Geology

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

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By Jorge Cirett

During the 28th week of the year (July 7th to July 13th, 2025), companies working in Mexico presented 38 press releases. Two companies presented news on one early-stage property. Five companies presented quarterly operational updates. Seven companies reported on financial rounds; one company requested a trading halt, another is trading now in the OTCID Market and another was re-listed on the TSX. Two companies presented drilling results from operating mines; two companies presented channel sample results from their projects; another company updated on its environmental permit.  Eleven companies reported on deals, acquisitions, payments, activities, arbitration procedures, spinouts, AGM’s and sales. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Questcorp Mining is preparing for drilling at La Union. Fortuna Mining is not proceeding with the Cecilia project option. ON MINING, Endeavour Silver, GoGold Resources, Sandstorm Gold, Torex Gold and Orla Mining presented preliminary operational/production for Q2 2025. ON FINANCING, seven companies informed on financing rounds: Silver Strom Mining (C$4 M), Aura Minerals (US$210 M), Mithril Silver and Gold (C$11.5 M), Sonoran Desert Copper (C$1 M), Endeavour Silver (US$60 M), Silver Viper (C$3.5 M) and Orogen Royalties (C$10 M). Mithril Silver and Gold shares would have halted trading during the week. Royalties Inc. started trading in the OCID Market. Orogen Royalties re-listed in the TSX. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold updated on exploration progress at Copalquin, in Durango. Impact Silver released drilling results from Campo Morado, in Guerrero. Impact Silver presented results from drilling at Plomosas, in Chihuahua. GR Silver reported underground channel sample results from the Plomosas mine in Sinaloa (Yes, a Plomosas mine in Chihuahua and another Plomosas mine in Sinaloa). Sonora Gold updated on the status of the environmental permit for its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Mag Silver reminds shareholders of the upcoming voting deadline on the company’s acquisition by Pan American Silver. Santacruz Silver Mining made a further payment on the Bolivian assets acquisition. Altius Minerals updated on its project generation business activities. Almaden Minerals made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico under the CPTPP. Royal Gold is to acquire Sandstorm Gold. Starcore International Mines is to spin its West Africa interests. Kingsmen Resources is to acquire the Almoloya project in Chihuahua. Triple Flag Precious Metals is to acquire Orogen Royalties. Silver Storm Mining is acquiring all shares from Till Capital. Starcore International Mines is to acquire the Tortilla project in Queretaro. Almaden Minerals sold a mill and paid an outstanding gold loan to Almadex Minerals. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

  • Riverside Resources Inc. and Questcorp. Mining Inc. are preparing for the maiden drill program at the 2,520 ha La Union project in Sonora. The drilling will follow up on new geophysical and geochemical surveys in the search of a carbonate replacement (CRD) deposit. The program envisages 1,500 m of drilling in 7 holes 150-350 m deep to test at least three areas with historic mines.

ON MINING

  • Endeavour Silver Corp. reported second quarter 2025 production of 1.48 M Oz Ag, 7,755 Oz Au, or 2.5 M Oz AgEq. This is the first quarter that includes figures from a mine not in Mexico (Kolpa, Peru). At Guanaceví, in Durango, 96.8 K tonnes were processed (1,064 tpd), averaging 362 gpt Ag, 1.28 gpt Au, recovering 88.6% Ag, 89.7% Au, to produce 997.9 K Oz Ag, 3,562 Oz Au or 1.28 M Oz AgEq. At Bolañitos in Guanajuato, 88.1 K tonnes were processed (968 tpd) averaging 45 gpt Ag, 1.68 gpt Au, recovering 82.4% Ag, 88.3% Au, to produce 105.2 K Oz Ag, 4,193 Oz Au, or 440.7 K Oz AgEq. On Terronera, in Jalisco, the commissioning and ramp-up continues, with an average output during June of 1,232 tpd. “During commissioning of the plant, the underground mine has continued with mine development and stope preparation”.
  • GoGold Resources Inc. reported Q2 2025 production from its Parral tailings operations. The company produced during the period 201.6 K Oz Ag, 3,100 Oz Au, 128 tonnes Cu, 140 tonnes Zn (555 K Oz AgEq).
  • Sandstorm Gold Ltd. reported preliminary figures for the second quarter 2025. During the period the company sold 15,100 attributable Oz AuEq realizing US$51.4 M, with an operating margin of US$2,980 per Oz AuEq. By the end of the period the outstanding balance of the company’s revolving credit facility was US$315 M, with an undrawn balance of US$310 M (Royalty in Cosalá, Sinaloa).
  • Torex Gold Resources Inc. reported Q2 2025 production of 82,856 Oz AuEq. During the period the company mined at a rate of 2,133 tpd at the ELG open pit, moving waste at 9,313 tpd, mined at a rate of 2,790 tpd and 4,278 tpd from ELG underground and Media Luna Underground respectively, to mine at a total rate of 8,887 tpd in the Morelos Complex in Guerrero. The ore processed graded 2.92 gpt Au, 20.5 gpt Ag, 0.54% Cu, recovering 93.5% Au, 63% Ag, 84.4% Cu, to produce 69,576 Oz Au, 336.5 K Oz Ag, 8 M Lb Cu.
  • Orla Mining Ltd. provided an operational update for the second quarter of 2025, including figures from its operations in Mexico. At Camino Rojo in Zacatecas, 2.0 M tonnes were mined and 2.6 M of waste moved, for a strip ratio of 1.33. A total of 2.6 M tonnes of ore grading 0.57 gpt Au were stacked on the heaps and 25,45 Oz Au produced.  

