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The Mining and Exploration News in Mexico: Highlights on the Fourth Week of October, 2025

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Quartz Vein with Sulphides

By Miguel A Heredia

During the 43rd week of the year (October 20th to October 26th 2025), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, four announcing financial rounds, four communicating mining and production issues, two reporting resources and developments of their properties, and two informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan announced the discovery of two new gold and silver targets with historic underground workings at their Gran Pilar project. In Estado de Mexico, Sierra Madre Gold and Silver commenced an exploration program at the East District of its Guitarra mine. ON MINING, Americas Gold and Silver reported Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. Gold Royalty presented Q3, 2025 results (Royalty on Cozamin mine, Zacatecas). Discovery Silver announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).  ON FINANCING, Vortex closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $105K (Riqueza Marina and Zaachila projects, Oaxaca). Questcorp revised the terms of its previously announced non-brokered private placement (La Union project, Sonora). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.1M (Cerro Caliche project, Sonora). Apollo Silver reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 (Cinco de Mayo project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Tocvan Ventures provided an update on its recent progress at its Gran Pilar project in Sonora. Silver Storm initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations. DynaResource commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Empress Royalty announced the appointment of Daniel Burns to its Board of Directors (Royalty on Tahuehueto mine Durango). Sandstorm closed its previously announced plan of arrangement with Royal Gold (Cosala mine, Sinaloa). Pinnacle announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango. Quetzal Copper completed the acquisition of Silverco Mining (Cusi mine, Chihuahua). Torex completed the previously announced plan of arrangement to acquire Prime Mining (Los Reyes project, Sinaloa). Minera Alamos appointed Darren Blasutti as Executive Vice President, Corporate Development (Santana mine, Sonora). Starcore presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro). Southern Silver appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango). Kingsmen secured an option to acquire a 100% interest in the Almoloya project in Chihuahua.  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Sierra Madre Gold and Silver Ltd., commenced a USD $3.5M exploration program at the East District of its Guitarra mine in Estado de Mexico. The East District includes historic mines and over 39km of mapped structures. The program aims to systematically map, survey, and analyze historic mine workings and structures to identify promising drill targets. After completing detailed surface mapping and structural analysis over approximately nine months, the company plans to conduct a 20,000 to 25,000m drill campaign over 12 to 18 months to evaluate the economic potential of identified targets. The funding for this phase is secured through a recent private placement, with the goal of unlocking additional resources in a historically under-explored area.
  • Tocvan  Ventures Corp. announced the discovery of two new gold and silver targets within the North Alteration Zone with historic underground workings at their Gran Pilar project in Sonora.  These targets are based on historic underground workings that indicate the presence of mineralized structures. Target 1 is located 700m west of existing drill targets and features approximately a 60-meter exposed section of underground adits and shafts with silicified vein breccia and intense phyllic alteration. Target 2 is situated 700m north of previous high-grade samples and includes a 50m section of historic shafts and waste dumps with argillic alteration and quartz veining. Both targets align with previous high-grade surface sample results, such as assays up to 3.2 g/t Au and 1,225 g/t Ag, suggesting significant mineralization potential. These discoveries validate the exploration model and provide new avenues for drilling and resource delineation, expanding the mineralized footprint in the North Block.

ON MINING

  • Americas Gold and Silver Corporation announced Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. The company reported 765K Oz Ag, and 2.3M Lb Pb. Americas Gold and Silver reported an unaudited consolidated cash balance of USD $39M.
  • Gold Royalty Corp., presented preliminary Q3, 2025 consolidated results. The company reported total revenue of USD $4.6M equating to 1,323 Oz AuEq (Royalty on Cozamin mine, Zacatecas).
  • Discovery Silver Corp., announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).

ON FINANCING

  • Vortex Metals Inc., closed a second tranche of its previously announced non-brokered private placement of 2,625,000 units at a price of CAD $0.04 per unit for gross proceeds of CAD $105K. The company raised CAD $700K in the first tranche by issuing 17,500,000 units at a price of CAD $0.04 per unit. To date, Vortex raised aggregate proceeds for CAD $805K through the sale of 20,125,000 units. Vortex intends to use the gross proceeds of the second tranche as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and the remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).
  • Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 23,333,334 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at La Union project, in Sonora, as well as for general working capital purposes.
  • Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 20,500,000 units at a price of CADS $0.20 per unit for gross proceeds of CAD $4.1M. The company will use the net proceeds to fund ongoing development of its Cerro Caliche project in Sonora, including the commissioning of an updated Preliminary Economic Assessment and completing a final payment due under the Rosario option agreement. Funds will also be allocated for the change of land use payment required for mining operations in Mexico.
  • Apollo Silver Corp., reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 through the issuance of 6,981,707 units at a price of CADS $3.6 per unit. The upsized offering totals CAD $26,775,648, with the final tranche of 455,973 Units for gross proceeds of $1,641,503 expected to close in the coming days. Apollo plans to use part of the net proceeds for support community relations initiatives at its Cinco de Mayo project in Chihuahua, property maintenance costs and for general corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., provided an update on its recent progress at its Gran Pilar project in Sonora. It highlighted mobilization activities for drilling, trenching, and ground preparation aimed to advancing exploration and pilot mine development across North and South Blocks, where surface work and geophysical surveys have outlined new targets. The North Block is a fresh area with promising signs, and the company is focusing on road access, site clearing, and trenching to unlock new mineral zones. The goal is to start initial drilling programs and interpret results from surveys and sampling to guide the next steps.
  • Silver Storm Mining Ltd., initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations, which includes a 2,000 tonnes per day mill and three underground mines.  Dynamic Engineer was awarded the contract for the rehabilitation. Key points include rehabilitation of several buildings, rehabilitation, maintenance, and installation of new equipment of the processing plant, replacement of the jaw crusher, relined of ball mills, and service and repair of motor systems, feed lines, conveyors, screens, and cyclones, partial rehabilitation of five leach tanks of the oxide leach and tailings plant, sulphide circuit expansion to increase capacity to 1,250 tonnes per day, and underground rehabilitation including drift cleaning, scaling, ventilation upgrade, and recommissioning of underground services.
  • DynaResource Inc., commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. This circuit operates as a complementary process within the overall mineral processing flow, aiming to recover high-density gold particles that could be missed by other methods like flotation or leaching. Its purpose is to maximize overall gold recovery efficiency, reduce losses, and improve the project’s economic viability.

