The Mining and Exploration News in Mexico: Highlights on the Second Week of May, 2021

By Jorge Cirett

During the 19th week of the year (May 10th to May 16th, 2021), at least 38 press releases were announced by companies working in Mexico. To note, nine companies posted exploration advances on their properties, nine presented mining related news, two posted on financing or share options, eight more on project development or resource definition and three posted on corporate issues. ON MEXICO ISSUES, Camimex reported investment of US$88 M on social development by mining companies. SEGOB has been involved in the resolution of six mining conflicts. The commodity prices have made mining companies values swing in the Mexican Exchange. ON EXPLORATION, in Baja California, Comet Resources received the environmental permit for drilling at Santa Teresa. In Sonora, Tocvan  Ventures informed on exploration at Pilar; Tarachi Gold reported visible gold in RC drilling chips at Tarachi. In Chihuahua, Kootenay Silver released drilling results from Columba; Mammoth Resources is drill targeting using 3D modelling of geophysics at Tenoriba. In Sinaloa, Brigadier Gold informed on exploration at Picachos; Vizsla Silver released drilling results on the Napoleon trend of the Panuco project. In Nayarit, Sierra Madre Gold and Silver has begun drilling at Tepic. ON MINING, Fortuna Silver, Endeavour Silver, Torex Resources, Santacruz Silver , Pan American Silver, Avino Silver, SilverCrest Metals, Starcore International and GoGold Resources released Q1 2021 production results. ON FINANCING, Capitan Mining has 8 M shares bought by Mr. Michael Gentile; Magna Gold had a non-brokered private placement of CA$10 M secured convertible debentures. ON RESOURCES AND DEVELOPMENT, Ridgestone announced a new mineral resource estimate for Guadalupe y Calvo. Discovery Silver is planning a PEA for its Cordero property. GR Silver Mining reported drilling results from Plomosas. Impact Silver is targeting using 3D modelling of geophysical surveys at Capire. Grupo Mexico unveiled plans to invest several billion dollars on projects in Mexico. Orla Mining updated on construction of the Camino Rojo Oxide project. Excellon Resources presented an updated mineral resource estimate for Platosa. Gatos Silver released results from infill and extension drilling.  ON DEALS AND CORPORATE ISSUES, Telson Mining is changing name to Altaley Mining Corp.. Coeur Mining is to acquire 17.8% of Victoria Gold. Barksdale Resources is gaining 100% of the Sunnyside project in Arizona. ON SOCIAL RESPONSIBILITY, Endeavour Silver and Hecla Mining released their sustainability 2020 report. Pan American Silver, Equinox Gold and Torex Gold presented plans to reduce their carbon footprint. Newmont Peñasquito and Peña Colorada informed on their actions to support community development.


  • Camimex (Cámara Minera de México) informed that the companies part of the organization invested on social development $1,756 M pesos (approximately US$88 M at current exchange rates). Those funds are in addition to the $3,496 M pesos (US$197 M) provided to the Mining Fund (previously intended for bettering mining communities, now siphoned to the black hole the federal government is). The Centro Social para la Filantropía (CEMEFI) granted the Empresa Socialmente Responsable Award to 29 companies affiliated to Camimex.
  • SEGOB (Secretaría de Gobernación) has been part of the resolution of six mining conflicts in Sinaloa, Baja California, Guerrero, Zacatecas and Queretaro, informed Olga Sánchez Cordero, head of the secretariat. The pending case is the one that involves Americas Gold and Silver’s San Rafael mine in Sinaloa, which was paralyzed by a Union dispute over a year ago.
  • Several business leaders expressed their optimism on future silver prices, which can be very good for Mexico, as the number one producer of the metal.
  • Grupo Mexico, the biggest mining conglomerate in Mexico saw its shares rise 8.7% in one day, translating to a 67,885 M pesos gain in value. This as a result of the strong increase in the copper price in 2021.
  • Mining companies in the BMV have had a mixed results 2021. Grupo Mexico has seen its shares increase 30.5%, Minera Autlán 22.3% and Minera Frisco 6.9%, while Industrias Peñoles and Fresnillo have had reductions of 15.3% and 20.05% respectively.


