Thirteen companies released results from drilling programs in Mexico during the first quarter of 2025. The highest gold intercept was at El Limón-Guajes Underground Sur deposit in Guerrero, with 10.30 m averaging 43.31 gpt Au, including a 2.90 m subinterval over 78 gpt Au. The drilling program was focused on extending the mine life at ELG underground “by identifying new zones of higher-grade mineralization, expanding resources within known areas, and replacing mined reserves”.

Since Q3 of 2024, deposits in the Guerrero Gold Belt, like ELG Underground, characterized by skarn mineralization have shown the highest gold intercepts on each quarter. Campo Morado, also in Guerrero, is part of a volcanogenic massive sulfide (VMS) system, and the only other deposit in the table below that is not of epithermal origin.  

Epithermal deposits compose the rest of the table.  Santa Elena, Copalquin and El Cubo are low sulfidation epithermal systems, Don David, Columba, La Reyna and Alamos Silver belong to the intermediate sulfidation category, while La Colorada (Sonora) and Panuco straddle these two categories. Gran Pilar and Cristina are intermediate sulfidation epithermal systems that are probably distal part of porphyry copper centers.

Summarizing, one deposit shows skarn mineralization, one more belongs to the VMS category, while eleven display low and/or intermediate sulfidation epithermal mineralization.