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

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Massive Pyrite

By Miguel A Heredia

During the 11th week of the year (March 10th to March 16th 2025), at least 23 press releases were announced by companies working in Mexico, and 1 news published by the media, with six announcing financial rounds, six communicating production results, five disclosing deals and corporate issues, five reporting resources and development of theirs properties, one discussing social issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Orex Minerals and Tocvan/Colibri reported the best drilling intercepts in Mexico on the second week of March, 2025. ON EXPLORATION, No relevant news.  ON MINING, Endeavour reported Q4, and full-year 2024 consolidated results from their Mexican operations. Altius reported 2024 attributable royalty revenue of CAD $64M and adjusted earnings of CAD $12.7M (Cuale project, Jalisco). Avino reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango. Equinox announced filing of 2024 audited financial statements (Los Filos mine, Guerrero). Sierra Metals announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua).  Starcore reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro.  ON FINANCING, Bear Creek closed a brokered private placement for gross proceeds of CAD $14.5M (Mercedes mine, Sonora). Goldgroup announced a non-brokered private placement for gross proceeds of up to $7M (Cerro Prieto mine, Sonora). Prismo closed its previously announced debt settlement transactions (Palos Verdes project, Sinaloa). Colibri announced extension of its non-brokered private placement closing date (Pilar project, Sonora).  Reyna Silver closed a final tranche of its previously announced private placement for gross proceeds of CAD $169,729.95 (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Colibri and its JV Partner Tocvan, released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. Fortuna Mining reported updated mineral resources for its San Jose mine in Oaxaca. Orex announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. Bear Creek filed a technical report regarding its Mercedes mine in Sonora. ON DEALS AND CORPORATE ISSUES, Kootenay reported that it will commence to trade at OTCQX best market (Columba project, Chihuahua). Silver Dollar announced the appointment of its new president and CEO (La Joya property, Durango). Infinitum Copper announced the appointment of its new CEO and Director (La Adelita project, Sonora). First Majestic appointed a new member to its Board of Directors (Santa Elena mine, Sonora). Apollo engaged Danayi Capital, an arm’s-length service provider, to provide the company certain investor relations and digital marketing services (Cinco de Mayo project, Chihuahua).  ON SOCIAL RESPONSIBILITY, Grupo Mexico has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates.

