Low-angle quartz veins hosted in Mn-rich volcanic rocks

By Miguel A Heredia

During the 23^th week of the year (June 02^nd to June 08^th 2025), at least 26 press releases were announced by companies working in Mexico, with twelve disclosing deals and corporate issues, seven announcing financing rounds, two reporting resources and development of their properties, two informing on exploration results, one communicating production results, one discussing social issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Endeavour reported the best drilling intercepts in Mexico on the first week of June, 2025. ON EXPLORATION, In Durango, Pinnacle presented underground sampling results from its Potrero project, and Mithril released high-grade surface and underground sampling results from its Copalquin project.  ON MINING, Orogen reported Q1, 2025 production and financial results (Ermitaño mine, Sonora). ON FINANCING, Defiance Silver announced brokered  Listed Issuer Financing Exemption (LIFE) offering for gross proceeds of up to CAD $8M, the same that later on was upsized to CAD $13M (San Acacio project, Zacatecas).  Vizsla Royalties entered into a bought deal agreement with CIBS Capital Market to sell 27,400,000 common shares for gross proceeds of CAD $54.8M (Panuco project, Sinaloa). Silver Viper announced a non-brokered private placement for gross proceeds of up to USD $3.5M (La Virginia project, Sonora). Mammoth announced a non-brokered private placement of up to 30,000,000 units for gross proceeds of up to CAD $750K (Tenoriba project, Chihuahua). Impact Silver closed a final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,275,320 (Plomosas mine, Chihuahua). Silver Storm announced that it closed the first tranche of its previously announced brokered LIFE financing for gross proceeds of CAD $10,541,050, including a CAD $1M investment by Eric Sprott (La Parrilla mine, Durango). ON RESOURCES AND DEVELOPMENT, Endeavour Silver reported positive results from its drilling exploration program at Pitarrilla project, Durango. Orla Mining delivered initial underground mineral resource estimate for its Camino Rojo property in Zacatecas.  ON DEALS AND CORPORATE ISSUES, Endeavour reported voting results of its annual general meeting of shareholders (Guanacevi mine, Durango). Orogen announced its notice of annual general and special meeting of shareholders (Ermitaño mine, Sonora). Prismo Metals appointed its President, effective immediately (Palos Verdes project, Sinaloa). Reyna Silver announced the resignation of one of its Directors (Batopilas project, Chihuahua). Santacruz declared that it has applied to, and received from the British Columba Securities Commission, a temporary Management Cease Trade Order (Zimapan mine, Hidalgo). Sierra Metals announced that it called an annual general and special meeting of shareholders (Bolivar mine, Chihuahua). Sierra Madre extended a USD $5M loan with First Majestic by a year, pushing the due date to May 2027 (La Guitarra mine, Estado de Mexico).  Vizsla Royalties entered into a royalty purchase agreement with Grupo Minero Bacis to acquire an additional 3% NSR on certain concessions comprising the Panuco-Copala project in Sinaloa. Silver Viper announced the resignation of its CFO and announced the engagement of ICP Securities Inc., to provide automated market making services (La Virginia project, Sonora).   Defiance Silver signed a long-term surface agreement for its Tepal project in Michoacan; restructured its option agreement to acquire a 2.5% NSR from Minera Tepal, and extended the final payment on the San Acacio project in Zacatecas to June 20, 2026, with no changes to economic terms. Mammoth entered into a strategic alliance with RM Minerias, a private company focused on acquiring, developing and restarting to commercial production, mineral extraction and processing facilities in Mexico (Tenoriba project, Chihuahua). Bear Creek presented voting results from its annual general meeting of shareholders and announced the appointment of officers (Mercedes mine, Sonora). ON SOCIAL RESPONSIBILITY, Aura released its 2024 sustainability report (Aranzazu mine, Zacatecas).  

