General Meeting

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

/ gambusinoprospectormexico / Leave a comment

Quartz Vein hosted in volcanic rocks

By Miguel A Heredia

During the 45th week of the year (November 3rd to November 9th 2025), 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 Fourth Week of October, 2025

/ gambusinoprospectormexico / Leave a comment

Quartz Vein with Sulphides

By Miguel A Heredia

During the 43rd week of the year (October 20th to October 26th 2025), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, four announcing financial rounds, four communicating mining and production issues, two reporting resources and developments of their properties, and two informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan announced the discovery of two new gold and silver targets with historic underground workings at their Gran Pilar project. In Estado de Mexico, Sierra Madre Gold and Silver commenced an exploration program at the East District of its Guitarra mine. ON MINING, Americas Gold and Silver reported Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. Gold Royalty presented Q3, 2025 results (Royalty on Cozamin mine, Zacatecas). Discovery Silver announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).  ON FINANCING, Vortex closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $105K (Riqueza Marina and Zaachila projects, Oaxaca). Questcorp revised the terms of its previously announced non-brokered private placement (La Union project, Sonora). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.1M (Cerro Caliche project, Sonora). Apollo Silver reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 (Cinco de Mayo project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Tocvan Ventures provided an update on its recent progress at its Gran Pilar project in Sonora. Silver Storm initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations. DynaResource commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Empress Royalty announced the appointment of Daniel Burns to its Board of Directors (Royalty on Tahuehueto mine Durango). Sandstorm closed its previously announced plan of arrangement with Royal Gold (Cosala mine, Sinaloa). Pinnacle announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango. Quetzal Copper completed the acquisition of Silverco Mining (Cusi mine, Chihuahua). Torex completed the previously announced plan of arrangement to acquire Prime Mining (Los Reyes project, Sinaloa). Minera Alamos appointed Darren Blasutti as Executive Vice President, Corporate Development (Santana mine, Sonora). Starcore presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro). Southern Silver appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango). Kingsmen secured an option to acquire a 100% interest in the Almoloya project in Chihuahua.  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Sierra Madre Gold and Silver Ltd., commenced a USD $3.5M exploration program at the East District of its Guitarra mine in Estado de Mexico. The East District includes historic mines and over 39km of mapped structures. The program aims to systematically map, survey, and analyze historic mine workings and structures to identify promising drill targets. After completing detailed surface mapping and structural analysis over approximately nine months, the company plans to conduct a 20,000 to 25,000m drill campaign over 12 to 18 months to evaluate the economic potential of identified targets. The funding for this phase is secured through a recent private placement, with the goal of unlocking additional resources in a historically under-explored area.
  • Tocvan  Ventures Corp. announced the discovery of two new gold and silver targets within the North Alteration Zone with historic underground workings at their Gran Pilar project in Sonora.  These targets are based on historic underground workings that indicate the presence of mineralized structures. Target 1 is located 700m west of existing drill targets and features approximately a 60-meter exposed section of underground adits and shafts with silicified vein breccia and intense phyllic alteration. Target 2 is situated 700m north of previous high-grade samples and includes a 50m section of historic shafts and waste dumps with argillic alteration and quartz veining. Both targets align with previous high-grade surface sample results, such as assays up to 3.2 g/t Au and 1,225 g/t Ag, suggesting significant mineralization potential. These discoveries validate the exploration model and provide new avenues for drilling and resource delineation, expanding the mineralized footprint in the North Block.

ON MINING

  • Americas Gold and Silver Corporation announced Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. The company reported 765K Oz Ag, and 2.3M Lb Pb. Americas Gold and Silver reported an unaudited consolidated cash balance of USD $39M.
  • Gold Royalty Corp., presented preliminary Q3, 2025 consolidated results. The company reported total revenue of USD $4.6M equating to 1,323 Oz AuEq (Royalty on Cozamin mine, Zacatecas).
  • Discovery Silver Corp., announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).

ON FINANCING

  • Vortex Metals Inc., closed a second tranche of its previously announced non-brokered private placement of 2,625,000 units at a price of CAD $0.04 per unit for gross proceeds of CAD $105K. The company raised CAD $700K in the first tranche by issuing 17,500,000 units at a price of CAD $0.04 per unit. To date, Vortex raised aggregate proceeds for CAD $805K through the sale of 20,125,000 units. Vortex intends to use the gross proceeds of the second tranche as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and the remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).
  • Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 23,333,334 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at La Union project, in Sonora, as well as for general working capital purposes.
  • Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 20,500,000 units at a price of CADS $0.20 per unit for gross proceeds of CAD $4.1M. The company will use the net proceeds to fund ongoing development of its Cerro Caliche project in Sonora, including the commissioning of an updated Preliminary Economic Assessment and completing a final payment due under the Rosario option agreement. Funds will also be allocated for the change of land use payment required for mining operations in Mexico.
  • Apollo Silver Corp., reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 through the issuance of 6,981,707 units at a price of CADS $3.6 per unit. The upsized offering totals CAD $26,775,648, with the final tranche of 455,973 Units for gross proceeds of $1,641,503 expected to close in the coming days. Apollo plans to use part of the net proceeds for support community relations initiatives at its Cinco de Mayo project in Chihuahua, property maintenance costs and for general corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., provided an update on its recent progress at its Gran Pilar project in Sonora. It highlighted mobilization activities for drilling, trenching, and ground preparation aimed to advancing exploration and pilot mine development across North and South Blocks, where surface work and geophysical surveys have outlined new targets. The North Block is a fresh area with promising signs, and the company is focusing on road access, site clearing, and trenching to unlock new mineral zones. The goal is to start initial drilling programs and interpret results from surveys and sampling to guide the next steps.
  • Silver Storm Mining Ltd., initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations, which includes a 2,000 tonnes per day mill and three underground mines.  Dynamic Engineer was awarded the contract for the rehabilitation. Key points include rehabilitation of several buildings, rehabilitation, maintenance, and installation of new equipment of the processing plant, replacement of the jaw crusher, relined of ball mills, and service and repair of motor systems, feed lines, conveyors, screens, and cyclones, partial rehabilitation of five leach tanks of the oxide leach and tailings plant, sulphide circuit expansion to increase capacity to 1,250 tonnes per day, and underground rehabilitation including drift cleaning, scaling, ventilation upgrade, and recommissioning of underground services.
  • DynaResource Inc., commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. This circuit operates as a complementary process within the overall mineral processing flow, aiming to recover high-density gold particles that could be missed by other methods like flotation or leaching. Its purpose is to maximize overall gold recovery efficiency, reduce losses, and improve the project’s economic viability.

ON DEALS AND CORPORATE ISSUES

  • Empress Royalty Corp., announced the appointment of Daniel Burns to its Board of Directors effectively immediately (Royalty on Tahuehueto mine Durango).
  • Sandstorm Gold ltd., closed its previously announced plan of arrangement with Royal Gold Inc., in which Royalty will acquire all all of the issued and outstanding common shares of Sandstorm. Sandstorm´s shareholders will receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held (Cosala mine, Sinaloa).
  • Pinnacle Silver and Gold Corporation announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango, while Jorge Ortega continues in the role of Exploration Manager.
  • Quetzal Copper Corp., completed the acquisition of Silverco Mining Corp., with Silverco and a subsidiary of the company, which resulted in the reverse takeover of Silverco for the company pursuant to the policies of the TSXV Venture Exchange (Cusi mine, Chihuahua).
  • Torex Gold Resources Inc., completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Prime Mining Corp. Prime Mining shareholders are entitled to receive 0.06 Torex common shares for each Prime Mining common share exchanged at closing of the transaction (Los Reyes project, Sinaloa).
  • Starcore International Mines Ltd., presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro).
  • Southern Silver Exploration Corp., appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango).
  • Candelaria Mining Corp., provided an update regarding is management cease trade order (MCTO) announced on August 29, 2025 due to the failure to file audited financial statement by the August 28, 2025 deadline. The company expects to file the required documents by October 27, 2025, and will maintain the MCTO until then, providing bi-weekly updates as mandated (Caballo Blanco project, Veracruz).
  • Kingsmen Resources Ltd., secured an option to acquire a 100% interest in the Almoloya project in Chihuahua, located 30km west of its Las Coloradas project. The acquisition involves staged cash payments over an eight year period, with USD $325K to be paid in the first two years, with USD $75K due in the first year. The Almoloya project consolidates five mineral claims into a contiguous land package of 866.25 hectares and includes historic mines, such as Cigarrero and Las Juliettas. Kingsmen aims to revitalize these assets through exploration, focusing on high-grade mineralization in a large 12 x 14km hydrothermal system, hoping to advance the project quickly to drill ready status. The project has not seen systematic exploration since the early 2000s, leaving significant potential untapped.

