ESG Report

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

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By Jorge Cirett
During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors.  Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
  • Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.

ON MINING

  • Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.

ON FINANCING

  • Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
  • Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
  • Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
  • Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
  • Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
  • Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
  • Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
  • Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
  • Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
  • Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
  • Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
  • Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
  • ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.

ON DEALS AND CORPORATE ISSUES

  • Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
  • Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
  • Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
  • Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
  • Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
  • Xali Gold Corp. has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
  • Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
  • Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
  • Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
  • Prime Mining Corp. announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
  • Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
  • Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.

On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.

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

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Phreatic Breccia

By Miguel A Heredia

During the 35th week of the year (August 25th to August 31st2025), at least 28 press releases were announced by companies working in Mexico, with nine announcing financial rounds, seven disclosing deals and corporate issues, five communicating production results, four reporting resources and developments of their properties, two informing on exploration results, an one commenting on Mexican issues. ON MEXICO ISSUES, Heliostar, Mithril, and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of August, 2025. ON EXPLORATION, Minaurum announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. Kingsmen provided an update of the drilling progress on its Las Coloradas project in Chihuahua. ON MINING, Impact Silver reported Q2, 2025 financial results from their Mexican mine operations (Zacualpan, Estado de Mexico and Plomosas, Chihuahua). Orogen presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty. Luca Mining announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively. DynaResource reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa. Guanajuato Silver reported Q2, 2025 consolidated operating and financial results.  ON FINANCING, Regency Silver due to strong investor demand upsized its previously announced brokered private placement offering to gross proceeds of CAD $3.58M (Dios Padre project, Sonora). Starcore announced a non-brokered private placement financing for gross proceeds of up to CAD $5M (Tortilla project, Queretaro). Goldgroup revised twice its previously announced non-brokered private placement offering to raise gross proceeds of up to CAD $4M (Cerro Prieto mine, Sonora).  Sonoro Gold increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M (Cerro Caliche project, Sonora). Pacifica Silver closed the second tranche of its previously announced non-brokered private placement financing for gross proceeds of CAD $450K (Claudia project, Durango).  United States Antimony announced a purchase agreement for a registered direct offering of common shares for gross proceeds of USD $18M (Madero smelter operation, Coahuila). Masivo closed the first tranche for gross proceeds of CAD $845K (Cerro Colorado project, Sonora).  ON RESOURCES AND DEVELOPMENT, Heliostar released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Luca Mining announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Mithril provided an update regarding the ongoing activities at its Copalquin project in Durango. ON DEALS AND CORPORATE ISSUES, MAG Silver and Pan American Silver received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. Avino purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. Alamos Gold declared a quarter dividend of USD $0.025 per common share (Mulatos mine, Sonora). MAG Silver announced preliminary results regarding shareholder election for the form of consideration in the Pan American acquisition (Juanicipio mine, Zacatecas). Luca Mining acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession at its Tahuehueto property in Durango for USD $400K. DynaResource entered into an updated agreement with Ocean Partners UK for a credit line facility expansion and offtake extension (San Jose de Gracia mine, Sinaloa). ON SOCIAL RESPONSIBILITY, Alamos Gold released its 2024 annual ESG report (Mulatos mine, Sonora).

ON MEXICO ISSUES

  • Heliostar Metals Ltd., Mithril Silver and Gold Limited, and Luca Mining Corp., reported the best drilling intercepts in Mexico on the fourth week of August, 2025. Details are shown in the table below:

ON EXPLORATION

  • Minaurum Gold Inc., announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. The company has already drilled over 3,000m testing important veins like Promontorio, Europa-Guadalupe, and Travesia. Minaurum is aiming to deliver their first resource estimate soon.
  • Kingsmen Resources Ltd., provided an update of the drilling campaign progress at its Las Coloradas project in Chihuahua. The company has completed to date a maiden drill program of 3,227.2m in 12 core holes, testing short segments of the historic Soledad and Soledad vein systems and a geophysical target defined by induced polarization and magnetic surveys. Significant untested lengths remain, including the Saddle, Silvia and La Plata targets. Drill results to date have confirmed that mineralization extends along strike and beneath the water table, validating the geological model and suggesting a potential discovery, with assay results still pending.

ON MINING

  • Impact Silver Corp., reported Q2, 2025 financial results from their Mexican mine operations. At Zacualpan, Estado de Mexico, Impact processed 69,185 tonnes with an average grade of 158 g/t Ag to produce 295.1K Oz Ag and 237 Oz Au. At Plomosas mine, Chihuahua, the company processed 27,747 tonnes of 8.4% Zn, 4.6% Pb, and 30 g/t Ag to produce 3.91M Lb Zn, 889.3K Lb Pb, and 17.67K Oz Ag. Impact also presented consolidated financial results (all currency reported in Canadian dollars) reporting revenue of $9.8M; mine operating income before amortization and depletion of $1.6M; loss of $0.5M in deferred taxes; $1.1M in exploration, $0.6M in amortization; and $2M in depletion. The company also reported cash of $10.3M and $13.3M in working capital.
  • Orogen Royalties Inc., presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty (all amounts are in Canadian dollars unless otherwise stated). 269,830 tonnes of 55 g/t Ag and 2.54 h/t Au with metallurgical recoveries of 64% and 94% respectively were processed to produce 467 Oz AuEq. The company reported $2.1M royalty revenue from the sale of the 467 Oz AuEq produced at an average realized price of USD $3,280 per Oz Au; exploration expenses of $3.9M ; net income before taxes of $0.6M; net comprehensive loss of $0.2M; G&A expenses of $1.7M; cash flow of $1.8M; and working capital of $27.8M as of June 30, 2025.
  • Luca Mining Corp., announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively All amounts are in US dollars). In Q2, 2025 Luca Mining mined 250,879 tonnes and processed 253,717 tonnes (181,320 tonnes at Campo Morado and 72,397 tonnes at Tahuehueto) to produce 6,622 Oz Au, 279.8K Oz Ag, 2.2M Lb Pb, 11.96M Lb Zn, and 2.6M Lb Cu (17.86K Oz AuEq) and sold 5,445 Oz Au, 209.4K Oz Ag, 825K Lb Pb, 8.97M Lb Zn, and 1.81M Lb Cu at cash and AISC of $2,2775 and $3,310 per Oz AuEq sold respectively. In H1, 2025, the company mined 510,385 tonnes and processed 499,999 to produce 145,298 Oz Au, 630.5K Oz Ag, 4.6M Lb Pb, 23.5M Lb Zn, and 5.1M Lb Cu (39.15K Oz AuEq) and sold 12,165 Oz Au, 482.6K Oz Ag, 1.8M Lb Pb, 17.36M Lb Zn, and 3.64M Lb Cu at cash and AISC of $2,073 and $2,732 per Oz AuEq sold respectively. Luca also announced financial results for the period Q2, 2025 reporting revenues of $36.8M; mine operating cash flow of $9.1M; mine operating cash flow before taxes of $12.05M; negative net earnings of $3.23M; negative net free cash flow before working capital of $4.5M; EBITDA of $1.2M; and adjusted EBITDA of $5.8M. For the period H1, 2025, the company reported revenues of $75.4M; mine operating cash flow of $22.4M; mine operating cash flow before taxes of $27.8M; net earnings of $1.3M; net free cash flow before working capital of $4.9M; EBITDA of $8.7M; and adjusted EBITDA of $18.2M.
  • DynaResource Inc., reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa (all amounts are in US dollars). The company mined 74,002 tonnes and milled 66,834 tonnes of 3.63 g/t Au with a metallurgical recovery of 74.64% to produce 5,701 Oz Au. DynaResource reported revenue of $15.9M; total operating expenses of $13.14M; net operating income of $2.7M; net income of $0.5M; operating cash flow before change in non-cash working capital items of $2.85M; and cash flow used in operating activities of $1.14M.
  • Guanajuato Silver Company Ltd reported Q2, 2025 consolidated operating and financial results from their min operations in Guanajuato (El Cubo mines complex, Valenciana mines complex and San Ignacio mine), and Durango (Topia mine). Consolidated results are shown in the table below (all currency is expressed in US dollars):