ON DEALS AND CORPORATE ISSUES

  • Empress Royalty Corp., announced the appointment of Daniel Burns to its Board of Directors effectively immediately (Royalty on Tahuehueto mine Durango).
  • Sandstorm Gold ltd., closed its previously announced plan of arrangement with Royal Gold Inc., in which Royalty will acquire all all of the issued and outstanding common shares of Sandstorm. Sandstorm´s shareholders will receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held (Cosala mine, Sinaloa).
  • Pinnacle Silver and Gold Corporation announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango, while Jorge Ortega continues in the role of Exploration Manager.
  • Quetzal Copper Corp., completed the acquisition of Silverco Mining Corp., with Silverco and a subsidiary of the company, which resulted in the reverse takeover of Silverco for the company pursuant to the policies of the TSXV Venture Exchange (Cusi mine, Chihuahua).
  • Torex Gold Resources Inc., completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Prime Mining Corp. Prime Mining shareholders are entitled to receive 0.06 Torex common shares for each Prime Mining common share exchanged at closing of the transaction (Los Reyes project, Sinaloa).
  • Starcore International Mines Ltd., presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro).
  • Southern Silver Exploration Corp., appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango).
  • Candelaria Mining Corp., provided an update regarding is management cease trade order (MCTO) announced on August 29, 2025 due to the failure to file audited financial statement by the August 28, 2025 deadline. The company expects to file the required documents by October 27, 2025, and will maintain the MCTO until then, providing bi-weekly updates as mandated (Caballo Blanco project, Veracruz).
  • Kingsmen Resources Ltd., secured an option to acquire a 100% interest in the Almoloya project in Chihuahua, located 30km west of its Las Coloradas project. The acquisition involves staged cash payments over an eight year period, with USD $325K to be paid in the first two years, with USD $75K due in the first year. The Almoloya project consolidates five mineral claims into a contiguous land package of 866.25 hectares and includes historic mines, such as Cigarrero and Las Juliettas. Kingsmen aims to revitalize these assets through exploration, focusing on high-grade mineralization in a large 12 x 14km hydrothermal system, hoping to advance the project quickly to drill ready status. The project has not seen systematic exploration since the early 2000s, leaving significant potential untapped.

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, quartz vein with sulphides from an intermediate sulphidation epithermal vein system in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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felsic dome 1Download

Flow banded rhyolite dome

By Miguel A Heredia

During the 39th week of the year (September 22nd to September 28th 2025), at least 31 press releases were announced by companies working in Mexico, with fourteen disclosing deals and corporate issues, eight announcing financial rounds, five informing on exploration results, two commenting on Mexican issues, one reporting resources and developments of their properties, and one communicating mining and production issues. ON MEXICO ISSUES, The full Supreme Court of Justice of the Nation (SCJN) revoked an injunction granted to a private individual against the reforms to the Mining Law regarding mining and water concessions promoted by former President Andrés Manuel López Obrador (AMLO). GR Silver and Kingsmen reported the best drilling intercepts in Mexico on the fourth week of September, 2025. ON EXPLORATION, In Sonora, Riverside and Questcorp informed that are currently conducted a drilling program at the Union project targeting five zones, and Colibri reported that it has engaged TerraEye to enhance exploration at the EP Gold Project. In Chihuahua, Kingsmen announced results from hole LC-25-010 drilled at its Las Coloradas project. In Durango, Pinnacle discovered a new vein at its Potrero project that along with the surface sampling conducted above the Pinos Cuates and Dos de Mayo mines reinforces that a robust low-sulphidation epithermal vein system with significant gold-silver mineralization has been identified at the property. ON MINING, Guanajuato Silver made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato. ON FINANCING, Masivo increased its previously announced non-brokered private placement to 33,333,334 units for gross proceeds of CAD $2M (Cerro Colorado project, Sonora). Silver Storm closed its previously announced bought deal private placement for gross proceeds of CAD $13,766,250 (La Parrilla mine, Durango). Aztec Minerals announced a bought deal private placement for gross proceeds of CAD $5M, and later on it announced an upsize of the bough deal for gross proceeds of CAD $8.7M (Cervantes project, Sonora). Zacatecas Silver Corp., closed the first tranche of its previously announced private placement for gross proceeds of CAD $2,306,960 (Zacatecas Silver project, Zacatecas). Oroco announced a non-brokered private placement for gross proceeds of up to USD $3.6M (Santo Tomas project, Sinaloa). Questcorp informed that it will offer up to 17,500,000 units in a non-brokered private placement for gross proceeds of up to CAD $3.5M (La Union project, Sonora). Kenadyr Metals closed the second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $734,874.38 and announced upsize to CAD $3,800,000 (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Guanajuato Silver made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato. GR Silver released drilling results from the San Marcial area at its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Canasil received confirmation from the TSX Venture Exchange for the reinstatement of trading (Sandra project, Sonora). Orla Mining announced the resignation of one of its member of the Board of Directors (Camino Rojo mine, Zacatecas). Questcorp posted that it was invited to present on the Emerging Growth Conference Thursday September 25th, 2025 (La Union project, Sonora). Regency Silver notified that it will be presenting at the Centurion One Capital 3rd Annual Bahamas Summit (Dios Padre project, Sonora). Oroco invited shareholders, investors, and stakeholders to a live virtual interactive session on September 24, 2025 to provide an update on the Santo Tomas project in Sinaloa. Sandstorm Gold announced that proxy advisory firms recommended Sandstorm shareholders vote in favor of the proposed arrangement with Royal Gold. Apollo Silver informed that it has engaged Capital Analytical to provide marketing and social media services, and announced the appointment of its current CEO to its Board of Directors (Cinco de Mayo project, Chihuahua). Oroco announced the appointment of Faysal Rodriguez to its Board of Directors (Santo Tomas project, Sinaloa). Candelaria Mining provided an update on its previously disclosed management cease trade order announced on August 29, 2025 (Caballo Blanco project, Veracruz. Masivo Silver announced that it is progressing with its Mexican mining property acquisitions, including Cerro Colorado in Sonora; however the company is under a management cease trade order. Silver Storm informed that it has granted stock options to certain directors, officers, employees and consultants of the company (Mina La Parrilla, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • The full Supreme Court of Justice of the Nation (SCJN) revoked an injunction granted to a private individual against the reforms to the Mining Law regarding mining and water concessions promoted by former President Andrés Manuel López Obrador (AMLO). By seven votes in favor and two against, the justices denied the judicial protection requested by the individual because the new concession applications that were in process were dismissed without further proceedings after the reforms came into force in May 2023. During the debate, Hugo Aguilar, president of the SCJN, affirmed that the sovereignty of the State must prevail at all times and that under no circumstances does anyone who submits a mining concession application already have an acquired right, simply by submitting it. (Editor´s Note: The SCJN´s decision is a bad sign, not only for the mining industry but for the entire country, because no respect for the non-retroactivity of laws has been demonstrated, and that’s a basic principle for the Rule of Law).
  • GR Silver Mining Ltd., and Kingsmen Resources Inc., reported the best drilling intercepts in Mexico on the fourth week of September, 2025. Details are shown in the table below:

ON EXPLORATION

  • Riverside Resources Inc., and Questcorp Mining Inc., informed that are conducting a drilling program at the Union project in Sonora, targeting five mineral zones. Currently, three targets are actively being drilled, focusing on historic mining areas and new potential zones like Famosa, which shows signs of gold mineralization. The program is progressing on schedule and budget, with promising signs of gold-bearing mineralization, especially in areas with significant quartzite and structural features. The first hole was drilled southeast beneath historic workings, and two more holes were drilled at the El Cobre mine area and the North Union Mine area, perpendicular to stratigraphy and toward interpreted feeder zones along pre-mineral fault structures, primarily within the Clemente Formation. Core samples have been sent to the lab and assays are pending.  Goal of this exploration campaign is to define mineralization controls, refine exploration models, conduct an additional induced polarization (IP) survey and evaluate sulfide zones, with ongoing geological interpretation and assay results guiding their next steps.
  • Colibri Resources Corporation reported that it has engaged TerraEye to advance and enhance exploration at the EP Gold Project in Sonora using a mix of multispectral satellite imagery, geospatial data, AI and data integration like magnetics, gravity, and geochemical database to uncover promising gold targets even hidden by dense vegetation. The goal is to produce a ranked list of exploration targets with detailed maps and reports to accelerate discovery, reduce exploration risks, and optimize field work and drilling efforts, with a planned program in 2025 to expand target identification beyond the initial three drill-tested zones.
  • Kingsmen Resources Inc., announced initial results from its Las Coloradas project in Chihuahua. Hole LC-25-010 intersected 1,028 g/t AgEq over 1.45m (455 g/t Ag approx), including 1,742g/t Ag over 0.7m (770 g/t Ag approx) and a broader zone of 138 g/t AgEq over 13.35m, confirming potential for high-grade, shallow mineralization near historic ASARCO mining areas. The mineralization includes massive sulfides with sphalerite, galena, arsenopyrite, and pyrrhotite, and shows strong pathfinder elements like antimony, bismuth, and indium, indicating a large, underexplored system. The project covers a historic district with multiple untested structures, and only a small part has been explored. Kingsmen plans to analyze additional drill holes and continues to assess the district’s extensive mineral potential. The company emphasizes the significance of these results in confirming the presence of high-grade silver mineralization and the potential for further discoveries in this prolific mining district.
  • Pinnacle Silver and Gold Corp., discovered a new vein called El Capulin at its Potrero project in Durango that along with the surface sampling conducted above the Pinos Cuates and Dos de Mayo mines reinforces the idea that a robust low-sulphidation epithermal vein system with significant gold-silver mineralization has been identified at the property. Surface sampling has extended the high-grade-gold and silver mineralization over a vertical distance of up to 80m above the Los Cuates and Dos de Mayo mines, with grades of up to 2,280 g/t Ag and 1,444 g/t Ag, suggesting vertical zonation with silver increasing upwards. Also, sampling on the newly discovered El Capulin vein, with a strike length of 375m, returned values up to 6.27 g/t Au and 99 g/t Ag. This vein lies parallel to Dos de Mayo, 200m away. In addition, mapping at the La Dura mine could extend the Dos de Mayo vein strike length to 500m, with the vein traced for 1,600m overall. All these results add a lot of potential to the El Potrero property.

ON MINING

  • Guanajuato Silver Company Ltd., made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato, including the delivery of three new low-profile trucks, three scooptrams, and three ordered “Torino” haulage trucks to arrive later. These modern vehicles are designed for enhanced safety, stability, and efficiency underground, aiming to improve operational reliability, increase production, and optimize fleet utilization. The company emphasized that these investments are critical to supporting long-term growth and operational success.

ON FINANCING

  • Masivo Silver Corp., increased its previously announced non-brokered private placement due to strong investor demand from 16,666,667 to 33,333,334 units for gross proceeds from CAD $1M to CAD $2M. The offering will be priced at CAD $0.06 per unit (Cerro Colorado project, Sonora).
  • Silver Storm Mining Ltd., closed its previously announced bought deal private placement of 55,065,000 units at a price of CAD $0.25 for gross proceeds of CAD $13,766,250. The company plans to use the net proceeds to advance the restart of the La Parrilla mine in Durango, as well as for general corporate purposes and working capital.
  • Sandstorm Gold Royalties announced that proxy advisory firms recommended Sandstorm shareholders vote in favor of the proposed arrangement with Royal Gold Inc, scheduled for October 9, 2025. Under the deal, Sandstorm shareholders will receive 0.0625 shares of Royal Gold for each Sandstorm share. The Board of Directors of Sandstorm unanimously supports the vote for the arrangement resolution.
  • Aztec Minerals Corp., announced a bought deal private placement offering of 21,300,000 common shares of the company at a price of CAD $0.235 per offered share for gross proceeds of CAD $5M, but later on it announce an upsize of the bought deal to 37,020,000 common shares at a price of CAD $0.235 for gross proceeds of CAD $8,699,700. Part of the gross proceeds will be used to conduct exploration work at the Cervantes project in Sonora, as well as for general working capital purposes.
  • Zacatecas Silver Corp., closed the first tranche of its previously announced private placement for gross proceeds of CAD $2,306,960 by issuing a total of 38,449,335 units at a price of CAD $0.06 per unit. The company plans to use the net proceeds to fund a drilling campaign on its Zacatecas Silver project in Zacatecas.
  • Oroco Resource Corp., announced a non-brokered private placement of up to 18,000,000 units at a price of USD $0.20 for gross proceeds of up to USD $3.6M. Oroco will use the net proceeds for the advancement of its Santo Tomas project in Sinaloa, as well as for working capital and other general corporate purposes.
  • Questcorp Mining Inc., informed that it will offer up to 17,500,000 units at a price of CAD $0.20 per unit in a non-brokered private placement for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at the La Union Gold and Silver Project in Sonora, and for general working capital purposes.
  • Kenadyr Metals Corp., closed the second tranche of its previously announced non-brokered private placement of 1,959,665 subscription receipts of Kenadyr at a price of CAD $0.37 per subscription receipt for gross proceeds of CAD $734,874.38. In addition to the first tranche closing proceeds of CAD $2,281,513.75, the Offering has raised CAD $3,800,000. The company will used the proceeds to fund payment obligations and exploration expenditures relating to the Adelita Project in Sonora, and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Guanajuato Silver Company Ltd., made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato, including the delivery of three new low-profile trucks, three scooptrams, and three ordered “Torino” haulage trucks to arrive later. These modern vehicles are designed for enhanced safety, stability, and efficiency underground, aiming to improve operational reliability, increase production, and optimize fleet utilization. The company emphasized that these investments are critical to supporting long-term growth and operational success.
  • GR Silver Mining Ltd., released drilling results from the San Marcial area at its Plomosas project in Sinaloa. Drill hole SMS25-10A intersected two distinct mineralized zones in the Parallel Breccia Target, including374 g/t Ag over 9m with high-grade intervals of 1,542 g/t Ag, 1.4% Cu, and 0.62% W over 1m, and  1.44 g/t Au over 33m, with a high-grade interval of 32.1 g/t Au over 1.2m. This drill hole is the farthest southeast drilled in the Parallel Breccia Target, confirming continuity of the mineralized structure over at least 500m from the Resource Area and supporting exploration models linking silver mineralization to a porphyry-style geological setting. The presence of high-grade Ag-Au zones, along with anomalous Cu and W grades, revealed intense high-temperature alteration minerals and epithermal-style quartz-calcite stockwork zones, suggesting proximity to a porphyry-related system and providing valuable vectoring tools for future exploration and strong potential for further resource expansion at San Marcial, particularly in the NE-SW structural trend.