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 with sulphides from an intermediate sulphidation epithermal vein system in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 42nd week of the year (October 13th to October 19th, 2025), companies working in Mexico presented 28 press releases.  Two companies presented exploration advances on early-stage properties. Five companies provided operational figures for the quarter and one announced commercial production on a mine. Three companies presented news on financing rounds. Four companies presented drilling results on advanced properties/mines. Nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver; Questcorp Mining informed on their drilling program at La Union. ON MINING, Orla Mining, Avino Silver, GoGold Resources, Royal Gold and Altius Minerals presented third quarter 2025 reports; Endeavour Silver achieved commercial production at Terronera, in Jalisco. ON FINANCING, three companies informed on financing rounds: Aztec Minerals (C$10.0 M), Sonoro Gold (C$4 M), Colibri Resources (C$1.25 M + C$0.5 M + US$0.25 M). ON RESOURCES AND DEVELOPMENT, Capitan Silver released RC drilling results from Cruz de Piedra, in Durango. GR Silver Mining reported results from bulk sampling at Plomosas, in Sinaloa. Mithril Silver and Gold reported drilling results from Copalquin, in Durango. Guanajuato Silver Company presented assay results from drilling at El Cubo mine, in Guanajuato. Heliostar Metals presented the results of a technical report at La Colorada, in Sonora. ON DEALS AND CORPORATE ISSUES, Golden Minerals completed the sale of its Velardeña oxide processing plant and water well, in Durango. Starcore International Mines finalized a ten-year agreement on the Tortilla project in Queretaro. Sandstorm Gold announced the granting of the final order for its merger with Royal Gold. Silver Dollar Resources entered into a marketing agreement. GR Silver Mining announced changes to the board. Prime Mining received from COFECE the needed clearance for its acquisition by Torex Gold. Silver Bull Resources updated on its litigation with Mexico. Galore Resources is to have its AGM. Zacatecas Silver entered into an investor relation agreement. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Minaurum Gold Inc. released results from its resource definition drilling program testing the Promontorio, Europa and Travesia zones at its Alamos Silver project in Sonora. Highlighted core length results comprise 5.85 m @ 0.09 gpt Au, 380 gpt Ag, 0.60% Cu, 0.2% Pb, 0.9% Zn (including 1.80 m @ 0.15 gpt Au, 1,093 gpt Ag, 1.69% Cu, 0.4% Pb, 2.0% Zn); 1.20 m @ 26.00 gpt Au, 96 gpt Ag, 0.60% Cu, 0.2% Pb, 1.0% Zn; 21.45 m @ 0.37 gpt Au, 54 gpt Ag, 0.12% Cu, 1.3% Pb, 3.3% Zn (including 1.20 m @ 1.50 gpt Au, 440 gpt Ag, 0.86% Cu, 9.1% Pb, 18.8% Zn); 1.75 m @ 0.02 gpt Au, 495 gpt Ag, 0.47% Cu, 1.0% Pb, 1.5% Zn; 2.40 m @ 0.04 gpt Au, 380 gpt Ag, 0.54% Cu, 0.6% Pb, 1.7% Zn.
  • Questcorp Mining Inc. and Riverside Resources Inc. informed that the maiden drilling program at La Union, in Sonora, is now two-thirds complete with initial and second holes now completed at four of the five main targets. Seven holes have been completed and there are plans for another three to five. The Union mine, Famosa, North Union and El Cobre targets have been tested, and one hole is planned for El Creston target.

ON MINING

  • Orla Mining Ltd. provided an operational update for the third quarter of 2025. During the quarter over 0.7 M tonnes of ore and 2.4 M tonnes of waste were moved at an strip ratio of 3.34, at the Camino Rojo mine in Zacatecas., with 2.8 M tonnes of ore stacked on the heaps averaging 0.40 gpt Au, to produce 22,059 Oz Au. During July Camino Rojo experienced a pit failure with no injuries, equipment damage or environmental impacts. A 50-80 m pushback of the pit is in the making, but due to the changed mining schedule guidance for 2025 was revised to 95-105 K Oz Au, down from 110-120 K Oz Au. The company has one other mining operation outside Mexico.
  • Royal Gold Inc. sold 38,600 Oz Au, 594.5 K Oz Ag and 1,200 tonnes of Cu related to its streaming agreements during the third quarter of 2025 (Royalty on Cosalá, Sinaloa).
  • Altius Minerals Corp. expects to report Q3 2025 attributable royalty revenue of C$21.2 M (Royalty on Cuale, Jalisco).
  • Avino Silver & Gold Mines Ltd. presented third quarter 2025 production results. At Avino, in Durango, the company milled 188.8 K tonnes averaging 0.43 gpt Au, 52 gpt Ag, 0.39% Cu, recovering 74% Au, 84% Ag, 81% Cu, to produce 1,935 Oz Au, 263.2 K Oz Ag, 1.31 M Lb Cu (or 580.8 K Oz AgEq). At the end of the quarter the company had US$55 M in cash. At La Preciosa, the Gloria and Abundancia veins have been intercepted on the San Fernando ramp  while progressing up to level 4. Over, 6.7 K tonnes have been stockpiled and trucking to the Avino mine facilities is now underway. Exploration drilling is underway both at Avino and La Preciosa.
  • GoGold Resources Inc. reported production figures for the year ending on September 30, 2025, at its Parral tailings property in Chihuahua. During the period the company produced 0.85 M Oz Ag, 12,289 Oz Au, 479 tonnes Cu, 609 tonnes Zn. For the third quarter of 2025, the company produced 212.8 K Oz Ag, 2,697 Oz Au, 110 tonnes Cu, 150 tonnes Zn.
  • Endeavour Silver Corp. achieved commercial production at the Terronera mine in Jalisco. “The Company forecasts throughput of approximately 360,000 tonnes over the next six months, with average grades estimated at 122 g/t silver and 2.52 g/t gold. Higher grade zones are scheduled to be accessed by mid-2026, which is expected to further enhance production”.

ON FINANCING

  • Aztec Minerals Corp. closed its previously announced “bought deal” private placement offering, for aggregate gross proceeds of C$10 M. The company paid the underwriter a cash commission of C$700 K (Cervantes, Sonora).
  • Sonoro Gold Corp. is increasing its non-brokered private placement, for gross proceeds of C$4 M (Cerro Caliche, Sonora).
  • Colibri Resource Corp. is increasing the size of the offering that comprises a non-brokered private placement for gross proceeds of up to C$1.25 M, a debt conversion of C$520 K and a non-brokered private placement of convertible debenture units for gross proceeds of up to US$250 K (EP, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. released assay results from twelve holes on its 15,000 m reverse circulation drilling program at Cruz de Piedra project in Durango. Highlighted drill length results comprise 18.30 m @ 0.17 gpt Au, 200 gpt Ag (including 1.50 m @ 1,599 gpt Ag); 38.10 m @ 0.25 gpt Au, 93 gpt Ag, (including 3.0 m @ 0.57 gpt Au, 372 gpt Ag); 3.00 m @ 0.29 gpt Au, 82 gpt Ag, 1.1% Pb, 2.5% Zn; 10.70 m @ 0.55 gpt Au, 117 gpt Ag, 1.5% Pb, 1.4% Zn; 44.20 m @ 0.52 gpt Au, 65 gpt Ag (including 13.50 m @ 1.12 gpt Au, 142 gpt Ag); 22.90 m @ 0.37 gpt Au, 67 gpt Ag, 0.6% Pb, 0.7% Zn.
  • GR Silver Mining Ltd. reported the results of phase II of the bulk sample test mining program at the Plomosas mine in Sinaloa. Highlighted initial underground channel sampling results comprise 6.7 m @ 0.03 gpt Au, 903 gpt Ag, 1.4% Pb, 1.7% Zn; 1.2 m @ 0.08 gpt Au, 2,264 gpt Ag, 0.5% Pb, 0.9% Zn; 4.2 m @ 5.12 gpt Au, 49 gpt Ag, 6.9% Pb, 5.0% Zn (including 0.5 m @ 35.7 gpt Au, 102 gpt Ag, 4.3% Pb, 14.2% Zn. A detailed laser survey of the historic mine across 7.4 km of underground development has been completed.
  • Mithril Silver and Gold Ltd. provided exploration results for its Copalquin project in Durango. Target 1 resource expansion drilling extended the east-west structure 300 m, for a total strike length of 1,300 m. Highlighted core length intervals comprise 2.85 m @ 1.12 gpt Au, 25 gpt Ag; 1.35 m @ 1.26 gpt Au, 72 gpt Ag; 0.5 m @ 3.21 gpt Au, 1 gpt Ag; 7.20 m @ 2.78 gpt Au, 148 gpt Ag (including 2.05 m @ 7.41 gpt Au, 419 gpt Ag); 2.80 m @ 3.97 gpt Au, 209 gpt Ag; 8.03 m @ 7.19 gpt Au, 260 gpt Ag. Assays are pending for 11 holes on Target 5. The company intends to complete 45,000 m of drilling over the next 12-14 months.
  • Guanajuato Silver Company Ltd. informed on development drilling at its El Cubo mines complex in Guanajuato. The drilling focused on the San Luis, Maria, Dolores, Packman, Villalpando and Raquel veins. Highlihgted true width intervals comprise 0.52 m @ 1.12 gpt Au, 330 gpt Ag: 0.72 m @ 1.27 gpt Au, 248 gpt Ag; 0.18 m @ 13.02 gpt Au, 970 gpt Au; 0.42 m @ 26.70 gpt Au, 321 gpt Ag; 2.77 m @ 3.30 gpt Au, 24 gpt Ag.
  • Luca Mining Corp. reported analytical results from four surface and two underground drillholes at Campo Morado, in Guerrero. Four surface holes tested the Reforma deposit and two underground holes the Campo Morado mine. Highlighted core length intervals comprise 12.70 m @ 0.97 gpt Au, 60 gpt Ag, 0.77% Cu, 0.4% Pb, 2.0% Zn; 21.20 m @ 3.53 gpt Au, 161 gpt Ag, 0.55% Cu, 0.9% Pb, 2.3% Zn (including 13.00 m @ 4.96 gpt Au, 237 gpt Ag, 0.66% Cu, 1.3% Pb, 3.0% Zn); 7.90 m @ 0.56 gpt Au, 189 gpt Ag; 24.60 m @ 2.25 gpt Au, 75 gpt Ag, 0.86% Cu, 0.5% Pb, 2.4% Zn. The drill program focus is to confirm and expand resources at the Reforma and El Rey deposits, and close to the actual mine operation, as well as to test exploration targets. The surface and underground drill programs are set now to complete 5,000 m and 7,500 m respectively in 2025.
  • Heliostar Metals Ltd. presented the results of an updated technical report on La Colorada property in Sonora. The new mineral resource comprises 17.1 M tonnes @ 0.68 gpt Au, 9.2 gpt Ag containing 376.2 K Oz Au, 5.05 M Oz Ag (or 385.4 K Oz AuEq) in probable reserves, 20.2 M tonnes @ 0.79 gpt Au, 10.4 gpt Ag, containing 513 K Oz Au, 6.8 M Oz Ag of measured and indicated resources, and 1.1 M tonnes @ 0.45 gpt Au, 35.1 gpt Ag, containing 17 K Oz Au, 1.3 M Oz Ag. The study encompasses a mine life of 6.1 years at an 8,200 tonnes per day rate with an annual production of 46.1 K Oz AuEq at an average AISC of $1,626 per Oz AuEq. An IRR of 24.4% is expected on a base price of $2,300 per Oz Au, with an NPV of US$66.2 M and a payback of 3.4 years. With a gold price on $3,500 per Oz, the IRR is US$168.4M and the NPV is US$243.3 M with a 2 year payback. A capital cost of US$44.5 M is estimated.