ON FINANCING

  • Regency Silver Corp., due to strong investor demand upsized its previously announced brokered private placement offering to 35,847,250 units at a unit price of CAD $0.10 per unit on a post consolidation basis for gross proceeds of up to CAD $3.584,725M. The consolidation of the company’s common shares on a 1 new for 2 old basis is scheduled to be effective on or about August 26, 2025. Later on, the company announced four upsize of its previously announced brokered private placement financing to 40,000,000 units at a price of CAD $0.10 per unit for gross proceeds of CAD $4M. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
  • Starcore International Mines Ltd., announced a non-brokered private placement financing of 20,000,000 units at a price of CAD $0.25 per unit for gross proceeds of up to CAD $5M. Gross proceeds will be used primarily towards bulk sampling and the development of the recently announced Tortilla project in Queretaro.
  • Goldgroup Mining Inc., revised its previously announced non-brokered private placement offering will still consists of up to 5,000,000 units at a price of CAD $0.80 per unit to raise gross proceeds of up to CAD $4M. Later on, Goldgroup revised the term again and now the offering will consists of up to 4,848,485 units at a price of CAD $0.825 per unit for CADS $4M in opposed to the 5,000,000 units at a price of CAD $0.80 previously disclosed. The proceeds will primarily fund the company’s efforts to optimize its Cerro Prieto mine in Sonora and pursue strategic acquisitions in the mining sector.
  • Sonoro Gold Corp., increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M. The offering price remains at CAD $0.15 per unit. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, as well as for working capital.
  • Pacifica Silver Corp., closed the second tranche of its previously announced non-brokered private placement financing of 900,000 units at a price of CAD $0.50 for gross proceeds of CAD $450K. Together with the first tranche, Pacifica has raised a total of CAD $10M. Pacifica plans to use the gross proceeds for the upcoming exploration and drill work at its Claudia project in Durango, as well as general working capital.
  • United States Antimony Corporation announced a purchase agreement for a registered direct offering of common shares priced at USD $4.5 per share for gross proceeds of USD $18M from a single institutional investor. Nets proceeds will be used to buy more antimony, boosting their smelter´s production at Madero, Coahuila, working capital and potential acquisitions of other critical mineral companies or specific properties currently under review by management. The offering is expected to close around August 28, 2025, subject to customary conditions.
  • Masivo Silver Corp., closed partially the first tranche of a financial round for gross proceeds of CAD $845K but expects to raise up to CAD $1M.  The private placement at CAD $0.06 with a half warrant at CAD $0.10 for a 12-month term will close on August 29, 2025. Masivo still has a CADS $75K drill credit in Mexico and expects to start drilling the Cerro Colorado project in Sonora in Q4, 2025.

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd., released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-325 with 2.1 g/t Au over 13.1m, plus 3.31 g/t Au over 65.2m, including 6.29 g/t Au over 30.2m, plus 12.6 g/t Au over 4.5m, 2.25 g/t Au over 6m, and plus 6.43 g/t Au over 2.3m; hole AP-24-322 with 3.77 g/t Au over 21.2m, plus 6.67 g/t Au over 20.95m, plus 13.6 g/t Au over 14.75m, including 45.81 g/t Au over 3.85m, plus 2.14 g/t Au over 10.55m; and hole AP-24-323 with 7.81 g/t Au over 4m, plus 2.26 g/t Au over 11m, plus 8.72 g/t Au over 12.2m, including 24.4 g/t Au over 3.7m. Heliostar has completed 5,556m in 18 holes to date. “The program has the primary goal of converting inferred ounces to higher confidence classifications as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit”.
  • Luca Mining Corp., announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Drilling highlights are shown in the table below:
  • Mithril Silver and Gold Limited provided an update regarding the ongoing activities at its Copalquin project in Durango. The company is conducting a fully funded 45,000m drilling program targeting multiple areas, including Target 1, Target 5, and target 3, with plans to add a third drill rig in early 2026. At target 1, the company has drilled La Soledad East intercepting in hole MTHLS25-35 high grade including 9.95 g/t Au and 45 g/t Ag (10.59 g/t AuEq) over 1.1m and hole MTH-LS25-36 with 3.21 g/t Au and 14 g/t Ag (3.41 g/t AuEq) over 0.5m, plus 8.63 g/t Au and 41 g/t Ag (9.21 g/t AuEq) over 3.3m, including 48.85 g/t Au and 92 g/t Ag (50.16 g/t AuEq9 over 0.5m; while at Zaragoza South it confirmed high-grade mineralization, in hole MTH-ZG25-037 including 6.4 g/t Au and 4,400 g/t Ag (4,848 g/t AgEq) over 0.57m, plus 3.49 g/t Au and 127 g/t Ag (371 g/t AgEq) over 0.66m; and Refugio West where step out drilling is targeting extensions towards El Gallo.  At Target 3 Mithril is currently carrying out systematic mapping and sampling to define targets for a maiden drill program. At Target 5 (Apomal historic mine) drilling has commenced  with three holes completed in a 5,000m program focused on testing veins along strike and a depth. Mithril aims to expand the resource footprint, conduct additional drilling and complete an aeromagnetic survey in Q4, 2025.

ON DEALS AND CORPORATE ISSUES

  • MAG Silver Corp., and Pan American Silver Corp., received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. The deal is expected to be closed by around September 4, 2025. MAG shareholders need to decide no later than 2:00 PM (Vancouver time) on August 27 whether they want to receive either USD $20.54 in cash for each MAG share held; or the default election of USD $0.0001 in cash and USD $0.755 of a common share of Pan American for each MAG share held.
  • Avino Silver & Gold Mines Ltd., purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. The company acquired the La Preciosa obligations from Deterra Royalties Limited for a total consideration of USD $22M, consisting of USD $13.25M upfront payment and an $8.75M deferred payment due within a year after initial production, and a payment of USD $0.25 per Oz AgEq of new mineral reserves discovered and declared outside of the current mineral resource area, subject to a cap of USD $50M.. It also acquired royalty obligations, which include a 1.25% net smelter returns royalty on the Gloria and Abundancia veins, and a 2% gross value returns royalty on the remainder of the La Preciosa resource. This acquisition allows Avino to eliminate these royalty burdens prior to commencing production.
  • Alamos Gold Inc., declared a quarter dividend of USD $0.025 per common share payable on September 25, 2025 to shareholders of record as of the close of business on September 11, 2025. The company has paid dividends for 16 consecutive years, including returning USD $32 million thus far in 2025 (Mulatos mine, Sonora
  • MAG Silver Corp., announced preliminary results regarding shareholder election for the form of consideration in the Pan American Silver Corp acquisition. Shareholders could elect to receive, either USD $20.54 cash or USD $0.001 cash plus 0.755 of a Pan American share per MAG share, subject to proration. The preliminary results show that approximately 1.71% of MAG shareholders elected to receive cash, about 30.55% chose shares of Pan American, and approximately 67.74% did not make a valid election and are deemed to have opted for shares. The final outcome will be determined after the final election results are certified. The transaction has received all necessary approvals and is expected to close around September 4, 2025. Due to proration, some shareholders may receive a combination of cash and shares regardless of their election choice. Following the arrangement, MAG Silver shares are expected to be delisted from the Toronto Stock Exchange and New York Stock Exchange American LLC, and application has been made to cease being a reporting issuer (Juanicipio mine, Zacatecas).
  • Luca Mining Corp., acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession for USD $400K. It comprises 2,507 hectares and directly surrounds to the Tahuehueto mine in Durango and is not subject to any underlying NSR royalties. The acquisition expands Luca´s land position by over 25% reaching approximately 10,000 hectares, providing new exploration prospects, especially since mineral veins hosting current mineral resources extend into the acquired mineral concession, supporting their growth strategy.
  • DynaResource Inc., entered into an updated agreement with Ocean Partners UK Limited for a credit line facility expansion and offtake extension (all amounts are expressed in US dollars). The concentrate credit line facility replaces the previous one and increase funding from $12.5M to $15M, includes a 6-months grace period on principal repayments, and features competitive interest rates. The offtake agreement for gold concentrate production from San Jose de Gracia mine in Sinaloa has been extended to December 31, 2030, with improved gold payability terms. These agreements aim to enhance working capital, support mine development, and optimize operations for long-term growth.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc., released its 2024 Environmental, Social, and Governance (ESG) report. Highlights include USD $1.5M invested in local community initiatives; zero significant environmental incidents; over 100,000 hours of employee training; 9% reduction in total scope 3 greenhouse gas emissions; 98% of procurement expense with in-country suppliers; and five consecutive years of compliance with the World Gold Council´s Responsible Gold Mining Principles (Mulatos mine, Sonora).

