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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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

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

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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

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

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By Jorge Cirett

During the 34th week of the year (August 18th to August 24th, 2025), companies working in Mexico presented 33 press releases. One company presented exploration advances on its early-stage property. Five companies presented quarterly reports. Ten companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. One company received a key acceptance of a surface rights agreement. Fifteen companies informed on deals and corporate issues. ON MEXICO ISSUES, The SGM has been given the first orders by the Economy Ministry to perform exploration activities in three projects.  ON EXPLORATION, In Sonora, Questcorp informed on its drill program at La Union. ON MINING, Starcore International Mines, Elemental Altus Royalties, Santacruz Silver Mining, Sailfish Royalty and Sierra Madre Gold and Silver released Q2 2025 results. ON FINANCING, six companies informed on financing rounds: Regency Silver (C$2.5 M, upsized to C$3.1 M), Mammoth Resources (C$980 K), Sonoro Gold (C$525 K), Goldgroup Mining (C$4 M), Pacifica Silver (C$10 M) and Guanajuato Silver Company (C$18 M). Sonoro Gold informed on the terms of a loan. Apollo Silver and Kootenay Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Sonoro Gold received acceptance by the TSX for the surface rights agreement at Cerro Caliche. Avino Silver and Gold reported drilling results from La Preciosa. First Majestic Silver disclosed results from drilling at San Dimas. GR Silver Mining announced drilling results from its Plomosas project. ON DEALS AND CORPORATE ISSUES, Silver Dollar Resources and Canasil Resources informed on their AGMs. Pacifica Silver, United States Antimony, Kootenay Silver, Tocvan Ventures and Colibri Resource announced appointments to the board. Apollo Silver engaged a service provider. Mag Silver informed on its acquisition by Pan American Silver. Reyna Silver and Torex Gold updated on its acquisition by Torex. Xali Gold informed on its status under the TSX and on the cancellation of claims at El Oro. Capitan Silver acquired mining concessions from Fresnillo plc at Cruz de Plata. EV Resources signed an MOU with Wogen Resources and Xcelsior Capital Advisors. Galore Resources updated on its Los Gemelos and Duraznillo projects. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • The Economy Ministry (Secretaría de Economía) emitted three exploration orders to the Mexican Geological Survey (Servicio Geológico Mexicano, or SGM). The orders posted In the Official Gazette (Diario Oficial de la Federación) grant the SGM the initial exploration works at Las Granadas (Estado de México), La Soledad (in Durango) and Delia (in Sonora). (Note by the editor.- This is a feeble attempt by the government to try to make function an exploration system depicted in the new mining law that basically is unworkable in any meaningful way, other than that of plain demagogy).   

ON EXPLORATION

  • Questcorp Mining Inc. announced the completion of 25% of the planned 1,200 to 1,500 m drill program at La Union, in Sonora.

ON MINING

  • Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2025. At its San Martin mine in Queretaro, the company milled 54.3 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,130 gpt AuEq. “During the quarter, the CIL (carbon-in-leach) process for carbonaceous ore was fine-tuned and necessary adjustments were made to optimize the process”.
  • Elemental Altus Royalties Corp. announced its operating and financial results for Q2 2025. The company had revenue of US$9.1 M, adjusted revenue of US$105 M, operating cash flow plus Caserones dividend of US$14.4 M, attributable 3,184 Oz Au Eq and adjusted EBITDA of US$8.8 M, with guidance revenue increased to US$35 M to US$40 M (Royalty on Mercedes, Sonora).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for Q2 2025. The company had revenue of US$73.3 M, gross profit of US$25.3 M, net income of US$21.0 M, adjusted EBITDA of US$26.8 M, working capital of US$60.3 M and cash and short and long term investments of US$57.8 M. The company produced 3.55 M Oz AgEq on its mines in Mexico and South America at an AISC of $22.95 per Oz AgEq (Zimapán, Hidalgo).
  • Sailfish Royalty Corp. announced operating and financial results for the second quarter of 2025. During the period Sailfish earned US$626 K in royalties, earning 8 Oz Au, 1,672 Oz Ag from stream interests. Total revenue was US$713.2 K, for a gross profit of US$687 K, net income of US$185.3 K, declaring a quarterly dividend of US$0.0125 per common share (royalty on Gavilanes, Durango).
  • Sierra Madre Gold and Silver Ltd. provided financial results for Q2 2025. During the period the company had net revenue of US$5.36 M, adjusted EBITDA of US$1.46 M and a gross profit of US$1.29 M. At La Guitarra in Estado de México, 41.2 K tonnes were milled, recovering 76.6% Ag, 78% Au, to produce 66 K Oz Ag, 1,001 Oz Au. Sierra Madre closed the first and second tranches of a C$19.5 M brokered private placement during the quarter.