ON DEALS AND CORPORATE ISSUES

  • Golden Minerals Co. completed the previously announced sale of its Velardeña oxide processing plant and water well, in Durango. The total purchase price was US$3.0 M plus VAT. “The Velardeña Buyer had previously acquired the Velardeña and Chicago mines, related mining equipment, and the sulfide processing plant under separate agreements”.
  • Starcore International Mines Ltd. finalized a ten-year lease agreement on six mining concessions at the San Juan Nepomuceno project (or Tortilla project) in Queretaro. The project is 40 km from Starcore’s San Martin mine, and 5 km from La Negra mine. The deal involves the payment of US$107.5 K on signature (paid) and six monthly payments of US$27 K starting on November 2025, and a 2% NSR afterwards. “During the term of the ten-year lease and for two years thereafter, the lessor has the option to sell all of the claims and concessions to Starcore at a purchase price of US$5,000.000. The 2% NSR can also be acquired by Starcore at a purchase price of US$2 million”.
  • Sandstorm Gold Ltd. announced that the Supreme Court of British Columbia has granted the final order on the plan of arrangement Royal Gold Inc., whereby Royal Gold will indirectly acquire all of the issued and outstanding common shares of Sandstorm (Royalty on Cosalá, Sinaloa).
  • Silver Dollar Resources Inc. entered into an advertising and investor awareness marketing agreement with Dig Media Inc., dba Investing News Network, with a six month term commencing on October 15th, 2025, at a cost of C$204 K (La Joya, Durango).
  • GR Silver Mining Ltd. announced the resignation of Mr. Alejandro Cano, vice president, operations. Mr. Robert Payment, current CFO, has assumed the additional role of corporate secretary. Mr. Payment succeeds Mr. Blaine Bailey, who is retiring from the position (Plomosas, Sinaloa).
  • Prime Mining Corp. announced the receipt of the clearance decision from the Comisión Federal de Competencia Económica (COFECE) with respect to the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding shares of Prime Mining (Los Reyes, Sinaloa).
  • Silver Bull Resources Inc. reported that the 5-day hearing for its arbitration case against Mexico was completed on October 10, 2025, in Washington, D.C. “Upon completion of the hearing, the Arbitration Tribunal directed the Company and Mexico (the “Parties”) to provide their Post-Hearing Briefs by November 21, 2025. The Parties are then directed to file their submissions on costs by December 5, 2025. Upon completion of these submissions, the Tribunal will close the proceedings and render its final award as soon as practicable”. Silver Bull is challenging Mexico with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing
  • Galore Resources Inc. is to have its annual general meeting on October 23, 2025 (Dos Santos, Zacatecas).
  • Zacatecas Silver Corp. entered into an investor relation agreement with Capital Gain Media Inc. for content development and digital marketing services for four months commencing on October 16, 2025. As a consideration for the services the company agreed to pay an aggregate upfront cash fee of C$250 K (Zacatecas Silver, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Capstone Copper Corp. published its 2024 sustainability report which highlights its key initiatives on environmental, social and governance matters (Cozamin, Zacatecas).

On the image below: Specularite-Pyrite-quartz vein, HQ core. Picture by Jorge Cirett. Picture by Jorge Cirett.

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

/ gambusinoprospectormexico / Leave a comment

Rhyolite Dome

By Miguel A Heredia

During the 41st week of the year (October 6th to October 12th 2025), at least 37 press releases were announced by companies working in Mexico, and one news published by the media, with fourteen announcing financial rounds, nine communicating mining and production issues, six disclosing deals and corporate issues, four reporting resources and developments of their properties, three informing on exploration results, and two commenting on Mexican issues. ON MEXICO ISSUES, Mining companies listed on the Mexican Stock Exchange (BMV) and Wall Street are expected to gain more than USD $250 billion in market value so far in 2025. Heliostar Metals and Torex Gold GR Silver and Kingsmen reported the best drilling intercepts in Mexico on the second week of October, 2025. ON EXPLORATION, In Sonora, Tocvan reported the early results from a drone magnetic survey at its Gran Pilar Gold-Silver project, and announced the discovery of a new target with historic underground workings in the North Alteration Zone. In Durango, Pacifica Silver identified new extensions to mineralized veins at its Claudia project, and provided details of a phase I drill program. ON MINING, Capstone announced that it will present its Q3, 2025 results on October 30, 2025 (Cozamin mine, Zacatecas). Goldgroup notified that it has successfully installed a second crushing circuit at its Cerro Prieto mine in Sonora. First Majestic reported Q3, 2025 production results from their Mexican operations. Endeavour presented Q3, 2025 production results from their Mexican mining operations (Bolañitos and Guanacevi in Guanajuato and Durango respectively). Altius provided a Q3, 2025 project generation update. Teck announced that it will present its Q3, 2025 results on October 22, 2025 (San Nicolas project, Zacatecas). Aura Minerals reported Q3, 2025 production results from its Aranzazu mine in Zacatecas. Torex Gold released strong Q3, 2025 production results from its Morelos Mine Complex in Guerrero. ON FINANCING, Mexican Gold Mining announced a non-brokered private placement for gross proceeds of up to CAD $850K (Las Minas project, Veracruz). Starcore reported that the $5M private placement previously announced has been oversubscribed (San Martin mine, Queretaro). Colibri announced that it intends to conduct two non-brokered private placements: one for gross proceeds of up to CAD $1.3M and a second for up to CAD $250K (Pilar and EP projects, Sonora). Vortex Metals closed its previously announced upsized non-brokered private placement for gross proceeds of CAD $700K, and then, due to interest from an existing strategic investor, it intends to close a second tranche for gross proceeds of CAD $105,000.  (Zaachila and Riqueza Marina projects, Oaxaca) Silver Tiger closed its previously announced bough deal offering for gross proceeds of CAD $28,773,000 (El Tigre project, Sonora). Questcorp revised the terms of its previously announced non-brokered private placement and now will offer up to 7,500,000 units for gross proceeds of up to CAD $1.5M (La Union project, Sonora). Fuerte Metals closed its previously announced offering of subscription receipts for aggregate gross proceeds of CAD $57.5M (Cristina project, Chihuahua). Guanajuato Silver closed its previously announced bough deal public offering for gross proceeds of CAD $43.5M (El Cubo mine, Guanajuato).  Pantera Silver announced a non-brokered private placement for gross proceeds of up to CADS $3.5M (Nuevo Taxco Silver project, Guerrero). Bear Creek announced drawdown of funds under Sandstorm note (Mercedes mine, Sonora). Silver Storm entered into a definitive agreement with Samsung C&T Hongkong Ltd and QSSC S.A.DE C.V. for a US $7.0 million offtake prepayment financing to restart operations at its La Parrilla Silver Mine Complex in Durango. US Antimony announced that it entered into a securities purchase agreement with a leading long-only mutual fund for aggregate proceeds of approximately USD $25M (Los Juarez project, Queretaro). ON RESOURCES AND DEVELOPMENT, Southern Silver initiated a drilling program at the Puro Corazon mine, which is adjacent to its 100% owned Cerro Las Minitas project in Durango, Mexico.  Heliostar released results from the current 15,000m drill program at its Ana Paula project in Guerrero. Mithril reported exploration results from its Copalquin project in Durango. Torex Gold released results from drilling program at ELG underground, primarily focused on drilling around the El Limón Sur and Sub-Sill trends within its Morelos Mine Complex in Guerrero. ON DEALS AND CORPORATE ISSUES, Mithril notified to shareholders that its annual general meeting will be held on November 5, 2025 (Copalquin project, Durango).  Pedro Resources announces the appointment of its CEO (Mapimi project, Durango). Quetzal Mining received conditional acceptance from the TSX Venture Exchange for its reverse takeover transaction with Silverco Mining Corp (Cusi mine, Chihuahua). Agnico announced that it acquired 5,000,000 subscription receipts of Fuerte Metals pursuant to a brokered private placement, at a price of CAD $1.65 per subscription receipt for a total consideration of CAD $8,250,000. Zacatecas Silver granted 5,000,000 stock options to its directors, officers, and consultants (Zacatecas Silver project, Zacatecas). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Mining companies listed on the Mexican Stock Exchange (BMV) and Wall Street are expected to gain more than USD $250 billion in market value so far in 2025. On the BMV, Grupo México, the world’s fourth-largest copper producer, is the mining company that has gained the most (USD $22.928 billion) in market value, totaling USD $59.98 billion. Its shares are up 42.89 % to MXP $141.36 this year. The company owned by Grupo BAL, Industrias Peñoles, gained USD $12.182 billion in market capitalization, reaching USD $124.533 billion. Its shares rose 199.51 % to MXP $797.29. Meanwhile, Minera Frisco added USD $2.182 billion and is worth USD $3.176 billion. Its shares increased 181.87 % to MXP $9.64 for the year. Fresnillo, a Peñoles subsidiary listed on the London Stock Exchange, earned USD $17.74 billion and has a total market value of USD $23.59 billion. Its shares rose 281 % to 2.36 pounds sterling, according to companiesmarketcap. The firms’ gains are driven by the price of gold, which reached a new all-time high above USD $4,000 per ounce, “benefiting from the weakness of the dollar, central bank purchases, and expectations of additional rate cuts in the United States.
  • Heliostar Metals Ltd., and Torex Gold Resources Inc., reported the best drilling intercepts in Mexico on the second week of October, 2025. Details are shown in the table below:

ON EXPLORATION

  • Tocvan Ventures Corp., reported the early results from a drone magnetic survey at its Gran Pilar Gold-Silver project in Sonora, and announced the discovery of a new target with historic underground workings in the North Alteration Zone.. The survey uncovered a major structural complex in the South Block, spanning approximately 2 by 2.5km. This complex exhibits magnetic signatures suggestive of magmatic activity and correlates strongly with past sampling up to 21.2 g/t Au and over 2,000 g/t Ag.  These findings highlight new and expanded exploration targets, especially near areas with historical placer mining, and support the potential for deeper mineralization. The survey results validate geological models and provide a clear pathway for upcoming drill programs to evaluate the project’s mineral resources further. Tocvan also reported that it uncovered a new mineralized zone with 80m exposed section of old underground workings within the North Alteration Zone, with waste piles of silicified vein breccia material, and intense phyllic and argillic alteration.   This zone features historic underground workings and extensive alteration patterns of approximately 3.2km long, indicating significant mineralization potential. Initial sampling has returned promising high-grade results for gold and silver, and the company plans to conduct further trenching, detailed mapping, and drilling to explore this largely underexplored area. 
  • Pacifica Silver Corp., identified new high-priority drill targets based on assay results from 325 surface rock chips samples collected at its Claudia project in Durango. These samples yielded results up to 23.6 g/t Au and 480 g/t Ag confirming that the high-grade Au-Ag mineralization at the property is more extensive than previously recognized and may extend further south for another 300m towards the Mina de Oro vein system.  Rock chips sample highlights include 111.2 g/t Au and 17 g/t Ag; 7.15 g/t Au and 143 g/t Ag; 2.74 g/t Au and 404 g/t Ag; 3.33 g/t Au and 311 g/t Ag; 2.03 g/t Au and 312 g/t Ag; 0.39 g/t Au and 408 g/t Ag; 1.83 g/t Au and 230 g/t Ag; and 2.19 g/t Au and 190 g/t Ag. The areas around Veta Justina and Mina Vieja are now considered new high-priority targets for drilling. The company also commenced a Phase I drill program, which aims to delineate and expand known mineralization at the northern extension of the Aguilareña, Guadalupana, and Veta Central veins and to drill high-priority, previously undrilled targets at the Mark Twain, Veta West and Veta Justina areas. To date it has completed 647m of drilling across the first three holes. Pacifica Silver plans to apply for permits to drill new targets as part of the program.

ON MINING

  • Capstone Copper Corp., announced that it will present its Q3, 2025 results on October 30, 2025 (Cozamin mine, Zacatecas).
  • Goldgroup Mining Inc., notified that it has successfully installed a second crushing circuit at its Cerro Prieto mine in Sonora, doubling the crushing capacity to over 4,500 tonnes per day.  This expansion is part of a broader optimization strategy aimed at increasing gold production to over 24K Oz annually. Additionally, the company plans to implement a re-leaching project on existing heap leach pads, which could yield an extra 8K Oz Au per year, with initial production expected in the first quarter of 2026. The mine has been in production since 2013 accumulating over 10M tonnes of mineralized material on the leach pads. Ongoing exploration efforts are also underway to extend the mine’s life and enhance resource availability.
  • Luca Mining Corp., confirmed that its Tahuehueto mine in Durango is operating normally following an environmental inspection by Mexico’s PROFEPA (Federal Attorney for Environmental Protection). The inspection assessed compliance with the Environmental Impact Authorization issued by SEMARNAT (Secretariat of Environment and Natural Resources). PROFEPA requested clarification on a 0.3-hectare inactive area previously used for tailings storage, leading to a temporary closure notice for that section pending updated technical documentation. Luca Mining plans to create a remediation plan that will not disrupt ongoing operations. The company emphasizes its commitment to environmental compliance and transparency, stating that the temporary notice does not affect current production. Luca Mining continues to operate normally at both the Tahuehueto and Campo Morado mines, focusing on production and sustainability initiatives.
  • First Majestic Silver Corp., reported Q3, 2025 production results from their Mexican operations. The table below shows mine by mine production details:

Endeavour Silver Corp., presented Q3, 2025 production results from Bolañitos and Guanacevi mines in Guanajuato and Durango respectively, and provided an update on its Terronera project in Jalisco. At Terronera, the company processed between September 1 and September 23,  39,190 tonnes of material peaking at 2,162 tonnes in a single day and averaging 1,866 tonnes per day, with average metal recoveries of 82.8% for silver and 72.3% for gold. Since July 1, Terronera has produced approximately 212,043 Oz Ag and 6,256 Oz Au, processing 145,680 tonnes of material with average grades of 64 g/t Ag and 2.08 g/t Au. During the quarter, the mill achieved average metal recoveries of 70.7% for silver and 64.2% for gold. Mining operations at Terronera were temporarily impacted by an electrical problem in the SAG mill, but resumed successfully on September 30. In regards to Guanacevi and Bolañitos mines, the next table shows the Q3, 2025 production results by mine:

  • Altius Minerals Corporation provided a Q3, 2025 project generation update. Gross cash proceeds for the quarter totaled CAD $67.6M received from the Orogen Royalties Inc. Altius also received 9,889,490 new Orogen shares which were valued at approximately CAD $25M as of September 30, 2025, implying total transaction consideration at that date of more than $92M.
  • Teck Resources Limited announced that it will present its Q3, 2025 results on October 22, 2025 (San Nicolas project, Zacatecas).
  • Aura Minerals Inc., reported Q3, 2025 production results from its Aranzazu mine in Zacatecas. The company produced 6,707 Oz Au, 141,117 Oz Ag, 9.73M Lb Cu, and 105K Lb, or 21,534 Oz AuEq.
  • Torex Gold Resources Inc., released strong Q3, 2025 production results from its Morelos Mine Complex in Guerrero. The company reported a payable production of 119,034 Oz Au and AuEq sold of 118.082 Oz. Q3, 2025 operational results are shown in the table below:

ON FINANCING

  • Mexican Gold Mining Corp., announced a non-brokered private placement of up to 10,000,000 of units at a price of CAD $0.085 per unit for gross proceeds of up to CAD $850K. The company intends to use the gross proceeds as working capital for general corporate purposes (Las Minas project, Veracruz).
  • Starcore International Mines Ltd., reported that the $5M private placement previously announced has been oversubscribed due to the strong support from investor. Tranche 1 closed on September 26, 2025, raised CAD $2,661,788.75 through the issuance of 10,647,155 units, including common shares and warrants.  Tranche 2 is also oversubscribed, and the company is no longer accepting subscriptions (San Martin mine, Queretaro).
  • Colibri Resource Corporation announced that it intends to conduct two non-brokered private placements: an equity offering of up to 8,666,666 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $1.3M, and a second of up to 250 convertible debenture units for gross proceeds of up to CAD $250K. The company plans to use the net proceeds to fund exploration at Pilar and EP projects in Sonora, and for general working capital.
  • Vortex Metals Inc., closed its previously announced upsized non-brokered private placement for gross proceeds of CAD $700K by the issuance of 17,500,000 units at a price of CAD $0.04 per unit, and then, due to interest from an existing strategic investor, it intends to close a second tranche of a maximum of 2,625,000 units at a price of CAD $CAD $0.04 per unit for gross proceeds of CAD $105,000. The company announced that 40% of the net proceeds will be used to pay mining concession 40% for exploration fees, and 20% for general working capital purposes.  (Zaachila and Riqueza Marina projects, Oaxaca).
  • Silver Tiger Metals Inc., closed its previously announced bough deal offering of 39,962,500 shares at a price of CAD $0.72 for gross proceeds of CAD $28,773,000. The company plans to use the proceeds of the offering to fund exploration and development expenditures at the company’s El Tigre Project in Sonora, as well as for working capital and general corporate purposes.
  • Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 7,500,000 units at a price of CAD $0.20 per unit for gross proceeds of up to CAD $1.5M. Part of the net proceeds will be used for the advancement of the ongoing exploration and drilling program at La Union project in Sonora, and for general working capital purposes. 
  • Fuerte Metals Corporation closed its previously announced offering for an aggregate of 34,848,485 subscription receipts at a price of CAD $1.65 per subscription receipt for gross proceeds of CAD $57.5M (Cristina project, Chihuahua).
  • Guanajuato Silver Company Ltd., closed its previously announced bough deal public offering of 87,000,000 units at a price of CAD $0.50 per unit for gross proceeds of CAD $43.5M. Gross proceeds will be used for sustaining and development capital for the Company’s four operating mines in Mexico, working capital and general corporate purposes (El Cubo mine, Guanajuato).
  • Pantera Silver Corp., announced a non-brokered private placement of up to 7,000,000 units at a price of CAD $0.75 per unit for gross proceeds of up to CAD $3.5M. The company intends to use the gross proceeds for exploration work, potential additional property acquisitions and general working capital (Nuevo Taxco Silver project, Guerrero).
  • Bear Creek Mining Corporation announced drawdown of funds in the amount of USD $1.2M under Sandstorm Gold Ltd., note. “The principal amount of the 2025 Sandstorm note is a maximum of USD $6.5M, of which the company may draw down up to USD $600K per month. An aggregate total of funds drawn to date is USD $5.4M and the remaining amount of up to USD $1.1M may be drawn down subject to prior approval by Sandstorm in its sole discretion. The draw will be used for general working capital purposes” (Mercedes mine, Sonora).
  • Silver Storm Mining Ltd, secured a USDS $7M offtake prepayment financing agreement for 18 months with Samsung C&T Hongkong Ltd and QSSC S.A. de C.V., at a 1-Month Secured Overnight Financing Rate + 4.75 %,  to restart operations at its la Parrilla Silver Mine Complex in Durango. Samsung will purchase 100% of the lead-silver and zinc concentrates produced at La Parrilla for two years. The funds will be used for mill rehabilitation, underground development, and working capital.
  • US Antimony Corporation announced that it entered into a securities purchase agreement of 2,337,657 shares of common stock with a leading long-only mutual fund for aggregate proceeds of approximately USD $25M (Los Juarez project, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., initiated a drilling program at the Puro Corazon mine, which is adjacent to its 100% owned Cerro Las Minitas project in Durango, Mexico. Current development at the mine extends for approximately 200m laterally and to 250m below surface. The exploration program aims to integrate the nine-hectare Puro Corazon claim into the larger project and includes up to 12,000 meters of core drilling using three drill rigs. Drilling will test the further projections of the mined mineralization both laterally for an additional 200m and to depths of up to 450 metres below surface where the mineralization then transitions across the claim boundary and into the modelled Skarn Front deposit. Drilling will also target the projection of up to six hangingwall structures identified outboard of the main mineralized Skarn Front zone which was previously identified in both historic drilling within the Puro Corazon claim and in Southern Silver’s own drilling outside the claim boundary. The program will also compile existing geological data, conduct new sampling in historic underground workings, and perform a LiDAR survey to assess the extent of underground mining. Currently, the Puro Corazon mine is privately operated, producing approximately sixty tonnes of ore per day, generating silver-lead and zinc concentrates. The drilling will target lateral projections of mineralization and depths of up to 450 meters below the surface, focusing on six identified hangingwall structures. Results from this drilling will be incorporated into an updated Technical Report and Preliminary Economic Assessment (PEA) scheduled for the first quarter of 2026.
  • Heliostar Metals Ltd., released results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-329 with 3.29 g/t Au over 12.75m, and 5.17 g/t Au over 6.4m, and 8.82 g/t Au over 88.05m including 13.03 g/t Au over 35.5m; hole AP-25-326 with 6.29 g/t Au over 2.2m, and 2.37 g/t Au over 7m, and 18.8 g/t Au over 1m, and 2.86 g/t Au over 23m, including 4.19 g/t Au over 14.3m; and hole AP-25-327 with 32.1 g/t Au over 1.25m, and 2.75 g/t Au over 21.7m, including 8.36 g/t Au over 1.5m, and 2.73 g/t Au over 62.65m, including 4.61 g/t Au over 20.5m, and 5.63 g/t Au over 5m. The program has the primary goal of converting inferred ounces to higher confidence classifications, as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit.
  • Mithril Silver and Gold Limited reported exploration results from its Copalquin project in Durango. A district wide aerial magnetic survey is to commence later this month. Systematic mapping and sampling are ongoing at Target 3 to define priority targets, with maiden drilling planned in the coming months. At Target 5, an initial 5,000m drilling program is underway around the Apomal historic mine, with the first nine holes completed. The drilling aims to explore areas down-dip and along strike from old mine workings. Assays are pending.  Mapping and sampling extended the silver-rich target to over 2km by 2km. Underground sampling highlights include 2.02 g/t Au and 1,938 g/t Ag over 3.21m including 2 g/t Au and 3,300 g/t Ag over 1.40 from the Tasonera Mine Level 2; and 10.25 g/t Au and 895 g/t Ag over 0.6m, and 3.31 g/t Au and 219 g/t Ag over 0.9m from Los Martires. Surface sampling highlights include 3.89 g/t Au and 157 g/t Ag over 0.5m from La Candelaria; 0.145 g/t Au and 284 g/t Ag over 0.5m from La Tasolera; 3.75 g/t Au and 555 g/t Ag over 0.65m and 24.5 g/t Au and 670 g/t Ag over 0.6m from Apomal; and 4.69 g/t Au and 520 g/t Ag over 0.5m from Los Martires. All these results indicate a significant presence of high-grade gold and silver mineralization in the Target 5, with notable underground and surface sample assays, suggesting strong potential for further exploration and resource development in the Copalquin district.
  • Torex Gold Resources Inc., released results from drilling program at ELG underground, primarily focused on drilling around the El Limón Sur and Sub-Sill trends within its Morelos Mine Complex in Guerrero. Drilling highlights for two second order structures running parallel to both the El Limón Sur and Sub-Sill trends, El Limón Sur Trend and Sub-Sill Trend are shown in the next three table below respectively:

These new results continue to support the company’s target of extending the mine life of ELG Underground by identifying new structures of higher-grade mineralization, expanding resources, and replacing mined reserves.

ON DEALS AND CORPORATE ISSUES

  • Mithril Silver and Gold Limited notified to shareholders that its annual general meeting will be held on November 5, 2025 (Copalquin project, Durango).
  • Pedro Resources Ltd., announces the appointment of David McDonald as its CEO, effective October 1, 2025 (Mapimi project, Durango).
  • Quetzal Copper Inc., received conditional acceptance from the TSX Venture Exchange for its reverse takeover transaction with Silverco Mining Corp. The deal centers around round Silverco´s 100% stake in the Cusi mine in Chihuahua which features past producing mines and new exploration opportunities. Quetzal plans to rename itself Silverco Mining Ltd. and continue trading on the TSX Venture Exchange under the symbol “SICO”.
  • Sandstorm Gold Royaltys´ shareholders voted overwhelmingly to approve a plan of arrangement under which Royal Gold Inc., will acquire all of Sandstorm’s outstanding shares. The approval was secured by more than 98 % of the votes cast, meeting the required thresholds under Canadian securities regulations. The transaction is expected to close around October 20 2025. After completion, Sandstorm will delist from the Toronto and New York stock exchanges, cease reporting as a public issuer, and deregister its shares under U.S. securities law.
  • Agnico announced Mines Limited announced that it acquired 5,000,000 subscription receipts of Fuerte Metals pursuant to a brokered private placement, at a price of CAD $1.65 per subscription receipt for a total consideration of CAD $8,250,000.
  • Zacatecas Silver Corp., granted 5,000,000 stock options to its directors, officers, and consultants. Each option is exercisable at a price of CAD $0.11 per share for a period of five years from the date of grant (Zacatecas Silver project, Zacatecas).

