Normal Fault in the Upper Volcanic Supergroup of the Sierra Madre Occidental

By Miguel A Heredia

During the 47^thweek of the year (November 17^thto November 23^th2025), at least 26 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, five communicating production results, four announcing financial rounds, four reporting resources and developments of their properties, one informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Zacatecas, Defiance Silver provided an update on the recently completed trench sampling program at its San Acacio project. ON MINING, DynaResource reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa. Starcore announced Q2 production results from its San Martin mine in Queretaro. Luca Mining reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively. Heliostar presented Q3, 2025 production and financial results from their Mexican operations. ON FINANCING, Silver Viper announced a non-brokered private placement for gross proceeds of up to CAD $12M and later on it upsized to up to CAD $15M (La Virginia project, Sonora). Alamos Gold declared a quarterly dividend of USD $0.025 per common share and repurchased 928,729 shares under its Normal Course Issuer Bid (Mulatos mine, Sonora). Torex renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) (Media Luna project, Guerrero). Vizsla announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031 (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Silverco engaged SGS to validate and update Mineral Resource Estimate at Cusi mine, Chihuahua. GR Silver released results from drill hole SMS25-12 collared below the current San Marcial Resource Area at Plomosas project in Sinaloa. Kootenay published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. Silverco released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. IMPACT Silver presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Discovery Silver announced a number of management appointments (Cordero project, Chihuahua). GR Silver appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa). Mexican Gold informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz). Radius Gold appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua). Santacruz Silver announced the appointment of Bruce Wolfson to its Board of Directors and the retirement of Roland Löhner (Zimapan mine, Hidalgo). Vizsla Royalties congratulated Vizsla Silver on the positive results of the Feasibility Study on the Panuco project, Sinaloa. Garibaldi proposed extension of warrant expiry dates (Rodadero project, Sonora). Apollo granted Restricted Share Units to certain officers and directors (Cinco de Mayo project, Chihuahua). VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua. Masivo Silver secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:

ON EXPLORATION

Defiance Silver Corp., provided an update on the recently completed trench sampling program at its San Acacio project in Zacatecas. A total of 76 trenches were dig and sampled in the area known as Almaden-Carolina pits, and 49 in the area known as Esperanza-Guadalupe pits, all of them along the 2.1km of strike length of the Veta Grande vein system, with approximately 1.1km of trenching being completed across the vein system. Highlights at Almaden-Carolina pits include trench CHSA-24-32 with 355 g/t Ag, 4.16 g/t Au, 4.2% Pb, and 0.5% Zn over 3.25m. Highlights at Esperanza-Guadalupe pits include trench CHSA-24-116 with 5,180 g/t Ag, 4.85 g/t Au, 0.7% Pb, and 0.1% Zn over 0.6m, and trench CHSA-24-110 with 1,155 g/t Ag, 4,12 g/t Au, 2.3% Pb, and 0.2% Zn over 0.85m. “The results from this trenching program will enhance the Company’s understanding of the surface geology and mineralization and will contribute valuable data to support the upcoming mineral resource estimate”.

ON MINING

DynaResource Inc., reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency is expressed in US dollars). The company mined 74,680 tonnes and milled 62,741 tonnes of 3.3 g/t Au with metallurgical recoveries of 70.5% to produce 4,830 Oz Au. It sold 4,780 Oz Au. The company also reported revenue of $14.1M; net income of $1.3M; operating cash flows before change in non-cash working capital items of $2.4M; and cash flow used in operating activities of $999.4K.
Starcore International Mines Ltd., announced Q2 production results from its San Martin mine in Queretaro. The company milled 51.960 tonnes of 1.33 g/t Au and 14 g/t Ag with metallurgical recoveries of 77.17% and 49.30% respectively to produce 1,860 Oz AuEq.
Luca Mining Corp., reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively (all amounts are expressed in US dollars). The company mined 241,153 tonnes and milled 250,807 tonnes to produce 5,457 Oz Au, 312.2K Oz Ag, 2M Lb Pb, 1,048M Lb Zn, and 2.61M Lb Cu. (At Campo Morado, Guerrero, Luca processed 173,260 tonnes to produce 30.2M Lb ZnEq at cash cost and AISC of $1.09 and 1.43 per Lb ZnEq respectively. At Tahuehueto, Durango, Luca processed 77,548 tonnes to produce 5,579 Oz AuEq). The company sold 3,990 Oz Au, 233.9K Oz Ag, 762K Lb Pb, 7.6M Lb Zn, and 1.88M Lb Cu. Luca also reported net revenue of $35.04M; cost of sales of $31.1M; mine operating earnings of $3.9M; mine operating cash flow before taxes of $7.2M; loss earnings of $16.02M; adjusted net loss of $49K; net free cash flow before working capital of ($3.25M); EBITDA of (10.8M),; and adjusted EBITDA of $4.34M.
Heliostar Metals Ltd., presented Q3, 2025 production and financial results from their Mexican operations (currency is expressed in US dollars). At La Colorada, Sonora the company produced 5,311 Oz Au or 5,479 Oz AuEq and sold 4,122 Oz Au or 4,229 Oz AuEq at cash and AISC of USD $1,592 and $1,648 per Oz AuEq. At San Agustin, Durango, Heliostar produced 3,638 Oz Au or 3,686 Oz AuEq and sold 3,430 Oz Au or 3,480 Oz AuEq at cash and AISC of $1,389 and $1,587 per Oz AuEq. At Ana Paula, Guerrero, the company spent $3.9M in development and exploration, and announced that it progressed its ongoing 15,000m drilling program with the goal of delivering mineral reserves to support a 10-year life of mine in the Feasibility Study planned to be released in H1, 2027. At Cerro del Gallo, Guanajuato, it conducted advanced study works towards releasing a Pre Feasibility Study. Results of this study are planned to be released in the coming weeks. Consolidated operational and financial results are shown in the table below:

ON FINANCING

Silver Viper Minerals Corp., announced a non-brokered private placement for gross proceeds of up to CAD $12M from the sale of up to 15,000,000 of units at a price of CAD $0.8 per unit. Later on, the company upsized to up to 18,750,000 of units at a price of CAD $0.8 per unit for gross proceeds of up to $15M. Gross proceeds will be used for working capital requirements and other general corporate purposes (La Virginia project, Sonora).
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
Torex Gold Resources Inc., renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) over the period from November 21, 2025, to November 20, 2026. Torex had a total of 96,176,134 Common Shares issued and outstanding and a public float of 81,334,308 Common Shares. The buyback program, which was previously active, is designed to return capital to shareholders and is flexible, enabling Torex management to purchase shares on the open market as market conditions allow, with a daily maximum purchase limit. The company has already executed some share repurchases under the current NCIB at an average price of around CAD $46.78 per share. Beyond the buyback, Torex’s strategic objectives include advancing the Media Luna project in Guerrero to full production, optimizing existing operations, expanding reserves and resources, and pursuing disciplined growth while maintaining responsible mining practices.
Vizsla Silver Corp., announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031. The proceeds will be used to support exploration and development of its Panuco silver-gold project in Sinaloa, fund potential acquisitions, and cover general corporate expenses. A portion of the funds will also be allocated to purchase capped call transactions, which are designed to offset potential dilution from the conversion of the notes. The company can redeem the notes and holders have repurchase rights under some events. The offering is subject to certain conditions, including regulatory approvals and the notes will be convertible into shares or cash, with specific terms to be determined based on market conditions.

ON RESOURCES AND DEVELOPMENT

Silverco Mining ltd., engaged SGS Canada Inc., to validate and update Mineral Resource Estimate (MRE) at Cusi mine, Chihuahua. The MRE will be prepared in accordance with NI43-101 Standards of Disclosure for Mineral Projects and will incorporate new data and expand the scope of the previous historical estimate. The updated MRE is expected later this quarter.
GR Silver Mining Ltd., released results from drill hole SMS25-12 collared at San Marcial Area in its Plomosas project in Sinaloa. It intersected two silver mineralized zones with multiple intervals of high grade, extending the mineralization approximately 75m below the current San Marcial Resource Area. This hole encountered 124 g/t Ag, 0.1% Pb, and 0.2% Zn over 9.6m, including 284 g/t Ag, 0.1% Pb, and 0.5% Zn over 2m, plus 232 g/t Ag, 0.02g/t Au, and 0.1% Zn over 5m, including 956 g/t Ag, 0.02 g/t Au and 0.1% Zn. Hole SMS25-12 confirms the continuity of the hydrothermal breccia for at least 400m below surface and suggest potential to expand resources. A step-out drilling program is being planned for the first half of 2026.
Kootenay Silver Inc., published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. This 50,000m drilling program aims to extend and expands known mineralization on the extensive Columba vein system. Drilling highlights (TW reported) include hole CDH-25-218 on I Vein Area with 303 g/t Ag, 0.08 g/t Au, 0.7% Pb, and 2-1% Zn over 2-34m, including 921 g/t Ag, 0.12 g/t Au, 2.6% Pb, and 6% Zn over 0.41m, plus 28 g/t Ag, 0.22 g/t Au, over 15-93m, including 847 g/t Ag, 0.18 g/t Au, 0.4% Pb, and 0.3% Zn over 0.32m, plus 32 g/t Ag and 0.21 g/t Au, over 7.08m, plus 255 g/t Ag, 0.4% Pb, and 1.7% Zn over 0.74m, plus 26 g/t Ag, 0.32 g/t Au, and 0.1% Zn over 9.44m; and hole CDH-25-214 on D Vein with 45 g/t Ag and 0.1% Zn over 2.42m, including 185 g/t Ag, 0.1% Pb, and 0.1% Zn over 0.23m, plus 57 g/t Ag and 0.1% Zn over 1.59m, plus 231 g/t Ag, 0.2% Pb and 0.8% Zn over 0.39m, plus 108 g/t Ag, 0.1% Pb, and 0.2% Zn over 4.83m, including 362 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.69m, plus 90 g/t Ag, 0.1% Pb, and 0.2% Zn over 2.07m, ´plus 102 g/t Ag, 0.2% Pb, and 0.2% Zn over 2.07m, plus 104 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.23m. The company also reported the discovery of porphyry style gold mineralization along I Vein hosted in breccias and feldspar porphyries in holes CDH-25-217 and 218, with the identification of classic B style veins plus or minus molybdenite along with disseminated pyrite and unidirectional solidification textures.
Silverco Mining Ltd., released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. Drilling highlights include hole CU-25-35 (San Miguel Zone) with 0.16 g/t Au, 180 g/t Ag, 0.3% Pb, 1% Zn (194 g/t AgEq) over 1.5m, plus 0.32 g/t Au, 334 g/t Ag, 2.7% Pb, and 3.1% Zn (425 g/t AgEq) over 3.4m, including 1.05 g/t Au, 1,075 g/t Ag, 9.9% Pb, and 10.6% Zn (1,409 g/t AgEq) over 0.8M; hole CU-25-33 (San Miguel Zone) with 0.45 g/t Au, 427 g/t Ag, 1.6% Pb, and 6.5% Zn (554 g/t AgEq) over 1.2m, plus 0.18 g/t Au, 241 g/t Ag, 0.7% Pb, and 1.9% Zn (272 g/t AgEq) over 0.6m; hole CU-25-34 (Eduwiges Zone) with 0.21 g/t Au, 67 g/t Ag, 2.4% Pb, and 7.6% Zn (259 g/t AgEq) over 1.1m; and hole CU-25 36a (Eduwiges Zone) with 3.17 g/t Au, 231 g/t Ag, 11.2% Pb, and 10.7% Zn (764 g/t AgEq) over 1.5m. These are the last drill results to be included in the upcoming Mineral Resource Estimate update, which is expected to publish in December 2025.
IMPACT Silver Corp., presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. Drill results lie outside of the JORC mineral resource blocks published by the previous operator. Juarez Zone remains open for exploration. The table below shows a summary of the drill results:

ON DEALS AND CORPORATE ISSUES

Discovery Silver Corp., announced a number of management appointments, including Raymond Yip as Chief Information Officer, Kara Byrnes as Vice President Exploration and Geology-Porcupine, Gerry Stinson as Vice President, Environment, Porcupine Operations, and Amanda Kasner as Vice President, Business Optimization (Cordero project, Chihuahua).
GR Silver Mining Ltd., appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa).
Mexican Gold Mining Corp., informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz).
Radius Gold Inc., appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua).
Santacruz Silver Mining Ltd., announced the appointment of Bruce Wolfson to its Board of Directors, effective November 17, 2025. The Company also announces that Mr. Roland Löhner has notified the Company that he intends to step down from the board of directors following the upcoming annual general and special meeting on November 25, 2025 (Zimapan mine, Hidalgo).
Vizsla Royalties Corp., congratulated Vizsla Silver Corp., on the positive results of the Feasibility Study on the Panuco project, Sinaloa.
Garibaldi Resources Corp., proposed extension of warrant expiry dates and announced that it has applied to the TSX Venture Exchange to extend the expiry dates of certain warrants issued in December 2022 from December 2025 to December 2027. The exercise prices of these warrants will remain unchanged at CAD $0.40 and CAD $0.45. The extension is subject to exchange approval. The company aims to give warrant holders additional time to exercise their warrants, potentially supporting continued investor interest and capital raising opportunities (Rodadero project, Sonora).
Apollo Silver Corp., granted Restricted Share Units (RSUs) to certain officers and directors. The Company granted an aggregate of 750,000 RSUs. The RSUs vest in three equal tranches over 36-months. Upon vesting, each RSU entitles the holder to receive one common share of the Company. (Cinco de Mayo project, Chihuahua).
VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua, due to high maintenance costs, political instability, and safety concerns, despite its geological potential. The company will instead focus its exploration efforts on the Cumeral Gold Project in Sonora, which offers better permitting prospects, strong local support, and significant upside potential.
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
Masivo Silver Corp., secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. The agreement grants the Company full rights to rehabilitate or construct access roads, establish drill pads and core storage facilities, set up temporary camps and offices, and conduct drilling, sampling, and mineral extraction activities—subject to the required environmental permits. The land-use agreement is a prerequisite to obtaining these permits and ensures compliance with local and federal environmental regulations.

ON SOCIAL RESPONSIBILITY

No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, a normal fault in an outcrop of the Upper Volcanic Supergroup of extensive silicic ignimbrites in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Second Week of November 2025

November 16, 2025November 16, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 46th week of the year (November 10th to November 16th, 2025), companies working in Mexico presented 32 press releases. Five companies informed about exploration advances on early-stage properties. Five companies provided operational figures for the quarter. Eight companies presented news on financing rounds or share matters. Seven companies presented updates on advanced properties/mines. Seven companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed drilling at La Union; Tocvan Ventures informed on ongoing drilling at Gran Pilar. In Durango, Pinnacle Silver and Gold released sampling results at El Potrero; Silver Dollar Resources reported surface sampling results from the Nora project. ON MINING, Altius Minerals, Orla Mining, Americas Gold and Silver, Bear Creek Mining and Sierra Madre Gold and Silver presented third quarter 2025 reports. ON FINANCING, six companies informed on financing rounds: Questcorp Mining (C$2.1 M), GoGold Resources (C$125 M), Prismo Metals (C$1.74 M), Silver Tiger Metals (C$40 M), Americas Gold and Silver (US$115 M), Kingsmen Resources (C$4 M). Mithril Silver and Gold informed on the release of shares from escrow. ON RESOURCES AND DEVELOPMENT, Capitan Silver reported RC drilling results from Cruz de Plata, in Durango. Zacatecas Silver signed surface access agreements for its Zacatecas Silver project in Zacatecas. Silverco Mining released drilling results from Cusi, in Chihuahua. Vizsla Silver presented the feasibility report on Panuco, in Sinaloa. Luca Mining announced a three-year exploration program for its Campo Morado and Tahuehueto properties in Guerrero and Durango respectively. Discovery Silver presented an update on the Cordero property, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources is to have a special meeting of shareholders to seek the approval of a merger with Anglo American. Osisko Development intends to re-submit permit applications for the San Antonio project in Sonora. Elemental Altus Royalties and Emex Royalty closed the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. Fuerte Metals announced additions to the board. Silver Spruce signed an amending agreement with Colibri Resource on the acquisition of Colibri’s 50% interest on the Jackie property in Sonora. Mexican Gold Mining acquired the Tatatila project in Veracruz from Chesapeake Gold. Xali Gold sold the El Oro tailings project to Kappes, Cassiday and Associates. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

Questcorp Mining Inc. and Riverside Resources Inc. completed the first phase of drilling at the La Union project in Sonora. Over 1,600 m of drilling in 12 diamond drill holes across six targets have been completed, including La Union mine, the Famosa mine area, Famosa Mag, Union Norte, Cobre and Luis. Assays Pending.
Tocvan Ventures Corp. informed on the current drilling at the 2,200 ha Gran Pilar project in Sonora. The program is designed to test a 3.2 km by 1.5 km target zone with strong geochemical and geological signatures.
Silver Dollar Resources Inc. reported the latest surface sample assay results and receipt of a drill permit for its Nora property in Durango. Channel sampling 1,500 m on strike of the Candy vein returned up to 12.5 m @ 39 gpt Ag, 0.4% Pb, 2.3% Zn; 4.3 m @ 27 gpt Ag, 0.1% Pb, 0.8% Zn; 2.3 m @ 46 gpt Ag, 0.1% Pb, 0.4% Zn. Mineralization appears to be widely disseminated within an oxidation zone over 100m wide, with strong pervasive iron and manganese oxides with trace galena.
Pinnacle Silver and Gold Corp. provided sampling results from La Dura mine at El Portrero project in Durango. “The identification of another zone of gold-silver extends the mineralized strike length along the Dos de Mayo vein structure to almost 500 metres…. Of those 146 samples, 40 were taken from the two small adits. The mineralized zone identified was sampled by six composite channels along an exposed 12 metre strike length, and has an average width of 1.3 metres and average grades of 1.98 g/t Au and 98 g/t Ag, with individual grades up to 4.51 g/t Au and 269 g/t Ag over 0.5 metres.

ON MINING

Altius Minerals Corp. reported its Q3 2025 revenue at C$17.2 M and attributable royalty revenue of C$21.4 M, with adjusted EBITDA of C$13. 2 M. “During the quarter the Corporation made debt repayments of $11 million including a $9 million voluntary repayment on its revolving facility and $2 million of scheduled repayments on its term facility, paid cash dividends of $4.2 million and issued 12,850 shares under the dividend reinvestment plan” (royalty on Cuale, Jalisco).
Orla Mining Ltd. announced the results for the third quarter 2025, including figures from its operations in Mexico. During the quarter, over 0.7 M tonnes of ore and 2.4 M tonnes of waste (Strip ratio 3.34:1) were moved at Camino Rojo, in Zacatecas. “This higher strip ratio was a result of the pit wall event that occurred during the quarter. As stabilization activities began, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher than normal strip ratio”. A total of 2.8 M tonnes of ore grading 0.40 gpt Au were stacked on the heap leach, producing 22,050 Oz Au.
Americas Gold and Silver Corp. reported consolidated financial and operational results for the quarter ended September 30, 2025, including figures from its Mexican operations. Consolidated production during the quarter of 765 K Oz Ag, or 877 K Oz AgEq. At Cosalá, in Sinaloa, the company produced 325 K Oz Ag, at cash cost $23.87. “The Cosalá Operations increased capital spending on the EC120 Project, incurring $3.8 million during Q3-2025 ($2.9 million during Q2-2025)”. The company had US$39 M in cash at the end of Q3.
Sierra Madre Gold and Silver Ltd. provided financial results for the quarter ended September 30, 2025. During the period the company obtained revenues of US$5.52 M, gross profit of US$1.7 M. The company had an all-in-sustaining costs (AISC) of US$34.42 per Oz AgEq. Current assets, including cash totaled US$19.5 M by the end of the period. “Sierra Madre announced plans for a two-stage plant expansion at La Guitarra. The first phase would grow capacity by more than 50%, to 750 tpd – 800 tpd, by Q2 2026. A subsequent expansion would increase capacity to …. 1,200 tpd – 1,500 tpd, by Q3 2027”.
Bear Creek Mining Corp. reported its interim consolidated financial results for the three months ended September 30, 2025. At the Mercedes mine in Sonora, 76.2 K tonnes were mined averaging 2.84 gpt Au, 79.5 tonnes milled averaging 2.53 gpt Au, recovering 96% Au to produce 6,219 Oz Au, 18.9 K Oz Ag at cash cost $3,161 per Oz Au and an AISC of $3,563 per Oz Au. The company had revenue of US$22.5 M and a comprehensive loss after taxes of US$30.8 M. “Actively continued the strategic review process … to explore and evaluate the strategic and financial options available to the Company with the ultimate view of enhancing value”.