ON FINANCING

  • Sonoro Gold Corp. announced the completion of cash payments of US$3.12 M to a lessor, satisfying the financial obligations in year 1 of the agreement. The company will issue 5 M common shares to the lessor at a deemed issue price of CAD $0.15 Common Share. “Funding for year-1 payment requirements under the Agreement was financed by unsecured shareholder loans aggregating to US $2,900,000 (the “Loans”) by Company directors, bearing annual interest of 10%, plus a 7% lending fee” (Cerro Caliche, Sonora).
  • Apollo Silver Corp. approved the annual grant of 4.41 M stock options, restricted share units and deferred share units to certain employees, officers, directors and consultants (Cinco de Mayo, Chihuahua).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement led by Centurion One Capital Corp. for aggregate gross proceeds of up to C$2.5 M (Dios Padre, Sonora).
  • Mammoth Resources Corp. received approval from the TSX Venture Exchange for a final closing for gross proceeds of C$980 K (Tenoriba, Chihuahua).
  • Sonoro Gold Corp. announced a non-brokered private placement offering for gross proceeds of C$525 K (Cerro Caliche, Sonora).
  • Kootenay Silver Inc. announced stock purchase options have been granted to a consultant to purchase up to 250 K shares of Kootenay at a price of $1.19 per common share for a period of two years. (Columba, Chihuahua).
  • Pacifica Silver Corp. closed the first tranche of its previously announced C$10 M non-brokered private placement financing. Participants included Vizsla Silver Corp., First Majestic Silver Corp., Silver Corp. Metals Inc. and 2176423 Ontario Ltd. (Claudia, Durango).
  • Goldgroup Mining Inc. arranged a non-brokered private placement for gross proceeds of up to C$4 M (Cerro Prieto, Sonora).
  • Guanajuato Silver Company Ltd. announced the closing of its previously announced non-brokered listed issuer financing exemption (LIFE) private placement for aggregate gross proceeds of C$18 M. “In connection with the Offering, the Finders received a cash commission of $520,463.92, and 1,727,904 nontransferable finder’s warrants”. Certain directors and officers acquired an aggregate of 2.1 M units for gross proceeds of C$630 K (El Cubo, Guanajuato).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement for aggregate gross proceeds of C$3.1 M (Dios padre, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. received the final acceptance from the TSX Venture Exchange for the surface rights lease agreement for the Company’s Cerro Caliche Gold Project in Sonora, Mexico.
  • Avino Silver & Gold Mines Ltd. reported results from 1,100 m of drilling in four twin holes at La Preciosa, Durango. The positive results are from La Abundancia and La Gloria veins. Highlighted true width intervals comprise 7.90 m @ 1.92 gpt Au, 1,638 gpt Ag (including 1.84  @ 0.61 gpt Au, 5,006 gpt Ag); 14.80  @ 0.38 gpt Au, 257 gpt Ag (including 5.04 m @ 0.72 gpt Au, 594 gpt Ag); 6.42 m @ 0.46 gpt Au, 544 gpt Ag; 3.45 m @ 0.44 gpt Au, 970 gpt Ag (including 1.17 m @ 0.64 gpt Au, 1,936 gpt Ag); 3.41 m @ 0.36 gpt Au, 398 gpt Ag. “Mineralization at the La Preciosa is hosted within multiple discrete poly-phase quartz veins, often displaying banded, smoky, drusy, and chalcedonic textures. Also, in each stage, there is variably crustiform banded fracture fill/breccia cement mineralogy”.
  • Colibri Resource Corp. congratulated its joint venture partner, Tocvan Ventures Corp., on receiving permit approval for a 50 K tonnes pilot mine facility located in close proximity to the Pilar project, a 49% Colibri – 51% Tocvan joint venture.
  • First Majestic Silver Corp. reported drilling results from its exploration program at the San Dimas mine in Durango. The drilling program is focused in exploring for new veins, expand and upgrade mineral resources, highlighted true width results comprise 0.75 m @ 9.94 gpt Au, 546 gpt Ag; 0.95 m @ 5.35 gpt Au, 302 gpt Ag; 0.89 m @ 7.77 gpt Au, 357 gpt Ag; 5.17 m @ 7.66 gpt Au, 357 gpt Ag; 1.59 m @ 13.07 gpt Au, 762 gpt Ag; 2.12 m @ 8.38 gpt Au, 282 gpt Ag; 3.57 m @ 15.93 gpt Au, 1,112 gpt Ag; 2.35 m @ 4.67 gpt Au, 289 gpt Ag; 1.06 m @ 23.70 gpt Au, 578 gpt Ag; 3.80 m @ 3.27 gpt Au,151 gpt Ag; 2.53 m @ 9.65 gpt Au, 121 gpt Ag.
  • GR Silver Mining Ltd. announced drilling results from its step-out drill program adjacent to the San Marcial deposit mineral resource area within the Plomosas project in Sinaloa. Highlighted core length intervals comprise 11.1 m @ 0.08 gpt Au, 64 gpt Ag; 22.9 m @ 0.06 gpt Au, 11 gpt Ag; 19.9 m @ 0.10 gpt Au, 206 gpt Ag (including 3.7 m @ 0.20 gpt Au, 511 gpt Ag and 4.2 m @ 0.10 gpt Au, 322 gpt Ag). All theses intervals contain between 0.1% to 0.8% Pb and between 0.1% to 0.9% Zn. “Drilling is ongoing with two diamond drill rigs, focusing on the SE Deep Extension target and the Parallel Breccia target.”.