ON FINANCING

  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced non-brokered private placement for total gross proceeds of C$130 K, for aggregate gross proceeds of C$4 M (La Parrilla, Durango).
  • Aura Minerals Inc. announces the launch of its United States public offering of common shares, seeking to raise around US$210 M (Aranzazu, Zacatecas).
  • Mithril Silver and Gold Ltd. announced on 9 July 2025 its securities trading on the ASX will be halted on the request of Mithril pending the release of announcements by MTH, until the commencement of trading on July 11, 2025 (Copalquin, Durango).
  • Sonoran Desert Copper Corp. received approval from the TSX Venture Exchange to close its private placement financing for gross proceeds of C$1 M (Cuatro Hermanos, Sonora).
  • Endeavour SilverCorp. Entered into a sales agreement with BMO Capital Markets Corp., TD Securities LLC, Ventum Financial Corp., National Bank of Canada Financial Inc., Raymond James Ltd., H.C. Wainwright & Co. LLC and ING Financial Markets LLC pursuant to which the company at its discretion may sell common share for up to US$60 M in gross proceeds (Terronera, Jalisco).
  • Royalties Inc. announced the launch of trading on the OTCID Market in the US (claims a royalty on Cozamin, Zacatecas).
  • Orogen Royalties Inc. is re-listing on the TSX Venture Exchange. The re-listing is a result of the plan of arrangement that was completed by the Company and Triple Flag Precious Metals Corp. on July 9, 2025. Concurrently with the Arrangement, Triple Flag also completed a C$10.0 M strategic private placement by subscribing Orogen shares (royalty on Ermitaño, Sonora).
  • Silver Viper Minerals Corp. closed its non-brokered private placement for aggregate gross proceeds of C$3.48 M (La Virginia, Sonora).
  • Mithril Silver and Gold Ltd. raised up to C$11.5 M in its previously announced private placement (Copalquin, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Ltd. updated on exploration progress at Copalquin, in Durango. Drilling is to commence at Target 5 this month, after strong geochemical results from channel sampling, while drilling at Target 3 will follow later this quarter. Continuous mineralization has been mapped across 8 km, with 1,200 m of vertical extent. Highlighted channel samples at Targets 2, 3, 4 and 5 comprise 0.50 m @ 6.21 gpt Au, 265 gpt Ag; 1.00 m @ 19.85 gpt Au, 270 gpt Ag, 0.90 m @ 12.40 gpt Au, 820 gpt Ag; 0.50 m @ 13.25 gpt Au, 558 gpt Ag; 0.70 m @ 5.92 gpt Au, 392 gpt Ag; 0.65 m @ 5.67 gpt Au, 365 gpt Ag; 0.50 m @ 5.80 gpt Au; 0.90 m @ 8.03 gpt Au, 108 gpt Ag. Highlighted soil samples from the San Manuel mine area comprise 4.10 gpt Au, 83 gpt Ag; 2.73 gpt Au, 102 gpt Ag; 5.66 gpt Au, 154 gpt Ag; 5.77 gpt Au, 139 gpt Ag; 4.13 gpt Au, 120 gpt Ag; 5.03 gpt Au, 237 gpt Ag; 2.53 gpt Au, 20 gpt Ag.
  • Impact Silver Corp. released drilling results from underground drilling on the Juarez zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.61 m @ 25 gpt Ag, 1.4% Pb, 6.3% Zn; 2.23 m @ 15 gpt Ag, 4.2% Pb, 9.9% Zn; (including 1.01 m @ 24 gpt Ag, 7.9% Pb, 17.2% Zn); 2.02 m @ 8 gpt Ag, 0.6% Pb, 13.0% Zn (including 0.81 m @ 14 gpt Ag, 0.3% Pb, 30.1% Zn); 3.94 m @ 8 gpt Ag, 0.3% Pb, 10.4% Zn (including 1.70 m @ 11 gpt Ag, 0.2% Pb, 21% Zn); 2.79 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 5.78 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 6.14 m @ 13 gpt Ag, 0.5 % Pb, 6.0% Zn (including 1.07 m @ 18 gpt Ag, 0.1% Pb, 24.9% Zn); 7.59 m @ 15 gpt Ag, 2.0% Pb, 4.2% Zn; 2.57 m @ 10 gpt Ag, 0.3% Pb, 10.7% Zn.
  • Luca Mining Corp. announced results from the first surface drill hole at the Reforma deposit and the next four underground drill holes as part of the phase one 2,500 m surface and 5,000 m underground drilling. Highlighted core length intervals comprise 21.52 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.1% Pb, 6.2% Zn (including 15.05 m @ 5.35 gpt Au, 188 gpt Ag, 0.31% Cu, 2.8% Pb, 8.4% Zn) on the Reforma deposit from the surface and 1.6 m @ 0.89 gpt Au, 60 gpt Ag, 0.48% Cu, 0.4% Pb, 1.9% Zn; 11.0 m @ 0.32 gpt Au, 99 gpt Ag, 4.20% Cu, 0.2% Pb, 1.6% Zn; 2.2 m @ 0.20 gpt Au, 30 gpt Ag, 0.47% Cu, 2.8% Zn; 6.1 m @ 0.17 gpt Au, 26 gpt Ag, 0.19% Cu, 0.1% Pb, 1.9% Zn; 2.3 m @ 0.49 gpt Au, 53 gpt Ag, 0.65% Cu, 0.6% Pb, 0.2% Zn; 6.4 m @ 0.72 gpt Au, 49 gpt Ag, 0.54% Cu, 0.2% Pb, 1.1% Zn; 2.20 m @ 1.09 gpt Au, 76 gpt Ag, 0.93% Cu, 0.3% Pb, 1.5% Zn; 21.5 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.0% Pb, 6.2% Zn (including 3 m @ 9.68 gpt Au, 277 gpt Ag, 0.36% Cu, 2.8% Pb, 8.6% Zn).
  • GR Silver Mining Ltd. reported results from underground sampling at the Plomosas mine in Sinaloa. Highlighted channel mine face samples comprise 0.8 m @ 5.74 gpt Au, 137 gpt Ag, 0.5% Cu, 16.7% Pb, 18.2% Zn; 1.0 m @ 2.32 gpt Au, 909 gpt Ag, 0.3% Cu, 6.7% Pb, 8.8% Zn; 1.2 m @ 0.54 gpt Au, 96 gpt Ag, 0.6% Cu, 29.8% Pb, 16.8% Zn; 0.8 m @ 0.18 gpt Au, 28 gpt Ag, 29.5% Pb, 5.0% Zn; 0.6 m @ 15.20 gpt Au, 310 gpt Ag, 7.2% Cu, 15.2% Pb, 26.2% Zn; 1.0 m @ 0.55 gpt Au, 68 gpt Ag, 0.1% Cu, 2.5% Pb, 5.1% Zn; 1.0 m @ 0.07 gpt Au, 864 gpt Ag, 0.1% Pb, 0.2% Zn. The results will be used to assess the implementation of a bulk sample test mining.
  • Sonoro Gold Corp. provided an update on the status of the environmental impact statement (Manifiesto de Impacto Ambiental, or MIA) for its Cerro Caliche project in Sonora. “The revised MIA was initially submitted in February 2025 and supersedes the prior MIA submitted in May 2022. Revisions to the MIA, including enhancing the mine plan and undertaking additional environmental baseline studies and socio-economic assessments … The MIA details an open-pit, heap leach mining operation including waste dumps, crushing facilities, heap leach pad, leach solution ponds, gold recovery facilities, haul roads, building structures and infrastructure”.

