During the 41st week of the year (October 10th to October 16th, 2022), 15 companies working in Mexico released news on their properties. Three companies posted exploration advances on their projects, six companies released Q3 2022 results, one company is to undertake a private placement and one more expanded on the maturity extension of convertible debentures and three companies released drilling results from their advanced properties. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Regency Silver released drilling results from the Dios Padre property, including great results from a hole testing a geophysical anomaly 500 m from the historic resource. Prismo Metals updated on the drilling program and sampling protocol at Palos Verdes. In Durango, Silver Wolf updated on exploration at its Ana Maria project. ON MINING, Endeavour Silver, Torex Gold, GoGold Resources, Orla Mining, Gatos Silver and Gold Resource released Q3 2022 production results. ON FINANCING, Sonoro Resource is to undertake a financing round for C$525 K. Barksdale Resources extended the maturity date of convertible debentures with a remaining principal amount of $1.5 M. ON RESOURCES AND DEVELOPMENT, Avino Silver and Gold Mines released drilling results from its Avino mine in Durango. Prime Mining provided drilling results from Los Reyes property, in Sinaloa. Vizsla Silver reported drilling results from the southern part of the Napoleon vein at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, no relevant news. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
- No Relevant News.
ON EXPLORATION
- Prismo Metals Inc. updated on the drill program at its Palos Verdes project in Sinaloa. A total of 1,062 m have been drilled of the planned minimum 2,000 m. Three holes have been completed and one is in progress testing the Palos Verdes vein and a structural intersection. By analyzing Vizsla’s Silver recent drill data on the adjacent Panuco project, a new sampling protocol has been implemented, including wallrocks with quartz veining. Several long intervals of the past drilling campaign will be also sent to the lab.
- Regency Silver Corp. released results from the first 12 holes at its Dios Padre property in Sonora. The highlighted core length interval of the first hole, on a geophysical anomaly 500 m north of the historic resource comprise 53.8 m @ 4.7 gpt Au (including 35.8 m @ 6.84 gpt Au, 22 gpt Ag, 0.88% Cu and 9.8 m @ 13.97 gpt Au, 50 gpt Ag, 1.11% Cu) starting at 420 m depth. Au-Cu-Ag mineralization in this hole is largely breccia hosted, with pyrite and chalcopyrite forming the breccia matrix. “The core of the mineralized zone sits within and adjacent to a felsic intrusive body, though mineralization is present both within the felsic unit as well as the host andesites. Both rock units are strongly altered to white mica with some silica”. The hole was stopped due to the 500 m maximum capacity of the rig being used. Highlighted intervals were released by element, comprising 60 m @ 0.33% Cu; 52 m @ 0.69% Cu (including 33 m @ 0.94% Cu); and 29.3 m @ 0.36 gpt Au; 6 m @ 0.68 gpt Au; 53.8 m @ 4.7 gpt Au; 21.5 m @ 0.53 gpt Au; 4.2 m @ 2.1 gpt Au; 49.65 m @ 0.58 gpt Au; 10 m @ 0.57 gpt Au; 17.9 m @ 1.34 gpt Au; 23.65 m @ 0.36 gpt Au and 26.3 m @ 63 gpt Ag; (including 4.3 m @ 317 gpt Ag); 60 m @ 19 gpt Ag; 8 m @ 60 gpt Ag; 18 m @ 14 gpt Ag; 8 m @ 67 gpt Ag; 12 m @ 45 gpt Ag; 17.5 m @ 135 gpt Ag (including 3.9 m @ 582 gpt Ag); 2.2 m @ 220 gpt Ag; 10.95 m @ 302 gpt Ag; 6.95 m @ 336 gpt Ag; 18.55 m @ 50 gpt Ag; 7.5 m @ 113 gpt Ag; 3.1 m @ 420 gpt Ag; 21.5 m @ 137 gpt Ag; 9.6 m @ 56 gpt Ag; 1 m @ 603 gpt Ag; 37.4 m @ 110 gpt Ag (including 19.65 m @ 203 gpt Ag).
- Silver Wolf Exploration Ltd. reported on exploration at its 2,500 hectares Ana Maria property in Durango. Two main targets are being defined using a carbonate replacement deposit (CRD) model. The central claim block hosts a gold skarn type showing, while the southern claim block is distal to the intrusive, hosting CRD Ag-Zn-Pb prospects and historical small mines. “Continued work on the central claims include a reinterpretation of geophysical results to fine tune the magnetics data and further identify the intrusive contacts with the surrounding limestone at depth”.
ON MINING
- Endeavour Silver Corp. reported third quarter 2022 production results, with 202.7 K tonnes processed at a daily rate (tpd) of 2,204 tonnes grading 248 gpt Ag, 1.60 gpt Au to produce 1.46 M Oz Ag, 9,194 Oz Au. At Guanaceví, in Durango, 97.7 K tonnes were processes at 1,062 tpd, grading 468 gpt Ag, 1.29 gpt Au with a recovery of 90.6% Ag, 89.9% Au to produce 1.33 M Oz Ag, 3,642 Oz Au. At Bolañitos, in Guanajuato, 105 K tonnes were processed at 1,141 tpd, grading 43 gpt Ag, 1.88 gpt Au with a recovery rate of 87.0% Ag, 87.5% Au, to produce 126.3 K Oz Ag, 5,552 Oz Au. Positive drilling results have been received from Guanaceví and Parral, extensive due diligence work continues at Terronera (Jalisco) and the El Compas property and plant were sold for $5 M over five years.
- Torex Gold Resources Inc. reported Q3 2022 gold production from its El Limón Guajes mining complex in Guerrero. During the period 9,600 tonnes per day (tpd) were mined by open pit and 1,550 tpd from underground, processing an average of 13 K tonnes to produce 122,200 Oz Au.