ON DEALS AND CORPORATE ISSUES

  • Silver Dollar Resources Inc. informed that all resolutions put forth at the company’s annual general meeting (AGM), held on August 15, were approved by its shareholders (La Joya, Durango).
  • Pacifica Silver Corp. announced the appointment of Sophie Hsia to the board of directors and released results of its AGM (Claudia, Durango).
  • Apollo Silver Corp. engaged Creative Direct Marketing Group, Inc., an arm’s-length service provider, to provide marketing and advertising services for a total of US$1.62 M, payable in tranches (Cinco de Mayo, Chihuahua).
  • Colibri Resource Corp. announced thatJamie Lavigne has resigned from his position as director of the company. The company appointed Mark Smethurst, P. Geo, MSc, CFA-Level III Candidate, to the Board of Director (EP project, Sonora).
  • Canasil Resources Inc. announced shareholders voted in favor of all matters brought before its annual general meeting (AGM) held on August 7, 2025 (La Esperanza, Durango-Zacatecas).
  • Mag Silver Corp. announced today that, other than Mexican competition approval (COFECE), all required key approvals and authorizations to consummate the acquisition by Pan American Silver Corp. have been obtained. “If the COFECE Approval is obtained and all closing conditions are satisfied or waived, the Arrangement is expected to be completed in the third quarter of 2025. Following completion of the Arrangement, the MAG Shares are expected to be delisted from the Toronto Stock Exchange and NYSE American LLC” (Juanicipio, Zacatecas).
  • United States Antimony Corp. announced the addition of General John M. Keane, as an independent director to USAC’s board of directors (Juarez, Queretaro).
  • Kootenay Silver Inc. appointed Ron Miller as a director of the company (Columba).
  • Reyna Silver Corp. announced the completion of the previously announced plan of arrangement with Torex Gold Resources Inc.. pursuant to which Torex acquired all of the issued and outstanding shares of Reyna Silver (GuiGui, Chihuahua).
  • Torex Gold Resources Inc. announced the completion of the plan of arrangement with Reyna Silver Corp. (Morelos Complex, Guerrero).
  • Tocvan Ventures Corp. appointed Christopher Gordon as head of corporate development (Pilar, Sonora).
  • Xali Gold Corp. filed its audited annual financial statements. “The TSX Venture Exchange (“TSX.V”) is currently conducting a Listing Review of Xali Gold, which is a normal part of the review process after trading has been halted in a Company. The Company is working to resume trading as soon as possible”. The company is trying to overturn the cancellation of several mineral concessions at El Oro, Estado de México.
  • Capitan Silver Corp. executed a definitive agreement to acquire a strategic land package at its Cruz de Plata project in Durango. The property consists of 2,171.4 ha in seven mining concessions adjacent to and surrounding Cruz de Plata. The acquisition from Fresnillo plc involves the payment of an initial US$2 M (paid) and US$2 M payable on or before the second anniversary of the closing, with no royalties or share payments.
  • EV Resources Ltd. executed a try-party memorandum of understanding (MOU) with Wogen Resources Ltd. and Xcelsior Capital Advisors Ltd. Subject to a definitive agreement Wogen and XCLR will engage on a US$2–3 million secured debt facility to advance Los Lirios antimony project in Oaxaca towards production, and Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, and Wogen and XCLR will provide EVR with technical input and market intelligence.
  • Galore Resources Inc. announced that it will host its annual and special general meeting of shareholders on October 23, 2025. The company has received interest in supporting development at Los Gemelos and Duraznillo in Zacatecas; however, recent proposals were not aligned with the long-term interests of shareholders. Discussions with other potential partners remain ongoing. “At Duraznillo, previously announced drilling was suspended due to delays in committed funding, following unforeseen circumstances with an investor group”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Chlorite-Epidote alteration in quartz monzonite on HQ core. Picture by Jorge Cirett.

