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

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Low-angle sheeted quartz veins displaced by high-angle faults

By Miguel A Heredia

During the 17th week of the year (April 21st to April 27th 2025), at least 30 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, six communicating production results, five reporting resources and developments of their properties, five announcing financial rounds, two informing on exploration results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Fuerte Metals and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of April, 2025. ON EXPLORATION, In Sonora, Masivo announced a strategic eight holes, 1,300m drill program to be conducted at its Cerro Colorado project. In Zacatecas, Galore provides an update on its Dos Santos project.  ON MINING, Fortuna Mining reported that it will release its Q1, 2025 financial results on May 7, 2025 (San Jose mine, Oaxaca). Sierra Madre announced Q4 and full year 2024 financial results from its La Guitarra mine, Estado de Mexico. Luca Mining reported Q4 and full year 2024 production and financial results (Tahuehueto mine, Durango and Campo Morado mine, Guerrero).  MAG Silver announced Q1, 2025 production results for its Juanicipio mine in Zacatecas. Agnico Eagle reported Q1, 2025 production results (Pinos Altos mine, Chihuahua). ON FINANCING, Aztec Minerals announced that it intends to complete a non-brokered private placement for gross proceeds of up to CAD $3M (Cervantes project, Sonora). Canuc extended the final closing day of its previously announced non-brokered private placement to May 21, 2025 (San Javier project, Sonora). Vizsla Copper upsized its previously announced non-brokered private placement to CAD $5.6M. Teck announced an eligible dividend of $0.125 per share. Kingsmen announced that it has received conditional approval from the TSX Venture Exchange for its previously announced private placement (Las Coloradas project, Chihuahua). Gold Royalty reported Q1, 2025 preliminary results (Cozamin mine, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Teck reported that the engagement with government authorities and stakeholders is ongoing to support the review of both the Environmental Impact Assessment and Land Use Change permits for its San Nicolas project, Zacatecas. Luca Mining released results from 6 of the first seven underground holes drilled at its Campo Morado mine, Guerrero. Fuerte Metals reported results from the most recent five holes drilled at its Cristina project in Chihuahua. Tocvan announced that five drill holes have been completed at the Gran Pilar project, Sonora. Agnico Eagle announced that In Q1, 2025, Minas de San Nicolás in Zacatecas (50/50 JV with Teck Resources Limited) continued working on a feasibility study, with completion expected in the H2, 2025. ON DEALS AND CORPORATE ISSUES, Sierra Metals and Alpayana reached an agreement for an all-cash takeover bid where Alpayana Canada will offer CAD $1.15 per share for all common shares of Sierra Metals (Bolivar mine, Chihuahua). Silver Bull announced voting results of its annual general meeting of shareholders (Sierra Mojada project, Coahuila). Vizsla Royalties informed that that its common shares have started trading on the OTCQB market place under the trading symbol VROYF (Panuco project, Sinaloa). Triple Flag and Orogen Royalties entered into a definitive agreement in which Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately CAD $421M, or CAD $2.00 per share (Ermitaño mine, Sonora). Altius Minerals announced that Triple Flag has proposed to acquire Orogen Royalties for approximately CAD $421M, which includes cash, shares, and a stake in a new entity called Orogen Spinco. Heliostar appointed its Vice President of Investor Relations and Development, and its Corporate Secretary (La Colorada mine, Sonora). Equinox Gold and Calibre Mining amended their arrangement agreement regarding a proposed business combination (Los Filos mine, Guerrero). Luca Mining announced the appointment of its new COO (Tahuehueto mine, Durango). Teck reported voting results from its annual meeting of shareholders. Discovery Silver appointed new members to the company management such as its COO, Executive Vice President, Corporate Affairs and Sustainability, Vice President Canadian Operations, and Senior Vice President Exploration & Grow (Cordero project, Chihuahua). Agnico Eagle released voting results of its annual and special meeting of shareholders (Pinos Altos mine, Chihuahua).  ON SOCIAL RESPONSIBILITY, no relevant news.  

ON MEXICO ISSUES

  • Fuerte Metals Corporation and Luca Mining Corp. reported the best drilling intercepts in Mexico on the fourth week of April 2025, 2025. Details are shown in the table below:

ON EXPLORATION

  • Masivo Silver Corp., announced a strategic eight holes, 1,300m drill program to be conducted at its Cerro Colorado project in Sonora.
  • Galore Resources Inc., provides an update on its Dos Santos project in Zacatecas, focusing specifically on the Los Gemelos / Duraznillo property. The company is currently engaged in drilling activities, targeting a total of 5,000 meters, with initial drill core results appearing promising. Geological indicators suggest a significant copper-gold target due to various structural features and mineralization evidence. In addition to drilling, Galore is preparing to process over 25,000 tonnes of mineralized rock at the Duraznillo mine, with favorable laboratory results indicating potential revenue generation. The company is also in discussions for joint ventures to enhance exploration efforts and is considering implementing ore-sorting technology to improve mineral recovery efficiency. Furthermore, Galore is exploring the use of satellite imaging technology to aid in mineral discovery and is looking to expand its drilling capacity by mobilizing additional rigs. The management team is optimistic about the project’s progress and future opportunities, aiming to apply their aggressive exploration strategy across the broader Dos Santos Project area.

