Annual General Meeting

The Mining and Exploration News in Mexico: Highlights on the Third Week of September 2025

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By Jorge Cirett
During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors.  Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
  • Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.

ON MINING

  • Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.

ON FINANCING

  • Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
  • Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
  • Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
  • Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
  • Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
  • Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
  • Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
  • Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
  • Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
  • Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
  • Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
  • Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
  • ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.

ON DEALS AND CORPORATE ISSUES

  • Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
  • Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
  • Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
  • Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
  • Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
  • Xali Gold Corp. has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
  • Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
  • Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
  • Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
  • Prime Mining Corp. announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
  • Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
  • Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.

On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of September, 2025

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Mushketovite

By Miguel A Heredia

During the 37th week of the year (September 8th to September 14th 2025), at least 39 press releases were announced by companies working in Mexico, with nineteen disclosing deals and corporate issues, eight reporting resources and developments of their properties, seven informing on exploration results, four announcing financial rounds, and one commenting on Mexican issues. ON MEXICO ISSUES, Pan American, Coeur, Luca Mining, GoGold, and Axo Copper reported the best drilling intercepts in Mexico on the second week of September, 2025. ON EXPLORATION, In Sonora, Questcorp provided an update of the ongoing drilling program at its la Union project. Fortuna Mining provided an update on its generative exploration program across its portfolio of properties in Mexico. In Sinaloa, Chesapeake provided an update on its regional exploration activities at its Lucy project. In Durango, Pacifica Silver revealed details of its upcoming exploration program at its Claudia project, and Pinnacle released underground channel sampling results from its Potrero project. In Zacatecas, Defiance Silver reported that a new drilling program commenced at its Zacatecas project. In Jalisco, Axo released results from its recently initiated drill program at its la Huerta project and announced that it has begun its regional drill program at the La Huerta South target. ON MINING, No relevant news.  ON FINANCING, Vizsla Royalties spotlighted that Vizsla Silver entered in a USD $220M project finance mandate to fund the development of its Panuco project in Sinaloa. Sonoro Gold closed its previously announced oversubscribed, non-brokered private placement for gross proceeds of CAD $2M (Cerro Caliche project, Sonora). Goldgroup closed its previously announced non-brokered private placement for gross proceeds of CAD $$M (Cerro Prieto mine, Sonora). Vortex announced a non-brokered private placement for gross proceeds of up to CAD $600K (Riqueza Marina and Zaachila projects, Oaxaca). ON RESOURCES AND DEVELOPMENT, Kootenay completed 2,500m in five holes drilled at its Columba project in Chihuahua. Luca Mining released results of six holes totalling 1,656m from its ongoing underground and surface drilling programs of its Tahuehueto mine in Durango.  Sierra Madre Gold and Silver announced its two-staged plan to expand their Guitarra mine´s processing capacity. Chesapeake reported progressing metallurgical test on its Metates project in Durango, with promising results toward a 2026 prefeasibility study. GoGold announced strong drilling results at its Los Ricos South project in Jalisco. Pan American Silver released drill results from the program designed to test the eastern zone of the La Colorada mine in Zacatecas. Coeur Mining released high-grade drilling results from its 2025 drill plan at its Las Chispas mine in Sonora. Pan American Silver presented consolidated mineral reserves and mineral resources as at June 30, 2025 of all of their mining operations (La Colorada mine, Zacatecas). ON DEALS AND CORPORATE ISSUES, Mithril announced that it intends to have its annual general meeting on Wednesday November 5, 2025 (Copalquin project, Durango). Aura Minerals applied for a voluntary delisting of its common shares from the Toronto Stock Exchange (Aranzazu mine, Zacatecas). Orogen announced that its shares will be trading on the OCTQB effective immediately under the symbol OGNNF (Ermitaño mine, Sonora). Sailfish declared Q3, 2025 dividend (Gavilanes project, Durango). Torex Gold reported that it was recognized as a top performer by the Toronto Stock Exchange (TSX) for 2025 (Morelos Complex, Guerrero). Alamos Gold declared that for second year consecutive it has been recognized as a TSX30 2025 winner by the TSX (Mulatos mine, Sonora). Agnico Eagle announced disposition of its interest in Orla Mining (Pinos Altos mine, Chihuahua). Prime filed and mailed its notice of meeting and management information circular to approve plan of arrangement with Torex Gold (Los Reyes project, Sinaloa). Impact announced shareholder approval of omnibus equity incentive plan (Plomosas mine, Chihuahua).  GR Silver received five-year drill permit for the San Marcial area at its Panuco project in Sinaloa. Apollo Silver announced that the company will proceeds with a consolidation of its issued and outstanding common shares (Cinco de Mayo project, Chihuahua). Heliostar reported that it has been approved for graduation from Tier 2 to Tier 1issuer status on the TSX (Ana Paula project, Guerrero). Kingsmen announced voting results of its annual general and special meeting of shareholders (Las Coloradas project, Chihuahua). Vizsla Royalties appointed a new Independent Director (Panuco project, Sinaloa). Teck and Anglo American reached an agreement to combine in a merger for equals to form the Anglo Teck Group. Quetzal Copper refilled its Q2, 2025 financial statements and Management Discussion & Analysis (Cusi property, Chihuahua). Canasil confirmed that the British Columbia Securities Commission approved the full revocation of the cease trade order (Sandra project, Durango). Candelaria provided an update to its management cease trade order announced on August 29, 2025 (Caballo Blanco project, Veracruz). Fuerte metals issued a statement to a request from the Canadian Investment Regulatory Organization regarding a recent increase in the market price of its shares (Cristina project, Chihuahua). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Pan American Silver Corp, Coeur Mining Inc, Luca Mining Corp, GoGold Resources Inc, and Axo Copper Corp., reported the best drilling intercepts in Mexico on the second week of September, 2025. Details are shown in the table below:

ON EXPLORATION

  • Questcorp Mining Inc., provided an update on the Phase 1 ongoing drilling program at its la Union project in Sonora. The company has completed drill holes at two of four target areas with promising intersections in oxides zones associated with past mineralization. The drilling has revealed more quartzite than expected which could indicate good conditions for gold due to fractures and oxidation. Questcorp is now focusing its drilling exploration efforts at the Famosa target.
  • Fortuna Mining Corp., provided an update on its generative exploration program across its portfolio of properties in Mexico. At the Centauro project in Chihuahua, the company conducted geological mapping, geochemical sampling, and the identification of a large 2km by 3km silica-capped with features typical of a preserved hydrothermal system, such as sinter horizons, silica banding, mud cracks and geyserites. Several north-west trending silicified structures have been outlined, and along with the low temperature sulfides such as realgar, orpiment, cinnabar, and stibnite, confirm the presence of structures consistent with a fertile epithermal system. The plan moving forward is to commence a first pass drill campaign next month to test the potential for a low to intermediate epithermal sulfidation gold and silver system at depth, aiming to explore and delineate mineralization within the identified structures. Fortuna has the option to earn 100% interest in three mining concessions covering 600 hectares. At El Carmen project in Queretaro, activities realized to date include initial mapping on a large 5km by 5km kaolin-altered area locally exposed beneath a post-mineral basalt cover, which has identified three main target areas characterized by well-developed displacement faults, sub horizontal zones of silicification, and the presence of cinnabar, all indicative of the potential for a fully preserved epithermal system at depth. Once the company secured surface access over the principal target areas, it will commence detailed geological mapping and systematic geochemical sampling, supported by hyperspectral analysis to better understand its mineralization potential to design a maiden drill program.
  • Chesapeake Gold Corp., provided an update on its regional exploration activities at its Lucy project in Sinaloa. Recent work has identified new mineralized zones, including a potential new corridor with gold mineralization. The project shows promise for extending over 3 kilometers, suggesting that the mineralization system at Lucy is bigger than it was originally thought. Ongoing trenching, sampling, and permitting activities are been carried out at the property with the goal of delineating its mineral potential.
  • Pacifica Silver Corp., revealed details of its upcoming exploration program at its Claudia project in Durango. The company plans to drill an initial 8,000m Phase 1 drill campaign, expected to begin at the end of September, and conduct a property-wide exploration program consisting of surface sampling, geological mapping, and a 27-line km induce polarization (IP) and resistivity geophysical survey.
  • Pinnacle Silver and Gold Corp., released underground channel sampling results from the Dos de Mayo mine within its Potrero project in Durango. “Fifty-three channel samples, in 13 composite channels, were taken within a raise (inclined tunnel approximately 1.5m in diameter) connecting two levels 25.5m apart.  Composite assays up to 11.2 g/t Au and 179 g/t Ag over 3.5m, 15.55 g/t Au and 222 g/t Ag over 1.1m and 11.93 g/t Au and 190 g/t Ag over 1.4m were obtained, with individual assays up to 27.6 g/t Au and 366 g/t Ag over 0.6m.  The weighted average of mineralized composites within the raise assayed 6.43 g/t Au and 110 g/t Ag”.  The company is planning an underground drilling program in all three main mines at Potrero project.
  • Defiance Silver Corp., reported that a new 10,000m oriented-core drilling program commenced at its Zacatecas project in Zacatecas state.
  • Axo Copper Corp., released results from its recently initiated phase II drill program at its la Huerta project in Jalisco. The most significant drill interception was encountered in hole LHCC-25-045 with 2.89% Cu and 15 g/t Ag (3.08% CuEq) over a length of 13.2m, including 4.86% Cu and 30 g/t Ag (5.24% CuEq) for a length of 6.4m. Mineralization encountered in this hole consists of chalcopyrite and bornite hosted in andesitic rocks. Higher Cu grades are related to bornite patches. To date, 3,288m have been drilled as part of a 15,000m phase II drilling program. Axo also announced that it has begun its regional drill program at the La Huerta South target.

