Eight companies released copper results from drilling programs in Mexico during the first quarter of 2026. The best copper intercept is from Luca Mining’s drilling at Campo Morado in Guerrero, with 135.7 m averaging 0.88% Cu. The underground diamond drilling results are from the Largo Norte Zone, near current mining operations in this volcanogenic massive sulfides deposit (VMS).
For a short table like this one it is striking the diversity of mineralization styles present. The most common deposit type is intermediate sulfidation epithermal, of which there are three examples at the lower end: Tahuehueto, La Colorada (Zacatecas) and Alamos Silver. Mineralization at La Huerta is described as of iron-oxide-copper-gold (IOCG) affinity, Cerro Las Minitas presents skarn and carbonate replacement mineralization, whereas Adelita can be defined as a skarn distal to a porphyry copper system, and Dios Padre as a strongly zoned Au-Cu-Ag breccia related to a porphyry copper system.
During the 14th week of the year (March 30th to April March 5th, 2026), companies working in Mexico released 25 press releases. Five companies informed on early-stage property work on four properties, four companies presented quarterly and/or full-year 2025 reports one provided 2026 guidance and one more provided Q1 2026 results. One Company updated on a financing round, another one informed on a revolving credit facility and one more announced trading on a new market. Three companies presented drilling results on their advanced projects and one more initiated drilling, one more announced increased resources and two more reported updated MREs. One company is to change name. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures encountered gold mineralization in RC drilling one km from the main zone at Gran Pilar; Questcorp Mining and Riverside Resources commenced phase II exploration at La Unión; Algo Grande Copper reported drilling results from Adelita. ON MINING,Americas Gold and Silver (Cosalá, Sinaloa), Golden Minerlas (sold Velardeña, Durango), Dyna Resource (San José de Gracia, Sinaloa) and Santacruz Silver presented full year 2025 results, while Alamos Gold (Santana, Sonora) provided Q1 2026 results. Royal Gold provided 2026 guidance. ON FINANCING, three companies informed on financing movements: Minera Alamos executed a term sheet for a US$75 M revolving credit facility. Silver Spruce Resources closed the C$739 K first tranche of a non-brokered private placement. Elemental Royalty is to commence trading on the Toronto Stock Exchange. ON RESOURCES AND DEVELOPMENT, Americas Gold and Silver informed on drilling results at Cosalá, in Sinaloa. Minaurum Silver delivered drill results from the resource expansion drilling at Alamos Silver in Sonora. First Majestic Announced 2025 mineral resource estimates for Los Gatos (Chihuahua), Santa Elena (Sonora), San Dimas (Sinaloa) and La Encantada (Coahuila), for a consolidated 843 M Oz AgEq. Zacatecas Silver commenced drilling at its Zacatecas Silver project in Zacatecas. Southern Silver released drilling results from Cerro Las Minitas in Durango. Capitan Silver delivered results from RC drilling at Cruz de Plata in Durango. Aura Minerals Reported mineral resource estimates, with 246,400 Oz Au, 278.2 M Lb Cu, 7 M Oz Ag in reserves, 180,800 Oz Au, 185.3 M Lb Cu, 4.5 M Oz Ag in measured and indicated resources and 86,120 Oz Au, 104.9 M Lb Cu, 2,7 M Oz Ag in inferred resources. ON DEALS AND CORPORATE ISSUES, Axo Copper is to change name to Axo Metals. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News
ON EXPLORATION
Tocvan Discovers New Gold-Silver Zone 1,600 Metres from Main Zone at South Block Gran Pilar; First Aggressive Step-Out Drilling Intersects Mineralization from Surface (Gran Pilar, Sonora): Tocvan Ventures
