Oz Ag; and inferred resources of 7.2 M tonnes @ 3.7 g/t Au, 317 g/t Ag, for 860 K Oz Au, 73.4 M Oz Ag. Proven and probable reserves at Cerro del Gallo stand at 32.2 M tonnes @ 0.7 g/t Au, 15 g/t Ag, for 712 K Oz Au, 15.3 M Oz Ag; measured and indicated resources (exclusive of mineral reserves) of 47.9 M tonnes @ 0.6 g/t Au, 13 g/t Ag, with no inferred resources. Measured and Inferred resources at Ventanas stand at 0.2 M tonnes @ 2.5 g/t Au, 258 g/t Ag, for 12 K Oz Au, 1.3 M Oz Ag; inferred resources stand at 0.2 M tonnes @ 2.3 g/t Au, 412 g/t Ag.
  • Minera Alamos Inc. announced the completion of a surface rights agreement for its La Fortuna project in Durango. The completion of the agreement enables the company to submit the already prepared mining permit applications. The agreement covers a period of up to 25 years during which time the Company will be required to pay annual rental payments while operating activities are ongoing.
  • Marlin Gold Mining Ltd. reported assay results from the first set of holes in the north side of the pit wall at its La Trinidad mine in Sinaloa. Results include 6.5 m @ 2.59 g/t Au, 9.4 m @ 3.27 g/t Au and 10.2 m @ 2.68 g/t Au. A decision to proceed with a pit layback is pending further assays.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. signed an agreement to transfer its interest in the El Gachi property in Sonora to First Majestic Silver Corp. for total consideration of US$2.5 M plus tax. “The El Gachi Property comprises a 48,057 hectare land package located adjacent to First Majestic’s Santa Elena Mine…”.
  • Red Tiger Mining Inc. announced that it is currently in violation of certain loan covenants under its senior secured loan with Gerald Metals S.A., owing approximately $18.7 M under the loan agreement. Solvent extraction and electrowining continues from existing copper inventory on the leach pad of the Luz del Cobre mine in Soora, which ceased operations in December 2016.

 

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, broken surface on a boulder from a stream sediment survey in Chiapas, displaying a coarse grained quartz and oxidized sulfide veinlet stockwork in a porphyritic intrusive rock with phyllic alteration, the scale is in centimeters.

porphyry-with-strong-qtz-and-oxsulfide-stckwk

Highlights on the Third Week of February, 2017. Mineral Exploration in Mexico

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During the 7th week of the year (13th to 19th February, 2017) at least 21 press releases were announced by companies working in Mexico, including a financing round by one company. ON EXPLORATION, in Sonora, Riverside presented 2016 exploration results for an orogenic gold target, and Kootenay informed of drilling results by a partner on a silver property. In Zacatecas Goldcorp informed of exploration results and coming work on several targets and regional exploration. ON MINING, GoGold released financial results for the fourth quarter 2016, Pan American, Capstone, New Gold, Agnico Eagle and Goldpcorp presented 2016 results. Argonaut Gold and Agnico Eagle presented their three-year outlook on production. Primero Mining halted operations due to a strike.  ON FINANCING, One company reported the opening of a non-brokered private placement for 1.85 M. ON RESOURCES AND DEVELOPMENT, Torex Gold reported high grade drill intercepts at its Limon-Guajes mine; Mag silver released high grade results from drilling in the Valdecañas vein; Pan American Silver presented reserve and resource estimates for its operations in Zacatecas, Chihuahua and Sonora. Agnico Eagle present drilling results on a program aimed at increasing resources at its El Barqueño property in Jalisco; Peñoles is to invest US$1,100 M mainly in developing a mine in Guerrero and upgrading a zinc plant in Coahuila.   ON DEALS AND CORPORATE ISSUES, Firma Holdings and MX Gold closed a deal on a smelter in Durango.

