Blog posts

During the 26^th week of the year (June24^th to June 30^th, 2024), companies working in Mexico posted at least 30 press releases. Three companies informed on exploration advances on their properties, while one other informed a second rig has been added to its drilling program. A company announced a new non-brokered private placement, one other cancelled the previously announced non-brokered private placement, one more granted stock options, an additional one began trading on the Lima stock Exchange and one other settled on shares for debt. Five companies released drilling results from their advanced properties, and one more on an underground bulk sampling program. One company announced the termination of the share purchase agreement to acquire another company. One other company is to resume trading, five more held their AGMs, three companies (yes, three) informed on arbitration processes against Mexico, one company announced an appointment, and one more announced the authorization by shareholders to proceed on the acquisition of the company by another enterprise. ON MEXICO ISSUES, three companies informed on arbitration processes against Mexico: Almadex Minerals, Almaden Minerals and Ganfeng Lithium. They are engrossing the ranks of mining/exploration companies seeking compensation for their failing investments in Mexico due to government action/inaction. Other companies in this position include Odyssey Marine Exploration, Vulcan Materials and Silver Bull Resources. ON EXPLORATION, In Sonora, Minaurum Gold is to complete a technical report on its Alamos project. In Chihuahua, Radius Gold announced the commencement of drilling at Plata Verde, Chihuahua, by its partner Fresnillo plc; Quetzal Copper mobilized field and drill crews to Cristina, in Chihuahua. Prismo Metals is to mobilize its drilling crew to Palos Verdes, in Sinaloa. ON MINING, Kootenay Silver added a second rig to the drill program at Columba, in Chihuahua. ON FINANCING, Quetzal Copper cancelled a $2 M financing. Vizsla Royalties announced a financing round of up to C$3.7 M. Bear Creek Mining granted stock options. Sierra Metals began trading on the Lima stock exchange. Silver Wolf completed a shares for debt transaction for 3.36 M shares. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining (La Parrilla, Durango), Prime Mining (Los Reyes, Sinaloa), Orla Mining (Camino Rojo Sulphide Extension, Zacatecas), Vizsla Silver (Panuco, Sinaloa) and Torex Gold (El Limón, Guerrero) presented drilling results from their advanced/brownfield projects. GRSilver Mining presented bulk sampling test mining results from its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, GRSilver Mining announced the termination of the agreement to acquire Marlin Gold Mining, later on the week GRSilver and another Canadian company signed an agreement on the acquisition of all the shares of Marlin Gold held by GRSilver. Quetzal Copper has resumed trading on the TSX. Ganfeng Lithium, Almaden Minerals and Almadex Minerals presented arbitration claims against Mexico. Americas Gold and Silver, Almaden Minerals, Torex Gold, Sierra Metals and Aztec Minerals held their respective AGM’s. Vortex Metals announced the appointment of Paul Fürst to its board of directors. Argonaut Gold’s shareholders approved the acquisition of the company by Alamos Gold. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

• Three companies presented arbitration claims against Mexico during the week, with Ganfeng Lithium, Almaden Minerals, Almadex Minerals adding to the list of companies seeking compensation for their failing businesses in Mexico due to government action/inaction. This is the result of policies directed by the incumbent of the current federal government, with or without legal support. The mining industry is waiting to see the true colors of the elected president Claudia Sheinbaum once she assumes the presidency.

ON EXPLORATION

• Minaurum Gold Inc. engaged Independent Mining Consultants Inc. to complete an initial mineral resource estimate at its Alamos silver project in Sonora. “The NI 43-101 compliant Mineral Resource Estimate will initially focus on the Europa and Promontorio silver veins. An IMC qualified person (QP) will be on site and commence work in July 2024.”
• Radius Gold Inc. announced the commencement of drilling at its Plata Verde project in Chihuahua, in partnership with Fresnillo plc. The planned program comprises 2,000 m of drilling targeting bulk minable, underground silver resources at the historic Plata Verde mines. “Silver mineralization occurs as massive to crustiform banded barite calcite and quartz with silver chlorides, sulphosalt minerals and native silver infilling and cementing fractures and breccia within a basaltic/andesite extrusive volcanic. The basaltic/andesite host occurs at the base of the Upper Rhyolitic Volcanics of the Northern Sierra Madre”.
• Quetzal Copper Corp. mobilized field and drill crews to site at the Cristinas project in Chihuahua. The 1,500 to 3,000 m program focus is to step down-dip from high-grade copper intercepts on the 2014 drill program. Also, two conductors identified in the 2022 electro-magnetic geophysical survey (EM) will be targeted. The company plans to do a follow up downhole EM survey after drilling, to obtain more detailed data on the extent and geometry of the Coatl vein and a hanging wall conductor.