ON MINING

  • Fortuna Mining Corp., reported that it will release its Q1, 2025 financial results on May 7, 2025 (San Jose mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced Q4 and full year 2024 financial results from its La Guitarra mine, Estado de Mexico (all currency is expressed in US dollars). During Q4, 2024 the company reported revenue of $3.9M, gross profit of $1.1M, cost of sales of $2.8M, approximately $20.95 per Oz Ag sold, and a loss of 37,936. Sierra Madre averaged $31.58 per Oz Ag sold and $2,667 per Oz Au sold. For the full year 2024 (in fact were only six month’s period ending December 31, 2024) the company reported revenue of $6.1M, gross profit of $1.36M, cost of sales of $5.1M, approximately $22.40 per Oz Ag Eq sold, and a loss of 0.98M. Sierra Madre averaged $30.37 per Oz Ag sold and $2,594 per Oz Au sold. Current assets, including cash totaled $3.5M at December 31, 2024.
  • Gold Royalty Corp., reported Q1, 2025 preliminary results (all amounts are expressed in US dollars). It announced that total revenue, land agreement proceeds, and interest was $3.6M (revenue of $3.1M) equating to 1,249 Oz AuEq. Gold Royalty maintains its 2025 full-year production guidance 5,700-7,000 Oz AuEq (the company holds cash flowing royalties at Cozamin mine, Zacatecas).
  • Luca Mining Corp., reported Q4 and full year 2024 production and financial results for its Tahuehueto mine, Durango and Campo Morado mine, Guerrero (all amounts are expressed in US dollars). In Q4, 2024 the company mined 213,511 tonnes and milled 208,649 tonnes to produce 7,120 Oz Au, 228.3K Oz Ag, 6.8M Lb Zn, 2.2M Lb Cu, and 1.7M Lb Pb (17.4K Oz AuEq) at cash and AISC of $1,436 and $1,794 per Oz AuEq produced. Realized prices were $2,671/Oz Au, $31.39/Oz Ag, $1.34/Lb Zn, $4.16/Lb Cu, and $0.91/Lb Pb. Luca reported also net revenue of $27.9M; cost of sales of $18.8M; mine operating earnings of $9.1M; mine operating cash flow before taxes of ($2.6M); net loss of ($17.9M); net free cash flow before working capital of $3.8M; EBITDA of ($14.1M); and an adjusted EBITDA of $8.05M. In the fiscal year 2024, the company mined 660,878 tonnes and milled 671,971 tonnes to produce 19.3K Oz Au, 782.9K Oz Ag, 26.3M Lb Zn, 7.3M Lb Cu, and 5.8M Lb Pb (57.5K Oz AuEq) at cash and AISC of $1,503 and $1,827 per Oz AuEq produced. Realized prices were $2,424/Oz Au, $28.21/Oz Ag, $1.25/Lb Zn, $4.02/Lb Cu, and $0.93/Lb Pb. Luca reported also net revenue of $60.6M; cost of sales of $63.4M; mine operating earnings of $17.2M; mine operating cash flow before taxes of 22.3M; net loss of $10.4M; net free cash flow before working capital of $6.6M; EBITDA of ($2.6M); and an adjusted EBITDA of $14.1M.
  • MAG Silver Corp., announced Q1, 2025 production results for its Juanicipio mine in Zacatecas. On 100% basis, Juanicipio milled 337K tonnes at grades of 430 g/t Ag, 1.24 g/t Au, 1.6% Pb, and 2.9% Zn to produce 4.5M Oz Ag, 10.2K Oz Au, 10.6M Lb Pb, and 16.9M Lb Zn. Silver production at Juanicipio for 2025 is forecast to range between 14.M Oz Ag 7-16.7M Oz Ag with payable silver production expected between $13.1M-$14.9M at a silver grade head of 380-430 g/t, and gold head grade range between 1-2-1.4 g/t.
  • Agnico Eagle Mines Limited reported Q1, 2025 production results for its Pinos Altos mine in Chihuahua (all currency expressed in US dollars).  The company milled 381K tonnes of 1.48 g/t Au to produce about 17.3K Oz Au at a total cash cost of $2,170 per Oz Au and a production cost of $2,470 per Oz Au. Agnico reported revenue of $57.3M; capital expenditures of $6.4M; capitalized exploration of 0.4M; and a development expenditures capital of $5M.

ON FINANCING

  • Aztec Minerals Corp., announced that it intends to complete a non-brokered private placement of up to 16,666,667 units at a price of CAD $0.18 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used to conduct exploration work at its Cervantes project in Sonora, as well as for general working capital purposes.
  • Canuc Resources Corporation extended the final closing day of its previously announced non-brokered private placement to May 21, 2025. Proceeds will be used to complete the acquisition of MacDonald Mines Exploration Ltd., and for the exploration and development of the company’s new and existing exploration and development assets (San Javier project, Sonora).
  • Vizsla Copper Corp., upsized its previously announced non-brokered private placement to CAD $5.6M. The Company intends to use the net proceeds from the sale of Hard Dollar Units for working capital and general corporate purposes.
  • Teck Resources Limited announced today that its Board of Directors 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 June 30, 2025 to shareholders of record at the close of business on June 16, 2025.
  • Kingsmen Resources Ltd., announced that it has received conditional approval from the TSX Venture Exchange for its previously announced private placement. Upon review, it has