  • Comet Resources Ltd. Informed the drilling permit for its Santa Teresa project in Baja California has been received. The program consists of 2,000 m of diamond drilling to test extensions of zones of known gold mineralization along strike and at depth, as well of other identified zones of interest.
  • Sierra Madre Gold and Silver Ltd. Has begun drilling at its 2,600 hectare Tepic project in Nayarit. The company intends to drill 21 reverse circulation (RC) holes, as poor recoveries plagued previous diamond drill campaigns by previous operators.
  • Colibri Resources Corp. informed of exploration progress by its partner Tocvan Ventures Corp. on the Pilar project in Sonora. Tocvan is in year two of a five-year option agreement to earn an initial 51% ownership of the Pilar Project. To date, eleven RC drill holes have been completed for a total of 1,811 m, focusing on extensions of the Main zone. Samples for the first five holes have been sent for assaying, and the rest will be sent soon.
  • Sierra Madre Gold and Silver Ltd. updated on exploration activities at the Tepic property in Nayarit. “Work for the last 6 months has focused on geologic mapping and reconnaissance sampling with approximately 50% of the project covered at a 1:5000 scale level of detail or better. This has resulted in the recognition of more than 10 kilometres of hydrothermally altered and mineralized structures..”. Reconnaissance sampling has returned up to 648 gpt Ag, and 7.43 gpt Au. A 2,700 m trenching has been initiated to explore the multiple structures present in the area.
  • Brigadier Gold Ltd. informed on exploration work at its Picachos project in Sinaloa. The recent drilling intercepted up to 7 m @ 7.45 gpt Au, 51 gpt Ag in the San Agustín vein; 0.8 m @ 12.62 gpt Au, 78 gpt Ag, 4.5% Cu in the San Antonio vein and 1 m @ 10.65 gpt Au with 8 m @ 2.29 gpt Au, with assays still pending for 518 m of drilling. A trench across the El Placer trend returned 65 m 0.5 gpt Au, and a porphyry copper target was localized, with strong sericitic alteration and values of molybdenum above 240 ppm in almost all the 350 m trench, peaking at 2,200 ppm (0.22%) Mo over 6 m.
  • Tarachi Gold Corp. reported visible gold in chips from the recently finished reverse circulation (RC) program at its Tarachi property in Sonora. The visible gold was observed in a 10 m interval of one drill hole cuttings, approximately on a 10 m interval. The RC drill holes were sunk south of La Dura mine on the Jabali concession.
  • Kootenay Silver Inc. released drill results for the first four holes of 2021 at its Copalito project in Sinaloa. Highlighted core length intervals comprise 5.75 m @ 0.049 gpt Au, 75 gpt Ag, 0.3% Pb+Zn (including (1.0 m @ 0.09 gpt Au, 303 gpt Ag, 0.6% Pb+Zn); 8.61 m @ 0.456 gpt Au, 12 gpt Ag, 0.4% Pb+Zn (including 2 m @ 1.10 gpt Au, 13 gpt Ag, 0.3% Pb+Zn); 21 m @ 0.187 gpt Au, 178 gpt Ag, 0.8% Pb+Zn (including 1.18 m @ 0.575 gpt Au, 1,965 gpt Ag, 6.3% Pb+Zn.
  • Vizsla Silver Corp. released results from 23 holes at the Napoleon prospect in the Panuco project in Sinaloa. The released holes extend mineralization by 230 m along strike and 65 m to depth. Highlighted true width intercepts comprise 3.45 m @ 1,275 gpt Ag, 25.97 gpt Au, 0.7% Pb, 3.0% Zn (including 0.66 m @ 5,410 gpt Ag, 88.2 gpt Au, 1.0% Pb, 1.9% Zn); 10.30 m @ 356 gpt Ag, 3.13 gpt Au, 0.8% Pb, 1.2% Zn; 4.22 m @ 392 gpt Ag, 3.89 gpt Au, 0.3% Pb, 1.2% Zn; 1.27 m @ 6.47 gpt Au, 158 gpt Ag, 0.5% Pb, 2.2% Zn; 4.22 m @ 3.89 gpt Au, 392 gpt Ag, 0.3% Pb, 1.2% Zn; 1.09 m @ 2.09 gpt Au, 85 gpt Ag, 0.1% Pb, 0.4% Zn; 6.15 m @ 5.14 gpt Au, 87 gpt Ag, 0.4% Pb, 1.4% Zn; 3.93 m @ 1.93 gpt Au, 41 gpt Ag, 0.8% Pb, 3.1% Zn; 1.61 m @ 2.16 gpt Au, 354 gpt Ag, 0.4% Pb, 2.35% Zn.
  • Mammoth Resources Corp. informed on drill targeting activities at its Tenoriba project in Chihuahua. A 3D modelling exercise was conducted including its infill induced polarization/magnetometric (IP/Mag) geophysical survey recently completed. Four target areas were identified as TA-1, TA-2, TA-3 and TA-4, each showing some of the next attributes: silicified volcanic breccia rocks, High IP-resistivity features, artisanal mine workings, previous ore-grade intercepts in drilling and good geochemistry in rock and soil samples.