Questcorp Mining and Riverside Resources Commence Phase 2 Exploration Program at the La Union Project, Sonora, Mexico (La Unión, Sonora): Questcorp Mining
Riverside Resources and Questcorp Launch Phase 2 Exploration Program at La Union Project, Sonora, Mexico (La Unión, Sonora): Riverside Resources
Algo Grande Reports Results from Completed Phase I Drill Program at Cerro Grande Skarn (Adelita, Sonora): Algo Grande Copper
ON MINING
Americas Gold and Silver Announces Strong Full-Year 2025 Results and 2026 Guidance with ~30% Annual Production Growth (Cosalá, Sinaloa): Americas Gold and Silver
Golden Minerals Reports Full Year 2025 Results (exited Mexico): Golden Minerals
DynaResource Reports Year End 2025 Results at the San Jose de Gracia Mine, Net Income for 2025 of $3.8 M, and Adjusted EBITDA for 2025 of $12.1 M (San José de Gracia, Sinaloa): DynaResource
Royal Gold Provides 2026 Guidance and Five Year Outlook and Announces Further Debt Repayment and Publication of Asset Handbook (royalty on Cosalá, Sinaloa): Royal Gold
Santacruz Silver Reports Year End 2025 Financial Results (Zimapán, Hidalgo): Santacruz Silver Mining
Alamos Gold Provides Notice of First Quarter 2026 Results and Conference Call, and Annual General Meeting of Shareholders (Santana, Sonora): Alamos Gold
ON FINANCING
Minera Alamos Moves to Strengthen Balance Sheet with Executed Term Sheet for US$75 Million Revolving Credit Facility from Scotiabank and National Bank (Cerro de Oro, Zacatecas): Minera Alamos
Silver Spruce Resources Inc. Announces Close of $739,250 First Tranche of Non-Brokered Private Placement and Extension (Pino de Plata, Chihuahua): Silver Spruce Resources
Elemental Royalty to Commence Trading on the Toronto Stock Exchange (Mercedes, Sonora): Elemental Royalty
ON RESOURCES AND DEVELOPMENT
Americas Gold and Silver Announces New Major Discoveries in Idaho and Mexico and a Strong 2025 Resource & Reserve Update including a 19% Year Over Year Increase in M&I Mineral Resources and 21% Increase in M&I Grades at Galena (Cosalá, Sinaloa): Americas Gold and Silver
Minaurum Drills High-Grade Silver on the Quintera Vein Zone at the Alamos Silver Project: 5.30 m of 570 g/t Ag, including 2.50 m of 1,024 g/t Ag and 5.80 m of 581 g/t Ag: Minaurum Silver
First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates: First Majestic Silver
Zacatecas Silver Announces Drilling Commencement and Completion of First Hole at El Cristo: Zacatecas Silver
Southern Silver Intersects 4.6 metres Averaging 201g/t Ag, 4.5%Pb and 9.8%Zn (557g/t AgEq) at Cerro Las Minitas Project in Durango, México: Southern Silver Exploration
Capitan Silver Intersects 1,450.5 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 211.0 g/t Silver Equivalent over 41.1 Metres at the Cruz De Plata Project: Capitan Silver
Aura Reports Updated Mineral Reserves and Mineral Resources For The YearEnded 2025, Highlighting year of Significant Growth in Mineral Reserve and Resource Portfolio: Aura Minerals
ON DEALS AND CORPORATE ISSUES
Axo Copper Announces Proposed Name Change to Axo Metals: Axo Copper
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Specularite, quartz-pyrite(-) and secondary hematite in chloritized volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
Five companies announced results from drilling campaigns in Mexico during the week. Interestingly, the campaigns proceeded in two states, Sonora and Durango, and one on each state was reverse circulation drilling.
Capitan Silver reported assay results from the reverse circulation (RC) drilling campaign at Cruz de Plata, in Durango. The drill holes reported tested the Jesús María trend, the San Rafael area and the Gully Fault zone. Mineralization in the project area is of low (Capitan Hill) and intermediate sulfidation (Jesús María trend) epithermal characteristics.