ON DEALS AND CORPORATE ISSUES

  • Mag Silver Corp. reminded shareholders about the proxy voting deadline for the company’s upcoming special meeting that was held in person in Vancouver, Canada on July 10, 2025, to consider the previously announced plan of arrangement with Pan American Silver Corp. regarding Magg Silver’s acquisition by Pan American (Juanicipio, Zacatecas).
  • Riverside Resources Inc. has received notice from Fortuna Mining that it has completed Phase 2 exploration work on the Cecilia project in Sonora and will not be proceeding with the option agreement. As a result, Fortuna has not earned any interest in the project.
  • Santacruz Silver Mining Ltd. has made the third payment of US$7.5 M to Glencore to satisfy the base purchase Price related to the Bolivian assets acquisition. It is part of a structured payment plan totaling US$40 M to be completed by October 31, 2025 (Zimapán, Hidalgo).
  • Altius Minerals Corp. updated its project generation business activities and its public junior equities portfolio. Overall performance of the portfolio during the quarter was largely driven by its holding of approximately 19.6% interest in Orogen Royalties Inc., which holds a royalty on the Ermitaño deposit, in Sonora. AbraSilver Resource Corp. announced a potential new porphyry copper discovery at the La Coipita project in Argentina.
  • Almaden Minerals Ltd. made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico filed in March of this year under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The memorial details how Mexico unlawfully expropriated the Claimants’ investments, failed to provide fair treatment, and discriminated against them. The background to the claim involves a lawsuit filed in 2015 by an ejido community against the Mexican government, arguing that the mineral title system was unconstitutional because it lacked required Indigenous consultation. In February 2023, the authorities sought to retroactively deny the original mineral title applications due to alleged minor faults, which Almaden contends breaches both Mexican and international law.  Damages sought by the Claimants total approximately US$1.06 B (Ixtaca, Puebla).
  • Sandstorm Gold Ltd. and Royal Gold Inc. informed that Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-share transaction with a value of approximately US$3.5 B. Sandstorm shareholders will receive a 21% premium to the 20-day volume weighed average price (VWAP). Concurrent with the Sandstorm Transaction, Royal Gold has entered into a definitive arrangement agreement with Horizon Copper Corp., pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Horizon Copper in an all-cash transaction valued at approximately US$196 M providing an 85% premium to the 20-day VWAP (Royalty on Cosalá, Sinaloa).
  • Starcore International Mines Ltd. intends to spin out its exploration interests in Cote d’Ivoire, West Africa, through its wholly-owned subsidiary EU Gold Mining Inc. that will seek a separate listing in Canada (Juarez, Queretaro).
  • Kingsmen Resources Ltd. entered into a non-binding letter of intent (LOI) for an option to acquire the recently consolidated 866 ha Almoloya project on the Parral district in Chihuahua. The project includes the past producing Cigarrero and Las Juliettas mines. Historic production was 1.25 M tonnes @ 600 gpt Ag, 40% Pb, 25% Zn with variable Cu-Au. The company has a 60-day due diligence period under the LOI, and the option may be exercised by paying a total of US$8.6 M over eight years on staged payments, of which US$6.5 M should be paid between years five and eight of the option. The optionors will keep a 2.5% NSR, of which 1% can be bought for US$3 M (Cuatro Hermanos, Sonora).
  • Orogen Royalties Inc. and Triple Flag Precious Metals Corp. have completed the previously announced plan of arrangement in which Triple Flag has acquired all of the issued and outstanding common shares of Orogen for a total consideration of approximately C$421 M. The total consideration consists of $171.5 M in cash, $171.5 M in Triple Flag shares, and shares of 1537944 BC Ltd. (“Orogen SpinCo”) with an implied value of $78 M (Royalty on Ermitaño deposit, Sonora).
  • Silver Storm Mining Ltd. announced that “at a special meeting of the shareholders of Till Capital Corporation … the Till shareholders approved the previously announced transaction of Till with the Company, whereby Silver Storm will indirectly acquire … 100% of the issued and outstanding common shares of Till” (La Parrilla, Durango).
  • Starcore International Mines Ltd. entered into a non-binding letter of intent (LOI) with Manuel Felipe Arreguin Martinez to lease six mineral claims and two properties comprising the San Juan Nepomuceno Project, also known as the Tortilla Project, in Queretaro. The project is 40 km NE from the San Martin mine and 5 km W from La Negra mine. For a five-year lease the company is paying the owner US268 K, of which US$107 K are to be paid on signing of the definitive agreement and US$27 K monthly for the next six months, after which the owner is entitled to a 2% NSR from production derived from the Tortillas project. “During the term of the ten-year lease, the Owner has the option to sell all of the claims and concessions to Starcore at a purchase price of US$7,000.000” (San Martin, Queretaro).
  • Almaden Minerals Ltd. closed the sale of certain assets comprising the Rock Creek Mill to Metals Exploration PLC., receiving gross proceeds of US$9.7 M. “15% of the Purchase Price was payable as a commission by Almaden to an equipment sales broker.”. Almaden will now proceed with the early repayment of the outstanding gold loan pursuant to the secured gold loan agreement between Almaden and Almadex Minerals Ltd. “The Gold Loan will be settled by the return of the undrawn balance of 397 ounces” (Ixtaca, Puebla).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Previous igneous phase fragment on monzonite porphyry. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

By Jorge Cirett
During the 26th week of the year (June 23rd to June 29th, 2025), companies working in Mexico presented 37 press releases. Four companies presented news on early-stage properties. No company presented operational updates. Eight companies reported on financial rounds; another company amended a significant loan facility; one more set the price on its securities; one closed on a significant loan facility, and two more started trading on another stock exchange, while one more granted options, another executed a loan agreement and another declared a dividend. One company presented drilling results from historical waste dumps and one more disclosed exploration results near its operating mine. A large operating gold company is acquiring an exploration company with silver plays in Mexico and USA, another company announced appointments to the board, two more contracted services, another five informed on their AGM’s and one more clarified on a proposed acquisition. ON MEXICO ISSUES, the Mexican president pointed that no new mining concessions are to be issued, while reassuring the mining industry that some mining permits are to be granted and confirming that the open pit ban proposal has been retired. ON EXPLORATION, In Sonora, Questcorp Mining commenced work at La Union; Tocvan Ventures released RC drilling results from Gran Pilar; Masivo Silver advances on the due diligence at Cerro Colorado. ON MINING, no relevant news. ON FINANCING, eight companies informed on financing rounds: Minaurum Gold (C$8 M), Silver Storm Mining (C$4 M), Vizsla Silver (US$100-$115 M), Reyna Silver (C$1.1 M), Endeavour Silver (US$135 M), Silver Viper (C$3.5 M), Kootenay Silver (C$20 M) and Masivo Silver (C$1 M). Endeavour Silver amended a credit facility, increasing its amount to up to US$115 M. Reyna Silver set the price of its securities related to the deal with Torex Gold. Vizsla Royalties and Santacruz Silver started trading on the Frankfurt Stock Exchange and the OTCQX Best Market respectively. Santacruz Mining granted incentive securities. Gold Resource executed a loan agreement for US$6.3 M. Sandstorm Gold declared a dividend. ON RESOURCES AND DEVELOPMENT, Heliostar Metals informed on its plan to process waste stockpiles while restarting open pit mining at La Colorada. DynaResource has two near-mine exploration plays at San Jose de Gracia. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to acquire all shares of Reyna Silver. Chesapeake Gold appointed new members to the board. Vizsla Royalties hired a contractor for a digital marketing campaign. Orla Mining, Americas Gold and Silver, Discovery Silver, Almaden Minerals and Orogen Royalties informed on their AGM´s. Vortex Metals engaged a firm for environmental services for its Oaxaca projects. Roberto Resources clarified the acquisition terms of the Claudia project. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Claudia Sheinbaum, president of Mexico, spoke on one of its daily conferences about the tight squeeze on mining permits by its government, pointing that some of these will be authorized once its environmental impact has been reviewed and reduced (no time line offered). She also stated that the ban on open pit mining proposal was retired because of its impracticality but reiterated that no new mining concessions are to be granted.  

