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The Mining and Exploration News in Mexico: Highlights on the Second Week of February, 2026

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Near-surface oxidized copper mineralization

By Miguel A Heredia

During the 7th week of the year (February 9th to February 15th 2026), at least 29 press releases were announced by companies working in Mexico, and 1 news publish by the media, with eight announcing financial rounds, six disclosing deals and corporate issues, five commenting on Mexican issues, four informing on exploration results, and three communicating production results.  ON MEXICO ISSUES, Vizsla provided an update on the unfortunate situation in Concordia, Sinaloa. Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law or were being used for speculation. Pacifica Silver, Capitan Silver, Mithril, Southern Silver, and Minaurum reported the best drilling intercepts in Mexico on the second week of February, 2026. ON EXPLORATION, In Sinaloa, Mercado Minerals received drill permit for its Copalito project. In Durango, Capitan Silver reported the arrival of a second drill rig at its Cruz de Plata project, and Pacifica Silver released assay results from eleven additional drill holes completed at its Claudia project. ON MINING, Teck announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas). GoGold reported Q4, 2025 production and financial results (Parral tailings project, Chihuahua). Agnico Eagle reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas. ON FINANCING, Kingsmen closed a bought deal private placement for gross proceeds of CAD $13M (Las Coloradas and Almoloya projects, Chihuahua). Algo Grande announced a non-brokered private placement for gross proceeds of CAD $5M (Adelita project, Sonora). Colibri closed its debenture offering units for gross proceeds of USD $115K (EP project, Sonora). Questcorp announced an upsize of its previously announced non-brokered private placement to up to CAD $3M (La Union project, Sonora). Kootenay closed its previously announced bough deal private placement for gross proceeds of CAD $18M (Columba and La Cigarra projects, Chihuahua). Avino filed a final base shelf prospectus, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months (Avino mine, Durango). Axo Copper announced that it filed a final short form prospectus in connection with its bought deal public offering of units for aggregate gross proceeds of CAD $35M (San Antonio Gold project, Son). Silver Tiger filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares (El Tigre project, Sonora). ON RESOURCES AND DEVELOPMENT, Southern Silver reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Minaurum announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Mithril reported significant progress at its Copalquin project in Durango. Agnico Eagle provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. ON DEALS AND CORPORATE ISSUES, Canasil informed that it met the requirements to be listed as a TSX Venture Tier 2 company (Nora project, Durango).  Discovery Silver announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua). Vortex announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca).  Defiance Silver signed a five-year surface access agreement at its Green Earth project in Sonora, and granted incentive stock options. Apollo announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors (Cinco de Mayo project, Chihuahua). Canuc informed that it intends to consolidate its common shares (San Javier Silver-Gold project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Vizsla Silver Corp., provided an update on the unfortunate situation in Concordia, Sinaloa, focusing on security, operations, and support for affected families and colleagues. The company informed that five of the colleagues who were taken from the company´s project site in Concordia, have been found deceased, and five remain unaccounted for, acknowledging the ongoing uncertainty and difficulty this causes for their families, employees, and the broader community. Vizsla informed that it is actively supporting affected families with practical and financial assistance, including access to appropriate support services. Company representatives are working closely with families to address their evolving needs. The company is also providing grief counseling and flexible work arrangements for its Mexico and Canada-based teams. Vizsla also declared that work on its Panuco project is ongoing, although site operations remain suspended. Much of the near-term advancement is engineering-based and can be conducted remotely, allowing the project to progress towards key milestones. The company remains committed to responsibly developing the Panuco district over the long term and maintaining its investment in the Concordia community. Note of editor.- There have been widespread expressions of outrage and dismay from people across the country over the tragic events in Concordia, reflecting deep frustration with the escalating wave of insecurity affecting the nation. Peaceful marches are being organized in several Mexican cities to protest the growing crime, insecurity, and impunity.
  • Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law due to non-payment or were being used for speculation. This action is part of the policy implemented by President Claudia Sheinbaum to review and regulate the use of these national assets. During a joint presentation with José Fernando Aboitiz, head of the Coordination Unit for Extractive Activities at the Ministry of Economy, Marcelo Ebrard explained that the concessions, representing approximately 800,000 hectares, have been canceled. For his part, Aboitiz specified that the updated number of recovered concessions amounts to 1,126, which together cover 809,150 hectares, an area comparable to the territorial extension of the state of Querétaro. He also highlighted that within this process, nearly 20,000 hectares located in Protected Natural Areas have been recovered. Regarding the geographic distribution, the canceled concessions are concentrated mainly in states with a long mining tradition, such as Coahuila, Chihuahua, Sonora, Zacatecas, Durango, and Jalisco. On the other hand, the official specified that approximately 90% of the cancellations were made by individuals, not large companies.
  • Pacifica Silver Corp., Capitan Silver Corp., Mithril Silver & Gold Limited, Sothern Silver Exploration Corp., and Minaurum Silver Inc., reported the best drilling intercepts in Mexico on the second week of February, 2026. Details are shown in the table below:

ON EXPLORATION

  • Mercado Minerals Ltd., received exploration drill permit for its Copalito project in Sinaloa. The company is focused on preparing its inaugural 3,000m diamond drill program, which is expected to commence in Q1, 2026.
  • Capitan Silver Corp., reported the arrival of a second drill rig at its Cruz de Plata project in Durango. “The second rig is one of three core rigs that are planned to arrive at the property and will be used to test high-priority targets with the goal of extending advanced high-grade mineralized zones along the Jesus Maria Silver Trend, which also includes the Gully Fault and Peñoles Fault targets”.
  • Pacifica Silver Corp., released assay results from eleven additional drill holes completed at its Claudia project in Durango and also reported that it received new permits authorizing exploration drilling. Drilling highlights include hole 25CLAU059D on Justina vein and hanging wall stockwork with 3.53 g/t Au and 460 g/t Ag (764 g/t AgEq) over 2.1m, including 9.01 g/t Au and 1,175 g/t Ag (1,950 g/t AgEq) over 0.80m; hole 25CLAU064D on Aguilareña vein and foot wall stockwork with 1.51 g/t Au and 68 g/t Ag (198 g/t AgEq) over 6m, including 3.34 g/t Au and 211 g/t Ag (498 g/t AgEq) over 1.65m; and hole 25CLAU047D on Aguilareña vein with 1.09 g/t Au and 25 g/t Ag (118 g/t AgEq) over 4.85m, including 3.64 g/t Au and 74 g/t Ag (387 g/t AgEq) over 0.85m. “The Phase I drill program was completed at the end of December 2025 with a total of 30 holes drilled, and assay results from the first 10 holes were announced on December 15, 2025. Assays from the final nine holes are expected to be reported in the coming weeks”. The company also informed that it has received new permits authorizing exploration drilling at up to 153 additional drill sites. It will allow Pacifica to drill test several high-priority targets identified at Claudia property.

ON MINING

  • Teck Resources Limited announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas).
  • GoGold Resources Inc., reported Q4, 2025 production and financial results (currency expressed in US dollars). The company produced 456,179 Oz AgEq consisting of 205,104 Oz Ag, 2,914 Oz Au, 215K Lb Cu, and 336K Lb Zn at cash and AISC of $21.45 and $ 28.45 per Oz Ag Eq respectively. GoGold reported revenue of $31.1M on the sale of 486,928 Oz AgEq sold at an average realized price per Oz of $63.88; cost of sale of $11.7M; operating income of $16.16M; net income of $13.3M; cash flow provided by operations of $9.7M, including free cash flow of $18.1M; and cash of $245.6M.
  • Agnico Eagle Mines Limited reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas (all currency expressed in US dollars).  At Pinos Altos, Chihuahua, the company milled during the period Q4, 2025, a total of 467K tonnes of 1.55 g/t Au to produce 22,195 Oz Au at cash cost and  production cost of $1,927 and $2,572 respectively, and sold 20,604 Oz Au. During 2025, it milled 1.72M tonnes of 1.55 g/t Au to produce 81,734 Oz Au at cash cost and production cost of $2,006 and $2,518 respectively, and sold 80,177 Oz Au. Agnico also provide production guidance for the years 2026 to 2028. It informed that in 2026, 2027, and 2028, the company expects to produce between 70K-80K Oz Au, 70K-80K Oz Au, and 85K-95K Oz Au respectively. At San Nicolas project, Zacatecas (50/50 joint venture with Teck Resources), Agnico continued progressing through its feasibility study and engineering phases.  The project is awaiting permit resolutions, with actions for permits (Environmental Impact Assessment, and Land Use Change) completed and a regulatory decision expected in the first half of 2026. Engineering work is over 30% complete, aiming for about 50% by mid-2026. The company continues to advance drilling and geological evaluation activities near the projected mine area, supporting the development plan. Overall, the project is moving forward with a focus on securing permits and completing engineering to enable potential development soon.