ON MINING

• Kootenay Silver Inc. announced a second rig has been added to the drill program underway at its Columba project in Chihuahua. Current drilling is focused on extending the limits of the “D-Vein” and the second rig is to test the southeast extensions of the “B-Vein” and the “B2-Vein”, prioritizing where these trends intersect. “Prospective veins on the project are hosted within a volcanic caldera setting, the surface extent of mapped veins measuring roughly 4 kilometres by 3 kilometres. Management believes that Columba may be a newly recognized vein district that is nearly entirely preserved from erosion.”

ON FINANCING

• Quetzal Copper Corp. cancelled the previously announced $2 M non-brokered private placement (Cuatro Hermanos, Sonora).
• Bear Creek Mining Corp. granted to certain directors, officers and employees of Bear Creek a cumulative total of 1.36 M stock options and a cumulative of 1.62 M restricted share units (Mercedes, Sonora).
• Vizsla Royalties Corp. announced a non-brokered private placement for gross proceeds of up to C$3.7 M (NSR on Panuco, Sinaloa).
• Sierra Metals Inc. informed its shares began trading on June 28, 2024, on the Bolsa de Valores de Lima (Bolivar, Chihuahua).
• Silver Wolf Exploration Ltd. announced the completion of the shares for debt transaction with two of its principal creditors, Oniva International Services Corp., a private company controlled by the company’s CEO, which provides administrative services, and Avino Silver & Gold Mines Ltd. Silver Wolf has issued 1.07 M common shares to Oniva and 2.29 M common shares to Avino. As result, Oniva and CEO David Wolfin now hold approximately 24.70% of the total issued and outstanding shares of Silver Wolf (Ana María, Durango).

