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

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By Jorge Cirett

During the 14th week of the year (March 31st to April 6th, 2025), companies working in Mexico presented 30 press releases. Not a single company informed on early exploration at its property. One company announced the start of commercial production. Six companies informed on financing rounds, one on the granting of options, another on DTC eligibility and one more on an extension for warrant exercising. Two companies informed on the start of drilling campaigns at their advanced projects, one on a new discovery in an advanced project, another on the near completion of construction of a mine, two more released their 2024 MRE’s and the filing of technical reports, and one more on drilling results on its operating mine. A company announced the spin-out of a subsidiary, one more the suspension of mining operations due to the failure to obtain a community’s permit, another informed on the sale of its Mexican subsidiary, one more on its government liaisons, another  advised its shareholders to take no action in a hostile take-over bid, one more optioned a mining property and one more informed on the advance of its property portfolio. ON MEXICO ISSUES, according to the AIMMGM, the federal government gave the greenlight to 27 permits. Vizsla Silver paused exploration at Panuco, in Sinaloa, on security concerns.  ON EXPLORATION, no relevant news. ON MINING, Luca Mining announced commercial production at Tahuehueto, in Durango. ON FINANCING, companies announcing different stages of financing rounds include Canuc Resource (C$2.3 M), Endeavour Silver (US$45 M), Heliostar Metals (C$75 M), Silver Tiger (C$15 M), GoGold Resources (C$86.2 M) and Fortune Bay (C$2.8 M); Royalties Inc. announced its shares are eligible through DTC, Impact Silver proposed to extend the expiry date of warrants, GR Silver granted incentive options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals is to commence a drilling campaign at Ana Paula, in Guerrero. Capitan Mining commenced an RC drilling campaign at Cruz de Plata, in Durango. Vizsla Silver announced the discovery of mineralization six kilometers from the current MRE at Panuco, in Sinaloa; Endeavour Silver informed the Terronera Mine in Jalisco is in the final stages of construction; Aura Minerals reported the 2024 MRE for the Aranzazu Mine in Zacatecas, and filed the report; Gold Resource released high-grade polymetallic underground drilling results from the Don David Mine in Oaxaca. First Majestic released MRE’s on its four operating mines in Mexico.  ON DEALS AND CORPORATE ISSUES, Riverside Resources announced the spin-out Blue Jay Gold obtained the needed final order. Equinox Gold indefinitely suspended operations at Los Filos Mine in Guerrero, for lack of a community permit. Golden Minerals sold its Mexican subsidiary. Oroco Resource informed on meetings with government executives. Sierra Metals advised its shareholders not to take action on a hostile take-over bid. Masivo Silver optioned the Cerro Colorado property in Southern Sonora. Empress Royalty informed on the advance of its portfolio with a new property coming into production. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to the AIMMGM (Asociación de Ingenieros de Minas, Metalurgistas y Geólogos), the federal government has given the green light to at least 27 permits on the mining industry. Furthermore, the president of the CAMIMEX (Cámara Minera de México), Pedro Rivero, stated that dialog with the Mexican authorities has been very productive. Camimex works alongside the government on the development of the rulebook that is to guide the application of the Mining Law approved in April 2023. This rulebook is expected to be produced during the second quarter of 2025.
  • Vizsla Silver Corp. announced the pause of field work at its Panuco project in Sinaloa, due to current security conditions in the area.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Luca Mining Corp. announced commercial production at its Tahuehueto mine in Durango, releasing also its production guidance for 2025 at Tahuehueto and Campo Morado, in Guerrero. At Tahuehueto the processing plant can process 1,000 tpd and is currently producing at 82% capacity. The company presented two production tables for 2025: one with 85,000 – 100,000 Oz AuEq produced metal and another with 65,000 – 80,000 Oz AuEq of payable metal during the year. “The Company anticipates generating between $30 million and $40 million in free cash flow2 before working capital adjustments for the year”.
  • Alamos Gold Inc. plans to release its Q1 2025 financial results on April 30, 2025 (Mulatos, Sonora).