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, flow banded rhyolite dome in Durango, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 40th week of the year (September 28th to October 5th, 2025), companies working in Mexico presented 36 press releases.  No companies presented exploration advances on early-stage properties or production figures. Nine companies presented news on financing rounds and share-related issues. Two companies updated on their advanced properties. Two companies commenced drilling on advanced projectsOne company announced mining developments. Nineteen companies informed on deals and corporate issues. ON MEXICO ISSUES, the government is cancelling a large number of mining concessions that overlap protected areas.  ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, six companies informed on financing rounds: Zacatecas Silver (C$3.75 M), Vortex Metals (C$700 K), Guanajuato Silver (C$30 M), Apollo Silver (C$20.9 M), Silver Tiger (C$25 M) and Sonoro Gold (C$3 M). Guanajuato Silver Company and GR Silver Mining granted stock options. Aura Minerals announced the conversion of receipts into shares. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. Capitan Silver updated on its Cruz de Plata project in Durango. Sierra Madre Gold and Silver announced that development has started at La Guitarra mine, in Estado de Mexico. Sonoro Gold provided an update on the Cerro Caliche and San Marcial projects in Sonora. Silver Viper Minerals commenced a drilling campaign at La Virginia, in Sonora. ON DEALS AND CORPORATE ISSUES, Royal Gold received government regulatory approvals for the acquisition of Sandstorm Gold. Prime Mining’s security holders approved its acquisition by Torex Gold. Fuerte Metals, GR Silver, Empress Royalty, Almaden Minerals and Altius Minerals announced appointments to the board. Empress Royalty announced senior appointments. Mexican Gold is to acquire the Tatatila project in Veracruz from Chesapeake Gold. Sierra Madre Gold and Silver engaged marketing services. Sonoro Gold is considering to spinout the San Marcial project in Sonora. Silver Bull reported dates for the hearings on its arbitration case against Mexico. Prismo Metals and Vizsla Silver held their AGM’s. Canasil is to review opportunities in its Mexican portfolio. Silver Storm Mining contracted investor relations services. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its third sustainability report.

ON MEXICO ISSUES

  • The Ministry of Economy (Secretaría de Economía) started the procedure to cancel 805 mining concessions that overlap protected natural areas (Áreas Naturales Protegidas, or ANP’s), on the base that these are not complying on certain obligations, like the payment of annual mining duties.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Zacatecas Silver Corp. announced the closing of its non-brokered private placement financing for total gross proceeds of C$3.75 M (Zacatecas Silver, Zacatecas).
  • Vortex Metals Inc. increased the size of its previously announced non-brokered private placement to C$700 K. “Vortex intends to allocate the gross proceeds raised from the sale of the Units as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes” (Riqueza Marina, Oaxaca).
  • Guanajuato Silver Company Ltd. entered into an agreement with Cannacord Genuity Corp. and Red Cloud Securities Inc. as co-lead underwriters and joint bookrunners to purchase on a “bought deal” basis units of the company for gross proceeds of C$30 M (El Cubo and Valenciana, Guanajuato).
  • GR Silver Mining Ltd. granted incentive stock options to certain eligible persons to purchase up to an aggregate of 600 K common shares (Plomosas, Sinaloa).
  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$20.88 M (Cinco de Mayo, Chihuahua).
  • Aura Minerals Inc. “Announces to the holders of the Company’s Brazilian Depositary Receipts (“BDRs”) the launch of the Incentive Program for the conversion of BDRs into common shares (“Incentive Program”), under which holders may request the conversion of their BDRs (“AURA33”) into the underlying common shares (“AUGO”) listed on Nasdaq (“common shares”), at a ratio of three to one, without being required to pay the applicable fees charged by Banco Bradesco. The Incentive Program will be available for a fixed period of 32 days, from October 6, 2025, to November 6, 2025” (Aranzazu, Zacatecas).
  • Silver Tiger Metals Inc. filed a short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares for aggregate gross proceeds of C$25 M (El Tigre, Sonora).
  • Sonoro Gold Corp. announced a fully subscribed non-brokered private placement offering for gross proceeds of C$3 M (Cerro Caliche, Sonora).
  • Prismo Metals Inc. granted 850 K stock options to certain directors and officers of the company, and 100 K options to a consultant of the company. Also, 725 K restricted share units were issued to certain directors and officers of the company (Palos Verdes, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. provided an update on its Cruz de Plata project in Durango. Since 2020 the company has consolidated its position in the district, more recently with the acquisition of 2,171 ha from Fresnillo plc. Capitan Silver has elaborated a geological model that includes annular structures to an elliptical intrusive body with silver mineralization in sedimentary rocks and gold mineralization in the contact of these rocks with overlying volcanic rocks. Six main targets are comprised by Casco Norte, Jesús María Northwest, Jesús María East, San Rafael, La Providencia, La Purísima, Jesús María North and El Tubo Hill. The 2025 drilling program is being expanded from 10,000 m to 15,000 m. Just over 8,000 m of drilling have been completed to date, with assays pending for 38 holes. A property-wide 385 line-km regional airborne magnetic and magnetotelluric survey has been contracted. The press release includes a table with grab and chip sample results of up to 62 gpt Au, 991 gpt Ag, 0.76% Cu, 6.25% Pb, 7% Zn.
  • Sierra Madre Gold and Silver Ltd. announced that development has started at the Nazareno mine in the La Guitarra complex in Estado de México. Over 700 tonnes of ore have been delivered to the La Guitarra processing plant, material that was not included in the mineral resource estimate. The company also announced the purchase of a new rig capable of drilling up to 150 m of NWL size and 250 m of BWL size core. The rig is capable of underground and surface drilling.
  • Sonoro Gold Corp. provided an update on the Cerro Caliche and San Marcial projects in Sonora. The company intends to commission an updated preliminary economic assessment (PEA) on Cerro Caliche by the first quarter of 2026. The current PEA contemplates a 9-year mining operation at a 12,000 tpd rate based on a gold price of US$1,800 per Oz Au. The updated PEA will include 55,360 m of drilling, trenching and the changes in the environmental report that covers the property. The project counts with a surface agreement access for the property.
  • Regency Silver Corp. commenced drilling at its Dios Padre project in Sonora. The company plans to drill approximately 4,500 m in 6 to 8 holes, focused on targeting along-strike extensions of high-grade Au-Cu-Ag mineralization previously intercepted.
  • Silver Viper Minerals Corp. commenced a 5,000 m diamond drill program at its advanced stage La Virgina project in Sonora, with the program being carried out by Globexplore Drilling Corp. Drilling will begin with 8-9 reconnaissance holes at El Molino area, the first drill testing of this area with high priority geophysical anomalies. The program will continue at El Rubi, aiming to expand mineralization along strike and at shallow depths.  

