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Sector News Snapshot; #Mining in Mexico; (TSX: $EDR), (TSXV: $GNC), (TSX: $PAA), (TSXV: $SIL.V)

Friday, September 23, 2016 10:19
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(Before It's News)

Sector News Snapshot; #Mining in Mexico; (TSX: $EDR), (TSXV: $GNC), (TSX: $PAA), (TSXV: $SIL.V)

 

 

Point Roberts, WA, Delta BC – September 23, 2016 – Investorideas.com, a global news source and investor resource issues a sector news snapshot for the mining sector. Recent news in September from companies currently mining in Mexico include Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR), Gainey Capital Corp. (TSXV: GNC; OTCQX: GNYPF), Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAA) and SilverCrest Metals Inc. (TSXV: SIL.V).

 

Read this release in full at http://www.investorideas.com/news/2016/mining/09232Mexico.asp

 

Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) announced it entered into a definitive agreement dated September 13, 2016 (the “Agreement”) with Silver Standard Resources Inc. to acquire a 100% interest in Silver Standard’s Parral properties, located in the historic silver mining district of Hidalgo de Parral in southern Chihuahua state, Mexico.

Pursuant to the Agreement, Endeavour will pay US$6 million in Endeavour common shares, being 1,198,083 common shares at US$5.008 per share, representing the 10-day average closing price of Endeavour’s shares on the New York Stock Exchange (“NYSE”) prior to the date of the Agreement.

 

In addition, Endeavour has committed to spend US$2 million on exploration on two of the properties (the San Patricio and La Palmilla properties) over the two-year period following the closing of the transaction. Upon completing this exploration expenditure, Endeavour will have one year to deliver a National Instrument 43-101 (“NI 43-101″) technical report, including a resource estimate, and issue an additional US$200,000 in common shares to Silver Standard for each one million ounces of silver delineated in measured and indicated resources on the San Patricio and La Palmilla properties, based on the 10-day average closing price of Endeavour’s common shares on the NYSE prior to the earlier of delivery of the NI 43-101 report and the third anniversary of the initial closing date under the Agreement. Silver Standard will also retain a 1% net smelter returns royalty on production from the San Patricio and La Palmilla properties.

 

Gainey Capital Corp. (TSXV: GNC; OTCQX: GNYPF) recently reported that the Phase 1 Drilling campaign has completed the first three Diamond Drill holes at the El Colomo Gold-Silver Project in Mexico. The first of the three holes targeting the La Nueva Victoria Mineralized Zone has been sampled and shipped to ALS Labs Vancouver, BC for analysis and the other two holes are currently being processed at the Company’s core logging facility to be submitted shortly. Preliminary results from these drill holes are anticipated within the next few weeks.

 

Furthermore, the Company is pleased to announce that the program continues to advance with the commencement of drilling on the first of four targets at the La Higuerita/El Arrayan Mineralized Zones.

 

Gainey’s exploration team, led by Rafael Gallardo of Minera Cascabel S.A. de C.V., notes that though they have encountered two serious weather systems in the region, the program has not met any serious delays, and drilling progress has continued on the target zones. David Coburn, CEO of Gainey, commented, “we are looking forward to the first set of drilling results over the next 2-3 weeks. The Exploration Team has done an excellent job meeting their objectives given they have encountered challenging weather conditions.”

 

The Company recently upgraded its exploration team with the addition of David Hladky, P.Geo. to the Technical Advisory Board, who is also the Company’s acting Qualified Person as defined by NI 43-101, please see the Company’s news release on July 26, 2016 for full details. Mr. Hladky’s previous position was with Cayden Resources Inc. as the Qualified Person and one of the leaders in the exploration of the Morelos Sur and El Barqueno projects in Mexico, that were successfully sold to Agnico Eagle Mines for $205 Million in 2014.

 

Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAA) announced that it achieved important milestones at its two mine expansion projects currently underway in Mexico. At the Company’s La Colorada mine, the new 618-metre deep shaft was commissioned in fully automatic mode in early September, ahead of schedule. The shaft was constructed with a world-class safety performance of zero lost-time accidents incurred and using industry-leading raise boring and shaft automation technologies. The work remaining to complete the La Colorada expansion project includes a new filter plant, power line and underground development. The project is now expected to be completed approximately 5 to 10 percent under budget.

 

At the Company’s Dolores mine, the new 98 kilometre, 115 kV power line that connects the mine to the national power grid was energized in early September. The new power line was completed on budget and is expected to result in annual savings of about $9 million.

 

“We successfully achieved these milestones on or under budget and funded them entirely from internal resources,” said Michael Steinmann, President and CEO. “These expansion projects will contribute to higher production rates and lower costs at both operations, and as silver prices rise, our shareholders are positioned to benefit from widening profit margins.”

 

The La Colorada expansion project commenced in 2014 with an original capital investment estimate of about $163.8 million, including sustaining capital. By the end of 2017 when the project is expected to be completed, processing rates are expected to increase to 1,800 tonnes per day, resulting in a 69 percent increase in annual silver production to approximately 7.7 million ounces.

 

The Dolores expansion project has an estimated capital investment of approximately $112.4 million. By the end of 2017, this project is expected to increase annual silver production by about 40 percent to 6.3 million ounces and gold production by about 52 percent to over 205,000 ounces.

 

SilverCrest Metals Inc. (TSXV: SIL.V) announced the results of the remaining drill holes from Phase I drilling for the Las Chispas Project. The Las Chispas Project (“Las Chispas”) is located in Sonora State, Mexico and is in a historic silver-gold mining district which presently hosts two nearby precious metal producers. Historic information indicates that of the fourteen historically reported veins at Las Chispas, only three veins, the Las Chispas, William Tell and Babicanora, had documented production, which occurred between 1880 and 1930. SilverCrest’s initial focus is on these three veins. To the Company’s knowledge, none of the known veins have been drilled prior to the Company’s Phase I drill campaign. For more information, please refer to our website at http://www.silvercrestmetals.com.

 

Dunham Craig, P.Geo., Interim CEO remarked, “The remaining drill hole results from the Phase I drill program intercepted the Las Chispas vein which has further demonstrated continuity of high grades and potential mineable thicknesses. Phase II exploration work will continue to define the Las Chispas vein for resource estimation expected in H1 2017. As we continue to systematically explore this district-wide discovery with multiple undrilled epithermal veins, we could potentially have several more discoveries. The Babicanora area (no previous drilling), immediately adjacent to Las Chispas and William Tell veins, is considered the largest target in the district and will be tested in Phase II exploration.”

 

Full newshttp://www.investorideas.com/CO/SILV/news/2016/09141DrillingConfirms.asp

 

 

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Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp.  Disclosure- Gainey Capital Corp retained Investorideas.com for news and social media for 3 months – SilverCrest Metals Inc.is an  annual news publication client on Investorideas – see details http://www.investorideas.com/About/News/Clientspecifics.asp

 

Additional info regarding BC Residents and global Investors: Effective September 15 2008 – all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894.  Global investors must adhere to regulations of each country.

 

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