Economy

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2026

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Quartz Vein

By Miguel A Heredia

During the 9th week of the year (February 23th to March 01st 2026), at least 33 press releases were announced by companies working in Mexico, and 1 news publish by the media, with ten disclosing deals and corporate issues, eight informing on exploration results, eight reporting resources and development of their properties, three communicating production results, three announcing financing rounds, and two commenting on Mexican issues. ON MEXICO ISSUES, According to an analysis of S&P Mining Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Minaurum Silver, Silverco, Heliostar, Capitan Silver and Axo Copper reported the best drilling intercepts in Mexico on the fourth week of February, 2026. ON EXPLORATION, In Sonora, Barksdale informed that it is reviewing a sample collection program to assay historic core drill samples, and Riverside released assays and exploration results at its Ariel project. In Chihuahua, Mammoth identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project. In Durango, Pinnacle provided an update on its El Potrero project; Mithril reported progress of its ongoing exploration activities at La Dura and Copalquin projects and Capitan Silver released assays from nine RC holed drilled at Cruz de Plata project. In Jalisco, Axo Copper provided an update on its exploration plan at La Huerta project. In Guerrero, J2 Metals reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project. ON MINING, Aura reported Q4 and full year, 2025 production and financial results (Aranzazu mine, Zacatecas). Endeavor announced Q4 and full 2025 results from their Mexican operations. ON FINANCING, Regency Silver closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 (Dios Padre project, Sonora). Questcorp closed the first tranche of its upsized non-brokered private placement, increasing the total offering from CAD $2.22M to CAD $2.62M (La Union project, Sonora). Algo Grande closed its previously announced non-brokered private placement for gross proceeds of CAD $6.52M (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Oroco commenced its Phase 2 drill program at its Santo Tomas project in Sinaloa. Kootenay informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. Minaurum filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora. Silverco released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Minaurum announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. GoGold informed that it has advanced the development of its Los Ricos South project in Jalisco. Heliostar released results from the ongoing drilling program at its Ana Paula project in Guerrero. Axo Copper provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora.  ON DEALS AND CORPORATE ISSUES, Pinnacle signed an amendment agreement with the vendor of El Potrero project, Durango. GR Silver informed that it qualified to trade on the OTCQX Best Market and granted stock options to certain external consultants (Plomosas project, Sinaloa). Goldgroup completed the sale of Pinos project in Zacatecas. Bear Creek announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver (Mercedes mine, Sonora). Silverco announced that Nuevo Silver has completed the purchase of the La Negra mine in Queretaro. Canasil announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango). GR Silver announced it will present at PDAC 2026 Convention (Plomosas project, Sinaloa). Highlander and Bear Creek completed business combination (Mercedes mine, Sonora). Santacruz granted stock options to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo). Silver Storm announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • According to an analysis of SP Global Market Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Mexico is among the largest producers of six of the 60 minerals it imports from the United States, but the 2023 mining reform could limit the attraction of new investment. The agreement on critical minerals recently reached with the United States represents an opportunity for Mexico to boost its mining sector. Despite the agreement, President Sheinbaum has reiterated that no new mining concessions will be granted, nor will the strict 2022 law be modified, which could limit the attraction of new investments and the development of new projects.
  • Minaurum Silver Inc., Silverco Mining Ltd., Heliostar Metals Ltd., Capitan Silver Corp., and Axo Copper Corp., reported the best drilling intercepts in Mexico on the fourth week of February, 2026. Details are shown in the table below:

