Fifteen companies released silver results from drilling programs in Mexico during the second quarter of 2025. The highest silver intercept was from Endeavour Silver’s Pitarrila project in Durango, with 247 m averaging 129 gpt Ag. The Ag-Pb-Zn mineralization at Pitarrilla developed in at least four veins, two dikes and as matrix replacement in a conglomerate (Manto Pitarrilla) overlying marine sedimentary rocks. “Drilling has confirmed that all structures originate below the marine sediments, extend through Manto Pitarrilla, and into the upper volcanics. These feeder structures remain open at depth”. The drill program is focused in further defining the geometry of the multiple, sub-vertical, mineralized feeder structures and the mineralized manto.

Two other deposits, Columba in Chihuahua and Don David in Oaxaca presented drill intercepts with grade*meter values greater than 5,000. These three deposits, along with Zacualpan, La Reyna, and Alamos Silver are intermediate sulfidation epithermal systems. The Cristina and Gran Pilar projects are also of intermediate sulfidation affinity, but probably distal to porphyry copper centers. Panuco in Sinaloa and (tentatively) La Colorada in Sonora straddle from low to intermediate sulfidation epithermal mineralization, and Santa Elena, Copalquin and El Cubo present low sulfidation characteristics of epithermal mineralization.  Finally, Campo Morado is a volcanogenic massive sulfides (VMS) deposit and El Limón a skarn system. Please note that the projects in the table below are scattered through Mexico from Sonora in the northwest to Guerrero and Oaxaca in the south.