ON FINANCING

  • Canuc Resources Corp. closed the first tranche of its previously announced private placement financing, with gross proceeds of C$2.3 M. “Proceeds will be used for expenses associated with completing the acquisition of MacDonald Mines Exploration Ltd. and for the exploration and development of the Company’s new and existing exploration and development assets” (San Javier, Sonora).
  • Endeavour Silver Corp. upsized its previously announced bought deal of common shares for gross proceeds of US$45 M. The net proceeds of the offering will be used to fund a portion of the cash component of a mining company in Peru (Terronera, Jalisco).
  • GR Silver Mining Ltd. granted 860 K incentive stock options to certain employees and consultants, 400 K incentive stock options to certain executive officers and 154.8 K deferred share units to the company’s non-executive directors for director’s fees relating to Q1 2025 (Plomosas, Sinaloa).
  • GoGold Resources Inc. filed a short form prospectus pursuant to its C$75 M bought deal public offering of common shares (Los Ricos, Jalisco).
  • Royalties Inc. announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC). “DTC eligibility streamlines the trading process, making it more efficient for investors and brokers” (Royalties on Bilbao, Zacatecas).
  • Silver Tiger Metals Inc. filed a final 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 intended to raise up to C$15 M. If an over-allotment option is exercised in full, the aggregate gross proceeds would rise to C$17.2 M (El Tigre, Sonora).
  • GoGold Resources Inc. closed the previously announced bought deal offering, for aggregate gross proceeds of C$86.2 M (Los Ricos South, Jalisco).
  • Impact Silver Corp. proposed the extension by 18 months of 33.4 M warrants expiring in 2025. Such an extension is subject receipt of TSX Venture Exchange approval (Plomosas, Chihuahua).
  • Fortune Bay Corp. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2.8 M (Ixhuatan, Chiapas).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. is to mobilize two drill rigs in April to commence a 15,000 m drilling campaign at Ana Paula, in Guerrero. The drill program will focus on infill drilling, testing the extent of satellite zones and test exploration targets north of the Parallel Panel.
  • Capitan Silver Corp. commenced drilling at its Cruz de Plata project in Durango. The initial 10,000 m of reverse circulation (RC) drilling is to focus on definition and step out drilling at Jesus Maria and its extension into the recently acquired Fresnillo claim, step out drilling along the Gully Fault zone to the northeast and drill targets on parallel mineralized structures to the north of Jesus Maria. “In total there are 8 silver mineralized structures that have been identified at Cruz de Plata for a cumulative strike of 7km”.
  • Vizsla Silver Corp. announced the discovery of high-grade mineralization on the Animas vein system, six km to the northeast of the Copala resource area, within its 7,190 ha Panuco project in Sinaloa. Highlighted true width high-grade intervals within a broader mineralization envelope below historic mine workings comprise 5.85 m @ 4.26 gpt Au, 653 gpt Ag (including 1.31 m @ 4.00 gpt Au, 1,190 gpt Ag and 1.13 m @ 14.10 gpt Au, 1,398 gpt Ag); 2.60 m @ 2.00 gpt Au, 457 gpt Ag, 0.1% Pb, 0.2% Zn (including 1.09 m @ 3.42 gpt Au, 814 gpt Ag, 0.1% Pb, 0.2% Zn).
  • Endeavour Silver Corp. informed its Terronera Mine in Jalisco is in the final construction stages. Highlights include advances in the commissioning of the upper platform process plant, testing of the crushing, grinding, flotation and tailing thickening circuit (producing 2 tonnes of concentrate), concentrate filter pre-commissioning, tailing filter mechanical assembly completed, tailing storage facility nearly complete, the first production stope has been mined and backfilled and surface run-of-mine and crushed stockpiles reached 40 K tonnes.
  • Aura Minerals Inc. reported updated mineral reserves and mineral resources for its four operating mines, including the Aranzazu mine in Zacatecas. “Infill and deep drilling campaigns from 2018 to 2024 in the Glory Hole (GH) zone have been successful in extending known mineralization…. Drilling campaigns in 2024 confirmed the extension of skarn mineralization in the Esperanza zone, with promising copper and gold grades”. Proven and probable reserves comprise 11.5 M tonnes averaging 0.64 gpt Au, 1.04% Cu, 17 gpt Ag, containing 237 K Oz Au, 264.1 M Lb Cu, 6.1 M Oz Ag. Measured and indicated resources comprise 20.1 M tonnes averaging 0.76 gpt Au, 1.18% Cu, 19 gpt Ag, containing 493,885 Oz Au, 521.9 M Lb Cu, 12.3 M Oz Ag. Inferred resources comprise 5.6 M tonnes averaging 0.44 gpt Au, 0.82% Cu, 14 gpt Ag, containing 78,808 Oz Au, 101.9 M Lb Cu, 2.5 M Oz Ag.
  • Gold Resource Corp. released a summary of the 2024 exploration drill results from its Don David Mine in Oaxaca. The program focused on underground infill and expansion drilling within the Three Sisters and Gloria vein systems as well as in veins of the North Arista system. Highlighted true-with results comprise 4.70 m @ 14.13 gpt Au, 125 gpt Ag, 0.32% Cu, 2.8% Pb, 7.1% Zn; 12.30 m @ 3.97 gpt Au, 71 gpt Ag, 0.29% Cu, 2.3% Pb, 4.2% Zn; 8.03 m @ 0.60 gpt Au, 40 gpt Ag, 0.17% Cu, 2.3% Pb, 4.9% Zn; 3.89 m @ 5.86 gpt Au, 33 gpt Ag, 0.24% Cu, 1.6% Pb, 6.2% Zn; 6.00 m @ 1.36 gpt Au, 372 gpt Ag, 0.60% Cu, 1.1% Pb, 2.6% Zn; 4.48 m @ 2.08 gpt Au, 1,299 gpt Ag, 0.32% Cu, 0.6% Pb, 1.5% Zn; 8.72 m @ 1.69 gpt Au, 298 gpt Ag, 0.24% Cu, 1.0% Pb, 2.1% Zn; 5.53 m @ 0.19 gpt Au, 28 gpt Ag, 0.12% Cu, 0.8% Pb, 5.6% Zn; 5.33 m @ 1.89 gpt Au, 746 gpt Ag, 0.21% Cu, 0.8% Pb, 1.5% Zn.
  • Aura Minerals Inc. filed updated technical reports of its mines, including the one on the Aranzazu Mine in Zacatecas. “In 2024, the Mine produced 77.6 thousand tonnes (kt) of concentrate from 1,229 kt of mill feed with average grades of 1.5% Cu, 0.83 g/t Au, and 22 g/t Ag”.
  • First Majestic Silver Corp. announced the 2024 mineral reserve and mineral resource estimates for its mines, including its Mexican operations. First Majestic is currently mining at Cerro Los Gatos (70% attributable to First Majestic) in Chihuahua, San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. Total contained metals in Mexico amount to 2.61 M Oz Au, 303.3 M Oz Ag, 74 M Lb Cu, 751 M Lb Pb, 1,430 M Lb Zn (or 633.7 M Oz AgEq). The company also owns the Jerrit Canyon Mine in USA, with 1.9 M Oz Au in measured and indicated resources and 1.9 M Oz Au in inferred resources.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc. filed its annual information form and 2024 annual report on Form 40-F, including its audited financial statements for 2024 with the SEC on EDGAR as well as on SEDAR+ (Mulatos, Sonora).
  • Riverside Resources Inc. announced that the spin-out of its subsidiary Blue Jay Gold Corp. has been approved by shareholders, with completion expected in late H1. Riverside will continue to focus on its royalty generation and project generator model in the Americas, while Blue Jay is to pursue exploration and development of several projects in Ontario (Cecilia, Sonora).
  • Equinox Gold Corp. has indefinitely suspended operations at its Los Filos mine in Guerrero, following the expiry of its land access agreement with the community of Carrizalillo at the end of March. “EquinoxGold has been engaged in collaborative discussions with the three communities that host the mine since November 2023. Consensus on terms was reached in January 2025, and new long-term agreements were subsequently ratified and signed with the Mezcala and Xochipala communities. To date, Carrizalillo has not signed a new long-term agreement with the Company”.
  • Golden Minerals Co. sold its wholly owned subsidiary, Minera de Cordilleras S. de R.L. de C.V. to a privately held Mexican company for consideration of US$600 Ka (previously held Rodeo, in Durango).
  • Oroco Resource Corp. informed of its meeting with Sinaloa’s governor Ruben Rocha and other senior state government officials. “The Governor recognizes the project’s potential for responsible development, investment, and long-term economic growth, and confirmed the potential contribution of the Santo Tomás Project to the future of the state economy, particularly that of the Municipality of Choix”. This meeting followed prior meetings in Mexico City with the undersecretary of economy Rosendo Gutierrez and Jose Aboitiz, Head of Extractives Activities Coordination Unit and Luz Hiram Olimpia, Director General of Mining Development, aimed to prepare for the incorporation of the Santo Tomas project into the Key Development Projects Registry of the Economy’s Mining Coordination Office (Santo Tomás, Sinaloa).
  • Riverside Resources Inc. informed that the Supreme Court of British Columbia has granted the final order involving the spin-out of its equity interest in its subsidiary Blue JayGold Corp., that is to focus on projects in Ontario (Cecilia, Sonora).
  • Sierra Metals Inc. acknowledged the press release by Alpayana S.A.C. announcing an intention to update its previously announced unsolicited all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals. The company advises shareholders to TAKE NO ACTION at this time (Bolivar, Chihuahua).
  • Canasil Resources Inc. announced that DeVisser Gray LLP, Vancouver, has agreed to act as the Company’s auditors, replacing the previous auditors Davidson & Company LLP (Nora, Durango).
  • Masivo Silver Corp. completed the signing of an arms-length agreement to acquire the Cerro Colorado project from a private owner and Minera GoldZone S.A. de C.V. and partners. The project is located 11 km north of the Piedras Verdes open pit mine in Sonora. Upon completing the agreement Masivo will grant 300 K shares; pay US$60 K and either 1 M Masivo shares or US$100 K on the first anniversary; pay US$70 K  and either 1.5 M Masivo shares or US$150 K on the second anniversary; pay US$80 K and either 2 M Masivo shares or US$200 K on the third anniversary; pay US$100 K and either 2.5 M shares or US$250 K on the fourth anniversary. GoldZone and partners will retain 1.5% NSR, which Masivo can buy for US$1 M.
  • Empress Royalty Corp. informed on the advance to commercial production of the Tahuehueto mine in Durango by Luca Mining (see above), on which Empress has a 100% silver stream.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Flow banded felsic dike on a Sonora Desert project. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 12th week of the year (March 17th to March 23rd, 2025), companies working in Mexico presented 25 press releases. Four companies informed on exploration on three properties, three companies presented quarterly and/or full year 2024 reports and two companies provided updates on their operations. Five companies informed on financing rounds and one more on the granting of options. Two companies informed on the filing of its case against Mexico on an international institution. ON MEXICO ISSUES, Almaden Minerals and Almadex Minerals filed a legal suit against Mexico on the CPTPP for US$1.06 billion. ON EXPLORATION, in Sonora, Tocvan Ventures and Colibri Resource informed on drilling at Gran Pilar/El Pilar. in Durango, Pinnacle Silver and Gold informed on underground sampling at El Potrero; Silver Wolf Exploration updated on work at Ana Maria. ON MINING, Orla Mining, United States Antimony and Orogen Royalties presented Q4 and/or full year 2024 reports. Sierra Metals recommend to its shareholders to reject an unsolicited bid and Starcore International Mines is to process carbonaceous ore at its San Martin plant in Queretaro. ON FINANCING, companies announcing different stages of financing rounds include Pantera Silver (C$9.5 M), Goldgroup Mining (C$7 M), Heliostar Metals ((C$17 M), Capstone Copper (US$500 M), Gogold Resources (C$75 M). VVC Exploration granted incentive options. ON RESOURCES AND DEVELOPMENT, Fuerte Metals reported drilling results from Cristina, in Chihuahua. Mithril Silver and Gold released results from drilling at Copalquin, in Durango. Torex Gold Resources released resource estimates for the different deposits at its Morelos Complex in Guerrero.  ON DEALS AND CORPORATE ISSUES, Inomin Mines has to amend the technical report on La Gitana, in Oaxaca. VVC Exploration, Silver Spruce Resources and Bear Creek Mining announced movements on their boards. Almaden Minerals and Almadex Minerals filed for international arbitration against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Almaden Minerals and Almadex Minerals filed a lawsuit against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for US$1.06 billion.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. provided results from underground sampling as part of the due diligence work completed before acquiring the El Potrero project in Durango. Sampling of veins containing grey black ginguro bands in the Pinos Cuates mine returned 0.9 m @ 9.32 gpt Au, 254 gpt Ag; 0.8 m @ 8.21 gpt Au, 153 gpt Ag; 1.4 m @ 7.92 gpt Au, 63 gpt Ag; 0.3 m @ 6.71 gpt Au, 113 gpt Ag. “… the historic workings stretching over a 500 metre strike length and the absence of any drilling or other modern exploration implies significant potential for resource development on a strong epithermal vein system”. Work to be realized in the property includes a Lidar survey for topography and structural interpretations, rehabilitation of numerous underground workings followed by its mapping and sampling, as well as surface mapping to trace the vein system.
  • Tocvan Ventures Corp. and partner Colibri Resource Corp. released results from two more holes drilled at its El Pilar (within Gran Pilar) project in Sonora. Highlighted core length intervals comprise 97.35 m @ 0.65 gpt Au, 4 gpt Ag (including 66.0 m @ 0.95 gpt Au, 5 gpt Ag, which includes 36.30 m @ 1.59 gpt Au, 8 gpt Ag, which includes 3.00 m @ 5.75 gpt Au, 6 gpt Ag and 1.20 m @ 15.35 gpt Au, 4 gpt Ag); 122.20 m @ 0.03 gpt Au, 1 gpt Ag (including 9.60 m @ 0.15 gpt Au).  Ten core drillholes totaling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri. “… the Company is outlining a permitting and operations strategy for a pilot facility at Pilar”.
  • Silver Wolf Exploration Ltd. provided highlights on 2024 work and the outlook for 2025 on its Ana Maria project in Durango. During 2024 2,560 m were drilled in 17 holes, analyzing 1,234 samples, confirming the presence of large chimney-style breccias and CRD-style mineralization. “These results will be integrated into the geological model, more mapping and sampling will be applied to other high potential areas of the property where chimney breccias have been identified on surface. Silver Wolf is looking forward to drill-test new targets”.