ON EXPLORATION

  • Barksdale Resources Corp., informed that it is reviewing a sample collection program to assay historic core drill samples and core from 2021 Barksdale drilling program for gold content. During the 2021 drill campaign, Barksdale encountered three broad intercepts of gold, including 1.97 g/t Au over 27m in hole SJ21-04; and two 21m intervals of 0.55 g/t Au followed by 1.57 g/t Au in hole SJ21-05.
  • Riverside Resources Inc., reported new assay results and exploration updates from its Ariel project in Sonora. Highlights include high-grade mineralization from veins in the northern Maria Luisa area, with values of up to 320 g/t Ag, 5.4% Pb, and 0.66 g/t Au. The company also completed detailed geological mapping and alteration mineral studies using spectral analysis to identify minerals associated with porphyry copper and high-sulphidation systems. In addition, a regional geophysical dataset was analyzed to prioritize drilling within permitted areas. Riverside expanded its land position through the acquisition of adjacent mineral concessions, consolidating the Ariel project into a single, drill-ready property covering 1,640 hectares. The work has further refined two principal target styles: a porphyry copper target and an epithermal target interpreted as the upper portion of a porphyry system.
  • Mammoth Resources Corp., identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project in Chihuahua. Geologists analyzed thousands of surface samples and drill results, combined with geological and geophysical data, to pinpoint promising several draw point within the Carneritos area, with average gold grades ranging from about 0.97 g/t to 3.86 g/t. The target that shows high surface grades averaging 3.86 g/t gold has not been drilled yet. Next plans of the company are to carry out a field validation of the selected draw points; estimate size and tonnage; run metallurgical tests, and drill to define resources.
  • Pinnacle Silver and Gold Corp., provided an update on its El Potrero project in Durango, as its progresses towards a production decision. Key developments include the rehabilitation of historic mine workings and the preparation of drill stations, with a a total of 2,423m of drilling across 107 holes planned. The company also has applied for an environmental permit for surface drilling; completed a second round of metallurgical testing to optimize gold and silver recoveries, and finalize a feasibility study to extend a powerline to the project site. In addition, further community agreements are expected following the recent signing of a one-year agreement with the Ejido El Carmen.
  • Mithril Silver and Gold Limited reported progress of its ongoing exploration activities at La Dura and Copalquin projects in Durango. A high-resolution LiDAR survey revealed a 1.5 km by 300m structural corridor with multiple historic mine shafts, adits and prospecting pits, identifying a high-priority key drill target. Ongoing drilling at Target 1 aims to update resources, while promising early results at Target 3 are guiding future exploration. The company is integrating LiDAR, magnetic surveys, and sampling data to prioritize areas for resource expansion and district-wide development.
  • Capitan Silver Corp., released assays from nine RC holed drilled at Cruz de Plata project in Durango., and initiated core drilling at the property, focused on extending the new high-grade silver zone at the Jesus Maria trend proximal to the Peñoles Fault. Two more rigs are expecting to arrive in the coming weeks and will target several priority drill targets in addition to testing deeper mineralization along the Jesus Maria Silver Trend. RC Drilling highlights are shown in the next table:
  • Axo Copper Corp., provided an update on its exploration plan at La Huerta project in Jalisco. Drilling at La Huerta project is ongoing, with the current objective of testing the down-dip extension at Las Marias, through a series of planned holes ranging from approximately 350m to 450m in length. Recent assay results from La Huerta include an intercept of 2.26% Cu and 6 g/t Ag (2.34% CuEq) over 11.4m, including 3.69% Cu and 9 g/t Ag (3.81% CuEq) over 4.2m in hole LHCC-25-043.
  • J2 Metals Inc., reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project in Guerrero, with a peak of 12.8 g/t Au and 3.1Kg Ag/t (60.49 g/t AuEq) from the waste dumps of the San Miguel mine. The company plans to conduct follow-up mapping, geochemistry, and magnetic geophysics to explore the property.

ON MINING

  • Aura Minerals Inc., reported Q4 and full year, 2025 production and financial results (all currency is expressed in US dollars). In Q4, 2025, the company produced at its Aranzazu mine in Zacatecas, a total of 18,878 Oz AuEq and sold 18,068 Oz AuEq at cash and AISC of $ 1,228 and $1,732 per Oz AuEq sold respectively. Aura also reported some financial numbers from its Aranzazu mine, including revenue of $66.54M and EBITDA of $40.99M. Full year 2025 production was 83,140 Oz AuEq and Aura sold 82,328 Oz AuEq at cash and AISC of $1,156 and $1,569 per Oz AuEq sold respectively. The company declared and approved the payment of a dividend of USD $0.66 per common share (approximately $55.1M).
  • Endeavor Silver Corp., announced Q4 and full 2025 results from their Mexican operations. The next tables show figures by mine for both periods:

ON FINANCING

  • Regency Silver Corp., closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 by selling 16, 990,000 units at a price of CAD $0.25 by unit. Net proceeds will be used to support the ongoing drilling at Dios Padre project, in Sonora.
  • Questcorp Mining Inc., closed the first tranche of its upsized non-brokered private placement of 11,100,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $2.22M, and then it amended and restated to 13,100,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $2.62M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
  • Algo Grande Copper Corp., closed its previously announced non-brokered private placement of 10,037,020 shares at a price of CAD $0.65 per share for gross proceeds of CAD $6.52M.  Net proceeds will be used to fund the next phase of exploration at its Adelita project in Sonora, focused on a Phase II drilling program.