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

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sigmoidal en-echelon quartz vein

By Miguel A Heredia

During the 31st week of the year (July 28th to August 03rd 2025), at least 36 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, nine reporting resources and developments of their properties, five communicating production results, four announcing financing rounds, and two commenting on Mexican issues.  ON MEXICO ISSUES, Almaden provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Impact Silver, Guanajuato Silver and Gold Resource reported the best drilling intercepts in Mexico on the fifth week of July, 2025.  ON EXPLORATION, no relevant news.  ON MINING, Americas Gold and Silver reported Q2, 2025 consolidated results (Cosala min, Sinaloa). Santacruz Silver Mining announced Q2, 2025 production results from its Zimapan mine in Hidalgo. Alamos Gold presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. Starcore reported year end 2025 results from its San Martin mine in Queretaro. Agnico presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). ON FINANCING, GR Silver announced a CAD $12M bought deal LIFE offering of units (Plomosas project, Sinaloa).  Masivo declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025 (Cerro Colorado project, Sonora). Southern Silver closed its previously announced bought deal LIFE private placement for gross proceeds of CAD $15M (Cerro Las Minitas project, Durango). Sierra Madre closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of USD $1,750,000 (Guitarra mine, Estado de Mexico). ON RESOURCES AND DEVELOPMENT, Impact Silver released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Guanajuato Silver announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Agnico advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. Tocvan received permit for all drilling and extraction to advance pilot mine development at its Gran Pilar project in Sonora. Kootenay finalized its first mineral resource estimate for the Columba Project in Chihuahua. Mithril Silver and Gold reported significant high-grade results from channel sampling at its Copalquin property in Durango. Vizsla Silver and Vizsla Royalties completed a regional HLEM geophysical survey and initial fieldwork across its Panuco district and newly acquired Santa Fe property in Sinaloa to identify new high-grade mineralization targets. Gold Resource released H1, 2025 drill results from its Don David gold mine in Oaxaca and reported operational improvements. ON DEALS AND CORPORATE ISSUES, Goldgroup announced that its common shares will commence trading on OTCQX under the symbol “GGAZF” (Cerro Prieto mine, Sonora). Silver Viper granted incentive stock options to directors, officers, and consultants (La Virginia project, Sonora). Sierra Madre announced that it has granted stock options to employees of La Guitarra Compañia Minera, certain directors, management, and consultants (La Guitarra mine, Estado de Mexico).Xali Gold provided an update on their Mexican projects (Sarape project, Sonora and El Oro, Estado de México).  Guanajuato Silver announced the appointment of Rick Trotman as its Senior Vice President and granted stock options to officers and employees of the company (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato). Sierra Metals presented voting results of its annual general and meeting of shareholders (Bolivar mine, Chihuahua). Royalties Inc., entered into an agreement to acquire USD $500K in shares of Music Royalties (Bilbao project, Zacatecas). Sonora Desert announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., (Cuatro Hermanos project, Sonora).  Torex entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining (El Limon Guajes Mine Complex, Guerrero).  Discovery Silver appointed its CFO (Cordero project, Chihuahua). Elemental Altus reported voting results from its annual general and special meeting and granted restricted share units stock options to directors (royalty on Mercedes mine, Sonora). Goldgroup retained Venture Liquidity to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company (Cerro Prieto mine, Sonora). Regency Silver reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora).  Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the “Portree claims” at the Cozamin mine in Zacatecas. Alpayana completed the privatization of Sierra Metals (Bolivar mine, Chihuahua). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Almaden Minerals Ltd., provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Mexico’s attempt to bifurcate (separate) the proceedings to delay the case was rejected by the arbitration panel. The company emphasized that the procedural delay was motivated by Mexico’s desire to postpone responses and prolong the process. Almaden, which formerly held 100% of the Ixtaca project, aims to resolve the dispute with an update expected in Q4, and remains cautious about risks related to Mexico’s rule of law and political environment.