ON MINING

  • Sierra Metals Inc. provided a corporate update on operations, including on the Bolivar mine in Chihuahua. The board of directors continues to recommend shareholders reject the hostile take-over bid launched by a subsidiary of Alpayana S.A.C. Further improvements to drive lower costs in 2025 and an expected AISC at around $3.38 per Lb CuEq for Bolivar.
  • Starcore International Mines Ltd. announced the results of the in-plant test of the CIL circuit to treat carbonaceous ore at its San Martin mine and processing plant in Queretaro. The firm Kappes, Cassiday & Associates conducted the in-plant test for one month and processed approx. 2,000 tonnes of carbonaceous ore, grading 2.2 gpt Au, 20.7 gpt Ag, with the plant able to recover over 80% Au, 63 % Ag from these ores (… we plan to follow the test by processing 100 tonnes/day of the carbonaceous ore as part of regular plant production, gradually increasing to 180 tonnes/day within a few months”.
  • Orla Mining Ltd. announced results for Q4 and year 2024. In Q4 2024 the Camino Rojo Oxide mine produced 26,531 Oz Au by mining 50.2 K tpd and stacking 18.5 K tpd averaging 0.94 gpt Au at cash cost $550 and an AISC of $826 per Oz Au. In the year 136,748 Oz Au were produced, for a revenue of US$343.9 M, net income of US$89.0 M and US$152.7 M in free cash flow. By the end of the period the company had US$96.6 M in cash and cash equivalents, with US$8.3 M in debt. Camino Rojo Extension is now named Zone 22, and during the year drilling identified mineralization up to 0.9 km from the current resource, with the system open down plunge and at depth. An initial inferred resource in this zone is planned to be completed in Q2 2025 and integrated into the underground resources of the Camino Rojo sulfide deposit.
  • Orogen Royalties Inc. reported a total revenue of C$9.9 M for year 2024, including 34% increase in Ermitaño royalty revenue of $7.9 M. the company has a royalty on the Ermitaño deposit, being mined by First Majestic as part of its Santa Elena project in Sonora.
  • United States Antimony Corp. reported fiscal and operational results for 2024. Revenues were US$14.9 M, resulting in gross profits of US$6.8 M. The company ended 2024 with US$18.2 M in cash and cash equivalents and US$327 K of debt. “. As we announced late last year, we are firing up our Madero Smelter in Mexico this month with new international antimony material arriving today at a key port in Mexico. Additional raw antimony inventory is on the water being shipped to Mexico. All necessary improvements to furnaces at Madero have been completed on time and below budget. We see this business becoming a key contributor to our financial results in the remaining three quarters of 2025” (Los Jaurez, Queretaro).

ON FINANCING

  • Pantera Silver Corp. announced 4.74 M share purchase warrants were exercised for total proceeds of C$948 K (Nuevo Taxco, Guerrero).
  • Goldgroup Mining Inc. closed the first tranche of a non-brokered private placement for C$7 M in gross proceeds. Mr. Eric Sprott, through 2176423 Ontario Ltd. acquired C$6.75 M in shares. “Following completion of the Private Placement, Mr. Sprott will beneficially own and control 22,500,000 Common Shares and 11,250,000 Warrants representing 12.5% of the outstanding Shares on a non-diluted basis and 17.6% of the outstanding Shares on a partially diluted basis assuming the exercise of such Warrants” (Cerro Prieto, Sonora).
  • VVC Exploration Corp. announced the granting of incentive stock options to directors, officers and consultants to the company (Samalayuca, Chihuahua).
  • Heliostar Metals Ltd. entered into an amended agreement with Cormark Securities Inc. and Velocity Trade Capital Ltd., as co-lead underwriters on behalf of a syndicate of underwriters, to purchase on a bought deal private placement basis 17 M common shares for gross proceeds of C$17 M (Ana Paula, Guerrero).
  • Capstone Copper Corp. launched an offering of US$500 M aggregate principal amount of senior notes due 2033, for latter on the week upsizing the offering to US$600 M aggregate principal amount of 6.750% senior notes due 2033. “The Company intends to apply the gross proceeds from the sale of the Notes to repay project financing debt at its Mantoverde S.A. subsidiary, to pay down debt on the Company’s senior secured revolving credit facility, and for general corporate purposes” (Cozamin, Zacatecas).
  • GoGold Resources Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets under which the underwriters have agreed to buy on bought deal basis C$75 M in common shares of the company (Los Ricos Sur, Jalisco).