ON EXPLORATION

  • Kootenay Silver Inc. announced high-grade silver intercepts from the drill program operated by Pan American Silver Corp. at its La Negra property in Sonora. Intercepts include 30.95 m @ 66 g/t Ag; 44.15 m @ 149 g/t Ag, including 9.15 m @ 449 g/t Ag; 8.7 m @ 352 g/t Ag; 32.15 m @ 237 g/t Ag; 14.4 m @ 98 g/t Ag; 28.55 m @ 145 g/t Ag, including 8.15 m @ 460 g/t Ag.
  • Riverside Resources Inc. reported progress on work funded by its partner Centerra Gold Inc. on the Glor project in Sonora. “The 2016 exploration programs included geological mapping at a 1:5,000 scale, a 37.7 line- kilometre induced polarization survey and a 136 line-kilometre ground magnetics survey.” More than 2,500 geochemical samples were collected, including rockchip, soil and channels on trenches. Results include a 2,200 m by 900 m soil anomaly, broadly coincident induced polarization anomalies, and trench sampling results like 9 m @ 0.42 g/t Au, 27 m @ 0.37 g/t Au and 12 m @ 0.50 g/t Au.
  • Goldcorp Inc. provided an exploration update, including work in Mexico, where three projects accrued almost 14,000 m of drilling on the fourth quarter 2016. At La Palma target (adjacent to the boundary of the final Peñasquito pit) 8,203 m were drilled on 17 holes, with some mineralization intersected. At Saltillito (80 km E from Peñasquito), 1,964 m of drilling in four holes failed to intersect economic mineralization. At Los Lobos, 50 km south from Peñasquito, reconnaissance work is to start on the first quarter 2017. Regional exploration has started on a 50 x 30 km block in the Peñasquito region, and targets are expected to be generated.

ON MINING

  • GoGold Resources Inc. released financial results for the fourth quarter 2016, with $6.9 M revenue from the sale of 413, 941 AgEq ounces, at cash cost $6.70 per AgEq ounce. During the quarter 4,249 Oz Au and 102,371 Oz Ag were produced, for a total of 403,545 Oz AgEq. The Parral tailings project in Chihuahua produced 1,539 Oz Au and 91,022 Oz Ag, while at Santa Gertrudis in Sonora 2,710 Oz Au and 11,349 Oz Ag were produced.
  • Pan American Silver Corp. presented unaudited results for 2016, including figures from its Mexican operations. At La Colorada in Zacatecas, 5.80 M Oz Ag and 2.93 K Oz Au were produced at cash cost $6.15; at Dolores in Chihuahua, production was 3.84 M Oz Ag, 102.76 K Oz Au; at Alamo Dorado in Sonora, 1.86 M Oz Ag, 8.38 K Oz Au were produced. Lead zinc and copper production was not reported by mining unit. Development and mining investments are expected to result in significant production increments in Dolores and La Colorada for 2017.
  • Capstone Mining Corp. presented its financial results for 2016, including production figures for its Mexican operation. At Cozamin in Zacatecas, 14,307 tonnes of copper were produced during 2016 at a cash cost of $1.48 per Lb Cu and all-in cost of $1.88 per Lb Cu. Lower production was a result of a mine development shortfall on the first half of the year, with mine development increasing on the second half.
  • New Gold Inc. presented its 2016 financial results, including figures from its Cerro San Pedro mine in San Luis Potosi. For Cerro San Pedro the 2017 guidance is to produce (from stockpiles, mining has ceased) 35 – 45 K Oz Au at cash cost $1,080 – $1,120 and AISC $1,090 – $1,130. The company had 135.7 M in cash and 50.2 M in short term money market instruments at the end of 2016.
  • Goldcorp Inc. reported full year 2016 results, including figures from its operations in Mexico. At Peñasquito 183 K Oz Au were produced during the fourth quarter 2016. During 2017 gold production is expected to total 410 K Oz, at an AISC of $825 per ounce. The pyrite leach project is to treat Zn tailings and is expected to add 110 to 140 K Oz Au and 4-6 M Oz Ag annually, with production starting on 2019.
  • Argonaut Gold Inc. provided three-year production outlook and updated mineral reserves and resources. First gold production at San Agustin is expected during the third quarter 2017, with the project expected to produce an average of 80 K AuEq Oz per year at cash cost of $650 per gold ounce.