ON MEXICO ISSUES

• Endeavour Silver Corp., reported the best drilling intercepts in Mexico on the first week of June 2025. Details are shown in the table below:

ON EXPLORATION

• Pinnacle Silver and Gold Corp., presented underground sampling results from the Pinos Cuates mine at its Potrero project in Durango. The systematic channel sampling of the underground workings has defined lens of high-grade gold and silver mineralization, with individual samples returning up to 37.3 g/t Au and 346 g/t Ag. Composite channel sampling at Pinos Cuates mine returned assays up to 19.4 g/t Au and 266 g/T Ag over 4.1m, including 37.3 g/t Au and 346 g/t Ag over 0.6m, and 31.2 g/t Au and 395 g/t Ag over 0.5m. Underground mapping on the Dos de mayo vein revealed that the vein-breccia system is wide and strong with exposed widths of 10.46m and 8.5m on the upper and lower level respectively, but it still needs to drill to find the full extent. Surface mapping on the Dos de mayo vein system extended the mineralized zone over 1.6km, with grab samples strikingly high gold and silver results like one spot with 13.2 g/t Au and 2,280 g/t Ag, and 5.2 g/t Au and 745 g/t Ag. Visible gold and ginguro textures were observed during the mapping field work. These results demonstrate strong exploration potential and the possibility for near-term development of the high-grade mineralization.
• Mithril Silver and Gold Limited released high-grade mineralization surface and underground sampling results from target 5 along a 1.6km vein corridor within its Copalquin project in Durango, with grades exceeding 1% copper, lead, and zinc, along with significant Au and Ag in a large area. Highlights channel samples results include 2.84 g/t Au and 777 g/t Ag over 0.8m (Mina Apomal); 5.36 g/t Au and 706 g/t Ag over 0.5m (Apomal Norte); 2.58 g/t Au and 716 g/t Ag over 0.8m (Dulces Nombres); 1.48 g/t Au, 236 g/t Ag, 0.17% Cu, 1.7% Pb, and 0.06% Zn over 1m (Veta Azul); 0.04 g/t Au, 8 g/t Ag, 0.03% Cu, 0.1% Pb, and 1.3% Zn over 1m (Veta Azul); 0.07 g/t Au, 41 g/t Ag, 1.6% Cu, 19 ppm Pb, and 61 ppm Zn over 1m (Apomal); and 0.06 g/t Au, 145 g/t Ag, 0.1% Cu, 1.1% Pb, and 0.05% Zn over 0.85m (Duraznito). These findings reinforce the district’s potential for multiple high-grade deposits and support ongoing resource development efforts Drilling at this target area is set for next quarter after finishing up work in the main resource zone and updating their geological model.

ON MINING

• Orogen Royalties Inc., presented Q1, 2025 production and financial results. A total of 270,203 tonnes were processed at Ermitaño Mine by First Majestic Silver Corp., with grades of 58 g/t Ag and 2.59 g/t Au and metallurgical recoveries of 68% and 95% respectively. The company reported a net income from operations of CAD $1.8M; royalty revenue of CAD $2.1M from 497 Gold Equivalent Ounces (GEO´s) on average price of USD $2,820 per ounce as a result of the 2% NSR that Orogen holds at Ermitaño; revenue from prospect generation activities of CAD $0.5M; G&A expenses of CAD $1-7M; cash flow of CAD $1.2M; and working capital of CAD $28M at March 31, 2025.