ON RESOURCES AND DEVELOPMENT

  • Fuerte Metals Corp. reported results from ten holes of a drilling program at its Cristina project in Chihuahua. A total of 10,314 m in 40 holes have been drilled in the 21,000 m drill program. Highlighted true width intervals comprise 27.0 m @ 0.5 gpt Au, 60 gpt Ag, 0.03% Cu, 0.2% Pb, 0.7% Zn (including 1.9 m @ 1.1 gpt Au, 239 gpt Ag, 0.11% Cu, 0.9% Pb, 2.8% Zn; 22.5 m @ 0.75 gpt Au, 70 gpt Ag, 0.03% Cu, 0.4% Pb, 1.1% Zn (including 2.6 m @ 1.4 gpt Au, 233 gpt Ag, 0.10% Cu, 0.6% Pb, 2.3% Zn). “The forty holes completed to date since 2024 have successfully defined a series of continuous higher grade zones extending over several hundred vertical metres within the main Guadalupe vein, and now within the Los Ingleses and Mexico Libre vein systems”.
  • Mithril Silver and Gold Ltd. released results from six holes on the ongoing drill program at its Copalquin project in Durango. Highlighted core length intercepts comprise 3.35 m @ 26.5 gpt Au, 1,046 gpt Ag; 0.65 m @ 12.1 gpt Au, 292 gpt Ag; 0.50 m @ 3.53 gpt Au, 3 gpt Ag; 5.00 m @ 5.08 gpt Au, 22 gpt Ag (including 1.00 m @ 16.7 gpt Au, 73 gpt Ag); 0.84 m @ 1.78 gpt Au, 36 gpt Ag; 3.62 m @ 9.62 gpt Au, 55 gpt Ag (including 0.72 m @ 45.5 gpt Au, 221 gpt Ag); 0.46 m @ 4.11 gpt Au, 84 gpt Ag; 1.99 m @ 4.29 gpt Au, 73 gpt Ag (including 0.50 m @ 15.4 gpt Au, 214 gpt Ag); 2.75 m @ 1.23 gpt Au, 81 gpt Ag (including 0.50 m @ 5.16 gpt Au, 334 gpt Ag). The holes at La Soledad in the Target 1 resource area intercepted multiple veins with higher grades than the known mineral resource. Drilling on Target 2, El Peru/Las Brujas will commence in April 2025. Mithril program is to complete 35,000 m of drilling during 2025.
  • Torex Gold Resources Inc. reported year-end 2024 mineral reserves and resources for the Morelos Complex, in Guerrero, which includes the producing El Limón Guajes Mine Complex (consisting of the ELG Open Pits and ELG Underground), Media Luna Underground mine, development phase EPO Underground deposit, and surface stockpiles. The company plans to produce at least 450 K Oz Au per year through 2030. As can be seen on the tables below, the Morelos Complex has 45.7 M tonnes @ 5.06 gpt AuEq in measured and indicated resources and 16.5 M tonnes @ 4.22 gpt AuEq in inferred resources, containing 7.43 M Oz AuEq and 2.24 M Oz Au respectively.
  • Inomin Mines Inc. informed that following a technical disclosure review by the British Columbia Securities Commission, the technical report of 2020 on its La Gitana project in Oaxaca does not comply with current NI 43-101 standards, and should not be relied upon, until an amended compliant report is prepared.
  • VVC Exploration Corp. announced the appointment of Mr. Bill Kerrigan as president and chief operating officer. “Mr. Kerrigan will continue to be President of Plateau Helium Corporation. Mr. James A. Culver will remain as CEO of VVC “(Samalayuca, Chihuahua).
  • Silver Spruce Resources Inc. appointed Paul K. Smith and William Fleming to the company’s advisory board (Pino de Plata, Chihuahua).
  • Bear Creek Mining Corp. announced that Andrew Swarthout and Sandra Daycock have retired from the board of directors. “Further to Bear Creek’s news releases on March 4, 2025 and March 11, 2025, Equinox, Sandstorm and the Company continue to advance definitive documentation related to (i) the amending agreements with each of Sandstorm and Equinox to temporarily defer certain interest payments under certain outstanding debt arrangements (the “Debt Amendments”); and (ii) the extension of up to US$6.5 million in additional credit to the Company from Sandstorm” (Mercedes, Sonora).
  • Almaden Minerals Ltd. announced the filing of its memorial submission relating to its international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico). “Almaden is pursuing this Claim together with Almadex Minerals Ltd)… Prior to the illegal acts of Mexico which resulted in the complete loss of the investment, Almaden held 100% of the Ixtaca precious metals project in Mexico….. while Almadex held a 2.0% NSR royalty on the Project….. The Claimants filed their Request for Arbitration in June, 2024, and the three-person arbitration panel has now been formed…. Based on a valuation by an independent quantum expert, the Claimants are seeking damages of US$1.06 billion, in the aggregate. This number will be further updated as the Claim proceeds, to reflect future movements in precious metal prices, exchange rates, interest rates, and other factors”. For a complete description of the case explained by Almaden, please see the press release at: https://gambusinoprospector.com/wp-content/uploads/2025/03/2025-03-21_almaden-files-memorial-documentation-for-US-1.06-B-damages-claim-against-mexico.pdf .
  • Almadex Minerals Ltd. filed its memorial submission relating to its international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States. Almadex is pursuing this Claim together with Almaden Minerals Ltd. in the terms set above.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Drilling under the scarp on a Sonoran project. Drone picture by Jorge Cirett.

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

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By Jorge Cirett

During the 10th week of the year (March 3rd to March 9th, 2025), companies working in Mexico presented 25 press releases. One company informed on exploration on its property and three companies presented quarterly and/or full year 2024 reports. Two companies informed on financing rounds, one on re-purchase of shares and one more on its addition to the SP/ASX 200 Index. One company released drilling results, another two expanded on 2025 exploration/drilling plans and two more companies filed technical reports on their properties. PDAC week being PDAC week, six companies announced appointments to the board, one more is installing a review of its financing options, one more notified on its AGM and two more on acquisitions. ON MEXICO ISSUES, for the first time in several years, a more favorable environment for the mining industry in Mexico can be glimpsed from the participation of several government figures on the PDAC 2025 Convention held in Toronto. ON EXPLORATION, in Chihuahua, Kingsmen Resources informed on the geochemistry of surface samples at Las Coloradas. ON MINING, Elemental Altius Royalties, Fortuna Mining and Prime Mining presented Q4 and/or full year 2024 reports. ON FINANCING, Oroco Resource and Canuc Resource informed on financing tranches for C$2.3 M and C$500 K respectively. Pan American Silver can purchase up to 18 M of its shares. Capstone Copper informed of its addition to the SP/ASX 200 Index. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold presented drilling results from Copalquin, in Durango. Capitan Silver is planning a 10,000 m RC drilling campaign at Cruz de Plata, Durango. GR Silver Mining is resuming drilling at San Marcial (part of its Plomosas project), in Sinaloa. Gold Resource released a technical report on its Don David mine in Oaxaca. Apollo Silver filed a technical report with historical resources on the Cinco de Mayo project in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Santacruz Silver Mining, Elemental Altus Royalties, Plata Latina Minerals, Luca Mining and Heliostar Metals announced appointments to the board. Bear Creek Mining initiates a strategic review on financial options, Minera Alamos informed on its annual general meeting. Discovery Silver informed on the special meeting of shareholders regarding the acquisition of the Porcupine project in Canada. Masivo Silver signed a non-binding LOI to acquire the Cerro Colorado project in southern Sonora. Goldgroup Mining informed on its agreement to acquire the Pinos project in Zacatecas. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • PDAC 2025 Insights on Mexico. With significant government attendance and a more favorable message there is a cautiously optimistic mood in the Mexican mining industry. Faster permitting times are expected, along with the emission on the first half of the year of the rulebook that is to guide the application of the 2023 mining law. An exploration system in partnership with the government is probably not going to work.

ON EXPLORATION

  • Kingsmen Resources Ltd. reported additional results from the exploration program at its Las Coloradas project in Chihuahua. The company published geochemical maps for different elements of surface rock samples on the La Silvia and La Plata zones, north of the La Soledad structure. The geochemical signatures “are interpreted to indicate different pulses of mineralization and possibly indications of different styles of mineralization along and at depth in the two structures.

ON MINING

  • Elemental Altius Royalties Corp. informed on record preliminary revenue in 2024 from its portfolio of royalties, without figures per property. During 2024 the company had revenue of US$21.6 M, based on the sales of approximately 8,990 Oz AuEq (holds royalties on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. plans to present its Q4 and year end 2024 financial results on March 11th, 2025 (Avino, Durango).
  • Fortuna Mining Corp. reported financial and operating results for Q4 and full year 2024, without disclosing figures by operation. The company produced 455,958 Oz AuEq in the year at consolidated cash cost of $1,640 per Oz AuEq and AISC of $1,772 per Oz AuEq. In the year the attributable net income was US$128.7 M and the attributable adjusted net income US$ 144 M (San Jose, Oaxaca, recently sold).
  • Prime Mining Corp. reported its operating and financial results for 2024. Prime Mining informed on health and safety protocols, community engagement and environmental strategy, exploration highlights, mineral resource increase and drilling activities during 2024. At the end of the period the company had C$19 M in cash.   