ON RESOURCES AND DEVELOPMENT

  • Oroco Resource Corp., commenced its Phase 2 drilling program at its Santo Tomas project in Sinaloa. The program will consists of infill and confirmation drilling to refine de geological and grade model to support the upgrade of the mineral resource classifications in the project’s South Zone. The company also announced that it will undertake complementary Pre-Feasibility Study (PFS) hydrological, geotechnical and metallurgical programs intended to advance project engineering and reduce technical risk at Santo Tomas project.
  • Kootenay Silver Inc., informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. It will cover over 1,250 hectares to aid in discovering additional mineralized zones, and is expected to take approximately eight weeks to complete. The geophysical survey aims to enhance understanding of subsurface structures and mineralization, complementing ongoing drilling efforts that have already delineated significant silver-lead-zinc- resources. The combined geophysical data will help refine drill targets, support resource expansion, and guide future exploration, all as part of Kootenay’s broader plan to advance the project and increase silver-lead-zinc resource estimates.
  • Minaurum Silver Inc., filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora to announce results from its resource-expansion drill program in the Europa, Promontorio and Travesia vein zones.
  • Silverco Mining Ltd., released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Drilling highlights at San Miguel Zone include hole CU-25-45 with 0.22 g/t Au, 500 g/t Ag, 1.6% Pb, and 3% Zn (548 g/t AgEq) over 3.9m, including 0.63 g/t Au, 1,265 g/t Ag, 3.6% Pb, and 6% Zn over 1,348 g/t AgEq, plus 0.34 g/t Au, 293 g/t Ag, 1.7% Pb, and 3.1% Zn (370 g/t AgEq) over 13.6m, including 1.18 g/t Au, 1,1015 g/t Ag, 0.3% Pb, and 0.7% Zn (980 g/t AgEq) over 1.3m; hole CU-25-43 with 0.27 g/t Au, 137 g/t Ag, 2.1% Pb, and 3.2% Zn (236 g/t AgEq) over 12m, including 0.58 g/t Au, 198 g/t Ag, 4.5% Pb, 6.7% Zn (417 g/t AgEq) over 3.1m, plus 0.08 g/t Au, 54 g/t Ag, 2.6% Pb, and 4.1% Zn (181 g/t AgEq) over 3.1m; and hole CU-25-58 with 0.7 g/t Au, 239 g/t Ag, 13.1% Pb, and 15.7% Zn (803 g/t AgEq) over 3.7m.
  • Minaurum Silver Inc., announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. The company will continue step-out drilling on vein zones with established resources at Europa and Promontorio-Travesia, while initiating resource-definition on several additional veins, including San Jose, Quintera, Cotera-Pulpito, and Minas Viejas. Drilling highlights are shown in the table below:
  • GoGold Resources Inc., informed that it has advanced the development of its Los Ricos South project in Jalisco. Key activities include detailed underground mine design, plant engineering, and equipment procurement underway. The company has selected contractors for underground mining, secured key equipment like a SAG grinding mill and working out power, and water supplies, and is preparing for construction once permits are received. Plant designs for processing and tailings are over halfway done. With a robust financial position of approximately USD $250M, GoGold is well-positioned to move towards production, aiming to benefit the local community and stakeholders through economic investments.
  • Heliostar Metals Ltd., released results from the current drilling program at its Ana Paula project in Guerrero, which is focused on converting inferred ounces to higher confidence classifications, as well as support the ongoing Feasibility Study. Drilling results are shown in the next table:
  • Axo Copper Corp., provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. It announced that it will commence an initial 25,000m drill program to expand and upgrade existing resources through infill drilling, as well as to drill additional 5,000mto test new exploration targets along strike of known deposits. Sapuchi deposit is a top priority and is considered a potential starter pit due to oxide mineralization and existing infrastructure. Additional exploration targets include El Tigre, with strong surface gold results and historic workings. It consists of a 1.5km by 0.5km mineralized corridor, located along strike and immediately west of the Golfo de Oro resource. Initial drilling (~5,000 m) will test strike continuity and vertical extent, with scalability contingent on results.

ON DEALS AND CORPORATE ISSUES

  • Pinnacle Silver and Gold Corp., informed that it amended payment terms for the El Potrero project in Durango. The original payment of USD $750K due on February 21, 2026 will be split into three equal portions. The new payment schedule will comprise payments of US$250,000 on each of February 24, May 24 and August 24, 2026.  All other cash payments and share issuances remain the same.  
  • GR Silver Mining Ltd., informed that it qualified to trade on the OTCQX Best Market. GR Silver will trade under the symbol “GRSLF”. The company also granted incentive options to certain external consultants to purchase up to 750,000 common shares. These options are exercisable for a period of five years at a price of CAD $0.465 per share. On the other hand, GR Silver entered into a consultant agreement with Redwood Empire Financial Communications LLC to receive investor relations services commencing January 1, 2026 and ending on December 31, 2026 (Plomosas project, Sinaloa).
  • Goldgroup Mining Inc., completed the sale of Minera Apolo SA de CV, which owns all the issued and outstanding shares of Minera Catanava SA de CV.  Apolo and Minera Catanava collectively hold a 100% interest in the Pinos project in Zacatecas, which comprises 30 contiguous mining concessions totalling 3,816 hectares. Goldgroup sold the project to a private arm´s length British Columbia company in consideration of USD $5M in stages payments, with USD $2.45M paid on signing, USD $550K paid on closing and USD $2M to be paid within six months following the closing, which paymrent is secured by a promissory note.
  • Bear Creek Mining Corporation announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver under the Business Corporations Act. It will enacts Highlander to acquire all the issued and outstanding common shares of Bear Creek as previously announced (Mercedes mine, Sonora).
  • Silverco Mining Ltd., announced that Nuevo Silver Inc., has completed the purchase of the La Negra mine in Queretaro, and is proceeding with its proposed acquisition of Nuevo Silver. The company continues to negotiate a definitive agreement, pending due diligence, board approval, and regulatory clearances. The upcoming steps involve finalizing the acquisition process and obtaining all necessary approvals.
  • Canasil Resources Inc., announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango).
  • GR Silver Mining Ltd., announced it will present at PDAC 2026 Convention from February 26th to March 04th, 2026 (Plomosas project, Sinaloa).
  • Highlander Silver Corp., and Bear Creek Mining Corporation completed business combination under Division 5 of Part 9 of the Business Corporations Act and the concurrent closing of the debt settlement agreements between Highlander Silver and each of Royal Gold, Inc., through its wholly-owned subsidiary, International Royalty Corporation, and Equinox Gold Corp., (Mercedes mine, Sonora).
  • Santacruz Silver Mining Ltd., granted 45,000 stock options at an exercise price of CAD $17.18 to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo).
  • Silver Storm Mining Ltd announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango).