ON FINANCING

• Defiance Silver Corp., announces brokered  Listed Issuer Financing Exemption (LIFE) offering for gross proceeds of up to CAD $8M for the sale of up to 32,000,000 units at a price of CAD $0.25 per unit. The company also grants the agent an option, exercisable in full or in part up to 48 hours prior to the closing of the Marketed Offering, to sell up to an additional 8,000,000 units at the offering price for additional gross proceeds of up to CAD $2M. Later on, the company upsized the offering to 52,000,000 units at a price of CAD $0.25 per unit for gross proceeds of up to CAD $13M. Concurrent with the brokered offering, the company plans to complete a non-brokered private placement of up to 6,000,000 units of the Company (the “NB Units”, and collectively with the Units, the “Offered Securities”) at a price of CAD $0.25 per NB Unit for additional gross proceeds of up to CAD $1.5M. Defiance plans to use the gross proceeds to complete a Mineral Resource Estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacan, and to provide general working capital to support operations.
• Vizsla Royalties Corp., entered into a bought deal agreement with CIBS Capital Market to sell 27,400,000 common shares at a price of CAD $2 per common share for gross proceeds of CAD $54.8M. Gross proceeds will be used to repurchase 50% of the 3.0% NSR for USD $1.95M and will purchase the remaining 50% of the 3.0% NSR for USD $38.05M, for a total cash consideration of USD $40M subject to potential adjustment in customary circumstances (Panuco project, Sinaloa).
• Silver Viper Minerals Corp. announced a non-brokered private placement for gross proceeds of up to USD $3.5M from the sale of 23,333,334 units at a price of USD $0.15 per unit. Net proceeds will be used for drilling and other exploration activities at La Virginia project in Sonora, and for working capital and other general corporate purposes.
• Mammoth Resources Corp., announced a non-brokered private placement of up to 30,000,000 units at a price of CAD $0.025 per unit for gross proceeds of up to CAD $750K. Net proceeds will be used to advance its Tenoriba project in Chihuahua, evaluate potential acquisitions, and support working capital needs.
• Impact Silver Corp., closed a final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,275,320 from the issuance of 460K LIFE units at a price of CAD $0.20 per unit, and from the issuance of 6,574,000 units at a price of CAD $0.18 per unit. With the first tranche closing of CAD $3,930,711, this brings the total oversubscribed financing to CAD $5,206,031. Impact Silver plans to use the net proceeds to accelerate exploration activity at its Plomosas high-grade zinc-lead-silver property in Chihuahua, further develop its prolific silver assets at its legacy Royal Mines of Zacualpan district in Estado de Mexico, as well as invest in operational improvements to improve productivity and throughput. Exploration activities include sampling, target definition, and drilling with the intention of expanding the existing JORC mineral resource at Plomosas mine where exploration potential is exceptional along a 6 km-long structure.  
• Silver Storm Mining Ltd., announced that it closed the first tranche of its previously announced brokered LIFE financing for gross proceeds of CAD $10,541,050 from the sale of 81,085,000 units at a price of CAD $0.13 per unit, including a CAD $1M investment by Eric Sprott. Net proceeds will be used for the procurement of La Parrilla mine processing flotation cells; to commence rehabilitation work of the La Parrilla processing facility including equipment purchase and refurbishment, labour, and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next twelve months; and for general corporate and working capital purposes.

ON RESOURCES AND DEVELOPMENT

• Endeavour Silver Corp., reported positive results from its drilling exploration program at Pitarrilla project, Durango. Drilling from surface and underground has been successful in intersecting high-grade silver, zinc and lead mineralization and provides additional confidence required to upgrade existing mineral resources. Drilling highlights are shown in the table below:

• Orla Mining Ltd., delivered initial underground Mineral Resource Estimate (MRE) for its Camino Rojo property in Zacatecas. Measured and indicated mineral resources are 50.1M tonnes of 2.45 g/t Au, 10.6 g/t Ag, and 0.25% Zn (2.58 g/t AuEq), totaling 3.95M Oz Au, 17.05M Oz Ag, and 278M Lb Zn (4.16M Oz AuEq). Inferred mineral resources are 5.6M tonnes of 2.21 g/t Au, 10.9 g/t Ag, and 0.21% Zn (2.33 g/t AuEq), totaling 0.4M Oz Au, 1.95M Oz Ag, and 26M Lb Zn (0.42M Oz AuEq). Orla´s strategy is “to advance the initial underground MRE towards possible future construction decision. This include additional exploration, development planning for an exploration drift to allow for tighter spaced underground drilling, flowsheet design, further metallurgical testing, engineering studies, and permitting activities”.