argonaut-gold-reserves-and-resources-20161 argonaut-3-year-outlook11

  • Agnico Eagle Mines Ltd. reported results for 2016 and production estimates for the next few years, including figures from its operations in Mexico. The Exploration budget for Mexico is $26.8 M, with 119,000 m of drilling, of which 65,000 m are in the mine areas and the rest in exploration projects. At Pinos Altos 2.26 M tonnes of ore were processed in 2016 at 6,175 tonnes per day (tpd) grading 2.78 g/t Au to produce 192,772 Oz Au. At the Creston Mascota satellite operation 2.1 M tonnes of ore were processed (5,790 tpd) at a grade of 1.12 g/t Au, to produce 47,296 Oz Au. At La India 5.84 M tonnes of ore were processed (15,948 tpd) @ 0.81 g/t Au, to produce 115,162 Oz Au.agnico-eagle-reserves-and-resources-20161agnico-3-year-outlook11
  • Primero Mining Corp. halted production at its San Dimas mine in Durango due to unionized workers initiating a strike action. “Primero’s key focus in these negotiations has been to better align the short-term bonus structure with overall mine-site performance and profitability, and to move the labour force onto a more continuous shift cycle to improve productivity.”

ON FINANCING

  • Source Exploration Corp. arranged a non-brokered private placement for gross proceeds of $1.85 M, to replace the second tranche of the previously announced non-brokered private placement.

ON RESOURCES AND DEVELOPMENT.

  • Torex Gold Resources Inc. released results from the first round of its step out drilling program for its Sub-Sill target at its Limon-Guajes operations in Guerrero. High grade intercepts (core length) in skarn mineralization include: 2.9 m @ 33.7 g/t Au, 0.3% Cu; 7.4 m @ 23.0 g/t Au, 1.2% Cu; 16 m @ 19.4 g/t Au, 1.0% Cu; 4.1 m @ 23.2 g/t Au, 1.2% Cu; 15.5 m @ 14.9 g/t Au, nil Cu; 5.8 m @ 23.9 g/t Au, 0.1% Cu; 3.9 m @ 112.7 g/t Au, 1.3% Cu; 10.6 m @ 9.1 g/t Au, 3.4% Cu. The 34 hole, 7,727 meter program tested an area roughly 350 m by 150 m, with the system remaining open in several directions. “Gold occurs in low and high sulfidized pyrrhotite rich skarns, while silver and copper mineralization is primarily determined by the degree of sulfidation of the host skarn. Mineralization is strongly associated with a late stage retrograde alteration characterized by amphiboles, chlorite, calcite ± quartz ± epidote, affecting pyroxene-garnet marble related exoskarn and granodiorite porphyry related endoskarn. Locally mineralization occurs in narrow lenses of massive sulfides.”
  • Mag Silver Corp. reported results for 13 exploration and infill holes that extend the high-grade mineralization on the Deep Zones of the Valdecañas vein system on their Minera Juanicipio JV with Fresnillo PLC in Zacatecas. The Deep Zone West has now been traced over 550 m, with vein widths from 11.4 m to 26.5 m and a minimum vertical height of 200 m. The Deep Zone East is continuous over 750 m, 5.6 m to 29.9 m in width, with up to 300 m of vertical extent. Underground development and mining infrastructure continue to be progressed, the ramp reached the uppermost part of the Valdecañas vein in December 2016 and footwall development has commenced.Drill highlights, Feb 20171.jpg

 