ON FINANCING

  • Oroco Resource Corp. announced the closing of a non-brokered private placement raising gross proceeds of C$2.3 M (Santo Tomás, Sinaloa).
  • Masivo Silver Corp. released on February 26, 2025, a press release dated June 10, 2024, announcing the closing of a second and final tranche of a non-brokered private placement raising total gross proceeds of C$1.04 M. A couple of days later, on February 28, 2025, a second press release (see below, on the Deals section) clarified the release (El Colomo, Sinaloa).
  • Pan American Silver Corp. is to renew its normal course issuer bid to purchase up to 18.1 M of its common shares, which represents up to 5% of the issued and outstanding shares of the company (La Colorada, Zacatecas).
  • Capstone Copper Corp. announced that the CHESS Depositary Interests of the company will be added to the Standard & Poors /ASX 200 Index by the S&P Dow Jones (Cozamin, Zacatecas).
  • Canuc Resource Corp. announced terms of a non-brokered private placement financing which is a condition of the arrangement agreement with MacDonald Mines Exploration Inc. on which Canuc is to purchase all outstanding shares of MacDonald Mines Inc. Canuc is required to complete equity financing for a minimum of C$500 K (San Javier, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Ltd. announced results from the drilling program aimed at producing a maiden resource on Target 1 at its Copalquin project in Durango. Highlighted core length intervals from four holes comprise 4.95 m @ 20.5 gpt Au, 1,8133 gpt Ag (including 0.55 m @ 110 gpt Au, 7,530 gpt Ag); 0.56 m @ 22.8 gpt Au, 1,425 gpt Ag; 3.77 m @ 1.42 gpt Au, 101 gpt Ag; 4.85 m @ 1.47 gpt Au, 165 gpt Ag; 2.55 m @ 9.97 gpt Au, 572 gpt Ag (including 1.00 m @ 20.7 gpt Au, 1,130 gpt Ag); 0.25 m @ 15.2 gpt Au, 786 gpt Ag; 7.40 m @ 1.59 gpt Au, 65 gpt Ag; 0.50 m @ 13.25 gpt Au, 584 gpt Ag; 1.75 m @ 1.29 gpt Au, 41 gpt Ag. A further six holes were completed in February, results pending.
  • Capitan Silver Corp. informed on the 2025 exploration plans at its Cruz de Plata project in Durango. A 10,000 m reverse circulation program prioritizing definition and step out drilling of high-grade mineralization at the Jesus Maria area, including on the recently acquired claims from Fresnillo plc., step out drilling along the Gully Fault zone to the NE, develop new targets on parallel mineralized structures and the completion of an updated MRE for the Capitan Hill gold deposit, expected to be completed in Q2 2025.
  • GR Silver Mining Ltd. is resuming field exploration and step out drilling targeting potential resource expansion at the San Marcial area of its Plomosas project in Sinaloa. The drill program aims to expand the mineralization footprint up to 350 m NW from the current San Marcial resource area while continuing surface exploration and mapping encouraged by the identification of outcropping silver-carrying hydrothermal breccias.
  • Gold Resource Corp. released the technical report summary for the Don David mine in Oaxaca. The report uses “the mining disclosure standards of Subpart 229.1300 of Regulation S-K Disclosure as required by the United States Securities and Exchange Commission (SEC)”. The report summarizes the results of the 12,760 m in 87 holes drilling campaign that replaced 110% of the mineral reserves held on December 2023, highlighting the importance of the Three Sisters vein system.
  • Apollo Silver Corp. filed a technical report on the Cinco de Mayo property in Chihuahua, in an earn-in option agreement with Mag Silver Corp. The 25,113-ha project (251.1 square km) includes two deposits, located four kilometers apart, with historic mineral resources. The Upper Manto deposit includes 12.4 M tonnes @ 0.24 gpt Au, 132 gpt Ag, 6.5% Zn, 2.9% Pb, containing 96 K Oz Au, 52.7 M Oz Ag, 1.8 M Lb Zn, 0.8 M Lb Pb in inferred resources. The Pozo Seco deposit comprises 29 M tonnes @ 0.147% Mo, 0.25 gpt Au, containing 94 M Lb Mo, 230 K Oz Au in indicated resources and 23.4 M tonnes @ 0.103% Mo, 0.17 gpt Au, containing 53.3 M Lb Mo, 129 K Oz Au.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. announced the appointment of Mr. Eduardo Torrecillas as chief operating officer (Zimapan, Hidalgo).
  • Elemental Altus Royalties Corp. announced the appointment of Sandeep Singh as an independent non-executive director (Royalty on Mercedes, Sonora).
  • Plata Latina Minerals Corp. appointed Lance Newman and Rod Pace to its board of directors (just sold royalty on Naranjillo, Guanajuato).
  • Luca Mining Corp. announced Mr. Adam Melynk has joined Luca as VP corporate development (Campo Morado, Guerrero).
  • Bear Creek Mining Corp. has initiated a “Strategic Review” on the financial options available to the company, also announcing the engagement of Mr. Christian Milau as a strategic advisor to assist on the Strategic Review. On a different press release, Bear Creek announced the retirement of Mr. Andrew Swarthout and Ms. Sandra Daycock, and the appointment of Peter C. Mitchel and Ian Grundy to the board (Mercedes, Sonora).
  • Heliostar Metals Ltd. announced the commencement of Ms. Vitalina Lyssoun as chief financial officer (Ana Paula, Guerrero).
  • Minera Alamos Inc. announced all matters were overwhelmingly voted in favor at its annual and special general meeting (AGM) of shareholders (Santana, Sonora).
  • Masivo Silver Corp. signed a non-binding LOI to acquire the Cerro Colorado Au-Ag-Cu project, 11 km north of the Piedras Verdes mine in Sonora. The transaction on the 2,649 ha project with Minera GoldZone S.A. de C.V. will become binding upon completion of due diligence. Work completed in the property includes mapping, sampling, soil survey and IP geophysics survey programs. “A series of 8 drill holes are being modeled by Mexican Senior Geologist Rafael Gallardo. Masivo will use its $75,000 drill credit with a Mexican Drill company for this drill program”.
  • Discovery Silver Corp. filed its notice of meeting and information circular and related materials in connection with the special meeting of holders of common shares of the company to consider the issuance of common shares relating to the previously announced acquisition of Newmont’s Porcupine Complex in Canada (Cordero, Chihuahua).
  • Goldgroup Mining Inc. entered into an agreement with Candelaria Mining Corp. to acquire the Pinos project in Zacatecas. As part of the agreement Goldgroup is to settle US$2.7 M in a loan facility, make a US$89 K payment within five days of receiving all necessary approvals from the TSXV, make a US$89 k cash payment on the delivery of the Apolo shares to the company or six months after receipt of the TSXV approval, and issue 717 K common shares of the company at $0.40.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Sheeted dikes on a Sonoran project. Drone picture by Jorge Cirett.

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

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By Jorge Cirett

During the 8th week of the year (February 17th to February 23rd, 2025), companies working in Mexico presented 28 press releases. Two companies informed on exploration on their properties and nine companies presented quarterly and full year 2024 reports. Two companies informed on financing rounds and two more about its inclusion on the list of top performing TSX companies. One company released the 2024 MRE for several deposits, while one more filed a previously released MRE. Three companies released drilling results from their advanced companies and one more elaborated on its plans for 2025. Two companies announced senior board position changes. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Chihuahua, Kingsmen Resources completed a review on the geochemistry of surface samples. In Durango, Silver Wolf Exploration released results from drilling at Ana Maria. ON MINING, Sandstorm Gold, Pan American Silver, Alamos Gold, Coeur Mining, Torex Gold, Capstone Copper, Starcore International, First Majestic Silver and Newmont presented Q4 and full year 2024 reports. ON FINANCING, Quetzal Copper and Tocvan Ventures informed on the closing of financing tranches for C$487.5 K and C$1.05 M respectively. Luca Mining and Heliostar Metals informed on its inclusion on the list of top performing companies in the TSX. ON RESOURCES AND DEVELOPMENT, Alamos Gold presented the MRE for five properties within the Mulatos district in Sonora. Prime Mining disclosed its 2025 program for Los Reyes, in Sinaloa. Endeavour Silver reported drilling results from La Luz area at its Bolañitos producing property in Guanajuato. Vizsla Silver filed the MRE report on Panuco, in Sinaloa. Luca Mining released results from drilling at Tahuehueto, in Durango. Heliostar Metals reported results from the drilling program at Ana Paula, in Guerrero.  ON DEALS AND CORPORATE ISSUES, Centenario Gold and US Antimony announced movements on their boards of directors. ON SOCIAL RESPONSIBILITY, Guanajuato Silver Co. informed on diverse initiatives it is taking on the communities nearby to its operations in Durango and Guanajuato.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Silver Wolf Exploration Ltd. announced results of the drill program on El Soldado claim at the Ana Maria project in Durango. A total of 17 holes and 2,560 m were drilled, testing the continuity of the carbonate replacement deposits and breccia structures observed. Highlighted core length intercepts comprise 1.0 m @ 1.91% Zn; 6.05 m @ 0.25% Pb, 0.45% Zn (including 0.85 m @ 52 gpt Ag, 0.4% Pb, 2.2% Zn). The “inaugural drill program was successful in identifying significant subvertical breccias (“Chimney” bodies) with extensive hydrothermal mineralization and dolomitization underlying the historical Silver, Lead, and Zinc (Ag-PbZn) workings at El Soldado”. The Ana Maria project is adjacent to the significant past producer Ojuela mine.
  • Kingsmen Resources Ltd. completed a review of the geochemistry of samples collected from the Soledad and Soledad II vein systems at its Las Coloradas project in Chihuahua. The variations of pathfinder elements with silver are interpreted to indicate different pulses of mineralization. The potential for intrusion-related and skarn mineralization has not been explored to date.