Minaurum Silver presented diamond drill results from the Quintera and Europa vein zones at its Alamos Silver project in Sonora. The phase II 50,000 m drilling campaign is focused in resource expansion and the current assays are from the Quintera and Europa vein zones, Ongoing drilling is being carried out by six rigs “focused on expanding resources along strike and at depth at the Europa and Promontorio-Travesia vein zones, while also carrying out resource-definition drilling at San Jose, Quintera, Cotera-Pulpito, and Minas Nuevas”. Mineralization presents characteristics akin to intermediate sulfidation epithermal systems, although local carbonate replacement mineralization (CRD) has been encountered.
Southern Silver Exploration reported the final assays from drilling on the recently acquired Puro Corazon claim at its Cerro Las Minitas project in Durango. “Both skarn and replacement styles of mineralization are identified in these holes with several intercepts, located well outboard of the Skarn zone, correlating with previous identified mineralization in the El Sol structural zone”. Now the company is to update the mineral resource estimate (MRE) of Cerro Las Minitas, followed by an update of the preliminary economic assessment (PEA).
Tocvan Ventures presented results from the 20,000 m reverse circulation drilling campaign at its Gran Pilar project in Sonora. The company highlights that the results are from the Mezquite target, more than 1 km away from the main zone. With the scant information available, mineralization on this project seems to belong to the intermediate sulfidation epithermal category, distal to a porphyry copper system.
Algo Grande Copper reported assay results from the last three holes of its four-hole 2,000 m drilling campaign at the Cerro Grande Skarn target at the Adelita project in Sonora. “Mineralization is hosted within two dominant skarn types: (i) magnetite-rich skarns characterized by abundant chalcopyrite, and (ii) garnet-dominant skarns hosting chalcocite and bornite as the principal copper sulphides”.
Since 2015 Miguel Heredia and I have published the weekly newsletter ‘The Mining and Exploration News in Mexico’. It has been a very rewarding experience and we have learnt a lot in the process on Mexico and on the global mining industry. Although a pro-bono project, the previous format consumed a lot of time. We realized we could not keep reasonably doing this task in the same manner when recently had to put more than 10 hours in the week for producing the newsletter, while doing long hours on project work at the same time. To sustain this contribution, we are introducing a new, streamlined format with all the key mining activity in Mexico, with links to all the original press releases and sources. It is our intention to continue serving the industry as long as it remains fun and rewarding as it has been so far.
During the 12th week of the year (March 16th to March 22nd, 2026), companies working in Mexico released 32 press releases. Four companies informed on early-stage property work, four more presented quarterly and/or full-year 2025 reports. Three companies updated on financing rounds/movements, another is not proceeding with a financing round and one more is to list in the OTCQB. Two companies presented drilling results on their advanced projects, while four more informed on their incoming drill programs. One company informed on development contracts while one more received a long awaited mining permit. Finally, one company received an economic update for its project. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed the acquisition of key claims on La Union. In Durango, Pinnacle Silver and Gold discovered mineralization after a LiDAR survey at El Potrero. In Michoacán, Canadian Silver Hunter released assay results from surface sampling of stockpiles at an undisclosed project. ON MINING,Heliostar Metals (Ana Paula, Guerrero), Orla Mining (Camino Rojo, Zacatecas), Gold Resource (Don David, Oaxaca) and Elemental Royalty (royalty on Mercedes, Sonora) presented Q4 and/full year 2025 results. ON FINANCING, three companies informed on financing rounds/movements: Barksdale Resources (San Javier, Sonora) completed a shares for debt transaction of US$351 K and completed a private placement for C$763 K. Orogen royalties informed that the company will not proceed with the previously announced private placement. Silverco Mining commenced trading on the OTCQB. ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from San Agustín, in Durango. Silver Tiger announced contracts for development engineering and management for El Tigre, in Sonora. Orla Mining received the environmental permit for the Camino Rojo project in Zacatecas. Southern Silver Exploration presented drill results from Cerro Las Minitas in Durango. Silverco Mining announced a 30,000 m drilling program at Cusi, in Chihuahua. Pacifica Silver announced the expansion to 20,000 m of the drill program at Claudia in Durango. Zacatecas Silver received the drilling permit for its Zacatecas Silver project in Zacatecas. Silver Dollar contracted 3,500 m of drilling for La Joya, in Durango. Royalties Inc. received an economic update for the Bilbao project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Orex Minerals entered into a definitive share purchase agreement with Silver Viper Minerals and Fresnillo plc to sell Silver Viper the Coneto project in Durango, for US$15 M in shares. Azucar Minerals announced the change name to Mustang Minerals Ltd. (El Cobre, Veracruz). Xali Gold announced an appointment to the board. EV Resources secured a plant for antimony production (Los Lirios, Oaxaca). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
ON EXPLORATION
Pinnacle Discovers Silver-Lead-Zinc Mineralization Following up on LiDAR Survey at El Potrero : Pinnacle Silver and Gold
Pacifica Silver Expands Phase II Drill Program at Claudia to 20,000 m; Appoints Dr. Steven I. Weiss as Interim VP Exploration : Pacifica Silver
Silverco Mining Commences 30,000-Meter 2026 Drill Program at Cusi, Targeting Massive Step-Out Potential and Regional Blue-Sky Prospects : Silverco Mining
Silver Dollar Hires Versa for Diamond Drilling at Its La Joya Silver (Cu-Au) Project : Silver Dollar Resources
Heliostar Drills Multiple Gold Intercepts over 200 Metres From Pit Edge at San Agustin : Heliostar Metals2
Silver Tiger Awards Engineering Procurement and Construction Management Contract and Provides Construction Update : Silver Tiger Metals
Orla Mining Receives Permits to Extend Operations in Mexico Supporting Company’s Long-Term Commitment to Camino Rojo : Orla Mining
Southern Silver Intersects 6.3 Metres Averaging 874g/t AgEq at Cerro Las Minitas Project in Durango, México : Southern Silver Exploration
Zacatecas Silver Receives Drill Permit for El Cristo, Supporting 2026 Drill Program Aimed at increasing Existing Silver Resource at the Zacatecas Silver Project : Zacatecas Silver
Royalties Inc. Receives Bilbao Project Economic Update : Royalties Inc
ON DEALS AND CORPORATE ISSUES
Silver Viper Minerals announced execution of definitive agreement to acquire the Coneto Silver-Gold Project: Silver Viper Minerals
Orex Minerals Inc. Announces Sale of the Coneto Silver-Gold Project to Silver Viper Minerals Corp. : Orex Minerals
Azucar Minerals Ltd. Announces Change of Name to Mustang Minerals Limited : Azucar Minerals
Two companies released results from drilling campaigns in Mexico during the week.
Heliostar Metals released the first results from drilling at the San Agustín project since its acquisition. The company is to invest US$9.75 M in resources and reserve oxides drilling in 2026, with the program involving 15,000 to 18,000 m of drilling. To date Heliostar has completed 7,230 m in 75 holes in three of eight target areas, namely Corner Expansion, Phase 3 SW and MKT zones. “Encouraging results at the Corner Expansion Zone have driven the decision to expand the drill program to define a potential resource. This drilling will include both core and reverse circulation (“RC”) ….. This will allow Heliostar to gather the engineering and metallurgy information required to evaluate an additional pit layback beyond the reserve that is currently being mined”. From the project’s technical report the “San Agustin deposit is an intermediate sulfidation style epithermal gold-silver system with vertical base-metal zonation associated with a dacite dome complex. Early potassic alteration could be associated to tourmaline breccias with a possible genetic connection to a porphyry that may be located either vertically or laterally to the deposit.”
Southern Silver Exploration reported assays from drilling at the Puro Corazon claim within its Cerro Las Minitas project in Durango. This update includes results from the current program and the extension of a hole collared in 2012. “Mineralization in these holes is localized within the skarn-altered halo immediately adjacent to the central intrusion or alternatively, form carbonate replacement zones, further out-board from the intrusive body at the skarn / marble transition”. Twenty three holes have been completed on this program, and the drill crews have been demobilized.