  • Golden Minerals Co. presented a preliminary economic assessment (PEA) for its Santa Maria project in Chihuahua. Indicated resources stand at 180 K tonnes @ 304 g/t Ag, 1.4 g/t Au and 160 K tonnes of inferred resources @ 321 g/t Ag, 0.9 g/t Au. Life of mine (LOM) of 3.2 years, for production of 2.1 M Oz Ag, 7.2K Oz Au at cash cost $12 per silver ounce (net of Au credits).
  • Pan American Silver Corp. reported reserves and mineral resources as of the end of 2016, which includes figures on its La Colorada mine in Zacatecas, Dolores mine in Chihuahua and La Bolsa project in Sonora.pan-american-silver-reserves-and-resources1
  • Telson Resources Inc. completed an agreement for the acquisition of a sulfide flotation mineral processing facility for CDN$1.3 M, 50% to be paid immediately and the balance when the plant is transported. “Equipment purchased is estimated to make up approximately 80% of the total milling equipment required to construct a fully functioning mill facility at Tahuehueto.”
  • Agnico Eagle Mines Ltd. presented advances on its exploration program at El Barqueño, Jalisco. During 2016 40 holes were drilled in the Olmeca area, in the Socorro and Mortero veins. The Socorro vein has been defined for 1.6 km, and remains open. Results include 5.2 m (true width) @ 19.1 g/t Au, 14 g/t Ag; 4.3 m @ 2.8 g/t Au; 12.1 m @ 7.0 g/t Au, 5 g/t Ag; 6.9 m @ 7.3 g/t Au. The Mortero vein has been delineated for 300 m in length and 300 m in depth, and remains open in all directions. At the Mortero vein results include 39.6 m @ 51 g/t Ag; 41 m @ 73 g/t Ag; 16.4 m @ 1,111 g/t Ag . “Approximately 45,000 metres of additional drilling is expected to be completed by the end of 2017 at the El Barqueno project, principally at the Socorro, Mortero, Tierra Blanca, Cuauhtémoc, Peña de Oro, Peña Blanca, San Diego, and El Rayo prospects and in the Tecolote-Tortuga areas, within the south area of the El Barqueno project. Exploration expenditures in 2017 are expected to total approximately $16.8 million”.
  • Industrias Peñoles is to invest US$1,100 M in Mexico. The Rey de Plata mine (Au-Ag-Cu-Pb-Zn) in Guerrero is in construction, and production is expected by the end of 2017 at a rate of 4,500 tonnes per day; the price tag is estimated at $450 M. The zinc processing plant in Torreon, Coahuila, is also being upgraded to produce 50% more than the current output by early 2018.

ON DEALS AND CORPORATE ISSUES

  • Firma Holdings Corp. which has a JV with MX Gold Corp. regarding its Durango Smelter Project, has now completed the purchase of 100% interest in Inversiones Durango San Luis, S.A. de C.V.. “The acquisition includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day (TPD). The smelter was built to receive and process high-grade direct ship ores and concentrates from small-scale miners…”.
  • MX Gold Corp. entered into a binding option agreement with American Metal Mining S.A. de C.V. whereby, upon certain scheduled payments totaling US$1.525 M, will acquire 50% of the shares of a private Mexican corporation that holds the IDS project, which includes a past producing gold smelter in Durango.

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, breccia-vein float in central Chihuahua, displaying quartz vein and minor volcanic rock fragments in a silicified reddish matrix.

Gold Resource Corporation Reports 2015 $3.1M Net Income and Five Consecutive Years of Profitability; Provides 2016 Production Outlook

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1486-nysemkt/goro/17421-gold-resource-corporation-reports-2015-3-1m-net-income-and-five-consecutive-years-of-profitability-provides-2016-production-outlook.html#.VuBeZ-TrvIU

COLORADO SPRINGS, CO–(Marketwired – Mar 9, 2016) – Gold Resource Corporation (NYSE MKT: GORO) (the “Company”) today announced it remained profitable during the precious metal bear market of 2015 reporting $3.1 million in net income and its fifth consecutive year of profitability. The Company also confirmed its previously announced 2015 annual mill production of 29,644 gold ounces and 2,506,337 silver ounces for 63,963 precious metal gold equivalent ounces (at a realized 73.1:1 silver-to-gold ratio). The Company announced its 2016 precious metal Outlook targeting a plus or minus 5 percent production range consisting of 26,000 ounces gold and 1.9 million ounces silver. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned $108 million to shareholders in monthly dividends since commercial production began July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.