Impact Silver Corp., Guanajuato Silver Company Ltd., and Gold Resource Corporation reported the best drilling intercepts in Mexico on the fifth week of July, 2025. in Mexico on the third week of July, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Americas Gold and Silver Corporation announced Q2, 2025 consolidated results. It reported consolidated silver production of 689K Oz and unaudited consolidated cash balance as at June 30, 2025 of USD $61.7M without disclosing figures per mine operation (Cosala mine, Sinaloa).
  • Santacruz Silver Mining Ltd., announced Q2, 2025 production results from its Zimapan mine in Hidalgo. The company processed 224,162 tonnes of 77 g/t Ag, 2.6% Zn, 0.8% Pb, and 0.22% Cu with metallurgical recoveries of 7!%, 77%, 76%, and 45% respectively, to produce 398.3K Oz Ag,  10.13M Lb Zn, 2.81M Lb Pb, and 0.51M Lb Cu.
  • Alamos Gold Inc., presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. The company produced 34.1K Oz Au and sold 32.85K Oz Au at total cash cost and AISC of USD $1,017 and USD $1,084 per Oz Au sold respectively. Cost of sales per Oz Au sold (included amortization) was USD $1,437. Alamos also reported revenue of USD $110.6M and adjusted EBITDA of USD $260.2M. The company also announced its production guidance for 2025 and expects to produce between 130K-150K Oz Au at total cash and AISC of USD $925-975 and USD $1,025-$1,075 per Oz Au sold respectively.
  • Starcore International Mines Ltd., reported year end 2025 results from its San Martin mine in Queretaro. The company milled 197.9K tonnes with averages grades of 1.58 g/t Au and 14 g/t Ag with metallurgical recoveries of 81.7% and 56.7% respectively to produce 8.3K Oz Au and 49.3K Oz Ag (8.9K Oz AuEq) at cash  and AISC of USD $ 1,888 and USD $2,662 per Oz AuEq respectively. Starcore reported revenues of CAD $9.4M; income from mining operations of CAD $6.3M; income for the year of CAD $0.2M; and EBITDA of CAD $2.8M.
  • Agnico Eagle Mines Limited presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). The company milled 441K tonnes of 1.58 g/t Au to produce 21,363 Oz Au at a production cost of USD $2,367 per Oz Au; a total cash cost (co-product basis) of USD $2,440 per Oz Au; and  a total cash cost (by-product basis) of USD $2,002 per Oz Au.

ON FINANCING

  • GR Silver Mining Ltd., announced a bought deal LIFE offering of 60,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $12M. Gross proceeds will be used to advance its Plomosas project in Sinaloa, working capital, and general corporate purposes.
  • Masivo Silver Corporation declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025. With a drill credit of CAD $75K and part of the equity raised in the financial round, Masivo plans to start drilling at Cerro Colorado project in Sonora in Q4 2025 after finalizing agreements with Minera Goldzone and partners.
  • Southern Silver Exploration Corp., closed its previously announced bought deal LIFE private placement of 55,555,557 units at a price of CAD $0.27 per unit for gross proceeds of CAD $15M. Net proceeds will be used for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
  • Sierra Madre Gold and Silver closed the second and final tranche of its previously announced non-brokered private placement, which consisted of 2,500,000 units at a price of USD $0.70 per unit for gross proceeds of USD $1,750,000. Funds raised in first and second tranches totalled USD $19, 500,600.  The company intends to use the gross proceeds to expand the capacity of the Guitarra mine in Estado de Mexico, conduct a detailed exploration program, including drilling, at the East District, and for working capital and general corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • Impact Silver Corp., released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Assays results are shown in the table below.

