During the 38th week of the year (September 16th to September 22nd, 2024), companies working in Mexico posted at least 15 press releases. Three companies informed on exploration advances on its properties, one company reported quarterly results, three companies notified on financing rounds, two companies granted stock options, one paid a loan facility, one commenced a drilling program on an advanced property, another announced appointments to the board and one more notified of its AGM results. ON MEXICO ISSUES, the Supreme Court is to review the case on the US$55 M fund paid by Grupo Mexico to unionized miners on the sale of the Cananea mine. ON EXPLORATION, in Sonora, Minaurum Gold released drilling results from its Alamos project. In Chihuahua, Radius Gold reported drilling results from Plata Verde. In Durango, Mithril Silver and Gold published results from drilling at Coplaquin. ON MINING, Starcore International Mines reported quarterly results. ON FINANCING, Vizsla Silver completed a bought deal public offering for C$65 M. Heliostar Metals granted stock options. GR Silver is increasing it private placement offering to $2.4 M. Orex Minerals granted incentive options. Sierra Madre Gold and Silver closed a private placement for US$500 K. Guanajuato Silver repaid a US$7.5 M loan facility to OCIM Metals & Minerals. ON RESOURCES AND DEVELOPMENT, Heliostar Metals commenced a 5,000 m drilling program at Ana Paula. ON DEALS AND CORPORATE ISSUES, Orex Minerals announced board changes. Santacruz Mining reported on its AGM. ON SOCIAL RESPONSIBILITY, Alamos Gold contributed to a health program and Mithril Gold and Silver on community support work.
- The Supreme Court is to review on October 9th, 2024 the demand by workers of the Sindicato Nacional de Trabajadores Mineros, Metalúrgicos, Siderúrgicos y Similares de la República Méxicana?(a miners Union) on the return of a US$55 M fund created in 2005 on the sale of the Cananea mine to Grupo Mexico. If successful, the Union and its leader Napoleón Gómez Urrutia would have to source the amount to the workers. At the time, the Union leader informed that the money was owned by the Union, and was not to be distributed among the workers.
- Minaurum Gold Inc. released the results of the first five holes of the 2024 program intended to establish an initial mineral resource at its Alamos silver project in Sonora. These holes totaled 1,286 m on two fences across the Promontorio vein zone, which includes the Veta Grande, Veta del 100 and Veta Las Guijas veins. “The West Promontorio vein zone is an underexplored vein zone located 100 m west of the Veta del 100 that was intersected in the 2024 drill program. The Promontorio Sur is the faulted-off, down-dropped, and underexplored southern extension of the Las Guijas vein”. Highlighted core length intervals comprise 1.25 m @ 151 gpt Ag, 0.03 gpt Au, 0.91% Cu, 1.6% Pb, 0.6% Zn (or 309 gpt AgEq); 0.70 m @ 2,431 gpt Ag, 0.26 gpt Au, 1.29% Cu, 7.4% Pb, 6.1% Zn (or 2,976 gpt AgEq); 1.05 m @ 196 gpt Ag, 0.37 gpt Au, 0.47% Cu, 0.2% Pb, 1.9% Zn (or 342 gpt AgEq); 5.60 m @ 200 gpt Ag, 0.48 gpt Au, 0.35% Cu, 1.5% Pb, 1.6% Zn (or 368 gpt AgEq); 2.55 m @ 350 gpt Ag, 0.78 gpt Au, 0.52% Cu, 3.1% Pb, 2.2% Zn (or 621 gpt AgEq); 8.45 m @ 78 gpt Ag, 0.37 gpt Au, 0.24% Cu, 2.6% Pb, 4.1% Zn (including 1.75 m @ 211 gpt Ag, 0.61 gpt Au, 0.53% Cu, 7.4% Pb, 10.9% Zn).
- Radius Gold Inc. reported final drill results by its partner Fresnillo plc for the Plata Verde silver project in Chihuahua. The drill program comprised 13 holes for a total of 2,400 m, intersecting several zones of low-grade Ag mineralization, but no zones of significant mineralization.