ON MINING

  • No relevant news.

ON FINANCING

  • Vizsla Royalties Corp., spotlighted that Vizsla Silver Corp., entered in a USD $220M project finance mandate with Macquarie Bank Limited to fund the construction and development of its high grade underground Panuco project in Sinaloa.
  • Sonoro Gold Corp., closed its previously announced oversubscribed, non-brokered private placement of 13,350,000 units at a price of CAD $0.15 per unit for gross proceeds of CAD $2M. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes.
  • Goldgroup Mining Inc., closed its previously announced non-brokered private placement of 4,848,485 units at a price of CAD $0.825 per unit for gross proceeds of CAD $$M. The gross proceeds will be dedicated to the diligent assessment and strategic pursuit of acquisition opportunities (Cerro Prieto mine, Sonora).
  • Vortex Metals Inc., announced a non-brokered private placement of up to 15,000,000 units at a price of CAD $0.04 per unit for gross proceeds of up to CAD $600K. Net proceeds will be used as follow: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., reported that it drilled five holes at its Columba project in Chihuahua. These holes totalling 2,500m were completed on the D and I Vein Targets, and are part of the first phase of a planned 50,000m drilling program designed to expand known limits of mineralized veins comprising the recently announced 43-101 compliant mineral resource estimate.
  • Luca Mining Corp., released results from its ongoing underground and surface drilling programs of its Tahuehueto mine in Durango. Six holes are already been completed for a total of 1,656m. Drilling highlights are shown in the table below:
  • Sierra Madre Gold and Silver Ltd., announced its two-staged plan to expand their Guitarra mine´s processing capacity from 500 tonnes to between 750 and 800 tonnes per day by mid-2026 through new facilities such as a paste fill plant and thickener plant, as well as additional crushers; and then between 1,200 and 1,500 per day by late 2027 with a new dry stack tailings storage facility, a second crushing circuits, and replacing a smaller capacity ball mill.   The company intends to fund these expansions using their existing cash flow and recent private placement, avoiding new capital raises.
  • Chesapeake Gold Corp., reported progressing metallurgical test on its Metates project in Durango, with promising results toward a 2026 prefeasibility study. Metallurgical testwork on Metates using its proprietary sulphide leach technology shows early encouraging results, indicating that the oxidation process is meeting expectations, attracting industry interest. Now, other companies have considered to test the Chesapeake´s leach process technology on a wide range of deposits, which could open up new chances for the company to start commercializing the process as an eventual significant source of value generation for Chesapeake.
  • GoGold Resources Inc., announced strong drilling results at its Los Ricos South project in Jalisco. Based on reconstruction of the historical data and a new IP geophysics survey conducted this year, a systematic step-out drilling program commenced in January 2025, to test the down dip, the southern strike extension of the Abra Zone towards Los lamas, and the Cerro Colorado deposit. The company found high-grade silver and gold mineralization beyond their current resource area, notably in the Eagle, Abra, and Cerro Colorado zones. Highlights include impressive silver equivalent grades over notable widths, signaling potential for resource expansion and deeper extensions of known veins. Drilling highlights are shown in the table below:

Pan American Silver Corp., released drill results from the program designed to test the eastern zone of the La Colorada mine in Zacatecas. These results are from the drilling campaign carried out from November 2024 to June 2025 with approximately 65,000m in 170 holes. Multiple high grades were encountered indicating the potential for expansion of silver mineral resources, extension of mine life and improved economics. These results are  Drilling highlights are shown in the table below:

Coeur Mining Inc., released drill results from its 2025 drill plan at its Las Chispas mine in Sonora. The 2025 drill plan was modified and refocused around the Las Chispas operation to test high-priority targets including strike and depth extensions and infill drilling at the Babicanora and Las Chispas Block. It also continues to follow up on recent discoveries in the Gap Zone located between the Babicanora and Las Chispas Blocks on multiple veins such as Augusta, La Sorpresa, Los Sheiks, North Las Chispas, and Las Chispas Extensions. The drilling results have been highly successful, revealing some of the highest grades encountered in the project to date. Notably, North Las Chispas Vein returned an intercept of 158 g/t Au and 13,430 g/t Ag over 0.30m, bonanza levels with exceptional high-grade mineralization. The Augusta vein has also demonstrated significant expansion, with intercepts of up to 27.7g/t Au and 3,903 g/t Ag over 0.40m, confirming continued growth along strike. Overall, the results highlight substantial high-grade potential and ongoing resource expansion in multiple veins within the Las Chispas district, which have been ramped up to nine drill rigs to target additional resource growth. The most significant results are shown in the table below:

Pan American Silver Corp., reported consolidated mineral reserves and mineral resources as at June 30, 2025. It presented separate figures for La Colorada mine in Zacatecas, and for its La Bolsa property in Sonora, which are shown in the table below:

ON DEALS AND CORPORATE ISSUES

  • Mithril Silver and Gold Limited announced that it intends to have its annual general meeting on Wednesday November 5, 2025 (Copalquin project, Durango).
  • Aura Minerals Inc., applied for a voluntary delisting of its common shares from the Toronto Stock Exchange (TSX). The application has been approved by the company´s Board of Director and the TSX. It is expected that the common shares will be delisted from the TSX effective as of the close of markets on September 25, 2025 (Aranzazu mine, Zacatecas).
  • Orogen Royalties Inc., announced that its shares will be trading on the OCTQB effective immediately under the symbol OGNNF (Ermitaño mine, Sonora).
  • Sailfish Royalty Corp., declared Q3, 2025 dividend in the amount of USD $0.0125 per common share that will be payable on October 15, 2025 to company´s shareholders of record as of the close of business on September 30, 2025 (Gavilanes project, Durango).
  • Torex Gold Resources Inc., reported that it was recognized as a top performer by the Toronto Stock Exchange (TSX) for 2025 having been named to the TSX30, which is based on share price performance, adjusted for dividends, over the three-year period ending June 30, 2025 (Morelos Complex, Guerrero).
  • Alamos Gold Inc., declared that for second year consecutive it has been recognized as a TSX30 2025 winner by the TSX. The annual ranking recognizes the 30 top performing stocks based on their dividend-adjusted share price performance over a three-year period (Mulatos mine, Sonora).
  • Agnico Eagle Mines Limited announced disposition of its interest in Orla Mining Ltd. The company sold 38,002,589 shares of Orla Mining for about CAD $560.5M at a sale price of CAD $14.75 per share, aimed to redeploy capital to strategic priorities (Pinos Altos mine, Chihuahua).
  • Prime Mining Corp., filed and mailed its notice of meeting and management information circular to approve plan of arrangement with Torex Gold. The special meeting of shareholders will be held on September 29, 2025 (Los Reyes project, Sinaloa).
  • IMPACT Silver Corp., announced shareholder approval of omnibus equity incentive plan to replace its 10% fixed stock option plan to originally adopted on December 21, 2025 (Plomosas mine, Chihuahua).
  • GR Silver Mining Ltd., received five-year drill permit for the San Marcial area at its Panuco project in Sinaloa. Now the company is allowed to carry out step-out and exploration drilling at 46 new drill sites at San Marcial. GR Silver plans to complete the final 3 drill holes of its summer drilling program, to conduct additional down-hole geophysical surveys in key drill holes within the resource area, and advance additional drilling under the new drill permit.
  • Apollo Silver Corp., announced that the company will proceeds with a consolidation of its issued and outstanding common shares on the basis of five pre-consolidated shares for every one post-consolidated share. The consolidation will take effect on September 15, 2025.  (Cinco de Mayo project, Chihuahua).
  • Heliostar Metals Ltd., reported that it has been approved for graduation from Tier 2 to Tier 1issuer status on the TSX (Ana Paula project, Guerrero).
  • Kingsmen Resources Ltd., announced voting results of its annual general and special meeting of shareholders. In this annual meeting, shareholders also approved a new 10% rolling omnibus equity incentive plan (Las Coloradas project, Chihuahua).
  • Vizsla Royalties Corp., appointed a new Independent Director effective immediately. The company also has granted an aggregate of 150,000 stock options and 250,000 cash-settled Deferred Share Units to certain directors and officers (Panuco project, Sinaloa).
  • Teck Resources Limited and Anglo American plc reached an agreement to combine in a merger for equals to form the Anglo Teck Group. The merger aims to create a leading diversified mining company focused on critical minerals, particularly copper. The merge anticipates pre-tax recurring annual synergies of USD $800M and an additional USD 1.4B B in underlying EBITDA revenue synergies. Boards of Teck and Anglo American unanimously support and recommend the merger.
  • Quetzal Copper Corp., refilled its Q2, 2025 financial statements and Management Discussion & Analysis. The amendment was made to correct and clarify disclosure relating to the company’s share-based compensation (Cusi property, Chihuahua).
  • Canasil Resources Inc., confirmed that the British Columbia Securities Commission approved the full revocation of the cease trade order (CTO), as a result of the company’s failure to file its interim financial statements for the period ended September 30, 2023. The full revocation of the CTO is a very positive development leading to a return to normal trading of the company´s securities (Sandra project, Durango).
  • Candelaria Mining Corp., provided an update to its management cease trade order announced on August 29, 2025 “in respect of the audited annual financial statements and corresponding management’s discussion and analysis for the year ended April 30, 2025, including the CEO and CFO certifications that were not filed by the required filing deadline of August 28, 2025”. The company is working expeditiously on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by September 28, 2025 (Caballo Blanco project, Veracruz).
  • Fuerte Metals Corporation issued a statement to a request from the Canadian Investment Regulatory Organization regarding a recent increase in the market price of its shares. Fuerte Metals is currently engaged in discussions about a potential transaction, though no agreement has been reached yet. The company clarified that the rise in trading activity is noted, but there are no specific details provided about the causes of the increase or any material developments at this time.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, mushketovite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of August 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 34th week of the year (August 18th to August 24th, 2025), companies working in Mexico presented 33 press releases. One company presented exploration advances on its early-stage property. Five companies presented quarterly reports. Ten companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. One company received a key acceptance of a surface rights agreement. Fifteen companies informed on deals and corporate issues. ON MEXICO ISSUES, The SGM has been given the first orders by the Economy Ministry to perform exploration activities in three projects.  ON EXPLORATION, In Sonora, Questcorp informed on its drill program at La Union. ON MINING, Starcore International Mines, Elemental Altus Royalties, Santacruz Silver Mining, Sailfish Royalty and Sierra Madre Gold and Silver released Q2 2025 results. ON FINANCING, six companies informed on financing rounds: Regency Silver (C$2.5 M, upsized to C$3.1 M), Mammoth Resources (C$980 K), Sonoro Gold (C$525 K), Goldgroup Mining (C$4 M), Pacifica Silver (C$10 M) and Guanajuato Silver Company (C$18 M). Sonoro Gold informed on the terms of a loan. Apollo Silver and Kootenay Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Sonoro Gold received acceptance by the TSX for the surface rights agreement at Cerro Caliche. Avino Silver and Gold reported drilling results from La Preciosa. First Majestic Silver disclosed results from drilling at San Dimas. GR Silver Mining announced drilling results from its Plomosas project. ON DEALS AND CORPORATE ISSUES, Silver Dollar Resources and Canasil Resources informed on their AGMs. Pacifica Silver, United States Antimony, Kootenay Silver, Tocvan Ventures and Colibri Resource announced appointments to the board. Apollo Silver engaged a service provider. Mag Silver informed on its acquisition by Pan American Silver. Reyna Silver and Torex Gold updated on its acquisition by Torex. Xali Gold informed on its status under the TSX and on the cancellation of claims at El Oro. Capitan Silver acquired mining concessions from Fresnillo plc at Cruz de Plata. EV Resources signed an MOU with Wogen Resources and Xcelsior Capital Advisors. Galore Resources updated on its Los Gemelos and Duraznillo projects. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • The Economy Ministry (Secretaría de Economía) emitted three exploration orders to the Mexican Geological Survey (Servicio Geológico Mexicano, or SGM). The orders posted In the Official Gazette (Diario Oficial de la Federación) grant the SGM the initial exploration works at Las Granadas (Estado de México), La Soledad (in Durango) and Delia (in Sonora). (Note by the editor.- This is a feeble attempt by the government to try to make function an exploration system depicted in the new mining law that basically is unworkable in any meaningful way, other than that of plain demagogy).   