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, phreatic breccia in a low sulphidation epithermal vein system in a project in Guanajuato, Mexico. Photo taken by Miguel A Heredia.

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 Second Week of April, 2025

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Cu mineraliztion in a sericitic-altered intrusive rock

By Miguel A Heredia

During the 15th week of the year (April 7th to April 13th 2025), at least 30 press releases were announced by companies working in Mexico, with eleven communicating production results, seven disclosing deals and corporate issues, six reporting resources and developments of their properties, three announcing financial rounds, one commenting on Mexican issues, and one informing on exploration results.  ON MEXICO ISSUES, Mithril and Angel Wing reported the best drilling intercepts in Mexico on the second week of April, 2025. ON EXPLORATION, In Nayarit, Angel Wing releases results from the initial 13-hole (1,400m) diamond drill program at its La Reyna project. ON MINING, Capstone announced that it will release its Q1, 2025 results on May 1, 2025 (Cozamine mine, Zacatecas).  Gold Resource declared that it will host a year end 2024 conference call on Wednesday, April 9, 2025. Pan American announced that it will report Q1, 2025 unaudited results on Wednesday May 7, 2025 (La Colorada mine, Zacatecas-Durango). Teck announced that it will release Q1, 2025 Q1, 2025 results on April 24, 2025 (San Nicolas mine, Zacatecas). Aura Minerals reported Q1, 2025 production at its Aranzazu mine, Zacatecas. Endeavour Silver announced Q1, 2025 production results from its Mexican mine operations. First Majestic released Q1, 2025 production results. DynaResource reported Q4 and year-end 2024 production and financial results from its San Jose de Gracia mine in Sinaloa. GoGold announced production results for the quarter ending March 31, 2025 from its Parral tailings property in Chihuahua. Torex reported Q1, 2025 production results from its Mexican operation mines in Guerrero. Gold Resource announced full year 2024 production and financial results for its Don David Gold Mine in Oaxaca.  ON FINANCING, Endeavour closed its bought deal financing for aggregate gross proceeds of USD $45M (San Sebastian mine, Jalisco). Pantera Silver closed a non-brokered private placement for aggregate gross proceeds of CAD $1.65M (Nuevo Taxco project, Guerrero). US Antimony secured a $5M line of credit with Truist bank (Los Juarez project, Queretaro).  ON RESOURCES AND DEVELOPMENT, Altius announced that Orogen recently reported an initial resource estimate for the newly discovered Navidad Vein at the Ermitaño mine, Sonora. DynaResource released metallurgical test work results from its san Jose de Gracia mine, Sinaloa. Tocvan announced the commencement of its next phase of 1,500m RC drilling at Pilar project, Sonora. Mithril reported high-grade channel results and drill results from its Copalquin project in Durango. Orogen announced mineral resource and reserve update on its producing Ermitaño royalty in Sonora, including inferred resource for the Navidad Vein. Heliostar reported drill results for its La Colorada mine, Sonora. ON DEALS AND CORPORATE ISSUES, Xali announced the appointment of its new exploration manager (El Oro project, State of Mexico). Defiance Silver entered into a non-binding letter of intent with Green Earth Metals Inc., a private held company holding a portfolio of assets in Mexico. Bear Creek announced closing of debt amendments (Mercedes mine, Sonora).  Sierra Metals reiterated recommendations to take no action as Alpayana amends hostile bid (Bolivar mine, Chihuahua). Plata Latina completed the sale of the 3% NSR on the Naranjillo project, Guanajuato for a total of USD $6M.  ON SOCIAL RESPONSIBILITY, First Majestic released its 2024 sustainability report

ON MEXICO ISSUES

  • Heliostar Metals Ltd., and Angel Wing Metals reported the best drilling intercepts in Mexico on the second week of April 2025, 2025. Details are shown in the table below:

ON EXPLORATION

  • Angel Wing Metal Inc., releases results from the initial 13-hole (1,400m) diamond drill program at its La Reyna project, Nayarit. Five widely spaced targets were drill-tested: El Polo, Dolorosa North, Dolorosa South, Celeste, and Zorrillo. Drilling highlights at El Polo target area include holes LR-25-005 with 1.6 g/t Au, 30 g/t Ag, 216 ppm Cu, 657 ppm Pb, and 463 ppm Zn over 8.20m, including 2.07 g/t Au, 39 g/t Ag, 246 ppm Cu, 718 ppm Pb, and 472 ppm Zn over 7.1m, including 3.75 g/t Au, 70 g/t Ag, 475 ppm Cu, 1,065 ppm Pb, and 560 ppm Zn over 3.75m; and hole LR-25-013 with 1.01 g/t Au, 60 g/t Ag, 429 ppm Cu, 1,384 ppm Pb, 1,965 ppm Zn over 6.80m, including 1.82 g/t Au, 11 g/t Ag, 86 ppm Cu, 982 ppm Pb, and 492 ppm Zn over 1.45m, including 2.09 g/t Au, 234 g/t Ag, 1,045 ppm Cu, 2,630 ppm Pb, and 4,990 ppm Zn over 1.40m. Drilling highlights at  Dolorosa South includes holes LR-25-001 with 1.52 g/t Au, 12 g/t Ag, 802 ppm Cu, 818 ppm Pb, and 133 ppm Zn over 7.75m, including 1.2 g/t Au, 13 g/t Ag, 325 ppm Cu, 890 ppm Pb, and 156 ppm Zn over 3m, including 2.1 g/t Au, 12 g/t Ag, 1,136 ppm Cu, 487 ppm Pb, and 96 ppm Zn over 3m, including 2.14 g/t Au, 21 g/t Ag, 416 ppm Cu, 1,155 ppm Pb, and 185 ppm Zn over 1.50m, including 3.89 g/t Au, 16 g/t Ag, 1,020 ppm Cu, 20 ppm Pb, and 88 ppm Zn over 1m; hole LR-25-011 with 1.46 g/t Au, 1 g/t Ag, 447 ppm Cu, 38 ppm Pb, and 86 ppm Zn over 1.5m; and hole LR-21-012 with 3.59 g/t Au, 10 g/t Ag, 1,071 ppm Cu,