ON EXPLORATION

  • Questcorp. Mining Inc. commenced the first phase work program at its La Union project in Sonora. Questcorp is earning a 100% interest from Riverside Resources Inc. in the 2,520 ha property. The initial stage includes marking lines for an IP survey, sampling of limestone and dolomite host rocks for fluorescence study for vectoring, geological mapping of selected drill sites and sections on the IP lines and rock and soil sampling to identify additional targets. The project hosts carbonate replacement deposit style (CRD) mineralization hosted by “Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane….. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides…”
  • Pinnacle Silver and Gold Corp. provided an update on the Potrero project in Durango. The importance of a quartz feldspar porphyry dike is being recognized as it follows the same structure that hosts the mineralized quartz breccia vein system with some underground workings entirely within it. Additional channel sampling is now conducted in areas where access was previously restricted. “A program of combined underground and surface diamond drilling is being devised in order to systematically test the Dos de Mayo vein system”. A plant consultant reviewed the processing installations and will produce a report in the following weeks. “A permit consultant was taken to the project to initiate a site review for the purpose of permitting near term diamond drilling, mid-term mine development and site preparation, and future production”.
  • Tocvan Ventures Corp. announced reverse circulation (RC) drill results from the latest drill program at its Gran Pilar project in Sonora. Highlighted drill length results comprise 22.88 m @ 0.14 gpt Au, 5 gpt Ag (including 7.63 m @ 0.37 gpt Au, 12 gpt Ag); 42.70 m @ 0.14 gpt Au, 45 gpt Ag (including 10.68 m @ 0.11 gpt Au, 137 gpt Ag); 6.10 m @ 0.16 gpt Au; 12.20 m @ 0.14 gpt Au, 10 gpt Ag (including 4.58 m @ 0.34 gpt Au, 5 gpt Ag).
  • Masivo Silver Corp. is advancing on the due diligence to acquire the Cerro Colorado project in Sonora. Reported historic results from two 2015 drill holes by Minera Gold Zone. The two shallow holes targeted the southwestern margin of the Cerro Colorado system. Highlighted core length results comprise 29.65 m 0.062 gpt Au, 51 gpt Ag, 0.1% Pb, 0.6% Zn (including 5.05 m @ 0.262 gpt Au, 254 gpt Ag, 0.27% Cu, 0.4% Pb, 0.8% Zn; 2.95 m @ 0.395 gpt Au, 384 gpt Ag, 0.40% Cu, 0.4% Pb, 0.9% Zn; 2.45 m @ 0.432 gpt Au, 430 gpt Ag, 0.59% Cu, 0.4% Pb, 0.8% Zn); 35.80 m @ 23 gpt Ag, 0.4% Zn (including 3.15 m @ 0.188 gpt Au, 159 gpt Ag, 0.14% Cu, 0.3% Pb, 0.5% Zn and 0.60 m @ 0.705 gpt Au, 577 gpt Ag, 0.52% Cu, 0.8% Pb, 0.9% Zn). According to Masivo, “Cerro Colorado hosts a sub-epithermal polymetallic system, potentially related to breccia structures on the flank of a deeper porphyry system”.

ON MINING

  • No Relevant News.

ON FINANCING

  • Minaurum Gold Inc. entered into an agreement with Comark Securities Inc. pursuant to which Comark is to act as lead agent in connection with a “best efforts” private placement for aggregate gross proceeds of up to C$5 M (Alamos, Sonora).
  • Silver Storm Mining Ltd. intends to complete a non-brokered private placement for gross proceeds of up to C$2.6 M (La Parrilla, Durango).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity on behalf of itself and syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis common shares for gross proceeds of US$100 M. The underwriters were granted an option for 30 days to buy an over-allotment for up to 15% of the offering. If the over allotment option is exercised in full, the total gross proceeds of the offering will be US$115 M (Panuco, Sinaloa).
  • Reyna Silver Corp. announced a financing concurrent with the definitive agreement on its acquisition by Torex Gold Resources Inc., under which Torex Gold has agreed to purchase C$1.1 M units in a non-brokered private placement. The proceeds of the private placement are to be used to make certain payments relating to its option agreements in Nevada (Batopilas, Chihuahua).
  • Minaurum Gold Inc. increased the size of the previously announced “best efforts” private placement for aggregate gross proceeds of up to C$8.0 M (Alamos, Sonora)
  • Endeavour Silver Corp. amended and restated the previously announced senior secured debt facility with ING Capital LLC and Societe Generale acting as joint lead arrangers. The credit facility was amended and restated to increase the principal amount of up to US$120 M by an additional US$15 M, bringing the aggregate principal amount up to US$135 M (Terronera, Jalisco).
  • Reyna Silver Corp. has set the price of the securities offered in connection with the non-brokered private placement previously announced, in connection with the agreement on which Torex Gold Resources Inc. is to acquire all shares of Reyna Silver. “The price of each Unit to be issued under the Private Placement has now been set at $0.095, and, as previously announced, each Unit will be comprised of one Share and one common share purchase warrant …exercisable … price of $0.13 per Purchaser Warrant ….” (GuiGui, Chihuahua).
  • Americas Gold and Silver Corp. closed its previously announced US$100 M senior secured debt facility provided by funds affiliated with SAF Group to fund spending at the Galena project in the US (Cosalá, Sinaloa).
  • Vizsla Royalties Corp. started trading on the Frankfurt Stock Exchange (Royalty on Panuco, Sinaloa).
  • Santacruz Silver Mining Ltd. has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market (Zimapán, Hidalgo).
  • Santacruz Silver Mining Ltd. granted 3.45 M stock options, deferred share units, 0.96 M restricted share units and 0.5 M performance share units to certain directors, officers, employees and consultants (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. closed its C$3.5 M non-brokered private placement (La Virginia, Sonora).
  • Gold Resource Corp. announced the execution of a loan agreement with Francisco Javier Reyes de la Campa and Jaluca Ltd. in the amount of US$6.3 M. In connection with the agreement the company also issued a common stock purchase warrant to an affiliate of Mr. Reyes de la Campa for up to 1.5 M shares at an exercise price of $0.65 (Don David, Oaxaca).
  • Sandstorm Gold Ltd. declared the second quarterly cash dividend for 2025 in the amount of C$0.02 per common share (Royalty on Cozamin, Zacatecas).
  • Kootenay Silver Inc. completed its previously announced and upsized bought deal public offering for gross proceeds of C$20 M (Columba, Chihuahua).
  • Silver Storm Mining Ltd. increased the previously announced non-brokered private placement from C$2.6 M to C$4 M. Proceeds are to be used at La Parrilla in Durango, for the procurement of mine processing flotation cells; to commence rehabilitation work of the processing facility including equipment purchase and refurbishment, labor and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next 12 months and for general corporate and working capital purposes (La Parrilla, Durango).
  • Masivo Silver Corp. announced a non-brokered private placement of up to C$1 M to fund exploration at one property in Mexico and another in the USA (Cerro Colorado, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released results from drilling the Truckshop stockpile at its La Colorada mine in Sonora. La Colorada was operated by El Dorado Gold Corp. in the 1990s, with the Truckshop stockpile deposited as a waste dump 400 m from the mine’s crushing circuit. Highlighted drill intercepts from 26 holes in the waste dump comprise 10.7 m @ 1.81 gpt Au, 10 gpt Ag; 19.80 m @ 0.30 gpt Au, 14 gpt Ag; 13.7 m @ 0.61 gpt Ag, 10 gpt Ag; 9.1 m @ 0.39 gpt Au, 18 gpt Ag; 7.6 m @ 0.54 gpt Au, 14 gpt Ag; 19.8 m @ 0.62 gpt Au, 32 gpt Ag; 9.1 m @ 0.86 gpt Au, 10 gpt Ag; 10.7 m @ 0.31 gpt Au, 10 gpt Ag; 35.1 m @ 0.19 gpt Au, 5 gpt Ag; 13.7 m @ 0.36 gpt Au, 8 gpt Ag; 10.7 m @ 0.28 gpt Au, 15 gpt Ag; 19.8 m @ 0.42 gpt Au, 5 gpt Ag; 13.7 m @ 0.24 gpt Au, 11 gpt Ag; 19.8 m @ 0.17 gpt Au, 9 gpt Ag. “the Company will now change the focus of drilling to test the larger El Dorado stockpile … If that drilling is successful, it may provide additional resources and cash flow similar to that currently being generated from the producing Junkyard reserve. The intention is to produce from these low-cost stockpiles to maximize cashflow ahead of primary mining from the open pit pushbacks”.
  • DynaResource Inc. updated on exploration activities at its San Jose de Gracia mine in Sinaloa. Two potential high-grade mineralized zones have been identified and are under evaluation for exploration and development potential. The Victoria vein was discovered on the hanging wall of the Tres Amigos vein system, is 1.5 m wide and has been followed along 110 m by drifting, grading between 7 to 8 gpt Au and currently is envisioned to potentially host around 25 K Oz Au in sulfide rich, chalcopyrite-sphalerite-galena bearing material. The Palos Chinos vein system has a conceptual exploration target of 90 K tonnes grading 5 to 6 gpt Au, with a potential to host 15 K Oz Au. Exploration drifts have encountered minor disseminated mineralization within the footwall of the Palos Chinos structure, with results of up to 7.6 m @ 7.4 gpt Au in channel sampling.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reyna Silver Corp. for an all-cash consideration of US$26 M (C$36 M) (Morelos Complex, Guerrero).
  • Reyna Silver Corp. entered into a definitive agreement with Torex Gold Resources Inc. pursuant to which Torex Gold has agreed to acquire all issued and outstanding common shares of Reyna Silver. Concurrently with the transaction, Torex Gold is participating in non-brokered private placement with Reyna Silver -see above in Financing- (GuiGui, Chihuahua).
  • Chesapeake Gold Corp. announced the election of Mr. Paul West-Sells to the board of directors together with the returning incumbent directors P. Randy Reifel, Randy Buffington, Doug Flegg, Lian Li, and John Perston. Mr. Jeff Stieber was also appointed to the board, while director Chris Falck is retiring and continuing as an advisor (Metates, Durango).
  • Vizsla Royalties Corp. entered into an agreement with Machai Capital Inc. for a digital marketing campaign “… including branding and content creation, data optimization services, search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing” (Royalty on Panuco, Sinaloa).
  • Orla Mining Ltd. reported the voting results from its AGM with all nominees elected as directors (Camino Rojo, Zacatecas).
  • Americas Gold and Silver Corp. announced that all nominees listed in the management proxy circular were elected on its AGM, along with the passing of several other ordinary resolutions (Cosalá, Sinaloa).
  • Vortex Metals Inc. engaged “Pontones & Ledesma” based in Mexico City o to lead the company’s efforts in preparing environmental impact studies (EIA) at its projects Zaachila and Riqueza Marina in Oaxaca.
  • Discovery Silver Corp. announced results of its annual general meeting (AGM), electing all director nominees (Cordero, Chihuahua).
  • Roberto Resources Inc. clarified its disclosure on the proposed acquisition from Durango Gold Corp. of the Claudia project in Durango, as requested by the British Columbia Securities Commission. The company entered into an extension agreement for the due diligence period, until June 30, 2025. The company is to pay US$25 K and 10 M common shares at the closing, assume up to US$500 K in current accounts payables which includes mineral concession payments for US$465 K. Bonus payments to previous owner Silverstone Resources S.A. de C.V. as follows: if a measured and indicated resource is disclosed ranging from 1 to 500 K Oz AuEq, payment of US$7.0 M; 500 K to 1 M Oz AuEq, additional US$ 10.0 M; and 1 M to 1.5 M Oz AuEq, an additional US$2.0 M. Those gold discovery payments can be paid 50% in shares and 50% in cash. If no measures or indicated resources are published by the end of 2029, the project must be returned to Silverstone.
  • Almaden Minerals Ltd. informed all matters submitted to the shareholders were approved at their annual general meeting (Ixtaca, Puebla).
  • Orogen Royalties Inc. announced the plan of arrangement between the company and Triple Flag Precious Metals Corp. was approved on its annual general meeting (AGM), along with the election of all nominees to the board (Royalty on Ermitaño, Sonora). 