ON FINANCING

  • Kingsmen Resources Ltd., closed a bought deal private placement of 5,777,778 units at a price of CAD $2.25 per unit for gross proceeds of CAD $13M. Gross proceeds will be used for te exploration and advancement of the Las Coloradas and Almoloya projects in Chihuahua, as well as for working capital and general corporate purposes.
  • Algo Grande Copper Corp., announced a non-brokered private placement of up to 7,692,308 common shares at a price of CAD $0.65 per share for gross proceeds of CAD $5M. The company plans to use the gross proceeds to fund exploration activities at the Adelita project in Sonora, including a Phase II drill program and for general working capital purposes.
  • Colibri Resource Corporation closed its debenture offering units for gross proceeds of USD $115K. Each debenture unit consists of USD $1,000 principal amount 10% unsecured convertible debenture, and 5,200 common shares purchase warrants, at a rate of CAD $0.25 per common share (EP project, Sonora).
  • Questcorp Mining Inc., announced an upsize of its previously announced non-brokered private placement to up to 15,000,000 units at a price of CAD $0.20 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
  • Kootenay Silver Inc., closed its previously announced bough deal private placement of 8,000,001 units at a price of CAD $2.25 per unit for gross proceeds of CAD $18M. Net proceeds will be used for the advancement of its Columba and La Cigarra projects in Chihuahua, as well as for working capital and general corporate purposes.
  • Avino Silver & Gold Mines Ltd., filed a final base shelf prospectus, dated February 12, 2026, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months, and is expected to become effective on or about February 19, 2026. This filing aligns with Canadian and US regulations, providing flexibility for future offerings, including public sales or strategic investments. The move aims to support Avino’s ongoing growth and development projects while maintaining compliance with securities laws (Avino mine, Durango).
  • Axo Copper Corp., announced that, dated January 28, 2026, it filed a final short form prospectus in connection with its bought deal public offering of units at a price of CAD $0.70 per unit for aggregate gross proceeds of CAD $35M. If this option is exercised in full, an additional CAD $5.25M in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be CAD $40.25M (San Antonio Gold project, Son).
  • Silver Tiger Metals Inc., filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares at CAD $1.17 each one. If the over-allotment option is exercised in full, additional gross proceeds of CAD $7.5 M will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be CAD $57.5M (El Tigre project, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:
  • Minaurum Silver Inc., announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Drilling highlights include hole AL25-163 on Europa Sur vein with 318 g/t Ag, 0.09 g/t Au, 0.35% Cu, 1.6% Pb, and 0.9% Zn (408 g/t AgEq) over 12.35m, including 523 g/t Ag, 0.14 g/t Au, 0.44% Cu, 2.8% Pb, and 1.4% Zn (659 g/t AgEq) over 7m, including 1.032 g/t Ag, 0.27 g/t Au, 0.69% Cu, 5.5% Pb, and 2.4% Zn (1,277 g/t AgEq) over 3.20m; and hole AL25-153 on Europa vein with 240 g/t Ag, 0.06 g/t Au, 0.7% Cu, 1.8% Pb, and 1.5% Zn (374 g/t AgEq) over 2.35m, including 487 g/t Ag, 0.16 g/t Au,  0.95% Cu, 4.2% Pb, and 2.1% Zn (714 g/t AgEq) over 0.55m.
  • Mithril Silver and Gold Limited reported significant progress at its Copalquin project in Durango, confirming a large, high-grade silver-gold mineralized zone at Target 5, which extends over approximately 1.5 km and remains open in multiple directions. The company has also begun maiden drilling at Target 3 and continues resource expansion at Target 1. Hole AP25-017 encountered the most significant drill intercept with 0.07 g/t Au and 165 g/t Ag (170 g/t AgEq) over 3.05m, including 0.11 g/t Au and 229 g/t Ag (237 g/t AgEq) over 0.85m, including 0.09 g/t Au and 265 g/t Ag (271 g/t AgEq) over 0.65m. An aerial magnetic survey is underway to aid target identification and drill planning across the district. Overall, these efforts demonstrate the potential for substantial mineral resources and rapid district-scale growth.
  • Agnico Eagle Mines Limited provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. Mineral Reserves and Mineral Resources as at December 31, 2025 are set out in the table below:

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., informed that it met the requirements to be listed as a TSX Venture Tier 2 company, effective February 9, 2026. The Company’s listing will transfer from NEX to TSX Venture, the Company’s Tier classification will change from NEX to Tier 2, and the Filing and Service Office will change from NEX to Vancouver. The trading symbol for the Company will change from CLZ.H to CLZ. The Company is classified as a ‘Mining’ company (Nora project, Durango).
  • Discovery Silver Corp., announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua).
  • Vortex Metals Inc., announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca). 
  • Defiance Silver Corp., signed a five-year surface access agreement to conduct surface exploration, drilling, and engineering studies at its Green Earth project in Sonora. The company also granted 2,720,000 incentive stock options to certain employees, directors, and consultants, to purchase common shares of Defiance at an exercise price of CAD $0.35. It also granted 289,000 deferred share units to certain directors, 458,000 performance share units to certain employees, and 314,000 restricted share units to certain employees.
  • Apollo Silver Corp., announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors, and if elected, the Board intends to appoint Mr. Peregoodoff as Executive Chair (Cinco de Mayo project, Chihuahua).
  • Canuc Resources Corporation informed that it intends to consolidate its common shares on the basis of ten pre-consolidation common shares for one post-consolidation common share. The Company currently has 284,531,484 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have approximately 28,453,148 common shares issued and outstanding (San Javier Silver-Gold project, Sonora).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, near-surface oxidized copper mineralization (malachite) in an IOCG system in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of January, 2026