ON MINING

  • Capstone Copper Corp., announced that it will release its Q1, 2025 results on May 1, 2025 (Cozamine mine, Zacatecas). 
  • Teck Resources Limited announced that it will release Q1, 2025 Q1, 2025 results on April 24, 2025 (San Nicolas mine, Zacatecas).
  • Aura Minerals Inc., reported Q1, 2025 production at its Aranzazu mine, Zacatecas. The company produced 20,456 Oz AuEq.
  • Endeavour Silver Corp., announced Q1, 2025 production results from its Mexican mine operations. Table below shows figures by mine:

First Majestic Silver Corp., released Q1, 2025 production results from its four producing underground Mexican mines. Mine by mine production details are shown in the next table:

  • DynaResource Inc., reported Q4 and year-end 2024 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency amounts are expressed in US dollars). During Q4, 2024, Dyna mined 59,940 tonnes and milled 67,670 tonnes of 4.12 g/t Au with a metallurgical recovery of 75.58% to produce 6,775 Oz Au. The company sold 6,897 Oz Au. During 2024 full year, the company mined 233,782 tonnes and milled 256,676 tonnes of 4.07 g/t Au with a metallurgical recovery of 76.24% to produce 25,677 Oz Au. The company sold 22,003 Oz Au. Dyna also reported for Q4, 2024 revenue of $14.8M and a net income of $0.1M, while for the full year 2024 it reported revenue of $46.5M and a net income of $8M.
  • GoGold Resources Inc., announced production results for the quarter ending March 31, 2025 from its Parral tailings property in Chihuahua. The company produced 210.3K Oz Ag, 3.3K Oz Au, 351.7K Lb Zn, and 262.1K Lb Cu (555.5K Oz AgEq).
  • Torex Gold Resources Inc., reported Q1, 2025 production results from its Mexican operation mines in Guerrero. Figures of the production results are shown in the table below:

The company is on track to achieve annual payable guidance of 400K-450K Oz AuEq.

  • Gold Resource Corporation announced full year 2024 production and financial results for its Don David Gold Mine in Oaxaca. The company produced and sold a total of 18.6K Oz AuEq comprising of 8,598 Oz Au and 817.3K Oz Ag sold at an average price of USD $2,354 and USD $28.75 respectively. Gold Resource reported USD 41.6M cash and cash equivalent as at December 31, 2025; working capital of USD $2.1M; and cash and AISC of USD 42,330 and USD $2,939 per Oz AuEq sold.

ON FINANCING

  • Endeavour Silver Corp., closed its bought deal financing for the issuance of 11,600,000 common shares at a price of USD $3.88 per common share for aggregate gross proceeds of USD $45M (San Sebastian mine, Jalisco).
  • Pantera Silver Corp., closed a non-brokered private placement financing by issuing a total of 6,600,000 units at a price of CAD$0.25 per unit for aggregate gross proceeds of CAD $1.65M (Nuevo Taxco project, Guerrero).
  • US Antimony Corporation secured a $5M line of credit with Truist bank. There are no immediate plans to utilize any borrowing under this new line of credit. The company only intends to utilize this credit facility as needed to support strategic growth initiatives, primarily associated with antimony inventory building (Los Juarez project, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Altius Minerals Corporation announced that Orogen Royalties Inc., recently reported an initial resource estimate for the newly discovered Navidad Vein at the Ermitaño mine, Sonora.
  • DynaResource Inc., released metallurgical test work results from its San Jose de Gracia mine, Sinaloa, as part of the preparation of an SK 1300 technical report. “The metallurgical test work results from three fresh rock composite samples from the active exploration areas of San Pablo, San Pablo Sur, and La Mochomera show excellent recovery > 95% in all samples using gravity followed by flotation (using standard industry reagents). Additionally, gravity gold recoveries reached up to 33.8%, confirming that the gold mineralization is amenable to conventional gravity gold processing methods such as Falcon concentrators”. 
  • Tocvan Ventures Corps., announced the commencement of its next phase of 1,500m RC drilling at Pilar project, Sonora. Drilling will focus on the 100% controlled expansion area where recent scout drilling returned significant mineralization.
  • Mithril Silver and Gold Limited reported high-grade channel results and drill results from its Copalquin project in Durango. Channel sampling highlights at Las Brujas working area includes 21.5 g/t gold and 337 g/t silver over 1m; 7.71 g/t Au and 170 g/t Ag over 1m; 3.7 g/t Au and 67 g/t Ag over 3m; 8.8 g/t Au and 74 g/t Ag over 2m; 7.85 g/t Au and 128 g/t Ag over 2m; 28.7 g/t Au and 356 g/t Ag over 1m; 15.3 g/t Au and 127 g/t Ag over 1m; 21.8 g/t Au and 156 g/t Ag over 1m; and 4.77 g/t Au and 94 g/t Ag over 1m. Channel sampling highlights at El Peru working area includes 5.66 g/t Au and 155 g/t Ag over 9.5m; 26.8 g/t Au and 1,004 g/t Ag over 2m; and 31.8 g/t Au and 233 g/t Ag over 1m. Mithril also reported the results of the drill hole MTH-LS25-20 at the Target 1, which intersected 9.06 g/t Au and 11 g/t Ag over 2.90m, including 44.7 g/t Au and 43 g/t Ag over 0.5m.
  • Orogen Royalties Inc., announced mineral resource and reserve update on its producing Ermitaño royalty in Sonora, including inferred resource for the Navidad Vein. Ermitaño reserves and resources as of Dec 31, 2024 are shown in the next table:

The company also reported Initial inferred resources for the Navidad vein system of 2.3M tonnes consisting of 5.9M Oz Ag and 249K Oz Au at grades of 81 g/t and 3.42 g/t respectively.

  • Heliostar Metals Ltd., reported drill results for its La Colorada mine, Sonora. Drilling highlights can be seen in the next table:

ON DEALS AND CORPORATE ISSUES

  • Xali Gold Corporation announced the appointment of its new exploration manager (El Oro project, State of Mexico).
  • Defiance Silver Corp., entered into a non-binding letter of intent (LOI) with Green Earth Metals Inc. (GEMS), a private held company holding a portfolio of assets in Mexico. Defiance proposes to acquire all issued and outstanding shares of GEMS in a strategic transaction. GEMS holds rights to three-drill permitted copper-gold-silver molybdenum projects in Mexico´s Sonora desert porphyry copper belt, covering a total of 6,795.22 hectares. The GEMS assets comprise the Victoria, Espiritu, and Los Ocotes project areas  “Under the terms of the LOI, Defiance proposes to issue common shares to GEMS shareholders in exchange for all of the issued and outstanding common shares of GEMS, based on an exchange ratio of 1 Defiance Share for every 4.52 GEMS Shares. In total, Defiance proposes to issue 4,954,613 Defiance Shares of Defiance at a price of CAD $0.255 per share, for a total purchase price of CAD $1,250,000 (excluding the Convertible Debenture Financing)”. Upon the closing of the transaction, GEMS will become a wholly-owned subsidiary of Defiance. In connection with the transaction, Defiance has also agreed to invest in GEMS through an unsecured convertible debenture for a total amount of CAD $150K. The convertible debenture will bear simple interest at 8.0% per annum and will mature two years from the closing of the convertible debenture financing.
  • Bear Creek Mining Corporation announced that it closed the amending agreements with each of Equinox Gold Corporation and Sandstorm Gold Ltd. Bear Creek will temporarily defer monthly interest payments on their existing debt obligations from February 2025 to November 2025, with all deferred interest due by December 31, 2025. The company anticipates issuing a new secured promissory note to Sandstorm in 2025 for up to USD $6.5M to support working capital, pending approval from the TSX Venture Exchange.
  • Sierra Metals Inc., reiterated recommendations to take no action as Alpayana amends hostile bid. The Board asserted that the bid, recently amended to offer CAD $1.1 per share, still undervalues the company. None of the directors or officers intend to tender their shares. The board emphasizes its successful operational improvements and advises shareholders not to act on the hostile bid, which it deems opportunistic and a poor reflection of the company’s true value (Bolivar mine, Chihuahua).
  • Plata Latina Minerals Corporation completed the sale of the 3% NSR on the Naranjillo project, Guanajuato for a total of USD $6M to a wholly-owned subsidiary of Fresnillo plc. The company retains a 2% NSR with Fortuna Mining Corp. on the La Joya project, which is located in the state of Hidalgo.
  • Vizsla Royalties Corp., adopted a new omnibus equity incentive compensation plan to replace the existing stock option plan, effective April 1, 2025. As part of this plan, the company has granted 2,800,000 performance share units (PSUs) to its officers, directors, employees, and consultants, which will vest after one year based on specific performance targets. If these targets are met, each vested PSU can be exchanged for one common share or settled in cash at the discretion of the Board. Approval from the TSX Venture Exchange and disinterested shareholders will be sought at the company’s upcoming annual general meeting in Q3 2025 (Panuco project, Sinaloa).