ON FINANCING

Questcorp Mining Inc. completed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M. A portion of the units issued, representing C$2 M are held pursuant to a sharing agreement entered into with an institutional investor, Sorbie Bornholm LP. (Nueva Union, Sonora).
GoGold Resources Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, to buy on a bought deal basis units for gross proceeds of C$125 M (Los Ricos South and North, Jalisco).
Questcorp Mining Inc. announced that Sorbie BornholmLP has undertaken an initial investment in the company with a gross investment of C$2 M (Nueva Union, Sonora).
Prismo Metals Inc. upsized and closed its previously announced non-brokered private placement for gross proceeds of C$1.74 M (Palos Verdes, Sinaloa).
Mithril Silver and Gold Ltd. confirmed that 31.94 M shares of the company will be released from escrow on 25 November 2015. (Copalquin, Durango).
Silver Tiger Metals Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada as joint bookrunners under which the underwriters have agreed to buy on bought deal basis common shares of the company for gross proceeds of C$40 M (El Tigre, Sonora).
Americas Gold and Silver Corp. increased the size of its “bought deal” private placement to aggregate gross proceeds of US$115 M. The company granted the underwriters an option to purchase additional common shares for additional gross proceeds of up to US$17.3 M (Cosalá, Sinaloa).
Kingsmen Resources Ltd. increased the previously announced non-brokered private placement to raise up to C$4 M (Las Coloradas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

Capitan Silver Corp. reported assay results from the reverse circulation drill program at its Cruz de Plata project in Durango. Highlighted drill length intervals from six holes comprise 6.10 m @ 0.77 gpt Au, 276 gpt Ag (including 1.50 m @ 1.51 gpt Au, 644 gpt Ag); 35.10 m @ 0.05 gpt Au, 57 gpt Ag, 0.2% Pb, 0.4% Zn; 1.50 m @ 0.04 gpt Au, 251 gpt Ag, 1.2% Pb, 2.3% Zn; 6.10 m @ 0.14 gpt Au, 202 gpt Ag, 0.5% Pb, 1.1% Zn (including 1.50 m @ 0.16 gpt Au, 596 gpt Ag, 1.1% Pb, 2.5% Zn); 25.90 m @ 0.21 gpt Au, 232 gpt Ag (including 1.50 m @ 1.57 gpt Au, 1,760 gpt Ag). A total of 57 drill holes have been completed across the Jesus Maria trend, Gully Fault, and new, early-stage targets in the property .
Zacatecas Silver Corp. entered into a new community access agreement with Ejido Panuco at its Zacatecas Silver project in Zacatecas. The company also signed a drill contract with Major Drilling for an initial 4,000 m of angled diamond drilling.
Silverco Mining Ltd. reported initial assay results from its 15,000 m 2025 diamond drill program at the Cusi past producing property, in Chihuahua. The drill program is primarily focused on expanding the potential of its San Miguel target, with holes in 50 m step outs. Highlighted core length intervals comprise: 3.80 m @ 0.08 gpt Au, 351 gpt Ag, 1.5% Pb, 0.5% Zn; 1.10 m @ 0.76 gpt Au, 741 gpt Ag, 0.2% Pb, 0.4% Zn; 1.10 m @ 0.31 gpt Au, 658 gpt Ag, 2.0% Pb, 5.1% Zn; 2.70 m @ 0.57 gpt Au, 245 gpt Ag, 4.4% Pb, 4.7% Zn; 1.40 m @ 1.98 gpt Au, 1,830 gpt Ag, 4.5% Pb, 3.8% Zn; 3.10 m @ 0.43 gpt Au, 817 gpt Ag, 7.4% Pb, 7.4% Zn; 8.60 m @ 0.21 gpt Au, 240 gpt Ag, 0.6% Pb, 0.7% Zn.
Vizsla Silver Corp. announced positive results from its feasibility study (FS) on the Panuco project in Sinaloa. The study encompasses a 3,300 tpd underground operation for the first three years, expanding to 4,000 tpd in year 4, with a life of mine (LOM) average of 17.4 M Oz AgEq (10.1 M Oz Ag, 83 K Oz Au), with years 1-5 averaging 20.1 M Oz AgEq (12.1 M Oz Ag, 92 K Oz Au) at cash cost US$8.56 per Oz AgEq and AISC of US$10.61 per Oz AgEq. The pre-production capital expenditure is US$238.7 M with an after-tax NPV(5%) of US$$1,802 M and 111% IRR at precious metals prices of US$3,100 per Oz Au, US$35.50 per Oz Ag. Mineral reserves stand at 12.8 M tonnes @ 249 gpt Ag, 2.01 gpt Au (416 gpt AgEq), containing 102.7 M Oz Ag, 829 K Oz Au (171.2 M Oz AgEq). At the Copala area, measured and indicated resources stand at 7.26 M tonnes @ 2.70 gpt Au, 420 gpt Ag, 0.1% Pb, 0.2% Zn (635 gpt AgEq), containing 630 K Oz Au, 98 M Oz Ag, 16 M Lb Pb, 30 M Lb Zn (148.1 M Oz AgEq), and inferred resources of 3.55 M tonnes @ 1.96 gpt Au, 341 gpt Ag, 0.2% Pb, 0.3% Zn (507 gpt AgEq), containing 224 K Oz Au, 38.9 M Oz Ag, 15 M Lb Pb, 25 M Lb Zn (57.7 M Oz AgEq). At the Napoleon area measured and indicated resources stand at 5.70 M tonnes @ 2.22 gpt Au, 162 gpt Ag, 0.5% Pb, 1.7% Zn (405 gpt AgEq), containing 406 K Oz Au, 29.8 M Oz Ag, 61 M Lb Pb, 213 M Lb Zn (74.3 M Oz AgEq), and inferred resources of 6.25 M tonnes @ 2.00 gpt Au, 152 gpt Ag, 0.4% Pb, 1.5% Zn (368 gpt AgEq), containing 403 K Oz Au, 30.6 M Oz Ag, 52 M Lb Pb, 204 M Lb Zn (73.9 M Oz AgEq). Total measured plus inferred resources add up to 1.66 M Oz Au, 197.3 M Oz Ag (354 M Oz AgEq).
Luca Mining Corp. announced a three-year US$25 M exploration program across its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. The program includes 80,000 m of surface and underground diamond drilling to expand and define gold resources and the use of AI based systems on >30 years of drilling, geologic and geophysical exploration data. At Campo Morado 38 priority targets have been identified, including Reforma Deeps. At Tahuehueto, near-mine and brownfields drilling to extend the Crestón, Perdido, and Santiago structures along strike and depth.
Discovery Silver Corp. presented an overview on the Cordero property in Chihuahua. The property was acquired in 2019, with over US$100 M invested since then. The last FS report was released on March 2024, comprising average annual production of 37 M Oz AgEq over the first 12 years of the 19 years mine life., at an AISC of $12.50 per Oz AgEq in years 1 to 8, a base case NPV of $1.2 B at metal prices of $1,600 per Oz Au, $22 per Oz Ag, $1.0 per Lb Pb, $1.2 per Lb Zn, with an initial capital expenditure of US$606 M. The mineral reserve contains 302 M Oz Ag, 840 k Oz Au, 3.0 B Lb Pb, 5.2 B Lb Zn. The company is assessing the use of natural gas as power source and evaluating the potential to establish solar farms, as well ongoing discussions with the various governmental bodies involved in issuing the permits for the project.
Zacatecas Silver Corp. finalized the land-access agreements from private owners for the upcoming drill program at its Zacatecas Silver project in Zacatecas. “the Company will move forward with its SEMARNAT permit applications to initiate drilling”.

ON DEALS AND CORPORATE ISSUES

Teck Resources Ltd. announced the filing of meeting materials for the special meeting of shareholders, to be held on December 9, 2025, seeking the approval of merger between equals with Anglo American (San Nicolas, Zacatecas).
Osisko Development Corp. informed on its third quarter 2025 review that the San Antonio project in Sonora remains in care and maintenance. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications in the foreseeable future”.
Elemental Altus Royalties Corp. and EMEX Royalty Corp. announced the closing of the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. (royalty on Mercedes, Sonora).
Fuerte Metals Corp. announced the addition of Chris Beer, Dawson Proudfoot and Sandip Rana to the board of directors. The company granted 6.98 M incentive stock options and 2.6 M bonus shares to certain officers, employees and directors of the company (Cristina, Chihuahua).
Silver Spruce Resources Inc. signed an amending agreement with Colibri Resource Corp. on November 12, 2025 in respect of the proposed acquisition of Colibri’s 50% interest in the Jackie project, in Sonora. “In consideration for Colibri’s 50% interest in the Project, Silver Spruce will issue 166,667 common shares to Colibri at a price of $0.15 per share based on the closing price per share on November 10, 2025 and grant a 1% Net Smelter Return royalty on any future production from the Project”.
Mexican Gold Mining Corp. has acquired 100% of the title and interest of the 3,824 ha Tatatila project in Veracruz. “The Tatatila concessions surround or are adjacent to Mexican Gold’s Las Minas Project”. The company issued Chesapeake Gold Corp. 4.45 M common shares of the company and 1.5% NSR royalty.
Xali Gold Corp. announced that Xali Gold and Kappes, Cassiday and Associates (KCA) agreed to finalize a definitive agreement whereby Xali Gold will transfer all of their rights related to the mine tailings from El Oro, Estado de México. Mine Tailings in El Oro, Mexico. The Agreement gives KCA the right to process and sell precious metals recovered from the tailings in return for a 4% NSR gross royalty, less any royalties due, but not less than 3% gross royalty. “KCA maintains the right to purchase 1% of the royalty from Xali Gold for US$1,000,000 at any time … continuing until production commences, a minimum royalty payment of US$50,000 is to be paid every 6 months”.

ON SOCIAL RESPONSIBILITY

No Relevant News.

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

DISCOVERY REPORTS 63,154 OUNCES OF GOLD PRODUCTION, $86.8 MILLION OF FREE CASH FLOW1 IN Q3 2025

November 13, 2025 / gambusinoprospectormexico / Leave a comment

2025-11-13_discovery silver reports Q3, 2025 results Download

VIZSLA SILVER DELIVERS POSITIVE FEASIBILITY STUDY FOR THE PANUCO PROJECT

November 12, 2025 / gambusinoprospectormexico / Leave a comment

2025-11-12_vizsla delivers positive feasibility study for its panuco project_sin Download

The Mining and Exploration News in Mexico: Highlights on the First Week of November, 2025

November 9, 2025 / gambusinoprospectormexico / Leave a comment

Quartz Vein hosted in volcanic rocks

By Miguel A Heredia

During the 45^thweek of the year (November 3^rdto November 9^th2025), at least 33 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight communicating mining and production issues, five announcing financial rounds, four informing on exploration results, and three reporting resources and developments of their properties. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Colibri retained CANMEX to conduct its next phase of drilling at the EP project, and Kenadyr provided an update on its Adelita copper-gold-silver project. In Chihuahua, Advance Metals confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. In Sinaloa, Mithril provided exploration results and an update for multiple targets at its Copalquin project. ON MINING, Santacruz Silver reported consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). First Majestic reported Q3, 2025 production and financial results from its Mexican mine operations. Aura Minerals presented Q3, 2025 consolidated production and financial results, including figures from its Aranzazu mine in Zacatecas. Gold Resource released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. Torex Gold announced Q3, 2025 production and financial results from its Morelos complex in Guerrero. Gold Royalty released Q3, 2025 consolidated financial results (royalty on Cozamin mine, Zacatecas). Avino Silver & Gold presented Q3, 2025 production and financial results from its Avino mine in Durango. Endeavour Silver announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. ON FINANCING, Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,350,722, and a second tranche for gross proceeds of CAD $140,980 (EP project, Sonora). Kingsmen announced a non-brokered private placement for gross proceeds of up to CAD $3,003,750 (Las Coloradas project, Chihuahua). Silver Storm declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung (La Parrilla mine, Durango). Oroco closed a first tranche of its non-brokered private placement announced on September 24, 2025 for gross proceeds of USD $1,530,999 (Santo Tomas project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Goldgroup filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. Silver Tiger announced the receipt of all required approvals and permits to construct the El Tigre Stockwork Silver-Gold project in Sonora. Heliostar released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero. ON DEALS AND CORPORATE ISSUES, Osisko Development announced the appointment of Scott Smith as Vice President, Exploration (San Antonio Gold project, Sonora). Mithril reported voting results of its annual general meeting of shareholders (Copalquin project, Durango). Elemental Altus announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora). Aura Minerals declared dividend based on Q3, 2025 results (Aranzazu mine, Zacatecas). Orogen granted stock options to directors, officers, employees, and consultants (Ermitaño mine, Sonora). Torex announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and discretionary share repurchases through its normal course issuer bid (El Limon Guajes and Media Luna properties, Guerrero). Almadex provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Silver Viper entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts (La Virginia project, Sonora). Mammoth announced the appointment of three new directors to strengthen its leadership team (Tenoriba project, Chihuahua). Royalties Inc reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone. Apollo Silver announced that the US Department of Interior added silver to the 2025 list of critical minerals. Inomin granted stock options to directors and two advisers of the company. Silver Viper entered into a capital market consulting agreement with Insight Capital Partners (La Virginia project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

No relevant news.