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., received confirmation from the TSX Venture Exchange for the reinstatement of trading effective at the opening, Thursday, September 25, 2025  (Sandra project, Sonora).
  • Orla Mining Ltd., announced the resignation of one of its member of the Board of Directors who was Newmont Corporation´s nominee to the Board. The resignation is effective immediately (Camino Rojo mine, Zacatecas).
  • Questcorp Mining Inc., posted that it was invited to present on the Emerging Growth Conference Thursday September 25th, 2025 (La Union project, Sonora).
  • Regency Silver Corp., notified that it will be presenting at the Centurion One Capital 3rd Annual Bahamas Summit (Dios Padre project, Sonora).
  • Oroco Resource Corp., invited shareholders, investors, and stakeholders to a live virtual interactive session on Wednesday, September 24, 2025 to provide an update on the Santo Tomas project in Sinaloa, including management, permitting progress, community engagement, and next steps toward project advancement.
  • Apollo Silver Corp., informed that it has engaged Capital Analytical to provide marketing and social media services for an initial six-month term for a fee of USD $120K, payable in two tranches. The company also announced the appointment of its current CEO to the Board of Directors, effective immediately (Cinco de Mayo project, Chihuahua).
  • Oroco Resource Corp., announced the appointment of Faysal Rodriguez to its Board of Directors (Santo Tomas project, Sinaloa).
  • Candelaria Mining Corp., provided an update on its previously disclosed management cease trade order announced on August 29, 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 on or before October 3, 2025. (Caballo Blanco project, Veracruz).
  • Masivo Silver Corp., announced that it is progressing with its Mexican mining property acquisitions, including Cerro Colorado in Sonora; however the company is under a management cease trade order because they could not file their annual financial statements and reports, primarily caused by difficulties obtaining financial data from Mexican operations. The company expects to complete its audits by September 30 and is following regulatory guidelines while working through the delay, with no indications of insolvency or material issues.
  • Silver Storm Mining Ltd., informed that it has granted stock options to certain directors, officers, employees and consultants of the company, to purchase an aggregate of 37,000,000 common shares of the company at the price of CAD $0.25 per share for a period of five years from date of grant (Mina La Parrilla, Durango).

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, flow banded rhyolite dome in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

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 First Week of August 2025

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By Jorge Cirett
During the 32nd week of the year (August 04th to August 10th, 2025), companies working in Mexico presented 36 press releases. Two companies presented news on two early-stage properties. Nine companies presented quarterly operational updates, one informed on actions to be taken on a pit wall failure and one more reported steady commissioning progress. Six companies reported on financial rounds. One company is drawing funds from a loan facility, another one received a cease trade order, while another company is voluntarily delisting from the TSX, another one is paying a dividend, a further one is changing its stock options plan and finally another is retracting amendments to outstanding debentures. One company received a key operational permit and one more informed on actions to be taken regarding a recent pit failure. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, Mexico advanced several positions in the Fraser Institute Attractiveness Index. ON EXPLORATION, In Sonora, Aztec Minerals informed on surface exploration work at Cervantes; Questcorp Mining and Riverside Resources commenced a drilling program at La Union. ON MINING, Capstone Copper, Aura Minerals, Gold Resource, Torex Gold, Go Gold Resources, Pan American Silver, Gold Royalty, Coeur Mining, and Sandstorm Gold released Q2 2025 results. Orla Mining informed on actions to be taken on its recent pit wall failure. Endeavour Silver reported steady progress at Terronera in Jalisco. ON FINANCING, nine companies informed on financing rounds: Gold Group Mining (C$12 M), Aura Minerals (US$21.75 M), Pinnacle Silver and Gold (C$1.7 M), Minera Alamos (C$110 M), Prismo Metals (C$385 K) and Alamos Gold (US$500 M). Aura Minerals is to pay a dividend and delist from the TSX. Bear Creek Mining has drawn down US$0.6 M from a loan facility and Colibri Resource is not proceeding with debenture amendments. Xali Gold has been notified of a cease trade order. ON RESOURCES AND DEVELOPMENT, Guanajuato Silver received a key explosives permit for its Pinguico project in Guanajuato. Orla Mining provided an update on exploration and definition drilling on the extension of the Sulfide zone at its Camino Rojo mine in Zacatecas. ON DEALS AND CORPORATE ISSUES, Fresnillo plc is acquiring the Los Coyotes project in Sonora from Orogen Royalties. Pan American Silver made an appointment to the board. Angel Wing Metals presented results of its AGM. Minera Alamos is acquiring several properties in Nevada for Equinox Gold. ON SOCIAL RESPONSIBILITY, Oroco Resource signed a cooperation agreement with Mexico’s government program “Sembrando Vida” for supporting local initiatives near its Santo Tomas project in Sinaloa.

ON MEXICO ISSUES

  • México advanced from the 78 to the 49 position (from 82 constituencies evaluated) in the Fraser Institute Attractiveness Index. The Index is 60% based in the geological potential and 40% in the political perception. Mexico climbed almost 18 points supported by its geological potential (from 37.5 to 64.29 points) and a little bit less by its political perception (35 to 40 points). The index is based in a poll that included answers from 2,289 exploration and development companies.   