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 below, float of a quartz vein in an intermediate sulphidation epithermal vein-breccia system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

2026 Critical Minerals Ministerial

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February 4, 2026

  • Today the United States, together with our partners and allies, has set out to reshape the global market for critical minerals and rare earths. Secretary of State Marco Rubio, joined by Vice President JD Vance, Treasury Secretary Scott Bessent, Interior Secretary Doug Burgum, Energy Secretary Chris Wright, and U.S. Trade Representative Ambassador Jamieson Greer, hosted representatives of 54 countries and the European Commission, including 43 foreign and other ministers, at the 2026 Critical Minerals Ministerial.
  • Delegations from the following countries attended: Angola, Argentina, Armenia, Australia, Bahrain, Belgium, Bolivia, Brazil, Canada, Cook Islands, the Czech Republic, the Democratic Republic of the Congo, the Dominican Republic, Ecuador……….

To continue reading, please click the next link:

https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerial

Mexico Freezes New Mining Concessions

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President Claudia Sheinbaum has confirmed that Mexico will issue no additional mining concessions and will instead subject existing permits to an environmental review—cementing the de-facto moratorium imposed by her predecessor, Andrés Manuel López Obrador.

“There is not going to be another new concession—no, there are no new mining concessions,” Sheinbaum told reporters, adding that Environment Secretary Alicia Bárcenas “is working to solve the existing problem of contamination that remains in the mines.”

Mexico ranks as the world’s leading silver producer and a heavyweight in gold, copper, lead and zinc output. Industry lobby CAMIMEX has previously estimated the concession freeze cost …….

please continue reading at:

Mexico Freezes New Mining Concessions

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

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The Sierra Madre Occidental, Chihuahua, Mexico.

By Miguel A Heredia

During the 25th week of the year (June 16th to June 22th 2025), at least 38 press releases were announced by companies working in Mexico, and 2 news published by the media, with twenty one disclosing deals and corporate issues, eight announcing financing rounds, three reporting resources and development of their properties, three commenting on Mexican issues, three discussing social issues, two informing on exploration results, and none communicating production results.  ON MEXICO ISSUES, The Secretary of Economy, Marcelo Ebrard stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies. Axo Copper reported the best drilling intercepts in Mexico on the third week of June, 2025. ON EXPLORATION, In Jalisco, Axo Copper initiated a 15,000m phase II drilling program at its la Huerta Copper project, as well as reported high grade assay results on surface sampling.    ON MINING, No relevant news. ON FINANCING, Guanajuato Silver updated their gold loan terms with Ocean Partners UK Ltd, (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Pinnacle announced a shares-for-debt transaction to conserve capital and improve its balance sheet (Potrero project, Durango). Southern Empire announced a fully subscribed non-brokered private placement for gross proceeds of $100K (Pedro Gold project, Durango). Prime reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M (Los Reyes project, Sinaloa). Kootenay announced a CAD $12M bought deal public offering to support the advancement of its Columba project in Chihuahua, the same that later on was upsized to CAD $17, 400,600. Silver Viper informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest. Defiance Silver closed its LIFE offering and concurrent non-brokered private placement for gross proceeds of CAD $16.5M (San Acacio project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Kootenay delivered maiden mineral resource estimate at its 100% owned Columba project in Chihuahua. Tocvan reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. Vizsla provided an update on the Copala test mine at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Santacruz Silver announces the appointment of its CFO (Zimapán mine, Hidalgo). Discovery Silver made management changes (Cordero project, Chihuahua). Aura presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Guanajuato Silver confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Osisko Development appointed a new member to its Board of Directors (San Antonio Gold project, Sonora). Mithril announced the retirement of two Non-Executive Directors (Copalquin project, Durango).  Minaurum appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists. Equinox and Calibre completed its previously announced business combination (Los Filos mine, Guerrero). Colibri reported voting results of its annual general meeting of shareholders (Pilar project, Sonora). Elemental Altus announced changes to its Board of Directors (Mercedes mine, Sonora). MAG Silver presented voting results of its annual general meeting of shareholders (Juanicipio mine, Zacatecas). Torex announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).  Gold Resource appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca). Sierra Madre announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico). Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree in a commercial lawsuit against Capstone Copper (Cozamine mine, Zacatecas). Aloro announced voting results of its annual general and special meeting of shareholders (Los Venados project, Sonora). MAG Silver reported that their shareholders received a recommendation to vote for the plan of arrangement with Pan American Silver (Juanicipio mine, Zacatecas). Prime announced voting results of its annual general and special meeting of shareholders (Los Reyes project, Sinaloa). Silver Viper completed the acquisition of the Cimarron project in Sinaloa. Infinitum Copper signed a definitive agreement to sell its interest on Adelita project in Sonora. ON SOCIAL RESPONSIBILITY, Guanajuato Silver reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). MAG Silver published its fourth annual sustainability report (Juanicipio mine, Zacatecas).