ON EXPLORATION

Colibri Resource Corporation retained CANMEX Perforaciones y Servicios SA de CV to conduct its next phase of drilling at the EP project in Sonora. The program will be focused on the undrilled San Perfecto and Banco de Oro target areas.
Kenadyr Metals Corp., provided an update on its Adelita copper-gold-silver project in Sonora. The company is preparing to commence Phase 1 exploration activities, including drilling and detailed geophysical surveys at the Cerro Grande skarn zone, following receipt of all necessary permits, including a 20-year mining license. The deal with Infinitum Copper (80%) and Minaurum Gold (20%) is basically done; just waiting on final TSXV approval, and financing is almost wrapped up with a last tranche expected soon. Overall, the project is positioned for active exploration with long-term development potential.
Advance Metals Limited confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. More than 6,300m of unsampled core in the Pertenencia Zone has been identified, representing greater than 50% of the historic drilling completed. First batch of sample results comprising 222.7m of core across 11 holes in the southern portion of Pertenencia Zone has confirmed the untested potential, returning grades of up to 370g/t Ag & 6.2g/t Au. Sampling from holes drilled in 2022 include holes YQ-022-025 with 480 g/t AgEq over 2.05m, including 848 g/t AgEq over 1.1m, and hole YQ-022-002 with 115 g/t AgEq over 4.45m, including 249 g/t AgEq over 0.95m. Multiple additional batches of previously untested core are currently awaiting assay results.
Mithril Silver and Gold Limited provided exploration results and an update for multiple targets at its Copalquin project. Target 5 in the southwest area of Copalquin, which is still in the early stages of exploration but showing great promise that could significantly impact the district´s resource potential, returned impressive silver-gold drill intercepts, including a standout hit of 1,714 g/t AgEq over 1m. Drilling highlights include hole AP25-003 with 2.28 g/t Au and 500 g/t Ag (660 g/t AgEq) over 2.75m, including 5.8 g/t Au and 1,308 g/t Ag (1,714 g/t AgEq) over 1m; hole AP25-005 with 1.71 g/t Au and 246 g/t Ag (366 g/t AgEq) over 3.35m, including 5.35 g/t Au and 771 g/t Ag (1,146 g/t AgEq) over 1.05m; and hole AP25-006 with 4.55 g/t Au and 409 g/t Ag (728 g/t AgEq) over 1,25m, plus 2.41 g/t Au and 447 g/t Ag (616 g/t AgEq) over 0.90m, plus 1.51 g/t Au and 321 g/T AgEq) over 0.80m. To date, 13 drilled holes have been completed at Target 5 with assay results received for the first eight holes. On the other hand, channel sampling at Tasolera mine returned high grade results, including 2 g/t Au and 3,300 g/t Ag (3,440 g/t AgEq) over 1.4m. This target is

rapidly emerging as a major silver zone. Only around 5% of the related vein system has been tested so far, meaning there´s plenty more ground to cover. Ongoing exploration mapping and channel sampling is on progress to expand its footprint. At Target 3, preparations are underway for drilling, supported by ongoing mapping and sampling efforts. This target is a large, highly prospective gold-silver zone with multiple high-grade surface samples and extensive mapped veins. At Target 1 (El Refugio-La Soledad), which hosts the maiden JORC mineral resource estimate, an ongoing drilling program is underway aiming to expand this existing resources by testing its western extensions and deep zones. At Target 6, new targets, including old workings have been identified with some recent sampling and mapping, indicating potential for future exploration. In general, drilling keeps revealing solid gold-silver mineralization, and the company is moving fast with more holes planned in multiple areas of the district.

ON MINING

Santacruz Silver Mining Ltd., reported its consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). The table below shows figures for the Zimapan mine in Hidalgo:

First Majestic Silver Corp., reported Q3, 2025 production and financial results from its Mexican mine operations. The first table below shows consolidated financial results, and the second production figures by mine operation:

Aura Minerals Inc., presented Q3, 2025 consolidated production and financial results from its mine operations. The table below shows production and financial results from its Aranzazu mine in Zacatecas:

Gold Resource Corporation released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. The company milled 65,131 tonnes with grades of 1.11 g/t Au, 250 g/t Ag, 0.16% Cu, 0.6% Pb, and 1.6% Zn to produce 1,646 Oz Au, 453.05K Oz Ag, 73 tonnes Cu, 241 tonnes Pb, and 784 tonnes Zn. Gold Resource sold 1,422 Oz Au, 417.7K Oz Ag (6,298 Oz AuEq), 67 tonnes Cu, 212 tonnes Pb, and 645 tonnes Zn at averages realized prices of USD $3,546/Oz Au, USD $41.39/Oz Ag, USD $9,690/tonne Cu, USD $1,937/tonne Pb, and USD $2,841/tonne Zn. Total cash and all in sustaining cost (AISC) after co-product credits were $2,166 and USD $2,983 per Oz AuEq respectively. It also reported a net loss of USD $4.7M; a working capital of USD $12.8M and cash and cash equivalent of USD $9.8 as of September 30, 2025.
Torex Gold Resources Inc., announced Q3, 2025 production and financial results from its Morelos complex in Guerrero (all amounts are expressed in US dollars). The company produced 95,058 Oz Au, 485.2K Oz Ag and 14M Lb Cu or 119,034 payable Oz AuEq and sold 118,082 oz AuEq at average realized prices of $3,548 Oz Au or $3,536 Oz AuEq. Total cash and all in sustaining costs (AISC) were $1,297 and $1,658 per Oz AuEq respectively. Torex also reported revenue of $416.4M; cost of sales of $207.3M; earnings from mine operations of $209.1M; net income of $114.4M; adjusted net earnings of $103.4M; EBITDA of $235.3M; adjusted EBITDA of $239.3M; net cash generated from operating activities of $186.8M; net cash generated from operating activities before changes in non-cash operating working capital of $204M; free cash flow of $112.5M; cash and cash equivalents of $107.1M; and an available liquidity of $289M.
Gold Royalty Corp., released Q3, 2025 consolidated financial results, including its 1% NSR royalty in Cozamin mine in Zacatecas. “On October 30, 2025, Capstone Copper Corp. reported copper production of 6,145 thousand tonnes of copper at Cozamin in the third quarter 2025, 2% higher than the same period of 2024 as mine sequencing resulted in higher grades. It stated that Cozamin’s copper production is trending towards the upper end of its previously disclosed 2025 production guidance of 23,000 to 26,000 tonnes as well as the lower end of costs. Production is expected by Capstone to be consistently weighted through the year”.
Avino Silver & Gold Mines Ltd., presented Q3, 2025 production and financial results from its Avino mine in Durango (All amounts are expressed in US dollars). The company milled 188,757 tonnes to produce 263.2K Oz Ag, 1,935 Oz Au and 1.31M Lb Cu or 580.8K Oz AgEq and sold 562.6K Oz AgEq at cash and all in sustaining cost (AISC) of $17.09 and $24.06 per Oz AgEq respectively. Avino also reported revenue of $21.04M; mine operating income of $9.9M; net income of $7.7M; EBITDA of $11.46M; adjusted earnings of $11.64M; cash provided by operation activities of $8.33M; mine operating cash flow before taxes of $11.05M; cash of $57.3M; and a working capital of $50.8M.
Endeavour Silver Corp., announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively (all currency is expressed in US dollars). At Guanacevi, Durango, the company processed 99,340 tonnes to produce 1.02M Oz Ag at cash cost of $22.98 per Oz Ag and an AISC of $31.09 per Oz Ag. The company sold 1.28M Oz AgEq. At Bolañitos, Guanajuato, it processed 105,153 tonnes to produce 137K Oz Ag at cash cost of $(11.47) per Oz Ag and AISC of $27.22 per Oz Ag. The company sold 471.2K Oz AgEq.

ON FINANCING

Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 9,004,816 units at a price of CAD $0.15 per unit for gross proceeds of CAD $1,350,722. A second tranche was closed through the sale of 939,867 units at a price of CADS $0.15 per unit for gross proceeds of CAD $140,980. Combined with tranche 1 the company has raised gross proceeds of CAD $1,491,702. Net proceeds will be used to advance exploration at Colibri´s flagship Mexican gold projects, including Pilar and EP projects in Sonora as well as for general working capital.
Kingsmen Resources Ltd., announced a non-brokered private placement of up to 2,225,000 units at a price of CAD $1.35 per unit for gross proceeds of up to CAD $3,003,750. The company plans to use the gross proceeds to advance its Las Colorada project in Chihuahua and for working capital.
Silver Storm Mining ltd., declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung C&T Hongkong Ltd. and QSSC, S.A. de C.V. Silver Storm will use the proceeds for rehabilitation and preparation at its la Parrilla mine in Durango, including mill rehabilitation and upgrading, underground development, and for general corporate and working capital purposes.
Oroco Resource Corp., closed a first tranche of its non-brokered private placement announced on September 24, 2025 through the sale of 7,654,995 units at a price of USD $0.2 per unit for gross proceeds of USD $1,530,999. Net proceeds will be used to advance the Santo Tomas project in Sinaloa toward its plan Pre-Feasibility study, and for general corporate purposes.

ON RESOURCES AND DEVELOPMENT

Goldgroup Mining Inc., filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. The technical report provides independent assessment of the Mineral Resources Estimates at a cut-off grade of 0.2 g/t Au of the Esperanzas Deposit within the Cerro Prieto mine, which includes the La Esperanza and Nueva Esperanza contiguous zones. Measured and indicated resources as of April 4, 2025 are 3.13M tonnes of 0.37 g/t Au for a total of 37.21K Oz Au, while inferred resources are 131.5K tonnes of 0.36 for a total of 1,504 Oz Au.
Silver Tiger Metals Inc., announced the receipt of all required approvals and permits from the Mexican Federal Environmental Department (SEMARNAT) to construct the El Tigre Stockwork Silver-Gold project in Sonora. Now, the company is ready to advance the project toward construction.
Heliostar Metals Ltd., released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero (all amounts are expressed in US dollars). The PEA for Ana Paula outlines a nine-year underground gold mine with an expectation to produce approximately 875K Oz Au over nine years, averaging about 101K Oz Au per year. The project demonstrates strong economics, with a base case post-tax NPV of $426M, and IRR of 28%, and a payback period of about 2.9 years at a gold price of $2,400/Oz. Upside case is $1B and IRR over 50% with quicker payback if gold hits $3,800/Oz. Heliostar is boosting some of the lowest AIUSC (around $1,011/Oz), ranking in the bottom 13% globally. Initial capital costs are estimated at $300M. Heliostar plans to fast-track development, including accelerating completion of the underground decline, ongoing exploration drilling, engineering, permit amendments, and feasibility study, with plans to bring Ana Paula into production in 2028.