ON MEXICO ISSUES

  • Orex Minerals Inc., and Tocvan Ventures Corp / Colibri Resource Corporation reported the best drilling intercepts in Mexico on the second week of March, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Endeavour Silver Corp., reported Q4, and full-year 2024 consolidated results from their Mexican operations (all currency is expressed in US dollars). In Q4, 2024, the company processed 165.6K tonnes to produce 824.5K Oz Ag and 9,075 Oz Au (1.55M Oz AgEq). It produced 817.3K payable Oz Ag and 8.9K payable Oz Au at cash and AISC of $13.68 and $27.33 respectively. Endeavour also reported revenue of $42.2M from the sale of 654.5K Oz Ag and 8,343 Oz Au at realized prices of $31.56/Oz Ag and $2,647/Oz Au. Net earnings (loss) were $1M; adjusted net earnings (loss) of $4.8M; mine operating earnings of $7.7M; mine operating cash flow before taxes of $13.1M; EBITDA of $4.4M; adjusted EBITDA of $8.5M, and working capital of $78.8M. In the full year 2024, the company processed 781.4K tonnes to produce 4.47M Oz Ag and 39.5K Oz Au (7.54M Oz AgEq). It produced 4.44M payable Oz Ag and 38.3K payable Oz Au at cash and AISC of $12.99 and $23.88 respectively. Endeavour also reported revenue of $217.6M from the sale of 4.65M Oz Ag and 38.5K Oz Au at realized prices of $27.39/Oz Ag and $2,397/Oz Au. Net earnings (loss) were ($3.51M); adjusted net earnings (loss) of $8M; mine operating earnings of $42.1M; mine operating cash flow before taxes of $72.3M; EBITDA of $10M; adjusted EBITDA of $52.7M, and working capital of $78.8M.
  • Altius Minerals Corporation reported 2024 attributable royalty revenue of CAD $64M, including CAD $ 11.7M for Q4, 2024, and adjusted earnings of CAD $12.7M. The company also declared a quarterly dividend of CAD $0.09 per share payable to all shareholders of record at the close of business on March 19, 2025. The dividend is expected to be paid on or about April 02, 2025 (Cuale project, Jalisco).
  • Avino Silver & Gold Mines Ltd., reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango (all currency is expressed in US dollars). In Q4, 2024, the company milled 181,733 tonnes to produce 283.8K Oz Ag, 2.56K Oz Au, and 1.77M Lb Cu (735.6K Oz AgEq). The company sold 889.3K Oz AgEq at cash and AISC of $13.88 and $18.62 per Oz AgEq payable respectively. In the full-year 2024, Avino milled 648,774 tonnes to produce 1.11M Oz Ag, 7.48K Oz Au, and 6.2M Lb Cu (2.65M Oz AgEq). The company sold 2.6M Oz AgEq at cash and AISC of $14.84 and $20.57 per Oz AgEq payable respectively. The company also reported in Q4, 2024 revenues of $24.4M; mine operating income of $10.5M; net income of $5.1M; EBITDA of $9.1M; adjusted earnings of $9.95M; cash provided by operating activities of $15.5; mine operating cash flow before taxes of $11.88M; cash of $27.3M; and working capital of $25.2M. For the full year 2024, the company reported revenues of $66.2M; mine operating income of $23.2M; net income of $8.1M; EBITDA of $18.04M; adjusted earnings of $21.3M; cash provided by operating activities of $23.1; mine operating cash flow before taxes of $27.6M; cash of $27.3M; and working capital of $25.2M.
  • Equinox Gold Corp., announced filing of 2024 audited consolidated financial statements (all currency expressed in US dollar). The company reported revenues of $1,514M; cash and cash equivalent of $239.3M; cost of sales of $304M; income from operations of $237.96M; income before income taxes of $ 630.5M; and net income of $339.3M (Los Filos mine, Guerrero).
  • Sierra Metals Inc., announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua). 
  • Starcore International Mines Ltd., reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro (all currency is expressed in Canadian dollars). The company milled 46.7K tonnes of 1.74 g/t Au and 11 g/t Ag with metallurgical recoveries of 87.4% and 49.1% respectively, to produce 2.2K Oz Au and 8.2K Oz Ag (2.3K Oz AuEq) at cash and AISC of $1,873 and $2,505 per Oz AuEq respectively. Starcore also reported revenues of $9M; earnings from mining operations and toll processing of $2.12M; and net income of 294K.