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Tectonic breccia within a fault zone in HQ core. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 20th week of the year (May 12th to May 18th, 2025), companies working in Mexico presented 33 press releases. For a second week in a row, not a single company informed on exploration work in early-stage projects. Nine companies reported quarterly operational/financial results. Two companies informed on financing rounds, one on the receipt of shares from a spin-off company, one another reported an agreement on services, one more declared a dividend, and a further one granted stock options. Two companies released drilling results of ongoing drilling at their operating properties. Two companies announced successful takeover bids for smaller companies. One company announced an appointment to the board. Another company announced the completion of the acquisition of 100% interest on a property, and the divestment of one more. Accordingly, one other company increased its ownership on a project and sold its stake on another one. Two companies provided updates on their MTCO’s. One more company is increasing its land position by acquiring one more adjacent project. One company’s shareholders are being advised to vote for a compensation plan. A company is launching three major initiatives. A large company is selling its interest on a company being taken over by another company. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Orla Mining, Gold Resource, Prime Mining, Empress Royalty, Endeavour Silver, Starcore International, Altius Minerals, Avino Silver and Discovery Silver reported their quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: Aztec Minerals (C$3.6 M) and GR Silver (C$1.85 M). Riverside Resources announced its shareholders are to receive shares from a spin-out company. Minaurum Gold announced services agreements. Sailfish Royalty declared a quarterly dividend and Osisko Development granted stock options and deferred shares. ON RESOURCES AND DEVELOPMENT, Luca Mining released drill results from underground drilling at Campo Morado, in Guerrero. Heliostar Metals presented results from drilling on the Creston pit, at its La Colorada mine in Sonora. ON DEALS AND CORPORATE ISSUES, Pan American Silver is acquiring all common shares on Mag Silver. Alpayana announced the successful take-over bid on Sierra Metals. Sonoran Desert announced an appointment to the board. Silver Spruce acquired the remaining 50% interest in the Jackie property in Sonora, from Colibri Resource. Colibri Resource is increasing its stake on the Diamante project to 60%. Santacruz Mining and Centenario Gold provided updates on their respective MTCO’s. First Majestic Silver is to have its AGM. Vizsla Silver is to acquire the Santa Fe property in Sinaloa, Sandstorm Gold informed on a positive recommendation to shareholders on the voting of a compensation plan. Oroco Resources announced three significant initiatives to impact on the Santo Tomas project in Sinaloa. Fresnillo plc sold most of its shares in Mag Silver. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Orla Mining Ltd. announced results for the first quarter of 2025, including figures from its operations in Mexico. At Camino Rojo, in Zacatecas, the company stacked 1.7 M tonnes on the heaps, grading 0.78 gpt Au to produce 29,973 Oz Au at consolidated (in Mexico and USA) cash cost of $597 per Oz Au and an AISC of $845 per Oz Au. The company obtained US$140.7 M in revenue and held US184.2 M in cash and cash equivalents at the end of the period, with US$265.8 M in debt.
  • Gold Resource Corp. presented operational results for Q1 2025. At the Don David mine in Oaxaca, the company milled 56.9 K tonnes averaging 0.7 gpt Au, 169 gpt Ag, 0.18% Cu, 0.72% Pb, 1.68% Zn, to produce 903 Oz Au, 257.3 K Oz Ag, 54 tonnes Cu, 272 tonnes Pb, 699 tonnes Zn (or 3,394 Oz AuEq) at a total AISC of $3,252 per AuEq. Underground definition and grade control drilling progressed at the Three Sisters vein system, and some definition drilling was completed on the Marean, Santa Helena and Viridiana veins within the Arista system. The company had US$6.2 M dollars in working capital and US$4.9 M in cash at the end of the period.
  • Prime Mining Corp. reported operating and financial results for Q1 2025. The company made a review of the drilling highlights released during the period on the Z-T, Central and Fresnillo trends at its Los Reyes project in Sinaloa. Drilling was halted at the end of January, but six rigs remain in the property to resume drilling as soon as security improves. During the period the company spent C$3.6 M. Total cash at the end of the period was C$19.2 M and total liabilities amounted to C$1.4 M.
  • Empress Royalty Corp. announced financial and operating results for the first quarter of 2025. The company had royalty and stream revenue of US$2.74 M, for a total revenue of US$1.85 M. The positive cash flow of US$1.75 M, adjusted EBITDA of US$1.39 M and a net income of US$0.44 M (Royalty on Tahuehueto, Durango).
  • Endeavour Silver Corp. presented its financial and operating results for Q1 2025. During the period the company produced 1.2 M Oz Ag, 8,338 Oz Au (or 1.9 M Oz AgEq), at cash cost $15.89 per Oz Ag and an ASIC of $24.48 per Oz AgEq. Revenue was US$63.5 M, with mine operating cash flow of US$8.3 M. Cash position by the end of the period was $64.7 M, with a working capital of US$14.8 M.
  • Starcore International Mines Ltd. announced production results for the fourth quarter ended in April 2025. At the San Martin mine in Queretaro, 53.4 K tonnes were milled, averaging 1.57 gpt Au, 15.8 gpt Ag, recovering 81.72% Au, 56.63% Ag, to produce 2,342 Oz AuEq.
  • Altius Minerals Corp. reported first quarter 2025 revenue of C$12.6 M (Royalty on Cuale, Jalisco).
  • Avino Silver & Gold Mines Ltd. reported consolidated financial results for the first quarter of 2025. At Avino, in Durango, the company milled 167.9 K tonnes to produce 265.7 K Oz Ag, 2,225 Oz Au, 1.6 M Lb Cu (or 678.5 K Oz AgEq) at cash cost $12.62 and an AISC of $20.08. Revenue amounted to US$18.8 M, mine operating income to US$10.6 M, net income was US$5.6 M, and EBITDA US$9.7 M. By the end of the period the company had US$26.6 M, and a working capital of US$31.3 M. As previously informed, underground development work commenced at La Preciosa, in Durango.
  • Discovery Silver Corp. announced financial results for the first quarter of 2025. The report focused on the recent acquisition by Discovery of the Porcupine mine complex in Ontario, which resulted in a share price increase of 250%. As a result of the transaction with Newmont Corp. the number of shares of the company passed from 402 M at the end of March to 801 M on May 13, 2025. In Mexico, the company submitted the environmental impact assessment (Manifiesto de Impacto Ambiental, or MIA) in August 2023. “The Company has yet to receive a ruling on the technical review of the MIA. Based on favourable developments in Mexico since President Claudia Sheinbaum assumed office on October 1, 2024, including public comments acknowledging the importance foreign investment projects and the mining industry to the country’s economy, the Company remains confident that Cordero will receive MIA approval”.