decided to raise the exercise price of the associated warrant to $1.05 per share (Las Coloradas project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Tech Resources Limited reported that the engagement with government authorities and stakeholders is ongoing to support the review of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits for its San Nicolas project, Zacatecas.   Additionally, progress on the feasibility study and execution strategy continues, with target completion in the second half of 2025, positioning the project for a potential sanction decision following the receipt of necessary permits.
  • Luca Mining Corp., released results from six of the first seven underground holes of an ongoing 5,000m phase 1 exploration drill program at its Campo Morado mine, Guerrero. Drilling highlights include holes CMUG-25-01 with 0.27 g/t Au, 10 g/t Ag, 0.21% Cu, 0.2% Pb, and 2.3% Zn over 11.2m, plus 2.3 g/t Au, 150 g/t Ag, 0.56% Cu, 0.7% Pb, and 3.7% Zn over 5.6m, plus 0.24 g/t Au, 23 g/t Ag, 0.92% Cu, 0.03% Pb, and 1.0% Zn over 11.1m, including 0.28 g/t Au, 28 g/t Ag, 1.43% Cu, 0.03% Pb, and 1.2% Zn over 5.5m; hole CMUG-25-06 with 0.27 g/t Au, 21 g/t Ag, 0.68% Cu, 0.07% Pb, and 2.2% Zn over 2.3m, plus 0.65 g/t Au, 32 g/t Ag, 0.85% Cu, 0.03% Pb, and 0.1% Zn over 3.2m, plus 0.2 g/t Au, 8 g/t Ag, 0.55% Cu, 0.03% Pb, and 2.9% Zn over  22.5m, including 0.19 g/t Au, 7 g/t Ag, 0.8% Cu, 0.01% Pb, and 5.1% Zn over 6.3m, including 0.1 g/t Au, 11 g/t Ag, 1.5% Cu, 0.01% Pb, and 8.6% Zn over 2.7m, and including 0.1 g/t Au,  8 g/t Ag, 1.0% Cu, 0.1% Pb, and 5.8% Zn over 2.9m, including 0.12 g/t Au, 13 g/t Ag, 1.91% Cu, 0.2% Pb, and 11.0% Zn over 1.4m; and hole CMUG-25-07 with 0.67 g/t Au, 33 g/t Ag, 0.72% Cu, 0.1% Pb, and 3.0% Zn over 6.4m, plus 0.49 g/t Au, 20 g/t Ag, 0.7% Cu, 0.1% Pb, and 3.0% Zn over 9.1m, plus 0.59 g/t Au, 51 g/t Ag, 1.21% Cu, 0.2% Pb, and 4.6% Zn over 4.6m, plus, 0.59 g/t Au, 33 g/t Ag, 0.92% Cu, 0.4% Pb, and 0.6% Zn over 1.3m, plus 0.44 g/t Au, 26 g/t Ag, 0.98% Cu, 0.01% Pb, and 0.03% Zn over 1.3m, plus 0.13 g/t Au, 8 g/t Ag, 0.77% Cu, 0.1% Pb, and 4.8% Zn over 11.9m, including 0.12 g/t Au, 14 g/t Ag, 1.57% Cu, 0.1% Pb, and 12.0% Zn over 2m, and including 0.05 g/t Au, 8 g/t Ag, 1.77% Cu, 0.03% Pb, and 5.7% Zn over 2.3m, plus 0.16 g/t Au, 7 g/t Ag, 0.87% Cu, 0.1% Pb, and 2.2% Zn over 10.3m. Fourteen underground drillholes have been completed to date as part of the 5,000m Phase 1 program targeting near-mine resource expansion.
  • Fuerte Metals Corporation, reported results from the most recent five holes drilled at its Cristina project in Chihuahua. Drilling highlights (true width reported) include holes ACD-25-263 with 0.4 g/t Au, 133 g/t Ag, 0.5% Zn, 0.2% Pb, and 0.01% Cu (2.6 g/t AuEq) over 17m, including 0.9 g/t Au, 504 g/t Ag, 0.6% Zn, 0.1% Pb, and 0.02% Cu (8.5 g/t AuEq) over 4m; hole ACS-25-261 with 1.1 g/t Au, 73 g/t Ag, 0.5% Zn, 0.2% Pb, and 0.02% Cu (2.4 g/t AuEq) over 11m, including 4.8 g/t Au, 60 g/t Ag, 0.7% Zn, 0.2% Pb, and 0.04% Cu (6.1 g/t AuEq) over 1.4m; and hole ACD-25-265 with 0.8 g/t Au, 8 g/t Ag, 0.2% Zn, 0.05% Pb, and 0.02% Cu (1 g/t AuEq) over  13m, plus 0.8 g/t Au, 70 g/t Ag, 4% Zn, 0.9% Pb, and 0.9% Cu over 1.3m, plus 0.2 g/t Au, 15 g/t Ag, 1.4% Zn, 0.4% Pb, and 0.05% Cu (1.3 g/t AuEq) over 15.1m, including 0.5 g/t Au, 64 g/t Ag, 7.9% Zn, 2.2% Pb, and 0.13% Cu (6.1 g/t AuEq) over 1.7m. To date, Fuerte has reported 45 holes totalling 11,995.5m of drilling from the current program. “The goal of targeting the higher-grade zones within the main Guadalupe Vein, as well as other high-grade veins in the area, is to both increase the size and the grade of the resource and demonstrate the underground resource potential at Cristina”.
  • Tocvan Ventures Corp., announced that five drill holes have been completed at the Gran Pilar project, Sonora. To date, a total of 712.2m of RC drilling has been completed across five drill holes. Currently samples for three drillholes have been submitted for analysis, results are pending.
  • Agnico Eagle Mines Limited announced that In Q1, 2025, Minas de San Nicolás in Zacatecas (50/50 JV with Teck Resources Limited) continued working on a feasibility study, with completion expected in the H2, 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc., and Alpayana S.A.C. reached an agreement for an all-cash takeover bid where Alpayana Canada will offer CAD $1.15 per share for all common shares of Sierra Metals. The bid has received unanimous support from Sierra Metals’ Board of Directors, who recommends that shareholders tender their shares. The agreement includes a plan to enter into a support agreement by April 30, 2025, and the bid’s expiry has been extended to May 12, 2025, to provide shareholders ample time to respond. Financial advice has affirmed that the offer is fair from a financial perspective for Sierra shareholders (Bolivar mine, Chihuahua).
  • Silver Bull Resources Inc., announced voting results of its annual general meeting of shareholders (Sierra Mojada project, Coahuila).
  • Vizsla Royalties Corp., informed that that its common shares have started trading on the OTCQB market place under the trading symbol VROYF. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol VROY (Panuco project, Sinaloa).
  • Triple Flag Precious Metals Corp., and Orogen Royalties Inc., entered into a definitive agreement in which Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately CAD $421M, or CAD $2.00 per share. The total consideration consists of approximately CAD $171.5M in cash, approximately CAD $171.5M in Triple Flag shares, and shares of a new company (Orogen Spinco) with an implied value of approximately CAD $78M. Orogen Spinco will be led by the CEO of Orogen, and will hold all of Orogen’s mineral interests except for the 1.0% Expanded Silicon NSR royalty. Upon Orogen Spinco going public, Triple Flag has agreed to separately invest CAD $10M to obtain an approximate 11% interest in Orogen Spinco.
  • Altius Minerals Corporation announced that Triple Flag Precious Metals Corp. has proposed to acquire Orogen Royalties Inc., for approximately CAD $421M, which includes cash, shares, and a stake in a new entity called Orogen Spinco. Altius Minerals, a major shareholder of Orogen with 39.5% support from management and directors, has entered a voting support agreement for the transaction. The deal is subject to regulatory approvals and is expected to close in Q3 2025. Shareholders of Orogen will have the option to elect cash or shares as part of the transaction, which offers a 38% premium based on recent share prices.
  • Heliostar Metals Ltd., appointed its Vice President of Investor Relations and Development, and its Corporate Secretary (La Colorada mine, Sonora).
  • Equinox Gold  Corp., and Calibre Mining Corp., amended their arrangement agreement regarding a proposed business combination, originally announced on February 23, 2025. Under the new terms, Calibre shareholders will receive 0.35 Equinox Gold shares for each Calibre share held, representing a 10% premium based on Calibre’s closing price before the announcement. The shareholder meetings for both companies, initially scheduled for April 24, 2025, have been adjourned to May 1, 2025, to allow shareholders more time to consider the amended agreement. Both companies’ boards recommend that shareholders vote in favor of the transaction (Los Filos mine, Guerrero).
  • Luca Mining Corp., announced the retirement of its COO and its replacement (Tahuehueto mine, Durango).
  • Teck Resources Limited reported voting results from its annual meeting of shareholders.
  • Discovery Silver Corp. announced the appointment of new members to the company management such as its COO, Executive Vice President, Corporate Affairs and Sustainability, Vice President Canadian Operations, and Senior Vice President Exploration & Grow. The appointments are all effective immediately (Cordero project, Chihuahua). 
  • Agnico Eagle Mines Limited released voting results of its annual and special meeting of shareholders (Pinos Altos mine, Chihuahua).