ON FINANCING

  • Bear Creek Mining Corporation closed a brokered private placement of 64,445,000 common shares at a price of CAD $0.225 per share for gross proceeds of CAD $14,500,125. The company intends to use net proceeds to support exploration and resource drilling at the company’s Mercedes mine in Sonora, to build a ventilation raise bore and secondary escape way at the Marianas deposit at Mercedes to ensure safe production and for general working capital purposes, the latter of which will include reducing Mercedes’ trade payables over the next quarter.
  • Goldgroup Mining Inc., announced a non-brokered private placement of up to 23,333,334 units at a price of $0.30 per unit, for gross proceeds of up to $7M, the same that later on the company upsized to 25,833,334 units at a price of $0.30 per unit, for gross proceeds of up to $7.75M. Net proceeds will be used for improvements at Cerro Prieto mine in Sonora, to update a PEA at Pinos property in Zacatecas, for debt reduction, and for general working capital.
  • Prismo Metals Inc., closed its previously announced debt settlement transactions, pursuant to which the company has issued to the creditors an aggregate of 4,451,175 common shares of the company at a price ranging from $0.075 to $0.23 per common share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of approximately $464,409 (Palos Verdes project, Sinaloa).
  • Colibri Resource Corporation announced extension of its non-brokered private placement closing date. The company obtained consent from TSX Venture Exchange to extend the closing date for a second tranche to on or before March 28, 2025. The offering is for the sale of up to 10,000,000 units at a price of $0.025 per unit, for total gross proceeds of up to $250K (Pilar project, Sonora).
  • Reyna Silver Corp., closed a final tranche of its previously announced private placement of 2,623,066 units at a price of CAD $0.075 per unit for gross proceeds of CAD $169,729.95. The company intends to use the proceeds from the offering for ongoing exploration, maintenance and development of the company’s properties and general working capital and corporate purposes (Batopilas project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Colibri Resource Corporation and its JV Partner Tocvan Ventures Corp., released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. The most significant intercept was encountered in hole JES-25-104 with 1.27 g/t Au and 1 g/t Ag over 83.45m, including 10.31 g/t Au and 5 g/t Ag over 9.72m, including 60.6 g/t Au and 13 g/t Ag over 1.62m.  Hole JES-25-103 intersected 0.09 g/t Au, 8 g/t Ag, and 0.54% Cu over 34.70m, including 0.15 g/t Au, 12 g/t Ag, and 0.9% Cu over 9.60m, including 0.4 g/t Au, 39 g/t Ag, and 2.56% Cu over 3.70m.
  • Fortuna Mining Corp., reported updated mineral resources for its San Jose mine in Oaxaca. As of December 31, 2024, the San Jose mine has measured and indicated resources of 1.2M tonnes with grades of 160 g/t Ag and 1.15 g/t Au to contain 6.1M Oz Ag and 44K Oz Au (119K Oz AuEq), and inferred resources of 1.05M tonnes of 164 g/t Ag and 1.23 g/t Au, containing 5.6M Oz Ag and 42K Oz Au (110K Oz AuEq). “The San Jose mine was placed on care and maintenance on December 24, 2024, as the company decided to enter a strategic process to divest of the non-core asset. On January 15, 2025, the company announced it had entered into a binding agreement with Minas del Balsas S.A. de C.V. (MdB), a private Mexican company, for the sale of the San Jose mine. On March 6, 2025, the company terminated the acquisition agreement with MdB and is now continuing with the sale process to divest the asset”.
  • Orex Minerals Inc., announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. The Loma Verde target area was the focus of such drilling program. Drilling highlights (true widths reported) include holes BCO-85 with 0.75 g/t Au and 173 g/t Ag (3.02 g/t AuEq or 230 g/t AgEq) over 15m, including 1.37 g/t Au and 419 g/t Ag (6.88 g/t AuEq or 523 g/t AgEq) over 4.60m; and hole BCO-89 with 1.17 g/t Au and 87 g/t Ag (2.32 g/t AuEq or 176 g/t AgEq9 over 4.75m, including 5.01 g/t Au and 397 g/t Ag (9.07 g/t AuEq or 738 g/t AgEq) over 0.75m, plus 1.70 g/t Au and 180 g/t Ag (4.05 g/t AuEq or 309 g/t AgEq) over 3.94m, including 5.42 g/t Au and 603 g/t Ag (13.35 g/t AuEq or 1,105 g/t AgEq) over 0.87m.
  • Bear Creek Mining Corporation filed a technical report regarding its Mercedes mine in Sonora. The Mercedes Report supports the updated Mercedes Mineral Resource and Mineral Reserve estimates announced by the Company on January 29, 2025.

ON DEALS AND CORPORATE ISSUES

  • Kootenay Silver Inc., reported that it will commence to trade at OTCQX best market under the ticker symbol “KOOYF” effective at the opening of trading on Wednesday, March 12, 2025 (Columba project, Chihuahua).
  • Silver Dollar Resources Inc., announced the appointment of its new president and CEO (La Joya property, Durango).
  • Infinitum Copper Corp., announced the appointment of its new CEO and Director (La Adelita project, Sonora).
  • First Majestic Silver Corp., announced the appointment of a new member to its Board of Directors, effective march 13, 2025 (Santa Elena mine, Sonora).
  • Apollo Silver Corp., engaged Danayi Capital Corp., an arm’s-length service provider, to provide the company certain investor relations and digital marketing services. Under a digital marketing agreement dated March 13, 2025 (the “Agreement”), Danayi will provide digital media, marketing strategies, and advertising for a trial period of one month at a fee of USD$50K  (Cinco de Mayo project, Chihuahua).  