ON MEXICO ISSUES

  • The Secretary of Economy, Marcelo Ebrard, stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. The event held in Mexico City was attended by the governors of Sonora, Alfonso Durazo, and Zacatecas, David Monreal, two states with a mining vocation, as well as representatives from academia and the sector, who highlighted the importance of a coordinated strategy between the federal government, universities, and the private sector. The government aims to retain economic and technological benefits domestically through initiatives like the Mexico 2025 Mining Education Committee, which fosters industry-academia collaboration. Specifically, efforts are underway to advance lithium production, particularly in Sonora, with support from federal and state authorities, though some projects such as the Sonora Sustainable Energy Plan are still in exploration phases.
  • Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies.   Ebrard highlighted the need for Mexico to scale up its capabilities in the mining industry, particularly in refining minerals like copper, to support industries like automotive. He emphasized the importance of implementing a policy of will to address challenges in obtaining critical minerals in a world with geopolitical tensions, citing silicon for semiconductors as an example.
  • Axo Copper Corp., reported the best drilling intercepts in Mexico on the third week of June 2025. Details are shown in the table below:

ON EXPLORATION

  • Axo Copper Corp., initiated a 15,000m phase II drilling program at its la Huerta Copper project in Jalisco. One drill is currently on site and initiating the first drillholes targeting the main La Huerta Trend in an area with a NE-SW strike length of approximately 1km, starting at Las Marias Zone and stepping out to the north along strike towards the Cornelio target. The first hole is expected to be finished in approximately two weeks, with assays being released in the first half of July. In addition, Axo reported that recent exploration efforts, including mapping and sampling, have identified a new area at La Huerta South, approximately 3km from the main Huerta Trend where surface sampling yielded high-grade assay results, with multiple samples returning > 10% Cu, particularly within N-S and E-W fault structures in andesitic volcanic rocks.  Sampling along the 1km long N-S structure has returned results such as 7% Cu, 10.8% Cu, and 10.5% Cu, with numerous other showings above 2% Cu, while the approximately 500m long E-W structure returned highlighted values of 3.6% and 2.6%. In both structures Cu mineralization consists of chalcopyrite and bornite hosted in andesites.

ON MINING

  • No relevant news.

ON FINANCING

  • Guanajuato Silver Company Ltd., updated their gold loan terms with Ocean Partners UK Ltd, with more manageable monthly repayments tied to their gold production, plus some stock warrants involved. “The new Gold Credit Facility, as of today’s date, has an outstanding balance of 7,182 Oz Au bullion, with two-thirds since April 2025 to be repaid over 36 months through fixed monthly installments of 131.7 Oz Au bullion, representing approximately 10% of Guanajuato Silver’s modelled monthly gold production. In addition, the company will issue to Ocean Partners 4,550,000 non-transferable warrants exercisable into one common share of the Company with an exercise price of CAD $0.24. Each warrant has a 36-month term that expires on June 16, 2028. The warrants, and the common shares issuable upon exercise, are subject to a statutory hold period that ends on October 17, 2025 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Pinnacle Silver and Gold Corp., announced a shares-for-debt transaction to conserve capital and improve its balance sheet. The company will issue 2,491,667 shares at a price of CAD $0.06 per share to settle a debt of CAD $149,500, pending approval from the TSX Venture Exchange. This issuance includes shares to directors and officers, which qualifies as a related party transaction, with the company relying on exemptions due to the transaction’s value being under 25% of its market capitalization (Potrero project, Durango).
  • Southern Empire Resources Corp., announced a fully subscribed non-brokered private placement of 2M units at a price of CAD $0.05 per unit for gross proceeds of CAD $100K. Net proceeds will be used for administrative costs associated with Southern Empire´s mineral properties in Mexico as well as working capital purposes (Pedro Gold project, Durango).
  • Prime Mining Corp., reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M. This funding will support the advancement of the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans to complete a Preliminary Economic Assessment (PEA) by Q3 2025 and continue exploration activities, including drilling and geological mapping, despite a temporary pause due to security concerns in the area.
  • Kootenay Silver Inc., announced a CAD $12M bought deal public offering by the sale of 11,430,000 units at a price of CAD $1.05 per unit, which was upsized later on to CAD $17,400,600 by the sale of 16,572,000 units at a price of CAD $1.05 per unit. Net proceeds will be used for advancement of its Columba project in Chihuahua, working capital and general corporate purposes.
  • Silver Viper Minerals Corp., informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest.  The gross proceeds, expected to reach up to CAD $6M combined with a previous offering, will fund drilling and exploration at La Virginia project in Sonora, working capital, and general corporate needs.
  • Defiance Silver Corp., closed a financing round, raising about CAD $16.5M through both brokered and non-brokered offerings. The company sold units combining shares and warrants, with plans to use the money mainly to complete a mineral resource estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacán, and to provide general working capital to support general operations.