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Ltd. announced that Royal Gold Inc. has received all government regulatory approvals required for the previously announced acquisition of Sandstorm” (Royalty on Mercedes, Sonora).
  • Prime Mining Corp. announced that the company’s security holders have approved the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding common shares of Prime (Los Reyes, Sinaloa).
  • Fuerte Metals Corp. announced that CFO Martin Rip is retiring at the end of September 2025. “Mr. John Teo, Fuerte’s Vice President of Finance, has been appointed Interim CFO” (Cristina, Chihuahua).
  • Altius Minerals Corp. announced the retirement of Ben Lewis, chief financial officer (CFO) and Chad Wells, vice president corporate development. Stephanie Hussey, current vice president finance, has been appointed chief financial officer (Llano del Nogal royalty, Sonora).
  • Royal Gold Inc. received all governmental regulatory approvals required for the company’s previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. (Sandstorm Gold holds a royalty on Cuale, Jalisco and Llano del Nogal, Sonora).
  • Empress Royalty Corp. announced the appointment of Brad Breetzke as business development advisor, Africa and Christian Agarnaz as busines development analysts (Royalty on Tahuehueto, Durango).
  • GR Silver Mining Ltd. announced the nomination of Daniel Schieber as vice president of corporate development and corporate relations (Plomosas, Sinaloa).
  • Chesapeake Gold Corp. entered into a definitive agreement sell its Tatalila project in Veracruz to Mexican Gold Mining Corp. “in exchange for such number of common shares of Mexican Gold representing 14.99% of the outstanding common shares of Mexican Gold at closing” and a 1.5% net smelter royalty. Mexican Gold may repurchase 0.5% of the royalty  for US$500 K within ten years from the date of the agreement. “Tatatila is a gold-copper skarn district located in Veracruz State that Chesapeake identified in 2007. Tatatila surrounds Mexican Gold’s Las Minas Project, which has a reported NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment. Several skarn prospects were discovered on Tatatila by Chesapeake, including possible extensions of the Las Minas existing resource.”
  • Sierra Madre Gold and Silver Ltd. engaged “Triomphe Holdings Ltd., doing business as Capital Analytica, an arm’s length service provider, to provide certain marketing and social media services to the company” (La Guitarra, Estado de México).
  • Sonoro Gold Corp. is considering a spinout of its San Marcial project into its subsidiary Oronos Gold Corp. The property is in Santa Ana, Sonora, covering the historic San Marcial and Soledad mines that were subject to drilling programs in the last two decades of the past century.
  • Silver Bull Resources Inc. reported that the hearing for its arbitration case against Mexico  will commence on October 6, 2025, in Washington, D.C., and will conclude no later than October 11, 2025. The international arbitration proceedings under the United States–Mexico–Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) arised from Mexico’s refusal to take action with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing.
  • Starcore International Mines Ltd. acknowledges the current postal strike across Canada, which has created significant challenges in ensuring timely delivery of shareholder communications and proxy materials. The company took a number of measures to overcome these challenges, that can be seen on the press release at the company’s website (San Martin, Querétaro).
  • Mexican Gold Mining Corp. entered into a mining concession assignment agreement with Chesapeake Gold Corp. to acquire 100% interest on the 3,824 hectares Tatatila project in Veracruz. Mexican gold shall issue Chesapeake 4.45 M common shares of the company (a $222.6 K value), representing 14.99% of the total issues and outstanding common shares of the company. As further consideration for the interest, Mexican Gold shall grant to Chesapeake a 1.5% net smelter return (NSR) royalty, of which the company might purchase 0.5% of the royalty for US$500 K within 10 years of the execution of the agreement.
  • Prismo Metals Inc. held its annual general meeting (AGM) on October 2, 2025. A board of directors was elected, comprising Alain Lambert, Louis Doyle, Craig Gibson and Martin Dupuis, with DeVisser Gray LLP re-appointed as auditor. A new long-term incentive plan was approved. Finally, a possible new corporate name as determined by the directors of the company was reviewed (Palos Verde, Sinaloa).
  • Canasil Resources Inc. is to review opportunities in its portfolio in Durango and Zacatecas. “Of Canasil’s seven Mexican silver-gold projects, the Company’s interest in the Sandra and Nora projects have been sold to Pan American Silver and Silver Dollar Resources respectively. The Company retains a 2% NSR on its claims in each project with a 1% buyout for US$ 4 million on the Sandra NSR, and 1% buyout for $1 million on the Nora NSR. Canasil holds 100% interest in all the remaining projects. La Esperanza, Salamandra, and Colibri have had successful past drill programs which have returned high-grade silver-gold intercepts”. The company sees an improved positive environment for advancing mining projects under the current federal administration.
  • Vizsla Silver Corp. announced the results of its annual general and special meeting of shareholders held on October 2, 2025. Shareholders approved all motions put forth including its change of auditor from MNP LLP to Deloitte LLP (Panuco, Sinaloa).
  • Almaden Minerals Ltd. announced the appointment of Douglas McDonald as president and CEO. Morgan Poliquin has been appointed vice chair of the company (Ixtaca, Puebla).
  • Azucar Minerals Ltd. announced the resignation of Douglas McDonald from all his roles in the company, including as director and executive vice president, but will continue in an advisory role to support related succession initiatives and ongoing business activities El Cobre, Veracruz).
  • Silver Storm Mining Inc. retained the services of Renmark to provide investor relations services to the company for an initial term of twelve months, subject to monthly renewal and a consideration of C$9 K per month (La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp. released its third annual sustainability report which highlights its key initiatives on environmental, social and governance matters (Panuco, Sinaloa).

On the image below: Late specularite seams on quartz vein, HQ core. Picture by Jorge Cirett.

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

/ gambusinoprospectormexico / Leave a comment
felsic dome 1Download

Flow banded rhyolite dome

By Miguel A Heredia

During the 39th week of the year (September 22nd to September 28th 2025), at least 31 press releases were announced by companies working in Mexico, with fourteen disclosing deals and corporate issues, eight announcing financial rounds, five informing on exploration results, two commenting on Mexican issues, one reporting resources and developments of their properties, and one communicating mining and production issues. ON MEXICO ISSUES, The full Supreme Court of Justice of the Nation (SCJN) revoked an injunction granted to a private individual against the reforms to the Mining Law regarding mining and water concessions promoted by former President Andrés Manuel López Obrador (AMLO). GR Silver and Kingsmen reported the best drilling intercepts in Mexico on the fourth week of September, 2025. ON EXPLORATION, In Sonora, Riverside and Questcorp informed that are currently conducted a drilling program at the Union project targeting five zones, and Colibri reported that it has engaged TerraEye to enhance exploration at the EP Gold Project. In Chihuahua, Kingsmen announced results from hole LC-25-010 drilled at its Las Coloradas project. In Durango, Pinnacle discovered a new vein at its Potrero project that along with the surface sampling conducted above the Pinos Cuates and Dos de Mayo mines reinforces that a robust low-sulphidation epithermal vein system with significant gold-silver mineralization has been identified at the property. ON MINING, Guanajuato Silver made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato. ON FINANCING, Masivo increased its previously announced non-brokered private placement to 33,333,334 units for gross proceeds of CAD $2M (Cerro Colorado project, Sonora). Silver Storm closed its previously announced bought deal private placement for gross proceeds of CAD $13,766,250 (La Parrilla mine, Durango). Aztec Minerals announced a bought deal private placement for gross proceeds of CAD $5M, and later on it announced an upsize of the bough deal for gross proceeds of CAD $8.7M (Cervantes project, Sonora). Zacatecas Silver Corp., closed the first tranche of its previously announced private placement for gross proceeds of CAD $2,306,960 (Zacatecas Silver project, Zacatecas). Oroco announced a non-brokered private placement for gross proceeds of up to USD $3.6M (Santo Tomas project, Sinaloa). Questcorp informed that it will offer up to 17,500,000 units in a non-brokered private placement for gross proceeds of up to CAD $3.5M (La Union project, Sonora). Kenadyr Metals closed the second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $734,874.38 and announced upsize to CAD $3,800,000 (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Guanajuato Silver made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato. GR Silver released drilling results from the San Marcial area at its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Canasil received confirmation from the TSX Venture Exchange for the reinstatement of trading (Sandra project, Sonora). Orla Mining announced the resignation of one of its member of the Board of Directors (Camino Rojo mine, Zacatecas). Questcorp posted that it was invited to present on the Emerging Growth Conference Thursday September 25th, 2025 (La Union project, Sonora). Regency Silver notified that it will be presenting at the Centurion One Capital 3rd Annual Bahamas Summit (Dios Padre project, Sonora). Oroco invited shareholders, investors, and stakeholders to a live virtual interactive session on September 24, 2025 to provide an update on the Santo Tomas project in Sinaloa. Sandstorm Gold announced that proxy advisory firms recommended Sandstorm shareholders vote in favor of the proposed arrangement with Royal Gold. Apollo Silver informed that it has engaged Capital Analytical to provide marketing and social media services, and announced the appointment of its current CEO to its Board of Directors (Cinco de Mayo project, Chihuahua). Oroco announced the appointment of Faysal Rodriguez to its Board of Directors (Santo Tomas project, Sinaloa). Candelaria Mining provided an update on its previously disclosed management cease trade order announced on August 29, 2025 (Caballo Blanco project, Veracruz. Masivo Silver announced that it is progressing with its Mexican mining property acquisitions, including Cerro Colorado in Sonora; however the company is under a management cease trade order. Silver Storm informed that it has granted stock options to certain directors, officers, employees and consultants of the company (Mina La Parrilla, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • The full Supreme Court of Justice of the Nation (SCJN) revoked an injunction granted to a private individual against the reforms to the Mining Law regarding mining and water concessions promoted by former President Andrés Manuel López Obrador (AMLO). By seven votes in favor and two against, the justices denied the judicial protection requested by the individual because the new concession applications that were in process were dismissed without further proceedings after the reforms came into force in May 2023. During the debate, Hugo Aguilar, president of the SCJN, affirmed that the sovereignty of the State must prevail at all times and that under no circumstances does anyone who submits a mining concession application already have an acquired right, simply by submitting it. (Editor´s Note: The SCJN´s decision is a bad sign, not only for the mining industry but for the entire country, because no respect for the non-retroactivity of laws has been demonstrated, and that’s a basic principle for the Rule of Law).
  • GR Silver Mining Ltd., and Kingsmen Resources Inc., reported the best drilling intercepts in Mexico on the fourth week of September, 2025. Details are shown in the table below:

ON EXPLORATION

  • Riverside Resources Inc., and Questcorp Mining Inc., informed that are conducting a drilling program at the Union project in Sonora, targeting five mineral zones. Currently, three targets are actively being drilled, focusing on historic mining areas and new potential zones like Famosa, which shows signs of gold mineralization. The program is progressing on schedule and budget, with promising signs of gold-bearing mineralization, especially in areas with significant quartzite and structural features. The first hole was drilled southeast beneath historic workings, and two more holes were drilled at the El Cobre mine area and the North Union Mine area, perpendicular to stratigraphy and toward interpreted feeder zones along pre-mineral fault structures, primarily within the Clemente Formation. Core samples have been sent to the lab and assays are pending.  Goal of this exploration campaign is to define mineralization controls, refine exploration models, conduct an additional induced polarization (IP) survey and evaluate sulfide zones, with ongoing geological interpretation and assay results guiding their next steps.
  • Colibri Resources Corporation reported that it has engaged TerraEye to advance and enhance exploration at the EP Gold Project in Sonora using a mix of multispectral satellite imagery, geospatial data, AI and data integration like magnetics, gravity, and geochemical database to uncover promising gold targets even hidden by dense vegetation. The goal is to produce a ranked list of exploration targets with detailed maps and reports to accelerate discovery, reduce exploration risks, and optimize field work and drilling efforts, with a planned program in 2025 to expand target identification beyond the initial three drill-tested zones.
  • Kingsmen Resources Inc., announced initial results from its Las Coloradas project in Chihuahua. Hole LC-25-010 intersected 1,028 g/t AgEq over 1.45m (455 g/t Ag approx), including 1,742g/t Ag over 0.7m (770 g/t Ag approx) and a broader zone of 138 g/t AgEq over 13.35m, confirming potential for high-grade, shallow mineralization near historic ASARCO mining areas. The mineralization includes massive sulfides with sphalerite, galena, arsenopyrite, and pyrrhotite, and shows strong pathfinder elements like antimony, bismuth, and indium, indicating a large, underexplored system. The project covers a historic district with multiple untested structures, and only a small part has been explored. Kingsmen plans to analyze additional drill holes and continues to assess the district’s extensive mineral potential. The company emphasizes the significance of these results in confirming the presence of high-grade silver mineralization and the potential for further discoveries in this prolific mining district.
  • Pinnacle Silver and Gold Corp., discovered a new vein called El Capulin at its Potrero project in Durango that along with the surface sampling conducted above the Pinos Cuates and Dos de Mayo mines reinforces the idea that a robust low-sulphidation epithermal vein system with significant gold-silver mineralization has been identified at the property. Surface sampling has extended the high-grade-gold and silver mineralization over a vertical distance of up to 80m above the Los Cuates and Dos de Mayo mines, with grades of up to 2,280 g/t Ag and 1,444 g/t Ag, suggesting vertical zonation with silver increasing upwards. Also, sampling on the newly discovered El Capulin vein, with a strike length of 375m, returned values up to 6.27 g/t Au and 99 g/t Ag. This vein lies parallel to Dos de Mayo, 200m away. In addition, mapping at the La Dura mine could extend the Dos de Mayo vein strike length to 500m, with the vein traced for 1,600m overall. All these results add a lot of potential to the El Potrero property.

ON MINING

  • Guanajuato Silver Company Ltd., made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato, including the delivery of three new low-profile trucks, three scooptrams, and three ordered “Torino” haulage trucks to arrive later. These modern vehicles are designed for enhanced safety, stability, and efficiency underground, aiming to improve operational reliability, increase production, and optimize fleet utilization. The company emphasized that these investments are critical to supporting long-term growth and operational success.

ON FINANCING

  • Masivo Silver Corp., increased its previously announced non-brokered private placement due to strong investor demand from 16,666,667 to 33,333,334 units for gross proceeds from CAD $1M to CAD $2M. The offering will be priced at CAD $0.06 per unit (Cerro Colorado project, Sonora).
  • Silver Storm Mining Ltd., closed its previously announced bought deal private placement of 55,065,000 units at a price of CAD $0.25 for gross proceeds of CAD $13,766,250. The company plans to use the net proceeds to advance the restart of the La Parrilla mine in Durango, as well as for general corporate purposes and working capital.
  • Sandstorm Gold Royalties announced that proxy advisory firms recommended Sandstorm shareholders vote in favor of the proposed arrangement with Royal Gold Inc, scheduled for October 9, 2025. Under the deal, Sandstorm shareholders will receive 0.0625 shares of Royal Gold for each Sandstorm share. The Board of Directors of Sandstorm unanimously supports the vote for the arrangement resolution.
  • Aztec Minerals Corp., announced a bought deal private placement offering of 21,300,000 common shares of the company at a price of CAD $0.235 per offered share for gross proceeds of CAD $5M, but later on it announce an upsize of the bought deal to 37,020,000 common shares at a price of CAD $0.235 for gross proceeds of CAD $8,699,700. Part of the gross proceeds will be used to conduct exploration work at the Cervantes project in Sonora, as well as for general working capital purposes.
  • Zacatecas Silver Corp., closed the first tranche of its previously announced private placement for gross proceeds of CAD $2,306,960 by issuing a total of 38,449,335 units at a price of CAD $0.06 per unit. The company plans to use the net proceeds to fund a drilling campaign on its Zacatecas Silver project in Zacatecas.
  • Oroco Resource Corp., announced a non-brokered private placement of up to 18,000,000 units at a price of USD $0.20 for gross proceeds of up to USD $3.6M. Oroco will use the net proceeds for the advancement of its Santo Tomas project in Sinaloa, as well as for working capital and other general corporate purposes.
  • Questcorp Mining Inc., informed that it will offer up to 17,500,000 units at a price of CAD $0.20 per unit in a non-brokered private placement for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at the La Union Gold and Silver Project in Sonora, and for general working capital purposes.
  • Kenadyr Metals Corp., closed the second tranche of its previously announced non-brokered private placement of 1,959,665 subscription receipts of Kenadyr at a price of CAD $0.37 per subscription receipt for gross proceeds of CAD $734,874.38. In addition to the first tranche closing proceeds of CAD $2,281,513.75, the Offering has raised CAD $3,800,000. The company will used the proceeds to fund payment obligations and exploration expenditures relating to the Adelita Project in Sonora, and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Guanajuato Silver Company Ltd., made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato, including the delivery of three new low-profile trucks, three scooptrams, and three ordered “Torino” haulage trucks to arrive later. These modern vehicles are designed for enhanced safety, stability, and efficiency underground, aiming to improve operational reliability, increase production, and optimize fleet utilization. The company emphasized that these investments are critical to supporting long-term growth and operational success.
  • GR Silver Mining Ltd., released drilling results from the San Marcial area at its Plomosas project in Sinaloa. Drill hole SMS25-10A intersected two distinct mineralized zones in the Parallel Breccia Target, including374 g/t Ag over 9m with high-grade intervals of 1,542 g/t Ag, 1.4% Cu, and 0.62% W over 1m, and  1.44 g/t Au over 33m, with a high-grade interval of 32.1 g/t Au over 1.2m. This drill hole is the farthest southeast drilled in the Parallel Breccia Target, confirming continuity of the mineralized structure over at least 500m from the Resource Area and supporting exploration models linking silver mineralization to a porphyry-style geological setting. The presence of high-grade Ag-Au zones, along with anomalous Cu and W grades, revealed intense high-temperature alteration minerals and epithermal-style quartz-calcite stockwork zones, suggesting proximity to a porphyry-related system and providing valuable vectoring tools for future exploration and strong potential for further resource expansion at San Marcial, particularly in the NE-SW structural trend.

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., received confirmation from the TSX Venture Exchange for the reinstatement of trading effective at the opening, Thursday, September 25, 2025  (Sandra project, Sonora).
  • Orla Mining Ltd., announced the resignation of one of its member of the Board of Directors who was Newmont Corporation´s nominee to the Board. The resignation is effective immediately (Camino Rojo mine, Zacatecas).
  • Questcorp Mining Inc., posted that it was invited to present on the Emerging Growth Conference Thursday September 25th, 2025 (La Union project, Sonora).
  • Regency Silver Corp., notified that it will be presenting at the Centurion One Capital 3rd Annual Bahamas Summit (Dios Padre project, Sonora).
  • Oroco Resource Corp., invited shareholders, investors, and stakeholders to a live virtual interactive session on Wednesday, September 24, 2025 to provide an update on the Santo Tomas project in Sinaloa, including management, permitting progress, community engagement, and next steps toward project advancement.
  • Apollo Silver Corp., informed that it has engaged Capital Analytical to provide marketing and social media services for an initial six-month term for a fee of USD $120K, payable in two tranches. The company also announced the appointment of its current CEO to the Board of Directors, effective immediately (Cinco de Mayo project, Chihuahua).
  • Oroco Resource Corp., announced the appointment of Faysal Rodriguez to its Board of Directors (Santo Tomas project, Sinaloa).
  • Candelaria Mining Corp., provided an update on its previously disclosed management cease trade order announced on August 29, 2025. The company is working expeditiously on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings on or before October 3, 2025. (Caballo Blanco project, Veracruz).
  • Masivo Silver Corp., announced that it is progressing with its Mexican mining property acquisitions, including Cerro Colorado in Sonora; however the company is under a management cease trade order because they could not file their annual financial statements and reports, primarily caused by difficulties obtaining financial data from Mexican operations. The company expects to complete its audits by September 30 and is following regulatory guidelines while working through the delay, with no indications of insolvency or material issues.
  • Silver Storm Mining Ltd., informed that it has granted stock options to certain directors, officers, employees and consultants of the company, to purchase an aggregate of 37,000,000 common shares of the company at the price of CAD $0.25 per share for a period of five years from date of grant (Mina La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, flow banded rhyolite dome in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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