ON SOCIAL RESPONSIBILITY

  • Grupo Mexico S.A.B de C.V, has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates. For the fourth consecutive year, Grupo Mexico has been included in the Sustainability Yearbook 2025, a distinction awarded by the rating agency S&P Global to the companies with the best performance in the Corporate Sustainability Assessment, one of the most rigorous in the world. Grupo Mexico is among the top 15% of companies in the Mining and Metals sector, thanks to its performance in key areas such as environmental management systems, biodiversity, energy, human rights, water, transparency, and disclosure.

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 above, massive pyrite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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By Jorge Cirett

During the 8th week of the year (February 17th to February 23rd, 2025), companies working in Mexico presented 28 press releases. Two companies informed on exploration on their properties and nine companies presented quarterly and full year 2024 reports. Two companies informed on financing rounds and two more about its inclusion on the list of top performing TSX companies. One company released the 2024 MRE for several deposits, while one more filed a previously released MRE. Three companies released drilling results from their advanced companies and one more elaborated on its plans for 2025. Two companies announced senior board position changes. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Chihuahua, Kingsmen Resources completed a review on the geochemistry of surface samples. In Durango, Silver Wolf Exploration released results from drilling at Ana Maria. ON MINING, Sandstorm Gold, Pan American Silver, Alamos Gold, Coeur Mining, Torex Gold, Capstone Copper, Starcore International, First Majestic Silver and Newmont presented Q4 and full year 2024 reports. ON FINANCING, Quetzal Copper and Tocvan Ventures informed on the closing of financing tranches for C$487.5 K and C$1.05 M respectively. Luca Mining and Heliostar Metals informed on its inclusion on the list of top performing companies in the TSX. ON RESOURCES AND DEVELOPMENT, Alamos Gold presented the MRE for five properties within the Mulatos district in Sonora. Prime Mining disclosed its 2025 program for Los Reyes, in Sinaloa. Endeavour Silver reported drilling results from La Luz area at its Bolañitos producing property in Guanajuato. Vizsla Silver filed the MRE report on Panuco, in Sinaloa. Luca Mining released results from drilling at Tahuehueto, in Durango. Heliostar Metals reported results from the drilling program at Ana Paula, in Guerrero.  ON DEALS AND CORPORATE ISSUES, Centenario Gold and US Antimony announced movements on their boards of directors. ON SOCIAL RESPONSIBILITY, Guanajuato Silver Co. informed on diverse initiatives it is taking on the communities nearby to its operations in Durango and Guanajuato.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Silver Wolf Exploration Ltd. announced results of the drill program on El Soldado claim at the Ana Maria project in Durango. A total of 17 holes and 2,560 m were drilled, testing the continuity of the carbonate replacement deposits and breccia structures observed. Highlighted core length intercepts comprise 1.0 m @ 1.91% Zn; 6.05 m @ 0.25% Pb, 0.45% Zn (including 0.85 m @ 52 gpt Ag, 0.4% Pb, 2.2% Zn). The “inaugural drill program was successful in identifying significant subvertical breccias (“Chimney” bodies) with extensive hydrothermal mineralization and dolomitization underlying the historical Silver, Lead, and Zinc (Ag-PbZn) workings at El Soldado”. The Ana Maria project is adjacent to the significant past producer Ojuela mine.
  • Kingsmen Resources Ltd. completed a review of the geochemistry of samples collected from the Soledad and Soledad II vein systems at its Las Coloradas project in Chihuahua. The variations of pathfinder elements with silver are interpreted to indicate different pulses of mineralization. The potential for intrusion-related and skarn mineralization has not been explored to date.