ON EXPLORATION

  • Questcorp Mining Inc. announced the completion of 25% of the planned 1,200 to 1,500 m drill program at La Union, in Sonora.

ON MINING

  • Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2025. At its San Martin mine in Queretaro, the company milled 54.3 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,130 gpt AuEq. “During the quarter, the CIL (carbon-in-leach) process for carbonaceous ore was fine-tuned and necessary adjustments were made to optimize the process”.
  • Elemental Altus Royalties Corp. announced its operating and financial results for Q2 2025. The company had revenue of US$9.1 M, adjusted revenue of US$105 M, operating cash flow plus Caserones dividend of US$14.4 M, attributable 3,184 Oz Au Eq and adjusted EBITDA of US$8.8 M, with guidance revenue increased to US$35 M to US$40 M (Royalty on Mercedes, Sonora).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for Q2 2025. The company had revenue of US$73.3 M, gross profit of US$25.3 M, net income of US$21.0 M, adjusted EBITDA of US$26.8 M, working capital of US$60.3 M and cash and short and long term investments of US$57.8 M. The company produced 3.55 M Oz AgEq on its mines in Mexico and South America at an AISC of $22.95 per Oz AgEq (Zimapán, Hidalgo).
  • Sailfish Royalty Corp. announced operating and financial results for the second quarter of 2025. During the period Sailfish earned US$626 K in royalties, earning 8 Oz Au, 1,672 Oz Ag from stream interests. Total revenue was US$713.2 K, for a gross profit of US$687 K, net income of US$185.3 K, declaring a quarterly dividend of US$0.0125 per common share (royalty on Gavilanes, Durango).
  • Sierra Madre Gold and Silver Ltd. provided financial results for Q2 2025. During the period the company had net revenue of US$5.36 M, adjusted EBITDA of US$1.46 M and a gross profit of US$1.29 M. At La Guitarra in Estado de México, 41.2 K tonnes were milled, recovering 76.6% Ag, 78% Au, to produce 66 K Oz Ag, 1,001 Oz Au. Sierra Madre closed the first and second tranches of a C$19.5 M brokered private placement during the quarter.