ON SOCIAL RESPONSIBILITY

  • First Majestic Silver Corp., released its 2024 sustainability report. The report highlights significant achievements, including record safety performance with a 48% reduction in Total Recordable Incident Frequency Rate (TRIFR) and a 70% reduction in Lost Time Injury Frequency Rate (LTIFR). The company also reported a 33% reduction in carbon footprint per tonne of ore processed and invested over USD $1.2M in community projects, resulting in a notable decrease in community complaints.

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, Cu mineralization in a sericitic-altered intrusive rock in an IOCG project in Sonora, Mexico. Miguel A Heredia in the photo.

The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2025

/ gambusinoprospectormexico / Leave a comment

Massive Pyrite

By Miguel A Heredia

During the 11th week of the year (March 10th to March 16th 2025), at least 23 press releases were announced by companies working in Mexico, and 1 news published by the media, with six announcing financial rounds, six communicating production results, five disclosing deals and corporate issues, five reporting resources and development of theirs properties, one discussing social issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Orex Minerals and Tocvan/Colibri reported the best drilling intercepts in Mexico on the second week of March, 2025. ON EXPLORATION, No relevant news.  ON MINING, Endeavour reported Q4, and full-year 2024 consolidated results from their Mexican operations. Altius reported 2024 attributable royalty revenue of CAD $64M and adjusted earnings of CAD $12.7M (Cuale project, Jalisco). Avino reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango. Equinox announced filing of 2024 audited financial statements (Los Filos mine, Guerrero). Sierra Metals announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua).  Starcore reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro.  ON FINANCING, Bear Creek closed a brokered private placement for gross proceeds of CAD $14.5M (Mercedes mine, Sonora). Goldgroup announced a non-brokered private placement for gross proceeds of up to $7M (Cerro Prieto mine, Sonora). Prismo closed its previously announced debt settlement transactions (Palos Verdes project, Sinaloa). Colibri announced extension of its non-brokered private placement closing date (Pilar project, Sonora).  Reyna Silver closed a final tranche of its previously announced private placement for gross proceeds of CAD $169,729.95 (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Colibri and its JV Partner Tocvan, released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. Fortuna Mining reported updated mineral resources for its San Jose mine in Oaxaca. Orex announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. Bear Creek filed a technical report regarding its Mercedes mine in Sonora. ON DEALS AND CORPORATE ISSUES, Kootenay reported that it will commence to trade at OTCQX best market (Columba project, Chihuahua). Silver Dollar announced the appointment of its new president and CEO (La Joya property, Durango). Infinitum Copper announced the appointment of its new CEO and Director (La Adelita project, Sonora). First Majestic appointed a new member to its Board of Directors (Santa Elena mine, Sonora). Apollo engaged Danayi Capital, an arm’s-length service provider, to provide the company certain investor relations and digital marketing services (Cinco de Mayo project, Chihuahua).  ON SOCIAL RESPONSIBILITY, Grupo Mexico has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates.

ON MEXICO ISSUES

  • Orex Minerals Inc., and Tocvan Ventures Corp / Colibri Resource Corporation reported the best drilling intercepts in Mexico on the second week of March, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Endeavour Silver Corp., reported Q4, and full-year 2024 consolidated results from their Mexican operations (all currency is expressed in US dollars). In Q4, 2024, the company processed 165.6K tonnes to produce 824.5K Oz Ag and 9,075 Oz Au (1.55M Oz AgEq). It produced 817.3K payable Oz Ag and 8.9K payable Oz Au at cash and AISC of $13.68 and $27.33 respectively. Endeavour also reported revenue of $42.2M from the sale of 654.5K Oz Ag and 8,343 Oz Au at realized prices of $31.56/Oz Ag and $2,647/Oz Au. Net earnings (loss) were $1M; adjusted net earnings (loss) of $4.8M; mine operating earnings of $7.7M; mine operating cash flow before taxes of $13.1M; EBITDA of $4.4M; adjusted EBITDA of $8.5M, and working capital of $78.8M. In the full year 2024, the company processed 781.4K tonnes to produce 4.47M Oz Ag and 39.5K Oz Au (7.54M Oz AgEq). It produced 4.44M payable Oz Ag and 38.3K payable Oz Au at cash and AISC of $12.99 and $23.88 respectively. Endeavour also reported revenue of $217.6M from the sale of 4.65M Oz Ag and 38.5K Oz Au at realized prices of $27.39/Oz Ag and $2,397/Oz Au. Net earnings (loss) were ($3.51M); adjusted net earnings (loss) of $8M; mine operating earnings of $42.1M; mine operating cash flow before taxes of $72.3M; EBITDA of $10M; adjusted EBITDA of $52.7M, and working capital of $78.8M.
  • Altius Minerals Corporation reported 2024 attributable royalty revenue of CAD $64M, including CAD $ 11.7M for Q4, 2024, and adjusted earnings of CAD $12.7M. The company also declared a quarterly dividend of CAD $0.09 per share payable to all shareholders of record at the close of business on March 19, 2025. The dividend is expected to be paid on or about April 02, 2025 (Cuale project, Jalisco).
  • Avino Silver & Gold Mines Ltd., reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango (all currency is expressed in US dollars). In Q4, 2024, the company milled 181,733 tonnes to produce 283.8K Oz Ag, 2.56K Oz Au, and 1.77M Lb Cu (735.6K Oz AgEq). The company sold 889.3K Oz AgEq at cash and AISC of $13.88 and $18.62 per Oz AgEq payable respectively. In the full-year 2024, Avino milled 648,774 tonnes to produce 1.11M Oz Ag, 7.48K Oz Au, and 6.2M Lb Cu (2.65M Oz AgEq). The company sold 2.6M Oz AgEq at cash and AISC of $14.84 and $20.57 per Oz AgEq payable respectively. The company also reported in Q4, 2024 revenues of $24.4M; mine operating income of $10.5M; net income of $5.1M; EBITDA of $9.1M; adjusted earnings of $9.95M; cash provided by operating activities of $15.5; mine operating cash flow before taxes of $11.88M; cash of $27.3M; and working capital of $25.2M. For the full year 2024, the company reported revenues of $66.2M; mine operating income of $23.2M; net income of $8.1M; EBITDA of $18.04M; adjusted earnings of $21.3M; cash provided by operating activities of $23.1; mine operating cash flow before taxes of $27.6M; cash of $27.3M; and working capital of $25.2M.
  • Equinox Gold Corp., announced filing of 2024 audited consolidated financial statements (all currency expressed in US dollar). The company reported revenues of $1,514M; cash and cash equivalent of $239.3M; cost of sales of $304M; income from operations of $237.96M; income before income taxes of $ 630.5M; and net income of $339.3M (Los Filos mine, Guerrero).
  • Sierra Metals Inc., announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua). 
  • Starcore International Mines Ltd., reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro (all currency is expressed in Canadian dollars). The company milled 46.7K tonnes of 1.74 g/t Au and 11 g/t Ag with metallurgical recoveries of 87.4% and 49.1% respectively, to produce 2.2K Oz Au and 8.2K Oz Ag (2.3K Oz AuEq) at cash and AISC of $1,873 and $2,505 per Oz AuEq respectively. Starcore also reported revenues of $9M; earnings from mining operations and toll processing of $2.12M; and net income of 294K.