  • Fortuna Silver Mines Inc. reported first quarter 2021 financial results. At the San José mine, in Oaxaca, 259.8 K tonnes were milled at an average rate of 3,040 tonnes per day (tpd), grading 217 gpt Ag, 1.36 gpt Au, recovering 91% Ag, 91% Au, to produce 1.6 M Oz Ag, 10,301 Oz Au at a production cash cost of $8.40 per Oz AgEq and an AISC of $13.40 per Oz AgEq. To note, realized silver and gold prices were $26.17 and $1,783 per ounce in Q1 2021, against $16.09 and $1,571 respectively in Q1 2020.
  • Endeavour Silver Corp. presented financial results for the first quarter 2021. During the period 1.4 M Oz Ag, 10,894 Oz Au were produced at cash cost of $7.86 per Oz Ag and an AISC of $19.94 per Oz Ag, generating a cash flow of $5.2 M. Cash at the end of the period was $86 M, with a working capital of $113.1 M and a debt of $8.7 M.
  • Torex Gold Resources Inc. reported financial and operational results for the first quarter 2021. During the period 129,509 Oz Au were produced at its El Limon Guajes mine in Guerrero, at total cash cost of $580 per Oz Au, and an AISC of $854 per Oz Au. The adjusted EBITDA was $144.9 M, with $9.3 M of free cash flow. The company is now debt free, after repaying $40 M. By the end of the period Torex had cash of $167.3 M including $172.0 M in cash and $4.7 M of lease obligations.
  • Santacruz Silver Mining Ltd. reported production on Q1 2021 of 707 K Oz AgEq from its Zimapan and Rosario mines, in Hidalgo and San Luis Potosi respectively. At Zimapan, 156.4 K tonnes were milled @ 85 gpt Ag, 0.63% Pb, 1.99% Zn, 0.31% Cu (182 gpt Ag), recovering 69% Ag to produce 294.1 K Oz Ag, 892 tonnes Pb, 2,067 tonnes Zn, 354 tonnes Cu. At Rosario 19.8 K tonnes were processed @ 61 gpt Ag, 0.19 gpt Au, 0.34% Pb, 1.51% Zn (72 gpt AgEq), recovering 80.3% Zn to produce 31.3 K Oz Ag, 59.4 Oz Au, 78 tonnes lead, 73 tonnes Zn.
  • Pan American Silver Corp. presented results for Q1 2021, including figures from its Mexican operations. Of a total 4.6 M Oz Ag, 137.6 K Oz Au produced in the period, 1.06 M Oz Ag, 0.5 K Oz Au were produced at La Colorada (Zacatecas) and 0.63 M Oz Ag, 37 K Oz Au at Dolores (Chihuahua). Cash cost per Oz Ag at La Colorada was $15.62 and AISC $42.44, whereas at Dolores cash cost per Oz Au was $718 with no AISC reported.
  • Avino Silver  Gold Mines Ltd. released consolidated financial results for the first quarter of 2021. During the period 164 K tonnes were milled to produce 266.7 K Oz Ag, 1,531 Oz Au, 1.8 M Lb Cu (684 K Oz AgEq). “During Q1 2021, no production mining activities took place due to the work stoppage at the Avino Mine. Transitional efforts are underway to restart production and mining operations”. By the end of the period tha company had $27 M in cash and a working capital of $31.2 M.
  • SilverCrest Metals Inc. reported unaudited financial results of Q1 2021. During the period the company released results form a feasibility study (FS) for Las Chispas project in Sonora, with an estimated initial capital cost of $137.7 M. By the end of March the construction advance was 14.3%, with an aggregate cost of $27.7 M. Also, 33,382 m were completed of in-fill and expansion drilling and 2.0 Km of underground decline and development including in-vein drifting. SilverCrest also completed 18,237 m of drilling at Picacho (Sonora), where it has drilled 24,059 m since its acquisition in 2020. At the end of the period the company had $226 M in cash and cash equivalents.
  • Starcore International Mines Ltd. announced production results for the fourth quarter, ended April 30, 2021, at its San Martin mine in Queretaro. During the period 54.4 K tonnes were milled @ 1.52 gpt Au, 24.6 gpt Ag, recovering 87.3% and 57.5% Ag, to recover 2,603 Oz AuEq.
  • GoGold Resources Inc. released its financial results for the first quarter 2021. The company stacked 417.5 K tonnes to sell 541.6 K Oz AgEq at cash cost $12.81 and AISC $16.27 at its Parral tailing property in Chihuahua.