ON MINING

  • Sandstorm Gold Ltd. released its financial results for the quarter and year ended in December 2024. Without disclosing by operation, the company had a total yearly revenue of US$176.3 M, or 72,810 Oz Au (holds royalties on Cosalá, Sinaloa).
  • Pan American Silver Corp. provided fourth quarter and yearly 2024 results and its outlook production for 2025. The company generated US$196.2 M in cash flow in Q4 and US$445.1 M in 2024, producing 21.1 M Oz Ag, 892.5 K Oz Au in the year at $14.30 per Oz Ag and $1,203 per Oz Au in the year. At the end of the period Pan American had a working capital of US$1,033.4 M, inclusive of cash and short-term investments of US$887.3 M, and a total debt of US$803 M. For 2025 the company forecasts production of 5.5 – 5.8 M Oz Ag at La Colorada in Zacatecas and 0.9 – 1.0 M Oz Ag, 28 – 31 K Oz Au at Dolores, in Chihuahua.
  • Alamos Gold Inc. reported Q4 and full year 2024 results. The company produced 567 K Oz Au in 2024, at total cash cost of $927 per Oz Au and an AISC of $1,281 per Oz Au. At Mulatos, in Sonora, 205 K Oz Au were produced in the year. Cash and cash equivalents of US$327.2 M at the end of 2024.
  • Coeur Mining Inc. announced Q4 2024 and full year financial results. During the year the company produced 341,852 Oz Au, 11.4 M Oz Ag at cash cost $1,203 per Oz Au and $16.55 per Oz Ag. Coeur generated US$1.1 B in revenue in 2024. Closed on February 14, 2025, the 1.58 B acquisition of SilverCrest Metals (Las Chispas, Sonora). Guidance of 16.7-20.3 M Oz Ag, 380,000-440,000 Oz Au for 2025. At Palmarejo, in Chihuahua, 1.76 M tonnes were milled in 2024, averaging 2.18 gpt Au, 141 gpt Ag, recovering 93% Au, 85% Ag, to produce 108,666 Oz Au, 6.78 M Oz Ag, at cash cost $892 per Oz Au, $14.28 per Oz Ag, generated US$138.1 M in cash flow, while investing US$13.2 M in exploration. “Seven rigs were active during the quarter, with three rigs focused on step-out drilling along the western extension of the Hidalgo corridor. A new mineralized structure discovered in 2024 called the Libertad Footwall has demonstrated splays and breccias similar to those contained at Guadalupe and Independencia. Exploration drilling successfully traced these Libertad structures over 750 meters along strike. In addition, the 2024 drill program at Hidalgo and Libertad was a significant contributor to inferred resource growth. Successful exploration also led to a maiden resource at the San Juan target and an extension of the Guadalupe zone”.
  • Torex Gold Resources Inc. reported Q4 and full year 2024 financial and operational results. Annual production was 452,523 Oz Au (or 461,420 Oz AuEq), with a gold recovery of 90.6%, total cash cost of $940 per Oz Au and an AISC of $1,156 per Oz Au.  Achieved a mining rate of 2,092 tonnes per day from ELG (El Limon-Guajes) underground. Net income of US$134.6 M, adjusted net earnings of US$224.3 M and readjusted EBITDA of US$541.1 M, with net cash generated from operating activities of US$449 M. Negative free cash flow of US$122.9 M as a direct result of US$449.0 M invested in the Media Luna project, which stood at 94% completion at the end of the period. Closed the year with US$331.5 M, including US$110.2 M in cash and US$221 available on credit facilities (Morelos Complex, Guerrero).
  • Capstone Copper Corp. informed on financial results for Q4 and full year 2024. The company had a net income in 2024 of US$82.9 M, an adjusted EBITDA of US$496 M, operating cash flow of US$414.8 M, net debt of US$742.0 M, availability of US$506.4 M comprising US$132.4 M in cash and US$374 M on a credit facility. The consolidated copper production in 2024 was 184,460 tonnes of Cu at cash cost $2.56 per Lb Cu. At Cozamin, in Zacatecas, 24,907 tonnes of copper were produced during the period, at cash cost $1.75 per Lb Cu (the lowest for Capstone operations).
  • Starcore International Mines Ltd. announced production results for the third quarter 2025, ended January 2025. At San Martin, in Querétaro, 46.7 K tonnes were milled, averaging 1.74 gpt Au, 11.08 gpt Ag, recovering 82.44% Au, 49.1% Ag, to produce 2,268 Oz AuEq.
  • First Majestic Silver Corp. announced consolidated financial results for Q4 and full year 2024. The company produced 8.4 M Oz Ag, 156,542 Oz Ag (or 21.7 M Oz AgEq), realized US$138.6 M in free cash flow, with revenues of US$560.6 M, EBITDA of US$127.1 and ended the year with 2,595 Oz Au, 539.2 K Oz Ag valued at US$22.4 M. On January 16, 2025 the company completed the acquisition of Gatos Silver Inc. for a consideration of US$1.07 M in shares.
  • Newmont Corp. reported fourth quarter and full year 2024. The company reported US$3.4 B of net income in 2024, generated US$6.4 B of cash from operating activities, reported US$2.9 B in free cash flow, produced 5.7 M Oz Au and 1.9 M Oz AuEq (Cu, Ag, Pb, Zn) for a total of 6.8 M attributable Oz Au. During the year Peñasquito (in Zacatecas) produced 390 K Oz Au, 28 M Oz Ag, 90 K tonnes Pb, 236 K tonnes Zn. Cash cost was $930 per Oz Au, $11.50 per Oz Ag, $1,080 per Lb Pb, $1,430 per Lb Zn. The AISC was $1,210 per Oz Au, $15.0 per Oz Ag, $1,290 per Lb Pb, $1,890 per Lb Zn. The cash cost and the AISC are expected to increase during 2025. “Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025.Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year… co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence”.