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Low-Temperature Silica

By Miguel A Heredia

During the 5th week of the year (January 26th to February 01st 2026), at least 49 press releases were announced by companies working in Mexico, and 1 news publish by the media, with fifteen disclosing deals and corporate issues, fifteen announcing financial rounds, nine reporting resources and developments of their properties, four communicating production results, four commenting on Mexican issues, and three informing on exploration results.  ON MEXICO ISSUES, Vizsla Silver provided information regarding a security incident at its Copala project in Concordia, Sinaloa.  According to financial analysts, the market value of the mining companies on the stock exchange have risen by more than USD $500B. Luca Mining, Avino Silver & Gold, and Southern Silver reported the best drilling intercepts in Mexico on the fifth week of January, 2026. ON EXPLORATION, In Sonora, Colibri completed its Phase 1 reconnaissance RC drilling program at the El Plomo project, and Regency Silver informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. In Sinaloa, Mercado Minerals commenced its geophysical surveys over its Copalito project.  ON MINING, Santacruz Silver reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. Discovery Silver announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua). Orogen Royalties provided an update and outlook regarding its exploration stage projects and royalties in 2026 (Ermitaño mine, Sonora). Guanajuato Silver reported 2025 production results from its Mexican operations. ON FINANCING, Highlander announced and closed a non-brokered private placement for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Questcorp announced the appointment of Amandip Singh as an advisor to the Board (La Union project, Sonora). Chesapeake closed its previously announced bought deal public offering for gross proceeds of CAD $17,250,345, and closed a CAD $2.8M non-brokered private placement with participation of Eric Sprott (Metates project, Durango). Minera Alamos announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti (Santana project, Sonora). Silver Tiger announced a bought deal financing for gross proceeds of approximately CAD $0M and later on it increased to CAD $50M (El Tigre project, Sonora). Silverco announced a bought deal offering for gross proceeds of CAD $40M (Cusi mine, Chihuahua). J2 Metals upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M (Sierra Plata project, Estado de Mexico). Axo Copper announced a bought deal financing for gross proceeds of approximately CAD $25M and later on it upsized to approximately CAD $35M (San Antonio project, Sonora). Apollo Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $12.5M (Cinco de Mayo project, Chihuahua). Oroco closed upsized bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Sierra Madre Gold and Silver closed the second and final tranche of its previously announced private placement for gross proceeds of USD $17,822,449 (Del Toro mine, Zacatecas). Silverco informed that it upsized its previously announced bought deal financing for gross proceeds of CAD $62.5M (Cusi mine, Chihuahua). Colibri announced that it has completed the conversion of CAD $600,995 of debt to units of the company (EP project, Sonora).  ON RESOURCES AND DEVELOPMENT, Heliostar filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. Southern Silver reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Sierra Madre Gold and Silver secured a land use authorization and expanded its land holdings at Tlacotal project, Estado de Mexico. Avino released results from six holes drilled at its la Preciosa project in Durango. Luca Mining released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Minaurum published at initial Mineral Resource Estimate for its Alamos Silver project in Sonora. Silver Dollar outlined 2026 plans at its La Joya project, Durango. Guanajuato Silver announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations, with a total of approximately 75,000m of drilling expected. Mithril provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango.  ON DEALS AND CORPORATE ISSUES, Gold Resource announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup (Don David mine, Oaxaca). Questcorp announced the appointment Amandip Singh as an adviser to the Board and granted incentive stock options to certain directors, officers, consultants and advisors (La Union project, Sonora). Axo Copper reported that it has completed the acquisition of the San Antonio project in Sonora from Osisko Development. Barksdale informed that it granted stock options to certain directors, officers, employees, and consultants of the company (San Javier project, Sonora). Silver Spruce informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua). Silverco provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Oroco granted stock options to directors, officers, employees, and consultants of the company (Santo Tomas project, Sinaloa). Silver Spruce appointed Paul K Smith as Vice President of Exploration (Pino de Plata project, Chihuahua). Algo Grande informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora). Masivo Silver entered into a digital marketing services agreement with Senergy Comminications Capital Inc (Cerro Colorado, Sonora). Questcorp issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission (La Union project, Sonora). Empress Royalty granted restricted share units to Mr. Burns (Royalty in Tahuehueto, Durango).  Mexican Gold granted stock options to certain directors, officers, and consultants of the company (Las Minas  project, Veracruz).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Vizsla Silver Corp., provided information regarding a security incident at its Copala project in Concordia, Sinaloa. Ten individuals were taken during the incident. The incident is currently under investigation and information remains limited. As a precautionary measure, Vizsla Silver has temporarily suspended certain activities at and near the site.
  • According to financial analysts, The 10 largest publicly traded mining companies have registered a gain of USD $528.63 B in the last year.  This increase in value is driven by a historic rally in the prices of gold and silver, and sustained demand for copper for the energy transition. The gold price has rebounded by more than 20% so far this year, and the silver price by around 63% in 2026. The 10 largest mining companies reached a combined market capitalization of USD $1.33 trillion as of January 28, 2026. Compared to January 2025, the same companies had a combined market value of USD $678.57B, representing an increase of 96.47% or USD $654.6B. Included in this list is Southern Copper Corporation, one of the world´s largest integrated copper producers, with mail operations in Peru and Mexico, which added USD $88.37B to its market capitalization. In January, 2026, the mining company´s value is projected at USD $162.3B. On the other hand, in the last year, Grupo Mexico became the largest company on the Mexican Stock Exchange by market capitalization exceeding USD $73.46B.
  • Luca Mining Corp., Avino Silver & Gold Mines Limited, and Southern Silver Exploration Corp., reported the best drilling intercepts in Mexico on the fifth week of January, 2026. Details are shown in the table below:

ON EXPLORATION

  • Colibri Resource Corporation completed its Phase 1 reconnaissance RC drilling program at the El Plomo project in Sonora, testing multiple priority gold targets. The RC program consisted of 22 holes totalling approximately 1,815m. Drill samples are currently being prepared for shipment to lab for analytical assays.
  • Regency Silver Corp.,  informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. Analytical assays are pending, but in terms of geology, alteration, mineral species and abundance, the zones appear to compare favorably to previous drill holes that returned high grade mineralization.
  • Mercado Minerals Ltd., commenced its geophysical surveys over its Copalito project in Sinaloa. The first phase will comprise a high resolution drone magnetic survey followed by a drone LiDAR survey. The high-resolution magnetic survey will cover 1,885 hectares using 50m-line spacing and has been designed to map known veins and their extensions, as well as provide valuable data over previously unexplored areas of the property, while the drone LiDAR survey will cover 1,867 hectares to enhance topographic detail across the property, focusing on known vein systems, their potential extensions, and additional unexplored zones.

ON MINING

  • Santacruz Silver Mining Ltd., reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. During Q4, 2025 the company milled 222,703 tonnes of 80 g/t Ag, 2.9% Zn, 0.7% Pb, and 0.26% Cu with metallurgical recoveries of 70%, 78%,78%, and 50% respectively to produce 403.3K Oz Ag, 11.22M Lb Zn, 2.77M Lb Pb, and 112K Lb Cu (1.02M Oz AgEq). In the full year 2025, Santacruz milled 893,067 tonnes of 82 g/t Ag, 2.5% Zn, 0.75% Pb, and 0.29% Cu with metallurgical recoveries of 75%, 78%, 85%, and 43% respectively, to produce 1.68M Oz Ag, 36.54M Lb Zn, 12.2M Lb Pb, and 2.37M Lb Cu (3.8M Oz AgEq).
  • Discovery Silver Corp., announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua).
  • Orogen Royalties Inc., provided an update and outlook regarding its exploration stage projects and royalties in 2026. Highlights from 2025 include over 37,800m of partner-funded drilling (estimated USD $30M expenditure), including over 21,000m of resource expansion and conversion drilling at the Navidad/Winter vein target and the Luna zone at the Ermitaño gold-silver mine in Sonora; reception of over USD $4.1M from the sale of projects and payments from exploration partners; and the establishment of four new royalties and three exploration alliances. The 2026 outlook anticipates twelve partner-funded drilling programs with an estimated 40,000m of drilling, excluding drilling plans at Ermitaño; three partner-funded exploration alliances will continue; six projects under option to industry partners; and new updates on resources, including at the Navidad/Winter Au-Ag veins at Ermitaño.
  • Guanajuato Silver Company Ltd., reported 2025 production results from its Mexican operations. In 2025, the Bolañitos mine in Guanajuato produced 608.4K Oz Ag and 15.3K Oz Au; while consolidated 2025 production from the Company’s four other mines, namely Topia in Durango,  and El Cubo, VMC and San Ignacio in Guanajuato,  totaled 1.24M Oz Ag, 10.3K Oz Au, 2.78M Lb Pb, and 3.38M Lb Zn. 