ON FINANCING

  • Riverside Resources Inc. announced that on May 22, 2025, shareholders of Riverside will be entitled to receive one new common share of Riverside and one common share of Blue Jay Gold Corp. (Riverside’s spin-out subsidiary) for every five common shares of Riverside (“Riverside Shares”) held at the Effective Time (Cecilia, Sonora).
  • Minaurum Gold Inc. entered into agreements with Capital Analytica and National Inflation Association to provide marketing and communications services (Alamos Silver, Sonora).
  • Aztec Minerals Corp. closed an oversubscribed non-brokered private placement for aggregate gross proceeds of C$3.6 M (Cervantes, Sonora).
  • Sailfish Royalty Corp. declared the second quarterly cash dividend for 2025 in the amount of US$0.0125 per common share, payable on July 15, 2025, to Sailfish shareholders of record as of the close of business on June 30, 2025 (Gavilanes, Durango).
  • Osisko Development Corp. granted an aggregate 1.27 M stock options of the company to certain senior officers and non-executive employees of the company, and 229.6 K deferred shares to its independent directors (San Antonio, Sonora).
  • GRSilver Mining Ltd. increased its non-brokered private placement to aggregate gross proceeds of C$1.85 M (Plomosas, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Luca Mining Corp. announced drill results from seven underground diamond holes of the 5,000 m exploration program at its Campo Morado mine in Guerrero. Highlighted core length (>90% true width) results comprise 4.1 m @ 0.57 gpt Au, 62 gpt Ag, 1.63% Cu, 0.3% Pb, 1.2% Zn; 7.8 m @ 0.64 gpt Au, 59 gpt Ag, 0.70% Cu, 0.4% Pb, 2.1% Zn; 2.6 m @ 0.30 gpt Au, 101 gpt Ag, 2.25% Cu, 0.1% Pb, 0.2% Zn; 5.5 m @ 0.71 gpt Au, 63 gpt Ag, 0.85% Cu, 0.4% Pb, 1.9% Zn; 3.3 m @ 2.14 gpt Au, 105 gpt Ag, 0.77% Cu, 0.7% Pb, 2.2% Zn; 15.80 m @ 2.21 gpt Au, 109 gpt Ag, 0.29% Cu, 0.8% Pb, 2.4% Zn (including 6.6 m @ 3.31 gpt Au, 178 gpt Ag, 0.50% Cu, 1.3% Pb, 4.1% Zn); 4.60 m @ 0.22 gpt Au, 38 gpt Ag, 1.26% Cu, 0.1% Pb, 1.2% Zn. Surface drilling is underway, including at Reforma and El Rey, with the first exploration at these deposits since 2010.
  • Heliostar Metals Ltd. announced additional results from an expanded 16,211 m drilling program at La Colorada, in Sonora. La Colorada restarted production in January 2025, “and the current drill program is intended to expand the mineral reserves ahead of an updated technical report and expansion decision planned for mid-2025”. The 25 holes in this release targeted mostly veins within the Creston pit. Highlighted results comprise 19.95 m @ 2.51 gpt Au, 98 gpt Ag; 56.60 m @ 2.88 gpt Au, 7 gpt Ag; 31.25 m @ 0.65 gpt Au, 35 gpt Ag; 20.90 m @ 3.63 gpt Au, 24 gpt Ag (including 4.05 m @ 17.80 gpt Au, 100 gpt Ag); 29.80 m @ 2.22 gpt Au, 22 gpt Ag (including 8.70 m @ 6.68 gpt Au); 29.30 m @ 1.08 gpt Au, 7 gpt Ag; 18.85 m @ 3.54 gpt Au, 5 gpt Ag; 23.20 m @ 14.40 gpt Au, 22 gpt Ag (including 0.85 m @ 381 gpt Au, 167 gpt Ag); 6.10 m @ 7.94 gpt Au, 3 gpt Ag; 10.70 m @ 0.77 gpt Au, 123 gpt Ag; 85.25 m @ 1.14 gpt Au, 4 gpt Ag. Results from the current drill program are being incorporated into a resource model. Historic stockpiles are to be drilled aiming to produce from these low-cost alternatives, as in the currently producing Junkyard stockpile. Later on the year the focus will shift to stepping out on the high-grade vein intercepts beneath and along strike from the open pits  