ON FINANCING

  • Bear Creek Mining Corporation closed a brokered private placement of 64,445,000 common shares at a price of CAD $0.225 per share for gross proceeds of CAD $14,500,125. The company intends to use net proceeds to support exploration and resource drilling at the company’s Mercedes mine in Sonora, to build a ventilation raise bore and secondary escape way at the Marianas deposit at Mercedes to ensure safe production and for general working capital purposes, the latter of which will include reducing Mercedes’ trade payables over the next quarter.
  • Goldgroup Mining Inc., announced a non-brokered private placement of up to 23,333,334 units at a price of $0.30 per unit, for gross proceeds of up to $7M, the same that later on the company upsized to 25,833,334 units at a price of $0.30 per unit, for gross proceeds of up to $7.75M. Net proceeds will be used for improvements at Cerro Prieto mine in Sonora, to update a PEA at Pinos property in Zacatecas, for debt reduction, and for general working capital.
  • Prismo Metals Inc., closed its previously announced debt settlement transactions, pursuant to which the company has issued to the creditors an aggregate of 4,451,175 common shares of the company at a price ranging from $0.075 to $0.23 per common share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of approximately $464,409 (Palos Verdes project, Sinaloa).
  • Colibri Resource Corporation announced extension of its non-brokered private placement closing date. The company obtained consent from TSX Venture Exchange to extend the closing date for a second tranche to on or before March 28, 2025. The offering is for the sale of up to 10,000,000 units at a price of $0.025 per unit, for total gross proceeds of up to $250K (Pilar project, Sonora).
  • Reyna Silver Corp., closed a final tranche of its previously announced private placement of 2,623,066 units at a price of CAD $0.075 per unit for gross proceeds of CAD $169,729.95. The company intends to use the proceeds from the offering for ongoing exploration, maintenance and development of the company’s properties and general working capital and corporate purposes (Batopilas project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Colibri Resource Corporation and its JV Partner Tocvan Ventures Corp., released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. The most significant intercept was encountered in hole JES-25-104 with 1.27 g/t Au and 1 g/t Ag over 83.45m, including 10.31 g/t Au and 5 g/t Ag over 9.72m, including 60.6 g/t Au and 13 g/t Ag over 1.62m.  Hole JES-25-103 intersected 0.09 g/t Au, 8 g/t Ag, and 0.54% Cu over 34.70m, including 0.15 g/t Au, 12 g/t Ag, and 0.9% Cu over 9.60m, including 0.4 g/t Au, 39 g/t Ag, and 2.56% Cu over 3.70m.
  • Fortuna Mining Corp., reported updated mineral resources for its San Jose mine in Oaxaca. As of December 31, 2024, the San Jose mine has measured and indicated resources of 1.2M tonnes with grades of 160 g/t Ag and 1.15 g/t Au to contain 6.1M Oz Ag and 44K Oz Au (119K Oz AuEq), and inferred resources of 1.05M tonnes of 164 g/t Ag and 1.23 g/t Au, containing 5.6M Oz Ag and 42K Oz Au (110K Oz AuEq). “The San Jose mine was placed on care and maintenance on December 24, 2024, as the company decided to enter a strategic process to divest of the non-core asset. On January 15, 2025, the company announced it had entered into a binding agreement with Minas del Balsas S.A. de C.V. (MdB), a private Mexican company, for the sale of the San Jose mine. On March 6, 2025, the company terminated the acquisition agreement with MdB and is now continuing with the sale process to divest the asset”.
  • Orex Minerals Inc., announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. The Loma Verde target area was the focus of such drilling program. Drilling highlights (true widths reported) include holes BCO-85 with 0.75 g/t Au and 173 g/t Ag (3.02 g/t AuEq or 230 g/t AgEq) over 15m, including 1.37 g/t Au and 419 g/t Ag (6.88 g/t AuEq or 523 g/t AgEq) over 4.60m; and hole BCO-89 with 1.17 g/t Au and 87 g/t Ag (2.32 g/t AuEq or 176 g/t AgEq9 over 4.75m, including 5.01 g/t Au and 397 g/t Ag (9.07 g/t AuEq or 738 g/t AgEq) over 0.75m, plus 1.70 g/t Au and 180 g/t Ag (4.05 g/t AuEq or 309 g/t AgEq) over 3.94m, including 5.42 g/t Au and 603 g/t Ag (13.35 g/t AuEq or 1,105 g/t AgEq) over 0.87m.
  • Bear Creek Mining Corporation filed a technical report regarding its Mercedes mine in Sonora. The Mercedes Report supports the updated Mercedes Mineral Resource and Mineral Reserve estimates announced by the Company on January 29, 2025.

ON DEALS AND CORPORATE ISSUES

  • Kootenay Silver Inc., reported that it will commence to trade at OTCQX best market under the ticker symbol “KOOYF” effective at the opening of trading on Wednesday, March 12, 2025 (Columba project, Chihuahua).
  • Silver Dollar Resources Inc., announced the appointment of its new president and CEO (La Joya property, Durango).
  • Infinitum Copper Corp., announced the appointment of its new CEO and Director (La Adelita project, Sonora).
  • First Majestic Silver Corp., announced the appointment of a new member to its Board of Directors, effective march 13, 2025 (Santa Elena mine, Sonora).
  • Apollo Silver Corp., engaged Danayi Capital Corp., an arm’s-length service provider, to provide the company certain investor relations and digital marketing services. Under a digital marketing agreement dated March 13, 2025 (the “Agreement”), Danayi will provide digital media, marketing strategies, and advertising for a trial period of one month at a fee of USD$50K  (Cinco de Mayo project, Chihuahua).  

ON SOCIAL RESPONSIBILITY

  • Grupo Mexico S.A.B de C.V, has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates. For the fourth consecutive year, Grupo Mexico has been included in the Sustainability Yearbook 2025, a distinction awarded by the rating agency S&P Global to the companies with the best performance in the Corporate Sustainability Assessment, one of the most rigorous in the world. Grupo Mexico is among the top 15% of companies in the Mining and Metals sector, thanks to its performance in key areas such as environmental management systems, biodiversity, energy, human rights, water, transparency, and disclosure.