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 above, low-angle sheeted quartz veins displaced by high-angle faults in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of October, 2024

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Jasperoid related to an epithermal vein system

By Miguel A Heredia

During the 43th week of the year (October 21st to October 27th 2024), at least 32 press releases were announced by companies working in Mexico, with nine disclosing deals and corporate issues, nine communicating production and financial results, six reporting resources and development of their properties, five announcing financing rounds, two informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Kootenay reported the best drilling intercepts in Mexico on the fourth week of October, 2024. ON EXPLORATION, In Chihuahua, Kootenay released results from 4 holes drilled at its Columba project. In Sinaloa, Centenario Gold reported that it plans to initiate a second phase drill program in early 2025 at its Eden property.  ON MINING, Fortuna Mining announced that it will release its Q3, 2024 financial results on November 3, 2024 (San Jose Mine, Oaxaca). Starcore announced the resumption of operations at its San Martin mine in Queretaro. MAG Silver reported Q3, 2024 production results from its Juanicipio mine in Zacatecas. Santacruz released Q3, 2024 production results from its Zimapan mine in Hidalgo. Gold Royalty announced strong Q3, 2024 revenue, driven by the company´s cash flowing royalties (Cozamin, Zacatecas). Gold Resource reported preliminary Q3, 20243 production results from its Don David mine in Oaxaca. Equinox announced that it will release its unaudited financial and operating results for the three and nine months ended September 30, 2024 on Wednesday, November 6, 2024 (Los Filos mine, Guerrero). Newmont reported Q3, 2024 production results from its Peñasquito mine in Zacatecas. Fresnillo plc released Q3, 2024 production results from their Mexican operations. ON FINANCING, Guanajuato Silver announced a non-brokered private placement for gross proceeds of up to CAD $8M, the same that later on was modified to CAD $8.62M (Valenciana Mine Complex, Guanajuato). Prismo reported that it entered into debt settlement agreements with certain creditors of the company (Palos Verdes project, Sinaloa). Kingsmen announced a non-brokered private placement for gross proceeds of up to $1M (Las Coloradas project, Chihuahua). Osisko Development announced an oversubscribed and fully allocated private placement financing for gross proceeds of USD $57.5M (San Antonio project, Sonora).  ON RESOURCES AND DEVELOPMENT, Goldgroup reported results of an independent metallurgical testing conducted at its Cerro Prieto mine in Sonora. Endeavour Silver provided a Q3, 2024 construction progress update on its Terronera property in Jalisco. Chesapeake provided a metallurgical update for its Metates property in Durango. Sierra Madre announced a test mining throughput at its la Guitarra mine complex in Estado de Mexico. Silver Tiger released results of a preliminary feasibility study (PFS) for its El Tigre project in Sonora. Luca Mining commenced an underground exploration program at its Tahuehueto mine in Durango.  ON DEALS AND CORPORATE ISSUES, Quetzal Copper announced results of its annual general meeting of shareholders (Cristinas project, Chihuahua). Silver Storm reported that the trading of its shares on the TSX Venture Exchange has been suspended due to its failure to file its annual financing statements, management´s discussion and analysis, and related officer certifications. (La Parrilla Mine, Durango). Starcore announced management changes of its Board of Directors (San Martin mine, Queretaro). GR Silver reported the replacement of its CEO (Plomosas project, Sinaloa). Heliostar received regulatory approval for the acquisition of the Mexican business unit from Florida Canyon (San Agustin and El Castillo mines in Durango, plus other assets). Florida Canyon received regulatory approval for the sale of its Mexican business unit to Heliostar (San Agustin and El Castillo mines in Durango, plus other assets). Centenario Gold amended its Eden property option agreement located near Cosala, Sinaloa. Southern Silver reported results from its annual general meeting of shareholders (Cerro Las Minitas project, Durango). Fuerte Metals reported that its common shares have been approved to trade on the OTC Market’s Group Inc.’s OTCQB Venture Market (Cristina project, Chihuahua). Xali Gold announced that Kappes, Cassiday and Associates (KCA) is progressing well on the El Oro tailings project in Mexico, having made a recent payment of USD $1M as part of the purchase agreement.   ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the fourth week of October, 2024. Details are shown in the table below:

ON EXPLORATION

  • Kootenay Silver Inc., released results from 4 holes drilled at its Columba project, Chihuahua. The batch reported herein comprises drill tests of the D-Vein trend along strike or at depth. The Company is focused on testing extensions and gaps within the data set in advance of the preparation of a mineral resource estimate. Drilling highlights (true width reported) include holes CDH-24-171 with 1,334 g/t Ag, 0.8% Pb, and 3.4% Zn over 2.17m, including 2,370 g/t Ag, 1.2% Pb, and 5.5% Zn over 0.42m, plus 117 g/t Ag, 1.1% Pb, and 0.3% Zn over 2.5m, plus 298 g/t Ag, 1.3% Pb, and 0.6% Zn over 6.48m, including 627 g/t Ag, 2.5% Pb, and 0.5% Zn over 2.62m, including 1,525 g/t Ag, 1.3% Pb, and 0.2% Zn over 0.53m, plus 369 g/t Ag, 0.6% Pb, and 1.8% Zn over 1.25m, including 976 g/t Ag, 1.5% Pb, and 4.8% Zn over 0.42m, plus 338 g/t Ag, 0.4% Pb, and 1.1% Zn over 15m, including 484 g/t Ag, 0.5% Pb, and 1.4% Zn over 9.34m, including 923 g/t Ag, 0.8% Pb, and 2.5% Zn over 1.2m, plus 487 g/t Ag, 0.5% Pb, and 1.1% Zn over 2.5m; and hole CDH-23-173 with 401 g/t Ag, 0.2% Pb, and 0.4% Zn over 1.67m, plus 142 g/t Ag, 0.1% Pb, and 0.6% Zn over 7.14m, including 377 g/t Ag, 0.3% Pb, and 1.8% Zn over 1.89m, plus 459 g/t Ag, 0.3% Pb, and 0.6% Zn over 0.76m, plus 796 g/t Ag, 0.6% Pb, and 2.2% Zn over 0.53m, plus 679 g/t Ag, 0.3% Pb, and 0.5% Zn over 0.76m, plus 162 g/t Ag, 0.4% Pb, and 1.4% Zn over 4m, plus 84 g/t Ag, 0.1% Pb, and 0.2% Zn over 7.58m, plus 1,070 g/t Ag, 4.2% Pb, and 1.7% Zn over 0.38m.
  • Centenario Gold Corp., reported that it plans to initiate a second phase drill program in early 2025 at its Eden property in Sinaloa, building on insights gained from the first phase of drilling completed in February 2024. This upcoming program aims to further explore the mineralized systems on the Eden property, including the upper and deeper portions of the Buenavista epithermal system and other nearby prospects like La Provedora.

