Silver

Mexico’s Best Silver Drilling Intercepts, First Quarter 2026

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Nineteen companies released silver results from twenty drilling programs in Mexico during the first quarter of 2026. The highest silver intercept is from Luca Mining’s Campo Morado project in Guerrero, with 135.7 m averaging 77 gpt Ag. 1,833 gpt Ag, including a 0.55 m subinterval just over 7,500 gpt Ag. The underground diamond drilling campaign results are from the Largo Norte Zone, near current mining operations in this volcanogenic massive sulfides deposit (VMS).

Eighty percent of the projects in this table correspond either to intermediate or low sulfidation epithermal mineralization systems. The more numerous are those of intermediate sulfidation affinity, including La Colorada (Zacatecas), Alamos Silver, Cusi, Columba, La Preciosa, San Acacio, Las Coloradas, San Agustín and Tahuehueto. Intermediate sulfidation but probably distal to a porphyry copper system is Gran Pilar, in Sonora. Cruz de Plata presents both intermediate sulfidation and low sulfidation discrete zones of mineralization. Low sulfidation epithermal systems in the list comprise Yoquivo, La Virginia, Claudia and Copalquín, while Panuco present mainly low sulfidation mineralization with some zones of intermediate sulfidation affinity.

The remaining entries are lone examples of their mineralization styles: Campo Morado, at the top of the table, is a volcanogenic massive sulfides (VMS) deposit, Cerro Las Minitas presents skarn and carbonate replacement (CRD) mineralization, Adelita is a skarn distal to a porphyry copper system and Dios Padre a strongly zoned Au-Cu-Ag breccia related to a porphyry copper system.

The Mining and Exploration News in Mexico; Highlights on the First Week of April 2026

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By Jorge Cirett

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
  • Pacifica Silver Provides Exploration Update at Claudia Silver-Gold Project; Grants Incentive Stock Options (Claudia, Durango): Pacifica Silver
  • 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.

Mexico’s Best Drilling Intercepts, First Week of April 2026

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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”.  

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