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., delivered maiden mineral resource estimate (MRE) at its 100% owned Columba project in Chihuahua.  A total of 17 epithermal veins that comprise the Columba vein system were included in the MRE. The company reported inferred resources of 5.92M tonnes of 284 g/t Ag, 0.2% Pb, and 0.5% Zn for a total of 54.1M Oz Ag, 25.2M Lb Pb, and 65.6M Lb Zn. Kootenay stated that all the mineralized veins which are 5-6m width have an excellent continuity and remain open to expansion along strike, to depth or both.
  • Tocvan Ventures Corp., reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. The pilot leaching pad will utilize a hydrometallurgical process with sodium cyanide to extract gold and silver, supported by robust environmental monitoring systems. The project has expanded to over 21 km², enhancing operational flexibility. Tocvan is finalizing budgets and timelines for the facility, targeting development in 2025, while permitting and additional drilling are ongoing. The company is positioned to leverage record-high gold prices and is in the process of securing project financing for the pilot facility.
  • Vizsla Silver Corp., provided an update on the Copala test mine at its Panuco project in Sinaloa. As of June 2025, mining progress includes advancing about 125 meters down a decline at a steady rate, with favorable ground conditions. “This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up”. Additionally, Vizsla aims to enhance resource evaluation and optimize mining design through ongoing development. A focus on local hiring has expanded the workforce, and infrastructure improvements have been initiated for better operational and safety management. Overall, the company is on track to complete its test mine phase by year-end.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd., announces the appointment of its new CFO, been effective immediately (Zimapan mine, Hidalgo).
  • Discovery Silver Corp., made management changes announcing the appointment of a Senior Vice Presidents, Legal, and Sustainability, and a Senior Vice President, Corporate Development. The company also announced the promotions of its Executive Vice President, Business Development & Growth, a Senior Vice President, Investor Relations, and a Vice President, Mineral Processing  (Cordero project, Chihuahua).
  • Defiance Silver Corp., finalized a six-year agreement that granted the company the rights to conduct surface exploration, drilling, and engineering studies at its Tepal project in Michoacan. The agreement also enables the company to collect essential data required for the submission of permit applications to advance the development of the project. Defiance will make annual cash payments indexed to the annual inflation in Mexico, and issue common shares with a total annual value of USD $40K/year to the surface rights holder. For the upcoming year, the company will issue 201,452 common shares at a deemed price of CAD $0.27per share to the counterparty. Over the six-year terms, the total number of shares issued will not exceed 1.4M.
  • Aura Minerals Inc., presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
  • Guanajuato Silver Company Ltd., confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Osisko Development Corp., appointed an independent Director to its Board of Directors effective immediately (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited announced the retirement of two Non-Executive Directors with effect from 30 June 2025 (Copalquin project, Durango).
  • Minaurum Gold Inc., appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists will be joining who previously worked alongside him, including in the capacities as Chief Geologist, Senior Geologist-Prospecting, and Resource Modeling Geologist.
  • Equinox Gold Corp., and Calibre Mining Corp., completed its previously announced business combination pursuant to which Equinox has acquired all of the issued and outstanding common shares of Calibre (Los Filos mine, Guerrero).
  • Colibri Resource Corporation reported voting results of its annual general meeting of shareholders (Pilar project, Sonora).
  • Elemental Altus Royalties Corp., announced changes to its Board of Directors effective immediately, reflecting the acquisition of a 37.8% stake in the company by Tether Investments S.A. de C.V. , and the right to acquire a total of 51.8% of the company’s issued and outstanding common shares (Mercedes mine, Sonora).
  • MAG Silver Corp., presented voting results of its annual general and special meeting of shareholders (Juanicipio mine, Zacatecas).
  • Torex Gold Resources Inc., announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).
  • Gold Resource Corporation appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico).
  • Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree de Zacatecas S.A. de C.V. (MPZ), in a commercial lawsuit against Capstone Copper Corp. The Third Commercial Court of Zacatecas ruled in favor of MPZ, declaring a 2019 rights assignment contract invalid and reaffirming MPZ’s entitlement to a 2% net smelter royalty from mining concessions at the Cozamin mine in Zacatecas. The court ordered Capstone and its subsidiary to pay royalties for various concessions, with amounts to be determined later, while a claim for damages was dismissed due to insufficient evidence.
  • Aloro Mining Corp., announced voting results of its annual general and special meeting in which the approval of the sale of its Los Venados property in Sonora, was approved by the shareholders of the company.
  • MAG Silver Corp., reported that Institutional Shareholders Services Inc., recommended that MAG shareholders vote for the special resolution approving the previously announced plan of arrangement with Pan American Silver Corp (Juanicipio mine, Zacatecas).
  • Prime Mining Corp., announced voting results of its annual general and special meeting of shareholders. “The company is targeting the delivery of a Preliminary Economic Assessment reflecting a high return, high margin, low capital and long-life project at Los Reyes project in Sinaloa, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3, 2025”.
  • Silver Viper Minerals Corp., completed the acquisition of the Cimarron project in Sinaloa from CSCA Holdings Inc., by issuing 9,000,000 of common shares at a price of CAD $0.20 per share.
  • Infinitum Copper Corp., signed a definitive agreement to sell its interest on Adelita project, Sonora. The company sold its Mexican subsidiary, Exploraciones Margarita S.A. de C.V., which holds an 80% interest in the Cerro Grande property in Sonora to Kenadyr Metals Corp. The transaction involves Kenadyr acquiring 100% of the subsidiary for CAD $100K in cash and 1,842,719 common shares. Additionally, if Kenadyr raises up to CAD $3.5M in equity financing within 12 months post-closing, Infinitum will receive additional shares to maintain a 9.0% ownership in Kenadyr. The deal is subject to TSX Venture Exchange and shareholder approvals.