ON FINANCING

  • Highlander Silver Corp., announced and closed a non-brokered private placement of 8,060,226 common shares at a price of CAD $6.80 per common shares for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Gross proceeds will be used to fund the advancement of the company´s mineral projects and for working capital and corporate purposes. 
  • Chesapeake Gold Corp., closed its previously announced bought deal public offering of 4,107,225 units of the company at a price of CAD $4.20 per unit for gross proceeds of CAD $17,250,345. It also closed a non- brokered private placement of 685,000 units at a price of CAD $4.2 per units for gross proceeds of 2,877,000. Net proceeds will be used to advance the company’s proprietary oxidative leach technology, the Metates and Lucy projects in Durango, and for general working capital.
  • Minera Alamos Inc., announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti. The shares are priced at CAD $5.80 each, raising over CAD $56M, with closing expected in early February 2026 (Santana project, Sonora).
  • Silver Tiger Metals Inc., announced a bought deal financing of 34,189,000 common shares of the company at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $40M. Later on, it increased it to 42,736,000 common shares at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $50M. The company plans to use the net proceeds to fund exploration and development expenditures at El Tigre project in Sonora, as well as for working capital and general corporate purposes.
  • Silverco Mining Ltd., announced a bought deal offering of 3,200,000 common shares at a price of CAD $12.50 per common share for gross proceeds CAD $40M. Later on, it upsized the previously announced bought deal financing offering to 4,000,000 common shares at a price of CAD $12.5 per common share for gross proceeds of CAD $62.5M. Net proceeds will be used for exploration, evaluation, and restart work on the Cusi mine in Chihuahua, as well as for general and administrative expenditures and working capital.
  • J2 Metals Inc., upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M, consisting of CAD $3.8M raised through the issuance of subscription receipts at a price of CAD $0.25 per subscription receipt, and CAD $1.5M raised through the issuance of flow-through subscription receipts at a price of CAD $0.35 per flow-through subscription receipt.  Net proceeds will be used to explore and advance the company´s projects and for general corporate purposes (Sierra Plata project, Estado de Mexico).
  • Axo Copper Corp., announced a bought deal financing of 35,715,000 units at a price of CAD $0.70 per unit for gross proceeds of approximately CAD $25M and later on it upsized to 50,000,000 units at a price of CAD $0.70 for gross proceeds of approximately CAD $35M. The company plans to use the net proceeds for exploration and advancement of its La Huerta project in Jalisco and San Antonio project in Sonora.
  • Apollo Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement of 2,500,000 units at a price of CAD $5 per unit for gross proceeds of CAD $12.5M. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of CAD $27,500,000. Part of the gross proceeds will be used to support community relations initiatives at Cinco de Mayo project in Chihuahua, cover ongoing property maintenance costs, and for general corporate purposes.
  • Oroco Resource Corp., closed upsized bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M. The company will use the net proceeds to fund commencement of Pre-Feasibility Study drilling at its Santo Tomas project in Sinaloa, advance baseline environmental and permitting work, and for general corporate working capital.
  • Sierra Madre Gold and Silver Ltd., closed the second and final tranche of its previously announced private placement of 13,709,576 subscriptions receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $17,822,449. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of USD $57,500,690. Net proceeds will be used to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes.
  • Colibri Resource Corporation announced that it has completed the conversion of CAD $600,995 of debt to units of the company into equity through the issuance of units comprising common shares and warrants. This debt-to-equity conversion reduces the company’s debt load and enhances its capacity to raise additional capital. The completion of this transaction is pending final approval from the TSX Venture Exchange (EP project, Sonora). 

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd., filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. It has an effective date of December 11, 2025.
  • Southern Silver Exploration Corp., reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:

The company informed that next steps are update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary Economic Assessment of the project in accordance with the provisions of National Instrument 43-101 and continue to advance baseline data collection and permit readiness review.

