The Mining and Exploration News in Mexico: Highlights on the Second Week of April 2023

By Jorge Cirett                                             

During the 15th week of the year (April 10th to April 16th, 2023), 16 companies working in Mexico released news on their properties. One company informed on exploration at one of its properties, eight companies informed on Q1 2023 production results. One company closed a financing placement while a company opened another one. A company informed on the advance to take a property into production, one other reported drilling results at its main project. One company is exercising its option to acquire a property, while one other is extending the option on an exclusivity agreement. ON MEXICO ISSUES, calls for dialog with Congress are being made with urgency on the merits and negative implications of the proposed changes to the Mining Law. The federal government qualified Vulcan Minerals compensatory demand as unfounded. ON EXPLORATION, in Sonora, Tocvan Ventures provided results from a leach test at its Pilar property. ON MINING, Endeavour Silver, Guanajuato Silver Company, Fortuna Silver, Torex Gold, Gold Resource, Gatos Silver, Orla Mining and Bear Creek Mining released Q1 2023 production reports. ON FINANCING, Monumental Minerals and Excellon Resources announced the closing ($2.2 M) and opening (up to C$10 M) of financing rounds, respectively. ON RESOURCES AND DEVELOPMENT, Minera Alamos advances on the permitting process for mining at Cerro de Oro in Zacatecas. Vizsla Silver reported drilling results from its Panuco property in Sinaloa. ON DEALS AND CORPORATE ISSUES, Silver Dollar is exercising its option to acquire 100% interest on La Joya property in Durango. Radius Gold extended the exclusivity agreement term with Fresnillo PLC on its Plata Verde Project in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.


  • On the proposed changes to the Mining Law. For the last two weeks there have been many declarations by mining industry members and representatives against many of the proposed changes. There is a widespread movement calling for open discussions of the many elements on this proposal that are to pose a grave threat to foreign and local investment on the industry, affecting a large population base and increased deleterious effects in the economy on the long run. The AIMMGM (Asociación de Ingenieros Mineros, Metalurgistas y Geólogos de México) is asking Congress to organize an open parliament on the subject to discuss the merits and negative implications of the proposed changes.
  • The Mexican federal government qualified Vulcan Minerals $1.9 billion compensatory demand as unfounded on its reply to Centro Internacional de Arreglo de Diferencias Relativas a Inversiones courtroom. Vulcan has been quarrying limestone in Quintana Roo for more than 30 years, and has been pointed by the government as the culprit of an ecological disaster.
  • Mexico’s Best Drilling intercepts on Q1 2023


  • Tocvan Ventures Corp. provided the results from a leach study from its Pilar property in Sonora. According to the results, 95 to 99% Au, 73 to 97% Ag can be recovered using “gravity concentration followed by agitated cyanide leach of the gravity tails”.