ON DEALS AND COPRORATE ISSUES

  • Pan American Silver Corp. and Mag Silver Inc. entered into a definitive agreement to acquire all outstanding common shares of Mag Silver, owner of 44% interest on the Juanicipio mine in Zacatecas (the remaining 55% is owned by Fresnillo plc.).  Mag shareholders will receive a total consideration of US$2.1 billion. “Consideration will be comprised of a mix of cash totaling $500 million and 0.755 Pan American shares per MAG share, subject to proration as detailed below. The consideration represents premiums of approximately 21% and 27%, respectively…” (Pan American Silver owns La Colorada, Zacatecas).
  • Alpayana S.A.C. announced the successful take-over bid to acquire control of Sierra Metals Inc. by paying C$1.15 in cash for share of the company. “Alpayana has satisfied the statutory minimum tender condition and will take immediately take-up and acquire 70.74% of the issued and standing shares of Sierra” (Bolivar, Chihuahua).
  • Sonoran Desert Corp. appointed Mr. Stephen Burega as president of the company.
  • Silver Spruce Resources Inc. informed on the acquisition of the remaining 50% interest in the Jackie project in Sonora from partner Colibri Resource Corp., and the relinquishment of its 25% interest in the Diamante project in Sonora.
  • Colibri Resource Corp. is increasing its ownership on the Diamante project to 60%, and selling its 50% interest on the Jackie project, both in Sonora.
  • Santacruz Silver Mining Ltd. provides a bi-weekly update on the status of the temporary management cease trade order granted on May 1, 2025 by the British Columbia Securities Commission under National Policy 12-203. “The Company reports that (i) other than as described herein, there are no changes to the information contained in the MCTO Announcement that would reasonably be expected to be material to an investor” (Zimapan, Hidalgo).
  • First Majestic Silver Corp. reminds its shareholders about the upcoming annual general meeting (AGM) of shareholders scheduled to take place on Tuesday, May 20, 2025, at 10:00 a.m. (Santa Elena, Sonora; San Dimas, Sinaloa; La Encantada, Coahuila).
  • Vizsla Silver Corp. entered into an agreement to acquire the 12,229 ha Santa Fe project in Sinaloa, located south of its Panuco project. The property comprises production and exploration concessions, including an operating 350 tpd flotation plant, and it’s fully covered with LIDAR and high-resolution aeromagnetic and radiometric surveys, as well as detailed IP geophysics on the mine area. “Previous drilling campaigns completed by Aurico Gold and Fortuna Mining in 2014 and 2020, respectively, outlined the high-grade shoot currently being mined but also reported anomalous silver intercepts in four other target areas”. Vizsla has the option to acquire production concessions in the property from several individuals and local companies in five years by spending US$4 M on exploration and making staged payments that aggregate to US$1.5 M and 1.37 M common shares in total. Exploration concessions can be purchased by making a US$1.43 M payment and a further 2.75 M shares to an individual on the effective date of the agreement. The individual will receive also the Cocos plant, and Vizsla is to pay 50% of mining duties due on the exploration concessions, which amounts to US$395 K.
  • Centenario Gold Corp. provided a default status report on its management cease trade order. The company confirmed “that there have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under NP 12-203” (El Eden, Sinaloa).
  • Sandstorm Gold Ltd. informed that Institutional Shareholder Services Inc. updated its voting recommendations on the proposed amendments to the share-based compensation program to be voted at the company’s AGM on May 30, 2025. “ISS’ updated report now recommends shareholders vote FOR all management proposals to be voted on at the Meeting, including those proposals ISS previously recommended voting against” (royalties on Cosala, Sinaloa).
  • Oroco Resource Corp. announced three major initiatives: First, an application to expand the scope of the Santo Tomas mine plan, including the lateral shifting of the river adjacent to the North Zone of the project. Second, the engagement of environmental law firm Pontones & Ledezma. Third, the application to list its securities on the Toronto Stock Exchange (Santo Tomas, Sinaloa).
  • Fresnillo plc. announced its position regarding the recent announced acquisition of Mag Silver Corp. by Pan American Silver Corp.: “Fresnillo originally acquired its stake in MAG Silver as a strategic investment in a single-asset company to support the strong partnership at Juanicipio, one of the world’s premier silver mines where Fresnillo is the operator and majority owner. Under the terms of the Agreement, subject to approval of the transaction, Fresnillo’s shareholding of over 9% of MAG Silver would convert into a shareholding of less than 1% of Pan American, a diversified, multiasset precious metals mining company. This conversion of shares does not align with Fresnillo’s strategic investment objectives nor with the interests of its shareholders and therefore Fresnillo has sold the majority of its MAG Silver shares” (Fresnillo, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Brecciated-silicified dike in Sonora. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 16th week of the year (April 14th to April 20th, 2025), companies working in Mexico presented 25 press releases. Three companies informed about exploration on their properties. Five companies reported quarterly/yearly results. Three companies informed on financing rounds, one on its incentive plan, one more on the coming exercise of warrants and another on the exercise of an over-allotment option. One company completed the sale of its only operating mine in Mexico, another one informed on a recommendation to proceed with a merger, one more on the completion of the acquisition of a property out from Mexico and one more on the appointment of a new CEO. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures and Colibri Resource presented drilling results from Gran Pilar/El Pilar. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Orla Mining, Golden Minerals, Elemental Altus Royalties, Sierra Metals, Avino Silver & Gold Mines and Bear Creek mining reported their quarterly/yearly results. ON FINANCING, companies announcing different stages of financing rounds include Silver Tiger Metals (C$15 M), Kingsmen Resources (C$1.5 M) and Impact Silver (C$5 M). Osisko Development informed on the listing of warrants, Minera Alamos is implementing an omnibus incentive plan and Endeavour Silver informed on the over-allotment exercise for US$5 M. ON RESOURCES AND DEVELOPMENT, no relevant news. ON DEALS AND CORPORATE ISSUES, Fortuna Mining completed the sale of the San Jose Mine in Oaxaca. Equinox Gold informed on the recommendation to shareholders of Equinox for the merger with Calibre Mining. Discovery Silver completed the acquisition of a significant property out from Mexico. Regency Silver appointed a new CEO. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. presented results of the remaining three holes of the 1,167.5 m diamond drill program at the Gran Pilar project in Sonora, within the majority owned (51%) Main zone of held in partnership with Colibri Resource Corp. Highlighted results comprise 46.85 m @ 0.48 gpt Au, 5 gpt Ag, 0.2% Zn (including 2.55 m @ 7.21 gpt Au, 80 gpt Ag, 0.3% Pb, 3.0% Zn); 0.80 m @ 0.11 gpt Au, 17 gpt Ag, 1.58% Cu.
  • Pinnacle Silver and Gold Corp. updated on work at its Potrero project in Durango. Surface mapping has extended the vein system along strike for 1,100 m, with 46 samples collected for assaying. Cleaning of underground workings has been completed at Pinos Cuates, La Dura and Dos de Mayo, with 86 samples collected at Pinos Cuates. “…. the vein system is at least 125 metres wide at this locality. Vein widths have been measured as ranging from 0.50 metres on surface up to 7 metres underground at Pinos Cuates”. Mineralization at Pinos Cuates consists of vein breccia with clasts of host rocks, colloform quartz, chalcedonic quartz, and bands of opaque quartz with ginguro texture.
  • Colibri Resource Corp. presented the assay results from three holes drilled at El Pilar, in Sonora, by its partner Tocvan Ventures Corp. Highlighted core length results comprise 46.85 m @ 0.48 gpt Au, 5 gpt Ag, 0.2% Zn (including 2.55 m @ 7.21 gpt Au, 80 gpt Ag, 0.3% Pb, 3.0% Zn); 0.80 m @ 0.11 gpt Au, 17 gpt Ag, 1.58% Cu.