ON FINANCING

  • Sonoro Gold Corp. announced the completion of cash payments of US$3.12 M to a lessor, satisfying the financial obligations in year 1 of the agreement. The company will issue 5 M common shares to the lessor at a deemed issue price of CAD $0.15 Common Share. “Funding for year-1 payment requirements under the Agreement was financed by unsecured shareholder loans aggregating to US $2,900,000 (the “Loans”) by Company directors, bearing annual interest of 10%, plus a 7% lending fee” (Cerro Caliche, Sonora).
  • Apollo Silver Corp. approved the annual grant of 4.41 M stock options, restricted share units and deferred share units to certain employees, officers, directors and consultants (Cinco de Mayo, Chihuahua).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement led by Centurion One Capital Corp. for aggregate gross proceeds of up to C$2.5 M (Dios Padre, Sonora).
  • Mammoth Resources Corp. received approval from the TSX Venture Exchange for a final closing for gross proceeds of C$980 K (Tenoriba, Chihuahua).
  • Sonoro Gold Corp. announced a non-brokered private placement offering for gross proceeds of C$525 K (Cerro Caliche, Sonora).
  • Kootenay Silver Inc. announced stock purchase options have been granted to a consultant to purchase up to 250 K shares of Kootenay at a price of $1.19 per common share for a period of two years. (Columba, Chihuahua).
  • Pacifica Silver Corp. closed the first tranche of its previously announced C$10 M non-brokered private placement financing. Participants included Vizsla Silver Corp., First Majestic Silver Corp., Silver Corp. Metals Inc. and 2176423 Ontario Ltd. (Claudia, Durango).
  • Goldgroup Mining Inc. arranged a non-brokered private placement for gross proceeds of up to C$4 M (Cerro Prieto, Sonora).
  • Guanajuato Silver Company Ltd. announced the closing of its previously announced non-brokered listed issuer financing exemption (LIFE) private placement for aggregate gross proceeds of C$18 M. “In connection with the Offering, the Finders received a cash commission of $520,463.92, and 1,727,904 nontransferable finder’s warrants”. Certain directors and officers acquired an aggregate of 2.1 M units for gross proceeds of C$630 K (El Cubo, Guanajuato).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement for aggregate gross proceeds of C$3.1 M (Dios padre, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. received the final acceptance from the TSX Venture Exchange for the surface rights lease agreement for the Company’s Cerro Caliche Gold Project in Sonora, Mexico.
  • Avino Silver & Gold Mines Ltd. reported results from 1,100 m of drilling in four twin holes at La Preciosa, Durango. The positive results are from La Abundancia and La Gloria veins. Highlighted true width intervals comprise 7.90 m @ 1.92 gpt Au, 1,638 gpt Ag (including 1.84  @ 0.61 gpt Au, 5,006 gpt Ag); 14.80  @ 0.38 gpt Au, 257 gpt Ag (including 5.04 m @ 0.72 gpt Au, 594 gpt Ag); 6.42 m @ 0.46 gpt Au, 544 gpt Ag; 3.45 m @ 0.44 gpt Au, 970 gpt Ag (including 1.17 m @ 0.64 gpt Au, 1,936 gpt Ag); 3.41 m @ 0.36 gpt Au, 398 gpt Ag. “Mineralization at the La Preciosa is hosted within multiple discrete poly-phase quartz veins, often displaying banded, smoky, drusy, and chalcedonic textures. Also, in each stage, there is variably crustiform banded fracture fill/breccia cement mineralogy”.
  • Colibri Resource Corp. congratulated its joint venture partner, Tocvan Ventures Corp., on receiving permit approval for a 50 K tonnes pilot mine facility located in close proximity to the Pilar project, a 49% Colibri – 51% Tocvan joint venture.
  • First Majestic Silver Corp. reported drilling results from its exploration program at the San Dimas mine in Durango. The drilling program is focused in exploring for new veins, expand and upgrade mineral resources, highlighted true width results comprise 0.75 m @ 9.94 gpt Au, 546 gpt Ag; 0.95 m @ 5.35 gpt Au, 302 gpt Ag; 0.89 m @ 7.77 gpt Au, 357 gpt Ag; 5.17 m @ 7.66 gpt Au, 357 gpt Ag; 1.59 m @ 13.07 gpt Au, 762 gpt Ag; 2.12 m @ 8.38 gpt Au, 282 gpt Ag; 3.57 m @ 15.93 gpt Au, 1,112 gpt Ag; 2.35 m @ 4.67 gpt Au, 289 gpt Ag; 1.06 m @ 23.70 gpt Au, 578 gpt Ag; 3.80 m @ 3.27 gpt Au,151 gpt Ag; 2.53 m @ 9.65 gpt Au, 121 gpt Ag.
  • GR Silver Mining Ltd. announced drilling results from its step-out drill program adjacent to the San Marcial deposit mineral resource area within the Plomosas project in Sinaloa. Highlighted core length intervals comprise 11.1 m @ 0.08 gpt Au, 64 gpt Ag; 22.9 m @ 0.06 gpt Au, 11 gpt Ag; 19.9 m @ 0.10 gpt Au, 206 gpt Ag (including 3.7 m @ 0.20 gpt Au, 511 gpt Ag and 4.2 m @ 0.10 gpt Au, 322 gpt Ag). All theses intervals contain between 0.1% to 0.8% Pb and between 0.1% to 0.9% Zn. “Drilling is ongoing with two diamond drill rigs, focusing on the SE Deep Extension target and the Parallel Breccia target.”.