- Mithril Silver and Gold Ltd. announced results from drilling at its Copalquin District project in Durango. Highlighted core length intervals comprise 33.00 m @ 31.8 gtp Au, 274 gpt Ag (including 7.00 m @ 144 gpt Au, 1,162 gpt Ag, which includes 2.00 m @ 495 gpt Au, 3,765 gpt Ag); 1.00 m @ 12.65 gpt Au, 13 gpt Ag; 2.45 m @ 0.87 gpt Au, 53 gpt Ag; 9.60 m @ 0.23 gpt Au, 7 gpt Ag. The company also completed a 70 square Km LIDAR survey covering the project area, identifying a number of previously unknown mine workings.
- Starcore International Mines Ltd. reported results for Q1, ended July 31, 2024. At San Martin, in Queretaro, Starcore milled 49.5 K tonnes grading 1.92 gpt Au, 20 gpt Ag, recovering 85.2% Au, 56.9% Ag, to produce 2,600 Oz Au, 18.3 K Oz Ag (or 2.8 K Oz AuEq) at cash cost US$1,608 per Oz AuEq.
- Vizsla Silver Corp. completed the previously announced bought deal public offering for aggregate gross proceeds of C$65 M. The offering was led by Canaccord Genuity as sole bookrunner on behalf of itself and a syndicate of underwriters, including CIBC Capital Markets, Ventum Financial Corp., Raymond James Ltd., Stifel Nicolaus Canada Inc., National Bank Financial Inc., and BMO Capital Market (Panuco, Sinaloa).
- Heliostar Metals Ltd. granted 4.67 M stock options and 1.18 M restricted share units to directors, officers, employees and consultants. Heliostar also entered into two advisory agreements with TSCG Capital Group and 3L Capital Inc. for financial advisory services (Ana Paula, Guerrero).
- GRSilver Mining Ltd. is increasing its private placement offering to $2.4 M in gross proceeds (Plomosas, Sinaloa).
- Orex Minerals Inc. ?granted 909 K incentive stock options to directors and officers. (Coneto, Durango).
- Sierra Madre Gold and Silver Ltd. closed its previously announced non-brokered private placement for aggregate gross proceeds of US$500 K (La Guitarra, Estado de Mexico).
- Guanajuato Silver Corp. announced the complete repayment of its US$7.5 M Ag and Au pre-payment facility to Swiss-based OCIM Metals & Mining S.A., leaving the gold loan credit facility with Ocean Partners UK Ltd. as the only loan outstanding. This “facility is repayable in equal fixed monthly installments of gold totalling approximately 338 troy ounces per month for a period of 30 months which commenced in June 2024. Notably, Guanajuato Silver averaged monthly production of over 1600 ounces of gold and over 137,000 ounces of silver during the first half of 2024” (El Cubo, Guanajuato). ??
ON RESOURCES AND DEVELOPMENT
- Heliostar Metals Ltd. commenced a 5,000 m diamond drill program at Ana Paula, in Guerrero. The 2,600 m seven holes Phase 1 program focus on extending the High Grade Panel and Parallel Panel to the west, testing also the downdip extension of the High Grade Panel. Phase 2 consists of eight holes totaling 2,400 m, targeting the eastern and western extensions of the High Grade Panel.
ON DEALS AND CORPORATE ISSUES
- Orex Minerals Inc. announced the resignation of Ben Whiting as President, CEO and Director of the company, and of Art Freeze as director. Later during the week Orex announced the appointment of John Eren as CEO and member of the board, and the appointment of Chris Beltgens as a member of the board (Coneto, Durango).
- Santacruz Silver Mining Ltd. reported that all matters were approved at the company’s AGM held on September 16, 2024 (Zimapan, Hidalgo).
- Alamos Gold Inc. announced a significant contribution to The Princess Margaret Cancer Foundation to create the new Alamos Gold Chair in Gastrointestinal Surgical Oncology.
- Mithril Gold and Silver Ltd. stated that part of its ESG commitment includes “the municipal access road, connecting to the township of El Durazno 12 km east of the Copalquin District, with support for the municipal upgrade works scheduled for commencement in Q3 2024.
On the image below: Chloritized porphyritic diorite, HQ core. Picture by Jorge Cirett.