ON RESOURCES AND DEVELOPMENT

• Silver Storm Mining Ltd. announced further diamond drill results from the San Marcos area at the La Parrilla mine complex in Durango. Highlighted core length results comprise 3.50 m @ 147 gpt Ag, 0.07 gpt Au, 0.4% Pb, 0.3% Zn; 1.00 m @ 369 gpt Ag, 0.02 gpt Au, 0.1% Pb, 0.4% Zn; 19.03 m @ 183 gpt Ag, 0.60 gpt Au, 0.4% Pb, 0.2% Zn (including 2.63 m @ 142 gpt Ag, 2.45 gpt Au, 0.5% Pb, 0.5% Zn and 5.14 m @ 449 gpt Ag, 0.37 gpt Au, 0.7% Pb, 0.2% Zn); 2.13 m @ 370 gpt Ag, 0.24 gpt Au, 1.1% Pb, 0.2% Zn; 11.75 m @ 210 gpt Ag, 0.65 gpt Au, 1.7% Pb, 0.4% Zn (including 2.00 m @ 374 gpt Ag, 0.83 gpt Au, 4.3% Pb, 0.5% Zn); 0.49 m @ 489 gpt Ag, 0.16 gpt Au, 1.4% Pb, 3.8% Zn; 1.00 m @ 204 gpt Ag; 3.25 m @ 125 gpt Ag, 0.38 gpt Au, 0.9% Pb, 0.4% Zn; 1.00 m @ 392 gpt Ag, 0.14 gpt Au, 1.1% Pb, 0.2% Zn. “The San Marcos Zone is comprised of quartz-carbonate vein mineralization ….. hosted within a fault zone marking the eastern contact of the granodiorite stock. It has a known strike length of 650 m with mineralization extending vertically for 450, and a thickness of up to 17 m”. Current results extend mineralization 100 m below the deepest workings on the San Marcos area.
• Prime Mining Corp. reported expansion drilling results from 15 holes on the Z-T area of its Los Reyes project in Sinaloa. Highlighted true width results comprise 2.9 m @ 6.64 gpt Au, 22 gpt Ag (including 1.0 m @ 18.90 gpt Au, 20 gpt Ag); 1.0 m @ 1.33 gpt Au, 5 gpt Ag; 14.2 m @ 1.00 gpt Au, 40 gpt Ag (including 2.4 m @ 2.60 gpt Au, 134 gpt Ag); 4.0 m @ 1.11 gpt Au, 16 gpt Ag; 7.9 m @ 0.46 gpt Au, 27 gpt Ag; 10.7 m @ 1.21 gpt Au, 20 gpt Ag (including 0.8 m @ 6.80 gpt Au, 37 gpt Ag). These results confirm mineralization continues 425 m downdip from the current programmed pit bottom and 275 m along strike.
• Orla Mining Ltd. updated on exploration activities from the first half of 2024 at the Camino Rojo Sulphide Extension project in Zacatecas. Included are the results of 13,500 m of drilling in 19 holes, as part of the 30,000 m drill program for 2024. Metallurgical testing on core from the drill program showed 86% Au recovery on bottle roll test, 84% Au on rougher flotation, while open-circuit Zn cleaner tests returned 94% Zn recoveries. Highlighted core length intervals comprise 15.0 m @ 2.40 gpt Au, 9 gpt Ag, 0.4% Zn; 9.75 m @ 3.49 gpt Au, 8 gpt Ag, 1.1% Zn (including 1.50 m @ 16.6 gpt Au, 31 gpt Ag, 5.6% Zn); 13.5 m @ 2.38 gpt Au, 12 gpt Ag, 0.8% Zn (including 1.00 m @ 13.1 gpt Au, 11 gpt Ag, 0.2% Zn, 0.11% Cu); 23.4 m @ 1.86 gpt Au, 15 gpt Ag, 0.28% Cu; 7.25 m @ 3.67 gpt Au, 4 gpt Ag, 6.9% Zn; 0.85 m @ 45.4 gpt Au, 55 gpt Ag, 0.9% Zn, 0.9% Pb; 17.2 m @ 3.25 gpt Au, 9 gpt Ag, 0.1% Zn, 0.16% Cu; 15.0 m @ 4.57 gpt Au, 19 gpt Ag, 2.6% Zn (including 0.75 m @ 51.1 gpt Au, 44 gpt Ag, 8.1% Zn, 0.16% Cu); 12.4 m @ 3.15 gpt Au, 5 gpt Ag, 0.2% Zn (including 0.60 m @ 50.0 gpt Au, 3 gpt Ag); 6.60 m @ 6.72 gpt Au, 8 gpt Ag, 0.8% Zn (including 0.45 m @ 78.6 gpt Au, 51 gpt Ag, 8.2% Zn, 0.10% Cu. “The drill results indicate potential expansion of the Camino Rojo Sulphide resource at depth, extending beyond the current mineral resource down plunge by 500 metres and down dip by 300 metres. This high-grade polymetallic (Au-Ag-Zn) semi-massive to massive replacement style mineralization remains open at depth.”