ON MINING

  • Sandstorm Gold Ltd. released its financial results for the quarter and year ended in December 2024. Without disclosing by operation, the company had a total yearly revenue of US$176.3 M, or 72,810 Oz Au (holds royalties on Cosalá, Sinaloa).
  • Pan American Silver Corp. provided fourth quarter and yearly 2024 results and its outlook production for 2025. The company generated US$196.2 M in cash flow in Q4 and US$445.1 M in 2024, producing 21.1 M Oz Ag, 892.5 K Oz Au in the year at $14.30 per Oz Ag and $1,203 per Oz Au in the year. At the end of the period Pan American had a working capital of US$1,033.4 M, inclusive of cash and short-term investments of US$887.3 M, and a total debt of US$803 M. For 2025 the company forecasts production of 5.5 – 5.8 M Oz Ag at La Colorada in Zacatecas and 0.9 – 1.0 M Oz Ag, 28 – 31 K Oz Au at Dolores, in Chihuahua.
  • Alamos Gold Inc. reported Q4 and full year 2024 results. The company produced 567 K Oz Au in 2024, at total cash cost of $927 per Oz Au and an AISC of $1,281 per Oz Au. At Mulatos, in Sonora, 205 K Oz Au were produced in the year. Cash and cash equivalents of US$327.2 M at the end of 2024.
  • Coeur Mining Inc. announced Q4 2024 and full year financial results. During the year the company produced 341,852 Oz Au, 11.4 M Oz Ag at cash cost $1,203 per Oz Au and $16.55 per Oz Ag. Coeur generated US$1.1 B in revenue in 2024. Closed on February 14, 2025, the 1.58 B acquisition of SilverCrest Metals (Las Chispas, Sonora). Guidance of 16.7-20.3 M Oz Ag, 380,000-440,000 Oz Au for 2025. At Palmarejo, in Chihuahua, 1.76 M tonnes were milled in 2024, averaging 2.18 gpt Au, 141 gpt Ag, recovering 93% Au, 85% Ag, to produce 108,666 Oz Au, 6.78 M Oz Ag, at cash cost $892 per Oz Au, $14.28 per Oz Ag, generated US$138.1 M in cash flow, while investing US$13.2 M in exploration. “Seven rigs were active during the quarter, with three rigs focused on step-out drilling along the western extension of the Hidalgo corridor. A new mineralized structure discovered in 2024 called the Libertad Footwall has demonstrated splays and breccias similar to those contained at Guadalupe and Independencia. Exploration drilling successfully traced these Libertad structures over 750 meters along strike. In addition, the 2024 drill program at Hidalgo and Libertad was a significant contributor to inferred resource growth. Successful exploration also led to a maiden resource at the San Juan target and an extension of the Guadalupe zone”.
  • Torex Gold Resources Inc. reported Q4 and full year 2024 financial and operational results. Annual production was 452,523 Oz Au (or 461,420 Oz AuEq), with a gold recovery of 90.6%, total cash cost of $940 per Oz Au and an AISC of $1,156 per Oz Au.  Achieved a mining rate of 2,092 tonnes per day from ELG (El Limon-Guajes) underground. Net income of US$134.6 M, adjusted net earnings of US$224.3 M and readjusted EBITDA of US$541.1 M, with net cash generated from operating activities of US$449 M. Negative free cash flow of US$122.9 M as a direct result of US$449.0 M invested in the Media Luna project, which stood at 94% completion at the end of the period. Closed the year with US$331.5 M, including US$110.2 M in cash and US$221 available on credit facilities (Morelos Complex, Guerrero).
  • Capstone Copper Corp. informed on financial results for Q4 and full year 2024. The company had a net income in 2024 of US$82.9 M, an adjusted EBITDA of US$496 M, operating cash flow of US$414.8 M, net debt of US$742.0 M, availability of US$506.4 M comprising US$132.4 M in cash and US$374 M on a credit facility. The consolidated copper production in 2024 was 184,460 tonnes of Cu at cash cost $2.56 per Lb Cu. At Cozamin, in Zacatecas, 24,907 tonnes of copper were produced during the period, at cash cost $1.75 per Lb Cu (the lowest for Capstone operations).
  • Starcore International Mines Ltd. announced production results for the third quarter 2025, ended January 2025. At San Martin, in Querétaro, 46.7 K tonnes were milled, averaging 1.74 gpt Au, 11.08 gpt Ag, recovering 82.44% Au, 49.1% Ag, to produce 2,268 Oz AuEq.
  • First Majestic Silver Corp. announced consolidated financial results for Q4 and full year 2024. The company produced 8.4 M Oz Ag, 156,542 Oz Ag (or 21.7 M Oz AgEq), realized US$138.6 M in free cash flow, with revenues of US$560.6 M, EBITDA of US$127.1 and ended the year with 2,595 Oz Au, 539.2 K Oz Ag valued at US$22.4 M. On January 16, 2025 the company completed the acquisition of Gatos Silver Inc. for a consideration of US$1.07 M in shares.
  • Newmont Corp. reported fourth quarter and full year 2024. The company reported US$3.4 B of net income in 2024, generated US$6.4 B of cash from operating activities, reported US$2.9 B in free cash flow, produced 5.7 M Oz Au and 1.9 M Oz AuEq (Cu, Ag, Pb, Zn) for a total of 6.8 M attributable Oz Au. During the year Peñasquito (in Zacatecas) produced 390 K Oz Au, 28 M Oz Ag, 90 K tonnes Pb, 236 K tonnes Zn. Cash cost was $930 per Oz Au, $11.50 per Oz Ag, $1,080 per Lb Pb, $1,430 per Lb Zn. The AISC was $1,210 per Oz Au, $15.0 per Oz Ag, $1,290 per Lb Pb, $1,890 per Lb Zn. The cash cost and the AISC are expected to increase during 2025. “Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025.Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year… co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence”.