ON DEALS AND CORPORATE ISSUES

• Endeavour Silver Corp., reported voting results of its annual general meeting of shareholders and reported the retirement of one of its directors (Guanacevi mine, Durango).
• Orogen Royalties Inc., announced its notice of annual general and special meeting of shareholders. Orogen will hold its Meeting on June 27, 2025, at 10:00 a.m. (Pacific time)  (Ermitaño mine, Sonora).
• Prismo Metals Inc., appointed its President, effective immediately (Palos Verdes project, Sinaloa).
• Reyna Silver Corp., announced the resignation of one of its Directors (Batopilas project, Chihuahua).
• Santacruz Silver Mining Ltd., declared that it has applied to, and received from the British Columba Securities Commission, a temporary Management Cease Trade Order on the basis that it was unable to file its interim financial statements, accompanying management’s discussion and analysis and required certifications for the interim period ended March 31, 2025 (Zimapan mine, Hidalgo).
• Sierra Metals Inc., announced that it called an annual general and special meeting of shareholders to be held on July 29, 2025 (Bolivar mine, Chihuahua).
• Sierra Madre Gold and Silver Ltd., extended a USD $5M loan with First Majestic Silver Corp., by a year, pushing the due date to May 2027. They’re paying 15% interest annually but only interest monthly, with the first six months’ interest deferred in the amount of USD $365K.  This extra time might help them boost capacity at their Guitarra silver-gold mine in Estado de Mexico and speed up exploration efforts. They also granted stock options to new employees and consultants, to purchase an aggregate of 950,000 common shares at a price of USD $0.69 per share for a period of 5 years from the grant date.
• Vizsla Royalties Corp., entered into a royalty purchase agreement with Grupo Minero Bacis S.A. de C.V., to acquire an additional 3% NSR on certain concessions comprising the Panuco-Copala project in Sinaloa, for a total cash consideration of USD $40M. With this the company increased its total NSR to 3.5%.
• Silver Viper Minerals Corp., announced the resignation of its CFO and declared that it has initiated a search for a permanent replacement. In the interim, Steve Cope, CEO, will assume the responsibilities of the CFO on a temporary basis until a successor is appointed. The company also announced the engagement of ICP Securities Inc., to provide automated market making services (La Virginia project, Sonora).
• Defiance Silver Corp., signed a long-term surface agreement for its 100% owned Tepal project in Michoacan, allowing exploration and drilling, and engineering studies over the next six years. This agreement marks a key milestone for Defiance, providing the necessary certainty to advance their work in the project area.  The company also has restructured its option agreement to acquire a 2.5% SR from Minera Tepal S.A. de C.V., with a revised payment schedule starting July 2025. Additionally, an extension for the final payment on the San Acacio land package in Zacatecas has been secured, moving the due date to June 30, 2026, with no changes to economic terms.
• Mammoth Resources Corp., entered into a strategic alliance with RM Minerias, a private company focused on acquiring, developing and restarting to commercial production, mineral extraction and processing facilities in Mexico (Tenoriba project, Chihuahua). 
• Bear Creek Mining Corporation presented voting results from its annual general meeting of shareholders and announced the appointment of officers (Mercedes mine, Sonora).

ON SOCIAL RESPONSIBILITY

• Aura Minerals Inc., released its 2024 sustainability report, in which the company highlighted the progress in promoting safety, responsibility, sustainability, and innovation. The sustainability report disclosures the financial, environmental, and social performance during 2024. Highlights include a strengthened data and cyber security infrastructure for AI integration, R $6.1M investment in community development, reassessment of emissions inventories per Green House Gas (GHG) Protocol, compliance with Responsible Gold Mining Principles, and sourcing 40% of purchases from local suppliers. The company was recognized for gender equity efforts and earned Great Place to Work certification with a 78% favorability score (Aranzazu mine, Zacatecas). 

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, low-angle veins hosted in Mn-rich volcanic rocks in a project in the Sonoran Desert. Photo taken by Miguel A Heredia.