ON DEALS AND CORPORATE ISSUES

Osisko Development Corp., announced the appointment of Scott Smith as Vice President, Exploration, effective November 1, 2025 (San Antonio Gold project, Sonora).
Mithril Silver and Gold Limited reported voting results of its annual general meeting of shareholders (Copalquin project, Durango).
Elemental Altus Royalties Corp., announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora).
Aura Minerals Inc., declared dividend of USD $0.48 per common share and USD $0.16 per Brazilian Depositary Receipts based on Q3, 2025 results. The dividend will be paid to shareholders on November 21, 2025 (Aranzazu mine, Zacatecas).
Orogen Royalties Inc., granted 2,000,000 incentive stock options to directors, officers, employees, and consultants. The stock options have a life of five years, an exercise price of CAD $2.2, and will be vest over three years (Ermitaño mine, Sonora).
Torex Gold Resources Inc., announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and have repurchased CAD $7.2M in shares through its normal course issuer bid. The company is prioritizing returning value to shareholders while maintaining investments in growth projects across Mexico and Nevada (El Limon Guajes and Media Luna properties, Guerrero).
Almadex Minerals Ltd., provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Almadex’s Mexican properties include several royalties across different states, notably in Chihuahua, Veracruz, Oaxaca, and Sinaloa. These assets primarily consist of NSR royalties ranging from 1.5% to 2.0%, covering a mix of gold-silver, copper-gold, and epithermal systems. Royalty interests in Mexico include La Bufa in Chihuahua (2% NSR / operator: Endeavour Silver Corp), which covers gold-silver mineralization in a prolific silver belt; Caballo Blanco in Veracruz (1.5% NSR operator: Candelaria Mining), a near surface oxide gold-silver deposit with significant exploration potential; El Cobre in Veracruz (1.75% NSR operator: Azucar Minerals Ltd), a large copper-gold porphyry alteration system with multiple mineralized centers; Cerro Colorado in Oaxaca (2% NSR operator: Gold Resource Corp), a near surface oxide gold-silver project close to existing operations; El Encuentro in Sinaloa (2% NSR operator: Mc Ewing Mining Inc), located in a productive gold-silver belt, offering potential for resource expansion; El Fuego in Oaxaca(2% NSR operator: Gold Resource Corp), similar structural setting as other deposits, indicating future development prospects; and Los Venados in Sonora (2% NSR operator: Alamos Mining Inc), prospective for epithermal and porphyry mineralization, acquired recently, and located near operating mines. Overall, these properties give Almadex exposure to a diverse range of mineral systems and districts in Mexico, with several in significant, potentially high-growth areas for precious and base metals.
Silver Viper Minerals Corp., entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts. Nordcore Media LLC will provide digital advertising and online marketing services will receive only cash, while Red Cloud Securities Inc., will use its best efforts to maintain reasonable trading liquidity in Silver Viper´s common shares on the TSX will receive a fixed monthly cash fee (La Virginia project, Sonora).
Mammoth Resources Corp., announced the appointment of three new directors: Jose Antonio Berlanga Balderas, Jose Antonio Berlanga Lopez, and Edgardo Espinoza Velasco, and a new CEO, Paul Rozek, to strengthen its leadership team. Mammoth also granted incentive stock options to directors, officers, and contractors to boost ongoing development efforts at its Tenoriba gold-silver project in Chihuahua and other nearby metal production plans.
Royalties Inc., reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone, confirming their rights to royalties from a mining contract dating back to 2002. The appellate court in Zacatecas, Mexico upheld the initial ruling that said Capstone and others improperly sold royalties without proper authorization, and now they have to pay legal costs too. The case is officially closed, and the company expects Capstone to cooperate in sorting out the payments owed.
Apollo Silver Corp., announced that the US Department of Interior added silver to the 2025 list of critical minerals. This is the first time that silver is recognized as having growing importance to US economic and national security.
Inomin Mines Inc., granted 830,000 stock options to directors and two advisers of the company. The options are exercisable until November 7, 2030, at a price of CADS $0.09 per common share and vest immediately.
Silver Viper Minerals Corp., entered into a capital market consulting agreement with Insight Capital Partners Inc., to support the company´s capital markets visibility and investor communication efforts. Insight will receive a monthly cash fee of CAD $17,500 plus applicable Harmonized Sales Tax (HST), payable in advance (La Virginia project, Sonora).

ON SOCIAL RESPONSIBILITY

No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, quartz vein hosted in volcanic rocks from an intermediate sulphidation epithermal vein system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of May 2025

June 1, 2025August 27, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 22nd week of the year (May 26th to June 1st, 2025), companies working in Mexico presented 24 press releases. One company presented exploration plans for its property. Seven companies reported quarterly/yearly operational/financial results. Two companies informed on financing rounds, one on its share repurchase program, one another filed due annual financials and is seeking to reestablish trading, one more company declared a quarterly dividend, another company halted trading and one more provided a bi-weekly status report. One company released drilling results of ongoing drilling at one of its operating properties. One other company is proposing amendments to its restricted share unit plan, two more companies reported AGM’s results, one other is to produce a PEA on its property, two more companies announced appointments to the board and another company informed on its lawsuit regarding royalties from mining concessions, finally, another company announced amendments to the option agreement on its property. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Aztec Minerals announced drilling at its Cervantes property in 2025. ON MINING, Impact Silver, Bear Creek Mining, Luca Mining, Guanajuato Silver Company, Sailfish Royalty, Santacruz Silver Mining and Royalties Inc. presented operating/financial quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: GR Silver Mining (C$1.84 M) and Silver Storm Mining (C$8 M). Coeur Mining authorized a US$75 M share repurchase program. Canasil Resources filed its 2023 and 2024 annual reports on SEDAR+ and is requesting the revocation of a CTO. Alamos Gold declared a quarterly dividend. Mithril Silver and Gold halted trading on ASX. Centenario Gold provided a bi-weekly default status report. ON RESOURCES AND DEVELOPMENT, First Majestic Silver reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to discuss an amendment to the company’s restricted share unit plan. Avino Silver & Gold Mines and Sandstorm Gold informed on their respective AGM’s. Prime Mining is to produce a PEA for its Los Reyes project in Sinaloa. Guanajuato Silver Company and Alamos Gold made appointments to the board. Royalties Inc. updated on the Capstone royalty’s lawsuit. Sandstorm Gold presented AGM’s results. Silver Spruce Resources amended the option agreement on the Pino de Plata property in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

Aztec Minerals Corp. announced plans for a two-phase 2025 exploration program at its Cervantes project in Sonora. The program is focused on the California East, California North and the Brasil targets of the 3,649 ha Cu-Au porphyry property. “The primary objectives … are to continue to define the open pit, heap leach gold potential of the porphyry oxide cap at California, test the down dip extensions of the phyllic alteration in the Qfp intrusive for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of mineralization”.

ON MINING

Impact Silver Corp. announced its financial and operating results for Q1 2025. During the period revenue of C$10.7 M was obtained, EBITDA reached C$1.0 M and the net loss for the quarter was C$0.1 M. At the quarter-end the company had C$6.6 M in cash and no structural debt. At the Zacualpan property in Estado de Mexico, 35 K tonnes averaging 157 gpt were milled to produce 149.4 K Oz Ag. At the Plomosas mine in Chihuahua, an average of 159 tpd throughput was achieved, in track to reach the targeted design capacity of 200 tpd later in 2025.
Bear Creek Mining Corp. reported interim consolidated financial results for Q1 2025. During the period the company mined 102.9 K tonnes averaging 3.00 gpt Au, processed 105.6 K tonnes averaging 2.56 gpt Au, recovered 95% Au to produce 8,262 Oz Au, 36.5 K Oz Ag at its Mercedes mine in Sonora. Revenue was US$23.7 M, with a loss after taxes of US$13.3 M. Also during the period 2,469 m of mine development were completed. At the end of March the company held cash and cash equivalents totaling US$6.7 M, a net working capital deficiency was US$88.2 M. “material uncertainty remains in relation to the ability of the Company to achieve the operating results and cash flow generation from the Mercedes mine necessary to avoid seeking additional financing, which gives rise to significant doubt about the Company’s ability to continue as a going concern. There can be no assurance that the steps management is taking to improve the Company’s liquidity will be successful”.
Luca Mining Corp. reported Q1 2025 production and financial results. Consolidated production from the Campo Morado mine in Guerrero and the Tahuehueto mine in Durango from 259.5 K tonnes and 246.3 K tonnes milled was 7,677 Oz Au, 350.7 K Oz Ag, 2.4 M Lb Pb, 11.6 M Lb Zn, 2.5 M Lb Cu (or 21,293 Oz AuEq), at cash cost $1,896 Oz AuEq and an AISC of US$2,251 per Oz AuEq. Revenue was US$38.6 M, a net free cashflow of US$11.7 M and an EBITDA of US$7.6 M. Luca’s cash and cash equivalents are currently US$24.6 M, with a debt of US$8.5 M.
Guanajuato Silver Company Ltd. announced financial and production results for Q1 2025. At its El Cubo mines complex, Valenciana mines complex and the San Ignacio mine in Guanajuato, and from the Topia mine in Durango, a consolidated total of 123.6 K tonnes were mined, 128.1 K tonnes milled to produce 380.4 K Oz Ag, 3,347 Oz Au, 699.3 K Lb Pb, 909 K Lb Zn (0r 738 K Oz AgEq). Consolidated cost per Oz AgEq produced was $19.84, $15.90 at El Cubo, $25.90 at Valenciana, $18.09 at Topia, with a consolidated EBITDA of $24.98, $17.82 at El Cubo, $29.13 at Valenciana, $18.40 at San Ignacio and $23.41 at Topia. Revenue was US$21.3 M, with a mine operating income of US$4.8 M, a mine cashflow of US$ 6.3 M, an EBITDA of US$1.1 M and a net loss of US$2.3 M. The working capital is a negative US$17.8 M.
Sailfish Royalty Corp. presented its operating and financial results for the first quarter of 2025. The company had revenues of US$587 K, a gross profit of US$562 K and a net loss of US$75.7 K (Gavilanes, Durango).
Santacruz Silver Mining Ltd. reported its financial and operating results for the year 2024, including figures from its operations in Mexico. At Zimapan, in Hidalgo, 849.8 K tonnes were processed, averaging 82 gpt Ag, 2.46% Zn, 0.75% Pb, 0.29% Cu, recovering 75% Ag, 78% Zn, 85% Pb, 43% Cu, to produce 1.68 M Oz Ag, 16.3 K tonnes Zn, 5.5 K tonnes Pb, 1.1 K tonnes Cu (or 4.35 M Oz AgEq, 23% of Santacruz’ total production). The company produced a total of 18.78 M Oz AgEq in the year, at a cash cost of $21.90 per Oz AgEq, and an AISC of $26.01 per Oz AgEq, obtaining US$283 M in revenues, a gross profit of US$57.2 M, net income of US$164.5 M, an adjusted EBITDA of US$52.6 M. By the end of the period the company had US$35.7 M in cash and cash equivalents and US$46. M in working capital.
Royalties Inc. reported its results for the first quarter of 2025. The company generated dividend and royalty income of US$26.9 K, with US$58.7 K total expenses. Total assets at the end of the period were US$1.34 M, mostly representing investments in the music industry. “As at March 31, 2025, the Company had cash of $141,375 to settle current liabilities of $99,819, excluding a US$2,000,000 contingent liability of a Mexico subsidiary to a defunct company, which the Company is working on to legally cancel” (Bilbao, Zacatecas).