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, massive pyrite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of December 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 50th week of the year (December 9th to December 15th, 2024), companies working in Mexico posted at least 28 press releases. Not a single company informed on exploration advances at its property, two companies presented quarterly results, one company was ordered to suspend operations, one more announced commercial production while another the re-start of heap stacking. Two companies informed on financing rounds, one on the granting of options, another on a share purchase plan, one on the evaluation of share consolidation and one more on the signing of service contracts. Six companies updated on drilling programs and one on a new MRE report for its property, one company started test mining and bulk sampling at its advanced property. One company published its annual handset book, two companies presented AGM results, three more announced appointments to the board, two companies informed on their amalgamation agreement, one more on the move of its headquarters and another one on the international arbitration proceedings against Mexico. One company published its sustainability report ON MEXICO ISSUES, Mexico is to review the proposed ban on open pit mining. ON EXPLORATION, no relevant news. ON MINING, GoGold Resources and Heliostar Metals presented quarterly reports. Torex Gold operations in Guerrero were mandated to halt by the government. Sierra Madre Gold and Silver announced commercial production at La Guitarra. Heliostar Metals intends to re-start stacking activities at La Colorada in Sonora. ON FINANCING, Tocvan Ventures and Quetzal Copper announced financing rallies for $2.1 M and C$3 M respectively. Sandstorm entered an automatic share purchase plan. Sierra Metals is considering a 20:1 share consolidation plan. Sierra Madre Gold and Silver granted stock options, Heliostar Metals signed services agreements with two companies, Defiance Silver made a clarification on the engagement of a service company. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining released results from drilling at La Parilla, Mithril Silver and Gold updated on drilling at Copalquin, Defiance Silver announced a new MRE for Tepal, Pan American Silver reported drilling highlights for La Colorada and La Colorada Skarn, Prime Mining reported on expansion drilling at Los Reyes, Orla Mining updated on exploration at Camino Rojo. Fuerte Metals reported drilling results from Cristina, Vizsla Silver commenced test mining and bulk sampling at Panuco ON DEALS AND CORPORATE ISSUES, Elemental Altus Royalties published its annual handset handbook. Defiance Silver and Zacatecas Silver announced AGM’s results. Orla Mining and Luca Mining announced appointments to the board. Enduro Metals and Commander Resources announced its amalgamation agreement. US Antimony announced the move of its headquarters. Almaden Minerals informed on the international arbitration process under the TPP with Mexico. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2023 sustainability report.

ON MEXICO ISSUES

  • Mexico is to review the proposed bill to ban open pit mining, announced Claudia Shienbaum, Mexico’s president.  The proposal was approved by the lower chamber of Congress in August, and also seeks to prohibit fracking and restrict water usage in areas of scarcity. She emphasized that the review will focus on ensuring environmental protection and is independent of corporate interests. “The Mexican Mining Chamber (Camimex) has voiced strong opposition to the proposed ban. Open-pit mining accounts for 60% of the value of Mexico’s national mining and metallurgical production. Camimex warns that the prohibition could lead to a 1% contraction in the country’s GDP and jeopardize nearly 200,000 jobs.”

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Torex Gold Resources Inc. updated on the carbon monoxide accident that claimed the lives of two employees and one contractor and injured a second contractor. The company commenced its “own internal investigation to determine how, despite multiple levels of safety protocols and controls, such a tragedy could have occurred…. Two experienced individuals went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two other individuals entered the area as well. Three of the individuals passed away as a result, while the fourth was transported to a local hospital and is now at home recovering”.
  • Torex Gold Resources Inc. received notification from the DGM (Dirección General de Minas) that all activities are to be temporarily suspended at the Morelos property in Guerrero, “to support their inspection associated with the fatal incident at the El Limón Guajes underground mine” on December 5th, 2024.
  • Sierra Madre Gold and Silver Ltd. announced that industrial production has started at the Guitarra mine processing plant in Estado de México. “The plant has been operating at 86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the last two (2) months”. During October 13.2 K tonnes were processed to recover a concentrate containing 21.2 K Oz Ag, 295 Oz Au, and 13 K tonnes were processed in November to recover a concentrate containing 22.9 K Oz Ag, 363 Oz Au.
  • GoGold Resources Inc. announced financial results for the three months and full year ended on September 30, 2024. The company had revenue of US$36.5 M for the year on the sale of 1.4 M Oz AgEq, with net income of $1.6 M, production of 553.4 K Oz Ag, 8,700 Oz Au, 468 tonnes Cu, 316 tonnes Zn (or 1.48 M Oz AgEq), at cash cost of $17.62 per Oz AgEq and an AISC of $24.15. Cash of US$72.0 M at the end of the period.
  • Heliostar Metals Ltd. announced its intentions to recommence crushing and stacking in January 2025 of the historical Junkyard Stockpile at the Colorada Mine in Sonora. “The planned restart would initially augment and then replace the current gold production from residual leaching at the mine”. The stockpile is located close to the La Colorada crushing circuit, containing material mined from the Gran Central Pit in the mid to late 1990’s. “Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed”.
  • Starcore International Mines Ltd. reported results for its Q2, ended in October 31, 2024. During the period the company processed 48.2 K tonnes at its San Martin mine in Queretaro, grading 1.1 gpt Au, 9.81 gpt Ag, recovering 80.3% Au, 49.2% Ag, to produce 1,400 Oz Au, 7.6 K Oz Ag (or 1,466 Oz AuEq) at cash cost $2,746 per Oz Au. “This quarter reflects the 2-month closure of mining operations due to the safety standards upgrades that were required by the Mexican Labor Department,,,” after a fatal accident at the mine. Cash on hand is C$3.7 M and working capital C$4.1 M.