Guanajuato Silver Company Ltd., announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Drilling results are presented in the table below:

  • Agnico Eagle Mines Limited advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. San Nicolas is 50/50 joint venture with Teck Resources Limited. The company also announced that it received an exploration permit authorizing additional drill pads across the property, and reported that Minas San Nicolas approved an USD $8.8M budget to conduct drilling activities focused on geotechnical, hydrological, and geological evaluation in proximity to the projected mine area.
  • Tocvan Ventures Corp., received permit for all drilling, trenching and extraction at Gran Pilar project, Sonora. The permits allow for 45 new drill pads enabling over 30,000m to expand resources and enhance the geological model as well as to explore high-grade target zones. It also includes 67 trenches across Gran Pilar for exploring and extraction of material for pilot mine. It pushes the company closer to running a 50,000 tonnes pilot mine development, refining their resource estimates, and to support its goal of advancing towards production.
  • Kootenay Silver Inc., finalized its first mineral resource estimate for the Columba Project in Chihuahua. A total of 17 epithermal veins that comprise the Columba vein system were included in the Mineral Resource Estimate (MRE). They’ve identified, at a base-case cut-off grade of 150 g/t Ag, inferred mineral resources of 5.92M tonnes grading 284 g/t Ag, 0.2% Pb, and 0.50% Zn. The MRE includes inferred mineral resources of 54.1M Oz Ag, 25.2 M Lb Pb, and 65.6M Lb Zn. The MRE is exclusive of mined out material (F Vein). Kootenay also mentioned that they´ve started a new phase of drilling to expand these mineralized zones even further.
  • Mithril Silver and Gold Limited reported significant high-grade results from channel sampling at its Copalquin property in Durango. Highlights include Target 6 with high-grade assays from channel sampling at the historical Santa Cruz underground mine, with notable results including 0.70m of 57.8 g/t Au and 2,120 g/t Ag; 0.80m of 17.4 g/t Au and 603 g/t Ag; 0.50m of 8.42 g/t Au and 188 g/t Ag; and 0.70m of 23.2 g/t Au and 755 g/t Ag; and Target 5  with surface channel sampling returning 0.5m of 27.9 g/t Au and 14 g/t Ag; 0.30m of 9.6 g/t Au and 608 g/t Ag. The mineralized corridors now cover an area of 2 km x 8 km with an elevation profile of 1,200 m within the 70 km² mining concession area. Mithril is fully funded to complete 45,000 meters of drilling over the next 12 months, with plans to commence drilling at Target 5 in mid-August 2025. 5. The results from both Targets 5 and 6 indicate a significant high-grade potential in the Copalquin District, which is developing into a notable gold-silver district in Mexico’s Sierra Madre trend. These highlights reflect the ongoing exploration success and the promising future of the Copalquin property.
  • Vizsla Silver Copor., and Vizsla Royalties Corp., announced preliminary results from a regional HLEM geophysical survey and initial fieldwork across its Panuco mining district and newly acquired Santa Fe property in Sinaloa. The HLEM survey at Panuco identified new near-surface anomalies including Santa Fe property, and supports resource expansion on known structures and proximal targets in Panuco West. Resource extension targets include Copala, Napoleon, HW4, La Luisa, and La Cruz Negra, each with potential for expansion through further drilling. Key exploration objectives for 2025 include completing +25,000 meters of drilling by the end of 2025, a TEM survey, district mapping, and generating near-mine drilling targets at Santa Fe. They’re focused on expanding their current Project #1 resource and hunting for a new major target, Project #2, using a range of techniques including drilling, mapping, and electromagnetic surveys. The work aims to better understand the structures controlling mineralization and identify fresh high-grade zones, especially around the Copala and Napoleon vein corridors. Their exploration focuses on structural controls such as NW-trending faults and vein corridors like Copala and Napoleon, which influence mineralization. The Santa Fe property’s infrastructure and prospective geology are expected to complement their ongoing district-wide exploration efforts. The Colorada-Napoleon intersection is a conceptual target supported by AI analysis and HLEM anomalies. 4 de Mayo shows high-grade silver intercepts, with HLEM geophysics identifying anomalies for follow-up drilling. San Jack and San Peter are parallel structures with quartz veining and hydrothermal alteration, with HLEM anomalies defining conductor anomalies over these targets. La Pipa is a high-grade shoot along the Animas vein system, with plans to drill +8,000 meters to follow up on the discovery. Camelia-San Dimas, San Fernando-Nacaral, El Roble, Oregano and La Wicha, and Jesusita-Palos Verdes are notable targets for testing. The San Enrique prospect comprises titled mining claims between Panuco and Santa Fe. LiDAR and airborne magnetic surveys show strong NW-trending lineaments, indicative of regional faults. Multispectral satellite imagery and a LiDAR survey will assist during target generation, with regional mapping and stream-sediment geochemistry planned. The La Garra-Metates District constrains silver-gold-rich epithermal veins. Rock chip samples returned silver equivalent grades greater than 200 g/t. The district holds strong potential for discovering high grade mineralization.
  • Gold Resource Corporation released H1, 2025 drill results from its Don David gold mine in Oaxaca, and reported operational improvements. Drilling highlights are shown in the table below:

In addition, Gold Resource has implemented several operational improvements at Don David Gold mine to enhance efficiency and productivity. The Company engaged Cominvi Servicios S.A. de C.V. for accelerated development, completing over 1,350m of underground work. New cut-and-fill mining methods were introduced to enhance grade and returns, alongside the ordering of a third dry stack filter press to boost processing throughput. A comprehensive review of the process plant is underway to optimize reagent use, which is expected to improve recoveries and increase the amount of payable metals. Initial trials have already shown promising results. These improvements are aimed at increasing operational efficiency, reducing costs, and maximizing shareholder value while integrating the newly defined vein systems into the mine’s short-term production plans.

ON DEALS AND CORPORATE ISSUES

  • Goldgroup Mining Inc., announced that its common shares will commence trading on OTCQX Best Market under the symbol “GGAZF”. The company maintains its primary listing on the TSX Venture Exchange under the symbol “GGA” (Cerro Prieto mine, Sonora). 
  • Silver Viper Minerals Corp., granted 1,375,000 incentive stock options to directors, officers, and consultants to purchase up to 1,375,000 common shares. The incentive stock options have an exercise price of CAD $0.58 per share, expire five years from the date of grant, and vest immediately (La Virginia project, Sonora).
  • Sierra Madre Gold and Silver Ltd., announced that it has granted stock options to employees of La Guitarra Compañia Minera S.A. de C.V., certain directors, management, and consultants to purchase an aggregate of 2,750,000 common shares at a price of $0.73 per share for a period of years from the grant date (La Guitarra mine, Estado de Mexico).
  • Xali Gold Corp., declared that is pivoting their exploration efforts in South America, focusing on acquiring advanced-stage gold projects, while it continues moving forward with its Sarape project in Sonora where drilling is planned for Q4, 2025/Q1, 2026. The company also announced that they´ve run into issues at the El Oro project in Estado de Mexico, with nine concessions being declared cancelled. It could significantly impact Xali Gold´s operation by halting exploration and development activities on approximately 35% of the land package within the project area. Xali believes that these cancellations are unlawful because proper legal procedures were not followed; including failure to receive formal notices and the absence of a 60-day cure period as required by Mexican law. Xali Gold is actively reviewing legal options to contest or revoke the cancellations, which could mitigate potential operational disruptions if successful.
  • Masivo Silver Corp., provided an update on its Mexican projects. It announced that it is experiencing difficulties in obtaining financial information from its Mexican operations which has delayed the preparation of its annual financial statements and related filings (annual MD&A, CEO and CFO certifications, etc). The company has now completed the necessary financial and is in the process of completing the audit, which is expected to be finalized by August 31, 2025. Masivo has requested a voluntary management cease trade order (MCTO) to restrict trading in the company´s securities by insiders.
  • Guanajuato Silver Company Ltd., expanded its senior management team with the appointment of Rick Trotman as its Senior Vice President. The company also granted 2,200,000 stock options to officers and employees of the company at an exercise price of CAD $0.32. The stock options will expire on July 29, 2030 (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato).
  • Sierra Metals Inc., presented voting results of its annual general and meeting of shareholders At the Meeting, Sierra Shareholders approved the amalgamation of Sierra Metals and a new wholly-owned subsidiary of the company, which will be incorporated shortly. The amalgamation constitutes the “subsequent acquisition transaction” contemplated by the offer of Alpayana Canada Ltd., to acquire all of the issued and outstanding common shares at an offer price of CAD $1.15 per common share that expired at 5:00 p.m. (Toronto time) on May 23, 2025 (Bolivar mine, Chihuahua).
  • Royalties Inc., entered into an agreement to acquire 8,333,333 shares of Music Royalties Inc., at a price of USD $0.50 per share for a value of USD $500K, (Bilbao project, Zacatecas).