ON FINANCING

  • Quetzal Copper Corp. closed the third tranche of a previously announced non-brokered flow-through and non-flow-through private placement, for gross proceeds of C$487.5 K. In total the company raised gross proceeds of C$2.44 M (Las Cristinas, Chihuahua).
  • Quetzal Copper Corp. announced the extension to complete its previously announced non-flow-through portion of its non-brokered private placement, until February 28, 2025 (Las Cristinas, Chihuahua).
  • Luca Mining Corp. informed on its inclusion in the 2025 TSX Venture 50TM list of top performing companies (Tahuehueto, Durango; Campo Morado, Guerrero).
  • Tocvan Ventures Corp. closed the final tranche of its previously announced non-brokered private placement for gross proceeds of C$1.05 M (Pilar and Gran Pilar, Sonora).
  • Teck Resources Ltd. has declared “an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 31, 2025 to shareholders of record at the close of business on March 14, 2025” (San Nicolás, Zacatecas).
  • Heliostar Metals Ltd. announced it has been included in the 2024 TSX Venture 50TM list of top performing companies (Ana Paula, Guerrero; La Colorada, Sonora).
  • Alamos Gold Inc. reported mineral reserves and resources to the end of 2024. Of a total of 13.95 M Oz Au in reserves by the company, 1.39 M stand in the Mulatos district in Sonora. The total amount of reserves and resources at Mulatos is 2.13 M Oz Au, distributed in the Mulatos mine, Puerto del Aire, La Yaqui Grande, Cerro Pelon and Carricito deposits, as can be seen below. The project is heading to more underground operations with the Puerto del Aire and Cerro Pelon higher grade sulfides. A total of US$19 M is budgeted for exploration in 2025, including 15,000 m of drilling at the GAP-Victor area and PDA extension, and 20,000 m planned at Cerro Pelon.
  • Prime Mining Corp. disclosed its 2025 outlook for its Los Reyes project in Sinaloa. An initial 40,000 m of drilling is planned to identify extensions to know structures and further discovery areas, working toward a preliminary economic assessment (PEA), “refining the metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements”.  Drilling halted in late January due to safety issues on large areas of Sinaloa, but due to resume as soon as these concerns ease, with the drill rigs are still on-site. In October of last year Prime filed a mineral resource estimate with 2.19 M Oz AuEq in indicated resources and 817 K AuEq in inferred resources.
  • Endeavour Silver Corp. reported drill results from its exploration program at the Bolañitos mine in Guanajuato. The program was focused on the La Luz vein, with intersections that provide opportunities to extend mine-life. Highlighted true width intercepts comprise 1.02 m @ 1.17 gpt Au, 449 gpt Ag; 1.67 m @ 0.41 gpt Au, 183 gpt Ag; 0.95 m @ 2.03 gpt Au, 70 gpt Ag; 1.62 m @ 2.43 gpt Au, 1,063 gpt Ag (including 0.34 m @ 9.61 gpt Au, 4,070 gpt Ag); 2.49 m @ 3.15 gpt Au, 71 gpt Ag. “… eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025”.