ON FINANCING

  • Sierra Madre Gold and Silver Ltd. granted stock options to two new employees of the company to purchase an aggregate of 300 K common shares (La Guitarra, Estado de México).
  • Sandstorm Gold Ltd. entered into an automatic share purchase plan under its previously announced normal course issuer bid. The company’s at-the-market equity program for up to US$150 M of common shares expired in October with no shares being issued under the program. Sandstorm renewed its revolving credit agreement allowing the company to borrow up to US$625 M (Royalty in Cosalá, Sinaloa).
  • Tocvan Ventures Corp. closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $2.1 M, including $1.8 M from Sorbie Bornholm LP, a UK based institutional investor (Gran Pilar, Sonora).
  • Sierra Metals Inc. is to hold a special meeting of shareholders on January 31, 2025, to seek authorization from shareholders to consider a consolidation of all the company’s issued and outstanding common shares on 1 to 20 ratio (Bolivar, Chihuahua).
  • Heliostar Metals Ltd. entered into an agreement with Triomphe Holdings Ltd. for an initial term of six months and C$120 K, and Investors News Network with a term of three months and C$25 K, for investor relations and communication services (Ana Paula, Guerrero).
  • Defiance Silver Corp. made a clarification on the engagement of Torrey Hills Capital Inc. to provide investor relation. Torrey is to receive a monthly payment of US$5 K per month for a minimum of four months (Tepal, Michoacan).
  • Quetzal Copper Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$3 M (Cristinas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd. released results from drilling at La Parrilla Silver Mine Complex, in Durango. Three high-grade zones within the Central Rosarios at the Rosario mine span 275 m in strike length down to a depth of ~600 m remaining open at depth. Highlighted core length intercepts comprise 1.50 m @ 74 gpt Ag, 2.4% Pb, 3.1% Zn; 1.00 m @ 22 gpt Ag, 0.4% Pb, 4.4% Zn; 0.60 m @ 354 gpt Ag, 0.09% Cu, 5.4% Pb, 2.0% Zn; 1.76 m @ 103 gpt Ag, 1.4% Pb, 1.4% Zn; 4.23 m @ 0.25 gpt Au, 150 gpt Ag, 2.6% Pb, 3.6% Zn (including 1.81 m @ 0.31 gpt Au, 296 gpt Ag, 4.3% Pb, 5.5% Zn).
  • Mithril Silver and Gold Ltd. provided an update on current drilling the Target 1 area at its Copalquin project in Durango. The first wo holes of this campaign are at the lab, the next on the way to the lab, two more are being logged and sampled and a sixth hole has been commenced. A maiden resource for the Target 1 area is scheduled for the end of Q1 2025. Two more areas are to be drilled once the ongoing municipal road upgrade by the company is completed, which will facilitate the 40,000 m of drilling planned for 2025.
  • Defiance Silver Inc. announced a mineral resource estimate (MRE) for its Tepal Au-Cu project in Michoacan. The open pit operation model comprises 111.7 M tonnes grading 0.19% Cu, 0.26 gpt Au, 1.55 gpt Ag, containing 473.9 M Lb Cu, 926 K Oz Au, 5.6 M Oz Ag as measured and indicated resources, and 124.4 M grading 0.16% Cu, 0.25 gpt Au, 1.46 gpt Ag, containing 451 M Lb Cu, 985 K Oz Au, 5.8 M Oz Ag. Molybdenum was not included due to insufficient metallurgical testwork, but moly grades are significant and its recovery will be assessed.
  • Pan American Silver Corp. provided its annual exploration update, including its Mexican operations. At La Colorada, in Zacatecas, 13 new veins have been discovered in the eastern portion of the property. Highlighted true width intercepts comprise 0.95 m @ 9,618 gpt Ag, 4.9% Pb, 4.8% Zn; 2.32 m @ 2,615 gpt Ag, 2.3% Pb, 5.2% Zn; 3.28 m @ 308 gpt Ag, 10.2% Pb, 13.1% Zn. The San Geronimo vein system covers now 550m along the strike by 450m vertical. From May to October almost 48,000 m of drilling have been carried out. At the nearby La Colorada Skarn “infill drilling reinforced confidence in the large, indicated mineral resource updated on June 2024”. Over 11,000 m of infill drilling have been completed since then with highlighted core length intervals comprising 273.1 m @ 54 gpt Ag, 0.8% Pb, 5.2% Zn; 62.55 m @ 84 gpt Ag, 2.0% Pb, 7.6% Zn; 60.25 m @ 85 gpt Ag, 7.0% Pb, 10.4% Zn.
  • Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. The four holes tested Guadalupe East, on the south-east end of the Guadalupe Trend, and are not included in the mineral resource estimate (MRE) released in October. Highlighted true width intervals comprise 1.25 m @ 3.34 gpt Au, 617 gpt Ag (including 0.65 m @ 6.27 gpt Au, 1,160 gpt Ag); 0.95 m @ 14.25 gpt Au, 2,150 gpt Ag; 0.80 m @ 0.81 gpt Au, 1 gpt Ag; 2.35 m @ 1.80 gpt Au, 272 gpt Ag. The company has expanded its fiscal year 2024 program to 50,000 m from 40,0000 m, with “prioritization of targets on probability of resource development and generative area discovery potential”.
  • Orla Mining Ltd. provided an update on exploration of the Camino Rojo Extension, now referred to as Zone 22, at its Camino Rojo project in Zacatecas. Highlighted core length intercepts of 11,318 m in thirteen holes comprise: 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.08% Zn; 6.60 m @ 1.01 gpt Au, 63 gpt Ag, 1.6% Cu, 0.1% Zn (including 1.20 m @ 3.08 gpt Au, 202 gpt Ag, 4.95% Cu, 0.2% Zn); 2.90 m @ 5.65 gpt Au, 27 gpt Ag, 0.1% Pb, 1.4% Zn; 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.1% Zn; 2.70 m @ 30.70 gpt Au, 4 gpt Ag, 1.3% Zn (including 0.60 m @ 140.50 gpt Au, 9 gpt Ag, 0.16% Cu, 5.2% Zn); 2.00 m @ 0.83 gpt Au, 393 gpt Ag, 2.4% Pb, 8.8% Zn; 15.00 m @ 0.93 gpt Au, 25 gpt Ag, 0,91% Cu; 4.50 m @ 5.17 gpt Au, 215 gpt Ag, 0.14% Cu, 3.3% Pb, 4.6% Zn; 2.80 m @ 2.99 gpt Au, 269 gpt Ag, 0.16% Cu, 4.3% Pb, 6.8% Zn. Mineralization extends up to 800 m down-plunge from the resource pit. In addition to Au-Ag-Zn sulfide replacement and skarn mineralization, Zone 22 presents Cu-Au-Ag values associated to a felsic dike intersected primarily in the deepest down-plunge extension area.
  • Fuerte Metals Corp. reported results from five diamond holes at its Cristina project in Chihuahua. The holes reported are from the Los Ingleses and Mexico Libre vein systems, which returned true width intercepts of: 0.90 m @ 3.40 gpt Au, 6 gpt Ag, 0.1% Zn; 9.00 m @ 1.50 gpt Au, 42 gpt Ag, 0.18% Cu, 0.5% Pb, 2.5% Zn; 17.50 m @ 2.40 gpt Au, 23 gpt Ag, 0.5% Pb, 1.0% Zn (including 7.50 m @ 5.30 gpt Au, 40 gpt Ag, 0.16% Cu, 1.0% Pb, 2.0% Zn); 2.40 m @ 11.90 gpt Au, 69 gpt Ag, 0.25% Cu, 1.9% Pb, 4.0% Zn; 3.00 m @ 8.60 gpt Au, 95 gpt Ag, 0.40% Cu, 1.4% Pb, 6.2% Zn (including 1.80 m @ 14.20 gpt Au, 143 gpt Ag, 0.65% Cu, 2.2% Pb, 9.8% Zn). “Fuerte has now reported thirty holes totalling 7,936.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program”. An underground resource estimate will follow the completion of the 21,000 m program in Q3 2025.
  • Vizsla Silver Corp. commenced fully funded and fully permitted test mining and bulk sample program at its Panuco project in Sinaloa. The underground scope includes 1,070 m of ramp development, lateral access and ore extraction from the 460-level zone on the Copala structure, where approximately 10 K tonnes of high-grade material is to be mined. Surface infrastructure to be completed includes construction of portal facilities, access roads and laydown areas.

ON DEALS AND CORPORATE ISSUES

  • Elemental Altus Royalties Corp. published the 2024 edition of its Annual Handset Handbook, with information on the production, development and exploration stages royalties (Mercedes, Sonora).
  • Defiance Silver Corp. announced results from its AGM and the election of Pail A. Smith as director (Tepal, Michoacan; Zacatecas, Zacatecas).
  • Orla Mining Ltd. announced the appointment of Dr. Silvana Costa as Chief Sustainability Officer (Camino Rojo, Zacatecas).
  • Enduro Metals Corp. and Commander Resources Ltd. announced its amalgamation agreement pursuant to which Enduro and Commander will combine their operations creating a copper and gold explorer. Commander owns the Pedro project in Durango.
  • United States Antimony Corp. announced the move of its corporate headquarters to Dallas, Texas, from Thompson Falls, Montana. Additionally, Mr. Gary C. Evans assumed the chief executive role and continues as chairman of the board of directors, Mr. Joe Bardswich takes on the role of executive vice-president and chief mining engineer (Los Juarez, Queretaro).
  • Almaden Minerals Ltd. informed on the international arbitration proceedings under the comprehensive and progressive agreement for Trans-Pacific Partnership with Mexico. “The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US$9.5 million in non-recourse litigation funding”. The company and Mexico have appointed an arbitrator to the three-person arbitration panel, and the third and presiding arbitrator has also been appointed, with the first session held in Washington on November 20, 2024. “While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders” (Ixtaca, Puebla).
  • Luca Mining Corp. announced the appointment of Ramon Medoza Reyes, P. Eng as chief technical officer (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. announced the results of its annual general meeting (AGM) and the resignation of Mr. John Lewins as a director of the company. Zacatecas Silver is evaluating upcoming exploration plans at the Zacatecas Silver project, that includes the Panuco Deposit, El Cristo vein system, San Gill breccia zone and Muleros zone. The company also holds the Esperanza project in Morelos, with 956 K Oz Au in resources in the measured and indicated categories and 277 K Oz Au as inferred.

ON SOCIAL RESPONSIBILITY

  • Capstone Copper Corp. published its 2023 sustainability report, highlighting its sustainable development strategy prioritizing climate, water, tailings, biodiversity and communities.

On the image below: Silicifed fault/vein ridges in Sonora. Drone picture by Jorge Cirett.