  • Capitan Mining Inc. had 8 M shares bought by Mr. Michael Gentile, same that coupled with 1.16 M previously held shares amount to 17.02% of Capitan Mining issued shares. Mr. Gentile filed an early warning report. (Capitan, Durango).
  • Magna Gold Corp. announced a non-brokered private placement of CAS$10 M secured convertible debentures with Delbrook Capital Advisors Inc.. The debentures mature in 24 month’s from issuance and bear interest at a rate of 6.5% per year. “The principal amount of the Debentures is convertible, at the election of Delbrook, into common shares of the Company at a conversion price of CAD$1.25 per common share, representing a 35.5% premium to the 10-day VWAP”. Magna plans exploration activities at its Margarita project (Chihuahua), Mercedes (Sonora), San Judas (Sonora), Veta Tierra (Sonora) and Los Muertos (Sonora).


  • Ridgestone Mining Inc. announced a mineral resource estimate for its Guadalupe y Calvo project in Chihuahua. The estimate was done on two main structures, the Rosario and Nankin veins, combining pit constrained and underground resources. Indicated resources contain 216.8 K Oz Au, 10.4 M Oz Ag and inferred resources amount to 335.6 K Oz Au, 9.3 M Oz Ag, as displayed on the table below.
  • Discovery Silver Corp. is planning a preliminary economic study (PEA) scheduled to be completed in 4Q 2021 on its Cordero property in Chihuahua. The company recently finished a 75,000 m drilling campaign on which a new resource estimate is to be based and delivered in the 3Q 2021. Phase two of drilling has four rigs operating on Cordero, aiming to upgrade inferred resources to the indicated category, resource expansion of bulk-tonnage mineralization and testing the high-grade vein systems that cut through the deposit. Other teams are working in the metallurgy, mining strategies, geotechnical issues, hydrogeology, environment and all the needed studies to prepare the PEA, which preliminarily aims to an initial 10,000 to 20,000 tonnes per day (tpd) of mill throughput and expansion to 20,000 to 40,000 tpd.
  • GR Silver Mining Ltd. Reported near surface drill results of narrow high-grade mineralization at its Plomosas property in Sinaloa. Highlighted true width intervals comprise 4.0 m @ 80 gpt Ag, 0.19 gpt Au, 0.5% Pb, 0.6% Zn; 8.5 m @ 46 gpt Ag, 0.16 gpt Au, 1.3% Pb, 1.2% Zn; 0.5 m @ 13.05 gpt Au, 0.5% Pb, 1.0% Zn; 14.8 m @ 0.21 gpt Au, 0.6% Pb, 1.6% Zn; 1.7 m @ 8 gpt Ag, 9.67 gpt Au; 9.0 m @ 141 gpt Ag, 0.31 gpt Au, 0.7% Zn, 0.7% Cu; 0.9 m @ 1,000 gpt Ag; 6.3 m @ 80 gpt Ag, 0.01 gpt Au, 0.1% Pb, 13.0% Zn; 5.0 m @ 234 gpt Ag, 0.01 gpt Au, 0.2% Pb, 0.3% Zn; 1.3 m @ 530 gpt Ag, 0.01 gpt Au, 0.1% Pb, 0.1% Zn; 2.5 m @ 173 gpt Ag, 0.01 gpt Au, 2.3% Pb, 1.9% Zn; 8.7 m @ 57 gpt Ag, 0.01 gpt Au, 4.1% Pb, 1.9% Zn; 9.1 m @ 5 gpt Ag, 1.53 gpt Au, 1.2% Pb, 1.4% Zn.
  • Impact Silver Corp. has received a report by a contractor with the analysis and interpretation of the geophysical surveys performed in the property since the 1990’s on the Capire area (Guerrero) of the Royal mines of Zacualpan (Estado de Mexico). “Condor utilized leading edge Inversion processing to produce 3D models of the IP and Magnetometer surveys and combined with the EM surveys has outlined a series of massive sulphide and vein hosted target areas”.
  • Grupo Mexico unveiled plans for the next few years, which include an investment of US$3,100 M (Mexican number notation) for refining metals in Sonora and electric infrastructure for El Arco in Baja California, and a US$2,300 M investment for expansion of smelter capacity in Sonora. Those projects are part of the US$9,000 M that Grupo Mexico plans to invest from 2021 to 2027.
  • Orla Mining Ltd. updated on the construction of the Camino Rojo Oxide project in Zacatecas. Construction is 22% complete, with $15.3 M spent in the quarter, $64.3 M total to date of an estimated total capital expenditure of $134 M. Of 826 workers currently on the project, 15% are from local communities, 30% from Zacatecas State and 55% from other States. “… activities now focused on earth moving, concrete pouring, and structural and mechanical installations in the areas of the crushing circuit, MerrillCrowe plant, heap leachPR and process pond, camp, and administration offices”.
  • Excellon Resources Inc. provided an update on the mineral resource estimate for its Platosa mine in Durango. The new resource includes information from 187 exploration drill holes from surface and underground locations, or 21,400 m. Indicated resources now stand at 317 K tonnes @ 485 gpt Ag, 5.3% Pb, 5.5% Zn, containing 4.95 M Oz Ag, 36.8 M Lb Pb, 38.8 M Lb Zn and inferred resources at 42 K tonnes @ 749 gpt Ag, 4.3% Pb, 5.4% Zn, containing 1 M Oz Ag, 4 K tonnes Pb, 4 K tonnes Zn. At the Evolución project in Zacatecas, indicated resources stand at 6.4 M tonnes @ 64 gpt Ag, 0.1 gpt Au, 1.2% Pb, 1.3% Zn, containing 13.1 M Oz Ag, 19 K Oz Au, 140.7 M Lb Pb, 161.5 M Lb Zn, and inferred resources at 15 M tonnes @ 39 gpt Ag, 0.1 gpt Au, 0.8% Pb, 1.2% Zn, containing 18.5 M Oz Ag, 49 K Oz Au, 247.5 K tonnes Pb, 377.7 K tonnes Zn.
  • Gatos Silver Inc. released results from infill and extension drilling at its Los Gatos project in Chihuahua, and the commencement of drilling at the Esther zone. The drilling continues to identify mineralization beyond both ends of the deposit. Below the drill results table:


  • Telson Mining Corp. announced the restructuring of its board of directors and a corporate name change. Telson’s Board of Directors now consists of seven members as follows: David Rhodes, Natascha Kiernan, Tom Kelly, Mark Bailey, Roberto Guzman Garcia, Ruben Alvidrez Ortega and Ralph Shearing. Telson intends to change its corporate name to Altaley Mining Corp. to complement the board restructuring. Telson also reported the execution of a Financial Advisory Services Agreement with Endeavour Financial Ltd., to provide Telson with general corporate financial advice with respect to its strategic direction and corporate development (Tahuehueto, Durango).
  • Coeur Mining Inc. entered into an agreement to acquire 11.07 M shares (17.8%) of Victoria Gold Corp. from Orion COVI Ltd. on a transaction expected to close on May 11 subject to closing conditions.
  • Barksdale Resources Corp. entered into an agreement with Regal Resources to consolidate a 100% interest in the Sunnyside project in Arizona (also owns San Javier, Sonora).


  • Endeavour Silver released its 2020 sustainability report, which informs on safety and health, training, community, environment and economic value activities during the period.
  • Pan American Silver, Equinox Gold and Torex Gold presented plans to reduce their carbon footprint. 
  • Hecla Mining released its 2020 sustainability report the steps the company take to reduce its environmental footprint. Health, safety, green energies, greenhouse emission reduction, reclamation work, human rights and diversity are some of the subjects covered.
  • Newmont Peñasquito informed on the work realized to better the water resources at El Verge, Zacatecas.
  • Peña Colorada is granting professional internships to 12 students from five universities.

Content like what you have just read can be seen at and at LinkedIn’s Mexico Mineral Exploration Group.

On the image below:  Old open cut in Sinaloa, with Ricardo Ramonett as scale. Picture by Jorge Cirett.

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