Torex Gold’s Media Luna Project Receives the Green LightBy Paloma Duran | Thu, 04/08/2021 - 17:35
Torex Gold has received the green light from SEMARNAT to continue building beyond what was previously agreed for its Media Luna project. Argonaut Gold announced the sale cancellation of its Ana Paula project after the acquiring company did not meet its obligations. Additionally, Sonoro Gold expects its Cerro Caliche to become a catalyst for massive cash flow in 2021. Read this and more in your weekly mining roundup!
Torex Gold (Torex) announced that it received approval from SEMARNAT for the modification of its environmental permit for its Media Luna project in Guerrero, allowing the company to continue building beyond its previous permit and to carry out other initial works to access the deposit. Jody Kuzenko, President and CEO of Torex, said this year the company will focus on early works to access the deposit from the north and south of the Balsas River. Torex will also advance its feasibility study that is expected to be completed in 1Q22, build and strengthen its long-term agreements with ejidos and individual owners and continue working on the application of its new MIA, which will include the footprint in the north and south of the river.
Argonaut Gold (Argonaut) has reported that the sale of its Ana Paula gold project, located 180km from Mexico City, was canceled because the acquiring company, AP Mining, did not comply with its obligations "in relation to the financing and receipt of certain and other approvals.” Pete Dougherty, President and CEO, said in a press release that the company is currently focusing on its Magino and Cerro del Gallo projects and explained that when Argonaut was negotiating with AP Mining, it thought the latter company would boost the potential of Ana Paula. However, this was not the case. As a result, the company is looking for better options for the project, especially since Argonaut believes that it can become an extraordinary asset. In addition, the company said it hopes to publish a pre-feasibility study for the project in 2Q21, which seeks to show its low capital and operating cost and its underground potential.
Sonoro Gold Corp. (Sonoro) expects Cerro Caliche to be in production next year, if all goes according to plan, and its shares should trade early with a market capitalization of at least two times its indicated cash flow, which is approximately US$86 million. In addition, the project also has an exceptional exploration potential, which could bring its gold reserves to 2Moz.
At the Mines and Money conference, Kenneth MacLeod, President and CEO of Sonoro, stated that the drilling results maintained the grade of 0.5 grams per ton and that, according to internal calculations, the already established resource supported an operation of 15,000 TPD, which means that 20,000 TPD can be reached. MacLeod also estimated CAPEX and said the startup would not exceed US$12 million. He added that using the estimated revenue of 15,000 TPD, the CAPEX payback would be in 91 days.
GR Silver Mining Ltd. (GR Silver) announced the complete acquisition of Marlin Gold Mining Ltd. (Marlin) from Mako Mining Corp. Marlin owns Oro Gold de Mexico, which owns the former La Trinidad open pit mine that ceased operations in 2019 and has 12 highly prospective concessions located alongside GR Silver's existing properties. The new acquisition gives GR Silver control of 75km of the trend that includes three zones and more than 24 old shallow gold and silver works.
“With this exciting acquisition, GR Silver Mining becomes the first company in the history of the Rosario Mining District to control 100 percent of the key Ag-Au assets, including two past-producing mines as well as the San Marcial Project,” said GR Silver President and CEO Marcio Fonseca in a press release. GR Silver Mining said that it is currently analyzing data from regional historical datasets and previous drilling programs as it sees that there is significant potential at La Trinidad concession.
Zacatecas Silver Corp. (Zacatecas Silver) announced it has completed its first geological and structural mapping of the El Cristo Vein System, which is a northwestern strike extension of the Veta Grande vein. The company reported it will carry out a soil geochemical survey to identify more veins and extensions, in addition to elaborating “an aggressive rock-chip and channel sampling program” to define the grade distribution of the veins and guarantee the best targets are drilled.
The Mining Association of Canada (MAC) has updated its tailings standards to go beyond existing global guidelines. As a result, Canadian mining companies now have to meet higher requirements regarding tailings management. The update was prompted by the publication of the Global Tailings Management Industry Standard (GISTM) in 2020, which set a guideline to achieve zero harm to people and the environment. The new standard has a better approach to identifying and promoting human and community rights. “Effective tailings management is rightly being prioritized more than ever to ensure that stakeholders, communities surrounding mine sites, investors and the general public can have confidence in how mining operations are being run,” said MAC in a press release.