ON EXPLORATION

  • Aztec Minerals Corp. updated on 2025 exploration work realized at its 3,649 ha Cervantes project in Sonora. Field crews collected 151 outcrop and subcrop samples, extending “the known extent of the California Au-Cu porphyry system another 0.5 kms to the east, finding and confirming new prospects with porphyry related mineralization with results of up to 15.6 gpt Au, 177.3 gpt Ag, and 8,062 ppm Cu in the adjoining target areas of Brasil, Estrella, California East, California North, and Purisima East”. Small outcrops of B-type vein stockworking and disseminated mineralization in quartz feldspar porphyry along with hydrothermal breccias were found on the rugged terrain up to 0.5 km to the east of the California target.
  • Questcorp Mining Inc. commenced drilling on its 25 square Km La Union project in Sonora. The 1,500 m diamond drill program across six holes is being carried out by vendor and operator Riverside Resources Inc. Four areas are to be tested: Union Main mine, North Union mine, Cobre and Central Union. The project is a carbonate replacement deposit (CRD) project “hosted by Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane”

ON MINING

  • Capstone Copper Corp. reported financial results for the second quarter 2025. The company had a consolidated Cu production of 57,416 tonnes at cash cost $2.45 per Lb Cu., with a net income of US$24 M, adjusted net income of US$27.5 M, adjusted EBITDA of US$ 215.6 M, operating cash flow of US212.4 M and the net debt decreasing to US$691.9 M. At Cozamin, in Zacatecas, the company produced 6,509 tonnes Cu at $1.49 per Lb Cu during the period.
  • Endeavour Silver Corp. reported steady progress at its Terronera mine in Jalisco. The company milled 57 K tonnes at the site at an average rate of 1,841 tpd, with recoveries of 71% Ag, 67% Au while processing lower grade ore. “Higher-grade material is scheduled for processing soon, while optimization efforts continue. The introduction of higher-grade material is expected to directly enhance recoveries”.
  • Orla Mining Ltd. updated on the recent pit wall event at its Camino Rojo mine in Zacatecas. The comprehensive assessment determined that “The material movement was bounded by two faults acting as release features from increased pore pressure due to rainfall and the steepness of the interwall angle… The north wall will be re-established at a lower overall slope at single 10 metre benches”.  The pit wall is to be pushed back 50 to 80 m, to remove approximately 9 M tonnes, material that is expected to average 0.74 gpt Au and will be crushed and stacked on the heap.
  • Aura Minerals Inc. filed audited consolidated financial statements for Q2 2025. The company had a consolidated production of 64,033 Oz AuEq at a cash cost of $1,146 per Oz Au, an AISC of $1,149 per Oz Au, with a net revenue of US$190.4 M, gross profit of US$103.9 M, EBITDA of US$106.2 M, net income of US$8.1 M, adjusted net income of US$36.8 M. At Aranzazu, in Zacatecas, 22,290 Oz AuEq were produced at cash cost $1,110 per Oz AuEq, an AISC of $1,514 per Oz AuEq, for a revenue of US$62.5 M and a gross profit of US$31.5 M.
  • Gold Resource Corp. announced its second quarter operational results from its Don David mine in Oaxaca. During the period 63.5 K tonnes were milled, averaging 0.56 gpt Au, 115 gpt Ag, 0.13% Cu, 0.88% Pb, 2.72% Zn, to produce 758 Oz Au, 196.4 K Oz Ag, 50 tonnes Cu, 373 tones Pb, 1,380 tonnes Zn at cash cost $4,017 per Oz AuEq and an AISC of $5,458 per Oz AuEq. Productivity is being hindered by the lack of equipment to work several mining faces simultaneously. The company had US$10.4 M in working capital and US$12.7 M in cash at the end of the period.
  • Torex Gold Resources Inc. reported financial and operational results for Q2 2025. During the period the company produced at its Morelos Complex in Guerrero 82,856 Oz AuEq at an AISC of $2,103 per Oz AuEq, to have US$83.2 M in net income, adjusted net earnings of US$43.8 M, EBITDA of US$114.1 M and adjusted EBITDA of US$117.7 M, generating US$67.8 M in net cash and US$95.3 M before changes in non-cash operating working capital.
  • GoGold Resources Inc. announced financial results for the quarter ending in June 2025. From the operation of the Parral tailings in Chihuahua, the company obtained revenue of US$17.7 M, operating income of US$4.6 M, net income of US8.2 M and cash flow of US7.2 M. At the Parral tailings project in Chihuahua 402.9 K tonnes were stacked, 527.9 K Oz AgEq sold with a cash cost of $17.21 and an AISC of $22.78.
  • Pan American Silver Corp. reported unaudited results for the second quarter. The company produced 5.1 M Oz Ag, 178,700 Oz Au to obtain US$811 M in revenue, net earnings of US$189.6 M, mine operating earnings of US$273.3 M and adjusted earnings of US$155.4 M. Cash flow from operations was US$293.4 M with US$233 M of free cash flow. Consolidated cash cost was $19.69 per Oz Ag and $1,611 per Oz Au. At La Colorada, in Zacatecas, 1.5 M Oz Ag, 1,300 Oz Au were produced at an AISC of $24.18 per Oz Ag, while at Dolores, in Chihuahua, 0.29 Moz Ag, 10,100 Oz Au were produced at an AISC of $811 per Oz Au. The company entered into a definitive agreement to acquire all shares of Mag Silver Corp. (Juanicipio, Zacatecas).
  • Gold Royalty Corp. filed its operating and financial results for Q2, 2025. The company had US$3.8 M in revenue during the period, a net loss of US$829 K, with an adjusted EBITDA of US$2.36 M and an adjusted net loss of US$66 K (Royalty on Cozamin, Zacatecas).
  • Coeur Mining Inc. reported second quarter 2025 financial results. During the period the company had a consolidated production of 108,487 Oz Au, 4.7 M Oz Ag, at a cash cost $1,260 per Oz Au, $13.41 per Oz Ag. for a revenue of US480.7 M, a net income of US$70.7 M, an adjusted net income of US$127.4, EBITDA of US$203.0 M, adjusted EBITDA of US$243 .5 M, free cash flow of US$146.2 M while holding a total debt of US$380.7 M. At Las Chispas, in Sonora, 118.4 tonnes were milled, grading 4.67 gpt Au, 414 gpt Ag, recovering 93.8% Au, 94.4% Ag, to produce 16,271 Oz Au, 1.49 M Oz Ag at cash cost $894 per Oz Au, $8.94 per Oz Ag. At Palmarejo, in Chihuahua, 483.9 K tonnes were milled, averaging 1.93 gpt Au, 134 gpt Ag, recovering 92.9% Au, 88.6% Ag, to produce 27,272 Oz Au, 1.74 M Oz Ag at a cash cost of $888 per Oz Au, $14.39 per Oz Ag.  The 2025 production guidance includes 42,500 to 52,500 Oz Au, 4.25 M to 5.25 M Oz Ag at Las Chispas and 95,000 to 105,000 Oz Au, 5.4 M to 6.5 M Oz Ag at Palmarejo.
  • Sandstorm Gold Ltd. released its financial results for the second quarter 2025. The company obtained revenue of US$51.4 M during the period, with 1,098 Oz AuEq attributable, cash flow of US$37.7 M, a net income of US$16.9 M, with an operating margin of $2,981 per Oz AuEq (Cosala, Sinaloa).