ON FINANCING

  • Quetzal Copper Corp. closed the third tranche of a previously announced non-brokered flow-through and non-flow-through private placement, for gross proceeds of C$487.5 K. In total the company raised gross proceeds of C$2.44 M (Las Cristinas, Chihuahua).
  • Quetzal Copper Corp. announced the extension to complete its previously announced non-flow-through portion of its non-brokered private placement, until February 28, 2025 (Las Cristinas, Chihuahua).
  • Luca Mining Corp. informed on its inclusion in the 2025 TSX Venture 50TM list of top performing companies (Tahuehueto, Durango; Campo Morado, Guerrero).
  • Tocvan Ventures Corp. closed the final tranche of its previously announced non-brokered private placement for gross proceeds of C$1.05 M (Pilar and Gran Pilar, Sonora).
  • Teck Resources Ltd. has declared “an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 31, 2025 to shareholders of record at the close of business on March 14, 2025” (San Nicolás, Zacatecas).
  • Heliostar Metals Ltd. announced it has been included in the 2024 TSX Venture 50TM list of top performing companies (Ana Paula, Guerrero; La Colorada, Sonora).
  • Alamos Gold Inc. reported mineral reserves and resources to the end of 2024. Of a total of 13.95 M Oz Au in reserves by the company, 1.39 M stand in the Mulatos district in Sonora. The total amount of reserves and resources at Mulatos is 2.13 M Oz Au, distributed in the Mulatos mine, Puerto del Aire, La Yaqui Grande, Cerro Pelon and Carricito deposits, as can be seen below. The project is heading to more underground operations with the Puerto del Aire and Cerro Pelon higher grade sulfides. A total of US$19 M is budgeted for exploration in 2025, including 15,000 m of drilling at the GAP-Victor area and PDA extension, and 20,000 m planned at Cerro Pelon.
  • Prime Mining Corp. disclosed its 2025 outlook for its Los Reyes project in Sinaloa. An initial 40,000 m of drilling is planned to identify extensions to know structures and further discovery areas, working toward a preliminary economic assessment (PEA), “refining the metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements”.  Drilling halted in late January due to safety issues on large areas of Sinaloa, but due to resume as soon as these concerns ease, with the drill rigs are still on-site. In October of last year Prime filed a mineral resource estimate with 2.19 M Oz AuEq in indicated resources and 817 K AuEq in inferred resources.
  • Endeavour Silver Corp. reported drill results from its exploration program at the Bolañitos mine in Guanajuato. The program was focused on the La Luz vein, with intersections that provide opportunities to extend mine-life. Highlighted true width intercepts comprise 1.02 m @ 1.17 gpt Au, 449 gpt Ag; 1.67 m @ 0.41 gpt Au, 183 gpt Ag; 0.95 m @ 2.03 gpt Au, 70 gpt Ag; 1.62 m @ 2.43 gpt Au, 1,063 gpt Ag (including 0.34 m @ 9.61 gpt Au, 4,070 gpt Ag); 2.49 m @ 3.15 gpt Au, 71 gpt Ag. “… eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025”.
  • Vizsla Silver Corp. filed an independent technical report containing an updated mineral resource estimate (MRE) on the Panuco project in Sinaloa.
  • Luca Mining Corp. released results from the first four underground diamond drill holes on the ongoing 5,000 m exploration drill program at its Tahuehueto mine in Durango. The objective of the campaign is to define vertical and lateral extents of known mineralization within the Creston and Perdido vein systems. Highlighted core length intervals comprise 1.8 m @ 0.95 gpt Au, 60 gpt Ag, 1.11% Cu, 0.2% Pb, 0.2% Zn; 22.3 m @ 1.47 gpt Au, 42 gpt Ag, 0.44% Cu, 1.5% Pb, 2.3% Zn (Including 7.9 m @ 2.59 gpt Au, 68 gpt Ag, 0.68% Cu, 2.3% Pb, 2.7% Zn); 0.9 m @ 0.09 gpt Au, 18 gpt Ag, 0.21% Cu, 0.9% Pb, 4.0% Zn; 2.3 m @ 2.37 gpt Au, 0.1% Pb, 0.3% Zn; 7.2 m @ 0.37 gpt Au, 41 gpt Ag, 0.26% Cu, 1.8% Pb, 0.9% Zn; 1.7 m @ 0.09 gpt Au, 22 gpt Ag, 0.29% Cu, 2.1% Pb, 2.0% Zn.
  • Heliostar Metals Ltd. announced results from drilling at its Ana Paula project in Guerrero. The drilling program focus was on expanding the High Grade Panel and test step-out targets at depth beneath this zone. Highlighted core-length results comprise 161.0 m @ 4.26 gpt Au (including 30.0 m @ 10.1 gpt Au); 23.0 m @ 4.15 gpt Au (including 3.0 m @ 21.4 gpt Au); 4.6 m @ 7.91 gpt Au; 68.5 m @ 1.44 gpt Au; 24.0 m @ 5.10 gpt Au (including 3.0 m @ 10.9 gpt Au and 5.15 m @ 14.0 gpt Au); 3.80 m @ 2.43 gpt Au; 1.0 m @ 4.99 gpt Au; 66.85 m @ 3.12 gpt Au (including 15.7 @ 10.4 gpt Au); 13.0 m @ 3.50 gpt Au. 

ON DEALS AND CORPORATE ISSUES

  • Centenario Gold Corp. announced the resignation of Alain Charest as CEO of the company. “Alain will continue to represent the Company as both a board member, VP Exploration and an active adviser to the Company”. Doug Fulcher, current president of the company has been appointed CEO (Eden, Sinaloa).
  • United States Antimony Corp. announced the appointment of Mr. Rodney Blakestead as Vice President of the Mining Division and Leo Jackson as Vice President of the Mexican Antimony Division (Los Juarez, Querétaro).

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd. informed it is sponsoring a clinic in Topia, Durango, has treated 350 patients, and the Cata clinic in Guanajuato a further 700 persons. Furthermore “Water at the mines is largely recycled, while essential water services are often provided to rural communities. With priority placed on schools, kindergartens, and community spaces…”. Among other initiatives, the company is also committed to generating zero biodiversity loss from operations. 

On the image below: Sometimes following structures from a distance is not that difficult. Drone picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 4th week of the year (January 20th to January 26th, 2025), companies working in Mexico presented 26 press releases. Two companies informed on exploration on their properties, three companies presented quarterly reports and one updated on the refurbishment of an antimony smelter. Nine companies informed on financing rounds and two granted stock options. Two companies reported drilling results from producing mines and one more from an advanced property. A company resumed operations at its advanced property after a fatal accident. Two companies informed on senior staff changes. One company informed on another’s company acquisition process and one more informed on the TSX stand in relation to a take-over bid. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures reported surface exploration results at its Gran Pilar project. In Nayarit, Angel Wing commenced drilling at La Reyna project. ON MINING, Capstone Gold, Avino Silver and Dyna Resource presented Q4 2024 results. US Antimony provided an operational update on its Madero smelter. ON FINANCING, companies that commenced or closed financing rounds include Defiance Silver (C$732 K), Colibri Resource (C$250 K), Zacatecas Silver (C$1.5 M), Capitan Silver (C$4.2 M), Goldgroup Mining (C$3.5 M), Gold Resource Corp. (US$2.5 M). Southern Silver Exploration (C$2.5 M), Silver Storm Mining (C$3.5 M), Mexican Gold (C$160 K). Sonoro Gold and Angel Wing Metals granted options to officers and directors. ON RESOURCES AND DEVELOPMENT, Vizsla Silver resumed limited operations after a fatal accident on Panuco, in Sinaloa. Sierra Metals reported drilling results from Bolivar, in Chihuahua. Mithril Silver and Gold presented drilling results from Copalquin, in Durango. First Majestic Silver released drilling results from San Dimas, in Durango.  ON DEALS AND CORPORATE ISSUES, Zacatecas Silver and Infinitum Copper announced movements on their boards. Agnico Eagle acquired 94% of O3 Mining shares. Sierra Metals was notified by the TSX on relation to a take-over bid. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Angel Wing Metals Inc. commenced a 1,500 m diamond drill program at La Reyna project in Nayarit. “The first phase of the program will include 10-12 holes aimed at confirming historical surface sampling grades, on strike continuity, orientation and depth of known mineralization, and artisanal mine workings”. Drilling is to focus on the Dolorosa, Zorrillo, San Ramon and El Polo targets.
  • Tocvan Ventures Corp. reported on surface exploration results from its 100% owned Gran Pilar project in Sonora. A total of 188 rock samples and 9 infill soil samples were analyzed from the Southern Block, with four new target areas within a 1.8 km long by 1.0 km wide zone. Another zone 2.1 km by 2.4 km remains to be sampled. Highlighted rock sample results comprise: 3.11 gpt Au, 18 gpt Ag, 0.5% Pb, 0.1% Zn; 2.74 gpt Au, 17 gpt Ag, 0.7% Pb; 2.71 gpt Au, 17 gpt Ag, 0.7% Pb, 0.1% Zn; 2.29 gpt Au, 24 gpt Ag, 0.9% Pb; 2.13 gpt Au, 0.1% Cu, 0.1% Zn; 1.45 gpt Au, 0.2% Zn; 1.12 gpt Au, 64 gpt Ag, 0.6% Pb; 1.09 gpt Au, 10 gpt Ag, 0.4% Cu; 0.88 gpt Au; 0.19 gpt Au, 0.7% Cu; 0.17 gpt Au, 0.7% Pb. High pathfinder numbers on rock sampling comprise up to 0.5% As, 312 ppm Mo and 98 ppm Sb. Nine infill soil samples returned up to 0.45 gpt Au, 8 gpt Ag, 110 ppm Cu, 671 ppm Pb, 147 ppm Zn, 463 ppm As, 3 ppm Mo. Diamond drilling continues on the Pilar project (JV with Colibri Resource Corp.) with core sample preparation ongoing of the 408 m already completed on four holes.