  • Endeavour Silver Corp. reported first quarter 2023 production of 1.62 M Oz Ag 9,342 Oz Au (or 9,342 Oz AgEq. At Guanaceví, in Durango, 102.4 K tonnes were milled at a rate of 1,138 tonnes per day (tpd), averaging 511 gpt Ag, 1.42 gpt Au, recovering 85.6% Ag, 89.6% Au, to produce 1.44 M Oz Ag, 4,188 Oz Au. At Bolañitos, in Guanajuato, 109.7 K tonnes were milled at a rate of 1,208 tpd, averaging 61 gpt Ag, 1.70 gpt Au, recovering 86.1% Ag, 86.8% Au, to produce 183.6 K Oz Ag, 5,154 Oz Au.
  • Guanajuato Silver Company Ltd. announced consolidated production results for the year 2022. Production from El Cubo mines complex, Valenciana mines complex and San Ignacio mine in Guanajuato involved 410.3 K tonnes mined, 418.8 tonnes milled, recovering 86.0% Ag, 84.5% Au, 88.7% Pb, 84.5% Zn, to produce 1 M Oz Ag, 11,174 Oz Au, 1.3 M Lb Pb, 1.9 M Lb Zn, or 2.13 M Oz AgEq, at cash cost $15.84 per Oz AgEq and AISC of $21.55 per Oz AgEq. At the end of 2022 the company had cash and cash equivalents of $8.8 M and $1.7 M of working capital.
  • Fortuna Silver Mines Inc. reported production results for the first quarter of 2023, including figures from its operations in Mexico. During the period the San Jose mine in Oaxaca produced 1.3 M Oz Ag, 8,231 Oz Au.
  • Torex Gold Resources Inc. reported Q1 2023 production from its El Limon-Guajes operations in Guerrero. During the period 10.2 K tonnes of ore per day (tpd) were mined from open pits, 93.7 K tpd of waste moved (waste to ore strip ratio of 9.2) and 1,738 tpd of ore were mined from underground for a total of 13,703 tpd processed at a grade of 3.50 gpt Au, recovering 87.8% Au to produce 122,918 Oz Au. “… the Company made over $75 million in tax payments including the annual payment of the 7.5% mining tax, corporate tax instalments, and true-up of taxes outstanding at the end of 2022”.
  • Gold Resource Corp. released production results from its Don David mine in Oaxaca in Q1 2023. During the period 117.8 K tonnes were milled at a rate of 1,420 tonnes per day, averaging 2.33 gpt Au, 94 gpt Ag, 0.37% Cu, 1.7% Pb, 3.9% Zn, to produce 7,171 Oz Au, 322.7 K Oz Ag, 336 tonnes Cu, 1,559 tonnes Pb, 3,837 tonnes Zn.   
  • Gatos Silver Inc. announced production results for first quarter 2023 at its Cerro Los Gatos property in Chihuahua. During the period 260.4 K tonnes were milled at a rate of 2,894 tpd, averaging 329 gpt Ag, 3.93% Zn, 1.86% Pb, 0.30 gpt Au, recovering 88.3% Ag, 62.2% Zn, 88.6% Pb, 55.3% Au, to produce 2.43 M Oz Ag, 14.0 M Lb Zn, 9.5 M Lb Pb, 1,380 Oz Au. “… silver production is expected to be higher in the first half of 2023 than in the second half of 2023 based on sequencing of the mine plan. Zinc and lead production are expected to be higher in the second half of the year than in the first half.
  • Orla Mining Ltd. provided an interim operation update for Q1 2023. At the Camino Rojo Oxide mine in Zacatecas, during the period the company mined 3.13 M tonnes (waste to ore ratio 0.61) of which 1.18 M was moved waste, 1.65 M tonnes ore averaging 0.72 gpt Au and 0.30 M tonnes of low-grade ore averaging 0.29 gpt Au for stockpiling. Ore stacked was 1.77 M tonnes @ 0.80 gpt Au, to produce 25,910 Oz Au.
  • Bear Creek Mining Corp. announced production results for the first quarter of 2023. During the period 133.6 K tonnes were mined at its Mercedes mine in Sonora, 134.5 K tonnes milled, at a grade of 2.91 gpt Au, recovering 95.56% Au, to produce 12,025 Oz Au, 40.1 K Oz Ag. “Mercedes mine planning and development began the shift toward higher-grade deposits that utilize cut and fill mining methods during Q1 2023…”.  


  • Monumental Minerals Corp. closed a non brokered private placement for gross proceeds of $2.2 M. The company paid aggregate finder’s fees of $110.3 K plus warrants (Jemi, Coahuila).
  • Excellon Resources Inc. announced a non-brokered private placement for aggregate gross proceeds of up to C$10 M. “… the net proceeds of the Offering are expected to be used to advance development of La Negra, fund exploration at La Negra and for general corporate purposes “(La Negra, Hidalgo).


  • Minera Alamos Inc. completed the necessary documentation to proceed with its Cerro de Oro project in Zacatecas permitting process. The company expects to conclude negotiations on a lending package for construction once the permits are received.
  • Vizsla Silver Corp. reported results from six holes at the southern extension of the Napoleon vein at its Panuco project in Sinaloa. Highlighted true width intercepts comprise 4.00 m[JC1]  @ 590 gpt Ag, 5.15 gpt Au, 1.0% Pb , 4.4% Zn (including 0.98 m @ 2,025 gpt Ag, 15.74 gpt Au,, 1.7% Pb, 5.2% Zn); 6.10 m @ 156 gpt Ag, 3.63 gpt Au, 7.9% Pb, 6.6% Zn; 5[JC2] .00 m @ 99 gpt Ag, 1.44 gpt Au, 1.2% Pb, 5.1% Zn; 1.70 m @ 268 gpt Ag, 1.41 gpt Au, 0.2% Pb, 0.3% Zn; 3.05 m @ 157 gpt Ag, 2.55 gpt Au, 0.8% Pb, 5.1% Zn; 1.00 m @ 532 gpt Ag, 8.96 gpt Au, 1.5% Pb, 7.1% Zn; 10.65 m @ 54 gpt Ag, 0.93 gpt Au, 0.2% Pb, 0.8% Zn.


  • Silver Dollar Resources Inc. delivered a notice to First Majestic Silver Corp. exercising its option to acquire a 100% interest in La Joya property in Durango.
  • Radius Gold Inc. extend the term of the exclusivity agreement with Fresnillo PLC on its Plata Verde project in Chihuahua. The term of the agreement has been extended three months, implying Fresnillo is to cover US$157 K in payments to the underlying concession owners and landowners, while maintaining the commencement of drilling before 7 July 2023.


  • No Relevant News.

On the image below: Quartz veined coarse grain intrusive rock in the Sonoran Desert. Picture by Jorge Cirett. Picture by Jorge Cirett.



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