ON FINANCING

Coeur Mining Inc. authorized a US$75 M share repurchase program effective through May 31, 2026 (Palmarejo, Chihuahua).
GR Silver Mining Ltd. closed its non-brokered private placement for gross proceeds of C$1.84 M (Plomosas, Sinaloa).
Canasil Resources Inc. completed the 2023 and 2024 audited financial statements and has filed its 2023 and 2024 annual reports on SEDAR+ on May 28, 2025. “The Company has initiated the steps required towards revocation of the Cease Trade Order (CTO) in order to return to normal trading” (Nora, Durango).
Silver Storm Mining Ltd. increased the size of the previously announced best-efforts private placement from C$6 M to gross proceeds of C$8 M. “The Company intends to use the net proceeds from the Offering to commence rehabilitation work of the La Parrilla processing facility, order long lead items required to restart La Parrilla, fund ongoing operations for the next twelve months, and for general corporate and working capital purposes” (La Parrilla, Durango).
Alamos Gold Inc. declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
Mithril Silver and Gold Ltd. securities will be placed on trading halt on ASX until June 3, 2025, at the request of Mithril, pending the release of an announcement (Copalquin, Durango).
Centenario Gold Corp. provided a bi-Weekly default status report regarding its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025.” (Eden, Durango).

ON RESOURCES AND DEVELOPMENT

First Majestic Silver Corp. reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora, and shared additional drilling results from the Navidad discovery. Exploration drilling 900 m south of the Santa Elena processing plant discovered the Santo Niño epithermal quartz-adularia vein, tracing the vein for over one km and 400 m down-dip. “Confirmed mineralization spans more than 600 m along strike and approximately 200 m down dip, and the upside potential is open in multiple directions …. By drilling beneath the masking andesitic cover into the prospective rhyolite horizon, geologists intercepted the Santo Niño vein and delineated zones of high-grade mineralization”. Highlighted true-width intercepts comprise 1.91 m @ 8.38 gpt Au, 248 gpt Ag (including 0.43 m @ 27.50 gpt Au, 641 gpt Ag); 12.34 m @ 1.65 gpt Au, 113 gpt Ag; 1.84 m @ 4.81 gpt Au, 94 gpt Ag in the new Santo Niño vein, and 6.81 m @ 14.77 gpt Au, 642 gpt Ag; 5.89 m @ 11.11 gpt Au, 215 gpt Ag; 2.47 m @ 21.22 gpt Au, 1,093 gpt Ag; 1.19 m @ 29.51 gpt Au, 919 gpt Ag; 1.17 m @ 24.99 gpt Au, 435 gpt Ag in the Winter vein and 1.61 m @ 4.74 gpt Au, 209 gpt Ag; 3.75 m @ 6.06 gpt Au, 103 gpt Ag; 9.05 m @ 3.31 gpt Au, 55 gpt Ag in the Navidad vein. Nine drill rigs remain active in the property.

ON DEALS AND COPRORATE ISSUES

Torex Gold Resources Inc. announced that an amendment to the company’s restricted share unit plan will be included in the matters to be presented to shareholders at the annual and special meeting of shareholders to be held on June 18, 2025 (Morelos Complex, Guerrero).
Avino Silver & Gold Mines Ltd. reported shareholders voted in favor of all matters at its AGM held on May 27, 2025 (Avino and La Preciosa, Durango).
Prime Mining Corp. selected Ausenco Engineering Canada ULC to lead the work for a preliminary economic assessment (PEA) on its Los Reyes project in Sinaloa. Currently Los Reyes has an estimate of 49 M tonnes averaging 0.95 gpt Au, 34.2 gpt Ag, containing 1.49 M Oz Au, 54 M Oz Ag as indicated resources and 17.2 M tonnes averaging 0.97 gpt Au, 39 gpt Ag, containing 0.54 M Oz Au, 21.6 M Oz Ag as inferred resources.
Guanajuato Silver Company Ltd. appointed Mr. Dan Oliver, current director, as lead independent director of the board of directors (El Cubo, Guanajuato).
Royalties Inc. presented an update on the Capstone lawsuit. Since 2020 the company has been in a dispute with Capstone Copper Corp. over the ownership of a 2% NSR on five concessions that are now part of thew Cozamin mine in Zacatecas. In April of 2025 the final arguments were filed with the court in Zacatecas, and a decision is expected to be rendered in June 2025. The company estimates that the claim in dispute represents US$1.5 M in potential cash flow per year plus the amount owed on production from 2019.
Sandstorm Gold Royalties/Sandstorm Gold Ltd. presented the voting results of its AGM (Royalties on Cosala, Sinaloa).
Alamos Gold Inc. released its AGM’s results, and announced the appointment of Alexander Christopher, Chana Martineau, and Richard McCreary to the board of directors (Mulatos, Sonora).
Silver Spruce Resources Inc. amended the option agreement on the Pino de Plata property in Chihuahua. “The revised terms include a USD$10,000 cash payment on signing and a future sales participation right set at 10% (ten percent) for the Option period of three years. The participation right is calculated as a percentage of the gross proceeds from any transaction wherein Silver Spruce Resources sells an interest, either in whole or in part, in the project”. The company intends to complete a 2025 drill program, providing an arrangement for access with the landowner is achieved.

ON SOCIAL RESPONSIBILITY

Pan American Silver Corp. released its 2024 Sustainability report, outlining Pan American’s approach and performance in environmental, social and governance (ESG) matters (La Colorada, Zacatecas).

On the image below: Dike seen through brecciated-silicified dike in Sonora. Picture by Jorge Cirett.

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

April 27, 2025 / gambusinoprospectormexico / Leave a comment

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

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

Aztec Minerals Corp., announced that it intends to complete a non-brokered private placement of up to 16,666,667 units at a price of CAD $0.18 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used to conduct exploration work at its Cervantes project in Sonora, as well as for general working capital purposes.
Canuc Resources Corporation extended the final closing day of its previously announced non-brokered private placement to May 21, 2025. Proceeds will be used to complete the acquisition of MacDonald Mines Exploration Ltd., and for the exploration and development of the company’s new and existing exploration and development assets (San Javier project, Sonora).
Vizsla Copper Corp., upsized its previously announced non-brokered private placement to CAD $5.6M. The Company intends to use the net proceeds from the sale of Hard Dollar Units for working capital and general corporate purposes.
Teck Resources Limited announced today that its Board of Directors has declared an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on June 30, 2025 to shareholders of record at the close of business on June 16, 2025.
Kingsmen Resources Ltd., announced that it has received conditional approval from the TSX Venture Exchange for its previously announced private placement. Upon review, it has

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

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

VIZSLA SILVER TEMPORARILY PAUSES FIELD WORK

April 4, 2025 / gambusinoprospectormexico / Leave a comment

2025-04-04_vizsla silver temporarily pauses field work Download

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

March 2, 2025 / gambusinoprospectormexico / Leave a comment

Orogenic Quartz Vein

By Miguel A Heredia

During the 9^thweek of the year (February 24^thto March 02^nd 2025), at least 33 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, ten announcing financing rounds, seven reporting resources and development of their properties, seven announcing financing rounds, six disclosing deals and corporate issues, three informing on exploration results, and one communicating production results, and one commenting on Mexican issues. ON MEXICO ISSUES, Torex Gold, Tocvan, Prime Mining, Southern Silver, and Minaurum Gold reported the best drilling intercepts in Mexico on the fourth week of February, 2025. ON EXPLORATION, In Sonora, Riverside provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects, and Minaurum reported results from its ongoing drilling program at its Alamos Silver project. In Sinaloa, Prismo provided an update on its Palos Verdes project. ON MINING, Heliostar reported Q4, 2024 financial results from their Mexican operations. ON FINANCING, Capitan Mining closed its previously announced private placement for gross proceeds of CAD $5.3M (Cruz de Plata project, Durango). Mexican Gold announced a non-brokered private placement for gross proceeds of CAD $160K (Las Minas project, Veracruz). Mithril confirmed that 7,000,000 ordinary shares will be released from escrow (Copalquin project, Durango). Oroco upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds (Santo Tomas project, Sinaloa). Pinnacle closed a non-brokered private placement for gross proceeds of $800K (Potrero project, Durango). Sailfish declared Q1, 2025 dividend and announced dividend reinvestment plan (Gavilanes project, Durango). Southern Silver closed a non-brokered private placement for gross proceeds of $3,583,680.03 (Cerro Las Minitas, Durango). Alamos Gold declared quarterly dividend (Mulatos mine, Sonora). Aura declared and approved the payment of a dividend respect of its Q4, 2024 financial results (Aranzazu mine, Zacatecas). Reyna Silver closed a third tranche of its previously announced non-brokered private placement for gross proceeds of CAD $106.5K (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Torex reported drilling results from Media Luna West and Media Luna East in its Morelos Mine Complex in Guerrero. Southern Silver reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. Tocvan released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora. Prime Mining reported generative drilling results of 14 holes completed at its Los Reyes project in Sinaloa. Mammoth Resources announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua. Guanajuato Silver completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. GoGold announced the filing of NI 43-101feasibility study technical report at its Los Ricos South project in Jalisco. ON DEALS AND CORPORATE ISSUES, Equinox Gold and Calibre Mining entered into a definitive arrangement agreement to merge, forming New Equinox Gold (Los Filos mine, Guerrero). Apolo Silver appointed a new member to its Board of Directors (Cinco de Mayo project, Chihuahua). Pinnacle signed a definitive agreement for option to acquire El Potrero project in Durango. Chesapeake announced the appointment of its Chief Metallurgical Officer (Metates project, Durango). Plata Latina declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the NSR on the Naranjillo property, Guanajuato. Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango. Canasil announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango). Defiance Silver entered into an agreement for six month for investor relations services (San Acacio project, Zacatecas). Masivo Silver signed a letter of intent to acquire Cerro Colorado project in Sonora. Xali Gold entered into a binding letter of intent to option the Sarape project in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

Torex Gold Resources Inc., Tocvan Ventures Corp., Prime Mining Corp., Southern Silver Exploration Corp., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of February, 2025. Details are shown in the table below:

ON EXPLORATION

Riverside Resources Inc., provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects in Sonora, and on additional projects and partnerships. At Cuarentas project, Riverside has identified four priority drill targets using geochemical, geophysical, and mapping techniques. The project is drill-permitted and has a history of high-grade mining. At Ariel project, the company is focused on a large, undrilled porphyry copper system, with surface indicators suggesting deeper copper potential. Recent work includes mapping and geochemical sampling in the area. At Union project, Riverside has identified a high-grade carbonate replacement deposit with potential for a deeper porphyry system. It has been identified as a high-priority target for future exploration campaigns. Other projects in Riverside´s portfolio include the Suaqui Verde project, which is currently under option to Sothern Empire, and the neighboring Suaqui Grande copper project, which Riverside retains 100% ownership of. “Exploration efforts for H1 2025 continue across multiple projects, with further results expected from Cecilia project and other key targets. Riverside also remains actively engaged in joint venture discussions, welcoming potential partnerships to advance its exploration programs”.
Minaurum Gold Inc., reported results from its ongoing drilling program, which have further expanded the Promontorio vein zone and confirmed consistent grade continuity at the Alamos Silver Project, Sonora. Drilling highlights are shown in the table below:

Prismo Metals Inc., provided an update on its Palos Verdes project in Sinaloa, where this property involves a collaborative drilling program between Prismo Metals and Vizsla Silver Corp. This is the fourth phase of drilling and was focusing on three main targets to trace the mineralized vein system. The drilling began in September 2024, with two holes completed to test the down-dip extension of previously identified high-grade mineralization. However, the program faced challenges, including slow progress and budget constraints, leading to a curtailment in late November 2024, with assay results still pending.

ON MINING

Heliostar Metals Ltd., reported Q4, 2024 financial results from their Mexican operations (all currency expressed in Canadian dollars). The company produced 5,429 Oz Au from re-leaching of the heap leach piles at la Colorada and San Agustin mines located in Sonora and Durango respectively, with some additional contribution from residual production from the heap leach pads at the Castillo mine in Durango. Heliostar sold 5,145 Oz Au (5,277 Oz AuEq) at cash cost and AISC of $1,755 and $2,089 per Oz AuEq respectively. Cost of sales was $1,849 per Oz AuEq. The company also reported revenues of $19.5M; mine operating earnings of $9.56M; gain on bargain purchase of $90.4M; exploration expenses of $2.8M; net (loss) earnings of $84.4M or $0.41 per share; cash and cash equivalents as of December 31, 2024 of $7.7M; total assets of $174.7M; and working capital of $51.97M.The company had a debt facility of up to USD $10M but all debt was fully re-paid by February 2025. Heliostar also provided 2025 production and costs guidance. At La Colorada, Sonora, it expects to produce between 17K-23.3K Oz Au and 42.5K-51K Oz Ag (17.5K-23.8K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,850-$1975 per Oz AuEq respectively. At San Agustin, Durango, Heliostar expects to produce between 8.5K-11K Oz Au at cash and AISC of USD $1,500-$1,650 and USD $1,700-$1850 per Oz AuEq respectively. At San Agustin re-start, the company expects to produce between 4.5K-5.7K Oz Au and 34K-43K Oz Ag (5K-6.2K Oz AuEq) at cash and AISC of USD $2,350-$2,500 and USD $2,900-$3,035 per Oz AuEq respectively.Heliostaralso reported consolidated figures and expects to produce between 30K-40K Oz Au and 76.5K-94.5 Oz Ag (31K-41K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,950-2,100 per Oz AuEq.

ON FINANCING

Capitan Silver Corp., Mining closed its previously announced private placement of 13,250,000 units at a price of CAD $0.40 per unit for gross proceeds of CAD $5.3M. Net proceeds will be used to fund exploration activities at its Cruz de Plata project in Durango, additional consolidation opportunities as well as to fund working capital, and general corporate expenses.
Mexican Gold Mining Corp., announced a non-brokered private placement for gross proceeds of CAD $160K through the issuance of 4,000,000 units at a price of CAD $0.04 per unit. Net proceeds will be used to fund claim fee payments and continuing operations of Las Minas project in Veracruz, as well as to fund to fund annual OTCQB listing fees, payment of outstanding invoices, and for general working capital.
Mithril Silver and Gold Limited confirmed that 7,000,000 ordinary shares will be released from escrow on March 4, 2025 at the conclusion of the four months from issue hold period (Copalquin project, Durango).
Oroco Resource Corp., upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds by the issuance of 9,214,223 units at a price of $ 0.25 per unit. Net proceeds will be used for the advancement of the Santo Tomas project in Sinaloa, as well as working capital, corporate marketing, and other general corporate purposes.
Pinnacle Silver and Gold Corp., closed a non-brokered private placement and the associated staged option to acquire up to a 100% interest in the Potrero property in Durango, Mexico, for gross proceeds of $800K through the issuance of 20,000,000 units at a price of $0.06 per unit. Gross proceeds will be used for exploration and development of the Potrero Project, Durango, payment of the back-taxes, and for working capital.
Sailfish Royalty Corp., declared Q1, 2025 dividend of USD $0.0125 per share, payable on April 15, 2025. It also introduced a Dividend Reinvestment Plan (DRIP) which allows shareholders to reinvest their dividends into additional shares. Participation in the DRIP is optional and does not affect cash dividend payouts unless shareholders choose to participate. Future dividends will be determined at the discretion of the Board based on the company’s financial situation and other relevant factors (Gavilanes project, Durango).
Southern Silver Exploration Corp., closed a non-brokered private placement for gross proceeds of $3,583,680.03 through the issuance of 19,909,335 units at a price of $0.18 per unit. Net proceeds will be used for working capital, the continued advancement and development of the Cerro Las Minitas property, Durango and the compilation of data and exploration of the newly acquired Nazas property, Durango, in preparation for permitting and drill testing of the property later in 2025.
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share, payable on March 27, 2025 to shareholders. The company has paid dividends for 15 consecutive years, including returning USD $41M to shareholders in 2024 (Mulatos mine, Sonora)
Aura Minerals Inc., declared and approved the payment of a dividend of USD $0.25 per common share (approximately USD $18.3M in total) respect of its Q4, 2024 financial results. The dividend will be paid on March 14, 2025 (Aranzazu mine, Zacatecas).
Reyna Silver Corp., closed a third tranche of its previously announced non-brokered private placement of 1,420,000 units at a price of CAD $0.075 per unit for gross proceeds of CAD $106.5K. Gross proceeds of the third tranche will be used for ongoing exploration, maintenance and development of the company´s properties and general working capital and corporate purposes. In aggregate, the company has issued 37,749,899 units for aggregate gross proceeds of CAD $2,831,242.43 to date in the offering, inclusive of the first closing, second closing and third closing.

ON RESOURCES AND DEVELOPMENT

Torex Gold Resources Inc., reported drilling results from Media Luna West and Media Luna East in Guerrero. The ongoing drilling program is focused on unlocking additional near-mine opportunities at the Media Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex. Drilling highlights include hole ML24-1043DB collared at Media Luna West, with 3.16 g/t Au, 2 g/t Ag, and 0.04% Cu (3.25 g/t AuEq) over 1.3m, plus 13.36 g/t Au, 2 g/t Ag, and 0.01% Cu (13.4 g/t AuEq) over 28.4m, including 22.66 g/t Au, 3 g/t Ag, and 0.02% Cu (22.73 g/t AuEq) over 13.1m, including 20.2 g/t Au and 1 g/t Ag (20.22 g/t AuEq) over 1m, and including 23.7 g/t Au, 3 g/t Ag, and 0.03% Cu (23.79 g/t AuEq) over 1m; and hole MLE-003 collared at Media Luna East, with 4.89 g/t Au, 49 g/t Ag, and 2.11% Cu (8.92 g/t AuEq) over 60.9m, plus 14.73 g/t Au, 26 g/t Ag, and 2.0% Cu (18.28 g/t AuEq) over 12m, including 28.82 g/t Au, 23 g/t Ag, and 2.3% Cu (32.83 g/t AuEq) over 4.4m, plus 18.84 g/t Au, 158 g/t Ag, and 4.52% Cu (28.12 g/t AuEq) over 18.3m. The advanced exploration drilling program at Media Luna West has defined a mineralized footprint of 600m by 400m with multiple high-grade intercepts, and the initial drill testing at Media Luna East returned strong results, with multiple high-grade intercepts, many with copper grades in excess of 2%.
Southern Silver Exploration Corp., reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. “Drilling tested gaps within the current block model, lateral extensions of the mineralization and successfully intersected thick intervals of mineralized skarn in a hole which tested the depth projection of the main mineralized shoot of the South Skarn deposit”. The best drill intercept was encountered in hole 24CLM-198 with 19 g/t Ag, 1 g/t Au, 0.1% Pb, and 0.1% Zn (105 g/t AgEq) over 1.8m, including 51 g/t Ag, 4.1 g/t Au, 0.1% Pb, and 0.2% Zn (393 g/t AgEq) over 0.3m, plus 124 g/t Ag, 5.2 g/t Au, 4% Pb, and 0.4% Zn (682 g/t AgEq) over 0.9m, plus 135 g/t Ag, 1 g/t Au, 0.1% Cu, 0.6% Pb, and 0.3% Zn (267 g/t AgEq) over 0.7m, plus 81 g/t Ag, 0.2 g/t Au, 0.1% Cu, 0.4% Pb, and 3.9% Zn (267 g/t AgEq) over 5.6m, plus 61 g/t Ag, 0.1 g/t Au, 0.6% Cu, and 0.4% Zn (155 g/t AgEq) over 18.5m, including 97 g/t Ag, 0.1 g/t Au, 0.7% Cu, 0.1% Pb, and 0.7% Zn (222 g/t AgEq) over 12.6m, and including 154 g/t Ag, 0.2 g/t Au, 5.6% Cu, and 0.1% Zn (834 g/t AgEq) over 0.6m.
Tocvan Ventures Corp., released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora on the 100% controlled expansion area immediately north of known mineralized trends. It was the first ever drill program on this area and the scout drilling intersected anomalous gold and silver. The best drill intercept was encountered in hole JES-24-101 with 0.61 g/t Au and 1 g/t Ag over 106.8m, including 3.06 g/t Au and 2 g/t Ag over 19.8m, including 19.39 g/t Au and 4 g/t Ag over 3.1m. “Recent soil sampling further north on the trend returned 519 ppb Au, more drilling will be planned on these corridors to further evaluate the full potential of area. Recent surface sampling and mapping has indicated mineralization continues 700 m north and 2,000 m east of this area”.
Prime Mining Corp., reported generative drilling results of 14 holes completed at Fresnillo and mariposa targets within its Los Reyes project in Sinaloa. Drilling highlights (true widths reported) include holes 24NB-75 with 1.82 g/t Au and 13 g/t Ag (1.99 g/t AuEq) over 9.6m, including 18.4 g/t Au and 125 g/t Ag (20.02 g/t AuEq) over 0.8m, plus 1.56 g/t Au and 30 g/t Ag (1.95 g/t AuEq) over 0.7m, plus 5.03 g/t Au and 82 g/t Ag (6.09 g/t AuEq) over 0.8m; hole 24NB-71 with 1.12 g/t Au and 2 g/t Ag (1.15 g/t AuEq) over 1.2m, plus 2.52 g/t Au and 24 g/t Ag (2.83 g/t AuEq) over 6.2m, including 5.38 g/t Au and 47 g/t Ag (5.99 g/t AuEq) over 2.8m, plus 5.47 g/t Au and 46 g/t Ag (6.07 g/t AuEq) over 1.1m; hole 24NB-69 with 1.08 g/t Au and 30 g/t Ag (1.46 g/t AuEq) over 9.8m, including 5.35 g/t Au and 109 g/t Ag (6.76 g/t AuEq) over 1.4m, plus 0.49 g/t Au and 16 g/t Ag (0.69 g/t AuEq) over 7.8m, including 1.55 g/t Au and 37 g/t Ag (2.03 g/t AuEq) over 0.9m; and hole 24FRE-29 with 1.14 g/T Au and 8 g/t Ag (1.24 g/t AuEq) over 1.2m, plus 1.17 g/t Au and 22 g/t Ag (1.45 g/t AuEq) over 6.8m, including 1.76 g/t Au and 39 g/t Ag (2.26 g/t AuEq) over 1.9m, including 1.93 g/t Au and 29 g/t Ag (2.31 g/t AuEq) over 1.5m. These results are not included in the October 15, 2024 Mineral Resource Estimate.
Mammoth Resources Corp., announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua. The company is investigating custom milling and heap leaching scenarios. It is exploring opportunities to process mineralized material at a nearby 200-tonne per day flotation mill, which is under construction. The company is working with environmental consultants to investigate permitting pathways for mineral extraction, which could include either custom milling or small-scale heap leaching. Permitting could be approved in six months for heap leaching if the pad is under two hectares and uses non-cyanide dissolution methods. Preliminary tests using cyanide dissolution showed up to 90% gold recoveries. The current high gold prices, nearing USD $3,000 per ounce, have heightened their enthusiasm for these projects, as they could provide cash flow and valuable data to support further exploration efforts targeting a nearly 2M Oz Au resource at Tenoriba.
Guanajuato Silver Company Ltd., completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. The 430 Ramp has reached the Purisima vein where mining activity has been initiated. The advance of the ramp then continued to the west approximately another 10m where the Santo Nino vein was contacted. The Santo Nino vein oﬀers the Company access to an entirely new mining area with comparatively higher gold content. “Exploration at San Ignacio for 2025 will focus on inﬁll drilling in the Melladito North area, exploring deeper extensions to the Nombre de Dios veins, and evaluating additional veins to the west of Santo Nino, supported by geophysics and geological surface mapping.
GoGold Resources Inc., announced the filing of NI 43-101 feasibility study (FS) technical report at its Los Ricos South project in Jalisco. The FS includes a re-engineered 2,000 tonne per day underground mine plan compared to the Preliminary Economic Assessment (PEA) which was released in September 2023 and incorporates an updated Mineral Resource Estimate (MRE). Highlights of the FS, with a silver price of USD $26.8/Oz, gold price of USD $2,330/Oz, and copper price of USD $4/Lb include (all figures in US dollars): an after-tax net present value (using a discount rate of 5%) of $355M, with an after-tax IRR of 34%; 15 year mine life producing a total of 80M payable Oz AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; initial capital cost of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital cost of $100M over the life of mine(LOM); average operating cash cost of $9.91 per Oz AgEq, and all in sustain cost (AISC) of $11.19 per Oz AgEq over the first 5 years of production, with average AISC of $12.32 per Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11 metres using bulk mining method of longitudinal sublevel long-hole mining.