- GoGold Resources Inc. reported production for the quarter ending on September 30, 2022. At the Parral tailings project in Chihuahua, 145.9 K Oz Ag, 2,278 Oz Au, 124 tonnes Cu were produced during the period. “The Company had $20M USD in input tax recoverable which related to VAT receivable from the Mexican Federal Government for the years of 2017 to 2022. The Company received $11M which related to 2017 and 2018 which included interest of $5M. Management continues to work with the tax authority on the remaining claims and expects to receive these amounts in due course”.
- Orla Mining Ltd. provided an interim operational update for the third quarter of 2022. At Camino Rojo in Zacatecas, 4.13 M tonnes were mined, of which 1.74 M tonnes @ 0.88 gpt Au were processed, 0.43 M tonnes @ 0.32 gpt Au were stockpiled (19,200 tonnes per day), and 1.96 M tonnes of waste moved (Strip ratio 0.91), to produce 28,876 Oz Au.
- Gatos Silver Inc. announced production results for the third quarter 2022 from its 70% owned Cerro Los Gatos property in Chihuahua. During the period 263.3 K tonnes were milled at a rate of 2,862 tpd averaging 356 gpt Ag, 0.34 gpt Au, 2.38% Pb, 4.70% Zn. Recovering 89.6% Ag, 48.9% Au, 88.5% Pb, 65.4% Zn to produce 2.70 M Oz Ag, 1,400 Oz Au, 12.2 M Lb Pb, 17.8 M Lb Zn. “The Company had a cash balance of $15 million and debt outstanding of $13 million related to our credit facility as of September 30, 2022”, and “anticipates completing an impairment assessment based on the 2022 Mineral Reserve in the fourth quarter of 2022 and is working towards completing all outstanding SEC and OSC filings as soon as practicable”.
- Gold Resource Corp. announced preliminary results in Q3 2022. At the Don David mine in Oaxaca, 110.7 K tonnes were milled (1,361 tpd), averaging 1.98 gpt Au, 80 gpt Ag, 0.37% Cu, 1.59% Pb, 4.21% Zn, to produce 5,851 Oz Au, 261.2 K Oz Ag, 296 tonnes Cu, 1,249 tonnes Pb, 3,901 tonnes Zn.
ON FINANCING
- Sonoro Gold Corp. is to undertake a non-brokered private placement offering for gross proceeds of up to C$525 K (Cerro Caliche, Sonora).
- Barksdale Resources Corp. has finalized the extension of the maturity date of the secured convertible debentures administered by Delbrook Capital Advisors Inc. by one year until December 31, 2023. “The Debentures have a remaining principal amount of $1,500,000 and all other terms of the Debentures remain unchanged except for the conversion price, which has increased to $0.55 per share from $0.45 per share”. Approximately $99 K of accrued interest will be exchanged for 206.6 K shares units consisting of one share and one-half of common share purchase warrant. An extension fee of 2.78 M common share purchase warrants at a price of $0.72 exercisable up to December 2023 was agreed (San Javier, Sonora).
ON RESOURCES AND DEVELOPMENT
- Avino Silver & Gold Mines Ltd. released drilling results from six holes completed below the current Level 17 mining area at the Elena Tolosa area of the Avino mine in Durango. Highlighted true width (TW) intercepts comprise 26.77 m @ 0.15 gpt Au, 50 gpt Ag, 0.71% Cu; 43.80 m @ 0.15 gpt Au, 15 gpt Ag, 0.49% Cu; 10.90 m @ 0.06 gpt Au, 25 gpt Ag, 1.05% Cu; 9.95 m @ 0.25 gpt Au, 17 gpt Ag, 0.40% Cu; 14.40 m @ 0.17 gpt Au, 30 gpt Ag, 0.19% Cu. These drilling results demonstrate the continuity of grade and thickness of the mineralization currently being mined at the lowest level of the mine. The company is developing a geological model based on a near porphyry environment, supported by the grade continuity over 600 m vertically and base metal zonation.
- Prime Mining Corp. announced results from five holes in the Z-T area of the Los Reyes property in Sinaloa. Highlighted true width intercepts comprise 13.2 m @ 2.36 gpt Au, 178 gpt Ag; 7.40 m @ 0.91 gpt Au, 139 gpt Ag; 5.60 m @ 3.86 gpt Au, 89 gpt Ag; 5.30 m @ 1.17 gpt Au, 207 gpt Ag. Five rigs have completed 70,590 m of drilling in this phase 2 campaign that is planned to continue to the end of October, while results for 93 holes remain pending.
- Vizsla Silver Corp. reported results from 12 holes targeting the southern extension of the Napoleon vein at its Panuco project in Sinaloa. Highlighted true width (tw) intervals comprise 1.0 m @ 1.60 gpt Au, 2,642 gpt Ag, 1.9% Pb, 4.1% Zn; 1.0 m @ 3.63 gpt Au, 740 gpt Ag; 0.2% Pb, 1.2% Zn; 1.86 m @ 0.6 gpt Au, 354 gpt Ag, 0.2% Pb, 0.5% Zn; 1.81 m @ 3.12 gpt Au, 1,268 gpt Ag, 0.2% Zn; 0.91 m @ 5.77 gpt Au, 320 gpt Ag, 0.5% Pb, 1.3% Zn. “The new drill holes report high grade silver and gold intercepts from the footwall vein splays and further support grade continuity to the south along the main Napoleon Vein”.
ON DEALS AND CORPORATE ISSUES
- No Relevant News.
ON SOCIAL RESPONSIBILITY
- No Relevant News.
On the image below Banded quartz-calcite veinlet in the Sonoran Desert. Picture by Jorge Cirett.
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