ON MINING

  • Capstone Copper Corp. announced consolidated production for 2024, including information from its operations in Mexico. During Q4 2024 the company produced 6,724 tonnes Cu at Cozamin, in Zacatecas, for a total yearly production of 24,906 tonnes Cu, out of a total of 141,698 tonnes Cu produced by their sulfide business. For 2025, guidance for Cozamin is similar to 2024, with 23 – 26 K tonnes Cu at cash cost $1.60 – $1.80.
  • Avino Silver & Gold Mines Ltd. presented Q4 and full year 2024 production results. At Avino, in Durango, 181.7 K tonnes were processed during the quarter, grading 56 gpt Ag, 0.59 gpt Au, 0.52% Cu, recovering 87% Ag, 74% Au, 86 % Cu, to produce 283.8 K Oz Ag, 2,560 Oz Au, 1.77 M Lb Cu (or 735 K Oz AgEq). For the year 648.8 K tonnes were processed, grading 61 gpt Ag, 0.51 gpt Au, 0.51% Cu, recovering 88% Ag, 71% Au, 87% Cu, to produce 1.1 M Oz Ag, 7,477 Oz Au, 6.2 M Lb Cu (or 2.65 M Oz AgEq). “Avino had approximately $26 million in cash at the end of 2024 and remains debt-free, excluding operating equipment leases”.
  • Fortuna Mining Corp. reported production results for the fourth quarter and full year 2024, including figures from its operations in Mexico. At San José, in Oaxaca, Fortuna milled 190 K tonnes during the quarter, at a rate of 2,437 tpd, grading 118 gpt Ag, 0.85 gpt Au, recovering 82.7% Ag, 82% Ag, to produce 594.4 K Oz Ag, 4,239 Oz Au. For the year, 735.6 K tonnes were milled at a rate of 2,138 tonnes per day, grading 125 gpt Ag, 0.89 gpt Au, recovering 86.1% Ag, 84.8% Au, to produce 2.55 M Oz Ag, 17,811 Oz Au. Last week the company announced the sale of the San José mine.
  • Dyna Resource Inc. announced its preliminary 2024 operating results and 2025 guidance. During the quarter Dyna mined 67.7 K tonnes, grading 4.12 gpt Au, recovering 76% Au to produce 6,775 Oz Au. For the year, 257.7 K tonnes were mined, averaging 4.07 gpt Au, recovering 76% Au to produce 25,677 Oz Au. For 2025 Dyna expects to produce 27,000 to 30,000 Oz Au, at an AISC of $1,850 to $2,050 per Oz Au, with US$2.5 to US$3 M in exploration expenditures.
  • United States Antimony Corp. provided an operational update on its Madero smelter in Coahuila. “Initial plans are for the Madero Smelter to process antimony ore in an amount approximating 100 tons per month”, starting next March. The company will repair and refurbish six of the seventeen furnaces at the smelter over the next month. The less than US$1 M capital expenditure program is also geared to more streamline antimony feedstock in a faster, more mechanical and less human interaction manner, allowing for increased throughput in the future.

ON FINANCING

  • Defiance Silver Corp. closed a first tranche of a non-brokered private placement for aggregate gross proceeds of C$732K (Zacatecas project, Zacatecas).
  • Colibri Resource Corp. intends to conduct a non-brokered private placement for gross proceeds for up to C$250 K (Diamante, Sonora).
  • Zacatecas Silver Corp. arranged a non-brokered private placement for total proceeds of C$1.5 M (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Capitan Silver Corp. intends to raise up to C$4.2 M through a non-brokered private placement. “The Offering is expected be led by a strategic investment from the Jupiter Gold & Silver Fund” (Cruz de Plata, Durango).
  • Goldgroup Mining Inc. closed the non-brokered private placement previously announced. The company raised C$3.5 M in gross proceeds (Cerro Prieto, Sonora).
  • Gold Resource Corp. closed the registered offering for US$2.5 M in gross proceeds (Don David).
  • Angel Wing Metals Inc. granted 1.7 M stock options to directors of the company (La Reyna, Nayarit).
  • Southern Silver Exploration Corp. revised the terms of the previously announced non-brokered private placement, which is now to comprise gross proceeds of up to C$2.5 M (Cerro Las Minitas, Durango).
  • Silver Storm Mining Ltd. increased the size of its previously announced non-brokered private placement, for gross proceeds of up to C$3.5 M. First Majestic Silver (a significant shareholder) subscribed C$1.5 M in shares, which is considered a related party transaction (La Parrilla, Durango).
  • Mexican Gold Mining Corp. announced a non-brokered private placement to raise up to C$160 K (Las Minas, Veracruz).
  • Sonoro Gold Corp. granted options to certain directors, officers and consultants of the company (Cerro Caliche, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp. resumed limited operations after the recent fatal accident at Panuco, in Sinaloa, to work in a test mine and advance towards a feasibility study.
  • Sierra Metals Inc. reported drill results for the 2024 drill program in the Marian Zone at the Bolivar mine in Chihuahua. Highlighted true width core intervals comprise 26.0 m @ 1.29% Cu, 0.34 gpt Au, 11 gpt Ag; 20.0 m @ 1.37% Cu, 0.31 gpt Au, 24 gpt Ag, 0.2% Zn; 9.5 m @ 0.85% Cu, 0.14 gpt Au, 24 gpt Au, 3.0% Zn; 10.0 m @ 1.26% Cu, 0.26 gpt Au, 40 gpt Ag, 8.3% Zn; 7.0 m @ 2.45% Cu, 0.42 gpt Au, 12 gpt Ag; 6.7 m @ 0.93% Cu, 0.22 gpt Au, 2 gpt Ag. Marian is a chalcopyrite, lesser bornite and pyrite mineralized body, interpreted as a feeder zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. Mineralization is 9.0 to 26.4 m wide, with the current results having the potential to extend the ore body 300 m along strike and 600 m downdip.
  • Mithril Silver and Gold Ltd. continues drilling the Target 1 resource area at its Copalquin project in Durango. Highlighted core length intervals comprise: 7.37 m @ 4.16 gpt Au, 70 gpt Ag; 0.75 m @ 2.53 gpt Au, 60 gpt Ag; 7.65 m @ 0.23 gpt Au, 9 gpt Ag; 2.00 m @ 0.63 gpt Au, 61 gpt Ag; 5.00 m @ 0.53 gpt Au, 29 gpt Ag; 13.90 m @ 0.71 gpt Au, 35 gpt Ag (including 1.00 m @ 4.15 gpt Au, 195 gpt Ag). The company is to complete a resource estimate for the Target 1 by end of Q1 2025, and drilling is to commence with a second drill rig at the Target 2 area by April 2025.
  • First Majestic Silver Corp. released results from the 2024 drilling program at its San Dimas mine in Durango. Resource conversion and exploration drilling was performed on El Oro, Perez, Sinaloa, Santa Teresa, Rosario, Intermedia, Santa Regina, Santa Jessica and Nochebuena veins. Highlighted true length results comprise: 3.26 m @ 10.03 gpt Au, 1,996 gpt Ag; 2.30 m @ 6.28 gpt Au, 1,001 gpt Ag; 3.14 m @ 3.66 gpt Au, 485 gpt Ag; 5.06 m @ 2.00 gpt Au, 309 gpt Ag; 2.31 m @ 23.33 gpt Au, 1,045 gpt Ag; 2.97 m @ 6.61 gpt Au, 501 gpt Ag; 1.69 m @ 10.91 gpt Au, 796 gpt Ag; 1.64 m @ 8.31 gpt Au, 507 gpt Ag; 3.41 m @ 10.02 gpt Au, 359 gpt Ag; 5.86 m @ 3.11 gpt Au, 166 gpt Ag; 1.69 m @ 13.53 gpt Au, 211 gpt Ag.

ON DEALS AND CORPORATE ISSUES

  • Zacatecas Silver Corp. announced the appointment of Mr. Eric Vanderleeuw as chief executive officer and director and Mr. Mario Vetro as advisor (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Infinitum Copper Corp. announced the resignation of Steve Robertson as chairman and as a director and Garrick Mendham as director of the company (La Adelita, Sonora).
  • Agnico Eagle Mines Ltd. and O3 Mining Inc. provided O3 Mining share Holders with a final reminder to tender to Agnico Eagle’s friendly all cash offer to acquire 100% of the common shares of O3 Mining at $1.67 per share, which expires on January 23, 2025 (Pinos Altos, Chihuahua).
  • Agnico Eagle Mines Ltd. announced the acquisition of 94.1% of the outstanding common shares of O3 Mining Inc., with expiry of the buy offer extended to February 3, 2025 (Pinos Altos, Chihuahua).
  • Sierra Metals Inc. was notified by the Toronto Stock Exchange (TSX) “that the TSX will defer its consideration of the acceptance of the Company’s shareholder rights plan dated December 30, 2024”. This is in relation to the un-solicited take-over bid by Alpayana S.A.C. for all of the common shares of Sierra Metals (Bolivar, Chihuahua).

ON SOCIAL RESPONSIBILITY

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On the image below: Old mine working in the Sonoran Desert. Drone picture by Jorge Cirett.