ON MINING

  • Fortuna Mining Corp., announced that it will release its unaudited financial statements and management’s discussion and analysis for the Q3, 2024 on November 3, 2024 (San Jose Mine, Oaxaca).
  • Starcore International Mines Ltd., announced the resumption of operations at its San Martin mine, Queretaro, which has returned to normal capacity following safety upgrades. The company expressed gratitude to various Mexican government agencies for their collaboration in enhancing safety standards.
  • MAG Silver Corp., reported Q3, 2024 production results from its Juanicipio mine in Zacatecas. The company milled 322,290 tonnes of 481 g/t Ag,1.32 g/t Au, 1.6% Pb, and 2.8% Zn to produce 4.88M Oz Ag, 10-8K Oz Au, 10.66M Lb Pb, and 16.76M Lb Zn.
  • Santacruz Silver Mining Ltd., released Q3, 2024 production results from its Zimapan mine in Hidalgo. The company processed 217,741 tonnes of 82 g/t Ag, 2.6% Zn, 0.8% Pb, and 0.29% Cu with metallurgical recoveries of 78%, 77%, 90%, and 43% respectively, to produce 444.6K Oz Ag, 9.68M Lb Zn, 3.38M Lb Pb, and 604.8K Lb Cu (1,156,097 Oz AgEq).
  • Gold Royalty Corp., announced strong Q3, 2024 revenue, driven by the company´s cash flowing royalties. The company reported an approximately 160% increase in revenue and 90% increase in total revenue, land agreement proceeds, and interest in the third period of 2024 compared with the same period in 2023 (Cozamin, Zacatecas).
  • Gold Resource Corporation reported preliminary Q3, 20243 production results from its Don David mine in Oaxaca. The company milled 83,690 tonnes of 0.54 g/t Au, 83 g/t Ag, 0.2% Cu, 1% Pb, and 2.6% Zn to produce 944 Oz Au, 194.5K Oz Ag, 208.3K Lb Cu, 1.29M Lb Pb, and 3.9M Lb Zn. In the third period of 2024, Gold Resource sold 1,357 Oz Au, 181.4K Oz Ag, 219.5K Lb Cu, 1.05M Lb Pb, and 3.3M Lb Zn (43,526 Oz AuEq) at an average realized  prices of USD $2,561/Oz Au, USD $30.61/Oz Ag, USD $8,832/tonne Cu, USD $2,065/tonne Pb, and USD $2,854/tonne Zn.
  • Equinox Gold Corp., announced that it will release its unaudited financial and operating results for the three and nine months ended September 30, 2024 on Wednesday, November 6, 2024 (Los Filos mine, Guerrero).
  • Newmont Corporation reported Q3, 2024 production results from its Peñasquito mine in Zacatecas. The company produced 213K Oz Au or 229K Oz AuEq at production costs of USD $ 985/Oz AuEq or USD $990/Oz AuEq and AISC of USD $1,224/Oz Au or USD $1,286/ Oz AuEq.
  • Fresnillo plc released Q3, 2024 production results from their Mexican operations. The company presented consolidated results and reported the production of 14.4M Oz Ag, 156.8K Oz Au, 39.7M Lb Pb, and 72.3M Lb Zn during the third quarter of 2024. It also provided a 2024 outlook and expects to produce between 55-62M Oz Ag and 580-630K Oz Au /101-112 M Oz AgEq). At Fresnillo mine, Zacatecas, it processed 578,323 tonnes of 155 g/t Ag, 1.04 g/t Au, 1.5% Pb, and 3.3% Zn to produce 2.6M Oz Ag, 14.4K Oz Au, 16.86M Lb Pb, and 32.18M Lb Zn. At Saucito mine, Zacatecas, the company processed 590,362 tonnes of 219 g/t Ag, 1.35 g/t Au, 1.1% Pb, and 2% Zn to produce 3.7M Oz Ag, 19.8K Oz Au, 12.85M Lb Pb, and 20.8M Lb Zn. At Pyrites Plant (includes Fe concentrates from Saucito and Fresnillo mines) it  processed 39,845 tonnes of 564 g/t Ag and 2.14 g/t Au  to produce 527K Oz Ag and 790 Oz Au. At La Ciénega mine, Durango the company processed 272,133 tonnes of 1.14 g/t Au, 163 g/t Ag, 0.4% Pb, and 0.4% Zn to produce 8.9K Oz Au, 1.2M Oz Ag, 1.5M Lb Pb, and 1.48M Lb Zn. At San Julian Veins, Chihuahua/Durango Border, Fresnillo processed 314,786 tonnes of 1.24 g/t Au and 226 g/t Ag to produce 11.9K Oz Au and 3M Oz Ag, At San Julian Disseminated Ore Body, Chihuahua/Durango Border, it processed 435,804 tonnes of 0.06 g/t Au, 77 g/t Ag, 0.3% Pb, and 1.1% Zn to produce 498 Oz Au, 902K Oz Ag, 2.4M Lb Pb, and 8.4M Lb Zn. At Herradura mine, Sonora, the company processed 6,257,754 tonnes of 0.7 g/t Au and 1,1 g/t Ag to produce 89K Oz Au and 119K Oz Ag. At Noche Buena mine, Sonora, the company recovered 5.4K Oz Au from the leach pads. At Juanicipio mine, Zacatecas (attributable), Fresnillo processed 186,082 tonnes of 481 g/t Ag, 1.32 g/t Au, 1.6% Pb, and 2.8% Zn to produce 2.74M Oz Ag, 6K Oz Au, 6M Lb Pb, and 9.5M Lb Zn.