  • Sierra Madre Gold and Silver Ltd., received approval to change land use for a 34.7 hectares at its Tlacotal property in Estado de México, enabling it to be used for mining-related activities. The company also executed agreements to purchase additional land, including a 33.1 hectares adjacent area and private lands associated with the current tailings facility. This land is secured via a 30-year lease and the option to purchase will be exercised upon receipt of ownership transfer documentation. It supports the expansion of their operations, including potential mine development and tailings facility upgrades. The company plans to begin drilling activities in the second half of 2026 to further explore and develop the resource potential in the region, aiming to build out their production center and explore nearby veins.
  • Avino Silver & Gold Mines Ltd., released results from six holes totalling 1,400m drilled at its la Preciosa project in Durango, with the full 2025 drilling program, comprising 14 holes totalling approximately 3,500m drilled. Drilling highlights include hole PMLP 25-12 on La Gloria Vein with 0.65 g/t Au and 585 g/t Ag (637 g/t AgEq) over 4.90m, including 1.92 g/t Au and 2,218 g/t Ag (2,372 g/t AgEq) over 0.95m, including 1.91 g/t Au and 1,107 g/t Ag (1,260 g/t AgEq) over 0.77m; and hole PMLP 25-14 with 0.13 g/t Au and 72 g/t Ag (83 g/t AgEq) over 0.89m on Splay 1 Vein, plus 0.62 g/t Au and 340 g/t Ag (390 g/t AgEq) over 0.60m on Abundancia Vein. “The drill results exceeded grade expectations and verified the geometry of the current vein-based resource model”.
  • Luca Mining Corp., released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Drilling highlights include hole CMRY-25-02 with 1.34 g/t Au, 115 g/t Ag, 0.47% Cu, 0.8% Pb, and 2.7% Zn (5.35 g/t AuEq) over 28.6m, including 1.31 g/t Au, 184 g/t Ag, 0.32% Cu, 1.4% Pb, and 4.6% Zn (7.18 g/t AuEq) over 11.2m, including 5.2 g/t Au, 219 g/t Ag, 0.85% Cu, 1.7% Pb, and 4.6% Zn (12.55 g/t AuEq) over 2.8m; and hole CMRY-25-06 with 1.36 g/t Au, 103 g/t Ag, 0.43% Cu, 0.6% Pb, and 2.2% Zn (4.87 g/t AuEq) over 29.5m, including 1.82 g/t Au, 131 g/t Ag, 0.4% Cu, 0.9% Pb, and 3% Zn (6.13 g/t AuEq) over 21m, including 12.27 g/t Au, 556 g/t Ag, 0.46% Cu, 3.5% Pb, and 6% Zn (25.38 g/t AuEq) over 2.2m. “Initial results indicate thick, gold- and silver-rich VMS mineralization at El Rey, an unmined deposit located approximately 200m from the Reforma deposit and close to existing underground infrastructure, supporting its potential inclusion in the longer-term Campo Morado mine plan”.
  • Minaurum Silver Inc., published at initial Mineral Resource Estimate (MRE) for its Alamos Silver project in Sonora. It consists of high-grade inferred resources of 5.37M tonnes grading 202 g/t Ag, 0.21 g/t Au, 0.43% Cu, 0.97% Pb, and 2% Zn and containing 34.8M Oz Ag, 35.6K Oz Au, 51M Lb Cu, 115M Lb Pb, and 238M Lb Zn (55.2M Oz AgEq). The MRE comprises portions of the Promontorio, Travesia, and Europa Vein zones, three of the twenty-six vein zones identified at the property. Minaurum is currently conducting a 50,000m core drilling program to expand the MRE at Europa and Promontorio-Travesia, while also completing step-out and infill drilling in additional vein zones including at San Jose, Quintera, Promontorio Sur, Pulpito-Cotera, and Minas Nuevas. The table below shows with more detail the MRE, with an effective day of January 8, 2026:
  • Silver Dollar Resources Inc., outlined 2026 plans at its La Joya project, Durango. The company is shifting its exploration strategy from potential open-pit to underground development, focusing on higher-grade underground mineralization. The focus is on targeting higher-grade underground mineralization within the 2 x 3 kilometer La Joya mineralized complex. Key activities include enhanced modeling of known high-grade areas, detailed underground and surface mapping and sampling, and the re-logging of selected historical drill core. The areas of focus include targets that demonstrate similarities to the nearby San Martin mine, known for significant silver mineralization. Five targets are identified for drilling to test for deep San Martin-type mineralization.
  • Guanajuato Silver Company Ltd., announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations (Topia in Durango, and Bolañitos, El Cubo, Valenciana, and San Ignacio in Guanajuato), with a total of approximately 75,000m of drilling expected. This represents significant increases over previous years, specifically 731% more than 2025 and 1,660% more than 2024. The drilling will be divided into 45,000m of exploration drilling and 30,000m of infill drilling, aimed at establishing reserves, enhancing material definition, and expanding resource bases at various mines under its ownership in Mexico. The plan marks a strategic commitment to invest in resource growth and long-term production increases.
  • Mithril Silver and Gold Limited provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. In 2025, Mithril made significant advancements in exploration activities at the Copalquin district. Throughout the year, drilling at Target 1 expanded the mineralized system and an update of the maiden resource at Target 1 is planned for Q2, following a 3,000m drill program to infill key areas in the mode.  Target 5, with multiple, parallel NW trending veins hosted in the granodiorite intrusive in the southwest area of the district emerged as a promising silver-rich growth opportunity. Preparations were made for drilling at Target 3, which commenced in January 2026. On the other hand, additional exploration efforts included systematic mapping, sampling, and geophysical work are currently being carried out to strengthen the geological model across the district. The overall focus on these activities indicates a firm belief in Copalquin’s potential as a large, vertically extensive epithermal gold-silver system with mineralization defined over 9km strike length and 1,200m vertical extent, with multiple targets, a dominant east-west structural corridor, and multiple northwest-trending structures within the 70 square km mining concession area, suggesting a considerable resource growth potential.  Finally, the company acquired La Dura mining concessions, which comprise five contiguous concessions totaling 2,052 hectares, located just 5 km from El Durazno and 20 km from the flagship Copalquin property. This area is noted for a significant Au-Ag sheeted to stockwork vein system associated with NW striking faults.