  • Vizsla Silver Corp. filed an independent technical report containing an updated mineral resource estimate (MRE) on the Panuco project in Sinaloa.
  • Luca Mining Corp. released results from the first four underground diamond drill holes on the ongoing 5,000 m exploration drill program at its Tahuehueto mine in Durango. The objective of the campaign is to define vertical and lateral extents of known mineralization within the Creston and Perdido vein systems. Highlighted core length intervals comprise 1.8 m @ 0.95 gpt Au, 60 gpt Ag, 1.11% Cu, 0.2% Pb, 0.2% Zn; 22.3 m @ 1.47 gpt Au, 42 gpt Ag, 0.44% Cu, 1.5% Pb, 2.3% Zn (Including 7.9 m @ 2.59 gpt Au, 68 gpt Ag, 0.68% Cu, 2.3% Pb, 2.7% Zn); 0.9 m @ 0.09 gpt Au, 18 gpt Ag, 0.21% Cu, 0.9% Pb, 4.0% Zn; 2.3 m @ 2.37 gpt Au, 0.1% Pb, 0.3% Zn; 7.2 m @ 0.37 gpt Au, 41 gpt Ag, 0.26% Cu, 1.8% Pb, 0.9% Zn; 1.7 m @ 0.09 gpt Au, 22 gpt Ag, 0.29% Cu, 2.1% Pb, 2.0% Zn.
  • Heliostar Metals Ltd. announced results from drilling at its Ana Paula project in Guerrero. The drilling program focus was on expanding the High Grade Panel and test step-out targets at depth beneath this zone. Highlighted core-length results comprise 161.0 m @ 4.26 gpt Au (including 30.0 m @ 10.1 gpt Au); 23.0 m @ 4.15 gpt Au (including 3.0 m @ 21.4 gpt Au); 4.6 m @ 7.91 gpt Au; 68.5 m @ 1.44 gpt Au; 24.0 m @ 5.10 gpt Au (including 3.0 m @ 10.9 gpt Au and 5.15 m @ 14.0 gpt Au); 3.80 m @ 2.43 gpt Au; 1.0 m @ 4.99 gpt Au; 66.85 m @ 3.12 gpt Au (including 15.7 @ 10.4 gpt Au); 13.0 m @ 3.50 gpt Au. 

ON DEALS AND CORPORATE ISSUES

  • Centenario Gold Corp. announced the resignation of Alain Charest as CEO of the company. “Alain will continue to represent the Company as both a board member, VP Exploration and an active adviser to the Company”. Doug Fulcher, current president of the company has been appointed CEO (Eden, Sinaloa).
  • United States Antimony Corp. announced the appointment of Mr. Rodney Blakestead as Vice President of the Mining Division and Leo Jackson as Vice President of the Mexican Antimony Division (Los Juarez, Querétaro).

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd. informed it is sponsoring a clinic in Topia, Durango, has treated 350 patients, and the Cata clinic in Guanajuato a further 700 persons. Furthermore “Water at the mines is largely recycled, while essential water services are often provided to rural communities. With priority placed on schools, kindergartens, and community spaces…”. Among other initiatives, the company is also committed to generating zero biodiversity loss from operations. 

On the image below: Sometimes following structures from a distance is not that difficult. Drone picture by Jorge Cirett.