• Vizsla Silver Corp. reported infill drilling results from five core holes on the Copala resource area at its Panuco project in Sinaloa. Mineralization has been traced for 1,770 m along strike and 400 m down dip on the Copala structure, which holds 83.3 M Oz AgEq in indicated resources at 573 gpt AgEq and inferred resources of 48.3 M Oz AgEq at 476 gpt AgEq. “The infill holes reported herein are part of an ongoing ~10,000 program (~35 holes), planned to convert near surface Indicated Mineral Resources in the central portion of main Copala into the Measured Resource category.” Highlighted true width intercepts comprise 20 m @ 103.20 gpt Au, 1,694 gpt Ag (including 0.64 m @ 663.00 gpt Au, 9,920 gpt Ag); 3.10 m @ 3.33 gpt Au, 682 gpt Ag; 10.90 m @ 2.80 gpt Au, 762 gpt Ag (including 1.47 m @ 13.58 gpt Au, 3,805 gpt Ag); 10.50 m @ 5.27 gpt Au, 804 gpt Ag (including 1,47 m @ 24.87 gpt Au, 3,437 gpt Ag).
• GRSilver Mining Ltd. announced that it has advanced underground development and bulk sampling test mining at the San Juan area of its Plomosas project in Sinaloa. To date 280 m of underground development have been completed, 15,170 tonnes of test material processed, resulting on 235 tonnes of Ag-Au-Pb concentrate produced with 60-75% Au, 84-92% Ag recoveries. Channel sample results from the San Juan bulk sampling area returned 1.3 m @ 0.29 gpt Au, 160 gpt Ag, 0.4% Pb, 0.4% Zn; 0.7 m @ 0.50 gpt Au, 499 gpt Ag, 1.1% Pb, 1.4% Zn; 0.5 m @ 0.29 gpt Au, 338 gpt Ag, 0.7% Pb, 0.7% Zn; 1.0 m @ 0.33 gpt Au, 1,095 gpt Ag, 1.12% Pb, 3.2% Zn; 2.0 m @ 0.33 gpt Au, 133 gpt Ag, 0.1% Pb, 0.2% Zn; 1.0 m @ 0.10 gpt Au, 372 gpt Ag, 0.5% Pb, 2.3% Zn; 1.0 m @ 1.69 gpt Au, 927 gpt Ag, 6.3% Pb, 5.6% Zn; 1.0 m @ 0.74 gpt Au, 768 gpt Ag, 2.3% Pb, 2.2% Zn; 1.2 m @ 0.98 gpt Au, 465 gpt Ag, 8.1% Pb, 10.4% Zn; 1.5 m @ 0.96 gpt Au, 160 gpt Ag, 1.2% Pb, 5.5% Zn; 2.5 m @ 14.13 gpt Au, 1,624 gpt Ag, 0.2% Zn.
• Torex Gold Resources Inc. released assay results from the ongoing drill program at El Limón Guajes Underground project at its Morelos Complex in Guerrero. The results are part of the expansion drilling at the El Limón Sur, El Limón Deep and Subsill trends “demonstrating the potential to grow mineral resources, extend high-grade mineralization, and support extending the reserve life of ELG Underground beyond 2028.” Highlighted core length results comprise 7.68 m @ 9.61 gpt Au, 12 gpt Ag, 0.31% Cu; 3.12 m @ 5.89 gpt Au, 51 gpt Ag, 2.58% Cu; 15.71 m @ 2.30 gpt Au, 61 gpt Ag, 2.16% Cu; 12.15 m @ 2.81 gpt Au, 56 gpt Ag, 2.28% Cu; 17.95 m @ 7.42 gpt Au, 2 gpt Ag at El Limón Sur Trend, 5.43 m @ 12.02 gpt Au, 24 gpt Ag, 1.22% Cu; 15.25 m @ 6.74 gpt Au, 34 gpt Ag, 2.48% Cu; 4.19 m @ 3.01 gpt Au, 4 gpt Ag, 0.27% Cu; 3.80 m @ 4.76 gpt Au, 6 gpt Ag, 0.36% Cu; 2.89 m @ 4.48 gpt Au, 5 gpt Ag; 5.28 m @ 5.67 gpt Au, 9 gpt Ag 0.19% Cu at El Limón Deep Trend and 5.00 m @ 11.75 gpt Au, 3 gpt Ag; 8.52 m @ 19.79 gpt Au, 2 gpt Ag; 3.09 m @ 4.04 gpt Au, 6 gpt Ag, 0.22% Cu at the Subsill Trend.