ON DEALS AND CORPORATE ISSUES

Equinox Gold Corp., and Calibre Mining Corp., entered into a definitive arrangement agreement to merge, forming New Equinox Gold, which will become the second largest gold producer in Canada. Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement. The combined company is expected to produce approximately 950K Oz Au in 2025, not including production from Valentine in Newfoundland & Labrador, Canada or Los Filos in Guerrero, Mexico. “Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held immediately prior to the effective time of the transaction. Upon completion of the transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at CAD $7.7 B”.
Apolo Silver Corp., appointed a new member to its Board of Directors. The company granted an aggregate of 300K incentive stock options to its new Director (Cinco de Mayo project, Chihuahua).
Pinnacle Silver and Gold Corp., signed a definitive agreement for option to acquire a 100% interest in the El Potrero project in Durango, spanning 1,074 hectares. Pinnacle plans to explore and develop the property, leveraging its experienced management team and aiming for production in a cost-effective manner. The transaction for acquiring the El Potrero project is structured as a staged earn-in, allowing Pinnacle to progressively acquire a 100% interest in the property through a series of cash payments and share issuances, totaling approximately USD $7.5 million in cash and 3.5M shares. Key terms include an initial payment of USD $50K cash and 500K shares upon signing the definitive agreement (DA); USD $200K in cash and 1M shares at 8 months from signing; USD $750K cash and 1M shares at a year of signing; USD $1M cash for a 50% interest when the plant is upgraded and all permits are received or 4 years from signing; USD $1.5M cash for an additional 20% interest 1 year after commencing production or 5 years from signing; USD $3M cash for another 20% totaling 90% interest 2 years after commencing production or 7 years from signing; a contingent bonus of USD $1M cash and 1M shares if a Mineral Resource Estimate of at least 350K Oz Au is established; and a royalty of 2% NSR on the remaining interest held by the vendor after Pinnacle completes the acquisition. Pinnacle will also pay back taxes estimated at USD $183K for the property through a payment plan with Mexican authorities.
Prismo Metals Inc., has previously announced a notice of termination of Los Pavitos project option agreement with Minera Cascabel, as the company is currently unable to support the project due to market conditions and ongoing funding requirements. This decision reflects a strategic move to focus resources on more promising projects.
Chesapeake Gold Corp., announced the appointment of its Chief Metallurgical Officer, effective February 26, 2025 (Metates project, Durango).
Plata Latina Minerals Corporation declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the 3% NSR on the Naranjillo property, Guanajuato, for a total of USD $6M. The transaction is expected to close before the end of March, 2025.
Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango, Mexico, which covers an 11,876-hectare area with known high-grade gold and silver mineralization. Previous drilling campaigns identified multiple mineralized zones and indicated the potential for significant discoveries along various structures, specifically the Aguilareña and Guadalupana veins. The company plans to conduct further exploration and drilling after the acquisition is complete, aiming to enhance its understanding and development of the project. Key terms of the agreement include a payment of USD $25K in cash at closing, the issuance of 10M shares to an escrow agent, which will be distributed to Durango´s shareholders, an assumption up to USD $500K in current accounts payable related to the project; and an obligation to make a bonus payment if a measured and indicated resource exceeds 500K Oz Au.
Canasil Resources Inc., announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango).
Defiance Silver Corp., entered into an agreement for six months with Triomphe Holdings Ltd. (dba Capital Analytica) for investor relations services, effective March 1, 2025 for a fee of $120K. The company also granted 2,888,500 stock options to employees and directors at an exercise price of $0.22, with a five-year term and three-year vesting schedule. Additionally, various other equity incentives, including 643,500 Deferred Share Units were granted to certain Directors, 55,000 Performance Share Units were granted to certain employees, and 252,475 Restricted Share Units, were also granted to certain employees (San Acacio project, Zacatecas).
Masivo Silver Corp., signed a letter of intent to acquire the Cerro Colorado project in Sonora, which is located near significant mining operations, including the Piedras Verdes copper mine. The Cerro Colorado project consists of two mineral concessions covering a total of 2,649 hectares. Initial exploration activities, including mapping, sampling, and induced polarization on an area where strong brecciation with strong phyllic alteration, mainly sericite and iron oxides is observed. This initial exploration campaign has revealed promising mineralization, with historical samples showing high grades of silver and gold, such as 2,200 g/t Ag and 4.57 g/t Au in an old collapsed tunnel; 1,840 g/t Ag, 4.8 g/t Au, 3.06% Cu, 4.5% Pb and 2.92 % Zn in another collapsed tunnel; and a trench that returned 7.2m true-wide with 0.75 g/t Au, 159 g/t Ag, 0.24% Cu, 0.52 % Pb, and 0.29% Zn. The company plans to drill 8 holes to utilize a $75K drill credit for the upcoming drilling program.
Xali Gold Corp., entered into a binding letter of intent to option the Sarape project in Sonora, from Advanced Lithium Corp. The Sarape project covers 57 square kilometers within a promising mining district known for high-grade silver and gold deposits, including proximity to SilverCrest´s Las Chispas Mine. The project exhibits significant exploration potential with extensive mineralization and favorable geological characteristics associated with low-sulphidation epithermal deposits. Xali Gold plans to implement an accelerated exploration program and sees immense potential for the discovery of deeper high-grade mineralization. The acquisition involves earning a 90% interest in the Sarape Project through a series of stages; an initial payment of 1M shares to Advanced Lithium upon signing the definitive agreement; cash payments totaling CAD $450K in stages to fund exploration drilling, not exceeding 10% of each financing; partial earn-in of 51% interest in Sarape once Xali has completed 10,000m of drilling and issuing 26.6M shares; second earn-in of 70% interest in Sarape by completing an additional 5,000m of drilling and issuing an additional 21M shares, along with complete cash payments of the CAD $450K; A final interest of 90% in Sarape upon completing an additional 5,000m of drilling (cumulative total of 20,000m) and an additional 91.4M shares are issued (total of 104M which is 50% of shares outstanding on date of signing). Xali Gold anticipates the timing for the earn-in of the 90% interest to be between 12-18 months post regulatory approval. The Project is subject to a 1.5% Net Smelter Return, with no current buyout option.

ON SOCIAL RESPONSIBILITY

No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, orogenic quartz vein in an orogenic gold project in Sonora, Mexico. Photo taken by Miguel A Heredia.

	veramining on GALORE ANNOUNCES UPDATE ON THE…
	Mexico’s Best Silver… on Mexico’s Best Silver Dri…
	veramining on GOLDGROUP ANNOUNCES ACQUISITIO…
	veramining on Proponen aumento a derechos mi…
	veramining on La SHCP propone aumento de der…

Gambusino Prospector

Passion for Discovery, Mining exploration business website

Feasibility Study

Heliostar Drills 83.2m Grading 17.35 g/t Gold from 76.0m and Expands Program to 20,000m

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

The Mining and Exploration News in Mexico; Highlights on the Second Week of November 2025

DISCOVERY REPORTS 63,154 OUNCES OF GOLD PRODUCTION, $86.8 MILLION OF FREE CASH FLOW1 IN Q3 2025

VIZSLA SILVER DELIVERS POSITIVE FEASIBILITY STUDY FOR THE PANUCO PROJECT

The Mining and Exploration News in Mexico: Highlights on the First Week of November, 2025

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of May 2025

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

VIZSLA SILVER TEMPORARILY PAUSES FIELD WORK

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