  • Sonora Desert Copper Corporation announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., and will commence trading under the symbol “BEM” (Cuatro Hermanos project, Sonora). 
  • Torex Gold Resources Inc., entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining Corporation. Prime shareholders will receive 0.060 of a Torex share for each Prime Mining share, representing an 18.5% premium. Upon completion, Prime shareholders will own approximately 10.7% of Torex.  The deal enhances Torex’s asset portfolio in Mexico, notably adding Prime’s Los Reyes project, which has significant gold and silver resources. The transaction requires approval of at least 66⅔% of the votes cast by Prime Mining shareholders and securityholders, and a simple majority excluding votes from certain shareholders under MI 61-101. The transaction is subject to regulatory approvals, including TSX approval and Mexican antitrust clearance, and is expected to close in the second half of 2025. A termination fee of USD $12.5M is payable to Torex by Prime under certain circumstances if the transaction is not completed (El Limon Guajes Mine Complex, Guerrero).
  • Discovery Silver Corp., appointed its CFO effective immediately (Cordero project, Chihuahua).
  • Elemental Altus Royalties Corp., reported voting results from its annual general and special meeting and granted 360,000 restricted share units and 782,850 stock options to directors who join the company in 2025 (royalty on Mercedes mine, Sonora).
  • Goldgroup Mining Inc., retained Venture Liquidity Providers Inc., (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company. Goldgroup has agreed to pay VLP CAD $5,000 per month for a period of 3 months. Following the initial term of 3 months, the agreement will automatically renew for successive additional 1-month terms and the agreement may be terminated at any time by the Goldgroup or VLP (Cerro Prieto mine, Sonora).
  • Regency Silver Corp., reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora).
  • Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the “Portree claims” at the Cozamin mine in Zacatecas. The Third Commercial Court of Zacatecas ruled in favor of Minera Portree, affirming their ownership of a 2% NSR and ordering Capstone to pay royalties. Capstone has filed an appeal against the judgement, but Royalties Inc. believes the court’s decision is strong and that its claim to the royalty is legitimate. The judgment and ongoing legal process reinforce Royalties Inc.’s position in the dispute, emphasizing the asset’s significance and potential increase in value due to rising copper and silver prices. The 2% NSR on the Portree 1 claim, which represents up to 30% of the 1.5 km strike length of the Mala Noche Footwall Zone, could generate up to USD $2.5M annual cash flow, plus an estimated USD $9M in retroactive payments for production since 2019.
  • Alpayana S.A.C., completed the privatization of Sierra Metals Inc., through an amalgamation with its subsidiary, Amalco, resulting in Sierra Metals being a wholly owned private company. Shareholders exchanged their Sierra shares for Amalco shares, and Alpayana acquired all preferred shares, making Amalco fully owned by Alpayana. Consequently, Sierra Madre will be delisted from the Toronto Stock Exchange (Bolivar mine, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, sigmoidal en-echelon hydrothermal quartz vein in a shear zone in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

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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.

Mexico Freezes New Mining Concessions

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President Claudia Sheinbaum has confirmed that Mexico will issue no additional mining concessions and will instead subject existing permits to an environmental review—cementing the de-facto moratorium imposed by her predecessor, Andrés Manuel López Obrador.

“There is not going to be another new concession—no, there are no new mining concessions,” Sheinbaum told reporters, adding that Environment Secretary Alicia Bárcenas “is working to solve the existing problem of contamination that remains in the mines.”

Mexico ranks as the world’s leading silver producer and a heavyweight in gold, copper, lead and zinc output. Industry lobby CAMIMEX has previously estimated the concession freeze cost …….

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Mexico Freezes New Mining Concessions