ON DEALS AND CORPORATE ISSUES

  • Gold Resource Corporation (GRC) announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup Mining Inc., whereby Goldgroup has agreed to acquire all the issued and outstanding shares of the company´s common stock. GRC´s stakeholders will receive 1.4476 common shares of Goldgroup for each share of GRC common stock as a result of a four-for-one share consolidation. Based on the closing prices of GRC’s common stock and Goldgroup’s common shares on January 23, 2026, the Exchange Ratio represents a value of USD $2.25 per share of GRC’s common stock, reflecting a 39% premium to GRC’s closing price on January 23, 2026. The Transaction values GRC’s common stock at approximately USD $372M on a fully-diluted in-the-money basis and based on the value of Goldgroup shares on January 23, 2026. The Transaction was unanimously approved by the boards of directors of Goldgroup and GRC (Don David mine, Oaxaca).
  • Questcorp Mining Inc., announced the appointment of Amandip Singh as an advisor to the Board. It also granted 4,400,000 incentive stock options to certain directors, officers, consultants, and advisors (La Union project, Sonora).
  • Axo Copper Corp., reported that it has completed the acquisition of Sapuchi Minera S de R.L. de C.V., from Osisko Development Corp. At closing of the Transaction, the Company issued 15,325,841 common shares of Axo Copper to Osisko Development and 7,655,250 Axo Shares to OR Royalties International Inc., , in accordance with the Securities Purchase Agreement and Share Issuance Agreement, respectively. Sapuchi Minera holds a 100% interest in the San Antonio Gold project in Sonora. Osisko Development is entitled to certain contingent deferred payments in connection with the sale, including a cash payment equal to 70% of any Mexican value‑added tax refund due or owing to Sapuchi Mexico in respect of any period ending on or before the closing date of the Transaction; upon the public filing by Axo of a feasibility study respecting the Project that is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, USD $2M, payable in cash or up to 9,398,496 Axo Shares, at Axo’s option, provided that if the issue price of such Axo Shares is below the November 21, 2025 closing price of the Axo Shares, the Company will receive 9,398,496 Axo Shares plus a cash payment equal to the shortfall between USD $2M and the US dollar-equivalent value of the Axo Shares received; and a cash payment of USD $2M, upon the first gold pour being completed at the Project.
  • Barksdale Resources Corp., informed that it granted stock options to certain directors, officers, employees, and consultants of the company to acquire an aggregate of 4,850,000 common shares in the capital of the company (San Javier project, Sonora).
  • Silver Spruce Resources Inc., informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua).
  • Silverco Mining Ltd., provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Nuevo Silver does not currently hold title to the la Negra mine and it is a condition of closing of the acquisition that Nuevo Silver completes its purchase of the La Negra mine. Nuevo Silver raised over USD $30M through subscription receipts to fund the acquisition. The deal is subject to various conditions, including the completion of Nuevo Silver’s purchase of the mine, regulatory approvals, and the delivery of a technical report. The acquisition will be executed through Silverco issuing shares to Nuevo Silver shareholders, with the valuation driven upward by recent increases in silver prices and positive cash flow prospects at the La Negra Mine.
  • Oroco Resource Corp., granted a total of 7,050,000 incentive stock options to directors, officers, employees, and consultants of the company at an exercise price of CAD $0.85 per share with a term of three years (Santo Tomas project, Sinaloa).
  • Silver Spruce Resources Inc., appointed Paul K Smith as Vice President of Exploration, effective immediately (Pino de Plata project, Chihuahua).
  • Algo Grande Copper Corp., informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora).
  • Masivo Silver Corp., entered into a digital marketing services agreement with Senergy Comminications Capital Inc., to provide content creation, strategic messaging, Paid advertising, corporate communications support, and enhanced online visibility services to increase awareness of the company´s projects and strengthen engagement with current and prospective shareholders. Senergy has been retained for an initial period of two months, commencing on January 29, 2026, and Masivo has agreed to pay CAD $60K plus applicable taxes for the services provided during the term of the agreement (Cerro Colorado, Sonora).
  • Questcorp Mining Inc., issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission. On October 24, 2025, the company completed a non-brokered private placement, issuing 14,000,334 units at CAD $0.15 per unit for total gross proceeds of CAD $2,100,050. Additionally, Questcorp entered into a Sharing Agreement with Sorbie Bornholm LP for a notional amount of CAD $2M, in which the company will initially receive CAD $8K, with future payments determined over 24 months based on its share price performance. Notably, there are risks involved as no funds from the Sharing Agreement are secured, exposing the company to potential losses if Sorbie faces financial difficulties (La Union project, Sonora).
  • Empress Royalty Corp., granted 250,000 restricted share units at a deemed price of CAD $1.09 per unit to Mr. Burns, further to its appointment to the Board of Directors  (Royalty in Tahuehueto, Durango). 
  • Mexican Gold Mining Corp., granted stock options to certain directors, officers, and consultants of the company to acquire an aggregate of 3,650,000 common shares at an exercise price of CAD $0.16 per common share (Las Minas project, Veracruz).

ON SOCIAL RESPONSIBILITY

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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, low-temperature silica in a low-sulphidation epithermal vein system in a project in Durango, Mexico. Photo taken by Miguel A Heredia.