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd., reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024, reflecting its strong community engagement and environmental efforts. The company met high standards in environment, social responsibility, and governance (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • MAG Silver Corp., published its fourth annual sustainability report. MAG Silver’s 2024 sustainability efforts are focused on safety, environmental protection, and social responsibility. The company reported a decline in safety incidents, invested over 102,000 hours in safety training, and achieved zero significant environmental incidents. They developed human rights due diligence tool and have a positive social license at the Larder Project. Additionally, their board now includes 38% women directors, surpassing their diversity targets. Overall, MAG emphasizes safety, environmental stewardship, social engagement, and diversity to support its long-term sustainability goals(Juanicipio 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, the imposing panoramic view of the Sierra Madre Occidental in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 40th week of the year (September 30th to October 6th,2024), companies working in Mexico posted at least 12 press releases. One company informed on exploration advances on its property, one other company updated on mining operations, one company notified on the extension of a financing round, two companies granted stock options/deferred-share-units, two companies announced share consolidation programs, two companies reported drilling results on its advanced property/mine, another reported AGM results, one informed on appointments to the board and two more on their merger. ON MEXICO ISSUES, an illegal mining operation was terminated in Sonora. Vulcan Materials warned on the intensification of its legal dispute with the Mexican government. ON EXPLORATION, in Nayarit, Angel Wings Metals provided an exploration update on La Reyna project. ON MINING, Luca Mining updated on planned activities at its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. ON RESOURCES AND DEVELOPMENT, Vizsla Silver reported drilling results from Panuco, in Sinaloa. Gatos Silver released drilling results from two areas of the Cerro Los Gatos mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Vizsla Silver presented results of its AGM. Apollo Silver made directors appointments. Coeur Mining and SilverCrest Metals announced their merger. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • An illegal gold mining operation was closed down in Sonora. The mining operation was being conducted without permits on La Cienega area in the Sonoran Desert, which is an historically active dry placer mining area. Eight persons were detained and diverse equipment sequestered.
  • Vulcan Materials warned that it is to intensify its legal dispute with the government of Mexico, under which the company demands the payment of US$1.5 billion.

ON EXPLORATION

  • Angel Wing Metals Inc. provided an exploration update on La Reyna project, in Nayarit. The exploration focus is on the El Polo-Dolorosa target area, where historic trench results include 21 m grading 5.01 gpt Au, 12.7 m grading 1.21 gpt Au and 15.52 m grading 0.92 gpt Au. “Principal prospects include the former El Polo open pit mine, and the Dolorosa, San Ramon, La Feña, and El Zorillo shallow workings. The Company intends on commencing a diamond drill program in Q4 of this year”. Exploration is focused on bulk tonnage size potential in altered and brecciated volcanic rocks with stockwork quartz veining. The first 2,500 m drill phase is to test five widely spaced prospects from near surface depths to 175 m.

ON MINING

  • Luca Mining Corp. updated on planned activities at its two mines in Mexico. At Campo Morado, in Guerrero, a mining contractor was hired to increase performance and exceed 2,000 tpd rates, improvements to metallurgy processes have been made and the first drilling program in over a decade is commencing. At Tahuehueto, in Durango, construction has been completed and commercial production is expected to be declared during Q4. A significant drilling campaign is to commence during the quarter. “Luca will commence repayments of its debt owed to Trafigura, from cashflow, in October 2024 under the terms of the restructured debt agreement”.