ON DEALS AND CORPORATE ISSUES

  • Silver Dollar Resources Inc. informed that all resolutions put forth at the company’s annual general meeting (AGM), held on August 15, were approved by its shareholders (La Joya, Durango).
  • Pacifica Silver Corp. announced the appointment of Sophie Hsia to the board of directors and released results of its AGM (Claudia, Durango).
  • Apollo Silver Corp. engaged Creative Direct Marketing Group, Inc., an arm’s-length service provider, to provide marketing and advertising services for a total of US$1.62 M, payable in tranches (Cinco de Mayo, Chihuahua).
  • Colibri Resource Corp. announced thatJamie Lavigne has resigned from his position as director of the company. The company appointed Mark Smethurst, P. Geo, MSc, CFA-Level III Candidate, to the Board of Director (EP project, Sonora).
  • Canasil Resources Inc. announced shareholders voted in favor of all matters brought before its annual general meeting (AGM) held on August 7, 2025 (La Esperanza, Durango-Zacatecas).
  • Mag Silver Corp. announced today that, other than Mexican competition approval (COFECE), all required key approvals and authorizations to consummate the acquisition by Pan American Silver Corp. have been obtained. “If the COFECE Approval is obtained and all closing conditions are satisfied or waived, the Arrangement is expected to be completed in the third quarter of 2025. Following completion of the Arrangement, the MAG Shares are expected to be delisted from the Toronto Stock Exchange and NYSE American LLC” (Juanicipio, Zacatecas).
  • United States Antimony Corp. announced the addition of General John M. Keane, as an independent director to USAC’s board of directors (Juarez, Queretaro).
  • Kootenay Silver Inc. appointed Ron Miller as a director of the company (Columba).
  • Reyna Silver Corp. announced the completion of the previously announced plan of arrangement with Torex Gold Resources Inc.. pursuant to which Torex acquired all of the issued and outstanding shares of Reyna Silver (GuiGui, Chihuahua).
  • Torex Gold Resources Inc. announced the completion of the plan of arrangement with Reyna Silver Corp. (Morelos Complex, Guerrero).
  • Tocvan Ventures Corp. appointed Christopher Gordon as head of corporate development (Pilar, Sonora).
  • Xali Gold Corp. filed its audited annual financial statements. “The TSX Venture Exchange (“TSX.V”) is currently conducting a Listing Review of Xali Gold, which is a normal part of the review process after trading has been halted in a Company. The Company is working to resume trading as soon as possible”. The company is trying to overturn the cancellation of several mineral concessions at El Oro, Estado de México.
  • Capitan Silver Corp. executed a definitive agreement to acquire a strategic land package at its Cruz de Plata project in Durango. The property consists of 2,171.4 ha in seven mining concessions adjacent to and surrounding Cruz de Plata. The acquisition from Fresnillo plc involves the payment of an initial US$2 M (paid) and US$2 M payable on or before the second anniversary of the closing, with no royalties or share payments.
  • EV Resources Ltd. executed a try-party memorandum of understanding (MOU) with Wogen Resources Ltd. and Xcelsior Capital Advisors Ltd. Subject to a definitive agreement Wogen and XCLR will engage on a US$2–3 million secured debt facility to advance Los Lirios antimony project in Oaxaca towards production, and Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, and Wogen and XCLR will provide EVR with technical input and market intelligence.
  • Galore Resources Inc. announced that it will host its annual and special general meeting of shareholders on October 23, 2025. The company has received interest in supporting development at Los Gemelos and Duraznillo in Zacatecas; however, recent proposals were not aligned with the long-term interests of shareholders. Discussions with other potential partners remain ongoing. “At Duraznillo, previously announced drilling was suspended due to delays in committed funding, following unforeseen circumstances with an investor group”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Chlorite-Epidote alteration in quartz monzonite on HQ core. Picture by Jorge Cirett.