ON FINANCING

  • Aura Minerals Inc. intends to commence an application for a voluntary delisting of the common shares from the Toronto Stock Exchange (TSX), following the completion of listing on the Nasdaq on July 16, 2025 (Aranzazu, Zacatecas).
  • Bear Creek Mining Corp. announced that pursuant to the promissory note issued by a wholly owned subsidiary of Sandstorm Gold Ltd. funds in the amount of US$0.6 M were drawn down by the company on August 1, 2025. “The principal amount of the 2025 Sandstorm Note is a maximum of US$6.5 million, of which the Company may draw down up to US$600,000 per month. An aggregate total of funds drawn to date is US$4.2 million and the remaining amount of up to US$2.3 million may be drawn down subject to prior approval by Sandstorm in its sole discretion” (Mercedes, Sonora).
  • Goldgroup Mining Inc. closed the previously announced C$12 M private placement. Mr. Eric Sprott, through 2176423 Ontario Ltd., acquired approximately $1.5 M of shares. Following completion of the private placement Mr. Eric Sprott owns 29.8 M shares and 15.8 M warrants, representing 10.5% of the outstanding shares on a non-diluted basis and 15.2% on a partially diluted basis, assuming the exercise of warrants (Cerro Prieto, Sonora).
  • Aura Minerals Inc. declared the payment of a dividend “of US$0.33 per share, achieving a 7.4% dividend yield, including share buybacks, over the last twelve months…” (Aranzazu, Zacatecas).
  • Chesapeake Gold Corp. adopted a fixed up to 10%” stock option plan to replace its prior “rolling up to 10%” stock option plan. “Under the terms of the Fixed Plan, the Company may issue up to 7,209,338 common shares of the Company pursuant to the exercise of outstanding options granted to eligible persons under the Fixed Plan” (Metates, Durango).
  • Aura Minerals Inc. closed the sale of “897,134 common shares as a result of the partial exercise of the underwriters’ option to purchase additional shares granted to them in connection with the U.S. initial public offering pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”) at the public offering price of US$24.25 per common share, less underwriting discounts and commissions…. The principal purposes of this offering are to transfer Aura’s principal listing venue to a stock exchange in the United States equity market, which the Company believes will increase the liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets” (Note of compiler: The not stated gross proceeds of the financing can be calculated as US$21.75 M) (Aranzazu, Zacatecas).
  • Colibri Resource Corp. announced that it will not be proceeding with certain amendments to its outstanding debentures, related common share purchase warrants and finder’s fee options as announced on its July 16, 2025 news release (EP, Sonora).
  • Xali Gold Corp. informed that the British Columbia Securities Commission has notified the company that it has issued a cease trade order (FFCTO). “The FFCTO was issued as a result of the Company’s delay in filing its audited annual financial statements, accompanying management discussion and analysis, and CEO and CFO certifications for the financial year ended March 31, 2025….. The Company expects to be able to file the Annual Filings as required and resume trading within the next 3 or 4 days” (El Oro, Estado de Mexico).
  • Pinnacle Silver and Gold Corp. announced the closing its non-brokered private placement to raise gross proceeds of C$1.7 M. “Finder’s fees consisting of $20,622 in cash commission and 343,700 non-transferable finder’s warrants were paid in connection with the offering” (El Potrero, Durango).
  • Minera Alamos Inc. entered into an agreement with Stifel Canada, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters in connection with a bought deal private placement offering for gross proceeds of C$110 M which under certain circumstances may be increased to an additional C$25 M (Santana, Sonora).
  • Prismo Metals Inc. proceeded with an upsized closing of its previously announced non-brokered private placement for gross proceeds of C$385 K (Palos Verdes, Sinaloa).
  • Alamos Gold Inc. filed a base shelf prospectus with the Ontario Securities Commission. The base shelf prospectus qualifies the issuance of up to US$500 M of class A common shares, debt securities, warrants and subscription receipts of the company. The Base Shelf Prospectus is effective for a period of 25 months (Mulatos, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Guanajuato Silver Company Ltd. received a key explosives permit for its Pinguico project in Guanajuato. Restarting of drifting along the mineralized San Jose structure towards the Pinguico underground stockpile (historic backfill) is expected in Q4, 2025. The company expects to find economic mineralization during the development work, material that will be sent to the El Cubo processing plant.
  • Orla Mining Ltd. provided an exploration update on Zone 22 extensions of the Sulphides Zone at its Camino Rojo mine in Zacatecas. The 15,000 m infill drill program was launched in early 2025 and completed in mid-July, returning consistently high-grade Au-Ag-Zn results. “This press release provides results from 16 of 21 drill holes and 9,470 metres drilled as part of the 2025 infill drilling program, and 7 drill holes and 5,278 metres from the final portion of the 2024 program”. The company has expanded the program by an additional 5,000 m in 2025. Highlighted core length intervals comprise 2.1 m @ 21.20 gpt Au, 115 gpt Ag, 0.13% Cu, 1.2% Pb, 5.8% Zn; 1.5 m @ 142 gpt Au; 14.7 m @ 3.0 gpt Au, 15 gpt Ag, 0.26% Cu, 0.6% Zn; 1.6 m @ 13.60 gpt Au, 38 gpt Ag, 0.11% Cu, 0.2% Pb, 14.3% Zn; 4.4 m @ 9.06 gpt Au, 62.1 gpt Ag, 0.22% Cu, 0.2% Pb, 8.3% Zn; 10.50 m @ 9.42 gpt Au, 16 gpt Ag, 0.4% Zn (including 1 m @ 72.30 gpt Au, 4 gpt Ag, 0.5% Zn); 9.8 m @ 8.00 gpt Au, 11 gpt Ag, 1.5% Zn; 1.50 m @ 21.00 gpt Au, 44 gpt Ag, 0.2% Cu, 0.1% Pb, 1.7% Zn; 1.50 m @ 14.00 gpt Au, 168 gpt Ag, 0.11% Cu, 2.4% Pb, 6.0% Zn; 11.60 m @ 4.77 gpt Au, 17 gpt Ag, 0.12% Cu, 2.2% Zn.      