ON FINANCING

  • Guanajuato Silver Company Ltd., announced a non-brokered private placement for gross proceeds of up to CAD $8M by the issuance of up to 33,333,333 units at a price of CAD $0.24 per unit. Later on, it was modified to CADS $8.62M by the issuance of 35,918,000 units at a price of $0.24 per unit. Net proceeds will be used for working capital and general corporate purposes (Valenciana Mine Complex, Guanajuato).
  • Prismo Metals Inc., reported that it entered into debt settlement agreements with certain creditors of the company. Creditors have accepted 100,000 common shares of the company at a deemed issue price per share of $0.21, and 17,500 common shares of the company at a deemed issue price per share of $0.20 in full and final settlement of aggregate accrued and outstanding indebtedness in the amount of $24,500 (Palos Verdes project, Sinaloa).
  • Kingsmen Resources Ltd., announced a non-brokered private placement financing of up to 4,000,00o units at a price of $0.25 per unit for gross proceeds of up to $1M (Las Coloradas project, Chihuahua).
  • Osisko Development Corp., announced an oversubscribed and fully allocated private placement financing for gross proceeds of USD $57.5M, which is expected to close on November 12, 2024. The offering involves the issuance of 31,944,700 units at a price of USD $1.80 per unit. Part of the net proceeds will be used to repay a portion of the company´s credit facility (San Antonio project, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Goldgroup Mining Inc., reported that an independent metallurgical testing conducted at its Cerro Prieto Gold mine in Sonora has yielded promising results, confirming higher gold and silver recoveries from the Esperanza and Nueva Esperanza Zones. The average gold extraction rates were 82.07% for Nueva Esperanza and 78.03% for Esperanza, while silver extractions reached 90.42% and 63.12%, respectively. The tests involved cyanide agitated leach methods over a 72-hour retention period, with sodium cyanide and calcium oxide consumptions falling within medium ranges. On other tests involved locked cycle cyanide column method over a 78 days period, the average gold extractions rates were 78.88% for La Esperanza and 77.3% for Nueva Esperanza, while silver extractions reached 21.18% and 17.27% respectively at a sodium cyanide concentration of 600 ppm and crush size of  P80 of 3/8”, resulting in a calculated gold and silver recoveries of 72.09% and 17.27% respectively (3% discounted from column extraction) X 95% ADR plant recover for both zones. These findings indicate a positive outlook for the mine’s production potential and economic viability.
  • Endeavour Silver Corp., provided a Q3, 2024 construction progress update on its Terronera property in Jalisco.  It has reached 77% overall construction completion with more than USD $258M of the project’s budget spent to date. Key highlights include the Upper Plant Platform nearing completion and surface mill construction at 90%. The focus is shifting to the Lower Platform and Tailing Storage Facility, with significant progress in various areas, including the installation of flotation equipment and the construction of auxiliary buildings. The project is on track to begin commissioning systems near the end of Q4 2024, with ongoing mine development and community support initiatives also noted.
  • Chesapeake Gold Corp., provided a metallurgical update for its Metates property in Durango. The company achieved gold recovery rates exceeding 70% using its proprietary oxidative leach technology, which will serve as a foundation for a pre-feasibility study (PFS). After 204 days of oxidation, a ~74% gold recovery was achieved. After 146 days, the oxidation process increased the silver recoveries by over 20%. Silver represents approximately 30% of the economic value of Metates. Additionally, the recent acquisition of certain intellectual property rights marks a strategic milestone, enabling Chesapeake to explore further opportunities in the global refractory ores market, valued at approximately USD $1.5 trillion. The metallurgical test work demonstrated improved recoveries for both gold and silver, indicating the potential for enhanced economic value from the project.
  • Sierra Madre Gold and Silver Ltd., announced a test mining throughput at its la Guitarra mine complex in Estado de Mexico. Since test mining began on June 25, 2024, the company has achieved an average daily throughput of 428 wet metric tonnes (WMT), with peaks of 504 WMT/d. Silver recoveries have averaged 78%, while gold recoveries have improved from 74% in June to 87% in October. The company plans to begin commercial production before the end of the year and is testing new reagent combinations to enhance silver recovery from oxidized materials.  Since the commencement of test operations, a total of 39,272 tonnes of economically interesting mineralized material has been put through the processing circuit. A total of 690.44 dry metric tonnes of concentrate has been shipped to MRI Trading. Average provisional concentrate payment grades have been 2,903 g/t Ag and 34.74 g/t Au.
  • Silver Tiger Metals Inc., released results of a Preliminary Feasibility Study (PFS) for its El Tigre project in Sonora. Highlights of the PFS (all figures in US dollars) include an after-tax net present value (NPV) using a discount rate of 5% of $22M, with an after-tax IRR of 40% and payback period of 2 years; 10-year mine life recovering a total of 43M payable Oz AgEq or 510K payable Oz AuEq, consisting of 9M Oz Ag and 408K Oz Au; total project undiscounted after-tax cash flow of $318M; initial capital costs of $86.8M, which includes $9.3M of contingency costs, over an expected 18-month build, expansion capital of $20.1M in year 3 and sustaining capital costs of $6.2M over the life of mine (LOM); average LOM operating cash costs of $973/Oz AuEq, and all in sustaining costs (AISC) of $1,214/Oz AuEq or Average LOM operating cash costs of $12/Oz AgEq, and all in sustaining costs (AISC) of $14/Oz AgEq; average annual production of approximately 4.8M Oz  AgEq or 56.7K Oz AuEq; and three years of production in the Proven category in the Phase 1 Starter Pit. “The PFS is focused on the conventional open pit mining economics of the Stockwork Mineralization Zone defined in the updated Mineral Resource Estimate (MRE). The updated MRE also contains an Out-of-Pit Mineral Resource that Silver Tiger plans to study in a Preliminary Economic Assessment in H1-2025.
  • Luca Mining Corp., commenced an underground exploration program at its Tahuehueto mine in Durango. The company plans to drill up to 5,000m of diamond core drilling in 26 holes over the next 4-6 months. “The drill plan takes advantage of recently developed areas to potentially extend the resource along the modeled veins”.