ON FINANCING

  • Aztec Minerals Corp. granted 1.57 M stock options to directors, management, and consultants of the company (Cervantes, Sonora).
  • GRSilver Mining Ltd. granted 97.5 K deferred share units (DSU) to non-executive directors for director’s fees to Q3 2024. eligible persons in accordance with the Omnibus Long-Term Incentive Plan. “Once vested, each DSU entitles the holder thereof to receive either one common share of the Company, the cash equivalent of one common share or a combination of cash and common shares, as determined by the Company, net of applicable withholdings” (Plomosas, Sinaloa).
  • Silver Spruce Resources Inc. proposed to consolidate its common shares on a 1:15 basis on its annual and special meeting on October 29, 2024 (Pino de Plata, Chihuahua).
  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$10 M. Following the closing of the offering, the company intends to consolidated its issued and outstanding shares on a five to one basis. (Cinco de Mayo, Chihuahua).
  • Colibri Resource Corp. announced the extension of its non-brokered private placement to raise up to C$450 K, to close on or before November 3, 2024 (EP project, Sonora)

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp. reported results from 11 holes targeting the Copala resource area at its Panuco project in Sinaloa. Highlighted true width intercepts comprise 2.88 m @ 0.45 gpt Au, 92 gpt Ag; 1.46 m @ 15.47 gpt Au, 1,935 gpt Ag; 0.55 m @ 6.26 gpt Au, 437 gpt Ag; 2.30 m @ 37.30 gpt Au, 2,851 gpt Ag; (including 1.05 m @ 73.10 gpt Au, 5,410 gpt Ag); 1.70 m @ 1.35 gpt Au, 238 gpt Ag; 5.80 m @ 14.85 gpt Au, 2,551, gpt Ag (including 0.46 m @ 146.50 gpt Au, 21,953 gpt Ag); 2.30 m @ 0.98 gpt Au, 79 gpt Ag; 4.15 m @ 3.29 gpt Au, 732 gpt Ag (including 1.37 m @ 7.56 gpt Au, 1,634 gpt Ag); 5.65 m @ 26.06 gpt Au, 3,007 gpt Ag (including 1.48 m @ 96.11 gpt Au, 10,869 gpt Ag); 0.65 m @ 1.99 gpt Au, 384 gpt Ag; 7.50 m @ 1.23 gpt Au, 222 gpt Ag; 4.90 m @ 1.06 gpt Au, 145 gpt Ag; 1.00 m @ 5.39 gpt Au, 874 gpt Ag; 0.90 m @ 12.05 gpt Au, 1,830 gpt Ag; 4.35 m @ 3.00 gpt Au, 781 gpt Ag (including 0.73 m @ 12.45 gpt Au, 2,990 gpt Ag). “Exploration and resource focused drilling at Copala has traced mineralization along ~1,770 metres of strike length and ~400 metres down dip”.
  • Gatos Silver Inc. updated on the drilling exploration programs in the 70%-owned Los Gatos district in Chihuahua. Positive results have been obtained on the Central Deeps target and the South-East Deeps zone at the Cerro Los Gatos mine, as well as key developments on the regional exploration program. Highlighted true width intercepts comprise 7.5 m @ 0.20 gpt Au, 101 gpt Ag, 0.17% Cu, 5.5% Pb, 11.1% Zn; 3.3 m @ 0.28 gpt Au, 153 gpt Ag, 0.08% Cu, 6.6% Pb, 17.5% Zn; 2.8 m @ 0.03 gpt Au, 40 gpt Ag, 0.22% Cu, 0.7% Pb, 3.0% Zn; 1.3 m @ 0.57 gpt Au, 151 gpt Ag, 0.09% Cu, 3.0% Pb, 3.8% Zn; 6.5 m @ 0.04 gpt Au, 47 gpt Ag, 0.26% Cu, 1.1% Pb, 2.4% Zn; 4.5 m @ 0.09 gpt Au, 88 gpt Ag, 0.52% Cu,1.8% Pb, 3.2% Zn; 7.8 m @ 0.17 gpt Au, 90 gpt Ag, 0.14% Cu, 4.9% Pb, 5.8% Zn; 4.4 m @ 0.20 gpt Au, 55 gpt Ag, 0.37% Cu, 3.4% Pb, 1.6% Zn, 2.8 m @ 0.07 gpt Au,122 gpt Ag, 0.56% Cu, 3.4% Pb, 9.5% Zn; 5.0 m 0.14 gpt Au, @ 126 gpt Ag, 0.35% Cu, 5.5% Pb, 15.8% Zn; 1.1 m @ 2.03 gpt Au. Drilling below the Central Zone has intercepted a new zone of mineralization, and the “latest results in the South-East Deeps zone show further extension potential to the south-east of the current mineral reserves in this area. Moreover, we continue to pursue the longer term potential across the broader Los Gatos district”.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp. held its annual general meeting, fixing the number of directors at seven persons, elected the directors for the ensuing year, re-appointed the auditor of the company and approved the company’s omnibus equity incentive compensation plan. (Panuco, Sinaloa).
  • Apollo Silver Corp. announced the appointment of Alex Tsakumis to its board of directors and of Amandip Singh as vice president, corporate development (Cinco de Mayo, Chihuahua).
  • Coeur Mining Inc. and SilverCrest Metals Inc. entered into a definitive agreement in which Coeur is to acquire all issued and outstanding shares of SilverCrest. All SilverCrest shareholders will receive 1.6022 Coeur common shares. The exchange ratio implies $11.34 per SilverCrest shares, representing an 18% premium and a total equity value of $1.7 billion based on SilverCrest’s shares outstanding. “Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively” (Palmarjo, Chihuahua; Las Chispas, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Drilling under the scarp in Sonora. Picture by Jorge Cirett.