ON DEALS AND CORPORATE ISSUES

  • Orogen Royalties Inc. signed a purchase and sale agreement with Fresnillo plc whereby Fresnillo has acquired the Los Coyotes project in Sonora. “To acquire a 100% interest in the Los Coyotes project, Fresnillo will pay Orogen US$118,000 on signing (received) and US$1 million on the commencement of commercial production. Orogen will retain a 1% net smelter return (“NSR”) royalty”. The property comprises six claims covering 600 ha with multiple sub parallel subvertical structures and replacements within a limestone interbedded with Laramide age andesites.
  • Pan American Silver Corp. appointed Mr. Pablo Marcet to its board of directors La Colorada, Zacatecas).
  • Angel Wing Metals Inc. informed shareholders voted in favor of the election of all directors nominees and in favor of all matters present in the Annual General Meeting (AGM) circular (La Reyna, Nayarit).
  • Minera Alamos Inc. entered into a definitive agreement to acquire Calibre USA Holding Ltd. from Equinox Gold Corp. for total consideration of US$115 M. Calibre USA holds a 100% economic interest in the producing Pan Gold Mine, Gold Rock Project and Illipah Project located in Nevada. “Pan is a heap leach gold operation producing approximately 40 koz….. Post-Transaction, the Company’s asset base when fully developed will hold the potential to produce, in aggregate, over 175 koz gold annually based on the current development plans for Copperstone, Cerro de Oro and Gold Rock”. Jason Kosec is joining the leadership team of Minera Alamos as chairman with a mandate to lead the Company’s strategic growth initiatives and capital markets presence (Santana, Sonora; Cerro de Oro, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Oroco Resource Corp. signed a cooperation agreement with Sembrando Vida, a flagship environmental and social program of the Government of Mexico. “Through this collaboration, Oroco will provide material, logistical, and advisory support for local initiatives, including native tree planting, land recovery, and training for program participants” (Santo Tomás, Sinaloa).

On the image below: Quartz-chlorite lined veinlet with feld-K alteration halo on HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 24th week of the year (June 09th to June 15th, 2025), companies working in Mexico presented 21 press releases. There was no exploration news on early-stage properties. One company reported Q1 2025 operational and financial results. Three companies reported on financial rounds; another company is consolidating its shares; one more applied for the revocation of a cease trade order; another is now listed on the OTCQB; one provided a bi-weekly status report, and another amended its omnibus incentive compensation plan. Two companies released drilling results of ongoing drilling at their advanced/producing properties; another company informed on developments at a property on which they own an NSR. A company announced a LOI to acquire ground adjacent to its main property and the purchase of an underlying NSR on some mining concessions; another company is recommending shareholders to vote “for” on the acquisition by a third party; one more closed the acquisition of an additional percentage of NSR on a property and one other company announced several changes to the board. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Santacruz Silver Mining presented operating and financial Q1 2025 results. ON FINANCING, three companies informed on financing rounds: Chesapeake Gold (C$4.4 M), Silver Storm Mining (C$12 M) and  Vizsla Royalties (C$63 M); Colibri Resources is to consolidate shares on a five to one basis; Canasil Resources applied for the revocation of its CTO; Silver Storm Mining is now listed on the OTCQB; Vizsla Royalties amended its equity incentive compensation plan. ON RESOURCES AND DEVELOPMENT, Impact Silver reported underground drilling results from Zacualpan, in Estado de Mexico; Sandstorm Gold informed on exploration success at the Santa Elena property in Sonora; Advance Metals provided results from drilling at Yoquivo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Capitan Silver signed a LOI with Fresnillo plc to acquire adjacent ground to its Cruz de Plata project in Durango, and completed the purchase of the NSR from Exploraciones del Altiplano. Questcorp Mining formed an advisory board. Vizsla Royalties now holds a 3.5% NSR on certain mining concessions at Panuco, in Sinaloa. Luca Mining announced several changes to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Santacruz Silver Mining Ltd. reported production results from its mines in Bolivia and Mexico. The consolidated production was 1.59 M Oz Ag, 20,179 tonnes Zn, 2,718 tonnes Pb, 279 tonnes Cu (or 3.69 M Oz AgEq). At Zimpan, in Hidalgo, 223.6 K tonnes were processed, averaging 80 gpt Ag, 2.56% Zn, 0.72% Pb, 0.26% Cu, recovering 77% Ag, 79% Zn, 86% Pb, 48% Cu, to produce 440.2 K Oz Ag, 4,498 tonnes Zn, 1,389 tonnes Pb, 279 tonnes Cu (or 1.02 M Oz AgEq).
  • Santacruz Silver Mining Ltd. reported its financial and operational results for Q1 2025. Without disclosing results by country of origin, the company had US$70.3 M in revenue, a gross profit of US$27.9 M, net income of US$9.5 M, EBITDA of US$27.5 M, cash and cash equivalents of US$32.5 M and a working capital of US$51.7 M. “Zinc production decreased by 9%, primarily due to lower throughput and head grades at Porco and Caballo Blanco, partially offset by strong results at Zimapán, where zinc output rose 23% year-over-year. Zimapán also led overall growth, increasing material processed by 9% and silver equivalent production by 14%…. Zimapan’s AISC increased from $27.13 to $34.32/oz, as a significant portion of its annual capital budget was deployed during Q1 to accelerate key investments aimed at increasing future production at Carrizal mine level 960” (Zimapán, Hidalgo).