ON MINING

  • Orla Mining Ltd. provided an operational update for Q1 2025. At Camino Rojo, in Zacatecas, Orla mined nearly 1.9 M tonnes of ore and 2.8 M tonnes of waste (1.48 strip rate), stacking 18.4 K tonnes for a total of 1.7 M tonnes stacked averaging 0.78 gpt Au, to produce 47,759 Oz Au in the period.
  • Golden Minerals Co. reported full year 2024 results. In February 2024 the company suspended mining operations at Velardeña, in Durango, and subsequently sold the property to a privately held Mexican company for US$5.5 M in cash plus VAT. The company is still owed US$0.2 M plus VAT. Later on the year was sold the Mexican subsidiary holding tax losses to a private Mexican company. In November 2024 the company sold its Yoquivo project in Chihuahua for US$0.57 plus VAT.
  • Elemental Altus Royalties. Announced its operating and financial results For Q4 and full year 2024. During Q4 Elemental had revenue of US$5.5 M, with 2,552 Oz AuEq attributable. For the year, revenue of US16.3 M and adjusted revenue of US$21.6 M, with 8,987 Oz AuEq attributable (Mercedes, Sonora).
  • Sierra Metals Inc. reported first quarter 2025 production results, including figures from its Mexican operations. At Bolivar, in Chihuahua, 4,839 tpd were processed averaging 0.71% Cu, 17.3 gpt Ag, 0.29 gpt Au, recovering 89.92% Cu, 81.23% Ag, 66.42% Au, to recover 5.97 M Lb, Cu, 191 K Oz Ag, 2,604 Oz Au.
  • Avino Silver & Gold Mines Ltd. delivered Q1 2025 production results. At the Avino Mine in Durango, 167.8 K tonnes were milled with an average grade of 58 gpt Ag, 0.55 gpt Au, 0.50% Cu, recovering 85% Ag, 75% Au, 87% Cu, to produce 265.7 K Oz Ag, 2,225 Oz Au, 1.6 M Lb Cu. Avino has started underground development work at La Preciosa after receiving all required permits. “Significant progress continues at La Preciosa mine. Blasting and construction of the relatively short 360 metre decline is underway and equipment mobilization has been swift, … The new jumbo drill is working on the San Fernando haulage ramp as it progresses toward intercepting the Gloria and Abundancia veins”.
  • Bear Creek Mining Corp. reported its annual consolidated financial results for 2024. Events that occurred during the year include: restructuring the agreement with Sandstorm Gold Ltd., which reduced the gold deliverables by 325 Oz Au per month, the amendment of the US$22.5 M Sandstorm convertible debenture, granting a NSR on the Corani (Peru) asset and issuing share consideration to Sandstorm; produced 40,220 Oz Au, 217.7 K Oz Ag; recorded a non-cash impairment charge of US$27.2 M. During the year the company mined 106.4 K tonnes at Mercedes, in Sonora, processing 400.7 K tonnes averaging 3.30 gpt Au, with a recovery of 95% Au, to produce 40.2 K Oz Au, 217.7 K Oz Ag, at an AISC of $1,888 per Oz Au. Underground development of 10,464 m during the period.

ON FINANCING

  • Osisko Development Corp. announced that 51.1 M share purchase warrants issued between October and November 2024 will be listed for trading on the TSX Venture Exchange. Each warrant entitles the holder to purchase one common share of Osisko at US$3.00 per common share (San Antonio, Sonora).
  • Silver Tiger Metals Inc. closed its bought deal offering of common shares for gross proceeds of C$15 M (El Tigre, Sonora).
  • Kingsmen Resources Ltd. arranged a non-brokered private placement financing to raise up to C$1.5 M (Las Coloradas, Chihuahua).
  • Minera Alamos Inc. received approval from the TSX Venture Exchange for the implementation of the omnibus incentive plan. “The Omnibus Incentive Plan is a ten percent (10%) rolling plan of issued and outstanding common shares, pursuant to which the Board of Directors may grant stock options, restricted share units and deferred share units to acquire common shares from time to time” (Santana, Sonora).
  • Impact Silver Corp. announced a non-brokered private placement of C$3.5 M with lead orders from Trafigura PTE Ltd. and Palisades Goldcorp Ltd. “The non-brokered private placement will consist of a LIFE offering for $1.75 million, which is being fully allocated to Trafigura, and a standard private placement for $1.75 million, of which Palisades is participating for $1.1 million” (Plomosas, Chihuahua).
  • Endeavour Silver Corp. informed the underwriters of its past financing have exercised its over-allotment option, for additional gross proceeds of US$4.99 M, for total gross proceeds from the offering of US$50 M. The proceedings are to fund part of the purchase of the Huachocolpa Uno mine in Peru (Terronera, Jalisco).
  • Impact Silver Corp. amended its previously released non-brokered private placement from C$3.5 M to aggregate gross proceeds of up to C$5.0 M. The non-brokered private placement will still consist of a LIFE offering for C$1.75 M, which is being fully allocated to Trafigura, and a standard private placement for C$3.25 M (Plomosas, Chihuahua).  

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Mining Corp. completed the sale of its 100 percent interest of the San Jose mine in Oaxaca to JRC Ingeniería y Construcción S.A.C., a private Peruvian company. The purchase agreement envisages the payment of US$6.4 M, the payment of US$1.2 M for pre-paid working capital items and tax receivables and the rights to receive up to US$8.3 M upon the completion of certain conditions. “Fortuna successfully built, expanded, and operated the underground San Jose mine for thirteen years, developing it into one of the 12 largest primary silver producers in the world for several years”.
  • Equinox Gold Corp. announced that independent proxy advisory firms Institutional Shareholder Services Inc. and Glass, Lewis & Co. issued positive voting recommendations to shareholders of Equinox Gold for the proposed business combination with Calibre Mining Corp. (Los Filos, Guerrero).
  • Discovery Silver Corp. reported the completion of the acquisition of the Porcupine operations from Newmont Gold (Cordero, Chihuahua).
  • Regency Silver Corp. appointed Bruce Bragagnolo as CEO of the company (Dios Padre, Sonora).

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 First Week of April 2025

/ Gambusino Prospector / Leave a comment

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

/ Gambusino Prospector / Leave a comment

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.