ON DEALS AND CORPORATE ISSUES

  • Quetzal Copper Corp., announced results of its annual general meeting of shareholders (Cristinas project, Chihuahua).
  • Silver Storm Mining Ltd., reported that the British Columbia Securities Commission issued a failure to file cease trade order (CTO) due to the company’s failure to file its annual financial statements, management´s discussion, and analysis and related officer certifications for the financial year ended March 31, 2024, and its unaudited interim financial statements, related management´s discussion, and analysis and officer certifications for the three months ended June 30, 2024.  This delay is attributed to complexities related to the acquisition of the La Parrilla Silver Mine Complex. The company expects to complete its annual filings by approximately October 24, 2024, with interim filings to follow shortly after. As a result of the CTO, trading of the company’s shares on the TSX Venture Exchange has been suspended, and its listing has been moved from the OTCQB Market to the OTC Pink Open Market until the required documents are filed.
  • Starcore International Mines Ltd., announced management changes of its Board of Directors as one of its members will be stepping down from the Board due to the requirements of her professional career. A new member will be joining the Board as her replacement (San Martin mine, Queretaro).
  • GR Silver Mining Ltd., reported the replacement of its CEO by retirement effective immediately (Plomosas project, Sinaloa).
  • Heliostar Metals Ltd., received regulatory approval from the Comisión Federal de Competencia Económica (COFECE) with respect to the pending acquisition of the Mexican business unit from Florida Canyon Gold Inc., which is anticipated in early November 2024 (San Agustin and El Castillo mines in Durango).
  • Centenario Gold Corp., amended its Eden property option agreement located near Cosala, Sinaloa. Under the existing terms of the agreement, the company was required to make a cash payment of USD $60K on December 23, 2024, and a final payment of USD $425K on March 23, 2025, but now with the amendment, Centenario has extended the payment schedule over 2½ years while maintaining a total exploration expenditure requirement of $3M, with approximately 1.47M already spent as of June 30, 2024. future payments are shown in the amended payment schedule below:
  • Southern Silver Exploration Corp., reported results from its annual general meeting of shareholders (Cerro Las Minitas project, Durango).
  • Fuerte Metals Corporation reported that its common shares have been approved to trade on the OTC Market’s Group Inc.’s OTCQB Venture Market in the United States, under the ticker symbol FUEMF (Cristina project, Chihuahua). 
  • Xali Gold Corp., announced that Kappes, Cassiday and Associates (KCA) is progressing well on the El Oro tailings project in Mexico, having made a recent payment of USD $1M as part of the purchase agreement. KCA expects to begin production within 12 to 18 months and is required to make minimum royalty payments of USD $50K to Xali every six months.

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 above, jasperoid related to a low sulphidation epithermal vein system in a project in Zacatecas, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of December, 2023

/ gambusinoprospectormexico / Leave a comment

REDOX Front in a Redbed-Copper project

By Miguel A Heredia

During the 52th week of the year (December 25th to December 31st, 2023), at least 6 press releases were announced by companies working in Mexico, with four disclosing deals and corporate issues, and two announcing financing issues.  It has been the week with the fewest news published since we started to post this weekly summary of Mining and Exploration in Mexico. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING Regency Silver announced warrant repricing and extension (Dios Padre project, Sonora). Silver Viper closed the first tranche of its $2M previously announced private placement (La Virginia project, Sonora). ON RESOURCES AND DEVELOPMENT, no relevant news.  ON DEALS AND CORPORATE ISSUES, Ranchero Gold, through its wholly-owned subsidiary Minera y Metalurgia Paika, S.A. de C.V., entered into a letter of intent with Minas de Oro Nacional, S.A. de C.V., a wholly-owned subsidiary of Alamos Gold Inc., for the 24% of the surface area of its Santa Daniela property in Sonora, for a total consideration of up to USD $5.05M. Aztec Minerals announced the appointments of its CFO and of its Controller (Cervantes project, Sonora). Osisko Development reported management changes (San Antonio project, Sonora). Starcore announced the resignation of its current President and Director (San Martin Mine, Queretaro). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • No relevant news.

ON EXPLORATION

  • No relevant news.

ON MINING

  • No relevant news.

ON FINANCING

  • Regency Silver Corp., announced warrant repricing and extended the expiry date of an aggregate of 1.5M outstanding share purchase warrants expiring on April 26, 2024 issued pursuant to a private placement.  The warrants will be repriced from $0.35 to $0.20 over 2 years and the expiry date extended to December 22, 2025.  All other terms of the warrants remain the same   (Dios Padre project, Sonora).
  • Silver Viper Minerals Corp., closed the first tranche of its $2M previously announced private placement by issuing 5,324,000 units of the company at a price of $0.10 per unit for aggregate gross proceeds of $532,400. Gross proceeds will be used for the company to make its final $200K option payment on its La Virginia project, Sonora, and for working capital and other general corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • No relevant news.

ON DEALS AND CORPORATE ISSUES

  • Ranchero Gold Corp.,  through its wholly-owned subsidiary Minera y Metalurgia Paika, S.A. de C.V. (Paika), entered into a letter of intent (LOI) with Minas de Oro Nacional, S.A. de C.V., a wholly-owned subsidiary of Alamos Gold Inc., for the 24% of the surface area of its Santa Daniela property in Sonora, which comprises an area of 5,390 hectares, in consideration for the cash payment of USD $2.55M and a conditional payment of USD $2.5M for the disposition.  “An initial tranche of the Cash Payment in the amount of USD $658K was paid to Paika concurrently with the execution of the LOI to pay for outstanding fees and taxes on the Licenses. In the event that the Disposition is not completed, Paika will be required to repay this amount to Minas de Oro. The remaining USD $1,892,000 of the Cash Payment will be paid once the Licenses have been transferred to Minas de Oro. In the event that Minas de Oro declares a Mineral Reserve of, or mines, greater than 500K ounces of gold within the Licenses, Minas de Oro will pay Paika an additional USD $2.5M”.
  • Aztec Minerals Corp., announced the appointments of its CFO and of its Controller (Cervantes project, Sonora).
  • Osisko Development Corp., reported management changes and announced the retirement of its COO at the end of 2023, as well as of its Vice President, Sustainable Development. Meanwhile, a current Director on the Board of Directors on the company and chair of the Environmental, Health and Safety and Technical committee, will assume the role of interim COO while    (San Antonio project, Sonora).
  • Starcore International Mines Ltd., announced the resignation of its current President and Director. The current CEO will assume the Presidency  (San Martin Mine, Queretaro).

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 above, a Redox front in a Redbed-Copper project in Tamaulipas, Mexico. Photo by Miguel A Heredia.