ON FINANCING

  • Chesapeake Gold Corp. announced a non-brokered private placement for gross proceeds of C$4.4 M. “After completion of the Private Placement, Eric Sprott will beneficially own and control 12,883,499 Common Shares, and 1,850,000 Warrants representing approximately 17.9% of the outstanding Common Shares on a non-diluted basis and 19.9% of the outstanding Common Shares on a partially diluted basis assuming exercise of such Warrants” (Metates, Durango).
  • Colibri Resource Corp. informed its has received approval by the TSX Venture Exchange for the five to one consolidation of its issued and outstanding common shares. On June 13, 2025, the shares will commence trading on a consolidated basis. (El Plomo, Sonora).
  • Canasil Resources Inc. has filed its Q1 2025 interim quarterly report on 10 June, 2025, which completes the required regulatory filings. The company is now in full compliance with its regulatory filings and has filed the application to the British Columbia Securities Commission for the revocation of the cease trade order (CTO) issued in December 2023 (Nora and Salamandra, Durango).
  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced best efforts brokered private placement for total gross proceeds of $1.47 M. In aggregate the company had aggregate gross proceeds of C$12 M. Silver Storm intends to use the net proceeds for the procurement of mine processing flotation cells, to commence rehabilitation work of the processing facility, to order long lead items including deposits on mining equipment and ventilation fans and to fund ongoing operations for the next twelve months (La Parrilla, Durango).
  • Vizsla Royalties Corp. completed its previously announced bought deal offering for aggregate gross proceeds of C$63 M. In connection with the offering the company paid to the underwriters a cash commission equal to 5% of the gross proceeds, a fee of US$500 K to CIBC (Royalty on Panuco, Sinaloa).
  • Silver Storm Mining Ltd. has up listed from the OTC Pink Market to the OTCQB Venture Market (OTCQB), a U.S. marketplace operated by OTC Markets Group Inc. (La Parrilla, Durango).
  • Centenario Gold Corp. provided a default status report related to its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025. The Company will continue to provide bi-weekly (“every two weeks”) updates, as required by NP 12- 203, until the Annual Filings have been filed (Eden, Sinaloa).
  • Chesapeake Gold Corp. completed its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as the sole investor, for gross proceeds of C$4.4 M. “As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 12,883,499 common shares, and 1,850,000 warrants representing approximately 17.9% of the outstanding common shares on a non-diluted basis and 19.9% of the outstanding common shares on a partially diluted basis assuming exercise of such Warrants.” (Metates, Durango).
  • Vizsla Royalties Corp. amended its omnibus equity incentive compensation plan “to increase the fixed amount in additional equity that includes performance share units, deferred share units and restricted share units from a maximum issuable of 2,800,589 to a maximum issuable of 5,322,798” (Royalty on Panuco, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Impact Silver Corp. announced underground drill results from the Kenia Vein South zone in the Guadalupe mine at its Royal Mines of Zacualpan project in Estado de México. Highlighted core-length intervals comprise 0.30 m @ 2,400 gpt Ag, 1.3% Pb, 2.3% Zn; 6.30 m @ 374 gpt Ag, 0.2% Pb, 0.5% Zn (including 1.40 m @ 798 gpt Ag, 0.4% Pb, 0.9% Zn); 3.15 m @ 447 gpt Ag, 0.5% Pb, 1.5% Zn (including 0.80 m @ 1,290 gpt Ag, 1.5% Pb, 2.9% Zn); 0.60 m @ 1,279 gpt Ag, 2.2% Pb, 0.6% Zn; 3.30 m @ 1,002 gpt Ag, 1.2% Pb, 2.6% Zn (including 0.60 m @ 5,300 gpt Ag, 5.9% Pb, 12.9% Zn); 8.50 m @ 535 gpt Ag, 0.3% Pb, 0.8% Zn (including 1.76 m @ 1,596 gpt Ag, 1.0% Pb, 3.6% Zn). “Kena Vein South mineralization has now been traced over 300m strike length and remains open in all directions”.
  • Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”). provided various developments and exploration highlights within its stream and royalty portfolio, including from its businesses in Mexico. Sandstorm informed First Majestic Silver Corp. made a significant discovery at its Santa Elena property in Sonora, where drilling on the newly defined Santo Niño vein has identified low sulfidation epithermal mineralization. “Sandstorm holds a gold stream on the Santa Elena mine, which includes the Santo Niño discovery, whereby the Company has the right to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold”.
  • Advance Metals Ltd. provided results from the first hole of its current drill program at Yoquivo, in Chihuahua. The results show multiple zones with Au-Ag mineralization in epithermal veins and breccias. Four drill holes have been completed of the 3,000 m program underway. The project hosts a historic resource of 17.2 M Oz AgEq.

ON DEALS AND CORPORATE ISSUES

  • Capitan Silver Corp. entered into a letter of intent (LOI) with Minera Fresnillo S.A. de C.V. (Fresnillo plc) to acquire seven mining concessions located immediately adjacent to and surrounding its Cruz de Plata property in Durango. The price of the transaction is US$4.0 million in two installments: US$2.0 M payable upon execution of the definitive agreement and US$2 M payable on or before the second anniversary, with no royalties or share payments.
  • Mag Silver Corp. announced in a management information circular that the board of directors recommends shareholder vote “FOR” the arrangement resolution regarding Mag Silver’s acquisition by Pan American Silver Corp. on the upcoming special meeting of shareholders (Juanicipio, Zacatecas).
  • Capitan Silver Corp. completed the purchase of the Altiplano (Royalty (NSR) from Exploraciones del Altiplano at the Cruz de Plata project in Durango. The royalty was acquired through a series of cash and share payments which totaled US$1M. Two royalties remain on the project: A 1% royalty on the recently acquired concessions from Peñoles, that can be retired by a cash payment of US$1 M within the next ten years, and a 1% royalty to Riverside Resources that can be retired at any time by the payment of C$250 K.
  • Questcorp Mining Inc. announced the formation of an advisory board with Mr. Paul Larkin as its inaugural advisor (La Unión, Sonora).
  • Vizsla Royalties Corp. closed the acquisition of an additional 3.0% NSR royalty on the “Silverstone concessions” of the Panuco project in Sinaloa. Upon this acquisition the company now holds 3.5% NSR on the Silverstone concessions and a 2.0% NSR on certain other concessions in the Panuco project. Vizsla Royalties exercised its right to repurchase 50% of the 3.0% Royalty for US$1.95 M, and purchased the remaining 50% of the 3.0% Royalty for US$38.05 M for a total cash consideration of US$40 M.
  • Luca Mining Corp. announced several changes to the board. Mr. Ramon Mendoza, currently Luca’s interim chief operating officer (COO) will assume the position of permanent COO effective as of June 01, 2025. Mr. Mendoza will also continue to be the company’s chief technical officer. Mr. David Rhodes will step down as Chairman as of June 10, 2025 but will continue on Luca’s Board of Directors. Mr. Peter Damouni will step into the role of Chairman of the Board (Campo Morado, Guerrero).

ON SOCIAL RESPONSIBILITY

  • GoGold Resources Inc. presented its fourth annual sustainability report (Parral tailings, Chihuahua).
  • Torex Gold Resources Inc. released its 2024 responsible mining report, the company’s tenth annual disclosure of its safety, environmental, social and governance performance. The report can be downloaded at the company’s website (Morelo Complex, Guerrero).

On the image below: Intrusive rock fragments and gouge within a fault zone in HQ core. Picture by Jorge Cirett.