ON DEALS AND CORPORATE ISSUES

• GRSilver Mining Ltd. announced on June 24, 2024 the termination of the share purchase agreement to acquire Marlin Gold Mining Ltd., as the closing was not completed by the closing deadline. GR Silver is to focus on resource growth and potential development of the Plomosas project in Sinaloa, “including the San Marcial, Plomosas Mine, and San Juan Areas. The Company retains its interest in a total of 734 km2 of concessions in the prolific Rosario District in Sinaloa, Mexico, including the former La Trinidad oxide gold mine”. Later on the week, the company and a private, arm´s length Canadian company active in Mexico (“PrivateCo”) informed the signing of a definitive and binding share purchase agreement under which PrivateCo will acquire 100% of the issued and outstanding shares of Marlin Gold Mining Ltd. from GRSilver Mining. Accordingly, GRSilver Mining will transfer to PrivateCo all existing assets, rights, covenants, indemnities and obligations to PrivateCo, in consideration for which GRSilver Mining will receive 0.5% NSR royalty and a 10-year first right of refusal on any disposition of other concessions by PrivateCo.
• Quetzal Copper Corp. will resume trading at the TSX on June 26, 2024 (Cuatro Hermanos, Sonora).
• Ganfeng Lithium Group. presented an arbitration claim against the Mexican government on the cancellation of nine key mining concessions at its Sonora Lithium project in Sonora.
• Americas Gold and Silver Corp. held its annual general meeting (AGM) on June 25, 2024 (Cosalá, Sinaloa).
• Almaden Minerals Ltd. held its annual general meeting (AGM) on June 26, 2024 (Ixtaca, Puebla).
• Torex Gold Resources Inc. held its annual general meeting (AGM) on June 26, 2024 (Morelos Complex, Guerrero).
• Almadex Minerals Ltd. provided an update on the international arbitration proceedings against Mexico under the comprehensive and progressive Agreement for Trans-Pacific partnership (CPTPP). Almadex Minerals and Almaden Minerals (and subsidiaries) have entered into a litigation management agreement to streamline the management of the arbitration proceedings. “Almaden will bear the up-front costs of the arbitration and provide overall direction to the arbitration process for itself and its subsidiaries, as well as Almadex and its subsidiaries, with certain limitations. Almadex will remain a party to the arbitration and continue in its cooperation and support of the process …. Almadex also reports that it has agreed with Almaden to extend the maturity of the gold loan (see press release of May 14, 2019) from March 31, 2026 to the earlier of March 31, 2030 or the receipt by Almaden or its subsidiary of any amount relating to its legal claims against Mexico” (NSR on Ixtaca, Puebla).
• Almaden Minerals Ltd. confirmed non-recourse litigation funding in the amount of up to US$9.5 M to pursue its international arbitration proceedings against Mexico under the comprehensive and progressive Agreement for Trans-Pacific partnership (CPTPP). Almaden signed a litigation funding agreement with a leading legal finance provider. “The facility is available for immediate draw down for Almaden to pursue damages against Mexico under the CPTPP resulting from Mexico’s actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s investments in Mexico.” Almaden entered into litigation management agreement with Almadex Minerals Ltd. to streamline the management of the arbitration proceedings.
• Vortex Metals Inc. announced the appointment of “Banco de Chile Director and distinguished businessman Mr. Paul Fürst to its Board of Directors. Mr. Fürst is also a principal in Windows Minerals, Vortex Metals Optionor on the Chilean Illapel Copper Project.” (Riqueza Marina, Oaxaca).
• Sierra Metals Inc. held its annual general meeting (AGM) on June 25, 2024. Miguel Aramburu was appointed as chair of the board of directors of the company. On a further press release was announced the appointment of Jean Pierre Fort to the position of Chief Financial Officer and the retirement from the company of the previous CFO Jose Fernandez-Baca (Bolivar, Chihuahua).
• Aztec Minerals Corp. announced that all matters submitted to shareholders were approved the majority of votes cast at the annual general and special meeting of shareholders held on June 26, 2024 (Cervantes, Sonora).
• Argonaut Gold Inc. announced that shareholders approved a special resolution authorizing a plan of arrangement pursuant to which Alamos Gold Inc. will acquire all of the issued and outstanding common shares of Argonaut at the annual general meeting held on June 28, 2024 (La Colorada, Sonora).

ON SOCIAL RESPONSIBILITY

• No Relevant News.

On the image below: Quartz veinlet with chloritization halo in mafic intrusive rock HQ core from a project in the Sonoran Desert. Picture by Jorge Cirett